Slide 1: Investor presentation Annual Report 2025
Investor presentation Annual Report 2025 1 January – 31 December 2025 24th March 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: FY 2025 - Highlights
FY 2025 - Highlights Four newbuilds Continued exceptional Financial scheduled for execution with significant progress performance above delivery in 2025 made towards delivering on the expectations delivered on Hornsea 3 project, Wind Keeper time and upgrades successfully completed, budget. and multi
Slide 4: Commercial highlights FY 2025
Commercial highlights FY 2025 | 4
Slide 5: Executing on projects
Executing on projects Wind Scylla Wind Orca Wind Osprey Wind Mover Wind Maker WTG installation at the Revolution Wind Mobilisation for the Hornsea 3 project for Mobilisation for EA3 WTG installation Shortly commencing WTG installation at Preparing for Nexra O&M campaign for project for Ørsted Ørsted
Slide 6: Cadeler at a glance
Cadeler at a glance 362 803 Wind Turbines Foundations O&M office based employees1 seafarers2 1,727 929 275 installed3 installed3 total locations3 1. As of 23rd March 2026 2. As of 28th February 2026 3. As of 31st December 2025 | 6
Slide 7: From chartering to execution: Cadeler's transition to full scope T&I campaigns
From chartering to execution: Cadeler’s transition to full scope T&I campaigns From… …To Chartering based on a day- Integrated project delivery & rate + added services model construction platform High complexity; multi-disciplinary Compact organisation; organisation requiring depth and moderate comp
Slide 8: Hornsea 3: Embarking on Cadeler's first full T&I scope
Hornsea 3: Embarking on Cadeler’s first full T&I scope Today Early 2023: Wind Ally Project signed Preparations delivered All MPs MP & SS transportation transported Increase from 2 to 4 MP & SS Installation All MPs suppliers for MPs installed First MP installed WTG Installation First WTG installed Co
Slide 9: Hornsea 3: Successful execution requires tight coordination across complex network
Hornsea 3: Successful execution requires tight coordination across complex network ~2.8GW 197 total capacity monopiles ~60 ~120 Hornsea 3 office-based staff Port & construction staff 10 ~400k vessels in total tons of material (3 from Cadeler) transported Yantai, CN 10 12+ ports involved partners inv
Slide 10: Hornsea 3: Key milestones on the journey (1/2)
Hornsea 3: Key milestones on the journey (1/2) First monopiles for Hornsea 3 project arrive at Teesworks, marking an important milestone for Cadeler’s first full-scope foundation transportation & installation Photo credit: Christopher Booth Photography | 10
Slide 11: Hornsea 3: Key milestones on the journey (2/2)
Hornsea 3: Key milestones on the journey (2/2) Mock-up trials of secondary steel installation and commissioning successfully completed at the Port of Tyne | 11
Slide 12: Hornsea 3: Changes in project timeline leads to increased but delayed revenue
Hornsea 3: Changes in project timeline leads to increased but delayed revenue for foundation T&I First WTG installed Illustrative revenue recognition All MP & SS delivered First MP & SS installed Wind Ally All MP & SS delivered installed e e e C rre ase ase e e e s s ld 2025 2026 2027 | 12
Slide 13: Growing commercial pipeline across the globe
Growing commercial pipeline across the globe Commercial pipeline growing significantly across regions. Increased demand for our services expected to further strengthen our project visibility and backlog 16% Of pipeline projects 15+ outside of Europe 4 2 1 50+ 3 2 15 Europe continues to 4 be principa
Slide 14: Significant backlog across key markets
Significant backlog across key markets Region as % of total backlog A 2.8bn backlog provides solid earnings visibility Europe APAC Sofia Inch Cape Greater Changhua WTG – 2025 WTG – 2026 WTG – 2025 Baltic Power Baltica 2 WTG – 2025 WTG – 2027 O&M – 2025 He Dreiht Bałtyk II & III Undisclosed client No
Slide 15: Contract backlog remains strong at EUR 2.8 Billion
Contract backlog remains strong at EUR 2.8 Billion Development in contract backlog FY 2022 - FY 2025 Development in contract backlog FY 2022 - FY 2025 New since Q3 2025 (EURm) • In November, Cadeler signed firm contracts with an undisclosed client for full-scope foundation T&I and WTG installation a
Slide 16: Progress on newbuilds
Progress on newbuilds Vessel Wind Ace Wind Apex Expected Q3 2026 Q2 2027 delivery Progress • Steel cutting completed in July 2024. • Steel cutting completed in July 2025. update • Launching completed on the 5th of December 2025. • Fabrication of steel blocks is ongoing. • Commissioning of Engines, C
Slide 17: Progress on newbuilds: Selected moments from Cosco shipyard
Progress on newbuilds: Selected moments from Cosco shipyard Wind Ace engine start ceremony Wind Ace docking out Main crane installation for Wind Ace Leg fabrication for Wind Ace | 17
Slide 18: The fully delivered Cadeler fleet
The fully delivered Cadeler fleet eli ery Crane Ca acity Class ame T F Before Build tonnes ll e pe ea a e a er er r a spre ara a lla . eeper . erage fleet age years Priority Capable | 18
Slide 19: Financial highlights FY 2025
Financial highlights FY 2025 | 19
Slide 20: Financial highlights FY 2025
Financial highlights FY 2025 Revenue Equity ratio Utilisation1 Market Capitalisation2 € . m . . € 1.8b . . . . . . Unadj. Adj. Unadj. Adj. F F F F F F EBITDA Net profit Backlog3 3-month Daily Average Turnover4 € . m € . m € . € .1m . . € 2.3m (NYSE) / 2.5m (OSE) / 2.4m (other exchanges) F F F F F F
Slide 21: Consolidated P&L for Q4 2025
Consolidated P&L for Q4 2025 Key takeaways e e e • Revenue increased by EUR 82m compared to Q4 2024, with utilisation of 73% (76% in Q4 2024) and C s f sales adjusted utilisation of 87% (85% in Q4 2024). Gr ss pr fi • Four new vessels were added compared to Q4 2024; G a d her e pe ses Wind Maker and
Slide 22: Consolidated P&L for FY 2025
Consolidated P&L for FY 2025 F F Key takeaways e e e • Revenue increased by EUR 372m compared to 2024 including termination fees from a long-term C s f sales agreement in Q2 2025. FY utilisation was 75% Gr ss pr fi compared to 66% in 2024 where two of the five G a d her e pe ses operating vessels un
Slide 23: Consolidated Balance Sheet for FY 2025
Consolidated Balance Sheet for FY 2025 F F Key takeaways C rre sse s • Total Assets increase of EUR 1,480m driven by the newbuilds and cash available from financing Cash activities. her C rre sse s • Total Liabilities increased by EUR 1,210m due to the utilisation of financing facilities, reducing t
Slide 24: 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 Cadeler's secured CAPEX and funding (EURm) Additional CAPEX for mission equipment is EUR 2,054m in funding secured of which EUR 1,644m is Signed / Commi
Slide 25: Financing overview as of December 2025
Financing overview as of 31 December 2025 essels Fa ili C i e s a di g C e s CF lass lla CF ara a er a lass lla ara a al lass di a ed C i ed lass di a ed Fi a i g lass di a ed Wi d eeper di a ed C rp ra e C a dard Char ered C rp ra e C Cliff rd Capi al al i e Wi d pe di a ed i ed Fi a i g al i e al
Slide 26: Full Year Outlook for 2026
Full Year Outlook for 2026 F als als l e e e I D FY 2026 impacted by: • Strong market demand (backlog) and high vessel utilisation across the Cadeler fleet. • Wind Orca and Wind Ally executing Cadeler’s full-scope foundation transportation & installation campaign for Hornsea 3 • Nexra expected to be
Slide 27: Sustainability highlights FY 2025
Sustainability highlights FY 2025 | 27
Slide 28: Sustainability highlights FY 2025
Sustainability highlights FY 2025 Environmental Environmental Environmental Scope 1 GHG emissions per net Biofuel blending capability successfully New circularity strategy developed revenue decreased by 28% between introduced across fleet in 2025 2024 and 2025 Social Social Governance 30% women in l
Slide 29: Progress on path to zero
Progress on path to zero Increase in CO2 intensity largely due to multiple new vessel deliveries being in transit Adopting green fuels Enabling electrification Decarbonisation levers Enabling electrification Optimising energy consumption (contribution share in %) Adopting green fuels Optimising ener
Slide 30: Commercial outlook
Commercial outlook | 30
Slide 31: Market outlook
Market outlook Markets are recalibrating and adjusting to real supply chain capacity; an increasing amount of capital is being deployed into offshore wind Recent development Cumulative additions by region ex-China1 (in GW) • After 2028-29 we expect strong growth towards the end of the eri as decade
Slide 32: Increasing undersupply of capable vessels in the market
Increasing undersupply of capable vessels in the market Current fleet is aging and becoming inefficient for installation of next-gen wind turbines Illustrative vessel supply / demand balance f essels Increasing demand for FOU and WTG installation as well as O&M Vessels falling out of the supply as t
Slide 33: Cadeler has the largest fleet of vessels capable of efficient installation
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 vessels1 ega World’s largest and most versatile fleet of next generation offshore wind turbine and e b ilds si e foundation installation v
Slide 34: Cadeler has the largest fleet of vessels capable of efficient installation
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 15MW wind turbines es f flee essels apable f effi ie l i s alli g W i d rbi es Maersk | 34
Slide 35: Cadeler has the largest fleet of vessels capable of efficient installation
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 es f flee l f da i s apable essels apable f effi ie l i s alli g f da i s a d i d rbi es Maersk | 35
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Slide 37: Demand for O&M continues to increase, market is shifting towards long-term agreements
Demand for O&M continues to increase, market is shifting towards long-term agreements Forecast global (ex-China) MCR demand by region (in vessel days) Key insights • Demand for operations and maintenance – particularly major component replacement – is increasing as more turbines are installed . • Th
Slide 38: We are continuing the build-out of Nexra: Further diversification of income streams
We are continuing the build-out of Nexra: Further diversification of income streams First contract signed: Nexra secures first significant contract for O&M services as share of total O&M campaign in Taiwan, with an expected value exceeding EUR 20 revenue, 2025 million share Dedicated team for Nexra:
Slide 39: Continuing the growth journey
Continuing the growth journey | 39
Slide 40: 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 41: Key investment highlights
Key investment highlights Structural Strong undersupply and relationships increasing and market demand partnerships, industry leading position aa Largest, most capable and Strong track versatile fleet = Global reach and record and redundancy for experience backlog clients | 41