Financial Performance - The company achieved net revenue of $103.1 million for the full year 2025, marking a 19% year-over-year growth and exceeding $100 million for the first time in its history [4] - Gross margins expanded by approximately 200 basis points to 93% for the full year 2025, with a significant reduction in net loss from continuing operations by 80% to $1.5 million [5] - Adjusted EBITDA improved by 86% to $17 million for the full year 2025, and cash provided by operations was $6.8 million compared to cash used in operations of $24,000 in 2024 [5][26] Business Line Performance - In Q4 2025, net revenue was $27.5 million, representing a 5% year-over-year growth, primarily driven by sales of soft tissue products [7] - Excluding $1.8 million of BIASURGE sales from the previous year, Q4 2025 net revenue increased by 13% year-over-year [8] - The company ended 2025 with over 450 contracted distributors, up from over 350 at the end of 2024, indicating significant growth in its distributor network [9] Market Performance - The company successfully sold into over 1,450 healthcare facilities by the end of 2025, up from over 1,300 in 2024, with products contracted or approved for sale in over 4,000 facilities [10] - The surgeon customer base saw strong year-over-year growth, with ongoing efforts to penetrate existing facilities further [11] Company Strategy and Industry Competition - The company is focused on the surgical market, having ceased operations in the Tissue Health Plus segment, and aims to be a leaner, pure-play surgical company [12][13] - The BIASURGE product received an Innovative Technology contract from Vizient, providing access to approximately 1,800 healthcare facilities, which is expected to significantly enhance growth opportunities [15] - The company is committed to expanding its IP portfolio and has made progress in securing patent applications for its products [18] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning as a focused surgical company with a strong commercial strategy and significant growth potential in 2026 [30][31] - The company anticipates full-year 2026 net revenue to range from $116 million to $121 million, representing growth of approximately 13% to 17% compared to 2025 [27] Other Important Information - The company is investing in its field sales team and R&D initiatives to support future growth, with a focus on enhancing its surgical product portfolio [32][33] - The OsStic product is expected to be introduced to the U.S. market in Q1 2027, representing a significant opportunity in the bone fusion market [19][20] Q&A Session Summary Question: Growth attribution to BIASURGE following the Vizient contract - Management acknowledged the significance of the Vizient contract and indicated that while it will take time to educate facilities, it provides a strong growth runway for 2026 and beyond [37][38] Question: Impact of CellerateRX growth and upcoming studies - Management emphasized the importance of clinical evidence for CellerateRX and expressed confidence that the economic study will enhance relationships with hospitals, positively impacting future numbers [39][40][41]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported total revenues of $63 million, reflecting a 9% year-over-year increase, marking a return to revenue growth after previous declines [8] - The gross profit for Q4 was $39 million, up 16% year-over-year, with gross margin improving to 63% from 59% [8] - For the full year 2025, total revenues decreased by 12% year-over-year to $224 million, but gross margin increased to 65% from 60%, the highest since going public in 2013 [10] Business Line Data and Key Metrics Changes - The branded apparel business grew over 143% in 2025, accounting for 17% of total revenue, up from 6% in 2024 [6] - The introduction of higher margin proprietary product lines contributed significantly to gross margin expansion [10] Market Data and Key Metrics Changes - The company experienced a turnaround in the e-commerce environment, regaining positive revenue growth in Q4 2025 after a challenging period [4][10] - The focus on consumer lifestyle products allowed the company to command premium pricing, enhancing overall profitability [5] Company Strategy and Development Direction - The company is transforming into a global consumer lifestyle company, focusing on festivals, holidays, and special occasions with customized products [5] - A brand matrix strategy was adopted, launching three proprietary apparel brands since 2024, targeting women aged 30 and above [5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering revenue and profit growth in 2026, building on the momentum from 2025 [7][11] - The company has fully embraced AI to enhance operational efficiency and marketing strategies, contributing to improved profit margins [6] Other Important Information - The company achieved a net income of $8.3 million in 2025, a significant turnaround from a loss of $2.5 million in 2024 [11] - Positive operating cash flow of $6.2 million was generated in 2025, indicating strong financial health [11] Q&A Session Summary Question: Will next year be a growth year? - Management expressed confidence that 2026 will be a year of growth in both profit and revenues, although official guidance has not yet been provided [17] Question: What is the shareholder base composition? - Insiders and directors hold approximately 70% of the shares, with about 30% in public float, totaling roughly 18 million ADS [19]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenue of $365 million, reflecting a year-over-year growth of 4.7% driven by international expansion, particularly in APAC, which grew by 26.9% [5][14] - North America revenue decreased by 19.2% year-over-year to $111 million due to macroeconomic challenges and weaker consumer demand [14][15] - Gross profit for 2025 was $215.1 million, with a gross margin of 58.9%, down from 62.1% in 2024, attributed to shifts in geographic and product mix [16] - Adjusted net profit for 2025 was $31 million, up 7.9% year-over-year, with an adjusted net profit margin of 8.5% [17] Business Line Data and Key Metrics Changes - Energy-based devices (EBD) revenue was $310.4 million, representing 85% of total revenue, remaining essentially flat year-over-year [15] - Injectable revenues reached $28 million, up 185.6% year-over-year, driven by the strong performance of Profhilo and broader adoption by practitioners [15][8] Market Data and Key Metrics Changes - International markets, excluding North America, grew by 20.1%, with APAC as the primary growth engine [14] - The company achieved significant milestones in China, including the launch of Soprano ICE Platinum and the upcoming commercialization of DAXXIFY [7][9] Company Strategy and Development Direction - The company is focused on building a broader ecosystem that integrates technologies, diagnostics, injectables, and digital capabilities to enhance operational efficiency and long-term engagement [3][4] - Plans for 2026 include strengthening the flagship device portfolio, expanding the global energy-based device offering, and introducing additional EBD solutions in Thailand [7][10] - The company aims to capture long-term growth opportunities in the global medical aesthetics market while maintaining operational discipline in challenging markets like North America [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the new executive team and their ability to lead the company through its next growth phase, emphasizing operational discipline and long-term value creation [4] - The company anticipates a recovery in the U.S. market as macroeconomic conditions improve, with a focus on optimizing cost structures and enhancing strategic capabilities [49][51] Other Important Information - The company is committed to balancing reinvestment for sustainable growth with returning value to shareholders, proposing a final dividend of HKD 0.095 per share for 2025 [17] - The company is exploring localized manufacturing in China to improve cost efficiency and enhance supply chain resilience [13][14] Q&A Session Summary Question: Marketing expense ratio trends and future expectations - Management acknowledged a downward trend in sales and marketing expenses and confirmed ongoing investments in strategic projects like DAXXIFY to balance efficiency and growth [20][21] Question: Update on R&D pipeline and clinical progress - The company plans several product launches in 2026, particularly in the hair growth segment, and is assessing additional products for future opportunities [23][24][26] Question: Sales strategy for energy-based devices in China - The company aims to maintain its dominant position in China and leverage synergies across different business segments to drive growth [28][30] Question: Commercialization plans for DAXXIFY - The company has a capacity of 100,000 units for DAXXIFY in 2026, focusing on high-value clinics and planning to expand its injectable portfolio by the end of 2027 [35][36][37] Question: Strategic roadmap for 2026 and beyond - The company is implementing the Alma Universe ecosystem to enhance value for practitioners and consumers, with a focus on EBD and AI integration [39][41][42] Question: Underlying reasons for U.S. market softness and recovery potential - Management attributed the decline to macroeconomic factors and expressed optimism for recovery in 2026, supported by operational optimizations and new product introductions [45][49][51] Question: Progress on AI-enabled products and geopolitical impacts - The company is leveraging partnerships for AI integration in its products and is managing operational impacts from geopolitical issues with resilience [57][60][61]

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 last year [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 3 project, with multiple vessels mobilized for various tasks [4][12] - 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 the 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 of the offshore wind industry, particularly with new targets set by European governments for annual outbuilds [40] - The company is actively pursuing strategic partnerships and long-term agreements to enhance its market position and revenue stability [46][56] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's performance for 2028, citing a preferred supplier agreement for a large-scale foundation project as a key factor [66] - The company is optimistic about the demand for offshore wind services, anticipating a structural undersupply of capable vessels in the market starting in 2029 [43] - The company is committed to sustainability goals, including a target for net zero emissions by 2035 and a 50% intensity reduction by 2030 [36] Other Important Information - The company is in advanced discussions for financing related to new builds, with strong interest from banks [29] - The average fleet age is reported at five years, indicating a young and capable fleet ready for future projects [20] Q&A Session Summary Question: Could you talk about the background for using the Wind Apex for turbine work instead of foundations? - The decision to use Wind Apex for turbine installation is based on the best opportunity for revenue generation and client needs, with a focus on maximizing capacity utilization [62][63] Question: Why is Cadeler more optimistic about 2028 compared to the industry? - Cadeler's optimism stems from a preferred supplier agreement and progress on various projects, although challenges remain for other companies in the industry [66][67] 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 areas being pursued simultaneously [68] Question: Can you clarify the revenue ramp-up for the Hornsea 3 project? - The revenue from Hornsea 3 is expected to be back half-weighted, with a progressive ramp-up in contributions starting from the second half of the year [74] Question: How does the company balance long-term agreements with shorter-term contracts in O&M? - The company evaluates the economics of long-term contracts versus spot market opportunities, aiming to maximize revenue while building strong client relationships [78]

Financial Data and Key Metrics Changes - For the year ended December 31, 2025, NRx Pharmaceuticals reduced its loss from operations by approximately $2.3 million to $16.2 million from $18.5 million for the year ended December 31, 2024, primarily driven by a decrease in research and development expense [20] - Research and development expense decreased by approximately $2.4 million to $3.8 million as compared to $6.2 million for the year ended December 31, 2024 [20] - General and administrative expense for the year ended December 31, 2025, decreased by approximately $0.4 million to $13.1 million as compared to $13.5 million for the year ended December 31, 2024 [21] - As of December 31, 2025, the company had approximately $7.8 million in cash and cash equivalents [21] Business Line Data and Key Metrics Changes - The HOPE Therapeutics clinics are demonstrating EBITDA positive revenue growth, with the company only needing to be successful on one of its drug approvals to reach pro forma profitability by the end of the year [3] - HOPE Therapeutics initiated revenue generation upon closing its first acquisition of Dura Medical and added Cohen & Associates, both of which are now part of the revenue-generating HOPE network [16] Market Data and Key Metrics Changes - The existing market for ketamine has been projected at approximately $750 million a year, with KETAFREE expected to offer a superior option to patients and clinicians [6] - The market estimate for the newly validated indication for NRX-101 is in excess of $1 billion [14] Company Strategy and Development Direction - The company aims to become a fully commercial pharmaceutical company by 2026, with plans to expand its clinical network and advance its primary drug development initiatives [4][21] - NRx Pharmaceuticals is pursuing an innovative new drug application for NRX-100 under FDA Fast Track designation, with a focus on expanding the indication for depression in patients who may have suicidality [9] - The company is developing a patentable sustained release presentation of D-cycloserine to enhance the efficacy of transcranial magnetic stimulation (TMS) for treating depression and suicidality [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for drug approvals and the transformative changes in the company's operations, highlighting the importance of the FDA's guidance on seeking full approval for NRX-100 [9][10] - The company believes that its treatment could significantly impact mental health challenges, which are rapidly growing in the U.S. [37] Other Important Information - The company has eliminated all convertible debt from its balance sheet and anticipates adequate cash resources to support operations at least through 2026 [4] - NRx Pharmaceuticals has launched a nationwide expanded access program for NRX-101, allowing physicians to access the medication at no charge to patients while awaiting a confirmatory phase III trial [14] Q&A Session Summary Question: Update on KETAFREE inventory and market pricing - The company has already manufactured three registration batches of KETAFREE and anticipates having 200,000 units in the warehouse at the time of generic approval [27] - The potential impact of being the only preservative-free ketamine on the market is acknowledged, with market analysts expected to provide better projections on pricing models [28] Question: Clinical data for extended release D-cycloserine - The company believes that continued exposure to D-cycloserine is important for neuroplastic effects, and further in vitro work is planned [29] Question: Type C meeting with the FDA regarding NRX-100 - The FDA indicated that no additional clinical trials are needed for the NDA filing, allowing for the use of existing clinical trials and real-world data [33] - The addressable population for treatment-resistant depression is significantly larger than initially anticipated, which could positively impact payer coverage and prescriber adoption [36] Question: Commercial strategy for ANDA approval - The company plans to target both hospital surgery centers and clinics for the commercialization of KETAFREE, with a focus on establishing a medical liaison service for clinics [41]

Financial Data and Key Metrics Changes - The company reported revenue of $365 million for 2025, reflecting a year-over-year growth of 4.7% driven by international expansion, particularly in APAC, which grew by 26.9% [5][14] - North America revenue decreased by 19.2% year-over-year to $111 million due to macroeconomic challenges and weaker consumer sentiment [14][15] - Gross profit for 2025 was $215.1 million, with a gross margin of 58.9%, down from 62.1% in 2024, attributed to shifts in geographic and product mix [16] - Adjusted net profit increased by 7.9% year-over-year to $31 million, with an adjusted net profit margin of 8.5% [17] Business Line Data and Key Metrics Changes - Energy-based devices (EBD) revenue was $310.4 million, representing 85% of total revenue and remained flat year-over-year [15] - The injectable business saw significant growth, with revenues reaching $28 million, up 185.6% year-over-year, driven by the success of Profhilo [15][18] Market Data and Key Metrics Changes - International markets, excluding North America, grew by 20.1%, with APAC as the primary growth engine [14] - The company achieved record growth in China and Thailand, contributing significantly to the overall revenue increase [5][14] Company Strategy and Development Direction - The company is focused on building a broader ecosystem that integrates technologies, diagnostics, injectables, and digital capabilities to enhance operational efficiency and long-term engagement [3][4] - Plans for 2026 include strengthening the flagship device portfolio and expanding the global energy-based device offering, alongside the introduction of new platforms and applicators [7][10] - The company aims to capture long-term growth opportunities in the global medical aesthetics market while maintaining a disciplined approach to operational execution [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted the importance of operational discipline and strategic investments [11][49] - The company anticipates a recovery in the U.S. market, contingent on improvements in macroeconomic conditions and geopolitical stability [49][51] Other Important Information - The company is advancing its AI-enabled diagnostics and skincare initiatives, which are expected to enhance patient retention and treatment outcomes [10][18] - A final dividend of HKD 0.095 per share has been proposed for 2025, reflecting the company's commitment to balancing reinvestment and shareholder value [17] Q&A Session Summary Question: Marketing expense ratio trends and future expectations - Management noted proactive measures to reduce sales and marketing expenses while continuing to invest in strategic projects like DAXXIFY in China, aiming for efficiency and profitability [20][21] Question: R&D pipeline and clinical progress - The company plans several product launches in 2026, focusing on hair growth and leveraging existing platforms for new technologies [23][24] Question: Sales strategy for energy-based devices in China - The company aims to maintain its dominant position in China and grow its energy-based devices segment, integrating efforts across different business units [28][30] Question: Commercialization plans for DAXXIFY - The company has a capacity of 100,000 units for DAXXIFY in 2026, targeting high-value clinics and planning to expand its injectable portfolio in China [35][36] Question: Strategic roadmap for 2026 and beyond - The company is focused on creating an ecosystem to enhance value for practitioners and consumers, with a strong emphasis on energy-based devices and hair growth solutions [39][41] Question: Impact of geopolitical issues on business - The company has demonstrated resilience in handling geopolitical challenges, maintaining operational capacity while facing increased shipping costs [60][61]

Financial Data and Key Metrics Changes - Total revenue reached nearly $4.6 billion, increasing 7.2% compared to 2024, marking record revenue for the third consecutive year [4][22] - Adjusted revenue growth, excluding foreign exchange and commodity impacts, was 6.9% year-over-year, outperforming the market by approximately 320 basis points [22][25] - EBITDA grew 11.2% year-over-year, with margins expanding by 40 basis points to 10.3% [22][29] - Net profit attributable to equity holders was $102 million, up from $62 million in 2024, reflecting a significant increase in profitability [24][22] Business Line Data and Key Metrics Changes - Successfully launched 57 customer programs, with 42 being new or conquest wins, and 36 for electric vehicle platforms [5][7] - New business bookings totaled $4.9 billion, including significant wins in Steer-by-Wire technology [10][14] - APAC revenue reached approximately $1.5 billion, representing a 9.8% increase year-over-year, marking the fourth consecutive year of record revenue in this region [5][6] Market Data and Key Metrics Changes - North America revenue increased by 4.4% year-over-year, while APAC led with 10.2% growth, and EMEA/SA saw an 8.5% increase [26][27] - North America remains the largest region, contributing 50% of total revenue, followed by APAC at 32% and EMEA/SA at 17% [27] Company Strategy and Development Direction - The company focuses on long-term profitable growth, emphasizing technology leadership and alignment with industry megatrends such as electrification and autonomy [16][36] - Expansion of manufacturing and technical footprint across Asia-Pacific to support growth and localization [17][36] - Strategic targeting of customer diversification, serving over 60 OEMs globally, including both established and emerging players [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of record revenue in 2026, despite expectations for modestly lower global OEM production [34][36] - Continued margin expansion is anticipated, driven by operational efficiency and execution improvements [35][36] - Geopolitical risks, including ongoing conflicts, are acknowledged, with a commitment to managing these risks through close engagement with stakeholders [35][36] Other Important Information - The board approved a $46 million dividend, representing a 45% payout ratio, up from 35% in 2024 [6][23] - The company is developing a modular, high-precision Electromechanical Braking (EMB) system, marking a significant step in Motion-by-Wire technology [18][19] Q&A Session Summary Question: Long-term focus on Steer-by-Wire and integrated solutions - Management confirmed a focus on becoming a chassis Motion-by-Wire supplier, leveraging commonalities between Steer-by-Wire and EMB technologies for competitive advantage [41][42] Question: Impairments and compensation expectations - Management indicated expectations for further recoveries related to program cancellations in 2026, with ongoing negotiations with customers [46][47] Question: Revenue growth estimates for 2026 - Management anticipates revenue growth above market by 200-300 basis points, primarily driven by the Asia-Pacific region, with continued margin expansion expected [50][51]

Financial Data and Key Metrics Changes - Total revenue reached nearly $4.6 billion, increasing 7.2% compared to 2024, marking record revenue for the third consecutive year [4][22] - Adjusted revenue growth, excluding foreign exchange and commodity impacts, was 6.9% year-over-year, outperforming the market by approximately 320 basis points [22][25] - EBITDA grew 11.2% year-over-year, with margins expanding by 40 basis points to 10.3% [22][29] - Net profit attributable to equity holders was $102 million, compared to $62 million in 2024, reflecting a significant increase [24][22] - Free cash flow was $124 million in 2025, down from $166 million in 2024 due to increased working capital investments [24][33] Business Line Data and Key Metrics Changes - Successfully launched 57 customer programs, with 42 being new or conquest wins, and 36 for electric vehicle platforms [5][7] - New business bookings totaled $4.9 billion, including significant steer-by-wire wins with leading Chinese NEV OEMs [10][14] - APAC revenue reached approximately $1.5 billion, representing a 9.8% increase year-over-year, marking the fourth consecutive year of record revenue in this region [5][6] Market Data and Key Metrics Changes - North America revenue increased by 4.4% year-over-year, while APAC led with 10.2% growth [26][27] - EMEA SA revenue increased by 8.5% year-over-year, supported by program ramp-ups [26][27] - North America remains the largest region, contributing 50% of total revenue, followed by APAC at 32% and EMEA/SA at 17% [27] Company Strategy and Development Direction - The company focuses on long-term profitable growth, emphasizing technology leadership and alignment with industry megatrends such as electrification and connectivity [36][37] - Expansion of manufacturing and technical footprint across Asia-Pacific to support long-term growth and localization [16][17] - Development of integrated solutions, including steer-by-wire and electromechanical braking systems, to enhance competitiveness [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record revenue in 2026 despite expectations for modestly lower global OEM production [34][35] - Continued margin expansion is anticipated, driven by performance improvements and increased volume leverage [35] - Geopolitical risks, including ongoing conflicts and trade tensions, are acknowledged, with active management strategies in place [35][36] Other Important Information - The board approved a $46 million dividend, representing a 45% payout ratio, up from 35% in 2024 [6][22] - The company opened new manufacturing facilities in China and Thailand to support growing demand [17][18] Q&A Session Summary Question: Long-term focus on steer-by-wire and integrated solutions - Management confirmed a focus on becoming a chassis motion-by-wire supplier, leveraging experience in safety-critical vehicle systems to enhance competitiveness [41][42] Question: Impairments and compensation expectations - Management indicated that further recoveries related to program cancellations are expected in 2026, with ongoing negotiations with customers [46][47] Question: Revenue growth estimates for 2026 - Management anticipates revenue growth above market by 200-300 basis points, primarily in the Asia-Pacific region, with continued margin expansion expected [50][51]

Financial Data and Key Metrics Changes - For the year ended December 31, 2025, NRx Pharmaceuticals reduced its loss from operations by approximately $2.3 million to $16.2 million from $18.5 million for the year ended December 31, 2024, primarily driven by a decrease in research and development expense [20] - Research and development expense decreased by approximately $2.4 million to $3.8 million as compared to $6.2 million for the year ended December 31, 2024 [20] - General and administrative expense for the year ended December 31, 2025, decreased by approximately $0.4 million to $13.1 million as compared to $13.5 million for the year ended December 31, 2024 [21] - As of December 31, 2025, the company had approximately $7.8 million in cash and cash equivalents [21] Business Line Data and Key Metrics Changes - The HOPE Therapeutics clinics are demonstrating EBITDA positive revenue growth [3] - The company has initiated revenue generation through the acquisition of Dura Medical and Cohen & Associates, both of which are now part of the HOPE network [16] - The one-day TMS treatment protocol has achieved 87% response and 72% remission from severe depression at six weeks following treatment [16] Market Data and Key Metrics Changes - The existing market for ketamine has been projected at approximately $750 million a year [6] - The market estimate for the newly validated indication for NRX-101 is in excess of $1 billion [14] - The addressable population for NRX-100 is estimated to be around 12 million people, significantly larger than the previously anticipated 3-3.5 million patients [36] Company Strategy and Development Direction - The company aims to become a fully commercial pharmaceutical company by 2026, with a substantially larger clinical network [4] - NRx Pharmaceuticals is pursuing drug approvals for KETAFREE, NRX-100, and NRX-101, with a focus on expanding treatment options for depression and suicidality [3][9] - The company is leveraging partnerships, such as with neurocare group AG, to enhance integrated care in neuroplastic psychiatry [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaching pro forma profitability by the end of the year, given the low cash burn and anticipated success in drug approvals [3] - The management highlighted the transformative changes in the NRX-101 program and the potential for broader applications of D-cycloserine [11] - The company believes it has reached a pivotal inflection point, generating revenue and expecting to increase it further [46] Other Important Information - The FDA has granted an expanded Fast Track designation for NRX-100, which now includes all patients with suicidal ideation and depression [10] - The company has filed a citizen petition to remove a toxic preservative from currently approved ketamine products, which could enhance the marketability of KETAFREE [6] Q&A Session Summary Question: Update on KETAFREE inventory and market pricing - The company has already manufactured 3 registration batches of KETAFREE and anticipates having 200,000 units in the warehouse at the time of generic approval [27] - Management believes that if KETAFREE is the only preservative-free ketamine available, the market will likely pay a premium for it [28] Question: Clinical data for extended release D-cycloserine - The company is looking for a neuroplastic effect from D-cycloserine and believes that continued exposure to the drug is important [29] Question: Type C meeting with the FDA regarding NRX-100 - The FDA indicated that no additional clinical trials are needed for the NDA filing, allowing the use of existing clinical trials and real-world data [33] Question: Impact of broader treatment-resistant depression label on payer coverage - The broader indication could expand the addressable patient population to around 12 million, which is attractive to payers due to the potential for rapid stabilization of patients [36] Question: Remaining steps before final approval of ANDA - The Office of Generic Drugs will continue to examine stability data and conduct a pre-approval plant inspection before final approval [38] Question: Commercial strategy for KETAFREE - The company plans to target both hospital surgery centers and clinics, with a focus on establishing a medical liaison service for clinics [41]

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]