Moreld ASA · OSL:MORLD
Moreld ASA — Q3 2026 Earnings Presentation
23 slides from Moreld ASA's earnings presentation, Nov 5, 2026
Slide 1: Moreld Third quarter 2026
Moreld Third quarter 2026 5 November 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) Adjusted EBITDA excl. Employees External Offices IFRS 161) (FY25) consultants OCEAN INSTALLER MORELD APPLY GLOBAL MARITIME SUBSEA PROJECTS, MARINE, OFFSHORE AND INSTALLATION MAINTENANCE & ENGINEERING CON
Slide 4: Improved visibility supports raised 2026 guidance
HEADLINES Improved visibility supports raised 2026 guidance Strong Q3 performance and raised guidance • Revenue of NOK 2.2bn and adjusted EBITDA of NOK 376m, representing a 17% margin • Full-year 2026 EBITDA excl. IFRS 16 guidance raised to NOK 0.85–1.0bn Ocean Installer delivered exceptional projec
Slide 5: Another strong quarter, with EBITDA of 376 million NOK
KEY FIGURES – Q3 2026 Another strong quarter, with EBITDA of 376 million NOK NOK billion Q3 REVENUE YTD REVENUE 2.5 2.1 2.2 2.2 2.2 bNOK 6.1 bNOK 1.4 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 NOK million Q3 Adj. EBITDA* YTD Adj EBITDA* 329 376 178 376 mNOK 612 mNOK 132 -93 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 NOK mill
Slide 6: Operational highlights
Operational highlights Ocean Installer Moreld Apply Global Maritime Strong project execution driving Performance reflecting lower Overall stable activity with softer higher margins and sustained activity levels and restructuring profitability due to lower utilisation vessel utilisation. costs. in se
Slide 7: Backlog growth driven by recent subsea project awards
Backlog Backlog growth driven by recent subsea project awards Backlog development per segment Key awards last twelve months NOK billion Major contracts (2 bNOK+) XX-XX Quarter awarded 11 Q1-26 Q2-26 10 Equinor - EMOD/EPRO Vår Energi - Balder Next Frame agreement M&M projects Subsea installation 9 8.
Slide 8: Commercial outlook and market dynamics
CEO perspective Commercial outlook and market dynamics NOKm Backlog by year Options Contracted Ocean Installer ▪ Backlog at record levels with higher margin ↑ levels compared to the other segments ▪ Result of strong underlying subsea market combined with successful bidding ▪ Significant room to grow
Slide 9: Financials
Financials Trond Rosnes - CFO
Slide 10: Strong Ocean Installer performance drives Q3
Moreld Group financial performance Strong Ocean Installer performance drives Q3 Revenue Adj. EBITDA excl. IFRS 16 Leverage Ratio 6.1 bn YTD 612 m YTD 0.1x 376 Net Debt 73 m 2,514 329 335 2,201 2,213 314 2,070 219 0.6x 1,380 178 132 149 0.3x 0.3x 73 17.0% 0.2x 13.1% 0.1x 8.6% 6.0% -6.7% Q3 25 Q4 25 Q
Slide 11: Project driven business = variable quarterly results
Project driven business = variable quarterly results Adjusted EBITDA excl IFRS 16 per quarter Three cycles Q2–Q3 (summer) Q1 / Q4 (winter) Project timing effect Project cycle – months/quarters Based on Large share of EPCI profit is booked in FY guidance offshore execution phase: close-outs 428 creat
Slide 12: Strong performance, with EBITDA margin above 29%
Ocean Installer financial performance Strong performance, with EBITDA margin above 29% Revenue EBITDA excl. IFRS 16 2.9 bn YTD 514 m YTD 1,442 1,218 29.5% 15.7% 20.2% 11.9% 835 741 292 359 -50.7% 270 116 99 -137 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 EBITDA% EBITDA ▪ Strong perf
Slide 13: Margin pressure continues, transition progressing
Moreld Apply financial performance Margin pressure continues, transition progressing Revenue EBITDA excl. IFRS 16 2.6 bn YTD 80 m YTD 1,196 1,095 54 50 934 857 44 789 21 4.9% 5.4% 10 3.8% 2.5% 1.3% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 EBITDA% EBITDA ▪ Activity remained below l
Slide 14: Stable activity, utilization weighs on margin
Global Maritime financial performance Stable activity, utilization weighs on margin Revenue EBITDA excl. IFRS 16 0.6 bn YTD 15 m YTD 216 223 209 193 175 5.8% 6.7% 3.8% 13 1.1% 15 8 2 -8 -4.5% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 EBITDA% EBITDA ▪ Stable project activity support
Slide 15: Increase in working capital during the quarter, driven by timing effects
Increase in working capital during the quarter, driven by timing effects Net working capital Comments ▪ Moreld has a capital efficient operating model, Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 consistently operating with negative net working 0 capital -50 -100 ▪ Working capital became less negative during the
Slide 16: Robust balance sheet, approaching negative net debt
Robust balance sheet, approaching negative net debt Breakdown of NIBD 30.09.26 Comments NOK millions ▪ Gross interest-bearing debt consists of unhedged 130 million USD senior secured bond 3,000 2,890 1,175 107 issued in February 2025 (NOK 1 248 million end of Q3) 2,500 1,068 ▪ 200 million NOK in unu
Slide 17: Cash balance increased, despite significant outflows including interest payments
Cash balance increased, despite significant outflows including interest payments Cash flow bridge Comments ▪ Reported EBITDA excl. IFRS 16 was 369 million NOK compared to 151 IFRS EBITDA of 587 million NOK 369 17 27 61 1,175 ▪ Working capital increase during 1,141 88 22 14 107 the quarter 143 ▪ Low
Slide 18: Launch of share buyback program
Launch of share buyback program Quarterly distribution and buybacks Disciplined capital allocation QUARTERLY DISTRIBUTIONS (NOK per share) 1. Maintain financial flexibility and a robust balance NEW sheet, net debt to LTM EBITDA below 1.0x Buyback of up to 100 2. Return 40-60% of adjusted net profit
Slide 19: EBITDA guidance for 2026 raised, outlook for 2027 promising
EBITDA guidance for 2026 raised, outlook for 2027 promising OUTLOOK 2026 EBITDA excl. IFRS 16 guidance ▪ Strong Q3 performance and raised 2026 guidance ▪ Ocean Installer delivered exceptional project 0.85 – 1.0 bNOK execution ▪ Strong backlog provides improved visibility into 2027 and beyond Adjuste
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
Appendix: Key figures Key figures: (NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Revenue 2 213 2 070 6 108 7 637 EBITDA 587 370 1 141 1 897 Adjusted EBITDA excl. IFRS 16 376 178 612 969 (Excl. non-recurring cost) EBITDA excl. IFRS 16 369 174 593 942 Order backlog1 (Contracted order backlog excl. 8
Slide 23: Appendix: EBITDA definitions
Appendix: EBITDA definitions EBITDA (IFRS16) EBITDA excl. IFRS 16 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 the imp