Slide 1: Moreld Group First quarter 2025
Moreld Group First quarter 2025 15 May 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 at a glance
Moreld at a glance FULL-SCALE ENGINEERING SERVICE PROVIDER WITH GLOBAL PRESENCE 3 000 32 Workforce Offices 9.1 bNOK 1.1 bNOK Revenue 2024 EBITDA 2024 KEY SERVICES AREAS 1 Maintenance & Modifications (M&M) 2 Subsea construction & Installation Marine, offshore and engineering 3 consultancy services Em
Slide 4: Q1 2025 Highlights
Q1 2025 Highlights ▪ Significant uptick in activity, with revenue increasing by over 18% REVENUE compared to the previous quarter 2.9 bNOK ▪ High utilization levels maintained during the quarter, supported by the mobilization of 400+ personnel ▪ EBITDA up by ~300 million NOK compared to Q4, reflecti
Slide 5: Recent Events
Recent Events ▪ Issued a new $130 million bond in the Nordic market in January 2025 NEW BOND ISSUE ▪ The previous $225 million bond facility was fully redeemed ▪ Moreld subsidiary Ocean Installer executed an 18-month option, extending the charter party for the multi-purpose construction vessel “Nort
Slide 6: Positive trend from last quarter continued, increasing activity levels and mobilization of personnel
Positive trend from last quarter continued, increasing activity levels and mobilization of personnel Moreld Apply Comments 1. Positive trend continues revenue excluding pass-through grew by over 15% Q/Q 2. Sustained high operational tempo on the Equinor Draupner high activity period offshore and Bol
Slide 7: Extraordinarily strong results, partly driven by profit recognition on project started in Q4
Extraordinarily strong results, partly driven by profit recognition on project started in Q4 Ocean Installer Comments 1. Record high Q1 results with EBITDA of 329 million NOK, high utilization and catch-up effects from previous quarter 2. International projects: Two vessels deployed for major subsea
Slide 8: Stable Q1 activity relative to Q4, with positive momentum ahead
Stable Q1 activity relative to Q4, with positive momentum ahead Global Maritime Comments 1. Stable activity levels relative to Q4, activity typically slows in Q1 and Q4 due to reduced demand for marine operations services in the North Sea 2. International growth, the international business lines Mar
Slide 9: Solid order backlog from blue chip customers
Solid order backlog from blue chip customers Backlog by year Contracted backlog by company Options Contracted* 10,853 2,535 3,643 4,209 5,074 5,779 143 2,392 8,318 466 4,931 3,387 Ocean Installer Global Maritime Moreld Apply 2025 >2026 Total ▪ 8.3 billion NOK order backlog end of Q1, of which 5.1 bi
Slide 10: Financials
Financials Trond Rosnes - CFO
Slide 11: Moreld Group financial performance
Moreld Group financial performance Strong results with Q/Q growth of 18% and EBITDA margin of 14.7% Revenue* Adj. EBITDA excl. IFRS 16* Leverage Ratio* 2.9 bn YTD 428 m YTD 0.3x +18% Net Debt 448 m 2,903 1,7 2,516 2,599 2,450 419 388 428 1,595 16.7% 0,9 136 15.0% 128 14.7% n.a. 8.5% 5.2% 0,3 0,1 Q1
Slide 12: Moreld Apply financial performance
Moreld Apply financial performance Revenue EBITDA excl. IFRS 16 1.1 bn YTD 95 m YTD 1,223 1,120 95 86 85 911 901 753 58 54 7.7% 9.4% 8.5% 6.0% 7.0% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 EBITDA% EBITDA ▪ Q1 revenue of 1,120 million NOK, reduction of 9% ▪ Q1 EBITDA of 95 million
Slide 13: Ocean Installer financial performance
Ocean Installer financial performance Revenue EBITDA excl. IFRS 16 1.6 bn YTD 329 m YTD 1,582 1,374 1,442 306 310 329 1,040 21.5% 20.8% 653 22.3% 67 48 4.6% 10.3% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 EBITDA% EBITDA ▪ Q1 revenue of 1,582 million NOK, which is a 52% ▪ Q1 EBITDA
Slide 14: Global Maritime financial performance
Global Maritime financial performance Revenue EBITDA excl. IFRS 16 0.2 bn YTD 5 m YTD 254 234 213 205 192 28 25 16 12.0% 8.3% 9.8% 5 2.4% -1.9% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 -4 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 EBITDA% EBITDA ▪ Q1 revenue of 205 million NOK, with activity on ▪ Q1 EBITDA of 5 million NOK
Slide 15: 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 Q1 25 of customer prepayments 0 -100 ▪ Targeting prepayments on all major contracts. NWC position in Q4’23 driven by several large -200 cust
Slide 16: Low debt levels post-IPO
Low debt levels post-IPO Breakdown of NIBD 31.03.25 Comments NOK millions ▪ Gross interest-bearing debt consists of 130 million USD senior secured bond issued in 3,500 February 2025 3,120 924 3,000 291 ▪ 191 million NOK in unused credit facilities on top of the cash balance of 924 million NOK, givin
Slide 17: Cashflow impacted by working capital timing effects and cash used for refinancing
Cashflow impacted by working capital timing effects and cash used for refinancing NOK millions 2,000 418 567 1,500 1,500 14 32 37 371 1,000 924 52 25 500 0 Cash balance 1.1. EBITDA Change in NWC Capex Taxes paid Bond interest paid Net cash used Equity received Other Cash balance 31.03 excl. IFRS 16
Slide 18: EBITDA guidance for 2025
EBITDA guidance for 2025 Outlook ▪ Strong Q1, supporting an increase in the company’s guidance for the full year 2025 ▪ Activity expected to remain strong in Q2, and Moreld does not foresee any immediate direct impact on its business from current geopolitical and economic turbulence ▪ Increased gene
Slide 19: Other upcoming corporate events
Other upcoming corporate events Annual general meeting (20th May) Uplisting and lock up period ▪ Moreld’s first AGM after listing on Euronext will be Uplisting (TBD) conducted 20th of May ▪ As communicated during the IPO process, Moreld ▪ Key topics to be covered include among others: is pursuing an
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) Proforma Q1 Proforma FY Q1 2025 Q4 2024 20241 20241 Revenue 2,903 2,450 1,594 9,151 EBITDA 900 472 282 2,322 Adjusted EBITDA excl. IFRS 16 428 128 136 1,075 (Less one-off transaction cost) EBITDA excl. IFRS 16 418 98 136 1,002 Order backlog2 (Contract