Moreld (MORLD) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw negative EBITDA of NOK -93 million on revenue of NOK 1.4 billion, mainly due to low vessel utilization in Ocean Installer and reduced activity across segments, in line with prior guidance.

• Both enabling vessels for Ocean Installer returned to work at the end of Q1, with strong backlog and high utilization expected for the rest of 2026.

• The group maintains full-year EBITDA guidance of NOK 700–900 million, anticipating much stronger quarters ahead.

• Dividend increased to NOK 0.50 per share per quarter, reflecting robust cash generation and commitment to shareholder returns.

• International expansion continued, with Ocean Installer establishing a local office in Brazil and new contract awards supporting future growth.

Financial highlights

• Q1 2026 revenue was NOK 1.4 billion, with adjusted EBITDA at NOK -93 million, in line with prior guidance and reflecting low vessel utilization.

• Ocean Installer reported Q1 revenue of NOK 270 million and EBITDA of NOK -137 million, reflecting seasonal weakness and vessel downtime.

• Moreld Apply delivered NOK 934 million in revenue and NOK 50 million EBITDA, with margins above 5% and improved from Q4.

• Global Maritime posted revenue of NOK 175 million and EBITDA of NOK -8 million, impacted by delayed project starts, seasonality, and geopolitical effects.

• Cash balance at quarter-end was NOK 933 million, with net interest-bearing debt at NOK 335 million and leverage ratio at 0.6x.

Outlook and guidance

• Activity and earnings expected to rebound strongly from Q2 onward, with both Ocean Installer vessels fully booked and high project activity.

• Full-year EBITDA guidance reaffirmed at NOK 700–900 million, with leverage ratio expected to remain under 1x for 2026.

• Strong bidding pipeline and international expansion, including new office in Brazil, support positive long-term outlook.

• Dividend increase supported by strong balance sheet and cash flow; further increases possible if cash conversion remains high.

• Board reconfirmed ambition to maintain predictable quarterly dividends.