Investor Presentation

CADELER ✓ ENETI Significant operating leverage towards the offshore wind market. Fleet combination creates significant earnings potential €m Illustrative simplified pro-forma capitalization CADELER ENETI Post-deal Illustrative fully-delivered annual EBITDA contribution, before SG&A³) (Єm) Market capitalization¹ 580 387 967 Debt (Q2/2023)² (115) (43) (158) Last announced contract Scylla Cash (Q2/2023)² 19 129 148 Remaining capex (Q2/2023) (970) (495) (1,465) 4.0x 663 608 Fully invested Enterprise Value 1,647 796 2,442 €240k/day €260k/day 3.7x 719 3.4x €280k/day Last announced contract Eneti newbuild 3.2x 831 775 €300k/day 2.9x €320k/day Blended charter rate per vessel ex Zaratan, excluding impact from foundation T&I scope (€/day) 1) As of November 7 2023 applying exchange offer of 3.409 Cadeler shares per Eneti share. 2) Including restricted cash, and sale of the Seajacks Hydra, Seajacks Leviathan and Seajacks Kraken for approximately USD 70m in aggregate, expected to provide net cash proceeds of approximately USD 56.8m after the repayment of amounts due on the Eneti term loan tranche. 3) Assumed Zaratan fixed at €210k/day in line with last contract announcement, 85% utilization for revenue days and €35,000 per day in vessel operating expenses

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