Cadeler Aktie

Good morning, and welcome to Cadeler's Q1 2026 Earnings Presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that the presenters remarks today will include forward-looking statements.

Actual results may differ materially from those contemplated the risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F on file with the United States Securities and Exchange Commission. Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events.

This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's annual report. The annual report and today's earnings presentation available on Cadeler's website at cadeler.com/investor.

We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time.

Mikkel Gleerup, you may begin.

Thank you very much, and hello to everyone, and thank you for joining this Q1 2026 presentation from Cadeler. Just to start off the presentation really quarter that it has been running exactly as expected. Financial performance in line with our expectations, continuing a robust backlog of work standing currently at EUR 2.7 billion, which we believe provides a very solid earnings visibility for the company.

We build program on track. We named the second A-class vessel in April and she is about to deliver in the next couple of months as per the schedule. The second -- or the third rather A-class vessel is delivering next year and is also on the schedule. We have continued with solid execution across the globe. And I'm also very pleased to say that when the [indiscernible] are fully mobilized and first complete monopile foundation has been installed on [indiscernible], which is very, very important and a very important milestone for 2026, and we have a little bit extra on that further in the presentation.

Very strong utilization vessels operating across the world and in Nextrasecured utilization on multiple projects in APAC. And on the utilization, I would like just to quickly say, that obviously, we have many vessels that have been shifting between projects or a lot of mobilization in the first quarter of the year, which has also been exactly as expected.

In terms of commercial highlights, vessels continuing to execute on projects across the fleet, really busy, busy, busy quarter in terms of managing vessels coming off projects, starting new projects and having other vessels coming in to take over on projects due to many different factors. But really, overall, I would also say a quarter where we have been able to support our clients and to know what has been necessary to help them on their updates where they are currently engaged.

Also very pleased to see that when Kipa has started this operation with [indiscernible] and is performing on the project with Vestas as we speak. Next slide, please.

On a Tier 3, as I said, really from concept to delivery, we have had many, many questions over the course of the last 4 years where we have been in process towards the NCI execution, a lot of planning is now finally coming to fruition. And it's very pleasing to be able to say that we now have proof of concept on the project with the first full monopile installed and also all the secondary components being installed on that and being commissioned and handed over to the client. And actually, we have 8 monopiles in the water as per today's space. We have 7 full -- secondary steel sets installed and 5 fully commissioned monopiles out there.

So really, the project is going as per the plan. The equipment that we have invested in that we are using on the product is working as we expected it. And we are now slowly ramping up the speed on the project to get up to the speed where we want to be and to really make sure that there will be a smooth installation on this very, very important project, both for us and [indiscernible] certainly also for our clients. So very, very pleased to say that we have a proof of concept and that we are now delivering the full T&I foundation project.

Still sitting on a very significant backlog across key markets, EUR 2.2 billion backlog, as I said, already provides a very solid earnings visibility. We continue to operate in the U.S., in Europe and in APAC, and are really working on a lot of different opportunities for the future years. As we have said in this quarter also, we have executed a private placement for the investment in additional jack-ups for the future and also for a brokdumping inflation vessel that we believe all will strengthen our portfolio and our ability to support the clients going forward.

We have also projects that are not in the backlog, but where we are currently working and projects that will be added to the backlog as and when they come to fruition. But all in all, I would say that we have been reaffirmed in our opinion since the beginning of the year that we are looking at a very, very busy '26, '27. As we have also said, '28 is a different year, but we remain in the same position as we were when we in the annual report. And for 2029, we are working on some very, very interesting prospects at the moment.

When we look into the new decade, we are also seeing very interesting projects and also a lot of projects currently in what we call category high. So this is really the category where we are working already now initially with the client and where we believe that our vessels will be busy in the beginning of the next decade.

On the backlog, 82% of the backlog has reached FID. We believe that, that is a very, very solid number and also gives us the earnings visibility that we really need as a company. We also see the start of [ Nexa ] and the foundation of Nexa starting to deliver contracts in Taiwan, which is, of course, very pleasing. And our ambitions on network continues to be strong, and we continue to see that our main market for Nexa is the plus 11, 12-megawatt segment where we believe that we have a very good foundation to play for the main component replacements for the bigger turbine sets in the industry.

We also have preferred to agreement that is not included in the backlog and where we currently are negotiating with a client for installation in '28. In terms of the progress on the new builds, the wind days, we expect the delivery in the beginning of the third quarter this year, we have basically done most of the material work there, but we are still having some test plan for the vessel between now and the delivery, and we believe that we are in a very, very good position to deliver this vessel on schedule and on budget.

We had the naming ceremony this year, and we were proud to have Ms. Lisa Westar, naming the vessel for us. The [ Wind Apex, ] as we also talked about on the annual report, we expect the Wind Apex to deliver in Q2 2017. And we have been negotiating with Dato manage early delivery of this vessel because we're working with the client for the Wind Apex immediately after it's returned to Europe and where it will likely start a job for a client here in Europe.

A few pictures from the naming ceremony on Windeys, a very big day for us as a team. Second, foundation installation vessel delivered and the vessel will -- after its delivery from the shipyard return to Europe, for the full mobilization for the East [ Anglia II ] project that we are commencing next year. And obviously, we are already starting to take the learnings from the 13 project and implementing them into the EA2 project, so we can ensure that our clients get the best possible product from [indiscernible].

On the financial highlights, I will hand over to you now, Peter.

Thank you very much. Yes. For Q1 26, revenue was EUR 124.7 million as compared to EUR 65.5 million last year. ex-year ratio 47.6%, and the adjusted utilization 77.7%, which is satisfactory for us. We adjust to say for transfer from the yard and plant at Drydocks, and we had [indiscernible] not on hire in Q1. So this is really what is expected. Margin cap is EUR 2.3 billion. EBITDA was EUR 47 million as compared to EUR 23.7 million net profit, minus EUR 7 million impacted as also communicated at the annual report by interest on our bank facilities.

We are now in the territory where we have delivered 10 vessels fleet and only 2 risks under construction since more of the borrowing costs go to the P&L than we saw in previous quarters, backlog spent by EUR 2.7 billion strong backlog. Three months daily average turnover of EUR 10.7 million. We have adjusted for the prior placement that we did the 26th of March.

If we look at the P&L, I think it's important to emphasize that it is exactly as planned by us and totally in line with our own expectations. It goes for all the lines, both revenue and the cost lines. It was as expected and regarded as a solid start to the year. Of course, revenue increase as compared to last year because we have 3 more lists on warning.

As of sales goes up also due to the bigger fleet goes up, of course, relatively more than revenue because that we had some -- we had 3 vessels in transit. We had vessels going from one project to another. And we also had delayed revenue [indiscernible] project. I think it's important to explain that according to IFRS, we can not start revenue recognition on a project before we start installing.

So [indiscernible] been mobilizing for the G3 project in Q1, but we have not taken any revenue in. That would be done later, of course, we earn revenue on the contract under the normalization, but come up revenue in the P&L SG&A increased to last year. But again, modest increase that shows, again, the picture that we have explained in previous quarters that we did early manuf the organization to enable a bigger fleet, but also a formation project. And then that now shows the scalability of our organization.

So the early investments now based off finance net considered to be up against last year. But due to this more is allocated to P&L then through the CapEx on the risks Open per day is 37 per day. And that is a little bit higher than it will be the rest of the year due to mobilization on [indiscernible] and [indiscernible] and the smaller one-off expenses in OpEx in Q1. Balance sheet. From balance sheet, of course, increased by the equity is increased by the counter rates. We did 26th of mass and also lifting the [indiscernible] ratio from 44% for 48%.

[indiscernible] program, it's the slide we've shown in the past to demonstrate that we are able to finance the expansion of the fleet that we have as we have planned. So as you can see, we have signed completed financing for [indiscernible]. We are in the advanced discussions with the banks to launch the OpEx financing in Q2 here in Q2 '26 expected to sign early Q3 for the business that is delivered next year. So in total, EUR 641 million available funding for that and mid of the outstanding installments with a net funding of EUR 218 million, and we have not in this -- we are not taking the cash that we have on the balance sheet and the available facilities that we have not drawn on.

So cash on available liquidity as per 31st of March was EUR 221 million and available liquidity EUR 369 million. Of course, then we also have not -- that should also cover the payment on the first installment on the [indiscernible] 1 signed and are and this installation vessel that we have announced in collection with the private placement. Still, we on our handset product, which we stretch forward is 50% of U.S. dollar poised and 50% of interest exposure hit for the first 5 years of the expanded facilities.

This is the financial or if we should focus on what has happened since annual report. We have expected the year that was supposed to terminate in June '26. We have extended it for 18 months to EUR 27 million. And we are in advanced negotiation on court on the corporate loan that we have with BC EUR 80 million we expect to sign that here in Q2. And the reason for this is it is to have a reasonable offer when we are looking at the available liquidity.

So we 100% sure that we could go through the coming years and the cash program with the current financing. The full year outlook remains the same. It's unchanged. And there's nothing we have seen from the performance in Q1 or on to date. That is not according to plan. Hence, of course,, we maintained the outlook for the year. The timing of the year is something that has maybe surprised some, but we have always planned with a somewhat weaker Q1 in terms of revenue or income. And then Q2, Q3, Q4 will be bigger quarters in terms of revenue and income and total -- the full outlook is unchanged. I'll hand back you you.

Thank you very much, Peter. In terms of market outlook, a slight repetition of what we saw in -- around the annual report, but what we are adding here is that we believe that the recent geopolitical tensions are increasingly pointing toward a higher demand for locally produced energy, energy security and affordability. And we believe that offshore wind will play a massive role in a whole out of at least the European energy system.

And we can already start to see the trends of that coming our way. also with auctions in Europe that have momentum as one of the award criteria where we see that coming fast to the grid with a certain supply chain is something that has given a positive impact on the awards [indiscernible], and that's something we like to see because it's also something that is playing both in the direction of us as a company, but also for our clients.

And we do believe that, as I said already, that we are in a very strong situation at the moment, the 2 very strong years ahead of us here but '26 and '27, '28, that is as we talked about during the annual report presentation and then at '29 where we see a lot of interesting stuff that we are currently discussing with clients.

So then we come into the next decade. And in the next decade, I think that the number of projects we see in the various years there, whether you look at the various consultant reports or whether we talk to the clients, we can see that there is a very, very significant amount of projects that needs to be installed as we move into the next decade. And that is what we are trying to prepare for together with our clients to make sure that we at least have a solution to what our clients need from us.

And we also see the projects that previously were uncertain or projects that were delayed. They are now back with a firm time line and will be also tendered in the various rounds that we see across Europe. So all in all, I think we are moving into positive territory with also the utilities saying that it looks like a very strong comeback for offshore wind in Europe in the coming years.

So I think that all in all, also walks around still move forward and still something that we are waiting to see. The impact for -- but I think that it's really something where we believe that there are some clients that are lined up to take an award in the U.K. around 8.

Next, please. We still believe in what we have discussed in the previous presentations regarding supply and demand. It is driven by the factors like increased outbuild. As we have seen from North Sea summer various indarounds across Europe. I think it's also important that not everything is as it seems to be, and I think that we have seen examples of that yesterday where there was announcements from Germany that maybe were over interpretated by some and then we corrected later during the day.

And I think that, that is the situation we and an offshore win, very small changes create a lot of noise, but sometimes it's important to read what's in the fine print of these announcements, but we believe that the client demand imbalance is certainly present both on average, but also if you look especially into the next decade, and also, as I said, driven by new projects that are coming, but also driven to a certain degree for the demand from other areas, in particular, O&M, that is taking some demand -- that has some demand that takes on supply away, but also some of the vessels that are simply falling out of the market due to age. And that is something that we see very, very clearly.

So we executed a successful private placement where we raised around EUR 175 million, and we believe that, that really unlocks the potential for us to go ahead with the 2 proposed [indiscernible] and the acquisition of Scout protection vessel. And why did we do that? We have soon to lots of investors since and thanks for all the support from the investors we were massively oversubscribed on the deal and is really grateful for the support we see in the market.

We believe in a structural vessel under supply. And we believe that with the delivery window, we have decided for that we will be prepared for a very strong market uptick when these vessels deliver. And we can already see now that our clients are coming to us for these vessels because they are featuring something that nobody else can offer at this stage. We believe that the experience we have with delivering vessels and also the relationship we have built up with the whole supply chain on the vessels, but also the shipyards have given us an access to a very, very competitive pricing model on these vessels, which is, of course, incredibly important when you have to live with them for 25 years after delivery.

We also are looking into the star protection assets, as we have already discussed. And for us, it's really acetic enabler, but it's also something where we, to a very large extent, will be our own client. We will be offering this product to our clients as part of the foundation installation, and we also believe that, that will also be a derisking of our foundation projects because we do not become solely depending on other companies providing this service to us or to our clients. And we believe that all in all, that is a better strategy both for us and for our clients.

And I would also like to say in this forum that the decision to go into that area is a decision that has been taken together with our clients, a desire for us to be playing a role in this space. And hence, we also expect we will soon be able to announce utilization on [indiscernible] vessel when the whole process towards the vessel has been finalized.

And I think that -- all in all, the additional assets will allow us to continue to be flexible and have an integrated solution for our clients, which should all in all, allow capital to get a higher than first share of the market but also something that we believe is driving a premium when we are executing a project because we are able to give the client of flexibility, but also redundancy that we believe is pretty unique for our industry.

And in terms of how the market looks like, we -- in this presentation are just showing how the whole market is looking, not discounting anything in terms of capability or efficiency but have added the 2 T-Class vessels as potential vessels to be constructed on top of the fleet and and are yet again manifesting being the largest company of our kind in the industry with a very, very solid asset base that is in very, very high demand for the clients.

So all in all, as Peter said, and as I said, a quarter that has performed as we expected, and we have continued to build the company for a future that we believe will be very, very busy. So key investment highlights, as we already talked about large and most capable versatile fleet, which really means redundancy for the clients. And redundancy means a lot.

If we look at where clients historically had issues on their product, it's really when the redundancy is not existent. And that leads me to the next point with strong relationship with our clients. I am arguing that we have very strong relations. We are constantly in touch with our clients, make sure that they get the service from us that they expect, and we are always trying to be proactive and helping when something is not going to plan. And we have a leading industry position.

As I said, we believe that, that will lead to a higher than fair share of market. We are working globally and we can work everywhere, and we also now have experience in working in every region where offshore wind is currently playing a role. We believe in a structured undersupply and an increasing market demand. And all in all, we are building the fleet to handle that and to make sure that we return maximum value to our investors. Very strong track record and backlog and a backlog that we will continue to build over the coming quarters.

And with that said, I think that we are going into the Q&A.

[Operator Instructions] Our first question is from Jamie Franklin from Jefferies.

Firstly, I just wanted to on utilization and how to think about the rest of the year. Is it fair to assume a sort of similar profile that we saw in 2025 with utilization ramping up with a similar sort of magnitude in 2Q revue?

And maybe given that we're now halfway through the second quarter, are you able to give a bit more clarity on the kind of a range of utilization we might expect? Or if there are any specific factors that would result in 2Q vessel utilization being lower year-on-year?

I think that you're right in your first statement that we expect that utilization is coming up in the following quarters of this year, which is also given by the fact that we maintain our guidance and with the Q1 being as per expectation. So we are completely in line with that.

We can also say that Q1 has been defined very much by vessels being swapped around, being in dry dock and preparing for projects. And that is work that has been done now, and we only have very little of that left for the remainder of the year. So hence, we believe that the utilization will be strong for the remainder of the year.

And then maybe thinking about cash flow for the remainder of 2026. I believe most of the remaining CapEx this year is obviously during the third quarter with the final installment on wind days. So I just wanted to confirm that and whether there's any additional CapEx to think about through the remainder of this year, please?

Yes, definitely, there is this and we also have an installment on this year on the CapEx around EUR 90 million. And then we expect also to sign the large contract on the T-Class business this year. And then we also need to pay the first installment that we don't know exact, but it could be to the tune of EUR 110 million or something for both business. So that is the main components that we have in CapEx, of course, and there's the also some on Keothat will be finalized, but most of that was in Q1.

So we ran very little rest of the year on that and then the there will also be something on base project. So that is the run through of that.

Okay. Very helpful. And then finally, you touched on Wind Apex and the potential for early delivery loss results, you said it could be up to 1 month early. So is the -- is that still the time frame you're sort of thinking about? And would there be any additional cost to the yard associated with early delivery? And if so, is that expected to be funded by the clients?

Yes. So it's correct. We expect that the Wind Apex is now delivering towards the end of April, very early start of May. And that is already confirmed and signed with the shipyard. And there is a small associated cost with that. That is being part of the project negotiation with the client, yes, that's correct.

[Operator Instructions] We appear to have no further questions at this time. Thank you so much for your participation. I will now hand the floor back to Mikkel Gleerup for any closing remarks.

Thank you very much for listening in on this Q1 presentation. We are looking forward to a year that will very much be defined by execution and also the assets that we have discussed since the private placement.

Thanks for the support from every investor that are supporting us. We are looking forward to a very strong year 2026. Thank you.

Good morning, and welcome to Cadeler's Third Quarter 2025 Earnings Presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F on file with the United States Securities and Exchange Commission.

Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's annual report. The annual report and today's earnings presentation are available on Cadeler's website at cadeler.com/investor. We ask that you please hold all questions until the completion of the formal remarks, at which time in you will be given instructions to the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

Thank you very much, and thank you to everyone dialing in to listen to our presentation this morning/afternoon. Yes, I will ask everybody to read through the disclaimer in the presentation. So annual report 2025 and first, taking you through the highlights of 2025. Financial performance in Cadeler in 2025 were above our expectations. We ended at the top end of the range that we guided last year, ending the year with a robust contract backlog of EUR 2.8 billion, which really gives us that earnings visibility into the future that we have been discussing with our investors over the course of the last couple of years.

We had 4 newbuilds scheduled for delivery in 2025, and they were all delivered on time and on budget. We added Wind Keeper to the fleet to support Nexra and our partners and really this new O&M service platform. We continued exceptional execution with significant progress made towards the delivering on the Hornsea 3 project. Wind Keeper upgrade successfully completed and multiple campaigns supported with vessel swaps. We have had strong utilization with vessels operating across the world in markets as Europe, U.S. and in APAC.

Commercial highlights for the financial year '25. Scylla continued to work in the U.S. on Revolution Wind for Ørsted and have since shifted over to Sunrise Wind. The Wind Orca has been mobilizing for the Hornsea 3 project for Ørsted, where she will be executing the secondary steel scope. On Wind Osprey, we have been mobilizing for the EA3 turbine installation, which is a project we do for ScottishPower Renewables.

On Wind Mover, we will shortly be commencing the turbine installation on the Baltic Power project, where she is taking over from another vessel that we previously had working on that project. The Wind Maker stays in Asia. And as we have announced over the course of the last couple of weeks, we'll be executing O&M campaigns for clients in Taiwan this year.

Wind Pace came back from the U.S. after having supported the Vineyard Wind project and is also now mobilizing for the EA3 turbine installation project for ScottishPower Renewables. Wind Peak will continue to install turbines on the Sofia project for Siemens Gamesa. The Wind Keeper has been delivered to the client on an up to 5.5-year contract and is currently installing on the He Dreiht project for Vestas.

Wind Ally is completing the last phase of the mobilization in Europe in Rotterdam and is preparing to go to the U.K. to start putting in monopiles for Ørsted on the Hornsea 3 project. And the Wind Zaratan project, for her 2026 is a transition year. We have decided to do some upgrades to Wind Zaratan, do some O&M work in Asia and then take the vessel back to Europe to start working both on O&M, but also on support jobs for foundation projects.

At a glance, we now stand at 362 office-based employees, more than 800 seafarers. We have now installed more than 1,700 wind turbines, more than 900 foundations, a number that will go up significantly during this year due to the Hornsea 3 project and also have been working on more than 275 locations for operations and maintenance. So all in all, very busy and continuing to grow the business in the industry that is also growing with us.

We have been discussing a lot with our investors and other stakeholders in the company, the transition to full scope T&I campaigns for the foundation work. And we have prepared a few slides to go through where we are now on the Hornsea 3 project and where we are as a company on the transition to taking on these full scope T&I campaigns.

The company came from a charter-based day rate model where we could add services as requested by the client to now having a more integrated project delivery and construction platform, as we say, it's a solution-based offering to the clients.

We have -- we used to have a very compact organization and moderate complexity in the organization, but also in the offerings we were offering to the clients. And now we are going into a much more complexity -- complex environment and really also where the organization has to deliver many different scopes from transport on heavy lift vessels to handling equipment in port, offloading, unloading very, very large pieces of equipment, storing them safely, Q&A on these products while we have them in our custody for the clients.

We came from a utilization-driven model with a higher relative percentage margin to an execution driven with a higher absolute return and upside model on the T&I scopes. The vessels in the previous model was the primary revenue stream and where we today see vessels as strategic enablers to capture more scope as we take on these bigger projects for our clients.

On Hornsea 3, trying to give you an overview of the time line for the first full T&I scope that we have embarked on. The project was signed in early '23, a very busy year for us signing both that project, but also working on the merger with Eneti, preparing for taking delivery of the vessel, a lot of supplier scopes starting to transport monopiles and secondary steel, starting to install monopiles and secondary steel and then also embarking on installing 50% of the turbines on the project and then commissioning and closing the project somewhere in '27.

It is a very, very complicated project and something that we go into with a great deal of humility. But I think that I'm pleased to say that we are exactly where we want to be. And the Wind Ally delivered early, we were able to mobilize her in China directly from the newbuild yard and have taken her successfully back to Europe, finalizing mobilization now in Rotterdam before, as I said, starting to put in monopiles in April this year.

Hornsea 3 really requires a lot of coordination. And we are also now experiencing being in the middle of the project, the complexity of the project and also the benefit of having built up the team and having worked close with our clients in terms of what was required to execute this because a project like this never goes to plan, I think it's fair to say. And we have also been met with requirements from our clients to change different things as we have worked since '23 and until today. But I'm pleased to say that we have taken on these challenges with our can-do attitude in the company, and we are exactly where we want to be in terms of being ready to install the project from April of this year.

And a total capacity of 2.8 gigawatt when it's installed, 197 monopiles, 60 office-based staff working on it, 120 port and construction staff working out there for us in somewhere where there's a yellow dot on this map. We have 10 vessels in total, 3 from Cadeler working on the project. We are transporting more than 400,000 tonnes of material on the project. We have 10 ports involved and 12-plus partners involved in this.

So in all fairness, a very complicated project, but also one where we are learning a lot. We've taken some pictures from the project to also demonstrate the scale of this project because I think it's hard to understand the size of these monopiles. All of them are the same size as the Los Angeles class submarine, and we are installing 197 of those in the U.K. from April this year and until 2027 and into 2027.

We have also been working with our client to do a mockup trial of the secondary steel. These foundations are TPless, meaning that they don't have a transition piece on top. And that means that all the secondary steel is being installed by a tool that is being carried on board the Wind Orca that carries storage towers for secondary steel and then she's lifting the secondary steel on board on to the foundation in one lift with this tool.

And together with our client, we build a mockup for this, a full-scale mockup in the port where we were able to test this tool and the functionality of this tool before going offshore. And it's been a pleasure to work with our client on these mockups and really refining the whole rehearsal of concept before we go into the actual execution offshore. And we have added some pictures on that as well.

As we have been discussing, the changes in the project time line has led to increased, but delayed revenue for the foundation T&I. So Cadeler will earn more money on the Hornsea 3 project compared to what was originally envisaged when we signed the project. Not due to things that have happened on the Cadeler side, so to speak, but because our clients have had to change what they originally anticipated in terms of, for example, monopile delivery, whereas the monopiles coming from. Originally, we expected two fabrication yards, today we are working with four fabrication yards.

That all means that we are receiving the monopiles in a different pace, but it also means that the project is stretching over a longer time and that we will be involved with some of the suppliers that we have on the project for a longer time. So what it means is that it's an increased revenue and an increased margin to Cadeler, but the project will stretch over a longer period of time.

In terms of our commercial pipeline across the globe, I think I have to say that we are still continuing to grow, and we are still involved in a lot of projects and a lot of bidding on projects globally. Obviously, the European market is really the front runner in terms of new projects that we are working on. And as you can see from this slide, we are working on more than 50-plus open commercial opportunities in the market, and we are discussing projects with our clients, both for '27, '28, '29, 2030, but also well into the next decade, which gives us a very great deal of confidence in the market as such, but also a positive outlook for where we are going as an industry. And I'll come back to that a little bit later in the presentation.

Asia continues to perform as well. We see new markets opening in Asia as we progress the ongoing market, which is Taiwan, Korea and Japan. We see also development now in the Philippines, but also development in Australia. And all in all, we are active where our clients want us to be active, and we are continuing to bid for projects in the region -- in a region that I would say is developing as expected.

The U.S. market, it is what it is, and we have discussed it many times before. We don't see any short-term opportunities in the U.S. market, but we are still executing in the U.S. market. We sent the Wind Pace back to Europe from completion on Vineyard Wind, and we are now installing with the Scylla on the Sunrise Wind project. All in all, we expect to be busy in the U.S. for the years to come. And also, we are happy to engage with our clients for new projects in the U.S. region when that time is coming.

We still sit on a significant backlog. Our backlog year-on-year has grown. We are standing at EUR 2.8 billion in backlog, which, as I said, really provides the earnings visibility that we would expect and also what we have communicated to our clients. We have things also that we are working on here that we have discussed in the market where we are preferred supplier on a foundation project that is not counted in our backlog, and it's also not sitting in our vessel reservation agreements because it has not reached that stage yet.

But we still have work that will hit the backlog, and we are sure that in the coming quarters that we will have positive announcements around backlog development. As I said, the backlog stands at EUR 2.8 billion at the moment and 80% of the total backlog has reached FID. And we have discussed that before. And I think that that's really a sign of the quality of the backlog where we know that 80% has already been approved for the final investment decision at the client side, meaning that, that project has also reached a contractual milestone that is important for us.

And as I said, we do have a preferred supplier agreement, a sizable preferred supplier agreement. And one of the things that we discussed around our Q3 announcement was that we had some projects in the site that we would like to secure. And one of them is what we have now a preferred supplier agreement on. It's for a significant foundation project in Europe and one of the projects that was important for us for our 2028 campaign.

And I'm pleased to say that we have been moving ahead as we expected on that one with our client and that we are also now in the negotiation with the client to make this preferred supply agreement into a real contract. And on '27, '28 that we discussed at length in the Q3 presentation, I'm happy to say that in '27, we consider ourselves fully booked now. We are currently working with the yard to potentially deliver the Wind Apex slightly earlier because we have a client that is ready to take the vessel straight from the yard and into a project, meaning that we are -- with a few white spaces we have left in '27, we do consider that time that we want to keep available for clients should they run into some sort of supply chain issue and really have built a solid '27 for ourselves.

In '28, we are also much more positive now than we were in Q3 due to the fact that we have secured the preferred supplier agreement on this large-scale foundation project and overall are seeing positive momentum for the '28 campaign overall. In terms of the progress on the newbuilds, Wind Ace, we are at 94% completion. The naming ceremony for the Wind Ace, the official naming ceremony will be on the 15th of April, and we are looking to deliver the vessel on time.

On the Wind Apex, as I said, we are 34% completion, and we are currently discussing with the yard to do up to 1 month early delivery due to the fact that we have a client who would like to take that vessel straight from the yard and into a project for a sizable project on turbine installation.

In terms of the progress from the yard, a few pictures as we always have. I think that I can say that on the Cosco shipyard side, things are progressing as planned. Not many surprises there and really pleasing to see that the collaboration we have with Cosco Shipyard continues to develop, and we are very, very pleased to work with Cosco Shipyard, the quality partner for us and for the development of the company.

The fully delivered Cadeler fleet as it stands today with an average fleet age of 5 years, which I believe is a very good number to have, and really also shows that we have been building a young fleet that is ready to take on the positive developments of the future. Now, I will hand over to Peter for the financial highlights of 2025.

Yes.

Peter Brogaard...

Thank you very much. Yes, the financial highlights for '25. It was really a strong year seen from a financial and operational point of view. As Mikkel said, we ended in the high end of the range that we have guided revenue of EUR 620 million as compared to EUR 249 million. Equity ratio is now at 44%. It's a decrease as compared to last year. But it's also where we see it bottom out, the equity ratio and starts to increase again.

Utilization also very high, 88.9% adjusted utilization as compared to 75% last year. And that is -- the adjustment is where we say, okay, we take out what is planned dry docking and transportation from the yard. We think that is a meaningful number to look at when we get all these new vessels delivered. Market cap of EUR 1.8 billion. EBITDA, EUR 425 million as compared to EUR 126 million last year. Net profit, important number for the shareholders, of course, EUR 280 million as compared to EUR 65 million last year. And as elaborated on a backlog of EUR 2.8 billion. Three months daily average turnover EUR 7.1 million on the stock exchanges.

If we first look at the last 3 months of the year, Q4 '25, very, very strong quarter, EUR 167 million in revenue, an increase of EUR 82 million compared to Q4 '25, '24 and with the adjusted utilization of 87% cost of sales is, of course, going up with the delivered vessels. And SG&A also is up because of the ramp-up that we have talked about at previous releases where we build up the organization to be able to manage these foundation projects with increased complexity.

Finance net isolated for Q4 is EUR 20 million, and that is a shift you see here in Q4 finances because we have capitalized borrowing cost to a greater extent while we had more vessels under construction. Now that the vessel has been delivered then a bigger part of the finance interest is going to the P&L, and that is something you will see in '26 as well. Of course, it's the same cash outflow, but it's just whether it's in P&L or it is in CapEx. EBITDA, I think very, very strong, EUR 104 million in a quarter where Ally and also Mover were not in operation as such, but in transport to first project. That was Q4 isolated.

For the full year, some of the same remarks that we had in Q4, but also what we have seen during the year, it's fair to say everything has played out exact to plan. Revenue in the higher end of the guidance. Cost of sales, everything is as according to plan. SG&A the same. So we are very, very pleased with the financial result for '25, but also the underlying operation where we have control of the important things. EBITDA, EUR 425 million. Vessel OpEx per day is EUR 36.3 million, a small increase towards last year and I think also under control. Headcount onshore average 307.

The consolidated balance sheet, now we have an equity of EUR 1.5 billion. an increase of nearly EUR 300 million as compared to last year. And we see the equity ratio of 44%. I think that is something we have all along said that approximately there where we will bottom out. And of course, it's a natural consequence of taking delivery of the vessels where your assets go up and your liabilities also go up correspondingly.

We still have a CapEx program now on the Wind Ace and the Wind Apex, these installment with the yard that we show here. We have signed commitment for A Class Wind Ace and we are also having ongoing RCF facility of 148 million. So together with what we expect to raise of financing on the Wind Apex, we are EUR 637 million of total financing. We are in advanced discussion with Apex and are confident that we'll be able to sign that during '26.

As you may recall, it's delivered in late Q2 '27. So we have really had the goal of signing a facility -- sign commitment 1 year ahead. So we are not paying unnecessary fees in commitment fees and so forth. Interest from banks are strong. So is it from the ECA. So it will be on similar term as you have seen on previous transactions.

Cash, EUR 152 million. And you can see with the A Class payments we have outstanding, that's still a significant cash surplus. This is the financing overview. You can see here that we have the RCF A and B, we have not drawn up fully yet. And since Q3, September, we have signed a Holdco financing, a second one with HSBC and Clifford Capital unsecured loan, EUR 60 million with an accordion of EUR 0 million, and it was made on very similar terms as the original Holdco with HSBC and Standard Chartered.

With Apex, I have talked to that, but that is progressing according to plan. We are very confident on that financing. Then there is the outlook for '26. I think what we guide is in revenue, EUR 854 million to EUR 944 million, and EBITDA, EUR 420 million to EUR 510 million. We have put up the comparison here, of course, '25 includes revenue that you are supposed to get in '28, but was postponed and we got termination fees for that. So of course, that should be adjusted for in the comparison, but a very strong outlook for '26.

What is important to understand about the outlook in '26 is exactly what Mikkel has talked about earlier in the presentation. First of all, it's a transition year for Wind Zaratan, so isolated on '26, you could argue it is financially a transition year, but it will improve the returns in '27 and onwards. So it's actually a good year for Zaratan as it is an investment year.

Wind Ally and Wind Ace will be delivered in Q3 '26, but will not go on any contract and have any contractual revenue in '26 simply because we will sell direct to first projects EA2 North. We have seen in the past that on some of the wind turbine installation vessels that we can do some work before first project, but it's simply not possible on a foundation project.

And it's -- again, it's a good sign because the customer wants us to be at the site as early as possible. So we are simply doing everything that we can to arrive as early as possible we can in '27. And then this Hornsea 3, when -- Hornsea you can't look at Hornsea 3 isolated in one year. First of all, it's a project where you have revenue across several years we already had in '24, '25. But as illustrated by the slide, maybe the precent, we now see that the revenue on the project goes up due to changes on the project, not due to Cadeler-speific things, but due to something designed by the developer. But that means for Cadeler, two things. The total project goes up, earnings goes up, but the timing is different. So some is pushed into '27. So when you look at '26 and the outlook, you should also remember that. [indiscernible] evaluating that year. And back to you, Mikkel.

Thank you, Peter. As this is something that still remains very important between '24 and '25. We are -- we have been working on biofuel -- fuel blending in our fuels, and that has been successfully introduced across the fleet in 2025, together with our clients and our sustainability team. We have developed a new circularity strategy. We have more than 30% women in leadership, and that was achieved in 2025. We have set a new target of 40% women in leadership by 2030, and also on governance, the CSR leadership group established to execute key ESG priorities.

In terms of our path to zero, we have set a target of a net zero target in 2035 and a 2030 target of 50% intensity reduction. Obviously, we are going up in intensity in the beginning, and that's largely due to the fact that we are delivering lots of vessels that are still burning fuel. But we have a path towards achieving our targets here, and we have maintained our targets.

And it is as -- what is described on this slide, it's adoption of green fuels, it's enabling electrification, optimizing energy consumption, which we believe is one of the big things because really education and training of teams on board and clients is one of the real big savers here. And that is how we will achieve the first part of this journey.

Second part of the journey is continuing to enable electrification and again, optimizing the energy consumption. And also as we start to see it, getting the green fuels on board, which will form a larger part in the second part of this journey. At the moment, the reality is that the green fuels are not available to us. So although we have a portion of our fleet on the newbuilds that can burn these green fuel types, we are not able to buy them at the quantity that we need them, and it would more be an R&D project at the moment.

So we believe that the second part of the journey will have a greater availability of this fuel type, and that is something that we at least will support that with the demand for these green fuel types when it is available to us. In terms of commercial outlook, which, of course, is important because I think in all honesty, we are coming from a 2025 where we were facing a very negative narrative in general in the industry due to a lot of factors. We are seeing milder winds blowing over the offshore wind space and also continued growth of the industry and the deployment of offshore wind globally.

And as we say here, after '28, '29, we expect a very strong growth towards the end of the decade. Europe has been raising the bar and as declared by the North Sea Summit, the 9 member states of the North Sea Summit have declared a target of 15 gigawatts per year outbuild between 2030 and 2040, and we are very, very pleased with a target like that, because that is, in our opinion, how you build a supply chain that you actually set a target what should the supply chain be able to push out per year in this region. And this is not the entire European target. This is for the member states of the Green Sea -- the North Sea Summit, sorry. So in all Europe will be a higher number than this.

Outside the fact that there's an annual outbuild target, there's also a financial plan to how to achieve this. And that is also what has been lacking in the more arbitrary targets that were more setting a target for 2040, 2050 in the past. So all in all, we really are pleased with seeing these targets, and we believe that, that's a very strong data point for the future and also for the demand situation for the future.

Another very real data point is the U.K. auction round 7, where the U.K. government awarded record volumes. Really, it was 70% above what was expected and the budget went up to 200% of what was the original budget. So also a very strong data point. But another strong data point is that the U.K. auction round 8 has already been shifted forward, so we can expect that already to happen in July 2026. And these are projects that are happening towards the end of this decade and the beginning of the next decade.

So already today, we are in dialogue with clients for work that is taking place in '29, 2030, 2031, 2032, 2033 and so on. So that is a very, very positive data point for us. And then we also do see a lot of private capital coming back into offshore wind, Apollo committing USD 6.5 billion to acquire 50% of Hornsea 3 and KKR forming a joint venture with RWE for offshore wind projects, and there are many, many other examples of this.

Altogether, strong growth in the space and in the industry. And as we have said, a much better feeling about the '28 situation for Cadeler, although we still recognize that for the industry, '28 for some can be a difficult year, then we say today that we have a much better feeling about 2028.

We still believe that there will be an undersupply of capable vessels in the market, and that will start in '29, 2030. We believe that, in particular, on the foundation side to begin with, of course, because they go in first and then secondly, on the VTG side. It happens for a multitude of different reasons. It's efficiencies. It's the efficiency on the larger turbines. It's the more complicated projects. It's the raw efficiencies in terms of how many turbines and foundations these vessels can transit with, but it's also the fact that there are a lot of vessels that are reaching the end of the useful life in the beginning of the next decade.

So vessels that are counted today because they, in theory, can install a turbine, they will not be counted after the beginning of the 2030 because simply they are falling out because they are coming to end of useful life. As the fleet stand today, Cadeler still sits on the largest fleet in the world, and we believe we have the most versatile fleet of really the Tier 1 assets that can support our clients with the targets they have for continued outbuild of offshore wind.

We have also decided to distribute this slightly different and first look at which vessels do we believe are able to efficiently install 15-megawatt turbines, and the picture looks somewhat different here. And with the targets that are being set in the North Sea Summit by European government, by Asian governments at the moment, then we believe that there is still a significant undersupply as we come into the next decade of the capable vessels that will always be chosen first by the clients.

And if we look on the foundation side, the picture is even more problematic if we want to deliver the targets that are currently being set and also backed up by auctions in many different countries around the world. A few words on Nexra, our business platform for the aftermarket services in offshore wind. We believe that the O&M market will continue to demand -- the demand increase will continue to grow, and we believe that the market is shifting towards long-term agreements. We have seen that with our agreement on Wind Keeper with Vestas, and I think there are other examples in the market as well.

So we believe that the whole O&M story and strategy for Cadeler is an important strategy because it will create a longer and more transparent revenue stream on part of the fleet and also it will be able to generate utilization on the installation fleet if there are small gaps between installation projects. And that is important because we have always talked about the importance of keeping a high utilization. And hence, that is something that we really believe is a strong advocate for the whole development of the Nexra business platform.

We also believe that Nexra will grow as a business and also at some point in time, potentially even be a bigger business than the installation business, but that is in the years out in the future. But of course, every time we install a turbine, the whole ecosystem for turbines installed grows, meaning that there are more work to do for the Nexra platform to service our clients with -- as it stands today, mainly -- the main component exchanges that we do from a jack-up.

In terms of the development of Nexra and an update on that, I think that we saw it and have always seen it as a very strong market, a market that can stand on its own 2 feet, a market that is profitable and it's also a diversification of income streams for Cadeler.

We signed the first contract for an O&M campaign in Taiwan and showing that when a vessel is sitting in a region that is complicated to transit back to, for example, Europe from, then you can do these O&M campaigns in the spot market and still upkeep a very healthy financial year for the asset. And I think that, that is something that is important because after this, we have also announced another project yesterday morning in the same region for the same vessel.

There's a dedicated team for Nexra today, we are continuing to build the team. I think that it's also fair to say that we get positive feedback from our clients and the fact that we are now having a dedicated team to discuss aftermarket services with them because they have dedicated teams to handle that part of the value chain for them.

We believe that as we grow, we will also be better at understanding the needs and the execution requirements and really a very, very strong mandate from all over this company here and from top to bottom to grow Nexra into the strength vehicle we believe it can be. We did strategic fleet expansion in Nexra last year with the acquisition of Wind Keeper, we believe that we did a very, very strong deal and executed very, very fast on this, but also was able to pin a contract -- a commercial contract to that vessel very, very soon after the acquisition of the asset.

We took the vessel back to Europe. We did the modification to the vessel that we believe was necessary, and we are now working with the client on a project with the vessel and very pleased to see that. And O&M services in 2025 forms around 1/5 of our total revenues, and that also shows the significance of what we already are doing in O&M.

Continuing the growth journey, as we have said, we are in an industry that growth and as we're also saying to you today, we are more positive and have a very positive and optimistic view about the years out in the future. And that is also why that we are looking at continuing the story of Cadeler. We evaluate opportunities to expand into attractive and synergetic systems -- segments, sorry, like, for example, the strategic O&M offering.

We are open to both organic and nonorganic growth. We believe that scaling the organization and have a bigger, more versatile, more flexible offering to our client is something that the client is willing to pay a premium for and something that will also secure that Cadeler will always take more than our proportional share of projects in the industry simply due to the derisking of our clients' projects that we can provide.

In terms of regional expansion, we are where our clients want us to be, and we are working with the projects that we believe in and the projects that we believe will go from development to FID and to finally execution. That is how we look at it. That's how we have always looked at it, and that's how we'll continue to look at it.

We are monitoring and applying new technologies, and we believe that efficiency still will be driving a lot of the value in the industry and also a lot of the sustainability in the industry. So we are very open to discussing efficiency gains with our clients. And we are also willing to do our part in what was the North Sea Summit, which was really trying to make a more competitive offshore wind industry by being more efficient with what we do. And we believe that, that is definitely something we can do if we work together in the whole value chain.

And then strategic partnerships have been one of the foundation and one of the pillars that Cadeler is standing on really making sure that we are developing structure -- strategy to strengthen our key strategic partnerships with our clients, including the long-term agreement that we believe is out there and also doing the scopes with the clients that, that they are asking for. So really trying to understand, be early with our clients, trying to understand what it is that they require from us and then be able to deliver that quality-wise and safety-wise when they need it. That is very important.

In terms of key investment highlights, largest and most capable and versatile fleet. We believe that, that means redundancy for our clients. And as I already said, that is something that our clients are willing to pay a premium for and also what we believe will secure a more than proportional share of market to Cadeler. We believe that strong relationships and partnerships and our industry-leading position is also something that will be continuing to support the whole growth of the company.

We have global reach and experience. We have worked in all key markets, and we are happy to continue to work in all key markets if our clients want us to do so. We believe there's a structural undersupply and an increasing market demand, and we are already starting to see signs of very, very, very strong demand as we move into the next decade. We have a strong track record and backlog, and we are very, very much looking forward to continue to work with our clients in the future. With that said, I think that we are moving into Q&A.

[Operator Instructions] Our first question comes from Martin Karlsen from DNB Carnegie.

I understand that -- can you hear me okay, sorry, it was some...

We can hear you, yes.

I think I heard during the prepared remarks that you said the Wind Apex would be delivered early and do turbine work. Could you talk a little bit about the background for using the vessels for turbines and not foundations and the decision process behind that?

Yes, that is a good question. The reason we are discussing it directly that we are looking at delivering the Wind Apex early is because we have been asked whether we were looking at potentially delivering her late. And just to make clear that that is not a thought at all, it's the opposite. We have evaluated opportunities in the industry and the best opportunity, we believe, for Apex right after the yard is to embark on a turbine installation project.

The reason for that is that working with the client on a turbine installation project potentially opens up opportunity for other things. And hence, we have decided that here, the best use of the capacity we do have available, as you also heard in my presentation, I said that we consider ourselves fully booked in '27 now. So basically, what we have available for clients now is becoming limited. And this is the opportunity we have for the client, and hence, we have decided to go with the client because we believe that it's the best overall decision for Cadeler to start with a turbine installation project.

It doesn't mean that Apex will stay on turbine installation projects, but the first project will be a turbine installation project. So what it means is that she will earlier generate revenue compared to if we did a foundation project. And with the long -- duration of the contract we're looking into, that will also run into a significant part of 2028, but also a potential for something coming on the back of that with the same client.

Could you remind us about how much time and cost there would be to get it back to foundation mode?

So there is a mission spread, but that is typically part of the project. When you sell a foundation project, the client is contributing to the mission spread there. And typically, it would take somewhere around 2 to 4 months to put her into foundation mode with mobilizing all the equipment on the vessel.

And for 2028, you definitely came across as more optimistic, but it seems to be more Cadeler specific than for the industry as a whole. Can you talk a little bit to why Cadeler have been more successful than the industry for '28 and what has changed since last quarter?

Yes. I think that what we do say, when we talked about '28 after the Q3 announcement, we also said that it looked like a year that could be challenging for the industry. And what we are saying now is that we -- that is still the case. We believe that there are still some companies that will have challenges in 2028, but that we today feel much better about '28 than we did around the Q3 because there were still some things that we believed in at that point in time, but that had to happen.

And now we are saying that we are seeing that, that is happening. And hence, we are much more confident on 2028. And one of them is, of course, the preferred supplier agreement on a large-scale foundation project. That is important for '28, but that's not the only thing. It is also how other things we are working on have progressed. So all in all, we are much more positive about '28. But it doesn't mean that everybody else will have the same feeling. But for Cadeler, that is the case. But I also think there is a progression from the Q3 call to now where we are saying today that 2027, we can say we're fully booked now.

And last question, you're about to get into a real cash-generating mode with all the newbuilds and delivered. Could you talk to how you look to allocate capital ahead between shareholder returns, delevering, and you also spent some time in the presentation today talking about growth opportunities.

Yes. I think that, as we have said before, capital allocation ultimately is a Board decision. But I think it's realistic to believe that we will be spending our capital in 3 buckets. One is to delever the company. One is to continue to maintain the position we have in the industry. And then the last bucket is, of course, returning capital to shareholders in some shape or form. And I think that if we look at where we are moving in terms of generating capital, all 3 buckets are possible at the same time. And I think that, that's where I will land it at this point in time.

Our next question is from Jamie Franklin from Jefferies.

So firstly, I just wanted to clarify on Hornsea 3 and appreciate the useful slides in the presentation. If I look at Slide 12 specifically, as you understand it correctly, essentially, we're now going to have a much more progressive ramp-up in revenue through the year from that project. So it's going to be very back half weighted. And it looks like the expectation is first turbine installed around 3Q. So if I assume that the margin and EBITDA contribution should really start to sort of kick in from the second half. Is that a fair assumption?

Yes. I think overall, what you're saying is a fair assumption. And as we are saying that -- and of course, this is what is complicated to sometimes explain when you have projects and calendar years because overall, Hornsea 3 for us is a more value-creating project today than it was when we signed it. But the way the revenues and profits are stretched over time is different. And I think that, that is what we are trying to explain today, and it's due to decisions that have been made by others than Cadeler, but where -- it's in our interest, but also where we are contractually obligated to deliver on this new method.

And I think one of the key things on the project without diving too much into the detail is that the flow of the foundations when they come into the project is slower. So we are not building up the buffer we had in the beginning. So the monopile delivery is over a longer period of time, and that is out of Cadeler's control. And it's due to things that is related to the fabrication yards on the monopile foundations.

Okay. Got it. And then secondly, just on operations and maintenance. So obviously, you've announced a few shorter duration awards to Nexra platform recently. And as you mentioned, there's been this 10-year O&M contract announced by one of your peers. Could you give us a sense of how you expect to balance the sort of longer-term agreements with the shorter-term contracts? Is the idea to sort of keep Zaratan and Scylla available for more spot O&M while Wind Keeper kind of takes the longer-term contracts? Or could we see you enter into a longer-term contract with a specific one client on those assets?

The question is, yes, that could be expected that, that would happen, but it all depends on the project economics. There are limits where we believe that it's better to stay in the spot market rather than to sign up to a long term. And for us, that is an internal evaluation that is happening between us and the team that is dealing with the clients on these long-term opportunities because obviously, there are benefits of having a long-term contract, but the benefit of that can be outweighed by, let's say, what you're sacrificing in terms of annual revenues.

So for us, it's a balance. And if we believe that we can generate more money by having the vessel in the spot market and being available to our clients when they need us, then that is the decision we will go for. And I think we have discussed it before as well that one of the real benefits of being, let's say, active in the O&M market is the social capital you're building with your client because when they have problems, if you are able to come and help them and fix them, that is something that is very much appreciated and also where you're able to generate stronger relationships and partnerships with your clients. So I -- per se that the long-term agreement is not just what we are aiming for, but of course, if they are good enough, if they live up to our criteria, then we are happy to enter into them.

Okay. Very clear. And finally, there was a wind turbine installation vessel order announced by shipyard Hanwha Ocean for about $530 million last month, very high price tag, obviously, relative to what you paid for your newbuilds. Is there anything you can say in terms of what is driving those higher vessel prices? Is it simply a function of kind of shipyard capacity or material inflation? Any thoughts there would be helpful.

I think the reality that we are looking at today is that the shipyards are incredibly busy. So even if you wanted to deliver a vessel in short time, you were not able to. I know that this vessel is it looks on paper like a short time line, but that is mainly because they have been working on it a long time before they actually announced it.

It's a vessel targeting the domestic Korean market with a lot of Korean companies going together in that vessel. It's a repeat M-Class vessel more or less that they have paid $530 million for. I think that the underlying practice for the price is a real tightness in the yards, but also in general, what it costs to build a jack-up today. And I think that there are, let's say, that is -- if you look at the price for ordering one vessel, I think that, that is -- you're probably seeing significantly increased prices to what we built at back in -- when we ordered our vessels.

Our next question comes from Anders Rosenlund from SEB.

Could you break down the order backlog indicatively on '26, '27, '28 and '29 and beyond?

Unfortunately, we don't do that, Anders. We only give guidance 1 year ahead. So we don't give guidance year-by-year on the backlog.

Also, do you expect to see more of your competitors to place newbuilding orders for '29 and 2030 or beyond delivery given the outlook comments that you coming with today?

I believe that based on the supply and demand balance we are looking into in the beginning of the next decade and the tightness in the yards that I would be surprised if there were not several companies already looking in the yards.

Our next question comes from Daniel Haugland from ABG Sundal Collier.

This is [indiscernible] from China Securities. And thank you for taking my questions. I have 2 questions. The first question is about the foundation installation business. And I noticed that actually the foundation business includes quite large preparation works and it has larger amount. And could you please share with us what's your target of the foundation business in the future? Would the volume or the amount be higher than next year? You just mentioned that next year, the future revenue would be -- maybe would be higher than the installation revenue. So could you please share with us about the foundation business in the future? And your target or your strategy? This is my first question. And the second question maybe for...

Can we take them one by one. Can we just take them one by one.

Okay, okay.

Thank you. I think that to answer your question, we have had a humble approach to the full scope foundation C&I projects. And in 2026, we will be executing the Hornsea 3 project. In 2027, we will be embarking on the EA2 project with ScottishPower Renewables. So we are on a journey here where we are building up together with our clients, two of the biggest developers in offshore wind worldwide. And together with them, we are building up these capabilities to ensure that we do this safely and with the quality that both we and they expect fairly.

But our long-term target is, of course, to execute several foundation projects in parallel in a year. That is how we have built the fleet, and that is how we are building the team and, let's say, the protocols around this. So let's say, we have a fully delivered capacity three A Class vessels that are targeting the foundation market. And we would certainly expect that these three A Class vessels would all be doing foundation work in parallel at some point in time in the future.

But when I address the fact that I believe that the O&M market could be as big as the installation market, it is because with the outbuild targets that we are seeing in the industry, there will be a lot of requirements for O&M. And hence, we say this, but we cannot say when it will happen or whether they will inflect or whatever. But we do believe that there will be a case for the fact that the O&M market as such will be a very value-creating market to be in and also potentially bigger than the installation market.

Okay. Great. And the second question is about the financial expenses. And I noticed that in 2025, the financial expenses are a little bit higher. Could you give us some color about the financial expenses in the near term or in the 1 to 3 years? Because with our 2 vessels delivered in 2026 and 2027, these expenses cannot be go into the -- cannot be capitalized and this should be go to the P&L. And could you give us some colors about that?

That is absolutely correct, and also what I talked to in Q4 where you saw net or -- finance net was around EUR 20 million. And that is what you should expect to see going forward and then less and less goes to CapEx when we get one vessel delivered here in '26, then it will be less '27, we get the last one delivered and then it will be to current plans, nothing that we can capitalize. So that is the picture we see. So Q4 is more representative for '26 than the full year.

Okay, great. Thank you so much. That's very helpful. Thank you.

Thank you. I don't know whether we missed Daniel from ABG.

Yes, we have a question from Daniel.

I was a little bit back in the line there. So I have a couple of questions on 2027 that you maybe can kind of enlighten me on because I think you now say that 2027 is getting fully booked from your perspective. So what type of utilization level are you kind of targeting or at least some kind of range when you're talking about kind of fully booked this because I think based on announcements, it looks like there's a lot of white space, but obviously, you guys have looked it through. So...

Yes, so I think...

Any commentary on that would be helpful.

Yes. No, that's a totally fair question. I think we have guided from the beginning of the journey of utilization between 75% to 90%, and that is also the target in 2027. And that is an adjusted utilization because, obviously, to assume that a vessel is busy when it's transiting from Asia and back to Europe, for example, that is not possible, even though we would love to install turbines all the way. But -- so that's how we look at it. And then as Peter also said, when he went through his numbers that we exclude planned dry dockings and stuff like that. So the adjusted number, we are expecting between 75% to 90%. And for '27, yes, it is correct that we are considering ourselves to be at the moment fully booked.

Yes. And just to clarify, then you kind of include this potential contract that you talked about for the Apex.

Yes, that's how we have to do it because there is a potential contract that is negotiated. And -- but of course, nothing is firmed before it's signed and there's ink on paper. But of course, when we are in a process where we believe that this is something that will materialize, then it's also something where we are saying with what we know today, we think that we are in a situation where we don't have much other stuff to sell.

Okay. And one question on the Orca. It seems like that will be working together with the Ally on Hornsea 3 on secondary steel. It seems from the slide that you kind of indicate that going through Q1, maybe into Q2. Is that kind of correctly assumed?

Yes, it's correct that Orca is starting almost side by side with the Ally being mobilized now for the campaign to go to -- on to Hornsea 3, sorry. It was a valuation we did when we secured the project because it was our option to either go with an offshore construction vessel or with one of our jack-ups. There were benefits in the jack-up in terms of the weather downtime during the winter and hence, the progression on the project. And that's why -- and with the project economics, of course, that we were able to provide to our -- one of our own assets that we decided that the O Class vessel was the best option for the task.

Thank you. That's all we have time for today, and thank you for your participation. I will now hand the floor back to Mikkel Gleerup for any closing remarks.

Yes. Thank you, everybody. And if we did not have time to take your questions, then you all know where to reach Peter and myself or Alexander. And we are, of course, happy to take offline discussions with all of you. But thanks a lot for taking the time to listen to us today. We're looking forward to catch up with you as we move ahead. Thank you.

Good morning, and welcome to Cadeler's Third Quarter 2025 Earnings Presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F on file with the United States Securities and Exchange Commission.

Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's annual report. The annual report and today's earnings presentation are available on Cadeler's website at cadeler.com/investor.

We ask that you please hold all questions until the completion of the formal remarks. At which time, you will be given instructions for the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

Thank you very much, and welcome to this Q3 presentation from Cadeler. Thanks for everybody who's dialing in for listening to us today. With me today, I have Peter as normal, and Peter will take you through the financial section of the presentation. So just the standard disclaimer. And we can say that this quarter, the highlights of the third quarter of 2025, we can say that it has been financial performance in line with our expectations. We have, in this quarter, also signed the third full scope foundation T&I contract and also 2 turbine installation T&I contracts.

We have delivered 3 of our 4 newbuilds scheduled for delivery in 2025 already. And we have the remaining newbuild, the Wind Mover on track for delivery, and she is delivering current expectation within the next couple of weeks. We have had very strong utilization in the third quarter. We have had 92% utilization. And we believe that, as we have always said that, that is a strong measure of our business, and we are working across the globe in both U.S., in Europe and in Asia. And we are continuing with very strong execution.

We have the Wind Ally currently mobilizing for the Hornsea 3 foundation T&I project, and we have the Wind Keeper now here in Denmark at Fayard and also upgrading before she is embarking on her long-term contract with Vestas. In terms of commercial highlights of the third quarter 2025, the vessels have been working out there, and we are starting with the Wind Orca that has been performing work on the He Dreiht project for Vestas. The Wind Osprey has done an O&M campaign for Vestas and are now installing a wind turbine installation project on Baltic Power in Poland. Scylla has continued to work on Revolution Wind in the U.S. for Ørsted and Wind Zaratan completed an O&M campaign in Asia and are now getting ready for her next assignments in the next year.

The Wind Peak is also continuing to install on the Sofia wind farm owned by RWE where we are working for Siemens Gamesa. Wind Maker is working on Greater Changhua in Asia for Ørsted. And Wind Pace have been executing an O&M campaign basically since she was delivered from the yard, and she's working for GE Vernova. The Wind Keeper, as I said, has arrived in Denmark on schedule and is currently undertaking a complex upgrade scope. And we do believe that we will see her on project in the first quarter next year.

Wind Ally delivered 7 weeks ahead of schedule from the yard and sailed directly to the next mobilization port where she's mobilizing all her foundation mission equipment, getting her ready for the Hornsea 3 foundation installation project. Cadeler sits on a significant backlog across key markets, both in U.S. and Asia, but certainly also in Europe. And we have recently disclosed a very large foundation project with an undisclosed client for execution in 2029, which is something that we are very, very pleased with.

I think it's a verification of the concept we are running on the foundation side where the biggest clients in our industry, they are coming to us for full T&I on foundation installation, both near term, midterm and also in the longer term. We will continue to work very, very diligently for more foundation work, but also for more WTG work. And as we do that, we will also continue to build Nexra, our O&M vehicle. And we expect that the backlog will continue to be strong across the years that we are sailing through now.

The backlog has basically grown since we listed the business, and we are now standing today at a backlog of almost EUR 2.9 billion, where 78% of that has reached FID. We believe that, that is a quality sign that so much of our backlog has reached FID and also that we are continuing to grow the backlog. We have discussed before that we see 2027 and 2028 as years with slightly more competition for the projects and also an expected lower utilization degree on the fleet. But we are, of course, still working very, very hard to continue to get the best projects in these years so we can continue the journey with our fleet, with our company and our people.

In terms of the newbuilds out there, we have Wind Mover that are delivering here in Q4 this year. This is the last delivery this year. And when this is delivered, we will have totally taken delivery of 5 vessels this year, including the Wind Keeper, which was an additional delivery this year that was unexpected at the beginning of the year. And it's very, very close to completion, has already completed the sea trials, and we are expecting, as I said before, to deliver the vessel in the next couple of weeks.

The Wind Pace is on track. And she -- we expect that she will be floated out of the dry dock here in December 2025 and delivery is still planned for the third quarter 2026, but there are opportunities for us to potentially advance that should the market need that in 2026. On Wind Apex, we still look at the delivery in Q2 2027, and we are following the plan there exactly as on the other vessels.

The Wind Keeper, as I said, has arrived at Fayard in Denmark, and we are on schedule. It is a big upgrade scope we are doing on the vessel, but we need to make sure that these vessels operate to catalyst standards from the beginning. We are working with one of our esteemed clients with Vestas, and we want to make sure that Vestas get a real Cadeler experience on the Wind Keeper from the beginning. The primary scope of the Wind Keeper will be O&M services, but with the crane she has and the leg length she has and the carrying capacity she has, she can also embark on installation scopes.

For us, it's important that we make sure that we drive a lot of value out of this investment, and we believe that with what we have seen so far that, that is very, very much a strong opportunity for us and for our client in collaboration. At this point, I will hand over to Peter for the financial highlights in this quarter.

Thank you very much, Mikkel. Yes, financial highlights for Q3. It was a very, very strong quarter that reflects high utilization and cost under control in comparison to last year, of course, we have 3 more vessels in operations, the 2 B Class vessels Wind Peak and Pace and Wind Maker. Revenue was EUR 154.3 million. Equity ratio is still with the more leveraged balance sheet with deliveries and drawdown on our facilities still very solid 47.3%, utilization very high at 92.2%, which is very, very good for the quarter.

Market cap EUR 1.4 billion, approximately 3x the guided EBITDA for the year. EBITDA for the quarter, EUR 109.1 million. Cash flow from operation activities, EUR 214 million. And as Mikkel explained, a backlog record high at EUR 2.9 billion, 3 months daily average turnover is EUR 5.4 million. If we look at the P&L for Q3, yes, again, it really reflects that there are more vessels in operations, Wind Peak, Wind Pace, Wind Maker. And it is a picture that we have seen quarter-by-quarter with a very strong results once a vessel goes into operations, our financials take a step up revenue, EUR 154.2 million, and that is due to, of course, the high utilization, but also the additional vessels.

Cost of sales under control, EUR 38,000 approximately for the quarter, a little bit up as compared to last year, but also 2 vessels in operations in the U.S. with a little bit of higher OpEx per day, but still below the EUR 14,000 mark per day. SG&A also up due to what we have been communicated for some time now that we are building the organization exactly to what we see now. We have more vessels in operation and also the upcoming foundation projects. EBITDA, as said, is EUR 109 million, which is more than double what we had last year.

P&L for the 9 months from the 1st of Jan to 13th of September, it is more or less the same story. In addition to that, you can see that the OpEx for the year is EUR 34,000 per day, which is also reflecting that it is operation under control. As communicated around first half report, we also have received these termination fees for the termination of a long-term agreement on a postponed -- including on a postponed project Hornsea 4. Balance sheet, yes, reflecting the deliveries and we have taken so far this year, 3 new builds and the Wind Keeper. But as said, still equity ratio at a very comfortable level.

This is a slide we have shown a couple of times. It really shows that we have sufficient funding to go through the remaining CapEx program we have with the Mover with 2 A Class vessels coming in, in Mover in Q4 '25 and Ace in '26 and Apex in '27. So we have quite a strong balance sheet and cash and liquidity available. And other story here is that we still see a lot of support from the banks. I think it's unchanged strong support we have seen throughout the last couple of years.

Apex is not committed financing yet because it's delivered in '27. So we will start financing that one in '26 and have that in place approximately 1 year before delivery in order to not incur too much commitment fees on that one, but we see exactly the same strong support and interest from the banks also for the Apex.

This is the financing overview. What is new here is that we had a Wind Keeper bridge facility that we took when we signed the agreement on the acquisition of Wind Keeper, and we have now a Wind Keeper syndicated facility in place to replace that. That was not done by end of Q3, but that is something that has happened subsequently. Full year outlook for '25. We maintain the outlook that we issued around first half year report after the termination of the long-term agreement. Of course, we are way along into the year, and there's not a lot of uncertainties and judgments left. However, we -- what can fluctuate here is how much of the T&I scope of -- on T3 that falls into '25, '26, '27, that is something that can move a little bit, but we maintain the guidance from half year before. Over to you, Mikkel.

Thank you, Peter. In terms of commercial outlook for the business, I think what we can say in terms of our view on the market, we get a lot of questions on this and rightfully so. We do see a recalibration. We still see strong momentum, especially in the inner years and in the outer years with a period in between where the momentum is weaker. And what do I mean by that? Let me first talk about the inner years. I think it's fair to say that at the moment, there are several projects out there that don't have an installation solution or an O&M solution at the moment, and they are still looking in the market.

In '26 and also in '27, it is becoming increasingly difficult to get a solution and especially if that solution is a solution where it's the same vessel that does everything. Of course, if you're willing to piece meal it together, then you can find a solution still. But this is -- this will be the next step.

I think '26, close to impossible at the moment. And in '27, it is becoming more and more something that you have to put together to deliver a full solution to clients. So we are seeing that in the middle year, so the second half of '27 and also in '28, that some of the projects there have been shifting to the right. And that means that there are lower-than-expected utilization in this period. But we are still seeing a significant outbuild in '29 and forward. And as we have just shown the market as well, we have signed a big contract for '29, and we see actually that some developers that would like to secure their capacity for this period, the '29, 2030, 2031 period sooner rather than later to not miss out on the capacity in those years.

So -- of course, a lot is still pending on the auctions that are coming like auction round 7 and auction round 8. But we do see that also there is support from governments. In Denmark, for example, there have been support on 2 of the offshore projects to make them increasingly attractive to the market. And hence, we also do believe that there will be successful bidding in Denmark around the auction. We believe that it's fundamentally important to say also that even with the adjusted targets, we are still seeing a large outbuild of offshore wind in this decade.

And from next decade, we do expect that the curve will increase in its steepness and more will be outbuilt as we come into that area. And as we say at the bottom here, we do expect a vessel undersupply towards the end of the decade and the beginning of the next decade. In terms of capacity and what we see in the market and what others are seeing in the market, we are seeing a different reality from whomever you ask. And we have tried to show here what the various consultants and analysts that are looking at the market. When they look at the worldwide market, excluding China, what are they saying that will be installed before 2031.

And no matter what line you're taking here, there is a significant increase from where we are today and to where we will be when we are into the next decade. So I think that Cadeler's focus is to grab the right projects, the best projects and make sure that we are running on as high utilization profile on our vessels as possible. And I think that we -- with the plan that we have laid out also for the middle years, the '27, '28 years that we are on a mission now to close these years in as fast as possible with the best projects possible in these years.

It is a fact that there are more competition in '28 than we expected due to missed auction rounds and due to projects being shifted to the right, but it doesn't mean that there's no opportunity. And I think that, that is the important message from us that is that there are opportunities, and we are fighting for those opportunities, and we will continue to do so. Europe will continue to be the leader in the outbuild, but we also do see APAC continuing outbuild and especially Korea is coming in that market in addition to what we have seen in Taiwan and in Japan. Recently, there has also been a European developer signing a development agreement in another Asian country, but we don't believe that, that will have an impact in this decade.

We still have the largest fleet in the industry, and we believe that, that fleet and the flexibility, predictability and affordability that it gives our clients is something that they are having a preference for. We are still active in a wide range of tenders across all years out in the future, and we are fighting as hard as we can to make sure that we deliver the best value and the best projects to our investors. That is what we come to work for and what we are fighting for every day. But we do believe that the offering that we can offer to our clients has a value and also something that will drive value for us and our investors.

We have also shown on this slide that the supply has gone down since we last addressed the investors in a group setting. The Maersk Offshore Wind vessel, the contract between Maersk and Seatrium was terminated. And hence, at the moment, we do not consider that vessel as being in supply in the market and hence, the supply has gone down. In terms of key investment highlights, as I already said, largest and most versatile and flexible fleet, this enables a lot of different things for our clients, both in terms of cost utilization, efficiency and project derisking. And we see that all of these matters are something that we are currently discussing with clients for current projects, for projects in the near, the mid and the long term. We are active in all of these time lines.

We have a highly experienced team, and we have been conservative in how we have grown the team, and that is also why we are confident that we have the right-sized team for what we are seeing in front of us now. We have good relationship with clients and with contacts in general in the industry, and we believe that we are in a very, very good situation in terms of negotiating projects with our clients. We believe we have a resilient global platform. We believe that we are able to spread risk on more units and hence, that we are also both from an operational risk, but also from a, let's say, a market risk in a good position.

And we do see also that the O&M market is something that is taking an increased share of the fleet in terms of either campaigns on turbines or ad hoc service work that is needed for main component replacements on the products already installed out in the market. We do see an undersupply of capable vessels, in particular, on foundations in 2029 and WTG vessels from 2030. And that is something we can already start to see now because we are basically bidding some of those projects already now, and we see, as I said, also, a very strong growth in the demand for O&M services.

So all in all, with the reality of the middle years, the second half of '27 and '28, we believe that we are in a market that in the short term will be very, very strong and very, very busy where every single vessel day will be captured. Then we are coming into a period of more balanced work and more balanced utilization and then coming into a market again that is picking up in '29 with the projects we currently see out there. We have a strong track record in the capital markets, and we are backed by a record high order backlog of EUR 2.9 billion and we believe that, that order backlog provides a lot of earnings visibility.

And as I read in some of the reports this morning that came out, more than EUR 700 million of that is in the next 12 months. So also in terms of what is covered for the next 12 months, we are also in a very, very good position. So I think from that point, very strong near term, slightly weaker middle term and then a pickup again in the longer term. That is what we have for you today. So from this point on, we are happy to take questions.

[Operator Instructions] Our first question is from Martin Huseby Karlsen from DNB.

I think you did a pretty good job talking about 2028 being a transition year, but I'm curious to hear a little bit on your confidence level for '29 and '30 seeing higher volumes. Is that related specifically to some events out there? Or is it in general contingent upon more government and political support for offshore wind in Europe?

Yes. Thank you, Martin. Good question. I think the confidence level is primarily built on the number of projects we are bidding at the moment, but also how our clients are willing to commit to these bids if they can secure capacity. I think that for -- obviously, something like the U.K. round 7 auction, I know that the budget was for some in the market lower than what was expected. But I still believe that with the budget, a significant amount of projects can be approved.

And for us, it's about being involved in the right projects, but also a general belief from the projects that are currently tendering in those years and willing to commit to those years, we form an overall view that we see and especially on '29 on foundations that there is or will be potentially a situation where not everybody can be served in that year.

Good. And then as a follow-up, in terms of positioning Cadeler for the next, call it, next couple of years in terms of backlog, '28 looks maybe to be a little bit challenging. But when you get into '29 and '30 and there is quite a lot of uncertainty in the industry as a whole, could you talk a little bit to how you perceive or get comments from clients with respect to your positioning, having a large fleet of vessels and also being able to do both foundations and turbine versus some of the single or 2 vessel companies out there?

Yes. I think that, that is something that is certainly valued highly by the clients that there is a degree of predictability and safety in the supply side because I think that even for a year like '28 where some developers, they have one project to execute, it is very, very important that, that project goes to plan. And I think that we see that -- and we also feel very much from the conversations we have with our clients that it is a lot around our ability to deliver, our ability to guarantee vessel and potentially backup vessels if something should go wrong, that matters more than anything else.

We oftentimes get the question, how much do you discuss price with your clients? And I would actually still say that price is not the main thing that we are discussing with our clients, whereas it is true that there is, of course, more pressure in '28 because we are more fighting for fewer projects. So that's a natural function. But I think that there are realities on both sides of that.

So I think, firstly, it depends a lot on which developer are we talking to. And secondly, also what kind of project is it that they want to execute. But particularly on the foundation side, it's a confidence in the delivery. And on the WTG side, it's also this whole, how can we back up around the turbine OEMs should they have problems, for example. So I think that those are things that we are discussing.

And you touched a little bit on it, my next question in your answer already. But in terms of pricing, there's been at least from the outside, pretty solid pricing for '26, '27 execution, then you announced recently work for '29, '30, which also seem to be at a good pricing. Can you kind of help us understand that in the context of '28 demand looking a little bit softer?

And I think again, it depends a lot where you're looking. If you're looking in Asia, I think that we are still seeing a tighter supply and demand balance even in '28 compared to rest of the world. But I would say in Europe, we are seeing that in '28, the prices are slightly more under pressure, and you need to be sharper in order to secure projects there.

So in '28, I would argue that price is a matter because obviously, if you have a project in 2028, you also know that there are more companies that can do it for you than currently there are projects. And hence, that drives, if not a downward pressure on the prices, then at least a stabilization of prices at least. But I think that it is an overall evaluation criteria. It's -- as I've said before, it's hard to evaluate it on a daily rate basis. So I cannot tell you that it has gone down from this to this. But I think it's more for the overall view on the project, but it doesn't mean that it's not still something that is attractive for us to do.

Our next question is from Jamie Franklin from Jefferies.

So firstly, just focusing on 4Q. You mentioned obviously that Hornsea 3 is probably the biggest variable in terms of where you end up within your full year guidance range. Could you maybe just give us a bit more color on the scope currently being worked on Hornsea 3? And then as you move into 2026, what is your kind of current expectation in terms of timing for first monopile installation, please?

And then the second question is just for Peter. In terms of the cash flow for 4Q, can you give us any indication of what to expect in terms of working capital, a pretty decent inflow in 3Q? Should we expect that again in 4Q? And similarly, on CapEx, what are kind of the main components to expect in 4Q? Is it just a final installment of Wind Mover? Or are there going to be some Wind Keeper upgrade CapEx as well?

Yes. If we take the last question first. Thank you, Jamie. CapEx Q4, that is, of course, the Mover. And then it's mission equipment on Wind Ally, I think. And then, of course, what is also coming every quarter is these capitalized borrowing costs. But on these 2, it will be around EUR 320 million so around that, but predominantly coming from the move of working capital. Of course, Q3 is a little bit of a special quarter for working capital because it goes down significantly due to that we have received the termination fees on long-term agreement cancellation that was sitting as an asset at the half year, end of June, and we received the money in Q3. So there was an inflow there.

If you isolate that, it's pretty much the same picture we will see in Q4 as we have seen in Q3. We have modest growth in working capital or same level. That is what we see. What we are seeing on -- the transport and installation scope, we are doing in '26, that is, of course, the planning and engineering, but we're also starting on the transportation scope in Q4. So that is what we see the first monopile -- maybe you can answer that...

Yes. I can answer that, we are not allowed to tell you because it's Ørsted that is having that under their announcement criteria, so to speak. So we are not allowed to guide you towards when the first pile is in the water. What I can say is that we are absolutely on plan on Hornsea 3 and that we follow all our planned deliveries on target and on budget at this stage, which is very, very pleasing because, of course, at this stage, we have delivered many of the engineering scopes that we have been working on for years and years. And this includes the transportation frames for the secondary steel, the transportation frames for the piles, the mission equipment for the vessel and the vessel is mobilizing at the moment.

At the same time, we are preparing 2 ports, the Port of Tyne for secondary steel where the Wind Orca will operate from and Tees work where the Wind Ally will work from loading out piles. So a lot of things are going on. And we consider at the moment that we are in full execution on Hornsea 3. But of course, the Ally will come in, in the first quarter next year and start preparing for installation of piles, but the exact dates and targets and all of that is not something we are allowed to discuss in the public domain.

Our next question is from Daniel Haugland from ABG Sundal Collier.

Good to see you and congrats on a good report. So I have a couple of questions. The first one is on the contract, the EUR 500 million contract you announced recently. Are you kind of able to give any indication of a rough kind of percentage split of how much is related to the T&I services and how much is the installation that is...

Unfortunately, we're not -- it forms part of an auction for the client, and hence, we are not allowed to divide it out any more than we are at this stage. We will do that whenever we pass certain milestones. But at this stage, we are not allowed to do that.

Okay. That's okay. And then my second question is, given that you're now kind of ramping up revenues from foundations into 2026, will you start kind of a segment reporting, splitting out the 2 different ones at some point? Or will you kind of just continue on the way you've already been reporting?

We have no plans to show segment reporting on that.

Okay. And then on kind of the commercial outlook, I see that you're still expecting vessel undersupply towards the end of the decade. So I was wondering, could you maybe explain a little bit more on that, Mikkel, because as you said, demand looks to be shifting to the right. So are you expecting anything to happen on supply as well? Or are you just saying that demand will still grow enough in, say, 2029 and '30 to still create an undersupply?

Yes. As I said to Martin, when he asked the same question, I think that we are getting this confidence from the projects we are bidding and also the clients that are willing to put money where their mouth is, so to speak, on their projects. And that is for us a good indication that these projects are something that they are betting on at least and in terms of undersupply, I think we have said for a few quarters now that we think that most of the analysts they are getting the supply side wrong, both on the WTG and on the foundation installation and that too much is counted on the supply side.

And I think that the future will show how that will work out. But as I think that has been said from our side before, whether or not there is an over or undersupply, we believe that the best assets in the industry drive so much efficiency on a project that it will always be the best solution to go with the best asset. So in terms of fall height, we believe that we are in a good position with the assets we have, not for every single project in the world, but for, let's say, a standard offshore wind project at utility scale, we believe that there is a strong benefit and a strong efficiency gain in taking the best asset for the project.

So I think that it's a combination of these things that we, in general, think that most analysts get the supply side slightly wrong. And we think also that the clients are much more, let's say, active and committing to the years '29, 2030, 2031 and then what I said around fall height.

Our next question is from Andreas [indiscernible] from SB1 Market. [Operator Instructions] Andreas, we are unable to hear you right now.

Apologies. We seem to be having some technical difficulties. That is our final question for today. So if you -- we would like to hand back to Mikkel Gleerup for any closing remarks.

Yes. Thank you. Just wanted to say thanks for listening in to this quarterly presentation. We are looking forward to come back to you with the fourth quarter and the year presentation also with more details on the Hornsea 3 because at that point in time, we will have a lot of exciting stuff to show you. So -- yes. Wait out for that. It will be interesting. There's a lot of exciting things going on at the moment, and we're looking forward to also announce the delivery of the Wind Mover in the not-so-distant future. Thank you very much for listening in and reach out to us if there's any follow-up questions that is better handled on a one-to-one basis. Thank you.

Good morning, and welcome to Cadeler's H1 2025 Earnings Presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer.

Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F on file with the United States Securities and Exchange Commission.

Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's annual report. The annual report and today's earnings presentation are available on Cadeler's website at cadeler.com/investor.

[Operator Instructions] As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time.

Mikkel Gleerup, you may begin.

Thank you very much, and good morning and good afternoon and good evening to the people that have dialed into this presentation. Happy to present our half year results together with Peter. And what we can say around the first half year result in 2025, our financial performance is above our expectations with the full year guidance increased in July 2025. We maintain that guidance in this half year report.

Wind Keeper delivered a long-term contract with Vestas was secured, I think a process that we entered into earlier during the year, where this opportunity became possible for us and where we also had a discussion with our client to come to the point where we are now. Upgrades are waiting for Keeper before we will put her into commercial operation in Q1 2026. Seven vessels are on hire around the world, including 2 in Taiwan and 2 in North America.

Strong and increasing demand for O&M services, especially for the larger turbines is reinforcing our decision to establish Nexra, our service concept, where we also have seen now the first real evidence of that coming to the market with the Wind Keeper. Our backlog continued to strengthen even with the removal of the Hornsea 4 after delay from Orsted on that project, and we currently stand at EUR 2.5 billion.

Commercial highlights in the first half of '25. The Wind Keeper is certainly a commercial highlight. It's a vessel that we negotiated, acquired and took delivery of all ahead of schedule. It's the newest addition, and we have secured a long-term contract with Vestas, a 3-year period with additional 2.5 years of options with the same client. The contract, as I said, commences in the early part of 2026. And we believe that the Wind Keeper will be a very versatile service vessel where the client can mainly do operations and maintenance for the vessel, but also have an ability to support transport and installation for certain projects.

And before -- as I said, before we put her on work for Vestas in Q1 '26, the Wind Keeper will undergo tailored upgrades really to fit the Cadeler operating model, but also what we would like to deliver to our clients in terms of vessel and also what the vessel can do in European waters on projects there.

Overall, on the fleet, we can say that the Wind Orca is continuing the installation on He Dreiht. She had an O&M campaign earlier during the year, but is now installing on He Dreiht. Wind Osprey is also -- had also an O&M campaign and is installing on Baltic Power now in Poland. Scylla, probably a question that I will receive in the questions- and-answer section around the Revolution Wind, but we are working on Revolution Wind for Orsted and the vessel is still here in the U.S.

On Zaratan, she's working in Taiwan on O&M. The Peak continued to install on Sofia. The Wind Maker is installing on Greater Changhua for Orsted and Wind Pace is also here in the U.S. working for GE [ Vernova. ] And the Wind keeeper is in transit on the way back in or close to South Africa at the moment, expecting to arrive in Northern Europe in October this year.

In terms of our backlog standing at EUR 2.5 billion. I think that what we wanted to highlight on this slide here is really because there's not a great change. We have had another project coming in, in Taiwan with the Formosa 4 coming in. We announced that last week, it was part of a reservation agreement, and we signed that contract last week. And I think that it was a healthy contract economics we saw on that project and a project that will be installed in 2028, which fits really the strategy for what we are doing at the moment and 2028 is certainly a focus here, but more to follow on that.

In terms of U.S., we are busy on 3 projects. In the U.S., Revolution Sunrise and an O&M job here. But the U.S. in total constitutes less than 10% of our total backlog and Revolution itself is the smallest part of that U.S. backlog in itself because we are almost done on that project. Next slide, please.

In terms of the backlog, I think having increased the backlog, although slightly from the Q1 presentation, I think it is an achievement, especially with a large chunk coming out from the Hornsea 4 and we still stand at a very, very high level of final investment decisions in our backlog. So 97% of the projects in our backlog has final investment decision. And we are focusing on maintaining a solid overview of the projects that we are adding to the backlog, but also ensuring that the quality of projects we are letting into the backlog is something that we do on the same basis as we have always done. But pleased that we have been able to maintain the backlog at its current level after the delay of Hornsea 4.

In terms of the new builds, I'm pleased to say also that we are on Wind Ally almost complete. We are on sea trials and jacking trials as we speak, and we are ahead of schedule. Originally, we expected to deliver the Wind Ally in November this year but according to the current plan, we are looking to take delivery at the end of September, which is a very, very strong performance, both by site team, but also by the yard and everybody who've supported that.

The Ally then has a sequence of jobs to do in terms of mobilizing her for her first project, which will be the Hornsea 3. But it's very good for us that we are delivering as we are because it also means that we are coming on the project as we expect and everything there looks to go according to plan as we see it at the moment.

Also on Wind Mover, we are also looking to deliver the Wind Mover in the fourth quarter of this year. And at the moment, it also looks like we are slightly ahead of schedule on Wind Mover, which is also positive. The Wind Mover has a contract also where she will depart the yard and immediately go on that contract. So for us, it, of course, has been important to make sure that the yard and us have an agreement on when the vessel is delivering and as early as possible for us was important. The Wind Ace is also in production in COSCO in Qidong and the Wind Apex is currently at block stage. So I would say that on newbuilds, the fourth remaining newbuilds is on or ahead of schedule and also on budget, which is pleasing.

And on the financial results, I will hand over to Peter, so he can walk you through the financial results.

Yes. Thank you very much, Mikkel. For Q2 the 3 months ending, we had a revenue of EUR 233.1 million. That is, of course, impacted by the termination fees from the postponement of the Hornsea 4. However, if you adjust for that, then it's still a substantial growth as compared to last year. Equity ratio is still at around 50%, i.e., a very solid balance sheet going forward. Utilization -- adjusted utilization for the 3 months in Q2 was 94.1%, which is very, very solid as well, and we are pleased to see that we are above 90% for the quarter.

Market cap, EUR 1.7 billion, EBITDA also substantially up against last year, again, of course, impacted by the termination fees on Q4. We adjusted our outlook for '25 early July. So we took the range up with EUR 103 million indicative of this termination fee. But adjusting for that, it is still a substantial growth that we are showing. Cash flow from operating activities also up EUR 50 million in the quarter. Backlog stands, as Mikkel said, at EUR 2.5 billion and 3 months daily average turnover on the stock exchange is EUR 4.9 million.

If we look at the P&L for Q2 '25 -- and still bearing in mind, of course, this termination fee, which inflated the numbers. We see very, very solid growth in Q2. Of course, now we have 8 vessels on water as compared to 4 last year when people coming in very late in the quarter and not operational yet. However, we see that our operational model is functioning very well. Cost of sales is following the increase of vessels.

OpEx also even a little bit lower than compared to last year and SG&A, which is a number that we have talked a little bit about in the past where we have increased that number in the past to be able to operate a bigger fleet and the foundation vessels now also showing that with the base that we have, we can operate a bigger fleet and also foundation vessels and more projects.

As said, utilization was 76% and adjusted utilization 94%. And cost of sales is, of course, increasing with the delivered vessels, which is then -- will peak, delivered in August last year, so not in the comparable numbers Wind Maker and with Pace. And EBITDA also a very solid growth from EUR 32 million to EUR 189 million. The P&L for the first half is of course, impacted by -- again, by the termination fees that we have received on Q4. Adjusted utilization for 6 months is 89%, also a very, very good number. Revenue increases with the termination fees, of course, but also with more projects and more vessels and projects we also see at a higher rate than historically. So again, it shows the operational business model is working as planned.

If we look at the quarter and the first half year, it is as we have expected and planned, I think on all lines. So I think development under very good control, costs under very good control, revenue as expected or above. So it is a really, really strong quarter, no doubt about it.

The balance sheet is, of course, increasing with the delivery of vessels. Also CapEx for the quarter was as expected. You can find more flavor on it in the notes to the first half accounts. But it is growing with the Wind Maker installments on Ally. It is on the M-Class vessels of which one was delivered. And it's on the Wind Keeper that came in late June with a significant amount, but again, as planned.

Other current assets is increasing, and that is, of course, again, the termination fees, they are sitting in the balance as contract assets -- we issued the invoices early July. We got the termination very late in June. Hence, it's sitting as a contract asset, but it's not a reflection of it's less certain. It is only a reflection of that we received the termination the 30th of June, and then invoiced in early July. Termination fees are due here in Q3. So we expect to have a cash inflow from our other current assets in Q3.

Still a solid balance sheet equity ratio of 50% as compared to 64%. Of course, it goes down as the balance sheet is a little bit more leverage, but you will not see -- we will not expect the rate to go below 45% around that [indiscernible]. CapEx program is expected to be fully funded. What is outstanding now is only the third A class vessel, the Apex coming in, in '27. It's a bit early for us to start that.

We have started, you could say, the bend and stretch on starting up a facility discussion on that one, but it's not being delivered until '27. So it's too early to start paying commitment fees, but there is a strong interest from banks to also support the funding of that vessel. We have a cash of EUR 51 million, but of course, we are not taking in the termination fees here. So all in all, the conclusion on this slide is that we have a very, very solid financial situation with cash and available cash -- substantially available cash also after payment of the CapEx program.

As we have elaborated on in the past, our hedging policy is that we hedge 50% of the U.S. dollar exposure on the installments to the yards. And we hedge 50% of the interest exposure. And that is a strict policy that we stick to and I think has served us very well in the past.

Financing overview. We have a EUR 2.1 billion of committed facilities. And then the Wind Apex is uncommitted as of now, but we are in dialogue with the banks to also get that financing committed, and we expect to close it approximately a year before delivery. We had the Wind Keeper Bridge Facility in Q2, which formed a part of a very attractive business case where we were able to buy the Wind Keeper at an attractive price, and get an attractive contract on it and fully finance it. We are -- we have signed the takeout facility of EUR125 million. The remaining part of purchase price and CapEx we can finance from the operational cash flow and the already available cash we have in place.

Full year outlook, as said, it was increased early July on the back of the termination of Hornsea 4 project. Now it is an outlook of revenue between EUR 588 million to EUR 628 million and an EBITDA of EUR 381 million to EUR 421 million. It's, of course, the full year is impacted by termination fees and timely vessel deliveries and execution on projects.

Wind Maker and Wind Pace, which was delivered in Q1 '25 and it's already employed in APAC and U.S. And then there is 2 additional vessels deliveries coming in Q3, Q4 with Ally and with Mover A.nd as Mikkel said, it is on time and budget. And then we also start to see the revenue and cost from foundation project starts to be recognized. So it's the 2 foundation projects that we have, Hornsea 3 and [ EA 2. ]

I would like to also elaborate a little bit on how we show revenue in our numbers. There's 2 lines a line from time charter revenue and foundation work and installation work. That is what is coming from our vessels and the contracts on the vessels. Then we have another line, which is our other revenue for this first half, it's EUR 120 million. That is where the termination fees sits, but the EUR 120 million is not equal to the termination fees as there's also other services and other revenue in there. It's what you would call sundry income. So it's income from accommodation and catering on the vessels, and there can also be other smaller revenue streams. And you can see in the comparable numbers, there's also EUR 13 million for first 6 months in '24. So it's not a correct conclusion then to say that the termination fees from Hornsea 4 was EUR 120 million.

Then I will give the word to Mikkel on sustainability.

Yes. Just a slide on sustainability update as well. We believe that, that is important to update you guys as well on what is being done. I think we can say that the team has been expanded both in terms of competencies, but also raw muscle to develop what we need to develop. We have had several investors over the years asking us to be vetted and certified under different schemes, and that is something that our sustainability team is also working on to make sure that we are where we need to be in terms of that.

But also in terms of really [ raw ] decarbonization on what we do. We have our own targets, and we are trying to be ambitious. And the road map has been defined also with the larger fleet that is coming in. And the gaps that are needed to be bridged, so to speak, they are being modeled and what to do for -- to reach our targets. We also have ongoing shore power upgrades for the O-class vessels with Wind Osprey being finalized in Q1.

In terms of equipment efficiency upgrades, we're also looking at that on the O-class vessels after the energy order we did there, and we are execution, we are planning the execution for the end of Q3. In terms of biofuel, this is also a strategy we're looking at. The legacy vessels will not be able to sail on the new fuel types and the biofuel can play a role.

And we are -- we have been testing with blending biofuels into the fuel mix to also have that as an asset on the sustainability radar for us and something that we can work with our clients to procure and to deliver on projects as well. And then last but certainly not least, we are also developing a road map for implementation of a human rights strategy, and that is something we have based on the old one and to be presented to the Board for final approval and then roll out across the company as well.

In terms of commercial outlook, I think that our view of the market is that there is a calibration in the market, but there is also a continued momentum. We recognize that there are things that are happening in the market that is outside anyone's control at the moment but we think that there is a period of recalibration. There has also been targets in every market basically that were not achievable with the supply chain we have.

So things are being recalibrated. There are also companies that are recalibrating their road maps due to local auctions and auctions that didn't go as they planned. Denmark is an example, Germany is an example. The U.K. had an example of that in the round 5, but also due to company-specific events that means that companies have to recalibrate what they can do and when they can do it.

So I think that what we can say is that we are, I think the market caution is exercised and is prudent. And -- but I think also that we think that conditions and policy improvements are expected, and we have seen some of that in the markets that are -- that have redone their tenders and have gotten them right. And I think we have seen improved conditions both in Denmark, but also in the U.K.

And as many others, we expect that the U.K. round 7 will be a solid round. We saw also the British government coming back with the approval of even projects without permits allowed to be participating in the round. And I think that that's certainly a new thing for that round for those auctions. So we are seeing that the governments are also trying to play a role in achieving as much as possible by 2030. So some projects are facing delays and time lines are shifting on some projects closer to 2030. Where on the other hand, we see a pretty significant pickup again in projects.

As I said already, there are important auctions ahead. The AR7 is probably the most significant one. But also, we see several new early-stage markets beginning to emerge. And just this morning, there were news about offshore wind in Vietnam again, where one of the larger developers are taking now a share in one of those projects. And we see more of that. We see also test projects in Brazil starting to emerge and have been in contact as well with partners in these markets, although this is also again for the longer term and probably more into the next decade.

We still have a positive outlook on the long term in the market, but -- and we believe that offshore wind will play a crucial role in the future energy mix for many different reasons but also that we are seeing that probably '27 and '28 are more challenging now than they were a year ago because when one of these bigger projects goes out of the market, then it's for sure that, that is playing a role. But what our strategy has always been to work on projects that are our primary projects, but also always to have backup. And we believe that with the strength of the fleet and the strength of the assets that we will be able to also play a strong role for our clients in the market even in those years as well.

And as we see it currently, we have been developing this slide here from last time as well. We see that there is still an undersupply of vessels expected coming towards the end of the decade. And it starts first on the foundation vessels where we see an undersupply in '29 based on the projects that needs to go into the water. We also see that clients are engaging early with these projects with us and with others to ensure the right capacity for installation.

But also for O&M and one of the reasons that we announced Nexra in our last call with you guys is, of course, because we have seen that the O&M market is something where we see the clients really asking for support and supply of capacity. And that is across regions where some regions have more access to O&M supply where other regions find it very difficult due to complex sites, deepwater, complex soil conditions and the biggest turbines out there. And we do believe that Nexra and our fleet strength can play a strong role in both these spaces.

And if we are to look at what is really an efficient vessel. We have talked a lot about this supply, and we have shown you how we believe that the supply situation looks in the market, but more on an overall what is in there in total. But I think that here, we are trying to say how we look at the situation in terms of efficiency. And efficiency in offshore wind is really days, how many days do you take to install a project.

And here, we have just said a theoretical project that we have evaluated and tried to program, how long time would it take for 2 different vessels to install this project. We have said it's 100 turbines of 15-megawatt class. It's 140 nautical miles from the site that we're installing and it's in the North Sea. If we look at the P-class vessel that can transit with 6 [ VTGs ] per round trip, then we need 17 round trips and 2.14 days per turbine. If we compare that to another standard vessel in the industry, the Gusto engine, 9,000, then they can transit with 2 turbines. They need 50 round trips and they need 2.69 days per turbine installed.

So if you look at the raw numbers, the raw program, then we would need 214 days to install such a project, and they would need 269 days. But on top of that, comes project-related delays. And the longer you take to install, no matter where you start and where you end, you will have longer time and, let's say, a less favorable season.

So waiting on weather, waiting on pilot, waiting on tide and stuff like that, that is something that is increasing on the less capable vessel. And we do believe that, that is converted into money in the value calculation at the clients as well. And hence, we believe that the stronger assets will be the first ones to be taken in the market because they simply drive a better value proposition to the clients.

So trying to take that into the next slide, where we show you the slide we have shown you before, what is the total supply in the market? What is the total supply of newbuild vessels since 2020 and what is the total supply of legacy vessels. This is a slide that you all should be familiar with because we have shown it before. Cadeler is on the left side here with 12 vessels and currently the market leader in terms of number of vessels. If we then try to say, okay, what is the efficient vessels that are out there. And then we are looking at -- if we look at what vessels can install wind turbines, then we believe the number looks quite different.

If we say what vessels can efficiently install the 15-megawatt class of turbines, then the numbers look very, very different. And at Cadeler, we are discounting a number of vessels here in terms of efficient installation, but we believe that we have 9 DEME with 2, [ Vanord ] with 1, Seaway 7 with 1, Yandenul with 1, Penta Ocean with 1, Maersk with 1, Shimitsu with 1 and Dominion with 1. But it's a significant reduction from the overall numbers.

If we then look at the foundation installation, then it's an even more dramatic number we are looking into because in terms of efficient installation, then we're looking at 7 at [ Padler ], we're looking at 4 at DEME, 2 of those are only for foundations. We're looking at 2 at [ Vanord ], one of those only for foundations, and I would say, primarily foundations in the Baltic Sea due to limited weather capability, 3 at Herma, 1 at Seaway 7, 2 at Yandenul, 2 at [ Bosalis, ] 1 at Penta Ocean and 1 at Saipem.

So I think that, that is our view on what is efficient vessels, and it changes the supply equation slightly and hence, also why we do believe that, especially in '29, we see an undersupply of vessels that can do efficient foundation installation compared to the number of projects that will be installed. So we have been asked for it many times, what is our view on efficient installation across the 2 components, turbines and foundations, and this is our view.

I know that if you compound the numbers, we have more than the total number of vessels, and that's because some of our vessels can be converted to both -- to either foundations or turbines. And hence, they are counted in both spaces. But obviously, they can only work in one space. So if one is counting them for installing foundations, then one has to discount them from the turbine installation and hence, make that space slightly tighter.

If we look at the demand for O&M, the reason we entered into that market is pretty simple. We see a steady growth in the O&M market due to a larger installed fleet. And we also see that our clients are asking us for more services in this space and the support on the bigger assets that can handle more complex sites because this is really where the bigger turbines are installed. And we have seen situations where clients have only had 1 or 2 vessels to select from to do particular service for their turbines. We are here to try to help our clients and provide them with what they need to do the work, and that's why Nexra is believed to have a pretty strong demand outlook across the years ahead of us.

And as we said, the vessels on our side where we believe that there will be in the beginning, at least, an O&M future. We are looking at Wind Zaratan and Wind Scylla and Wind Keeper. Scylla and Keeper will also have some installation scope to do, Scylla in the U.S., Keeper probably primarily in Europe and then on to a future of O&M. And then the installation vessels will have patches of O&M in between installation work.

We believe that the market opportunity, as I said already, is growing and it's growing significantly. We are working to strengthen the Nexra team, and I think with the Vestas contract that we now have, not only is that a proof of concept, but also it is really also now the point in time where we can start to build the Nexra team and make sure that we are able to deliver what our O&M clients they are requesting.

We have gotten the question from a lot, why Nexra and why not just under the Cadeler umbrella? It is still under the Cadeler umbrella, but the reason that it's Nexra is really because we want someone -- we want a team that can speak the same language as the O&M clients on the other side. And that is something where I think that the first 3 months of Nexra has shown that, that is something that is appreciated by the clients as well and also good conversations have come from that. We believe that we are deepening the client engagement, not only across the O&M, but also into the installation space by having more touch points with our clients.

And then, of course, the strategic fleet expansion with Wind Keeper, I think we already knew that there was a future for that asset with investors. And hence, we believe that both the price we could acquire, but also what we could agree with our client was both attractive enough to make this decision and hence, we did it, and we believe that, that will add value to the overall case for our investors.

In terms of what the future is for Cadeler and what we are focusing on at the moment, we are really focusing on building a resilient business with a clear and consistent focus on our core competencies, also so we can handle when things don't go to plan. And I think that we are talking about the expansion. We have talked about that for a long time. And I think that the Nexra expansion was an expansion that really not only is it something that is asked for by our clients, but it's also something that stabilizes the whole Cadeler fleet due to an expected utilization stream from Nexra into the installation fleet as well.

And I think as I already talked about, the latest acquisition of Keeper is one where we had the opportunity to look at an attractive price for an asset and an attractive client with a client -- sorry, an attractive contract with a client, we know. And those things together, we discussed with our Board and both we and the management team and the Board agreed that, that was attractive enough to go ahead with it.

But we are, of course, also looking at what is good growth and what is not good growth. And I would say that at the moment, we are very, very happy with where we are on fleet size and what we can both across O&M, turbine installation and foundation installation. We are working in all the major regions, and we are also being asked to be a partner in the emerging markets, which is positive. That has been a strategy for us to be having early looks, so we know what is coming, not in the near or midterm, but really in the long term, but that is a positive sign that we can see that these markets that we expected to come online, they are also coming online as expected.

And focusing on strategic partnerships has always been a focus for Cadeler. And I think that the latest addition of the long-term contract with Vestas is a further substantiation of that and also enabled us to maintain our backlog despite the fact that the Hornsea 4 was delayed and hence taken out of the backlog. And then really also monitor and apply new technologies.

Here, we are mentioning the developing and testing of biofuel and having a strategy for that to really drive down our carbon footprint, but it also is something that will be very relevant for the whole Nexra entity in terms of having, let's say, more strategy on tooling and tools used for O&M to really make the O&M journey as efficient as possible for us and our clients.

And we already are in discussions with large clients in the industry to co-develop certain tools and assets for that, that could -- and when I say assets, I mean the things that we need on the jack-ups to efficiently do the maintenance, which can, for example, be a flexible sea fastening that can range across different turbine types, for example, so we can service different components as fast as possible and as efficient as possible.

So in terms of investment highlights, still sitting on the largest and most capable and versatile fleet in the industry, and we believe that the complementarity on the fleet really enables the cross utilization efficiency and project derisking across the 3 different legs that Cadeler stands on today, very experienced team.

And as Peter said, we are now where we would like to be in terms of being able to execute across different things. And I think also the team has shown its flexibility and its versatility by also enabling the onboarding of Keeper at record pace and still also having it manned at record pace and getting it back to Europe, strong technical plan for the upgrades and getting it to work in the early part of next year.

A resilient global platform that can handle these shifts in the market that we see. Some of them are really unfortunate, and we are finding the best possible way to support our clients with stabilizing as much as we can, and that is what the Cadeler fleet can do, but also what our team can do. We can think out of the box when things go not to plan, and we are looking forward to continue to support our clients when things don't go to plan.

As I said, an undersupply of especially foundation vessels from '29 and onwards. And we see an increasing market demand, especially to the beginning of -- end of this decade and beginning of next decade. So still I believe in the long-term story for O&M -- sorry, for offshore wind and for O&M, in general also in the market with a larger need for electricity in the market, that is something that we still stand firm on. We have a strong track record in the capital markets and a record high backlog, and we believe that, that creates earnings visibility for our investors, and we continue to focus on being a good custodian of capital.

So with those words, thank you for listening in, and now we open up for the Q&A.

[Operator Instructions] We will take our first question from James Franklin with Jefferies.

So firstly, I've got to ask on Revolution Wind. So I know, obviously, it's only a very small part of your backlog now, but just wanted to get a bit of color on what the potential impact could be to Cadeler if this project remains halted, for example, if it stays halted for a month or what would ultimately happen if the contract is canceled. So do you have any contractual protection in place, firstly, on Revolution Wind? And then secondly, on Sunrise Wind, please?

Yes. I think what we can say is that contractually, we are as well protected as you can be. And that has been discussed before because the fact that the market here is difficult at the moment is not a surprise, I guess, for anybody. So the contract we have on both Sunrise and Revolution are contracts where I would say there's a lot of protection in them.

At the moment, what we can say about Revolution Wind is that we are in dialogue with our clients. The only reference point we have is Empire that was halted for around about a month or so, and then it was restarted again. The question is, will the same happen here? Nobody knows at the moment. So I think that we are here and we have said to our client that we are looking to support them to the degree we can with the installation of the project. That's the only logical outcome of this.

This is that Revolution is completed and providing clean energy to the citizens of the U.S. And -- but I think that nobody really knows today what is happening. So we have been told that we should stop working on Revolution Wind and comply with the stop order and that we will hear more. That is what we know today.

Okay. Got it. That's helpful. And then secondly, I just wanted to talk about Wind Keeper. So you gave a bit of commentary on your CapEx in the first half of the year, which included various construction payments for the newbuilds. But talking about 2Q specifically, is it fair to assume that the majority of that CapEx related to Wind Keeper and there's no sort of other major construction payments?

And then second part on Wind Keeper is if you can just give us a bit of color on the upgrades that you're expecting to make on the vessels, so not just in terms of the value, but if you can give us a sort of picture of what the physical upgrades are likely to be?

Let me -- thank you, Jamie. Let me answer the first part of the question and then Mikkel can answer the second part of the question. Yes, it's fair to assume that Q2 CapEx is [ Wind Keeper ], there's no unplanned CapEx in Q2 or first half. It is really the installments that is in the contracts with the yards. And then Wind Keeper, of course, came in with a big number in Q2. So your assumption is correct.

And in terms of the upgrades, the upgrades we are doing on Keeper is upgrades that will enable the Wind Keeper to work in European waters like what we see on other vessels. So the Wind Keeper has been built by a company in China that had an ambition of working in Chinese water and also in international waters.

But there are things that they have done in the design that we would have done differently if we had started the design, so to speak. And we are trying to rectify some of those. I cannot give you all the details, but some of the things that we are doing is that we are, for example, putting a new auxiliary crane on the vessel because the current auxiliary crane is in the way of the way we do a deck layout for efficient O&M, but also for potentially installation work.

We're also adding a new bow cluster to improve the [ DP ] for North Sea operation, and we are also working on the leg guides to get more capacity out of the very nicely long legs that this vessel has that enables her to work on very, very deep water depth and very complicated soil conditions. We're also recertifying the main crane under an international classification society, which means that we can do a better lifting curve with the crane and then a general accommodation upgrade that will make her similar to our other vessel standards and also to what our clients can fairly expect from a Cadeler vessel. So in highlight, those are the upgrades we are looking at.

That's great. And then final question then with regards to Wind Keeper, were you actually sort of actively looking for an O&M vessel? Or was this basically just an opportunity that came up at a good price and you went for it? And have you seen sort of other similar vessels in the market in Asia?

Last question first. We don't see similar vessels. And I think the Wind Keeper is pretty unique in terms of how it's been built. It's been built with a lot of international components. So there's a lot of, let's say, read across to other spare parts in the Cadeler fleet, for example, on the [ Husbank ] crane and so on and so forth. So we have looked at other Chinese assets, but mainly due to the fact that we got the questions from investors a lot, what if these Chinese vessels are coming to Europe suddenly starting to compete. That actually made us look into all these vessels, what is out there? How can it be done? How would it look if they came and what would need to happen to them if they had to be upgraded?

And the conclusion was clear it's very, very hard to upgrade the vessels that have been built, particularly for the domestic market in China because they have been built for a different installation methodology that almost would make it easier just to build a new vessel rather than to try to retrofit to Europe with one of these assets. The exception was Keeper, but it has been offered to us for a long while, more than 2 years, but the price started in a different area.

I think that our interest in Keeper started really when we were contacted by the lenders of the vessel. And we could see that we could acquire the vessel at a price point where we believe that we could also build an O&M business case on the vessel. And at the same time, we had a dialogue with a couple of clients that were in need of that O&M supply already starting next year.

And hence, since there's very, very limited availability this year and next year in the market, we had a dialogue with some of these clients and said this could be an option. Is that something you would go for? And if you wanted to go for it, how would you do it? And that is what led to the decision. So that is very transparently sharing how the decision was made.

Can we stop the presentation so we can see the speaker, please?

Our next question will come from Roald Hartvigsen with Clarkson.

Congratulations on another strong quarter. So first, just to follow a bit up on the first question that came in on Revolution and Scylla. And I know it's still early, so probably no firm plans yet, as you alluded to, but do you see the potential for alternative work scopes for the vessel amid the stop order? And I guess, more specifically, Sunrise Wind is in the same area still progressing. Do you think there is a scenario where Scylla moves over to help out with work there while awaiting clarity on the stop order? Or are there roadblocks making that prohibitively challenging?

I think, first and foremost, our clients don't wish that. So the vessel is mobilized for the installation of Revolution and Sunrise. And hence, if we work on something else, we have to demobilize from these projects because we are working with a Jones Act compliant [ box ] that is landing the equipment on the jack-up and then we install from the jack-up. So it is not so easy to just go and work somewhere else. So I think it's fair to say that our clients don't wish us to go and work somewhere else now. But that is certainly something we would have considered if it was possible also to minimize the impact for our client.

I can say that after this news came out on Friday, we have been caught up by some clients that is interested to hear whether that vessel then becomes available because there is, at the moment today, a shortage in the market on capacity in projects also in Europe that is already in installation. And hence, I believe that if the vessel comes free, which I don't believe or hope today, I would like to make that clear, then I think that it could be repurposed to another project.

Furthermore, we have, over the last year or so seen a number of contract terminations for turbine installation vessels where the turbine installation vessel operator have benefited significantly from large termination fees. And I guess many would also place you in that category.

My question is, in that context, do you see more pushback from developers to sort of lower termination fees on the contracts being signed and negotiated now and in the time ahead? Or are you still of the impression that the levels for termination fees in the contracts remain fairly stable from the contracts that were signed 1, 2, 3 years ago? And yes.

I don't see that at the moment, but I would also say that the backdrop is very short still. So if it's coming, it's probably we have not seen it yet. But I don't -- I think that the flip side to that coin is also that for us as a vessel provider to lock in the vessel and not being able to do anything else with the vessel, it comes with a cost. It's an option and an option has a price [ right ]. So it's something that you can calculate the value of an option. And I think that, that is how we are looking at it as well because we can also say to our clients that projects have been delayed and hence, we need to protect ourselves if that happens. We cannot just sit with nothing if it happens because then we've become the losers in the grand of play, so to speak.

So I think that we are -- we still have very fruitful dialogues on this, but -- and it's a 2-sided sword almost you can say, because one thing is, of course, to have the protection and the termination fee. The other side to that is also to try to really bet on the projects you believe on as well. And so there is work on our side to be rightly placed for the right projects. And then, of course, also to not always look for the last dollar, but also look for the right conditions and the contracts, I would say. And I think that, that's something that is still working fairly well for all parties in the industry.

And I would like to say that termination fees as a contractor, you are happy they are there, but you really don't want to have them. You would like to do the project instead. The same goes for Hornsea 4. We would have loved to do Hornsea 4. We will still love to do Hornsea 4 when it comes back.

Yes, makes sense.

We have no further questions at this time. Thank you for your participation. I will now hand the floor back to Mikkel Gleerup for any closing remarks.

Just thank you for everybody listening in. Good to speak to you again and reach out to us separately, Alexander, Peter and myself, if there's any additional questions. I'm sorry, we cannot give more detail on Revolution, but I think everybody can understand that it's very new for everyone and that we are working with our clients as much as we can in this sad situation that our client is currently in.

So we will update you as soon as we know something that we can share. But thanks for listening in now, and have a good day ahead.