Cadeler (NYSE: CDLR) raises EUR 175m to support new offshore wind vessels

Rhea-AI Filing Summary

Cadeler has completed a private placement raising approximately EUR 175 million at a price above its 5-day volume-weighted average price. The funds will support initial capital commitments for two proposed T-class wind foundation installation vessel newbuilds and a potential acquisition and conversion of a scour protection vessel.

The T-class vessels are in advanced discussions for delivery in 2030 and 2031, with payment profiles expected to be back-loaded and around 65% of total capex financed with debt. Most capital commitments are projected after 2029, so management does not expect the program to constrain near-term dividend capacity or broader capital return ambitions.

Cadeler highlights disciplined industry newbuild activity, noting no wind foundation installation vessels have been ordered globally since its last order in Q2 2024 and pointing to a projected vessel undersupply from 2029 as support for long-term utilisation and pricing. The company states no additional equity is expected to be required to fund its current plans and that no final investment decisions have yet been made, with all terms remaining indicative.

Positive

• Equity raise above market benchmark with limited further dilution signalled: Cadeler completed a private placement of approximately EUR 175 million at a price above its 5-day VWAP and explicitly states that no additional equity is expected to be required to fund its current growth plans.

Negative

• None.

Insights

Offshore energy and capital markets analyst

Cadeler funds long-dated fleet growth while signalling limited further equity needs.

Cadeler has raised approximately EUR 175 million via a private placement priced above its 5-day VWAP to fund early commitments for two T-class foundation installation vessels and a possible scour protection vessel acquisition and conversion. These assets target offshore wind foundation and scour protection work, deepening the company’s position in core installation segments.

The planned T-class vessels are expected to be delivered in 2030 and 2031 with back-loaded payment profiles and roughly 65% debt financing, pushing most cash outflows beyond 2029. This structure, combined with existing strong operating cash flows and a robust balance sheet, underpins management’s view that near-term dividend capacity and capital return ambitions can be preserved.

Management also notes that no competing wind foundation installation vessels have been ordered globally since Q2 2024 and cites a projected vessel undersupply from 2029, which could support utilisation and pricing if realised. The statement that no additional equity is expected for current plans reduces perceived equity overhang risk, though all projects remain subject to final investment decisions and indicative terms only.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-41889

CADELER A/S

(Translation of registrant's name into English)

Kalvebod Brygge 43

DK-1560 Copenhagen V, Denmark

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Press Release

Cadeler announces planned investments in exceptional growth opportunities, balanced with dividend potential from strong cash flows

Copenhagen, 26 March 2026 – Cadeler today announced the completion of a private placement raising approximately EUR 175 million, at a price above the Company’s 5-day VWAP, to fund initial capital commitments for two proposed T-class Wind Foundation Installation Vessel newbuilds and the potential acquisition and conversion of a scour protection vessel. Importantly, Cadeler’s fleet expansion is structured to preserve a clear path to capital returns.

Strong operating cash flows, a robust balance sheet, and limited near-term capital commitments support the Company’s continued ability to allocate capital to shareholders.

While Cadeler doubled the size of its fleet on the water (and corresponding capacity to generate operational cash flows) in 2025, industry newbuild activity has remained highly disciplined. No wind foundation installation vessels have been ordered globally since Cadeler’s last order in Q2 2024. A tightening projected vessel undersupply from 2029 onwards underpins favourable long-term utilisation and pricing.

Cadeler is in advanced discussions for two competitively priced T-class newbuilds, to be delivered in 2030 and 2031. Payment profiles for both newbuilds are anticipated to be back-loaded, with a majority of the capital commitments falling due after 2029 and the total capex expected to be 65% debt financed. With limited near-term cash outflows, the addition of the T-class vessels to Cadeler’s fleet is not expected to impact near-term dividend capacity or capital return ambitions.

In parallel, Cadeler is evaluating the acquisition and conversion of a scour protection vessel. This initiative would strengthen Cadeler’s foundation transportation & installation (T&I) offering, reducing Cadeler’s reliance on sub-contractors, improving competitiveness in pricing, and maximising retained profits, while offering a capital-efficient and accelerated route to market. Financing options under consideration further support a disciplined capital structure.

With strong underlying demand and renewed momentum in the offshore wind industry globally, Cadeler anticipates good employment prospects across its expanded fleet. Cadeler remains committed to balancing selective growth with an attractive and sustainable return of capital to shareholders. No additional equity is expected to be required to fund current plans.

No final investment decisions have been made, and all terms remain indicative.

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

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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

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 26, 2026                 CADELER A/S

(Registrant)

By: /s/ Mikkel Gleerup        
Name:     Mikkel Gleerup
Title:     Chief Executive Officer

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FAQ

What capital has Cadeler (CDLR) just raised and for what purpose?

Cadeler raised approximately EUR 175 million through a private placement to fund initial capital commitments for two proposed T-class wind foundation installation vessel newbuilds and a potential scour protection vessel acquisition and conversion. These investments are aimed at expanding its offshore wind installation and foundation transportation capabilities.

How will Cadeler finance its new T-class wind foundation installation vessels?

Cadeler expects the total capex for the two T-class wind foundation installation vessels to be about 65% debt financed, with payment profiles back-loaded and most capital commitments due after 2029. This structure is intended to limit near-term cash outflows while supporting long-dated fleet expansion.

Will Cadeler’s new investments affect its dividend and capital return plans?

Cadeler states that limited near-term cash outflows from the T-class vessels mean the expansion is not expected to impact near-term dividend capacity or broader capital return ambitions. Strong operating cash flows and a robust balance sheet are cited as additional support for continued shareholder returns.

Does Cadeler expect to issue more equity to fund its current growth plans?

Cadeler explicitly notes that no additional equity is expected to be required to fund its current plans. The company is relying on the recently completed EUR 175 million private placement, anticipated 65% debt financing of capex, and strong internal cash generation to support the proposed investments.

What market conditions support Cadeler’s decision to pursue new offshore wind vessels?

Cadeler highlights that no wind foundation installation vessels have been ordered globally since Q2 2024 and points to a projected vessel undersupply from 2029, which underpins favourable long-term utilisation and pricing expectations. These conditions support the strategic rationale for expanding its specialised fleet.

Are Cadeler’s T-class newbuilds and scour protection vessel acquisition already approved?

No, Cadeler states that no final investment decisions have been made and that all terms remain indicative for the T-class newbuilds and the potential scour protection vessel acquisition and conversion. The company is still evaluating these opportunities and their detailed financing structures.