VOW ASA Q3 2025 Earnings Recap

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.