Copenhagen November 26, 2024 - Today, Cadeler A/S ("Cadeler" and, together with
its subsidiaries, the "Group") has published its Q3 Earnings Release, delivering
in line with expectations and reporting a backlog approaching EUR 2.4 billion,
underscoring consistently strong market demand. In Q3, Cadeler welcomed the Wind
Peak, the latest addition to its fleet, purpose-built to meet the evolving
complexities of future wind farms. Delivered on time and within budget, Wind
Peak was promptly deployed for its first project in Europe, demonstrating its
readiness to meet the growing demand for flexibility from clients.

Cadeler is the world's leading offshore wind turbine transportation and
installation company with a fleet of five vessels in operation and six newbuilds
to be delivered in the coming years. In the third quarter of 2024, Cadeler
continued its growth trajectory, reporting total revenue for the quarter of EUR
81 million, compared to EUR 23 million earned in the comparative period in 2023.
EBITDA for the third quarter of 2024 rose to EUR 48 million, compared to EUR 8
million in the same period of 2023. 

In light of its strong results to date, Cadeler has today increased its revenue
guidance for the financial year 2024, as it now expects full-year revenue to
fall within the range of EUR 243 million to EUR 253 million. In addition,
Cadeler has revised and narrowed its EBITDA guidance within the upper end of the
range it has previously communicated, as it now expects full-year EBITDA to
range between EUR 115 million and 125 million. 

For Q3 2024, Cadeler reports a combined utilisation rate for its operational
fleet of 86.5%, showcasing that the fleet utilisation rate is now close to
normality after completing the scheduled fleet maintenance and crane upgrades in
H1 2024. The most recent utilisation rate is also impacted by an increased
ability to fully utilise fleet capacity by offering more flexible deployments
towards clients with acute needs of Cadeler's services. The recent swift
deployment of Wind Peak to a project in Europe is an example of this.  

Mikkel Gleerup, CEO of Cadeler, said: "We continue to meet our ambitious 2024
targets, reaffirming our guidance for the year while showcasing a
record-breaking order backlog exceeding EUR 2.3 billion. Demand remains strong,
particularly in Asia and Europe, with the UK reinforcing offshore wind as a
pillar of decarbonisation. Cadeler is proud to play a central role in key UK
projects, including East Anglia Two, awarded in Q3 - our second full-service T&I
project following Hornsea 3."

"Q3 also marked a milestone with the delivery of Wind Peak, a cutting-edge
vessel completed on time and within budget. Her early arrival in Europe allowed
us to deploy her on a short-term contract before she commences work next year on
the Sofia project for Siemens Gamesa and RWE. This highlights the exceptional
versatility of Cadeler's growing fleet. With five ships already operational and
more on the horizon, we are better equipped than ever to deliver high-value,
flexible solutions for our clients' evolving needs."

Guidance 

In the Group's Annual Report 2023, Cadeler provided guidance for the financial
year ending 31 December 2024 indicating that full-year revenue was expected to
fall within the range of EUR 225 million to EUR 245 million, while full-year
EBITDA was expected to be between EUR 105 million and EUR 125 million. Cadeler
has today increased its revenue guidance for the financial year 2024, as it now
expects full-year revenue to fall within the range of EUR 243 million to EUR 253
million, principally due to clients calling more options under the Group's
existing contracts than was previously assumed, higher vessel utilisation as a
result of the Group having secured contracts for the provision of operations and
maintenance services between installation projects, and the receipt of
termination fees in respect of a vessel reservation agreement. In addition,
Cadeler has revised and narrowed its EBITDA guidance within the upper end of the
range it has previously communicated, as it now expects full-year EBITDA to
range between EUR 115 million and 125 million. 

Backlog 

As of today's date, Cadeler's order book stands at EUR 2,386 million, having
increased by EUR 478 million from 30 June 2024 with several substantial orders
signed, including:

o	On 30 September 2024, Cadeler A/S signed firm contracts with the offshore wind
farms Baltyk 2 and Baltyk 3, both being joint venture projects owned 50% by
Equinor and 50% by Polenergia. The total potential value of these contracts to
Cadeler is expected to be in the range of EUR 120-144 million, with operations
scheduled to begin in 2027.

o	On 5 November 2024, Cadeler A/S signed the second of two firm contracts for
the transportation and installation of 64 x 15MW offshore wind turbine
generators ("WTGs") as well as the foundations for the East Anglia TWO Offshore
Wind Farm, being developed by ScottishPower Renewables (a member of the
Iberdrola Group) off the coast of the UK. The aggregate value of these contracts
to Cadeler is projected to fall within the range of EUR 360-382 million. The
offshore works are set to commence in 2027 and will see the use of one of
Cadeler's newbuild A-class vessels as well as an O-class vessel.

Vessel Reservation Agreements (VRAs) are not included in the contract backlog.
Since
30 June 2024, multiple VRAs have been concluded, including a notable VRA with an
undisclosed customer, for a pipeline of wind projects in the Asia-Pacific
region. The aggregate potential value to Cadeler of the development pipeline to
be negotiated during the pendency of that VRA is expected to be approximately
EUR 200 million.

Of the total contract backlog, 88.7% (an aggregate of EUR 2,116 million) relates
to projects for which the relevant counterparty has taken a positive final
investment decision (FID).

Result and utilisation
 
For the first nine months of 2024, the Group's result is a profit of EUR 28
million, which is a decrease of EUR 2 million from the EUR 30 million profit
earned in the comparative period in 2023. The year-on-year change in the Group's
result was driven principally by an overall increase in headcount, vessel
depreciation and financing costs, which were partly offset by a higher gross
profit. 

The combined utilisation rate for all operating vessels in Q3 was 86.5%. The
Group's combined utilisation rate for the first nine months of 2024 was 61.4%
for its operating vessels, reflecting the scheduled vessel upgrades and
maintenance in Q1. 

Revenue

The Group's revenue in the first nine months of 2024 was EUR 163 million, which
is an increase of EUR 72 million compared to a revenue of EUR 91 million for the
comparative period in 2023. 

EBITDA 

The Group's EBITDA reflected a EUR 70 million profit for the first nine months
of 2024, an increase of EUR 21 million compared to an EBITDA of EUR 49 million
for the same period in 2023, as disclosed in the Alternative Performance
Measures (APM) section of the Q3 Financial Report. 

Group equity 

The Group's equity amounted to EUR 1,132 million as of 30 September 2024, an
increase of EUR 173 million from the opening balance of EUR 959 million on 1
January 2024. The development in the Group's equity was driven by a net capital
increase of EUR 152 million after transaction costs and a profit of EUR 26
million for the first nine months of 2024, partially offset by a loss of EUR 7
million from foreign currency translation adjustments and a EUR 1 million
reduction in equity related to the share buy-back program initiated in July
2024.
 
Total assets

As of 30 September 2024, the Group's total assets amounted to EUR 1,828 million,
a 46% increase from the opening balance of EUR 1,253 million on 1 January 2024.
This increase was driven primarily by an increase in property, plant and
equipment of EUR 527 million, which was attributable to the Group's newbuild
programs, the last instalment of Wind Peak, and main crane upgrades for the
Group's O-class vessels. 


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Earnings call 

In connection with the release of its interim report, Cadeler will host a live
video webcast earnings presentation for the investment community. Mikkel
Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial
Officer, will present live from London on 26 November 2024 from 08:00 EST /
13:00 UK / 14:00 CET. 

The earnings presentation is open to all interested parties and may include
forward-looking information.  Please find the link for the webcast and register
in advance here:
https://cadeler-q3-2024-earnings-presentation.open-exchange.net/registration
 
An archived replay of the webcast will be available through the same link
following the presentation, for at least three months thereafter. The
presenter's slides will be made available on Cadeler's website at
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: 

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, 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