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Moreld Group Third quarter 2025 14 November 2025 Speakers: Geir Austigard, Group CEO Trond Rosnes , Group CFO
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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 (the "Company") and is intended purely for informational purposes. It is prohibited to replicate or disseminate it, in whole or in part, to others. The Presentation is tailored for and specifically aimed at individuals for whom the dissemination of such information is legally permissible ("qualified individuals"). Anyone not identified as a qualified individual is advised against acting upon or depending on the Presentation or any of its contents. This Presentation should not be seen as an encouragement to engage in any transactions involving the Company's securities. It's important to note that the circulation of this Presentation could be legally limited in certain areas, and the Recipient is responsible for becoming aware of and complying with any such restrictions. Non-compliance could breach the laws of those jurisdictions. No assurances or guarantees are provided by the Company concerning the Presentation's fairness, accuracy, completeness, or reliability. The Company bears no liability, whether due to negligence or other reasons, for any losses resulting from any entity's reliance on the information presented in the Presentation. The information contained herein is subject to significant changes without prior notice. This Presentation contains forward-looking statements, which are not based on historical data and are typically referred to as "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should", among others. These forward-looking statements represent the Company's current expectations and beliefs regarding its future financial performance, liquidity, prospects, growth, and strategic direction. Such statements are inherently uncertain and involve risks since they pertain to future events and conditions that may or may not materialize. Therefore, forward-looking statements do not guarantee future results, and there is no assurance that the anticipated outcomes will be achieved. Investing in the Company carries substantial risk, and various factors could lead to actual results, performance, or achievements significantly deviating from any future results, performance, or achievements suggested or implied by the information in the Presentation. The Company reserves the right to update or revise the information in the Presentation, including forward-looking statements, owing to new information, future events, or other reasons. The laws of Norway govern this Presentation, and any disputes related to this Presentation will be exclusively resolved under the jurisdiction of Norwegian courts.
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Moreld is a full-scale offshore service provider 9.1 bNOK Revenue1) (FY24) 1 075 mNOK Adjusted EBITDA excl. IFRS 161)2) (FY24) 32 Offices ~2 000 Employees ~1 000 External consultants 1) Proforma number, including Ocean Installer from January 1st 2) Excluding one-off transaction costs Apply MORELD APPLY OCEAN INSTALLER GLOBAL MARITIME MAINTENANCE & MODIFICATION SUBSEA INSTALLATION MARINE, OFFSHORE AND ENGINEERING CONSULTANCY # of EmployeesShare of 2024 EBITDA NOK 730m NOK 65m 2024 EBITDA NOK 283m 26% 1 380 68% 290 6% 360
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KEY FIGURES – Q3 2025 4 Q3 REVENUE 2.1 bNOK YTD REVENUE 7.6 bNOK ▪ Activity level as expected in the quarter ▪ Projects across the group were primarily executed in the North Sea, supported by key vessels returning from West Africa Q3 Adj. EBITDA* 178 mNOK YTD EBITDA* 969 mNOK ▪ Adjusted EBITDA margin in Q3 was 8.6 per cent, reflecting revenue mix with larger share of M&M activities ▪ YTD EBITDA of 969 million NOK compared to 947 million for same period in 2024 Net interest-bearing debt 314 mNOK ▪ Cash balance of 985 million NOK, up by 40 million NOK compared to previous quarter ▪ Net interest-bearing debt to EBITDA stable at 0.3x Backlog 5.7 bNOK ▪ High tender activity, decision on key awards expected within the next months ▪ Order intake of 0.6 billion NOK vs 1.3 billion NOK in Q2 ▪ Mostly small projects and contract extension in order intake *EBITDA excluding lease liabilities and one -off transaction costs M&M = Maintenances & Modification
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HIGHLIGHTS 5 BALDER NEXT AWARD* ▪ Ocean Installer secured a large contract from Vår Energi covering engineering and product deliveries for the Balder Next development, following the end of Q3 ▪ The award builds on the strategic partnership with Vår Energi and follows the Balder Phase VI contract signed in June and brings the order backlog for execution in 2026 above 60% ESP LAUNCH AND SHARE BUYBACKS ▪ Moreld launched an Employee Share Program (ESP) to strengthen retention of personnel and align employee incentives with shareholder interests ▪ Moreld bought back a total of 3.3 million shares during Q3, to meet its obligations under the employee share incentive programme Q3 DIVIDEND ▪ NOK 0.42 per share dividend approved for the third quarter ▪ Following the distribution, Moreld will have paid out 226 million NOK over three quarters, representing an annualized yield of 10% ▪ Next quarterly dividend is expected to remain at the same level and is scheduled for February 2026 *Subsequent event, contract awarded November 7 th Moreld defines a large contract as between NOK 1 -2 billion in expected value
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Offshore campaigns successfully completed in the North Sea and another key award secured Delivered 741 million NOK revenue and 116 million NOK EBITDA in Q3, supported by strong vessel utilization and safety performance Completed key offshore campaigns for Equinor, including Åsgard Compression module replacement and Eirin tie-back, reinforcing execution capability Continued high tender activity, extensive bidding ongoing for SURF scopes and shorter projects Awarded Balder Next contract by Vår Energi in November, covering engineering and flexible product deliveries. Scope primarily to be executed in 2026 and 2027 Ocean Installer Comments 6 Åsgård field Compression module replacement
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Recent charter extensions for key enabling assets, secures subsea execution capacity in the years ahead 2025 2026 2027 2028 2029 2030 2031 NORMAND VISION ASSET NORTH SEA GIANT Firm charter Priced option Unpriced option Extended October 2025 Extended February 2025 Vessel capacity & options secured to unlock multibillion project opportunities in the tender pipeline 7
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Robust activity levels and record tender pipeline Q3 revenue of 1.1 billion NOK and EBITDA of 54 million Revenue up 21% year-on-year, driven by strong offshore execution in M&M and EPCI contracts Offshore operations maintained high activity levels, despite reduced frame agreement volumes in the M&M market Order backlog of NOK 2.7 billion, while tender pipeline reached record levels, including onshore opportunities Moreld Apply Comments 8 Odda, Norway Electrical, Instrumentation & Mechanical Installation
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Strongest quarter of 2025 with expanding global footprint Q3 revenue of 216 million NOK and EBITDA of 12.5 million NOK, margins lower year-on-year due to absence of Hywind Scotland maintenance project Middle East operations continue to drive revenue and margin improvements Marine Services and Marine Warranty business units delivered strong performance, combined revenue up 24% vs Q3 2024 Backlog slightly increased, key contract renewals and new wins expected over the next months Global Maritime Comments 9 Australia Aurora Green Offshore wind FLIDAR Deployment
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Preparing for next phase: backlog lower while awaiting outcome of strategic bids 604 10 1,538 2025 256 3,589 2026 2,069 >2027 2,335 5,731 Total 1,548 3,845 2,673 8,066 Options Contracted* *Contracted value of M&M-frame agreements are estimated, as the final contract size is based on call-offs All numbers in million NOK Backlog by year Contracted backlog by company ▪ 5.7 billion NOK order backlog end of Q3 of which 3.6 billion NOK is secured work for 2026 ▪ Order intake of approx. 629 million NOK in the quarter ▪ Significant bid activities in all three subsidiaries, with several significant tenders submitted during Q2 and Q3 ▪ Decision on major contracts, awards expected within the next months ▪ Tender volume all time high for all segments 10 2,609 2,670 452 Ocean Installer Moreld Apply Global Maritime 5,731 Backlog as of 30.09.25
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Financials Trond Rosnes - CFO
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Moreld Group financial performance EBITDA margin declines to 8.4% following completion of subsea scopes in H1 2025 Revenue Adj. EBITDA excl. IFRS 16 Leverage Ratio 7.6 bn YTD 969 m YTD 0.3x Net Debt 314 m Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2,594 2,450 2,903 2,664 2,070 0,9 0,1 0,3 0,3 0,3 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ▪ Revenue of 2.1 billion NOK, marking a reduction compared to previous quarters with high offshore activity ▪ EBITDA margin reduced to 8.4%, mainly due to lower gross margin contribution with a higher proportion of pass-through revenue ▪ Leverage ratio maintained at 0.3x, cash balance increased by 40 million NOK in the quarter ▪ Adjusted EBITDA of 969 million NOK year to date, up from 947 million NOK at same point in 2024 Leverage ratio = LTM NGAAP EBITDA / NIBD (excl lease liabilities) All numbers in million NOK unless otherwise stated 412 128 428 363 178 15.9% Q3 24 5.2% Q4 24 14.7% Q1 25 13.6% Q2 25 8.6% Q3 25 EBITDA% EBITDA 12
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Ocean Installer financial performance 13 Revenue EBITDA excl. IFRS 16 3.6 bn YTD 736 m YTD 741 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1,442 1,040 1,582 1,255 All numbers in million NOK unless otherwise stated 310 48 329 291 21.5% Q3 24 4.6% Q4 24 20.8% Q1 25 23.2% Q2 25 Q3 25 15.7% 116 EBITDA% EBITDA ▪ Q3 revenue of 741 million NOK, representing a large decrease from previous quarter and Q3 last year, both quarters had close-out of large subsea projects (Girasol and Marine XII) ▪ Five vessels utilized during the quarter primarily for smaller installation scopes on the NCS ▪ Q3 EBITDA of 116 million NOK, margin decreased to 15.7% ▪ Year to date the EBITDA margin is above 20%
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Moreld Apply financial performance Revenue EBITDA excl. IFRS 16 3.4 bn YTD 210 m YTD 901 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1,223 1,120 1,190 1,095 ▪ Q3 revenue of 1,095 million NOK, decrease of 8% compared to the previous quarter ▪ Offshore activity remained high in Q3, driven by Maintenance campaigns and EPCI projects ▪ Decline in frame agreement volumes within the M&M market, despite overall offshore momentum ▪ Large material deliveries to clients, pass-through revenue of over 400 million NOK in the quarter All numbers in million NOK unless otherwise stated Figures does not include Capnor, which is a subsidiary of Moreld Apply that was sold during 2024 54 85 95 62 54 6.0% Q3 24 7.0% Q4 24 8.5% Q1 25 5.2% Q2 25 4.9% Q3 25 EBITDA% EBITDA ▪ Q3 EBITDA of 54 million NOK, with EBITDA margin of 4.9%, dropping slightly from 5.2% in Q2 ▪ Margin reduction YOY mainly driven by high share of pass-through revenue and project mix ▪ OPEX levels returning to normal levels, after several quarters of extraordinary high bid activity 14
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Global Maritime financial performance 15 Revenue EBITDA excl. IFRS 16 0.6 bn YTD 26 m YTD 254 213 206 213 216 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 All numbers in million NOK unless otherwise stated 25 -4 5 8 13 9.8% Q3 24 -1.9% Q4 24 2.4% Q1 25 3.8% Q2 25 5.8% Q3 25 EBITDA% EBITDA ▪ Q3 revenue of 216 million NOK, with activity increasing slightly from previous quarter ▪ Positive development in international business streams, with increased demand for services in the Middle East and Asia Pacific in particular ▪ Q3 EBITDA of 13 million NOK, positive development from previous quarter continues ▪ Margins considerably lower compared to Q3-24, Hywind Scotland component exchange project executed last year contributed to high margins
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Stable and attractive net working capital levels 16 Comments ▪ Moreld has a capital efficient operating model, consistently operating with negative net working capital ▪ NWC level still less negative than last twelve months average, stable development throughout the quarter ▪ High variations in working capital from quarter end to quarter end due to timing of invoicing and prepayments from customers -543 -780 -345 -252 -290 -800 -700 -600 -500 -400 -300 -200 -100 0 NOK millions Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net working capital All numbers in million NOK Normalized working capital
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Low debt levels maintained post-IPO 17 314 895 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 NOK millions GIBD 90 Cash NIBD incl. lease liabilities 1,314 Lease liabilities NIBD excl. lease liabilities 2,613 985 1,628 Comments ▪ Gross interest-bearing debt consists of 130 million USD senior secured bond issued in February 2025 ▪ 200 million NOK in unused credit facilities on top of the cash balance of 985 million NOK, giving a total liquidity of 1,185 million NOK ▪ Cash balance includes 90 million NOK in customer prepayments ▪ NIBD is adjusted for leasing liabilities under IFRS 16. The leasing liabilities relates to vessel chartered by Ocean Installer and office leases ▪ Reported EBITDA excl. IFRS 16 was 174 million NOK compared to IFRS EBITDA of 370 million NOK GIBD = Gross interest-bearing debt NIBD = Net interest-bearing debt (Gross interest-bearing debt – Cash) All numbers in million NOK Breakdown of NIBD 30.09.25
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High cash conversion in the quarter, supported by reduction in working capital 128 174 66 74 90 Cash balance 30.6 EBITDA excl. IFRS 16 35 Change in NWC 19 Capex 2 Cash balance 30.09 895 Other 8 Dividend paid Interest paid Taxes paid 945 985 817 18 Cash flow bridge Comments ▪ Sound cash contribution from operations with EBITDA of 174 million NOK ▪ Working capital decreased by 35 million NOK, NWC still above long- term average ▪ Capex of 19 million NOK mainly linked to IT initiatives, software development and equipment ▪ Dividend of 75 million NOK paid in the quarter (0.42 NOK per share) ▪ Cash balance increased by 40 million NOK and by 78 million NOK when excluding customer prepayments Customer prepayments
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Using the capital markets actively Investor friendly capital allocation strategy A balanced shareholder base 19 43% 57% 22% 45% 18% 15% Retail investors Institutional investors Norway UK US Other A shareholder friendly capital allocation strategy focused on: ▪ Attractive and predictable dividends ▪ A strong balance sheet ▪ Selective value accretive M&A within a defined opportunity space M&A is in our DNA ▪ Bolt-on acquisitions financed through retained earnings ▪ Equity issuances may be pursued for larger, strategic, value accretive acquisitions Targeting long-term professional investors with an appetite for the subsea and MMO space
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EBITDA guidance for 2025 maintained, robust pipeline supports continued performance ▪ With one quarter remaining, we maintain our current EBITDA guidance range for 2025 of NOK 1.0 - 1.2 billion ▪ Moreld has a strong tender pipeline, decision to be taken on key contracts over the next months ▪ Efficiency remains a top priority among our customers going into 2026, Moreld’s asset light model pays off in a changing market ▪ Moreld is positioned for resilience, with a solid footprint on the NCS, and expanding international opportunities also within renewables and onshore industry OUTLOOK 2025 EBITDA guidance 1.0 – 1.2 bNOK 392 595 664 8% 2021 10% 2022 10% 2023 12% 2024 1,000 2025 EST 1,075 1,000-1,200 NGAAP EBITDA* (NOKm) and EBITDA margin (%) *Pro-forma figures including Moreld Apply, Global Maritime and Ocean Installer 20
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Q&A 21
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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
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Appendix: Key figures (update) 23 1 Ocean Installer included from January 1 st on a proforma basis. The acquisition of Ocean Installer closed June 28 th 2024, pro forma balance figures are not calculated for Q1 2024 as the capital structure is not comparable 2 See note 4 for breakdown in report for details per segment (NOK million) Q3 2025 Q3 2024 YTD 2025 YTD proforma 20241 Revenue 2 070 2 594 7 637 6 709 EBITDA 370 846 1 897 1 850 Adjusted EBITDA excl. IFRS 16 (Less one-off transaction cost) 178 412 969 947 EBITDA excl. IFRS 16 174 369 942 904 Order backlog2 (Contracted order backlog excl. options) 5 732 10 126 5 732 10 126 Cash balance 985 1 223 985 1 223 Available liquidity (Cash and unused credit facilities) 1 185 1 420 1 185 1 420 Net interest-bearing debt (Excl. IFRS 16 lease liabilities) 314 1 141 314 1 141 Leverage ratio (NIBD / LTM proforma EBITDA excl. IFRS 16) 0.3x 0.9x 0.3x 0.9x Key figures:
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A capital allocation strategy balancing dividend predictability with strategic acquisition capacity ▪ Dividends paid out on a quarterly basis ▪ Aiming for a distribution ratio of 40- 60% of adjusted net profits over time ▪ The board may approve share buy- backs when deemed relevant Delivering stable and predictable shareholder returns ▪ To expand our market position in one of our two key markets: Subsea or MMO ▪ To enter or expand our geographical footprint, such as U.K., West Africa or South America ▪ Bolt-on acquisitions may be financed through retained earnings ▪ Larger acquisitions may be financed by issuance of new shares Maintaining flexibility to pursue value accretive acquisitions ▪ Cash balance of 985 million NOK at 30.09.25 ▪ Net interest-bearing debt to EBITDA stable at 0.3x at 30.09.25 ▪ Dividends of 215 million NOK distributed in 2025, while leverage reduced by 134 million NOK since Q1 ▪ Targeting a long-term leverage ratio (net debt/EBITDA) below 2.0 While preserving a solid balance sheet