#1Investor Presentation CADELER Interim Report 1 January - 30 June 2022 23 August 2022 C#2CADELER Disclaimer THIS PRESENTATION (THE "PRESENTATION") HAS BEEN PREPARED BY CADELER A/S (THE "COMPANY") EXCLUSIVELY FOR INFORMATION PURPOSES, IS STRICTLY CONFIDENTIAL AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE PRESENTATION DOES NOT CONSTITUTE AN OFFERING OF SECURITIES OR OTHERWISE CONSTITUTE AN INVITATION OR INDUCEMENT TO ANY PERSON TO UNDERWRITE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SECURITIES IN THE COMPANY. NOR DOES THIS PRESENTATION CONSTITUTE FINANCIAL OR LEGAL ADVICE OF ANY KIND. THE PRESENTATION CONTAINS 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 PRESENTATION, 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. 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 PRESENTATION 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 PRESENTATION CONTAINS INFORMATION OBTAINED FROM THIRD PARTIES. YOU ARE ADVISED THAT SUCH THIRD-PARTY INFORMATION HAS NOT BEEN PREPARED SPECIFICALLY FOR INCLUSION IN THE PRESENTATION 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 PRESENTATION. SHOULD ANY RISKS OR UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE PRESENTATION. 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 NOR 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 PRESENTATION. BY ATTENDING OR RECEIVING THE PRESENTATION YOU ACKNOWLEDGE THAT YOU WILL BE SOLELY RESPONSIBLE FOR YOUR OWN ASSESSMENT OF THE MARKET AND THE MARKET POSITION OF THE COMPANY AND THAT YOU WILL CONDUCT YOUR OWN ANALYSIS AND BE SOLELY RESPONSIBLE FOR FORMING YOUR OWN VIEW OF THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY'S BUSINESS. THE PRESENTATION SPEAKS AS OF 1 JULY 2021. NEITHER THE DELIVERY OF THIS PRESENTATION NOR ANY FURTHER DISCUSSIONS OF THE COMPANY WITH ANY ATTENDEE OR RECIPIENT SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE SUCH DATE.#3Agenda 1. Cadeler highlights during H1 2022 2. Financial Results 3. Building the future on a strong foundation 4. Q & A 3 CADELER#4Highlights during H1 2022 工 WIND OSPREY C ER#5Strong backlog additions for the years to come CADELER Vestas A series of assignments in the North Sea Vestas Siemens Scottish Power Renewables Baltic Power Ørsted He Dreiht Moray West East Anglia Hub New market Hornsea Three O-class vessels By end 2023 O-class 64 WTGS 15MW By end 2025 O-class 60 WTGS 14MW By end 2024 O and X-class 95 WTGS-15MW 2026 (With additional two preferred bidder agreements with a total of up to 221 WTGs) O-class vessel up to 76 WTGS 2025 F-class 192 Foundations 2026 (Incl. commitment to develop the vessel hire agreement into a T&I contract for the entire foundation scope)#6Adding a new vessel to the growing fleet 30 March 2022 Financial highlights: Dialogue started with Ørsted 6 5 May 2022 • Private Placement to raise funds for the first F-class vessel in the industry (86m EUR) 9 May 2022 Signing of contract (345 m USD) (Option for an additional X or F-class vessel) 2025 • Delivery planned for Q4/2025 F-CLASS CADELER#7The first hybrid F-class in the Cadeler fleet • • • High flexibility and wide scope based on X-class specifications Hybrid vessel for T&I of both foundations and WTGs Can transport up to six XL Monopile foundations per round-trip The result: the largest and most capable jack-up vessel in the offshore wind industry CADELER 7 F-CLASS#8Main crane capacity Hook height above deck Variable Load Deck space Accommodation F-class ANVANN X-class Bigger than X-class 2,600 t @ 46 m Over 200 m Over 200 m > 17,600 t F-CLASS > 17,600 tADELER 5,600 m2 130 persons 5,600 m2 130 persons#9Financial Results AAAAAA#10Financial highlights for the Group - Continued growth Key figures EUR'000 Time charter hire revenue Other revenue Revenue (total) EBITDA H1 2022 H1 2021 2021 37,724 27,098 5,314 5,191 49,538 11,400 COMMENTS Performance in H1 2022 was good and within guidance despite upstream delays in the Seagreen project ◉ 43,038 32,289 60,938 Revenue up with 33% and EBITDA up with 48% 22,942 15,540 27,626 Gross (loss)/profit 19,622 13,220 Operating profit/(loss) 12,613 7,745 Net financials (2,810) (2,824) Profit/(loss) for the period 9,778 4,926 Total assets 522,973 413,199 Non-current asset 507,164 256,871 Total liabilities 105,261 89,708 Equity 417,712 323,491 Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash and cash equivalents 10 29,110 (117,347) 86,043 114 17,356 30,200 (11,352) (163,375) 69,704 71,847 139,344 2,308 ◉ Strong profit for the H1 2022 and better than full year 2021 Cash in-flow from operating and financing activities reinvested in new buildings and new cranes on the O- class vessels Strong balance sheet with an Equity Ratio of 80% New credit facility of 150m EUR adding net liquidity of 70m EUR in July Investing activities consisted of 85m EUR for the new buildings, new cranes on the O-class vessels 14m EUR, Dry-docks 7m EUR and 11m EUR in project related CAPEX Note: 1.7m EUR of interest is capitalized on new buildings in accordance with IFRS. Net financials includes 2m EUR in FX loss in connection with capital increase 22,059 11,134 (3,696) 7,451 424,766 400,148 99,510 325,256#11Revenue performance - Market improvement Revenue - EUR million 11 43 2022 Utilization of vessels 74% 32 87% COMMENTS Wind Orca was under planned maintenance for the first quarter of 2022, which resulted in 74% utilization for both vessels combined during H1 2022, compared to 87% in H1 2021. Market rates have increased significantly in H1 2022 as compared to H1 2021. However, impacted negatively by upstream delays in the Seagreen project 2021 2022 2021#122022 Full Year Guidance - Narrowed Range 12 2021 FY Annual Report EUR millions Revenue EBITDA 2022 H1 Interim report 96 - 106 96 - 110 56 - 65 56 - 70 COMMENTS ◉ H1 2022 ended within expectations. Current upstream delays on projects in execution leads to rephasing of revenue and narrowing of the guidance. Revenue in H2 2022 is expected in the range of 53m - 63m EUR. For the full-year 2022 revenue is expected in the range 96m-106m EUR. The EBITDA for H2 2022 is expected to be in the range 33m - 42m EUR. For the full-year 2022 EBITDA is expected in the range 56m - 65m EUR. The outlook assumes low impact from the overall macroeconomic developments i.e. inflation, COVID-19, etc.#13Building the future on a strong foundation 222 ए CADELER F-CLAS c AD c ADELER c CADELER CADELER#14Acute global focus on renewable energy and energy security • . • Macroeconomic situation has increased focus on alternative energy sources EU Strategy to harness the potential of offshore renewable energy for a climate neutral future MEP adopt proposal to speed up the expansion of offshore wind energy originally scheduled for 2030 and 2050 Ramp up of offshore wind plans globally 14 Confidential 'Renewable energy is freedom energy' | Germany speeds all-green target to 2035 to ease Russia grip Europe's largest economy now aims for 'almost all' electricity from renewables by mid next decade in move to boost security and meet climate targets Ursula von der Leyen @vonderleyen Energy policy is also security policy. With REPowerEU we have set the way forward. Tomorrow I will discuss with @POTUS how to prioritize → Tweet Ursula von der Leyen @vonderleyen We will take our energy cooperation to the next level, by discussing potential energy supplies to We are both are committed to speeding up the transition to net-zero. So we will pursue our partnership on raw materials, which is key to building climate-neutral economies. ...#15Market outlook WTIVS1 - supply & demand imbalance in 2026-2030 CADELER WTIVS¹ supply & demand 2026-30, Global ex. China Demand scenarios for WTIVS 2026-30, Global ex. China # vessels 30 Possible scenario 2026-30 Installed capacity p.a. (avg.) Unit Low Mid High Comment GW 28 28 28 GWEC Average turbine size MW 15 15 15 4C Offshore 24 25 22 22 #turbines installed per year # 1,870 1,870 1,870 20 Days required per turbine² Days 3.0 3.0 3.0 Demand days Days 5,610 5,610 5,610 17 15 13 12 10 8 5 Assumed core fleet 15+ MW turbine segment from 2026 2020 2021 Possible demand - mid scenario 2026-2030 (avg.) 12022 Total effective vessel availability p.a.² Days 320 300 280 % of vessel availability used for turbine installation² % 85% 80% 75% Days available for turbine installation per vessel p.a. Days 272 240 210 Possible average vessel demand scenarios p.a. # vessels 21 27 22 224 Source: GWEC Global Offshore Wind Report 2022 (June-22), 4C Offshore "Offshore Wind Farms Project Opportunity Pipeline (POP)" March 2021, Company estimate. Note: Wind turbine installation vessel. Excludes Cadeler's planned newbuilds 2Cadeler management assumptions ³Mid scenario assumption of jack-ups installing 100% of turbines and 25% of foundations Taking into account mobilization, maintenance, yard stays etc. Taking into account time spent on 15 installation of foundations, O&M or other³#16Improving prospects for high yield contracts CADELER A look into the Technical Sales Calendar - Mar/Apr 2020 vs. Mar/Apr 2021 vs. Mar 20221 2020 2021 2022 jun-22 1 Relative projects sizes shown based on project GW 16 Projects in active tender: ➤ Up 67% from March 2022 ➤ Larger scope and project sizes ➤ Projects across different regions ➤ Higher value ➤ Portfolio view#17Widening our business scope to meet future demands • · Vertical and horizontal expansions Organic and inorganic growth • Regional expansion Strategic partnerships. • Increased portfolio of services • • • 17 T&I services vs. day rate contracts Floating wind Portfolio view WIND OSPREY O Lifebuoy with light#18Q&A XX XXX FAXEXLX CADELER#19With every wind turbine, a new step forward#20Cadeler Fairway House Arne Jacobsens Allé 7 DK-2300 Copenhagen S Denmark +45 3246 3100 Follow us Instagram Twitter / LinkedIn C