[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]

Currency Risk Exposure - The Cadeler Group's largest currency risk exposure is future instalments for the M-Class and A-Class New Builds, totaling USD 1,112.0 million as of March 25, 2025[235]. - A 10% deterioration in the USD:EUR exchange rate would decrease profits before tax by EUR 1.8 million based on USD cash holdings as of December 31, 2024[236]. - The Cadeler Group has a significant foreign currency risk exposure with future instalments for the M-Class and A-Class New Builds totaling USD 1,112.0 million as of March 25, 2025[272]. Interest Rate Risk - The interest rate under Credit Facilities is based on the 3-month EURIBOR, which was 2.9% and 3.9% at December 31, 2024 and 2023, respectively[240]. - If the EURIBOR increased by 100 basis points, the cost to the Cadeler Group would have increased by EUR 5.9 million for the year ending December 31, 2024[241]. - The Cadeler Group seeks to hedge 50% of its interest rate exposure and evaluates the potential cost and benefits of fixed interest rate borrowings on an ongoing basis[239][242]. - The fair value of interest rate swaps for 2024 includes a notional amount of EUR 355.1 million for between 2 and 5 years[269]. - The fair value of interest rate swaps for 2023 was EUR 555.0 million for between 2 and 5 years[269]. Liquidity Risk Management - The Cadeler Group manages liquidity risk by maintaining sufficient cash and committed credit facilities, with total obligations in EUR of 691 million, 516 million, and 188 million due in less than 1 year, between 1 and 2 years, and between 2 and 5 years, respectively, as of December 31, 2024[254]. - As of December 31, 2024, cash and cash equivalents are considered low credit risk, primarily held in banks with high credit ratings[251]. Credit Risk Management - The maximum exposure to credit risk is the carrying amount of trade receivables and other receivables, with trade receivables from external customers subject to immaterial credit loss[245][250]. - The Cadeler Group uses a provision matrix to measure lifetime expected credit losses for trade receivables, grouping them based on shared credit characteristics and days past due[249]. Hedging Activities - The cumulative fair value change of cash flow hedges at December 31, 2024, was EUR 1.8 million, with interest rate risk hedging at (14.9) million and foreign currency risk hedging at 11.6 million[265]. - The cumulative fair value change in the hedging reserve as of January 1, 2024, was (EUR 11.8 million), compared to EUR 3.2 million in 2023[271]. - The fair value adjustment for the year 2024 resulted in a decrease of EUR 3.3 million, while in 2023, it was a decrease of EUR 14.2 million[271]. - The nominal amount of FX forward contracts for 2024 includes USD 104.5 million for less than 1 year and USD 55.4 million for between 1 and 2 years[274]. - The fair value adjustment for FX forward contracts in 2024 was EUR 12.2 million, compared to a decrease of EUR 3.5 million in 2023[274]. - The fair value adjustment for FX option collars in 2024 was EUR 5.6 million, while in 2023, it was a decrease of EUR 0.8 million[274]. - The total movements in the hedging reserve as of December 31, 2024, showed a net position of EUR 16.7 million, compared to (EUR 9.7 million) in 2023[274]. - The company aims to match critical terms between hedged items and relevant hedge instruments to mitigate hedging ineffectiveness[273].

Currency and Interest Rate Exposure - The Group's largest currency exposure is future installments for new vessels, amounting to USD 1.3 billion[839]. - A 10% deterioration in the USD:EUR exchange rate would decrease pre-tax results by EUR 1.8 million based on USD cash holdings as of December 31, 2024[840]. - A 10% deterioration in the GBP:EUR exchange rate would decrease pre-tax results by EUR 0.7 million based on GBP cash holdings as of December 31, 2024[841]. - If the EURIBOR interest rate increased by 100bps, the cost would increase by EUR 5.9 million for 2024[845]. - The average fixed rate of interest rate swaps is 2.78% in 2024, slightly down from 2.81% in 2023 and 2.82% in 2022[880]. - The average USD:EUR rate for currency exposure hedging is 0.9107, compared to 0.9187 for both 2023 and 2022[885]. Liquidity and Debt Management - The Group manages liquidity risk by maintaining sufficient cash and available funding through committed credit facilities[856]. - The Group anticipates seeking further debt financing for milestone payments related to the third A-Class New Build[857]. - Total obligations for newbuild vessels in 2024 amount to EUR 1.395 billion, with EUR 455 million expected to be paid in the first half of 2025[858]. - The Group has utilized EUR 210 million under the P-Class Facility to finance the final installment for the delivery of the first P-Class Vessel in August 2024[900]. - The Holdco Facility was increased from EUR 50 million to EUR 80 million on February 7, 2024, with a total capacity available under the unsecured corporate term loan facility reaching EUR 125 million[897]. - The Group entered into a Sinosure-backed green term loan facility of up to EUR 425 million in December 2023 to finance the purchase of P-Class newbuilds[899]. - The M-Class Facility was successfully refinanced, securing an aggregate of EUR 420 million in post-delivery financing, reflecting the Group's strong credit story[898]. - As of December 31, 2024, the total new debt facility amounted to EUR 597 million, with EUR 571 million as the carrying amount[893]. - The Group's financial performance is impacted by the interest and fees associated with the total debt, which is primarily EUR 597 million[893]. - The covenants for all debt facilities include customary financial and other requirements[901]. Credit and Counterparty Risk - The Group's credit risk is mitigated by transacting only with counterparties rated "A" and above[847]. - As of December 31, 2024, cash and bank balances are subject to immaterial credit loss due to high credit ratings of banks[855]. - The Group has not written off any receivables as of the reporting date[852]. Derivative Financial Instruments - As of December 31, 2024, the fair value of derivative assets amounted to EUR 18,468 thousand, a significant increase from EUR 338 thousand in 2023 and EUR 3,376 thousand in 2022[871]. - The total derivative liabilities decreased to EUR 16,414 thousand in 2024 from EUR 21,961 thousand in 2023, reflecting a reduction in expectations for rate cuts due to persistent inflation[871]. - The Group has hedged approximately 40% of its foreign exchange risk for upcoming USD instalments related to new vessel contracts[886]. - The cumulative fair value change for cash flow hedges at December 31, 2024, is EUR 1,799 thousand, recovering from a cumulative loss of EUR 21,559 thousand in 2023[877]. - The notional amount of FX forward contracts for 2024 is USD 104,545 thousand, with a fair value asset of EUR 6,849 thousand[888]. - The fair value adjustment for FX forward contracts in 2024 is EUR 10,771 thousand, recovering from a loss of EUR 3,518 thousand in 2023[888]. - The Group's interest rate swap contracts have a notional amount of EUR 355,117 thousand for maturities over 2 to 5 years, with a fair value liability of EUR 16,231 thousand[882]. Financial Performance and Equity - Total assets increased to EUR 1,733,293,000 in 2024, up from EUR 1,309,674,000 in 2023, representing a growth of approximately 32.2%[948]. - Total equity rose to EUR 1,134,497,000 in 2024, compared to EUR 952,791,000 in 2023, marking an increase of about 19.1%[948]. - Non-current liabilities increased to EUR 372,243,000 in 2024, up from EUR 224,508,000 in 2023, reflecting a rise of approximately 65.8%[948]. - The company reported trade receivables of EUR 47,958,000 in 2024, an increase from EUR 35,227,000 in 2023, indicating a growth of about 36.5%[948]. - Cash and bank balances decreased to EUR 16,727,000 in 2024 from EUR 59,436,000 in 2023, a decline of approximately 71.8%[948]. - Share capital increased to EUR 47,144,000 in 2024 from EUR 41,839,000 in 2023, representing a growth of about 12.4%[948]. - The total financial assets reached EUR 748,428,000 in 2024, compared to EUR 747,047,000 in 2023, showing a slight increase of approximately 0.2%[948]. Acquisitions and Related Transactions - The Group completed the acquisition of Eneti on December 19, 2023, with total identified net assets and goodwill valued at EUR 581,989,000[912]. - The fair value of vessels and dry docks acquired from Eneti is EUR 296,707,000, with a vessel under construction valued at EUR 144,219,000[912]. - The company acquired 100% of the shares in Eneti for EUR 496 million in 2023, which included acquisition-related expenses of EUR 15 million[1002]. - Related party transactions included purchases of services totaling EUR 8,260,000 in 2024, down from EUR 9,216,000 in 2023[915]. Operational Developments - The company is focused on expanding its fleet with new generation offshore WTIVs through contracts with Hanwha[936]. - The company has dissolved several dormant entities during 2024, streamlining its operations[939]. - The company’s financial statements include various wholly owned subsidiaries across multiple countries, enhancing its operational footprint[938]. - The company took delivery of the sixth vessel, Wind Maker, on January 31, 2025, and drew down EUR 212 million for the final installment[942]. - The company requested EUR 211 million under the P-Class Facility on March 17, 2025, to finance the final installment for the second P-Class vessel[943]. Compliance and Governance - The Group is required to maintain a minimum equity ratio of 35% and a debt service coverage ratio of at least 2:1 for the Holdco Facility[903][908]. - The Group's cash and cash equivalents must be at least EUR 35,000,000 or 5% of gross interest-bearing debt, depending on the cash flow ratio[908]. - The Group has not breached any financial covenants related to interest-bearing loans and borrowings in the current period[862]. - The Group's net interest-bearing debt to EBITDA ratio must not be lower than 2.75:1 across its debt facilities[906]. - The Group is not permitted to pay dividends exceeding 50% of consolidated net profit without lender consent[906]. Financial Reporting and Audit - The company will recommend the financial statements for approval at the annual general meeting scheduled for April 22, 2025[945]. - Statutory audit fees increased significantly to EUR 1.93 million in 2024 from EUR 464,000 in 2023[976]. - Total auditor remuneration for 2024 was EUR 2.16 million, compared to EUR 2.68 million in 2023[976]. - The Company has not prepared a cash flow statement as it is included in the consolidated cash flow statement[956]. Asset Management - The company recorded a net book value of EUR 475.632 million for property, plant, and equipment as of December 31, 2024, following additions of EUR 358.915 million during the year[995]. - The total additions in property, plant, and equipment during 2024 were primarily driven by vessel newbuild and upgrades[995]. - The total assets under construction increased to EUR 473.505 million as of December 31, 2024, following significant additions during the year[995]. - The company capitalized borrowing costs of EUR 19.7 million in 2024, reflecting a capitalisation rate of 7.6%[996]. - The tax value of tax losses available for carry forward as of December 31, 2024, is approximately EUR 12 million, which has not been recognized[985]. - The company reported no tax expense related to Danish Tonnage tax for 2024 due to the utilization of tax losses[986]. Lease Obligations - The company has off-balance sheet obligations related to vessel leasing estimated up to EUR 115 million annually, depending on the number of days on hire[1008]. - The company’s future minimum lease payments are structured around the new headquarter contracts, with significant contributions expected from the new facilities[928].

Company Overview - Cadeler (CDLR) is a global leader in offshore wind farm construction, maintenance, and decommissioning [1] - The company is based in Denmark and was established in 2008, being listed on the Oslo stock exchange in late 2020 [1] Industry Position - Cadeler specializes in the offshore wind sector, indicating a strong focus on renewable energy and sustainability [1] - The company has a significant role in the growing offshore wind market, which is expected to expand as global energy demands shift towards greener alternatives [1]

Financial Performance - The Group's revenue for the first nine months of 2024 was EUR 163 million, a 79% increase from EUR 91 million in the same period of 2023[3] - EBITDA for the first nine months of 2024 reached EUR 70 million, up 43% from EUR 49 million in the comparative period of 2023[3] - The Group's profit for the first nine months of 2024 was EUR 28 million, a decrease of 7% compared to EUR 30 million in the same period of 2023[3] - For the nine months ended 30 September 2024, the company reported a profit of €27,816 million, down from €30,199 million in the same period of 2023, representing a decrease of approximately 4.3%[15] - The total comprehensive income for the period, net of tax, is €21,529 million, compared to €38,498 million in the same period of 2023, indicating a decline of approximately 44%[15] - EBITDA for 9M 2024 increased to EUR 70,158,000 from EUR 49,466,000 in 9M 2023, reflecting a growth of approximately 41.8%[24] - Adjusted EBITDA for 9M 2024 was EUR 70,158,000, compared to EUR 53,293,000 in 9M 2023, indicating an increase of about 31.7%[24] - The company reported an operating profit of EUR 31,841,000 for 9M 2024, up from EUR 30,101,000 in 9M 2023[24] Cash Flow and Financing - Net cash flow from operating activities was EUR 45 million, down 15% from EUR 53 million in the first nine months of 2023[3] - Cash flow from operating activities for the nine months ended 30 September 2024 is €44,770 million, compared to €52,848 million for the same period in 2023, reflecting a decrease of approximately 15.3%[18] - Cash flow from investing activities for 9M 2024 was a net outflow of EUR 549,092,000, significantly higher than EUR 23,385,000 in 9M 2023[19] - Net cash provided by financing activities in 9M 2024 was EUR 502,448,000, compared to a net outflow of EUR 9,066,000 in 9M 2023[19] - The company incurred EUR 10,155,000 in interest paid during 9M 2024, an increase from EUR 4,672,000 in 9M 2023[19] - Principal repayment of lease liabilities rose to EUR 1,330,000 in 9M 2024 from EUR 259,000 in 9M 2023[19] Assets and Equity - The Group's total assets increased by 46% to EUR 1,828 million as of 30 September 2024, driven by a EUR 527 million rise in property, plant, and equipment[8] - The Group's equity increased to EUR 1,132 million as of 30 September 2024, up EUR 173 million from EUR 959 million at the beginning of the year[7] - Total assets as of 30 September 2024 amount to €1,827,571 million, an increase from €1,252,560 million as of 31 December 2023[16] - The company’s total equity as of 30 September 2024 is €1,132,400 million, an increase from €959,041 million at the end of 2023[16] - The firm’s total non-current assets increased to €1,641,857 million as of 30 September 2024, compared to €1,105,110 million at the end of 2023[16] - The company’s share capital increased to €47,144 million as of 30 September 2024, up from €41,839 million at the beginning of the year[17] Workforce - The average number of employees increased significantly, with onshore employees rising from 113 to 236 and offshore employees from 182 to 351[9] Contracts and Backlog - The order backlog as of the reporting date amounted to EUR 2,054 million, with EUR 64 million expected to be recognized in 2024[13] - As of 30 September 2024, the total contract backlog is €2,054 million, with €342 million firm contracts and €1,712 million subject to counterparty options[14] Strategic Outlook - The company plans to continue focusing on strategic growth and market expansion, as indicated in their forward-looking statements[20] Depreciation and Expenses - The company reported a significant increase in depreciation and amortization expenses to €32,992 million for the nine months ended 30 September 2024, compared to €13,516 million in the same period of 2023[18]

Group 1 - Cadeler is currently ranked 2 (Buy) in the Zacks Rank system, indicating a strong potential for outperforming the market in the near term [3] - The Zacks Consensus Estimate for Cadeler's full-year earnings has increased by 8% over the past quarter, reflecting improved analyst sentiment and a stronger earnings outlook [4] - Year-to-date, Cadeler has returned approximately 43.7%, significantly outperforming the Transportation sector, which has returned an average of -2.1% [4] Group 2 - Cadeler belongs to the Transportation - Shipping industry, which includes 43 stocks and is currently ranked 142 in the Zacks Industry Rank, with an average gain of 23.2% this year [6] - In contrast, DSV, another Transportation stock, is part of the Transportation - Services industry, which has 27 stocks and is ranked 149, with a year-to-date decline of -8.1% [6] - Both Cadeler and DSV are showing solid performance, making them noteworthy for investors interested in Transportation stocks [7]

Financial Position and Performance - The interim condensed consolidated financial statements for Cadeler A/S for H1 2024 show an operating loss of EUR (1,363,000), compared to a profit of EUR 29,439,000 in H1 2023[120]. - EBITDA for H1 2024 is reported at EUR 21,727,000, a decrease of 47.6% from EUR 41,504,000 in H1 2023[120]. - Adjusted EBITDA for H1 2024, after accounting for transactional costs, is EUR 21,727,000, down from EUR 44,087,000 in H1 2023[120]. - The financial position of the Group at June 30, 2024, is deemed to provide a true and fair view of its operations and cash flows for the first half of the year[110]. Debt and Financing - As of June 30, 2024, the Group's debt to credit institutions increased to EUR 339.4 million from EUR 115.4 million in the previous year[90]. - The Group's total new debt facility amounts to EUR 550 million, with EUR 326 million utilized and EUR 224 million unused as of June 30, 2024[89]. - The Group raised EUR 155 million from a private placement completed on February 15, 2024, to finance the equity portion of a new vessel contract[97]. - The Group's Holdco Facility was increased from EUR 50 million to EUR 80 million to support wind installation activities[92]. - The Group successfully renegotiated the USD 436 million M-Class Facility on improved terms, securing up to EUR 420 million in post-delivery financing[108]. Currency and Liquidity Management - The Group's largest currency exposure is USD 1.6 billion related to future instalments for new P, A, and M-class vessels[86]. - The Group's liquidity risk is managed by maintaining sufficient cash and available funding through committed credit facilities[88]. - The fair value of derivative assets increased to EUR 5.47 million as of June 30, 2024, compared to EUR 0.34 million in the previous year[93]. - The Group's lease commitments decreased from EUR 6.07 million at the end of 2023 to EUR 0.30 million as of June 30, 2024[102]. Business Operations and Risks - The total contract amount for the new A-Class vessel is approximately EUR 373 million, with EUR 94 million paid in H1 2024[105]. - The contract backlog as of the reporting date includes all customer contracts not yet recognized as revenue, assuming 100% of counterparty options are exercised[123]. - The management review highlights material risks and uncertainties faced by the Group, although specific figures are not disclosed[111]. - Forward-looking statements in the report are subject to risks and uncertainties that may cause actual results to differ materially from forecasts[113]. - The company does not guarantee the accuracy of forward-looking statements and assumes no obligation to update them unless required by law[114]. Transactional Costs - The company incurred transactional costs of EUR 2,583,000 related to the business combination with Eneti, which closed on December 19, 2023[121]. - The company emphasizes the use of non-IFRS measures like EBITDA to provide greater transparency regarding its financial condition[119].

Financial Performance - The Group reported a loss of EUR 21 million in Q1 2024, down from a profit of EUR 2 million in Q1 2023[2] - EBITDA for Q1 2024 showed a loss of EUR 10 million, compared to a gain of EUR 8 million in Q1 2023[4] - Gross loss for Q1 2024 was €(7,916,000), compared to a gross profit of €6,755,000 in Q1 2023, indicating a significant decline[31] - Operating loss for Q1 2024 was €(20,093,000), a decrease from an operating profit of €2,060,000 in Q1 2023[31] - The company reported a loss for the period of €(20,793,000) in Q1 2024, compared to a profit of €1,948,000 in Q1 2023[31] - EBITDA for Q1 2024 was €(10,060,000), down from €8,019,000 in Q1 2023, reflecting a decline in operational performance[54] Revenue and Projections - Revenue for Q1 2024 was EUR 19 million, consistent with the same period in 2023, aligning with the projected revenue range for the fiscal year 2024[3] - Revenue for Q1 2024 increased to €19,063,000 from €18,905,000 in Q1 2023, representing a growth of 0.83%[31] - The Group expects revenue for 2024 to range between EUR 225 million and EUR 245 million, with EBITDA projected between EUR 105 million and EUR 125 million[5] Costs and Expenses - Cost of sales in Q1 2024 was EUR 27 million, doubling compared to Q1 2023, primarily due to the business combination with Eneti and the addition of new vessels[4] Cash Flow and Equity - Net cash flow from operating activities was EUR 13 million in Q1 2024, an increase of EUR 8 million compared to Q1 2023[6] - Net cash provided by operating activities for Q1 2024 was €13,139,000, up from €4,746,000 in Q1 2023[37] - Cash and cash equivalents at the end of Q1 2024 were €209,130,000, a significant increase from €96,608,000 at the beginning of the period[40] - The Group's equity increased to EUR 1,115 million in Q1 2024, up EUR 156 million from EUR 959 million at the beginning of the period[10] - Total equity increased to €1,115,135,000 as of March 31, 2024, compared to €959,041,000 at the end of December 2023[33] Assets and Backlog - The total assets as of 31 March 2024 amounted to EUR 1,484 million, reflecting a EUR 232 million increase during the reporting period[17] - Total assets increased to €1,484,291,000 as of March 31, 2024, compared to €1,252,560,000 at the end of December 2023[33] - The contract backlog as of 28 May 2024 totaled EUR 1,818 million, with EUR 263 million expected within one year[27] Market Developments - Cadeler signed a contract with Ørsted and PGE for the transport and installation of wind turbines, marking its entry into the Polish market[30] Other Comprehensive Income - Other comprehensive income for Q1 2024 was €24,222,000, a recovery from a loss of €(6,696,000) in Q1 2023[31]