Good morning and welcome to Cadela's H1 2026 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard, Chief Financial Officer. Please be reminded that the presenters remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadella's results to differ materially from today's forward-looking statements include those detailed in Cadella's annual report on Form 20F, 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 Cadella undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IRFS and certain non-IRFS financial measures. A reconciliation of non-IRFS financial measures to the nearest IRFS equivalent is provided in Cadala's annual report. The annual report and today's earning presentation are available on Cadala's website at cadala.com forward slash investor. We ask that you please hold all questions until the completion of the formal remarks, at which time you'll be given instructions for the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

Thank you very much and welcome to this half-year presentation from Kettler. Very pleased to be joined by everyone here. Just a disclaimer slide here first, and then our H1 highlight slide. So the first half of 2026 has been really a first half that is defined by very solid financial performance. Adjusting for the last termination fee we had last year, we do see a very strong revenue and it darted out both more than doubling on a year-on-year basis. A new build program continues to be on track. We delivered our second A-class vessel on the 17th of July, and that vessel is now preparing for its first project with the mobilization of mission equipment in China before coming to Europe for final mobilization. We also successfully acquired Menck, a leading global provider of specialist equipment and technology solutions for offshore foundation installation. A little bit more about that later in the presentation. and then we continued solid execution across all key regions where we are currently busy and the ONCE3 execution also continues and I'm very pleased with that and also more about that in the presentation. And then we signed a firm contract for the two new T-class vessels, something we have been working very very hard to achieve and I think it's fair to say that it's been a tough negotiation and I'm very pleased to be where we are now. In terms of commercial highlights, the acquisition of Mink, we already have gone through the transaction rationale in a separate presentation, but really it is about strengthening the customer offering and the execution capabilities that we have in Cattler. We do see this as one of the key components for a successful foundation campaign and we do also see that our clients have been increasingly concerned about whether this tool can be sourced to the market at the necessary volume and that is something that we have decided to take an active position in and to make sure that there's enough equipment for what the industry is needing And that really means what our clients are needing, what our peers are needing, and also what Cattler is needing. And all together, we believe that that is a very sound business move for us with having mink under the Cattler umbrella, but still on an ounce length principle, ensuring the proper governance structure that you would expect as a peer in the industry. So I think it's also, as you see on the right side of the slide, it's also about access to really data from thousands of foundations and thought already. And with the acquisition, Kettler and Meng together are the company in the industry that have been driving most pilots into the ground and hence also a company now that sits on an enormous and many more. And that data is something that we expect to use to really improve our custom offering when we go into a bidding round for every single foundation project to have a much better basis to evaluate the program length on a foundation project going forward. So the combined knowledge between the two companies is something that we very much expect will benefit not only our clients but the industry as a whole. And then, of course, Meng is a solid business. It's a business that is more and more shifting into a rental model. And we believe that the earnings profile of the company is something that is very attractive. And that is something that fits well with how we do business in Cadillac and what we want to do on a forward-going basis. And then there's just a very strong strategic and industrial fit between the two companies because the models, they are very, very much alike, so to speak. In terms of what the company is offering, we showed the slide also just on the day of the announcement, but really the hydraulic hammers, that is the main part of the business and also the biggest part in terms of revenue generation. But there is a lot of other things that are very interesting to develop as we now go forward with the company, in particular in lifting and handling. where we also are big clients ourselves for this type of equipment but also on noise mitigation. Noise mitigation is something that is taking more and more attention in the industry and I'm also pleased to say that MANC has good technical solution for noise mitigation and something that we will continue to develop together. There's also routing and drilling. Routing and drilling is also in some cases necessities on foundation projects and it's good that there are solid technology bases for both positive effects on projects going forward and really increasing efficiency on foundation installation in the industry For Kettler, we have been very open about how we see this. It's very much like we have seen with the vessels. We are aiming to build scale so we can offer clients redundancy. And I think it's fair to say that we have showed the redundancy. We have showed that it works. We also get the feedback from the clients that the journey that Kettler have been on is something that is working. It's also working for them because if there is delays on practice, then we are able to support with a and so on, all over the finish line. And we have done that already several times in the industry and we see that that is something the clients, they greatly appreciate. And we believe that by merging now the vessel with the hammer in the Kettler case, that is also something the clients will appreciate because really we remove one risk interface on their installation campaigns. And it's really one of the risk interfaces that they are worried about. And also one, if it goes wrong, it will cost a lot of money for the industry and hence having the ability that will be sought after by the clients out there. I'll say also the first half of this year has been very much about executing on projects globally. We continue on Gunzilla to install in the US. We have been back at Revolution Wind. We are at Revolution Wind installing the final couple of turbines before we go back to Sunrise again to complete that project. On Orca, we are installing the secondary steel for the Hornsea 3 project for Oswald. On Osprey, we are installing EA3 turbines at a very, very rapid pace. Osprey has done incredibly well on that project. The Windmover is installing on the Baltic Power project, and the Windmaker has done an O&M campaign in Asia and is currently also operating on O&M out there. We are bringing Gwen Saritan into a new era and we are doing some small upgrades to Gwen Saritan to make sure that she can support other parts of the business going forward and we are looking forward to see Gwen Saritan contributing value to the company as we go forward. When ACE was delivered, as I said, and currently installing mission equipment, when Allied is on 1C3 installing and very pleased to see what we are doing there. And as we will see in a future slide here, we are now going from proof of concept to really doing it fast and safe. That is really what we are aiming for here. And the team has worked tremendously hard to reach the target that we have. and Wim Pieper continues on a long-term agreement with Vestas doing various work and very positive as well there. Wim Pieper has also completed the SOFIA project and have subsequently done an O&M campaign for an extra, ultimately for Siemens, but currently working in the natural setup. And Wim Paes is, together with Wink Osprey, installing turbines on the EA3 project. On ONSI 3, as we said, it's from first to fast. We are still working on further accelerations and efficiencies on the project because we will be doing many projects in the future and hence the learnings we get now from ONSI is something that we can really implement into the company It has been an incredible learning journey to be on Hornsea and I think that we are very positive with where we are. We continue to find improvements that we can benefit from and that the client can benefit from. And I think that we are very ambitious in terms of where we want to be. But really the proof of concept, the fact that Cattler is now installing full-scale foundation projects safely and efficiently, Thank you to the team that is continuing to deliver on that. The monopilot installation continues and the secondary steel installation is also on track. and the logistics around the project that we're also handling is also progressing. We have three heavy transport vessels on charter and we have around 100 monopiles that have been loaded into the marshalling port. And really, as I already said, the focus is to continue safe execution on this project while still finding optimizations. And we are working with external people as well to really ensure that we take all the lessons learned in now to benefit this project, but also to benefit future projects, but also the way we build projects going forward. And I'm really pleased to see that the team and how they work with this project and also the interaction we have with the client. It's a very positive interaction with the client, in my opinion, and we are working towards the same target, really safe on time, on budget installation of this project. In terms of Nexra, I'm also pleased to say that Nexra has seen a pick-up in commercial performance and we have had three vessels working in the Nexra space, Wind Saratan, Windmaker and Windpeak, that have performed the orange spokes in Europe and APEC and we have had more than 230 vessel days that have been working with service. and also that the team in Nexra is working incredibly hard with our clients to secure long-term commitments on the O&M side. We maintain our view on the O&M side. We maintain that this is very, very interesting for us and also a very solid business and a place that Kepler very much wants to play a role in the Nexra setup. So we continue full speed ahead on Nexra and are also very, very positive with what we have seen in the latest months from the clients. And on the backlog, standing at 2.5 billion, as we always say, it's providing a very solid earnings visibility. I think that what we are saying on this slide today here is also that we are bringing you a little bit behind the curtains in terms of what is happening out there and and also part of why we are positive around what we are seeing for the future because at the moment we in the category vessel restoration agreement and prefer to buy agreements that are not currently in the backlog. We have three DTG projects for 27, 28 and 2031. We have a foundation project for 2028. We have also a project for 2031 on both foundation and turbines and also a long-term O&M agreement. So a lot of work is at the moment going on to convert these vessel reservation agreements slash preferred supply agreements into firm contract backlog. And I think that the team is fair to say that they are negotiating at full speed while we actually see a lot more coming at the moment. Especially for the beginning of the next decade, we see an enormous appetite from the clients and especially with the announcement of the T-class vessels, and many others. We are in a very positive momentum with the clients who would like to understand the capabilities of the T-class vessels and how we can work together with the A-class and the T-class vessels and our turbine installation vessels to ensure a very efficient installation campaign. With the acquisition of MENG, I think it's also fair to say that we have had very positive on the combination of the hammer and the vessel but also with our peers where several of our peers have reached out to say that they would like to discuss availability of hammers on an ongoing basis and we have also made it very very clear that that is very very much our ambition and we will prove it to the market that that is something that we are going to do. In terms of the backlog, as I said, around €2.5 billion, 77% of that has reached FID and there are projects that are currently in the FID process now. And also, as I said, the projects that we see on the right side of this slide that are currently in the preferred supplier agreements status, they're not included in the backlog, but we do expect that these projects are and many more. In terms of progress on the new builds, now it's new build and singular before we are starting the T-class vessels, but we are expecting delivery on wind apex in the second quarter of 2027. This represents an acceleration that we have agreed with COSPO and that is really to deliver towards the project that you saw in the preferred supplier category. We have seen that Wind Apex have achieved significant time optimization compared to the first vessel that was delivered. And I think that our collaboration with Kodpo is really a fantastic collaboration where we do understand each other and we can speak about the various things that are going on. And that is also why that it was a natural next step for us to award Kodpo with the T-BARF Newbills that will be delivered in 2030 and 2031 and we are looking forward to see them coming to the market as well together with our partners from Portugal. When ACE also delivered ahead of schedule and on budget, again, a very strong performance. This is now the 11th vessel that has been delivered and the second of the three A-class new builds. And as we now start to take delivery of the A-class vessels, we will also start to have a fleet of these vessels that can support each other. It is going straight into mobilization with the mission equipment and Having soon two vessels that are fully mobilized for foundation installation in a very flexible setup, we believe that that is something that will give us a very, very significant flexibility to support potential delays in the industry and also our clients really to ensure that we get these foundations installed on time, on budget. And the next vessel coming next year will also be able to do that, although she will start with turbine installation for the first period of time. Coming to the financial, I'd like to hand over to Peter, so you can take it away, Peter.

Yeah, thank you very much, Mikkel. Yeah, focus on the Q2 stand alone are three months ending 13th of June, 26. We have adjusted for the comparable figures from 25 for the termination fee that we received last year. in order to be able to compare on an urban-to-urban basis on the main activity of cattle. So we have adjusted here for revenue EBITDA and net profit for the €111 million. So revenue for Q2 was €282.8 million. That was a plus as compared to last year of 132%. Energy ratio was a solid 50%. Utilization at a very satisfactory level, nearly 91%. And also up from the adjusted number from last year. Bar it kept around 2 billion euro. EBITDA was 160%. 3.6 million euro and that is an increase of 106 as compared to last year. Net profit 95 million which is plus 73% as compared to last year as explained by Mikkel. Backlog stands at 2.5 billion and that is compared to same period last year is up 23%. 3 months steady average turnover 6.9 million euro. If we look at the Q2 numbers, the full P&L, again we see that revenue is up, and if we adjust for the termination fee last year, it is significantly up and doubled, more than doubled. Bleed utilization increased to 85% as compared to 76% last year and that is up from the 48% we had in Q1 this year as a result of the deliberate misses and they have been now mobilized and are on contract. The adjusted utilization is 91% compared to last year Comparable number of cost of sales has increased by €93 million. And that is of course given by the full quarter operating cost base of three additional vessels. It's a wind ally, wind mover and wind keeper. So we have now ten vessels operating as compared to seven last year. SGMA is increased by €7 million. which reflects the continuous scaling of our offices in order to, as we have explained many times, to be able to operate the bigger fleet, but also the foundation projects. Rensselaer OPEX is €39,871,000 per day. which is above the level that we have seen in previous quarters, reasonably around or just below 40,000 euro per day. If we look for the six months ending, 13th of June, revenue again more than doubled to the new 480 million. when we adjust for the Euro 111 million in termination fees and approximately the same unadjusted availability or utilization for 26 as compared to the first half of 25 and again adjusted utilization 85% for the six months. Again, the same dollars behind the increase in OPAX, cost of sales, and then driven by the three additional vessels. And again, the SG&A has increased by 9 million as compared to last year. And again, due to the same reason of having a bigger back office to be able to handle the additional vessels. and again the EBITDA more than doubled when we adjust for determination fee which is now the current income. Financially now we have an equity of 1.8 billion euro which is of course a function of The capital increase that we made in the 25th of March this year, and then the positive result, equity ratio stands at 50%, which is a solid balance sheet. This slide is the same slide as we have shown before with the capital on the new principal, and now we have also included the mint acquisition in this. to illustrate that we are not in need of any capital increase to be able to turn over a bank and go through this acquisition. As at the end of June at 206 million, we have all on loan facility on the RCFs, A and B of 180, Then in July, we made an additional home-go facility with Santander, 40 million euro, which adds, of course, to available liquidity. Main transaction, we got a bridge facility of 380 million from D&B and Rabobank, which was then used for the payment of the milk, around 500 million euro. So then we are having the new bit still. We have the A-class financing, 510 million, and A-class OPEX, or CapEx is 425. And then we are going to make a down payment from the ordering of the T-class phase of 1112, 121 actually, it's not stated here, but it's 121 million euro, or it's 120 it says in the call out. So that liquidity leaves us with 280 and then The main facility needs to be repaid at some point of time. We have on a term sheet basis a negotiating of an additional or a take-out facility of 250, i.e. we will finance the rest of the 380 that we have in Thank you very much. And it also includes the first down payments at ordering on the T-class, which is 15%, because the rest of the installments will come in 2028 and 2029 and for the majority will be within one year of delivery. This should hopefully make it clear for everybody that we will not have to do a capital increase to make it persistent. This is the financing overview. What has happened since last quarter is that we have signed it with APEX facility, signed 10th of July. was syndicated and ECA backed by IFOR. We have extended the RCFB until December 2027 and then we have upsized the Hong Kong facility with the center there. So that is the financing of the whole US of 13. Full year outlook. This has to be said, it's without MEG acquisition, so it's a kind of standalone. We will communicate on the impact from MEG later in the coming months when we have the full overview of the impact. We maintain the outlook for 26, so revenue in the range of 854 to 944. And in that, still in the level of 420 to 510. So that was the financials.

Over to you, Danny. Yeah. Back to the commercial outlook. Well, I think that we are getting a lot of questions on how we see the market developing and what is it we are talking to our clients about. And I think we, as I already said, we are seeing a lot of activity at the moment and we see also that our clients are really coming to us now for projects that are Some of them are starting in 2019, some of them are starting in 2030, 2031, 2032, but overall we do see a very sharp uptick in client activity at the moment for these years. I think it's also clear from what we in general discussed that there will be a lot of need for electricity and one of the solutions for that will be offshore wind and we believe it will be a firm part of that. We have also seen that with some of the recent geopolitical tensions that the importation of fossil fuels is and many others. Thank you very much for your time. and that is something that we have also discussed quite a lot. But one thing I would like to note is that in terms of projects being awarded in the market, we have already seen in 26 more projects awarded than what we saw in 25 on a gigabit basis and with more to come. And we do expect also A very, very strong year as well. So after a slightly, let's say, downward trend, especially for the years we have already discussed, 28 and the first half of 29, where capital's position still is that we are confident on 28 and the first half of 29. We have done good work to make sure that we have a very strong baseline there. But now we are seeing an uptake that will especially impact the second half of 2019 and 2030, 2031 and so on. In terms of supply and demand, we maintain also our view that on the foundation vessel demand, there is a very, very strong demand for efficient vessels. This is what we hear again and again and again from the clients is that efficiency really matters. And if a solution is efficient, then that is the preferred solution. There's still somewhat of a gap between what is required and what is in supply. And the efficient vessels will be taken away from the market fast. They will be taken away first as well. We have also included the hammer demand in the slide here to give a view on what we are seeing, because the hammers are not exactly following the same as the vessel, although a vessel in Torling, a foundation project, needs a hammer, but there are also Thank you very much. Thank you very much. and many more. As you have seen a couple of times before on the vessel market and how it looks just in total numbers, not having any opinion about how these vessels are performing and how efficient they are, Kettler now stands at 14 vessels with the two T-classes now being firmly added with firm orders with the shipyard. and I think that as we have said in the past, but it really gives us the flexibility, the redundancy and for the clients that really the reduced risks that they really appreciate and what we also getting very positive, let's say credit for from the clients at the moment. If we do look at what are efficient inflation vessels then the picture looks slightly different and that is why we do maintain the view that there is still a very high demand for these vessels that are efficient and dollars in the industry because we do see as we come into the next decade that a lot of the vessels will simply not be able to install efficiently or simply just hitting the 25-year mark and hence having to look at retirement from the industry. In terms of our growth journey, I think it's evident to anyone that that is what we have been focusing on to be able to deliver a very strong customer offering and also a very, very strong, let's say, value back to our investors with what we are doing. And I think that today's numbers also show that the growth journey is on plan and it is working what we are trying to do. But really, you know, focus has been that vertical and horizontal expansion. And here we really are deepening our foundation offering with the main acquisition, but also with the O&M offering. And we do start to see the effects of the O&M offering. And as you saw from the backlog slide, we also now prefer to buy for one of these long term O&M agreements. and organic and inorganic growth. I think we have done both just a couple of weeks ago. So I think it's self-explanatory, but that is where our goals have been to ensure that we maintain the position we have achieved with our clients where we are asked for basically everything in the industry. Thank you very much. On regional expansion, we are constantly focusing on being present. We see lots of expansion in the Asian market and basically we are bidding in every single market that is expanding in Asia at the moment and are very positive with these developments out there where we are working very much together with our key clients, but also with new clients and the commercial team has done remarkably well in getting us into the right position in these new markets. Then there's also a very strong focus in the company at the moment on monitoring and applying new technologies. We are actively starting to work with AI on some of our data handling to ensure that we are more efficient in how we analyze these thousands of data points that we have from projects and pre-projects to ensure that we have a better view of how the vessels were performing on the program. And this is something that we will communicate more about in the future, but also something that we will be starting to use and we have been dipping our toes into it but I think that it's fair to say that we now see really the first real steps into using AI in our whole structuring of bits and programming with analyzing these many data points and it also goes with with our main acquisition where we will be sitting on 50 million data points on pilot driving which we would like to also have to build a model around so we can ensure that both Ming and Kepler can deliver a very very high value to our clients on their projects. and then of course continuing what we have always done focusing on strategic partnership with our clients and also after the main acquisition with a new group of clients which is our peers. We have worked together with our peers for many years in many different ways and I've always said that the beauty We basically can work with anyone and that is more evident than ever after the MenGet position and we will do our part to really make sure that not only can our peers get the equipment that they need but hopefully they can also get a better service going forward in the combined structure compared to what they had in the past. So that is very much our ambition and also what we are currently discussing with the and we will be also coming out with a very strong governance model to give them the feeling around that as they rightly would expect from us. And just in terms of executing on growth in 2026, I think we have ordered the two new T-class vessels. It has been a very, very tough negotiation. One of the toughest ever. I think the yachts are in a situation where they basically Thank you very much. We have announced that and we are still working full speed on that, building the team at the moment and we will be announcing also on the asset side of that business as soon as we are ready to do that. And then last but certainly not least, welcome to all our new colleagues from Menk. We are very, very pleased So last but not least in terms of the key investment highlights We maintain the largest and most capable and versatile fleet and mission critical equipment and what does that mean? It really means redundancy for the clients. We focus on relationships and partnerships and we do that from an industry leading position where we will continue to create value for everyone. We have a global reach and experience and we are now the company that has installed most foundations by any company in the industry. We continue to see a structural undersupply and an increasing market demand demonstrated also by the amount of preferred supplier agreements and reservation agreements that we are talking about today. So we are in a very solid position. And then, as we also discussed a little bit previously, we are now also seeing an increased, let's say, drive on the technology, not only on on AI, but also on technology for tooling and stuff like that, where we will be using what we are sitting on in terms of data points to really ensure that we can combine that and create value for our clients and really ensure that we are first with next generation installation technology. So with that said, I think that we move into the Q&A, so Daniel, please take over.

Thank you. At this time we invite those analysts wishing to ask a question to click on the raised hand button which can be found on the black bar at the bottom of your screen. You may remove yourself from the queue at any time by lowering your hand. When it is your turn you will hear your name called and you will receive a prompt to be promoted. Please accept this prompt, wait a moment and once you've been promoted you may unmute yourself and ask your question. We encourage you to turn your video on as well. We'll wait one moment to allow the queue to form. And our first question comes from Anders Roselund at Seb. You may now unmute your line and ask your question. Thank you. Our first question today will come from Jamie Franklin, rather, at Jefferies. Jamie, you may now unmute your line and ask your question. Thank you.

Hey, guys. Thanks for taking my question. So we're going to see, obviously, second quarter utilization really kind of stepped up. Just wanted your help with how to think about vessel utilisation through the remainder of the year. Could we expect a similar level in 3Q, 4Q or based on current scheduling, is there any reason that utilisation may be any lower in the third and fourth quarters? And then thinking more specifically about Horn C3. Clearly, everything is very much on track so far. How should we think about the contribution from that project through the remainder of the year? Clearly, good progress on the monopoles. I would expect that is continuing through the third quarter. And then is it right to think about the turbine installation kicking off at the start of the fourth quarter? Thank you.

I think that we can say that we expect strong utilization for the rest of the year. We were building up in Q1 and I think that we will continue to see strong utilization for the rest of 26. There's a lot of activity going on and that's clearly our expectation. On 1C3, the program on 1C3 is what we basically have We are focusing on speeding up and where we end exactly with the speed Thank you very much. The learnings that we capture now from Hornsea, that is something that we can really bring into the company. And it is a mindset change, you know, because we are really talking about production here. It is a much more production mentality on a project like that. And hence, we are very ambitious in terms of what we want to achieve. Thank you very much.

Okay, very helpful. Thank you. And then secondly, just thinking ahead to 2028. So you mentioned obviously the preferred supplier agreement, which hopefully will convert to a firm contract. And then also there's a turbine project for 2728 that could convert as well. Just wondering if there's much else you're working on and any other sort of potential additions for 2028 at this point?

I think the short answer is yes but I think that they will be slightly later and I think also there are extension on current projects that are running into 28 which is not something that we include in this but we have seen extension on current projects also running further into 28 than what was previously expected so I think all in all I maintain what I said we believe that the baseline is strong and there are more to achieve in 28 but as we have said before we believe that Thank you. Thank you.

Can you hear me now? I had some problems with the technical solution. But anyhow, can you break down the backlog for the years 2026, 2027 and 2028? Yes, I can, but we don't. Okay, then I have a question on the financials. Depreciation was up meaningfully in the second quarter and I assume that is partly explained by the A-class vessel having a full quarter of depreciation in Q2. Is the depreciation level that we saw in Q2, is that the run rate we should expect going forward, say for additional vessels being delivered?

Yes, you should expect that. There can be also coming something from project equipment that is capitalized and then depreciated over the lifetime of the asset. But yes, we can expect the same levels, but then adjusted for full impact and age coming in.

There are no impairments in the second quarter impacting appreciation and compensation.

Sorry?

There are no impairments in the second quarter.

No, no, no impairments at all, no. Thank you very much. Thank you.

Thank you.

Thank you. So as a reminder today, to ask a question, you can click on the raised hand button, which can be found on the black bar at the bottom of your Zoom screen. And our next question today comes from Audrey Zong at China Securities. Audrey, you may now unmute your line and ask your question. Thank you.

Hi, good afternoon. This is Audrey from China Securities, and thank you for taking my question. Actually, my question is, we observed that Kepler is trying to become a comprehensive platform rather than just a wind turbine installation company. And we observed that you still have approximately like 425 million euro of remaining commitment for the A-class vessels. and you have recently ordered two T-class vessels for Euro like 805 million. And also you acquired Mink at an enterprise value of Euro like 500 million. and has confirmed that the scale protection investment plan remain intact. So actually my question is, is it necessary to pursue all of this investment at the same time? What minimum IRR or ROIC hurdle do you apply to each investment? And from which year do you expect each of them to generate returns about the cost of capital? Thank you.

Yeah, it doesn't come at the same time, so to speak, because we have already paid the acquisition price, but on the new buildings, it follows a certain schedule. So as said under the presentation, we have taken a delivery of A's now, and paid the final installment for that. So rank and A's is done. Then some remaining capex on the Apex coming in next year. On the T-class, yes, we will down pay now an order in 120 million euros, but then next installment or substantial installment is in 2030 and 2031 when they are delivered. and also somehow answers the same question. The follow-up on this is when will they start to generate revenue? ACE will start to generate revenue early in 2027 when it goes on project that it's mobilized for. At the moment LINK is generating positive income and cash flow from operations from 11th of August. So already kicking in. And then the T-class, the majority of the CapEx is in 2030 and 2031 and then they will start to generate costs 16 to 9 months after delivery. So it is a little bit more nuanced picture and some of the cost is also deferred. Disclose what is the requirement for return of accounts? We find all these systems very attractive when we look at the IIR on these projects.

Yeah, I think we can say we are beyond the target on every investment and one of the things in particular on the T-class vessels that we achieved was a very back-ended payment schedule and that was very important for us. Thank you. We have no further questions at this time.

Thank you for your participation and I will now hand the floor back to Mikkel Gleerup for any closing remarks. Thank you.

Thank you to everyone for listening in. Thank you for your support. And yeah, we will continue to work hard to deliver on our targets. Thank you very much. Have a fantastic day ahead. Bye bye.