Norwegian marine technology group Vow reported a pre-tax profit of NOK 12 million for the second quarter of 2026, marking its first positive bottom-line result in recent quarters despite a 4.7% drop in its share price.
The company posted revenue of NOK 253 million, an 11% increase from the same period last year, driven by growth across its maritime and aftersales segments. Adjusted EBITDA rose to NOK 32 million from a negative NOK 33 million in Q2 2025, while gross profit increased by NOK 55 million to NOK 88 million, yielding a gross margin of 35%.
Maritime Solutions, which accounts for 52% of group sales, generated NOK 131 million in revenue, up NOK 34 million year-over-year. The segment’s order backlog stood at NOK 1.5 billion, approximately NOK 250 million higher than a year earlier, with 27% of the total backlog earmarked for 2027. The company delivered main systems for three vessels in the quarter and expects to complete 11 vessels by year-end, including the handover of the Legend of the Seas—currently the world’s largest cruise ship—in June.
Aftersales revenue rose 6% to NOK 63 million, supported by demand for chemicals, spare parts, and technical services. Industrial Solutions revenue declined NOK 13 million to NOK 59 million, reflecting the transition of two large Circular Solutions projects into final commissioning stages.
Vow’s liquidity position stood at NOK 118 million at the end of June, down from NOK 136 million at the start of the year, while trade receivables increased by NOK 86 million over the same period. The company repaid NOK 29 million in loan installments during the first half of 2026 but drew down an additional NOK 62 million in overdraft facilities by quarter-end.
A delayed customer payment exceeding NOK 100 million from a recurring client, which arrived in July instead of June, contributed to a temporary increase in overdraft usage. Vow secured a waiver from lender DNB for a covenant breach linked to its borrowings, with refinancing discussions ongoing. The company aims to finalize the refinancing process without raising additional equity, according to CEO Gunnar Pedersen.
Vow’s shares fell 4.66% to $2.25, extending a decline from a 52-week high of $3.50. The group’s price-to-earnings ratio stands at 7.1.
