Moreld (MORLD) Q4 2025 earnings summary

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.