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 (mailto:gunnar.pedersen@vowasa.com)
Cecilie Brænd Hekneby, CFO, Vow ASA
Tel: +47 992 93 826
Email: cecilie.hekneby@vowasa.com (mailto: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).