Cadeler A/S : Q1 2025 Presentation

Investor Presentation Q1 2025

1 January - 31 March 2025

Q1 2025 - Highlights

Financial performance in line with expectations.

Cadeler took delivery of two newbuilds (Wind Maker and Wind Pace) in Q1, delivering 50% of this year's newbuild program in the first quarter. All four remaining newbuilds remain on track for delivery on or ahead of schedule.

7 vessels now active in Europe, APAC & US, demonstrating Cadeler's global footprint.

Growing demand for O&M services, strongly contributing to the utilization of Cadeler's fleet.

Cadeler's contract backlog continues to strengthen, increasing over the quarter to EUR 2.5bn.

Q1 2025 Commercial Highlights

Executing on projects

Vessel activity in Q1 2025

Wind Orca Wind Osprey Wind Scylla Wind Zaratan

Completed an O&M campaign for Siemens Gamesa and thereafter mobilised for the He Dreiht installation project for Vestas where work started in early April 2025.

Completed an O&M campaign for Vestas, thereafter successfully underwent a comprehensive drydock work scope at Fayard.

After drydock, the vessel completed mobilisation for the Baltic Power installation project and

is continuing a Vestas O&M campaign before that project starts.

Continues to work on the installation project for Ørsted Revolution Wind in the United States.

Commenced the O&M campaign for Vestas at the Changfang and Xidao wind farm in Taiwan end Q1 2025.

Wind Peak Wind Maker Wind Pace

Completed an O&M campaign for Vestas

Thereafter, completed mobilisation and commenced work on the Sofia installationn project for Siemens Gamesa.

5

Delivered in January 2025 in Korea.

Transited to Singapore for mobilisation before onwards transit to Taiwan to commence the Greater Changhua installation project for Ørsted.

Delivered in March 2025 and is currently transiting to Europe, where she will be mobilised for her first O&M campaign in the United States.

Cadeler's backlog increases to EUR 2.5bn

Diversified project backlog across all key markets and segments

Europe

Region as % of total backlog

Sofia - WTG - 2025

Inch Cape - WTG -2026

Baltic Power - WTG - 2025

Orsted/PGE - Baltica II - WTG - 2027

He Dreiht - WTG -2025

Bałtyk II & III - WTG - 2027

EA II - FOU & WTG -2027

EA III - WTG -2026

Vessel Reservation Agreements (Not in Backlog)

HOW III - WTG and FOU - 2026

Undisclosed client - O&M -2025

Windfarm: BC-Wind

Scope: WTG

Project start: 2028

North America

APAC

Windfarm: Undisclosed client Scope: WTG Project start: 2027

Undisclosed client - O&M -2025

Undisclosed client - O&M -2025

Greater Changhua WTG - 2025

Revolution Wind -WTG - 2025

81%

Undisclosed client - WTG -2027

Undisclosed client - WTG -2026

10%

9%

6

Note: Regional % split for any region is provided only where there are multiple projects in that region included in the contract backlog.

Contract backlog stands at EUR 2.5 Billion

Development in contract backlog FY 2022 - March 2025

New since Q4 2024

(EURm)

2,023

1,907

1,526

1,379

1,085

653

2,336

1,915

1,736

1,359

907

254

274

357

389

429

464

2,487

Firm contracts

• In February, Cadeler secured a significant project at an offshore wind farm in the US. The work is scheduled to commence in Q2 2025 and the Wind Pace will be committed under this contract until Q1 2026. The value of the contract to Cadeler is estimated to be between EUR 67 million and EUR 75 million.

• Cadeler has further signed two contracts with undisclosed clients for the utilisation of Wind Mover in 2026. The scope of work may include both O&M

  100%

  and installation work. The total estimated contract value is up to EUR 75 million.

  FY 2022 H1 2023 FY 2023 H1 2024 FY 2024 Q1 2025

  Firm Options
  
  

  of total backlog has reached FID

• Cadeler entered into a contract for, and the Wind Zaratan has commenced work on, an O&M campaign for Vestas in the APAC region.

  Vessel reservations (not included in contract backlog)

• Cadeler does not include vessel reservation agreements (VRAs) in its contract backlog.

• Earlier this year, Cadeler signed a VRA with Ocean Winds for the installation and transportation of c. 30 WTGs at the BC-Wind offshore wind farm in the Polish Baltic Sea. The potential value of the contract to be negotiated during the pendency of the VRA is estimated to be between EUR 48 million and EUR 56 million.

  1. Figures are for period-end, except that the contract backlog provided for Q1 2025 is as of 21 May 2025 (the date of this presentation).

  2. Figures provided for FY 2022 and H1 2023 exclude the contribution to the contract backlog resulting from Cadeler's business combination with Eneti Inc., completed in December 2023.

  3. Contract backlog assumes 100% of counterparty options are exercised. Of the total contract backlog, EUR 2,023m represents firm contracted days and EUR 464m represents days subject to the exercise of counterparty options.

  4. 100% of the contract backlog (an aggregate of EUR 2,487m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID)..

1. (5) Contract backlog excludes vessel reservation agreements.

   
   
   

   Newbuilds progress update

   
   
   

   Vessel

   Expected delivery Progress update

   % completion

   Wind Ally

   Q3/4 2025

   • Launched 25 January 2025

   • Commissioning of the main crane was initiated in May 2025

   • Commissioning of the Jacking system to commence end of May 2025

   • Sea trial planned for Q3 2025

   • Delivery planned for Q3/4 2025

   95%

   Wind Mover

   Q4 2025

   • Currently being built at Hanwha Ocean, formerly known as DSME

   • Launched 27 January 2025

   • All major equipment installed

   • Sea trail planned for Q4 2025

   • Delivery planned for Q4 2025

     78%

     Wind Ace

     Q3 2026

   • Steel cutting completed in July 2024

   • Keel laying planned for August 2025

   • Launching planned for Q4 2025

   • Delivery planned for Q3 2026

     37%

     Wind Apex

     Q2 2027

     • Design is complete and has been approved by the classification society

     • Steel cutting planned for Q3 2025

     • Delivery planned for Q2 2027

   At block stage

2. Note: The construction completion rate is measured in different ways at Cosco Qidong and Hanwha Ocean. Therefore, a direct comparison of completion rates across yards is not possible.

   Q1 2025 Financial Highlights

   
   
   
   
   

   Key financial highlights for Q1 2025

   Revenue

   € 65.5m

   65

   19

   Q1 2024

   Q1 2025

   Equity ratio

   49.7%

   64%

   50%

   Q1 2024

   Q1 2025

   Utilisation1

   79.4%

   42%

   17%

   Unadj. Adj.

   Q1 2024

   79%

   55%

   Unadj. Adj.

   Q1 2025

   Market Capitalisation2

   € 1.5b

EBITDA

€ 23.7m

24

-10

Q1 2024

Q1 2025

Cash Flow from Operating Activities

€ 20.4m

20

13

Q1 2024

Q1 2025

Backlog

€ 2.5b

1.8

2.5

Q1 2024

Q1 2025

3-month Daily Average Turnover3

€ 5.6m

€ 1.2m (NYSE) / 2.2m (OSE)

/ 2.2m (other exchanges)

1. Adjusted utilisation is deducting planned off-hire days, i.e. drydock, transportation from shipyard and the O-class crane upgrade when calculating total vessel days in a year

2. Combined market capitalisation at closing on 16-May-25.

3. Three-month Average Daily Trading Volume (ADTV) multiplied by Volume Weighted Average Price (VWAP). All prices have been converted to euro using the daily exchange rate. The category "other" entails trades facilitated by the

1. interoperability among clearing corporations on different exchanges. No pricing data available for these transactions. The VWAP for OSE has been applied as a proxy

   Consolidated P&L for Q1 2025

   EUR '000	Q1 2025	Q1 2024
   Revenue Cost of sales	65,474 -44,558	19,063 -26,979
   Gross profit SG&A and other expenses	20,916 -16,086	-7,916 -12,177
   Operating profit Finance net	4,830 -1,801	-20,093 -681
   Profit before income tax Income tax expense	3,029 -1,231	-20,774 -19
   Profit after tax	1,798	-20,793
   EBITDA 23,654 -10,060

   Vessel OPEX (EUR per day)* 36,889 34,006 No. of vessels (end of Q1) 7 4

   Headcount onshore (Average) 272 216

   Key takeaways

   • Revenue increased by EUR 46m compared to Q1 2024, with utilisation at 55% and an adjusted utilisation of 79% for Q1 2025. In Q1 2024, utilisation was 17%, as Wind Orca and Wind Osprey had their main crane upgrades. Adjusted utilisation in Q1 2024 was 42%.

   • Cost of sales increased primarily driven by newly delivered vessels Wind Peak, Wind Maker and Wind Pace becoming part of the Group's fleet and not yet delivered in Q1 2024.

   • SG&A costs higher due to increase in onshore staff. Many of which related to more vessels on water and their needed support to both ongoing operations and new projects.

   • EBITDA increase is driven by the increase in revenue as explained above.

2. Note: Financials are unaudited.

* OPEX/day includes crewing costs, technical costs and insurance.

Consolidated Balance Sheet for Q1 2025

EUR '000	Q1 2025	FY2024
Non-Current Assets	2,221,655	1,748,400
Cash	94,106	58,464
Other Current Assets	147,886	130,152
Total Assets	2,463,647	1,937,016
Equity	1,225,538	1,233,894
Non-current liabilities	1,035,106	579,475
Current liabilities	203,003	123,647
Total Equity and Liabilities	2,463,647	1,937,016

Equity ratio 50% 64%

12

Key takeaways

• Total Assets increase of EUR 527m driven by the newbuilds and cash available from financing activities.

• Total Liabilities increased by EUR 535m due to the utilisation of financing facilities, reducing the equity ratio from 64% in FY 2024 to 50% in Q1 2025.

CAPEX program expected to be fully funded

Strong interest from banks to finance Cadeler's CAPEX program

CAPEX program and planned Cadeler financing as of 31st March Cadeler's secured CAPEX and funding

EUR 841m

Additional CAPEX for Mission Equipment is expected at project start

1,175

1,081

(180)

239

108

RCF-

undrawn

M-Class Facility

A-Class -Wind Ace & Ally

A-Class -Wind APEX

Total Financing

Cash

Total

M-Class

A-Class Net Funding

(482)

455

70

(275)

240

208

94

Signed / Committed

EUR 1,924m in funding secured of which EUR 1,083m is drawn as per 31 March 2025, i.e. EUR 841m still undrawn. Key takeaways are:

• A-class financing of EUR 525m for Wind Ally and Wind Ace signed in March 2025 incl. EUR 70m in Mission Equipment (contingent on Sinosure issuing LOI)

• M-class tranche of EUR 212m utilised in January 2025 related to Wind Maker

  EURm

• P-class tranche now fully utilised with delivery of the second P-class vessel, Wind Pace, in March 2025

  Hedging

• ~50% of USD exposure hedged

• ~50% of interest exposure hedged for the first five years of the expected facilities

1. Note: Exchange rate of EUR/USD 1.0841 at 31/03-2025.

   
   
   
   
   

   Financing overview

   All figures in EURm	Vessels	Facility	Amount	Utilised*	Comments
   	RCF-A 250 242 O-class, Extension of RCF B until September Scylla RCF-B 100 2026 and guarantee line increase to & Zaratan EUR 200m Term Loan 91 91 O-class, Scylla & Zaratan total 441 333 P-class Syndicated 413 413 Drawdown made in connection with M-class Syndicated 420 212 deliveries A-class Syndicated 525 0 A-Class financing signed 21 March contingent on Sinosure issuing LOI Corporate HSBC, Standard Chartered 125 125 Total committed 1,924 1,083
   Committed Financing
   Uncommitted Financing	Wind Apex Syndicated 240 Financing expected to be closed 1 year before delivery Total uncommitted 240
   Total	2,164 1,083

   *Utilized as per 31/03-2025

2. Note: In addition, Cadeler has EUR 200m in uncommitted Performance Guarantee lines

   Full Year Outlook for 2025

   	2024	2025
   EUR millions	Actuals	Outlook
   Revenue	249	485-525
   EBITDA	126	278-318

   FY 2025 impacted by:

   • Wind Maker and Wind Pace delivered in Q1 2025 and employed in APAC and US during 2025. Two additional vessel

     deliveries in Q3-Q4 2025 (Wind Ally and Wind Mover) preparing for upcoming projects

   • Revenue and costs from Foundation projects starting to be recognised (ramp-up)

   • Cadeler is entitled to receive certain termination fees as a result of the termination of a vessel reservation agreement. Cadeler is currently assessing the positive impact of the foregoing on its 2025 revenue and EBITDA guidance

15

Q1 2025

Commercial Outlook

Cadeler is the go-to provider of T&I and O&M solutions

# of wind turbine and foundation installation vessels1

3

2

2

2

1

1

1

1

1

1

1

2

2

3

1

4

5

7

3

3

World's largest and most versatile fleet of next generation offshore wind turbine and foundation

8 installation vessels

3

11

Legacy

Newbuilds since 2020

4 4

1. Selected players in the industry where an owned vessel either has a pipeline of installation work or will be a value driver in O&M work as estimated by management. Source: 4C Offshore and public filings

   17

   Improved customer value proposition through increased flexibility, ability to meet demand and reduced risk of project slippage

   Complementary vessels enabling stronger fleet utilisation and earnings visibility

   Ability to meet demand for larger scopes and project sizes on a global basis

   
   
   
   
   

   Cadeler's view on the market

   There is a calibration in the market but momentum continues

   2024: 34.9 GW1

   2030: 105.6 GW

   Europe

   2024: 2.7 GW1

   2030: 25.9 GW

   APAC

   2024: 0.2 GW1

   2030: 7.2 GW

   US

   
   
   

   • Energy remains one of the key investment areas in Europe, there is significant government support for offshore wind with focus on security of supply

   • Many governments are calibrating their approaches to support current market conditions

   • An important AR7 is nearing in the UK

   • Denmark's government approves 3GW tender

     and with a significant subsidy of up to USD 8.3bn

   • Dutch government is working on action plan to improve auction conditions

   • Hornsea 4 - cancelled or delayed? Our long-term agreement remains in place

• There is a strong need for more power and offshore wind is strongly positioned to deliver across many industries

• APAC offshore wind activity remains strong with record-high tender activity in key markets: Taiwan, South Korea and Japan and concluding first auctions in Australia

• Markets are still relatively new and ramping up

• Developers usually prefer experienced contractors

• Cadeler is already working and is strongly positioned in the key markets

• US facing headwinds due to executive orders, however there is a strong short-term demand in the market for completing projects

• Stop work order on Empire Wind project has been lifted, allowing construction activities to continue

• There is a fundamental need for offshore wind energy especially in North East as alternative sources are not sufficient

18 1. Forecasted cumulative capacity per region, fixed & floating. Source: Spinergie

Undersupply of installation vessels is expected from 2028

Undersupply of installation vessels1 (vessel years) Key insights

Undersupply of installation vessels expected especially within the larger turbine sizes segment (+14MW)

Cadeler's booked capacity

(illustrative)

• The supply of capable vessels is coming down significantly as we see roll-out of bigger platforms

• Legacy vessels are becoming less efficient or obsolete for installation, as turbine sizes are increasing
• Undersupply for Foundation and WTG installation is expected from 2028 onwards

• Cadeler maintains strong confidence in the market and has a solid order backlog

• We are looking forward to a busy end of

2025 2026 2027 2028 2029 2030

the decade, where our large and efficient fleet is an essential enabler

1. Overview for both foundation and turbine installation vessels combined. Includes also heavy maintenance

19 Source: Spniergie

This year is shaping up to be a record year for FIDs

Annual volumes (GW) under FID

40

30

20

10

0

Volume (GW) under sanctioned FID Volume (GW) with expected FID

Key insights

• Developers are returning - fewer speculative bids, more focus on bankable offtake structures

• Projects that have reached FID this year are totaling 7 GW1, already higher than last year:

  • Inch Cape
  • Baltica 2
  • Fengmiao I
  • Baltyk 2 & 3

  • Empire Wind I

  • Nordlicht

    2020 2021 2022 2023 2024 2025 2026 2027 2028

    1. Projects in bold are those that Cadeler is involved in

    20 Source: spinergie.com, based on Spinergie estimate of different likelihood to reach FID

• 100% of Cadeler's backlog has reached FID

Introducing Cadeler's new O&M offering

21

Creating an O&M powerhouse

NEXRA is a new service concept for the O&M market, and reflects Cadeler's commitment to supporting its clients and partners in the offshore wind industry

Illustrative development over time

Installation scope

Attractive and growing market: 33% CAGR1 forecasted global demand for O&M for +8MW turbines between 2025-2030

Significant business segment: 10 projects across geographies in the last 2 years Focusing resources: Setting up a dedicated team that will focus only on our O&M clients - delivering the most safe, efficient and value-adding services Building an internal powerhouse: NEXRA creates significant synergies with our core business and will help secure and maintain high utilisation for the overall Cadeler fleet Creating a platform for growth: NEXRA is envisioned to grow substantially together with our clients and continue to explore new areas where we can deliver added value

Cadeler fleet

O&M scope

Wind Zaratan

Wind Scylla

Installation vessels

Illustrative O&M spot jobs

1. Forecasted Global CAGR for all segments between 2025-2030 in vessel day demand for O&M is 13% , Global

22 ex. China. Data WoodMackenzie

Investment highlights

Largest, most capable and most versatile fleet in the industry. Strong complementarity in fleet enables cross-utilisation, efficiency and project derisking.

Highly experienced team with a proven track record, critical know-how and long-standing deep commercial

relationships and contracts with the industry's leading developers.

Global growth platform with project experience and presence in all major offshore wind markets.

Anticipated undersupply of capable WTG and FOU vessels from 2027 and onwards, due to significantly

increasing market demand.

€

Strong track record in the capital markets backed by a record-high backlog (€2.5B) providing earnings visibility. Key focus on being a good custodian of capital.

23

Q & A

Cadeler

Kalvebod Brygge 43 DK-1560 Copenhagen Denmark

[phone]

Additional questions can be sent to

[e-mail]

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