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"entity": "scheme:5967007LIEEXZXGUAO90",
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}
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"value": "57500000.0",
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"value": "30500000.0",
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},
"f0__s5__3__38": {
"value": "22700000.0",
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"value": "30500000.0",
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"f0__s7__6__13": {
"value": "Note 01 Company InformationVow delivers advanced technologies and solutions to the maritime cruise industry for processing garbage, food waste and purifying wastewater. In addition, the company provides systems to valorise biomass residues and waste into renewable products, chemicals and fossil free energy through pyrolysis solutions.The main office is in Oslo, Norway and the parent company Vow ASA is listed on the Oslo Stock Exchange under the ticker symbol VOW. The consolidated financial statements in this report include the financial performance and position of the company and its subsidiaries collectively referred to as \u2018\u2019the Group\u2019\u2019 or separately as Group companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__12": {
"value": "Vow delivers advanced technologies and solutions to the maritime cruise industry for processing garbage, food waste and purifying wastewater.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__8": {
"value": "Oslo",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__9": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__6": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__11": {
"value": "Vow ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__10": {
"value": "Vow ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__5": {
"value": "Vow ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__7": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__17": {
"value": "Statement of ComplianceThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2025.The consolidated financial statements were approved by the Board of Directors and Chief Executive Officer (CEO) on 28 April 2026. The consolidated financial statements will be authorized at the Annual General Meeting on 27 May 2026. Until this date the Board of Directors has the authority to amend the financial statements.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__16": {
"value": "The consolidated financial statements were approved by the Board of Directors and Chief Executive Officer (CEO) on 28 April 2026. The consolidated financial statements will be authorized at the Annual General Meeting on 27 May 2026. Until this date the Board of Directors has the authority to amend the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__18": {
"value": "ConsolidationThe consolidated financial statements comprise the parent company Vow ASA and its subsidiaries. Intra-group balances and transactions, and any unrealized gains and losses or income and expenses arising from the intra-group transactions, are eliminated in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__19": {
"value": "Going ConcernThe Group has strengthened working capital management, cost control and operational efficiency, with liquidity substantially improving towards the end of 2025.High delivery volumes on a large maritime project will lead to a temporary liquidity effect in May\u2013July 2026. This is mitigated through a temporary increase in the overdraft facility and acceptance of deviation from the minimum cash covenant.Liquidity is expected to normalize from July 2026 as milestone payments will be received, and the Group anticipates that with the strong order back log and profit improvement initiatives taken, cash flow from operation will be sufficient to meet its liabilities. In accordance with the Norwegian Accounting Act, the Board of Directors confirms that the financial statements have been prepared based on the going concern assumption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__15": {
"value": "Note 02 Basis of PreparationStatement of ComplianceThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2025.The consolidated financial statements were approved by the Board of Directors and Chief Executive Officer (CEO) on 28 April 2026. The consolidated financial statements will be authorized at the Annual General Meeting on 27 May 2026. Until this date the Board of Directors has the authority to amend the financial statements.Basis of PreparationThe consolidated balance sheet has been prepared on the historical cost basis except for certain financial assets and liabilities as presented in note 22 measured at fair value on each reporting date. The consolidated financial statements are presented in Norwegian kroner (NOK). ConsolidationThe consolidated financial statements comprise the parent company Vow ASA and its subsidiaries. Intra-group balances and transactions, and any unrealized gains and losses or income and expenses arising from the intra-group transactions, are eliminated in the consolidated financial statements.Going ConcernThe Group has strengthened working capital management, cost control and operational efficiency, with liquidity substantially improving towards the end of 2025.High delivery volumes on a large maritime project will lead to a temporary liquidity effect in May\u2013July 2026. This is mitigated through a temporary increase in the overdraft facility and acceptance of deviation from the minimum cash covenant.Liquidity is expected to normalize from July 2026 as milestone payments will be received, and the Group anticipates that with the strong order back log and profit improvement initiatives taken, cash flow from operation will be sufficient to meet its liabilities. In accordance with the Norwegian Accounting Act, the Board of Directors confirms that the financial statements have been prepared based on the going concern assumption. Translation of Foreign CurrencyThe financial statements are presented in NOK, which is also the functional and presentation currency of the parent. Assets and liabilities of subsidiaries that have a different functional currency are translated using the exchange rate on the balance sheet date. Income and expenses are translated using the exchange rate for the year, calculated based on 12 monthly rates. Foreign exchange differences arising from these transactions are recognized in other comprehensive income and presented as a separate component in equity (translation differences). The translation differences are reclassified to the income statement upon disposal or liquidation of the related operations. Exchange differences arising from non-current monetary receivable or payable by a foreign operation where settlement is neither planned nor likely in the foreseeable future, forms part of the net investment in that entity and are also recognized in other comprehensive income.Judgments and EstimatesThe preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions each reporting period that affect the income statement and balance sheet. Actual outcomes may differ from these estimates. The main areas where judgments and estimates have been made are described in each of the following notes:\u2022 Note 3 Revenues inclusive Contract Balances\u2022 Note 12 Impairment of AssetsThe main area where significant judgment has been made is described in the following note:\u2022 Note 3 Revenues inclusive Contract BalancesVow acknowledge that climate change represents an element in the application of methodologies and models used in estimates used in valuations and measurements of certain accounting items. This is further described in the following notes:\u2022 Note 12 Impairment of Assets\u2022 Note 28 Climate Risk Material Accounting PoliciesMaterial accounting procedures are integrated in the notes presenting the data.New or Changed Financial Reporting PrinciplesIFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 was issued in 2024, effective for annual reporting beginning on or after 1 January 2027. The impact of changes resulting from implementation of IFRS 18 are currently being assessed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__14-1": {
"value": "Note 02 Basis of PreparationStatement of ComplianceThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2025.The consolidated financial statements were approved by the Board of Directors and Chief Executive Officer (CEO) on 28 April 2026. The consolidated financial statements will be authorized at the Annual General Meeting on 27 May 2026. Until this date the Board of Directors has the authority to amend the financial statements.Basis of PreparationThe consolidated balance sheet has been prepared on the historical cost basis except for certain financial assets and liabilities as presented in note 22 measured at fair value on each reporting date. The consolidated financial statements are presented in Norwegian kroner (NOK). ConsolidationThe consolidated financial statements comprise the parent company Vow ASA and its subsidiaries. Intra-group balances and transactions, and any unrealized gains and losses or income and expenses arising from the intra-group transactions, are eliminated in the consolidated financial statements.Going ConcernThe Group has strengthened working capital management, cost control and operational efficiency, with liquidity substantially improving towards the end of 2025.High delivery volumes on a large maritime project will lead to a temporary liquidity effect in May\u2013July 2026. This is mitigated through a temporary increase in the overdraft facility and acceptance of deviation from the minimum cash covenant.Liquidity is expected to normalize from July 2026 as milestone payments will be received, and the Group anticipates that with the strong order back log and profit improvement initiatives taken, cash flow from operation will be sufficient to meet its liabilities. In accordance with the Norwegian Accounting Act, the Board of Directors confirms that the financial statements have been prepared based on the going concern assumption. Translation of Foreign CurrencyThe financial statements are presented in NOK, which is also the functional and presentation currency of the parent. Assets and liabilities of subsidiaries that have a different functional currency are translated using the exchange rate on the balance sheet date. Income and expenses are translated using the exchange rate for the year, calculated based on 12 monthly rates. Foreign exchange differences arising from these transactions are recognized in other comprehensive income and presented as a separate component in equity (translation differences). The translation differences are reclassified to the income statement upon disposal or liquidation of the related operations. Exchange differences arising from non-current monetary receivable or payable by a foreign operation where settlement is neither planned nor likely in the foreseeable future, forms part of the net investment in that entity and are also recognized in other comprehensive income.Judgments and EstimatesThe preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions each reporting period that affect the income statement and balance sheet. Actual outcomes may differ from these estimates. The main areas where judgments and estimates have been made are described in each of the following notes:\u2022 Note 3 Revenues inclusive Contract Balances\u2022 Note 12 Impairment of AssetsThe main area where significant judgment has been made is described in the following note:\u2022 Note 3 Revenues inclusive Contract BalancesVow acknowledge that climate change represents an element in the application of methodologies and models used in estimates used in valuations and measurements of certain accounting items. This is further described in the following notes:\u2022 Note 12 Impairment of Assets\u2022 Note 28 Climate Risk Material Accounting PoliciesMaterial accounting procedures are integrated in the notes presenting the data.New or Changed Financial Reporting PrinciplesIFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 was issued in 2024, effective for annual reporting beginning on or after 1 January 2027. The impact of changes resulting from implementation of IFRS 18 are currently being assessed.Material Accounting Policy Customer contracts are assessed using the five-step model. The first step is to approve the customer contract with a firm basis for revenue recognition. The second step is to identify the performance obligations in the contract. The third step is to determine the transaction price. The fourth step is to allocate the transaction price to each performance obligation, and the fifth step is to recognize revenue when (or as) the company satisfies a performance obligation.The deliveries in the contracts are reviewed to identify distinct performance obligations. For most of the identified performance obligations, control has been assessed to be transferred to the customer over time as the performance obligations is satisfied. Revenue is recognized over time using a cost-based progress method (percentage-of-completion), or as time and material are delivered to the customer. The cost progress method is commonly used on reimbursable and lump sum contracts when scope is firm. The time and materials method are more commonly used for reimbursable contracts with less firm scope. These methods are used to best reflect the pattern of transfer of control of goods and services to the customers.Pension Plans in NorwayThe main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing a basic pension entitlement to all taxpayers. The additional pension plan which all Norwegian employers are obliged to provide according to current legislation, represent a limited additional pension entitlement. The occupational plans in Vow Group in Norway are described below.Defined Contribution PlansAll employees in Norway are offered participation in a defined contribution plan. The annual contributions, premium and administration cost expensed for the Norwegian plan in 2025 were NOK 8.0 million, compared to NOK 7.5 million in 2024.Tariff Based Pension Agreement (AFP)Employees in the subsidiary CHE in Norway have a tariff base lifelong retirement arrangement (AFP) organized by the main labour unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required to estimate pension obligation from this defined benefit plan is not available from the plan administrator. Vow Group therefore currently accounts for the plan as if it was a defined contribution plan. The annual contribution expensed in 2025 were NOK 0.8 million compared to NOK 0.7 million in 2024.Interest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date.Basis EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the parent on average number of ordinary shares outstanding during the year.Diluted EPS is calculated by dividing the profit attributable to the ordinary equity holders of the parent by weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on exercise of the shares, plus the weighted average number of treasury shares.Material Accounting PolicyProperty, plant and equipment are recognized at cost for less accumulated depreciation and impairment losses. Cost includes expenditures directly attributable to bringing the asset to the location and condition necessary for its intended use. Subsequent expenditure is capitalised only when it is probable that future economic benefits will flow to the group. All other maintenance and repair costs are expensed as incurred.Assets are normally depreciated on a straight-lime basis over the expected economic lives as follows:\u2022 Buildings and facilities: 5-10 years\u2022 Plant, production and test equipment: 5-10 years\u2022 Machinery and technical installations: 5-10 years\u2022 Vehicles: 5 years\u2022 Office furniture, fixtures and IT equipment: 3-5 yearsAssets under construction are carried at cost and are not depreciated until available for use. Useful lives and residual values are reviewed annually.ImpairmentImpairment triggers are assessed annually, and impairment evaluations have been performed.Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.Cash Generating Units (CGUs)A CGU represent the lowest level of independent revenue generated by the assets.The group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the Maritime segment, Aftersales segment and the industrial segment. The industrial segment is divided into three CGUs. The CGUs are:\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyNo intangible assets or goodwill are assigned to the Food Safety CGU and the Aftersales CGU.GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.OtherOther intangible assets include IT systems and technology development acquired through business combinations.Financial Reporting PrinciplesThe lease liability represents the net present value of the lease payments to be made over the remaining lease period. The discount rate is calculated for each lease based on a model that includes credit risk and country risk. The right-of-use asset is depreciated over the lease term. Several property leases contain extension options or cancellation clauses. The non-cancellable lease period is the basis for the lease commitment. Periods covered by the extension or termination options are included when it is reasonably certain that the lease period will be extended. When management has decided to extend the lease period is typically an event that would trigger an updated assessment of the reasonably certain criteria.Material Accounting PolicyA provision is a liability with uncertain timing and outcome. Provisions are recognized when cash outflows are considered probable; the amount can be reliably estimated, and the obligation is a result of a past event. All provisions are presented as short-term as they are part of the operational cycle.A contingent liability is a possible obligation that arises from past events that typically depend on a future event outside the company\u2019s control, for example a court decision. A provision is made when it is considered probable that cash outflow will take place, and the obligation can be measured reliably.Funding PolicyVow has a strong focus on liquidity to meet its working capital needs short-term and to ensure a long-term solution for its financial obligations long-term. As of 31 December 2025, the liquidity reserve amounted to NOK 136.1 million compared to NOK 182.7 million in the prior year. It was composed of an undrawn credit facility, cash in bank accounts, and bank deposits. The cash position is NOK 30.5 million as of 31 December 2025, compared to NOK 46.3 million at 31 December 2024.Funding of OperationsThe Group\u2019s funding policy is based on ensuring sufficient liquidity and financial flexibility to support ongoing operations and strategic priorities. Cash management and funding activities are coordinated at group level to ensure efficient allocation of liquidity, improved control of capital structure, and optimized funding terms.The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.The Fair Value HierarchyThe following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.For financial instruments at fair value, the levels in the hierarchy are:\u2022 Level 1: Fair values based on prices quoted in an active market for identifying assets or liabilities.\u2022 Level 2: Fair values based on price input or price output other than quoted prices. Such prices are derived from observable market transactions in active market for identical assets or liabilities. Level 2 includes currency or interest derivatives and interest bonds, typically when the Group uses forward prices on foreign exchange rates or interest rates as inputs top valuation models.\u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.Financial Reporting PrinciplesAssociates are entities where the company has significant influence but not control or joint control (usually between twenty and fifty percent of voting power). Interests in associates are accounted for using the equity method. The investment is initially recognized at cost (including transaction costs) and subsequently increased or decreased to recognize the share of the profit or loss. The profit or loss for the equity-accounted investees is presented as financial income or expenses. Net result from shares in associated company in 2025 was a loss o f NOK 1.8 million.Note 25 Related Parties and Key Management CompensationMaterial Accounting PolicyRelated party relationships are defined to be entities under joint control or significant influence by the Group, and companies outside the Group that are under control (Either directly or indirectly) or joint control by the owners having significant influence over Vow. The management and the Board of Directors are also related parties.Related Parties of the GroupRelated parties can enter transactions with the company that would potentially not be undertaken between unrelated parties. Transactions with the related parties are based on negotiations between the parties, and management believes that the agreed prices is a fair approximation to arm\u2019s length principles.Significant Related Parties Transactions(a) Purchases Amounts in NOK million 2025 2024By Purchase of services fromDescription of services 1) ETIA Ecotechnologies S.A.S SCFI S.A.S Management/consultancy N/A 2.0 2)ETIA Ecotechnologies S.A.S LSI S.A.S Property rental/lease N/A 1.5 3)Vow ASA Reiten & Co AS Consultancy N/A 0.0 4)Scanship AS Advokatfirmaet Skagast\u00f8l AS Consultancy services N/A 1.1 C.H. Evensen C.H. Evensen managementProperty rental/lease 2.3 2.3 Total 2.3 6.8 1) LCFI S.A.S is wholly owned by Mr Olivier Lepez, co-founder of ETIA Ecotechnologies S.A.S1) SCFI S.A.S is wholly owned by Mr Philippe Sajet, co-founder of ETIA Ecotechnologies S.A.S. 2) LSI S.A.S is equally owned by Mr Olivier Lepez, co-founder of ETIA Ecotechnologies S.A.S and Mr Philippe Sajet. 3) Reiten & Co AS is wholly owned by R Investment Company AS. R Investment Company AS owned a shareholding of 27.1% in Vow ASA until 11 September 2024 when the majority of the shares where sold to DNB ASA. In addition, Narve Reiten, chair of the board up until 19 November 2024, owns 53.29% of the shares in R Investment Company AS. The consultancy service purchased in 2023 is related to the sale of Ascodero, see note 4.4) Advokatfirmaet Skagast\u00f8l AS is a general partnership where Susanne Schneider, member of the board of directors until 19 November 2024, is one of the partners. Transactions from SCFI S.A.S relates to work performed by co-founder and CEO of ETIA group Olivier Lepez and co-founder and CTO Philippe Sajet. The transactions are based on a fixed rate according to agreements, and allocated to \"Salary expenses\" in the P&L. LSI S.A.S is the owner of the office and warehouse facilities ETIA Ecotechnologies rents, and is recognized as an item under IFRS 16. See further information regarding IFRS 16 in note 23 Leases.(b) SalesAmounts in NOK millionSale to Description 2025 20241) ETIA Ecotechnologies S.A.S LCFI S.A.S Management/consultancy - - ETIA Ecotechnologies S.A.S SCFI S.A.S Management/consultancy 2) Vow ASA Vow Green Metals AS Intangible assets - - Scanship AS Vow Green Metals AS Process equipment - 40.9 3)Scanship ASVGM Operat\u00f8r AS Process equipment- 17.7 Total - 65.1 1) LCFI S.A.S is wholly owned by Mr Olivier Lepez, co-founder of ETIA Ecotechnologies S.A.S. Transactions from LCFI S.A.S relates to work performed by Mr. Olivier Lepez. The transactions are based on a fixed rate according to agreements, and allocated to \"Salary expenses\" in the P&L. 2) Vow Green Metals AS is an associate to Vow ASA with a shareholding of 30.4% in the company.3) VGM Operat\u00f8r AS is a wholly owned subsidiary of Vow Green Metals AS. The company was registered 01.03.2023 and will lease and operate buildings and related infrastructure at Vow Green Metals AS' bio-carbon production facility. 4) Sale of consultancy service to Vow Green Metals AS is related to a service agreement entered into with Scanship AS, which is the subsidiary of its largest shareholder, Vow ASA. The service comprise accounting, IT and administration services. The group have entered into a contract with Vow Green Metals AS and VGM Operat\u00f8r AS for delivery of process equipment for the Follum project. According to which the group will deliver process equipment and engineering support to Vow Green Metals\u2019 bio-carbon plant at Follum in Norway. Gross margin from process equipment delivery is eliminated proportionally to the group shareholding in the company. The elimination is included as share of net profit from associated company under financial items. See note 17 for more information. The group also delivers consultancy service to Vow Green Metals AS. The services comprise accounting, IT and administration services. On 31 March 2023, Vow Green Metals AS (\"VGM\"), in which the Company holds 24.74% of the shares (as lessee) and Scanship, which is an indirect wholly owned subsidiary of the Company (as supplier) entered into a purchase agreement in the total amount of NOK 58,375,000 regarding the delivery of, inter alia, a processing plant for the production of bio-carbon (\"Line 7\"). VGM is financing the acquisition of Line 7 through a leasing agreement (the \"Line 7 Leasing Agreement\") with SpareBank 1 SR-Bank ASA (as owner). As part of this arrangement, Scanship (as guarantor) has entered into a repurchase guarantee agreement with SpareBank 1 SR-Bank ASA, pursuant to which Scanship is obligated to repurchase Line 7 from SpareBank 1 SR-Bank ASA for a purchase price of NOK 20,000,000, with the addition of any fees or other charges that are or may be imposed by the authorities regarding such transfer, in the event that SpareBank 1 SR-Bank ASA declares that VGM is in default under the Line 7 Leasing Agreement (the \"Repurchase Guarantee\"). The Repurchase Guarantee is valid for two years from June 2024. SpareBank 1 SR-Bank ASA may at its sole discretion transfer its rights and obligations under the Line 7 Leasing Agreement to another bank or financing institution. Further, Scanship cannot raise objections against SpareBank 1 SR-Bank ASA renting out Line 7 to a new lessee during the lease period.(c) Other Transactions Amounts in NOK million 2025 2024By Sale to1)Scanship AS Vow Green Metals AS - 1.6 Scanship ASVow Green Metals AS Interest on loan- 1.2 Total - 2.8 1) Cost sharing with related parties is related to re-invoicing of shared office space at Lysaker Torg 12.d) Balance With Related PartiesAmounts in NOK million31.12.25 31.12.24Receivable inDescription Scanship AS Vow Green Metals ASProcess equipment NA 9.4 Total receivables from related parties - 9.4 Liabilities inDescription ETIA Ecotechnologies S.A.S SCFI S.A.SManagement/consultancy NA 0.1 Total liabilities to related parties - 0.1 Key Management CompensationThe key management personnel of Vow include the Board of Directors and the executive management team. Refer to further description in note 5 and the Managment Remuneration Report available at www.vowasa.com/investors/reports-and-presentations. ",
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"value": "Translation of Foreign CurrencyThe financial statements are presented in NOK, which is also the functional and presentation currency of the parent. Assets and liabilities of subsidiaries that have a different functional currency are translated using the exchange rate on the balance sheet date. Income and expenses are translated using the exchange rate for the year, calculated based on 12 monthly rates. Foreign exchange differences arising from these transactions are recognized in other comprehensive income and presented as a separate component in equity (translation differences). The translation differences are reclassified to the income statement upon disposal or liquidation of the related operations. Exchange differences arising from non-current monetary receivable or payable by a foreign operation where settlement is neither planned nor likely in the foreseeable future, forms part of the net investment in that entity and are also recognized in other comprehensive income.",
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"value": "Translation of Foreign CurrencyThe financial statements are presented in NOK, which is also the functional and presentation currency of the parent. Assets and liabilities of subsidiaries that have a different functional currency are translated using the exchange rate on the balance sheet date. Income and expenses are translated using the exchange rate for the year, calculated based on 12 monthly rates. Foreign exchange differences arising from these transactions are recognized in other comprehensive income and presented as a separate component in equity (translation differences). The translation differences are reclassified to the income statement upon disposal or liquidation of the related operations. Exchange differences arising from non-current monetary receivable or payable by a foreign operation where settlement is neither planned nor likely in the foreseeable future, forms part of the net investment in that entity and are also recognized in other comprehensive income.",
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"value": "Judgments and EstimatesThe preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions each reporting period that affect the income statement and balance sheet. Actual outcomes may differ from these estimates. The main areas where judgments and estimates have been made are described in each of the following notes:\u2022 Note 3 Revenues inclusive Contract Balances\u2022 Note 12 Impairment of AssetsThe main area where significant judgment has been made is described in the following note:\u2022 Note 3 Revenues inclusive Contract BalancesVow acknowledge that climate change represents an element in the application of methodologies and models used in estimates used in valuations and measurements of certain accounting items. This is further described in the following notes:\u2022 Note 12 Impairment of Assets\u2022 Note 28 Climate Risk Material Accounting PoliciesMaterial accounting procedures are integrated in the notes presenting the data.Judgments and EstimatesIt can be challenging to estimate the expected revenue and cost in the company\u2019s customer contracts if there are operational challenges. The most significant judgments and estimates in the customer contracts are described below.Performance ObligationsSignificant management judgment is sometimes required to identify distinct performance obligations in customer contracts. This includes an analysis of the customer contracts to determine if the goods and services are distinct from deliveries or input into an overall promise to deliver a combined system of product and services. As most of the contracts represent a single, combined output for the customers, contracts will normally contain one performance obligation.Significant Judgments and EstimatesTotal Contract estimates of total contract cost can be judgmental and sensitive to changes. The cost estimates can significantly impact revenue recognition for contracts using cost progress, particularly in lump sum construction contracts. The forecasting of total project cost depends on the ability to properly execute the engineering and design phase, availability of skilled resources, productivity and quality factors, and performance of subcontractors. Experience, systematic use of the project execution model and focus on core competencies reduce the risk that cost estimates may change significantly.To ensure correct and compliant total cost forecasting, each project is reviewed monthly. This process involves multi-discipline considerations of potential developments in the reported total cost forecast. Changes generally arise from variation orders, materialization of risk elements, or unforeseen cost increases. To mitigate the latter two, and to ensure stability and accuracy in reporting, the company has continued to develop its risk and contingency handling.Judgment and EstimatesJudgment is involved when determining useful lives and when assessing impairment, based on technical condition, expected utilization and management\u2019s assessment of future economic benefits. Impairment is assessed for individual assets and for cash generating units.Judgments and EstimatesThe decision to capitalize a development program involves management judgment. There are strict rules defining what qualifies for capitalization, and the documentation of the assessment is monitored centrally. Management makes assessment of future market opportunities, ability to successfully achieve the desired technological solution and the time and cost to develop it. These factors may change over time.Judgment is involved when determining the amortization period when assessing impairment or reversal of impairment. Impairment indicators are assessed for individual development projects, other intangible assets, and for cash generating units including goodwill. Impairment testing is performed when impairment indicators have been identified. In addition, goodwill and capitalized development programs that have not been completed are subject to an annual impairment test. The impairment testing involves judgmental assumptions about future market development, cash flows, determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.Judgments and EstimatesJudgment is involved when determining the impact of losses on receivables and customer contract assets. The impairment is based on individual assessments of each customer and default risk in the industry and the country which the customer operates in line with the expected credit loss method (ECL). The material part of the customers of the Group are large, international companies with low credit risk.Judgments and EstimatesThe provisions are estimated based on several assumptions and are highly judgmental in nature. No contingent liabilities have been identified.",
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"value": "New or Changed Financial Reporting PrinciplesIFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 was issued in 2024, effective for annual reporting beginning on or after 1 January 2027. The impact of changes resulting from implementation of IFRS 18 are currently being assessed.",
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"value": "New or Changed Financial Reporting PrinciplesIFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 was issued in 2024, effective for annual reporting beginning on or after 1 January 2027. The impact of changes resulting from implementation of IFRS 18 are currently being assessed.",
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"value": "Note 03 RevenueThe revenue in Vow consists of large engineering, procurement and constructions contracts within wastewater treatment, food waste processing, waste management, valorization of biomass residue waste into renewable products, chemicals and fossil free energy through pyrolysis solutions. The company also has frame agreements for maintenance of various installations. Material Accounting Policy Customer contracts are assessed using the five-step model. The first step is to approve the customer contract with a firm basis for revenue recognition. The second step is to identify the performance obligations in the contract. The third step is to determine the transaction price. The fourth step is to allocate the transaction price to each performance obligation, and the fifth step is to recognize revenue when (or as) the company satisfies a performance obligation.The deliveries in the contracts are reviewed to identify distinct performance obligations. For most of the identified performance obligations, control has been assessed to be transferred to the customer over time as the performance obligations is satisfied. Revenue is recognized over time using a cost-based progress method (percentage-of-completion), or as time and material are delivered to the customer. The cost progress method is commonly used on reimbursable and lump sum contracts when scope is firm. The time and materials method are more commonly used for reimbursable contracts with less firm scope. These methods are used to best reflect the pattern of transfer of control of goods and services to the customers.Judgments and EstimatesIt can be challenging to estimate the expected revenue and cost in the company\u2019s customer contracts if there are operational challenges. The most significant judgments and estimates in the customer contracts are described below.Performance ObligationsSignificant management judgment is sometimes required to identify distinct performance obligations in customer contracts. This includes an analysis of the customer contracts to determine if the goods and services are distinct from deliveries or input into an overall promise to deliver a combined system of product and services. As most of the contracts represent a single, combined output for the customers, contracts will normally contain one performance obligation.Significant Judgments and EstimatesTotal Contract estimates of total contract cost can be judgmental and sensitive to changes. The cost estimates can significantly impact revenue recognition for contracts using cost progress, particularly in lump sum construction contracts. The forecasting of total project cost depends on the ability to properly execute the engineering and design phase, availability of skilled resources, productivity and quality factors, and performance of subcontractors. Experience, systematic use of the project execution model and focus on core competencies reduce the risk that cost estimates may change significantly.To ensure correct and compliant total cost forecasting, each project is reviewed monthly. This process involves multi-discipline considerations of potential developments in the reported total cost forecast. Changes generally arise from variation orders, materialization of risk elements, or unforeseen cost increases. To mitigate the latter two, and to ensure stability and accuracy in reporting, the company has continued to develop its risk and contingency handling.Different Types of Customer ContractsThe revenue in Vow arises from various contracts for the engineering, procurement, construction, modification, and maintenance within the maritime cruise and industrial sectors.Maritime SolutionsDeliveries include systems for new-built cruise vessels and retrofit to already operating cruise vessels. Most contracts last between three to five years. The contracts include a combination of engineering, procurement, and commissioning. The contracts may be reimbursable, a lump sum, or a combination. Payment terms are normally 30-60 days according to predefined milestones.AftersalesDeliveries include the sale of spares and consumables as well as services on the systems. Each contract or purchase order under a frame of agreement is usually assessed as a separate performance obligation. The revenue is recognized upon completion of each service delivery project. The contracts usually last for 5 to 20 days. Payment terms are normally 30 days after time, and materials are delivered.Industrial SolutionsDeliveries include design and systems to valorize biomass residues and waste into renewable products, chemicals, and fossil free energy through pyrolysis solutions. The contracts include a combination of Front-End Engineering Design (FEED), engineering, procurement, construction of equipment, and commissioning. In addition, food safety solutions are also provided. Each contract is usually assessed as one performance obligation, and the deliveries are combined in one output. The contracts may be reimbursable, a lump sum, or a combination. Payment terms are normally 30-60 days according to predefined milestones. Revenue by SegmentThe following table shows revenue from customer contracts by segment. Revenue by country is shown in note 4 Segments.Amounts in NOK million 2025 2024Maritime Solutions 536.0 429.5 Aftersales 236.1 206.9 Industrial Solutions 262.2 381.8Total 1 034.2 1 018.2Timing of RevenueThe satisfaction of performance obligations in customer contracts varies from a few months to as long as five years. The order backlog represents the transaction price allocated to unsatisfied or partially satisfied performance obligations under existing contracts and corresponds to the Group\u2019s remaining performance obligations in accordance with IFRS 15. The order backlog as of 31 December 2025 was NOK 1.699 million, compared to NOK 965 million the year before. The table below shows the expected timing of future revenue for ongoing and not started performance obligations at year-end.Timing of revenue 2026 2027 2028 2029 BeyondBacklog Maritime contracts 31% 24% 21% 10% 14%Timing of revenue recognitionMaritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalServices and goods transferred over time 536.0 - 262.2 798.2 Goods transferred at a point of time - 236.1 - 236.1 Total revenue 536.0 236.1 262.2 1 034.2 Maritime Industrial Admin/Amounts in NOK millionSolutions AftersalesSolutionsOther TotalNon-current assetsNorway 112.8 - 228.4 73.1 414.3Europe - - 218.1 - 218.1America - 2.6 - - 2.6Outside of Europe and America - - - - - Total non-current assets 112.8 2.6 446.5 73.1 635.0Revenue per categoryMaritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalServices and goods transferred over time 429.5 22.9 381.8 834.2 Goods transferred at a point of time - 184.0 - 184.0 Total revenue 429.5 206.9 381.8 1 018.2 Contract BalancesThe company has recognized the following assets and liabilities related to contracts with customers:Amounts in NOK million 31.12.25 31.12.24Trade receivables 171.7 196.3 Customer contracts assets 154.0 347.3 Customer contracts liabilities -147.9 -244.1Total inventories at cost 177.9 299.5 Customer contract assets relate to considerations for work completed but not yet invoiced at the reporting date. The contract assets are transferred to trade receivables when the right to payment becomes unconditional, and invoices are issued to the customer. Customer contract liabilities relate to advances from customers for work not yet performed.Note 04 SegmentsThe segment information is reported to the CEO and executive management in Vow. The financial segment information is used for assessing performance and allocating resources in the group. The group has identified Maritime Solutions, After Sales and Industrial Solutions as the operating segments. Expenses that are not allocated to the operational segments are reported under the Administrative segment. All transactions between the segments are based on market terms.2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalRevenue 536.0 236.1 262.2 - 1 034.2 Total revenue 536.0 236.1 262.2 - 1 034.2 Cost of sales -441.8 -153.8 -252.7 - -848.4Employee expenses -31.8 -22.4 -74.5 -10.1 -138.8Other operating expenses -28.5 -17.8 -37.2 -12.2 -95.7EBITDA before non-recurring items 33.9 42.1 -102.3 -22.3 -48.6EBITDA before non-recurring items margin 6.3% 17.8% -39.0% - -4.7%Non-recurring items - - -1.0 -9.5 -10.6EBITDA 33.9 42.1 -103.3 -31.8 -59.2Depreciation -6.8 -2.9 -14.8 -1.6 -26.1Amortization -3.0 -0.2 -17.5 -0.5 -21.2Impairment -23.6 - -96.3 - -119.9Operating profit 0.4 39.1 -232.0 -33.9 -226.4Assets and liabilities 2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalProperty, plant and equipment 0.3 1.8 12.5 7.3 21.9Intangible assets 112.5 - 294.8 18.1 425.4Goodwill - - 121.3 - 121.3Right-of Use Assets - 0.8 17.3 47.7 65.9Non Current operating assets - - 0.5 - 0.5Total non-current operating assets 112.8 2.6 446.5 73.1 635.0Current operating assets 243.5 40.4 102.8 13.8 400.4Current operating liabilities -269.9 -15.4 -59.1 -6.9 -351.3Net current operating assets -26.4 25.0 43.7 6.8 49.1Cash flowCash flow from operating activities -10.9 38.3 104.3 -67.0 64.6Capitalized development 8.0 - 29.4 1.1 38.5Other key figuresOrder intake 1 399 - 85 - 1 484Order backlog 1 587 - 112 - 1 699Employees 89 29 101 26 2452024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalRevenue 429.5 381.8 206.9 - 1 018.2 Total revenue 429.5 381.8 206.9 - 1 018.2 Cost of sales -335.5 -237.4 -146.5 - -719.5Employee expenses -31.7 -84.9 -23.1 -11.4 -151.1Other operating expenses -11.8 -38.2 -13.0 -23.4 -86.4EBITDA before non-recurring items 50.5 21.3 24.2 -34.8 61.2 EBITDA before non-recurring items margin 11.8% 5.6% 11.7% - 6.0% Non-recurring items - -10.5 -2.3 - -12.8EBITDA 50.5 10.8 21.9 -34.8 48.4 Depreciation and amortization -27.4 -2.1 -17.9 - -47.4Impairment -0.4 - -10.4 - -10.7Operating profit 22.7 19.8 -17.4 -34.8 -9.7Assets and liabilities 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalProperty, plant and equipment 0.5 0.7 14.4 9.2 24.8Assets and liabilities 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalIntangible assets 98.7 0.0 351.7 19.8 470.3Goodwill 0.0 0.0 179.0 0.0 179.0Right-of Use Assets 0.0 1.3 20.0 50.8 72.2Non Current operating assets 0.0 0.0 0.6 0.0 0.6Total non-current operating assets 99.2 2.0 565.8 79.8 746.8Current operating assets 213.6 40.8 419.0 -3.9 669.6Current operating liabilities -284.8 -19.6 -167.7 -24.5 -496.7Net current operating assets -71.2 21.2 251.3 -28.4 172.9Cash flowCash flow from operating activities 250.6 21.7 -119.3 6.1 159.1Capitalized development 8.5 - 59.3 1.5 69.3Other key figuresOrder intake 720 - 157 - 877Order backlog 722 - 243 - 965Employees 82 23 102 27 234Major CustomerThe three largest customers represent respectively 16.6%, 14,1% and 11.7% of the total revenues in 2025. The six largest customers represent 61.2% of the total revenues in 2025. The Group has long-term contracts with these customers. Revenue per customerAmounts in NOK million Revenue Share of total revenuesCustomer X 171.9 16.6%Customer Y 145.8 14.1%Customer Z 121.2 11.7%Customer V 66.1 6.4%Customer W 66.0 6.4%Customer Y 62.0 6.0%Total revenue 633.2 61.2%Geographical InformationExternal revenue is based on the geographical location of the customer. 1)Primary geographical markets 2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalNorway 0.4 11.6 41.2 53.2 Europe 522.5 48.7 77.2 648.4 America 12.9 171.9 122.0 306.8 Outside of Europe and America 0.1 4.0 21.8 25.9 Total revenue 536.0 236.1 262.2 1 034.2 1) Based on customer location.1)Primary geographical markets 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalNorway 4.1 - 57.1 61.2 Europe 383.0 36.8 120.4 540.2 America 39.1 169.8 162.9 371.8 Outside of Europe and America 3.2 0.3 41.5 45.0 Total revenue 429.5 206.9 381.8 1 018.2 1) Based on customer location.",
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"value": "Note 03 RevenueThe revenue in Vow consists of large engineering, procurement and constructions contracts within wastewater treatment, food waste processing, waste management, valorization of biomass residue waste into renewable products, chemicals and fossil free energy through pyrolysis solutions. The company also has frame agreements for maintenance of various installations. Material Accounting Policy Customer contracts are assessed using the five-step model. The first step is to approve the customer contract with a firm basis for revenue recognition. The second step is to identify the performance obligations in the contract. The third step is to determine the transaction price. The fourth step is to allocate the transaction price to each performance obligation, and the fifth step is to recognize revenue when (or as) the company satisfies a performance obligation.The deliveries in the contracts are reviewed to identify distinct performance obligations. For most of the identified performance obligations, control has been assessed to be transferred to the customer over time as the performance obligations is satisfied. Revenue is recognized over time using a cost-based progress method (percentage-of-completion), or as time and material are delivered to the customer. The cost progress method is commonly used on reimbursable and lump sum contracts when scope is firm. The time and materials method are more commonly used for reimbursable contracts with less firm scope. These methods are used to best reflect the pattern of transfer of control of goods and services to the customers.Judgments and EstimatesIt can be challenging to estimate the expected revenue and cost in the company\u2019s customer contracts if there are operational challenges. The most significant judgments and estimates in the customer contracts are described below.Performance ObligationsSignificant management judgment is sometimes required to identify distinct performance obligations in customer contracts. This includes an analysis of the customer contracts to determine if the goods and services are distinct from deliveries or input into an overall promise to deliver a combined system of product and services. As most of the contracts represent a single, combined output for the customers, contracts will normally contain one performance obligation.Significant Judgments and EstimatesTotal Contract estimates of total contract cost can be judgmental and sensitive to changes. The cost estimates can significantly impact revenue recognition for contracts using cost progress, particularly in lump sum construction contracts. The forecasting of total project cost depends on the ability to properly execute the engineering and design phase, availability of skilled resources, productivity and quality factors, and performance of subcontractors. Experience, systematic use of the project execution model and focus on core competencies reduce the risk that cost estimates may change significantly.To ensure correct and compliant total cost forecasting, each project is reviewed monthly. This process involves multi-discipline considerations of potential developments in the reported total cost forecast. Changes generally arise from variation orders, materialization of risk elements, or unforeseen cost increases. To mitigate the latter two, and to ensure stability and accuracy in reporting, the company has continued to develop its risk and contingency handling.Different Types of Customer ContractsThe revenue in Vow arises from various contracts for the engineering, procurement, construction, modification, and maintenance within the maritime cruise and industrial sectors.Maritime SolutionsDeliveries include systems for new-built cruise vessels and retrofit to already operating cruise vessels. Most contracts last between three to five years. The contracts include a combination of engineering, procurement, and commissioning. The contracts may be reimbursable, a lump sum, or a combination. Payment terms are normally 30-60 days according to predefined milestones.AftersalesDeliveries include the sale of spares and consumables as well as services on the systems. Each contract or purchase order under a frame of agreement is usually assessed as a separate performance obligation. The revenue is recognized upon completion of each service delivery project. The contracts usually last for 5 to 20 days. Payment terms are normally 30 days after time, and materials are delivered.Industrial SolutionsDeliveries include design and systems to valorize biomass residues and waste into renewable products, chemicals, and fossil free energy through pyrolysis solutions. The contracts include a combination of Front-End Engineering Design (FEED), engineering, procurement, construction of equipment, and commissioning. In addition, food safety solutions are also provided. Each contract is usually assessed as one performance obligation, and the deliveries are combined in one output. The contracts may be reimbursable, a lump sum, or a combination. Payment terms are normally 30-60 days according to predefined milestones. Revenue by SegmentThe following table shows revenue from customer contracts by segment. Revenue by country is shown in note 4 Segments.Amounts in NOK million 2025 2024Maritime Solutions 536.0 429.5 Aftersales 236.1 206.9 Industrial Solutions 262.2 381.8Total 1 034.2 1 018.2Timing of RevenueThe satisfaction of performance obligations in customer contracts varies from a few months to as long as five years. The order backlog represents the transaction price allocated to unsatisfied or partially satisfied performance obligations under existing contracts and corresponds to the Group\u2019s remaining performance obligations in accordance with IFRS 15. The order backlog as of 31 December 2025 was NOK 1.699 million, compared to NOK 965 million the year before. The table below shows the expected timing of future revenue for ongoing and not started performance obligations at year-end.Timing of revenue 2026 2027 2028 2029 BeyondBacklog Maritime contracts 31% 24% 21% 10% 14%Timing of revenue recognitionMaritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalServices and goods transferred over time 536.0 - 262.2 798.2 Goods transferred at a point of time - 236.1 - 236.1 Total revenue 536.0 236.1 262.2 1 034.2 Maritime Industrial Admin/Amounts in NOK millionSolutions AftersalesSolutionsOther TotalNon-current assetsNorway 112.8 - 228.4 73.1 414.3Europe - - 218.1 - 218.1America - 2.6 - - 2.6Outside of Europe and America - - - - - Total non-current assets 112.8 2.6 446.5 73.1 635.0Revenue per categoryMaritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalServices and goods transferred over time 429.5 22.9 381.8 834.2 Goods transferred at a point of time - 184.0 - 184.0 Total revenue 429.5 206.9 381.8 1 018.2 Contract BalancesThe company has recognized the following assets and liabilities related to contracts with customers:Amounts in NOK million 31.12.25 31.12.24Trade receivables 171.7 196.3 Customer contracts assets 154.0 347.3 Customer contracts liabilities -147.9 -244.1Total inventories at cost 177.9 299.5 Customer contract assets relate to considerations for work completed but not yet invoiced at the reporting date. The contract assets are transferred to trade receivables when the right to payment becomes unconditional, and invoices are issued to the customer. Customer contract liabilities relate to advances from customers for work not yet performed.Note 04 SegmentsThe segment information is reported to the CEO and executive management in Vow. The financial segment information is used for assessing performance and allocating resources in the group. The group has identified Maritime Solutions, After Sales and Industrial Solutions as the operating segments. Expenses that are not allocated to the operational segments are reported under the Administrative segment. All transactions between the segments are based on market terms.2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalRevenue 536.0 236.1 262.2 - 1 034.2 Total revenue 536.0 236.1 262.2 - 1 034.2 Cost of sales -441.8 -153.8 -252.7 - -848.4Employee expenses -31.8 -22.4 -74.5 -10.1 -138.8Other operating expenses -28.5 -17.8 -37.2 -12.2 -95.7EBITDA before non-recurring items 33.9 42.1 -102.3 -22.3 -48.6EBITDA before non-recurring items margin 6.3% 17.8% -39.0% - -4.7%Non-recurring items - - -1.0 -9.5 -10.6EBITDA 33.9 42.1 -103.3 -31.8 -59.2Depreciation -6.8 -2.9 -14.8 -1.6 -26.1Amortization -3.0 -0.2 -17.5 -0.5 -21.2Impairment -23.6 - -96.3 - -119.9Operating profit 0.4 39.1 -232.0 -33.9 -226.4Assets and liabilities 2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalProperty, plant and equipment 0.3 1.8 12.5 7.3 21.9Intangible assets 112.5 - 294.8 18.1 425.4Goodwill - - 121.3 - 121.3Right-of Use Assets - 0.8 17.3 47.7 65.9Non Current operating assets - - 0.5 - 0.5Total non-current operating assets 112.8 2.6 446.5 73.1 635.0Current operating assets 243.5 40.4 102.8 13.8 400.4Current operating liabilities -269.9 -15.4 -59.1 -6.9 -351.3Net current operating assets -26.4 25.0 43.7 6.8 49.1Cash flowCash flow from operating activities -10.9 38.3 104.3 -67.0 64.6Capitalized development 8.0 - 29.4 1.1 38.5Other key figuresOrder intake 1 399 - 85 - 1 484Order backlog 1 587 - 112 - 1 699Employees 89 29 101 26 2452024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalRevenue 429.5 381.8 206.9 - 1 018.2 Total revenue 429.5 381.8 206.9 - 1 018.2 Cost of sales -335.5 -237.4 -146.5 - -719.5Employee expenses -31.7 -84.9 -23.1 -11.4 -151.1Other operating expenses -11.8 -38.2 -13.0 -23.4 -86.4EBITDA before non-recurring items 50.5 21.3 24.2 -34.8 61.2 EBITDA before non-recurring items margin 11.8% 5.6% 11.7% - 6.0% Non-recurring items - -10.5 -2.3 - -12.8EBITDA 50.5 10.8 21.9 -34.8 48.4 Depreciation and amortization -27.4 -2.1 -17.9 - -47.4Impairment -0.4 - -10.4 - -10.7Operating profit 22.7 19.8 -17.4 -34.8 -9.7Assets and liabilities 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalProperty, plant and equipment 0.5 0.7 14.4 9.2 24.8Assets and liabilities 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalIntangible assets 98.7 0.0 351.7 19.8 470.3Goodwill 0.0 0.0 179.0 0.0 179.0Right-of Use Assets 0.0 1.3 20.0 50.8 72.2Non Current operating assets 0.0 0.0 0.6 0.0 0.6Total non-current operating assets 99.2 2.0 565.8 79.8 746.8Current operating assets 213.6 40.8 419.0 -3.9 669.6Current operating liabilities -284.8 -19.6 -167.7 -24.5 -496.7Net current operating assets -71.2 21.2 251.3 -28.4 172.9Cash flowCash flow from operating activities 250.6 21.7 -119.3 6.1 159.1Capitalized development 8.5 - 59.3 1.5 69.3Other key figuresOrder intake 720 - 157 - 877Order backlog 722 - 243 - 965Employees 82 23 102 27 234Major CustomerThe three largest customers represent respectively 16.6%, 14,1% and 11.7% of the total revenues in 2025. The six largest customers represent 61.2% of the total revenues in 2025. The Group has long-term contracts with these customers. Revenue per customerAmounts in NOK million Revenue Share of total revenuesCustomer X 171.9 16.6%Customer Y 145.8 14.1%Customer Z 121.2 11.7%Customer V 66.1 6.4%Customer W 66.0 6.4%Customer Y 62.0 6.0%Total revenue 633.2 61.2%Geographical InformationExternal revenue is based on the geographical location of the customer. 1)Primary geographical markets 2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalNorway 0.4 11.6 41.2 53.2 Europe 522.5 48.7 77.2 648.4 America 12.9 171.9 122.0 306.8 Outside of Europe and America 0.1 4.0 21.8 25.9 Total revenue 536.0 236.1 262.2 1 034.2 1) Based on customer location.1)Primary geographical markets 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalNorway 4.1 - 57.1 61.2 Europe 383.0 36.8 120.4 540.2 America 39.1 169.8 162.9 371.8 Outside of Europe and America 3.2 0.3 41.5 45.0 Total revenue 429.5 206.9 381.8 1 018.2 1) Based on customer location.",
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"value": "Note 03 RevenueThe revenue in Vow consists of large engineering, procurement and constructions contracts within wastewater treatment, food waste processing, waste management, valorization of biomass residue waste into renewable products, chemicals and fossil free energy through pyrolysis solutions. The company also has frame agreements for maintenance of various installations. Material Accounting Policy Customer contracts are assessed using the five-step model. The first step is to approve the customer contract with a firm basis for revenue recognition. The second step is to identify the performance obligations in the contract. The third step is to determine the transaction price. The fourth step is to allocate the transaction price to each performance obligation, and the fifth step is to recognize revenue when (or as) the company satisfies a performance obligation.The deliveries in the contracts are reviewed to identify distinct performance obligations. For most of the identified performance obligations, control has been assessed to be transferred to the customer over time as the performance obligations is satisfied. Revenue is recognized over time using a cost-based progress method (percentage-of-completion), or as time and material are delivered to the customer. The cost progress method is commonly used on reimbursable and lump sum contracts when scope is firm. The time and materials method are more commonly used for reimbursable contracts with less firm scope. These methods are used to best reflect the pattern of transfer of control of goods and services to the customers.Judgments and EstimatesIt can be challenging to estimate the expected revenue and cost in the company\u2019s customer contracts if there are operational challenges. The most significant judgments and estimates in the customer contracts are described below.Performance ObligationsSignificant management judgment is sometimes required to identify distinct performance obligations in customer contracts. This includes an analysis of the customer contracts to determine if the goods and services are distinct from deliveries or input into an overall promise to deliver a combined system of product and services. As most of the contracts represent a single, combined output for the customers, contracts will normally contain one performance obligation.Significant Judgments and EstimatesTotal Contract estimates of total contract cost can be judgmental and sensitive to changes. The cost estimates can significantly impact revenue recognition for contracts using cost progress, particularly in lump sum construction contracts. The forecasting of total project cost depends on the ability to properly execute the engineering and design phase, availability of skilled resources, productivity and quality factors, and performance of subcontractors. Experience, systematic use of the project execution model and focus on core competencies reduce the risk that cost estimates may change significantly.To ensure correct and compliant total cost forecasting, each project is reviewed monthly. This process involves multi-discipline considerations of potential developments in the reported total cost forecast. Changes generally arise from variation orders, materialization of risk elements, or unforeseen cost increases. To mitigate the latter two, and to ensure stability and accuracy in reporting, the company has continued to develop its risk and contingency handling.Different Types of Customer ContractsThe revenue in Vow arises from various contracts for the engineering, procurement, construction, modification, and maintenance within the maritime cruise and industrial sectors.Maritime SolutionsDeliveries include systems for new-built cruise vessels and retrofit to already operating cruise vessels. Most contracts last between three to five years. The contracts include a combination of engineering, procurement, and commissioning. The contracts may be reimbursable, a lump sum, or a combination. Payment terms are normally 30-60 days according to predefined milestones.AftersalesDeliveries include the sale of spares and consumables as well as services on the systems. Each contract or purchase order under a frame of agreement is usually assessed as a separate performance obligation. The revenue is recognized upon completion of each service delivery project. The contracts usually last for 5 to 20 days. Payment terms are normally 30 days after time, and materials are delivered.Industrial SolutionsDeliveries include design and systems to valorize biomass residues and waste into renewable products, chemicals, and fossil free energy through pyrolysis solutions. The contracts include a combination of Front-End Engineering Design (FEED), engineering, procurement, construction of equipment, and commissioning. In addition, food safety solutions are also provided. Each contract is usually assessed as one performance obligation, and the deliveries are combined in one output. The contracts may be reimbursable, a lump sum, or a combination. Payment terms are normally 30-60 days according to predefined milestones. Revenue by SegmentThe following table shows revenue from customer contracts by segment. Revenue by country is shown in note 4 Segments.Amounts in NOK million 2025 2024Maritime Solutions 536.0 429.5 Aftersales 236.1 206.9 Industrial Solutions 262.2 381.8Total 1 034.2 1 018.2Timing of RevenueThe satisfaction of performance obligations in customer contracts varies from a few months to as long as five years. The order backlog represents the transaction price allocated to unsatisfied or partially satisfied performance obligations under existing contracts and corresponds to the Group\u2019s remaining performance obligations in accordance with IFRS 15. The order backlog as of 31 December 2025 was NOK 1.699 million, compared to NOK 965 million the year before. The table below shows the expected timing of future revenue for ongoing and not started performance obligations at year-end.Timing of revenue 2026 2027 2028 2029 BeyondBacklog Maritime contracts 31% 24% 21% 10% 14%Timing of revenue recognitionMaritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalServices and goods transferred over time 536.0 - 262.2 798.2 Goods transferred at a point of time - 236.1 - 236.1 Total revenue 536.0 236.1 262.2 1 034.2 Maritime Industrial Admin/Amounts in NOK millionSolutions AftersalesSolutionsOther TotalNon-current assetsNorway 112.8 - 228.4 73.1 414.3Europe - - 218.1 - 218.1America - 2.6 - - 2.6Outside of Europe and America - - - - - Total non-current assets 112.8 2.6 446.5 73.1 635.0Revenue per categoryMaritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalServices and goods transferred over time 429.5 22.9 381.8 834.2 Goods transferred at a point of time - 184.0 - 184.0 Total revenue 429.5 206.9 381.8 1 018.2 Contract BalancesThe company has recognized the following assets and liabilities related to contracts with customers:Amounts in NOK million 31.12.25 31.12.24Trade receivables 171.7 196.3 Customer contracts assets 154.0 347.3 Customer contracts liabilities -147.9 -244.1Total inventories at cost 177.9 299.5 Customer contract assets relate to considerations for work completed but not yet invoiced at the reporting date. The contract assets are transferred to trade receivables when the right to payment becomes unconditional, and invoices are issued to the customer. Customer contract liabilities relate to advances from customers for work not yet performed.Note 04 SegmentsThe segment information is reported to the CEO and executive management in Vow. The financial segment information is used for assessing performance and allocating resources in the group. The group has identified Maritime Solutions, After Sales and Industrial Solutions as the operating segments. Expenses that are not allocated to the operational segments are reported under the Administrative segment. All transactions between the segments are based on market terms.2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalRevenue 536.0 236.1 262.2 - 1 034.2 Total revenue 536.0 236.1 262.2 - 1 034.2 Cost of sales -441.8 -153.8 -252.7 - -848.4Employee expenses -31.8 -22.4 -74.5 -10.1 -138.8Other operating expenses -28.5 -17.8 -37.2 -12.2 -95.7EBITDA before non-recurring items 33.9 42.1 -102.3 -22.3 -48.6EBITDA before non-recurring items margin 6.3% 17.8% -39.0% - -4.7%Non-recurring items - - -1.0 -9.5 -10.6EBITDA 33.9 42.1 -103.3 -31.8 -59.2Depreciation -6.8 -2.9 -14.8 -1.6 -26.1Amortization -3.0 -0.2 -17.5 -0.5 -21.2Impairment -23.6 - -96.3 - -119.9Operating profit 0.4 39.1 -232.0 -33.9 -226.4Assets and liabilities 2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalProperty, plant and equipment 0.3 1.8 12.5 7.3 21.9Intangible assets 112.5 - 294.8 18.1 425.4Goodwill - - 121.3 - 121.3Right-of Use Assets - 0.8 17.3 47.7 65.9Non Current operating assets - - 0.5 - 0.5Total non-current operating assets 112.8 2.6 446.5 73.1 635.0Current operating assets 243.5 40.4 102.8 13.8 400.4Current operating liabilities -269.9 -15.4 -59.1 -6.9 -351.3Net current operating assets -26.4 25.0 43.7 6.8 49.1Cash flowCash flow from operating activities -10.9 38.3 104.3 -67.0 64.6Capitalized development 8.0 - 29.4 1.1 38.5Other key figuresOrder intake 1 399 - 85 - 1 484Order backlog 1 587 - 112 - 1 699Employees 89 29 101 26 2452024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalRevenue 429.5 381.8 206.9 - 1 018.2 Total revenue 429.5 381.8 206.9 - 1 018.2 Cost of sales -335.5 -237.4 -146.5 - -719.5Employee expenses -31.7 -84.9 -23.1 -11.4 -151.1Other operating expenses -11.8 -38.2 -13.0 -23.4 -86.4EBITDA before non-recurring items 50.5 21.3 24.2 -34.8 61.2 EBITDA before non-recurring items margin 11.8% 5.6% 11.7% - 6.0% Non-recurring items - -10.5 -2.3 - -12.8EBITDA 50.5 10.8 21.9 -34.8 48.4 Depreciation and amortization -27.4 -2.1 -17.9 - -47.4Impairment -0.4 - -10.4 - -10.7Operating profit 22.7 19.8 -17.4 -34.8 -9.7Assets and liabilities 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalProperty, plant and equipment 0.5 0.7 14.4 9.2 24.8Assets and liabilities 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions Admin. TotalIntangible assets 98.7 0.0 351.7 19.8 470.3Goodwill 0.0 0.0 179.0 0.0 179.0Right-of Use Assets 0.0 1.3 20.0 50.8 72.2Non Current operating assets 0.0 0.0 0.6 0.0 0.6Total non-current operating assets 99.2 2.0 565.8 79.8 746.8Current operating assets 213.6 40.8 419.0 -3.9 669.6Current operating liabilities -284.8 -19.6 -167.7 -24.5 -496.7Net current operating assets -71.2 21.2 251.3 -28.4 172.9Cash flowCash flow from operating activities 250.6 21.7 -119.3 6.1 159.1Capitalized development 8.5 - 59.3 1.5 69.3Other key figuresOrder intake 720 - 157 - 877Order backlog 722 - 243 - 965Employees 82 23 102 27 234Major CustomerThe three largest customers represent respectively 16.6%, 14,1% and 11.7% of the total revenues in 2025. The six largest customers represent 61.2% of the total revenues in 2025. The Group has long-term contracts with these customers. Revenue per customerAmounts in NOK million Revenue Share of total revenuesCustomer X 171.9 16.6%Customer Y 145.8 14.1%Customer Z 121.2 11.7%Customer V 66.1 6.4%Customer W 66.0 6.4%Customer Y 62.0 6.0%Total revenue 633.2 61.2%Geographical InformationExternal revenue is based on the geographical location of the customer. 1)Primary geographical markets 2025Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalNorway 0.4 11.6 41.2 53.2 Europe 522.5 48.7 77.2 648.4 America 12.9 171.9 122.0 306.8 Outside of Europe and America 0.1 4.0 21.8 25.9 Total revenue 536.0 236.1 262.2 1 034.2 1) Based on customer location.1)Primary geographical markets 2024Maritime Industrial Amounts in NOK millionSolutions AftersalesSolutions TotalNorway 4.1 - 57.1 61.2 Europe 383.0 36.8 120.4 540.2 America 39.1 169.8 162.9 371.8 Outside of Europe and America 3.2 0.3 41.5 45.0 Total revenue 429.5 206.9 381.8 1 018.2 1) Based on customer location.",
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"value": "Material Accounting Policy Customer contracts are assessed using the five-step model. The first step is to approve the customer contract with a firm basis for revenue recognition. The second step is to identify the performance obligations in the contract. The third step is to determine the transaction price. The fourth step is to allocate the transaction price to each performance obligation, and the fifth step is to recognize revenue when (or as) the company satisfies a performance obligation.The deliveries in the contracts are reviewed to identify distinct performance obligations. For most of the identified performance obligations, control has been assessed to be transferred to the customer over time as the performance obligations is satisfied. Revenue is recognized over time using a cost-based progress method (percentage-of-completion), or as time and material are delivered to the customer. The cost progress method is commonly used on reimbursable and lump sum contracts when scope is firm. The time and materials method are more commonly used for reimbursable contracts with less firm scope. These methods are used to best reflect the pattern of transfer of control of goods and services to the customers.",
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"value": "Different Types of Customer ContractsThe revenue in Vow arises from various contracts for the engineering, procurement, construction, modification, and maintenance within the maritime cruise and industrial sectors.Maritime SolutionsDeliveries include systems for new-built cruise vessels and retrofit to already operating cruise vessels. Most contracts last between three to five years. The contracts include a combination of engineering, procurement, and commissioning. The contracts may be reimbursable, a lump sum, or a combination. Payment terms are normally 30-60 days according to predefined milestones.AftersalesDeliveries include the sale of spares and consumables as well as services on the systems. Each contract or purchase order under a frame of agreement is usually assessed as a separate performance obligation. The revenue is recognized upon completion of each service delivery project. The contracts usually last for 5 to 20 days. Payment terms are normally 30 days after time, and materials are delivered.Industrial SolutionsDeliveries include design and systems to valorize biomass residues and waste into renewable products, chemicals, and fossil free energy through pyrolysis solutions. The contracts include a combination of Front-End Engineering Design (FEED), engineering, procurement, construction of equipment, and commissioning. In addition, food safety solutions are also provided. Each contract is usually assessed as one performance obligation, and the deliveries are combined in one output. The contracts may be reimbursable, a lump sum, or a combination. Payment terms are normally 30-60 days according to predefined milestones. Revenue by SegmentThe following table shows revenue from customer contracts by segment. Revenue by country is shown in note 4 Segments.Amounts in NOK million 2025 2024Maritime Solutions 536.0 429.5 Aftersales 236.1 206.9 Industrial Solutions 262.2 381.8Total 1 034.2 1 018.2",
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"value": "Note 05 Employee ExpensesAmounts in NOK million 2025 2024Salaries 221.6 174.5 Social security tax 20.6 19.9 Pension costs 10.8 9.8 Other benefits 8.3 8.1 Option program 1.0 0.2 Gross employee expenses 262.3 212.5 Employee expenses recognized within cost of goods sold -109.6 -31.2Employee expenses capitalized as development -5.9 -19.5Total employee expenses 146.8 161.8 Full time equivalent number of employees 245 234 Vow Group operates several pension plans around the world. All pension plans are defined as contribution plans.Pension Plans in NorwayThe main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing a basic pension entitlement to all taxpayers. The additional pension plan which all Norwegian employers are obliged to provide according to current legislation, represent a limited additional pension entitlement. The occupational plans in Vow Group in Norway are described below.Defined Contribution PlansAll employees in Norway are offered participation in a defined contribution plan. The annual contributions, premium and administration cost expensed for the Norwegian plan in 2025 were NOK 8.0 million, compared to NOK 7.5 million in 2024.Tariff Based Pension Agreement (AFP)Employees in the subsidiary CHE in Norway have a tariff base lifelong retirement arrangement (AFP) organized by the main labour unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required to estimate pension obligation from this defined benefit plan is not available from the plan administrator. Vow Group therefore currently accounts for the plan as if it was a defined contribution plan. The annual contribution expensed in 2025 were NOK 0.8 million compared to NOK 0.7 million in 2024.Pension Plans Outside NorwayPension Plans outside Norway are defined contribution plans. The annual contributions expensed for plans outside Norway were NOK 1.5 million, compared to NOK 1.5 million in 2024.Amounts in NOK million 2025 2024Service cost 8.1 9.1 Social security tax 1.1 0.7 Net pension costs 9.2 9.8 Key Management CompensationText: The key management personnel of Vow include the Board of Directors and the executive management team. Refer to further description in the Management Remuneration Report available at www.vowasa.com/investors/reports-and-presentations.Remuneration to the executive management and the board of directors in 20251)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 14.0 0.7 6.1 0.0 20.8Board of Directors 2.5 0.0 0.0 0.0 2.5Total remuneration to Board of Directors and Executive Management 16.5 0.7 6.1 0.0 23.3Remuneration to the executive management and the board of directors in 20241)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 9.6 0.4 0.2 0.0 10.2Board of Directors 1.9 0.0 0.0 0.0 1.9Total remuneration to Board of Directors and Executive Management 11.5 0.4 0.2 0.0 12.11) Fee structure and rates approved at the EGM on 19 November 2024 and AGM on 20 May 2025",
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"value": "Note 05 Employee ExpensesAmounts in NOK million 2025 2024Salaries 221.6 174.5 Social security tax 20.6 19.9 Pension costs 10.8 9.8 Other benefits 8.3 8.1 Option program 1.0 0.2 Gross employee expenses 262.3 212.5 Employee expenses recognized within cost of goods sold -109.6 -31.2Employee expenses capitalized as development -5.9 -19.5Total employee expenses 146.8 161.8 Full time equivalent number of employees 245 234 Vow Group operates several pension plans around the world. All pension plans are defined as contribution plans.Pension Plans in NorwayThe main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing a basic pension entitlement to all taxpayers. The additional pension plan which all Norwegian employers are obliged to provide according to current legislation, represent a limited additional pension entitlement. The occupational plans in Vow Group in Norway are described below.Defined Contribution PlansAll employees in Norway are offered participation in a defined contribution plan. The annual contributions, premium and administration cost expensed for the Norwegian plan in 2025 were NOK 8.0 million, compared to NOK 7.5 million in 2024.Tariff Based Pension Agreement (AFP)Employees in the subsidiary CHE in Norway have a tariff base lifelong retirement arrangement (AFP) organized by the main labour unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required to estimate pension obligation from this defined benefit plan is not available from the plan administrator. Vow Group therefore currently accounts for the plan as if it was a defined contribution plan. The annual contribution expensed in 2025 were NOK 0.8 million compared to NOK 0.7 million in 2024.Pension Plans Outside NorwayPension Plans outside Norway are defined contribution plans. The annual contributions expensed for plans outside Norway were NOK 1.5 million, compared to NOK 1.5 million in 2024.Amounts in NOK million 2025 2024Service cost 8.1 9.1 Social security tax 1.1 0.7 Net pension costs 9.2 9.8 Key Management CompensationText: The key management personnel of Vow include the Board of Directors and the executive management team. Refer to further description in the Management Remuneration Report available at www.vowasa.com/investors/reports-and-presentations.Remuneration to the executive management and the board of directors in 20251)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 14.0 0.7 6.1 0.0 20.8Board of Directors 2.5 0.0 0.0 0.0 2.5Total remuneration to Board of Directors and Executive Management 16.5 0.7 6.1 0.0 23.3Remuneration to the executive management and the board of directors in 20241)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 9.6 0.4 0.2 0.0 10.2Board of Directors 1.9 0.0 0.0 0.0 1.9Total remuneration to Board of Directors and Executive Management 11.5 0.4 0.2 0.0 12.11) Fee structure and rates approved at the EGM on 19 November 2024 and AGM on 20 May 2025Note 06 Other Operating Expenses Amounts in NOK million 2025 2024Travel expenses 8.3 9.8 Lease expenses 5.4 6.0 Consultants and recruitment fees 29.9 13.5 Other external services incl auditor and legal fees 6.8 15.6 Software and IT 17.1 12.0 Other office expenses 3.2 7.9 Insurance fees 5.3 5.6 Marketing and sales 1.9 3.5 Other expenses 20.4 12.5 Total 98.2 86.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__38": {
"value": "Note 05 Employee ExpensesAmounts in NOK million 2025 2024Salaries 221.6 174.5 Social security tax 20.6 19.9 Pension costs 10.8 9.8 Other benefits 8.3 8.1 Option program 1.0 0.2 Gross employee expenses 262.3 212.5 Employee expenses recognized within cost of goods sold -109.6 -31.2Employee expenses capitalized as development -5.9 -19.5Total employee expenses 146.8 161.8 Full time equivalent number of employees 245 234 Vow Group operates several pension plans around the world. All pension plans are defined as contribution plans.Pension Plans in NorwayThe main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing a basic pension entitlement to all taxpayers. The additional pension plan which all Norwegian employers are obliged to provide according to current legislation, represent a limited additional pension entitlement. The occupational plans in Vow Group in Norway are described below.Defined Contribution PlansAll employees in Norway are offered participation in a defined contribution plan. The annual contributions, premium and administration cost expensed for the Norwegian plan in 2025 were NOK 8.0 million, compared to NOK 7.5 million in 2024.Tariff Based Pension Agreement (AFP)Employees in the subsidiary CHE in Norway have a tariff base lifelong retirement arrangement (AFP) organized by the main labour unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required to estimate pension obligation from this defined benefit plan is not available from the plan administrator. Vow Group therefore currently accounts for the plan as if it was a defined contribution plan. The annual contribution expensed in 2025 were NOK 0.8 million compared to NOK 0.7 million in 2024.Pension Plans Outside NorwayPension Plans outside Norway are defined contribution plans. The annual contributions expensed for plans outside Norway were NOK 1.5 million, compared to NOK 1.5 million in 2024.Amounts in NOK million 2025 2024Service cost 8.1 9.1 Social security tax 1.1 0.7 Net pension costs 9.2 9.8 Key Management CompensationText: The key management personnel of Vow include the Board of Directors and the executive management team. Refer to further description in the Management Remuneration Report available at www.vowasa.com/investors/reports-and-presentations.Remuneration to the executive management and the board of directors in 20251)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 14.0 0.7 6.1 0.0 20.8Board of Directors 2.5 0.0 0.0 0.0 2.5Total remuneration to Board of Directors and Executive Management 16.5 0.7 6.1 0.0 23.3Remuneration to the executive management and the board of directors in 20241)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 9.6 0.4 0.2 0.0 10.2Board of Directors 1.9 0.0 0.0 0.0 1.9Total remuneration to Board of Directors and Executive Management 11.5 0.4 0.2 0.0 12.11) Fee structure and rates approved at the EGM on 19 November 2024 and AGM on 20 May 2025",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__37": {
"value": "Note 05 Employee ExpensesAmounts in NOK million 2025 2024Salaries 221.6 174.5 Social security tax 20.6 19.9 Pension costs 10.8 9.8 Other benefits 8.3 8.1 Option program 1.0 0.2 Gross employee expenses 262.3 212.5 Employee expenses recognized within cost of goods sold -109.6 -31.2Employee expenses capitalized as development -5.9 -19.5Total employee expenses 146.8 161.8 Full time equivalent number of employees 245 234 Vow Group operates several pension plans around the world. All pension plans are defined as contribution plans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__36-1": {
"value": "Note 05 Employee ExpensesAmounts in NOK million 2025 2024Salaries 221.6 174.5 Social security tax 20.6 19.9 Pension costs 10.8 9.8 Other benefits 8.3 8.1 Option program 1.0 0.2 Gross employee expenses 262.3 212.5 Employee expenses recognized within cost of goods sold -109.6 -31.2Employee expenses capitalized as development -5.9 -19.5Total employee expenses 146.8 161.8 Full time equivalent number of employees 245 234 Vow Group operates several pension plans around the world. All pension plans are defined as contribution plans.Pension Plans in NorwayThe main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing a basic pension entitlement to all taxpayers. The additional pension plan which all Norwegian employers are obliged to provide according to current legislation, represent a limited additional pension entitlement. The occupational plans in Vow Group in Norway are described below.Defined Contribution PlansAll employees in Norway are offered participation in a defined contribution plan. The annual contributions, premium and administration cost expensed for the Norwegian plan in 2025 were NOK 8.0 million, compared to NOK 7.5 million in 2024.Tariff Based Pension Agreement (AFP)Employees in the subsidiary CHE in Norway have a tariff base lifelong retirement arrangement (AFP) organized by the main labour unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required to estimate pension obligation from this defined benefit plan is not available from the plan administrator. Vow Group therefore currently accounts for the plan as if it was a defined contribution plan. The annual contribution expensed in 2025 were NOK 0.8 million compared to NOK 0.7 million in 2024.Pension Plans Outside NorwayPension Plans outside Norway are defined contribution plans. The annual contributions expensed for plans outside Norway were NOK 1.5 million, compared to NOK 1.5 million in 2024.Amounts in NOK million 2025 2024Service cost 8.1 9.1 Social security tax 1.1 0.7 Net pension costs 9.2 9.8 Key Management CompensationText: The key management personnel of Vow include the Board of Directors and the executive management team. Refer to further description in the Management Remuneration Report available at www.vowasa.com/investors/reports-and-presentations.Remuneration to the executive management and the board of directors in 20251)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 14.0 0.7 6.1 0.0 20.8Board of Directors 2.5 0.0 0.0 0.0 2.5Total remuneration to Board of Directors and Executive Management 16.5 0.7 6.1 0.0 23.3Remuneration to the executive management and the board of directors in 20241)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 9.6 0.4 0.2 0.0 10.2Board of Directors 1.9 0.0 0.0 0.0 1.9Total remuneration to Board of Directors and Executive Management 11.5 0.4 0.2 0.0 12.11) Fee structure and rates approved at the EGM on 19 November 2024 and AGM on 20 May 2025Note 06 Other Operating Expenses Amounts in NOK million 2025 2024Travel expenses 8.3 9.8 Lease expenses 5.4 6.0 Consultants and recruitment fees 29.9 13.5 Other external services incl auditor and legal fees 6.8 15.6 Software and IT 17.1 12.0 Other office expenses 3.2 7.9 Insurance fees 5.3 5.6 Marketing and sales 1.9 3.5 Other expenses 20.4 12.5 Total 98.2 86.4Note 09 Income TaxThe Group is subject to income tax in several jurisdictions, and judgment may be involved when determining the taxable amounts. Tax authorities in different jurisdictions may challenge the calculations of taxes payable from prior periods.The group has significant tax losses carried forward. However, no tax assets have been recognized in the balance sheet. Tax carried forward are utilized to offset taxable results, if possible, within the tax jurisdictions. Specification of income tax Amounts in NOK million 2025 2024Current income tax Current year2.1 0.7Prior year adjustment -11.1 -1.2Change in deferred tax -4.6 -2.8Other differences1.2Total current income tax -12.3 -3.4Effective tax rate Amounts in NOK million 2025 2024Profit before income tax-291.9 -135.4 Tax rate Norway22%22%Income tax applied Norwegian Tax rate of 22%-64.2 -29.8Tax effects of:Permanent differences 12.2 19.7 Deferred tax adjustments 28.5 12.8 Non/recognition of deferred tax assets 32.7 1.9 Tax losses carried forward-21.8 -11.0 Other 0.3 3.0 Total income tax expenses -12.3 -3.4Deferred tax assets and liabilities Amounts in NOK million 31.12.25 31.12.24Property, plant and equipment -17.7 -14.0 Intangible assets 22.4 23.7 Trade receivables 637.8 -0.6 Contracts in progress 560.2 - Provisions-2.0 -0.6Leasing-3.9 -1.1Other -23.1 -10.4Total temporary differences 535.4 635.4 -747.7 -702.6Tax losses carried forwardInterest expense deduction limitation carried forward -141.7 -87.9Total temporary differences -354.0 -155.2 396.4 218.1 Not recognized tax loss carry forward Total basis for deferred tax 42.4 62.9 Net deferred tax liability 9.8 14.4 Tax loss carry-forward and unrecognized deferred tax assets Amounts in NOK million Tax Loss Carry-Forward Unrecognized Tax AssetsNorway -593.2 153.0France -234.0 243.4Total -827.2 396.4Note 10 Property, Plant and EquipmentMaterial Accounting PolicyProperty, plant and equipment are recognized at cost for less accumulated depreciation and impairment losses. Cost includes expenditures directly attributable to bringing the asset to the location and condition necessary for its intended use. Subsequent expenditure is capitalised only when it is probable that future economic benefits will flow to the group. All other maintenance and repair costs are expensed as incurred.Assets are normally depreciated on a straight-lime basis over the expected economic lives as follows:\u2022 Buildings and facilities: 5-10 years\u2022 Plant, production and test equipment: 5-10 years\u2022 Machinery and technical installations: 5-10 years\u2022 Vehicles: 5 years\u2022 Office furniture, fixtures and IT equipment: 3-5 yearsAssets under construction are carried at cost and are not depreciated until available for use. Useful lives and residual values are reviewed annually.ImpairmentImpairment triggers are assessed annually, and impairment evaluations have been performed.Judgment and EstimatesJudgment is involved when determining useful lives and when assessing impairment, based on technical condition, expected utilization and management\u2019s assessment of future economic benefits. Impairment is assessed for individual assets and for cash generating units.s. Amounts in NOK million Property, plant and equipmentHistorical costBalance as of 1 January 2025 95.0 Additions 6.3 Disposals and scrapping -2.7 Reclassification 0.2 Currency translation differences -1.6Balance as of 31 December 2025 97.1 Accumulated depreciation and impairment Balance as of 1 January 2025-70.2Depreciation -8.4 Disposals and scrapping 3.6 Currency translation differences -0.3Balance as of 31 December 2025 -75.3Book value as of 31 December 2025 21.9 Useful life 3-10 years Depreciation methodLinearAmounts in NOK million Property, plant and equipmentHistorical costBalance as of 1 January 2024 91.2 Additions 19.9 Disposals -16.6 Translation difference 0.5 Balance as of 31 December 2024 95.0 Depreciation and impairment: Balance as of 1 January 2024 -50.6Depreciation-8.9Impairment -10.7Balance as of 31 December 2024 -70.2Book value as of 31 December 2024 24.8 Useful life 3-10 years Depreciation methodLinearNote 11 Intangible Assets and GoodwillIntangible assets mainly relate to capitalized technology development in addition to goodwill. The technology development programs are closely monitored to secure the desired technological achievements in time and at acceptable cost levels. Technology development programs that meet certain criteria are capitalized and amortized over the expected useful lives.Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.Cash Generating Units (CGUs)A CGU represent the lowest level of independent revenue generated by the assets.The group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the Maritime segment, Aftersales segment and the industrial segment. The industrial segment is divided into three CGUs. The CGUs are:\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyNo intangible assets or goodwill are assigned to the Food Safety CGU and the Aftersales CGU.GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.OtherOther intangible assets include IT systems and technology development acquired through business combinations.Judgments and EstimatesThe decision to capitalize a development program involves management judgment. There are strict rules defining what qualifies for capitalization, and the documentation of the assessment is monitored centrally. Management makes assessment of future market opportunities, ability to successfully achieve the desired technological solution and the time and cost to develop it. These factors may change over time.Judgment is involved when determining the amortization period when assessing impairment or reversal of impairment. Impairment indicators are assessed for individual development projects, other intangible assets, and for cash generating units including goodwill. Impairment testing is performed when impairment indicators have been identified. In addition, goodwill and capitalized development programs that have not been completed are subject to an annual impairment test. The impairment testing involves judgmental assumptions about future market development, cash flows, determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.Climate Related MattersClimate changes may curtail the expected useful lives of the capitalized assets thereby accelerating depreciation and amortization charges. The Group\u2019s assets are likely to be depreciated and amortized fully over the next 20 years as some assets have already started amortization. The Group does not expect any changes to the useful lives of our capitalized assets. Assessment of effect of useful lives is not considered to be a significant accounting judgment or estimate. However, Vow Group recognize that assessment of useful lives of future capital expenditure may be different, and local climate changes in the future may affect useful lives of certain assets.The expected future cash flows used in the impairment testing are affected by climate changes as the projects the Group will be engaged in the future will change going forward. The projects the Group tender for are based on pipeline of future projects taking into required changes following climate change effects. As the cash flows used in the impairment testing are based on current backlog together with identified projects, the climate changes influence our impairment testing through the projects included in the cashflows used in for impairment testing.Capitalized development 2025Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2025 484.0 47.4 28.6 179.0Additions 37.4 - 1.1Reclassifications -23.0- 2.5 - Translation difference - 0.20 - 0.6Balance as of 31 December 2025 498.4 47.6 32.2 179.6Accumulatted amortisation and impairment Balance as of 1 January 2025-57.2 -20.3 -12.2 - Amortisation -13.0 -3.2 - -4.9 Impairment - - -58.3-61.1 Reclassifications21.1 -2.2 1.60 - Translation difference -1.3 -0.1 - - Balance as of 31 December 2025 -111.5 -27.5 -13.8 -58.3Book value as of 31 December 2025 386.9 20.1 18.4 121.315 years 15 years 10 yearsUseful life Depreciation method Linear Linear LinearCapitalized development 2024Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2024 410.4 45.7 27.1 171.5Additions 67.8 1.50 - Translation difference 5.80 1.7 7.5Balance as of 31 December 2024 484.0 47.4 28.6 179.0Accumulated amortisation and impairment Balance as of 1 January 2024 -44.2 -14.7 -7.7 - Amortisation -12.5 -4.9 -4.5 Impairment -0.5 -0.7 - - Balance as of 31 December 2024 -57.2 -20.3 -12.2 0.0Book value as of 31 December 2024 426.8 27.1 16.4 179.07 years 3-20 years Depreciation method LinearLinear Linear",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__41": {
"value": "Pension Plans in NorwayThe main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing a basic pension entitlement to all taxpayers. The additional pension plan which all Norwegian employers are obliged to provide according to current legislation, represent a limited additional pension entitlement. The occupational plans in Vow Group in Norway are described below.Defined Contribution PlansAll employees in Norway are offered participation in a defined contribution plan. The annual contributions, premium and administration cost expensed for the Norwegian plan in 2025 were NOK 8.0 million, compared to NOK 7.5 million in 2024.Tariff Based Pension Agreement (AFP)Employees in the subsidiary CHE in Norway have a tariff base lifelong retirement arrangement (AFP) organized by the main labour unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information required to estimate pension obligation from this defined benefit plan is not available from the plan administrator. Vow Group therefore currently accounts for the plan as if it was a defined contribution plan. The annual contribution expensed in 2025 were NOK 0.8 million compared to NOK 0.7 million in 2024.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__43": {
"value": "Key Management CompensationText: The key management personnel of Vow include the Board of Directors and the executive management team. Refer to further description in the Management Remuneration Report available at www.vowasa.com/investors/reports-and-presentations.Remuneration to the executive management and the board of directors in 20251)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 14.0 0.7 6.1 0.0 20.8Board of Directors 2.5 0.0 0.0 0.0 2.5Total remuneration to Board of Directors and Executive Management 16.5 0.7 6.1 0.0 23.3Remuneration to the executive management and the board of directors in 20241)Amounts in NOK million Salaries Pension OtherOptions TotalExecutive Management 9.6 0.4 0.2 0.0 10.2Board of Directors 1.9 0.0 0.0 0.0 1.9Total remuneration to Board of Directors and Executive Management 11.5 0.4 0.2 0.0 12.11) Fee structure and rates approved at the EGM on 19 November 2024 and AGM on 20 May 2025",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__46": {
"value": "Note 06 Other Operating Expenses Amounts in NOK million 2025 2024Travel expenses 8.3 9.8 Lease expenses 5.4 6.0 Consultants and recruitment fees 29.9 13.5 Other external services incl auditor and legal fees 6.8 15.6 Software and IT 17.1 12.0 Other office expenses 3.2 7.9 Insurance fees 5.3 5.6 Marketing and sales 1.9 3.5 Other expenses 20.4 12.5 Total 98.2 86.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__45": {
"value": "Note 06 Other Operating Expenses Amounts in NOK million 2025 2024Travel expenses 8.3 9.8 Lease expenses 5.4 6.0 Consultants and recruitment fees 29.9 13.5 Other external services incl auditor and legal fees 6.8 15.6 Software and IT 17.1 12.0 Other office expenses 3.2 7.9 Insurance fees 5.3 5.6 Marketing and sales 1.9 3.5 Other expenses 20.4 12.5 Total 98.2 86.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__44": {
"value": "Note 06 Other Operating Expenses Amounts in NOK million 2025 2024Travel expenses 8.3 9.8 Lease expenses 5.4 6.0 Consultants and recruitment fees 29.9 13.5 Other external services incl auditor and legal fees 6.8 15.6 Software and IT 17.1 12.0 Other office expenses 3.2 7.9 Insurance fees 5.3 5.6 Marketing and sales 1.9 3.5 Other expenses 20.4 12.5 Total 98.2 86.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__52": {
"value": "Note 07 Finance Income and ExpensesInterest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date. Amounts in NOK million 2025 2024Interest income 2.4 2.3Interest income 2.4 2.3Interest expense -44.7 -59.11)Interest expense on lease liability-4.5 -4.5Interest expense -49.2 -63.6Net foreign exchange loss -16.6 1.8Other financial expenses -0.3 -0.42)Net effect of shares in associated company-1.8 -65.7Net other financial items -18.7 -64.3Net finance expenses -65.5 -125.71) Interest expense - leasing, see further information in note 17 Leases.2) Share of net profit from associate, see further information in note 25 Transactions with related parties and note 24 Investment in associates.See note 17 for more information about lease liabilities. See note 23 financial assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__53": {
"value": "Note 07 Finance Income and ExpensesInterest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date. Amounts in NOK million 2025 2024Interest income 2.4 2.3Interest income 2.4 2.3Interest expense -44.7 -59.11)Interest expense on lease liability-4.5 -4.5Interest expense -49.2 -63.6Net foreign exchange loss -16.6 1.8Other financial expenses -0.3 -0.42)Net effect of shares in associated company-1.8 -65.7Net other financial items -18.7 -64.3Net finance expenses -65.5 -125.71) Interest expense - leasing, see further information in note 17 Leases.2) Share of net profit from associate, see further information in note 25 Transactions with related parties and note 24 Investment in associates.See note 17 for more information about lease liabilities. See note 23 financial assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__54": {
"value": "Note 07 Finance Income and ExpensesInterest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date. Amounts in NOK million 2025 2024Interest income 2.4 2.3Interest income 2.4 2.3Interest expense -44.7 -59.11)Interest expense on lease liability-4.5 -4.5Interest expense -49.2 -63.6Net foreign exchange loss -16.6 1.8Other financial expenses -0.3 -0.42)Net effect of shares in associated company-1.8 -65.7Net other financial items -18.7 -64.3Net finance expenses -65.5 -125.71) Interest expense - leasing, see further information in note 17 Leases.2) Share of net profit from associate, see further information in note 25 Transactions with related parties and note 24 Investment in associates.See note 17 for more information about lease liabilities. See note 23 financial assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__55": {
"value": "Note 07 Finance Income and ExpensesInterest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date. Amounts in NOK million 2025 2024Interest income 2.4 2.3Interest income 2.4 2.3Interest expense -44.7 -59.11)Interest expense on lease liability-4.5 -4.5Interest expense -49.2 -63.6Net foreign exchange loss -16.6 1.8Other financial expenses -0.3 -0.42)Net effect of shares in associated company-1.8 -65.7Net other financial items -18.7 -64.3Net finance expenses -65.5 -125.71) Interest expense - leasing, see further information in note 17 Leases.2) Share of net profit from associate, see further information in note 25 Transactions with related parties and note 24 Investment in associates.See note 17 for more information about lease liabilities. See note 23 financial assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__56": {
"value": "Note 07 Finance Income and ExpensesInterest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date. Amounts in NOK million 2025 2024Interest income 2.4 2.3Interest income 2.4 2.3Interest expense -44.7 -59.11)Interest expense on lease liability-4.5 -4.5Interest expense -49.2 -63.6Net foreign exchange loss -16.6 1.8Other financial expenses -0.3 -0.42)Net effect of shares in associated company-1.8 -65.7Net other financial items -18.7 -64.3Net finance expenses -65.5 -125.71) Interest expense - leasing, see further information in note 17 Leases.2) Share of net profit from associate, see further information in note 25 Transactions with related parties and note 24 Investment in associates.See note 17 for more information about lease liabilities. See note 23 financial assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__57": {
"value": "Note 07 Finance Income and ExpensesInterest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date. Amounts in NOK million 2025 2024Interest income 2.4 2.3Interest income 2.4 2.3Interest expense -44.7 -59.11)Interest expense on lease liability-4.5 -4.5Interest expense -49.2 -63.6Net foreign exchange loss -16.6 1.8Other financial expenses -0.3 -0.42)Net effect of shares in associated company-1.8 -65.7Net other financial items -18.7 -64.3Net finance expenses -65.5 -125.71) Interest expense - leasing, see further information in note 17 Leases.2) Share of net profit from associate, see further information in note 25 Transactions with related parties and note 24 Investment in associates.See note 17 for more information about lease liabilities. See note 23 financial assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__51": {
"value": "Interest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__49": {
"value": "Interest income and expenses include effects from using the effective interest rates method where fees, interest paid, transaction cost and other premiums are deferred and amortized over the life of the instrument.Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to operating activities such as trade receivables and payables are included in the operating expenses before depreciation, amortization, and impairment. Foreign exchange gains and losses also include effects from translating monetary assets and liabilities denominated in foreign currencies at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__58": {
"value": "Note 08 Earnings per ShareBasis EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the parent on average number of ordinary shares outstanding during the year.Diluted EPS is calculated by dividing the profit attributable to the ordinary equity holders of the parent by weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on exercise of the shares, plus the weighted average number of treasury shares. The following table reflects the income and shares data used in the basic and diluted EPS computations.Amounts in NOK million 2025 2024Profit for the year (NOK million)-279.5 -132.01) Weighted average number of shares outstanding 290 799 411 120 607 043 Effects of dilution from:Share options 236 666 325 926 Treasury shares 1 006 667 1 006 667 Convertible loan - - 1)Weighted average number of shares adjusted for the effect of dilution 132655291 637 939 121 Earnings per share (NOK per share): Basic-0.96 -1.09Diluted -0.96 -1.091) The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__60": {
"value": "Basis EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the parent on average number of ordinary shares outstanding during the year.Diluted EPS is calculated by dividing the profit attributable to the ordinary equity holders of the parent by weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on exercise of the shares, plus the weighted average number of treasury shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__63": {
"value": "Note 09 Income TaxThe Group is subject to income tax in several jurisdictions, and judgment may be involved when determining the taxable amounts. Tax authorities in different jurisdictions may challenge the calculations of taxes payable from prior periods.The group has significant tax losses carried forward. However, no tax assets have been recognized in the balance sheet. Tax carried forward are utilized to offset taxable results, if possible, within the tax jurisdictions. Specification of income tax Amounts in NOK million 2025 2024Current income tax Current year2.1 0.7Prior year adjustment -11.1 -1.2Change in deferred tax -4.6 -2.8Other differences1.2Total current income tax -12.3 -3.4Effective tax rate Amounts in NOK million 2025 2024Profit before income tax-291.9 -135.4 Tax rate Norway22%22%Income tax applied Norwegian Tax rate of 22%-64.2 -29.8Tax effects of:Permanent differences 12.2 19.7 Deferred tax adjustments 28.5 12.8 Non/recognition of deferred tax assets 32.7 1.9 Tax losses carried forward-21.8 -11.0 Other 0.3 3.0 Total income tax expenses -12.3 -3.4Deferred tax assets and liabilities Amounts in NOK million 31.12.25 31.12.24Property, plant and equipment -17.7 -14.0 Intangible assets 22.4 23.7 Trade receivables 637.8 -0.6 Contracts in progress 560.2 - Provisions-2.0 -0.6Leasing-3.9 -1.1Other -23.1 -10.4Total temporary differences 535.4 635.4 -747.7 -702.6Tax losses carried forwardInterest expense deduction limitation carried forward -141.7 -87.9Total temporary differences -354.0 -155.2 396.4 218.1 Not recognized tax loss carry forward Total basis for deferred tax 42.4 62.9 Net deferred tax liability 9.8 14.4 Tax loss carry-forward and unrecognized deferred tax assets Amounts in NOK million Tax Loss Carry-Forward Unrecognized Tax AssetsNorway -593.2 153.0France -234.0 243.4Total -827.2 396.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__62": {
"value": "Note 09 Income TaxThe Group is subject to income tax in several jurisdictions, and judgment may be involved when determining the taxable amounts. Tax authorities in different jurisdictions may challenge the calculations of taxes payable from prior periods.The group has significant tax losses carried forward. However, no tax assets have been recognized in the balance sheet. Tax carried forward are utilized to offset taxable results, if possible, within the tax jurisdictions. Specification of income tax Amounts in NOK million 2025 2024Current income tax Current year2.1 0.7Prior year adjustment -11.1 -1.2Change in deferred tax -4.6 -2.8Other differences1.2Total current income tax -12.3 -3.4Effective tax rate Amounts in NOK million 2025 2024Profit before income tax-291.9 -135.4 Tax rate Norway22%22%Income tax applied Norwegian Tax rate of 22%-64.2 -29.8Tax effects of:Permanent differences 12.2 19.7 Deferred tax adjustments 28.5 12.8 Non/recognition of deferred tax assets 32.7 1.9 Tax losses carried forward-21.8 -11.0 Other 0.3 3.0 Total income tax expenses -12.3 -3.4Deferred tax assets and liabilities Amounts in NOK million 31.12.25 31.12.24Property, plant and equipment -17.7 -14.0 Intangible assets 22.4 23.7 Trade receivables 637.8 -0.6 Contracts in progress 560.2 - Provisions-2.0 -0.6Leasing-3.9 -1.1Other -23.1 -10.4Total temporary differences 535.4 635.4 -747.7 -702.6Tax losses carried forwardInterest expense deduction limitation carried forward -141.7 -87.9Total temporary differences -354.0 -155.2 396.4 218.1 Not recognized tax loss carry forward Total basis for deferred tax 42.4 62.9 Net deferred tax liability 9.8 14.4 Tax loss carry-forward and unrecognized deferred tax assets Amounts in NOK million Tax Loss Carry-Forward Unrecognized Tax AssetsNorway -593.2 153.0France -234.0 243.4Total -827.2 396.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__65-1": {
"value": "Note 10 Property, Plant and EquipmentMaterial Accounting PolicyProperty, plant and equipment are recognized at cost for less accumulated depreciation and impairment losses. Cost includes expenditures directly attributable to bringing the asset to the location and condition necessary for its intended use. Subsequent expenditure is capitalised only when it is probable that future economic benefits will flow to the group. All other maintenance and repair costs are expensed as incurred.Assets are normally depreciated on a straight-lime basis over the expected economic lives as follows:\u2022 Buildings and facilities: 5-10 years\u2022 Plant, production and test equipment: 5-10 years\u2022 Machinery and technical installations: 5-10 years\u2022 Vehicles: 5 years\u2022 Office furniture, fixtures and IT equipment: 3-5 yearsAssets under construction are carried at cost and are not depreciated until available for use. Useful lives and residual values are reviewed annually.ImpairmentImpairment triggers are assessed annually, and impairment evaluations have been performed.Judgment and EstimatesJudgment is involved when determining useful lives and when assessing impairment, based on technical condition, expected utilization and management\u2019s assessment of future economic benefits. Impairment is assessed for individual assets and for cash generating units.s. Amounts in NOK million Property, plant and equipmentHistorical costBalance as of 1 January 2025 95.0 Additions 6.3 Disposals and scrapping -2.7 Reclassification 0.2 Currency translation differences -1.6Balance as of 31 December 2025 97.1 Accumulated depreciation and impairment Balance as of 1 January 2025-70.2Depreciation -8.4 Disposals and scrapping 3.6 Currency translation differences -0.3Balance as of 31 December 2025 -75.3Book value as of 31 December 2025 21.9 Useful life 3-10 years Depreciation methodLinearAmounts in NOK million Property, plant and equipmentHistorical costBalance as of 1 January 2024 91.2 Additions 19.9 Disposals -16.6 Translation difference 0.5 Balance as of 31 December 2024 95.0 Depreciation and impairment: Balance as of 1 January 2024 -50.6Depreciation-8.9Impairment -10.7Balance as of 31 December 2024 -70.2Book value as of 31 December 2024 24.8 Useful life 3-10 years Depreciation methodLinearNote 11 Intangible Assets and GoodwillIntangible assets mainly relate to capitalized technology development in addition to goodwill. The technology development programs are closely monitored to secure the desired technological achievements in time and at acceptable cost levels. Technology development programs that meet certain criteria are capitalized and amortized over the expected useful lives.Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.Cash Generating Units (CGUs)A CGU represent the lowest level of independent revenue generated by the assets.The group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the Maritime segment, Aftersales segment and the industrial segment. The industrial segment is divided into three CGUs. The CGUs are:\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyNo intangible assets or goodwill are assigned to the Food Safety CGU and the Aftersales CGU.GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.OtherOther intangible assets include IT systems and technology development acquired through business combinations.Judgments and EstimatesThe decision to capitalize a development program involves management judgment. There are strict rules defining what qualifies for capitalization, and the documentation of the assessment is monitored centrally. Management makes assessment of future market opportunities, ability to successfully achieve the desired technological solution and the time and cost to develop it. These factors may change over time.Judgment is involved when determining the amortization period when assessing impairment or reversal of impairment. Impairment indicators are assessed for individual development projects, other intangible assets, and for cash generating units including goodwill. Impairment testing is performed when impairment indicators have been identified. In addition, goodwill and capitalized development programs that have not been completed are subject to an annual impairment test. The impairment testing involves judgmental assumptions about future market development, cash flows, determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.Climate Related MattersClimate changes may curtail the expected useful lives of the capitalized assets thereby accelerating depreciation and amortization charges. The Group\u2019s assets are likely to be depreciated and amortized fully over the next 20 years as some assets have already started amortization. The Group does not expect any changes to the useful lives of our capitalized assets. Assessment of effect of useful lives is not considered to be a significant accounting judgment or estimate. However, Vow Group recognize that assessment of useful lives of future capital expenditure may be different, and local climate changes in the future may affect useful lives of certain assets.The expected future cash flows used in the impairment testing are affected by climate changes as the projects the Group will be engaged in the future will change going forward. The projects the Group tender for are based on pipeline of future projects taking into required changes following climate change effects. As the cash flows used in the impairment testing are based on current backlog together with identified projects, the climate changes influence our impairment testing through the projects included in the cashflows used in for impairment testing.Capitalized development 2025Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2025 484.0 47.4 28.6 179.0Additions 37.4 - 1.1Reclassifications -23.0- 2.5 - Translation difference - 0.20 - 0.6Balance as of 31 December 2025 498.4 47.6 32.2 179.6Accumulatted amortisation and impairment Balance as of 1 January 2025-57.2 -20.3 -12.2 - Amortisation -13.0 -3.2 - -4.9 Impairment - - -58.3-61.1 Reclassifications21.1 -2.2 1.60 - Translation difference -1.3 -0.1 - - Balance as of 31 December 2025 -111.5 -27.5 -13.8 -58.3Book value as of 31 December 2025 386.9 20.1 18.4 121.315 years 15 years 10 yearsUseful life Depreciation method Linear Linear LinearCapitalized development 2024Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2024 410.4 45.7 27.1 171.5Additions 67.8 1.50 - Translation difference 5.80 1.7 7.5Balance as of 31 December 2024 484.0 47.4 28.6 179.0Accumulated amortisation and impairment Balance as of 1 January 2024 -44.2 -14.7 -7.7 - Amortisation -12.5 -4.9 -4.5 Impairment -0.5 -0.7 - - Balance as of 31 December 2024 -57.2 -20.3 -12.2 0.0Book value as of 31 December 2024 426.8 27.1 16.4 179.07 years 3-20 years Depreciation method LinearLinear Linear",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__64": {
"value": "Note 10 Property, Plant and EquipmentMaterial Accounting PolicyProperty, plant and equipment are recognized at cost for less accumulated depreciation and impairment losses. Cost includes expenditures directly attributable to bringing the asset to the location and condition necessary for its intended use. Subsequent expenditure is capitalised only when it is probable that future economic benefits will flow to the group. All other maintenance and repair costs are expensed as incurred.Assets are normally depreciated on a straight-lime basis over the expected economic lives as follows:\u2022 Buildings and facilities: 5-10 years\u2022 Plant, production and test equipment: 5-10 years\u2022 Machinery and technical installations: 5-10 years\u2022 Vehicles: 5 years\u2022 Office furniture, fixtures and IT equipment: 3-5 yearsAssets under construction are carried at cost and are not depreciated until available for use. Useful lives and residual values are reviewed annually.ImpairmentImpairment triggers are assessed annually, and impairment evaluations have been performed.Judgment and EstimatesJudgment is involved when determining useful lives and when assessing impairment, based on technical condition, expected utilization and management\u2019s assessment of future economic benefits. Impairment is assessed for individual assets and for cash generating units.s. Amounts in NOK million Property, plant and equipmentHistorical costBalance as of 1 January 2025 95.0 Additions 6.3 Disposals and scrapping -2.7 Reclassification 0.2 Currency translation differences -1.6Balance as of 31 December 2025 97.1 Accumulated depreciation and impairment Balance as of 1 January 2025-70.2Depreciation -8.4 Disposals and scrapping 3.6 Currency translation differences -0.3Balance as of 31 December 2025 -75.3Book value as of 31 December 2025 21.9 Useful life 3-10 years Depreciation methodLinearAmounts in NOK million Property, plant and equipmentHistorical costBalance as of 1 January 2024 91.2 Additions 19.9 Disposals -16.6 Translation difference 0.5 Balance as of 31 December 2024 95.0 Depreciation and impairment: Balance as of 1 January 2024 -50.6Depreciation-8.9Impairment -10.7Balance as of 31 December 2024 -70.2Book value as of 31 December 2024 24.8 Useful life 3-10 years Depreciation methodLinear",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__67": {
"value": "Material Accounting PolicyProperty, plant and equipment are recognized at cost for less accumulated depreciation and impairment losses. Cost includes expenditures directly attributable to bringing the asset to the location and condition necessary for its intended use. Subsequent expenditure is capitalised only when it is probable that future economic benefits will flow to the group. All other maintenance and repair costs are expensed as incurred.Assets are normally depreciated on a straight-lime basis over the expected economic lives as follows:\u2022 Buildings and facilities: 5-10 years\u2022 Plant, production and test equipment: 5-10 years\u2022 Machinery and technical installations: 5-10 years\u2022 Vehicles: 5 years\u2022 Office furniture, fixtures and IT equipment: 3-5 yearsAssets under construction are carried at cost and are not depreciated until available for use. Useful lives and residual values are reviewed annually.ImpairmentImpairment triggers are assessed annually, and impairment evaluations have been performed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__69": {
"value": "Assets are normally depreciated on a straight-lime basis over the expected economic lives as follows:\u2022 Buildings and facilities: 5-10 years\u2022 Plant, production and test equipment: 5-10 years\u2022 Machinery and technical installations: 5-10 years\u2022 Vehicles: 5 years\u2022 Office furniture, fixtures and IT equipment: 3-5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__75": {
"value": "Note 11 Intangible Assets and GoodwillIntangible assets mainly relate to capitalized technology development in addition to goodwill. The technology development programs are closely monitored to secure the desired technological achievements in time and at acceptable cost levels. Technology development programs that meet certain criteria are capitalized and amortized over the expected useful lives.Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.Cash Generating Units (CGUs)A CGU represent the lowest level of independent revenue generated by the assets.The group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the Maritime segment, Aftersales segment and the industrial segment. The industrial segment is divided into three CGUs. The CGUs are:\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyNo intangible assets or goodwill are assigned to the Food Safety CGU and the Aftersales CGU.GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.OtherOther intangible assets include IT systems and technology development acquired through business combinations.Judgments and EstimatesThe decision to capitalize a development program involves management judgment. There are strict rules defining what qualifies for capitalization, and the documentation of the assessment is monitored centrally. Management makes assessment of future market opportunities, ability to successfully achieve the desired technological solution and the time and cost to develop it. These factors may change over time.Judgment is involved when determining the amortization period when assessing impairment or reversal of impairment. Impairment indicators are assessed for individual development projects, other intangible assets, and for cash generating units including goodwill. Impairment testing is performed when impairment indicators have been identified. In addition, goodwill and capitalized development programs that have not been completed are subject to an annual impairment test. The impairment testing involves judgmental assumptions about future market development, cash flows, determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.Climate Related MattersClimate changes may curtail the expected useful lives of the capitalized assets thereby accelerating depreciation and amortization charges. The Group\u2019s assets are likely to be depreciated and amortized fully over the next 20 years as some assets have already started amortization. The Group does not expect any changes to the useful lives of our capitalized assets. Assessment of effect of useful lives is not considered to be a significant accounting judgment or estimate. However, Vow Group recognize that assessment of useful lives of future capital expenditure may be different, and local climate changes in the future may affect useful lives of certain assets.The expected future cash flows used in the impairment testing are affected by climate changes as the projects the Group will be engaged in the future will change going forward. The projects the Group tender for are based on pipeline of future projects taking into required changes following climate change effects. As the cash flows used in the impairment testing are based on current backlog together with identified projects, the climate changes influence our impairment testing through the projects included in the cashflows used in for impairment testing.Capitalized development 2025Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2025 484.0 47.4 28.6 179.0Additions 37.4 - 1.1Reclassifications -23.0- 2.5 - Translation difference - 0.20 - 0.6Balance as of 31 December 2025 498.4 47.6 32.2 179.6Accumulatted amortisation and impairment Balance as of 1 January 2025-57.2 -20.3 -12.2 - Amortisation -13.0 -3.2 - -4.9 Impairment - - -58.3-61.1 Reclassifications21.1 -2.2 1.60 - Translation difference -1.3 -0.1 - - Balance as of 31 December 2025 -111.5 -27.5 -13.8 -58.3Book value as of 31 December 2025 386.9 20.1 18.4 121.315 years 15 years 10 yearsUseful life Depreciation method Linear Linear LinearCapitalized development 2024Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2024 410.4 45.7 27.1 171.5Additions 67.8 1.50 - Translation difference 5.80 1.7 7.5Balance as of 31 December 2024 484.0 47.4 28.6 179.0Accumulated amortisation and impairment Balance as of 1 January 2024 -44.2 -14.7 -7.7 - Amortisation -12.5 -4.9 -4.5 Impairment -0.5 -0.7 - - Balance as of 31 December 2024 -57.2 -20.3 -12.2 0.0Book value as of 31 December 2024 426.8 27.1 16.4 179.07 years 3-20 years Depreciation method LinearLinear Linear",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__74-1": {
"value": "Note 11 Intangible Assets and GoodwillIntangible assets mainly relate to capitalized technology development in addition to goodwill. The technology development programs are closely monitored to secure the desired technological achievements in time and at acceptable cost levels. Technology development programs that meet certain criteria are capitalized and amortized over the expected useful lives.Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.Cash Generating Units (CGUs)A CGU represent the lowest level of independent revenue generated by the assets.The group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the Maritime segment, Aftersales segment and the industrial segment. The industrial segment is divided into three CGUs. The CGUs are:\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyNo intangible assets or goodwill are assigned to the Food Safety CGU and the Aftersales CGU.GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.OtherOther intangible assets include IT systems and technology development acquired through business combinations.Judgments and EstimatesThe decision to capitalize a development program involves management judgment. There are strict rules defining what qualifies for capitalization, and the documentation of the assessment is monitored centrally. Management makes assessment of future market opportunities, ability to successfully achieve the desired technological solution and the time and cost to develop it. These factors may change over time.Judgment is involved when determining the amortization period when assessing impairment or reversal of impairment. Impairment indicators are assessed for individual development projects, other intangible assets, and for cash generating units including goodwill. Impairment testing is performed when impairment indicators have been identified. In addition, goodwill and capitalized development programs that have not been completed are subject to an annual impairment test. The impairment testing involves judgmental assumptions about future market development, cash flows, determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.Climate Related MattersClimate changes may curtail the expected useful lives of the capitalized assets thereby accelerating depreciation and amortization charges. The Group\u2019s assets are likely to be depreciated and amortized fully over the next 20 years as some assets have already started amortization. The Group does not expect any changes to the useful lives of our capitalized assets. Assessment of effect of useful lives is not considered to be a significant accounting judgment or estimate. However, Vow Group recognize that assessment of useful lives of future capital expenditure may be different, and local climate changes in the future may affect useful lives of certain assets.The expected future cash flows used in the impairment testing are affected by climate changes as the projects the Group will be engaged in the future will change going forward. The projects the Group tender for are based on pipeline of future projects taking into required changes following climate change effects. As the cash flows used in the impairment testing are based on current backlog together with identified projects, the climate changes influence our impairment testing through the projects included in the cashflows used in for impairment testing.Capitalized development 2025Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2025 484.0 47.4 28.6 179.0Additions 37.4 - 1.1Reclassifications -23.0- 2.5 - Translation difference - 0.20 - 0.6Balance as of 31 December 2025 498.4 47.6 32.2 179.6Accumulatted amortisation and impairment Balance as of 1 January 2025-57.2 -20.3 -12.2 - Amortisation -13.0 -3.2 - -4.9 Impairment - - -58.3-61.1 Reclassifications21.1 -2.2 1.60 - Translation difference -1.3 -0.1 - - Balance as of 31 December 2025 -111.5 -27.5 -13.8 -58.3Book value as of 31 December 2025 386.9 20.1 18.4 121.315 years 15 years 10 yearsUseful life Depreciation method Linear Linear LinearCapitalized development 2024Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2024 410.4 45.7 27.1 171.5Additions 67.8 1.50 - Translation difference 5.80 1.7 7.5Balance as of 31 December 2024 484.0 47.4 28.6 179.0Accumulated amortisation and impairment Balance as of 1 January 2024 -44.2 -14.7 -7.7 - Amortisation -12.5 -4.9 -4.5 Impairment -0.5 -0.7 - - Balance as of 31 December 2024 -57.2 -20.3 -12.2 0.0Book value as of 31 December 2024 426.8 27.1 16.4 179.07 years 3-20 years Depreciation method LinearLinear LinearNote 22 Financial Assets and LiabilitiesThe fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.The Fair Value HierarchyThe following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.For financial instruments at fair value, the levels in the hierarchy are:\u2022 Level 1: Fair values based on prices quoted in an active market for identifying assets or liabilities.\u2022 Level 2: Fair values based on price input or price output other than quoted prices. Such prices are derived from observable market transactions in active market for identical assets or liabilities. Level 2 includes currency or interest derivatives and interest bonds, typically when the Group uses forward prices on foreign exchange rates or interest rates as inputs top valuation models.\u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.Level in fair value Amounts in NOK million Category 31.12.25 31.12.24hierarchyFinancial assets: Trade receivables Financial asset measured at amortized cost 171.7 205.8 31)Other receivables Financial asset measured at amortized cost 6.7 7.9 3Cash and cash equivalents Fair value through profit and loss 30.5 46.3 2Total financial assets 208.9 260.1 Financial liabilities: Long term borrowings Financial liabilities measured at amortized cost 33.7 254.5 2Current borrowings Financial liabilities measured at amortized cost 193.9 52.7 2Trade creditorsFinancial liabilities measured at amortized cost 139.9 205.4 3Bank overdraft facility Financial liabilities measured at amortized cost 84.0 21.9 2Trade finance facility Financial liabilities measured at amortized cost 80.4 65.4 22)Other current liabilities Financial liabilities measured at amortized cost 25.4 20.8 3Total financial liabilities 557.2 620.7 All amounts in the table are booked values.31 December 2025Amounts in NOK million0-6 months 6-12 months 1-5 years1) Payments on long term borrowings - - 33.7 Current borrowings 28.6 31.0 134.3 Trade creditors 139.9 - - Bank overdraft facility - 84.0 Trade finance facility- 80.4 - Other current liabilities 25.4 - - Total 193.9 195.3 168.0 1) NOK 184.1million of the short term and long term borrowing relates to the DNB term loan with due date 04.08.2027 , see note 22",
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"f0__s7__6__73": {
"value": "Note 11 Intangible Assets and GoodwillIntangible assets mainly relate to capitalized technology development in addition to goodwill. The technology development programs are closely monitored to secure the desired technological achievements in time and at acceptable cost levels. Technology development programs that meet certain criteria are capitalized and amortized over the expected useful lives.Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.Cash Generating Units (CGUs)A CGU represent the lowest level of independent revenue generated by the assets.The group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the Maritime segment, Aftersales segment and the industrial segment. The industrial segment is divided into three CGUs. The CGUs are:\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyNo intangible assets or goodwill are assigned to the Food Safety CGU and the Aftersales CGU.GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.OtherOther intangible assets include IT systems and technology development acquired through business combinations.Judgments and EstimatesThe decision to capitalize a development program involves management judgment. There are strict rules defining what qualifies for capitalization, and the documentation of the assessment is monitored centrally. Management makes assessment of future market opportunities, ability to successfully achieve the desired technological solution and the time and cost to develop it. These factors may change over time.Judgment is involved when determining the amortization period when assessing impairment or reversal of impairment. Impairment indicators are assessed for individual development projects, other intangible assets, and for cash generating units including goodwill. Impairment testing is performed when impairment indicators have been identified. In addition, goodwill and capitalized development programs that have not been completed are subject to an annual impairment test. The impairment testing involves judgmental assumptions about future market development, cash flows, determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.Climate Related MattersClimate changes may curtail the expected useful lives of the capitalized assets thereby accelerating depreciation and amortization charges. The Group\u2019s assets are likely to be depreciated and amortized fully over the next 20 years as some assets have already started amortization. The Group does not expect any changes to the useful lives of our capitalized assets. Assessment of effect of useful lives is not considered to be a significant accounting judgment or estimate. However, Vow Group recognize that assessment of useful lives of future capital expenditure may be different, and local climate changes in the future may affect useful lives of certain assets.The expected future cash flows used in the impairment testing are affected by climate changes as the projects the Group will be engaged in the future will change going forward. The projects the Group tender for are based on pipeline of future projects taking into required changes following climate change effects. As the cash flows used in the impairment testing are based on current backlog together with identified projects, the climate changes influence our impairment testing through the projects included in the cashflows used in for impairment testing.Capitalized development 2025Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2025 484.0 47.4 28.6 179.0Additions 37.4 - 1.1Reclassifications -23.0- 2.5 - Translation difference - 0.20 - 0.6Balance as of 31 December 2025 498.4 47.6 32.2 179.6Accumulatted amortisation and impairment Balance as of 1 January 2025-57.2 -20.3 -12.2 - Amortisation -13.0 -3.2 - -4.9 Impairment - - -58.3-61.1 Reclassifications21.1 -2.2 1.60 - Translation difference -1.3 -0.1 - - Balance as of 31 December 2025 -111.5 -27.5 -13.8 -58.3Book value as of 31 December 2025 386.9 20.1 18.4 121.315 years 15 years 10 yearsUseful life Depreciation method Linear Linear LinearCapitalized development 2024Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2024 410.4 45.7 27.1 171.5Additions 67.8 1.50 - Translation difference 5.80 1.7 7.5Balance as of 31 December 2024 484.0 47.4 28.6 179.0Accumulated amortisation and impairment Balance as of 1 January 2024 -44.2 -14.7 -7.7 - Amortisation -12.5 -4.9 -4.5 Impairment -0.5 -0.7 - - Balance as of 31 December 2024 -57.2 -20.3 -12.2 0.0Book value as of 31 December 2024 426.8 27.1 16.4 179.07 years 3-20 years Depreciation method LinearLinear Linear",
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"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
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"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__71": {
"value": "Note 11 Intangible Assets and GoodwillIntangible assets mainly relate to capitalized technology development in addition to goodwill. The technology development programs are closely monitored to secure the desired technological achievements in time and at acceptable cost levels. Technology development programs that meet certain criteria are capitalized and amortized over the expected useful lives.Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.Cash Generating Units (CGUs)A CGU represent the lowest level of independent revenue generated by the assets.The group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the Maritime segment, Aftersales segment and the industrial segment. The industrial segment is divided into three CGUs. The CGUs are:\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyNo intangible assets or goodwill are assigned to the Food Safety CGU and the Aftersales CGU.GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.OtherOther intangible assets include IT systems and technology development acquired through business combinations.Judgments and EstimatesThe decision to capitalize a development program involves management judgment. There are strict rules defining what qualifies for capitalization, and the documentation of the assessment is monitored centrally. Management makes assessment of future market opportunities, ability to successfully achieve the desired technological solution and the time and cost to develop it. These factors may change over time.Judgment is involved when determining the amortization period when assessing impairment or reversal of impairment. Impairment indicators are assessed for individual development projects, other intangible assets, and for cash generating units including goodwill. Impairment testing is performed when impairment indicators have been identified. In addition, goodwill and capitalized development programs that have not been completed are subject to an annual impairment test. The impairment testing involves judgmental assumptions about future market development, cash flows, determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may change over time.Climate Related MattersClimate changes may curtail the expected useful lives of the capitalized assets thereby accelerating depreciation and amortization charges. The Group\u2019s assets are likely to be depreciated and amortized fully over the next 20 years as some assets have already started amortization. The Group does not expect any changes to the useful lives of our capitalized assets. Assessment of effect of useful lives is not considered to be a significant accounting judgment or estimate. However, Vow Group recognize that assessment of useful lives of future capital expenditure may be different, and local climate changes in the future may affect useful lives of certain assets.The expected future cash flows used in the impairment testing are affected by climate changes as the projects the Group will be engaged in the future will change going forward. The projects the Group tender for are based on pipeline of future projects taking into required changes following climate change effects. As the cash flows used in the impairment testing are based on current backlog together with identified projects, the climate changes influence our impairment testing through the projects included in the cashflows used in for impairment testing.Capitalized development 2025Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2025 484.0 47.4 28.6 179.0Additions 37.4 - 1.1Reclassifications -23.0- 2.5 - Translation difference - 0.20 - 0.6Balance as of 31 December 2025 498.4 47.6 32.2 179.6Accumulatted amortisation and impairment Balance as of 1 January 2025-57.2 -20.3 -12.2 - Amortisation -13.0 -3.2 - -4.9 Impairment - - -58.3-61.1 Reclassifications21.1 -2.2 1.60 - Translation difference -1.3 -0.1 - - Balance as of 31 December 2025 -111.5 -27.5 -13.8 -58.3Book value as of 31 December 2025 386.9 20.1 18.4 121.315 years 15 years 10 yearsUseful life Depreciation method Linear Linear LinearCapitalized development 2024Capitalized from business Software Amounts in NOK milliondevelopment combinationsdevelopment Goodwill Historical costBalance as of 1 January 2024 410.4 45.7 27.1 171.5Additions 67.8 1.50 - Translation difference 5.80 1.7 7.5Balance as of 31 December 2024 484.0 47.4 28.6 179.0Accumulated amortisation and impairment Balance as of 1 January 2024 -44.2 -14.7 -7.7 - Amortisation -12.5 -4.9 -4.5 Impairment -0.5 -0.7 - - Balance as of 31 December 2024 -57.2 -20.3 -12.2 0.0Book value as of 31 December 2024 426.8 27.1 16.4 179.07 years 3-20 years Depreciation method LinearLinear Linear",
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"f0__s7__6__80": {
"value": "Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.",
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"f0__s7__6__79-1": {
"value": "Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.OtherOther intangible assets include IT systems and technology development acquired through business combinations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__77": {
"value": "Material Accounting PolicyCapitalized DevelopmentThe technology development at Vow is graded according to a Technology Readiness Level (TRL) consisting of eight phases . Development cost is only capitalized if the product or process is technically and commercially feasible and the business case shows positive net present value according to IAS 38 Intangible Assets. Capitalized development mainly includes internal labour costs in addition to materials for the development program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized development has been amortized on a twenty year straight-line basis based on an assessment that the Group\u2019s development programs clearly differentiating offerings with longer economic benefit. Annual impairment testing is performed in CGUs which contains goodwill. Other CGus are tested when impairment indicators are identified. Assets are written down to recoverable amount if this is lower than book value.Cash Generating Units (CGUs)A CGU represent the lowest level of independent revenue generated by the assets.The group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the Maritime segment, Aftersales segment and the industrial segment. The industrial segment is divided into three CGUs. The CGUs are:\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyNo intangible assets or goodwill are assigned to the Food Safety CGU and the Aftersales CGU.GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.OtherOther intangible assets include IT systems and technology development acquired through business combinations.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__81": {
"value": "GoodwillGoodwill represents the considerations paid more than identifiable assets and liabilities in business combinations. Goodwill has an indefinite useful life and tested for impairment annually, or when impairment indicators are identified.",
"dimensions": {
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"f0__s7__6__84": {
"value": "Note 12 Impairments of AssetsThe outlook for the cruise industry and the land-based industry Vow is focusing on continues to be positive despite geopolitical uncertainty and volatile prices. The Group\u2019s offerings and services are in high demand. Vow has a solid order backlog of projects, especially in the Maritime segment, with balanced risk reward-profiles. In addition, there is high tendering and FEED activity. The Group recognized total impairments of NOK 119.9 million across the Maritime and Industrial segments in 2025. Impairment of individual assets in Maritime and Industrial segments was respectively NOK 23.5 million and 38.1 million. In addition, an impairment of NOK 58.3 was made of goodwill in the industrial segment. The impairments reflect updated assessments of recoverable amounts following changes in technology strategy, project-specific developments, and revised future cash flow expectations.Impairment Testing ModelIndividual AssetsCapitalized development is assessed for impairment triggers to identify development programs where the technological development or commercial outlook for that specific technology no longer justify the book value. Capitalized development programs that have not been completed are subject to impairment testing. The impairment testing of capitalized development includes an update of the future expected cash flows, assessing status of technical achievements and reviewing cost incurred compared to budget to identify if any of the capitalized cost should be expensed. The assets are written down to recoverable amount, if lower than book value. Reversal of impairment is assessed annually for assets previously impaired or when reversal of impairment triggers has been identified.Assets in a Cash Generating Unit (CGU)Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of a cash generating unit (CGU). A CGU represent the lowest level of independent revenue generated by the assets. This is usually the lowest level where separate external market exists for the output from the CGU. Impairment indicators are reviewed for all assets with assessment of market conditions, technological development, change in order backlog, change in discount rate and other elements that may impact the value of the assets in the CGU. Assets are usually tested using the value-in-use approach determined by discounting expected future cash flows. Various sensitivity analysis for change and in future cash flows, growth rate and WACC is performed for the CGUs with limited headroom in the impairment testing. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than book value.GoodwillThe groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers have been identified. The company does not have any other assets than goodwill with indefinite useful lives.Judgment and EstimatesThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of CGUs and WACC, growth rate used for terminal value and other assumptions that may change over time. Future cash flows are uncertain as they are impacted by market developments beyond Vows control. Investment levels in relevant maritime and land-based industries impacts the order backlog. Environmental legislation in addition to related tax benefit schemes, impact the investment levels for land-based investments. These external factors in turn impact in turn the markets which Vow operates.Cash Flow AssumptionsWhen estimating future cash flows, ten years of cash flow for the period 2026 to 2035 have been used as basis for the Circular Solutions and Heat Treatment CGUs. Five years budget and cash flow period (2026-2030) have been used in relation to the Maritime segment. The background for the ten-year budget and cash flow period for Circular Solutions and Heat Treatment is the assessment of the current maturity of these markets as well as considerations of future commercial opportunities in these markets triggered by regulatory and environmental development expectations. The forecasted cash flows are based on firm orders in the backlog and identified prospects in addition to expected service revenue. Right-of-use lease assets are included in the impairment test. Management has defined the growth rate, post-tax discount rate and estimated future cash flows as the most sensitive assumptions in the value-in-use calculation. The forecasted cash flows used in the impairment tests reflect organic growth only. Other parameters in the assessment are the predicted long-term gross margin levels of the services, level of operational expenses and capital expenditure for the maintenance of the asset portfolio.Discount and Growth RateThe WACC used in the impairment testing is shown below.Discount rate and growth rate2025 2024Weighted average cost of capital (WACC) 14.6 14.8Growth rate 2.0 2.0Estimated future cash flows are discounted for their present value using the weighted average cost of capital (WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest rate, a risk premium and average beta value for the peers in the market. A separate WACC has been calculated for each of the CGUs taken into consideration country specific risk premiums and long-term risk-free interest rates. The assumptions described above is used for all the impairment testing for all the CGUs. A growth rate has been applied to calculate the terminal value after the five-year period.Impairment Testing of Individual Assets and CGUsImpairment of individual assets Amounts in NOK million 2025 2024Impairment of intangible assets Circular Solutions38.1 10.7Maritime Solutions 23.5Total impairment 61.6 10.7The company had impairments of individual assets of NOK 61.6 million in 2025 (NOK 10.7 million in 2024). Impairments in the year are related to Circular Solutions (NOK 38.1 million) and Maritime Solutions (NOK 23.5 million) amounting to NOK 61.6 million for assets where technology and commercial outlook no longer justify the value.Cash Generating UnitsThe Group\u2019s operations have been divided into 5 Cash Generating Units (CGU\u2019s) of which one CGU comprises the entire Maritime segment, one CGU entire Aftersales segment and three CGUs within the Industrial segment. These three CGUs are:1. Circular Solutions2. Heat Treatment3. Food SafetyNo intangible assets are assigned to the Food Safety CGU and the Aftersales CGU.GeneralImpairment of NOK 119.9 million was recognised across the Maritime and the Industrial segments of which NOK 58.1 million related to goodwill in the Industrial segment. The impairment of goodwill and intangible assets in the Industrial segment relate to the Circular Solutions Cash Generating Unit (CGU). Impairment of individual assets in the Maritime and Industrial segments amounted to respectively NOK 23.5 million and NOK 38.1 million.Maritime CGUIn the Maritime CGU an impairment of intangible assets of NOK 23.5 million was recognized related to the asset associated with the Microwave Assisted Pyrolysis (MAP) technology. The MAP technology has been discontinued and replaced by the Group\u2019s Electrically Assisted Pyrolysis platform (EAP). The MAP technology will no longer generate future economic benefit and the carrying value has been fully written down.The impairment assessment of the CGU did not identify any impairment.Industrial Solutions segment \u2013 Circular Solutions CGUThe industrial Solutions segment has been divided into three separate CGUs.\u2022 Circular Solutions\u2022 Heat Treatment\u2022 Food SafetyCircular Solutions CGUTotal impairment recognised was NOK 96.4 million, of which NOK 38.1 million is related to intangible assets and NOK 58.3 million related to goodwill.Prior to performing the impairment of the CGU, an individual assessment of the development project portfolio was done. This review resulted in a consideration that updated assessment of recoverable amounts following revised expectations for future economic benefits related to specific projects required individual impairments. The financial projections were driven by considerations of changes in the market assumptions.Heat TreatmentNo impairment was identified in relation to the testing of the Heat Treatment CGU,Impairment Testing of GoodwillThe groups of CGUs identified when testing goodwill represent the level where the synergies are expected to and goodwill monitored. The impairment of goodwill:Impairment of goodwill Amounts in NOK million 2025 2024Circular Solutions 58.3Total impairment 58.3 0.0Capitalised goodwill is related to the Circular Solution and the Heat Treatment CGUs. The book values post impairment is shown below:Amounts in NOK million 2025 202487.1 144.8Investments in Circular Solutions Investments in Heat Treatment 34.2 34.2Total 121.3 179.0AssumptionsA pre-tax rate was used in the calculations. The forecasted cash flows are based on firm orders and an expected share of new contractsSensitivitiesThe impairment testing is affected by changes in demand of Vow\u2019s products and services. External factors such as consumer confidence and environmental policies impact customer\u2019scustomer investment decisions. The testing is also affected by the WACC, growth rates, product mix, cost levelslevels, and the ability of Vow to secure projects as forecasted in the cash flow. Sensitivity tests have been run to key assumptions in the value-in-use calculation to evaluate possible adverse changes. This includes changing the discount rate in addition to reducing the expected future cash flow.The recoverable amounts in book value for all scenarios and for all the CGUs in the goodwill and intangible assets testing in 2025 considering the reported impairment above.The sensitivity tests are presented as follows:EBITDA sensitivity has been assessed in relation to a 2 percentage points change of EBITDA. This is in line with common market practice for IAS 36 impairment sensitivities, in addition to that management considers it represents a reasonably possible adverse change in key assumptions. 2 percentage points reflect a 20% reduction in cash flows from EBITDA. The effect is as follows:EBITDA sensitivity has been assessed in relation to a 2 percent change of EBITDA. The effect is as follows:EBITDA sensitivity EBITDA EBITDA Amounts in NOK millionUpsideDownsideInvestments in Circular Solutions 96.8 -96.8Total 96.8 -96.8WACC sensitivity has been assessed in relation to a 2 percentage points change of WACC. Management considers this to represent a reasonably possible adverse change, considering historical volatility in market inputs used to determine WACC. 2 percentage reflects a 14% reduction of the WACC. The effect is as follows:WACC sensitivity has been assessed in relation to a 2 percent change of WACC. The effect is as follows:WACC sensitivity WACC WACC Amounts in NOK millionUpsideDownsideInvestments in Circular Solutions 68.8 -68.8Total 68.8 -68.8The sensitivity analyses illustrate the following scenarios:\u2022 In Circular Solutions the EBITDA and WACC upside evaluations illustrate that the impairment charge of NOK 58 million to the profit and loss statement would have been deemed not to be necessary.However, the downside EBITDA and WACC evaluations illustrate that the impairment charge would have been increased with respectively NOK 96.8 million and NOK 68.8 million.In Maritime and Heat Treatment, the downside evaluations illustrate the headroom are significantly higher than the downside with consequently no indication of impairment. The upside evaluations have no financial reporting implications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__86-1": {
"value": "The outlook for the cruise industry and the land-based industry Vow is focusing on continues to be positive despite geopolitical uncertainty and volatile prices. The Group\u2019s offerings and services are in high demand. Vow has a solid order backlog of projects, especially in the Maritime segment, with balanced risk reward-profiles. In addition, there is high tendering and FEED activity.Impairment Testing ModelIndividual AssetsCapitalized development is assessed for impairment triggers to identify development programs where the technological development or commercial outlook for that specific technology no longer justify the book value. Capitalized development programs that have not been completed are subject to impairment testing. The impairment testing of capitalized development includes an update of the future expected cash flows, assessing status of technical achievements and reviewing cost incurred compared to budget to identify if any of the capitalized cost should be expensed. The assets are written down to recoverable amount, if lower than book value. Reversal of impairment is assessed annually for assets previously impaired or when reversal of impairment triggers has been identified.Assets in a Cash Generating Unit (CGU)Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of a cash generating unit (CGU). A CGU represent the lowest level of independent revenue generated by the assets. This is usually the lowest level where separate external market exists for the output from the CGU. Impairment indicators are reviewed for all assets with assessment of market conditions, technological development, change in order backlog, change in discount rate and other elements that may impact the value of the assets in the CGU. Assets are usually tested using the value-in-use approach determined by discounting expected future cash flows. Various sensitivity analysis for change and in future cash flows, growth rate and WACC is performed for the CGUs with limited headroom in the impairment testing. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than book value.GoodwillThe groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers have been identified. The company does not have any other assets than goodwill with indefinite useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__85-1": {
"value": "The outlook for the cruise industry and the land-based industry Vow is focusing on continues to be positive despite geopolitical uncertainty and volatile prices. The Group\u2019s offerings and services are in high demand. Vow has a solid order backlog of projects, especially in the Maritime segment, with balanced risk reward-profiles. In addition, there is high tendering and FEED activity.Impairment Testing ModelIndividual AssetsCapitalized development is assessed for impairment triggers to identify development programs where the technological development or commercial outlook for that specific technology no longer justify the book value. Capitalized development programs that have not been completed are subject to impairment testing. The impairment testing of capitalized development includes an update of the future expected cash flows, assessing status of technical achievements and reviewing cost incurred compared to budget to identify if any of the capitalized cost should be expensed. The assets are written down to recoverable amount, if lower than book value. Reversal of impairment is assessed annually for assets previously impaired or when reversal of impairment triggers has been identified.Assets in a Cash Generating Unit (CGU)Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of a cash generating unit (CGU). A CGU represent the lowest level of independent revenue generated by the assets. This is usually the lowest level where separate external market exists for the output from the CGU. Impairment indicators are reviewed for all assets with assessment of market conditions, technological development, change in order backlog, change in discount rate and other elements that may impact the value of the assets in the CGU. Assets are usually tested using the value-in-use approach determined by discounting expected future cash flows. Various sensitivity analysis for change and in future cash flows, growth rate and WACC is performed for the CGUs with limited headroom in the impairment testing. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than book value.GoodwillThe groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers have been identified. The company does not have any other assets than goodwill with indefinite useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__89": {
"value": "Note 13 Trade and Other ReceivablesJudgments and EstimatesJudgment is involved when determining the impact of losses on receivables and customer contract assets. The impairment is based on individual assessments of each customer and default risk in the industry and the country which the customer operates in line with the expected credit loss method (ECL). The material part of the customers of the Group are large, international companies with low credit risk.Other receivables include: Amounts in NOK million 31.12.25 31.12.24VAT receivables 10.1 14.5 Prepaid expenses and other items 21.4 105.0 Receivables \"SkatteFUNN\"/tax benefits - 0.2 1)Subsidies- 0.6 Other items 6.7 7.9 Total 38.2 128.2 1) Subsidies relate to a R&D specific project delivered by the subsidiary Ascodero Robotics S.A.S in partnership with a French industrial player. The project involves the delivery of high-tech robotics to produce and create materials in need of enhanced qualities in regards to strength and weight. The project is subsidised by the French region Haut de France.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__91": {
"value": "Note 14 InventoriesInventory is measured at the lower value of cost and net realizable value. Inventories include spare parts, components, and chemicals held at multiple locations worldwide to support service and maintenance activities. Certain inventory locations are used on a temporary or seasonal basis, reflecting the geographical deployment of vessels and related operational activity.The Group\u2019s inventories also include goods in transit. Goods in transit represent items purchased by the Group for which control has been transferred, but which are yet to be delivered directly from suppliers to customers without physical storage by the Group.Inventories include: Amounts in NOK million 31.12.25 31.12.24 35.3 32.4 Raw MaterialsFinished goods- 1.6 Goods purchased for resale 1.1 4.1 Total inventories at cost 36.5 38.0 During the year, inventory has been written down by NOK 9.9 million due to obsolescence. Of this amount, NOK 5.3 million has been recognised following a reassessment of inventory values resulting from project reprioritizations and lower expected utilisation level. In addition, inventory of NOK 4.6 million has been written down in relation to the closure of a test site in ETIA. The write-downs have been recognised in cost of goods sold.Amounts in NOK million 31.12.25 31.12.24 46.4 38.0 Inventories at costWrite-down recognized in the year -9.9 - Inventories at net realizable value 36.5 38.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__92": {
"value": "Inventory is measured at the lower value of cost and net realizable value. Inventories include spare parts, components, and chemicals held at multiple locations worldwide to support service and maintenance activities. Certain inventory locations are used on a temporary or seasonal basis, reflecting the geographical deployment of vessels and related operational activity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__93": {
"value": "Note 15 Cash and Cash EquivalentsAmounts in NOK million 31.12.25 31.12.24 22.7 41.0 Non-restricted cash Restricted cash 7.8 5.3 Total cash and cash equivalents 30.5 46.3 Available LiquidityAvailable cash and undrawn committed current bank revolving credit facilities amounted to NOK 136.1 million compared to NOK 182.7 million in the previous period, which provides a liquidity buffer for the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__95": {
"value": "Note 16 EquityShare CapitalVow ASA was founded in 2011, and the share capital is NOK 27 247 627. Vow ASA has only one class of shares with equal rights for all shareholders. Holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at general meetings.Treasury SharesTreasury shares are not included in the weighted average number of ordinary shares. Earnings per share have been based on an average of 291 418 466 shares outstanding on 31 December 2025.Amounts in NOK million 31.12.25 31.12.24Number of outstanding shares at 1 January 418 466 291 114 840 871 Number of outstanding shares at 31 December 291 418 466 291 418 466 Nominal value NOK per share at 31 December 0.0935 0.0935 Share capital NOK at 31 December 27 247 627 27 247 627 Vow ASA has one class of shares with equal rights of all shares. Treasury shares Number % shareVow ASA 1 006 667 0.3%DividendThe group did not pay out dividend in 2025.Largest shareholders of Vow ASA > 1%: 31.12.2025 Number % shareMust Invest AS 42 194 851 14.5%DNB Bank ASA 37 181 221 12.8%MP Pensjon PK 10 026 749 3.4%Clearstream Banking S.A. 9 398 959 3.2%The Bank of New York Mellon SA/NV 6 981 154 2.4%Jan Heggelund 5 725 904 2.0%Nordnet Livsforsikring 5 009 478 1.7%Vicama AS 4 928 234 1.7%Ulf Tore Hekneby 4 080 299 1.4%Interactive Brokers LLC 3 280 439 1.1%Total 128 807 288 44.20%Number of shares owned by group management and board of directors: Name Number % share1) Thomas Fredrick Borgen (Chair) 790 000 0.3%Maria Tallaksen (Board Director) 498 529 0.2%Egil Haugsdal (Board Director) 293 636 0.1%Gunnar Pedersen (CEO) 1 000 000 0.3%2)Cecilie Hekneby (CFO) 8 225 598 2.8%Total 1 582 165 3.7%1) Thomas Fredrick Borgen owns shares through his holding company Tfbconsulting AS.2) Cecilie Hekneby owns shares privately as well as shares owned by close associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__96": {
"value": "Share CapitalVow ASA was founded in 2011, and the share capital is NOK 27 247 627. Vow ASA has only one class of shares with equal rights for all shareholders. Holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at general meetings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__94": {
"value": "Treasury SharesTreasury shares are not included in the weighted average number of ordinary shares. Earnings per share have been based on an average of 291 418 466 shares outstanding on 31 December 2025.Amounts in NOK million 31.12.25 31.12.24Number of outstanding shares at 1 January 418 466 291 114 840 871 Number of outstanding shares at 31 December 291 418 466 291 418 466 Nominal value NOK per share at 31 December 0.0935 0.0935 Share capital NOK at 31 December 27 247 627 27 247 627 Vow ASA has one class of shares with equal rights of all shares. Treasury shares Number % shareVow ASA 1 006 667 0.3%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__97": {
"value": "DividendThe group did not pay out dividend in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__98": {
"value": "Note 17 Leases and Investment PropertyThe company leases several office premises in addition to some machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as a right-of property use of assets and lease liability unless the lease is short-term or low-value. Financial Reporting PrinciplesThe lease liability represents the net present value of the lease payments to be made over the remaining lease period. The discount rate is calculated for each lease based on a model that includes credit risk and country risk. The right-of-use asset is depreciated over the lease term. Several property leases contain extension options or cancellation clauses. The non-cancellable lease period is the basis for the lease commitment. Periods covered by the extension or termination options are included when it is reasonably certain that the lease period will be extended. When management has decided to extend the lease period is typically an event that would trigger an updated assessment of the reasonably certain criteria.Right of use assets Amounts in NOK million Properties Equipment Vehicles TotalBalance at 1 January 2025 59.5 10.5 2.2 72.2 Additions 4.9 5.1 0.3 10.1 Depreciation -12.3 -4.7 -0.9 -17.7 Adjustments 2.8 -1.0 -0.2 1.6 Effect of currency exchange rate differences 0.0 -0.1 -0.2 -0.3Balance at 31 December 2025 55.0 9.8 1.2 65.9 Right of use assets Amounts in NOK million Properties Equipment Vehicles TotalBalance at 1 January 2024 65.7 13.5 1.5 80.7 Additions 5.1 0.6 2.1 7.8 Depreciation-11.7 -3.7 -1.2-16.6 Effect of currency exchange rate differences 0.4 0.0 -0.1 0.3 Balance at 31 December 2024 59.5 10.5 2.2 72.2 Set out below are the carrying amounts of lease liabilities and the movements during the period: Amounts in NOK million 31.12.25 31.12.24As at 1 January 75.6 82.7Additions10.0 7.8Interest expense IFRS 16 4.5 4.5Payments-19.2 -19.7 Currency effects0.10.3As at 31 December 70.9 75.6 Current lease liabilities 14.4 15.0 Non-current lease liabilities 56.5 60.6 Total 70.9 75.6 Lease liabilities are discounted with interest rates between 3.26 and 7.62 percent depending on lifetime and lease type.Maturity analysis - contractual undiscounted cash flows Amounts in NOK million 20252026 14.4 2027 12.1 2028 10.6 After 2029 33.8 Other effects in the statement of profit and loss Amounts in NOK million 2025 2024 4.5 4.5 Interest expenseExpense relating to short-term leases 5.4 6.0 Leases with a lease term less than 12 months are accounted for as short-term leases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__99": {
"value": "Financial Reporting PrinciplesThe lease liability represents the net present value of the lease payments to be made over the remaining lease period. The discount rate is calculated for each lease based on a model that includes credit risk and country risk. The right-of-use asset is depreciated over the lease term. Several property leases contain extension options or cancellation clauses. The non-cancellable lease period is the basis for the lease commitment. Periods covered by the extension or termination options are included when it is reasonably certain that the lease period will be extended. When management has decided to extend the lease period is typically an event that would trigger an updated assessment of the reasonably certain criteria.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__105": {
"value": "Note 18 Contingent LiabilitiesMaterial Accounting PolicyA provision is a liability with uncertain timing and outcome. Provisions are recognized when cash outflows are considered probable; the amount can be reliably estimated, and the obligation is a result of a past event. All provisions are presented as short-term as they are part of the operational cycle.A contingent liability is a possible obligation that arises from past events that typically depend on a future event outside the company\u2019s control, for example a court decision. A provision is made when it is considered probable that cash outflow will take place, and the obligation can be measured reliably.Judgments and EstimatesThe provisions are estimated based on several assumptions and are highly judgmental in nature. No contingent liabilities have been identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__101": {
"value": "Note 18 Contingent LiabilitiesMaterial Accounting PolicyA provision is a liability with uncertain timing and outcome. Provisions are recognized when cash outflows are considered probable; the amount can be reliably estimated, and the obligation is a result of a past event. All provisions are presented as short-term as they are part of the operational cycle.A contingent liability is a possible obligation that arises from past events that typically depend on a future event outside the company\u2019s control, for example a court decision. A provision is made when it is considered probable that cash outflow will take place, and the obligation can be measured reliably.Judgments and EstimatesThe provisions are estimated based on several assumptions and are highly judgmental in nature. No contingent liabilities have been identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__102": {
"value": "Material Accounting PolicyA provision is a liability with uncertain timing and outcome. Provisions are recognized when cash outflows are considered probable; the amount can be reliably estimated, and the obligation is a result of a past event. All provisions are presented as short-term as they are part of the operational cycle.A contingent liability is a possible obligation that arises from past events that typically depend on a future event outside the company\u2019s control, for example a court decision. A provision is made when it is considered probable that cash outflow will take place, and the obligation can be measured reliably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__106": {
"value": "Note 19 Trade and Other PayablesTrade payablesAmounts in NOK million 31.12.25 31.12.24Trade payables 139.9 164.7Total 139.9 164.7Other payables Amounts in NOK million 31.12.25 31.12.24Public duties payable 27.3 13.0 Prepayments from customers 5.5 11.9 Accrued holiday pay and remuneration 18.1 17.2 1) Short term loan \u2013 related parties (ETIA) - - Other payables and accruals for incurred costs 25.4 20.8 Total 76.2 62.9 1) See note 16.Accrued operating costs mainly relate to cost accruals, salary and holiday pay for own employees and cost for hired personnel.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__109-1": {
"value": "Note 20 Financial Risk Management and Exposures The objective of financial risk management is to manage and control financial risk exposures to increase the predictability of earnings and minimize the potential adverse effects on the company\u2019s financial performance. The company is exposed to currency risk, interest rate risk, credit risk, liquidity risk and price risk.Risk ManagementRisk management of financial risk is performed in every project and is the responsibility of the project manager. They cooperate with the finance management team to identify, evaluate and hedge risk. The Group has established procedures for overall risk management, including the identification, assessment and monitoring of financial risks, in accordance with policies approved by the Board of Directors. Risk management activities are integrated into operational and project level processes and are supported by the finance function to ensure consistent application across the Group.Geopolitical UnrestThe continuous unstable geopolitical situation has affected the financial markets over the recent years, leading to volatile commodity prices, fear of inflation and global supply constraints. The unstable situation generally increases the financial risk.\u2022 Currency risk: Over the recent years we have seen increased volatility in the currency market. Currency variation clauses, multi-currency contract formats, escalation mechanisms, contingency buffers included in the tender prices, and currency options are used to mitigate the contingent currency exposures in tenders.\u2022 Credit risk: Operational challenges due to restrictions on mobility and volatile commodity prices.\u2022 Liquidity risk: The current market uncertainty has increased the liquidity risk. However, solid order backlog and strong generation from operations is paramount to secure a strong balance sheet and visibility.\u2022 The company has established procedures for overall risk managementCurrency RiskVow has international operations and is exposed to currency risk on commercial transactions, assets and liabilities whenpayments and revenues are denominated in currencies other than the functional currency of the respective entity. The main risk is related to the timing of payments to vendors versus collections from customers. The company does not enter derivate instruments. The company\u2019s exposure to currency risk is primarily related to EUR and USD.The Vow policy requires that all key entities identify and mitigate currency exposure in all contracts. Vow manages the currency risk in the tender periods including a contingency in the tender price. The Group has a currency risk exposure in relation to legacy contracts where contingency provisions historically have not been included. However, such provisions have since been established to minimize potential risk of currency fluctuations. The applied method involves monthly re-evaluation of the provisioned currency contingency, reflecting any variations in the period ending rate(s) and its\u2019 effect on un-invoiced contract revenue. Exposure to Currency RiskThe net exposures as of 31 December 2025 are shown in the following table. A bank deposit in a currency different from the functional currency of the entity represents an exposure for the Group: Estimated forecasted cash flows in the table are calculated based on maturity assessments of as this is the best estimate of future revenue and cost in foreign currencies. The net exposure is closely monitored by the management.31.12.25 31.12.24Amounts in currency millionEURO USD GBP SEK EURO USD GBP SEKBank deposits1.0 0.7 0.0 0.0 0.6 0.7 0.0 0.0Balance sheet exposure Forecasted receipts from customers 10.9 7.2 0.0 2.9 8.5 6.8 0.0 11.7Forecasted payments to vendors 5.8 4.8 0.0 0.9 6.8 1.8 0.0 7.1Cash flow exposure 5.1 2.4 0.0 2.0 1.7 5.1 0.0 4.7Net exposure in currency 6.1 3.1 0.0 2.0 2.4 5.8 0.0 4.7Net exposure in NOK 72.5 31.4 0.0 2.2 28.1 68.0 0.0 4.8Sensitivity Analysis \u2013 Currency Translation of SubsidiariesA change in foreign currency rates will also impact the income statement and balance sheet when translating the foreign Vow companies into the presentation currency which is NOK. The effect of the change in various currencies will impact the consolidated financial statements in the following manner:31.12.25Current translation of subsidiaries Revenue increase EBIT increase Profit (loss) Equity increase Amounts in currency million(decrease) (decrease)before tax(decrease)5.3 19.5EURO 10 percent strengthening -3.3 -3.7 USD 10 percent strengthening 12.61.20.8 0.5Interest Rate RiskThe company\u2019s interest rate exposure mainly arises from the Group\u2019s external bank debt position. An increase of 100 basis points in interest rates would have increased (decreased) equity and profit and loss by the amounts on the table below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.The Group\u2019s net interest-bearing debt (NIBD) 2025 2024392.0 394.5Interest-bearing debt Cash and cash equivalents 30.5 46.3Net interest bearing debt 361.4 348.2Increased interest Decreased interest Increase/ decrease in rate effect on profit rate effect on profit Sensitivity-Interest ratebasis points +/- 100before tax before tax-36.1 36.1Based on net interest bearing debt 31.12.2025 Based on net interest bearing debt 31.12.2024 -34.8 34.8A decrease of 100 basis points in interest rates would have had the equal, but opposite effect on the amounts, on the basis that all other variables remain constant.Note 27 Climate RiskThere have not been identified any material impacts on judgment and estimates on climate risk in the 2025 financial report. The Group considers the impact of climate change when assessing going concern and capital expenditure commitments. While there are no identified immediate or short-term impacts form climate change, the Group are aware of the ever-changing risks and opportunities related to the climate change. Management will regularly assess this risk against judgment and estimates made in preparation of the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__108-1": {
"value": "Note 20 Financial Risk Management and Exposures The objective of financial risk management is to manage and control financial risk exposures to increase the predictability of earnings and minimize the potential adverse effects on the company\u2019s financial performance. The company is exposed to currency risk, interest rate risk, credit risk, liquidity risk and price risk.Risk ManagementRisk management of financial risk is performed in every project and is the responsibility of the project manager. They cooperate with the finance management team to identify, evaluate and hedge risk. The Group has established procedures for overall risk management, including the identification, assessment and monitoring of financial risks, in accordance with policies approved by the Board of Directors. Risk management activities are integrated into operational and project level processes and are supported by the finance function to ensure consistent application across the Group.Geopolitical UnrestThe continuous unstable geopolitical situation has affected the financial markets over the recent years, leading to volatile commodity prices, fear of inflation and global supply constraints. The unstable situation generally increases the financial risk.\u2022 Currency risk: Over the recent years we have seen increased volatility in the currency market. Currency variation clauses, multi-currency contract formats, escalation mechanisms, contingency buffers included in the tender prices, and currency options are used to mitigate the contingent currency exposures in tenders.\u2022 Credit risk: Operational challenges due to restrictions on mobility and volatile commodity prices.\u2022 Liquidity risk: The current market uncertainty has increased the liquidity risk. However, solid order backlog and strong generation from operations is paramount to secure a strong balance sheet and visibility.\u2022 The company has established procedures for overall risk managementCurrency RiskVow has international operations and is exposed to currency risk on commercial transactions, assets and liabilities whenpayments and revenues are denominated in currencies other than the functional currency of the respective entity. The main risk is related to the timing of payments to vendors versus collections from customers. The company does not enter derivate instruments. The company\u2019s exposure to currency risk is primarily related to EUR and USD.The Vow policy requires that all key entities identify and mitigate currency exposure in all contracts. Vow manages the currency risk in the tender periods including a contingency in the tender price. The Group has a currency risk exposure in relation to legacy contracts where contingency provisions historically have not been included. However, such provisions have since been established to minimize potential risk of currency fluctuations. The applied method involves monthly re-evaluation of the provisioned currency contingency, reflecting any variations in the period ending rate(s) and its\u2019 effect on un-invoiced contract revenue. Exposure to Currency RiskThe net exposures as of 31 December 2025 are shown in the following table. A bank deposit in a currency different from the functional currency of the entity represents an exposure for the Group: Estimated forecasted cash flows in the table are calculated based on maturity assessments of as this is the best estimate of future revenue and cost in foreign currencies. The net exposure is closely monitored by the management.31.12.25 31.12.24Amounts in currency millionEURO USD GBP SEK EURO USD GBP SEKBank deposits1.0 0.7 0.0 0.0 0.6 0.7 0.0 0.0Balance sheet exposure Forecasted receipts from customers 10.9 7.2 0.0 2.9 8.5 6.8 0.0 11.7Forecasted payments to vendors 5.8 4.8 0.0 0.9 6.8 1.8 0.0 7.1Cash flow exposure 5.1 2.4 0.0 2.0 1.7 5.1 0.0 4.7Net exposure in currency 6.1 3.1 0.0 2.0 2.4 5.8 0.0 4.7Net exposure in NOK 72.5 31.4 0.0 2.2 28.1 68.0 0.0 4.8Sensitivity Analysis \u2013 Currency Translation of SubsidiariesA change in foreign currency rates will also impact the income statement and balance sheet when translating the foreign Vow companies into the presentation currency which is NOK. The effect of the change in various currencies will impact the consolidated financial statements in the following manner:31.12.25Current translation of subsidiaries Revenue increase EBIT increase Profit (loss) Equity increase Amounts in currency million(decrease) (decrease)before tax(decrease)5.3 19.5EURO 10 percent strengthening -3.3 -3.7 USD 10 percent strengthening 12.61.20.8 0.5Interest Rate RiskThe company\u2019s interest rate exposure mainly arises from the Group\u2019s external bank debt position. An increase of 100 basis points in interest rates would have increased (decreased) equity and profit and loss by the amounts on the table below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.The Group\u2019s net interest-bearing debt (NIBD) 2025 2024392.0 394.5Interest-bearing debt Cash and cash equivalents 30.5 46.3Net interest bearing debt 361.4 348.2Increased interest Decreased interest Increase/ decrease in rate effect on profit rate effect on profit Sensitivity-Interest ratebasis points +/- 100before tax before tax-36.1 36.1Based on net interest bearing debt 31.12.2025 Based on net interest bearing debt 31.12.2024 -34.8 34.8A decrease of 100 basis points in interest rates would have had the equal, but opposite effect on the amounts, on the basis that all other variables remain constant.Credit RiskCredit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial instruments fails to meet contractual obligations.Trade Receivables and Contract AssetsThe Group\u2019s major customers are highly rated companies where the credit risk is limited. Risk related to lower rated companies is monitored closely. The maximum exposure to credit risk at the reporting date equals the book value of each category of financial assets. The company does not hold collateral as security.Liquidity RiskLiquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity reserves to meet its liabilities when due. The term loan with DNB of NOK 184.1 matures on 4 August 2027. The group obtained a viewer for the 12 months rolling NIBD/adjusted EBITDA ratio covenant requirement at year end 2025. (see note 21). As the waiver was not unconditional for the next 12 months, the entire loan facility has been classified as a short-term loan.Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding for adequate amount of credit facilities and the ability to close out market positions. Management monitors weekly and monthly forecasts of the company\u2019s liquidity forecast based on expected cash flows. Due to the dynamic nature of the underlying business, the company\u2019s management maintains availability under committed credit lines in addition to cash. Financial Liabilities and the Period in Which They Mature31 December 2025Amounts in NOK million0-6 months 6-12 months 1-5 years1) Payments on long term borrowings - - 254.5Current borrowings 26.4 26.4 - Trade creditors 205.4 - -Bank overdraft facility- 21.9 Trade finance facility 65.4 - Other current liabilities 20.8 - -Total 252.5 113.6 254.51) NOK 184.1 million of the long term borrowing relates to the DNB term loan with due date 04.08.2026 , see note 13Pricing RiskVow is exposed to fluctuations in market prices for key materials, components, and services. These variations can influence project profitability, particularly in long-duration contracts. To mitigate this risk, the company incorporates fixed-price escalation clauses during the bid and negotiation phase, ensuring greater price predictability when delivering a series of vessels. Where appropriate, contract pricing is also linked to relevant market indices, allowing adjustments that reflect actual economic developments. Together, these measures help stabilize cost structures, safeguard margins, and support more reliable financial forecasting across the project portfolio. For ongoing projects, both contracts characterised as new and legacy, we maintain and re-evaluate an individual risk registry for each project monthly. The identified risks are then quantified by calculating the economic consequence and probability of occurrence.Note 21 Capital Management Investment PolicyVows\u2019 capital management targets an investment selection process which considers not only Vows weighted average cost of capital and strategic orientation, but also external factors such as market expectations and extrinsic risk factors. This selection process is coupled with a centralized approval process for all capital expenditure by the Group.Funding PolicyVow has a strong focus on liquidity to meet its working capital needs short-term and to ensure a long-term solution for its financial obligations long-term. As of 31 December 2025, the liquidity reserve amounted to NOK 136.1 million compared to NOK 182.7 million in the prior year. It was composed of an undrawn credit facility, cash in bank accounts, and bank deposits. The cash position is NOK 30.5 million as of 31 December 2025, compared to NOK 46.3 million at 31 December 2024.Funding of OperationsThe Group\u2019s funding policy is based on ensuring sufficient liquidity and financial flexibility to support ongoing operations and strategic priorities. Cash management and funding activities are coordinated at group level to ensure efficient allocation of liquidity, improved control of capital structure, and optimized funding terms. The group has increased its utilization of the overdraft and trade finance facilities with NOK 77.1 million in 2025 from NOK 87.3 million to 164.4 million.BorrowingThe Group\u2019s net interest-bearing debt (NIBD)31.12.25 31.12.24 184.1 262.3 Term Loan Other Borrowings 43.5 44.9 Balance 31 December 227.6 307.2 Hereof:Non-current borrowings 33.7 254.5Current borrowings 193.9 52.7The Term Loan carries interest at three-month NIBOR plus 3.4% per annum. In addition, a payment-in-kind (PIK) interest of 3% per annum is accrued on the outstanding loan balance. The PIK interest is accrued and becomes payable upon the Term Loan Maturity. The Term Loan Matures on 4 August 2027. The PIK interest clause was terminated as of 28 February 2026.Other borrowings carry interest rates between 4.3% and 7.95% per annum.Bank overdraft / trade finance facility Amounts in NOK million 31.12.25 31.12.24Main Overdraft Facility 58.6 3.9 Trade finance Facility 80.4 65.5 2nd Overdraft facility 25.4 17.9 Total bank overdraft 164.4 87.3 The Group has two bank overdraft facilities, one in Scanship and one in CHE. Scanship has a bank overdraft facility with a limit of NON NOK 160 million, as well as a trade finance facility with a limit of NOK 80 million. CHE has a bank overdraft facility with a limit of NOK 30 million. Total overdraft facilities are NOK 270 million. As of 31 December 2025, undrawn credit facilities amounted to NOK 105.6 million.Covenants DNB facilityThe Group obtained a waiver for the 12 months rolling NIBD/adjusted EBITDA ratio covenant requirement at reporting date 18 December 2025. The waiver was not unconditional for the next 12 months; hence the loan is classified as current borrowings. Subsequent to the quarter, on 24 February 2026, the Group agreed to a new covenant structure with DNB and received a waiver for Q1 2026 for 12 months rolling NIBD/adjusted EBITDA ratio covenant and DSCR covenant, and for Q2 DSCR covenant.The financing facilities agreement has the following covenants::\u2022 Last twelve months adjusted Interest-bearing debt for 2nd quarter of 2026 should be below 6.75x, below 3.5x from 3rd quarter of 2026 and below 3.0x from 1st quarter of 2027 until maturity of the Term Loan. \u2022 The company\u2019s interest cover ratio shall not be less than 0.8x, calculated from adjusted EBITDA to net finance costs and loan payments from 3rd quarter 2026, rising to 1.0x from 1st quarter of 2027.\u2022 The company\u2019s equity ratio should be no less than 15% from the 1st quarter of 2026 and 20% from the 1st quarter of 2027.\u2022 The company's available liquidity shall be at a minimum of NOK 40 million at all times.Assets PledgedBook value of assets securing the bank loan and overdraft facilities:Amounts in NOK million31.12.25 31.12.24Property, plant and equipment 14.8 17.1 Intangible assets 18.7 18.6 Inventory 35.3 52.0 Trade receivables 151.4 181.8 Total value of assets pledged 220.2 269.5 Bank overdraft Reconciliation of liabilities from financing activities / Trade finance Leasing Amounts in NOK million Borrowingsfacilityliabilities Total1 January 2025 307.2 87.3 75.6 470.1 Proceeds from borrowings 30.3 - - 30.3 Repayment of borrowings-109.9 - - -109.9Payment of lease liabilities - - -14.7 -14.7Net use of bank overdraft and trade finance facility - 77.1 - 77.1 Total 227.6 164.4 60.9 452.9 Non-cash changesNew leasing contracts - 10.0 10.0 Effect of exchange differences- 0.2 0.2 Total non-cash changes - - 10.1 10.1 31 December 2025 227.59 164.4 71.0 463.0 Bank overdraft Reconciliation of liabilities from financing activities / Trade finance Leasing Amounts in NOK million Borrowingsfacilityliabilities Total1 January 2024 427.6 211.6 82.7 721.9 Proceeds from borrowings 111.5 - - 111.5 Repayment of borrowings-234.4 - - -234.4Payment of lease liabilities - - -15.2 -15.2Net use of bank overdraft and trade finance facility - -124.3 - -124.3Total 304.7 87.3 67.5 459.5 Non-cash changesNew leasing contracts - - 7.8 7.8 Effect of exchange differences 2.5 - 0.3 2.8 Total non-cash changes 2.5 - 8.1 10.6 31 December 2024 307.2 87.3 75.6 470.1Note 22 Financial Assets and LiabilitiesThe fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.The Fair Value HierarchyThe following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.For financial instruments at fair value, the levels in the hierarchy are:\u2022 Level 1: Fair values based on prices quoted in an active market for identifying assets or liabilities.\u2022 Level 2: Fair values based on price input or price output other than quoted prices. Such prices are derived from observable market transactions in active market for identical assets or liabilities. Level 2 includes currency or interest derivatives and interest bonds, typically when the Group uses forward prices on foreign exchange rates or interest rates as inputs top valuation models.\u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.Level in fair value Amounts in NOK million Category 31.12.25 31.12.24hierarchyFinancial assets: Trade receivables Financial asset measured at amortized cost 171.7 205.8 31)Other receivables Financial asset measured at amortized cost 6.7 7.9 3Cash and cash equivalents Fair value through profit and loss 30.5 46.3 2Total financial assets 208.9 260.1 Financial liabilities: Long term borrowings Financial liabilities measured at amortized cost 33.7 254.5 2Current borrowings Financial liabilities measured at amortized cost 193.9 52.7 2Trade creditorsFinancial liabilities measured at amortized cost 139.9 205.4 3Bank overdraft facility Financial liabilities measured at amortized cost 84.0 21.9 2Trade finance facility Financial liabilities measured at amortized cost 80.4 65.4 22)Other current liabilities Financial liabilities measured at amortized cost 25.4 20.8 3Total financial liabilities 557.2 620.7 All amounts in the table are booked values.31 December 2025Amounts in NOK million0-6 months 6-12 months 1-5 years1) Payments on long term borrowings - - 33.7 Current borrowings 28.6 31.0 134.3 Trade creditors 139.9 - - Bank overdraft facility - 84.0 Trade finance facility- 80.4 - Other current liabilities 25.4 - - Total 193.9 195.3 168.0 1) NOK 184.1million of the short term and long term borrowing relates to the DNB term loan with due date 04.08.2027 , see note 22",
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"value": "Note 20 Financial Risk Management and Exposures The objective of financial risk management is to manage and control financial risk exposures to increase the predictability of earnings and minimize the potential adverse effects on the company\u2019s financial performance. The company is exposed to currency risk, interest rate risk, credit risk, liquidity risk and price risk.Risk ManagementRisk management of financial risk is performed in every project and is the responsibility of the project manager. They cooperate with the finance management team to identify, evaluate and hedge risk. The Group has established procedures for overall risk management, including the identification, assessment and monitoring of financial risks, in accordance with policies approved by the Board of Directors. Risk management activities are integrated into operational and project level processes and are supported by the finance function to ensure consistent application across the Group.Geopolitical UnrestThe continuous unstable geopolitical situation has affected the financial markets over the recent years, leading to volatile commodity prices, fear of inflation and global supply constraints. The unstable situation generally increases the financial risk.\u2022 Currency risk: Over the recent years we have seen increased volatility in the currency market. Currency variation clauses, multi-currency contract formats, escalation mechanisms, contingency buffers included in the tender prices, and currency options are used to mitigate the contingent currency exposures in tenders.\u2022 Credit risk: Operational challenges due to restrictions on mobility and volatile commodity prices.\u2022 Liquidity risk: The current market uncertainty has increased the liquidity risk. However, solid order backlog and strong generation from operations is paramount to secure a strong balance sheet and visibility.\u2022 The company has established procedures for overall risk managementCurrency RiskVow has international operations and is exposed to currency risk on commercial transactions, assets and liabilities whenpayments and revenues are denominated in currencies other than the functional currency of the respective entity. The main risk is related to the timing of payments to vendors versus collections from customers. The company does not enter derivate instruments. The company\u2019s exposure to currency risk is primarily related to EUR and USD.The Vow policy requires that all key entities identify and mitigate currency exposure in all contracts. Vow manages the currency risk in the tender periods including a contingency in the tender price. The Group has a currency risk exposure in relation to legacy contracts where contingency provisions historically have not been included. However, such provisions have since been established to minimize potential risk of currency fluctuations. The applied method involves monthly re-evaluation of the provisioned currency contingency, reflecting any variations in the period ending rate(s) and its\u2019 effect on un-invoiced contract revenue. Exposure to Currency RiskThe net exposures as of 31 December 2025 are shown in the following table. A bank deposit in a currency different from the functional currency of the entity represents an exposure for the Group: Estimated forecasted cash flows in the table are calculated based on maturity assessments of as this is the best estimate of future revenue and cost in foreign currencies. The net exposure is closely monitored by the management.31.12.25 31.12.24Amounts in currency millionEURO USD GBP SEK EURO USD GBP SEKBank deposits1.0 0.7 0.0 0.0 0.6 0.7 0.0 0.0Balance sheet exposure Forecasted receipts from customers 10.9 7.2 0.0 2.9 8.5 6.8 0.0 11.7Forecasted payments to vendors 5.8 4.8 0.0 0.9 6.8 1.8 0.0 7.1Cash flow exposure 5.1 2.4 0.0 2.0 1.7 5.1 0.0 4.7Net exposure in currency 6.1 3.1 0.0 2.0 2.4 5.8 0.0 4.7Net exposure in NOK 72.5 31.4 0.0 2.2 28.1 68.0 0.0 4.8Sensitivity Analysis \u2013 Currency Translation of SubsidiariesA change in foreign currency rates will also impact the income statement and balance sheet when translating the foreign Vow companies into the presentation currency which is NOK. The effect of the change in various currencies will impact the consolidated financial statements in the following manner:31.12.25Current translation of subsidiaries Revenue increase EBIT increase Profit (loss) Equity increase Amounts in currency million(decrease) (decrease)before tax(decrease)5.3 19.5EURO 10 percent strengthening -3.3 -3.7 USD 10 percent strengthening 12.61.20.8 0.5Interest Rate RiskThe company\u2019s interest rate exposure mainly arises from the Group\u2019s external bank debt position. An increase of 100 basis points in interest rates would have increased (decreased) equity and profit and loss by the amounts on the table below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.The Group\u2019s net interest-bearing debt (NIBD) 2025 2024392.0 394.5Interest-bearing debt Cash and cash equivalents 30.5 46.3Net interest bearing debt 361.4 348.2Increased interest Decreased interest Increase/ decrease in rate effect on profit rate effect on profit Sensitivity-Interest ratebasis points +/- 100before tax before tax-36.1 36.1Based on net interest bearing debt 31.12.2025 Based on net interest bearing debt 31.12.2024 -34.8 34.8A decrease of 100 basis points in interest rates would have had the equal, but opposite effect on the amounts, on the basis that all other variables remain constant.Credit RiskCredit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial instruments fails to meet contractual obligations.Trade Receivables and Contract AssetsThe Group\u2019s major customers are highly rated companies where the credit risk is limited. Risk related to lower rated companies is monitored closely. The maximum exposure to credit risk at the reporting date equals the book value of each category of financial assets. The company does not hold collateral as security.Liquidity RiskLiquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity reserves to meet its liabilities when due. The term loan with DNB of NOK 184.1 matures on 4 August 2027. The group obtained a viewer for the 12 months rolling NIBD/adjusted EBITDA ratio covenant requirement at year end 2025. (see note 21). As the waiver was not unconditional for the next 12 months, the entire loan facility has been classified as a short-term loan.Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding for adequate amount of credit facilities and the ability to close out market positions. Management monitors weekly and monthly forecasts of the company\u2019s liquidity forecast based on expected cash flows. Due to the dynamic nature of the underlying business, the company\u2019s management maintains availability under committed credit lines in addition to cash. Financial Liabilities and the Period in Which They Mature31 December 2025Amounts in NOK million0-6 months 6-12 months 1-5 years1) Payments on long term borrowings - - 254.5Current borrowings 26.4 26.4 - Trade creditors 205.4 - -Bank overdraft facility- 21.9 Trade finance facility 65.4 - Other current liabilities 20.8 - -Total 252.5 113.6 254.51) NOK 184.1 million of the long term borrowing relates to the DNB term loan with due date 04.08.2026 , see note 13Pricing RiskVow is exposed to fluctuations in market prices for key materials, components, and services. These variations can influence project profitability, particularly in long-duration contracts. To mitigate this risk, the company incorporates fixed-price escalation clauses during the bid and negotiation phase, ensuring greater price predictability when delivering a series of vessels. Where appropriate, contract pricing is also linked to relevant market indices, allowing adjustments that reflect actual economic developments. Together, these measures help stabilize cost structures, safeguard margins, and support more reliable financial forecasting across the project portfolio. For ongoing projects, both contracts characterised as new and legacy, we maintain and re-evaluate an individual risk registry for each project monthly. The identified risks are then quantified by calculating the economic consequence and probability of occurrence.Note 27 Climate RiskThere have not been identified any material impacts on judgment and estimates on climate risk in the 2025 financial report. The Group considers the impact of climate change when assessing going concern and capital expenditure commitments. While there are no identified immediate or short-term impacts form climate change, the Group are aware of the ever-changing risks and opportunities related to the climate change. Management will regularly assess this risk against judgment and estimates made in preparation of the Group\u2019s financial statements.",
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"f0__s7__6__110": {
"value": "Currency RiskVow has international operations and is exposed to currency risk on commercial transactions, assets and liabilities whenpayments and revenues are denominated in currencies other than the functional currency of the respective entity. The main risk is related to the timing of payments to vendors versus collections from customers. The company does not enter derivate instruments. The company\u2019s exposure to currency risk is primarily related to EUR and USD.The Vow policy requires that all key entities identify and mitigate currency exposure in all contracts. Vow manages the currency risk in the tender periods including a contingency in the tender price. The Group has a currency risk exposure in relation to legacy contracts where contingency provisions historically have not been included. However, such provisions have since been established to minimize potential risk of currency fluctuations. The applied method involves monthly re-evaluation of the provisioned currency contingency, reflecting any variations in the period ending rate(s) and its\u2019 effect on un-invoiced contract revenue. Exposure to Currency RiskThe net exposures as of 31 December 2025 are shown in the following table. A bank deposit in a currency different from the functional currency of the entity represents an exposure for the Group: Estimated forecasted cash flows in the table are calculated based on maturity assessments of as this is the best estimate of future revenue and cost in foreign currencies. The net exposure is closely monitored by the management.31.12.25 31.12.24Amounts in currency millionEURO USD GBP SEK EURO USD GBP SEKBank deposits1.0 0.7 0.0 0.0 0.6 0.7 0.0 0.0Balance sheet exposure Forecasted receipts from customers 10.9 7.2 0.0 2.9 8.5 6.8 0.0 11.7Forecasted payments to vendors 5.8 4.8 0.0 0.9 6.8 1.8 0.0 7.1Cash flow exposure 5.1 2.4 0.0 2.0 1.7 5.1 0.0 4.7Net exposure in currency 6.1 3.1 0.0 2.0 2.4 5.8 0.0 4.7Net exposure in NOK 72.5 31.4 0.0 2.2 28.1 68.0 0.0 4.8Sensitivity Analysis \u2013 Currency Translation of SubsidiariesA change in foreign currency rates will also impact the income statement and balance sheet when translating the foreign Vow companies into the presentation currency which is NOK. The effect of the change in various currencies will impact the consolidated financial statements in the following manner:31.12.25Current translation of subsidiaries Revenue increase EBIT increase Profit (loss) Equity increase Amounts in currency million(decrease) (decrease)before tax(decrease)5.3 19.5EURO 10 percent strengthening -3.3 -3.7 USD 10 percent strengthening 12.61.20.8 0.5",
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"value": "Credit RiskCredit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial instruments fails to meet contractual obligations.Trade Receivables and Contract AssetsThe Group\u2019s major customers are highly rated companies where the credit risk is limited. Risk related to lower rated companies is monitored closely. The maximum exposure to credit risk at the reporting date equals the book value of each category of financial assets. The company does not hold collateral as security.",
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"value": "Liquidity RiskLiquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity reserves to meet its liabilities when due. The term loan with DNB of NOK 184.1 matures on 4 August 2027. The group obtained a viewer for the 12 months rolling NIBD/adjusted EBITDA ratio covenant requirement at year end 2025. (see note 21). As the waiver was not unconditional for the next 12 months, the entire loan facility has been classified as a short-term loan.Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding for adequate amount of credit facilities and the ability to close out market positions. Management monitors weekly and monthly forecasts of the company\u2019s liquidity forecast based on expected cash flows. Due to the dynamic nature of the underlying business, the company\u2019s management maintains availability under committed credit lines in addition to cash. Financial Liabilities and the Period in Which They Mature31 December 2025Amounts in NOK million0-6 months 6-12 months 1-5 years1) Payments on long term borrowings - - 254.5Current borrowings 26.4 26.4 - Trade creditors 205.4 - -Bank overdraft facility- 21.9 Trade finance facility 65.4 - Other current liabilities 20.8 - -Total 252.5 113.6 254.51) NOK 184.1 million of the long term borrowing relates to the DNB term loan with due date 04.08.2026 , see note 13Pricing RiskVow is exposed to fluctuations in market prices for key materials, components, and services. These variations can influence project profitability, particularly in long-duration contracts. To mitigate this risk, the company incorporates fixed-price escalation clauses during the bid and negotiation phase, ensuring greater price predictability when delivering a series of vessels. Where appropriate, contract pricing is also linked to relevant market indices, allowing adjustments that reflect actual economic developments. Together, these measures help stabilize cost structures, safeguard margins, and support more reliable financial forecasting across the project portfolio. For ongoing projects, both contracts characterised as new and legacy, we maintain and re-evaluate an individual risk registry for each project monthly. The identified risks are then quantified by calculating the economic consequence and probability of occurrence.Funding PolicyVow has a strong focus on liquidity to meet its working capital needs short-term and to ensure a long-term solution for its financial obligations long-term. As of 31 December 2025, the liquidity reserve amounted to NOK 136.1 million compared to NOK 182.7 million in the prior year. It was composed of an undrawn credit facility, cash in bank accounts, and bank deposits. The cash position is NOK 30.5 million as of 31 December 2025, compared to NOK 46.3 million at 31 December 2024.Funding of OperationsThe Group\u2019s funding policy is based on ensuring sufficient liquidity and financial flexibility to support ongoing operations and strategic priorities. Cash management and funding activities are coordinated at group level to ensure efficient allocation of liquidity, improved control of capital structure, and optimized funding terms.",
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"f0__s7__6__118": {
"value": "Note 21 Capital Management Investment PolicyVows\u2019 capital management targets an investment selection process which considers not only Vows weighted average cost of capital and strategic orientation, but also external factors such as market expectations and extrinsic risk factors. This selection process is coupled with a centralized approval process for all capital expenditure by the Group.Funding PolicyVow has a strong focus on liquidity to meet its working capital needs short-term and to ensure a long-term solution for its financial obligations long-term. As of 31 December 2025, the liquidity reserve amounted to NOK 136.1 million compared to NOK 182.7 million in the prior year. It was composed of an undrawn credit facility, cash in bank accounts, and bank deposits. The cash position is NOK 30.5 million as of 31 December 2025, compared to NOK 46.3 million at 31 December 2024.Funding of OperationsThe Group\u2019s funding policy is based on ensuring sufficient liquidity and financial flexibility to support ongoing operations and strategic priorities. Cash management and funding activities are coordinated at group level to ensure efficient allocation of liquidity, improved control of capital structure, and optimized funding terms. The group has increased its utilization of the overdraft and trade finance facilities with NOK 77.1 million in 2025 from NOK 87.3 million to 164.4 million.BorrowingThe Group\u2019s net interest-bearing debt (NIBD)31.12.25 31.12.24 184.1 262.3 Term Loan Other Borrowings 43.5 44.9 Balance 31 December 227.6 307.2 Hereof:Non-current borrowings 33.7 254.5Current borrowings 193.9 52.7The Term Loan carries interest at three-month NIBOR plus 3.4% per annum. In addition, a payment-in-kind (PIK) interest of 3% per annum is accrued on the outstanding loan balance. The PIK interest is accrued and becomes payable upon the Term Loan Maturity. The Term Loan Matures on 4 August 2027. The PIK interest clause was terminated as of 28 February 2026.Other borrowings carry interest rates between 4.3% and 7.95% per annum.Bank overdraft / trade finance facility Amounts in NOK million 31.12.25 31.12.24Main Overdraft Facility 58.6 3.9 Trade finance Facility 80.4 65.5 2nd Overdraft facility 25.4 17.9 Total bank overdraft 164.4 87.3 The Group has two bank overdraft facilities, one in Scanship and one in CHE. Scanship has a bank overdraft facility with a limit of NON NOK 160 million, as well as a trade finance facility with a limit of NOK 80 million. CHE has a bank overdraft facility with a limit of NOK 30 million. Total overdraft facilities are NOK 270 million. As of 31 December 2025, undrawn credit facilities amounted to NOK 105.6 million.Covenants DNB facilityThe Group obtained a waiver for the 12 months rolling NIBD/adjusted EBITDA ratio covenant requirement at reporting date 18 December 2025. The waiver was not unconditional for the next 12 months; hence the loan is classified as current borrowings. Subsequent to the quarter, on 24 February 2026, the Group agreed to a new covenant structure with DNB and received a waiver for Q1 2026 for 12 months rolling NIBD/adjusted EBITDA ratio covenant and DSCR covenant, and for Q2 DSCR covenant.The financing facilities agreement has the following covenants::\u2022 Last twelve months adjusted Interest-bearing debt for 2nd quarter of 2026 should be below 6.75x, below 3.5x from 3rd quarter of 2026 and below 3.0x from 1st quarter of 2027 until maturity of the Term Loan. \u2022 The company\u2019s interest cover ratio shall not be less than 0.8x, calculated from adjusted EBITDA to net finance costs and loan payments from 3rd quarter 2026, rising to 1.0x from 1st quarter of 2027.\u2022 The company\u2019s equity ratio should be no less than 15% from the 1st quarter of 2026 and 20% from the 1st quarter of 2027.\u2022 The company's available liquidity shall be at a minimum of NOK 40 million at all times.Assets PledgedBook value of assets securing the bank loan and overdraft facilities:Amounts in NOK million31.12.25 31.12.24Property, plant and equipment 14.8 17.1 Intangible assets 18.7 18.6 Inventory 35.3 52.0 Trade receivables 151.4 181.8 Total value of assets pledged 220.2 269.5 Bank overdraft Reconciliation of liabilities from financing activities / Trade finance Leasing Amounts in NOK million Borrowingsfacilityliabilities Total1 January 2025 307.2 87.3 75.6 470.1 Proceeds from borrowings 30.3 - - 30.3 Repayment of borrowings-109.9 - - -109.9Payment of lease liabilities - - -14.7 -14.7Net use of bank overdraft and trade finance facility - 77.1 - 77.1 Total 227.6 164.4 60.9 452.9 Non-cash changesNew leasing contracts - 10.0 10.0 Effect of exchange differences- 0.2 0.2 Total non-cash changes - - 10.1 10.1 31 December 2025 227.59 164.4 71.0 463.0 Bank overdraft Reconciliation of liabilities from financing activities / Trade finance Leasing Amounts in NOK million Borrowingsfacilityliabilities Total1 January 2024 427.6 211.6 82.7 721.9 Proceeds from borrowings 111.5 - - 111.5 Repayment of borrowings-234.4 - - -234.4Payment of lease liabilities - - -15.2 -15.2Net use of bank overdraft and trade finance facility - -124.3 - -124.3Total 304.7 87.3 67.5 459.5 Non-cash changesNew leasing contracts - - 7.8 7.8 Effect of exchange differences 2.5 - 0.3 2.8 Total non-cash changes 2.5 - 8.1 10.6 31 December 2024 307.2 87.3 75.6 470.1",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__113": {
"value": "Note 21 Capital Management Investment PolicyVows\u2019 capital management targets an investment selection process which considers not only Vows weighted average cost of capital and strategic orientation, but also external factors such as market expectations and extrinsic risk factors. This selection process is coupled with a centralized approval process for all capital expenditure by the Group.Funding PolicyVow has a strong focus on liquidity to meet its working capital needs short-term and to ensure a long-term solution for its financial obligations long-term. As of 31 December 2025, the liquidity reserve amounted to NOK 136.1 million compared to NOK 182.7 million in the prior year. It was composed of an undrawn credit facility, cash in bank accounts, and bank deposits. The cash position is NOK 30.5 million as of 31 December 2025, compared to NOK 46.3 million at 31 December 2024.Funding of OperationsThe Group\u2019s funding policy is based on ensuring sufficient liquidity and financial flexibility to support ongoing operations and strategic priorities. Cash management and funding activities are coordinated at group level to ensure efficient allocation of liquidity, improved control of capital structure, and optimized funding terms. The group has increased its utilization of the overdraft and trade finance facilities with NOK 77.1 million in 2025 from NOK 87.3 million to 164.4 million.BorrowingThe Group\u2019s net interest-bearing debt (NIBD)31.12.25 31.12.24 184.1 262.3 Term Loan Other Borrowings 43.5 44.9 Balance 31 December 227.6 307.2 Hereof:Non-current borrowings 33.7 254.5Current borrowings 193.9 52.7The Term Loan carries interest at three-month NIBOR plus 3.4% per annum. In addition, a payment-in-kind (PIK) interest of 3% per annum is accrued on the outstanding loan balance. The PIK interest is accrued and becomes payable upon the Term Loan Maturity. The Term Loan Matures on 4 August 2027. The PIK interest clause was terminated as of 28 February 2026.Other borrowings carry interest rates between 4.3% and 7.95% per annum.Bank overdraft / trade finance facility Amounts in NOK million 31.12.25 31.12.24Main Overdraft Facility 58.6 3.9 Trade finance Facility 80.4 65.5 2nd Overdraft facility 25.4 17.9 Total bank overdraft 164.4 87.3 The Group has two bank overdraft facilities, one in Scanship and one in CHE. Scanship has a bank overdraft facility with a limit of NON NOK 160 million, as well as a trade finance facility with a limit of NOK 80 million. CHE has a bank overdraft facility with a limit of NOK 30 million. Total overdraft facilities are NOK 270 million. As of 31 December 2025, undrawn credit facilities amounted to NOK 105.6 million.Covenants DNB facilityThe Group obtained a waiver for the 12 months rolling NIBD/adjusted EBITDA ratio covenant requirement at reporting date 18 December 2025. The waiver was not unconditional for the next 12 months; hence the loan is classified as current borrowings. Subsequent to the quarter, on 24 February 2026, the Group agreed to a new covenant structure with DNB and received a waiver for Q1 2026 for 12 months rolling NIBD/adjusted EBITDA ratio covenant and DSCR covenant, and for Q2 DSCR covenant.The financing facilities agreement has the following covenants::\u2022 Last twelve months adjusted Interest-bearing debt for 2nd quarter of 2026 should be below 6.75x, below 3.5x from 3rd quarter of 2026 and below 3.0x from 1st quarter of 2027 until maturity of the Term Loan. \u2022 The company\u2019s interest cover ratio shall not be less than 0.8x, calculated from adjusted EBITDA to net finance costs and loan payments from 3rd quarter 2026, rising to 1.0x from 1st quarter of 2027.\u2022 The company\u2019s equity ratio should be no less than 15% from the 1st quarter of 2026 and 20% from the 1st quarter of 2027.\u2022 The company's available liquidity shall be at a minimum of NOK 40 million at all times.Assets PledgedBook value of assets securing the bank loan and overdraft facilities:Amounts in NOK million31.12.25 31.12.24Property, plant and equipment 14.8 17.1 Intangible assets 18.7 18.6 Inventory 35.3 52.0 Trade receivables 151.4 181.8 Total value of assets pledged 220.2 269.5 Bank overdraft Reconciliation of liabilities from financing activities / Trade finance Leasing Amounts in NOK million Borrowingsfacilityliabilities Total1 January 2025 307.2 87.3 75.6 470.1 Proceeds from borrowings 30.3 - - 30.3 Repayment of borrowings-109.9 - - -109.9Payment of lease liabilities - - -14.7 -14.7Net use of bank overdraft and trade finance facility - 77.1 - 77.1 Total 227.6 164.4 60.9 452.9 Non-cash changesNew leasing contracts - 10.0 10.0 Effect of exchange differences- 0.2 0.2 Total non-cash changes - - 10.1 10.1 31 December 2025 227.59 164.4 71.0 463.0 Bank overdraft Reconciliation of liabilities from financing activities / Trade finance Leasing Amounts in NOK million Borrowingsfacilityliabilities Total1 January 2024 427.6 211.6 82.7 721.9 Proceeds from borrowings 111.5 - - 111.5 Repayment of borrowings-234.4 - - -234.4Payment of lease liabilities - - -15.2 -15.2Net use of bank overdraft and trade finance facility - -124.3 - -124.3Total 304.7 87.3 67.5 459.5 Non-cash changesNew leasing contracts - - 7.8 7.8 Effect of exchange differences 2.5 - 0.3 2.8 Total non-cash changes 2.5 - 8.1 10.6 31 December 2024 307.2 87.3 75.6 470.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f0__s7__6__116": {
"value": "Funding PolicyVow has a strong focus on liquidity to meet its working capital needs short-term and to ensure a long-term solution for its financial obligations long-term. As of 31 December 2025, the liquidity reserve amounted to NOK 136.1 million compared to NOK 182.7 million in the prior year. It was composed of an undrawn credit facility, cash in bank accounts, and bank deposits. The cash position is NOK 30.5 million as of 31 December 2025, compared to NOK 46.3 million at 31 December 2024.Funding of OperationsThe Group\u2019s funding policy is based on ensuring sufficient liquidity and financial flexibility to support ongoing operations and strategic priorities. Cash management and funding activities are coordinated at group level to ensure efficient allocation of liquidity, improved control of capital structure, and optimized funding terms.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__121": {
"value": "Note 22 Financial Assets and LiabilitiesThe fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.The Fair Value HierarchyThe following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.For financial instruments at fair value, the levels in the hierarchy are:\u2022 Level 1: Fair values based on prices quoted in an active market for identifying assets or liabilities.\u2022 Level 2: Fair values based on price input or price output other than quoted prices. Such prices are derived from observable market transactions in active market for identical assets or liabilities. Level 2 includes currency or interest derivatives and interest bonds, typically when the Group uses forward prices on foreign exchange rates or interest rates as inputs top valuation models.\u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.Level in fair value Amounts in NOK million Category 31.12.25 31.12.24hierarchyFinancial assets: Trade receivables Financial asset measured at amortized cost 171.7 205.8 31)Other receivables Financial asset measured at amortized cost 6.7 7.9 3Cash and cash equivalents Fair value through profit and loss 30.5 46.3 2Total financial assets 208.9 260.1 Financial liabilities: Long term borrowings Financial liabilities measured at amortized cost 33.7 254.5 2Current borrowings Financial liabilities measured at amortized cost 193.9 52.7 2Trade creditorsFinancial liabilities measured at amortized cost 139.9 205.4 3Bank overdraft facility Financial liabilities measured at amortized cost 84.0 21.9 2Trade finance facility Financial liabilities measured at amortized cost 80.4 65.4 22)Other current liabilities Financial liabilities measured at amortized cost 25.4 20.8 3Total financial liabilities 557.2 620.7 All amounts in the table are booked values.31 December 2025Amounts in NOK million0-6 months 6-12 months 1-5 years1) Payments on long term borrowings - - 33.7 Current borrowings 28.6 31.0 134.3 Trade creditors 139.9 - - Bank overdraft facility - 84.0 Trade finance facility- 80.4 - Other current liabilities 25.4 - - Total 193.9 195.3 168.0 1) NOK 184.1million of the short term and long term borrowing relates to the DNB term loan with due date 04.08.2027 , see note 22",
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"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__120": {
"value": "Note 22 Financial Assets and LiabilitiesThe fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.The Fair Value HierarchyThe following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.For financial instruments at fair value, the levels in the hierarchy are:\u2022 Level 1: Fair values based on prices quoted in an active market for identifying assets or liabilities.\u2022 Level 2: Fair values based on price input or price output other than quoted prices. Such prices are derived from observable market transactions in active market for identical assets or liabilities. Level 2 includes currency or interest derivatives and interest bonds, typically when the Group uses forward prices on foreign exchange rates or interest rates as inputs top valuation models.\u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.Level in fair value Amounts in NOK million Category 31.12.25 31.12.24hierarchyFinancial assets: Trade receivables Financial asset measured at amortized cost 171.7 205.8 31)Other receivables Financial asset measured at amortized cost 6.7 7.9 3Cash and cash equivalents Fair value through profit and loss 30.5 46.3 2Total financial assets 208.9 260.1 Financial liabilities: Long term borrowings Financial liabilities measured at amortized cost 33.7 254.5 2Current borrowings Financial liabilities measured at amortized cost 193.9 52.7 2Trade creditorsFinancial liabilities measured at amortized cost 139.9 205.4 3Bank overdraft facility Financial liabilities measured at amortized cost 84.0 21.9 2Trade finance facility Financial liabilities measured at amortized cost 80.4 65.4 22)Other current liabilities Financial liabilities measured at amortized cost 25.4 20.8 3Total financial liabilities 557.2 620.7 All amounts in the table are booked values.31 December 2025Amounts in NOK million0-6 months 6-12 months 1-5 years1) Payments on long term borrowings - - 33.7 Current borrowings 28.6 31.0 134.3 Trade creditors 139.9 - - Bank overdraft facility - 84.0 Trade finance facility- 80.4 - Other current liabilities 25.4 - - Total 193.9 195.3 168.0 1) NOK 184.1million of the short term and long term borrowing relates to the DNB term loan with due date 04.08.2027 , see note 22",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__119": {
"value": "Note 22 Financial Assets and LiabilitiesThe fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.The Fair Value HierarchyThe following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.For financial instruments at fair value, the levels in the hierarchy are:\u2022 Level 1: Fair values based on prices quoted in an active market for identifying assets or liabilities.\u2022 Level 2: Fair values based on price input or price output other than quoted prices. Such prices are derived from observable market transactions in active market for identical assets or liabilities. Level 2 includes currency or interest derivatives and interest bonds, typically when the Group uses forward prices on foreign exchange rates or interest rates as inputs top valuation models.\u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.Level in fair value Amounts in NOK million Category 31.12.25 31.12.24hierarchyFinancial assets: Trade receivables Financial asset measured at amortized cost 171.7 205.8 31)Other receivables Financial asset measured at amortized cost 6.7 7.9 3Cash and cash equivalents Fair value through profit and loss 30.5 46.3 2Total financial assets 208.9 260.1 Financial liabilities: Long term borrowings Financial liabilities measured at amortized cost 33.7 254.5 2Current borrowings Financial liabilities measured at amortized cost 193.9 52.7 2Trade creditorsFinancial liabilities measured at amortized cost 139.9 205.4 3Bank overdraft facility Financial liabilities measured at amortized cost 84.0 21.9 2Trade finance facility Financial liabilities measured at amortized cost 80.4 65.4 22)Other current liabilities Financial liabilities measured at amortized cost 25.4 20.8 3Total financial liabilities 557.2 620.7 All amounts in the table are booked values.31 December 2025Amounts in NOK million0-6 months 6-12 months 1-5 years1) Payments on long term borrowings - - 33.7 Current borrowings 28.6 31.0 134.3 Trade creditors 139.9 - - Bank overdraft facility - 84.0 Trade finance facility- 80.4 - Other current liabilities 25.4 - - Total 193.9 195.3 168.0 1) NOK 184.1million of the short term and long term borrowing relates to the DNB term loan with due date 04.08.2027 , see note 22",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__125": {
"value": "The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.The Fair Value HierarchyThe following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.For financial instruments at fair value, the levels in the hierarchy are:\u2022 Level 1: Fair values based on prices quoted in an active market for identifying assets or liabilities.\u2022 Level 2: Fair values based on price input or price output other than quoted prices. Such prices are derived from observable market transactions in active market for identical assets or liabilities. Level 2 includes currency or interest derivatives and interest bonds, typically when the Group uses forward prices on foreign exchange rates or interest rates as inputs top valuation models.\u2022 Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Note 23 SubsidiariesVow has 9 subsidiaries in 4 countries at the reporting date of 31 December 2025. The Group holds the majority of shares in all subsidiaries. Ownership equals the percentage of voting shares.The following subsidiaries are included in the consolidated financial statements:Date of acquisition/Country of% equity andCompanyincorporation incorporation voting shareScanship Americas Inc. 01.12.2008 USA 100%Scanship AS01.03.2007 Norway 100%Scanship Poland Sp z o.o. 12.08.2014 Poland 100%ETIA Ecotechnologies S.A.S 15.10.2019 France 100%Vow Industries AS07.11.2019 Norway 100%C. H. Evensen Industriovner AS 30.03.2022 Norway 100%Vow Automation AS15.07.2022 Norway 50.1%Vow US Inc. 10.04.2022 USA 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__126": {
"value": "Note 23 SubsidiariesVow has 9 subsidiaries in 4 countries at the reporting date of 31 December 2025. The Group holds the majority of shares in all subsidiaries. Ownership equals the percentage of voting shares.The following subsidiaries are included in the consolidated financial statements:Date of acquisition/Country of% equity andCompanyincorporation incorporation voting shareScanship Americas Inc. 01.12.2008 USA 100%Scanship AS01.03.2007 Norway 100%Scanship Poland Sp z o.o. 12.08.2014 Poland 100%ETIA Ecotechnologies S.A.S 15.10.2019 France 100%Vow Industries AS07.11.2019 Norway 100%C. H. Evensen Industriovner AS 30.03.2022 Norway 100%Vow Automation AS15.07.2022 Norway 50.1%Vow US Inc. 10.04.2022 USA 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f0__s7__6__131": {
"value": "Note 24 Investments in CompaniesFinancial Reporting PrinciplesAssociates are entities where the company has significant influence but not control or joint control (usually between twenty and fifty percent of voting power). Interests in associates are accounted for using the equity method. The investment is initially recognized at cost (including transaction costs) and subsequently increased or decreased to recognize the share of the profit or loss. The profit or loss for the equity-accounted investees is presented as financial income or expenses. Net result from shares in associated company in 2025 was a loss o f NOK 1.8 million.Investment in Associates (Equity Accounted Investees)In June 2025, the Group sold the remaining shares (24.74%) in Vow Green Metals AS. In the period up to the sale of the shares, then investment was accounted for using the equity method.The following table illustrates the summarized financial information of the Group\u2019s investment in Vow Green Metals AS (now Arbion Industrier AS):Amounts in NOK million 31.12.25 31.12.24Current assets - 83.1Non-current assets - 353.2Current liabilities - -72.9Non-current liabilities- -175.5Equity - 188.0Group\u2019s share in equity - 46.5Goodwill - 10.9Group\u2019s carrying amount of the investment - 57.4Group\u2019s carrying amount of the investment included share of loss for the year - 34.6Amounts in NOK million 31.12.25 31.12.24Revenue 0.0 0.2 Operational expenses -48.2 -31.9Depreciation and amortization -4.3 -5.6 Finance income 0.4 0.1 Finance costs -4.0 -2.7Profit before tax -56.1 -39.9Income tax expense - - Profit for the year -56.1 -39.9Total comprehensive income for the year -56.1 -39.9Net effect of shares in associated company -1.8 -65.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__130": {
"value": "Note 24 Investments in CompaniesFinancial Reporting PrinciplesAssociates are entities where the company has significant influence but not control or joint control (usually between twenty and fifty percent of voting power). Interests in associates are accounted for using the equity method. The investment is initially recognized at cost (including transaction costs) and subsequently increased or decreased to recognize the share of the profit or loss. The profit or loss for the equity-accounted investees is presented as financial income or expenses. Net result from shares in associated company in 2025 was a loss o f NOK 1.8 million.Investment in Associates (Equity Accounted Investees)In June 2025, the Group sold the remaining shares (24.74%) in Vow Green Metals AS. In the period up to the sale of the shares, then investment was accounted for using the equity method.The following table illustrates the summarized financial information of the Group\u2019s investment in Vow Green Metals AS (now Arbion Industrier AS):Amounts in NOK million 31.12.25 31.12.24Current assets - 83.1Non-current assets - 353.2Current liabilities - -72.9Non-current liabilities- -175.5Equity - 188.0Group\u2019s share in equity - 46.5Goodwill - 10.9Group\u2019s carrying amount of the investment - 57.4Group\u2019s carrying amount of the investment included share of loss for the year - 34.6Amounts in NOK million 31.12.25 31.12.24Revenue 0.0 0.2 Operational expenses -48.2 -31.9Depreciation and amortization -4.3 -5.6 Finance income 0.4 0.1 Finance costs -4.0 -2.7Profit before tax -56.1 -39.9Income tax expense - - Profit for the year -56.1 -39.9Total comprehensive income for the year -56.1 -39.9Net effect of shares in associated company -1.8 -65.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__128": {
"value": "Financial Reporting PrinciplesAssociates are entities where the company has significant influence but not control or joint control (usually between twenty and fifty percent of voting power). Interests in associates are accounted for using the equity method. The investment is initially recognized at cost (including transaction costs) and subsequently increased or decreased to recognize the share of the profit or loss. The profit or loss for the equity-accounted investees is presented as financial income or expenses. Net result from shares in associated company in 2025 was a loss o f NOK 1.8 million.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__132": {
"value": "Note 25 Related Parties and Key Management CompensationMaterial Accounting PolicyRelated party relationships are defined to be entities under joint control or significant influence by the Group, and companies outside the Group that are under control (Either directly or indirectly) or joint control by the owners having significant influence over Vow. The management and the Board of Directors are also related parties.Related Parties of the GroupRelated parties can enter transactions with the company that would potentially not be undertaken between unrelated parties. Transactions with the related parties are based on negotiations between the parties, and management believes that the agreed prices is a fair approximation to arm\u2019s length principles.Significant Related Parties Transactions(a) Purchases Amounts in NOK million 2025 2024By Purchase of services fromDescription of services 1) ETIA Ecotechnologies S.A.S SCFI S.A.S Management/consultancy N/A 2.0 2)ETIA Ecotechnologies S.A.S LSI S.A.S Property rental/lease N/A 1.5 3)Vow ASA Reiten & Co AS Consultancy N/A 0.0 4)Scanship AS Advokatfirmaet Skagast\u00f8l AS Consultancy services N/A 1.1 C.H. Evensen C.H. Evensen managementProperty rental/lease 2.3 2.3 Total 2.3 6.8 1) LCFI S.A.S is wholly owned by Mr Olivier Lepez, co-founder of ETIA Ecotechnologies S.A.S1) SCFI S.A.S is wholly owned by Mr Philippe Sajet, co-founder of ETIA Ecotechnologies S.A.S. 2) LSI S.A.S is equally owned by Mr Olivier Lepez, co-founder of ETIA Ecotechnologies S.A.S and Mr Philippe Sajet. 3) Reiten & Co AS is wholly owned by R Investment Company AS. R Investment Company AS owned a shareholding of 27.1% in Vow ASA until 11 September 2024 when the majority of the shares where sold to DNB ASA. In addition, Narve Reiten, chair of the board up until 19 November 2024, owns 53.29% of the shares in R Investment Company AS. The consultancy service purchased in 2023 is related to the sale of Ascodero, see note 4.4) Advokatfirmaet Skagast\u00f8l AS is a general partnership where Susanne Schneider, member of the board of directors until 19 November 2024, is one of the partners. Transactions from SCFI S.A.S relates to work performed by co-founder and CEO of ETIA group Olivier Lepez and co-founder and CTO Philippe Sajet. The transactions are based on a fixed rate according to agreements, and allocated to \"Salary expenses\" in the P&L. LSI S.A.S is the owner of the office and warehouse facilities ETIA Ecotechnologies rents, and is recognized as an item under IFRS 16. See further information regarding IFRS 16 in note 23 Leases.(b) SalesAmounts in NOK millionSale to Description 2025 20241) ETIA Ecotechnologies S.A.S LCFI S.A.S Management/consultancy - - ETIA Ecotechnologies S.A.S SCFI S.A.S Management/consultancy 2) Vow ASA Vow Green Metals AS Intangible assets - - Scanship AS Vow Green Metals AS Process equipment - 40.9 3)Scanship ASVGM Operat\u00f8r AS Process equipment- 17.7 Total - 65.1 1) LCFI S.A.S is wholly owned by Mr Olivier Lepez, co-founder of ETIA Ecotechnologies S.A.S. Transactions from LCFI S.A.S relates to work performed by Mr. Olivier Lepez. The transactions are based on a fixed rate according to agreements, and allocated to \"Salary expenses\" in the P&L. 2) Vow Green Metals AS is an associate to Vow ASA with a shareholding of 30.4% in the company.3) VGM Operat\u00f8r AS is a wholly owned subsidiary of Vow Green Metals AS. The company was registered 01.03.2023 and will lease and operate buildings and related infrastructure at Vow Green Metals AS' bio-carbon production facility. 4) Sale of consultancy service to Vow Green Metals AS is related to a service agreement entered into with Scanship AS, which is the subsidiary of its largest shareholder, Vow ASA. The service comprise accounting, IT and administration services. The group have entered into a contract with Vow Green Metals AS and VGM Operat\u00f8r AS for delivery of process equipment for the Follum project. According to which the group will deliver process equipment and engineering support to Vow Green Metals\u2019 bio-carbon plant at Follum in Norway. Gross margin from process equipment delivery is eliminated proportionally to the group shareholding in the company. The elimination is included as share of net profit from associated company under financial items. See note 17 for more information. The group also delivers consultancy service to Vow Green Metals AS. The services comprise accounting, IT and administration services. On 31 March 2023, Vow Green Metals AS (\"VGM\"), in which the Company holds 24.74% of the shares (as lessee) and Scanship, which is an indirect wholly owned subsidiary of the Company (as supplier) entered into a purchase agreement in the total amount of NOK 58,375,000 regarding the delivery of, inter alia, a processing plant for the production of bio-carbon (\"Line 7\"). VGM is financing the acquisition of Line 7 through a leasing agreement (the \"Line 7 Leasing Agreement\") with SpareBank 1 SR-Bank ASA (as owner). As part of this arrangement, Scanship (as guarantor) has entered into a repurchase guarantee agreement with SpareBank 1 SR-Bank ASA, pursuant to which Scanship is obligated to repurchase Line 7 from SpareBank 1 SR-Bank ASA for a purchase price of NOK 20,000,000, with the addition of any fees or other charges that are or may be imposed by the authorities regarding such transfer, in the event that SpareBank 1 SR-Bank ASA declares that VGM is in default under the Line 7 Leasing Agreement (the \"Repurchase Guarantee\"). The Repurchase Guarantee is valid for two years from June 2024. SpareBank 1 SR-Bank ASA may at its sole discretion transfer its rights and obligations under the Line 7 Leasing Agreement to another bank or financing institution. Further, Scanship cannot raise objections against SpareBank 1 SR-Bank ASA renting out Line 7 to a new lessee during the lease period.(c) Other Transactions Amounts in NOK million 2025 2024By Sale to1)Scanship AS Vow Green Metals AS - 1.6 Scanship ASVow Green Metals AS Interest on loan- 1.2 Total - 2.8 1) Cost sharing with related parties is related to re-invoicing of shared office space at Lysaker Torg 12.d) Balance With Related PartiesAmounts in NOK million31.12.25 31.12.24Receivable inDescription Scanship AS Vow Green Metals ASProcess equipment NA 9.4 Total receivables from related parties - 9.4 Liabilities inDescription ETIA Ecotechnologies S.A.S SCFI S.A.SManagement/consultancy NA 0.1 Total liabilities to related parties - 0.1 Key Management CompensationThe key management personnel of Vow include the Board of Directors and the executive management team. Refer to further description in note 5 and the Managment Remuneration Report available at www.vowasa.com/investors/reports-and-presentations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__133": {
"value": "Material Accounting PolicyRelated party relationships are defined to be entities under joint control or significant influence by the Group, and companies outside the Group that are under control (Either directly or indirectly) or joint control by the owners having significant influence over Vow. The management and the Board of Directors are also related parties.Related Parties of the GroupRelated parties can enter transactions with the company that would potentially not be undertaken between unrelated parties. Transactions with the related parties are based on negotiations between the parties, and management believes that the agreed prices is a fair approximation to arm\u2019s length principles.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__135": {
"value": "Note 26 Audit FeesEY is the auditor of the Group. The table below presents expenses for audit and other services to the auditor. Amounts in NOK million 2025 20Statutory audits 2.4 3.5 Other assurance services 0.4 0.2 1)Other services 0.6 -Total excl. VAT 3.4 3.7 1) Other services include services provided by entities within the auditor\u2019s network",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__138": {
"value": "Note 28 Events After Reporting PeriodOn 24 February 2026, the Group agreed to a new covenant structure with DNB and received a waiver for Q1 2026 for 12 months rolling NIBD/adjusted EBITDA ratio covenant and DSCR covenant, and for Q2 2026 for the DSCR covenant.On 23 February 2026, Vow ASA and its subsidiary Scanship received a purchase order of EUR 27 million from a major European shipyard. The order covers equipment deliveries for four newbuild cruise vessels, which are continuations of an existing vessel platform",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__139": {
"value": "Wergelandsveien 70244 Oslo NORWAY",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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}
}