Cadeler A/S (CDLR) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.124 Good morning and welcome to Cadela's third quarter 2025 earnings presentation. 00:00:05.124 -- 00:00:10.378 Presenting today are Mikel Glirop, Chief Executive Officer and Peter Brogard, 00:00:10.378 -- 00:00:15.685 Chief Financial Officer. Please be reminded that presenters' remarks today will include 00:00:15.685 -- 00:00:20.294 forward-looking statements. Actual results may differ materially from those contemplated. 00:00:20.294 -- 00:00:25.124 The risks and uncertainties that could cause Cattler's results to differ materially from 00:00:25.124 -- 00:00:29.432 today's forward-looking statements include those detailed in Cattler's annual report 00:00:29.432 -- 00:00:34.422 on Form 20F, on file with the United States Security and Exchange Commission. 00:00:34.422 -- 00:00:38.898 Any forward-looking statements made this morning are based on assumptions as of today 00:00:38.898 -- 00:00:44.276 and CADLA undertakes no obligation to update these statements as a result of new information 00:00:44.276 -- 00:00:49.548 or future events. This morning's presentation includes both IFRS and certain 00:00:49.548 -- 00:00:54.896 non-IFRS financial measures. A reconciliation of non-IFRS financial measures 00:00:54.896 -- 00:01:00.145 to the nearest IFRS equivalent is provided in Caddler's annual report. 00:01:00.145 -- 00:01:05.132 The annual report and today's earnings presentation are available on Caddler's website 00:01:05.132 -- 00:01:10.139 at caddler.com forward slash investor. We ask that you please hold all questions 00:01:10.139 -- 00:01:14.203 until the completion of the formal remarks, at which time you will be given instructions 00:01:14.203 -- 00:01:18.948 for the question and answer session. As a reminder, this call is being recorde...