Copenhagen, 20 November 2025 - Today, Cadeler has published its Q3 2025 Earnings
Release, delivering robust financial and operational performance. Full-year
guidance is reaffirmed as Cadeler continues to execute on its long-term growth
strategy.

In the first nine months of 2025, Cadeler generated revenue of EUR 453 million,
up 178% from EUR 163 million in the same period in 2024 - an increase of EUR 290
million. This growth was driven by increased revenue from the expansion of
Cadeler's fleet, increased vessel utilisation, and compensation in connection
with the termination of a long-term agreement. 

EBITDA reached EUR 322 million for the period, up from EUR 70 million in the
first nine months of 2024. Net profit for the first nine months totalled EUR 232
million, compared to EUR 28 million in the same period last year.

In the first nine months of 2025, Cadeler's fleet expanded from five to nine
vessels. This has been coupled with a strong operational performance, with a
combined utilisation rate of 75.8%, compared to 61.4% in the same period last
year.

Net cash flow from operating activities increased to EUR 286 million (compared
to EUR 45 million in 2024), while net cash flow used in investing activities
rose to EUR 931 million, reflecting the delivery of three newbuild WTIVs. Net
cash provided by financing activities amounted to EUR 805 million, primarily
supported by new green loan facilities.

Backlog and commercial momentum

Cadeler's order book continues to expand, strengthened by several major
contracts signed in Q3. These include a new WTG installation project, BC-Wind in
Poland, with a value to Cadeler of up to EUR 58 million, and two contracts for
the full-scope transportation and installation of foundations and WTGs for an
upcoming offshore wind farm, worth around EUR 500 million. With these additions,
Cadeler's total order backlog has grown to EUR 2,887 million as of 20 November
2025.

Fleet expansion: Largest and most advanced offshore wind fleet

In the first nine months of 2025, Cadeler took delivery of three newbuild WTIVs,
Wind Maker, Wind Pace, and Wind Ally, in addition to the acquisition of Wind
Keeper, a highly capable O&M vessel. Cadeler will soon take delivery of its
second M-class vessel and is fully on track with its fleet expansion strategy.
By mid-2027, Cadeler will operate a 12-vessel fleet - the largest and most
versatile in the offshore wind industry.

Cadeler CEO, Mikkel Gleerup, comments: "We are proud to report strong financial
and operational results for the third quarter. With high utilisation, an
expanding fleet, and solid client demand, Cadeler continues to deliver on its
strategic ambitions. The delivery of Wind Ally in September, our first vessel
specifically designed for foundation installations, marked another important
milestone as we build the most capable fleet in the industry."

Entering a new era with Hornsea 3

In early 2026, Cadeler will begin its foundations T&I campaign for Ørsted's
Hornsea 3 offshore wind farm in the North Sea. For the first time, the company
will take on the entire transport and installation (T&I) scope for offshore
monopile foundations - a strategic step that positions the company as a
full-service provider in the foundations market. Cadeler's newly delivered
vessel, Wind Ally, the company's first A-class vessel and the ninth in its
growing fleet will install the foundations at Hornsea 3.
 
Mikkel Gleerup adds: "With Hornsea 3, we're stepping into a new era for Cadeler
as we take on the full scope of foundation transportation and installation. With
this project we are expanding our role in the offshore wind value chain,
underscoring our capabilities to support large-scale, integrated offshore
developments for a sustainable future." 

Strong balance sheet and strategic financing initiatives

As of 30 September 2025, Cadeler's total assets stood at EUR 3,056 million - up
58% year-to-date. Total equity increased to EUR 1,446 million, reflecting strong
operational performance and capital inflows.

During the quarter, Cadeler secured a EUR 125 million Green Term Loan Facility
to refinance the Wind Keeper bridge loan and drew on existing credit facilities
to support continued investment.

Full-year guidance reaffirmed

Following a guidance upgrade in July, Cadeler reaffirms its full-year 2025
financial outlook. Revenue is expected to be in the range of EUR 588-628
million, while EBITDA is forecast to range between EUR 381-421 million.

Earnings Call

In connection with the release of its Q3 2025 Earnings Release, Cadeler will
host a live video webcast presentation for the investment community. Mikkel
Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial
Officer, will present live from Copenhagen. 

Date: 20 November 2025
Time: 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 register in advance at this link:
https://cadeler-q3-2025-earnings-presentation.open-exchange.net/registration

A replay of the webcast and the presentation slides will be made available on
Cadeler's Investor Relations website following the presentation. Find it here:
http://www.cadeler.com/investor

For further information, please contact:

Cadeler Press Office:
+45 2830 6905
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 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