VOW ASA Q3 2025 Earnings Recap

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.

Key Takeaways

• 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.