Moreld (MORLD) Q3 2026 earnings summary

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.