Vow delivered mixed results in Q3, characterized by record revenues in Maritime Solutions but faced significant downward pressure from the Industrial Solutions segment due to underestimated costs in major projects.

• Maritime Solutions achieved record revenue of NOK 166 million, up NOK 73 million year-over-year, benefiting from favorable project mix and reduced legacy contracts.
• The Industrial Solutions segment reported a decreased revenue of NOK 128 million year-over-year, primarily due to cost overruns and revenue reversals tied to two major projects.
• Adjusted EBITDA fell to a negative NOK 29 million, reflecting challenging conditions within the Industrial segment despite solid Aftersales growth of 11% year-to-date.
• Liquidity improved significantly, with settlement of vendor payments and an order backlog of NOK 1.4 billion providing strong visibility moving forward.