Vow (VOW) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw strengthened operational and financial performance, with record commissioning and equipment deliveries in Maritime and Industrial Solutions, and peak activity in Technical Services.

• Revenue growth was driven by strong momentum in the cruise industry and improved execution, especially in Maritime and Aftersales segments.

• Adjusted EBITDA and EBIT improved year-over-year, reflecting stronger execution, efficiency gains, and improved net finance.

• The order backlog reached NOK 1.6 billion, providing strong visibility, with additional contracts signed post-quarter.

• Temporary liquidity constraints in Q2 were resolved in July after major customer payments and a waiver for covenant breach was obtained.

Financial highlights

• Q2 2026 revenue reached NOK 253 million, up 11% year-over-year.

• Adjusted EBITDA improved to NOK 32.4 million from NOK -33 million a year ago; margin at 12.8%.

• Gross profit was NOK 88 million with a 35% margin, up NOK 55 million year-over-year.

• Result before tax ended at NOK 11.7 million, compared to a loss of NOK 62.8 million in Q2 2025.

• Available liquidity at quarter-end was NOK 117.6 million.

Outlook and guidance

• Cruise market demand remains strong, supporting Maritime Solutions growth and operational efficiency.

• Aftersales expected to continue structural growth with increasing fleet and high service demand.

• Positive trends in heat treatment and galvanizing markets; Circular Solutions projects progressing with some delays.

• Focus on executing profit improvement program, reducing risk, and completing key Industrial Solutions projects.

• Revised strategy execution expected to drive profitability and reduce risk.