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
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
