Slide 1: Investor Presentation Annual report 2024
Investor Presentation Annual report 2024 1 January – 31 December 2024
Slide 2: Disclaimer
2 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-LOOKI
Slide 3: FY 2024 - Highlights
FY 2024 - Highlights Strong Financial Performance – Performance for 2024 was consistently strong, with FY 2024 revenue and EBITDA guidance increased during Q4. Guidance for 2025 indicates the Company's continued growth trajectory. Newbuilds On Time and On Budget – Delivery of first newbuild, Wind Pe
Slide 4: FY2024 Commercial Highlights
FY2024 Commercial Highlights
Slide 5: Executing on projects: vessel activity in FY2024
Executing on projects Vessel activity in FY2024 5 Wind Orca Wind Osprey Wind Scylla Wind Zaratan Wind Peak • Completed the installation of 60 x 14.7 MW turbines on the Scottish Moray West project for Siemens Gamesa (world first installation of the SGRE 14.7 MW platform) • Continued working for Sieme
Slide 6: Cadeler at a glance
Cadeler at a glance 6 1. As of 25 March 2025 turbines installed >1,450 +16.6 GW offshore wind energy installed >920 foundations installed office based employees1 6 vessels 279 operational 5 vessels on order global households 15.8m Powering seafarers1 481
Slide 7: Leading pure-play T&I company
Leading pure-play T&I company By closely working with clients and partners, ordering new vessels and merging with Eneti, we have created a company with true global reach through scale, local presence and complementary industry relationships 7 North America • Market remains attractive despite politic
Slide 8: Continuing growth in commercial pipeline
Continuing growth in commercial pipeline Commercial pipeline growing significantly across regions. Increased demand for our services expected to further strengthen our project visibility and backlog 8 1. % based on project count ~30% of commercial pipeline value made up of LTAs Europe continues to s
Slide 9: Contract backlog stands at EUR 2.5 Billion
Contract backlog stands at EUR 2.5 Billion 9 New since Q4 2024 Firm contracts • Cadeler has secured a significant project at an offshore wind farm in the US. The work is scheduled to commence in Q2 2025 and the Wind Pace will be committed under this contract until Q1 2026. The value of the contract
Slide 10: Cadeler's backlog continues to strengthen
Cadeler’s backlog continues to strengthen Strong and diversified project backlog across all key markets and segments 10 1. Additions since Q3 2024 reporting Additions to backlog1 Vessel Reservation Agreements (Not in Backlog) Windfarm: BC-Wind Scope: WTG Project start: 2028 Vessel reservation agreem
Slide 11: O&M projects as white-space filler
O&M projects as white-space filler O&M projects can serve as a white-space filler for installation vessels and bring significant value to clients 11 O&M as a white-space filler • O&M contracts offer a great opportunity as a gap-filler between installation projects • A significant share of O&M work i
Slide 12: Wind Pace naming ceremony
Wind Pace naming ceremony Wind Pace was officially named on 12th March with a celebration at the COSCO shipyard in Qidong, China 12 • The ceremony, attended by a number of Cadeler personnel, key stakeholders and strategic partners, honored the collaborative efforts and years of planning behind the s
Slide 13: Newbuilds: progress on track (1/2)
Newbuilds: progress on track (1/2) 13 Wind Ally during launching Wind Ally keel laying ceremony
Slide 14: Newbuilds: progress on track (2/2)
Newbuilds: progress on track (2/2) 14 Wind Ace steel cutting ceremony Wind Mover steel cutting ceremony
Slide 15: Newbuilds progress update
Newbuilds progress update 15 Vessel Wind Ally Progress update Expected delivery % completion Q3/4 2025 • Keel laying done at Cosco Ship Yard (Qidong) on 8th Oct 2024 • Launched from the dry dock on 25th Jan 2025 • The main crane installation planned in Apr 2025 • Installation of jacking legs and dec
Slide 16: The Fully Delivered Cadeler Fleet
THE FULLY DELIVERED CADELER FLEET
Slide 17: Merger synergies have started to materialize
Merger synergies have started to materialize Already achieved annual synergies of approx. 30% of 2026 target 17 Transaction Execution ACHIEVED ~€30M Achieved Long-Term Reaping Corporate Synergies on Closing Full Effect of Synergies MID-TERM €30M-50M Operational & Commercial Plan LONG-TERM ~€100M Com
Slide 18: Financial Results
Financial Results
Slide 19: Key financial highlights for 2024
Key financial highlights for 2024 1. Adjusted utilization is deducting off-hire days related to the O-class crane upgrade and Wind Peak transit days when calculating total vessel days in a year 2. Combined market capitalization at closing on 21-Mar-25. Volume Weighted Average Price (VWAP). All price
Slide 20: Consolidated P&L for Q4 2024
Consolidated P&L for Q4 2024 Key takeaways • P&L for Q4 2024 includes financials from the combined Cadeler Group (incl. former Eneti) • Revenue increased by EUR 69m compared to Q4 2023, with utilization at 76% and an adjusted utilization of 85% for Q4 2024. In Q4 2023, utilization was 19%, as Wind O
Slide 21: Consolidated P&L for FY2024
Consolidated P&L for FY2024 Key takeaways • P&L for 2024 includes financials from the combined Cadeler Group (incl. former Eneti) • Revenue increased by EUR 140m with a utilization rate of 66% and an adjusted utilization rate of 83%. Main crane upgrades on Wind Orca and Wind Osprey, as well as sched
Slide 22: Consolidated Balance Sheet for FY2024
Consolidated Balance Sheet for FY2024 Key takeaways • The Balance sheet as of both FY 2024 and FY 2023 is consolidated (Cadeler and former Eneti) and includes the effect from the business combination • Total Assets increase of EUR 684m driven by investments in the O-class cranes and the newbuilds. •
Slide 23: 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 23 Note: Exchange rate of EUR/USD 1.041 at 31/12-2024. Cadeler's secured CAPEX and funding CAPEX program and planned Cadeler financing EUR 1,930m in funding secured of wh
Slide 24: Financing overview
Financing overview Committed Financing Uncommitted Financing Vessels Extension of RCF B until September 2026 and guarantee line increase to EUR 200m Comments Wind Maker has been utilized in January 2025 Financing of the first two A-Class vessels signed late March 2025 (incl. EUR 70m in ME) All figur
Slide 25: Full Year Outlook for 2025
Full Year Outlook for 2025 FY 2025 impacted by: • Timely vessel deliveries and execution on projects • Two vessel deliveries in Q1 2025 (Wind Maker and Wind Pace) employed in APAC and US during 2025. Two additional vessel deliveries in Q3-Q4 2025 (Wind Ally and Wind Mover) preparing for upcoming pro
Slide 26: Sustainability Highlights
Sustainability Highlights
Slide 27: Sustainability performance
Sustainability performance Implementation progressing, as ESG remains central to our company strategy, ensuring long-term value creation 27 Key 2024 and Q1’ 25 achievements 1 Social strategy • Creation of the Chief Sustainability & Performance role • Team expansion planned for 2025 to cater for ambi
Slide 28: Sustainability performance
Sustainability performance Implementation progressing, as ESG remains central to our company strategy, ensuring long-term value creation 28 Key 2024 and Q1’ 25 achievements Environmental strategy 4 • Biofuel tested in Q1 ’25 on Wind Osprey1 resulting in 26% GHG savings (=123mT CO2e) W-t-W from this
Slide 29: Sustainability performance
Sustainability performance GHG emissions increased in 2024 due to company growth, however implementation pathway across levers rapidly progressing Optimising energy consumption Adopting green fuels Enabling electrification 29 3 key decarbonization levers Our path to Net Zero Absolute emissions to in
Slide 30: Continuing the growth journey
Continuing the growth journey
Slide 31: Forecasted offshore wind development per region
Forecasted offshore wind development per region EMEA/Europe leading the way with APAC ramping up, while turbine sizes are increasing significantly 31 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2024 2025 2026 2027 2028 2029 2030 <11 MW 11-14 MW 14-17 MW 17-20 MW >=20 MW Source: Spinergie.com 0 25 50
Slide 32: Increased capacity required as sites move away from shore
Increased capacity required as sites move away from shore Offshore wind farms are moving further from shore and towards deeper waters. This increases the demand for highly spec’d vessels able to operate efficiently in these conditions Source: Spinergie.com 32 Only bottom fixed projects. Also include
Slide 33: Focusing on continued growth
Focusing on continued growth Continuing to grow our business, enabling our clients’ success and building a brighter future 33 Development Turbine supply Balance of Plants (BoP) Transport & Installation (T&I) Operations & Maintenance (O&M) Decommissioning Vertical and horizontal expansion Organic and
Slide 34: Strong partnerships as our key enabler for success
Customers* Business enablers* Component supplier* Strong partnerships as our key enabler for success Strong long-term partnerships with our clients, enablers and suppliers is a key pillar in our strategy *Non-exhaustive list of partnerships Long-term view on strategic partnerships. Growing with our
Slide 35: O&M opportunity: Demand growth for major component replacement
O&M opportunity: Demand growth for major component replacement (MCR) Whilst the smallest turbines make up the majority of demand for O&M services today, the share of +5MW failures is growing, driving demand for a new generation of vessels to provide such services Source: WoodMac 35 Note: Only bottom
Slide 36: Key characteristics of the MCR market
Key characteristics of the MCR market • Growing demand for MCR services, as the number and age of operational turbines increase, and defects materialize • Increasing tendering activity in the O&M space showcasing growing focus in the industry on securing vessel capacity • High potential for adding v
Slide 37: Investment highlights
Investment highlights 37 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
Slide 38: Q & A
Q & A
Slide 39: Additional questions can be sent to investor relations
Additional questions can be sent to investorrelations@cadeler.com Cadeler Kalvebod Brygge 43 DK–1560 Copenhagen Denmark +45 3246 3100 Follow us: