Norwegian marine systems provider Vow ASA reported a return to profitability in the second quarter of 2026, posting a pre-tax profit of NOK 11.7 million, compared with a loss before tax of NOK 53.2 million in the same period a year earlier.
Group revenue increased 11% year-over-year to NOK 253 million, driven by higher delivery volumes and catch-up effects, while adjusted EBITDA rose to NOK 32.4 million with a 12.8% margin, reversing a negative NOK 33 million margin in Q2 2025. Gross profit surged to NOK 88 million, lifting the gross margin to 35% from 14% a year ago. EBIT returned to positive territory at NOK 17.3 million, a NOK 64.9 million improvement.
The company’s order backlog expanded 16% to NOK 1.6 billion at quarter-end, excluding NOK 321 million in options, with 27% of the backlog earmarked for 2026. Post-quarter, Vow secured additional orders worth approximately NOK 150 million, including two cruise vessel contracts totaling EUR 13.6 million. Maritime Solutions, the largest segment, generated NOK 131.3 million in revenue, supported by 13 main system deliveries and 11 commissioning activities planned for the full year.
Liquidity pressures persisted as cash and cash equivalents fell to NOK 13.8 million from NOK 136.1 million at year-end 2025. Trade receivables increased by NOK 85.5 million, while overdraft facility utilization rose by NOK 61.8 million. Total available liquidity stood at NOK 117.6 million as of June 30, 2026, including the overdraft facility. Interest-bearing debt climbed to NOK 421.6 million from NOK 392.0 million at year-end 2025.
Management reiterated priorities including customer focus, competitiveness, balance-sheet repair, and cash generation. The company aims to complete a refinancing process with DNB without raising additional equity. Vow’s shares traded at NOK 2.33, down 1.27% on the day.
