Slide 1: Moreld Group Third quarter 2025
Moreld Group Third quarter 2025 14 November 2025 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 AS (th
Slide 3: Moreld is a full-scale offshore service provider
Moreld is a full-scale offshore service provider 9.1 bNOK 1 075 mNOK ~2 000 ~1 000 32 Revenue (FY24) 1) Adjusted EBITDA excl. Employees External Offices IFRS 161)2) (FY24) consultants MORELD APPLY OCEAN INSTALLER GLOBAL MARITIME MAINTENANCE & SUBSEA MARINE, OFFSHORE AND MODIFICATION INSTALLATION ENG
Slide 4: Key figures – Q3 2025
KEY FIGURES – Q3 2025 ▪ Activity level as expected in the quarter Q3 REVENUE YTD REVENUE ▪ Projects across the group were primarily executed in the 2.1 bNOK 7.6 bNOK North Sea, supported by key vessels returning from West Africa ▪ Adjusted EBITDA margin in Q3 was 8.6 per cent, reflecting Q3 Adj. EBI
Slide 5: Highlights
HIGHLIGHTS ▪ Ocean Installer secured a large contract from Vår Energi covering engineering and product deliveries for the Balder Next development, BALDER NEXT following the end of Q3 AWARD* ▪ The award builds on the strategic partnership with Vår Energi and follows the Balder Phase VI contract signe
Slide 6: Offshore campaigns successfully completed in the North Sea and another key award secured
Offshore campaigns successfully completed in the North Sea and another key award secured Ocean Installer Comments Åsgård field Delivered 741 million NOK revenue and 116 Compression module replacement million NOK EBITDA in Q3, supported by strong vessel utilization and safety performance Completed ke
Slide 7: Recent charter extensions for key enabling assets, secures subsea execution capacity
Recent charter extensions for key enabling assets, secures subsea execution capacity in the years ahead ASSET 2025 2026 2027 2028 2029 2030 2031 Extended October 2025 NORMAND VISION Extended February 2025 NORTH SEA GIANT Firm charter Priced option Unpriced option Vessel capacity & options secured to
Slide 8: Robust activity levels and record tender pipeline
Robust activity levels and record tender pipeline Moreld Apply Comments Odda, Norway Electrical, Instrumentation Q3 revenue of 1.1 billion NOK and EBITDA of & Mechanical Installation 54 million Revenue up 21% year-on-year, driven by strong offshore execution in M&M and EPCI contracts Offshore operat
Slide 9: Strongest quarter of 2025 with expanding global footprint
Strongest quarter of 2025 with expanding global footprint Global Maritime Comments Australia Aurora Green Offshore wind Q3 revenue of 216 million NOK and EBITDA of FLIDAR Deployment 12.5 million NOK, margins lower year-on-year due to absence of Hywind Scotland maintenance project Middle East operati
Slide 10: Preparing for next phase: backlog lower while awaiting outcome of strategic bids
Preparing for next phase: backlog lower while awaiting outcome of strategic bids Backlog by year Contracted backlog by company Backlog as of 30.09.25 Options 452 Contracted* 8,066 2,335 2,609 5,731 3,845 2,670 256 2,673 5,731 1,548 10 3,589 2,069 1,538 604 2025 2026 >2027 Total Ocean Installer Morel
Slide 11: Financials
Financials Trond Rosnes - CFO
Slide 12: Moreld Group financial performance
Moreld Group financial performance EBITDA margin declines to 8.4% following completion of subsea scopes in H1 2025 Revenue Adj. EBITDA excl. IFRS 16 Leverage Ratio 7.6 bn YTD 969 m YTD 0.3x Net Debt 314 m 2,903 15.9% 2,594 2,450 2,664 14.7% 13.6% 0,9 2,070 8.6% 412 5.2% 428 363 0,3 0,3 0,3 128 178 0
Slide 13: Ocean Installer financial performance
Ocean Installer financial performance Revenue EBITDA excl. IFRS 16 3.6 bn YTD 736 m YTD 1,582 1,442 1,255 310 329 1,040 291 21.5% 20.8% 741 23.2% 116 48 15.7% 4.6% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITDA% EBITDA ▪ Q3 revenue of 741 million NOK, representing a ▪ Q3 EBITDA o
Slide 14: Moreld Apply financial performance
Moreld Apply financial performance Revenue EBITDA excl. IFRS 16 3.4 bn YTD 210 m YTD 1,223 1,190 1,120 1,095 95 85 901 62 54 54 7.0% 8.5% 6.0% 5.2% 4.9% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITDA% EBITDA ▪ Q3 revenue of 1,095 million NOK, decrease of 8% ▪ Q3 EBITDA of 54 mill
Slide 15: Global Maritime financial performance
Global Maritime financial performance Revenue EBITDA excl. IFRS 16 0.6 bn YTD 26 m YTD 254 213 206 213 216 9.8% 25 5.8% 2.4% 3.8% 8 13 5 -1.9% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -4 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITDA% EBITDA ▪ Q3 revenue of 216 million NOK, with activity ▪ Q3 EBITDA of 13 million NOK, p
Slide 16: Stable and attractive net working capital levels
Stable and attractive net working capital levels Net working capital Comments ▪ Moreld has a capital efficient operating model, Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 consistently operating with negative net working 0 capital -100 ▪ NWC level still less negative than last twelve -200 -252 months average, sta
Slide 17: Low debt levels maintained post-IPO
Low debt levels maintained post-IPO Breakdown of NIBD 30.09.25 Comments NOK millions ▪ Gross interest-bearing debt consists of 130 million USD senior secured bond issued in 2,800 2,613 985 February 2025 2,600 90 2,400 ▪ 200 million NOK in unused credit facilities on top 2,200 of the cash balance of
Slide 18: High cash conversion in the quarter, supported by reduction in working capital
High cash conversion in the quarter, supported by reduction in working capital Cash flow bridge Comments ▪ Sound cash contribution from operations with EBITDA of 174 million NOK 35 19 2 66 ▪ Working capital decreased by 35 174 74 985 million NOK, NWC still above long- 945 8 90 term average 128 ▪ Cap
Slide 19: Using the capital markets actively
Using the capital markets actively Investor friendly capital allocation strategy A balanced shareholder base A shareholder friendly capital allocation strategy 15% 22% focused on: ▪ Attractive and predictable dividends 43% 18% ▪ A strong balance sheet 57% ▪ Selective value accretive M&A within a def
Slide 20: EBITDA guidance for 2025 maintained, robust pipeline supports continued performance
EBITDA guidance for 2025 maintained, robust pipeline supports continued performance OUTLOOK 2025 EBITDA guidance ▪ With one quarter remaining, we maintain our current EBITDA guidance range for 2025 of NOK 1.0 - 1.2 billion 1.0 – 1.2 bNOK ▪ Moreld has a strong tender pipeline, decision to be taken on
Slide 21: Q&A
Q&A 21
Slide 22: 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 23: Appendix: Key figures (update)
Appendix: Key figures (update) Key figures: (NOK million) YTD proforma Q3 2025 Q3 2024 YTD 2025 20241 Revenue 2 070 2 594 7 637 6 709 EBITDA 370 846 1 897 1 850 Adjusted EBITDA excl. IFRS 16 178 412 969 947 (Less one-off transaction cost) EBITDA excl. IFRS 16 174 369 942 904 Order backlog2 (Contract
Slide 24: A capital allocation strategy balancing dividend predictability with strategic acquisition capacity
A capital allocation strategy balancing dividend predictability with strategic acquisition capacity Delivering stable and predictable Maintaining flexibility to pursue While preserving a solid balance shareholder returns value accretive acquisitions sheet ▪ Dividends paid out on a quarterly ▪ To exp