Slide 1: Moreld Second quarter and first half 2026
Moreld Second quarter and first half 2026 13 August 2026 Speakers: Geir Austigard, Group CEO Trond Rosnes , Group CFO
Slide 2: Disclaimer
Disclaimer Upon engaging with this corporate presentation (the "Presentation"), or participating in any related meeting or presentation, you (herein referred to as the "Recipient") consent to adhere to the stipulated terms, conditions, and limitations. The Presentation is a creation of Moreld ASA (t
Slide 3: Moreld is a full-scale offshore service provider
Moreld is a full-scale offshore service provider 9.8 bNOK 1.1 bNOK ~2 000 ~500 32 Revenue (FY25) 1) Adjusted EBITDA excl. Employees External Offices IFRS 161)2) (FY25) consultants OCEAN INSTALLER MORELD APPLY GLOBAL MARITIME SUBSEA PROJECTS, MARINE, OFFSHORE AND INSTALLATION MAINTENANCE & ENGINEERIN
Slide 4: Riding the subsea wave
CEO perspective Capturing changing market dynamics – Strong outlook Ocean Installer Moreld Apply ↑ Riding the subsea wave ↻ Adapting to deliver Record order intake, bringing Moreld’s backlog Adapting the business after loss of close to 10 billion (incl. awards post quarter end). VEM framework agreem
Slide 5: Strong rebound, with EBITDA exceeding 300 million NOK
KEY FIGURES – Q2 2026 Strong rebound, with EBITDA exceeding 300 million NOK ▪ Significant uptick in activity, supported by the execution of several Q2 REVENUE YTD REVENUE large projects and the return to normal offshore operation 2.5 bNOK 3.9 bNOK ▪ Year to date performance impacted by soft spot mar
Slide 6: Significant de-risking of revenues and activity levels
HEADLINES Significant de-risking of revenues and activity levels ▪ More than a contract: The Bacalhau contract signifies an important breakthrough for Ocean Installer (and Moreld) in the buoyant subsea market in Brazil ▪ Confirming strong relationships: The Balder Next New Wells confirms Moreld’s KE
Slide 7: String of strategic contract awards for Ocean Installer
String of strategic contract awards for Ocean Installer Q3 award Jun 3rd Jun 25th Jun 26th Jul 7th Bacalhau U.K. Decom Balder Next Marine Wave 1 Client 0.5-1 bn NOK Value 0.1-0.5 bn NOK 2+ bn NOK 1-2 bn NOK (upper range) 4.5-year duration + extension option Execution 2027 2028 2029 2030 2027 2028 20
Slide 8: High activity, key awards, record backlog
High activity, key awards, record backlog Ocean Installer Comments Revenues of 1.442 million NOK and EBITDA of 292 million NOK in Q2, reflecting return to normal offshore activity Installation campaigns on the NCS for Equinor and Vår Energi in the quarter, high utilization throughout the quarter Awa
Slide 9: Operational progress amid lower activity
Operational progress amid lower activity Moreld Apply Comments Delivered revenue of 857 million NOK and EBITDA of 21 million in Q2, reflecting fewer projects in execution and transition activities Successfully completed the Eirin tie-back to Gina Krog project together with Ocean Installer, demonstra
Slide 10: Rebound driven by marine operation projects
Rebound driven by marine operation projects Global Maritime Comments Strong rebound in activity and profitability, with revenue of NOK 223 million and EBITDA margin improving to 7% following a soft Q1 Increased Marine Operations activity supported by start-up of the TetraSpar decom and Culzean float
Slide 11: Backlog near record levels with a healthy mix
Backlog near record levels with a healthy mix Backlog by year Contracted backlog by company Backlog as of 30.06.26 Options 495 Contracted* 10,456 1,952 2,063 8,393 3,915 5,947 3,251 3,290 8,393 419 1,644 3,251 3,496 1,646 2026 2027 >2028 Total Ocean Installer Moreld Apply Global Maritime ▪ ~8.4 bill
Slide 12: Financials
Financials Trond Rosnes - CFO
Slide 13: Higher activity and vessel utilization underpin Q2 rebound
Moreld Group financial performance Higher activity and vessel utilization underpin Q2 rebound Revenue Adj. EBITDA excl. IFRS 16 Leverage Ratio 3.9 bn YTD 236 m YTD 0.3x Net Debt 149 m 367 2,664 2,514 13.6% 12.8% 335 2,201 314 2,070 8.6% 6.0% 219 0.6x 1,380 149 363 0.3x 0.3x 0.3x 329 0.2x 178 132 -6.
Slide 14: Strong performance in line with Q2 2025
Ocean Installer financial performance Strong performance in line with Q2 2025 Revenue EBITDA excl. IFRS 16 1.7 bn YTD 155 m YTD 1,442 1,255 23.2% 20.2% 15.7% 11.9% 835 741 291 292 116 99 -50.7% 270 -137 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 EBITDA% EBITDA ▪ Revenue reached 1.44
Slide 15: Temporary margin pressure during transition
Moreld Apply financial performance Temporary margin pressure during transition Revenue EBITDA excl. IFRS 16 1.8 bn YTD 71 m YTD 1,190 1,196 1,095 62 934 54 50 857 44 21 5.2% 4.9% 3.8% 5.4% 2.5% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 EBITDA% EBITDA ▪ Q2 revenue of 857 million NOK
Slide 16: Larger projects supports margin uptick
Global Maritime financial performance Larger projects supports margin uptick Revenue EBITDA excl. IFRS 16 0.4 bn YTD 7 m YTD 213 216 223 193 175 6.7% 5.8% 3.8% 1.1% 13 15 8 -8 2 -4.5% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 EBITDA% EBITDA ▪ Q2 revenue of 223 million NOK, driven b
Slide 17: Working capital level in the low end of normalized levels
Working capital level in the low end of normalized levels Net working capital Comments ▪ Moreld has a capital efficient operating model, Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 consistently operating with negative net working 0 capital -50 -100 ▪ Factoring facility expanded by NOK 150 million -150 during the
Slide 18: Robust balance sheet, with low net debt
Robust balance sheet, with low net debt Breakdown of NIBD 30.06.26 Comments NOK millions ▪ Gross interest-bearing debt consists of unhedged 130 million USD senior secured bond 3,500 issued in February 2025 (NOK 1.290 million end of 3,120 1,141 Q2) 3,000 143 ▪ 200 million NOK in unused credit facilit
Slide 19: Continued deleveraging combined with robust shareholder distributions
Continued deleveraging combined with robust shareholder distributions Net Interest-Bearing Debt Trend Comments Debt and Cash NIBD 1,500 450 ▪ Net interest-bearing debt (NIBD) 400 350 of 149 million NOK at quarter end 1,000 300 250 ▪ NIBD decreased by ~NOK 200 1,313 1,298 1,310 1,268 1,290 200 millio
Slide 20: Cash balance increased, as a result of strong operating cash flow
Cash balance increased, as a result of strong operating cash flow in the quarter Cash flow bridge Comments ▪ Reported EBITDA excl. IFRS 16 was 321 million NOK compared to 4 IFRS EBITDA of 507 million NOK 17 0 89 1,141 ▪ Flat development in working 11 321 143 capital during the quarter 933 ▪ Low leve
Slide 21: EBITDA guidance for 2026 maintained, despite negative Q1 contribution
EBITDA guidance for 2026 maintained, despite negative Q1 contribution OUTLOOK 2026 EBITDA guidance Unchanged ▪ Earnings and profit bounced back in Q2, with activity, vessel utilisation and earnings improving 0.7 – 0.9 bNOK as larger projects move into execution ▪ Order intake during and after the qu
Slide 22: Q&A
Q&A 22
Slide 23: For further information, contact Trond Rosnes
For further information, contact Trond Rosnes - Group CFO trond.rosnes@moreld.com Visit www.moreld.com and connect with us on LinkedIn: www.linkedin.com/company/moreld
Slide 24: Appendix: Key figures
Appendix: Key figures Key figures: (NOK million) Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Revenue 2 514 2 664 3 895 5 568 9 838 EBITDA 507 628 554 1 527 2 225 Adjusted EBITDA excl. IFRS 16 329 363 236 791 1 101 (Less non-recurring cost) EBITDA excl. IFRS 16 322 351 223 768 1 075 Order backlog1
Slide 25: Appendix: EBITDA definitions
Appendix: EBITDA definitions EBITDA (IFRS16) EBITDA excl. IFRS 16 (NGAAP) Adjusted EBITDA excl. IFRS 16 • EBITDA is the abbreviation of • EBITDA exclusive IFRS 16, meaning that • Adjusted EBITDA exclusive IFRS 16, “Earnings Before Interest, Taxes, the impact of lease contracts accounted meaning that