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Moreld (MORLD) investor relations material
Moreld Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2025 reached NOK 2.6–2.7 billion, with H1 2025 revenue at NOK 5.5–5.6 billion, driven by major project completions and high activity in Norway and West Africa.
Adjusted EBITDA for Q2 2025 was NOK 363 million (13.6% margin); H1 2025 EBITDA was NOK 791 million, NOK 260 million above H1 2024.
Order intake in Q2 was NOK 1.5 billion, with order backlog at quarter-end at NOK 7.2 billion, though backlog declined from NOK 8.3 billion at end of March.
Uplisting to Euronext Oslo Stock Exchange main board and listing of a NOK 130 million senior secured bond completed.
Dividend of NOK 0.42 per share declared and paid in Q2, with similar payouts expected in coming quarters.
Financial highlights
Q2 2025 revenue: NOK 2.6–2.7 billion; H1 2025: NOK 5.5–5.6 billion, up 6–35% year-over-year.
Q2 2025 adjusted EBITDA: NOK 363 million (13.6% margin); H1 2025: NOK 791 million.
Net interest-bearing debt at quarter-end: NOK 367 million; cash balance: NOK 945 million; leverage ratio at 0.3x.
Order backlog at quarter-end: NOK 7.2 billion.
Cash and unused credit facilities at quarter-end totaled NOK 1,138 million.
Outlook and guidance
Full-year 2025 EBITDA guidance raised to NOK 1.0–1.2 billion, reflecting strong H1 results.
High activity levels expected to continue in H2 2025, but profit recognition may be lower due to project phasing.
Investment levels on the Norwegian Continental Shelf remain high, supporting strong near- and mid-term visibility.
High tender activity and key contract awards expected by year-end.
Dividend level expected to be maintained, with potential for increase after 2025 accounts are finalized.
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