Cadeler A/S (CDLR) 2025 Q3 法說會逐字稿

Good morning, and welcome to Cadeler's third-quarter 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，歡迎參加凱德勒公司2025年第三季財報會。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 的表現與今日的前瞻性聲明有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 表格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. 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.

今天早上作出的任何前瞻性聲明均基於截至今日的假設，Cadeler 不承擔因新資訊或未來事件而更新這些聲明的義務。今天早上的簡報內容包括國際財務報告準則（IFRS）和某些非國際財務報告準則（非IFRS）的財務指標。Cadeler 的年度報告中提供了非 IFRS 財務指標與最接近的 IFRS 等效指標的調節表。年度報告和今天的收益簡報可在 Cadeler 的網站 cadeler.com/investor 上查看。

We ask that you please hold all questions until the completion of the formal remarks. At which time, you will be given instructions for the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

請各位在正式發言結束後再提出問題。屆時，您將收到問答環節的說明。再次提醒，本次通話將會被錄音。如有任何異議，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 welcome to this Q3 presentation from Cadeler. Thanks for everybody who's dialing in for listening to us today. With me today, I have Peter as normal, and Peter will take you through the financial section of the presentation. So just the standard disclaimer. And we can say that this quarter, the highlights of the third quarter of 2025, we can say that it has been financial performance in line with our expectations.

非常感謝，歡迎參加凱德勒第三季報告會。感謝今天所有撥入收聽我們節目的朋友們。今天和我一起的還有彼得，和往常一樣，彼得將為大家講解本次演講的財務部分。所以，就是一條標準的免責聲明。我們可以說，本季度，也就是 2025 年第三季的亮點，財務表現符合我們的預期。

We have, in this quarter, also signed the third full scope foundation T&I contract and also two turbine installation T&I contracts. We have delivered three of our four newbuilds scheduled for delivery in 2025 already. And we have the remaining newbuild, the Wind Mover on track for delivery, and she is delivering current expectation within the next couple of weeks. We have had very strong utilization in the third quarter. We have had 92% utilization.

本季度，我們也簽署了第三份全範圍基礎安裝調試合約和兩份渦輪機安裝調試合約。我們已交付了原定於 2025 年交付的四艘新船中的三艘。我們還有一艘新造船「風力移動者號」，目前交付進度正常，預計將在未來幾週內按預期交付。第三季我們的利用率非常高。我們的利用率達到了92%。

And we believe that, as we have always said that, that is a strong measure of our business, and we are working across the globe in both US, in Europe and in Asia. And we are continuing with very strong execution. We have the Wind Ally currently mobilizing for the Hornsea 3 foundation T&I project, and we have the Wind Keeper now here in Denmark at Fayard and also upgrading before she is embarking on her long-term contract with Vestas.

我們一直都認為，這有力地衡量了我們的業務，而且我們的業務遍及全球，包括美國、歐洲和亞洲。我們將繼續保持強勁的執行力。我們現在有 Wind Ally 正在為 Hornsea 3 基礎 T&I 專案進行部署，而 Wind Keeper 現在在丹麥 Fayard，在開始與 Vestas 簽訂長期合約之前，她也在進行升級改造。

In terms of commercial highlights of the third quarter 2025, the vessels have been working out there, and we are starting with the Wind Orca that has been performing work on the He Dreiht project for Vestas. The Wind Osprey has done an O&M campaign for Vestas and are now installing a wind turbine installation project on Baltic Power in Poland.

就 2025 年第三季的商業亮點而言，這些船舶一直在海上作業，我們首先要介紹的是 Wind Orca 號，它一直在為 Vestas 的 He Dreiht 專案執行工作。Wind Osprey 曾為 Vestas 執行過運維活動，目前正在波蘭的 Baltic Power 公司進行風力渦輪機安裝專案。

Scylla has continued to work on Revolution Wind in the US for Orsted and Wind Zaratan completed an O&M campaign in Asia and are now getting ready for her next assignments in the next year. The Wind Peak is also continuing to install on the Sofia wind farm owned by RWE where we are working for Siemens Gamesa. Wind Maker is working on Greater Changhua in Asia for Orsted.

Scylla 繼續在美國為 Orsted 和 Wind Zaratan 參與 Revolution Wind 項目，並在亞洲完成了一項維運活動，現在正準備迎接明年的下一個任務。Wind Peak 也正在 RWE 擁有的索非亞風電場繼續進行安裝，我們為西門子歌美颯公司在該風電場工作。Wind Maker正在為沃旭能源在亞洲的彰化地區開展專案。

And Wind Pace have been executing an O&M campaign basically since she was delivered from the yard, and she's working for GE Vernova. The Wind Keeper, as I said, has arrived in Denmark on schedule and is currently undertaking a complex upgrade scope. And we do believe that we will see her on project in the first quarter next year.

自從 Wind Pace 號從船廠交付以來，它就一直在執行營運和維護活動，並且它為 GE Vernova 工作。正如我所說，「風之守護者號」已按計劃抵達丹麥，目前正在進行一項複雜的升級改造。我們相信明年第一季就能看到她參與這個計畫。

Wind Ally delivered seven weeks ahead of schedule from the yard and sailed directly to the next mobilization port where she's mobilizing all her foundation mission equipment, getting her ready for the Hornsea 3 foundation installation project. Cadeler sits on a significant backlog across key markets, both in US and Asia, but certainly also in Europe.

「風之盟友號」比原計劃提前七週從船廠交付，並直接駛往下一個動員港口，在那裡她正在調集所有基礎任務設備，為 Hornsea 3 基礎安裝項目做好準備。Cadeler 在美國、亞洲以及歐洲等主要市場都積壓了大量訂單。

And we have recently disclosed a very large foundation project with an undisclosed client for execution in 2029, which is something that we are very, very pleased with. I think it's a verification of the concept we are running on the foundation side where the biggest clients in our industry, they are coming to us for full T&I on foundation installation, both near term, midterm and also in the longer term.

我們最近揭露了一個與未公開客戶合作的大型基礎建設項目，該項目將於 2029 年實施，對此我們感到非常非常高興。我認為這驗證了我們在基礎建設方面所秉持的理念，我們行業中最大的客戶都來找我們進行基礎安裝的全面技術與實施，包括近期、中期和長期專案。

We will continue to work very, very diligently for more foundation work, but also for more WTG work. And as we do that, we will also continue to build Nexra, our O&M vehicle. And we expect that the backlog will continue to be strong across the years that we are sailing through now. The backlog has basically grown since we listed the business, and we are now standing today at a backlog of almost EUR2.9 billion, where 78% of that has reached FID.

我們將繼續非常非常努力地進行更多基礎工作，同時也將進行更多 WTG 工作。同時，我們也將繼續建造我們的運維車 Nexra。我們預計，在我們目前經歷的這些年裡，積壓訂單仍將居高不下。自公司上市以來，積壓訂單基本上都在成長，目前積壓訂單已接近 29 億歐元，其中 78% 已達到最終投資決定 (FID)。

We believe that, that is a quality sign that so much of our backlog has reached FID and also that we are continuing to grow the backlog. We have discussed before that we see 2027 and 2028 as years with slightly more competition for the projects and also an expected lower utilization degree on the fleet.

我們認為，這是一個品質訊號，表明我們積壓的訂單中有很大一部分已經達到最終投資決策 (FID)，而且我們的訂單積壓還在持續成長。我們之前討論過，我們認為 2027 年和 2028 年的專案競爭會稍微加劇，同時預期船隊的使用率也會降低。

But we are, of course, still working very, very hard to continue to get the best projects in these years so we can continue the journey with our fleet, with our company and our people. In terms of the newbuilds out there, we have Wind Mover that are delivering here in Q4 this year. This is the last delivery this year.

當然，我們仍在非常非常努力地工作，爭取在這些年裡繼續獲得最好的項目，以便我們能夠與我們的船隊、公司和員工一起繼續前進。就目前的新造船項目而言，我們有 Wind Mover 公司將於今年第四季交付。這是今年最後一次送貨。

And when this is delivered, we will have totally taken delivery of five vessels this year, including the Wind Keeper, which was an additional delivery this year that was unexpected at the beginning of the year. And it's very, very close to completion, has already completed the sea trials, and we are expecting, as I said before, to deliver the vessel in the next couple of weeks.

當這艘船交付後，我們今年將總共接收五艘船，其中包括“風之守護者”號，這是今年年初意料之外的額外交付。而且它已經非常接近完工，海上試航已經完成，正如我之前所說，我們預計在接下來的幾週內交付這艘船。

The Wind Pace is on track. And she we expect that she will be floated out of the dry dock here in December 2025 and delivery is still planned for the third quarter 2026, but there are opportunities for us to potentially advance that should the market need that in 2026. On Wind Apex, we still look at the delivery in Q2 2027, and we are following the plan there exactly as on the other vessels.

風速正按計畫進行。我們預計她將於 2025 年 12 月從這裡的乾船塢下水，交付計劃仍定於 2026 年第三季度，但如果市場在 2026 年有需要，我們有機會提前交付。對於 Wind Apex 號，我們仍然計劃在 2027 年第二季交付，並且我們正像對待其他船舶一樣，嚴格按照計劃進行。

The Wind Keeper, as I said, has arrived at Fayard in Denmark, and we are on schedule. It is a big upgrade scope we are doing on the vessel, but we need to make sure that these vessels operate to catalyst standards from the beginning. We are working with one of our esteemed clients with Vestas, and we want to make sure that Vestas get a real Cadeler experience on the Wind Keeper from the beginning.

正如我所說，「風之守護者號」已經抵達丹麥的法亞爾，一切進展順利。我們正在對船舶進行大規模升級改造，但我們需要確保這些船舶從一開始就按照催化劑標準運作。我們正在與維斯塔斯的一位尊貴客戶合作，我們希望確保維斯塔斯從一開始就能在風之守護者計畫上獲得真正的凱德勒體驗。

The primary scope of the Wind Keeper will be O&M services, but with the crane she has and the leg length she has and the carrying capacity she has, she can also embark on installation scopes. For us, it's important that we make sure that we drive a lot of value out of this investment, and we believe that with what we have seen so far that, that is very, very much a strong opportunity for us and for our client in collaboration.

「風之守護者號」的主要範圍是運維服務，但憑藉其擁有的起重機、腿長和承載能力，它也可以承擔安裝工作。對我們來說，重要的是確保我們從這項投資中獲得很多價值，而且我們相信，就目前我們所看到的，這對我們和我們的客戶來說都是一個非常非常好的合作機會。

At this point, I will hand over to Peter for the financial highlights in this quarter.

接下來，我會把麥克風交給彼得，讓他為大家介紹本季的財務亮點。

Thank you very much, Mikkel. Yes, financial highlights for Q3. It was a very, very strong quarter that reflects high utilization and cost under control in comparison to last year, of course, we have three more vessels in operations, the two B Class vessels Wind Peak and Pace and Wind Maker. Revenue was EUR154.3 million.

非常感謝你，米克爾。是的，這是第三季的財務亮點。與去年相比，這是一個非常非常強勁的季度，反映出較高的利用率和成本控制，當然，我們還有三艘船在運營，分別是兩艘 B 級船舶 Wind Peak 和 Pace，以及 Wind Maker。營收為1.543億歐元。

Equity ratio is still with the more leveraged balance sheet with deliveries and drawdown on our facilities still very solid 47.3%, utilization very high at 92.2%, which is very, very good for the quarter. Market cap EUR1.4 billion, approximately 3 times the guided EBITDA for the year. EBITDA for the quarter, EUR109.1 million. Cash flow from operation activities, EUR214 million.

權益比率仍然與槓桿率較高的資產負債表相符，交付量和設施提取率仍然非常穩健，為 47.3%，利用率非常高，達到 92.2%，這對本季來說非常好。市值達 14 億歐元，約為全年預期 EBITDA 的 3 倍。本季 EBITDA 為 1.091 億歐元。經營活動產生的現金流量為2.14億歐元。

And as Mikkel explained, a backlog record high at EUR2.9 billion, three months daily average turnover is EUR5.4 million. If we look at the P&L for Q3, yes, again, it really reflects that there are more vessels in operations, Wind Peak, Wind Pace, Wind Maker.

正如米克爾解釋的那樣，積壓訂單創下 29 億歐元的歷史新高，三個月的每日平均營業額為 540 萬歐元。如果我們看一下第三季的損益表，是的，這再次反映出營運中的船隻數量更多，例如 Wind Peak、Wind Pace 和 Wind Maker。

And it is a picture that we have seen quarter-by-quarter with a very strong results once a vessel goes into operations, our financials take a step-up revenue, EUR154.2 million, and that is due to, of course, the high utilization, but also the additional vessels. Cost of sales under control, EUR38,000 approximately for the quarter, a little bit up as compared to last year, but also two vessels in operations in the US with a little bit of higher OpEx per day, but still below the EUR14,000 mark per day.

我們已經逐季度地看到了這樣的景象：一旦船舶投入運營，我們的財務業績就會非常強勁，收入會大幅增長至 1.542 億歐元，這當然是因為船舶的高利用率，但也得益於新增船舶。銷售成本受到控制，本季約為 38,000 歐元，比去年略有上升，但美國有兩艘船正在運營，每天的運營支出略高，但仍低於每天 14,000 歐元。

SG&A also up due to what we have been communicated for some time now that we are building the organization exactly to what we see now. We have more vessels in operation and also the upcoming foundation projects. EBITDA, as said, is EUR109 million, which is more than double what we had last year.

由於我們一段時間以來一直被告知，我們正在按照我們現在所看到的模式來建立組織，因此銷售、一般及行政費用也有所增加。我們還有更多船舶在運營，以及即將啟動的基礎建設項目。如前所述，EBITDA 為 1.09 億歐元，是去年的兩倍多。

P&L for the nine months from the 1st of Jan to 13th of September, it is more or less the same story. In addition to that, you can see that the OpEx for the year is EUR34,000 per day, which is also reflecting that it is operation under control. As communicated around first half report, we also have received these termination fees for the termination of a long-term agreement on a postponed including on a postponed project Hornsea 4.

從 1 月 1 日到 9 月 13 日這九個月的損益情況也大致相同。此外，您還可以看到，該年度的營運支出為每天 34,000 歐元，這也反映出營運處於可控範圍內。正如上半年報告中所述，我們也收到了因終止一項長期協議而產生的終止費，該協議涉及一個延期項目，包括延期項目 Hornsea 4。

Balance sheet, yes, reflecting the deliveries and we have taken so far this year, three new builds and the Wind Keeper. But as said, still equity ratio at a very comfortable level. This is a slide we have shown a couple of times. It really shows that we have sufficient funding to go through the remaining CapEx program we have with the Mover with two A Class vessels coming in, in Mover in Q4 '25 and Ace in '26 and Apex in '27.

是的，資產負債表反映了交付情況，我們今年迄今已經接收了三艘新船和一艘「風之守護者號」。但正如前面所說，權益比率仍然處於非常舒適的水平。這張投影片我們已經展示過幾次了。這確實表明我們有足夠的資金來完成剩餘的資本支出計劃，包括 Mover 號和兩艘 A 級船舶的交付，Mover 號將於 2025 年第四季度交付，Ace 號將於 2026 年交付，Apex 號將於 2027 年交付。

So we have quite a strong balance sheet and cash and liquidity available. And other story here is that we still see a lot of support from the banks. I think it's unchanged strong support we have seen throughout the last couple of years. Apex is not committed financing yet because it's delivered in '27.

因此，我們的資產負債表相當穩健，現金和流動資金也十分充足。另一個值得關注的方面是，我們仍然看到來自銀行的大力支持。我認為這與過去幾年我們看到的強勁支持相比，並沒有改變。Apex 尚未獲得融資，因為它要到 2027 年才會交付。

So we will start financing that one in '26 and have that in place approximately one year before delivery in order to not incur too much commitment fees on that one, but we see exactly the same strong support and interest from the banks also for the Apex. This is the financing overview.

因此，我們將在 2026 年開始為這輛車提供融資，並在交付前約一年完成融資，以免產生過多的承諾費用。但我們也看到銀行對 Apex 給予了同樣的強烈支持和興趣。這是融資概覽。

What is new here is that we had a Wind Keeper bridge facility that we took when we signed the agreement on the acquisition of Wind Keeper, and we have now a Wind Keeper syndicated facility in place to replace that. That was not done by end of Q3, but that is something that has happened subsequently.

新情況是，我們在簽署收購 Wind Keeper 的協議時獲得了 Wind Keeper 的過渡性融資，現在我們已經有了 Wind Keeper 的聯合融資來取代它。雖然第三季末還沒完成，但之後已經實現了。

Full year outlook for '25. We maintain the outlook that we issued around first half year report after the termination of the long-term agreement. Of course, we are way along into the year, and there's not a lot of uncertainties and judgments left. However, we what can fluctuate here is how much of the T&I scope of on T3 that falls into '25, '26, '27, that is something that can move a little bit, but we maintain the guidance from half year before. Over to you, Mikkel.

2025年全年展望。我們維持在終止長期協議後發布的上半年報告中的展望。當然，現在已經過去很久了，不確定因素和判斷也所剩無幾了。然而，這裡可能會有所波動的是，T3 的 T&I 範圍有多少會落入 '25、'26、'27 年，這方面可能會有一些變化，但我們維持上半年的指導方針。接下來就交給你了，米克爾。

Thank you, Peter. In terms of commercial outlook for the business, I think what we can say in terms of our view on the market, we get a lot of questions on this and rightfully so. We do see a recalibration. We still see strong momentum, especially in the inner years and in the outer years with a period in between where the momentum is weaker. And what do I mean by that?

謝謝你，彼得。就公司的商業前景而言，我認為我們可以就我們對市場的看法發表一些看法，我們經常收到關於這方面的問題，這是理所當然的。我們確實看到了重新調整的跡象。我們仍然看到強勁的勢頭，尤其是在內年和外年，中間有一段勢頭較弱的時期。這話是什麼意思呢？

Let me first talk about the inner years. I think it's fair to say that at the moment, there are several projects out there that don't have an installation solution or an O&M solution at the moment, and they are still looking in the market.

首先讓我談談內心的歲月。我認為可以公平地說，目前有許多項目還沒有安裝解決方案或維運解決方案，他們仍在市場上尋找解決方案。

In '26 and also in '27, it is becoming increasingly difficult to get a solution and especially if that solution is a solution where it's the same vessel that does everything. Of course, if you're willing to piece meal it together, then you can find a solution still. But this is this will be the next step.

在 2026 年和 2027 年，找到解決方案變得越來越困難，尤其是當解決方案是讓同一個容器完成所有工作時。當然，如果你願意一點一點地拼湊，那麼你仍然可以找到解決方案。但這將是下一步。

I think '26, close to impossible at the moment. And in '27, it is becoming more and more something that you have to put together to deliver a full solution to clients. So we are seeing that in the middle year, so the second half of '27 and also in '28, that some of the projects there have been shifting to the right. And that means that there are lower-than-expected utilization in this period. But we are still seeing a significant outbuild in '29 and forward.

我認為2026年幾乎不可能實現。而到了 2027 年，它越來越需要你把各種要素整合起來，才能提供客戶完整的解決方案。因此，我們看到在年中，也就是 2027 年下半年以及 2028 年，有些計畫已經向右轉移。這意味著這段時期的利用率低於預期。但我們仍然看到 2029 年及以後會有大量的擴建工程。

And as we have just shown the market as well, we have signed a big contract for '29, and we see actually that some developers that would like to secure their capacity for this period, the '29, 2030, 2031 period sooner rather than later to not miss out on the capacity in those years.

正如我們剛才向市場展示的那樣，我們已經簽署了一份 2029 年的大合同，而且我們看到一些開發商實際上希望儘早確保他們在 2029 年、2030 年、2031 年期間的產能，以免錯過這些年份的產能。

So of course, a lot is still pending on the auctions that are coming like auction round 7 and auction round 8. But we do see that also there is support from governments. In Denmark, for example, there have been support on two of the offshore projects to make them increasingly attractive to the market.

當然，還有很多事情仍待定，例如即將到來的第 7 輪拍賣和第 8 輪拍賣。但我們也看到，政府方面也給予了支持。例如，在丹麥，政府對兩個海上項目提供了支持，使它們對市場更具吸引力。

And hence, we also do believe that there will be successful bidding in Denmark around the auction. We believe that it's fundamentally important to say also that even with the adjusted targets, we are still seeing a large outbuild of offshore wind in this decade.

因此，我們也相信丹麥的拍賣會上會有成功的競標。我們認為，從根本上來說，即使目標有所調整，我們仍然會看到本十年離岸風電建設大幅減少。

And from next decade, we do expect that the curve will increase in its steepness and more will be outbuilt as we come into that area. And as we say at the bottom here, we do expect a vessel undersupply towards the end of the decade and the beginning of the next decade. In terms of capacity and what we see in the market and what others are seeing in the market, we are seeing a different reality from whomever you ask. And we have tried to show here what the various consultants and analysts that are looking at the market. When they look at the worldwide market, excluding China, what are they saying that will be installed before 2031.

從下一個十年開始，我們預計曲線的陡峭程度將會增加，隨著我們進入那個區域，將會有更多的建築物被淘汰。正如我們在文末所說，我們預計在本十年末和下一個十年初會出現船舶供應不足的情況。就產能而言，以及我們從市場上看到的和其他人從市場上看到的，我們看到的現實與你問的任何人看到的現實不同。我們在這裡試圖展示正在關注該市場的各種顧問和分析師的觀點。當他們放眼全球市場（不包括中國）時，他們認為在 2031 年之前會安裝哪些設備？

And no matter what line you're taking here, there is a significant increase from where we are today and to where we will be when we are into the next decade. So I think that Cadeler's focus is to grab the right projects, the best projects and make sure that we are running on as high utilization profile on our vessels as possible.

無論你採取哪種觀點，從我們今天所處的位置到下一個十年我們將達到的位置，都將有顯著的增長。所以我認為凱德勒的重點是抓住合適的項目，最好的項目，並確保我們的船舶盡可能地保持高利用率。

And I think that we with the plan that we have laid out also for the middle years, the '27, '28 years that we are on a mission now to close these years in as fast as possible with the best projects possible in these years. It is a fact that there are more competition in '28 than we expected due to missed auction rounds and due to projects being shifted to the right, but it doesn't mean that there's no opportunity.

我認為，根據我們為中期幾年（2027 年、2028 年）制定的計劃，我們現在的任務是盡快完成這些年，並在這些年裡進行最好的專案。2028 年的競爭比我們預期的要激烈得多，這是事實，因為錯過了拍賣輪次，而且項目也向右移動了，但這並不意味著沒有機會。

And I think that, that is the important message from us that is that there are opportunities, and we are fighting for those opportunities, and we will continue to do so. Europe will continue to be the leader in the outbuild, but we also do see APAC continuing outbuild and especially Korea is coming in that market in addition to what we have seen in Taiwan and in Japan.

我認為，我們想要傳達的重要訊息是：機會依然存在，我們正在為這些機會而奮鬥，而且我們將繼續這樣做。歐洲將繼續引領戶外建設，但我們也看到亞太地區將繼續進行戶外建設，特別是韓國正在進入該市場，此外，我們在台灣和日本也看到了這一點。

Recently, there has also been a European developer signing a development agreement in another Asian country, but we don't believe that, that will have an impact in this decade. We still have the largest fleet in the industry, and we believe that, that fleet and the flexibility, predictability and affordability that it gives our clients is something that they are having a preference for.

最近，也有一家歐洲開發商在另一個亞洲國家簽署了開發協議，但我們認為這不會在本十年內產生影響。我們仍然擁有業內最大的車隊，我們相信，正是這支車隊以及它為客戶帶來的靈活性、可預測性和經濟性，才是他們所青睞的。

We are still active in a wide range of tenders across all years out in the future, and we are fighting as hard as we can to make sure that we deliver the best value and the best projects to our investors. That is what we come to work for and what we are fighting for every day. But we do believe that the offering that we can offer to our clients has a value and also something that will drive value for us and our investors.

我們仍積極參與未來各年度的各種招標項目，並將竭盡全力確保為投資者帶來最佳價值和最佳項目。這就是我們工作的意義所在，也是我們每天奮鬥的目標。但我們相信，我們能夠為客戶提供的產品和服務是有價值的，同時也能為我們和我們的投資者創造價值。

We have also shown on this slide that the supply has gone down since we last addressed the investors in a group setting. The Maersk Offshore Wind vessel, the contract between Maersk and Seatrium was terminated. And hence, at the moment, we do not consider that vessel as being in supply in the market and hence, the supply has gone down.

我們在這張投影片中也顯示，自從我們上次以小組形式向投資人發表演說以來，供應量有所下降。馬士基離岸風電船公司與Seatrium公司之間的合約終止。因此，目前我們認為該船在市場上沒有供應，因此供應量下降了。

In terms of key investment highlights, as I already said, largest and most versatile and flexible fleet, this enables a lot of different things for our clients, both in terms of cost utilization, efficiency and project derisking. And we see that all of these matters are something that we are currently discussing with clients for current projects, for projects in the near, the mid and the long term. We are active in all of these time lines.

就關鍵投資亮點而言，正如我之前所說，我們擁有規模最大、用途最廣泛、最靈活的車隊，這為我們的客戶帶來了很多不同的東西，無論是在成本利用率、效率還是專案風險降低方面。我們看到，所有這些問題都是我們目前正在與客戶討論的，涉及當前專案、近期專案、中期專案和長期專案。我們在所有這些時間線中都有活動。

We have a highly experienced team, and we have been conservative in how we have grown the team, and that is also why we are confident that we have the right-sized team for what we are seeing in front of us now. We have good relationship with clients and with contacts in general in the industry, and we believe that we are in a very, very good situation in terms of negotiating projects with our clients.

我們擁有一支經驗豐富的團隊，並且在團隊發展方面一直採取保守策略，這也是為什麼我們有信心，對於我們目前面臨的挑戰，我們擁有的團隊規模是合適的。我們與客戶以及業內人士都保持著良好的關係，我們相信，在與客戶洽談專案方面，我們處於非常有利的地位。

We believe we have a resilient global platform. We believe that we are able to spread risk on more units and hence, that we are also both from an operational risk, but also from a, let's say, a market risk in a good position. And we do see also that the O&M market is something that is taking an increased share of the fleet in terms of either campaigns on turbines or ad hoc service work that is needed for main component replacements on the products already installed out in the market.

我們相信我們擁有一個具有強大韌性的全球平台。我們相信，我們能夠將風險分散到更多單位上，因此，我們既可以規避營運風險，也可以規避市場風險，處於有利地位。我們也看到，維運市場在機組中佔據的份額越來越大，無論是渦輪機的維護保養活動，還是對已在市場上安裝的產品進行主要部件更換所需的臨時服務工作。

We do see an undersupply of capable vessels, in particular, on foundations in 2029 and WTG vessels from 2030. And that is something we can already start to see now because we are basically bidding some of those projects already now, and we see, as I said, also, a very strong growth in the demand for O&M services.

我們確實看到合格船舶供應不足，特別是 2029 年的基建船舶和 2030 年的風力發電機組船舶。這一點我們現在已經開始看到了，因為我們基本上已經在競標其中一些項目了，而且正如我所說，我們也看到了對運維服務需求的強勁增長。

So all in all, with the reality of the middle years, the second half of '27 and '28, we believe that we are in a market that in the short term will be very, very strong and very, very busy where every single vessel day will be captured. Then we are coming into a period of more balanced work and more balanced utilization and then coming into a market again that is picking up in '29 with the projects we currently see out there.

總而言之，考慮到 2027 年下半年和 2028 年下半年的實際情況，我們認為我們正處於一個短期內非常非常強勁、非常非常繁忙的市場中，每一艘船的航行日都將被充分利用。然後我們將進入一個工作和利用更加平衡的時期，然後隨著我們目前看到的項目，市場將在 2029 年再次回暖。

We have a strong track record in the capital markets, and we are backed by a record high order backlog of EUR2.9 billion and we believe that, that order backlog provides a lot of earnings visibility. And as I read in some of the reports this morning that came out, more than EUR700 million of that is in the next 12 months.

我們在資本市場擁有良好的業績記錄，並且有創紀錄的 29 億歐元訂單儲備作為支撐，我們相信，這些訂單儲備能夠帶來很高的獲利可見度。正如我今天早上看到的一些報導中所述，其中超過 7 億歐元將在未來 12 個月內到位。

So also in terms of what is covered for the next 12 months, we are also in a very, very good position. So I think from that point, very strong near term, slightly weaker middle term and then a pickup again in the longer term. That is what we have for you today. So from this point on, we are happy to take questions.

因此，就未來 12 個月的保障範圍而言，我們也處於非常非常好的境地。所以我認為，從這一點來看，短期內走勢非常強勁，中期略微疲軟，然後長期來看會再次回升。這就是我們今天為大家帶來的內容。那麼從現在開始，我們很樂意回答問題。

(Operator Instructions)

（操作說明）

Martin Huseby Karlsen, DNB.

Martin Huseby Karlsen，DNB。

Thank you. So I think you did a pretty good job talking about 2028 being a transition year, but I'm curious to hear a little bit on your confidence level for '29 and '30 seeing higher volumes. Is that related specifically to some events out there? Or is it in general contingent upon more government and political support for offshore wind in Europe?

謝謝。我認為你對 2028 年是過渡年這一點的闡述相當不錯，但我很好奇你對 2029 年和 2030 年銷量增長的信心程度。這是否與某些特定事件有關？或者說，這總體上取決於歐洲政府和政治界對離岸風電的更多支持？

Yes. Thank you, Martin. Good question. I think the confidence level is primarily built on the number of projects we are bidding at the moment, but also how our clients are willing to commit to these bids if they can secure capacity. I think that for obviously, something like the UK round 7 auction, I know that the budget was for some in the market lower than what was expected.

是的。謝謝你，馬丁。問得好。我認為信心主要建立在我們目前正在投標的項目數量上，但也取決於我們的客戶如果能夠確保產能，是否願意對這些投標做出承諾。我認為，很顯然，像英國第七輪拍賣這樣的項目，我知道市場上一些項目的預算低於預期。

But I still believe that with the budget, a significant amount of projects can be approved. And for us, it's about being involved in the right projects, but also a general belief from the projects that are currently tendering in those years and willing to commit to those years, we form an overall view that we see and especially on '29 on foundations that there is or will be potentially a situation where not everybody can be served in that year.

但我仍然相信，有了這筆預算，可以批准相當多的專案。對我們來說，這不僅關乎參與正確的項目，也關乎目前在這些年份投標並願意在這些年份做出承諾的項目的普遍信念，我們形成了一個總體觀點，即我們看到，尤其是在 2029 年，基金會可能會出現或將會出現一種情況，即並非所有人都能在那一年得到服務。

Good. And then as a follow-up, in terms of positioning Cadeler for the next, call it, next couple of years in terms of backlog, '28 looks maybe to be a little bit challenging. But when you get into '29 and '30 and there is quite a lot of uncertainty in the industry as a whole, could you talk a little bit to how you perceive or get comments from clients with respect to your positioning, having a large fleet of vessels and also being able to do both foundations and turbine versus some of the single or two vessel companies out there?

好的。然後，作為後續，就 Cadeler 未來幾年的市場定位而言，考慮到積壓訂單，2028 年看起來可能會有點挑戰性。但是到了 2029 年和 2030 年，整個行業都存在相當大的不確定性，您能否談談您如何看待或從客戶那裡獲得關於您的市場定位的反饋，擁有龐大的船隊，並且能夠同時進行基礎建設和渦輪機安裝，而一些只有一兩艘船的公司則不具備這些優勢？

Yes. I think that, that is something that is certainly valued highly by the clients that there is a degree of predictability and safety in the supply side because I think that even for a year like '28 where some developers, they have one project to execute, it is very, very important that, that project goes to plan.

是的。我認為，客戶肯定非常重視供應方面的可預測性和安全性，因為我認為，即使是像 2028 年這樣的年份，一些開發商只有一個項目要執行，那麼確保該項目按計劃進行就非常非常重要。

And I think that we see that and we also feel very much from the conversations we have with our clients that it is a lot around our ability to deliver, our ability to guarantee vessel and potentially backup vessels if something should go wrong, that matters more than anything else.

我認為我們看到了這一點，而且從我們與客戶的交流中也深切感受到，最重要的是我們交付的能力，我們保證船舶交付的能力，以及在出現問題時提供備用船舶的能力，這比其他任何事情都重要。

We oftentimes get the question, how much do you discuss price with your clients? And I would actually still say that price is not the main thing that we are discussing with our clients, whereas it is true that there is, of course, more pressure in '28 because we are more fighting for fewer projects. So that's a natural function. But I think that there are realities on both sides of that. So I think, firstly, it depends a lot on which developer are we talking to.

我們常被問到，你們和客戶討論價格的程度如何？而且我仍然認為價格並不是我們與客戶討論的主要問題，當然，2028 年的壓力確實更大，因為我們要爭取的項目更少了。所以這是自然而然的功能。但我認為雙方都有各自的現實情況。所以我覺得，首先，這很大程度取決於我們正在和哪位開發者交談。

And secondly, also what kind of project is it that they want to execute. But particularly on the foundation side, it's a confidence in the delivery. And on the WTG side, it's also this whole, how can we back up around the turbine OEMs should they have problems, for example. So I think that those are things that we are discussing.

其次，他們想要執行的是哪種類型的專案？但尤其在基礎建設方面，是對交付成果的信心。在風力發電機組方面，還有一個問題，例如，如果渦輪機原始設備製造商出現問題，我們如何提供支援。所以我覺得這些就是我們正在討論的內容。

Thank you, and you touched a little bit on it, my next question in your answer already. But in terms of pricing, there's been at least from the outside, pretty solid pricing for '26, '27 execution, then you announced recently work for '29, '30, which also seem to be at a good pricing. Can you kind of help us understand that in the context of '28 demand looking a little bit softer?

謝謝，您剛才已經稍微提到了這一點，我的下一個問題其實就在您的回答裡。但就定價而言，至少從表面上看，2026 年和 2027 年的執行定價相當合理，然後你最近宣布了 2029 年和 2030 年的工作，這些工作的價格似乎也不錯。您能否幫我們理解一下，在2028年需求略顯疲軟的背景下，這代表什麼？

And I think again, it depends a lot where you're looking. If you're looking in Asia, I think that we are still seeing a tighter supply and demand balance even in '28 compared to rest of the world. But I would say in Europe, we are seeing that in '28, the prices are slightly more under pressure, and you need to be sharper in order to secure projects there.

我覺得這很大程度取決於你從哪個角度看問題。如果你關注亞洲市場，我認為即使到了2028年，與世界其他地區相比，亞洲的供需平衡仍然較為緊張。但我認為在歐洲，我們看到 2028 年的價格面臨更大的壓力，你需要更敏銳才能在那裡獲得專案。

So in '28, I would argue that price is a matter because obviously, if you have a project in 2028, you also know that there are more companies that can do it for you than currently there are projects. And hence, that drives, if not a downward pressure on the prices, then at least a stabilization of prices at least.

所以到了 2028 年，我認為價格是一個問題，因為很明顯，如果你在 2028 年有一個項目，你也知道能夠為你完成這個項目的公司會比現在的項目數量更多。因此，即使不能對價格造成下行壓力，至少也能穩定價格。

But I think that it is an overall evaluation criteria. It's as I've said before, it's hard to evaluate it on a daily rate basis. So I cannot tell you that it has gone down from this to this. But I think it's more for the overall view on the project, but it doesn't mean that it's not still something that is attractive for us to do.

但我認為這是一種整體評價標準。正如我之前所說，很難按日計算其價值。所以我不能告訴你它已經從這樣降到這樣了。但我認為這更多是出於對專案的整體看法，但這並不意味著它對我們來說就不是一件有吸引力的事情。

Thank you, I will turn it back. Thanks.

謝謝，我會把它退回去。謝謝。

Jamie Franklin, Jefferies.

傑米·富蘭克林，傑富瑞集團。

Hi there, thank you for taking my questions. So firstly, just focusing on 4Q. You mentioned obviously that Hornsea 3 is probably the biggest variable in terms of where you end up within your full year guidance range. Could you maybe just give us a bit more color on the scope currently being worked on Hornsea 3? And then as you move into 2026, what is your kind of current expectation in terms of timing for first monopile installation, please?

您好，感謝您回答我的問題。首先，我們先專注於第四季。您顯然提到了 Hornsea 3 可能是影響您全年指導範圍最終結果的最大變數。您能否再詳細介紹一下目前正在開發的 Hornsea 3 瞄準鏡的情況？那麼，展望 2026 年，您目前對首個單樁安裝的時間有何預期？

And then the second question is just for Peter. In terms of the cash flow for 4Q, can you give us any indication of what to expect in terms of working capital, a pretty decent inflow in 3Q? Should we expect that again in 4Q? And similarly, on CapEx, what are kind of the main components to expect in 4Q? Is it just a final installment of Wind Mover? Or are there going to be some Wind Keeper upgrade CapEx as well?

第二個問題只問彼得。就第四季的現金流而言，您能否給我們一些關於營運資金預期方面的資訊？第三季的資金流入相當可觀。我們是否應該預期第四季也會出現這種情況？同樣地，在資本支出方面，第四季的主要組成部分有哪些？這只是《風之搬運工》的最後一集嗎？或者說，風力守護者（Wind Keeper）的升級改造也會有一些資本支出嗎？

Yes. If we take the last question first. Thank you, Jamie. CapEx Q4, that is, of course, the Mover. And then it's mission equipment on Wind Ally, I think. And then, of course, what is also coming every quarter is these capitalized borrowing costs. But on these two, it will be around EUR320 million so around that, but predominantly coming from the move of working capital.

是的。如果我們先回答最後一個問題。謝謝你，傑米。第四季資本支出，當然就是推動因素。然後，我想，應該是風之盟軍的任務裝備。當然，每季也會產生這些資本化的借貸成本。但就這兩筆投資而言，金額約為 3.2 億歐元，但主要來自於營運資金的轉移。

Of course, Q3 is a little bit of a special quarter for working capital because it goes down significantly due to that we have received the termination fees on long-term agreement cancellation that was sitting as an asset at the half year, end of June, and we received the money in Q3. So there was an inflow there.

當然，第三季對於營運資金來說有點特殊，因為營運資金大幅下降，原因是我們在6月底（半年末）收到了長期協議終止的終止費，這筆款項當時作為資產存在，而我們在第三季度收到了這筆錢。所以那裡有流入。

If you isolate that, it's pretty much the same picture we will see in Q4 as we have seen in Q3. We have modest growth in working capital or same level. That is what we see. What we are seeing on the transport and installation scope, we are doing in '26, that is, of course, the planning and engineering, but we're also starting on the transportation scope in Q4. So that is what we see the first monopile maybe you can answer that --

如果單獨來看，第四季的情況與第三季的情況基本上相同。我們的營運資金成長幅度不大，或與上年持平。這就是我們所看到的。就運輸和安裝範圍而言，我們在 2026 年所做的，當然是指規劃和工程，但我們也將在第四季度開始運輸範圍的工作。所以這就是我們看到的第一個單樁，也許你能回答這個問題。--

Yes. I can answer that, we are not allowed to tell you because it's Orsted that is having that under their announcement criteria, so to speak. So we are not allowed to guide you towards when the first pile is in the water. What I can say is that we are absolutely on plan on Hornsea 3 and that we follow all our planned deliveries on target and on budget at this stage, which is very, very pleasing because, of course, at this stage, we have delivered many of the engineering scopes that we have been working on for years and years.

是的。我可以回答這個問題，我們不能告訴你，因為根據沃旭能源的公告標準，這是他們的決定。因此，我們不能引導您何時將第一堆木樁放入水中。我可以肯定地說，Hornsea 3 項目目前完全按計劃進行，所有計劃交付均按時按預算完成，這非常令人欣慰，因為在這個階段，我們已經完成了多年來一直在努力的許多工程項目。

And this includes the transportation frames for the secondary steel, the transportation frames for the piles, the mission equipment for the vessel and the vessel is mobilizing at the moment. At the same time, we are preparing two ports, the Port of Tyne for secondary steel where the Wind Orca will operate from and Tees work where the Wind Ally will work from loading out piles. So a lot of things are going on.

這其中包括二次鋼材的運輸框架、樁基的運輸框架、船舶的任務設備，目前船舶正在進行集結。同時，我們正在準備兩個港口，泰恩港用於二次鋼材運輸，風力發電機組「奧卡號」將從那裡作業；蒂斯港用於裝卸樁基作業，風力發電機組「艾利號」將從那裡作業。所以現在發生了很多事情。

And we consider at the moment that we are in full execution on Hornsea 3. But of course, the Ally will come in, in the first quarter next year and start preparing for installation of piles, but the exact dates and targets and all of that is not something we are allowed to discuss in the public domain.

目前我們認為 Hornsea 3 計畫正在全面實施中。當然，盟軍將在明年第一季進駐，並開始準備打樁，但具體日期、目標等等，我們不能在公共領域討論。

Okay, understood. Thank you.

好的，明白了。謝謝。

Daniel Haugland, ABG Sundal Collier.

丹尼爾·豪格蘭，ABG Sundal Collier。

Hi, guys. Good to see you and congrats on a good report. So I have a couple of questions. The first one is on the contract, the EUR500 million contract you announced recently. Are you kind of able to give any indication of a rough kind of percentage split of how much is related to the T&I services and how much is the installation that is --

嗨，大家好。很高興見到你，恭喜你取得好成績。我有幾個問題。第一個例子就是合同，你最近宣布的那份價值 5 億歐元的合約。您能否大致估算一下，T&I 服務相關的費用佔比是多少，安裝費用佔多少？--

Unfortunately, we're not it forms part of an auction for the client, and hence, we are not allowed to divide it out any more than we are at this stage. We will do that whenever we pass certain milestones. But at this stage, we are not allowed to do that.

遺憾的是，這部分內容是為客戶進行的拍賣的一部分，因此，我們目前不能再進行任何分割。我們會在達到某些里程碑時這樣做。但現階段我們還不能這樣做。

Okay. That's okay. And then my second question is, given that you're now kind of ramping up revenues from foundations into 2026, will you start kind of a segment reporting, splitting out the two different ones at some point? Or will you kind of just continue on the way you've already been reporting?

好的。沒關係。我的第二個問題是，鑑於你們目前正在逐步增加基金會的收入，並將持續到 2026 年，你們是否會在某個時候開始進行分項報告，將這兩個不同的部分分開？還是你會繼續沿用你一直以來的報道方式？

We have no plans to show segment reporting on that.

我們沒有計劃就此發布細分市場報告。

Okay. And then on kind of the commercial outlook, I see that you're still expecting vessel undersupply towards the end of the decade. So I was wondering, could you maybe explain a little bit more on that, Mikkel, because as you said, demand looks to be shifting to the right. So are you expecting anything to happen on supply as well? Or are you just saying that demand will still grow enough in, say, 2029 and '30 to still create an undersupply?

好的。從商業前景來看，我認為你們仍然預計到本世紀末船舶供應將出現短缺。所以我想問，米克爾，你能不能再詳細解釋一下？因為正如你所說，需求似乎正在向右移動。那你預計供應方面也會有什麼改變嗎？或者你的意思是說，到 2029 年和 2030 年，需求仍會成長到足以造成供應不足的程度？

Yes. As I said to Martin, when he asked the same question, I think that we are getting this confidence from the projects we are bidding and also the clients that are willing to put money where their mouth is, so to speak, on their projects. And that is for us a good indication that these projects are something that they are betting on at least and in terms of undersupply, I think we have said for a few quarters now that we think that most of the analysts they are getting the supply side wrong, both on the WTG and on the foundation installation and that too much is counted on the supply side.

是的。正如我之前對馬丁所說，當他問到同樣的問題時，我認為我們從我們投標的項目以及那些願意為他們的計劃投入真金白銀的客戶那裡獲得了這種信心。這對我們來說是一個很好的跡象，表明他們至少對這些項目寄予厚望。至於供應不足的問題，我認為我們已經連續幾個季度表示，我們認為大多數分析師對供應方面的看法是錯誤的，無論是風力發電機組還是基礎安裝，他們都對供應方面寄予了過高的期望。

And I think that the future will show how that will work out. But as I think that has been said from our side before, whether or not there is an over or undersupply, we believe that the best assets in the industry drive so much efficiency on a project that it will always be the best solution to go with the best asset.

我認為未來會證明一切。但正如我們之前所說，無論是否存在供應過剩或供應不足，我們都相信，業內最好的資產能夠大大提高專案的效率，因此選擇最好的資產始終是最佳解決方案。

So in terms of fall height, we believe that we are in a good position with the assets we have, not for every single project in the world, but for, let's say, a standard offshore wind project at utility scale, we believe that there is a strong benefit and a strong efficiency gain in taking the best asset for the project.

因此，就墜落高度而言，我們認為憑藉我們擁有的資產，我們處於有利地位。雖然這不適用於世界上的每一個項目，但例如，對於一個標準的公用事業規模的離岸風電項目而言，我們相信，為該項目選擇最佳資產會帶來巨大的好處和效率提升。

So I think that it's a combination of these things that we, in general, think that most analysts get the supply side slightly wrong. And we think also that the clients are much more, let's say, active and committing to the years '29, 2030, 2031 and then what I said around fall height.

所以我認為，正是這些因素的綜合作用，導致我們普遍認為大多數分析師對供給面的判斷略有偏差。我們也認為，客戶們更加積極主動，更加關注 2029 年、2030 年、2031 年，以及我之前提到的跌落高度問題。

That's great. Thank you. That was all I am. Thank you.

那太棒了。謝謝。我就是這樣的人。謝謝。

Our next question is from Andreas Grimso from SB1 Market. (Operator Instructions) Andreas, we are unable to hear you right now. Apologies. We seem to be having some technical difficulties. That is our final question for today. So we would like to hand back to Mikkel Gleerup for any closing remarks.

下一個問題來自 SB1 Market 的 Andreas Grimso。（操作員指示）安德烈亞斯，我們現在聽不到你的聲音。抱歉。我們似乎遇到了一些技術問題。這是我們今天最後一個問題。那麼，我們想把時間交還給米克爾·格利魯普，請他作總結發言。

Yes. Thank you. Just wanted to say thanks for listening in to this quarterly presentation. We are looking forward to come back to you with the fourth quarter and the year presentation also with more details on the Hornsea 3 because at that point in time, we will have a lot of exciting stuff to show you. So yes.

是的。謝謝。感謝各位聆聽本次季報。我們期待在第四季度和年度報告發佈時再次與您見面，同時也會詳細介紹 Hornsea 3，因為屆時我們將有很多令人興奮的內容要向您展示。是的。

Wait out for that. It will be interesting. There's a lot of exciting things going on at the moment, and we're looking forward to also announce the delivery of the Wind Mover in the not-so-distant future. Thank you very much for listening in and reach out to us if there's any follow-up questions that is better handled on a one-to-one basis. Thank you.

等等看吧。這會很有意思。目前有很多令人興奮的事情正在發生，我們期待在不久的將來宣布風力移動裝置的交付。非常感謝您的收聽，如果您有任何後續問題，希望我們能一對一地解答，請隨時與我們聯繫。謝謝。