Vow Asa (SSHPF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to this fourth quarter presentation for WOW. I will start with some highlights. Then Cecilia Heckneby will be here today. We'll take you through the numbers. I will come back and give you a market update. before we spend a bit more time than normal on the strategy, as we have completed our strategy work and we'll go through the update with you on that. My name is Gunnar Pedersen. I'm the CEO of the company. So, fourth quarter delivered all-time high revenues. This is driven particularly by strong performance in maritime and also in aftersales. Our operation has improved across the board. with better project deliveries, higher activity levels, and strengthening margins in the key segments. Our industrial solutions is progressing and delivering in line with our expectations, but the results are still impacted by the previously announced non-cash impairment. This reflects updated assumptions also on a more cautious outlook following the strategic review. Our liquidity position has strengthened significantly. The covenants for fourth quarter was waived and the covenants for the first quarter of 2026 have been waived. And also we have come to a new structure for the covenants for Q2 and onwards for 2026. I should mention that in terms of liquidity, we do expect fluctuations resulting from milestone payments and the delivery activities into the projects. Our order intake remains strong with 545 million in the quarter and a backlog of 1.7 billion. There's another 400 million worth of options, which is giving us a very solid visibility going forward. Also, subsequent to this quarter, we have signed a contract for four new cruise vessels valued at 27 million euros. Aftersales continues to grow, supported of course by the expanding installed b...