Core Insights - Orsted reported a quarterly net loss of 1.7 billion Danish kroner ($261.8 million) for the July-September period, a significant decline from a profit of 5.17 billion Danish kroner in the same period last year [2] - The company flagged third-quarter impairment costs of nearly 1.8 billion Danish kroner [2] - Orsted reiterated its full-year EBITDA guidance of 24-27 billion Danish kroner, excluding earnings from new partnerships and cancellation fees [3] - The company announced a deal to sell a 50% stake in its Hornsea 3 offshore wind farm in the U.K. to Apollo Global Management for $6 billion [3] - Orsted's CEO expressed satisfaction with the progress across the construction portfolio and emphasized the company's focus on maintaining its leadership in offshore wind [4] - Despite the challenges, Orsted's shares rose by 1.2% on Wednesday morning, although the stock price has significantly declined this year due to U.S. government actions against wind developments [5]

Core Viewpoint - The wind turbine maker has announced plans to establish a new blade factory in Szczecin to support the expansion of offshore wind parks in Europe [1] Group 1 - The new blade factory is part of the company's strategy to enhance production capabilities for offshore wind energy [1] - The initiative aligns with the growing demand for renewable energy solutions in Europe [1]

Group 1 - Danish offshore wind developer Orsted plans to complete its offshore Sunrise Wind project in the United States by the second half of 2027 [1] - The CEO of Orsted, Rasmus Errboe, communicated this timeline to reporters [1] Group 2 - The Sunrise Wind project is part of Orsted's broader strategy to expand its renewable energy portfolio in the U.S. [1] - The project is expected to contribute significantly to the offshore wind capacity in the region [1]

Core Viewpoint - Orsted has resumed work on a U.S. offshore wind project following a federal judge's ruling that allows construction to restart amid ongoing legal challenges from the Trump administration [1] Group 1 - Orsted is a key player in the offshore wind industry, and the resumption of construction indicates a positive development for renewable energy projects in the U.S. [1] - The federal judge's ruling is significant as it provides a legal pathway for Orsted to continue its operations despite the ongoing legal case [1]

Group 1 - The US judge ruled in favor of Orsted, allowing the company to resume construction on its offshore wind farm project off Rhode Island, which had been halted by a stop work order from the Trump administration [1][2][3] - Orsted is raising 60 billion Danish kroner (over 9 billion USD), marking the largest capital raise for a European energy company in over a decade, to support its business plan [4][7] - The company incurs approximately $25 million in costs for every week it cannot work on the project, with a significant increase in costs expected by the end of September, potentially leading to project cancellation [5][6] Group 2 - The resumption of work is seen as a potential turning point for Orsted, allowing the company to return to growth and deliver projects that are expected to generate substantial revenue in the coming years [7][8] - The judge's decision reflects confidence in Orsted's likelihood of winning the case against the US government, emphasizing the devastating financial impact of continued delays [3][5]

Financial Data and Key Metrics Changes - For Q2 2025, revenue reached EUR 233.1 million, showing substantial growth despite being impacted by termination fees from the Horn C4 project [17] - EBITDA increased significantly from EUR 32 million to EUR 189 million year-over-year, indicating strong operational performance [21] - 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 [18][19] Business Line Data and Key Metrics Changes - The backlog remains stable at EUR 2.5 billion, with 97% of projects having final investment decisions [12][13] - The Windkeeper vessel is highlighted as a key asset, with a long-term contract secured with Vestas for operations and maintenance services [6][10] - The company is actively working on multiple projects, including Revolution Sunrise and Revolution Wind, although the latter is currently halted [11][66] Market Data and Key Metrics Changes - The U.S. market constitutes less than 10% of the total backlog, indicating a focus on international projects [11] - The company is experiencing strong demand for operations and maintenance services, particularly for larger turbines [5][50] Company Strategy and Development Direction - The company is focused on expanding its fleet and enhancing operational capabilities, particularly through the NexTra service concept [5][52] - There is a strategic emphasis on sustainability, including biofuel testing and decarbonization efforts [36][56] - The company aims to maintain a resilient business model while adapting to market recalibrations and emerging opportunities [41][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a period of market recalibration but remains optimistic about long-term growth in offshore wind and operations and maintenance sectors [37][41] - The company expects improved conditions and policy support in key markets, which could enhance project execution timelines [39][40] - Despite challenges, management believes in the strength of their fleet and the ability to meet client demands effectively [42][58] Other Important Information - The company is actively engaged in discussions with banks for financing future projects, indicating strong interest from financial institutions [26][28] - The full-year outlook for 2025 has been adjusted to a revenue range of EUR 588 million to EUR 628 million, with EBITDA projected between EUR 381 million and EUR 421 million [30] Q&A Session Summary Question: Impact of halted Revolution Wind project - Management stated that they are contractually well protected and are in dialogue with clients regarding the halted project, referencing a similar situation with Empire that was resolved [64][66] Question: CapEx related to Windkeeper - It was confirmed that the majority of Q2 CapEx was related to Windkeeper, with no unplanned expenditures [70] Question: Upgrades on Windkeeper - Upgrades include adding a new auxiliary crane, a bow thruster for improved operations, and general accommodation enhancements to meet client expectations [72][73] Question: Availability of similar vessels in the market - Management indicated that Windkeeper is unique and that upgrading other Chinese vessels for European operations would be challenging [75][76] Question: Alternative work scopes amid stop order - Management clarified that clients do not wish for vessels to be repurposed for other projects while awaiting clarity on the stop order [81][82] Question: Stability of termination fees in contracts - Management expressed that termination fees in contracts remain stable, despite recent trends in the industry [83]

Financial Performance & Backlog - Cadeler's financial performance exceeded expectations, leading to increased full-year guidance in July 2025[9] - The company's contract backlog remains strong at EUR 25 billion[13, 29] - 97% of the contract backlog, totaling EUR 2412 million, relates to projects with a positive final investment decision (FID)[36] - Revenue increased by EUR 170 million in Q2 2025 compared to Q2 2024, with utilization at 76% and adjusted utilization at 94%[46] - Revenue increased by EUR 216 million in H1 2025 compared to H1 2024, with utilization at 67% and adjusted utilization at 89%[50] Fleet & Operations - Cadeler took delivery of the Wind Keeper, securing a long-term contract with Vestas for three years, with options for an additional two and a half years, potentially worth over EUR 380 million[10, 35] - Seven vessels are currently on hire globally, including two in Taiwan and two in North America[11] - Cadeler has secured EUR 2058 million in funding for its CAPEX program, including Wind Keeper, with EUR 1225 million drawn as of June 30, 2025, leaving EUR 833 million undrawn[57] Market Outlook & Strategy - The company anticipates an undersupply of capable vessels from 2029 onwards, driven by increasing market demand, including strong growth in demand for O&M[101] - Cadeler is building up Nexra, a new service concept for the offshore wind industry, to address the strong and increasing demand for O&M services, especially for larger turbines[12, 95]

Company Strategy - Orsted plans to proceed with share sales [1] - The company aims to manage a growing crisis [1] Project Impact - A Trump administration order halted construction of an almost-finished offshore wind project [1]

Industry News - Denmark's plan involves injecting billions of dollars into Orsted, an offshore wind giant [1] Political Landscape - The plan to inject billions into Orsted has triggered political backlash [1]

Project Overview - The first US-flagged vessel capable of burying undersea cables for offshore wind turbine connections has commenced operations near the Statue of Liberty and New York City [1] Renewable Energy Infrastructure - The project focuses on connecting offshore wind turbines to the onshore power grid via buried undersea cables [1]