NEWS

Vow ASA nearly doubled revenues in the first quarter and more than doubled EBITDA compared with first quarter last year. Activity is gaining momentum across all business segments, and the order backlog remains solid at NOK 1 271 million. In the first quarter, Vow made important steps to meet increased demand for advanced carbon products and CO2 neutral energy and acquired C.H. Evensen to further position for growth.

Revenues in the first quarter of 2022 was NOK 182.5 million, compared with NOK 92.7 million in the same period last year. EBITDA before non-recurring items was NOK 23.6 million, more than a doubling from NOK 10.2 million in the same period last year.

All segments contributed to the progress, with especially strong, profitable growth from the Landbased segment. In addition, the cruise industry is gaining speed which resulted in improved activity levels for Aftersales and continued strong results within Projects Cruise.

"It is great to see that most of the cruise fleet is back in operation. Vow and Scanship are well positioned to continue supporting shipyards and the shipowners in their green transition and on their mission for an ever-cleaner ocean. Extensive fleet renewal programmes are being planned, comprising both newbuilds and retrofits, to meet customers and investors' expectations for green cruising," said Henrik Badin, CEO of Vow ASA.

"At the same time, global trends in the circular economy and energy markets, regulation, and economic realities, encourage industry and energy providers to decarbonise. This creates an unprecedented demand and interest for the technologies and solutions that we provide, producing renewable carbon and climate neutral gas at large scale," Badin added.

Outlook

Vow continues to support its customers in their quest to decarbonise their value chains and become more environmentally sustainable.

The cruise industry continues to grow as cruise liners place new orders. Vow remains confident about the long-term market outlook for its cruise related operations, and these growth prospects are supported by increasing demand for solutions for cleaner oceans. As an increasing share of cruise ships are delivered with Vow systems, the aftersales market is growing.

Vow is currently in the process of producing and assembling equipment for Vow Green Metals' first biocarbon plant at Follum in Eastern Norway based on Vow's advanced pyrolysis technology. Vow continues to make investments in the Landbased segment, and the acquisition of C.H. Evensen further strengthens the group's foothold and capacities in this segment.

As a provider of world leading technologies that can eliminate pollution, enhance circular economy, and mitigate climate change, and with a proven ability to deliver reliable technology at a competitive price, Vow is well positioned to meet the global trends of replacing fossil fuels and turning waste into valuable resources.

Today at 09:00 CEST, the company's CEO Henrik Badin will present the results live at Haakon VII's gate 2, 0161 Oslo. Participants are welcome to meet in person or to follow the presentation via livestream. A recording of the session, which will be held in English, will be available on www.vowasa.com (http://www.vowasa.com) after the event.

To register and join the webcast, please paste the following link into your browser, click 'Attend' and register your e-mail:

https://channel.royalcast.com/landingpage/hegnarmedia/20220505_13/

Attachments

Vow - Trading update Q1 2022 Vow - Presentation Trading update Q1 2022

For more information, please contact

Henrik Badin, CEO, Vow ASA Tel: + 47 90 78 98 25 Email: henrik.badin@vowasa.com

Erik Magelssen, CFO, Vow ASA Tel: +47 928 88 728 Email: erik.magelssen@vowasa.com

About Vow

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company's world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.

Cruise ships on every ocean have Vow technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use our solutions for sludge processing, waste management and biogas production on land.

With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven. They are key to end waste and stop pollution.

Located at Lysaker outside Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).