Q1 2026 Earnings Release - Investor Presentation

1 January - 31 March 2026

20th May 2026

Q1 2026 - Highlights

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Q1 2026

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Executing on projects

Deep-dive on Hornsea 3 next

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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

  
  
  

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  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

North America

Revolution Wind

Sunrise Wind

WTG - 2026

WTG - 2025

8%

4%

88%

Vessel Reservation Agreements / Preferred

Supplier Agreements (not in backlog)

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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

of total backlog has reached FID

1. 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).

2. 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.

3. 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.

4. 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).

5. Contract backlog excludes vessel reservation agreements.

the client's FID on the project.

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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%

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Q1 2026

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Financial highlights

Q1 2026

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.

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Q1 2025

Q1 2026

Q1 2026

Utilisation1

77.7%

79.4%

55.3%

77.7%

47.6%

Unadj. Adj.

Q1 2025

Unadj. Adj.

Q1 2026

Backlog3

€ 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

EUR '000

EBITDA

1. 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.

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     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%

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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

(260)

(163)

CapEx program and planned Cadeler financing

(EURm)

1. 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 liquidity1 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.

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1. 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)

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   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.

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     Commercial outlook

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     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-China1 (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

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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 & WTIVs1

2026 2027 2028 2029 2030 2031 2032 2033

1. FIV = Foundation Installation Vessels, WTIV = Wind Turbine Installation Vessels

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