Moreld (MORLD) Pareto Securities’ 33rd Annual Energy Conference presentation summary

Business overview and strategy

• Operates as a capital-light energy services group with a focus on critical infrastructure and project execution, not asset ownership.

• Serves major energy companies globally, with strong roots in the Norwegian Continental Shelf and offshore energy sector.

• Employs around 2,500 people across 32 offices worldwide, supporting international growth ambitions.

• Comprises three complementary businesses, with Ocean Installer providing significant subsea market exposure.

• Strategic focus on subsea, with 75% of backlog and EBITDA now driven by this segment.

Financial performance and outlook

• Reported 2025 revenue of 9.8 bNOK and adjusted EBITDA of 1.1 bNOK, with a market cap of 4.5 bNOK.

• Backlog has grown to approximately 10 bNOK, providing strong growth visibility.

• Q2 2026 saw a rebound in revenue and EBITDA, driven by higher activity and vessel utilization.

• EBITDA margin improved to 13.6% in Q2 2026, with FY 2026 EBITDA guidance of 700–900 mNOK.

• Maintains low leverage and strong cash generation, supporting attractive shareholder returns.

Market positioning and growth initiatives

• Ocean Installer is moving up the value chain, expanding capabilities in SURF and EPCI subsea projects.

• International expansion beyond Norway includes new offices and contracts in the UK, Mediterranean, West Africa, and Brazil.

• Recent strategic contract awards in 2026, including Bacalhau, Balder Next, decom projects, and Marine Wave 1, have more than doubled Ocean Installer's backlog.

• Active bidding pipeline and global footprint provide further upside potential.