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Moreld (MORLD) investor relations material

Moreld Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary14 Nov, 2025

Executive summary

  • Q3 2025 revenue ranged from NOK 2.07 billion to NOK 2.6 billion, with adjusted EBITDA of NOK 178 million and stable operational focus; year-to-date revenue reached NOK 7.6 billion.

  • Cash balance at quarter-end was NOK 985 million, net interest-bearing debt at NOK 314 million, and available liquidity close to NOK 1.2 billion, supporting a robust financial position.

  • Order backlog at quarter-end was NOK 5.7 billion, with high tender activity and major contract awards pending, including the Balder Next/BaltA Next contract post-quarter.

  • Dividend of NOK 0.42 per share declared for Q3, with consistent payouts planned and a 10% annualized yield.

  • Employee share and buyback programs launched, with strong participation and 3.3 million shares repurchased in Q3.

Financial highlights

  • Q3 2025 revenue was NOK 2.07–2.6 billion; year-to-date revenue reached NOK 7.6 billion.

  • Adjusted EBITDA for Q3 was NOK 178 million (margin 8.4–8.6%); year-to-date adjusted EBITDA was NOK 969 million.

  • Net interest-bearing debt at NOK 314 million; leverage ratio at 0.3x.

  • Cash balance at quarter-end was NOK 985 million; available liquidity including credit facilities was NOK 1,185 million.

  • Dividend of NOK 0.42 per share paid in Q3, totaling NOK 0.84 per share for the year.

Outlook and guidance

  • Full-year 2025 EBITDA guidance maintained at NOK 1.0–1.2 billion, with a strong tender pipeline and key contract decisions expected in coming months.

  • Ocean Installer activity expected to be lower in Q4 and Q1 2026 due to project phasing and vessel dry dock, but to pick up from Q2 2026.

  • Market conditions expected to remain stable to soft in 2026, with robust offshore activity in Norway and international opportunities.

Key drivers for doubling backlog by Q1 2026
When will dividend policy be reassessed?
Q1 2026 Ocean Installer activity outlook
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Frequently asked questions

Moreld is an industrial group providing engineering, procurement, construction, and maintenance services primarily to the energy and maritime sectors. The company offers solutions across the project lifecycle, including design, fabrication, installation, and operations support. Its business units serve industries such as oil and gas, renewable energy, aquaculture, and marine infrastructure. The company is headquartered in Stavanger, Norway, and its shares are listed on the Euronext Growth Oslo.

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