Moreld (MORLD) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue ranged from NOK 2.07 billion to NOK 2.6 billion, with adjusted EBITDA of NOK 178 million and stable operational focus; year-to-date revenue reached NOK 7.6 billion.

• Cash balance at quarter-end was NOK 985 million, net interest-bearing debt at NOK 314 million, and available liquidity close to NOK 1.2 billion, supporting a robust financial position.

• Order backlog at quarter-end was NOK 5.7 billion, with high tender activity and major contract awards pending, including the Balder Next/BaltA Next contract post-quarter.

• Dividend of NOK 0.42 per share declared for Q3, with consistent payouts planned and a 10% annualized yield.

• Employee share and buyback programs launched, with strong participation and 3.3 million shares repurchased in Q3.

Financial highlights

• Q3 2025 revenue was NOK 2.07–2.6 billion; year-to-date revenue reached NOK 7.6 billion.

• Adjusted EBITDA for Q3 was NOK 178 million (margin 8.4–8.6%); year-to-date adjusted EBITDA was NOK 969 million.

• Net interest-bearing debt at NOK 314 million; leverage ratio at 0.3x.

• Cash balance at quarter-end was NOK 985 million; available liquidity including credit facilities was NOK 1,185 million.

• Dividend of NOK 0.42 per share paid in Q3, totaling NOK 0.84 per share for the year.

Outlook and guidance

• Full-year 2025 EBITDA guidance maintained at NOK 1.0–1.2 billion, with a strong tender pipeline and key contract decisions expected in coming months.

• Ocean Installer activity expected to be lower in Q4 and Q1 2026 due to project phasing and vessel dry dock, but to pick up from Q2 2026.

• Market conditions expected to remain stable to soft in 2026, with robust offshore activity in Norway and international opportunities.