Moreld revenue rises on higher vessel utilisation; raises FY26 outlook

Overview

• Norway industrial engineering group's Q3 revenue reached NOK 2.2 bln, adjusted EBITDA NOK 376 mln

• Company raised full-year 2026 EBITDA guidance to NOK 0.85-1.0 bln

• Board approved new share buyback program of up to 5 mln shares, max NOK 100 mln

Outlook

• Moreld raises 2026 full-year EBITDA guidance to NOK 0.85-1.0 bln from NOK 0.7-0.9 bln

• Company cites improved visibility and strong backlog for increased 2026 outlook

• Moreld continues to pursue new project awards across core and adjacent markets

Result Drivers

• OCEAN INSTALLER EXECUTION - Co said exceptional project execution and high vessel utilisation at Ocean Installer drove Q3 results

• ORDER INTAKE - Co said order intake of about NOK 1.8 bln in the qtr strengthened Ocean Installer's position in subsea growth markets

• COST BASE ADJUSTMENTS - Co said organisation and cost base continue to be adjusted to current activity levels

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the construction & engineering peer group is "buy."

• Wall Street's median 12-month price target for Moreld ASA is NOK30.00, about 21.7% above its November 4 closing price of NOK24.65

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads

• Nov 4 - BP to sell 5% stake in Norway's Aker BP

• Nov 3 - Norway's Odfjell Technology Q3 results boosted by well services unit

• Nov 4 - Brazil approves merger of energy contractors Saipem and Subsea7

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)