Interim report
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OPEN IN ACROBAT READER FOR BETTER NAVIGATION #Section #Chapter #Sub-chapter
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Highlights and key figures Amounts in NOK million Q3 2025 Q3 2024 YTD 2025 Proforma YTD 20242) 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 EBITDA margin (%) 8.4% 14.2% 12.3% 13.5% Order backlog3) (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 1) Moreld defines a large contract as between NOK 1 and 2 billion in expected value. 2) Ocean Installer included from 1 January on a proforma basis. The acquisition of Ocean Installer closed 28 June 2024 and P&L figures are included from the third quarter onwards. 3) See note 4 for breakdown per segment. Sound activity levels with revenue of almost NOK 2.1 billion in the quarter Revenue levels reflect the degree of progress in large subsea projects and a larger share of spot work in Ocean Installer, partly offset by a 21 per cent revenue increase in Moreld Apply year on year EBITDA excl. IFRS 16 amounted to NOK 174 million, corresponding to a margin of 8.4 per cent; year to date the margin is 12.3 per cent High commercial activity with large tenders submitted and attractive prospects in the pipeline Backlog reduced to NOK 5.7 billion in the quarter, still awaiting decision on several large contracts that are out for tender Following the end of the third quarter, Ocean Installer was awarded a large contract 1) by Vår Energi for project management, engineering, and flexible product supply for the Balder Next development, marking a key milestone in their strategic partnership Share buy-back program and employee share incentive program launched Quarterly dividend of NOK 0.42 per share distributed in August. An additional dividend of NOK 0.42 per share approved to be paid in November, with ex dividend date scheduled for 18 November and distribution for 26 November EBITDA guidance range for 2025 reiterated at NOK 1.0 to 1.2 billion Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 2Moreld AS | Interim report | Third quarter 2025 #Section #Sub-chapter Higlights and key figures
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Letter from the CEO Dear shareholders Sound performance in the third quarter, reflecting planned reduction in offshore activity In the third quarter, Moreld delivered revenue of almost NOK 2.1 billion, and adjusted EBITDA excl. IFRS 16 of NOK 178 million. After a busy first half of the year with the conclusion of several large subsea projects, the third quarter was characterised by execution of smaller projects and preparation activities. Spotlight on the North Sea In the quarter, all our segments developed positively, with most of the project activity carried out in the North Sea. Both of Ocean Installer’s key enabling vessels are back in the North Sea basin following the conclusion of sub- sea projects in West Africa in the past quarters. Dur - ing the quarter, two subsea projects were successfully executed for Equinor including a compression module replacement and a subsea tie-back. Moreld Apply continued to experience high activity in the Maintenance & Modification market, however with softer margins compared to last year due to a larger share of pass-through revenue. The company has sev- eral large frame agreements up for tender and is await- ing final decisions from the operators. In addition, the company is bidding for several projects in the onshore industry market. For Moreld’s smallest segment, Global Maritime the positive development continues, driven by growth in demand for its marine consultancy services particularly in the Middle East and Asia Pacific regions. Looking towards 2026 As we approach the end of 2025, I want to reflect on the changing market dynamics and the year ahead. Market conditions are expected to remain stable to soft in 2026 as the E&Ps are adjusting their budgets and global inventories normalise. Forecasts from key agen- cies diverge, with OPEC expecting stronger demand growth than the IEA, but the underlying fundamentals in the offshore market remain robust. Low production costs per barrel in our core market, combined with the need to sustain production from mature assets, drives demand for Moreld’s mainte- nance, modification and subsea services. We expect high international activity and multiple tiebacks on the NCS to move forward, supported by attractive pro - ject economics and the industry’s focus on capital effi - ciency and reliability. The advent of AI and new digital tools also adds another dimension to how we work. We are explor- ing initiatives to improve project delivery, optimise resources, and provide our customers with flexible, integrated solutions that meet their evolving needs. By focusing on efficient delivery of our services, we aim to de-risk the impact of short-term market fluctuations and strengthen our position for decades ahead. Finally, with a strong balance sheet and a proven track record, we continue to explore M&A opportunities. It’s part of our DNA, but we remain highly selective, focus - ing only on transactions that are strategically signifi- cant or clearly value accretive. Guiding ahead of the fourth quarter Half-way into the fourth quarter 2025, we reiterate our full-year EBITDA guidance for 2025 of NOK 1.0 – 1.2 bil - lion. Short duration projects and vessel chartering to the spot market may have a positive impact on the full- year results. Sincerely, Geir Austigard Chief executive officer | With a strong balance sheet and a proven track record, we continue to explore M&A opportunities. Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 3Moreld AS | Interim report | Third quarter 2025 #Section #Sub-chapter Letter from the CEO
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Third quarter 2025 review Financial review Profit and loss In the third quarter, Moreld delivered revenue of NOK 2 070 million and an EBITDA result of NOK 370 million. Adjusted EBITDA excl. IFRS 16 1) ended at NOK 178 mil- lion. The operating result ended at NOK 94 million. Year to date 2025, revenue reached NOK 7 637 mil- lion with an EBITDA result of NOK 1 897 million, while adjusted EBITDA excl. IFRS 16 was NOK 969 million. The operating result year to date is NOK 746 million. Interest cost in the third quarter amounted to NOK 64 million, and net financial expenses ended at negative NOK 46 million. For the first three quarters of the year, net financial expenses ended at negative NOK 365 mil- lion, heavily impacted by bond premiums incurred in the refinancing concluded in February, where Moreld raised a new USD 130 million bond with a five-year tenor. Net profit before tax for the third quarter ended at NOK 48 million. Year to date 2025, net profit before tax is NOK 381 million. Financial position and liquidity Gross interest-bearing debt excl. lease liabilities at the end of the third quarter was NOK 1 298 million, consist- ing of the USD 130 million bond that was raised in Feb- ruary 2025. In addition to the cash balance of NOK 985 million, Moreld has unused credit facilities of NOK 200 million. This gives a net interest-bearing debt excl. lease liabili- ties at the end of the third quarter of NOK 314 million. Cash flow Cash flow from operations in the quarter ended at pos- itive NOK 331 million, excluding lease payments, as these are considered as financing activities under IFRS. Cash flow from investing activities ended at nega - tive NOK 19 million. Cash flow from financing activities ended at negative NOK 267 million. The cash flow from financing activities is mainly impacted by leases and NOK 75 million dividend paid in August. For the first nine months of 2025, cash flow from operations was NOK 930 million. The cash balance includes NOK 90 million in prepay- ments from customers which will be used to fund ongoing projects. The revolving credit facility of NOK 200 million in place with SR-Bank remains untapped as of end of September 2025. Moreld was in compliance with all covenants as of end of the third quarter. Quarterly development Amounts in NOK million /zero.tf /five.tf/zero.tf/zero.tf /one.tf /zero.tf/zero.tf/zero.tf /one.tf /five.tf/zero.tf/zero.tf /two.tf /zero.tf/zero.tf/zero.tf /two.tf /five.tf/zero.tf/zero.tf /three.tf /zero.tf/zero.tf/zero.tf Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024 /zero.tf% /five.tf% /one.tf/zero.tf% /one.tf/five.tf% /two.tf/zero.tf% /two.tf/five.tf% /three.tf/zero.tf% /two.tf /five.tf/nine.tf/nine.tf /two.tf /four.tf/five.tf/zero.tf /two.tf /nine.tf/zero.tf/three.tf /two.tf /six.tf/six.tf/four.tf /two.tf /zero.tf/seven.tf/zero.tf /three.tf/six.tf/three.tf /one.tf/seven.tf/eight.tf /four.tf/two.tf/eight.tf /one.tf/two.tf/eight.tf /four.tf/one.tf/one.tf ■ Revenue ■ EBITDA excl. IFRS 16 – EBITDA margin (%) Financial position and liquidity Amounts in NOK million /zero.tf /five.tf/zero.tf/zero.tf /one.tf /zero.tf/zero.tf/zero.tf /one.tf /five.tf/zero.tf/zero.tf /two.tf /zero.tf/zero.tf/zero.tf /two.tf /five.tf/zero.tf/zero.tf /three.tf /zero.tf/zero.tf/zero.tf NIBDLeasingCashGIBD /two.tf /six.tf/one.tf/three.tf (/nine.tf/eight.tf/five.tf) (/one.tf /three.tf/one.tf/four.tf) /three.tf/one.tf/four.tf 1) See definition in chapter Alternative performance measures. Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 4Moreld AS | Interim report | Third quarter 2025 #Section #Sub-chapter Third quarter 2025 review
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Operational review Moreld is organised in three segments; Moreld Apply, Ocean Installer and Global Maritime. Moreld Apply Moreld Apply is a provider of Maintenance & Modifi- cations (M&M) services on the Norwegian Continental Shelf and in the onshore industrial market, delivering both routine tasks and larger modification projects under long-term agreements typically spanning 3–5 years, with additional options. These contracts, typi - cally include call-offs for projects that are executed on a reimbursable basis, and certain contracts include performance incentives. Work is carried out through- out the year, enabling predictable cash flows and a sta- ble financial contribution that is less dependent on greenfield activity. Moreld Apply reached revenue of approximately NOK 1.1 billion in the quarter. Revenue was 21 per cent higher compared to the same quarter last year, representing a continued increase in activity year over year. Offshore activity remained high in the third quarter driven by active periods for several M&M and EPCI contracts. However, Moreld Apply experienced a general reduction in the frame agreement volume in the M&M market. The EBITDA margin dropped from 6 per cent in the third quarter 2024 to 4.9 per cent in the third quarter 2025. For the first three quarters of 2025, the EBITDA excl. IFRS 16 margin was 6.2 per cent, compared to 7.7 per cent for the first three quarters of 2024. The reduction in EBITDA margins in the quarter was primarily driven by a continued high share of pass- through revenue, lower gross margin contribution from projects due to project mix, and an increased risk provi- sion in certain projects. Operating expenses in the quarter have returned to normal levels following the completion of periods char- acterised by high tendering activity. The order backlog declined from NOK 3.5 billion to NOK 2.7 billion during the quarter. Moreld Apply continues to tender for contracts in the onshore market following successful execution of con- tracts in that segment. Ocean Installer Ocean Installer is a subsea Transport & Installation (T&I) and EPCI contractor delivering end-to-end solutions for subsea installation projects. The company executes large contracts ranging from NOK 100–300 million up to multi-billion levels, typically over 3 to 24 months, depending on the scale of the development. Projects are delivered on both lump-sum basis and day rate basis. Margin contribution varies throughout the year based on project phasing, with higher margin potential and earnings concentrated around key delivery phases. Ocean Installer delivered a quarter according to plan, mainly driven by the offshore campaigns in the North Sea for Equinor ASA. Revenue for the third quarter amounted to NOK 741 mil- lion, while EBITDA excl. IFRS 16 reached NOK 116 million. Year to date Ocean Installer has delivered NOK 3 578 mil- lion in revenue and NOK 736 million in EBITDA excl. IFRS 16. The decline from the third quarter last year reflects exceptionally high offshore activity in that period, driven by the close-out of the Marine XII project for ENI and key milestones on other projects. Two vessels were utilised during the quarter to execute the company’s projects, and the safety performance was strong across the company’s portfolio. During the quarter, the company successfully completed the offshore component of several projects. Most notably: Equinor Åsgard Compression module replacement was successfully completed in August, enabling Equinor and partners to recover more gas from pro- ducing fields and maintain a high and stable pro- duction. Equinor Eirin tie-back to Gina Krog was also com- pleted by utilising two vessels during the quarter doing installation of spools, tie-in and pre commis- sioning. Moreld Apply – quarterly development Amounts in NOK million /zero.tf /two.tf/five.tf/zero.tf /five.tf/zero.tf/zero.tf /seven.tf/five.tf/zero.tf /one.tf /zero.tf/zero.tf/zero.tf /one.tf /two.tf/five.tf/zero.tf /one.tf /five.tf/zero.tf/zero.tf Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024 /zero.tf% /two.tf% /four.tf% /six.tf% /eight.tf% /one.tf/zero.tf% /one.tf/two.tf% /nine.tf/zero.tf/one.tf /one.tf /two.tf/two.tf/three.tf /one.tf /one.tf/two.tf/one.tf/one.tf /zero.tf/nine.tf/five.tf /one.tf /one.tf/nine.tf/zero.tf /six.tf/two.tf/nine.tf/five.tf/eight.tf/five.tf/five.tf/four.tf /five.tf/four.tf ■ Revenue ■ EBITDA excl. IFRS 16 – EBITDA margin (%) Ocean Installer – quarterly development Amounts in NOK million /zero.tf /three.tf/five.tf/zero.tf /seven.tf/zero.tf/zero.tf /one.tf /zero.tf/five.tf/zero.tf /one.tf /four.tf/zero.tf/zero.tf /one.tf /seven.tf/five.tf/zero.tf /two.tf /one.tf/zero.tf/zero.tf Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024 /zero.tf% /four.tf% /eight.tf% /one.tf/two.tf% /one.tf/six.tf% /two.tf/zero.tf% /two.tf/four.tf% /one.tf /four.tf/four.tf/two.tf /one.tf /zero.tf/four.tf/zero.tf /one.tf /five.tf/eight.tf/two.tf /one.tf /two.tf/five.tf/five.tf /seven.tf/four.tf/one.tf /two.tf/nine.tf/one.tf /one.tf/one.tf/six.tf /three.tf/two.tf/nine.tf /four.tf/eight.tf /three.tf/one.tf/zero.tf ■ Revenue ■ EBITDA excl. IFRS 16 – EBITDA margin (%) Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 5Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Order intake for the quarter was approx. NOK 177 million, resulting in an order backlog at the end of the quarter of approx. NOK 2.6 billion. Ocean Installer’s tender pipe - line at the end of the third quarter remains strong with numerous tender processes to be decided over the next months. Global Maritime Global Maritime is an engineering service provider delivering technical advisory work and marine opera- tions, where most projects are smaller in scale. Typical contracts range from below NOK 1 million to several tens of millions, with durations from a few weeks up to one year. Activity is seasonal with limited visibility, but strong contribution potential. Global Maritime delivered another quarter of increased activity and improved margins, supported by strong performance across several areas. Staff activity reached record levels during the third quarter, while subcon- tractor activity remained steady at mid-high levels. Global Maritime reported revenue of NOK 216 mil- lion, down 15 per cent from the third quarter 2024, and EBITDA of NOK 12.5 million versus NOK 25 million last year. The margin decline reflects the absence of the Hywind Scotland component exchange project, which drove exceptional profitability in the prior-year period. Much of the growth seen over the past six months stems from Global Maritime’s strong performance in the Middle East. The Marine Services and Marine War- ranty business streams continued at high activity lev- els, combined revenue from these streams grew by 24 per cent year-on-year, while margins improved by 72 per cent. The Geosciences business, a key growth area, continued to perform well and is positioned for further expansion into 2026. Contracted backlog increased slightly despite high execution levels, with two key frame agreement renew- als expected to be finalised soon and additional wins anticipated. Significant opportunities are also devel- oping in the Marine Operations stream, which are expected to contribute positively in 2026. Corporate events Share buybacks On 8 July 2025, Moreld launched an offer to repurchase up to 2 000 000 of its own shares. On 10 July, the offer was completed and the company resolved to buy back 1 856 000 shares at a price of NOK 17.25 per share. Fol - lowing completion of the offer, Moreld decided to ini- tiate a non-discretionary share buy-back program for up to 3 144 000 existing shares in Moreld, equivalent to approximately 1.75 per cent of Moreld’s shares in issue, for a maximum aggregate amount of up to NOK 43 million. The purpose of the buybacks was to enable the com - pany to meet its obligations under any applicable employee share incentive programme implemented and/or to repurchase shares for amortisation. Any shares purchased by the company will be held in treas- ury until used for the aforementioned purposes. The share buyback programme commenced on 11 July, and continued until 20 August 2025. Employee share incentive program On 29 September 2025, Moreld ASA completed its 2025 employee share incentive programme, the first time the company launched such a programme. Employees subscribed to purchase a total of 1 294 378 shares at a price of NOK 17.83 per share, raising gross proceeds of NOK 23 078 760. Reference is made to the compa- ny’s stock exchange announcement on 29 August 2025 regarding shares acquired under the employee share incentive program by primary insiders and their close associates. Global Maritime – quarterly development Amounts in NOK thousand -/five.tf/zero.tf /zero.tf /five.tf/zero.tf /one.tf/zero.tf/zero.tf /one.tf/five.tf/zero.tf /two.tf/zero.tf/zero.tf /two.tf/five.tf/zero.tf Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024 -/five.tf% /zero.tf% /five.tf% /one.tf/zero.tf% /one.tf/five.tf% /two.tf/zero.tf% /two.tf/five.tf% /two.tf/five.tf/four.tf /two.tf/one.tf/three.tf/two.tf/zero.tf/six.tf/two.tf/one.tf/three.tf/two.tf/one.tf/six.tf /eight.tf /one.tf/three.tf/five.tf (/four.tf) /two.tf/five.tf ■ Revenue ■ EBITDA excl. IFRS 16 – EBITDA margin (%) Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 6Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Risks and uncertainties Moreld is exposed to various risk factors, including, but not limited to, operational, market and financial risks. Demand for the group’s products and services depends on market sentiment in the oil and gas sec- tor and the willingness of oil and gas companies to invest. In accordance with industry practice, several of the contracts in the current order backlog are subject to changes in the scope of services to be provided and adjustments to the activity level relating to the con- tracts. For example, many of the contracts entered into by the group are framework agreements where the scope and size of call-off orders placed by the custom - ers are uncertain. Recent global tariff tensions, sanctions and the poten - tial for increased oil production from OPEC nations have introduced renewed volatility in oil prices. A sus- tained decline in oil prices resulting from these factors may lead operators to reduce capital expenditures or defer planned construction and maintenance activities. Such reductions in upstream investment directly impacts demand for Moreld’s services, posing a risk to the company’s order backlog, revenue stability, and long-term growth prospects. The company remains vigilant in monitoring market dynamics and maintain- ing operational flexibility to navigate these uncertain- ties. To reach its financial targets, the group is dependent on its ability to renew and extend existing contracts, and to win new contracts. The group has certain long- term contracts with a limited number of companies, the largest of which is Equinor Energy AS. The limited number of customers increases the group’s financial risk if one of its customers chooses a competitor of the group. The group relies on third-party chartering of vessels to provide services to its customers. The market for off - shore vessels is cyclical, and market fluctuations could therefore lead to changes in charter rates and vessel availability going forward. Order backlog Contracted order backlog at quarter end Moreld’s backlog was NOK 5.7 billion at the end of the third quarter, compared to NOK 7.2 billion in the previ- ous quarter. The development in the backlog reflects Moreld’s exposure to large, milestone-driven projects and long-term frame agreements. As such, it tends to increase sharply after large contract awards and nor- malise as project execution proceeds. The company is currently tendering for several large Maintenance & Modifications framework agreements, where the awards are still not decided. Extension and awards of new long-term frame agreements represent a significant potential order intake, adding to the back- log for 2026 and beyond. Order backlog per segment at quarter end During the quarter, Moreld had a combined order intake of NOK 629 million, while the order intake for the first nine months of the year reached NOK 3.4 billion. Most awards during the quarter were related to smaller projects, contract extensions, or change orders on existing agreements. Notably, Moreld Apply secured a strategically significant five-year subsea engineer- ing frame agreement with a new international client, marking an important “new logo” win. After quarter-end, Ocean Installer received a large con- tract 1) from Vår Energi related to the Balder Next pro- ject. The scope includes early-phase engineering and product supply ahead of the client’s final investment decision. 1) Moreld defines a large contract as between NOK 1 and 2 billion in expected value. 2 6702 609 452 ■ Moreld Apply ■ Ocean Installer ■ Global Maritime Order backlog per segment at 30 September 2025 Amounts in NOK million Contracted order backlog at 30 September 2025 Amounts in NOK million /zero.tf /one.tf /zero.tf/zero.tf/zero.tf /two.tf /zero.tf/zero.tf/zero.tf /three.tf /zero.tf/zero.tf/zero.tf /four.tf /zero.tf/zero.tf/zero.tf /five.tf /zero.tf/zero.tf/zero.tf /six.tf /zero.tf/zero.tf/zero.tf Total>202720262025 /one.tf /five.tf/three.tf/eight.tf /three.tf /five.tf/eight.tf/nine.tf /six.tf/zero.tf/four.tf/five.tf /seven.tf/three.tf/one.tf Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 7Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Outlook Moreld entered the final quarter of 2025 with robust activity levels across its business areas, although lower than in the first half of the year as fewer large offshore projects are in the execution phase. Current activity is driven more by spot work and shorter projects, along - side recurring maintenance services, which continue to provide a resilient platform for operational and finan- cial performance. Oil prices averaged in the mid USD 60s per barrel dur- ing the third quarter, reflecting softer global demand and increased supply. Market analysts indicate contin- ued pressure into 2026, reinforcing efficiency as a key priority across the industry. Despite this, offshore activ - ity in Norway remains robust, supported by projects already in execution. Looking ahead, Moreld continues to focus on both near-term offshore work and longer-term opportuni- ties in renewables and onshore markets. The company maintains a strong tender pipeline, with decisions on key contract awards expected in the coming months. Moreld’s established position in Maintenance and Modifications offers resilience, while segments such as Ocean Installer and Global Maritime provide interna- tional reach and growth potential beyond Norway. Continued emphasis on operational excellence, safety, bidding discipline, and strong client relationships will remain central to sustaining performance in a market characterised by both volatile demand and structural change. With one quarter remaining, we maintain our current EBITDA guidance range for 2025 of NOK 1.0 - 1.2 billion. Stavanger, 14 November 2025 Julian McIntyre Chair of the board Mark Dickinson Director Grethe Kristin Moen Director Sian Lloyd Reese Director Ole Slorer Director Geir Austigard Chief executive officer Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 8Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Condensed consolidated statement of profit and loss For the quarter ended 30 September 2025 Amounts in NOK thousand Note Q3 2025 Q3 20241) YTD 2025 YTD 2024 FY 20241) Revenue from contracts with customers 2 067 534 2 590 820 7 629 920 4 674 420 7 124 588 Other operating income 2 144 3 468 7 367 8 616 11 791 Revenue and income 2 069 678 2 594 288 7 637 287 4 683 036 7 136 379 Cost of sales (974 631) (846 180) (3 578 554) (1 875 821) (3 085 902) Salaries and personnel expenses (620 455) (640 045) (1 812 778) (1 355 372) (2 111 317) Other operating expenses (104 971) (262 427) (349 134) (400 355) (415 898) EBITDA 369 620 845 580 1 896 821 1 051 488 1 523 262 Depreciation, amortisation and impairment losses 5, 6, 7 (269 438) (545 246) (1 139 849) (627 839) (1 068 694) Share of profit/(loss) in associates (6 511) (3 861) (11 011) (3 861) (7 920) Operating result (EBIT) 93 671 296 473 745 961 419 787 446 648 Interest income 20 303 1 046 21 698 321 44 263 Interest expenses 9 (64 369) (126 042) (258 204) (256 283) (410 372) Other financial expenses 10 (2 967) (14 618) (332 027) (265 788) (398 445) Changes in fair value of financial instruments - (3 032) - (58 173) (439 680) Net foreign exchange gains (losses) 1 293 24 892 203 905 (25 088) (188 011) Net financial expense (45 740) (117 754) (364 629) (605 011) (1 392 244) Net profit / (-loss) before tax from continuing operations 47 931 178 718 381 332 (185 224) (945 556) Income tax expense 13 (14 544) (74 916) (168 158) (97 924) 70 607 Net profit / (-loss) for the period after tax from continuing operations 33 387 103 802 213 174 (283 149) (874 989) Net profit / (-loss) for the period after tax from discontinuing operations - 9 940 - 93 901 172 000 Profit of the period 33 387 113 742 213 174 (189 248) (702 989) Attributable to: Equity holders of the parent company 33 387 122 209 213 174 (184 259) (711 288) Non-controlling interests - (8 467) - (4 989) 8 299 Total Attributable 33 387 113 742 213 174 (189 248) (702 989) Earnings per share: Basic and diluted, profit of the period attributable to equity holders of the parent 0.19 0.70 1.19 (1.05) (4.05) Earnings per share from continuing operations Basic and diluted, profit from continuing operations attributable to equity holders of the parent 0.19 0.64 1.19 (1.58) (5.02) 1) Ocean Installer included from 28 June 2024. Ross Offshore and Capnor is presented as discontinued operations. Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 9Moreld AS | Interim report | Third quarter 2025 #Section #Sub-chapter Financial statements
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Condensed consolidated statement of comprehensive income For the quarter ended 30 September 2025 Amounts in NOK thousand Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Profit of the period 33 387 113 742 213 174 (189 24) (702 989) Items that may be reclassified subsequently to profit or loss Foreign exchange differences on translation of foreign operations (4 266) 2 041 26 173 2 954 (23 296) Other comprehensive income / (-loss) for the period (4 266) 2 041 26 173 2 954 (23 296) Total comprehensive income / (-loss) for the period 29 121 115 783 239 347 (186 294) (726 285) Attributable to: Equity holders of the parent company 29 121 124 250 239 347 (181 305) (734 584) Non-controlling interests - (8 467) - (4 989) 8 299 Total attributable 29 121 115 783 239 347 (186 294) (726 285) Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 10Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Stavanger, 14 November 2025 Julian McIntyre Chair of the board Mark Dickinson Director Grethe Moen Director Sian Lloyd Reese Director Ole Slorer Director Geir Austigard Chief executive officer Condensed consolidated statement of financial position At 30 September Amounts in NOK thousand Notes 30.09.2025 30.06.2025 31.12.2024 ASSETS Non-current assets Property, plant and equipment 7 165 902 176 480 195 714 Goodwill 6 885 132 885 132 885 132 Intangible assets 6 400 196 428 312 483 406 Right of use assets 5 1 385 592 1 595 796 2 073 710 Other non-current assets 3 185 3 057 2 894 Deferred tax assets 160 355 176 336 225 000 Total non-current assets 3 000 361 3 265 112 3 865 855 Current assets Inventories 52 175 43 979 39 863 Trade and other receivables 1 371 346 1 214 071 1 110 561 Contract assets 162 012 614 314 498 691 Other current assets 177 188 184 911 172 795 Cash and short-term deposits 984 873 945 458 1 500 144 Total current assets 2 747 595 3 002 733 3 322 053 Total assets 5 747 956 6 267 844 7 187 909 Amounts in NOK thousand Notes 30.09.2025 30.06.2025 31.12.2024 EQUITY Paid in capital 758 119 869 994 902 301 Retained earnings 35 599 6 478 (203 747) Equity attributable to the equity holders 793 719 876 472 698 554 Non-controlling interests (622) (622) (622) Total equity 793 097 875 850 697 932 LIABILITIES Non-current liabilities Interest bearing loans and borrowings 8 1 267 055 1 276 532 1 527 708 Other non-current financial liabilities 9 142 9 194 10 041 Lease liabilities 620 287 798 693 1 230 913 Net employee defined benefit liabilities 10 107 9 948 7 537 Deferred tax liabilities 295 365 287 544 253 169 Total non-current liabilities 2 201 955 2 381 911 3 029 369 Current liabilities Lease liabilities 693 950 681 753 796 873 Trade and other payables 723 071 689 840 754 988 Contract liabilities 665 753 825 158 805 354 Income tax payables 6 113 18 708 51 103 Other current liabilities 664 016 794 624 1 052 290 Total current liabilities 2 752 904 3 010 083 3 460 608 Total liabilities 4 954 859 5 391 994 6 489 976 Total equity and liabilities 5 747 956 6 267 844 7 187 909 Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 11Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Condensed consolidated statement of cash flows For the quarter ended 30 September 2025 Amounts in NOK thousand Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Cash flow from operating activities Profit of the period 47 931 178 718 381 332 (185 224) (702 989) Non-cash change in fair value on financial instruments - 3 032 - 58 173 439 680 Non-cash effect from warrants recognised as financial liabilities - - - 224 786 69 019 Refinancing expenses classified as financing cashflows - - 200 289 105 129 161 839 Depreciation, amortisation and impairment losses 5, 6, 7 269 438 545 246 1 139 849 627 839 1 068 694 Net foreign exchange differences (22 248) 15 160 (197 179) 77 618 233 237 Interest received - - (1 395) - (44 263) Interest paid 65 551 - 102 399 71 685 221 643 Change in inventories (8 196) 2 552 (12 312) (14 526) (2 846) Change in trade and other receivables 295 027 215 694 75 894 101 963 2 424 Change in trade and other payables (126 174) (171 528) (171 517) (94 123) (32 102) Change in other current liabilities (122 886) 52 012 (392 668) (91 837) 125 819 Cash flows from operating activities 398 444 840 866 1 124 691 881 484 1 540 155 Interest received - - 1 395 - 44 263 Interest paid (65 551) - (102 399) (71 685) (221 643) Taxes paid (1 733) 77 643 (94 053) - (12 033) Net cash flows from operating activities 331 160 918 510 929 634 809 799 1 350 742 Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 12Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Amounts in NOK thousand Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Cash flow from investing activities Purchase of property, plant and equipment 7 (5 373) (2 186) (17 228) (9 039) (28 767) Purchase of intangible assets 6 (13 699) (7 846) (40 551) (17 010) (34 743) Cash outflow from acquisitions - - - (376 557) (494 298) Cash inflow from divestments - - - 38 258 430 Net cash flows from investing activities (19 072) (10 033) (57 778) (402 569) (299 377) Cash flows from financing activities Proceeds from interest bearing loans and borrowings 8 - - 1 457 586 2 287 559 2 287 559 Repayment of interest-bearing loans and borrowings 8, 9 - - (1 828 921) (1 169 729) (2 136 246) Payment of lease liabilities 5 (158 895) (438 798) (822 942) (462 727) (802 534) New equity received - 16 043 51 992 16 043 874 175 Dividend paid to equity holders of the company (74 051) - (149 464) - - Dividend paid to non-controlling interests - (3 824) - (8 774) (8 774) Payment for treasury shares under share buy-back programme (37 823) - (37 823) - - Change in other non-current liabilities 3 818 (3 082) 1 670 (6 626) 7 425 Net cash flows from financing activities (266 952) (429 662) (1 327 902) 655 746 221 605 Net change in cash and cash equivalents 45 135 478 815 (456 047) 1 062 976 1 272 970 Cash and cash equivalents at beginning of period 945 458 770 477 1 500 144 185 710 185 710 Effects of exchange rate changes (5 720) (26 076) (59 244) (25 470) 41 464 Cash and cash equivalents at end of period 984 873 1 223 217 984 873 1 223 217 1 500 144 Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 13Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Condensed consolidated statement of changes in equity For the quarter ended 30 September 2025 Amounts in NOK thousand Paid in capital Retained earnings Foreign currency reserve Equity attributable to the equity holders Non- controlling interests Total equity Balance at 31 December 2024 902 301 (180 452) (23 296) 698 553 (622) 697 932 Capital contribution greenshoe option 51 992 - - 51 992 - 51 992 Transaction cost deducted from equity (8 886) - - (8 886) - (8 886) Dividend paid (75 413) - - (75 413) - (75 413) Comprehensive income Net income / (-loss) for the period - 179 787 - 179 787 - 179 787 Other comprehensive income / (-loss) for the period - - 30 439 30 439 - 30 439 Total comprehensive income - 179 787 30 439 210 225 - 210 225 Balance at 30 June 2025 869 994 (665) 7 143 876 472 (622) 875 850 Dividend paid (74 051) - - (74 051) - (74 051) Transaction with own shares (37 823) - - (37 823) - (37 823) Comprehensive income Net income / (-loss) for the period - 33 387 - 33 387 - 33 387 Other comprehensive income / (-loss) for the period - - (4 266) (4 266) - (4 266) Total comprehensive income - 33 387 (4 266) 29 121 - 29 121 Balance at 30 September 2025 758 120 32 722 2 877 793 719 (622) 793 097 Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 14Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Amounts in NOK thousand Paid in capital Retained earnings Foreign currency reserve Equity attributable to the equity holders Non- controlling interests Total equity Balance at 31 December 2023 618 (21 158) - (20 540) 23 820 3 280 Comprehensive income Net income / (-loss) for the period - (300 365) - (300 365) 2 240 (298 125) Other comprehensive income / (-loss) for the period - - 3 487 3 487 - 3 487 Total comprehensive income - (300 365) 3 487 (296 878) 2 240 (294 638) Balance at 30 June 2024 618 (321 532) 3 487 (317 418) 26 060 (291 358) Capital contribution - - - - 23 445 23 445 Capital decrease - - - - (7 403) (7 403) Dividend to non-controlling interests - - - - (3 824) (3 824) Comprehensive income Net income / (-loss) for the period - 113 742 - 113 742 (8 467) 105 275 Other comprehensive income / (-loss) for the period - - 2 041 2 041 1 029 3 070 Total comprehensive income - 113 742 2 041 115 783 (7 438) 108 345 Balance at 30 September 2024 618 (207 781) 5 528 (201 635) 30 840 (170 795) Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 15Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Notes to the condensed consolidated financial statements Note 01 General information The condensed consolidated financial state- ment for the first nine months of 2025 covers Moreld ASA, its subsidiaries and shares in asso- ciated companies accounted for in accordance with the equity method. The Moreld Group offers comprehensive ser- vices to the offshore energy, renewable and onshore markets. Note 02 Basis for preparation Interim financial statements have been pre- pared in accordance with IAS 34 (Interim Financial Reporting) and in accordance with IFRS® Accounting Standards as adopted by the EU. Interim financial statements do not include the same amount of information as the full financial statements and should be read in conjunction with the consolidated financial statements for 2024. The consoli- dated financial statements for 2024 were pre- pared in compliance with IFRS(R) Accounting Standards as adopted by the EU and the Nor- wegian Accounting Act. The accounting prin- ciples used in the first half report are the same as those applied to the consolidated financial statements for 2024. Note 03 Judgement, estimates and assumptions The preparation of the company’s consoli- dated financial statements requires manage- ment to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and the accompanying disclosures, and the disclo- sure of contingent liabilities. Use of available information and application of judgement are inherent in the formation of estimates. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carry- ing amount of assets or liabilities affected in future periods. Actual results in the future could differ from such estimates, and the dif- ferences may be material to the consolidated financial statements. These estimates are reviewed regularly, and if a change is needed, it is accounted for in the period the change becomes known. The group based its assumptions and esti- mates on parameters available when the con- solidated financial statements are prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circum- stances arising that are beyond the control of the group. Such changes are reflected in the assumptions when they occur. The key considerations in connection with the application of the group’s accounting prin- ciples and the major sources of uncertainty remain the same as when the 2024 consolidated financial statements were com- piled. Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 16Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Note 04 Operating segments Operating segments are identified based on the group’s internal management and report- ing structure. The group’s chief operating deci- sion maker (CODM), who is responsible for the allocation of resources and assessment of performance in the different operating seg- ments, is defined as the group CEO. The main indicator of financial performance used by the CODM is EBITDA excluding the impact of the accounting standard for leases (IFRS 16) which requires the operation lease expense to be reclassified to depreciations / amortisations and interest expense, and this is therefore used as the basis for the segment report- ing. Recognition and measurement applied to segment reporting are consistent with the accounting principles applied when preparing the financial statements. Moreld Apply Moreld Apply focuses primarily on offshore and onshore projects, delivering services from concept development through to project com- pletion. The company has a strong presence on the Norwegian Continental Shelf (NCS), where its largest activity lies in maintenance and modification of existing assets, ensuring operational efficiency and safety across a vari - ety of offshore installations. Ocean Installer Ocean Installer specialises in subsea con- struction and inspection services, with key operations on the NCS, Western Europe, Med- iterranean, and West Africa. The company plays a pivotal role in supporting operators as they develop existing fields and tie in new resources, contributing to the ongoing growth of the subsea sector. Global Maritime Global Maritime provides a wide array of engi- neering solutions within the marine and off- shore sectors, particularly in renewables and oil & gas. The company is particularly active in marine operations, marine warranty services, and geosciences, offering expertise to ensure the safe, efficient, and sustainable develop - ment of projects across the North Sea and Mediterranean regions. Revenue and income EBITDA excl. IFRS 16 Amounts in NOK thousand Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Moreld Apply 1 094 630 907 939 3 419 891 2 570 649 3 783 714 53 798 53 805 210 328 197 763 282 987 Global Maritime 216 497 242 128 635 516 668 167 869 913 12 538 25 064 25 067 69 209 64 856 Ocean Installer 1) 740 994 1 441 581 3 578 247 1 441 581 2 481 270 115 678 309 743 735 872 309 743 357 406 Other / Group 2) 17 557 2 639 3 633 2 639 1 482 (8 693) (20 075) (30 386) (45 208) (76 007) Moreld Group 2 069 678 2 594 288 7 637 287 4 683 036 7 136 379 173 321 368 537 941 780 531 507 629 243 1) Ocean Installer was acquired by the Moreld Group on 28 June 2024, and included in the consolidated numbers from that time. See Note 5 for more information. 2) Other / Group includes group cost related to acquisitions, disposals and other transactions, and operations in Moreld Aqua. Amounts in NOK thousand Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Segment EBITDA excl. IFRS 16 173 321 368 537 941 780 531 507 629 234 Lease cost accounted for under IFRS 16 (196 299) (477 043) (955 041) (519 981) (894 020) EBITDA 369 621 845 580 1 896 821 1 051 488 1 523 263 Depreciation, amortisation and impairment losses (269 438) (545 246) (1 139 849) (627 839) (1 068 694) Share of gain (loss) in associates (6 511) (3 861) (11 011) (3 861) (7 920) Net financial expense (45 740) (117 754) (364 629) (605 011) (1 392 244) Net profit / (-loss) before tax from continuing operations 47 931 178 718 381 332 (185 224) (945 596) Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 17Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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The table shows the anticipated year on which the order backlog at 30 September 2025 is expected to be recognised as income Amounts in NOK thousand Order backlog 30 September 2025 2025 2026 2027 and later Moreld Apply 2 670 167 1 026 000 1 319 500 324 667 Ocean Installer 2 609 000 400 000 1 959 000 250 000 Global Maritime 452 372 111 875 310 816 29 680 Moreld Group 5 731 539 1 537 875 3 589 316 604 347 Note 05 Leasing The group leases several assets such as ves- sels, offices and other facilities. Vessel charters are typically agreed using a day rate applicable for a specified window of time. A material por- tion of the group's vessel charters are on terms that do not contain any commitments for the group when the vessel is not in use ("pay as you go"). For such charters, each vessel call- off is accounted for as a separate lease. Rental contracts for equipment and premises are agreed to fixed periods of two to five years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Short- term vessel charters (with a lease term of less than 12 months) are also capitalised as right- of-use assets and depreciated. Except for ves- sels, no other short-term leases are capitalised as right-of-use assets and depreciated. Extension and termination options are included in several vessel and property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. Amounts in NOK thousand Vessels Buildings and plants Other equipment Total Acquisition cost at 31 December 2024 3 037 791 484 679 1 639 3 524 110 Additions of right-of-use assets 270 192 10 160 - 280 352 Disposals (18 249) (201) - (18 449) Net foreign currency exchange differences - (352) - (352) Acquisition cost at 30 June 2025 3 289 735 494 287 1 639 3 785 661 Additions of right-of-use assets - 1 569 - 1 569 Disposals - - - - Net foreign currency exchange differences - 37 - 37 Acquisition cost at 30 September 2025 3 289 735 495 818 1 639 3 787 192 Accumulated depreciation at 31 December 2024 (1 348 209) (100 480) (1 350) (1 450 399) Depreciation (718 862) (39 123) (143) (758 128) Disposals 18 249 201 - 18 449 Net foreign currency exchange differences - 214 - 214 Accumulated depreciation at 30 June 2025 (2 048 823) (139 548) (1 493) (2 189 864) Depreciation (192 310) (19 721) (39) (212 070) Disposals - - - - Net foreign currency exchange differences - 335 - 335 Accumulated depreciation at 30 September 2025 (2 241 133) (158 935) (1 532) (2 401 600) Net carrying amount at 31 December 2024 1 689 582 383 839 289 2 073 710 Net carrying amount at 30 June 2025 1 240 912 354 739 146 1 595 797 Net carrying amount at 30 September 2025 1 048 602 336 883 107 1 385 592 Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 18Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Note 06 Intangible assets Amounts in NOK thousand Research and development Patents and licenses with definite useful lives Order backlog Goodwill Total Acquisition cost at 31 December 2024 25 597 52 185 509 363 885 132 1 472 277 Additions in the period - 26 853 - - 26 853 Disposal in the period - (468) - - (468) Net foreign currency exchange differences - 32 - - 32 Acquisition cost at 30 June 2025 25 597 78 601 509 363 885 132 1 498 693 Additions in the period 5 229 8 206 - - 13 436 Disposal in the period - (508) - - (508) Net foreign currency exchange differences - - - - - Acquisition cost at 30 September 2025 30 826 86 300 509 363 885 132 1 511 621 Accumulated amortisation at 31 December 2024 (3 518) 2 200 (102 422) - (103 740) Amortisation expense - (11 321) (70 491) - (81 812) Disposal in the period - 331 - - 331 Net foreign currency exchange differences - (29) - - (29) Accumulated amortisation at 30 June 2025 (3 518) (8 820) (172 912) - (185 250) Amortisation expense (1 119) (3 403) (35 245) - (39 767) Disposal in the period - 422 - - 422 Impairment loss - (1 752) - - (1 752) Net foreign currency exchange differences - 54 - - 54 Accumulated amortisation at 30 September 2025 (4 638) (13 498) (208 158) - (226 293) Net carrying amount at 31 December 2024 22 079 54 385 406 941 885 132 1 368 537 Net carrying amount at 30 June 2025 22 079 69 782 336 450 885 132 1 313 443 Net carrying amount at 30 September 2025 26 189 72 802 301 205 885 132 1 285 327 Estimated useful life 2-5 years 3-10 years 2-5 years Indefinite Depreciation method Linear Linear Linear NA Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 19Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Note 07 Property, plant and equipment Amounts in NOK thousand Building and plants Machinery Equipment Total Acquisition cost at 31 December 2024 659 173 808 46 981 221 448 Additions purchased property, plant and equipment - 802 11 129 11 930 Disposals - (765) (208) (973) Net foreign currency exchange differences 26 130 349 505 Acquisition cost at 30 June 2025 685 173 975 58 251 232 910 Additions purchased property, plant and equipment - 3 361 1 988 5 349 Disposals - (115) (223) (337) Net foreign currency exchange differences - - - - Acquisition cost at 30 September 2025 685 177 221 60 016 237 922 Accumulated depreciation at 31 December 2024 (268) (21 910) (3 558) (25 736) Depreciation expense (246) (19 461) (11 580) (31 287) Disposals - 691 130 820 Net foreign currency exchange differences (23) (98) (107) (228) Accumulated depreciation at 30 June 2025 (537) (40 779) (15 115) (56 431) Depreciation expense (124) (9 587) (6 137) (15 848) Disposals - 189 167 356 Net foreign currency exchange differences 146 939 (1 182) (97) Accumulated depreciation at 30 September 2025 (515) (49 238) (22 267) (72 020) Net carrying amount at 31 December 2024 391 151 898 43 423 195 712 Net carrying amount at 30 June 2025 148 133 196 43 135 176 480 Net carrying amount at 30 September 2025 170 127 983 37 749 165 902 Estimated useful life 3-25 years 3-10 years 3-20 years Depreciation method Linear Linear Linear Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 20Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Note 08 Financial instruments Facility Currency Borrower Maturity Nominal amount Remaining unamortised financing fees Net book value at 30 September 2025 Senior secured bond USD Moreld ASA 11 February 2030 1 298 401 31 346 1 267 055 On 11 February 2025, Moreld ASA issued a 130 million USD senior secured bond. The bond was used to repay the existing notes to reduce financing cost and give the group more flexi- bility in the capital structure. The interest rate on the senior secured bond is 9.875 per cent per annum, payable half-yearly. The bond shall be repaid in full at maturity. Note 09 Interest expenses Amounts in NOK thousand Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Interest expense on leasing liabilities 35 359 52 512 126 309 69 200 115 919 Interest expense on bond debt 19 008 56 007 109 013 135 165 224 503 Amortised financing fees on bond debt 3 598 10 952 4 322 32 856 43 807 Interest on factoring agreement 5 121 5 017 15 873 14 441 19 978 Other interest expenses 1 282 1 555 2 687 4 623 6 164 Sum interest expenses 64 369 126 042 258 204 256 283 410 372 Note 10 Other financial expenses Amounts in NOK thousand Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Expense of amortised transaction cost on senior secured notes - - 118 535 144 320 217 247 Repayment premium on repayment of Senior Secured Notes (1 596) - 198 693 105 129 161 896 Transaction cost on warrants issuance, expensed at initial recognition - - - 2 268 2 268 Other finance expense 4 562 14 618 14 799 14 071 17 033 Sum other financial expenses 2 967 14 618 332 027 265 788 398 445 In February, Aurora Group, a wholly owned subsidiary of Moreld ASA, repaid the remain- ing USD 145 million on the senior secured notes that was issued in June 2024. As part of the refinancing, the group incurred repayment premiums of NOK 200 million and expensed NOK 118 million that originally had been booked against the notes. The transaction cost includes the original issuance discount, as well as advisory fees. Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 21Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Note 11 Employee share incentive program 2025 In August 2025, Moreld launched an employee share incentive program, offering all employ- ees across the group the possibility to pur- chase shares in the company. Under the program, each employee can purchase shares for a given share of their base salary, and sub- ject to a vesting period, the employee will receive bonus shares in a predetermined fixed ratio. The total recognised cost related to the program in the third quarter was NOK 0.6 mil- lion. Note 12 Transactions with related parties On 12 December 2024, Moreld AS entered into consultancy agreements with each of MWB (UK) Management Ltd (wholly owned by the chair of the Board Julian McIntyre) and Rapid- ite Limited (wholly owned by the director Mark Dickinson). Pursuant to these agreements, Mr. McIntyre and Mr. Dickinson shall provide the group with strategic advice, including on matters related to general corporate finance, M&A and financing. Mr. McIntyre and Mr. Dick- inson shall each, through their holding com- panies, receive a monthly fee of USD 25 000 for such services, paid in arrears, in addition to any remuneration received in their capac- ity as Board Members. The agreements have a term of two years, subject to extensions by Moreld. Moreld has also the right to reduce the annual remuneration to each of Mr. McIntyre and Mr. Dickinson to nil if either of them sells more than 50 per cent of their Shares in the company. Note 13 Tax The income tax expense for the first nine months is based on an estimate. The tax expense for the first nine months is estimated based on a tax rate of 22 per cent of profit before tax, which equals NOK 104.7 million (2024: NOK 97.9 million). In addition, the tax expense is impacted by withholding tax sur- rendered on foreign projects, amounting to NOK 62.5 million (2024: NOK 0 million). Note 14 Subsequent events On 29 October 2025, Ocean Installer, a sub- sidiary of Moreld ASA, agreed to extend the charter for the offshore construction vessel Normand Vision with shipowner Solstad. The firm period was extended from the end of 2026 to the end of 2027. The agreement also includes priced options for 2028 and 2029, as well as a commercial arrangement to fur- ther extend charter-party options through 2031. This extension secures long-term vessel capacity to support Ocean Installer’s current operations and positions the company to exe- cute installation scopes and pursue emerging opportunities across global energy markets. On 7 November 2025, Ocean Installer, was awarded a large contract by Vår Energi for the Balder Next development. The contract includes project management, engineer- ing, and flexible product supply, securing long-lead items ahead of the client’s final investment decision. The award marks a con- tinuation of Ocean Installer’s strategic part- nership with Vår Energi and supports the fast-track schedule for the Balder Next – New Wells project. Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 22Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Alternative performance measures EBITDA EBITDA is the abbreviation of “Earnings Before Interest, Taxes, Depreciation and Amortisation”. Moreld uses EBITDA in the income statement as a summation line for other accounting lines. Amounts in NOK thousand Q3 2025 Q3 2024 Q3 2024 YTD 2025 YTD 2024 proforma FY 2024 FY 2024 proforma Revenue and income 2 069 678 2 594 288 7 637 287 4 683 036 6 709 524 7 136 379 9 163 088 Cost of sales (974 631) (846 180) (3 578 554) (1 875 821 (2 816 597) (3 085 902) (4 026 898) Salaries and personnel expenses (620 455) (640 045) (1 812 778) (1 355 372) (1 534 703) (2 111 317) (2 290 648) Other operating expenses (104 971) (262 483) (349 134) (400 355) (507 891) (415 898) (523 434) EBITDA 369 620 845 580 1 896 821 1 051 488 1 850 332 1 523 262 2 322 107 EBITDA excl. IFRS 16 EBITDA exclusive IFRS 16, meaning that the impact of lease contracts accounted for under IFRS 16 are excluded and lease payments are accounted for as direct cost. Amounts in NOK thousand Q3 2025 Q3 2024 Q3 2024 YTD 2025 YTD 2024 proforma FY 2024 FY 2024 proforma EBITDA 369 620 845 580 1 896 821 1 051 488 1 850 332 1 523 262 2 322 107 Lease cost accounted for under IFRS 16 (195 800) (477 043) (954 542) (519 981) (946 460) (893 949) (1 320 428) EBITDA excl. IFRS 16 173 820 368 537 942 279 531 507 903 872 629 313 1 001 679 Adjusted EBITDA excl. IFRS 16 Adjusted EBITDA exclusive IFRS 16, meaning that the impact of lease contracts accounted for under IFRS 16 are excluded and lease payments are accounted for as direct cost and non-recurring trans- action cost are excluded. Amounts in NOK thousand Q3 2025 Q3 2024 Q3 2024 YTD 2025 YTD 2024 proforma FY 2024 FY 2024 proforma EBITDA excl. IFRS 16 173 820 368 537 942 279 531 507 903 872 629 313 1 001 679 Non-recurring transaction cost 3 800 43 585 26 384 43 585 43 585 73 392 73 392 EBITDA excl. IFRS 16 177 620 412 122 968 663 575 092 947 457 702 705 1 075 071 Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 23Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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EBIT EBIT is the abbreviation of “Earnings Before Interest and Taxes”. Moreld uses EBIT in the income statement as a summation line for other accounting lines. Amounts in NOK thousand Q3 2025 Q3 2024 Q3 2024 YTD 2025 YTD 2024 proforma FY 2024 FY 2024 proforma EBITDA 369 620 845 580 1 896 821 1 051 488 1 850 332 1 523 262 2 322 107 Depreciation, amortisation and impairment losses (269 438) (545 246) (1 139 849) (627 839) (1 118 788) (1 068 694) (1 461 958) Share of gain (loss) in associates (6 511) (3 861) (11 011) (3 861) (3 861) (7 920) (7 920) EBIT 93 671 296 473 745 961 419 787 727 683 446 648 852 229 GIBD GIBD is the abbreviation of “Gross Interest-Bearing Debt.” GIBD is defined as non-current interest- bearing liabilities. Amounts in NOK thousand 30.09.2025 30.06.2025 31.12.2024 Interest-bearing loans and borrowing 1 267 055 1 276 532 1 527 708 Amortised transaction cost on loans and borrowings 31 346 36 169 118 535 Non-current lease liabilities 620 287 798 693 1 230 913 Current lease liabilities 693 950 681 753 796 873 GIBD 2 612 638 2 793 147 3 674 029 NIBD NIBD is the abbreviation of “Net Interest-Bearing Debt.” NIBD is calculated as Gross Interest-Bearing Debt (GIBD) minus cash and cash equivalents. Unused credit facilities are not included in the cash amount. Amounts in NOK thousand 30.09.2025 30.06.2025 31.12.2024 GIBD 2 612 638 2 793 147 3 674 029 - Cash and short-term deposits 984 873 945 458 1 500 144 NIBD 1 627 765 1 847 689 2 173 885 - IFRS 16 lease liabilities (1 314 237) (1 480 446) (2 027 786) NIBD excluding IFRS 16 lease liabilities 313 528 367 243 146 100 Leverage ratio Leverage ratio is calculated as NIBD excluding IFRS 16 lease liabilities divided by last-twelve months EBITDA excl. IFRS 16 lease liabilities. Amounts in NOK thousand 30.09.2025 30.06.2025 31.12.2024 NIBD excluding IFRS 16 lease liabilities 313 528 367 243 146 100 LTM EBITDA excl. IFRS 16 lease liabilities 1 040 085 1 189 201 1 001 679 Leverage ratio 0.3 0.3 0.1 Order backlog Order backlog is defined as the total value of firm contracts for which revenue has not yet been recognised. For long-term contracts within Maintenance & Modification, the value of the contracts are estimated as the final contract size is based on call-offs under the frame agreement. Amounts in NOK thousand 30.09.2025 30.06.2025 31.12.2024 Order backlog Apply 2 670 167 3 553 167 4 945 167 Order backlog Ocean Installer 2 609 000 3 137 000 4 459 770 Order backlog Global Maritime 452 372 444 156 535 673 Order backlog Moreld Group 5 731 539 7 170 322 9 940 610 Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 24Moreld AS | Interim report | Third quarter 2025 #Section #Chapter #Sub-chapter
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Report design: Haugvar AS Moreld AS Address: Moseidsletta 112 NO-4033 Stavanger Investor relations: trond.rosnes@moreld.no Media contact: contact@moreld.no www.moreld.com Contents Higlights and key figures Letter from the CEO Third quarter 2025 review Financial review Operational review Corporate events Risks and uncertainties Order backlog Outlook Financial statements Statement of profit and loss Statement of comprehensive income Statement of financial position Statement of cash flows Statement of changes in equity Notes to the financial statements Note 01 General information Note 02 Basis for preparation Note 03 Judgement, estimates and assumptions Note 04 Operating segments Note 05 Leasing Note 06 Intangible assets Note 07 Property, plant and equipment Note 08 Financial instruments Note 09 Interest expenses Note 10 Other financial expenses Note 11 Employee share incentive program 2025 Note 12 Transactions with related parties Note 13 Tax Note 14 Subsequent events Alternative performance measures Contact information 25Moreld AS | Interim report | Third quarter 2025 #Section #Sub-chapter Contact information