Vow ASA: Record Q4 revenues and strategy revision concluded
Oslo, 25 February 2026 – In the fourth quarter, Vow ASA (“Vow” or the “Group”) delivered all time high revenues and improved operational performance. Following the strategy revision, which was concluded in the period, the Group aims to reinforce its position in the Maritime Solutions and Aftersales segments, while a more selective approach will be adopted in the Industrial Solutions Segment.
“The fourth quarter concludes a transitional year for Vow, involving thorough analysis and clear priorities to improve cost control, project execution and working capital. Following a revisit of our strategy, the Group will pursue a more selective approach in order to balance risk and opportunities in Industrial Solutions, while reinforcing our strong position in the Maritime Solutions and Aftersales segments,” says CEO Gunnar Pedersen.
Growth in all segments
Revenues for the quarter came in at NOK 347.4 million, representing an increase of NOK 81.7 million from the same period in 2024. High activity in the cruise newbuild market and an increasing number of vessels in operations led to record revenues in both the Maritime Solutions and Aftersales segments.
At the end of the year, total order backlog remains solid at close to NOK 1.7 billion. The order backlog provides good visibility and includes confirmed contracts for work extending to 2034.
Key financials
Marked profitability improvements across the Maritime Solutions and Aftersales segments were offset by a negative EBITDA result in Industrial Solutions, in line with the revised assumptions and plans communicated in the Q3 2025 reporting. In sum, adjusted EBITDA was NOK 15.8 million, compared with NOK 16.6 million in Q4 2024.
As previously communicated, total non-cash impairments of NOK 119.3 million were recognised in the quarter, of which the majority was related to the Industrial Solutions segment, reflecting updated assumptions and a more cautious outlook.
The liquidity position strengthened considerably over the period, and at year-end available liquidity was NOK 136.2 million. Cash available is expected to fluctuate over the coming quarters related to timing of deliveries and payment milestones, and cash management remains a key priority in 2026.
Vow maintains a close and constructive dialogue with its financing partner, which has confirmed a covenant waiver for the reporting period ending 31 December 2025. Subsequent to the quarter the covenants for Q1 2026 were waived, and a new covenant structure for Q2 2026 and the following reporting periods were agreed.
Strategy revision
During the quarter, the revision of the Group’s strategy was concluded, resulting in the appointment of leadership with clearly defined P&L responsibility, performance targets and reporting requirements for each respective business segments.
In terms of strategic priorities, the Group will continue to reinforce its position in the Maritime Solutions and Aftersales segments. The management continues to see significant long-term potential in Industrial Solutions, but is pursuing a more selective, risk-balanced approach in this business.
Attached is the report for the fourth quarter 2025 and the presentation material.
CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby will present the results in a live audio webcast today at 08:30 CET. The webcast will include a Q&A session, and participants may submit questions in writing at any time during the event.
To register and follow the presentation online, please copy and paste the following link into your browser, click ‘Attend’ and register your email:
https://qcnl.tv/p/WlIPLn2X3L3hwCkzv_bukg
For more information, please contact
Gunnar Pedersen, CEO, Vow ASA
Tel: +47 916 30 304
Email: gunnar.pedersen@vowasa.com
Cecilie Brænd Hekneby, CFO, Vow ASA
Tel: +47 992 93 826
Email: cecilie.hekneby@vowasa.com
About Vow
Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company’s world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries. Advanced technologies and solutions from Vow enable industry decarbonisation and material recycling. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company’s capability to deliver is well proven. The company is a cruise market leader in wastewater purification and valorisation of waste. It also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonising agenda. Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
This is information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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