CDLR 6-K
Cadeler A/S (CDLR)
6-K
2025-03-25
For: 2025-03-25
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Added on
April 11, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of March 2025
Commission File Number: 001-41889
CADELER A/S
(Translation of registrant's name into English)
Kalvebod Brygge 43
DK-1560 Copenhagen V, Denmark
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On March 25, 2025, members of the executive management of Cadeler A/S (the “Company”) delivered an investor presentation in connection with the release of the Company’s Annual Report for the year ended December 31, 2024. A copy of the investor presentation is attached hereto as Exhibit 99.1.
| Exhibit No. | Description |
|---|---|
| 99.1 | Investor presentation dated March 25, 2025. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: March 25, 2025 | CADELER A/S | |
|---|---|---|
| (Registrant) | ||
| By: | /s/ Mikkel Gleerup | |
| Name: | Mikkel Gleerup | |
| Title: | Chief Executive Officer |
Exhibit 99.1
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Investor Presentation<br>Annual report 2024<br>1 January – 31 December 2024 |
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2<br>Disclaimer<br>THIS PRESENTATION (THIS "PRESENTATION") HAS BEEN PREPARED BY CADELER A/S (THE "COMPANY") EXCLUSIVELY FOR INFORMATION PURPOSES AND MAY NOT BE REPRODUCED OR<br>REDISTRIBUTED, IN WHOLE OR IN PART, BY ANY OTHER PERSON.<br>FORWARD-LOOKING STATEMENTS<br>THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE U.S. SECURITIES ACT OF 1933 AND SECTION 21E OF THE U.S.<br>EXCHANGE ACT OF 1934, EACH AS AMENDED. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS PRESENTATION ARE FORWARD LOOKING STATEMENTS,<br>INCLUDING THOSE REGARDING FUTURE GUIDANCE, SUCH AS THOSE RELATED TO ANTICIPATED REVENUE AND EBITDA. FORWARD LOOKING STATEMENTS INVOLVE RISKS, UNCERTAINTIES AND<br>ASSUMPTIONS, AND ACTUAL RESULTS MAY DIFFER MATERIALLY FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD LOOKING STATEMENTS. WORDS SUCH AS<br>"ANTICIPATE," "BELIEVE ," "CONTINUE," "COULD,“ "ESTIMATE," "EXPECT," "INTEND," "MAY," "MIGHT,“ “FORECAST”, “ON TRACK,” "PLAN," “POSSIBLE,” “POTENTIAL,” “PREDICT,” "PROJECT," "SHOULD,"<br>"WOULD," "SHALL," “TARGET,” "WILL" AND SIMILAR EXPRESSIONS ARE INTENDED TO ASSIST IN IDENTIFYING FORWARD LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE<br>EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT. ALL<br>FORWARD-LOOKING STATEMENTS INCLUDED IN THIS PRESENTATION SPEAK ONLY AS OF THE DATE OF THIS PRESENTATION AND THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR<br>UPDATE ANY FORWARD-LOOKING STATEMENT FOR ANY REASON, EXCEPT AS REQUIRED BY LAW. RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, THOSE DETAILED IN THE<br>COMPANY’S MOST RECENT ANNUAL REPORT ON FORM 20-F AND IN ITS OTHER FILINGS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. YOU SHOULD CONSIDER THESE RISKS AND<br>UNCERTAINTIES WHEN EVALUATING THE COMPANY AND ITS PROSPECTS.<br>NONE OF THE COMPANY OR ANY OF ITS PARENT OR SUBSIDIARY UNDERTAKINGS OR ANY OF SUCH PERSONS’ DIRECTORS, OFFICERS OR EMPLOYEES PROVIDES ANY ASSURANCE THAT THE<br>ASSUMPTIONS REFLECTED IN THE FORWARD-LOOKING STATEMENTS INCLUDED IN THIS PRESENTATION ARE FREE FROM ERROR NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR<br>THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THIS PRESENTATION OR FOR THE ACTUAL OCCURRENCE (OR NON-OCCURRENCE) OF THE FORECASTED DEVELOPMENTS.<br>NON-IFRS PERFORMANCE MEASURES<br>THIS PRESENTATION INCLUDES CERTAIN NON-IFRS PERFORMANCE MEASURES, INCLUDING EBITDA, ADJUSTED EBITDA, AND CONTRACT BACKLOG. SUCH NON-IFRS PERFORMANCE MEASURES<br>ARE PRESENTED HEREIN AS THE COMPANY BELIEVES THAT SUCH MEASURES PROVIDE INVESTORS WITH ADDITIONAL USEFUL INFORMATION AND A MEANS OF UNDERSTANDING HOW THE<br>COMPANY’S MANAGEMENT EVALUATES THE COMPANY’S OPERATING PERFORMANCE. SUCH PERFORMANCE MEASURES SHOULD NOT, HOWEVER, BE CONSIDERED IN ISOLATION FROM, AS<br>SUBSTITUTES FOR, OR AS SUPERIOR TO FINANCIAL MEASURES PREPARED IN ACCORDANCE WITH IFRS. MOREOVER, OTHER COMPANIES MAY DEFINE NON-IFRS MEASURES DIFFERENTLY,<br>WHICH LIMITS THE USEFULNESS OF THESE MEASURES FOR THE PURPOSE OF ANY COMPARISON WITH SUCH OTHER COMPANIES.<br>INDUSTRY AND MARKET DATA<br>INFORMATION CONTAINED IN THIS PRESENTATION CONCERNING THE COMPANY’S INDUSTRY AND THE MARKET IN WHICH IT OPERATES, INCLUDING GENERAL EXPECTATIONS ABOUT ITS<br>INDUSTRY, MARKET POSITION, MARKET OPPORTUNITY AND MARKET SIZE, IS BASED ON DATA FROM VARIOUS SOURCES INCLUDING INTERNAL DATA AND ESTIMATES AS WELL AS THIRD PARTY<br>SOURCES SUCH AS INDEPENDENT INDUSTRY PUBLICATIONS, GOVERNMENT PUBLICATIONS, AND REPORTS BY MARKET RESEARCH FIRMS OR OTHER PUBLISHED INDEPENDENT SOURCES.<br>YOU ARE CAUTIONED NOT TO GIVE UNDUE WEIGHT TO SUCH INFORMATION. YOU ARE FURTHER ADVISED THAT ANY THIRD-PARTY INFORMATION REFERRED TO IN THIS PRESENTATION HAS<br>NOT BEEN PREPARED SPECIFICALLY FOR INCLUSION IN THIS PRESENTATION AND WHILE THE COMPANY BELIEVES SUCH INFORMATION TO BE GENERALLY RELIABLE, IT HAS NOT UNDERTAKEN<br>ANY INDEPENDENT INVESTIGATION TO CONFIRM THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION OR TO VERIFY THAT MORE RECENT INFORMATION IS NOT AVAILABLE. |
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FY 2024 - Highlights<br>Strong Financial Performance – Performance for 2024 was consistently strong, with FY 2024 revenue and EBITDA<br>guidance increased during Q4. Guidance for 2025 indicates the Company's continued growth trajectory.<br>Newbuilds On Time and On Budget – Delivery of first newbuild, Wind Peak (COSCO) in Q3 2024, with delivery of Wind<br>Maker (Hanwha) in Q1 2025. All other newbuilds remain on or ahead of target.<br>Robust Contract Backlog – Growth in the backlog continues, with more than EUR 2.5bn in the backlog today.<br>Solid Project Execution – Including successful installation of 60 x 14.7MW SGRE turbines for the Moray West project (a<br>world first for the 14.7MW platform).<br>Strong Balance Sheet – Refinanced the M-Class Facility on materially improved terms, increased capacity under our<br>unsecured Holdco facility, extended our revolving credit capacity, and raised equity to fund our 3rd A-Class order. |
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FY2024 Commercial<br>Highlights |
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Executing on projects<br>Vessel activity in FY2024<br>5<br>Wind Orca Wind Osprey Wind Scylla Wind Zaratan Wind Peak<br>• Completed the installation<br>of 60 x 14.7 MW turbines<br>on the Scottish Moray<br>West project for Siemens<br>Gamesa (world first<br>installation of the SGRE<br>14.7 MW platform)<br>• Continued working for<br>Siemens Gamesa on an<br>O&M campaign<br>• Completed the Ørsted<br>German Gode Wind 3 /<br>Borkum Riffgrund 3<br>project<br>• During the charter, it was<br>mutually agreed to<br>release the vessel to<br>Siemens Gamesa for a<br>period of 27 days to<br>support with<br>maintenance on the<br>Dutch Hollandse Kust<br>Zuid wind farm<br>• Thereafter she started an<br>O&M campaign for an<br>undisclosed client<br>• Continues the<br>installation of the<br>Revolution Wind<br>project for Ørsted in the<br>United States<br>• Completed installing the<br>remaining 46 turbines<br>on the Yunlin project in<br>Taiwan for Siemens<br>Gamesa<br>• Completed the first<br>phase on an O&M<br>campaign in Taiwan for<br>an undisclosed<br>customer, went to<br>Singapore for a<br>maintenance work<br>scope<br>• Completed her transit<br>from China to Europe<br>• Started an O&M<br>campaign for an<br>undisclosed customer<br>immediately on her<br>arrival<br>Wind Maker<br>• Delivered in Jan 2025<br>in Korea<br>• Transited to Singapore<br>for project mobilization<br>to her first installation<br>project with an<br>undisclosed client |
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Cadeler at a glance<br>6 1. As of 25 March 2025<br>turbines installed<br>>1,450<br>+16.6 GW<br>offshore wind energy<br>installed<br>>920<br>foundations installed<br>office based employees1<br>6 vessels 279<br>operational<br>5 vessels<br>on order<br>global households<br>15.8m<br>Powering<br>seafarers1<br>481 |
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Leading pure-play T&I company<br>By closely working with clients and partners, ordering new vessels and merging with Eneti, we have created a<br>company with true global reach through scale, local presence and complementary industry relationships<br>7<br>North America<br>• Market remains attractive despite<br>political headwinds<br>• Relationship with Dominion Energy<br>• Office in Virginia Beach, US<br>• Listing on New York Stock Exchange<br>Europe<br>• Key focus region with majority of projects<br>• Strong network of clients and partnerships<br>• Office in Copenhagen, Vejle (DK) and<br>Norwich (UK)<br>• Listing on Oslo Stock Exchange<br>South America<br>• Building our relationships with<br>key developers in the region<br>• Partnering with key local<br>stakeholders in key markets<br>APAC<br>• Decade-long operational presence<br>in APAC<br>• Expanding pipeline in the region<br>• Office in Taipei and Tokyo<br>• Japanese flagged vessel<br>Cadeler HQ<br>Cadeler Office |
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Continuing growth in commercial pipeline<br>Commercial pipeline growing significantly across regions. Increased demand for our services expected to<br>further strengthen our project visibility and backlog<br>8 1. % based on project count<br>~30%<br>of commercial pipeline<br>value made up of LTAs<br>Europe continues to stay at<br>the forefront with massive<br>demand<br>17<br>3<br>50+<br>2<br>3<br>2 10+<br>5+<br>1<br>3<br>2<br>x<br>x<br>x<br>x<br>WTG x<br>FOU<br>LTA<br>O&M<br>Open<br>comm. activity<br>18%<br>Of pipeline projects outside<br>of Europe1<br>Increasing demand from<br>APAC as activity in the<br>region ramps up |
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Contract backlog stands at EUR 2.5 Billion<br>9<br>New since Q4 2024<br>Firm contracts<br>• Cadeler has secured a significant project at an offshore wind farm in the US.<br>The work is scheduled to commence in Q2 2025 and the Wind Pace will be<br>committed under this contract until Q1 2026. The value of the contract to<br>Cadeler is estimated to be between EUR 67 million and EUR 75 million.<br>• Cadeler has signed two contracts with undisclosed clients for the utilization of<br>Wind Mover. The scope of work may include both O&M and installation work.<br>The total estimated contract value is up to EUR 75 million.<br>• Cadeler has signed a contract with an undisclosed client in APAC for the<br>utilization of Wind Zaratan in the O&M segment.<br>Vessel reservations (not included in contract backlog)<br>• Cadeler does not include vessel reservation agreements (VRAs) in its contract<br>backlog.<br>• Earlier this year, Cadeler signed a VRA with Ocean Winds for the installation<br>and transportation of c. 30 WTGs at the BC-Wind offshore wind farm in the<br>Polish Baltic Sea. The potential value of the contract to be negotiated during the<br>pendency of the VRA is estimated to be between EUR48 million and EUR 56<br>million.<br>Development in contract backlog FY 2022 – March 2025<br>(1) Figures are for period-end, except that the contract backlog provided for FY 2024 is as of 25 March 2025 (the date of this presentation).<br>(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.<br>(3) Contract backlog assumes 100% of counterparty options are exercised. Of the total contract backlog, EUR 2,074m represents firm contracted days and EUR 474m represents days subject to the exercise of counterparty options.<br>(4) 94% of the contract backlog (an aggregate of EUR 2,403m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID). An aggregate of EUR145m remains subject to counterparty FID.<br>(5) Contract backlog excludes vessel reservation agreements.<br>(in EURm)<br>653<br>254<br>274<br>357<br>389<br>474<br>FY 2022 H1 2023 FY 2023 H1 2024 FY 2024<br>907<br>1,359<br>1,736<br>1,915<br>2,548<br>1,085<br>1,379 1,526<br>2,074<br>+47%<br>Firm Options<br>94%<br>of total<br>backlog has<br>reached FID |
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Cadeler’s backlog continues to strengthen<br>Strong and diversified project backlog across all key markets and segments<br>10 1. Additions since Q3 2024 reporting<br>Additions to backlog1<br>Vessel Reservation Agreements<br>(Not in Backlog)<br>Windfarm: BC-Wind<br>Scope: WTG<br>Project start: 2028<br>Vessel reservation agreement<br>Europe<br>APAC<br>Undisclosed client – WTG – 2027<br>North America<br>Ørsted – Revolution Wind – WTG – 2025<br>Vestas – He Dreiht – WTG – 2025<br>Baltic Power Partners – Baltic Power –<br>WTG – 2025<br>SGRE – Sofia – WTG – 2025<br>Scottish Power – EA III – WTG - 2026<br>Ørsted – HOW III – WTG and FOU - 2026<br>Orsted/PGE – Baltica II – WTG – 2027<br>RedRock/ESB – Inch Cape – WTG – 2026<br>Scottish Power – EA II – FOU – 2027<br>Equinor – Bałtyk II & III – WTG – 2027<br>Vessel: P-class<br>Windfarm: US-based wind farm<br>Scope: O&M<br>Execution: Q2 2025 – Q1 2026<br>Undisclosed client – O&M – 2025 Ørsted – Greater Changhua WTG – 2025<br>Undisclosed client – WTG – 2026<br>Vessel: O-class, P-Class<br>Windfarm: Multiple<br>Scope: 5 O&M projects<br>Project start: Q4 2025<br>Undisclosed clients – O&M – 2025<br>Vessel: Zaratan<br>Windfarm: Multiple<br>Scope: O&M project<br>Project start: Q4 2025 APAC<br>Windfarm: Undisclosed client<br>Scope: WTG<br>Project start: 2027<br>Vessel reservation agreement<br>Windfarm: Undisclosed client<br>Scope: WTG<br>Project start: 2029<br>Vessel reservation agreement<br>Undisclosed client – O&M – 2025 |
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O&M projects as white-space filler<br>O&M projects can serve as a white-space filler for installation vessels and bring significant<br>value to clients<br>11<br>O&M as a white-space filler<br>• O&M contracts offer a great<br>opportunity as a gap-filler<br>between installation projects<br>• A significant share of O&M<br>work is contracted on short<br>notice and can help optimize<br>utilization of vessels<br>• In addition, O&M projects bring<br>significant value to our<br>clients and help us further<br>strengthen our existing<br>partnerships<br>Examples of recent O&M contracts<br>2024 2025<br>Wind Orca<br>Wind Peak<br>Wind Pace<br>Activity<br>Significant O&M project in the US<br>O&M campaign in Europe<br>O&M campaign in Europe<br>Installation work<br>O&M<br>Vessel<br>delivery<br>Vessel<br>delivery<br>Transit |
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Wind Pace naming ceremony<br>Wind Pace was officially named on 12th March with a celebration at the COSCO shipyard in<br>Qidong, China<br>12<br>• The ceremony, attended by a number of<br>Cadeler personnel, key stakeholders and<br>strategic partners, honored the<br>collaborative efforts and years of<br>planning behind the successful completion<br>of the beauty<br>• Wind Peak is the second P-class vessel in<br>the Cadeler fleet, specifically designed to<br>handle the increasing size, scope, and<br>complexity of next-generation wind farm<br>projects - safely and efficiently<br>• Wind Pace has already been assigned to a<br>number of offshore wind farm projects<br>and directly after her upcoming delivery, she<br>will sail on to her first project in American<br>waters |
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Newbuilds: progress on track (1/2)<br>13<br>Wind Ally during launching Wind Ally keel laying ceremony |
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Newbuilds: progress on track (2/2)<br>14<br>Wind Ace steel cutting ceremony Wind Mover steel cutting ceremony |
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Newbuilds progress update<br>15<br>Vessel Wind Ally<br>Progress update<br>Expected delivery<br>% completion<br>Q3/4 2025<br>• Keel laying done at Cosco Ship<br>Yard (Qidong) on 8th Oct 2024<br>• Launched from the dry dock on<br>25th Jan 2025<br>• The main crane installation<br>planned in Apr 2025<br>• Installation of jacking legs and<br>deck outfitting ongoing<br>• Sea trial planned in Q3 2025<br>• Installation of Gripper and cradle<br>system after delivery<br>89%<br>• Steel cutting done on 18th Jul<br>2024<br>• Keel laying planned for 3rd<br>quarter 2025<br>• Construction of steel fabrication<br>blocks ongoing<br>23%<br>Q3 2026<br>Wind Ace<br>• Steel cutting is planned to be<br>done in 3rd quarter 2025<br>Q2 2027<br>Wind Apex<br>At block stage<br>Wind Mover<br>Q4 2025<br>• Currently being built at Hanwha<br>Ocean, formerly known as DSME<br>• Last milestone completed: Keel<br>laying 5th November 2024<br>• Launched end January 2025<br>• Sea trail is planned for October<br>2025<br>• Delivery planned for Q4 2025<br>75% |
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THE FULLY DELIVERED<br>CADELER FLEET |
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Merger synergies have started to materialize<br>Already achieved annual synergies of approx. 30% of 2026 target<br>17<br>Transaction Execution<br>ACHIEVED<br>~€30M<br>Achieved Long-Term<br>Reaping Corporate Synergies<br>on Closing Full Effect of Synergies<br>MID-TERM<br>€30M-50M<br>Operational & Commercial Plan<br>LONG-TERM<br>~€100M<br>Complete Integration<br>Strong Momentum Operational and Utilization Synergies<br>Closing<br>› SG&A savings with business<br>combination due to reduced<br>corporate and management cost<br>and optimized hiring plan<br>› Improved margins on loan<br>facilities and an increase in<br>uncommitted guarantee lines<br>› Higher vessel utilization from optimized<br>use of transition days<br>› Procurement contract and project<br>savings<br>› IT Systems migration<br>› Cross utilization of capital-intensive sea fastening<br>› Secondary steel scope<br>› Work in parallel and<br>accelerate projects |
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Financial Results |
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Key financial highlights for 2024<br>1. Adjusted utilization is deducting off-hire days related to the O-class crane upgrade and Wind Peak transit days when calculating total vessel days in a year<br>2. Combined market capitalization at closing on 21-Mar-25.<br>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<br>interoperability among clearing corporations on different exchanges. No pricing data available for these transactions. The VWAP for OSE has been applied as a proxy<br>3. Three-month Average Daily Trading Volume (ADTV) multiplied by<br>19<br>Revenue<br>€ 249M<br>109<br>249<br>2023 2024<br>Equity ratio<br>64%<br>2023 2024<br>77% 64%<br>Utilization1<br>83%<br>Market Capitalization2<br>€ 1.7B<br>EBITDA<br>€ 126M<br>43<br>126<br>2023 2024<br>Cash Flow from<br>Operating Activities<br>€ 93M<br>63<br>93<br>2023 2024<br>Backlog<br>€ 2.5B<br>2023 2024<br>1.8<br>2.5<br>3-month Daily<br>Average Turnover3<br>€ 6.8M<br>€ 1.1M (NYSE) / 2.1M (OSE)<br>/ 3.5M (other exchanges)<br>2023 2024<br>75%<br>96%<br>66% 83%<br>Unadj. Adj. Unadj. Adj. |
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Consolidated P&L for Q4 2024<br>Key takeaways<br>• P&L for Q4 2024 includes financials from the<br>combined Cadeler Group (incl. former Eneti)<br>• Revenue increased by EUR 69m compared to Q4<br>2023, with utilization at 76% and an adjusted<br>utilization of 85% for Q4 2024. In Q4 2023,<br>utilization was 19%, as Wind Orca and Wind<br>Osprey began main crane upgrades, while the<br>business combination with Eneti took effect in<br>December 2023.<br>• Cost of sales increased primarily driven by Wind<br>Scylla and Wind Zaratan becoming part of the<br>Group’s fleet and Wind Peak in operation from Q4<br>2024.<br>• SG&A costs higher due to the business<br>combination and an increase in onshore<br>employees to ensure an elevated level of support<br>to both ongoing operations and new projects.<br>• EBITDA increase is driven by the increase in<br>revenue as explained above.<br>Note: Financials are unaudited.<br>20 * OPEX/day includes crewing costs, technical costs and insurance.<br>EUR ‘000 Q4 2024 Q4 2023<br>Revenue 85,953 17,434<br>Cost of sales -33,732 -18,814<br>Gross profit 52,221 -1,380<br>SG&A and other expenses -14,618 -14,278<br>Operating profit 37,603 -15,658<br>Finance net 447 -3,043<br>Profit before income tax 38,050 -18,701<br>Income tax expense -797 0<br>Profit after tax 37,253 -18,701<br>EBITDA 55,739 -6,975<br>Vessel OPEX (EUR per day)* 34,660 34,285<br>No. of vessels (end of Q4 2024) 5 4<br>Headcount (Average) 259 140 |
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Consolidated P&L for FY2024<br>Key takeaways<br>• P&L for 2024 includes financials from the combined<br>Cadeler Group (incl. former Eneti)<br>• Revenue increased by EUR 140m with a utilization<br>rate of 66% and an adjusted utilization rate of 83%.<br>Main crane upgrades on Wind Orca and Wind<br>Osprey, as well as scheduled maintenance on<br>Wind Zaratan impacted both 2023 and 2024<br>(utilization rate of 75% in 2023).<br>• Cost of sales increased primarily driven by Wind<br>Scylla and Wind Zaratan becoming part of the<br>Group’s fleet and Wind Peak in operation from Q4<br>2024.<br>• SG&A costs higher due to the business<br>combination and an increase in onshore<br>employees to ensure an elevated level of support<br>to both ongoing operations and new projects.<br>• EBITDA increase is driven by the increase in<br>revenue as explained above.<br>Note: Financials are unaudited.<br>* OPEX/day includes crewing costs, technical costs and insurance.<br>EUR ‘000 FY2024 FY2023<br>Revenue 248,738 108,622<br>Cost of sales -124,228 -59,858<br>Gross profit 124,510 48,764<br>SG&A and other expenses -55,066 -34,321<br>Operating profit 69,444 14,443<br>Finance net -1,967 -2,945<br>Profit before income tax 67,477 11,498<br>Income tax expense -2,408 0<br>Profit after tax 65,069 11,498<br>EBITDA 125,897 42,491<br>Vessel OPEX (EUR per day)* 35,405 35,047<br>No. of vessels (as of YE 2024) 5 4<br>Headcount onshore (Average) 242 113<br>21 |
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Consolidated Balance Sheet for FY2024<br>Key takeaways<br>• The Balance sheet as of both FY 2024 and FY<br>2023 is consolidated (Cadeler and former Eneti)<br>and includes the effect from the business<br>combination<br>• Total Assets increase of EUR 684m driven by<br>investments in the O-class cranes and the<br>newbuilds.<br>• Total Liabilities increased by EUR 410m due to the<br>utilization of financing facilities, reducing the equity<br>ratio from 77% in FY 2023 to 64% in FY 2024.<br>22<br>EUR ‘000 FY2024 FY2023<br>Non-Current Assets 1,748,400 1,105,110<br>Cash 58,464 96,608<br>Other Current Assets 130,152 50,842<br>Total Assets 1,937,016 1,252,560<br>Equity 1,233,894 959,041<br>Non-current liabilities 579,475 239,904<br>Current liabilities 123,647 53,615<br>Total Equity and Liabilities 1,937,016 1,252,560<br>Equity ratio 64% 77% |
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CAPEX program expected to be fully funded<br>Cadeler continues to experience strong interest from banks to finance<br>the CAPEX program<br>23 Note: Exchange rate of EUR/USD 1.041 at 31/12-2024.<br>Cadeler's secured CAPEX and<br>funding<br>CAPEX program and planned Cadeler financing<br>EUR 1,930m in funding secured of which EUR<br>586m is drawn as per 31 December 2024, i.e. EUR<br>1,344m still undrawn. Subsequent events since 31<br>December are:<br>• A-class financing of EUR 525m for Wind Ally<br>and Wind Ace signed in March 2025 incl. EUR<br>70m in Mission Equipment<br>• M-class tranche of EUR 212m utilized<br>in January 2025 (Wind Maker)<br>• P-class tranche of EUR 211m requested in<br>connection with delivery of Wind Pace in<br>March 2025<br>Hedging<br>• 50% of USD exposure hedged<br>• ~50% of interest exposure hedged for the first<br>five years of the expected facilities<br>EUR M<br>188<br>211 248<br>420<br>455<br>240<br>70<br>P-Class<br>Facility<br>M-Class<br>Facility<br>(409)<br>(287)<br>P-Class<br>(185)<br>M-Class<br>(514)<br>A-Class Net<br>Funding<br>Cash as Total<br>per 31<br>December<br>2024<br>58<br>Total<br>Financing<br>RCF-undrawn<br>A-Class -<br>Wind APEX<br>A-Class -<br>Wind Ace<br>& Ally<br>1,584<br>1,642<br>Signed / Committed<br>EURm1,344m Additional CAPEX for<br>Mission Equipment is<br>expected at project<br>start |
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Financing overview<br>Committed<br>Financing<br>Uncommitted<br>Financing<br>Vessels<br>Extension of RCF B until September<br>2026 and guarantee line increase to<br>EUR 200m<br>Comments<br>Wind Maker has been utilized in<br>January 2025<br>Financing of the first two A-Class<br>vessels signed late March 2025 (incl.<br>EUR 70m in ME)<br>All figures in EURm<br>Total<br>Wind Pace has been utilized in<br>March 2025<br>Amount<br>Total uncommitted 240<br>2,170<br>O-class,<br>Scylla<br>& Zaratan<br>Facility<br>RCF-B 100<br>Term Loan 93 93<br>A-class Syndicated 240<br>P-class Syndicated 417 206<br>M-class Syndicated 420 0<br>Utilized*<br>586<br>RCF-A 250 162<br>Corporate HSBC, Standard Chartered 125 125<br>O-class, Scylla & Zaratan total 443 255<br>Total committed 1,930 586<br>A-class Syndicated 525 0<br>24 Note: In addition, Cadeler has EUR 200m in uncommitted Performance Guarantee lines |
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Full Year Outlook for 2025<br>FY 2025 impacted by:<br>• Timely vessel deliveries and execution on projects<br>• Two vessel deliveries in Q1 2025 (Wind Maker and Wind Pace)<br>employed in APAC and US during 2025. Two additional vessel<br>deliveries in Q3-Q4 2025 (Wind Ally and Wind Mover) preparing<br>for upcoming projects<br>• Wind Zaratan will be deployed minimum 6 months in APAC<br>• Revenue and costs from Foundation projects starting to be<br>recognized (ramp-up)<br>25<br>2024 2025<br>EUR millions Actuals Outlook<br>Revenue 249 485-525<br>EBITDA 126 278-318 |
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Sustainability<br>Highlights |
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Sustainability performance<br>Implementation progressing, as ESG remains central to our company strategy, ensuring long-term value<br>creation<br>27<br>Key 2024 and Q1’ 25 achievements<br>1 Social strategy<br>• Creation of the Chief Sustainability & Performance role<br>• Team expansion planned for 2025 to cater for ambitious targets execution, company growth and<br>exposure, as well as growing demand and regulation<br>• Both targets for representation of female in Board and Leadership positions surpassed (BoD: 28,6%<br>women in 2024 vs. target 25% by end 2026 and SLT: 30% women in 2024 vs. target 30% women in 2025)<br>• Human Rights Impact Assessment (HRIA) conducted in 2024/Q1 2025 providing roadmap to<br>strengthening Cadeler Human Rights management<br>• Electronic screening tool integrated to strengthen our supplier due diligence<br>• First-year CSRD compliant Sustainability Report submitted<br>• EU Taxonomy eligibility and first-year alignment<br>• Double Materiality Assessment (DMA) conducted proving assessment for material Impacts, Risks and<br>Opportunities (IRO’s)<br>Governance<br>strategy<br>Regulation<br>2<br>3 |
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Sustainability performance<br>Implementation progressing, as ESG remains central to our company strategy, ensuring long-term value<br>creation<br>28<br>Key 2024 and Q1’ 25 achievements<br>Environmental<br>strategy<br>4<br>• Biofuel tested in Q1 ’25 on Wind Osprey1 resulting in 26% GHG savings<br>(=123mT CO2e) W-t-W from this biofuel batch vs. if we had used 150mT of regular<br>MGO (otherwise emitting 487mT CO2e)<br>• Cadeler expects to increase the green offering to clients in 2025 based on<br>demonstrated test results<br>• LOI signed for e-methanol offtake from 2028<br>Maress Energy Efficiency Dashboard<br>• Scope 3 target set including emissions reduction target for 2035<br>• Scope 3 calculated and reported & Life Cycle Assessment (LCA) conducted<br>Adopting green<br>fuels<br>Optimising<br>energy<br>consumption<br>Other<br>initiatives<br>1. 150mT tested of FAME B30 (70% MGO + 30% FAME) . No technical and operational challenges experienced. No major<br>retrofits/CAPEX investment required as it is a drop-in fuel<br>• Energy efficiency dashboards rolled<br>out (Maress) to enable continuous<br>monitoring and analysing real-time data<br>• Combined with efficiency training<br>ongoing for crews monthly to raise<br>awareness and incentivize change<br>• Shore power upgrade on O-class |
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Sustainability performance<br>GHG emissions increased in 2024 due to company growth, however implementation<br>pathway across levers rapidly progressing<br>Optimising energy<br>consumption<br>Adopting green<br>fuels<br>Enabling<br>electrification<br>29<br>3 key decarbonization<br>levers Our path to Net Zero<br>Absolute emissions to<br>initially increase compared<br>to 2024 due to expected<br>delivery of newbuilds<br>50% intensity<br>reduction |
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Continuing the<br>growth journey |
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Forecasted offshore wind development per region<br>EMEA/Europe leading the way with APAC ramping up, while turbine sizes are increasing significantly<br>31<br>0%<br>10%<br>20%<br>30%<br>40%<br>50%<br>60%<br>70%<br>80%<br>90%<br>100%<br>2024 2025 2026 2027 2028 2029 2030<br><11 MW 11-14 MW 14-17 MW 17-20 MW >=20 MW<br>Source: Spinergie.com<br>0<br>25<br>50<br>75<br>100<br>125<br>150<br>2024 2025 2026 2027 2028 2029<br>97<br>29<br>12<br>2030<br>EMEA APAC Americas<br>Estimated accumulated demand (GW) Share of new installations by turbine capacity |
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Increased capacity required as sites move away from<br>shore<br>Offshore wind farms are moving further from shore and towards deeper waters. This increases the demand<br>for highly spec’d vessels able to operate efficiently in these conditions<br>Source: Spinergie.com<br>32 Only bottom fixed projects. Also includes sites under development. Excludes nearshore projects <15km from shore. Distance from shore (NM)<br>Commissioning year<br>Avg. water depth (m)<br>Development of distance from shore Development of avg. water depth<br>0<br>20<br>40<br>60<br>80<br>2015 2020 2025 2030 2035<br>0<br>30<br>60<br>90<br>120<br>2015 2020 2025 2030 2035<br>Commissioning year |
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Focusing on continued growth<br>Continuing to grow our business, enabling our clients’ success and building a brighter future<br>33<br>Development Turbine supply Balance of<br>Plants (BoP)<br>Transport &<br>Installation<br>(T&I)<br>Operations &<br>Maintenance<br>(O&M)<br>Decommissioning<br>Vertical and<br>horizontal<br>expansion<br>Organic and<br>inorganic<br>growth<br>Regional<br>expansion<br>Strategic<br>partnerships<br>Monitor and<br>apply new<br>technologies<br>Continuously<br>evaluating<br>opportunities to<br>expand into attractive<br>and synergetic<br>segments incl.<br>strategic O&M<br>offering.<br>Scaling the<br>organization in line<br>with fleet delivery<br>and new strategic<br>initiatives.<br>Actively evaluating<br>attractive assets<br>and companies in<br>the industry.<br>Strengthening<br>organization and<br>presence in key<br>regions.<br>Establishing network<br>and foothold in next<br>frontier markets.<br>Developing a<br>structured strategy<br>to strengthen our<br>key strategic<br>partnerships,<br>including long-term<br>agreements,<br>expanded scopes,<br>and new market<br>entries.<br>Testing and applying<br>new technologies to<br>drive efficiency and<br>sustainability in<br>fleet.<br>Following the<br>commercial and<br>technological<br>development incl. in<br>floating wind. |
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Customers* Business enablers* Component supplier*<br>Strong partnerships as our key enabler for success<br>Strong long-term partnerships with our clients, enablers and suppliers is a key pillar in our strategy<br>*Non-exhaustive list of partnerships<br>Long-term view on strategic partnerships.<br>Growing with our partners.<br>Taking strong ownership and being accountable.<br>Delivering on time and on budget.<br>Solution oriented.<br>Flexibility and willingness to go the extra mile.<br>Comprehensive industry knowledge.<br>High-quality equipment and versatile pure-play fleet.<br>Experienced team with solid industry background.<br>Strong technical competence.<br>Multinational coverage.<br>ISO9001 (Q), ISO14001 (E), ISM, ISPS, MLC and DoC<br>certified.<br>What we focus on in partnerships What enables our delivery<br>34 |
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O&M opportunity: Demand growth for major<br>component replacement (MCR)<br>Whilst the smallest turbines make up the majority of demand for O&M services today, the share of +5MW<br>failures is growing, driving demand for a new generation of vessels to provide such services<br>Source: WoodMac<br>35 Note: Only bottom-fixed<br>Forecasted global (ex-China) MCR demand by region (in<br>vessel days)<br>0<br>2,000<br>4,000<br>6,000<br>8,000<br>2025 2026 2027 2028 2029 2030 2031 2032 2033<br>+12.2%<br>Americas APAC EMEA<br>0<br>2,000<br>4,000<br>6,000<br>8,000<br>2025 2026 2027 2028 2029 2030 2031 2032 2,033<br>+12.2%<br>0-5 MW<br>5.1-8 MW<br>8.1-10 MW<br>10.1-12 MW<br>12.1-14.9 MW<br>15-19.9 MW<br>20-30 MW<br>Forecasted global (ex-China) MCR demand by turbine category (in<br>vessel days) |
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Key characteristics of the MCR<br>market<br>• Growing demand for MCR services, as the<br>number and age of operational turbines increase,<br>and defects materialize<br>• Increasing tendering activity in the O&M space<br>showcasing growing focus in the industry on<br>securing vessel capacity<br>• High potential for adding value to clients due to<br>lost revenue on non-operational turbines<br>• Uneven and hard to predict demand of when<br>incidents occur<br>• High cost for mobilization (incl. seafastening and<br>tooling), for few units<br>36 |
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Investment highlights<br>37<br>Largest, most capable and most versatile fleet in the industry. Strong complementarity in fleet enables<br>cross-utilization, efficiency and project derisking.<br>Highly experienced team with a proven track record, critical know-how and long-standing deep commercial<br>relationships and contracts with the industry’s leading developers.<br>Global growth platform with project experience and presence in all major offshore wind markets.<br>Anticipated undersupply of capable WTG and FOU vessels from 2027 and onwards, due to significantly<br>increasing market demand.<br>Strong track record in the capital markets backed by a record high backlog (€2.5B) providing earnings € visibility. Key focus on being a good custodian of capital. |
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Q & A |
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Additional questions<br>can be sent to<br>[email protected]<br>Cadeler<br>Kalvebod Brygge 43<br>DK–1560 Copenhagen<br>Denmark<br>+45 3246 3100<br>Follow us: |
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