Vow (VOW) Q1 2026 earnings summary

Executive summary

• Operational performance improved in Q1 2026, with year-over-year revenue growth and stronger margins, mainly driven by Maritime Solutions and Aftersales, while Industrial Solutions performed in line with updated assumptions.

• A streamlined operating model with three business units and clear P&L accountability was implemented.

• Record-high aftersales revenues and strong order intake, with a robust order backlog of NOK 1.8 billion and NOK 378 million in options, supporting future visibility.

• Liquidity levels reflect timing of project deliveries, with a new covenant structure agreed from Q2 2026.

• Major EUR 27 million purchase order from a European shipyard for four cruise vessels.

Financial highlights

• Q1 2026 revenue reached NOK 284 million, up NOK 39 million year-over-year, with gross profit rising to NOK 83.1 million and gross margin up to 29.3%.

• Adjusted EBITDA improved to NOK 23 million from -NOK 3 million a year earlier, with margin rising to 7.9%.

• Net result before tax improved to NOK -15.6 million from NOK -45.4 million in Q1 2025, but the bottom line remains negative.

• Order backlog at quarter-end was NOK 1.8 billion, up from NOK 1,532 million a year earlier.

• Available liquidity at quarter-end was NOK 67 million, with cash and cash equivalents at NOK 13 million.

Outlook and guidance

• Positive development expected to continue in Maritime Solutions, supported by strong cruise market activity and robust backlog, with reduced legacy contract exposure.

• Aftersales segment to benefit from structural growth as more vessels enter operation and the installed base expands.

• Completion of two Circular Solutions projects will provide a platform for future opportunities and improved margins.

• Profit improvement measures and revised strategy implementation expected to drive profitability and reduce risk.

• Liquidity expected to normalize from July as milestone payments are collected, with temporary overdraft facility in place.