#1Investor Presentation CADELER Annual Report Period: 1 January - 31 December 2021 29 March 2022 C#2Disclaimer CADELER 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 29 MARCH 2022. 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. 2#33 2021 Highlights WIND ORCA KØBENHAVN IF#4The year 2021 at a glance 10 March Largest contract in Company's history is signed with Siemens Gamesa 17 June Calling the option to replace the main crane on Wind Osprey 24 August Cadeler delivers 253% growth in revenue in the first half of 2021 CADELER 29 November O-class fleet reflags from Cypriot to Danish flag and 160 crew members are hired on Cadeler contracts 4 29 April Cadeler announces signficant fleet expansion by doubling the amount of X-class vessels planned to be built 30 June Contract for two new X-class vessels is signed with COSCO SHIPPING 7 October Ørsted chooses Cadeler as preferred supplier for German projects December The Hornsea 2 and Triton Knoll projects are being successfully finalized after installing 114 monopile foundations and 90 WTGs#5Delivering on our promise • Two major windfarm projects successfully finalized: . • Hornsea 2 114 Monopile Foundations Triton Knoll - 90 Wind Turbines Generators • Wind Osprey has installed the highest number of turbines in the industry during 2021 WTG Installation by Vessel 2021 Vessel Company Vessel Cadeler DEME Jan De Nul Wind Osprey Sea Challenge DEME FOWIC Volunt Sea Installer Blue Tern Number of Turbines installed FOWIC Bold Tern 33 Jan De Nul Taillen 19 FOWIC Brave Tern 168 09 12 72 195 Sea Impact#6Cadeler fleet under Danish flag • Change from Cypriot to Danish flag • 29 November 2021 reflagging ceremony • • in Esbjerg Harbour, Denmark All 160 seafaring staff now fully covered. by Danish social security laws and the Collective Bargain Agreement Creation of additional jobs in Denmark in the future c 6 WIND ORCA 8 111 G#7Developing a thriving business • Continue highest safety standards DE LE RI • • • • • • First year as independent contractor Bringing services previously provided by Swire Group in-house High utilisation calls for efficient maintenance and mobilisation team Increased project volume and complexity Investment in people to prepare for the future Working across different geographies and time zones C He 7 Confidential ##8Impact from Covid-19 • Covid still present in society • Continued crew rotation disruptions Additional pressure on the physical and • • mental well-being of our employees. Precautions taken to ensure the safety of on and offshore teams 8 Confidential#9Backlog & Contracts Financial backlog Million EUR 6 450 400 350 310 300 250 200 150 100 50 -63 CADELER Power capacity in backlog vs. power capacity Installed to date (MW) 8000 162* 409 7000 0 Primo 2021 Backlog Finished Projects Added Projects Primo 2022 Backlog *Sofia project originally booked for O-class vessel 6000 5000 4000 3000 2000 1000 Installed 2013-2021 Primo 2022 Backlog#10Financial Results C#11Consolidated P&L for 2021 EUR '000 2021 2020* Revenue 60.938 19.501 Cost of sales -38.879 -45.759 Gross profit/(loss) 22.059 -26.258 Administrative expenses -10.925 -9.646 Operating profit/(loss) 11.134 -35.914 Finance income 1.795 16.811 Finance cost -5.491 -7.930 Profit/(loss) before income tax 7.438 -27.033 Income tax expense 13 1 Profit/(loss) after tax 7.451 -27.032 11 *Up until the 25th of September 2020, the consolidated figures only included numbers for the parent company, Cadeler A/S. As of the 25th of September 2020, the two subsidiaries, Wind Osprey and Wind Orca, were established. From this point in time, the consolidated figures comprised Cadeler A/S, Wind Osprey and Wind Orca.#12Consolidated Balance Sheet for 2021 EUR '000 2021 2020* Non Current Assets 400.148 253.270 Cash 2.308 63.636 Other Current Assets 22.310 19.905 Total Assets 424.766 336.811 Equity 325.256 241.063 Non-current liabilities 45.654 70.114 Current liabilities 53.857 25.634 Total Equity and Liabilities 424.766 336.811 12 *Up until the 25th of September 2020, the consolidated figures only included numbers for the parent company, Cadeler A/S. As of the 25th of September 2020, the two subsidiaries, Wind Osprey and Wind Orca, were established. From this point in time, the consolidated figures comprised Cadeler A/S, Wind Osprey and Wind Orca. C#13Full Year Guidance for 2022 EUR millions Revenue EBITDA 13 2022 Forecast 2021 Results 96-110 61 56-70 28 UNU#14Strong foundation for future growth XXX CADELER#15THE PRELIMINARY ROUND CADELER Economist.com CLIMATE CHANGE Kal#16CSR and sustainability goals • • • Target net zero emissions by 2035 Signed UN Global Compact 2021 installation enabled > 2 million household electricity equivalence Planned improvements on O-Class • X-Class green design. 16 Confidential#17Acute focus on renewable energy globally • • • • 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 17 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. ...#18Netherlands ramps up plan for doubling offshore wind capacity by 2030 Friday, March 18 2022 WIND ENERGY - THE NETHERLANDS The Netherlands will significantly ramp up the building of offshore wind farms in coming years, doubling the planned capacity by 2030, in a bid to meet climate goals and reduce its dependence on Russian gas. SPR, Shell, BP and SS A total of 17 projects awarded option ag Wind power companies bid more than $4bn for ocean waters near New York Sale of leases comes as Biden administration targets 30 gigawatts of wind power in US waters by 2030 17 January 2022 Offshore Wind ambition Energy Transition: UK Oil and Gas Authority Changes Name UK offshore oil and gas regulator the Oil and Gas Authority on Monday announced the name change to the North Sea Transition Authority (NSTA) "to reflect its evolving role in the energy transition." The US government has auctioned 488,000 acres in the New York Bight Phil Noble/Reuters Belgium eyes pioneering offshore win repowering to boost target to 8GW Energy minister says higher goal could also be reached through a third zone for wind at sea in country's very limited share of North set to annou 10.7 gigawat ch part of the on of media re Sustainable Business Shell applies to build 17GW of offshore wind in Brazil Germany aims to get 100% of energy from renewable sources by 2035 Reuters f in T he world will see a once-in-a-lifetime wave of capital spending on physical assets between now and 2027. This surge of investment-amounting to roughly $130 trillion[1]-will flood into projects to decarbonize and renew critical infrastructure. McKinsey Quarterly#1919 Global Market Outlook to Year-End 2030 Journey to 2030 Country pipeline by project status and confidence. * Fixed Floating 254 GW CAGR 14.0% +176 GW 12.5 77.8 GW 163.3 66.9 GW 10.9 GW 50.5 GW 16.4 GW 0.1 50.4 0.2 10.7 0.0 16.4 Fully Commissioned Under FID Made start offshore by Construction end-2030 United States China 27. United Kingdom 24. Germany 18.1 Netherlands Taiwan South Korea Poland Others Denmark 3.5 2.5 2.2 1.2 4.5 5. 5.9 6.4 7.9 8.1 8.4 8.8 10.2 weder France 14.2 17.8 Ireland Vietnam Belgium Norway Australia Sweden 108 GW 89 GW 57 GW HIGH MEDIUM LOW 4Csho Offshore PROJECT CONFIDENCE CADELER#2020 20 Turbine Rating (MW) WTG Rating Outlook to 2030 18 EMEA 16 Americas 14 APAC 12 China 10 DanTysk OFW 80 x 3.6MW Galloper OWF 40 x 6.3MW 2017 8 2014 6 Tritton Knoll 90 x 9.5MW 2021 Sofia 100 x 14MW 2025 4 2 0 2010 12 14 16 18 20 22 24 26 28 2030 CADELER#21Market 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 25 Possible scenario 2026-30 Installed capacity p.a. (avg.) Unit Low Mid High Comment GW 26.3 26.3 26.3 GWEC 22 Average turbine size MW 15 15 15 4C Offshore 20 #turbines installed per year # 1,750 1,750 1,750 17 Days required per turbine² Days 3.0 3.0 3.0 15 Demand days Days 5,250 5,250 5,250 10 5 00 12 Total effective vessel availability p.a.² Days 320 300 280 % of vessel availability used for turbine installation² % 85% 80% 75% 0 Assumed core fleet 15+ MW turbine segment from 2026 Possible demand - mid scenario 2026-2030 (avg.) Days available for turbine installation per vessel p.a. Days 272 240 210 2020 2021 Possible average vessel demand scenarios p.a. # vessels 19 222 22 25 25 Source: GWEC Global Offshore Wind Report 2021 (Sept-21), 4C Offshore "Offshore Wind Farms Project Opportunity Pipeline (POP)" March 2021, Company Note: "Wind turbine installation vessel 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 21 installation of foundations, O&M or other³#22Improving prospects for high yield contracts A look into the Technical Sales Calendar - Mar/Apr 2020 vs. Mar/Apr 2021 vs. Mar 20221 22 22 2020 2021 2022 1 Relative projects sizes shown based on project GW CADELER Projects in active tender: ➤ Up 32% from 2021 ➤ Larger scope and project sizes ➤ Projects across different regions. ➤ Higher value#23M Fleet strategy 23 XXXX CADELER#24Widening our business scope • Vertical and horizontal expansions Organic growth • Inorganic growth · • • Regional expansion Strategic partnerships Increased portfolio of services Floating wind • 24 24 KATXI WIND OSPREY#25Increased global footprint T c Office Vejle c Headquarters Copenhagen CADELER c Sales Office Taipei#26Revised specifications for X-class design Specification Expectation Current Nov-20 design Deck space (m2) 5,600 5,600 Length o.a. ex. Crane (m) 162 162 Beam (m) 60 60 Payload (t) 17,000 > 17,600 1,500 > 2,000 Main crane capacity (t) @50m Max. lifting height above deck 170 @>53m 200 c 15 MW turbine sets per load 7 7 out (#) Operational water depth 70-80 70-80 26#27XXXX ХУЛИ XXXX X-class vessels designed to reduce CO2-footprint ◉ Minimize emissions and environmental impact Minimize the use of hazardous substances Include requirement for biodegradable grease and oil to avoid risk of discharge to the environment Minimize environmental impact on a full lifecycle analysis Include a shore power connection expected to reduce fuel consumption by up to 15% Have fuel-efficient engines as well as optimized engine sizing Reduce fuel consumption during precision maneuvering by enlarged battery capacity Regenerate power from the jacking system, main and aux. cranes Cater for new low flashpoint fuel types 27 XXXX H 4000 CADELER#28Business Enablers maritime SEMCO ENABL Component Suppliers Huisman OSBIT DNV N NICON INDUSTRIES A/S quality on time ABB MANI GE DANISH SUPPLY CORPORATION JOTUN Super Partnerships Customers VATTENFALL Orsted sse Renewables SIEMENS Gamesa RENEWABLE ENERGY EnBW Vestas. CİP innogy COPENHAGEN INFRASTRUCTURE PARTNERS 28 DEME Van Oord ri 17 Marine ingenuity Boskalis GG Granly Gruppen ESBJERG HAVN SpareBank 1 DNB NORD-NORGE KONGSBERG Gusto MSCI NOY Cosco 中远海运重工有限公司 SHIPPING COSCO SHIPPING HEAVY INDUSTRY CO.,LTD.#29Q&A SB 65A Photo credit: Ulrich Wirrwa#3030 With every new turbine, another step forward C C CADELER#31Cadeler Fairway House Arne Jacobsens Allé 7 DK-2300 Copenhagen S Denmark +45 3246 3100 Follow us Instagram LinkedIn C