Cadeler A/s · OSL:CADLR
Cadeler A/s — Q1 2026 Earnings Presentation
23 slides from Cadeler A/s's earnings presentation, May 20, 2026
Slide 1: Investor Presentation Q1 2026
Investor Presentation Q1 2026 1 January – 31 March 2026 20th May 2026
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: Q1 2026 - Highlights
Q1 2026 - Highlights Financial Continued solid execution performance across the globe. Wind Ally and in line with Wind Orca fully mobilised & first Newbuild complete monopile foundations expectations program on installed on Hornsea 3 track with Cadeler’s second A-class Robust contract Strong utilisa
Slide 4: Commercial highlights
Commercial highlights Q1 2026 | 4
Slide 5: Executing on projects
Executing on projects Deep-dive on Hornsea 3 next Wind Scylla Wind Orca Wind Osprey Wind Mover Wind Maker WTG installation at the Sunrise Wind Performing secondary steel scope on the WTG installation on the EA3 project for WTG installation on the Baltic Power Undertaking Nexra O&M campaign for proje
Slide 6: Hornsea 3 project update
Hornsea 3 project update From concept to delivery: first fully commissioned monopile foundation installed Project update Selected moments from the project • Execution on the Ørsted Hornsea 3 project continues: Wind Ally and Wind Orca are fully mobilised, all mission systems and logistics validated i
Slide 7: Significant backlog across key markets
Significant backlog across key markets Region as % of total backlog A 2.7bn backlog provides solid earnings visibility Europe APAC Sofia Inch Cape Undisclosed client WTG – 2025 WTG – 2026 WTG – 2027 Baltic Power Baltica 2 Formosa 4 WTG – 2026 WTG – 2027 WTG – 2028 He Dreiht Bałtyk II & III Undisclos
Slide 8: Contract backlog remains strong at EUR 2.7 Billion
Contract backlog remains strong at EUR 2.7 Billion Development in contract backlog FY 2022 – Q1 2026 Development in contract backlog FY 2022 – Q1 2026 New in Q1 2026 (EURm) • In February, Nexra – Cadeler’s O&M service platform – announced the signing of a firm contract for an O&M campaign in Taiwan
Slide 9: Progress on newbuilds
Progress on newbuilds Vessel Wind Ace Wind Apex Expected Q3 2026 Q2 2027 delivery Progress • Steel cutting completed in July 2024. • Steel cutting completed in July 2025. update • Launching completed in December 2025. • Fabrication of steel blocks is ongoing. • Commissioning of Generator sets, Jacki
Slide 10: Wind Ace naming ceremony
d Ace naming ceremony in Ww ye KXXXXXXXXYX: a w at Ww 4 x
Slide 11: Financial highlights
Financial highlights Q1 2026 | 11
Slide 12: Financial highlights
Financial highlights Q1 2026 Revenue Equity Ratio Utilisation1 Market Capitalisation2 € .7m 7. 77.7 € 2.3b . . . . . . . . Unadj. Adj. Unadj. Adj. EBITDA Net Profit Backlog3 3-month Daily Average Turnover4 € 7. m € 7. m € .7 € 7.7m . . . . . € 1.9m (NYSE) / 2.8m (OSE) / 3.1m (other exchanges) . 1) A
Slide 13: Consolidated P&L for Q1 2026
Consolidated P&L for Q1 2026 Key takeaways e en e • Revenue for the first three months of 2026 increased by EUR 59 million to EUR 125 million compared to the same Cost o sales period in 2025, primarily driven by higher contracted days following fleet expansion. ross pro it • Revenue increase driven
Slide 14: Consolidated Balance Sheet for Q1 2026
Consolidated Balance Sheet for Q1 2026 F Key takeaways • Total assets increased by EUR 119 million since year-end on C rrent ssets 2025, driven by continued investment in vessels and a Cash higher cash balance following the equity raise completed in March 2026. ther C rrent ssets • Equity increased
Slide 15: CapEx program expected to be fully funded
CapEx program expected to be fully funded tron interest ro anks to inance Cadeler’s Cap pro ra CapEx program and planned Cadeler financing Cadeler's secured CapEx and funding (EURm) Additional CapEx for mission equipment is EUR 2,026m in funding secured of which EUR 1,615m is Signed / Committed expe
Slide 16: Financing overview as of 31 March 2026
Financing overview as of 31 March 2026 essels Facilit Co it ent tstandin Co ents CF class c lla CF aratan er oan class c lla aratan total class ndicated Co itted class ndicated Financin class ndicated ind eeper ake o t Corporate C tandard Chartered Corporate C Cli ord Capital otal co it ent ind pe n
Slide 17: Full Year Outlook for 2026
Full Year Outlook for 2026 ct als tlook e en e I D FY 2026 impacted by: • Strong market demand (backlog) and high vessel utilisation across the Cadeler fleet. • Wind Orca and Wind Ally executing Cadeler’s full-scope foundation transportation & installation campaign for Hornsea 3. • Nexra expected to
Slide 18: Commercial outlook
Commercial outlook | 18
Slide 19: Market outlook
Market outlook Momentum in offshore wind continues to build, with increasing visibility into demand Recent development Cumulative additions by region ex-China1 (in GW) ericas • Recent geopolitical tensions are increasingly pointing toward the C demand for locally-produced energy, energy security and
Slide 20: Increasing undersupply of capable vessels in the market
Increasing undersupply of capable vessels in the market Current fleet is aging and becoming inefficient for the installation of next-gen wind turbines Illustrative vessel supply / demand balance o essels Increasing demand for FOU and WTG installations, and O&M Vessels exiting market supply at the en
Slide 21: Planned investment in exceptional growth opportunities
Planned investment in exceptional growth opportunities Successful private placement raising approx. EUR 175m unlocks potential to fund initial capital commitments for two T-class newbuilds and the acquisition of a scour protection vessel Key investment highlights • Structural vessel undersupply espe
Slide 22: Cadeler has the largest fleet of vessels capable of efficient installation and O&M
Cadeler has the largest fleet of vessels capable of efficient installation and O&M of wind turbines and foundations # of wind turbine and foundation installation vessels1 otential class ne ilds e ac World’s largest and most versatile fleet of next-generation offshore wind turbine and foundation inst
Slide 23: Key investment highlights
Key investment highlights Structural Strong undersupply and relationships increasing and market demand partnerships, industry leading position aa Largest, most capable and Strong track versatile fleet = Global reach and record and redundancy for experience backlog clients | 23