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Vow
Vow (VOW) investor relations material
Vow H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Feb, 2026
Executive summary
Achieved all-time high quarterly revenue of NOK 347.4 million in Q4 2025, driven by strong Maritime Solutions and Aftersales performance, with robust order intake and improved operations.
Results were heavily impacted by a NOK 119.3 million non-cash impairment, mainly due to revised assumptions and a more cautious outlook for Industrial Solutions.
Strategic review completed, resulting in a sharpened focus, three business units, and new leadership structure.
Order backlog reached NOK 1.7 billion at year-end, with NOK 400 million in options, providing strong visibility through 2034.
Liquidity position improved to NOK 136 million at year-end, with covenant waivers secured for Q4 2025 and Q1 2026.
Financial highlights
Q4 2025 revenue was NOK 347.4 million, up from NOK 265.7 million year-over-year; FY 2025 revenue was NOK 1,034.2 million.
Adjusted EBITDA for Q4 2025 was NOK 15.8 million (4.5% margin), negatively impacted by NOK 10 million in warehouse write-downs; FY 2025 adjusted EBITDA was negative NOK 48.6 million.
Gross margin for Q4 2025 was 22.8% (down from 28.7% YoY); FY 2025 gross margin was 18%.
Non-cash impairment of NOK 119.3 million recognized, mainly in Industrial Solutions and discontinued MAP technology, resulting in a pre-tax loss of NOK 126.8 million.
Operating cash flow for Q4 2025 was NOK 129.4 million; FY 2025 was NOK 64.8 million.
Outlook and guidance
Strong order backlog and options provide revenue visibility into the 2030s, especially in Maritime Solutions.
Maritime Solutions expected to maintain robust performance, with new contracts improving margins and stability.
Aftersales segment poised for continued growth, supported by expanding installed base and recurring revenues.
Industrial Solutions projects at Follum and Rhode Island progressing, with ramp-up to full operation expected in 2026.
Liquidity fluctuations expected due to project delivery and milestone timing; no specific financial guidance provided for growth or EBITDA margin.
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Next Vow earnings date
Q1 202620 May, 2026
Vow
Next Vow earnings date
Q1 202620 May, 2026
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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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