Cadeler A/S : Q1 2026 Quarterly Report

About this update from Cadeler A/s

‌First Quarter 2026 Earnings Release‌ For the period 1 January to 31 March 2026 Cadeler A/S. Incorporated in Denmark. Registration Number (CVR no.): 3118 0503 Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark ‌Income statement and cash flows The Group's revenue for the first three months of 2026 was EUR 125 million, an increase of EUR 60 million compared to the EUR 65 million revenue reported for the comparable period in 2025, driven principally by the increase in contracted days resulting from fleet expansion. The Group's cost of sales for the first three months of 2026 was EUR 98 million, EUR 53 million higher than the comparable period in 2025, driven mainly by the addition of three new operating vessels to the fleet, Wind Ally, Wind Mover and Wind Keeper. The Group's ten operating vessels achieved a combined 47.6% utilisation rate for the first three months of 2026, compared to 55.3% in the same period in 2025, where the Group had seven operating vessels. The Group's EBITDA for the first three months of 2026 was EUR 47 million, an increase of EUR 23 million compared to the EBITDA of EUR 24 million reported for the same period in 2025, as disclosed in the Alternative Performance Measures (APM) section. For the first three months of 2026, the Group's result was a loss of EUR 7 million, a decrease of EUR 9 million relative to the EUR 2 million profit reported for the comparable period in 2025. Despite the Group's increase in gross profit, the reduction in the result for the first three months of 2026 compared to the corresponding period in 2025 was primarily driven by an increase in financial expenses, as most vessels were delivered as expected, leading to a higher portion of the interest cost being expensed rather than capitalised. Net cash flow provided by operating activities was EUR 42 million in the first three months of 2026, EUR 22 million higher than the EUR 20 million recorded for the comparable period in 2025, primarily reflecting the conversion of contract assets into cash. Net cash flow used in investing activities in the first three months of 2026 was EUR 91 million, a decrease of EUR 390 million compared to the EUR 481 million reported for the same period in 2025. This decrease relates to a higher amount of final instalments in the first three months of 2025, compared to Q1 2026. Net cash flow provided by financing activities in the first three months of 2026 was EUR 119 million, a decrease of EUR 363 million compared to the EUR 482 million reported for the comparable period in 2025. This decrease was driven by lower proceeds from borrowings net of bank fees compared to the same period in 2025 and partially offset by the proceeds from the Group's issue of share capital net of fees during Q1 2026 of EUR 170 million. Outlook 2026 The Group's 2026 guidance for both revenue and EBITDA remains unchanged for 2026: Revenue is expected to range between EUR 854 million and EUR 944 million and EBITDA is expected to be in the range of EUR 420 million to EUR 510 million, as disclosed in the Group's Annual Report 2025. Subsequent Events On 28 April 2026, the lenders under Cadeler's EUR 100 million RCF-B Facility and Cadeler agreed to extend that facility, which had been due to expire on 19 June 2026, by a further 18 months to 19 December 2027. This earnings release report for the period 1 January to 31 March 2026 is neither audited nor reviewed. Key Figures Q1 2026 Q1 2025 EUR'000 Revenue 124,727 65,474 Gross profit 26,763 20,916 Operating profit 7,786 4,830 Net financials (14,638) (1,801) Profit/(loss) for the period (7,049) 1,798 Cash flow provided by operating activities 42,213 20,387 Cash flow used in investing activities (90,672) (480,860) Of which investment in property, plant and equipment (90,976) (466,217) Cash flow provided by financing activities 118,803 482,041 Net increase in cash and cash equivalents 70,344 21,568 Share related key figures Earnings per share (EPS), EUR (0.02) 0.01 Diluted earnings per share (diluted EPS), EUR (0.02) 0.01 Operational metrics Contracted days (no. of days) 428 284 Utilisation (%) 47.6% 55.3% Capital and assets As of 31 March 2026, the Group's total assets amounted to EUR 3,536 million, a 3% increase compared to 31 December 2025. This increase was driven primarily by an increase in property, plant and equipment of EUR 80 million, which was attributable to newbuilds and various vessel upgrades, and an increase in Cash and cash equivalents of EUR 70 million. The Group's equity amounted to EUR 1,682 million as of 31 March 2026, reflecting an increase of EUR 178 million from the balance at year end 2025 of EUR 1,504 million. The development in the Group's equity was driven by a net capital increase of EUR 170 million after transaction costs, a gain of EUR 16 million from changes in fair value and costs of hedges, offset by a loss of EUR 7 million for the first three months of 2026. 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 intended 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. Key Figures 31 March 2026 31 December 2025 EUR'000 Total assets 3,535,513 3,416,676 Non-current asset 3,109,886 3,026,719 Total liabilities 1,853,689 1,913,000 Equity 1,681,824 1,503,676 Cash and cash equivalents 221,295 151,679 Financial ratios and operational metrics Return on assets (%) 0.2% 11.9% Return on equity (%) (0.4)% 20.5% Equity ratio (%) 47.6% 44.0% Average number of employees¹ Onshore 355 307 Offshore 749 586 The financial ratios and operational metrics identified above are calculated in accordance with the terms and definitions set out in the Annual Report 2025. 1 Average number of full-time equivalent Cadeler employees for the reporting period. As of 31 March 2026, the Group is in compliance with all financial covenants and expects to remain compliant during 2026. On 28 April 2026, the lenders under Cadeler's EUR 100 million RCF-B Facility and Cadeler agreed to extend that facility, which had been due to expire on 19 June 2026, by a further 18 months to 19 December 2027. EUR Million Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 5 years Above 5 years Total Corporate Financing 19 75 283 73 16 465 Vessel Financing 105 105 105 266 568 1,150 Total Borrowing 124 180 388 339 583 1,615 Order backlog Cadeler's order book for 2026 is substantially filled. As of 20 May 2026, notable contracts signed since 1 January 2026 include: In February, Nexra - Cadeler's 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. 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 reporting date amounted to EUR 2,705 million. EUR Million Within 1 year After 1 year Total Contract backlog including options as of 31 March 2026 Firm, excluding options 842 1,461 2,303 Options considered as contingent considerations for revenue recognition purposes 59 142 201 Options not considered as contingent considerations for revenue recognition purposes 59 142 201 Total¹ 960 1,745 2,705 Additions in the period 1 April to 20 May 2026: Firm, excluding options - - - Options considered as contingent considerations for revenue recognition purposes - - - Options not considered as contingent considerations for revenue recognition purposes - - - Contract backlog including options as of 20 May, unadjusted for services provided during the period 1 April - 20 May 2026² 960 1,745 2,705 1 As of 31 March 2026, 82% of the contract backlog (an aggregate of EUR 2,229 million) related to projects for which the relevant counterparty had taken a positive final investment decision (FID), and an aggregate of EUR 475 million remained subject to counterparty FID (the foregoing figures include both firm and option line items). 2 As of the date of this earnings release, 82% of the contract backlog related to projects for which the relevant counterparty had taken a positive FID (the foregoing figures include both firm and option line items). ‌Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income EUR'000 Q1 2026 Q1 2025 Revenue 124,727 65,474 Cost of sales (97,964) (44,558) Gross profit 26,763 20,916 Net other operating income and expenses 938 136 Administrative expenses (19,915) (16,222) Operating profit 7,786 4,830 Financial income 9,534 270 Financial expenses (24,172) (2,071) Profit/(loss) before income tax (6,852) 3,029 Income tax expense (197) (1,231) Profit/(loss) for the period (7,049) 1,798 Profit/(loss) for the period attributable to: Equity holders of the parent (7,049) 1,798 Earnings per share Basic, profit/(loss) for the period attributable to ordinary equity holders of the parent (EUR per share) (0.02) 0.01 Diluted, profit/(loss) for the period attributable to ordinary equity holders of the parent (EUR per share) (0.02) 0.01 EUR'000 Q1 2026 Q1 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 Other comprehensive income/(loss) after tax 13,067 (18) 1,070 14,119 (3,929) (3,016) (3,828) (10,773) Total comprehensive income/(loss) for the period, net of tax 7,070 (8,975) Total comprehensive income/(loss) attributable to: Equity holders of the parent 7,070 (8,975) ‌Interim Condensed Consolidated Balance Sheet EUR'000 31 March 2026 31 December 2025 Intangible assets Property, plant and equipment Right-of-use assets Leasehold deposits Derivative assets Other non-current assets Total non-current assets 19,493 3,016,754 12,230 1,163 6,696 53,550 3,109,886 19,432 2,937,060 12,598 1,141 2,419 54,069 3,026,719 Current assets Inventories Trade and other receivables Contract assets Prepayments Current derivative assets Cash and cash equivalents Total current assets 3,784 145,529 39,891 13,970 1,158 221,295 425,627 3,540 139,029 81,923 13,523 263 151,679 389,957 Total assets 3,535,513 3,416,676 EUR'000 31 March 2026 31 December 2025 Share capital 51,841 47,144 Share premium 1,265,213 1,099,495 Treasury shares (2,999) (2,999) Reserves 32,542 18,423 Retained earnings / (accumulated losses) 335,227 341,613 Total equity 1,681,824 1,503,676 Non-current liabilities Lease liabilities 11,175 12,482 Deferred tax liabilities 12,886 13,256 Deferred revenue 43,918 30,901 Debt to credit institutions 1,457,034 1,494,623 Derivative liabilities 2,608 10,654 Total non-current liabilities 1,527,621 1,561,916 Trade and other payables 76,955 98,208 Payables to related parties 127 272 Deferred revenue 117,871 128,716 Current lease liabilities 1,901 1,057 Current income tax liabilities 4,152 3,638 Current debt to credit institutions 124,493 116,131 Current derivative liabilities 569 3,062 Total current liabilities 326,068 351,084 Total liabilities 1,853,689 1,913,000 Total equity and liabilities 3,535,513 3,416,676 ‌Interim Condensed Consolidated Statement of Changes in Equity Reserves EUR'000 Share capital Share premium Treasury shares Hedging reserves 2026 Cost of hedging reserves Foreign currency translation reserve Retained earnings Total At 1 January 2026 47,144 1,099,495 (2,999) (8,381) (577) 27,381 341,613 1,503,676 Profit/(loss) for the period - - - - - - (7,049) (7,049) Other comprehensive income for the period - - - 13,049 1,070 - - 14,119 Total comprehensive income for the period - - - 13,049 1,070 - (7,049) 7,070 Capital increase March 2026 4,697 169,502 - - - - - 174,199 Costs incurred in connection with March 2026 capital increase - (3,784) - - - - - (3,784) Share-based payments - - - - - - 663 663 End of 31 March 2026 51,841 1,265,213 (2,999) 4,668 493 27,381 335,227 1,681,824 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 - - - - - - 1,798 1,798 Other comprehensive income for the period - - - (6,945) (3,828) - - (10,773) Total comprehensive profit for the period - - - (6,945) (3,828) - 1,798 (8,975) Share-based payments - - - - - - 619 619 End of 31 March 2025 47,144 1,099,495 (1,283) (10,277) 1,303 27,381 61,775 1,225,538 ‌Interim Condensed Consolidated Statement of Cash Flows EUR'000 Q1 2026 Q1 2025 Cash flow from operating activities Profit/(loss) for the period (7,049) 1,798 Adjustments of non-cash items 50,075 22,380 Depreciation and amortisation 39,127 18,824 Finance income (1,230) (266) Interest expenses 10,836 107 Finance costs 2,062 705 Income tax expense 196 1,249 Fair value change of derivative instruments through profit or loss (1,579) 196 Share-based payment expenses 663 619 Changes in working capital (1,992) (4,056) Inventories (244) (2,540) Trade receivables, contract assets, prepayments and other receivables 35,066 (27,376) Trade and other payables (38,848) (28,907) Receivables from related parties 8 (460) Payables to related parties (145) 112 Deferred revenue 2,171 55,115 Income tax paid (51) - Interest received 1,230 266 Net cash provided by operating activities 42,213 20,387 EUR'000 Q1 2026 Q1 2025 Cash flow from investing activities Additions to property, plant and equipment (90,976) (466,217) Additions to intangible assets (192) (492) Movements in other non-current assets 519 (14,074) Leasehold deposits (23) (77) Net cash used in investing activities (90,672) (480,860) Cash flow from financing activities Principal repayment of lease liabilities (705) (790) Interest paid (19,093) (3,708) Proceeds from issue of share capital 174,199 - Transactional costs on issues of shares (3,784) - Bank charges (1,335) (705) Proceeds from borrowing net of bank fees (1,042) 494,749 Repayment of loan (29,437) (7,505) Net cash provided by financing activities 118,803 482,041 Net increase in cash and cash equivalents 70,344 21,568 Cash and cash equivalents at beginning of the period 151,679 58,464 Effect of exchange rate on cash and cash equivalents (728) - Cash and cash equivalents at end of the period 221,295 80,032 Forward-Looking Statements The annual report, as referred to in this document, and this earnings release, contain certain forward-looking statements relating to the business, financial performance, and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in the annual report and this earnings release, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Such factors may for example include a change in the price of raw materials. None of the Company or any of its parent or subsidiaries undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in the annual report or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results. The annual report and this earnings release may contain information obtained from third parties. You are advised that such third-party information has not been prepared specifically for inclusion in the annual report or this earnings release and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information. Several other factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in the annual report or this earnings release. Should any risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the annual report or this earnings release. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company, not any of its subsidiaries or shareholders or any officers, directors, board members or employees accept any liability whatsoever arising directly or indirectly from the use of the annual report or this earnings release. Alternative Performance Measures Non-IFRS Financial Measures To supplement its financial information presented in accordance with IFRS, the Group uses certain non-IFRS metrics, including EBITDA, when measuring performance, including when measuring current period results of operations against prior periods. Because of its non-standardised definition, these non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how management assesses underlying performance. These supplemental non-IFRS measures are not, and should not, be viewed as a substitute for IFRS measures. Management believes the presentation of these non-IFRS measures provides investors with greater transparency and supplemental data relating to the Group's financial condition and results of operations, and therefore a more complete understanding of factors affecting its business and operating performance. In addition, Management believes the presentation of these non-IFRS measures is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as asset sales, write-offs, contract termination costs or items outside of Management's control. As a performance measure, the Group used EBITDA: Earnings before interest, tax, finance income/costs and depreciation and amortisation. EBITDA is calculated as shown below: EUR'000 Q1 2026 Q1 2025 Operating profit or loss as reported in the statement of profit 7,786 4,830 Right-of-use asset amortisation 466 283 Depreciation and amortisation 38,746 18,541 EBITDA 46,998 23,654 ‌Kalvebod Brygge 43 DK-1560 Copenhagen V Denmark +45 3246 3100 https://www.cadeler.com 13

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