Vow ASA reported a second-quarter 2026 profit after restructuring efforts took hold, with revenue rising 11% year-over-year to NOK 253 million and adjusted EBITDA turning positive at NOK 32.4 million. The Norwegian maritime and industrial solutions provider posted a pre-tax profit of NOK 11.7 million, reversing a NOK 33 million loss in the same period a year earlier.
The maritime segment, which accounts for 52% of group sales, delivered NOK 131.3 million in revenue, up NOK 34 million from Q2 2025. Adjusted EBITDA margin in the segment improved to 20.4% from a negative 20.7% a year prior, supported by revised contract terms and higher delivery volumes. The backlog stood at NOK 1.5 billion as of June 30, 2026, with 27% earmarked for 2026 deliveries and 24% for 2027.
Aftersales revenue rose 6% to NOK 63 million, while the industrial solutions segment saw a 19% decline to NOK 58.6 million due to the completion of large projects. Gross profit surged to NOK 88 million from NOK 32.7 million, lifting gross margin to 35% from 14%.
Liquidity remained a concern, with total available liquidity at NOK 117.6 million as of June 30, including NOK 13.8 million in cash and undrawn credit facilities. A delayed payment exceeding NOK 100 million from a maritime customer, received in July instead of June, triggered temporary overdraft usage and a covenant breach at quarter-end. Interest-bearing debt increased to NOK 421.6 million, while trade receivables rose to NOK 257.2 million.
CFO Cecilie Brænd Hekneby confirmed that a formal waiver was obtained from DNB for the period ending June 30, 2026, and that refinancing discussions are underway to address near-term obligations without additional equity issuance.
Shares fell 4.66% to $2.25 following the results, within a 52-week range of $1.45 to $3.50.
