Slide 1: Moreld Group Fourth quarter 2024
Moreld Group Fourth quarter 2024 February 14th, 2025 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 AS (th
Slide 3: Moreld Group – 2024 summary
Moreld Group – 2024 summary 9.1 bNOK 1 075 mNOK ~2 000 ~800 32 Revenue LTM (2024) 1) Adjusted EBITDA excl. Employees External Offices IFRS 16 LTM 2) (2024) consultants MORELD APPLY OCEAN INSTALLER GLOBAL MARITIME MAINTENANCE & LEADING SUBSEA MARINE, OFFSHORE AND MODIFICATION COMPANY INSTALLATION COM
Slide 4: Q4 2024 Highlights
Q4 2024 Highlights REVENUE ▪ Robust activity levels in Q4 considering North Sea low season and multiple vessel transits to Western African projects 2.4 bNOK ▪ Increased contribution from maintenance & modification projects ▪ Full-year adjusted EBITDA in upper range of guidance, EBITDA* reaching 1,07
Slide 5: Recent Events
Recent Events ▪ Successful IPO in December 2024, raising 950 million NOK SUCCESSFUL IPO AND LISTING ▪ Repaid 80 million USD of interest-bearing debt following the IPO, with an additional 35 million USD repaid after quarter-end ▪ Issued a new 130 million USD bond in the Nordic market in January 2025
Slide 6: Distribution to shareholders
Distribution to shareholders ▪ Moreld has a solid balance sheet with capacity to return shareholder value Updated through dividends and share buybacks policy ▪ The board has resolved to approve an updated dividend policy ▪ Dividends will be paid out on a quarterly basis starting from Q2 2025, subjec
Slide 7: Robust performance driven by maintenance activities on offshore and onshore assets
Robust performance driven by maintenance activities on offshore and onshore assets Moreld Apply Comments 1. Robust performance driven by large Maintenance & Modification (M&M) projects offshore 2. Supported the Draupner maintenance project for Equinor with 90+ offshore personnel mobilized 3. Increas
Slide 8: Delivered results in line with expectations, vessels in transit to new markets during the quarter
Delivered results in line with expectations, vessels in transit to new markets during the quarter Ocean Installer Comments 1. Demonstrated results in line with expectations, activity levels partly impacted by vessel transits and start of new projects 2. Order intake reached NOK 1.1 billion following
Slide 9: Expected seasonal slowdown coinciding with the conclusion of the Hywind Scotland project
Expected seasonal slowdown coinciding with the conclusion of the Hywind Scotland project Global Maritime Comments 1. Expected slowdown in activity driven by lower seasonal demand in the winter and conclusion of large projects 2. Conclusion of major floating wind maintenance project with the reconnec
Slide 10: Solid order backlog from blue chip customers
Solid order backlog from blue chip customers Backlog by year Contracted backlog by company Options Contracted* 12,476 2,535 4,460 4,945 7,149 143 5,326 9,941 2,392 7,006 536 2,934 Moreld Apply Global Maritime Ocean Installer 2025 >2026 Total ▪ 9.9 billion NOK order backlog end of Q4, of which 7 bill
Slide 11: Financials
Financials Trond Rosnes - CFO
Slide 12: Moreld Group financial performance
Moreld Group financial performance Q4 results in line with normal seasonal variations and project cycles Revenue* Adj. EBITDA excl. IFRS 16* Leverage Ratio* 9.1 bn YTD 1 075 m YTD 0.1x (Excl. Capnor) (Excl. Capnor) Net Debt 146 2,516 2,599 2,450 419 2,7 388 1,595 16.7% 1,7 141 15.0% 8.9% 128 0,9 5.2
Slide 13: Moreld Apply financial performance
Moreld Apply financial performance Revenue EBITDA excl. IFRS 16 3.9 bn YTD 318 m YTD 1,223 86 85 911 901 753 58 54 7.7% 9.4% 6.0% 7.0% Q1 24 Q2 24 Q3 24 Q4 24 Q1 24 Q2 24 Q3 24 Q4 24 EBITDA% EBITDA ▪ Q4 revenue of 1,223 million NOK, up 36% ▪ Q4 EBITDA of 85 million NOK which is on par compared to pr
Slide 14: Ocean Installer financial performance
Ocean Installer financial performance Revenue EBITDA excl. IFRS 16 4.5 bn YTD 730 m YTD 1,374 1,442 1,040 306 310 22.3% 21.5% 653 67 48 4.6% 10.3% Q1 24 Q2 24 Q3 24 Q4 24 Q1 24 Q2 24 Q3 24 Q4 24 EBITDA% EBITDA ▪ Q4 revenue of 1,040 million NOK, expected ▪ Q4 EBITDA of 48 million NOK, drop in EBITDA
Slide 15: Global Maritime financial performance
Global Maritime financial performance Revenue EBITDA excl. IFRS 16 0.9 bn YTD 65 m YTD 254 234 213 192 28 25 16 12.0% 8.3% 9.8% -1.9% Q1 24 Q2 24 Q3 24 Q4 24 -4 Q1 24 Q2 24 Q3 24 Q4 24 EBITDA% EBITDA ▪ Q4 revenue of 213 million NOK, with activity ▪ Q4 EBITDA of -4 million NOK, due to lower slowing d
Slide 16: Capital efficient operating model
Capital efficient operating model Development in net working capital Comments ▪ Capital efficient operating model with high share Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 of customer prepayments 0 -100 ▪ Targeting prepayments on all major contracts. NWC position in Q4’23 driven by several large -200 customer p
Slide 17: Low debt levels post-IPO
Low debt levels post-IPO Breakdown of NIBD 31.12.24 Comments NOK millions ▪ Gross interest-bearing debt consists of 145 million USD Senior Secured Notes following the 4,000 3,684 1,500 80 million USD redemption in end of December 3,500 and lease liabilities accounted for under IFRS 16 750 3,000 ▪ 19
Slide 18: Strong underlying cash conversion impacted by one-off financing events
Strong underlying cash conversion impacted by one-off financing events NOK millions 1,500 1,500 107 1,000 874 81 63 232 500 629 154 494 186 258 0 Cash balance EBITDA excl. Change in NWC Capex Bond Outflow from Inflow from Net cash from Net proceeds Other Cash balance 1st January IFRS 16 (as interest
Slide 19: Promising outlook for 2025 supported by a solid order backlog
Promising outlook for 2025 supported by a solid order backlog Outlook ▪ Activity expected to pick up during Q1, with key projects started during Q4 moving from mobilization to execution phase ▪ Award of 50+ exploration licenses on the Norwegian continental shelf is a positive sign for the long-term
Slide 20: Q&A
Q&A 20
Slide 21: For further information, contact Trond Rosnes - Group CFO
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 22: Appendix: Key figures
”*+ moreld 7 la RZ Appendix: Key figures Key figures: (NOK million) Revenue EBITDA Adjusted EBITDA excl. IFRS 16 (Less one-off transaction cost) EBITDA excl. IFRS 16 Order backlog? (Contracted order backlog excl. options) Cash balance Available liquidity (Cash and unused credit facilities) Net inter