Cadeler (CADLR) Investor presentation summary

Market environment and demand outlook

• Offshore wind demand is rebounding, with strong upside from recent auctions and new government initiatives, especially in Europe and the UK, targeting 300 GW by 2050 and 15 GW per year between 2030-2040.

• The UK AR7 auction awarded a record 8.4 GW of new capacity, significantly exceeding expectations and boosting market momentum.

• Energy security concerns and geopolitical events are accelerating offshore wind initiatives, with Europe mobilizing €1 trillion in investments.

• Vessel supply is tightening, with newbuild ordering down 67% over the last three years and lead times for new vessels stretching into 2030.

• Only about 19 vessels are currently capable of installing next-generation wind turbines, indicating a growing undersupply as older vessels become obsolete.

Commercial and operational highlights

• Contract backlog reached €2.8 billion as of March 2026, with 80% of the backlog having reached final investment decision (FID).

• Commercial pipeline is expanding globally, with 16% of projects outside Europe and increasing demand from APAC.

• Day-rates and contract terms for wind turbine installation vessels (WTIV) continue to improve, reflecting strong demand for tier 1 capacity.

• The company is transitioning from a chartering model to integrated project delivery, enhancing execution capabilities and project returns.

• Execution on major projects like Hornsea 3 demonstrates the ability to manage complex, full-scope transportation and installation campaigns.

Financial performance and funding

• FY 2025 revenue was €620.4m, EBITDA €425.3m, and net profit €280.2m, with an equity ratio of 44%.

• Backlog growth has averaged nearly 50% annually since 2022, providing strong earnings visibility.

• The CAPEX program is fully funded, with €2,054m in secured funding and strong interest from banks.

• Four newbuilds were delivered on time and budget in 2025, and further fleet expansion is underway.

• FY 2026 outlook projects revenue of €854-944m and EBITDA of €420-510m, driven by high vessel utilization and new project execution.