Copenhagen August 27, 2024 - Today, Cadeler A/S ("Cadeler" and, together with
its subsidiaries, the "Group") has published its Interim Financial Report for
the first half of 2024, showcasing results in line with guidance and a record
order backlog. In addition to progress on the integration of the Eneti business
following the completion of Cadeler's acquisition of Eneti Inc. in December
2023, achieving synergies above expectations, Cadeler has added projects in Asia
and the US - as well as Europe - to its order book. The renewed O-class cranes
were delivered on time and on budget. Cadeler has also secured additional
financing and placed an order to build a third state-of-the-art A-class vessel. 

Cadeler owns and operates the industry's largest and most versatile fleet of
jack-up offshore wind installation vessels, with four vessels in operation, a
fifth vessel (the Wind Peak) delivered on time and on budget earlier this month
and expected to commence operations in the second half of this year, and six
newbuilds under construction. Cadeler's order book now stands at EUR 1.9 billion
(options included at 100%), an increase of over EUR 500 million compared to H1
2023. 

Mikkel Gleerup, CEO of Cadeler, said: "I am pleased to report that, once again,
our results align with expectations, demonstrating our strategic focus on fleet
modernization and expansion in sync with growing customer demand and project
complexity. In an industry accustomed to delays and budget constraints, Cadeler
has consistently achieved what it has said it will achieve. The first half of
2024 saw key maintenance and crane upgrade projects completed on time and within
budget, and with four vessels now fully operational and a fifth set to commence
work, Cadeler is well-positioned for continued growth. The growing demand in our
market is evidenced by our record-high order backlog. Securing additional
financing, and placing the official order for our third A-Class vessel, are
significant milestones of which I am very proud." 

Guidance 

Cadeler's guidance for both revenue and EBITDA remains unchanged for 2024:
revenue is expected to range between EUR 225 million and EUR 245 million and
EBITDA is expected to be in the range of EUR 105 million to EUR 125 million, as
disclosed in the Group's Annual Report 2023. Cadeler's outlook for 2024 reflects
the growth trajectory that Cadeler is currently on, with significant investments
made this year to support Cadeler's long term growth potential. 

Backlog 

Cadeler is positioned to benefit from strong and increasing demand in the
offshore wind industry. As of today's date, Cadeler's order book stands at EUR
1,925 million, having increased by EUR 566 million from 30 June 2023. Of the
total contract backlog, 86% (an aggregate of EUR 1,652 million) relates to
projects for which the relevant counterparty has taken a positive final
investment decision (FID). 

Result and utilization
 
For the first half of 2024, the Group's 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 utilization as three out of the
Group's four operating vessels were undergoing scheduled drydock, crane upgrades
and maintenance during the first quarter of 2024, and an increase in headcount
and vessel depreciation. 

Revenue

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 the water, other than the Wind Peak (delivery of which was taken on
schedule in August 2024), are expected to be on hire for the remainder of 2024. 

EBITDA 

In H1 2024, the Group's EBITDA reflected a EUR 22 million profit, a decrease of
EUR 20 million compared to an EBITDA of EUR 42 million for the same period in
2023, as disclosed in the Alternative Performance Measures (APM) section of the
2024 Interim Financial Report. Adjusted EBITDA, which excludes transaction costs
related to the business combination with Eneti, was EUR 44 million in H1 2023,
as disclosed in the same APM section.

Group equity 

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 on 31 December 2023. The
development in the Group's equity was driven by a net capital increase of EUR
152 million after transaction costs, EUR 23 million in value gained from hedging
activity adjustments, a EUR 16 million gain from foreign currency translation
adjustments, and profit of EUR 153 thousand in H1 2024. 

Total assets

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 programs, EUR 51 million to the main crane upgrades for the
Group's O-class vessels, and EUR 10 million to other projects). 

Market Outlook

Cadeler's newest vessel, the Wind Peak, joined the fleet in August 2024 as
Cadeler's fifth vessel on the water. Wind Peak is amongst the most modern and
innovative vessels in the industry. Specifically designed to meet growing demand
and the increasing size, scope, and complexity of future wind farm projects,
Wind Peak is the first of seven new builds to be joining Cadeler's fleet.  

Wind Peak has already been contracted by Siemens Gamesa for the transportation
and installation of 100 14-megawatt wind turbines in the North Sea for the Sofia
Project, owned by RWE, located 195 km off the UK's Northeast coast. 

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.

Throughout 2024, the outlook for the offshore wind energy sector and Cadeler
remain positive due to favorable macroeconomic trends and unprecedented policy
momentum globally. Policies such as the EU Strategy on Offshore Renewable Energy
and increased efforts by governments elsewhere 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.

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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 New York City on 27 August 2024 from 08:00 EST
(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-h1-2024-earnings-presentation.open-exchange.net/ 
 
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, and any additional information provided during the
presentation, will be made available on Cadeler's website, under
Investors/Company Presentations.


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 and to enable 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