Good morning. Welcome to Moreld's fourth quarter 2025 presentation.

My name is Geir Austigard, I am the CEO of Moreld, and with me here I have Trond Rosnes, the CFO of the company. I am proud that 2025 was a record year for Moreld.

Successful completion of short duration projects in quarter four led us to a revenue of close to 10 billion NOK and an EBITDA of 1.1 billion NOK. The EBITDA is higher than '24 and the highest EBITDA we have had for the group, and was in line with the midpoint of our guiding.

The financial performance was strong, as planned, and important milestones for the company have been met. If you look at the contribution from the three segments of the group, Ocean Installer is now contributing three quarters of the EBITDA for the year, Moreld Apply close to one quarter, and Global Maritime a 3% contribution.

Let's have a look at the other key figures. The full-year EBITDA obviously is a very strong performance, and it brings with it a cash balance of 1 point nearly 1.1 billion NOK, that's up 95 million compared to last quarter, and our interest-bearing debt is now very low at 0.2 times the EBITDA.

The backlog stands at 5.9 billion NOK, and in the last quarterly presentation I did say that I expected that to be 10 billion NOK at this time. I will come back on that later on in the presentation.

We've had some very important awards this quarter, both for subsea, for maintenance, modification, and both of them contributes to the strong outlook for the future. We are continuing our strengthening on the NCS, but we are also with the awards we've had manifesting our position on the international arena, especially for Ocean Installer.

We did secure EMOT/EPRO frame agreements with Equinor, a 5+5 year contract, and I will explain to you a little bit more on what that means later on, and that has a relation to the buildup of backlog. What we are doing, we are moving from when we didn't get the V&M contract in that round, we lost it, we are adjusting our organization to go more on towards a project-driven organization and less so on a maintenance and modification-driven setup, but that's also something I will discuss later on.

I want you to be aware that there is a growing demand for small tiebacks on the Norwegian Continental Shelf, and Equinor has stated that 75 of those tiebacks will take place over the next 10 years. Simple maths, that's seven to eight of them per year.

That is a very, very important part of our business going forward. We are expecting a slightly negative EBITDA for the first quarter '26.

We are seeing a very strong pickup of the markets as from Q2, and in Q2 onwards we see very strong performance of Ocean Installer especially, and that development continues till the end of the year and also into the future. With that, we are issuing a guidance, 0.7 to 0.9 billion EBITDA for 2026.

Yesterday, we had a board meeting deciding a 0.42 NOK per share dividend for this quarter, and we will now consider to increase the quarterly dividends to 0.05 as from quarter one this year. Now let's look a little bit more on some key projects that we did last year.

I'm starting with the Girassol project that we did for Total in Angola. Why is that important?

That is important for the fact that we have been successfully undertaking a very, very large and vital project for that company in the first half of the year. It went perfect.

That is manifesting our position as a tier 2 to tier 1 player on the subsea SURF market. The Boliden one here is a onshore project, large project, and Apply is now manifesting its position on taking large onshore projects in Norway also for the future.

The two projects down to the left, Johan Castberg SURF, SPS/FPSO, and Balder, those are examples of the company, especially Ocean Installer, taking the total responsibility for developing new projects and putting them on stream for the subsea installation part. That is a very important milestones, and again, it's a testimonial of our capabilities going forward.

I also want to mention Statfjord C. The reason is that that falls under the FLX contract.

I need to repeat to you, that is a very important contract for us going forward. That is for all the Statfjord installations.

We have fixed period for it until mid-'27 with options to extend it with Equinor. Lastly, on the right-hand side, Utsira High and Irpa tie-in both are modifications, and this is something that is important for the future.

Those are modifications on the installations preparing for hooking up new satellite fields going forward. That is exactly what those 75 tiebacks for Equinor is about.

Here we have examples on that the company is able to take that kind of activities on the topsides modification. Therefore we are very positive to the opportunities going forward.

On the international arena, we are looking at and bidding for very, very large tier 1 SURF projects that values from 500 million NOK to multibillion NOK. That's important for the group.

That is the target that we have had over time. We are now invited for bidding to those projects.

As I said, Norwegian Continental Shelf, the tiebacks, the 75 tiebacks, we are uniquely positioned, because you see the two pictures on the right, the left hand with the yellow structures on the seabed, that symbolizes the part of the job that is the subsea installation, the right-hand side symbolizes the topsides modification. Those projects, each of them, we have a value expectation from around 200 million NOK up to 1 billion NOK.

When I go through each of the companies now, I want to remind you that all that Moreld does is an asset-light model. We don't own our vessels, we don't own shipyards, we are asset-light in everything that we do, and that is also important in the driving of the strong EBITDA performance and the cash flow generation that we are doing.

With Ocean Installer, they had a fantastic fourth quarter, and I'm not sure if it's a coincidence, but they delivered 835 million NOK revenue in first quarter, that is also more or less exactly the EBITDA of the company for the whole year. Ocean Installer did around 835 million NOK EBITDA for 2025.

Fantastic. We won some important milestone projects.

The Balder Next project is a engineering and flexible product deliveries contract, but it doesn't include the subsea installation. That will only be awarded after Vår Energi does the final investment decision, expected sometime mid this year.

There is an upside there. We also did an EPCI contract for Equinor for the Mikkel field.

That is a subsea delivery of subsea installation and equipment. We have also stated that we did a non-named contract for a player in Western African-Mediterranean area, which is also very important, and LOI.

Ocean Installer is doing very well, albeit this lower activity now because there is one of the key enabling vessels up at the dock docking, and that takes the majority of the quarter one. As I said, the outlook for Ocean Installer for the remainder of the year and forward is very, very strong.

Back to the EMOT/EPRO. The picture to the left is the Gina Krog installation.

On this one, Apply did all the works that was required to prepare for a new field, the Eirin field, to be produced through that installation. That was the job that Apply did.

Ocean Installer did what you see on the red, I'm not sure if you can see it, but the red pipes that goes on the seabed all the way up to the platform, that's the installation that Ocean Installer did on that project. That is exactly what we think is a very strong future for Moreld as a group going forward.

Now we are releasing synergy effects between Moreld Apply and Ocean Installer. This can be and will be a very, very strong opportunity for us going forward.

Where we did not get the V&M contract, we got something that I think for us as a group is more important, it's the EMOT/EPRO. The EMOT/EPRO is exactly what I said, it's about doing projects, and exemplified with one of those projects that are preparing for satellite field hookups to the existing installations.

The EMOT is valid for all offshore installations that Equinor has on the Norwegian Continental Shelf. The EPRO is the same, but for the onshore installations.

It's a wide scope of opportunities. We don't recognize backlog for those contracts before we win the projects.

That's the difference to the V&M contract. There you can recognize the backlog for the full contracted period, i.e., the full five years.

We do expect, and let me be clear on this, we do expect that the EPRO contract over time will deliver the same volume as the V&M contract. It's not in the backlog.

Where I said that we were going to have 10 billion NOK in backlog, you don't see that on the paper, you can say I was wrong. I was also right in that we have opportunities here to make that happen as the time goes by.

Remember, the profit level is higher on a project contract than it is on the V&M contract. That's also important.

Global Maritime has won lots of contracts lately, there's a very good outlook for the company. I'm very pleased to see that.

We are approaching a backlog of about half a billion NOK. Good outlook from Global Maritime, too.

Let's sum it up. We have projects, we have a backlog going forward that is strong for 2026, there is outlook on 2027, there is a very strong bidding going on, large projects, especially for Ocean Installer, and there is nothing in here on the Moreld Apply new contracts.

As a whole, I'm pleased with the situation for Moreld today. With that, I leave it over to you, Trond.

Please.

Thank you, Geir. I will continue going through the financial performance and also touch a little bit more on the dividends and the potential increase that we are looking at.

For the group as a whole, revenue ended at 2.2 billion in Q4, and EBITDA at 132 million for the quarter, corresponding to a 6% EBITDA margin. Revenue for the full year reached 9.8 billion, and adjusted EBITDA at 1.1 billion, and as also Geir mentioned, which is spot on the midpoint in our guidance.

As I've talked about in earlier presentations as well, when we present this EBITDA number, remember that this EBITDA number is our cash EBITDA, best proxy for cash EBITDA, meaning that we are presenting EBITDA number exclusive of IFRS 16 adjustments, meaning that all leases, vessel leases, office leases, is included in this EBITDA number. Leverage ratio reduced to 0.2 times, with net interest-bearing debt sitting at 219 million at the end of the quarter.

Ocean Installer, as Geir also mentioned, delivered a solid fourth quarter, concluding a record year in terms of financial performance. Revenue for the fourth quarter amounted to 835 million, while EBITDA reached 99 million.

For the full year, Ocean Installer has delivered 4.4 billion in revenue and 835 million in EBITDA. The activity in the fourth quarter was primarily driven by smaller fast-track scopes, including a subsea cable repair job.

We've also done project management and engineering work carried out as preparation for the larger campaigns awarded by Vår Energi and Equinor that we have for execution now in 2026. Further, results was also supported by a final settlement from a project that was completed earlier in 2025.

Order intake for the quarter, 1.5 billion, resulting in an order backlog at the end of the quarter of 3.3 billion. Ocean Installer's tender pipeline at the end of Q4 remains strong, with numerous tender processes to be decided over the next coming months.

Moreld Apply delivered a revenues of 1.2 billion in the fourth quarter, an increase from previous quarter, but somewhat below the revenue in the fourth quarter last year. EBITDA came in at 44 million, reflecting a weaker performance, with margins falling below 5%.

The decline was driven by several one-off effects, such as risk accruals, delays in certain projects, and also some lower incentive-based payments compared with previous quarter, but one-offs as mentioned. For the full year, Moreld Apply achieved 4.6 billion in revenue and 255 million in EBITDA, reflecting a strong year for the company.

The order backlog declined from 2.7 to 2.1 billion during the quarter. Just to also underscore what Geir also touched upon, the commercial efforts remain focused on securing backlog for 2026 and beyond for Apply.

It is supported by high tender activity and strong positioning, especially also in the onshore market, particularly within modifications and turnaround scopes. Global Maritime delivered a solid year-end to the year in what is traditionally a seasonally weaker quarter due to lower offshore activity, particularly in the North Sea.

Revenue in the quarter was 193 million and an EBITDA 2.1 million, which is a clear improvement from the negative 4 million in the same quarter last year. The result was supported by slightly higher underlying activity towards year-end and along with positive catch-up effects in part of the business.

For the full year, Global Maritime achieved 830 million in revenue and 28 million in EBITDA. This represents a step-up in performance, although margins were lower than compared to 2024 due to the absence of larger projects.

Year-end backlog increased to 474 million, representing a robust level for a business with a high share of walk-in work. Additional contract awards was also secured in early 2026, pointing to further backlog growth into the first quarter and also support a positive outlook for the company.

Turning over to our balance sheet, starting first with net working capital. Also as we've talked about before, Moreld operates with a capital-efficient model where the working capital on a normalized level is negative.

The main driver for the negative working capital is front-loaded milestone payments on larger projects as well as a non-recourse factoring solution that we have for the group. We had a lower level of prepayments compared to end of 2024, but net working capital back within the normalized range, as indicated on this slide.

At the end of Q4, we had 70 million of prepayments on the balance sheet, which is a very, very low level, and it's further down from 90 million in last quarter. On our debt, gross interest-bearing debt, that includes the $130 million US dollar of senior secured notes issued in February last year.

It also include lease liabilities accounted for under IFRS 16, so that is basically the vessels, but also the office leases that we have as a right-of-use assets on the balance sheet, and corresponding lease liabilities on the liability side. Cash balance at the end of the quarter, close to 1.1 billion, up from 985 million at start of the quarter.

Going briefly through the cash flow bridge, as mentioned, we came into the quarter with a cash balance of 985 million. We generated cash EBITDA of 132 million.

We had a positive change in net working capital of 112, CapEx outflow mainly linked to the ERP upgrade in Apply. We paid 75 million of dividend in November, whilst the FX and other, that's mainly linked to currency fluctuations on our USD deposit.

At the end of the quarter, then, a total cash balance going out of the quarter at 1,091 million, which is an increase of 105 million compared to Q3. Total available liquidity, then, close to 1.3 billion if we add on the 200 million of untapped credit facilities.

Cash generation, that's also a good segue over to dividends. Let me start with what we have already delivered.

With the 0.42 kroner per share approved for Q4, we will have distributed 300 million over the past four quarters. That corresponds to an annualized yield of approximately 10%.

This reflects both the strength of our cash generation and our commitment to shareholder returns. If we look at the full cash generation for 2025, adjusting that for changes in net working capital and one-offs such as the refinancing and the greenshoe related to the equity increase, we had a cash-to-equity conversion of close to 70%.

Going forward, we estimate to be able to have a free cash-to-equity conversion in the range of 65 to 70% going forward. Supported by a strong balance sheet, a strong cash balance, continued solid cash flows going forward, we are now considering an increase in the quarterly dividend to 0.5, as mentioned by Geir as well, from Q1.

On an annualized basis, that is up from 300 to 360 million, and would represent a step-up of 19% from the current level. As always, and a dividend will be subject to final and formal board approval in connection with the Q1 results that we will present in May.

With that, I hand the word back to you, Geir, to summarize and conclude our presentation.

Thank you, Trond. I think the EBITDA guidance that we are now presenting to you is a clear indication of a much stronger last half of this year, but also it is an indication of an increased activity in our most important market, which is the subsea installation part.

I am clear that the 0.7 billion we see as a very realistic low level today. We know that, albeit having a very full schedule on Ocean Installer for the rest of the year, there is always the opportunities to take some smaller jobs in between, and also there can be additional work on the projects that we're doing.

That also goes for Apply in terms of some of that business. There is definitely room for the upside that we see in guidance.

I want to be very clear that we have a good foundation for that guidance, and we also see strong opportunities for the company going forward. There is always the case on some of the contracts that we are now bidding and have won whether they will start in 2026 or whether they go over to 2027.

That's a solid position, I think, for the group as it stands. I think it's interesting to see where we definitely had a softening of the subsea market that I also talked about last quarter.

We did see that, and that lasted all the way until the end of last year. Thereafter we have seen a very strong subsea market.

What we see now is a very strong future. I think that's important for you to take on board here, and that is of course a lot of the background for what you see on the guidance.

With that, we conclude our presentation and open up for questions.

As I said, we did see a very soft quarter in the first quarter of this year. If you ask for the reason why we don't see much activity on the vessels, it is that softening, the soft market we had in the previous quarter.

That is the explanation. Yeah.

I like that question very much, because that leads me into a very important part of our assessment of the development of Ocean Installer. We are certainly seeing that we have organic growth opportunities in Ocean Installer, and depending on the outcome of the bidding we are doing now for '26, '27, '28, '29, we may need more vessels.

That is obvious. We haven't got any firm allocations or firm projects, but it is definitely something we are looking into, that is to increase our capacity when and if needed.

If you remember from last quarter, we had extensions of some of the charters and the options to both our vessels, that is to cater for the large projects we are now bidding for. That opportunity of increased activity by taking more vessels is definitely there.

We are in an asset-light setup, and that means that we will always look at our capacity, and what can we take a little bit to the previous questions. Maybe, Trond, you want to go into more details there?

I guess obviously connected to the visibility we have now on 2026, both in terms of top line and also on the vessel utilization that we have talked about already. That is obviously the background for what we are guiding on.

Starting now on 0.7, based on what we see now, we are quite confident that we should be able to reach that floor in the guidance, and there could be some upside to that, but that is too early to comment on really.

That's correct. If you include the lease liabilities, you are at 0.8, but we are talking about the leverage ratio excluding the lease liabilities, and also compare that to the cash EBITDA that we presented.

Based on that, we are at a level of 0.2. What kind of level are we comfortable on?

We should at least stay below 1 times in terms of leverage on that level, because that is also connected to our ability to pay out dividends going forward. It's connected to the incurrence test, basically.

Below 1 times, I would say.

Interesting question. We are looking at taking Ocean Installer to become a tier 1 player.

That is the plan. That must be clear.

We are taking steps in order to get there. I can't go into details on that, but that is definitely the plan on Ocean Installer.

Also what I discussed in the presentation, the fact that we have now especially the EPRO contract with Equinor that opens up for Apply to take on large modification projects, and combining that with the capabilities of Ocean Installer of the subsea installation and satellite hookups, I think we are going to be extremely efficient in doing this. We are going to do that fast, low cost, short time to first oil, and I believe that personally that is going to be a very strong position also for Apply going forward.

It's not only for Apply that the subsea tiebacks, there is a lot of other projects, by the way, in that EMOT/EPRO setup. That is kind of the long-term development that I can share with you at least now.

Thank you very much. Thank you.