Cadeler Stock

[Audio Gap] in terms of commercial highlights, the acquisition of Maersk, we already have gone through the transaction rationale in a separate presentation.

But really, it is about strengthening the customer offering and the execution capabilities that we have in Cadila, we do see this as one of the key components for a successful foundation campaign, and we do also see that our clients have been increasingly concerned about whether this tool can be sourced to the market at the necessary volume and that is something that we have decided to take an active position in to make sure that there's enough equipment for what the industry is needing and that really means for what our clients are needing, what our peers are needing and also what catalysts needing.

And altogether, we believe that, that is a very very sound business move and as with having a on the cattle umbrella, but still on announced Link principle, ensuring the product overancstructure that we would expect as a peer in the industry.

So I think it's also, as you see on the right side of the slide, it's also about access to really data from thousands of foundations and to already and with the acquisition line together other companies in the industry that have been driving most piles into the ground and hence, also a company now that sits on an enormous amount of data.

And that data is something that we expect to use to really improve our customer offering when we go into a bidding round for every single foundation project to have a much better basis to evaluate the program length on a foundation project going forward.

So the combined post between the companies is something that we very much expect will benefit not only our clients, but the industry as a whole. And then, of course, mainly it's a solid business. It's a business that is more and more shipping into a rental model, and we believe that the earnings profile of the company is something that is very attractive and that is something that fits well with how we business and capital and what we want to do on a forward-going basis.

And then there's just a very strong strategic and industrial fit between the companies because the models they are very, very much aligned totally. In terms of what the company is offering, we showed the slide also just on the day of the announcement, but really the hydrolic cams that is the main part of the business and also the biggest part in terms of revenue generation, but there is a lot of other things that are very interesting to develop as we now go forward with the company, in particular, in lifting and handling where we also are big clients ourselves for this type of equipment but also on North mitigation.

Nice litigation is something that is taking more and more attentive the industry, and I'm also pleased to say that Manhas good technical solution for noise mitigation and something that we will continue to develop together -- that's also routing and drilling, routing and drilling is also, in some cases, necessities on 1 rodent -- and it's good that there are solid technology base for both of these components for the future projects as well and something we all together, we believe will be positive effects on projects going forward and really increasing efficiency on rotation installation in the industry.

For Cadeler, we have been very open about how we see this. It is very much like we have seen with the vessels. We are aiming to be at scale, so we can offer clients redundancy. And I think it's fair to say that we have showed the redundancy, we have shown that it works. We also get the feedback from the clients that the journey that Kelahave been on is something that is working. It's also working for them because if there is delays on projects, then we are able to support with additional equipment or different equipment and still make sure that these projects are coming over the finish line.

And we have done that already several times in the industry, and we've seen that, that is something the clients they greatly appreciate. And we believe that by merchants with the heme in the catalog case, that is also something that clients will appreciate because really, we remove risk interface on the installation campaigns and it's really one of the risk interfaces that they are worried about. And also, one, if it goes wrong, it will cost a lot of money for the industry.

And hence, having the ability to merge the component, we believe that, that is something that will be sought after by the clients out there.

And I'd say also in the first half of this year, it has been very much about executing on projects globally. We continue on side to install in the U.S. We have been back a revolution wind, we are losing when tolling defining public turbines before we go back to Sunrise again to complete that project on a, we are installing the secondary steel for the onset project for us on Osprey, we are installing E3 turbines at a very, very rapid pace.

Aspen has done incredibly well on that project. The remove is installing on the Baltic Pawel project and Masa has done owning campaign in Asia and is currently also operating on on out there.

We are bringing in sartan into a new era, and we are doing some small open sartan to make sure that we can support other parts of the business going forward, and we are looking forward to seeing Greenert contributing value to the company as we go forward.

With this was delivered, as I said, in currently installing mission equipment when analyzed on C3 and stalling and very pleased to see what we are doing there. And as you will see in a few slides here, we are now going from proof of concept to really doing it fast and safe. That is really the -- what we are aiming for here and the team has worked tremendously hard to reach the target that we have.

And we team continues on a long-term agreement with this that's doing various work and very positive as well there. When peak has also completed the Super project and have subsequently done on campaign for an extra ultimately for Siemens, but currently working in the next setup and win pace this together with wire installing turbines on the A3 project.

On Host, as we said, it's from first too fast. We are still working on further accelerations and efficiencies on the project because we will be doing many projects in the future. And hence, the learnings we get now from 1 is something that we can really implement into the company on a long-term scale.

It has been an incredible learning journey to be on once and I think that we are very positive with where we are. We continue to find improvements that we can benefit from and that the client can benefit from. And I think that we are very ambitious in terms of where we want to be -- but really, the proof of concept, the fact that Tata is now installing full-scale foundation projects safely and efficiently, that is something that has taken a lot of work in it.

And a great thank you to the team that is continuing to deliver on that. The mono milestone station continues and the secondary steel installation is also on track. And the logistics around the project that we're also handling is also progressing. We have 3 heavy transport vessels on charter.

And we have around 100 mono parts that have been loaded into the Martin port. And really, as I already said, the focus is to continue safe execution on this project while still finding optimizations, and we are working with external people as well to really ensure that we take all the lessons learned in now to benefit this project but also to benefit future projects, but also the way we build projects going forward.

And I'm really pleased to see that the team, how they work with this project and also the inventions we have with the client. It's a very positive interaction with the client, in my opinion, and we are working towards the same target, really safe, on-time on-budget installation of this project.

In terms of Next, I'm also pleased to say that Nexa has seen a pickup in commercial performance, and we have had 3 vessels working in the Nexa space when sartan when Matane peak, that performed the owningsokes in Europe and APAC, and we have had more than 230 vessel days that has been working with service and also that the team in extra is working incredibly hardware with our clients to secure long-term commitments on the O&M side.

We maintain our view on the oneneside. We maintain that this is very, very interesting for us and also a very solid business and a place that cater much want to play a role in the next setup. So we continue full speed ahead on Nexa and are also very, very positive with what we have seen in the latest months from the clients.

And on the backlog standing at DKK 2.5 billion. As we always say, it's providing very solid earnings visibility. I think that what we are saying on this slide today here is also that we are bringing you a little bit behind the curve in terms of what is happening out there and win also part of why we are positive around what we are seeing for the future because at the moment, we -- in the category, vessel visitation agreement and preferred to buy agreements that are not currently in the backlog.

We have 3 2D projects '27, '28, and 2031. We have a foundation project for 2028. We have also a project for 2031 on both Foundation and turbines and also a long-term on agreement, so a lot of work is at the moment going on to convert these vessel reservation agreements less preferred supply agreements into firm contract backlog.

And I think that the team is fair to say that they are negotiating at full speed while we actually see a lot more coming at the moment, especially for the beginning of the next decade, we see an enormous appetite for the clients and especially with the announcement of the TCS vessels, we have been in a very, let's say, positive momentum with the clients who would like to understand the capabilities of the Titan vessels and how we can work together with data and the TC vessels and our foundation -- sorry, our templates to ensure a very, very efficient installation campaign and with the acquisition of Mint, I think it's also fair to say that we have had very positive conversations with our clients on the combination of the Hemanth vessel, but also with our peers where several of our peers have reached out to say that they would like to discuss availability of Hema on an ongoing basis, and we have also made very very clear that, that is very, very much our ambition, and we will prove it to the market that, that is something that we are going to do.

In terms of the backlog, yes, as I said, around EUR 2.5 billion, 77% of that is leased and there are projects that are currently in the FID process now. And also, as I said, the projects that we see on the right side of this slide that are currently in the preferred supplier agreements status. They're not improved in the backlog, but we do expect that these projects are on route to be converted to backlog and to projects that we can announce in the not so listen future.

So I would say, all in all, a very, very strong commercial momentum in the business at the moment as well and everybody is working full speed on those opportunities out there together with our clients.

And in terms of progress on the newbuilds, now it's newbuild in singular before we are starting the T-Class vessels but we are expecting delivery on widepath second quarter 2027. This represents an acceleration that we have agreed with Costco, that is bringing to deliver towards the project that we saw in the preferred supplier category.

We have seen that when Apex have achieved significant time optimization compared to the first vessel that was -- that was delivered and I think that our celebration with Cargo is really a technical aeration where we do understand it the and we can speak about the various things that are going on.

And that is also why that it was fair for us to award Coit the new mills that will be delivered in 2030 and 2031, and we are looking forward to see them coming to the market as well to get our partners from of.

We may also delivered ahead of schedule on budget. Again, a very strong performance. That's now the 11th vessel that has been delivered in the second of the 3 new bills and as we now start to take delivery of A class asset, we will also start to have a feed of these vessels that can support each other.

It is going straight into mobilization with the mission equipment and having soon 2 vessels that are fully mobilized for foundation installation in a very flexible setup, we believe that, that is something that will give us a very, very significant flexibility to support potential delays in the industry and also our clients to ensure that we get these progressions installed on time on budget.

And the next vessel coming next year will also be able to do that, although she will start with turbine installation for the first period of time. Coming into the financial line, I hand over to Peter, so we take it away to you.

Yes. Thank you very much, Yes. Focus on the Q2 standalone last 3 months ending 30th of June '26, we have adjusted for the comparable finish from '25 for the termination fee that we received last year in order to begin to compare on a basis on the main activity of cards we have adjusted here and for revenue EBITDA and net profit for EUR [ 10 million ] revenue for Q2 was EUR 22.8 million. That was a plus as compared to last year, [ 432% ] . Industry ratio was solid 50%. You can say -- and the manicure level near and also up from the adjusted number from last year.

Borrowing cap around EUR 2 billion. EBITDA was EUR [ 160 ] million and that is an increase of SEK 406 million as compared to last year.

Net profit, EUR 95 million which is plus 73% as compared to last year. As explained by backlog stands at EUR 2.5 billion. And that is compared to same period last year is up 3% 3 months daily as turnover EUR 6.9 million.

If we look at the Q2 numbers in the full P&L, again, we see that revenue is up. And if we adjust for the national fee last year, it is significantly up and do more than. Fleet utilization increased to 85% as compared to 76% last year, and that is up from the 4% we had in Q1 this year. So we sort of the delivered misses, and they have been now mobilized and are on contract.

The adjusting utilization is compared to last year comparable number. Cometals has increased by EUR 93 million and that is, of course, in by the full for operating cost basis of 3 additional vessels in a man.

So we have now 10 basis operating as compared to 7 last year. SG&A is increased by EUR 7 million which reflects the continued gain of our offices as we have explained many times that should be able to to operate in the bigger fleet but also the foundation projects.

Resales is per now 0.871 on euro ad which is above the level that we have seen in previous quarters recently the around or just below the EUR 4,000 million. If you look for the 6 months ending 30th of June, rent more than doubled to EUR 480 million where we adjust for the EUR 111 million in termination fees.

And approximately the same on adjusted availability or you should say for '26 as compared to the first half of '25 and then adjusted expectation 85% for the 6 months, then to say behind the increase in a cost of sales and then driven by the 3 additional basis and again, the SG&A has increased by EUR 9 million as compared to last year, and again, due to the same reason of having a bonus to be into the additional investors and the foundation group.

And again, the EBITDA more than double will be adjusted for the terms, which is noncar. Finance sheet, now we have an equity of EUR 4.8 billion which is of course of, the capital increase we made in the 25th of March this year and then the positive result, rattans at 50%, which is a solid balance sheet that -- this slide it's the same slide as we have shown before, with the hope of the new principle that now we have also included acquisition in this to illustrate that we are not in need of any increase to be able to time back and go through this acquisition. As at end of June 26 million, we have all on 1 facility on the last years, AB of EUR 18 million.

Then in July, we made an additional opportunity with Santander, a EUR 4 million which has, of course, to available liquidity, make transaction. We got a big facility of EUR 380 million from Bank, which was then used for the payment of of mix around EUR 500 million.

So then we are having the new bids still. We have the air class finance $510 million and as out in our CapEx is [ 425 ].

And then we are going to from the of the class rates of 21 actually. It's not steady here, but it's EUR 121 million, 20% in the quarter. So Net entries or and then the main facility needs to be repaid at some point of time.

We will have on a cutibasis negotiating of an additional or a turnout facility of 250, i.e., we finance the rest of the few that we have in it facility by the cash that we have that we were on and 150 million -- this is part of time a catch and it doesn't include the operational cash flow that we'll be running in, in the coming months.

And we also contribute to the repayment of the net facility. And it also only includes, of course, the first down payment and ordering Tamesis 15% because the rest of the installments will come in '28 and '29.

And for the metrology will be within 1 year of delivery -- so this hopefully clear for everybody that we will not have to do caprincrease for the makers.

Yes, it's a financing overview. What has happened since last quarter is that we have -- we have signed it with the Apex facility was in terms of July, we care and ECA backed by 1 -- we have set the RCF until December 2027.

And then we have of-size the whole co facility with entrant there. So that is the financing of full year outlook. This test will be said, it's without MAC acquisition.

So it's a counter stand-alone. We will communicate on the impact from a in coming months when we have the full overview of the impact.

We maintain the outlook for '26. So revenue in the rate of 850 to 944 and the EBITDA still the level of EUR 420 million to EUR 520 million. So that was the financials.

Yes. Back to the commercial outlook, where I think that we're getting a lot of questions on how we see the market developing and what is we are talking to our clients about. And I think we -- as I already said, we are seeing a lot of activity at the moment, and we see also that our clients are really coming to us now for projects that are starting -- some of them are starting in '29, some of them are starting in 2030, 2031, 2032.

But overall, we do see, let's say, a sharp uptick in client activity at the moment for these years. I think it's also clear from what we, in general, discussed that there will be a lot of need for electricity and 1 of the solutions for that will be offshore wind, and we believe it will be a firm part of that.

We have also seen that with some of the recent geopolitical tensions that importation of fossil fuels is not as straightforward as it maybe one for and hence, there is really a focus on energy security at the moment, that is also building a stronger momentum for for renewable energy sources that are locally produced electrons in, for example, Europe, and that is something we do see having an impact both from a political point of view, but also in general with -- amongst our clients that are being strongly incentivized to do that.

And we see that by auctions that are being adapted to be more developed offering. And we think that, that is the right direct to go in, and we saw that Denmark has successful auctions now after having shifted over to a CFD scheme.

And I think that the successful auctions were also, let's say, aggressively priced. And that is something that we have also discussed quite a lot but one thing I would like to know is that in terms of projects being onboarded in the market, we have already seen in '26 more projects awarded than what we saw in '25 on a gigawatt basis and with more to come.

And we do expect also that 2027 will be a very, very strong year as well. So -- so after a slightly, let's say, a downward trend, especially for the discussed in first half where our capital position still is that we are confident on '29 and the first half of '29. We have done good work to make sure that we have a very strong baseline there.

But now we are seeing an uptick that will especially impact the second half of '29 and 2030, 2031 and so on.

In terms of supply and demand, we maintain also our view that on the foundation vessel demand, there is a very, very strong demand for efficient vessels. This is what we hear again and again and again on the clients is that efficiency really matters.

And if a solution is efficient, then that is the preferred solution. And there's still somewhat of a gap between what is required and what is in supply and the efficient vessels will be taken away from the market first, and they will be taken away first as well.

We have also included the Hammerman in the slide here to give a view on what we are seeing because the Hammons are not exactly following the same as the vessel, although as a tolling a foundation project needs a Hamon,but there are also and the need to transit between regions and have the downtime for maintenance and stuff like that.

And that is why we believe that there will be a need for a serious reevaluation of the needs in this space to ensure that the efficient vessels can work efficiency for the clients because there has been a real risk that vessels potentially would not be able to work simply driven through innovability of equipment to install foundations and why is that?

So that is simply because the ownership structure of these companies have not been focusing on aggressive out build of the equipment needed, but maybe more on harvesting the cash in these businesses. And hence, we need to make sure that there is not the equipment ready for what we are coming with in the beginning of the next decade with 5 vessels potentially operating side by side and also our peers that definitely have demand and a demand that we would very, very much like to help them to supply.

As we have seen a couple of times before on the vessel market and how it looks just in total numbers, not having any opinion about how these vessels are performing and how efficient they are. Taleo stands at 14 vessels with the 2 T classes now being firmly added with firm orders with the shipyard.

And I think that, as we have said in the past, but it really gives us the flexibility, the redundancy and for the clients that really the reduced risks that they really appreciate and what we're also getting very positive, let's say, credit for from the clients at the moment. If we do look at what are efficient inflation vessels, then the picture looks slightly different, and that is why we do maintain the view that there is still a very verse high demand for these vessels that are efficient in dollars in the industry because we do see as we come into the next decade a lot of divestments will simply not be able to install efficiently or simply just hitting the 25-year mark and hence, having to look at the time from the industry.

In terms of our loss early, I think it's evident '21, that is what we have been focusing on to be able to deliver a very strong customer offering and also a very, very strong let's say, value back to our investors with what we are doing.

And I think that today's numbers also show that the growth journey is our plan, and it is working, what we are trying to do. But really, focus has been that vertical and horizontal expansion. And here, we really are deepening our foundation offering with the acquisition, but also with the O&M offering.

And we do start to see the effects of the O&M offering. And as you saw from the backlog slide, we also now are preferred by one of these long-term loan agreements, which we believe will be very accretive to the whole catalog story and organic and inorganic growth. I think it has been done both just a couple of weeks ago.

So I think it's explanatory, but that is where our books have been to ensure that we maintain the position we have achieved with our clients where we are asked for basically everything in the industry that is coming up because they know that at any given time, we likely will have capacity available.

And I think we have many good examples this year of discussion with clients and potential things that they will make use us for and I think that, that is something we will see continuing both in the short, the mid and the long term with -- as you saw in previous slides, very strong focus on securing some of these huge projects out in the future. On regional expansion, we are constantly focusing on being present.

We see lots of expansion in the Asian market. And basically, we are bidding in every single market that is expanding in Asia at the moment and are very positive with these developments out there, where we are working very much together with our key clients but also with new clients and the commercial team has done remarkably well in getting us into the right position in these new markets.

Then there's also a very strong focus in the company at the moment on monitoring and applying new technologies. We are actually starting to work with AI on some of our data handling to ensure that we are more efficient in how we analyze these thousands of data points that we have from projects and project to ensure that we have a better view of how the vessels were performing on the program.

And this is something that we will communicate more or in the future, but also something that we will be starting to use on a more integrated basis in the company. We do see the value of this and we have been dipping our toes into it. But I think that it's fair to say that we do now see really the first 3 steps into using AI in our whole structuring of bids and programming with analyzing these many, many data points.

And it also goes with with our main acquisition where we will be sitting on 50 million data points on pile driving, which we would like to also have to build a model around so we can ensure that both Mananda can deliver a very, very high value to our clients on their projects.

And then, of course, continuing what we have always done focusing on strategic partnership with our clients. And also after the main acquisition with a new group of clients, which is with our peers, we have worked together with our peers for many years in many different ways.

And I've always said that the beauty in tells that we basically can work with anyone and that is more evident than ever after the man acquisition. And we will do our part to really make sure that not only can they or fecal equipment that they need, but hopefully, they can also get a better service going forward in the combined structure compared to what they had in the future and in the past, sorry.

So that is very much our ambition and also what we are currently discussing with our peers. And we will be also coming out whether there is strong governance more to give them the figure we're feeling around that as they rightly would expect from us.

And just in terms of executing on growth in 2026, I think we have ordered the 2 new teas vessels has been a very, very tough negotiation, one of the topical I think the yards are in a situation where they're basically fully booked. There's a lot of activity in the yard. There's a lot of competition from other industries and to have the 2 class vessels now signed and ready for delivery in 2030 and 2031, is a real milestone for everybody that's worked on this in Kaplan.

It has not been easy, but the positive thing is that it long not easy for our competitors. And I think that we will see that -- that will be displayed going forward, I think, and I think it will be very, very hard to order additional capacity. Section, we have announced that, and we are still working full speed on that, building the team at the moment, and we will be announcing also on the asset side of that business as soon as we are ready to do that.

And then last or certainly not least, welcome all our new colleagues from Men. We are very, very pleased with this acquisition. We believe that the combined value proposition of the 2 companies will be better together than it would have been on a stand-alone basis and from the conversations we have had so far with domain team, and we're also incredibly positive by how motivated they are with this new journey.

And yes, we will continue to visit locations and come around and speak to all of you and it's been really good. So last but not least, in terms of the key investment highlights, we maintained the lines that most capable mettle feed and mission critical equipment.

And what does that mean? It really means redundancy for the clients. We focus on relationships and partnerships, and we do that from an industry-leading position where we will continue to create value for everyone. We have a global reach and experience, and we are now the company that has installed most foundations by any company in the industry.

We continue to see a structure on the supply and an increasing market demand demonstrated also by the amount of preferred acquirer agreements and resolution agreements that we are talking about today.

So we are in a very solid position. And then as we also discussed a little bit previously, we are now also seeing an increased, let's say, drive on the technology, not only on AI, but also on technology for tooling and stuff like that where we will be using what we are sitting on in terms of data points to really ensure that we can combine that and create value for our clients and really ensure that we are first with next-generation installation technology.

So with that said, I think that we move into the Q&A. So you please take over.

[Operator Instructions] And our first question comes from Anders Roslund. Our first question today will come from Jamie Franklin rather at Jefferies. Jamie, you may now ask your question.

We're going to see obviously second quarter utilization really kind of stepped up.

Just wanted to -- your help with kind of how to think about vessel utilization through the remainder of the year. Could we expect kind of a similar level in 3Q and 4Q or based on current scheduling? Is there any reason that utilization may be any lower in the third and fourth quarters? And then thinking more specifically about Hornsea 3, clearly, everything is very much on track so far. How should we think about the contribution from that project through the remainder of the year. Clearly, your progress on the monopole. I would expect that is continuing through the third quarter? And then is it right to think about the turbine installation kicking off at the start of the fourth quarter?

I think that we can say that we expect strong utilization for the rest of the year. We were building up in Q1, and I think that we will continue to see strong utilization for the rest of '26, there's a lot of activity going on.

And yes, that's clearly our expectation. One, the program on NCI is what we basically have discussed already and has not changed as such. We are, as I said, focusing on speeding up. And where we end exactly with the speed that is still a little bit a guest mark, but we are very positive with what we have achieved, of course, in the beginning on Sapochen you are learning there are some big low-hanging fruits that you're picking and then the fruits become smaller and more but we continue because we are in business in this space also because it is something that we will continue to learn for the next project, we are an A2 in the not-so-distant future.

We have other projects that are being started in the not so distant future. And hence, the learnings that we capture or for Monster is something that we can really bring into the company. And it is a mindset change because we are really talking about production here.

It is a much more production mentality on a project like that. And hence, we are very ambitious in terms of what we want to achieve, still having a safe performance. So again, it is from first to last that we are looking at here now, and we are already pretty fast, but we want to potentially be even faster on that project.

And in terms of total installation remains on track. That is also the ambition of everyone that we are starting the turbine installation as per what has already been contracted.

Okay. Very helpful. And then secondly, just thinking ahead to 2028. So you mentioned, obviously, the preferred supplier agreement, which hopefully will convert to a firm contract. And then also there's a turbine project for '27, '28 that could convert as well.

Just wondering if there's much else you are working on and any other sort of potential additions for 2028 at this point?

Yes, I think the short answer is yes, but I think that they will be slightly later. And I think also the extension on current projects that are running into which is not something that we include in this, but we have seen extension on current products also running further into '28 than what was previously expected.

So I think, all in all, I maintain what I said -- we believe that the baseline is strong and there are more to achieve in '28. But as we have said before, we believe that there will be additional work of programs as we get closer to '28.

Our next question today comes from Anders Roslund at SEB. You may now mute your line and ask your question.

Thank you. Can you hear me now? I had some problems with our technical solution. But anyhow, can you break down the backlog for the year 2026, '27 and '28.

Yes, I can, but we don't.

Okay. Then I have a question on the financials. Depreciation was up meaningfully in the second quarter. And I assume that is partly explained by the A class vessel having a full year a full quarter of depreciation in Q2 is the depreciation level that we saw in Q2. Is that the run rate we should expect going forward, say, for additional vessels being delivered?

Yes, you should expect that -- there can be also covering something from project equipment that is capitalized and depreciated at the lifetime of the asset yes, we can expect the same levels, but in adjusting for full year impact and is coming in now next year.

There are no impairments in the second quarter impacting appreciated on ammoniation.

Sorry.

There are no impairments in the second quarter.

No, no -- thank you very much.

[Operator Instructions] And our next question today comes from Adrian at China Securities.

Good afternoon. This is Audrey from China Securities and -- and actually, my question is -- we observed that Kepler is trying to become a comprehensive platform rather than just a wind turbine installation company. And we observe that you still have approximately like EUR 425 million of remaining commitment for the class also. And he has recently ordered 2 key class vessels for euro like 805 million. And also, you acquired bank at an enterprise value of euro like 500 million and has confirmed that we sky protection investment plan remains intact.

So actually, my question is, is it necessary to pursue all of this investment at the same time what minimum IRR or ROIC hurdle do you apply to each investment and from which year do you expect each of them to generate returns above the cost of capital.

Yes. It doesn't come at the same time so to speak because May, of course, we have a whole acquisition price on the new buildings, it follows a certain schedule. So as on the presentation, we have seen a delivery of age now and get the final installment for that. So Renasant. Then some remaining CapEx to last year. On the case it's -- we were down now EUR 120 million of bin next installments in our substantial stones in 2030 and 2031 when they deliver and also somehow asks the same follow-on on this is when will they start to generate revenue we start to generate revenue on early '27 when you go open project that is normalized for. At the moment, Link is generally past income and cash flow from operations from the leverage of orders. So already to and then the glasses, the majority of the CapEx is in 2030 and 2031, and then they will start to generate costs 6 to 9 months after delivery.

So it is a little bit more news picture and some of the cost is also the deferred right? -- disclose for this, the requirement for the terms of what we define all these sites very attractive when we look at the on these projects?

Yes. I think we can say we are beyond the target on every investment. And 1 of the things in particular on the T-Class vessels that we achieved was a very back-ended payment schedule, and that was very important for us.

So not only we have lower upfront payment than we have had in the past, but also we have managed to back end the payments on the Teca class vessels a lot.

Thank you. It's very clear and very helpful. Thank you very much. Thank you. So we have no further questions at this time. Thank you for your participation, and I will now hand the floor back to Michael Giro for any closing remarks. Thank you.

Yes. Yes, thank you, to everyone, for listening in. Thank you for your support. And yes, we will continue to work hard to deliver our targets. Thank you very much for the fantastic day. Bye-bye.

Good morning, and welcome to Cadeler's investor presentation on its acquisition of Menck. 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 the combined group'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. 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. This call is being recorded. [Operator Instructions]

Mikkel Gleerup, you may begin.

Thank you very much, and thank you to everyone who is joining us here on short notice today. We are very, very pleased to inform everyone around the acquisition of Menck that we have been working on over the past month. I'm apologizing for a little bit the setup here because we are sitting in Kaltenkirchen at the moment in a meeting room and don't have the best light, but we are here and ready to present to our investors.

Let's kick off the slide deck, please. Next slide, please. Yes, please read the disclaimer yourself. So today, we will give you a transaction overview. And we will also give you an introduction to what is it that we have acquired -- the Menck business. And also what is our rationale, how do we see that this business is developing and why is this important to Cadeler.

Next slide, please. So what is it we have done? We have entered into a deal with a value of EUR 501 million to acquire Menck. Menck is a business that works with pile driving primarily with the hydraulic hammers, but also with grounding, drilling, tooling and other things that is important to the Cadeler business and to our clients and our competitors as well. It's a very diverse portfolio, and it's a portfolio that is growing still and something that is in high demand in the market.

We believe that the acquisition really strengthens Cadeler's offshore installation capabilities and also the ambition that we have as a company in the foundation space, as you have seen from yesterday's message and notification to the market, we have now have a firm order with COSCO for the two T-class vessels that we raised equity for earlier during the year. And as such, we are expecting that we will be operating up to five foundation projects in parallel per year. And in order to do that, we are depending on having this equipment available as are our competitors and our clients as well. And hence, we believe that this is a very important strategic acquisition that we have entered into.

It represents a step change for Cadeler, and we are already doing successful transport and installation on the Hornsea 3 project but it is a more complete and integrated approach that we are targeting here where the client can reduce one further risk interface in a project and also have the knowledge that when one has a transaction with Cadeler on a foundation project, if you have the vessel, you also have the hammer and that is something that we would like to connect and give the same redundancy to our clients as we have seen on the vessels which I believe has been a very successful journey for us in that space.

And we expect that this acquisition will be accretive to Cadeler's EBITDA at multiples on a fully delivered hydraulic hammer on an order basis. And I will say that this is the basis we have been buying this company on that is really what we can see that this business will be able to do in the midterm, where we also know our own demands to this business -- and hence, there is a very strong strategic rationale for this, but it's also something we expect to grow in a market that grows very solidly on the foundation side as well.

Next slide, please. In terms of the transaction rationale, why are Cadeler doing this? It is really about strengthening the customer offering and the execution capabilities across the whole foundation value chain. I think if we start on the right side of the slide, Cadeler in combination with Menck, will be the company in the industry that has by far installed the most piles in the world. And that is, of course, knowledge that we are going to use as a company and as a combined company to benefit our clients and the industry to ensure that we can ensure better, more efficient on-time pile driving for the industry.

It's a broadened solution where we deliver a complete and integrated approach to project execution and offshore foundations and something that has been discussed with clients. I can say, on the projects we are currently discussing with clients for both A and T-class in the future, there are, I would say, two big concerns amongst the clients. One is access to the vessel and the other one is access to the pile driving technology.

Piles become bigger and requires more sophisticated pile driving solution, more sophisticated noise reduction solutions, and this is all something that Menck is supplying. We are improving execution certainty for ourselves and for our clients. And that is something we believe will have a very, very strong importance for the clients going forward. And it is something that will differentiate us in tenders because we will be able to have an end-to-end solution for our clients.

It is also the improved access to mission critical equipment and strengthening execution resilience. We know that every foundation, every monopile that goes into the ground in the offshore environment requires a dedicated hydraulic hammer. And hence, with an ambition of operating five vessels in parallel, we will have a certain own demand of this type of technology and with our own demand alone, we believe that we are doing a deal here that is an attractive deal for us and for our investors and for the industry and our clients.

We are enhancing execution certainty for the larger and the more complex offshore wind projects and also the more complex foundations that we see more and more of. And I think that it is really around deploying a more efficient equipment across all projects. We believe that the company has a compelling earnings profile and there's significant synergy potential by combining the companies, Menck sits on 50 million data points on pile driving over -- collected over its long history. It's a company that has more than 150 years of history. And with this data, we will also be able to have a much stronger offering altogether as a combined team. So it is around also capturing a larger share of the project economics across the vessels and equipment improving utilization and project execution through greater equipment control and access, but also unlocking commercial and operational synergies across engineering, procurement and project delivery.

And then we believe it's a very strong and strategic and also an industrial fit, and I would say that just seeing what I've received on my phone over the last couple of minutes here, it is something that I think is also very much echoed by what the clients in the industry are seeing. Having access to this equipment and having enough of this equipment will be fundamentally important for the future journey of offshore wind and the steep growth in project that we are seeing as soon as we enter the next decade.

Next slide, please. And into the introduction to Menck. So what is Menck? As I said already, Menck is a plus 150-year-old company with a lot of engineering expertise. They have installed more than 2,500 piles. And they have a global presence in Europe, Asia and the Americas. And the largest hammer that is currently coming into deployment is the hammer that is called the 6000W, which uses the biggest anvil -- the biggest equipment sitting inside the hammer that is currently available in the market. It's a German technology leader in offshore wind foundation equipment and a very diverse portfolio across other things as well, including drilling, grouting and lifting and handling tools which Cadeler is also a potential client for.

It's a technology leadership company, and that is something that has been generated through continuous innovation. And I think it's fair to say that during our management interaction and team interaction with the company during the due diligence phase, we have been incredibly positive with what we have seen in the company and from the company in terms of how they think about engineering and innovation. It's a very cash-generative business model that is centered on rental. So in many ways, the business model is similar to Cadeler's model where we use very sophisticated equipment, and we rent it out to our clients, and we pull it together to create value for our clients in project execution.

We believe that, that is something that will be generating very, very attractive EBITDA margins and also something that will require limited maintenance CapEx across the years. And we believe that what is really interesting about the company is really the growth ahead. I think it's fair to say that the company has been on a slow growth path in its former ownership and with the Cadeler as an owner, we believe that we know the market and what the market requires. We know our own demand. We also are offering these products to our clients and to our competitors, and we can see what is out there in the market. And we believe that the growth for the company will be very strong growth over the coming years.

And also a very robust market position and reputation. The company has a good reputation. We are currently working with Menck on the Hornsea 3 project where they're delivering the 4,400 hammer to hammer, there are almost 200 foundations into the ground on the Hornsea 3 projects. So all in all, a very, very strong technology-driven company that has a very strong reputation in the market.

Next slide, please. For Cadeler, a lot about strengthening our foundation, T&I capabilities. It is around scale and engineering complexity. We in, Menck, see up to 40,000 specially engineered components. The hammers are very, very large pieces of equipment that are having incredibly long lead times. So if you don't have access to this equipment, you cannot just get it tomorrow and projects that are not having a long enough reservation for the hammering technology can lose the hammers and then the project stops because without the hammer the vessel can't continue to install.

Menck has a proven track record. There are decades of reference projects, and as I said, access to 50 million data points on pile driving across different regions in the world which we believe has a very, very high value both to us and our clients. And as we have done in the past in Cadeler, with data points collected on the vessels, this is also data that we are going to put at play together with our clients to ensure that we have the best solutions for on-time, on-budget delivery of future foundation projects.

It's a global rental fleet and service infrastructure that we are looking into. Developers, they demand immediate access to hammers that are operating spare parts, teams, service technicians. And it is really about having that equipment across the various projects and ready for deployment to the projects that the equipment is working on. And that journey is something that we are looking forward to embark on together with Menck to ensure that we get the best value for our clients and for our investors with having these equipments working together as a robust redundant package that ensures that value that the clients are expecting.

It's about continuous innovation. Company has innovated a lot on its future equipment, both in terms of noise reduction, which is something we are seeing across projects in the world, but also on the hammering technology itself. And also other technologies that we see more and more being requested by clients in tenders that we are involved in. So having all of this technology in one also means that we can do much, much sharper programs for our clients and much, much stronger commercial offerings to our clients. And we believe that, that will result in a bigger than fair share of market in the combination with Cadeler, also by having the knowledge about the vessel and the hammer and integrating that lowering mobilization, demobilization times and all of that and really ensuring super high utilization in the combination, which we also believe will support the continued growth in both revenue and EBITDA of the company.

And then, of course, also the deep customer relationship. The company has a very, very long-standing relationship also with competitors of ours and clients of ours and we are targeting to continue to service both categories as it has happened over the years in Menck. It's very important for us that we take part in ensuring that the equipment that is required in order to fulfill the ambitions of offshore wind is available, and that is one of the reasons that we're saying here, we are taking a strategic decision because we believe the company will be very EBITDA-accretive but also it is something that needs to be available for us in order to have the best utilization of our vessels, but also for the industry and for our competitors as well.

Next slide, please. A slide that looks at where are we seeing the business in Menck. So it is about broadening the overall Cadeler umbrella in foundation installation offering. And hammers -- hydraulic hammers is the majority of what the company is offering today in terms of revenue generation. But if we look at lifting and handling and noise mitigation, these are areas that we believe will have very strong growth together with the hammering technology. These three areas will be very strong growth areas. We see more and more noise reduction requirements on projects across the world. We see from our own experience, a lot of lifting and handling requirements from clients, and we also see that the clients are starting to shift this from owning that equipment themselves to shifting that to contractors.

And also, of course, as I have already explained on the hammers themselves. There are other areas as well. Grouting and also drilling -- and drilling is one of these areas that we do see on certain projects where there is a requirement for a certain amount of drilling. And this is something that we will also in collaboration with clients discuss whether that is something that is necessary to bring to market to ensure successful pile driving across projects all over the world.

Next slide, please. The industry's most advanced piling equipment -- you can say there are two different brackets of equipment in Menck today. There are the smaller equipment and then there are a larger equipment. The equipment on the right side, the 3500s to 4400s and the 6000W, these are equipments that are mainly used in the offshore wind segment, and this is where our clear focus lies.

What is important to say about this type of equipment is that from ordering a hammer or having a slot to deliver the anvil inside the hammer that we just discussed, then there will be a more than 3-year period before the hammer delivers. And that is also why it's important for us that there has to be a certain, let's say, cross thinking between the vessel and the hammers because we are seeing a massive uptick in projects that are requiring this type of technology in combination with the vessel as we enter into the new decade. And hence, we believe that having access to this equipment is very, very fundamentally important for the journey that we are on.

There is a very, very scarce forging capacity in the world of this quality. The anvil for the biggest hammers they take a year to produce. They take 4 to 6 months just to cool down after the forging process. So it is very, very complicated equipment. And it is around capacity. We see clients are asking us for projects already out in the next decade, how do we secure the vessel, but also how do we secure the hammering technology and the noise mitigation technology. And that is something that we now can work very, very closely with our clients to deliver. So a very, very strong strategic rationale behind this deal today.

Next slide, please. And you have seen this slide before in a different format. But as we have done from the beginning in Cadeler, we have always looked at how can we create vessel models that fit the reality of the industry, not the perfect project necessarily, but the reality of the industry. The reality of the industry is that there are things that go exactly to plan. And there are also things that doesn't go exactly to plan. There are also projects that are delayed due to supply chain constraints, there are projects that are delayed due to many different factors.

We have been successful in Cadeler by offering a redundant vessel model where clients can count on Cadeler to continue to supply the vessel as long as the project goes on. We have done that successfully across several projects this year where we have shifted the vessel from one to another and supported our clients by doing so.

The ambition of the deal we have done today is to integrate the hammer into that model and ensuring the client that as long as you have a Cadeler vessel, you also have a hammer. And that is the model that Cadeler will be going forward, offering to our clients and also ensuring that we have on time, on budget delivery of these projects going forward because we believe that, that is fundamentally what the offshore wind industry needs.

Next slide, please. I think that this is a slide where I will hand over to Peter quickly for some financial numbers that you can have an insight in as well. So over to you, Peter.

Thank you, Mikkel. We are giving you here some of the KPIs have -- important financial KPIs for Menck. You can see year 2023 to '25, the average total revenue have been EUR 113 million. Equipment rental revenue have been 43% of that. Contribution margin have been 60%. On rental, the contribution margin is higher, 73%. And the EBITDA margin have been 28%. Maintenance CapEx has been EUR 0.5 million per year and 13 -- growth CapEx, EUR 13 million per year. In '26, the estimate is that Menck will come out for the full year, 12 months with a total revenue of EUR 133 million. The share of rental revenue will -- is planned to increase and that is a decision taken by the existing Menck organization and something that we will build on for the future years. Hence, the contribution margin will also go up to 63% for '26 because of the higher contribution margin of 74% on rental. EBITDA margin projected to be 33% and EUR 0.8 million for maintenance CapEx and EUR 25 million in growth CapEx.

I think the important number here is also that if we look at medium-term financials objectives as we have here on the right side of the slide. When we have delivered the ordered larger hammer, so we are up on a fleet of seven large hammers as compared today to three. In '29, we see a 20% CAGR over this period with 70% equipment rental revenue share, 70%, 80% contribution margin and a 75% rental contribution margin. That gives around 50% to 55% of the EBITDA margin and the average CapEx in '27 to '29 estimated at EUR 22 million. And it's a very solid plan that supports this development because these hammers have already been ordered and some are very well advanced in being delivered and assembled. So if you look at the enterprise value to the projected midterm EBITDA, it will be below 5x, which we find very attractive.

Next slide, please.

Next slide. I think there is Q&A.

Next slide, please.

That is the last slide.

Okay. I thought there was a Q&A slide. But I think it's also important to say, as Peter just said that since these hammers have been ordered and are delivering, that also means that the forging slots for those hammers are occupied. And that means that it is not -- you cannot get a forging slot in the same time period out there. So that is also important in the case for delivering these hammers.

And on that note, I think we are opening up for Q&A.

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

Congratulations on the transaction. So I just wanted to go back on that EBITDA margin expected around sort of 33% in '26 and you're targeting 50% to 55% in the medium term. Can you just give us a sense of kind of what is going to primarily drive that? It sounds like it is largely going to be the hydraulic hammers given they are sort of 84% of the revenue contribution. But yes, any sort of color there would be helpful.

And then also just if you could give us a sense of the kind of competitive landscape for Menck in the hammer side of the business, but also in the other areas that operates as well, please?

If you take the numbers, I can take the landscape.

Yes. Jamie, thank you for the question. We think it's a really strong business case because of -- Mikkel will explain a little bit more about the competitive landscape, but we all know that there's basically two providers of these hammers where Menck is one of them. And the inside of the hammer, the anvil and the forged steel is produced at one supplier and Menck has the available slots on these orders going into '29. So that cannot be produced from that supplier more hammers. So we believe very, very strong in the demand of these hammers and given that there are a few suppliers, only two, and Menck is sitting on the available slots in that period, we think it's a very, very strong business case.

It is basically, as we have seen for Cadeler, the same dynamics also for the financials when they come in a new vessel or they're coming a new hammer, then you can contract that out and get revenue and healthy EBITDA on that. And that drives you also together with the higher share of rental Instead of selling the hammers, it drives this development -- positive development in revenue, but also in the margins. So we believe it's more correct to look at how will this look like in medium term and focus only on the '26 numbers.

I would also like to say that we cannot consolidate the full numbers in for Menck this year that goes without saying. I think everybody knows. But of course, we can only consolidate in the P&L from today and on to 31st of December '26.

And I think that, that was the competitive landscape. I think it's pretty clear, as Peter said, there's one place you can forge this internal equipment and Menck sits on the slots. And there are two suppliers of the hammers in Europe. And we believe -- that is why we believe on the case, but also we can, of course, benchmark the case we saw when we looked at the company with our own demand and then look at that. So that gives us a very high degree of confidence.

Great. And just one follow-up. So obviously, yesterday, you announced the order for the two T-class vessels, which were originally sort of you announced your intention for those back in March alongside a private placement. At that time, you also spoke about adding scour protection capabilities which would expand your foundation scope. So just wondering, is that still on the table as well? Or is this a sort of instead of?

No, that's still -- the plans and the equity raise is still intact. It has nothing to do with the deal that we are doing today. This is a fully financed deal that we have done that sits outside the equity raise. And hence, very, very pleased to be able to announce the T-class yesterday because we also knew that we would get that question if the sequence had been a bit different. But I can say on the T-class vessels that this ranks the most difficult negotiations I've been in my life. The yards are at absolute full capacity. And I can say that any competitor that wants to add a vessel, they will be struggling with the same situation that we have. It is very, very difficult to order vessels at today. That took a lot of energy.

Our next question is from Martin Karlsen from DNB.

You did a good job in terms of explaining the rationale behind the transaction from a strategic perspective, not many questions on that. But a quick one on the medium-term outlook and the growth you expect there? Have you assumed a similar type of growth in the non-offshore wind business of Menck?

No, we have not.

We have assumed flat development in that. And then the growth coming from the growth where they invested in.

Yes. Which is also our clear focus for the business.

So then should we basically think about the growth numbers you put up on the screen as already being secured through those larger hammers that are to be delivered? And also had a question on the future hammer deliveries of Menck that are in the large category, is this all rental business? Or is some of those straight out sale of hammers?

That will all be rental business.

Yes. And the growth is coming from these hammers plus noise mitigation.

Yes. But it's important to say that it is rental business because this is also why, Menck to some degree, looks like Cadeler that we are renting out sophisticated equipment to create this value on the projects. And that is also why we think that this is -- that this is in our space. It's in offshore wind, and it is a model that we know very, very well. It's not about assembling a hammer and then selling it to the market.

And in terms of duration on these rental contracts that have been entered into, kind of talk a little bit through how our rental contract -- for a contractor typically works on a hammer. Is it that project specific? Or is it based on the longer time period?

I think it's fair to say that the hammer rental follows exactly the vessel rental. So when you have a vessel, you need a hammer, and that's how it is. But what we have seen in the Cadeler stand-alone business without Menck, we have seen discussions with clients around how can we how can we couple the things together and look at portfolios across different projects and different countries to ensure that we have the technology that is needed and also to reduce this up -- tie-up time that nobody benefits from where the vessel is just sitting in port, taking off equipment, they're readying to take on different equipment in another port. And we see clients more and more looking at optimizing and making that more efficient. And we believe there's a lot of value to capture in that. And hence, that will also be part of our strategy to try to optimize this integration of the technology with the vessel.

So I think it's fair to believe that there will be clients out there that will be taking hammers on hire for our portfolio of projects going forward.

And last question in terms of hammer noise mitigation and other services, you would have to rent in today. Can you give us a number on how large portion of those services that is now covered through the Menck offering?

On the Cadeler side alone?

Yes, let's say, if you should do a project without having Menck in-house, you wouldn't have to rent the hammer, you wouldn't have to rent the noise mitigation and a couple of other services as well. I was just curious to try to understand how large portion of those add-on services that now is brought in-house.

It's a large part. But today, we don't buy lifting and handling tools from Menck, but I think that, that is, of course, something that we will be investigating together with Menck when we bring the engineering capacities together to look at how can we use this engineering and innovation hub here to become more efficient at Cadeler to also develop this for ourselves basically. We are a big buyer of equipment. If we look at a project like Hornsea 3, for example, where we are buying a lot of equipment to handle the equipment but also across O&M projects and stuff like that.

And we believe that there is a significant synergy in the combination as well. But we are still to uncover how big the synergy is and how we best bring it to market for the benefit of the industry, our clients and Cadeler.

Our next question is from Thijs Berkelder from ABN AMRO.

We can't hear you, Thijs. Sorry, we can't hear you. I don't know what's wrong, but Thijs you are more than welcome to give us a ring after this call if you want to, so then we can hear each other. But -- sorry, but I can't hear you. I think we should take next question. We are not able to hear Thijs.

Is now better?

Yes, now we can hear you.

We can hear you now, Thijs.

I switched to the webcam mic now. Sorry for that. First question is, on the Menck's revenues in '25, what part of these revenues has been coming from Cadeler and what from other clients?

That's simple. All of it is coming from other clients. None of it is coming from Cadeler. None of it.

So from Menck perspective, how will you prevent clients walking away from Menck because of the ownership by competitor Cadeler and simply moving to the main competitor, which is 2x as large, generating 3x as much EBITDA?

The other competitor is also owned by a competitor. So I think that, that is exactly the same situation. And hence, we think that we have to document that we can handle that and that we can create watertight bulkheads between the businesses. Menck will continue to run as a stand-alone company under the Cadeler umbrella. But we believe that, that is something we can do. We believe Menck has strong client relationships already and that it will be the offering of the product to the market that will determine where you are shopping.

Yes. Well, HAL Trust is the owner of Boskalis indeed. But Boskalis and IQIP are completely separate. And Boskalis, it's typically not pitching for monopile contracts, and they are typically focused on the jacket market.

That's de facto not correct, Thijs. But they have just installed Sunrise Wind and they have installed Baltic Power foundations as well, which are both monopile. So that's de facto not correct. But I know in the industry, the industry considers IQIP as part of Boskalis.

Yes. Then a technological question. I see a Menck product lineup only or more or less only hydraulic hammer. Not yet vibro equipment, vibro hammers coming in quite rapidly in my view. And of course, IQIP recently introduced this now big-time testing with the new innovating IQ-drilling technique. What is Menck doing to counter these two technologies, which take much less noise than your current technology?

Menck is working on that and noise reduction is some of the things that we have to look at, especially in certain jurisdictions, and we believe that there are good innovations on track here in Menck as well to deliver that. So we have confidence in the fact that, that is part of the journey. It is also part of the bigger hammers because bigger doesn't mean more noisy necessarily and it's a different technology spectrum. It's also a different way that they protect from noise. But yes, it is something that we -- together with the team here, we continue to look at for these jurisdictions that require those noise levels, yes.

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 thanks for everybody for joining on short notice. And yes, we are, of course, open to follow-up questions from all of you if there's anything you would like to discuss on a one-to-one basis. So thanks for that. Have a good day ahead.

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.