Cadeler A/S (CDLR) 2025 Q2 法說會逐字稿

Good morning, and welcome to Cadeler's H1 2025 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements.

早安，歡迎參加 Cadeler 2025 年上半年收益報告。今天出席會議的有執行長 Mikkel Gleerup；和財務長 Peter Brogaard。請注意，今天演講者的發言將包含前瞻性陳述。

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.

實際結果可能與預期結果有重大差異。可能導致 Cadeler 的表現與今天的前瞻性陳述產生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. (Operator Instructions) As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

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。年度報告和今日收益報告可在 Cadeler 的網站 cadeler.com/investor 上查閱。 （操作員指示）提醒一下，本次電話會議今日正在錄音。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 very much, and good morning and good afternoon and good evening to the people that have dialed into this presentation. Happy to present our half year results together with Peter. And what we can say around the first half year result in 2025, our financial performance is above our expectations with the full year guidance increased in July 2025.

非常感謝，向收聽本次演講的各位大家早安、下午好、晚上好。很高興能與 Peter 一起展示我們半年的成果。我們可以對 2025 年上半年的業績做出預測，我們的財務表現超出預期，2025 年 7 月我們上調了全年業績預期。

We maintain that guidance in this half year report. Wind Keeper delivered a long-term contract with Vestas was secured, I think a process that we entered into earlier during the year, where this opportunity became possible for us and where we also had a discussion with our client to come to the point where we are now.

我們在本半年報告中維持了這項指引。Wind Keeper 與 Vestas 簽訂了長期合同，我認為這是我們在今年早些時候開始的一項流程，在這個過程中，我們獲得了這個機會，並且我們還與客戶進行了討論，才有了現在的進展。

Upgrades are waiting for Keeper before we will put her into commercial operation in Q1 2026. Seven vessels are on hire around the world, including two in Taiwan and two in North America. Strong and increasing demand for O&M services, especially for the larger turbines is reinforcing our decision to establish Nexra, our service concept, where we also have seen now the first real evidence of that coming to the market with the Wind Keeper.

Keeper 目前正在進行升級，我們將於 2026 年第一季將其投入商業營運。全球共有七艘船舶出租，其中台灣兩艘，北美兩艘。對 O&M 服務（尤其是大型渦輪機）的強勁且不斷增長的需求，強化了我們建立服務理念 Nexra 的決定，現在我們也看到了 Wind Keeper 進入市場的第一個真實證據。

Our backlog continued to strengthen even with the removal of the Hornsea 4 after delay from Ørsted on that project, and we currently stand at EUR2.5 billion. Commercial highlights in the first half of '25. The Wind Keeper is certainly a commercial highlight.

儘管 Hornsea 4 號計畫因 Ãrsted 推遲而被取消，但我們的積壓訂單仍在繼續增加，目前已達到 25 億歐元。25 年上半年的商業亮點。《風之守護者》無疑是一部商業亮點。

It's a vessel that we negotiated, acquired and took delivery of all ahead of schedule. It's the newest addition, and we have secured a long-term contract with Vestas, a three-year period with additional 2.5 years of options with the same client.

這是我們事先談判、收購並接收的一艘船。這是最新的合作，我們已與維斯塔斯簽訂了長期合同，合同期限為三年，並附加與同一客戶 2.5 年的選擇權。

The contract, as I said, commences in the early part of 2026. And we believe that the Wind Keeper will be a very versatile service vessel where the client can mainly do operations and maintenance for the vessel, but also have an ability to support transport and installation for certain projects.

正如我所說，合約將於 2026 年初開始生效。我們相信，Wind Keeper 將成為一艘用途廣泛的服務船，客戶主要可以對其進行操作和維護，同時也有能力支援某些項目的運輸和安裝。

And as I said, before we put her on work for Vestas in Q1 '26, the Wind Keeper will undergo tailored upgrades really to fit the Cadeler operating model, but also what we would like to deliver to our clients in terms of vessel and also what the vessel can do in European waters on projects there.

正如我所說的，在我們於 2026 年第一季將 Wind Keeper 投入 Vestas 工作之前，我們將對其進行定制升級，以真正適應 Cadeler 的運營模式，同時也是為了滿足我們希望在船舶方面為客戶提供的服務以及該船在歐洲水域執行項目時可以發揮的作用。

Overall, on the fleet, we can say that the Wind Orca is continuing the installation on He Dreiht. She had an O&M campaign earlier during the year, but is now installing on He Dreiht. Wind Osprey had also an O&M campaign and is installing on Baltic Power now in Poland. Scylla, probably a question that I will receive in the questions-and-answer section around the Revolution Wind, but we are working on Revolution Wind for Ørsted and the vessel is still here in the US.

總體而言，在艦隊中，我們可以說 Wind Orca 正在繼續在 He Dreiht 上安裝。她在今年稍早曾參加過一次 O&M 活動，但現在正在 He Dreiht 上進行安裝。Wind Osprey 也進行了 O&M 活動，目前正在波蘭的 Baltic Power 上進行安裝。Scylla，這可能是我在「革命之風」號相關問答環節中收到的一個問題，但我們正在為 Ãrsted 號研製「革命之風」號，而這艘船現在仍在美國。

On Zaratan, she's working in Taiwan on O&M. The Peak continued to install on Sofia. The Wind Maker is installing on Greater Changhua for Orsted and Wind Pace is also here in the US working for GE Vernova. And the Wind Keeper is in transit on the way back in or close to South Africa at the moment, expecting to arrive in Northern Europe in October this year.

在 Zaratan，她在台灣從事 O&M 工作。高峰繼續在索菲亞上空安裝。Wind Maker 正在為 Orsted 在大彰化地區安裝風力發電機，而 Wind Pace 也在美國為 GE Vernova 工作。目前，「風之守護者號」正在南非境內或附近海域返航，預計今年10月抵達北歐。

In terms of our backlog standing at EUR2.5 billion. I think that what we wanted to highlight on this slide here is really because there's not a great change. We have had another project coming in, in Taiwan with the Formosa 4 coming in.

我們的積壓訂單為 25 億歐元。我認為我們想要在這張投影片上強調的是，實際上並沒有發生很大的變化。我們還有另一個計畫即將啟動，那就是台灣的 Formosa 4 號計畫。

We announced that last week, it was part of a reservation agreement, and we signed that contract last week. And I think that it was a healthy contract economics we saw on that project and a project that will be installed in 2028, which fits really the strategy for what we are doing at the moment and 2028 is certainly a focus here, but more to follow on that.

我們上周宣布，這是預訂協議的一部分，我們上週簽署了該合約。我認為我們在該專案上看到的是健康的合約經濟學，而該專案將於 2028 年安裝，這非常符合我們目前正在做的策略，2028 年當然是這裡的重點，但接下來還有更多的事情要做。

In terms of US, we are busy on three projects. In the US, Revolution Sunrise and an O&M job here, but the US in total constitutes less than 10% of our total backlog and Revolution itself is the smallest part of that US backlog in itself because we are almost done on that project.

在美國方面，我們正忙於三個專案。在美國，有 Revolution Sunrise 和一項 O&M 工作，但美國整體占我們總積壓訂單的不到 10%，而 Revolution 本身是美國積壓訂單中最小的部分，因為該項目我們幾乎已經完成。

Next slide, please. In terms of the backlog, I think having increased the backlog, although slightly from the Q1 presentation, I think it is an achievement, especially with a large chunk coming out from the Hornsea 4 and we still stand at a very, very high level of final investment decisions in our backlog. So 97% of the projects in our backlog has final investment decision.

請看下一張投影片。就積壓訂單而言，我認為積壓訂單有所增加，儘管與第一季的演示相比略有增加，但我認為這是一項成就，特別是很大一部分來自 Hornsea 4，而且我們在積壓訂單中的最終投資決策仍然處於非常高的水平。因此，我們積壓的97%的項目都有最終投資決定。

And we are focusing on maintaining a solid overview of the projects that we are adding to the backlog, but also ensuring that the quality of projects we are letting into the backlog is something that we do on the same basis as we have always done. But pleased that we have been able to maintain the backlog at its current level after the delay of Hornsea 4.

我們不僅專注於對添加到待辦事項中的項目進行全面概述，而且還要確保我們納入待辦事項的項目的品質與我們一直以來所做的一樣。但令人高興的是，在 Hornsea 4 延期之後，我們能夠將積壓量維持在當前水準。

In terms of the new builds, I'm pleased to say also that we are on Wind Ally almost complete. We are on sea trials and jacking trials as we speak, and we are ahead of schedule. Originally, we expected to deliver the Wind Ally in November this year, but according to the current plan, we are looking to take delivery at the end of September, which is a very, very strong performance, both by site team, but also by the yard and everybody who've supported that.

就新建築而言，我很高興地說，Wind Ally 的建設已接近尾聲。目前我們正在進行海上試驗和頂升試驗，並且已經提前完成了計劃。最初，我們預計在今年 11 月交付 Wind Ally，但根據目前的計劃，我們希望在 9 月底交付，這對於現場團隊、船廠和所有支持的人來說都是一個非常非常強勁的表現。

The Ally then has a sequence of jobs to do in terms of mobilizing her for her first project, which will be the Hornsea 3. But it's very good for us that we are delivering as we are because it also means that we are coming on the project as we expect and everything there looks to go according to plan as we see it at the moment.

接下來，盟友需要做一系列工作來動員她完成她的第一個項目，即 Hornsea 3。但對我們來說，能夠按計劃完成任務是非常好的，因為這也意味著我們正在按照預期進行項目，而且就我們目前所見，一切似乎都按照計劃進行。

Also on Wind Mover, we are also looking to deliver the Wind Mover in the fourth quarter of this year. And at the moment, it also looks like we are slightly ahead of schedule on Wind Mover, which is also positive. The Wind Mover has a contract also where she will depart the yard and immediately go on that contract.

同樣在 Wind Mover 方面，我們也計劃在今年第四季交付 Wind Mover。目前看來，我們在 Wind Mover 上的進展也比計劃略快一些，這也是積極的。風動者號也簽訂了合同，她將離開船廠並立即履行該合約。

So for us, it, of course, has been important to make sure that the yard and us have an agreement on when the vessel is delivering and as early as possible for us was important. The Wind Ace is also in production in Cosco in Qidong and the Wind Apex is currently at block stage.

因此，對我們來說，確保船廠和我們就船舶交付時間達成協議當然非常重要，而且越早達成協議就越重要。Wind Ace 號也在啟東中遠集團的生產中，而 Wind Apex 號目前正處於分段階段。

So I would say that on newbuilds, the fourth remaining newbuilds is on or ahead of schedule and also on budget, which is pleasing. And on the financial results, I will hand over to Peter, so he can walk you through the financial results.

因此我想說，就新建船舶而言，剩下的第四艘新建船舶均按計劃或提前完成，並且也在預算之內，這是令人高興的。關於財務結果，我將交給彼得，以便他可以向你們介紹財務結果。

Yeah. Thank you very much, Mikkel. For Q2 the three months ending, we had a revenue of EUR233.1 million. That is, of course, impacted by the termination fees from the postponement of the Hornsea 4. However, if you adjust for that, then it's still a substantial growth as compared to last year.

是的。非常感謝，米克爾。截至第二季的三個月，我們的營收為 2.331 億歐元。當然，這是受到 Hornsea 4 延遲而產生的終止費用的影響。然而，如果對此進行調整，那麼與去年相比仍然是大幅成長。

Equity ratio is still at around 50%, i.e., a very solid balance sheet going forward. Utilization -- adjusted utilization for the three months in Q2 was 94.1%, which is very, very solid as well, and we are pleased to see that we are above 90% for the quarter.

股權比率仍然在 50% 左右，也就是說，未來的資產負債表非常穩健。利用率－第二季三個月的調整後使用率為 94.1%，這也是非常非常穩固的，我們很高興看到本季的使用率超過了 90%。

Market cap, EUR1.7 billion, EBITDA also substantially up against last year, again, of course, impacted by the termination fees on Q4. We adjusted our outlook for '25 early July. So we took the range up with EUR103 million indicative of this termination fee.

市值為 17 億歐元，EBITDA 也較去年大幅成長，當然，這再次受到第四季終止費用的影響。我們在 7 月初調整了 25 年的展望。因此，我們將終止費範圍定為 1.03 億歐元。

But adjusting for that, it is still a substantial growth that we are showing. Cash flow from operating activities also up EUR50 million in the quarter. Backlog stands, as Mikkel said, at EUR2.5 billion and three months daily average turnover on the stock exchange is EUR4.9 million. If we look at the P&L for Q2 '25 -- and still bearing in mind, of course, this termination fee, which inflated the numbers. We see very, very solid growth in Q2.

但經過調整後，我們仍然顯示出大幅成長。本季經營活動現金流也增加了 5,000 萬歐元。正如米克爾所說，積壓訂單為 25 億歐元，證券交易所三個月的每日平均營業額為 490 萬歐元。如果我們看一下 2025 年第二季的損益表——當然，仍然要記住這筆終止費，它誇大了數字。我們看到第二季的成長非常非常穩健。

Of course, now we have eight vessels on water as compared to four last year when people coming in very late in the quarter and not operational yet. However, we see that our operational model is functioning very well. Cost of sales is following the increase of vessels.

當然，現在我們有八艘船在水上，而去年只有四艘，當時人們在本季末才到，還沒有投入使用。然而，我們看到我們的營運模式運作良好。銷售成本隨著船舶數量的增加而增加。

OpEx also even a little bit lower than compared to last year and SG&A, which is a number that we have talked a little bit about in the past where we have increased that number in the past to be able to operate a bigger fleet and the foundation vessels now also showing that with the base that we have, we can operate a bigger fleet and also foundation vessels and more projects.

營運支出也比去年同期和銷售、一般及行政費用 (SG&A) 略低，這是我們過去曾談到過的一個數字，我們過去增加了這個數字，以便能夠運營更大的船隊，現在的基礎船隻也表明，憑藉我們擁有的基礎，我們可以運營更大的船隊、基礎船隻和更多的項目。

As said, utilization was 76% and adjusted utilization 94%. And cost of sales is, of course, increasing with the delivered vessels, which is then will peak, delivered in August last year, so not in the comparable numbers Wind Maker and with Pace. And EBITDA also a very solid growth from EUR32 million to EUR189 million.

如上所述，利用率為 76%，調整後的利用率為 94%。當然，銷售成本會隨著船舶的交付而增加，交付的船舶在去年 8 月達到峰值，因此與 Wind Maker 和 Pace 的數量無法相比。EBITDA 也實現了非常穩健的成長，從 3,200 萬歐元增至 1.89 億歐元。

The P&L for the first half is of course, impacted by -- again, by the termination fees that we have received on Q4. Adjusted utilization for six months is 89%, also a very, very good number. Revenue increases with the termination fees, of course, but also with more projects and more vessels and projects we also see at a higher rate than historically.

當然，上半年的損益表再次受到我們在第四季收到的終止費用的影響。六個月的調整使用率為 89%，也是一個非常非常好的數字。當然，收入隨著終止費用的增加而增加，但隨著專案和船隻的增多，我們也看到專案的成長率高於歷史水準。

So again, it shows the operational business model is working as planned. If we look at the quarter and the first half year, it is as we have expected and planned, I think on all lines. So I think development under very good control, costs under very good control, revenue as expected or above. So it is a really, really strong quarter, no doubt about it. The balance sheet is, of course, increasing with the delivery of vessels.

這再次表明營運業務模式正在按計劃進行。如果我們看一下本季和上半年，我認為各方面情況都符合我們的期望和計畫。因此我認為開發得到了很好的控制，成本得到了很好的控制，收入達到了或高於預期。因此毫無疑問這是一個非常非常強勁的季度。當然，隨著船舶的交付，資產負債表也在增加。

Also CapEx for the quarter was as expected. You can find more flavor on it in the notes to the first half accounts. But it is growing with the Wind Maker installments on Ally. It is on the M-Class vessels, of which one was delivered. And it's on the Wind Keeper that came in late June with a significant amount, but again, as planned.

本季的資本支出也符合預期。您可以在上半年財務報表的註解中找到更多相關內容。但隨著《Ally》上《Wind Maker》的推出，它正在不斷發展。它位於 M 級船上，其中一艘已交付。而風之守護者號於六月底抵達，數量可觀，但同樣，按計畫進行。

Other current assets is increasing, and that is, of course, again, the termination fees, they are sitting in the balance as contract assets -- we issued the invoices early July. We got the termination very late in June. Hence, it's sitting as a contract asset, but it's not a reflection of it's less certain. It is only a reflection of that we received the termination the June 30, and then invoiced in early July.

其他流動資產正在增加，當然，也就是終止費，它們作為合約資產存放在餘額中——我們在 7 月初開立了發票。我們在六月底就收到了解僱通知。因此，它被視為一項合約資產，但這並不反映它的不確定性。這只是反映我們在 6 月 30 日收到了終止通知，然後在 7 月初開立了發票。

Termination fees are due here in Q3. So we expect to have a cash inflow from our other current assets in Q3. Still a solid balance sheet equity ratio of 50% as compared to 64%. Of course, it goes down as the balance sheet is a little bit more leverage, but you will not see -- we will not expect the rate to go below 45% around that level. CapEx program is expected to be fully funded. What is outstanding now is only the third A class vessel, the Apex coming in, in '27.

終止費用將於第三季支付。因此，我們預計第三季其他流動資產將產生現金流入。資產負債表權益比率仍為 50%，高於 64%。當然，隨著資產負債表的槓桿率略有提高，利率也會下降，但你不會看到——我們預計利率不會低於該水平的 45%。預計資本支出計劃將獲得全額資助。現在唯一未完成的是第三艘 A 級艦艇，即 1927 年入役的 Apex 號。

It's a bit early for us to start that. We have started, you could say, the bend and stretch on starting up a facility discussion on that one, but it's not being delivered until '27. So it's too early to start paying commitment fees, but there is a strong interest from banks to also support the funding of that vessel.

對我們來說，現在開始還為時過早。可以說，我們已經開始就該設施展開討論，但要到 27 年才能實現。因此，現在開始支付承諾費還為時過早，但銀行對支持該船的融資表現出濃厚的興趣。

We have a cash of EUR51 million, but of course, we are not taking in the termination fees here. So all in all, the conclusion on this slide is that we have a very, very solid financial situation with cash and available cash -- substantially available cash also after payment of the CapEx program.

我們有 5,100 萬歐元的現金，但當然，我們不會收取終止費用。總而言之，這張投影片的結論是，我們的財務狀況非常非常穩固，有現金和可用現金——在支付資本支出計劃後，還有大量可用現金。

As we have elaborated on in the past, our hedging policy is that we hedge 50% of the US dollar exposure on the installments to the yards. And we hedge 50% of the interest exposure. And that is a strict policy that we stick to and I think has served us very well in the past.

正如我們過去所闡述的，我們的對沖政策是對付船廠分期付款中 50% 的美元風險敞口。我們對沖了 50% 的利息風險。這是我們堅持的嚴格政策，我認為過去它對我們非常有益。

Financing overview, we have EUR2.1 billion of committed facilities. And then the Wind Apex is uncommitted as of now, but we are in dialogue with the banks to also get that financing committed, and we expect to close it approximately a year before delivery.

融資概況，我們有 21 億歐元的承諾融資額。目前，Wind Apex 尚未投入使用，但我們正在與銀行進行對話，以獲得融資承諾，我們預計將在交付前一年左右完成。

We had the Wind Keeper Bridge Facility in Q2, which formed a part of a very attractive business case where we were able to buy the Wind Keeper at an attractive price, and get an attractive contract on it and fully finance it. We are -- we have signed the takeout facility of EUR125 million. The remaining part of purchase price and CapEx we can finance from the operational cash flow and the already available cash we have in place.

我們在第二季度擁有了 Wind Keeper 橋樑設施，這是一個非常有吸引力的商業案例的一部分，我們能夠以有吸引力的價格購買 Wind Keeper，並獲得一份有吸引力的合約並為其提供全額融資。我們已經簽署了價值 1.25 億歐元的外送協議。我們可以利用營運現金流量和現有現金來支付購買價格和資本支出的剩餘部分。

Full year outlook, as said, it was increased early July on the back of the termination of Hornsea 4 project. Now it is an outlook of revenue between EUR588 million to EUR628 million and an EBITDA of EUR381 million to EUR421 million.

全年前景，正如所說，由於 Hornsea 4 項目終止，7 月初有所上調。目前，預計營收在 5.88 億歐元至 6.28 億歐元之間，EBITDA 介於 3.81 億歐元至 4.21 億歐元之間。

It's, of course, the full year is impacted by termination fees and timely vessel deliveries and execution on projects. Wind Maker and Wind Pace, which was delivered in Q1 '25 and it's already employed in APAC and US. And then there is two additional vessels deliveries coming in Q3, Q4 with Ally and with Mover. And as Mikkel said, it is on time and budget.

當然，全年都會受到終止費用、及時船舶交付和專案執行的影響。Wind Maker 和 Wind Pace 於 2025 年第一季交付，目前已在亞太地區和美國投入使用。另外兩艘船舶將於第三季和第四季由 Ally 和 Mover 交付。正如米克爾所說，一切都按時按預算進行。

And then we also start to see the revenue and cost from foundation project starts to be recognized. So it's the two foundation projects that we have, Hornsea 3 and EA2. I would like to also elaborate a little bit on how we show revenue in our numbers. There's two lines, a line from time charter revenue and foundation work and installation work. That is what is coming from our vessels and the contracts on the vessels.

然後我們也開始看到基礎項目的收入和成本開始被認可。所以我們有兩個基礎項目，Hornsea 3 和 EA2。我還想詳細說明一下我們如何在數字中顯示收入。有兩條線路，一條來自定期租船收入，另一條來自基礎工程和安裝工程。這就是我們的船隻和船隻合約所帶來的結果。

Then we have another line, which is our other revenue for this first half, it's EUR120 million. That is where the termination fees sits, but the EUR120 million is not equal to the termination fees as there's also other services and other revenue in there. It's what you would call sundry income.

然後我們還有另一條線，這是我們上半年的另一筆收入，為 1.2 億歐元。這就是終止費的來源，但 1.2 億歐元並不等於終止費，因為其中有其他服務和其他收入。這就是所謂的雜項收入。

So it's income from accommodation and catering on the vessels, and there can also be other smaller revenue streams. And you can see in the comparable numbers, there's also EUR13 million for first six months in '24. So it's not a correct conclusion then to say that the termination fees from Hornsea 4 was EUR120 million. Then I will give the word to Mikkel on sustainability.

所以這是來自船上住宿和餐飲的收入，還可以有其他較小的收入來源。您可以從可比較數字中看到，24 年前六個月的收入也達到了 1300 萬歐元。因此，說 Hornsea 4 的終止費用為 1.2 億歐元並不是一個正確的結論。然後我會向米克爾傳達永續發展的訊息。

Yeah. Just a slide on sustainability update as well. We believe that, that is important to update you guys as well on what is being done. I think we can say that the team has been expanded both in terms of competencies, but also raw muscle to develop what we need to develop.

是的。這只是一張有關永續性更新的幻燈片。我們認為，向你們通報正在進行的工作也很重要。我認為我們可以說，團隊不僅在能力方面得到了擴展，而且在開發我們需要開發的東西的實力方面也得到了擴展。

We have had several investors over the years asking us to be vetted and certified under different schemes, and that is something that our sustainability team is also working on to make sure that we are where we need to be in terms of that.

多年來，有幾位投資者要求我們根據不同的計劃進行審查和認證，這也是我們的永續發展團隊正在努力的事情，以確保我們在這方面達到應有的水平。

But also in terms of really raw decarbonization on what we do. We have our own targets, and we are trying to be ambitious. And the road map has been defined also with the larger fleet that is coming in. And the gaps that are needed to be bridged, so to speak, they are being modeled and what to do for -- to reach our targets. We also have ongoing shore power upgrades for the O-class vessels with Wind Osprey being finalized in Q1.

但就我們所做的真正原始的脫碳而言。我們有自己的目標，我們正在努力實現雄心勃勃的目標。隨著更大艦隊的到來，路線圖也已經確定。我們正在對需要彌補的差距進行建模，並確定如何做才能實現我們的目標。我們也正在為 O 級船舶進行岸電升級，其中 Wind Osprey 將於第一季完成。

In terms of equipment efficiency upgrades, we're also looking at that on the O-class vessels after the energy order we did there, and we are execution, we are planning the execution for the end of Q3. In terms of biofuel, this is also a strategy we're looking at. The legacy vessels will not be able to sail on the new fuel types and the biofuel can play a role.

在設備效率升級方面，我們在下達能源訂單後，也在考慮對 O 級船舶進行升級，並且正在執行，並計劃在第三季末執行。就生物燃料而言，這也是我們正在考慮的策略。傳統船舶將無法使用新型燃料航行，生物燃料可以發揮作用。

We have been testing with blending biofuels into the fuel mix to also have that as an asset on the sustainability radar for us and something that we can work with our clients to procure and to deliver on projects as well.

我們一直在測試將生物燃料混合到燃料組合中，以便將其作為我們可持續發展雷達上的資產，並且我們可以與客戶合作採購並交付專案。

And then last, but certainly not least, we are also developing a road map for implementation of a human rights strategy, and that is something we have based on the old one and to be presented to the Board for final approval and then roll out across the company as well.

最後，但同樣重要的是，我們也正在製定實施人權策略的路線圖，這是我們在舊路線圖的基礎上製定的，並將提交給董事會進行最終批准，然後在整個公司推廣。

In terms of commercial outlook, I think that our view of the market is that there is a calibration in the market, but there is also a continued momentum. We recognize that there are things that are happening in the market that is outside anyone's control at the moment but we think that there is a period of recalibration.

就商業前景而言，我認為我們對市場的看法是，市場正在經歷調整，但同時也保持著持續的勢頭。我們認識到，目前市場上發生的一些事情是任何人都無法控制的，但我們認為，現在正處於一個重新調整的時期。

There has also been targets in every market basically that were not achievable with the supply chain we have. So things are being recalibrated. There are also companies that are recalibrating their road maps due to local auctions and auctions that didn't go as they planned.

每個市場都存在一些目標，但這些目標基本上無法透過我們現有的供應鏈實現。因此，事情正在重新調整。由於當地拍賣和拍賣沒有按計劃進行，一些公司正在重新調整路線圖。

Denmark is an example, Germany is an example. The UK had an example of that in the Round 5, but also due to company-specific events that means that companies have to recalibrate what they can do and when they can do it.

丹麥就是一個例子，德國就是一個例子。英國在第 5 輪就有這樣的例子，但由於公司特定的事件，這意味著公司必須重新調整他們可以做什麼以及何時可以做。

So I think that what we can say is that we are, I think the market caution is exercised and is prudent. And -- but I think also that we think that conditions and policy improvements are expected, and we have seen some of that in the markets that are -- that have redone their tenders and have gotten them right.

所以我認為我們可以說的是，我認為市場謹慎行事並且是審慎的。而且 — — 但我也認為，我們認為條件和政策的改善是可以預期的，而且我們已經在市場上看到了一些這樣的情況 — — 這些市場已經重新進行了招標，並取得了正確的結果。

And I think we have seen improved conditions both in Denmark, but also in the UK. And as many others, we expect that the UK round 7 will be a solid round. We saw also the British government coming back with the approval of even projects without permits allowed to be participating in the round. And I think that that's certainly a new thing for that round for those auctions.

我認為丹麥和英國的情況都有改善。和許多其他人一樣，我們預計英國第 7 輪比賽將會是一場精彩的比賽。我們也看到英國政府重新批准甚至沒有許可證的項目參與此輪談判。我認為這對該輪拍賣來說無疑是一件新鮮事。

So we are seeing that the governments are also trying to play a role in achieving as much as possible by 2030. So some projects are facing delays and time lines are shifting on some projects closer to 2030. Where on the other hand, we see a pretty significant pick up again in projects. As I said already, there are important auctions ahead. The AR7 is probably the most significant one.

因此，我們看到各國政府也在努力發揮作用，並爭取在 2030 年前實現盡可能多的目標。因此，有些工程面臨延誤，有些工程的時間表也趨近於 2030 年。另一方面，我們看到項目數量再次出現顯著回升。正如我已經說過的，前面有重要的拍賣會。AR7 可能是最重要的一款。

But also, we see several new early-stage markets beginning to emerge. And just this morning, there were news about offshore wind in Vietnam again, where one of the larger developers are taking now a share in one of those projects.

但同時，我們也看到幾個新的早期市場開始出現。就在今天早上，又有關於越南海上風電的消息傳出，其中一家較大的開發商目前正在參與其中一個項目。

And we see more of that. We see also test projects in Brazil starting to emerge and have been in context as well with partners in these markets, although this is also again for the longer term and probably more into the next decade.

我們看到更多這樣的情況。我們也看到巴西的測試項目開始出現，也與這些市場的合作夥伴進行了合作，儘管這也是一個長期計劃，可能要持續到下一個十年。

We still have a positive outlook on the long term in the market, and we believe that offshore wind will play a crucial role in the future energy mix for many different reasons but also that we are seeing that probably '27 and '28 are more challenging now than they were a year ago because when one of these bigger projects goes out of the market, then it's for sure that, that is playing a role.

我們仍然對市場的長期前景持樂觀態度，我們相信離岸風電將在未來的能源結構中發揮關鍵作用，原因有很多，但我們也看到，27 年和 28 年可能比一年前更具挑戰性，因為當其中一個較大的項目退出市場時，這肯定會發揮作用。

But what our strategy has always been to work on projects that are our primary projects, but also always to have backup. And we believe that with the strength of the fleet and the strength of the assets that we will be able to also play a strong role for our clients in the market even in those years as well. And as we see it currently, we have been developing this slide here from last time as well. We see that there is still an undersupply of vessels expected coming towards the end of the decade. And it starts first on the foundation vessels where we see an undersupply in '29 based on the projects that needs to go into the water.

但我們的策略一直是致力於我們的主要項目，但同時也始終有備用項目。我們相信，憑藉強大的船隊和資產實力，即使在那些年裡，我們也能夠在市場上為客戶發揮重要作用。正如我們目前所看到的，我們上次也一直在開發這張投影片。我們看到，預計到本世紀末仍將出現船舶供應不足的情況。首先從基礎船舶開始，根據需要下水的項目，我們發現 29 年基礎船舶供應不足。

We also see that clients are engaging early with these projects with us and with others to ensure the right capacity for installation. But also for O&M and one of the reasons that we announced Nexra in our last call with you guys is, of course, because we have seen that the O&M market is something where we see the clients really asking for support and supply of capacity.

我們也看到，客戶很早就與我們和其他公司合作這些項目，以確保正確的安裝能力。但對於 O&M 來說也是如此，我們在上次與你們的通話中宣布 Nexra 的原因之一當然是因為我們已經看到 O&M 市場是客戶真正要求支援和容量供應的市場。

And that is across regions where some regions have more access to O&M supply where other regions find it very difficult due to complex sites, deepwater, complex soil conditions and the biggest turbines out there. And we do believe that Nexra and our fleet strength can play a strong role in both these spaces. And if we are to look at what is really an efficient vessel.

在某些地區，有些地區更容易獲得 O&M 供應，而其他地區則由於場地複雜、水深、土壤條件複雜以及存在最大的渦輪機而發現非常困難。我們確實相信 Nexra 和我們的船隊實力可以在這兩個領域發揮重要作用。如果我們要看什麼才是真正有效率的船隻。

We have talked a lot about this supply, and we have shown you how we believe that the supply situation looks in the market, but more on an overall what is in there in total? But I think that here, we are trying to say how we look at the situation in terms of efficiency.

我們已經就供應問題進行了很多討論，並向您展示了我們認為的市場供應情況，但總體而言，供應情況如何？但我認為，在這裡，我們試圖表達的是我們如何從效率的角度看待這種情況。

And efficiency in offshore wind is really days, how many days do you take to install a project. And here, we have just said a theoretical project that we have evaluated and tried to program, how long time would it take for two different vessels to install this project. We have said it's 100 turbines of 15-megawatt class.

離岸風電的效率實際上是以天為單位的，安裝一個專案需要多少天？這裡我們剛才說了一個我們評估過並且嘗試編程的理論項目，兩艘不同的船安裝這個項目需要多長時間。我們說過有 100 台 15 兆瓦級的渦輪機。

It's 140 nautical miles from the site that we're installing and it's in the North Sea. If we look at the P-class vessel that can transit with 6 VTGs per round trip, then we need 17 round trips and 2.14 days per turbine. If we compare that to another standard vessel in the industry, the Gusto engine, 9,000, then they can transit with two turbines. They need 50 round trips and they need 269 days per turbine installed. So if you look at the raw numbers, the raw program, then we would need 214 days to install such a project, and they would need 269 days.

它距離我們安裝的地點 140 海裡，位於北海。如果我們看一下每次往返可搭載 6 台 VTG 的 P 級船舶，那麼每台渦輪機需要 17 次往返和 2.14 天。如果我們將其與業內另一艘標準船舶 Gusto 發動機 9,000 進行比較，那麼它們可以使用兩台渦輪機進行運輸。他們需要 50 次往返，安裝每台渦輪機需要 269 天。因此，如果你看一下原始數字、原始程序，那麼我們需要 214 天來安裝這樣的項目，而他們需要 269 天。

But on top of that, comes project-related delays. And the longer you take to install, no matter where you start and where you end, you will have longer time and, let's say, a less favorable season. So waiting on weather, waiting on pilot, waiting on tide and stuff like that, that is something that is increasing on the less capable vessel.

但除此之外，還出現了與工程相關的延誤。而且，安裝時間越長，無論從哪裡開始和結束，您都會有更長的時間，也就是說，一個不太有利的季節。因此，等待天氣、等待引航員、等待潮汐等因素對於能力較弱的船隻來說變得越來越重要。

And we do believe that, that is converted into money in the value calculation at the clients as well. And hence, we believe that the stronger assets will be the first ones to be taken in the market because they simply drive a better value proposition to the clients.

我們確實相信，在客戶的價值計算中，這也轉化為金錢。因此，我們相信，實力較強的資產將首先在市場上被收購，因為它們能夠為客戶提供更好的價值主張。

So trying to take that into the next slide, where we show you the slide we have shown you before, what is the total supply in the market? What is the total supply of newbuild vessels since 2020 and what is the total supply of legacy vessels?

因此，嘗試將其帶入下一張投影片，我們向您展示我們之前向您展示過的投影片，市場總供應量是多少？自 2020 年以來，新建船舶的總供應量是多少？傳統船舶的總供應量是多少？

This is a slide that you all should be familiar with because we have shown it before. Cadeler is on the left side here with 12 vessels and currently the market leader in terms of number of vessels. If we then try to say, okay, what is the efficient vessels that are out there?

這張投影片大家都應該很熟悉，因為我們之前有展示過它。Cadeler 位於左側，擁有 12 艘船舶，目前在船舶數量方面處於市場領先地位。如果我們試著說，好吧，那裡有哪些高效的船隻？

And then we are looking at -- if we look at what vessels can install wind turbines, then we believe the number looks quite different. If we say what vessels can efficiently install the 15-megawatt class of turbines, then the numbers look very, very different.

然後我們再看看——如果我們看看哪些船隻可以安裝風力渦輪機，那麼我們相信這個數字看起來會大不相同。如果我們說哪些船隻可以有效地安裝 15 兆瓦級渦輪機，那麼數字看起來會非常非常不同。

And at Cadeler, we are discounting a number of vessels here in terms of efficient installation, but we believe that we have nine; DEME with two, Van Oord with one, Seaway 7 with one, Jan De Nul with one, Penta-Ocean with one, Maersk with one, Shimizu with one, and Dominion with one.

在 Cadeler，我們在高效安裝方面對一些船隻進行了折扣，但我們相信我們有九艘船隻；DEME 有兩艘，Van Oord 有一艘，Seaway 7 有一艘，Jan De Nul 有一艘，Penta-Ocean 有一艘，Maersk 有一艘，Shimizu 有一艘，Dominion 有一艘。

But it's a significant reduction from the overall numbers. If we then look at the foundation installation, then it's an even more dramatic number we are looking into because in terms of efficient installation, then we're looking at seven at Cadeler, we're looking at four at DEME, two of those are only for foundations.

但與總體數字相比，這是一個顯著的減少。如果我們再看一下地基安裝情況，那麼我們看到的數字會更加驚人，因為就高效安裝而言，我們看到 Cadeler 有 7 個，DEME 有 4 個，其中兩個僅用於地基。

We're looking at two at Van Oord, one of those only for foundations, and I would say, primarily foundations in the Baltic Sea due to limited weather capability, three at Heerema, one at Seaway 7, two at Jan De Nul, two at Boskalis, one at Penta-Ocean, and one at Saipem.

我們正在 Van Oord 考察兩座，其中一座僅用於建造地基，我想說，由於天氣能力有限，主要在波羅的海建造地基，Heerema 考察了三座，Seaway 7 考察了一座，Jan De Nul 考察了兩座，Boskalis 考察了兩座，Penta-Ocean 考察了一座，Saipem 考察了一座。

So I think that, that is our view on what is efficient vessels, and it changes the supply equation slightly and hence, also why we do believe that, especially in '29, we see an undersupply of vessels that can do efficient foundation installation compared to the number of projects that will be installed.

所以我認為，這就是我們對高效船舶的看法，它稍微改變了供應方程，因此，也是為什麼我們相信，特別是在'29年，與將要安裝的項目數量相比，我們看到能夠進行高效基礎安裝的船舶供應不足。

So we have been asked for it many times, what is our view on efficient installation across the two components, turbines and foundations, and this is our view. I know that if you compound the numbers, we have more than the total number of vessels, and that's because some of our vessels can be converted to either foundations or turbines. And hence, they are counted in both spaces.

因此，我們多次被問到，我們對渦輪機和基礎這兩個部件的有效安裝有何看法，這就是我們的看法。我知道，如果把這些數字加起來，我們的船隻數量就超過了總數，這是因為我們的一些船隻可以轉換成基礎或渦輪機。因此，它們在兩個空間中都被計算。

But obviously, they can only work in one space. So if one is counting them for installing foundations, then one has to discount them from the turbine installation and hence, make that space slightly tighter. If we look at the demand for O&M, the reason we entered into that market is pretty simple.

但顯然，它們只能在一個空間內發揮作用。因此，如果將它們算作安裝基礎，那麼就必須將它們從渦輪機安裝中扣除，從而使該空間稍微緊湊一些。如果我們看一下維運需求，我們進入該市場的原因就很簡單。

We see a steady growth in the O&M market due to a larger installed fleet. And we also see that our clients are asking us for more services in this space and the support on the bigger assets that can handle more complex sites because this is really where the bigger turbines are installed.

由於安裝的機隊規模擴大，我們看到 O&M 市場穩定成長。我們還看到，客戶要求我們在這個領域提供更多服務，並為能夠處理更複雜場地的更大資產提供支持，因為這實際上是安裝更大渦輪機的地方。

And we have seen situations where clients have only had one or two vessels to select from to do particular service for their turbines. We are here to try to help our clients and provide them with what they need to do the work, and that's why Nexra is believed to have a pretty strong demand outlook across the years ahead of us.

我們也見過這樣的情況：客戶只有一兩艘船可供選擇，為他們的渦輪機提供特定的服務。我們在這裡盡力幫助我們的客戶並為他們提供工作所需的一切，這就是為什麼我們相信 Nexra 在未來幾年將擁有相當強勁的需求前景。

And as we said, the vessels on our side where we believe that there will be in the beginning, at least, an O&M future. We are looking at Wind Zaratan and Wind Scylla and Wind Keeper. Scylla and Keeper will also have some installation scope to do, Scylla in the US, Keeper probably primarily in Europe and then on to a future of O&M.

正如我們所說，我們相信，至少在一開始，我們這邊的船隻將會有一個 O&M 的未來。我們正在關注 Wind Zaratan、Wind Scylla 和 Wind Keeper。Scylla 和 Keeper 也將有一些安裝範圍，Scylla 在美國，Keeper 可能主要在歐洲，然後再考慮未來的 O&M。

And then the installation vessels will have patches of O&M in between installation work. We believe that the market opportunity, as I said already, is growing and it's growing significantly. We are working to strengthen the Nexra team, and I think with the Vestas contract that we now have, not only is that a proof of concept, but also it is really also now the point in time where we can start to build the Nexra team and make sure that we are able to deliver what our O&M clients they are requesting.

然後，安裝船將在安裝工作之間進行操作和維護。我們相信，正如我已經說過的，市場機會正在成長，而且成長速度顯著。我們正在努力加強 Nexra 團隊，我認為，透過我們現在擁有的 Vestas 合同，這不僅是一個概念證明，而且現在也是我們可以開始組建 Nexra 團隊並確保我們能夠滿足我們的 O&M 客戶的要求的時候了。

We have got the question from a lot, why Nexra and why not just under the Cadeler umbrella? It is still under the Cadeler umbrella, but the reason that it's Nexra is really because we want someone -- we want a team that can speak the same language as the O&M clients on the other side.

很多人問我們，為什麼是 Nexra，而不是 Cadeler 旗下？它仍然在 Cadeler 的保護傘下，但之所以選擇 Nexra，是因為我們想要一個能夠與另一端的 O&M 客戶說同一種語言的團隊。

And that is something where I think that the first three months of Nexra has shown that, that is something that is appreciated by the clients as well and also good conversations have come from that. We believe that we are deepening the client engagement, not only across the O&M, but also into the installation space by having more touch points with our clients.

我認為 Nexra 的前三個月已經證明了這一點，客戶也對此表示讚賞，並且由此產生了良好的對話。我們相信，透過與客戶建立更多的接觸點，我們不僅在營運和維護領域加深了與客戶的互動，還在安裝領域加深了與客戶的互動。

And then, of course, the strategic fleet expansion with the Keeper, I think we already knew that there was a future for that asset with investors. And hence, we believe that both the price we could acquire, but also what we could agree with our client was both attractive enough to make this decision and hence, we did it, and we believe that, that will add value to the overall case for our investors.

當然，還有 Keeper 號的策略性艦隊擴張，我想我們已經知道投資人對這項資產的未來充滿信心。因此，我們相信，我們能夠獲得的價格以及我們與客戶達成的協議都足夠有吸引力，可以讓我們做出這個決定，因此，我們這樣做了，我們相信，這將為我們的投資者的整體案例增加價值。

In terms of what the future is for Cadeler and what we are focusing on at the moment, we are really focusing on building a resilient business with a clear and consistent focus on our core competencies, also so we can handle when things don't go to plan.

至於 Cadeler 的未來以及我們目前的重點，我們真正關注的是建立一個有彈性的業務，明確且持續地關注我們的核心競爭力，這樣當事情沒有按計劃進行時我們也能處理。

And I think that we are talking about the expansion. We have talked about that for a long time. And I think that the Nexra expansion was an expansion that really not only is it something that is asked for by our clients, but it's also something that stabilizes the whole Cadeler fleet due to an expected utilization stream from Nexra into the installation fleet as well.

我認為我們正在談論擴張。我們已經談論這個問題很久了。我認為 Nexra 的擴建不僅是我們客戶的要求，而且由於預計 Nexra 的利用率將流入安裝車隊，因此它還可以穩定整個 Cadeler 車隊。

And I think as I already talked about, the latest acquisition of Keeper is one where we had the opportunity to look at an attractive price for an asset and an attractive client with a client -- sorry, an attractive contract with a client, we know. And those things together, we discussed with our Board and both we and the management team and the Board agreed that, that was attractive enough to go ahead with it.

我認為，正如我已經談到的，在最近對 Keeper 的收購中，我們有機會以有吸引力的價格收購資產，並與客戶簽訂有吸引力的合約——抱歉，我們知道，這是一份有吸引力的合約。我們與董事會討論了這些事情，我們和管理團隊以及董事會都同意，這具有足夠的吸引力，可以繼續下去。

But we are, of course, also looking at what is good growth and what is not good growth. And I would say that at the moment, we are very, very happy with where we are on fleet size and what we can both across O&M, turbine installation, and foundation installation.

但我們當然也在考慮什麼是好的成長，什麼是不好的成長。我想說的是，目前，我們對船隊規模以及我們在營運和維護、渦輪機安裝和基礎安裝方面的能力感到非常非常滿意。

We are working in all the major regions, and we are also being asked to be a partner in the emerging markets, which is positive. That has been a strategy for us to be having early looks, so we know what is coming, not in the near or midterm, but really in the long term, but that is a positive sign that we can see that these markets that we expected to come online, they are also coming online as expected.

我們在所有主要地區開展工作，我們還被要求成為新興市場的合作夥伴，這是積極的。這對我們來說是一種早期觀察的策略，因此我們知道會發生什麼，不是在短期或中期，而是在長期，但這是一個積極的信號，我們可以看到我們預期會出現的這些市場也如預期的那樣出現了。

And focusing on strategic partnerships has always been a focus for Cadeler. And I think that the latest addition of the long-term contract with Vestas is a further substantiation of that and also enabled us to maintain our backlog despite the fact that the Hornsea 4 was delayed and hence taken out of the backlog.

而注重策略夥伴關係一直是卡德勒關注的重點。我認為，最近與維斯塔斯簽訂的長期合約進一步證實了這一點，並且儘管 Hornsea 4 號被推遲並因此從積壓訂單中剔除，但我們仍能維持積壓訂單。

And then really also monitor and apply new technologies. Here, we are mentioning the developing and testing of biofuel and having a strategy for that to really drive down our carbon footprint, but it also is something that will be very relevant for the whole Nexra entity in terms of having, let's say, more strategy on tooling and tools used for O&M to really make the O&M journey as efficient as possible for us and our clients.

然後真正監控和應用新技術。在這裡，我們提到了生物燃料的開發和測試，並製定了一項策略來真正降低我們的碳足跡，但這對整個 Nexra 實體來說也非常重要，比如說，在用於 O&M 的工具和工具方面製定更多的戰略，以真正使我們和我們的客戶的 O&M 過程盡可能高效。

And we already are in discussions with large clients in the industry to co-develop certain tools and assets for that, that could -- and when I say assets, I mean the things that we need on the jack-ups to efficiently do the maintenance, which can, for example, be a flexible sea fastening that can range across different turbine types, for example, so we can service different components as fast as possible and as efficient as possible.

我們已經在與業內大客戶討論共同開發某些工具和資產，這些工具和資產可以——當我說資產時，我指的是自升式鑽井平台上需要的東西，以便有效地進行維護，例如，可以是一種靈活的海上緊固裝置，可以適用於不同類型的渦輪機，這樣我們就可以盡快、盡可能高效地維修不同的部件。

So in terms of investment highlights, still sitting on the largest and most capable and versatile fleet in the industry, and we believe that the complementarity on the fleet really enables the cross utilization efficiency and project de-risking across the three different legs that Cadeler stands on today, very experienced team.

因此，就投資亮點而言，我們仍然擁有業內規模最大、能力最強、功能最多樣化的船隊，我們相信，船隊的互補性確實能夠提高 Cadeler 目前所處的三個不同階段的交叉利用效率並降低專案風險，這是一個經驗豐富的團隊。

And as Peter said, we are now where we would like to be in terms of being able to execute across different things. And I think also the team has shown its flexibility and its versatility by also enabling the onboarding of Keeper at record pace and still also having it manned at record pace and getting it back to Europe, strong technical plan for the upgrades and getting it to work in the early part of next year.

正如彼得所說，就執行不同任務的能力而言，我們現在已經達到了我們所希望的水平。我認為，團隊還展示了其靈活性和多功能性，他們以創紀錄的速度啟動了 Keeper，並以創紀錄的速度對其進行了載人操作並將其帶回歐洲，制定了強大的升級技術計劃，並使其在明年年初投入使用。

A resilient global platform that can handle these shifts in the market that we see. Some of them are really unfortunate, and we are finding the best possible way to support our clients with stabilizing as much as we can, and that is what the Cadeler fleet can do, but also what our team can do. We can think out of the box when things go not to plan, and we are looking forward to continue to support our clients when things don't go to plan.

一個有彈性的全球平台可以應對我們所看到的市場變化。其中一些確實令人遺憾，我們正在尋找盡可能最好的方法來支持我們的客戶，盡可能地穩定局勢，這就是 Cadeler 車隊可以做的，也是我們的團隊可以做的。當事情沒有按計劃進行時，我們可以跳出固有思維模式，並且我們期待在事情沒有按計劃進行時繼續為我們的客戶提供支援。

As I said, an undersupply of especially foundation vessels from '29 and onwards. And we see an increasing market demand, especially to the beginning of -- end of this decade and beginning of next decade. So still I believe in the long-term story for O&M -- sorry, for offshore wind and for O&M, in general also in the market with a larger need for electricity in the market, that is something that we still stand firm on.

正如我所說，從 1929 年起，基礎船舶供應不足。我們看到市場需求不斷成長，尤其是本世紀末和下一個世紀初。因此，我仍然相信 O&M 的長期前景——抱歉，對於離岸風電和 O&M 而言，總體而言，在市場對電力的需求更大的市場中，我們仍然堅定地堅持這一點。

We have a strong track record in the capital markets and a record high backlog, and we believe that, that creates earnings visibility for our investors, and we continue to focus on being a good custodian of capital. So with those words, thank you for listening in, and now we open up for the Q&A.

我們在資本市場擁有良好的業績記錄和創紀錄的高積壓訂單，我們相信，這為我們的投資者創造了盈利可見性，我們將繼續致力於成為良好的資本託管人。謝謝大家的收聽，現在我們開始問答環節。

(Operator Instructions)

（操作員指示）

James Franklin, Jefferies.

詹姆斯·富蘭克林，傑富瑞。

So firstly, I've got to ask on Revolution Wind. So I know, obviously, it's only a very small part of your backlog now, but just wanted to get a bit of color on what the potential impact could be to Cadeler if this project remains halted, for example, if it stays halted for a month or what would ultimately happen if the contract is canceled. So do you have any contractual protection in place, firstly, on Revolution Wind? And then secondly, on Sunrise Wind, please?

所以首先，我必須詢問 Revolution Wind。所以我知道，顯然這只是您現在積壓的一小部分，但我只是想稍微了解一下如果這個項目繼續停滯，可能對 Cadeler 造成什麼影響，例如，如果停滯一個月，或者如果合約被取消，最終會發生什麼。那麼，首先，對於 Revolution Wind，你們有任何合約保護嗎？其次，請談談日出之風，好嗎？

Yeah. I think what we can say is that contractually, we are as well protected as you can be. And that has been discussed before because the fact that the market here is difficult at the moment is not a surprise, I guess, for anybody. So the contract we have on both Sunrise and Revolution are contracts where I would say there's a lot of protection in them. At the moment, what we can say about Revolution Wind is that we are in dialogue with our clients.

是的。我認為我們可以說的是，根據合同，我們受到的保護和您一樣好。這個問題之前已經討論過了，因為我想，目前這裡的市場很困難，這對任何人來說都不足為奇。因此，我認為我們與 Sunrise 和 Revolution 簽訂的合約中包含了許多保護條款。目前，關於 Revolution Wind，我們可以說的是，我們正在與客戶進行對話。

The only reference point we have is Empire that was halted for around about a month or so, and then it was restarted again. The question is, will the same happen here? Nobody knows at the moment. So I think that we are here and we have said to our client that we are looking to support them to the degree we can with the installation of the project. That's the only logical outcome of this.

我們唯一的參考點是 Empire，它暫停了大約一個月左右，然後又重新啟動了。問題是，這裡會發生同樣的事情嗎？目前沒人知道。所以我認為我們在這裡，並且我們已經告訴我們的客戶，我們希望在專案安裝過程中盡我們所能為他們提供支援。這是唯一合乎邏輯的結果。

This is that Revolution is completed and providing clean energy to the citizens of the US. But I think that nobody really knows today what is happening. So we have been told that we should stop working on Revolution Wind and comply with the stop order and that we will hear more. That is what we know today.

這意味著革命已經完成，並為美國公民提供清潔能源。但我認為今天沒有人真正知道到底發生了什麼事。因此，我們被告知應該停止「革命風」計畫並遵守停止命令，我們將聽到更多資訊。這就是我們今天所知道的。

Okay. Got it. That's helpful. And then secondly, I just wanted to talk about Wind Keeper. So you gave a bit of commentary on your CapEx in the first half of the year, which included various construction payments for the newbuilds.

好的。知道了。這很有幫助。其次，我只想談風之守護者。所以您對今年上半年的資本支出做了一些評論，其中包括新建建築的各種建設費用。

But talking about 2Q specifically, is it fair to assume that the majority of that CapEx related to Wind Keeper and there's no sort of other major construction payments? And then second part on Wind Keeper is if you can just give us a bit of color on the upgrades that you're expecting to make on the vessels, so not just in terms of the value, but if you can give us a sort of picture of what the physical upgrades are likely to be?

但具體到第二季度，是否可以公平地假設大部分資本支出與 Wind Keeper 有關，並且沒有其他重大建設支出？關於「風之守護者號」的第二部分，您能否向我們介紹一下您計劃對船隻進行的升級，不僅僅是價值方面，還能給我們大致介紹一下可能進行的物理升級嗎？

Thank you, Jamie. Let me answer the first part of the question and then Mikkel can answer the second part of the question. Yes, it's fair to assume that Q2 CapEx -- with Wind Keeper, there's no unplanned CapEx in Q2 or first half. It is really the installments that is in the contracts with the yards. And then Wind Keeper, of course, came in with a big number in Q2. So your assumption is correct.

謝謝你，傑米。讓我回答問題的第一部分，然後米克爾可以回答問題的第二部分。是的，可以合理地假設 Q2 資本支出——有了 Wind Keeper，第二季或上半年就不會出現計劃外的資本支出。這實際上是與船廠簽訂的合約中的分期付款。當然，Wind Keeper 在第二季取得了巨大的成功。所以你的假設是正確的。

And in terms of the upgrades, the upgrades we are doing on Keeper is upgrades that will enable the Wind Keeper to work in European waters like what we see on other vessels. So the Wind Keeper has been built by a company in China that had an ambition of working in Chinese water and also in international waters. But there are things that they have done in the design that we would have done differently if we had started the design, so to speak.

就升級而言，我們對 Keeper 的升級將使 Wind Keeper 能夠像我們在其他船隻上看到的那樣在歐洲水域航行。因此，「風之守護者號」由一家中國公司建造，該公司有志於在中國水域和國際水域作業。但是，如果他們在設計中做了一些事情，那麼如果我們開始設計的話，我們就會做不同的事情，可以這麼說。

And we are trying to rectify some of those. I cannot give you all the details, but some of the things that we are doing is that we are, for example, putting a new auxiliary crane on the vessel because the current auxiliary crane is in the way of the way we do a deck layout for efficient O&M, but also for potentially installation work.

我們正在努力糾正其中的一些問題。我無法向您提供所有細節，但我們正在做的一些事情是，例如，我們在船上安裝一台新的輔助起重機，因為當前的輔助起重機妨礙了我們進行甲板佈局，從而無法進行高效的操作和維護，而且還可能妨礙安裝工作。

We're also adding a new bow cluster to improve the DP for North Sea operation, and we are also working on the leg guides to get more capacity out of the very nicely long legs that this vessel has that enables her to work on very, very deep water depth and very complicated soil conditions.

我們還增加了一個新的船頭組，以改進北海作業的 DP，我們也正在研究腿部導軌，以從這艘船非常長的腿部中獲得更多容量，使她能夠在非常深的水深和非常複雜的土壤條件下工作。

We're also recertifying the main crane under an international classification society, which means that we can do a better lifting curve with the crane and then a general accommodation upgrade that will make her similar to our other vessel standards and also to what our clients can fairly expect from a Cadeler vessel. So in highlight, those are the upgrades we are looking at.

我們也正在根據國際船級社對主起重機進行重新認證，這意味著我們可以用起重機實現更好的起重曲線，然後進行整體住宿升級，使其與我們其他船舶的標準相似，也符合我們的客戶對 Cadeler 船舶的合理期望。因此，重點是，這些是我們正在關注的升級。

That's great. And then final question then with regards to Wind Keeper, were you actually sort of actively looking for an O&M vessel? Or was this basically just an opportunity that came up at a good price and you went for it? And have you seen sort of other similar vessels in the market in Asia?

那太棒了。那麼關於 Wind Keeper 的最後一個問題，您是否實際上正在積極尋找一艘 O&M 船？或者這基本上只是一個以好價錢出現的機會，而你卻抓住了它？您在亞洲市場上看過其他類似的船隻嗎？

Last question first. We don't see similar vessels. And I think the Wind Keeper is pretty unique in terms of how it's been built. It's been built with a lot of international components. So there's a lot of, let's say, read across to other spare parts in the Cadeler fleet, for example, on the Huisman crane and so on and so forth.

最後一個問題。我們沒有看到類似的船隻。我認為風之守護者的建造方式非常獨特。它是由許多國際組件建構而成的。因此，有許多內容可以參考 Cadeler 車隊中的其他備件，例如 Huisman 起重機等。

So we have looked at other Chinese assets, but mainly due to the fact that we got the questions from investors a lot, what if these Chinese vessels are coming to Europe suddenly starting to compete. That actually made us look into all these vessels, what is out there? How can it be done? How would it look if they came and what would need to happen to them if they had to be upgraded?

因此，我們也考察了其他中國資產，但主要是因為我們經常收到投資者的疑問，如果這些中國船隻突然來到歐洲開始競爭，該怎麼辦？這實際上讓我們仔細觀察這些船隻，那裡面有什麼？怎麼做呢？如果他們來了會是什麼樣子？如果他們必須升級，需要做什麼？

And the conclusion was clear it's very, very hard to upgrade the vessels that have been built, particularly for the domestic market in China because they have been built for a different installation methodology that almost would make it easier just to build a new vessel rather than to try to retrofit to Europe with one of these assets.

結論很明顯，對已建造的船舶進行升級非常非常困難，特別是對於中國國內市場而言，因為它們是為不同的安裝方法而建造的，這幾乎使建造新船變得更容易，而不是嘗試利用其中一種資產進行改裝以適應歐洲市場。

The exception was Keeper, but it has been offered to us for a long while, more than two years, but the price started in a different area. I think that our interest in Keeper started really when we were contacted by the lenders of the vessel. And we could see that we could acquire the vessel at a price point where we believe that we could also build an O&M business case on the vessel.

例外的是 Keeper，但它已經提供給我們很長一段時間了，超過兩年了，但價格卻在不同的地區開始。我認為我們對 Keeper 的興趣真正開始於我們與船隻的借出方聯繫的時候。我們發現，我們可以以某個價格收購該船，我們相信我們也可以在船上建立 O&M 業務案例。

And at the same time, we had a dialogue with a couple of clients that were in need of that O&M supply already starting next year. And hence, since there's very, very limited availability this year and next year in the market, we had a dialogue with some of these clients and said this could be an option.

同時，我們與一些客戶進行了對話，他們從明年開始就需要 O&M 供應。因此，由於今年和明年市場上的供應非常非常有限，我們與其中一些客戶進行了對話，並表示這可能是一種選擇。

Is that something you would go for? And if you wanted to go for it, how would you do it? And that is what led to the decision. So that is very transparently sharing how the decision was made.

你會選擇這樣做嗎？如果你想實現這個目標，你會怎麼做？這就是我們做出這項決定的原因。因此，這非常透明地分享了決策是如何做出的。

Can we stop the presentation, so we can see the speaker, please?

我們可以停止演示，以便我們能夠看到演講者嗎？

Roald Hartvigsen, Clarksons.

羅爾德·哈特維格森，克拉克森。

Congratulations on another strong quarter. So first, just to follow a bit up on the first question that came in on Revolution and Scylla. And I know it's still early, so probably no firm plans yet, as you alluded to, but do you see the potential for alternative work scopes for the vessel amid the stop order?

恭喜您又一個季度取得強勁業績。首先，我們來稍微回答一下關於 Revolution 和 Scylla 的第一個問題。我知道現在還為時過早，所以可能還沒有確定的計劃，正如您所提到的，但是您是否認為在停工令期間該船有可能出現其他工作範圍？

And I guess, more specifically, Sunrise Wind is in the same area still progressing. Do you think there is a scenario where Scylla moves over to help out with work there while awaiting clarity on the stop order? Or are there roadblocks making that prohibitively challenging?

我想，更具體地說，日出風仍在同一區域進行。您是否認為存在這樣一種情況：Scylla 會轉移到那裡幫忙工作，同時等待停止命令的明確？或者是否存在阻礙使得這個目標變得太困難？

I think, first and foremost, our clients don't wish that. So the vessel is mobilized for the installation of Revolution and Sunrise. And hence, if we work on something else, we have to demobilize from these projects because we are working with a Jones Act compliant, but that is landing the equipment on the jack-up and then we install from the jack-up. So it is not so easy to just go and work somewhere else. So I think it's fair to say that our clients don't wish us to go and work somewhere else now.

我認為，首先，我們的客戶不希望這樣。因此，該船已動員起來安裝 Revolution 和 Sunrise。因此，如果我們從事其他工作，我們必須從這些項目中解脫出來，因為我們正在遵守《瓊斯法案》，但那是將設備降落到自升式鑽井平台上，然後我們從自升式鑽井平台上進行安裝。因此，去其他地方工作並不是那麼容易。所以我認為可以公平地說，我們的客戶現在不希望我們去其他地方工作。

But that is certainly something we would have considered if it was possible also to minimize the impact for our client. I can say that after this news came out on Friday, we have been caught up by some clients that is interested to hear whether that vessel then becomes available because there is, at the moment today, a shortage in the market on capacity in projects also in Europe that is already in installation.

但如果有可能的話，我們肯定會考慮這一點，以盡量減少對客戶的影響。我可以說，在周五這個消息傳出後，一些客戶就來找我們，他們很想知道這艘船是否可用，因為目前市場上歐洲已在安裝的項目中也存在運力短缺的情況。

And hence, I believe that if the vessel comes free, which I don't believe or hope today, I would like to make that clear, then I think that it could be repurposed to another project.

因此，我相信如果該船是免費的，而今天我不相信或希望如此，我想明確一點，那麼我認為它可以被重新用於另一個項目。

Furthermore, we have, over the last year or so seen a number of contract terminations for turbine installation vessels where the turbine installation vessel operator have benefited significantly from large termination fees. And I guess many would also place you in that category.

此外，在過去一年左右的時間裡，我們看到多起風力渦輪機安裝船合約終止的情況，其中風力渦輪機安裝船營運商從高額終止費用中獲益匪淺。我想很多人也會把你歸類在這一類。

My question is, in that context, do you see more pushback from developers to sort of lower termination fees on the contracts being signed and negotiated now and in the time ahead? Or are you still of the impression that the levels for termination fees in the contracts remain fairly stable from the contracts that were signed one, two, three years ago?

我的問題是，在這種情況下，您是否看到開發商對現在和未來簽署和談判的合約中降低終止費用有更大的阻力？還是您仍認為合約中的終止費用水準與一、二、三年前簽訂的合約相比保持相當穩定？

I don't see that at the moment, but I would also say that the backdrop is very short still. So if it's coming, it's probably we have not seen it yet. But I think that the flip side to that coin is also that for us as a vessel provider to lock in the vessel and not being able to do anything else with the vessel, it comes with a cost. It's an option and an option has a price. So it's something that you can calculate the value of an option.

我目前還沒有看到這一點，但我還要說的是，背景仍然很短。所以如果它即將到來，我們可能還沒有看到它。但我認為，事情的另一面是，對於我們作為船舶供應商來說，鎖定船舶並且不能對船舶做任何其他事情，這是有代價的。這是一種選擇，而選擇是有代價的。因此，您可以計算選擇權的價值。

And I think that, that is how we are looking at it as well because we can also say to our clients that projects have been delayed and hence, we need to protect ourselves if that happens. We cannot just sit with nothing if it happens because then we've become the losers in the grand of play, so to speak.

我認為，我們也是這樣看待這個問題的，因為我們也可以告訴我們的客戶，專案已經被推遲了，因此，如果發生這種情況，我們需要保護自己。如果發生這種情況，我們不能袖手旁觀，因為那樣的話，我們就會成為這場盛大遊戲的失敗者。

So I think that we still have very fruitful dialogues on this, and it's a two-sided sword almost you can say, because one thing is, of course, to have the protection and the termination fee. The other side to that is also to try to really bet on the projects you believe on as well. And so there is work on our side to be rightly placed for the right projects.

所以我認為我們在這方面的對話仍然富有成效，你幾乎可以說這是一把雙面刃，因為一方面當然是要有保護，另一方面要有終止費用。另一方面，也要試著真正押注你所相信的項目。因此，我們需要將工作安排在正確的項目上。

And then, of course, also to not always look for the last dollar, but also look for the right conditions and the contracts, I would say. And I think that, that's something that is still working fairly well for all parties in the industry. And I would like to say that termination fees as a contractor, you are happy they are there, but you really don't want to have them. You would like to do the project instead. The same goes for Hornsea 4. We would have loved to do Hornsea 4. We will still love to do Hornsea 4 when it comes back.

當然，我想說，也不要總是追求最後一美元，還要尋找合適的條件和合約。我認為，這對於行業各方來說仍然相當有效。我想說的是，作為一名承包商，你很高興有終止費，但你真的不想要這些費用。您想做這個專案。Hornsea 4 也是如此。我們很想做 Hornsea 4。當《Hornsea 4》回歸時，我們仍然會喜歡它。

Yes, makes sense.

是的，有道理。

We have no further questions at this time. Thank you for your participation. I will now hand the floor back to Mikkel Gleerup for any closing remarks.

目前我們沒有其他問題。感謝您的參與。現在我將發言權交還給 Mikkel Gleerup，請他做最後發言。

Just thank you for everybody listening in. Good to speak to you again and reach out to us separately, Alexander, Peter, and myself, if there's any additional questions. I'm sorry, we cannot give more detail on Revolution, but I think everybody can understand that it's very new for everyone and that we are working with our clients as much as we can in this sad situation that our client is currently in. So we will update you as soon as we know something that we can share. But thanks for listening in now, and have a good day ahead.

非常感謝大家的收聽。很高興再次與您交談，如果有任何其他問題，請分別聯繫我們，亞歷山大、彼得和我。很抱歉，我們無法提供有關 Revolution 的更多細節，但我想每個人都能理解，這對每個人來說都是非常新的，我們正在盡可能多地與客戶合作，以應對我們客戶目前所處的這種悲慘境況。因此，一旦我們知道可以分享的訊息，我們就會立即通知您。但感謝您的收聽，祝您有美好的一天。