Cadeler (CDLR) boosts Q1 2026 revenue and backlog but books net loss

Rhea-AI Filing Summary

Cadeler A/S reported strong top-line growth but a bottom-line loss in Q1 2026. Revenue nearly doubled to EUR 124.7 million from EUR 65.5 million, driven by more contracted days from a larger ten-vessel fleet. EBITDA rose to EUR 47.0 million from EUR 23.7 million, reflecting higher activity despite lower utilisation.

The Group recorded a loss of EUR 7.0 million versus a EUR 1.8 million profit a year earlier, mainly because financial expenses increased as more vessel interest was expensed instead of capitalised. Operating cash flow strengthened to EUR 42.2 million, while EUR 90.7 million was invested, largely in vessels and upgrades.

Total assets reached EUR 3.54 billion and equity increased to EUR 1.68 billion, supported by a March 2026 capital increase of about EUR 174.2 million. The equity ratio improved to 47.6%. Contract backlog including options was EUR 2.71 billion, with 82% linked to projects with a positive final investment decision. Revenue and EBITDA guidance for 2026 remain unchanged, and a EUR 100 million revolving credit facility was extended to December 2027.

Positive

• Strong growth and profitability at operating level: Q1 2026 revenue rose to EUR 124.7 million from EUR 65.5 million and EBITDA nearly doubled to EUR 47.0 million, reflecting successful fleet expansion and higher contracted activity.
• Reinforced balance sheet and backlog visibility: Equity increased to EUR 1.68 billion after a roughly EUR 174.2 million capital raise, the equity ratio improved to 47.6%, and contract backlog including options reached EUR 2.71 billion, with 82% linked to projects after positive FID.
• Improved liquidity and extended credit support: Operating cash flow grew to EUR 42.2 million, cash reached EUR 221.3 million, and the EUR 100 million RCF‑B Facility was extended by 18 months to December 2027.

Negative

• Shift to net loss driven by higher financial expenses: Despite stronger EBITDA, Cadeler reported a Q1 2026 loss of EUR 7.0 million versus a EUR 1.8 million profit a year earlier, mainly due to a sharp increase in financial expenses as vessel interest costs were expensed.

Insights

Equity analyst – offshore energy & shipping

Revenue and EBITDA surged, but higher interest costs pushed Cadeler into a Q1 loss.

Cadeler delivered rapid growth in Q1 2026, with revenue of EUR 124.7 million almost doubling year-on-year and EBITDA rising to EUR 47.0 million. This reflects fleet expansion to ten operating vessels and strong contracted activity, even though utilisation fell to 47.6%.

The swing to a EUR 7.0 million loss from a EUR 1.8 million profit was driven by financial expenses of EUR 24.2 million, as more interest on delivered vessels moved from capitalisation into the income statement. Operating cash flow of EUR 42.2 million and an equity ratio of 47.6% indicate a solid balance sheet.

Strategically, a roughly EUR 174.2 million share issue, a EUR 2.71 billion contract backlog (82% post‑FID) and extension of the EUR 100 million RCF‑B Facility to December 2027 support funding for newbuilds and future projects. With 2026 revenue and EBITDA guidance reaffirmed, the filing points to continued growth investment balanced by higher financing costs.

Key Figures

Q1 2026 revenue: EUR 124.7 million Q1 2026 EBITDA: EUR 47.0 million Q1 2026 profit/loss: EUR -7.0 million +5 more

8 metrics

Q1 2026 revenue EUR 124.7 million Up from EUR 65.5 million in Q1 2025

Q1 2026 EBITDA EUR 47.0 million EBITDA versus EUR 23.7 million in Q1 2025

Q1 2026 profit/loss EUR -7.0 million Compared with EUR 1.8 million profit in Q1 2025

Operating cash flow Q1 2026 EUR 42.2 million Net cash provided by operating activities

Contract backlog including options EUR 2.71 billion Total backlog as of 31 March 2026, 82% post‑FID

Equity ratio 47.6% As of 31 March 2026, up from 44.0% at year‑end 2025

Capital increase March 2026 EUR 174.2 million Proceeds from issue of share capital before related costs

Total assets EUR 3.54 billion As of 31 March 2026, up 3% versus 31 December 2025

Key Terms

EBITDA, contract backlog, Preferred Supplier Agreement (PSA), RCF-B Facility, +1 more

5 terms

EBITDA financial

"The Group's EBITDA for the first three months of 2026 was EUR 47 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

contract backlog financial

"The Group’s order backlog as of the reporting date amounted to EUR 2,705 million."

A contract backlog is the total value of work or orders that a company has committed to complete but has not yet finished. It acts like a pending to-do list of projects or jobs, indicating future revenue potential. For investors, a large or growing backlog suggests steady future income, while a shrinking backlog might signal slowing business activity.

Preferred Supplier Agreement (PSA) financial

"Cadeler announced that it had signed a preferred supplier agreement (PSA) with an undisclosed client"

RCF-B Facility financial

"the lenders under Cadeler's EUR 100 million RCF-B Facility and Cadeler agreed to extend that facility"

cash flow hedges financial

"Cash flow hedges - changes in fair value | 13,067"

A cash flow hedge is an accounting label companies use when they enter financial contracts—like currency or interest-rate agreements—to protect expected future cash payments or receipts from unpredictable moves. For investors, it signals that the company is trying to smooth out future cash variability (think of locking in a price to avoid surprises), which can reduce reported profit swings but also means the company has exposure to derivative instruments and their associated risks.

Form 6-K: How Foreign Companies Report to the SEC →

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 May 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

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

On May 20, 2026, Cadeler A/S (the “Company”) published its First Quarter 2026 Earnings Release, a.copy of which is attached hereto as Exhibit 99.1.

Exhibit No.			Description
99.1			First Quarter 2026 Earnings Release for the period 1 January to 31 March 2026.

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: May 20, 2026                    CADELER A/S

(Registrant)

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

First Quarter 2026

Earnings Release

For the period 1 January to 31 March 2026

Cadeler A/S. Incorporated in Denmark.  Registration Number (CVR no.): 3118 0503

Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark

2

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Financial Performance

Income statement and cash flows

The Group's revenue for the first three months of 2026 was EUR 125

million, an increase of EUR 60 million compared to the EUR 65 million

revenue reported for the comparable period in 2025, driven principally

by the increase in contracted days resulting from fleet expansion.

The Group’s cost of sales for the first three months of 2026 was   

EUR 98 million, EUR 53 million higher than the comparable period in

2025, driven mainly by the addition of three new operating vessels to

the fleet, Wind Ally, Wind Mover and Wind Keeper.

The Group’s ten operating vessels achieved a combined 47.6%

utilisation rate for the first three months of 2026, compared to 55.3% in

the same period in 2025, where the Group had seven operating vessels.

The Group's EBITDA for the first three months of 2026 was EUR 47

million, an increase of EUR 23 million compared to the EBITDA of   

EUR 24 million reported for the same period in 2025, as disclosed in the

Alternative Performance Measures (APM) section.

For the first three months of 2026, the Group’s result was a loss of 

EUR 7 million, a decrease of EUR 9 million relative to the EUR 2 million

profit reported for the comparable period in 2025.

Despite the Group's increase in gross profit, the reduction in the result

for the first three months of 2026 compared to the corresponding

period in 2025 was primarily driven by an increase in financial expenses,

as most vessels were delivered as expected, leading to a higher portion

of the interest cost being expensed rather than capitalised.

Net cash flow provided by operating activities was EUR 42 million in

the first three months of 2026, EUR 22 million higher than the EUR 20

million recorded for the comparable period in 2025, primarily

reflecting the conversion of contract assets into cash.

Net cash flow used in investing activities in the first three months

of 2026 was EUR 91 million, a decrease of EUR 390 million

compared to the EUR 481 million reported for the same period in

2025. This decrease relates to a higher amount of final

instalments in the first three months of 2025, compared to Q1

2026.

Net cash flow provided by financing activities in the first three

months of 2026 was EUR 119 million, a decrease of EUR 363

million compared to the EUR 482 million reported for the

comparable period in 2025. This decrease was driven by lower

proceeds from borrowings net of bank fees compared to the

same period in 2025 and partially offset by the proceeds from

the Group's issue of share capital net of fees during Q1 2026 of

EUR 170 million.

Outlook 2026

The Group’s 2026 guidance for both revenue and EBITDA remains

unchanged for 2026: Revenue is expected to range between EUR 854

million and EUR 944 million and EBITDA is expected to be in the

range of EUR 420 million to EUR 510 million, as disclosed in the

Group's Annual Report 2025.

Subsequent Events

On 28 April 2026, the lenders under Cadeler's EUR 100 million RCF-B

Facility and Cadeler agreed to extend that facility, which had been

due to expire on 19 June 2026, by a further 18 months to 19

December 2027.

This earnings release report for the period 1 January to 31 March

2026 is neither audited nor reviewed.

3

________________

Financial Performance

Continued from previous page

Key Figures	Q1 2026	Q1 2025
EUR'000
Revenue	124,727	65,474
Gross profit	26,763	20,916
Operating profit	7,786	4,830
Net financials	(14,638)	(1,801)
Profit/(loss) for the period	(7,049)	1,798
Cash flow provided by operating activities	42,213	20,387
Cash flow used in investing activities	(90,672)	(480,860)
Of which investment in property, plant and equipment	(90,976)	(466,217)
Cash flow provided by financing activities	118,803	482,041
Net increase in cash and cash equivalents	70,344	21,568
Share related key figures
Earnings per share (EPS), EUR	(0.02)	0.01
Diluted earnings per share (diluted EPS), EUR	(0.02)	0.01
Operational metrics
Contracted days (no. of days)	428	284
Utilisation (%)	47.6%	55.3%

4

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Financial Performance

Continued from previous page

Capital and assets

As of 31 March 2026, the Group’s total assets amounted to EUR 3,536 million, a 3% increase compared to

31 December 2025. This increase was driven primarily by an increase in property, plant and equipment of

EUR 80 million, which was attributable to newbuilds and various vessel upgrades, and an increase in Cash

and cash equivalents of EUR 70 million.

The Group's equity amounted to EUR 1,682 million as of 31 March 2026, reflecting an increase of EUR 178

million from the balance at year end 2025 of EUR 1,504 million. The development in the Group's equity

was driven by a net capital increase of EUR 170 million after transaction costs, a gain of EUR 16 million

from changes in fair value and costs of hedges, offset by a loss of EUR 7 million for the first three months

of 2026.

The Company completed a successful private placement on 25 March 2026, resulting in the issuance of

approximately 35 million shares at a price of NOK 56 per share. Overall the Company raised

approximately EUR 175 million before transaction costs. The net proceeds are intended to partly finance

two Wind Foundation Installation Vessel newbuilds (referred to as the “T-Class newbuilds') to be delivered

mid-2030 and mid-2031 and the potential acquisition of a heavy-lift vessel for scour protection (rock

installation) scopes.

Key Figures	31 March 2026	31 December 2025
EUR'000
Total assets	3,535,513	3,416,676
Non-current asset	3,109,886	3,026,719
Total liabilities	1,853,689	1,913,000
Equity	1,681,824	1,503,676
Cash and cash equivalents	221,295	151,679
Financial ratios and operational metrics
Return on assets (%)	0.2%	11.9%
Return on equity (%)	(0.4)%	20.5%
Equity ratio (%)	47.6%	44.0%
Average number of employees¹
Onshore	355	307
Offshore	749	586

The financial ratios and operational metrics identified above are calculated in accordance with the terms

and definitions set out in the Annual Report 2025.

  1 Average number of full-time equivalent Cadeler employees for the reporting period.

5

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Financial Performance

Continued from previous page

As of 31 March 2026, the Group is in compliance with all financial covenants and expects to remain compliant during 2026.

On 28 April 2026, the lenders under Cadeler's EUR 100 million RCF-B Facility and Cadeler agreed to extend that facility, which had been due to expire on 19 June 2026, by a further 18 months to 19 December 2027.

EUR Million	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 5 years	Above 5 years	Total
Corporate Financing	19	75	283	73	16	465
Vessel Financing	105	105	105	266	568	1,150
Total Borrowing	124	180	388	339	583	1,615

6

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Financial Performance

Continued from previous page

Order backlog

Cadeler’s order book for 2026 is substantially filled. As of 20 May

2026, notable contracts signed since 1 January 2026 include:

•In February, Nexra – Cadeler’s service platform –

announced the signing of a firm contract for an O&M

campaign in Taiwan commencing in March 2026, to run for

3-4 months. The value of the contract to Cadeler exceeds

EUR 20m.

•In March, Nexra closed two additional firm contracts: a

second 3–4  month O&M campaign for Wind Maker in

Taiwan, and a 2–3 month campaign for Wind Zaratan in

Japan, both to be completed in 2026.

•In addition, in January 2026 Cadeler announced that it had

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 campaign is expected to commence in

H1 2028 and to be executed using two of Cadeler’s vessels,

including a newbuild A-class vessel. The PSA is subject to

the client's FID on the project.

Vessel Reservation Agreements (VRAs) and Preferred Supplier

Agreements (PSAs) are not included in the contract backlog.

The Group’s order backlog as of the reporting date amounted to

EUR 2,705 million.

EUR Million	Within 1 year	After 1 year	Total
Contract backlog including options as of 31 March 2026
Firm, excluding options	842	1,461	2,303
Options considered as contingent considerations for revenue recognition purposes	59	142	201
Options not considered as contingent considerations for revenue recognition purposes	59	142	201
Total¹	960	1,745	2,705
Additions in the period 1 April to 20 May 2026:
Firm, excluding options	-	-	-
Options considered as contingent considerations for revenue recognition purposes	-	-	-
Options not considered as contingent considerations for revenue recognition purposes	-	-	-
Contract backlog including options as of 20 May, unadjusted for services provided during the period 1 April - 20 May 2026²	960	1,745	2,705

1 As of 31 March 2026, 82% of the contract backlog (an aggregate of EUR 2,229 million) related to projects for which the relevant counterparty had taken a positive final

investment decision (FID), and an aggregate of EUR 475 million remained subject to counterparty FID (the foregoing figures include both firm and option line items).

2As of the date of this earnings release, 82% of the contract backlog related to projects for which the relevant counterparty had taken a positive FID (the foregoing figures include

both firm and option line items).

7

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Interim Condensed Consolidated Statement of

Profit or Loss and Other Comprehensive Income

EUR'000	Q1 2026	Q1 2025
Revenue	124,727	65,474
Cost of sales	(97,964)	(44,558)
Gross profit	26,763	20,916
Net other operating income and expenses	938	136
Administrative expenses	(19,915)	(16,222)
Operating profit	7,786	4,830
Financial income	9,534	270
Financial expenses	(24,172)	(2,071)
Profit/(loss) before income tax	(6,852)	3,029
Income tax expense	(197)	(1,231)
Profit/(loss) for the period	(7,049)	1,798
Profit/(loss) for the period attributable to:
Equity holders of the parent	(7,049)	1,798
Earnings per share
Basic, profit/(loss) for the period attributable to ordinary equity holders of the parent (EUR per share)	(0.02)	0.01
Diluted, profit/(loss) for the period attributable to ordinary equity holders of the parent (EUR per share)	(0.02)	0.01

EUR'000	Q1 2026	Q1 2025
Other comprehensive income/(loss)
Items that may be reclassified to profit or loss
Cash flow hedges - changes in fair value	13,067	(3,929)
Cash flow hedges - items recycled	(18)	(3,016)
Cash flow hedges - cost of hedging	1,070	(3,828)
Other comprehensive income/(loss) after tax	14,119	(10,773)
Total comprehensive income/(loss) for the period, net of tax	7,070	(8,975)
Total comprehensive income/(loss) attributable to:
Equity holders of the parent	7,070	(8,975)

8

________________

Interim Condensed Consolidated Balance Sheet

EUR'000	31 March 2026	31 December 2025
Intangible assets	19,493	19,432
Property, plant and equipment	3,016,754	2,937,060
Right-of-use assets	12,230	12,598
Leasehold deposits	1,163	1,141
Derivative assets	6,696	2,419
Other non-current assets	53,550	54,069
Total non-current assets	3,109,886	3,026,719
Current assets
Inventories	3,784	3,540
Trade and other receivables	145,529	139,029
Contract assets	39,891	81,923
Prepayments	13,970	13,523
Current derivative assets	1,158	263
Cash and cash equivalents	221,295	151,679
Total current assets	425,627	389,957
Total assets	3,535,513	3,416,676

EUR'000	31 March 2026	31 December 2025
Share capital	51,841	47,144
Share premium	1,265,213	1,099,495
Treasury shares	(2,999)	(2,999)
Reserves	32,542	18,423
Retained earnings / (accumulated losses)	335,227	341,613
Total equity	1,681,824	1,503,676
Non-current liabilities
Lease liabilities	11,175	12,482
Deferred tax liabilities	12,886	13,256
Deferred revenue	43,918	30,901
Debt to credit institutions	1,457,034	1,494,623
Derivative liabilities	2,608	10,654
Total non-current liabilities	1,527,621	1,561,916
Trade and other payables	76,955	98,208
Payables to related parties	127	272
Deferred revenue	117,871	128,716
Current lease liabilities	1,901	1,057
Current income tax liabilities	4,152	3,638
Current debt to credit institutions	124,493	116,131
Current derivative liabilities	569	3,062
Total current liabilities	326,068	351,084
Total liabilities	1,853,689	1,913,000
Total equity and liabilities	3,535,513	3,416,676

9

________________

Interim Condensed Consolidated Statement of Changes in Equity

				Reserves
EUR'000	Share capital	Share premium	Treasury shares	Hedging reserves	Cost of hedging reserves	Foreign currency translation reserve	Retained earnings	Total
2026
At 1 January 2026	47,144	1,099,495	(2,999)	(8,381)	(577)	27,381	341,613	1,503,676
Profit/(loss) for the period	—	—	—	—	—	—	(7,049)	(7,049)
Other comprehensive income for the period	—	—	—	13,049	1,070	—	—	14,119
Total comprehensive income for the period	—	—	—	13,049	1,070	—	(7,049)	7,070
Capital increase March 2026	4,697	169,502	—	—	—	—	—	174,199
Costs incurred in connection with March 2026 capital increase	—	(3,784)	—	—	—	—	—	(3,784)
Share-based payments	—	—	—	—	—	—	663	663
End of 31 March 2026	51,841	1,265,213	(2,999)	4,668	493	27,381	335,227	1,681,824
2025
At 1 January 2025	47,144	1,099,495	(1,283)	(3,332)	5,131	27,381	59,358	1,233,894
Profit for the period	—	—	—	—	—	—	1,798	1,798
Other comprehensive income for the period	—	—	—	(6,945)	(3,828)	—	—	(10,773)
Total comprehensive profit for the period	—	—	—	(6,945)	(3,828)	—	1,798	(8,975)
Share-based payments	—	—	—	—	—	—	619	619
End of 31 March 2025	47,144	1,099,495	(1,283)	(10,277)	1,303	27,381	61,775	1,225,538

10

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Interim Condensed Consolidated Statement of Cash Flows

EUR'000	Q1 2026	Q1 2025
Cash flow from operating activities
Profit/(loss) for the period	(7,049)	1,798
Adjustments of non-cash items	50,075	22,380
Depreciation and amortisation	39,127	18,824
Finance income	(1,230)	(266)
Interest expenses	10,836	107
Finance costs	2,062	705
Income tax expense	196	1,249
Fair value change of derivative instruments through profit or loss	(1,579)	196
Share-based payment expenses	663	619
Changes in working capital	(1,992)	(4,056)
Inventories	(244)	(2,540)
Trade receivables, contract assets, prepayments and other receivables	35,066	(27,376)
Trade and other payables	(38,848)	(28,907)
Receivables from related parties	8	(460)
Payables to related parties	(145)	112
Deferred revenue	2,171	55,115
Income tax paid	(51)	—
Interest received	1,230	266
Net cash provided by operating activities	42,213	20,387

EUR'000	Q1 2026	Q1 2025
Cash flow from investing activities
Additions to property, plant and equipment	(90,976)	(466,217)
Additions to intangible assets	(192)	(492)
Movements in other non-current assets	519	(14,074)
Leasehold deposits	(23)	(77)
Net cash used in investing activities	(90,672)	(480,860)
Cash flow from financing activities
Principal repayment of lease liabilities	(705)	(790)
Interest paid	(19,093)	(3,708)
Proceeds from issue of share capital	174,199	-
Transactional costs on issues of shares	(3,784)	-
Bank charges	(1,335)	(705)
Proceeds from borrowing net of bank fees	(1,042)	494,749
Repayment of loan	(29,437)	(7,505)
Net cash provided by financing activities	118,803	482,041
Net increase in cash and cash equivalents	70,344	21,568
Cash and cash equivalents at beginning of the period	151,679	58,464
Effect of exchange rate on cash and cash equivalents	(728)	—
Cash and cash equivalents at end of the period	221,295	80,032

11

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Forward-Looking Statements

The annual report, as referred to in this document, and this

earnings release, contain certain forward-looking statements

relating to the business, financial performance, and results of the

Company and/or the industry in which it operates.

Forward-looking statements concern future circumstances and

results and other statements that are not historical facts,

sometimes identified by the words “believes”, expects”, "predicts",

"intends", "projects", "plans", "estimates", "aims", "foresees",

"anticipates", "targets", and similar expressions. The forward-

looking statements contained in the annual report and this

earnings release, including assumptions, opinions and views of the

Company or cited from third party sources are solely opinions and

forecasts which are subject to risks, uncertainties and other factors

that may cause actual events to differ materially from any

anticipated development. Such factors may for example include a

change in the price of raw materials.

None of the Company or any of its parent or subsidiaries

undertakings or any such person's officers or employees provides

any assurance that the assumptions underlying such forward-

looking statements are free from errors nor does any of them

accept any responsibility for the future accuracy of the opinions

expressed in the annual report or the actual occurrence of the

forecasted developments.

The Company assumes no obligation, except as required by law, to

update any forward-looking statements or to conform these

forward-looking statements to its actual results.

The annual report and this earnings release may contain

information obtained from third parties. You are advised that such

third-party information has not been prepared specifically for

inclusion in the annual report or this earnings release and the

Company has not undertaken any independent investigation to

confirm the accuracy or completeness of such information.

Several other factors could cause the actual results, performance

or achievements of the Company to be materially different from

any future results, performance or achievements that may be

expressed or implied by statements and information in the annual

report or this earnings release.

Should any risks or uncertainties materialise, or should underlying

assumptions prove incorrect, actual results may vary materially

from those described in the annual report or this earnings release.

No representation or warranty (express or implied) is made as to,

and no reliance should be placed on, any information, including

projections, estimates, targets and opinions, contained herein, and

no liability whatsoever is accepted as to any errors, omissions or

misstatements contained herein, and, accordingly, neither the

Company, not any of its subsidiaries or shareholders or any

officers, directors, board members or employees accept any

liability whatsoever arising directly or indirectly from the use of the

annual report or this earnings release.

12

________________

Alternative Performance Measures

Non-IFRS Financial Measures

To supplement its financial information presented in accordance with IFRS, the Group uses certain non-

IFRS metrics, including EBITDA, when measuring performance, including when measuring current period

results of operations against prior periods. Because of its non-standardised definition, these non-IFRS

measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other

companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully

understand how management assesses underlying performance.

These supplemental non-IFRS measures are not, and should not, be viewed as a substitute for IFRS

measures. Management believes the presentation of these non-IFRS measures provides investors with

greater transparency and supplemental data relating to the Group’s financial condition and results of

operations, and therefore a more complete understanding of factors affecting its business and operating

performance. In addition, Management believes the presentation of these non-IFRS measures is useful to

investors for period-to-period comparison of results as the items may reflect certain unique and/or non-

operating items such as asset sales, write-offs, contract termination costs or items outside of

Management’s control.

As a performance measure, the Group used EBITDA: Earnings before interest, tax, finance income/costs

and depreciation and amortisation.

EBITDA is calculated as shown below:

EUR'000	Q1 2026	Q1 2025
Operating profit or loss as reported in the statement of profit	7,786	4,830
Right-of-use asset amortisation	466	283
Depreciation and amortisation	38,746	18,541
EBITDA	46,998	23,654

13

________________

Kalvebod Brygge 43

DK–1560 Copenhagen V

Denmark

+45 3246 3100

www.cadeler.com

FAQ

How did Cadeler (CDLR) perform financially in Q1 2026?

Cadeler delivered much higher revenue but moved to a small loss. Q1 2026 revenue was EUR 124.7 million versus EUR 65.5 million, while EBITDA rose to EUR 47.0 million. Net result turned to a EUR 7.0 million loss, mainly from increased financial expenses.

Why did Cadeler report a loss in Q1 2026 despite higher EBITDA?

Cadeler’s loss was primarily caused by higher financial expenses. As more vessels were delivered, a larger share of interest costs was expensed instead of capitalised, pushing Q1 2026 to a EUR 7.0 million loss despite EBITDA nearly doubling to EUR 47.0 million.

What is Cadeler’s revenue and EBITDA guidance for 2026?

Cadeler kept its 2026 outlook unchanged. It expects revenue between EUR 854 million and EUR 944 million and EBITDA between EUR 420 million and EUR 510 million, consistent with ranges disclosed in its Annual Report 2025 for the full year 2026 performance.

How strong is Cadeler’s contract backlog as of May 2026?

Cadeler reported a contract backlog including options of EUR 2.71 billion as of 31 March 2026. Of this, EUR 2.30 billion is firm backlog, and 82% of the total relates to projects where customers have already taken a positive final investment decision.

What capital actions did Cadeler take in Q1 2026?

Cadeler completed a private placement on 25 March 2026, issuing about 35 million shares at NOK 56 each. The transaction raised roughly EUR 175 million before costs, with net proceeds of about EUR 170 million earmarked partly for T‑Class newbuilds and a potential heavy‑lift vessel.

What is Cadeler’s liquidity and leverage position after Q1 2026?

After Q1 2026, Cadeler held EUR 221.3 million in cash and cash equivalents and an equity ratio of 47.6%. Total borrowing stood at EUR 1.62 billion, and the EUR 100 million RCF‑B revolving credit facility was extended to 19 December 2027, supporting liquidity.

How did Cadeler’s fleet utilisation and contracted days change in Q1 2026?

Cadeler’s ten operating vessels recorded 428 contracted days in Q1 2026 versus 284 a year earlier. Fleet utilisation decreased to 47.6% from 55.3% because the fleet grew from seven to ten operating vessels, spreading activity over a larger asset base.

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