Moreld Asa · OSL:MORLD
Moreld Asa — Investor Presentation (September 2025)
38 slides from Moreld Asa's investor presentation, September 2025
Slide 1: Moreld Investor presentation September 2025
Moreld Investor presentation September 2025
Slide 2: Agenda
AGENDA 1 Company presentation 2 Q2/H1 2025 highlights Appendix 3 Subsidiary one pagers Financial statements Ocean Installer growth story
Slide 3: 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 4: Moreld is a full-scale offshore service provider
Moreld is a full-scale offshore service provider 9.1 bNOK 1 075 mNOK ~2 000 ~800 32 Revenue (FY24) 1) Adjusted EBITDA excl. Employees External Offices IFRS 161)2) (FY24) consultants OCEAN INSTALLER MORELD APPLY GLOBAL MARITIME SUBSEA MAINTENANCE & MARINE, OFFSHORE AND INSTALLATION COMPANY MODIFICATI
Slide 5: Moreld's path to Oslo Børs
Moreld’s path to Oslo Børs Multiple transactions and billions raised since change in ownership Issued $225 Listing on $130 million Uplisting to million bond Euronext bond Oslo børs growth refinancing Dec 2023 + June 2024 Dec 2024 Jan 2025 Jun 2025 NOK 900 mill raised Acquisition of Divestment of Acq
Slide 6: Moreld Highlights
MORELD HIGHLIGHTS LEADING ENGINEERING GROUP FOCUSING ON TOPSIDE M&M AND SUBSEA INSTALLATION 1 STRONG SUBSEA AND MAINTENANCE MARKETS 2 1 BILLION NOK EBITDA REACHED IN 2024 3 BACKLOG OF NOK 7.2 BILLION, SIGNIFICANT PROSPECT PIPELINE 4 ASSET LIGHT BUSINESS MODEL WITH HIGH CASH FLOWS 5 NET DEBT / EBITDA
Slide 7: Most of Moreld Group's projects fall into one of three main categories
Most of Moreld Group’s projects fall into one of three main categories PROJECT CATEGORIES Subsea installation M&M Studies and 1 (T&I and EPCI) 2 frame agreements 3 consultancy End-to-end delivery of subsea Agreements covering a wide range Smaller, well-defined projects systems that connect offshore
Slide 8: Leadership team with extensive experience from the offshore energy sector
Leadership team with extensive experience from the offshore energy sector MORELD EXECUTIVE MANAGEMENT TEAM MORELD SEGMENT LEADERSHIP TEAM Geir Austigard Trond Rosnes Karsten Gudmundset Kevin Murphy Jonny W. Logan Chief Executive Officer Chief Financial Officer CEO CEO CEO Moreld Apply Ocean Installe
Slide 9: Presence in attractive energy markets
Presence in attractive energy markets CORE MARKETS REVENUE SPLIT 2024 NORTH SEA Europe excl. Norway Other 4% 6% Africa WEST 15% AFRICA 75% NORTH SEA (NORWAY + U.K.) ▪ Moreld’s home market, key office Norway locations in Stavanger and Aberdeen WEST AFRICA ▪ Significant subsea projects conducted in An
Slide 10: Vessel strategy – flexibility and strong partnerships
Vessel strategy – flexibility and strong partnerships Ocean Installer have two multi-purpose Construction support vessels (CSV’s) on long term charter LONG TERM CHARTERS SEASONAL CHARTERS PROJECT CHARTERS Access to large fleet of vessels through Short- & long-term charters Two key enabling vessels o
Slide 11: Strong financial development
Strong financial development 2024 was a record year for all three subsidiaries REVENUE (NOKm) NGAAP EBITDA (NOKm) and EBITDA margin (%) 9,151 12% 1,500 Guidance 12 10% 10% range 11 +19.2% 950-1,200 10 6,524 8% 1,075 9 250 5,844 1,000 8 4,751 7 4,538 664 6 4% 595 5 500 950 4 392 Revenue 3 186 2 1 0 0
Slide 12: Asset light business with solid cash conversion
Asset light business with solid cash conversion SIMPLIFIED CASH FLOW STATEMENT OPERATING CASH FLOW NOKm 2022 2023 2024 90 % 71 % 93 % Adj. EBITDA 595 664 1,075 1,004 Taxes paid -36 -168 -112 FX and other -26 -25 41 533 Operating cash flow 533 470 1,004 470 Capex -24 -68 -113 Free cash flow 509 402 8
Slide 13: From 20 June Moreld is traded on Euronext Oslo Børs
From 20 June Moreld is traded on Euronext Oslo Børs The Moreld share Key stats EV / EBITDA* Enterprise value (EV) 3.4 NOK 3.6 billion Number of shareholders Dividend yield (FWD) ~2,500 9.4% Analyst coverage Stock ticker MORLD Market place Euronext Oslo Børs # of shares 179.5 million Market cap NOK 3
Slide 14: Agenda
AGENDA 1 Company presentation 2 Q2/H1 2025 highlights Appendix 3 Subsidiary one pagers Financial statements Ocean Installer growth story
Slide 15: Key figures – Q2 2025
KEY FIGURES – Q2 2025 ▪ High activity from previous quarter carried into Q2 Q2 REVENUE YTD REVENUE ▪ Multiple large projects executed in the quarter, 2.6 bNOK 5.5 bNOK both on the NCS and in West Africa Q2 Adj. EBITDA* YTD EBITDA* ▪ Strong EBITDA performance continued in Q2 363 mNOK 791 mNOK ▪ Cash
Slide 16: Moreld Group financial performance
Moreld Group financial performance High activity maintained, reduction in EBITDA margin to 13.6% Revenue* Adj. EBITDA excl. IFRS 16* Leverage Ratio* 5.5 bn YTD 791 m YTD 0.3x Net Debt 367 m +6% 2,903 1,7 2,516 2,599 2,450 2,664 395 411 428 363 15.7% 15.8% 0,9 14.7% 13.6% 128 5.2% 0,3 0,3 0,1 Q2 24 Q
Slide 17: Low debt levels maintained post-IPO
Low debt levels maintained post-IPO Breakdown of NIBD 30.06.25 Comments NOK millions ▪ Gross interest-bearing debt consists of 130 2,792 945 million USD senior secured bond issued in 2,800 128 February 2025 2,600 2,400 817 ▪ 193 million NOK in unused credit facilities on top 2,200 of the cash balanc
Slide 18: Net working capital impacted by timing of prepayments
Net working capital impacted by timing of prepayments Development in net working capital Comments ▪ Capital efficient operating model with high share Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 of customer prepayments 0 -100 ▪ Targeting prepayments on all major contracts, but customer prepayments have been reduce
Slide 19: Solid order backlog, supported by high ongoing tendering activity
Solid order backlog, supported by high ongoing tendering activity Backlog by year Contracted backlog by company Options 444 Contracted* 9,678 2,508 3,173 3,553 3,331 3,612 134 305 2,735 7,170 3,197 3,307 2,069 666 2025 2026 >2027 Total Ocean Installer Moreld Apply Global Maritime ▪ 7.2 billion NOK o
Slide 20: Agenda
AGENDA 1 Company presentation 2 Q2/H1 2025 highlights Appendix 3 Subsidiary one pagers Financial statements Ocean Installer growth story
Slide 21: Appendix A – Subsidiary one pagers
Appendix A Subsidiary one pagers
Slide 22: Ocean Installer
BUSINESS UNITS – OCEAN INSTALLER OCEAN INSTALLER LEADING SUBSEA INSTALLATION COMPANY IN BRIEF FINANCIAL HIGHLIGHTS 2020-2024 (NOKm) ▪ Subsea installation company within the SURF, mooring, 5 000 4 508 25% renewables and IRM segments 4 500 ▪ 300+ employees, of which ~50% engineers, across headquarters
Slide 23: Moreld Apply
BUSINESS UNITS – MORELD APPLY MORELD APPLY MULTI-DISCIPLINE ENGINEERING COMPANY IN BRIEF FINANCIAL HIGHLIGHTS 2020-2024 (NOKm) ▪ Leading specialist in maintenance and modification of offshore 4 000 3 774 15% assets on the NCS 3 320 3 500 13% ▪ 1,850 employees across headquarters in Stavanger, Norway
Slide 24: Global Maritime
BUSINESS UNITS – GLOBAL MARITIME GLOBAL MARITIME MARINE, OFFSHORE AND ENGINEERING CONSULTANCY IN BRIEF FINANCIAL HIGHLIGHTS 2020-2024 (NOKm) ▪ Marine, offshore and engineering consultancy working to de-risk, 1 000 881 15% innovate and drive the energy transition in the offshore energy and 900 13% ma
Slide 25: Appendix B – Financial statements
Appendix B Financial statements
Slide 26: P&L statement
P&L statement VA ESS moreld Amounts in NOK thousand Note 22025 Q2 20248 H1 2025 12024 FY 2024" Revenue from contracts with customers 2662029 1143951 5562386 2082812 7124588 Other operating income 2362 2517 5223 5098 11791 Revenue and income 2664391 1146468 5567609 2087910 7136379 Cost of sales (2311
Slide 27: Balance sheet
Balance sheet ?. W ”*, moreld “al At30 June Amounts in NOK thousand Notes 30.06.2025 31032025 31.12.2024 ASSETS Non-current assets Property, plant and equipment 7 176 480 182 4B1 195 714 Goodwill 6 885 132 gas 132 885 132 Intangible assets 6 428 312 455090 483 406 Right of use assets 5 1595796 18606
Slide 28: Cash flow statement
Cash flow statement VA ESS moreld Amounts in NOK thousand Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2026 Cash flow from operating activities Profit of the period 261678 (217 726} 333.401 (285002) [702 989} Non-cash change in fair value on financial instruments - 55141 - 55141 439 680 Non-cash effect from w
Slide 29: Appendix C – Ocean Installer – Moving up the SURF value chain
Appendix C Ocean Installer – Moving up the SURF value chain
Slide 30: Ocean Installer
Ocean Installer Leading subsea installation company 1) MARKET FOCUS KEY CUSTOMERS SURF Moorings Offshore Decom Renewables IRM Carbon Capture and Storage SURF = Subsea umbilical's, risers and flowlines IRM = Inspection, repair and maintenance
Slide 31: Key financials
Key financials Substantial uptick in revenue and profitability 1) REVENUE (NOKm) NGAAP EBITDA (NOKm) & EBITDA-MARGIN (%) +73,1% 4.508 7.7% 8.3% 13.5% 19.1% 16.4% 2.533 2.605 739 2.466 2.163 498 a 341 190 179 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 ▪ Substantial uptick from 2024 driven by ▪
Slide 32: Geographical presence
Geographical presence Headquartered in Norway and supported by three regional offices Oslo, NO Barents Sea Stavanger, NO Aberdeen, UK North Sea EMEA Dubai, UAE Gulf of Mexico West Africa Asia Pacific Brazil Office Locations Key Areas Opportunity Areas 32
Slide 33: Vessel strategy – strong partnerships and flexibility
Vessel strategy – strong partnerships and flexibility Ocean Installer have two flexible pipelay Construction support vessels (CSV’s) on long term charter LONG TERM CHARTERS SEASONAL CHARTERS PROJECT CHARTERS Short term charters Two key enabling vessels on Medium length charters based on firm based o
Slide 34: Global track record of large and complex installation projects
Global track record of large and complex installation projects Completed projects (selected) Girassol Lifex Flexible replacement - T&I Johan Castberg - T&I w/ EPCI elements Marine XII LNG Terminal - T&I w/ EPCI elements USD 150 – 300m USD 100 – 150m USD 150 – 300m Field: Johan Castberg Field: Eni Ma
Slide 35: Balder Future: Using Partnerships and integration to unlock projects
Balder Future: Using Partnerships and integration to unlock projects >2,850,000 man hours ~1,650 Viking Neptun Normand Vision Vessel days Olympic Challenger 0 Lost time injuries 0 Restricted work-day cases Fina Star 21 26 flowlines 71,438m Normand Drott Normand Pacific Island Vanguard Island Valiant
Slide 36: OI has successfully moved up the value chain
OI has successfully moved up the value chain Successful performance on Castberg and Balder contracts 1 paved the way for further large and profitable contracts COMPLETED ▪ Less competition for large contracts (USD >100 million) BREAKTHROUGH ▪ Longer contract duration – can charter vessels longer-ter
Slide 37: Ocean Installer – Focus Areas
Ocean Installer – Focus Areas North Sea Tie-backs – assist Vår Energi and Equinor etc to unlock marginal fields Continue moving up the value chain, taking on larger projects Internationally Increased participation in geographical regions such as South America, APAC Leverage partnerships to unlock ne
Slide 38: 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