Moreld (MORLD) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached NOK 2.9 billion, up 18% sequentially, driven by high activity, project completions, and strong utilization across business units.

• Adjusted EBITDA (excl. IFRS 16) was NOK 428 million, a significant increase from previous quarters, reflecting robust project execution.

• Net interest-bearing debt stood at NOK 448 million, with a cash balance of NOK 924 million and available liquidity of NOK 1,115 million.

• Order backlog at quarter-end was NOK 8.3 billion, with NOK 5.1 billion secured for 2025 and high ongoing tender activity.

• Dividend of NOK 0.42 per share proposed for Q1, with similar payouts expected in coming quarters.

Financial highlights

• Q1 revenue was NOK 2.9 billion, up 18% from Q4 2024; adjusted EBITDA reached NOK 428 million.

• EBITDA margin improved to 14.7% in Q1 2025 from 8.5% in Q1 2024.

• Cash balance at quarter-end was NOK 924 million; available liquidity totaled NOK 1,115 million.

• Leverage ratio (NIBD/EBITDA) increased to 0.3x, mainly due to refinancing costs and working capital changes.

• Catch-up effect from project phasing contributed NOK 80 million to EBITDA.

Outlook and guidance

• 2025 EBITDA guidance raised to NOK 950 million–1.2 billion, supported by strong Q1 and robust tender pipeline.

• Activity expected to remain high in Q2, with no immediate direct impact from macroeconomic or geopolitical turbulence.

• High tender activity and key contract awards anticipated to support backlog and future growth.