Moreld ASA: Third quarter 2026 results

“We delivered another strong quarter, driven by excellent project execution in Ocean Installer, demonstrating the earnings potential in our subsea business. Combined with a strong backlog, low net debt and improved visibility into 2027 and beyond, this gives us confidence to raise our full-year guidance while continuing to return capital to shareholders," says CEO Geir Austigard.

Supported by a strong balance sheet and solid cash position, the board of directors reconfirmed the ambition to maintain predictable quarterly dividends and approved a dividend of NOK 0.50 per share for distribution in November. In addition, the board approved a new share buyback programme of up to 5 million shares, with the purpose of reducing the company's share capital.

Highlights

• Strong third quarter with revenue of NOK 2.2 billion and adjusted EBITDA of NOK 376 million, representing a 17 per cent margin, supported by strong execution and project milestones
• Highest quarterly adjusted EBITDA margin since listing, driven by exceptional execution in Ocean Installer, while Moreld Apply continues to reposition for future opportunities
• Organisation and cost base continue to be adjusted to current activity levels
• Pursuing new project awards and opportunities across core and adjacent markets
• Order intake of approximately NOK 1.8 billion in the quarter strengthens Ocean Installer's position in key subsea growth markets
• Order backlog was NOK 8.1 billion at quarter-end, providing improved visibility into 2027 and beyond
• Balance sheet remains strong with a cash balance of NOK 1.2 billion and a leverage ratio of 0.1x at the end of the quarter
• Full-year 2026 EBITDA guidance raised from NOK 0.7-0.9 billion to NOK 0.85-1.0 billion, reflecting strong year-to-date performance and improved visibility entering the fourth quarter

Profit distribution to shareholders

• Dividend of NOK 0.50 per share distributed in August
• A further NOK 0.50 per share dividend approved by the board for distribution in November
• New share buyback programme of up to 5 million shares, representing approximately 2.8 per cent of outstanding shares and a maximum consideration of NOK 100 million, approved with the purpose of reducing the company's share capital

Report and presentation

Please find the presentation material and earnings report attached.

The reporting material is also available at: https://www.moreld.com/investor-relations#reports

CEO Geir Austigard and CFO Trond Rosnes will present the results today at 10:00 am CET. Participants are welcome to attend the presentation at SpareBank 1 Markets in Olav V's gate 5 in Oslo, or to follow the event via webcast.

Please use the following link to join the webcast: https://qcnl.tv/p/CxD6bcwTGYjOeYT0FZGWQA

For more information, please contact:

CEO Geir Austigard
Telephone: +47 992 47 500
Email: geir.austigard@moreld.com

CFO Trond Rosnes
Telephone: +47 404 14 494
Email: trond.rosnes@moreld.com

About Moreld
Moreld is an industrial multi-disciplinary engineering group offering full-scope services across the offshore energy and marine industries including subsea installations. The group comprises Moreld Apply, Ocean Installer and
Global Maritime. Moreld is a major player on the Norwegian continental shelf with an international footprint. The Group is located in 19 countries, giving access to all major offshore markets, and has over 2,800 employees and
contractors. For more information, please visit https://moreld.com/.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.