Income statement and cash flows

The Group's revenue for the first three months of 2025 was EUR 65 million, an increase of EUR 46 million compared to the EUR 19 million revenue reported for the comparable period in 2024, driven by the expansion of the fleet and higher utilisation.

The Group’s cost of sales for the first three months of 2025 was EUR 45 million, EUR 18 million higher than the comparable period in 2024, driven mainly by the addition of new vessels to the fleet, Wind Peak in August 2024, and Wind Maker in January 2025.

The Group’s seven operating vessels achieved a combined 55.3% utilisation rate for the first three months of 2025, compared to 17.3% in the same period in 2024, where the Group had four operating vessels. In the first quarter of 2025, Wind Zaratan underwent scheduled drydock procedures and planned maintenance, Wind Peak implemented a vessel upgrade leading to a period of time off-hire, and Wind Maker spent some time in transit following delivery before commencing her first project, compared to the previous period in 2024, where the Group's four operating vessels were undergoing scheduled drydock or crane upgrades.

The Group's EBITDA for the first three months of 2025 was EUR 24 million, an increase of EUR 34 million compared to the EBITDA of negative EUR 10 million reported for the same period in 2024, as disclosed in the Alternative Performance Measures (APM) section.

For the first three months of 2025, the Group’s result was a profit of EUR 2 million, an increase of EUR 23 million relative to the EUR 21 million loss reported for the comparable period in 2024. The year-on-year change in the Group’s result was driven principally by increased revenue from fleet expansion and higher utilisation.

Net cash flow provided by operating activities was EUR 20 million in the first three months of 2025, EUR 7 million higher than the EUR 13 million recorded for the comparable period in 2024, driven by increased operating profit and deferred revenue, partially offset by a decrease in trade and other payables.

Net cash flow used in investing activities in the first three months of 2025 was EUR 467 million, an increase of EUR 365 million compared to the EUR 102 million reported for the same period in 2024. This increase was driven by the final instalments for the two vessels delivered in Q1, Wind Maker and Wind Pace.

Net cash flow provided by financing activities in the first three months of 2025 was EUR 482 million, an increase of EUR 281 million compared to the EUR 201 million reported for the comparable period in 2024. This increase was driven by proceeds from borrowings of EUR 495 million net of bank fees and partially offset by the capital raised in Q1 2024.

Outlook 2025

The Group’s 2025 guidance for both revenue and EBITDA remains unchanged for 2025: Revenue is expected to range between EUR 485 million and EUR 525 million and EBITDA is expected to be in the range of EUR 278 million to EUR 318 million, as disclosed in the Group's Annual Report 2024. This earnings release report for the period 1 January to 31 March 2025 is neither audited nor reviewed.

Subsequent Events

In May 2025, Cadeler received notice terminating the preferred supplier agreement (PSA) it disclosed on 15 July 2024. Cadeler is entitled to receive termination fees as a result of such termination. The termination has no impact on Cadeler’s disclosed contract backlog, as vessel reservation agreements such as the PSA are not included therein. Cadeler is continuing to assess the positive impact of the forgoing on its 2025 revenue and EBITDA guidance.

UK Re-Domiciliation

In light of competing strategic priorities, Cadeler has determined to delay its contemplated re-domiciliation to the United Kingdom from H1 2025 to 2026. Cadeler continues to believe that a re-domiciliation to the United Kingdom would enhance the Group’s strategic position and anticipates providing a further update in due course.

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Financial Performance

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Capital and assets

As of 31 March 2025, the Group’s total assets amounted to EUR 2,464 million, a 27% increase for the reporting period. This increase was driven primarily by an increase in property, plant and equipment of EUR 476 million, which was attributable to the Group’s newbuild programmes, including the introduction of the new M-Class vessel, Wind Maker, and the new P-Class vessel, Wind Pace.

The Group's equity amounted to EUR 1,226 million as of 31 March 2025, reflecting a decrease of EUR 8 million from the balance as of 1 January 2025 of EUR 1,234 million. The development in the Group's equity was driven by a loss of EUR 7 million from adjustment of hedges along with EUR 4 million in costs relating to the hedges, partially offset by a profit of EUR 2 million and share-based payments of EUR 1 million for the first three months of 2025.

As of 1 January 2025, all entities of the former Eneti Group have changed their functional currency from USD to EUR. The change is driven by Cadeler’s acquisition of the former Eneti Group end of 2023 following by changes to the financing, organisation and activities whereby it is Management’s assessment that the primary economic environment in which each of the entities operates has changed to be mainly denominated in EUR. Accordingly, Management has determined that EUR is the new functional currency that will most faithfully reflect the underlying transactions, events and conditions relevant to the entities following the acquisition.

As some of the group entities are conducting business in an international environment, Management has applied judgement to determine the primary economic environment con-sidering that the underlying transactions, events and conditions.

The financial ratios and operational metrics are calculated in accordance with the terms and definitions set out in the Annual Report 2024.

¹ Average number of full-time equivalent Cadeler employees for the reporting period.

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On 17 January 2025 the Company requested utilisation of EUR 40 million under the Green Corporate Facility, and on 14 February 2025 a further EUR 40 million was requested.

On 31 January 2025, the Company took delivery of the sixth vessel in its fleet, Wind Maker, which was delivered at the Hanwha Ocean Shipyard in South Korea. Additionally, on 23 January 2025, the Company drew down half of the M-Class Facility to pay the last instalment, amounting to approximately EUR 212 million.

On 26 March 2025, the Company took delivery of the seventh vessel (the second P-Class Vessel) in its fleet, Wind Pace. Additionally, on 17 March 2025, the Company requested the utilisation of EUR 211 million under the P-Class Facility to finance the final instalment for this Vessel.

On 21 March 2025 the A-Class Facility was signed. Cadeler and two of its subsidiaries, Wind Ally Limited and Wind Ace Limited, entered into a Sinosure-backed Green Term Loan Facility of up to EUR 525 million (with a 12 year tenor) (the “A-Class Facility”) with a group of banks led by DNB and supported by Credit Agricole, CIC, HSBC, KfW-IPEX, OCBC, Rabobank, Santander, Société Générale, Sparebank 1 SR-Bank and Standard Chartered Bank, to finance the purchase of the first two of the Cadeler Group’s three newbuild A-Class Vessels. The loan agreement includes a “pre-delivery” tranche of EUR 50 million to be utilised against the pe-nultimate yard instalment for Wind Ace and will be refinanced by the post-delivery tranche upon delivery in Q3 2026. The terms of the A-Class Facility are substantially identical to those of the P-Class Facility and the M-Class Facility, except that the effectiveness of the A-Class Facility is contingent upon the receipt by the lenders thereunder of written confirma-tion from Sinosure, prior to 31 May 2025, that each of the insurance policies to be issued by Sinosure in connection with such facility are approved for issuance. Sinosure has issued a letter indicating its intention to obtain such approval and the Cadeler Group’s management expects to receive the relevant written confirmation and to confirm the effectiveness of the A-Class Facility prior to 31 May 2025.

¹ For the P-Class Facility, 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.

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Order backlog

Cadeler’s order book for 2025 is substantially filled. As of 21 May 2025, notable contracts signed since 1 January 2025 include:

Vessel Reservation Agreements (VRAs) are not included in the contract backlog. On 7 February 2025, however, Cadeler announced the signing of a notable VRA with Ocean Winds for the installation of the wind turbine generators at BC-Wind offshore wind farm in the Polish Baltic Sea. The potential value to Cadeler of the contract to be negotiated during the pendency of that VRA is expected to be between EUR 48 and EUR 56 million.

The Group’s order backlog as of the reporting date amounted to EUR 2,487 million.

¹As of 31 March 2025, 94% of the contract backlog (an aggregate of EUR 2,342 million) related to projects for which the relevant counterparty had taken a positive final investment decision (FID), and an aggregate of EUR 145 million remained subject to counterparty FID (the foregoing figures include both firm and option line items).

²As of the date of this earnings release, 100% of the contract backlog related to projects for which the relevant counterparty had taken a positive FID (the foregoing figures include both firm and option line items).

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The annual report, as referred to in this document, and first quarter earnings release, contain certain forward-looking statements relating to the business, financial performance, and results of the Company and/or the industry in which it operates.

Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in the annual report and first quarter earnings release, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Such factors may for example include a change in the price of raw materials.

None of the Company or any of its parent or subsidiaries undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in the annual report or the actual occurrence of the forecasted developments.

The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results.

The annual report and first quarter earnings release may contain information obtained from third parties. You are advised that such third-party information has not been prepared specifically for inclusion in the annual report or first quarter earnings release and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information.

Several other factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in the annual report or first quarter earnings release.

Should any risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the annual report or first quarter earnings release.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company, not any of its subsidiaries or shareholders or any officers, directors, board members or employees accept any liability whatsoever arising directly or indirectly from the use of the annual report or first quarter earnings release.

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Non-IFRS Financial Measures

To supplement its financial information presented in accordance with IFRS, the Group uses certain non-IFRS metrics, including EBITDA, when measuring performance, including when measuring current period results of operations against prior periods. Because of its non-standardised definition, these non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how management assesses underlying performance.

These supplemental non-IFRS measures are not, and should not, be viewed as a substitute for IFRS measures. Management believes the presentation of these non-IFRS measures provides investors with greater transparency and supplemental data relating to the Group’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business and operating performance. In addition, Management believes the presentation of these non-IFRS measures is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as asset sales, write-offs, contract termination costs or items outside of Management’s control.

As a performance measure, the Group used EBITDA: Earnings before interest, tax, finance income/costs and depreciation and amortisation

EBITDA is calculated as shown below:

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