Cadeler A/s · OSL:CADLR
Cadeler A/s — Q2 2025 Earnings Presentation
32 slides from Cadeler A/s's earnings presentation, Aug 26, 2025
Slide 1: Investor Presentation H1 2025
Investor Presentation H1 2025 1 January – 30 June 2025
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THIS "PRESENTATION") HAS BEEN PREPARED BY CADELER A/S (THE "COMPANY") EXCLUSIVELY FOR INFORMATION PURPOSES AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, BY ANY OTHER PERSON. FORWARD-LOOKING STATEMENTS THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING
Slide 3: H1 2025 - Highlights
H1 2025 - Highlights Financial performance above expectations, with full-year guidance increased in July 2025. Wind Keeper delivered & long-term contract with Vestas secured. Seven vessels on-hire around the world, including two vessels operating in Taiwan and two in North America. Strong and increa
Slide 4: H1 2025 Commercial Highlights
H1 2025 Commercial Highlights
Slide 5: Wind Keeper delivered & contract secured
Wind Keeper delivered & contract secured • Cadeler has taken delivery of its latest delivery, the Wind Keeper, ahead of schedule • The newest addition to the fleet has already landed her first long-term contract with Vestas, for a three-year period with additional options of two and half years; comm
Slide 6: Executing on projects
Executing on projects Vessel activity in H1 2025 Wind Orca Wind Osprey Wind Scylla Wind Zaratan Completed an O&M campaign for Siemens Completed two O&M campaigns for Vestas, Continues to work on the Revolution Wind Commenced an O&M campaign for Vestas at Gamesa and thereafter mobilised for the He al
Slide 7: A EUR 2.5bn backlog provides solid earnings visibility
A EUR 2.5bn backlog provides solid earnings visibility Europe Region as % of total backlog Inch Cape – WTG – Sofia – WTG – 2025 2026 Baltic Power – WTG Orsted/PGE – Baltica II – WTG – 2025 – 2027 He Dreiht – WTG – Bałtyk II & III – WTG 2025 – 2027 EA III – WTG – EA II – FOU & WTG – Vessel Reservatio
Slide 8: Contract backlog remains strong at EUR 2.5 Billion
Contract backlog remains strong at EUR 2.5 Billion Backlog remains strong despite Hornsea 4 cancellation. Development in contract backlog FY 2022 – H1 2025 Cadeler’s strategy continues to deliver, with the resilience of its (EURm) backlog reflecting its well-diversified backlog of projects across re
Slide 9: Newbuilds progress update
Newbuilds progress update Vessel Wind Ally Wind Mover Wind Ace Wind Apex Expected delivery Q3/4 2025 Q4 2025 Q3 2026 Q2 2027 Progress update • Sea trial started on the 2 • Launched 27 January 2025 • Steel cutting completed in July • Steel cutting completed in July August 2025 • All major equipment i
Slide 10: H1 2025 Financial Highlights
H1 2025 Financial Highlights
Slide 11: Key financial highlights for Q2 2025
Key financial highlights for Q2 2025 Revenue Equity ratio Utilisation1 Market Capitalisation2 € 233.1m 49.5% 94.1% € 1.7b 233 94% 72% 76% 84% 76% 50% 63 Unadj. Adj. Unadj. Adj. Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 EBITDA Cash Flow from Backlog 3-month Daily Operating Activities Average Tu
Slide 12: Consolidated P&L for Q2 2025
Consolidated P&L for Q2 2025 EUR ‘000 Q2 2025 Q2 2024 Key takeaways Revenue 233,061 63,155 • Revenue increased by EUR 170m compared to Q2 2024 with utilisation at 76% and adjusted Cost of sales -55,676 -30,419 utilisation at 94% for Q2 2025 (Q1 2024 utilisation was also 76%). Gross profit 177,385 32
Slide 13: Consolidated P&L for H1 2025
Consolidated P&L for H1 2025 EUR ‘000 H1 2025 H1 2024 Key takeaways Revenue 298,535 82,218 • Revenue increased by EUR 216m compared to H1 2024, with utilisation at 67% and an adjusted Cost of sales -100,234 -57,398 utilisation of 89% for H1 2025. In H1 2024, utilisation was 47%, as Wind Orca and Win
Slide 14: Consolidated Balance Sheet for H1 2025
Consolidated Balance Sheet for H1 2025 Key takeaways EUR ‘000 H1 2025 FY2024 • Total Assets increase of EUR 832m driven by the newbuilds and cash available from financing Non-Current Assets 2,416,799 1,748,400 activities. Cash 53,030 58,464 • Total Liabilities increased by EUR 695m due to the utilis
Slide 15: CAPEX program expected to be fully funded
CAPEX program expected to be fully funded Strong interest from banks to finance Cadeler’s CAPEX program CAPEX program and planned Cadeler financing Cadeler's secured CAPEX and funding Additional CAPEX for Signed / Committed EUR 2,058m in funding secured (incl. Wind Keeper) Mission Equipment is expec
Slide 16: Financing overview
Financing overview All figures in EURm Vessels Facility Amount Outstanding1 Comments RCF-A 250 250 O-class, Scylla RCF-B 100 & Zaratan Term Loan 88 88 O-class, Scylla & Zaratan total 438 338 P-class Syndicated 404 404 Committed Amortization has been initiated Financing M-class Syndicated 416 208 A-c
Slide 17: Full Year Outlook for 2025
Full Year Outlook for 2025 Q2 2025 H1 2025 2025 EUR millions Actuals Actuals Outlook Revenue 233 299 588-628 EBITDA 189 213 381-421 FY 2025 impacted by: • Termination fees due to postponement of the Hornsea 4 project. • Timely vessel deliveries and execution on projects. • Wind Maker and Wind Pace d
Slide 18: Sustainability Highlights
Sustainability Highlights
Slide 19: H1 2025 Sustainability Update
H1 2025 Sustainability Update Building up team competencies to support execution towards decarbonization goals & developing framework for operational excellence • Expanded team competencies in Sustainability & Performance • Decarbonization roadmap with fleet growth developed, gap to meet targets mod
Slide 20: H1 2025 Commercial Outlook
H1 2025 Commercial Outlook
Slide 21: Cadeler's view on the market
Cadeler’s view on the market There is a calibration in the market but momentum continues • The market is undergoing a period of recalibration, with governments adjusting support mechanisms to reflect current conditions • Market caution is exercised with conditions and policy improvements expected •
Slide 22: Undersupply of installation vessels is expected from 2029
Undersupply of installation vessels is expected from 2029 Forecast of vessel undersupply (illustrative) Key insights • The installation fleet is continuously Supply/demand equilibrium – total market view evolving; legacy vessels are becoming less efficient or obsolete for installation Undersupply fo
Slide 23: Newbuilt vessels are much more efficient in installation
Newbuilt vessels are much more efficient in installation and can unlock significant savings Efficiency comparison for hypothetical 100 turbine project • Project location: North Sea • Port location: 140nm from site • Number of WTGs: 100 (15 MW) Vessel P-class Gusto NG-9000 WTG sets per trip 6 2 Round
Slide 24: Cadeler has the largest fleet of vessels capable of efficient installation
Cadeler has the largest fleet of vessels capable of efficient installation of wind turbines and foundations # of wind turbine and foundation installation vessels1 12 World’s largest and most versatile fleet of next generation offshore wind turbine and Newbuilds since 2020 foundation installation ves
Slide 25: Largest fleet for efficient installation of wind turbines
Cadeler has the largest fleet of vessels capable of efficient installation of wind turbines # of vessels capable of efficiently installing 15MW wind turbines 12 Vessels capable of efficiently installing 15MW wind turbines 3 Rest of fleet 8 6 9 4 4 3 3 3 3 2 2 2 2 2 1 1 1 1 2 1 1 1 1 1) Selected play
Slide 26: Largest fleet for efficient installation of foundations
Cadeler has the largest fleet of vessels capable of efficient installation of foundations # of vessels capable of efficiently installing foundations 12 Vessels capable of efficiently installing foundations and wind turbines Only foundations-capable 5 Rest of fleet 8 4 4 4 7 1 3 3 3 2 2 1 2 2 2 2 1 3
Slide 27: Demand for O&M is growing
Demand for O&M is growing Forecasted global (ex-China) MCR demand by region (in vessel days) Key insights • Demand for operations and 6,000 maintenance – particularly major component replacement +10.3% – is increasing as more turbines are installed 4,000 • There is significant need, especially for l
Slide 28: Rethinking O&M: we are building up Nexra
Rethinking O&M: we are building up Nexra Illustrative development over time Installation scope O&M scope Growing market opportunity: There is a rapid increase Cadeler fleet in larger turbines entering operations, driving demand for high-capacity vessels to support O&M Wind Zaratan Strengthening the
Slide 29: Building a resilient business with a clear and consistent focus
Building a resilient business with a clear and consistent focus on our core competencies Transport & Operations & Balance of Plant Development Turbine supply Installation Maintenance Decommissioning (BoP) (T&I) (O&M) Vertical and Organic and Regional Strategic Monitor and horizontal inorganic expans
Slide 30: Investment highlights
Investment highlights Largest, most capable and most versatile fleet in the industry. Strong complementarity in fleet enables cross-utilisation, efficiency and project derisking. Highly experienced team with a proven track record, critical know-how and long-standing deep commercial relationships and
Slide 31: Q&A
Q&A
Slide 32: Additional questions can be sent to investorrelations@cadeler.com
Cadeler Kalvebod Brygge 43 DK–1560 Copenhagen Denmark +45 3246 3100 Additional questions can be sent to investorrelations@cadeler.com Follow us