Cadeler A/S Q1 FY2026 earnings call

- Project Milestones * The second A-class vessel had its naming ceremony in April 2026, and is on schedule for delivery in the coming months; the third A-class vessel is on track for delivery in 2027. * Caddler's vessels Wind Ally and Wind Orca are fully mobilized for the Hornsea 3 (Horn C3) offshore wind project, with 8 monopiles installed in water, 7 fully installed, and 5 fully commissioned as of the call date, marking successful proof of concept for the full foundation installation project. Equipment is performing as expected, and activity is ramping up to target speed. * Vessel Windkeeper has started operations for client Vestas and is performing as planned. * The Wind Days new build vessel is nearly complete, on budget, and expected to deliver in early Q3 2026, after which it will mobilize in Europe for the 2027 East Anglia II project. * The Wind Apex new build is expected to deliver in Q2 2027, with management negotiating an early delivery of approximately one month to meet client needs.

- Backlog and Commercial Position * Total company backlog stands at €2.7 billion, providing strong earnings visibility, with 82% of the backlog reaching final investment decision (FID). * The company sees a robust pipeline of opportunities for 2026, 2027, and 2029, with a significant number of high-intent projects being developed for the early 2030s. * Caddler recently completed an oversubscribed €175 million private placement to fund the construction of two new T-class vessels and the acquisition of a rock dumping/scour protection vessel, which will expand service offerings, reduce reliance on third parties for foundation projects, and enable integrated, flexible client solutions.

- Market Outlook * Geopolitical tensions are increasing demand for energy security and locally produced energy, positioning offshore wind for strong growth. European offshore wind auctions are gaining momentum, with fast deployment and localized supply chains increasingly valued as award criteria, which benefits Caddler. * Management confirms a structural supply and demand imbalance in the offshore wind installation market, with vessel undersupply expected to persist especially into the 2030s, driven by new project development and growing demand for operations and maintenance (O&M) services that reduce available installation capacity. * Delayed or uncertain offshore wind projects are returning with firm timelines and are expected to be tendered across Europe in coming rounds, indicating a strong comeback for the regional offshore wind sector.

- Financial Position * The company has a strong balance sheet, with confirmed financing for the A-class vessel program, and advanced discussions for Wind Apex financing expected to close in early Q3 2026. * The existing revolving credit facility (RCF) maturing in June 2026 has been extended for 18 months to December 2027, and management is in advanced negotiations for an €80 million accordion expansion of a corporate loan with HSBC, expected to close in Q2 2026 to ensure sufficient liquidity for planned capital expenditure.

This earning call does not break out financial performance for separate product segments. Aggregate company-wide Q1 2026 results are as follows: total revenue of €124.7 million, up from €65.5 million in Q1 2025; EBITDA of €47 million, up from €23.7 million in Q1 2025; adjusted vessel utilization of 77.7%; net profit of -€7 million, impacted by interest expense on bank facilities; equity ratio of 48%, up from 44% after the Q1 2026 private placement; cash and available liquidity as of March 31 was €369 million.

- Management maintains the unchanged full-year 2026 financial guidance, as Q1 2026 performance was exactly in line with internal expectations. The historical planned profile of a relatively weaker Q1 in terms of revenue and income, followed by larger revenue and income contributions from Q2 and Q3, remains on track. * No changes were made to long-term growth guidance, and management reaffirms expectations for very strong business activity in 2026 and 2027, with growing opportunities in 2029 and beyond.

- Forward-looking statements are inherently uncertain, and actual results may differ materially from expectations due to various risks and uncertainties detailed in Caddler's annual report on Form 20-F filed with the SEC. Caddler undertakes no obligation to update forward-looking statements after the call. * Offshore wind industry developments can generate high market volatility from small changes in policy or project announcements, which can lead to misinterpretation of market conditions.

Q: Jamie Franklin from Jefferies asked if utilization will ramp up in the remaining quarters of 2026 along a similar profile to 2025, and if there are factors that could push Q2 2026 utilization lower year-over-year. / A: Management confirmed that utilization will ramp up in the remaining quarters of 2026, matching the expected profile. Q1 2026's lower utilization was driven by planned vessel repositioning, dry dock activity, and project preparation, which is now largely complete, with very little remaining work of this type for the rest of the year, so utilization will be strong for the remainder of 2026.

Q: Franklin asked to confirm that most remaining 2026 capital expenditure is the final installment on Wind Days in Q3, and whether there is any additional planned capex for the rest of the year. / A: Management confirmed the final Q3 installment on Wind Days, and noted additional capex: a first installment of ~€110 million for the two new T-class vessels (expected to be contracted in 2026), small remaining costs for Windkeeper (most capex already incurred in Q1), and minor costs for foundation projects.

Q: Franklin asked if Wind Apex is still expected to deliver up to one month early, if there are additional costs for early delivery, and if the client will cover those costs. / A: Management confirmed that early delivery to late April/early May 2027 (one month early) is already finalized and signed with the shipyard. A small additional cost is associated with the early delivery, which is already accounted for in the project agreement with the client.