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    Jamie Franklin • Jefferies Financial Group

    Jamie Franklin's questions to Cadeler A/S (CDLR) leadership

    Jamie Franklin's questions to Cadeler A/S (CDLR) leadership • Q1 2025

    Question

    Jamie Franklin from Jefferies asked for clarification on the expected contracted days in Q2 relative to Q1, potential downtime for the fleet, the nature of any remaining gaps in the 2025 order book, and current day rates for O&M work.

    Answer

    Executive Mikkel Gleerup confirmed a significant step-up in Q2 activity is expected from newbuilds and the Wind Zaratan, with no adverse downtime anticipated beyond normal 'teething issues'. He noted that remaining 2025 gaps are mainly for vessel transit or late-year weather risk. Regarding O&M, he explained that spot market rates are on par with installation rates, while longer-term contracts are slightly lower but offer more visibility.

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    Jamie Franklin's questions to Cadeler A/S (CDLR) leadership • Q4 2024

    Question

    Jamie Franklin from Jefferies asked about the key variables for reaching the top end of the 2025 guidance and which specific European markets present the greatest near-term opportunities.

    Answer

    Mikkel Gleerup (Executive) responded that achieving the high end of guidance depends on solid execution, securing additional scope on projects, and the timing of newbuild deliveries and project milestones. He highlighted that the North Sea and Baltic Sea regions, particularly the U.K., Germany, and Denmark, are the primary drivers of near-term growth in Europe.

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    Jamie Franklin's questions to Cadeler A/S (CDLR) leadership • Q4 2024

    Question

    Jamie Franklin from Jefferies asked about the 2025 guidance, seeking clarity on the key variables to reach the upper end of the range and the delivery timeline assumptions for the remaining newbuilds, given recent early deliveries. He also inquired about the most significant near-term country-specific opportunities within the strong European market.

    Answer

    Executive Mikkel Gleerup stated that while some newbuilds are ahead of schedule, the company is maintaining its quarterly delivery guidance for now. Reaching the top end of the 2025 guidance depends on securing remaining vessel utilization, adding scope to existing projects, and the timing of revenue from foundation projects, which have lower initial margins. Gleerup identified the North Sea and Baltic Sea regions as key growth drivers, with the U.K., Germany, and Denmark showing significant activity.

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    Jamie Franklin's questions to Tenaris SA (TS) leadership

    Jamie Franklin's questions to Tenaris SA (TS) leadership • Q1 2025

    Question

    Jamie Franklin requested a quantification of the progress made on the $200 million cost-saving program targeted for H1 2025. He also asked for elaboration on the sales decline in South America, specifically regarding lower prices mentioned for Argentina.

    Answer

    Chairman and CEO Paolo Rocca confirmed that the company has already captured more than half of the planned $200 million in savings and is on track to meet the goal by the end of Q2. Regarding Argentina, he explained the lower average price was due to a product mix shift toward lower-priced welded line pipe projects. He noted that OCTG prices, which are largely tied to the Pipe Logix index, are expected to follow that benchmark.

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    Jamie Franklin's questions to Technip Energies NV (THNPY) leadership

    Jamie Franklin's questions to Technip Energies NV (THNPY) leadership • Q1 2025

    Question

    Jamie Franklin of Jefferies asked for insight into the revenue profile for the Project Delivery segment for the remainder of the year, noting that the Q1 run-rate already approaches the high end of the updated guidance.

    Answer

    CFO Bruno Vibert acknowledged the strong Q1 start but explained that some seasonality could affect the quarterly progression. Specifically, construction-heavy projects in the Middle East may see slightly less progress during the hot summer months due to safety protocols and a shift to night work, which can impact the revenue recognition pace.

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