Slide 1: Moreld Group First quarter 2026
Moreld Group First quarter 2026 7 May 2026 Speakers: Geir Austigard, Group CEO Trond Rosnes , Group CFO Kevin Murphy, CEO Ocean Installer
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 ~600 32 Revenue (FY25) 1) Adjusted EBITDA excl. Employees External Offices IFRS 161)2) (FY25) consultants OCEAN INSTALLER MORELD APPLY GLOBAL MARITIME SUBSEA PROJECTS, MARINE, OFFSHORE AND INSTALLATION MAINTENANCE & ENGINEERIN
Slide 4: Five years of strong growth
Five years of strong growth Growth in EBITDA and cash contribution (NOKm) EBITDA development by segment Segments EBITDA (NOKm) 11,7% 11,2% 739 835 10,2% 10,2% Ocean 382 393 1.101 Installer 264 1.075 8,3% Subsea 21 22 23 24 25 258 283 253 664 Moreld 183 595 Apply 103 MMO 21 22 23 24 25 392 Global Mar
Slide 5: Temporary decline, as communicated
KEY FIGURES – Q1 2026 Temporary decline, as communicated ▪ First quarter performance in line with prior communications, reflecting a temporary reduction in activity and low vessel Q1 REVENUE utilization versus previous quarters 1.4 bNOK ▪ Significant uptick in activity and margins expected from Q2,
Slide 6: Activity and margins to rebound from Q2
HEADLINES Activity and margins to rebound from Q2 ▪ Moreld Apply secured EMOD/EPRO frame agreement (5-year firm + 5-year options) with meaningful volume upside ▪ Ocean Installer awarded SURF project by ENI in Mediterranean Sea with execution planned between Q3-26 and Q1-27, full contract signing exp
Slide 7: Ocean Installer: activity ramping up with both vessels back offshore
Activity ramping up with both vessels back offshore and strong visibility for remainder of 2026 Ocean Installer Comments Q1 revenues of 270 million NOK and EBITDA of -137 million NOK, reflecting a temporary period of low offshore activity and vessel utilisation, including dry-docking High underlying
Slide 8: Moreld Apply: improving margins and continued focus on execution
Improving margins and continued focus on execution Moreld Apply Comments Delivered revenue of 934 million NOK and EBITDA of 50 million in Q1 Continued execution of large and complex offshore projects, with close management of supplier and technical interfaces Eirin tie-back project progressing towar
Slide 9: Global Maritime: positioned for recovery with strong backlog
Positioned for recovery with strong backlog and increasing activity levels Global Maritime Comments Revenue of 175 million NOK and EBITDA of -8 million NOK in Q1, reflecting lower activity, delayed project start-ups and reduced utilisation Performance impacted by weaker client activity and geopoliti
Slide 10: More project-driven backlog going forward
More project-driven backlog going forward, supported by ample market opportunities Backlog by year Contracted backlog by company Backlog as of 31.03.26 Options 622 Contracted* 7,952 1,672 5,073 1,929 6,281 152 3,730 6,281 4,921 1,503 1,377 187 1,316 1,333 44 Ocean Installer Moreld Apply Global Marit
Slide 11: Financials
Financials Trond Rosnes - CFO
Slide 12: First quarter in line with guiding
Moreld Group financial performance First quarter in line with guiding Revenue Adj. EBITDA excl. IFRS 16 Leverage Ratio 1.4 bn YTD -93 m YTD 0.6x Net Debt 335 m 2,903 14.7% 2,664 13.6% 2,070 2,201 8.6% 0,6 6.0% 1,380 428 0,3 0,3 0,3 363 0,2 178 132 -6.7 % Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3
Slide 13: Ocean Installer: temporary dip, activity rebound from Q2
Ocean Installer financial performance Temporary dip, activity rebound from Q2 Revenue EBITDA excl. IFRS 16 0.3 bn YTD -137 m YTD 1,582 1,255 329 20.8% 291 23.2% 116 99 741 835 15.7% 11.9% -50.7% 270 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 EBITDA% EBITDA -137 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 ▪ Q1 revenue of 270 m
Slide 14: Moreld Apply: margin recovery supported by cost discipline
Moreld Apply financial performance Margin recovery supported by cost discipline Revenue EBITDA excl. IFRS 16 0.9 bn YTD 50 m YTD 1,120 1,190 1,196 1,095 95 934 62 54 50 44 8.5% 5.2% 4.9% 3.8% 5.4% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 EBITDA% EBITDA ▪ Q1 revenue of 934 million
Slide 15: Global Maritime: seasonally soft quarter, backlog supports recovery
Global Maritime financial performance Seasonally soft quarter, backlog supports recovery Revenue EBITDA excl. IFRS 16 0.2 bn YTD -8 m YTD 206 213 216 193 175 5.8% 2.4% 3.8% 1.1% 8 13 5 2 -4.5% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 -8 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 EBITDA% EBITDA ▪ Q1 revenue of 175 million N
Slide 16: Working capital levels supported by capital efficient operating model
Working capital levels supported by the capital efficient operating model Net working capital Comments ▪ Moreld has a capital efficient operating model, Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 consistently operating with negative net working 0 capital -50 -100 ▪ High variations in working capital due to timin
Slide 17: Robust balance sheet, with low net debt
Robust balance sheet, with low net debt Breakdown of NIBD 31.03.26 Comments NOK millions ▪ Gross interest-bearing debt consists of unhedged 130 million USD senior secured bond 2,800 2,660 933 issued in February 2025 (NOK 1.267 million end of 2,600 93 Q1) 2,400 2,200 840 ▪ 200 million NOK in unused c
Slide 18: Cash balance reduced, due to lower activity and dividend payouts
Cash balance reduced, due to lower activity and consistent dividend payouts Cash flow bridge Comments ▪ Reported EBITDA excl. IFRS 16 was negative 98 million 1,091 NOK compared to IFRS EBITDA of 14 70 98 98 62 47 million NOK 75 933 ▪ Working capital decreased by 98 8 million NOK, due to larger 93 cu
Slide 19: Robust cash conversion opens for higher distribution to shareholders
Robust cash conversion opens for higher distribution to shareholders Moreld historical dividend New dividend from Q1 NOK million NOK million 360 300 90 75 Quarterly Annualized Quarterly Annualized Per share NOK 0.42 NOK 1.68 Per share NOK 0.50 NOK 2.00 ▪ NOK 0.42 per share dividend was distributed ▪
Slide 20: Ocean Installer deep dive
Ocean Installer deep dive Kevin Murphy – CEO Ocean Installer
Slide 21: Ocean Installer: leading subsea installation company
Ocean Installer Leading subsea installation company MARKET FOCUS SELECTED 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 22: Increasing international exposure
Increasing international exposure Headquartered in Norway and supported by four regional offices Oslo, NO Barents Sea Stavanger, NO Aberdeen, UK North Sea EMEA Dubai, UAE West Africa Asia Pacific Brazil Office Locations Rio de Janeiro, BRA (new 2026) Main Operational areas Project experience in coun
Slide 23: Key financials
Key financials Substantial uptick in revenue and profitability REVENUE (NOKm) EBITDA excl. IFRS 16 (NOKm) & EBITDA-MARGIN (%) 108% 4.508 4.413 12.2% 15.1% 15.1% 16.4% 18.9% 835 2.533 2.605 739 2.163 382 393 a 264 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 ▪ Proven track record, built step-by-
Slide 24: Global track record of large and complex installation projects
Global track record of large and complex installation projects Completed projects (selected) Balder Future - Full SPS+SURF Girassol Lifex Flexible replacement - T&I Marine XII LNG Terminal - T&I Integrated EPCI w/ EPCI elements USD >500m USD 100 – 150m USD 150 – 300m Field: Balder Field: Eni Marine
Slide 25: 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 Vessels on charter supporting Medium length charters based on firm based
Slide 26: Well positioned for continued value creation
Well positioned for continued value creation 1 ▪ Improving market fundamentals in recent years, supporting higher activity and project pipeline MACRO AND ▪ Tight supply side, with industry capacity constrained by availability of skilled COMPETETIVE personnel and vessels and relatively high barriers
Slide 27: EBITDA guidance for 2026 maintained, despite negative Q1 contribution
EBITDA guidance for 2026 maintained, despite negative Q1 contribution OUTLOOK 2026 EBITDA guidance ▪ Activity picking up, driven by commencement of Maintained larger projects supported by robust backlog 0.7 – 0.9 bNOK ▪ Market uncertainty persists, driven by geopolitical tensions, inflation and supp
Slide 28: Q&A
Q&A 28
Slide 29: 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 30: Appendix: Key figures (update)
Appendix: Key figures (update) Key figures: (NOK million) Q1 2026 Q1 2025 Full year 2025 Revenue 1 380 2 903 9 838 EBITDA 47 900 2 225 Adjusted EBITDA excl. IFRS 16 (93) 428 1 101 (Less non-recurring cost) EBITDA excl. IFRS 16 (98) 418 1 075 Order backlog1 6 281 8 318 5 929 (Contracted order backlog