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 & 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]