Moreld

Moreld ASA: Third quarter 2026 results

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Positiv

Sammanfattning

Moreld ASA rapporterar ett starkt tredje kvartal 2026 med intäkter på 2,2 miljarder NOK och justerad EBITDA på 376 miljoner NOK, vilket resulterar i en EBITDA-marginal på 17%. Bolaget höjer sin helårsprognos för EBITDA till 0,85-1,0 miljarder NOK.

Analys

Resultatet drivs av hög fartygsutnyttjandegrad och stark projektprestation inom Ocean Installer. Den höjda prognosen reflekterar stark prestation hittills under året och förbättrad synlighet. Bolaget fortsätter att återföra kapital till aktieägarna genom utdelning och ett nytt program för återköp av aktier.

VD-ord

optimistisk · PDF

Moreld rapporterar ett starkt kvartal med rekordhög orderingång för Ocean Installer. Marknaden för subsea är stark, men MMO-marknaden mjuknar. Bolaget fortsätter att stärka sin plattform och återköper aktier.

Utsikter: Orderingången ger god synlighet in i 2027 och framåt.

Nyckeltal

Intäkter Q3 2026
2.2 miljarder NOK
Justerad EBITDA Q3 2026
376 miljoner NOK
EBITDA-marginal Q3 2026
17%
Orderintag Q3 2026
1.8 miljarder NOK
Orderstock Q3 2026
8.1 miljarder NOK
Helårsguidning EBITDA 2026 (höjd)
0.85-1.0 miljarder NOK

Insikter

  • • Ocean Installer är en tydlig drivkraft bakom det starka resultatet.
  • • Bolaget visar en stark finansiell ställning med låg nettoskuld och god kassa.
  • • Återföring av kapital till aktieägare via utdelning och återköp signalerar förtroende.
Fundamental påverkan
Positiv

Bolagets höjda EBITDA-prognos och starka kvartalsresultat förbättrar den finansiella utsiktsbilden och stärker investeringscaset.

Omfattning: 6/10Materiell påverkan
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Stavanger, 5 November 2026: Moreld delivered another strong quarter with revenues of NOK 2.2 billion and adjusted EBITDA of NOK 376 million, corresponding to an EBITDA margin of 17 per cent. The result was driven by high vessel utilisation and strong project performance in Ocean Installer. With improved visibility for the remainder of the year, Moreld raises its full-year 2026 EBITDA guidance to NOK 0.85-1.0 billion.

Stavanger, 5 November 2026: Moreld delivered another strong quarter with revenues of NOK 2.2 billion and adjusted EBITDA of NOK 376 million, corresponding to an EBITDA margin of 17 per cent. The result was driven by high vessel utilisation and strong project performance in Ocean Installer. With improved visibility for the remainder of the year, Moreld raises its full-year 2026 EBITDA guidance to NOK 0.85-1.0 billion.

“We delivered another strong quarter, driven by excellent project execution in Ocean Installer, demonstrating the earnings potential in our subsea business. Combined with a strong backlog, low net debt and improved visibility into 2027 and beyond, this gives us confidence to raise our full-year guidance while continuing to return capital to shareholders," says CEO Geir Austigard.

Supported by a strong balance sheet and solid cash position, the board of directors reconfirmed the ambition to maintain predictable quarterly dividends and approved a dividend of NOK 0.50 per share for distribution in November. In addition, the board approved a new share buyback programme of up to 5 million shares, with the purpose of reducing the company's share capital.

Highlights

  • Strong third quarter with revenue of NOK 2.2 billion and adjusted EBITDA of NOK 376 million, representing a 17 per cent margin, supported by strong execution and project milestones
  • Highest quarterly adjusted EBITDA margin since listing, driven by exceptional execution in Ocean Installer, while Moreld Apply continues to reposition for future opportunities
  • Organisation and cost base continue to be adjusted to current activity levels
  • Pursuing new project awards and opportunities across core and adjacent markets
  • Order intake of approximately NOK 1.8 billion in the quarter strengthens Ocean Installer's position in key subsea growth markets
  • Order backlog was NOK 8.1 billion at quarter-end, providing improved visibility into 2027 and beyond
  • Balance sheet remains strong with a cash balance of NOK 1.2 billion and a leverage ratio of 0.1x at the end of the quarter
  • Full-year 2026 EBITDA guidance raised from NOK 0.7-0.9 billion to NOK 0.85-1.0 billion, reflecting strong year-to-date performance and improved visibility entering the fourth quarter

Profit distribution to shareholders

  • Dividend of NOK 0.50 per share distributed in August
  • A further NOK 0.50 per share dividend approved by the board for distribution in November
  • New share buyback programme of up to 5 million shares, representing approximately 2.8 per cent of outstanding shares and a maximum consideration of NOK 100 million, approved with the purpose of reducing the company's share capital

Report and presentation

Please find the presentation material and earnings report attached.

The reporting material is also available at: https://www.moreld.com/investor-relations#reports

CEO Geir Austigard and CFO Trond Rosnes will present the results today at 10:00 am CET. Participants are welcome to attend the presentation at SpareBank 1 Markets in Olav V's gate 5 in Oslo, or to follow the event via webcast.

Please use the following link to join the webcast: https://qcnl.tv/p/CxD6bcwTGYjOeYT0FZGWQA

For more information, please contact:

CEO Geir AustigardTelephone: +47 992 47 500Email: geir.austigard@moreld.com

CFO Trond RosnesTelephone: +47 404 14 494Email: trond.rosnes@moreld.com

About MoreldMoreld is an industrial multi-disciplinary engineering group offering full-scope services across the offshore energy and marine industries including subsea installations. The group comprises Moreld Apply, Ocean Installer andGlobal Maritime. Moreld is a major player on the Norwegian continental shelf with an international footprint. The Group is located in 19 countries, giving access to all major offshore markets, and has over 2,800 employees andcontractors. For more information, please visit https://moreld.com/.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

AttachmentsMoreld Q3 2026 Report

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