Financial Data and Key Metrics Changes - For Q2 2025, revenue reached EUR 233.1 million, showing substantial growth compared to the previous year, despite being impacted by termination fees from the Horn C4 project [16][18] - EBITDA increased significantly from EUR 32 million to EUR 189 million year-over-year, indicating strong operational performance [21][22] - The company maintains a solid balance sheet with a market cap of EUR 1.7 billion and an adjusted utilization rate of 94.1% for Q2 [17][18] Business Line Data and Key Metrics Changes - The backlog remains stable at EUR 2.5 billion, with 97% of projects having final investment decisions [11][12] - The Windkeeper vessel is highlighted as a key asset, with a long-term contract secured with Vestas for operations and maintenance services [6][9] - The company is actively expanding its O&M services through the establishment of NexTra, responding to increasing demand for larger turbine maintenance [5][43] Market Data and Key Metrics Changes - The U.S. market constitutes less than 10% of the total backlog, with ongoing projects like Revolution Sunrise and an O&M job [10] - The company is seeing a healthy contract economics in new projects, such as the Formosa Four in Taiwan, scheduled for installation in 2028 [9] - There is a noted undersupply of vessels expected towards the end of the decade, particularly for foundation installation [42][58] Company Strategy and Development Direction - The company is focused on building a resilient business model with a clear emphasis on core competencies and strategic partnerships, particularly in emerging markets [55][56] - The acquisition of the Windkeeper vessel is part of a broader strategy to enhance the fleet's capabilities and meet client demands in the O&M sector [52][76] - Sustainability initiatives are being prioritized, including biofuel testing and equipment efficiency upgrades, to reduce the carbon footprint [34][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a period of market recalibration, with expectations for improved conditions and policy changes in key markets like the UK and Denmark [36][38] - The outlook for 2025 has been adjusted to reflect revenue expectations between EUR 588 million to EUR 628 million, influenced by project timelines and termination fees [29] - The company remains optimistic about long-term growth in offshore wind and O&M markets, despite short-term challenges [58] Other Important Information - The company has a strong track record in capital markets and a record-high backlog, which enhances earnings visibility for investors [59] - The financial situation is solid, with cash reserves and committed facilities in place to support ongoing operations and future projects [27][28] Q&A Session Summary Question: Impact of Revolution Wind project halt - Management indicated that contractual protections are in place for both Revolution and Sunrise Wind projects, and they are in dialogue with clients regarding the situation [63][64] Question: CapEx related to Windkeeper - It was confirmed that the majority of Q2 CapEx was related to the Windkeeper vessel, with no unplanned expenditures [68][69] Question: Upgrades on Windkeeper - Upgrades include adding a new auxiliary crane, a bow thruster for improved DP capabilities, and general accommodation upgrades to meet client expectations [70][72] Question: Acquisition rationale for Windkeeper - The acquisition was driven by a unique opportunity at an attractive price, with existing client demand for O&M services influencing the decision [76]