Vow Asa Stock Earnings Reports

Vow reported Q1 revenue of NOK 284 million, a 16% year‑on‑year increase driven primarily by Maritime Solutions and record Aftersales performance. Adjusted EBITDA improved to NOK 23 million (from -NOK 3 million a year ago), reflecting higher gross profit and cost discipline. The order backlog stood at NOK 1.8 billion, providing visibility. Maritime Solutions is the main growth engine with strong cruise market activity, a high share of new contracts (74% in Q1) and 34 vessels under contract. Aftersales continues structural, repeatable growth as new vessels enter service. Industrial Solutions is in commissioning-heavy phases; two large circular projects faced technical issues causing timeline delays but are expected to conclude in 2026 and to provide a platform for future opportunities. Liquidity tightened during the quarter (cash NOK 13 million plus undrawn NOK 67 million) due to timing of high project deliveries and milestone invoicing; management obtained a covenant waiver for Q1 and agreed a revised covenant structure from Q2, and has initiated a refinancing of the term loan maturing August 2027. Management highlighted ongoing profit improvement measures (including a downsizing saving ~NOK 12 million annually), improved financial controls, working capital processes, and a clear operating model with three business units. Risks include FX volatility (many contracts in EUR while reporting in NOK), working capital timing, and residual exposure from first‑of‑a‑kind Industrial projects.