Norway's Vow Q1 revenue rises, order backlog grows

Vow ASA

20/05/2026 06:08

Overview

Norway pollution control tech firm's Q1 revenue rose yr/yr, driven by cruise sector demand

Adjusted EBITDA turned positive in Q1, reflecting improved operational performance

Order backlog increased to NOK 1.8 bln, providing revenue visibility through 2034

Outlook

Vow says order backlog provides good visibility with contracts extending to 2034

Company expects cash position to fluctuate due to timing of deliveries and payment milestones

Vow says increased geopolitical tension represents a source of uncertainty

Result Drivers

MARITIME SOLUTIONS - High project delivery activity and reduced share of legacy contracts lifted margins and drove revenue growth, per company statement

AFTERSALES - Record-high revenue and strong profitability supported by expanding installed base, per company statement

STREAMLINED OPERATIONS - Implementation of a more streamlined operating model enabled improved accountability and control, per company statement

Company press release: ID:nObiNgZTGa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
NOK 284 mln
Q1 Adjusted EBITDA
NOK 23 mln
Q1 Order Backlog
NOK 1.8 bln


Analyst Coverage

The one available analyst rating on the shares is "hold"

The average consensus recommendation for the environmental services & equipment peer group is "buy."

The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)