Cadeler A/S (CDLR) 2026 Q1 法說會逐字稿

Good morning, and welcome to Cadeler's Q1 2026 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer.

各位早安，歡迎參加 Cadeler 2026 年第一季（Q1 2026）財報簡報。今天由執行長 Mikkel Gleerup 與財務長 Peter Brogaard 進行簡報。

Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F, on file with the United States Securities and Exchange Commission. 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.

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 Cadeler 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，已載於 Cadeler 向美國證券交易委員會（SEC）提交並存檔之 20-F 年度報告中。今天上午所作的任何前瞻性陳述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該等陳述之任何義務。

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 available on Cadeler's website at cadeler.com/investor.

今天上午的簡報同時包含 IFRS 與若干非 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 Cadeler 的年度報告中。年度報告與今日財報簡報可於 Cadeler 官網 cadeler.com/investor 取得。

(Operator Instructions) As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time.

（接線員指示）提醒各位，本次電話會議將被錄音。如有任何異議，請立即中斷連線。

Mikkel Gleerup, you may begin.

Mikkel Gleerup，您可以開始。

Thank you very much, and hello to everyone, and thank you for joining this Q1 2026 presentation from Cadeler. Just to start off the presentation, really a quarter that has been running exactly as expected. Financial performance in line with our expectations, continuing a robust backlog of work, standing currently at EUR2.7 billion, which we believe provides a very solid earnings visibility for the company.

非常感謝，各位好，也感謝各位參加 Cadeler 2026 年第一季簡報。先從整體來看，本季的進展完全符合預期。財務表現與我們的預期一致，且持續維持強勁的在手訂單（backlog），目前為 27 億歐元，我們認為這為公司提供了非常穩健的獲利能見度。

Newbuild program on track. We named the second A-class vessel in April, and she is about to deliver in the next couple of months as per the schedule. The second -- or the third rather, A-class vessel is delivering next year and is also on the schedule.

新造船計畫按進度推進。我們在 4 月為第二艘 A 級船舶命名，並將依照時程於未來幾個月內交付。第二艘——更正，第三艘 A 級船舶將於明年交付，也同樣按進度進行。

We have continued with solid execution across the globe. And I'm also very pleased to say that Wind Ally and Wind Orca are fully mobilized and first complete monopile foundation has been installed on Hornsea 3, which is very, very important and a very important milestone for 2026, and we have a little bit extra on that further in the presentation.

我們持續在全球各地穩健執行。我也很高興地表示，Wind Ally 與 Wind Orca 已全面動員，且在 Hornsea 3 已完成首支單樁（monopile）基礎的安裝，這對 2026 年而言是非常、非常重要的里程碑；我們在後續簡報中也會再補充更多內容。

Very strong utilization vessels operating across the world. And Nexra has secured utilization on multiple projects in APAC. And on the utilization, I would like just to quickly say that obviously we have many vessels that have been shifting between projects, so a lot of mobilization in the first quarter of the year, which has also been exactly as expected.

船舶利用率非常強勁，船隊在全球各地運作。Nexra 也在亞太（APAC）多個專案上取得利用率。關於利用率，我想快速補充：顯然我們有多艘船在不同專案間切換，因此第一季有大量動員（mobilization），而這也完全符合預期。

In terms of commercial highlights, vessels continuing to execute on projects across the fleet. Really, a busy, busy, busy, quarter in terms of managing vessels coming off projects, starting new projects, and having other vessels coming in to take over on projects due to many different factors. But really, overall, I would also say a quarter where we have been able to support our clients and to do what has been necessary to help them on their projects where they are currently engaged.

就商業面亮點而言，船隊各船舶持續在各專案上執行作業。就船舶從專案退場、啟動新專案，以及因多種因素由其他船舶接手專案等管理工作而言，這真的是非常忙碌的一季。不過整體而言，我也會說我們本季能夠支援客戶，並在其目前投入的專案上完成必要工作、協助其推進。

Also very pleased to see that Wind Keeper has started its operation with Vestas and is performing on the project with Vestas as we speak.

同時也很高興看到 Wind Keeper 已開始與 Vestas 的作業，並且此刻正與 Vestas 在該專案上執行中。

Next slide, please. On Hornsea 3, as I said, really from concept to delivery, we have had many, many questions over the course of the last four years where we have been in process towards the Hornsea 3 execution. A lot of planning is now finally coming to fruition. And it's very pleasing to be able to say that we now have proof of concept on the project with the first full monopile installed, and also all the secondary components being installed on that and being commissioned and handed over to the client.

請看下一張投影片。關於 Hornsea 3，如我所說，從概念到交付，在過去四年我們推進 Hornsea 3 執行的過程中，收到非常非常多問題。大量規劃如今終於開始開花結果。很令人欣慰的是，我們已在該專案上以首支完整單樁安裝完成，證明了概念可行（proof of concept）；同時該單樁的所有次要構件也已完成安裝、試運轉（commissioning），並移交給客戶。

And actually, we have eight monopiles in the water as per today's date. We have seven full secondary steel sets installed and five fully commissioned monopiles out there. So really, the project is going as per the plan.

而且截至今天，我們已完成 8 支單樁下水。我們已安裝 7 套完整的次要鋼構（secondary steel sets），並已有 5 支單樁完成全面試運轉。因此整體而言，專案正按計畫推進。

The equipment that we have invested in that we are using on the project is working as we expected it. And we are now slowly ramping up the speed on the project to get up to the speed where we want to be and to really make sure that there will be a smooth installation on this very, very important project, both for us and Cadeler, but certainly also for our clients. So very, very pleased to say that we have a proof of concept and that we are now delivering the full T&I foundation project.

我們在此專案所投資並使用的設備，運作表現符合預期。我們目前正逐步提升專案節奏，朝我們希望達到的速度前進，並確保在這個對我們與 Cadeler 都非常、非常重要、對客戶更是關鍵的專案上，能夠順利完成安裝。因此我非常、非常高興地表示，我們已完成概念驗證，並且正交付完整的基礎 T&I（運輸與安裝）專案。

Still sitting on a very significant backlog across key markets. EUR2.7 billion backlog, as I said, already provides a very solid earnings visibility. We continue to operate in the US, in Europe and in APAC, and are really working on a lot of different opportunities for the future years. As we have said in this quarter also, we have executed a private placement for the investment in additional jack-ups for the future and also for a rock dumping installation vessel that we believe all will strengthen our portfolio and our ability to support the clients going forward.

我們在主要市場仍擁有非常可觀的在手訂單。如前所述，27 億歐元的在手訂單已提供非常穩健的獲利能見度。我們持續在美國、歐洲與亞太地區營運，並正針對未來年度的多項機會積極推進。正如我們本季也提到的，我們已完成一筆私募增資（private placement），用於投資未來的額外自升式船舶（jack-ups），以及一艘拋石（rock dumping）安裝船；我們相信這些投資將強化我們的產品組合與未來支援客戶的能力。

We have also projects that are not in the backlog, but where we are currently working, and projects that will be added to the backlog as and when they come to fruition. But all in all, I would say that we have been reaffirmed in our opinion since the beginning of the year that we are looking at a very, very busy '26, '27. As we have also said, '28 is a different year, but we remain in the same position as we were when we did the annual report. And for 2029, we are working on some very, very interesting prospects at the moment.

我們也有一些尚未納入在手訂單、但目前正在執行的專案，以及將在條件成熟時納入在手訂單的專案。整體而言，我會說自年初以來，我們對於 2026、2027 年將非常、非常忙碌的看法再次獲得印證。正如我們也提過，2028 年是不同的一年，但我們仍維持與發布年度報告時相同的立場。至於 2029 年，我們目前正在推進一些非常、非常有趣的潛在機會。

When we look into the new decade, we are also seeing very interesting projects and also a lot of projects currently in what we call category high. So this is really the category where we are working already now intensively with the client and where we believe that our vessels will be busy in the beginning of the next decade.

展望下一個十年，我們也看到非常有趣的專案，同時也有許多專案目前處於我們所稱的「高類別（category high）」階段。這個類別代表我們已經在與客戶密切合作，且我們相信在下個十年初期，我們的船舶將會非常忙碌。

On the backlog, 82% of the backlog has reached FID. We believe that, that is a very, very solid number, and also gives us the earnings visibility that we really need as a company. We also see the start of Nexra and the foundation of Nexra starting to deliver contracts in Taiwan, which is, of course, very pleasing.

就在手訂單而言，其中 82% 已達成最終投資決策（FID）。我們認為這是一個非常、非常穩健的比例，也提供公司真正需要的獲利能見度。我們也看到 Nexra 的啟動，以及 Nexra 的平台開始在台灣交付合約，這當然令人非常欣慰。

And our ambitions on Nexra continues to be strong, and we continue to see that our main market for Nexra is the plus 11, 12-megawatt segment where we believe that we have a very good foundation to play for the main components replacements for the bigger turbine sets in the industry. We also have preferred supply agreement that is not included in the backlog and where we currently are negotiating with a client for installation in '28.

我們對 Nexra 的企圖心仍然強勁，並持續認為 Nexra 的主要市場在 11、12 兆瓦以上的區間；我們相信在該領域，我們具備良好基礎，可在產業中較大型機組的主要部件更換方面取得機會。我們也有一項未納入在手訂單的優先供應協議（preferred supply agreement），目前正與客戶就 2028 年的安裝作業進行協商。

In terms of the progress on the newbuilds, the Wind Ace, we expect the delivery in the beginning of the third quarter this year. We have basically done most of the material work there, but we are still having some tests planned for the vessel between now and the delivery, and we believe that we are in a very, very good position to deliver this vessel on schedule and on budget.

就新造船進度而言，Wind Ace 預計於今年第三季初交付。我們基本上已完成大部分實質工程，但在交付前仍規劃進行一些測試；我們相信我們處於非常、非常有利的位置，能按期且在預算內交付該船舶。

We had the naming ceremony this year, and we were proud to have Ms. Lisa Western, naming the vessel for us. The Wind Apex, as we also talked about on the annual report, we expect the Wind Apex to deliver in Q2 '27. And we have been negotiating with the yard to manage early delivery of this vessel because we are working with the client for the Wind Apex immediately after it's returned to Europe and where it will likely start a job for a client here in Europe.

我們今年舉行了命名典禮，並很榮幸由 Lisa Western 女士為我們命名該船。至於 Wind Apex，如同我們在年度報告中所談到的，我們預期 Wind Apex 於 2027 年第二季交付。我們也正與船廠協商，以管理該船舶的提前交付，因為我們正與客戶規劃 Wind Apex 在返回歐洲後立即投入作業，並且很可能在歐洲為客戶啟動一項工作。

A few pictures from the naming ceremony on Wind Ace, a very big day for us as a team. Second, foundation installation vessel delivered and the vessel will -- after its delivery from the shipyard return to Europe, for the full mobilization for the East Anglia, two project that we are commencing next year. And obviously, we are already starting to take the learnings from the Hornsea 3 project and implementing them into the EA2 project, so we can ensure that our clients gets the best possible product from Cadeler.

這裡是 Wind Ace 命名典禮的幾張照片，對我們團隊而言是非常重要的一天。第二艘基礎安裝船已交付，該船在船廠交付後將返回歐洲，為我們明年將啟動的 East Anglia 2（EA2）專案進行全面動員。當然，我們也已開始把 Hornsea 3 專案的經驗教訓導入並落實到 EA2 專案中，以確保客戶能從 Cadeler 獲得最佳的成果。

On the financial highlights, I will hand over to you now, Peter.

接下來財務重點部分，我把時間交給你，Peter。

Thank you very much. Yes, for Q1 '26, revenue was EUR124.7 million as compared to EUR65.5 million last year. Equity ratio 47.6%, and the adjusted utilization 77.7%, which is satisfactory for us. We adjust the utilization for transfer from yard and planned dry docks, and we had Zaratan not on hire in Q1. So this is really what is expected.

非常感謝。是的，就 2026 年第一季而言，營收為 1.247 億歐元，去年同期為 6,550 萬歐元。股權比率為 47.6%，調整後利用率為 77.7%，我們認為表現令人滿意。我們會就船舶自船廠移交（transfer from yard）以及計畫性進塢維修（planned dry docks）對利用率進行調整，且 Zaratan 在第一季並未出租（not on hire）。因此這確實符合預期。

Market cap is EUR2.3 billion. EBITDA was EUR47 million as compared to EUR23.7 million. Net profit minus EUR7 million impacted, as also communicated at the annual report by interest on our bank facilities. We are now in the territory where we have delivered 10 vessels on the fleet and only two vessels under construction. Hence, more of the borrowing costs go to the P&L than we saw in previous quarters.

市值為23億歐元。EBITDA為4,700萬歐元，相較於2,370萬歐元。淨利潤減少了700萬歐元的影響，正如我們在年報中亦已溝通，主要來自我們銀行融資安排的利息。我們現在已進入這樣的階段：船隊已交付10艘船舶，僅剩兩艘在建。因此，相較於前幾季，更多的借款成本會進入損益表（P&L），而不是資本化。

Backlog, as mentioned by Mikkel EUR2.7 billion strong backlog. Three months' daily average turnover, EUR7.7 million. We have adjusted for the private placement that we did March 26.

訂單積壓（Backlog），如Mikkel所提，強勁的訂單積壓為27億歐元。三個月的日均營業額為770萬歐元。我們已就3月26日完成的私募配售進行調整。

If we look at the P&L, I think it's important to emphasize that it is exactly as planned by us and totally in line with our own expectations. It goes for all the lines, for both revenue and the cost lines. It was as expected, and we regard it as a strong start to the year. Of course, revenue increase as compared to last year because we have three vessels on water.

如果我們看損益表（P&L），我認為重要的是強調：結果完全符合我們的規劃，並且完全符合我們自身的預期。這適用於所有項目，包含營收與成本各項。表現如預期，我們視之為今年強勁的開局。當然，與去年相比營收增加，因為我們有三艘船已投入營運。

Cost of sales goes up, also due to the bigger fleet goes up, of course, relatively more than revenue because that we had some -- we had three vessels in transit. We had vessels going from one project to another. And we also had a delayed revenue recognition on the Wind Ally on the Hornsea 3 project.

銷售成本也上升，當然也是因為船隊規模更大；相對而言上升幅度高於營收，因為我們有一些——我們有三艘船在轉場航行中。我們有船舶從一個專案移動到另一個專案。此外，Wind Ally在Hornsea 3專案上也有延後的營收認列。

I think it's important to explain that according to IFRS, we can not start revenue recognition on a project before we start installing. So Wind Ally has been mobilizing for the Hornsea 3 project in Q1, but we have not taken any revenue in. That will be done later. Of course, we earn revenue on the contract under the mobilization, but cannot be taken to revenue in the P&L.

我認為有必要說明，依據IFRS，在開始安裝之前，我們不能對專案開始進行營收認列。因此，Wind Ally在第一季為Hornsea 3專案進行動員（mobilizing），但我們尚未認列任何營收；這將在之後進行。當然，我們在動員期間依合約是有賺取收入的，但不能在損益表（P&L）中認列為營收。

SG&A increased to last year, but again, a modest increase that shows again, the picture that we have explained at previous quarters that we did early a man-up of the organization to enable a bigger fleet, but also a foundation project and that now shows the scalability of our organization. So the early investments now pays off.

SG&A（銷售、一般及行政費用）較去年增加，但同樣是溫和的增幅，這再次呈現我們在前幾季所解釋的情況：我們早期就擴編組織以支援更大的船隊，同時也支援基礎工程（foundation）專案，而現在顯示出我們組織的可擴展性。因此，早期投資如今開始回收成果。

Finance net continued to be up against last year, but due to this, more is allocated to P&L than to the CapEx on the business. OpEx per day is EUR40,837 per day, and that is a little bit higher than it will be the rest of the year due to mobilization on Ally and Zaratan, and there was some smaller one-off expenses in OpEx in Q1.

財務淨額（Finance net）相較去年仍然較高，但原因在於：相較於資本支出（CapEx），更多被分攤至損益表（P&L）。每日OpEx為40,837歐元，這比今年其餘期間會略高，原因是Ally與Zaratan的動員作業，且第一季OpEx中也有一些較小的一次性費用。

Balance sheet, strong balance sheet, of course, increased by the equity is increased by the capital raise we did at March 26 and also lifting the equity ratio from 44% to 48%.

資產負債表方面，當然是強勁的資產負債表；權益增加，來自我們於3月26日進行的增資，同時也將權益比率從44%提升至48%。

CapEx program, it's a slide we have shown in the past to demonstrate that we are able to finance the expansion of the fleet that we have planned. So as you can see, we have signed committed financing for A-class with Wind Ace. We are in the advanced discussions with the banks to launch the Apex financing in Q2, here in Q2 '26. Expect to sign early Q3 for the vessels that is delivered next year.

資本支出（CapEx）計畫：這張投影片我們過去也展示過，用以說明我們有能力為已規劃的船隊擴張提供融資。如你所見，我們已為A級船舶（A-class）與Wind Ace簽署具約束力的承諾融資。我們正與銀行進行深入討論，計畫在第二季啟動Apex融資，也就是在此2026年第二季。預期在第三季初完成簽署，對象為明年交付的船舶。

So in total, we have EUR641 million available funding for that and net of the outstanding installments. There's a net funding of EUR218 million. And we have not -- in this roll of forward, we have not taken in the cash that we have on the balance sheet and the available facilities that we have not drawn on. So cash and available liquidity as per March 31 was EUR221 million, and available liquidity EUR369 million.

因此合計我們有6.41億歐元的可用資金，扣除尚未支付的分期款後，淨資金為2.18億歐元。而且——在這個滾動推算中，我們尚未納入資產負債表上的現金，以及我們尚未動用的可用授信額度。因此，截至3月31日的現金與可用流動性為2.21億歐元，而可用流動性總額為3.69億歐元。

Of course, then we also have not -- that should also cover the payment on the first installment on the T-class vessels one signed and ordered and [discover] rock installation vessel that we have announced in connection with the private placement. Still, we do our hedging policy, which we strict follow, is 50% of US dollar exposure is hedged and 50% of interest exposure hedged for the first five years of the expected facilities.

當然，此外我們也尚未——這也應涵蓋T級船舶（T-class）已簽約並下單的第一期款項，以及我們在私募配售相關公告中所宣布的[discover]岩石安裝船（rock installation vessel）的付款。同時我們仍執行並嚴格遵循避險政策：美元曝險的50%已避險，且預期融資安排前五年的利率曝險也有50%已避險。

This is a financial overview. If we should focus on what has happened since annual report, we have extended the RCF that was supposed to terminate in June '26. We have extended it for 18 months to '27. And we are in advanced negotiation on the accordion on the corporate loan that we have with HSBC. EUR80 million, we expect to sign that here in Q2.

這是一個財務概覽。如果我們聚焦自年報以來發生的事項：我們已延長原本預計於2026年6月到期的RCF（循環信用額度），延長18個月至2027年。此外，我們正就與HSBC的公司貸款（corporate loan）之accordion（增額機制）進行深入談判，金額為8,000萬歐元，預期在本季（Q2）完成簽署。

And the reason for this is it is to have a reasonable buffer when we are looking at the available liquidity. So we are 100% sure that we could go through the coming years and the CapEx program with the current financing.

其原因是：在檢視可用流動性時，確保有合理的緩衝。因此，我們百分之百確信，憑藉目前的融資安排，我們能夠度過未來幾年並完成CapEx計畫。

The full-year outlook remains the same. It's unchanged. There's nothing we have seen from the performance in Q1 or on to date that is not according to plan. Hence, of course, we maintain the outlook for the year. The timing of the year is something that has maybe surprised some, but we have always planned with a somewhat weaker Q1 in terms of revenue and income.

全年展望維持不變，沒有調整。我們從第一季的表現或截至目前的進度，沒有看到任何不符合計畫之處。因此，我們當然維持今年的展望。年度節奏可能讓一些人感到意外，但我們一直以來的規劃就是：第一季在營收與獲利方面會相對偏弱。

And then Q2, Q3, Q4 will be bigger quarters in terms of revenue and income. And in total, the outlook for the full year outlook is unchanged.

接著第二季、第三季、第四季在營收與獲利方面都會是更大的季度。整體而言，全年展望不變。

I will hand back to you, Mikkel.

我把時間交回給你，Mikkel。

Thank you very much, Peter. In terms of market outlook, a slight repetition of what we saw in -- around the annual report. But what we are adding here is that we believe that the recent geopolitical tensions are increasingly pointing toward a higher demand for locally produced energy, energy security and affordability. And we believe that offshore wind will play a massive role in the whole outbuild of at least the European energy system, and we can already start to see the trends of that coming our way.

非常感謝你，Peter。就市場展望而言，這與我們在——年報前後所看到的情況略有重複。但我們在此補充的是：我們認為近期地緣政治緊張局勢，正愈來愈指向對本地生產能源、更高能源安全與可負擔性的需求上升。我們相信離岸風電將在至少歐洲能源系統的整體建置中扮演極其重要的角色，而且我們已開始看到這些趨勢正朝我們而來。

Also with auctions in Europe that have momentum as one of the award criteria, where we see that coming fast to the grid with a certain supply chain is something that is given a positive impact on the award criteria. And that's something we like to see because it's also something that is playing both in the direction of us as a company, but also for our clients.

此外，歐洲的拍賣也出現以「動能」（momentum）作為得標評選標準之一的趨勢；我們看到，能夠在具備一定供應鏈的情況下快速併網，會對評選標準帶來正面影響。這是我們樂見的，因為這同時有利於我們公司，也有利於我們的客戶。

And we do believe that, as I said already, that we are in a very strong situation at the moment, with two very strong years ahead of us here with '26 and '27. At '28, that is, as we talked about during the annual report presentation, and then at '29, where we see a lot of interesting stuff that we are currently discussing with clients.

而且我們確實相信，正如我先前所說，我們目前處於非常強勢的狀態；未來兩年，也就是2026年與2027年，將是非常強勁的兩年。到2028年，如同我們在年報簡報中所談到的，然後到2029年，我們看到許多有趣的事項，正與客戶進行討論。

So then we come into the next decade. And in the next decade, I think that the number of projects we see in the various years there, whether you look at the various consultant reports or whether we talk to the clients, we can see that there is a very, very significant amount of projects that needs to be installed as we move into the next decade. And that is what we are trying to prepare for together with our clients to make sure that we at least have a solution to what our clients need from us.

接著我們就進入下一個十年。在下一個十年，我認為我們在各年度所看到的專案數量——無論是看各家顧問報告，或是我們與客戶的對話——都顯示：隨著邁入下一個十年，需要安裝的專案量非常、非常可觀。這也是我們正與客戶一起準備的方向，以確保我們至少能提供解決方案，滿足客戶對我們的需求。

And we also see the projects that previously were uncertain or projects that were delayed. They are now back with a firm timeline and will be also tendered in the various rounds that we see across Europe. So all in all, I think we are moving into a positive territory with also the utilities saying that it looks like a very strong comeback for offshore wind in Europe in the coming years.

我們也看到，先前不確定或延後的專案，如今已回到明確的時程，並將在我們於歐洲各地看到的不同輪次中進行招標。總體而言，我認為我們正進入正向區間；公用事業公司也表示，未來幾年歐洲離岸風電看起來將強勢回歸。

So I think that all in all, also Auction Round 8 (sic - Allocation Round 8) still move forward and still something that we are waiting to see the impact for, but I think that it's really something where we believe that there are some clients that are lined up to take an award in the UK Round 8.

因此我認為整體來看，拍賣第8輪（原文如此—Allocation Round 8）仍在推進，我們也仍在等待觀察其影響；但我認為，這確實是我們相信有一些客戶已排隊準備在英國第8輪中取得授標的情況。

Yes, please. We still believe in what we have discussed in the previous presentations regarding supply and demand. It is driven by the factors like increased outbuild, as we have seen from North Sea Summit, various tender rounds across Europe. I think it's also important that not everything is as it seems to be. And I think that we have seen examples of that yesterday, where there was announcements from Germany that maybe were overinterpreted by some and then was corrected later during the day.

是的，請。對於我們在先前簡報中討論的供需狀況，我們仍然相信。其驅動因素包括建置規模增加，正如我們從北海峰會（North Sea Summit）以及歐洲各地不同招標輪次所見。我也認為重要的是：並非所有事情都如表面所見。我想我們昨天就看到例子，德國有一些公告可能被部分人士過度解讀，之後在當天稍晚又被更正。

And I think that, that is the situation we are in offshore wind, very small changes create a lot of noise, but sometimes it's important to read what's in the fine print of these announcements. But we believe that the supply and demand imbalance is certainly present, both on average, but also if we look especially into the next decade.

我認為，這就是離岸風電所處的情境：非常小的變化就會造成大量雜訊，但有時候重要的是去讀這些公告中的細則（fine print）。不過我們相信，供需失衡確實存在，無論從平均來看，或是特別著眼於下一個十年。

And also, as I said, driven by new projects that are coming, but also driven to a certain degree for the demand from other areas, in particular O&M, that is taking some demand -- that has some demand that takes some supply away, but also some of the vessels that are simply falling out of the market due to age. And that is something that we see very, very clearly.

此外，正如我所說，這是由即將到來的新專案所帶動，但同時也在一定程度上受到其他領域需求的推動，特別是 O&M（運維），其需求正在拉走部分供給；另外，也有一些船舶因船齡因素而直接退出市場。這一點我們看得非常、非常清楚。

So we executed a successful private placement, where we raised around EUR175 million, and we believe that, that really unlocks the potential for us to go ahead with the two proposed T-class newbuilds and the acquisition of a scour protection vessel. And why did we do that? We have spoken to lots of investors since, and thanks for all the support from the investors. We were massively oversubscribed on the deal and is really grateful for the support we see in the market.

因此我們成功完成了一筆私募配售，募集約 1.75 億歐元。我們相信，這確實釋放了我們推進兩艘擬議的 T 級新造船以及收購一艘沖刷防護船的潛力。我們為什麼要這麼做？此後我們與許多投資人交流，也感謝投資人的支持。這筆交易獲得了大幅超額認購，我們對市場上看到的支持深表感激。

We believe in a structural vessel undersupply, and we believe that with the delivery window we have decided for, that we will be prepared for a very strong market uptick when these vessels deliver. And we can already see now that our clients are coming to us for these vessels because they are featuring something that nobody else can offer at this stage.

我們相信船舶供給存在結構性短缺，也相信以我們所選定的交付窗口，當這些船舶交付時，我們將能夠把握非常強勁的市場上行。而且我們現在已經看到客戶因為這些船舶具備現階段其他人無法提供的特性而主動來找我們。

We believe that the experience we have with delivering vessels and also the relationship we have built up with the whole supply chain on the vessels, but also the shipyards have given us an access to a very, very competitive pricing model on these vessels, which is of course incredibly important when you have to live with them for 25 years after delivery.

我們相信，我們在船舶交付方面的經驗，以及我們與整個船舶供應鏈（包括船廠）建立的關係，使我們能以非常、非常具競爭力的定價模式取得這些船舶。這當然極其重要，因為船舶交付後你必須與它們相伴 25 年。

We also are looking into the scour protection asset, as we have already discussed. And for us, it's really a strategic enabler, but it's also something where we, to a very large extent, will be our own client. We will be offering this product to our clients as part of the foundation installation. And we also believe that, that will also be a de-risking of our foundation projects because we do not become solely depending on other companies providing this service to us or to our clients. And we believe that all in all, that is a better strategy, both for us and for our clients.

我們也在評估沖刷防護資產，如同我們先前已討論過的。對我們而言，這確實是一項策略性賦能工具，同時在很大程度上我們也會成為自己的客戶。我們將把這項產品作為基礎安裝的一部分提供給客戶。我們也相信，這將降低我們基礎專案的風險，因為我們不會完全依賴其他公司向我們或我們的客戶提供此項服務。總體而言，我們相信這對我們與客戶都是更好的策略。

And I would also like to say in this forum that the decision to go into that area is a decision that has been taken together with our clients who had a desire for us to be playing a role in this space. And hence, we also expect that we will soon be able to announce utilization on such a vessel when the whole process towards the vessel has been finalized.

我也想在此場合表示，進入該領域的決策是我們與客戶共同做出的，因為客戶希望我們在這個領域扮演一定角色。因此，我們也預期在與該船舶相關的整個流程完成後，我們很快就能宣布此類船舶的利用率（承接/使用）情況。

And I think that -- all in all, the additional assets will allow us to continue to be flexible and have an integrated solution for our clients, which should all in all, allow Cadeler to get a higher than fair share of the market, but also something that we believe is driving a premium when we are executing a project, because we are able to give the client the flexibility but also a redundancy that we believe is pretty unique for our industry.

我認為——總體而言，新增資產將使我們能持續保持彈性，並為客戶提供整合式解決方案；這應能讓 Cadeler 取得高於「公平份額」的市場占有率。同時，我們也相信這會在我們執行專案時帶來溢價，因為我們能為客戶提供彈性以及我們認為在本產業相當獨特的備援能力。

And in terms of how the market looks like, we -- in this presentation are just showing how the whole market is looking, not discounting anything in terms of capability or efficiency but have added the two T-class vessels as potential vessels to be constructed on top of the fleet and are yet again manifesting being the largest company of our kind in the industry with a very, very solid asset base that is in very, very high demand from the clients. So all in all, as Peter said, and as I said, a quarter that has performed as we expected, and we have continued to build the company for a future that we believe will be very, very busy.

就市場樣貌而言，我們——在本簡報中只是展示整體市場的情況，未就能力或效率做任何折扣，但已將兩艘 T 級船舶作為可能建造、加入船隊的潛在船舶納入，並再次彰顯我們是本產業同類型公司中規模最大的公司，擁有非常、非常穩健的資產基礎，而這些資產在客戶端需求非常、非常旺盛。總之，如 Peter 所說、也如我所說，本季表現符合我們預期，我們也持續為我們相信將非常、非常忙碌的未來打造公司。

So key investment highlights. As we already talked about, largest and most capable versatile fleet, which really means redundancy for the clients. And redundancy means a lot. If we look at where clients historically have had issues on their project, it's really when the redundancy is not existence.

因此，關鍵投資亮點：如我們已談到的，最大且最具能力的多用途船隊，這對客戶而言意味著備援。而備援非常重要。若回顧客戶過去在專案中遇到的問題，往往就是在缺乏備援時發生。

And that leads me to the next point with strong relationship with our clients. I am arguing that we have very, very strong relations. We are constantly in touch with our clients to make sure that they get the service from us that they expect, and we are always trying to be proactive and helping when something is not going to plan.

這也引出下一點：我們與客戶之間的強健關係。我主張我們擁有非常、非常牢固的關係。我們持續與客戶保持聯繫，以確保他們獲得期望的服務；當事情可能不按計畫進行時，我們也總是力求主動並提供協助。

And we have a leading industry position. As I said, we believe that, that will lead to a higher than fair share of market. We are working globally and we can work everywhere. And we also now have experience in working in every region where offshore wind is currently playing a role.

此外，我們在產業中具領先地位。如我所說，我們相信這將帶來高於公平份額的市場占有率。我們在全球運作，且可以在任何地方作業。我們也已累積在目前離岸風電發揮作用的每個區域作業的經驗。

We believe in a structural undersupply and an increasing market demand. And all in all, we are building the fleet to handle that and to make sure that we return maximum value to our investors, very strong track record and backlog -- and a backlog that we will continue to build over the coming quarters.

我們相信供給存在結構性短缺且市場需求正在增加。總體而言，我們正在打造船隊以因應此趨勢，並確保為投資人帶來最大價值；我們擁有非常強勁的實績與在手訂單——而且我們將在未來幾個季度持續擴增在手訂單。

And with that said, I think that we are going into the Q&A.

那麼，接下來我想我們將進入問答環節。

(Operator Instructions) Jamie Franklin, Jefferies.

（接線員指示）Jamie Franklin，Jefferies。

Firstly, I just wanted to ask on utilization and how to think about the rest of the year. Is it fair to assume a sort of similar profile that we saw in 2025 with utilization ramping up at a similar sort of magnitude in 2Q, 3Q?

首先，我想問一下利用率，以及該如何看待今年剩餘時間。是否可以合理假設會呈現與 2025 年類似的走勢，也就是在第二季、第三季利用率以相近幅度爬升？

And maybe given that we're now halfway through the second quarter, are you able to give a bit more clarity on the kind of a range of utilization we might expect, or if there are any specific factors that would result in 2Q vessel utilization being lower year on year?

另外，鑑於我們現在已經進入第二季的一半，您是否能更清楚說明我們可能預期的利用率區間，或是否有任何特定因素會導致第二季船舶利用率同比下降？

I think that you're right in your first statement that we expect that utilization is coming up in the following quarters of this year, which is also given by the fact that we maintain our guidance and with the Q1 being as per expectation. So we are completely in line with that.

我認為你第一個陳述是正確的：我們預期今年接下來幾個季度利用率會上升，這也反映在我們維持指引不變，以及第一季表現符合預期。因此我們完全與此一致。

We can also say that Q1 has been defined very much by vessels being swapped around, being in dry dock and preparing for projects. And that is work that has been done now, and we only have very little of that left for the remainder of the year. So hence, we believe that the utilization will be strong for the remainder of the year.

我們也可以說，第一季很大程度上是由船舶調度更換、進塢維修（dry dock）以及為專案做準備所主導。這些工作現在已完成，而今年剩餘時間只剩下很少部分。因此，我們相信今年剩餘時間的利用率將會很強勁。

And then maybe thinking about cash flow through the remainder of 2026. I believe that most of the remaining CapEx this year is obviously due in the third quarter with the final installment on Wind Ace. So I just wanted to confirm that and whether there's any additional CapEx to think about through the remainder of this year, please?

接著談談 2026 年剩餘時間的現金流。我理解今年剩餘的大部分資本支出（CapEx）顯然會在第三季到期，主要是 Wind Ace 的最後一筆分期款。我想請您確認是否如此，以及今年剩餘時間是否還有其他需要考量的資本支出？

Yes, definitely, there is with Wind Ace, and we also have an installment on this year on the Wind Apex, around EUR90 million. And then we expect also to sign the yard contract on the T-Class vessels this year, and there we also need to pay the first installment. That we don't know exact what, but it could probably be to the tune of EUR110 million or something for both vessels.

是的，確實如此，Wind Ace 方面是這樣；此外，今年 Wind Apex 也有一筆分期款，約 9,000 萬歐元。然後我們也預期今年會簽署 T 級船舶的船廠合約，屆時也需要支付第一筆分期款。確切金額我們還不清楚，但兩艘船合計可能大約在 1.1 億歐元左右。

So that is the main components that we have in CapEx. Of course, there's also some on Wind Keeper that will be finalized, but most of that was in Q1. So we mentioned very little rest of the year on that one. And then yeah, there will also be something on the foundation project. So that is the run through of that.

因此，這些是我們資本支出的主要構成。當然，Wind Keeper 也會有一些款項要結清，但大部分已在第一季支付，所以我們提到今年剩餘時間在那一項上只會很少。另外，基礎專案也會有一些支出。以上就是整體概況。

Okay. Very helpful. And then finally, you touched on Wind Apex and the potential for early delivery. At last results, you said it could be up to one month early. So is the -- is that still the timeframe you're sort of thinking about?

好的，非常有幫助。最後，您提到 Wind Apex 以及可能提前交付。在上次業績發布時，您說可能最多提前一個月。所以——這仍然是您目前所考量的時間框架嗎？

And would there be any additional cost to the yard associated with early delivery? And if so, is that expected to be funded by the clients?

如果提前交付，是否會產生任何與船廠相關的額外成本？若有，是否預期由客戶承擔資金？

Yes. So it's correct. We expect that the Wind Apex is now delivering towards the end of April, very early start of May. And that is already confirmed and signed with the shipyard. And there is a small associated cost with that, that is being part of the project negotiation with the client. Yes, that's correct.

是的。沒錯。我們預期 Wind Apex 現在將在 4 月底交付，或 5 月初非常早的時間交付。這已與船廠確認並簽署。提前交付會有一筆小幅相關成本，這已納入與客戶的專案談判之中。是的，正確。

(Operator Instructions) We appear to have no further questions at this time. Thank you so much for your participation. I will now hand the floor back to Mikkel Gleerup for any closing remarks.

（接線員指示）目前似乎沒有其他問題。非常感謝各位的參與。現在我將把時間交還給 Mikkel Gleerup，請他做結語。

Thank you very much for listening in on this Q1 presentation. We are looking forward to a year that will very much be defined by execution and also, the assets that we have discussed since the private placement. Thanks for the support from every investor that are supporting us. We are looking forward to a very strong year, 2026. Thank you.

非常感謝各位收聽本次第一季簡報。我們期待今年將在很大程度上由執行所定義，同時也包括自私募配售以來我們所討論的資產。感謝每一位支持我們的投資人。我們期待 2026 年會是非常強勁的一年。謝謝。