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Exhibit 99.1

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Contents

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Statement from the CEO

At the mid-point of 2024, this is proving to be a year of strong recovery. Projects that were postponed during the uncertainty of 2023 are now coming back online. Our long-term confidence in the market continues to shape our ambitious growth strategy, and during the first half of 2024, we have strengthened our position at the forefront of transportation and installation of offshore wind turbines and foundations. We have done this by adding to our fleet, extending our customer and contract base, and focusing on execution.

We have seen positive progress in the ongoing integration of the Eneti business, which we acquired at the end of 2023. To date, synergies are in line with expectations, and we are learning from each other and aligning behind a shared culture. The merger has strengthened Cadeler’s capabilities in geographies beyond our core European market, with projects in Asia and the US added to our order book.

Including new builds, the merger means that Cadeler now represents the industry’s largest jack-up offshore wind installation fleet. After a successful capital raising exercise, we executed the order for a new A-class vessel, our seventh build. Wind Apex, scheduled for delivery in H1 2027, is a hybrid design that converts from a foundation installation unit to a wind turbine generator installation vessel. She joins the two further A Class, two P Class and two M Class vessels currently under construction.

We have successfully replaced the cranes on our two O Class vessels, Wind Orca and Wind Osprey, with the upgraded vessels departing from the yard on time and on budget, and both vessels now up and working on projects. We have also completed significant maintenance scopes on the Wind Scylla and Wind Zaratan, with the Wind Scylla now at work on Cadeler’s first project in US waters. Alongside cutting-edge design, we consider it a primary responsibility to ensure our vessels are converted for compatibility with greener fuel options, which we will begin trialling in H2 2024. Cadeler’s 11-strong fleet allows us to offer clients greater redundancy and versatile solutions. After an extended period of supply chain disruption, clients are responding positively to the assurance of improved access to resources to complete their projects. The resulting demand for our services saw our order book grow to EUR 1.9 billion as of 30 June 2024.

Not included in our backlog is a significant vessel reservation agreement with an undisclosed client, covering transport and installation for both foundations and wind turbine generators, should the client succeed in a forthcoming auction round. Worth up to EUR 700 million, if all options are exercised over the four years of the agreement, it will be the largest deal in Cadeler’s history.

Other major contract wins include an agreement to install 72 wind turbines at the Inch Cape Offshore Wind Farm on the east coast of Scotland. Our position in the Polish offshore wind market has also been strengthened through vessel reservation agreements with two Equinor and Polenergia joint ventures. The transition of the Polish market towards sustainable energy represents great potential for Cadeler, with this contract setting the stage for future partnerships.

We are pleased to have added Alexander Simmonds to Cadeler’s Executive Leadership Team as Chief Legal Officer and Executive Vice President. A graduate of Harvard Law School and joining us from Davis Polk, Alexander brings extensive capital markets and M&A experience.

The acceleration of the offshore wind market underlines the growing importance of renewable energy initiatives in the transition to a low carbon future. We’re proud of the pivotal role Cadeler is playing in some of the most ambitious and impactful projects around the globe, and our role in driving down emissions across the turbine installation supply chain. We have prioritized energy efficiency on our vessels by pushing both operational and technical efficiencies. We recently signed an agreement to develop energy efficiency dashboards onboard our fleet. This will enable us to monitor our vessels’ real-time energy consumption, providing actionable insight for our crews to optimize our carbon footprint during operations and for our clients as they assess emissions across the supply chain.

We thank all our customers, shareholders, financiers and other stakeholders for their ongoing confidence in the company, and for supporting our ambitions as a high-growth global business.

Mikkel Gleerup,

CEO

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Management
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Management review

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Business review

Cadeler A/S (“Cadeler” or the “Company” and, together with its subsidiaries, the “Cadeler Group” or the “Group”) is a global leader in offshore wind farm construction, maintenance and decommissioning. Cadeler’s experience as a provider of high-quality offshore wind support services, combined with innovative vessel designs, positions the company to deliver exceptional services to the industry.

The Group, headquartered in Copenhagen, Denmark, has offices in Vejle (Denmark), Great Yarmouth (United Kingdom), Taipei (Taiwan), Tokyo (Japan) and Virginia (United States).

On 28 June 2024, the company announced it is considering a re-domiciliation of its parent company to the United Kingdom. A detailed feasibility analysis, including review of legal, tax and other considerations, is ongoing and no final decision with respect to such a re-domiciliation has been made at this time. It is anticipated that, if Cadeler determines to proceed with a re-domiciliation to the United Kingdom, it would maintain its current stock exchange listings on the Oslo Stock Exchange and the NYSE.

The Company has made the preliminary assessment that a re-domiciliation to the United Kingdom would improve the marketability of the Group and encourage a broader and more diversified international investor base. In addition, it is the Company’s expectation that such a re-domiciliation would support its business strategy generally, including by facilitating the greater physical presence of its Executive Management in the United Kingdom and elsewhere in the markets in which the Group operates.

Recently, the Company entered into a binding contract for the manufacture and delivery of its third A-class vessel – Wind Apex, making Cadeler the owner of the industry’s largest, most advanced and most flexible fleet of jack-up offshore wind installation vessels, with four vessels in operation and seven new builds on the way.

Wind Peak has join our operational fleet in August this year. The P-Class vessel is designed to operate at difficult sites and with what the Group believes to be some of the most advanced equipment in the industry. Wind Peak has already been contracted for the Sofia Project for the transportation and installation of 100 14-megawatt wind turbines. As a result, the Company is ensuring utilisation compliance for the P-Class facility ahead of the expected drawing of funds to make the completion payment to the construction yard. With the completion of the main crane upgrades on Wind Orca and Wind Osprey and the ongoing renewal and expansion of its fleet, Cadeler is ready to meet the growing market demand.

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Management review

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Financial highlights

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¹ Consolidated figures for the six months period ended 30 June 2023 comprised the Parent Company, Cadeler A/S, Wind Osprey Ltd and Wind Orca Ltd.

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Management review

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The financial ratios and operational metrics are calculated in accordance with the terms and definitions set out in the Annual Report 2023 and in the Alternative Performance Measures section of this interim financial report.

Financial review

For the first half year of 2024, the Group result is a profit of EUR 153 thousand, which is a decrease of EUR 29 million from the EUR 30 million profit earned in the comparative period in 2023. The Group’s result was principally driven by lower gross profit, with a decrease in vessel utilisation in the first quarter and an increase in headcount and vessel depreciation.

The Group’s revenue in the first half year of 2024 was EUR 82 million, which is an increase of EUR 14 million compared to revenue of EUR 68 million in H1 2023. This performance aligns with the revenue range projected for the fiscal year 2024, as disclosed in the Group’s Annual Report 2023. Each of the Group’s vessels on water, other than the Wind Peak (delivery of which was taken on schedule on 16 August 2024), are expected to be on hire for the remainder of 2024.

Cost of sales, amounting to EUR 57 million, was EUR 32 million higher than the EUR 25 million cost of sales for the first six months of 2023, mainly driven by Wind Scylla and Wind Zaratan becoming part of the Group’s fleet.

The gross margin in H1 2024 was 30%, a decrease of 33% compared to the gross margin of 63% in H1 2023, mainly due to three of the Group’s four operating vessels undergoing scheduled drydock and crane upgrades during the first quarter of 2024. The Group’s four operating vessels achieved a combined 47% utilisation rate for the first six months of 2024 compared to 75% in the comparative period. Both Wind Orca and Wind Osprey underwent main crane upgrades in Q1 2024, while Wind Zaratan underwent scheduled maintenance.

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² Average number of full-time equivalent Cadeler employees for the reporting period. Figures do not include consultants or contractors. Eneti employees, both onshore and offshore, were incorporated into the Company at the end of December 2023. Thus, average number of full-time employees as of 2023 reflects the number of employees divided by 12 months. Eneti had 99 onshore full-time employees and 176 seafarers by the end of 2023.

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Management review

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Administrative costs rose by EUR 14 million, from EUR 13 million in H1 2023 to EUR 27 million in H1 2024, mainly driven by the Group’s increasing headcount, which encompasses the strategic recruitment of key personnel to ensure an elevated level of support for ongoing operations, significant new projects and the business combination with Eneti.

In H1 2024, the Group’s EBITDA reflected a EUR 22 million profit, a decrease of EUR 20 million compared to a result of EUR 42 million for the same period in 2023, as disclosed in the Alternative Performance Measures (APM) section. Adjusted EBITDA, which excludes transactional costs related to the Business Combination, was EUR 44 million in H1 2023, as disclosed in the APM section.

Net cash flow from operating activities of EUR 17 million in H1 2024 was EUR 1 million lower than the EUR 18 million recorded for H1 2023 due to a positive development in working capital offset by a decrease in profits in H1 2024.

Net cash outflow from investing activities in H1 2024 was EUR 296 million, an increase of EUR 280 million compared to EUR 16 million in H1 2023. The increase was driven by crane upgrades and instalment payments for certain of the Group’s vessels under construction.

Net cash inflow from financing activities was EUR 274 million, an increase of EUR 277 million compared to a EUR 3 million outflow in H1 2023. This was a result of the capital raised by the Group’s February 2024 private placement of EUR 152 million (after transactional costs) and proceeds from borrowings of EUR 128 million net of bank fees.

The Group’s equity closed at EUR 1,151 million in H1 2024, an increase of EUR 192 million from the opening balance of EUR 959 million. Developments in the Group’s equity were driven by a net capital increase of EUR 152 million after transactional costs, EUR 23 million in value gained from hedging activity adjustments, EUR 16 million gain from foreign currency translation adjustments, and profit of EUR 153 thousand in H1 2024.

The Company completed a successful private placement on 15 February 2024, resulting in the issuance of 39.5 million shares at a price of NOK 44.50 per share. Overall, the Company raised EUR 153 million after transactional costs. The proceeds from the private placement were substantially allocated to the financing of the intended equity portion of the contract value of the order placed on 22 May 2024 to build the Company’s third A-Class vessel. The remaining funds will be allocated towards acquiring mission equipment and building working capital. Additionally, on 26 June 2024, the Company increased its share capital by EUR 88 thousand, issuing 27,715 new shares with a nominal value of DKK 1.00 each in connection with the exercise of options under its employee equity incentive programme. The new shares issued in June represent an increase of less than 0.01% of Cadeler’s registered share capital.

As of 30 June 2024, total assets amounted to EUR 1,590 million, a 27% increase for the reporting period, driven principally by an increase in property, plant and equipment of EUR 295 million (of which EUR 226 million relates to the Group’s newbuild programmes, EUR 51 million to the main crane upgrades for the Group’s O-class vessels and EUR 10 million to other projects).

On 3 April 2024, the Group utilised the remaining EUR 50 million of the EUR 100 million term loan available under the New Debt Facility for the Wind Osprey main crane upgrade. Further, on 28 June 2024, the Group utilised the remaining EUR 30 million of the Holdco Facility. The proceeds from the Holdco Facility are intended for general corporate purposes. As of 30 June 2024, the full funding available under the Holdco Facility had been utilised.

The Company had significant headroom to comply with its debt covenants. As of 30 June 2024, the Company had liquidity of EUR 361 million available from cash at hand and committed facilities, including the New Debt facility and the Holdco Facility.

Further financing will be required from Q4 2025 for milestone payments for the A-Class newbuilds. The Company is currently exploring numerous options for securing funds, including export credit agencies support. The Cadeler Group’s management expects to require EUR 782 million of additional funding for the A-Class newbuilds, including the third vessel ordered on 22 May 2024. For further information, refer to Note 7.

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Management review

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Related party transactions

Related party transactions over the reporting period are limited to guarantee fees issued by BW Group Limited, administrative support provided by Scorpio Services Holding and training courses provided by BW Maritime, see Note 10 for further details. On 27 May 2024, Cadeler’s largest shareholder, BW Group, provided COSCO SHIPPING Heavy Industry CO. Ltd. (“COSCO”) with guarantees in respect of the sums owed by Cadeler pursuant to the recently ordered third A-class vessel. Similar guarantees have been in place since 2021 for the construction of the two P-class and two A-class vessels.

Impact on the external environment

There have been no significant changes to our sustainability strategy since the publication of the 2023 Annual Report.

Sustainability remains a crucial strategic objective for the Company and fundamental to creating enduring shareholder value. Sustainability serves as a platform for innovation, heightened efficiency and for fostering growth. The Company is actively pursuing long-term objectives, focusing on decarbonisation and optimising energy efficiency, as detailed in the 2023 Annual Report, which integrates the Sustainable Development Report.

Order backlog

Cadeler’s order book for 2024 is substantially filled. As of 27 August 2024, notable contracts signed during 2024 include:

Vessel Reservation Agreements (VRAs) are not included in the contract backlog. Since 31 December 2023, VRAs have been signed with:

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Management review

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The following table provides information about new contracts entered in the period 1 July 2024 to 27 August 2024:

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Refer to Note 3 for further information regarding the total contract backlog.

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¹ As of the interim report released date, 86% of the contract backlog (an aggregate of EUR 1.652m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID), and an aggregate of EUR 273 remains subject to counterparty FID.

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2024 Outlook

Guidance for the financial year 2024

In the 2023 Annual Report published on 26 March 2024, Cadeler provided guidance for the financial year ending 31 December 2024 that revenue was expected to be in the range between EUR 225 to 245 million while EBITDA was expected to be in the range EUR 105 to 125 million. As of June 30 2024, the expectation for both revenue and EBITDA remains unchanged for 2024.

Throughout 2024, the outlook for the offshore wind energy sector and Cadeler remain positive due to favourable macroeconomic trends and unprecedented policy momentum globally. Policies such as the EU Strategy on Offshore Renewable Energy and increased effort by governments will accelerate wind energy deployment to meet climate goals. Especially Europe will remain the driver of offshore wind and is anticipated to experience substantial growth, while new regions are also poised for market expansion. Despite the ongoing volatility in inflation and interest costs, the 2024 outlook for Cadeler is anticipated to remain unaffected, highlighting the Company’s resilience.

Cadeler’s guidance for 2024 is, however, subject to risks and uncertainties, many of which are beyond Cadeler’s control. One-off market-shaping events such as economic turbulence, shortage of workers, supply chain constraints, strikes, embargoes, political instability or adverse weather conditions could have a substantial impact on the business. There could also be off-hire periods as a consequence of accidents, technical breakdown and non-performance. The cancellation or postponement of projects, delays in execution, changes to coverage of one or more vessel employment contracts or changes to crewing costs or administrative and employee costs could have a material adverse impact on the earnings of the Company.

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Interim condensed
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Interim condensed consolidated statement of profit or loss and other comprehensive income

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Interim condensed consolidated balance sheet

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Interim condensed consolidated statement of changes in equity

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Interim condensed consolidated statement of cash flows

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Notes to the
interim condensed
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Notes to the interim condensed consolidated financial statements

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