Moreld (MORLD) Q2 2025 earnings summary

Executive summary

• H1 2025 delivered strong financial results, with revenue reaching NOK 5.6 billion and significant project completions in Norway and West Africa.

• Three business segments: maintenance and modification, subsea installation, and marine consultancy, with Ocean Installer contributing the largest share of net profits.

• Asset-light business model utilizing chartered vessels and subcontracted fabrication.

• Uplisting to Euronext Oslo Stock Exchange main board and listing of a USD 130 million senior secured bond completed.

• Quarterly dividend of NOK 0.42 per share paid in May and approved for August, with a share buyback program launched.

Financial highlights

• Q2 2025 revenue was NOK 2.6–2.7 billion; H1 2025 revenue reached NOK 5.5–5.6 billion, up 35% year-over-year.

• Q2 adjusted EBITDA was NOK 363 million (13.6% margin); H1 adjusted EBITDA was NOK 791 million.

• Net interest-bearing debt at quarter-end was NOK 367 million; cash balance was NOK 945 million.

• Leverage ratio maintained at 0.3x; net debt reduced by NOK 80 million in Q2.

• Order intake in Q2 was NOK 1.5 billion; order backlog at quarter-end was NOK 7.2 billion.

Outlook and guidance

• Full-year 2025 EBITDA guidance raised to NOK 1.0–1.2 billion, reflecting strong H1 performance.

• High activity levels expected to continue in H2 2025, especially on the Norwegian Continental Shelf.

• Dividend of NOK 0.42 per share declared for Q2, with similar payouts expected in November and February.

• Cautious approach to guidance due to unfilled vessel schedules and project phasing.

• Investment levels in Norwegian oil and gas projected to rise 4% in 2025; longer-term upstream spending expected to decline post-2026.