Cadeler A/S American Depositary Share (each representing four (4) Ordinary Shares) 2026 H1 Earnings Call

Thank you very much, and welcome to this half-year presentation from Cadeler. Very pleased to be joined by everyone here. Just a disclaimer slide here first, and then our H1 highlight slide. First half of 2026 have been really a first half that is defined by very solid financial performance. Adjusting for the last termination fee we had last year, we do see a very strong revenue and EBITDA that are both more than doubling on a year-on-year basis. Our newbuild program continued to be on track. We delivered our second A-class vessel on the 17th of July, and that vessel is now preparing for its first project with the mobilization of mission equipment in China before coming to Europe for final mobilization. We also successfully acquired Menck, a leading global provider of specialist equipment and technology solutions for offshore foundation installation.

A little bit more about that later in the presentation. We continued solid execution across all key regions where we are currently busy, and the Hornsea 3 execution also continues and very pleased with that and also more about that in the presentation. We signed firm contract for the two new T-class vessels, something we have been working very, very hard to achieve, and I think it is fair to say that it has been a tough negotiation and very pleased to be at where we are now. In terms of commercial highlights, the acquisition of Menck, we already have gone through the transaction rationale in a separate presentation. But really it is about strengthening the customer offering and the execution capabilities that we have in Cadeler.

We do see this as one of the key components for a successful foundation campaign, and we do also see that our clients have been increasingly concerned about whether this tool can be sourced to the market at the necessary volume. That is something that we have decided to take an active position in to make sure that there is enough equipment for what the industry is needing, and that really means what our clients are needing, what our peers are needing, and also what Cadeler is needing. Altogether, we believe that that is a very sound business move for us with having Menck under the Cadeler umbrella, but still on an arm's length principle, ensuring the proper governance structure that we would expect as a peer in the industry.

I think it is also, as you see on the right side of the slide, it is also about access to really data from thousands of foundations installed already. With the acquisition, Cadeler and Menck together are the company in the industry that have been driving most piles into the ground and hence also a company now that sits on an enormous amount of data. That data is something that we expect to use to really improve our customer offering when we go into a bidding round for every single foundation project to have a much better basis to evaluate the program length on a foundation project going forward. The combined knowledge between the two companies is something that we very much expect will benefit not only our clients but the industry as a whole. Then, of course, Menck is a solid business.

It is a business that is more and more shifting into a rental model, and we believe that the earnings profile of the company is something that is very attractive and that is something that fits well with how we do business in Cadeler and what we want to do on a forward-going basis. Then there is just a very strong strategic and industrial fit between the two companies because the models, they are very, very much aligned, so to speak. In terms of what the company is offering, we showed the slide also just on the day of the announcement. But really, the hydraulic hammers, that is the main part of the business and also the biggest part in terms of revenue generation.

There is a lot of other things that are very interesting to develop as we now go forward with the company, in particular in lifting and handling, where we also are big clients ourself for this type of equipment, but also on noise mitigation. Noise mitigation is something that is taking more and more attention in the industry, and I am also pleased to say that Menck has good technical solution for noise mitigation and something that we will continue to develop together. There is also routing and drilling. Routing and drilling is also, in some cases, necessities on foundation projects, and it is good that there are solid technology bases for both of these components for the future projects as well, and something we all together here believe will be positive effects on projects going forward and really increasing efficiency on foundation installation in the industry.

For Cadeler, we have been very open about how we see this. It is very much like we have seen with the vessels. We are aiming to build scale, so we can offer clients redundancy. I think it is fair to say that we have showed the redundancy, we have showed that it works. We also get the feedback from the clients that the journey that Cadeler has been on is something that is working. It is also working for them, because if there are delays on projects, then we are able to support with additional equipment or different equipment, and still make sure that these projects are coming over the finish line. We have done that already several times in the industry, and we see that that is something the clients, they greatly appreciate.

We believe that by merging now the vessel with the hammer, in the Cadeler case, that is also something the clients will appreciate because really, we remove one risk interface on their installation campaigns. It is really one of the risk interfaces that they are worried about and also one, if it goes wrong, that will cost a lot of money for the industry and hence having the ability to merge the two components, we believe that that is something that will be sought after by the clients out there. I say also the first half of this year, it has been very much about executing on projects globally. We continue on Wind Scylla to install in the U.S. We have been back at Revolution Wind. We are at Revolution Wind, installing the final couple of turbines before we go back to Sunrise again to complete that project.

On Wind Orca, we are installing the secondary steel for the Hornsea 3 project for Ørsted. On Wind Osprey, we are installing EA3 turbines at a very, very rapid pace. Wind Osprey has done incredibly well on that project. The Wind Mover is installing on the Baltic Power project, and the Wind Maker has done O&M campaign in Asia and is currently also operating on O&M out there. We are bringing Zaratan into a new era, and we are doing some small upgrades to Zaratan to make sure that she can support other parts of the business going forward. We are looking forward to see Zaratan contributing value to the company as we go forward. Wind Ace was delivered, as I said, and currently installing mission equipment. Wind Ally is on Hornsea 3 installing, and very pleased to see what we are doing there.

As we will see in a future slide here, we are now going from proof of concept to really doing it fast and safe. That is really what we are aiming for here, and the team has worked tremendously hard to reach the target that we have. Wind Keeper continues on a long-term agreement with Vestas, doing various work and very positive as well there. Wind Peak has also completed the Sofia project and has subsequently done O&M campaign for Nexra, ultimately for Siemens, but currently working in the Nexra setup. Wind Osprey is, together with Wind Osprey, installing turbines on the EA3 project. On Hornsea 3, as we said, it is from first to fast.

We are still working on further accelerations and efficiencies on the project because we will be doing many projects in the future, hence, the learnings we get now from Hornsea is something that we can really implement into the company on a long-term scale. It has been an incredible learning journey to be on Hornsea, and I think that we are very positive with where we are. We continue to find improvements that we can benefit from and that the client can benefit from. I think that we are very ambitious in terms of where we want to be. But really, the proof of concept, the fact that Cadeler is now installing full-scale foundation projects safely and efficiently, that is something that has taken a lot of work and a great thank you to the team that is continuing to deliver on that.

The monopile installation continues, and the secondary steel installation is also on track. The logistics around the project that we are also handling is also progressing. We have three heavy transport vessels on charter, and we have around 100 monopiles that have been loaded into the Marseille-Fos port. Really, as I already said, the focus is to continue safe execution on this project while still finding optimizations. We are working with external people as well to really ensure that we take all the lessons learned in now to benefit this project, but also to benefit future project, but also the way we build projects going forward. I am really pleased to see that, and that the team and how they work with this project and also the interaction we have with the client.