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Moreld (MORLD) investor relations material
Moreld Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue was NOK 2.213bn and adjusted EBITDA excl. IFRS 16 was NOK 376m, a 16.7% margin; strong Ocean Installer execution supported raised FY26 guidance of NOK 850m–1.0bn.
Contracted backlog reached NOK 8.119bn, including a record NOK 6.2bn at Ocean Installer, improving visibility into 2027 and beyond.
Financial highlights
Q3 revenue rose to NOK 2.213bn from NOK 2.070bn YoY; adjusted EBITDA excl. IFRS 16 was NOK 376m versus NOK 178m.
YTD revenue was NOK 6.108bn versus NOK 7.637bn; adjusted EBITDA excl. IFRS 16 was NOK 612m versus NOK 969m.
Q3 operating income was NOK 296m, profit before tax NOK 283m and net profit NOK 220m; YTD net profit was NOK 215m and EPS NOK 1.20.
Q3 operating cash flow was NOK 323m excluding lease payments; YTD operating cash flow on the same basis was NOK 855m.
Outlook and guidance
FY26 adjusted EBITDA excl. IFRS 16 guidance increased to NOK 850m–1.0bn; implied Q4 EBITDA range was NOK 240m–390m, with Q4 potentially weaker than Q3.
Ocean Installer backlog and project awards support activity into 2027 and beyond; FY27 guidance is due with Q4 results in February.
Moreld Apply aims to restore EBITDA margins to the mid- to high-single-digit range as activity recovers and improvement initiatives take effect.
- Subsea operations now drive 75% of backlog and EBITDA, fueling growth and strong dividends.MORLD
Pareto Securities’ 33rd Annual Energy Conference presentation - Strong Q2 rebound with NOK 2.5bn revenue, record backlog, and robust offshore project wins.MORLD
Q2 2026 - Q1 downturn offset by strong backlog, vessel redeployment, and higher dividend for 2026.MORLD
Q1 2026 - Record revenue and EBITDA in 2025, with strong cash flow and positive 2026 outlook.MORLD
Q4 2025 - Q3 revenue NOK 2.07–2.1bn, NOK 5.7bn backlog, strong liquidity, and major contracts secured.MORLD
Q3 2025 - H1 2025 saw 35% revenue growth, record backlog, and upgraded EBITDA guidance.MORLD
Q2 2025 - Strong Q3 results, robust order backlog, and strategic moves support continued growth.MORLD
Q3 2024 - Strong EBITDA, robust cash, and IPO set stage for growth and shareholder returns in 2025.MORLD
Q4 2024 - Q1 revenue and EBITDA surged, driving a raised 2025 EBITDA outlook and robust order backlog.MORLD
Q1 2025
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