Interim report
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Highlights and key figures Amounts in NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Revenue 2 213 2 070 6 108 7 637 9 838 EBITDA 587 370 1 141 1 897 2 225 Adjusted EBITDA excl. IFRS 16 (excl. non-recurring cost) 376 178 612 969 1 101 EBITDA excl. IFRS 16 1) 369 174 593 942 1 075 EBITDA excl. IFRS 16 margin (%) 16.7% 8.4% 9.7% 12.3% 10.9% Order backlog 2) (contracted order backlog excl. options) 8 119 5 732 8 119 5 732 5 929 Cash balance 1 175 985 1 175 985 1 091 Available liquidity (cash and unused credit facilities) 1 375 1 185 1 375 1 185 1 291 Net interest-bearing debt (excl. IFRS 16 lease liabilities) 73 314 73 314 219 Leverage ratio (NIBD / LTM EBITDA excl. IFRS 16) 0.1x 0.3x 0.1x 0.3x 0.2x 1) EBITDA excl. IFRS16, see definition in chapter Alternative Performance Measures on page 26 . 2) See note 4 for breakdown per segment. Strong execution and project milestones drove third-quarter earnings to new heights, supporting an upward revision of the full-year outlook Adjusted EBITDA excl. IFRS 16 for the quarter was NOK 376 million (17 per cent margin), compared to NOK 178 million (8.6 per cent margin) in the third quarter of 2025 Highest quarterly adjusted EBITDA margin since listing, as a result of exceptional execution by Ocean Installer Order intake of NOK 1.8 billion in the quarter, with the Equinor Marine Wave 1 subsea tie- back project portfolio as the largest award in the quarter Order backlog of NOK 8.1 billion at quarter end, with Ocean Installer’s backlog at record levels The board reconfirmed the quarterly dividends and approved a dividend of NOK 0.50 per share for distribution in November Further, the board approved a new share buyback programme targeting acquisition of up to 5 million shares. The purpose of the programme is to reduce the company’s share capital Full-year EBITDA excl. IFRS 16 guidance for 2026 is lifted to NOK 0.85-1.0 billion Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 2Moreld ASA | Interim report | Third quarter 2026
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Letter from the CEO Dear shareholders Ocean Installer powers another strong quarter In the third quarter, Moreld’s revenue reached NOK 2.2 billion, and adjusted EBITDA excl. IFRS 16 amounted to NOK 376 million. Representing an exceptional margin of 17 per cent, the highest reported since Moreld became a listed company in December 2024. Ocean Installer remained the key driver of group per- formance in the third quarter, delivering strong opera- tional execution and high vessel utilisation across its project portfolio. The successful completion of major projects, including Troll Phase 3, contributed positively to results. In addition, the quarter benefited from the achievement of several contractual milestones and the release of project contingencies, underscoring the company's strong project execution capabilities. Market conditions remained challenging for Moreld Apply as the company is completing work under leg- acy frame agreements and adapting its organisation to current activity levels. Focus remained on margin preservation, operational efficiency and organisational right-sizing. Global Maritime delivered stable performance during the quarter, but with revenue and personnel utilisation slightly below comparable quarters achieved EBITDA margins was relatively low. Strong subsea market, whilst staying disciplined in softening MMO market The outlook for the subsea market remains strong, with multiple projects won and large projects in the bidding pipeline. The backlog of Ocean Installer is at record levels at 6.2 bn NOK. The Norwegian MMO market has become more chal- lenging. The market is normalising as a number of large project cycles are completed. Against this backdrop, Moreld Apply continued to strengthen its operational platform during the quar- ter. The company implemented a new organisational model designed to improve resource utilisation across the business, while also completing the upgrade of its ERP system. Together, these initiatives provide a stronger foundation for efficient project execution, improved visibility and future scalability. Capital allocation matters The third quarter further strengthened Moreld's long- term outlook through continued commercial progress and the award of Equinor's Marine Wave 1 contract. Combined with contracts secured earlier in the year, the group's backlog now provides improved visibility into 2027 and beyond. The increased visibility is complemented by a strong balance sheet and significant liquidity position. Reflecting confidence in the group's outlook, the board has, in addition to the quarterly dividend, approved a new share buyback programme of up to 5 million shares. This underscores Moreld's commitment to creating long-term value for shareholders. Sincerely, Geir Austigard Chief executive officer | Reflecting confidence in the group's outlook, the board has, in addition to the quarterly dividend, approved a new share buyback programme of up to 5 million shares. Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 3Moreld ASA | Interim report | Third quarter 2026
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Third quarter 2026 review Financial review Profit and loss In the third quarter, Moreld delivered revenue of NOK 2 213 million and an EBITDA result of NOK 587 million. Adjusted EBITDA excl. IFRS 16 1) ended at NOK 376 mil- lion. The operating result ended at NOK 296 million. For the first nine months of 2026, revenue reached NOK 6 108 million and EBITDA NOK 1 141 million, while adjusted EBITDA excl. IFRS 16 was NOK 612 million. The operating result for the first nine months of 2026 was NOK 374 million. Interest cost in the third quarter amounted to NOK 72 million, and net financial expenses amounted to NOK 12 million. For the first nine months of the year, net financial expenses amounted to NOK 95 million. Profit before tax for the third quarter ended at NOK 283 million. For the first nine months of 2026, profit before tax ended at NOK 279 million. Financial position and liquidity Gross interest-bearing debt excl. lease liabilities at the end of the third quarter was NOK 1 248 million, consist- ing of the USD 130 million bond that was raised in Feb- ruary 2025. In addition to the cash balance of NOK 1 175 million, Moreld has unused credit facilities of NOK 200 million. Net interest-bearing debt excl. lease liabilities was thus NOK 73 million at the end of the third quarter. Cash flow Cash flow from operations in the third quarter ended at NOK 323 million, excluding lease payments, as these are classified as financing activities under IFRS 16. For the first nine months of the year, cash flow from opera- tions ended at NOK 855 million. Cash flow from investing activities ended at negative NOK 27 million for the third quarter and negative NOK 58 million for the first nine months of the year. Cash flow from financing activities ended at negative NOK 261 million for the third quarter and negative NOK 709 million for the first nine months of the year. The cash flow from financing activities is mainly impacted by lease payments accounted for under IFRS 16, div- idends paid in February, May and August, and share buy-backs under the programme commenced in July. The revolving credit facility of NOK 200 million with SR-Bank remained undrawn at the end of September 2026. Moreld was in compliance with all covenants at the end of the quarter. 1) EBITDA excl. IFRS16, see definition in chapter Alternative Performance Measures on page 26 . Quarterly development Amounts in NOK million -500 0 500 1 000 1 500 2 000 2 500 3 000 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 -10% -5% 0% 5% 10% 15% 20% 25% 2 201 1 381 2 514 2 213 2 070 178 329 376 132 (93) ■ Revenue ■ Adjusted EBITDA excl. IFRS 16 – EBITDA margin (%) Financial position and liquidity Amounts in NOK million 0 600 1200 1800 2400 3000 3600 NIBDLeasingCashGIBD 2 890 (1 175) (1 642) 73 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 4Moreld ASA | Interim report | Third quarter 2026
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Segment update Moreld is organised in three segments: Ocean Installer Moreld Apply Global Maritime Ocean Installer Ocean Installer is a subsea EPCI and Transport & Instal- lation (T&I) contractor delivering end-to-end solutions for subsea installation projects. The company exe- cutes large contracts ranging from NOK 100 million up to multi-billion levels, typically over 3 to 48 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 offshore deliv- ery phases. Ocean Installer delivered another strong quarter, with revenues reaching NOK 1,218 million and EBITDA excl. IFRS 16 of NOK 359 million. EBITDA surpassed the previ- ous quarter despite lower revenue, reflecting improved margins driven by strong project execution across sev- eral projects. High vessel utilisation was maintained throughout the quarter, with both the North Sea Giant and Normand Vision in operation supporting pro- ject execution across multiple offshore campaigns. An additional vessel was also employed on a short back- to-back charter to add additional capacity to enable a new project in the spot market. Ocean Installer maintained strong operational per- formance across its project portfolio during the quar- ter. For Equinor's Troll Phase 3 project, Ocean Installer successfully completed the main 2026 offshore scope, including accelerated execution of parts of the 2027 scope, enabling first gas from the project in August. Execution of Vår Energi's Balder Phase VI project also progressed according to plan, while fabrication and preparation activities continued across several upcom- ing installation campaigns, including the Balder Next New Wells project. The company also advanced pro- jects in international markets, including preparations for the ENI Gemini offshore installation campaign in the Mediterranean region and Installation work at the Zohr field in Egypt. Ocean Installer maintained a strong safety performance throughout the quarter. The main commercial milestone during the quarter was the award of Equinor's Marine Wave 1 subsea tie- back portfolio on the Norwegian Continental Shelf. Together with recent awards including Bacalhau and Balder Next New Wells, the contract contributed to a record backlog for Ocean Installer at quarter-end, pro- viding high vessel utilisation for the remainder of 2026 and improved visibility into 2027 and beyond. Ocean Installer remains focused on disciplined project exe- cution, operational improvements and securing vessel utilisation in the coming quarters. Ocean Installer – quarterly development Amounts in NOK million -500 -125 250 625 1 000 1 375 1 750 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 -60% -45% -30% -15% 0% 15% 30% 835 270 1 218 1 442 741 116 292 359 (137) 99 ■ Revenue ■ EBITDA excl. IFRS 16 – EBITDA margin (%) Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 5Moreld ASA | Interim report | Third quarter 2026
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Moreld Apply Moreld Apply is a provider of Maintenance & Mod- ifications (M&M) services on the Norwegian Conti- nental Shelf and in the onshore industrial market, delivering both routine tasks and larger modifica- tion projects under long-term agreements typically spanning 3–5 years, with additional options. These contracts, often include call-offs for projects that are executed on a reimbursable basis, and certain contracts include performance incentives. Work is carried out throughout the year, enabling a sta- ble financial contribution that is less dependent on greenfield activity. Moreld Apply delivered revenues of NOK 789 million in the quarter, EBITDA excl. IFRS 16 was NOK 10 million. The result reflects a smaller project portfolio combined with several one-off costs related to downsizing activities. During the quarter, several turnaround projects, both onshore and offshore have been successfully completed, demonstrating strong delivery capabil- ity, safety performance and customer commitment. Management attention shifted from implementing a new organisational model and ERP-system to real- ising measurable benefits through improved project execution, productivity improvements and tighter operational follow-up. The company's ambition is to rebuild activity levels from the current trough and restore EBITDA margins to the mid- to high-single- digit range over time, supported by the ongoing restructuring initiatives. Business development and tendering activities remain a key focus area. Successes in the period include sev- eral new front-end studies and the award of a frame- work agreement with the Norwegian Defence Materiel Agency that was awarded after quarter end in Octo- ber 2026. The award reflects Moreld Apply's ongoing efforts to expand its customer base and market expo - sure, building a more diversified backlog across sectors and reducing reliance on traditional end markets. Securing larger project awards remains a top priority to build a sustainable backlog for 2027 and beyond. The company continued its downsizing and reshap- ing activities during the quarter. A phased approach is being applied to manage the gradual decline in activity while preserving critical competence and delivery capacity. During the quarter, the company completed the divestment of Minox Technology, a non-core subsidiary that has generated losses in recent years. Moreld Apply – quarterly development Amounts in NOK million 0 250 500 750 1 000 1 250 1 500 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 0% 2% 4% 6% 8% 10% 12% 1 196 934 857 789 1 095 21 10504454 ■ Revenue ■ EBITDA excl. IFRS 16 – EBITDA margin (%) Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 6Moreld ASA | Interim report | Third quarter 2026
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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 maintained high activity levels in the quarter, although profitability was lower than in the previous quarter. Revenue for the quarter reached NOK 209 million, while EBITDA excl. IFRS 16 amounted to NOK 8 million, corresponding to an EBITDA mar- gin of 4 per cent. The reduction in EBITDA compared to the previous quarter was primarily driven by lower gross margin contribution from reduced activity in selected markets and business streams, while operat- ing expenses remained relatively stable. During the quarter, the company continued its regionalisation of the North Sea organisation, improving resource utilisation and collaboration across the Norway and UK teams. The Engineering business stream secured significant medium-term work through the Repsol Vette project, while Marine Operations maintained strong activity levels. Marine Warranty Services also secured several pro- ject awards across multiple regions despite a softer insurance market. Activity levels remained affected by the geopolitical situation in parts of the Middle East and lower off- shore wind activity in the United States. Nevertheless, the company maintains a solid backlog, supported by recent contract awards including a long-term Marine Services contract with ADNOC commenc- ing in 2027. Management remains focused on opera- tional and process efficiency initiatives to strengthen margin retention and profitability, while continuing to convert pipeline opportunities into future work. Global Maritime – quarterly development Amounts in NOK million -50 0 50 100 150 200 250 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% 193 175 223 209216 12.5 15.0 8.0 (8.0) 2.1 ■ Revenue ■ EBITDA excl. IFRS 16 – EBITDA margin (%) Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 7Moreld ASA | Interim report | Third quarter 2026
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Corporate and subsequent events Dividends On 25 August 2026, Moreld ASA paid a dividend of NOK 0.50 per share, totalling approximately NOK 88 million, for the second quarter of 2026. In line with Moreld’s div- idend policy aiming for a distribution ratio of between 40 per cent and 60 per cent of adjusted net profits over time, Moreld’s board of directors approved distribut- ing a dividend in the amount of NOK 0.50 per share for the third quarter of 2026. The dividend will be paid in November, with ex-dividend date scheduled for November 9 and distribution for November 17 2026. Share buybacks (subsequent event) On 4 November 2026, Moreld’s board resolved to launch a new share buy-back programme, pursuant to the authorisation granted by the annual general meeting on 19 May 2026. The purpose of the programme is to reduce the company’s share capital. Shares acquired under the programme will be proposed cancelled at a subsequent general meeting. Under the programme, the company may acquire up to 5 000 000 shares, rep- resenting approximately 2.8 per cent of the outstanding shares, for a maximum total amount of NOK 100 million. The programme will commence on 5 November 2026 and end no later than 30 June 2027, when the authorisa- tion expires. The company is not obliged to acquire any shares under the programme and may terminate it early. 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 geopolitical developments, including the ongo- ing conflict in the Middle East, have contributed to increased uncertainty in global energy markets. Such tensions may result in heightened oil price volatility, changes in trade flows, and potential disruptions to supply chains. In combination with global tariff ten- sions, sanctions, and uncertainty around OPEC pro- duction levels, this may impact investment decisions among operators. A sustained decline or increased vol- atility in oil prices may lead operators to reduce capital expenditures or defer planned construction and main- tenance activities. Such reductions in upstream investment directly impact demand for Moreld’s services, posing a risk to the group’s order backlog, revenue stability, and long- term growth prospects. The company continues to monitor market developments closely and maintains operational flexibility to adapt to changing conditions. To achieve its financial targets, the group is depend- ent on its ability to renew and extend existing con- tracts and to secure new awards. The group has certain long-term contracts with a limited number of cus- tomers, the largest of which is Equinor Energy AS. This customer concentration increases financial risk if key clients reduce activity levels or select competitors. The group also relies on third-party chartering of ves- sels to deliver services to its customers. The offshore vessel market is cyclical, and fluctuations may lead to changes in charter rates, cost levels, and vessel availa - bility going forward. Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 8Moreld ASA | Interim report | Third quarter 2026
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Order backlog Contracted order backlog at quarter end Moreld’s order backlog was NOK 8.1 billion at the end of the third quarter, compared to NOK 8.4 billion in the previous quarter. Moreld’s total order intake was NOK 1.8 billion in the quarter, while year to date order intake reached NOK 8.2 billion. During the third quarter, Ocean Installer was awarded a large contract by Equinor for four subsea tie-back projects under the first wave of the NCS2035 portfolio, including Omega Sør, Brime, Tyrihans Nord and TWIN. The award, valued between NOK 1 billion and 2 billion, will be executed in 2027-2028. The remaining awards in the quarter constituted smaller projects and frame agreements. Order backlog per segment at quarter end Moreld continues to maintain a strong tender pipeline, including several large opportunities on the NCS and internationally that are supportive of further backlog growth and increased activity levels in the coming year. 1 549 6 209 362 ■ Moreld Apply ■ Ocean Installer ■ Global Maritime Order backlog per segment at 30 September 2026 Amounts in NOK million Contracted order backlog at 30 September 2026 Amounts in NOK million 0 2 000 4 000 6 000 8 000 10 000 Total2028 and later20272026 1 464 4 224 2 431 8 119 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 9Moreld ASA | Interim report | Third quarter 2026
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Outlook The group delivered performance in the third quar- ter exceeding expectations communicated in August. Activity levels remained solid, supported by strong pro - ject execution in Ocean Installer and continued pro- gress across the broader portfolio. Order intake during the quarter further strengthened the quality of the backlog and improved visibility into 2027 and beyond. While market conditions vary across Moreld’s end markets, with strong demand in sub- sea and softer activity in parts of the Norwegian MMO market, Moreld remains well positioned through its diversified business model and disciplined operational approach. During the last months, visibility for the remainder of 2026 has improved further. Based on performance year-to-date and activity levels entering the final quar- ter, Moreld has revised its full-year EBITDA excl. IFRS 16 guidance range to NOK 0.85 to 1.0 billion. Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 10Moreld ASA | Interim report | Third quarter 2026
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Condensed consolidated statement of profit and loss For the quarter ended 30 September 2026 Amounts in NOK thousand Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Revenue from contracts with customers 2 210 306 2 067 534 6 100 451 7 629 920 9 828 694 Other operating income 2 433 2 144 7 319 7 367 9 635 Revenue and income 2 212 738 2 069 678 6 107 770 7 637 287 9 838 329 Materials and subcontracted services (925 488) (974 631) (2 914 454) (3 578 554) (4 724 654) Employee benefit expenses (589 086) (620 455) (1 736 655) (1 812 778) (2 426 858) Other operating expenses (111 618) (104 971) (315 930) (349 134) (461 728) EBITDA 586 547 369 620 1 140 731 1 896 821 2 225 089 Depreciation, amortisation and impairment losses 5, 6, 7 (291 028) (269 438) (766 637) (1 139 849) (1 403 418) Share of profit / (loss) in associates - (6 511) - (11 011) (11 160) Operating result (EBIT) 295 519 93 671 374 094 745 961 810 512 Interest income 3 125 20 303 36 272 21 698 46 616 Interest expenses 9 (72 187) (64 369) (210 063) (258 204) (334 947) Other financial expenses 11 (8 007) (2 967) (12 887) (332 027) (336 321) Net foreign exchange gains (losses) 64 894 1 293 91 542 203 905 191 421 Net financial expense (12 175) (45 740) (95 136) (364 629) (433 231) Net profit / (-loss) before tax from continuing operations 283 344 47 931 278 958 381 332 377 280 Income tax expense 12 (63 272) (14 544) (63 953) (168 158) (92 626) Net profit / (-loss) for the period after tax from continuing operations 220 072 33 387 215 005 213 174 284 654 Net profit / (-loss) for the period after tax from discontinuing operations - - - - - Profit of the period 220 072 33 387 215 005 213 174 284 654 Attributable to: Equity holders of the parent company 220 072 33 387 215 005 213 174 284 654 Total attributable 220 072 33 387 215 005 213 174 284 654 Earnings per share: Basic and diluted, profit of the period attributable to equity holders of the parent 1.23 0.19 1.20 1.19 1.59 Earnings per share from continuing operations: Basic and diluted, profit from continuing operations attributable to equity holders of the parent 1.23 0.19 1.20 1.19 1.59 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 11Moreld ASA | Interim report | Third quarter 2026
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Condensed consolidated statement of comprehensive income For the quarter ended 30 September 2026 Amounts in NOK thousand Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Profit of the period 220 072 33 387 215 005 213 174 284 654 Items that may be reclassified subsequently to profit or loss Foreign exchange differences on translation of foreign operations 8 595 (4 266) (11 676) 26 173 28 100 Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability - - - - (1 884) Other comprehensive income / (-loss) for the period 8 595 (4 266) (11 676) 26 173 26 216 Total comprehensive income / (-loss) for the period 228 667 29 121 203 329 239 347 310 870 Attributable to: Equity holders of the parent company 228 667 29 121 203 329 239 347 310 870 Non-controlling interests - - - - - Total attributable 228 667 29 121 203 329 239 347 310 870 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 12Moreld ASA | Interim report | Third quarter 2026
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Stavanger, 4 November 2026 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 Condensed consolidated statement of financial position For the quarter ended 30 September 2026 Amounts in NOK thousand Notes 30.09.2026 30.06.2026 31.12.2025 ASSETS Non-current assets Property, plant and equipment 7 149 625 160 360 162 768 Goodwill 6 885 132 885 132 885 132 Intangible assets 6 277 258 313 712 379 328 Right of use assets 5 1 438 574 1 654 844 1 476 653 Other non-current assets 150 150 1 214 Deferred tax assets 232 998 232 318 232 998 Total non-current assets 2 983 738 3 246 516 3 138 093 Current assets Inventories 45 979 47 120 49 842 Trade and other receivables 590 574 892 831 929 137 Contract assets 556 808 424 403 407 117 Other current assets 188 474 204 841 177 611 Cash and short-term deposits 1 175 081 1 141 343 1 090 859 Total current assets 2 556 917 2 710 538 2 654 567 Total assets 5 540 655 5 957 054 5 792 660 Amounts in NOK thousand Notes 30.09.2026 30.06.2026 31.12.2025 EQUITY Paid in capital 418 773 520 660 683 981 Retained earnings 310 451 81 785 107 122 Equity attributable to the equity holders 729 224 602 444 791 104 Non-controlling interests (621) (621) (621) Total equity 728 603 601 823 790 482 LIABILITIES Non-current liabilities Interest bearing loans and borrowings 8 1 223 965 1 264 550 1 280 745 Other non-current financial liabilities 8 792 9 034 9 125 Lease liabilities 828 494 1 033 674 795 824 Net employee defined benefit liabilities 11 256 11 596 11 214 Deferred tax liabilities 273 251 209 298 209 298 Total non-current liabilities 2 345 758 2 528 152 2 306 207 Current liabilities Lease liabilities 813 774 795 925 745 602 Trade and other payables 388 889 819 830 610 696 Contract liabilities 274 364 258 316 607 248 Income tax payables 53 016 70 475 70 475 Other current liabilities 936 249 882 534 661 950 Total current liabilities 2 466 293 2 827 079 2 695 971 Total liabilities 4 812 052 5 355 231 5 002 178 Total equity and liabilities 5 540 655 5 957 054 5 792 660 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 13Moreld ASA | Interim report | Third quarter 2026
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Condensed consolidated statement of cash flows For the quarter ended 30 September 2026 Amounts in NOK thousand Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Cash flow from operating activities Net profit / (-loss) before tax from continuing operations 283 344 47 931 278 958 381 332 377 280 Refinancing expenses classified as financing cashflows - - - 200 289 200 289 Adjustments for non-cash items 20 752 - 31 680 - 150 079 Depreciation, amortisation and impairment losses 5, 6, 7 291 028 269 438 766 637 1 139 849 1 403 418 Net foreign exchange differences (42 393) (22 248) (62 205) (197 179) (147 305) Interest received (3 125) - (36 265) (1 395) (46 605) Interest paid 30 522 65 551 91 170 102 399 100 675 Change in inventories 1 141 (8 196) 3 863 (12 312) (9 980) Change in trade and other receivables 170 210 295 027 189 231 75 894 256 336 Change in trade and other payables (417 693) (126 174) (557 493) (171 517) (342 397) Change in other current liabilities 66 830 (122 886) 260 184 (392 668) (378 495) Cash flows from operating activities 400 615 398 444 965 760 1 124 691 1 563 295 Interest received 3 125 - 36 265 1 395 46 605 Interest paid (63 923) (65 551) (125 643) (102 399) (100 675) Taxes paid (17 020) (1 733) (21 805) (94 053) (95 824) Net cash flows from operating activities 322 797 331 160 854 577 929 634 1 413 402 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 14Moreld ASA | Interim report | Third quarter 2026
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Amounts in NOK thousand Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Cash flow from investing activities Purchase of property, plant and equipment 7 (13 512) (5 373) (26 218) (17 228) (19 369) Purchase of intangible assets 6 (13 628) (13 699) (32 106) (40 551) (61 145) Cash outflow from acquisitions - - - - (11 160) Net cash flows from investing activities (27 140) (19 072) (58 324) (57 778) (91 674) Cash flows from financing activities Proceeds from interest bearing loans and borrowings 8 - - - 1 457 586 1 457 586 Repayment of interest-bearing loans and borrowings 8, 9 - - - (1 828 921) (1 828 921) Payment of lease liabilities 5 (160 253) (158 895) (446 003) (822 942) (1 080 072) New equity received - - - 51 992 51 992 Transaction cost on shares issue - - - - (8 886) Dividend paid to equity holders of the company (88 306) (74 051) (251 627) (149 464) (224 018) Payment for treasury shares under share buy-back programme, net of shares sold to employees (13 581) (37 823) (13 581) (37 823) (37 408) Change in other non-current liabilities 1 303 3 818 2 521 1 670 2 689 Net cash flows from financing activities (260 837) (266 952) (708 690) (1 327 902) (1 667 038) Net change in cash and cash equivalents 34 820 45 135 87 562 (456 047) (345 310) Cash and cash equivalents at beginning of period 1 141 343 945 458 1 090 859 1 500 144 1 500 144 Effects of exchange rate changes (1 082) (5 720) (3 340) (59 224) (63 975) Cash and cash equivalents at end of period 1 175 081 984 873 1 175 081 984 873 1 090 859 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 15Moreld ASA | Interim report | Third quarter 2026
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Condensed consolidated statement of changes in equity For the quarter ended 30 September 2026 Amounts in NOK thousand Paid in capital Retained earnings Foreign currency translation reserve Equity attributable to the equity holders Non- controlling interests Total equity Balance at 31 December 2025 683 981 104 202 2 919 791 103 (621) 790 482 Dividend paid (163 322) - - (163 322) - (163 322) Comprehensive income Net income / (-loss) for the period - (5 067) - (5 067) - (5 067) Other comprehensive income / (-loss) for the period - - (20 271) (20 271) - (20 271) Total comprehensive income - (5 067) (20 271) (25 337) - (25 337) Balance at 30 June 2026 520 660 99 135 (17 351) 602 444 (621) 601 823 Dividend paid (88 306) - - (88 306) - (88 306) Repurchase of own shares (33 219) - - (33 219) - (33 219) Re-issuance of own shares 19 638 - - 19 638 - 19 638 Comprehensive income Net income / (-loss) for the period - 220 072 - 220 072 - 220 072 Other comprehensive income / (-loss) for the period - - 8 595 8 595 - 8 595 Total comprehensive income - 220 072 8 595 228 667 - 228 667 Balance at 30 September 2026 418 773 319 207 (8 756) 729 224 (621) 728 603 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 16Moreld ASA | Interim report | Third quarter 2026
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Amounts in NOK thousand Paid in capital Retained earnings Foreign currency translation 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 - - 30 438 30 438 - 30 438 Total comprehensive income - 179 787 30 438 210 225 - 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 Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 17Moreld ASA | Interim report | Third quarter 2026
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Notes to the condensed consolidated financial statements Note 01 General information The condensed consolidated financial state- ment for the third quarter and the first nine months of 2026 covers Moreld ASA, its sub- sidiaries and shares in associated 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 2025. The consoli - dated financial statements for 2025 were pre- pared in compliance with IFRS® Accounting Standards as adopted by the EU and the Nor- wegian Accounting Act. The accounting prin- ciples used in this report are the same as those applied to the consolidated financial state- ments for 2025. The interim financial state- ment has not been audited. Amendments to IFRS Accounting Standards effective from 1 January 2026, including the amendments to IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments, have not had a material impact on the interim financial statements. From the third quarter of 2026, the line items previously presented as “Cost of sales” and “Salaries and personnel expenses” in the con- solidated statement of profit or loss have been renamed “Materials and subcontracted services” and “Employee benefit expenses”, respectively. The change relates to terminol- ogy only. The content of the line items and the reported amounts, including comparative fig- ures, are unchanged. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 replaces IAS 1 and will be applied by the group from 1 January 2027, with restate- ment of comparative information for 2026. The standard does not affect the group’s profit before tax, profit for the period or equity, but will change the structure of the consolidated statement of profit or loss. The main expected change for the group is that foreign exchange gains and losses will no longer be presented as one line within net financial items. Instead, they will be allocated to the operating, investing, financing and income taxes categories, based on the items that gave rise to them. Certain costs currently presented within financial items, such as fac- toring costs and bank guarantee commissions, will be presented in operating profit. As a result, EBITDA and operating profit will include items that are currently presented below oper- ating result. IFRS 18 also amends IAS 7 Statement of Cash Flows. The reconciliation of cash flow from operating activities will start from operating profit instead of profit before tax. Interest paid, currently presented within operating activities, will be presented as financing activities, and interest received will be presented as invest- ing activities. Net cash flow from operating activities is therefore expected to increase, with corresponding changes in investing and financing activities. The net change in cash and cash equivalents will not be affected. The group is assessing the effects on its alter- native performance measures, including EBITDA excl. IFRS 16. Definitions will be clari- fied before the first report under IFRS 18. Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 18Moreld ASA | Interim report | Third quarter 2026
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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 carrying amount of assets or liabilities affected in future periods. Actual results in the future could differ from such estimates, and the differences may be material to the consolidated financial state- ments. 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 principles and the major sources of uncertainty remain the same as when the 2025 consolidated financial statements were compiled. 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. The group’s opera- tions are subject to seasonal variations, where offshore marine activity is typically higher dur- ing the summer months. Results for an interim period are therefore not necessarily indicative of the results for the full year. Moreld Apply Moreld Apply focuses primarily on offshore and onshore projects, delivering services from concept development through to project com- pletion. The segment 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, Medi- terranean, 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 sub- sea 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 development of projects across the North Sea and Mediterra- nean regions. Operating revenues EBITDA excl. IFRS 16 Amounts in NOK thousand Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Moreld Apply 788 600 1 094 630 2 579 856 3 419 891 4 616 349 9 659 53 745 80 303 210 274 254 496 Global Maritime 209 240 216 497 607 196 635 516 828 190 7 961 12 538 15 103 25 967 28 095 Ocean Installer 1 217 552 740 994 2 929 632 3 578 247 4 413 335 359 083 115 678 514 392 735 872 835 350 Other / group 1) (2 653) 17 557 (8 915) 3 633 (19 545) (7 300) (8 140) (17 092) (29 834) (43 349) Moreld Group 2 212 738 2 069 678 6 107 770 7 637 287 9 838 329 369 403 173 820 592 706 942 279 1 074 591 1) Other / group includes group corporate cost and operations in Moreld Aqua. Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 19Moreld ASA | Interim report | Third quarter 2026
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Amounts in NOK thousand Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Segment EBITDA excl. IFRS 16 369 403 173 820 592 706 942 279 1 074 591 Lease cost accounted for under IFRS 16 217 143 195 800 548 025 954 542 1 150 498 EBITDA 586 547 369 620 1 140 731 1 896 821 2 225 089 Depreciation, amortisation and impairment losses (291 028) (269 438) (766 637) (1 139 849) (1 403 418) Share of gain (loss) in associates - (6 511) - (11 011) (11 160) Net financial expense (12 175) (45 740) (95 136) (364 629) (433 231) Net profit / (-loss) before tax from continuing operations 283 344 47 931 278 958 381 332 377 280 The table shows the anticipated year on which the order backlog at 30 September 2026 is expected to be recognised as income. Amounts in NOK thousand Order backlog 30.09.2026 2026 2027 2028 and later Moreld Apply 1 548 703 515 703 983 000 50 000 Ocean Installer 6 209 000 860 000 3 008 000 2 341 000 Global Maritime 361 876 88 791 232 847 40 238 Moreld Group 8 119 579 1 464 494 4 223 847 2 431 238 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 20Moreld ASA | Interim report | Third quarter 2026
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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 applica- ble for a specified window of time. A material portion 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 ves- sel call-off is accounted for as a separate lease. Rental contracts for equipment and premises are agreed to fixed periods of 2 - 5 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 2025 3 568 507 521 413 1 639 4 091 558 Additions of right-of-use assets 546 625 24 979 - 571 604 Disposals (687 457) - - (687 457) Net foreign currency exchange differences - (531) - (531) Acquisition cost at 30 June 2026 3 427 675 545 860 1 639 3 975 174 Additions of right-of-use assets 15 954 - - 15 954 Disposals 10 109 (1 005) - 9 104 Net foreign currency exchange differences - - - - Acquisition cost at 30 September 2026 3 453 738 544 855 1 639 4 000 231 Accumulated depreciation at 31 December 2025 (2 434 851) (178 496) (1 558) (2 614 905) Depreciation (335 292) (41 599) (37) (376 929) Disposals 672 420 - - 672 420 Net foreign currency exchange differences - (915) - (915) Accumulated depreciation at 30 June 2026 (2 097 723) (221 010) (1 595) (2 320 329) Depreciation (223 186) (13 389) (13) (236 587) Disposals - (2 653) - (2 653) Net foreign currency exchange differences 1 556 (3 644) - (2 088) Accumulated depreciation at 30 September 2026 (2 319 353) (240 696) (1 608) (2 561 657) Net carrying amount at 31 December 2025 1 133 656 342 917 81 1 476 653 Net carrying amount at 30 June 2026 1 329 951 324 850 44 1 654 845 Net carrying amount at 30 September 2026 1 134 384 304 159 31 1 438 574 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 21Moreld ASA | Interim report | Third quarter 2026
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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 2025 31 385 106 221 509 363 885 132 1 532 101 Additions in the period - 18 478 - - 18 478 Disposal in the period - (604) - - (604) Net foreign currency exchange differences - 9 - - 9 Acquisition cost at 30 June 2026 31 385 124 104 509 363 885 132 1 549 983 Additions in the period - 13 628 - - 13 628 Disposal in the period (6 428) (2 119) - - (8 548) Net foreign currency exchange differences - - - - - Acquisition cost at 30 September 2026 24 957 135 613 509 363 885 132 1 555 064 Accumulated amortisation at 31 December 2025 (6 530) (17 708) (243 403) - (267 641) Amortisation expense (1 258) (15 264) (66 376) - (82 897) Disposal in the period - 525 - - 525 Impairment loss - - - - - Net foreign currency exchange differences - (1 125) - - (1 125) Accumulated amortisation at 30 June 2026 (7 788) (33 571) (309 779) - (351 138) Amortisation expense (141) (8 684) (33 188) - (42 013) Disposal in the period - 477 - - 477 Impairment loss - - - - - Net foreign currency exchange differences - (1) - - (1) Accumulated amortisation at 30 September 2026 (7 929) (41 778) (342 967) - (392 674) Net carrying amount at 31 December 2025 24 855 88 514 265 960 885 132 1 264 460 Net carrying amount at 30 June 2026 23 597 90 533 199 584 885 132 1 198 845 Net carrying amount at 30 September 2026 17 027 93 835 166 396 885 132 1 162 390 Estimated useful life 2-5 years 3-10 years 2-5 years Indefinite Depreciation method Linear Linear Linear NA Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 22Moreld ASA | Interim report | Third quarter 2026
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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 2025 46 176 994 64 862 241 902 Additions purchased property, plant and equipment 30 7 092 5 972 13 094 Disposals - - 311 311 Net foreign currency exchange differences - - - 1 Acquisition cost at 30 June 2026 76 184 086 71 146 255 308 Additions purchased property, plant and equipment - 11 869 1 255 13 125 Disposals - (10 154) (5 737) (15 891) Net foreign currency exchange differences - - - - Acquisition cost at 30 September 2026 76 185 802 66 664 252 542 Accumulated depreciation at 31 December 2025 - (50 957) (28 178) (79 135) Depreciation expense (3) (4 950) (10 305) (15 258) Disposals - - 213 213 Impairment loss - - (555) (555) Net foreign currency exchange differences - - (214) (214) Accumulated depreciation at 30 June 2026 (3) (55 907) (39 038) (94 948) Depreciation expense (73) (2 939) (5 043) (8 055) Disposals - (6) 198 192 Impairment loss - - - - Net foreign currency exchange differences - (258) 152 (106) Accumulated depreciation at 30 September 2026 (76) (59 110) (43 731) (102 917) Net carrying amount at 31 December 2025 46 126 038 36 684 162 768 Net carrying amount at 30 June 2026 73 128 180 32 108 160 360 Net carrying amount at 30 September 2026 - 126 692 22 933 149 625 Estimated useful life 3-25 years 3-10 years 3-20 years Depreciation method Linear Linear Linear Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 23Moreld ASA | Interim report | Third quarter 2026
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Note 08 Financial instruments Facility Currency Borrower Maturity Nominal amount (NOK thousand) Remaining unamortised financing fees (NOK thousand) Net book value at 30.09.2026 (NOK thousand) Senior secured bond USD Moreld ASA 11 February 2030 1 248 078 24 113 1 223 965 In February 2025, Moreld ASA issued a 130 mil - lion USD senior secured bond which subse- quently became listed on Euronext Oslo Børs under the name MORLD01. The bond has a fixed interest rate of 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 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Interest expense on leasing liabilities 31 701 35 359 92 384 126 309 162 090 Interest expense on bond debt 30 521 19 008 91 170 109 013 139 301 Amortised financing fees on bond debt 1 808 3 598 5 425 4 322 6 631 Interest on factoring agreement 3 093 5 121 10 030 15 873 21 174 Other interest expenses 5 064 1 282 11 054 2 687 5 750 Sum interest expenses 72 187 64 369 210 063 258 204 334 947 Note 10 Transactions with related parties On 12 December 2024, Moreld 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. Fees expensed under these agree- ments amounted to NOK 1.4 million for the third quarter and NOK 4.3 million for the first nine months of 2026. Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 24Moreld ASA | Interim report | Third quarter 2026
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Note 11 Divestment of subsidiary Divestment of Minox Technology AS On 15 September 2026, Moreld completed the divestment of 100 per cent of the shares in Minox Technology AS, a subsidiary within the Moreld Apply segment. As part of the transac- tion, the group’s loans to Minox Technology AS were assigned to the buyer. The consideration comprises a nominal fixed amount and a con- tingent entitlement to a share of a customer receivable related to work performed by Minox Technology AS prior to closing. The contingent consideration is recognised as a financial asset measured at fair value through profit or loss. The group lost control of Minox Technology AS at the closing date, and the assets and liabil- ities of the company were derecognised. No goodwill was allocated to Minox Technology AS, as the goodwill attributable to the opera- tion was immaterial. Total consideration for the shares and the assigned loans amounted to NOK 10.1 mil- lion. No cash consideration was received at closing. The divestment resulted in a loss of NOK 10.7 million, recognised as other financial expenses in the statement of profit or loss. The loss reflects the total consideration less the net assets of Minox Technology AS of NOK 10.1 mil- lion, including cash and cash equivalents of NOK 0.1 million, and the group’s loans to Minox Technology AS of NOK 10.7 million assigned to the buyer. Minox Technology AS did not represent a sep- arate major line of business or geographi- cal area of operations, and the divestment is therefore not presented as a discontinued operation. The results of Minox Technology AS are included in the group’s consolidated finan- cial statements up to the closing date. Note 12 Tax The income tax expense for the first nine months of 2026 has been estimated by apply- ing the nominal tax rate in the jurisdictions where the group operates to profit before tax, adjusted for non-deductible items, corre - sponding to an effective tax rate of approxi- mately 23 per cent. Note 13 Subsequent events War in Middle East Following the reporting date, the ongoing geopolitical conflict in the Middle East has continued to create uncertainty in global mar- kets, including volatility in energy prices, sup- ply chains and foreign exchange markets. The group has operations and projects in several international markets, including the Middle East. The main focus for the group has been to ensure the safety of our people affected by the situation. As of the date of authorisation of these interim financial state- ments, the conflict has not had a material impact on the group’s financial position. Man- agement continues to monitor developments related to the situation, including potential indirect effects such as increased market vol- atility, disruptions to logistics, changes in cus- tomer investment decisions and impacts on commodity prices and foreign exchange rates. Given the evolving nature of the situation, it is not currently possible to reliably quantify any potential future financial effects. Dividends and share buybacks On 4 November 2026, the board of directors approved a dividend of NOK 0.50 per share for the third quarter of 2026, to be paid in Novem- ber 2026. The dividend has not been recog- nised as a liability at 30 September 2026. On 4 November 2026, the board resolved to launch a new share buy-back programme for up to 5 000 000 shares and a maximum total amount of NOK 100 million. See corporate and subsequent events for further details. Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 25Moreld ASA | Interim report | Third quarter 2026
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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 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Revenue and income 2 212 738 2 069 678 6 107 770 7 637 287 9 838 329 Materials and subcontracted services (925 488) (974 631) (2 914 454) (3 578 554) (4 724 654) Employee benefit expenses (589 086) (620 455) (1 736 655) (1 812 778) (2 426 858) Other operating expenses (111 618) (104 971) (315 930) (349 134) (461 728) EBITDA 586 547 369 620 1 140 731 1 896 821 2 225 089 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 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 EBITDA 586 547 369 620 1 140 731 1 896 821 2 225 089 Lease cost accounted for under IFRS 16 (217 143) (195 800) (548 025) (954 542) (1 150 498) EBITDA excl. IFRS 16 369 403 173 820 592 706 942 279 1 074 591 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 excluded. Amounts in NOK thousand Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 EBITDA excl. IFRS 16 369 403 173 820 592 706 942 279 1 074 591 Non-recurring cost 6 387 3 800 18 911 26 384 26 384 Adjusted EBITDA excl. IFRS 16 375 790 177 620 611 617 968 663 1 100 975 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 26Moreld ASA | Interim report | Third quarter 2026
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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 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 EBITDA 586 547 369 620 1 140 731 1 896 821 2 225 089 Depreciation, amortisation and impairment losses (291 028) (269 438) (766 637) (1 139 849) (1 403 418) Share of gain (loss) in associates - (6 511) - (11 011) (11 160) EBIT 295 519 93 671 374 094 745 961 810 512 GIBD GIBD is the abbreviation of “Gross Interest-Bearing Debt.” GIBD is defined as interest-bearing liabilities. Amounts in NOK thousand 30.09.2026 30.06.2026 31.12.2025 Interest-bearing loans and borrowing 1 223 965 1 264 550 1 280 745 Amortised transaction cost on loans and borrowings 24 113 25 921 29 538 Non-current lease liabilities 828 494 1 033 674 795 824 Current lease liabilities 813 774 795 925 745 602 GIBD 2 890 346 3 120 070 2 851 708 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 30.09.2026 30.06.2026 31.12.2025 GIBD 2 890 346 3 120 070 2 851 708 - Cash and short-term deposits 1 175 081 1 141 343 1 090 859 NIBD 1 715 265 1 978 728 1 760 849 - IFRS 16 lease liabilities (1 642 268) (1 829 599) (1 541 425) NIBD excluding IFRS 16 lease liabilities 72 997 149 128 219 424 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 30.09.2026 30.06.2026 31.12.2025 NIBD excluding IFRS 16 lease liabilities 72 997 149 128 219 424 LTM EBITDA excl. IFRS 16 lease liabilities 725 018 529 434 1 074 591 Leverage ratio 0.1 0.3 0.2 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 30.09.2026 30.06.2026 31.12.2025 Order backlog Moreld Apply 1 548 703 1 951 500 2 134 666 Order backlog Ocean Installer 6 209 000 5 946 792 3 320 000 Order backlog Global Maritime 361 876 495 088 474 200 Order backlog Moreld Group 8 119 579 8 393 380 5 928 866 Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 27Moreld ASA | Interim report | Third quarter 2026
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Report design: Haugvar AS Moreld ASA Address: Moseidsletta 112 NO-4033 Stavanger Investor relations: trond.rosnes@moreld.no Media contact: contact@moreld.no www.moreld.com Contents Highlights and key figures Letter from the CEO Third quarter 2026 review Financial review Segment update Ocean Installer Moreld Apply Global Maritime Corporate and subsequent 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 Transactions with related parties Note 11 Divestment of subsidiary Note 12 Tax Note 13 Subsequent events Alternative performance measures Contact information 28Moreld ASA | Interim report | Third quarter 2026