For the period 1 January to 30 June 2026
Cadeler A/S. Incorporated in Denmark. Registration Number (CVR no.): 3118 0503 Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark
1
Management review
Business review 5
Financial review 7
3
Statement from the CEO
The first half of 2026 demonstrated the strength of the business Cadeler has built through disciplined investment and consistent execution.
Cadeler delivered a strong financial performance with revenue of EUR 408 million and EBITDA of EUR 208 million, while continuing to execute complex offshore wind projects across multiple markets. As our customers place increasing emphasis on the resilience of their supply chain, the first six months of the year demonstrated that Cadeler's fleet strategy is delivering as intended, providing the flexibility, reliability and operational capability required to support the next phase of offshore wind development.
Demonstrating the strength of our fleet strategy
The first half of 2026 has been defined by execution.
During the period, Cadeler successfully mobilised and remobilised vessels across multiple installation campaigns, providing customers with alternative solutions where project requirements changed, and helping to maintain project momentum. These operations demonstrated the flexibility of our expanded fleet and the strength of Cadeler's organisation to adapt quickly to changing circumstances.
While 2025 was characterised by fleet expansion, 2026 has been defined by project delivery. As our fleet, project portfolio and organisation have continued to grow, Cadeler has remained focused on disciplined execution while preserving the collaborative culture that supports safe and reliable project delivery.
Proving our foundation installation capabilities
Cadeler's full-scope foundation T&I capabilities are now being demonstrated in active project execution. During the first half of the year, we commenced foundation installation at Ørsted's Hornsea 3 Offshore Wind Farm, our first full-scope foundation transport and installation campaign. As the project progresses, it will serve as an important demonstration of the capabilities and expertise we have invested in over recent years, supporting our ambition to become a leading provider of integrated foundation T&I solutions.
Strengthening our customer offering
Cadeler's ambition is to be the leading offshore wind installation partner, and every strategic investment we make is driven by one objective: strengthening the value we create for our customers.
The successful capital raise completed in March enabled the subsequent order of two T-class newbuilds, representing the next step in the expansion of our foundation installation capabilities. Together with our A-class vessels, the T-class vessels will create one of the industry's strongest and most capable foundation installation offerings, enabling Cadeler to support increasingly demanding offshore wind projects.
The T-class vessels have been engineered to be the largest and most capable vessels ever introduced to the offshore wind installation market. They will set a new benchmark for foundation installation capability and will expand Cadeler's ability to support increasingly complex offshore wind projects.
Cadeler has also announced its intent to enter into scour protection. Expanding into this scope will enable Cadeler to support customers across a broader part of the offshore wind value chain, reducing project scheduling and interface risks during foundation installation campaigns.
In August, after the reporting period, Cadeler announced the strategic acquisition of Menck, a leading global provider of specialist equipment and engineering solutions for offshore foundation installation. Combining Menck's specialist technology and decades of engineering experience (including more than 50 million data points on pile driving) with Cadeler's industry-leading fleet of heavy-lift wind installation vessels and deep industry relationships, Cadeler will be well positioned to support customers across the installation value chain.
Looking ahead
The offshore wind industry continues to evolve. While governments across key markets continue to show strong ambitions for offshore wind, the industry's focus is centred on dependable execution and certainty of delivery. Developers are placing ever-greater emphasis on resilient supply chains and experienced partners capable of delivering projects safely, efficiently and on schedule. This reinforces our confidence in Cadeler's long-term strategy and in the continued demand for reliable offshore wind installation capacity.
We remain in close dialogue with customers across all major offshore wind markets, supporting both current projects and future developments. These conversations continue to confirm that the market values what we offer. Supported by our growing fleet, expanding capabilities and talented people, I am confident that Cadeler is well positioned to support the next phase of growth in offshore wind.
Thank you
Finally, I would like to thank our customers, shareholders, partners and suppliers for their continued trust and collaboration.
I would also like to thank all Cadelers for their professionalism and commitment. The growth Cadeler has achieved in recent years has only been possible because of the dedication shown every day across our fleet and offices.
A special thank you goes to our seafarers. Over the past six years, Cadeler has grown from around 150 to more than 850 seafarers, and their professionalism, resilience, teamwork and dedication - often while spending long periods away from home - remain fundamental to our ability to deliver safely and reliably for our customers.
On behalf of the Executive Management and Board of Directors, I thank you for your continued commitment to our customers, to one another and to the continued success of Cadeler.
Mikkel Gleerup
CEO
4
Business review
5
Business review
Cadeler A/S ("Cadeler" or the "Company" and, together with its subsidiaries, the "Cadeler Group" or the "Group") is the global leader in offshore wind turbine transport and installation, operating the world's largest fleet of jack-up wind installation vessels. For nearly two decades, the Company has helped bring offshore wind to life, turning large-scale offshore projects into operational reality at sea.
Cadeler continues to strengthen its position across the offshore wind value chain. Alongside its market leading turbine transport and installation, the Company is expanding its foundation transport and installation capabilities while steadily growing its operations and maintenance business, enabling it to support customers across a broader range of offshore wind project scopes.
During the first half of 2026, Cadeler maintained a high level of operational activity across Europe, North America, and the Asia-Pacific region, successfully supporting customers on complex offshore wind projects. The Company's expanded fleet demonstrated its operational flexibility through the mobilisation and remobilisation of vessels across multiple regions, enabling safe and efficient execution while responding to changing customer requirements.
The period also marked continued progress in executing Cadeler's long-term growth strategy. In March 2026, Cadeler successfully completed a private placement to partly finance its firm order (subsequent to the reporting period) of two T-class newbuilds and support its expansion into scour protection activities, further strengthening its foundation installation capabilities and broadening the range of services it is able to offer its customers.
Subsequent to the reporting period, Cadeler took delivery of Wind Ace, the Company's eleventh wind installation vessel and second A-class newbuild. The addition further expands Cadeler's fleet capacity and operational flexibility, strengthening its ability to execute both foundation and wind turbine installation projects. Following mobilisation, Wind Ace is scheduled to commence work on ScottishPower Renewables' East Anglia TWO project in the UK.
In addition, in August 2026, Cadeler acquired Menck, a leading global provider of specialist equipment, technology and related services for offshore foundation installation. The acquisition marks a step-change in the development of Cadeler's offshore foundation transportation and installation (T&I) capabilities and will strengthen Cadeler's operational resilience, unlocking value for Cadeler's customers by enabling more efficient use of mission-critical foundation installation capabilities, reducing reliance on subcontracted services and increasing agility in project planning and execution.
The developments during the first half of 2026 further strengthened Cadeler's operational capabilities and long-term strategic position. Supported by continued investment in its fleet and service offering, the Company enters the second half of the year with increased capacity and flexibility to support customers in delivering the next generation of offshore wind projects.
6
Financial review
7
Key financial figures
Revenue2 Equity ratio Utilisation
€407.5m 50.0% 66%
407.5
298.5
H1 2025 H1 2026
44.0% 50.0%
FY 2025 H1 2026
67% 66%
H1 2025 H1 2026
EBITDA2 | Net profit2 | Backlog1 |
€207.6m | €87.9m | €2.5b |
212.5 207.6
167.7
87.9
2,022 2,487
H1 2025 H1 2026
Contract Backlog including options as at 30 June 2026
H1 2025 H1 2026
H1 2025 H1 2026
Comparative period includes non-recurring revenue items (termination fees) of EUR 111 million.
8
Financial highlights
Key figures Key figures
EUR'000 | H1 2026 | H1 2025 |
Revenue | 407,529 | 298,535 |
Cost of sales | (246,471) | (100,234) |
Gross profit | 161,058 | 198,301 |
Operating profit | 121,312 | 167,954 |
Net financials | (34,489) | 3,171 |
Profit for the period | 87,901 | 167,733 |
Cash flow provided by operating activities | 79,488 | 71,490 |
Cash flow used in investing activities | (133,537) | (680,081) |
Of which investment in property, plant and equipment | (132,498) | (672,217) |
Cash flow provided by/(used in) financing activities | 108,924 | 596,356 |
Net (decrease)/increase in cash and cash equivalents | 54,875 | (12,235) |
Share related key figures | ||
Earnings per share (EPS), EUR | 0.24 | 0.48 |
Diluted earnings per share (diluted EPS), EUR | 0.23 | 0.48 |
Operational metrics | ||
Contracted days (no. of days) | 1,198 | 770 |
Utilisation (%) | 66% | 67% |
EUR'000 | H1 2026 | FY 2025 |
Total assets | 3,544,094 | 3,416,676 |
Non-current assets | 3,094,118 | 3,026,719 |
Total liabilities | 1,770,497 | 1,913,000 |
Equity | 1,773,597 | 1,503,676 |
Cash and cash equivalents | 206,191 | 151,679 |
Financial ratios and operational metrics | ||
Return on assets (%) | 3.5% | 11.9% |
Return on equity (%) | 5.4% | 20.5% |
Equity ratio (%) | 50.0% | 44.0% |
Average number of employees | ||
Onshore | 359 | 307 |
Offshore | 767 | 586 |
9
Finance review
Profit for the period
For the first half of 2026, the Group's result was a profit of EUR 88 million, representing a decrease of EUR 80 million compared to the EUR 168 million profit earned in the comparative period in 2025. The decrease in profit during the period was primarily attributable to profit in H1 2025 benefiting from non-recurring revenue items (termination fees) of EUR 111 million recognised in the prior-year period without any associated costs. In addition, H1 2026 reflected higher financial expenses, driven by a reduction in borrowing costs capitalised following the delivery of vessels, compared with the corresponding period.
Revenue
The Group's revenue for the first six months of 2026 amounted to EUR 408 million, reflecting an increase of EUR 109 million compared to the EUR 299 million of revenue reported in H1 2025, driven principally by the increased revenue from fleet expansion and increased contracted days. Furthermore, H1 2025 included non-recurring revenue item from termination of a Long-Term Agreement.
EBITDA
In H1 2026, the Group's EBITDA amounted to EUR 208 million, reflecting a decrease of EUR 5 million from EUR 213 million in H1 2025, as disclosed in the Alternative Performance Measures (APM) section.
Costs
Amounting to EUR 246 million, the Group's cost of sales for H1 2026 was EUR 146 million higher than the EUR 100 million reported for H1 2025, driven mainly by the addition of newly built vessels becoming part of the Group's fleet and operating in the market.
Administrative expenses in H1 2026 amounted to EUR 41 million, an increase from the EUR 33 million in H1 2025. This was primarily driven by the Group's increasing headcount, reflecting the strategic hiring of key personnel to strengthen support for ongoing operations and major new projects.
Utilisation
The Group's ten operating vessels achieved a combined 66% utilisation rate for the first six months of 2026, compared to 67% in the same period in 2025. The slight decrease was mainly attributable to lower utilisation in Q1 2026, reflecting the addition of new vessels, which typically experience lower utilisation during their initial period of operation whilst in transit.
Cash flows
Net cash flow from operating activities amounted to EUR 79 million in H1 2026, EUR 8 million higher than the EUR 71 million recorded in H1 2025, driven by a decrease in receivables in the period and offset by decreased operating profit.
Net cash flow used in investing activities was EUR 134 million in H1 2026, representing a decrease of EUR 547 million compared to the EUR 680 million reported in H1 2025. The decrease reflects higher asset investments in the comparative period.
Net cash flow from financing activities in H1 2026 was EUR 109 million, a decrease of EUR 487 million compared to a net inflow of EUR 596 million reported in H1 2025. The decrease was primarily driven by lower net proceeds from borrowings compared to the same period in 2025, partially offset by net proceeds of EUR 170 million from the issuance of share capital in Q1 2026.
10
Finance review
Continued from previous page
Capital structure and assets
Equity
On 30 June 2026, equity amounted to EUR 1,774 million, an increase of EUR 270 million from the opening balance EUR 1,504 million. This increase in equity was mainly as a result of profit for the period of EUR 88 million, and a net capital increase of EUR 170 million after transaction costs.
The Company completed a successful private placement on 25 March 2026, resulting in the issuance of approximately 35 million shares at a price of NOK 56 per share. Overall the Company raised approximately EUR 175 million before transaction costs. The net proceeds are to partly finance two Wind Foundation Installation Vessel newbuilds (referred to as the "T-Class newbuilds') to be delivered mid-2030 and mid-2031 and the potential acquisition of a heavy-lift vessel for scour protection (rock installation) scopes.
Assets
As of 30 June 2026, the Company's total assets amounted to EUR 3,544 million, a 4% increase for the reporting period, driven principally by an increase in property, plant and equipment of EUR 69 million of which the majority is driven by down payments for the A-class foundation installation vessel. Additions to property, plant, and equipment are described in Note 5.
Funding
At the end of the reporting period, EUR 188 million from the Green Corporate Facility remains unutilised.
The Company had significant headroom to comply with its debt covenants and on 30 June 2026, the Company had available liquidity of EUR 394 million from cash at hand and available committed facilities.
Related party transactions
Related party transactions over the reporting period are limited to guarantee fees charged by BW Group Limited, training-related costs and travel costs charged by BW Maritime, share lending fees charged by BW Altor in connection with the private placement completed in March 2026 and administrative expenses charged by Scorpio Services Holding, see Note 9 for further details.
Impact on the external environment
There have been no significant changes to our sustainability strategy since the publication of the 2025 Annual Report. Sustainability remains a strategic objective for the Company and is key to its ability to create long-term value for its shareholders. It represents an opportunity for innovation, improved efficiency and a foundation for growth. The Company strives to identify and reduce the impact that its business has on the environment and the communities and is committed to delivering leadership in matters of environment, health and safety, employment, and corporate responsibility across its value chain, as detailed in the 2025 Annual Report, which integrates the sustainability statements.
11
Finance review
Continued from previous page
Order backlog
Cadeler's order book for 2026 is substantially filled. As of 25 August 2026, notable contracts signed in 2026 include:
In February, Nexra - Cadeler's service platform - announced the signing of a firm contract for an O&M campaign in Taiwan commencing March 2026, to run for 3-4 months. The value of the contract to Cadeler exceeds EUR 20 million.
In March, Nexra closed two additional firm contracts: a second 3-4 month O&M campaign for Wind Maker in Taiwan, and a 2-3 month campaign for Wind Zaratan in Japan, both to be completed in 2026.
In addition, in January 2026, Cadeler announced that it had signed a preferred supplier agreement (PSA) with an undisclosed client for the transportation and installation of monopiles and transition pieces at a large offshore wind farm in Europe. The campaign is expected to commence in H1 2028 and to be executed using two of Cadeler's vessels, including a newbuild A-class vessel. The PSA is subject to the client's FID on the project.
Vessel Reservation Agreements (VRAs) and Preferred Supplier Agreements (PSAs) are not included in the contract backlog.
The Group's order backlog as of the date of the release of this interim report amounted to EUR 2,487 million.
EUR million
Within 1 After 1 year year
Total
Contract backlog including options as of 30 June 2026 1,103 1,384 2,487
Firm, excluding options - | - | - |
Options considered as contingent considerations for revenue - | - | - |
Options not considered as contingent considerations for revenue - | - | - |
Contract backlog including options as of 25 August, unadjusted for services provided during the period 1 July - 1,103 | 1,384 | 2,487 |
Additions in the period 1 July 2026 to 25 August 2026:
recognition purposes recognition purposes
25 August 2026¹ ²
Refer to Note 3 for further information regarding the total contract backlog at 30 June 2026.
1As of the report release date, 77% of the contract backlog (an aggregate of EUR 1,919 million) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID), while an aggregate of EUR 568 million remains subject to counterparty FID.
2 As Cadeler's acquisition of Menck was completed after the reporting period and shortly before the authorisation of these interim financial statements, the backlog figures presented as of the release date exclude backlog figures for Menck.
12
2026 Outlook
In the Annual Report 2025 published on 24 March 2026, Cadeler provided guidance for the financial year ending 31 December 2026 that revenue was expected to be in the range between EUR 854 to 944 million while EBITDA was expected to be in the range EUR 420 to 510 million. As of 30 June 2026, the above revenue and EBITDA guidance for the Cadeler Group (excluding Menck) is unchanged. The acquisition of Menck is expected to impact the consolidated Cadeler group's revenue and EBITDA guidance for 2026. Cadeler is reviewing the extent of that impact and will provide an update in due course.
After a series of negative headlines in 2025, driven in particular by political headwinds in the United States, the offshore wind market is experiencing renewed positive momentum. Markets are recalibrating, with authorities adjusting auction timelines and frameworks to reflect evolving market conditions, and long-term visibility has significantly improved as an increasing number of governments adopt longer-term CfD structures with supportive terms. In the UK, the AR8 auction has been moved forward to July 2026, accompanied by an additional GBP 200 million budget confirmed for the Clean Industry Bonus, following the record-breaking AR7 round which awarded more than 8 GW of capacity. France is planning to award around 10 GW of offshore wind capacity through the combined AO9 and AO10 tenders to drive scale and enable faster deployment. This is further underpinned by the commitments made at the North Sea Summit in January 2026, where nine North Sea countries committed to delivering 15 GW of offshore wind per year in the 2031-2040 period, towards a goal of 300 GW installed by 2050.
The positive momentum extends beyond Europe. In June 2026, South Korea concluded a record-breaking offshore wind auction, with almost 3.7 GW of bids submitted for the 1.8 GW of capacity on offer, while markets such as Taiwan are actively refining auction frameworks to unlock stalled capacity and support long-term deployment targets. These developments reflect the growing maturity of the Asia-Pacific market, where Cadeler continues to expand its presence.
As the focus in the industry gradually shifts towards the market post-2030, Cadeler expects strong growth towards the end of the decade and beyond. The undersupply of capable installation vessels
is expected to increase further as the existing fleet ages and becomes inefficient. Cadeler remains highly optimistic on the outlook for its core segments - wind turbine and foundation installation and heavy operations & maintenance - and has underpinned this conviction with the order of two additional T-class vessels and a dedicated scour protection vessel, further strengthening the largest and most capable purpose-built fleet in the industry.
Cadeler's guidance for 2026 is subject to risks and uncertainties, many of which are beyond the Company's control. Market-shaping events such as economic turbulence, workforce shortages, supply chain disruptions, strikes, embargoes, political instability, or adverse weather conditions could impact operations. Vessel off-hire periods due to accidents, technical issues, or contractual non-performance may also affect project execution. Furthermore, delays, cancellations, or changes to contract terms, crewing, or administrative costs could materially influence earnings.
13
Financial statements
Interim condensed consolidated financial statements 15
Notes to the interim condensed consolidated financial statements 21
Statement by management 40
Forward-looking statements 42
Alternative performance measures 44
14
Interim condensed consolidated financial statements
15
Interim condensed consolidated statement of profit or loss and other comprehensive income
EUR'000 | Note | H1 2026 | H1 2025 |
Revenue Cost of sales | 3 3 | 407,529 (246,471) | 298,535 (100,234) |
Gross profit | 161,058 | 198,301 | |
Net other operating income and expenses Administrative expenses | 935 (40,681) | 2,854 (33,201) | |
Operating profit | 121,312 | 167,954 | |
Financial income Financial expenses | 8 | 8,039 (42,528) | 4,747 (1,576) |
Profit before income tax | 86,823 | 171,125 | |
Income tax credit/(expense) | 1,078 | (3,392) | |
Profit for the period | 87,901 | 167,733 | |
Profit for the period attributable to: Equity holders of the parent Earnings per share | 87,901 | 167,733 | |
Basic, profit/(loss) for the period attributable to ordinary equity | |||
holders of the parent (EUR per share) | 4 | 0.24 | 0.48 |
Diluted, profit/(loss) for the period attributable to ordinary | |||
equity holders of the parent (EUR per share) | 4 | 0.23 | 0.48 |
EUR'000 | Note | H1 2026 | H1 2025 |
Other comprehensive income/loss Items that may be reclassified to profit or loss | |||
Cash flow hedges - changes in fair value Cash flow hedges - items recycled Cash flow hedges - cost of hedging | 9 9 9 | 9,813 (82) 1,064 | (21,779) (2,772) (5,535) |
Other comprehensive (loss)/income after tax | 10,795 | (30,086) | |
Total comprehensive income/loss for the period, net of tax | 98,696 | 137,647 | |
Total comprehensive income/loss attributable to: Equity holders of the parent | 98,696 | 137,647 |
16
Interim condensed consolidated balance sheet
EUR'000 | Note | June 30 2026 | December 31 2025 |
Intangible assets | 19,345 | 19,432 | |
Property, plant and equipment | 5 | 3,006,015 | 2,937,060 |
Right-of-use assets | 11,760 | 12,598 | |
Leasehold deposits | 1,163 | 1,141 | |
Derivative assets | 8 | 3,025 | 2,419 |
Other non-current assets | 52,810 | 54,069 | |
Total non-current assets | 3,094,118 | 3,026,719 | |
Inventories | 4,163 | 3,540 | |
Trade and other receivables | 124,973 | 139,029 | |
Contract assets | 3 | 92,583 | 81,923 |
Prepayments | 17,932 | 13,523 | |
Current derivative assets | 8 | 4,134 | 263 |
Cash and cash equivalents | 206,191 | 151,679 | |
Total current assets | 449,976 | 389,957 | |
Total assets | 3,544,094 | 3,416,676 |
EUR'000 | Note | June 30 2026 | December 31 2025 |
Share capital | 7 | 51,841 | 47,144 |
Share premium | 1,265,133 | 1,099,495 | |
Treasury shares | (3,515) | (2,999) | |
Reserves | 29,218 | 18,423 | |
Retained earnings | 430,920 | 341,613 | |
Total equity | 1,773,597 | 1,503,676 | |
Lease liabilities | 10,796 | 12,482 | |
Deferred tax liabilities | 12,569 | 13,256 | |
Deferred revenue | 3 | 5,035 | 30,901 |
Debt to credit institutions | 8 | 1,459,571 | 1,494,623 |
Derivative liabilities | 8 | 5,248 | 10,654 |
Total non-current liabilities | 1,493,219 | 1,561,916 | |
Trade and other payables | 69,414 | 98,208 | |
Payables to related parties | 9 | - | 272 |
Deferred revenue | 3 | 71,780 | 128,716 |
Current lease liabilities | 1,897 | 1,057 | |
Current income tax liabilities | 386 | 3,638 | |
Current debt to credit institutions | 8 | 133,358 | 116,131 |
Current derivative liabilities | 8 | 443 | 3,062 |
Total current liabilities | 277,278 | 351,084 | |
Total liabilities | 1,770,497 | 1,913,000 | |
Total equity and liabilities | 3,544,094 | 3,416,676 |
17
Interim condensed consolidated statement of changes in equity
Reserves | ||||||||
Cost of | Foreign currency | |||||||
Share | Treasury | Hedging | hedging | translation | Retained | |||
EUR'000 | Share capital | premium | shares | reserves | reserves | reserve | earnings | Total |
2026 | ||||||||
At 1 January 2026 | 47,144 | 1,099,495 | (2,999) | (8,381) | (577) | 27,381 | 341,613 | 1,503,676 |
Profit for the period | 87,901 | 87,901 | ||||||
Other comprehensive income for the period | 9,731 | 1,064 | 10,795 | |||||
Total comprehensive income for the period - | - | - | 9,731 | 1,064 | - | 87,901 | 98,696 | |
Capital increase March 2026 | 4,697 | 169,502 | 174,199 | |||||
Costs incurred in connection with March 2026 capital increase | (3,864) | (3,864) | ||||||
Treasury shares | (516) | (516) | ||||||
Share-based payments | 1,406 | 1,406 | ||||||
End of 30 June 2026 | 51,841 | 1,265,133 | (3,515) | 1,350 | 487 | 27,381 | 430,920 | 1,773,597 |
2025 | ||||||||
At 1 January 2025 | 47,144 | 1,099,495 | (1,283) | (3,332) | 5,131 | 27,381 | 59,358 | 1,233,894 |
Profit for the period | 167,733 | 167,733 | ||||||
Other comprehensive income for the period | (24,551) | (5,535) | (30,086) | |||||
Total comprehensive profit for the period | - - - | (24,551) | (5,535) | - | 167,733 | 137,647 | ||
Treasury shares | (1,716) | (1,716) | ||||||
Share-based payments | 1,102 | 1,102 | ||||||
End of 30 June 2025 | 47,144 | 1,099,495 | (2,999) | (27,883) | (404) | 27,381 | 228,193 | 1,370,927 |
18
Interim condensed consolidated statement of cash flows
EUR'000 | Note | H1 2026 | H1 2025 |
Cash flow from operating activities | |||
Profit/(loss) for the period | 87,901 | 167,733 | |
Adjustments of non-cash items | 6 | 114,405 | 49,961 |
Changes in working capital | 6 | (122,451) | (145,943) |
Income tax paid | (2,959) | (711) | |
Interest received | 2,592 | 450 | |
Net cash provided by operating activities | 79,488 | 71,490 | |
Cash flow from investing activities | |||
Additions to property, plant and equipment | 5 | (132,498) | (672,217) |
Movements in other non-current assets | 1,259 | (6,801) | |
Additions to intangible assets | (160) | (987) | |
Leasehold deposits | (22) | (76) | |
Settlement of derivative instrument | (2,116) | - | |
Net cash used in investing activities | (133,537) | (680,081) |
EUR'000 | Note | H1 2026 | H1 2025 |
Cash flow from financing activities | |||
Principal repayment of lease liabilities | (1,228) | (934) | |
Interest paid | (37,558) | (21,166) | |
Proceeds from borrowing net of bank fees | 77,988 | 644,057 | |
Proceeds from issue of share capital | 7 | 174,199 | - |
Transactional costs on issues of shares | 7 | (3,864) | - |
Repurchase of treasury shares | 7 | (516) | (1,716) |
Bank charges | (1,223) | (56) | |
Repayment of loan | (98,874) | (23,829) | |
Net cash provided by financing activities | 108,924 | 596,356 | |
54,875 | |||
Net (decrease)/increase in cash and cash equivalents | (12,235) | ||
Cash and cash equivalents at beginning of the period | 151,679 | 51,155 | |
Effect of exchange rate on cash and cash equivalents | (363) | - | |
Cash and cash equivalents at end of the period | 206,191 | 38,920 |
19
Notes to the interim condensed consolidated financial statements
Note 1 | General information | 22 | |
Note 2 | Basis of presentation and other significant accounting policies | 23 | |
Note 3 | Revenue | 24 | |
Note 4 | Earnings per share (EPS) | 29 | |
Note 5 | Property, plant and equipment | 30 | |
Note 6 | Statement of cash flows specifications | 32 | |
Note 7 | Issued share capital | 33 | |
Note 8 | Financial risk management | 34 | |
Note 9 | Related party transactions | 37 | |
Note 10 | Commitments and pledges | 38 | |
Note 11 | a | Events after reporting period | 39 |
20
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