Cadeler A/S (CDLR) 2025 Q4 法說會逐字稿

Good morning, and welcome to Cadeler's Third Quarter 2020 Earnings Presentation. Presenting today are Mikkel Gleerup, our Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that presenters remarks today will include forward-looking statements. Actual results may differ materially from those contemplated the risks and uncertainties that could cause Catalyst's results to differ materially from today's forward-looking statements include those detailed in Catalysts annual report on Form 20-F on file with the United States Securities and Exchange Commission.

早安，歡迎參加 Cadeler 2020 年第三季財報簡報會。今天由我們的執行長 Mikkel Gleerup 與財務長 Peter Brogaard 進行簡報。提醒各位，今天簡報者的發言將包含前瞻性陳述。實際結果可能與所預期者有重大差異；可能導致 Catalyst 的結果與今日前瞻性陳述出現重大差異的風險與不確定性，已詳載於 Catalyst 向美國證券交易委員會（SEC）提交並存檔之 Form 20-F 年報中。

Any forward-looking statements made this morning are based on assumptions as of today, and Catalyst 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 near IFRS equivalent is provided in Cable's annual report.

今天上午所作的任何前瞻性陳述均以截至今日的假設為基礎，Catalyst 不承擔因新資訊或未來事件而更新該等陳述之任何義務。今天上午的簡報同時包含 IFRS 以及若干非 IFRS 財務衡量指標。非 IFRS 財務衡量指標與最接近之 IFRS 對應項目的調節表，載於 Cable 的年報中。

The annual report and today's earnings presentation are available on Cadeler's website, macadalor.com/investor. We ask that you please hold all questions until the conclusion of the formal remarks at which time you will be giving introductions for the question-and-answer session.

年報與今日的財報簡報可於 Cadeler 官網 macadalor.com/investor 取得。請各位在正式發言結束前先保留所有問題，屆時我們將進行問答環節的引導與說明。

As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

提醒各位，本次電話會議將進行錄音。如有任何異議，請於此時中斷連線。Mikkel Gleerup，您可以開始。

Thank you very much, and thank you to everyone dialing in to listen to our presentation this morning afternoon. Yes, I will ask everybody to read through the disclaimer in the presentation. So annual report, 2025 and first, taking you through the highlights of 2025 financial performance in 2025 were above our expectations.

非常感謝，也感謝各位今天上午／下午撥入收聽我們的簡報。是的，我會請大家閱讀簡報中的免責聲明。那麼，年報，2025 年，首先帶各位看 2025 年的重點：2025 年的財務表現高於我們的預期。

We ended at the top end of the range that we guided last year, ending the year with a robust contract backlog of EUR2.8 billion, which really gives us that earnings visibility into the future that we have been discussing with our investors over the course of the last couple of years.

我們最終落在去年所提供指引區間的上緣，年末合約積壓（backlog）達 28 億歐元，這確實讓我們具備了我們過去幾年與投資人討論的、對未來獲利的可視性。

We had 4 newbuilds scheduled for delivery in 2025, and they were all delivered on time and on budget. We added Win Kibo to the fleet to support extra and our partners and really this new O&M service platform. We continue to exceptional execution with significant project progress made towards the delivering on the Hornsea three projects. When Kipa upgrade successfully completed and multiple campaigns supported with vessel swaps.

我們原定於 2025 年交付 4 艘新造船，且皆按期、按預算交付。我們將 Win Kibo 納入船隊，以支援額外需求與合作夥伴，並真正支撐這個新的 O&M 服務平台。我們持續展現卓越的執行力，在 Hornsea three 專案的交付方面取得顯著進展。When Kipa 升級已成功完成，並透過船舶替換支援多個作業活動（campaigns）。

We have had strong utilization with vessels operating across the world, in markets as Europe, US and in APAC. Commercial highlights for the financial year '25, Zelle continued to work in the US on Revolution Wind for Erste and have since shifted over to Sunrise Wind. The Winora has been mobilizing for the Hornsea three project for use where she will be executing the secondary steel scope.

我們的船舶利用率強勁，於歐洲、美國及亞太等市場在全球各地運行。就 2025 財年的商業亮點而言，Zelle 持續在美國為 Erste 於 Revolution Wind 專案工作，並已轉至 Sunrise Wind。Winora 正在為 Hornsea three 專案進行動員（mobilization），在該專案中她將執行次級鋼構（secondary steel）範疇。

On Winora, we have been mobilizing for the EA-3 turbine installation which is a project we do for Scottish Power renewables. On Wind move, we will shortly be commencing the turbine installation on the Baltic power project, where he's taking over from another vessel that we previously had working on that project. when maker stays in Asia, and as we have announced over the course of the last couple of weeks, we'll be executing O&M campaigns for clients in Taiwan this year.

在 Winora 方面，我們正為 EA-3 風機安裝進行動員，該專案由我們為 Scottish Power Renewables 執行。在 Wind move 方面，我們將很快開始 Baltic power 專案的風機安裝，屆時她將接替另一艘先前在該專案作業的船舶。when maker 仍留在亞洲；且如我們在過去幾週所公告的，我們今年將在台灣為客戶執行 O&M 作業活動。

When pacing back from the US after having supported the Vineyard Wind project and is also now mobilizing for the EA-3 turbine installation project for Scottish Power renewables. When peak will continue to install turbines on the Sofia product for Siemens Gamesa. The Win Kipa has been delivered to the client on an up to 5.5 year contract and is currently installing on the Hydro project for Vestas.

When pacing 在支援 Vineyard Wind 專案後已自美國返航，並且目前也正為 Scottish Power Renewables 的 EA-3 風機安裝專案進行動員。When peak 將持續在 Siemens Gamesa 的 Sofia 專案安裝風機。Win Kipa 已在一份最長 5.5 年的合約下交付給客戶，目前正於 Vestas 的 Hydro 專案進行安裝作業。

Minelli is completing the last phase of the mobilization in Europe in Rotterdam, and is preparing to go to the U.K. to start putting in monopiles for us on the Hornsea three project. And the Binsaratan project for her 2026 is a transition year. We have decided to do some upgrades to insert do some own work in Asia and then take the vessel back to Europe to start working both on O&M, but also on support jobs for foundation projects.

Minelli 正在歐洲鹿特丹完成動員的最後階段，並準備前往英國，開始在 Hornsea three 專案為我們打設單樁（monopiles）。至於 Binsaratan 專案，她的 2026 年將是過渡年。我們決定進行一些升級，先在亞洲插入並執行一些自有作業，之後再將船舶帶回歐洲，開始同時從事 O&M，以及為基礎工程專案提供支援工作。

At a glance, we now stand at 362 office-based employees, more than 800 seafarers. We have now installed more than 1,700 wind turbines, more than 900 foundations a number that will go up significantly during this year due to the Hornsea three project and also have been working on more than 275 locations for operations and maintenance. So all in all, very busy and continuing to grow the business in the industry that is also growing with us.

概覽而言，我們目前有 362 名辦公室員工、超過 800 名海員。我們已安裝超過 1,700 座風力發電機、超過 900 座基礎；由於 Hornsea three 專案，今年該數字將大幅增加；此外，我們也已在超過 275 個地點執行營運與維護。總體而言，我們非常忙碌，並持續在這個與我們一同成長的產業中擴大業務。

We have been discussing a lot with our investors and other stakeholders in the company, the transition to full scope T&I campaigns for the foundation work. And we have prepared a few slides to go through where we are now on the Hornsea project and where we are as a company on the transition to taking on these full-scope T&I campaigns.

我們與投資人及公司其他利害關係人已多次討論：在基礎工程方面，轉型至全範疇（full scope）的 T&I 作業活動。我們準備了幾張投影片，說明我們目前在 Hornsea 專案的進度，以及公司在承接這些全範疇 T&I 作業活動轉型上的現況。

The company came from a chat-based dayrate model where we could add services as requested by the client to now having a more integrated project delivery and construction platform, as we say, it's a solution-based offering to the clients. We have -- we used to have a very compact organization and moderate complexity in the organization, but also in the offerings we were offering to the clients.

公司從以日租（dayrate）為主的模式起家，客戶需要時我們可加提供服務；如今則轉向更整合的專案交付與施工平台——如我們所說，這是以解決方案為導向的客戶提供方式。我們過去的組織相當精簡，無論在組織本身或提供給客戶的服務內容上，複雜度都屬中等。

And now we are going into a much more complex environment, and really also where the organization has to deliver many different scopes from transport on heavy lift vessels to handling equipment in port, offloading, unloading very, very large pieces of equipment, storing them safely Q&A on these products while we have them in our cost for the.

而現在我們正進入一個複雜度更高的環境，組織必須交付多種不同範疇：從以重吊船舶進行運輸，到港口端設備處理、裝卸作業、卸載非常非常大型的設備、確保安全存放，並在我們將其納入成本之際對這些產品進行 Q&A。

We came from a utilization-driven model, higher relative percentage margin to an execution driven with a higher absolute return and upside model on the T&I goals. The vessels in the previous model was the primary revenue stream and where we today see vessels as strategic enablers to capture more scope as we take on these bigger projects for our clients.

我們從以利用率驅動、相對百分比毛利較高的模式，轉向以執行力驅動、在 T&I 目標上具備更高絕對報酬與上行空間的模式。在先前模式中，船舶是主要營收來源；而如今我們將船舶視為策略性賦能者（strategic enablers），以便在為客戶承接更大型專案時取得更多工作範疇。

On Hornsea three, trying to give you an overview of the time line for the first full T&I scope that we have embarked on. The project was signed in early '23, a very busy year for us signing both that budget, but also working on the merger with [Edi] preparing for taking delivery of the vessel, a lot of supplier scopes starting to transport monopiles and secondary steel starting to install monopiles and secondary steel and then also embarking on installing 50% of the turbines on the project, and then commissioning and closing the project somewhere in 2017.

關於 Hornsea three，我想為各位概述我們所啟動的第一個全範疇 T&I 工作範疇的時間線。該專案於 23 年初簽署；那一年我們非常忙碌，既簽下該合約，也同時推進與 [Edi] 的合併、準備接收船舶交付；許多供應商範疇陸續啟動：開始運輸單樁與次級鋼構、開始安裝單樁與次級鋼構，並且也著手安裝該專案 50% 的風機，之後進入試運轉並在 2017 年某個時間點結案。

It is a very, very complicated project and something that we go into with a great deal of humility. But I think that I'm pleased to say that we are exactly where we want to be and even all delivered early, we were able to mobilize her in China directly from the newbuild yard and have taken her successfully to Europe, finalizing mobilization now in Rotterdam before, as I said, starting to put in monopile in April this year.

這是一個非常、非常複雜的專案，我們以高度謙遜的態度投入其中。但我很高興地說，我們正處於我們希望達到的位置，甚至所有交付都提前完成；我們得以在中國直接從新造船廠為她進行動員，並成功將她帶到歐洲，目前正在鹿特丹完成最後動員；如我所說，將於今年四月開始打設單樁。

Hornsea 3 really requires a lot of coordination, and we are also now experiencing being in the middle of the project, the complexity of the project. And also the benefit of having built up the team and having worked close with our clients in terms of what was required to execute this because a project like this never goes to plan, I think it's fair to say.

Hornsea 3 確實需要大量協調，而我們目前也正處於專案中期，親身體會到這個專案的複雜性。同時，先前建立起團隊並與客戶緊密合作、釐清執行所需事項也帶來了好處，因為像這樣的專案從來不會完全按計畫進行，我想這樣說是公平的。

And we have also been met with requirements from our clients to change different things as we have worked since '23 and until today. But I'm pleased to say that we have taken on these challenges with our can-do attitude in the company, and we are exactly where we want to be in terms of being ready to install the project from April of this year.

自 2023 年以來直到今天，我們也面臨客戶提出的要求，需要在執行過程中變更不同事項。但我很高興地說，我們以公司一貫的「使命必達」態度迎接這些挑戰，就今年 4 月起開始安裝專案的準備狀態而言，我們正好處於我們希望達到的位置。

At a total capacity of 2.8 gigabit when it's installed, 197 monopiles, 60 office-based staff working on 120 potent construction staff working out there for us in somewhere where there's a yellow dot on this map, we have 10 vessels in total, 3 from Cadeler working on the project, we are transporting more than 400,000 tonnes of material on the project, we have 10 ports involved and 12-plus partners involved in this.

在安裝完成後總容量為 2.8 gigabit，197 支單樁（monopiles），60 名辦公室人員支援，120 名施工人員在現場作業（就在這張地圖上的黃色點附近），我們總共有 10 艘船舶，其中 3 艘由 Cadeler 投入本專案；本專案將運輸超過 400,000 噸材料，涉及 10 個港口以及 12 家以上的合作夥伴。

So in all fairness, a very complicated project, but also one where we are learning a lot. We've taken some pictures from the project to also demonstrate the scale of this project because I think it's hard to understand the size of these monopiles. All of them are the same size as a Los Angeles-class submarine and by installing 197 of those in the UK from April this year and until 2027 and into 2027.

因此，坦白說這是一個非常複雜的專案，但同時我們也從中學到很多。我們也挑選了一些專案照片來展示其規模，因為我認為很難理解這些單樁的尺寸。它們每一支的大小都相當於一艘洛杉磯級潛艦，而我們將自今年 4 月起在英國安裝其中 197 支，並持續到 2027 年、甚至延伸進 2027 年。

We have also been working with our client to do a mockup trial of the secondary steel. These foundations are less meaning that they don't have a transition piece on top and that means that all the secondary steel is being installed by a tool that is being carried on board the window that carries historic Towers Fagan Dave steel, and then she is lifting the secondary steel on board onto the foundation in one lift with this tool.

我們也與客戶合作，針對次要鋼構（secondary steel）進行樣機（mockup）試驗。這些基礎採用「無轉接段（transition piece）」的設計，意味著所有次要鋼構將由一套工具進行安裝；該工具由負責運輸的船舶搭載，並透過這套工具一次吊裝（one lift）將次要鋼構吊裝到基礎上。

And together with our client, we build a markup for there's a full-scale markup in the port where we were able to test this tool and the functionality of this tool before going offshore. And it's been a pleasure to work with our clients on these mockups and really refining the whole reversal of concept before we go into the actual execution offshore. And we have added some pictures on that as well. As we have been discussing, the changes in the project time line has lead to increased but delayed revenue for the foundation T&I.

我們與客戶一起在港口建置了全尺寸樣機，使我們能在出海前測試這套工具及其功能。能與客戶共同進行這些樣機測試是一件很愉快的事，並在實際離岸執行前，真正把整個作業概念反覆打磨到更完善。我們也加入了一些相關照片。如我們先前所討論，專案時程的變更導致基礎運輸與安裝（foundation T&I）的營收增加，但認列時間延後。

So Cadeler will earn more money on the Hornsea three project compared to what was originally invested when we signed the project, not due to things that have happened on the Cadeler side, so to speak, but because our clients have had to change what they originally anticipated in terms of, for example, monopile delivery, whereas the monopiles coming from or recall, we expected two fabrication yards. Today, we are working with four fabrication yards.

因此，相較於我們在簽約時原先預估的投入，Cadeler 在 Hornsea 3 專案上將賺取更多收入；這並非因為 Cadeler 端發生了什麼變動，而是因為客戶必須調整其原先的規劃，例如單樁交付安排——我們原本預期會有兩個製造廠。但今天我們是與四個製造廠合作。

That all means that we are receiving the mobiles in a different pace, but it also means the project is stretching over a longer time, and that we'll be involved with some of the suppliers that we have on the project for a longer time.

這代表我們接收單樁的節奏不同，同時也意味著專案將拉長到更久的期間，而我們也會與本專案中的部分供應商合作更長時間。

So what it means is that it's an increased revenue and increased margin to Cadeler, but the project will stretch over a longer period of time. In terms of our commercial pipeline across the globe, I think I'm happy to say that we are still continuing to grow, and we are still involved in a lot of projects and a lot of bidding on projects globally.

因此，對 Cadeler 而言，這意味著收入與毛利提高，但專案將延伸更長的時間。就我們在全球的商務管線而言，我很高興地說我們仍在持續成長，並且仍參與許多專案、在全球範圍內進行大量投標。

Obviously, the European market is really the front-runner in terms of new projects that we are working on. And as you can see from this slide, we are working on more than 50-plus open commercial opportunities in the market, and we are discussing projects with our clients, both for the '27, '28, '29, 2030, but also well into the next decade, which just gives us a very great deal of confidence in the market as such, but also a positive outlook for where we are going as an industry, and I'll come back to that a little bit later in the presentation.

顯然，歐洲市場在我們正在推進的新專案方面是領先者。如各位從這張投影片所見，我們在市場上正推進 50 個以上的開放式商務機會，並與客戶討論 2027、2028、2029、2030 年的專案，甚至延伸到下一個十年；這讓我們對市場本身充滿信心，也對產業未來走向抱持正面展望，我稍後在簡報中會再回到這點。

Asia continues to perform as well. We see new markets opening in Asia as we progress the ongoing market, which is Taiwan, Korea and Japan. We see also development now in the Philippines but also development in Australia. And all in all, we are active where our clients want us to be active, and we are continuing to bid for projects in the region in a region that I would say is developing as expected.

亞洲也持續表現良好。隨著我們推進既有市場（台灣、韓國與日本），我們看到亞洲也有新市場正在開放。我們也看到菲律賓的發展，以及澳洲的發展。總體而言，我們在客戶希望我們活躍的地方保持活躍，並持續在該區域投標；我會說這個區域的發展符合預期。

The US market, it is what it is, and we have discussed it many times before, we don't see any short-term opportunities in the US market, but we are still executing in the US market. We sent the win pace back to Europe from completion on Vineyard Wind and we are now installing with the seller on the Sunrise Wind project.

美國市場就是目前這個樣子；我們之前已多次討論過，我們在美國市場看不到任何短期機會，但我們仍在美國市場執行專案。我們在完成 Vineyard Wind 後，已將 Wind Pace 送回歐洲，而我們現在正與 Cadeler 在 Sunrise Wind 專案上進行安裝作業。

All in all, we expect to be busy in the US for the years to come. And also, we are happy to engage with our clients for new projects in the US region when that time is coming.

總體而言，我們預期未來幾年在美國仍會很忙。同時，當時機到來時，我們也很樂意與客戶就美國地區的新專案展開合作。

We still sit on a significant backlog. Our backlog year-on-year has grown. We are standing at NOK2.8 billion in backlog which, as I said, really provides the earnings visibility that we would expect and also want to communicate to our clients.

我們仍擁有相當可觀的在手訂單（backlog）。我們的在手訂單年增。目前在手訂單為 28 億挪威克朗（NOK2.8 billion），如我所說，這確實提供了我們所期待的獲利能見度，也符合我們希望向客戶傳達的訊息。

We have things also that we are working on here that we have discussed in the market where we are preferred supplier on a foundation project that is not counted in our backlog and it's also not sitting in our vessel reservation agreements because it has not reached that stage yet. But we still have work that will hit the backlog, and we are sure that in the coming quarters that we will have positive announcements around backlog development.

此外，我們也在推進一些市場上已討論過的事項：我們在某個基礎專案上是優先供應商（preferred supplier），但該專案尚未計入我們的在手訂單，也尚未納入我們的船舶預留協議（vessel reservation agreements），因為它尚未進入那個階段。但我們仍有工作將會進入在手訂單，我們也確信在接下來幾個季度，將會就在手訂單的發展發布正面公告。

As I said, the backlog stands at EUR2.8 billion at the moment and 80% of the total backlog has reached FID. And we have discussed that before, and I think that, that's really a sign of the quality of the where we know that 80% has already been approved for the final investment decision at the client side, meaning that, that project has also reached a contractual milestone that is important for us.

如我所說，目前在手訂單為 28 億歐元（EUR2.8 billion），其中 80% 已達成最終投資決策（FID）。我們之前也討論過，我認為這確實反映了訂單品質：80% 已在客戶端完成最終投資決策核准，意味著該專案也達到對我們而言重要的合約里程碑。

And as I said, -- we do have a preferred supplier agreement a subsizable for supplier agreement. And one of the things that we discussed around our Q3 announcement was that we had some projects in the site that we would like to secure and one of them is what we have now a preferred supplier agreement on. It's for a significant foundation project in Europe.

如我所說，—我們確實有一份優先供應商協議，一份相當可觀的供應商協議。我們在第三季公告中討論的一點是：我們有一些希望能夠拿下的專案，而其中之一就是我們目前已簽訂優先供應商協議的專案。這是一個位於歐洲、規模重大的基礎專案。

And one of the projects that was important for us for our 2028 campaign, and I'm pleased to say that we have been moving ahead as we expected on that one with our clients and that we are also now in the negotiation with the client to make this preferred supply agreement into a real contract.

這也是對我們 2028 年檔期（campaign）而言很重要的專案之一；我很高興地說，我們與客戶在該專案上的進展符合預期，目前也正與客戶協商，將這份優先供應協議轉換為正式合約。

And on '27, '28 that we discussed at length in the Q3 presentation, I'm happy to say that in '27, we consider ourselves fully booked now. We are currently working with the yard to potentially deliver in Apex slightly earlier because we have a client that is ready to take the vessel straight from the yard and into a project.

至於我們在第三季簡報中深入討論的 2027、2028 年，我很高興地說，就 2027 年而言，我們現在認為自己已經完全滿檔。我們目前正與船廠合作，評估是否能讓 Apex 稍微提前交付，因為我們有一位客戶已準備好讓該船舶從船廠直接投入專案。

Meaning that we are -- with the few white spaces we have left in '27, we do consider that time that we want to keep available for clients should they run into some sort of supply chain issue and really have built a solid '27 for ourselves.

這意味著——在我們於 '27 所剩不多的空檔之下，我們確實會保留一些時間以便客戶若遇到某種供應鏈問題時可供調度，而我們也確實為自己建立了一個穩健的 '27 排程。

In '28, we are also much more positive now than we were in Q3 due to the fact that we have secured the preferred supplier agreement on this large-scale foundation project and overall are seeing positive momentum for the '28 campaign overall. In terms of the progress on the new builds, when days, we are at 94% completion. The naming semen for the Wines, the official naming termini will be on the 15th of April, and we are looking to deliver the vessel on time.

在 '28 方面，由於我們已在這個大型基礎工程專案上取得首選供應商協議，因此相較於第三季我們現在更為正面，整體而言也看到 '28 活動的正向動能。就新造船的進度而言，截至目前我們已完成 94%。Wines 的命名儀式，正式命名日期將在 4 月 15 日，我們預期可準時交付該船。

On the Wind Apex, as I said, we are 34% completion, and we are discussing with the yard to do up to one month early delivery due to the fact that we have a client who would like to take that vessel spread from the yard and into a project for a sizable project on turbine installation. In terms of the progress from the yard, a few pictures as we always have.

關於 Wind Apex，如我所說，我們目前完成度為 34%，並正與船廠討論最多提前一個月交付，原因是有客戶希望在船舶離開船廠後立即投入一個規模可觀的風機安裝專案。就船廠端的進度而言，照例我們也準備了幾張照片。

I think that I can say that on the Cosco shipyard side, things are progressing as planned, not many surprises there. And really pleasing to see that the collaboration we have with Cosco Shipyard continues to develop, and we are very, very pleased to work with Cosco Shipyard, a quality partner for us and for the development of the company.

我想我可以說，在中遠海運船廠（Cosco Shipyard）這邊，一切都按計畫推進，沒有太多意外。而且很高興看到我們與中遠海運船廠的合作持續深化；我們非常、非常樂於與中遠海運船廠合作——它是我們以及公司發展上的優質夥伴。

The fully delivered catalog fleet as it stands today with an average fleet age of five years, which I believe is a very good number to have, and really also shows that we have been building a young fleet that is ready to take on the positive developments of the future. Now I will hand over to Peter for the financial highlights of 2025.

截至今日，已全數交付的船隊平均船齡為 5 年，我認為這是一個非常好的數字，也顯示我們一直在打造一支年輕的船隊，已準備好迎接未來的正向發展。接下來我把時間交給 Peter，請他說明 2025 年的財務重點。

Thank you very much, Mikkel. Yes, the financial highlights for '25, it was really a strong year foreseen from a financial and operational point of view. As Mikkel, we ended in the high end of the range that we have guided revenue of EUR620 million as compared to EUR249 million. Equity ratio is now at 44%. It's a decrease as compared to last year.

非常感謝你，Mikkel。是的，'25 的財務重點——從財務與營運角度來看，確實是非常強勁的一年。如同 Mikkel 所說，我們最終落在指引區間的高端，營收為 6.20 億歐元，相較於 2.49 億歐元。股東權益比率目前為 44%。相較去年有所下降。

But it's also when we see it bottom out the equity ratio and starts to increase again. Utilization also very high 88.9% adjusted utilization as compared to 75% last year. And that is -- the adjustment is where we say, okay, we take out what is planned in and transportation from the yard, we think that is a meaningful number to look at when we get all these new vessels delivered.

但同時我們也看到股東權益比率在此觸底，並開始再度回升。使用率也非常高：調整後使用率為 88.9%，相較去年為 75%。而所謂「調整」是指我們把已規劃的進塢（yard）與從船廠運輸的時間扣除；在我們交付這些新船之際，我們認為這是一個更有意義的觀察指標。

Market cap of EUR1.8 billion; EBITDA, EUR425 million as compared to EUR126 million last year. Net profit, important number for the shareholders, of course, EUR280 million as compared to EUR65 million last year, and as we elaborate on a backlog of EUR2.8 billion, three months daily average turnover, EUR7.1 million on the stock exchanges.

市值為 18 億歐元；EBITDA 為 4.25 億歐元，相較去年為 1.26 億歐元。淨利——當然是股東很重要的數字——為 2.80 億歐元，相較去年為 6,500 萬歐元；此外，我們的在手訂單（backlog）為 28 億歐元，股票市場三個月日均成交額為 710 萬歐元。

If we first look at the last three months of the year, '24, '25, very, very strong quarter, EUR167 million in revenue, an increase of EUR82 million compared to '24, '25 -- '24 and with the adjusted utilization of 87% cost of sales is, of course, going up delivered versus, and SG&A also is up because of the ramp-up that we have talked about a previous releases when we build up the organization to be able to manage these foundation projects with increased complexity.

若先看年度最後三個月，'24、'25 這一季非常、非常強勁：營收 1.67 億歐元，較 '24 增加 8,200 萬歐元；在調整後使用率 87% 的情況下，銷貨成本當然上升（交付增加所致），而銷售、一般及管理費用（SG&A）也上升，原因是如我們在先前發布中所提到的組織擴編（ramp-up），以便管理這些複雜度更高的基礎工程專案。

Finance net slated for Q4 is EUR20 million. And that is a shift you see here in Q4 financials because we have capitalized borrowing cost to a greater extent, while we had more versus construction. Now that the vessel has been delivered in a bigger part of the finance interest is in going through the P&L, and that is something you will see in '26 as well.

第四季的財務淨額為 2,000 萬歐元。你在此看到第四季財務數字的變化，是因為我們將借款成本資本化的程度提高，當時仍有較多在建工程。現在船舶已交付，較大部分的融資利息會進入損益表（P&L），而這也是你在 '26 會看到的情況。

Of course, it's the same pass outflow, but it's just whether it's in P&L or it is in CapEx. EBITDA, I think very, very strong EUR104 million in a quarter where and also move not in so as such, but in transport to first project.

當然，現金流出是相同的，只是差別在於它是反映在損益表（P&L）還是資本支出（CapEx）中。EBITDA 我認為非常、非常強勁，單季達 1.04 億歐元；而且該季度也包含了運往第一個專案的運輸（而非投入作業本身）。

That was Q4. Actually, for the full year, some of the same remarks that we had in Q4, but also what we have seen during the year, it's fair to say everything has exact supply revenue in the higher end of the guidance, cost of sales, everything is according to plan, SG&A the same. So we are very, very pleased with the financial we saw for '25, but also the underlying operation where we have control of the importance EBITDA, EUR425 million.

以上是第四季。其實就全年而言，很多評論與第四季相同；同時從全年表現來看，也可以公平地說，一切都如預期：營收落在指引高端，銷貨成本各項皆按計畫，SG&A 亦同。因此我們對 '25 的財務表現非常、非常滿意，也對底層營運感到滿意——我們對關鍵的 EBITDA（4.25 億歐元）有良好掌控。

Vessel OpEx per day is EUR36.3 million, a small increase towards last year and I think also under control. Account onshore average is EUR307 million. The consolidated balance sheet now we have an equity of EUR1.5 billion an increase of nearly EUR300 million as compared to last year, and we see the equity rate of 44%.

船舶每日營運支出（OpEx）為 3.63 萬歐元，較去年小幅增加，我認為也在可控範圍內。岸上平均人員數為 307 人。合併資產負債表方面，目前股東權益為 15 億歐元，較去年增加近 3 億歐元，股東權益比率為 44%。

I think that is something we have all along said that is approximately there where we will bottom out. And of course, it's a natural consequence of taking delivery of the vessels where where your assets go up and your liabilities also go up correspondently.

我想這也是我們一路以來所說的：大約在這個水準會觸底。當然，這是接收船舶交付的自然結果——資產上升，同時負債也相應上升。

We still have a CapEx program now on the wind ace, and the wind Apex, this is installment to the yard that we show here. We have signed commitment for A class Wind Ace and we also have an undrawn facility of EUR148 million.

我們目前仍有資本支出（CapEx）計畫，涵蓋 Wind Ace 與 Wind Apex；此處所示為支付給船廠的分期款。我們已就 A 級（A class）Wind Ace 簽署融資承諾，並且另有 1.48 億歐元的未動用授信額度。

So together with we expect to raise of financing on the with Apex, we are at EUR637 million of total financing. We are in advanced discussion with Apex and are confident that we'll be able to sign that during '26. As you may recall, it's to be delivered in Q2 '27, so we have really happy goal of signing a facility signed commitment one year ahead.

因此，加上我們預期將為 Wind Apex 取得的融資，我們的總融資額度為 6.37 億歐元。我們正就 Apex 的融資進行深入討論，並有信心能在 '26 年內完成簽署。如各位所記得，該船預計於 '27 年第二季交付，因此我們很高興能在交付前一年就簽妥授信承諾。

So we are not having unnecessary fees in commitment fees and so forth. Interest from banks are strong. So is it from the ECA. So it will be on similar terms as you have seen on previous transactions, plus EUR452 million, and you can see with the A-class payments, we have our study there's still a significant casters.

如此一來，我們就不會產生不必要的費用，例如承諾費等。銀行端的興趣很強。出口信貸機構（ECA）亦然。因此條件將與你在先前交易中看到的相近，另加 4.52 億歐元；而你也可以看到，隨著 A 級付款，我們的研究顯示仍有相當可觀的現金緩衝。

This is the financing overview. You can see here that we have the CFA and b, we have not all fully yet. And since Q3, September, we have signed a holdco financing second one with HSBC and clear for capital. unsecured loan, EUR [zero] million with an order of EUR80 million, and it was made on very similar terms as you originally holdco with HSBC and Standard Chartered. With Apex, I have talked to that, but that is progressing according to plan.

這是融資概覽。你可以看到我們有 CFA 和 b，但尚未全部完成。自第三季、9 月以來，我們與 HSBC 及 Clifford Capital 簽署了第二筆控股公司（holdco）融資：一筆無擔保貸款，金額為 0 百萬歐元，並附帶 8,000 萬歐元的增額選擇權（accordion）；其條件與我們最初與 HSBC 及渣打（Standard Chartered）的 holdco 融資非常相近。至於 Apex，我剛才已提到，進度按計畫推進。

We are very confident on that financing. Then there is outlook for '26. I think what we guide is in the revenue of EUR854 million to EUR944 million and EBITDA, EUR420 million to EUR510 million. We have put up the comparison here, of course, '25 includes revenue that you're supposed to get in '28, but was postponed, and we've got termination fees for that. So of course, that should be adjusted for in the comparison, but a very strong outlook for '26.

我們對該融資非常有信心。接著是 '26 年展望。我們給出的指引為：營收 8.54 億至 9.44 億歐元，EBITDA 4.20 億至 5.10 億歐元。我們在此提供比較：當然，'25 包含原本應在 '28 取得、但被延後的營收，而我們也因此取得了解約費（termination fees）。因此在比較時當然需要做相應調整，但整體而言，'26 的展望非常強勁。

What is important to understand about the outlook in '26 is exactly what Mikkel has talked about earlier in the presentation. First of all, it's a transition year for sales. And so to operate it is financially transition year, but it will improve the returns in '27 and onwards.

關於 2026 年展望需要理解的重點，正如 Mikkel 先前在簡報中所談到的。首先，這是銷售的過渡年。因此在財務上也是過渡年，但將在 2027 年及之後改善報酬。

So it's actually a good year for salaries in an investment year. Wind or Wind ACe will be delivered in Q3 '26, but will not go on any contract and have any contractual revenue in '26 simply because we will see direct to first projects, A2 North.

所以在投資年裡，這其實是薪資表現不錯的一年。Wind 或 Wind ACe 將於 2026 年第三季交付，但在 2026 年不會簽訂任何合約、也不會有任何合約收入，原因很單純：我們將直接投入第一批專案 A2 North。

We have -- you have seen in the past that on some of the wind turbine install investors that we can do some work before first project, but it's simply not possible on a foundation project. And it's -- again, it's a good sign because the customer wants us to be at the side as early as possible. So we are simply doing everything that we can to move as early as possible as we can in '27.

我們——你們過去也看過，在某些風機安裝專案上，我們可以在第一個專案之前先做一些工作，但在基礎（foundation）專案上這根本不可行。而且——再次強調，這是個好跡象，因為客戶希望我們越早越好在旁支援。因此，我們正在盡一切所能，讓我們在 2027 年能盡可能早地啟動。

And then Hornsea 3, when -- Hornsea 3, you can't look at Hornsea 3 isolated in one year. First of all, it's project where you have revenue across several years, we already had in '24, '25. As illustrated by the slide maybe presented, we now see that the revenue on the project goes up due to changes on the project, not due to catalog specific things. But due to something designed by the developer. What that means for cattle, two things.

接著是 Hornsea 3——談 Hornsea 3 時，你不能把它孤立地只看某一年。首先，這是一個跨好幾年認列收入的專案，我們在 2024、2025 年已經有收入。如投影片所示，我們現在看到該專案的收入因專案變更而上升，而不是因為型錄（catalog）中某些特定項目。而是因開發商所設計的變更所致。這對 Cadeler 代表兩件事。

The total project goes up, earnings goes up, but the timing is different. So some is pushed into; 27, So when you look at 26 and the outlook, you should also remember that.

整體專案規模上升、獲利也上升，但時點不同。因此有一部分被推遲到 2027 年；所以當你看 2026 年及其展望時，也應該記得這一點。

Thank you, Peter. this is something that still remains a very important between '24 and '25. We have been working on fuel blending in our fuels that has been successfully introduced across the fleet, together with our clients and our sustainability team. We have developed a new circular strategy. We have more than 30% women in leadership, and that was achieved in 2025.

謝謝你，Peter。這仍然是 2024 與 2025 年之間非常重要的一項工作。我們一直在推動燃料混摻，並已與客戶及我們的永續團隊合作，成功在整個船隊導入。我們制定了一項新的循環策略。我們的管理階層女性比例已超過 30%，並於 2025 年達成。

We have set a new target of 40% women in leadership by 2030. And also on governance, the CSRs group established to execute key ESG priorities. In terms of our Path to zero, we have a target of a net zero in 2035, and 2030 target of a 50% intensity reduction. Obviously, we are going up in intensity in the beginning, and that's partly due to the fact that we are delivering lots of vessels that are still burning fuel.

我們設定了到 2030 年管理階層女性比例達 40% 的新目標。在公司治理方面，也成立了 CSR 小組以執行關鍵 ESG 優先事項。就我們的「通往淨零之路」而言，我們的目標是在 2035 年達成淨零，並在 2030 年達成強度（intensity）降低 50% 的目標。顯然，一開始我們的強度會上升，部分原因是我們交付了許多仍在燃燒燃料的船舶。

But we have a path towards achieving our targets here, and we have maintained our targets, and it is what is described on this slide, it's adoption of green fuels. It's enabling electrification of pricing energy consumption, which we believe is one of the big things because really education and training of teams on board and clients is one of the real big savers here. And that is how we will achieve the first part of this journey.

但我們有一條達成目標的路徑，也維持了既定目標；如本頁所述，包含採用綠色燃料。也包括推動電氣化以降低能源消耗；我們認為這是關鍵之一，因為對船上團隊與客戶進行教育與訓練，確實是非常大的節能來源。這就是我們將如何完成這段旅程的第一部分。

Second part of the journey is continuing to enable electrification and again, optimizing the energy consumption. And also as we start to see it getting the green fuels on board, which will form a larger part in the second part of this journey. At the moment, the reality is that the green fuels are not available to us.

旅程的第二部分是持續推動電氣化，並再次優化能源消耗。同時，隨著我們開始看到綠色燃料上船，綠色燃料將在旅程的第二階段占更大比重。但就目前現實而言，綠色燃料對我們來說仍不可得。

So although we have portion of our fleet on the new builds that can burn these green fuel types, we are not able to buy them at the quantity that we need them and would more be an R&D project at the moment. So we believe that the second part of the journey will have a greater availability of this fuel type.

因此，儘管我們船隊中有一部分新造船可燃燒這些綠色燃料類型，但我們無法以所需的數量購買到它們；目前更像是一個研發（R&D）專案。所以我們相信，在旅程的第二部分，這類燃料的可得性會更高。

And that is something that we at least will support that with the demand for these green fuel types when it is available to us.

而當這些綠色燃料類型對我們可得時，我們至少會以需求端的方式來支持它。

In terms of commercial outlook, which, of course, is important because I think, in all honesty, we are coming from 2025 where we were facing a very negative narrative in general in the industry due to a lot of factors. We are seeing milder wins blowing over the offshore wind space and also continued growth of the industry and the deployment of offshore wind globally. And as we say here, after '28, '29, we expect a very strong growth towards the end of the decade.

就商業展望而言——當然這很重要——坦白說，我們是從 2025 年走來的，當時因多種因素，整個產業普遍面臨非常負面的敘事。我們看到離岸風電領域的「逆風」正在減弱，同時產業持續成長，離岸風電在全球持續部署。如我們在此所述，在 2028、2029 年之後，我們預期在本十年末將出現非常強勁的成長。

Europe has been raising the bar and a declared by the North Sea Summit, the nine member states of the North Sea Summit have declared a target of 15 gigabits per year, outbuilt between 2030 and 2040. And we are very, very pleased with the target like that, because that is, in our opinion, how you build a supply chain that you actually set a target, what should the supply chain be able to push out per year in this region. And this is not the entire European target. This is for the member states of the greens, the Notisum, sorry.

歐洲正在提高標準；北海峰會（North Sea Summit）已宣示，該峰會的九個成員國設定了 2030 至 2040 年間每年 15 GW 的年度建置目標。我們對這樣的目標非常、非常滿意，因為在我們看來，這正是建立供應鏈的方式：你要設定一個目標，明確這個區域的供應鏈每年應具備多少產出能力。而這並非整個歐洲的全部目標。這是北海峰會成員國的目標，不好意思。

So in all Europe will be a higher number than this outside the fact that there's an annual outbuild target, there's also a financial plan to how to achieve this. And that is also what has been lagging in the more ibortary targets that were more setting a target for 2040, 2050 in the past. So all in all, we really are pleased with seeing these targets, and we believe that that's a very strong data point for the future and also for the demand situation for the future.

因此，全歐洲的數字會比這更高。除了年度建置目標之外，也有一套如何達成的財務計畫。而這正是過去那些較偏「宣示性」目標所欠缺的——過去多是設定 2040、2050 的目標。總體而言，我們很高興看到這些目標，我們相信這是未來非常強的數據點，也有助於判斷未來的需求情況。

Another very real data point is the UK auction seven, where the UK government awarded record volumes really, it was 70% above what was expected and the budget went up to 200% of what was the original budget. So also a very strong data point. But another strong data point is that the UK.

另一個非常真實的數據點是英國第七輪拍賣（UK auction seven）：英國政府授予的容量創下紀錄，實際上比預期高出 70%，而預算也提高到原始預算的 200%。因此這也是非常強的數據點。但另一個強勁的數據點是英國——

Auction round eight has already been shifted forward, so we can expect that already to happen in July 2026. And these are projects that are happening towards the end of this decade and the beginning of the next decade. So already today, we are in dialogue with clients for work that is taking place in '29, 2030, 2031, 2032, 2033 and so on.

第八輪拍賣（auction round eight）已經提前，因此我們預期它將在 2026 年 7 月就會發生。而這些專案將在本十年末與下個十年初期展開。所以早在今天，我們就已與客戶就 2029、2030、2031、2032、2033 等年份將進行的工作展開對話。

So that is a very, very positive data point for us. And then we also do see a lot of private capital coming back into offshore wind, Apollo committing USD6.5 billion to acquire 50% of Hornsea 3 and KKR forming a joint venture with RWE for offshore wind projects. and there are many, many other examples of this.

因此，這對我們而言是非常、非常正面的數據點。此外，我們也看到大量私募資本回流離岸風電：Apollo 承諾投入 65 億美元收購 Hornsea 3 的 50% 股權，KKR 與 RWE 成立離岸風電專案合資公司，還有許多、許多其他例子。

Altogether, strong growth in the space and in the industry. And as we have said, a much better feeling about the '28 situation for Cadeler although we still recognize that for the industry, '28 for some can be difficult year than we say today that we have a much better feeling about 2028.

總體而言，該領域與產業呈現強勁成長。如我們所說，對 Cadeler 而言，我們對 2028 年的情勢感覺好多了，儘管我們仍承認，對產業來說，2028 年對某些業者可能會比我們今天所說的更艱難；但我們對 2028 年的看法確實更為正面。

We still believe that there will be undersupply of capable vessels in the market, and that will start in '29, 2030. And we believe that, in particular, on the foundation side to begin with, of course, because they go in first and then secondly, on the BTG side.

我們仍然相信，市場上具備能力的船舶將出現供給不足，而這將從 2029、2030 年開始。我們相信，尤其一開始會先出現在基礎（foundation）端——當然，因為它們先進場——其次才是在 BTG 端。

It happens for a multitude of different reasons, it's efficiencies, it's the efficiency on the larger turbines it's the more complicated projects is the raw efficiencies in terms of how many turbines and foundations these vessels can transit with, but it's also the fact that there are a lot of vessels that are reaching the end of the useful life in the beginning of the next decade.

這是由多種不同原因造成的，包括效率因素：更大型風機的效率、更複雜專案的效率，以及就這些船舶可運輸的風機與基礎數量而言的純粹效率；但同時也因為有許多船舶將在下一個十年初期接近其使用壽命的終點。

So vessels that are counted today because they, in theory, can install a turbine, they will not be counted after the beginning of the 2030 because simply, they are falling out because they are coming to end of useful life.

因此，今天被納入統計、因為理論上能安裝風機的船舶，在2030年初之後將不再被計入，原因很簡單：它們會因為到達使用壽命終點而退出。

As the fleet stand today, Cadeler still sits on the largest fleet in the world, and we believe we have the most versatile fleet of really the Tier 1 assets that can support our clients with the targets they have for continued outbuild of offshore wind. We have also decided to distribute this slightly different and first look at which vessels do we believe are able to efficiently install 15-megawatt turbines and the picture looks somewhat different here.

以目前的船隊狀況來看，Cadeler 仍擁有全球最大的船隊，我們相信我們擁有最具多功能性的船隊，是真正能支援客戶持續擴建離岸風電目標的第一梯隊資產。我們也決定以稍微不同的方式來呈現，先看哪些船舶我們認為能夠有效率地安裝15MW風機，而在這裡的圖景看起來就有些不同。

And with the targets that are being set in the North Sea Summit by European government, by Asian governments at the moment, then we believe that there is still a significant undersupply as we come into the next decade of the capable vessels that will always be chosen first by the client.

依據目前歐洲政府與亞洲政府在北海峰會所設定的目標，我們相信在進入下一個十年時，具備能力、且總是會被客戶優先選用的船舶仍將存在顯著供給不足。

And if we look on the foundation side, which is even more problematic if we want to deliver the targets that are currently being set and also backed up by auctions in many different countries around the world. A few word on Nexra, our business platform for the aftermarket services in offshore wind. We believe that the O&M market will continue to demand the demand increase will continue to grow. And we believe that the market is shifting towards long-term agreements.

如果我們看基礎（foundation）端，情況更為棘手，因為若要達成目前所設定、並且在全球許多國家透過拍賣機制加以支撐的目標，就會面臨更大的挑戰。接著簡單談一下 Nexra——我們在離岸風電售後服務（aftermarket services）的業務平台。我們相信運維（O&M）市場將持續成長，需求增幅也會持續擴大。我們也相信市場正朝向長期合約轉移。

We have seen that with our agreement on Winqvist, and I think there are other examples in the market as well. So we believe that the whole O&M story and strategy for Cadeler is an important strategy because it will create a longer and more transparent revenue stream on part of the fleet and also be able to generate utilization on the installation fleet, if there are small gaps between installation projects.

我們已在與 Winqvist 的協議中看到這一點，我想市場上也有其他例子。因此我們認為，Cadeler 的整體 O&M 故事與策略是一項重要策略，因為它將為部分船隊創造更長期且更透明的營收來源；同時也能在安裝專案之間出現小空檔時，為安裝船隊帶來利用率。

And that is important because we have always talked about the importance of keeping a high utilization. And hence, that is something that we really believe is a strong advocate for the whole development of the Nexra business platform. We also believe that Nexra will grow as a business and also at some point in time, potentially even be a bigger business than the installation business. but that is in the years out in the future.

這很重要，因為我們一直在談維持高利用率的重要性。因此，我們確實相信這是推動 Nexra 業務平台整體發展的一項強力主張。我們也相信 Nexra 將成長為一項業務，並且在某個時間點，甚至可能成為比安裝業務更大的業務，但那會是在更久以後的未來。

But of course, every time we install a turbine and the whole ecosystem for turbines installed growth, meaning that there are more work to do for the Nexra platform to service our clients with -- as it stands today, mainly -- the main component exchanges that we do from a jack up.

當然，每當我們安裝一座風機，整個已安裝風機的生態系就會擴大，這意味著 Nexra 平台將有更多工作可做，以服務我們的客戶——就目前而言，主要是我們從自升式船（jack-up）執行的主要部件更換作業。

In terms of the development of Nexra and an update on that, I think that we saw it and have always seen it as a very strong market, a market that can stand on its own two feet, a market that is profitable and it's also a diversification of income streams for Cadeler.

就 Nexra 的發展與最新進展而言，我認為我們看到、也一直認為這是一個非常強勁的市場——一個能夠自立自強的市場、一個具備獲利能力的市場，同時也為 Cadeler 帶來收入來源的多元化。

We signed the first contract for an O&M campaign in Taiwan and showing that when a vessel is sitting in a region that is complicated to transit factor, for example, Europe from then you can do these O&M campaigns in the spot market and still upkeep a very healthy financial year for the asset. And I think that, that is something that is important because -- after this, we have also announced another project yesterday morning in the same region for the same vessel.

我們在台灣簽下第一份 O&M 作業合約，這也顯示當一艘船舶位於某個跨區調度（transit）較為複雜的區域時——例如從歐洲調過來——你仍然可以在現貨市場承接這些 O&M 作業，並且讓該資產維持非常健康的財務年度。我認為這點很重要，因為——在此之後，我們也在昨天早上宣布了同一區域、同一艘船舶的另一個專案。

As a dedicated team for Nexra today, we are continuing to build the team I think it's also fair to say that we get positive feedback from our clients and the fact that we are now having a dedicated team to discuss aftermarket services with them because they have dedicated teams to handle that part of the value chain for them.

就目前 Nexra 的專責團隊而言，我們持續擴編團隊；我想也可以公平地說，我們從客戶那裡得到正面回饋，因為我們現在有一個專責團隊與他們討論售後服務，而他們也有專責團隊來處理其價值鏈中的這一部分。

We believe that as we grow, we will also be better at understanding the needs and the execution requirements and really a very, very strong mandate from all over this company here and from top to bottom to grow next or into the strength vehicle, we believe it can be.

我們相信，隨著我們成長，我們也會更擅長理解需求與執行要求；而且公司上下從上到下都給予非常、非常強的授權，要把 Nexra 打造成我們相信它能成為的強力成長載體。

We did strategic fleet expansion in Nexra last year with the acquisition of Winkiba. We believe that we did a very, very strong deal and executed very, very fast on this, but also was able to pin a contract -- a commercial contract to that vessel very, very soon after the acquisition of the asset.

我們去年透過收購 Winkiba，為 Nexra 進行了策略性的船隊擴張。我們相信這是一筆非常、非常好的交易，且執行速度非常、非常快；同時也能在收購該資產後不久，就為該船舶敲定一份合約——一份商業合約。

We took the vessel back to Europe. We did the modification to the vessel that we believe was necessary and we are now working with the client on a project with the vessel and very pleased to see that.

我們把船舶帶回歐洲。我們對船舶進行了我們認為必要的改裝，現在正與客戶合作使用該船舶執行一個專案，看到這一點我們非常高興。

And O&M services in 2025 forms around 1/5 of our total revenues, and that also shows the significance of what we already are doing in O&M. Continuing the growth journey, as we have said, we are in an industry that growth.

而在2025年，O&M 服務約占我們總營收的五分之一，這也顯示我們在 O&M 方面已經在做的事情具有相當的重要性。延續成長旅程，如同我們所說，我們身處於一個正在成長的產業。

And as we're also saying to you today, we are more positive and have a very positive and optimistic view about the years out in the future. And that is also why that we are looking at continuing the story of Cadeler, we evaluate opportunities to expand into attractive systems -- segment, sorry, like, for example, the strategic O&M offering.

而且正如我們今天也對各位所說，我們對未來幾年的展望更為正面，並抱持非常正向且樂觀的看法。這也是為什麼我們在延續 Cadeler 故事的同時，也在評估機會，擴展到具吸引力的系統——抱歉，是細分領域——例如策略性的 O&M 服務供給。

We are open to both organic and nonorganic growth. We believe that scaling the organization and have a bigger, more versatile, more flexible offering to our client is something that the client is willing to pay a premium for and something that will also secure that Cadeler will always take more than our proportional share of projects in the industry simply due to the delisting of our clients' projects that we can provide.

我們對有機與非有機成長都持開放態度。我們相信，擴大組織規模並為客戶提供更大、更具多功能性、更具彈性的服務組合，是客戶願意為之支付溢價的；同時也將確保 Cadeler 在產業中總能取得超過按比例應得的專案份額，原因很簡單：我們能提供的能力組合能降低客戶專案的風險。

In terms of regional expansion, we are where our clients want us to be, and we are working with the projects that we believe in and the projects that we believe will go from development to FID and to finally execution. That is how we look at it. That's how we have always looked at it, and that's how we'll continue to look at it.

就區域擴張而言，我們會在客戶希望我們所在之處；我們也與我們所看好的專案合作——也就是我們相信會從開發走到最終投資決策（FID），並最終進入執行階段的專案。這就是我們的看法。我們一直以來都是這樣看待的，未來也會繼續如此。

We are monitoring and applying new technologies, and we believe that efficiency still will be driving a lot of the value in the industry and also a lot of the sustainability in the industry. So we are very open to discussing efficiency gains with our clients.

我們正在監測並導入新技術，我們相信效率仍將驅動產業中大量的價值，也將驅動產業中大量的永續性。因此，我們非常願意與客戶討論效率提升所帶來的增益。

And we are also willing to do our part in what was the North Sea Summit, which was really trying to make a more competitive offshore wind industry by being more efficient with what we do. And we believe that, that is definitely something we can do if we work together in the whole value chain.

我們也願意在北海峰會所倡議的方向上盡一份力——其核心就是透過提升我們所做事情的效率，打造更具競爭力的離岸風電產業。我們相信，只要整個價值鏈共同合作，這絕對是我們能做到的。

And then strategic partnerships has been one of the foundation and one of the pillars that Cadeler standing on really making sure that we are developing structured strategy to strengthen our key strategic partnerships with our clients including the long-term agreement that we believe is out there and also doing the scopes with their clients that they are asking for.

接著，策略夥伴關係一直是 Cadeler 所依靠的基礎之一、也是支柱之一——確保我們制定有架構的策略，強化與客戶的關鍵策略夥伴關係，包括我們相信市場上存在的長期合約，同時也承接客戶要求的工作範疇（scope）。

So really trying to understand, be early with our clients trying to understand what it is that they require from us and then be able to deliver that quality wise and safety-wise when they need it. That is very important.

因此，真正要做的是理解客戶需求、及早與客戶互動，弄清楚他們需要我們提供什麼，然後在他們需要的時候，能在品質與安全面交付成果。這非常重要。

In terms of key investment highlights, largest and most capable and versatile fleet, we believe that, that means redundancy for our clients. And as I already said, that is something that our clients are willing to pay a premium for and also what we believe will secure a more than proportional share of market to Cadeler. We believe the strong relationships and partnerships and our industry-leading position is also something that will be continuing to support the whole growth of the company.

就關鍵投資亮點而言，我們擁有規模最大、能力最強且最具多功能性的船隊；我們認為這代表能為客戶提供備援能力。正如我先前所說，這也是客戶願意為此支付溢價的原因之一，同時我們相信這將使 Cadeler 能夠取得高於比例的市場份額。我們相信，穩固的客戶關係與合作夥伴關係，以及我們在產業中的領先地位，也將持續支持公司整體成長。

We have global reach and experience. We have worked in all key markets, and we are happy to continue to work in all key markets if our clients want us to do so. We believe that structural undersupply and an increasing market demand, and we are already starting to see signs of very, very, very strong demand as we move into the next decade. We have a strong track record and backlog, and we are very, very much looking forward to continue to work with our clients in the future.

我們具備全球佈局與經驗。我們已在所有主要市場作業過，若客戶希望我們持續在所有主要市場作業，我們也樂於如此。我們認為市場存在結構性供給不足且需求持續增加；隨著我們邁入下一個十年，我們已開始看到非常、非常、非常強勁的需求跡象。我們擁有強勁的實績與在手訂單，我們也非常、非常期待未來能持續與客戶合作。

With that said, I think that we are moving into Q&A.

話說到這裡，我想我們接下來進入問答環節。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Martin Karlsen, DNB Carnegie.

Martin Karlsen，DNB Carnegie。

I obviously understand that -- can you hear me okay? Sorry, it was some--

我當然理解——你們聽得到我嗎？抱歉，剛剛有點——

Now we can hear you, yes.

現在可以聽到你了，是的。

I think I heard during the prepared remarks that you said the wind Apex would be delivered early and do turbine work. Could you talk a little bit about the background for using the vessels for turbines and not foundations and the decision process behind that.

我想我在事先準備的發言中聽到你提到 Wind Apex 會提前交付並執行風機作業。你能否談談為何選擇讓該船用於風機而不是基礎施工的背景，以及背後的決策流程？

Yes. That's a good question. The reason we are discussing it directly that we are looking at delivering the wind CapEx earlier because we have been asked whether we were looking at potentially delivering her late. And just to make clear that is not a thought at all, it's the opposite. We have evaluated opportunities in the industry and the best opportunity, we believe, for Apex right after the yard is to embark on a turbine installation project.

是的。這是個好問題。我們之所以直接提到會考慮讓 Wind Apex 提前交付，是因為有人問我們是否可能會考慮延後交付。我想澄清的是：這完全不是我們的想法，反而相反。我們評估了產業中的機會，我們認為 Apex 在船廠交付後的最佳機會，是投入一個風機安裝專案。

The reason for that is that working with the client on a turbine installation project, potentially opens up opportunity for other things. And hence, we have decided that here the best use of the capacity we do have available. And as you also heard in my presentation, I said that we consider ourselves fully booked in 2017 now. So basically, what we have available for clients now is becoming limited.

原因在於，與客戶合作執行風機安裝專案，可能會帶來其他機會。因此，我們決定這是我們目前可用產能的最佳運用方式。而且如同你在我的簡報中也聽到的，我說我們現在認為 2017 年已經滿檔。所以基本上，我們目前能提供給客戶的可用檔期正變得有限。

And this is the opportunity we have for the client, and hence, we have decided to go with the client because we believe that it's the best overall decision for Cadeler to start turbine installation project. It doesn't mean that Apex will stay on turbine installation projects, but the first part will be to installation project.

這是我們能提供給客戶的機會，因此我們決定與該客戶合作，因為我們相信，對 Cadeler 而言，啟動風機安裝專案是整體上最好的決策。這不代表 Apex 之後會一直做風機安裝，但第一階段會先執行安裝專案。

So what it means is that she will earlier generate revenue compared to if we did a foundation project, and with the long duration of the contract we're looking into, that will also run into a significant part of 2028, but also a potential for something coming on the back of that with the same plant.

這代表相較於若我們去做基礎專案，她將更早開始創造營收；而且就我們正在洽談的長期合約期間而言，該合約也會延伸到 2028 年相當一部分時間，並且也可能在同一座風場後續承接其他工作。

Could you remind us about how much time and cost it would be to get it back to foundation mode?

你能提醒我們，若要切回基礎施工模式，大概需要多少時間與成本嗎？

So there is a mission spread, but that is typically part of the project. When you sell a foundation project the client is contributing to the mission threat there. And typically, it would take somewhere around two months to four months to put her into foundation mode with mobilizing all the equipment on the vessel. SP-4 And for 2020, you definitely came across as more optimistic, but it seemed to be more cabler specific than for the industry as a whole.

確實會有一筆改裝／動員範圍（mission spread），但通常這是專案的一部分。當你出售一個基礎專案時，客戶會分攤其中的改裝／動員費用。一般而言，將她切換到基礎施工模式、並把所有設備動員上船，通常需要大約兩到四個月。SP-4 而對於 2020 年，你們的表態顯然更樂觀，但看起來更像是 Cadeler 自身的因素，而非整個產業的情況。

Can you talk a little bit to why Cadeler have been more successful than the industry for '28? And what has changed since last quarter?

你能否談談為何 Cadeler 在 2028 年的表現會比產業更成功？以及相較於上一季，有哪些改變？

Yes. I think that what we do say, when we talked about '28 and after the Q3 announcement, we also said that it looked like a year that could be challenging for the industry. And what we are saying now is that we -- that is still the case.

是的。我想我們當時在談到 2028 年、以及在第三季公告之後，我們也說過那看起來可能會是產業較具挑戰的一年。而我們現在所說的是——這一點仍然成立。

We believe that there are still some companies that will have challenges in 2028, but that we, today, feel much better about '28 than we did around the Q3 because there were still some things that we believed in at that point in time, but that had to happen.

我們認為仍有一些公司在 2028 年會面臨挑戰；但就我們而言，今天對 2028 年的感受比第三季時好得多，因為當時我們相信有些事情會發生，但仍需要它們真正落地。

And now we are saying that we are seeing that, that is happening, and hence, we are much more confident on '28. And one of them is, of course, the preferred supplier agreement on a large-scale foundation project. That is important for '28, but that's not the only thing. It is also how other things we are working on have progressed. So all in all, we are much more positive -- but it doesn't mean that everybody else will have the same feeling.

而現在我們看到那些事情正在發生，因此我們對 2028 年更有信心。其中之一當然是大型基礎專案的優先供應商協議。這對 2028 年很重要，但並不是唯一因素。也包括我們正在推進的其他事項的進展情況。因此整體而言，我們更為正面——但這不代表其他所有人都會有同樣的感受。

But for Cadeler, that is the case. But I also think there is a progression from the Q3 call to now where we are saying today that 2027, we consider fully booked now.

但對 Cadeler 來說，確實如此。我也認為，從第三季電話會議到現在，我們的說法有所推進：我們今天表示 2027 年我們也認為已經滿檔。

And last question, you're about to get into real cash generating mode with all the newbuilds and delivered, could you talk to how you look to allocate capital ahead between shareholder returns, delevering? And you also spent some time in the presentation today talking about growth opportunities.

最後一個問題：隨著所有新造船交付，你們即將進入真正的現金創造模式；你能談談你們如何在股東回饋、去槓桿之間分配資本嗎？另外你今天在簡報中也花了一些時間談成長機會。

Yes. I think that, as we said before, capital allocation ultimately is a board decision. But I think it's realistic to believe that we will be spending our capital in three buckets. One is to de-lever the company One is to continue to maintain the position we have in the industry. And then the last bucket is, of course, returning capital to shareholders in some shape or form.

是的。我想如同我們之前所說，資本配置最終是董事會的決策。但我認為合理的看法是，我們會把資本投入三個「桶子」。第一是為公司去槓桿；第二是持續維持我們在產業中的既有地位。第三個桶子當然是以某種形式向股東返還資本。

And I think that if we look at where we are moving in terms of generating capital all 3 buckets are possible at the same time. And I think that that's where I will land it at this point in time.

而我認為，若我們看我們在資本創造方面的走向，三個桶子同時進行都是可能的。我想我目前就先回答到這裡。

Jamie Franklin, Jefferies.

Jamie Franklin，Jefferies。

So firstly, I just wanted to clarify on Hornsea 3 and appreciate the useful slides in the presentation. If I look at Slide 12, specifically, as you understand it correctly, essentially, we're now going to have a much more progressive ramp-up in revenue through the year from that project. is it's going to be very back half weighted. And it looks like the expectation is first turbine installed around 3Q, so if I assume that the margin and EBITDA contribution should really start to sort of kick in from the second half. Is that a fair assumption?

首先，我想釐清一下 Hornsea 3，並且感謝簡報中很有幫助的投影片。如果我看第 12 頁投影片，具體而言，按我的理解，基本上我們現在會看到該專案在年度內的營收爬坡更為循序漸進，也就是會更偏向下半年貢獻。而看起來預期第一支風機大約在第三季安裝，因此如果我假設毛利與 EBITDA 的貢獻應該會在下半年才開始明顯反映。這樣的假設合理嗎？

Yes. I think overall, what you're saying is a fair assumption. And as we are saying that -- and that of course, this is what is complicated to sometimes explain when you have projects and calendar years because overall, Hornsea 3 for us is a more value-creating project today than it was when we signed it. But the way the revenues and profits are stretched over time is different.

是的。我想整體而言，你的說法是合理的假設。而正如我們所說——當然，這也是有時候在專案與曆年之間要解釋的複雜之處：整體來看，Hornsea 3 對我們而言，現在是一個比簽約時更能創造價值的專案。但營收與利潤在時間上的分布方式不同了。

And I think that, that is what we are trying to explain today, and it's due to decisions that have been made by other than Cadeler, but where it's in our interest, but also where we are contractually obligated to deliver on this new method.

我認為，這正是我們今天試圖說明的內容；這是由非 Cadeler 所做出的決策所導致，但這既符合我們的利益，同時我們也在合約上有義務以這種新方法交付。

I think one of the key things on the project without diving too much into the detail is that the the flow of the foundations when they come into the project is slower. So we are not building up the buffer we had in the beginning. So the monopile delivery is over a longer period of time and that is out of Cadeler's control. And it's due to things that is related to the fabrication yards on the monopolies.

我認為，這個專案的一個關鍵點（不深入太多細節）是，當基礎進入專案時，其流轉速度較慢。因此，我們無法像一開始那樣建立起緩衝。所以單樁（monopile）的交付被拉長到更長的期間，而這不在 Cadeler 的控制範圍內。這是由與單樁製造廠（fabrication yards）相關的因素所造成。

Just on operations and maintenance. So obviously, you've announced a few shorter train awards to Nexra platform recently. And as you mentioned, there's been this 10-year O&M contract announced by one of your peers.

就營運與維護（O&M）而言。很明顯地，你們最近宣布了幾個授予 Nexra 平台的較短期合約。而且如你所提到的，你們的一位同業宣布了一份為期 10 年的 O&M 合約。

Could you give us a sense of how you expect to balance the sort of longer-term agreements with the shorter-term contracts? Is the idea to sort of keep Zarate and Silla available for more spot O&M while wind keeper kind of takes the longer-term contracts? Or could we see you enter into a longer-term contract with a specific one client on those assets?

你能否讓我們了解，你們預期將如何在較長期協議與較短期合約之間取得平衡？想法是否是讓 Zarate 和 Silla 保持可用，以承接更多即期（spot）的 O&M，而 Wind Keeper 則承接較長期合約？或者，我們是否可能看到你們就這些資產與某一特定客戶簽訂較長期合約？

As yes, that could be expected that, that would happen, but it all depends on the project economics. There are limits where we believe that it better to stay in the spot market rather than to sign up to a long-term, and for us, that is an internal evaluation that is happening between us and the team that is dealing with the clients on these opportunities because obviously, there are benefits of having a long-term contract, but the benefit of that can be outweighed by, let's say, what you're sacrificing in terms of annual revenues.

是的，確實可以預期可能會發生，但一切取決於專案的經濟性。我們認為存在一些界限：在某些情況下，留在即期市場比簽長約更好。對我們而言，這是一項內部評估，會在我們與負責就這些機會與客戶接洽的團隊之間進行；因為很明顯，長約有其好處，但其好處可能會被你在年度營收方面所犧牲的部分所抵消。

So for us, it's a balance. And if we believe that we can generate more money by having the vessel in the spot market and being available to our clients when they need us, that is the decision we will go for. And I think we have discussed it before as well that one of the real benefits of being, let's say, active in the O&M market is the social capital you're building with your client because when they have problems, if you are able to come and help them and fix them, that is something that is very much appreciated and also where you're able to generate stronger relationships and partnerships with your clients.

所以對我們來說，這是一種平衡。如果我們相信讓船舶留在即期市場、在客戶需要我們時保持可用，能夠賺到更多錢，那就是我們會採取的決策。而且我想我們之前也討論過，活躍於 O&M 市場的一個真正好處，是你與客戶之間所累積的社會資本；因為當他們遇到問題時，如果你能夠前來協助並解決，這會非常受重視，也能讓你與客戶建立更強的關係與合作夥伴關係。

So per se that the long-term agreement is not just what we are aiming for, but of course, if they are good enough if they live up to our criteria, then we are happy to enter into them.

因此，長期協議本身並不是我們唯一追求的目標；但當然，如果條件夠好、符合我們的標準，我們也很樂意簽訂。

Okay. Very clear. And finally, there was a wind turbine installation vessel order announced by Shipyard Hana Ocean for about $530 million last month, very high price tag, obviously, relative to what you paid for your newbuilds. Is there anything you can say in term of what is driving those higher vessel prices? Is it simply a function of kind of ship our capacity or material inflation? Any thoughts there would be helpful.

好的。非常清楚。最後，上個月 Hana Ocean 船廠宣布了一筆風機安裝船訂單，金額約 5.3 億美元，顯然相較於你們新造船的成本，價格非常高。你能否談談是什麼因素推動了這些更高的船價？這是否只是船廠產能或材料通膨的結果？任何看法都會很有幫助。

I think the reality that we are looking at today is that the shipyards are incredibly busy. So even if you wanted to deliver a vessel in short time, you were not able to. I know that as it looks on paper, like a short time line, but that is mainly because they have been working on it a long time before they actually announced it.

我認為我們今天看到的現實是，船廠非常忙碌。所以即使你想在短時間內交付一艘船，你也做不到。我知道從紙面上看起來像是很短的時程，但那主要是因為他們在正式宣布之前，已經為此工作了很長一段時間。

It's a vessel targeting the domestic Korean market with a lot of Korean companies going together in that vessel, it's a repeat plus will more or less that they have paid $530 million for.

那是一艘鎖定韓國國內市場的船，許多韓國公司共同參與；它基本上是一個重複設計（repeat）加上一些升級，他們為此支付了 5.3 億美元。

I think that the underlying factors for the price is a real tightness in the yards, but also, in general, what cost to build a up today. And I think that there are let's say, -- that is -- if you look at it, the price for ordering 1 vessel, I think that, that is -- you're probably seeing significantly increased prices to what we build that back when we order on our vessels.

我認為價格背後的因素，是船廠產能的高度緊俏，但也包括整體而言，如今建造成本的上升。而且我想可以這麼說——如果你看這件事，訂造 1 艘船的價格，我認為你看到的價格相較於我們當年下單建造船舶時，可能已經顯著提高。

Anders Rosenlund, SEB.

Anders Rosenlund，SEB。

Could you break down the order backlog indicatively on '26, '27, '28 and '29 and beyond?

你能否概略拆分一下訂單積壓（order backlog），分別落在 2026、2027、2028、2029 以及 2029 年以後？

Unfortunately, we don't do that, Anders. We only give guidance 1 year ahead, so we don't give guidance year-by-year on the backlog.

很抱歉，我們不會這樣做，Anders。我們只提供往前 1 年的指引，因此不會按年度逐年提供積壓訂單的指引。

Also, do you expect to see more of competitors place newbuilding orders for '29 and 2030 or beyond delivery, given the outlook comments that you are coming with today?

另外，鑑於你們今天提出的展望評論，你是否預期會看到更多競爭對手下新造船訂單，交付期落在 2029、2030 或更晚？

I believe that based on the supply and demand balance we are looking into in the beginning of the next decade and the tightness in the yards that I would be surprised if there were not several companies already looking in the yards.

我相信，基於我們對下個十年初期供需平衡的觀察，以及船廠產能的緊俏，如果沒有好幾家公司已經在船廠洽談，我反而會感到意外。

Daniel Haugland, ABD Sundal.

Daniel Haugland，ABG Sundal。

This is (inaudible) from China Securities. I have two questions. The first question is about the foundation installation business. And I noticed that Actually, the foundation business includes quite large preparation works, and it has a larger amount. And could you please share with us what's your target of the foundation business in the future.

我是（聽不清）來自 China Securities。我有兩個問題。第一個問題是關於基礎安裝業務。我注意到其實基礎業務包含相當大量的前置準備工作，而且工作量更大。你能否與我們分享，你們未來對基礎業務的目標是什麼？

-- would the volume were the amount be higher than next year? You just mentioned that Nexra, the future revenue would be -- maybe would be higher than the installation revenue. So could you please share with us about the foundation business in the future and your target, your overall strategy. This is my first question. And the second question maybe for--

——其量或金額是否會高於明年？你剛才提到 Nexra，未來營收可能會——也許會高於安裝營收。所以你能否與我們分享未來基礎業務的情況與你們的目標、整體策略？這是我的第一個問題。第二個問題可能是給——

Can we just take them one by one. Can we just take them one by one.

我們可以一題一題來嗎。我們可以一題一題來。

Okay.

好的。

Thank you, thank you. Appreciate. I think that -- to answer your question, we are -- we have had a humble approach to the full scope Foundation C&I projects. And in 2026, we will be executing the Hornsea 3 project. In 2027, we will be embarking on the EAI project with Scottish Power Renewables.

謝謝，謝謝。感謝。我認為——為了回答你的問題，我們對全範圍的基礎 C&I 專案採取較為謙遜、審慎的態度。在 2026 年，我們將執行 Hornsea 3 專案。在 2027 年，我們將與 Scottish Power Renewables 一起啟動 EAI 專案。

So we are on a journey here where we are building up together with our clients, two of the biggest developers in offshore wind worldwide. And together with them, we are building up these capabilities to ensure that we do this safely and with the quality that both we and they expect fairly.

因此，我們正走在一段旅程上，與客戶一起逐步建立能力；他們是全球離岸風電最大的兩家開發商之一。我們與他們共同建立這些能力，以確保我們能安全地執行，並達到我們與他們所合理期待的品質水準。

But our long-term target is, of course, to execute several foundation projects in parallel in a year, that is how we have built the fleet, and that is how we have -- we're building the team and, let's say, the protocols around this. So let's say, we have a fully delivered capacity three ACAS vessels that are targeting the foundation market, and we would certainly expect that these [3 x] vessels would all be doing foundation work in parallel at some point in time in the future.

但我們的長期目標，當然是在一年內並行執行多個基礎專案；這也是我們打造船隊的方式，也是我們——正在建立團隊以及圍繞此業務的流程與規範（protocols）的方式。也就是說，我們已交付具備產能的 3 艘 ACAS 船舶，目標鎖定基礎市場；我們當然預期，未來在某個時間點，這 [3 x] 艘船將會同時並行從事基礎工程作業。

But when I address the fact that I believe that the O&M market could be as big as the installation market it is because with the outbuilt targets that we are seeing in the industry, there will be a lot of requirements for O&M. And hence, we say this, but we cannot say when it will happen or whether they will inflect or whatever, but we do believe that there will be a case for the fact that the O&M market as such will be a very value creating market to be in and also potentially bigger than the installation market. SP1 Okay.

但當我提到我認為營運與維護（O&M）市場可能會和安裝市場一樣大時，原因在於，隨著我們在產業中看到的建置目標持續擴張，對 O&M 的需求將會非常龐大。因此，我們會這麼說，但我們無法說它何時會發生、是否會出現拐點或諸如此類；不過我們確實相信，O&M 市場本身將是一個非常能創造價值的市場，而且也可能比安裝市場更大。SP1 好的。

Thank you for the explanation. And the second question is about the financial expenses, and I noticed that in 2025, the financial expenses are a little bit higher. Could you give us some color about the financial expenses in the near term or in the one year to three years because with our two vessels delivered in 2026 and 2027. These expenses cannot be -- go into -- cannot be capitalized, and we should be going to the P&L. And could you give us some colors about that.

謝謝你的說明。第二個問題是關於財務費用，我注意到在 2025 年財務費用會稍微高一些。能否請你就短期、或未來一到三年內的財務費用提供一些說明？因為我們有兩艘船將在 2026 與 2027 年交付。這些費用無法——計入——無法資本化，因此應該會進入損益表（P&L）。能否請你就此提供一些說明。

Well, that is absolutely correct. Also what I talked to in the Q4 were so net finance net was around EUR20 million. And that is what you should expect to see going forward and then less and less goes to CapEx when we get one vessel delivered here in '26 and it will be less 27 million. We get the last one. delivered and then it will be to current plans, nothing that we can capitalize. So that is the picture we see -- so Q4 is more representative for '26 and then the full year.

嗯，這完全正確。另外我在第四季（Q4）提到的是，淨財務（net finance net）大約是 2,000 萬歐元。這就是你們未來應該預期會看到的水準；而且當我們在 2026 年交付一艘船之後，計入資本支出（CapEx）的部分會越來越少，到了 2027 年會更少。等到最後一艘交付後，依照目前計畫，就沒有任何我們可以資本化的項目了。所以這就是我們看到的情況——因此第四季的數字更能代表 2026 年以及全年的狀況。

Okay, great. Thank you so much. That's very helpful. Thank you.

好的，很棒。非常感謝。這非常有幫助。謝謝。

I don't know whether we missed Daniel from ABG.

我不知道我們是不是漏掉了 ABG 的 Daniel。

Yes, we have a question from Daniel.

是的，我們有 Daniel 的問題。

A little bit back in the line there. So I have a couple of questions on 2027 that you maybe can kind of enlighten me on because I think you now say that 2027 is getting fully booked from your perspective.

我排在隊伍後面一點。我有幾個關於 2027 年的問題，想請你們幫我釐清一下，因為我想你們現在的說法是，從你們的角度看，2027 年已經接近全數排滿。

So what type of utilization level are you kind of targeting or at least some kind of range when you're talking about kind of fully booked this because I think based on announcement, it looks like there's a lot of white space, but obviously, you guys have looked at through so commentary on, that would be helpful.

那麼你們所謂「幾乎全數排滿」時，目標的使用率大概是多少？或至少能給一個區間嗎？因為我覺得從公告來看似乎還有不少空檔，但顯然你們已經看過整體狀況；如果能提供一些說明會很有幫助。

No, that's a totally fair question. I think we have guided from the beginning of the journey of utilization between 75% to 90%, and that is also the target in 2027, and that is an adjust utilization because obviously, to assume that a vessel is basically when you're transiting from Asia and back to Europe, for example, that is not possible even though we would love to install turbines all the way, but -- so that's how we look at it.

不，這是個非常合理的問題。我想我們從一開始就指引使用率在 75% 到 90% 之間，而這也是 2027 年的目標；這是一個調整後的使用率，因為很明顯地，假設船舶在例如從亞洲航行回歐洲的途中也能作業，基本上是不可能的——即使我們很希望一路都能安裝風機——所以我們是這樣看待的。

And then as Peter also said, when he went through his numbers, that we exclude the planned dry dockings and stuff like that. So the adjusted number, we are expecting between 75% to 90%, and for '27, yes, it is correct that we are considering ourselves to be at the moment, fully book.

另外如同 Peter 在講他的數字時也提到，我們會排除計畫性的進塢（dry docking）等因素。因此，以調整後的數字來看，我們預期在 75% 到 90% 之間；而對於 2027 年，是的，正確，我們目前認為自己已經是全數排滿。

Yes. And just to clarify, then you kind of include this potential contract that you talked about for the OpEx.

是的。那我再確認一下，你們也把你們提到、可能用於營運費用（OpEx）的那份潛在合約算進去了？

Yes. That's how we have to do it because there is a potential contract that is negotiated. And -- but of course, nothing is firm before I signed and there's ink on paper. But of course, when you are in a process where we believe that this is something that will materialize then it's also something where we are saying with what we know today, really think that we are in a situation where we don't have much other stuff to sell.

是的。我們必須這樣做，因為確實有一份正在談判中的潛在合約。當然，在我簽字、白紙黑字落定之前，沒有任何事情是確定的。但當你處於一個我們相信它會落地的流程中時，基於我們今天所掌握的資訊，我們也會說我們真的處在一個幾乎沒有太多其他可再出售檔期的狀況。

Okay. And one question on the archive. It seems like that will be working together early on Hornsea 3 and secondary skill, you see from the slide that you kind of indicated that going through Q1, maybe into Q2? Is that kind of correctly assumed?

好的。還有一個關於 Archive 的問題。看起來它會在早期與 Hornsea 3 一起作業，從投影片上你們似乎表示會一路到第一季（Q1），可能延伸到第二季（Q2）？這樣理解正確嗎？

Yes, it's correct. Okay, starting almost side by side with the Ally being mobilized now for the campaign to go to -- on Hornsea 3, sorry. And it was a valuation we did when we secured the project because it was our option to either go with an offshore construction vessel or with one of our jack-ups that were benefits in the top in terms of the weather downtime during the winter and hence, the progression on the project.

是的，正確。好的，幾乎是並行開始，Ally 現在正動員（mobilized）準備展開前往——在 Hornsea 3 上的作業活動，抱歉。而這是我們在拿下該專案時所做的一項評估，因為我們可以選擇使用一艘離岸施工船（offshore construction vessel），或使用我們的一艘自升式船（jack-up）；後者在冬季天候停工時間方面具有優勢，因此有利於專案進度推進。

And that's why -- and with the project economics, of course, that we were able to provide to our -- one of our own assets that we decided that the oil class vessel was the best option for the task.

因此——再加上專案的經濟性，當然，我們能夠把作業交由——我們自有的一項資產來執行，所以我們決定這艘 OIL 級船舶是最適合這項任務的選擇。

Okay. Great. I think that was all for me right now. Thank you.

好的。很棒。我想我目前就這些問題。謝謝。

Thank you. That's all we have time for today, and thank you for your participation. I will now hand the floor back to Michel Gleerup for any closing remarks.

謝謝。今天時間就到這裡，感謝各位的參與。我現在把時間交回給 Michel Gleerup，請他做結語。

Yes. Thank you, everybody. And if we did not have time to take your questions, then you all know where to reach Peter and myself or Alexander. And we are, of course, happy to take offline discussions with all of you. But thanks a lot for taking the time to listen to us today. We're looking forward to catch up with you as we move ahead. Thank you.

好的。謝謝大家。如果我們來不及回答各位的問題，你們都知道可以在哪裡聯絡 Peter、我本人或 Alexander。當然，我們也很樂意與各位進行會後的線下討論。非常感謝大家今天撥冗聆聽。隨著我們持續往前推進，我們也期待再與各位交流。謝謝。