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Moreld Third quarter 2026 5 November 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 Revenue (FY25) 1.1 bNOK Adjusted EBITDA excl. IFRS 161) (FY25) 32 Offices ~2 000 Employees ~500 External consultants 1) Excluding non-recurring costs Apply OCEAN INSTALLER MORELD APPLY GLOBAL MARITIME SUBSEA INSTALLATION PROJECTS, 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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HEADLINES Improved visibility supports raised 2026 guidance 4 Strong Q3 performance and raised guidance • Revenue of NOK 2.2bn and adjusted EBITDA of NOK 376m, representing a 17% margin • Full-year 2026 EBITDA excl. IFRS 16 guidance raised to NOK 0.85–1.0bn Ocean Installer delivered exceptional project execution • Revenue of NOK 1.2bn and EBITDA of NOK 359m, supported by high vessel utilisation, strong project execution and milestone achievements across key projects Strong backlog provides improved visibility into 2027 and beyond • Major awards including Marine Wave 1 support future activity and strengthen Ocean Installer's position in key subsea growth markets Moreld Apply repositioning for future opportunities • Organisation and cost base continue to be adjusted to current activity levels • Pursuing new project awards and opportunities across its core and adjacent markets Strong financial position supports continued shareholder distributions • Cash of NOK 1.175bn and net interest-bearing debt of NOK 73m excluding leases • Quarterly dividend of NOK 0.50 per share maintained, complemented by a new share buyback programme of up to 5 million shares / NOK 100m
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KEY FIGURES – Q3 2026 Another strong quarter, with EBITDA of 376 million NOK 5 Q3 REVENUE 2.2 bNOK YTD REVENUE 6.1 bNOK Q3 Adj. EBITDA* 376 mNOK YTD Adj EBITDA* 612 mNOK NIBD** 73 mNOK Cash 1,175 mNOK Backlog 8.1 bNOK *EBITDA excluding IFRS 16 and one-off costs ** Net interest-bearing debt 2.1 Q3 25 2.2 Q4 25 1.4 Q1 26 2.5 Q2 26 2.2 Q3 26 178 132 -93 329 376 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 73500 1,000 1,500 Q3 25 Q4 25 Q1 26 Q2 26 1,175 Q3 26 Net debt Cash 5.7 Q3 25 5.9 Q4 25 6.3 Q1 26 8.4 Q2 26 8.1 Q3 26 NOK billion NOK million NOK million NOK billion
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Operational highlights Strong project execution driving higher margins and sustained vessel utilisation. Troll Phase 3 delivered, enabling first gas while advancing Balder and other key projects. Record backlog, with Marine Wave 1 award strengthening visibility into 2027 and beyond. Ocean Installer 6 Moreld Apply Global Maritime Performance reflecting lower activity levels and restructuring costs. Transformation initiatives concluded with focus shifting to productivity and execution. Commercial momentum through new awards and diversification into defence sector (post quarter) Overall stable activity with softer profitability due to lower utilisation in selected business streams. North Sea regional model implemented to support utilisation and margin improvement. Key awards secured: Repsol Vette project and long-term marine services contract with ADNOC.
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Total - NCS decom Decommissioning Q2-26 Backlog Backlog growth driven by recent subsea project awards 0 1 2 3 4 5 6 7 8 9 10 11 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0.4 1.5 6.2 8.1 Moreld (Total) Ocean Installer Moreld Apply Global Maritime Backlog development per segment NOK billion Key awards last twelve months Large contracts (1-2 bNOK) Vår Energi - Balder Next Engineering & Procurement Major contracts (2 bNOK+) Vår Energi - Balder Next Subsea installation Equinor - EMOD/EPRO Frame agreement M&M projects Not reflected in backlog Q1-26 Q3-25 Equinor - Marine Wave 1 Subsea installation Q3-26 Equinor - Bacalhau Subsea installation Q2-26 Significant contracts (0.5-1 bNOK) Sizeable contracts (0.1-0.5 bNOK) NDMA* - M&M Maintenance & engineering Not reflected in backlog*NDMA = Norwegian Defence Material Agency Q4-26 ENI - Gemini Subsea installation XX-XX Quarter awarded Q2-26 Equinor - Mikkel EPCI Subsea installation Q4-25 Tetraspar demonstrator Decommissioning Q1-26 Q2-26
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CEO perspective Commercial outlook and market dynamics Backlog by year NOKm Ocean Installer ▪ Backlog at record levels with higher margin levels compared to the other segments ▪ Result of strong underlying subsea market combined with successful bidding ▪ Significant room to grow as company is invited to bid for large international SURF projects Moreld Apply ▪ Softer Maintenance & Modification market on the Norwegian Continental Shelf ▪ Rebuilding of backlog underway through new operating model and targeted growth across NCS projects, M&M contracts and onshore industry ▪ Recent strategic studies and defence awards demonstrate progress in broadening the opportunity base ↑ ↻ 1,464 4,224 2,431 360 1,710 2026 2027 2028 and later 1 464 4 584 4 141 Options Contracted NCS = Norwegian Continental Shelf M&M = Maintenance & Modification
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Financials Trond Rosnes - CFO
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Moreld Group financial performance Strong Ocean Installer performance drives Q3 Revenue Adj. EBITDA excl. IFRS 16 Leverage Ratio 6.1 bn YTD 612 m YTD 0.1x Net Debt 73 m ▪ Revenue of 2.2 billion NOK for Q3, reflecting close-out of several offshore projects and high vessel utilisation ▪ Adj. EBITDA of 376 million NOK, with strong contribution from Ocean Installer delivering ~95% of the margin contribution ▪ Leverage ratio dropped to 0.1x, supported by strong cash generation and timing of customer payments Leverage ratio = NIBD (excl lease liabilities) / LTM EBITDA excl. IFRS 16 All numbers in million NOK unless otherwise stated 10 314 219 335 149 730.3x Q3 25 0.2x Q4 25 0.6x Q1 26 0.3x Q2 26 0.1x Q3 26 Leverage ratio Net debt 178 132 -93 329 376 8.6% Q3 25 6.0% Q4 25 -6.7% Q1 26 13.1% Q2 26 17.0% Q3 26 EBITDA% EBITDA Q3 25 Q4 25 Q1 26 Q2 26 2,213 Q3 26 2,070 2,201 1,380 2,514
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Project driven business = variable quarterly results Q2–Q3 (summer) Q1 / Q4 (winter) Project timing effect Project cycle – months/quarters Large share of EPCI profit is booked in offshore execution phase: close-outs create peaks. Seasonal cycle - year Moreld historically NCS-weighted: low offshore activity in Q4/Q1. Market cycle - years Subsea, M&M and marine services each partly follow their own cycle. 424 128 428 363 178 132 -93 329 376 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Adjusted EBITDA excl IFRS 16 per quarter Three cycles Cash flow variability is managed through prudent liquidity reserves and a focus on sustainable margin delivery over time. Based on FY guidance
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Ocean Installer financial performance Strong performance, with EBITDA margin above 29% 12 Revenue EBITDA excl. IFRS 16 2.9 bn YTD 514 m YTD 741 835 270 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1,442 1,218 All numbers in million NOK unless otherwise stated 116 99 292 359 15.7% Q3 25 11.9% Q4 25 -50.7% -137 Q1 26 20.2% Q2 26 29.5% Q3 26 EBITDA% EBITDA ▪ Strong performance driven by high offshore activity and solid execution across the project portfolio ▪ Both vessels remained in operation throughout the quarter, with a third vessel also chartered for a single project ▪ Profitability was particularly strong, supported by successful project completions and milestone achievements. ▪ Exceptional Q3 margins should not be viewed as new sustainable run rate margin
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Moreld Apply financial performance Margin pressure continues, transition progressing Revenue EBITDA excl. IFRS 16 2.6 bn YTD 80 m YTD 934 857 789 1,095 Q3 25 1,196 Q4 25 Q1 26 Q2 26 Q3 26 ▪ Activity remained below last year and previous quarters ▪ Reflecting lower volumes on key maintenance contracts and fewer projects in execution All numbers in million NOK unless otherwise stated 54 44 50 21 104.9% Q3 25 3.8% Q4 25 5.4% Q1 26 2.5% Q2 26 1.3% Q3 26 EBITDA% EBITDA ▪ Margin pressure continued in the quarter ▪ Transition programme is progressing, with focus on cost reductions, improved execution and rebuilding profitability ▪ As activity levels recover and improvement initiatives take effect, return to mid- to high- single-digit EBITDA margins is achievable 13
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Global Maritime financial performance Stable activity, utilization weighs on margin 14 Revenue EBITDA excl. IFRS 16 0.6 bn YTD 15 m YTD 216 193 175 223 209 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 All numbers in million NOK unless otherwise stated 13 2 -8 15 8 5.8% Q3 25 1.1% Q4 25 -4.5% Q1 26 6.7% Q2 26 3.8% Q3 26 EBITDA% EBITDA ▪ Stable project activity supported the quarter, driven by execution of several marine operation campaigns ▪ Activity remains less predictable in Middle East- exposed business areas ▪ Reduction in profitability, primarily due to low utilization of billable personnel in selected markets and business streams (e.g. geosciences) ▪ North Sea regional model implemented to support margin improvement ▪ Several contract wins post quarter end
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Increase in working capital during the quarter, driven by timing effects 15 Comments ▪ Moreld has a capital efficient operating model, consistently operating with negative net working capital ▪ Working capital became less negative during the quarter, primarily driven by project-related timing effects, including the timing of supplier payments and other contract settlements. ▪ Working capital is within normalized levels, and improved compared to comparable quarter in 2025 -402 -500 -353 -550 -500 -450 -400 -350 -300 -250 -200 -150 -100 -50 0 NOK millions -290 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -504 Net working capital All numbers in million NOK Net working capital includes payables accounted for under IFRS 16 and presented as short-term leasing liabilities in the financial statement Normalized working capital
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Robust balance sheet, approaching negative net debt 16 Comments ▪ Gross interest-bearing debt consists of unhedged 130 million USD senior secured bond issued in February 2025 (NOK 1 248 million end of Q3) ▪ 200 million NOK in unused credit facilities on top of the cash balance of 1,175 million NOK, giving a total available liquidity of 1,375 million NOK ▪ Cash balance includes 107 million NOK in customer prepayments ▪ NIBD is adjusted for leasing liabilities under IFRS 16. The lease liabilities relate to vessel chartered by Ocean Installer and office leases GIBD = Gross interest-bearing debt NIBD = Net interest-bearing debt (Gross interest-bearing debt – Cash) All numbers in million NOK Breakdown of NIBD 30.09.26 73 0 500 1,000 1,500 2,000 2,500 3,000 NOK millions GIBD 1,068 107 Cash NIBD incl. lease liabilities 1,642 Lease liabilities NIBD excl. lease liabilities 2,890 1,175 1,715
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Cash balance increased, despite significant outflows including interest payments 143 369 151 88 107 Cash balance 30.06 EBITDA excl. IFRS 16 Change in NWC 17 Tax paid 27 Capex 61 Cash balance 30.09 1,068 FX and other 22 Net outflow from share buybacks 14 Dividend paid Interest paid 1,141 1,175 998 17 Cash flow bridge Comments ▪ Reported EBITDA excl. IFRS 16 was 369 million NOK compared to IFRS EBITDA of 587 million NOK ▪ Working capital increase during the quarter ▪ Low levels of capex, mainly linked to ongoing IT initiatives ▪ Interest payments of 61 million NOK, bond interest paid in Q1 and Q3 ▪ Dividend of 88 million NOK paid in the quarter (0.50 NOK per share) ▪ Share buyback program contributed to a net outflow of NOK 14 million ▪ Cash balance increased by 34 million NOK Customer prepayments
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Launch of share buyback program QUARTERLY DISTRIBUTIONS (NOK per share) 0.42 0.42 0.42 0.42 0.50 0.50 0.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 Quarterly distribution and buybacks Buyback of up to 100 mNOK approved (0.56 NOK/share) Disciplined capital allocation NEW: Share buyback program of up to 100 million NOK approved, with the intention to cancel repurchased shares If fully utilized dividend and share buybacks (for deletion) of ~660 mNOK approved to date NEW 1. Maintain financial flexibility and a robust balance sheet, net debt to LTM EBITDA below 1.0x 2. Return 40-60% of adjusted net profit over time to shareholders, primarily through quarterly dividends 3. Invest selectively in profitable growth, primarily within the capital-light business model 4. Return excess cash to shareholders, subject to investment opportunities and liquidity requirements in a project-based business
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EBITDA guidance for 2026 raised, outlook for 2027 promising ▪ Strong Q3 performance and raised 2026 guidance ▪ Ocean Installer delivered exceptional project execution ▪ Strong backlog provides improved visibility into 2027 and beyond ▪ Moreld Apply repositioning for future opportunities ▪ Strong financial position supports continued shareholder distributions ▪ Guidance for 2027 will be presented as part of Q4 2026 reporting in February OUTLOOK 2026 EBITDA excl. IFRS 16 guidance 0.85 – 1.0 bNOK 392 595 664 8% 2021 10% 2022 10% 2023 12% 2024 11% 2025 2026 850-1,0001,075 1,101 Adjusted EBITDA excl. IFRS 16* (NOKm) and EBITDA margin (%) *Pro-forma figures including Moreld Apply, Global Maritime and Ocean Installer 19
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Q&A 20
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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 22 1See note 4 for breakdown in report for details per segment (NOK million) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Revenue 2 213 2 070 6 108 7 637 EBITDA 587 370 1 141 1 897 Adjusted EBITDA excl. IFRS 16 (Excl. non-recurring cost) 376 178 612 969 EBITDA excl. IFRS 16 369 174 593 942 Order backlog1 (Contracted order backlog excl. options) 8 119 5 732 8 119 5 732 Cash balance 1 175 985 1 175 985 Available liquidity (Cash and unused credit facilities) 1 375 1 185 1 375 1 185 Net interest-bearing debt (Excl. IFRS 16 lease liabilities) 73 314 73 314 Leverage ratio (NIBD / LTM EBITDA excl. IFRS 16) 0.1x 0.3x 0.1x 0.3x Key figures:
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Appendix: EBITDA definitions 23 EBITDA (IFRS16) • 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. 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 million Q3 2026 Revenue and income 2213 Materials and subcontracted services -925 Employee benefit expenses -589 Other operating expenses -112 EBITDA 587 Amounts in NOK million Q3 2026 EBITDA 587 Lease costs accounted for under IFRS16 -217 EBITDA excl IFRS 16 369 Amounts in NOK million Q3 2026 EBITDA excl IFRS 16 369 Non-recurring cost 6 AdjustedEBITDA excl IFRS 16 376 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 cost are also excluded • We primarily use EBITDA excluding IFRS 16 in our reporting, as our business has significant lease costs • Treating lease expenses as operating costs provides a closer approximation of underlying operating cash flow • EBITDA excluding IFRS 16 is also used in the calculation of key financial metrics, including the leverage ratio, and is commonly applied by external stakeholders when assessing valuation multiples such as EV/EBITDA