Half Year 2026 Cadeler AS Earnings Call

August 25, 2026

Operator: Good morning, and welcome to Cadeler's H1 2026 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, 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.

Operator: Good morning, and welcome to Cadeler's H1 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.

Speaker #1: Good morning, and welcome to Cadeler's H1 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.

Speaker #1: 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.

Speaker #1: 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.

Operator: 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.

Speaker #1: 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.

Speaker #1: The annual reports 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.

Operator: The annual report and today's earning 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.

Speaker #1: 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.

Speaker #1: Mikkel Gleerup, you may begin.

Speaker #2: Thank you very much, and welcome to this half-year presentation from Cadeler. We are very pleased to be joined by everyone here. Just a disclaimer slide here first.

Mikkel Gleerup: Thank you very much, and welcome to this H1 presentation from Cadeler. We are pleased to be joined by everyone here. Just a disclaimer slide here first, and then our H1 highlight slide. The first half of 2026 has been really a first half that is defined by very solid financial performance. Adjusting for the last termination fee we had last year, we do see a very strong revenue, and EBITDA that are both more than doubling on a year-on-year basis. Our newbuild program continues to be on track. We delivered our second A-class vessel on 17 July, and that vessel is now preparing for its first project with the mobilization of mission equipment in China before coming to Europe for final mobilization. We also successfully acquired Menck, a leading global provider of specific equipment and technology solutions for offshore foundation installation.

Mikkel Gleerup: Thank you very much, and welcome to this half year presentation from Cadeler. We are pleased to be joined by everyone here. Just a disclaimer slide here first, and then our H1 highlight slide. The H1 of 2026 has been really a first half that is defined by very solid financial performance. Adjusting for the last termination fee we had last year, we do see a very strong revenue, and EBITDA that are both more than doubling on a year-on-year basis.

Speaker #2: And then our H1 highlights slide. So, the first half of 2026 has really been a first half that is defined by very solid financial performance.

Speaker #2: Adjusting for the last termination fee we had last year, we are seeing very strong revenue and EBITDA, both more than doubling on a year-on-year basis.

Speaker #2: The newbuild program continues to be on track. We delivered our second ASAS vessel on the 17th of July, and that vessel is now preparing for its first project with the mobilization of mission equipment in China before coming to Europe for final mobilization.

Mikkel Gleerup: Our newbuild program continues to be on track. We delivered our second A-class vessel on 17 July, and that vessel is now preparing for its first project with the mobilization of mission equipment in China before coming to Europe for final mobilization. We also successfully acquired Menck, a leading global provider of specific equipment and technology solutions for offshore foundation installation.

Speaker #2: We also successfully acquired Mink, a leading global provider of specialized equipment and technology solutions for offshore accommodation installation. I'll share a little bit more about that later in the presentation.

Mikkel Gleerup: A little bit more about that later in the presentation. We continue solid execution across all key regions where we are currently busy, and Q3 execution also continues and very pleased with that and also more about that in the presentation. We signed firm contract for the two new T-class vessels, something we have been working very hard to achieve. I think it is fair to say that it has been a tough negotiation and very pleased to be at where we are now. In terms of commercial highlights, the acquisition of Menck, we already have gone through the transaction rationale in a separate presentation. But really it is about strengthening the custom offering and the execution capabilities that we have in Cadeler.

Speaker #2: And then we continued solid execution across all key regions where we are currently busy. And the Only Three execution also continues, and we are very pleased with that. There will be more about that in the presentation.

Speaker #2: And then we signed a firm contract for the two new T-class vessels, something we have been working very, very hard to achieve, and I think it's fair to say that it's been a tough negotiation, and we are very pleased to be where we are now.

Speaker #2: In terms of commercial highlights, the acquisition of Mink—we have already gone through the transaction rationale in a separate presentation. But really, it is about strengthening both the customer offering and the execution capabilities that we have in Cadeler.

Speaker #2: 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 from the market at the necessary volume.

Mikkel Gleerup: 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. That is something that we have decided to take an active position in to make sure that there is enough equipment for what the industry is needing. That really means what our clients are needing, what our peers are needing, and also what Cadeler is needing. Altogether, we believe that that is a very sound business move for us with having Menck under the Cadeler umbrella, but still on an arm's length principle, ensuring the proper governance structure that you would expect as a peer in the industry.

Speaker #2: That is something we have decided to take an active position in, to make sure there’s enough equipment for what the industry needs.

Speaker #2: And that really means for what our clients are needing, what our peers are needing, and also what Cadeler is needing. Altogether, we believe that is a very sound business move for us, having Mink under the Cadeler umbrella, but still on an arm's length principle, ensuring the proper governance structure that we would expect as a peer in the industry.

Speaker #2: So I think it's also, as you see on the right side of the slide, it's also about access to real data from thousands of foundations installed already.

Mikkel Gleerup: I think it is also, as you see on the right side of the slide, it is also about access to really data from thousands of foundations installed already. With the acquisition, Cadeler and Menck together are the company 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. That data is something that we expect to use to really improve our custom 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. The combined knowledge between the two companies is something that we very much expect will benefit not only our clients but the industry as a whole. Then, of course, Menck is a solid business.

Speaker #2: And with the acquisition, Cadeler and MINK together are the company in the industry that have been driving the most piles into the ground, and hence, also a company now that sits on an enormous amount of data.

Speaker #2: 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.

Mikkel Gleerup: That data is something that we expect to use to really improve our custom 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. The combined knowledge between the two companies is something that we very much expect will benefit not only our clients but the industry as a whole. Then, of course, Menck is a solid business.

Speaker #2: So the combined knowledge between the two companies is something that we very much expect will benefit not only our clients but the industry as a whole.

Speaker #2: And then, of course, Mink is a solid business. It's a business that is more and more shifting into a rental model, and we believe that the earnings profile of the company is something that is very attractive and is something that fits well with how we do business in Cadeler, and what we want to do on a forward-going basis.

Mikkel Gleerup: It is a business that is more and more shifting 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 do business in Cadeler and what we want to do on a forward-going basis. Then there is just a very strong strategic and industrial fit between the two companies because the models, they are very much aligned in terms of what the company is offering. We showed the slide also just on the day of the announcement, but really the hydraulic hammers, 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.

Speaker #2: And then there's just a very strong strategic and industrial fit between the two companies, because the models there are very much aligned, so to speak.

Mikkel Gleerup: Then there is just a very strong strategic and industrial fit between the two companies because the models, they are very much aligned in terms of what the company is offering. We showed the slide also just on the day of the announcement, but really the hydraulic hammers, 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.

Speaker #2: In terms of what the company is offering, we showed the slide also just on the day of the announcement. But really, the hydraulic hammers—that is the main part of the business, and also the biggest part in terms of revenue generation.

Speaker #2: But there are 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 are also a big client.

Mikkel Gleerup: In particular, in lifting and handling, where we also are big clients ourselves for this type of equipment, but also on noise mitigation. Noise mitigation is something that is taking more and more attention in the industry, and I am also pleased to say that Menck has good technical solution for noise mitigation and something that we will continue to develop together. There is also routing and drilling. Routing and drilling is also, in some cases, necessities on foundation projects, and it is good that there are solid technology bases for both of these components for the future projects as well, and something we all together here believe will be positive effects on projects going forward and really increasing efficiency on foundation installation in the industry. For Cadeler, we have been very open about how we see this.

Speaker #2: Ourselves for this type of equipment, but also on noise mitigation. Noise mitigation is something that is getting more and more attention in the industry, and I'm also pleased to say that Mink has good technical solutions for noise mitigation, and it's something that we will continue to develop together.

Speaker #2: There's also routing and drilling. Routing and drilling are also, in some cases, necessities on foundation projects. And it's good that there are solid technology bases for both of these components for future projects as well.

Speaker #2: And something we all together here believe will have positive effects on projects going forward, and really increase efficiency on foundation installation in the industry.

Speaker #2: For Cadeler, we have been very open about how we see this. It is very much like what we have seen with the vessels. We are aiming to build scale.

Mikkel Gleerup: It is very much like we have seen with the vessels, we are aiming to build scale so we can offer client redundancy. I think it is fair to say that we have showed the redundancy, we have showed that it works. We also get the feedback from the clients that the journey that Cadeler has been on is something that is working. It is 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. We have done that already several times in the industry, and we see that that is something the clients, they greatly appreciate.

Speaker #2: So we can offer clients redundancy. And I think it's fair to say that we have shown the redundancy. We have shown that it works.

Speaker #2: We also get feedback from the clients that the journey Cadeler has been on is something that is working. It's also working for them.

Speaker #2: Because if there are 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.

Speaker #2: We have done that already several times in the industry, and we see that that is something the clients greatly appreciate. And we believe that by merging now the vessel with the hammer, in the Cadeler case, that is also something the clients will appreciate, because really we remove one risk interface on their installation campaigns, and it's really one of the risk interfaces that they are worried about.

Mikkel Gleerup: We believe that by merging now the vessel with the hammer, in the Cadeler case, that is also something the clients will appreciate because really we remove one risk interface on their installation campaigns. It is 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 two components, we believe that that is something that will be sought after by the clients out there. I would say also the H1 of this year, it has been very much about executing on projects globally. We continue on Vincella to install in the US. We have been back at Revolution Wind, and we are at Revolution Wind installing the final couple of turbines before we go back to Sunrise again to complete that project.

Speaker #2: And also, if it goes wrong, that will cost a lot of money for the industry, and hence, having the ability to merge the two components—we believe that is something that will be sought after by the clients out there.

Speaker #2: I'll say also, the first half of this year has been very much about executing on projects globally. We continue on Ventilla to install in the US.

Mikkel Gleerup: I would say also the H1 of this year, it has been very much about executing on projects globally. We continue on Vincella to install in the US. We have been back at Revolution Wind, and we are at Revolution Wind installing the final couple of turbines before we go back to Sunrise again to complete that project.

Speaker #2: We have been back at Revolution Wind. We are at Revolution Wind installing the final couple of turbines before we go back to Sunrise again to complete that project.

Speaker #2: On Orca, we are installing the secondary steel for the Hornsea 3 project for ourselves. On Osprey, we are installing EA3 turbines. At a very, very rapid pace, Osprey has done incredibly well on that project.

Mikkel Gleerup: On Orca, we are installing the secondary steel for the Hornsea 3 project for us. On Osprey, we are installing EA3 turbines at a very, very rapid pace. Osprey has done incredibly well on that project. The Wind Mover is installing on the Baltic Power project, and the Wind Maker has done O&M campaign in Asia and is currently also operating on O&M out there. We are bringing Wind Zaratan into a new era, and we are doing some small upgrades to Wind Zaratan to make sure that she can support other parts of the business going forward. We are looking forward to see Wind Zaratan contributing value to the company as we go forward. Wind Ace was delivered, as I said, and currently installing mission equipment. Wind Ally is on Hornsea 3 installing, and very pleased to see what we are doing there.

Speaker #2: The wind mover is being installed on the Baltic Power project. The windmaker has completed an O&M campaign in Asia and is currently also operating O&M out there.

Speaker #2: We are bringing Windfarer 10 into a new era, and we are doing some small upgrades to Windfarer 10 to make sure that she can support other parts of the business going forward. We are looking forward to seeing Windfarer 10 contributing value to the company as we go forward.

Mikkel Gleerup: We are bringing Wind Zaratan into a new era, and we are doing some small upgrades to Wind Zaratan to make sure that she can support other parts of the business going forward. We are looking forward to see Wind Zaratan contributing value to the company as we go forward. Wind Ace was delivered, as I said, and currently installing mission equipment. Wind Ally is on Hornsea 3 installing, and very pleased to see what we are doing there.

Speaker #2: Windace was delivered, as I said, and is currently installing mission equipment. Windali is on Horns Rev 3, installing, and we are very pleased to see what we are doing there.

Speaker #2: And as you will see in a future slide here, we are now going from proof of concept to really doing it—fast and safe.

Mikkel Gleerup: As you will see in a future slide here, we are now going from proof of concept to really doing it fast and safe. That is really what we are aiming for here, and the team has worked tremendously hard to reach the targets that we have. Wind Peak continues on a long-term agreement with this that is doing various work and very positive as well there. Wind Peak has also completed the Sofia project and has subsequently done O&M campaign for Nexra, ultimately for Siemens, but currently working in the Nexra setup. Wind Pace is together with Wind Osprey, installing turbines on the EA3 project. On Hornsea 3, as we said, it is from first to fast. We are still working on further accelerations and efficiencies on the project because we will be doing many projects in the future.

Speaker #2: That is really what we are aiming for here, and the team has worked tremendously hard to reach the targets that we have. And Windkeeper continues on a long-term agreement with Vestas, doing various work and very positive as well there.

Speaker #2: Windpeak has also completed the Sofia project and has subsequently done an O&M campaign for Siemens. They are currently working on the next setup.

Speaker #2: And Windpace is, together with Wind Osprey, installing turbines on the EA3 project. On Hornsea 3, as we said, it's from first to 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 Hornsea are something that we can really implement into the company on a long-term scale.

Mikkel Gleerup: The learnings we get now from Hornsea 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 Hornsea, 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. I think that we are very ambitious in terms of where we want to be. But really the proof of concept, the fact that Cadeler is now installing full-scale foundation projects safely and efficiently, that is something that has taken a lot of work and a great thank you to the team that is continuing to deliver on that. The monopile installation continues, and the secondary steel installation is also on track. The logistics around the project that we are also handling is also progressing.

Speaker #2: It has been an incredible learning journey to be on Hornsea, and I think that we are very positive about where we are. We continue to find improvements that we can benefit from, and that the client can benefit from.

Speaker #2: 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 Cadeler 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.

Mikkel Gleerup: I think that we are very ambitious in terms of where we want to be. But really the proof of concept, the fact that Cadeler is now installing full-scale foundation projects safely and efficiently, that is something that has taken a lot of work and a great thank you to the team that is continuing to deliver on that. The monopile installation continues, and the secondary steel installation is also on track. The logistics around the project that we are also handling is also progressing.

Speaker #2: The monopile installation continues, and the secondary steel installation is also on track. The logistics around the project, which we are also handling, are progressing as well.

Speaker #2: We have three heavy transport vessels on charter, and we have around 100 monopiles that have been loaded into the marshalling port. And really, as I already said, the focus is to continue safe execution on this project, while still finding optimizations.

Mikkel Gleerup: We have three heavy transport vessels on charter, and we have around 100 monopiles that have been loaded into the Maasvlakte port. Really, as I already said, the focus is to continue safe execution on this project while still finding optimizations. 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 bid projects going forward. I am really pleased to see that the team and how they work with this project and also the interaction we have with the client. It is 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.

Speaker #2: 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, and also the way we bid projects going forward.

Speaker #2: I'm really pleased to see the team and how they work with this project, as well as the interaction we have with the client.

Speaker #2: 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.

Speaker #2: In terms of Nextra, I'm also pleased to say that Nextra has seen a pickup in commercial performance, and we have had three vessels working in the Nextra space.

Mikkel Gleerup: In terms of Nexra, I am also pleased to say that Nexra has seen a pick-up in commercial performance, and we have had three vessels working in the Nexra space, Wind Zaratan, Wind Mae, and Wind Peak, that have performed the O&M scopes in Europe and APAC, and we have had more than 230 vessel days that have been working with service. Also that the team in Nexra is working incredibly hard with our clients to secure long-term commitments on the O&M side. We maintain our view on the O&M side. We maintain that this is very interesting for us and also a very solid business and a place that Cadeler very much wants to play a role in the Nexra setup. So we continue full speed ahead on Nexra and are also very positive with what we have seen in the latest months from the clients.

Speaker #2: Windfarer 10, Windmaker, and Windpeak. That have performed O&M spokes in Europe and APEC and we have had more than 230 vessel days that have been working with service and also that the team in Nextra is working incredibly hard with our clients to secure long-term commitments on the O&M side.

Mikkel Gleerup: Also that the team in Nexra is working incredibly hard with our clients to secure long-term commitments on the O&M side. We maintain our view on the O&M side. We maintain that this is very interesting for us and also a very solid business and a place that Cadeler very much wants to play a role in the Nexra setup. So we continue full speed ahead on Nexra and are also very positive with what we have seen in the latest months from the clients.

Speaker #2: We maintain our view on the O&M side. We maintain that this is very, very interesting for us and also a very solid business, and a place that Cadeler very much wants to play a role in the Nextra setup.

Speaker #2: So, we continue full speed ahead on Nextra and are also very, very positive about what we have seen in the latest months from the clients.

Speaker #2: And on the backlog, standing at a two and a half billion as we always say, it's providing a 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 curtains in terms of what is happening out there and why also part of why we are positive around what we are seeing for the future.

Mikkel Gleerup: On the backlog, standing at EUR 2.5 billion, as we always say, it is 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 curtains in terms of what is happening out there and part of why we are positive around what we are seeing for the future because at the moment, we in the category vessel reservation agreement and preferred supplier agreements that are not currently in the backlog, we have three WTIV projects for 2027, 2028, 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 O&M agreement. So a lot of work is at the moment going on to convert these vessel reservation agreements/preferred supplier agreements into firm contract backlog.

Speaker #2: Because at the moment, we are in the category vessel reservation agreement and prefer to buy agreements that are not currently in the backlog, we have three V2G projects for 2027, 2028, and 2031.

Speaker #2: We have a foundation project for 2028. We also have a project for 2031 on both foundation and turbines, and a long-term O&M agreement.

Mikkel Gleerup: We have a foundation project for 2028. We have also a project for 2031 on both foundation and turbines, and also a long-term O&M agreement. So a lot of work is at the moment going on to convert these vessel reservation agreements/preferred supplier agreements into firm contract backlog.

Speaker #2: So, a lot of work is, at the moment, going on to convert these vessel reservation agreements and preferred supplier agreements into firm contract backlog. And I think that the team—it is fair to say—are negotiating at full speed, while we actually see a lot more coming at the moment.

Mikkel Gleerup: 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 from the clients and especially with the announcement of the T-class vessels. We have been in a very, let's say, positive momentum with the clients who would like to understand the capabilities of the T-class vessels and how we can work together with the A-class and the T-class vessels and our foundation, sorry, our turbine installation vessels to ensure a very efficient installation campaign.

Speaker #2: Especially for the beginning of the next decade, we see an enormous appetite from the clients, and especially with the announcement of the T-class vessels, we have been in a very, let's say, positive momentum with the clients who would like to understand the capabilities of the T-class vessels and how we can work together with the A-class and the T-class vessels and our foundation—sorry, our turbine installation vessels—to ensure a very, very efficient installation campaign.

Speaker #2: And with the acquisition of Menk, I think it's also fair to say that we have had very positive conversations with our clients on the combination of the hammer and the vessel, but also with our peers, where several of our peers have reached out to say that they would like to discuss availability of hammers on an ongoing basis. We have also made it very, very clear that this is very, very much our ambition, and we will prove to the market that this is something that we are going to do.

Mikkel Gleerup: With the acquisition of Menck, I think it's also fair to say that we have had very positive conversations with our clients on the combination of the hammer and the vessel, but also with our peers, where several of our peers have reached out to say that they would like to discuss availability of hammers on an ongoing basis. We have also made it very clear that is very much our ambition, and we've recruited to the market that that is something that we are going to do. In terms of the backlog, as I said, around EUR 2.5 billion, 77% of that has reached FID, and there are projects that are currently in the FID process now.

Speaker #2: In terms of the backlog, yeah, as I said, around two and a half billion euro, 77% of that has reached FIB. And there are projects that are currently in the FIB process now.

Mikkel Gleerup: 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 included in the backlog, but we do expect that these projects are en route to be converted to backlog and to projects that we can announce in the not-so-distant future. I will say all in all, a 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. In terms of progress on the newbuilds, now it's newbuild and singular. Before we are starting the T-class vessels, but we are expecting delivery on Wind Apex in the Q2 2027.

Speaker #2: 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 included in the backlog—but we do expect that these projects are en route to be converted to backlog and to projects that we can announce in the not-so-distant future.

Speaker #2: So, I will 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.

Speaker #2: In terms of progress on the new builds, now it's new build in singular. Before, we were starting the T-class vessels, but we are expecting delivery on, when they fix, in the second quarter of 2027.

Speaker #2: This represents an acceleration that we have agreed with COSCO, and that is really to deliver towards the project that you saw in the preferred supplier category.

Mikkel Gleerup: This represents an acceleration that we have agreed with COSCO, and that is really to deliver towards the project that you saw in the preferred supplier category. We have seen that Wind Apex have achieved significant time optimization compared to the first vessel that was delivered, and I think that our collaboration with COSCO is really a fantastic collaboration where we do understand each other, and we can speak about the various things that are going on. That is also why that it was a natural next step for us to award COSCO with the T-class newbuilds that will be delivered in 2030 and 2031. We are looking forward to see them coming to the market as well together with our partners from COSCO. Wind Ace also delivered ahead of schedule and on budget. Again, a very strong performance.

Speaker #2: We have seen that when they fix, they have achieved significant time optimization compared to the first vessel that was delivered. And I think that our collaboration with COSCO is really a fantastic collaboration, where we do understand each other and we can speak about the various things that are going on.

Speaker #2: And that is also why it was a natural next step for us to award COSCO with the T-class newbuilds that will be delivered in 2030 and 2031.

Speaker #2: And we are looking forward to seeing them coming to the market as well, together with our partners from COSCO. They also delivered ahead of schedule and on budget—again, a very strong performance. This is now the 11th vessel that has been delivered, and the second of the three A-class new builds.

Mikkel Gleerup: We are looking forward to see them coming to the market as well together with our partners from COSCO. Wind Ace also delivered ahead of schedule and on budget. Again, a very strong performance. That is now the 11th vessel that has been delivered and the second of the three A-class newbuilds. As we now start to take delivery of the A-class vessels, we will also start to have a fleet of these vessels that can support each other. It is going straight into mobilization with the mission equipment and having soon two vessels that are fully mobilized for foundation installation in a very flexible setup.

Mikkel Gleerup: That is now the 11th vessel that has been delivered and the second of the three A-class newbuilds. As we now start to take delivery of the A-class vessels, we will also start to have a fleet of these vessels that can support each other. It is going straight into mobilization with the mission equipment and having soon two 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 significant flexibility to support potential delays in the industry and also our clients really to ensure that we get these foundations installed on time, on budget. The next vessel coming next year will also be able to do that, although she will start with the turbine installation for the first period of time. Coming to the financial items, I hand over to Peter.

Speaker #2: And as we now start to take delivery of the A-class vessels, we will also start to have a fleet of these vessels that can support each other.

Speaker #2: It is going straight into mobilization with the mission equipment and will soon have two vessels that are fully mobilized for foundation installation in a very flexible setup.

Speaker #2: We believe that this is something that will give us very, very significant flexibility to support potential delays in the industry and also our clients, really, to ensure that we get these foundations installed on time and on budget.

Mikkel Gleerup: We believe that that is something that will give us a very significant flexibility to support potential delays in the industry and also our clients really to ensure that we get these foundations installed on time, on budget. The next vessel coming next year will also be able to do that, although she will start with the turbine installation for the first period of time. Coming to the financial items, I hand over to Peter. Please take it away, Peter.

Speaker #2: 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.

Speaker #2: Coming into the financial highlights, I'll hand over to Peter. So, please take it away, Peter.

Mikkel Gleerup: Please take it away, Peter.

Speaker #1: Yeah, thank you very much, Michael. Focusing on the Q2 standalone, which covers the three months ending 13th of June 2026, we have adjusted the comparable figures from 2025 for the termination fee that we received last year.

Peter Brogaard Hansen: Yeah. Thank you very much, Mikkel. Yeah. Focus on the Q2 standalone last three months ending 13 June 2026. We have adjusted for the comparable figures from 2025 for the termination fee that we received last year in order to be able to compare on a like-to-like basis and the main activity of Cadeler. So we have adjusted here in revenue, EBITDA, and net profit for the EUR 111 million. So revenue for Q2 was EUR 282.8 million. That was a plus as compared to last year of 132%. Equity ratio was a solid 50%, and you can say at a very satisfactory level, nearly 91%. Also up from the adjusted number from last year. Bar debt around EUR 2 billion. EBITDA was EUR 160.6 million, and that is an increase of 106 as compared to last year.

Peter Brogaard: Yeah. Thank you very much, Mikkel. Yeah. Focus on the Q2 standalone last three months ending 13 June 2026. We have adjusted for the comparable figures from 2025 for the termination fee that we received last year in order to be able to compare on a like-to-like basis and the main activity of Cadeler. So we have adjusted here in revenue, EBITDA, and net profit for the EUR 111 million. So revenue for Q2 was EUR 282.8 million. That was a plus as compared to last year of 132%. Equity ratio was a solid 50%, and you can say at a very satisfactory level, nearly 91%. Also up from the adjusted number from last year. Bar debt around EUR 2 billion. EBITDA was EUR 160.6 million, and that is an increase of 106 as compared to last year.

Speaker #1: In order to be able to compare on an average-to-average basis and the main activity of Cadeler, we have adjusted both revenue and net profit here for the €111 million.

Speaker #1: So, revenue for Q2 was €282.8 million. That was an increase compared to last year of 132%. Interest coverage ratio was a solid 50%.

Speaker #1: You can say at a very satisfactory level, nearly 91%, from the adjusted number from last year. Market cap is around €2 billion. EBITDA was €160.6 million, and that is an increase of 106 compared to last year.

Peter Brogaard Hansen: Net profit, EUR 95 million, which is +73% as compared to last year, as explained by Mikkel. Bad debt stands at EUR 2.5 billion, and that is compared to same period last year is up 3%. Three months daily average turnover, EUR 6.9 million. If we look at the Q2 numbers with the full-year P&L, again, we see that revenue is up, and if we adjust for the termination fee last year, it is significantly up and more than doubled. Fleet utilization increased to 85% as compared to 76% last year. That is up from the 48% we had in Q1 this year. So we saw the delivered vessels, and they have been now mobilized and are on contract. The adjusted utilization is at 91% compared to last year comparable number.

Peter Brogaard: Net profit, EUR 95 million, which is +73% as compared to last year, as explained by Mikkel. Bad debt stands at EUR 2.5 billion, and that is compared to same period last year is up 3%. Three months daily average turnover, EUR 6.9 million. If we look at the Q2 numbers with the full-year P&L, again, we see that revenue is up, and if we adjust for the termination fee last year, it is significantly up and more than doubled. Fleet utilization increased to 85% as compared to 76% last year. That is up from the 48% we had in Q1 this year. So we saw the delivered vessels, and they have been now mobilized and are on contract. The adjusted utilization is at 91% compared to last year comparable number.

Speaker #1: Net profit is $95 million, which is up 73% compared to last year, as explained by Mikkel. Backlog stands at $2.5 billion, which is up 23% compared to the same period last year.

Speaker #1: Three months' daily average turnover was €6.9 million. If we look at the Q2 numbers—the full P&L—again, we see that revenue is up, and if we adjust for the termination fee last year, it is significantly up and has more than doubled.

Speaker #1: Fleet utilization increased to 85% as compared to 76% last year. And that is up from the 48% we had in Q1 this year as a result of the delivered vessels and they have been now mobilized and are on contract.

Speaker #1: The adjusted utilization is 91%, compared to last year's comparable number. Cost of sales has increased by €93 million, and that is, of course, driven by the full quarter operating cost base of three additional vessels.

Peter Brogaard Hansen: Cost of sales, it has increased by EUR 93 million, that is, of course, driven by the full quarter operating cost base of three additional vessels. It is the Dania, the Ruwa, and the Tiba. So we have now 10 vessels operating as compared to seven last year. SG&A is increased by EUR 7 million, which reflects the continued scaling of our offices in order to, as we have explained many times, to be able to operate with a bigger fleet, but also the foundation projects. Weighted OPEX is EUR 39,871 thousand per day, which is above the level that we have seen in previous quarters. This is going to be around or just below EUR 4,000 per day.

Peter Brogaard: Cost of sales, it has increased by EUR 93 million, that is, of course, driven by the full quarter operating cost base of three additional vessels. It is the Dania, the Ruwa, and the Tiba. So we have now 10 vessels operating as compared to seven last year. SG&A is increased by EUR 7 million, which reflects the continued scaling of our offices in order to, as we have explained many times, to be able to operate with a bigger fleet, but also the foundation projects. Weighted OPEX is EUR 39,871 thousand per day, which is above the level that we have seen in previous quarters. This is going to be around or just below EUR 4,000 per day.

Speaker #1: It's the Wind Ally with Room and Windkeeper. So we now have 10 vessels operating, compared to 7 last year. SCMA has increased by €7 million.

Speaker #1: This reflects the continued scaling of our offices in order to, as we have explained many times, be able to operate the bigger fleet, but also the foundation projects.

Speaker #1: Vessel OPEX is €39,871 per day, which is above the level that we have seen in previous quarters—recently around just below €40,000 per day.

Peter Brogaard Hansen: If you look for the six months ending 13 June, revenue again more than doubled to EUR 480 million, when we adjust for the EUR 111 million in termination fees, and approximately the same unadjusted availability or utilization for 2026 as compared to H1 2025. Again, adjusted utilization 85% for the six months. Again, the same drivers behind the increase in OPEX cost of sales and then driven by the three additional vessels. Again, the SG&A has increased by EUR 9 million as compared to last year, again, due to the same reason of having a bigger back office to be able to handle the additional vessels and the foundation scope. Again, the EBITDA more than doubled when we adjust for the termination fee, which is a non-recurring income. Balance sheet.

Peter Brogaard: If you look for the six months ending 13 June, revenue again more than doubled to EUR 480 million, when we adjust for the EUR 111 million in termination fees, and approximately the same unadjusted availability or utilization for 2026 as compared to H1 2025. Again, adjusted utilization 85% for the six months. Again, the same drivers behind the increase in OPEX cost of sales and then driven by the three additional vessels. Again, the SG&A has increased by EUR 9 million as compared to last year, again, due to the same reason of having a bigger back office to be able to handle the additional vessels and the foundation scope. Again, the EBITDA more than doubled when we adjust for the termination fee, which is a non-recurring income. Balance sheet.

Speaker #1: If we look at the six months ending 13th of June, revenue again more than doubled to €480 million. When we adjust for the €111 million in termination fees, we see approximately the same unadjusted availability or utilization for 2026 as compared to the first half of 2025.

Speaker #1: And again, adjusted utilization was 85% for the six months. Again, the same dollars are behind the increase in OPEX and cost of sales, and this was driven by the three additional vessels.

Speaker #1: And again, SG&A has increased by $9 million as compared to last year, and again due to the same reason of having a bigger back office to be able to handle the additional vessels and the foundation scope.

Speaker #1: And again, the EBITDA more than doubled when we adjust for the termination fee, which is non-recurrent income. Financially, we now have equity of €1.8 billion.

Peter Brogaard Hansen: Now we have an equity of EUR 1.8 billion, which is, of course, a function of the potential increase that we made on 25 March this year, and then the positive result. Equity ratio stands at 50%, which is a solid balance sheet if you look at that. This slide is the same slide as we have shown before with the CapEx on the newbuilds, but now we have also included the Menck acquisitions in this to illustrate that we are not in need of any capital increase to be able to take over Menck and go through this acquisition. Cash at the end of June was EUR 206 million. We have on-loan facility on the RCF-A and RCF-B of EUR 180. Then in July, we made an additional Holdco Facility with Santander of EUR 40 million, which adds, of course, to available liquidity.

Peter Brogaard: Now we have an equity of EUR 1.8 billion, which is, of course, a function of the potential increase that we made on 25 March this year, and then the positive result. Equity ratio stands at 50%, which is a solid balance sheet if you look at that. This slide is the same slide as we have shown before with the CapEx on the newbuilds, but now we have also included the Menck acquisitions in this to illustrate that we are not in need of any capital increase to be able to take over Menck and go through this acquisition.

Speaker #1: Which is, of course, a function of the capital increase that we made in March 2025 this year, and then the positive result. The equity ratio stands at 50%, which is a solid balance sheet.

Speaker #1: This slide is the same as the one we showed before with the CAPEX on the new principal, and now we have also included the Mint acquisition in this.

Speaker #1: To illustrate that we are not in need of any capital increase to be able to take over Mint and go through this acquisition. As of end of June, it was $206 million.

Peter Brogaard: Cash at the end of June was EUR 206 million. We have on-loan facility on the RCF-A and RCF-B of EUR 180. Then in July, we made an additional Holdco Facility with Santander of EUR 40 million, which adds, of course, to available liquidity.

Speaker #1: We have all underground facility on the RCFs, A and B, of €180 million. Then in July, we made an additional Hong Kong facility with Santander of €40 million, where we, of course, add to available liquidity.

Peter Brogaard Hansen: Menck transaction. We got a bridge facility of EUR 380 million from DNB and Rabobank, which was then used for the payment of Menck, around EUR 500 million. We are having the new bits still. We have the A-class financing, EUR 510 million, and A-class OPEX in our capital system, the EUR 425. Then we are going to make a down payment from the ordering of the two classes of EUR 121 million, actually. It is not stated here, but it is EUR 121 million. Or it is EUR 120, it says in the call-out. Net liquidity leaves us with EUR 280, and then the Menck facility needs to be repaid at some point of time.

Peter Brogaard: Menck transaction. We got a bridge facility of EUR 380 million from DNB and Rabobank, which was then used for the payment of Menck, around EUR 500 million. We are having the new bits still. We have the A-class financing, EUR 510 million, and A-class OPEX in our capital system, the EUR 425. Then we are going to make a down payment from the ordering of the two classes of EUR 121 million, actually. It is not stated here, but it is EUR 121 million. Or it is EUR 120, it says in the call-out. Net liquidity leaves us with EUR 280, and then the Menck facility needs to be repaid at some point of time.

Speaker #1: Main transaction: we got a pitch facility of €380 million from DNB and Rabobank, which was then used for the payment of Mint, around €500 million.

Speaker #1: So then, we are still having the new build. We have the A-class finance of $510 million, and A-class OPEX or CAPEX is $425 million.

Speaker #1: And then we are going to make a down payment following the ordering of the T-class vessel of €112 million. Actually, it's not stated here, but it's €121 million, or it's €120 million—it says in the quarter.

Speaker #1: So, net liquidity leaves us with $280 million, and then the mint facility needs to be repaid at some point in time. We have assumed, based on negotiations, an additional or a takeout facility of $250 million.

Peter Brogaard Hansen: We have, on a transient basis, a negotiating of an additional or a send-out facility of EUR 250 million. We will finance the rest of the EUR 380 million where we have a bridge facility by the cash that we have available on hand. That leaves us with EUR 150 million. This is a point of time, a snapshot, and it does not include the operational cash flow that will be running in the coming months and will also contribute to the repayment of the Holdco Facility. It also only includes, of course, the first down payments at ordering on the T-class, where it says 15%, because the rest of the installments will come in 2028 and 2029, and for the majority within one year of delivery. This should hopefully make it clear for everybody that we will not have to do a capital increase for the Holdco Facility.

Peter Brogaard: We have, on a transient basis, a negotiating of an additional or a send-out facility of EUR 250 million. We will finance the rest of the EUR 380 million where we have a bridge facility by the cash that we have available on hand. That leaves us with EUR 150 million. This is a point of time, a snapshot, and it does not include the operational cash flow that will be running in the coming months and will also contribute to the repayment of the Holdco Facility.

Speaker #1: i.e., we will finance the rest of the $380 million we have in bridge facility by the cash that we have available on hand. That leaves us with $150 million.

Speaker #1: This is, you know, a point in time—a snapshot—and it doesn't include the operational cash flow that will be running in in the coming months and will also contribute to the repayment of the mint facility.

Speaker #1: And also, only to include, of course, the first down payments at ordering on the T-class vessels—that is, 15%. Because the rest of the installments will come in 2028 and 2029, and for the majority, will be within one year of delivery.

Peter Brogaard: It also only includes, of course, the first down payments at ordering on the T-class, where it says 15%, because the rest of the installments will come in 2028 and 2029, and for the majority within one year of delivery. This should hopefully make it clear for everybody that we will not have to do a capital increase for the Holdco Facility.

Speaker #1: So this should hopefully make it clear for everybody that we will not have to do a capital increase following the Mint acquisition. This is the financing overview.

Peter Brogaard Hansen: This is the financing overview. What has happened since last quarter is that we have signed the Wind Apex facility, was signed 10 July. It was syndicated and ECA backed by IFC. We have extended RCF-B until December 2027, and then we have upsized the Holdco Facility, which is entered here. That is the financing overview as of Q3. Full year outlook. This first will be said, it is without Menck acquisition, so it cannot stand alone. We will communicate on the impact from Menck later in the coming months when we have the full overview of the impact. We maintain the outlook for 2026, so revenue in the range of EUR 854 million to EUR 944 million. The EBITDA still in the level of EUR 420 million to EUR 510 million. That was the financials. Over to you, René.

Peter Brogaard: This is the financing overview. What has happened since last quarter is that we have signed the Wind Apex facility, was signed 10 July. It was syndicated and ECA backed by IFC. We have extended RCF-B until December 2027, and then we have upsized the Holdco Facility, which is entered here. That is the financing overview as of Q3. Full year outlook. This first will be said, it is without Menck acquisition, so it cannot stand alone.

Speaker #1: What has happened since last quarter is that we have signed the APEX facility. We're signing terms in July—it was syndicated and ECA-backed by IFO.

Speaker #1: We have accepted the RCFB until December 2027, and then we have upsized the Hong Kong facility with Santander. So that is the financing overview as of 3 June.

Speaker #1: The full-year outlook—this has to be said—is without the Mint acquisition, so it's a catalog standalone. We will communicate newly later on the impact from Mint.

Peter Brogaard: We will communicate on the impact from Menck later in the coming months when we have the full overview of the impact. We maintain the outlook for 2026, so revenue in the range of EUR 854 million to EUR 944 million. The EBITDA still in the level of EUR 420 million to EUR 510 million. That was the financials. Over to you, René.

Speaker #1: Later in the coming months, when we have the full overview of the impact, we maintain the outlook for 2026, so revenue in the range of 854 to 944.

Speaker #1: And the EBITDA is still in the range of 420 to 510. So that was the financials. Over to you, Megan.

Speaker #2: Yeah. Back to the commercial outlook, where I think we're getting a lot of questions on how we see the market developing and what it is we are talking to our clients about.

Mikkel Gleerup: Back to the commercial outlook, where I think that we are getting a lot of questions on how we see the market developing and what is it we are talking to our clients about. 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 2029, some of them are starting in 2030, 2031, 2032. Overall, we do see a very, let us say, sharp uptick in client activity at the moment for these years. I think it is also clear from what we in general discuss that there will be a lot of need for electricity, and one of the solutions for that will be offshore wind, and we believe it will be a firm part of that.

Speaker #2: And I think, as I already said, we are seeing a lot of activity at the moment, and we also see that our clients are really coming to us now for projects that are starting—some of them are starting in 2029.

Speaker #2: Some of them are starting in 2030, 2031, 2032. But overall, we do see a very, very—let's say—sharp uptick in client activity at the moment.

Mikkel Gleerup: Overall, we do see a very, let us say, sharp uptick in client activity at the moment for these years. I think it is also clear from what we in general discuss that there will be a lot of need for electricity, and one of the solutions for that will be offshore wind, and we believe it will be a firm part of that.

Speaker #2: 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 one of the solutions for that will be offshore wind, and we believe it will be a firm part of that.

Speaker #2: We have also seen that, with some of the recent geopolitical tensions, the importation of fossil fuels is not as straightforward as it maybe once was.

Mikkel Gleerup: We have also seen that with some of the recent geopolitical tensions, that the importation of fossil fuels is not as straightforward as it maybe once was. Hence, there is really a focus on energy security at the moment that is also building a stronger momentum for renewable energy sources that are locally produced electrons in, for example, Europe. That is something we do see having an impact, both from a political point of view, but also in general amongst our clients that are being strongly incentivized to do that. We see that by auctions that are being adapted to be more developer-friendly, and we think that that is the right direction to go in. We saw that Denmark had successful auctions now after having shifted over to a CFD scheme. I think that the successful auctions were also, let us say, at recipe price.

Speaker #2: And hence, there is really a focus on energy security at the moment that is also building a stronger momentum for renewable energy sources—that are locally produced electrons, in, for example, Europe. That is something we do see having an impact both from a political point of view, but also in general amongst our clients, who are being strongly incentivized to do that.

Speaker #2: And we see that by auctions that are being adapted to be more developer friendly, and we think that that is the right direction to go in. And we saw that Denmark had successful auctions.

Mikkel Gleerup: We see that by auctions that are being adapted to be more developer-friendly, and we think that that is the right direction to go in. We saw that Denmark had successful auctions now after having shifted over to a CFD scheme. I think that the successful auctions were also, let us say, at recipe price.

Speaker #2: Now, after having shifted over to a CFD scheme, 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.

Mikkel Gleerup: That is something that we have also discussed quite a lot. One thing I would like to note is that in terms of projects being awarded in the market, we have already seen in 2026 more projects awarded than what we saw in 2025 on a gigawatt basis, and with more to come. We do expect also that 2027 will be a very strong year as well. So after a slightly, let's say, downward trend, especially for the years we have already discussed, 2028 and H1 2029, where Cadeler's position still is that we are confident on 2028 and H1 2029. 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 H2 2029 and 2030, 2031, and so on.

Speaker #2: But one thing I would like to note is that, in terms of projects being awarded in the market, we have already seen in 2026 more projects awarded than what we saw in 2025 on a gigawatt basis.

Speaker #2: And with more to come. We also expect that 2027 will be a very, very strong year as well. So, after a slightly, let's say, downward trend—especially for the years we have already discussed—2028 and the first half of 2029.

Speaker #2: Where Cataler’s position still is, we are confident on 2028 and the first half of 2029. We have done good work to make sure that we have a very strong baseline there.

Speaker #2: But now we are seeing an uptick that will especially impact the second half of 2029, as well as 2030, 2031, and so on. In terms of supply and demand, we also maintain our view that, on the foundation vessel demand, there is very, very strong demand for efficient vessels.

Mikkel Gleerup: In terms of supply and demand, we maintain also our view that on the foundation vessel demand, there is a very strong demand for efficient vessels. This is what we hear again and again from the clients, is that efficiency really matters, and if a solution is efficient, then that is the preferred solution. There is 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 fast, and they will be taken away first as well. We have also included the hammer demand in the slide here to give a view on what we are seeing, because the hammers are not exactly following the same as the vessel, although a vessel installing a foundation project needs a hammer.

Speaker #2: This is what we hear again and again from the clients: efficiency really matters, and if a solution is efficient, then that is the preferred solution.

Speaker #2: 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 fast, and they will be taken away first as well.

Speaker #2: We have also included the hammer demand on the slide here to give a view on what we are seeing, because the hammers are not exactly following the same as the vessel.

Speaker #2: Although a vessel installing a foundation project needs a hammer, there are also hammers that need to transit between regions and have downtime for maintenance and stuff like that.

Mikkel Gleerup: There are also hammers that need to transit between regions and have the downtime for maintenance and stuff like that. 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 efficiently for the clients, because there has been a real risk that vessels potentially would not be able to work simply due to inability of equipment to install foundations. Why is that so? That is simply because the ownership structure of these companies have not been focusing on aggressive outbuild of the equipment needed, but maybe more on housing the cash in these businesses. Hence, we need to make sure that there is enough equipment ready for what we are coming with in the beginning of the next decade, with five vessels potentially operating side by side.

Speaker #2: And that is why we believe that there will be a need for a serious re-evaluation of the needs in this space to ensure that the efficient vessels can work efficiently for the clients, because there has been a real risk that vessels potentially would not be able to work simply due to unavailability of equipment to install foundations.

Speaker #2: And why is that so? That is simply because the ownership structure of these companies has not been focusing on aggressive outbuild of the equipment needed, but maybe more on harvesting the cash in these businesses.

Mikkel Gleerup: Why is that so? That is simply because the ownership structure of these companies have not been focusing on aggressive outbuild of the equipment needed, but maybe more on housing the cash in these businesses. Hence, we need to make sure that there is enough equipment ready for what we are coming with in the beginning of the next decade, with five vessels potentially operating side by side.

Speaker #2: And hence, we need to make sure that there is enough equipment ready for what we are coming with at the beginning of the next decade, with five vessels potentially operating side by side.

Speaker #2: 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 were seeing 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.

Mikkel Gleerup: Also our peers, that definitely have demand and a demand that we would very much like to help them supply. As we were seeing 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. Cadeler now stands at 14 vessels with the two T-classes now being firmly added with firm orders with the shipyard. 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 reduce risks that they really appreciate and what we are also getting very positive, let's say, credit for from the clients at the moment.

Speaker #2: Cadeler now stands at 14 vessels, with the two T classes now being firmly adequate firm orders with the shipyards. And I think that, as we have said in the past, it really gives us the flexibility, the redundancy, and for the clients, really the reduced risks that they appreciate—and what we are also getting very positive, let’s say, credit for from the clients at the moment.

Speaker #2: If we do look at what are efficient installation vessels, then the picture looks slightly different, and that is why we do maintain the view that there is still a very, very high demand for these vessels that are efficient installers in the industry. Because we do see, when we come into the next decade, that a lot of the vessels will simply not be able to install efficiently, or will simply just be hitting the 25-year mark and hence will have to look at retirement from the industry.

Mikkel Gleerup: If we do look at what are efficient installation vessels, then the picture looks slightly different, and that is why we do maintain the view that there is still a very high demand for these vessels that are efficient installers in the industry. Because we do see as we come into the next decade, that a lot of the vessels will simply not be able to install efficiently or simply just hitting the 25-year mark and hence having to look at retirement from the industry. In terms of our growth journey, I think it is evident to anyone that is what we have been focusing on to be able to deliver a very strong customer offering and also a very strong, let us say, value back to our investors with what we are doing.

Speaker #2: In terms of our growth journey, I think it's evident from 2021 that 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.

Speaker #2: And I think that today's numbers also show that the growth journey is on plan and that what we are trying to do is working.

Mikkel Gleerup: I think that today's numbers also show that the growth journey is on 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 Menck acquisition, but also with the O&M offering. We do start to see the effects of the O&M offering. As you saw from the backlog slide, we also now are preferred supplier for one of these long-term O&M agreements, which we believe will be very accretive to the whole Cadeler story. Organic and inorganic growth, I think we have done both just a couple of weeks ago, so I think it is self-explanatory.

Speaker #2: But really, the focus has been on the vertical and horizontal expansion, and here we really are deepening our foundation offering with the main acquisition, but also with the O&M offering.

Speaker #2: And we do start to see the effects of the O&M offering, and as you saw from the backlog slide, we are also now our preferred supplier for one of these long-term O&M agreements, which we believe will be very accretive to the whole Cadeler story.

Speaker #2: And organic and inorganic growth—I think we have done both just a couple of weeks ago—so I think it’s self-explanatory, but that is where our focus has been.

Mikkel Gleerup: But that is where our focus has 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. I think we have had many good examples this year of discussions with clients on potential things that they would like to use us for. I think that that is something we will see continuing both in the short, the mid, and the long term, with a, as you saw in the previous slide, very strong focus on securing some of these huge projects out in the future. On regional expansion, we are constantly focusing on being present.

Speaker #2: 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.

Speaker #2: And I think we have had many good examples this year of discussions with clients on potential things that they would like to use us for.

Speaker #2: And I think that is something we will see continuing both in the short, mid, and long term, with, as you saw in previous slides, a very strong focus on securing some of these huge projects out in the future.

Speaker #2: 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. 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.

Mikkel Gleerup: 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. The commercial team has done remarkably well in getting us into the right position in these new markets. There is also a very strong focus in the company at the moment on monitoring and applying new technologies. We are actively 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 pre-project to ensure that we had a better view of how the vessels were performing on the program.

Speaker #2: There's also a very strong focus in the company at the moment on monitoring and applying new technologies. We are actively starting to work with AI on some of our data handling to ensure that we are more efficient in how we analyze the thousands of data points that we have from projects and pre-projects, to ensure that we have a better view of how the vessels will be performing on the program.

Mikkel Gleerup: There is also a very strong focus in the company at the moment on monitoring and applying new technologies. We are actively 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 pre-project to ensure that we had a better view of how the vessels were performing on the program.

Speaker #2: This is something that we will communicate more about in the future, but also something that we will be starting to use on a more integrated basis in the company.

Mikkel Gleerup: This is something that we will communicate more about 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. I think that it is fair to say that we now see really the first real steps into using AI in our whole structuring of this and programming with analyzing these many data points. It also goes with our Menck 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 Menck and Cadeler can deliver a very high value to our clients on their projects.

Speaker #2: 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 are now seeing really the first real steps into using AI in our whole structuring of bids and programming, with analyzing these many, many data points.

Speaker #2: And it also goes with our main acquisition, where we will be sitting on 50 million data points on pile driving, which we would also like to have to build a model around, so we can ensure that both Main and Cadeler can deliver very, very high value to our clients on their projects.

Speaker #2: And then, of course, continuing what we have always done—focusing on strategic partnerships with our clients. Also, after the main acquisition, with a new group of clients, which is 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 Cadeler is that we basically can work with anyone. That is more evident than ever after the main acquisition.

Mikkel Gleerup: Then, of course, continuing what we have always done, focusing on strategic partnership with our clients. Also after the Menck acquisition with a new group of clients, which is our peers. We have worked together with our peers for many years in many different ways. I have always said that the beauty in Cadeler is that we basically can work with anyone, and that is more evident than ever after the Menck acquisition. We will do our part to really make sure that not only can our peers get the 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 past. That is very much our ambition and also what we are currently discussing with our peers.

Speaker #2: And we will do our part to really make sure that not only can our peers get the 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 past and in the future story.

Speaker #2: So that is very much our ambition and also what we are currently discussing with our peers, and we will also be coming out with a very strong governance model to give them the feel-good feeling around that, as they rightly would us.

Mikkel Gleerup: We will be also coming out with a very strong governance model to give them the feel-good feeling around that, as they rightly would expect from us. Just in terms of executing on growth in 2026, I think we have ordered the two new T-class vessels, has been a very tough negotiation. One of the toughest ever, I think. The yards are in a situation where they are basically fully booked. There is a lot of activity in the yards. There is a lot of competition from other industries. To have the two T-class vessels now signed and ready for delivery in 2030 and 2031, it is a real milestone for everybody that has worked on this in Cadeler. It has not been easy.

Speaker #2: And just in terms of executing on growth in 2026, I think we have ordered the two new T-class vessels. It has been a very, very tough negotiation—one of the toughest ever. I think the yards are in a situation where they're basically fully booked.

Speaker #2: There's a lot of activity in the yards. There's a lot of competition from other industries. And to have the two T-class vessels now signed and ready for delivery in 2030 and 2031, it's a real milestone for everybody that's worked on this in Cadeler.

Speaker #2: It has not been easy the positive thing is that it will also not be easy for our competitors and I think that we will see that that will be displayed going forward I think and I think that it will be very very hard to order additional capacity.

Mikkel Gleerup: The positive thing is that it will also not be easy for our competitors. I think that we will see that potential will be displayed going forward, I think. I think that it will be very hard to order additional capacity. Scraplution, we have announced that, and we are still working full speed on that, building the team at the moment. We will be announcing also on the assets side of that business as soon as we are ready to do that. Then last, but certainly not least, welcome to all our new colleagues from Menck. We are very pleased with this acquisition. We believe that the combined value proposition of the two companies will be better together than it would have been on a standalone basis.

Speaker #2: Scar protection—we have announced that, and we are still working full speed on that, building the team at the moment. We will be announcing also on the assets side of that business as soon as we're ready to do that.

Speaker #2: And then, last but certainly not least, welcome to all our new colleagues from Mainz. We are very, very pleased with this acquisition. We believe that the combined value proposition of the two companies will be better together than it would have been on a standalone basis. From the conversations we have had so far with the Mainz team, we are also incredibly positive about how motivated they are with this new journey. We will continue to visit locations, come around, and speak to all of you. It's been really good.

Mikkel Gleerup: From the conversations we have had so far with the Menck team, we are also incredibly positive by how motivated they are with this new journey. We will continue to visit locations and come around and speak to all of you, and it has been really good. Last but not least, in terms of the key investment highlights, we maintain the largest, most capable, and versatile fleet and mission-critical equipment. 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.

Speaker #2: So last but not least, in terms of the key investment highlights, we maintained the largest, most capable, and most versatile fleet 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.

Speaker #2: We have a global reach and experience, and we are now the company that has installed the most foundations of any company in the industry. We continue to see a structural undersupply and increasing market demand, as demonstrated by the number of preferred supplier agreements and vessel reservation agreements that we are talking about today.

Mikkel Gleerup: We continue to see a structural undersupply and an increasing market demand, demonstrated also by the amount of preferred supplier agreements and vessel reservation agreements that we are talking about today. So we are in a very solid position. 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. With that said, I think that we move into the Q&A. Danielle, please take over.

Speaker #2: 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.

Speaker #2: So, with that said, I think we can move into the Q&A. Daniel, please take over.

Speaker #1: Thank you. At this time, we invite those analysts wishing to ask a question to click on the raised hand button, which can be found on the black bar at the bottom of your screen.

Operator: Thank you. At this time, we invite those analysts wishing to ask a question to click on the raise hand button, which can be found on the black bar at the bottom of your screen. You may remove yourself from the queue at any time by lowering your hand. When it is your turn, you will hear your name called, and you will receive a prompt to be promoted. Please accept this prompt, wait a moment, and once you have been promoted, you may unmute yourself and ask your question. We encourage you to turn your video on as well. We will wait one moment to allow the queue to form. Our first question comes from Anders Rosenlund at SEB. You may now unmute your line and ask your question. Thank you. Our first question today will come from Jamie Franklin, rather, at Jefferies.

Speaker #1: You may remove yourself from the queue at any time by lowering your hand. When it is your turn, you will hear your name called and you will receive a prompt to be promoted.

Speaker #1: Please accept this prompt, wait a moment, and once you've been promoted, you may unmute yourself and ask your question. We encourage you to turn your video on as well.

Speaker #1: We'll wait one moment to allow the queue to form. Our first question comes from Anders Rosalund at SEB. You may now unmute your line and ask your question.

Operator: Our first question comes from Anders Rosenlund at SEB. You may now unmute your line and ask your question. Thank you. Our first question today will come from Jamie Franklin, rather, at Jefferies. Jamie, you may now unmute your line and ask your question. Thank you.

Speaker #1: Thank you. Our first question today will come from Jamie Franklin, rather at Jefferies. Jamie, you may now unmute your line and ask your question.

Operator: Jamie, you may now unmute your line and ask your question. Thank you.

Speaker #1: Thank you.

Speaker #3: Hey guys, thanks for taking my question. It's great to see that, obviously, second quarter utilization really kind of stepped up. I just wanted your help with understanding how to think about vessel utilization through the remainder of the year.

Jamie Franklin: Hey, guys. Thanks for taking my question. Great to see, obviously, Q2 utilization really kind of stepped up. Just wanted your help with kind of how to think about vessel utilization through the remainder of the year. Could we expect a similar level in Q3 and Q4 or based on current scheduling, is there any reason that utilization may be any lower in the third and fourth quarters? 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 good progress on the monopiles. I would expect that is continuing through the third quarter. Is it right to think about the turbine installation kicking off at the start of the fourth quarter? Thank you.

Speaker #3: Could we expect a kind of similar level in 3Q and 4Q or based on you know current scheduling? Is there any reason that utilization may be any lower in the third and fourth quarters?

Speaker #3: And then, thinking more specifically about Horn C3, 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?

Speaker #3: Clearly, good progress on the monopoles. 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?

Speaker #3: Thank you.

Speaker #2: 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.

Mikkel Gleerup: 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 2026. There is a lot of activity going on and, yeah, that is clearly our expectation. On Hornsea 3, the program on Hornsea 3 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 question mark. But we are very positive with what we have achieved. Of course, in the beginning on such a project when you are learning, there are some big low-hanging fruits that you are picking and then the fruits become smaller and smaller. But we continue because we are ambitious in this space.

Speaker #2: There's a lot of activity going on, and yes, that's clearly our expectation. On Horn C3, the program on Horn C3 is what we basically have discussed already and has not changed as such.

Speaker #2: We are, as I said, focusing on speeding up, and where we end exactly with the speed is still a little bit of a question mark, but we are very positive with what we have achieved.

Mikkel Gleerup: We are, as I said, focusing on speeding up and where we end exactly with the speed, that is still a little bit a question mark. But we are very positive with what we have achieved. Of course, in the beginning on such a project when you are learning, there are some big low-hanging fruits that you are picking and then the fruits become smaller and smaller. But we continue because we are ambitious in this space.

Speaker #2: Of course, in the beginning of such a project, when you are learning, there are some big low-hanging fruits that you are picking. Then the fruits become smaller and smaller, but we continue because we are ambitious in this space, also because it is something that we will continue to learn for the next project.

Mikkel Gleerup: Also because it is something that we will continue to learn for the next project we assign EA2 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 catch on Hornsea, that is something that we can really bring into the company. 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 safe performance. Again, it is from first to fast that we are looking at here now, and we are already pretty fast, but we want to potentially be even faster on that project. In terms of the turbine installation, turbine installation remains on track.

Speaker #2: We are starting year two in the not so distant future. We have other projects that are being started you know in the not so distant future and hence the learnings that we capture now from Horn C that is something that we can really bring into the company and it is a mindset change you know 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 safe performance.

Speaker #2: So again, it is from first to fast that we are looking at here now, and we are already pretty fast, but we want to potentially be even faster on that project.

Mikkel Gleerup: Again, it is from first to fast that we are looking at here now, and we are already pretty fast, but we want to potentially be even faster on that project. In terms of the turbine installation, turbine 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.

Speaker #2: And in terms of turbine installation, turbine 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.

Mikkel Gleerup: That is also the ambition of everyone that we are starting the turbine installation as per what has already been contracted.

Speaker #3: Okay, very helpful. Thank you. And then secondly, just thinking ahead to 2028—you mentioned, obviously, the preferred supplier agreement, which hopefully will convert to a firm contract.

Jamie Franklin: Okay. Very helpful. Thank you. Secondly, just thinking ahead to 2028. You mentioned obviously the preferred supplier agreement, which hopefully will convert to a firm contract. Also there is a turbine project for 2027, 2028 that could convert as well. Just wondering if there is much else you are working on and any other sort of potential additions for 2028 at this point. Thank you.

Speaker #3: 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.

Speaker #3: Thank you.

Speaker #2: I think the short answer is yes, but I think that they will be slightly later. And I think also there are extensions on current projects that are running into '28, which is not something that we included in this, but we have seen extensions on current projects also running further into '28 than was previously expected.

Mikkel Gleerup: I think the short answer is yes, but I think that they will be slightly later. I think also there are extension on current projects that are running into 2028, which is not something that we include in this. But we have seen extension on current projects also running further into 2028 than was previously expected. I think all in all, I maintain what I said, we believe that the baseline is strong, and there are more to achieve in 2028. As we have said before, we believe that there will be additional work or progress as we get closer to 2028.

Speaker #2: So, I think all in all, I mean, saying what I said, we believe that the baseline is strong and there is more to achieve in '28. But as we have said before, we believe that there will be additional work of progress as we get closer to '28.

Speaker #3: Okay, very clear. Thanks. That's all from me. I'll turn it over. Thank you.

Jamie Franklin: Okay. Very clear. Thanks. That is all from me. I will turn it over. Thank you.

Speaker #2: Thank you.

Mikkel Gleerup: Thank you.

Speaker #1: Thank you. Our next question today comes from Anders Rosalund at SEB. You may now unmute your line and ask your question.

Operator: Thank you. Our next question today comes from Anders Rosenlund at SEB. You may now unmute your line and ask your question.

Speaker #3: Thank you. Can you hear me now? Excellent.

Anders Rosenlund: Thank you. Can you hear me now? Excellent.

Mikkel Gleerup: Yes. Now we can hear you, Anders. Yes.

Speaker #2: Yes we are.

Speaker #3: I had some problems with the technical solution, but anyhow, can you break down the backlog for the years 2026, 2027, and 2028?

Anders Rosenlund: I had some problems with the technical solution. Anyhow, can you break down the backlog for the years 2026, 2027, and 2028?

Mikkel Gleerup: Yes, I can. We don't

Speaker #2: Yes, I can, but we don't, okay.

Anders Rosenlund: Okay. Then I have a question on the financials. Depreciation was up meaningfully in Q2, and I assume that is partly explained by the A-class vessel having 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?

Speaker #3: Then I have a question on the financials. Depreciation was up meaningfully in the second quarter, and I assume that's partly explained by the A-class vessel having a full quarter of depreciation in Q2.

Speaker #3: Is the depreciation level that we saw in Q2 the run rate we should expect going forward, say, for additional vessels being delivered?

Peter Brogaard Hansen: Yes. You should expect that. There can be also probably something from project equipment that is capitalized and then depreciated over the lifetime of the asset. Yes, we could expect the same levels, but then adjusted for full year impact and Wind Ace coming in now and next year.

Peter Brogaard: Yes. You should expect that. There can be also probably something from project equipment that is capitalized and then depreciated over the lifetime of the asset. Yes, we could expect the same levels, but then adjusted for full year impact and Wind Ace coming in now and next year.

Speaker #2: Yes, you should expect that. There can also be something coming from project equipment that is capitalized and then depreciated over the lifetime of the asset.

Speaker #2: But yes, we could expect the same levels, but then adjusted for the full-year impact and ACE coming in now, and Apex next year.

Speaker #3: Yeah. There are no impairments in the second quarter impacting depreciation and compensation.

Anders Rosenlund: Yeah. There are no impairments in Q2 impacting depreciation and amortization?

Peter Brogaard Hansen: Sorry?

Peter Brogaard: Sorry?

Speaker #2: Sorry.

Speaker #3: There are no impairments in the second quarter.

Anders Rosenlund: There are no impairments in the Q2?

Peter Brogaard Hansen: No. No impairments at the moment. No. We have not done any.

Peter Brogaard: No. No impairments at the moment. No. We have not done any.

Speaker #2: No, no, no impairments at all. No. We have not done any.

Speaker #3: Thank you very much.

Anders Rosenlund: Okay. Thank you very much.

Speaker #2: Thank you.

Peter Brogaard Hansen: Thank you.

Peter Brogaard: Thank you.

Speaker #3: Thank you.

Anders Rosenlund: Thank you.

Speaker #1: Thank you. As a reminder, to ask a question today you can click on the raised hand button, which can be found on the black bar at the bottom of your Zoom screen.

Operator: Thank you. As a reminder today, to ask a question, you can click on the raise hand button, which can be found on the black bar at the bottom of your Zoom screen. Our next question today comes from Audrey Zhong at China Securities. Audrey, you may now unmute your line and ask your question. Thank you.

Speaker #1: And our next question today comes from Audrey Zhong at China Securities. Audrey, you may now unmute your line and ask your question. Thank you.

Audrey Zhong: Hi. Good afternoon. This is Audrey from China Securities, and thank you for taking my question. Actually my question is, we observed that Cadeler is trying to become a comprehensive platform rather than just a wind turbine installation company. We observed that you still have approximately EUR 425 million of remaining commitments for the A-class vessels. You have recently ordered two T-class vessels for EUR 805 million. Also you acquired Menck at an enterprise value of EUR 500 million and have confirmed that the scour protection investment plan remains intact. Actually, my question is it necessary to pursue all of these investments 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? Thank you.

Audrey Zong: Hi. Good afternoon. This is Audrey from China Securities, and thank you for taking my question. Actually my question is, we observed that Cadeler is trying to become a comprehensive platform rather than just a wind turbine installation company. We observed that you still have approximately EUR 425 million of remaining commitments for the A-class vessels. You have recently ordered two T-class vessels for EUR 805 million. Also you acquired Menck at an enterprise value of EUR 500 million and have confirmed that the scour protection investment plan remains intact. Actually, my question is it necessary to pursue all of these investments 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? Thank you.

Speaker #4: Hi, good afternoon. This is Audrey from China Securities, and thank you for taking my question. Actually, my question is: we observe that Cadeler is trying to become a comprehensive platform rather than just a turbine installation company.

Speaker #4: And we observe that you still have approximately €425 million of remaining commitment for the A-class vessels. And you have recently ordered two T-class vessels for about €805 million.

Speaker #4: And also, you acquired Munk at an enterprise value of around €500 million, and has confirmed that the SCALP protection investment plan remains intact.

Speaker #4: 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?

Speaker #4: And from which year do you expect each of them to generate returns above the cost of capital? Thank you.

Peter Brogaard Hansen: Yeah. It does not come at the same time, so to speak, because Menck, of course, we have already paid the acquisition price. On the new buildings, it follows a certain schedule. As said under the presentation, we have taken the delivery of Ace now and paid the final installment for that. So Menck and Ace is done. Then there are some remaining CapEx on the Wind Apex coming in next year. On the T-class vessels, we will down pay now an order in EUR 120 million, but then next installment or substantial installment is in 2030 and 2031 when they are delivered. Also somehow answers the same question. Your follow-up on this is when will they start to generate value? Ace will start to generate value early 2027 when it goes on projects that it is mobilized for.

Peter Brogaard: Yeah. It does not come at the same time, so to speak, because Menck, of course, we have already paid the acquisition price. On the new buildings, it follows a certain schedule. As said under the presentation, we have taken the delivery of Ace now and paid the final installment for that. So Menck and Ace is done. Then there are some remaining CapEx on the Wind Apex coming in next year. On the T-class vessels, we will down pay now an order in EUR 120 million, but then next installment or substantial installment is in 2030 and 2031 when they are delivered. Also somehow answers the same question. Your follow-up on this is when will they start to generate value? Ace will start to generate value early 2027 when it goes on projects that it is mobilized for.

Speaker #2: Yeah, yeah. It doesn't come at the same time, so to speak, because Munk, of course, we have already paid the position price, but on the new buildings it follows a certain schedule.

Speaker #2: So, as said during the presentation, we have taken delivery of ACE now and paid the final installment for that. So Munk and ACE are done.

Speaker #2: Then there are some remaining capex on Apex coming next year. On the T-class vessels, we will downpay now at ordering €120 million, but then the next installment, or substantial installment, is in 2030 and 2031 when they are delivered.

Speaker #2: And also, to somehow answer the same question, your follow-up on this is: when will they start to generate revenue? ACE will start to generate revenue early '27 when it goes on project.

Speaker #2: That is mobilized for. At the moment, Munk is generating positive income and cash flow from operations from the 11th of August, so already kicking in.

Peter Brogaard Hansen: At the moment, Maersk is generating positive income and cash flow from operations, from deliveries of our orders. So already kicking in. The T-class vessels, the majority of the CapEx is in 2030 and 2031, and then they will start to generate cash six to nine months after delivery. So it is a little bit more nuanced picture and some of the cost is also deferred. We do not disclose what is the requirement for return of capital, but we find that all these systems very attractive when we look at the IRR on these projects.

Peter Brogaard: At the moment, Maersk is generating positive income and cash flow from operations, from deliveries of our orders. So already kicking in. The T-class vessels, the majority of the CapEx is in 2030 and 2031, and then they will start to generate cash six to nine months after delivery. So it is a little bit more nuanced picture and some of the cost is also deferred. We do not disclose what is the requirement for return of capital, but we find that all these systems very attractive when we look at the IRR on these projects.

Speaker #2: And then the T-class vessels—the majority of the CapEx is in 2030 and 2031, and then they will start to generate cash 6 to 9 months after delivery.

Speaker #2: So it is a little bit more nuanced picture, and some of the cost is also deferred. We do not disclose what is the requirement for return of capital, but we find all these systems very attractive when we look at the IRR on these projects.

Speaker #3: Yeah, and I think we can say we are beyond the target on every investment. One 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.

Mikkel Gleerup: Yeah, I think we can say we are beyond the target on every investment. One 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 do we have a lower upfront payment than we have had in the past, but also we have managed to back-end the payments on the T-class vessels a lot.

Speaker #3: So not only do we have a lower upfront payment than we have had in the past, but also we have managed to back-end the payments on the T-class vessels a lot.

Audrey Zhong: Great. Thank you. It is very clear and very helpful. Thank you very much.

Audrey Zong: Great. Thank you. It is very clear and very helpful. Thank you very much.

Speaker #4: Wait, wait. Thank you. It's very clear and very helpful. Thank you very much.

Speaker #3: Tiffany.

Mikkel Gleerup: Certainly.

Speaker #1: Thank you. As 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.

Operator: 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 Mikkel Gleerup for any closing remarks. Thank you.

Speaker #1: Thank you.

Speaker #3: Yeah. Thank you to everyone for listening in. Thank you for your support, and yeah, we will continue to work hard to deliver on our targets.

Mikkel Gleerup: Yeah. Thank you to everyone for listening in. Thank you for your support. We will continue to work hard to deliver on our targets. Thank you very much. Have a fantastic day ahead. Bye-bye.

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Half Year 2026 Cadeler AS Earnings Call

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