Operator
Good morning, and welcome to Cadeler’s H1 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 are 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 welcome to this half year presentation from Cadeler. Very pleased to be joined by everyone here. Just a disclaimer slide here first and then our H1 highlights slide.
So first half of 2026 has been really a first half that is defined by a very solid financial performance. Adjusting for the large termination fee we