Slide 1: Investor Presentation H1 2024
Investor Presentation H1 2024 1 January – 30 June 2024
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION AND THE CONFERENCE CALL TO WHICH IT PERTAINS (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
Slide 3: H1 2024 - Highlights
H1 2024 - Highlights 1. Financial performance in line with expectations. 2. Successful delivery of the first newbuild Wind Peak – on time and on budget. 5M man hours with ZERO LTI. 3. Launching of Wind Maker and Wind Pace. Wind Apex ordered with delivery in H1 2027. All newbuilds are on track to be
Slide 4: Q2 2024 commercial highlights
Q2 2024 commercial highlights
Slide 5: Vessel activity in Q2 2024
Vessel activity in Q2 2024 First Cadeler US project! Wind Orca Wind Osprey Wind Scylla Wind Zaratan • Continues to execute on the • Continues to execute on • Wind Scylla completed a • Continues to execute for Scottish Moray West project for Ørsted's German Gode Wind 3 / comprehensive dry-dock work S
Slide 6: Significant backlog across key markets
Significant backlog across key markets Strong and diversified project backlog across all key markets and segments Q2 additions to backlog Project backlog1 Vessel: M-class Vessel: A-class2 Europe Windfarm: Inch Cape Windfarm: Multiple Scope: WTG Scope: WTG or FOU Orsted – GOW III – WTG - 2024 Scottis
Slide 7: Contract Backlog Stands at EUR 1.9 Billion
Contract Backlog Stands at EUR 1.9 Billion Development in Contract Backlog FY 2022 – H1 2024 New in 2024 to Date Contracts • Contract with Ørsted and PGE Polska Grupa Energetyczna for the transport (EUR ‘000s) 2,019 and installation of 14MW wind turbines for the Baltica 2 project in 2027 1,925 94 •
Slide 8: Progress on newbuilds
Progress on newbuilds Newbuild program is progressing according to plan Wind Peak – Delivered on time and on budget - August 2024 Wind Mover - Delivery: Q4/2025 • Successful sea trials and jacking trials held in Q2 2024. • Construction completion at 46 %. • Naming ceremony held 15th of August in Chi
Slide 9: First newbuild delivered – Wind Peak
First newbuild delivered – Wind Peak First Cadeler newbuild delivered as promised – on time and on budget! 9
Slide 10: Sneak peak of the coming newbuilds
Sneak peak of the coming newbuilds Wind Pace during launching and ceremony Wind Maker being launched and having her crane installed. Wind Ace steel cutting Wind Mover mega-block Wind Ally steel cutting ceremony ceremony assembly 10
Slide 11: Timeline for our fully delivered fleet
Timeline for our fully delivered fleet When our fleet is fully delivered, it will be the largest and most versatile, ensuring “the right tool for the right job” – improving fleet utilization and earnings visibility Main Turbine Hook Built / crane installation Type Name Class Height 2024 2025 2026 20
Slide 12: Merger synergies have started to materialize
Merger synergies have started to materialize Already achieved annual synergies of approx. 30% of 2026 target ACHIEVED MID-TERM LONG-TERM ~€30M €30M-50M ~€100M Transaction Execution Operational & Commercial Plan Complete Integration Reaping Corporate Synergies on Strong Momentum Operational and Utili
Slide 13: Q2 2024 financial highlights
Q2 2024 financial highlights
Slide 14: Q2 2024 – Financial highlights
Q2 2024 – Financial highlights Revenue Equity Ratio Utilization Market Capitalization1 € 63.2M 72.4% 76.1% € 2.1B € 48.9M 80.8% 100% EBITDA Cash Flow from Operating Backlog 3-month Daily Average Activities Turnover2 € 31.8M € 4.2M € 1.9B € 6.1M € 1.3M (NYSE) / 3.2M (OSE) € 33.5M € 13.6M € 1.4 B / 1.
Slide 15: Consolidated P&L for Q2 2024
Consolidated P&L for Q2 2024 Key takeaways EUR ‘000 Q2 2024 Q2 2023 • P&L for Q2 2024 includes financials from the Revenue 63,155 48,868 combined Cadeler Group (incl. former Eneti) Cost of sales -30,419 -13,072 • Revenue increased by EUR 14 million compared Gross profit 32,736 35,796 to H1 2023, des
Slide 16: Consolidated P&L for H1 2024
Consolidated P&L for H1 2024 EUR ‘000 H1 2024 H1 2023 Key takeaways • P&L for H1 2024 includes financials from the Revenue 82,218 67,773 combined Cadeler Group (incl. former Eneti) Cost of sales -57,398 -25,222 • Revenue increase by EUR 14m compared to H1 Gross profit 24,820 42,551 2023 even though
Slide 17: Consolidated Balance Sheet for H1 2024
Consolidated Balance Sheet for H1 2024 Key takeaways EUR ‘000 30 Jun 2024 31 Dec 2023 • The Balance sheet as of both FY 2023 and H1 Non-Current Assets 1,413,721 1,105,110 2024 is consolidated (Cadeler and former Cash 93,050 96,608 Eneti) and includes the effect from the business combination Other Cu
Slide 18: CAPEX program expected to be fully funded
CAPEX program expected to be fully funded Cadeler continues to experience strong interest from banks to finance the CAPEX program CAPEX program and planned Cadeler financing Financing of first two A-class vessels Cadeler’s Secured CAPEX and Signed / Committed expected signed before YE2024. Business
Slide 19: Financing Overview
Financing Overview EUR M Vessels Facility Amount Utilized* Comments RCF-A 250 162 O-class, Scylla Extension of RCF B until September 2026 RCF-B 100 and guarantee line increase to EUR 200m & Zaratan Term Loan 100 100 Term Loan was fully drawn on 3rd April Committed O-class, Scylla & Zaratan total 450
Slide 20: Full Year Outlook for 2024
Full Year Outlook for 2024 Expectations: Full year outlook remains unchanged Q2 2024 H1 2024 FY 2024 EUR millions Actuals Actuals Outlook Revenue 63 82 225-245 EBITDA 32 22 105-125 FY 2024 impacted by: • On-time vessel deliveries and execution on projects • O-class crane upgrade in Q1 and Scylla dry
Slide 21: Q2 2024 commercial outlook
ACADELER Q2 2024 commercial outlook
Slide 22: Forecasted offshore wind development
Forecasted offshore wind development Larger turbines and growing installed capacity will significantly increase demand for jack-up vessels Annual GW demand global ex. China Share of new installations by turbine capacity 45 100% 40 90% 80% 35 70% 30 CAGR 48 % 60% 25 50% 20 40% 15 30% 10 20% 5 10% 0 0
Slide 23: Supply vs. demand vessel outlook
Supply vs. demand vessel outlook Forecasted vessel undersupply points to strong market demand for highly capable offshore wind installation vessels – both in turbine and foundation installation Supply vs. demand balance - Turbine installation vessel years Supply vs. demand balance - Foundation insta
Slide 24: Cadeler is the go-to provider of T&I solutions
Cadeler is the go-to provider of T&I solutions World’s largest and most versatile fleet of next generation offshore wind turbine and foundation installation vessels # of wind turbine and foundation installation vessels1 Largest and most versatile fleet 11 Largest fleet of next generation ✓ Expanding
Slide 25: Sites are becoming more demanding to service
Sites are becoming more demanding to service Offshore wind farms are moving further from shore and towards deeper waters. This increases the demand for highly spec’ed vessels able to operate efficiently in these conditions Distance to shore and average water depth of fixed bottom wind farms 160 140
Slide 26: Empowering the Green Horizon
Empowering the Green Horizon Sustainability initiatives Background Update on key Sustainable Initiatives • Alternative Fuels are only lever to take us all the way to net zero We have prepared our operations and Cadeler will 1 Green fuels begin testing biofuels onboard its vessels during Q4 • Biofuel
Slide 27: Scaling up the team to deliver on the growing scope
Scaling up the team to deliver on the growing scope Growing our team fast and efficient across all functions CEO Patiently growing the organization as the newbuilds Mikkel Gleerup are being delivered. CLO CCO CFO CPCO CSO COO Alexander Jacob Peter Brogaard Rikke K. Kolby Sarah Kaldas Jacob H. Jensen
Slide 28: Focusing on continued growth
Focusing on continued growth Continuing to grow our business, enabling our clients’ success and building a brighter future As a pure-play offshore wind operator our core business is in Vertical and horizontal expansion WTG and FOU T&I, as well as O&M, for offshore wind globally. • Continuously evalu
Slide 29: Investment highlights
Investment highlights Largest, most capable and most versatile fleet in the industry. Strong complementarity in fleet enables cross-utilization, efficiency and project derisking. Highly experienced team with a proven track record, critical know-how and long-standing deep commercial relationships and
Slide 30: Q&A
Q&A
Slide 31: Additional questions can be sent to enquiry.DNK@cadeler.com
Cadeler Kalvebod Brygge 43 DK–1560 Copenhagen Denmark +45 3246 3100 Additional questions can be sent to enquiry.DNK@cadeler.com Follow us