Moreld (MORLD) Q4 2024 earnings summary

Executive summary

• Achieved full-year revenue of NOK 9.1 billion and adjusted EBITDA of NOK 1,075 million (excl. IFRS 16) for 2024, with Q4 revenue at NOK 2.4–2.45 billion and Q4 adjusted EBITDA at NOK 128 million, despite seasonal lows in subsea and marine operations.

• Maintained robust activity and strong maintenance and modification project contributions, with a year-end order backlog of NOK 9.9 billion and NOK 7 billion secured for 2025.

• Completed a successful IPO in December 2024, raising NOK 950 million, and executed significant debt reduction and refinancing.

• CapNor divestment generated NOK 208 million in net proceeds, further strengthening the balance sheet.

• Launched a new dividend policy with quarterly dividends starting Q2 2025, targeting 40–60% payout of adjusted net profits and an initial proposed dividend of NOK 0.42/share.

Financial highlights

• Full-year adjusted EBITDA reached NOK 1,075 million, at the upper end of guidance; Q4 EBITDA was NOK 128 million, with margin impacted by seasonality and project starts.

• Net interest-bearing debt reduced to NOK 146 million, with a leverage ratio of 0.1x and a year-end cash balance of NOK 1.5 billion.

• Order backlog at year-end was NOK 9.9 billion, with NOK 7 billion secured for 2025, covering roughly 80% of expected revenue.

• CapNor divestment and IPO proceeds used for debt reduction and liquidity enhancement.

• Cash flow from operations in Q4 was NOK 613 million; available liquidity including credit facilities at year-end was NOK 1.7 billion.

Outlook and guidance

• Maintains 2025 EBITDA guidance (excluding IFRS 16) of NOK 0.9–1.1 billion, supported by a strong backlog and positive market outlook.

• Activity levels expected to increase in Q1 2025 as key projects move to execution phase.

• High tender activity and major contract awards anticipated in maintenance, modification, and subsea markets.

• Positive long-term demand signaled by new exploration licenses on the Norwegian shelf.

• Quarterly dividends to begin in Q2 2025, targeting 40–60% payout of adjusted net profits.