Welcome to BW Ideol third quarter 2022 presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded. Thank you. We will now begin the presentation. Good morning to all. I'm very pleased to welcome you to BW Ideol Q3 2022 call. I'm joined by Nicolas de Kerangal, our CFO, that will present together with me. As we heard that at the end of the presentation, there will be a Q&A session. Next slide. Next slide. During the quarter, the company has continued to mature its project portfolio. After reaching final investment decision in Q2 and the signing of the first non-recourse project financing, the EolMed project is entering into its construction activities with the full certification of the floater design by BV and the first steel cut on the floaters in September. In Scotland, the development activities of the Buchan Offshore Wind project, 960 MW, are accelerating, targeting to be among the very first project to be consented in Scotland, with the contract signing for deployment of a floating LiDAR that is scheduled in November. We have extended our substantial pipeline by the signing of a partnership agreement with Taiya Renewable Energy in Taiwan, preparing for a 50 MW demo tender announced by the Taiwanese government around mid-2023, including our positioning both as co-developer but also as exclusive EPCI contractor for the floaters. Timing of the tender in France is now confirmed. The final site for the 250 MW South Brittany tender has been announced and confirmed by the French authorities. An application will have to be submitted in Q1 2023. The consortium with EDF Renewables and Maple Power has been pre-selected in August to participate in the 250 MW Mediterranean tender. During the period, we have also continued to explore new markets with the award of a new feasibility study to supply power for wind-powered FPSO, confirming our leadership position in this segment in partnership with BW Offshore. With the inauguration of an offshore hydrogen production unit by Lhyfe, unit that will be powered by our Floatgen demonstrator in France, allowing BW Ideol to continue exploring the hydrogen market and its coupling with our technology. In parallel to progressing our leading development portfolio, we remain focused on cash discipline. Over the quarter, the operational cash burn turned positive for the first time with EUR 1 million generated. The cash position reached EUR 11.25 million at the end of September, and we are pleased to announce the award of a EUR 2.7 million financing by the French ADEME agency to finance our R&D program for the next years. Next slide, please. Next. A few words on the overall business environment and its impact on our activity. With increased geopolitical tension, the focus on energy independence is accelerating government's ambition for renewable energy transition, and several governments are introducing laws to speed up development time, including in France and in the U.K. The high energy price are also shifting attention to the value of long-term corporate PPA to secure power supply for energy-intensive industry. Power market is also impacted by the acceleration of climate change effects, including reduced production from hydropower plant or nuclear plant located on rivers and increased demand for air conditioning during the summer. Finally, higher interest rates and inflation are impacting the levelized cost of energy of renewable energy projects, introducing volatility on the price of key components, including, for example, steel for the wind turbine tower or steel for the floaters. Next slide. The global floating wind pipeline is rapidly expanding. A study published by RenewableUK in October underlined that the pipeline for floating wind has more than doubled in the past 12 months from 91 GW to 185 GW, and that there is a need for around 3,200 floaters to be manufactured by 2030, highlighting the supply chain challenge associated with the setup of this new industry and the unique advantage linked to our capacity to industrialize the production of our concrete floaters. Next. On north side, in addition to the 15 GW award in January in Scotland, we have identified around 25 GW of new opportunity pipeline for which official tenders have been announced by government for the next three years on specific sites already identified and pre-developed. It includes tenders in France, in the U.S., in the U.K., in Norway, in Spain, Greece, Portugal, Japan or Taiwan, all tenders for which we are actively pursuing partnerships to be positioned either as co-developer or as floater EPCI contractor. With this market dynamics, we reiterate our 2030 goals of being involved in 10 GW of gross portfolio of projects. Next. We are pleased to have secured an additional partnership agreement over the period with Taiya Renewable Energy in Taiwan. In our strategy to accelerate short-term opportunities, we have identified the announced 50 MW demo project tender in Taiwan as an interesting opportunity. The demo tender is targeting projects around 50 MW and between two and three sites will be awarded. For that, applicants need to obtain primary environmental impact assessment approval to qualify for the tender, and Taiya Renewable Energy has developed one of the few sites in position to qualify. The MOU signed includes a 20% potential ownership for BW in the project, as well as the exclusivity on the supply of the floating foundation for the demo. The current targeted final investment decision date is around 2025. The agreement also covers the joint development of several commercial-scale projects. Next. For our project under operation, Floatgen continues to over-perform with 1 GWh produced during the summer period and accumulated production over the last 3.5 years, close to 22 GWh. We have also announced on Monday this week a monthly production record in October with an exceptional average capacity factor of above 80% in a very favorable market context with high energy price. Our Hibiki project in Japan has passed successfully another powerful typhoon in September without any damage, confirming the suitability of our design in typhoon areas and/or a unique proven track record for markets like Japan or Taiwan. Next. In France, the construction of the EolMed 30 MW project is progressing with the first deep cut for the project in September and the final certification of the floating foundation designed by Ideol. The timing is now confirmed for the first floating wind tender in the world to be driven mainly by price. The AO5 sub-region tender for 250 MW, for which application will have to be submitted in Q1 2023 for an expected award around mid-2023. In parallel, the 13 pre-selected consortiums that will participate to the AO6 2 × 250 MW Mediterranean tender have been announced in August by the French authorities, including the consortium EDF Renewables and Maple Power, to which BW is a partner, and the competitive dialogue has now started for application start targeted by mid-2023. BW has a unique footprint in this key market for floating wind with all floating units, the EolMed 30 MW project, and this partnership with EDF Renewables for the three ongoing tenders. Next. We are progressing as planned on the Buchan Offshore Wind project, namely our 1 GW project in Scotland. The development team has been set up with an office in Glasgow. The site investigations, including bird and climate surveys, are ongoing from March, and we have appointed Natural Power to lead the environmental impact assessment. The contract for the deployment of the floating radar has been signed in September with Partrac. The radar has been tested on the Blackness site in October and is now ready for offshore deployment. It will measure both wind and met-ocean conditions on the site. In parallel, we are finalizing the award of the geotechnical and geophysical campaign. Both the floating radar and the geotechnical campaign will serve as baseline for our engineering studies that are targeted to be started next year. We are also progressing on the Ardersier mill production line feasibility study that shall be finalized by year-end. The port owner has made significant progress on the dredging activities, and the sea access channel has been reopened. It further confirms the unique value of the partnership with Ardersier Port, the only facility in Scotland ready to serve as a future production line, creating hundreds of jobs in Scotland while ensuring the most competitive price for the projects. Next. We have further expanded our development position over the quarter, in particular in Japan, where we are progressing well on our project in partnership with INEOS and Tohoku Electric Power, for example. Including activities on site data collection, port surveys, grid connection, preliminary feasibility study, and stakeholder management. BW is currently developing around 2 GW of floating wind projects in Japan with leading Japanese energy companies, one of the largest floating wind project pipelines in the country. We are also progressing on the floating platform market, a new frontier segment on which we can see significant leverage on BW Offshore experience and track record with the finalization of the first feasibility study in September and the award of the second one for SBM Offshore and its close client. Next. Finally, we have entered the hydrogen market during the quarter with the inauguration of the Sealhyfe hydrogen production facility by Lhyfe in the port of Saint-Nazaire in France in September. The first floating hydrogen production unit that will be deployed on the SEM-REV site and powered by Floatgen. It will give us unique insight on the combination of floating wind and hydrogen production offshore in preparation for this new route to market. Next, please. I will now let Nicolas de Kerangal presenting to you the financial section of this presentation. Thank you, Paul. Revenue for the first nine months of 2022 was EUR 5.1 million, derived from design and engineering activities and royalties from projects in France, Scotland, and Asia. We have added EUR 2.4 million of revenue during Q3. This compares with EUR 1.5 million of revenue for the same period in 2021. Operating loss before depreciation and amortization for the period was EUR 2.2 million, a decrease from EUR 5.4 million loss in the same period of 2021, mainly due to the increase in revenue from the customers. In September 2022, BW Ideol and partners were awarded a EUR 2.7 million combined public grant and reimbursable advance to fund its R&D activities, including more efficient floating foundation to support high power wind turbines of 20 MW, innovative mooring lines, and new sensor decoder technology with real-time inspection and monitoring of flutter behavior and mooring maintenance in all operational conditions. Overall, total cash at the end of the period was EUR 11.25 million, down from EUR 32.8 million at the end of last year. BW Ideol expects to raise additional funding during the first semester of 2023 to execute on its growing pipeline of projects under development and upcoming tenders. The company is currently exploring various options to cover its financing needs for the next three years. Next slide, please. We are pleased for this quarter to present a positive cash flow on the operating activities of a bit above EUR 1 million. This has been realized thanks to the revenue generating from our engineering studies, but also from the payment of the French R&D tax credit that we received in the month of August. On top of that, we continue to invest in our R&D and in our portfolio project with EUR 3.2 million investment during the quarter on the investment side. The rest of the cash flow for EUR 0.7 million is related to the amortization of our bank financing lines. Next slide, please. We continue to demonstrate disciplined management of our financial resources with a focus on operational effectiveness, allowing us to post this positive cash flow of EUR 1.1 million in Q3, which we expect to continue to perform in that direction in the next few years. Next slide, please. Next slide. We continue to strive to develop a refined ESG approach. We are pleased to announce today the appointment of Ms. [Cinzia Bottini], our new Chief Human Resources Officer, who will join our executive management team. We also are pleased to announce that our Chief Legal Officer, Mr. Chris Taylor, will also join the management team in order. This will allow us also to expand our management team, provide a better balance, male, female, and move forward with better governance practices. Next slide, please. As a conclusion for the track, we are continuing to rapidly maturing our projects under development with the deployment of the Sealhyfe and the progress on the [BayWa r.e. and Mamert service on the Buchan] 1 GW project, and with the first steel cut and design certification on the EolMed 30 MW project under construction. We are also expanding our substantiated pipeline with an increased focus on midterm projects, having the capacity to generate EPCI opportunities, including the 50 MW demo tender in Taiwan for [40 MW] platform project. We are structuring the industrialization of portfolios with the progress on our this year production line and preparing the next floating foundation generation with the financing awarded from ADEME to fund our ambitious R&D program. All these activities demonstrate a clear roadmap to market leadership with a fully proven and bankable technology ready for industrialization and to be deployed on a secure pipeline. In parallel, the company continues its strict focus on cash discipline with, for the first time, a positive operating cash flow over the quarter, while structuring additional funding capacity in preparation for the 25 GW of new tenders to come. We are ahead of our 2050 goal to be involved in 10 GW of gross portfolio project, offering a unique investment opportunity in the new industry, transforming the energy landscape and securing our energy independence. Thank you for your attention, and we are now opening up for questions. We have one question on our fundraising options. Is the market value being very low? Are you considering other possibilities and equity raise? What are your fundraising options? We are currently looking at various options, including the funding of BW Ideol companies. We are also looking at option to fund d irectly, the project development pipeline, as we have presented in the past with potential option with ADEME and BPI, that is one possibility among others. We are currently exploring both options of the funding at the Topco, but also funding directly together with us on the development of the project. As a reminder, to ask a question on the phone lines, please press star followed by the number one on your telephone keypad. You may also ask a question via webcast, and we will pause for just a moment for any phone questions. There are currently no questions via phone. I would like to hand over to Paul de la Guérivière for any questions via webcast. We have a second question on the webcast. Is your pipeline of 1 GW under development net to BW Ideol or growth? The 1 GW development is growth. We have a 33.3% ownership in the 1 GW Buchan Offshore Wind project, the two other partners being EDF Renewables and BayWa r.e. Each partner has 1/3 of the project. Okay. If there's no further question, we thank you very much for your attention and for joining us for this Q3 presentation. Okay, sorry, there is another question. When do you expect to reach the break-even of your activities? Not before 2024. It depends on the activities. Clearly, the floating wind industry is a new market. It's a growing market. It's a market where we have to continue to invest significantly to grasp a market share and a leading position. We have to invest in continuing the R&D activities. We have to invest to put in place the production line, for example, what we are doing on the other ship port. We have to invest to develop the project on which we generate revenues. When we co-invest in, for example, the project in Scotland, it generates after for us engineering revenues, or when we co-invest in the project in Taiwan, it generates engineering revenues. But also behind potentially EPCI revenues as further EPCI contractor. It's clear that we do not expect to reach break-even in the coming years. Just by nature of the market, that is an emerging new industry. We wait another one minute. Could you elaborate on the interest of producing hydrogen offshore compared to all of the drawbacks? We effectively. One of the main interest of producing hydrogen offshore for some of the projects is to have to avoid to build the interconnection. For example, on facilities that are relatively far offshore, you have high investment linked to the building of the interconnection with the shore. Producing hydrogen offshore can reduce such costs. But we clearly consider that the competitiveness of green hydrogen is not yet proven, and it's why there is still important need for further R&D in order to demonstrate the market potential. With what we are doing, offshore Floatgen, we have not invest in the hydrogen production unit itself. It is totally run by separate company, but it will be powered by Floatgen, so helping us to understand the potential interaction between the two. Okay, if there is no further question, we thank you. That's it. Okay. Thank you very much you all. Thank you very much, everyone.