The following is a summary of the Vow ASA (SSHPF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Vow's Q1 2024 revenues remained consistent with the previous year's first quarter. The gross margin increased to 31.5% from 25.3%, and EBITDA expanded to a margin of 2.4%, a significant improvement from the previous year's negative 6%.

• Operating profit was reported as negative NOK4.7 million, while net financial items amounted to negative NOK12.3 million. The increase in depreciation expenses is due to the conclusion of several R&D projects.

• Liquidity was reported as NOK44 million, with the company aiming to rebound to an EBITDA margin of 15% from 2025.

Business Progress:

• Vow is experiencing growth in the cruise industry segment, with ship owners renewing their fleet and placing new orders for larger, more advanced systems. Several R&D and business development projects have successfully concluded, strengthening Vow's market position.

• Vow is involved in three extensive industry projects close to reaching financial investment decisions. They anticipate total gains of EUR120 million from the first stages of the projects.

• The company has secured a variety of contracts and is negotiating tenders for 29 new builds. In an attempt to increase financial efficiency, a comprehensive cost improvement program has been put in place, with active bidding for contracts up to EUR200 million.

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