Cadeler A/S (CDLR) 2025 Q1 法說會逐字稿

Good morning, and welcome to Cadeler's Q1 2025 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer.

早安，歡迎參加 Cadeler 2025 年第一季財報。今天出席會議的有執行長 Mikkel Gleerup；和財務長 Peter Brogaard。

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.

請注意，今天演講者的發言將包括前瞻性陳述。實際結果可能與預期結果有重大差異。可能導致 Cadeler 的結果與今天的前瞻性陳述存在重大差異的風險和不確定性包括 Cadeler 向美國證券交易委員會提交的 20-F 表年度報告中詳述的風險和不確定性。

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.

今天早上做出的任何前瞻性陳述均基於今天的假設，Cadeler 不承擔因新資訊或未來事件而更新這些陳述的義務。今天早上的演示包括國際財務報告準則和某些非國際財務報告準則的財務指標。

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.

Cadeler 的年度報告中提供了非國際財務報告準則 (IFRS) 財務指標與最接近的國際財務報告準則 (IFRS) 財務指標的對帳表。年度報告和今天的收益報告可在 Cadeler 的網站 cadeler.com/investor 上查閱。

We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given in the question-and-answer session. As a reminder, this call is being recorded today.

我們請求您將所有問題保留到正式演講結束後，屆時您將進入問答環節。提醒一下，今天的通話正在錄音。

If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

如果您有任何異議，請立即斷開連接。米克爾·格勒魯普，你可以開始了。

Thank you. Welcome to this, Q1 2025 presentation. Thank you for joining us, for the presentation of, what has gone on in Q1 '25 in Kerala.

謝謝。歡迎觀看 2025 年第一季的演示。感謝您加入我們，介紹 25 年第一季喀拉拉邦發生的事情。

Firstly, a few highlights. What we want to say is that our financial performance in this quarter is in line with our expectations. No negative or positive surprises. We are following a plan, and hence the results that we came up with today is exactly as we expected it. We took delivery of two new bills, the windmaker and the wind pace in Q1, and that is 50% of the new bills that we are supposed to deliver in our program this year, and we have delivered them in the first quarter on our ahead of schedule and on budget.

首先，有幾個亮點。我們想說的是，本季的財務表現符合我們的預期。沒有任何負面或正面的意外。我們正在按照計劃進行，因此今天得到的結果正是我們預期的。我們在第一季接收了兩台新設備，即風力渦輪機和風力渦輪機，這占我們今年計劃交付新設備的 50%，並且我們已經在第一季提前並按預算交付了它們。

And the remaining 4 new bills we have on the program, they are on track for delivery and also on our ahead of schedule. We now have 7 vessels that are active either in Europe, APEC, or US, and that is demonstrating Cat's global footprint. We continue to see a growing demand for OM services, and that is strongly contributing to the utilization of Catler's fleet, and we do believe that this is very important, in a, on a continuous basis.

我們計劃中的其餘 4 項新法案也正在按計劃實施，並且比計劃提前完成。我們目前有 7 艘船活躍於歐洲、亞太經合組織或美國，體現了 Cat 的全球影響力。我們繼續看到對 OM 服務的需求不斷增長，這極大地促進了 Catler 車隊的利用率，我們確實相信這在持續的基礎上非常重要。

Catalog's contract backlog continues to strengthening, increasing to over EUR2.5 billion in the quarter. On the vessels, we have seen activity, on different, in different parts of the world in different regions, and, the fleet, has been busy, just, after coming out from the yard. I think that we are, as I said before, we are following the plan. We See that when Orca is very busy at first with the ONM campaign and then hence after that on the head right project for Wetas. On Osprey, we are doing an ONM campaign for Wetas and after that, we are going to do the Baltic Power Project, our first project in Poland.

Catalog 的合約積壓持續增強，本季增加至 25 億歐元以上。我們在世界不同地方的不同地區的船隻上看到了活動，艦隊剛從船廠出來就很忙碌。我認為，正如我之前所說，我們正在按照計劃進行。我們看到，Orca 一開始非常忙於 ONM 活動，之後又忙於 Wetas 的頭部專案。在 Osprey 上，我們正​​在為 Wetas 進行 ONM 活動，之後，我們將開展波羅的海電力項目，這是我們在波蘭的第一個項目。

On Silla, we continue to work for us in the US. On Satan, we continue to work in the Asian region with the ONM campaign, in Taiwan. On peak, after we took delivery of Peak, she came back to Europe, started an OM campaign and have now started, the Sofia project where we work for Siemens on an RWE project. The windmaker, we managed to deliver the windmaker on the schedule where we needed to have her so she could mobilize and be ready for the project in Taiwan together with us still, also something that we are really pleased with. And on win pace, last but not least, she's currently steaming towards her first project, which will be in the US.

在 Silla，我們繼續在美國為我們工作。關於撒旦，我們繼續在亞洲地區進行 ONM 運動，在台灣開展工作。在高峰期，我們接收 Peak 後，她回到了歐洲，開始了 OM 活動，現在已經開始了索菲亞項目，我們在該項目中為西門子開展 RWE 項目。我們成功地按時交付了風力發電機，這樣它就可以動員起來，並為我們在台灣的專案做好準備，這也是我們非常高興的事情。最後但同樣重要的是，她目前正在全力以赴地開展她的第一個項目，該項目將在美國進行。

In terms of the backlog, we see that we are continuing to build a backlog and we are now standing at EUR2.5 billion. And that is a backlog that is diversified across, types of, work, types of clients, different clients, and also regions. And we have further reservation agreements, that is not included in the backlog and lots of projects that we are working on.

就積壓訂單而言，我們看到我們正在繼續累積積壓訂單，目前積壓訂單已達到 25 億歐元。這是一個跨工作類型、客戶類型、不同客戶以及地區的多樣化積壓工作。我們還有進一步的預訂協議，這些協議不包括在積壓工作中，而且我們正在進行許多專案。

If we look at what the contract backlog is standing at currently, we've said it before, EUR2.5 billion. It continues to grow also from when we did our full year '24. But what is also changing here is that 100% of our backlog today has reached FID. And I do believe that that is a very important number that we currently are sitting with 100% of our backlog that has made a final investment decision.

如果我們看看目前的合約積壓情況，我們之前說過，25億歐元。從我們 24 年全年業績來看，它也持續成長。但這裡也發生了變化，今天我們 100% 的積壓訂單都已達到 FID。我確實相信這是一個非常重要的數字，我們目前100%的積壓訂單都已經做出了最終的投資決定。

We have also secured a significant project at an offshore wind farm in the US that is supposed to start here in the second quarter of 2025, and the wind pace, as I said, is already steaming towards that project. It is continuing until Q1 '26, after which she's coming back to Europe to start the first installation project that she is designated for. We have also signed two contracts to undisclosed clients for the utilization of Wimo on '26, and the scope of work may include both ONM and installation work, and the total estimated contract value is up to EUR75 million.

我們還在美國的一個離岸風電場獲得了一個重要的項目，該項目預計將於 2025 年第二季度在這裡啟動，正如我所說，風電行業的步伐已經朝著該項目邁進。這項工作將持續到 26 年第一季度，之後她將回到歐洲開始她被指定負責的第一個安裝項目。我們也於26日與未公開的客戶簽署了兩份使用Wimo的合同，工作範圍可能包括ONM和安裝工作，預計合約總價值高達7500萬歐元。

We have also entered into a contract for VA and has commenced work, and that is on an OM campaign in the Asia Pacific region. On vessel reservation agreement, we don't include that in the backlog. And that is a decision we have made a long time ago, so that's not new. But we are, continuing to see, a lot of activity on the tendering phase and also, leading to vessel reservation agreements, that eventually will lead to contracts and to further backlog. And we have signed one best reservation agreement, also, in the Polish waters for BC wind for installation of circa 30 turbines, in the in the Polish Baltic Sea, and that has value between EUR48 million and EUR56 million.

我們還簽訂了 VA 合約並已開始工作，即在亞太地區進行 OM 活動。關於船舶預訂協議，我們沒有將其納入積壓訂單中。這是我們很久以前就做出的決定，所以這並不是什麼新鮮事。但我們繼續看到，招標階段有很多活動，並且還促成了船舶預訂協議，最終將產生合約並導致進一步的積壓。我們還簽署了一項最佳預訂協議，在波蘭波羅的海的波蘭水域為 BC 風電安裝約 30 台渦輪機，價值在 4800 萬歐元至 5600 萬歐元之間。

In terms of the new bills, we are coming very close with when their ally. And when the ally is currently expected to deliver around, 7 to 9 weeks ahead of schedule. So that's also very strong performance there. When Mover is also still on track to be built and completed by Q4 '25 and Windows for Q3 '26. And when Apex also as expected.

就新法案而言，我們與他們的盟友已經非常接近了。而目前預計盟友的交付時間將比計畫提早 7 至 9 週。因此，這也是一個非常強勁的表現。Mover 也仍按計畫於 2025 年第四季建成並完工，Windows 則將於 2026 年第三季建成並完工。而Apex的時候也如預期的。

Tokyo 2 2027 and they have different completion stages at the moment, but I think that what is important to say here on the new build and the CapEx program is that we are following the plan and we are where we want to be and where we project to be.

東京 2027 目前處於不同的完工階段，但我認為，關於新建設和資本支出計劃，重要的是要說，我們正在按照計劃進行，而且我們已經達到了我們想要達到的目標和預計的目標。

In terms of financial highlights, are we here to hand over to Peter?

在財務亮點方面，我們是否要交給彼得？

Thank you very much. As you said, in the beginning, the quarter was, from a financial point of view exactly as planned and they expected. Revenue was at EUR65.5 million, is significantly up from last year. We are, the two old class, vessels were out for crane upgrades. Equity ratio is 49.7%. it's going down a little bit as we take on more debt, with the deliveries of the vessels, but still, very strong balance sheet.

非常感謝。正如您所說，從財務角度來看，本季一開始就完全符合計劃和預期。營收達 6,550 萬歐元，較去年大幅成長。我們正在對兩艘老式船舶進行起重機升級。股權比率為 49.7%。隨著我們承擔更多債務以及船舶交付，股權比率會略有下降，但資產負債表仍然非常強勁。

Utilization was 79.4%, and it was really a quarter of a transition. So you can see that the unadjusted utilization was 55%, whereas we, when we adjust for dry log, dry lock and transition from the delivery 79%. We got the delivery of the two vessels maker and pace in 21. EBITDA EUR23.7 million also significantly up from last year.

利用率為79.4%，這確實是一個轉型的四分之一。因此，您可以看到，未調整的利用率為 55%，而當我們調整乾日誌、乾鎖和交付過渡時，利用率為 79%。我們在 21 日收到了兩艘船舶的製造和交付。EBITDA 為 2,370 萬歐元，也比去年大幅成長。

Nearly all EBITDA was flowing through to the test, so EUR20 million -- EUR20 million in, from operating activities backlog as mentioned, EUR2.5 million. And the 3 months daily average turnover was EUR5.6 million. If we look at the P&L, online items were as expected.

幾乎所有的 EBITDA 都流入了測試，因此有 2000 萬歐元 - 2000 萬歐元來自經營活動積壓，如上所述，250 萬歐元。三個月的日均營業額為560萬歐元。如果我們看一下損益表，就會發現線上專案符合預期。

Already charged upon the revenue which was which is significantly up and the cost of sales, the OpEx is also exactly as planned, of course, increasing when we get More vessels on the water, SD&A op, as compared to last year, but, also according to the plan, it's, the organizational brand that we have been doing for some quarters now.

已經計入大幅上升的收入和銷售成本，營運支出也完全按照計劃進行，當然，與去年相比，當我們在水上擁有更多船隻時，SD&A 運營也會增加，但同樣根據計劃，這是我們幾個季度以來一直在做的組織品牌。

And that is also exactly to play. The reason only per day was 36.9 EUR1,000 per day. Oh, from last year and then that is really also as as planned we, as we communicate around the annual report, we have some extraops this year because we are putting extra trainee positions on some of the res on water to prepare for the the new builds coming in.

這也正是玩的。僅每天的理由就是每天36.9歐元1000。哦，從去年開始，這也確實與我們計劃的一樣，正如我們在年度報告中所傳達的那樣，今年我們有一些額外的操作，因為我們在一些水上設施上安排了額外的實習生職位，為即將到來的新建築做準備。

We had the 7 visss operational, and they end up to one as compared to 4, last year. Ca counts significantly up, in average, we were 272, in the first quarter. Onshore Consolidated balance sheet. You can see non current assets are going up with deliveries and and non-current liabilities interest that is is going up also with the deliveries but still a solid and sound energy, which is very important in the capital intensive industry as our that is really the best protection, in such an industry.

我們之前有 7 個 viss 投入運行，去年有 4 個，現在只剩下一個了。鈣含量顯著上升，第一季平均為 272。境內合併資產負債表。您可以看到非流動資產隨著交付而增加，非流動負債利息也隨著交付而增加，但仍然保持穩健的能量，這在資本密集型行業中非常重要，因為這確實是這樣的行業中最好的保護。

Working capital more or less unchanged. The CapEx program, we have shown this slide, a couple of times, but Still, we see that the cabbage program is fully financed. We have signed a committed facilities for of EUR841 million. We have not started the only vessel without the financing in place is the third A class versus the apex, but that is delivered in '27.

營運資本基本不變。我們已經多次展示過這張投影片中的資本支出計劃，但我們仍然看到，捲心菜計劃的資金已經充足。我們已簽署了價值 8.41 億歐元的承諾貸款。我們尚未啟動唯一一艘沒有融資的船隻，即第三艘 A 級與頂點船，但它將於 27 年交付。

Since we have not started that yet, it would be simply be a too long period of pay commitment fees. Test was 94 at the end of the quarter and then you have the, outstanding installments. On the last class was the mover and then the 3 A class but as a solid surplus of funding. Still we are following a strictly this hedging policy we have, which is 50% of US dollar is exposure is fixed, that is primarily the.

由於我們尚未開始這樣做，因此支付承諾費的期限太長了。本季末的測試結果是 94，然後您就有未付的分期付款。最後一類是推動者，然後是 3A 類，但作為資金的堅實盈餘。我們仍然嚴格遵循現有的對沖政策，即 50% 的美元風險敞口是固定的，這是主要的。

The installments to the ducts in US dollars and then we have hit the 50% of the interest exposure on a forward 5 year starting basis. This is the financing overview total community is the 1.9 and and the total is EUR2.2 million. The A class, has been syndicated on the first ver we are, waiting for a planned, science or issuing the NOI here in May, month as we also communicate at the annual report, and then we will start with AE financing, in '26.

管道的分期付款以美元支付，然後我們在未來 5 年的起始基礎上達到了 50% 的利息敞口。這是融資概況，總社區為 190 萬歐元，總計 220 萬歐元。A 類已在第一版中聯合發布，我們正在等待計劃的、科學的或在 5 月份發布 NOI，我們也在年度報告中進行了溝通，然後我們將在 26 年開始 AE 融資。

Full outlook, we maintained the outlook, as presented the annual report, revenue EUR485 million to EUR525 million. EBITDA EUR278 million to EUR318 million, significantly up, of course, as compared to '24, the full year is impacted, of course, for with the deliveries of maker and pace. Going on contracts now and the two upcoming investors, with Aa and move, and then we spoke a little bit also about the foundation projects, they start to be, the revenue and cost start to be recognized here in '25.

全面展望，我們維持年度報告中提出的展望，營收為 4.85 億歐元至 5.25 億歐元。EBITDA 從 2.78 億歐元增加到 3.18 億歐元，與 24 年相比當然大幅上升，但全年當然會受到影響，因為製造商的交付和速度。現在正在簽訂合同，還有兩個即將到來的投資者，Aa 和 move，然後我們也談了一些基礎項目，它們開始在 25 年開始確認收入和成本。

To a lesser extent and it will when it kicks in, when we start installing in in '26, but still, there are some revenue and cost there and it's with a lower margin, on some of the TNI that starts in '25, then we will see for the full project over project time. Then there has been this termination of re reservation agreement, that will have a positive impact on '25, but that is still to be analyzed and we will communicate on that as soon as we have finalized those.

在較小程度上，當它開始時，當我們在'26年開始安裝時，但仍然有一些收入和成本，而且利潤率較低，對於在'25年開始的一些TNI，然後我們將在專案時間內看到整個專案。然後是終止保留協議，這將對 25 產生積極影響，但仍有待分析，我們將在最終確定後立即進行溝通。

Analysts, on the impact.

分析師就其影響表示。

Yes, in terms of the commercial outlook, we have, of course, been asked a few questions about that lately. And what we just want to say, we remain of the view that cattle is still the go to provider of TNI and ONM solutions. We sit with a vessel fleet of, 11 vessels, when all new bills are delivered, and we believe that we have a very strong foothold in the market. Our proposition to the market and our proposition to the clients really offers flexibility and the ability to meet the demand, which also are reducing the risk.

是的，就商業前景而言，我們最近當然被問到了一些相關問題。我們只想說，我們仍然認為牛仍然是 TNI 和 ONM 解決方案的首選提供者。當所有新船單交付時，我們擁有 11 艘船隻，我們相信我們在市場上擁有非常穩固的立足點。我們向市場和客戶提出的建議確實提供了靈活性和滿足需求的能力，同時也降低了風險。

Of project slippage and we do believe that this overall package that we're delivering to our clients is something that they really have, as a value adder and as an enabler of taking, the necessary project decisions. We also see that our complementary invest strategy, is enabling the stronger fleet utilization and also the earnings visibility, for our investors. We are also have an ability to meet the demands for larger scopes and project sizes, and that is on a global basis.

關於專案延誤，我們確實相信，我們向客戶提供的這個整體方案是他們真正需要的，可以作為增值器，並作為做出必要專案決策的推動者。我們也看到，我們的補充投資策略能夠為我們的投資者實現更高的船隊利用率和獲利可見度。我們還有能力滿足更大範圍和專案規模的需求，而且是在全球範圍內。

In terms of our view on the market, then you can say that we are basically in offshore wind still going from record to record. We are seeing stronger and stronger, let's say levels of projects being auctioned. We are seeing more and more, projects coming online.

就我們對市場的看法而言，你可以說，我們基本上處於海上風電領域的一個又一個創紀錄的時期。我們看到拍賣項目的水平越來越高。我們看到越來越多的項目上線。

And I think that is still very much, what is the actuals in the industry. But one cannot be in this industry without also looking at some of the noise that is going on, with, projects being stopped in the US, and then being started again. Projects being delayed, and then, let's see what happens. But what I want to say is that we are looking at a very strong growth across all markets, in some markets, less of what was expected and what maybe was projected. In particular by politicians, rather than industry people. But I think that in Europe we can say that the focus is really on the security of supply of stable energy.

我認為這仍然與行業的實際情況有關。但是，身處這個行業的人不能不關注正在發生的一些噪音，例如美國的一些計畫被停止，然後又重新啟動。項目被推遲，然後，讓我們看看會發生什麼。但我想說的是，我們看到所有市場都出現了非常強勁的成長，但在某些市場，成長速度低於預期或可能低於預期。尤其是政客，而不是行業人士。但我認為，在歐洲，我們可以說重點真正放在穩定能源供應的安全上。

Many governments at the moment are calibrating approaches, but also different auction schemes. Is it, a contract for different scheme like we have seen now Denmark is going towards, which I think most industry people would probably have rejected as a possibility just one year back.

目前許多政府正在調整方法，同時也制定不同的拍賣方案。這是否就像我們現在看到的丹麥正在採取的不同方案的合約一樣，我認為一年前大多數業內人士可能還會拒絕這種可能性。

We are also coming closer to an auction round 7 in the UK where most industry people believe that this will be a very strong auction round. And the Denmark, government has approved the 3 gigabyte tender, which I think is really important and really significant, and it it's very important to see how that will pan out, also to maintain Denmark's position in the space.

我們也即將迎來英國的第 7 輪拍賣，大多數業內人士認為這將是一輪非常強勁的拍賣。丹麥政府已經批准了 3 GB 的招標，我認為這非常重要，而且非常值得關注的是其最終結果如何，這對於保持丹麥在該領域的地位也至關重要。

The Dutch government is also working on an action plan to improve auction conditions and also talking about an implementation of subsidies, which is also, let's say a shift from the past where the Netherlands were leading on subsidy-free wind farms. And then, as I just said, on for, is it canceled or is it delayed, our long term agreement with us still remain in place.

荷蘭政府也正在製定一項行動計劃，以改善拍賣條件，並討論實施補貼，這也是荷蘭過去在無補貼風電場方面領先的一個轉變。然後，正如我剛才所說，無論是取消還是推遲，我們與我們的長期協議仍然有效。

In APEC, there's a strong need for more power. We are seeing a record high tender activity in the key markets there, and I think that it's fair to say the developers, they really prefer to work with experienced contractors. And I think that Cat's position in that market is strong, and I think that we have a very good access to the clients there with a fantastic team in the region.

亞太經合組織迫切需要更多的權力。我們看到那裡的主要市場招標活動創下了歷史新高，我認為可以說開發商確實更願意與經驗豐富的承包商合作。我認為 Cat 在該市場的地位非常穩固，而且我認為我們憑藉該地區的優秀團隊能夠很好地接觸到那裡的客戶。

The US, it is a market that is a little bit hard to predict at the moment. There are executive orders that are putting a hold on projects and I think even the most advanced and sophisticated companies in the world struggle to understand what is exactly going on in the US, but It is a fact that there will still be installed wind in the US, in the coming years, and we are taking part in that. We are helping our clients to complete the work in the US and if projects are coming on the back of those projects in the US, we will also be ready with the experience we have now gained to support the US offshore wind market. And we do believe that there is a long term offshore wind future in the US.

美國是目前有點難以預測的市場。有一些行政命令暫停了這些項目，我認為即使是世界上最先進、最成熟的公司也很難理解美國到底發生了什麼，但事實是，未來幾年美國仍將安裝風電，我們正在參與其中。我們正在幫助我們的客戶完成在美國的工作，如果在美國這些項目的基礎上有其他項目，我們也將利用我們現在獲得的經驗來支援美國離岸風電市場。我們確實相信美國擁有長期的離岸風電發展前景。

The stop work order on Empire Wind has been lifted, and we congratulate everybody who is part of that project because that was the only right decision. And there is a fundamental need for more energy. The US energy need is increasing day by day, year by year, and I think that there will be a realization at some point in time that energy also in the US will be a mix.

Empire Wind 的停工令已經解除，我們向參與該專案的每個人表示祝賀，因為這是唯一正確的決定。並且，我們根本需要更多的能源。美國的能源需求正在逐日、逐年增加，我認為，在某個時候人們會意識到，美國的能源也將是混合的。

In terms of under the supply of installation vessels, we expect that that will be particularly visible from 2028 and forward. We have tried here to map how we see the under supply and also our book capacity, and we believe that there is a very strong correlation. And we will continue to see this, that there will be stronger booking of capacity in the inner years followed by a more, let's say, strategy of cover the basics, but also be open to the possibility.

就安裝船供應不足而言，我們預計從 2028 年起這種情況將特別明顯。我們在這裡嘗試繪製我們如何看待供應不足以及我們的圖書容量，我們相信它們之間存在非常強的相關性。我們將繼續看到這種情況，即在未來幾年內，容量預訂量將會更高，隨後將採取更全面的策略，即覆蓋基本面，但也對各種可能性持開放態度。

And that is the strategy the cataly is following, and we have talked about that for, a significant number of the previous quarters, and we will continue to follow that. We believe we have a very good view on the market, and we believe that with the fleet of the most capable vessels in the industry. We are in a very good position to take, the projects, that we want to work with the clients we want to work with. And we also believe that a lot of the supply that currently is met as supply in the industry will, in the coming years be gradually phased out because it will be much harder for them to be efficiently competing in the industry. And the supply, it's important for me to say that that is both on the foundation and the BCG side, and we believe that with our water backlog we have.

這就是催化劑所遵循的策略，我們在前幾個季度中已經討論過這一點，我們將繼續遵循這一策略。我們相信我們對市場有非常好的認識，我們相信我們擁有業內最強大的船隊。我們處於非常有利的位置，可以承接我們想要與客戶合作的專案。我們也認為，未來幾年，目前產業中滿足的大量供應將逐漸被淘汰，因為它們將更難以在產業中有效競爭。至於供應，對我來說，重要的是要說，這是基金會和 BCG 雙方共同努力的結果，我們相信，我們已經有水資源積壓。

A position of that, let's say I'm careful of using the word comfort, but at least we have comfort that we have been able to build up a very strong backlog with a 100% FID and we will continue to build that and also document that to the market that we are able to add further projects with our clients.

對於這一點，我可以說我謹慎地使用「舒適」這個詞，但至少我們可以感到舒適，因為我們已經能夠以 100% 的 FID 建立一個非常強大的積壓訂單，我們將繼續構建這一點，並向市場證明我們能夠與客戶一起增加更多的項目。

Exactly. In terms of, FIDs, and projects that are being auctioned, we believe that there's a lot of opportunity for further FIDs and further auctions out there. The developers, they are returning from, maybe auction rounds that were not, capable of delivering what we wanted to deliver. And we see that the bids are more substantial, they are more, well constructed. They are less speculative. And it is really a focus on bankable of tech structures. And we are looking at around 7 gigabytes of projects that I've reached FID this year, and that is already higher than last year. So as I said, we are in a situation where we continue to break the record almost every year. And as I said before, 100% of Cay's backlog has reached FID.

確切地。就最終投資決定 (FID) 和正在拍賣的項目而言，我們相信還有很多機會可以進行進一步的最終投資決定 (FID) 和拍賣。開發商可能剛剛經歷了幾輪拍賣，卻無法提供我們想要的東西。我們看到，投標更加實質性，而且更加完善。他們不太熱衷於猜測。這確實是一個關注技術結構可靠性的問題。我們正在研究今年已達成 FID 的約 7 GB 項目，這已經高於去年。所以正如我所說的，我們幾乎每年都在不斷打破紀錄。正如我之前所說，Cay 的 100% 積壓訂單已達到 FID。

Then we also have a bit of news for you guys. And that is that Kettler is introducing an OM offering to the market, in the division that we are starting from now on, called Nex round. NexA refers to the next era, and that will be Kettler's answer to the ONM, needs in the market. And we have a small video to show you.

然後我們還有一些新聞要告訴你們。那就是 Kettler 正在向市場推出一款 OM 產品，在我們從現在開始成立的部門中，稱為 Nex round。NexA 指的是下一個時代，這將是 Kettler 對 ONM 市場需求的回應。我們還有一個小影片可以展示給您。

Yes. So what we are aiming at Ketler to do is to create an OM powerhouse, which really can deliver what our clients are looking for. We have faced the situation many times that when we talk to our clients, we are talking to our clients, in one area for the installation business, and in another area for the OM business. And it's not always that we speak the same language.

是的。因此，我們的目標是讓 Ketler 成為 OM 強國，真正滿足客戶的需求。我們多次遇到這樣的情況，當我們與客戶交談時，我們在一個領域談論安裝業務，在另一個領域談論 OM 業務。而且我們並不總是說同一種語言。

And whatEA has tried to do in the OM market is to serve that market with our installation team and our installation experts. We believe that now the time is right for Kettler to be very serious about ONM and to come with solutions for the OM market that are directly crafted for the ONM teams that are sitting with our clients. So, we are looking into a very attractive market, for, especially for the bigger turbines, which will be the focus of Cala.

EA 在 OM 市場所做的嘗試是透過我們的安裝團隊和安裝專家為該市場提供服務。我們相信，現在是 Kettler 認真對待 ONM 並為 OM 市場提供直接為與我們的客戶坐在一起的 ONM 團隊量身定制的解決方案的最佳時機。因此，我們正在尋找一個非常有吸引力的市場，特別是對於更大的渦輪機，這將是 Cala 的重點。

The business segment in itself is something that has already delivered a lot of value to Catalan. And we have believed that by focusing up, focusing on the resources, having a dedicated team, only focusing on our own clients, we will be able to deliver the most safe, efficient and value adding services. So for us, next round is the next era of Catalan, where we build the synergies, that we believe that are with our core business, where we can help secure and maintain high utilization for overall capital fleet.

該業務部門本身已經為加泰隆尼亞帶來了巨大的價值。我們堅信，透過集中精力、集中資源、擁有一支專門的團隊、只專注於我們自己的客戶，我們將能夠提供最安全、最高效和最增值的服務。因此，對我們來說，下一輪是加泰隆尼亞的下一個時代，我們將建立協同效應，我們相信這與我們的核心業務有關，我們可以幫助確保和維持整體資本船隊的高利用率。

And it is really about a platform for growth for Kettler, where we will continue to deliver as we have done on the installation side. In terms of how we are seeing, the fleet, inexa, we are seeing that when Saraan will be one of the dedicated assets for 1M services, and in time, the wind seller will also shift from the installation space over to the OM space.

這實際上是 Kettler 的一個成長平台，我們將繼續在這個平台上提供服務，就像我們在安裝方面所做的那樣。就我們所看到的船隊、inexa 而言，我們看到 Saraan 將成為 1M 服務的專用資產之一，並且隨著時間的推移，風電銷售商也將從安裝領域轉向 OM 領域。

And then we also have installation vessels that have gaps between projects where we will TRY to utilize them on OM projects. And what the real benefit here is that by establishing close links with our clients on the ONM side, we create an internal client that know about this utilization way before we know that today, which makes us able to plan and drive utilization to new levels. So, welcome to Nextra. We are happy to introduce this to you.

然後，我們還有一些項目之間存在差距的安裝船隻，我們將嘗試在 OM 項目中使用它們。真正的好處是，透過與 ONM 方面的客戶建立密切的聯繫，我們創建了一個內部客戶，在我們了解之前就了解了這種利用率，這使我們能夠規劃並將利用率提升到新的水平。歡迎來到 Nextra。我們很高興向您介紹這一點。

In terms of investment highlights, as we have said before, Cala is currently sitting on the largest, most capable and most versatile fleet in the industry. And we believe that there is very strong complementarity, and the fleet enables really cross-utilization, efficiency and project de-rising for our clients.

在投資亮點方面，正如我們之前所說，Cala 目前擁有業內最大、能力最強、功能最齊全的船隊。我們相信，這兩者之間存在著很強的互補性，並且該船隊能夠真正為我們的客戶實現交叉利用、提高效率和減少專案成本。

We have the best team in the industry. We are super proud of our team. They have a proven track record. They have the know-how, and we believe that if anybody can do what we're doing, it is really the team that are delivering this every day.

我們擁有業界最優秀的團隊。我們為我們的團隊感到非常自豪。他們有著良好的業績記錄。他們擁有專業知識，我們相信如果有人能做我們正在做的事情，那就是每天堅持工作的團隊。

We believe that we have a global growth platform and the experience on projects, and we have presence in all major markets, and that is really what makes us able to do what we do. We still, expect that there is not a supply of capable vessels for both turbines and foundations from 28 and onwards. And this is really due to the significant increasing market demand.

我們相信，我們擁有全球成長平台和專案經驗，並且我們在所有主要市場都有業務，這才是我們能夠做我們所做的事情的真正原因。我們仍然預計，從 28 年開始，不會有能夠同時用於渦輪機和基礎的船隻供應。這確實是由於市場需求大幅成長所致。

We have a strong track record in the capital markets backed by a record high backlog, EUR2.5 billion. 100% of that is FID, and that really creates the earnings visibility that we have been asked for since we listed the business. So really, a key focus on being a good custodian of capital and a solid partner to our clients.

我們在資本市場上有著良好的業績記錄，並以創紀錄的 25 億歐元積壓訂單為後盾。其中 100% 是 FID，這確實創造了我們自上市以來一直要求的獲利可見度。因此，我們的重點實際上是成為良好的資本保管人和客戶的可靠合作夥伴。

And with that said, we will hand over to the Q&A section.

說完這些，我們將進入問答環節。

(Operator Instructions)

（操作員指示）

Martin Huzibu at DMB.

DMB 的 Martin Huzibu。

Hi, how are you? And Quick question on the offshore wind industry in general and contract quality, as I think you flagged quite well in the presentation, there's been some projects not progressing as planned and you have this preferred supplier agreement cancellation as well disclosed in this quarter. I understand it's hard to make comments for specific contracts, but could you help us shed some light on contract quality and protection in general for the industry and also if possible for your backlog?

你好你好嗎？關於離岸風電行業總體情況和合約品質的快速問題，我認為您在演示中已經很好地提到了，有些項目沒有按計劃進展，並且您在本季度還披露了優先供應商協議取消的情況。我知道很難對具體的合約發表評論，但您能否幫助我們闡明合約品質和整個行業的保護情況，以及如果可能的話，闡明您的積壓合約的情況？

Yeah, we believe that, everything that is in the backlog is very well protected from a contractual standpoint. We believe that we have been able to sign contracts with the right terms in them to both secure us, but also our clients for the delivery that they want. And hence, we believe that we are in a very good situation when it comes to that. And I think we have talked about this since the listing back in 2020, that contract quality is something we have worked with alongside, the whole, let's say, economical part of the contract. So far, it has always been a hand in hand, thing where we have focused on both, and I think that that is something that serves us well today.

是的，我們相信，從合約的角度來看，積壓的所有事項都得到了很好的保護。我們相信，我們已經能夠簽署包含正確條款的合同，不僅能保證我們自己，還能保證我們的客戶獲得他們想要的交付。因此，我們相信，在這方面我們處於非常有利的情況。我認為我們自 2020 年上市以來就一直在討論這個問題，合約品質是我們一直在關注的，可以說是合約的經濟部分。到目前為止，我們一直齊頭並進，關注兩者，我認為這對我們今天大有裨益。

Good. And touching on the Hornsea4 project, since the announcement from Mers on that project, there's been clearly some uncertainty in the capital markets related to utilization for one of your foundation vessels that I think most people expected to do this project. I know execution on this project was pretty far out in time and it's still uncertain what will happen. But if replacement work is required from your perspective, can you? Tell us something about the comfort level and how we think about securing an alternative work for that vessel.

好的。談到 Hornsea4 項目，自從 Mers 宣布該項目以來，資本市場顯然對你們其中一艘基礎船舶的利用存在一些不確定性，我認為大多數人都希望開展這個項目。我知道這個專案的執行已經很久了，目前還不確定會發生什麼事。但如果從你的角度來看需要更換工作，可以嗎？請告訴我們一些有關舒適度的信息，以及我們如何考慮為該船尋找替代工作。

Yeah, I think, that particular vessel, is still, on a contract, with Artel, as we said in the presentation, the long-term agreement that we have with the Arsel has not been terminated, that still continues and hence, in principle, that vessel will continue to work for us the, for the duration of the contract until we hear anything different to that. But in general, what I can say to you is that, we never only work with one plan, so to speak, even, on a project where, in all fairness, we had high confidence as Home Depot. We always work with backup plans, and this is really the, some of the things that our sales team and our commercial team, they're doing incredibly well.

是的，我認為那艘特定的船隻仍然與 Artel 簽訂了合同，正如我們在演示中所說的那樣，我們與 Arsel 簽訂的長期協議尚未終止，該協議仍在繼續，因此，原則上，該船隻將在合同期限內繼續為我們工作，直到我們聽到任何不同的消息。但總的來說，我可以告訴你的是，我們從來不會只按照一個計劃來做，甚至，平心而論，我們作為家得寶對這個項目很有信心。我們始終制定備用計劃，而這確實是我們的銷售團隊和商業團隊做得非常好的事情。

They always have backup plans and different routes to go should something, work out differently. This is not new to us that things can shift in time and stuff like that. It has, it has not done that recently for us, but we have tried it before. And I think the ability to shift focus, regroup and then reassess and then attack another opportunity. That is something and that we can do and certainly a capability that is within the team. So I'm pretty confident that we will, show a continued strong utilization of our fleet, despite the fact that on C4 is currently delayed.

他們總是有備用計劃和不同的路線，以防萬一出現不同的結果。事情會隨著時間而改變，諸如此類的事情對我們來說並不新鮮。它最近沒有為我們這樣做，但我們以前嘗試過。我認為有能力轉移焦點，重新集結，然後重新評估，然後抓住另一個機會。這是我們能夠做到的，而且肯定也是團隊所具備的能力。因此，儘管 C4 目前延誤了，但我非常有信心，我們將繼續充分發揮我們機隊的潛力。

Taking one step backwards towards the tree, which is clearly ramping up as we speak. With respect to the margin contribution on this project before the vessel arrived, should we think about that being flattish at around the current levels, or would it be fair to think there is also a gradual margin increase throughout the year before the vessel arrived late this year, early next year?

往後退一步，朝著樹走去，我們說話的時候，樹明顯在向上傾斜。關於船舶抵達之前該項目的保證金貢獻，我們是否應該認為它在當前水平附近持平，或者是否可以公平地認為在今年年底或明年年初船舶抵達之前，全年的保證金也會逐漸增加？

There will be a gradual increase, but still, the healthy margins will come in in 26 when the business starts to install, but there will be both in terms of revenue and margins, towards the end of the year.

利潤率會逐漸增加，但當業務開始安裝時，健康的利潤率將在 26 年開始出現，但到年底，收入和利潤率都會增加。

So more and more kicking in towards the second half of the year. Yes. Okay Thank you. I'll turn it back.

因此，到下半年，這種情況會越來越嚴重。是的。好的，謝謝。我會把它轉回去。

Jamie Franklin, Jeffreys.

傑米富蘭克林，傑弗里斯。

Hey there guys. Thank you for taking my questions. So firstly, I just wanted a bit of help to understand, 2 in terms of contracted days relative to the first quarter. So obviously, you've got the two new builds with wind pay starting on contract in the second quarter, and you've also got Windaker likely to contribute a lot more meaningfully. So we'd expect to see a big step up in contracted days in the 2nd quarter, but just wondering if you give any more color there, and if you expect to see any planned maintenance or downtime on any of the 7 vessels in the 2nd quarter, please.

嘿，大家好。感謝您回答我的問題。因此，首先，我只是想獲得一點幫助來理解，相對於第一季度，合約天數為 2。因此，顯然，您已經擁有兩座新風力發電廠，並且將從第二季度開始按合約支付費用，而 Windaker 也可能會做出更有意義的貢獻。因此，我們預計第二季合約天數將大幅增加，但我只是想知道您是否能提供更多信息，以及您是否預計第二季 7 艘船舶中的任何一艘將進行計劃維護或停機。

Yeah, I think that is correct. It also goes for Satan. Saraan, started, an OM contract in Asia late in the quarter, and hence, she will also be having much more meaningful contribution in the second quarter. I think that that is completely correct. And that is really the, also the thing that we would like to remind people when we take delivery of vess. They're not working the day after in the open market because they have to, in many cases to repatriate from the yard and then to where the project is in the case of Widmaker, that was very fast because the project was in Asia.

是的，我認為這是正確的。這也適用於撒旦。Saraan 在本季結束時開始在亞洲簽訂 OM 合同，因此，她在第二季也將做出更有意義的貢獻。我認為這是完全正確的。這確實是我們在接收船隻時想要提醒人們的事情。他們不會在第二天就去公開市場工作，因為在許多情況下，他們必須先將貨物從船廠運回國內，然後再運到項目所在地，就 Widmaker 的情況而言，這非常快，因為項目在亞洲。

So we were mobilizing in Singapore and then back up to Taiwan to start the project and hence that was very fast. In terms of downtime, we do not expect any, adverse, downtime on the vessels. As we have also talked about, in 1 to 1 conversations, when you deliver a vessels like this, you are seeing teething issues, but I believe that it's under control and also that our operational team are handling it incredibly well, together with our suppliers, and hence we are still delivering to our clients and are comfortable, around what we are seeing there.

因此，我們在新加坡進行調動，然後返回台灣啟動該項目，因此進展非常快。就停機時間而言，我們預計船舶不會有任何不利的停機時間。正如我們在一對一對話中談到的那樣，當您交付這樣的船隻時，您會看到初期問題，但我相信一切都在控制之中，而且我們的營運團隊與我們的供應商一起處理得非常好，因此我們仍在向客戶交付產品，並且對所看到的情況感到滿意。

That's great. Thank you. And then the second question just on your order books, you mentioned that your order book for 2025 is substantially filled. But where there are, small gaps, is it fair to assume those are towards the end of the year, or are they kind of evenly spread through the year and that's what you will fill with O&M work. Thanks.

那太棒了。謝謝。第二個問題是關於您的訂單，您提到 2025 年的訂單已基本填滿。但是，如果存在小的差距，是否可以公平地假設這些差距是在年底，還是在全年均勻分佈，而這些差距將透過 O&M 工作來填補。謝謝。

I think the gaps that we currently have are either gaps that come from transiting, to projects or, let's say the very end of the year potentially on Saratan. And I think that is something that has very low likelihood to fill, because of the weather, situation there. But of course, how long we are working into Q4 is always a question on serotonin, in the Taiwanese water. But I think the remainder is really transiting to projects where, for example, Eli, where it has been decided that she will not do any other work. Then Hon C3. So she is steaming directly back and preparing for being 100% ready for horn C3, because we believe that that is a derisking of that project that is very important. So when we on the other projects have tried to do a bit of utilization prior to the project on i, we are focusing on being 100% ready when that project starts.

我認為我們目前存在的差距要么是來自過渡的差距，要么是來自項目的差距，要么是可能在今年年底在 Saratan 上出現的差距。我認為，由於那裡的天氣和情況，填補這個空缺的可能性很低。但當然，我們在第四季要工作多久始終是一個關於台灣水中血清素的問題。但我認為剩下的實際上是在向專案過渡，例如，Eli，已經決定她不會做任何其他工作。然後是 Hon C3。因此，她立即返回並做好 100% 準備迎接 C3 號角，因為我們相信這對於降低專案的風險非常重要。因此，當我們在其他專案上嘗試在 i 專案之前做一些利用時，我們專注於在專案啟動時做好 100% 的準備。

That's great. Thank you. And finally, just, on ONM, so exciting to see your next, offering. Can you just Tell us where you are in terms of sort of day rates in operations and maintenance at the moment are still kind of on par with turbine installation rates.

那太棒了。謝謝。最後，在 ONM 上，我很高興看到您的下一個作品。您能否告訴我們，目前營運和維護的日費率是否仍與渦輪機安裝費率相當。

Thank you. I think if you look at the spot market, it's certainly at par with the installation market. If we look at the longer term contracts that are currently in the market, then I think that we are seeing rates that are slightly lower, but let's say with more visibility. So I think it, the offshore owning market has, two sides to it. At the spot. Market and the longer market. And we are, of course, let's say, have been building up to this. We have talked that in the last few quarters as well, that we believe that the OM market needs more care from a company like us. And I think that that is something where we, where we're now taking that step to show our clients that we are ready to embark on that journey with them to make sure we take good care of the turbines that have been installed and deliver more renewable power to the world together.

謝謝。我認為如果你看一下現貨市場，它肯定與安裝市場相當。如果我們看一下目前市場上的長期合同，那麼我認為我們看到的利率會略低一些，但可以說透明度更高。所以我認為，離岸所有權市場有兩個面向。到現場。市場和更長期的市場。當然，可以說，我們一直在為此做準備。我們在過去幾季也談過，我們認為 OM 市場需要像我們這樣的公司給予更多的關注。我認為，我們現在正在採取這一步驟，向我們的客戶表明，我們已準備好與他們一起踏上這一旅程，以確保我們妥善維護已安裝的渦輪機，並共同向世界提供更多的可再生能源。

Roald Hartvigsen with Clarkson's. Please go ahead and ask your question.

羅爾德·哈特維森與克拉克森的。請繼續提問。

Hi Michael. Hi Peter. Thanks for taking my questions. First want to touch a bit upon the new generation vessels that have entered operations now. So yeah, Wind Peak, which I've started installation work on Sofia and Windmaker, which I started work on Shenhua. So can you give some color on the performance of these new generation vessels so far, and I guess I know it's still, you have a limited. Time of operation and limited data so far, but, are you achieving the enhanced installation rates to the tune and mission for those vessels?

你好，麥可。你好，彼得。感謝您回答我的問題。首先想簡單介紹一下目前已投入營運的新一代船舶。是的，Wind Peak，我已經開始在 Sofia 上安裝它，而 Windmaker，我已經開始在 Shenhua 上安裝它。那麼，您能否介紹一下這些新一代船隻迄今為止的性能，我想我知道您仍然掌握有限。到目前為止，營運時間和數據有限，但是，您是否實現了適合這些船隻的調整和任務的增強安裝率？

Yes, I think we are, I think in all fairness, we have seen more issues on peak, than on the other lessons, but it's also the first that we have taken delivery of and we are getting acquainted with the systems, but also kind of like the spare parts strategy, what is it exactly, that we need to have in the inventory for spare parts. We are working closely with our suppliers. And I think that we are really seeing the benefits of the serial, production of these vessels where we have a lot of similarities in terms of, cranes, jacking systems, stuff like that, across the fleet of the new builds.

是的，我認為我們是，我認為平心而論，我們在高峰期看到的問題比其他課程要多，但這也是我們第一次接受，我們正在熟悉系統，但也有點像備件策略，到底什麼是我們需要在備件庫存中儲備的。我們正在與供應商密切合作。我認為我們確實看到了這些船舶批量生產的好處，在新建船隊中，這些船舶在起重機、頂升系統等方面有很多相似之處。

They, the peak is performing well, but we can already see improvements to pace and and also maker, because of What we know now from Peak. So, Pete maybe becomes a little bit the scapegoat, although she has a very strong technical op time. But she becomes a little bit the scapegoat because we are learning from her and we are implementing it. So it's really about taking operation knowledge and transferring it to the new build team to ensure that we take that knowledge in while the vessel is still in the yard and it is fair to say, sorry, it is fair to say that we are seeing an improvement already.

他們，峰值表現良好，但我們已經可以看到速度和製造商的改進，因為我們現在從 Peak 了解了什麼。因此，儘管 Pete 擁有非常強大的技術操作能力，但她可能還是成為了替罪羊。但她有點像替罪羊，因為我們正在向她學習，並且正在實施它。因此，這實際上是為了獲取操作知識並將其轉移到新建造團隊，以確保我們在船隻仍在船廠時就吸收這些知識，並且可以公平地說，抱歉，可以公平地說我們已經看到了進步。

Thanks. And then on my next question, I want to sort of touch a bit upon, yard prices versus secondhand market. So we have generally seen yard prices just continue to rise, which I guess makes that a greater hurdle than it has been in the past. So, could that make second-hand transactions a more viable option for growth going forward and how do you assess that market currently?

謝謝。然後，關於我的下一個問題，我想稍微談談庭院價格與二手市場的價格。因此，我們普遍看到木材加工場價格持續上漲，我想這比過去構成了更大的障礙。那麼，這是否會使二手交易成為未來更可行的成長選擇？您目前如何評價該市場？

That's probably a fair assumption, that could be relevant for some, to look at that. I would like to say that, in my view, they are very limited, quality out there. And hence, one have to be very careful of not, adding something that could be dead weight, in a few years. So I think that that's something where the teams have to go through these processes very diligently, if something is looked at. I think the benefit maybe if one has to look at that is that it's probably with the current narrative in the market for anybody to let's say come in speculatively it's probably not realistic either. So that maybe takes a little bit of the pressure off the y.

這可能是合理的假設，對某些人來說可能具有相關性。我想說，在我看來，它們的品質非常有限。因此，我們必須非常小心，不要添加一些幾年後可能會成為負擔的東西。因此我認為，如果要考慮某件事，團隊就必須非常認真地完成這些過程。我認為，如果必須考慮這一點，那麼好處可能是，根據目前的市場敘述，任何人進行投機性投資可能都不切實際。這也許能減輕 y 一點壓力。

Thanks. That's it from my side today.

謝謝。我今天的發言就到這裡。

(Operator Instructions)

（操作員指示）

Azne Holsen, ABG.

阿茲妮·霍爾森（ABG）。

Hi, thank you for taking my question. I see you have a really good, or growth, year over year. But I noticed that there is not just the development from March 31, until now. Are people sort of awaiting signing contracts with the waiting for a little bit more certain, market. Environment or how should we think about that?

你好，謝謝你回答我的問題。我看到你們的業績逐年成長，確實很好。但我注意到，事情的發展並不是從3月31日到現在才有的。人們是否在等待簽訂合同，等待市場更加確定。環境或我們應該如何看待這個問題？

I think in offshore wind, one has to be very careful not to compare to, let's say, too strictly on a few months because these contracts are in negotiation for a long time and hence, it can be, the contract negotiation happens at a certain point of time or an auction happens at a certain point of time. I think we more focused kind of like what is our target for the year and what we want to achieve in a year rather than what month it comes in at. And we will continue to report on the backlog in the same format, so you guys can follow it. But I think what we TRY to convey to you guys in the backlog slide and, in general, on our market slides is that we are, we still believe that there is not the supply of the most capable assets and also that the most capable assets will be, very busy, in the years to come.

我認為，在離岸風電領域，我們必須非常小心，不要過於嚴格地比較幾個月，因為這些合約的談判時間很長，因此，合約談判可以在某個時間點進行，拍賣也可以在某個時間點進行。我認為我們更關注的是今年的目標是什麼以及我們想在一年內實現什麼，而不是它在哪個月實現。我們將繼續以相同的格式報告積壓情況，以便你們可以關注。但我認為，我們在積壓訂單幻燈片中以及整體市場幻燈片中試圖向你們傳達的是，我們仍然相信，最有能力的資產供應不足，而且未來幾年，最有能力的資產將會非常繁忙。

Okay, thank you. I'll have it back in go back in the.

好的，謝謝。我會把它放回去。

Thank you.

謝謝。

We have no further questions at this time.

目前我們沒有其他問題。

Thank you for your participation. I will now hand the floor back to Mikhail Gleup for any closing remarks.

感謝您的參與。現在我將發言權交還給米哈伊爾‧格萊普 (Mikhail Gleup)，請他做最後發言。

Yeah, thank you. And thanks for everybody who joined. It's always a pleasure to be able to have the questions directly from you guys. Remember that we are always, available if there's any follow-up questions, that is better asked in a 1 to 1 forum. Thanks to everybody who have been part of the journey so far. We know that there is a lot of noise out in the market at the moment, but we still believe that the fundamentals in this industry are very sound. And we will continue to fight to deliver, what you expect from us.

是的，謝謝。感謝所有參與的人。能夠直接向你們提問總是一件令人高興的事。請記住，如果有任何後續問題，我們隨時可以解答，最好在一對一論壇上提出。感謝迄今為止參與這一旅程的每個人。我們知道目前市場上存在著許多噪音，但我們仍然相信這個產業的基本面非常穩健。我們將繼續努力，滿足您對我們的期望。

Thank you.

謝謝。