Bonheur Asa

Good day and thank you for standing by. Welcome to the Bonaire ASA Q1 2026 results conference call. I would now like to hand the conference over to your speaker today, Annette Olsen, CEO. Please go ahead. Good morning, everybody, and welcome to our presentation today. As usual, our CFO, Richard Olauo, will go through the main figures. And then the CEOs for the different companies will present to you. And we will have the questions and answers at the end. So, Rikard, over to you.

Thank you, Anette, and also a hearty welcome from me to this first quarter presentation. I think we are off to a good start to 26, a lot of positive events. in this quarter. Normally I try to highlight the top three. I think this quarter I would like to highlight the top five. I think this quarter we have two wind farms in Scotland now that are progressing well to full completion. We have acquired the remaining 50% of the Moomort project in Scotland. We have closed the transaction with Fovik and Mayag. We have entered a 10-year charter in Fovik and last but not least, there are record bookings in Krus. So I would like to highlight all those events. It spans across all our segments and the CEOs will cover these important milestones in more detail under their presentation. But I think definitely we're off to a good start here. So moving on to the numbers. For a segment, I'll come back to the consolidated figures, starting from the left on the renewable energy side, an improvement of EVTA of close to 100 million. That comes on the back of improved generation, particularly crystal reed-4 in the production, but also other improvements in the portfolio. And very good to note that the power price in Scandinavia, and in particular in Sweden, has come from a very much more healthy level after many quarters with very poor prices in Sweden, and Sofie will come back to that in more detail in her presentation. On the more challenging side, we have the grid situation in Scotland, where the Mid-Hill Wind Farm has been out since 15th of September and will not come back, and now it's estimated late July, without any compensation. I mentioned then the two wind farms progressing to full completion. Handover of Chris Briggs IV has happened, and in this number three are now on track to be in production as planned first quarter next year. And then the acquisition of the Moormore, which Martin will cover in more detail. On the wind service side, EVTA is down by close to 100 million. There are a few items behind that. We have no longer UWL as a part of the wind service, as we saw that in second quarter last year. That contributes approximately 20 million of the drop. The remaining part of the drop is largely related to the contract mix in Fovik, and that we did not have any Shimizu revenue in this quarter. Backlog has increased more than doubled by inclusion of the contract, the 10-year firm contract for one of the turn vessels that Håkon Magne will cover in more detail. Utilization is low this quarter, yard stays for the vessels, and Håkon Magne will come back to the situation there, but we see that Raythorne has come very well out of the yard and now installing turbines on the tour wind project in Denmark in a very good way. And finally, this we have covered before, but the first dose of the Mayag transaction between Frodusen Ocean, Hovik and Mayag happened in the first quarter. Good improvement in the EBITDA from a minus 33 to plus 9. I think Samantha will come back to it. I don't think first quarter last year is really the benchmark, as we had a canceled cruise around the Red Sea, and we scrambled to find compensating cruises, so that impacted the first quarter negatively last year. But also first quarter this year, there's been a 22-night dry dock, on the fleet this quarter. Occupancy and gross income for passenger day is up, but still we see first quarter lower than we would like to have it with an occupancy of 70%. On the very positive side, the booking numbers are up 23% compared to the same date last year in the first quarter, 25%, and Samantha will also cover that in more detail. Other investments, same level as it last year, both for the segment and also for EVTV. Not necessarily for NSFT, which is the main revenue-generating company in other investments. Karajan will cover some interesting aspects around floating solar in his presentation, especially related to a combination with floating solar and hydro production. from Hydro is maybe more correct to say. Yeah. We can move on. This is the long-term trends, which we, of course, pay a lot of attention to to see that over time we strategically move in the right direction both of what we do with our assets and how they grow in revenues and EVTA. And if you, we have spent time on this before, but if we focus on the right-hand side, on the EVTA 12-month rolling, We see now that we've been on this level of around 3.5 billion plus on the rolling thermal spaces for a while. But you see in the last few quarters, we see an upward trend, and also this quarter builds on that, that we have a stronger Q1 this year than we had last year. And what we also see is that cruise lines start now to contribute more and more to the mix. So we have the two big segments on EBITDA, the wind service and renewables, more or less on the same level now, but also now cruise lines start to be a significant part of the group of companies, EBITDA. So a little bit more granular on the revenue and EBITDA per segment. We see on the revenue side, we are more or less the same revenue as last year, around 2.9 billion. We see higher revenues in renewables, in particular than 8% fire generation and fire prices, especially in Sweden. And the wind service is down for the reasons I mentioned earlier. Contract mix, UWL being sold, and no Shimizu revenue in those numbers. While CruiseWise is up, but here you also have to take into account the FX effect that Krona has strengthened quite considerably towards the pound. So in pound, the revenue growth is quite much stronger than what you see measured in kroner. That also goes for the older segment that they have significant lower revenues if you just measure same revenues and with the new currencies. So, we are able to grow underlying, but we have headwinds on the krona awakening, although the currency is towards the krona. So, on EVTA, we see renewable have an improvement on EVTA of 93 million. You may ask why is not more of the 156 flowing down to EVTA? We have a quarter with quite a lot of major component exchange in EVTA. on the onshore wind, which is kind of more of a timing effect. So that comes in on the negative side on the cost in this quarter. Wind service, same explanations as have been true before. And cruise lines really driven by improved pricing and utilization. And all there is on the same level. Before we move to the next slide, maybe I should make a small comment. We are in quite volatile times in terms of commodity pricing, especially all the situation in the Middle East. We, of course, analyze this very carefully, and I think when we look at the main impacts on our results, we can see it on total prices being up. We can see it on fuel prices going up, but we are 65% hedged. in cruise lines. So the impact this quarter is not very big on the banker. And then, of course, there are some headwinds on travel for crew and technicians. So those are the main effects that we have seen so far. But as you've seen from the numbers, the financial effect from what we have seen so far on commodity prices and the turmoil in the Middle East is fairly limited. So moving on to the consolidated summary, we see an improvement on EBITDA from last year, from 728 to 760. Depreciation is also down. We have upgraded to turn vessels, and then we have prolonged the depreciation of those vessels following those upgrades. That's the main explanation for the lower depreciation. Leading to an EBIT improvement of 72 million. Net finance significantly improved. 62 million is more or less the net interest cost of the group of companies. But behind those numbers, there are quite large unrealized positive effects on fuel hedging and interest rate swaps in the UK, and quite large negative effects due to the strengthening of the krona, but they net each other out. So the net finance is quite clean net interest cost for a group of companies of 62 million. So that leads to an earnings before tax of 408, which is 210 up from last year. Tax cost is somewhat up, where we have the significant tax cost is in the UK with the wind farms in the joint ventures. So that's the bulk of the 115 million. And that leads to net results of 294 million, which is up 201. We also see the contribution to the shareholders to the parent improved from minus 42 first quarter last year to plus 135, or to 93, which is an improvement of 135. So the final slide from me is the group capitalization, and this slide you've seen many times before, but I reiterate, there are two messages there. We have the policy on the left-hand side, and you have the numbers on the right-hand side. And I want to focus a little bit on the policy. I think this quarter really shows a very strong compliance against the policy. Liquidity position shall be strong. We can see that from the numbers. I'll come back to that. Subsidiaries must optimize their own non-recourse financing. There are no guarantees to any bank or bond debt from the mother company to the subsidiaries. But then finally, how we then innovate to enable growth when you have quite hard restrictions on the two first pillars in the policy. And we see the strength of the third pillar in this quarter with the MEA transaction coming in, giving more growth capital into Fovik. And we also see the strength of it, being able now to construct two new wind farms in the UK with strong partners in the widest end structure. So I think the policy works, we are compliant with the policy, and I just want to reiterate that. Finding out the numbers, we see what we control 100%. Cash is around 5.5 billion, while external debt is around 3.1 billion, leaving a net cash of 2.4 billion by the end of this quarter. Where we have some debt is in the joint venture, and in particular then in the two joint ventures in the UK on the wind farm side. We see the debt level there is quite much down from last quarter. That is related to the currency movement as well. So there we have a positive effect from that strengthening of the krona. So where we don't control 100%, the main Assets then are in renewable energy. We see that we have cash now close to 2.4, while the debt is 4.4, so the net debt there is minus 2 billion, where a big part of it is the 2.6 billion net debt in renewables, which we have the 51% of, but there is 100% consolidation. So by that capitalization and quite a strong capitalization of the group of companies, I leave it back to you, Anette.

Thank you, Richard. We will now present the individual companies. First one out is Fred Olsen Renewable with the CEO, Sofia Olsen-Jeks. Thank you. Fred Olsen Renewables. This quarter... we have seen production and prices increase compared to the last quarter or similar quarter last year, and that is even though we've had the grid outage for Mid-Hill. For Crystal Rig 4, all the turbines there are now operational, and Windy Standard 3 is progressing towards project completion in Q1 2017. This is the overview of our business model and the full cycle of how we develop projects. The change here is really that Crystal Rig 4 has moved from construction to operation. Otherwise, we're still progressing projects towards content and construction as well. So moving on, the market backdrop is, of course, important. Europe has experienced seasonally high prices this quarter. We began with seeing cold temperatures that kept the demand for heating and thermal generation high. Then there have been concerns about the gas supply because the Middle East conflict began right at the start of the gas injection season in Europe. I think we do all see that there's a risk of a further escalation or a prolonged closure of the Strait of Hormuz, which may pose challenge for both the short-term power prices and the storage ahead of the winter season. We have taken advantage of the market environment and have entered into two forward contracts this quarter. 75% of the volume for Pulse Hill and Crystal Rig 3, and that is for the periods Q2-26 to Q1-27. The production this quarter has been 8% higher in combination with the higher prices that we have seen. Highlights include a contribution from Crystal Rig 4, as mentioned. We've also had the Mid-Hill outage due to the grid upgrades happening at the substation there. The export capacity is now expected to be restored towards the end of July. And then there is a second outage coming. That was previously scheduled from the end of 26 until April 27, but has now been postponed, and the new timing is not announced. But we are in close dialogue with SSE to mitigate this. Brosses 1 and 2 were curtailed to 25 MW each. That was due to a faulty current transformer at the external substation. That curtailment lasted from early December until early March, so we're very happy that they are back in operation fully again. Then we have a partial curtailment at Lista ongoing. That is due to fatigue-related rock anchor foundation issues. We are currently doing inspection here and planning repair work, which will probably be finalized by Q4. But it means that the curtailment is of approximately 20% of the capacity at least. Moving on then, to go a bit more into the details of the construction projects. Starting off with Windy Standards 3, I talked last time about the capacity limitations that we do see on the police escort for transportation on public roads. I'm very happy to say that we've been able to accelerate the transportation of the first batches of wind turbine components. It's just been a great job by the team. And that is being achieved by a close cooperation with the police on the mitigating action. Now we are estimating project completion in Q1 2017. Moving on then to Crystal Rig 4. As mentioned, all the 11 turbines there are now operational. We have formally taken over the project from the OEM. And the contracts for different start date is estimated to be in Q2. So a very good job by the whole team on that project as well. And that concludes my presentation this quarter. Thank you.

Next is Fred Olsen Wind Carrier with CEO Håkon Manglerud.

Good morning, everyone. First quarter was yet another eventful quarter for Delsen Windfarer. Firstly, as Richard mentioned, we commenced and successfully executed on our first turbine installation of this next generation of turbine, the 1415 megawatt, performing very well, giving a proof of concept. Secondly, as also mentioned before, we secured a first of its kind 10-year contract to do than high-end maintenance of Siemens. On the market, we reiterated what we have now been saying for quite a long time, that the market is tight medium-term, but we see increased volatility in demand for the years towards the end of this decade. If we go a little bit into what did the West do this quarter, old-term continued on the SiteM monopile drilling contract, which has been more than one year now. Blue Turn commenced for 14 megawatt project in February. We are actually seeing a picture of the first turbine coming up that's going out with three turbines. The first one is being installed. Blue Turn ended O&M campaign with Vestas in January and then went into a planned yard stay to do repairs of the jacking system. To go a little bit into the operation of the during the quarter, The main highlight of their operation was the first 14 megawatt project. It is the Thor project of Denmark, the first 14 megawatt turbine being installed in Denmark. Last week, before that, we made a significant milestone. We had completed 25% of the project. We are well ahead of the client's schedule. And we basically had zero uptime. So we're operating at 100%. Another interesting observation is that, yes, this is done during the winter in the North Sea. Despite that, we have been able to do a complete round trip down to an average of two days per turbine. Again, a good illustration of the efficiency of the upgraded turn vessels. The quarterly contractual utilization, the number of days that we have been sold, came in at 62%, mainly linked to blue going into yard to do the remainder of the upgrade of the jacking system. We also had one incident on bold on five days, also related to the jacking system, bringing down the commercial utilization down to a 96% level. We have The transaction we announced late December last year closed this quarter. It currently owns 17% of the company, and they also committed to a second tranche next year, which will bring their ownership to 24%. First quarter revenue came in at 37 million, with an EBITDA of 90 million, which is a couple of million shy of what we delivered last year, for the reason mentioned by Richard. Going into the backlog and the markets. The backlog is now close to a billion, up from around 400 million last quarter. Mainly driven by this new inaugural 10-year firm contract with Siemens, where we are to manage all the high-end owner work on their turbines, including the 15 megawatts. On the market, if you look at the vessel side, there is very limited vessel available the next year, so the market is tight. But we see that, again, this disruption we have in the industry has increased and continues to increase the volatility on the demand side. So we see increased volatility in the market for the last years of this. On the positive side, I think we still see the momentum building at longer term. Energy security has gotten an increased focus. It was very high on the agenda prior to the Middle East, but we see that increased focus, especially in the EU, on homegrown energy to mitigate this geopolitical tension. So we see a high tender work, but Given the lease on our industry, new tenders, new auctions, they will not come with installation activity before into next decade. So I think that concludes my remark.

Thank you. Next is Magn Sleire Lundby, CEO of Fred Olsen Seatings.

Thank you. Thank you. And good morning. The most important event this quarter for Frølsen Seawind is the transaction with Vattenfall, where we will take over their 50% share in the project, meaning we now own 100% of Myrborg floating offshore wind part. Further, we continue to see the strength of our project and the attractiveness in the markets we are present in. And lastly, we will continue our diligent and flexible development strategies for both of our projects. So I'm sure many of you are now familiar with our projects, but a quick status on our portfolio. For Cobbling Wind Park, we have a 50-50 joint venture with EDF. We have secured site exclusivity and grid access, and we have a 1300 megawatt contract for difference in Ireland. We submitted our consent application in late 2024, and we are actively engaging with authorities and government to progress the consent towards determination. The main focus remains on maturing the supply chain and optimizing our business case so that we are ready to accelerate towards FID once we get our consent. Moving to Mirabor, following the transaction with Vattenfall, we will now own 100% of that project, subject to regulatory approvals, which we expect will come in timely later this year. MIROR has site exclusivity. It has secured grid access with a radial connection for mid-2030s. We have secured onshore consent and critical land option agreements. The main focus remains on securing our final offshore consent, which we expect will come in this year. And we will continue to progress progress the development strategy towards an early allocation round in the UK. So zooming in on Kovling Wind Park, our main priority remains on the consent application progression. As you may recall from last year, we received a further information request from the planning authorities We are now in the finalization of submitting that required additional information that will be handed in before the summer. And then the governments or the planning authorities will be processing that information and give us the consent thereafter. The Irish government remains committed to offshore wind. Coddling is a key project in their plan to reach their clean energy ambitions for this decade. And we have a close and constructive dialogue with the government throughout the planning process and the consent determination timelines. So, in parallel with the government engagement and the consent progression, we are working with the supply chain to prepare them for the procurement that will come once we get our consents. And we are working across all major scopes to be ready to accelerate that process once we get the consult. So last but not least, the MioVor project. We will continue to develop MioVor according to the strategy following the transaction with Vattenfall. So we are very excited to see the project being developed through the next milestones. With the strong project fundamentals being good wind speed and close proximity to onshore infrastructure hubs and demand centers, together with the mature approval and planning stage, we remain confident in the strategy of the project to target an early allocation round in the UK. The recent election in Scotland last week confirmed the support, the political local support towards our industry, with the sitting government coming out strong from that election. so we can continue to enjoy strong support for our industry and the floating offshore wind in particular. Lastly, we plan to continue the development according to the strategy set out for the project, and we will leverage the related company's expertise to complete this development process, but also advance towards construction and generation for mere work. Thank you.

Thank you, Mark. Then Per-Advid Holt, CEO of Fred Olsen 1848.

So, sorry. As Erika mentioned earlier, last time I had a presentation here, I talked about why our immediate focus was nearshore floating solar for Brito. So this time I thought I'd allow myself to look at what we see as the pipeline market for Brito, and that is, as Erika mentioned, the hybridization between floating solar and hydro. So to build up this, we have sort of defined three levels of integration between floating solar and hydro. coexist, cohabit, and cooperate. And coexist, that means basically that there is a man-made water surface available for floating solar that has less environmental sensitivity, usually, and usually less ground cost or land cost. The cohabit, then you basically share infrastructure, that is sharing the transmission connection with the hydro plant, And that is, in the end, a reduction of CAPEX for defaulting solar plants. But it's the corporate part where we need to go, we believe. That is basically the hybrid setup where the two power plants are commonly controlled. And that allows you to work on strategically working up your reservoir levels over time. but also work on the intermittency of solar, and both of those behind the grid connection point. And finally, if you have pumped storage available, then that allows you to increase your capacity of floating solar, but that will come a bit back to you. A bit techy this, but bear with me. I'm mentioning reservoir preservation, and there is a backdrop to that. And that backdrop is that rainfall patterns around the world are changing, and that has a visible negative effect on the hydropower production globally. So typically, this is the Mediterranean. India, China, Western US, and Brazil are examples. In other areas, you see increases, and in other areas, you see more erratic rainfall patterns. But the global trend is that with the installed capacity, which is there today, the power production from hydro is dropping. So preservation of reservoirs, that has an additional value in itself, and that also ties to availability of fresh water and energy security. So, going a bit deeper into the operational benefits. So, I mentioned the seasonal synergies. So, we just made an example of that, staying in the Mediterranean on the Iberian Peninsula, choosing Madrid to take out some rain data and some solar irradiance data, but clearly showing how the increased solar irradiance compensates for the dry seasons. And that is when you combine these two in one system, then you can systematically work and preserving your water levels, both within a season, but also over years where you have reservoirs where you are multi-annual. The second synergy is, of course, the day-to-day synergy. And so everybody has seen a solar production curve. Then we took out the – this is an average July day in 2025 in Europe that you see there. But the daily intermittency of solar power, that is very, very clear. Combining that with hydro is a good potential, and doing that in one system, in one integrated system, via hydro-grid connection, then that is also a much more pleasant system, a much more pleasant intermittent power producer to include in your grid. So typically, you would... your solar installation so that the maximum production on a good day is equal to the transmission capacity at the hydro dam, and that basically allows you to avoid touching the existing grid capacity, which is there, but it allows you to feed more product through that capacity. I mentioned reservoir preservation in a few places, so that is a benefit, and a smaller benefit is also that covering the water surface reduces evaporation in dry regions. On the environmental side, I also mentioned that breaking new ground is avoided, so less environmental sensitive, and in agricultural areas, then you have a lesser effect of reducing algae blooms after the rainy season. So, in sum, we see a lot of positive effects of hybridizing hydro and floating solar. So how are we preparing for that with our system Bristro? Well, there is a very specific technical challenge when it comes to installing floating things in water reservoirs, and that is that you have large water level variations. So our solution to that is the Tension Boy, which is an adaptive mooring system that keeps pre-tension in your system and keeps your system on station all the time. So this technology we are currently piloting on the Iberian Peninsula in Portugal with EDP renewables installed in October last year. So by that, a bit more techie, that's where we are. Thank you.

Samantha, you are last one on the list. CEO of Fred Olsen Cruise Lines.

That's a good improvement. Perfect. Good morning, everybody. So I'll take some time to walk through Cruise Lines results. As Richard mentioned this morning, the comparison against Q1 of last year isn't really a fair comparison, but I do feel a good result nonetheless. In Q1 of 2026, we have seen revenue growth, and that's been predominantly achieved through an improvement across utilisation and operational occupancy, which I'll speak to shortly. In addition to that, we've seen an increase in gross revenue per passenger day. So that's where our ticket income and our onboard customer spend is combined, and we've seen an increase in that. And as Richard's already mentioned, we are seeing a good forward sales performance for the remainder of this year, as well as for the forward seasons on sale already. So if we take a deeper dive into the quarterly performance, from a passenger days perspective, so this is where we have the actual number of passengers multiplied by the cruise length that they take. And we've seen a 10% increase. So what you can take from that is that we were able to fill the sailings that we had more effectively than we have been doing. In addition to that, gross revenue per passenger, as explained, we've seen that increase. So that's an increase in the price that customers have paid for their ticket, as well as the amount of money they've been spending on board during the course of their sailing. If we look at utilization and occupancy, as Richard's already mentioned, our utilization sits at 70% versus 63% in the same quarter last year. But I wanted to introduce a new number, operational occupancy. So the operational occupancy is what we actually have available to sell when you exclude things like dry dock, as an example. So if you take the 22-day dry dock, out of the equation and look at the remaining cabins that we actually had available to sell in that quarter. Our operational occupancy actually sat at 80% versus 67% in the same period, again demonstrating that we've been able to fill the sailings in that quarter more effectively than we had been doing. Richard's already explained the improvement that we've been able to see from increasing that occupancy and increasing the gross revenue per customer and the impact that that's had on our EBITDA. And if we look at Net Promoter Score, I'll talk about that on the next slide shortly, but we have seen a negative movement in the quarter. That doesn't mean that we've changed our focus, which remains on occupancy and guest experience, but I'll talk to that in a short while. And then again, as already mentioned, cumulative sales for the organisation for the remainder of 23 and for all of the quarters on sale for 2027 remain really strong for cruise lines currently. So what you'll see from this slide, and if we start from the right-hand side first, you'll see Balmoral. So Balmoral's NPS was impacted negatively during the quarter, sitting at an NPS, so a net promoter score of 36 versus 63 in the same quarter last year. And the real reasons for that is we had a number of sailings for the Northern Lights, and unfortunately the weather was not on our side, and weather and itinerary always play a massive part in how customers feel about their experience. And in addition to that, we did have some sailings that were impacted by gastroenteritis. So that also had an impact on the ability for us to give our guests the experience that they're used to. But what I can say is when you're sailing to warmer climates and everything's going in the right direction and things go positively, as they did for Borealis and Belletta in that quarter, our net promoter score does improve. And you'll see for Borealis, it went from 64 to 66. And for Belletta in the same quarter, it went from 39 to 74. And two long sailings in that quarter, one on Borealis and one on Baleta, both received target excellent net promoter scores as voted by our customers, demonstrating the improvements that we've made for our longer voyages. And that's it. Thank you.

Thank you very much. I think that leaves us now. with the questions and answers. So please go ahead. Thank you. To ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To answer your question, please press star 1 1 again. We will now take the first question from the line of Daniel Hogland from ABG, Sander Collier. Please go ahead.

Hello everyone. Thank you for taking my question. I only have one this time. That is on the outage for Midhill that was planned for second half in 2017. You now say that that is postponed and it hasn't been given any notice of when it will come, but What will that mean for operation at that site during the period? Will basically then the farm function as normal in the H2 period? Or how does that work? Thank you.

Okay. Thank you for your question. I think in terms of the timing and length of the outage, we have been informed that that will change. compared to what we have previously been communicating. We are, however, in very close dialogue with SSE on this and are trying and working closely with them to mitigate that outage as much as possible. So some technical solutions, we are working to get some technical solutions installed during this current outage that Midhill is currently under, which will then hopefully be able to mitigate that outage to some extent. So I think that is as precise that I can be right now. And in terms of production from Midhill during that outage, it's a bit early to say as well.

Maybe I wasn't entirely clear, so I was thinking about the outage that was planned in the fall. That is, at least to my understanding, not going to be the case anyway. During that period, will then the wind farm basically produce as normal then, given that there will be no outage now?

I think maybe I'm not clear enough. We do not know yet the length and or the time period of this second outage coming up. So it's not confirmed that it will go completely away. There might still be an outage. We are working on technical solutions, a bypass cable, so that hopefully MidHill will be able to do some production during the outage, but it's still a bit early to say.

Maybe if I add a comment, but the plan now, before we know anything about the second outage, is that if the first outage ends in July, as it's estimated, then it's the plan to go back to full production from July.

Definitely, definitely. That is, of course.

And then I understand that there will be a second, or probably will be a second outage, but the question is when it comes, and we'll see if that's the case.

Yeah, we don't know.

Exactly. So we're working closely with the involved parties here, SSE, as well as NISO, to try and influence and mitigate it.

Yeah. Actually, I have a second question, if I may, and it's also on renewable energy, and it's on this news. adjustments that they made to the EGL, so the electricity generator levy or windfall tax in the UK. Have you had any clarity yet on whether it's only the tax rate that is changed or whether they will also make changes to the calculation mechanisms, like I think we talked about a few years ago that they calculated on the average of the full year rather than kind of every month, and that really matters for their total bill.

Yeah, I'm trying to hear your question correctly, but you are correct. The government has announced a potential policy change in the UK with regards to a potential windfall levy tax, and this policy voluntary CFD for the wholesale part of the revenue for rock generators. So then, on the windfall tax, this is currently a policy. It has to also pass into legislation that is planned to happen before the 1st of July. So far, we have seen that it is a rise in the tax percentage to 55%. It seems from what we are our analysis that all the parameters otherwise will stay the same. So hopefully that answers your question. I think also talking about that is important to recognize there are several things that with this tax that impacts or that we would consider when looking at the impact for our business. And one is that the levy will only kick in if you reach a certain threshold of prices during a certain accounting period. For us, this is one year, and the threshold is currently 82.6 pounds. Also, CFD projects are exempt from such a levy. And there is also revenues of 10 million are also, there is a, how do you say, exemption or... Floor. Yeah, so you have to generate above that for these higher prices and for that floor.

Yeah, that's helpful. Thank you. Okay, thank you.

You're welcome. Thank you. As a reminder, to ask a question, please press star 1 1. That's star 1 1 to ask a question. There are no further questions at this time. I would like to hand back over to the speakers for closing remarks. Okay. Well, thank you very much, everybody, for joining us today. We will now close.