Cadeler A/S

Good morning and welcome to Cadala's third quarter 2025 earnings presentation. Presenting today are Mikael Glierup, Chief Executive Officer and Peter Brogard, 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 Cadala's results to differ materially from today's forward-looking statements include those details in Cadala's annual report on Form 20F, 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 Cadala 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 Cadala's annual report. The annual report and today's earnings presentation are available on Kadala's website at kadala.com forward slash 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. Mikel Glierup, you may begin.

Thank you very much and welcome to this Q3 presentation from Cattler. Thanks for everybody who's dialing in for listening to us today. With me today I have Peter as normal and Peter will take you through the financial section of the presentation. So just the standard disclaimer and we can say that this quarter, the highlights of the third quarter of 2025, we can say that it has been financial performance in line with our expectations. We have in this quarter also signed the third full-scope foundation T&I contract, and also two turbine installation T&I contracts. We have delivered three of our four new builds scheduled for delivery in 2025 already, and we have the remaining new build, the wind mover, on track for delivery, and she is delivering on current expectations within the next couple of weeks. We have had very strong utilization in the third quarter. We have had 92% utilization. And we believe that, as we have always said, that that is a strong measure of our business. And we are working across the globe in both US, in Europe, and in Asia. And we are continuing with very strong execution. We have the Wind Ally currently mobilizing for the Horn C3 Foundation TNI project, and we have the Wind Keeper now here in Denmark at the Fair Yard in Odense, upgrading before she is embarking on her long-term contract with Vestas. In terms of commercial highlights of the third quarter 2025. The vessels have been working out there, and we are starting with the Wind Orca that has been performing work on the Hidrath project for Vestas. The Wind Osprey has done an O&M campaign for Vestas, and are now installing a wind turbine installation project on Baltic Power in Poland. Cilla has continued to work on Revolution Wind in the US for Ørsted, and Wind Saratan completed an O&M campaign in Asia, and are now getting ready for her next assignments in the next year. The Wind Peak is also continuing to install on the Sofia wind farm owned by OWE, where we are working for Siemenske Messe. Windmaker is working on Greater Changwa in Asia for Ørsted. And Windpace have been executing an O&M campaign basically since she was delivered from the yacht, and she's working for GE Venova. The Wind Keeper, as I said, has arrived in Denmark on schedule and is currently undertaking a complex upgrade scope. And we do believe that we will see her on project in the first quarter next year. Wind Ally delivered seven weeks ahead of schedule from the yard and sailed directly to the next mobilization port where she's mobilizing all her foundation mission equipment, getting her ready for the Horn C3 foundation installation project. Kettler sits on a significant backlog across key markets, both in US and Asia, but certainly also in Europe. And we have recently disclosed a very large foundation project with an undisclosed client for execution in 2029, which is something that we are very, very pleased with. I think it's a verification of the concept we are running on the foundation side, where the biggest clients in our industry, they are coming to us for full T&I on foundation installation, both near-term, mid-term, and also in the longer term. We will continue to work very, very diligently for more foundation work, but also for more BTG work. And as we do that, we will also continue to build an extra, our O&M vehicles. and we expect that the backlog will continue to be strong across the years that we are sailing through now. The backlog has basically grown since we listed the business, and we are now standing today at a backlog of almost €2.9 billion, where 78% of that has reached FID. We believe that that is a quality sign that so much of our backlog has reached FID, and also that we are continuing to grow the backlog. We have discussed before that we see 2027 and 2028 as years with slightly more competition for the projects and also an expected lower utilization degree on the fleet. But we are, of course, still working very, very hard to continue to get the best projects in these years so we can continue the journey with our fleet, with our company and our people. In terms of the new builds out there, we have Windmover that are delivering here in Q4 this year. This is the last delivery this year. And when this is delivered, we will have totally taken delivery of five vessels this year, including the Windkeeper, which was an additional delivery this year that was unexpected at the beginning of the year. And it's very, very close to completion, has already completed the sea trials. And we are expecting, as I said before, to deliver the vessel in the next couple of weeks. The Windace is on track. We expect that she will be floated out of the dry dock here in December 2025, and delivery is still planned for the third quarter of 2026. But there are opportunities for us to potentially advance that should the market need that in 2026. On wind apex, we still look at the delivery in Q2 2027, and we are following the plan there exactly as on the other vessels. The wind keeper, as I said, has arrived at Fayard in Denmark, and we are on schedule. It is a big upgrade scope we are doing on the vessel, but we need to make sure that this vessel operates to cattle standards from the beginning. We are working with one of our esteemed clients, Vestas, and we want to make sure that Vestas get a real cattle experience on the wind keeper from the beginning. primary scope of the wind keeper will be O&M services but with the crane she has and the leg lengths she has and the carrying capacity she has she can also embark on installation scopes. For us it's important that we make sure that we drive a lot of value out of this investment and we believe that with what we have seen so far that that is very very much a strong opportunity for us and for our client in collaboration. At this point I will hand over to Peter for the financial highlights in this quarter.

Thank you very much, Michael. Yes, financial highlights for Q3. It was a very, very strong quarter that reflects high utilization and cost under control in comparison to last year. Of course, we have three more vessels in operations, the two. B-class vessels with peak in pace and with maker revenue was €154.3 million. Equity ratio is still more leveraged and balanced with deliveries and drawdown on our facilities. Very solid, 47.3%, utilization very high, and at 92.2%, which is very, very good for the quarter. Market cap 1.4 billion, approximately three times the guided EBITDA for the year. EBITDA for the quarter, 109.1 million. Cash flow from operation activities, 214 million euro. And as Mikkel explained, a backlog record high at 2.9 billion. Three months daily average turnover is 5.4 million. If you look at the P&L for Q3, again, it really reflects that there are small vessels in operations with peak, with base, with breaker. And this is a picture that we have seen, quarter by quarter, with very strong results. Once it goes into operations, our finances take a step up. Revenue 154.2, and that is due to, of course, the high utilization, but also the additional business. Cost of sales under control, 38,000 euros approximately for the quarter. A little bit up as compared to last year, but also two vessels in operations in the US with a little bit of higher OPEX per day, but still below the 14,000 euro mark per day. SG&A also up. Due to what we have been communicating for some time now, that we are building the organization exactly to what we see now. We have more vessels in operation and also the upcoming foundation projects. EBITDA asset is 109 million euro, which is more than double what we had. P&L for the nine months from the 1st of Jan to 13th of September. It is more or less the same story. In addition to that, you can see that the OPEX for the year is 34,000 per day, which is also reflecting that it is operation under control. As communicated around the first half of the report, we also have received these termination fees for the termination of a long-term agreement, including on a postponed project of Hornsheet 4. Yeah, reflecting the deliveries and we have taken so far this year three new bins and the wind keeper. But as said, still equity ratio at a very comfortable level. This is a slide we have shown a couple of times. It really shows that We have sufficient funding to go through the remaining CapEx program we have with the Mover, and the remaining two A-class visits coming in in Mover Q4, 25, and ACE 26 and Apex in 27. So we have quite a strong balance sheet and cash and liquidity available. Other story here is that we still see a lot of support from the banks. I think it's unchanged. Strong support we have seen throughout the last couple of years. Apex is not community financing yet because it's delivered in 27. So we will start financing that one in 26 and have that in place approximately one year before delivery in order to not... incur too much commitment fees on that one, but we see exactly the same strong support and interest from the banks also for the APEX. This is the financing overview. What is new here is that we had a windkeeper bridge facility. that we took when we signed the agreement on the acquisition of Windkeeper and we have now a Windkeeper syndicated facility in place to replace that. That was not done by end of Q3, but that is something that has happened subsequently. Full year outlook for 2025. We maintain the outlook that we issued around first half year report after the termination of the long-term agreement. Of course, we are way along into the year and there's not a lot of uncertainties and judgments left. However, what can fluctuate here is how much of the TNI scope on T3 that falls into 25, 26, 27. That is something that can move a little bit. But we maintain the guidance from half a year before. Over to you.