Slide 1: Moreld Group Fourth quarter 2025
Moreld Group Fourth quarter 2025 12 February 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 ~600 32 Revenue (FY25) 1) Adjusted EBITDA excl. Employees External Offices IFRS 161)2) (FY25) consultants OCEAN INSTALLER MORELD APPLY GLOBAL MARITIME SUBSEA MAINTENANCE & MARINE, OFFSHORE AND INSTALLATION MODIFICATION ENGINEE
Slide 4: Key figures – Q4 2025 and FY 2025
KEY FIGURES – Q4 2025 and FY 2025 Q4 REVENUE FY REVENUE ▪ A record year. Successful execution of short-duration projects in Q4 2.2 bNOK 9.8 bNOK pushed revenues to nearly 10 billion NOK Q4 Adj. EBITDA* FY EBITDA* ▪ Full-year EBITDA was in line with mid point of the stated 2025 132 mNOK 1 101 mNOK gu
Slide 5: Headlines
HEADLINES ▪ Ocean Installer secured several important awards: ▪ Vår Energi - Balder Next ▪ Equinor – Mikkel Field SUBSEA AWARDS ▪ Undisclosed customer – International SURF Project (LOI)* ▪ Continued strengthening of NCS position, supported by active tendering, upside in secured contracts and upcomin
Slide 6: Successful execution of several key projects in 2025
Successful execution of several key projects in 2025, demonstrating our capabilities Girassol – Flexible replacement Åsgård – Compression module Odda – Electrical, Instr. Utsira high – Topside replacement & Mechanical Installation modification Edvard Grieg Johan Castberg – SURF, SPS Balder Future –
Slide 7: And we are positive to the opportunities ahead
And we are positive to the opportunities ahead International SURF NCS tie-backs Positioned to take on large international Uniquely positioned to drive NCS near-field SURF scopes building on successful track development through comprehensive record built over 15 years. topside and subsea capabilities
Slide 8: Ocean Installer: shorter campaigns executed and two key awards secured
Several shorter offshore campaigns successfully executed and two key awards secured Ocean Installer Comments Delivered 835 million NOK revenue and 99 million NOK EBITDA in Q4, supported by strong operational and safety performance. Successfully completed several smaller offshore campaigns, including
Slide 9: Moreld Apply: maintaining performance while reshaping the organization
Maintaining performance while reshaping the organization for increased competitiveness Moreld Apply Comments Q4 revenue of 1.2 billion NOK and EBITDA of 44 million Revenue on par with same quarter last year, positive progress on the Boliden project which is the largest onshore project executed by th
Slide 10: Global Maritime: solid finish to the year and near-record backlog
Solid finish to the year with strengthening momentum and near-record backlog Global Maritime Comments Q4 revenue of 193 million NOK and EBITDA of 2.1 million NOK, solid end to the year, in what is traditionally a seasonally weaker quarter due to lower offshore activity. Momentum improved in lagging
Slide 11: 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 31.12.25 Options 474 Contracted* 8,179 2,250 2,135 5,929 4,825 3,320 250 5,929 4,575 1,721 1,633 367 1,354 1,633 0 2026 2027 >2028 Total Ocean Installer More
Slide 12: Financials
Financials Trond Rosnes - CFO
Slide 13: Moreld Group financial performance
Moreld Group financial performance EBITDA margin above comparable quarter last year reaching 6.0% Revenue Adj. EBITDA excl. IFRS 16 Leverage Ratio 9.8 bn YTD 1 101 m YTD 0.2x Net Debt 219 m 2,903 14.7% 2,664 13.6% 2,450 2,070 2,201 0,3 0,3 0,3 8.6% 0,2 5.2% 428 6.0% 363 0,1 128 178 132 Q4 24 Q1 25 Q
Slide 14: Ocean Installer financial performance
Ocean Installer financial performance Revenue EBITDA excl. IFRS 16 4.4 bn YTD 835 m YTD 1,582 1,255 329 1,040 291 835 20.8% 741 23.2% 116 48 99 15.7% 4.6% 11.9% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 EBITDA% EBITDA ▪ Q4 revenue of 835 million NOK, representing an ▪ Q4 EBITDA of
Slide 15: Moreld Apply financial performance
Moreld Apply financial performance Revenue EBITDA excl. IFRS 16 4.6 bn YTD 255 m YTD 1,223 1,190 1,196 1,120 1,095 95 85 62 54 44 7.0% 8.5% 5.2% 4.9% 3.8% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 EBITDA% EBITDA ▪ Q4 revenue of 1,196 million NOK, on par with the ▪ Q4 EBITDA of 44 m
Slide 16: Global Maritime financial performance
Global Maritime financial performance Revenue EBITDA excl. IFRS 16 0.83 bn YTD 28 m YTD 213 206 213 216 193 5.8% 2.4% 3.8% 8 13 1.1% 5 2 -1.9% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -4 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 EBITDA% EBITDA ▪ Q4 revenue of 193 million NOK, with activity ▪ Q4 EBITDA of 2,1 million NOK,
Slide 17: Stable negative net working capital levels
Stable negative net working capital levels, despite shrinking customer prepayments Net working capital Comments ▪ Moreld has a capital efficient operating model, Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 consistently operating with negative net working 0 capital -100 ▪ Lower level of prepayments compared to end
Slide 18: Robust balance sheet, with net debt approaching zero
Robust balance sheet, with net debt approaching zero Breakdown of NIBD 31.12.25 Comments NOK millions ▪ Gross interest-bearing debt consists of 130 million USD senior secured bond issued in 3,000 2,852 1,091 February 2025 70 2,500 ▪ 200 million NOK in unused credit facilities on top 1,021 of the cas
Slide 19: High cash conversion in the quarter
High cash conversion in the quarter, supported by reduction in working capital Cash flow bridge Comments ▪ Robust cash contribution from operations with EBITDA of 132 million NOK 23 0 112 75 ▪ Working capital decreased by 112 41 1,091 70 million NOK, giving a positive cash 985 132 effect in the quar
Slide 20: Robust cash conversion opens for higher distribution to shareholders
Robust cash conversion opens for higher distribution to shareholders Moreld current dividend Proposed 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 approved fo
Slide 21: EBITDA guidance for 2026
EBITDA guidance for 2026 reflects softer Q1 with activity picking up throughout the year OUTLOOK 2026 EBITDA guidance ▪ Starting 2026 with a backlog underpinned by high-quality projects, offering visibility and growth potential 0.7 – 0.9 bNOK ▪ Slightly negative EBITDA expected in Q1 2026, large and
Slide 22: Q&A
Q&A 22
Slide 23: 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 24: Appendix: Key figures (update)
Appendix: Key figures (update) Key figures: (NOK million) Full year Q4 2025 Q4 2024 Full year 2025 proforma 20241 Revenue 2 201 2 453 9 838 9 151 EBITDA 328 472 2 225 2 322 Adjusted EBITDA excl. IFRS 16 132 128 1 101 1 075 (Less one-off transaction cost) EBITDA excl. IFRS 16 132 98 1 075 1 002 Order