H1 Interim Financial Results 2026: Cadeler delivers on its strategy, with strong financial results

Copenhagen, 25 August 2026 - Today, Cadeler published its interim financial
results for the first half of 2026 reporting strong financial performance, with
both revenue and EBITDA more than doubling compared to Cadeler's results for the
first half of 2025 (when adjusting for one-off termination fees in the
comparative period). The results demonstrate that Cadeler's fleet strategy is
delivering as intended, positioning the company to support customers through the
next phase of offshore wind development.

Revenue for the first six months of 2026 more than doubled to EUR 408 million,
an increase of EUR 220 million compared to revenue of EUR 188 million for the
same period last year, while EBITDA for the first six months of 2026 also more
than doubled to EUR 208 million, an increase of EUR 106 million compared to
EBITDA of EUR 102 million for the same period last year (in each case, when
adjusting for one-off termination fees of EUR 111 million in the comparative
period). 

Profit for the period rose to EUR 88 million, a year-on-year increase of EUR 31
million (54%) from profit of EUR 57 million in the comparative period, adjusted
for the termination fees identified above. The increase was mainly driven by
fleet expansion and a higher number of contracted days. Fleet utilisation of
Cadeler's ten vessels remained stable at 66% for the period, compared to 67% in
the same period last year.

Cadeler maintains its full-year 2026 guidance, with revenue expected to be in
the range of EUR 854 to 944 million, and EBITDA to be within the range of EUR
420 to 510 million. Cadeler's acquisition of Menck on 11 August 2026 is expected
to impact the consolidated Cadeler group's revenue and EBITDA guidance for 2026.
Cadeler is reviewing the extent of that impact and will provide an update in due
course.

Mikkel Gleerup, CEO of Cadeler, comments:
"These results demonstrate that our fleet strategy is delivering as intended,
providing the flexibility, reliability and operational capabilities required to
support the next phase of offshore wind development as customers place
increasing emphasis on the resilience of their supply chains and certainty of
delivery. As our fleet, project portfolio and organisation have continued to
grow, Cadeler has remained focused on disciplined execution, adapting quickly to
changing project requirements and supporting our customers across multiple
installation projects in H1 2026."

Demonstrating Cadeler's customer value proposition 
For Cadeler, the defining theme of the first half of 2026 was execution. Cadeler
operated its fleet at a new scale, with ten vessels in active operation, and
demonstrated the benefits of that scale through greater flexibility and
redundancy to mitigate operational risks across multiple projects. When project
requirements changed, Cadeler rapidly redeployed vessels, helping customers
maintain project momentum and mitigate the risk of delays.

Cadeler also commenced its first full-scope monopile foundation transportation &
installation (T&I) campaign at Ørsted's Hornsea 3 offshore wind farm which, when
complete, will be the world's single largest offshore wind farm. With this
campaign, Cadeler is proving the capabilities it has invested in over recent
years to support its ambition of becoming the leading provider of integrated
foundation T&I solutions.

In July 2026, subsequent to the reporting period, Cadeler took delivery, within
budget and on schedule, of Wind Ace, Cadeler's eleventh wind installation vessel
and second of three A-class newbuilds. Following her mobilisation, Wind Ace will
be deployed on ScottishPower Renewables' East Anglia TWO offshore wind farm in
the UK, where Cadeler will provide transportation and installation of both
foundations and wind turbines.

Further investing in Cadeler's full-scope foundation capabilities 
In the first half of 2026, Cadeler has also invested significantly in deepening
and broadening its capabilities in full-scope foundation T&I.

In March 2026, the company completed a private placement raising approximately
EUR 175 million before transaction costs. This enabled the subsequent order,
after the reporting period, of two T-class newbuilds, expanding Cadeler's
foundation installation capabilities. Cadeler has also announced its intention
to enter the scour protection segment with the potential acquisition of a scour
protection vessel.

Mikkel Gleerup comments:
"As offshore wind projects increase in scale and complexity, developers are
placing greater emphasis on resilient supply chains and experienced partners
with the right capabilities. Continued investment in our fleet strengthens our
ability to meet these evolving needs, capture the strong underlying demand in
the market and generate attractive and sustainable returns for our
shareholders."

In August 2026, after the reporting period, Cadeler announced the strategic
acquisition of Menck, a leading global provider of specialist equipment and
engineering solutions for offshore foundation installation. The acquisition
marks a step-change in the development of Cadeler's offshore foundation T&I
capabilities and will enable Cadeler to deliver a complete and integrated
approach to project execution.

A strong order book and positive industry outlook
Cadeler's order book for 2026 is substantially secured. Notable contract awards
in 2026 include:

o In February, Nexra, Cadeler's dedicated offshore wind service platform, signed
a firm contract for a 3-4 month O&M project in Taiwan commencing in March 2026,
with a value exceeding EUR 20 million.

o In March, Nexra secured two additional firm contracts: a second 3-4 month O&M
project for Wind Maker in Taiwan, and a 1-2 month project for Wind Zaratan in
Japan, both completed in 2026.

In addition, in January 2026, Cadeler signed a preferred supplier agreement
(PSA) with an undisclosed client for the transportation and installation of
monopiles and transition pieces at a large offshore wind farm in Europe. The
project is expected to commence in H1 2028 and will use two Cadeler vessels,
including a newbuild A-class vessel. The agreement is subject to client FID.

As of 25 August 2026, Cadeler's total order backlog stands at nearly EUR 2.5
billion. 

Mikkel Gleerup comments:
"We are seeing increasingly positive momentum across our key markets,
particularly in the UK, the North Sea and Asia-Pacific. Governments show strong
ambitions for offshore wind, and the undersupply of capable installation vessels
is expected to increase further as the existing fleet ages and becomes less
efficient. With our expanded fleet, strong order backlog and growing
capabilities, Cadeler is well positioned to capture these opportunities and
support the next phase of offshore wind development."

Earnings call
In connection with the release of Cadeler's H1 2026 Financial Report, Mikkel
Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial
Officer, will host a live video webcast presentation for the investment
community.

Date: 25 August 2026
Time: 08:00 AM EDT / 1:00 PM UK / 2:00 PM CET

The Interim Report earnings presentation is open to all interested parties and
may include forward-looking information. Please register in advance here:
https://cadeler-H1-2026-earnings-presentation.open-exchange.net/.

A replay of the webcast and the presentation slides will be made available on
Cadeler's Investor Relations website following the presentation, available here:
http://www.cadeler.com/investor. The full H1 2026 Interim Report is also
available at the same link. 

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For further information, please contact: 

Cadeler Press Office
press@cadeler.com

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
Cadeler A/S (Cadeler) is a global leader in offshore wind turbine transport and
installation. The company owns and operates the industry's largest fleet of
jack-up offshore wind installation vessels and is expanding its capabilities
into full-scope foundation transport and installation, as well as operations &
maintenance. With its modern fleet and depth of expertise across onshore and
offshore operations, Cadeler supports the safe, efficient and reliable delivery
of offshore wind projects worldwide. 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.
e\, efficient and reliable delivery\
of offshore wind projects worldwide. 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.\