Cadeler A/S : Q1 2026 Earnings Release - Investor Presentation

About this update from Cadeler A/s

Investor Presentation Q1 2026 1 January - 31 March 2026 20 th May 2026 Continued solid execution across the globe. Wind Ally and Wind Orca fully mobilised & first complete monopile foundations installed on Hornsea 3 Newbuild program on track with Cadeler's second A-class vessel named in April Q1 2026 - Highlights Financial performance in line with expectations Strong utilisation with vessels operating across the world, Nexra secures utilisation through multiple projects in APAC Robust contract backlog of EUR 2.7 billion provides solid earnings visibility | 3 Commercial highlights Q1 2026 | 4 Executing on projects Deep-dive on Hornsea 3 next Wind Scylla WTG installation at the Sunrise Wind project for Ørsted Wind Orca Performing secondary steel scope on the Hornsea 3 project for Ørsted Wind Osprey WTG installation on the EA3 project for ScottishPower Renewables Wind Mover WTG installation on the Baltic Power project in the Baltic Sea Wind Maker Undertaking Nexra O&M campaign for Vestas in Taiwan Wind Pace WTG installation on the EA3 project for ScottishPower Renewables Wind Peak WTG installation on the Sofia project for Siemens Gamesa Wind Keeper WTG installation on the He Dreiht project for Vestas Wind Ally FOU installation on the Hornsea 3 Foundation installation project for Ørsted Wind Zaratan Undertaking Nexra O&M scope at the Akita Port Marubeni wind farm in Japan | 5 Hornsea 3 project update From concept to delivery: first fully commissioned monopile foundation installed Project update Execution on the Ørsted Hornsea 3 project continues: Wind Ally and Wind Orca are fully mobilised, all mission systems and logistics validated in live operations, confirming proof of concept First round-trip completed, vessel completing second round-trip First monopiles fully commissioned , marking an important milestone in delivery of the project Nearly 50 monopiles transported to the marshalling port, 3 Heavy Transport Vessels are on charter The focus is to continue safe execution as well as capture the learnings from first round-trips to improve efficiency Selected moments from the project | 6 Significant backlog across key markets A 2.7bn backlog provides solid earnings visibility Region as % of total backlog Europe APAC Undisclosed client WTG - 2027 Formosa 4 WTG - 2028 Undisclosed client O&M - 2026 Sofia WTG - 2025 Inch Cape WTG - 2026 Baltic Power WTG - 2026 Baltica 2 WTG - 2027 He Dreiht Bałtyk II & III WTG - 2025 WTG - 2027 East Anglia THREE East Anglia TWO WTG - 2026 FOU & WTG - 2027 Hornsea 3 FOU & WTG - 2026 Undisclosed client O&M - 2026 O&M + WTG - BC-Wind 2026 WTG - 2028 Undisclosed client FOU & WTG - 2029 North America 3x Revolution Wind Sunrise Wind WTG - 2026 WTG - 2025 8% US projects contribute to ~4% of total backlog 4% 88% Vessel Reservation Agreements / Preferred Suppli er Agreements (not in b acklog) Undisclosed client WTG - 2028 Undisclosed client FOU - 2028 | 7 Contract backlog remains strong at EUR 2.7 Billion Development in contract backlog FY 2022 - Q1 2026 Development in contract backlog FY 2022 - Q1 2026 New in Q1 2026 In February, Nexra - Cadeler's O&M service platform - announced the signing of a firm contract for an O&M campaign in Taiwan commencing in March 2026, to run for 3-4 months. The value of the contract to Cadeler exceeds EUR 20m. FY 2022 H1 2023 FY 2023 H1 2024 FY 2024 H1 2025 FY 2025 Q1 2026 82% (EURm) 2,766 2,704 2,336 1,915 2,022 1,736 1,359 907 653 254 1,085 1,379 274 1,526 1,742 357 1,907 389 281 2,303 429 2,391 401 375 of total backlog has reached FID 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. Preferred Supplier Agreement (not included in backlog) In January, 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 Options Firm Figures are for period-end, except that the contract backlog provided for Q1 2026 is as of 20 May 2026 (the date of this presentation). Figures provided for FY 2022 and H1 2023 exclude the contribution to the contract backlog resulting from Cadeler's business combination with Eneti Inc., completed in December 2023. Contract backlog assumes 100% of counterparty options are exercised. Of the total contract backlog, EUR 2,303m represents firm contracted days and EUR 401m represents days subject to the exercise of counterparty options. 82% of the contract backlog (an aggregate of EUR 2,229m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID). Contract backlog excludes vessel reservation agreements. the client's FID on the project. | 8 Progress on newbuilds Vessel Expected delivery Progress update Wind Ace Q3 2026 Steel cutting completed in July 2024. Launching completed in December 2025. Commissioning of Generator sets, Jacking system and Auxiliary crane has been completed. Sea trial planned to start end of May 2026. Crane overload test planned for June 2026. Wind Apex Q2 2027 Steel cutting completed in July 2025. Fabrication of steel blocks is ongoing. Factory acceptance testing of Generator sets, Jacking Gears and Thrusters has been completed. Keel laying planned for July 2026. Delivery accelerated within Q2 2027 due to client demand. % completion 98% 49% | 9 Wind Ace naming ceremony | 10 Financial highlights Q1 2026 | 11 Financial highlights Q1 2026 Market Capitalisation 2 € 2.3b Net Profit € -7.0m 1.8 -7.0 Q1 2025 Q1 2026 3-month Daily Average Turnover 4 € 7.7m € 1.9m (NYSE) / 2.8m (OSE) / 3.1m (other exchanges) 1) Adjusted utilisation which means adjusted for planned off-hire including drydock and transportation from shipyard; 2) Combined market capitalisation at closing on 18 May 2026; 3) Backlog Q1 2025 is for period-end, and backlog provided for Q1 2026 is as of 20 May 2026 (the date of this presentation); 4) Three-month Average Daily Trading Volume (ADTV) multiplied by Volume Weighted Average Price (VWAP). All prices have been converted to euro using the daily exchange rate. The category "other" entails trades facilitated by the interoperability among clearing corporations on different exchanges. No pricing data available for these transactions. The VWAP for OSE has been applied as a proxy. OSE trading days and volume exclude 26 March 2026 when a private placement took place. | 12 Q1 2025 Q1 2026 Q1 2026 Utilisation 1 77.7% 79.4% 55.3% 77.7% 47.6% Unadj. Adj. Q1 2025 Unadj. Adj. Q1 2026 Backlog 3 € 2.7b 2.5 2.7 Q1 2025 47.6% Equity Ratio 47.6% 49.7% Q1 2026 Q1 2025 65.5 124.7 Revenue € 124.7m EBITDA € 47.0m 47.0 23.7 Q1 2025 Q1 2026 Consolidated P&L for Q1 2026 Revenue Cost of sales 124,727 (97,964) 65,474 (44,558) Gross profit SG&A and other expenses 26,763 (18,977) 20,916 (16,086) Operating profit Finance net 7,786 (14,638) 4,830 (1,801) Profit before income tax Income tax expense (6,852) (197) 3,029 (1,231) Profit after tax (7,049) 1,798 EUR '000 Vessel OPEX (EUR per day) 1 40,837 36,889 No. of owned vessels 10 7 Headcount onshore (Average) 355 272 EBITDA Vessel OPEX per day based on crewing costs, technical costs and insurance. Q1 2026 46,998 Q1 2025 23,654 Key takeaways Revenue for the first three months of 2026 increased by EUR 59 million to EUR 125 million compared to the same period in 2025, primarily driven by higher contracted days following fleet expansion. Revenue increase driven by higher contracted days from an expanded fleet, despite utilisation declining as available days increased faster due to fleet expansion and transition activity. Fleet utilisation decreased to 47.6% compared to 55.3% in Q1 2025 with adjusted utilisation of 77.7% compared to 79.4% in Q1 2025. Cost of sales increased by EUR 53 million to EUR 98 million, driven mainly by the addition of three new operating vessels (Wind Ally, Wind Mover and Wind Keeper) compared to seven vessels in operation in the prior year. SG&A increased as the organisation scaled onshore functions to meet the demands of an expanded fleet and continued project growth. EBITDA increased by EUR 23 million to EUR 47 million, driven by higher revenue despite lower utilisation. Vessel OpEx per day increased, driven by temporary project preparation costs and a small number of one-off items in Q1. | 13 Consolidated Balance Sheet for Q1 2026 Non-Current Assets 3,109,886 3,026,719 Cash 221,295 151,679 Other Current Assets 204,332 238,278 Total Assets 3,535,513 3,416,676 Equity 1,681,824 1,503,676 Non-current liabilities 1,527,621 1,561,916 Current liabilities 326,068 351,084 Total Equity and Liabilities 3,535,513 3,416,676 EUR '000 Q1 2026 FY 2025 Key takeaways Total assets increased by EUR 119 million since year-end 2025, driven by continued investment in vessels and a higher cash balance following the equity raise completed in March 2026. Equity increased to EUR 1,682 million, reflecting net proceeds from the share capital increase, lifting the equity ratio to 48% from 44% at year-end 2025. Equity ratio 48% 44% | 14 CapEx program expected to be fully funded Strong interest from banks to finance Cadeler's CapEx program Signed / Committed EUR 411m 230 641 230 263 218 148 (423) A-Class - Wind Apex Total A-Class Net Funding RCF- undrawn A-Class - Wind Ace 227.5 35 Additional CapEx for mission equipment is expected at project start (260) (163) CapEx program and planned Cadeler financing (EURm) Excluding restricted cash and not considering minimum free liquidity covenant. Note: Exchange rate of EUR/USD 1.1473 at 31/03-2026. Cadeler's secured CapEx and funding EUR 2,026m in funding secured of which EUR 1,615m is drawn as per 31 March 2026, i.e., EUR 411m still undrawn. Key takeaways are: Wind Ally financing of EUR 262m utilised (incl. Mission Equipment tranche). Remaining facility related to Wind Ace of EUR 263m (incl. EUR 35m in Mission Equipment). M-class facility fully utilised FY 2025 with delivery of Wind Mover in Q4 2025. P-class tranche fully utilised with delivery of the second P-class vessel, Wind Pace, in March 2025. Wind Keeper facility of EUR 125m fully utilised Cash and available liquidity 1 as per 31 March 2026 of EUR 221m and EUR 369m, respectively (excl. payment on first instalments on T-class vessels and Scour). Hedging 50% of USD exposure hedged. ~50% of interest exposure hedged for the first five years of the expected facilities. | 15 Financing overview as of 31 March 2026 All figurec in EURm Vessels Facility Commitment Outstanding 1 Comments O-class, Scylla & Zaratan RCF-A RCF-B Term Loan 250 100 78 202 - 78 Extencion of RCF B until December 2027 O-class, Scylla & Zaratan total 428 280 P-class Syndicated 378 378 Amortication hac been initiated EUR 80m accordion expected to be cigned during Q2 2026 Comitted Financing M-class Syndicated 398 398 A-class Syndicated 515 252 Wind Keeper Take-out 122 122 Corporate HSBC, Standard Chartered 125 125 Corporate HSBC, Clifford Capital 60 60 Total commitment 2,026 1,615 Wind Apex 2 Syndicated 230 - Financing expected to be launched during Q2 Uncomitted Financing 2026 Total uncommitment 230 - Total 2,256 1,615 Utilised as per 31/03-2026; 2) Used exchange rate of EUR/USD 1.1473 at 31/03-2026.. Note: In addition, Cadeler has uncommitted Performance guarantee lines of i) EUR 160m secured under the EUR 550m Facility, ii) EUR 60m secured under the P-class facility, iii) EUR 50m with Allianz (unsecured) and iv) EUR 52m with RBS (unsecured) | 16 Full Year Outlook for 2026 Q1 2026 2026 EURm Actuals Outlook Revenue 125 854-944 EBITDA 47 420-510 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 benefit from growing demand for O&M work in the offshore wind Industry. Wind Keeper in operation on a long-term contract after undergoing various modifications in 2025. Wind Ace expected timely delivered in Q3 2026, preparing for upcoming projects in 2027. | 17 Commercial outlook | 18 Market outlook Momentum in offshore wind continues to build, with increasing visibility into demand Recent development Recent geopolitical tensions are increasingly pointing toward the demand for locally-produced energy , energy security and affordability The positive momentum continues to build as the focus in Europe is gradually shifting towards the market post 2030 - we expect strong growth towards the end of the decade and beyond 2030 Long-term visibility has significantly improved : new tenders with supportive terms are accelerating as an increasing number of governments are adopting longer-term CfDs UK AR8 moved forward to July 2026 and confirmed additional GBP 200m budget for Clean Industry Bonus 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 offshore deployment Cumulative additions by region ex-China 1 (in GW) APAC 186 EMEA 51 122 200 150 100 50 0 Americas 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 1. Source: WoodMac | 19 Increasing undersupply of capable vessels in the market Current fleet is aging and becoming inefficient for the installation of next-gen wind turbines Illustrative vessel supply / demand balance # of vessels Increasing demand for FOU and WTG installations, and O&M Vessels exiting market supply at the end of operational life Supply of efficient FIVs & WTIVs 1 2026 2027 2028 2029 2030 2031 2032 2033 1. FIV = Foundation Installation Vessels, WTIV = Wind Turbine Installation Vessels | 20 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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