Martin Husby Karlsson

Martin Husby Karlsson from DNB asked about Cadeler's confidence level for higher project volumes in 2029 and 2030, inquiring if this confidence stems from specific events or broader government and political support for offshore wind in Europe. He also questioned how clients perceive Cadeler's large, versatile fleet (foundations and turbines) compared to smaller, single-vessel companies, especially given potential challenges in 2028. Additionally, he sought clarification on pricing trends, noting solid pricing for 2026/2027 and 2029/2030 work, and how this aligns with softer demand expectations for 2028.

Answer

CEO Mikkel Gleerup explained that confidence for 2029/2030 volumes is based on current project bids and clients' willingness to commit capacity, noting a potential undersupply for foundations in 2029. He highlighted that clients highly value Cadeler's predictability, safety, and ability to guarantee vessels and backup, often prioritizing these over price, though 2028 might see more price pressure due to increased competition. Regarding pricing, Mr. Gleerup noted that Asia maintains a tight supply/demand balance in 2028, while Europe might experience more price pressure, leading to a stabilization rather than a significant decline, but projects remain attractive.

Martin Husby Karlsson from DNB asked about Cadeler's confidence level for higher project volumes in 2029 and 2030, inquiring if this confidence stems from specific events or broader government and political support for offshore wind in Europe. He also questioned how clients perceive Cadeler's large, versatile fleet (foundations and turbines) compared to smaller, single-vessel companies, especially given potential challenges in 2028. Additionally, he sought clarification on pricing trends, noting solid pricing for 2026/2027 and 2029/2030 work, and how this aligns with softer demand expectations for 2028.

Answer

CEO Mikkel Gleerup explained that confidence for 2029/2030 volumes is based on current project bids and clients' willingness to commit capacity, noting a potential undersupply for foundations in 2029. He highlighted that clients highly value Cadeler's predictability, safety, and ability to guarantee vessels and backup, often prioritizing these over price, though 2028 might see more price pressure due to increased competition. Regarding pricing, Mr. Gleerup noted that Asia maintains a tight supply/demand balance in 2028, while Europe might experience more price pressure, leading to a stabilization rather than a significant decline, but projects remain attractive.