Cadeler A/s · OSL:CADLR
Cadeler A/s — Q1 2025 Earnings Presentation
25 slides from Cadeler A/s's earnings presentation, May 21, 2025
Slide 1: Investor Presentation Q1 2025
Investor Presentation Q1 2025 1 January – 31 March 2025
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: Q1 2025 - Highlights
Q1 2025 - Highlights Financial performance in line with expectations. Cadeler took delivery of two newbuilds (Wind Maker and Wind Pace) in Q1, delivering 50% of this year’s newbuild program in the first quarter. All four remaining newbuilds remain on track for delivery on or ahead of schedule. 7 ves
Slide 4: Q1 2025 Commercial Highlights
Q1 2025 Commercial Highlights
Slide 5: Executing on projects
Executing on projects Vessel activity in Q1 2025 Wind Orca Wind Osprey Wind Scylla Wind Zaratan Completed an O&M campaign for Siemens Completed an O&M campaign for Vestas, Continues to work on the installation project for Commenced the O&M campaign for Vestas at Gamesa and thereafter mobilised for t
Slide 6: Cadeler's backlog increases to EUR 2.5bn
Cadeler’s backlog increases to EUR 2.5bn Diversified project backlog across all key markets and segments Europe Region as % of total backlog Inch Cape – WTG – Sofia – WTG – 2025 2026 Baltic Power – WTG Orsted/PGE – Baltica II – WTG – 2025 – 2027 He Dreiht – WTG – Bałtyk II & III – WTG 2025 – 2027 EA
Slide 7: Contract backlog stands at EUR 2.5 Billion
Contract backlog stands at EUR 2.5 Billion Development in contract backlog FY 2022 – March 2025 New since Q4 2024 (EURm) Firm contracts 2,487 • In February, Cadeler secured a significant project at an offshore wind farm in the 2,336 US. The work is scheduled to commence in Q2 2025 and the Wind Pace
Slide 8: Newbuilds progress update
Newbuilds progress update Vessel Wind Ally Wind Mover Wind Ace Wind Apex Expected delivery Q3/4 2025 Q4 2025 Q3 2026 Q2 2027 Progress update • Launched 25 January 2025 • Currently being built at Hanwha • Steel cutting completed in July • Design is complete and has • Commissioning of the main Ocean,
Slide 9: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights
Slide 10: Key financial highlights for Q1 2025
Key financial highlights for Q1 2025 Revenue Equity ratio Utilisation1 Market Capitalisation2 € 65.5m 49.7% 79.4% € 1.5b 79% 65 64% 55% 50% 42% 19 17% Unadj. Adj. Unadj. Adj. Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 EBITDA Cash Flow from Backlog 3-month Daily Operating Activities Average Turn
Slide 11: Consolidated P&L for Q1 2025
Consolidated P&L for Q1 2025 EUR ‘000 Q1 2025 Q1 2024 Key takeaways Revenue increased by EUR 46m compared to Q1 Revenue 65,474 19,063 • 2024, with utilisation at 55% and an adjusted Cost of sales -44,558 -26,979 utilisation of 79% for Q1 2025. In Q1 2024, utilisation was 17%, as Wind Orca and Wind O
Slide 12: Consolidated Balance Sheet for Q1 2025
Consolidated Balance Sheet for Q1 2025 Key takeaways EUR ‘000 Q1 2025 FY2024 • Total Assets increase of EUR 527m driven by the newbuilds and cash available from financing Non-Current Assets 2,221,655 1,748,400 activities. Cash 94,106 58,464 • Total Liabilities increased by EUR 535m due to the utilis
Slide 13: 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 as of 31st March Cadeler's secured CAPEX and funding Signed / Committed Additional CAPEX for EUR 1,924m in funding secured of which EUR Mission Equipmen
Slide 14: Financing overview
Financing overview All figures in EURm Vessels Facility Amount Utilised* Comments RCF-A 250 242 O-class, Extension of RCF B until September Scylla RCF-B 100 2026 and guarantee line increase to & Zaratan EUR 200m Term Loan 91 91 O-class, Scylla & Zaratan total 441 333 Committed P-class Syndicated 413
Slide 15: Full Year Outlook for 2025
Full Year Outlook for 2025 2024 2025 EUR millions Actuals Outlook Revenue 249 485-525 EBITDA 126 278-318 FY 2025 impacted by: • Wind Maker and Wind Pace delivered in Q1 2025 and employed in APAC and US during 2025. Two additional vessel deliveries in Q3-Q4 2025 (Wind Ally and Wind Mover) preparing f
Slide 16: Q1 2025 Commercial Outlook
Q1 2025 Commercial Outlook
Slide 17: Cadeler is the go-to provider of T&I and O&M solutions
Cadeler is the go-to provider of T&I and O&M solutions # of wind turbine and foundation installation vessels1 11 Improved customer value World’s largest and most Legacy proposition through increased versatile fleet of next Newbuilds since 2020 generation offshore wind flexibility, ability to meet tu
Slide 18: Cadeler's view on the market
Cadeler’s view on the market There is a calibration in the market but momentum continues 2024: 34.9 GW1 2024: 2.7 GW1 2024: 0.2 GW1 Europe 2030: 105.6 GW APAC 2030: 25.9 GW US 2030: 7.2 GW • Energy remains one of the key investment areas • There is a strong need for more power and • US facing headwi
Slide 19: Undersupply of installation vessels is expected from 2028
Undersupply of installation vessels is expected from 2028 Undersupply of installation vessels1 (vessel years) Key insights Undersupply of installation • The supply of capable vessels is coming vessels expected especially down significantly as we see roll-out of within the larger turbine sizes segmen
Slide 20: This year is shaping up to be a record year for FIDs
This year is shaping up to be a record year for FIDs Annual volumes (GW) under FID Key insights Volume (GW) under sanctioned FID • Developers are returning – fewer Volume (GW) with expected FID speculative bids, more focus on bankable offtake structures 40 • Projects that have reached FID this year
Slide 21: Introducing Cadeler's new O&M offering
Introducing Cadeler’s new O&M offering 21
Slide 22: Creating an O&M powerhouse
Creating an O&M powerhouse NEXRA is a new service concept for the O&M market, and reflects Cadeler's commitment to supporting its clients and partners in the offshore wind industry Illustrative development over time Installation scope O&M scope Attractive and growing market: 33% CAGR1 forecasted Cad
Slide 23: Investment highlights
Investment highlights Largest, most capable and most versatile fleet in the industry. Strong complementarity in fleet enables cross-utilisation, efficiency and project derisking. Highly experienced team with a proven track record, critical know-how and long-standing deep commercial relationships and
Slide 24: Q&A
Q&A
Slide 25: 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