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]

Core Insights - Cadeler has successfully delivered Wind Mover, the tenth vessel in its fleet of next-generation wind turbine installation vessels (WTIVs), ahead of schedule and will commence operations in Europe shortly [1][3][5] Fleet Expansion - Wind Mover is the second vessel in the M-class series, following Wind Maker, and is designed to meet the demands of future offshore wind projects, enhancing efficiency and lifting capacity [2][4] - With the delivery of five newbuild vessels this year, Cadeler has doubled its fleet from five to ten WTIVs, with plans to operate a 12-vessel fleet by mid-2027, making it the largest and most versatile installation fleet in the offshore wind industry [5] Vessel Specifications - Wind Mover features a 2,600-tonne main crane, a DP2 positioning system, and is capable of operating in water depths of up to 65 meters, specifically designed for the installation and maintenance of next-generation offshore wind turbines and foundations [4] Strategic Partnerships - The vessel's design resulted from collaboration between Cadeler and key partners, including Hanwha Ocean, ABB, Kongsberg, GustoMSC, and Huisman, ensuring a strong safety record and adherence to budget during construction [3] Company Overview - Cadeler A/S is a global leader in offshore wind installation, operations, and maintenance services, focusing solely on the offshore wind industry and committed to safety and environmental sustainability [6]