Q1 2026 Earnings Release: Cadeler reports strong Q1 performance driven by fleet expansion and operational activity in line with expectations

Copenhagen, 20 May 2026 - Today, Cadeler (Cadeler A/S and, together with its
subsidiaries, the "Group") announced its financial results for the first quarter
of 2026.

Cadeler reported revenue of EUR 125 million in Q1 2026, compared to EUR 65
million in the same period last year, driven primarily by increased contracted
activity following the expansion of Cadeler's operating fleet. EBITDA increased
to EUR 47 million from EUR 24 million in Q1 2025.

During the quarter, Cadeler's fleet of ten operating vessels achieved a combined
utilisation rate of 47.6%, compared to 55.3% in the same period in 2025,
reflecting transit periods for Wind Ally and Wind Mover, the completion of Wind
Keeper's upgrade scope and scheduled dry-docking for maintenance of Wind Orca.

Cadeler maintains its full-year 2026 guidance, reiterating expected full-year
revenue in the range of EUR 854 million to EUR 944 million and EBITDA in the
range of EUR 420 million to EUR 510 million.

Mikkel Gleerup, CEO of Cadeler, comments: "The first quarter of 2026 reflects
the continued scaling of our business following the expansion of our operating
fleet over the past year. While the integration of new capacity naturally
impacts utilisation in the short term, we are seeing strong underlying
operational activity across the fleet. At the same time, we continue to
strengthen our financial platform and invest in the next phase of Cadeler's
growth - positioning Cadeler to support the increasing global demand for
offshore wind installation capacity."

Fleet expansion and long-term investment
Cadeler continued to strengthen its long-term fleet strategy during the quarter.
In March 2026, the company successfully completed a private placement raising
approximately EUR 175 million before transaction costs.

The net proceeds are intended to partly finance two new T-class wind
installation vessel newbuilds scheduled for delivery in 2030 and 2031, as well
as the acquisition of a vessel to support future scour protection activities.
The investment reflects Cadeler's continued focus on expanding its capabilities
across the offshore wind installation value chain while supporting future demand
for larger and increasingly complex offshore wind projects.

Expanding presence in offshore wind operations and maintenance
Cadeler continued to strengthen its presence within offshore wind operations and
maintenance activities through Nexra, the company's dedicated offshore wind
aftermarket service platform.

During the first quarter, Cadeler secured several new operations and maintenance
projects across key offshore wind markets, supporting continued utilisation
across the fleet and strengthening long-term client relationships.

The offshore wind aftermarket remains a growing area of strategic focus for
Cadeler as the global installed base of offshore wind turbines continues to
expand.

Strong commercial visibility
Cadeler's order backlog remained robust at EUR 2,705 million at the end of the
quarter, 82% of which relates to projects where clients have already taken final
investment decisions.

During the quarter, Cadeler vessels continued operations across offshore wind
projects in Europe, Asia-Pacific and North America, while additional newly
delivered capacity continued to be integrated into the operating fleet.

Key highlights for Q1 2026
o Revenue increased to EUR 125 million, up from EUR 65 million in Q1 2025 
o EBITDA increased to EUR 47 million, compared to EUR 24 million in Q1 2025 
o Fleet utilisation was 47.6% across ten operating vessels 
o Order backlog remained robust at EUR 2,705 million as of 31 March 2026 

Earnings call
In connection with the release of its Q1 2026 Earnings Report, 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 London.

Date: 20 May 2026
Time: 08:00 EST / 13:00 UK / 14:00 CET

The Q1 2026 Earnings presentation is open to all interested parties and may
include forward-looking information. Please register in advance at this link:
https://cadeler-q1-2026-earnings-presentation.open-exchange.net/registration

A replay of the webcast will be available through the same link following the
presentation, and for at least three months thereafter.

The presenter's slides will be made available on Cadeler's investor page here:
https://ir.cadeler.com/

***
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 

About Cadeler: 
Cadeler A/S (Cadeler) is a pure-play offshore wind installation partner and a
global leader in offshore wind turbine transport and installation. The company
owns and operates the industry's largest fleet of jack-up offshore wind
installation vessels and is expanding its capabilities into full-scope
foundation transport and installation, as well as operations & maintenance. With
its modern fleet and depth of expertise across onshore and offshore operations,
Cadeler supports the safe, efficient and reliable delivery of offshore wind
projects worldwide. 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.
s listed on the New York Stock Exchange (ticker:\
CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information\, please\
visit www.cadeler.com.\