Moreld (MORLD) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw a strong rebound with revenue of NOK 2.5 billion and adjusted EBITDA of NOK 329 million, driven by high offshore activity, Ocean Installer's performance, and major contract wins in Brazil and Norway.

• Order backlog increased to NOK 8.4 billion at quarter-end and approached NOK 10 billion post-quarter, providing significant visibility and de-risking future revenues.

• Cash balance rose to NOK 1.141 billion, net interest-bearing debt dropped to NOK 149 million, and leverage ratio improved to 0.3x, reflecting robust cash generation.

• Ocean Installer secured major project wins, including Bacalhau in Brazil and Balder Next, and established a local entity in Brazil to pursue further opportunities.

• Moreld Apply underwent restructuring with new management and completed key projects, while Global Maritime rebounded with improved margins.

Financial highlights

• Q2 2026 revenue was NOK 2,514 million; adjusted EBITDA (excl. IFRS 16) was NOK 329 million; operating result was NOK 246 million.

• Ocean Installer contributed close to 90% of group EBITDA, with Q2 revenue of NOK 1,442 million and EBITDA of NOK 292 million (20% margin), up 15% year-over-year.

• Moreld Apply reported Q2 revenue of NOK 857 million and EBITDA of NOK 21 million (2.5% margin), impacted by one-off costs and transition expenses.

• Global Maritime delivered Q2 revenue of NOK 223 million and EBITDA of NOK 15 million (margin 6.7%), rebounding from Q1.

• Net interest-bearing debt reduced to NOK 149 million; cash position increased to NOK 1.141 billion; leverage ratio at 0.3x.

Outlook and guidance

• Full-year adjusted EBITDA guidance reaffirmed at NOK 0.7–0.9 billion, with activity expected to be weighted to H2 2026.

• Strong backlog and order intake de-risk revenue projections for 2027 and beyond, with vessel capacity largely filled for the next 12–18 months.

• Margin recovery expected in Moreld Apply in H2 2026 as transition program progresses.

• Positive margin outlook for Ocean Installer due to robust subsea market activity.

• Market outlook remains stable despite geopolitical and oil price volatility.