Moreld ASA: Fourth quarter and full-year 2025 results

12 Feb 2026 07:00 CET

Stavanger, 12 February 2026: Successful execution of short-duration projects
generated revenues of NOK 2.2 billion in the fourth quarter, bringing total
revenue for the year to nearly NOK 10 billion. For the full year, Moreld
delivered an adjusted EBITDA of NOK 1.1 billion, in line with the midpoint of
its stated guidance.

Supported by strong cash generation, low leverage and a solid financial
position, Moreld will consider increasing the quarterly dividend from NOK 0.42
to NOK 0.50 per share in the next quarter.

"We end the year with record-high revenues and a significantly strengthened
financial position. Moreld enters 2026 with a robust order backlog consisting
of high-quality projects, providing visibility and growth potential. Activity
is expected to pick up significantly in the second quarter and continue
throughout the year and beyond, supported by near field developments in the
North Sea and a growing pipeline of international subsea opportunities." says
CEO Geir Austigard.

Guidance and outlook for 2026

Moreld issues a full-year EBITDA guidance of NOK 0.7--0.9 billion for 2026.
Following a slightly negative EBITDA result expected in Q1 2026, large and
confirmed projects support strong recovery in activity from Q2 onwards.

Moreld continues to focus on both near-term offshore work and longer-term
opportunities in renewables and onshore markets. Tender activity remains high
and the Group's combined exposure towards the North Sea brownfield market and
international subsea projects provide diversification and strategic
optionality.

Business and market highlights

* Revenue ended at NOK 2.2 billion in Q4, reflecting successful execution of
short-duration projects. The adjusted EBITDA result was NOK 132 million,
representing an EBITDA margin of 6.0 per cent
* Order intake of NOK 1.9 billion brings the total contracted backlog to NOK
5.9 billion, of which NOK 4.6 billion for delivery in 2026. Tender activity
remains high particularly for international projects
* In early 2026, Moreld Apply was awarded the Equinor EMOD/EPRO frame
agreement, which is expected to result in meaningful volumes on the back of
major near-field investments
* Strong balance sheet with a cash balance of NOK 1.1 billion at the end of
the quarter, giving a leverage ratio of 0.2x

Profit distribution to shareholders

* Quarterly dividend of NOK 0.42 per share distributed in November
* Additional dividend of NOK 0.42 per share approved to be paid in February
* Moreld will consider increasing the dividend to NOK 0.50 per share for Q1
2026

Report and presentation

Please find the presentation material and earnings report attached.

The reporting material is also available at:
https://www.moreld.com/investor-relations#reports

CEO Geir Austigard and CFO Trond Rosnes will present the results today at
10:00 am CET. Participants are welcome to join the event at SpareBank 1
Markets in Olav V's gate 5 in Oslo, or to follow the event via webcast.

Please use the following link to view the webcast:
https://qcnl.tv/p/uZwqHQeCMuwHYdv0wThImA

For more information, please contact

CEO Geir Austigard
Telephone: +47 992 47 500
Email: Geir.austigard@moreld.com

CFO Trond Rosnes
Telephone: +47 404 14 494
Email: Trond.rosnes@moreld.com

About Moreld

Moreld is an industrial multi-disciplinary engineering group offering
full-scope services across the offshore energy and marine industries including
subsea installations. The Group comprises Moreld Apply, Ocean Installer and
Global Maritime. Moreld is a major player on the Norwegian continental shelf
with an international footprint. The Group is located in 19 countries, giving
access to all major offshore markets, and has over 2,800 employees and
contractors. For more information, please visit https://moreld.com/.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

665505_Moreld ASA Q4 2025 Report.pdf
665505_Moreld ASA Q4 2025 Presentation.pdf