Thank you very much, and welcome to this half-year presentation from Cadeler. Very pleased to be joined by everyone here.

Just a disclaimer slide here first, and then our H1 highlight slide. First half of 2026 have been really a a first half where that is defined by very solid financial performance.

Adjusting for the large termination fee we had last year, we do see a very strong revenue and EBITDA that are both more than doubling on a year-on-year basis. Newbuild program continue to be on track.

We delivered our second A-class vessel on the 17th of July, and that vessel is now preparing for its first project with mobilization of mission equipment in China before coming to Europe for final mobilization. We also successfully acquired MENCK, leading global provider of specialized equipment and technology solutions for offshore foundation installation.

A little bit more about that later in the presentation. Then, we continue solid execution across all key regions where we are currently busy.

Hornsea 3 execution also continues, and very pleased with that. Also more about that in the presentation.

Then, we signed firm contracts for the two new T-class vessels, something we have been working very, very hard to achieve. I think it's fair to say that been a tough negotiation, and and very pleased to be at at at where we are now.

In terms of commercial highlights, the acquisition of MENCK, we already have gone through the transaction rationale in in a separate presentation, but really, it is about strengthening the the customer offering and the the execution capabilities that we have in in Cadeler. We do see this as one of the key components for successful foundation campaign.

We do also see that our clients have been increasingly concerned about whether this tool can be sourced to the market at the at the necessary volume. That is something that we have decided to take an active position in to make sure that there's enough equipment for for what the industry is needing.

That really means for the what our clients are needing, what our peers are needing, and also what Cadeler is needing. Altogether, we believe that that is a very a very sound business move for us with having MENCK under the the the Cadeler umbrella, but still on an arm's length principle ensuring the proper government structure that you would expect as a peer in the industry.

I think it's also, as you see on the right side of the slide, it's also about access to really data from thousands of foundations installed already. With the acquisition, Cadeler and MENCK together are the company in the industry that have been driving most piles into the ground and and and hence also a company now that sits on an enormous amount of data.

That data is something that we expect to use to really improve our customer offering when we go into a bidding round for every single foundation project to have a much better basis to evaluate the the the program length on on a foundation project going forward. The combined knowledge between the two companies is something that we very much expect will benefit not only our clients, but the industry as a whole.

Then of course, MENCK is a solid business. It's a business that is more and more shifting into a rental model, and we believe that the earnings profile of the company is something that is very attractive.

That is something that fits well with how we do business in Cadeler and what we want to do as on a forward-going basis. Then there's just a very strong strategic and industrial fit between the two companies because the models they are very, very much alike, to speak.

In terms of what the company is offering, we showed this slide also just on the day of the announcement, but really, the hydraulic hammers, that is the main part of the business and also the the the biggest part in terms of revenue generation. There is a lot of other things that are very interesting to develop as an as we now go forward with the company, in particular lifting and handling, where we also are a big clients ourselves for for this type of equipment, but also on noise mitigation.

Noise mitigation is something that is taking more and more attention in the industry, and I'm also pleased to say that MENCK has good technical solution for for noise mitigation and something that we will continue to develop together. There's also grouting and drilling.

Grouting and drilling is also, in some cases, necessities on foundation projects. It's good that there are a solid technology basis for for both of these components for the future projects as well and something we altogether here believe will be positive effects on on projects going forward and really increasing efficiency on foundation installation in the industry.

For Cadeler, we have been very open about how we see this. It's very much like we we have seen with the vessels.

We are aiming to build scale so we can offer a client's redundancy. I think it's fair to say that we have showed the redundancy, we have showed that it works.

We also get the feedback from the clients that the journey that Cadeler have been on is something that is working. It's also working for them because if there is delays on projects, then we are able to to support with additional equipment or or a different equipment and still make sure that these projects are coming over the finish line.

We have done that already several times in the industry, and we see that that is something the clients they greatly appreciate. We believe that by merging now the vessel with the hammer in the Cadeler case, that is also something the clients will appreciate because really, we remove one risk interface on their installation campaigns.

It's a it's really one of the risk interfaces that they are worried about and also one if it goes wrong that will cost a lot of money for the industry, and hence, having the ability to merge the two components, we believe that that is something that will be sought after by the clients out there. I say also the first half of this year, it has been very much about executing on projects globally.

We continue on on Wind Scylla to install in the US. We have been back at Revolution Wind.

We are at Revolution Wind installing the final couple of turbines before we go back to Sunrise again to complete that project. On Orca, we are installing the secondary steel for the Hornsea 3 project for Ørsted.

On Osprey, we are installing EA3 turbines at a very, very rapid pace. Osprey has done incredibly well on that project.

The Wind Mover is in installing on the Baltic Power project. The Wind Maker has done [O&M?]

campaign in in Asia and is is currently also operating on O&M out there. We are bringing Wind Zaratan into a new era, and we are doing some small upgrades to Wind Zaratan to make sure that she can support other parts of the business going forward, and we are looking forward to see Wind Zaratan contributing value to the to the company as we go forward.

Wind Ace was delivered, as I said, and currently installing mission equipment. Wind Ally is on Hornsea 3 installing and very pleased to see what we are doing there.

As you will see in a in a future slide here, we are now going from proof of concept to really doing it fast and safe. That is really the what we are aiming for here, and the team has worked tremendously hard to to to to reach the targets that we have.

Wind Keeper continues on a long-term agreement with Vestas doing various work and and very positive as well there. Wind Peak has also completed the Sofia project and then have subsequently done O&M campaign for an extra ultimately for Siemens, but currently working in the Nexra setup.

Wind Pace is together with Wind Osprey installing turbines on the EA3 project. On Hornsea 3, as we said, it's from first to fast.

We are still working on on on further accelerations and efficiencies on the project because we will be doing many projects in the future, and hence, the learnings we get now from Hornsea is something that we can really implement into the company on a long-term scale. It has been an incredible learning journey to be on on Hornsea, and I think that we are very positive with where we are.

We continue to find improvements that we can that we can benefit from and that the client can benefit from. I think that we are very ambitious in terms of where we want to be.

Really, the proof of concept, the fact that Cadeler is now installing full-scale foundation projects safely and efficiently, that is something that that has taken a lot of work in it, and a great thank you to the team that is continuing to deliver on that. The monopile installation continues, and the secondary steel installation is also on track.

The logistics on around the project that we're also handling is also progressing. We have three heavy transport vessels on charter, and we have a around 100 monopiles that have been loaded into the marshaling port.

Really, as I already said, the focus is to continue safe execution on this project whilst still finding optimizations. We are working with external people as well to really ensure that we take all the lessons learned in now to benefit this project, but also to benefit future projects, but also the way we bid projects going forward.

I'm really pleased to see that that that the team and how they work with this project. Also the the the interaction we have with the client.

It's a very positive interaction with the client in my opinion, and we are we are working towards the same target, really a safe, on-time, on-budget installation of this project. In terms of Nexra, I'm I'm also pleased to say that Nexra has seen a pick-up in in commercial performance, and and we have had three vessels working in the Nexra space: Wind Zaratan, Wind Maker, and Wind Peak, that have performed O&M scopes in Europe and APAC.

We have had all more than 230 vessel days that have been working working with service. Also, that the team in Nexra is working incredibly hard with our clients to to secure long-term commitments on on on the O&M side.

We we we maintain our view on the O&M side. We maintain that this is very, very interesting for us and also a very solid business and a place that Cadeler very much want to play a role in the Nexra setup.

We continue full speed ahead on on Nexra, and are also very, very positive with what we have seen in the latest months from the clients. On the backlog standing at €2.5 billion, as we always say, is providing very solid earnings visibility.

I think that what we are saying on this slide today here is also that we are bringing you a little bit behind the curtains in terms of what is happening out there and why also part of why we are positive around what we are seeing for the future because at the moment we in the category vessel reservation agreement and preferred supplier agreements that are not currently in the backlog, we have three B2G projects for '27, '28, and 2031. We have a a foundation project for 2028.

We have also a project for 2031 on both foundation and turbines, and also a a long-term O&M agreement. A lot of work is at the moment going on to convert these vessel reservation agreements/preferred supplier agreements into firm contract backlog.

I think that the team, it's fair to say that they are negotiating at full speed while we actually see a lot more coming at the moment. Especially for the beginning of the next decade, we see an enormous appetite from the clients, and especially with the announcement of the T-class vessels, we have been in a in a in a very, let's say, positive momentum with the clients who would like to understand the capabilities of the T-class vessels and how we can work together with the A-class and the T-class vessels and and our foundation sorry, our turbine installation vessels to ensure a a very, very efficient installation campaign.

With the acquisition of MENCK, I think it's also fair to say that we have had very positive conversations with our clients on on the combination of the hammer and the vessel, but also with our peers, where several of our peers have reached out to say that they would like to discuss availability of hammers on an ongoing basis. We have also made it very, very clear that that is very, very much our ambition, and we will prove it to the market that that is something that we're going to do.

In terms of the backlog, yeah, as I said, around €2.5 billion, 77% of that is has reached FID. There are projects that are currently in the FID process now, and and also as I said, the projects that we see on the right side of this slide that are currently in the preferred supplier agreements status, they are not included in the backlog, but we do expect that these projects are en route to be converted to backlog and to projects that we can announce in in the not-too-distant future.

I would say, all in all, a very, very strong commercial momentum in the business at the moment as well. Everybody is working full speed on on on those opportunities out there together with our clients.

In terms of progress on the newbuilds, now it's newbuild in in singular before we are starting the T-class vessels, but we are expecting delivery on Wind Apex in the second quarter of 2027. This represents an acceleration that we have agreed with COSCO, and that is really to deliver towards the project that you that you saw in the in the preferred supplier category.

We we have seen that Wind Apex have achieved a significant time optimization compared to the first vessel that was that was delivered. I think that our collaboration with COSCO is is is really a fantastic collaboration where we do understand each other and we can speak about the various things that are going on.

That is also why that it was a natural next step for us to award COSCO with the T-class newbuilds that will be delivered in 2030 and 2031, and we are looking forward to see them coming to the market as well together with our partners from COSCO. Wind Ace also delivered ahead of schedule and on budget.

Again, a very strong performance. Ace is now the 11th vessel that has been delivered and the second of the three A-class newbuilds.

As we now start to take delivery of the the A-class vessels, we will also start to have a fleet of these vessels that can support each other. It is going straight into mobilization with the mission equipment.

Having soon two vessels that are fully mobilized for foundation installation in a very flexible setup, we believe that that is something that will give us an and a very, very significant flexibility to support potential delays in the industry and and and and also our clients really to ensure that we get these foundations installed on-time, on-budget. The next vessel coming next year will also be able to do that, although she will start with turbine installation for the first period of time.

Coming into the financial highlights, I hand over to Peter. Please take it away, Peter.

Yeah. Thank you very much, Mikkel.

Yeah. Focus on the Q2 standalone, our three months ending 30th of June '26.

We have adjusted for the comparable figures from '25 for the termination fee that we received last year in order to be able to to compare on a apple-to-apple basis and on the main activity of Cadeler. We have adjusted here in for revenue, EBITDA, and net profit for for for the €111 million.

Revenue for for Q2 was €282.8 million. That was a plus as compared to last year of 132%.

Equity ratio was a solid 50%. Utilization at a very satisfactory level nearly 91% and also up from the adjusted number from last year.

Market cap around €2 billion. EBITDA was €160.6 million, and that is an increase of 106% as compared to to to last year.

Net profit, €95 million, which is plus 73% as compared to last year. As explained by Mikkel, backlog stands at €2.5 billion.

That is compared to same period last year is is up 23%. Three months daily average turnover, €6.9 million.

If we look at at the Q2 numbers, the full P&L, again, we see that revenue is up. If we adjust for the termination fee last year, it is significantly up and and doubled more than doubled.

Fleet utilization increased to 85% as compared to 76% last year, and that is up from the 48% we had in Q1 this year as a result of the the delivered vessels and they have been now mobilized and are on contract. The adjusted utilization is a 91% compared to last year comparable number.

Cost of sales has increased by €93 million, and that is of course driven by the full quarter operating cost base of three additional vessels. It's Wind Ally, Wind Mover, and Wind Keeper.

We have now 10 vessels operating as compared to seven last year. SG&A is increased by €7 million, which reflects the continued scaling of our offices in order to, as we have explained many times, to be able to to operate the bigger fleet, but also the foundation projects.

Vessel OpEx is is €39.871 thousand per day, which is above the level that we have seen in in previous quarters. Recently, around or just below €40,000 per day.

If we look for the six months ending 30th of June, revenue again more than doubled to the €480 million when we adjust for the €111 million in termination fees, and and approximately the same unadjusted availability or utilization for for '26 as compared to first half of '25, and again, adjusted utilization, 85% for the six months. Again, the same drivers behind the increase in in in in in OpEx or cost of sales, and then driven by the three additional vessels.

Again, SG&A has increased by €9 million as compared to to last year, and again, due to the same reason of having a a bigger back office to to be able to to handle the the additional vessels and the foundation scope. Again, EBITDA more than doubled when we adjust for the termination fee, which is non-recurring income.

Balance sheet, now we have an equity of €1.8 billion, which is of course function of the the capital increase that we made in 25th of March this year and then the positive results. Equity ratio stands as 50%, which is a solid balance sheet that we're looking at.

This slide is is the same slide as we have shown before with the CapEx on the newbuilds, but now we have also including included the MENCK acquisition in in this to illustrate that we are not in need of any capital increase to be able to to to take over MENCK and and go through this acquisition. Cash at the end of June was €206 million.

We have all undrawn facility on on the RCFs, A and B of €180. Then in in July, we made an additional HoldCo facility with Santander, €40 million, which adds of course to available liquidity.

MENCK transaction, we got a a bridge facility of €380 million from DNB and Rabobank, which was then used for the the payment of of MENCK around €500 million. Then we are having the the newbuilds still.

We have the A-class financed €510 million, and A-class OpEx you know CapEx is €425. Then we are going to make a down payment following the ordering of the T-class vessels of of €112 or 121 actually.

It's it's not stated here, but it's €121 million. All right, €120, it says in the corner up.

Net liquidity leaves us with €280, and then the the MENCK facility needs to be repaid at some point of time. We will We have on a term sheet basis negotiating of an additional or a takeout facility of €250.

I.e. we we will finance the rest of the €380 that we have in in in bridge facility by the cash that we have available on hand.

That leaves us with €150. This is, a point of time, a snapshot, and if it doesn't include the the operational cash flow that will be running in in the coming months and always also contribute to the to the repayment of the the MENCK facility.

We also only includes of course the first down payments at ordering on on the T-class vessels. That is 15% because the the rest of the installments will come in in '28 and '29 and for the majority would be within one year of delivery.

This should hopefully make it clear for everybody that we will not have to do a capital increase following the MENCK acquisition. This is the financing overview.

What has happened since last quarter is that we have we have signed the Apex facility, was signed 10th of July, was syndicated and ECA backed by Euler Hermes. We have extended the RCF B until December 2027, and then we have upsized the HoldCo facility with Santander.

That is the financing overview as of 30th of June. Full year outlook, this has to be said it's it's without MENCK acquisition, it's a Cadeler standalone.

We will communicate on on the impact from MENCK later in the in the coming months when we have a full overview of of the impact. We maintain the outlook for '26, revenue in the range of €854 to €944, and EBITDA still in the level of €420 to €510.

That was the financials. Over to you, Mikkel.

Yeah.

Back to to the the commercial outlook, where I think that we we getting a lot of questions on how do we see the market developing and and and what is it we we we are talking to our clients about. I I think we, as I already said, we we are seeing a lot of activity at the moment.

We see also that our clients are really coming to us now for projects that are starting some of them are starting in '29, some of them are starting in 2030, 2031, 2032. Overall, we do see a very, very let's say, sharp uptick in in in in client activity at the moment for for these years.

I think it's also clear from what we in general discuss that that there will be a lot of need for electricity, and one of the solutions for that will be offshore wind, and we believe it will be a firm part of that. We have also seen that with some of the recent geopolitical tensions that importation of fossil fuels is is is not as straightforward as it maybe once was.

Hence, there is a really a focus on energy security at the moment. That is also building a stronger momentum for for renewable energy sources that are locally produced electrons in, for example, Europe, and that is something we we do see having an impact both from a political point of view, but also in in general with amongst our clients that are being strongly incentivized to do that.

We see that by auctions that are being adapted to be more developer friendly, and we think that that is the right direction to to go in. We saw that Denmark had successful auctions now after having shifted over to a CfD scheme.

I think that the successful auctions were were also, let's say, aggressively priced. That is something that that we have also discussed quite a lot.

One thing I would like to note is that in terms of projects being awarded in in in the in in the market, we we have already seen in '26 more projects awarded than what we saw in in in '25 on on a gigawatt basis, and and with more to come. We do expect also that 2027 will be a a very, very strong year as well.

After a a a slightly, let's say, downward trend, especially for the years we have already discussed, '28 and first half of '29, where Cadeler's position still is that we are confident on '28 and the first half of '29. We have done good work to make sure that we have a very strong baseline there.

That now we are seeing an uptick that will especially impact the second half of '29 and and 2030, 2031, and so on. In terms of supply and demand, we we maintain also our view that on the on the foundation vessel demand, there is a very, very strong demand for efficient vessels.

This is what we hear again and again and again from the clients is that efficiency really matters. If a solution is efficient, then that is the preferred solution.

There's still somewhat of a gap between what is required and what is in supply. The efficient vessels will be taken away from the market fast.

They will be taken away first as well. We have also included the hammer demand in the slide here to give a view on what we are seeing because the hammers are not exactly following the same as the vessel, although a vessel installing a foundation project needs a hammer.

There are also hammers that need to transit between regions and and and and have downtime for for maintenance and stuff like that. That is why we believe that there will be a need for a for a a serious reevaluation of the needs in in this space to ensure that the efficient vessels can work efficiency for the clients because there has been a real risk that vessels potentially would not be able to work simply due to inavailability of equipment to install foundations.

Why is that so? That is simply because, the the the the the ownership structure of these companies have not been focusing on on on on on aggressive outbuild of of of the of the of the equipment needed, but but maybe more on on on harvesting the cash in these businesses.

Hence, we need to make sure that there is enough equipment ready for for what we are coming with in the beginning of the next decade with five vessels potentially operating side by side, and also our peers that that definitely have demand, and and a demand that we would very, very much like to help them to supply. As you have seen a couple of times before on the on the vessel market and and how it looks just in total numbers, not having any opinion about how it how these vessels are performing and how efficient they are.

Cadeler now stands at at 14 vessels with with the two T-classes now being firmly added with firm orders with with the shipyard. I think that, as we have said in the past, what it really gives us the flexibility, the redundancy, and for the clients, really the reduced risks that that that they really appreciate and and and what we're also getting very positive, let's say, credit for from the clients at the moment.

If we do look at what are efficient installation vessels, then then the picture looks slightly different. That is why we do maintain the view that there is still a very, very high demand for these vessels that are efficient in dollars in the industry.

Because we do see, as we come into the next decade, that a lot of the vessels will simply not be able to install efficiently or simply just hitting the the 25-year mark and hence, having to look at at retirement from the industry. In terms of our growth journey, I think it's evident to anyone that that that that that is what we have been focusing on to be able to deliver a very strong customer offering and also a very, very strong, let's say, value back to our investors with what we are doing.

I think that today's numbers also show that the growth journey is on plan, and it is working what we are trying to do. Really, focus have been that vertical and horizontal expansion, and and here we really are deepening our our foundation offering with with with the MENCK acquisition, but also with the O&M offering.

We do start to see the effects of the O&M offering. As you saw from the backlog slide, we also now are preferred supplier for one of these long-term O&M agreements, which we believe will be very accretive to the to the whole Cadeler story.

Organic and inorganic growth, I think it's it's it's we have done both just a couple of weeks ago, I think it's it's it's self-explanatory. That is where our focus have been to ensure that we we we maintain the position we have achieved with our clients, where we are asked for basically everything in the industry that is coming up because they know that at any given time, we likely will have capacity available.

I think we have had many good examples this year of discussions with clients on on potential things that they would like to use us for. I think that that is something we will we will see continuing both in the short, the mid, and the long term, with a, as you saw in previous slides, very strong focus on securing some of these huge projects out in in in the future.

On regional expansion, we are constantly focusing on being present. We see lots of expansion in the Asian market, and and basically, we are bidding in every single market that is expanding in in Asia at the moment and and and and are very positive with these developments out there, where we are working very much together with our key clients, but also with new clients.

The commercial team has has done remarkably well in in in getting us into the right position in these new markets. Then there's also a very strong focus in the company at the moment on monitoring and applying new technologies.

We are actively starting to to work with with AI on on some of our our data handling to ensure that we are more efficient in how we analyze these thousands of data points that we have from projects and pre-project to ensure that we have a a better view of how the vessels will be performing on the program. This is something that we will communicate more about in the future, but also something that we will be starting to use on a on a more integrated basis in the company.

We do see the value of this, and we have been dipping our toes into it, but I think that it is fair to say that we now now see really the first real steps into using AI in our in our whole structuring of bits and and and programming with analyzing these many, many data points. It also goes with with our MENCK acquisition, where we will be sitting on 50 million data points on pile driving, which we would like to also have to build a model around so we can ensure that both MENCK and Cadeler can deliver a very, very high value to our clients on their projects.

Then of course, continuing what we have always done, focusing on strategic partnership with our clients, and also, after the MENCK acquisition, with a new group of clients, which is which is our peers. We have worked together with our peers for many years in many different ways, and I have always said that the beauty in Cadeler is that we basically can work with anyone.

That that is more evident than ever after the MENCK acquisition. We will do our part to really make sure that not only can they our peers get the equipment that they need, but hopefully they can also get a better service going forward in the combined structure compared to what they had in the future in the past, sorry.

That is very much our ambition and and also what we are currently discussing with with our peers. We will be also coming out with a with a very strong governance model to give them the the the the feeling good feeling around that as they rightly would expect from us.

Just in terms of executing on growth in 2026, I think we have ordered the two new T-class vessels. Has been a very, very tough negotiation, one of the toughest ever, I think.

The the yards are are in a situation where they're basically fully booked. There's a lot of activity in the yards.

There's a lot of competition from other industries. To have the two T-class vessels now signed and ready for delivery in 2030 and 2031 is a real milestone for everybody that has worked on this in Cadeler.

It has not been easy, but the positive thing is that it will also not be easy for our competitors, and I think that we will see that it that that will be displayed going forward, I think. I think that it will be very, very hard to order additional capacity.

Scour protection, we have announced that, and we are still working full speed on that, building the team at the moment, and we will be announcing also on the asset side of that business as soon as we're ready to do that. Then last, but certainly not least, welcome to all our new colleagues from MENCK.

We are very, very pleased with this acquisition. We believe that the combined value proposition of the two companies will be better together than it would have been on a standalone basis.

From the conversations we have had so far with the MENCK team, we're also incredibly positive by how motivated they are with this new journey. We will continue to visit locations and come around and speak to all of you, and it's it's been really good.

Last, but not least, in terms of the key investment highlights, we maintain the largest and most capable and versatile fleet and mission critical equipment. What does that mean?

It really means redundancy for the clients. We focus on relationships and partnerships, and we do that from an industry-leading position, where we will continue to create value for everyone.

We have a global reach and experience, and we are now the company that has installed most foundations by any company in the industry. We continue to see a structural undersupply and an increasing market demand demonstrated also by the amount of preferred supply agreements and vessel reservation agreements that we are talking about today.

We are in a in a very solid position. Then as we also discussed a little bit previously, we are now also seeing an increased, let's say, drive on the technology, not only on on on AI, but also on technology for tooling and stuff like that, where we will be using what we're sitting on in terms of data points to really ensure that we can combine that and create value for our clients and and really ensure that we are first with next-generation installation technology.

With that said, I think that we move into the Q&A, Daniel, please take over.

Hey, guys. Thanks for taking my questions.

Great to see obviously second second quarter utilization really kind of stepped up. Just wanted to your help with kind of how to think about vessel utilization through the remainder of the year.

Could we expect a kind of similar level in 3Q and 4Q? Or based on, current scheduling, is there any reason that utilization may be any lower in the third and fourth quarters?

Then, thinking more specifically about Hornsea 3, clearly, everything is very much on track so far. How should we think about the contribution from that project through the remainder of the year?

Clearly, good progress on the monopiles. I would expect that is continuing through the third quarter.

Then, is it right to to think about the the turbine installation kicking off at the start of the fourth quarter? Thank you.

I think that we can say that we expect strong utilization for the rest of the year. We we were building up in Q1, and I think that we will continue to see strong utilization for the rest of '26.

There's a lot of activity going on, and and yeah, that is clearly our expectation. On Hornsea 3, the program on Hornsea 3 is what we basically have have discussed already and has not changed as such.

We are, as I said, focusing on on speeding up. Where we end exactly with the speed, that is still a little bit a question mark.

We are very positive with what we have achieved. Of course, in the beginning of such a project when you are learning, there are some big low-hanging fruits that you are you are picking, and then and the fruits become smaller and smaller.

We we continue because we are ambitious in this space, also because it is something that we will continue to learn for the for the next project. We are starting EA2 in the not-so-distant future.

We have other projects that are being started, in the not-so-distant future, and hence, the learnings that we capture now from Hornsea, that is something that we can really bring into the company. It is a mindset change, because we are really talking about production here.

It is a much more a production mentality on a on a project like that, and hence, we are very ambitious in terms of what we want to achieve still having safe performance. Again, it is from first to fast that we are looking at here now, and and and we are already pretty fast, but we want to potentially be even faster on that project.

In terms of turbine installation, turbine installation remains on track. That is also the ambition of everyone that we are starting the turbine installation as as per what has already been contracted.

Very helpful. Thank you.

Then, secondly, just thinking ahead to 2028. You mentioned obviously the preferred supplier agreement, which hopefully will convert to a firm contract.

Then also there's a turbine project for for '27, '28 that could convert as well. Just wondering if there's much else you are working on, and any other sort of potential additions for 2028 at this point?

Thank you.

I think the short answer is yes. I think that they will be slightly later, and I think also there are extension on current projects that are running into '28, which is not something that we include in this, but we have seen extension on current projects also running further into '28 than what was what was previously expected.

I think all in all, I maintain what I said. We believe that the baseline is strong and and there are more to to achieve in '28.

As we have said before, we believe that there will be additional work up for grabs as we get closer to '28.

Okay. Very clear.

Thanks, that's all for me. I'll turn it over.

Thank you.

Thanks, Jamie.

Thank you. Can you hear me now?

Excellent.

Yes, now we can hear you, Anders. Yes.

I had some problems with the technical solution. Anyhow, can you break down the backlog for the years 2026, '27, and '28?

Yes, I can, but but we don't.

Okay. Then I have a question on the financials.

Depreciation was up meaningfully in the second quarter, and I assume that is partly explained by the A-class vessel having a full year of full quarter of depreciation in in Q2. Is the depreciation level that we saw in Q2, is that the run rate we should expect going forward, say, for additional vessels being delivered?

Yes, you should expect that. There can be also coming something from from project equipment that is capitalized, and then depreciated over the lifetime of off the asset.

Yes, you can expect the the same levels, but then adjusted for full-year impact, and and Ace coming in now, and Apex next year. Yeah.

There is no

there are no impairments in the second quarter impacting depreciation and amortization?

Sorry?

There are no impairments in the second quarter?

No. No, no impairments at all.

No. We have not done any.

Thank you very much.

Thank you.

Thank you.

Hi, good afternoon. This is Audrey from China Securities, and thank you for taking my question.

Um actually my question is um we observed that Cadeler is trying to become a comprehensive platform rather than just a wind turbine installation uh company. Um we observed that uh you still have approximately like uh €425 million of remaining commitment for the A-class vessels.

You has recently ordered two T-class vessels for Euro like €805 million. Also, you acquired MENCK at at an enterprise value of of uh Euro like €500 million, and has confirmed that the scour protection investment plan remain intact.

Actually my question is um is it necessary to pursue all of this investment at the same time? What minimum IRR or ROIC hurdle do you apply to each investment?

From which year do you expect each of them to generate returns above the cost of capital? Thank you.

Yep. Um yeah,

it doesn't come at the same time, to speak, because MENCK, of course, we have already we have already paid the acquisition price. On the newbuildings, it follows a certain schedule.

As said under the presentation, we have taken delivery of of Ace now and made the final installment for that. MENCK and Ace is done.

Then there are some remaining CapEx on on on Apex coming next year. On the T-class vessels, it's we will down pay now at ordering €120 million.

Then next installments is or substantial installments is in 2030 and 2031 when they're delivered. Also somehow answers the same the question your follow-up on on when will they start to generate revenue.

Ace will start to generate revenue early '27 when it goes on project that it's mobilized for at the moment. MENCK is generating positive income and cash flow from operations from 11th of August.

Already kicking in. Then the T-class vessels, the majority of the CapEx is is in 2030 and 2031, and then they will start to generate cash 6 to 9 months after delivery.

It is a little bit more nuanced picture. Some of the cost is is also deferred.

We do not disclose what is the the the requirement for return of capital, but but we we find all these decisions very attractive when we when we look at the IRR on on these projects.

I can I think we can say we are beyond the target on every investment. One of the things in particular on the T-class vessels that we achieved was a very back-ended payment schedule, and that was very important for us.

Not only do we have a a a lower upfront payment than we have had in the past, but also do we have managed to back-end the payments on the T-class vessels a lot.

Great. Great.

Thank you. It's very clear and very helpful.

Thank you very much.

You're welcome.

Yeah. Just thank you to everyone for listening in.

Thank you for your support. We will continue to work hard to deliver on our targets.

Thank you very much. Have a fantastic day ahead.

Bye-bye.