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Moreld ASA: First quarter 2026 results

Stavanger, 7 May 2026: In the first quarter, Moreld delivered revenues of NOK 1.4 billion and an EBITDA result of negative NOK 93 million. As projected, the results reflect a temporary reduction in project activity, and a significant uptick in activity and margins is expected from Q2. The full-year EBITDA guidance of NOK 0.7-0.9 billion is reiterated.

Supported by a strong balance sheet and solid cash generation, the board of directors has resolved to increase the quarterly dividend distributions from NOK 0.42 to NOK 0.50 per share from Q1 2026.

"Following a softer Q1, both our vessels have now returned to offshore operations. Moreld is entering a phase of increasing activity supported by large, confirmed projects and a strong backlog. While global uncertainty persists, our outlook remains strong, supported by activity on the Norwegian Continental Shelf and a solid tender pipeline," says CEO Geir Austigard.

Business and market highlights

Revenue ended at NOK 1.4 billion in Q1, reflecting a temporary reduction in project activity, in line with previous communication. The adjusted EBITDA result was negative NOK 93 million
Order intake of NOK 1.7 billion brings the total contracted backlog to almost NOK 6.3 billion, of which NOK 4.9 billion for delivery in 2026. Tender activity remains high, providing a solid foundation for improved performance
Moreld Apply awarded the Equinor EMOD/EPRO frame agreement, which is expected to result in meaningful volumes on the back of major near-field investments. Organisational changes implemented to match future demand
Ocean Installer expanded its international footprint by establishing an office in Brazil, positioning the company for future growth in this high-potential market
Balance sheet remains solid with a cash balance of NOK 0.9 billion at the end of the quarter, giving a leverage ratio of 0.6x

Profit distribution to shareholders

Dividend of NOK 0.42 per share distributed in February
Another dividend of NOK 0.50 per share approved by the board to be paid in May

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, CFO Trond Rosnes and CEO Ocean Installer Kevin Murphy will present the results 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/b-Ooi-YPevmXo-2Nk6LVDQ

For more information, please contact

CEO Geir Austigard
Telephone: +47 992 47 500
Email: Geir.austigard@moreld.com

CFO Trond Rosnes
Telephone: +47 404 14 494
Email: Trond.rosnes@moreld.com

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.