Vow ASA: Restatement of EBITDA in the Q1 2025 report and expected one-off EBITDA charge in the H1/Q2 2025 accounts
Oslo, 15 July 2025: Reference is made to the publication of Vow ASA’s (the “Company”) (OSE ticker: VOW) Q1 2025 report published 28 May 2025 (the “Q1 Report”). The Company has identified a technical accounting error in the Q1 Report, resulting in an overstatement of NOK 16 million in the EBITDA reported for the period, primarily affecting the Industrial segment. In addition, the Company expects to record a one-off EBITDA charge in the H1/Q2 2025 accounts for an amount in the range of NOK 30-35 million. The one-off EBITDA charge is an accounting adjustment with no cash effect and related to technical reporting of progress of costs in projects.
The restated key figures for Q1 2025 are as follows:
| Q1 2025 | Maritime | Aftersales | Industrial | Admin | Total |
| Revenue | 102.4 | 58.4 | 84.0 | – | 244.8 |
| Total revenue | 102.4 | 58.4 | 84.0 | – | 244.8 |
| Cost of sales | 82.2 | 38.1 | 63.8 | – | 184.2 |
| Gross profit | 20.2 | 20.2 | 20.2 | – | 60.6 |
| Gross margin | 19.7% | 34.6% | 24.1% | – | 24.8% |
| Employee expenses | 9.3 | 6.7 | 19.4 | 2.8 | 38.1 |
| Other operating expenses | 3.2 | 4.6 | 9.8 | 7.7 | 25.3 |
| EBITDA before non-recurring items | 7.7 | 8.9 | -9.0 | -10.5 | -2.8 |
| EBITDA before non-recurring items margin | 7.5% | 15.3% | -10.7% | – | -1.2% |
| Non-recurring items | – | – | – | 3.8 | 3.8 |
| EBITDA | 7.7 | 8.9 | -9.0 | -14.3 | -6.6 |
Due to the above, the Company is in breach of its financial covenants under its loan facilities but is in close and constructive dialogue with DNB to secure a covenant waiver.
The new management will continue reviewing the business areas and activities of the Company to build a solid profitable platform for the Company’s further development.
The Company will publish its H1/Q2 2025 report on 28 August 2025.
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
The information in this stock exchange announcement is considered to be inside information pursuant to the EU Market Abuse Regulation and is published in accordance with the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Cecilie Brænd Hekneby, CFO of Vow ASA, on 15 July 2025 at 08:58 hours CEST on behalf of Vow ASA.
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 recovery. 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 provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company 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).
