VOW ASA Earnings Recaps
Q3 2025
Nov 20, 2025
Vow reported a challenging third quarter with a decline in revenue driven by underestimated project costs in the Industrial segment, despite record high revenue in Maritime Solutions.
Key takeaways
- Total revenue decreased to NOK 214 million, down from NOK 267 million year-over-year, primarily due to underperformance in the Industrial Solutions segment.
- Adjusted EBITDA was negative NOK 29 million, impacted significantly by cost overruns in two major projects.
- Maritime Solutions achieved record revenues of NOK 166 million, fueled by progress on large newbuilding contracts, reflecting a year-over-year increase of NOK 73 million.
- Aftersales segment showed resilience with a slight revenue increase of 3% year-over-year, contributing NOK 54 million in the quarter.
- Order backlog remains robust at NOK 1.4 billion, providing good visibility into future revenues.