Slide 1: Investor Presentation Q3 2024
Investor Presentation Q3 2024 1 July – 30 September 2024
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 2024 - Highlights
Q3 2024 - Highlights 1. Financial performance in line with expectations. Full-year Revenue guidance increased to EUR 243 - 253 million and full-year EBITDA guidance narrowed to upper end of range (EUR 115 – 125 million). 2. Our newest vessel, the Wind Peak has arrived in Europe and is already on hir
Slide 4: Q3 2024 commercial highlights
Q3 2024 commercial highlights
Slide 5: Vessel activity in Q3 2024
Vessel activity in Q3 2024 Wind Orca Wind Osprey Wind Scylla Wind Zaratan Wind Peak • Has completed the • Continues to execute on • Wind Scylla continues the • Has completed installing the • Has completed her transit installation of 60 x 14.7 MW Ørsted's German Gode Wind installation of the Revoluti
Slide 6: Significant backlog across key markets
Significant backlog across key markets Strong and diversified project backlog across all key markets and segments Project Backlog1 Q3 Additions to Backlog Europe Vessel: P-Class and O-Class Vessel: A-Class and O-Class Orsted – GOW III – WTG - 2024 Scottish Power – EA III – WTG - 2026 Windfarm: Bałty
Slide 7: Contract Backlog Stands at EUR 2.4 Billion
Contract Backlog Stands at EUR 2.4 Billion Development in Contract Backlog FY 2022 – Q3 2024 New Since 30 June 2024 Firm Contracts (EUR ‘000s) 2,386 • Baltyk 2 & 3 – Contract for wind turbine installation to commence in 2027, utilizing 1 x O-Class and 1 x P-Class vessels. Value anticipated to fall w
Slide 8: Progress on newbuilds
Progress on newbuilds Newbuild program is progressing according to plan Wind Peak – Delivered on time and on budget in August 2024 Wind Mover - Delivery: Q4/2025 • Vessel arrived in Rotterdam in November 2024. • Overall construction completion at 57%. • Assembly of mega-blocks continues at the Hanwh
Slide 9: Q3 2024 financial highlights
Q3 2024 financial highlights
Slide 10: Q3 2024 – Financial highlights
Q3 2024 – Financial highlights Revenue Equity Ratio Utilization Market Capitalization1 € 80.6M 62.0% 86.5% € 2.0B € 23.4M 80.1% 91.0% EBITDA Cash Flow from Operating Backlog 3-month Daily Average Activities Turnover2 € 48.4M € 27.5M € 2.4B € 4.8M € 0.8M (NYSE) / 2.5M (OSE) € 8.0M € 34.5M € 1.3 B / 1
Slide 11: Consolidated P&L for Q3 2024
Consolidated P&L for Q3 2024 EUR ‘000 Q3 2024 Q3 2023 Key takeaways Revenue 80,567 23,415 • P&L for Q3 2024 includes financials from the combined Cadeler Group (incl. former Eneti) Cost of sales -33,098 -15,822 • Revenue increase by EUR 57m compared to Q3 Gross profit 47,469 7,593 2023 with utilizat
Slide 12: Consolidated P&L for YTD 2024
Consolidated P&L for YTD 2024 EUR ‘000 YTD 2024 YTD 2023 Key takeaways Revenue 162,785 91,118 • P&L for 9M 2024 includes financials from the combined Cadeler Group (incl. former Eneti) Cost of sales -90,496 -41,044 • Revenue increase by EUR 72m compared to 9M Gross profit 72,289 50,144 2023 with uti
Slide 13: Consolidated Balance Sheet for Q3 2024
Consolidated Balance Sheet for Q3 2024 EUR ‘000 30 Sep 2024 31 Dec 2023 Key takeaways • The Balance sheet as of both FY 2023 and 9M Non-Current Assets 1,641,857 1,105,110 2024 is consolidated (Cadeler and former Eneti) Cash 91,854 96,608 and includes the effect from the business combination Other Cu
Slide 14: 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 Financing of first two A-class vessels expected signed 1H 2025. Strong Cadeler’s Secured CAPEX and Signed / Committed appetite
Slide 15: Financing Overview
Financing Overview EUR M Vessels Facility Amount Utilized* Comments RCF-A 250 162 Extension of RCF B until September 2026 O-class, Scylla RCF-B 100 and guarantee line increase to EUR 200m & Zaratan Term Loan 97 97 Repayment has been initiated Committed O-class, Scylla & Zaratan total 447 259 Financi
Slide 16: Full Year Outlook for 2024
Full Year Outlook for 2024 Cadeler increases its revenue guidance and narrows EBITDA guidance within the upper end of the range Updated Previously communicated EURm 2024 Outlook 2024 Outlook Revenue 243 - 253 225 - 245 EBITDA 1 1 5 - 1 25 1 05 - 1 25 FY 2024 impacted by: • On-time vessel deliveries
Slide 17: Q2 2024 commercial outlook
ACADELER Q2 2024 commercial outlook
Slide 18: Forecasted offshore wind development per region
Forecasted offshore wind development per region EMEA/Europe leading the way with APAC ex. China ramping up, while turbine sizes are increasing significantly Estimated accumulated demand (GW) Share of new installations by turbine capacity 160 100% EMEA = 113 GW / 70 % 90% 140 APAC ex China = 32 GW /
Slide 19: 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 Largest and most versatile fleet 11 Largest fleet of next generation ✓ Expanding
Slide 20: Investment highlights
Investment highlights Largest, most capable and most versatile fleet in the industry. Strong complementarity in fleet enables cross-utilization, efficiency and project derisking. Highly experienced team with a proven track record, critical know-how and long-standing deep commercial relationships and
Slide 21: Q&A
Q&A
Slide 22: Additional questions can be sent to investorrelations@cadeler.com
Cadeler Kalvebod Brygge 43 DK–1560 Copenhagen Denmark +45 3246 3100 Additional questions can be sent to investorrelations@cadeler.com Follow us