CDLR 0001104659-25-051309 6-K Filing: May 21, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13A-16 OR 15D-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May 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-KREPORT

On May 21, 2025, members of the executive management of Cadeler A/S (the “Company”) delivered the investor presentation attached hereto as Exhibit 99.1 in connection with the release of the Company’s results for the first quarter ended March 31, 2025.

Exhibit No.	Description
99.1	Q1 2025 Investor Presentation dated May 21, 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: May 21, 2025	CADELER A/S
	(Registrant)
	By:	/s/ Mikkel Gleerup
	Name:	Mikkel Gleerup
	Title:	Chief Executive Officer

Exhibit 99.1

Investor Presentation<br>Q1 2025<br>1 January – 31 March 2025
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 REDISTRIBUTED, IN WHOLE<br>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. EXCHANGE ACT OF 1934,<br>EACH AS AMENDED. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS PRESENTATION ARE FORWARD LOOKING STATEMENTS, INCLUDING THOSE REGARDING FUTURE<br>GUIDANCE, SUCH AS THOSE RELATED TO ANTICIPATED REVENUE, EBITDA AND ADJUSTED EBITDA. FORWARD LOOKING STATEMENTS INVOLVE RISKS, UNCERTAINTIES AND ASSUMPTIONS, AND ACTUAL RESULTS<br>MAY DIFFER MATERIALLY FROM ANY FUTURE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD LOOKING STATEMENTS. WORDS SUCH AS "ANTICIPATE," "BELIEVE ," "CONTINUE," "COULD,“ "ESTIMATE," "EXPECT,"<br>"INTEND," "MAY," "MIGHT,“ “FORECAST”, “ON TRACK,” "PLAN," “POSSIBLE,” “POTENTIAL,” “PREDICT,” "PROJECT," "SHOULD," "WOULD," "SHALL," “TARGET,” "WILL" AND SIMILAR EXPRESSIONS ARE INTENDED TO ASSIST<br>IN IDENTIFYING FORWARD LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO<br>ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT. ALL FORWARD-LOOKING STATEMENTS INCLUDED IN THIS PREENTATION SPEAK ONLY AS OF THE DATE OF THIS PRESENTATION AND THE<br>COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE ANY FORWARD-LOOKING STATEMENT FOR ANY REASON, EXCEPT AS REQUIRED BY LAW. RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT<br>LIMITED TO, THOSE DETAILED IN THE 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<br>THESE RISKS AND 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 ASSUMPTIONS<br>REFLECTED IN THE FORWARD-LOOKING STATEMENTS INCLUDED IN THIS PRESENTATION ARE FREE FROM ERROR NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE<br>OPINIONS EXPRESSED IN THIS PRESENTATION OR THE ACTUAL 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 ARE PRESENTED<br>HEREIN AS THE COMPANY BELIEVES THAT SUCH MEASURES PROVIDE INVESTORS WITH ADDITIONAL USEFUL INFORMATION AND A MEANS OF UNDERSTANDING HOW THE COMPANY’S MANAGEMENT EVALUATES<br>THE COMPANY’S OPERATING PERFORMANCE. SUCH PERFORMANCE MEASURES SHOULD NOT, HOWEVER, BE CONSIDERED IN ISOLATION FROM, AS SUBSTITUTES FOR, OR AS SUPERIOR TO FINANCIAL MEASURES<br>PREPARED IN ACCORDANCE WITH IFRS. MOREOVER, OTHER COMPANIES MAY DEFINE NON-IFRS MEASURES DIFFERENTLY, WHICH LIMITS THE USEFULNESS OF THESE MEASURES FOR THE PURPOSE OF ANY<br>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 INDUSTRY, MARKET<br>POSITION, MARKET OPPORTUNITY AND MARKET SIZE, IS BASED ON DATA FROM VARIOUS SOURCES INCLUDING INTERNAL DATA AND ESTIMATES AS WELL AS THIRD PARTY SOURCES SUCH AS INDEPENDENT<br>INDUSTRY PUBLICATIONS, GOVERNMENT PUBLICATIONS, AND REPORTS BY MARKET RESEARCH FIRMS OR OTHER PUBLISHED INDEPENDENT SOURCES. YOU ARE CAUTIONED NOT TO GIVE UNDUE WEIGHT TO<br>SUCH INFORMATION. YOU ARE FURTHER ADVISED THAT ANY THIRD-PARTY INFORMATION REFERRED TO IN THIS PRESENTATION HAS NOT BEEN PREPARED SPECIFICALLY FOR INCLUSION IN THIS PRESENTATION<br>AND WHILE THE COMPANY BELIEVES SUCH INFORMATION TO BE GENERALLY RELIABLE, IT HAS NOT UNDERTAKEN ANY INDEPENDENT INVESTIGATION TO CONFIRM THE ACCURACY OR COMPLETENESS OF SUCH<br>INFORMATION OR TO VERIFY THAT MORE RECENT INFORMATION IS NOT AVAILABLE.
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Financial performance in line with expectations.<br>Cadeler took delivery of two newbuilds (Wind Maker and Wind Pace) in Q1, delivering 50% of this year’s newbuild<br>program in the first quarter. All four remaining newbuilds remain on track for delivery on or ahead of schedule.<br>7 vessels now active in Europe, APAC & US, demonstrating Cadeler’s global footprint.<br>Growing demand for O&M services, strongly contributing to the utilization of Cadeler’s fleet.<br>Cadeler’s contract backlog continues to strengthen, increasing over the quarter to EUR 2.5bn.<br>Q1 2025 - Highlights
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Q1 2025 Commercial<br>Highlights
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Executing on projects<br>Vessel activity in Q1 2025<br>5<br>Wind Orca Wind Osprey Wind Scylla Wind Zaratan<br>Completed an O&M campaign for Siemens<br>Gamesa and thereafter mobilised for the He<br>Dreiht installation project for Vestas where work<br>started in early April 2025.<br>Completed an O&M campaign for Vestas,<br>thereafter successfully underwent a<br>comprehensive drydock work scope at Fayard.<br>After drydock, the vessel completed mobilisation<br>for the Baltic Power installation project and<br>is continuing a Vestas O&M campaign before that<br>project starts.<br>Continues to work on the installation project for<br> Ørsted Revolution Wind in the United States.<br>Commenced the O&M campaign for Vestas at<br>the Changfang and Xidao wind farm in Taiwan<br>end Q1 2025.<br>Wind Peak Wind Maker Wind Pace<br>Completed an O&M campaign for Vestas<br>Thereafter, completed mobilisation and<br>commenced work on the Sofia installationn<br>project for Siemens Gamesa.<br>Delivered in January 2025 in Korea.<br>Transited to Singapore for mobilisation before<br>onwards transit to Taiwan to commence the<br>Greater Changhua installation project for<br> Ørsted.<br>Delivered in March 2025 and is currently transiting<br>to Europe, where she will be mobilised for her first<br>O&M campaign in the United States.
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Cadeler’s backlog increases to EUR 2.5bn<br>Diversified project backlog across all key markets and segments<br>6<br>Vessel Reservation<br>Agreements (Not in Backlog)<br>Windfarm: BC-Wind<br>Scope: WTG<br>Project start: 2028<br>Windfarm:<br>Undisclosed client<br>Scope: WTG<br>Project start: 2027<br>Europe<br>APAC<br>Undisclosed client – WTG –<br>2027<br>North America<br>Revolution Wind –<br>WTG – 2025<br>He Dreiht – WTG –<br>2025<br>Baltic Power – WTG<br> – 2025<br>Sofia – WTG – 2025<br>EA III – WTG –<br>2026<br>HOW III – WTG and<br>FOU – 2026<br>Orsted/PGE – Baltica II – WTG<br> – 2027<br>Inch Cape – WTG –<br>2026<br>EA II – FOU & WTG –<br>2027<br>Bałtyk II & III – WTG<br> – 2027<br>Greater Changhua<br>WTG – 2025<br>Undisclosed client – O&M –<br>2025<br>Undisclosed client – WTG –<br>2026<br>Undisclosed client – O&M –<br>2025<br>Undisclosed client – O&M –<br>2025<br>81%<br>9%<br>10%<br>Region as % of total backlog<br>Note: Regional % split for any region is provided only where there are multiple projects in that region included in the contract backlog.
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Contract backlog stands at EUR 2.5 Billion<br>7<br>New since Q4 2024<br>Firm contracts<br> • In February, Cadeler secured a significant project at an offshore wind farm in the<br>US. 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 further signed two contracts with undisclosed clients for the<br>utilisation of Wind Mover in 2026. The scope of work may include both O&M<br>and installation work. The total estimated contract value is up to EUR 75 million.<br> • Cadeler entered into a contract for, and the Wind Zaratan has commenced work<br>on, an O&M campaign for Vestas in the APAC region.<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 and<br>transportation of c. 30 WTGs at the BC-Wind offshore wind farm in the Polish<br>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 Q1 2025 is as of 21 May 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 2,023m represents firm contracted days and EUR 464m represents days subject to the exercise of counterparty options.<br>(4) 100% of the contract backlog (an aggregate of EUR 2,487m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID)..<br>(5) Contract backlog excludes vessel reservation agreements.<br>(EURm)<br>653<br>1,085<br>1,379 1,526<br>1,907 2,023<br>254<br>274<br>357<br>389<br>429<br>464<br>FY 2022 H1 2023 FY 2023 H1 2024 FY 2024 Q1 2025<br>907<br>1,359<br>1,736<br>1,915<br>2,336<br>2,487<br>Firm Options<br>of total<br>backlog has<br>reached FID<br>100%
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Newbuilds progress update<br>8<br>Vessel Wind Ally<br>Progress update<br>Expected delivery<br>% completion<br>Q3/4 2025<br> • Launched 25 January 2025<br> • Commissioning of the main<br>crane was initiated in May 2025<br> • Commissioning of the Jacking<br>system to commence end of<br>May 2025<br> • Sea trial planned for Q3 2025<br> • Delivery planned for Q3/4 2025<br>95%<br> • Steel cutting completed in July<br>2024<br> • Keel laying planned for August<br>2025<br> • Launching planned for Q4<br>2025<br> • Delivery planned for Q3 2026<br>37%<br>Q3 2026<br>Wind Ace<br> • Design is complete and has<br>been approved by the<br>classification society<br> • Steel cutting planned for Q3<br>2025<br> • Delivery planned for Q2 2027<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<br>DSME<br> • Launched 27 January 2025<br> • All major equipment installed<br> • Sea trail planned for Q4 2025<br> • Delivery planned for Q4 2025<br>78%<br>Note: The construction completion rate is measured in different ways at Cosco Qidong and Hanwha Ocean. Therefore, a direct comparison of completion rates across yards is not possible.
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Q1 2025 Financial<br>Highlights
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Key financial highlights for Q1 2025<br>10<br>3. Three-month Average Daily Trading Volume (ADTV) multiplied by<br>1. Adjusted utilisation is deducting planned off-hire days, i.e. drydock, transportation from shipyard and the O-class crane upgrade when calculating total vessel days in a year<br>2. Combined market capitalisation at closing on 16-May-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>Revenue Equity ratio Utilisation1 Market Capitalisation2<br> € 1.5b<br>EBITDA Cash Flow from<br>Operating Activities<br>Backlog 3-month Daily<br>Average Turnover3<br> € 5.6m<br> € 1.2m (NYSE) / 2.2m (OSE)<br>/ 2.2m (other exchanges)<br> € 65.5m 49.7%<br>19<br>65<br>Q1 2024 Q1 2025 Q1 2024 Q1 2025<br>64% 50%<br>-10<br>24<br>13<br>20<br>Q1 2024 Q1 2025<br>1.8<br>2.5<br>Q1 2024 Q1 2025<br>79.4%<br>Q1 2024 Q1 2025<br>17%<br>42%<br>55%<br>79%<br>Unadj. Adj. Unadj. Adj.<br>Q1 2024 Q1 2025<br> € 23.7m € 20.4m € 2.5b
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Consolidated P&L for Q1 2025<br>EUR ‘000 Q1 2025 Q1 2024<br>Revenue 65,474 19,063<br>Cost of sales -44,558 -26,979<br>Gross profit 20,916 -7,916<br>SG&A and other expenses -16,086 -12,177<br>Operating profit 4,830 -20,093<br>Finance net -1,801 -681<br>Profit before income tax 3,029 -20,774<br>Income tax expense -1,231 -19<br>Profit after tax 1,798 -20,793<br>EBITDA 23,654 -10,060<br>Vessel OPEX (EUR per day)* 36,889 34,006<br>No. of vessels (end of Q1) 7 4<br>Headcount onshore (Average) 272 216<br>Key takeaways<br> • Revenue increased by EUR 46m compared to Q1<br>2024, with utilisation at 55% and an adjusted<br>utilisation of 79% for Q1 2025. In Q1 2024,<br>utilisation was 17%, as Wind Orca and Wind Osprey<br>had their main crane upgrades. Adjusted utilisation<br>in Q1 2024 was 42%.<br> • Cost of sales increased primarily driven by newly<br>delivered vessels Wind Peak, Wind Maker and<br>Wind Pace becoming part of the Group’s fleet and<br>not yet delivered in Q1 2024.<br> • SG&A costs higher due to increase in onshore staff.<br>Many of which related to more vessels on water<br>and their needed support to both ongoing<br>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>11
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Consolidated Balance Sheet for Q1 2025<br>12<br>Key takeaways<br> • Total Assets increase of EUR 527m driven by the<br>newbuilds and cash available from financing<br>activities.<br> • Total Liabilities increased by EUR 535m due to the<br>utilisation of financing facilities, reducing the equity<br>ratio from 64% in FY 2024 to 50% in Q1 2025.<br>EUR ‘000 Q1 2025 FY2024<br>Non-Current Assets 2,221,655 1,748,400<br>Cash 94,106 58,464<br>Other Current Assets 147,886 130,152<br>Total Assets 2,463,647 1,937,016<br>Equity 1,225,538 1,233,894<br>Non-current liabilities 1,035,106 579,475<br>Current liabilities 203,003 123,647<br>Total Equity and Liabilities 2,463,647 1,937,016<br>Equity ratio 50% 64%
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CAPEX program expected to be fully funded<br>Strong interest from banks to finance Cadeler’s CAPEX program<br>13 Note: Exchange rate of EUR/USD 1.0841 at 31/03-2025.<br>CAPEX program and planned Cadeler financing as of 31st March Cadeler's secured CAPEX and funding<br>EUR 1,924m in funding secured of which EUR<br>1,083m is drawn as per 31 March 2025, i.e. EUR<br>841m still undrawn. Key takeaways 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 (contingent on<br>Sinosure issuing LOI)<br> • M-class tranche of EUR 212m utilised in January<br>2025 related to Wind Maker<br> • P-class tranche now fully utilised with delivery<br>of the second P-class vessel, 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>EURm<br>108<br>1,081<br>1,175<br>239<br>208<br>455<br>240<br>94<br>70<br>(482)<br>Cash Total A-Class Net Funding<br>(180)<br>RCF-undrawn<br>M-Class<br>Facility<br>(275)<br>A-Class -<br>Wind Ace<br> & Ally<br>A-Class -<br>Wind APEX<br>Total<br>Financing<br>M-Class<br>Signed / Committed Additional CAPEX for<br>Mission Equipment is<br>expected at project start<br>EUR 841m
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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>All figures in EURm Comments<br>Total<br>Amount<br>Total uncommitted 240<br>2,164<br>O-class,<br>Scylla<br> & Zaratan<br>Facility<br>RCF-B 100<br>Term Loan 91 91<br>Wind Apex Syndicated 240<br>P-class Syndicated 413 413<br>M-class Syndicated 420 212<br>Utilised<br>1,083<br>RCF-A 250 242<br>Corporate HSBC, Standard Chartered 125 125<br>O-class, Scylla & Zaratan total 441 333<br>Total committed 1,924 1,083<br>A-class Syndicated 525 0<br>14<br>Utilized as per 31/03-2025<br>Note: In addition, Cadeler has EUR 200m in uncommitted Performance Guarantee lines<br>A-Class financing signed 21 March<br>contingent on Sinosure issuing LOI<br>Drawdown made in connection with<br>deliveries<br>Financing expected to be closed 1<br>year before delivery
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Full Year Outlook for 2025<br>FY 2025 impacted by:<br> • Wind Maker and Wind Pace delivered in Q1 2025 and<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> • Revenue and costs from Foundation projects starting to be<br>recognised (ramp-up)<br> • Cadeler is entitled to receive certain termination fees as a result<br>of the termination of a vessel reservation agreement. Cadeler is<br>currently assessing the positive impact of the foregoing on its<br>2025 revenue and EBITDA guidance<br>15<br>2024 2025<br>EUR millions Actuals Outlook<br>Revenue 249 485-525<br>EBITDA 126 278-318
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Q1 2025<br>Commercial Outlook
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Cadeler is the go-to provider of T&I and O&M<br>solutions<br>17<br># of wind turbine and foundation installation vessels1<br>Improved customer value<br>proposition through increased<br>flexibility, ability to meet<br>demand and reduced risk of<br>project slippage<br>Complementary vessels enabling<br>stronger fleet utilisation and<br>earnings visibility<br>Ability to meet demand for<br>larger scopes and project<br>sizes on a global basis 4<br>5<br>3<br>4<br>1 1<br>3<br>1<br>2 2<br>1 1 1<br>7<br>3<br>1<br>2 2<br>1<br>11<br>8<br>4<br>3 3<br>2<br>Legacy<br>Newbuilds since 2020<br>1) Selected players in the industry where an owned vessel either has a pipeline of installation work or will be a value driver in O&M work as estimated by management.<br>Source: 4C Offshore and public filings<br>World’s largest and most<br>versatile fleet of next<br>generation offshore wind<br>turbine and foundation<br>installation vessels
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Cadeler’s view on the market<br>There is a calibration in the market but momentum continues<br>18 1. Forecasted cumulative capacity per region, fixed & floating. Source: Spinergie<br> • Energy remains one of the key investment areas<br>in Europe, there is significant government<br>support for offshore wind with focus on security<br>of supply<br> • Many governments are calibrating their<br>approaches to support current market conditions<br> • An important AR7 is nearing in the UK<br> • Denmark’s government approves 3GW tender<br>and with a significant subsidy of up to USD 8.3bn<br> • Dutch government is working on action plan to<br>improve auction conditions<br> • Hornsea 4 – cancelled or delayed? Our long-term<br>agreement remains in place<br> • There is a strong need for more power and<br>offshore wind is strongly positioned to deliver<br>across many industries<br> • APAC offshore wind activity remains strong with<br>record-high tender activity in key markets:<br>Taiwan, South Korea and Japan and concluding<br>first auctions in Australia<br> • Markets are still relatively new and ramping up<br> • Developers usually prefer experienced<br>contractors<br> • Cadeler is already working and is strongly<br>positioned in the key markets<br> • US facing headwinds due to executive orders,<br>however there is a strong short-term demand<br>in the market for completing projects<br> • Stop work order on Empire Wind project has<br>been lifted, allowing construction activities to<br>continue<br> • There is a fundamental need for offshore wind<br>energy especially in North East as alternative<br>sources are not sufficient<br>Europe APAC US 2024: 34.9 GW1<br>2030: 105.6 GW<br>2024: 2.7 GW1<br>2030: 25.9 GW<br>2024: 0.2 GW1<br>2030: 7.2 GW
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Undersupply of installation vessels is<br>expected from 2028<br>1. Overview for both foundation and turbine installation vessels combined. Includes also heavy maintenance<br>19 Source: Spniergie<br>Undersupply of installation vessels1 (vessel years) Key insights<br> • The supply of capable vessels is coming<br>down significantly as we see roll-out of<br>bigger platforms<br> • Legacy vessels are becoming less<br>efficient or obsolete for installation, as<br>turbine sizes are increasing<br> • Undersupply for Foundation and WTG<br>installation is expected from 2028<br>onwards<br> • Cadeler maintains strong confidence in the<br>market and has a solid order backlog<br> • We are looking forward to a busy end of<br>the decade, where our large and efficient<br>fleet is an essential enabler 2025 2026 2027 2028 2029 2030<br>Undersupply of installation<br>vessels expected especially<br>within the larger turbine sizes<br>segment (+14MW)<br>Cadeler’s booked capacity<br>(illustrative)
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This year is shaping up to be a record<br>year for FIDs<br>1. Projects in bold are those that Cadeler is involved in<br>20 Source: spinergie.com, based on Spinergie estimate of different likelihood to reach FID<br>0<br>10<br>20<br>30<br>40<br>2020 2021 2022 2023 2024 2025 2026 2027 2028<br>Thousands<br>Volume (GW) with expected FID<br>Volume (GW) under sanctioned FID<br>Annual volumes (GW) under FID<br> • Developers are returning – fewer<br>speculative bids, more focus on bankable<br>offtake structures<br> • Projects that have reached FID this year are<br>totaling 7 GW1, already higher than last<br>year:<br> • Inch Cape<br> • Baltica 2<br> • Fengmiao I<br> • Baltyk 2 & 3<br> • Empire Wind I<br> • Nordlicht<br> • 100% of Cadeler’s backlog has reached<br>FID<br>Key insights
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21<br>Introducing<br>Cadeler’s new<br>O&M offering
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Creating an O&M powerhouse<br>NEXRA is a new service concept for the O&M market, and reflects Cadeler's commitment to<br>supporting its clients and partners in the offshore wind industry<br>1. Forecasted Global CAGR for all segments between 2025-2030 in vessel day demand for O&M is 13% , Global<br>22 ex. China. Data WoodMackenzie<br>Attractive and growing market: 33% CAGR1 forecasted<br>global demand for O&M for +8MW turbines between<br>2025-2030<br>Significant business segment: 10 projects across<br>geographies in the last 2 years<br>Building an internal powerhouse: NEXRA creates<br>significant synergies with our core business and will help<br>secure and maintain high utilisation for the overall Cadeler<br>fleet<br>Focusing resources: Setting up a dedicated team that will<br>focus only on our O&M clients – delivering the most safe,<br>efficient and value-adding services<br>Creating a platform for growth: NEXRA is envisioned to<br>grow substantially together with our clients and continue to<br>explore new areas where we can deliver added value<br>Wind Zaratan<br>Wind Scylla<br>Installation<br>vessels<br>Cadeler fleet O&M scope<br>Installation scope<br>Illustrative O&M spot jobs<br>Illustrative development over time
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Investment highlights<br>23<br>Largest, most capable and most versatile fleet in the industry. Strong complementarity in fleet enables<br>cross-utilisation, 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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Cadeler<br>Kalvebod Brygge 43<br>DK–1560 Copenhagen<br>Denmark<br>+45 3246 3100<br>Follow us<br>Additional questions can be sent to<br>[email protected]
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CDLR 6-K