Q3 2025 Moreld ASA Earnings Call Transcript

Nov 14, 2025 / 07:30 AM GMT

Transcript

Key Points

Positve

Moreld ASA (FRA:C28) reported a strong financial performance in Q3 2025, with revenue reaching 2.1 billion NOK and year-to-date revenue totaling 7.6 billion NOK.
The company achieved an adjusted EBITDA of 178 million NOK for the quarter, bringing the year-to-date EBITDA to 969 million NOK, which is ahead of last year's performance.
Moreld ASA secured a significant contract for the Balder Next project, which is expected to enhance future backlog and revenue.
The company launched a successful employee share program, with 25% of all staff and 50% of Ocean Installers' employees participating, indicating strong internal confidence in the company's future.
Moreld ASA maintained a low leverage ratio of 0.3 times, reflecting strong financial health and stability.

Negative

The company's order backlog has been reducing, which was expected due to ongoing major bidding activities, but it still poses a concern for future revenue visibility.
EBITDA margins decreased to 8.6% due to a higher proportion of pass-through revenue and less profit recognition from project closeouts.
Ocean Installer's revenue and profit showed significant quarterly variations, with expectations of lower activity in the upcoming quarters due to project phasing and vessel dry docking.
Moreld Apply experienced a drop in EBITDA margin from 6% to 4.9% in Q3 2025, primarily due to a high proportion of pass-through revenue and increased risk provisions.
The renewal of major maintenance and modification contracts has been delayed, creating uncertainty about future backlog and revenue.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MORLD.OL - Moreld ASA
Q3 2025 Moreld ASA Earnings Call
Nov 14, 2025 / 07:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everybody, and welcome to Moral's 3rd quarter 2025 presentation.

My name is Guy Rostega. I'm the CEO of the company and with me coming later up on the scene is Tron Rosnes, which is the CFO of the company.

Mo, Morell's 3rd quarter 2025 was very good. It was in line with our expectation.

The financial performance was according to our plan.

And not the least, we met important milestones for the company, and we are continuing to position the company for larger.

Project in the subsea segment which is very important for the future.

First of all, let me say a couple of words on more on more general terms.

Mughal Consists of three main segments.

All focused on

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