Slide 1: Investor presentation
Investor presentation 16 June 2023
Slide 2: Important information (1/2)
Important information (1/2) Important Additional Information Will be Filed with the SEC This communication is not a prospectus but relates to the proposed business combination of Cadeler and Eneti, which will include an offer by Cadeler to exchange all of the issued and outstanding shares of Eneti f
Slide 3: Important information (2/2)
Important information (2/2) Forward-Looking Statements This communication includes forward-looking statements within the meaning of the federal securities laws (including Section 27A of the United States Securities Act of 1933, as amended, the “Securities Act”) with respect to the proposed transacti
Slide 4: Today's presenters
Today’s presenters James Doyle Emanuele A. Lauro Mikkel Gleerup Peter Brogaard Hansen Head of Investor Relations, Eneti Chairman and CEO, Eneti Chief Executive Officer, Cadeler Chief Financial Officer, Cadeler
Slide 5: Transaction overview
Transaction overview Transformational strategic combination between two offshore wind companies ▪ Cadeler has agreed to initiate a stock-for-stock voluntary conditional registered exchange offer to all shareholders of Eneti Transaction ▪ Eneti shareholders will receive 3.409 shares in Cadeler in con
Slide 6: Transaction rationale
Transaction rationale Combining decades of operating track record to create the preferred partner for the offshore wind industry, with a strengthened value proposition to our customers Significant global demand for offshore wind Attractive fleet with significant open capacity ✓ ~35% expected annual
Slide 7: Strong global demand growth and increasing activity triggering demand for new capacity
Strong global demand growth and increasing activity triggering demand for new capacity Larger scopes and project sizes, projects in different regions, higher value and more attractive projects terms Attractive demand backdrop Increasing pipeline1) All time strong project backlog (€m)2) c.35% annual
Slide 8: Transformational transaction accelerating growth
Transformational transaction accelerating growth Larger market capitalization ensures increased investor focus, while expansion in fleet size and open capacity allows the company to benefit from favourable supply/demand trends Market capitalization (€m1)) Fleet size, # of vessel2) # of days not cont
Slide 9: Transaction accelerates growth by 2-3 years
Transaction accelerates growth by 2-3 years Favorable price/delivery profile when compared with potential orders for newbuild vessels # Name Built / Main Hook Turbine 2023 2024 2025 2026 2027/2028 expected crane capacity Height installation Illustrative delivery schedule and delivered fleet delivery
Slide 10: Taking a firmer position in the WTIV and WFIV supply chain
Taking a firmer position in the WTIV and WFIV supply chain Creating the most diversified fleet in the sector enabling for scale benefits and strengthening the value proposition to our clients # of capable wind turbine and foundation installation vessels1) Selected scale & diversification benefits Nu
Slide 11: A true global player, present in all major offshore wind markets
A true global player, present in all major offshore wind markets Transaction resulting in true global reach through scale, local presence and complementary industry relationships North America Europe • Office in New York, United States • Headquartered in Copenhagen, Denmark • Relationship with Domin
Slide 12: Clear pathway to realize substantial synergies
Clear pathway to realize substantial synergies Identified addressable synergies with limited implementations costs Corporate & financing synergies: • Reduced corporate cost • Reduced management cost ~€18 million1) • Optimized hiring plan • Improved financing terms ~€106 million Operational synergies
Slide 13: Significant operating leverage towards the offshore wind market
Significant operating leverage towards the offshore wind market Fleet combination creates significant earnings potential for existing fleet and newbuilds Eneti & Cadeler 2022 EBITDA, existing fleet (€m) 1) Illustrative fully-delivered combined company EBITDA sensitivity 1)2) (€m) Historical earnings
Slide 14: Enhancing longer term growth potential
Enhancing longer term growth potential Larger market capitalization and stronger credit profile provide financial flexibility to pursue an enhanced growth trajectory €m1) Post-deal3) Market capitalization2) 820 415 1 235 ✓ Expanded investor attention and enhanced trading liquidity as a result of gre
Slide 15: Q&A
Q&A