Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 2025 1 July – 30 September 2025 Cadeler A/S. Incorporated in Denmark. Registration Number (CVR no.): 3118 0503 Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark
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: Q3 2025 Highlights
Q3 2025 Highlights Financial performance Three out of four Very strong utilisation in Q3 in line with newbuilds with seven vessels operating expectations. scheduled for across the world delivery in 2025 (US, North Sea, APAC). have been delivered, Third full-scope remaining 2025 aa strength in Contin
Slide 4: Commercial highlights
Commercial highlights Q3 2025 | 4
Slide 5: Executing on projects
Executing on projects Vessel activity in Q3 2025 Wind Orca Wind Osprey Wind Scylla Wind Zaratan Wind Peak Continue to work on the He Dreiht Completed two O&M campaigns Continues to work on the Revolution Completed an O&M campaign for Continues to work on the Sofia installation project for Vestas and
Slide 6: Significant backlog across key markets
Significant backlog across key markets Region as % of total backlog A 2.9bn backlog provides solid earnings visibility Europe Sofia Inch Cape WTG – 2025 WTG – 2026 Baltic Power Orsted/PGE WTG – 2025 WTG – 2027 He Dreiht Bałtyk II & III WTG – 2025 WTG – 2027 EA III EA II WTG – 2026 FOU & WTG – 2027 H
Slide 7: Contract backlog remains strong at EUR 2.9 Billion
Contract backlog remains strong at EUR 2.9 Billion Development in contract backlog FY 2022 – Q3 2025 Development in contract backlog FY 2022 – Q3 2025 New in Q3 2025 (EURm) 2,887 • In July, Cadeler signed a significant long-term contract with 396 Vestas, for a firm period of three years with additio
Slide 8: Progress on newbuilds
Progress on newbuilds Vessel Wind Mover Wind Ace Wind Apex Expected delivery Q4 2025 Q3 2026 Q2 2027 Progress update • Launched 27 January 2025. • Steel cutting completed in July 2024. • Steel cutting completed in July 2025. • Commissioning of main engines and • Keel laying completed on the 12th of
Slide 9: Wind Keeper arrives at Fayard on schedule
Wind Keeper arrives at Fayard on schedule The vessel is undergoing various modifications to ensure that she lives up to Cadeler standards and meets performance criteria set by us and our clients | 9
Slide 10: Financial highlights
Financial highlights Q3 2025 | 10
Slide 11: Financial highlights Q3 2025
Financial highlights Q3 2025 Revenue Equity ratio Utilisation1 Market Capitalisation2 € 154.3m 47.3% 92.2% € 1.4b 154 62.0% 86.5% 86.5% 91.5% 92.2% 47.3% 81 Unadj. Adj. Unadj. Adj. Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 EBITDA Cash Flow from Operating Backlog3 3-month Daily Average Activiti
Slide 12: Consolidated P&L for Q3 2025
Consolidated P&L for Q3 2025 EUR ‘000 Q3 2025 Q3 2024 Key takeaways Revenue 154,250 80,567 • Revenue increased by EUR 74 m compared to Q3 2024, with both utilisation and adjusted utilisation at Cost of sales (58,592) (33,098) 92% in Q3 2025 (up from 86% in Q3 2024). Gross profit 95,658 47,469 • Sinc
Slide 13: Consolidated P&L for 9M 2025
Consolidated P&L for 9M 2025 EUR ‘000 9M 2025 9M 2024 Key takeaways Revenue 452,785 162,785 • Revenue increased by EUR 290m compared to YTD Q3 2024 including the termination fees due to Cost of sales (158,826) (90,496) cancellation of a long-term agreement. The Gross profit 293,959 72,289 utilisatio
Slide 14: Consolidated Balance Sheet for 9M 2025
Consolidated Balance Sheet for 9M 2025 EUR ‘000 9M 2025 FY 2024 Key takeaways Non-Current Assets 2,660,552 1,748,400 • Total Assets increase of EUR 1,119m driven by the newbuilds and cash available from financing Cash 217,757 58,464 activities. Other Current Assets 177,753 130,152 • Total Liabilitie
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 (EURm) Additional CAPEX for mission equipment is EUR 2,165m in funding secured (incl. Wind Keeper, see next Signed /
Slide 16: Financing overview as of 30 September
Financing overview as of 30 September 1 All figures in EURm Vessels Facility Amount Outstanding Comments Extension of RCF B until September 2026 and RCF-A 250 250 O-class, guarantee line increase to EUR 200m Scylla RCF-B 100 20 & Zaratan Term Loan 84 84 O-class, Scylla & Zaratan total 434 354 P-clas
Slide 17: Full year outlook for 2025
Full year outlook for 2025 Q3 2025 YTD 2025 2025 EURm Actuals Actuals Outlook Revenue 154 453 588-628 EBITDA 109 322 381-421 FY 2025 impacted by: • Termination fees due to cancellation of a long-term agreement. • Timely vessel deliveries and execution on projects. • Wind Maker and Wind Pace delivere
Slide 18: Commercial outlook
Commercial outlook | 18
Slide 19: Our view on the market
Our view on the market Recalibration is ongoing; strong demand momentum expected towards the end of the decade • Global demand is shifting to the right; current forecast is lower than expected a year ago, however, we still expect significant outbuild • Recalibration in the market continues. Last yea
Slide 20: 90GW of added capacity is expected by 2031
90GW of added capacity is expected by 2031 Global (ex-China) demand forecasts are shifting to the right; we still expect significant outbuild by 2031 Cumulative Annual Additions in GW (fixed-bottom only) Key takeaways 120 • Over the last year, delays in projects, reduced or Spinergie failed auction
Slide 21: The largest fleet of efficient vessels
The largest fleet of efficient vessels Cadeler has the largest fleet of vessels capable of efficient installation of wind turbines and foundations # of wind turbine and foundation installation vessels1 Newbuilds since 2020 12 Legacy World’s largest and most versatile fleet of next generation offshor
Slide 22: Key investment highlights
Key investment highlights Anticipated Highly experienced team undersupply of with a proven track capable vessels from record, critical know-how 2029 and onwards, and long-standing deep due to significantly commercial increasing market relationships and demand including contracts with the strong grow
Slide 23: Follow us on:
Kalvebod Brygge 43 DK–1560 Copenhagen Denmark +45 3246 3100 Questions can be sent to investorrelations@cadeler.com Follow us on: