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Moreld
Moreld (MORLD) investor relations material
Moreld Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved record full-year revenue of NOK 9.8 billion and EBITDA of NOK 1.1 billion in 2025, in line with guidance, driven by strong execution in offshore projects and diversified backlog.
Ocean Installer contributed approximately 75% of group EBITDA, with Moreld Apply at 25% and Global Maritime at 3%.
Cash balance increased to NOK 1,091 million, with net interest-bearing debt to EBITDA at a low 0.2x.
Order backlog rose to NOK 5.9 billion at year-end, supported by significant new contract wins and high tender activity.
Financial highlights
Q4 2025 revenue was NOK 2.2 billion and adjusted EBITDA NOK 132 million, with a 6% margin.
Full-year 2025 revenue: NOK 9,838 million; adjusted EBITDA excl. IFRS 16: NOK 1,101 million.
Net interest-bearing debt at NOK 219 million; leverage ratio reduced to 0.2x (excluding leases).
Cash flow from operations for 2025: NOK 1,413 million; year-end cash balance: NOK 1,091 million.
Dividend of NOK 0.42 per share approved for Q4, with consideration to increase to NOK 0.50 per share next quarter.
Outlook and guidance
2026 EBITDA guidance set at NOK 0.7–0.9 billion, with a slow Q1 expected and recovery from Q2 as large projects commence.
Longer-term outlook remains positive, supported by strong tender pipeline, backlog, and international subsea projects.
Slightly negative EBITDA expected in Q1 2026 due to vessel downtime and soft market.
Moreld Apply's plan for Q4 profit and VEM loss
Explain Q1 2026 negative EBITDA drivers
Dividend increase vs. financing costs and capex
E-MOD/E-PRO: Impact on reported backlog?
Q1 2026 negative EBITDA: Key drivers?
Ocean Installer: Capacity for Tier One growth?
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Latest events from Moreld
- Strong EBITDA, robust cash, and IPO set stage for growth and shareholder returns in 2025.MORLD
Q4 202423 Dec 2025 - Q1 revenue and EBITDA surged, driving a raised 2025 EBITDA outlook and robust order backlog.MORLDQ1 202526 Nov 2025
- H1 2025 saw 35% revenue growth, record backlog, and upgraded EBITDA guidance.MORLDQ2 202523 Nov 2025
- Q3 revenue NOK 2.07–2.1bn, NOK 5.7bn backlog, strong liquidity, and major contracts secured.MORLDQ3 202514 Nov 2025
- Strong Q3 results, robust order backlog, and strategic moves support continued growth.MORLDQ3 202413 Jun 2025
Next Moreld earnings date
Q1 20267 May, 2026
Moreld
Next Moreld earnings date
Q1 20267 May, 2026
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