Slides
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Moreld Group Fourth quarter 2025 12 February 2026 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 ASA (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 9.8 bNOK Revenue1) (FY25) 1.1 bNOK Adjusted EBITDA excl. IFRS 161)2) (FY25) 32 Offices ~2 000 Employees ~600 External consultants 1) Proforma number, including Ocean Installer from January 1st 2) Excluding one-off transaction costs Apply OCEAN INSTALLER MORELD APPLY GLOBAL MARITIME SUBSEA INSTALLATION MAINTENANCE & MODIFICATION MARINE, OFFSHORE AND ENGINEERING CONSULTANCY # of EmployeesShare of 2025 EBITDA NOK 255m NOK 28m 2025 EBITDA NOK 835m 23% 300 74% 1 350 3% 370
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KEY FIGURES – Q4 2025 and FY 2025 4 Q4 REVENUE 2.2 bNOK FY REVENUE 9.8 bNOK ▪ A record year. Successful execution of short-duration projects in Q4 pushed revenues to nearly 10 billion NOK Q4 Adj. EBITDA* 132 mNOK FY EBITDA* 1 101 mNOK ▪ Full-year EBITDA was in line with mid point of the stated 2025 guiding and up from 1 075 million NOK in 2024 Net interest-bearing debt 219 mNOK ▪ Cash balance of 1,091 million NOK, up 95 million NOK compared to previous quarter ▪ Net interest-bearing debt to EBITDA dropped to 0.2x Backlog 5.9 bNOK ▪ Backlog increased from 5.7 billion NOK in the previous quarter ▪ Order intake of 1.9 billion NOK vs 0.6 billion NOK in Q3 ▪ Backlog increasingly project-based, shorter visibility and higher margin potential *EBITDA excluding lease liabilities and one-off transaction costs NIBD = Net interest-bearing debt
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HEADLINES 5 SUBSEA AWARDS ▪ Ocean Installer secured several important awards: ▪ Vår Energi - Balder Next ▪ Equinor – Mikkel Field ▪ Undisclosed customer – International SURF Project (LOI)* ▪ Continued strengthening of NCS position, supported by active tendering, upside in secured contracts and upcoming campaigns EQUINOR MAINTENANCE & MODIFICATION TENDERS* ▪ Secured EMOD/EPRO frame agreement (5-year firm + 5-year options) with meaningful volume upside, lost the VEM offshore M&M contract ▪ Adjusting the organization to win a strong share of upcoming NCS modification project scopes, supported by major near-field investments ▪ Growing demand for efficient small tie-backs on the NCS, Moreld well positioned to capture this 2026 guiding and dividend ▪ Slightly negative EBITDA expected in Q1 2026, large and confirmed projects from Q2 support strong recovery in activity for the rest of the year ▪ Moreld issues an EBITDA guidance of 0.7 to 0.9 billion NOK for 2026 ▪ NOK 0.42 per share dividend approved for the fourth quarter, Moreld will consider to increase the quarterly dividend to NOK 0.50 per share in the next quarter * Subsequent event after end of Q4
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Successful execution of several key projects in 2025, demonstrating our capabilities Girassol – Flexible replacement Åsgård – Compression module replacement Odda – Electrical, Instr. & Mechanical Installation Utsira high – Topside modification Edvard Grieg Johan Castberg – SURF, SPS and FPSO installation Balder Future – SURF, SPS and FPSO installation Statfjord C – Installation of waste heat recovery unit Eirin tie-in to Gina Krog – Topside modification
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And we are positive to the opportunities ahead Positioned to take on large international SURF scopes building on successful track record built over 15 years. International SURF NCS tie-backs Uniquely positioned to drive NCS near-field development through comprehensive topside and subsea capabilities. Project values: From 500 mNOK to multibillion Project values: From 200 mNOK up to ~1 bNOK
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Several shorter offshore campaigns successfully executed and two key awards secured Delivered 835 million NOK revenue and 99 million NOK EBITDA in Q4, supported by strong operational and safety performance. Successfully completed several smaller offshore campaigns, including a subsea cable repair job. Awarded Balder Next contract by Vår Energi in November, covering engineering and flexible product deliveries in 2026/2027. Secured EPCI contract from Equinor for the Mikkel field, securing work in 2026/2027. Extensive bidding ongoing for SURF scopes and shorter projects. LOI signed for international tie-back project to be conducted in 2026/2027. Ocean Installer Comments 8
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Maintaining performance while reshaping the organization for increased competitiveness Q4 revenue of 1.2 billion NOK and EBITDA of 44 million Revenue on par with same quarter last year, positive progress on the Boliden project which is the largest onshore project executed by the company to date. Equinor VEM not re-awarded: Process started to restructure and consolidate the organization to secure alignment with the anticipated portfolio and reinforce long-term competitiveness. Equinor EMOD/EPRO new frame agreement awarded, positioning Moreld to execute large-scale topside modifications, satellite field hook-ups, and subsea installation. Moreld Apply Comments 9
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Solid finish to the year with strengthening momentum and near-record backlog Q4 revenue of 193 million NOK and EBITDA of 2.1 million NOK, solid end to the year, in what is traditionally a seasonally weaker quarter due to lower offshore activity. Momentum improved in lagging business streams, with Marine Operations and Engineering & Software picking up and important contracts secured in recent months Operations in the Middle East remained a key contributor, extending its strong momentum as the company’s top activity region in 2025 Backlog approaching 500 million NOK, close to record levels for the company Global Maritime Comments 10
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More project-driven backlog going forward, supported by ample market opportunities 250 4,575 2026 367 1,354 2027 1,633 >2028 2,250 5,929 Total 4,825 1,721 1,633 8,179 0 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 ▪ 5.9 billion NOK order backlog end of Q4 of which 4.6 billion NOK is secured work for 2026 ▪ Order intake of approx. 1.9 billion NOK in the quarter ▪ Important contract awards in the quarter include Balder NEXT and Mikkel SURF awards ▪ EMOD/EPRO frame agreement awarded (5-year firm + 5-year options), project to be recognized in backlog when won ▪ Tender activity remained high in the quarter 11 3,3202,135 474 Ocean Installer Moreld Apply Global Maritime 5,929 Backlog as of 31.12.25
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Financials Trond Rosnes - CFO
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Moreld Group financial performance EBITDA margin above comparable quarter last year reaching 6.0% Revenue Adj. EBITDA excl. IFRS 16 Leverage Ratio 9.8 bn YTD 1 101 m YTD 0.2x Net Debt 219 m Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2,450 2,903 2,664 2,070 2,201 0,1 0,3 0,3 0,3 0,2 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 ▪ Revenue of 2.2 billion NOK, marking a slight increase from the previous quarter ▪ EBITDA margin reduced to 6.0% for the quarter, but ending at solid 11.2 % for the full year ▪ Leverage ratio decreased to 0.2x, cash balance increased by 106 million NOK in the quarter ▪ Adjusted EBITDA of 1 101 million NOK for the full year, up from 1 075 million NOK in 2024 Leverage ratio = LTM NGAAP EBITDA / NIBD (excl lease liabilities) All numbers in million NOK unless otherwise stated Adj EBITDA = EBITDA excluding lease liabilities and one-off transaction costs 128 428 363 178 132 5.2% Q4 24 14.7% Q1 25 13.6% Q2 25 8.6% Q3 25 6.0% Q4 25 EBITDA% EBITDA 13
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Ocean Installer financial performance 14 Revenue EBITDA excl. IFRS 16 4.4 bn YTD 835 m YTD 741 835 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1,040 1,582 1,255 48 329 291 4.6% Q4 24 20.8% Q1 25 23.2% Q2 25 15.7% Q3 25 11.9% Q4 25 116 99 EBITDA% EBITDA ▪ Q4 revenue of 835 million NOK, representing an increase from the previous quarter ▪ Activity mainly driven by smaller, fast-track scopes, including a subsea cable repair job, along with project management and engineering work ▪ Q4 EBITDA of 99 million NOK, representing a solid margin improvement from the same period last year driven by efficient execution, disciplined project close-out, and steady utilization across smaller scopes ▪ For the full year EBITDA margin was 18,9% All numbers in million NOK unless otherwise stated EBITDA excl. 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.
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Moreld Apply financial performance Revenue EBITDA excl. IFRS 16 4.6 bn YTD 255 m YTD Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1,223 1,120 1,190 1,095 1,196 ▪ Q4 revenue of 1,196 million NOK, on par with the same quarter last year ▪ Offshore activity remained high in Q4, driven by Maintenance campaigns and EPCI projects All numbers in million NOK unless otherwise stated EBITDA excl. 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. 85 95 62 54 44 7.0% Q4 24 8.5% Q1 25 5.2% Q2 25 4.9% Q3 25 3.8% Q4 25 EBITDA% EBITDA ▪ Q4 EBITDA of 44 million NOK, with EBITDA margin dropping from 4.9% to 3.8% ▪ Margin reduction was driven by risk accruals, delays in certain projects, and lower incentive payments compared with previous quarters 15
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Global Maritime financial performance 16 Revenue EBITDA excl. IFRS 16 0.83 bn YTD 28 m YTD 213 206 213 216 193 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -4 5 8 13 2 -1.9% Q4 24 2.4% Q1 25 3.8% Q2 25 5.8% Q3 25 Q4 25 1.1% EBITDA% EBITDA ▪ Q4 revenue of 193 million NOK, with activity decreasing slightly from previous quarter ▪ Solid end to the year, in what is traditionally a seasonally weaker quarter due to lower offshore activity ▪ Q4 EBITDA of 2,1 million NOK, a clear improvement from the same period last year ▪ Margins higher compared to same quarter last year, supported by slightly higher underlying activity toward year end along with positive catch- up effects in parts of the business All numbers in million NOK unless otherwise stated EBITDA excl. 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.
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Stable negative net working capital levels, despite shrinking customer prepayments 17 Comments ▪ Moreld has a capital efficient operating model, consistently operating with negative net working capital ▪ Lower level of prepayments compared to end of 2024, but NWC back within normalized range ▪ High variations in working capital from quarter end to quarter end due to timing of invoicing and prepayments from customers -345 -252 -290 -800 -700 -600 -500 -400 -300 -200 -100 0 NOK millions -780 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -402 Net working capital All numbers in million NOK Normalized working capital
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Robust balance sheet, with net debt approaching zero 18 219 0 1,000 2,000 500 1,500 2,500 3,000 NOK millions GIBD 70 Cash NIBD incl. lease liabilities 1,542 Lease liabilities NIBD excl. lease liabilities 2,852 1,091 1,761 1,021 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 1,091 million NOK, giving a total liquidity of 1,291 million NOK ▪ Cash balance includes 70 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 132 million NOK compared to IFRS EBITDA of 328 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 31.12.25
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High cash conversion in the quarter, supported by reduction in working capital 90 132 112 75 70 895 Cash balance 30.9 EBITDA excl. IFRS 16 Change in NWC 23 Capex 0 Interest paid Dividend paid 41 FX and other 1,021 Cash balance 31.12 985 1,091 19 Cash flow bridge Comments ▪ Robust cash contribution from operations with EBITDA of 132 million NOK ▪ Working capital decreased by 112 million NOK, giving a positive cash effect in the quarter ▪ Capex of 23 million NOK mainly linked to ongoing IT initiatives, software development and equipment ▪ Dividend of 75 million NOK paid in the quarter (0.42 NOK per share) ▪ Cash balance increased by 105 million NOK and by 126 million NOK when excluding customer prepayments Customer prepayments EBITDA excl. 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.
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Robust cash conversion opens for higher distribution to shareholders 20 Moreld current dividend 75 300 Quarterly Annualized NOK million Per share NOK 0.42 NOK 1.68 Proposed new dividend from Q1 90 360 Quarterly Annualized NOK million Per share NOK 0.50 NOK 2.00 ▪ NOK 0.42 per share dividend approved for the fourth quarter ▪ Following the distribution, Moreld will have paid out 300 million NOK over four quarters, representing an annualized yield of 10% ▪ Supported by a strong balance sheet and solid cash generation, Moreld will consider increasing the quarterly dividend to NOK 0.50 per share in the next quarter ▪ Any dividends will need to be approved by the board as part of the Q1 reporting in May
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EBITDA guidance for 2026 reflects softer Q1 with activity picking up throughout the year ▪ Starting 2026 with a backlog underpinned by high-quality projects, offering visibility and growth potential ▪ Slightly negative EBITDA expected in Q1 2026, large and confirmed projects starting in Q2 support strong recovery in activity for the rest of the year ▪ Large international subsea projects and ambitious NCS nearfield development plans, support a positive outlook for Moreld beyond 2026 ▪ Moreld issues an EBITDA guidance of 0.7 to 0.9 billion NOK for 2026 ▪ Solid cash position and high cash conversion enables both higher distribution to shareholders and growth OUTLOOK 2026 EBITDA guidance 0.7 – 0.9 bNOK 392 595 664 8% 2021 10% 2022 10% 2023 12% 2024 11% 2025 2026 1,075 1,101 700-900 NGAAP EBITDA* (NOKm) and EBITDA margin (%) *Pro-forma figures including Moreld Apply, Global Maritime and Ocean Installer, 21 EBITDA excl. 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.
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Q&A 22
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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) 24 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) Q4 2025 Q4 2024 Full year 2025 Full year proforma 20241 Revenue 2 201 2 453 9 838 9 151 EBITDA 328 472 2 225 2 322 Adjusted EBITDA excl. IFRS 16 (Less one-off transaction cost) 132 128 1 101 1 075 EBITDA excl. IFRS 16 132 98 1 075 1 002 Order backlog2 (Contracted order backlog excl. options) 5 929 9 941 5 929 9 941 Cash balance 1 091 1 500 1 091 1 500 Available liquidity (Cash and unused credit facilities) 1 291 1 697 1 291 1 697 Net interest-bearing debt (Excl. IFRS 16 lease liabilities) 219 146 219 146 Leverage ratio (NIBD / LTM proforma EBITDA excl. IFRS 16) 0.2x 0.1x 0.2x 0.1x Key figures: