Cadeler A/S (CDLR) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.627 Good morning and welcome to Cadala's third quarter 2025 earnings presentation. 00:00:05.627 -- 00:00:11.142 Presenting today are Mikael Glierup, Chief Executive Officer and Peter Brogard, 00:00:11.142 -- 00:00:16.350 Chief Financial Officer. Please be reminded that the presenters' remarks today will include 00:00:16.350 -- 00:00:21.236 forward-looking statements. Actual results may differ materially from those contemplated. 00:00:21.236 -- 00:00:26.463 The risks and uncertainties that could cause Cadala's results to differ materially from 00:00:26.463 -- 00:00:31.771 today's forward-looking statements include those details in Cadala's annual report 00:00:31.771 -- 00:00:37.493 on Form 20F, on file with the United States Securities and Exchange Commission. 00:00:37.493 -- 00:00:41.978 Any forward-looking statements made this morning are based on assumptions as of today 00:00:41.978 -- 00:00:46.984 and Cadala undertakes no obligation to update these statements as a result 00:00:46.984 -- 00:00:52.490 of new information or future events. This morning's presentation includes both 00:00:52.490 -- 00:00:56.574 IFRS and certain non-IFRS financial measures. 00:00:56.574 -- 00:01:02.281 A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent 00:01:02.281 -- 00:01:07.578 is provided in Cadala's annual report. The annual report and today's earnings 00:01:07.578 -- 00:01:13.046 presentation are available on Kadala's website at kadala.com forward slash 00:01:13.046 -- 00:01:18.013 investor. We ask that you please hold all questions until the completion of the formal 00:01:18.013 -- 00:01:22.199 remarks, at which time you will be given instructions for the question and answer session. 00:01:22.199 -- 00:01:25.364 As a remi...