Core Insights - Cadeler has successfully delivered its first A-class vessel, Wind Ally, ahead of schedule and within budget, marking a significant milestone in the company's fleet expansion and strategic capabilities in offshore wind installation [1][2][3] Fleet Expansion and Capabilities - Wind Ally is the ninth vessel in Cadeler's fleet and will be deployed for the installation of foundations at Ørsted's Hornsea 3 offshore wind farm, taking on the entire transport and installation scope for monopile foundations [1][6] - The A-class design features a deck space of 5,600 m², a payload capacity exceeding 18,000 tons, and a main crane capable of lifting over 3,300 tonnes, allowing for the transport and installation of up to six sets of XXL monopile foundations per load [4] - The vessel's hybrid design enables quick conversion between foundation installation and wind turbine generator installation, enhancing operational efficiency and safety [4] Strategic Partnerships and Projects - Cadeler has established a new department of specialists and invested in vessel design tailored for XXL monopiles, positioning itself as a full-service provider in the foundations market [2] - The Hornsea 3 project, upon completion, will be the largest offshore wind farm globally, delivering 2.9 GW of renewable energy, sufficient to power over three million UK homes [6][7] - Cadeler's partnership with Ørsted spans over a decade, and the company will utilize three vessels for the Hornsea 3 project, underscoring its pivotal role in this ambitious initiative [7] Future Outlook - Wind Ally is the first of three A-class vessels ordered by Cadeler, with Wind Ace and Wind Apex scheduled for delivery in 2026 and 2027, respectively, contributing to a planned fleet of 12 vessels by mid-2027 [5] - This expansion strategy aims to create the largest and most versatile fleet in the offshore wind industry, enhancing execution certainty for global clients [5]

Group 1 - Cadeler has signed a firm contract with Ocean Winds for the transportation and installation of 26 Siemens Gamesa 14MW offshore wind turbines at the BC-Wind offshore wind farm in the Polish Baltic Sea [1] - The contract follows a Vessel Reservation Agreement (VRA) signed in February 2025 between Cadeler and Ocean Winds [1] - Upon completion, the BC-Wind project will have a total capacity of up to 390 MW, providing clean electricity to nearly half a million households [1]

Financial Data and Key Metrics Changes - For Q2 2025, revenue reached EUR 233.1 million, showing substantial growth despite being impacted by termination fees from the Horn C4 project [17] - EBITDA increased significantly from EUR 32 million to EUR 189 million year-over-year, indicating strong operational performance [21] - The company maintains a solid balance sheet with a market cap of EUR 1.7 billion and an adjusted utilization rate of 94.1% for Q2 [18][19] Business Line Data and Key Metrics Changes - The backlog remains stable at EUR 2.5 billion, with 97% of projects having final investment decisions [12][13] - The Windkeeper vessel is highlighted as a key asset, with a long-term contract secured with Vestas for operations and maintenance services [6][10] - The company is actively working on multiple projects, including Revolution Sunrise and Revolution Wind, although the latter is currently halted [11][66] Market Data and Key Metrics Changes - The U.S. market constitutes less than 10% of the total backlog, indicating a focus on international projects [11] - The company is experiencing strong demand for operations and maintenance services, particularly for larger turbines [5][50] Company Strategy and Development Direction - The company is focused on expanding its fleet and enhancing operational capabilities, particularly through the NexTra service concept [5][52] - There is a strategic emphasis on sustainability, including biofuel testing and decarbonization efforts [36][56] - The company aims to maintain a resilient business model while adapting to market recalibrations and emerging opportunities [41][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a period of market recalibration but remains optimistic about long-term growth in offshore wind and operations and maintenance sectors [37][41] - The company expects improved conditions and policy support in key markets, which could enhance project execution timelines [39][40] - Despite challenges, management believes in the strength of their fleet and the ability to meet client demands effectively [42][58] Other Important Information - The company is actively engaged in discussions with banks for financing future projects, indicating strong interest from financial institutions [26][28] - The full-year outlook for 2025 has been adjusted to a revenue range of EUR 588 million to EUR 628 million, with EBITDA projected between EUR 381 million and EUR 421 million [30] Q&A Session Summary Question: Impact of halted Revolution Wind project - Management stated that they are contractually well protected and are in dialogue with clients regarding the halted project, referencing a similar situation with Empire that was resolved [64][66] Question: CapEx related to Windkeeper - It was confirmed that the majority of Q2 CapEx was related to Windkeeper, with no unplanned expenditures [70] Question: Upgrades on Windkeeper - Upgrades include adding a new auxiliary crane, a bow thruster for improved operations, and general accommodation enhancements to meet client expectations [72][73] Question: Availability of similar vessels in the market - Management indicated that Windkeeper is unique and that upgrading other Chinese vessels for European operations would be challenging [75][76] Question: Alternative work scopes amid stop order - Management clarified that clients do not wish for vessels to be repurposed for other projects while awaiting clarity on the stop order [81][82] Question: Stability of termination fees in contracts - Management expressed that termination fees in contracts remain stable, despite recent trends in the industry [83]

Financial Data and Key Metrics Changes - For Q2 2025, revenue reached EUR 233.1 million, showing substantial growth compared to the previous year, despite being impacted by termination fees from the Horn C4 project [16][18] - EBITDA increased significantly from EUR 32 million to EUR 189 million year-over-year, indicating strong operational performance [21][22] - The company maintains a solid balance sheet with a market cap of EUR 1.7 billion and an adjusted utilization rate of 94.1% for Q2 [17][18] Business Line Data and Key Metrics Changes - The backlog remains stable at EUR 2.5 billion, with 97% of projects having final investment decisions [11][12] - The Windkeeper vessel is highlighted as a key asset, with a long-term contract secured with Vestas for operations and maintenance services [6][9] - The company is actively expanding its O&M services through the establishment of NexTra, responding to increasing demand for larger turbine maintenance [5][43] Market Data and Key Metrics Changes - The U.S. market constitutes less than 10% of the total backlog, with ongoing projects like Revolution Sunrise and an O&M job [10] - The company is seeing a healthy contract economics in new projects, such as the Formosa Four in Taiwan, scheduled for installation in 2028 [9] - There is a noted undersupply of vessels expected towards the end of the decade, particularly for foundation installation [42][58] Company Strategy and Development Direction - The company is focused on building a resilient business model with a clear emphasis on core competencies and strategic partnerships, particularly in emerging markets [55][56] - The acquisition of the Windkeeper vessel is part of a broader strategy to enhance the fleet's capabilities and meet client demands in the O&M sector [52][76] - Sustainability initiatives are being prioritized, including biofuel testing and equipment efficiency upgrades, to reduce the carbon footprint [34][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a period of market recalibration, with expectations for improved conditions and policy changes in key markets like the UK and Denmark [36][38] - The outlook for 2025 has been adjusted to reflect revenue expectations between EUR 588 million to EUR 628 million, influenced by project timelines and termination fees [29] - The company remains optimistic about long-term growth in offshore wind and O&M markets, despite short-term challenges [58] Other Important Information - The company has a strong track record in capital markets and a record-high backlog, which enhances earnings visibility for investors [59] - The financial situation is solid, with cash reserves and committed facilities in place to support ongoing operations and future projects [27][28] Q&A Session Summary Question: Impact of Revolution Wind project halt - Management indicated that contractual protections are in place for both Revolution and Sunrise Wind projects, and they are in dialogue with clients regarding the situation [63][64] Question: CapEx related to Windkeeper - It was confirmed that the majority of Q2 CapEx was related to the Windkeeper vessel, with no unplanned expenditures [68][69] Question: Upgrades on Windkeeper - Upgrades include adding a new auxiliary crane, a bow thruster for improved DP capabilities, and general accommodation upgrades to meet client expectations [70][72] Question: Acquisition rationale for Windkeeper - The acquisition was driven by a unique opportunity at an attractive price, with existing client demand for O&M services influencing the decision [76]

Financial Performance & Backlog - Cadeler's financial performance exceeded expectations, leading to increased full-year guidance in July 2025[9] - The company's contract backlog remains strong at EUR 25 billion[13, 29] - 97% of the contract backlog, totaling EUR 2412 million, relates to projects with a positive final investment decision (FID)[36] - Revenue increased by EUR 170 million in Q2 2025 compared to Q2 2024, with utilization at 76% and adjusted utilization at 94%[46] - Revenue increased by EUR 216 million in H1 2025 compared to H1 2024, with utilization at 67% and adjusted utilization at 89%[50] Fleet & Operations - Cadeler took delivery of the Wind Keeper, securing a long-term contract with Vestas for three years, with options for an additional two and a half years, potentially worth over EUR 380 million[10, 35] - Seven vessels are currently on hire globally, including two in Taiwan and two in North America[11] - Cadeler has secured EUR 2058 million in funding for its CAPEX program, including Wind Keeper, with EUR 1225 million drawn as of June 30, 2025, leaving EUR 833 million undrawn[57] Market Outlook & Strategy - The company anticipates an undersupply of capable vessels from 2029 onwards, driven by increasing market demand, including strong growth in demand for O&M[101] - Cadeler is building up Nexra, a new service concept for the offshore wind industry, to address the strong and increasing demand for O&M services, especially for larger turbines[12, 95]

[Statement from the CEO](index=3&type=section&id=Statement%20from%20the%20CEO) [Financial Performance Highlights](index=3&type=section&id=Financial%20Performance%20Highlights) Cadeler reported strong financial results for the first half of 2025, with revenue more than tripling and EBITDA increasing significantly year-over-year, exceeding full-year expectations Financial Performance Summary (EUR million) | Metric | H1 2025 | H1 2024 | Change (EUR million) | Change (%) | | :----- | :------ | :------ | :------------------- | :--------- | | Revenue | EUR 299 million | EUR 82 million | +EUR 217 million | +265% | | EBITDA | EUR 213 million | EUR 22 million | +EUR 191 million | +868% | [Fleet Expansion & Utilization](index=3&type=section&id=Fleet%20Expansion%20%26%20Utilization) Cadeler expanded its fleet with the delivery of two advanced vessels (Wind Maker, Wind Pace) and the acquisition of an O&M vessel (Wind Keeper) in H1 2025. The company expects two more vessels (Wind Ally, Wind Mover) by H2 2025, aiming for a 12-vessel fleet by mid-2027. The operating fleet achieved a 67% utilization rate in H1 2025, consistent with expectations despite newbuild deliveries and scheduled drydocking - Cadeler took delivery of Wind Maker and Wind Pace, and acquired Wind Keeper in H1 2025, expanding its jack-up offshore wind installation fleet[6](index=6&type=chunk) - Two additional vessels, Wind Ally and Wind Mover, are expected for delivery in H2 2025, contributing to a projected **12-vessel fleet by mid-2027**[7](index=7&type=chunk)[8](index=8&type=chunk) Operating Fleet Utilization Rate | Metric | H1 2025 | | :----- | :------ | | Operating Fleet Utilization Rate | 67% | [O&M Strategy](index=3&type=section&id=O%26M%20Strategy) Cadeler strengthened its Operations & Maintenance (O&M) capabilities by launching Nexra, a dedicated O&M division, and acquiring Wind Keeper, an O&M vessel. This segment now accounts for approximately 20% of the company's revenue in 2025, aiming to diversify revenue and drive recurring income - Cadeler launched Nexra, a dedicated O&M division, in March 2025 to deepen client partnerships, improve vessel utilization, diversify revenue streams, and drive recurring income[9](index=9&type=chunk) - The O&M segment accounts for approximately **20% of Cadeler's revenue in 2025**[9](index=9&type=chunk) - The acquisition of Wind Keeper in May 2025 enhances fleet flexibility and capacity to meet growing aftermarket demand for O&M services[10](index=10&type=chunk) [Market Position & Strategy](index=3&type=section&id=Market%20Position%20%26%20Strategy) Cadeler maintains a strong position in the transforming offshore wind sector, supported by its international presence, state-of-the-art fleet, and substantial order backlog. Europe remains a key market, while the Asia-Pacific region is maturing rapidly, and the company has projects in the United States - Cadeler's strategy is rooted in long-term confidence in the offshore wind sector, supported by client engagement and market demand[11](index=11&type=chunk) - Europe is Cadeler's most mature and strategically important market, with the Asia-Pacific region showing rapid maturation and project pipeline development[12](index=12&type=chunk) - The company has two vessels currently working on projects in the United States[12](index=12&type=chunk) [Sustainability Focus](index=4&type=section&id=Sustainability%20Focus) Cadeler continues its commitment to sustainability, integrating it into its mission to support energy transition. Efforts include lowering emissions intensity through energy-efficient newbuild vessel design, exploring greener fuels, and improving the environmental performance of the existing fleet - Sustainability is integral to Cadeler's mission, focusing on lowering emissions intensity through energy-efficient vessel design and exploring greener fuels[15](index=15&type=chunk) - The company is committed to reducing greenhouse gas emissions, protecting marine ecosystems, and improving resource efficiency and circularity[15](index=15&type=chunk) [Revised 2025 Guidance](index=4&type=section&id=Revised%202025%20Guidance) Cadeler updated its full-year 2025 revenue and EBITDA guidance upwards, primarily due to termination compensation received for the Hornsea 4 project. The project's termination frees up an A-class vessel for other deployments, maintaining a positive long-term financial outlook Full-Year 2025 Financial Guidance (EUR million) | Metric | Previous Guidance (EUR million) | Revised Guidance (EUR million) | Change (EUR million) | | :----- | :------------------------------ | :----------------------------- | :------------------- | | Revenue | 485 - 525 | 588 - 628 | +103 - +103 | | EBITDA | 278 - 318 | 381 - 421 | +103 - +103 | - The revised guidance accounts for termination compensation received for the Hornsea 4 project, which does not affect the long-term financial outlook[16](index=16&type=chunk) [Management Review](index=6&type=section&id=Management%20review) [Business Review](index=7&type=section&id=Business%20Review) Cadeler A/S, a global leader in offshore wind installation, operations, and maintenance services, expanded its fleet with the early delivery of Wind Keeper, which secured a three-year O&M contract with Vestas. The company also received a termination notice for a Long-Term Agreement related to the Hornsea 4 Offshore Wind Farm, resulting in agreed compensation and an update to financial guidance - Cadeler is a key supplier of offshore wind installation, operations, and maintenance services, headquartered in Copenhagen, Denmark, with global offices[24](index=24&type=chunk) - The company took early delivery of Wind Keeper, a new jack-up WTIV, which secured its first long-term O&M contract with Vestas for **three years starting in early 2026**[25](index=25&type=chunk)[26](index=26&type=chunk) - Cadeler received a termination notice from Ørsted A/S for an A Class Windfarm Installation Vessel LTA due to the discontinuation of the Hornsea 4 project, entitling Cadeler to agreed compensation[27](index=27&type=chunk) [Financial Highlights](index=8&type=section&id=Financial%20Highlights) Cadeler reported significant financial growth in H1 2025 compared to H1 2024, with revenue tripling, gross profit increasing nearly eightfold, and a substantial shift from operating loss to profit. Total assets increased by 43%, while the equity ratio decreased due to increased liabilities, primarily from vessel construction financing Key Financial Figures (H1 2025 vs H1 2024) | Key figures (EUR'000) | H1 2025 | H1 2024 | Change (YoY) | | :-------------------- | :------ | :------ | :----------- | | Revenue | 298,535 | 82,218 | +263% | | Cost of sales | (100,234)| (57,398)| +75% | | Gross profit | 198,301 | 24,820 | +699% | | Operating profit/(loss)| 167,954 | (1,363) | N/A | | Profit/(loss) for the period | 167,733 | 153 | +109,530% | | Cash flow provided by operating activities | 71,490 | 17,300 | +313% | | Cash flow used in investing activities | (673,280)| (295,987)| +127% | | Cash flow provided by financing activities | 596,356 | 274,375 | +117% | | Earnings per share (EPS), EUR | 0.48 | 0.00 | N/A | | Contracted days (no. of days) | 770 | 344 | +124% | | Utilisation (%) | 66.9% | 47.2% | +19.7 pp | Balance Sheet and Ratios (30 June 2025 vs 31 December 2024) | Key figures (EUR'000) | 30 June 2025 | 31 December 2024 | Change (%) | | :-------------------- | :----------- | :--------------- | :--------- | | Total assets | 2,769,469 | 1,937,016 | +43% | | Total liabilities | 1,398,542 | 703,122 | +99% | | Equity | 1,370,927 | 1,233,894 | +11% | | Cash and cash equivalents | 53,030 | 58,464 | -9% | | Return on assets (%) | 7.2% | 4.4% | +2.8 pp | | Return on equity (%) | 12.9% | 6.0% | +6.9 pp | | Equity ratio (%) | 49.5% | 63.7% | -14.2 pp | | Average number of employees (Onshore) | 285 | 242 | +18% | | Average number of employees (Offshore) | 513 | 364 | +41% | [Financial Review](index=9&type=section&id=Financial%20Review) The significant increase in revenue and profit for H1 2025 was primarily driven by termination fees from the LTA and increased revenue from fleet expansion and higher utilization. Cost of sales rose due to new vessel additions, while administrative costs increased due to headcount growth. Operating cash flow improved, but investing cash outflow surged due to installment payments for vessels under construction, financed by increased borrowing - Revenue increased by **EUR 217 million to EUR 299 million in H1 2025**, primarily due to termination fees and increased revenue from fleet expansion and higher utilization[32](index=32&type=chunk) - Cost of sales increased by **EUR 43 million to EUR 100 million**, mainly due to the addition of new vessels: Wind Peak (Aug 2024), Wind Maker (Jan 2025), and Wind Pace (Mar 2025)[33](index=33&type=chunk) - EBITDA reached **EUR 213 million profit in H1 2025**, a **EUR 191 million increase** from H1 2024[36](index=36&type=chunk) - Net cash flow from operating activities increased by **EUR 54 million to EUR 71 million**, driven by higher operating profit and deferred revenue, partially offset by increased receivables[39](index=39&type=chunk) - Net cash outflow from investing activities increased by **EUR 377 million to EUR 673 million**, primarily due to installment payments for vessels under construction[40](index=40&type=chunk) - Total assets increased by **43% to EUR 2,769 million**, mainly due to a **EUR 672 million increase** in property, plant and equipment, including **EUR 691 million in Assets under Construction (AUC)**[42](index=42&type=chunk) [Debt Facilities & Liquidity](index=10&type=section&id=Debt%20Facilities%20%26%20Liquidity) Cadeler secured significant financing in H1 2025, including drawing down on Green Corporate, M-class, and P-class facilities for new vessel deliveries (Wind Maker, Wind Pace) and signing a EUR 525 million A-class facility and a EUR 150 million Wind Keeper Bridge Facility. The company maintains strong liquidity with EUR 204 million available from cash and committed facilities - Cadeler utilized **EUR 40 million twice** under the Green Corporate Facility in January and February 2025[42](index=42&type=chunk) - The company drew down **EUR 212 million** from the M-class Facility for the final installment of Wind Maker and **EUR 211 million** from the P-Class Facility for Wind Pace[43](index=43&type=chunk)[44](index=44&type=chunk) - A **EUR 525 million** Sinosure-backed Green Term Loan Facility (A-class Facility) was signed on March 21, 2025, to finance the first two newbuild A-class vessels, becoming fully effective on May 31, 2025[45](index=45&type=chunk) - Cadeler entered into a **EUR 150 million** Wind Keeper Bridge Facility with DNB Bank ASA to finance the purchase of Wind Keeper, with **EUR 150 million** utilized by June 2025[46](index=46&type=chunk) - As of June 30, 2025, Cadeler had **EUR 204 million in liquidity** from cash on hand and committed facilities[47](index=47&type=chunk) [Related Party Transactions](index=11&type=section&id=Related%20Party%20Transactions) Related party transactions in H1 2025 were limited to guarantee fees from BW Group Limited, administrative support from Scorpio Services Holding, and training courses from BW Maritime - Related party transactions primarily involved guarantee fees from BW Group Limited, administrative support from Scorpio Services Holding, and training from BW Maritime[48](index=48&type=chunk) [Impact on the External Environment](index=11&type=section&id=Impact%20on%20the%20External%20Environment) Cadeler's sustainability strategy remains unchanged since the 2024 Annual Report, emphasizing its commitment to reducing environmental impact, protecting marine ecosystems, and promoting resource efficiency and circularity - No significant changes to the sustainability strategy since the 2024 Annual Report; sustainability remains a strategic objective[49](index=49&type=chunk) - The company is committed to reducing its environmental impact, protecting marine ecosystems, and delivering leadership in EHS and corporate responsibility[49](index=49&type=chunk) [Order Backlog](index=11&type=section&id=Order%20Backlog) Cadeler's order backlog stood at EUR 2,499 million as of August 26, 2025, with significant new contracts signed, including a EUR 210 million firm contract for Wind Keeper with Vestas and a EUR 70-80 million contract for Formosa 4 Offshore Wind Farm. The termination of the Hornsea 4 LTA removed its value from the backlog as of June 30, 2025 - Cadeler's order book for 2025 is substantially filled[50](index=50&type=chunk) - A long-term firm contract worth approximately **EUR 210 million** was signed with Vestas for Wind Keeper on July 18, 2025, with potential to exceed **EUR 380 million** if options are exercised[52](index=52&type=chunk) - A firm contract for WTG installation at the Formosa 4 Offshore Wind Farm in Taiwan, valued between **EUR 70 and EUR 80 million**, was signed on August 22, 2025[52](index=52&type=chunk) Contract Backlog (EUR million) | Category | Within 1 year | After 1 year | Total | | :------- | :------------ | :----------- | :---- | | Contract backlog as of 30 June 2025 | 699 | 1,323 | 2,022 | | Additions (1 July 2025 to 26 August 2025): | | Firm | 10 | 281 | 291 | | Subject to exercise of counterparty options (non-contingent) | 6 | 87 | 93 | | Subject to exercise of counterparty options (contingent) | 6 | 87 | 93 | | **Contract backlog as of 26 August 2025** | **721** | **1,778** | **2,499** | - The value of the Long-Term Agreement for the Hornsea 4 Offshore Wind Farm was removed from the order backlog effective June 30, 2025, due to termination[51](index=51&type=chunk) [2025 Outlook](index=13&type=section&id=2025%20Outlook) [Revised Financial Guidance](index=13&type=section&id=Revised%20Financial%20Guidance) Cadeler updated its full-year 2025 financial guidance upwards, with revenue now expected between EUR 588 million and EUR 628 million, and EBITDA between EUR 381 million and EUR 421 million. This revision is primarily due to termination fees received for the A-class WTIV long-term agreement with Ørsted Full-Year 2025 Financial Guidance (EUR million) | Metric | Previous Guidance (EUR million) | Revised Guidance (EUR million) | | :----- | :------------------------------ | :----------------------------- | | Revenue | 485 - 525 | 588 - 628 | | EBITDA | 278 - 318 | 381 - 421 | - The upward revision in guidance is principally due to the receipt of termination fees for the long-term agreement for an A-class WTIV with Ørsted[58](index=58&type=chunk) [Global Offshore Wind Market Outlook](index=13&type=section&id=Global%20Offshore%20Wind%20Market%20Outlook) The global offshore wind outlook for 2030 has been revised downward due to project delays, political uncertainty, and increasing costs. However, the market shows signs of adjustment with picking up auction activity and many projects reaching Final Investment Decision (FID). Demand for O&M services is increasing, positioning Cadeler well with its strong order backlog, expanding fleet, and dedicated O&M offering - The global offshore wind outlook for 2030 has been revised downward due to project delays, political uncertainty, and increasing prices[59](index=59&type=chunk) - Despite challenges, auction activity is increasing, and a large volume of projects have reached Final Investment Decision (FID)[59](index=59&type=chunk) - Demand for operations and maintenance (O&M), especially major component replacement, is growing as more and larger turbines are installed[60](index=60&type=chunk) - Cadeler is well-positioned in this evolving market due to its strong order backlog, expanding fleet, and dedicated O&M offering[60](index=60&type=chunk) [Risks and Uncertainties](index=13&type=section&id=Risks%20and%20Uncertainties) Cadeler's 2025 guidance is subject to various risks beyond its control, including economic turbulence, workforce shortages, supply chain disruptions, political instability, adverse weather, vessel off-hire periods, and potential delays or changes to contract terms - Key risks include economic turbulence, workforce shortages, supply chain disruptions, strikes, embargoes, political instability, and adverse weather conditions[61](index=61&type=chunk) - Vessel off-hire periods due to accidents, technical issues, or contractual non-performance, as well as delays, cancellations, or changes to contract terms, could materially influence earnings[61](index=61&type=chunk) [Interim Condensed Consolidated Financial Statements](index=14&type=section&id=Interim%20condensed%20consolidated%20financial%20statements) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=Interim%20condensed%20consolidated%20statement%20of%20profit%20or%20loss%20and%20other%20comprehensive%20income) Cadeler reported a significant increase in profit for H1 2025, reaching EUR 167.7 million, compared to EUR 0.15 million in H1 2024, driven by substantial revenue and gross profit growth. Total comprehensive income also saw a notable increase, despite negative other comprehensive income from cash flow hedges Profit or Loss Highlights (EUR'000) | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Revenue | 298,535 | 82,218 | | Gross profit | 198,301 | 24,820 | | Operating profit/(loss) | 167,954 | (1,363) | | Profit for the period | 167,733 | 153 | | Basic EPS (EUR) | 0.48 | 0.00 | | Diluted EPS (EUR) | 0.48 | 0.00 | Other Comprehensive Income (EUR'000) | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Cash flow hedges - changes in fair value | (21,779) | 16,778 | | Other comprehensive income/(loss), net of tax | (30,086) | 38,980 | | Total comprehensive income/(loss) for the period, net of tax | 137,647 | 39,133 | [Interim Condensed Consolidated Balance Sheet](index=16&type=section&id=Interim%20condensed%20consolidated%20balance%20sheet) Cadeler's balance sheet as of June 30, 2025, shows a substantial increase in total assets, primarily driven by property, plant and equipment, reflecting fleet expansion. Total liabilities nearly doubled, mainly due to increased debt to credit institutions, while equity also grew, albeit at a slower pace, leading to a decrease in the equity ratio Balance Sheet Highlights (EUR'000) | Metric | 30 June 2025 | 31 December 2024 | | :----- | :----------- | :--------------- | | Total non-current assets | 2,416,799 | 1,748,400 | | Property, plant and equipment | 2,384,551 | 1,712,266 | | Total current assets | 352,670 | 188,616 | | Total assets | 2,769,469 | 1,937,016 | | Total equity | 1,370,927 | 1,233,894 | | Total non-current liabilities | 1,040,705 | 579,475 | | Debt to credit institutions (non-current) | 993,600 | 539,854 | | Total current liabilities | 357,837 | 123,647 | | Current debt to credit institutions | 204,785 | 31,163 | | Total liabilities | 1,398,542 | 703,122 | | Total equity and liabilities | 2,769,469 | 1,937,016 | [Interim Condensed Consolidated Statement of Changes in Equity](index=17&type=section&id=Interim%20condensed%20consolidated%20statement%20of%20changes%20in%20equity) Cadeler's total equity increased to EUR 1,370.9 million by June 30, 2025, primarily driven by a profit of EUR 167.7 million for the period. This growth was partially offset by negative adjustments from cash flow hedging activities and treasury share repurchases Changes in Equity (EUR'000) | Metric | 1 January 2025 | Profit for the period | Other comprehensive income | Share-based payments | Treasury shares | End of 30 June 2025 | | :----- | :------------- | :-------------------- | :------------------------- | :------------------- | :-------------- | :------------------ | | Total | 1,233,894 | 167,733 | (30,086) | 1,102 | (1,716) | 1,370,927 | - Profit for the period contributed **EUR 167.7 million** to equity growth in H1 2025[66](index=66&type=chunk) - Other comprehensive income resulted in a negative impact of **EUR 30.1 million**, mainly from cash flow hedges[66](index=66&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=18&type=section&id=Interim%20condensed%20consolidated%20statement%20of%20cash%20flows) Cadeler experienced a significant increase in cash flow from operating activities in H1 2025, reaching EUR 71.5 million. However, net cash outflow from investing activities surged to EUR 673.3 million due to substantial additions to property, plant and equipment. This was largely offset by a strong net cash inflow from financing activities of EUR 596.4 million, primarily from new borrowings Cash Flow Highlights (EUR'000) | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Net cash provided by operating activities | 71,490 | 17,300 | | Net cash used in investing activities | (673,280) | (295,987) | | Net cash provided by financing activities | 596,356 | 274,375 | | Net (decrease)/increase in cash and cash equivalents | (5,434) | (4,312) | | Cash and cash equivalents at end of the period | 53,030 | 93,050 | - Additions to property, plant and equipment amounted to **EUR 672.2 million** in H1 2025, significantly higher than **EUR 296.2 million** in H1 2024[68](index=68&type=chunk) - Proceeds from borrowing net of bank fees were **EUR 644.1 million** in H1 2025, compared to **EUR 128.3 million** in H1 2024[68](index=68&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20the%20interim%20condensed%20consolidated%20financial%20statements) [Note 1 General Information](index=21&type=section&id=Note%201%20General%20information) Cadeler A/S is a Danish-domiciled, globally operating leader in offshore wind installation, operations, and maintenance services, listed on the Oslo Stock Exchange and NYSE. The Group owns eight offshore jack-up windfarm installation vessels, with its interim condensed consolidated financial statements for H1 2025 being unaudited - Cadeler A/S is incorporated and domiciled in Denmark, listed on the Oslo Stock Exchange (CADLR) and NYSE (CDLR)[73](index=73&type=chunk) - The Group is a global leader in offshore wind installation, operations, and maintenance services, owning **eight offshore jack-up windfarm installation vessels**[74](index=74&type=chunk) - The interim condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited[76](index=76&type=chunk) [Note 2 Basis of Presentation and Other Significant Accounting Policies](index=23&type=section&id=Note%202%20Basis%20of%20Presentation%20and%20other%20significant%20accounting%20policies) The interim financial statements for H1 2025 are prepared in accordance with IAS 34 and are consistent with the accounting policies, judgments, and estimates from the 2024 Annual Report. Effective January 1, 2025, the functional currency of former Eneti group entities changed to the euro. The Group maintains a going concern basis of accounting - Interim condensed consolidated financial statements are prepared in accordance with IAS 34 Interim Financial Reporting[79](index=79&type=chunk) - Accounting policies, judgments, and estimates are consistent with those applied in the Annual Report for 2024[80](index=80&type=chunk) - Effective January 1, 2025, the functional currency of former Eneti group entities changed to the euro (€) to align reporting across the Group[81](index=81&type=chunk) - The Group continues to adopt the going concern basis of accounting[83](index=83&type=chunk) [Note 3 Revenue](index=25&type=section&id=Note%203%20Revenue) Cadeler's H1 2025 revenue significantly increased to EUR 298.5 million, with a substantial portion from 'Other revenue,' including termination fees. Revenue is disaggregated into time charter services and transportation and installation services, with a regional split of 49% from Europe and 51% from the rest of the world (excluding cancellation fees). Contract assets and deferred revenue also saw considerable increases Revenue Disaggregation (EUR'000) | Revenue Disaggregation | H1 2025 | H1 2024 | | :--------------------- | :------ | :------ | | Time charter services and transportation and installation services | 178,163 | 68,282 | | Other revenue, including fees earned for early termination of contracts by customers | 120,372 | 13,936 | | Total revenue | 298,535 | 82,218 | - The lease component within time charter and T&I services amounted to **EUR 74 million** in H1 2025 (H1 2024: **EUR 18 million**)[92](index=92&type=chunk) - Revenue split (excluding cancellation fee): **49% from Europe** and **51% from the rest of the world** in H1 2025[93](index=93&type=chunk) - Contract assets totaled **EUR 154 million** as of June 30, 2025, a significant increase from **EUR 37 million** in 2024[101](index=101&type=chunk) Deferred Revenue Movement (EUR'000) | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Deferred revenue at 1 January | 47,337 | 13,881 | | Deferred during the period | 66,748 | 45,633 | | Recognised as revenue during the period | (25,764) | (34,594) | | Total deferred revenue at end of period | 88,321 | 24,920 | | Current | 79,984 | 23,186 | | Non-current | 8,337 | 1,734 | - For H1 2025, revenue from four customers each exceeded **10% of total revenue**, amounting to **EUR 121 million, EUR 41 million, EUR 40 million, and EUR 33 million** respectively[103](index=103&type=chunk) Contract Backlog (EUR million) | Category | Within 1 year | After 1 year | Total | | :------- | :------------ | :----------- | :---- | | Total as of 30 June 2025 | 699 | 1,323 | 2,022 | | Total as of 30 June 2024 | 326 | 1,589 | 1,915 | - The LTA for an A-class Windfarm Installation Vessel was removed from the order backlog as of June 30, 2025, due to termination[107](index=107&type=chunk) [Note 4 Earnings Per Share (EPS)](index=29&type=section&id=Note%204%20Earnings%20Per%20Share%20(EPS)) Cadeler's basic and diluted Earnings Per Share (EPS) significantly increased to EUR 0.48 in H1 2025, up from EUR 0.00 in H1 2024, reflecting the substantial profit for the period. The weighted average number of ordinary shares also increased due to share-based payments and prior year capital increases EPS Data | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Profit attributable to ordinary equity holders of the parent for basic earnings (EUR'000) | 167,733 | 153 | | Basic EPS (EUR) | 0.48 | 0.00 | | Diluted EPS (EUR) | 0.48 | 0.00 | | Weighted average number of ordinary shares for basic EPS (Thousands) | 350,957 | 341,158 | | Weighted average number of ordinary shares adjusted for the effect of dilution (Thousands) | 352,361 | 342,148 | [Note 5 Property, Plant and Equipment](index=30&type=section&id=Note%205%20Property%2C%20plant%20and%20equipment) Property, plant and equipment (PPE) significantly increased to EUR 2,384.6 million by June 30, 2025, primarily driven by EUR 716.3 million in additions, largely for newbuild vessels under construction (A-class, P-class, M-class, Wind Keeper) and O-class vessel upgrades. Transfers from assets under construction also reflect the delivery of Wind Pace and Wind Maker. Borrowing costs of EUR 29 million were capitalized Property, Plant and Equipment Net Book Value (EUR'000) | Category | 30 June 2025 | | :------- | :----------- | | Vessels | 1,637,673 | | Dry dock | 17,095 | | Other fixtures and fittings | 16,798 | | Assets under construction | 712,985 | | Total | 2,384,551 | - Additions during H1 2025 amounted to **EUR 716.3 million**, driven by downpayments for A-class, P-class, M-class, Wind Keeper installation vessels, and O-class vessel upgrades[116](index=116&type=chunk) - Transfers from assets under construction in H1 2025 were mainly related to newbuild Wind Pace (**EUR 326 million**) and Wind Maker (**EUR 356 million**)[118](index=118&type=chunk) - Borrowing costs of **EUR 29 million** were capitalized in H1 2025 at a rate of **3.6%**[120](index=120&type=chunk) - Management identified no internal or external impairment indicators for vessels as of June 30, 2025[121](index=121&type=chunk) [Note 6 Goodwill](index=31&type=section&id=Note%206%20Goodwill) Goodwill from the Eneti acquisition is allocated to the single cash-generating unit (CGU) of offshore wind turbine generator and foundation installation by specialized vessels (WTGFIV). Management assessed no impairment indicators for the vessels or goodwill as of June 30, 2025 - Goodwill from the Eneti acquisition is allocated to the WTGFIV cash-generating unit[122](index=122&type=chunk) - The recoverable amount of the WTGFIV CGU is based on the value of its vessels, which showed no indication of impairment[123](index=123&type=chunk) - No impairment test was performed for vessels or goodwill as of June 30, 2025, due to the absence of internal or external impairment indicators[124](index=124&type=chunk) [Note 7 Statement of Cash Flows Specifications](index=31&type=section&id=Note%207%20Statement%20of%20Cash%20Flows%20specifications) Adjustments for non-cash items in H1 2025 primarily included depreciation and amortization of EUR 44.5 million. Changes in working capital resulted in a net outflow of EUR 145.9 million, mainly due to increases in trade receivables, contract assets, and prepayments, partially offset by deferred revenue Adjustments of Non-Cash Items (EUR'000) | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Depreciation and amortisation | 44,542 | 23,080 | | Total adjustments of non-cash items | 49,961 | 26,530 | Changes in Working Capital (EUR'000) | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Trade receivables, contract assets, prepayments and other receivables | (175,692) | (28,599) | | Deferred revenue | 40,984 | 11,031 | | Net change in working capital | (145,943) | (10,671) | [Note 8 Issued Share Capital](index=32&type=section&id=Note%208%20Issued%20share%20capital) As of June 30, 2025, Cadeler's share capital remained at EUR 47.1 million, consisting of 350,957,583 shares. The company completed a share buy-back program in May 2025, repurchasing 395,200 shares for EUR 1.7 million to fulfill share-based incentive obligations, holding 478,345 treasury shares by June 30, 2025 Issued Share Capital (EUR'000) | Metric | No. of shares (in thousands) | Total (EUR'000) | | :----- | :--------------------------- | :-------------- | | 30 June 2025 | 350,958 | 47,143 | - On May 30, 2025, Cadeler completed a share buy-back program, repurchasing **395,200 shares for EUR 1.7 million** to fulfill share-based incentive obligations[129](index=129&type=chunk) - As of June 30, 2025, the Company held **478,345 treasury shares**[129](index=129&type=chunk) [Note 9 Financial Risk Management](index=34&type=section&id=Note%209%20Financial%20risk%20management) Cadeler is exposed to market risks (currency, interest rate), credit risk, and liquidity risk, managed by its Board and Audit Committee. The Group's largest currency exposure is USD 919 million for new A-class and M-class vessels. Interest rate risk is primarily related to its Green Corporate, P-class, M-class, Wind Keeper Bridge, and Holdco facilities. Liquidity is managed through cash and committed credit facilities. Derivative assets decreased, and derivative liabilities increased, mainly due to shifts in market expectations for interest rate cuts and a weaker USD - The Group's largest currency exposure relates to future installments for new A-class and M-class vessels in USD (**USD 919 million**)[134](index=134&type=chunk) - Interest rate risk primarily relates to the Green Corporate Facility, P-class facility, M-class facility, Wind Keeper Bridge Facility, and Holdco facility[135](index=135&type=chunk) Debt Facilities (EUR Millions as of 30 June 2025) | Facility | Utilised | Repayments | Unutilised | | :------- | :------- | :--------- | :--------- | | Green Corporate Facility (RCF + term loan) | 350 | (13) | 100 | | P-Class Facility | 421 | (18) | - | | M-Class Facility I & II | 212 | (4) | 208 | | A-Class Facility I & II | - | - | 525 | | Wind Keeper Bridge Facility | 150 | - | - | | HoldCo Facility | 125 | - | - | | Total (excluding Guarantee facility) | 1,259 | (34) | 833 | - Derivative assets decreased by **EUR 17.9 million to EUR 1.6 million**, and derivative liabilities increased by **EUR 14.5 million to EUR 30.9 million**, mainly due to market expectations of interest rate cuts and a weaker USD[143](index=143&type=chunk) [Note 10 Related Party Transactions](index=37&type=section&id=Note%2010%20Related%20Party%20Transactions) Related party transactions in H1 2025 primarily involved purchases of services from BW Group Limited (EUR 3.27 million) and Scorpio Holdings Limited (EUR 0.24 million). Payables to related parties amounted to EUR 0.201 million as of June 30, 2025 Related Party Transactions (EUR'000) | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Purchases of services from related parties | (3,510) | (4,567) | | BW Group Limited (including subsidiaries) | (3,270) | (3,905) | | Scorpio Holdings Limited (including subsidiaries) | (240) | (662) | Payables to Related Parties (EUR'000) | Metric | 30 June 2025 | 31 December 2024 | | :----- | :----------- | :--------------- | | Payables to related parties at reported period | 201 | 223 | | BW Group Limited (including subsidiaries) | 159 | 181 | | Scorpio Holdings Limited (including subsidiaries) | 42 | 42 | - Transactions are primarily linked to guarantee fees issued by BW Group Limited, training expenses by BW Maritime, and administrative expenses to Scorpio Services Holding[147](index=147&type=chunk) [Note 11 Commitments and Pledges](index=38&type=section&id=Note%2011%20Commitments%20and%20pledges) Cadeler's commitments primarily relate to future installments for new A-class and M-class vessels, totaling EUR 839 million (translated from EUR and USD) as of June 30, 2025. Significant payments were made in H1 2025 for Wind Pace and Wind Maker, with remaining payments scheduled through 2027 Remaining Instalments for Newbuild Vessels (Millions as of 30 June 2025) | Category | P-Class | M-Class | A-Class | Total | | :------- | :------ | :------ | :------ | :---- | | Commitment amount translated to EUR | - | 166 | 673 | 839 | - In March 2025, **EUR 176.7 million** was paid towards the final installment for Wind Pace[151](index=151&type=chunk) - In January 2025, **EUR 198.2 million** was paid for Wind Maker's final installment, and **EUR 31.5 million** for Wind Mover's installment[152](index=152&type=chunk) - EUR 15.9 million and EUR 31.8 million were paid towards A-class vessel installments in February and May 2025, respectively, with remaining payments due between 2025 and 2027[153](index=153&type=chunk) [Note 12 Events After Reporting Period](index=39&type=section&id=Note%2012%20Events%20after%20reporting%20period) After the reporting period, on July 21, 2025, Cadeler secured a Green Term Loan Facility of up to EUR 125 million for Wind Keeper, refinancing a substantial part of the Wind Keeper Bridge Facility with a long-term solution - On July 21, 2025, Cadeler entered into a Green Term Loan Facility of up to **EUR 125 million** for Wind Keeper, securing long-term refinancing for the Wind Keeper Bridge Facility[155](index=155&type=chunk) [Statement by Management](index=41&type=section&id=Statement%20by%20Management) [Approval and Opinion](index=42&type=section&id=Approval%20and%20Opinion) The Board of Directors and Executive Board approved the interim condensed consolidated financial statements for H1 2025, affirming their preparation in accordance with IAS 34 and Danish disclosure requirements. They expressed the opinion that the statements provide a true and fair view of the Group's financial position, results, and cash flows, and that the Management Review offers a fair assessment of operations and risks - The interim condensed consolidated financial statements for H1 2025 were discussed and approved by the Board of Directors and Executive Board on August 26, 2025[160](index=160&type=chunk)[163](index=163&type=chunk) - The statements are prepared in accordance with IAS 34 and additional Danish disclosure requirements[161](index=161&type=chunk) - Management believes the financial statements give a true and fair view of the Group's financial position, results, and cash flows, and the Management Review provides a fair assessment of operations and risks[162](index=162&type=chunk) [Forward-Looking Statements](index=43&type=section&id=Forward-looking%20statements) [Nature and Disclaimer](index=44&type=section&id=Nature%20and%20Disclaimer) The report contains forward-looking statements about Cadeler's business and financial performance, which are subject to risks, uncertainties, and other factors that may cause actual events to differ materially from expectations. The company disclaims any obligation to update these statements, except as required by law, and accepts no liability for errors or omissions in the information provided - Forward-looking statements concern future circumstances and are subject to risks, uncertainties, and other factors that may cause actual events to differ materially[166](index=166&type=chunk) - The Company assumes no obligation to update any forward-looking statements or to conform them to actual results, except as required by law[168](index=168&type=chunk) - No representation or warranty is made as to the information, and no liability is accepted for any errors, omissions, or misstatements[171](index=171&type=chunk) [Alternative Performance Measures](index=45&type=section&id=Alternative%20performance%20measures) [Non-IFRS Financial Measures](index=45&type=section&id=Non-IFRS%20Financial%20Measures) Cadeler uses non-IFRS metrics, specifically EBITDA (Earnings before interest, tax, depreciation, amortisation, and foreign exchange gains/losses), to supplement its IFRS financial information. These measures provide greater transparency and supplemental data for investors to understand underlying performance and period-to-period comparisons, but are not a substitute for IFRS measures - Cadeler uses non-IFRS metrics, including EBITDA, to supplement IFRS financial information for measuring performance[173](index=173&type=chunk) - EBITDA is defined as Earnings before interest, tax, depreciation, amortisation, and foreign exchange gains/losses[175](index=175&type=chunk) EBITDA Calculation (EUR'000) | Metric | H1 2025 | H1 2024 | | :----- | :------ | :------ | | Operating profit or loss as reported in the statement of profit | 167,954 | (1,363) | | Right-of-use asset amortisation | 763 | 657 | | Depreciation and amortisation | 43,799 | 22,433 | | EBITDA | 212,516 | 21,727 | [Financial Ratios and Operational Metrics](index=46&type=section&id=Financial%20Ratios%20and%20Operational%20Metrics) This section defines key financial ratios and operational metrics used by Cadeler, including Return on Assets, Return on Equity, Equity Ratio, Contracted Days, Utilisation, and Contract Backlog. It also provides non-financial definitions for Vessel Reservation Agreements (VRA) and Final Investment Decision (FID) - Definitions are provided for financial ratios such as Return on Assets, Return on Equity, and Equity Ratio[178](index=178&type=chunk) - Operational metrics defined include Contracted days, Utilisation, and Contract backlog[178](index=178&type=chunk) - Non-financial definitions for Vessel Reservation Agreements (VRA) and Final Investment Decision (FID) are also included[178](index=178&type=chunk)

Group 1 - Robert F. Abbott has been managing family investments since 1995 and incorporated options trading in 2010, focusing on covered calls and collars with long stocks [1] - Abbott is a freelance writer and operates a website aimed at providing information for new and intermediate-level mutual fund investors [1] - He holds a Bachelor of Arts and a Master of Business Administration (MBA) degree [1]

[Financial Performance Overview](index=2&type=section&id=Financial%20Performance%20Overview) The Group achieved substantial revenue and profitability growth in Q1 2025, driven by fleet expansion and improved operational efficiency, alongside significant cash flow changes [Income Statement Highlights](index=2&type=section&id=Income%20Statement%20Highlights) The Group achieved significant revenue and profitability growth in Q1 2025, driven by fleet expansion and higher vessel utilization, transitioning from a net loss to a profit | Metric | Q1 2025 (EUR million) | Q1 2024 (EUR million) | Change (EUR million) | Change (%) | | :---------------- | :-------------------- | :-------------------- | :------------------- | :--------- | | Revenue | 65 | 19 | +46 | +242.1% | | Cost of sales | 45 | 27 | +18 | +66.7% | | EBITDA | 24 | (10) | +34 | N/A | | Result (Profit/Loss) | 2 | (21) | +23 | N/A | - The increase in revenue and profit was driven by the expansion of the fleet (**Wind Peak** in Aug 2024, **Wind Maker** in Jan 2025) and higher vessel utilisation[2](index=2&type=chunk)[3](index=3&type=chunk)[6](index=6&type=chunk) - Vessel utilisation rate for the seven operating vessels increased to **55.3%** in Q1 2025, up from **17.3%** for four operating vessels in Q1 2024[4](index=4&type=chunk) [Cash Flow Highlights](index=2&type=section&id=Cash%20Flow%20Highlights) Operating cash flow improved significantly, while investing activities substantially increased due to new vessel instalments, and financing activities provided a large cash inflow from new borrowings | Metric | Q1 2025 (EUR million) | Q1 2024 (EUR million) | Change (EUR million) | Change (%) | | :-------------------------- | :-------------------- | :-------------------- | :------------------- | :--------- | | Net cash flow from operating activities | 20 | 13 | +7 | +53.8% | | Net cash flow used in investing activities | (467) | (102) | (365) | +357.8% | | Net cash flow from financing activities | 482 | 201 | +281 | +139.8% | - Increased investing activities were primarily due to final instalments for **Wind Maker** and **Wind Pace** vessels delivered in Q1 2025[8](index=8&type=chunk) - Increased financing activities were driven by **EUR 495 million** in proceeds from borrowings, partially offset by capital raised in Q1 2024[9](index=9&type=chunk) [Key Financial and Operational Metrics (Summary Table)](index=3&type=section&id=Key%20Financial%20and%20Operational%20Metrics%20(Summary%20Table)) This section provides a consolidated overview of key financial and operational metrics for Q1 2025, highlighting significant improvements across revenue, profitability, cash flow, and operational efficiency | Key Figures (EUR'000) | Q1 2025 | Q1 2024 | | :-------------------------------- | :------ | :------ | | Revenue | 65,474 | 19,063 | | Cost of sales | (44,558)| (26,979)| | Gross profit / (loss) | 20,916 | (7,916) | | Operating profit/(loss) | 4,830 | (20,093)| | Profit/(loss) for the period | 1,798 | (20,793)| | Cash flow provided by operating activities | 20,387 | 13,139 | | Cash flow used in investing activities | (466,786)| (101,867)| | Cash flow provided by financing activities | 482,041 | 200,689 | | Net increase in cash and cash equivalents | 35,642 | 111,961 | | Earnings per share (EPS), EUR | 0.01 | (0.06) | | Diluted earnings per share (diluted EPS), EUR | 0.01 | (0.06) | | Contracted days (no. of days) | 284 | 63 | | Utilisation (%) | 55.3% | 17.3% | [Capital and Assets Management](index=4&type=section&id=Capital%20and%20Assets%20Management) The Group's assets significantly increased due to new vessel investments, alongside active financing management and a strategic change in functional currency [Balance Sheet Highlights](index=4&type=section&id=Balance%20Sheet%20Highlights) Total assets significantly increased due to new vessel investments, while equity slightly decreased, primarily driven by hedging adjustments | Key Figures (EUR'000) | 31 March 2025 | 31 December 2024 | Change (EUR'000) | Change (%) | | :-------------------- | :------------ | :--------------- | :--------------- | :--------- | | Total assets | 2,463,647 | 1,937,016 | +526,631 | +27.2% | | Non-current assets | 2,221,655 | 1,748,400 | +473,255 | +27.1% | | Total liabilities | 1,238,109 | 703,122 | +534,987 | +76.1% | | Equity | 1,225,538 | 1,233,894 | (8,356) | (0.7%) | | Cash and cash equivalents | 94,106 | 58,464 | +35,642 | +61.0% | | Equity ratio (%) | 49.7% | 63.7% | (14.0) pp | N/A | - The increase in total assets was primarily driven by a **EUR 476 million** increase in property, plant and equipment due to newbuild programs, including **Wind Maker (M-Class)** and **Wind Pace (P-Class)**[15](index=15&type=chunk) - The decrease in equity was mainly due to a **EUR 7 million** loss from hedge adjustments and **EUR 4 million** in related costs, partially offset by a **EUR 2 million** profit and **EUR 1 million** in share-based payments[16](index=16&type=chunk) [Financing Activities and Vessel Deliveries](index=5&type=section&id=Financing%20Activities%20and%20Vessel%20Deliveries) The Group actively managed financing facilities and expanded its fleet with the delivery of two new vessels, Wind Maker and Wind Pace, in Q1 2025 - Utilized **EUR 40 million** under the Green Corporate Facility in January and February 2025[22](index=22&type=chunk) - Took delivery of **Wind Maker** (sixth vessel) on January 31, 2025, and drew down half of the **M-Class Facility** (approx. **EUR 212 million**) for the final instalment[23](index=23&type=chunk) - Took delivery of **Wind Pace** (seventh vessel, second P-Class) on March 26, 2025, and utilized **EUR 211 million** under the **P-Class Facility** for its final instalment[24](index=24&type=chunk) - Signed the **A-Class Facility** for up to **EUR 525 million** on March 21, 2025, to finance the first two of three newbuild A-Class Vessels, with effectiveness contingent on Sinosure confirmation by May 31, 2025[25](index=25&type=chunk) | EUR Millions | Committed | Utilised | Repayments | Unutilised | | :-------------------------- | :-------- | :------- | :--------- | :--------- | | **Secured** | | | | | | Total Green Corporate Facility | 497 | (9) | - | 153 | | P-Class Facility¹ | 421 | (9) | - | - | | M-Class Facility I & II | 212 | - | - | 208 | | A-Class Facility I & II | - | - | - | 525 | | **Unsecured** | | | | | | HoldCo Facility | 125 | - | - | - | | Total (excluding Guarantee facility) | 1,100 | (18) | - | 841 | [Functional Currency Change](index=4&type=section&id=Functional%20Currency%20Change) Effective January 1, 2025, former Eneti Group entities changed their functional currency from USD to EUR, reflecting a shift in the primary economic environment post-acquisition - The change from **USD to EUR** as the functional currency for former Eneti Group entities was driven by **Cadeler's acquisition** and subsequent changes in financing, organization, and activities, making EUR the primary economic environment[17](index=17&type=chunk) [Order Backlog](index=6&type=section&id=Order%20Backlog) Cadeler maintains a robust order backlog, significantly bolstered by new contracts signed in Q1 2025, ensuring substantial future work for its expanding fleet [Order Backlog Details](index=6&type=section&id=Order%20Backlog%20Details) Cadeler's order backlog remains robust, with significant contracts signed in Q1 2025, ensuring substantial work for its fleet, particularly for newbuild vessels - The Group's order backlog amounted to **EUR 2,487 million** as of the reporting date (March 31, 2025)[30](index=30&type=chunk) | EUR million | Within 1 year | After 1 year | Total | | :-------------------------------------- | :------------ | :----------- | :---- | | **Contract backlog as of 31 March 2025** | | | | | Firm | 539 | 1,484 | 2,023 | | Subject to exercise of counterparty options (non-contingent) | 40 | 192 | 232 | | Subject to exercise of counterparty options (contingent) | 40 | 192 | 232 | | **Total¹** | 619 | 1,868 | 2,487 | - As of March 31, 2025, **94%** of the contract backlog (**EUR 2,342 million**) related to projects with a positive final investment decision (FID); as of the earnings release date, **100%** of the backlog related to projects with positive FID[31](index=31&type=chunk)[32](index=32&type=chunk) - Notable contracts signed since January 1, 2025, include two firm contracts for **Wind Mover** (up to **EUR 75 million**) and a firm contract for **Wind Pace's** first deployment in the US (**EUR 67-75 million**)[33](index=33&type=chunk) - A notable Vessel Reservation Agreement (VRA) was signed with Ocean Winds for the **BC-Wind offshore wind farm**, with a potential contract value of **EUR 48-56 million**, though VRAs are not included in the contract backlog[29](index=29&type=chunk) [Outlook 2025](index=2&type=section&id=Outlook%202025) The Group's 2025 guidance for revenue and EBITDA remains unchanged, reflecting stable expectations for the upcoming year [2025 Guidance](index=2&type=section&id=2025%20Guidance) The Group's 2025 guidance for revenue and EBITDA remains unchanged, with revenue expected between EUR 485 million and EUR 525 million, and EBITDA between EUR 278 million and EUR 318 million | Metric | 2025 Guidance (EUR million) | | :------- | :-------------------------- | | Revenue | 485 - 525 | | EBITDA | 278 - 318 | [Subsequent Events](index=2&type=section&id=Subsequent%20Events) A preferred supplier agreement was terminated in May 2025, entitling the company to termination fees without impacting the disclosed contract backlog [Preferred Supplier Agreement Termination](index=2&type=section&id=Preferred%20Supplier%20Agreement%20Termination) Cadeler received notice in May 2025 terminating a preferred supplier agreement, entitling the company to termination fees without impacting the disclosed contract backlog - Cadeler received notice in **May 2025** terminating a preferred supplier agreement (PSA) disclosed on July 15, 2024[11](index=11&type=chunk) - Cadeler is entitled to receive **termination fees** as a result of this termination[11](index=11&type=chunk) - The termination has no impact on Cadeler's disclosed contract backlog, as vessel reservation agreements like the PSA are not included[11](index=11&type=chunk) - Cadeler is assessing the **positive impact** of the termination fees on its **2025 revenue and EBITDA guidance**[11](index=11&type=chunk) [UK Re-Domiciliation](index=2&type=section&id=UK%20Re-Domiciliation) The planned re-domiciliation to the United Kingdom has been delayed to 2026 due to competing strategic priorities, though the company still believes in its strategic benefits [Re-Domiciliation Delay](index=2&type=section&id=Re-Domiciliation%20Delay) Cadeler has delayed its planned re-domiciliation to the United Kingdom from H1 2025 to 2026 due to competing strategic priorities, while still believing it will enhance its strategic position - Cadeler has delayed its contemplated re-domiciliation to the United Kingdom from **H1 2025 to 2026**[12](index=12&type=chunk) - The delay is attributed to **competing strategic priorities**[12](index=12&type=chunk) - The company still believes that re-domiciliation to the UK would enhance its **strategic position**[12](index=12&type=chunk) [Interim Condensed Consolidated Financial Statements](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the interim condensed consolidated financial statements, detailing the Group's profit or loss, balance sheet, changes in equity, and cash flows for the period [Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The statement details a significant turnaround from a loss in Q1 2024 to a profit in Q1 2025, driven by increased revenue, despite a substantial loss in other comprehensive income | EUR'000 | Q1 2025 | Q1 2024 | | :------------------------------------------------------------------------------------------------ | :------ | :------ | | Revenue | 65,474 | 19,063 | | Cost of sales | (44,558)| (26,979)| | Gross profit/(loss) | 20,916 | (7,916) | | Operating profit/(loss) | 4,830 | (20,093)| | Profit/(loss) for the period | 1,798 | (20,793)| | Basic Earnings per share (EUR per share) | 0.01 | (0.06) | | Diluted Earnings per share (EUR per share) | 0.01 | (0.06) | | Other comprehensive (loss)/income after tax | (10,773)| 24,222 | | Total comprehensive (loss)/income for the period, net of tax | (8,975) | 3,429 | [Balance Sheet](index=8&type=section&id=Balance%20Sheet) The balance sheet as of March 31, 2025, reflects a substantial increase in total assets and liabilities, primarily in property, plant and equipment and debt, while total equity remained relatively stable | EUR'000 | 31 March 2025 | 31 December 2024 | | :-------------------------- | :------------ | :--------------- | | Intangible assets | 18,644 | 18,190 | | Property, plant and equipment | 2,188,349 | 1,712,266 | | Total non-current assets | 2,221,655 | 1,748,400 | | Total current assets | 241,992 | 188,616 | | Total assets | 2,463,647 | 1,937,016 | | Total equity | 1,225,538 | 1,233,894 | | Debt to credit institutions (Non-current) | 995,471 | 539,854 | | Total non-current liabilities | 1,035,106 | 579,475 | | Total current liabilities | 203,003 | 123,647 | | Total liabilities | 1,238,109 | 703,122 | | Total equity and liabilities | 2,463,647 | 1,937,016 | [Statement of Changes in Equity](index=9&type=section&id=Statement%20of%20Changes%20in%20Equity) The statement details changes in equity for Q1 2025 and Q1 2024, showing a slight decrease in Q1 2025 due to comprehensive losses, contrasting with a capital increase and positive income in Q1 2024 | EUR'000 | At 1 January 2025 | Profit for the period | Other comprehensive income for the period | Total comprehensive profit for the period | Share-based payments | End of 31 March 2025 | | :-------------------------------- | :---------------- | :-------------------- | :---------------------------------------- | :---------------------------------------- | :------------------- | :------------------- | | Total Equity | 1,233,894 | 1,798 | (10,773) | (8,975) | 619 | 1,225,538 | | EUR'000 | At 1 January 2024 | Profit for the period | Other comprehensive income for the period | Total comprehensive profit for the period | Capital increase Feb 2024 | Costs incurred in connection with Feb 2024 capital increase | Share-based payments | End of 31 March 2024 | | :-------------------------------- | :---------------- | :-------------------- | :---------------------------------------- | :---------------------------------------- | :------------------------ | :---------------------------------------------------------- | :------------------- | :------------------- | | Total Equity | 959,041 | (20,793) | 24,222 | 3,429 | 154,868 | (2,475) | 272 | 1,115,135 | [Statement of Cash Flows](index=10&type=section&id=Statement%20of%20Cash%20Flows) The cash flow statement shows positive net cash from operating activities, significantly increased cash used in investing activities, and substantial cash inflow from financing activities | EUR'000 | Q1 2025 | Q1 2024 | | :---------------------------------------- | :------ | :------ | | Net cash provided by operating activities | 20,387 | 13,139 | | Net cash used in investing activities | (466,786)| (101,867)| | Net cash provided by financing activities | 482,041 | 200,689 | | Net increase in cash and cash equivalents | 35,642 | 111,961 | | Cash and cash equivalents at end of the period | 94,106 | 209,130 | - Investing activities included **EUR 466.2 million** in additions to property, plant and equipment in Q1 2025, significantly higher than **EUR 101.9 million** in Q1 2024[40](index=40&type=chunk) - Financing activities in Q1 2025 were boosted by **EUR 494.7 million** in proceeds from borrowing (net of bank fees), compared to **EUR 50 million** in Q1 2024[40](index=40&type=chunk) [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) This section provides a standard disclaimer regarding forward-looking statements, highlighting inherent risks and the company's policy on updating such information [Disclaimer on Forward-Looking Information](index=12&type=section&id=Disclaimer%20on%20Forward-Looking%20Information) This section provides a standard disclaimer for forward-looking statements, emphasizing inherent risks, the company's non-obligation to update, and advising against undue reliance on third-party information - Forward-looking statements concern future circumstances and results, identified by words like 'believes', 'expects', 'predicts', and are subject to risks, uncertainties, and other factors that may cause actual events to differ materially[43](index=43&type=chunk) - Neither the Company nor its affiliates provide assurance that assumptions underlying forward-looking statements are error-free or accept responsibility for the future accuracy of opinions or forecasted developments[44](index=44&type=chunk) - The Company assumes no obligation to update any forward-looking statements, except as required by law[45](index=45&type=chunk) - Information obtained from third parties has not been independently investigated for accuracy or completeness, and no reliance should be placed on such information[46](index=46&type=chunk)[48](index=48&type=chunk) [Alternative Performance Measures](index=13&type=section&id=Alternative%20Performance%20Measures) This section defines and reconciles alternative performance measures, specifically EBITDA, used to supplement IFRS financial information and provide greater transparency [Non-IFRS Financial Measures](index=13&type=section&id=Non-IFRS%20Financial%20Measures) The Group uses non-IFRS measures, specifically EBITDA, to supplement IFRS financial information, providing greater transparency into underlying performance without substituting IFRS measures - The Group uses non-IFRS metrics, including **EBITDA**, to supplement IFRS financial information and measure performance against prior periods[49](index=49&type=chunk) - These non-IFRS measures are not standardized and may not be comparable to similar measures of other companies, and should not be viewed as a substitute for IFRS measures[49](index=49&type=chunk)[50](index=50&type=chunk) - **EBITDA** is defined as Earnings before interest, tax, finance income/costs, and depreciation and amortisation[51](index=51&type=chunk) | EUR'000 | Q1 2025 | Q1 2024 | | :------------------------------------------------ | :------ | :------ | | Operating profit or loss as reported in the statement of profit | 4,830 | (20,093)| | Right-of-use asset amortisation | 283 | 261 | | Depreciation and amortisation | 18,541 | 9,772 | | **EBITDA** | **23,654**| **(10,060)**|

Core Viewpoint - Cadeler (CDLR) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Cadeler's Earnings Outlook - For the fiscal year ending December 2025, Cadeler is expected to earn $2.14 per share, reflecting a 161% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Cadeler has risen by 7.3%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Cadeler's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term [10].

Financial Data and Key Metrics Changes - Revenue doubled from 2023 to 2024, reaching EUR 249 million [34] - EBITDA tripled from EUR 42 million to EUR 126 million, indicating strong scalability in the business [34][44] - Adjusted utilization rate was 83%, with unadjusted utilization at 66% due to lower performance from specific vessels [35][41] - Backlog increased by 47% to EUR 2.5 billion, with 94% of the backlog having final investments [22][94] Business Line Data and Key Metrics Changes - The company successfully delivered the Wind Peak and Wind Maker vessels on time and on budget, contributing to operational efficiency [6][11] - Significant O&M (Operations and Maintenance) projects were secured, indicating a growing demand in this segment [27][84] - The company is focusing on expanding its O&M services, which are expected to enhance vessel utilization and overall financial performance [27][86] Market Data and Key Metrics Changes - The European market remains the primary driver for offshore wind, with a significant number of projects under discussion [15][20] - The Asia Pacific market is also active, particularly in Taiwan, Japan, and Korea, with potential for future growth [15][19] - The North American market is viewed cautiously, with ongoing projects but political headwinds affecting the overall outlook [16][17] Company Strategy and Development Direction - The company aims to maintain a strong focus on the European market while exploring opportunities in Asia and cautiously entering the U.S. market [14][15][19] - There is a strategic emphasis on long-term agreements with clients, reflecting a shift towards more stable revenue streams [22][74] - The company is committed to sustainability, enhancing its leadership in this area and implementing measures to reduce its environmental footprint [63][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong financial performance and growth trajectory for 2025, with expectations for continued high utilization and project execution [6][54] - The company is optimistic about the demand for larger turbines and deeper water installations, which align with its capabilities [75][93] - Management acknowledged challenges in the newbuild market, including rising costs and limited shipyard capacity, impacting future orders [100][102] Other Important Information - The company has achieved SOX compliance without material weaknesses, reflecting strong internal controls [38] - A significant focus on human rights and sustainability initiatives has been established, including a human rights impact assessment and enhanced supplier due diligence [64][66] Q&A Session Summary Question: O&M market demand and contract economics - Management noted an increasing contract economics profile for O&M projects, with clients discussing longer-term commitments and support structures [98] Question: Prospects for newbuilds and pricing - Management highlighted challenges in newbuild deliveries, with prices estimated to be 30% to 45% higher than previous orders, making it difficult to secure new capital for new vessels [100][102] Question: 2025 guidance and newbuild delivery timing - Management indicated that while there are moving parts, they expect to maintain delivery schedules for new vessels, with a focus on locking down utilization capacity [110]