Moreld AS

Earnings Release • Nov 14, 2025

Correction: Moreld ASA: Third quarter 2025 results

Correction: Moreld ASA: Third quarter 2025 results

Corrected adjusted EBITDA

Stavanger, 14 November 2025: Sound activity levels generated revenue of close

to NOK 2.1 billion and an adjusted EBITDA of NOK 178 million for Moreld ASA

("Moreld" or "the company") in the third quarter. Halfway into the fourth

quarter, the company reiterates its full-year EBITDA guidance of NOK 1.0-1.2

billion.

For the first nine months of the year, revenues totaled NOK 7.6 billion,

corresponding to a year on year increase of 14 per cent, driven by the

execution of several large subsea projects and increased activity on

maintenance contracts.

"After a busy first half of the year with the conclusion of several large

subsea projects, the third quarter was characterized by high bidding activity,

execution of smaller projects, as well as early-phase engineering and

preparation for major projects scheduled for 2026. During the quarter, Ocean

Installer successfully executed two subsea projects, and Moreld Apply

delivered 23 per cent top line growth year on year, driven by high activity on

major maintenance and modification contracts. Commercial activity remains

high, with large tenders submitted and attractive prospects in the pipeline,"

said Geir Austigard, CEO of Moreld.

Guidance and outlook for 2025

Moreld entered the final quarter of 2025 with robust activity levels across

its business areas, although lower than in the first half of the year as fewer

large offshore projects are in the execution phase.

Halfway into Q4 2025, the full-year EBITDA guidance of NOK 1.0 - 1.2 billion

is reiterated. Short duration projects and vessel chartering to the spot

market may have a positive impact on the full-year results.

Moreld continues to focus on both near-term offshore work and longer-term

opportunities in renewables and onshore markets. The company maintains a

strong tender pipeline, with decisions on key contract awards expected in the

coming months.

Business and market highlights

* Revenue ended at close to NOK 2.1 billion, as a result of lower activity in

large subsea projects and a larger share of spot work

* Adjusted EBITDA result was NOK 178 million, representing an EBITDA margin of

8.6 per cent, reflecting a continued high share of pass-through revenue and

lower gross margin contribution due to project mix

* Order intake of NOK 629 million brings the total contracted backlog to NOK

5.7 billion, of which NOK 1.5 billion for delivery in 2025

* High commercial activity with large tenders submitted and attractive

prospects in the pipeline

* Contract with Vår Energi awarded in November for project management,

engineering and flexible product supply, marking a significant milestone in

Ocean Installer's strategic partnership

* Vessel capacity and options secured to unlock multibillion project

opportunities in the tender pipeline

* Robust balance sheet: Strong balance sheet with a cash balance of NOK 985

million at the end of the quarter, giving a leverage ratio of 0.3x

Corporate events

* Quarterly dividend of NOK 0.42 per share distributed in August

* Additional dividend of NOK 0.42 per share approved to be paid in November

* Employee share incentive program and share buy-backs completed

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

Moreld will hold a conference call at 08:30 CET today followed by a Q&A hosted

by CEO Geir Austigard and CFO Trond Rosnes. 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://channel.royalcast.com/landingpage/hegnarmedia/20251114_2/

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.