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Investor Relations14 Oct 2025
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Vow (VOW) investor relations material
Vow H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary28 Aug, 2025
Executive summary
Q2 and H1 2025 results were negatively impacted by significant catch-up adjustments and a Q1 accounting error, leading to covenant breaches that were later waived after discussions with DNB.
A profit improvement program was launched to strengthen cost control, operational efficiency, and profitability, alongside a strategic review.
Maritime Solutions and Aftersales segments showed strong top-line growth and margin improvements, while Industrial Solutions faced profitability challenges and a thinning backlog.
Sale of shares in Wagreen Metal/VGM provided NOK 35 million, used for debt repayment.
Liquidity improved post-quarter due to more efficient collection of overdue receivables.
Financial highlights
Q2 2025 revenue was NOK 228 million, down NOK 25 million year-over-year, mainly due to a NOK 35 million catch-up adjustment.
Adjusted EBITDA for Q2 was negative NOK 33 million, NOK 54 million lower year-over-year, mainly due to catch-up effects.
Order backlog increased to NOK 1.4 billion, providing good visibility.
Employee expenses increased by NOK 10 million year-over-year due to higher headcount and salary adjustments.
Available liquidity at quarter-end was NOK 90 million.
Outlook and guidance
Maritime Solutions and Aftersales expected to continue positive trends in growth and margins, supported by strong backlog and improved contract terms.
Industrial Solutions faces ongoing challenges; strategic review and risk reduction measures underway, with focus on circular solutions and full-scale references expected in 6-12 months.
Profit improvement program expected to yield some savings in the current year, with further effects over time.
Risk of covenant breaches remains for Q3 and Q4, with ongoing dialogue with lenders.
Outline profit improvement program initiatives
Industrial Solutions segment turnaround plan
Plan to ensure future covenant compliance
Industrial segment: How to reverse backlog decline?
Quantify margin impact of new Maritime contracts?
Beyond waivers, how to ensure covenant compliance?
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Next Vow earnings date
Q3 202519 Nov, 2025
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Frequently asked questions
Vow designs and manufactures advanced bioreactors and related systems for the production of cultured meat and sustainable food solutions. The company focuses on creating scalable technologies to support alternative protein industries and food innovation initiatives. Vow primarily serves sectors involved in biotechnology, food production, and sustainability. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.
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