Financial Performance - The company reported a strong financial performance in 2025, with revenue reaching EUR 620 million, up from EUR 249 million the previous year [23] - EBITDA for the year was EUR 425 million, compared to EUR 126 million in 2024, indicating significant operational improvement [24] - Net profit increased to EUR 280 million from EUR 65 million year-over-year, reflecting strong profitability [24] - The equity ratio decreased to 44%, which is expected to bottom out and start increasing again [23] - Adjusted utilization improved to 88.9% from 75% in the previous year, demonstrating effective asset management [23] Business Line Performance - The company added Wind Keeper to its fleet, enhancing its operational capabilities in the O&M service platform [4] - Significant project progress was made on the Hornsea Three project, with multiple vessels mobilized for various tasks [4][5] - The company has installed over 1,700 wind turbines and more than 900 foundations, with expectations for significant increases due to ongoing projects [7] Market Performance - The backlog stands at EUR 2.8 billion, providing strong earnings visibility, with 80% of this backlog having reached final investment decision (FID) [14][15] - The U.S. market is currently not expected to provide short-term opportunities, but the company continues to execute existing projects [13] - New markets are opening in Asia, including Taiwan, Korea, Japan, and the Philippines, with ongoing bidding for projects in these regions [12] Company Strategy and Industry Competition - The company is transitioning from a charter-based model to a more integrated project delivery and construction platform, focusing on solution-based offerings [9] - The company aims to expand its O&M services, which currently account for about one-fifth of total revenues, and sees potential for this segment to grow significantly [52] - The company is optimistic about the future, particularly for 2028, due to securing preferred supplier agreements and a strong backlog [68] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the complexities of the Hornsea Three project and highlighted the importance of coordination and execution [12] - The company is optimistic about the offshore wind industry's growth, particularly in Europe, where ambitious targets have been set for future capacity [41] - Management acknowledged the challenges in the U.S. market but remains engaged with clients for future projects [13] Other Important Information - The company has set sustainability targets, including a net-zero target by 2035 and a 50% intensity reduction by 2030 [37] - The company is actively working on biofuel blending and has developed a circularity strategy in collaboration with clients [36] Q&A Session Summary Question: Could you talk about the background for using the vessels for turbines and not foundations? - The decision to deliver Wind Apex early for turbine installation is based on the best opportunity for revenue generation and client collaboration [62][64] Question: Why is Cadeler more optimistic about 2028 compared to the industry? - Cadeler has secured a preferred supplier agreement for a large-scale foundation project and has seen positive developments in other areas, leading to increased confidence [68] Question: How will capital be allocated between shareholder returns, delevering, and growth opportunities? - Capital allocation will focus on delevering, maintaining industry position, and returning capital to shareholders, with all three areas being pursued simultaneously [70] Question: Can you clarify the revenue ramp-up for the Hornsea Three project? - The project is expected to have a back-half weighted revenue ramp-up, with the first turbine installation anticipated around Q3 [75] Question: How will the company balance long-term agreements with shorter-term contracts in O&M? - The company will evaluate project economics to determine whether to pursue long-term contracts or remain in the spot market, balancing revenue potential and client relationships [79]

Core Viewpoint - Orsted's unit Sunrise Wind is set to challenge the U.S. government's recent decision to suspend its offshore wind project lease and will pursue a court injunction [1] Group 1 - The U.S. government suspended the offshore wind project lease last month [1] - Sunrise Wind is taking legal action against the suspension [1] - The company aims to seek a court injunction to reverse the government's decision [1]

Financial Performance & Backlog - Cadeler's Q3 2025 revenue increased to EUR 1543 million, up from EUR 80567 million in Q3 2024[43] - The company's EBITDA for Q3 2025 was EUR 109 million, compared to EUR 48431 million in Q3 2024[43] - Cadeler has a strong contract backlog of EUR 29 billion, providing solid earnings visibility[19, 40] - 78% of the total contract backlog, amounting to EUR 2262 million, relates to projects with a positive final investment decision (FID)[28] Vessel Operations & Newbuilds - Cadeler had very strong vessel utilization in Q3 2025, with seven vessels operating across the world[10] - Three out of four newbuilds scheduled for delivery in 2025 have been delivered, with the remaining one on track[9] - The company signed a significant long-term contract with Vestas for a firm period of three years, valued at approximately EUR 210 million, potentially exceeding EUR 380 million if all options are exercised[30] - Cadeler signed a firm contract with Ocean Winds for WTG installation at the BC-Wind Offshore Wind Farm in Poland, valued between EUR 49 and EUR 58 million[30] Market Outlook & Financing - Cadeler anticipates an undersupply of capable vessels from 2029 onwards due to increasing market demand[80] - The company has secured EUR 2165 million in funding, including Wind Keeper, with EUR 1455 million drawn as of September 30, 2025[56] - US projects contribute to approximately 7% of Cadeler's total backlog, while Europe accounts for 84% and APAC for 9%[20, 21, 22]