Cadeler A/s · OSL:CADLR
Cadeler A/s — Q2 2026 Earnings Presentation
31 slides from Cadeler A/s's earnings presentation, Aug 25, 2026
Slide 1: Investor Presentation H1 2026
Investor Presentation H1 2026 1 January – 30 June 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: H1 2026 - Highlights
H1 2026 - Highlights Solid financial Successful performance, with acquisition of Continued solid execution H1 revenue and Menck, across all key regions, EBITDA more than a leading global Hornsea 3 execution continues doubling provider of year-on-year1 specialist equipment and technology Newbuild sol
Slide 4: Commercial highlights H1 2026
Commercial highlights H1 2026 4
Slide 5: Acquisition of Menck: Transaction rationale
Acquisition of Menck: Transaction rationale Strengthening Cadeler's customer offering and execution capabilities across the foundation value chain Number of foundations installed • Broadened solutions offering, enabling Cadeler to deliver a more complete and integrated approach to project execution
Slide 6: Broadening Cadeler's foundation installation offering
Broadening Cadeler's foundation installation offering Menck offers a diverse portfolio of hydraulic hammers complemented by drilling, lifting and grouting services Hydraulic hammers 84% Lifting and handling 1% Noise mitigation 0% (8%)1 • Hydraulic hammers for monopile, jacket and floating foundation
Slide 7: Asset fleet allows for unmatched flexibility and risk remediation for clients
Asset fleet allows for unmatched flexibility and risk remediation for clients Illustrative flexibility and contingency scenarios during a foundation installation campaign Planned campaign Vessel 1 Improved hammer availability for all Cadeler Foundation Vessel with its own Hammer 1 installation vesse
Slide 8: Executing projects globally
Executing projects globally Wind Scylla Wind Orca Wind Osprey Wind Mover Wind Maker WTG installation at the Revolution Wind Secondary Steel installation at the Hornsea WTG installation at the EA3 project for WTG installation at the Baltic Power Nexra O&M campaign for Siemens project for Ørsted 3 pro
Slide 9: Hornsea 3 project update
Hornsea 3 project update From first to fast: progress accelerating as efficiencies identified and implemented in operations Project update Selected moments from the project • Execution on Ørsted’s Hornsea 3 project continues: Wind Ally, Wind Orca and the chartered SOV are installing and round-trip d
Slide 10: Nexra execution highlights
Nexra execution highlights Strong H1 ’26 for Nexra with three vessels performing service scopes across regions Project highlights 3 Cadeler vessels (Wind Zaratan, Wind Maker and Wind Peak) performing O&M scopes in Europe and APAC >230 vessel days spent on service Currently working on several long-te
Slide 11: Significant backlog across key markets
Significant backlog across key markets Region as % of total backlog A 2.5bn backlog provides solid earnings visibility Europe APAC Sofia Inch Cape Fengmiao O&M – 2025 WTG – 2026 WTG – 2027 Baltic Power Baltica 2 Formosa 4 WTG – 2026 WTG – 2027 WTG – 2028 East Anglia THREE Bałtyk II & III Undisclosed
Slide 12: Contract backlog remains strong at EUR 2.5 Billion
Contract backlog remains strong at EUR 2.5 Billion Development in contract backlog FY 2022 – H1 2026 Development in contract backlog FY 2022 – H1 2026 Excluding Menck backlog Notable Awards in H1 2026 2 66 2 • In February, Nexra – Cadeler’s offshore wind service 3 2 platform – announced the signing
Slide 13: Progress on newbuild
Progress on newbuild Vessel Wind Apex Expected Q2 2027 delivery Progress • Steel cutting completed in July 2025. update • Keel laying completed on the 30th of June 2026. • Launching is planned for end of October 2026. • Welding of steel blocks are ongoing in the dry dock. • Installation of machinery
Slide 14: Wind Ace delivered ahead of schedule and on budget
Wind Ace delivered ahead of schedule and on budget The eleventh vessel is the second of the three A-class newbuilds. Following mobilisation, Wind Ace will prepare for deployment on ScottishPower Renewables’ East Anglia TW offshore wind farm in the UK. 14
Slide 15: Financial highlights H1 2026
Financial highlights H1 2026 15
Slide 16: Financial highlights
Financial highlights Q2 2026 Revenue1 Equity Ratio Utilisation2 Market Capitalisation3 € . m . 9 .6 € 2.0b 132 2 2. . . .1 .6 .6 233.1 6. 122.1 Adj. Unadj. Adj. Unadj. Adj. 22 2 2 2 26 22 2 2 2 26 22 2 2 2 26 EBITDA Net Profit Backlog4 3-month Daily Average Turnover5 € 6 .6m €9 . m € . 23 € 6.9m 1 6
Slide 17: Consolidated P&L for Q2 2026
Consolidated P&L for Q2 2026 Key takeaways EUR 2 2 26 22 2 • Revenue for Q2 2026 more than doubled to EUR 283m, an Revenue 2 2 2 233 61 increase of EUR 161m compared to revenue of EUR 122 for the same period last year (when adjusting for the one-off Cost of sales 1 6 6 termination fee of EUR 111m in
Slide 18: Consolidated P&L for H1 2026
Consolidated P&L for H1 2026 EUR H1 2 26 H1 2 2 Key takeaways • Revenue for H1 2026 more than doubled to EUR 408m, an Revenue 2 2 3 increase of EUR 220m compared to revenue of EUR 188m Cost of sales 2 6 1 1 23 for the same period last year (when adjusting for the one- off termination fee of EUR 111m
Slide 19: Consolidated Balance Sheet for H1 2026
Consolidated Balance Sheet for H1 2026 EUR H1 2 26 FY 2 2 Key takeaways • Total assets increased by EUR 127m since year-end 2025 (a on Current Assets 3 11 3 26 1 4% increase), driven by continued investment in vessels, with PP&E increasing by EUR 69m, reflecting down Cash 2 61 1 1 16 payments on the
Slide 20: Near-term use of funds
Near-term use of funds Net funding post 30 June 2026 Capital funding & usage Key takeaways (EURm) New builds • EUR 40m upsize of 2025 Holdco Facility to EUR 180m Menck transaction signed on 10 July 2026. Financing activities • Menck Acquisition Facility is expected be refinanced 1 through new financ
Slide 21: Financing overview as of June 2026
Financing overview as of 30 June 2026 essels Facility Commitment utstanding1 Comments RCF A 2 162 class Scylla RCF 1 aratan Term oan class Scylla aratan total 2 23 P class Syndicated 36 36 Committed class Syndicated 3 3 Financing A class Syndicated 2 Wind Ace facility utilised with delivery 17 July
Slide 22: Full year outlook for 2026
Full year outlook for 2026 2 2 26 H1 2 26 2 26 Actuals Actuals utlook Revenue 2 3 E T A 161 2 2 1 FY 2026 impacted by: • Full year outlook for 2026 and financial numbers Q2/H1 2026 do not reflect the acquisition of Menck in August 2026. • Strong market demand (backlog) and high vessel utilisation ac
Slide 23: Commercial outlook
Commercial outlook 23
Slide 24: Market momentum continues
Market momentum continues Authorities adjusting support schemes leading to improved conditions and better auction results • Global need for electricity is on the rise; offshore wind will be an essential Awarded capacity by year, in GW (ex-China)1 part of the solution • Ongoing geopolitical tensions
Slide 25: Increasing undersupply of capable vessels in the market
Increasing undersupply of capable vessels in the market Older vessels becoming inefficient for installation of next-generation foundations Illustrative vessel supply / demand balance: Foundation vessels Key points of vessels • Increasing undersupply is expected especially from 2030 onwards, particul
Slide 26: 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 vessels 1 egacy ewbuilds since 2 2 World’s largest and most versatile fleet of next-generation offshore wind turbine and foundation instal
Slide 27: 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 vessels capable of efficiently installing foundations 1 Rest of fleet nly foundations capable essels capable of efficiently installing foundations and wind turbines 1 1 3 3 3 2 2
Slide 28: Continuing the growth journey
Continuing the growth journey 28
Slide 29: Focusing on continued growth
Focusing on continued growth Vertical and horizontal expansion Monitor and apply Continuously evaluating opportunities to expand into new technologies attractive and synergetic segments incl. strategic Testing and applying new O&M offering. technologies to drive efficiency and sustainability in flee
Slide 30: Executing on growth
Executing on growth Three concrete steps in 2026 — expanding the fleet, broadening the scope, and strengthening our foundation offering 1 Two new T-class vessels: Firm contracts signed for two T-class Wind Foundation Installation Vessels, delivering 2030 and 2031 2 Scour protection: Establishing in-
Slide 31: Key investment highlights
Key investment highlights Strong Structural relationships and undersupply and partnerships, increasing market industry leading demand position aa Largest, most capable and 50m+ data points versatile fleet and Global reach and turning experience mission critical experience, most into industry-wide eq