Core Insights - Orsted has experienced significant challenges over the past year due to political issues, rising costs, and investor skepticism, but the narrative is shifting positively with easing US policy risks and a renewed focus on energy independence in Europe [1] Group 1: Stock Performance - Orsted's shares increased by over 7% following a Bank of America upgrade to "buy," indicating a positive shift in the risk-reward balance for the stock [4] - The stock has risen more than 25% in 2026, reflecting a strong performance driven by changing investor perceptions regarding US political risks [4] Group 2: Political and Regulatory Environment - The US administration's decision not to appeal a court ruling allowing construction to resume at the Revolution Wind site has alleviated concerns about project delays, with the site already supplying electricity to New England [5] - Analysts expect no action on a similar ruling for the Sunrise project, which, along with Revolution Wind, represents approximately 15% of Orsted's expected EBITDA, enhancing the earnings outlook [5] Group 3: Financial Fundamentals - Orsted is constructing several offshore wind farms expected to come online in the coming years, which will likely improve free cash flow as these projects begin generating power [6] - Bank of America raised its price target for Orsted by over 16%, citing an improved balance sheet that provides the company with more flexibility for future growth [6] Group 4: Industry Context - The offshore wind sector has faced significant challenges, including higher interest rates, supply chain issues, and political opposition, which have negatively impacted project viability and investor confidence [8] - Orsted has navigated these challenges by recording large writedowns and canceling projects, leading to a significant decline in share price as the economics of the sector were questioned [8]

Summary of Conference Call Notes Industry Overview - The European offshore wind construction is accelerating primarily due to the surge in natural gas prices caused by the Russia-Ukraine conflict, while the impact of the US-Iran conflict has not yet been reflected [1][1][1] Key Points - The construction volume in Europe this year is relatively low, mainly due to a high number of failed bids previously. Future developments will depend on the implementation of new subsidy policies for offshore wind in various countries. The cancellation of import tariffs on wind power components in the UK is expected to improve the Internal Rate of Return (IRR) by at least 1% [2][2][2] - The first breakthrough in the European offshore wind market is expected to come from domestic tower manufacturers, with Dajin Heavy Industry showing strong competitiveness. Domestic submarine cable manufacturers may first penetrate the array cable market, while the main cable market presents significant barriers. The entry of wind turbine manufacturers into Europe is considered the most challenging [2][2][2]

Summary of Jiangsu Zhongtian Technology Co. Ltd. Conference Call Company Overview - **Company**: Jiangsu Zhongtian Technology Co. Ltd. (ZTT) - **Industry**: Optical Fiber and Offshore Wind - **Stock Rating**: Overweight - **Market Cap**: Rmb85,665 million - **Price Target**: Rmb35.74, representing a 42% upside from the closing price of Rmb25.10 on March 23, 2026 Key Points Industry Dynamics - **Optical Fiber Demand**: ZTT anticipates an upcycle in optical fiber demand driven by industry needs, particularly from Chinese telecom operators, which may lead to notable earnings upside due to ASP (Average Selling Price) hikes [2][10] - **Supply Discipline**: The optical fiber industry is exhibiting more rational behavior post a decade of pricing downcycle and disorderly expansion. ZTT is focusing on technical upgrades and regional capacity expansion, particularly in Europe [4][10] Capacity and Production - **Capacity Expansion**: ZTT plans to increase its effective capacity by 15-20% through technical upgrades and aims to expand its European capacity to approximately 15 million fkm from the current 5 million fkm [4][10] - **Production Mix**: For 2026, ZTT expects over 50% of its production to be G.652D and 20% to be G.657, a significant increase from 5% in 2025, reflecting a shift towards higher-priced products [5][10] Demand Drivers - **AI Data Centers**: The demand for optical fiber is being driven by AI data centers, which is expected to be a persistent trend rather than a temporary spike. This is leading to a crowding out of G.652D supply by G.657 products [5][10] - **Drones and Defense**: Demand from drones is expected to persist, with ZTT allocating over 15% of its G.657 capacity to this segment in 2026. The range of drones has increased, leading to higher fiber consumption per unit [11][10] Pricing and ASP - **ASP Upside Risk**: ZTT sees potential upside in ASP for shipments to Chinese telecom operators, with some provincial centralized tenders reaching above Rmb100/core-km. Current pricing levels imply an ASP of approximately Rmb70-80/core-km, significantly higher than previous guidance [12][10] Offshore Wind Market - **China and EU Offshore Wind**: The offshore wind market is expected to accelerate, with China's 15th Five-Year Plan targeting over 100GW of cumulative offshore wind installations by 2030. ZTT has a marine order backlog of Rmb13 billion as of October 2025 [10][13] - **European Market Growth**: Europe’s offshore wind capacity is projected to rise from 39GW at the end of 2025 to 73GW by 2030, supported by government initiatives and a more favorable tender model in Germany [13][10] Strategic Moves - **Middle East Expansion**: ZTT is establishing a localized manufacturing base in Saudi Arabia with a planned annual production of 500km submarine cable and 12,500km optical cables, with an investment of about US$100 million [15][10] - **Logistical Challenges**: Current regional tensions may pose near-term logistical challenges, but ZTT's localization strategy is expected to mitigate these risks in the long term [16][10] Conclusion Jiangsu Zhongtian Technology Co. Ltd. is positioned to benefit from a favorable industry environment characterized by increasing demand for optical fiber and offshore wind solutions. The company's strategic capacity expansions and focus on high-demand products are expected to drive significant earnings growth in the coming years.

Core Viewpoint - Cadeler is strategically balancing investments in growth opportunities with the potential for dividends, supported by strong cash flows from its operations [1][2]. Group 1: Financial Performance and Investments - Cadeler completed a private placement raising approximately EUR 175 million to fund initial capital commitments for two proposed T-class Wind Foundation Installation Vessel newbuilds and a potential scour protection vessel acquisition [1]. - The company doubled its fleet size in 2025, enhancing its capacity to generate operational cash flows, while the global newbuild activity for wind foundation installation vessels has remained disciplined [3][11]. - Cadeler's fleet expansion is structured to ensure a clear path to capital returns, with limited near-term cash outflows expected to impact dividend capacity or capital return ambitions [4][6]. Group 2: Future Growth and Market Position - Cadeler is in advanced discussions for two competitively priced T-class newbuilds, with delivery expected in 2030 and 2031, and the majority of capital commitments anticipated to be back-loaded [4]. - The company is evaluating the acquisition and conversion of a scour protection vessel to enhance its foundation transportation and installation offerings, thereby reducing reliance on subcontractors and improving competitiveness [5]. - Strong underlying demand in the offshore wind industry is expected to provide good employment prospects across Cadeler's expanded fleet, with no additional equity required to fund current plans [6].

Core Insights - Cadeler A/S reported third-quarter 2025 earnings that exceeded expectations, highlighting a growing contract backlog and progress in fleet expansion and integrated project delivery [1] Group 1: Performance and Backlog - Cadeler ended 2025 with a contract backlog of EUR 2.8 billion, at the top end of its previous guidance, indicating strong earnings visibility [2] - 80% of the backlog has reached final investment decision (FID), which is presented as a quality indicator of the backlog [2] - The company has a significant preferred supplier agreement for a major foundation project in Europe, currently under negotiation to convert into a contract [3] Group 2: Fleet Operations and Project Updates - Cadeler reported high fleet utilization across operations in Europe, the U.S., and Asia-Pacific, with multiple vessels engaged in various projects [4] - Specific projects include Wind Zaratan, which is undergoing a transition year in 2026 with planned upgrades and operations in Asia [4] - Wind Scylla is working in the U.S. on the Revolution Wind and Sunrise Wind projects, while Wind Orca is mobilizing for Hornsea Three [6] Group 3: Project Complexity and Execution - The Hornsea Three project is framed as Cadeler's first full-scope transport and installation foundation campaign, described as complex [7] - Wind Ally was noted for delivering early and mobilizing directly from the newbuild yard in China to Europe for the Hornsea Three project [7]

Financial Performance and Key Metrics - The company reported a revenue of EUR 620 million for 2025, a significant increase from EUR 249 million in the previous year [23] - EBITDA reached EUR 425 million, up from EUR 126 million year-over-year [24] - Net profit for the year was EUR 280 million, compared to EUR 65 million in 2024 [24] - The equity ratio decreased to 44%, but management expects it to bottom out and start increasing again [23] - Adjusted utilization was reported at 88.9%, up from 75% the previous year [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 [8] Market Performance - The backlog stands at EUR 2.8 billion, with 80% of it having reached Final Investment Decision (FID) [15][16] - The U.S. market is currently not expected to provide short-term opportunities, but the company remains engaged with clients for future 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] - Management is optimistic about the growth in the offshore wind industry, particularly with the North Sea Summit's target of 15 GW per year from 2030 to 2040 [40] - The company is also focusing on expanding its O&M services through its Nexra platform, which is expected to grow significantly in the future [46][48] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's position for 2028, citing a preferred supplier agreement for a large-scale foundation project as a key factor [66] - The company anticipates a structural undersupply of capable vessels in the market starting in 2029, driven by increasing project complexity and aging vessels [43][44] - The outlook for 2026 is strong, with expected revenue between EUR 854 million and EUR 944 million, and EBITDA between EUR 420 million and EUR 510 million [32] Other Important Information - The company has set sustainability targets, including a net-zero target by 2035 and a 50% intensity reduction by 2030 [36] - The company is actively working on biofuel blending and has developed a circularity strategy in collaboration with clients [36] Q&A Session Summary Question: Can you discuss the decision to use Wind Apex for turbine installation instead of foundations? - The decision was based on the best opportunity for revenue generation and client needs, with turbine installation expected to open up further opportunities [62] Question: Why is Cadeler more optimistic about 2028 compared to the industry? - The company has secured a preferred supplier agreement and has seen positive developments in other areas, leading to increased confidence for 2028 [66] Question: How will capital be allocated between shareholder returns, deleveraging, and growth opportunities? - Capital allocation will focus on deleveraging, maintaining industry position, and returning capital to shareholders, with all three being possible simultaneously [68] Question: Can you clarify the revenue ramp-up for Hornsea Three? - The project is expected to have a back-half weighted revenue ramp-up, with the first turbine installation anticipated around Q3 [73] 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, aiming to maximize revenue [77]

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]

Investor presentation Annual Report 2025 1 January – 31 December 2025 24th March 2026 Disclaimer This presentation (this "Presentation") has been prepared by Cadeler A/S (the "Company") exclusively for information purposes and may not be reproduced or redistributed, in whole or in part, by any other person. Forward-looking statements This Presentation contains certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Exchange Act of 1 ...

Core Viewpoint - TotalEnergies has officially exited the U.S. offshore wind sector, marking a strategic shift in its approach to renewable energy investments [1] Group 1: Company Actions - TotalEnergies has signed settlement agreements with the Department of the Interior to relinquish two major leases awarded in 2022: Carolina Long Bay and New York Bight [1] - The company will recover its lease payments and reinvest an equivalent amount into U.S. gas and power projects, focusing on liquefied natural gas (LNG) and upstream hydrocarbons [2] - TotalEnergies confirmed that funds will support the development of the 29 million tonne per annum Rio Grande LNG project and broader oil and gas activities [3] Group 2: Strategic Rationale - CEO Patrick Pouyanné stated that the decision aligns with economic considerations and policy, highlighting that offshore wind development in the U.S. is structurally expensive and could increase electricity costs for consumers [2] - The company is positioning itself as the largest exporter of U.S. LNG, with 19 million tonnes expected to be shipped in 2025, leveraging its integrated model to meet rising global demand for flexible gas supply [4] Group 3: Industry Context - TotalEnergies' exit reflects broader challenges in the U.S. offshore wind sector, which has faced cost inflation, permitting delays, and supply chain constraints, unlike the more successful European market [5] - Other developers have also renegotiated or canceled projects due to rising capital expenditures and unfavorable power pricing structures, indicating a trend in the industry [6] - The company noted the availability of more cost-effective technologies to meet rising electricity demand, particularly as U.S. power consumption increases due to data center expansion and electrification trends [7]

Core Insights - Cadeler reported strong financial results for 2025, with significant revenue growth and fleet expansion, doubling its operational capacity [1][2][3] Financial Performance - For the full year 2025, Cadeler generated revenue of EUR 620 million, a substantial increase from EUR 249 million in 2024, reflecting a growth of EUR 371 million [2] - EBITDA for 2025 reached EUR 425 million, up from EUR 126 million in 2024, while net profit totaled EUR 280 million compared to EUR 65 million the previous year [2][12] Fleet Expansion - Cadeler doubled its fleet capacity in 2025, increasing the number of operational vessels from five to ten, with the delivery of five new vessels [1][6] - All newbuild vessels were delivered on budget and on or ahead of schedule, immediately contracted for deployment, enhancing installation capacity [7][8] Strategic Developments - The establishment of Nexra, a new service platform for offshore wind operations and maintenance, reflects Cadeler's strategic focus on expanding capabilities in the offshore wind value chain [1][9] - O&M services contributed approximately 20% of Cadeler's revenue in 2025, highlighting the growing importance of this segment [9] Order Backlog and Outlook - As of March 2026, Cadeler's order backlog stands at EUR 2.8 billion, an increase from EUR 2.3 billion at the end of 2024, indicating strong commercial visibility [3][12] - For 2026, Cadeler expects revenue between EUR 845 million and EUR 944 million, and EBITDA between EUR 420 million and EUR 510 million, supported by a filled order book and expanded fleet [5][12] Balance Sheet Strength - As of December 31, 2025, total assets amounted to EUR 3,417 million, a 76% increase from the previous year, driven by investments in vessels [11] - Total equity increased to EUR 1,504 million, reflecting a solid financial position to support continued investments [11]