Q2 2026 Moreld ASA Earnings Call Transcript

Aug 13, 2026 / 08:00 AM GMT

Release Date Price: €2

Transcript

Key Points

Positve

Moreld ASA (FRA:C28) reported a strong rebound in Q2 2026, with adjusted EBITDA reaching NOK 329 million, up from a modest loss in the previous quarter.
The company's order backlog increased to nearly NOK 10 billion, providing strong revenue visibility and de-risking the outlook for 2027 and beyond.
Ocean Installer, the largest segment, delivered record EBITDA of NOK 292 million with a 20% margin, driven by high activity and successful project execution.
Moreld ASA (FRA:C28) secured its first orders in Brazil, establishing a presence in the world's largest subsea market, with potential for future growth.
The company maintained a robust balance sheet with net interest-bearing debt reduced to NOK 149 million and a low leverage ratio of 0.3 times, while continuing to pay dividends for five consecutive quarters.
Global Maritime showed a marked recovery from a soft Q1, with revenue of NOK 223 million and a margin of nearly 7%, exceeding expectations.
The company has strong visibility for the upcoming winter season, with both vessels nearly fully booked for Q4 2026 and Q1 2027.

Negative

Moreld ASA (FRA:C28) had a weak start to the year, with a negative first quarter that dragged down year-to-date EBITDA to NOK 236 million.
The Apply segment was the weakest area in Q2, with EBITDA margin falling to 2.5% due to lower project volumes, acceleration costs on a single project, and organizational resizing costs.
The company's working capital position varies considerably quarter to quarter, and it expanded its factoring facility by NOK 150 million, which could indicate cash flow volatility.
The USD-denominated senior secured bond is unhedged, exposing the company's net debt value to fluctuations in the dollar exchange rate.
Management noted that there is limited vessel capacity for additional awards in the second half of 2026, potentially constraining near-term revenue growth.
The company's ability to secure combined contracts for subsea and topside work remains a future goal, with operators currently opting for separate contracts, limiting potential synergies.

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

MORLD.OL - Moreld ASA
Q2 2026 Moreld ASA Earnings Call
Aug 13, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to Morrell's second quarter 2026 presentation. My name is Guy Roostegar and with me I have Tron Rosnes. I'm the CEO. Tron is the CFO of the company.

Morrell is a full-scale offshore service provider mainly focusing on engineering.

We have three segments subsea installation by ocean installer.

Maintenance modification by Apply and Marine Engineering by Global Maritime.

Ocean Installer is by far the largest outfit in terms of EBITDA production and also a strong contributor to this quarter that we will come into details on later on.

It has been a very good quarter.

We have managed to increase our order backlog up to 10 billion NOC give or take.

So you remember I said we were going

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