Vow ASA sees Q3 revenue fall, strong maritime performance signals optimism

Vow ASA reported Q3 2025 revenues of NOK 214.3 million, a decrease of NOK 53.1 million from Q3 2024, primarily due to negative revenue in the Industrial Solutions segment. Adjusted EBITDA for the quarter was negative NOK 28.5 million, down from NOK 18.4 million in Q3 2024. Despite this, the Maritime Solutions segment achieved all-time high revenues of NOK 165.9 million, up NOK 72.9 million year-over-year, and the Aftersales segment showed steady growth.

The Industrial Solutions segment was significantly impacted by reassessments of two major circular solution projects, revealing underestimated total costs to completion and leading to a non-cash revenue reversal. This prompted Vow to launch a profit improvement program in August 2025, focusing on cost control and operational efficiency, and a strategic review, especially for the Industrial Solutions segment, aiming to reduce risk exposure and align with market demand.

The company's total order backlog reached NOK 1,449 million at quarter-end, an increase from NOK 1,103 million a year prior, providing strong visibility through 2032. Liquidity is improving, with significant inflows from trade receivables used to repay outstanding payments, and further improvement is anticipated in Q4 2025 due to large milestone payments.