6-K
Cadeler A/S (CDLR)
6-K
2025-11-20
For: 2025-11-20
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July 04, 2026
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM6-K
REPORTOF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIESEXCHANGE ACT OF 1934
Forthe month of November 2025
CommissionFile Number: 001-41889
CADELERA/S
(Translation of registrant's name into English)
KalvebodBrygge 43
DK-1560Copenhagen 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 CONTAINEDIN THIS FORM 6-K REPORT
On November 20, 2025, Cadeler A/S (the “Company”) issued an announcement regarding the publication of its Third Quarter 2025 Earnings Release included therein. A copy of the announcement is attached hereto as Exhibit 99.1
Exhibit List
| Exhibit No. | Description |
|---|---|
| 99.1 | Third Quarter 2025 Earnings Release For the period 1 January to 30 September 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.
| CADELER A/S | ||
|---|---|---|
| (Registrant) | ||
| Date: November 20, 2025 | By: | /s/<br> Mikkel Gleerup |
| Name: Mikkel Gleerup | ||
| Title: Chief Executive Officer |
Exhibit 99.1
 |
Third Quarter 2025<br>Earnings Release<br>For the period 1 January to 30 September 2025<br>Cadeler A/S. Incorporated in Denmark. Registration Number (CVR no.): 3118 0503<br>Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark |
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|  | Financial Performance<br>Income statement and cash flows<br>The Group's revenue for the first nine months of 2025 was EUR 453<br>million, an increase of EUR 290 million compared to the EUR 163<br>million revenue reported for the comparable period in 2024, driven<br>principally by the receipt of termination fees under the Long-Term<br>Agreement (LTA) with Ørsted, and increased revenue from fleet<br>expansion and higher utilisation.<br>The Group’s cost of sales for the first nine months of 2025 was EUR<br>159 million, EUR 68 million higher than the comparable period in<br>2024, driven mainly by the addition of three new operating vessels to<br>the fleet, Wind Maker, Wind Peak and Wind Pace.<br>The Group’s eight operating vessels achieved a combined 75.8%<br>utilisation rate for the first nine months of 2025, compared to 61.4%<br>in the same period in 2024, where the Group had five operating<br>vessels.<br>The Group's EBITDA for the first nine months of 2025 was EUR 322<br>million, an increase of EUR 251 million compared to the EBITDA of<br>EUR 70 million reported for the same period in 2024, as disclosed in<br>the Alternative Performance Measures (APM) section.<br>For the first nine months of 2025, the Group’s result was a profit of<br>EUR 232 million, an increase of EUR 205 million relative to the EUR<br>28 million profit reported for the comparable period in 2024. The<br>Group’s increased result was principally driven by higher gross profit<br>for the period, principally due to receipt of termination fees in<br>respect of the LTA and an increase in operating vessels in the period<br>along with an increase in vessel utilisation.<br>Net cash flow provided by operating activities was EUR 286<br>million in the first nine months of 2025, EUR 241 million higher<br>than the EUR 45 million recorded for the comparable period in<br>2024, driven by increased operating profit and an increase in<br>deferred revenue from advance customer payments, partially<br>offset by an increase in trade and other payables. Net cash flow<br>used in investing activities in the first nine months of 2025 was<br>EUR 931 million, an increase of EUR 382 million compared to the<br>EUR 549 million reported for the same period in 2024. This<br>increase was driven by the final instalment payments made for<br>the three newbuild vessels delivered in the first nine months of<br>2025, Wind Maker, Wind Pace and Wind Ally, as well as the<br>purchase of Wind Keeper.<br>Net cash flow provided by financing activities in the first nine<br>months of 2025 was EUR 805 million, an increase of EUR 303<br>million compared to the EUR 502 million reported for the<br>comparable period in 2024. This increase was driven by proceeds<br>from borrowings of EUR 883 million net of bank fees and partially<br>offset by the increased interest paid and repayments.<br>Outlook 2025<br>These results are above expectations and in line with the company’s<br>recently updated full-year revenue and EBITDA guidance, which was<br>revised on 1 July 2025 to reflect increased earnings visibility. Cadeler<br>today reaffirms that guidance, with full-year revenue expected to<br>range between EUR 588 and 628 million and EBITDA between EUR<br>381 and 421 million. This earnings release report for the period 1<br>January to 30 September 2025 is neither audited nor reviewed.<br>Subsequent Events<br>On 17 October 2025, Cadeler repaid the Wind Keeper Bridge Facility<br>of EUR 150 million in full, funded by the drawdown on the same date<br>of the full amount of the EUR 125 million Wind Keeper Facility<br>together with EUR 25 million cash on hand.<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>2<br>"Strong performance with<br>high utilisation, improved<br>earnings and continued<br>fleet expansion" |
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|  | Financial Performance<br>Continued from previous page<br>Key Figures 9M 2025 9M 2024<br>EUR'000<br>Revenue 452,785 162,785<br>Gross profit 293,959 72,289<br>Operating profit 247,637 31,841<br>Net financials (9,713) (2,414)<br>Profit for the period 232,348 27,816<br>Cash flow provided by operating activities 285,520 44,770<br>Cash flow used in investing activities (931,487) (549,092)<br>Of which investment in property, plant and equipment (930,126) (549,197)<br>Cash flow provided by financing activities 805,259 502,448<br>Net increase/(decrease) in cash and cash equivalents 159,292 (1,874)<br>Share related key figures<br>Earnings per share (EPS), EUR 0.66 0.08<br>Diluted earnings per share (diluted EPS), EUR 0.65 0.08<br>Operational metrics<br>Contracted days (no. of days) 1,365 700<br>Utilisation (%) 75.8 % 61.4 %<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>3 |
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|  | Financial Performance<br>Continued from previous page<br>Capital and assets<br>As of 30 September 2025, the Group’s total assets amounted to EUR 3,056 million, a 58% increase<br>compared to 31 December 2024. This increase was driven primarily by an increase in property, plant and<br>equipment of EUR 914 million, which was attributable to the Group’s newbuild programme, including the<br>delivery of the new M-Class vessel, Wind Maker, the new P-Class vessel, Wind Pace, and the Group's first<br>A-class vessel, Wind Ally, as well as the acquisition of the Wind Keeper.<br>The Group's equity amounted to EUR 1,446 million as of 30 September 2025, reflecting an increase of EUR<br>212 million from the balance at year end 2024 of EUR 1,234 million. The development in the Group's<br>equity was driven by a loss of EUR 15 million from adjustment of hedges along with EUR 5 million in costs<br>relating to the hedges, offset by a profit of EUR 232 million and share-based payments of EUR 2 million<br>for the first nine months of 2025.<br>As of 1 January 2025, all entities of the former Eneti Group have changed their functional currency from<br>USD to EUR. The change is driven by Cadeler’s acquisition of the former Eneti Group at the end of 2023,<br>and the subsequent changes to the financing, organization and activities of the entities formerly<br>associated with the Eneti Group, following which the Group's Management has made the assessment that<br>the primary economic environment in which each of the entities now operates has changed to be<br>principally denominated in EUR. Accordingly, Management has determined that EUR is the new functional<br>currency that will most faithfully reflect the underlying transactions, events and conditions relevant to the<br>entities formerly associated with the Eneti Group following the acquisition.<br>As some of the group entities are conducting business in an international environment, Management has<br>applied judgement to determine the primary economic environment considering the Group's underlying<br>transactions, events and conditions.<br>Key Figures 30 September 2025 31 December 2024<br>EUR'000<br>Total assets 3,056,062 1,937,016<br>Non-current asset 2,660,552 1,748,400<br>Total liabilities 1,610,072 703,122<br>Equity 1,445,990 1,233,894<br>Cash and cash equivalents 217,757 58,464<br>Financial ratios and operational metrics<br>Return on assets (%) 9.9 % 4.4 %<br>Return on equity (%) 17.3 % 6.0 %<br>Equity ratio (%) 47.3 % 63.7 %<br>Average number of employees¹<br>Onshore 295 242<br>Offshore 545 364<br>The financial ratios and operational metrics identified above are calculated in accordance with the terms<br>and definitions set out in the Annual Report 2024.<br>1 Average number of full-time equivalent Cadeler employees for the reporting period.<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>4 |
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|  | Financial Performance<br>Continued from previous page<br>On 21 July 2025, the Company and its subsidiary, Wind Keeper<br>Limited, entered into a Green Term Loan Facility of up to EUR 125<br>million (with a 5-year tenor) (the "Wind Keeper Facility") with DNB,<br>KfW-IPEX and Sparebank 1 SR-Bank securing the refinancing, in<br>substantial part, of the Wind Keeper Bridge Facility with a long-term<br>facility.<br>On 14 August 2025, the Company requested utilisation of EUR 20<br>million from the revolving credit line available under the Green<br>Corporate Facility.<br>On 23 September 2025, the Company requested utilisation of EUR 228<br>million under the A-Class Facility, and on 25 September 2025, the<br>Company took delivery of the ninth vessel in its fleet, and its first A-class<br>vessel, Wind Ally, which was delivered at the Cosco shipyard in Qidong,<br>China.<br>Committed (EUR millions)<br>Utilised Repayments Unutilised<br>Secured<br>Green Corporate Facility (RCF + term loan) 370 (16) 80<br>Green Corporate Facility - Guarantee 144 - 56<br>Total Green Corporate Facility 514 (16) 136<br>P-Class Facility¹ 421 (26) -<br>M-Class Facility I & II 212 (9) 208<br>A-Class Facility I & II 228 - 297<br>Wind Keeper Bridge Facility 150 - -<br>Wind Keeper Facility - - 125<br>Unsecured<br>HoldCo Facility 125 - -<br>Unsecured guarantee facility 18 - 32<br>Total (excluding Guarantee facilities) 1,506 (51) 710<br>1<br> For the P-Class Facility of up to EUR 425 million, EUR 214 million was available for Wind Peak of which EUR 210 million has been utilised. EUR 211 million was available for Wind Pace of which the full amount has been utilised.<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>5 |
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|  | Financial Performance<br>Continued from previous page<br>Order backlog<br>Cadeler’s order book for 2025 is substantially filled. As of 20 November 2025, notable contracts signed<br>since 30 June 2025 include:<br> • On 18 July 2025, Cadeler signed a long-term contract with Vestas with respect to the newest<br>addition to Cadeler’s fleet, Wind Keeper. The contract contemplates a firm period of three years,<br>with options to extend that period by two and a half years in aggregate. The firm value of the<br>contract to Cadeler is approximately EUR 210m; if all options are exercised, the contract is<br>expected to be worth in excess of EUR 380m.<br> • On 22 August 2025, Cadeler signed a firm contract for WTG installation at the Formosa 4<br>Offshore Wind Farm in Taiwan. The project, expected to commence in March 2028 and to last<br>for approximately 150 days, will be executed by one of Cadeler's M-class vessels. The value of<br>the contract to Cadeler is estimated to be between EUR 70 and EUR 80 million.<br> • On 18 September 2025, Cadeler signed a firm contract with Ocean Winds for WTG Installation at<br>the BC-Wind Offshore Wind Farm in Poland. The project, expected to commence in 2028 and to<br>continue for approximately 4 months, will be executed by one of Cadeler's O-class vessels. The<br>value of the contract to Cadeler is estimated to be between EUR 49 and EUR 58 million.<br> • On 10 November 2025, Cadeler announced the signing of firm contracts with an undisclosed<br>client covering the full-scope transportation and installation of foundations and WTGs for an<br>upcoming offshore wind farm. The foundation T&I campaign is set to commence in early 2029<br>and to be executed using one of Cadeler’s newbuild A-class vessels and the WTG installation<br>scope is scheduled to begin in early 2030 and to be carried out by one of Cadeler’s O-class<br>vessels, with completion of both scopes expected by late 2030. The value of the contracts to<br>Cadeler is estimated to be approximately EUR 500 million. The contracts are subject to the<br>client’s final investment decision; should the client be unsuccessful, the agreements may be<br>terminated subject to a termination fee.<br>Vessel Reservation Agreements (VRAs) are not included in the contract backlog.<br>The Group’s order backlog as of the reporting date amounted to EUR 2,887 million.<br>EUR Million<br>Within 1<br>year<br>After 1<br>year Total<br>Contract backlog as of 30 September 2025<br>Firm 683 1,292 1,975<br>Subject to exercise of counterparty options (non-contingent) 52 154 206<br>Subject to exercise of counterparty options (contingent) 52 154 206<br>Total¹ 787 1,600 2,387<br>Contract backlog as of 20 November 2025<br>Additions in the period 1 October to 20 November 2025:<br>Firm 25 489 514<br>Subject to exercise of counterparty options (non-contingent) (13) 6 (7)<br>Subject to exercise of counterparty options (contingent) (13) 6 (7)<br>Total² 786 2,101 2,887<br>1 As of 30 September 2025, 94% of the contract backlog (an aggregate of EUR 2,247 million) related to projects for which the<br>relevant counterparty had taken a positive final investment decision (FID), and an aggregate of EUR 137 million remained subject to<br>counterparty FID (the foregoing figures include both firm and option line items).<br>2As of the date of this earnings release, 78% of the contract backlog related to projects for which the relevant counterparty had<br>taken a positive FID (the foregoing figures include both firm and option line items).<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>6 |
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|  | Interim Condensed Consolidated Statement of<br>Profit or Loss and Other Comprehensive Income<br>EUR'000 9M 2025 9M 2024<br>Revenue 452,785 162,785<br>Cost of sales (158,826) (90,496)<br>Gross profit 293,959 72,289<br>Net other operating income and expenses 4,506 1,348<br>Administrative expenses (50,828) (41,796)<br>Operating profit 247,637 31,841<br>Financial income 4,412 3,127<br>Financial expenses (14,125) (5,541)<br>Profit before income tax 237,924 29,427<br>Income tax expense (5,576) (1,611)<br>Profit for the period 232,348 27,816<br>Profit/(loss) for the period attributable to:<br>Equity holders of the parent 232,348 27,816<br>Earnings per share<br>Basic, profit/(loss) for the period attributable to ordinary equity<br>holders of the parent (EUR per share) 0.66 0.08<br>Diluted, profit/(loss) for the period attributable to ordinary equity<br>holders of the parent (EUR per share) 0.65 0.08<br>EUR'000 9M 2025 9M 2024<br>Other comprehensive (loss)/income<br>Items that may be reclassified to profit or loss<br>Exchange differences on translation of foreign operations<br> - (7,068)<br>Cash flow hedges - changes in fair value (12,154) (1,803)<br>Cash flow hedges - items recycled (2,560) 1,293<br>Cash flow hedges - cost of hedging (5,434) 1,291<br>Other comprehensive (loss) after tax (20,148) (6,287)<br>Total comprehensive income for the period, net of tax 212,200 21,529<br>Total comprehensive (loss)/income attributable to:<br>Equity holders of the parent 212,200 21,529<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>7 |
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|  | Interim Condensed Consolidated Balance Sheet<br><br>EUR'000<br>30 September<br>2025<br>31 December<br>2024<br>Intangible assets 19,283 18,190<br>Property, plant and equipment 2,626,254 1,712,266<br>Right-of-use assets 12,428 10,337<br>Leasehold deposits 1,144 1,014<br>Derivative assets 1,443 6,593<br>Total non-current assets 2,660,552 1,748,400<br>Current assets<br>Inventories 2,871 1,039<br>Trade and other receivables 127,669 62,986<br>Contract assets 29,376 37,609<br>Prepayments 17,400 16,643<br>Current derivative assets 437 11,875<br>Cash and cash equivalents 217,757 58,464<br>Total current assets 395,510 188,616<br>Total assets 3,056,062 1,937,016<br>EUR'000<br>30 September<br>2025<br>31 December<br>2024<br>Share capital 47,144 47,144<br>Share premium 1,099,495 1,099,495<br>Treasury shares (2,999) (1,283)<br>Reserves 9,032 29,180<br>Retained earnings / (accumulated losses) 293,318 59,358<br>Total equity 1,445,990 1,233,894<br>Non-current liabilities<br>Lease liabilities 11,542 9,697<br>Deferred tax liabilities 13,770 11,972<br>Deferred revenue 19,085 1,747<br>Debt to credit institutions 1,180,823 539,854<br>Derivative liabilities 13,611 16,205<br>Total non-current liabilities 1,238,831 579,475<br>Trade and other payables 46,509 43,595<br>Current provisions — 841<br>Payables to related parties 201 223<br>Deferred revenue 72,947 45,590<br>Current lease liabilities 1,239 1,274<br>Current income tax liabilities 3,330 752<br>Current debt to credit institutions 239,416 31,163<br>Current derivative liabilities 7,599 209<br>Total current liabilities 371,241 123,647<br>Total liabilities 1,610,072 703,122<br>Total equity and liabilities 3,056,062 1,937,016<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>8 |
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|  | Interim Condensed Consolidated Statement of Changes in Equity<br>Reserves<br>EUR'000 Share capital Share premium Treasury shares Hedging reserves<br>Cost of hedging<br>reserves<br>Foreign currency<br>translation reserve<br>(Accumulated<br>losses)/ retained<br>earnings Total<br>2025<br>At 1 January 2025 47,144 1,099,495 (1,283) (3,332) 5,131 27,381 59,358 1,233,894<br>Profit for the period 232,348 232,348<br>Other comprehensive income for the period (14,714) (5,434) (20,148)<br>Total comprehensive income for the period — — — (14,714) (5,434) — 232,348 212,200<br>Share-based payments 1,612 1,612<br>Treasury Shares (1,716) (1,716)<br>End of 30 September 2025 47,144 1,099,495 (2,999) (18,046) (303) 27,381 293,318 1,445,990<br>2024<br>At 1 January 2024 41,839 952,858 — (17,938) (3,621) (6,724) (7,373) 959,041<br>Profit for the period — — — — — — 27,816 27,816<br>Other comprehensive income for the period — — — (510) 1,291 (7,068) — (6,287)<br>Total comprehensive profit for the period — — — (510) 1,291 (7,068) 27,816 21,529<br>Capital increase Feb 2024 5,301 149,567 — — — — — 154,868<br>Costs incurred in connection with Feb 2024 capital increase — (3,014) — — — — — (3,014)<br>Capital increase June 2024 4 84 — — — — — 88<br>Treasury shares — — (1,283) — — — — (1,283)<br>Share-based payments — — — — — — 1,171 1,171<br>End of 30 September 2024 47,144 1,099,495 (1,283) (18,448) (2,330) (13,792) 21,614 1,132,400<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>9 |
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|  | Interim Condensed Consolidated Statement of Cash Flows<br>EUR'000 9M 2025 9M 2024<br>Cash flow from operating activities<br>Profit/(loss) for the period 232,348 27,816<br>Adjustments of non-cash items 78,858 36,135<br>Depreciation and amortisation 73,648 32,992<br>Impairment of fixed assets — —<br>Finance income (1,369) (2,829)<br>Interest expenses 418 327<br>Finance costs 148 3,271<br>Income tax expense 3,940 1,606<br>Fair value change of derivative instruments through profit or loss (486) (403)<br>Share-based payment expenses 1,612 1,171<br>Changes in working capital (25,692) (20,263)<br>Inventories (1,832) 487<br>Trade receivables, contract assets, prepayments and other receivables (55,039) (42,565)<br>Trade and other payables (14,455) 7,598<br>Provisions (841) (2,156)<br>Payables to related parties (22) (11)<br>Deferred tax liabilities 1,798 16,384<br>Deferred revenue 44,695<br>Income tax paid (1,363) (1,747)<br>Interest received 1,369 2,829<br>Net cash provided by operating activities 285,520 44,770<br>EUR'000 9M 2025 9M 2024<br>Cash flow from investing activities<br>Additions to property, plant and equipment (930,126) (549,197)<br>Additions to intangible assets (1,231) (69)<br>Leasehold deposits (130) 173<br>Net cash used in investing activities (931,487) (549,092)<br>Cash flow from financing activities<br>Principal repayment of lease liabilities (1,717) (1,330)<br>Interest paid (33,597) (10,155)<br>Proceeds from issue of share capital - 154,956<br>Transactional costs on issues of shares - (3,014)<br>Repurchase of treasury shares (1,716) (1,283)<br>Bank charges (148) (3,056)<br>Proceeds from borrowing net of bank fees (of EUR 26.3 million in<br>9M 2025 and EUR 15.8 million in 9M 2024) 882,589 369,455<br>Repayment of loan (40,152) (3,125)<br>Net cash provided by financing activities 805,259 502,448<br>Net increase in cash and cash equivalents 159,292 (1,874)<br>Cash and cash equivalents at beginning of the period 58,464 96,608<br>Effect of exchange rate on cash and cash equivalents — (2,880)<br>Cash and cash equivalents at end of the period 217,756 91,854<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>10 |
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|  | Forward-Looking Statements<br>The annual report, as referred to in this document, and this<br>earnings release, contain certain forward-looking statements<br>relating to the business, financial performance, and results of the<br>Company and/or the industry in which it operates.<br>Forward-looking statements concern future circumstances and<br>results and other statements that are not historical facts,<br>sometimes identified by the words “believes”, expects”, "predicts",<br>"in-tends", "projects", "plans", "estimates", "aims", "foresees",<br>"anticipates", "targets", and similar expressions. The forward-looking statements contained in the annual report and this<br>earnings release, including assumptions, opinions and views of the<br>Company or cited from third party sources are solely opinions and<br>forecasts which are subject to risks, uncertainties and other factors<br>that may cause actual events to differ materially from any<br>anticipated development. Such factors may for example include a<br>change in the price of raw materials.<br>None of the Company or any of its parent or subsidiaries<br>undertakings or any such person's officers or employees provides<br>any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them<br>accept any responsibility for the future accuracy of the opinions<br>expressed in the annual report or the actual occurrence of the<br>forecasted developments.<br>The Company assumes no obligation, except as required by law, to<br>update any forward-looking statements or to conform these<br>forward-looking statements to its actual results.<br>The annual report and this earnings release may contain<br>information obtained from third parties. You are advised that such<br>third-party information has not been prepared specifically for<br>inclusion in the annual report or this earnings release and the<br>Company has not undertaken any independent investigation to<br>confirm the accuracy or completeness of such information.<br>Several other factors could cause the actual results, performance<br>or achievements of the Company to be materially different from<br>any future results, performance or achievements that may be<br>expressed or implied by statements and information in the annual<br>report or this earnings release.<br>Should any risks or uncertainties materialise, or should underlying<br>assumptions prove incorrect, actual results may vary materially<br>from those described in the annual report or this earnings release.<br>No representation or warranty (express or implied) is made as to,<br>and no reliance should be placed on, any information, including<br>projections, estimates, targets and opinions, contained herein, and<br>no liability whatsoever is accepted as to any errors, omissions or<br>misstatements contained herein, and, accordingly, neither the<br>Company, not any of its subsidiaries or shareholders or any<br>officers, directors, board members or employees accept any<br>liability whatsoever arising directly or indirectly from the use of the<br>annual report or this earnings release.<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>11 |
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|  | Alternative Performance Measures<br>Non-IFRS Financial Measures<br>To supplement its financial information presented in accordance<br>with IFRS, the Group uses certain non-IFRS metrics, including<br>EBITDA, when measuring performance, including when measuring<br>current period results of operations against prior periods. Because<br>of its non-standardised definition, these non-IFRS measures (unlike<br>IFRS measures) may not be comparable to the calculation of<br>similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more<br>fully understand how management assesses underlying<br>performance.<br>These supplemental non-IFRS measures are not, and should not,<br>be viewed as a substitute for IFRS measures. Management believes<br>the presentation of these non-IFRS measures provides investors<br>with greater transparency and supplemental data relating to the<br>Group’s financial condition and results of operations, and<br>therefore a more complete understanding of factors affecting its<br>business and operating performance. In addition, Management<br>believes the presentation of these non-IFRS measures is useful to<br>investors for period-to-period comparison of results as the items<br>may reflect certain unique and/or non-operating items such as<br>asset sales, write-offs, contract termination costs or items outside<br>of Management’s control.<br>As a performance measure, the Group used EBITDA: Earnings<br>before interest, tax, finance income/costs and depreciation and<br>amortisation.<br>EBITDA is calculated as shown below:<br>EUR'000 9M 2025 9M 2024<br>Operating profit or loss as reported in the statement of profit 247,637 31,841<br>Right-of-use asset amortisation 1,297 1,051<br>Depreciation and amortisation 72,634 37,266<br>EBITDA 321,568 70,158<br>\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>12 |
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|  | \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_<br>13<br>Kalvebod Brygge 43<br>DK–1560 Copenhagen V<br>Denmark<br>+45 3246 3100<br>www.cadeler.com |
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