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Vow: All-time-high revenue, profits and backlog in H1 - Nordea

Vow published its H1 report this morning, with strong headline figures. Revenues came in highest ever, along with profits and backlog. Revenue came in at NOK 400m, 7% above our estimate and 4% above consensus. Adjusted EBITDA reached NOK 53m, 7% above us and consensus.

We note that the main beat was in the Landbased segment which was now the highest revenue generator for the first time for Vow, also delivering margins well above our estimates (4 pp). Recurring net income came in at NOK 17m (vs NDA estimate of NOK 28m and consensus of NOK 25m), mainly due to a large negative item in net financials and slightly higher-than-expected depreciation.
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