Annual Report 2024: Cadeler reports strong 2024 annual results, marking a year of strategic transformation and strong growth

25 Mar 2025 08:00 CET

Key figures for 2024

• Contract backlog: EUR 2.5 billion as of 25 March 2025, including 100% of
contractual options. Contract backlog of EUR 2.3 billion as of 31 December,
2024, including 100% of contractual options, compared to EUR 1.7 billion at the
end of 2023.

• Revenue: EUR 249 million (EUR 109 million in 2023)

• EBITDA: EUR 126 million (EUR 42 million in 2023)

• Utilisation: 66% (75% in 2023)

Financial outlook for 2025

• Expected revenue: EUR 485 – 525 million.

• Expected EBITDA: EUR 278 – 318 million.

Copenhagen, March 25, 2025 - Today, Cadeler A/S (“Cadeler” and, together with
its subsidiaries, the “Group”), a global leader in offshore wind transportation
and installation, has published its 2024 annual report, highlighting a year of
significant transformation, strong growth, strategic fleet expansion, and an
all-time high contract backlog.

2024 was a landmark year for Cadeler, driven by strong client demand, strategic
fleet expansion, and significant progress on its integration of Eneti,
following the merger completed in 2023, which solidified Cadeler’s position as
the world’s leading pure-play offshore wind transportation and installation
company.

A year of transformation, strong growth, and major milestones

Cadeler more than doubled its revenue in 2024 to EUR 249 million, an increase of
EUR 140 million from EUR 109 million in 2023. The increase in revenue was driven
by high demand for Cadeler’s services, the successful business combination with
Eneti (completed in December 2023) which resulted in the addition of Wind Scylla
and Wind Zaratan to the fleet, and Cadeler’s continued success in project
execution across its available fleet, with the Wind Peak commencing operations
in Q4 2024 immediately upon arriving in Europe after her delivery. This
significant year-on-year growth was achieved despite a reduced utilisation rate
of 66% due to main crane upgrades on both Wind Orca and Wind Osprey, as well as
scheduled maintenance on Wind Scylla and Wind Zaratan before they commenced
installation operations on key projects in the United States and Taiwan,
respectively.

EBITDA for the year reached EUR 126 million, up EUR 84 million from EUR 42
million in 2023.

Cadeler has a record-high order backlog of EUR 2.5 billion as of today’s date,
including 100% of contractual options, up from approximately EUR 1.7 billion at
the end of 2023.

Outlook for 2025

With its current contract coverage and a growing fleet, Cadeler expects its 2025
financial performance to result in revenue in the range of EUR 485 million to
EUR 525 million and EBITDA of between EUR 278 million and EUR 318 million. This
outlook reflects Cadeler’s ongoing growth trajectory and strong market
positioning.

Mikkel Gleerup, CEO of Cadeler, commented: "Cadeler is in a very strong
position, delivering on our commitments while expanding on our capabilities. Our
versatile fleet, dedicated team, and innovative approach continue to drive
demand from customers seeking efficiency, flexibility and performance. With
strong execution in 2024, realised cost synergies, and a clear path to achieving
sales synergies, we are well-positioned for another transformative year in 2025.
Our solid financial position, future-proof newbuilds, and robust order book
provide a strong foundation for continued growth.”

Strategic fleet expansion and upgrades

In 2024, Cadeler expanded its fleet as planned, upgrading Wind Orca and Wind
Osprey with higher-capacity cranes. Additionally, Cadeler took delivery of the
Wind Peak, a state-of-the-art jack-up vessel and the first of seven newbuilds,
on time and on budget in Q3 2024 and she commenced commercial operations shortly
thereafter.

Looking ahead, the fleet expansion continues. Wind Maker, Cadeler’s first
M-Class vessel, was delivered in January 2025 and immediately deployed, while
Wind Pace, the second P-Class vessel, is scheduled for delivery imminently. The
first A-Class vessel is set to arrive in Q3 2025, with an additional M-Class
vessel expected in Q4 2025, followed by two more A-Class vessels in 2026 and
2027.

Operational excellence

2024 highlighted Cadeler's commitment to operational excellence through strong
project execution and optimised vessel utilisation:

• Successful installation of 60 x 14.7 MW turbines on the Moray West project in
Scotland for Siemens Gamesa, marking the world’s first installation of the SGRE
14.7 MW platform.
• Continued execution on Ørsted's Gode Wind 3 / Borkum Riffgrund 3 project in
Germany.
• Completion of the Yunlin project in Taiwan, installing 46 turbines for Siemens
Gamesa.
• Ongoing installation on the Revolution Wind project for Ørsted in the United
States.
• Multiple O&M campaigns kept vessels active between projects, maximising fleet
utilisation.

Strategic contracts and record-high backlog

Today, Cadeler’s order book stands at a record-high EUR 2.5 billion, including
100% of contractual options.
Key contracts awarded in 2024 included firm contracts with:

• ScottishPower Renewables for the East Anglia Two project: contracts for the
full-scope transportation and installation of 64 x 15 MW offshore wind turbine
generators and their foundations (this marks Cadeler’s second full-scope
foundation transport and installation (T&I) contract, following Hornsea 3);
• Inch Cape Offshore Ltd.: a wind turbine installation contract for the
installation of 72 x 15 MW wind turbines, with operations scheduled to begin in
2026; and
• Ørsted: a long-term agreement to provide A-Class vessel capacity from 2027 to
2030.
Additional firm contracts awarded in 2024 include:
• an offshore wind turbine installation contract for Wind Scylla set to begin in
2025 with a duration of 300 to 550 days; and
• two additional wind turbine installation contracts in Polish waters: the
Baltica 2 project (with Ørsted and PGE Polska Grupa Energetyczna), and the
Bałtyk 2 and Bałtyk 3 projects (with Equinor and Polenergia).

Securing more equity financing and attractive debt financing

In 2024, Cadeler raised EUR 152 million through a private placement, net of
transaction costs. Additionally, the company secured more favorable debt
financing for its operating vessels and newbuilds, enhancing financial
flexibility and supporting future growth.

Sustainability and ESG commitment

Cadeler remains committed to delivering on its climate ambitions. In 2024, the
company invested in measures to reduce emissions by enhancing energy efficiency,
advancing electrification, and preparing for the adoption of green fuels,
including testing of biofuels onboard an O-class vessel in early 2025.
In the fourth quarter of 2024, Cadeler conducted a Human Rights Impact
Assessment to further strengthen its human rights management across thecompany
and the value chain.

Looking Ahead: A Vision for 2025 and Beyond

Cadeler anticipates continued growth in 2025, underpinned by its expanded,
versatile fleet, robust order backlog, and the increasing global demand for
offshore wind solutions.

Mikkel Gleerup, CEO of Cadeler, said: "Our record-breaking contract backlog
reflects our forward-looking strategy as we take on increasingly complex and
large-scale projects. Beyond business growth, we remain committed to supporting
the decarbonisation of our planet and building a sustainable future for
generations to come.”

***

Earnings call

Cadeler will host a live video webcast earnings presentation for investors on 25
March 2025 from 09:00 EST / 13:00 UK / 14:00 CET with Mikkel Gleerup, Chief
Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer,
presenting.

The presentation is open to all interested parties and may include
forward-looking information. Please register in advance at the following link:
https://cadeler-2024-annual-report-presentation.open-exchange.net/

A replay of the webcast will be available through the same link following the
presentation, and for at least three months thereafter. The presenter’s slides
will be made available on Cadeler’s website at http://www.cadeler.com/investor.

For further information, please contact:

Mikkel Gleerup
CEO, Cadeler
+45 3246 3102
mikkel.gleerup@cadeler.com

Alexander Simmonds
EVP & CLO, Cadeler
+44 7376 174172
alexander.simmonds@cadeler.com


About Cadeler A/S:

Cadeler is a global leader in offshore wind installation, operations, and
maintenance services. Cadeler is a pure play company, operating solely in the
offshore wind industry with an uncompromising focus on safety and the
environment. Cadeler owns and operates the industry’s largest fleet of jack-up
offshore wind installation vessels and has for more than 10 years been a key
supplier in the development of offshore wind energy to power millions of
households. Cadeler’s fleet, expertise and capacity to handle the largest and
most complex next-generation offshore wind installation projects positions the
company to deliver exceptional services to the industry. Cadeler is committed to
being at the forefront of sustainable wind farm installation and to enabling the
global energy transition towards a future built on renewable energy. Cadeler is
listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange
(ticker: CADLR). For more information, please visit www.cadeler.com

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