Moreld ASA: Fourth quarter and full-year 2025 results
Stavanger, 12 February 2026: Successful execution of short-duration projects generated revenues of NOK 2.2 billion in the fourth quarter, bringing total revenue for the year to nearly NOK 10 billion. For the full year, Moreld delivered an adjusted EBITDA of NOK 1.1 billion, in line with the midpoint of its stated guidance.
Supported by strong cash generation, low leverage and a solid financial position, Moreld will consider increasing the quarterly dividend from NOK 0.42 to NOK 0.50 per share in the next quarter.
"We end the year with record-high revenues and a significantly strengthened financial position. Moreld enters 2026 with a robust order backlog consisting of high-quality projects, providing visibility and growth potential. Activity is expected to pick up significantly in the second quarter and continue throughout the year and beyond, supported by near‑field developments in the North Sea and a growing pipeline of international subsea opportunities." says CEO Geir Austigard.
Guidance and outlook for 2026
Moreld issues a full-year EBITDA guidance of NOK 0.7–0.9 billion for 2026. Following a slightly negative EBITDA result expected in Q1 2026, large and confirmed projects support strong recovery in activity from Q2 onwards.
Moreld continues to focus on both near-term offshore work and longer-term opportunities in renewables and onshore markets. Tender activity remains high and the Group’s combined exposure towards the North Sea brownfield market and international subsea projects provide diversification and strategic optionality.
Business and market highlights
- Revenue ended at NOK 2.2 billion in Q4, reflecting successful execution of short-duration projects. The adjusted EBITDA result was NOK 132 million, representing an EBITDA margin of 6.0 per cent
- Order intake of NOK 1.9 billion brings the total contracted backlog to NOK 5.9 billion, of which NOK 4.6 billion for delivery in 2026. Tender activity remains high particularly for international projects
- In early 2026, Moreld Apply was awarded the Equinor EMOD/EPRO frame agreement, which is expected to result in meaningful volumes on the back of major near-field investments
- Strong balance sheet with a cash balance of NOK 1.1 billion at the end of the quarter, giving a leverage ratio of 0.2x
Profit distribution to shareholders
- Quarterly dividend of NOK 0.42 per share distributed in November
- Additional dividend of NOK 0.42 per share approved to be paid in February
- Moreld will consider increasing the dividend to NOK 0.50 per share for Q1 2026
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 join the event 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 view the webcast: https://qcnl.tv/p/uZwqHQeCMuwHYdv0wThImA
For more information, please contact
CEO Geir Austigard
Telephone: +47 992 47 500
Email: [email protected]
CFO Trond Rosnes
Telephone: +47 404 14 494
Email: [email protected]
About Moreld
Moreld 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 and Global 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 and contractors. 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.