Slide 1: Moreld Group Second quarter and H1 2025
Moreld Group Second quarter and H1 2025 15 August 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 ~1000 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 ENGI
Slide 4: 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 5: 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 6: HIGHLIGHTS
HIGHLIGHTS ▪ Moreld successfully transferred its shares from Euronext Growth to Euronext Oslo Børs UPLISTING ▪ Moreld also listed its $130 million senior secured bond issue on Euronext Oslo Børs BALDER VI ▪ Ocean Installer was awarded a fast-track EPCI contract by Vår Energi DEVELOPMENT for the Bald
Slide 7: High activity levels in Q1 carried into Q2
High activity levels in Q1 carried into Q2 Moreld Apply Comments 1. Positive trend continues revenue up 31% compared to Q2 2024, reaching 1.2 billion NOK 2. High activity in the M&M project portfolio the Equinor Draupner high activity period offshore continued in the second quarter 3. Multiple tie-b
Slide 8: Another strong quarter, partly driven by the completion of two large projects
Another strong quarter, partly driven by the completion of two large projects Ocean Installer Comments 1. Strong Q2 results with EBITDA of 291 million NOK, high utilization with five vessels utilized during the quarter 2. Girassol project for Total Energies in Angola was successfully completed offsh
Slide 9: Increased activity and margins during the quarter, although ramp-up remained moderate
Increased activity and margins during the quarter, although ramp-up remained moderate Global Maritime Comments 1. Increased activity and margins, revenue up 3% from previous quarter, EBITDA margin increased to 3.8% 2. International growth continued, Marine services and Marine Warranty Services grew
Slide 10: 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 11: Financials
Financials Trond Rosnes - CFO
Slide 12: 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 13: Moreld Apply financial performance
Moreld Apply financial performance Revenue EBITDA excl. IFRS 16 2.3 bn YTD 157 m YTD 1,223 1,120 1,190 95 911 901 86 85 62 54 9.4% 7.0% 8.5% 6.0% 5.2% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBITDA% EBITDA ▪ Q2 revenue of 1,190 million NOK, increase of 6% ▪ Q2 EBITDA of 62 millio
Slide 14: Ocean Installer financial performance
Ocean Installer financial performance Revenue EBITDA excl. IFRS 16 2.8 bn YTD 620 m YTD 1,582 1,374 1,442 1,255 310 329 306 291 1,040 21.5% 20.8% 22.3% 23.2% 48 4.6% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBITDA% EBITDA ▪ Q2 revenue of 1,255 million NOK, which is a 21% ▪ Q2 EBIT
Slide 15: Global Maritime financial performance
Global Maritime financial performance Revenue EBITDA excl. IFRS 16 0.4 bn YTD 13 m YTD 254 234 213 206 213 28 25 12.0% 9.8% 5 8 2.4% -1.9% 3.8% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -4 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBITDA% EBITDA ▪ Q2 revenue of 213 million NOK, with activity ▪ Q2 EBITDA of 8 million NOK, m
Slide 16: 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 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: Cashflow impacted by working capital timing effects and initial dividend paid in May
Cashflow impacted by working capital timing effects and initial dividend paid in May Cash flow bridge Comments ▪ Strong cash contribution from NOK millions operations with EBITDA of 351 million NOK ▪ Working capital increased by 94 94 million NOK, driven by timing 24 61 351 75 effects and reduction
Slide 19: Positive outlook, EBITDA guidance for 2025 increased
Positive outlook, EBITDA guidance for 2025 increased OUTLOOK 2025 EBITDA guidance ▪ Investment levels on the NCS remain high 1.0 – 1.2 bNOK ▪ Near and mid term visibility remains strong, (midpoint 1.1 bNOK) solid set of opportunities ahead to support continued growth and activity NGAAP EBITDA* (NOKm
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 (update)
Appendix: Key figures (update) Key figures: (NOK million) Proforma Q2 Proforma FY Q2 2025 Q1 2025 20241 20241 Revenue 2,664 2,903 2,520 9,151 EBITDA 628 900 722 2,322 Adjusted EBITDA excl. IFRS 16 363 428 395 1,075 (Less one-off transaction cost) EBITDA excl. IFRS 16 351 418 395 1,002 Order backlog2