Slide 1: Investor Presentation Q1 2024
Investor Presentation Q1 2024 1 January — 31 March 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: Q1 2024 - Highlights
Q1 2024 - Highlights 1. Financial performance in line with expectations, with three out of four vessels undergoing upgrade and maintenance work in the quarter. 2. Q1 saw three new projects added to the contract backlog. Growing market demand has been further substantiated by two significant vessel r
Slide 4: Q1 2024 commercial highlights
Q1 2024 commercial highlights
Slide 5: Vessel activity in Q1 2024
Vessel activity in Q1 2024 Wind Orca Wind Osprey Wind Scylla Wind Zaratan • Completed crane replacement • Completed crane replacement • Completed the French Iles d’Yeu • Completed maintenance work project in Rotterdam. project in Rotterdam. et Noirmoutier project for DEME. scope in Singapore. • Mobi
Slide 6: Significant backlog across key markets
Significant backlog across key markets Strong and diversified project backlog across all key markets and segments Q1 additions to backlog Project backlog1 Europe OW - Iles d’Yeu et Noimoutier – substation installation - 2024 Baltic Power Partners – Baltic Power – WTG Installation – 2025-26 Vestas –
Slide 7: Contract Backlog Stands at EUR 1.8 Billion
Contract Backlog Stands at EUR 1.8 Billion Development in contract backlog FY 2022 – Q1 2024 New in 2024 to date Contracts (EUR ‘000s) 2.000 • Contract with Ørsted and PGE Polska Grupa Energetyczna for 1.818 1.736 the transport and installation of 14MW wind turbines for the 1.800 Baltica 2 project 1
Slide 8: Delivering the new O-class cranes
Delivering the new O-class cranes The new cranes have extended the installation lifetime of the O-class vessels significantly • The new cranes were installed on time and on budget. • Crew has been trained for safe operations and maintenance of the crane. • Cranes has been handed over to the operatio
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Slide 10: 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 crane installation Built / Type Name Class Height 2024 2025 2026 20
Slide 11: Progress on newbuilds
Progress on newbuilds Wind Peak - Delivery: August 2024 Sneak peak from yards • Construction completion at 97 %. • In the commissioning stage and preparing for sea trial to start medio June. Wind Peak Wind Pace Wind Pace - Delivery: Q2/2025 • Construction completion at 75 %. • The steel block assemb
Slide 12: Q1 2024 financial highlights
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Slide 13: Q1 2024 – Financial highlights
Q1 2024 – Financial highlights Revenue Equity Ratio Utilization Market Capitalization2 € 19.1M 75.1% 17.3% € 2B € 18.9M 76.6% 75.4% EBITDA Cash Flow from Operating Backlog 3-month Daily Average Activities Turnover3 € -10.1M € 13.1M € 1.8B € 6.7M € 2.6 (NYSE) / 2.4 (OSE) € 8.0M € 4.7M € 1.36 B1 / 1.7
Slide 14: Consolidated P&L for Q1 2024
Consolidated P&L for Q1 2024 EUR ‘000 Q1 2024 Q1 2023 Key takeaways • P&L for Q1 2024 includes financials from the Revenue 19,063 18,905 combined Cadeler Group (incl. former Eneti) Cost of sales -26,979 -12,150 • Revenue in line with comparative period last Gross profit -7,916 6,755 year even though
Slide 15: Consolidated Balance Sheet for Q1 2024
Consolidated Balance Sheet for Q1 2024 EUR ‘000 Q1 2024 Dec 2023 Key takeaways • The Balance sheet as of both FY 2023 and Non-Current Assets 1,219,823 1,105,110 Q1 2024 is consolidated (Cadeler and former Cash 209,130 96,608 Eneti) and includes the effect from the Other Current Assets 55,338 50,842
Slide 16: 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 First two A-class vessels expected Cadeler’s Secured CAPEX and Business Signed / Committed signed before YE2024. Strong combin
Slide 17: Financing overview
Financing overview EUR M Vessels Facility Amount Utilized* Comments RCF-A 250 162 O-class RCF-B 100 Term Loan 100 50 Term loan has been utilized after Q1 2024 Committed O-class total 450 212 Financing P-class Syndicated 425 Negotiations with Lenders on amending M-class Syndicated ~400 the Facility a
Slide 18: Full Year Outlook for 2024
Full Year Outlook for 2024 2023 2024 EUR millions Actuals Outlook Revenue 109 225-245 EBITDA 42 105-125 EBITDA, adjusted 50 - • • • • • Note: The outlook assumes low impact from overall macro economical development i.e. inflation, geo-political risk, project delays etc. 18
Slide 19: Q1 2024 commercial outlook
Q1 2024 commercial outlook
Slide 20: 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 11 Other Upgraded 2 Newbuild 2 6 2 4 4 4 7 1 3 3 3 2 3 1 1 2 2 2 4 3 1 1 1 1 1 2
Slide 21: Meeting the growing market demand
Meeting the growing market demand Placing the order for the 11th vessel in the fleet – Wind Apex • The decision to build a third A-class vessel is based on the strong market demand for assets specializing in installing foundations. • The hybrid design of Cadeler’s A-class vessels offers Cadeler’s cl
Slide 22: Investment highlights
Investment highlights The largest and most versatile fleet in the industry, with complementary vessels to enable strong utilization and earnings visibility. Experienced team with proven track record, critical know-how and strong industry relationships. Global growth platform with long-standing comme
Slide 23: Q&A
Q&A
Slide 24: Cadeler contact details
Cadeler Kalvebod Brygge 43 DK-1560 Copenhagen Denmark +45 3246 3100 Additional questions can be sent to enquiry. DNK@cadeler.com Follow us