VOW ASA
Sector unknown·VOW · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Aviation and travel
End markets
DriverPositive impact: strengthens
“In the cruise industry, fleet renewals and upgrades have resulted in strong demand for more advanced clean ship solutions and new orders.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“High activity in the cruise industry The cruise industry continues to show strong momentum, with increased investments in new shipbuilding projects and advanced technology solutions. Vow, and its subsidiary Scanship, have secured several key contracts with major European shipyards, highlighting growing demand for sustainable and innovative technologies in cruise ship construction.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The increase was driven by continued recovery in the cruise industry after the cov - id-related travel restrictions, as ships around the world have resumed normal operations. With more newbuilds being delivered to the market with Vow systems, the mar - ket for sales of spares, consumables and service grows.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In the cruise industry, if overcapacity occurs and consumer pricing comes under pressure, newbuild activities may slow down.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In this respect, the group's success within the cruise industry is built on cost efficient, standardised and flexible solu- tions for wastewater purification and waste management for cruise ships, which is marketed under the "Scanship" brand. The "Scanship" brand is highly respected and familiar to customers in the cruise ship industry, and failure to protect this brand could have material adverse effects on its operations and prospects.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Vow has also made significant R&D investments towards the cruise industry in, most notably for the continued development of the shipboard pyrolysis system.”
Annual report 2024A · The company itself
Market
“This growth was driven by newbuild and retrofit projects, equipment deliveries, and larger contract values from Scanship. Operational activity remained strong, with Scanship technology delivered to 16 cruise newbuilds and 9 projects successfully commissioned in 2024.”
Annual report 2024A · The company itself
Market
“Vow provides retrofit solutions for ships in operation, either with the intention to upgrade the treatment capabilities of the existing system(s) or by replacing them with new and improved systems. For newbuilds, total waste management systems that take care of all waste streams from the hotel operation are offered.”
Annual report 2024A · The company itself
Market
“Through the lifetime of the systems, Vow offers tailor-made service and maintenance to ensure longevity, efficiency, and reliability of the systems. Spare parts and chemicals are supplied to both new and existing installations.”
Annual report 2024A · The company itself
Market
“Scanship’s waste and wastewater handling systems are built to the IMO-MARPOL pollution regulations and certified after the EU Marine Equipment Directive (MED). Moreover, Scanship was one of the first suppliers of advanced wastewater plants (AWP) to obtain the ultrastrict Alaska-discharge approval back in 2003, and first to obtain IMO MARPOL 227(64) sec.”
Annual report 2024A · The company itself
Market
“Vow is a market leader in wastewater purification and waste valorisation for the cruise industry.”
Annual report 2024A · The company itself
Market
“ANNUAL REPORT 20246 BUSINESS SEGMENTS MARITIME SOLUTIONS AFTERSALES The Maritime Solutions segment is mainly based on Scanship’s operations and includes wastewater purification, garbage handling, food waste treatment and sludge processing solutions for the cruise industry.”
Annual report 2024A · The company itself
Market
“Vow is a market leader within wastewater purification and valorisation of waste for the cruise industry, and the company is set to equip over 60 per cent of new large cruise ships in the next five years.”
Annual report 2024A · The company itself
Market
“Vow’s strong position as a market leader in onboard pyrolysis and waste-to-energy solutions reinforces its strategic role in the industry's ongoing sustainability transition. Aftersales remains a stable and growing business, underpinned by a broad installed base and a service model grounded in technical leadership.”
Annual report 2024A · The company itself
Market
“Vow serves customers primarily in the cruise and industrial sectors.”
Annual report 2024A · The company itself
Market
“Approximately 40 er cent of the group's revenues is generated directly from shipyards involved in newbuild projects, making timely payments from these customers critical for maintaining liquidity.”
Annual report 2024A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“Its solutions are designed to treat wastewater and convert biomass and waste into valuable outputs, such as CO₂-neutral energy and biocarbon, helping to decarbonise industrial processes.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Additionally, if the push to decarbonise takes longer than expected, the adoption of cleaner technologies may be delayed, reducing demand for Vow's solutions.”
Annual report 2024A · The company itself
Market
“Circular solutions for industry decarbonisation Through pyrolysis technology, Vow provides solutions that can help industries decarbonise and reduce their CO emissions from fossil sources.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Carbon tax and ETS prices
Regulation
DriverPositive impact: strengthens
“Its solutions are designed to treat wastewater and convert biomass and waste into valuable outputs, such as CO₂-neutral energy and biocarbon, helping to decarbonise industrial processes.”
Annual report 2024A · The company itself
Market
“Circular solutions for industry decarbonisation Through pyrolysis technology, Vow provides solutions that can help industries decarbonise and reduce their CO emissions from fossil sources.”
Annual report 2024A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Industrial manufacturing
End markets
StrategyPositive impact: strengthens
“These are investments made towards several industry verticals – the metallurgical industry, end-oflife tyres, the plastics area, and industry decarbonisation in general. The development work done is also a significant value for the best configuration of the process equipment which is now in preparation to be delivered to Vow Green Metals plant at Follum and the Rhode Island contract.”
Annual report 2024A · The company itself
Market
“In recent years, Vow has broadened the scope to position the technology in new industry verticals. The company has in addition a solid niche position within industrial heat treatment.”
Annual report 2024A · The company itself
Market
“ANNUAL REPORT 2024 5ABOUTVOW The Industrial Solutions segment delivers technologies that convert waste into high-value green products and clean energy. It also provides solutions for food sterilisation and heat treatment.”
Annual report 2024A · The company itself
Market
“Evensenis a specialist in energy efficient solutions for heat treatment processes and develops, designs and fabricates industrial furnaces and equipment.”
Annual report 2024A · The company itself
Market
“Vow serves customers primarily in the cruise and industrial sectors.”
Annual report 2024A · The company itself
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“TRUST is a key building block of the Vow culture RESPONSIBLE business conduct is fundamental for all we do INCLUSIVE towards each other, partners, and stake holders PASSIONATE about preven ting pollution, giving waste value, and miti gating climate change T R I P The group’s subsidiaries collectively pursue opportunities in markets where pyrolysis and related technologies can be applied to convert organic waste, biomass, plastics, and polymers into energy, fuels, and biogenic materials. These solutions contribute to carbon capture, waste valorisation, and the development of end-ofwaste systems—supporting a more sustainable industrial future.”
Annual report 2024A · The company itself
Market
“Our technology and solutions convert biomass, sewage sludge, organic waste and end-of-life tyres into purified water, renewable energy and circular carbon products for a wide range of industries.”
Annual report 2024A · The company itself
Market
“Through Etia’s operations and specific landbased activities in Norway, Vow’s Industrial Solutions segment designs and provides systems to valorise biomass residues and waste into renewable products, chemicals and fossil free energy through pyrolysis solutions.”
Annual report 2024A · The company itself
Chains in: EU climate and energy policy strengthens
Plastics and polymers
Raw materials and inputs
StrategyPositive impact: strengthens
“TRUST is a key building block of the Vow culture RESPONSIBLE business conduct is fundamental for all we do INCLUSIVE towards each other, partners, and stake holders PASSIONATE about preven ting pollution, giving waste value, and miti gating climate change T R I P The group’s subsidiaries collectively pursue opportunities in markets where pyrolysis and related technologies can be applied to convert organic waste, biomass, plastics, and polymers into energy, fuels, and biogenic materials. These solutions contribute to carbon capture, waste valorisation, and the development of end-ofwaste systems—supporting a more sustainable industrial future.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“These are investments made towards several industry verticals – the metallurgical industry, end-oflife tyres, the plastics area, and industry decarbonisation in general. The development work done is also a significant value for the best configuration of the process equipment which is now in preparation to be delivered to Vow Green Metals plant at Follum and the Rhode Island contract.”
Annual report 2024A · The company itself
Market
“Through Etia’s operations and specific landbased activities in Norway, Vow’s Industrial Solutions segment designs and provides systems to valorise biomass residues and waste into renewable products, chemicals and fossil free energy through pyrolysis solutions.”
Annual report 2024A · The company itself
Chains in: Oil strengthens
Automation and robotics
Technology
StrategyPositive impact: strengthens
“The group's growth strategy focuses on expanding its customer base and growing market share by enhancing existing technology and delivering systems that meet customer demands, rather than introducing entirely new products frequently. The group continues to invest substantial resources into improving its technology.”
Annual report 2024A · The company itself
Consumer preference shifts
End markets
Market
“Our technology and solutions convert biomass, sewage sludge, organic waste and end-of-life tyres into purified water, renewable energy and circular carbon products for a wide range of industries.”
Annual report 2024A · The company itself
Chains out: this mixed effect Beer and beverages
Digitalisation
Technology
StrategyPositive impact: strengthens
“The group's growth strategy focuses on expanding its customer base and growing market share by enhancing existing technology and delivering systems that meet customer demands, rather than introducing entirely new products frequently. The group continues to invest substantial resources into improving its technology.”
Annual report 2024A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Electrification
Technology
Market
“The company’s advanced technologies and solutions enable industry decarbonisation and material recycling. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Energy efficiency
Technology
Market
“The company’s advanced technologies and solutions enable industry decarbonisation and material recycling. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“In 2024, Vow passed an important milestone by reaching over NOK 1 billion in annual revenue. The company turned a corner financially, moving from a negative to a positive EBITDA.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In the cruise industry, if overcapacity occurs and consumer pricing comes under pressure, newbuild activities may slow down.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Furthermore, if financial markets experience a downturn, shipowners may face reduced capacity to finance newbuilds, which could lead to a decrease in new construction projects and impact Vow’s revenue.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“The group has previously faced delays in customer payments and may encounter similar issues in the future. Effective management of customer relationships is therefore crucial to minimise potential losses on receivables.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Vow is fundamentally dependent on intangible resources such as the ability to attract and retain employees with the right competence and experience, customer and supplier relationships and reputation in order to remain its market position. The group's business and strategy are tied to its technology (patents), know-how and brands.”
Annual report 2024A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“Notwithstanding the new capital raised in the rights Issue completed in December 2024, the group is expected to continue to carry a significant level of debt. Failure to comply with the obligations under the group's debt agreements would constitute an event of default potentially resulting in the acceleration of the group's indebtedness. Moreover, the group's debt could significantly impair its ability to obtain additional financing for working capital, capital expenditures, acquisitions, growth or other purposes.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Subcontractors and haulage capacity
Raw materials and inputs
InputNegative impact: weakens
“Production of Scanship systems is outsourced to subcontractors.”
Annual report 2024A · The company itself
Consumer spending
Macro
DriverNegative impact: weakens
“However, the geopolitical landscape has introduced macroeconomic uncertainties and inflationary pressures, which could affect consumer behavior and future demand for travel. While Vow does not have operations in Russia or Ukraine, the broader geopolitical tensions resulting from Russia's invasion of Ukraine could impact global economic stability, equity markets, and share prices.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Equity and capital markets
Macro
DriverNegative impact: weakens
“Furthermore, if financial markets experience a downturn, shipowners may face reduced capacity to finance newbuilds, which could lead to a decrease in new construction projects and impact Vow’s revenue.”
Annual report 2024A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“However, the geopolitical landscape has introduced macroeconomic uncertainties and inflationary pressures, which could affect consumer behavior and future demand for travel. While Vow does not have operations in Russia or Ukraine, the broader geopolitical tensions resulting from Russia's invasion of Ukraine could impact global economic stability, equity markets, and share prices.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Additionally, changes in trade policies, particularly in the United States, and fluctuations in tariffs could affect the cost structure and profitability of Vow's operations. These risks may be further heightened by shifts in US trade relations, potentially impacting the group's ability to access certain markets or materials at favourable prices.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Denmark
Geography
Geography
“The group has employees in Norway, France, Poland, the US and Italy.”
Annual report 2024A · The company itself
Europe
Geography
Geography
“The group has employees in Norway, France, Poland, the US and Italy.”
Annual report 2024A · The company itself
United States
Geography
Geography
“The group has employees in Norway, France, Poland, the US and Italy.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 1.02 bn NOK |
| Revenue growth vs. the year before, same method | 10.9 % |
| EBITDA reported by the company | 0.04 bn NOK |
| Net debt debt incl. leasing minus cash | 0.34 bn NOK |
| Diluted EPS per share | -1.09 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✓ |
| Healthy balance sheet | ✗ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.