CDLR

Good morning and welcome to Cadeler's Q1 2026 Earnings Presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's Annual Report on Form 20-F, on file with the United States Securities and Exchange Commission.

Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's Annual Report.

The annual report and today's earnings presentation are available on Cadeler's website at cadeler.com/investor. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

Thank you very much, and hello to everyone, and thank you for joining this Q1 2026 presentation from Cadeler. Just to start off the presentation, really a quarter that has been running exactly as expected. Financial performance in line with our expectations, continuing a robust backlog of work, standing currently at EUR 2.7 billion, which we believe provides a very solid earnings visibility for the company. New build program on track. We named the second A-class vessel in April, and she is about to deliver in the next couple of months as per the schedule. The second, or the third, rather, A-class vessel is delivering next year, and it's also on the schedule.

We have continued with solid execution across the globe. I'm also very pleased to say that Wind Ally and Wind Orca are fully mobilized and first complete monopile foundation has been installed on Hornsea Three, which is very, very important and a very important milestone for 2026. We have a little bit extra on that further in the presentation.

Very strong utilization, vessels operating across the world. Nexra has secured utilization on multiple projects in APAC. On the utilization, I would like just to quickly say that obviously we have many vessels that have been shifting between projects, a lot of mobilization in the first quarter of the year, which has also been exactly as expected. In terms of commercial highlights, vessels continuing to execute on projects across the fleet.

Really, a busy, busy quarter in terms of managing vessels coming off projects, starting new projects, and having other vessels coming in to take over on projects, due to many different factors. Really, overall, I would also say a quarter where we have been able to support our clients and to do what has been necessary to help them on their projects where they are currently engaged.

Also very pleased to see that Wind Keeper has started the operations with Vestas and is performing on the project with Vestas as we speak. Next slide, please. On Hornsea 3, as I said, really from concept to delivery, we have had many, many questions over the course of the last four years where we have been in process towards the Hornsea 3 execution.

A lot of planning is now finally coming to fruition. It's very pleasing to be able to say that we now have proof of concept on the project with the first full monopile installed, and also all the secondary components being installed on that and being commissioned and handed over to the client. Actually, we have eight monopiles in the water as per today's date. We have seven full secondary steel sets installed and five fully commissioned monopiles out there. Really the project is going as per the plan.

The equipment that we have invested in that we are using on the project is working as we expected it, and we are now slowly ramping up the speed on the project to get up to the speed where we want to be and to really make sure that there will be a smooth installation on this very, very important project, both for us and Cadeler, but certainly also for our clients. Very, very pleased to say that we have the proof of concept and that we are now delivering the full T&I foundation project. Still sitting on a very significant backlog across key markets. EUR 2.7 billion backlog, as I said already, provides a very solid earnings visibility.

We continue to operate in the U.S., in Europe, and in APAC, are really working on a lot of different opportunities for the future years. As we have said in this quarter also, we have executed a private placement for the investment in additional jack-ups for the future and also for a rock installation vessel that we believe all will strengthen our portfolio and our ability to support the clients going forward.

We have also projects that are not in the backlog, but where we are currently working and projects that will be added to the backlog as and when they come to fruition. All in all, I would say that we have been reaffirmed in our opinion since the beginning of the year that we are looking at a very, very busy 2026/2027.

As we have also said, 2028 is a different year, but we remain in the same position when we did the annual report. For 2029, we are working on some very, very interesting prospects at the moment. We look into the new decade, we are also seeing very interesting projects and also a lot of projects currently in what we call category high.

This is really the category where we are working already now intensively with the clients and where we believe that our vessels will be busy in the beginning of the next decade. On the backlog, 82% of the backlog have reached FID. We believe that that is a very, very solid number and also gives us the earnings visibility that we really need as a company.

We also see the start of Nexra and the foundation of Nexra starting to deliver contracts in Taiwan, which is of course very pleasing. Our ambitions on Nexra continues to be strong, we continue to see that our main market for Nexra is the +11 MW, 12 MW segment, where we believe that we have a very good foundation to play for the main components replacements for the bigger turbine sets in the industry. We also have preferred supply agreement that is not included in the backlog where we currently are negotiating with the client for installation in 2028. In terms of the progress on the new builds, the Wind Ace, we expect the delivery in the beginning of the third quarter this year.

We have basically done most of the material work there. We are still having some test planned for the vessel between now and the delivery. We believe that we are in a very, very good position to deliver this vessel on schedule and on budget. We had the naming ceremony this year. We were about to have Ms. Lisa Western naming the vessel for us.

The Wind Apex, as we also talked about on the annual report, we expect the Wind Apex to deliver in Q2 2027. We have been negotiating with the yard to manage early delivery of this vessel because we are working with a client for the Wind Apex immediately after its return to Europe and where it will likely start a job for a client here in Europe. Few pictures from the naming ceremony on Wind Ace. A very big day for us as a team. Second foundation installation vessel delivered. The vessel will soon after its delivery from the shipyard return to Europe for the full mobilization for the East Anglia Two project that we are commencing next year.

Obviously, we are already starting to take the learnings from the Hornsea 3 project and implementing them into the EA Two project, so we can ensure that our clients get the best possible product from Cadeler. On the financial highlight, I will hand over to you now, Peter.

Thank you very much. Yes, for Q1 2026, revenue was EUR 124.7 million as compared to EUR 65.5 million last year. Equity ratio 47.6%, and the adjusted utilization 77.7%, which is satisfactory for us. We adjust the utilization for transfer from the yard and planned dry docks. And we had Wind Zaratan not on hire in Q1, so this is really what is expected. Market cap is EUR 2.3 billion. EBITDA was EUR 47 million as compared to EUR 23.7 million. Net profit -EUR 7 million impacted, as also communicated at the annual report by interest on our bank facilities.

We are now in a territory where we have delivered 10 vessels on the fleet and only two vessels in under construction. Hence, more of the borrowing costs go to the P&L than we saw in previous quarters. Backlog, as mentioned by Mikkel, EUR 2.7 billion strong backlog. Three months daily average turnover, EUR 7.7 million. We have adjusted for the private placement that we did the March 26th. If we look at the P&L, I think it's important to emphasize that it is exactly as planned and by us and totally in line with our own expectations. It goes for all the lines for both revenue and the cost lines.

It was as expected, we regard it as a strong start to the year. Of course, our revenue increase as compared to last year because we have three more vessels on water. Cost of sales goes up also due to the bigger fleet, it goes up of course, relatively more than revenue because we had three vessels in transit. We had vessels going from one project to another. We also had a delayed revenue recognition on the Wind Ally on the Hornsea 3 project. I think it's important to explain that in accordance to IFRS, we cannot start a revenue recognition on a project before we start installing.

The Wind Ally has been mobilizing for the Hornsea 3 project in Q1, we have not taken any revenue in. That will be done later. Of course, we earn revenue on the contract under the mobilization, cannot be taken to revenue in the P&L. SG&A increased to last year, again, modest increase that shows again, the picture that we have, we have explained in previous quarters that we did early a man-out of the organization to enable a bit of fleet, also a foundation project. That now shows the scalability of our organization. The early investments now pays off.

Finance net, considerably up against last year, but due to this, more is allocated to P&L than to the CapEx on the list. OpEx per day is EUR 40,837 per day. That is a little bit higher than it would be the rest of the year due to mobilization on Ally and Zaratan. There was some smaller one-offs expenses in OpEx in the Q1. Balance sheet. Strong balance sheet, of course, increased by the equity is increased by the capital raise we did at March 26th. Also lifting the equity ratio from 44% to 48%.

Cash program, this is a slide we have shown in the past to demonstrate that we are able to finance the expansion of the fleet that we have planned. As you can see, we have signed committed financing for the A-class vessel Wind Ace. We are in the advanced discussions with the banks to launch the OpEx financing in Q2. Here in Q2 2026, expect to sign early Q3 for the vessel that is delivered next year. In total, we have EUR 641 available funding for that and bit of the outstanding installments with net funding of EUR 218.

We have not in this quarter forward, we have not taken into the cash that we have on the balance sheet and the available facilities that we have not drawn on. Cash and available liquidity as per March 31st was EUR 241 million. Available liquidity below EUR 369 million. Of course, we also have not, that should also cover the payment on the first installment on the T-class. That's one side and an order and the scour rock installation vessel that we have announced in connection with the private placement. Still, we do our hedging policy, which we stretch follow.

It is 50% of U.S. dollar exposure is hedged and 50% of interest exposure hedged for the first five years of the expected facilities. This is the financial overview. We should focus on what has happened since annual report. We have extended the RCF that was supposed to terminate in June 2026. We have extended it for 18 months out to the 2027. We are in advanced negotiation on the accordion on the corporate loan that we have with SEB. EUR 80 million, we expect to sign that here in Q2. The reason for this is, you know, it is to have a reasonable offer when we are looking at the available liquidity.

We are 100% sure that we can go through the coming years and the CapEx program with the current financing. The full year outlook remains the same. It's unchanged. There's nothing we have seen from the performance in Q1 or until date that is not according to plan. Hence, of course, we maintain the outlook for the year. The timing of the year is something that has maybe surprised some, but we have always planned with somewhat weaker Q1 in terms of revenue and income. Then, Q2, Q3, Q4 will be bigger quarters in terms of revenue and income and in total the full year outlook is unchanged.

Thank you very much, Peter. In terms of market outlook, a slight repetition of what we saw in around the annual report. What we are adding here is that we believe that the recent geopolitical tensions are increasingly pointing toward a higher demand for locally produced energy security and affordability. We believe that offshore wind will play a massive role in the whole outbuild of at least the European energy system.

We can already start to see the trends of that coming our way also with auctions in Europe that have momentum as one of the award criterias where we see that coming fast to the grid with a certain supply chain is something that is given a positive impact on the award criteria. That's something we like to see because it's also something that is playing both in the direction of us as a company, but also for our clients. We do believe that, as I said already, that we are in a very strong situation at the moment, with two very strong years ahead of us here with 2026 and 2027.

At 2028, that is, as we talked about during the annual report presentation, at 2029, where we see a lot of interesting stuff that we are currently discussing with clients. We come into the next decade, and in the next decade, I think that the number of projects we see in the various years there, whether you look at the various consultant reports or whether we talk to the clients, you can see that there is a very significant amount of projects that needs to be installed as we move into the next decade. That is what we are trying to prepare for together with our clients, to make sure that we at least have a solution to what our clients need from us.

We also see that projects that previously were uncertain or projects that were delayed, they are now back with a firm timeline and will be also tendered in the various rounds that we see across Europe. All in all, I think we are moving into a positive territory, with also the utilities, saying that it looks like a very strong comeback for offshore wind in Europe, in the coming years. I think that all in all, also Allocation Round 8 still move forward and still something that we are waiting to see the impact for.

I think that it's really something where we believe that there are some clients that are lined up to take an award in the U.K. Allocation Round 8. Yes, please. We still believe in what we have discussed in the previous presentations regarding supply and demand. It is driven by the factors like increased outbuild, as we have seen from North Sea Summit, various tender rounds across Europe. I think it's also important that not everything is as it seems to be, and I think that we have seen examples of that yesterday, where there was announcements from Germany that maybe were overinterpreted by some and then was corrected later during the day. I think that that is the situation we have in offshore wind.

Very small changes create a lot of noise, sometimes it's important to read what's in the fine print of these announcements. We believe that the supply and demand imbalance is certainly present, both on average, also if we look especially into the next decade. Also, as I said, driven by new projects that are coming, but also driven to a certain degree for the demand from other areas, in particular O&M, that is taking some demand that has some demand that takes them to fly away, but also some of the vessels are simply falling out of the market due to age. That is something that we see very, very clearly.

We've executed a successful private placement where we raised around EUR 175 million. We believe that that really unlocks the potential for us to go ahead with the two proposed deals and the acquisition of a scour protection vessel. Why did we do that? We have spoken to a lot of investors since and thanks for all the support from the investors. We were massively oversubscribed on the deal and are really grateful for the support we see in the market. We believe in a structural vessel undersupply, and we believe that with the delivery window we have decided for that we will be prepared for a very strong market uptick when these vessels deliver.

We can already see now that our clients are coming to us for these vessels because they are featuring something that nobody else can offer at this stage. We believe that the experience we have with delivering vessels and also the relationship we have built up with the whole supply chain on the vessels, but also the shipyards have given us an access to a very, very competitive pricing model on these vessels, which is of course incredibly important when you have to live with them for 25 years after delivery. We also are looking into the scour protection asset, as we have already discussed, and for us it's really a strategic enabler, but it's also something where we to a very large extent will be our own client.

We will be offering this product to our clients as part of the foundation installation. We also believe that that will also be a de-risking of our foundation projects because we do not become solely depending on other companies providing this service to us or to our clients. We believe that all in all, that is a better strategy both for us and for our clients. I would also like to say in this forum that the decision-been taking together with our clients, have a desire for us to be playing a role in this space. Hence, we also expect that we will soon be able to announce utilization on such a vessel when the whole process towards the vessel has been finalized.

I think that, all in all, the additional assets will allow us to continue to be flexible and have an integrated solution for our clients, which should all in all allow Cadeler to get a higher than fair share of the market. Also something that we believe is driving a premium when we are executing a project, because we are able to give the client the flexibility but also a redundancy that we believe is pretty unique for our industry. In terms of how the market looks like, we in this presentation are just showing how the whole market is looking, not discounting anything in terms of capability or efficiency.

Have added the two C-class vessels as potential vessels to be constructed on top of the fleet. Are yet again manifesting being the largest company of our kind in the industry with a very, very solid asset base that is in very, very high demand from the clients. All in all, as Peter said, as I said, a quarter that has performed as we expected and we have continued to build the company for a future that we believe will be very, very busy. Key investment highlights, as we already talked about, larger and most capable versatile fleet, which really means redundancy for the clients. Redundancy means a lot.

If we look at where clients, historically have had issues on their project, it's really when the redundancy is not existent. That leads me to the next point, with strong relationship with our clients. I am arguing that we have very strong relations. We are constantly in touch with our clients to make sure that they get the service from us that they expect.

We are always trying to be proactive and helping when something is not going to plan. We have a leading industry position. As I said, we believe that that will lead to a higher than fair share of market. We are working globally and we can work everywhere. We also now have experience in working in every region where offshore wind is currently playing a role. We believe in a structural undersupply and an increasing market demand.

All in all, we are building the fleet to handle that and to make sure that we return maximum value to our investors. Very strong track record and backlog, and a backlog that we will continue to build over the coming quarters. With that said, I think that we are going into the Q&A.

Thank you. At this time, we invite those analysts wishing to ask a question to click on the Raise Hand button, which can be found on the black bar at the bottom of your screen. You may remove yourself from the queue at any time by lowering your hand. When it's your turn, you will hear your name called and receive a prompt to be promoted. Please accept, wait a moment, and once you've been promoted, you may unmute yourself and ask your question. We encourage you to turn your video on as well. We will wait one moment to allow the queue to form. Our first question is from Jamie Franklin from Jefferies. Please unmute your line and ask your question.

Hey, guys. Thanks for taking my questions. Firstly, I just wanted to ask on utilization and how to think about the rest of the year. Is it fair to assume a sort of similar profile that we saw in 2025 with utilization ramping up at a similar sort of magnitude in 2Q, 3Q? Maybe given that we're now halfway through the second quarter, are you able to give a bit more clarity on the kind of a range of utilization we might expect, or if there are any specific factors that would result in 2Q vessel utilization being lower year-on-year?

I think that you're right in your first statement that we expect that utilization is coming up in the following quarters of this year. Which is also given by the fact that we maintain our guidance and with the Q1 being as per expectation. We are completely in line with that. We can also say that the Q1 has been defined very much by vessels being swapped around, being in dry dock, and preparing for projects. That is work that has been done now, and we only have very little of that left for the remainder of the year. Hence, we believe that the utilization will be strong for the remainder of the year.

Thank you. Maybe thinking about cash flow through the remainder of 2026. I believe that most of the remaining CapEx this year is obviously due in the third quarter with the final installment on Wind Ace. Just wanted to confirm that and whether there's any additional CapEx to think about through the remainder of this year, please.

Yes, definitely there is with Ace. We also have an installment on this year on the Wind Apex, around EUR 90 million. We expect also to sign the last contract on the T-class. This is this year. There we also need to pay the first installment. But that we don't know exact what, it could probably be to the tune of EUR 110 million or something for both vessels. The main components that we have in CapEx, of course, there's also some on Wind Keeper that will be finalized, but most of that was in Q1. So we made very little rest of the year on that one. There will also be something on the foundation project. That is the run through of that.

Okay. Very helpful. Thank you. Finally, you touched on Wind Apex and the potential for early delivery. At last results, you said it could be up to one month early. Is that still the timeframe you're sort of thinking about? Would there be any additional cost to the yard associated with early delivery? If so, is that expected to be funded by the clients?

Yes. It's correct. We expect that the Wind Apex is now delivering towards the end of April, very early start of May. That is already confirmed and signed with the shipyards. There is a small associated cost with that. That is being part of the project negotiation with the client. Yes, that's correct.

Okay. That's very helpful. I'll hand it over. Thanks, guys.

Thank you.

Thank you, Jamie. As a reminder, if anyone else would like to raise their hands, please use the Raise Hand feature at the bottom of your Zoom screen. We appear to have no further questions at this time. Thank you so much for your participation. I will now hand the floor back to Mikkel Gleerup for any closing remarks.

Thank you very much for listening in on this Q1 presentation. We are looking forward to a year that will very much be defined by execution, and also, the assets that we have discussed since the private placement. Thanks for the support from every investor that are supporting us. We are looking forward to a very strong year, 2026. Thank you.

Good morning, and welcome to Cadeler's Third Quarter 2025 Earnings Presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F on file with the United States Securities and Exchange Commission. Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's annual report. The annual report and today's earnings presentation are available on Cadeler's website at cadeler.com/investor. We ask that you please hold all questions until the completion of the formal remarks, at which time in you will be given instructions to the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

Thank you very much, and thank you to everyone dialing in to listen to our presentation this morning/afternoon. Yes, I will ask everybody to read through the disclaimer in the presentation. So annual report 2025 and first, taking you through the highlights of 2025. Financial performance in Cadeler in 2025 were above our expectations. We ended at the top end of the range that we guided last year, ending the year with a robust contract backlog of EUR 2.8 billion, which really gives us that earnings visibility into the future that we have been discussing with our investors over the course of the last couple of years. We had 4 newbuilds scheduled for delivery in 2025, and they were all delivered on time and on budget. We added Wind Keeper to the fleet to support Nexra and our partners and really this new O&M service platform. We continued exceptional execution with significant progress made towards the delivering on the Hornsea 3 project. Wind Keeper upgrade successfully completed and multiple campaigns supported with vessel swaps. We have had strong utilization with vessels operating across the world in markets as Europe, U.S. and in APAC. Commercial highlights for the financial year '25. Scylla continued to work in the U.S. on Revolution Wind for Ørsted and have since shifted over to Sunrise Wind. The Wind Orca has been mobilizing for the Hornsea 3 project for Ørsted, where she will be executing the secondary steel scope. On Wind Osprey, we have been mobilizing for the EA3 turbine installation, which is a project we do for ScottishPower Renewables. On Wind Mover, we will shortly be commencing the turbine installation on the Baltic Power project, where she is taking over from another vessel that we previously had working on that project. The Wind Maker stays in Asia. And as we have announced over the course of the last couple of weeks, we'll be executing O&M campaigns for clients in Taiwan this year. Wind Pace came back from the U.S. after having supported the Vineyard Wind project and is also now mobilizing for the EA3 turbine installation project for ScottishPower Renewables. Wind Peak will continue to install turbines on the Sofia project for Siemens Gamesa. The Wind Keeper has been delivered to the client on an up to 5.5-year contract and is currently installing on the He Dreiht project for Vestas. Wind Ally is completing the last phase of the mobilization in Europe in Rotterdam and is preparing to go to the U.K. to start putting in monopiles for Ørsted on the Hornsea 3 project. And the Wind Zaratan project, for her 2026 is a transition year. We have decided to do some upgrades to Wind Zaratan, do some O&M work in Asia and then take the vessel back to Europe to start working both on O&M, but also on support jobs for foundation projects. At a glance, we now stand at 362 office-based employees, more than 800 seafarers. We have now installed more than 1,700 wind turbines, more than 900 foundations, a number that will go up significantly during this year due to the Hornsea 3 project and also have been working on more than 275 locations for operations and maintenance. So all in all, very busy and continuing to grow the business in the industry that is also growing with us. We have been discussing a lot with our investors and other stakeholders in the company, the transition to full scope T&I campaigns for the foundation work. And we have prepared a few slides to go through where we are now on the Hornsea 3 project and where we are as a company on the transition to taking on these full scope T&I campaigns. The company came from a charter-based day rate model where we could add services as requested by the client to now having a more integrated project delivery and construction platform, as we say, it's a solution-based offering to the clients. We have -- we used to have a very compact organization and moderate complexity in the organization, but also in the offerings we were offering to the clients. And now we are going into a much more complexity -- complex environment and really also where the organization has to deliver many different scopes from transport on heavy lift vessels to handling equipment in port, offloading, unloading very, very large pieces of equipment, storing them safely, Q&A on these products while we have them in our custody for the clients. We came from a utilization-driven model with a higher relative percentage margin to an execution driven with a higher absolute return and upside model on the T&I scopes. The vessels in the previous model was the primary revenue stream and where we today see vessels as strategic enablers to capture more scope as we take on these bigger projects for our clients. On Hornsea 3, trying to give you an overview of the time line for the first full T&I scope that we have embarked on. The project was signed in early '23, a very busy year for us signing both that project, but also working on the merger with Eneti, preparing for taking delivery of the vessel, a lot of supplier scopes starting to transport monopiles and secondary steel, starting to install monopiles and secondary steel and then also embarking on installing 50% of the turbines on the project and then commissioning and closing the project somewhere in '27. It is a very, very complicated project and something that we go into with a great deal of humility. But I think that I'm pleased to say that we are exactly where we want to be. And the Wind Ally delivered early, we were able to mobilize her in China directly from the newbuild yard and have taken her successfully back to Europe, finalizing mobilization now in Rotterdam before, as I said, starting to put in monopiles in April this year. Hornsea 3 really requires a lot of coordination. And we are also now experiencing being in the middle of the project, the complexity of the project and also the benefit of having built up the team and having worked close with our clients in terms of what was required to execute this because a project like this never goes to plan, I think it's fair to say. And we have also been met with requirements from our clients to change different things as we have worked since '23 and until today. But I'm pleased to say that we have taken on these challenges with our can-do attitude in the company, and we are exactly where we want to be in terms of being ready to install the project from April of this year. And a total capacity of 2.8 gigawatt when it's installed, 197 monopiles, 60 office-based staff working on it, 120 port and construction staff working out there for us in somewhere where there's a yellow dot on this map. We have 10 vessels in total, 3 from Cadeler working on the project. We are transporting more than 400,000 tonnes of material on the project. We have 10 ports involved and 12-plus partners involved in this. So in all fairness, a very complicated project, but also one where we are learning a lot. We've taken some pictures from the project to also demonstrate the scale of this project because I think it's hard to understand the size of these monopiles. All of them are the same size as the Los Angeles class submarine, and we are installing 197 of those in the U.K. from April this year and until 2027 and into 2027. We have also been working with our client to do a mockup trial of the secondary steel. These foundations are TPless, meaning that they don't have a transition piece on top. And that means that all the secondary steel is being installed by a tool that is being carried on board the Wind Orca that carries storage towers for secondary steel and then she's lifting the secondary steel on board on to the foundation in one lift with this tool. And together with our client, we build a mockup for this, a full-scale mockup in the port where we were able to test this tool and the functionality of this tool before going offshore. And it's been a pleasure to work with our client on these mockups and really refining the whole rehearsal of concept before we go into the actual execution offshore. And we have added some pictures on that as well. As we have been discussing, the changes in the project time line has led to increased, but delayed revenue for the foundation T&I. So Cadeler will earn more money on the Hornsea 3 project compared to what was originally envisaged when we signed the project. Not due to things that have happened on the Cadeler side, so to speak, but because our clients have had to change what they originally anticipated in terms of, for example, monopile delivery, whereas the monopiles coming from. Originally, we expected two fabrication yards, today we are working with four fabrication yards. That all means that we are receiving the monopiles in a different pace, but it also means that the project is stretching over a longer time and that we will be involved with some of the suppliers that we have on the project for a longer time. So what it means is that it's an increased revenue and an increased margin to Cadeler, but the project will stretch over a longer period of time. In terms of our commercial pipeline across the globe, I think I have to say that we are still continuing to grow, and we are still involved in a lot of projects and a lot of bidding on projects globally. Obviously, the European market is really the front runner in terms of new projects that we are working on. And as you can see from this slide, we are working on more than 50-plus open commercial opportunities in the market, and we are discussing projects with our clients, both for '27, '28, '29, 2030, but also well into the next decade, which gives us a very great deal of confidence in the market as such, but also a positive outlook for where we are going as an industry. And I'll come back to that a little bit later in the presentation. Asia continues to perform as well. We see new markets opening in Asia as we progress the ongoing market, which is Taiwan, Korea and Japan. We see also development now in the Philippines, but also development in Australia. And all in all, we are active where our clients want us to be active, and we are continuing to bid for projects in the region -- in a region that I would say is developing as expected. The U.S. market, it is what it is, and we have discussed it many times before. We don't see any short-term opportunities in the U.S. market, but we are still executing in the U.S. market. We sent the Wind Pace back to Europe from completion on Vineyard Wind, and we are now installing with the Scylla on the Sunrise Wind project. All in all, we expect to be busy in the U.S. for the years to come. And also, we are happy to engage with our clients for new projects in the U.S. region when that time is coming. We still sit on a significant backlog. Our backlog year-on-year has grown. We are standing at EUR 2.8 billion in backlog, which, as I said, really provides the earnings visibility that we would expect and also what we have communicated to our clients. We have things also that we are working on here that we have discussed in the market where we are preferred supplier on a foundation project that is not counted in our backlog, and it's also not sitting in our vessel reservation agreements because it has not reached that stage yet. But we still have work that will hit the backlog, and we are sure that in the coming quarters that we will have positive announcements around backlog development. As I said, the backlog stands at EUR 2.8 billion at the moment and 80% of the total backlog has reached FID. And we have discussed that before. And I think that that's really a sign of the quality of the backlog where we know that 80% has already been approved for the final investment decision at the client side, meaning that, that project has also reached a contractual milestone that is important for us. And as I said, we do have a preferred supplier agreement, a sizable preferred supplier agreement. And one of the things that we discussed around our Q3 announcement was that we had some projects in the site that we would like to secure. And one of them is what we have now a preferred supplier agreement on. It's for a significant foundation project in Europe and one of the projects that was important for us for our 2028 campaign. And I'm pleased to say that we have been moving ahead as we expected on that one with our client and that we are also now in the negotiation with the client to make this preferred supply agreement into a real contract. And on '27, '28 that we discussed at length in the Q3 presentation, I'm happy to say that in '27, we consider ourselves fully booked now. We are currently working with the yard to potentially deliver the Wind Apex slightly earlier because we have a client that is ready to take the vessel straight from the yard and into a project, meaning that we are -- with a few white spaces we have left in '27, we do consider that time that we want to keep available for clients should they run into some sort of supply chain issue and really have built a solid '27 for ourselves. In '28, we are also much more positive now than we were in Q3 due to the fact that we have secured the preferred supplier agreement on this large-scale foundation project and overall are seeing positive momentum for the '28 campaign overall. In terms of the progress on the newbuilds, Wind Ace, we are at 94% completion. The naming ceremony for the Wind Ace, the official naming ceremony will be on the 15th of April, and we are looking to deliver the vessel on time. On the Wind Apex, as I said, we are 34% completion, and we are currently discussing with the yard to do up to 1 month early delivery due to the fact that we have a client who would like to take that vessel straight from the yard and into a project for a sizable project on turbine installation. In terms of the progress from the yard, a few pictures as we always have. I think that I can say that on the Cosco shipyard side, things are progressing as planned. Not many surprises there and really pleasing to see that the collaboration we have with Cosco Shipyard continues to develop, and we are very, very pleased to work with Cosco Shipyard, the quality partner for us and for the development of the company. The fully delivered Cadeler fleet as it stands today with an average fleet age of 5 years, which I believe is a very good number to have, and really also shows that we have been building a young fleet that is ready to take on the positive developments of the future. Now, I will hand over to Peter for the financial highlights of 2025.

Yes.

Peter Brogaard...

Thank you very much. Yes, the financial highlights for '25. It was really a strong year seen from a financial and operational point of view. As Mikkel said, we ended in the high end of the range that we have guided revenue of EUR 620 million as compared to EUR 249 million. Equity ratio is now at 44%. It's a decrease as compared to last year. But it's also where we see it bottom out, the equity ratio and starts to increase again. Utilization also very high, 88.9% adjusted utilization as compared to 75% last year. And that is -- the adjustment is where we say, okay, we take out what is planned dry docking and transportation from the yard. We think that is a meaningful number to look at when we get all these new vessels delivered. Market cap of EUR 1.8 billion. EBITDA, EUR 425 million as compared to EUR 126 million last year. Net profit, important number for the shareholders, of course, EUR 280 million as compared to EUR 65 million last year. And as elaborated on a backlog of EUR 2.8 billion. Three months daily average turnover EUR 7.1 million on the stock exchanges. If we first look at the last 3 months of the year, Q4 '25, very, very strong quarter, EUR 167 million in revenue, an increase of EUR 82 million compared to Q4 '25, '24 and with the adjusted utilization of 87% cost of sales is, of course, going up with the delivered vessels. And SG&A also is up because of the ramp-up that we have talked about at previous releases where we build up the organization to be able to manage these foundation projects with increased complexity. Finance net isolated for Q4 is EUR 20 million, and that is a shift you see here in Q4 finances because we have capitalized borrowing cost to a greater extent while we had more vessels under construction. Now that the vessel has been delivered then a bigger part of the finance interest is going to the P&L, and that is something you will see in '26 as well. Of course, it's the same cash outflow, but it's just whether it's in P&L or it is in CapEx. EBITDA, I think very, very strong, EUR 104 million in a quarter where Ally and also Mover were not in operation as such, but in transport to first project. That was Q4 isolated. For the full year, some of the same remarks that we had in Q4, but also what we have seen during the year, it's fair to say everything has played out exact to plan. Revenue in the higher end of the guidance. Cost of sales, everything is as according to plan. SG&A the same. So we are very, very pleased with the financial result for '25, but also the underlying operation where we have control of the important things. EBITDA, EUR 425 million. Vessel OpEx per day is EUR 36.3 million, a small increase towards last year and I think also under control. Headcount onshore average 307. The consolidated balance sheet, now we have an equity of EUR 1.5 billion. an increase of nearly EUR 300 million as compared to last year. And we see the equity ratio of 44%. I think that is something we have all along said that approximately there where we will bottom out. And of course, it's a natural consequence of taking delivery of the vessels where your assets go up and your liabilities also go up correspondingly. We still have a CapEx program now on the Wind Ace and the Wind Apex, these installment with the yard that we show here. We have signed commitment for A Class Wind Ace and we are also having ongoing RCF facility of 148 million. So together with what we expect to raise of financing on the Wind Apex, we are EUR 637 million of total financing. We are in advanced discussion with Apex and are confident that we'll be able to sign that during '26. As you may recall, it's delivered in late Q2 '27. So we have really had the goal of signing a facility -- sign commitment 1 year ahead. So we are not paying unnecessary fees in commitment fees and so forth. Interest from banks are strong. So is it from the ECA. So it will be on similar term as you have seen on previous transactions. Cash, EUR 152 million. And you can see with the A Class payments we have outstanding, that's still a significant cash surplus. This is the financing overview. You can see here that we have the RCF A and B, we have not drawn up fully yet. And since Q3, September, we have signed a Holdco financing, a second one with HSBC and Clifford Capital unsecured loan, EUR 60 million with an accordion of EUR 0 million, and it was made on very similar terms as the original Holdco with HSBC and Standard Chartered. With Apex, I have talked to that, but that is progressing according to plan. We are very confident on that financing. Then there is the outlook for '26. I think what we guide is in revenue, EUR 854 million to EUR 944 million, and EBITDA, EUR 420 million to EUR 510 million. We have put up the comparison here, of course, '25 includes revenue that you are supposed to get in '28, but was postponed and we got termination fees for that. So of course, that should be adjusted for in the comparison, but a very strong outlook for '26. What is important to understand about the outlook in '26 is exactly what Mikkel has talked about earlier in the presentation. First of all, it's a transition year for Wind Zaratan, so isolated on '26, you could argue it is financially a transition year, but it will improve the returns in '27 and onwards. So it's actually a good year for Zaratan as it is an investment year. Wind Ally and Wind Ace will be delivered in Q3 '26, but will not go on any contract and have any contractual revenue in '26 simply because we will sell direct to first projects EA2 North. We have seen in the past that on some of the wind turbine installation vessels that we can do some work before first project, but it's simply not possible on a foundation project. And it's -- again, it's a good sign because the customer wants us to be at the site as early as possible. So we are simply doing everything that we can to arrive as early as possible we can in '27. And then this Hornsea 3, when -- Hornsea you can't look at Hornsea 3 isolated in one year. First of all, it's a project where you have revenue across several years we already had in '24, '25. But as illustrated by the slide, maybe the precent, we now see that the revenue on the project goes up due to changes on the project, not due to Cadeler-speific things, but due to something designed by the developer. But that means for Cadeler, two things. The total project goes up, earnings goes up, but the timing is different. So some is pushed into '27. So when you look at '26 and the outlook, you should also remember that. [indiscernible] evaluating that year. And back to you, Mikkel.

Thank you, Peter. As this is something that still remains very important between '24 and '25. We are -- we have been working on biofuel -- fuel blending in our fuels, and that has been successfully introduced across the fleet in 2025, together with our clients and our sustainability team. We have developed a new circularity strategy. We have more than 30% women in leadership, and that was achieved in 2025. We have set a new target of 40% women in leadership by 2030, and also on governance, the CSR leadership group established to execute key ESG priorities. In terms of our path to zero, we have set a target of a net zero target in 2035 and a 2030 target of 50% intensity reduction. Obviously, we are going up in intensity in the beginning, and that's largely due to the fact that we are delivering lots of vessels that are still burning fuel. But we have a path towards achieving our targets here, and we have maintained our targets. And it is as -- what is described on this slide, it's adoption of green fuels, it's enabling electrification, optimizing energy consumption, which we believe is one of the big things because really education and training of teams on board and clients is one of the real big savers here. And that is how we will achieve the first part of this journey. Second part of the journey is continuing to enable electrification and again, optimizing the energy consumption. And also as we start to see it, getting the green fuels on board, which will form a larger part in the second part of this journey. At the moment, the reality is that the green fuels are not available to us. So although we have a portion of our fleet on the newbuilds that can burn these green fuel types, we are not able to buy them at the quantity that we need them, and it would more be an R&D project at the moment. So we believe that the second part of the journey will have a greater availability of this fuel type, and that is something that we at least will support that with the demand for these green fuel types when it is available to us. In terms of commercial outlook, which, of course, is important because I think in all honesty, we are coming from a 2025 where we were facing a very negative narrative in general in the industry due to a lot of factors. We are seeing milder winds blowing over the offshore wind space and also continued growth of the industry and the deployment of offshore wind globally. And as we say here, after '28, '29, we expect a very strong growth towards the end of the decade. Europe has been raising the bar and as declared by the North Sea Summit, the 9 member states of the North Sea Summit have declared a target of 15 gigawatts per year outbuild between 2030 and 2040, and we are very, very pleased with a target like that, because that is, in our opinion, how you build a supply chain that you actually set a target what should the supply chain be able to push out per year in this region. And this is not the entire European target. This is for the member states of the Green Sea -- the North Sea Summit, sorry. So in all Europe will be a higher number than this. Outside the fact that there's an annual outbuild target, there's also a financial plan to how to achieve this. And that is also what has been lacking in the more arbitrary targets that were more setting a target for 2040, 2050 in the past. So all in all, we really are pleased with seeing these targets, and we believe that, that's a very strong data point for the future and also for the demand situation for the future. Another very real data point is the U.K. auction round 7, where the U.K. government awarded record volumes. Really, it was 70% above what was expected and the budget went up to 200% of what was the original budget. So also a very strong data point. But another strong data point is that the U.K. auction round 8 has already been shifted forward, so we can expect that already to happen in July 2026. And these are projects that are happening towards the end of this decade and the beginning of the next decade. So already today, we are in dialogue with clients for work that is taking place in '29, 2030, 2031, 2032, 2033 and so on. So that is a very, very positive data point for us. And then we also do see a lot of private capital coming back into offshore wind, Apollo committing USD 6.5 billion to acquire 50% of Hornsea 3 and KKR forming a joint venture with RWE for offshore wind projects, and there are many, many other examples of this. Altogether, strong growth in the space and in the industry. And as we have said, a much better feeling about the '28 situation for Cadeler, although we still recognize that for the industry, '28 for some can be a difficult year, then we say today that we have a much better feeling about 2028. We still believe that there will be an undersupply of capable vessels in the market, and that will start in '29, 2030. We believe that, in particular, on the foundation side to begin with, of course, because they go in first and then secondly, on the VTG side. It happens for a multitude of different reasons. It's efficiencies. It's the efficiency on the larger turbines. It's the more complicated projects. It's the raw efficiencies in terms of how many turbines and foundations these vessels can transit with, but it's also the fact that there are a lot of vessels that are reaching the end of the useful life in the beginning of the next decade. So vessels that are counted today because they, in theory, can install a turbine, they will not be counted after the beginning of the 2030 because simply they are falling out because they are coming to end of useful life. As the fleet stand today, Cadeler still sits on the largest fleet in the world, and we believe we have the most versatile fleet of really the Tier 1 assets that can support our clients with the targets they have for continued outbuild of offshore wind. We have also decided to distribute this slightly different and first look at which vessels do we believe are able to efficiently install 15-megawatt turbines, and the picture looks somewhat different here. And with the targets that are being set in the North Sea Summit by European government, by Asian governments at the moment, then we believe that there is still a significant undersupply as we come into the next decade of the capable vessels that will always be chosen first by the clients. And if we look on the foundation side, the picture is even more problematic if we want to deliver the targets that are currently being set and also backed up by auctions in many different countries around the world. A few words on Nexra, our business platform for the aftermarket services in offshore wind. We believe that the O&M market will continue to demand -- the demand increase will continue to grow, and we believe that the market is shifting towards long-term agreements. We have seen that with our agreement on Wind Keeper with Vestas, and I think there are other examples in the market as well. So we believe that the whole O&M story and strategy for Cadeler is an important strategy because it will create a longer and more transparent revenue stream on part of the fleet and also it will be able to generate utilization on the installation fleet if there are small gaps between installation projects. And that is important because we have always talked about the importance of keeping a high utilization. And hence, that is something that we really believe is a strong advocate for the whole development of the Nexra business platform. We also believe that Nexra will grow as a business and also at some point in time, potentially even be a bigger business than the installation business, but that is in the years out in the future. But of course, every time we install a turbine, the whole ecosystem for turbines installed grows, meaning that there are more work to do for the Nexra platform to service our clients with -- as it stands today, mainly -- the main component exchanges that we do from a jack-up. In terms of the development of Nexra and an update on that, I think that we saw it and have always seen it as a very strong market, a market that can stand on its own 2 feet, a market that is profitable and it's also a diversification of income streams for Cadeler. We signed the first contract for an O&M campaign in Taiwan and showing that when a vessel is sitting in a region that is complicated to transit back to, for example, Europe from, then you can do these O&M campaigns in the spot market and still upkeep a very healthy financial year for the asset. And I think that, that is something that is important because after this, we have also announced another project yesterday morning in the same region for the same vessel. There's a dedicated team for Nexra today, we are continuing to build the team. I think that it's also fair to say that we get positive feedback from our clients and the fact that we are now having a dedicated team to discuss aftermarket services with them because they have dedicated teams to handle that part of the value chain for them. We believe that as we grow, we will also be better at understanding the needs and the execution requirements and really a very, very strong mandate from all over this company here and from top to bottom to grow Nexra into the strength vehicle we believe it can be. We did strategic fleet expansion in Nexra last year with the acquisition of Wind Keeper, we believe that we did a very, very strong deal and executed very, very fast on this, but also was able to pin a contract -- a commercial contract to that vessel very, very soon after the acquisition of the asset. We took the vessel back to Europe. We did the modification to the vessel that we believe was necessary, and we are now working with the client on a project with the vessel and very pleased to see that. And O&M services in 2025 forms around 1/5 of our total revenues, and that also shows the significance of what we already are doing in O&M. Continuing the growth journey, as we have said, we are in an industry that growth and as we're also saying to you today, we are more positive and have a very positive and optimistic view about the years out in the future. And that is also why that we are looking at continuing the story of Cadeler. We evaluate opportunities to expand into attractive and synergetic systems -- segments, sorry, like, for example, the strategic O&M offering. We are open to both organic and nonorganic growth. We believe that scaling the organization and have a bigger, more versatile, more flexible offering to our client is something that the client is willing to pay a premium for and something that will also secure that Cadeler will always take more than our proportional share of projects in the industry simply due to the derisking of our clients' projects that we can provide. In terms of regional expansion, we are where our clients want us to be, and we are working with the projects that we believe in and the projects that we believe will go from development to FID and to finally execution. That is how we look at it. That's how we have always looked at it, and that's how we'll continue to look at it. We are monitoring and applying new technologies, and we believe that efficiency still will be driving a lot of the value in the industry and also a lot of the sustainability in the industry. So we are very open to discussing efficiency gains with our clients. And we are also willing to do our part in what was the North Sea Summit, which was really trying to make a more competitive offshore wind industry by being more efficient with what we do. And we believe that, that is definitely something we can do if we work together in the whole value chain. And then strategic partnerships have been one of the foundation and one of the pillars that Cadeler is standing on really making sure that we are developing structure -- strategy to strengthen our key strategic partnerships with our clients, including the long-term agreement that we believe is out there and also doing the scopes with the clients that, that they are asking for. So really trying to understand, be early with our clients, trying to understand what it is that they require from us and then be able to deliver that quality-wise and safety-wise when they need it. That is very important. In terms of key investment highlights, largest and most capable and versatile fleet. We believe that, that means redundancy for our clients. And as I already said, that is something that our clients are willing to pay a premium for and also what we believe will secure a more than proportional share of market to Cadeler. We believe that strong relationships and partnerships and our industry-leading position is also something that will be continuing to support the whole growth of the company. We have global reach and experience. We have worked in all key markets, and we are happy to continue to work in all key markets if our clients want us to do so. We believe there's a structural undersupply and an increasing market demand, and we are already starting to see signs of very, very, very strong demand as we move into the next decade. We have a strong track record and backlog, and we are very, very much looking forward to continue to work with our clients in the future. With that said, I think that we are moving into Q&A.

[Operator Instructions] Our first question comes from Martin Karlsen from DNB Carnegie.

I understand that -- can you hear me okay, sorry, it was some...

We can hear you, yes.

I think I heard during the prepared remarks that you said the Wind Apex would be delivered early and do turbine work. Could you talk a little bit about the background for using the vessels for turbines and not foundations and the decision process behind that?

Yes, that is a good question. The reason we are discussing it directly that we are looking at delivering the Wind Apex early is because we have been asked whether we were looking at potentially delivering her late. And just to make clear that that is not a thought at all, it's the opposite. We have evaluated opportunities in the industry and the best opportunity, we believe, for Apex right after the yard is to embark on a turbine installation project. The reason for that is that working with the client on a turbine installation project potentially opens up opportunity for other things. And hence, we have decided that here, the best use of the capacity we do have available, as you also heard in my presentation, I said that we consider ourselves fully booked in '27 now. So basically, what we have available for clients now is becoming limited. And this is the opportunity we have for the client, and hence, we have decided to go with the client because we believe that it's the best overall decision for Cadeler to start with a turbine installation project. It doesn't mean that Apex will stay on turbine installation projects, but the first project will be a turbine installation project. So what it means is that she will earlier generate revenue compared to if we did a foundation project. And with the long -- duration of the contract we're looking into, that will also run into a significant part of 2028, but also a potential for something coming on the back of that with the same client.

Could you remind us about how much time and cost there would be to get it back to foundation mode?

So there is a mission spread, but that is typically part of the project. When you sell a foundation project, the client is contributing to the mission spread there. And typically, it would take somewhere around 2 to 4 months to put her into foundation mode with mobilizing all the equipment on the vessel.

And for 2028, you definitely came across as more optimistic, but it seems to be more Cadeler specific than for the industry as a whole. Can you talk a little bit to why Cadeler have been more successful than the industry for '28 and what has changed since last quarter?

Yes. I think that what we do say, when we talked about '28 after the Q3 announcement, we also said that it looked like a year that could be challenging for the industry. And what we are saying now is that we -- that is still the case. We believe that there are still some companies that will have challenges in 2028, but that we today feel much better about '28 than we did around the Q3 because there were still some things that we believed in at that point in time, but that had to happen. And now we are saying that we are seeing that, that is happening. And hence, we are much more confident on 2028. And one of them is, of course, the preferred supplier agreement on a large-scale foundation project. That is important for '28, but that's not the only thing. It is also how other things we are working on have progressed. So all in all, we are much more positive about '28. But it doesn't mean that everybody else will have the same feeling. But for Cadeler, that is the case. But I also think there is a progression from the Q3 call to now where we are saying today that 2027, we can say we're fully booked now.

And last question, you're about to get into a real cash-generating mode with all the newbuilds and delivered. Could you talk to how you look to allocate capital ahead between shareholder returns, delevering, and you also spent some time in the presentation today talking about growth opportunities.

Yes. I think that, as we have said before, capital allocation ultimately is a Board decision. But I think it's realistic to believe that we will be spending our capital in 3 buckets. One is to delever the company. One is to continue to maintain the position we have in the industry. And then the last bucket is, of course, returning capital to shareholders in some shape or form. And I think that if we look at where we are moving in terms of generating capital, all 3 buckets are possible at the same time. And I think that, that's where I will land it at this point in time.

Our next question is from Jamie Franklin from Jefferies.

So firstly, I just wanted to clarify on Hornsea 3 and appreciate the useful slides in the presentation. If I look at Slide 12 specifically, as you understand it correctly, essentially, we're now going to have a much more progressive ramp-up in revenue through the year from that project. So it's going to be very back half weighted. And it looks like the expectation is first turbine installed around 3Q. So if I assume that the margin and EBITDA contribution should really start to sort of kick in from the second half. Is that a fair assumption?

Yes. I think overall, what you're saying is a fair assumption. And as we are saying that -- and of course, this is what is complicated to sometimes explain when you have projects and calendar years because overall, Hornsea 3 for us is a more value-creating project today than it was when we signed it. But the way the revenues and profits are stretched over time is different. And I think that, that is what we are trying to explain today, and it's due to decisions that have been made by others than Cadeler, but where -- it's in our interest, but also where we are contractually obligated to deliver on this new method. And I think one of the key things on the project without diving too much into the detail is that the flow of the foundations when they come into the project is slower. So we are not building up the buffer we had in the beginning. So the monopile delivery is over a longer period of time, and that is out of Cadeler's control. And it's due to things that is related to the fabrication yards on the monopile foundations.

Okay. Got it. And then secondly, just on operations and maintenance. So obviously, you've announced a few shorter duration awards to Nexra platform recently. And as you mentioned, there's been this 10-year O&M contract announced by one of your peers. Could you give us a sense of how you expect to balance the sort of longer-term agreements with the shorter-term contracts? Is the idea to sort of keep Zaratan and Scylla available for more spot O&M while Wind Keeper kind of takes the longer-term contracts? Or could we see you enter into a longer-term contract with a specific one client on those assets?

The question is, yes, that could be expected that, that would happen, but it all depends on the project economics. There are limits where we believe that it's better to stay in the spot market rather than to sign up to a long term. And for us, that is an internal evaluation that is happening between us and the team that is dealing with the clients on these long-term opportunities because obviously, there are benefits of having a long-term contract, but the benefit of that can be outweighed by, let's say, what you're sacrificing in terms of annual revenues. So for us, it's a balance. And if we believe that we can generate more money by having the vessel in the spot market and being available to our clients when they need us, then that is the decision we will go for. And I think we have discussed it before as well that one of the real benefits of being, let's say, active in the O&M market is the social capital you're building with your client because when they have problems, if you are able to come and help them and fix them, that is something that is very much appreciated and also where you're able to generate stronger relationships and partnerships with your clients. So I -- per se that the long-term agreement is not just what we are aiming for, but of course, if they are good enough, if they live up to our criteria, then we are happy to enter into them.

Okay. Very clear. And finally, there was a wind turbine installation vessel order announced by shipyard Hanwha Ocean for about $530 million last month, very high price tag, obviously, relative to what you paid for your newbuilds. Is there anything you can say in terms of what is driving those higher vessel prices? Is it simply a function of kind of shipyard capacity or material inflation? Any thoughts there would be helpful.

I think the reality that we are looking at today is that the shipyards are incredibly busy. So even if you wanted to deliver a vessel in short time, you were not able to. I know that this vessel is it looks on paper like a short time line, but that is mainly because they have been working on it a long time before they actually announced it. It's a vessel targeting the domestic Korean market with a lot of Korean companies going together in that vessel. It's a repeat M-Class vessel more or less that they have paid $530 million for. I think that the underlying practice for the price is a real tightness in the yards, but also in general, what it costs to build a jack-up today. And I think that there are, let's say, that is -- if you look at the price for ordering one vessel, I think that, that is -- you're probably seeing significantly increased prices to what we built at back in -- when we ordered our vessels.

Our next question comes from Anders Rosenlund from SEB.

Could you break down the order backlog indicatively on '26, '27, '28 and '29 and beyond?

Unfortunately, we don't do that, Anders. We only give guidance 1 year ahead. So we don't give guidance year-by-year on the backlog.

Also, do you expect to see more of your competitors to place newbuilding orders for '29 and 2030 or beyond delivery given the outlook comments that you coming with today?

I believe that based on the supply and demand balance we are looking into in the beginning of the next decade and the tightness in the yards that I would be surprised if there were not several companies already looking in the yards.

Our next question comes from Daniel Haugland from ABG Sundal Collier.

This is [indiscernible] from China Securities. And thank you for taking my questions. I have 2 questions. The first question is about the foundation installation business. And I noticed that actually the foundation business includes quite large preparation works and it has larger amount. And could you please share with us what's your target of the foundation business in the future? Would the volume or the amount be higher than next year? You just mentioned that next year, the future revenue would be -- maybe would be higher than the installation revenue. So could you please share with us about the foundation business in the future? And your target or your strategy? This is my first question. And the second question maybe for...

Can we take them one by one. Can we just take them one by one.

Okay, okay.

Thank you. I think that to answer your question, we have had a humble approach to the full scope foundation C&I projects. And in 2026, we will be executing the Hornsea 3 project. In 2027, we will be embarking on the EA2 project with ScottishPower Renewables. So we are on a journey here where we are building up together with our clients, two of the biggest developers in offshore wind worldwide. And together with them, we are building up these capabilities to ensure that we do this safely and with the quality that both we and they expect fairly. But our long-term target is, of course, to execute several foundation projects in parallel in a year. That is how we have built the fleet, and that is how we are building the team and, let's say, the protocols around this. So let's say, we have a fully delivered capacity three A Class vessels that are targeting the foundation market. And we would certainly expect that these three A Class vessels would all be doing foundation work in parallel at some point in time in the future. But when I address the fact that I believe that the O&M market could be as big as the installation market, it is because with the outbuild targets that we are seeing in the industry, there will be a lot of requirements for O&M. And hence, we say this, but we cannot say when it will happen or whether they will inflect or whatever. But we do believe that there will be a case for the fact that the O&M market as such will be a very value-creating market to be in and also potentially bigger than the installation market.

Okay. Great. And the second question is about the financial expenses. And I noticed that in 2025, the financial expenses are a little bit higher. Could you give us some color about the financial expenses in the near term or in the 1 to 3 years? Because with our 2 vessels delivered in 2026 and 2027, these expenses cannot be go into the -- cannot be capitalized and this should be go to the P&L. And could you give us some colors about that?

That is absolutely correct, and also what I talked to in Q4 where you saw net or -- finance net was around EUR 20 million. And that is what you should expect to see going forward and then less and less goes to CapEx when we get one vessel delivered here in '26, then it will be less '27, we get the last one delivered and then it will be to current plans, nothing that we can capitalize. So that is the picture we see. So Q4 is more representative for '26 than the full year.

Okay, great. Thank you so much. That's very helpful. Thank you.

Thank you. I don't know whether we missed Daniel from ABG.

Yes, we have a question from Daniel.

I was a little bit back in the line there. So I have a couple of questions on 2027 that you maybe can kind of enlighten me on because I think you now say that 2027 is getting fully booked from your perspective. So what type of utilization level are you kind of targeting or at least some kind of range when you're talking about kind of fully booked this because I think based on announcements, it looks like there's a lot of white space, but obviously, you guys have looked it through. So...

Yes, so I think...

Any commentary on that would be helpful.

Yes. No, that's a totally fair question. I think we have guided from the beginning of the journey of utilization between 75% to 90%, and that is also the target in 2027. And that is an adjusted utilization because, obviously, to assume that a vessel is busy when it's transiting from Asia and back to Europe, for example, that is not possible, even though we would love to install turbines all the way. But -- so that's how we look at it. And then as Peter also said, when he went through his numbers that we exclude planned dry dockings and stuff like that. So the adjusted number, we are expecting between 75% to 90%. And for '27, yes, it is correct that we are considering ourselves to be at the moment fully booked.

Yes. And just to clarify, then you kind of include this potential contract that you talked about for the Apex.

Yes, that's how we have to do it because there is a potential contract that is negotiated. And -- but of course, nothing is firmed before it's signed and there's ink on paper. But of course, when we are in a process where we believe that this is something that will materialize, then it's also something where we are saying with what we know today, we think that we are in a situation where we don't have much other stuff to sell.

Okay. And one question on the Orca. It seems like that will be working together with the Ally on Hornsea 3 on secondary steel. It seems from the slide that you kind of indicate that going through Q1, maybe into Q2. Is that kind of correctly assumed?

Yes, it's correct that Orca is starting almost side by side with the Ally being mobilized now for the campaign to go to -- on to Hornsea 3, sorry. It was a valuation we did when we secured the project because it was our option to either go with an offshore construction vessel or with one of our jack-ups. There were benefits in the jack-up in terms of the weather downtime during the winter and hence, the progression on the project. And that's why -- and with the project economics, of course, that we were able to provide to our -- one of our own assets that we decided that the O Class vessel was the best option for the task.

Thank you. That's all we have time for today, and thank you for your participation. I will now hand the floor back to Mikkel Gleerup for any closing remarks.

Yes. Thank you, everybody. And if we did not have time to take your questions, then you all know where to reach Peter and myself or Alexander. And we are, of course, happy to take offline discussions with all of you. But thanks a lot for taking the time to listen to us today. We're looking forward to catch up with you as we move ahead. Thank you.