Operator

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. 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.

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.

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

Mikkel Gleerup
CEO & Member of the Executive Board

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 EUR 2.7 billion, which we believe provides a very solid earnings visibility for the company.