# EDGAR Filing Document

**Accession Number:** 0001978867
**File Stem:** 0001978867-26-000022
**Filing Date:** 2026-3
**Character Count:** 1554549
**Document Hash:** 61026010536999a251935c403b319cab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001978867-26-000022.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0001978867-26-000022

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 301

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260324

**DATE AS OF CHANGE**: 20260324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cadeler A/S
- **CENTRAL INDEX KEY:** 0001978867
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** G7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41889
- **FILM NUMBER:** 26784197

**BUSINESS ADDRESS:**
- **STREET 1:** KALVEBOD BRYGGE 43
- **CITY:** COPENHAGEN V
- **STATE:** G7
- **ZIP:** DK-1560
- **BUSINESS PHONE:** 45 3246 3100

**MAIL ADDRESS:**
- **STREET 1:** KALVEBOD BRYGGE 43
- **CITY:** COPENHAGEN V
- **STATE:** G7
- **ZIP:** DK-1560

?xml version='1.0' encoding='ASCII'? cdlr-20251231

<u>[**Table of Contents**](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 20-F**

(Mark One)

☐&nbsp;&nbsp;&nbsp;&nbsp;**REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☒&nbsp;&nbsp;&nbsp;&nbsp;**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025**

**OR**

☐&nbsp;&nbsp;&nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> .**

**OR**

☐&nbsp;&nbsp;&nbsp;&nbsp;**SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

Commission file number: 001-41889

**Cadeler A/S**(Exact name of Registrant as specified in its charter)

Not applicable

(Translation of Registrant's name into English)

**The Kingdom of Denmark**

(Jurisdiction of incorporation or organization)

**Kalvebod Brygge 43** 

**DK-1560 Copenhagen, Denmark**(Address of principal executive offices)

**Alexander W. Simmonds**

Chief Legal Officer

**+45 3246 3100**

**alexander.simmonds@cadeler.com Kalvebod Brygge 43 DK-1560 Copenhagen, Denmark**(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s):** | **Name of each exchange on which registered** |
| Cadeler ordinary shares, with a nominal value of DKK 1.00 per share |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Stock Exchange<sup>(1)</sup> |
| American Depositary Shares, each representing four (4) ordinary shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDLR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Stock Exchange |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

    

&nbsp;&nbsp;&nbsp;&nbsp;

------

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

The number of outstanding shares as of December 31, 2025 was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Title of Class** | **Number of Shares Outstanding** |
| Ordinary shares, with a nominal value of DKK 1.00 per share | 350,957,583 |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

**Note** – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filling:

☐ U.S. GAAP

☒ International Financial Reporting Standards as issued by the International Accounting Standards Board

☐ Other

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ☐ No ☐

    

&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>[**Table of Contents**](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

**TABLE OF CONTENTS**

<u>Page</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[INTRODUCTION](#i04484b9eca124f80ae6fa6f5107d11d3) | [1](#i04484b9eca124f80ae6fa6f5107d11d3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[PART I](#i9a41df2c240449589323df7637d53085) | [3](#i9a41df2c240449589323df7637d53085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1. Identity of Directors, Senior Management and Advisers](#i148d212b1f9a4055aeb500dba6a0ac3f) | [3](#i148d212b1f9a4055aeb500dba6a0ac3f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 2. Offer Statistics and Expected Timetable](#ifdf996102df3423cac45ad3b781b6c75) | [3](#ifdf996102df3423cac45ad3b781b6c75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 3. Key Information](#ib3476e65b8b64953915fdd7ad11ea285) | [3](#ib3476e65b8b64953915fdd7ad11ea285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 4. Information on the Company](#i3a6e439072ab4047883f198c26c7510b) | [15](#i3a6e439072ab4047883f198c26c7510b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 4A. Unresolved Staff Comments](#i55dcb8e235d84cc680d16ab8d969819c) | [18](#i55dcb8e235d84cc680d16ab8d969819c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 5. Operating and Financial Review and Prospects](#i8e5a6f98bd094c2dadbecb406d998139) | [18](#i8e5a6f98bd094c2dadbecb406d998139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 6. Directors, Senior Management and Employees](#i896b4a52d9674dc6a8b46e87af345862) | [28](#i896b4a52d9674dc6a8b46e87af345862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 7. Major Shareholders and Related Party Transactions](#i1c13a3e12ae6435ca7bce12e2534919b) | [29](#i1c13a3e12ae6435ca7bce12e2534919b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 8. Financial Information](#id5408ebfcf374b0fa3ec02593a367534) | [30](#id5408ebfcf374b0fa3ec02593a367534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 9. The Offer and Listing](#i5f897844c43043fab0797c3e8bb20c7a) | [30](#i5f897844c43043fab0797c3e8bb20c7a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 10. Additional Information](#i06106b39c58f48ebb2634c895c6c609c) | [31](#i06106b39c58f48ebb2634c895c6c609c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 11. Qualitative and Quantitative Disclosures About Market Risk](#i3388bd6453594b999478f477701663ee) | [34](#i3388bd6453594b999478f477701663ee) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 12. Description of Securities Other than Equity Securities](#ia729d676fc0046da83fba1a2f74670cb) | [34](#ia729d676fc0046da83fba1a2f74670cb) |
| &nbsp;&nbsp;&nbsp;&nbsp;[PART II](#id14925071d544deabffdda81c5ba42eb) | [36](#id14925071d544deabffdda81c5ba42eb) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 13. Defaults, Dividend Arrearages and Delinquencies](#i4e0f9c36b34b43f0a36000d87e49164b) | [36](#i4e0f9c36b34b43f0a36000d87e49164b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds](#i940defeac2474a61bff119d985c82b6f) | [36](#i940defeac2474a61bff119d985c82b6f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 15. Controls and Procedures](#ie84a8a56c9b04db58efb524eaa9be49c) | [36](#ie84a8a56c9b04db58efb524eaa9be49c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16A. Audit Committee Financial Expert](#ibff58aef77fd4f0180be7eb473b3cc36) | [37](#ibff58aef77fd4f0180be7eb473b3cc36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16B. Code of Ethics](#i90c88089be9047358e7d206bfe01dd47) | [37](#i90c88089be9047358e7d206bfe01dd47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16C. Principal Accountant Fees and Services](#ic4ec01d130fb44e3a32b480d0016c945) | [37](#ic4ec01d130fb44e3a32b480d0016c945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16D. Exemptions from the Listing Standards for Audit Committees](#i3d7daafa2a974feaa2f9e9a8f5f58ec2) | [37](#i3d7daafa2a974feaa2f9e9a8f5f58ec2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#i3bd4c583874d4bd394a8f67afb9cc8e4) | [37](#i3bd4c583874d4bd394a8f67afb9cc8e4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16F. Change in Registrant's Certifying Accountant](#i09fb1abc02cc46ac83f0fd3fb92a9c1a) | [37](#i09fb1abc02cc46ac83f0fd3fb92a9c1a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16G. Corporate Governance](#ic5f779944555404681d9ae720ee59dd4) | [37](#ic5f779944555404681d9ae720ee59dd4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16H. Mine Safety Disclosure](#i18905fb362fb40b9baa7056dd9a4d74e) | [39](#i18905fb362fb40b9baa7056dd9a4d74e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16I. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections](#i1a2ef5f05bd844cabb73741d19992343) | [39](#i1a2ef5f05bd844cabb73741d19992343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16J. Insider Trading Policies](#id9aaf65e92c1493fbc7691aa4b6cdf0a) | [39](#id9aaf65e92c1493fbc7691aa4b6cdf0a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16K. Cybersecurity](#ia9ea9d92f9ef4c8cb379457b49b9b22d) | [39](#ia9ea9d92f9ef4c8cb379457b49b9b22d) |
| &nbsp;&nbsp;&nbsp;&nbsp;[PART III](#i3d5207a9211a445d8fe051acad1620f1) | [41](#i3d5207a9211a445d8fe051acad1620f1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 17. Financial Statements](#iab8e235248ef4ae8b62595329ab08937) | [41](#iab8e235248ef4ae8b62595329ab08937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 18. Financial Statements](#i7b28de10a2ac4eba80f1657e9a5ea7a0) | [41](#i7b28de10a2ac4eba80f1657e9a5ea7a0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 19. Exhibits](#i28a9efa4ddab417dba59dfaebd03c57a) | [43](#i28a9efa4ddab417dba59dfaebd03c57a) |

---

i

------

<u>[**Table of Contents**](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

**INTRODUCTION**

In this annual report on Form 20-F (the "Annual Report on Form 20-F") the terms "Company" and "Cadeler" refer to Cadeler A/S, a public limited liability company incorporated under the laws of Denmark, and the term "Cadeler Group" refers to Cadeler together with its subsidiaries on a consolidated basis. The term "Cadeler Shares" refers to ordinary shares of Cadeler, each with a nominal value of DKK 1.00 per share, and the term "Cadeler ADSs" refers to Cadeler's American Depositary Shares ("ADSs"), each of which represents four (4) Cadeler Shares.

Pursuant to Rule 12b-23(a) of the Securities Exchange Act of 1934, as amended, certain information required to be included in this Annual Report on Form 20-F is being incorporated by reference from the Company's statutory annual report for the year ended December 31, 2025, including the consolidated financial statements of the Cadeler Group included therein (the "Annual Report 2025"), and the Company's remuneration report for the year ended December 31, 2025 (the "Remuneration Report 2025") as specified in this Annual Report on Form 20-F. Therefore, the information in this Annual Report on Form 20-F should be read in conjunction with the Annual Report 2025 and the Remuneration Report 2025, to the extent specified (see Exhibits 15.1 and 15.2, respectively). With the exception of the items and pages so specified, the Annual Report 2025 and Remuneration Report 2025 are not being, and shall not be deemed to be, filed as part of this Annual Report on Form 20-F.

The Company publishes its financial statements in Euros ("EUR"). The terms "USD," "U.S. dollars" and "$" refer to the currency of the United States, the term "NOK" refers to Norwegian Kroner and the term "DKK" refers to Danish kroner.

**Forward-looking statements**

The information set forth in this Annual Report on Form 20-F contains "forward-looking statements" as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by terminology such as "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "should," "project," "target," "plan," "expect," or the negatives of these terms or variations of them or similar terminology. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based upon current expectations, beliefs, estimates and assumptions that, while considered reasonable as and when made by Cadeler, are, by their nature, subject to significant risks and uncertainties. In addition, new risks and uncertainties may emerge from time to time, and it is not possible to predict all such risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied by any forward-looking statements set out herein include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Cadeler Group's limited number of vessels and its vulnerability in the event of a loss of revenue relating to any such vessel(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks inherent to Cadeler's offshore operations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that the utilization of the Cadeler Group's vessels may be lower than expected and that its backlog of contracts may fail to materialize;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contractual and non-contractual legal risks related to the Cadeler Group's operations which may expose the Cadeler Group to financial losses and for which the Cadeler Group may not have insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the ordering, construction and delivery of new build vessels and upgrades of existing vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to maintain an effective system of internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks relating to technical, maintenance, transportation and other commercial services supplied to the Cadeler Group by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased competition and volatility in demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• international, national or local economic, social, political or geopolitical conditions and macroeconomic factors that could adversely affect the Cadeler Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks deriving from restrictive covenants and other conditions under Cadeler's financing arrangements and financial risks arising generally as a result of the Cadeler Group's level of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks relating to the failure to retain and recruit key personnel and/or to labor disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks relating to any failure to comply with applicable laws and regulations as well as expectations regarding environmental, social and governance as well as sustainability matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to Danish and U.S. taxation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• credit, interest and exchange rate risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure to realize the anticipated benefits of the Business Combination (as defined below) and risks related to the integration of the acquired business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possible dilution of Cadeler Shares and Cadeler ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the limited rights of Cadeler ADS holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of certain of the Cadeler Group's largest shareholders to influence matters requiring shareholder approval and affect the price of the Cadeler Shares.

These and other risks and uncertainties may cause actual results to differ materially and adversely from those expressed in any forward-looking statements. Cadeler cautions you not to place undue reliance on any forward-looking statements as they are not guarantees of future performance or outcomes. Actual performance and outcomes, including, without limitation, Cadeler's actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which Cadeler operates, may differ materially from those made in or suggested by the forward-looking statements contained herein.

For additional information about factors that could cause Cadeler's results to differ materially from those described in the forward-looking statements, please see the section hereof entitled "Risk Factors" beginning on page 3 of this Annual Report on Form 20-F.

Except as required by law, Cadeler has no duty and undertakes no obligation to update or revise any forward-looking statement or any other information contained herein after the date of this document, whether as a result of new information, future events or otherwise.

**Enforceability of civil liabilities**

Cadeler is a public limited company incorporated under the laws of Denmark. The majority of Cadeler's current directors and executive officers, and certain experts named herein, reside outside the United States. All or a substantial portion of Cadeler's assets and the assets of those non-resident persons are located outside the United States. As a result, it may not be possible for investors to effect service of process within the

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

United States upon Cadeler or those persons or to enforce against Cadeler or them, either inside or outside the United States, judgments obtained in U.S. courts, or to enforce in U.S. courts, judgments obtained against them in courts in jurisdictions outside the United States, in any action predicated upon the civil liability provisions of the federal securities laws of the United States.

The United States does not have a treaty with Denmark providing for reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters. Accordingly, a final judgment for the payment of money rendered by a U.S. court based on civil liability may not be directly enforceable in Denmark. However, if the party in whose favor such final judgment is rendered brings a new lawsuit in a competent court in Denmark, that party may submit to the Danish court the final judgment that has been rendered in the United States. A judgment by a federal court or state court in the United States will neither be recognized nor enforced by a Danish court but such judgment may serve as evidence in a Danish court. It is uncertain whether Danish courts would allow actions to be predicated on the securities laws of the United States or other jurisdictions outside Denmark, and Danish courts may deny claims for punitive damages and may grant a reduced amount of damages compared to U.S. courts.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

**PART I**

**Item 1. Identity of Directors, Senior Management and Advisers**

Not applicable.

**Item 2. Offer Statistics and Expected Timetable**

Not applicable.

**Item 3. Key Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.[Reserved]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Capitalization and indebtedness**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Reasons for the offer and use of proceeds**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Risk factors**

Set out below is a summary of certain risk factors which could affect the Cadeler Group's future results and may cause them to differ from expected results materially. The factors discussed below should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties that the Cadeler Group's business faces.

**Risks Related to the Cadeler Group's Business**

***The Cadeler Group has a limited number of vessels and could be adversely impacted if any vessel is taken out of operation, or if there is a delay in the delivery of any new build vessel.***

The Cadeler Group generates revenue by utilizing its fleet for the transportation and installation of offshore wind turbine generators and foundations and the provision of maintenance and decommissioning services in the offshore wind industry. The Cadeler Group's operating fleet of wind installation vessels (together, the "Operating Vessels") currently comprises one A-Class (previously referred to as F-Class) vessel, Wind Ally (the "Operating A-Class Vessel"), two P-Class (previously referred to as X-Class) vessels, Wind Peak and Wind Pace (the "P-Class Vessels"), two M-Class vessels, Wind Maker and Wind Mover (the "M-Class Vessels"), two O-Class vessels, Wind Orca and Wind Osprey (the "O-Class Vessels"), Wind Keeper, Wind Scylla and Wind Zaratan. In addition, the Cadeler Group has two new builds under construction, both of which are A-Class vessels (the "A-Class New Builds" and, together with the Operating A-Class Vessel, the "A-Class Vessels"). If any of the Operating Vessels or, once delivered, the A-Class New Builds are temporarily or permanently taken out of operation, including due to one of the risks described in this Annual Report on Form 20-F materializing, this could result in a loss of revenue that would otherwise be generated by such vessel. In addition to a potential loss of revenue, the Cadeler Group could also be liable to its customers for liquidated damages under any charters the Cadeler Group has entered into with respect to such vessel. The loss of revenue and liability to its charterers could have a material adverse impact on the Cadeler Group's business, prospects and financial results and condition, including its ability to comply with the financial covenants included in its financing arrangements.

The Cadeler Group's vessels may be subject to operational incidents or the need for refurbishments and/or repairs, following which such vessels may be out of operation for a shorter or longer period of time. For example, Wind Osprey had a crane accident in 2018 following which the vessel was out of operation for more than a year (due in part to the incident and in part to the Cadeler Group's decision to design and procure an upgraded crane boom). More recently, in June 2025, Wind Scylla suffered minor damage to one of the vessel's jack-up legs during jacking operations, requiring urgent repair works lasting approximately one month. As described in the risk factor entitled "—The Cadeler Group is exposed to hazards that are inherent to offshore operations, and damages may not be covered by insurance," the Cadeler Group experiences smaller breakdowns on an ongoing basis as part of its ordinary course of business. In addition to the costs of repair, such incidents expose the Cadeler Group to potential contractual claims from the Cadeler Group's clients and to loss of revenue, as vessels may be placed off-hire during the repair process. As there is a significant degree of operational homogeneity across the Cadeler Group's fleet, it is also possible that a technical or design failure discovered to be affecting one vessel or any significant component thereof may be found to be similarly affecting one or more other vessels in the fleet. Any future incidents or upgrades could result in the unavailability of one or more vessels within the Cadeler Group's fleet and may result in the Cadeler Group losing market share, being exposed to penalties or missing future contract opportunities as a result of shorter or longer periods of limited or no availability of the Cadeler Group's fleet.

In addition, there is a risk that the delivery of the A-Class New Builds ordered by the Cadeler Group could be delayed. The Cadeler Group expects to take delivery of the two A-Class New Builds in the third quarter of 2026 and the first half of 2027, respectively. The Cadeler Group has contracted with COSCO SHIPPING Heavy Industry Co. Ltd. ("COSCO"), a Chinese shipyard, for the delivery of the A-Class New Builds. Any problems that may affect China, whether geographically or geopolitically, the general availability of components or material needed, or the COSCO shipyard could lead to delayed delivery of any or all of the A-Class New Builds. For example, there is continuing uncertainty relating to the development of the political climate within China and between China and other countries, including the United States, including with respect to Taiwan, as well as the global supply chain, in particular in light of the various tariff announcements by the U.S. administration and reciprocal responses thereto. In addition, in January 2025, certain of COSCO's affiliates and several Chinese shipyards were designated by the U.S. Department of Defense as "Chinese military companies" under Section 1260H of the U.S. National Defense Reauthorization Act 2021 (see also "—The Cadeler Group is exposed to risks related to macroeconomic factors and geopolitical conditions."). Whilst that designation does not directly affect the COSCO entity with which Cadeler has a contractual relationship or otherwise impact Cadeler's ability to conduct business with COSCO, the imposition of further measures by the United States or other jurisdictions against COSCO and/or its affiliates could have an adverse effect on the Cadeler Group's ability to receive delivery of its A-Class New Builds or to order future new build vessels from the same shipyard. Delayed delivery of any or all of the A-Class New Builds could delay the Cadeler Group's generation of revenue from the utilization of such vessels and may trigger payments of liquidated damages under any charters the Cadeler Group has entered into with respect to these vessels, which may materially affect the Cadeler Group's business, prospects and financial results and condition. See also "—The ordering, construction

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

and delivery of new build vessels and upgrades of existing vessels is subject to various risks and uncertainties, including forward-looking assessments which could turn out to be incorrect, and requires substantial financing which may not be available on favorable terms or at all."

From time to time, the Cadeler Group's vessels undergo upgrades of various types to remain competitive in the market, to ensure compliance with legal requirements and to implement sustainability-related improvements. Expenditures may be incurred when repairs or upgrades are required by law, in response to an inspection by a governmental authority, when damaged, or because of market or technological developments. From late 2023, for example, the two O-Class Vessels were off-hire for approximately six months for planned main-crane upgrades. Such upgrades, as well as other refurbishment and repair projects, are subject to various risks, including delays and cost overruns, which could, if realized, have an adverse impact on the Cadeler Group's available cash resources, results of operations and its ability to comply with financial covenants pursuant to its financing arrangements. To ensure timely completion of refurbishment and repair projects, the Cadeler Group may be required to allocate extra resources to the relevant project, increasing the cost of the refurbishment or repair. For example, the Cadeler Group has from time to time taken the decision to accelerate work on its vessels by adding additional resources in order to ensure the vessel was ready for its next project on time. Moreover, periods without operations for one or more of the Cadeler Group's vessels may have a material adverse effect on the Cadeler Group's ability to generate revenue and thereby on its business, prospects and financial results and condition.

***The Cadeler Group is exposed to hazards that are inherent to offshore operations, and damages may not be covered by insurance.***

The Cadeler Group is operating in the offshore construction industry and is thus subject to hazards inherent to that industry, such as breakdowns, technical problems, harsh weather conditions, environmental pollution, force majeure events (nationwide or port-specific strikes, etc.), accidents (including dropped objects), collisions and groundings. These hazards can cause personal injury or loss of life, severe damage to or destruction of property and equipment, pollution or environmental damage, claims by third parties or customers and suspension of operations. Wind installation vessels, including the Cadeler Group's vessels, are also subject to hazards inherent in marine operations, either while on-site or during mobilization, such as capsizing, sinking, grounding, collision, damage from severe weather and marine life infestations. Operations may also be suspended because of machinery breakdowns, abnormal operating conditions, failure of subcontractors to perform or supply goods or services or personnel shortages. For example in June 2025, as described above, Wind Scylla suffered minor damage to one of the vessel's jack-up legs during jacking operations, requiring urgent repair works lasting approximately one month. Additionally, the Cadeler Group experiences various types of technical breakdowns on an ongoing basis as part of the operation of its vessels; however, such breakdowns are typically of a smaller nature with limited downtime and impact. Operations may also be interrupted even where an incident does not cause material damage or injury, but could have done, as the Cadeler Group's policies (and, often, those of the Cadeler Group's clients) require that such "near miss" events be investigated and corrective procedures implemented where appropriate.

The Cadeler Group's vessels are covered by industry standard hull and machinery and protection and indemnity insurance. Standard protection and indemnity insurance for vessel owners provides limited cover for damage to project property during wind farm installation operations, as such damage is expected to be covered by the construction all risks insurance procured by the Cadeler Group's customers. However, in recent years, the Cadeler Group has seen more contracts imposing liability for property damage on contractors such as the Cadeler Group and, even where such liability is insured, the deductibles payable in the event of an incident can be significant. Such risks are difficult to adequately insure against under standard protection and indemnity insurance for vessel owners. The Cadeler Group has also considered obtaining insurance for loss-of-hire, but has evaluated and considered such insurance not to be commercially viable. As a result, certain damages and losses resulting from the aforementioned hazards may not be covered by insurance.

***The Cadeler Group is dependent on the employment and utilization of its vessels, and its backlog of contracts may not materialize.***

The Cadeler Group's revenue and income are dependent on project contracts and vessel charters for the employment of its vessels. These contracts are typically entered into several years in advance, with terms and conditions generally not expected to be subject to subsequent change. Additionally, the Cadeler Group has recently experienced a trend towards reservation agreements and contracts being entered into at an earlier stage of the project, which increases the difficulty of anticipating and adjusting to changes in circumstances, such as geopolitical developments or other unforeseen events. These preliminary reservation arrangements may not result in binding contracts or generate revenue for the Cadeler Group. Expected or estimated terms regarding specifications, commercial arrangements and delivery schedules are current estimates only and may differ materially in any final agreement entered into, if such agreements are concluded at all.

The Cadeler Group's contract backlog includes both "firm" contracted days and "option" days (days that are callable at the relevant customer's option). As of December 31, 2025, the Cadeler Group's contract backlog (including 100% of option days) amounted to approximately EUR 2,765 million (compared to EUR 2,336 million as of December 31, 2024), comprising EUR 2,391 million from firm contracted days and EUR 374 million from contracted days subject to the exercise of counterparty options (compared to a split of EUR 1,907 million from firm contracted days and EUR 430 million from contracted days subject to the exercise of counterparty options as of December 31, 2024). Options are exercisable at the sole discretion of the customer and may not be realized as revenue. These contracts are subject to various conditions, including potential cancellation, and the resulting revenue may be reduced, delayed, or not realized at all. Customers also have express cancellation rights under current contracts, typically linked to penalties or termination fees. For example, on June 30, 2025, the Cadeler Group received a notice of termination from Ørsted A/S ("Ørsted") in relation to a Long-Term Agreement ("LTA") for an A-Class wind installation vessel. The termination of the LTA was principally a result of Ørsted's decision to discontinue work towards the Hornsea 4 Offshore Wind Farm. The Cadeler Group received compensation as a consequence of this termination. Under its customer contracts, the Cadeler Group may also become liable to its customers for liquidated damages if there are delays in delivering a vessel for employment in connection with a project or for delays that arise during the operation of the vessels under the applicable contracts (see also "—The Cadeler Group has a limited number of vessels and could be adversely impacted if any vessel is taken out of operation, or if there is a delay in the delivery of any new build vessel").

It may be difficult for the Cadeler Group to obtain future employment for its vessels and, as a result, utilization may decrease. Wind farm installation projects are tendered and awarded at irregular intervals and installation projects in certain locations are seasonal, particularly as a result of weather-related seasonality. Consequently, the Cadeler Group's vessels may need to be deployed on lower-yielding work or remain idle, resulting in periods without any compensation to the Cadeler Group. There can also be off-hire periods as a consequence of accidents, technical breakdown and non-performance, as experienced with the Wind Osprey crane accident in 2018 and the Wind Scylla jacking incident in 2025 (see "—The Cadeler Group is exposed to hazards that are inherent to offshore operations, and damages may not be covered by insurance") or due to maintenance or upgrades, such as the main crane upgrades for the two O-Class Vessels which were completed in 2024 and for which each such vessel was off-hire for approximately six months.

The cancellation, amendment to or postponement of one or more contracts can have a material adverse impact on the Cadeler Group's revenue and may thus affect the pricing of the Cadeler Shares. For example, the Cadeler Group revised its guidance for the financial year ended December 31, 2025, principally due to the receipt of termination fees in respect of the cancelled LTA described above. While the Cadeler Group has generally not had a history of cancellations, amendments or postponements of its contracts, there can be no assurance that no such cancellation, amendment or postponement will occur in the future. As the size of the Cadeler Group's fleet is limited, the Cadeler Group's

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

business, prospects and financial results and condition could be materially impacted if any of its Operating Vessels were to become disabled or otherwise unable to operate for an extended period.

***The Cadeler Group could be materially adversely affected if demand for the Cadeler Group's services is lower than anticipated or decreases, including as a result of oversupply, changing trends in the energy market or a deterioration of the Cadeler Group's market reputation and client relationships.***

The Cadeler Group relies on revenue generated from wind farm installation and related maintenance. The lack of diversification in Cadeler's sources of revenue makes the Cadeler Group vulnerable to adverse developments or periods of low demand in the market in which it operates. The demand for the Cadeler Group's services may be volatile and is subject to variations for a number of reasons, including uncertainty in future demand and regulatory changes. For example, the market for offshore wind energy has recently experienced certain challenges in various jurisdictions including the United States, Sweden, the Netherlands, Germany and Denmark, including delays in relevant supply chains, cancellation of government approvals and failed government auction rounds, which could adversely affect the number of offshore wind farm projects to be developed in these markets in the future, and there is a risk that similar challenges might also affect other countries. In the case of delays on multiple projects, it may be difficult for the Cadeler Group to adapt, which would impact its revenue stream but also potentially compliance with its financing covenants. Due to the fact that the Cadeler Group invests in capital assets with life-spans of approximately 25 years and that market visibility beyond 10 years is difficult to estimate, the Cadeler Group's long-term performance and growth depend heavily on the supply of vessels relative to market demand. Any oversupply of vessels compared to the market demand for such vessels or similar capacity could cause contract rates to decline, and falling rates could materially adversely affect the Cadeler Group's financial performance and results of operations. As the Cadeler Group's vessels are highly specialized for wind farm installation, redeploying them to other sectors of the marine industry may be difficult or impossible to achieve, both practically and commercially.

The wind energy market is affected by the price and availability of other energy sources, including nuclear, coal, natural gas and oil, as well as other sources of renewable energy. To the extent renewable energy, particularly wind energy, becomes less cost-competitive due to reduced government targets, increases in the cost of wind energy, new regulations or incentives that favor alternative renewable energy, cheaper, more efficient or otherwise more attractive alternatives or otherwise, demand for wind energy and other forms of renewable energy could decrease. Slow growth or a long-term reduction in the demand for wind energy could in turn reduce the demand for the Cadeler Group's services, which could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

In addition, market reputation and customer relationships are key factors to securing contracts and establishing long-lasting customer relations. For example, it is the Cadeler Group's assessment that its market reputation and customer relationships have enabled the Cadeler Group to secure contracts for its A-Class New Builds before they are delivered. Adverse changes to the Cadeler Group's customer relations or market reputation could result in a decrease in demand for the Cadeler Group's services, resulting in a significant loss of revenue and adversely affecting the Cadeler Group's business including the ability to secure future contracts.

***The Cadeler Group faces other contractual and non-contractual legal risks related to its operations, which may expose the Cadeler Group to financial loss.***

The Cadeler Group's ability to fulfill its contractual obligations depends heavily on the timely and efficient execution of offshore wind installation projects, which are inherently complex and subject to numerous operational variables. Project schedules may be adversely impacted by unpredictable weather conditions, logistical challenges, supply chain disruptions, and technical setbacks during mobilization or installation activities. For example, the Cadeler Group experienced a crane accident in 2018 following which the vessel involved was out of operation for more than a year, resulting in both a claim from the charterers and lost revenue for the period. More recently, in June 2025, Wind Scylla suffered minor damage to one of the vessel's jack-up legs during jacking operations, requiring urgent repair works lasting approximately one month. Any delays in completing key project milestones could result in contractual penalties, including the payment of liquidated damages, and may harm customer relationships or lead to early termination of contracts. In addition, offshore operations often involve small installation windows and coordination with other contractors and stakeholders. Failure to meet these timelines could disrupt the broader project schedule and expose the Cadeler Group to liability for consequential losses. Such execution risks may materially and adversely affect the Cadeler Group's revenues, financial condition, and reputation.

The Cadeler Group's contracts with customers typically contain strict performance requirements, including specifications related to the capabilities of its vessels, installation accuracy, and safety and environmental standards. If the Cadeler Group fails to meet these specifications, whether due to equipment limitations, operational shortcomings, or human error, it may be deemed in breach of contract or warranties. In such a case, the customer contract could be terminated, and the Cadeler Group may be held liable for the relevant charterer's losses.

Contract terms may also not be sufficient to protect the Cadeler Group from liability with respect to installation works. The Cadeler Group could be liable to third parties who are involved or have an interest in the various projects involving the Cadeler Group's vessels. The Cadeler Group may also face claims for damages from customers based on, for example, poor workmanship. Some of these liabilities and/or losses may not be covered by the Cadeler Group's insurance policies or otherwise indemnified.

***The ordering, construction and delivery of new build vessels and upgrades to existing vessels is subject to various risks and uncertainties, including forward-looking assessments which could turn out to be incorrect, and requires substantial financing which may not be available on favorable terms or at all.***

The Cadeler Group may from time to time order additional new vessels, such as the ordering of the A-Class New Builds, and upgrades of existing vessels, such as the recent crane upgrades for both O-Class Vessels which were completed in 2024.

The ordering, construction, supervision and delivery of such new build vessels or upgrades to existing vessels is subject to a number of risks, including the risk of cost overruns and delays. Further, when such vessels or upgraded vessels are delivered, they are subject to market risk at the time of delivery including fulfilling conditions in any pre-committed customer contracts for such vessels or upgraded vessels, and the risk of failure to secure future employment of the new or upgraded vessels at satisfactory rates, which could have a material adverse effect on the financial performance of the Cadeler Group. If the Cadeler Group is not able to procure the A-Class New Builds, similar new build vessels or vessel upgrades in the future, this could have an adverse impact on the Cadeler Group's business, prospects and financial results and condition.

The offshore wind installation market is a fast-moving market with a relatively long lead-time on delivery of new build vessels with the specifications needed to bid on, and win, wind farm installation contracts. The Cadeler Group must correctly predict future supply of, and demand for, wind installation vessels and continuously assess the attractiveness of securing a contract for the construction of additional vessels. When making such assessments, the Cadeler Group considers a number of uncertainties and factors, including expected supply and demand (see also "—The Cadeler Group could be materially adversely affected if demand for the Cadeler Group's services is lower than anticipated or decreases,

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

including as a result of oversupply, changing trends in the energy market or a deterioration of the Cadeler Group's market reputation and client relationships"), construction time, the price of construction and the expected development in construction prices, technological development in the offshore wind installation market and financing possibilities. If the Cadeler Group fails to correctly and timely assess the need for placing orders for additional vessels, the Cadeler Group may miss out on attractive contract opportunities due to capacity constraints and lose market share or incur costs of construction without being able to secure contracts for such new build vessels on commercially attractive terms or at all.

The vast majority of the agreed construction costs for the A-Class New Builds is fixed. However, some elements of the construction contract pricing are subject to variation. As a result, the total construction costs for the A-Class New Builds could increase, and the Cadeler Group may be unable to pass on such higher costs to its customers, which could have an adverse impact on its financial results. The aggregate capital expenditures estimated to be required during 2026 and 2027 in connection with the A-Class New Builds are approximately EUR 462 million.

Ordering any additional new build vessels, or deciding to upgrade any existing vessel, will increase capital expenditures (consisting of the purchase price and associated costs) materially and will likely require significant debt or equity financing. The Cadeler Group has in the past obtained substantial debt financing in order to fund its new build program (see Item 5.B. "Liquidity and Capital Resources—Financing Arrangements" of this Annual Report on Form 20-F). There can be no guarantee that the Cadeler Group will be able to obtain financing of any additional new builds and any future upgrades on attractive terms or at all. If the required financing is not obtained, the Cadeler Group may default on its obligations and be liable towards the relevant yard and/or other suppliers of goods and services related thereto, and the Cadeler Group may not be able to expand its fleet and thereby maintain its competitive position. The Cadeler Group may seek to obtain the required financing through equity or debt financing. Should the Cadeler Group not be able to secure the needed financing, in part or in whole, for example due to unattractive terms such as unfavorable interest rates, the Cadeler Group may be required to postpone future investments (including orders for new build vessels). If, in connection with an equity financing, the demand for or price of the Cadeler Shares is lower than historically experienced, this could result in significant dilution of the shareholding of existing holders of Cadeler Shares (the "Cadeler Shareholders") and a decrease in the price of the Cadeler Shares.

***The Cadeler Group has historically derived its revenue from a small number of customers, and the loss or default of any such customer could result in a significant loss of revenue and adversely affect the Cadeler Group's business.***

The Cadeler Group has historically had a high customer concentration as a result of the small number of vessels in its fleet and the typical duration of its projects. Consequently, if the Cadeler Group loses any of its most significant customers or any of them fail to pay for the services provided by the Cadeler Group or enters into bankruptcy, the Cadeler Group's revenue could be materially adversely affected. The loss of one or more significant customers, or a decline in the number of projects or consideration paid for the Cadeler Group's services under the Cadeler Group's contracts with significant customers, would affect the Cadeler Group's revenue and cash flow, and could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition. Additionally, any delay of a project for one or more of the Cadeler Group's most significant customers could affect the Cadeler Group's revenue, the utilization of its vessels and potentially its ability to fulfill other contracts. Many of the Cadeler Group's contracts contain options for additional work, which, if exercised, would generate additional revenue. If such options are not exercised to the extent the Cadeler Group expects based on its historic experience, the Cadeler Group's revenue could be substantially lower than anticipated.

***If the Cadeler Group fails to maintain an effective system of internal control over financial reporting, it may not be able to accurately report financial results in a timely manner or prevent fraud, which may adversely affect its business and the market price of the Cadeler ADSs and Cadeler Shares.***

In connection with the audit of its financial statements for the year ended December 31, 2023 the Cadeler Group and its independent registered public accounting firm identified material weaknesses related to the Cadeler Group's internal control over financial reporting driven by (i) a lack of formalized risk assessment and documented procedures in relation to the Company's business processes and entity level controls, lack of evidence of performing internal controls including the completeness and accuracy of information used in the execution of controls, and lack of monitoring control activities, and (ii) lack of internal controls over change management and access management in the relevant financial information technology ("IT") systems required to support effective internal control framework.

As defined in the standards established by the U.S. Public Company Accounting Oversight Board ("PCAOB"), a material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Cadeler Group's annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

Following the Company's remediation efforts, no material weakness was identified in connection with the audit of the Company's financial statements for the year ended December 31, 2025 or December 31, 2024. The Cadeler Group cannot guarantee, however, that its internal controls over financial reporting will remain effective in the future and that further material weaknesses will not be identified. Any failure to remediate such material weaknesses or a failure to discover and address any other material weaknesses or significant deficiencies in the future, could result in inaccuracies in the Cadeler Group's consolidated financial statements and impair its ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis.

Generally, the failure to achieve and maintain an effective internal control environment could result in material misstatements in the Cadeler Group's financial statements and could also impair the Cadeler Group's ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, the Cadeler Group's business, prospects and financial results and condition, as well as the trading price of Cadeler Shares and Cadeler ADSs, may be materially and adversely affected.

***The Cadeler Group is dependent on technical, maintenance, transportation and other commercial services from third parties.***

The Cadeler Group is and will continue to be dependent on technical, maintenance, transportation and other commercial services from third parties to manage its vessels and fulfill its contractual obligations. Performance by such service providers is critical. If third-party service providers, such as those involved in assisting the Cadeler Group in sea fastening design, fabrication, installation and various technical services, fail to perform at an optimal level, this could materially and adversely affect the Cadeler Group's ability to complete its contracts, as well as its business, prospects and financial results and condition, including its ability to be compliant with the financial covenants under its financing arrangements. For example, as a result of an error in design work conducted by a third-party engineering supplier in 2025 relating to the sea fastenings on one of the Cadeler Group's vessels, the Cadeler Group incurred costs and minor delays necessitated by corrective design and repair works, and incurred liquidated damages under its contract with the Cadeler Group's end client. These costs, though not material to the Cadeler Group, exceeded the amount that the Cadeler Group was able to recover from the responsible supplier. Additionally, the Cadeler Group narrowed its guidance for the financial year ended December 31, 2022 due to upstream delay as a result of a subcontractor on a project being unable to operate as planned. If the amount the Cadeler Group is required to pay for subcontractors, equipment or supplies exceed what has been estimated, the profitability of the commercial employment of its vessels may be adversely affected. If a subcontractor, supplier, or manufacturer fails to

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

provide services, supplies or equipment as required under a contract for any reason, the Cadeler Group may be required to source such services, supplies or equipment from other third parties, which could lead to delays or higher prices than anticipated.

The Cadeler Group relies on third-party contractors, suppliers, vendors, joint venture partners and other parties for the engineering design, procurement of materials, equipment, and services for the performance of work on the Cadeler Group's projects. The successful completion of these projects depends on the ability of these third parties to perform their contractual obligations and is subject to factors beyond the Cadeler Group's control, including actions or omissions by these parties and their subcontractors. Any non-performance, or a failure by such third parties to perform their contractual obligations to a satisfactory standard could result in delays to the planned project timelines, which could in turn result in late penalties or fines being imposed on the Cadeler Group.

***The Cadeler Group could be materially adversely affected by increased supply of offshore wind farm installation services as a result of new competitors entering the market or existing competitors expanding their fleet of suitable vessels.***

The industry in which the Cadeler Group operates is in management's view characterized by a limited supply of efficient offshore wind farm installation services as a limited number of vessels are available and fit for the specific needs of, and trusted by, customers. Consequently, it may be difficult or expensive for customers of the Cadeler Group to find efficient alternative suppliers for their contracts in the near term, and it may be even more difficult for customers in the long term to find trusted suppliers of efficient offshore wind installation vessels as newer generations of larger turbines (capable of producing 18-20MW+ of electricity) are rolled out in future years. Since the supply of offshore wind farm installation services depends on the number of vessels dedicated to such services, market conditions may change significantly if one or multiple existing or new competitors of the Cadeler Group were to order new build vessels or modify existing vessels to fit the future needs of the offshore wind farm industry. It is the Cadeler Group's assessment that over the past decade there has been a general increase in the number of players active in the wind farm industry. Should similar developments occur in the market for offshore wind farm installation, the Cadeler Group may experience increased competition. Any increase in the supply of offshore wind farm installation services may result in a decrease in the prices that the Cadeler Group is able to obtain for its services. As the Cadeler Group currently only operates within the market for offshore wind farm transportation, installation and maintenance, it is more exposed to any changes in prices within the industry or utilization of its vessels compared to those of its competitors having multiple sources of revenue. See also "—The Cadeler Group faces competition from industry participants who may have greater resources than the Cadeler Group."

***The Cadeler Group faces competition from industry participants who may have greater resources than the Cadeler Group.***

The markets in which the Cadeler Group operates are competitive and the Cadeler Group's business is subject to risks associated with competition from new and existing industry participants. The Cadeler Group has a number of well-established competitors, including DEME Offshore, Jan de Nul (both Belgium-headquartered), Fred. Olsen (Norway-headquartered) and Van Oord (Netherlands-headquartered). In addition, Seaway7, Dominion Energy, and Maersk have each taken delivery of new build wind installation vessels. These companies will directly compete (and in a number of cases are already directly competing) with the Cadeler Group in tenders for wind turbine foundation and installation projects. There can be no assurances that the Cadeler Group will be able to maintain or improve its competitive position or continue to meet changes in the competitive environment, including when entering new markets. In addition, certain of the Cadeler Group's competitors may have more resources and better access to capital than the Cadeler Group. For example, new and existing competitors may have greater financial resources, customer support, technical and marketing resources, larger customer bases, longer operating histories, greater name recognition or more established relationships in the industry. These industry participants compete with the Cadeler Group based on, among other things, price, service portfolio, technology, location and vessel availability. There is no assurance that the Cadeler Group will have the resources and expertise to compete successfully in the future, that it will be able to succeed in the face of current or future competition, or that it will be successful when entering new markets. Increased competition in the markets where the Cadeler Group operates or which it may enter could lead to reduced profitability and/or future growth opportunities for the Cadeler Group. The failure of the Cadeler Group to secure future growth, maintain or improve its competitiveness and respond to increased competition may have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

***Technological progress might render the technologies used by the Cadeler Group obsolete or less profitable.***

The offshore wind sector in which the Cadeler Group operates is affected by constant technological development. To maintain a successful and profitable business, the Cadeler Group must keep pace with technological developments and changing standards to meet the evolving demands of existing and potential customers. The Cadeler Group has been focused on implementing energy efficiency and emission reduction technologies. Improvements to the Cadeler Group's wind installation vessel design include shore power connections (expected to reduce fuel consumption by up to 15%), fuel-efficient engines and optimized engine sizing. The Cadeler Group also intends to move towards alternative fuels when the right technologies are commercially available and has already invested resources in ensuring newbuild vessels can undergo a conversion to alternative fuels in the future. If the Cadeler Group fails to adequately respond to the technological changes in its industry, make the necessary capital investments, or is not suited to offer commercially competitive products and implement commercially competitive services, the Cadeler Group's business, prospects and financial results and condition may be adversely affected.

Competitors' vessels have previously become obsolete due to the growth in the size of turbines only 10 years into their lifespan. Although the Cadeler Group has previously upgraded certain of its vessels, as demonstrated by the recent main crane upgrades to its two O-Class Vessels, and has designed its new build vessels to be capable of transporting and installing turbines significantly larger than the current generation of 15MW wind turbines, there is no certainty that such vessels will remain viable for the entirety of their planned 25-year lifespan. In addition, as the Cadeler Group's vessels are purpose-built for the offshore wind industry, they cannot easily be repurposed for use in other segments of the marine industry. A movement towards other energy sectors or the development of new technology could render the Cadeler Group's vessels obsolete, and the Cadeler Group may not be able to secure alternative contracts or revenue on attractive terms, if at all.

***The Cadeler Group operates across multiple jurisdictions and is thereby exposed to a number of risks inherent in international operations, including political, civil or economic disturbance.***

The Cadeler Group operates in multiple jurisdictions and serves a wide range of customers. As a result, the Cadeler Group is exposed to risks that are inherent to conducting international operations, some of which are due to factors beyond the Cadeler Group's control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terrorist acts, war, civil disturbances and military actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seizure, nationalization or expropriation of property or equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political unrest or revolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acts of piracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by environmental organizations;

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public health threats, and outbreaks of contagious diseases and pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global warming and extreme weather events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the ability to repatriate income or capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complications associated with repairing and replacing vessels and equipment in remote locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or difficulties in obtaining necessary visas and work permits for employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• wage and price controls imposed by the relevant authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the imposition of trade barriers, moratoriums or sanctions and other forms of government regulation.

Some of these risks could limit or disrupt the Cadeler Group's operations (for example, by requiring or resulting in the evacuation of personnel, cancellation of contracts, or the loss of personnel, vessels or assets), impose practical or legal barriers to the Cadeler Group's continued operations, or negatively impact the profitability of those operations, and could therefore have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

***The Cadeler Group is exposed to risks related to macroeconomic factors and geopolitical conditions.***

The Cadeler Group is exposed to macroeconomic factors and geopolitical conditions. The international macroeconomic situation is currently characterized by material uncertainty, mainly due to the elevated levels of public debt in many of the leading global economies, increasing interest and inflation rates, the war in Ukraine, recent developments and heightened public and diplomatic focus on Greenland and Arctic security, the imposition of sanctions against Russia, conflict in the Middle East, European energy crises, global supply-chain constraints and various tariff announcements by the U.S. administration and reciprocal responses thereto. For example, the Cadeler Group has contracted with COSCO, a Chinese shipyard, for the delivery of the A-Class New Builds, and any problems that may affect China, whether geographically or geopolitically, the general availability of components or material needed, or the shipyard itself could lead to delayed delivery of any or all of the A-Class New Builds. There is continuing uncertainty relating to the development of the political climate within China and between China and other countries, including the United States, including with respect to Taiwan. In addition, in January 2025, certain of COSCO's affiliates and several Chinese shipyards were designated by the U.S. Department of Defense as "Chinese military companies" under Section 1260H of the U.S. National Defense Reauthorization Act 2021. Whilst that designation does not directly affect the COSCO entity with which Cadeler has a contractual relationship or otherwise impact Cadeler's ability to conduct business with COSCO, the imposition of further measures by the United States or other jurisdictions against COSCO and/or its affiliates could have an adverse effect on the Cadeler Group's ability to receive delivery of its A-Class New Builds or to order future new build vessels from the same shipyard. See also "—The Cadeler Group has a limited number of vessels and could be adversely impacted if any vessel is taken out of operation, or if there is a delay in the delivery of any new build vessel" and "—The ordering, construction and delivery of new build vessels and upgrades of existing vessels is subject to various risks and uncertainties, including forward-looking assessments which could turn out to be incorrect, and requires substantial financing which may not be available on favorable terms or at all". These macroeconomic conditions have had, and a continuation or further worsening of these conditions could continue to have, material effects on the global economy and capital markets and could have material adverse effects on the Cadeler Group, its business, prospects and financial results and condition. Additionally, geopolitical tensions may have an impact on the future prospects of the markets in which the Cadeler Group operates and may increase the risks associated with the Cadeler Group's operations.

***If Cadeler's vessels operate in countries or territories that are subject to restrictions, sanctions, or embargoes imposed by the U.S. government, the European Union, the United Nations, or other governments, it could lead to monetary fines or other penalties and adversely affect Cadeler's reputation and the market for its shares and trading price.***

Although Cadeler does not expect that its vessels will operate in countries or territories subject to country-wide or territory-wide sanctions or embargoes imposed by the U.S. government or other authorities in violation of applicable sanctions laws, and Cadeler endeavors to take precautions reasonably designed to mitigate the risk of such activities, it is possible that the Cadeler Group's vessels may call on ports located, and/or otherwise operate in countries or territories subject to such sanctions, including on charterers' instructions and/or without Cadeler's consent. In addition, Cadeler's A-Class New Builds are being built in China, which may further expose Cadeler to certain restrictions. See also "—The Cadeler Group is exposed to risks related to macroeconomic factors and geopolitical conditions." Similarly, Cadeler's supply chain for spare parts for the vessels or secondary steel deliveries needs to be monitored closely and may be limited due to these restrictions, which could result in Cadeler not being able to source such spare parts from certain suppliers.

***Failure to comply with the U.S. Foreign Corrupt Practices Act could result in fines, criminal penalties, contract terminations and have an adverse effect on the Cadeler Group's business.***

The Cadeler Group regularly operates in, or transits through, jurisdictions around the world, including jurisdictions known to have a reputation for corruption. The Cadeler Group is committed to doing business in accordance with applicable anti-corruption laws including the U.S. Foreign Corrupt Practices Act of 1977 ("FCPA"), U.K. Bribery Act, the Danish Criminal Code and other applicable anti-corruption laws. The Cadeler Group is subject, however, to the risk that Cadeler, its affiliated entities or its officers, directors, employees or agents may take actions determined to be in violation of such anti-corruption laws, including the FCPA and the U.K. Bribery Act. The offshore energy and renewables sectors have seen notable anti-corruption enforcement actions, where violations of international anti-corruption laws led to substantial fines, legal penalties, and reputational damage. These cases highlight the significant risks faced by companies operating in, or transiting through, jurisdictions with high corruption exposure. While the Cadeler Group is committed to conducting business in compliance with all applicable anti-corruption laws and has implemented robust compliance measures, it remains exposed to potential liability and reputational harm should any actual or alleged violations occur, whether by employees, agents, or third parties acting on its behalf. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties and curtailment of operations in certain jurisdictions, and might adversely affect the Cadeler Group's business, prospects and financial results and condition. In addition, actual or alleged violations could damage Cadeler's reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and has the potential to consume significant time and attention of Cadeler's senior management.

***Breakdowns in the Cadeler Group's information technology and/or noncompliance with data protection laws could negatively impact the Cadeler Group's business, including its ability to service customers.***

The Cadeler Group's ability to operate its business and service its customers is dependent on the continued operation of the Cadeler Group's IT systems, including those relating to the location, operation, maintenance and employment of the Cadeler Group's vessels. The Cadeler Group's IT systems could be compromised by a malicious third party or employee (see also "—A cybersecurity attack could materially disrupt the Cadeler Group's business"), man-made or natural events, or the inadvertent actions or inactions by the Cadeler Group's employees and third-party service providers. If the Cadeler Group's IT systems experience a breakdown, the Cadeler Group's business information could be lost, destroyed,

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

disclosed, misappropriated, altered or accessed without consent, and the Cadeler Group's IT systems, or those of its service providers, may be disrupted.

Any breakdown in the Cadeler Group's IT systems could lead to lost revenues resulting from a loss in competitive advantage due to the unauthorized disclosure, alteration, destruction or use of proprietary information, the failure to retain or attract customers, the disruption of critical business processes or IT systems and the diversion of management's attention and resources. In addition, such breakdown could result in significant remediation costs, including repairing system damage, engaging third-party experts, deploying additional personnel, training employees and compensation or incentives offered to third parties whose data has been compromised. The Cadeler Group may also be subject to legal claims or legal proceedings, including regulatory investigations and actions, and the attendant legal fees as well as potential settlements, judgments and fines.

In addition, data protection laws apply to the Cadeler Group in certain countries in which it does business. Specifically, the EU General Data Protection Regulation ("GDPR") imposes penalties of up to a maximum of 4% of global annual turnover for breaches thereof. The GDPR requires mandatory breach notification, the standard for which is also followed outside the EU (particularly in Asia). Non-compliance with data protection laws could expose the Cadeler Group to regulatory investigations, which could result in fines and penalties. In addition to imposing fines, regulators may issue orders to stop processing personal data, which could disrupt operations. The Cadeler Group could also be subject to litigation from persons or corporations allegedly affected by data protection violations. Any violation of these laws or harm to the Cadeler Group's reputation could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

***A cybersecurity attack could materially disrupt the Cadeler Group's business.***

The efficient operation of the Cadeler Group's business, including processing, transmitting and storing electronic and financial information, is dependent on computer hardware and software systems. IT systems are vulnerable to security breaches by computer hackers and cyber terrorists. The Cadeler Group relies on industry accepted security measures and technology (including a cloud-based solution provided by Microsoft including their E5 security suite) to securely maintain confidential and proprietary information maintained on its information systems. However, such measures and technology may not adequately prevent security breaches. Therefore, the Cadeler Group's operations and business administration could be targeted by individuals or groups seeking to sabotage or disrupt such systems and networks, or to steal data, and as a result these systems may be damaged, shut down or cease to function properly (whether due to planned upgrades, force majeure, telecommunications failures, hardware or software break-ins or viruses, other cybersecurity incidents or otherwise), which could have a material adverse effect on the Cadeler Group's reputation as well as its business, prospects and financial results and condition.

Cybersecurity attacks may result in disruptions to the Cadeler Group's operations or in business data being temporarily unreadable, and cyber criminals may demand ransoms in exchange for de-encrypting such data. As cybersecurity attacks become increasingly sophisticated, and as tools and resources become more readily available to malicious third parties, there can be no guarantee that the Cadeler Group's actions, security measures and controls designed to prevent, detect or respond to intrusion, to limit access to data, to prevent destruction or alteration of data or to limit the negative impact from such attacks, can provide absolute security against compromise. Even without actual breaches of information security, protection against increasingly sophisticated and prevalent cybersecurity attacks may result in significant future prevention, detection, response and management costs, or other costs, including the deployment of additional cybersecurity technologies, engaging third-party experts, deploying additional personnel and training employees. For example, in 2024 the Cadeler Group identified revised payment instructions from a counterpart as having been issued by malicious actors who had obtained access to that counterpart's email system. Although the Cadeler Group's internal controls (including its procedures for the telephone verification of updated payment instructions) prevented the misdirection of funds in that instance, there can be no guarantee that cybersecurity attacks affecting the Cadeler Groups' customers or suppliers will not affect the Cadeler Group in the future. Further, as cybersecurity threats are continually evolving, the Cadeler Group's controls and procedures may become inadequate, and the Cadeler Group may be required to devote additional resources to modify or enhance its systems in the future. Such expenses could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition. To the extent the Cadeler Group integrates artificial intelligence ("AI") into its operations, this may increase the cybersecurity and privacy risks, including the risk of unauthorized or misuse of AI tools it is exposed to, and threat actors may leverage AI to engage in automated, targeted and coordinated attacks of the Cadeler Group's systems. While the Cadeler Group regularly reviews its network security, backup and disaster recovery, enhanced training and other security measures to protect its systems and data, these measures cannot provide absolute security or guarantee that it will be successful in preventing or responding to every breach or disruption on a timely basis.

A successful cybersecurity attack could materially disrupt the Cadeler Group's operations or result in the unauthorized release or alteration of information in the Cadeler Group's systems, particularly if the Cadeler Group's IT systems were affected for extended periods. Any cybersecurity attack could also result in significant expenses to investigate and repair security breaches or system damages and could lead to litigation, fines, other remedial action, heightened regulatory scrutiny, diminished customer confidence and damage to the Cadeler Group's reputation. While the Cadeler Group currently maintains cyber-liability insurance, there can be no assurance that the Cadeler Group will be able to continue to maintain such insurance coverage at commercially reasonable rates or that available coverage will be adequate to cover future claims. As a result, a cybersecurity attack or other breach of any such IT systems could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

***The Cadeler Group faces financial risk due to its level of indebtedness and is subject to restrictive covenants and conditions pursuant to its financing agreements.***

The Cadeler Group has extensive debt financing agreements, as described in more detail in Item 5.B. "Liquidity and Capital Resources—Financing Arrangements" of this Annual Report on Form 20-F. The Cadeler Group's level of indebtedness (1,459.1 million as at December 31, 2025, of which 100% bears a floating interest rate) exposes it to certain risks, including increased vulnerability to general adverse economic industry conditions and interest rate fluctuations. Should interest rates rise in the future, the Cadeler Group's interest expenses on floating-rate borrowings could increase materially, leading to higher financing costs and increased pressure on profitability (see "—Changes in interest rates and inflation will continue to affect the Cadeler Group's business and results").

In addition to the interest rate burden, the agreements governing the Cadeler Group's indebtedness contain (and it is expected that any agreements governing any additional debt that the Cadeler Group may incur or assume would contain) various operating and financial covenants with respect to the business of the Cadeler Group. Any failure to comply with such restrictions may result in an event of default under such agreements. Any such default may allow the applicable creditors to accelerate the related debt, which acceleration may trigger cross-acceleration or cross-default provisions in the Cadeler Group's other debt facilities. For instance, there are specific financial covenants in the Cadeler Group's debt facilities with respect to the minimum liquidity of the Cadeler Group, the Cadeler Group's equity ratio and its working capital, and the fair market value of the Cadeler Group's wind installation vessels. Failure to meet any of these covenants could trigger the mandatory repayment of

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

the relevant facility or all of them and may thus have an adverse effect on the financial position of the Cadeler Group. Additionally, all of the Cadeler Group's debt facilities contain change of control provisions and covenants restricting the payments of dividends in certain circumstances.

The Cadeler Group's ability to comply with the financial covenant requirements under its financing arrangements depends largely on the market value of its Operating Vessels and their ability to generate sufficient revenue. If future cash flows are inadequate to meet all of the Cadeler Group's financial obligations and contractual commitments, this could negatively impact the Cadeler Group's business and may require it to refinance existing debt, incur additional indebtedness, raise additional equity, or sell assets and use the proceeds to repay debt. Furthermore, the Group's indebtedness could constrain future operations, as a portion of operating cash flow must be allocated to interest and principal payments and will not be available for other purposes, while financial and non-financial covenants may restrict operational and strategic flexibility, limit asset disposals and the use of related proceeds, reduce resilience to future economic or industry downturns, hinder the Cadeler Group's ability to compete with others in its industry for strategic opportunities, and constrain access to additional financing for working capital, capital expenditures, acquisitions, and general corporate purposes.

***Litigation proceedings could have a material adverse impact on the business, prospects and financial results and condition of the Cadeler Group.***

The nature of the business of the Cadeler Group from time to time results in clients, subcontractors, employees/manning agencies or vendors claiming, among other things, recovery of costs related to accidents, contracts and projects. This risk is further heightened by Cadeler's relatively small fleet and high asset concentration, meaning that any incident involving one or a few assets (such as accidents or technical failures) could have significant financial consequences for the Cadeler Group as a whole. The crane accident in 2018 on Wind Osprey, for example, resulted in a claim from the charterers for liquidated damages as well as personal injury claims by four seafarers involved in the accident. Should any of the Cadeler Group's vessels experience or be involved in any future incidents of a similar nature, the Cadeler Group may be subject to further claims and litigation. Litigation outcomes are unpredictable and may result in reputational damage as well as fines, penalties or other sanctions imposed by governmental authorities or general damages payable by the Cadeler Group in respect of third-party claims such as, for example, personal injury claims, employment-related claims or claims for property damage.

As part of the Cadeler Group's wind farm installation operations, it manages large, high-value components. In addition, as the Cadeler Group takes on full-service foundations projects (such as the Hornsea 3 and East Anglia 2 offshore wind farms in the U.K.), it is exposed to an increasingly complex scope of work encompassing technical design, engineering and construction. Any claims from its clients, subcontractors or vendors resulting from damage to component parts while within the Cadeler Group's control, or defects in construction works carried out by the Cadeler Group, may be significant. The Cadeler Group could also require extensive resources to assess and defend itself against potential claims and litigation, including under professional liability or warranty obligations, any of which could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

***The Cadeler Group's insurance coverage may be inadequate to protect the Cadeler Group from liabilities that could arise in its business.***

Although the Cadeler Group maintains insurance coverage against certain risks related to its business, risks may arise for which the Cadeler Group is not insured, or which are outside the scope of its existing insurance coverage. In addition, claims covered by insurance are subject to deductibles, the aggregate amount of which could be material, and certain policies impose caps on coverage or certain carve-outs. Insurance policies are also subject to compliance with certain conditions, the failure of which could lead to a denial of coverage as to a particular claim or the voiding of a particular insurance policy. There can be no assurance that existing insurance coverage will be renewed at commercially reasonable rates or that available coverage will be adequate to cover future claims. If a loss occurs that is partially or completely uninsured, or the carrier is unable or unwilling to cover the Cadeler Group's claim with respect to such loss, the Cadeler Group could be exposed to substantial liability. Further, to the extent that the proceeds from its insurance are not sufficient to repair or replace a damaged asset, the Cadeler Group would be required to expend funds to supplement the insurance proceeds and in certain circumstances may decide that such expenditures are not justified, which, in either case, could adversely affect the Cadeler Group's business, prospects and financial results and condition.

***The Cadeler Group faces risks related to recruiting and retaining key personnel, and any loss of senior management or failure to recruit or retain highly skilled personnel could have a material adverse effect on the Cadeler Group's operations.***

The Cadeler Group's continued success is largely dependent on its ability to recruit, retain and develop skilled personnel for its business. The market for qualified personnel is highly competitive and the Cadeler Group cannot be certain that it will be successful in attracting and retaining key personnel and crewing its vessels in the future. If the Cadeler Group loses any members of its senior management or other key individuals, or fails to hire, train and retain qualified employees, it may not be able to compete effectively and may have increased incident rates as well as regulatory and other compliance failures, which could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition. Difficulty in hiring and retaining qualified personnel could also adversely affect the Cadeler Group's results of operations.

***The Cadeler Group is exposed to counterparty credit risks relating to its key customers and certain other third parties.***

The Cadeler Group is subject to risks of loss resulting from the non-payment or non-performance by third parties of their obligations. Although the Cadeler Group monitors and manages counterparty risks, some of the Cadeler Group's customers and other counterparties may be highly leveraged and subject to their own operating, financial and regulatory risks. For example, some of the Cadeler Group's contractual counterparts are special purpose vehicles created for the purpose of carrying out a specific offshore wind farm project. These special purpose vehicles typically have limited assets or capital, and the Cadeler Group is not always able to obtain parent or third-party performance or financial guarantees for such counterparts' obligations. During periods of more challenging market environments, the Cadeler Group will be subject to an increased risk of customers seeking to repudiate contracts. The ability of the Cadeler Group's customers to perform their contractual obligations may also be adversely affected by restricted credit markets and economic downturns. Any bankruptcy, insolvency or inability by the Cadeler Group's customers affecting their ability to settle their debts or honor their obligations to the Cadeler Group when they fall due may adversely affect the Cadeler Group's business, prospects and financial results and condition.

***The Cadeler Group may fail to comply with applicable environmental laws and regulations, which could have an adverse effect on the Cadeler Group's business, prospects and financial results and condition.***

The Cadeler Group's operations are subject to a variety of laws, regulations, and requirements controlling the discharge of various materials into the environment, requiring removal and clean-up of materials that may harm the environment, controlling carbon dioxide emissions, or otherwise relating to the protection of the environment in the countries in which the Cadeler Group operates. Such laws, regulations and requirements vary from jurisdiction to jurisdiction and the operations of the Cadeler Group may be negatively affected by changes in environmental laws and other regulations that can result in large expenses including modification of vessels and changes in the operation of vessels. A lack of harmonization globally in relation to environmental, social and governance ("ESG") reform and the different pace at which

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

legislators and regulators across the globe operate creates uncertainty and the risk of fragmentation. New ESG regulation affects how the Cadeler Group can conduct it business as the compliance requirements increase.

Despite the Cadeler Group's commitment to meet the environmental and other ESG requirements for the operation of its vessels, there is a risk that the Cadeler Group fails to comply with applicable laws and regulations. Non-compliance with environmental laws and regulations in any of the jurisdictions in which the Cadeler Group operates may result in increased costs, material fines, penalties, possible revocation of ability to do business or contract termination and could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

***The Cadeler Group faces increasing scrutiny related to environmental, social and governance as well as sustainability matters that may impact its business.***

Recent years have seen an increase in investor and regulatory attention to ESG, including diversity and inclusion ("DEI"), environmental stewardship and transparency. A lack of harmonization globally in relation to ESG reform and the different pace at which legislators and regulators across the globe operate as well as diverging stakeholder views more generally when it comes to ESG and DEI matters, create uncertainty and the risk of fragmentation. While it appears unlikely that the SEC's previous climate agenda will be further pursued, conflicting supervisory directives between U.S. regulatory and non-U.S. authorities or Congress and certain U.S. state governments may result in pressure from investors, unfavorable reputational impacts, including inaccurate perceptions or a misrepresentation of the Cadeler Group's actual ESG-related practices and diversion of management's attention and resources. Any failure, or perceived failure, by the Cadeler Group to adhere

to its public statements, comply fully with developing interpretations of ESG-related laws and regulations, including with respect to DEI-related matters, or meet evolving and varied stakeholder expectations and standards could negatively impact the Cadeler Group's reputation or result in legal and enforcement proceedings against the Cadeler Group.

Pending and future regulations targeting emissions, marine pollution, air quality, and biodiversity protection may further increase capital and operating costs. Additionally, limited availability of alternative fuels and shore power infrastructure could hinder the Cadeler Group's energy transition efforts. While the Cadeler Group may at times engage in voluntary initiatives (such as voluntary disclosures, certifications, or goals, among others) to improve its ESG profile or to respond to stakeholder expectations, such initiatives may be costly and may not achieve the desired effect. For example, the Cadeler Group has set high standards and ambitions for its environmental responsibility, including its goal to run a carbon-neutral business by 2035. Achieving these goals will require emission reductions across the fleet, innovations in operations as well as research into reliable solutions for sequestering the greenhouse gases that the Cadeler Group cannot avoid emitting. Despite its efforts, there is a risk that the Cadeler Group will fail in meeting its environmental goals, for example due to failed technological advancements and failure in developing more eco-friendly vessels.

Expectations around the Cadeler Group's management of ESG matters continue to evolve rapidly, in many instances due to factors that are out of the Cadeler Group's control. If the Cadeler Group fails to, or is perceived to fail to, comply with or advance certain ESG initiatives (including the timeline and manner in which initiatives are completed), it may be subject to various adverse impacts, including reputational damage, allegations of "greenwashing" and potential stakeholder engagement and/or litigation, even if such initiatives are currently voluntary.

***The Cadeler Group is subject to risks related to tax, including the applicability of tonnage taxation, and to changes in tax laws***

Tax laws, regulations and treaties are highly complex and subject to interpretation. Consequently, the Cadeler Group is subject to changing tax laws, regulations and treaties in and between the countries in which it operates. Certain members of the Cadeler Group operate within the tonnage tax regimes in Denmark, Cyprus and the United Kingdom, pursuant to which ship owners (or operators) pay a fixed amount per net ton at their disposal, rather than being taxed under a conventional corporate tax regime where a taxable income is calculated based on taxable revenue less tax-deductible expenses, depreciations and amortizations. In addition, certain of Cadeler's subsidiaries are resident for taxation purposes in the United Kingdom and so are subject to corporation tax in the United Kingdom on their income.

From time to time, the Cadeler Group's positions in respect of taxes, including tonnage taxation, may be subject to review or investigation by tax authorities in the jurisdictions in which the Cadeler Group operates. If any tax authority were to successfully challenge the Cadeler Group's operational structure, the taxable presence of Cadeler's subsidiaries in certain countries or the Cadeler Group's interpretation of applicable tax laws and regulations, or if the Cadeler Group were to lose any other material tax dispute in any country, the result could be an increase in the Cadeler Group's tax expenses and/or a higher effective tax rate. For instance, if the tax authorities in Denmark, Cyprus or the United Kingdom were to determine that income taxed under the tonnage tax regime should have been subject to corporate income tax instead, such income would be taxed at a higher rate after deducting allowable expenses. In addition, as Cadeler operates in various tax jurisdictions when carrying out wind farm installation projects, one or more foreign tax authorities could claim that Cadeler has a permanent establishment in such tax jurisdiction and Cadeler could, as a result, potentially be subject to taxation in such jurisdictions. The analysis of whether a permanent establishment exists depends on the interpretation of local tax rules and the impact on the Cadeler Group's taxation in Denmark or the United Kingdom depends on whether or not a double tax treaty exists between Denmark or the United Kingdom, as applicable, and the relevant jurisdiction. As a general principle under both Danish and UK tax law, income attributed to a permanent establishment abroad should not be included in the taxable income (computed for Danish or UK tax purposes, as applicable) of a Danish or UK parent company, provided that the Danish or UK tax authorities agree that the permanent establishment exists and that the allocation of profits and costs to such permanent establishment is correct. Thus, the risk is generally limited to the difference in tax rate between Denmark or the United Kingdom, as applicable, and the "permanent establishment country" leading to a different tax levied on the income attributed to the permanent establishment(s), excluding penalties and interest for any late payment. However, if the income attributable to the permanent establishment is taxed under the tonnage tax scheme in Denmark or the United Kingdom, as applicable, such income would likely be subject to corporate income taxation in the permanent establishment country, and as a result such income may be taxed at a higher rate and could result in a higher tax payment by the Cadeler Group. In addition, potential fines and interest for late payment of taxes may be levied for noncompliance with foreign requirements for the registration of any such permanent establishment(s).

The Cadeler Group may also be affected by changes in global tax initiatives. For instance, in October 2021, members of the OECD agreed on a two-pillar approach to reform the international tax system: the so-called Pillar One rules, which reallocate profits to the market jurisdictions where sales arise versus physical presence, and the so-called Pillar Two rules, which are designed to compel multinational corporations with EUR 750 million or more in annual revenue to pay a minimum effective corporate tax rate of 15% on income received in each jurisdiction in which they operate. The reforms aim to level the playing field between countries by discouraging them from reducing their corporate income taxes to attract foreign business investment. The principal jurisdictions in which the Cadeler Group may be exposed to additional taxation as a result of the Pillar Two rules include Denmark, the United Kingdom and Cyprus. The Cadeler Group is actively assessing the potential future impact of the Pillar Two rules on the Cadeler Group's business (including the application of the Pillar Two rules' international shipping income exclusion). The Pillar Two rules could, however, have the effect of increasing the burden and costs of the Cadeler Group's tax compliance, the amount of taxes the Cadeler Group incurs in the relevant jurisdictions and its global effective tax rate, and in turn have a material adverse impact on the Cadeler Group's business, prospects and financial results and condition.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

***The Cadeler Group is dependent on certain certificates and approvals.***

The Cadeler Group's operations require a number of certificates and approvals from relevant authorities in which the Cadeler Group operates. See also Item 4.B "Business Overview—Impact of regulation" of this Annual Report on Form 20-F. The comprehensiveness and the procedures for obtaining such certificates and approvals may vary across countries. Such certificates and approvals may be necessary for both onshore and offshore construction and operation activities. Moreover, after having obtained such certificates and approvals, the Cadeler Group is required to comply with relevant conditions for their maintenance, and failure to do so may result in sanctions (including, for example, a prohibition on continued operations), fines and/or revocation or suspension of the certificates and approvals granted to the Cadeler Group.

The Cadeler Group can provide no assurance that all necessary certificates and approvals will be obtained and renewed as and when required. Failure to obtain, or delays in obtaining, the necessary certificates and approvals could result in termination or delay of the Cadeler Group's projects.

Classification societies have established requirements that all vessels are required to meet and which may result in substantial costs. The Cadeler Group's vessels are subject to inspections, surveys or tests, and the relevant classification society may impose "conditions of class" or "recommendations," i.e., specific measures, repairs, surveys etc. relating to any vessel and require that the owner of that vessel (i.e., the Cadeler Group) implement such recommendations either immediately, by a certain deadline or at the next (mandatory) drydocking. If any required action is not taken, the classification society may suspend or revoke the relevant vessel's classification, in which case, the vessel is not permitted to operate. The same may result if the Cadeler Group's vessels do not undergo the required surveys at regular intervals or do not make the required reporting to the classification societies. Failure to comply with classification requirements may also adversely affect insurance coverage and may result in certain vessels being denied access to, or detained in, certain ports, which may in turn have a material adverse impact on the Cadeler Group's business, prospects and financial results and condition.

***The Cadeler Group is subject to risks relating to changes in, compliance with, or failure to comply with certain domestic and international laws and regulations.***

The Cadeler Group and its business are subject to laws and regulations governing the offshore industry. Future changes in the domestic and international laws and regulations applicable to the Cadeler Group and its activities are unpredictable and are beyond the control of the Cadeler Group, and such changes could imply the need to materially alter the Cadeler Group's operations and organization and may prompt the need to apply for permits, which could in turn have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition. See also "—The Cadeler Group is dependent on certain certificates and approvals" and Item 4.B "Business Overview—Impact of regulation" of this Annual Report on Form 20-F.

Any change in or introduction of new regulations may increase the costs of operations, which could have an adverse effect on the Cadeler Group's profitability. For example, changes in regulations on fuel for vessels could materially affect the Cadeler Group's cost base. As a result of an International Maritime Organization ("IMO") regulation which entered into force on January 1, 2020, the shipping industry has been exposed to a shift from heavy fuel oil to low sulphur fuels or alternatively installing so-called scrubbers on vessels, with either alternative resulting in additional costs to shipping companies. In addition, on July 14, 2021, the European Commission formally proposed its plan to gradually include the maritime sector in the EU Emissions Trading System ("EU ETS") from 2024 by phasing the sector into the EU ETS requirements over a three-year period. This will require shipowners to buy permits to cover greenhouse gas emissions and is expected to affect Cadeler's vessels from 2027 onwards. The European Commission's plan will permit vessel owners to pass the costs of compliance with the EU ETS onto charterers for vessel emissions during on-hire periods. If Cadeler is unable to pass on these additional costs to its customers during on-hire periods, this could have a material adverse effect on the Cadeler Group's financial position. During off-hire periods, Cadeler will need to develop a strategy for purchasing EU ETS allocations at favorable rates. If Cadeler is unable to obtain favorable rates or if Cadeler is unable to implement adequate processes to manage the purchasing and surrendering of EU ETS allocations, it could be exposed to financial penalties or operational restrictions which may in turn have a material adverse impact on the Cadeler Group's business, prospects and financial results and condition.

If any of the Cadeler Group's vessels does not comply with the extensive regulations applicable from time to time, the Cadeler Group may be unable to continue such vessel's operations without costly and time-consuming retrofits, and/or the Cadeler Group could be in non-compliance with applicable rules and regulations. See also "—The Cadeler Group is dependent on certain certificates and approvals."

***Labor disruptions could materially adversely affect the Cadeler Group's business and operations.***

The seafarers operating the O-Class Vessels, P-Class Vessels and the Operating A-Class Vessel belong to unions, and the Cadeler Group has collective bargaining agreements with Metal Maritime, Maskinmestrenes Forening and Dansk EL-forbund that govern the employment of the seafarers serving on those vessels. In addition, the Cadeler Group has agreements with the Japanese Seamen's Union (JSU) with respect to certain of the seafarers on the Wind Zaratan, and with the International Transport Workers' Federation (ITF) with respect to certain of the seafarers on the Wind Scylla. In aggregate, approximately two-thirds of the Cadeler Group's seafarers are unionized. The terms of these agreements generally govern the wages paid to the crew, minimum living conditions onboard the vessels, as well as other benefits and conditions of the seafarers' employment. The collective bargaining agreements relating to the Cadeler Group's Danish-flagged vessels are currently being renegotiated, and the Cadeler Group may also become subject to additional agreements in the future. While management believes that the Cadeler Group's relationships with the Metal Maritime and other trade unions are good, if the Cadeler Group's relations with its seafarers, the Metal Maritime or other trade unions deteriorate, or if the Cadeler Group's employees or the relevant unions decide to strike or stop work for any other reason, the Cadeler Group may be unable to operate its vessels, which could result in loss of revenues, increased costs and decreased cash flows. Further, the Cadeler Group's collective bargaining agreements govern the wages paid by the Cadeler Group to certain of its seafaring employees, and there can be no assurance that future renegotiations will lead to wage levels acceptable to the Cadeler Group. Any labor disruptions or significant increase in wages could harm the Cadeler Group's operations and could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

***Changes in interest rates and inflation will continue to affect the Cadeler Group's business and results.***

The Cadeler Group's level of indebtedness (1,459.1 million as at December 31, 2025, of which 100% bears a floating interest rate) exposes the Cadeler Group to changes in interest rates. Benchmark overnight interest rates remained relatively stable, declining slightly through 2025. Forward rates suggest that interest rates will decline further in 2026. Stable interest rates support more predictable income flow and less volatility in asset and liability valuations, although persistently low and negative interest rates may adversely affect the Cadeler Group by, for example, lowering investment returns on cash reserves or affecting the valuation of certain assets and liabilities. Conversely, should interest rates rise in the future, the Cadeler Group's interest expenses on floating-rate borrowings could increase materially, leading to higher financing costs and increase

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

pressure on profitability. In addition, the Cadeler Group's indebtedness requires the Cadeler Group to dedicate a portion of its cash flow from operations to payments on its debt, thereby reducing the availability of cash flow to fund working capital, capital expenditures, acquisitions and investments and other general corporate purposes, potentially limiting its ability to borrow additional funds or to borrow funds at rates or on other terms it finds acceptable.

In addition to interest rate risk, Cadeler is exposed to other market factors including inflation, currency exchange rate fluctuations and shifts in the use of the U.S. dollar in global trade. Inflationary pressures can increase operating costs, while economic slowdowns caused by inflation may reduce demand for the Cadeler Group's services, particularly capital-intensive offshore wind projects that depend on favorable financing conditions. Market factors may also result in losses from the derivatives and other instruments the Cadeler Group uses to hedge the interest rate risk associated with Cadeler's financing arrangements. The Cadeler Group uses derivative instruments to hedge approximately 50% of its floating interest rate exposure, but market volatility may still result in losses. Changes in interest rates and related market conditions, in combination with the Cadeler Group's current debt profile and hedging policies, could materially and adversely impact the Cadeler Group's business, prospects and financial results and condition.

**Risks Related to the Business Combination**

In December 2023, Cadeler completed its business combination with Eneti Inc., a registered company incorporated under the laws of the Republic of the Marshall Islands ("Eneti" and, together with its subsidiaries, the "Eneti Group") (the "Business Combination"). Set out below is a summary of certain risk factors related to the Business Combination.

***Cadeler may fail to realize all of the anticipated benefits of the Business Combination, or these benefits may take longer to realize than expected.***

Cadeler believes that there are significant benefits as well as cost and revenue synergies that may be realized through leveraging the flexibility and size of the combined fleet, scale, respective capabilities and deep industry relationships of each of Cadeler and Eneti. In June 2023, when Cadeler and Eneti announced their agreement to enter into the Business Combination, the members of the board of directors of Cadeler (the "Cadeler Board") estimated that the Business Combination would create synergies of at least EUR 106 million per year, comprising EUR 55 million in cost and operational synergies and EUR 51 million in utilization synergies. While it is the assessment of Cadeler's management that the combined Cadeler Group remains on track to realize in full the synergies anticipated by the Cadeler Board (having already achieved at least EUR 30 million in cost and operational synergies, principally as a result of reduced management headcount and an optimized hiring plan as well as improved terms on certain of the combined Cadeler Group's debt financing facilities) there is no assurance that such synergies will be realized.

Cadeler believes that the Business Combination has resulted and will continue to result in a number of operational benefits, such as increased redundancy and improved ability to meet customer demand for larger scopes and project sizes. However, the efforts to realize these benefits and synergies will be a complex process and may disrupt the Cadeler Group's operations if not implemented in a timely and efficient manner. Failure to achieve the anticipated benefits of the Business Combination could adversely affect the Cadeler Group's results of operations or cash flows, decrease or delay any accretive effect of the Business Combination and negatively impact the price of Cadeler Shares and Cadeler ADSs.

***Integration involves numerous challenges that may be more time-consuming and costly than expected.***

A significant amount of the Cadeler Group's management's time has been and will be required to achieve the integration of Cadeler's and Eneti's businesses, and this may affect or impair the ability of the management team to run the business of the combined company effectively. Cadeler has a relatively small management team and organization, which could further exacerbate this risk. The foregoing could have a material adverse effect on the Cadeler Group's business, prospects and financial results and condition.

**Risks Related to the Cadeler Shares and Cadeler ADSs**

***Future issuances of new Cadeler Shares or other securities in Cadeler may dilute the holdings of Cadeler Shareholders and could materially affect the price of the Cadeler ADSs and the Cadeler Shares.***

Future issuances of new Cadeler Shares or other securities in Cadeler may dilute the holdings of Cadeler Shareholders and could materially and adversely affect the price of the Cadeler ADSs and the Cadeler Shares. Cadeler may in the future issue additional Cadeler Shares or securities convertible into Cadeler Shares through directed offerings without pre-emptive rights for existing holders of Cadeler Shares and Cadeler ADSs. For example, Cadeler has carried out four equity capital raises without pre-emptive rights since its listing on the Oslo Stock Exchange (the "OSE") in November 2020, raising gross proceeds in aggregate of approximately EUR 546.8 million, principally to finance its new build program. It is possible that Cadeler may decide to offer additional Cadeler Shares or other securities in Cadeler in connection with new capital investments in the future, unanticipated liabilities and expenses, future acquisitions, any share incentive or share option plan, or for any other purposes. Any such offer could reduce the proportionate ownership and voting interests of holders of Cadeler Shares and Cadeler ADSs as well as the earnings per share and the net asset value per share, and any such offering by Cadeler could also have a material adverse effect on the market price of Cadeler Shares and Cadeler ADSs.

***The market value of Cadeler ADSs and Cadeler Shares and dividends are subject to exchange risk.***

The Cadeler Shares have a nominal value in DKK, while priced in NOK when listed and traded on the OSE. In addition, Cadeler ADSs are listed and admitted to trading, and the Cadeler Shares underlying such Cadeler ADSs are listed (but not admitted to trading), on the New York Stock Exchange (the "NYSE"), where they are priced in USD. Any future payments of dividends on the Cadeler Shares listed on the OSE and the NYSE is expected to be paid in NOK and/or USD, respectively. Additionally, the Cadeler Group prepares its financial statements in EUR, which is also the functional currency of the Cadeler Group, and a majority of Cadeler's contractual obligations are either in EUR or USD, including the remaining payments for the orders of the A-Class New Builds. Income is primarily invoiced in EUR, as are most costs, or in DKK, which is pegged to the EUR. Accordingly, transactions in a currency other than the EUR are translated into EUR using the exchange rates at the dates of

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

the transactions and the Cadeler Group's revenue, costs and results may increase or decrease compared to prior periods as a result of changes in foreign currency exchange rates. As a result of these factors, investors are subject to adverse movements in NOK, DKK, EUR and USD against the respective other currencies, and the dividends paid on the Cadeler Shares or price received in connection with the sale of such Cadeler Shares could be materially adversely affected by such exchange rate movements.

***Holders of Cadeler ADSs may not be able to exercise voting rights or receive distributions as readily as holders of Cadeler Shares.***

Holders of Cadeler ADSs who would like to vote their underlying Cadeler Shares at general meetings of Cadeler Shareholders must timely instruct the Depositary on how to vote these underlying Cadeler Shares in advance of such meeting to enable the Depositary to submit the votes ahead of the deadline set out in Cadeler's notice for the meeting. Neither Cadeler nor the Depositary can guarantee that holders of Cadeler ADSs will receive the notice for any general meeting or any voting materials provided by Cadeler or the Depositary in time to ensure that you are able to instruct the Depositary to vote the Cadeler Shares underlying their Cadeler ADSs. Furthermore, the Depositary and its agents are not responsible for failure to carry out voting instructions or for the manner of carrying out voting instructions. Therefore, there is a risk that the vote of holders of Cadeler ADSs may not be carried out in the manner intended and, in such instance, there would be no recourse available to them. Holders of Cadeler ADSs also may not receive the distributions that Cadeler makes on the Cadeler Shares or any value for them if it is illegal or impracticable for the Depositary to make them available to them.

***The Deposit Agreement includes a jury trial waiver provision and a forum selection provision, as a result of which holders of Cadeler ADSs may not be entitled to a jury trial or to bring a claim in a judicial forum they find favorable with respect to claims arising under the Deposit Agreement, each of which could result in less favorable results to the plaintiff(s) in any such action.***

On December 19, 2023 Cadeler, JPMorgan Chase Bank, N.A., in its capacity as depositary (the "Depositary") and all holders and beneficial owners from time to time of ADRs issued thereunder, entered into a deposit agreement (the "Deposit Agreement"). The Deposit Agreement governing the Cadeler ADSs provides that holders and beneficial owners of Cadeler ADSs, including those who acquire Cadeler ADSs in the secondary market, irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating to the Deposit Agreement or the Cadeler ADSs, including claims under U.S. federal securities laws, against Cadeler or the Depositary to the fullest extent permitted by applicable law. If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the Deposit Agreement with a jury trial. To Cadeler's knowledge, the enforceability of a jury trial waiver under the U.S. federal securities laws has not been finally adjudicated by a federal court, and holders of the Cadeler ADSs are not able to waive Cadeler's or the Depositary's compliance with U.S. federal securities laws or the rules and regulations promulgated thereunder.

The jury trial waiver provision and the forum selection provision of the Deposit Agreement can discourage claims or limit the ability of holders of Cadeler ADSs to bring a claim in a judicial forum that they find favorable. In addition, there may be imbalances of resources between Cadeler and the Depositary and holder(s), including in regard to access to information. If any holder or beneficial owner of Cadeler ADSs brings a claim against Cadeler or the Depositary in connection with matters arising under the Deposit Agreement or the Cadeler ADSs, such holder or beneficial owner may not be entitled to a jury trial with respect to such claims. If a lawsuit is brought against Cadeler and/or the Depositary under the Deposit Agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in increasing costs of bringing a claim. A case that is only heard by a judge or justice of the applicable trial court may result in different outcomes than a trial heard by jury would have, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature of the claims, the judge or justice hearing such claims, and the venue of the hearing.

No condition, stipulation or provision of the Deposit Agreement or Cadeler ADSs serves as a waiver by any holder or beneficial owner of Cadeler ADSs or by Cadeler or the Depositary of compliance with any provision of the U.S. federal securities laws.

***Cadeler's largest shareholders have significant voting power and the ability to influence matters requiring shareholder approval. Sales of substantial amounts of Cadeler Shares by Cadeler's largest shareholders could reduce the price of Cadeler Shares.***

Based on information provided in connection with their latest notifications to Cadeler, BW Altor Pte. Ltd. ("BW Altor") has an ownership interest in Cadeler of approximately 27.40% and Scorpio Holdings Limited ("Scorpio Holdings") has an ownership interest of approximately 12.09%. Accordingly, each of BW Altor and Scorpio Holdings may have the ability to influence matters that require approval by a majority of shareholders at a general meeting, including the appointment of directors and payment of dividends, and exercise of significant influence in matters where a majority or special majority is required, including mergers and other extraordinary transactions, as well as amendments of the combined company's organizational documents and alterations of its capital structure, including authorizing the issue of new shares or share buybacks of existing shares. The interests of each of BW Altor and Scorpio Holdings may differ significantly from or compete with Cadeler's interests or those of other Cadeler Shareholders, and it is possible that each of BW Altor and Scorpio Holdings may exercise significant influence or control over the Cadeler in a manner that is not in the best interests of all Cadeler Shareholders or with which other investors may not agree. This concentration of ownership and voting power could delay, postpone or prevent a change of control in Cadeler, impede mergers,

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

consolidation, takeover or other forms of combinations involving Cadeler, or discourage a potential acquirer from attempting to obtain control of Cadeler.

In addition, if any of Cadeler's largest shareholders sell substantial amounts of their shareholdings in the public market or if there is a perception in the market that such substantial sales may occur in the future, the market price of the Cadeler Shares could fall. The occurrence of such substantial sales or the perception that substantial sales of Cadeler Shares may occur in the future could put downward pressure on the market price of Cadeler Shares and may make it more difficult for Cadeler to raise additional financing through the sale of equity or equity related securities in the future at a time and price that Cadeler deems reasonable or appropriate.

***If insolvency proceedings are commenced against Cadeler resulting in a liquidation, the Cadeler Shareholders may only be entitled to receive a liquidation dividend from Cadeler to the extent that all of Cadeler's liabilities have been paid to creditors in full.***

Any insolvency proceedings with respect to Cadeler will be subject to the insolvency laws applicable to Danish limited liability companies as set out in the Danish Act no. 1600 of December 25, 2022 on bankruptcy or other applicable laws. If insolvency proceedings are commenced against Cadeler resulting in a liquidation, Cadeler Shareholders may only be entitled to receive a liquidation dividend from Cadeler to the extent that all of Cadeler's liabilities have been paid to creditors in full. If the liquidation of Cadeler's assets does not generate sufficient proceeds for the bankruptcy estate to pay any liquidation dividend to Cadeler's shareholders, any equity investment in Cadeler may be lost.

***There can be no assurances that Cadeler will not be a passive foreign investment company (a "PFIC") for any taxable year, which would generally result in adverse U.S. federal income tax consequences to U.S. investors in Cadeler ADSs or Cadeler Shares.***

In general, a non-U.S. corporation is a PFIC for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the value of its assets (generally determined on a quarterly average basis) consists of assets that produce, or are held for the production of, passive income. For the purposes of the above calculations, a non-U.S. corporation that owns, directly or indirectly, at least 25% by value of the stock of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, investment gains and certain rents and royalties, but does not include income received as compensation for services. Cash and cash equivalents are generally treated as passive assets. Goodwill and other intangible assets are generally treated as active assets to the extent associated with activities that generate non-passive income.

Cadeler's gross income consists primarily of gross income from time charter hire services contracts with customers where the Cadeler Group utilizes its vessels, equipment and crew to deliver a service to the customer based on either a fixed day rate or milestone deliverables. Customers cannot charter a vessel from the Cadeler Group without also receiving the relevant wind turbine installation, engineering or maintenance services from the vessel's crew. While the treatment of the gross income from time charter hire services for purposes of the PFIC rules is unclear, Cadeler intends to take the position that such income is non-passive income from services (rather than rental income). This position is based on general U.S. federal income tax law principles and court decisions that distinguish between income from services and rental income for other tax purposes. However, there is a court decision that characterized time charter income as rental income, rather than income from services, for another (not PFIC) tax purpose. Although the IRS indicated that it disagreed with that court decision, and although the facts of the court case may be different from Cadeler's business model, there is no assurance that the IRS or a court will not treat Cadeler's gross income from time charter hire services contracts as rental income, in which case the income (and the assets that produce it) may be treated as passive, unless the income is treated as derived in an active conduct of a trade or business under relevant Treasury regulations.

Assuming that Cadeler's gross income from time charter hire services contracts with customers is not passive income, Cadeler does not believe it was a PFIC for 2025. However, Cadeler's PFIC status for any taxable year is an annual factual determination that can be made only after the end of that year, and will depend, among other things, on the composition and character of its income and assets and the value of its assets from time to time (including the value of its goodwill and other intangible assets, which may be determined, in part, by reference to its market capitalization, which could be volatile). Accordingly, there can be no assurance that Cadeler will not be a PFIC for any taxable year. If Cadeler is a PFIC for any taxable year during which a U.S. investor owns Cadeler ADSs or Cadeler Shares, the U.S. investor will generally be subject to adverse U.S. federal income tax consequences, including increased taxes on gains and certain distributions as well as reporting requirements. See also Item 10.E. "Taxation—Material U.S. Federal Income Tax Considerations—Passive foreign investment company rules."

**Item 4. Information on the Company**

**A. History and development of the company**

Cadeler A/S was incorporated under the laws of Denmark on January 15, 2008 and has, from its incorporation, operated solely in the market for offshore wind. The Cadeler Group is headquartered in Copenhagen, Denmark and currently operates 10 offshore jack-up wind installation vessels, with two new builds on order. In addition to the transportation and installation of offshore wind turbine generators ("WTGs") and their foundations, the Cadeler Group provides operations and maintenance, decommissioning and other general construction services to the offshore wind industry.

The Cadeler Shares are listed on the OSE (ticker: CADLR), where they have been listed since November 2020. The Cadeler ADSs are listed on the NYSE (ticker: CDLR), where they have been listed since December 2023. Each Cadeler ADS represents four (4) Cadeler Shares.

---

| | |
|:---|:---|
| Legal name: | Cadeler A/S |
| Commercial name: | Cadeler |
| Date of incorporation: | January 15, 2008 |
| Legal form of the Company: | A Danish public limited liability company |
| Legislation under which the Company operates: | Danish law |
| Country of incorporation: | Denmark |
| Address: | Kalvebod Brygge 43, DK-1560 Copenhagen, Denmark |
| Telephone Number: | +45 3246 3100 |

---

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

***Important events in 2025 and 2026 to date***

Reference is made to the sections titled "Business Review" and "The Year 2025 in Brief" on pages 6-12 of the Annual Report 2025 for information on important events in 2025 and 2026 to date.

***Capital expenditure***

For capital expenditure since the beginning of 2023 (including current capital expenditures and methods of financing), reference is made to the section titled "Finance Review" on pages 13-20 of the Annual Report 2025.

No significant divestments took place in the period 2023-2025.

***Public takeover offers in respect of the Cadeler Shares***

No such offers occurred during 2025 or have occurred in 2026 to date.

***Available information***

The SEC maintains a website at www.sec.gov which contains, in electronic form, each of the reports and other information that Cadeler has filed electronically with the SEC. Cadeler's website address is www.cadeler.com. The information contained on, or accessible through, the website is not incorporated by reference herein, and any information contained in, or that can be accessed through, the website should not be considered as part hereof. The website address has been included as an inactive textual reference only.

**B. Business overview**

***Description of Company's operations and principal markets***

The Cadeler Group is a leading offshore wind installation vessel contractor. The Cadeler Group is headquartered in Copenhagen, Denmark and currently operates 10 offshore jack-up wind installation vessels, with two new builds on order. The Cadeler Group operates within the market for the transportation and installation of offshore WTGs and their foundations. In addition to wind farm installation, the Cadeler Group's vessels can perform maintenance, decommissioning, and other general construction tasks within the offshore industry.

Management believes that there is strong underlying demand for installation services in offshore wind and, with relevant vessel supply expected to be limited, that there are good employment prospects for the Cadeler Group's vessels, which are optimized for transportation and installation of offshore WTGs and their foundations.

The Cadeler Group's fleet currently comprises one A-Class Vessel (Wind Ally), two P-Class Vessels (Wind Peak and Wind Pace), two M-Class Vessels (Wind Maker and Wind Mover), two O-Class Vessels (Wind Orca and Wind Osprey), Wind Keeper, Wind Scylla and Wind Zaratan. The Cadeler Group has placed orders for two A-Class New Builds (to be named Wind Ace and Wind Apex). The Cadeler Group expects to take delivery of the two A-Class New Builds in the third quarter of 2026 and first half of 2027, respectively. Cadeler refers to its next-generation wind installation vessels as P-Class vessels, to the similar next-generation wind installation vessels previously commissioned by Eneti as M-Class vessels, and to its vessels specifically intended to be used for the installation of WTG foundations as A-Class vessels. Crane upgrades of the O-Class Vessels were completed in 2024, ensuring that the O-Class Vessels are capable of handling the next generation of offshore wind turbines.

The Cadeler Group's customer base consists of offshore wind farm developers, original equipment manufacturers and various offshore contractors. As of December 31, 2025, the Cadeler Group had completed approximately 40 offshore projects since 2012 and management believes that the Cadeler Group is well positioned in its current market, including in light of its contracts with "blue-chip" customers such as Siemens Gamesa Renewable Energy, Vestas, Ørsted, Vattenfall and ScottishPower Renewables. In the years ended December 31, 2025, 2024 and 2023, the Cadeler Group worked on projects in the United Kingdom, the United States, Germany, Poland, Taiwan, France and the Netherlands.

***Segment information***

The Cadeler Group's management does not segment its operations or otherwise make operating decisions based solely on customer type, type of service or geographical segments. The Cadeler Group operates 10 jack-up wind installation vessels, all of which are viewed as operating within one segment and each of which can, subject to applicable technical and regulatory restrictions, operate in any geographical area. Accordingly, the Cadeler Group has only one operating segment.

***Seasonality***

The market for wind installation vessels has historically exhibited seasonal variations in demand as well as cyclical peaks and troughs and, as a result, variable charter hire rates. This seasonality may result in quarter-to-quarter volatility in the Cadeler Group's operating results. The market is typically stronger in the summer months and shoulder seasons, when weather conditions are more favorable for offshore construction activities. As a result, the revenues of European operators of wind installation vessels in general have historically been weaker during the fiscal quarters ended December 31 and March 31, and, conversely, been stronger in the fiscal quarters ended June 30 and September 30. Due to global expansion, these trends may vary according to continental seasonality. This seasonality may materially affect operating results.

***Patents***

The Cadeler Group has trademark rights to the Cadeler name, logo and domain, but is not otherwise materially dependent on any patents, trademarks, licenses or new manufacturing processes.

***Impact of regulation***

Reference is made to the section titled "Regulatory," on pages 26-30 of the Annual Report 2025 for information on the impact of regulation.

***Market and competition***

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

The Cadeler Group operates within the offshore wind farm transportation and installation vessel market, which constitutes a part of the global wind energy industry. The fundamental driver of wind energy installation activity is energy companies' investments in developing and installing renewable energy capacity. At the heart of these investment decisions is the levelized cost of energery ("LCOE"), a measure of the average net present cost of electricity generation for a particular project over its lifetime, alongside broader strategic considerations, including the decarbonization of the energy sector to limit climate change and achieve a more sustainable energy mix globally.

The engineering challenges presented by the transportation and installation of turbines at sea have resulted in the development of specialist equipment and innovative construction techniques. The wind turbine itself is constructed in sections. The sections split the structure into main components which include: the foundations or substructure, the tower (which may itself be constructed in sections), the nacelle (housing the generator), the hub and the blades. These components are assembled at sea by wind installation vessels.

Key competitive parameters for wind farm transportation and installation vessels include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Lifting height capacity above sea level:* for the next generation of turbines, it is expected that the hub heights may reach 160 – 180 meters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Lifting heights above main deck:* for the next generation turbines, it is anticipated that towers may be 125 – 150 meters high;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Large deck space and variable load capacity:* in order to be able to transport very large and heavy foundations often exceeding 2,000 tons per unit, nacelles of up to 1200 tons per unit and blades with lengths exceeding 120m; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Crane capacity:* if targeting installation of heavy foundations/substructures or focusing on next generation wind turbine jacket foundations, the crane capacity is a key parameter due to the overturning moment capacity required.

Growth and demand within the offshore wind farm transportation and installation vessel market are affected by, among others, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Energy companies' investment levels in renewable energy*: Energy companies' investment levels in developing offshore wind farms are the key driver of demand for transportation and installation vessels, which are, in turn, dependent on energy prices and the competitiveness of developing offshore wind projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of completing offshore wind projects & LCOE*: Long term prospects for offshore wind depend to a large extent on how competitive offshore wind is compared to other sources of electricity. The LCOE combines all of the cost elements that are attributed to offshore wind projects into a single number representing the average generation cost for the projects. This metric measures the attractiveness of developing offshore wind projects versus other sources of energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer pricing (Consumer willingness to pay)*: Using renewable energy for domestic consumption has been identified as a key strategy by the Intergovernmental Panel on Climate Change to reduce greenhouse gas emissions. As part of the success of offshore wind, the declining costs and increased competitiveness have made the outbuild of offshore wind much faster. Critical to the success of this is to know whether consumers are willing to pay to increase the proportion of electricity generated from renewable energy in their electricity portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Technology and innovation*: The global offshore wind market has been gaining momentum over the last decade, benefitting from rapid technology improvements. Equipment suppliers have focused research and development spending on bigger and better performing offshore wind turbines, a technology that has grown in physical size and rated power output. With the continuous technology leaps propelling the offshore wind industry, larger and larger turbines are coming to market, in terms of size and swept area, which in turn raises the turbines' maximum output. The tip height of commercially available turbines increased from just over 100 meters in 2010 (~3 MW turbine) to more than 200m in 2016 (8 MW turbine) and the swept area increased by 230%. The industry standard is currently a 15MW turbine, with even larger turbines expected to enter production in the medium term. Larger turbines require larger foundations and hence construction becomes more challenging. The trend is expected to lead to increased demand for high-end transportation and installation vessels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Political and regulatory environment*: Changes in the political, economic and regulatory environment across regions affect the global demand for offshore wind development. The political and regulatory regimes of a country also have a significant impact on the economic attractiveness of developing offshore wind farms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Global energy transition*: Focus on the environment has been and will continue to be one of the most important drivers for developing offshore wind projects. The global energy markets are currently in a megatrend towards greener and sustainable energy solutions. Reducing energy-related CO2 emissions is at the heart of this transformation. Shifting the world away from the consumption of fossil fuels that cause climate change and towards cleaner, renewable forms of energy is key to the world reaching agreed climate goals.

The Cadeler Group has a number of well-established competitors, including DEME Offshore, Jan de Nul (both Belgium-headquartered), Fred. Olsen (Norway-headquartered) and Van Oord (Netherlands-headquartered). In addition, Seaway7, Dominion Energy, and Maersk have each taken delivery of new build wind installation vessels. These companies will directly compete (and in a number of cases are already directly competing) with the Cadeler Group in tenders for wind foundation and turbine installation projects.

**C. Organizational structure**

The following chart is a simplified presentation of the Cadeler Group's organizational structure as of the date of this Annual Report on Form 20-F, identifying the Cadeler Group's significant subsidiaries, their country of incorporation as well as the Cadeler Group's direct or indirect ownership percentage.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

![image (1).jpg](cdlr-20251231_g1.jpg)

In 2024, Cadeler announced that it is considering the re-domiciliation of its parent company to the United Kingdom. A detailed feasibility analysis, including a review of legal, tax and other considerations, is ongoing and no final decision with respect to such a re-domiciliation has been made at this time. It is anticipated that, if Cadeler determines to proceed with a re-domiciliation to the United Kingdom, it would maintain stock exchange listings on the Oslo Stock Exchange and the NYSE.

**D. Property, plants and equipment**

Reference is made to Note 13 to the Consolidated Financial Statements, "Property, Plant and Equipment," included in the Annual Report 2025, for information on property, plants and equipment.

**Item 4A. Unresolved Staff Comments**

None.

**Item 5. Operating and Financial Review and Prospects**

**A. Operating results**

Reference is made to the discussion of Cadeler's results of operations and financial condition as of December 31, 2025 and 2024 and for the financial years ended December 31, 2025 and 2024 included in the section titled "Finance Review" on pages 13-20 of the Annual Report 2025, except that where references therein are made to EBITDA they should be replaced by Adjusted EBITDA (see also "—Non-IFRS Financial Measures").

***Non-IFRS Financial Measures***

To supplement its financial information presented in accordance with IFRS, the Cadeler Group uses certain non-IFRS metrics, including Adjusted EBITDA, when measuring performance, including when measuring current period results against prior periods. Because of its non-standardized definition, these non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how the Cadeler Group management assesses underlying performance. These supplemental non-IFRS measures are not, and should not, be viewed as a substitute for IFRS measures. Management believes the presentation of these non-IFRS measures provides investors with greater transparency and supplemental data relating to the Cadeler Group's financial condition and results of operations, and therefore a more complete understanding of factors affecting its business and Cadeler Group's operating performance. In addition, management believes the presentation of these non-IFRS measures is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as asset sales, write-offs, contract termination costs or items outside of management's control.

*Adjusted EBITDA*

The Cadeler Group uses earnings before interest, tax, finance income/costs and depreciation and amortization ("Adjusted EBITDA") as a performance measure for financial performance.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

The table below shows a reconciliation from profit for the period, the most directly comparable IFRS financial measure, to Adjusted EBITDA.

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2024** |
| | **(EUR million)** | **(EUR million)** |
| **Profit for the period** | **280.2** | **65.1** |
| Income tax expense / (credit) | 7.7 | 2.4 |
| Finance income | (7.5) | (5.2) |
| Finance costs | 37.4 | 7.2 |
| Depreciation and amortization | 107.6 | 56.5 |
| **Adjusted EBITDA** | 425.4 | 126.0 |

---

Reference is made to the discussion of Cadeler's results of operations and financial condition as of December 31, 2024 and 2023 and for the financial years ended December 31, 2024 and 2023 included in the section titled "Operating Results" on pages 32-33 of Cadeler's annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 25, 2025 (the "2024 Annual Report on Form 20-F").

Reference is also made to the sections titled "Forward-looking statements" and Item 3.D. "Risk Factors" of this Annual Report on Form 20-F and to the section titled "Finance Review—Special Risks" on pages 23-25 of the Annual Report 2025. The analysis and discussion included in the Annual Report 2025 is primarily based on the Cadeler Group's consolidated financial statements which are prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

***Segment information***

Reference is made to Note 3 to the Consolidated Financial Statements, "Revenue—Operating segments and geographical information," in the Annual Report 2025.

***Foreign currencies***

Reference is made to Note 2 to the Consolidated Financial Statements, "Basis of Presentation and other significant accounting policies—Currency translation," in the Annual Report 2025.

***Governmental policies***

Reference is made to the section titled "Regulatory," on pages 26-30 of the Annual Report 2025 and Item 4 hereof.

***Off-balance sheet arrangements***

As of December 31, 2025, the Cadeler Group did not have any off-balance sheet arrangements that have had or are reasonably likely to have a current or future material effect on the Cadeler Group's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources other than those related to debt facilities not yet utilized and commitments related to the A-Class New Builds and future lease commitments discussed elsewhere in this Annual Report on Form 20-F. The Cadeler Group has uncommitted guarantee facilities in the aggregate amount of EUR 302.4 million (of which EUR 200 million are secured and EUR 102.4 million are unsecured guarantee facilities), which are used principally to issue ordinary course performance guarantees on behalf of Cadeler and its subsidiaries to customers demanding security for the performance of contract responsibilities. As of December 31, 2025, the Cadeler Group had utilised a total of EUR 252.5 million under its guarantee facilities (of which, EUR 157.2 million under its secured guarantee facilities and EUR 95.3 million under its unsecured guarantee facilities).

**B. Liquidity and capital resources**

***Funding and liquidity***

The Cadeler Group's objective when managing capital is to ensure its ability to continue as a going concern and to maintain an optimal capital structure. In order to achieve this overall objective, the Cadeler Group's capital management, among other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define the Cadeler Group's capital structure requirements. Breaches in meeting the financial covenants would permit the relevant lender(s) to immediately call loans and borrowings. There were no breaches of the financial covenants under any of the Cadeler Group's interest-bearing loans during the year ended December 31, 2025 and management believes that the Cadeler Group has sufficient headroom to comply with its debt covenants for at least 12 months following the date of this Annual Report on Form 20-F.

In order to maintain or adjust its capital structure in the future, the Cadeler Group may repurchase outstanding shares or pay dividends to its shareholders (where it is permitted to do so pursuant to the terms of its credit facilities), issue new shares and/or sell assets to reduce debt. The Cadeler Group manages its liquidity risk by ensuring that it has sufficient cash and credit facilities to meet operational needs and new vessel instalments, as described below.

*Financing arrangements*

On November 15, 2023, Cadeler entered into an unsecured green corporate term loan facility arranged and coordinated by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch ("HSBC") in an initial aggregate amount of EUR 50 million (for a five-year tenor) with a non-committed accordion option of up to EUR 50 million (the "2023 Holdco Facility"). On March 7, 2024, the 2023 Holdco Facility was increased from EUR 50 million to EUR 80 million. On August 26, 2024, the Cadeler Group further increased the capacity available to it under the 2023 Holdco Facility, with the lender commitments thereunder increased by EUR 45 million, bringing the total capacity available to the Cadeler

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

Group thereunder to EUR 125 million. The proceeds of the 2023 Holdco Facility are to be used, amongst other purposes, for the partial funding of the wind installation activities of the Cadeler Group and for general corporate purposes. The 2023 Holdco Facility may not be reborrowed once repaid and contains customary financial and other covenants, including certain change of control provisions. A change of control will be deemed to have occurred under the 2023 Holdco Facility if (i) together, the interests of Andreas Sohmen-Pao, his immediate family and their respective heirs and successors, including trusts or similar arrangements of which they are individual or collective beneficiaries (the "Sohmen Family Trust") and the BW Group cease to beneficially and legally hold (directly or indirectly) 17.5% or more of the issued share capital or voting rights of Cadeler; or (ii) any person other than the BW Group or Swire Pacific and its subsidiaries from time to time gains control of 25% or more of the issued share capital or voting rights of Cadeler; provided that in no case shall a change of control be deemed to have occurred if neither the BW Group nor the Sohmen Family Trust has divested any of the Cadeler Shares they held as of November 15, 2023. The 2023 Holdco Facility is governed by English law.

The 2023 Holdco Facility bears interest at three-month EURIBOR plus the applicable margin. As of December 31, 2025, the full amount of the funding available under the 2023 Holdco Facility had been drawn.

On December 7, 2023 Cadeler entered into a facilities agreement for senior secured green credit and guarantee facilities (the "Green Corporate Facility") of up to EUR 550 million with a group of banks led by DNB and supported by Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking Corporation ("OCBC"), Standard Chartered Bank and Société Générale initially providing for (i) a revolving credit facility of up to EUR 250 million (with a five-year tenor) (the "RCF-A Facility"), (ii) a revolving credit facility of up to EUR 100 million (originally with an 18-month tenor) (the "RCF-B Facility"), (iii) a term loan of up to EUR 100 million (with an 8.5-year tenor), guaranteed by The Danish Export and Investment Fund of Denmark (EIFO), and (iv) an uncommitted guarantee facility of up to EUR 100 million, available until 19 December 2028. The Green Corporate Facility was entered into for the purpose of refinancing certain existing facility agreements, obtaining financing for general corporate purposes and funding the Cadeler Group's working capital requirements. Borrowings under each of the RCF-A Facility and the RCF-B Facility may be drawn and repaid at any time and may be re-borrowed until the relevant facility terminates (at which time any balance must be repaid as a bullet repayment). Under the guarantee facility, Cadeler may request that the lender/issuing bank issue letters of credit as security for the contracts of employment for the Cadeler Group's vessels. On August 6, 2024, the Cadeler Group achieved the extension of the RCF-B Facility to June 19, 2026 and the increase of the uncommitted guarantee line under the Green Corporate Facility from EUR 100 million to EUR 200 million. Total drawings under the Green Corporate Facility are limited to a maximum of EUR 450 million until the maturity of the RCF-B Facility and thereafter to a maximum of EUR 350 million for the remaining term of the Green Corporate Facility. The Green Corporate Facility is secured by guarantees from Wind Orca Limited, Wind Osprey Limited, Wind Scylla Limited and Seajacks 3 Japan LLC, first priority mortgages granted over the O-Class Vessels as well as Wind Scylla and Wind Zaratan, first priority assignments of the insurance policies and earnings of the O-Class Vessels as well as Wind Scylla and Wind Zaratan, and contains customary financial and other covenants including change of control provisions similar to those included in the P-Class Facility (as described below). The Green Corporate Facility is governed by English law.

The Green Corporate Facility bears interest at three-month EURIBOR plus the applicable margin, and subject to a green loan margin discount as long as the Cadeler Group is in compliance with certain green loan criteria defined in Cadeler's Green Finance Framework. As of December 31, 2025, the Cadeler Group was in compliance with these green loan criteria and expects to remain compliant for the duration of the Green Corporate Facility. As of December 31, 2025, EUR 283 million was outstanding under the Green Corporate Facility.

On December 22, 2023, Cadeler and two of its subsidiaries, Wind Peak Limited (then known as Wind N1063 Limited) and Wind Pace Limited (then known as Wind N1064 Limited), entered into a Sinosure-backed senior secured green term loan facility of up to EUR 425 million (with a 12-year tenor), with a group of banks led by DNB and supported by Rabobank, Santander, Credit Agricole, CIC, HSBC, KfW-IPEX, OCBC, Société Générale, Sparebank 1 SR-Bank and Standard Chartered Bank, to finance the purchase of the P-Class Vessels (the "P-Class Facility"). In August 2024, Cadeler requested the utilization of EUR 210 million under the P-Class Facility to finance the final instalment for the delivery, in the same month, of the first P-Class Vessel, Wind Peak, and in March 2025, Cadeler requested the utilization of EUR 211 million under the P-Class Facility to finance the final instalment for the delivery, in the same month, of the second P-Class Vessel, Wind Pace. The funds borrowed under the P-Class Facility may not be reborrowed once repaid. The P-Class Facility is secured by a guarantee from Cadeler, first priority mortgages over each of the P-Class Vessels, first priority assignments of the insurance policies and earnings of each of the P-Class Vessels, and contains customary financial and other covenants including certain change of control provisions. A change of control will be deemed to have occurred under the P-Class Facility if any person or group of persons acting in concert (other than Swire Pacific or the BW Group) become the legal and beneficial owner of more than 25% of Cadeler's issued and outstanding share capital. The P-Class Facility is governed by English law.

In connection with the Business Combination, the Cadeler Group acquired a USD 436 million senior secured green term loan facility which Eneti had entered into in November 2023 with a group of international banks and export credit agencies co-arranged and co-underwritten by Crédit Agricole Corporate and Investment Bank and Société Générale, and with Société Générale as Green Loan Coordinator, to fund the purchase of the M-Class New Builds. On August 16, 2024, following the Business Combination, Cadeler successfully refinanced this facility, with Cadeler and certain of its subsidiaries including, amongst others, Wind Maker Limited (then known as Seajacks 1 Limited) and Wind Mover Limited (then known as Seajacks 4 Limited), entering into senior secured green term loan facility agreements (each with a 12-year tenor from the delivery of the relevant vessel) for an aggregate of up to EUR 420 million (the "M-Class Facilities") with substantially the same group of international banks and export credit agencies. In January 2025, Cadeler requested the utilization of EUR 212 million under the M-Class Facilities to finance the final instalment for the delivery, in the same month, of the first M-Class Vessel, Wind Maker, and in November 2025, Cadeler requested the utilization of EUR 208 million under the M-Class Facilities to finance the final instalment for the delivery, in the same month, of the second M-Class Vessel, Wind Mover. The terms of the M-Class Facilities are substantially identical to those of the P-Class Facility.

On March 21, 2025, Cadeler and two of its subsidiaries, Wind Ally Limited and Wind Ace Limited, entered into a Sinosure-backed senior secured green term loan facility of up to EUR 525 million (with a 12-year tenor), with a group of banks led by DNB and supported by Credit Agricole, CIC, HSBC, KfW-IPEX, OCBC, Rabobank, Santander, Société Générale, Sparebank 1 SR-Bank and Standard Chartered Bank, to finance the purchase of the first two of the Cadeler Group's three A-Class Vessels (the "A-Class Facility") and associated mission equipment. In September 2025, Cadeler requested utilization of EUR 228 million under the A-Class Facility to finance the final instalment for the delivery, in the same month, of the first A-Class Vessel, Wind Ally. In December 2025, Cadeler requested utilization of EUR 35 million under the A-Class Facility to finance the final instalment for the delivery, in the same month, of certain mission equipment for Wind Ally. The terms of the A-Class Facility are substantially identical to those of the P-Class Facility and the M-Class Facilities.

On May 22, 2025, Cadeler and its subsidiary, Wind Keeper Limited, entered into a EUR 150 million facilities agreement (the "Wind Keeper Bridge Facility") in order to finance the purchase of Wind Keeper. On May 22, 2025, Cadeler requested utilization of EUR 88 million of the Wind Keeper Bridge Facility, and a further EUR 62 million utilization was requested on June 24, 2025. On July 21, 2025, the Cadeler Group entered into a green term loan facility of up to EUR 125 million (with a five-year tenor) with DNB, KfW-IPEX and Sparebank 1 SR-Bank (the

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

"Wind Keeper Facility") to secure the refinancing, in substantial part, of the Wind Keeper Bridge Facility with a long-term facility. On October 17, 2025, Cadeler repaid the Wind Keeper Bridge Facility of EUR 150 million in full, funded by the drawdown on the same date of the full amount of the EUR 125 million Wind Keeper Facility together with EUR 25 million in cash.

On November 28, 2025, Cadeler entered into an unsecured green corporate term loan facility arranged and coordinated by HSBC and Clifford Capital Holdings Pte. Ltd. ("Clifford Capital"), with both HSBC and Clifford Capital as lenders, in an aggregate amount of EUR 60 million with a non-committed accordion option of up to EUR 80 million (the "2025 Holdco Facility" and, together with the 2023 Holdco Facility, the "Holdco Facilities"). The 2025 Holdco Facility, the terms of which are substantially identical to those under the 2023 Holdco Facility, will be used for general corporate purposes, enhancing Cadeler's balance sheet and its financial flexibility. The 2025 Holdco Facility bears interest at three-month EURIBOR plus the applicable margin. As of December 31, 2025, the full amount of the funding available under the 2025 Holdco Facility had been drawn.

The following table sets forth the Cadeler Group's financial debt as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2023** |
| | | **(EUR million)** | |
| Cash and cash equivalents | 151.7 | 51.3 | 96.6 |
| **Liquidity** | 151.7 | 51.3 | 96.6 |
| Current debt to credit institutions | (116.1) | (31.2) | (0.8) |
| **Current financial indebtedness** | **(116.1)** | **(31.2)** | **(0.8)** |
| Net current financial indebtedness | **35.6** | **20.1** | **95.8** |
| Non-current debt to credit institutions | (1494.6) | (539.9) | (204.8) |
| **Non-current financial indebtedness** | **(1494.6)** | **(539.9)** | **(204.8)** |
| **Net total financial indebtedness** | **(1459.0)** | **(519.8)** | **(109.0)** |

---

The following table sets forth the Cadeler Group's lease liabilities for the years indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** |
| | | **(EUR million)** | |
| Lease liabilities at January 1 (current and non-current lease) | 11.0 | 1.0 | 0.3 |
| Acquisition of businesses |  |  | 1.3 |
| Movements during the year | 4.6 | 11.9 |  |
| Cash paid for lease obligations | (2.1) | (2.0) | (0.6) |
| **Lease liabilities at end of period (current and non-current lease)** | **13.5** | **10.9** | **1.0** |

---

The following table sets forth the Cadeler Group's debts to credit institutions as of the dates and for the years indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **As of and year ended December 31,** | **As of and year ended December 31,** | **As of and year ended December 31,** |
| | **2025** | **2024** | **2023** |
| | | **(EUR million)** | |
| Debt to credit institutions at January 1 | (571.0) | (205.6) | (115.0) |
| Overdraft facility drawn | (1337.2) | (385.2) | (211.9) |
| Overdraft repayment | 279.3 | 10.6 | 115.0 |
| New loan fees | 25.2 | 11.1 | 8.3 |
| Non cash items | (7.0) | (3.5) |  |
| Write off of loan fees |  |  | (1.9) |
| **Debt to credit institutions at end of period** | **(1610.8)** | **(571.0)** | **(205.6)** |

---

***Net working capital***

The Cadeler Group assesses that, as of the date of this Annual Report on Form 20-F, its net working capital is adequate to meet its present financing requirements for at least 12 months following the date of this Annual Report on Form 20-F.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

***Cash flow analysis***

The following table presents the primary components of the Cadeler Group's cash flow for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | | **For the year ended December 31,** | |
| | **2025** | **2024** | **2023** |
| | | **(EUR million)** | |
| Net cash provided by operating activities | 394.2 | 93.1 | 63.4 |
| Net cash (used in) investing activities | (1264.2) | (623.0) | (54.7) |
| Net cash (used in)/provided by financing activities | 967.7 | 482.0 | 70.3 |
| **Net increase/(decrease) in cash and cash equivalents** | **97.7** | **(47.9)** | **79.0** |
| Cash and cash equivalents at beginning of period | 51.3 | 96.6 | 19.0 |
| Net foreign exchange difference | 2.7 | 2.5 | (1.3) |
| **Cash and cash equivalents at end of period** | **151.7** | **51.2** | **96.7** |

---

Cash and cash equivalents at December 31, 2025 amounted to EUR 151.7 million compared to EUR 51.2 million at December 31, 2024, mainly driven by the net fluctuations of operating. investing and financing activities outlined below.

Cash and cash equivalents at December 31, 2024 amounted to EUR 58.5 million compared to EUR 96.7 million at December 31, 2023, mainly driven by the net fluctuations of operating, investing and financing activities outlined below.

***Net cash provided by operating activities***

For the year ended December 31, 2025, cash provided by operating activities was EUR 394.2 million, compared to EUR 93.1 million for the year ended December 31, 2024, mainly driven by increased operating profit and deferred revenue.

For the year ended December 31, 2024, cash provided by operating activities was EUR 93.1 million, compared to EUR 63.4 million for the year ended December 31, 2023, mainly driven by increased operating profit and deferred revenue.

***Net cash used in investing activities***

For the year ended December 31, 2025, cash provided by investing activities was EUR 1,264.2 million million, compared to EUR 623.0 million for the year ended December 31, 2024, mainly driven by large asset investments, including the final instalments of Wind Maker, Wind Pace, Wind Ally and Wind Mover, other vessel upgrades and instalment payments for certain of the Group's vessels under construction.

For the year ended December 31, 2024, cash used in investing activities was EUR 623.0 million, compared to EUR 54.7 million for the year ended December 31, 2023, mainly driven by large asset investments, including the final instalment of Wind Peak, crane upgrades and instalment payments for certain of the Cadeler Group's vessels under construction.

***Net cash (used in)/provided by financing activities***

For the year ended December 31, 2025, cash provided by financing activities was EUR 967.7 million, compared to cash provided by financing activities of EUR 482.0 million for the year ended December 31, 2024, mainly driven by proceeds from borrowings of EUR 1,309.2 million (net of bank fees), partially offset by increased interest paid and repayments.

For the year ended December 31, 2024, cash provided by financing activities was EUR 482.0 million, compared to cash provided by financing activities of EUR 70.3 million for the year ended December 31, 2023, mainly driven by the capital raised in the Cadeler Group's February 2024 private placement of EUR 152 million (after transaction costs) and proceeds from borrowings of EUR 355 million (net of bank fees and repayments).

***Financing Arrangements and Commitments***

*Capital expenditure*

The Cadeler Group defines capital expenditure as investments in property, plant and equipment. The following table sets forth the Cadeler Group's capital expenditure (not including any capitalized interest shown under interest paid in financing activities) for the years ended December 31, 2025, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** |
| | | **(EUR million)** | |
| Additions to property, plant and equipment not including capitalized interest | 1,235.7 | 615.5 | 66.9 |

---

Capital expenditure (not including any capitalized interest shown under interest paid in financing activities) for the year ended December 31, 2025 increased to EUR 1,235.7 million from EUR 615.5 million in the year ended December 31, 2024, primarily due to large asset investment payments.

Capital expenditure (not including any capitalized interest shown under interest paid in financing activities) for the year ended December 31, 2024 increased to EUR 615.5 million from EUR 66.9 million in the year ended December 31, 2023, primarily due to large asset investment payments.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

The total contract value for the construction of the P-Class Vessels was approximately EUR 573 million, of which EUR 137 million was paid in 2021, EUR 14 million was paid in 2023, EUR 245 million was paid in 2024, and EUR 177 million was paid in 2025. Of the total contract value, USD 390 million was paid in USD and EUR 220 million was paid in EUR.

The total value of the contracts for the construction of the M-Class Vessels was approximately EUR 600 million, of which EUR 30 million, EUR 59 million, EUR 29 million, EUR 92 million and EUR 390 million were paid in 2021, 2022, 2023, 2024 and 2025, respectively. All contractual payments for the M-Class Vessels were made in USD.

The total value of the contracts for the construction of the A-Class Vessels is approximately EUR 981 million, of which EUR 167 million was paid in 2022, EUR 94 million was paid in 2024, and EUR 257 million was paid in 2025. The remaining amounts will be due in 2026 and 2027. Of the total contract value, USD 794 million is to be paid (or has been paid) in USD and EUR 299 million is to be paid (or has been paid) in EUR.

*Financial and other long-term contractual obligations*

The following table analyses the maturity profile of the financial liabilities of the Cadeler Group based on contractual undiscounted cash flows.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Less 1 year** | **Between 1 and 2 years** | **After 2 years** | **Total** |
| | | **(EUR million)** | **(EUR million)** | |
| **December 31, 2025** | | | | |
| Trade and other payables | 98.2 |  |  | 98.2 |
| Payables to Related parties | 0.3 |  |  | 0.3 |
| Lease liabilities | 1.9 | 2.8 | 8.9 | 13.5 |
| Debt to credit institutions | 194.5 | 247.7 | 1607.2 | 2049.5 |
| Derivative liabilities | 3.1 | 1.9 | 8.8 | 13.7 |
| **Total** | **297.9** | **252.4** | **1624.9** | **2175.2** |
| **December 31, 2024** |  |  |  |  |
| Trade and other payables | 43.6 |  |  | 43.6 |
| Payables to Related parties | 0.2 |  |  | 0.2 |
| Lease liabilities | 1.3 | 2.3 | 7.4 | 11.0 |
| Debt to credit institutions | 31.2 | 54.3 | 485.5 | 571.0 |
| Derivative liabilities | 0.2 |  | 16.2 | 16.4 |
| **Total** | **76.5** | **56.7** | **509.1** | **642.2** |
| **December 31, 2023** |  |  |  |  |
| Trade and other payables | 32.6 |  |  | 32.6 |
| Payables to Related parties | 0.2 |  |  | 0.2 |
| Lease liabilities | 0.6 | 0.4 |  | 1.0 |
| Debt to credit institutions | 0.8 |  | 204.8 | 205.6 |
| Derivative liabilities | 4.0 | 5.7 | 12.3 | 22.0 |
| **Total** | **38.2** | **6.1** | **217.0** | **261.3** |

---

***Off-balance sheet arrangements***

As of December 31, 2025, the Cadeler Group did not have any off-balance sheet arrangements that have had or are reasonably likely to have a current or future material effect on the Cadeler Group's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources other than debt facilities not yet utilized and commitments related to the New Builds and future lease commitments discussed elsewhere in this Annual Report on Form 20-F.The Cadeler Group has uncommitted guarantee facilities in the aggregate amount of EUR 302.4 million (of which EUR 200 million are secured and EUR 102.4 million are unsecured guarantee facilities), which are used principally to issue ordinary course performance guarantees on behalf of Cadeler and its subsidiaries to customers demanding security for the performance of contract responsibilities. As of December 31, 2025, the Cadeler Group had utilised a total of EUR 252.5 million under its guarantee facilities (of which, EUR 157.2 million under its secured guarantee facilities and EUR 95.3 million under its unsecured guarantee facilities).

***Commercial commitments and contingent liabilities***

On June 30, 2021, the Cadeler Group entered into a contract with COSCO to build two P-Class wind installation vessels, both of which have subsequently been delivered. On May 9, 2022, the Cadeler Group entered into a further contract with COSCO to build one new A-Class wind installation vessel, which has subsequently been delivered. On November 22, 2022, the Cadeler Group exercised an option under the May 9, 2022 contract to enter into a further contract with COSCO to build a second new A-Class wind installation vessel, and on May 22, 2024, the Cadeler Group exercised an additional option under the May 9, 2022 contract to enter into a further contract with COSCO to build a third new A-Class wind installation vessel, both of which are yet to be delivered. The Cadeler Group, as a result of the Business Combination, also inherited two contracts with Hanwha Ocean Co., Ltd. (formerly Daewoo Shipbuilding & Marine Engineering Co. Ltd) for the construction of two M-Class wind installation vessels, both of which have subsequently been delivered. The total contract sum for the P-Class Vessels, the A-Class Vessels and the M-Class Vessels amounted to approximately EUR 2.2 billion, of which EUR 167 million was paid in 2021, EUR 227 million was paid in 2022, EUR 43 million was paid in 2023, EUR 430 million was paid in 2024, EUR 824 million was paid in 2025 and EUR 33.2 million has been paid in 2026 to date. The aggregate capital expenditures estimated to be required during 2026 and 2027 in connection with the A-Class New Builds are approximately EUR 462 million.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

BW Group provided COSCO with a total of five guarantees in respect of the sums payable by Cadeler in accordance with the contracts for the construction of the P-Class Vessels and the A-Class Vessels, two of which remained outstanding as of December 31, 2025. See Note 28 to the Consolidated Financial Statements, "Commitments and Pledges," in the Annual Report 2025 for further information.

***Financial Risk Management***

The Cadeler Group's activities expose it to market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Financial risk management within the Cadeler Group is the responsibility of the Cadeler Group's management and overseen by the Cadeler Board and Audit Committee.

The fair value of the Cadeler Group's financial assets and liabilities as of December 31, 2025 does not deviate materially from the carrying amounts as of December 31, 2024.

*Quantitative and Qualitative Disclosures about Market Risk*

&nbsp;&nbsp;&nbsp;&nbsp;*(a) Currency risk*

The Cadeler Group prepares its financial statements in EUR, which is also the functional currency of the Cadeler Group. The Cadeler Group's business is exposed to USD, DKK, British pound sterling ("GBP") and, to a lesser extent, the Japanese Yen and Taiwan Dollar, as certain operating expenses are denominated in these currencies. The Cadeler Group will look to use financial instruments to reduce currency risk when there is significant liability or income in a non-EUR denominated currency and there is a cost-effective solution. As a policy, the Cadeler Group seeks to hedge 50% of its identified currency risk exposures.

The largest currency risk exposure of the Cadeler Group is the future instalments for the A-Class New Builds that are denominated in USD (an aggregate of USD 478 million as of March 24, 2026). See Note 24 to the Consolidated Financial Statements, "Derivative Financial Instruments," in the Annual Report 2025 with regards to the current instruments used to mitigate this currency risk. The relevant currency risk is also partially offset by USD-denominated income. The Cadeler Group's management and the Cadeler Board will evaluate the potential cost and benefits of currency risk exposure on an ongoing basis.

The Cadeler Group holds cash balances in USD. If the USD:EUR exchange rate deteriorated by 10%, the Cadeler Group's profits before tax would have decreased by EUR 1.6 million based on the Cadeler Group's USD cash holdings as of December 31, 2025.

The Cadeler Group holds cash balances in GBP. If the GBP:EUR exchange rate deteriorated by 10% the Cadeler Group's profits before tax would have decreased by EUR 0.4 million based on the Cadeler Group's GBP cash holdings as at December 31, 2025.

As the DKK is pegged to the EUR, no material currency risk has been identified against the DKK even though the Cadeler Group has costs denominated in DKK. As of December 31, 2025, the Cadeler Group did not have any material NOK cash holdings.

&nbsp;&nbsp;&nbsp;&nbsp;*(b) Interest rate risk*

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Cadeler Group's current exposure to the risk of changes in market interest rates relates primarily to its credit facilities. See Note 24 to the Consolidated Financial Statements, "Derivative Financial Instruments," in the Annual Report 2025 for a description of the current instruments used to mitigate this risk. As a policy, the Cadeler Group seeks to hedge 50% of its interest rate risk exposure for vessel-related financing and 40-60% of its interest rate exposure on a total portfolio basis.

The interest rate payable under each of the Cadeler Group's credit facilities is based on the 3-month EURIBOR interest rate plus the margin applicable under the relevant facility. The EURIBOR interest rate has a floor of zero basis points and was 2.1% and 2.9% at December 31, 2025 and 2024.

If the EURIBOR interest rate increased 100 basis points over the floor of zero basis points, and each of the Cadeler Group's credit facilities had been drawn in full throughout the twelve months to the end of December 2025, the cost to the Cadeler Group would have increased by EUR 15.6 million (EUR 5.9 million in 2024). A portion of this variation could potentially have qualified as capitalizable borrowing costs, which would have reduced the impact on the Cadeler Group's profits before tax.

If the EURIBOR interest rate had decreased, the Cadeler Group's profits before tax would not have changed due to the capitalization of borrowing costs.

The Cadeler Group's management and the Cadeler Board will evaluate the potential cost and benefits of fixed interested rate borrowings on an ongoing basis.

*Credit risk*

Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Cadeler Group. When dealing with banks and financial institutions, the Cadeler Group mitigates its credit risk by transacting only with counterparties who are rated "A" and above by independent rating agencies.

With respect to its customers, the Cadeler Group has adopted a practice of dealing only with customers of appropriate credit history and standing, and obtaining sufficient security, where appropriate, to mitigate identified credit risk. The Cadeler Group adopts stringent procedures on extending credit terms to customers and on the monitoring of credit risk. These credit terms are normally contractual and the Cadeler Group's credit policies explicitly set forth guidelines on extending credit to customers, including procedures for monitoring the process of engaging with new customers and using industry best practices as a reference in setting credit terms. This includes an assessment and valuation of customers' credit reliability and periodic review of their financial status to determine the appropriate credit limits to be granted. Customers are also assessed based on their historical payment records. Where necessary, customers may also be requested to provide security or advance payment before services are rendered.

Related party credit risk is managed by the Cadeler Group's management and overseen by the Cadeler Board and Audit Committee.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

The maximum exposure to credit risk is the carrying amount of trade receivables and other receivables, receivables from group entities and cash and cash equivalents presented on the balance sheet.

*Impairment of financial assets*

The Cadeler Group assesses on a forward-looking basis the expected credit losses associated with its financial assets which are trade and other receivables, cash and cash equivalents and contract assets. Financial assets are written off when there is no reasonable expectation of recovery, such as a non-related debtor failing to engage in a repayment plan with the Cadeler Group.

Where receivables have been written off, the Cadeler Group will engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these will be recognized in profit or loss.

The Cadeler Group has applied the simplified credit loss approach by using a provision matrix to measure the lifetime expected credit losses for trade receivables from customers. To measure the expected credit losses, the Cadeler Group grouped receivables based on shared credit characteristics and days past due.

Trade receivables from external customers that are neither past due nor impaired are with creditworthy companies. Based on the provision matrix, the trade receivables from external customers are subject to immaterial credit loss. For an analysis of expected credit loss on trade receivables and contract assets, please refer to Note 16 to the Consolidated Financial Statements, "Trade and Other Receivables," in the Annual Report 2025.

For cash and cash equivalents and other receivables that are measured at amortized cost, the Cadeler Group considers these financial assets as low credit risk. Cash and cash equivalents are mainly deposits with banks who have high credit ratings as determined by international credit rating agencies. As of December 31, 2025, cash and cash equivalents and other receivables are subject to immaterial credit loss.

There was no credit loss allowance for other financial assets at amortized cost as of December 31, 2025, December 31, 2024 and December 31, 2023.

*Liquidity risk*

The Cadeler Group manages its liquidity risk by maintaining sufficient cash and available funding through committed credit facilities to enable it to meet its operational requirements and to meet its obligation to make instalment payments towards the delivery of its New Builds.

For further information on the Cadeler Group's liquidity risk, please see "—Funding and liquidity—Financing arrangements".

The following maturity table shows the contractual obligations for the construction of the P-Class, M-Class and A-Class vessels as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Less than 1 year** | **Between 1 and 2 years** | **Between 2 and 5 years** |
| **As of December 31, 2025** | | | |
| Obligation in USD millions | 301.0 | 195.0 |  |
| Obligation in USD (in EUR) millions | 256.0 | 166.0 |  |
| Obligation in EUR millions | 40.0 |  |  |
| **Total obligations (in EUR)** | **296.0** | **166.0** | **—** |
| **As of December 31, 2024** |  |  |  |
| Obligation in USD millions | 651 | 496 | 195 |
| Obligation in USD (in EUR) millions | 626 | 476 | 188 |
| Obligation in EUR millions | 65 | 40 |  |
| **Total obligations (in EUR)** | **691** | **516** | **188** |
| **As of December 31, 2023** |  |  |  |
| Obligation in USD millions | 328 | 833 | 180 |
| Obligation in USD (in EUR) millions | 296 | 752 | 163 |
| Obligation in EUR millions | 69 | 99 | 6 |
| **Total obligations (in EUR)** | **365** | **851** | **169** |

---

For further information regarding interest-bearing loans and borrowings please refer to Note 23 to the Consolidated Financial Statements, "Financial Risk Management," in the Annual Report 2025.

*Fair value measurement*

The Cadeler Group measures financial instruments such as derivatives at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the balance sheet date.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

The principal or the most advantageous market must be accessible by the Cadeler Group. The fair value of an asset or a liability is measured using the assumptions that market participants would be expected to use when pricing the asset or liability, assuming that market participants act in their economic best interest.

In measuring the fair value of unlisted derivative financial instruments and other financial instruments for which there is no active market, fair value is determined using generally accepted valuation techniques. Market-based parameters such as market-based yield curves and forward exchange prices are used for the valuation.

The Cadeler Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

Financial instruments for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as following:

*Level 1*: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Cadeler Group is the current bid price. These instruments are included in level 1.

*Level 2*: The fair value of financial instruments that are not traded in an active market (e.g., over-the-counter derivatives) is determined using valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific estimates. Valuation techniques applied are primarily based on marked-based inputs of the instruments. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

*Level 3*: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The following table shows the fair value measurement hierarchy of the Cadeler Group's assets and liabilities as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | | **(EUR million)** | **(EUR million)** | |
| **December 31, 2025** | | | | |
| Derivatives assets |  |  |  |  |
| **Total financial assets at fair value through the income statement** |  | **—** |  | **—** |
| Derivatives liabilities |  | 2.1 |  | 2.1 |
| **Total financial liabilities at fair value through the income statement** |  | **2.1** |  | **2.1** |
| **Cash flow hedges** |  |  |  |  |
| Derivatives assets |  | 2.7 |  | 2.7 |
| **Cash flow hedges** |  |  |  |  |
| Derivatives liabilities |  | (10.7) |  | (10.7) |
| **December 31, 2024** |  |  |  |  |
| Derivatives assets |  |  |  |  |
| **Total financial assets at fair value through the income statement** |  | **—** |  | **—** |
| Derivatives liabilities |  |  |  |  |
| **Total financial liabilities at fair value through the income statement** |  | **—** |  | **—** |
| **Cash flow hedges** |  |  |  |  |
| Derivatives assets |  | 13.1 |  | 13.1 |
| **Cash flow hedges** |  |  |  |  |
| Derivatives liabilities |  | (16.2) |  | (16.2) |

---

*Derivative financial instruments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Hedge accounting generally*

The Cadeler Group uses forward/option exchange contracts and interest rate swap contracts to hedge currency risks and interest rate risks regarding highly probable future cash flows and designates them as cash flow hedges subject to meeting the criteria for the application of cash flow hedging.

Hedging ratios are determined as the notional value of the instrument divided by the notional value of the hedged item. The Cadeler Group seeks to establish hedge relationships with a hedging ratio of 1:1. This is generally possible either by designating only a portion of the notional value of the underlying instrument as a hedge instrument or by maintaining the hedge notional value such that it is equal to or lower than that of the hedge item. The principle driver for the ineffectiveness of certain of the Cadeler Group's hedging instruments arises from changes to the timing of the delivery of the New Build vessels. The delivery of the vessels will expose the Cadeler Group to several market risks, including currency risks and interest rate risks. The fair value reserve of the derivatives used as hedging instruments is recognized in other comprehensive income until the hedged items are realized. The table below shows the movement in the reserves for cash flow hedges, listed by the hedged risk.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| | | **(EUR million)** | |
| **Fair value change of cash flow hedges** |  |  |  |
| Cumulative fair value change at January 1 | 1.8 | (21.6) | 1.3 |
| Fair value adjustment at year-end, net | (7.6) | 14.6 | (19.3) |
| Transfer to property, plant and equipment | 2.5 |  |  |
| Time value adjustment at year-end, net | (5.7) | 8.8 | (3.6) |
| Cumulative fair value change at December 31 | (9.0) | 1.8 | (21.6) |
| **The fair value of cash flow hedges at December 31 can be specified as follows:** |  |  |  |
| Interest rate risk hedging | (9.8) | (14.9) | (11.8) |
| Foreign currency risk hedging | 1.5 | 11.6 | (6.1) |
| Foreign currency risk hedging – time value | (0.6) | 5.1 | (3.6) |
| Cumulative fair value change at December 31 | (9.0) | 1.8 | (21.6) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)Interest rate risk*

The Cadeler Group's current exposure to the risk of changes in market interest rates relates primarily to its credit facilities.

As a policy, the Cadeler Group seeks to hedge 50% of its interest rate exposure for vessel-related financing and 40-60% of its interest rate exposure on a total portfolio basis. Where the Cadeler Group enters into interest rate hedges, it seeks to match critical terms between the hedged item and the relevant hedge instrument. When it enters into a hedging transaction, the Cadeler Group assesses terms related to instalments on the facilities, the payment date for interest payments, and other instalment and timing differences in the maturity of the hedge item and the relevant hedge instrument. The principal expected causes of hedging ineffectiveness relate to changes to the expected date of delivery of the A-Class New Builds.

The below table shows the profile of the nominal amount of the interest rate swaps and the fair values.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than 1 year** | **Between 1 and 2 years** | **Between 2 and 5 years** | **More than 5 years** | **Fair Value** | **Fair Value** |
| | **Less than 1 year** | **Between 1 and 2 years** | **Between 2 and 5 years** | **More than 5 years** | **Asset** | **Liability** |
| | | | **(Notional amount million)** | **(Notional amount million)** | | |
| **2025** |  |  |  |  |  |  |
| Interest rate Swap – EURIBOR 3M |  | 150.0 | 576.7 | 141.9 | 2.2 | (10.5) |
| **2024** |  |  |  |  |  |  |
| Interest rate Swap – EURIBOR 3M |  |  | 355.1 | 455.6 | 1.3 | (16.2) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| | | **(EUR million)** | |
| **Movements in the hedging reserve** |  |  |  |
| Cumulative fair value change at January 1 | (14.9) | (11.8) | 3.2 |
| Fair value adjustment for the year | 5.9 | (3.3) | (14.2) |
| Transferred to Financial expenses | 0.8 | 0.1 | (0.8) |
| **December 31** | **(9.8)** | **(14.9)** | **(11.8)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Foreign currency risk hedging*

The largest currency risk exposure of the Cadeler Group is the future instalments for the A-Class New Builds that are denominated in USD (an aggregate of USD 478 million as of March 24, 2026).

Where the Cadeler Group enters into foreign currency hedges, it seeks to match critical terms between the hedged item and the relevant hedge instrument. When it enters into a hedging transaction, the Cadeler Group assesses terms related to the payment date of the instalment to be paid in a foreign currency and the maturity of the hedged item and the relevant hedge instrument. The principal expected cause of hedging ineffectiveness would be a change to the expected date of delivery of either or both of the A-Class New Builds. As a policy, the Cadeler Group seeks to hedge 50% of its identified currency risk exposures. The below table shows the profile of the nominal amount of the interest rate swaps and the fair values.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Less than 1 year** | **Between 1 and 2 years** | **Between 2 and 5 years** | **Fair value** | **Fair value** |
| | **Less than 1 year** | **Between 1 and 2 years** | **Between 2 and 5 years** | **Asset** | **Liability** |
| | **(Notional amount USD million)** | **(Notional amount USD million)** | **(Notional amount USD million)** | **(EUR million)** | **(EUR million)** |
| **2025** |  |  |  |  |  |
| FX forward contracts – U.S. dollar | 162.3 | 48.8 |  | 0.5 |  |
| Option collars – U.S. dollar | 159.9 | 48.8 |  |  | (0.6) |
| **2024** |  |  |  |  |  |
| FX forward contracts – U.S. dollar | 104.5 | 55.4 |  | 6.8 |  |
| Option collars – U.S. dollar | 300.0 | 100.0 |  | 10.1 | (0.2) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| | | **(EUR million)** | |
| **Movements in the hedging reserve** |  |  |  |
| January 1 | 16.7 | (9.8) | (1.8) |
| Fair value adjustment for the year – FX forward contracts | (7.9) | 12.2 | (3.5) |
| Fair value adjustment for the year – Option collars | (4.8) | 5.6 | (0.8) |
| Transfer to property, plant and equipment | 2.5 |  |  |
| Time value adjustment for the year | (5.7) | 8.8 | (3.6) |
| **December 31** | **0.9** | **16.7** | **(9.8)** |

---

*General Accounting Policies and Significant Accounting Estimates*

For information on the Cadeler Group's general accounting policies and significant accounting estimates and judgments, see Note 2 to the Consolidated Financial Statements, "Basis of Presentation and other significant accounting policies," in the Annual Report 2025.

**C. Research and development, patents and licenses, etc.**

Reference is made to the section titled "Finance Review—Research and development activities" at page 20 of the Annual Report 2025 for research and development activities.

**D. Trend information**

Reference is made to the section titled "2026 Outlook" on page 21 of the Annual Report 2025, except that where references are made to EBITDA they should be replaced by Adjusted EBITDA (see also Item 5.A "Operating Results—Non-IFRS Financial Measures" of this Annual Report on Form 20-F).

**E. Critical accounting estimates**

Reference is made to Note 2 to the Consolidated Financial Statements, "Basis of Presentation and other significant accounting policies," in the Annual Report 2025.

**Item 6. Directors, Senior Management and Employees**

**A. Directors and senior management**

Reference is made to the section titled "Corporate Governance" on pages 31-37 of the Annual Report 2025 for the names, qualifications, principal positions held outside of Cadeler, and date of birth for the members of the Cadeler Board and the members of Cadeler's executive management, respectively.

**B. Compensation**

For compensation data in respect of the members of the Cadeler Board, reference is made to the section titled "Board of Directors" on pages 5-6 of the Remuneration Report 2025.

For compensation data in respect of the members of the Company's executive management, reference is made to the section titled "Executive Management" on pages 7-10 of the Remuneration Report 2025.

**C. Board practices**

Reference is made to the section titled "Corporate Governance" on pages 33-35 of the Annual Report 2025 for a description of the Cadeler Board and its committees, as well as the year of election and current term of each member of the Cadeler Board. Reference is made to page 36 of the Annual Report 2025 for the year of appointment of each member of Cadeler's executive management.

***Directors' service contracts***

Mikkel Gleerup and Peter Brogaard Hansen, as the Chief Executive Officer and the Chief Financial Officer of Cadeler, respectively, are, under their respective service contracts, entitled to a notice period of 12 months if their employment is terminated by Cadeler. Subject to certain conditions, Cadeler may terminate the employment of the Chief Executive Officer and the Chief Financial Officer upon one month's notice in the

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

case of long-term illness. Each of the Chief Executive Officer and the Chief Financial Officer may terminate their respective employment upon six months' notice. Neither the Chief Executive Officer nor the Chief Financial Officer is entitled to severance pay, except in accordance with the Danish Salaried Employees Act.

Under their respective service contracts, the Chief Executive Officer and the Chief Financial Officer are subject to noncompetition clauses for a period of twelve months after their respective employment has ended. During the restricted period, each of the Chief Executive Officer and the Chief Financial Officer are entitled to compensation corresponding to 60% of their remuneration at the time their respective employment ended. Such compensation will be reduced if the Chief Executive Officer or the Chief Financial Officer, respectively, commences an independent business or obtains new employment during the relevant restricted period.

**D. Employees**

Reference is made to Note 6 to the Consolidated Financial Statements, "Employee Compensation," in the Annual Report 2025 regarding the average number of full-time employees and the total number of full-time employees in Cadeler at year-end for the years 2023–2025, as well as a breakdown of onshore and offshore employees.

The Cadeler Group's executive management believes that the Company enjoys a good relationship with its employees in general and with the labor unions relevant to certain of Cadeler's offshore employees. See also Item 3.D. "Risk Factors—Risks Related to the Cadeler Group's Business—Labor disruptions could materially adversely affect the Cadeler Group's business and operations."

**E. Share ownership**

The following table presents information regarding the total amount of Cadeler Shares directly or indirectly owned by members of the Cadeler Board and Cadeler's senior management as of March 20, 2026 (excluding shares underlying incentive programs):

---

| | | |
|:---|:---|:---|
| **Name of shareholder** | **Number of shares**  | **%**<sup>(1)</sup> |
| **Cadeler Board** |  |  |
| Andreas Sohmen-Pao<sup>(2)</sup> | 96166034 | 27.40% |
| Emanuele Lauro<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;\* |
| Andrea Abt | &nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;\* |
| Ditlev Wedell-Wedellsborg | &nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;\* |
| James B. Nish | &nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;\* |
| Colette Cohen | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Thomas Thune Andersen | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Executive management**  |  |  |
| Mikkel Gleerup | &nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;\* |
| Peter Brogaard Hansen | &nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;\* |

---

\* Denotes a shareholding of less than 1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Calculated based on the holding of shares and votes disclosed in connection with the most recent major shareholders notification, which may have changed since such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes shares held by BW Altor. BW Altor is ultimately controlled by Andreas Sohmen-Pao who is also the Chair of the Cadeler Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Excludes shares held by Scorpio Holdings. Emanuele Lauro, Vice Chair of the Cadeler Board, is a director, Chief Executive Officer, and 10% stockholder of Scorpio Holdings Limited. See Item 7.A. "Major Shareholders."

**F. Disclosure of a registrant's action to recover erroneously awarded compensation**

None.

**Item 7. Major Shareholders and Related Party Transactions**

**A. Major shareholders**

As of the date of this Annual Report on Form 20-F, the issued share capital of Cadeler consisted of 350,957,583 ordinary shares, of which 89,992 were held in treasury.

There is no complete record of all holders of Cadeler Shares and therefore it is not possible to give an accurate breakdown of the geographical distribution of Cadeler's share capital or of the number of shareholders by country of residence. Additionally, certain of the Cadeler Shares are held by brokers or other nominees and, as a result, the number of holders of record is not representative of the number of beneficial holders or of the residence of such beneficial holders. However, JPMorgan Chase Bank, N.A., our ADS Depositary, has informed us that as of March 20, 2026 the total number of ADRs outstanding was 5,455,891, representing approximately 6.22% of the Cadeler Group's issued and outstanding share capital at that date. All of the Cadeler ADSs are held of record by the Depositary. For more information regarding our ADSs, see Item 12.D. below.

Set forth below is information as of March 20, 2026 with respect to any shareholder who is known to Cadeler to be the beneficial owner of 5% or more of Cadeler's share capital or voting rights:

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

---

| | | |
|:---|:---|:---|
| **Name of major Cadeler Shareholder** | **Number of shares**  | **%** |
| BW Altor Pte. Ltd.<sup>(1)</sup> | 96166134 | 27.40% |
| Scorpio Holdings Limited<sup>(2)</sup> | 42427183 | 12.09% |
| Folketrygdfondet | $18462464 | 5.26% |
| Nordea Investment Management AB | 19983739 | 5.69% |
| Marble Bar Asset Management LLP | 18355000 | 5.23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)BW Altor is ultimately controlled by Andreas Sohmen-Pao who is also the Chair of the Cadeler Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Emanuele Lauro, Vice Chair of the Cadeler Board, is a director, Chief Executive Officer, and 10% stockholder of Scorpio Holdings Limited.

As part of BW Altor becoming a lead investor in Cadeler's initial public offering in November 2020, Swire Pacific Limited and BW Altor entered into a memorandum of understanding on November 4, 2020, as amended, pursuant to which BW Altor, subject to certain terms and conditions, was granted a right of first refusal to purchase a number of Cadeler Shares held by Swire Pacific Limited should it wish to sell such Cadeler Shares. However, the right of first refusal does not apply in the event that Swire Pacific Limited accepts an offer from a third party for all Cadeler Shares. On June 6, 2024, Swire Pacific Limited sold 12,353,125 Cadeler Shares (equivalent to 3.5% of Cadeler's then-outstanding share capital) to third party institutional investors and, as a result of such transaction, held less than 5% of Cadeler's total share capital and voting rights. On November 27, 2025, BW Altor agreed to purchase from an unidentified third party a total of 17,510,330 Cadeler Shares in a privately negotiated transaction. The purchase was completed on December 1, 2025.

As a result of the Business Combination and the subsequent private placement, there have been significant changes in the percentage ownership held by Cadeler's major shareholders. For a discussion of the major shareholdings in Cadeler prior to the Business Combination, reference is made to the section titled "Beneficial Ownership of Cadeler Securities" on pages 215-216 of the prospectus filed by Cadeler with the SEC on November 7, 2023 (the "Prospectus").

Cadeler has only one share class. As a result, none of the above major shareholders hold voting rights which are different from those held by other Cadeler Shareholders and there are no Cadeler Shares that carry special rights relating to the control of Cadeler. All Cadeler Shares carry one vote per nominal value of DKK 1.00.

To the knowledge of Cadeler's management: Cadeler is not directly or indirectly owned or controlled by (a) another corporation or (b) any foreign government. Cadeler's management is not aware of Cadeler being owned or controlled, directly or indirectly, by any third party, or of any agreements that could later result in any third party taking over control of Cadeler. To the knowledge of Cadeler's management, Cadeler has no controlling shareholder.

**B. Related party transactions**

For information on related party transactions, reference is made to Note 27 to the Consolidated Financial Statements, "Related Party Transactions," in the Annual Report 2025.

**C. Interests of experts and counsel**

Not applicable.

**Item 8. Financial Information**

**A. Consolidated Statements and Other Financial Information**

The Consolidated Financial Statements and Notes to the Consolidated Financial Statements on pages 138-210 of the Annual Report 2025 are incorporated herein by reference. See also Item 18 "Financial Statements."

***Legal proceedings***

The Cadeler Group is not aware of any governmental, legal or arbitration proceedings, including any such proceedings which are pending or threatened, that may have had in the recent past, or may have in the future, a significant effect on Cadeler or the Cadeler Group's financial position or profitability.

***Dividends***

Cadeler has never paid any cash dividends on its shares. In addition, Cadeler Group's credit facilities contain covenants restricting the payments of dividends. The Cadeler Board currently intends to retain earnings to support operations and to finance the growth and development of Cadeler's business. Any future determination related to Cadeler's dividend policy will be made by and at the discretion of the Cadeler Board.

**Item 9. The Offer and Listing**

**A. Offer and listing details**

The Cadeler Shares are listed on the OSE and traded under the symbol "CADLR." The Cadeler ADSs are listed on the NYSE and traded under the symbol "CDLR." See Exhibit 2.2 to this Annual Report on Form 20-F for a description of the Cadeler Shares.

**B. Plan of distribution**

Not applicable.

**C. Markets**

Reference is made to Item 9.A. hereof.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

**D. Selling shareholders**

Not applicable.

**E. Dilution**

Not applicable.

**F. Expenses of the issue**

Not applicable.

**Item 10. Additional Information**

**A. Share capital**

Not applicable.

**B. Memorandum and articles of association**

Reference is made to the section titled "Description of Cadeler Shares and Articles of Association," on pages 12-20 of the registration statement on Form F-3ASR (File no. 333-283947) filed with the SEC by Cadeler on December 20, 2024.

See also Exhibit 2.2 to this Annual Report on Form 20-F for a summary of certain material provisions of Cadeler's Articles of Association, certain other constitutive documents and relevant Danish corporate law. See Exhibit 1.1 to this Annual Report on Form 20-F for Cadeler's Articles of Association.

**C. Material contracts**

Reference is made to the sections titled "Business Combination Agreement" and "Other Transaction Agreements," on pages 110-134 of the Prospectus. See also Item 5.B. "Liquidity and Capital Resources—Financing Arrangements" of this Annual Report on Form 20-F.

**D. Exchange controls**

Other than the Danish rules on screening of certain foreign direct investments ("FDI"), etc. in Denmark (the "Danish FDI Rules") and applicable international trade and financial sanctions as outlined below, (i) there are no governmental laws, decrees, or regulations in Denmark (including, but not limited to, foreign exchange controls) that restrict the export or import of capital, or that affect the remittance of dividends, interest or other payments to nonresident holders of the Cadeler Shares or the Cadeler ADSs, and (ii) there are no limitations on the right of non-resident or foreign owners to hold or vote the Cadeler Shares or the Cadeler ADSs imposed by the laws of Denmark or the Articles of Association of the Company.

Under the Danish FDI Rules, a screening mechanism applies to foreign direct investments in certain sensitive sectors, if the foreign investor obtains at least 10% ownership or voting rights, or equivalent control by other means. Among such sensitive sectors are companies and entities within critical technology with activities comprised by technologies for industrial energy storage, energy conversion and critical infrastructure in Denmark with activities comprised by energy transport or electricity production, electricity storage capacity as well as transportation and supply of electricity that are necessary to restore or maintain the energy functions that are important for the society. If a contemplated foreign direct investment in Cadeler is considered to fall within the scope of the mandatory screening mechanism, the foreign investor is required to apply for prior authorization with the Danish Business Authority. FDI filings, notifications or approvals may under certain circumstances also be required in non-Danish jurisdictions.

If a foreign investor fails to comply with the Danish FDI Rules, the Danish Business Authority may impose restrictions, inter alia, ordering to reverse the investment or to suspend the foreign investor's voting rights.

International trade and financial sanctions are continually evolving. If applicable, such international trade and financial sanctions may under certain circumstances prevent the possibility of export and import of capital, and affect the remittance of dividends, interests and other payments to the non-resident holders of the Cadeler Shares or the Cadeler ADSs. In addition, international trade and financial sanctions may also restrict the right of non-resident or foreign owners to acquire, transfer, hold or vote the Cadeler Shares and Cadeler ADSs. Failure to comply with international trade and financial sanctions can lead to criminal and civil liability.

**E. Taxation**

***Danish taxation***

The following summary outlines certain Danish tax consequences to U.S. Holders (as defined below):

*Withholding tax*

Generally, Danish withholding tax is deducted from dividend payments to U.S. Holders at a 27% rate, the rate generally applicable to non-residents in Denmark without regard to eligibility for a reduced treaty rate. Under the Current Convention between the Government of the United States of America and the Government of the Kingdom of Denmark for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the "Current Convention"), the maximum rate of Danish tax that may be imposed on a dividend paid to a U.S. Holder that does not have a "permanent establishment" (as defined therein) in Denmark to which the Cadeler ADSs are allocated for tax purposes is generally 15% and, for certain pension funds, 0% (each, the "Treaty Rate"). U.S. Holders eligible for the Treaty Rate may apply to the Danish tax authorities to obtain a refund to the extent that the amount withheld reflects a rate in excess of the Treaty Rate (any such amount, the "Excess Withholding Tax").

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

Any U.S. Holders of Cadeler ADSs wishing to apply for a refund of Excess Withholding Tax will have to provide a Danish Claim for Refund of Danish Dividend Tax (at https://udbytterefusion.skat.dk/SelfService/submission/submit/SKATRefusion), a properly completed U.S. Internal Revenue Service Form 6166 and additional documentation including: proof of dividend received; proof of ownership of the Cadeler ADSs and eligibility for the dividend received and proof that the dividend received was reduced by an amount corresponding to the Danish withholding tax. These documentation requirements may be expanded and may be subject to change. Refund claims must be filed within the three-year period following the date in which the dividend was paid in Denmark.

Information on tax reclaims, how they should be filed and the requisite tax forms may be obtained from:

JPMorgan Chase Bank, N.A. c/c

GlobeTax Services Inc. One New

York Plaza – 34th Floor

New York, NY 10004-1936, USA

Tel. +1-212-747-9100

U.S. Holders should consult their tax advisers regarding dividend withholding tax refunds.

*Sale or exchange of Cadeler ADSs or Cadeler Shares*

Any gain or loss realized on the sale or other disposition of Cadeler ADSs or Cadeler Shares by a U.S. Holder that is not either a resident of Denmark or a corporation that is doing business in Denmark by a Danish permanent establishment to which the Cadeler ADSs or Cadeler Shares are allocated for tax purposes is not subject to Danish taxation. In addition, any non-resident of Denmark may remove from Denmark any convertible currency representing the proceeds of the sales of Cadeler ADSs or Cadeler Shares in Denmark.

***Material U.S. Federal Income Tax Considerations***

The following is a description of material U.S. federal income tax consequences to the U.S. Holders described below of owning and disposing of Cadeler ADSs or Cadeler Shares. This discussion applies only to U.S. Holders that hold Cadeler ADSs or Cadeler Shares as "capital assets" within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the "Code") (generally, property held for investment). Further, this discussion does not address all aspects of U.S. federal income taxation that might be relevant to U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax laws, such as, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dealers or certain electing traders in securities that are subject to mark-to-market tax accounting rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks and certain other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities, "individual retirement accounts" or "Roth IRAs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities classified as partnership for U.S. federal income tax purposes and their partners or investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold Cadeler ADSs or Cadeler Shares as part of a straddle or other integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold Cadeler ADSs or Cadeler Shares in connection with a trade or business conducted outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquired Cadeler ADSs or Cadeler Shares pursuant to the exercise of employee stock options or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquired Cadeler ADSs or Cadeler Shares on or prior to the Business Combination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own (directly, indirectly or constructively) 10% or more of Cadeler ADSs or Cadeler Shares (by vote or value).

If an entity or arrangement classified as a partnership for U.S. federal income tax purposes owns Cadeler ADSs or Cadeler Shares, the tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Entities classified as partnerships for U.S. federal income tax and their partners should consult their tax advisers regarding the tax consequences of the ownership and disposition of Cadeler ADSs or Cadeler Shares in their specific circumstances.

This discussion is based on the Code, proposed, temporary and final Treasury regulations promulgated under the Code, and judicial and administrative interpretations thereof, as well as the income tax treaty between the United States and Denmark (the "U.S.-Denmark Treaty"), all as of the date hereof. All of the foregoing is subject to change, which change could apply retroactively and could affect the tax considerations described herein. This discussion does not address any minimum tax or Medicare contribution tax considerations, the special tax accounting rules under Section 451(b) of the Code, or U.S. federal taxes other than those pertaining to U.S. federal income taxation (such as estate or gift taxes), nor does it address any aspects of U.S. state, local or non-U.S. taxation. This discussion assumes that each obligation under the deposit agreement for the Cadeler ADSs and any related agreement will be performed in accordance with its terms.

This discussion does not address any specific consequences to former Eneti shareholders that acquired Cadeler ADSs pursuant to the Business Combination. Former Eneti shareholders should review the Prospectus for additional information regarding any effect that the Business Combination, or Eneti's PFIC status for any taxable year, may have on the former Eneti shareholders' ownership of Cadeler ADSs or Cadeler Shares in their particular circumstances.

For purposes of this discussion, a "U.S. Holder" is a person that is, for U.S. federal income tax purposes, a beneficial owner of Cadeler ADSs or Cadeler Shares and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual citizen or resident of the United States,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or entity treated as a corporation, organized in or under the laws of the United States or any state therein or the District of Columbia, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate or trust the income of which is includible in gross income regardless of its source.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

In general, a U.S. Holder that owns Cadeler ADSs will be treated as the owner of the underlying Cadeler Shares represented by those ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss will be recognized if a U.S. Holder exchanges Cadeler ADSs for the underlying Cadeler Shares represented by those ADSs.

THIS SUMMARY DOES NOT PURPORT TO BE A COMPREHENSIVE ANALYSIS OR DESCRIPTION OF ALL POTENTIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF CADELER ADSS OR CADELER SHARES. U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISERS REGARDING THE PARTICULAR TAX CONSEQUENCES TO THEM OF THE OWNERSHIP AND DISPOSITION OF CADELER ADSS OR CADELER SHARES, INCLUDING THE APPLICABILITY AND EFFECTS OF U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. TAX LAWS.

*Dividends*

The following is subject to the discussion under "— Passive foreign investment company rules" below.

Distributions received by a U.S. Holder on the Cadeler ADSs or Cadeler Shares, including the amount of any Danish taxes withheld, other than certain *pro rata* distributions of shares to all shareholders, will constitute dividend income to the extent paid out of Cadeler's current or accumulated earnings and profits (as determined for U.S. federal income tax purposes). Because Cadeler does not maintain calculations of its earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Holders as dividends. Dividends will be included in a U.S. Holder's income on the date of receipt by the depositary (in the case of Cadeler ADSs) or the U.S. Holder (in the case of Cadeler Shares). The amount of dividend income paid in DKK that a U.S. Holder will be required to include in income will equal the U.S. dollar value of the distributed DKK, calculated by reference to the exchange rate in effect on the date of receipt, regardless of whether the payment is converted into U.S. dollars on such date. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of its receipt. Corporate U.S. Holders will not be entitled to claim a dividends-received deduction with respect to dividends paid by Cadeler. Subject to applicable limitations, dividends received by certain non-corporate U.S. Holders may be taxable at rates applicable to long-term capital gains. Non-corporate U.S. Holders should consult their tax advisers to determine whether they are subject to any special rules that limit their ability to be taxed at these favorable rates.

Dividends will be treated as foreign-source income and will include any amounts withheld therefrom in respect of Danish taxes. Non-refundable Danish taxes withheld from dividends on the Cadeler ADSs or Cadeler Shares (at a rate not in excess of any applicable rate under the U.S.- Denmark Treaty, in the case of a U.S. Holder that qualifies for the benefits of the U.S.-Denmark Treaty) will generally be creditable against a U.S. Holder's U.S. federal income tax liability, subject to applicable limitations that vary depending upon the U.S. Holder's circumstances. The rules governing foreign tax credits are complex.

For example, under Treasury regulations, in the absence of an election to apply the benefits of an applicable income tax treaty, in order to be creditable, non-U.S. income tax rules must be consistent with certain U.S. federal income tax principles, and no determination has been made as to whether the Danish income tax system meets these requirements. The IRS has released notices that provide relief from certain of the Treasury regulations described above for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). In lieu of claiming a credit, a U.S. Holder may be able to elect to deduct non-U.S. taxes, including the Danish taxes, in computing its taxable income, subject to generally applicable limitations. An election to deduct non-U.S. taxes (instead of claiming foreign tax credits) applies to all otherwise creditable non-U.S. taxes paid or accrued in the taxable year. U.S. Holders should consult their tax advisers regarding the creditability or deductibility of Danish taxes imposed on dividends in their particular circumstances.

*Sale or other taxable disposition*

The following is subject to the discussion under "—Passive foreign investment company rules" below.

A U.S. Holder will generally recognize U.S.-source capital gain or loss on the sale or other taxable disposition of the Cadeler ADSs or Cadeler Shares. Any gain or loss will be long-term capital gain or loss if the holding period of the Cadeler ADSs or Cadeler Shares exceeds one year. The amount of the U.S. Holder's gain or loss will be equal to the difference between such U.S. Holder's tax basis in the Cadeler ADSs or Cadeler Shares sold or disposed of and the amount realized on the sale or disposition, each as determined in U.S. dollars. The deductibility of capital losses is subject to limitations.

*Passive foreign investment company rules*

In general, a non-U.S. corporation is a PFIC for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the value of its assets (generally determined on a quarterly average basis) consists of assets that produce, or are held for the production of, passive income. For the purposes of the above calculations, a non-U.S. corporation that owns, directly or indirectly, at least 25% by value of the stock of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, investment gains and certain rents and royalties, but does not include income received as compensation for services. Cash and cash equivalents are generally treated as passive assets. Goodwill and other intangible assets are generally treated as active assets to the extent associated with activities that generate non-passive income.

Cadeler's gross income consists primarily of gross income from time charter hire services contracts with customers where the Cadeler Group utilizes its vessels, equipment and crew to deliver a service to the customer based on either a fixed day rate or milestone deliverables. Customers cannot charter a vessel from the Cadeler Group without also receiving the relevant wind turbine installation, engineering or maintenance services from the vessel's crew. While the treatment of the gross income from time charter hire services for purposes of the PFIC rules is unclear, Cadeler intends to take the position that such income is non-passive income from services (rather than rental income). This position is based on general U.S. federal income tax law principles and court decisions that distinguish between income from services and rental income for other tax purposes. However, there is a court decision that characterized time charter income as rental income, rather than income from services, for another (not PFIC) tax purpose. Although the IRS indicated that it disagreed with that court decision, and although the facts of the court case may be different from Cadeler's business model, there is no assurance that the IRS or a court will not treat Cadeler's gross income from time charter hire services contracts as rental income, in which case the income (and the assets that produce it) may be treated as passive, unless the income is treated as derived in an active conduct of a trade or business under relevant Treasury regulations.

Assuming that Cadeler's gross income from time charter hire services contracts with customers is not passive income, Cadeler does not believe it was a PFIC for 2025. However, Cadeler's PFIC status for any taxable year is an annual factual determination that can be made only

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

after the end of that year, and will depend, among other things, on the composition and character of its income and assets and the value of its assets from time to time (including the value of its goodwill and other intangible assets, which may be determined, in part, by reference to its market capitalization, which could be volatile). Accordingly, there can be no assurance that Cadeler will not be a PFIC for any taxable year. Cadeler has not attempted to make any determination, and thus does not express a view, regarding its PFIC status for any taxable year prior to the taxable year in which the Business Combination took effect.

If Cadeler is a PFIC for any taxable year during a U.S. Holder's holding period of the Cadeler ADSs or Cadeler Shares, Cadeler will generally continue to be a PFIC with respect to the U.S. Holder for any subsequent taxable year, even if Cadeler ceases to be a PFIC for any future taxable year. In that case, gain recognized upon a disposition (including, under certain circumstances, a pledge) of the Cadeler ADSs or Cadeler Shares by a U.S. Holder generally will be allocated ratably over the U.S. Holder's holding period of such Cadeler ADSs or Cadeler Shares. The amounts allocated to the taxable year of the disposition and to any year before Cadeler became a PFIC will be taxed as ordinary income. The amount allocated to each other taxable year will be subject to tax at the highest tax rate in effect for that taxable year for individuals or corporations, as appropriate, and an interest charge will be imposed on the tax allocated to each taxable year. Further, to the extent that distributions which a U.S. Holder receives on the Cadeler ADSs or Cadeler Shares in any taxable year exceed 125% of the average of the annual distributions on the ADSs or shares that the U.S. Holder received during the preceding three taxable years or its holding period, whichever is shorter, the excess distributions will be subject to taxation in the same manner as gain, described immediately above. Certain elections may be available that would result in alternative treatments of the Cadeler ADSs or Cadeler Shares (such as a mark-to-market election for any taxable year in which Cadeler is a PFIC if the Cadeler ADSs or Cadeler Shares, as applicable, are "marketable stock," or a "deemed sale" election in the event that Cadeler is a PFIC for any taxable year but ceases to be a PFIC thereafter). U.S. Holders should consult their tax advisers regarding whether, if Cadeler is or becomes a PFIC, any of these elections would be available and, if so, what the consequences of the alternative treatments would be in the U.S. Holders' particular circumstances. In addition, non-corporate U.S. Holders will not be eligible for reduced rates of taxation applicable to "qualified dividend income" on any dividends received from Cadeler if Cadeler is a PFIC (or is treated as a PFIC with respect to a U.S. Holder) for the taxable year in which the dividends are paid or the preceding taxable year.

If Cadeler is a PFIC for any taxable year during which a U.S. Holder owns Cadeler ADSs or Cadeler Shares, such U.S. Holder generally will be subject to specified reporting obligations. U.S. Holders should consult their tax advisers regarding the potential application of the PFIC rules to their ownership of Cadeler ADSs or Cadeler Shares.

*Information reporting and backup withholding*

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries may be subject to information reporting and backup withholding, unless (i) the U.S. Holder is a corporation or other "exempt recipient" (and establishes that status if required to do so) or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against its U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

Certain U.S. Holders who are individuals (and certain specified entities) may be required to report information relating to their ownership of Cadeler ADSs or Cadeler Shares, or non-U.S. accounts through which they are held.

**F. Dividends and paying agents**

Not applicable.

**G. Statements by experts**

Not applicable.

**H. Documents on display**

Documents referred to and filed with the SEC together with this Annual Report on Form 20-F can be read and copied at the SEC's public reference room located at 100 F Street, NE, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms.

Copies of this Annual Report on Form 20-F as well as the Annual Report 2025 and the Remuneration Report 2025 can be downloaded from the investors page at www.cadeler.com. The contents of this website are not incorporated by reference into this Annual Report on Form 20-F. This Annual Report on Form 20-F is also filed and can be viewed via EDGAR on www.sec.gov.

**I. Subsidiary Information**

Not applicable.

**J. Annual Report to Security Holders**

Cadeler intends to submit any annual report provided to security holders in electronic format as an exhibit to a current report on Form 6-K.

**Item 11. Qualitative and Quantitative Disclosures About Market Risk**

Reference is made to the section titled "Finance Review—Special Risks" on pages 23-25 of the Annual Report 2025.

**Item 12. Description of Securities Other than Equity Securities**

**A. Debt Securities**

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

Not applicable.

**B. Warrants and Rights**

Not applicable.

**C. Other Securities**

Not applicable.

**D. American Depositary Shares**

Cadeler's American Depositary Receipt ("ADR") program is administered by JPMorgan Chase Bank, N.A as Depositary (JPMorgan Chase Bank, N.A., 383 Madison Avenue, Floor 11, New York, United States). The Cadeler ADSs are traded under the symbol "CDLR" on the NYSE. Each Cadeler ADS represents four (4) Cadeler Shares. The Cadeler Shares underlying the Cadeler ADSs are admitted to trading under the symbol "CADLR" on the OSE and not on the NYSE, where they are only admitted for listing.

The Depositary distributes relevant notices, reports and proxy materials to the holders of the Cadeler ADSs. When dividends are paid to Cadeler Shareholders, the Depositary converts the amounts into U.S. dollars and distributes the dividends to the holders of the Cadeler ADSs. See Exhibit 2.1 to this Annual Report on Form 20-F for a description of the rights of holders of the Cadeler ADSs.

The holder of a Cadeler ADS may have to pay the following fees and charges related to services in connection with the ownership of the Cadeler ADS up to the amounts set forth in the table below.

---

| | |
|:---|:---|
| **Service** | **Fee** |
| Issuance or delivery of a Cadeler ADS, surrendering of a Cadeler ADS for delivery of a Cadeler Share, reduction or cancellation of a Cadeler ADS, including issuance, delivery, reducing, surrendering or cancellation in connection with share distributions, stock splits, rights and mergers | A maximum of USD 5.00 for each 100 Cadeler ADSs (or portion thereof), to be paid to the Depositary |
| Distribution of cash or elective cash/stock dividend offered to the holder of the Cadeler ADS | A maximum of USD 0.05 per Cadeler ADS, to be paid to the Depositary |

---

---

| | |
|:---|:---|
| Direct or indirect distribution of securities (other than Cadeler ADSs or rights to purchase additional Cadeler ADSs) or the net cash proceeds from the public or private sale of any such securities | A maximum of USD 0.05 per Cadeler ADS, to be paid to the Depositary |
| Services performed by the Depositary in administering the Cadeler ADSs | A maximum of USD 0.05 per Cadeler ADS (or portion thereof), to be paid to the Depositary |
| Servicing of the Cadeler Shares, the sale of securities, the delivery of the Cadeler Shares or otherwise in connection with the Depositary's compliance with applicable law, rule or regulation | Reimbursement of charges and expenses as necessary |
| Taxes and other governmental charges payable by the holder of the Cadeler ADS or persons depositing Cadeler Shares | As necessary |
| A transaction fee per cancellation request and any applicable delivery expenses | As necessary |
| The registration or transfer of Cadeler Shares on any applicable register in connection with the deposit or withdrawal of Cadeler Shares | As necessary |

---

The Depositary may make available to Cadeler a set amount or a portion of the Depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as Cadeler and the Depositary may agree from time to time. The Depositary collects its fees for issuance and cancellation of Cadeler ADSs directly from investors depositing Cadeler Shares or surrendering Cadeler ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect its annual fee for Depositary services by deduction from cash distributions, or by directly billing investors, or by charging the book-entry system accounts of participants acting for them. The Depositary will generally set off the amounts owing from distributions made to holders of Cadeler ADSs. If, however, no distribution exists and payment owing is not timely received by the Depositary, the Depositary may refuse to provide any further services to ADR holders that have not paid those fees and expenses owing until such fees and expenses have been paid. At the discretion of the Depositary, all fees and charges owing under the Deposit Agreement are due in advance and/or when declared owing by the Depositary.

The Depositary may agree to reduce or waive certain fees, charges and expenses provided in the ADRs and in the Deposit Agreement, including, without limitation, those described above that would normally be charged on Cadeler ADSs issued to or at the direction of, or otherwise held by, Cadeler and/or certain ADR holders and beneficial owners and holders and beneficial owners of Cadeler Shares.

The Depositary has agreed to reimburse certain reasonable expenses related to Cadeler's ADR program and incurred by Cadeler in connection with the program. In the year ended December 31, 2025, Cadeler received an aggregate of USD 552,674 in payments from the Depositary.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

**PART II**

**Item 13. Defaults, Dividend Arrearages and Delinquencies**

None.

**Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds**

None.

**Item 15. Controls and Procedures**

*Disclosure controls and procedures*

Cadeler maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports that Cadeler files or submits under the U.S. Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and such disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in reports that Cadeler files or submits under the U.S. Exchange Act is accumulated and communicated to Cadeler's management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Cadeler's management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Cadeler's disclosure controls and procedures as of December 31, 2025. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of December 31, 2025 the design and operation of Cadeler's disclosure controls and procedures were effective.

In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

*Changes in internal control over financial reporting*

Except as described below, there were no changes in the Company's internal control over financial reporting that occurred during the period covered by this Annual Report on Form 20-F that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

*Management's annual report on internal control over financial reporting*

Cadeler's management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is identified under Rule 13a-15 (f) and 15d-15 (f) of the U.S. Exchange Act. Cadeler's internal control over financial reporting is a process designed by, or under the supervision of, the Chief Executive Officer and Chief Financial Officer and effected by the Cadeler Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect Cadeler's transactions and dispositions of assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with the authorization of Cadeler's management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Cadeler's assets that could have a material effect on its consolidated financial statements.

Cadeler's management, with the participation of the Chief Executive Officer and the Chief Financial Officer, assessed the effectiveness of the Cadeler's internal control over financial reporting as of December 31, 2025 using the criteria set forth in the "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission or COSO (2013 Framework).

As a result of this assessment, Cadeler's management concluded that the Company's internal controls over financial reporting were effective as of December 31, 2025.

*Remediation of Previously Reported Material Weaknesses*

As described in the 2024 Annual Report on Form 20-F, during the year ended December 31, 2024, the Company completed its efforts to remediate the material weaknesses identified in 2023. Upon completion of those efforts, the Company concluded that the material weaknesses had been remediated as of December 31, 2024. As part of those remediation efforts, the Company implemented remediation actions during 2024 that included the implementation of formalized risk assessment, oversight and compliance processes as well as formalized control descriptions for all key controls. Where control activities are dependent on IT applications or certain information or reports, internal controls have been developed to assess the completeness and accuracy of such information. The Cadeler Group has further initiated steps to improve IT general controls covering access and change management, as well as cyber risks. The actions that the Cadeler Group is taking are subject to ongoing executive management review and audit committee oversight.

The Cadeler Group cannot guarantee, however, that its internal controls over financial reporting will remain effective in the future. Any failure to remediate such material weaknesses identified in the future, or to discover and address any other material weaknesses or significant deficiencies, could result in inaccuracies in the Cadeler Group's consolidated financial statements and impair its ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. See also Item 3.D. "Risk Factors—Risks Related to the Cadeler Group's Business—If the Cadeler Group fails to maintain an effective system of internal control over financial reporting, it may not be able to accurately report financial results in a timely manner or prevent fraud, which may adversely affect its business and the market price of the Cadeler ADSs and Cadeler Shares," and "Risk Factors —Risks Related to the Business Combination—Cadeler became subject to the reporting requirements of the U.S. Exchange Act in connection with the Business Combination and it needs to devote substantial time and resources to complying with public company regulations. There can be no assurance that the Cadeler Group's internal control over financial reporting will remain effective."

Internal control systems, no matter how well designed, have inherent limitations and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

EY Godkendt Revisionspartnerselskab, an independent registered public accounting firm, has issued opinions on Cadeler's consolidated financial statements and on its internal controls over financial reporting. These opinions appear under Item 18 of this Annual Report on Form

20-F.

**Item 16A. Audit Committee Financial Expert**

Reference is made to page 33-34 of the Annual Report 2025 for the name, position and experience of the members of the Audit Committee.

James Nish is designated as the Audit Committee financial expert as defined by the SEC. All members of the Audit Committee qualify as independent as defined by the U.S. Exchange Act and the NYSE Corporate Governance Standards applicable to listed companies as described in Section 303A of the NYSE Listed Company Manual (the "NYSE Standards").

**Item 16B. Code of Ethics**

Cadeler has in place a Code of Conduct which applies to its employees, officers, including the Chief Executive Officer and Chief Financial Officer, and directors. Cadeler's Code of Conduct describes the general principles on business conduct and ethics which are essential to enable Cadeler to operate responsibly as a business and achieve commercial success, and address a number of the topics required by the Sarbanes-Oxley Act and the NYSE Standards.

Cadeler's Code of Conduct may be found on Cadeler's website at www.cadeler.com (the contents of Cadeler's website are not incorporated by reference into this Annual Report on Form 20-F).

**Item 16C. Principal Accountant Fees and Services**

Reference is made to Note 4 to the Consolidated Financial Statements, "Operating Expenses—Auditor remuneration," in the Annual Report 2025 regarding fees paid to Cadeler's statutory auditors.

The audit opinion of EY Godkendt Revisionspartnerselskab (PCAOB Firm ID 1757) is included in Item 18.

*Pre-approval policies*

The Audit Committee assesses and pre-approves all audit and non-audit services provided by the statutory auditors. The pre-approval includes the type of service and a fee budget. Furthermore, the Audit Committee receives regular updates on actual services provided and fees realized.

**Item 16D. Exemptions from the Listing Standards for Audit Committees**

None.

**Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a)<br>Total number of Cadeler Shares purchased** | **(b)<br>Average price paid per Cadeler Share (EUR)** | **(c)<br>Total number of Cadeler Shares purchased as part of publicly announced plans or programs** | **(d)<br>Maximum number of Cadeler Shares that may yet be purchased under the plans or programs** |
| May 26, 2025 — May 30, 2025<sup>(1)</sup> | 395200 | 4.31 | 395200 | &nbsp;&nbsp;&nbsp;&nbsp;0 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;On May 26, 2025, Cadeler announced the launch of a share repurchase program of up to NOK 22.5 million (approximately EUR 1.9 million), pursuant to the authorization for the acquisition of treasury shares granted by Cadeler Shareholders to the Cadeler Board at Cadeler's annual general meeting on April 22, 2025. The purpose of the share repurchase program was to enable the Cadeler Group to meet its obligations to employees arising from certain of Cadeler's share-based incentive programs. The program was to be conducted in the period from May 26, 2025 until June 6, 2025, however, the program was terminated early on May 30, 2025 as the maximum number of shares authorized for repurchase under the program had been purchased at such date. In total, share buy-back program resulted in the repurchase, in the open market, of 395,200 shares at an average price of NOK 49.90 (EUR 4.31), corresponding to an aggregate repurchase price of NOK 19,728,604 (EUR 1.7 million), including commission.

**Item 16F. Change in Registrant's Certifying Accountant**

Not applicable.

**Item 16G. Corporate Governance**

Cadeler is a public limited company incorporated in Denmark and the Cadeler Shares are admitted to trading on the OSE. Cadeler therefore follows the Norwegian Code of Practice for Corporate Governance issued on October 14, 2021 (the "Norwegian Code of Practice") and applicable Danish law in respect of its corporate governance practices.

The Cadeler ADSs are listed on the NYSE and Cadeler is therefore required to comply with certain U.S. securities laws and regulations, including the Sarbanes-Oxley Act, and the NYSE Standards. As a foreign private issuer, Cadeler is permitted to follow the corporate governance practice of its home country in lieu of certain provisions of the NYSE Standards. Specifically, Cadeler complies with the requirements of Sections 303A.06, 303A.11, 303A.12(b) and (c), and 303A.14 of the NYSE Listed Company Manual but otherwise follows its home country practice in lieu of the remaining requirements of Section 303A of the NYSE Listed Company Manual.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

Below is a brief summary of the corporate governance practices adopted by Cadeler as a foreign private issuer that differ from those adopted by U.S. domestic issuers under the NYSE Standards:

*Independence requirements*

Under the NYSE Standards, listed companies must have at least a majority of independent directors and no director qualifies as "independent" unless the Board of Directors has affirmatively determined that the relevant director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company).

The Cadeler Board has determined whether Cadeler Board members qualify as independent in accordance with the Norwegian Code of Practice (provided that the Cadeler Board has determined whether members of the Audit Committee qualify as independent pursuant to Rule 10A-3 under the Securities Exchange Act), rather than the NYSE Standards.

*The Nomination Committee*

Under Section 303A.04 of the NYSE Listed Company Manual, U.S. domestic issuers are generally required to have a nominating/corporate governance committee composed entirely of independent directors, and further provide that the nomination committee must have a written charter addressing certain specified duties.

Cadeler has a nomination committee, the members of which qualify as independent under the Norwegian Code of Practice, however, the composition of Cadeler's nomination committee is determined by the election of its shareholders at each annual general meeting and, consistent with the Norwegian Code of Practice, members of the nomination committee are not required to be, and are not currently, members of the Cadeler Board. Cadeler's Articles of Association and its Corporate Governance Policy provide that the nomination committee shall consist of two or three members who shall be shareholders or shareholder representatives, each of whom is elected for a term of one or two years. Cadeler's nomination committee is required to make recommendations to the general meeting regarding the election of shareholder-elected members to the Cadeler Board and to the nomination committee but does not otherwise maintain a written charter consistent in scope with the requirements of the NYSE Standards.

*The Remuneration Committee*

Under the NYSE Standards, U.S. domestic issuers are generally required to have a compensation committee composed entirely of independent directors, each of whom must satisfy the heightened independence requirements specific to compensation committee membership set forth in Section 303A.02(a)(ii) of the NYSE Listed Company Manual. In addition, the NYSE Standards provide that the compensation committee must have a written charter that addresses certain specified duties.

Cadeler has a remuneration committee, the composition of which is determined by the Cadeler Board. In accordance with Cadeler's Corporate Governance Policy, only members of the Cadeler Board are permitted to serve on the remuneration committee. When designating members to the remuneration committee, the Cadeler Board considers all factors relevant to determine whether any member of the remuneration committee has a relationship to Cadeler which is material to that director's ability to be independent from management, though any such determination is made in accordance with the Norwegian Code of Practice rather than the independence requirements set out in the NYSE Standards. Cadeler's remuneration committee is required to advise the Cadeler Board on salaries and other remuneration payable to the members of the Cadeler Board and Cadeler's executive management but does not otherwise maintain a written charter consistent in scope with the requirements of the NYSE Standards.

*The Audit Committee*

In accordance with Section 303A.06 of the NYSE Listed Company Manual and Rule 10A-3 under the Securities Exchange Act, the Cadeler Board has an audit committee composed entirely of independent directors.

Under the NYSE Standards, however, U.S. domestic issuers are generally required to maintain an audit committee comprised of a minimum of three members and to have a written charter addressing certain specified duties and purposes. In addition, U.S. domestic issuers are generally required to have an internal audit function.

Consistent with the Norwegian Code of Practice, Cadeler does not require that its audit committee be comprised of three members and the audit committee may from time to time be, and currently is, comprised of two directors (provided that each shall have been determined to be independent in accordance with, or exempt from the requirements of, Rule 10A-3(b)(1) under the Securities Exchange Act). Cadeler's audit committee is responsible for oversight of, and reporting to, the Cadeler Board on the elements described in section 303A.07(b)(i)(A) of the NYSE Listed Company Manual but does not otherwise maintain a written charter consistent in scope with the requirements of the NYSE Standards. The Cadeler Group does not have an internal audit function.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

*Equity-compensation plans*

Under Section 303A.08 of the NYSE Listed Company Manual, shareholders of U.S. domestic issuers must be given the opportunity to vote on all equity compensation plans and any material revisions thereto, with certain limited exceptions. Cadeler has a written remuneration policy describing its practices with respect to the remuneration of the Cadeler Board and Cadeler's executive management. In accordance with Danish law, that policy is subject to a binding shareholder vote at least once every four years. All incentive programs offered to the Cadeler Board and/or Cadeler's executive management must comply with the framework set out in the remuneration policy. The practice of voting on specific equity compensation plans is not customary in Denmark nor required under Danish law and, accordingly, Cadeler's equity compensation plans are not generally subject to shareholder approval.

*CEO certification*

Under Section 303A.12(a) of the NYSE Listed Company Manual, the chief executive officer of each U.S. domestic issuer must certify to the NYSE each year that he or she is not aware of any violation by the listed company of the NYSE Standards, qualifying the certification to the extent necessary. As permitted by the NYSE Standards and in accordance with Danish law and regulations (which do not contemplate such certifications), Cadeler does not intend to submit such certifications.

**Item 16H. Mine Safety Disclosure**

Not applicable.

**Item 16I. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**Item 16J. Insider Trading Policies**

Cadeler has adopted, and the Cadeler Board has approved, a policy setting out requirements in relation to dealings in Cadeler's securities by directors, officers or employees, as well as by Cadeler itself. Cadeler believes such policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to Cadeler. The Cadeler Board recognizes that it is the individual responsibility of each director, officer and employee to ensure he or she complies with Cadeler's policy on dealings in Cadeler's securities as well as all applicable insider trading laws.

The policy is filed as Exhibit 11.1 to this Annual Report on Form 20-F.

**Item 16K. Cybersecurity**

Cybersecurity risk management is an integral part of Cadeler's governance and management practices and is implemented through a structured, risk-based approach designed to protect the confidentiality, integrity, availability, and authenticity of Cadeler's network and information systems. Cadeler maintains defined cybersecurity governance and controlled documentation to support consistent implementation and oversight of cybersecurity requirements and regulatory compliance obligations.

Cybersecurity risk management is also embedded within Cadeler's broader Quality Management System, ensuring that cybersecurity risks are governed, assessed, and monitored in alignment with the Company's overall management system principles and continuous improvement processes. Cadeler's overall cybersecurity program is built on a structured, risk-based approach supported by defined governance, documented processes, and management oversight. The program is inspired by recognized international standards and industry best practices and includes procedures for identifying, assessing, and prioritizing cybersecurity risks across the Company including within corporate IT environments and onboard the Cadeler's fleet of vessels. These risks are consolidated into the Company's overall business risk register. Cadeler's executive management is actively involved in these activities and receives updates regularly and when material changes occur.

Cadeler implements a set of cybersecurity controls and processes designed to ensure timely detection, handling, escalation, and remediation of cybersecurity threats and incidents, including those arising from critical systems and applications provided by third-party service providers, for which relevant attestations are received. As part of its governance and assurance model, Cadeler's IT organization engages independent security specialists and strategic advisors to perform risk assessments, technical and manual security evaluations, penetration testing, and infrastructure improvements. The IT team further supports secure operations by providing cybersecurity awareness training for employees and relevant third parties and by conducting simulated phishing exercises at least annually to strengthen the Company's security culture.

The Cadeler Board retains ultimate responsibility for the approval and oversight of the Company's cybersecurity risk-management measures in accordance with applicable regulatory requirements. The Cadeler Board is supported by the audit committee, which assists by reviewing cybersecurity risks, monitoring management's processes for identifying and evaluating such risks, and overseeing the systems implemented to manage and mitigate cybersecurity incidents. The audit committee reports material cybersecurity risks and relevant developments to the Cadeler Board to support informed oversight and decision-making.

Management is responsible for the ongoing identification, assessment, and monitoring of cybersecurity risks, establishing processes to manage potential exposures, implementing appropriate mitigation measures, and maintaining the Company's cybersecurity programs. Cadeler's cybersecurity program is overseen operationally by the Chief Financial Officer, who receives reporting from Cadeler's IT organization and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.

Cadeler's IT organization is primarily supported by its internal Risk & Compliance function, which provides governance support, promotes consistency in cybersecurity risk-management practices, and ensures the quality and traceability of cybersecurity risk information. This core internal capability is further supplemented by external experts and security advisors who assist with specialized assessments and the continual improvement of cybersecurity controls and mitigation strategies. Management, including the Chief Financial Officer, and Cadeler's IT team provide regular updates to the audit committee on the Company's cybersecurity program, material cybersecurity risks, and mitigation efforts. These updates include quarterly cybersecurity reporting covering, among other topics, third-party security assessments, developments in cybersecurity, and updates to the Company's cybersecurity program and mitigation strategies.

In 2025, Cadeler did not identify any cybersecurity incidents or risks from cybersecurity threats that have materially affected, or are reasonably likely to materially affect, its business strategy, results of operations, or financial condition. Nevertheless, cybersecurity risks cannot

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

be fully eliminated, and Cadeler cannot guarantee that it has not experienced an undetected cybersecurity incident. Additional information regarding these risks is provided in Item 3.D. "Risk Factors—Risks Related to the Cadeler Group's Business—A cybersecurity attack could materially disrupt the Cadeler Group's business."

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

**PART III**

**Item 17. Financial Statements**

See response to Item 18.

**Item 18. Financial Statements**

The Consolidated Financial Statements on pages 139-143 of the Annual Report 2025 and Notes to the Consolidated Financial Statements on pages 144-210 of the Annual Report 2025 are incorporated herein by reference.

***Reconciliation of non-IFRS financial measures***

In the financial statements, Cadeler discloses certain financial measures of the Cadeler Group's financial performance, financial position and cash flows that reflect adjustments to the most directly comparable measures calculated and presented in accordance with IFRS. The inclusion of non-IFRS measures has been expressly permitted by the Danish Business Authority and thereby exempted from the prohibition in Item 10(e)(1)(ii)(C) of Regulation S-K. However, these non-IFRS financial measures may not be defined and calculated by other companies in the same manner and may thus not be comparable with such measures.

Reference is also made to Item 5.A "Operating Results—Non-IFRS Financial Measures" of this Annual Report on Form 20-F and the section titled "Operating Results—Non-IFRS Financial Measures" on page 32 of the 2024 Annual Report on Form 20-F.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of Cadeler A/S

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Cadeler A/S (the Company) as of December 31, 2025, 2024, and 2023, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025, 2024, and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 24, 2026 expressed an unqualified opinion thereon.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

---

| | |
|:---|:---|
| | **Recognition of revenue from time charter and transportation and installation activities** |
| *Description of the Matter* | As discussed in note 3 to the consolidated financial statements, the Company recognized EUR 490 million in revenue from time charter and transportation and installation activities for the year ended December 31, 2025. Evaluating the criteria for recognizing revenue from contracts required management judgment in identifying performance obligations.<br>Auditing the Company's revenue from time charter and transportation and installation activities is a critical audit matter due to the complexity and efforts in determining whether the contracts contain one or more performance obligations. |

---

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

---

| | |
|:---|:---|
| *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company's internal controls over the revenue recognition process, including management's review controls over the contracts and related determination of the performance obligations.<br>Our audit procedures included, among others, inspection of customer contracts to understand the contracts. For a sample of customer agreements, we obtained and inspected the contract source documents and evaluated the Company's identification of distinct performance obligations and measurement methods against the principles in IFRS 15 *Revenue from Contracts with Customers* and IFRS 16 *Leases*.<br>We also evaluated the adequacy of the Company's disclosures included in Note 3 to the consolidated financial statements. |

---

/s/ EY Godkendt Revisionspartnerselskab

We have served as the Company's auditor since 2015.

Copenhagen, Denmark

March 24, 2026

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of Cadeler A/S

**Opinion on Internal Control Over Financial Reporting**

We have audited Cadeler A/S' internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), (the COSO criteria). In our opinion, Cadeler A/S (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated March 24, 2026 expressed an unqualified opinion thereon.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's annual report on internal control over financial reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control Over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ EY Godkendt Revisionspartnerselskab

Copenhagen, Denmark

March 24, 2026

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

**Item 19. Exhibits**

**A. Annual Report**

The following pages from the Annual Report 2025 (see Exhibit 15.1) are incorporated by reference into this Annual Report on Form 20-F. The content of websites, other sources, reports and materials referenced on these pages are not incorporated by reference into this Annual Report on Form 20-F.

---

| | |
|:---|:---|
|  | **Page(s) in the Annual Report** |
| Business Review | 6-12 |
| Finance Review | 13-21 |
| Risks | 23-25 |
| Regulatory | 26-30 |
| Corporate Governance | 31-37 |
| **Consolidated Financial Statements** |  |
| Consolidated Statement of Profit or Loss and Other Comprehensive Income for the years ended December 31, 2025, 2024 and 2023  | 139 |
| Consolidated Balance Sheet as of December 31, 2025 and 2024  | 140 |
| Consolidated Statement of Changes in Equity at December 31, 2025, 2024 and 2023 | 141 |
| Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 143 |
| Notes to the Consolidated Financial Statements | 144-210 |

---

**B. Remuneration Report**

The following pages from the Remuneration Report 2025 (see Exhibit 15.2) are incorporated by reference into this Annual Report on Form 20-F. The content of websites, other sources, reports and materials referenced on these pages are not incorporated by reference into this Annual Report on Form 20-F.

---

| | |
|:---|:---|
|  | **Page(s) in the Remuneration Report** |
| Board of Directors | 5-6 |
| Executive Management | 7-10 |

---

**C. Prospectus**

The following pages from the Prospectus (see Exhibit 15.3) are incorporated by reference into this Annual Report on Form 20-F. The content of websites, scientific articles and other sources referenced on these pages are not incorporated by reference into this Annual Report on Form

20-F.

---

| | |
|:---|:---|
|  | **Page(s) in the Prospectus**  |
| Beneficial Ownership of Cadeler Securities | &nbsp;&nbsp;&nbsp;&nbsp;215-216 |
| Business Combination Agreement  | &nbsp;&nbsp;&nbsp;&nbsp;110-132 |
| Other Transaction Agreements | &nbsp;&nbsp;&nbsp;&nbsp;133-134 |
| Material Tax Consequences—Material U.S. Federal Income Tax Considerations  | &nbsp;&nbsp;&nbsp;&nbsp;256-261 |

---

**D. Exhibits**

List of exhibits:

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

---

| | | |
|:---|:---|:---|
| **Exhibit No.** | **Description** | **Method of filing** |
| [1.1](http://www.sec.gov/Archives/edgar/data/353278/000117184323002559/f6k_042623.htm) | Articles of Association of Cadeler | Filed together with this Annual Report on Form 20-F. |
| [2.1](http://www.sec.gov/Archives/edgar/data/353278/000162828020001021/exhibit21descriptionofther.htm) | [Description of the rights of Cadeler ADSs registered under Section 12 of the U.S. Exchange Act](https://www.sec.gov/Archives/edgar/data/1978867/000110465924038836/cdlr-20231231xex2d1.htm) | Incorporated by reference to Exhibit 2.1 to Cadeler's annual report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 26, 2024 (the 2023 Annual Report on Form 20-F"). |
| 2.2 | [Description of the rights of Cadeler Shares registered under Section 12 of the U.S. Exchange Act](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex2d2.htm) | Incorporated by reference to Exhibit 2.2 to the 2024 Annual Report on Form 20-F. |
| 4.1 | [Shipbuilding Contract for the Construction and Sale of One (1) Wind Turbine Installation Vessel, dated May 9, 2022, between Cadeler and COSCO SHIPPING (Qidong) Offshore Co., Ltd](https://www.sec.gov/Archives/edgar/data/0001978867/000110465923110163/tm2323833d9_ex10-3.htm).\* | Incorporated by reference to Exhibit 10.3 to Cadeler's Registration Statement on Form F-4 filed with the SEC on October 31, 2023. |
| 4.2 | [Shipbuilding Contract for the Construction and Sale of One (1) Wind Turbine Installation Vessel, dated November 21, 2022, between Cadeler and COSCO SHIPPING (Qidong) Offshore Co., Ltd.](https://www.sec.gov/Archives/edgar/data/0001978867/000110465923110163/tm2323833d9_ex10-4.htm)\* | Incorporated by reference to Exhibit 10.4 to Cadeler's Registration Statement on Form F-4 filed with the SEC on October 31, 2023. |
| 4.3 | [Shipbuilding Contract for the Construction and Sale of One (1) Wind Turbine Installation Vessel, dated May 22, 2024, between Cadeler and COSCO SHIPPING (Nantong) Offshore Co., Ltd.\*](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex4d3.htm) | Incorporated by reference to Exhibit 4.3 to the 2024 Annual Report on Form 20-F. |
| 4.4 | [Form of Shipbuilding Contract of Daewoo Mangalia Heavy Industries S.A.](https://www.sec.gov/Archives/edgar/data/0001587264/000119312513459399/d624390dex108.htm) | Incorporated by reference to Exhibit 10.8 to Scorpio Bulkers Inc.'s Registration Statement on Form F-1 filed with the SEC on December 2, 2013. |
| 4.5 | [Facility Agreement for a EUR 50,000,000 Loan Facility, dated November 15, 2023, entered into by and between Cadeler and HSBC](https://www.sec.gov/Archives/edgar/data/1978867/000110465924038836/cdlr-20231231xex4d24.htm) | Incorporated by reference to Exhibit 4.24 to the 2023 Annual Report on Form 20-F. |
| 4.6 | [Increase Confirmation for the Holdco Facility, dated March 7, 2024, entered into by and between Cadeler and HSBC](https://www.sec.gov/Archives/edgar/data/1978867/000110465924038836/cdlr-20231231xex4d25.htm)  | Incorporated by reference to Exhibit 4.25 to the 2023 Annual Report on Form 20-F. |
| 4.7 | [Amendment Letter for the Holdco Facility, dated August 26, 2024, entered into by and between Cadeler and HSBC](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex4d7.htm) | Incorporated by reference to Exhibit 4.7 to the 2024 Annual Report on Form 20-F. |
| 4.8 | [Increase Confirmation under the Holdco Facility, dated August 26, 2024, entered into by and among Cadeler, Standard Chartered Bank (Singapore) Limited and HSBC](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex4d8.htm) | Incorporated by reference to Exhibit 4.8 to the 2024 Annual Report on Form 20-F. |
| 4.9 | [Facilities Agreement for Senior Secured Green Facilities of up to EUR 550,000,000, dated December 7, 2023, entered into by and among Cadeler, DNB, Rabobank, Credit Agricole, Danske Bank, OCBC, Standard Chartered Bank and Société Générale](https://www.sec.gov/Archives/edgar/data/1978867/000110465924038836/cdlr-20231231xex4d26.htm) | Incorporated by reference to Exhibit 4.26 to the 2023 Annual Report on Form 20-F. |
| 4.10 | [Supplemental Agreement to Green Corporate Facility, dated August 6, 2024, entered into by and among Cadeler, DNB, Rabobank, Credit Agricole, Danske Bank, OCBC, Standard Chartered Bank and Société Générale](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex4d10.htm) | Incorporated by reference to Exhibit 4.10 to the 2024 Annual Report on Form 20-F. |
| 4.11 | [Facility Agreement for Sinosure-backed Green Term Loan Facility of up to EUR 425,000,000, dated December 22, 2023, by and among Cadeler, DNB, Rabobank, Santander, Credit Agricole, CIC, HSBC, KfW-IPEX, OCBC, Société Générale, Sparebank 1 SR-Bank and Standard Chartered Bank](https://www.sec.gov/Archives/edgar/data/1978867/000110465924038836/cdlr-20231231xex4d27.htm)  | Incorporated by reference to Exhibit 4.27 to the 2023 Annual Report on Form 20-F. |
| 4.12 | [Facility Agreement for Eksfin-backed, EIFO-backed, Kexim and Commercial Green Term Loan Facility of up to EUR 212,132,587 entered into by and among Wind Maker Limited (formerly Seajacks 1 Limited), Société Générale, Credit Agricole, CIC, the Korea Development Bank and KfW-IPEX\*](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex4d12.htm) | Incorporated by reference to Exhibit 4.12 to the 2024 Annual Report on Form 20-F. |
| 4.13 | [Facility Agreement for Eksfin-backed, EIFO-backed, Kexim and Commercial Green Term Loan Facility of up to EUR 208,307,412 entered into by and among Wind Mover Limited (formerly Seajacks 4 Limited), Société Générale, Credit Agricole, CIC, the Korea Development Bank and KfW-IPEX\*](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex4d13.htm) | Incorporated by reference to Exhibit 4.13 to the 2024 Annual Report on Form 20-F. |

---

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

---

| | | |
|:---|:---|:---|
| **Exhibit No.** | **Description** | **Method of filing** |
| 4.14 | [Facilities Agreement for Sinosure-backed, Eksfin-backed and Commercial Green Term Loan Pre-Delivery and Post-Delivery Facilities of up to EUR 525,000,000 entered into by and among Cadeler, DNB, Credit Agricole, CIC, HSBC, KfW-IPEX, OCBC, Rabobank, Santander, Société Générale, Sparebank 1 SR-Bank and Standard Chartered Bank\*](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex4d14.htm) | Incorporated by reference to Exhibit 4.14 to the 2024 Annual Report on Form 20-F. |
| 4.15 | [Facility Agreement for a Green Term Loan of up to EUR 125,000,000 entered into by and among Wind Kepper Limited, Cadeler, DNB, KfW-IPEX and Sparebank 1 SR-Bank\*](facilityagreementforagreen.htm) | Filed together with this Annual Report on Form<br>20-F. |
| 4.16 | [Facility Agreement for a EUR 60,000,000 Loan Facility (with an accordion option of up to EUR 80,000,000) entered into by and among Cadeler, HSBC and Clifford Capital\*](facilityagreementforaeur60.htm) | Filed together with this Annual Report on Form<br>20-F. |
| 8.1 | [List of subsidiaries](exhibit81-listofsubsidiari.htm) | Filed together with this Annual Report on Form 20-F. |
| 11.1 | [Internal Rules for Handling of Inside Information and Trading in Shares and Other Financial Instruments dated October 26, 2020](https://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex11d1.htmhttps://www.sec.gov/Archives/edgar/data/1978867/000110465925027667/cdlr-20241231xex11d1.htm) | Incorporated by reference to Exhibit 11.1 to the 2024 Annual Report on Form 20-F. |
| 12.1 | [Certification of Mikkel Gleerup, Chief Executive Officer of Cadeler, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit121-ceo302certifica.htm) | Filed together with this Annual Report on Form 20-F. |
| 12.2 | [Certification of Peter Brogaard Hansen, Chief Financial Officer of Cadeler, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit122-cfo302certifica.htm) | Filed together with this Annual Report on Form 20-F. |
| 13.1 | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit131-sox906certifica.htm) | Filed together with this Annual Report on Form 20-F. |
| 15.1 | Cadeler's Annual Report for the fiscal year ended December 31, 2025 | Filed together with this Annual Report on Form 20-F. Certain of the information included within Exhibit 15.1, which is provided pursuant to Rule 12b-23(a)(3) of the U.S. Exchange Act, is incorporated by reference in this Annual Report on Form 20-F, as specified elsewhere in this Annual Report on Form 20-F. With the exception of the items and pages so specified, Exhibit 15.1 is not deemed to be filed as part of this Annual Report on Form 20-F. |
| 15.2 | [Cadeler's Remuneration Report for the fiscal year ended](remunerationreport2025.htm)[December 31, 2025](remunerationreport2025.htm) | Filed together with this Annual Report on Form 20-F. Certain of the information included within Exhibit 15.2, which is provided pursuant to Rule 12b-23(a)(3) of the U.S. Exchange Act, is incorporated by reference in this Annual Report on Form 20-F, as specified elsewhere in this Annual Report on Form 20-F. With the exception of the items and pages so specified, Exhibit 15.2 is not deemed to be filed as part of this Annual Report on Form 20-F. |
| 15.3 | [Cadeler's Prospectus](https://www.sec.gov/Archives/edgar/data/1978867/000110465923115051/tm2323833-15_424b3.htm) | Incorporated by reference to Cadeler's Prospectus filed on November 7, 2023 pursuant to Rule 424(b)(3) under the U.S. Securities Act of 1933, as amended. |
| 15.4 | [Consent of EY Godkendt Revisionspartnerselskab](exhibit154-eyconsent.htm) | Filed together with this Annual Report on Form 20-F. |
| 97 | [Cadeler's Compensation Recoupment Policy](https://www.sec.gov/Archives/edgar/data/1978867/000110465924038836/cdlr-20231231xex97.htm) | Incorporated by reference to Exhibit 97 to the 2023 Annual Report on Form 20-F. |
| EX-101.SCH | XBRL Taxonomy Extension Schema Document | Filed together with this Annual Report on Form 20-F. |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed together with this Annual Report on Form 20-F. |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed together with this Annual Report on Form 20-F. |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | Filed together with this Annual Report on Form 20-F. |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed together with this Annual Report on Form 20-F. |
| 104 | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101) | Filed together with this Annual Report on Form 20-F. |

---

\*Portions of this exhibit have been redacted pursuant to 4(a) of the Instructions as to Exhibits of Form 20-F.

------

<u>[Ta](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[b](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[l](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[e](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)[of Contents](#i090a1f17f06f4d83aef5ec4cd64f34b5_4)</u>

**SIGNATURE**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| |
|:---|
| CADELER A/S |
| /s/ Mikkel Gleerup |
| Name: Mikkel Gleerup |
| Title: Chief Executive Officer |

---

Date: March 24, 2026 <br>

![AR_Front.jpg](cdlr-20251231_g2.jpg)

## Annual Report 2025
For the year ending 31 December 2025

Cadeler A/S. Incorporated in Denmark. Registration Number (CVR no.): 3118 0503

Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark

![CADELER_Logo_WHITE_RGB.gif](cdlr-20251231_g3.gif)

![Presentation_Master2.jpg](cdlr-20251231_g4.jpg)

**Contents**

---

| | |
|:---|:---|
| **[Management Review](#i383454cc661b4272b3fad43145b88591)** | **[3](#i383454cc661b4272b3fad43145b88591)** |
| [Statement from the CEO](#ib0f6eaa9dc0249999ef53b962e52bfb5) | [4](#ib0f6eaa9dc0249999ef53b962e52bfb5) |
| [Business Review](#i7f2b734f6b7b493a9c8dae4f6d0b6368) | [6](#i7f2b734f6b7b493a9c8dae4f6d0b6368) |
| [This is Cadeler](#i23b1d0f281b84918b053883a5fb124ca) | [8](#i23b1d0f281b84918b053883a5fb124ca) |
| [Our fleet](#i95f49db9045943e18df7bd8eebfff5cf) | [9](#i95f49db9045943e18df7bd8eebfff5cf) |
| [The Year 2025 in Brief](#i85329d8e27d64c33ac78ad8f5df0ce91) | [12](#i85329d8e27d64c33ac78ad8f5df0ce91) |
| [Financial Review](#i020206551ef14aa8b93307b08ef322c4) | [13](#i020206551ef14aa8b93307b08ef322c4) |
| [Financial Highlights](#i0bf6259eaf65480cafea54f0d32fe797) | [15](#i0bf6259eaf65480cafea54f0d32fe797) |
| [Finance Review](#i86397c4b8d7d4d459bfc38539fd4f93a) | [17](#i86397c4b8d7d4d459bfc38539fd4f93a) |
| [2026 Outlook](#i2f18aabf6f4a4005882ab89829d8ebbe) | [21](#i2f18aabf6f4a4005882ab89829d8ebbe) |
| [Governance](#i3e1fce81ddca465eac1d5121abbbe347) | [22](#i3e1fce81ddca465eac1d5121abbbe347) |
| [Risks](#i0212a7de85374c99b2e44632a6b7a6fb) | [23](#i0212a7de85374c99b2e44632a6b7a6fb) |
| [Regulatory](#i44a79881c5fa496dad9ded4a627728c0) | [26](#i44a79881c5fa496dad9ded4a627728c0) |
| [Corporate Governance](#ieaec38eacaa14a3c9f2f2e19639f1183) | [31](#ieaec38eacaa14a3c9f2f2e19639f1183) |

---

---

| | |
|:---|:---|
| **[Sustainability Statements](#i2dd2ae08476040638d45cb8c4300c620)** | **[38](#i2dd2ae08476040638d45cb8c4300c620)** |
| [General information](#i3dca1ab57f5c45fe8b105137d579b98f) | [39](#i3dca1ab57f5c45fe8b105137d579b98f) |
| [Environment](#i5343c21570fd4224b9120a9e3d2ed007) | [67](#i5343c21570fd4224b9120a9e3d2ed007) |
| [Tackling Climate Change](#ieb4fca75467c42d6b5644538accce0b8) | [68](#ieb4fca75467c42d6b5644538accce0b8) |
| [Control and reduce air and water pollution](#idd72a3ef0ca64deab8116f71d12e6ad8) | [94](#idd72a3ef0ca64deab8116f71d12e6ad8) |
| [Enhance circular economy](#if3605bb378064eafa4860325762a7689) | [98](#if3605bb378064eafa4860325762a7689) |
| [Social](#ice7a859a5dbe4d52938a29103d0658aa) | [102](#ice7a859a5dbe4d52938a29103d0658aa) |
| [Management of the own workforce](#iee1d48df36794b8884cca1faac753e6b) | [103](#iee1d48df36794b8884cca1faac753e6b) |
| [Promote sustainable business practices in the value chain](#if3b7fb8692b74a7bb85aa9e52fd6397b) | [116](#if3b7fb8692b74a7bb85aa9e52fd6397b) |
| [Governance](#i19ffe877250e41a199e776b77fc924c1) | [122](#i19ffe877250e41a199e776b77fc924c1) |
| [Data points that derive from other EU legislation](#i8eebac9746354069a0a1c8e31a768b5d) | [128](#i8eebac9746354069a0a1c8e31a768b5d) |
| [Green Finance Report](#i28f10a815485479ab32f376e8934eb47) | [132](#i28f10a815485479ab32f376e8934eb47) |

---

---

| | |
|:---|:---|
| **[Financial Statements](#i74e4b7e4142848ffbff51516fc2f828d)** | **[137](#i74e4b7e4142848ffbff51516fc2f828d)** |
| [Consolidated Financial Statements](#i964a3e7edb004d81b93493243fa5448b) | [138](#i964a3e7edb004d81b93493243fa5448b) |
| [Consolidated Statement of Profit or Loss and Other](#iad368e0a5b9f4488ababddecc3aacfd6)<br>[Comprehensive Income](#iad368e0a5b9f4488ababddecc3aacfd6)<br>| [139](#iad368e0a5b9f4488ababddecc3aacfd6) |
| [Consolidated Balance Sheet](#i7a365075b7df43558527288ecc68f06f) | [140](#i7a365075b7df43558527288ecc68f06f) |
| [Consolidated Statement of Changes in Equity](#i0383025cd3af4af5a53eebc09afd3749) | [141](#i0383025cd3af4af5a53eebc09afd3749) |
| [Consolidated Statement of Cash Flows](#i5dcda16edea14e9fb8b0466cf1b18903) | [143](#i5dcda16edea14e9fb8b0466cf1b18903) |
| [Notes to the Consolidated Financial Statements](#if4088e68a9fe42b68a05374ea797c403) | [144](#if4088e68a9fe42b68a05374ea797c403) |
| [Parent Company Financial Statements](#i767da47ecb0b4a3099c256be225f516f) | [211](#i767da47ecb0b4a3099c256be225f516f) |
| [Notes to the Parent Company Financial Statements](#i5c780e0272364aa7bbca008a424a6ffc) | [216](#i5c780e0272364aa7bbca008a424a6ffc) |
| [Statement by Management](#i647241ffed1947808ed24b441b5a27d0) | [232](#i647241ffed1947808ed24b441b5a27d0) |
| [Independent Auditor's Reports](#i3f66a6b931f044c682867c5b7a133d4c) | [234](#i3f66a6b931f044c682867c5b7a133d4c) |
| [Forward-looking Statements](#i0a4a70c03a03419a8e6a7304c716a100) | [245](#i0a4a70c03a03419a8e6a7304c716a100) |
| [Alternative Performance Measures](#i58bd76f3b6d3421cb6dc3f126479cde4) | [247](#i58bd76f3b6d3421cb6dc3f126479cde4) |

---

![HD_template_0009_p3.jpg](cdlr-20251231_g5.jpg)

## Management R eview

---

| | |
|:---|:---|
| **[Business Review](#i7f2b734f6b7b493a9c8dae4f6d0b6368)** | **[6](#i7f2b734f6b7b493a9c8dae4f6d0b6368)** |
| **[Financial Review](#i020206551ef14aa8b93307b08ef322c4)** | **[13](#i020206551ef14aa8b93307b08ef322c4)** |
| **[Governance](#i3e1fce81ddca465eac1d5121abbbe347)** | **[22](#i3e1fce81ddca465eac1d5121abbbe347)** |

---

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Statement from the CEO**

2025 was a defining year for Cadeler.

Through disciplined execution and a major expansion of our fleet,

the company strengthened its position as a leading provider of

offshore wind installation services while delivering strong financial

performance. Building on the strategic transformation of recent

years, Cadeler significantly increased fleet capacity, expanded its

organisational platform, and further diversified revenues across

transport and installation, foundations, and operations and

maintenance (O&M).

Strong market demand and high fleet utilisation supported results

that exceeded expectations. Reliable project execution remains a

key differentiator in offshore wind, and Cadeler continued to deliver

consistent performance for clients and partners. This momentum

contributed to a record-high order backlog, providing strong long-

term visibility and reinforcing the resilience of our business model.

**Expanding fleet capacity**

A central milestone in 2025 was the delivery of five new vessels:

Wind Maker, Wind Pace, Wind Keeper, Wind Ally and Wind Mover.

This expansion effectively doubled Cadeler's fleet capacity within

twelve months, with all vessels delivered on or ahead of schedule.

The expansion reflects proactive fleet planning and vessel designs

developed through decades of operational experience. As offshore

wind projects grow in scale and complexity, installation capacity and

operational efficiency are becoming increasingly critical.

A larger, standardised fleet also enhances operational resilience for

our clients. Greater fleet depth provides built-in redundancy,

improving reliability and reducing execution risk across complex

installation campaigns.

Cadeler's expansion will continue with the expected delivery of Wind

Ace in the second half of 2026. By mid-2027, the company will operate

a fleet of twelve vessels, positioning Cadeler as the world's largest and

most versatile pure-play offshore wind installation provider.

Throughout this period of growth, Cadeler maintained a disciplined

capital structure. In May 2025, the company acquired Wind Keeper,

further strengthening its capabilities in O&M services. Later in the

year, Cadeler also established a new unsecured green corporate loan

facility, increasing financial flexibility and supporting future growth.

**Scaling the organisation**

Our people remain the foundation of Cadeler's success. As the fleet

expanded during 2025, the organisation also grew significantly,

surpassing 1,000 employees by year-end.

Alongside this growth, Cadeler continued investing in recruitment,

leadership development, and operational capabilities to support an

increasingly complex global project portfolio. At the same time, we

strengthened a culture built on fairness, transparency and

responsibility, with a clear focus on delivering the best outcomes for

our clients.

**Strong backlog and global opportunities**

Cadeler further strengthened its order backlog in 2025 with the

signing of seven major contracts.

Europe remains our largest and most strategically important market,

supported by a strong pipeline of offshore wind projects. The United

Kingdom continues to play a central role in offshore wind

deployment, and Cadeler is engaged in several large projects in UK

waters, including Hornsea 3 and East Anglia TWO, both involving

full-scope foundation transport and installation.

At the same time, activity in newer markets continued to develop.

The Baltic Sea region saw steady progress, the Asia-Pacific pipeline

continued to mature, and Cadeler had two vessels operating in the

United States during the year.

**Expanding operations and maintenance services**

Demand for O&M services continued to grow in 2025, representing

approximately one-fifth of Cadeler's revenue.

This growth reflects the rapid expansion of the global offshore wind

installed base and the increasing deployment of larger turbines.

These larger turbines require advanced maintenance capabilities

closely aligned with Cadeler's fleet and operational expertise.

Over time, O&M represents an attractive structural growth

opportunity. It diversifies revenue streams, improves fleet utilisation

through long-term agreements, and provides operational continuity

between installation projects.

To support this development, Cadeler launched Nexra in 2025 as a

dedicated O&M service platform. Nexra strengthens client

partnerships and enables a more focused and scalable approach to

long-term service delivery.

The acquisition of Wind Keeper further enhanced these capabilities

and supports Cadeler's ambition to provide specialised maintenance

services for the industry's largest turbines.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Strengthening foundation capabilities**

Cadeler's capabilities in foundation transport and installation also

continued to advance. Building on experience from more than 900

installed offshore foundations, the company will begin execution of

the full-scope foundation campaign at Ørsted's Hornsea 3 offshore

wind farm in early 2026.

This project represents another important step in integrating

Cadeler's services across the offshore wind value chain.

**Advancing sustainability**

Responsible operations remain central to Cadeler's long-term strategy.

With several newbuild vessels delivered to stringent environmental

standards, we continue to focus on reducing emissions intensity

across the fleet. Cadeler remains committed to reducing Scope 1

and Scope 2 emissions intensity by 50% by 2030 and achieving

net-zero operations by 2035.

During 2025, we advanced several initiatives to support these

ambitions, including the use of biofuel blends on our O-class

vessels, energy audits, shore-power upgrades, and preparations for

further technical retrofits. We also continued investing in crew

training to improve operational efficiency and support circular

practices across our operations.

Our human rights framework also progressed following our Human

Rights Impact Assessment, leading to governance enhancements

such as the establishment of a cross-functional CSR Leadership

Group and strengthened due-diligence procedures.

![Gleerup_16_edit.jpg](cdlr-20251231_g7.jpg)

**Outlook**

Offshore wind remains one of the most scalable renewable energy

sources and will play an increasingly important role as global energy

systems electrify.

The industry experienced a period of recalibration in 2025 as

developers and governments addressed inflation, supply-chain

pressures and project financing challenges. In response, several

European governments refined auction frameworks to support

continued project development.

While some markets experienced short-term delays, commercial

visibility for Cadeler improved during the year. Our record order

backlog provides a strong foundation for activity in 2026 and 2027.

As offshore wind projects continue to scale, demand for high-

capacity installation vessels and specialised O&M services is

expected to increase. At the same time, the supply of capable

vessels is expected to tighten toward the end of the decade.

Cadeler enters this period from a position of strength. Supported by

a modern fleet, strong execution capabilities and a disciplined

approach to capital allocation, we remain focused on delivering

reliable installation capacity and long-term value for our clients,

partners and shareholders.

I would like to thank our clients for their continued trust, our

partners for their collaboration, and all Cadelers for their dedication

and professionalism.

Together we will continue supporting the global energy transition

while building a stronger and more resilient Cadeler.

**Mikkel Gleerup**

CEO

![Presentation_Master12.jpg](cdlr-20251231_g8.jpg)

**Business Review**![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

![2-3_11.jpg](cdlr-20251231_g9.jpg)

**Business Review**

Cadeler A/S ("Cadeler" or the "Company" and, together with its

subsidiaries, the "Cadeler Group" or the "Group") is a leading supplier

to the offshore wind industry, specialising in installation services and

operation and maintenance works. The Company offers marine and

engineering operations with a strong emphasis on safety and

environmental responsibility. Headquartered in Copenhagen,

Denmark, Cadeler provides high quality offshore wind support

services to clients in Europe, Asia, and the United States. The

Company maintains offices in Vejle (Denmark), Norwich (United

Kingdom), Taipei (Taiwan), Tokyo (Japan), and Virginia (United

States).

The Company's shares are listed on the Oslo Stock Exchange

(symbol: CADLR). Cadeler's American Depositary Shares (ADS) are

listed on the New York Stock Exchange (symbol: CDLR) and each

Cadeler ADS represents four (4) ordinary shares of Cadeler.

Cadeler's services encompass project management, operations and

maintenance, as well as decommissioning for the offshore wind

industry. The Company has solidified its leading market position

through its specialised fleet equipped with advanced, high-quality

equipment, a team of experienced professionals, and a strong

reputation for upholding the highest standards of safety, efficiency,

and precision.

![Presentation_Master4.jpg](cdlr-20251231_g10.jpg)

## Th is is Cade ler
**What we do**

Cadeler is a leading global partner in offshore

wind turbine transport and installation, owning

the world's largest fleet of jack-up vessels.

Building on nearly two decades of experience,

we are now expanding our capabilities across

foundation transport and installation, and

operations and maintenance, to support the

evolving needs of the offshore wind sector.

![Presentation_Master5.jpg](cdlr-20251231_g11.jpg)

**Our fleet**

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Our fleet**

**A diverse and modern fleet** 

Cadeler operates the world's largest and most advanced fleet of

wind turbine transport and installation vessels. The fleet comprises a

range of specialised vessel classes designed to support offshore

wind projects throughout their operational lifetime.

Cadeler's largest A-class vessels, represented today by Wind Ally,

with Wind Ace and Wind Apex under construction and scheduled

for delivery in 2026 and 2027, are hybrid units capable of installing

both offshore wind turbines and large monopile foundations. Their

design allows transport of multiple XXL monopiles and quick

conversion between turbine and foundation installation scopes.

Cadeler's P-class and M-class vessels, Wind Peak, Wind Pace, Wind

Maker and Wind Mover, support high-capacity wind farm installation

scopes worldwide. Large deck space, substantial payload capacity, and

powerful heavy-lift cranes enable the efficient transport and installation

of the next-generation of 15-20MW+ offshore wind turbines.

Cadeler's O-class vessels, Wind Orca and Wind Osprey, support both

installation and maintenance activities across offshore wind farms.

They are designed to operate on sites with challenging seabed

conditions, while their large payload capacity supports efficient

transport and installation of offshore wind components. In early 2024,

both vessels were upgraded with new main cranes, enabling the

efficient installation of the current generation of 15MW wind turbines.

Wind Keeper, Wind Scylla, and Wind Zaratan form the core of

Cadeler's operations and maintenance (O&M) platform, even as

Wind Scylla and Wind Keeper remain active in the installation

market, demonstrating the depth and strength of Cadeler's fleet.

Together, Cadeler's vessels form a diverse and modern fleet,

capable of supporting Cadeler's ambition to be the offshore wind

industry's preferred partner across the operational lifecycle of the

next generation of offshore wind farm projects.

**Fleet expansion in 2025** 

2025 marked a significant year of growth for Cadeler. During the

year, the company doubled the number of vessels on the water

from five to ten with the addition of Wind Maker, Wind Pace,

Wind Keeper, Wind Ally and Wind Mover. All vessels were

delivered on budget and on or ahead of schedule.

The newbuild programme reflects Cadeler's long-term strategy of

investing in next-generation installation vessels capable of

transporting and installing the largest offshore wind turbines and

monopile foundations currently being deployed across the

industry. The expanded fleet strengthens Cadeler's ability to

support clients across increasingly complex offshore wind projects

worldwide.

The year began with the delivery of Wind Maker in January 2025.

The vessel entered service immediately following delivery,

bringing additional installation capacity into operation at Ørsted's

Greater Changhua 2b and 4 offshore wind farms in Taiwan.

In March, Cadeler took delivery of Wind Pace. The vessel was

mobilised for operations in the United States before completing

its campaign and returning to Europe, where it is preparing to

soon commence installation work at the East Anglia THREE

offshore wind farm.

Later in the year, Cadeler took delivery of Wind Ally, the first A-

class vessel designed for combined transportation and installation

of XXL offshore wind foundations. The vessel is currently being

mobilised to commence work on Ørsted's Hornsea 3 project,

where Cadeler will deliver the full transportation and installation

scope for monopile foundations.

By year-end, Wind Mover was delivered ahead of schedule and is

preparing to commence transportation and installation operations

in European waters.

In addition to the delivery of newbuild vessels, Cadeler expanded

its fleet through the acquisition of Wind Keeper from the

secondary market in mid-2025. The vessel was promptly chartered

on a long-term contract of up to five and a half years,

strengthening Cadeler's position in the O&M segment. Cadeler

completed its acquisition of Wind Keeper in July 2025, and the

vessel subsequently transited to Europe where she underwent

substantial upgrades, completed in February 2026.

Together, these additions reflect Cadeler's strategy of maintaining

a diverse and modern fleet capable of supporting offshore wind

projects across installation and lifecycle services.

**Strengthening O&M capabilities** 

In 2025, Cadeler established Nexra, its dedicated service platform

for the offshore wind aftermarket, with a team dedicated

exclusively to the provision of operations and maintenance

services. The launch of Nexra underlines Cadeler's commitment to

deepening long-term client partnerships and strengthening its

operational focus in the O&M market. Combining technical

expertise with a flexible vessel portfolio, Nexra complements

Cadeler's core installation activities, supporting efficient fleet-wide

utilisation while better catering to the needs of the Cadeler

Group's clients across key offshore wind markets.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Our fleet**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Delivery** | **Delivery** | **Delivery** | **Delivery** |  |
| **Class** | **Name** | **Crane capacity (tonnes)** | **WTG** | **FOU** | **O&M** | **Before 2025** | **2025** | **2026** | **2027** | **Build** |
| A | Ally | >3,300 | ●  | ●  | ●  |  | ●  |  |  | 2025 |
| A | Ace | >3,300 | ●  | ●  | ●  |  |  | ●  |  | 2026 |
| A | Apex | >3,300 | ●  | ●  | ●  |  |  |  | ●  | 2027 |
| P | Peak | >2,600 | ●  | ●  | ●  | ●  |  |  |  | 2024 |
| P | Pace | >2,600 | ●  | ●  | ●  |  | ●  |  |  | 2025 |
| M | Maker | >2,600 | ●  | ●  | ●  |  | ●  |  |  | 2025 |
| M | Mover | >2,600 | ●  | ●  | ●  |  | ●  |  |  | 2025 |
| O | Osprey | 1600 | ●  |  | ●  | ●  |  |  |  | 2013 |
| O | Orca | 1600 | ●  |  | ●  | ●  |  |  |  | 2012 |
|  | Keeper | 2200 | ●  |  | ●  |  | ●  |  |  | 2024 |
|  | Scylla | 1540 | ●  |  | ●  | ●  |  |  |  | 2015 |
|  | Zaratan | 800 |  |  | ●  | ●  |  |  |  | 2012 |
|  |  |  | ●Capable ●Priority | ●Capable ●Priority | ●Capable ●Priority |  |  |  |  |  |

---

![Presentation_Master.jpg](cdlr-20251231_g12.jpg)

## The Year 2025 in Brief
![Presentation_Master13.jpg](cdlr-20251231_g13.jpg)

**Financial Review**

![Presentation_Master6.jpg](cdlr-20251231_g14.jpg)

**Key Financial Figures**

![24739011625188](cdlr-20251231_g15.gif)

**Revenue**

€620.4m

![1099511627888](cdlr-20251231_g16.gif)

![15393162789007](cdlr-20251231_g17.gif)

**Equity ratio**

44.0%

![15393162789015](cdlr-20251231_g18.gif)

![15393162789030](cdlr-20251231_g19.gif)

**Utilisation (unadj.)**

75%

![24739011625136](cdlr-20251231_g20.gif)

**EBITDA**

**Net profit**

**Backlog**<sup>1</sup>

€425.3m

€280.2m

€2.8b

1. Contract Backlog including options as at 31 December 2025

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

## Financial Highlight s

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Key Figures** | | | | | |
| EUR'000 | **2025** | **2024** | **2023** | **2022** | **2021** |
| Revenue¹ | 620354 | 248738 | 108622 | 106424 | 60938 |
| Cost of sales | (236755) | (124228) | (59858) | (49537) | (38879) |
| Gross profit | 383599 | 124510 | 48764 | 56887 | 22059 |
| Operating profit | 317743 | 69444 | 14443 | 41191 | 11134 |
| Net financials | (29879) | (1967) | (2945) | (5650) | (3696) |
| Profit for the period | 280184 | 65069 | 11498 | 35541 | 7451 |
| Cash flow provided by operating activities | 394200 | 93103 | 63383 | 29036 | 30200 |
| Cash flow used in investing activities | (1264164) | (622959) | (54727) | (225408) | (163375) |
| Of which investment in property, plant and equipment | (1235673) | (615542) | (66899) | (224606) | (162941) |
| Cash flow provided by/(used in) financing activities | 967690 | 481986 | 70268 | 213075 | 71847 |
| Net (decrease)/increase in cash and cash equivalents | 97726 | (47870) | 78924 | 16703 | (61328) |
| **Share related key figures** |  |  |  |  |  |
| Earnings per share (EPS), EUR | 0.80 | 0.19 | 0.06 | 0.22 | 0.06 |
| Diluted earnings per share (diluted EPS), EUR | 0.79 | 0.19 | 0.06 | 0.22 | 0.06 |
| **Operational metrics** |  |  |  |  |  |
| Contracted days (no. of days) | 1926 | 1051 | 568 | 635 | 562 |
| Utilisation (%) | 75% | 66% | 75% | 87% | 77% |

---

1 Consolidated revenue as of 31 December 2023 include EUR 3.4 million for 12 days from business combination with Eneti.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Financial Highlights**

*Continued from previous page*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Key figures** | **2025** | **2024** | **2023** | **2022** | **2021** |
| EUR'000 |  |  |  |  |  |
| Total assets | 3416676 | 1937017 | 1252560 | 670030 | 424766 |
| Non-current asset | 3026719 | 1755611 | 1105110 | 610524 | 400148 |
| Total liabilities | 1913000 | 703122 | 293519 | 129462 | 99510 |
| Equity | 1503676 | 1233894 | 959041 | 540568 | 325256 |
| Cash and cash equivalents | 151679 | 51253 | 96608 | 19012 | 2308 |
| **Financial ratios and operational metrics** |  |  |  |  |  |
| Return on assets (%) | 11.9% | 4.4% | 1.6% | 7.6% | 3.0% |
| Return on equity (%) | 20.5% | 6.0% | 1.6% | 8.3% | 2.7% |
| Equity ratio (%) | 44.0% | 63.7% | 76.6% | 80.7% | 76.6% |
| **Average number of employees** |  |  |  |  |  |
| Onshore | 307 | 242 | 113 | 70 | 58 |
| Offshore¹ | 586 | 364 | 182 | 162 | 12 |

---

1 Offshore crew members were hired directly by the Company from the end of November 2021. Average number of employees in 2021 reflect the number of seafarers divided by 12 months. The Company had 148 seafarers by the end of 2021.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Finance Review**

**Capital structure and assets**

**Equity**

On 31 December 2025, equity amounted to EUR 1,504 million,

reflecting an increase of 22% from the balance as of 1 January 2025

(EUR 1,234 million in 2024 and EUR 959 million in 2023) as a result of

profit for the year of EUR 280 million (EUR 65 million in 2024 and EUR

11 million in 2023), and EUR 11 million loss from value adjustment of

hedges (EUR 23 million gain in 2024 and EUR 23 million loss in 2023).

As of 1 January 2025, all entities of the former Eneti Group changed

their functional currency from USD to EUR. The change reflects the

impact of Cadeler's acquisition and subsequent changes to the

entities' financing, organisation and activities. Based on these

changes, Management determined that the primary economic

environment in which these entities operate is now predominantly

EUR-denominated and that EUR therefore represents the most

appropriate functional currency.

**Assets**

As of 31 December 2025, the Company's total assets amounted to

EUR 3,417 million, a 76% increase for the reporting period, driven

principally by an increase in property, plant and equipment of EUR

1,225 million of which EUR 1,255 million relates to the Group's

newbuild programmes. Additions to property, plant, and equipment

are described in Note 13.

**Property, Plant and Equipment**

The Cadeler Group's property, plant, and equipment increased to

EUR 3.0 billion in 2025, up from EUR 1.7 billion in 2024. This primarily

comprised the newbuild vessels under construction. The Cadeler

Group does not own any substantial real estate. The Cadeler Group is

currently leasing its headquarters in Copenhagen. The Group entered

into additional lease agreements for office premises in other

locations. A new lease agreement was concluded for office facilities in

Norwich, effective March 2025, Cadeler also entered into leases for

office premises in Monaco and Taiwan, and Vejle, Denmark.

**The Fleet**

As of 31 December 2025, the Cadeler Group's fleet consists of nine

operating vessels, one A-class Vessel (Wind Ally), two P-class Vessels

(Wind Peak and Wind Pace), two M-class Vessels (Wind Maker and

Wind Mover), two O-class Vessels (Wind Orca and Wind Osprey),

Wind Scylla and Wind Zaratan. Moreover, in 2025, acquired Wind

Keeper, a newly-constructed vessel which, following upgrades, will be

well-suited for the global O&M market, enabling Cadeler to meet

growing after market demand while enhancing fleet flexibility.

**Funding**

At the end of the reporting period, EUR 148 million from the RCF

remains unutilised.

The Company had significant headroom to comply with its debt

covenants and on 31 December 2025, the Company had available

liquidity of EUR 343 million from cash at hand and available

committed facilities including the Green Corporate Facility. The

Cadeler Group's management anticipates seeking further debt

financing in connection with milestone payments for the delivery of

the Cadeler Group's third A-class newbuild, due to be delivered in Q2

2027. ![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Finance Review**

*Continued from previous page*

**Income statement and cash flows**

**Profit for the year**

The Group's result for the year was a profit of EUR 280 million, representing an increase of EUR 215 million

compared to the EUR 65 million profit earned in 2024. This result was principally driven by higher gross

profit. In 2025, gross profit amounted to EUR 384 million, corresponding to a gross margin of 62%, up from

a gross margin of 50% in 2024, reflecting improved profitability principally due to the receipt of termination

fees under a Long-Term Agreement (LTA) and an increase in operating vessels in the year along with an

increase in vessel utilisation.

**Revenue**

The Group's revenue for the year amounted to EUR 620 million, reflecting an increase of EUR 372 million

compared to the EUR 249 million revenue reported in 2024, driven principally by the increased revenue

from fleet expansion and higher utilisation, and the receipt of termination fees under the LTA. On 1 July

2025, the Company issued revised full-year guidance indicating that it expected 2025 revenue to range

between EUR 588 million and EUR 628 million; the actual revenue for the year is within this guidance.

Cadeler's order book for 2026 is substantially filled. As of March 2026, the contract backlog stood as follows:

---

| | | | |
|:---|:---|:---|:---|
| EUR million | **Within 1** <br>**year**<br>| **After 1** <br>**year**<br>| **Total** |
| **Contract backlog including options as of 31 December 2025** | **846** | **1919** | **2765** |
| Additions in the period 1 January 2026 to 24 March 2026: |  |  |  |
| Firm, excluding options | 52 |  | 52 |
| Options considered as contingent considerations for revenue <br>recognition purposes<br>| 5 |  | 5 |
| Options not considered as contingent considerations for <br>revenue recognition purposes<br>| 5 |  | 5 |
| **Contract backlog including options as of 24 March,** <br>**unadjusted for services provided during the period 1** <br>**January - 24 March 2026¹**<br>| **908** | **1919** | **2827** |

---

Refer to Note 3 for further information regarding the total contract backlog at 31 December 2025.

1 As of the report release date, 80% of the contract backlog (an aggregate of EUR 2,259 million) relates to projects for which the

relevant counterparty has taken a positive final investment decision (FID), while an aggregate of EUR 568 million remains subject to

counterparty FID.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Finance Review**

*Continued from previous page*

**Costs**

Amounting to EUR 237 million, the Group's cost of sales for 2025 was

EUR 113 million higher than the EUR 124 million reported for 2024,

driven mainly by the addition of newly built vessels becoming part of

the Group's fleet and operating in the market.

Administrative expenses in 2025 amounted to EUR 75 million, an

increase from the EUR 57 million in 2024. This was primarily driven by

the Group's increasing headcount, including the strategic recruitment

of key personnel to ensure an elevated level of support for ongoing

operations and significant new projects.

**EBITDA** 

The Group's EBITDA for the year amounted to EUR 425 million,

reflecting an increase of EUR 299 million from EUR 126 million in

2024, as disclosed in the Alternative Performance Measures (APM)

section, slightly exceeding the revised EBITDA guidance ranging

between EUR 381 million and EUR 421 million. Adjusted EBITDA,

which excludes transaction costs related to the business combination

with Eneti, was EUR 50 million in 2023, as disclosed in the APM

section. The Group does not report adjusted EBITDA for 2025 or

2024. **Financial Income and Expenses**

Financial income, amounting to EUR 7 million, was EUR 2 million

higher in 2025 than the EUR 5 million financial income in 2024,

mainly driven by a EUR 4 million increase in foreign exchange gains

and a EUR (2) million decrease in interest income. Financial costs in

2025 amounted to EUR 37 million, EUR 30 million higher than the

EUR 7 million reported in 2024, primarily explained by a EUR 18.8

million increase of interest linked to debt facilities due to more

outstanding debt as a result of new vessels, and a EUR 8 million

increase in foreign exchange losses.

**Cash flows**

Net cash flow from operating activities amounted to EUR 394 million

in 2025, EUR 301 million higher than the EUR 93 million recorded in

2024, driven by increased operating profit and deferred revenue.

Net cash flow used in investing activities was EUR 1,264 million in

2025, representing an increase of EUR 641 million compared to the

EUR 623 million reported in 2024. The increase was driven by large

asset investments, including the final instalments of Wind Maker,

Wind Pace, Wind Ally and Wind Mover, other vessel upgrades and

instalment payments for certain of the Group's vessels under

construction.

Net cash flow from financing activities in 2025 was EUR 968 million,

an increase of EUR 486 million compared to a net inflow of EUR 482

million reported in 2024. This increase was driven by proceeds from

borrowings of EUR 1.3 billion net of bank fees and partially offset by

the increased interest paid and repayments.

**Parent Company**

Cadeler A/S, the Parent Company, reported a net profit of EUR 114

million, an increase from the EUR 20 million reported in 2024. The

Parent Company's revenue in 2025 amounted to EUR 422 million, an

increase from the EUR 127 million in 2024. This performance exceeds

the projected revenue range for 2025, as disclosed in the Group's

Annual Report 2024, which was between EUR 280 million and EUR

320 million due to the receipt of termination fees under a Long-Term

Agreement (LTA).

Total expenses for the Parent Company in 2025 amount to EUR 277

million (EUR 116 million in 2024). As the Group's vessels are owned

by subsidiaries of the Parent Company, no vessel depreciation or

vessel insurance expenses are recognised in the Parent Company.

Instead, the Parent Company is subject to bareboat charges from

vessel owning subsidiaries, amounting to EUR 135 million in 2025

(EUR 43 million in 2024).

As of 31 December 2025, total assets amounted to EUR 1.9 billion

(EUR 1.7 billion in 2024). The increase in the Parent Company's

assets is primarily driven by a EUR 114 million decrease in property,

plant and equipment along with an increase in investments in

subsidiaries.

Total liabilities in 2025 amounted to EUR 628 million (EUR 599

million in 2024) driven by an increase of EUR 81 million in debt to

credit institutions and a decrease of EUR 152 million in payables to

subsidiaries. Equity amounted to EUR 1.3 billion (EUR 1,134 million in

2024), compared to the Group's EUR 1.5 billion (EUR 1,234 million in

2024).

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Finance Review**

*Continued from previous page*

**Knowledge resources**

The Company is committed to attracting and retaining highly skilled

professionals to meet the needs of its customers and provide

exceptional service. This includes recruiting experienced engineers

who can adapt the Company's vessels to meet the specific

requirements of customer projects, as well as commercial experts

with relevant industry knowledge. The Company's ongoing

investment in talent enables it to maintain a competitive edge in the

market and position itself for long-term success.

**Research and development activities**

The Company's research and development efforts focus on advancing

fleet capabilities and developing innovative solutions to optimize offshore

wind operations. Continued investment in research and development

strengthens The Company's competitive position, enhances efficiency,

and ensures alignment with evolving customer needs. These initiatives

remain key drivers of long-term growth and success.

**Data ethics**

As per section 99D of the Danish Financial Statements Act, Cadeler as

a listed company is obliged to disclose its policy on data ethics. For

further information, see the sustainability statements (page 38).

**Impact on the external environment** 

Sustainability remains a strategic priority for the Company and is key

to its ability to create long-term value for its shareholders. It

represents an opportunity for innovation, improved efficiency and a

foundation for growth. The Company strives to identify and reduce

the negative impact that its business has on the environment and

local communities and is committed to demonstrating leadership in

matters of environment, health and safety, employment, and

corporate responsibility across its value chain.

The Company pursues the long-term goals relating to

decarbonisation and improved circularity of its operations. These are

pursued, inter alia, through improvements to the operating fleet and

optimized vessel design for the newbuild vessels, including energy-

efficient solutions or the adoption of alternative fuels. The Company

is working on ensuring continuous improvements by actively

monitoring performance.

As environmental regulations evolve, maintaining vessel compliance

with International Convention for the Prevention of Pollution from

Ships (MARPOL) requirements and operating on low-sulphur fuels,

IMO and EU targets, and CSRD reporting requirements, remain key

priorities for the Company. The Company also prioritises

collaboration with business partners and engagements across the

value chain to enhance sustainability practices across the industry.

For further information, see the sustainability statements (pages

<u>[38](#i41dec2a954be40a8b1378ead3d84aa6c_162)</u>-<u>[136](#i1f168aaec8a4413ab30a249325f46d12_3187)</u>).

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**2026 Outlook**

Cadeler will continue to provide construction, maintenance,

decommissioning and other services for the renewable offshore wind

industry. The financial performance of the Group for 2026 is expected

to result in a revenue of between EUR 854 million and EUR 944

million, compared with a revenue of EUR 620 million in 2025. EBITDA

is expected to be in the range of EUR 420 million to EUR 510 million

million in 2026 (in 2025 EUR 425 million).

Going into 2026, Cadeler continues to strengthen its position as the

leading T&I contractor in the attractive offshore wind market. Over the

past year, the sector has experienced continued negative sentiment

and political headwinds in the United States. In other regions, markets

are recalibrating as governments and developers adjust auction

timelines and frameworks to reflect evolving market conditions. The

fundamentals of offshore wind remain strong and highly competitive

compared to alternative energy sources, which is substantiated by

high long-term targets in key offshore wind markets. This is supported

by positive development in Europe including the record-breaking UK

AR7 auction, awarding over 8GW of capacity. Additionally, European

governments have connected to accelerate offshore wind expansion

through cross-border projects: at the North Sea Summit in Hamburg

on January 26, 2026, nine North Sea countries (including the UK,

Germany, France, and Denmark) committed to the delivery of 15 GW

of offshore wind per year for the 2031-2040 period and to a goal of

installing 300 GW of offshore wind by 2050. Cadeler expects that the

undersupply of installation vessels will continue to increase, as the

current fleet is aging and becoming inefficient.

Cadeler is experiencing strong demand for our growing fleet. The

backlog now stands at EUR 2,827 million compared to EUR 2,336

million last year. The business of Cadeler is inherently long-term

focused, with project bidding now stretching into the 2030s. Europe

remains the cornerstone region for offshore wind and Cadeler, with

other regions like Asia Pacific increasing significantly in scale – both

on existing and new markets. Furthermore, the long-term

![1-2_15.jpg](cdlr-20251231_g21.jpg)

development of the U.S. and other markets in the Americas continue

to have a long-term potential despite short-term setbacks.

Cadeler continues to have an optimistic outlook on the market for

our core segments, wind turbine and foundation installation and

heavy operations & maintenance. Following the successful merger

with Eneti in 2023 and the acquisition of the new jack-up vessel

Wind Keeper in 2025, Cadeler is the owner of the largest purpose-

built fleet in the industry, with ten vessels currently in operation and

two more being delivered in 2026 and 2027. In addition, Cadeler has

established a dedicated O&M service platform, Nexra, in 2025 which

is expecting to significantly benefit from the growing demand for

major component replacement services and provide additional value

to clients. Operating the largest and most capable fleet brings

significant scale advantages by being able to cross-utilise our fleet,

reuse seafastening and tooling to deliver operational efficiency and

cost savings. These advantages will only continue to strengthen as

the newbuild fleet is being delivered.

Cadeler's guidance for 2026 is subject to risks and uncertainties,

many of which are beyond its control. One-off market-shaping

events such as strikes, embargoes, political instability or adverse

weather conditions, could have a substantial impact on the

business. There could also be off-hire periods as a consequence of

accidents, technical breakdown or non-performance. The

cancellation or postponement of one or more vessel employment

contracts could have a material adverse impact on the earnings of

the Company.

![Presentation_Master14.jpg](cdlr-20251231_g22.jpg)

**Governance**

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Risks**

**Special risks**

**Operational risks**

The Cadeler Group generates revenue by utilizing its fleet for the

transportation and installation of offshore wind turbine generators and

foundations, and the provision of maintenance services in the offshore

wind industry. The Company is vulnerable to a loss of revenue if any of

its vessels are taken out of operation or if the delivery of its newbuilds

is delayed. As of the date of this Annual Report 2025, the Company's

fleet consists of 10 WTIV: Wind Orca, Wind Osprey, Wind Scylla, Wind

Zaratan, Wind Keeper, Wind Peak, Wind Pace, Wind Maker, Wind

Mover and Wind Ally. The Company also has orders for two newbuild

vessels currently under construction: Wind Ace and Wind Apex.

If any of the Cadeler Group's vessels or, once delivered, its newbuilds, are

temporarily or permanently taken out of operation, or if its newbuilds are

delayed in delivery, this could result the loss of the revenue that would

otherwise be generated by that vessel. In addition to a potential loss of

revenue, the Cadeler Group could also be liable to its customers for

liquidated damages under the charters that the Cadeler Group enters

into with respect to its vessels. The loss of revenue and liability to its

charterers could have a material adverse impact on the Cadeler Group's

business, prospects and financial results and condition, including its ability

to comply with the financial covenants under its financing arrangements.

The Company has contracted with COSCO Shipping Heavy Industry

Co., Ltd. (COSCO) for its newbuild A-class vessels, the first of which is

expected to be delivered in H1 2026 and the second in Q2 2027. Any

problems that may impact China and its economy in general, the

availability of components or materials needed, or the COSCO

shipyard specifically, could lead to delays affecting one or both

newbuild vessels. The Cadeler Group's existing vessels also require

upgrades, refurbishments, and/or repairs from time to time that

potentially entail risks, including delays and cost over-runs, and could

have an adverse impact on the Company's available cash resources

and results of operations.

The Cadeler Group operates in the offshore industry and is therefore

subject to inherent hazards, such as equipment breakdowns,

technical problems, harsh weather conditions, environmental

pollution, force majeure situations (nationwide or port-specific strikes,

etc.), accidents (including dropped objects), collisions and

groundings. These hazards can cause personal injury or loss of life,

severe damage to or destruction of property and equipment,

pollution or environmental damage, third parties or customer claims,

and suspension of operations.

WTIVs, including the Cadeler Group's vessels, are also subject to

hazards inherent in marine operations, either while on-site or during

mobilisation, including—but not limited to—capsizing, sinking,

grounding, collision, damage from severe weather and marine life

infestations. Operations may also be suspended because of

machinery breakdowns, abnormal operating conditions, failure of

subcontractors to perform or supply goods or services or personnel

shortages.

**Employment of vessels is key**

The Cadeler Group's income is dependent on project contracts and

vessel charters for the employment of its vessels. Typically, these

contracts are concluded several years in advance, providing visibility

of future deployment. The Cadeler Group has a contract backlog of

existing customer contracts that imply revenues in the future, both

for "firm" contracted days and, typically, "option" days (days that are

callable at the relevant customer's option). Such contracts, and the

revenues derived therefrom, are subject to various terms and

conditions, including certain cancellation events, and the exercise of

options is exclusively at the discretion of the relevant customer. Such

contracts could be subject to termination, amendments and/or delays

resulting in revenues being reduced, deferred or not realised at all.

In addition, there is a risk that the Company may find it difficult to

obtain future employment for its vessels which could result in

utilisation to subsequently drop. Consequently, the vessels may need

to be deployed on lower-yielding work-scopes or remain idle for

periods without any compensation to the Company. There may also

be off-hire periods as a consequence of accidents, technical

breakdown or non-performance. The cancellation or postponement

of one or more employment contracts could have a material adverse

impact on the Company's earnings.

**Low demand in market** 

The Cadeler Group relies on revenue generated from wind farm

installation and related maintenance. The limited diversification in

Cadeler's sources of revenue makes the Cadeler Group vulnerable to

adverse developments or periods of low market demand. Demand

for the Cadeler Group's services may be volatile and subject to

variation for a number of reasons, including uncertainty in future

demand and regulatory changes. For example, the market for

offshore wind energy has recently experienced certain challenges in

various jurisdictions including the United States, Denmark, the

Netherlands as well as other markets, including delays in relevant

supply chains, cancellation of contracts and failed government

auction rounds, which could adversely affect the number of offshore

wind farm projects to be developed in these markets in the future.

There is a risk that similar challenges could also affect other countries.

Any oversupply of vessels compared to the market demand for such

vessels or similar capacity could cause contract rates to decline.

Falling rates could materially and adversely affect the Cadeler Group's

financial performance and results of operations. As the Cadeler

Group's vessels are highly specialised for wind farm installation,

redeployment to other sectors of the marine industry may be difficult

or impossible to achieve, both practically and commercially.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Risks**

*Continued from previous page*

**Macroeconomic risks**

The Cadeler Group is exposed to macroeconomic and geopolitical

risks, including global uncertainties due to high public debt levels,

persistent inflation and elevated interest rates, the war in Ukraine,

recent developments and heightened public and diplomatic focus on

Greenland and Arctic security, the imposition of sanctions against

Russia, conflict in the Middle East, European energy crises and supply

chain disruptions. Specifically, delays in the delivery of newbuilds may

arise from issues at COSCO, a Chinese shipyard, or from geopolitical

tensions involving China. These macroeconomic and geopolitical

factors could materially affect the Cadeler Group's business, financial

results, and future prospects.

The wind energy market is influenced by the price and availability of other

energy sources, including nuclear, coal, natural gas and oil, as well as

other sources of renewable energy. To the extent that renewable energy,

and in particular wind energy, becomes less cost-competitive due to

reduced government targets, increased costs, new regulations or

incentives favoring alternative renewable energy, or the availability of

cheaper, more efficient or otherwise more attractive alternatives, demand

for wind energy and other forms of renewable energy could decrease.

Slow growth or a long-term reduction in the demand for wind energy

could in turn reduce the demand for the Cadeler Group's services, which

could have a material adverse effect on the Cadeler Group's business,

prospects and financial results and condition.

**Debt facility risks**

The Cadeler Group has entered, and will in the future enter into, various

debt financing agreements. The Cadeler Group's level of indebtedness

exposes it to certain risks, including increased vulnerability to general

adverse economic and industry conditions. In addition, the Cadeler

Group's indebtedness requires the Cadeler Group to dedicate a portion

of its cash flow from operations to debt payments, thereby reducing the

availability of cash flow to fund working capital, capital expenditures,

acquisitions, investments, and other general corporate purposes, and

potentially limiting its ability to borrow additional funds or to borrow

funds at rates or on other terms it finds acceptable.

The agreements governing the Cadeler Group's indebtedness contain

(and it is expected that any agreements governing any additional debt

that the Cadeler Group may incur or assume would contain) various

operating and financial covenants relating to the business of the

Cadeler Group. For instance, there are specific financial covenants in

certain of the Cadeler Group's debt facilities relating to minimum

liquidity of the Cadeler Group, the Cadeler Group's equity ratio and its

working capital. Certain of the Cadeler Group's debt facilities also

include financial covenants relating to the fair market value of its

vessels. Any failure to comply with such covenants may result in an

event of default under such agreements, which may allow the

applicable creditors to accelerate the related debt. Such acceleration

could trigger cross-acceleration or cross-default provisions in the

Cadeler Group's other debt facilities.

**Liquidity risks**

The Company manages liquidity risk by maintaining sufficient cash

and access to committed credit facilities to meet its operational

needs and installment payment obligations in respect of its newbuild

vessels. The Cadeler Group's management anticipates seeking further

debt financing in connection with milestone payments for the

delivery of the Cadeler Group's third A-class newbuild, due to be

delivered in Q2 2027.

**Foreign exchange risks**

The Company is exposed to foreign currency risks. A significant

portion of income is invoiced in EUR, as are most costs, or in DKK,

which is pegged to the EUR. As a result of the business combination,

certain income is invoiced in USD. A significant proportion of the

Company's commitments for the construction of newbuild vessels is

payable in USD. The foreign exchange exposure arising from the

newbuild contracts has been partially swapped into EUR through the

Company's banks at an average USD:EUR rate of 0.8586. Another

portion of the exposure has been hedged through zero-cost collar

contracts, securing an average USD:EUR exchange rate range

between 0.8607 and 0.9092.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Risks**

*Continued from previous page*

**Interest rate risks**

The Cadeler Group's performance is affected by changes in

interest rates. The margin on the Cadeler Group's debt facilities is

generally expressed as a floating rate. It is the Cadeler Group's

policy to hedge up to 50% of such interest rate risk. In addition to

direct impacts on the Cadeler Group, changes in interest rates

may indirectly impact Cadeler's results by reducing general rates

of economic growth and increasing the cost of capital for capital-

intensive development projects, such as offshore wind farms,

thereby reducing the attractiveness of such projects and demand

for the Cadeler Group's services.

**Credit risks**

The Company adopts stringent procedures when extending credit

terms to customers and in the monitoring of credit risk. The

Company deals only with customers that have an appropriate

credit history and seeks to obtain sufficient security, where

appropriate, to mitigate credit risk. Historically, only immaterial

credit losses have been incurred.

**Laws and regulations risks**

The Cadeler Group and its business are subject to laws and regulations

governing the offshore industry. Future changes in the domestic and

international laws and regulations applicable to the Cadeler Group and

its activities are unpredictable and beyond the Cadeler Group's

control. Such changes could imply the need to materially alter the

Cadeler Group's operations and organisation and may prompt the

need to apply for permits, which could have a material adverse effect

on the Cadeler Group's business, prospects and financial results and

condition. Any change in, or the introduction of, new regulations may

increase the Cadeler Group's operating costs, which could have an

adverse effect on its profitability. For example, changes in regulations

governing vessel fuel requirements could materially affect the Cadeler

Group's cost base. If any of the Cadeler Group's vessels fails to comply

with the extensive regulations applicable from time to time, the

Cadeler Group may be unable to continue operating such vessels

without costly and time-consuming retrofits, or may be subject to

financial penalties or operational restrictions which could in turn have

a material adverse impact on the Cadeler Group's business, prospects

and financial results and condition.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Regulatory**

The Cadeler Group is subject to various regulatory and compliance

requirements under international and national maritime regulations

that significantly affect the ownership and operation of the Cadeler

Group's fleet. These regulations mainly relate to marine safety,

environmental protection, and maritime security. Below is a

description of the general regulatory framework in which the Cadeler

Group operates. This description should not be considered exhaustive

either in respect of the subjects covered or the details provided.

**International Maritime Organisation (IMO)**

Most of the regulations relating to vessel operations are based on

international rules issued predominantly by the IMO, the United

Nations (UN) agency for maritime safety and the prevention of

pollution by vessels. The primary IMO regulations include the

International Conventions for the Safety of Life at Sea (SOLAS), the

International Convention of the Standards of Training, Certification

and Watchkeeping for Seafarers (STCW), and MARPOL.

**Vessel Safety and Security Requirements**

The SOLAS Convention was adopted to address the safe manning of

vessels and emergency training drills. The Convention of Limitation of

Liability for Maritime Claims (LLMC) sets limitations on liability for loss

of life, personal injury, or property claims against ship owners.

Under Chapter IX of the SOLAS Convention, or the International

Safety Management Code for the Safe Operation of Ships and for

Pollution Prevention (the "ISM Code"), the Cadeler Group's

operations are also subject to environmental standards and

requirements. The ISM Code requires the party with operational

control of a vessel to develop an extensive safety management

system including the adoption of a safety and environmental

protection policy setting forth instructions and procedures for the

safe operation of its vessels and for responding to emergencies.

The IMO has also adopted the International Convention on Standards

of Training, Certification and Watchkeeping for Seafarers (STCW). As

of February 2017, all seafarers are required to meet the STCW

standards and hold a valid STCW certificate.

The IMO's Maritime Safety Committee and the MEPC each adopted

relevant parts of the International Code for Ships Operating in Polar

Water (the "Polar Code"). The Polar Code covers design, construction,

equipment, operational, training, search and rescue as well as

environmental protection matters relevant to ships operating in the

waters surrounding the two poles. It also includes mandatory

measures regarding safety and pollution prevention as well as

recommendatory provisions. The Polar Code applies to new ships

constructed on or after 1 January 2017 and after 1 January 2018, ships

constructed before 1 January 2017 are required to meet the relevant

requirements by the earlier of their first intermediate or renewal

survey.

**Decarbonisation, Energy Efficiency and Air Emissions**

MARPOL is applicable to vessels of any type operating under

countries that are signatories to the convention and is divided into six

Annexes, each regulating a different source of pollution. Annex I

relates to oil leakage or spillage; Annexes II and III relate to harmful

substances carried in bulk liquid form or in packaged form,

respectively; Annexes IV and V relate to sewage and garbage

management, respectively; and Annex VI relates to air emissions.

Annex VI to MARPOL addresses air pollution from vessels. Annex VI

sets limits on sulphur oxide (SOx) and nitrogen oxide (NOx) emissions

from all commercial vessel exhausts and prohibits deliberate

emissions of ozone-depleting substances (ODS) (such as halons and

chlorofluorocarbons), emissions of volatile compounds from cargo

tanks, and the shipboard incineration of specific substances.

Annex VI also includes a global cap on the sulphur content of fuel oil

and allows for special areas to be established with more stringent

controls on sulphur emissions, as explained below. Emissions of

volatile organic compounds (VOCs) from certain vessels, and the

shipboard incineration (from incinerators installed after 1 January

2000) of certain substances, such as polychlorinated biphenyls, PCBs

are also prohibited.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Regulatory**

*Continued from previous page*

**Pollution Control and Liability Requirements**

The IMO has negotiated international conventions that impose

liability for pollution in international waters and the territorial waters

of the signatories to such conventions. The IMO has, inter alia,

adopted the International Convention for the Control and

Management of Ships' Ballast Water and Sediments (the "BWM

Convention") in 2004. The BWM Convention requires ships to

manage ballast water in order to remove, render harmless, or avoid

the uptake or discharge of new or invasive aquatic organisms and

pathogens contained in ballast water and sediments. The BWM

Convention's implementing regulations provide for a phased

introduction of mandatory ballast water exchange requirements,

which are to be replaced in time by mandatory concentration limits,

and require all ships to carry a ballast water record book and an

International Ballast Water Management Certificate (IBWMC).

The IMO has also adopted the International Convention on Civil

Liability for Bunker Oil Pollution Damage (the Bunker Convention)

which imposes strict liability on ship owners (including the registered

owner, bareboat charterer, manager or operator) for pollution

damage in jurisdictional waters of ratifying states caused by

discharges of bunker fuel. The Bunker Convention requires registered

owners of ships over 1,000 gross tonnes to maintain insurance for

pollution damage in an amount equal to the applicable limits of

liability under national or international limitation regime (but not

exceeding the amount calculated in accordance with the LLMC).

**Anti-Fouling Requirements**

In 2001, the IMO adopted the International Convention on the

Control of Harmful Anti-fouling Systems on Ships (the Anti-fouling

Convention). The Anti-fouling Convention prohibits the use of

organotin compound coatings to prevent the attachment of molluscs

and other sea life to vessel hulls. Amendments were adopted in 2021

to include controls on anti-fouling systems containing cybutryne.

Vessels of more than 400 gross tonnes engaged in international

voyages are required to undergo an initial survey before being put

into service or before an International Anti-fouling System Certificate

(the IAFS Certificate) is issued for the first time; and subsequent

surveys when anti-fouling systems are altered or replaced.

**International Labour Organisation**

The International Labour Organisation (ILO) is a specialised agency of

the UN that has adopted the Maritime Labour Convention 2006 (MLC

2006). A Maritime Labour Certificate and a Declaration of Maritime

Labour Compliance are required to ensure compliance with MLC

2006 for all ships of 500 gross tonnes or more that are engaged in

international voyage or flying the flag of a member state and

operating from a port, or between ports, in another country.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Regulatory**

*Continued from previous page*

**EU Regulations**

**Decarbonisation and energy efficiency**

The EU made a unilateral commitment to reduce overall GHG

emissions from its member states by 20% compared to 1990 levels by

2020. The EU also committed to reduce its emissions by 20% under

the Kyoto Protocol's second period from 2013 to 2020. Regulation

(EU) 2015/757 of the European Parliament and of the Council of 29

April 2015 (amending EU Directive 2009/16/EC) (The MRV Regulation)

governs the monitoring, reporting and verification of carbon dioxide

emissions from maritime transport, and, subject to some exclusions,

requires ships of more than 5,000 gross tonnage to monitor and

report carbon dioxide (CO2) emissions annually. As of 1 January 2025,

the MRV regulation also applies to offshore vessels above 5,000 gross

tonnage.

Effective from 1 January 2025, the FuelEU Maritime Regulation

mandates a gradual reduction in the GHG intensity of energy used on

board ships of more than 5,000 gross tonnage calling at EU ports.

The required GHG intensity reductions are set to increase over time,

starting with a 2% reduction in 2025 and targeting an 80% reduction

by 2050, compared to 2020 levels. This regulation applies to all

relevant ships sailing in EU waters, regardless of their flag state.

FuelEU will not initially apply to offshore vessels and dredging vessels

as these are deemed not to be used predominantly for transportation

purposes, but a review of the legislation is scheduled by the end of

2027. The EU has adopted several regulations and directives requiring,

among other things, more frequent inspections of high-risk ships, as

determined by vessel type, age and flag as well as the number of

times the ship has been detained. The EU also adopted and extended

a ban on substandard ships and enacted a minimum ban period and

a definitive ban for repeated offenses. The regulation also provided

the EU with greater authority and control over classification societies,

by imposing additional requirements on classification societies and

providing for fines or penalty payments for organisations that failed

to comply. Furthermore, the EU has implemented regulations

requiring vessels to use reduced-sulphur-content fuel for their main

and auxiliary engines. The EU Directive 2005/33/EC (amending

Directive 1999/32/EC) introduced requirements parallel to those in

Annex VI relating to the sulphur content of marine fuels. In addition,

the EU imposed a 0.1% maximum sulphur content requirement for

fuel used by ships at berth in the Baltic, the North Sea and the English

Channel (so called Sulphur Emission Control Areas). As of January

2020, outside sulphur emission control areas, a global sulphur limit

was introduced, requiring fuels with a 0.5% maximum sulphur

content.

On 15 September 2020, the European Parliament voted to include

GHG from the maritime sector in the EU Emissions Trading System EU

ETS. On 14 July 2021, the European Commission formally proposed its

plan, to gradually include the maritime sector from 2024, with a

phased inclusion over a three-year period. This requires shipowners

to buy permits to cover these emissions. On 18 December 2022, the

Council and European Parliament agreed to include maritime

shipping emissions within the scope of the EU ETS in phases, whereby

shipping companies will pay for 40% of verified emissions from 2024,

70% in 2025 and 100% in 2026. Most large vessels will be included in

the scope of the EU ETS from the start, with offshore vessels being

included from 2027. Offshore vessels of more than 5,000 gross

tonnage will be included in the EU ETS from 2027. The inclusion of

general cargo vessels and offshore vessels between 400 and 5,000

gross tonnage will be reviewed in 2026.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

![2-3_1.jpg](cdlr-20251231_g23.jpg)

**Regulatory**

*Continued from previous page*

**Pollution Control and Liability Requirements**

EU Directive 2009/123/EC (amending Directive 2005/35/EC) on ship-

source pollution and on the introduction of penalties for

infringements imposes criminal sanctions for illicit ship-source

discharges of polluting substances, including minor discharges, if

committed with intent, recklessly or with serious negligence and the

discharges individually or in the aggregate result in deterioration of

the quality of water. Aiding and abetting the discharge of a polluting

substance may also lead to criminal penalties. The directive applies to

all types of vessels, irrespective of their flag, although certain

exceptions apply to warships or where human safety or the safety of

the vessel is in danger.

**Ship Recycling**

The EU has put in place regulatory requirements on the recycling of

vessels. The recycling of vessels is subject to various international,

regional and national requirements, including the 1989 Basel

Convention/EU Waste Shipment Regulation (1013/2006), the 2009

Hong Kong Convention and the EU Ship Recycling Regulation

(1257/2013) which may apply depending on the flag of the vessel and

the location of the vessel at the time the decision to recycle is taken.

The regulations establish certain requirements relating, inter alia, to

the requirements for vessels and recycling facilities to ensure that

vessel recycling takes place in an environmentally safe and sound

manner, impose restrictions on the installation and use of hazardous

materials on ships, and establish a list of approve ship recycling

facilities.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Regulatory**

*Continued from previous page*

**Inspection by Classification Societies**

The hull and machinery of every commercial vessel must be classed

by a classification society authorised by its country of registry. The

classification society certifies that a vessel is safe and seaworthy in

accordance with the applicable rules and regulations of the country

of registry of the vessel and SOLAS. Most insurance underwriters

make it a condition for insurance coverage and lending that a vessel

is certified "in class" by a classification society that is a member of

the International Association of Classification Societies, the IACS.

A vessel must undergo annual surveys, intermediate surveys,

drydockings and special surveys. In lieu of a special survey, a vessel's

machinery may be subject to a continuous survey cycle, under which

the machinery is surveyed periodically over a five-year period. Every

vessel is also required to be dry-docked periodically for inspection

of the underwater parts of the vessel. If any vessel does not

maintain its class and/or fails any annual survey, intermediate

survey, dry docking or special survey, the vessel will be unable to

operate between ports and will become unemployable and

uninsurable and may be subject to further adverse commercial

consequences.

**Other Coastal State Requirements**

As a matter of international law, coastal states are permitted, subject

to certain restrictions, to impose requirements on vessel operations

in the territorial waters. Furthermore, coastal states are entitled to

exploit natural resources, such as wind power, in its exclusive

economic zones and/or continental shelf subject to restrictions set

out in the United Nations International Law of the Seas Convention

(UNCLOS), Part II, Art. 2(2), Part V and VI, or under customary

international law.

Internationally, coastal states have elected to put significantly

different regulatory requirements in place. The local law

requirements may relate to matters such as the ownership/

nationality of the vessel, nationality and/or work permits for crew,

and/or use of local port infrastructure. In the Cadeler Group's

activities, the Cadeler Group is confronted with a range of

government policies that restrict international trade and protect

domestic industries. Such protectionist measures manifest

themselves mostly through cabotage laws which protect the

domestic shipping industry from foreign competition and thus

prevent or limit Cadeler from operating in certain countries.

Examples of such include, the United States through the Merchant

Marine Act of 1920 (also known as the Jones Act), as well as in many

other jurisdictions.

**Corporate Sustainability Reporting Directive** 

The Corporate Sustainability Reporting Directive (CSRD) is an EU

regulation aimed at enhancing and standardising sustainability

reporting across organisations. It requires large public-interest

entities, including listed companies, to disclose detailed non-

financial information, related to environmental, social, and

governance (ESG) matters. The CSRD, which amends the Non-

Financial Reporting Directive (NFRD), mandates that companies

provide information on sustainability impacts, risks and

opportunities, with the aim of ensuring greater transparency and

accountability. This includes the requirement for companies to

follow European Sustainability Reporting Standards (ESRS) in order

to align with global sustainability efforts and enhance comparability

across sectors. The scope of the CSRD has been simplified under the

Omnibus agreement, but continues to apply to large EU public

interest entities with more than 1000 employees. The CSRD aims to

improve the quality, consistency, and reliability of sustainability

reporting to better inform investors, stakeholders, and policymakers.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Corporate Governance**

Cadeler is incorporated in Denmark and its shares are admitted to

trading on the Oslo Stock Exchange (the "OSE"). Cadeler therefore

follows the Norwegian Code of Practice for Corporate Governance

and applicable Danish law in respect of its corporate governance

practices. In addition, and as a result of the listing of American

Depositary Shares (each representing four of the Company's

ordinary shares) on the New York Stock Exchange (NYSE), the

Company complies with applicable United States federal securities

laws and regulations as well as the rules of the NYSE, in particular

the corporate governance standards of Section 303A of the NYSE

Listed Company Manual, to the extent applicable to the Company

as a foreign private issuer.

A description of the internal control and risk management system

relating to financial reporting can be found in the Corporate

Governance Report. The Company has established internal controls

and risk management systems in relation to the financial reporting

process. As a company listed on NYSE, the company is required to

be compliant with Sarbanes-Oxley Act section 404b (SOX 404b).

The company's internal control framework is based on the Internal

Control – Integrated Framework 2013 as issued by the Committee of

Sponsoring Organizations of the Treadway Commission (COSO).

A full copy of the Company's corporate governance code is

available on the Company's website: https://www.cadeler.com/

assets/uploads/PDFs/Investors/Cadeler-Corporate-Governance-

Policy-2026.pdf.

**Statutory CSR Report**

To fulfil the requirement for statutory reporting on corporate social

responsibility (CSR) under sections §99a and §107d of the Danish

Financial Statements Act, and in accordance with the EU's Corporate

Sustainability Reporting Directive (CSRD), the Company has

integrated its annual sustainability statements into this Annual

Report 2025. For the sustainability statement, see pages 40-137.

**The Cadeler Group's Board of Directors**

Cadeler's Board of Directors considers the maintenance of high

standards of corporate governance as an essential element of the

Cadeler Group's capacity to deliver on its strategy and to drive long-

term value creation. The Board oversees the Cadeler Group's

governance structure and processes, ensuring that these remain

robust and appropriate as the Cadeler Group pursues its strategic

objectives with an emphasis on execution, efficiency and growth.

The Board also seeks to be responsive to the views of shareholders

and other stakeholders.

**Board Composition**

In 2025, there were no changes to the composition of the Board.

Ditlev Wedell-Wedellsborg, Colette Cohen and Thomas Thune

Andersen will stand for re-election to the Board at the Cadeler

Group's 2026 Annual General Meeting (AGM). The remaining

directors serving on the Board were re-elected in 2025 to serve

through the Cadeler Group's 2027 AGM.

**Gender Diversity**

Cadeler has previously communicated its objective to increase the

representation of women on the Board to at least 25% by the end of

2026. Cadeler is pleased to have achieved this objective early, as the

Board currently comprises two women and five men, representing

28.6% women. Cadeler aims to maintain at least the current level of

female representation on the Board through 2026. See Sustainability

section for further reference to Gender Diversity at Cadeler.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

![1-3_1.jpg](cdlr-20251231_g24.jpg)

**Corporate Governance**

*Continued from previous page*

**Board Committees**

The Board delegates certain responsibilities to its committees to assist in

ensuring effective corporate governance across the business:

**Audit Committee**

The Cadeler Board has established an audit committee. The primary

purposes of the Audit Committee are to:

• assist the Board in discharging its duties relating to the

safeguarding of assets, the operation of adequate systems

and internal controls, control processes and the

preparation of accurate financial reporting and statements

in compliance with all applicable legal requirements,

corporate governance and accounting standards; and

• support the Board in its oversight of the risk profile and

risk management of the Cadeler Group.

In 2025, the Audit Committee devoted considerable attention to (i)

the continued implementation and testing of internal controls as

required under the US Sarbanes Oxley Act of 2002, as amended, by

virtue of Cadeler's listing on the NYSE and (ii) the integration of the

Cadeler Group's business operations, including the migration of

certain legacy operations to a unified enterprise reporting and

management platform for the Cadeler Group.

The Audit Committee reports to, and makes recommendations to

the Board, but the Board retains responsibility for implementing

such recommendations.

**Remuneration Committee**

The Board has established a Remuneration Committee. The primary

purpose of the Remuneration Committee is to advise the Board on

the salaries and other elements of compensation of Cadeler's

Executive Management and the broader Cadeler Group.

The Remuneration Committee reports to, and makes

recommendations to, the Board, but the Board retains responsibility

for implementing such recommendations.

**Nomination Committee**

Consistent with the Norwegian Code of Practice for Corporate

Governance, Cadeler has established a Nomination Committee, the

composition of which is determined by election by its shareholders

at each AGM. Members of the Nomination Committee are not

required to be, and are not currently, members of the Board.

Cadeler's nomination committee makes recommendations to the

general meeting regarding the election of shareholder-elected

members to the Board and to the Nomination Committee, as well as

the remuneration of members of the Board.

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Board of Directors**

---

| | | | |
|:---|:---|:---|:---|
|  | **Andreas Sohmen-Pao** | **Emanuele A. Lauro** | **Ditlev Wedell-Wedellsborg** |
| **Position** | Chairman of the Board. | Vice Chairman of the Board of Directors. | Board Member and member of the Remuneration Committee.<br>Former chair of the Audit Committee until January 2024.<br>|
| **Nationality:** | Austrian | Italian | Danish |
| **Born:** | 1971 | 1978 | 1961 |
| **Gender** | Male | Male | Male |
| **Joined the Cadeler board:** | 2021 | 2024 | 2020 |
| **Current election period:** | 2025-2027 | 2025-2027 | 2024-2026 |
| **Independence** | Considered non-independent | Considered non-independent. | Considered independent. |
| **Other management duties, etc.** | BW Group Limited (Executive Chairman)<br>BW Offshore Limited (Chairman)<br>BW Energy Limited (Chairman)<br>BW LPG Limited (Chairman)<br>BW Epic Kosan Ltd (Chairman)<br>Hafnia Limited (Chairman)<br>Global Centre for Maritime Decarbonisation (Chairman)<br>Lloyd's Register Foundation (member of the<br>Board of Trustees)<br>| Scorpio Holdings Limited (member of the Board and CEO)<br>Scorpio Services Holding Limited (member of the Board and CEO)<br>Scorpio Tankers Inc. (Chairman and CEO)<br>Scorpio Offshore Holding Inc. (member of the Board)<br>Moxie Corp (member of the Board and CEO)<br>Gorgon Holdings Limited (member of the Board and CEO)<br>Monaco Chamber of Shipping (Vice President)<br>Fordham University (member of the London Advisory Council)<br>| Wessel & Vetts Fond (Chair)<br>Weco Travel CEE and associated companies (Chair)<br>Vind A/S (Chair)<br>Weco lnvest (Chair)<br>Donau Agro (member of the Board)<br>Damptech and associated companies (member of the Board)<br>AeroGuest (member of the Board)<br>Niki lnvest. Manager<br>|
| **Education** | MBA, Harvard University<br>BA Honours in Oriental Studies, Oxford University<br>| International Business, European Business School. | BA, Stanford University <br>MBA, INSEAD<br>|
| **Qualifications** | More than 20 years of experience in the shipping industry. <br>Chairman for multiple corporate boards and board experience from <br>international listed companies.<br>| Extensive shipping industry experience spanning two decades. <br>Chairs multiple corporate boards and active participant in the <br>maritime community and advisory boards.<br>| Board experience from Nordic companies and from the <br>transportation sector. Management experience from ship owning <br>company.<br>|
| **Attendance in Board and** <br>**Committee meetings 2025**<br>| 4/4 Board meetings<br>2/2 Remuneration Committee meetings<br>| 4/4 Board meetings | 4/4 Board meetings<br>2/2 Remuneration Committee meetings<br>|

---

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Board of Directors**

---

| | | | |
|:---|:---|:---|:---|
|  | **Andrea Abt** | **James Nish** | **Colette Cohen** |
| **Position** | Board Member and member of the Audit Committee | Board Member and Chair of the Audit Committee | Board Member |
| **Nationality:** | German | American | Irish |
| **Born:** | 1960 | 1958 | 1968 |
| **Gender** | Female | Male | Female |
| **Joined the Cadeler board:** | 2023 | 2024 | 2024 |
| **Current election period:** | 2025-2027 | 2025-2027 | 2024-2026 |
| **Independence** | Considered independent | Considered independent | Considered independent |
| **Other management duties, etc.** | Energy Technology Holdings LLC / Exide Technologies <br>(Chair of Sustainability Committee and member of the <br>Board)<br>Gerresheimer AG (member of the Board)<br>| Gibraltar Industries, Inc. (Chairman of Audit Committee and <br>Capital Structure and Asset Management Committee)<br>Alert360 Home Security Business (Lead Director)<br>| Forth Ports (member of the Board)<br>Technip Energies (member of the Board)<br>Bluenord (member of the Board)<br>Deepocean (member of the Board)<br>Former CEO of the Net Zero Technology Centre. <br>|
| **Education** | English and Spanish Philology, Rheinische Friedrich-Wilhelms <br>University, Bonn<br>MBA, Rotman School of Management, University of Toronto<br>| BS in Accounting and Business, State University of New York.<br>MBA, Wharton School of the University of Pennsylvania<br>| BSc (Hons), Queens University<br>MBA, Ceram Sophia Antipolis<br>|
| **Qualifications** | Listed and non-listed board experience in European and US <br>companies, broad executive background in a variety of functions. <br>Specialist knowledge in procurement and logistics.<br>| Over 30 years of experience in investment banking, serving clients <br>across a variety of international industrial markets. Certified public <br>accountant and adjunct professor at Baruch College, Zicklin School <br>of Business in New York and at Pace University, Lubin.<br>| Extensive executive experience, with a particular focus on the <br>energy transition. Non-executive board experience, having served <br>on the boards of several companies in the energy industry.<br>|
| **Attendance in Board and** <br>**Committee meetings 2025**<br>| 4/4 Board meetings<br>4/4 Audit Committee meetings<br>| 4/4 Board meetings<br>4/4 Audit Committee meetings<br>| 4/4 Board meetings |

---

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Board of Directors**

---

| | |
|:---|:---|
|  | **Thomas Thune Andersen** |
| **Position** | Board Member |
| **Nationality:** | Danish |
| **Born:** | 1955 |
| **Gender** | Male |
| **Joined the Cadeler board:** | 2024 |
| **Current election period:** | 2024-2026 |
| **Independence** | Considered independent |
| **Other management duties, etc.** | T. Andersen Consulting (Owner)<br>Lloyd's Register Group (Chairman)<br>Lloyd's Register Foundation (Chairman)<br>IMI (Senior Independent Director)<br>BW Group (member of the Board)<br>Lambert Energy Advisory (member of the Board)<br>|
| **Education** | Graduate Diploma, Copenhagen Business School<br>Senior Management Programme, Columbia University<br>ISMP (Economics), Harvard University<br>|
| **Qualifications** | Extensive executive experience in various leadership positions, <br>including at A.P. Moller Maersk, and non-executive experience in <br>both listed and privately held companies within the energy, <br>manufacturing and marine industries, with a particular focus on the <br>energy transition.<br>|
| **Attendance in Board and** <br>**Committee meetings 2025**<br>| 4/4 Board meetings |

---

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

**Executive Management**

---

| | | |
|:---|:---|:---|
|  | **Mikkel Gleerup** | **Peter Brogaard** |
| **Position** | Chief Executive Officer (CEO) | Chief Financial Officer (CFO) |
| **Nationality:** | Danish | Danish |
| **Born:** | 1978 | 1965 |
| **Gender** | Male | Male |
| **Joined Cadeler** | 2017 | 2022 |
| **Independence** | Mikkel Gleerup does not have other roles or positions of trust <br>outside the Company.<br>| Peter Brogaard does not have other roles or positions of trust <br>outside the Company.<br>|
| **Education** | MBA, INSEAD, 2016<br>MSc in Transportation and Maritime Management, University of <br>Southern Denmark, 2008<br>| MSc in Accounting and Auditing, Aarhus University, 1995 |
| **Qualifications** | Experience from working within the offshore wind segment for <br>more than 17 years inter alia with Siemens Wind Power, Global <br>Marine Systems Ltd. and A.P. Møller-Maersk.<br>| Significant experience from the shipping industry and finance, <br>among others as Vice President, Group Finance at the product <br>tanker shipping company TORM Plc. where he worked prior to <br>joining the Company.<br>|

---

![Presentation_Master31.jpg](cdlr-20251231_g6.jpg)

![1-3_4.jpg](cdlr-20251231_g25.jpg)

**Corporate Governance**

*Continued from previous page*

**Largest Shareholders**

As of 20 March 2026, five shareholders held shareholdings in excess

of 5% of Cadeler's total share capital: BW Altor Pte. Ltd. held

27.40%, Scorpio Holdings Limited held 12.09%, Folketrygdfondet

held 5.26%, Marble Bar Asset Management LLP held 5.23% and

Nordea Investment Management AB held 5.69%.

**Purchase of own shares**

At Cadeler's AGM, held on 22 April 2025, the Board of Directors was

granted an authorisation for the period until 21 April 2029 to permit the

repurchase by the Company of its own shares.

Between 26 May 2025 and 30 May 2025, Cadeler repurchased

395,200 of its own shares at an average price per share of NOK

49.92, corresponding to an aggregate purchase price of

approximately EUR 1.7 million, in order to enable the Company to

meet its obligations to employees arising under certain of its share-

based incentive programmes. The Company has no current plan or

intention to repurchase any more of its own shares, other than for

the same purpose.

**Voting Rights**

As of 31 December 2025, Cadeler had 350,957,583 shares issued

and outstanding, each with a nominal value of DKK 1. Each shares

carries the right to one vote at any general meeting of the

Company's shareholders. No shareholders have any special or

different voting rights under Cadeler's Articles of Association.

Resolutions at general meetings may generally be passed by a

simple majority of votes cast, unless otherwise prescribed under the

Danish Companies Act or by Cadeler's Articles of Association. The

approval of amendments to the Articles of Association, a dissolution

of the Company, or a merger or demerger involving the Company

requires at least a two-thirds majority of the votes cast, as well as of

the share capital represented at the general meeting. The provisions

in Cadeler's Articles of Association relating to changes in

shareholder rights or a change to the Company's share capital are

not more stringent than those required by the Danish Companies

Act.

**Change of Control**

Certain of the Company's debt facilities contain change of control

provisions that may be triggered if any person or group (excluding

the BW Group, and, with respect to certain of the Company's debt

facilities, the Scorpio Group and their respective affiliates) acquires

control of 25% or more of Cadeler's voting and/or ordinary share

capital. In addition, a change of control is triggered under the

Holdco Facilities if the BW Group holds less than 17.5% of the shares

in Cadeler.

Certain of Cadeler's customer contracts may include change of

control clauses, which are considered customary for the industry.

![Presentation_Master_breaker_SUS.jpg](cdlr-20251231_g26.jpg)

**Sustainability Statements**

---

| | |
|:---|:---|
| **[General information](#i3dca1ab57f5c45fe8b105137d579b98f)** | **[39](#i3dca1ab57f5c45fe8b105137d579b98f)** |
| **[Environment](#i5343c21570fd4224b9120a9e3d2ed007)** | **[67](#i5343c21570fd4224b9120a9e3d2ed007)** |
| **[Social](#ice7a859a5dbe4d52938a29103d0658aa)** | **[102](#ice7a859a5dbe4d52938a29103d0658aa)** |
| **[Governance](#i19ffe877250e41a199e776b77fc924c1)** | **[122](#i19ffe877250e41a199e776b77fc924c1)** |
| **[Data points that derive from other EU legislation](#i8eebac9746354069a0a1c8e31a768b5d)** | **[128](#i8eebac9746354069a0a1c8e31a768b5d)** |
| **[Green Finance Report](#i28f10a815485479ab32f376e8934eb47)** | **[132](#i28f10a815485479ab32f376e8934eb47)** |

---

![Presentation_Master15.jpg](cdlr-20251231_g27.jpg)

**General** 

**information**

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Disclosure requirements & incorporation by reference**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Standard** | **Standard** | **Section/**<br>**Report\***<br>| **Page(s)** | **Incorporation** <br>**by reference**<br>|
| **ESRS 2 - General disclosures** | **ESRS 2 - General disclosures** | | | |
| BP-1 | General basis for preparation of the sustainability statement  | SUS | <u>[44](#i2af38067be774766bf4cb7e627d42cc8_80724)</u> |  |
| BP-2 | Disclosures in relation to specific circumstances | SUS | <u>[44](#i2af38067be774766bf4cb7e627d42cc8_80725)</u> |  |
|  | Datapoints that derive from other EU legislation  | SUS | <u>[129](#ie88ad0d9abbc4672bffc108d51ead468_2312)</u>-<u>[131](#ia554248f4fea42f9975583df39cdf4c8_0-0-26-10-89914)</u> |  |
| GOV-1 | The role of the administrative, management and supervisory bodies | SUS/MR | <u>[45](#icd8df8572fb64b4da8865a74c3d24b77_17503)</u>-<u>[46](#icd8df8572fb64b4da8865a74c3d24b77_17504)</u> | MR pages <u>[31](#if36fbb19a7104c888f4f5bbb0eeb6d50_151049)</u> |
| GOV-2 | Information provided to and sustainability matters addressed by the <br>undertaking's administrative, management and supervisory bodies<br>| SUS | <u>[47](#i1a2a00c2cc9b4a4e9e980e2d4188f0bd_17329)</u> |  |
| GOV-3 | Integration of sustainability-related performance in incentive schemes | SUS/RR | <u>[47](#i1a2a00c2cc9b4a4e9e980e2d4188f0bd_17330)</u> | RR page 8 |
| GOV-4 | Statement on sustainability due diligence | SUS | <u>[124](#i8db548564a6445a596e53267dcea4be4_90186)</u> |  |
| GOV-5 | Risk management and internal controls over sustainability reporting | SUS | <u>[50](#i1a2a00c2cc9b4a4e9e980e2d4188f0bd_17331)</u> |  |
| SBM-1 | Strategy, business model and value chain (products, markets, <br>customers)<br>| SUS/MR | <u>[52](#ic7c4adf4e8b54a8a86140746e2c8e4ee_34233)</u> | MR pages <u>[8](#i3c4b26a3625b411a956d4782c0820910_1348)</u>-<u>[11](#i3db792a575dc44db82faaaa305a95b36_194919)</u> |
|  | Strategy, business model and value chain (headcount by country) | SUS | <u>[111](#ib623efaf2cec4b34a996b2facb46228a_33745)</u> |  |
|  | Strategy, business model and value chain (breakdown of revenue) | FS |  | FS page <u>[153](#iedc7f7a173b14d37be4f14892a26b431_129152)</u>-<u>[158](#iedc7f7a173b14d37be4f14892a26b431_129153)</u> |
| SBM-2 | Interests and views of stakeholders | SUS | <u>[54](#if9cd58b84ec84fc6bdb5e2b97ffd93ea_15967)</u> |  |
| SBM-3 | Material impacts, risks and opportunities and their interaction with <br>strategy and business model<br>| SUS | <u>[55](#if9cd58b84ec84fc6bdb5e2b97ffd93ea_15965)</u> |  |
| IRO-1 | Description of the process to identify and assess material impacts, risks <br>and opportunities<br>| SUS | <u>[58](#if9cd58b84ec84fc6bdb5e2b97ffd93ea_120385)</u> |  |
| IRO-2 | Disclosure requirements in ESRS covered by the undertaking's <br>sustainability statement<br>| SUS | <u>[60](#if9cd58b84ec84fc6bdb5e2b97ffd93ea_120386)</u> |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Standard** | **Standard** | **Section/**<br>**Report\***<br>| **Page(s)** | **Incorporation** <br>**by reference**<br>|
| **ESRS E1 - Climate Change** | **ESRS E1 - Climate Change** | | | |
| ESRS 2, GOV-3  | Integration of sustainability-related performance in incentive schemes | SUS/RR | <u>[47](#i1a2a00c2cc9b4a4e9e980e2d4188f0bd_17330)</u> | RR pages 8 |
| E1-1 | Transition plan for climate change mitigation | SUS | <u>[68](#i4cdc1051295140afa3dec2d55a32c554_167810)</u>-<u>[70](#i4cdc1051295140afa3dec2d55a32c554_167931)</u> |  |
| ESRS 2, SBM-3 | Material impacts, risks and opportunities, and their interaction with <br>strategy and business model<br>| SUS | <u>[71](#i4cdc1051295140afa3dec2d55a32c554_167811)</u> |  |
| ESRS 2, IRO-1 | Description of the processes to identify and assess material climate-<br>related impacts, risks and opportunities<br>| SUS | <u>[72](#i4cdc1051295140afa3dec2d55a32c554_167812)</u> |  |
| E1-2 | Policies related to climate change mitigation and adaptation | SUS | <u>[73](#i4cdc1051295140afa3dec2d55a32c554_167813)</u> |  |
| E1-3 | Actions and resources in relation to climate change policies  | SUS | <u>[74](#i4cdc1051295140afa3dec2d55a32c554_223976)</u> |  |
| E1-4 | Targets related to climate change mitigation and adaptation | SUS | <u>[76](#i4cdc1051295140afa3dec2d55a32c554_223977)</u> |  |
| E1-5 | Energy consumption and mix | SUS | <u>[78](#i4cdc1051295140afa3dec2d55a32c554_223978)</u> |  |
| E1-6 | Gross Scopes 1, 2, 3 and total GHG emissions | SUS | <u>[80](#i4cdc1051295140afa3dec2d55a32c554_223979)</u> |  |
| E1-7 | GHG removals and GHG mitigation projects financed through carbon <br>credits<br>| SUS | <u>[77](#i4cdc1051295140afa3dec2d55a32c554_223980)</u> |  |
| E1-8 | Internal carbon pricing | SUS | <u>[77](#i4cdc1051295140afa3dec2d55a32c554_223980)</u> |  |
| E1-9 | Anticipated financial effects from material physical and transition risks <br>and potential climate-related opportunities<br>| SUS | <u>[44](#i2af38067be774766bf4cb7e627d42cc8_80724)</u> |  |

---

\*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Standard** | **Standard** | **Section/**<br>**Report\***<br>| **Page(s)** | **Incorporation by** <br>**reference**<br>|
| **ESRS E2 - Pollution** | **ESRS E2 - Pollution** | | | |
| ESRS 2, IRO-1 | Description of the processes to identify and assess material <br>pollution-related impacts, risks and opportunities<br>| SUS | <u>[94](#i589f31c3700944f8bb1eedc4d431d14e_48946)</u> |  |
| E2-1 | Policies related to pollution | SUS | <u>[94](#i589f31c3700944f8bb1eedc4d431d14e_48947)</u> |  |
| E2-2 | Actions and resources related to pollution | SUS | <u>[95](#i589f31c3700944f8bb1eedc4d431d14e_48948)</u> |  |
| E2-3 | Targets related to pollution | SUS | <u>[96](#i589f31c3700944f8bb1eedc4d431d14e_48949)</u> |  |
| E2-4 | Pollution of air, water and soil | SUS | <u>[96](#i589f31c3700944f8bb1eedc4d431d14e_48950)</u> |  |
| E2-6 | Anticipated financial effects from material pollution-related risks and <br>opportunities<br>| SUS | <u>[44](#i2af38067be774766bf4cb7e627d42cc8_80724)</u> |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ESRS E5 - Resource use and circular economy** | **ESRS E5 - Resource use and circular economy** | | |
| ESRS 2, IRO-1 | Description of the processes to identify and assess material <br>resource use and circular economy-related impacts, risks and <br>opportunities<br>| SUS | <u>[98](#ib54ebb5f7cb84e9ea04acfd63fbe1998_40572)</u> |
| E5-1 | Policies related to resource use and circular economy  | SUS | <u>[98](#ib54ebb5f7cb84e9ea04acfd63fbe1998_21680)</u> |
| E5-2 | Actions and resources related to resource use and circular economy  | SUS | <u>[99](#ib54ebb5f7cb84e9ea04acfd63fbe1998_21681)</u> |
| E5-3 | Targets related to resource use and circular economy  | SUS | <u>[99](#ib54ebb5f7cb84e9ea04acfd63fbe1998_40573)</u> |
| E5-5 | Resource outflows | SUS | <u>[100](#ib54ebb5f7cb84e9ea04acfd63fbe1998_40575)</u> |
| E5-6 | Anticipated financial effects from material resource use and circular <br>economy-related risks and opportunities<br>| SUS | <u>[44](#i2af38067be774766bf4cb7e627d42cc8_80724)</u> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Standard** | **Standard** | **Section/**<br>**Report\***<br>| **Page(s)** | **Incorporation** <br>**by reference**<br>|
| **ESRS S1 - Own Workforce** | **ESRS S1 - Own Workforce** | | | |
| ESRS 2, SBM-2  | Interests and views of stakeholders | SUS | <u>[54](#if9cd58b84ec84fc6bdb5e2b97ffd93ea_120383)</u> |  |
| ESRS 2, SBM-3 | Material impacts, risks and opportunities and their interaction with <br>strategy and business model<br>| SUS | <u>[55](#if9cd58b84ec84fc6bdb5e2b97ffd93ea_120384)</u> |  |
| S1-1 | Policies related to own workforce | SUS | <u>[103](#iedd7cbd431b04a519c0563f5d7924db7_172698)</u>-<u>[105](#iedd7cbd431b04a519c0563f5d7924db7_134342)</u> |  |
| S1-2 | Processes for engaging with own workers and workers' <br>representatives about impacts <br>| SUS | <u>[105](#iedd7cbd431b04a519c0563f5d7924db7_134342)</u> |  |
| S1-3 | Processes to remediate negative impacts and channels for own <br>workers to raise concerns<br>| SUS | <u>[106](#iedd7cbd431b04a519c0563f5d7924db7_172700)</u> |  |
| S1-4 | Taking action on material impacts on own workforce, and <br>approaches to mitigating material risks and pursuing material <br>opportunities related to own workforce, and effectiveness of those <br>actions<br>| SUS | <u>[107](#ib623efaf2cec4b34a996b2facb46228a_1768)</u>-<u>[109](#ib623efaf2cec4b34a996b2facb46228a_1767)</u> |  |
| S1-5 | Targets related to managing material negative impacts, advancing <br>positive impacts, and managing material risks and opportunities<br>| SUS | <u>[109](#ib623efaf2cec4b34a996b2facb46228a_1767)</u>-<u>[110](#ib623efaf2cec4b34a996b2facb46228a_33752)</u> |  |
| S1-6 | Characteristics of the undertaking's employees | SUS | <u>[110](#ib623efaf2cec4b34a996b2facb46228a_33752)</u> |  |
| S1-8 | Collective bargaining coverage and social dialogue | SUS | <u>[111](#ib623efaf2cec4b34a996b2facb46228a_33745)</u> |  |
| S1-9 | Diversity metrics | SUS | <u>[112](#ib623efaf2cec4b34a996b2facb46228a_1765)</u> |  |
| S1-14 | Health and safety metrics | SUS | <u>[113](#ib623efaf2cec4b34a996b2facb46228a_1771)</u> |  |
| S1-16 | Remuneration metrics (pay gap and total remuneration) | SUS | <u>[114](#ib623efaf2cec4b34a996b2facb46228a_33746)</u> |  |
| S1-17 | Incidents, complaints and severe human rights impacts | SUS | <u>[115](#ib623efaf2cec4b34a996b2facb46228a_1770)</u> |  |

---

\*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Standard** | **Standard** | **Section/**<br>**Report\***<br>| **Page(s)** | **Incorporation** <br>**by reference**<br>|
| **ESRS S2 - Workers in the value chain** | **ESRS S2 - Workers in the value chain** | | | |
| ESRS 2, SBM-2 | Interests and views of stakeholders  | SUS | <u>[54](#if9cd58b84ec84fc6bdb5e2b97ffd93ea_120383)</u> |  |
| ESRS 2, SBM-3 | Material impacts, risks and opportunities and their interaction with <br>strategy and business model<br>| SUS | <u>[116](#i24cb7f4f679c476a9d52ce2822f8e05b_44583)</u> |  |
| S2-1 | Policies related to value chain workers | SUS | <u>[118](#i24cb7f4f679c476a9d52ce2822f8e05b_44584)</u>-<u>[120](#i24cb7f4f679c476a9d52ce2822f8e05b_44586)</u> |  |
| S2-2 | Processes for engaging with value chain workers about impacts | SUS | <u>[120](#i24cb7f4f679c476a9d52ce2822f8e05b_44586)</u> |  |
| S2-3 | Processes to remediate negative impacts and channels for value <br>chain workers to raise concerns<br>| SUS | <u>[120](#i24cb7f4f679c476a9d52ce2822f8e05b_44587)</u> |  |
| S2-4 | Taking action on material impacts on value chain workers, and <br>approaches to managing material risks and pursuing material <br>opportunities related to value chain workers, and effectiveness of <br>those actions<br>| SUS | <u>[120](#i24cb7f4f679c476a9d52ce2822f8e05b_44588)</u>-<u>[121](#i24cb7f4f679c476a9d52ce2822f8e05b_62698)</u> |  |
| S2-5 | Targets related to managing material negative impacts, advancing <br>positive impacts, and managing material risks and opportunities<br>| SUS | <u>[121](#i24cb7f4f679c476a9d52ce2822f8e05b_62698)</u> |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ESRS G1 - Resource use and circular economy** | **ESRS G1 - Resource use and circular economy** | | |
| ESRS 2, GOV-1 | The role of the administrative, supervisory and management bodies | SUS | <u>[123](#i8db548564a6445a596e53267dcea4be4_104593)</u> |
| ESRS 2, IRO-1 | Description of the processes to identify and assess material <br>impacts, risks and opportunities<br>| SUS | <u>[58](#if9cd58b84ec84fc6bdb5e2b97ffd93ea_120385)</u> |
| G1-1 | Business conduct policies and corporate culture | SUS | <u>[123](#i8db548564a6445a596e53267dcea4be4_90185)</u> |
| G1-2 | Management of relationships with suppliers | SUS | <u>[124](#i8db548564a6445a596e53267dcea4be4_90186)</u> |
| G1-3 | Prevention and detection of corruption and bribery | SUS | <u>[125](#i8db548564a6445a596e53267dcea4be4_90188)</u>-<u>[126](#iddd8d8e4f9cf45a094b269cb724daf6f_0-0-16-4-72320)</u> |
| G1-4 | Incidents of corruption or bribery  | SUS | <u>[127](#i8db548564a6445a596e53267dcea4be4_90189)</u> |
| G1-6 | Payment practices | SUS | <u>[127](#i8db548564a6445a596e53267dcea4be4_90190)</u> |

---

\*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements

![Presentation_Master7.jpg](cdlr-20251231_g29.jpg)

## Cadeler's 2025 Sustainability Highl ights
![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Basis of preparation**

**How Cadeler prepared the Sustainability Statements in 2025**

____________________________________________________________________________

**ESRS 2 BP-1** – General basis for preparation of sustainability

statements frameworks and data selection

**Framework of the Sustainability Reporting**

Cadeler's Sustainability Statements has been prepared in accordance

with the European Sustainability Reporting Standards (ESRS) as

required by the Danish Financial Statement Act. As of 31 December,

2025, the Corporate Sustainability Reporting Directive (CSRD) also

requires limited assurance to be provided on the sustainability

information. The reporting period for the Sustainability Statements

covers the period from the 1 January 2025 to the 31 December 2025.

**Scope of the Sustainability Reporting**

The scope of consolidation for the Sustainability Statement does not

differ from the scope of consolidation applied in the Financial

Statements. The Sustainability Reporting covers value chain

sustainability matters where relevant, especially throughout the

disclosures of the Scope 3 emissions and ESRS S2 – Workers in the

Value Chain disclosures. Cadeler allocates resources on an annual

basis in accordance with planned sustainability related action plans.

However, the available data is not granular enough to determine the

exact CAPEX or OPEX allocated to specific action plans. As a result,

there is no comprehensive overview of the total resources allocated,

at this point in time, to any of the action plans related to the topical

disclosure requirements in the CSRD framework. In addition, Cadeler

has not yet calculated any anticipated financial effects of the impact,

risks and opportunities across the topical standards.

**Exceptions**

No specific information in this statement has been omitted due to

member state regulations or to protect any of Cadeler's intellectual

property, know-how or results of innovation.

**ESRS 2 BP-2 – Disclosures in relation to specific circumstances**

Whereas in the 2024 Sustainability Reporting Cadeler considered

long-term to cover a period of two to five years, the 2025

Sustainability Reporting adopts a broader perspective, with the long-

term referring to a period starting at two years and extending

indefinitely.

Taking into account the nature of its operations and the timing of the

impacts and dependencies across ESG matters, Cadeler considers

that a period longer than five years qualifies as long term and

remains fully part of the Company's strategy. This has resulted in the

following time horizons:

• Short term is defined as less than one year

• Medium term as one to two years

• Long term as more than two years

For some metrics, uncertainty stems from the measurement

techniques (i.e. waste measurements are required to take place in

cubic meters for compliance with MARPOL requirements whereas

CSRD requests units in tonnage).

For others metrics, uncertainty arises from the availability and quality

of data from the entity's upstream value chain (few suppliers are

currently able to provide primary data so calculations are largely

based on spend based data). Material sources of uncertainty are

explained throughout the report where relevant to specific metrics.

A significant portion of Cadeler's Scope 3 reporting is not based on

direct data obtained from its value chain. By definition, Scope 3 data

comes from upstream and downstream operations and therefore, the

Company's cannot control the collection of all information. A large

portion of the scope 3 footprint has been assessed using a model

developed to estimate the lifecycle carbon footprint associated with

the construction and operations of the Company's windfarm

installation vessels.

For many aspects feeding into Cadeler's overall scope 3 emissions,

the estimations of emissions are based on either a material or

process input with application of a conversion factor rather than

statements directly from the value chain on their emissions. Certain

categories are currently calculated using spend based data, which is

inherently associated with higher uncertainty than direct

measurements or estimates based on operational consumption data.

In addition, a description of the resulting level of accuracy is provided

for all data, including value chain data estimated using indirect sources.

In order to ensure the application of the Company's policies by

business partners, Cadeler requires them to acknowledge and sign the

Code of Conduct and to respect the principles and values that Cadeler

embraces. Cadeler is working on increasing the level of accuracy of

metrics that include value chain data estimated using indirect sources.

Reporting methodologies are disclosed within each ESRS section of

this report to describe the practices applied to the quantitative data

presented. In these descriptions, Cadeler presents information related

to the metrics included within the relevant ESRS section. These

methodologies disclose where data is subject to high levels of

measurement uncertainty, the sources of such measurement

uncertainty, and whether assumptions, approximations or judgments

have been applied.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Governance and organisation of sustainability matters** 

**ESG Governance**

_____________________

ESRS 2 GOV-1 – The role of the administrative management and

supervisory bodies

The Cadeler Group's Board of Directors consists of seven non-

executive members, of whom five (71.4%) are considered

independent members and none are employee-elected. All members'

CVs and merits are presented in the Management Review.

Two out of seven top managerial positions are held by women,

representing 28.6% of the Board of Directors. In the other managerial

positions, women hold three out of nine roles, meaning that 33.3% of

the Senior Leadership Team is composed by women.

The Chairman of the Board also serves as Chair of the Global Centre

for Maritime Decarbonisation, strengthening the insight on climate

issues within the Board of Directors. One member of the Board has

extensive knowledge of procurement and experience that is valuable

for topics such as potential impacts on workers and corporate

governance aspects of the value chain. Another Board member has

focused her career in recent years on the energy transition, and their

experience strengthens the Board's collective knowledge of climate

change and the risk and opportunities of decarbonisation.

Regarding other material issues, such as pollution, circularity and

impacts on the own workforce, Cadeler has subject matter experts

within its workforce that can be leveraged by the Board of Directors

and Executive Management. External advice can also be sought

whenever additional knowledge is required on any topic.

![Org_chart_sus_V01.jpg](cdlr-20251231_g30.jpg)

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Governance and organisation of sustainability matters**

*Continued from previous page*

To ensure that other ESG topics are managed in a manner consistent with industry standards and

expectations, all core ESG topics are owned by a department with relevant competencies:

• The Sustainability and Performance Department drives the Company's decarbonisation efforts and

overall sustainability strategy.

• Cadeler's People and Culture Department (onshore HR) and Marine HR Department (offshore HR)

are responsible for employment-related matters, including ensuring the Company follows up-to-

date labour standards, maintains a positive work environment and that personnel receive proper

training to keep up with potential changes arising from the transition to a sustainable economy.

• Cadeler has an Ethics and Compliance function that manages risks related to Company governance,

anti-bribery and corruption practices, human rights practices, etc. This function works in

coordination with the Procurement Department to push Cadeler's expectations for sustainability

practices towards Cadeler's supply chains and monitor supply chain risks due to issues such as

human rights and corruption.

• The Health, Safety, Environment and Quality (HSEQ) Department manages risks to workers in the

workplace and ensures that the Company's safety management system implements appropriate

measures to protect the health and safety of Cadeler's workforce.

• The Legal Department contributes to the preparation of the Sustainability Report through ongoing

regulatory monitoring, advising on governance-related matters, and ensuring that the Company's

operations remain aligned with applicable environmental and social standards.

• The Core Finance team oversees the preparation of non-financial reporting, performs internal audits

of sustainability data, and ensures the report's compliance with the Corporate Sustainability

Reporting Directive (CSRD).

The CEO has overall responsibility for important ESG matters and escalates issues to the Board of

Directors as they have the ultimate responsibility. A review of climate-related matters is conducted

periodically in coordination with the publication of the Annual Report. The Board uses this opportunity to

reassess how sustainability is embedded into the Company's strategy and governance framework. Other

important matters arising throughout the year are handled on an as-needed basis. Any matters

originating from Cadeler's employees are introduced to the Board of Directors through the CEO.

Cadeler's corporate governance framework is intended to decrease business risk, maximise value and

utilise the Company's resources in an efficient and sustainable manner for the benefit of shareholders,

employees and society at large.

The Board has delegated specific responsibilities for the management of material impacts, risks and

opportunities (IROs) and has established clear goals for the Company in its Corporate Social Responsibility

(CSR) policy and instructions to the Executive Management, both of which form part of Cadeler's corporate

governance documentation. The Board is responsible for ensuring that Cadeler has sound internal controls

and systems for risk management (including those in respect of corporate values, ethical guidelines and

guidelines for CSR) that are appropriate and in proportion to the nature and scale of the Company's

activities.

To support the Board on matters related to sustainability, a broad range of expertise is directly represented

at executive and senior leadership levels through subject matters experts including the Chief Sustainability

and Performance Officer, Chief People and Culture Officer and Chief Legal Officer.

The Board must, at a minimum, carry out an annual review of the Company's risk exposure and risks

management, including CSRD topics. The Board ensures that such reporting reflects the Company's

corporate social governance performance, strategy, policies and targets.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**ESG Processes and organisation**

*Continued from previous page*

**ESG Internal Communication**

____________________________________

ESRS 2 GOV-2 - Information provided to and sustainability

matters addressed by the undertaking's administrative,

management and supervisory bodies

The Board sets the overall direction for Cadeler's sustainability

engagement through approval of major policies, targets,

performance metrics, material IROs, and through its review and

approval of the Annual Report, including the Sustainability

Statements. Management's proposal for the material IROs is

presented in the first instance to the Audit Committee, and

subsequently to the Board of Directors. For the first time in 2024,

the Board of Directors considered all material IROs as part of its

review of Cadeler's Double Materiality Assessment (DMA).

Although Cadeler has a process to inform Management of material

IROs, the Company is implementing a formal structure to report on

its due diligence processes and the effectiveness of sustainability-

related IROs, consistent with its enterprise risk management

framework.

**ESG Performance and Incentives**

________________________________________

ESRS 2 GOV-3 – Integration of sustainability-related

performance into incentive schemes

Sustainability-related measures are included in the Company's

corporate key results and performance against such metrics is

considered in the determination of the annual bonus remuneration

for all Group employees, including members of the Company's

Management team. In 2025, sustainability-focused targets

represented 16.6% of the Company's corporate key results (with the

corporate key results having weighting of 70% in the calculation of

individual incentive awards, meaning that the portion of incentive

compensation directly linked to sustainability targets was 11.6%).

Climate-related considerations are not currently individually

factored into the remuneration of members of the Company's

administrative, management or supervisory bodies. The

sustainability-related metrics cover both safety culture, overseen by

the HSEQ department, and sustainability, managed by the

Sustainability and Performance department. Regarding safety

culture, the incentive is based on the level of implementation of the

management system. For sustainability, the metric used in the

calculation is the level of completion of sustainability training. These

targets are described in the Objectives and Key Results (OKR)

accessible to all employees via the Company's intranet.

Sustainability-related performance included in Cadeler

Remuneration Policy, sets out the principles for remuneration of the

Executive Management and the Board of Directors. The

Remuneration Committee reviews the remuneration annually, with

final approval by the Board of Directors.

**ESG Due Diligence**

________________________________________

ESRS 2 GOV-4 – Statement on due diligence

Cadeler aims to progressively strengthen the integration of

sustainability considerations into its governance, strategy and

operational decision-making processes. In 2024, the Company

established the position of Chief of Sustainability & Performance

Officer to support the integration of sustainability considerations

into its overall strategy. This role facilitates communication between

operational teams and Executive Management by keeping the

Executive Senior Leadership Team regularly informed of

sustainability-related impacts, risks and opportunities

The Audit Committee has overall responsibility for overseeing risk

management and internal control systems. In 2025, Cadeler further

developed its Internal Control over the Sustainability Reporting

(ICSR) framework.This includes the implementation of a new

reporting system for financial and sustainability information, thereby

supporting the Company in strengthening data monitoring and

further automating the reporting process.. In addition, Cadeler

decided to develop and implement additional preventive and

detective controls designed to reduce the risks of omissions and

misstatements in sustainability reporting.

In 2024, the Company conducted a DMA to identify and evaluate

material IROs. The process involved relevant internal functions and

subject matter specialists. The assessment considered:

• The potential and actual impacts of the Company's

activities on environmental and social matters; and

• The financial risks and opportunities arising from

sustainability-related matters.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-3_5.jpg](cdlr-20251231_g31.jpg)

**ESG Processes and organisation**

*Continued from previous page*

The outcomes of the DMA continue to inform the Company's

sustainability reporting and prioritisation of actions in 2025. The

Company intends to periodically review and update the assessment

to reflect changes in its activities and operating context.

In addition, a Human Rights Impact Assessment (HRIA) was

performed in early 2025 to identify salient human rights risks

associated with the Company's operations and supply chain. Based

on this assessment, the Company formalised a three-year plan aimed

at addressing identified human rights risks.

The Company has established policies and procedures intended to

promote responsible business conduct across its operations and

value chain. Before entering any business relationship, suppliers are

subject to an assessment carried out by Procurement and Health and

Safety to ensure compliance with Cadeler's policies. During the

Request For Quotation (RFQ), suppliers are requested to provide

information regarding their ISO certifications, including ISO 45001,

ISO 14001 and ISO 9001.

The Company's governance framework also includes:

• Supply Chain Code of Conduct that sets out requirements

for suppliers in relation to environmental management,

health and safety, human rights, labour practices, business

ethics and community-related matters,a

• An HSEQ framework including Health, safety, environmental

and quality considerations; and,

• A Sustainable Development Policy outlining commitments

relating to environmental protection, labour standards and

human rights.

While policies are in place, the Company acknowledges that further

development of procedures and monitoring mechanisms is ongoing

in order to strengthen oversight and consistency of implementation.

Cadeler plans to identify areas for improvements through the

sustainability ratings and questionnaires so that sustainability

considerations are progressively integrated into the Company's

strategy, governance and business model. In order to fully integrate

sustainability and improve due diligence, the Company plans to work

on ESG data so that the monitoring of the Company's actions can be

evaluated more precisely and the targets defined with more insights.

Sustainability due diligence is part of Cadeler's sustainability

performance and as such the Company considers that it needs to

keep progressing every year to contribute, where relevant, to

selected United Nations Sustainable Development Goals (SDGs)

through its policies, actions and targets. Cadeler has identified the

following goals to which it seeks to contribute:

• Good health and wellbeing,

• Decent work and economic growth,

• Affordable and clean energy,

• Reduced inequalities,

• Responsible consumption and production,

• Life below water,

• Climate action,

• Partnerships for the goals.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

---

| | |
|:---|:---|
| **CORE ELEMENTS OF DUE DILIGENCE** | **PARAGRAPHS/SECTIONS IN THE SUSTAINABILITY STATEMENT** |
| a) Embedding due diligence in governance, strategy and business model | •Disclosure of how administrative, management and supervisory bodies determine whether appropriate skills and expertise are <br>available or will be developed to oversee sustainability matters<br>•Information about identity of administrative, management and supervisory bodies or individuals within body responsible for <br>oversight of impacts, risks and opportunities<br>•Disclosure of whether, by whom and how frequently administrative, management and supervisory bodies are informed about <br>material impacts, risks and opportunities, implementation of due diligence, and results and effectiveness of policies, actions, <br>metrics and targets adopted to address them<br>|
| b) Engaging with affected stakeholders in all key steps of the due diligence | •Interests and views of stakeholders<br>•Description of methodologies and assumptions applied in process to identify impacts, risks and opportunities<br>|
| c) Identifying and assessing adverse impacts | •Description of methodologies and assumptions applied in process to identify impacts, risks and opportunities<br>•Description of material impacts resulting from material assessment<br>|
| d) Taking actions to address those adverse impacts | •E1: disclosure of transition plan for climate change mitigation<br>•E1: actions and resources related to climate change mitigation and adaptation<br>•E2: actions and resources related to pollution<br>•E5: actions and resources related to pollution<br>•S1: action plans and resources to manage its material impacts, risks and opportunities related to its own workforce<br>•S2: disclosures of actions on material impacts on value chain workers and approaches to managing material risks and pursuing <br>material opportunities related to value chain workers, and effectiveness of those actions<br>|
| e) Tracking the effectiveness of these efforts and communicating | •E1: Disclosure of whether and how GHG emissions reduction targets and (or) any other targets have been set to manage material <br>climate-related impacts, risks and opportunities<br>•E1: Tracking effectiveness of policies and actions through targets<br>•E2: Tracking effectiveness of policies and actions through targets<br>•E5: Tracking effectiveness of policies and actions through targets<br>•S1: Targets set to manage material impacts, risks and opportunities related to own workforce<br>•S2: Disclosure of targets related to managing material negative impacts, advancing positive impacts and managing material risks <br>and opportunities<br>|

---

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**ESG Processes and organisation**

*Continued from previous page*

**Managing ESG reporting Risks and Controls**

______________________________________________________

ESRS 2 GOV-5– Risk management & internal controls over sustainability

reporting

Cadeler integrates sustainability-related risks into its overall

enterprise risk management (ERM) framework, ensuring these risks

are assessed and monitored alongside broader risks. The process

provides a structured approach for identifying and evaluating risks.

The risk assessment covers sustainability-related risks such as working

conditions, health and safety, anti-corruption and bribery, and

climate change. Risks are prioritised based on likelihood, potential

impact, and time horizon. Mitigating actions are defined and

implemented by designated risk owners in collaboration with relevant

functions. Cadeler's sustainability-related risks and associated actions

are disclosed within the relevant ESRS sections of this Sustainability

Statement. Cadeler has established internal controls over

sustainability reporting aimed at reducing the risk of

misstatements or incomplete information. In preparing its

Sustainability Reporting, Cadeler manages each business element

linked to the sustainability data to be published by:

• Ensuring the integrity and consistency of Internal Control

over Sustainability Reporting (ICSR),

• Identifying and assessing the risks and providing the Audit

Committee an objective perspective on potential exposure,

• Evaluating the existence, adequacy and design of controls

to ensure the reliability of Sustainability Reporting,

considering its materiality and complexity,

• Monitoring execution of controls in accordance with the

definitions set out in the risk and control matrices, through

inspection of supporting evidence and consultation with the

controls owners (scheduled for implementation in 2026),

• Contributing to the implementation of the corrective actions

identified through reviews of ICSR, and

• Assessing and evaluating ICSR supporting documentation,

confirming that all risks and controls have been properly

documented (to be carried out in 2026).

Risks identification must consider the concept of DMA as defined in

the CSRD. DMA aims to identify, assess and categorize IROs. Control

activities are designed to prevent errors or fraud that could affect

Sustainability Reporting and, more broadly, Cadeler's ESG strategy.

Accounting manuals have been developed for ESRS datapoints to

establish data collection and recording processes and facilitate

review. Sustainability data undergo at least two levels of review, and

each datapoint is reviewed by someone other than the individual

responsible for its collection prior to publication of this report.

Cadeler began integrating sustainability reporting into its systems in

2025 and will continue enhancing this automation in 2026.

As a fast-growing Company, Cadeler acknowledges that its expansion

creates new risks. Accordingly, Cadeler takes into account the

evolving context of the Company, including, for example:

• An increasing number of assets,

• A growing workforce,

• Expansion into new markets.

The Audit Committee reviews both sustainability and financial

reporting. Review of Sustainability Reporting occurs on an annual

basis, while review of the processes and resources dedicated to

sustainability reporting has occurred as needed throughout the year.

The findings from the risk assessment and internal control activities

related to the sustainability reporting process are integrated into the

operational processes. Identified risks and control deficiencies are

communicated to the relevant functions, including the Sustainability

and Core Finance. Based on these findings, corrective actions and

control enhancements are defined and incorporated into existing

procedures, such as data collection protocols, validation controls and

reporting guidelines. Core Finance coordinates the implementation of

these improvements. Alignment with the Company's overall internal

control framework will be integrated in the coming years. Significant

findings and remediation actions are reported to Senior Leadership

and, where relevant, to the Audit Committee. Progress on the

implementation of corrective actions will be monitored periodically to

ensure continuous improvement of the reliability and robustness of

the sustainability reporting process. Risks were identified for each

sub-process based on their ESG impact and likelihood of occurrence.

Data collection is inherently subject to some level of measurement

uncertainty. Uncertainties exist for some variables that are difficult to

measure and which require a proxy, while some datasets are based

on sampling. Some factors require assumptions in order to either

calibrate data or fill in data gaps. Examples include using financial

spend-based estimates for certain categories of scope 3 emissions,

application of proxies for data gaps. Where Cadeler uses proxies,

assumptions, conversion factors, etc., it aims to have multiple people

involved in the decision-making process to ensure that the reasoning

applied is backed by sound argumentation. The data collection

process is conducted by the end of the year to ensure the most up-

to-date information is reviewed and disclosed. A CSRD compliance

check is performed to ensure the disclosures meet ESRS

requirements. Both data collection processes are internally audited to

ensure they meet reporting requirements.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Strategy, business model and value chain**

*Continued from previous page*

---

| | | | |
|:---|:---|:---|:---|
|  | **Sustainability Mission** | **Targets** | **Deep dive** |
| **Environment** | **Efficient operations with fewer emissions for every** <br>**wind turbine installed, promoting circularity of** <br>**resources and protecting the ecosystems and** <br>**communities where Cadeler operates** | **2030:** | ESRS E1 |
| **Environment** | **Efficient operations with fewer emissions for every** <br>**wind turbine installed, promoting circularity of** <br>**resources and protecting the ecosystems and** <br>**communities where Cadeler operates** | Reduce company-wide scope 1 and 2 emissions intensity by 50% | ESRS E2 |
| **Environment** | **Efficient operations with fewer emissions for every** <br>**wind turbine installed, promoting circularity of** <br>**resources and protecting the ecosystems and** <br>**communities where Cadeler operates** | Source 100% of the electricity consumption from renewable sources | ESRS E5 |
| **Environment** | **Efficient operations with fewer emissions for every** <br>**wind turbine installed, promoting circularity of** <br>**resources and protecting the ecosystems and** <br>**communities where Cadeler operates** | Reduce waste from own operations by 50% |  |
| **Environment** | **Efficient operations with fewer emissions for every** <br>**wind turbine installed, promoting circularity of** <br>**resources and protecting the ecosystems and** <br>**communities where Cadeler operates** | **2035:** |  |
| **Environment** | **Efficient operations with fewer emissions for every** <br>**wind turbine installed, promoting circularity of** <br>**resources and protecting the ecosystems and** <br>**communities where Cadeler operates** | Deliver net-zero operations |  |
| **Environment** | **Efficient operations with fewer emissions for every** <br>**wind turbine installed, promoting circularity of** <br>**resources and protecting the ecosystems and** <br>**communities where Cadeler operates** | Reduce Scope 3 emissions by 35% |  |
| **Social** | **Maintain a safe, engaging, diverse, equitable and** <br>**inclusive work environment on and offshore** | **2025:**  | ESRS S1 |
| **Social** | **Maintain a safe, engaging, diverse, equitable and** <br>**inclusive work environment on and offshore** | 30% women in leadership positions  | ESRS G1 |
| **Social** | **Maintain a safe, engaging, diverse, equitable and** <br>**inclusive work environment on and offshore** | **2030:** |  |
| **Social** | **Maintain a safe, engaging, diverse, equitable and** <br>**inclusive work environment on and offshore** | 40% women in leadership positions  |  |
| **Social** | **Maintain a safe, engaging, diverse, equitable and** <br>**inclusive work environment on and offshore** | **Ongoing priorities:** |  |
| **Social** | **Maintain a safe, engaging, diverse, equitable and** <br>**inclusive work environment on and offshore** | Aim for zero lost time incidents and zero recordable cases |  |
| **Social** | **Maintain a safe, engaging, diverse, equitable and** <br>**inclusive work environment on and offshore** | Promote inclusivity in the workplace and zero tolerance for discrimination and harassment |  |
| **Social** | **Maintain a safe, engaging, diverse, equitable and** <br>**inclusive work environment on and offshore** | Ensure fair labour practices and develop promote respect for human rights |  |
| **Governance** | **Operate the business ethically and aim to** <br>**implement practices that also hold Cadeler's** <br>**supply chain to the same standard** | **2030:** | ESRS S2 |
| **Governance** | **Operate the business ethically and aim to** <br>**implement practices that also hold Cadeler's** <br>**supply chain to the same standard** | Work towards having all Cadeler's key suppliers commit to the Supply Chain Sustainability Code of Conduct | ESRS G1 |
| **Governance** | **Operate the business ethically and aim to** <br>**implement practices that also hold Cadeler's** <br>**supply chain to the same standard** | **Ongoing priorities:** |  |
| **Governance** | **Operate the business ethically and aim to** <br>**implement practices that also hold Cadeler's** <br>**supply chain to the same standard** | Promote sustainability across value chain |  |
| **Governance** | **Operate the business ethically and aim to** <br>**implement practices that also hold Cadeler's** <br>**supply chain to the same standard** | Perform supplier screening and due diligence for business ethics, human rights and environmental practices |  |

---

![E.gif](cdlr-20251231_g32.gif)

![CHECK.gif](cdlr-20251231_g33.gif)

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Strategy, business model and value chain**

*Continued from previous page*

**Cadeler's Business Model**

________________________________

ESRS 2 SBM-1 – Strategy, business model and value chain

Cadeler's core business involves the safe, reliable and high-quality

installation of offshore wind turbines using cutting-edge specialised

Wind Turbine Installation Vessels (WTIVs). These vessels, which

Cadeler builds, owns and operates, are designed to operate

efficiently in challenging offshore environments, and Cadeler

continually invests in new vessels with innovative technologies and

processes to reduce emissions and minimise environmental impact.

Cadeler's key inputs from a sustainability perspective include fuel

and energy for vessel operations, materials and components used in

fleet maintenance and upgrade projects, and the skills and expertise

provided by the workforce and suppliers. These inputs are sourced

through our operational activities and established supplier

relationships across the value chain.

Cadeler collaborates closely with developers, suppliers and other

operators to ensure timely and safe project execution. Cadeler has

offices in Denmark, the United Kingdom, Taiwan, Japan, Monaco

and the United States. Currently, the Company has vessels operating

off the coasts of Europe, Taiwan and the US. For further information

about the business model, please refer to the "Business Review".

An overview of the Company's business is presented in the

Management Review, in the This is Cadeler section. Key figures

relating to employee head count are presented below, in the

Management of the own workforce. Total revenue for the financial

year is presented in the Management Review, in Key Financial

Figures.

**Cadeler's Strategy towards a Sustainable Future**

____________________________________________________________

Despite ongoing geopolitical uncertainties around the world, Cadeler

expects that the offshore market will continue to grow at a rapid pace.

Cadeler is well positioned to support the expansion of the offshore

renewables market, with a strategy built on delivering reliable,

efficient and lower-carbon services to the industry, thereby enabling it

to meet the growing global demand for renewable energy.

Cadeler recognises its role in supporting the energy transition and

advancing the industry's move toward alignment with the Paris

Agreement. Cadeler's strategic focus is to embed sustainable

practices and mindsets across its operations, allowing the Company

to build alliances around a shared vision, and create long-term value

for the Company's shareholders.

To achieve this priority, Cadeler has implemented a Sustainable

Development Framework which is based on Company's growth and

reviewed periodically. The Sustainable Development Framework is

committing to leadership in matters of environment, health and

safety, employment and corporate responsibility, both internally and

across the value chain. Cadeler pursues long-term objectives

towards sustainable growth, prioritising decarbonisation, operational

excellence and improving the circularity of its operations – while

ensuring the highest standards of ethics and compliance. These

goals and ambitions apply to the entire business of Cadeler,

focusing on offshore wind installation and O&M services.

Cadeler's sustainability-related goals currently apply to all its operations.

As the Company currently provides only offshore wind installation and

maintenance services, these goals cover its entire business. If Cadeler

expands into activities with different sustainability considerations in the

future, it will establish specific goals appropriate to those operations.

Cadeler supports the Global Compact's 10 Principles and the 17 UN

Sustainable Development Goals (SDG). The Company focuses on 8

SDG goals, relevant to its operations, using them to guide the

sustainable development strategy.

![image.gif](cdlr-20251231_g34.gif)

![image-2.gif](cdlr-20251231_g35.gif)

![image-3.gif](cdlr-20251231_g36.gif)

![image-4.gif](cdlr-20251231_g37.gif)

![Presentation_Master10.jpg](cdlr-20251231_g38.jpg)

**Strategy, business model and value chain**

*Continued from previous page*

**Creating value with Cadeler's partners**

________________________________________________

Cadeler actively engages with its value chain partners to promote

ethical conduct, sustainable practices across their products and

services, and respect for human rights. Cadeler's key value chain

activities are illustrated below and include the construction of vessels,

the manufacture of vessel equipment, the manufacture of project-

specific equipment, energy and electricity (hydrocarbon fuels and

some renewables), engineering services, the provision of vessel

consumables and stores, the transportation of personnel and

equipment, and port services.

**The icons displayed above are further detailed in the Double Materiality Outcome.**![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Double Materiality Assessment**

**Stakeholders's ESG engagement**

_________________________________________

ESRS 2 SBM-2 – Interests and views of stakeholders

In 2024, the outcome of the DMA, based on consultation with Cadeler's main stakeholders, was aligned

with the topics previously identified by Cadeler. So stakeholders' engagement generally reaffirmed that the

key focal points of Cadeler's sustainability strategy are on the right track. A reassessment of marginally

immaterial topics has been performed in 2025. Further information is elaborated in the Cadeler DMA

approach in 2025. In general, stakeholder engagement is used to either reaffirm the direction of the

sustainability strategy or to identify areas where the current strategy may deviate from stakeholder

expectations. Where any gaps are identified between the Company's current approach and stakeholders

expectations, Cadeler aims to use stakeholder feedback to inform potential changes to its strategy,

including policies, actions, and targets.

Cadeler engaged with different stakeholders in a variety of ways. The use of multiple approaches highlights

the diversity of stakeholders and reflects tailored engagement methods, ensuring that the Company

understands the stakeholders' ESG expectations and industry standards. Engagement with the different

stakeholders has been coordinated by Sustainability and Performance, under the responsibility of the Chief

of Sustainability.

Cadeler plans to improve its process for engagement of stakeholders on an annual basis. Firstly, to ensure a

balanced distribution and holistic perspective, external stakeholders need to be selected based on distinct

clusters of stakeholders involved in or affected by the Company's operations. Participants need to be chosen

to represent these clusters adequately, ensuring that all relevant perspectives are accounted for in the final

results. Regarding the management and employees' selection, it is important to ensure a representative and

balanced selection by including employees from various departments and geographical regions, to obtain

feedback from a diverse cross-section of the workforce. Then, Cadeler expects to experiment with many

processes to get feedback: from one-to-one interviews, focus groups/workshops/online surveys or academic

and sector research or documentation analysis. The CSRD defines the frequency of sustainability reporting

under the ESRS as annual. However, Cadeler concludes, based on appropriate evidence, that the outcome

of the prior reporting period's DMA is still relevant at the reporting date, so the preparation of the

Sustainability Statement as of 31 December 2025 uses the conclusions reached in 2024.

For the 2025 reporting year, no significant amendments were made to the business strategy or the

reporting model as a result of stakeholder engagement.

---

| | | |
|:---|:---|:---|
| **Stakeholders** | **Engagement** | **Purpose** |
| Customers & business partners | One-to-one meetings focused on <br>ESG topics, client questionnaires, <br>website reviews and audits.<br>| Ensures alignment on ESG goals <br>and understanding of client <br>expectations.<br>|
| Employees  | Workshops involving representatives <br>from various departments with a <br>focus on internal ESG initiatives.<br>| Ensures employee perspective, drives <br>ESG initiatives and informs company <br>sustainability practices.<br>|
| Value chain workers | Indirect engagement through <br>supplier and procurement activities. <br>Staying up to date with guidance <br>from organisations such as UN Global <br>Compact. <br>| To ensure ethical labour practices <br>and sustainability in the supply <br>chain.<br>|
| Industry bodies & regulators | Engagement with working groups on <br>regulated topics using industry group <br>guidance for shaping ESG policies.<br>| To stay informed on industry <br>standards, share best-practices and <br>contribute to sector-wide <br>sustainability efforts.<br>|
| Investors & Banks | Questionnaires, inclusion of ESG <br>requirements in financing <br>agreements and focus on standards <br>such as SFDR and SASB that are <br>broadly used in the financing sector.<br>| To ensure alignment with investor <br>expectations around sustainability <br>and ESG reporting, ensure Cadeler <br>complies with requirements for green <br>financing instruments.<br>|
| Suppliers | Collaboration with procurement <br>departments, internal workshops and <br>reviews of supplier websites for ESG <br>practices.<br>| To assess suppliers' ESG practices <br>against international standards and <br>ensure responsible sourcing and <br>sustainability in the supply chain.<br>|

---

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Double Materiality Assessment**

*Continued from previous page*

**Financial effects of Cadeler's ESG topics**

__________________________________________________

● ESRS 2 SBM-3 – Material impacts, risks and opportunities and their

interaction with strategy and business model

**E1 Climate change**

● Climate change adaptation: Climate change poses a range of

acute risks to Cadeler and its supply chain. These risks include

potential unavailability of critical products, delays in vessel or

equipment delivery, and disruptions to port operations, all of

● which can impact project timelines and costs. Additionally,

extreme weather events and changing climate conditions may

result in higher insurance premiums and increased operational

challenges. These climate-related impacts can have significant

consequences for both the Company and its stakeholders,

affecting financial performance.

● Climate change mitigation: Climate change mitigation presents

both challenges and opportunities for Cadeler. Risks include

constraints on access to alternative fuels and the increasing cost

of carbon, which may increase operational expenses. New climate

● protection legislation could impose additional compliance costs

or require significant adjustments to business practices. For

instance, the carbon pricing scheme ETS 2 requires polluters to

pay for their GHG emissions while generating revenues to finance

the green transition. Shipping companies are required to monitor

and report their emissions and surrender a corresponding

number of emission allowances. From 2027, Cadeler will be

required to report 100% of its carbon emissions. However, these

changes also bring opportunities, such as incentives for

advancements in renewable energy markets and potential cost

reductions through the adoption of more sustainable

technologies and practices.

● Energy: Energy-related challenges and opportunities are also

important for Cadeler. Improvements in energy efficiency can lead

to cost reductions and potentially provide a competitive advantage

in the market. However, the limitations shore power due to

insufficient local grid infrastructure could result in continued reliance

on onboard power generation and increased operational costs.

**E2 Pollution**

Microplastics: Pollution, including the presence of microplastics in the

environment, presents potential financial risks for Cadeler. Changes in

EU packaging legislation could lead to increased products costs or

challenges related to the availability of compliant materials, affecting

both supply chain costs and product delivery. Additionally, compliance

● with flag state requirements may impose additional operational and

compliance costs. These factors could result in fines, sanctions, and

reputational damage, as well as increased insurance premiums.

Adapting to evolving regulations and mitigating pollution-related risks

will be crucial to managing both financial and operational impacts.

Pollution of air: Air pollution regulations pose significant financial

and operational risks for Cadeler. Non-compliance with Emission

Control Areas (ECAs) or NOx limits could result in fines, sanctions,

and reputational damage. In response to increasingly stringent

environmental regulations, there may be a mandatory requirement

to install Selective Catalytic Reduction (SCR) systems on O-class

vessels and Wind Scylla, which could lead to substantial capital

expenditure related to retrofitting. In addition, extreme weather

events linked to climate change could disrupt operations, delay

projects, and increase operational costs. The combination of stricter

regulations and climate impacts may also influence access to

capital, as investors and lenders increasingly consider sustainability

and environmental risks in their decision-making processes.

Pollution of water: Effective control of water pollution has the

potential to provide Cadeler with a competitive advantage,

demonstrating environmental responsibility and compliance with

regulations. However, any adverse incident related to water

pollution—such as spills or contamination—could significantly

undermine this advantage, affecting the Company's reputation and

public perception. Such incidents could also result in increased

regulatory scrutiny, fines, and additional operational costs,

highlighting the importance of maintaining robust environmental

practices to safeguard both the Company's market position and

public trust.

**E3 Water and marine resources**

Water & Marine resources - Water discharges into the oceans:

Uncontrolled or unplanned water discharges into the ocean pose a

significant risk to both the environment and Cadeler's reputation.

Such discharges could negatively impact marine resources and local

water quality, leading to regulatory fines, sanctions and potential

reputational damage. In addition to the environmental

consequences, public perception of the Company could be

affected, making it crucial to implement stringent control measures

to prevent such incidents and ensure compliance with

environmental standards.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Double Materiality Assessment**

*Continued from previous page*

● **E4 Biodiversity and ecosystems**

● Impacts on the state of species: Concerns regarding species

population levels and the potential impacts on biodiversity could

lead to cancellations of wind farm projects currently in the pipeline,

particularly if development sites are found to be in critical habitats.

Additionally, stricter environmental regulation could impose

limitations on working schedules, particularly during sensitive

breeding and migration periods for protected species, which may

further delay project timelines and increase operational costs.

**E5 Resource use and circular economy**

● ● Resources inflows, including resource use: The transition to a circular

economy introduces both opportunities and risks for Cadeler,

particularly in terms of resource inflows and the use of resources. The

limited availability of critical materials could disrupt operations and

lead to project delays or increased costs. Additionally, the increasing

pricing on materials, including steel, driven by supply chain constraints

and market volatility, could further increase operational expenses.

These challenges underscore the importance of securing sustainable

supply chains and assessing alternative materials to mitigate risks

associated with resource availability and price volatility.

● Resources outflows related to products and services: In the context

● of a circular economy, resources outflows associated with the

disposal of products and services are becoming increasingly

important. More stringent EU regulation on vessel

decommissioning could result in higher costs due to enhanced

environmental and safety standards, requiring more complex and

potentially costlier processes for disposal and recycling. Similarly,

the introduction of stricter requirements for other equipment could

lead to increased operational expenses, as businesses may need to

invest in more sustainable and compliant solutions. These

regulatory developments emphasise the need for forward-looking

strategies in equipment lifecycle management and waste reduction.

● Waste: Effective waste management becomes increasingly

important for Cadeler's operations. Improper waste disposal or

non-compliance with evolving regulatory requirements could lead

to fines and sanctions, as well as damage to the Company's

reputation. Stricter requirements for waste handling and recycling

may further complicate operations, increasing both the cost and

complexity of compliance. The risk of non-compliance

underscores the importance of robust practices and proactive

● management to avoid potential legal and financial penalties.

**S1 Own Workforce**

The working conditions of Cadeler's employees may materially

impact operations as health and safety are paramount in the

shipping industry. Any incident at the industrial sites could result

in financial losses due to penalties and compensations related to

the incidents and adverse reputation impacts. Incidents can also

take the form of harassment towards employees. Such incidents

could lead to lost time, sick leave, a diminution of motivation and

● less overall efficiency in the team in general. Consequently, it

could result in higher costs for the Company which Cadeler seeks

to anticipate and prevent.

**S2 Workers in the Value Chain**

Working conditions are also considered a risk for the workers in

the value chain, particularly from a training and skills development

perspective. Cadeler considers that strong performance can

increase efficiency and quality of services and products delivered

to Cadeler. Thus, the risk is mainly driven by cost efficiency

considerations.

Forced labour poses reputational risks from a financial

performance perspective. Any incidents of forced labour within

the supply chain may affect the Cadeler's brand and reputation.

The Corporate Due Diligence Duty is considered by Cadeler as

part of its business and the Company seeks to manage this

process as an inherent part of its business practices to avoid any

costs, mainly fines, and impact on the revenue including loss of

business.

The protection of personal data represents matter that could bring

significant financial risks, particularly since the GDPR entered into

force. Any breach in terms of privacy that could appear within the

value chain would be financially and economically damaging to

Cadeler as improper management of personal data by Cadeler

could result in fines. An insecure whistleblower hotline may also

adversely affect the Company image and consequently its

commercial performance.

**G1 Corporate Culture**

Any incident related to corruption or bribery could result in

adverse impacts on the Cadeler's brand, as well as fines and

increased legal defense costs. Management of suppliers'

relationship could affect suppliers' willingness to engage with

Cadeler. This could affect the ability to procure necessary services

and goods, the possibility to improve cost efficiency, and Cadeler

can be liable for wrongdoing of a supplier in certain jurisdictions.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Double Materiality Assessment**

*Continued from previous page*

**Resilience of Cadeler's Strategy and Business Model** 

____________________________________________________________________

Cadeler works to meet the ESG requirements of the countries in

which it operates. The Company aims to deliver effective monitoring

of its impact on these subjects, ensuring that risks associated with its

operations are appropriately identified and managed. To sufficiently

manage sustainability-related impacts, the organisation must

consider all the issues relevant to its operations, such as:

• Environment: Air pollution, water pollution, sewage

management, waste management, soil contamination,

climate change mitigation and adaptation, and resource use

and efficiency,

• Social: Working conditions, equal treatment and equal

opportunities for all, and other work-related rights

• Governance: Corruption and bribery, corporate culture, and

the management of relationships with suppliers including

payment practices.

To control and improve environmental and social performance,

Cadeler has a management manual, an HSEQ policy and a

sustainable development policy in place. These documents outline

the corporate practices for working towards a more sustainable

future, by maximising positive environmental impacts, minimising and

taking accountability for negative impacts. Cadeler's ISO 14001:2015

certified environmental management system establishes a framework

formal policies, processes and requirements implemented to

minimise environmental impacts from its operations. It covers all

Cadeler's vessels, operational sites, offices and activities. A dedicated

Ethics and Compliance (E&C) function has been established to be

able to monitor the performance of the Company and to set

ambitious targets in this area. Regulatory requirements can become

more restrictive, and it is important to anticipate such developments

and address them at an early stage.

Emissions for Scope 1, Scope 2 and Scope 3 activities are tracked and

reported annually. To report on emissions, Cadeler looks to the GHG

Protocol Corporate Standard as its guide. The Company uses the

definition of operational control to set its organisational boundary,

and therefore aims to account for emissions from all facilities and

assets where it has the authority to introduce and implement

operating policies. Cadeler has monitoring equipment installed on

board its vessels to track the consumption of fuel, lube oils and other

substances that eventually result in the release of CO₂ and other GHG

into the atmosphere. The marine gas oil purchased is required to

meet the sulphur emission caps applicable in the North Sea and

Baltic regions (0.1% concentration). Additionally, NOx emissions from

the vessels may not exceed the upper limits set out in MARPOL

Annex VI.

The Company monitors consumption of F-gases used as refrigerants.

Cadeler also has a water management plan in place, under which the

fresh water consumption is tracked and any discharges of ballast

water or grey water from the vessels are recorded. Another core

element of environmental management on board the vessels is the

garbage management plan. Cadeler records its total waste

generation and ensures waste segregation onboard enabling proper

management when waste is offloaded on the quayside. The vessels

also have a shipboard marine pollution emergency plan, which

outlines the practices intended to prevent spills into the ocean. It

ensures that crews are trained to respond in the event of an incident

and have the necessary clean-up equipment available.

Sustainability is part of Cadeler's business model through the

Company's contribution to climate change mitigation. However,

the shipping sector represents around 3% of global greenhouse

gas emissions. In response, the Company is taking steps to

enhance operational efficiency and reduce emissions where

feasible. As a fast-growing Company, Cadeler is still developing

its business model but the strategic direction towards a more

sustainable economy is clear. Even if the regulatory environment

is evolving slowly, the Company's objective is to stay ahead of

European and National directives and legislation. For this reason,

sustainable data management is embedded in the Company's

short-term and long-term strategy. The competitiveness of the

Company depends on its ability to anticipate and address

sustainability-related issues in the coming years. Cadeler has

designated dedicated departments responsible for managing

decarbonisation, sustainable development and environmental

matters.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Double Materiality Assessment**

*Continued from previous page*

**Impact, Risk and Opportunity management**

_______________________________________________________

ESRS 2 IRO-1 - Description of the process to identify and assess

material impacts, risks and opportunities

As a large Company, Cadeler is required to disclose its material IROs,

which are in turn mapped to sustainability matters (i.e., topics,

subtopics, sub-sub-topics). In 2025, Cadeler assessed that no

significant events occurred that would trigger a major change in the

DMA, meaning that the IROs remained the same as those disclosed

in the 2024 Annual Report.

The process conducted in 2024 for the identification of IROs began

with an assessment of the Company's overall context. To determine

the material topics, the Company first analysed its activities, business

relationships, value chain, affected stakeholders, and strategic

objectives.

Various stakeholders were involved, including internal specialists.

Cadeler overhauled its process for the performance of a materiality

assessment as compared to previous years to comply with the DMA

requirements under the CSRD. The process was divided into the

following steps:

**Preparation**

This step involved defining a long list of potentially material topics to

be included in the DMA. Cadeler considered all topics required in the

ESRS, including industry-specific topics from existing analyses and

material topics identified in previous years. The outcome was a

comprehensive list of potentially material ESG topics used for the

next step of the process.

**Identification**

This step involved gathering information relevant to assessing the

impact and financial materiality of the various topics. Cadeler

mapped its value chain and identified where IROs occur, set scope

boundaries, identified separate business areas, geographical linked

IROs, and received feedback from internal and external stakeholders

regarding their perception of relevant IROs. This step resulted in a

mapped value chain and a long list of IROs to be assessed for

materiality.

**Assessment**

In this step, Cadeler assessed the identified IROs for impact and

financial materiality. Workshops were conducted in which IROs were

reviewed line by line, first discussed by internal subject matter experts

and then ranked based on a defined set of criteria. IROs were ranked

for impact materiality based on scope, scale, irremediability and

likelihood, while they were ranked for financial materiality based on

the severity of the financial impact and likelihood. Based on the

scoring (from 1 to 5 for impact materiality and from 1 to 20 for

financial materiality), the ranking was classified into four categories:

insignificant, low, material, and critical. Cadeler chose to apply both

approaches in order to align financial materiality with the risk

approach already used for the Financial Statements. The results were

consolidated and calibrated before being presented to Executive

Management and the Audit Committee for final approval.

**CSRD Preparation**

Based on the results of the DMA, the material topics were mapped to

relevant ESRS disclosure points. Cadeler identified applicable

disclosure requirements and performed a gap assessment in 2024,

involving internal data owners, resulting in a list of material disclosure

requirements and datapoints. In 2025, the list of material disclosure

requirements was reviewed, with no changes to the scope of

disclosures, except for phase-in data points that became mandatory

due to Cadeler's headcount exceeding 750 employees.

The connections between impacts and dependencies and the

associated risks and opportunities have been analysed to ensure the

business is not jeopardized. A climate-risk assessment has been

conducted to ensure that Cadeler's assets and activities are not

significantly threatened by these impacts and dependencies. At the

same time, the organisation participates in an annual assessment of

its impacts and opportunities as part of the CSRD reporting process.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Double Materiality Assessment**

*Continued from previous page*

**Cadeler DMA approach in 2025**

_______________________________________

In 2025, Cadeler reassessed topics that were marginally immaterial

in 2024.

Cadeler endeavoured to identify the business risks and

opportunities that ESG topics could bring. Cadeler considers that

ESG risks are pervasive and can affect the balance sheet, the P&L,

the cash flow in short-, medium- and long-term. Cadeler

organized workshops aiming to identify whether any change in

circumstances occurred, which would have conducted to a new

IROs assessment. It resulted from this analysis that no additional

material IRO needed to be disclosed.

In accordance with EFRAG implementation guidance, a value chain

mapping was prepared covering Cadeler's key business segments,

activities, stakeholders, resources, customers, and geographical areas,

together with a mapping of upstream and downstream activities and

their associated internal and external resources. Every sustainability-

related risks within the value chain are presented to the Audit

Committee in the same manner as other types of risks. The Audit

Committee reviews all risks during the meeting, and the prioritisation

of the risks is discussed in this context.

In 2025, the results of the DMA were submitted to Executive

Management, which approved maintaining the same reporting

scope as in 2024, as no major changes to the business model

occurred. As in 2024, Cadeler has not yet formally integrated the

DMA into its overall business risk management processes. And yet,

the results of the DMA have been communicated to those

responsible for overall business risk management. Cadeler has not

yet determined how these processes can be more closely

integrated in future iterations. Cadeler intends to further elaborate

on this process in 2026.

**Non-material topical standards**

_______________________________________

No material IROs were identified for either S3 or S4 due to the

nature of Cadeler's business which is offshore and service oriented

rather than product oriented. During the 2024 DMA, IROs were

identified for E3, but this was not assessed as material and

therefore, not reported in the Sustainability Reporting. Cadeler

considered its water withdrawals, water consumption, and water

discharges in its assessment. Water extraction and consumption

were not considered material due to operation in areas that aren't

normally facing water shortages along with the ability to convert

seawater to fresh water on most of its vessels. Discharges were not

considered material as Cadeler treats blackwater and ballast water

onboard its vessels, and reports any potential pollution risks under

E2. For E4, Cadeler considered direct impact drivers of biodiversity

loss, including how the Company's contribution to climate change,

seabed impacts, potential collisions with wildlife, ballast exchanges,

and noise disturbances may affect biodiversity. E4 has been

identified as material in 2025 reassessment. Cadeler uses the

phase-in option and is getting prepared to disclose information as

respect in 2027.

**Biodiversity Materiality Assessment** 

_____________________________________________

Cadeler assessed Biodiversity and ecosystems as material from the

financial perspective. The assessed material IRO is the potential

cancellation of windfarms, limitations on working schedules and

potential for slowed growth of the industry due to limited available

zones for deployment or general public disapproval due to

impacts on species. Cadeler assessed that its own operations have

limited and largely temporary biodiversity impacts, mainly during

installation phases. Cadeler notes that the downstream value chain

(i.e. windfarm owners) have a longer term impact with a change in

sea-use within the offshore windfarm sites, but Cadeler has limited

control over windfarm developments.

Regardless, Cadeler acknowledges that biodiversity has become an

increasingly important topic and intends to outline a biodiversity

strategy in the coming years. Cadeler's sustainable development

policy and HSEQ policies currently commit to reducing impacts on

the environment but do not currently make specific mention of

biodiversity. Cadeler will consider how to address the topic during

the next scheduled review of Company policies.

Cadeler has not yet set specific targets related to biodiversity, but does

take relevant actions to avoid negative impacts on biodiversity. The

Company's fleet operates in compliance with IMO MARPOL

requirements, some of which are aimed at avoiding negative impacts

on marine ecosystems. Cadeler's vessels operate with ballast water

treatment plants onboard; the vessels follow approved ballast water

management plans; Cadeler has performed patch tests for new paint

coatings in an attempt to find suitable less impactful products; the

Company uses noise mitigation measures for foundation installations in

areas assessed to have sensitive marine mammal populations and aims

to reduce its air emissions to reduce contribution to climate change and

other pollutant levels, which can have negative impacts on ecosystems.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-2_1.jpg](cdlr-20251231_g39.jpg)

**Double Materiality Assessment**

*Continued from previous page*

ESRS 2 IRO-2 - Disclosure requirements in ESRS covered by the undertaking's sustainability statement

Please see the section "ESRS 2 - Data points that derive from other EU legislation" and "Disclosure

requirements & incorporation by reference".

Sustainability program is directly linked to the tables in annual report. Cadeler considers that its activities did

not change sufficiently in 2025 to justify any change to the identified material topics. However, as several

questions about Biodiversity impacts and dependencies were raised throughout the year, the

Decarbonisation and Performance department assessed the Biodiversity topic, resulting in the identification

of a material risk. Cadeler chose to apply the Phase-in option and the Biodiversity topic will therefore be

disclosed in the 2027 Sustainability Report. Since data collection for Biodiversity is particularly complex and

Cadeler aims to be well prepared for disclosing this topic, the next two years will be used for evaluating the

dependencies and impacts and to determine the metrics on which the Company will focus.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Double Materiality Assessment**

![Presentation_Master8_08 copy.jpg](cdlr-20251231_g40.jpg)

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![Presentation_Master_09.gif](cdlr-20251231_g41.gif)

**Double Materiality Assessment**

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Double Materiality Assessment**

Description of material impacts, risks and opportunities resulting from materiality assessment

![1.gif](cdlr-20251231_g42.gif)

![2.gif](cdlr-20251231_g43.gif)

**Climate change mitigation (E1)**

**Actual negative impact:**

GHG emissions from operation of Cadeler's windfarm installation

vessels, emissions from its supply chain: Cadeler's vessels currently

operate using marine gas oil as the main source of energy.

Although the purpose of operating Cadeler's vessels is to install

and maintain offshore windfarms, the vessels require large

amounts of energy to perform the task at hand. Cadeler aims to

reduce its emissions of GHGs by focusing on improving energy

efficiency, making operational changes, and using increasing

amounts of renewable fuels and electricity to cover the Company

energy consumption. These improvements take time, but Cadeler

aims to reduce its impacts over the coming decade and aims at

closing the gap towards net-zero for its own operations by 2035.

**Actual positive impact:**

Cadeler is a pure play operator, solely focused on serving the

offshore renewables industry. The result of Cadeler services can

![3.gif](cdlr-20251231_g44.gif)

be measured in terms of MW installed or, indirectly, household-

equivalent electricity consumption installed and serviced.

**Risk:**

Transition risks related to changing legislation and climate

mitigation: increased political support for pushing climate

mitigation could see further measures similar to the EU ETS

implemented and having some financial impacts on companies.

Conversely, reduced support for the buildout of renewables

could see a slowdown in the market Cadeler serves.

**Opportunity:**

Global transition to renewable energy sources: Cadeler expects

continued growth in the global offshore wind industry and

therefore expects further opportunities for the growth of its

business.

![4.gif](cdlr-20251231_g45.gif)

**Energy consumption of Cadeler and** 

**its supply chain (E1)**

**Actual negative impact:**

Cadeler's vessels require energy to operate, which is currently

supplied largely by fossil fuel sources. To reduce the negative

impacts of energy consumption, Cadeler aims to reduce energy

demand by implementing further energy-efficiency initiatives

and by decarbonising the energy it consumes.

**Risk:**

Potential resource constraints may pose pricing risk for key

resources for Cadeler's operations: the key resources include

steel, marine gas oil, biofuels, methanol and other potential

fuels. The Company's operations are quite dependent on access

to certain resources and energy sources. Variations in the market

value of certain items have the potential to impact the business.

**Pollution of air (E2)**

![5.gif](cdlr-20251231_g46.gif)

**Actual negative impact:**

Emissions of air pollutants are mostly related to the operation of

Cadeler's vessels. A key part of the strategy is to use shore

power where available on future projects to reduce air pollutants

in ports, near population centres.

**Pollution of water (E2)** 

**Potential negative impact:**

Offshore operations have an inherent risk of spilling fuel and

other chemicals into the marine environment. Cadeler works to

minimise this risk through proper chemical management, by

practicing oil cleanup drills and ensuring proper processes for

bunkering and storage of fuels and chemicals.

**Actual negative impact:**

Grey wastewater is generated by domestic activities such as

using sinks and showers or doing laundry and dishwashing.

Greywater can be contaminated with microplastics, micro-

organisms, chemicals such as detergents and other materials.

Ballast water is used in ship ballast tanks for stability. Ballast

water can be a source of invasive species upon release but is

treated on Cadeler's vessels with ballast water treatment systems

that meet IMO requirements before being released back into the

oceans.

**Microplastics (E2)**

**Actual negative impact:**

Use of single-use plastics across Cadeler's operations and value

chain contributes to the creation of microplastics after disposal.

Paint coats on the vessels contribute to microplastic pollution in

oceans as they break down over time, as does runoff from

onboard laundry services. Cadeler is in the early phases of

mapping its sources of microplastic pollution and aims to set

improvements in place that begin to reduce the Company's

contribution to the global microplastic issue.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![6 copy.gif](cdlr-20251231_g47.gif)

![8.gif](cdlr-20251231_g48.gif)

**Resources inflows, including** 

**resource use (E5)**

**Actual negative impact:**

Resources use required for operations, building of vessels:

examples include mining of iron ore required for production of

steel that is used for building the vessels, cranes and project

equipment. Cadeler aims to identify opportunities for reusing

and using recycled materials where possible.

![7.gif](cdlr-20251231_g49.gif)

**Waste (E5)**

**Actual negative impact:**

Operational and accommodation waste from the vessels have a

negative impact on the environment. Waste from Cadeler's

office buildings. Cadeler monitors waste output and has set a

target of reducing waste by 50% by 2030. The Company aims to

![9.gif](cdlr-20251231_g50.gif)

achieve this goal by redirecting waste from landfilling to reuse

and recycling wherever possible as well as by reducing Cadeler's

overall consumption.

![10.gif](cdlr-20251231_g51.gif)

**Health and Safety (S1)**

**Potential negative impact:**

Cadeler's vessels are industrial sites that are often located

offshore. The offshore industry in general, due to harsh oceanic

and weather conditions, the nature of the work and isolation from

shore, poses an elevated risk to the health and safety of workers.

Cadeler's safety management system is in the core of everything

it does, ensuring continuous improvement of health and safety

risks at the Company's worksites aiming at reducing risk as much

![11.gif](cdlr-20251231_g52.gif)

as possible.

**Risk:**

Since the offshore industry can have a negative impact to the

health and safety of workers, Cadeler considers that HSEQ

incidents may happen and they have potential to result in brand

issues or lawsuits.

**Measures against violence and** 

**harassment in the workplace**

**Risk:**

![12.gif](cdlr-20251231_g53.gif)

Although not likely, Cadeler views any risk of harassment or

discrimination as a serious risk for its brand and the trust the

employees place in the business. Risk of incidents is not

widespread, but would impact individuals significantly. To

reduce the risk of incidents, Cadeler has policies in place that

make its position known and ensure that employees know that it

has no tolerance for harassment and discrimination and will do

everything in its power to protect employees against such

incidents.

**Other work related rights: Privacy (S1)**

**Potential negative impact:** 

Cadeler collects certain key information on its employees as part

of required employment processes. As this is necessary, Cadeler

works to ensure that data storage and data management are

responsible and secure, aiming to reduce the risk of data leaks

and exposure to cybercrime to the lowest extent possible.

**Equal treatment and opportunities** 

**for all: Diversity (S1)**

**Actual positive impact/Potential negative impact:**

Cadeler is an equal opportunity employer and has seen the

benefit of its position, as it is able to attract a diverse workforce.

The Company believes this is fundamental to offering a

workplace where employees can thrive and find a sense of

belonging. The Company believes its performance in this area

affects the entire workforce, although potential for negative

impacts would be felt most strongly by affected individuals.

**Equal treatment and opportunities** 

**for all: Gender equality (S1)**

**Potential negative impact/potential positive impact:**

Equal opportunity and equal pay impact on the professional and

personal development of employees. Cadeler aims to improve

its performance in this area to make sure this topic, which has

the potential to have negative impacts, has a positive impact on

Cadeler's workforce.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![13.gif](cdlr-20251231_g54.gif)

![16.gif](cdlr-20251231_g55.gif)

**Work-life balance (S1)**

**Actual positive impact:**

Cadeler views its offering of flexible working hours, number of

vacation days, equal opportunities for parental leave regardless

of gender, etc. as core to ensuring employee satisfaction.

![14.gif](cdlr-20251231_g56.gif)

**Social dialogue (S1)**

**Actual positive impact:**

Cadeler has established many lines for its employees to voice

![17.gif](cdlr-20251231_g57.gif)

their concerns and feedback on how it operates its business.

Safety representatives are elected from among the workforce on

O-class vessels. Safety coaches onboard S- and Z-class are

appointed by the Company. Quarterly meetings are set up with

the COO and Head of HSEQ for seafarers to have a platform to

share their voice. Cadeler has established Speak Up! and well-

being hotlines to further support employees.

![15.gif](cdlr-20251231_g58.gif)

**Freedom of association, the existence** 

**of works councils and the** 

**information, consultation and**![18.gif](cdlr-20251231_g59.gif)

**participation rights of workers (S1)**

**Actual positive impact**

Cadeler views freedom of association as a right for its employees

but does not track what percentage of its employees make use

of this right. Additionally, via the supply chain Code of Conduct,

the Company requires that its suppliers respect the right of their

own workforce to freedom of association.

![19.gif](cdlr-20251231_g60.gif)

**Collective bargaining, including rate** 

**of workers covered by collective** 

**agreements (S1)**

**Actual positive impact**

Many of the seafarers are hired on collective bargaining

agreements, ensuring Cadeler meets the requirements for

labour conditions and wages set by the maritime authorities it

![20.gif](cdlr-20251231_g61.gif)

operates under.

**Adequate wages (S2)**

**Potential negative impact**

Cadeler views adequate payment of workers as an important

aspect of a sustainable business. Cadeler recognises the risk that

some companies across any supply chain could potentially not

live up to the expected standard. For this reason, supply chain

![21.gif](cdlr-20251231_g62.gif)

due diligence and management is an important part of Cadeler's

growing business and is an area the Company works to mature

year after year. This potential negative impact is considered

systemic.

**Health and safety (S2)**

**Potential negative impact**

Cadeler sees the potential for safety incidents or injuries across

the value chain. It is therefore viewed as an important part of

Cadeler's supplier onboarding process to check how the

business partners manage safety. This potential negative impact

is considered systemic.

**Training and skills development**

**Risk:**

Access to appropriate training has an impact on the career

development of affected individuals. Ensuring access to training

is viewed as a risk for Cadeler, as the quality of products and

services is dependent on employee access to sufficient training.

**Measures against violence and** 

**harassment (S2)**

**Potential negative impact**

Systemic negative impacts on individuals potentially affected

related to harassment cases. Cadeler aims to work with suppliers

who have policies in place that align with its supply chain

requirements.

**Diversity (S2)**

**Potential negative impact**

There is a potential risk of systemic unequal pay for equal work

and unequal access to career development opportunities across

the supply chain, based on diversity characteristics other than

gender.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![22.gif](cdlr-20251231_g63.gif)

![24.gif](cdlr-20251231_g64.gif)

**Potential incidents of forced labour in** 

**supply chain (S2)**

**Potential negative impact**

While unlikely, any potential incident is expected to have grave

impacts on the affected individual. The Company aims to reduce

the systemic potential impact/risk of any impacts via due

diligence of suppliers, performance of human rights impact

assessments, and appropriate reporting mechanisms.

**Risk**:

![25.gif](cdlr-20251231_g65.gif)

Negative incidents in supply chain could negatively affect Cadeler's

brand and have negative impact on delivery of products and

services to Cadeler.

![23.gif](cdlr-20251231_g66.gif)

**Protection of personal data (S2)**

**Potential negative impact:**

Potential for personal data leaks, including data of people in the

![26.gif](cdlr-20251231_g67.gif)

value chain, has the potential to negatively affect individuals and

has potential to affect Cadeler via EU GDPR. Cadeler aims to

ensure that personal data is only collected when necessary and

erased when no longer needed. Additionally, Cadeler maintains

its IT systems to ensure a high level of security. This potential

negative impact/risk is considered widespread.

**Risk:**

Potential for improper management of personal data by Cadeler

could result in fines. Insecure whistleblower hotline may affect the

Company image.

![27.gif](cdlr-20251231_g68.gif)

**Potential for instance of child labour** 

**in supply chain (S2)**

**Potential negative impact**

Although unlikely, any incident in the supply chain or even

extended supply chain has the potential to greatly impact the

affected young individuals. This potential negative impact is

considered systemic.

![28.gif](cdlr-20251231_g69.gif)

**Gender equality and equal work of** 

**equal value (S2)**

**Risk**

There is a risk for systemic unequal pay for equal work, and

unequal access to career development opportunities across

supply chain.

**Incidents of corruption and bribery (S2)**

![29 .gif](cdlr-20251231_g70.gif)

**Risk:**

Although Cadeler has systems in place for training employees in

proper conduct, an incident would have the potential to

negatively impact Cadeler's image. Cadeler continues to work on

educating its employees about proper business conduct and

maintaining a culture where there is no tolerance of incidents of

bribery or corruption.

**Corporate culture (G1)**

**Potential positive impact**

One of Cadeler goals is to facilitate the transition to a world built

on renewable energy, aiming to set a more sustainable course

for people and planet. Cadeler aims to support this goal with

corporate policies and culture aligned with the corporate values.

**Management of relationships with** 

**suppliers including payment practices**

**Risk**:

Cadeler's relationship to its suppliers has both short-term and

long-term influence on the success of its activities, as the

Company relies on mutually beneficial partnerships with the

suppliers of the products and supporting services necessary for

delivering its operations. Cadeler aims to offer fair contracts and

meet its payment terms.

**Prevention and detection, including** 

**training on corruption & bribery (G1)**

**Actual positive impact**

Training provided to employees on corruption, bribery and

other business conduct issues has the potential to positively

influence behaviour. Such training is vital for ensuring that

employees understand how to operate ethically across all

functions, locations and activities.

![Presentation_Master_Annual_V08_Workiva scale_export.jpg](cdlr-20251231_g71.jpg)

**Environment**

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

**Tackling Climate Change**

_______________________________

E1-1 – Transition plan

As the offshore wind industry sharpens its focus on lifecycle GHG

emissions, demand for lower-carbon solutions across the value chain

is accelerating. Cadeler is committed to meeting this shift with

innovative strategies and sustainable practices. Cadeler has a

decarbonisation plan in place, but this plan does not fully meet the

definition of a "transition plan" as per all required characteristics set

out in the EU CSRD regulation. The current decarbonisation plan

covers the full business. SBTi has published sector-specific guidance

for the shipping industry indicating that a carbon intensity reduction

between 51% and 61% is required to meet the IPCC 1.5-degree

scenario. Cadeler has set an intensity reduction target of 50% by 2030.

SBTi's shipping guidance also requires net-zero emissions by 2050 for

alignment with the Paris Agreement. Cadeler's net-zero target is within

this boundary. Cadeler aims to continue exploring its commitment to

Science Based Targets (SBTi) for future verification. Cadeler is not

excluded from the EU Paris-aligned Benchmarks. As part of the

continued development, the Company is working to further clarify

how the targets align with the Paris-aligned 1.5-degree pathway.

The Company's transition plan has been developed by the

Sustainability and Performance team and approved by the Executive

Management and Board of Directors. Cadeler believes that its

transition plan needs to be embedded it the overall Company

strategy. Hence, concrete yearly metrics and actions are set in the

Corporate Objectives, which are prepared and approved by the

Senior Leadership Team. Additionally, the Executive Senior

Management and the Board of Directors review the budget for

executing the decarbonisation roadmap on an annual basis. This

budget is specifically allocated to vessel retrofits, alternative fuels,

training of crews or industry collaboration, amongst other priorities.

Emissions for Scope 1 and Scope 2 activities have been tracked and

reported annually since Cadeler's IPO in 2020. In 2024, Cadeler also

started presenting its full Scope 3 emissions, capturing the upstream

and downstream impacts related to its operations. In consequence,

Cadeler also set its Scope 3 ambitions with a 35% emissions

reduction target by 2030. To report on emissions, Cadeler uses the

GHG Protocol Corporate Standard as a guide and, in 2025, also

started acquiring annual verification of its GHG reporting in

accordance with the ISO 14064 standard. Cadeler obtained its first

verification in accordance with the ISO 14064 for 2024 GHG

emissions report. Since the Company uses the definition of

operational control to set its organisational boundary, Cadeler aims

to account for emissions from all facilities and assets where it has

authority to introduce and implement operating policies as Scope 1

emissions. Cadeler updates its list of potential emission sources on

an annual basis. This process is managed by the Sustainability and

Performance team, which is also responsible for developing methods

to measure emissions from any newly identified emission sources,

ensuring that such sources within the organisational boundary are

included in the emissions accounting process.

As part of Cadeler's ongoing efforts to enhance climate-related

financial transparency, the Company is working to integrate

analytical accounting capabilities that will allow the organisation to

systematically identify, track, and report climate-related OpEx and

CapEx.

**Sustainability & Performance department role** 

___________________________________________________________

Cadeler has a Sustainability and Performance department that is

responsible for the implementation of its transition plan. The Chief

Sustainability and Performance Officer, leads this department, sits on

the Executive Senior Leadership team, and has responsibility for both

the design and execution of the strategy and roadmaps for

decarbonisation initiatives. This strategic decision was a consequence

of the Company's recognition of both importance and the

complexity of addressing the challenges within these areas.

**Strategy for decarbonising Cadeler's operations**

_____________________________________________________________

Cadeler continues to focus on reducing its emissions through three

key levers:

1) optimising energy consumption

2) enabling direct electrification, and

3) adopting sustainable fuels.

**1) Optimising Energy Consumption**

Cadeler's existing vessels operate on a baseline system that relies on

marine gas oil for power generation. While full decarbonisation will

require significant investment in optimising energy consumption,

direct electrification, and/or the adoption of alternative fuels, Cadeler

considers that further decarbonisation is technically feasible.

Accordingly, Cadeler does not consider its vessel-related emissions

to be locked in.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

Unlocking the potential for optimised energy consumption across

the fleet remains a top priority for Cadeler in the short and long

term. This involves the continuous assessment and implementation

of both operational and technological energy-efficient solutions for

existing assets to further reduce carbon intensity. The new builds are

delivered with many technical energy efficiencies in the vessel

design. Understanding energy consumption onboard the vessels is a

critical focus area for improving efficiency. In 2024, Cadeler rolled

out energy efficiency monitoring dashboards, providing increased

awareness and data to drive actionable improvements. To maximise

the potential of the vessel efficiencies and support a continued focus

on optimising operations, specific energy-efficiency training for

crews was initiated in 2024 and expanded in 2025, first on the O-

Class, and planned for fleet-wide implementation in the coming

years. Additionally, Cadeler has placed a strong emphasis on

delivering newbuild assets with significantly higher levels of efficiency

by design. Together, these initiatives form the foundation of

Cadeler's transition to a future lower-carbon fleet.

**2) Enabling direct electrification**

Due to the nature of Cadeler's cycle-based operations, electrifying

the vessels through shore-power connections while loading and

unloading at port will be an essential driver of emission reductions.

In 2025, this solution is already enabling both onboard the O-class

vessels and the newbuilds and is estimated to result in up to an 15%

reduction in annual emissions when onshore infrastructure becomes

available. Benefiting from renewable power sources while at berth,

however, requires the port and grid infrastructure to be developed

before the vessel systems can be used. Cadeler has a continuous

focus on working closely together with its major service ports and

customers to overcome the onshore infrastructure barriers.

**3) Adopting sustainable fuels**

The transition towards the use of alternative fuels in Cadeler's vessels

will be essential for the Company's decarbonisation journey.

Sustainable fuels are a necessary part of the pathway towards its net-

zero commitments, and have potential to provide up to 95% GHG

emission reductions. In 2024, Cadeler prepared its operations,

vessels and crews to start blending certified biofuels and renewable

diesel in the current O-class vessels, as these provide a readily

available solution for reducing emissions related to engine

combustion, replacing fossil fuels. This feasibility was successfully

demonstrated by biofuel testing completed on Wind Osprey in early

2025 and has been followed up with biofuel blending on Wind Orca

in December 2025. Additionally, a major focus of Cadeler is on

building a fleet of vessels capable of operating on alternative fuels of

the future. With the ordering of seven newbuilds, work has

continued throughout 2025 to prepare these vessels and ensure they

are ready for future conversion. In 2023, green methanol was

identified as the optimal and earliest available option following

increased demand for this fuel within the shipping sector, which has

encouraged the entire supply infrastructure to be developed in the

coming years. In 2024, Cadeler signed the first Letter of Intent (LOI)

for the future provision of green methanol and will continue

assessing alternative fuel available in the market going forward.

**Decarbonisation Model to meet Cadeler's 2030 and 2035** 

**climate targets (see next page for graphic)**

_______________________________________________________________________

Cadeler views the reduction of emissions at source as a more

effective and responsible strategy than reliance on carbon offsetting

to achieve reductions in its carbon footprint. As the fleet has grown

significantly, the absolute Company emissions are expected to

increase with the growth of the fleet, but Cadeler aims to reduce

emissions intensity of its operations and reduce average emissions of

the vessels in its fleet. The Company does not envision a linear

decrease in emissions but rather considers decarbonisation to be a

transition process involving continuous improvements and upgrades

until 2035 and beyond, based on technical readiness of key

decarbonisation technologies and the Company's growth

projections.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

**Cadeler Decarbonization Pathway**

![Presentation_Master11_11.jpg](cdlr-20251231_g72.jpg)

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

ESRS 2 SBM-3 – Material impacts, risks and opportunities and their

interaction with strategy and business model(s)

Cadeler's operations are largely focused on marine transportation

and installation activities. While the Company's main assets are

vessels, and therefore not stationary, they are exposed to harsh

offshore weather conditions which require appropriate safety

precautions and engineering measures.

Cadeler sees some potential for varying levels of weather-related

operational downtime with respect to its own operations as a slight

risk due to changing wind and precipitation patterns. The Company

also recognises some elevated risks within its supply chain where

fixed assets and providers, such as ports and shipyards, are exposed

to climate-related risks, including extreme precipitation events,

flooding, droughts, storms, changing wind patterns and heat waves

which may periodically interrupt operations or in some cases,

damage infrastructure that Cadeler relies on for its vessel operations

or the delivery of core operational equipment and provisions.

Cadeler has considered physical climate hazards as defined by the EU

Taxonomy requirements as part of a climate risk assessment. For the

assessment, Cadeler considered its own vessel operations, including

all known future wind farm locations at the time of the assessment, all

known ports that would be used to complete these projects, and

potential impacts on core suppliers such as shipyards and a shortlist

of critical equipment providers. Cadeler first performed a climate risk

assessment in December 2023 and has now performed a second

iteration of this assessment. Cadeler used a third party Climate Risk

Tool to assess physical risks that may be faced by Cadeler and its

supply chain. Using the information produced by this tool, Cadeler

finalised its second internal assessment of its exposure to the

identified risks in early 2026. The platform assessed the 28 climate-

related hazards defined by the EU Taxonomy. The second resilience

analysis was finalised in early 2026, and the resulting report was

shared with relevant stakeholders within the Company. The first step

in the process was to assess exposure to risks arising from Cadeler's

operations and supply chain setup. To achieve this, Cadeler mapped

its operations and supply chain to identify potential climate-related

hazards. These hazards were then analysed using the Climate Risk

Tool to evaluate risk exposure at Cadeler's main offices, installation

sites, ports and key supplier locations. Criticality of locations was

adjusted based on financial importance to the Company.

Cadeler focused on impacts through two time horizons (2030 and

2050) under the RCP 8.5 scenario. This scenario was selected for the

initial climate risk assessment to identify all potential impacts on the

Company because the 8.5 model provides the most visible

representation of risks. This approach enabled Cadeler to determine

whether climate impacts could pose a material risk to its business. In

future iterations, Cadeler plans to adopt a more nuanced approach,

incorporating multiple RCP scenarios to further examine the

likelihood and severity of the identified risks. In 2025, Cadeler

continues to see a relatively low level of vulnerability within its own

operations due to climate-related impacts. The primary risk is likely

to be changing weather conditions affecting the weather downtime

of the vessels. Cadeler did identify medium and high levels of

vulnerability in some parts of its supply chain; for example, at ports

due to potential flooding and high wind incidents which could result

in extended periods of inaccessibility due to possible infrastructure

damage. Additionally, elevated risk for impacts when it comes to on-

time delivery of vessels and larger items of equipment were

identified, as some manufacturing facilities are located in riverine

and coastal areas in typhoon-impacted regions. As a result, an

elevated potential for damage to supplier facilities due to high

winds, changing precipitation and flooding was seen in the climate

risk model. As of 31 December 2025, only 2 ordered newbuilds

remain undelivered.

Cadeler's vessels can be redeployed if damaging climatic

conditions are forecasted. For this reason, Cadeler views its own

operations as having a relatively low vulnerability to asset

damage. However, there is a vulnerability to increased

operational downtime due to changing weather conditions.

Cadeler aims to ensure that its contractual agreements are

designed to minimise exposure to potential changes in climatic

conditions. Parts of the supply chain, with factories and

production sites in fixed locations, may have higher exposure to

the risk of damaged facilities due to climate change. One

solution to mitigate this vulnerability may be to ensure sufficient

contingency time when ordering key equipment from areas with

elevated climate risk and maintain a stock of critical spare parts.

Additionally, Cadeler should consider exposure of storage

locations for critical parts to extreme wind and flooding risks.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

**Management of climate-change mitigation IROs**

_____________________________________________________________

ESRS 2 IRO-1 – Description of the process to identify and assess

material climate-related impacts, risks and opportunities

Cadeler has screened its assets and business activities for

exposure to physical and transition events using several methods:

• Updating its environmental risk and impact assessment,

• Performing a climate risk assessment,

• Performing a DMA for the production of a CSRD-

compliant report,

• Implementing processes in place for keeping up with

changing regulatory and stakeholder requirements.

These processes include the use of vessel management

systems for compliance with relevant regulations, the

use of external advice, and an internal working group

that focuses on keeping abreast of new regulations.

As part of its environmental management system, Cadeler

requires an environmental risk and impact assessment to be

carried out on an annual basis. The scope of the assessment is

limited to Cadeler's installation and maintenance operations, but

also considers value chain impacts directly linked to these phases.

Cadeler conducted the environmental risk and impact

assessments for its wind turbine installation and foundation

installation operations in March 2025. The intention is to perform

such an assessment at least annually, with the result from the

previous year used as the starting point. Additional assessments

are also performed any time Cadeler takes on a project with a

new scope of work.

The results of these recurring environmental risk and impact

assessments, feed into the DMA, supporting the identification of

topics for consideration.

Separately, via the climate risk assessment (described under ESRS

2 SBM-3), Cadeler identified various physical risks to its operations

and to its upstream supply chain. These risks are already present

in the short term but may potentially increase in likelihood over

the medium to long term due to climate change. The outcome of

the climate risk assessment was shared with Cadeler's Senior

Leadership Team, so that the risks identified could be considered

in the Company's planning. If any climate-related assumptions are

made in the Financial Statements, consistency with Sustainability

Statements will be ensured by Core Finance, managing both

reporting. Cadeler intends to repeat this risk assessment on a

recurring basis.

In 2025, Cadeler's Sustainability and Performance department

maintains responsibility for identifying and managing climate

risks, as well as informing relevant stakeholders of risks that

require action, while the Core Finance department has overtaken

responsibility for the Sustainability Reporting, ESG internal

controls, ensuring data collection from internal specialists, and

audit of ESG data. This process ensures that segregation of duties

exists.

In the policy arena, Cadeler tracks regulatory changes which may

impact its operations. Cadeler vessels will be incorporated into the

EU ETS starting in 2027 for operations within the EU. This change

will subject the Company to increased costs associated with GHG

emissions. Cadeler is also monitoring potential developments that

could expand GHG pricing, including a potential UK ETS scheme.

Additionally, Cadeler is subject to several regulations aimed at

enhancing corporate reporting on ESG matters. These include the

EU Monitoring, Reporting and Verification (MRV) regulation for

vessel fuel reporting and the EU CSRD, which requires more

comprehensive accounting and verification of ESG performance.

Meeting these additional reporting requirements required

increased resources at Cadeler, both in terms of personnel and

financial investment, so Cadeler increased the headcount

dedicated to these topics during 2025.

There is an increasing interest from the stakeholders related to

Cadeler's decarbonisation plan and the Company expects this

interest to grow further. Additionally, Cadeler considers that

volatility in the cost of resources, such as steel and fuels,

represents a risk. As a consequence, Cadeler views technology

developments as an important aspect to consider in its business

strategy. The organisation has already recognised the costs

associated with the transition to lower emission technologies in its

business planning and considers that progress on decarbonisation

must be a business priority for continued success.

Cadeler's general business strategy aims to be compatible with a

climate-neutral economy. Its operations are focused on

supporting the buildout of renewable offshore wind energy.

Cadeler recognises its current dependence on fossil fuels to

operate its installation vessels and acknowledges that significant

decarbonisation efforts are required to fully align vessel

operations with a climate-neutral economy.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

![2-3_2.jpg](cdlr-20251231_g73.jpg)

E1-2 – Policies related to climate change mitigation and adaptation

As a key supplier in the offshore wind industry, Cadeler is working

towards a transition to a global sustainable energy system built on

renewable energy. The Company recognises that its operating

methods are just as important as its end goal, and Cadeler

commits to continuously improving its environmental

performance across its operations.

Cadeler has a sustainable development policy in which its

environmental and climate change ambitions are outlined.

Cadeler is publicly committing to 8 of the UN Sustainable

Development Goals (SDGs), aiming to meet the needs of the

present without compromising the needs of the future. For further

information, please refer to Cadeler's Strategy towards a

Sustainable Future. Moreover, the organisation maintains an

environmental management system in accordance with ISO

14001:2015, with a focus on continuous environmental

improvements. This includes reducing the carbon intensity of its

operations, improving the energy efficiency of the Company's

assets, minimising the use of resources, and working toward a

circular economy.

The policy regarding climate change applies to all offshore and

onshore employees, as well as other individuals contracted to

work for Cadeler. Cadeler also encourages all business partners

and suppliers to adhere to similar standards. The policy is publicly

available on Cadeler's website and accessible via the Company's

intranet for employees. The policy is approved by management

while the Sustainability and Performance department is

responsible for ensuring effective implementation across the

business.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

E1-3 – Actions and resources in relation to climate change policies

As previously outlined, Cadeler vessels will be incorporated into the

EU ETS starting in 2027 for operations within the EU. This change will

subject the organisation to increased costs associated with GHG

emissions. Additionally, the Company is monitoring potential

developments that may expand GHG pricing mechanisms to other

operations, including the anticipated UK ETS scheme and FuelEU

Maritime. In response, Cadeler is taking steps to continuously

adopting lower-emission solutions across the fleet, allocating CAPEX

and OPEX on an annual basis to support the implementation of its

action plans. An overview of the actions implemented and planned

for each vessel class is presented on this page.

The implementation of the sustainability-related actions depends

partly on the availability and allocation of financial resources. For

instance, access to biofuel at a competitive cost supports the

execution of strategic initiatives.

The Company also relies on green financing instruments, including

![Osprey_sus_cutout.gif](cdlr-20251231_g74.gif)

green loans subject to external review and monitoring, which

contribute to funding projects aligned with its sustainability

objectives.

Regarding the amounts of Opex and Capex required for the

implementation of actions, Cadeler is not yet ready to disclose this

information.

**O-class vessels, Wind Orca and Wind Osprey**

On the O-Class, Cadeler has installed improved fuel monitoring

systems, and has paired this improvement with a crew training

programme aimed at using data to identify operational

improvements that reduce emissions. The installation of the shore

power system on Wind Osprey commenced in early Q1 2025 and

had been commissioned during Q1 2026. In Q1 2025, Cadeler

performed a feasibility test for biofuel on Wind Osprey and later a

second test on Wind Orca Q4 2025. The trials have required

preparation of Cadeler's operations, vessels and crews to receive

and operate on a certified biofuel blends in the current O-class

vessels. The trials have provided valued learnings towards a readily

available solution for emissions reduction by replacing fossil fuels.

The use of biofuels will be part of the decarbonisation strategy on

across all vessel classes in the Cadeler fleet even if it represents a

higher cost (around 60%). There is planned a purchasing strategy

and order of additional biofuels during 2026.

**P-class vessels, Wind Pace and Wind Peak**

Wind Peak was delivered in 2024 and Wind Pace was delivered in

2025. Both vessels are more eco-friendly than Wind Orca and Wind

Osprey as a decade of technological developments since the

delivery of the O-class vessels has enabled the implementation of

enhanced energy efficiency and emission reduction technologies

onboard. Improvements to the delivered design include shore

power connections (expected to reduce fuel consumption by up to

15%), fuel-efficient engines and optimised engine sizing. Additional

refinements include an onboard power-saving system, incorporating

battery capacity covering more than 10% of the energy required for

crane operations and approximately 10% of the energy required for

dynamic positioning and maneuvering, regeneration of power from

the jacking system and variable frequency drives. Cadeler intends to

move towards alternative fuels, in addition to biofuels, when suitable

technologies become commercially available. Readiness for

conversion to alternative fuels has been incorporated into the

![Peak_sus_cutout copy.gif](cdlr-20251231_g75.gif)

design of the newbuild vessels, including P-class vessels. To support

this readiness, Cadeler has started preparing for future fuel

availability by signing a green methanol uptake Letter of Intent with

HyLion.

![Osprey@2x.gif](cdlr-20251231_g76.gif)

![PEAK@2x.gif](cdlr-20251231_g77.gif)

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

**A-class vessels, Wind Ace, Wind Ally and Wind Apex**

In 2025, Cadeler received the first of its jack-up foundation

installation vessels. The A-class are designed with a hybrid purpose,

allowing the vessels to convert from being foundation installation

units to wind turbine installation units within a short period of time.

All A-class vessels will be equipped with the same green design

elements as the P-class upon delivery.

**M-Class newbuilds, Wind Maker and Wind Mover**

Cadeler took over management of the newbuild processes for the

M-class vessels at the end of 2023, and has taken delivery of both

vessels during 2025. The vessels are equipped with shore power

connections, a closed ring/bus system for improved power

management and improved efficiency, staggered-sized diesel

generators (allowing engines to operate at more optimal load levels

for improved fuel-to-energy efficiency), a battery energy storage

system with regeneration from the jacking system, and the

implementation of LED lighting. Cadeler will continue to evaluate

performance and expects to be able to provide further details on the

estimated improvement in CO2e emission performance of these

![Ally_sus_cutout.gif](cdlr-20251231_g78.gif)

vessels in future reporting.

**Wind Scylla and Wind Zaratan** 

Cadeler took on management of these vessels at the end of 2023,

and in future reporting, will also include disclosures on initiatives

undertaken to reduce CO2e emissions and other environmental

impacts from these vessels. As of 2025, efforts have been focused

on the other vessel classes.

**Wind Keeper**

After the purchase of Wind Keeper, Cadeler has carried out initial

onboard energy audit to provide recommendations for retrofits that

would offer improvements to the vessel's energy efficiency. Cadeler

has received the first draft of the report and is assessing the various

options that could be built into an actionable improvement plan for

the vessel in the medium term.

![Keeper.gif](cdlr-20251231_g79.gif)

![Maker_sus_cutout.gif](cdlr-20251231_g80.gif)

![Ally@2x.gif](cdlr-20251231_g81.gif)

![Maker@2x.gif](cdlr-20251231_g82.gif)

![Keeper@2x.gif](cdlr-20251231_g83.gif)

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-3_8.jpg](cdlr-20251231_g84.jpg)

## Tackling Climate Change
*Continued from previous page*

**Emissions reduction Metrics and Targets**

___________________________________________________

E1-4 – Targets related to climate change mitigation

In 2021, guided by a commitment to environmental protection,

Cadeler set ambitious climate targets for the shipping industry.

Cadeler manages its climate-related targets via its Sustainability and

Performance Department. Sponsored by Executive Senior Leadership

and with representation on the Senior Leadership Team since

December 2024, this function has responsibility for the strategy and

roadmaps for decarbonisation. Building on this work, Cadeler has set

four key targets related to reducing its carbon footprint.

• **<u>Renewable electricity commitment:</u>** Cadeler commits to

sourcing 100% of its electricity consumption from

renewable sources by 2030. This target currently covers the

electricity consumption from the offices but is also

intended to cover electricity used to power vessels when

shore power will be utilised in the future (Scope 2

emissions).

• <u>Emissions reduction targets</u>: Cadeler is working to reduce

the carbon intensity of its operations by 50% by 2030,

ensuring that its contribution is in line with the IMO goals.

• <u>Net-zero greenhouse gas emissions target</u>: Cadeler aims to

achieve net-zero emissions from its own operations by

2035. Achieving this goal requires emission reductions

across the fleet, operational innovations, and research into

reliable solutions for sequestering the GHGs that the

Company cannot avoid emitting.

• <u>Scope 3 emissions reduction target:</u> by 2035, reduce Scope

3 emissions by 35%.

As an extension of these key targets, Cadeler has identified

improvements and already started implemented some of them in 2025

to ensure that its targets support the objectives of its transition plan:

• Third-party verification of Scope 1, Scope 2, and Scope 3

emissions reporting. This was performed for the 2024 and

2025 figures in accordance with the ISO 14064 standard.

This process will be repeated annually,

• Verification of the emission targets with the SBTi, and a

clearer quantification of the emission reductions achievable

through specific decarbonisation levers (future reporting),

• Ensuring that Company actions and financial planning to

achieve targets and are time-bound,

• Third-party verification of the KPIs used to track the

progress in 2024 and 2025 throughout CSRD verification,

• Cadeler views every MW of wind power installed or

repaired as a societal contribution.To achieve this, Cadeler

strives to maximise vessels utilisation for projects

supporting the energy transition, reduce emissions from

operations by enhancing the technical systems of existing

and future vessels, improve operational practices, and

ensure that its vessels remain capable of meeting the

evolving requirements of the offshore wind market.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

![2-3_3.jpg](cdlr-20251231_g85.jpg)

According to the ESRS, Cadeler will be required to update the base

year for its GHG emission reduction targets every five years from

2030 onwards.

In line with the Company-wide net-zero goal, Cadeler aims to

reduce Scope 1 CO2e emissions intensity from a 2021 baseline.

Cadeler's emissions intensity target is to reduce emissions from its

own operations (Scope 1) by 50% before 2030, and to reach net-

zero by 2035, which requires direct emissions to be reduced as

much as possible . Cadeler has not yet implemented the use of

carbon credits, GHG removals, or GHG storage in its decarbonisation

strategy. The Company has also not yet set an internal price on

carbon. Lastly, Cadeler has not evaluated the financial effects from

material physical and transition risks and potential climate-related

opportunities. These topics are therefore not reported this year.

Cadeler has not yet fully assessed the value of these options, but

intends to evaluate whether they may act as effective supporting

mechanisms in reaching its net zero target in the coming years.

Cadeler introduced two metrics to track the emissions intensity of its

operations: emissions per MW installed or serviced, and emissions

per revenue. These metrics, reported annually, include all Scope 1

emissions (direct emissions).

• KPI 1: GHG Emissions per MW installed or serviced (tCO2₂e/

MW): please see "Carbon Footprint" note below.

• KPI 2: GHG emissions per EUR revenue (tCO2₂e/Million

EUR): please see "Carbon Footprint" note below.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-2_2.jpg](cdlr-20251231_g86.jpg)

**Tackling Climate Change**

*Continued from previous page*

E1-5 – Energy consumption and mix

Cadeler used to track the energy consumption from the operation of its vessels, offices and other

equipment that contribute to its Scope 1 and Scope 2 emissions. In 2025, Cadeler also considered

emissions from the value chain (Scope 3) and all the scopes have been verified by an external specialist.

Please refer to Cadeler's footprint below.

In 2024, Cadeler signed an agreement with Vindstød to deliver electricity from wind power to the head

office in Copenhagen. This guarantee of origin for the electricity delivered to the head office in

Copenhagen was the first step towards achieving the target of sourcing 100% of electricity from renewable

sources. Cadeler strives to connect more of its offices with renewable power agreements.

---

| | | | |
|:---|:---|:---|:---|
| **Energy intensity per net revenue\*** | **2025** | **2024** | **% change** |
| Total energy consumption from activities in high climate <br>impact sectors per net revenue from activities in high <br>climate impact sectors (MWh/mEUR)<br>| **270** | 353 | -23.6% |

---

\*See Key Financial Figures for net revenue used to calculate the energy intensity ratio

![Method.gif](cdlr-20251231_g87.gif)

**Energy consumption**

Cadeler uses Marine Gas Oil (MGO) to power operation of its vessels and, in much smaller amounts, petrol/

diesel for operation of company cars and other equipment.

Some vessels in the fleet are equipped with a system for monitoring energy consumption. Where

unavailable, all vessels are equipped with a system for monitoring fuel consumption and required to report

fuel consumption towards the office. The fuel record is used to calculate energy consumption based on the

average specific fuel oil consumption (SFOC). Accounting for energy consumption of onshore sites has

been based on invoices received. When the Company did not obtain such documentation, an average of

energy consumption per person across the other offices is applied to fill in the data gap.

Consumption mix has been calculated in Cadeler's different locations: DK, UK, Japan, Taiwan and the US.

100% of the Company's energy consumption is attributable to activities in high climate-impact sectors.

This is due to the fact that all revenue-generating operations are directly or indirectly linked to the

shipping industry, which is classified as a high climate impact sector.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

---

| | | |
|:---|:---|:---|
| **Energy consumption and mix** | **2025** | **2024** |
| 1. Fuel consumption from coal and coal products (MWh)  | - | - |
| 2. Fuel consumption from crude oil and petroleum products (MWh) | 166577 | 87011 |
| 3. Fuel consumption from natural gas (MWh) | - | - |
| 4. Fuel consumption from other fossil sources (MWh) | - | - |
| 5.Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)  | 1073 | 567 |
| **6. Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)** | **167650** | **87578** |
| **Share of fossil sources in total energy consumption (%)** | 99.4% | 99.7% |
| **7. Consumption from nuclear sources (MWh)** | **149** | **60** |
| Share of consumption from nuclear sources in total energy consumption (%) | 0.1% | 0.1% |
| 8.Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) | 387 | **-** |
| 9. Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)  | 445 | 183 |
| 10. The consumption of self-generated non-fuel renewable energy (MWh)  | - | - |
| **11. Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)**  | **833** | **183** |
| Share of renewable sources in total energy consumption (%) | 0.5% | 0.2% |
| **Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11)**  | **168631** | **87821** |

---

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

---

| | | | |
|:---|:---|:---|:---|
| **Electricity consumption** | **2025** | **2024** | **% change** |
| Total consumption of purchased or acquired electricity <br>(MWh)<br>| 1155 | 411 | 181% |
| Total consumption of purchased or acquired electricity <br>using contractual mechanisms to ensure renewable sources <br>(MWh)<br>| 233 | 160 | 46% |
| Electricity from renewable sources (%) | 20% | 39% | -48% |

---

Please note that this table, electricity consumption, is not a specific requirement of CSRD, but is included to show Cadeler's

progress against its target to procure 100% of its electricity from renewable sources by 2030

The percentage of purchased electricity from renewable energy sources decreased by 48% as compared

to 2024. The Copenhagen office remains the only location that Cadeler has made a power purchase

agreement for renewable electricity. In 2025, the proportion of electricity consumed by the Copenhagen

office decreased as Cadeler moved its UK office, Vejle office and Taipei office to new, larger premises,

enabling growth of workforces in these regions. In combination, these offices accounted for a larger

portion of Cadeler's electricity footprint in 2025. Additionally, Wind Keeper was connected to shore

power during a drydock, which accounted for a significant portion of Cadeler's 2025 electricity

consumption. Going forward, Cadeler maintains its ambition to get more renewable electricity purchase

agreements in place.

**Cadeler's carbon footprint**

_________________________________

E1-6 – Gross Scope 1. 2. 3 and Total GHG emissions

Cadeler tracks its Scope 1, Scope 2, and Scope 3 emissions for the entire Company, Cadeler A/S. No part

of the business has been excluded in accounting of the Company's footprint. Scope 1 emissions, being

direct emissions, are largely from the operation of Cadeler's vessels, with the combustion of marine gas

oil in vessel engines acting as the primary emission source. Scope 2, being indirect emissions, covers the

purchase of electricity, steam, heating, and cooling. Scope 3 emissions, being indirect emissions, cover

Cadeler's upstream and downstream value chain. As Cadeler main focus is the provision of windfarm

installation and maintenance services, the value chain emissions are predominantly upstream of the

organisation. For this reason, Cadeler has identified emissions stemming from the GHG Protocol's Scope

3 categories one to seven.

Due to the growth of the Cadeler fleet from 5 vessels at the end of 2024 to 9 operating vessels at the

end of 2025, Cadeler's GHG footprint has increased significantly compared to 2024. For further

information regarding Cadeler's vessels, please refer to Our Fleet in the Management Report. Cadeler is

working to reduce emissions from its operations and improve the performance of its assets. The baseline

year against which improvements can be measured has been defined as 2021, representing the first full

year in which Cadeler operated as an independent entity for Scope 1 and Scope 2 emissions. For Scope 3,

2024 serves as the baseline as this is the first year with full Scope 3 emissions accounting.

In line with the Company-wide net-zero goal, Cadeler aims to close the gap to approach zero tonnes of

CO2e emitted from its vessel engines by 2035.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

*Continued from previous page*

Cadeler is looking for ensuring ESG information, and especially the Company's carbon emission, is

accurately assessed. To support this objective, Cadeler's carbon emissions have been verified by an

independent auditor in 2024 and 2025. The Company's Greenhouse Gas verification has been performed

based on ISO 14064. In 2025, the verification covers the following Scopes and results:

![insert_1.gif](cdlr-20251231_g88.gif)

![insert_2.jpg](cdlr-20251231_g89.jpg)

**GHG emissions and intensity in 2025**

______________________________________________

Scope 1 GHG intensity per net revenue decreased by 28%, indicating that Cadeler is generating greater

value while producing fewer carbon emissions relative to its revenue. However, absolute GHG emissions

increased following the delivery of five newbuilds. Scope 1 GHG emissions rose by 81%, reflecting the

addition of these new vessels to the fleet, despite ongoing efforts to decarbonise operations and a

relatively positive trend in emissions intensity metrics. This rise is also partly explained by transit voyages

from shipyards to the Company's operational locations. As a result, the Company does not consider 2025

to be a fully reliable baseline year for comparison.

---

| | | |
|:---|:---|:---|
| **GHG intensity per net revenue per Scope** | **2025** | **2024** |
| Total GHG emissions Scope 1 per net revenue (tCO2e/mEUR) | 185 | 257 |
| Total GHG emissions Scope 2 (location-based) per net revenue <br>(tCO2e/mEUR)<br>| 0 | 0 |
| Total GHG emissions Scope 2 (market-based) per net revenue <br>(tCO2e/mEUR)<br>| 1 | 0 |
| Total GHG emissions Scope 3 per net revenue (tCO2e/mEUR) | 2040 | 1212 |

---

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Retrospective** | **Retrospective** | | | **Milestones and target years** | **Milestones and target years** | **Milestones and target years** |
| **E1-6 - Gross Scopes 1, 2, 3 and Total GHG emissions** | **Base year** | **Base year** <br>**value**<br>| **2024** | **2025** | **% change** | **2030** | **2035** | **Annual %** <br>**target/Base** <br>|
| **Scope 1 GHG emissions** |  |  |  |  |  |  |  |  |
| **Gross Scope 1 GHG emissions (tCO2eq)** | **2021** | 36846 | 64000 | **115939** | +81% |  | **net zero** | -7% |
| Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) | 2021 | 0 | 0 | 0 | 0% |  |  |  |
| **Scope 2 GHG emissions** |  |  |  |  | 0% |  |  |  |
| **Gross location-based Scope 2 GHG emissions (tCO2eq)** | **2021** | 16 | 82 | **156** | +89% |  |  |  |
| **Gross market-based Scope 2 GHG emissions (tCO2eq)** | **2021** | 28 | 92 | **335** | +266% |  |  |  |
| **Significant scope 3 GHG emissions** |  |  |  |  |  |  |  |  |
| **Total Gross indirect (Scope 3) GHG emissions (tCO2eq)** | **2024** | 301392 | 301392 | **1275370** | +323% |  |  | -9% |
| 1 Purchased goods and services | 2024 | 97409 | 97409 | 385568 | +296% |  |  |  |
| 2 Capital goods | 2024 | 184895 | 184895 | 853145 | +361% |  |  |  |
| 3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) | 2024 | 14492 | 14492 | 27672 | +91% |  |  |  |
| 4 Upstream transportation and distribution | 2024 | 248 | 248 | 1486 | +499% |  |  |  |
| 5 Waste generated in operations | 2024 | 167 | 167 | 273 | +64% |  |  |  |
| 6 Business travel | 2024 | 4049 | 4049 | 6969 | +72% |  |  |  |
| 7 Employee commuting | 2024 | 132 | 132 | 257 | +94% |  |  |  |
| 8 Upstream leased assets | 2024 | - | - | - | -% |  |  |  |
| 9 Downstream transportation | 2024 | - | - | - | -% |  |  |  |
| 10 Processing of sold products | 2024 | - | - | - | -% |  |  |  |
| 11 Use of sold products | 2024 | - | - | - | -% |  |  |  |
| 12 End-of-life treatment of sold products | 2024 | - | - | - | -% |  |  |  |
| 13 Downstream leased assets | 2024 | - | - | - | -% |  |  |  |
| 14 Franchises | 2024 | - | - | - | -% |  |  |  |
| 15 Investments | 2024 | - | - | - | -% |  |  |  |
| **Total GHG emissions** |  |  |  |  |  |  |  |  |
| **Total GHG emissions (location-based) (tCO2eq)** |  |  | 365474 | **1391466** | +281% |  |  | 281% |
| **Total GHG emissions (market-based) (tCO2eq)** |  |  | 365484 | **1391645** | +281% |  |  | 2.8077 |

---

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

![Method.gif](cdlr-20251231_g87.gif)

**Gross Scope 3 GHG emissions**

Much of Cadeler's scope 3 reporting is not based on direct sources

from its value chain. Many categories are calculated using spend-

based data rather than physical data.

Cat. 3.1 data is based on a 12-month assessment of company

spending.

3.2 newbuild vessel data is based on a Life-Cycle Assessment (LCA)

with emissions related to the manufacturing phase attributed to the

year of vessel delivery and spending data for other capital goods

3.3 data is based on the fuel records used for Scope 1 emissions

calculation. Cadeler used the well to tank emission factors published by

the UK government GHG conversion factors for company reporting.

3.4 data have been calculated based on a record of shipment from its

procurement system including information on transport type, start and

end locations, and weight of goods shipped and fuel reports from

third parties providing monopile delivery services.

3.5 data was derived from Cadeler's waste management records for

2025. Sometimes, garbage management records on disposal methods

are missing, and in these cases, Cadeler assumes landfill as the

disposal method as a conservative approach

3.6 data is calculated based on an annual emissions report from each

of the travel agencies used for booking flights and other business-

travel related expenses as well as its expense reporting system

3.7 data is based on averages of own workforce commuting practices

that were determined via a survey sent out to employees.

---

| | | |
|:---|:---|:---|
| **GHG intensity per net revenue** | **2025** | **2024** |
| Total GHG emissions (location-based) per net revenue (tCO2e/mEUR) | 2226 | 1470 |
| Total GHG emissions (market-based) per net revenue (tCO2e/mEUR) | 2227 | 1470 |

---

See Key Financial Figures in the Management Report for net revenue used to calculate the GHG intensity ratio

![Method.gif](cdlr-20251231_g87.gif)

![Method.gif](cdlr-20251231_g87.gif)

**Gross Scope 1 GHG emissions**

Items identified as contributing to Cadeler's Scope 1 GHG emissions

consist primarily of vessel engine emissions due to combustion of

MGO, tank to wake emissions and, to a lesser extent, use of other

consumables such as lube oils and ozone depleting gases. Cadeler

accounts for all vessels in own operations, as Cadeler owns the fleet

and maintain operational control.

For Danish flagged vessels that are required to report into IMO Data

Collection System (DCS), Cadeler uses the fuel record that it also submits

for verification by a third party. Vessel fuel consumption is determined

using a combination tank sounding measurements and flowmeter

readings.

**Gross Scope 2 GHG emissions**

To convert energy consumption data to location-based GHG

emissions, Cadeler applies the emission factors based on national or

regional averages, giving priority to regional averages if available.

Market-based emissions are determined based on specific energy

sources chosen or procured by the organisation. This may include

emission factors associated with renewable energy certificates,

contractual agreements, or supplier-specific energy mixes. In the

absence of such procurement, the emissions are calculated using the

residual mix, which represents the unclaimed energy in the regional

grid, where available.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Tackling Climate Change**

*Continued from previous page*

**KPI 1: GHG Emissions per MW installed or serviced (tCO2e/MW)**

Scope 1 CO2e emissions are assessed against the annual installation of wind turbine generators and

foundations as well as the maintenance of offshore wind power capacity. The core purpose of Cadeler is to

support the transition to a renewables-based energy system. Accordingly, Cadeler considers it important to

assess vessel performance based on the efficiency of supporting turbine installation and maintenance

measured as the amount of carbon emitted (negative impact) per MW of offshore wind power installed or

serviced (positive impact). The delivery and subsequent transit from Asia of the vessels delivered in 2025 is a

key emission source contributing to the increase in tCO2e/MW installed or serviced, as the vessel was not

performing installation or maintenance activities during the transit period.

![20890720982274](cdlr-20251231_g90.gif)

**KPI 2: GHG emissions per EUR revenue (tCO2e/Million EUR)**

Scope 1 CO2e emissions relative to annual revenue was incorporated in 2023. This KPI reflects the

Company's commitment to driving decarbonisation strategies that align with its growth objectives, while

supporting innovation and efficiency across its operations. Measuring and managing Cadeler's

environmental footprint in a transparent manner, integrating sustainability into business performance is

intended to demonstrate accountability. For both emissions intensity KPIs, Cadeler has selected 2021 as the

baseline year as this represents the first full year in which Cadeler operated as an independent Company

and the first year where Cadeler had full control of its environmental data.

![38482907026466](cdlr-20251231_g91.gif)

![Presentation_Master18.jpg](cdlr-20251231_g92.jpg)

**EU Taxonomy**

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**EU Taxonomy**

Cadeler publishes its 2025 EU Taxonomy reporting in accordance

with the Delegated Act published on 4 July 2025, amending

Delegated Regulation (EU) 2021/2178 as regards the simplification of

the content and presentation of information to be disclosed

concerning environmentally sustainable activities and Regulation (EU)

2023/2486 as regards simplification of certain technical screening

criteria for determining whether economic activities cause no

significant harm to environmental objectives.The Climate Delegated

Act and the Environmental Delegated Act specify technical screening

criteria for determining the conditions under which an economic

activity qualifies as contributing substantially to any of the

environmental objectives of the Taxonomy Regulation. Cadeler's core

operational purpose is to support the installation of offshore

renewable energy sources. This activity contributes to climate change

mitigation and can be aligned with the EU Taxonomy's objective

when performed in a manner that does no significant harm to the

other five environmental objectives of the Taxonomy and complies

with the minimum social safeguards. The majority of the Company's

eligible economic activities relating to the installation of offshore

wind energy can be categorised as activity 4.3 – electricity generation

from wind power. This category was selected in line with FAQ 139 of

Commission Notice C/2023/267 on the interpretation and

implementation of certain provisions of the EU Taxonomy, published

by the EU Commission on 29 November 2024, which links

commercial-scale installation and maintenance activities to category

4.3 rather than to other categories potentially associated with the

installation and maintenance of renewable energy.

**Do no significant harm (DNSH)**

Cadeler has performed the following activities to support compliance

with the DNSH requirements for climate change mitigation activity

4.3. **Climate Change Adaptation**

In late 2023, Cadeler performed its first risk assessment for

addressing the impact of climate change on its assets and key parts

of its supply chain. This was followed up by a second assessment that

was finalized in early 2026. The assessment considered the

representative concentration pathway scenario 8.5 (RCP 8.5), which

represents the worst-case scenario as identified by the IPCC, and

considered two time horizons, 2030 and 2050, with the timespan

based on Cadeler's visibility of its scope of operations.

Cadeler sees some potential for varying levels of operational weather

downtime with respect to its own operations as a slight risk due to

changing wind patterns with increased frequency of storms, extreme

wind events, at the locations assessed. The Company also recognises

some elevated risks across its supply chains where fixed assets and

providers, such as ports and shipyards, are exposed to climate-

related risks, including variable precipitation events, flooding,

droughts, storms, changing wind patterns and heat waves which may

periodically interrupt operations or in some cases damage

infrastructure that Cadeler may rely on to perform its vessel

operations or for the delivery of core operational equipment and

provisions.

Cadeler has considered physical climate hazards as defined by the EU

Taxonomy requirements for a climate risk assessment. For the

assessment, Cadeler considered its own vessel operations, including

all known future wind farm locations at the time of the assessment, all

known ports that would be used to complete these projects, the main

offices, and potential impacts on its core suppliers such as shipyards

and critical equipment providers.

Post assessment, Cadeler sees a rather low vulnerability in its own

operations due to climate-related impacts. The main risk is likely to

be changing weather conditions that affect the weather downtime of

the vessels. Cadeler did recognise medium and high levels of

vulnerability in some parts of its supply chain; for example, at ports

due to potential flooding and high wind incidents that could cause

longer periods of inaccessibility due to the potential for damaged

infrastructure.

Additionally, some elevated risk was identified in relation to the on-

time delivery of vessels and larger items of equipment, as many of

the facilities that produce these products are located in riverine and

coastal areas in typhoon-impacted regions. As a result, an elevated

potential for damage to supplier facilities due to high winds, changes

in precipitations, and flooding was identified in the climate risk

model. Cadeler's means of mitigating this vulnerability may include

ensuring sufficient contingency time when ordering any key

equipment from areas with an elevated climate risk.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**EU Taxonomy**

*Continued from previous page*

This approach allowed Cadeler to determine whether climate

impacts could pose potential risks to its business. In future iterations,

Cadeler plans to adopt a more nuanced approach by incorporating

multiple RCP scenarios to further assess the likelihood and severity

of the identified risks. The Company has already done so in its most

recent assessment; however, the internal reporting includes only

impacts under the RCP 8.5 scenario, as it was considered clearer for

internal decision-makers to understand the potential risks.

Cadeler has a few measures in place in response to the identified

climate risks. These include development of adverse weather plans

for its vessels for operations in regions with elevated risk of severe

weather and ensuring that spare parts are available via ordering

with contingency in supplier schedules and keeping critical items on

stock, if possible. As a result of the most recent assessment, a few

new adaptation measures have been recommended towards

Cadeler's Executive Senior Leadership. The full description of this

climate assessment is present in section ESRS 2 SBM-3.

**Sustainable use and protection of water and marine** 

**resources**

With regard to the construction of offshore wind farms, the activity

must not hamper the achievement of good environmental status as

set out in Directive 2008/56/EC of the European Parliament and of

the Council, requiring that appropriate measures are taken to

prevent or mitigate impacts in relation to the Directive's Descriptor

11 (Noise/Energy). Prior to commencement of construction activities,

windfarms are subject to attainment of an environmental permit,

which typically sets operational requirements during construction.

Additionally, Cadeler performs an environmental impact and risk

assessment prior to commencement of new scopes of work to

identify any potentially negative impacts and develop associated

mitigation techniques.

**Transition to a circular economy**

The activity assesses the availability of and, where feasible, utilises

equipment and components with high durability and recyclability

which are easy to dismantle and refurbish. In 2024, Cadeler also

procured a third party expert for performance of a lifecycle

assessment (LCA) of its vessels to map the environmental footprint

of the manufacturing and decommissioning phases. This was

followed up in late 2025 with another LCA covering the new classes

of vessels in the Cadeler fleet. This assessment represented a first

step toward gaining a clearer understanding of the value of specific

changes to the Company's shipbuilding and operational choices.

Additionally, low-carbon steel has been procured for the

construction of major components of the jacking system on

Cadeler's newbuild vessel, Wind Apex. Low-carbon is defined as a

type of steel that contains a small amount of carbon, typically about

0.05% to 0.25% carbon by weight Finally, the Company's project

engineering department has been working on optimising the design

of project seafastening used on Cadeler projects for less overall steel

use and adaptability for project to project reuse. In 2025, 578 tons of

steel were reused. Cadeler has started installing the first 15MW

turbines and contributed to integrating reused steel into tower

grillages, as well as blade rack root-end and tip-end grillages for this

turbine type. As a result, the amount of reused material is expected

to increase in the coming years, starting in 2026. The Company is

continuously assessing whether additional initiatives can be

established to support the transition to a circular economy.

**Pollution prevention and control**

This category is not applicable for alignment with EU Taxonomy activity

4.3. However, Cadeler operates its vessels in accordance with MARPOL,

the International Maritime Organisation's international convention

covering prevention of pollution of the marine environment by ships.

**Protection and restoration of biodiversity and ecosystems**

With regard to the construction of offshore wind farms, the activity

cannot hamper the achievement of good environmental status as

set out in Directive 2008/56/EC of the European Parliament and of

the Council, requiring that appropriate measures are taken to

prevent or mitigate impacts in relation to the Directive's Descriptors

1 (biodiversity) and 6 (seabed integrity). All offshore wind farms in

regions where Cadeler operates are legally required to have an

environmental impact assessment performed before the approval

for construction is granted. These permits often lead to specific

operational requirements that Cadeler must comply with as a

contractor. Cadeler does not control the permitting process at the

wind farm level, but it does collaborate with its clients on

operational measures that may address, reduce or mitigate any

potentially adverse impacts on biodiversity and ecosystems.

**Nuclear and fossil gas related activities**

Cadeler does not conduct activities related to nuclear and fossil gas.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-3_11.jpg](cdlr-20251231_g93.jpg)

**EU Taxonomy**

*Continued from previous page*

**Minimum Social Safeguards**

**Cadeler has a corporate set of policies in place that outline its** 

**commitment to protect human rights, prevent corruption, and** 

**promote fair competition and taxation. The Company has also** 

**designated functions responsible for embedding its policies into the** 

**Company's systems and work culture. On top of that, Cadeler commits** 

**to respect human rights and under its Human Rights Policy seeks to** 

**identify, prevent, mitigate and remedy any adverse impacts resulting** 

**from or caused by its business activities. Cadeler acknowledges that** 

**human rights risks are inherently high for Cadeler and its industry,** 

**given the nature of offshore work and its supply chain.**

**Human Rights** 

Cadeler has publicly available policies that include its approach to

human rights such as a Human Rights policy, a Company Code of

Conduct, and a Supply Chain Code of Conduct. The Company has

introduced a due diligence process as part of supplier onboarding

and has implemented compliance requirements with its Supply Chain

Code of Conduct into the standard terms and conditions for supplier

contracts. The Company has a dedicated Ethics and Compliance

function responsible for overseeing human rights. It maintains a

policy on human rights and a policy for the remediation and

mitigation of any potential human rights impacts. In 2025, Cadeler

completed its first formal Human Rights Impact Assessment with the

support of a third-party expert. The assessment's findings will guide

the Company's roadmap for addressing potential human rights

impacts, with future assessments conducted every three years.

Cadeler reports annually on its human rights program in the Annual

Report and has published a UK Modern Slavery Statement. Both

documents are approved by the Board of Directors and are publicly

available on the Company's website.

**Grievance Mechanisms**

Cadeler has a confidential reporting hotline, Speak Up!, which is

available to all employees, business partners and the general public

and allows for anonymous reporting. Employees are informed of this

mechanism during onboarding, and it is accessible via the Company's

SharePoint site and public website. Cadeler commits to a non-

retaliation policy for any reports submitted in good faith.

**Consumer Interests**

Cadeler operates in accordance with EU requirements.

**Anti-Corruption**

Cadeler has a Code of Conduct and an Anti-Bribery & Corruption

policy that define expected behaviours related to this topic. The

Company also maintains documentation of reported incidents,

conducts internal trainings, performs suppliers due diligence,

maintains internal organisational control procedures, and shares

necessary information publicly through its Annual Reporting.

**Competition**

The Company provides employees with guidance on competition-

related matters through the Code of Conduct and targeted training is

provided to at-risk functions and senior leadership.

**Taxation** 

Cadeler has a publicly available tax policy that outlines the

Company's practices and its commitment to compliance with tax

regulations in all jurisdictions in which it operates.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**EU Taxonomy**

![1-3_12.jpg](cdlr-20251231_g94.jpg)

*Continued from previous page*

**Taxonomy KPIs**

Taxonomy eligibility and alignment are expressed using three KPIs,

calculated as the proportion of turnover, CapEx, and OpEx that is

Taxonomy-eligible and Taxonomy-aligned (numerator) divided by

total turnover, CapEx, and OpEx. The calculations are prepared in

accordance with IFRS. Under the EU Taxonomy, an activity must not

significantly harm any other environmental objective to be

considered aligned. Cadeler's core operations support the installation

of renewable energy sources, which meet the definition of climate

change mitigation. This activity is aligned with the EU Taxonomy

when carried out in a manner that does no significant harm to the

other five environmental objectives. Alignment with an EU Taxonomy

objective also requires that the economic activity is conducted with

appropriate social safeguards. As noted, Cadeler operates without

compromising Minimum Social Safeguards. Furthermore, there is no

risk of double counting in the calculation of KPIs, as only one activity

is relevant for the three KPIs.

**KPI for Taxonomy-aligned turnover** 

The proportion of Taxonomy-aligned activities is calculated as net

turnover from products and services associated with Taxonomy-

aligned activities, including turnover from operation of a fleet of

purpose-built vessels used for the installation and maintenance of

offshore wind energy, divided by total net turnover.

**KPI for Taxonomy-aligned CapEx**

CapEx is defined as Taxonomy-aligned CapEx, capital expenditures

related to the operation of a fleet of purpose-built vessels for the

installation and maintenance of offshore wind energy, divided by

total CapEx. Total CapEx consists of additions to tangible and

intangible fixed assets before depreciation, amortisation and re-

measurements, including acquisitions of property, plant and

equipment, intangible assets, leases with usage rights and investment

properties.

**KPI for Taxonomy-aligned OpEx**

The EU Taxonomy defines OpEx differently than IFRS: this KPI aims to

capture non-capitalised costs which relate to investments in assets

and processes. The OpEx is therefore a category of costs which

complements CapEx in relation to investments. Taxonomy-defined

OpEx includes only direct costs related to:

(iv) Research and development, excluding overheads

(v) Building renovation

(vi) Short-term lease agreements

(vii) Maintenance, upkeep and repairs

Cadeler assesses its alignment on an annual basis.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**EU Taxonomy**

**ANNEX II Template I:** Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year

---

| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **KPI**<br>**(1)** | **Total**<br>**(2)** | **Proportion** <br>**of** <br>**Taxonomy** <br>**eligible** <br>**activities** <br>**(3)** | **Taxonomy** <br>**aligned** <br>**activities**<br>**(4)** | **Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**activities** <br>**(5)** | **Breakdown by environmental objectives of** <br>**Taxonomy aligned activities**  | **Breakdown by environmental objectives of** <br>**Taxonomy aligned activities**  | **Breakdown by environmental objectives of** <br>**Taxonomy aligned activities**  | **Breakdown by environmental objectives of** <br>**Taxonomy aligned activities**  | **Breakdown by environmental objectives of** <br>**Taxonomy aligned activities**  | **Breakdown by environmental objectives of** <br>**Taxonomy aligned activities**  | **Proportion** <br>**of** <br>**enabling** <br>**activities** <br>**(12)** | **Proportion** <br>**of**<br>**transitional** <br>**activities** <br>**(13)** | **Not assessed** <br>**activities** <br>**considered** <br>**non-material** <br>**(14)** | **Taxonomy** <br>**aligned** <br>**activities in** <br>**previous** <br>**financial year** <br>**(15)** | **Proportion of** <br>**Taxonomy** <br>**aligned** <br>**activities**<br>**in previous** <br>**financial year**<br>**(16)** |  |  |  |  |  |  |  |  |
| **KPI**<br>**(1)** | **Total**<br>**(2)** | **Proportion** <br>**of** <br>**Taxonomy** <br>**eligible** <br>**activities** <br>**(3)** | **Taxonomy** <br>**aligned** <br>**activities**<br>**(4)** | **Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**activities** <br>**(5)** | **Climate Change** <br>**Mitigation (6)** | **Climate Change** <br>**Adaptation (7)** | **Water (8)** | **Circular Economy (9)** | **Pollution (10)** | **Biodiversity (11)** | **Proportion** <br>**of** <br>**enabling** <br>**activities** <br>**(12)** | **Proportion** <br>**of**<br>**transitional** <br>**activities** <br>**(13)** | **Not assessed** <br>**activities** <br>**considered** <br>**non-material** <br>**(14)** | **Taxonomy** <br>**aligned** <br>**activities in** <br>**previous** <br>**financial year** <br>**(15)** | **Proportion of** <br>**Taxonomy** <br>**aligned** <br>**activities**<br>**in previous** <br>**financial year**<br>**(16)** |  |  |  |  |  |  |  |  |
| **KPI**<br>**(1)** | **Total**<br>**(2)** | **Proportion** <br>**of** <br>**Taxonomy** <br>**eligible** <br>**activities** <br>**(3)** | **Taxonomy** <br>**aligned** <br>**activities**<br>**(4)** | **Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**activities** <br>**(5)** | **Climate Change** <br>**Mitigation (6)** | **Climate Change** <br>**Adaptation (7)** | **Water (8)** | **Circular Economy (9)** | **Pollution (10)** | **Biodiversity (11)** | **Proportion** <br>**of** <br>**enabling** <br>**activities** <br>**(12)** | **Proportion** <br>**of**<br>**transitional** <br>**activities** <br>**(13)** | **Not assessed** <br>**activities** <br>**considered** <br>**non-material** <br>**(14)** | **Taxonomy** <br>**aligned** <br>**activities in** <br>**previous** <br>**financial year** <br>**(15)** | **Proportion of** <br>**Taxonomy** <br>**aligned** <br>**activities**<br>**in previous** <br>**financial year**<br>**(16)** | **Turnover** | 620.4 <br>mEUR<br>| 100% | 620.4 <br>mEUR<br>| 100% | 0% | 248.7 mEUR | 100% |
| **CapEx** | 1,323.7 <br>mEUR<br>| 100% | 1,323.7 <br>mEUR<br>| 100% | 100% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 650.0 mEUR | 100% |  |  |  |  |  |  |  |  |
| **OpEx** | 23.1 mEUR | 100% | 23.1 mEUR | 100% | 100% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10.8 mEUR | 100% |  |  |  |  |  |  |  |  |

---

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**EU Taxonomy – Turnover**

**ANNEX II Template II:** Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year (N) (activity breakdown)

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reported KPI (Turnover)**  | **Reported KPI (Turnover)**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | **2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Economic Activities (1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**Turnover)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**Turnover)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**Turnover** <br>**(5)**  | **Environmental objective of Taxonomy aligned** <br>**activities**  | **Environmental objective of Taxonomy aligned** <br>**activities**  | **Environmental objective of Taxonomy aligned** <br>**activities**  | **Environmental objective of Taxonomy aligned** <br>**activities**  | **Environmental objective of Taxonomy aligned** <br>**activities**  | **Environmental objective of Taxonomy aligned** <br>**activities**  | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible**<br>**(14)**  |  |  |  |  |  |  |  |  |
| **Economic Activities (1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**Turnover)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**Turnover)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**Turnover** <br>**(5)**  | **Climate Change** <br>**Mitigation (6)** | **Climate Change** <br>**Adaptation (7)** | **Water (8)** | **Circular Economy (9)** | **Pollution (10)** | **Biodiversity (11)** | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible**<br>**(14)**  |  |  |  |  |  |  |  |  |
| **Economic Activities (1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**Turnover)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**Turnover)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**Turnover** <br>**(5)**  | **Climate Change** <br>**Mitigation (6)** | **Climate Change** <br>**Adaptation (7)** | **Water (8)** | **Circular Economy (9)** | **Pollution (10)** | **Biodiversity (11)** | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible**<br>**(14)**  | Electricity generation from wind power | 4.3 CCM | 100% | 620.4 mEUR | 100% | 0%<br> E | T | 100% |
| **Sum of alignment per objective** | **Sum of alignment per objective** |  |  |  | 100% | 0% | 0% | 0% | 0% | 0% |  |  |  |  |  |  |  |  |  |  |  |
| **Total KPI (Turnover)** | **Total KPI (Turnover)** |  | 620.4 mEUR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

Y-Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective); N-No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective); N/EL- Not eligible; EL-eligible; CCM-climate change mitigation

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**EU Taxonomy – CapEx**

**ANNEX II Template II:** Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year (N) (activity breakdown)

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reported KPI (CapEx)** | **Reported KPI (CapEx)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | **2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Economic Activities** <br>**(1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**CapEx)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**CapEx)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**CapEx** <br>**(5)** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible** <br>**(14)** |  |  |  |  |  |  |  |  |
| **Economic Activities** <br>**(1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**CapEx)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**CapEx)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**CapEx** <br>**(5)** | **Climate Change** <br>**Mitigation (6)** | **Climate Change** <br>**Adaptation (7)** | **Water (8)** | **Circular Economy (9)** | **Pollution (10)** | **Biodiversity (11)** | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible** <br>**(14)** |  |  |  |  |  |  |  |  |
| **Economic Activities** <br>**(1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**CapEx)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**CapEx)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**CapEx** <br>**(5)** | **Climate Change** <br>**Mitigation (6)** | **Climate Change** <br>**Adaptation (7)** | **Water (8)** | **Circular Economy (9)** | **Pollution (10)** | **Biodiversity (11)** | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible** <br>**(14)** | Electricity generation from wind power | 4.3 CCM | 100% | 1,323.7 mEUR | 100% | 0%<br> E | T | 100% |
| **Sum of alignment per objective** | **Sum of alignment per objective** |  |  |  | 100% | 0% | 0% | 0% | 0% | 0% |  |  |  |  |  |  |  |  |  |  |  |
| **Total KPI (CapEx)** | **Total KPI (CapEx)** |  | 1,323.7 mEUR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

Y-Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective); N-No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective); N/EL- Not eligible; EL-eligible; CCM-climate change mitigation

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**EU Taxonomy – OpEx**

**ANNEX II Template II:** Proportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year (N) (activity breakdown)

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reported KPI (OpEx)** | **Reported KPI (OpEx)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **2025** | **2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Economic Activities** <br>**(1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**OpEx)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**OpEx)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**OpEx** <br>**(5)** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Environmental objective of Taxonomy aligned** <br>**activities** | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible** <br>**(14)** |  |  |  |  |  |  |  |  |
| **Economic Activities** <br>**(1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**OpEx)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**OpEx)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**OpEx** <br>**(5)** | **Climate Change** <br>**Mitigation (6)** | **Climate Change** <br>**Adaptation (7)** | **Water (8)** | **Circular Economy (9)** | **Pollution (10)** | **Biodiversity (11)** | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible** <br>**(14)** |  |  |  |  |  |  |  |  |
| **Economic Activities** <br>**(1)** | **Code** <br>**(2)** | **Taxonomy** <br>**eligible KPI** <br>**(Proportion** <br>**of Taxonomy** <br>**eligible** <br>**OpEx)** <br>**(3)** | **Taxonomy** <br>**aligned KPI** <br>**(monetary** <br>**value of** <br>**OpEx)**<br>**(4)** | **Taxonomy** <br>**aligned KPI** <br>**(Proportion** <br>**of** <br>**Taxonomy** <br>**aligned** <br>**OpEx** <br>**(5)** | **Climate Change** <br>**Mitigation (6)** | **Climate Change** <br>**Adaptation (7)** | **Water (8)** | **Circular Economy (9)** | **Pollution (10)** | **Biodiversity (11)** | **Enabling** <br>**activity** <br>**(12)** | **Transitional**<br>**activity** <br>**(13)** | **Proportion of** <br>**Taxonomy** <br>**aligned in** <br>**Taxonomy** <br>**eligible** <br>**(14)** | Electricity generation from wind power | 4.3 CCM | 100% | 23.1 mEUR | 100% | 0%<br> E | T | 100% |
| **Sum of alignment per objective** | **Sum of alignment per objective** |  |  |  | 100% | 0% | 0% | 0% | 0% | 0% |  |  |  |  |  |  |  |  |  |  |  |
| **Total KPI (OpEx)** | **Total KPI (OpEx)** |  | 23.1 mEUR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

Y-Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective); N-No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective); N/EL- Not eligible; EL-eligible; CCM-climate change mitigation

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Control and reduce air and water pollution**

**Impacts, Risks and Opportunities management**

___________________________________________________________

ESRS 2 IRO-1 – Description of the processes to identify and assess

material pollution-related impacts, risks and opportunities

Cadeler conducted Environmental risk and impact assessments with

the intention to cover all environmental aspects, including those

related to the ESRS topics of pollution. The results from the annual

environmental risk and impact assessments are used as a starting

point for identification of IROs to be assessed in Cadeler's DMA.

Consultations have not been conducted with potentially affected

communities, though Cadeler does take the advice of industry bodies

with recommendations on best practice for pollution control from

shipping, i.e. IMO and Danish Shipping.

The pollution topics identified as material were considered material

from an impact perspective. These topics included pollution of air,

pollution of water, and microplastic pollution. External stakeholders

also expressed concerns in understanding Cadeler's methods for

prevention of water pollution due to the potential for spills, as its

operations take place in the offshore environment.

IROs related to these topics that were considered material include:

emissions of NOx, SOx, particulates and VOCs from the vessel

engines to the air; potential for spills of hydrocarbons or chemicals

from Cadeler's operations into the oceans; production of hazardous

wastes from the Company's operations, including waste lubrication

oils, bilge water (oily water), electrical wastes, and other solid wastes

contaminated with hydrocarbons or chemicals; microplastic pollution

from Cadeler's wastewater, vessel paints, and use of plastics during

operations that eventually break down into microplastics.

E2-1 – Policies related to pollution

Cadeler works to meet the environmental legal requirements of the

countries in which it operates and Decarbonisation and Performance

department ensures that risks associated with operations are

appropriately identified and managed.

To sufficiently manage environmental impact, it is paramount to

consider all environmental aspects relevant to the operations, such as

air pollution, water pollution, sewage management, waste

management, soil contamination, climate change mitigation and

adaptation, and resource use and efficiency.

Each policy includes a scope section stating what is included and

excluded. The policies, signed by the CEO and CFO, ensure

accountability for implementation. They commit Cadeler to protect

people, the environment and assets, with reference to relevant

legislation and recognised standards for compliance. Publicly

available on the Company's website, the policies are also included in

client tenders and contractor agreements. They assign HSEQ

responsibility to all personnel working for or with Cadeler,

emphasising active participation in continuous improvement.

To control and improve environmental performance, Cadeler has a

management manual, an HSEQ policy and a sustainable development

policy in place. These documents outline corporate practices for

working towards more sustainable business practices. Cadeler's ISO

14001:2015 certified environmental management system establishes

the set of formal policies, processes and requirements implemented

to minimise environmental impacts from its operations.

The management system applies not only to all vessels operated by

Cadeler, but also to its operational sites, offices, and a wide range of

activities. The approach to pollution control is largely informed by

IMO's International Convention for the Prevention of Pollution from

Ships (MARPOL). Pollution monitoring practices have not been

checked against EU BREF standards as Cadeler has not seen an

industry specific BREF targeting shipping or marine construction.

Moreover, Cadeler does not currently conduct direct measurements

of pollutants. However, where it relies on automatic consumption

readings of consumables contributing to pollutant emissions, such as

marine gas oil, the Decarbonisation and Performance Department

ensures that these systems are properly calibrated through the

vessels' planned maintenance systems.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Control and reduce air and water pollution** 

*Continued from previous page*

**Aiming for zero spills**

___________________________

The Company aims to ensure zero spills of hydrocarbons and other

toxic substances into the marine environment. Checks are carried out

to ensure proper storage of chemicals and hydrocarbons on board

and that sufficient secondary containment is available. Each vessel

carries a shipboard marine pollution emergency plan (SMPEP) and

regularly performs ship oil pollution emergency plan drills (SOPEP).

**Ballast water protocols**

_____________________________

To prevent the spread of invasive aquatic species, Cadeler complies

with the Ballast Water Management Convention. The vessels have a

ballast water management plan, maintain a ballast water record book

and hold an international ballast water management certificate. All

newbuilds are delivered with ballast water treatment system. Cadeler

has 100% of its fleet operating with ballast water treatment systems

onboard, ensuring compliance with the International Maritime

Organisation's D-2 Ballast Water Performance Standard.

E2-2 – Actions and resources related to pollution

Cadeler has implemented several measures to mitigate potential

water pollution. Additional actions will be developed and

implemented as new technical solutions become available in own

operations and along the value chain. Current actions focus on

Cadeler's own operations footprint. Cadeler aims to operate its

vessels in compliance with the MARPOL regulation. All vessels have a

shipboard marine pollution emergency plan, which outlines the

practices intended to prevent spills into the ocean. It ensures the

crews are trained to respond appropriately in the event of an

environmental incident and that have the clean-up equipment is

available on board. Cadeler also has a water management plan in

place, under which consumption of fresh water is tracked and any

discharges of ballast water or grey water from the vessels are

recorded.

In 2024, Cadeler has started to use more environmentally friendly

jacking grease on its vessels Wind Scylla and Wind Zaratan acquired

from the merge with Eneti. The vessels operated by Cadeler at that

time were already maintained using this type of jacking grease. This

change reduces the environmental impact of routine maintenance

operations by minimising the release of harmful substances into the

marine ecosystem. The 2025 new built vessels use environmental

friendly jacking grease as well. In addition, Cadeler has performed

patch testing on Wind Peak of hull coatings that are less toxic to

marine organisms, with the objective of identifying solutions that

effectively prevents excessive marine growth, such as algae and

barnacles, which can impair vessel efficiency during sailing.

These initiatives reflect Cadeler's broader commitment to

sustainability by reducing the discharge of harmful chemicals,

microplastics and grease into the ocean. In the event of marine

pollution caused by oil or NLS, the following actions are already

implemented:

• Shipboard Marine Pollution Emergency Plan (SMPEP) is in

place for each vessel within the Company and contains

information and operational instructions required by IMO,

• Scope is defined in the Pre-amble of the plan. The plan is

designed to be legally compliant and to ensure that the

vessel is prepared in the event of pollution to sea. Section

6.5 of the Plan demonstrates the response to procedures for

spills,

• Onboard there is SOPEP - Shipboard Oil Pollution

Emergency Plan – and SOPEP kit in case of a spill to deck.

The vessel does not carry equipment to contain a spill to

sea

• Regular drills are conducted at to train awareness and

preparedness onboard.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Control and reduce air and water pollution** 

*Continued from previous page*

**Air and Water Pollution Metrics & Targets**

_____________________________________________________

E2-3 – Targets related to pollution

Cadeler complies with air emission caps in the locations where it

operates and aims to identify improvements, wherever feasible.

However, improvement beyond compliance levels can be challenging

due to the limits of the technical systems and consumables in use.

Often, in the maritime industry, these components are designed and

manufactured to comply with emission caps, with focus on NOx and

SOx emissions. As such, Cadeler has not established a specific target

related to air pollution in excess of maintaining compliance with

emission caps.

Cadeler is committed to a target of zero spills to the environment, in

accordance with the Company's policy to minimise its environmental

impact. This target is closely monitored through the Company's reporting

system, with spill data collected and internally reviewed on a monthly

basis. This target is not time-bound, as Cadeler aims to achieve zero spills

every year. This objective therefore represents an ongoing annual target.

The target is set annually and formally approved by Senior

Leadership as part of the Management Review. Efforts to achieve this

target are supported by initiatives such as improved ToolBox Talks

(TBT), enhanced risk assessments, and the integration of

advancements into the Company's Management System.

These measures support a proactive approach to spills prevention

and environment protection. Furthermore, Cadeler strives to avoid

objects lost to the sea, recognising the importance of protecting

marine ecosystems and preventing marine debris pollution. In the

event of an object being lost, strict reporting procedures are in place.

If an incident occurs within a wind farm, it is reported to the Marine

Coordination Centre. If it occurs in a port or in national waters, it is

reported to the relevant coastal authorities.

In 2025, Cadeler had emissions to both water and air, which are

presented below.

E2-4 – Pollution of air and water

Cadeler refers to the pollutants listed in Annex II of Regulation (EC)

No 166/2006 of the European Parliament and of the Council. The

main sources of air pollutants are vessel engines and gradual leakage

of refrigerants used as coolants for various machinery on the vessels.

The main sources of water pollutants include gradual degradation of

vessel paint coatings, greywater discharges and potential

uncontained spills of hydrocarbons or other chemicals offshore.

Cadeler does not consider soil pollution to be a material topic as its

operations are primarily focused offshore.

In general, all categories of air pollution increased in 2025, compared

to 2024, for the simple reason that the figures for 2024 only covered

five vessels whereas Cadeler had 9 vessels in operation by the end of

2025. Emissions of particulates and VOCs are expected to increase

proportionally with fuel consumed.

With regard to sulphur oxides, Wind Zaratan and Wind Maker

operated outside emission control areas throughout 2025 and

therefore used fuel with a sulphur content of 0.5%, in line with the

global cap. This contrasts with the remainder of the fleet, which

operated within emission control areas in Northern European waters

and along the east coast of North America and therefore used 0.1%

sulphur fuel.

Additionally, NOx increased by a smaller margin than other pollutant

categories as all new builds need to be delivered in compliance with

the stricter Tier III NOx requirements to newer vessels.

Cadeler recorded 2 spills of hydraulic oils from its vessels in 2025 (vs

4 in 2024). This is a decrease in frequency compared to last year, but

the volume spilled increased due to one more significant spill of

around 1000 litres during a bunkering procedure on Wind Ally in

December 2025. Cadeler has investigated the causes of this incident,

has identified lessons learned, and has updated its vessel bunkering

procedure checklist to try to prevent similar events from occurring in

the future. Cadeler is continuously working on preventing spills to

achieve the target of zero spills.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![Method.gif](cdlr-20251231_g87.gif)

**Pollution of air**

Air pollutants result from the combustion of fossil fuels during

the operation of vessel engines and project equipment not

relying on vessel engines. It covers Sox, Nox, VOC, particulate

matter and emissions from vessels and equipment. Cadeler

monitors air emissions by recording fuel consumption in the

vessel's logbooks, and applying emissions factors based on the

fuel and engine characteristics. For VOCs and particulate matter,

Cadeler applies the most recent emission factors published by

the European Environment Agency (EEA). For SOx and NOx,

emissions are calculated using results from engine testing and

fuel sample analyses, ensuring vessel-specific accuracy.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **2025** | **2025** | **2024** | **2024** | |
| **Pollutant** | **Unit** | **Emissions to air** | **Emissions to water** | **Emissions to air** | **Emissions to water** | **% change** |
| SOx | tonnes | 137.2 |  | 57.1 |  | 140.1% |
| NOx | tonnes | 768.8 |  | 615.1 |  | 25.0% |
| Particulates - PM10 | tonnes | 37.7 |  | 20.8 |  | 80.9% |
| Particulates - PM2.5 | tonnes | 32.1 |  | 17.7 |  | 80.9% |
| NMVOCs | tonnes | 65.5 |  | 36.2 |  | 80.8% |
| HFC - 404a | kg | 49.9 |  | 27.6 |  | 80.6% |
| HFC - 410a | kg | 34.6 |  | 9.5 |  | 266.1% |
| HFC - 134A | kg | 235.1 |  | 1.8 |  | 12815.4% |
| HFC- 407C | kg | 490.2 |  | 197.3 |  | 148.4% |
| HFC-407F | kg | 3.4 |  | 4.4 |  | -23.6% |
| HFC-448a | kg | 38.0 |  | 0.0 |  |  |
| HFC-452a | kg | 15.0 |  | 0.0 |  |  |
| Uncontained spills | occurrences  |  | 2.0 |  | 3.0 | -33.3% |
| Oil spills | kg |  | 904.5 |  | 0.6 | 143471.4% |
| microplastics | kg |  | 101.4 |  | 63.6 | 59.4% |
| Copper compounds | kg |  | 850.2 |  | 536.4 | 58.5% |
| Xylene | kg |  | 350.1 |  | 220.9 | 58.5% |

---

![Method.gif](cdlr-20251231_g87.gif)

**Pollution of water**

Water pollution from Cadeler's operations may result from the

slow disintegration of vessel paints, discharges of greywater, and

the potential for direct spills of hydrocarbons or chemicals.

According to IMO's regulation, Cadeler has a record of all spills

per vessel. All the spills are also reported in HSEQ systems,

specifying their occurrences, quantity and types of pollutants.

Cadeler has no measurements related to pollution from copper,

other metals and microplastics from vessel hull paint and

greywater discharges, so estimations of pollutants levels are

wholly based on available scientific research and paint

specifications.

![Method.gif](cdlr-20251231_g87.gif)

**Microplastics**

Microplastics from greywater discharges are estimated using the

volume of greywater generated and applying an emission factor

per cubic meter. Greywater records are not available for every

vessel, so the averages from vessels with available records are

used to fill in for vessels not providing a record. (also based solely

on available scientific research).

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Enhance circular economy**

**Impacts, risks and opportunities management**

__________________________________________________________

ESRS 2 IRO-1 – Description of the processes to identify and assess

material pollution-related impacts, risks and opportunities

The environmental risk and impact assessment conducted prior to

the commencement of operations primarily focuses on Cadeler's

installation and maintenance activities, while also taking into account

significant impacts across the value chain. The annual impact and risk

assessment does not cover the construction or decommissioning

phases of Cadeler's vessels, for which no consultation have been

conducted in 2025. However, in late 2024 and throughout 2025,

Cadeler conducted a lifecycle assessment (LCA) across all vessel

classes to gain a better understanding of the environmental impacts

and risks associated with the construction and decommissioning

phases.

Cadeler conducted environmental risk and impact assessments for its

wind turbine installation and foundation installation operations in

March 2025. The intention is to perform such an assessment at least

annually, and the starting point is the result from past years. The

assessment is intended to cover all environmental aspects, including

resources and circular economy.

Continuing with business as usual may entail certain risks and impacts

that Cadeler still needs to assess. Some of these risks are evaluated

through the climate-risk impact assessment. Cadeler will provide

further details on ESG risks and impacts in upcoming reports.

Cadeler has not yet assessed whether the use of recycled steel or the

standardization of seafastening could represent a material

opportunity, nor whether the transition to a circular economy could

give rise to material risks and impacts.

**Waste production and management**

_____________________________________________

E5-1 – Policies related to resource use and circular economy

A core element of environmental management on board the vessels

is the waste management plan. Each vessel has its own plan which is

based in the Company's general plan and in alignment with the

International Maritime Organisation's MARPOL Annex V. Cadeler

records its total waste production and requires proper segregation of

waste onboard so that it can be appropriately managed when

offloaded on the quayside. Cadeler will continue its efforts to avoid

single-use plastics wherever suitable alternatives can be identified

and will also expand its to all waste categories. Cadeler intends to

place a greater emphasis on reducing waste generation from its

operations and supply chain and to increase efforts to ensure the

recycling and reuse of waste wherever possible. In 2025, Cadeler

drafted its first circularity strategy, which is supported by a three-year

implementation roadmap, including specific actions and

commitments. The strategy focuses on key actions towards improving

waste management methods, developing vessel end of life plans, and

taking a higher control of garbage management contracts.

**Consider end of life for assets and project equipment** 

___________________________________________________________________

E5-1 – Policies related to resource use and circular economy

It is important that Cadeler identifies solutions for the eventual

recycling and reuse of components from its vessels and major

components used for operations, such as sea fastenings. Cadeler

considers whether a second life can be identified for key components

and will investigate how to ensure that any recycling activities are

carried out in a responsible manner. Moreover, as it enters the

foundation installation segment under certain contracts, Cadeler

expects to gain responsibility for the design and delivery of

secondary steel structures that serve as the connection point

between offshore wind turbines and the monopiles on which they are

installed. Cadeler commits to investigating, alongside its clients, how

these structures can be designed and delivered with a reduced

environmental footprint. Cadeler's Sustainability and Performance

Department is responsible for implementing the sustainable

development policy across the business, including its commitment to

minimising the use of resources and working towards a circular

economy.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Enhance circular economy**

*Continued from previous page*

**Resource use metrics & targets**

_______________________________________

E5-2 – Actions and resources related to resource use and circular economy

Cadeler's past actions related to resources uses and the circular

economy had been focused on the Company's own operations but

Cadeler's updated circularity strategy includes actions across its

supply chain as a key factor for success. Cadeler's standard vessel

waste management plan was updated in 2024 to emphasise the

Company's preference for reducing consumption wherever possible,

followed by prioritising reuse and recycling of materials over disposal.

The updates are included in the vessel specific plans for all newbuilds

and will be applied to existing vessels following the next revision of

the waste management plan. 2024 represented the first year in which

waste transfer notes from all vessels have been collected to measure

the total waste footprint, and waste data from all offices have been

procured from waste management provider. This enabled Cadeler to

finally establish its baseline which will allow the Company to start

reporting on progress towards its 2030 reduction target. Cadeler

used the same collection process in 2025.

In 2023, safe drinking water systems were installed on Wind Orca and

Wind Osprey, enabling the elimination of single-use water bottles for

offshore operations. All of Cadeler's custom designed newbuild

vessels have been delivered with similar systems, and the Company is

currently investigating the implementation of this type of system on

Wind Scylla, Wind Zaratan, and Wind Keeper without a final decision

taken. These systems are considered a core element in reducing

waste from the vessels and cover a large fraction of the potential

single-use plastics footprint. At present, 7 out of 10 operating vessels

are equipped with safe drinking water systems onboard.

Cadeler has developed its first strategy on resource use and

circularity in 2025. The ambition is to make more impactful changes

to the Company performance going forward, now that a more robust

performance baseline has been established.

E5 – 3 - Targets related to resource use and circular economy

By 2030, Cadeler aims to reduce its waste generated from its own

operations by 50%. It intends to achieve this target by avoiding waste

generation where possible and improving recycling and reusing rates.

This target is not driven by legislative requirements. 2024 represents

the first year in which Cadeler has tracked its full Company waste

footprint, including waste treatment methods, and will therefore be

used as the baseline for improvement.

As Cadeler continues to experience a high rate of growth, it is

necessary to normalize its targets to account for this growth. In 2024,

Cadeler had five vessels in operation by the end of the year. In 2025,

this number rose to 9. For this reason, Cadeler has decided to also

start looking at environmental footprint in terms of impact per vessel

in the fleet.The new targets for waste directed to disposal should be

approved during 2026.

Cadeler has yet to define formal targets for resources inflow, but the

Company acknowledges the importance of setting targets on the

matter, as its business activities involve a material resource inflows, as

described under ESRS 2 SBM-3. Cadeler will therefore work towards

establishing formal targets in accordance with its strategy.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-2_3.jpg](cdlr-20251231_g95.jpg)

**Enhance circular economy**

*Continued from previous page*

E5 –4 - Resource inflows

Cadeler's IRO focuses on the accessibility to materials used for the production of vessels and equipment

required for delivering the services for the customers. Hence, the material impact/resource inflow is placed

in the value chain, as all vessels and required equipment is produced by vendors in the value chain.

Consequently, Cadeler will not report on the inflow-section of E5.

E5 –5 - Resource outflows

Cadeler tracks waste outputs from both its vessels and offices. There are some limitations in Cadeler's

datasets which will be addressed on in the coming years. First, the Company's vessels segregate waste

onboard into more categories than the standard waste transfer notes provide a record for and record

outputs in cubic metres. This is in accordance with IMO MARPOL requirements, so it may be difficult to

improve data precision as the vessels must continue to operate in accordance with MARPOL.

One example is that Cadeler's vessels generate various categories of hazardous waste which are handled

properly and delivered onshore in hazardous waste containers. However the waste transfer notes Cadeler

receives from onshore waste management providers tend to categorize this data under 'operational waste'

along with other waste streams that may not be hazardous. For the reporting year, Cadeler has taken a

conservative approach and classified all operational waste as hazardous as this category includes potentially

hazardous waste.

In assessing waste treated methods, Cadeler has not been able to obtain documentation from every port

and waste management service provider regarding the waste treatment methods implemented. Waste has

only been claimed to be 'diverted from disposal' where supporting documentation has been available. It is

likely that a higher volume of waste than reported has been diverted from disposal, but Cadeler will not

report this until sufficient documentation can be obtained.

As part of its Circularity Strategy, Cadeler plans to improve its contact with the waste management providers

in the Company's value chain. This requires a stepwise improvement in the dialogue with garbage

management providers.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Enhance circular economy**

*Continued from previous page*

![Method.gif](cdlr-20251231_g87.gif)

---

| | | | |
|:---|:---|:---|:---|
| | **Unit** | **2025** | **2024** |
| **Hazardous waste** | **tonnes** | 114.0 | **96.5** |
| Preparation for reuse | tonnes | - | - |
| Recycling | tonnes | 1.1 | 1.8 |
| Other recovery operations | tonnes |  | - |
| **Diverted from disposal** | **tonnes** | **35.6** | **1.8** |
| Incineration | tonnes |  | 10.1 |
| Landfill | tonnes | 78.5 | - |
| Other disposal operations | tonnes |  | 84.6 |
| **Directed to disposal** | **tonnes** | **78.5** | **94.7** |
| **Non-hazardous waste** | **tonnes** | 559.3 | **286.5** |
| Preparation for reuse | tonnes | - | - |
| Recycling | tonnes | 84.6 | 24.5 |
| Other recovery operations | tonnes | 100.1 | 32.1 |
| **Diverted from disposal** | **tonnes** | **184.7** | **56.6** |
| Incineration | tonnes | 49.9 | 38.8 |
| Landfill | tonnes | 324.7 | 6.5 |
| Other disposal operations | tonnes |  | 184.6 |
| **Directed to disposal**  | **tonnes** | **374.6** | **229.9** |
| **Total waste** | **tonnes** | 673.3 | **383.0** |
| Diverted from disposal | % | 32.7% | 15.3% |
| Directed to disposal  | % | 67.3% | 84.8% |
| Diverted from disposal | tonnes | 220.2 | 58.4 |
| Directed to disposal | tonnes | 453.1 | 324.6 |

---

**Resources outflows**

Data is collected through external information from waste

handlers and waste transfer notes from vessels and offices. When

the information was not available, only relevant to offices, the

Company performed an average calculation proportional to

headcounts. Uncertainty arises in the data due to conversion of

some data inputs from liters and m3 to tons. Cadeler used

conversion factors published by the US Environmental Protection

Agency.

Conservative approach: operational wastes are categorised as

hazardous as the category can include hazardous waste, but

there is not a consistent record of what percentage of

operational wastes are hazardous. Additionally, not all waste

management providers share a record of disposal methods.

Where missing, Cadeler assumes waste ends in a landfill.

![Presentation_Master17.jpg](cdlr-20251231_g96.jpg)

**Social**

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

**Strategy around Cadeler workforce**

____________________________________________

ESRS 2 SBM-3 – Material impacts, risks and opportunities and their

interaction with strategy and business model

People are at the heart of Cadeler's priorities, driving the Company's

success. Cadeler believes in operating in a way that fosters a safe,

diverse, inclusive and equitable workplace environment for its

employees, while driving a positive impact beyond Cadeler. Health

and Safety, Privacy, Diversity, Gender Equality and Equal Pay for work

of equal value, Work-life balance, Social Dialogue, Freedom of

association, and Collective Bargaining are topics that may affect

onshore teams, offshore teams or both. If any of these topics is

considered material for either group, Cadeler includes all employees

within the scope of disclosure:

• Onshore locations include offices in Denmark, the United

Kingdom, Taïwan, Japan, the US and Monaco

• Offshore locations include all vessels.

All individuals who may be materially impacted by Cadeler's

operations are included in the scope of disclosure. Material negative

impacts related to Health and Safety may occur on an individual basis

whereas material negative impacts related to Privacy, Diversity and

Gender Equality tend to be more widespread. Cadeler invests

significantly in making the Company a high-quality workplace. The

corporate culture has a positive impact on all employees, both

offshore and onshore, particularly in terms of Work-life balance, Social

Dialogue, Freedom of association, Collective bargaining and Diversity.

Cadeler identified a limited number of material risks and opportunities

arising from impacts and dependencies on its own workforce:

• Risk: the occurrence of any significant HSEQ incidents could

negatively impact Cadeler's brand and the confidence

among potential clients and investors in Cadeler's ability to

deliver its scope of work while protecting its workforce

• Risk: the occurrence of any incidents of harassment and

discrimination within the workforce could to negatively affect

Cadeler's brand, affect employee retention rates and its

ability to recruit new colleagues.

To close the gap towards net-zero operations by 2035, Cadeler is

focusing on optimising fuel consumption, adopting alternative fuels

and enabling electrification. The potential impact on workers of these

three key decarbonisation levers has not been assessed yet, but are

currently assumed to be non-material.

Cadeler with the assistance of a third party, has performed a Human

Right Impact Assessment which reviewed and informed the Company

on specific risks faced by people in the workforce with particular

characteristics, or working in particular activities and contexts. This

assessment focused on potential impacts and risks to workers across

Cadeler's business as well as across Cadeler's value chain. Cadeler will

conduct this assessment every three years.

While health and safety are relevant to all employees, offshore

employees are the most exposed to such risks due to their work on

industrial sites, including ports and vessels. Regarding potential

incidents of harassment, they are not limited to any specific group.

**Working in Cadeler: onshore and offshore positions**

_________________________________________________________________

S1-1 – Policies related to own workforce

**Working conditions**

Cadeler operates with the objectives of ensuring safety at sea,

preventing human injury and loss of life, and avoiding adverse

impacts on the environment. The safety management objectives of

Cadeler remain focused on defining safe practices for vessel

operations by controlling all identified risks to the Company's ships,

personnel and the environment, and establishing appropriate

safeguards. Cadeler's commitment to ensuring employee health and

safety are articulated in the i) Code of Conduct, ii) Health, Safety,

Environment and Quality Policy, and iii) Human Rights Policy. These

policies build upon and align with internationally recognised

frameworks (ILO, International Bill of Human Rights,UN Global

Compact, UN Guiding Principles on Business and Human Rights).

Cadeler believes that all employees contribute to maintaining a safe

working environment and therefore operates an intervention policy.

Every individual at a Cadeler worksite has the authority and the

responsibility to intervene in any job, activity or scenario where there

is a safety concern. Concerns can be raised through the channels

described in G1-1 by all individuals, and third parties present at its

workplaces worldwide. They are all required to observe all applicable

legal requirements relating to occupational health and safety

standards.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

*Continued from previous page*

Another cornerstone for improving employee working conditions is

guaranteeing the right to freedom of association. This includes the

right of employees to join or form groups, such as unions, and to

collectively advocate for shared interests. At Cadeler, this freedom

allows employees to join labour unions or professional associations to

represent their rights, negotiate better working conditions and fair

wages, and to promote workplace safety. Cadeler's policies on

working conditions apply to all employees and contractors, both

onshore and offshore.

While Cadeler does not yet have a Supplier Code of Conduct that fully

align with the ILO, it recognises the importance of these issues and is

working to expand its framework. In the meantime, the Company

continues to apply other measures, such as supplier assessments and

contractual requirements, to promote responsible practices and

safeguard workers across the value chain.

**Equal treatment and opportunities for all**

Cadeler is committed to fostering a diverse and inclusive workplace,

and has a policy underscoring this commitment, emphasising equal

opportunities for all employees to succeed and acknowledging that

people start from different places. By actively promoting equality, the

Company fosters an environment enriched by diverse perspectives,

including race, gender, sexual orientation, religion, age, national origin

and more. Recognising that these unique qualities drive innovation

and growth, Cadeler emphasises diversity, equity and inclusion as

essential for thriving in a global market and advancing social

sustainability. This policy extends to all employees and contractors,

with encouragement for business partners to uphold similar values. To

understand progress and continually improve working conditions for

employees, Cadeler tracks work-force data including management

levels, workplace locations, contract types and diversity metrics like

gender.

Cadeler cultivates a diverse and inclusive working environment

fostering a sense of belonging. To do so, Cadeler recognises that all

employees are unique and valuable, and Cadeler respects everyone

for their individual abilities and qualities. Cadeler sees Diversity, Equity

& Inclusion (DEI) as an integral part of its culture and identity, and

Cadeler celebrates being a multi-national, multi-cultural and LGBTQ+

inclusive organisation. In developing its approach to its employees,

Cadeler has considered the following potential identities that may

distinguish the specific needs of individuals within its workforce. The

characteristics considered includes but are not limited to race,

ethnicity, nationality, gender/gender identity, sexual orientation, age,

political and religious beliefs, physical abilities, and socioeconomic,

marital or pregnancy (including maternity or paternity) status.

Cadeler is unwavering in its commitment to treating all individuals

with dignity and respect, fostering a workplace that champions

diversity and inclusion while opposing any form of discrimination or

harassment. This also means that employees are expected to treat

each other with respect and contribute to a positive work

environment. Cadeler believes that everyone has the right to work in

an environment that contributes positively to employees' health,

psychological safety and well-being. This ambition includes fostering a

safe, inclusive workplace where all individuals can work without facing

discrimination, harassment or bullying. Cadeler aims to maintain an

inclusive workplace with zero tolerance for discrimination, harassment

or bullying and has a policy underscoring this focus. The policy

underlines that it is the responsibility of employees to foster a

supportive work culture. Those who witness or experience

discrimination or harassment are urged to report incidents through

Cadeler's confidential channels or other appropriate means.

Any unacceptable conduct should be reported to line managers or

business unit heads. In cases of unwanted behaviour, Cadeler is

committed to addressing all reports seriously and ensuring

confidentiality. Records of reports and outcomes are stored securely

and confidentially. Consistent enforcement of the policy is essential,

with timely and thorough investigations for both reporters and

respondents. Support and appropriate workplace accommodations

will be provided for those affected by incidents of discrimination,

harassment or bullying.

If Cadeler identifies that it has caused or contributed to a significant

adverse impact on people — including impacts on human rights —

the Company acts promptly and responsibly to provide or support

appropriate remediation, in line with the UNGPs and relevant OECD

due diligence guidance. The approach to addressing concerns and

grievances across our value chain is founded on transparency, trust,

and effective remediation that is proportionate to the issue at hand.

Cadeler engages affected stakeholders in identifying suitable remedy

options and keep them informed throughout the process, including

on progress and outcomes. For workers in the value chain, the

Company collaborates closely with suppliers to implement necessary

corrective actions, providing guidance and resources to help address

and resolve identified issues.

**Other work-related rights** 

Cadeler respects the privacy and personal data of all individuals,

including its employees and those the Company does business with,

and is committed to complying with global data protection and

privacy laws and regulations, including the EU General Data Protection

Regulation (GDPR). The policies are made available to all employees

and are mandatory reading upon commencement of employment.

The policies are reviewed periodically, approved by Senior Leadership

Team and have a designated department responsible for enforcing

and monitoring their implementation of the policies.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-3_19.jpg](cdlr-20251231_g97.jpg)

**Management of the own workforce**

*Continued from previous page*

**Cadeler's engagement towards its workforce**

_________________________________________________________

S1-2 – Processes for engaging with own workforce and workers'

representatives about impacts

Engaging with Cadeler's own workforce is a key element in identifying

and developing initiatives and tools to improve working conditions at

Cadeler. Engagement takes place at an organisational level through

various channels, including virtual platforms, workplace assessments,

committees and ongoing feedback between employees and

managers. Depending on the channels or in the event of a significant

change, engagements may be conducted every three years, annually,

or on a rolling basis.

Cadeler has employee handbooks and designated sharepoint sites for

both onshore and offshore colleagues. The handbook outlines

expectations of employees as well as the formal rules that apply in a

number of essential areas. The purpose of the handbook is to provide

information, rules and guidelines related to a wide range of topics and

areas (including information about the organisation, safety-related

information, Cadeler care programme, development and policies, and

Speak Up! channels) that Cadeler's employees may encounter in their

day-to-day work. For information on Cadeler's confidential reporting

channels (Speak Up!), see section G1-1.

There are a number of HSEQ-focused initiatives in place to improve

worker representation and visibility to management as well as to

enhance the Company's focus on safety culture. These initiatives are

designed to have a positive impact on safety performance and include

safety representatives elected from among the O-class, P-class and A-

class workforce, safety coaches appointed by the Company onboard

S-class and Z-class vessels, quarterly meetings with the COO and

Head of HSEQ, OHS meetings, and the Speak Up! and well-being

hotlines. Cadeler has also established an Occupational Health & Safety

Committee for all office employees globally. Onboard the vessels,

safety representatives and safety coaches are available to support the

employees with any questions related to safety and the work

environment.

Cadeler has a reporting system for observations enabling employees

and external personnel to share perspectives and allows onshore

team to be informed and make decisions and improvements taking

these perspective into account. These observations and actions are

tracked in the system and discussed daily between onshore and

offshore teams. Cadeler also has a Masters review process through

which the vessel Master comments formally on a wide range of topics

related to Company operations particularly regarding the safety

management system. Onshore management reviews and responds to

this input. In addition to this regular and open communication system

between offshore and onshore teams, the organisation has

established processes to gather feedback from new employees within

three moths after their onboarding to identify areas for

improvements. The Company also implemented exit interviews with

employees who voluntarily leave the Company. Cadeler also promotes

a Wellbeing Hotline, offers annual health checks, and communicates

about the whistleblower platform to ensure that all employees—

including those who may be vulnerable to impacts and/or

marginalized—have the opportunity to share their perspectives. Last

but not least, in 2025, the Company invited employees for questions

to the CEO which have been addressed to in a series of

communications to all employees. Cadeler uses employee

engagement surveys to assess how the employees experience their

work environment and organisational culture. Engagement levels are

evaluated based on response rates and overall scoring, and results are

compared with previous years and relevant benchmarks. Insights from

survey responses and comments enable Cadeler's management to

understand engagement trends and identify areas where initiatives

are effective or where further action is needed.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-3_13.jpg](cdlr-20251231_g98.jpg)

**Management of the own workforce**

*Continued from previous page*

**Responsiveness at the core of the system**

____________________________________________________

S1-3 – Processes to remediate negative impacts and channels for own

workforce to raise concerns and processes for engaging with own

workforce and workers' representatives about impacts

Acknowledging the risk of negative impacts, Cadeler has established

channels for its workforce to raise concerns and partnerships with

unions to stay informed about such issues. Cadeler's confidential

reporting channel, including related awareness and communication

activities, is further described in section G1-1, Business Conduct.

As referenced in S1-2, Cadeler performs a recurring Workplace

Assessment. These not only seek to gain feedback on the physical

parameters of a safe work environment, but also gather feedback on

parameters influencing the mental and psychological safety of

Cadeler's employees across locations. The assessment is conducted

every three years, as required by law or when significant changes

occur, and supports the remediation of any negative impacts by

creating awareness of them and allowing for the development of

targeted initiatives. To ensure coverage of perspectives from the

entire workforce, the assessment is distributed to all employees both

onshore and offshore, on a recurring basis. As required by UK law

following office relocation, Cadeler is conducting new visual display

unit assessments and taking action as required.

Annual appraisals are held for all offshore employees alongside

continuous dialogue between line managers and employees

regarding employee development and well-being. On the onshore

side, the leaders are encouraged to regularly check in with their team

to share insights, concerns and identify any potential negative

impacts. At the onshore team level, the leader is encouraged to

continuously track the progress of team initiatives set annually within

the OKR framework. This is the responsibility of the leaders to provide

ongoing feedback to team members to support collaboration and

well-being across the team, and are also encouraged to regularly

check in with their team members on an individual basis. This is also

an opportunity to check in on well-being and discuss development

opportunities for the individual.

Support and appropriate workplace accommodation will be provided

for those involved in incidents of discrimination, harassment or

bullying. Consistent enforcement of the policy is essential, with timely

and thorough investigations for both reporters and respondents.

Finally, Cadeler has a strong focus on collaboration with unions, as

they also constitute a central stakeholder with which employees can

raise any concerns. Offshore employees under DK flag are employed

under collective bargaining agreements which, together with local

laws and internal rules, secure the rights and working conditions of

Cadeler's employees. The Company has an ongoing dialogue with

union representatives onboard its vessels to find common and

sustainable solutions to topics like cooperation, development, work

environment and health and safety.

Regardless of the channel used for providing feedback to Cadeler,

employees are informed about the process and made aware of their

rights when raising concerns.

Cadeler's does not have a universal response for providing remedy

should incidents occur, instead, it currently handles incidents on a case by

case basis. To support this approach, the organisation ensures that

adequate resources are available to investigate and act upon any

incidents raised. An E&C Manager is in charge of addressing concerns

and preventing future incidents. Cadeler's onshore and maritime HR

departments, comprising 30 full-time employees, are responsible for

ensuring employee safety and well-being whenever such incidents occur.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

*Continued from previous page*

**Engaging with the workforce**

____________________________________

S1-4 – Taking action on material impacts on own workforce, and

approaches to managing material risks and pursuing material

opportunities related to own workforce, and effectiveness of those

actions

**Working conditions**

Cadeler's highest priority remains the health and safety of the

individuals on board its vessels and in its offices. The Company

believes that all incidents are preventable and that everyone should

leave Cadeler worksites in the same condition

than when they arrived. Consequently, the Company continuously

works to improve its health and safety processes. However, even the

strongest procedures and compliance with all requirements are not

always sufficient to create a healthy and safe environment.

Consequently, Cadeler seeks to go beyond compliance with industry

safety standards and embed a culture of safety that drives the

behaviour and attitude of every individual to continuously improve

health and safety performance.

Cadeler considers that all employees contribute to the maintenance of

a safe working environment and operates an intervention policy. Every

individual at a Cadeler worksite has the authority and the

responsibility to intervene in any job, activity or scenario where there

is a safety concern. A culture of safety is cultivated through Cadeler's

four Safety Drivers, which emphasise that everyone at Cadeler are

safety ambassadors and which promote:

• Influence: "I take ownership of my own safety; I look out for

colleagues, clients and contractors and help them to stay

safe; I promote a good feedback culture; I share experience,

knowledge and best practice",

• Intervention: "I stop the work if the task deviates from the

plan; I intervene if I see any unsafe conditions or acts; I

appreciate it if someone intervenes in the way I perform my

work; I promote an open culture where a mistake is a

learning opportunity",

• Improvement: "I take ownership of the implementation of

improvements; I look and think ahead; I use learnings from

similar tasks; I report improvement proposals",

• Insight: " I understand the risks associated with the job and

act accordingly; I ensure that risk assessment is part of any

work process; I ask when in doubt; I continuously search for

safety improvements."

Cadeler's safety management system promotes safe operations by

ensuring compliance with mandatory rules and regulations across

relevant international jurisdictions and flag state legislation. DNV and

Lloyds Register have audited and certified that Cadeler's systems,

processes and operations comply with the requirements of ISO

9001/14001/45001.

The relevant flag states, or entities authorised by them, have issued a

'Document of Compliance' verifying that Cadeler operates vessels in

compliance with ISM code requirements. Cadeler continues to

improve and customise its management system to better reflect the

unique needs of its business, as a transportation and installation

contractor. Since the combination with Eneti in Dec 2023, Cadeler has

operated on separate systems, but has been progressing throughout

2025 to integrate management systems.

Cadeler uses insights gathered from engagement processes (as

described in S1-2) and from the Written Risk Assessment (APV in

Danish) to identify emerging risks and develop targeted action plans

to address them. As risks may differ depending on geography, work

environment (onshore or offshore), and over time, Cadeler promotes

local solutions tailored to specific operational challenges. The

Company is committed to developing, implementing, and

continuously improving its HSEQ processes through a risk-based

approach. It fosters a culture of learning from experience, incidents,

and observations, while empowering employees to speak up and

challenge unsafe practices. This helps ensure that safety and quality

remain top priorities. In addition, Cadeler works closely with

contractors and suppliers who share its HSEQ values and ambitions.

In 2025 Cadeler further strengthened safety culture support processes

through the introduction of new cabin books, implementation of

safety rules taken from IMCA, and by year-end rolling out a new fleet

safety induction video and animation representing the safety

leadership principles.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

*Continued from previous page*

Cadeler prioritises the day-to-day health and well-being of its

employees. These efforts reflect Cadeler's commitment to fostering a

healthy, balanced and supportive work environment:

• Health and Fitness: on-site employee gyms (where possible)

allow workouts during work hours, provided this does not

interfere with tasks or meetings. Cadeler also provides

vitamins to all colleagues,

• Health Check-ups: offshore employees undergo mandatory

health checks, while onshore employees are offered well-

being assessments and extensive medical examinations with

specialists,

• Private Healthcare Insurance: onshore and off shore

employees are covered by private heathcare insurance,

• Life in Balance Programme: a continuous initiative offering

seminars on topics like sleep, nutrition and meditation,

promoting physical and mental health. In 2025 Cadeler also

held specific sessions regarding the phases of life,

• Well-being hotline: all employees have access to a well-

being hotline where they can raise health- and wellbeing

concerns with a third-party professional.

Cadeler strongly believes in flexibility between work and personal life.

For offshore employees, the organisation does all it can to

accommodate personal wishes so its employees can take part in

important life events. For onshore employees, Cadeler has a work

from home policy, allowing people to better balance work and

personal life. Cadeler also supports families through an

accommodating parental care policy. Onshore, the parental care

policy goes above and beyond the statutory laws and regulations to

support employees in a balanced life with their family.

**Equal treatment and opportunities for all**

Cadeler strives to prevent, mitigate or remediate adverse human

rights impacts that its business operations may cause or contribute to,

while also being committed to fostering a diverse and inclusive

workplace, emphasising equal opportunities for all employees.

As an equal opportunity employer, Cadeler is dedicated to fostering a

supportive, inclusive and growth-oriented workplace. To support fair

career development opportunities, the Company has established

systems that facilitate internal mobility and clearly defined offshore

career paths. A key initiative supporting this commitment onshore is

"The Cadeler Position Turbine," a transparent title structure that

outlines professional levels and their associated qualifications.

Cadeler conducts annual employee reviews during which leaders

gather feedback on employee from colleagues to gain a broader

perspective and mitigate potential biases. This feedback is used to

provide constructive input and to identify candidates for change of

roles.

In 2025, Cadeler achieved significant internal mobility with numerous

onshore employees transitioning into new roles within the Company,

while offshore roles saw significant internal rotation. Cadeler supports

employees in developing their professional competencies and skillsets

by supporting employees in taking on new roles within the

organisation. Cadeler believes that employees develop through

challenging tasks and sufficient training (e.g. vessel-specific courses

and competency-based learning). Additional support includes external

education and professional memberships. Related to this point, in

2025 all onshore leaders participated in workshops on change

management, feedback and self-reflection.

When recruiting new employees, Cadeler ensures a transparent

process where all candidates follow the same recruitment procedure.

Expectations for the role are clearly outlined in the job description,

and all candidates are selected based on their professional and

personal competencies for the position. Cadeler is committed to

creating a diverse, inclusive and supportive workplace where all

individuals are treated with respect and dignity. Cadeler maintains a

zero-tolerance approach to discrimination, harassment and bullying,

emphasising the psychological safety, health, and well-being of all

employees. These principles apply to employees, contractors and

business partners, who are encouraged to uphold similar standard.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

*Continued from previous page*

An organisation-wide Human Rights Impact Assessment was

conducted in 2024 and delivered in 2025 and work is ongoing to

implement recommendations and actions based on a three-year

roadmap to review, understand and mitigate salient risks and impacts

to workers and other individuals across Cadeler's business and value

chain. The results of this assessment will feed into Cadeler's future

improvement plans relating to its own workforce

**Other work-related rights**

As a listed Company and as per section 99d of the Danish Financial

Statements Act, Cadeler is required to disclose its policy on data

ethics. Cadeler complies with all relevant laws and regulations

concerning data privacy, confidentiality and cyber security. Cadeler is

committed to ensuring the security, privacy and proper handling of

information by adhering to all relevant laws and regulations

governing the creation, storage, dissemination and destruction of

information.

Regular training is provided to employees handling sensitive

information, enhancing their awareness of information and cyber

security. Information is classified based on its importance, the risk of

wrongful disclosure and the potential business impact of such

disclosure. Highly sensitive information is encrypted prior to

transmission to ensure its security.

To ensure secure disposal, sensitive information is destroyed in a

manner that prevents reconstitution, whether in paper, digital devices

or storage media. Mobile devices containing sensitive information or

accessing corporate networks are secured to prevent unauthorised

data leakage. Similarly, all computers and IT equipment are protected

against unauthorised access.

The following principles form the basis for Cadeler's responsible

handling of data:

• Transparency: Cadeler aims for transparency in all aspects of

data handling, including ensuring that individuals are

informed about their data is used and for what purpose,

• Respect: the Company respects the rights of all employees

and individuals it does business with to make informed data

choices and is committed to complying with all applicable

legal and privacy requirements,

• Security: Cadeler seeks to protect the confidentiality,

integrity and availability of Cadeler's s digital assets and data

in compliance with relevant laws and industry-specific

standards.

This policy is subject to annual review and approval by Cadeler's

Senior Leadership Team.

**Zero incident culture**

__________________________

S1-5 – Targets related to managing material negative impacts,

advancing positive impacts, and managing material risks and

opportunities

**Working conditions**

The ultimate target for employees' health and safety is zero harm,

meaning that no incidents or accidents take place while working for

Cadeler covering both onshore and offshore employees.

The safety management objectives of Cadeler remain focused on

defining safe practices for vessel operations by controlling all

identified risks to the Company's ships, personnel and the

environment, and establishing appropriate safeguards.

Achieving the zero-harm goal is a milestone rather than an endpoint,

as continuous improvement is required to achieve zero-harm year

after year. Health and safety remain top priorities, evolving alongside

the Company's growth and adapting to the dynamic risk landscape

shaped by societal and technological developments.

Even though Cadeler has a zero-harm goal in place and action plans

aimed at preventing human injury and loss of life, Cadeler recognises

a remaining risk for accidents and incidents. For this reason, Cadeler's

approach is to continuously develop, implement and improve its

HSEQ processes; use a risk-based approach when conducting

Cadeler's activities; nurture a culture of continuous improvement

where all employees learn from activities, successes, failures, incidents

and observations; empower all individuals to challenge and stop

unsafe acts, conditions, and behaviours; prioritise working with

contractors and suppliers that have similar HSEQ ambitions and goals

to Cadeler.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

*Continued from previous page*

Cadeler's own workforce has not been directly involved in setting the

zero harm target, as this remains a management-level responsibility.

However, employees are indirectly engaged in tracking performance

through observation cards and participation in safety meetings,

allowing them to identify potential improvements. Additionally, a

workplace assessment has been conducted on the O-class vessels,

with the aim of extending this assessment to Cadeler's remaining

fleets.

**Equal treatment and opportunities for all**

While Cadeler is an equal opportunity employer and fosters a diverse

and inclusive environment, the Company has not set specific targets

or KPIs for workforce diversity, either onshore or offshore, but always

aims to recruit the best candidate for the role, based solely on

personal and professional competencies. Cadeler encourages

interested applicants regardless of race, gender, sexual orientation,

religion, age or any other characteristics to apply for vacancies.

Cadeler acknowledges that the maritime industry is characterised by

an uneven gender balance. The candidate pool recruited from,

especially for offshore positions, has a higher male representation.

The approach to this imbalance is to recognize that gender

distribution begins in early education, and therefore Cadeler has

implemented initiatives to enhance recruitment efforts. For example,

the Company maintains a strong presence at universities in the UK

and DK with the aim of inspiring students from all backgrounds,

regardless of race, gender, sexual orientation, religion, age, national

origin, or other characteristics,to consider career opportunities in the

maritime sector, specifically at Cadeler.

Cadeler achieved its target of 30% women in leadership positions in

2025. To further strengthen gender diversity, the Company has set a

new target of 40% women in leadership positions by 2030.

**Other work-related rights**

Cadeler is committed to handling data responsibly. Whilst the

Company seeks to harness the benefits that new technologies and

data usage bring, it will always respect and uphold the fundamental

rights of all employees and stakeholders. As a starting point, Cadeler

has developed training sessions with the ambition that new

employees will complete the training. The purpose is to ensure that

employees are informed about the data privacy responsibilities when

working at Cadeler as well as the policies and responsibilities that

apply to Cadeler as an organisation working under Danish law.

![Method.gif](cdlr-20251231_g87.gif)

Besides providing employees with information on policies, the training

is also be used to identify relevant target areas for data privacy in

Cadeler.

**Own workforce composition**

____________________________________

S1-6 – Characteristics of the Cadeler's Employees

Given the nature of the services and the industry in which Cadeler

operates, tables presenting data on the number of employees,

diversity, gender distribution, etc. are disaggregated into onshore and

offshore segments. Cadeler is proud of its highly international

workforce both in terms of locations and nationalities represented

across its different locations. Cadeler's workforce is composed by 43

different nationalities as of 31 December 2025. While the majority of

the workforce is situated in Denmark and the United Kingdom,

Cadeler also has employees located in the offices in Japan, Taiwan,

Monaco and the US.

**Characteristics of the undertaking's employees**

The reported headcount represents the total number of employees on

the payroll at year-end. The allocation of employees by country relies on

the following principles: onshore employees are assigned to a country

based on the contract rather than where they are geographically

located. Offshore employees are categorized differently, as they are on

the vessels: for Danish-flagged vessels, all crew members are allocated

to Denmark. For other vessels where all crew members are employed

under multiple contracts associated with different jurisdictions, they are

categorized as UK. Permanent employees are defined as long-term

employees on contracts of indefinite duration. Temporary employees are

employees on a time-limited contract. Offshore temporary contracts

cover all employees apart from the regular crew, due to shorter projects

or unexpected circumstances. Non-guaranteed hours employees work

exclusively under defined terms. Onshore, they are mainly working as

students assistants.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

*Continued from previous page*

The Employee turnover in 2025 represents 9.8% of Cadeler's

workforce, meaning that 103 employees left Cadeler during the

year. Offshore employee turnover is slightly higher (11.7%) than

onshore employee turnover (5.8%).

![Method.gif](cdlr-20251231_g87.gif)

S1-8 – Collective bargaining coverage and social dialogue

Collective bargaining in the shipping industry regulates key

conditions for seafarers, including wages, working hours, safety

standards, and leave arrangements. All seafarers operating on

Danish-flagged vessels are covered by collective bargaining

agreements within Cadeler, representing 36% of the Company's

own workforce. Outside Denmark, 24% of seafarers are covered by

such agreements. Overall, 43% of the Company's workforce is

covered by collective bargaining.

**Employee Turnover methodology**

The employee turnover rate is calculated as the number of

employees who left during the reporting year divided by the

number of employees at year-end. All figures are reported on

a headcount basis.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Denmark** | **Denmark** | **United Kingdom** | **United Kingdom** | **Other** | **Other** | **Total** |
|  | Onshore | Offshore | Onshore | Offshore | Onshore | Offshore |  |
| Number of Employees [Head Count] | 242 | 396 | 90 | 333 | 12 | - | **1073** |
| Number of permanent employees [Head Count] | 236 | 357 | 88 | 286 | 11 | - | **978** |
| Number of temporary Employees [Head Count] |  | 39 | 1 | 47 | - | - | **87** |
| Number of non-guaranteed hours employees <br>[Head Count]<br>| 6 | - | 1 | - | 1 | - | **8** |

---

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

*Continued from previous page*

S1-9 – Diversity metrics

Although Cadeler strives to ensure diversity, there remains a gender imbalance, with 887 male employees

and 165 female employees in the workforce by the end of the 2025. Women represent 40% of the employees

onshore and only 4% of the employees offshore.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Male** | | **Female** | | **Total** |
|  | Onshore | Offshore | Onshore | Offshore |  |
| Number of Employees [Head <br>Count]<br>| 207 | 700 | 137 | 29 | **1073** |
| Number of permanent employees <br>[Head Count]<br>| 204 | 617 | 131 | 26 | **978** |
| Number of temporary Employees <br>[Head Count]<br>| - | 83 | 1 | 3 | **87** |
| Number of non-guaranteed hours <br>employees [Head Count]<br>| 3 | - | 5 | - | **8** |

---

Cadeler believes that its initiatives in universities are helping to drive change across the industry as a whole,

and that its diversity policies will improve its future representation on these metrics, fostering greater gender

diversity across both onshore and offshore business activities.

---

| | | | |
|:---|:---|:---|:---|
| **Age** | **Onshore** | **Offshore** | **Number of** <br>**Employees**<br>|
| Below 30 years [Head Count] | 68 | 81 | 149 |
| Below 30 years [Head Count] | 19.8% | 11.1% | 13.9% |
| Between 30 and 50 years [Head Count] | 212 | 463 | 675 |
| Between 30 and 50 years [Head Count] | 61.6% | 63.5% | 62.9% |
| Above 50 years [Head Count] | 64 | 185 | 249 |
| Above 50 years [Head Count] | 18.6% | 25.4% | 23.2% |

---

In terms of age diversity, the majority of employees across Cadeler fall within the age group of 30 to 50 age

group (over 60% both onshore and offshore). For onshore roles, the age groups under 30 and over 50 are

equally represented, whereas offshore roles have the smallest proportion of employees in the under 30 age

group.

---

| | | |
|:---|:---|:---|
| | **Total** | **%** |
| Male | 6 | 67% |
| Female | 3 | 33% |
| Senior Leadership Team | 9 | 100% |

---

![Method.gif](cdlr-20251231_g87.gif)

**Diversity metrics**

Top management level is defined as the Senior Leadership Team, including the CEO, CFO, Executive Vice Presidents

and Senior Vice-Presidents. The age count is based on the age distribution of the workforce at 31/12.

Cadeler's Diversity, Equity & Inclusion Policy, outlines and guides the Company's active support for

commitment to a diverse and inclusive organisation, building on a firm commitment to equal opportunities

for all. This commitment includes prioritising diversity and inclusion across all levels of the organisation,

including the Senior Leadership Team, where in 2025 women represented a 33.33% of the total composition.

In addition to gender diversity and in accordance with §107d of the Danish Financial Statements Act, Cadeler

considers factors such as age, nationality or professional and educational background in Cadeler's approach

to enhancing inclusivity at Board of Directors and Senior Leadership Team.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

*Continued from previous page*

**Safeguarding physical integrity**

_______________________________________

S1-14 – Health and safety metrics

To illustrate that Cadeler's highest priority is the health and safety of its entire workforce, the Company is

ISO-45001 certified, meaning that all employees including onshore and offshore workers are covered by the

integrated management system.

In 2025 no fatalities occurred among Cadeler's workforce or other workers operating on Cadeler-controlled

sites. This outcome reflects the Company's continued focus on health and safety and its commitment to

maintaining a safe working environment.

There were 10 total recordable incidents during the year, resulting in a Total Recordable Incident Frequency

(TRIF) of 5.58 (vs 2.43 in 2024). Lost-time incidents were, leading to 139 days lost due to work-related injuries

and an overall Lost Time Incident Frequency (LTIF) of 1.68 (vs 0.81 in 2024).Cadeler operates more vessels in

2025 than in 2024, explaining that the absolute number of incidents has increased. Despite an increase in

terms of projects and operations, the Company is committed to reduce the number of incidents, trying to

achieve the target of zero incident.

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **% change** |
| Percentage of people in the workforce covered by <br>health and safety management system <br>| 100% | 100% | 0% |
| Number of fatalities in the workforce as result of <br>work-related injuries and work-related ill health <br>| 0 | 0 | 0% |
| Number of fatalities as result of work-related <br>injuries and work-related ill health of other <br>workers working on Cadeler-controlled sites<br>| 0 | 0 | 0% |
| Total recordable incidents | 10 | 3 | 233% |
| Total recordable incident frequency (TRIF) - <br>incidents per million hours worked<br>| 5.58 | 2.43 | 130% |
| Number of lost-time incidents | 3 | 1 | 200% |
| Number of days lost to work-related injuries | 139 | 101 | 38% |
| Lost time incident frequency (LTIF) - lost time <br>incidents per million hours worked<br>| 1.68 | 0.81 | 107% |
| Total person working hours | 1791450 | 1234903 | 45% |

---

![Method.gif](cdlr-20251231_g87.gif)

**Health & Safety metrics**

The Company is covered by ISO-45001 and the Company is tracking the number of recordable work-related

incidents, including fatalities, lost-time injury, medical treatment cases and restricted work cases. Cadeler is

externally audited annually by DNV (DK) and Lloyds Register (UK), ABS (UK - Panama) and Class NK (UK – Japan

DoC for ISM) against the certificated standards of the management system ISO 9001, ISO 14001, and ISO 45001 and

ISM code.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-3_14.jpg](cdlr-20251231_g99.jpg)

**Management of the own workforce**

*Continued from previous page*

**Ensuring an equitable pay for all employees**

_______________________________________________________

S1-16 – Remuneration metrics

![Method.gif](cdlr-20251231_g87.gif)

Cadeler is committed to fair and equitable pay for all employees,

regardless gender. Compensation programs and practices are

regularly reviewed internally to ensure consistency and fairness across

the organisation. In 2025, Cadeler conducted a review of salary levels

across its regions to assess potential pay difference among employees

performing similar roles and holding comparable levels of

responsibilities and experience. The purpose of this review aims to

ensure equal pay for equal work. Going forward, this assessment will

be conducted periodically to monitor and address potential salary

gaps across the organisation.

Women represent 15.7% of Cadeler's total workforce. In 2025, Cadeler

reports its gender pay gap for the first time. The assessment of this

metric resulted in a difference of -2% meaning that on average

women earn more than men across the total workforce. Cadeler

considers that this metric does not reflect equal pay comparisons

between male and female employees. The gender pay gap is

calculated as an aggregate measure across the entire workforce and

does not adjust for differences in role, location, seniority,

![Method.gif](cdlr-20251231_g87.gif)

qualifications, employment conditions or the workforce composition

across onshore and offshore roles. As such, the metric provides a

general overview of workforce composition rather than a like-for-like

comparison of remuneration.

Cadeler remains committed to being a fair and equitable employer.

The Company continues to support initiatives aimed at fostering

women's career development, and strengthening the pipeline of

female talent within the offshore wind sector.

**Gender pay gap**

A negative percentage indicates that female employees earn more on

average.

Gender pay gap is calculated as the difference between the average

gross pay of male and female FTEs divided by the average gross pay

of all male FTEs. This calculation does not take into account day-rate

contractors neither students/temporary roles. Gross pay includes fixed

and variable components of compensation.

Measurement uncertainty arises from certain components of

remuneration that cannot be individually assessed and are therefore

estimated.

The Company reports for the first time its annual total remuneration

ratio. This ratio represents the ratio of the highest paid individual to the

median annual total remuneration for all employees which is 25 in 2025.

**Annual total remuneration ratio**

The calculation based on the average annual gross pay level of all full-

time employees. The calculation includes the base salary, and where

applicable, bonuses and pension. The amounts are converted to EUR

with the effective foreign exchange rates of the last day of the year.

Gross pay level per employee is calculated as the Annual Gross Salary

per FTE. The part time employees´ salary has been excluded from the

calculation.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Management of the own workforce**

S1-17 – Incidents, complaints and severe human rights impacts

Cadeler received 7 complaints of various types during 2025 through its channels for raising concern. There

were no reported incidents of discrimination, nor were any fines, penalties, or compensation issued in

relation to such cases. Similarly, no complaints were, to the best of Cadeler's knowledge, filed with the

National Contact Points.

No severe human rights impacts or instances of non-compliance with the UN Guiding Principles and OECD

Guidelines for Multinational Enterprises were identified. As a result, there were no fines, penalties, or

compensation related to these matters.

Although Cadeler does everything it can to foster an open culture, it acknowledge that some cases may

never be reported through its formal channels, and that the disclosed figures therefore might be

understated.

![Method.gif](cdlr-20251231_g87.gif)

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Number of incidents of discrimination [cases] | 0 | 0 |
| Number of complaints filed through channels for people in own <br>workforce to raise concerns [cases]<br>| 7 | 10 |
| Number of complaints filed to National Contact Points for OECD <br>multinational enterprises <br>| 0 | 0 |
| Total amount paid in fines, penalties and compensation for damages <br>result of incidents of discrimination [monetary]<br>| 0 | 0 |
| Number of severe human rights issues and incidents connected to <br>own workforce [cases]<br>| 0 | 0 |
| Of which are cases of non-respect of UNGPs and OECD guidelines | 0 | 0 |
| Total amount paid in fines, penalties and compensation for severe <br>human rights issues and incidents connected to own workforce <br>[monetary] <br>| 0 | 0 |

---

**Incidents, complaints and severe human rights impacts**

Incidents of discrimination and harassment refers to cases classified under Speak Up!

Discrimination and harassment: uninvited and unwelcome verbal or physical conduct directed at an employee

because of his or her gender, religion, ethnicity or beliefs.

Sexual harassment: the making of unwanted and offensive sexual advances or of sexually offensive remarks or acts,

especially by one in a superior or supervisory position or when acquiescence to such behavior is a condition of

continued employment, promotion or satisfactory evaluation.

Retaliation: verbal, physical or written discriminatory or harassing behavior toward an individual who has made a

good faith report regarding a compliance issue.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Promote sustainable business practices in the value chain**

**Engaging with the stakeholders**

_______________________________________

ESRS 2 SBM-3 – Material impacts, risks and opportunities and their

interaction with strategy and business model

Working within the Company's value chain may affect workers'

conditions and rights in several ways. In particular, there is a risk that

working conditions may not fully comply with applicable local

regulations or with the Cadeler's own policies and standards. Workers

in the value chain may also face potential impacts on fundamental

human rights, including risks related to forced labour or child labour,

as well as other labour-related rights such as equal pay for work of

equal value, access to quality training and professional development,

and systemic gender inequality or unequal remuneration. The

interests, views and rights of these workers are considered especially

impact-material in the upstream part of the value chain, where the

Company has comparatively less direct oversight. These issues can

arise across different countries and industries, reflecting broader

systemic challenges. Cadeler acknowledges the existence of these

systemic risks in order to better identify, prevent and address

potential adverse impacts within its value chain.

Cadeler's disclosure on workers in the value chain aims to cover

actual and potential impacts on workers for tier one suppliers as well

as further down the value chain. Tier one and HSEQ critical suppliers

are the primary focus of this disclosure.

Through the human rights impact assessment, Cadeler identified the

following categories of potentially impacted workers in the value

chain:

• Workers in the direct supply chain: for example, shipyard

workers, contractors performing services on Cadeler's

vessels, workers at companies providing equipment and

services for Cadeler, workers at transportation companies.

These workers are mostly upstream from Cadeler's business,

as its business provides services rather than products. A

limited number of workers would be considered

downstream, i.e. those working with waste management

providers or involved in the decommissioning of project

equipment and eventually vessels,

• Workers in the indirect supply chain: for example, workers at

companies providing parts and services to Cadeler's direct

supply chain,

• Workers in the extended supply chain: for example, workers

involved in the extraction of raw resources, or the

production of energy sources or bunkering ultimately used

by Cadeler or its direct supply chain,

• Workers exposed to material impacts by Cadeler's own

operations: these include workers providing services at

Cadeler's own operational sites,for example, onboard and

alongside the vessels. The potentially material impact that

Cadeler is most likely to have on workers in its value chain is

related to management of risks to health and safety at the

Company's worksites. Cadeler aims to manage risks to

health and safety risks effectively and reduce the likelihood

of impacts on both its own employees and those in its value

chain to the lowest extent possible when they are present at

Cadeler's worksites, and

• Workers exposed to impacts through the value chain: these

include workers in the Company's direct supply chain,

indirect supply chain, and extended supply chain.

**Promoting Human Rights along the Value Chain**

_____________________________________________________________

The first global human rights impact assessment was conducted with

the support of external advisors in 2024 and delivered in 2025 to

ensure Cadeler's commitment to respect human rights. This

assessment was conducted in accordance with the expectations set

out in the UN Guiding Principles.

The key findings of the impact assessment which were presented to

Cadeler in 2025 were as follows:

• Cadeler has a public commitment to respect human rights;

however, the due diligence approach can be further

improved

• Human rights risks are inherently high for Cadeler and the

offshore wind industry, given the nature of the work and the

supply chain,

• There are robust measures in place for Cadeler's own

employees, efforts to address additional human rights risks

in the supply chain are currently largely limited to health

and safety management for selected tier one suppliers,

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Promote sustainable business practices in the value chain**

*Continued from previous page*

These findings have been used to develop a proportionate and

tailored human rights strategy and a three-year implementation

roadmap for Cadeler. In 2025, Cadeler has focused on establishing an

improved governance model and clear responsibility for the day-to-

day oversight as well as shared the findings from the impact

assessment across the organisation.

Cadeler's salient human rights risks have been identified and defined

based on each key rightsholders groups. The most salient risks for

each key rightsholder are listed below:

• Offshore employees: accidents resulting in risks to life and

health, work-related risks to mental health, risk of excessive

working hours or periods, work-related risks to family life

and risks of discriminatory treatment,

• Onshore employees: accidents at projects sites resulting in

risks to life and health, risk of excessive working hours,

potential impacts of geopolitical conflicts on security and

risks of discriminatory treatment,

• Supply chain workers: accidents resulting in risks to life and

health, risk of child and forced labour in the extended

supply chain, risk of excessive hours and potential for unjust

working conditions,

• Community members: risks to human rights defenders,

impact on community rights, risks to livelihoods, risks to

effective remedy and risk of environmental harm.

The risks will be further analysed and prioritised to ensure that they

are addressed appropriately.

Cadeler needs throughout the different transport, installation and

maintenance works performed across geographies to engage and

collaborate with the appropriate third-parties and partners that

provide the required goods and services for the operations of the

Company's assets and execution of its project work scopes.

The demand for these services is increasing as Cadeler is growing its

fleet and thereby also number of projects. Cadeler's suppliers and

partners therefore have an increased opportunity to contribute to the

sustainability and predictability of their businesses, allowing them to

create or maintain stable jobs in their organisations as well as

upskilling their workers to meet the requirements.

Suppliers are required to confirm compliance with Cadeler's Supply

Chain Code of Conduct which establishes the foundation for the right

framework and values for a positive work environment.

A more formalised process for conducting ongoing human rights due

diligence will also be defined, and human rights indicators will be

incorporated into supplier selection and retention to ensure that the

human rights strategy is implemented efficiently.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Promote sustainable business practices in the value chain**

*Continued from previous page*

**Impacts, risks and opportunities management**

_________________________________________________________

S2-1 – Policies related to value chain workers

**Working conditions**

Cadeler's Supply Chain Code of Conduct is shared with suppliers

across its value chain and informs the Company's partners of its

expectations related to their ESG management practices. It is

applicable to all new onshore and offshore suppliers and includes

requirements and expectations related to forced and child labour (in

accordance with applicable ILO standards); health and safety; non-

discrimination; freedom of association and collective bargaining; and

grievance mechanisms. Further information on Cadeler's Supply

Chain Code is provided in G1-2. As part of Cadeler's supplier

onboarding process, and in accordance with Cadeler's Supply Chain

Code of Conduct, suppliers are expected to have in place, or to

commit to adopting within a reasonable timeframe, health and safety

policies and management systems designed to reduce work-related

injury and illness and promote the general health of employees.

Suppliers are requested to ensure that information regarding health

and safety systems and standards is made readily available to

employees in appropriate languages.

As part of the mentioned onboarding process, suppliers are assessed

by departments of HSEQ, and E&C. The process is centralised within

Procurement, which is responsible for the registration of all relevant

master data in Cadeler's systems, as well as the communication of the

Supply Chain Code of Conduct. The suppliers are only registered in

the system, by Procurement, after approval from HSEQ, and E&C.

Depending on the nature of the goods and services to be provided,

by the supplier, and the countries in which the supplier is based at,

and delivering and providing the goods and services, a different level

of assessment may be required as per the criteria defined by the

specific functions (HSEQ or E&C).

Through effective and regular communication, suppliers should

ensure that workers are aware of the suppliers' obligations with

regard to site safety as well as their own obligations with respect to

ensuring the safety of themselves and other employees. As a

minimum, suppliers should provide their workers with reasonable

access to potable water and sanitary facilities, fire safety, emergency

preparedness and response, industrial hygiene, adequate lightning

and ventilation, equipment for prevention of occupational injuries

and illness and proper machine safeguarding. Suppliers should also

ensure these same standards apply to any dormitory or canteen

facilities.

Suppliers should have a policy in place that is aligned with national

and other applicable laws and regulations regarding alcohol and

drug abuse prevention, including testing where permitted, and

should communicate this policy appropriately to employees. Cadeler

expects that its suppliers do not use forced, coerced, bonded or

indentured, or involuntary labour of any form. All work, including

overtime, shall be voluntary and performed of the worker's own free

will. Employees should be free to leave employment upon giving

reasonable notice. Suppliers should not require workers to surrender

government-issued identification papers, passports or work permits

as a condition of employment.

All workers must have written contracts that comply with local laws.

Suppliers must pay each employee at least the legal minimum wage

plus benefits (where applicable) and are encouraged to follow

voluntary codes. Suppliers must pay their employees promptly,

providing each with clear, written accounting for every pay period.

Wages should be paid regularly and, on time and be fair in respect of

work performance. Payment should not be made more than one

month in arrears and no deductions should be made from

employees' pay for disciplinary reasons or to compensate the

employer for providing safer work conditions. Working hours must

not exceed the legal limit and, where relevant, notification should be

given of any particular hazards or risks associated with the work

performed. Workers should be properly compensated for overtime in

accordance with the law and within legal working hour limits.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Promote sustainable business practices in the value chain**

*Continued from previous page*

Workers should be granted their stipulated annual leave and sick

leave without any repercussions and should be able to take their

stipulated maternity or paternity leave in accordance with national

and local laws.

Cadeler is committed to providing equal opportunities for all.

Suppliers shall not discriminate on the basis of race, national or

ethnic origin, gender, sexual orientation, religion, disability, age,

cultural background, social group, material status, family status or

political opinion, or other similar factors. Employees shall be treated

with dignity and respect. This shall be achieved by providing a

workplace free from physical, sexual, psychological or verbal

harassment or abuse, or the threat of such treatment.

All workers, if any, under the age of 18 must be protected from

performing any work that is likely to be hazardous, or likely to

interfere with education, or that may be harmful to the young

person's health or safety. Suppliers should also adhere to legitimate

work-place apprenticeship programmes and comply with all laws and

regulations governing youth labour and apprenticeship programmes.

This explicitly includes the requirements of the International Labour

Organisation's Minimum Age Convention, 1973. (No. 138) and Worst

Forms of Child Labour Convention, 1999 (No. 182), irrespective of

whether they have been ratified by the local country of operation.

Cadeler is committed to creating an environment free from

discrimination, harassment and bullying. This means that all

individuals contracted to work for Cadeler, must contribute to the

creation of a work culture that is engaging, supportive, and free from

negative and harmful behaviours. Also, suppliers are requested to

take intentional and thoughtful steps to promote positive

engagement with colleagues and to refrain from causing intentional

harm.

**Other work-related rights**

Cadeler's Human Rights Policy sets out the Company's commitment

to respect the human rights for its employees and those who perform

work on behalf of Cadeler. It covers topics including forced and child

labour (in accordance with applicable ILO standards), health and

safety, non-discrimination, freedom of association and collective

bargaining, and grievance mechanisms.

Cadeler's Human Rights Policy explicitly prohibits the use of all forms

of modern slavery, included forced or indentured labour, and any

form of human trafficking. Cadeler encourages all those it does

business with to adhere to similar standards. The approach is based

on the principles set out in the International Bill of Human Rights, the

UN Guiding Principles on Business and Human Rights, and the

International Labour Organisation's (ILO) Declaration on Fundamental

Principles and Rights at Work.

Cadeler respects the privacy and personal data its business partners,

and is committed to complying with global data protection and

privacy laws and regulations, including the EU General Data

Protection Regulation (GDPR). Cadeler's policy sets out the

requirements for ensuring all personal data is processed by or on

behalf of Cadeler in a fair, lawful and transparent way.

The policies are reviewed annually, approved by Cadeler

SeniorLeadership Team and the Human Rights Policy by the Board of

Directors, while a designated department is responsible for

implementing each policy.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Promote sustainable business practices in the value chain**

*Continued from previous page*

**How to engage with upstream workers**

_________________________________________________

S2-2 – Processes for engaging with value chain workers about

impacts

Cadeler seeks to select and engage with suppliers that comply with

applicable laws and regulations and that aim to go beyond

compliance by meeting standards that are generally expected.

Cadeler has a strong preference for working with suppliers who share

its commitment to honesty and integrity and who seek to integrate

principles of sustainable development into all areas of their business.

When collaborating with Cadeler, suppliers are required to comply

with the Supply Chain Code of Conduct, which establishes the

framework and values for a positive work environment at Cadeler.

Furthermore, the responsible functional or contracting manager

informs suppliers of their rights and obligations to raise concerns

whenever experienced. Cadeler is committed to safeguarding the

health and safety business partners and communities within which it

operates. Cadeler requires all relevant individuals and third parties

present at Cadeler workplaces worldwide to observe all applicable

legal requirements relating to occupational health and safety

standards and encourages suppliers to focus on safety management

at their own sites. The Procurement department, the HSEQ

department and the E&C department are responsible for selecting

the suppliers which demonstrate a real engagement towards workers'

rights within the value chain.

**Remediation processes for value chain workers**

___________________________________________________________

S2-3 – Processes to remediate negative impacts and channels for

value chain workers to raise concerns

Cadeler's confidential reporting channel (Speak Up!) serves to raise

serious concerns like those related to potential human rights

violations. EthicsPoint is the independent provider of this channel. All

concerns raised are reported to Cadeler by EthicsPoint on a

confidential and anonymous basis, unless anonymity is waived by the

person reporting. SpeakUp! is available to any individuals working on

Cadeler's behalf and any individuals with a relationship to Cadeler,

including its clients and suppliers. Further information on the

reporting channel is provided at G1-1.

Cadeler does not have a standard remediation action for all cases,

but has established a Confidential Reporting procedure and a Speak

Up Committee. Appropriate remedial actions are determined on a

case-by-case basis. Actions to provide remedy are defined, where

considered necessary, following examination and analysis of the

specific incident reported in accordance with relevant internal

procedures.

The Company's policies emphasise that workers in the value chain

can raise concerns without fear of retaliation. Additional information

is provided in section G1-1.

In 2025, there were no reported cases concerning potential human

rights violations through Cadeler's confidential reporting channel or,

to the best of Cadeler's knowledge, through other available channels.

**Outcome of Human Rights Impact Assessment**

___________________________________________________________

S2-4 – Taking action on material impacts on value chain workers, and

approaches to managing material risks and pursuing material

opportunities related to value chain workers, and effectiveness of

those actions

Cadeler was provided the results of the HRIA in 2025. This was

undertaken in accordance with the expectations set out in the UN

Guiding Principles and included the following elements:

i) Saliency Mapping: Mapping Cadeler's value chain (from supply

chain to wind farm construction, maintenance and decommissioning,

as well as direct operations and business relationships) against

internationally recognised human rights. This involved a combination

of interviews with key internal and external stakeholders and desk-

based research to determine the saliency and causal relationship of

each human right in terms of potential impact on key rightsholder

groups most relevant to Cadeler's business,

ii) Gap Analysis: Assessing the degree to which Cadeler's existing

measures and human rights approach align with the expectations of

the UN Guiding Principles as well as forthcoming European

regulatory requirements on human rights due diligence. This was

supplemented by benchmarking against industry peers and leading

companies to identify current management practices and, including

best practices,

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Promote sustainable business practices in the value chain**

*Continued from previous page*

iii) Strategy & Roadmap: Benchmarking five industry peers to identify

leading and best practices; assessing and summarizing the applicable

and forthcoming regulatory landscape on human rights due

diligence; and conducting workshops with internal stakeholders to

align on Cadeler's ambition and maturity level in relation to human

rights management. These activities supported the definition of

Cadeler's human rights strategy and the development of an

associated implementation roadmap. The roadmap consists of a

three-year implementation plan, structured around differentiated

priorities for each year, reflecting a phased approach to

strengthening Cadeler's human rights management practices over

time.

In 2025, the Company developed a three-year roadmap to support

continuous improvement with respect to the rights of workers

throughout the value chain.

Cadeler is unaware of any severe human rights issues and incidents

connected to upstream and downstream value chain for the

reporting year 2025.

S2-5 – Targets related to managing material negative impacts,

advancing positive impacts and managing material risks and

opportunities

Cadeler has not yet established specific targets related to managing

impacts, risks and opportunities for workers in its value chain. Cadeler

will use the improvement areas identified during the HRIA, as

guidance for progressively setting targets to strengthen its

performance related to workers' rights in the value chain. The

Company expects to be able to disclose concrete targets related to

this topic in the next reporting year.

![2-3_4.jpg](cdlr-20251231_g100.jpg)

![Presentation_Master20.jpg](cdlr-20251231_g101.jpg)

**Governance**

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Foster business ethics**

**Impacts, risks and opportunities management**

__________________________________________________________

ESRS 2 IRO-1 – Description of the processes to identify and assess

material impacts, risks and opportunities

To identify and assess material impacts, risks, and opportunities,

Cadeler considered risks arising from the size of the organisation, its

business activities and operations, and the various locations in which

it operates. The Company's business conduct emphasises ethical

practices across the entire value chain. The prioritisation of IROs is

based on the experience and expertise of Senior Management and

Leadership. Based on this process, Cadeler identified the prevention

of bribery and corruption, incidents of bribery and corruption, the

management of supplier relationships, and corporate culture as

central elements for operating the business and maintaining a

leadership position in the market.

GOV-1 – The role of the administrative, management and supervisory

bodies

Cadeler has an Ethics and Compliance (E&C) function that manages

risks related to Company governance, anti-bribery and corruption

practices, human rights processes, etc. This function works in

coordination with the Procurement department to push Cadeler's

expectations for sustainability practices towards its supply chains and

monitor supply chain risks due to issues such as human rights and

corruption.

G1-1 – Business conduct policies and corporate culture

**Business conduct policies and corporate culture**

Cadeler's Code of Conduct (the "Code") outlines the principles and

guidelines for maintaining ethical business practices and integrity

within Cadeler. It sets out the values that those working for Cadeler

are expected to adhere to, including with respect to anti-bribery and

corruption; health, safety and environment; and equal opportunities,

diversity and respect in the workplace. The Code is publicly available

and is mandatory for all onshore and offshore employees, officers

and directors of Cadeler.

The Code is supported by internal policies and procedures that

further strengthens Cadeler's approach to key areas of business

conduct, including inter alia, HSEQ; Anti-bribery & Corruption;

Sustainable Development; Human Rights; and Personal Data &

Privacy.

Cadeler's policies are developed by the respective departments, with

the support from the E&C team in conjunction with the Policy

Management Committee. They are reviewed periodically and

approved by Cadeler Executive Senior Leadership, while a designated

department is responsible for implementing each policy.

The expertise of Cadeler's administrative bodies is disclosed in the

Annual Report. Please refer to the Management Review for

disclosures related to business conduct matters.

**Protection of whistleblowers**

All employees and any individual with a relationship with Cadeler,

such as clients and suppliers, are encouraged to raise concerns

whenever they identify activities that are not aligned with Cadeler's

values and behaviours throughout Speak Up! which provides a

framework for concerns to be raised confidentially and without fear

of adverse repercussions.

EthicsPoint is the independent third party in charge of managing

confidentiality reports, providing an anonymous and confidential

mechanism for raising concerns about serious matters for unethical

or improper conduct, including suspected violations of applicable

laws and regulations or Cadeler policies and procedures;

discrimination, bullying or harassment of any kind; and

environmental, health and safety or human rights concerns.

Cadeler prohibits retaliation of any kind against employees who raise

concern in good faith, even if doing so may result in a loss of

business. Cadeler takes every report of potential misconduct seriously

and is committed to conducting all reviews and investigations in an

independent, fair and impartial manner.

Information about the confidential reporting hotline and the

Confidential Reporting (Speak-Up!) Procedures is available on the

Company's Intranet, through training materials and the Confidential

Reporting Channels can also be accessed from the Company's

website. Awareness is further promoted through the display of

posters in shared areas at both onshore and offshore workplaces and,

to increase accessibility, a QR code linked to the hotline's webpage is

available, encouraging employees to raise concerns whenever

necessary.

Cadeler's Supply Chain Code of Conduct also refers to the

confidential reporting channel, emphasising that value chain workers

can raise concerns and seek remediation without fear of retaliation.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-3_15.jpg](cdlr-20251231_g102.jpg)

**Foster business ethics**

*Continued from previous page*

G1-2 – Management of relationships with suppliers

In line with its approach to responsible business, Cadeler actively

seeks to select and work with suppliers who not only comply with

laws and regulations but also go beyond compliance by meeting the

standards expected of an industry leader. Cadeler has a strong

preference for working with suppliers who share its commitment to

honesty and integrity and who seek to integrate principles of

sustainable development into all areas of their business.

Cadeler commits to paying all its suppliers and partners, including

specialists, on time and in accordance with agreed payment terms.

This commitment is reflected in the finance management procedures

governing the invoice payment process. Invoices are filtered,

extracted and classified into the relevant payment file and invoice

currencies on a weekly basis.

The payment files are then submitted, generating a summary list of

invoice amounts per supplier within the system. Structured reports

are set up in Cadeler's ERP system and twice weekly reviews are

conducted to identify invoices requiring handling or approval. An

automatic reminder notification system is in place to prevent late

payments.

**Supply Chain Code of Conduct**

Cadeler's Supply Chain Code of Conduct sets out the requirements

and principles that Cadeler's suppliers are expected to adhere to. The

Supply Chain Code of Conduct applies to all new onshore and

offshore suppliers and includes requirements and expectations

related to forced and child labour, environment, anti-bribery and

corruption, health and safety, non-discrimination, freedom of

association and collective bargaining, and grievance mechanisms.

Adherence to the Supply Chain Code of Conduct is a contractual

requirement for all new suppliers onboarded under Cadeler's

standard terms and conditions.

**Due Diligence Activities** 

Cadeler follows a structured procedure under which suppliers are

identified, assessed, onboarded and managed when applicable. From

a procurement perspective, the key process relates to the sourcing

lifecycle in Cadeler, including the business need or scope of work,

business case, tender process or sourcing approach, evaluation and

selection of a supplier for a contract, framework agreement or

purchase order. This procedure applies to new contracts with an

estimated value exceeding EUR 25,000. The process is described in

detail in the procedure "Sourcing and Supplier Selection". For

amounts below EUR 25,000, the purchasing activity may be handled

via a purchase order without a contract or framework agreement and

governed by Cadeler's Purchase Order Terms and Conditions.

From a business perspective, suppliers are also classified as "Basic",

"Standard" and "Manage", triggering the requirements for

onboarding, monitoring and corresponding management. Cadeler

HSEQ has established specific criteria for classifying suppliers as "Low",

"Medium" or "High Risk" from an HSEQ perspective. This is reflected in

Cadeler's Supplier Management Procedures. Since 2024 , Cadeler has

included the HSEQ risk assessment in the onboarding process.

The Company is continuing to optimize its third-party supplier due

diligence processes through the integration of an electronic screening

tool introduced in 2024. The tool forms part of the supplier

onboarding framework to help identify risks associated with financial

crime, sanctions, key legal issues captured in the media, and other

responsible business practices which are risk-weighted in accordance

with internal risk methodology.

Onboarded suppliers are also subject to ongoing monitoring and

periodic risk assessments. Frequency of the assessment depends on

the experience of Cadeler with the suppliers. Any flagged issue

automatically triggers a review from HSEQ, E&C and/or Procurement.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

![1-2_4.jpg](cdlr-20251231_g103.jpg)

**Foster business ethics**

*Continued from previous page*

**Fighting against corruption and Bribery**

__________________________________________________

G1-3 – Prevention and detection of corruption and bribery

Cadeler has zero tolerance for any form of bribery and corrupt payments, whether given or received,

directly or indirectly, anywhere in the world. This prohibition is clearly outlined in the Company's Code of

Conduct and the Anti-bribery and Corruption Policy, which is applied to all offshore and onshore

employees, individuals contracted to work for Cadeler and any third parties acting on behalf of Cadeler,

including consultants, agents and suppliers. These documents are available on Cadeler's internal platform.

Cadeler's Anti-bribery and Corruption Policy is further supported by a Gifts and Hospitality Policy, which

sets out the minimum requirements and principles that apply when giving or receiving anything of value on

behalf of Cadeler, as well as by the Supply Chain Code of Conduct. Both the Code of Conduct and the

Suppliers Code of Conduct are available on the Company's website.

Employees are encouraged to immediately notify Cadeler's E&C team if they become aware of any

behaviour that has the potential to breach Cadeler's policies. Where this is not possible, or if individuals do

not feel comfortable doing so, concerns may also be raised via Cadeler's confidential reporting channel

(Speak Up!) in accordance with the procedures described in G1-1. Reports of corruption or bribery will be

investigated by E&C in conjunction with Finance and Legal departments. Dependent on the nature of the

concern, assistance from external third-party specialists may also be utilised.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Foster business ethics**

*Continued from previous page*

**Training and awareness**

To support the implementation of Cadeler's Code and associated

policies and procedures, a companywide electronic Ethics

Engagement Training was rolled out in 2024 to all new onshore and

offshore employees.

An update of the Code of Conduct is planned for 2026 together

with an awareness training module for all employees. To continue

to foster an appropriate tone from the top, face-to-face training is

provided on an annual basis to Cadeler's Senior Leadership team,

covering key areas of business conduct such as competition law,

anti-bribery and corruption, and data protection and privacy.

![Method.gif](cdlr-20251231_g87.gif)

**Prevention and detection of corruption and bribery**

The at-risks functions outlined in the training table are defined as

follows: 'risk' determined with regard to nature of activities , type

of role and seniority of role. Hence, the Company considers as at-

risk functions the Board, Senior Leadership, Finance, Procurement,

Sales, Strategy and Business development, Legal, and Contract

management teams as well as the vessel masters and ports

captains.

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | |
| <br>**Training coverage** | **Managers** | **Board of Directors** | <br>**At-risk functions\*** |
| Total | 100% | 0% | 100% |
| Total receiving training (e-learning) | 0% | 0% | 83.6% onshore/73.7% offshore |
| Total receiving training (face-to-face) | 100% | 0% | N/A |
| Delivery method and duration |  |  |  |
| Classroom training | 1 hour | N/A | N/A |
| Computer-based training | N/A | N/A | N/A |
| Voluntary computer-based training | N/A | N/A | 20 minutes |
| Frequency |  |  |  |
| How often training is required | Annual | N/A | Annual |
| Topics covered |  |  |  |
| Definition of corruption | Covered | Not covered | Covered |
| Policy | Covered | Not covered | Covered |
| Procedures on suspicion/detection | Covered | Not covered | Covered |

---

\*Cadeler's definition of at-risk functions with respect to corruption and bribery include

the Board, senior leadership, finance, procurement, sales, strategy & business

development, legal, contract management teams as well as the vessel masters and site

managers.

Please note that at-risk functions training did not occur in 2025. The frequency of this

training for at-risk functions will be every 2 years onwards.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Foster business ethics**

*Continued from previous page*

G1-4 – Incidents of corruption or bribery

Cadeler recorded no incidents of corruption or bribery in 2025, with no evolution compared to 2024.

Cadeler remains committed to ethical business practice, and it will continue to engage with business

partners that demonstrate the same commitment.

---

| | |
|:---|:---|
| | **2025** |
| Number of convictions for violation of anti-corruption and anti-bribery laws [Cases] | 0 |
| Amount of fines for violation of anti-corruption and anti-bribery laws [Monetary] | 0 |
| Number of confirmed incidents of corruption or bribery [Cases] | 0 |
| Number of confirmed incidents in which own workers were dismissed or disciplined for <br>corruption or bribery-related incidents [Cases]<br>| 0 |
| Number of confirmed incidents relating to contracts with business partners that were <br>terminated or not renewed due to violations related to corruption or bribery [Cases]<br>| 0 |
| Number of public legal cases regarding corruption or bribery brought against <br>undertaking and own workers [Cases]<br>| 0 |

---

![Method.gif](cdlr-20251231_g87.gif)

![Method.gif](cdlr-20251231_g87.gif)

**Incidents of corruption or bribery**

A confirmed incident of corruption or bribery with business partners is defined as an incident of corruption

or bribery that has been found to be substantiated and where the employee was dismissed or disciplined.

A confirmed incident relating to contracts with business partners that were terminated or not renewed due

to violations related to corruption or bribery is defined as an incident of corruption or bribery that has been

found to be substantiated and where the contract with a business partner was terminated or not renewed.

**Payment practices**

The average number of days prior to paying an invoice is calculated as the average of days between

the invoice day and the settlement date. Cadeler has included invoices that were due before 2025

and paid in 2025, invoices that were due during the fiscal year 2025, and invoices due in 2026 which

has been settled during 2025. The percentage of payments aligned with standard payment terms is

calculated as the number of invoices paid within payment terms divided by total number of invoices.

G1-6 – Payment practices

Cadeler's standard payment terms are 45 days. The average time to pay invoices in 2025 was 50, with 72.8% of

payments aligned with standard payment terms. Payment performance in 2025 reflects the operational

transition associated with migrating legacy operations into the group's unified financial system. Cadeler will

continue to strive towards increasing its performance on these specific metrics. Cadeler has no outstanding legal

proceedings related to late payments, highlighting its commitment to responsible and timely payment practices.

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Average number of days to pay invoice [days] | 53 | 36 |
| Description of undertakings standard payment terms in number of <br>days by main category of suppliers [days]<br>| 45 | 45 |
| Percentage of payments aligned with standard payment terms <br>[percent]<br>| 66.9% | 74.3% |
| Number of outstanding legal proceedings for late payments [cases] | 0 | 0 |

---

![Presentation_Master19.jpg](cdlr-20251231_g104.jpg)

**Data points that** 

**derive from other** 

**EU legislation**

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Data points that derive from other EU legislation**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ESRS** | **Disclosure** <br>**requirement**<br>| **Data point** | | **Section\*** | **Page** |
| ESRS 2 | GOV-1 | 21 d | Board's gender diversity ratio<br> x | MR | page <u>[31](#if36fbb19a7104c888f4f5bbb0eeb6d50_151049)</u> |
| ESRS 2 | GOV-1 | 21 e | Percentage of independent board member<br> x | MR | page <u>[33](#if36fbb19a7104c888f4f5bbb0eeb6d50_151050)</u>-<u>[35](#if36fbb19a7104c888f4f5bbb0eeb6d50_151051)</u> |
| ESRS 2 | GOV-4 | 30; 32 | Disclosure of mapping of information provided in sustainability statement about due diligence <br>process<br>x | SUS | page <u>[47](#i1a2a00c2cc9b4a4e9e980e2d4188f0bd_39446)</u> |
| ESRS 2 | SBM-1 | 40 d ⅰ | Undertaking is active in fossil fuel (coal, oil and gas) sector<br> x | SUS | page <u>[87](#i83ef80d706d848cfaf19647974c24e78_3518)</u> |
| ESRS 2 | SBM-1 | 40 d ⅱ | Undertaking is active in chemicals production<br> x |  | Undertaking not active |
| ESRS 2 | SBM-1 | 40 d ⅱ | Revenue from chemicals production<br> x | SUS | page <u>[91](#i4b18ebdc68be472abb2459bf1901fcfc_1211)</u> |
| ESRS 2 | SBM-1 | 40 d ⅲ | Undertaking is active in controversial weapons<br> x |  | Undertaking not active |
| ESRS 2 | SBM-1 | 40 d ⅲ | Revenue from controversial weapons<br> x | SUS | page <u>[91](#i4b18ebdc68be472abb2459bf1901fcfc_1211)</u> |
| ESRS 2 | SBM-1 | 40 d ⅳ | Undertaking is active in cultivation and production of tobacco<br> x |  | Undertaking not active |
| ESRS 2 | SBM-1 | 40 d ⅳ | Revenue from cultivation and production of tobacco<br> x | SUS | page <u>[91](#i4b18ebdc68be472abb2459bf1901fcfc_1211)</u> |
| ESRS E1 | E1-1 | 14 | Transition plan to reach climate neutrality by 2050<br> x | SUS | page <u>[68](#i4cdc1051295140afa3dec2d55a32c554_167810)</u>-<u>[70](#i4cdc1051295140afa3dec2d55a32c554_167931)</u> |
| ESRS E1 | E1-1 | 16 (g) | Undertakings excluded from Paris-aligned Benchmarks<br> x | SUS | page <u>[68](#i4cdc1051295140afa3dec2d55a32c554_167810)</u> |
| ESRS E1 | E1-4 | 34 | GHG emission reduction targets<br> x | SUS | page <u>[76](#i4cdc1051295140afa3dec2d55a32c554_223977)</u>-<u>[77](#i4cdc1051295140afa3dec2d55a32c554_223980)</u> |
| ESRS E1 | E1-5 | 38 | Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) <br> x | SUS | page <u>[78](#i4cdc1051295140afa3dec2d55a32c554_223978)</u>-<u>[80](#i4cdc1051295140afa3dec2d55a32c554_223979)</u> |
| ESRS E1 | E1-5 | 37 | Energy consumption and mix | SUS | page <u>[79](#i4cdc1051295140afa3dec2d55a32c554_224028)</u> |
| ESRS E1 | E1-5 | 40-43 | Energy intensity associated with activities in high climate impact sectors <br> x | SUS | page <u>[78](#i4cdc1051295140afa3dec2d55a32c554_223978)</u> |
| ESRS E1 | E1-6 | 44 | Gross Scope 1, 2, 3 and Total GHG emissions<br> x | SUS | page <u>[80](#i4cdc1051295140afa3dec2d55a32c554_223979)</u>-<u>[83](#i4cdc1051295140afa3dec2d55a32c554_224029)</u> |
| ESRS E1 | E1-6 | 53-55 | Gross GHG emissions intensity <br> x | SUS | page <u>[80](#i4cdc1051295140afa3dec2d55a32c554_223979)</u> |
| ESRS E1 | E1-7 | 56 | GHG removals and carbon credits<br> x | SUS | page <u>[77](#i4cdc1051295140afa3dec2d55a32c554_223980)</u> |
| ESRS E1 | E1-9 | 66 | Exposure of the benchmark portfolio to climate-related physical risks<br> x |  | Not reported/phase-in |
| ESRS E1 | E1-9 | 66 (a); 66 (c) | Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant <br>assets at material physical risk<br>x |  | Not reported/phase-in |
| ESRS E1 | E1-9 | 67 (c) | Breakdown of the carrying value of its real estate assets by energy-efficiency classes<br> x |  | Not material |
| ESRS E1 | E1-9 | 69 | Degree of exposure of the portfolio to climate-related opportunities<br> x |  | Not material |
| ESRS E2 | E2-4 | 28 | Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil<br> x |  | Not material |

---

\*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements;

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Data points that derive from other EU legislation**

*Continued from previous page*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **ESRS** | **Disclosure** <br>**requirement**<br>| **Data point** | | **Pillar 3** | **EU climate** <br>**law**<br>| **Section\*** | **Page** |
| ESRS E3 | E3-1 | 9 | Water and marine resources<br> x |  |  |  | Not material |
| ESRS E3 | E3-1 | 13 | Dedicated policy<br> x |  |  |  | Not material |
| ESRS E3 | E3-1 | 14 | Sustainable oceans and seas<br> x |  |  |  | Not material |
| ESRS E3 | E3-4 | 28 (c) | Total water recycled and reused<br> x |  |  |  | Not material |
| ESRS E3 | E3-4 | 29 | Total water consumption in m3 per net revenue on own operations<br> x |  |  |  | Not material |
| ESRS E4 | ESRS 2 - <br>SBM-3 - E4<br>| 16 (a) ⅰ | x |  |  |  | Not material |
| ESRS E4 | ESRS 2 - <br>SBM-3 - E4<br>| 16 (b) | x |  |  |  | Not material |
| ESRS E4 | ESRS 2 - <br>SBM-3 - E4<br>| 16 (c) | x |  |  |  | Not material |
| ESRS E4 | E4-2 | 24 (b) | Sustainable land / agriculture practices or policies<br> x |  |  |  | Not material |
| ESRS E4 | E4-2 | 24 (c) | Sustainable oceans / seas practices or policies<br> x |  |  |  | Not material |
| ESRS E4 | E4-2 | 24 (d) | Policies to address deforestation <br> x |  |  |  | Not material |
| ESRS E5 | E5-5 | 37 (d) | Non-recycled waste<br> x |  |  | SUS | page <u>[100](#ib54ebb5f7cb84e9ea04acfd63fbe1998_40575)</u> |
| ESRS E5 | E5-5 | 39 | Hazardous waste and radioactive waste<br> x |  |  | SUS | page <u>[100](#ib54ebb5f7cb84e9ea04acfd63fbe1998_40575)</u> |
| ESRS S1 | ESRS 2 - <br>SBM-3 - S1<br>| 14 (f) | Risk of incidents of forced labour<br> x |  |  |  | Not material for S1 |
| ESRS S1 | ESRS 2 - <br>SBM-3 - S1<br>| 14 (g) | Risk of incidents of child labour<br> x |  |  |  | Not material for S1 |
| ESRS S1 | S1-1 | 20 | Human rights policy commitments<br> x |  |  | SUS | page |
| ESRS S1 | S1-1 | 21 | Due diligence policies on issues addressed by the fundamental International Labor Organisation <br>Conventions 1 to 8<br>| x |  |  | page <u>[103](#iedd7cbd431b04a519c0563f5d7924db7_172698)</u> |
| ESRS S1 | S1-1 | 22 | Processes and measures for preventing trafficking in human beings<br> x |  |  |  | Not material for S1 |
| ESRS S1 | S1-1 | 23 | Workplace accident prevention policy or management system<br> x |  |  | SUS | page <u>[103](#iedd7cbd431b04a519c0563f5d7924db7_172698)</u> |
| ESRS S1 | S1-3 | 32 (c) | Grievance/complaints handling mechanisms<br> x |  |  | SUS | page <u>[106](#iedd7cbd431b04a519c0563f5d7924db7_172700)</u> |
| ESRS S1 | S1-14 | 88 (b); 88 (c) | Number of fatalities and number and rate of work-related accidents<br> x | x |  | SUS | page <u>[113](#ib623efaf2cec4b34a996b2facb46228a_1771)</u> |
| ESRS S1 | S1-14 | 88 (e) | Number of days lost to injuries, accidents, fatalities or illness |  |  | SUS | page <u>[113](#ib623efaf2cec4b34a996b2facb46228a_1771)</u> |

---

\*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements;

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Data points that derive from other EU legislation**

*Continued from previous page*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **ESRS** | **Disclosure** <br>**requirement**<br>| **Data point** | | **Pillar 3** | **EU climate** <br>**law**<br>| **Section\*** | **Page** |
| ESRS S1 | S1-16 | 97 (a) | Unadjusted gender pay gap<br> x | x |  |  | page <u>[114](#ib623efaf2cec4b34a996b2facb46228a_33746)</u> |
| ESRS S1 | S1-16 | 97 (b) | Excessive CEO pay ratio  |  |  |  | page <u>[114](#ib623efaf2cec4b34a996b2facb46228a_33746)</u> |
| ESRS S1 | S1-17 | 103 (a) | Incidents of discrimination<br> x |  |  | SUS | page <u>[115](#ib623efaf2cec4b34a996b2facb46228a_1770)</u> |
| ESRS S1 | S1-17 | 104 (a) | Non-respect of UNGPs on Business and Human Rights and OECD<br> x | x |  | SUS | page <u>[115](#ib623efaf2cec4b34a996b2facb46228a_1770)</u> |
| ESRS S2 | S2-1 | 17 | Human rights policy commitments<br> x |  |  | SUS | page <u>[118](#i24cb7f4f679c476a9d52ce2822f8e05b_44584)</u> |
| ESRS S2 | S2-1 | 18 | Policies related to value chain workers<br> x |  |  | SUS | page <u>[118](#i24cb7f4f679c476a9d52ce2822f8e05b_44584)</u> |
| ESRS S2 | S2-1 | 19 | Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines<br> x | x |  |  | page <u>[119](#i24cb7f4f679c476a9d52ce2822f8e05b_62700)</u> |
| ESRS S2 | S2-1 | 19 | Due diligence policies on issues addressed by the fundamental International Labor Organisation <br>Conventions 1 to 8 <br>| x |  |  | page <u>[119](#i24cb7f4f679c476a9d52ce2822f8e05b_62700)</u> |
| ESRS S2 | S2-4 | 36 | Human rights issues and incidents connected to its upstream and downstream value chain<br> x |  |  |  | page <u>[120](#i24cb7f4f679c476a9d52ce2822f8e05b_44588)</u> |
| ESRS S3 | S3-1 | 16 | Human rights policy commitments<br> x |  |  |  | Not material |
| ESRS S3 | S3-1 | 17 | Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines <br> x | x |  |  | Not material |
| ESRS S3 | S3-4 | 36 | Human rights issues and incidents<br> x |  |  |  | Not material |
| ESRS S4 | S4-1 | 16 | Policies related to consumers and end-users<br> x |  |  |  | Not material |
| ESRS S4 | S4-1 | 17 | Non-respect of UNGPs on Business and Human Rights and OECD guidelines<br> x | x |  |  | Not material |
| ESRS G1 | G1-1 | 10b | United Nations Convention against Corruption paragraph 10 (b)<br> x |  |  | SUS | page <u>[123](#i8db548564a6445a596e53267dcea4be4_90185)</u> |
| ESRS G1 | G1-1 | 10d | Protection of whistle- blowers paragraph 10 (d)<br> x |  |  | SUS | page <u>[123](#i8db548564a6445a596e53267dcea4be4_90185)</u> |
| ESRS G1 | G1-4 | 24a | Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)<br> x | x |  | SUS | page <u>[127](#i8db548564a6445a596e53267dcea4be4_90189)</u> |
| ESRS G1 | G1-4 | 24a | Standards of anti- corruption and anti- bribery paragraph 24 (b)<br> x |  |  | SUS | page <u>[127](#i8db548564a6445a596e53267dcea4be4_90189)</u> |

---

\*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements;

![Presentation_Master21_2.jpg](cdlr-20251231_g105.jpg)

**Green Finance** 

**Report**

Note: This section is not required for compliance with EU CSRD

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Cadeler and Green Finance**

**Green Loan Facilities**

Green finance instruments are issued to finance or refinance eligible green projects, in whole or in part, that

promote the transition towards a low-carbon and climate-resilient society.

The green financing is supported by the Cadeler Green Finance Framework, rated Medium Green by S&P

Global in a Second Party Opinion in December 2023.

**Annual Green Financing Reporting**

To keep investors, lenders and other stakeholders informed about the progress of the Green Projects

funded by Green Finance Instruments, Cadeler publishes a Green Finance Report on the Company website,

either as a separate document or as information integrated in the Company's annual sustainability

reporting. The Green Finance Report includes an Allocation Report and an Impact Report and is published

annually as a part of the Annual Report. If any change is made to the location of reporting in future years, a

statement will be included in the Annual Report.

**Impact Reporting** 

Impact reporting aims to disclose the environmental impact of the Green Projects financed under this

Framework, and will, where possible, be measured, otherwise estimated. Impact reporting will, to some

extent, be aggregated and depending on data availability, calculations will be made on a best intention

basis.

**Allocation Reporting**

Cadeler publishes an annual allocation report as long as there are green finance instruments outstanding.

Cadeler intends to produce an annual statement including the following information: the amounts allocated

to each of the Green Project categories and the share of new financing versus refinancing, examples of

Green Projects that have been funded by Green Finance Instruments, the nominal amount of Green Finance

Instruments outstanding and the split between Green Bonds and Green Loans, and the amount of net

proceeds awaiting allocation to Green Projects (if any).

![wide_1.jpg](cdlr-20251231_g106.jpg)

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Green Company Financing**

As at 31 December 2025, all corporate facilities of the Group qualify as Green Finance Instrument under

Cadeler's Green Finance Framework. Please refer to Note 25 of Financial Statements for further details on

each facility. An externally verified Compliance Certificate, outlining alignment with the Green Company

Eligibility Criteria, will be shared with the relevant lenders.

---

| | | | |
|:---|:---|:---|:---|
| **Company Impact Report - Key Performance Indicators** | **Unit** | **2025** | **2024** |
| Number of installed offshore wind turbine foundations | number | 0 | 0 |
| Number of installed offshore wind turbines | number | 245 | 186 |
| Number of serviced offshore wind turbines | number | 56 | 9 |
| Installed power generation capacity | MW | 3370 | 2130 |
| Serviced power generation capacity | MW | 594 | 114 |
| GHG emissions from offshore wind installation activities - <br>Scope 1 emissions<br>| tCO2e | 115939 | 64000 |
| Scope 1 emissions (tCO2e) per MW installed or serviced | tCO2e/MW | 29.3 | 28.9 |

---

---

| | | |
|:---|:---|:---|
| **Green Loan Criteria/Company Eligibility Criteria** | **2025** | **2024** |
| Share of annual revenue from renewable energy projects | 100% | 100% |
| Share of annual revenue from new/existing oil and gas installations | 0% | 0% |
| Share of CapEx and OpEx aligned with the green project categories of the <br>Green Finance Framework<br>| 100% | 100% |

---

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Green Project Financing**

As of 31 December 2025, all vessel facilities of the Group qualify as

Green Finance Instrument, and the underlying assets as Green

Project, under Cadeler's Green Finance Framework.

Please refer to Note 25 of Financial Statements for further details on

each facility.

For Green Project Financing, an independent auditor appointed by

Cadeler provides on an annual basis a limited assurance report

confirming that an amount equal to the net proceeds from such

Green Finance Instruments have been allocated to Green Projects.

**Impact Report**

![2-3_5.jpg](cdlr-20251231_g107.jpg)

The un-utilised Green facilities are financing for vessels that are not

yet in operation. Once Wind Ace is in operation, Cadeler will also

provide a report on the impacts of this vessel, as needed, directly to

the relevant lenders.

![Presentation_Master30.jpg](cdlr-20251231_g28.jpg)

**Green Project Financing**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  | **2025** |
| **Allocation Report** |  |  |  |  |  |  | **Allocation Project Category** | **Allocation Project Category** | **Allocation Project Category** | **Allocation Project Category** |  |
| Debt Issue | Issued | Maturity | Proceeds | Proceeds <br>allocated<br>| To be <br>allocated<br>| Utilised | Installation/<br>maintenance <br>vessels<br>| Key enabling <br>equipment<br>| Weather <br>stations<br>| Waste and <br>wastewater <br>management<br>| Project funded |
| Senior Secured Green <br>Term Loan Facility<br>| 22/12/2023 | 12 y | 425m | 425m | 0m | 421m | 100% |  |  |  | Wind Peak and Wind Pace |
| Senior Secured Green <br>Term Loan Facility<br>| 16/08/2024 | 12 y | 420m | 420m | 0m | 420m | 100% |  |  |  | Wind Maker and Wind Mover  |
| Senior Secured Green <br>Term Loan Facility<br>| 21/03/2025 | 12 y | 525m | 525m | 262.5m | 262.5m | 100% |  |  |  | Wind Ally and Wind Ace |
| Facilities agreement | 22/05/2025 | 30/04/2026 | 150m | (repaid) | (repaid) | (repaid) | 100% |  |  |  | Wind Keeper initial acquisition |
| Green Term loan facilities | 21/07/2025 | 5 y | 125m | 125m | 0m | 125m | 100% |  |  |  | Wind Keeper |

---

![Presentation_Master_TOC.jpg](cdlr-20251231_g108.jpg)

**Financial Statements**

---

| | |
|:---|:---|
| **[Consolidated Financial Statements](#i964a3e7edb004d81b93493243fa5448b)** | **[138](#i964a3e7edb004d81b93493243fa5448b)** |
| **[Notes to the Consolidated Financial Statements](#if4088e68a9fe42b68a05374ea797c403)** | **[144](#if4088e68a9fe42b68a05374ea797c403)** |
| **[Parent Company Financial Statements](#i767da47ecb0b4a3099c256be225f516f)** | **[211](#i767da47ecb0b4a3099c256be225f516f)** |
| **[Notes to the Parent Company Financial Statements](#i5c780e0272364aa7bbca008a424a6ffc)** | **[216](#i5c780e0272364aa7bbca008a424a6ffc)** |
| **[Statement by Management](#i647241ffed1947808ed24b441b5a27d0)** | **[232](#i647241ffed1947808ed24b441b5a27d0)** |
| **[Independent Auditor's Reports](#i3f66a6b931f044c682867c5b7a133d4c)** | **[234](#i3f66a6b931f044c682867c5b7a133d4c)** |
| **[Forward-looking Statements](#i0a4a70c03a03419a8e6a7304c716a100)** | **[245](#i0a4a70c03a03419a8e6a7304c716a100)** |
| **[Alternative Performance Measures](#i58bd76f3b6d3421cb6dc3f126479cde4)** | **[247](#i58bd76f3b6d3421cb6dc3f126479cde4)** |

---

![Presentation_Master22.jpg](cdlr-20251231_g109.jpg)

**Consolidated** 

**Financial** 

**Statements**

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Consolidated Statement of Profit or Loss and Other** 

## Comprehensive Income

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Revenue | 3 | 620354 | 248738 | 108622 |
| Cost of sales | 4 | (236755) | (124228) | (59858) |
| **Gross profit** |  | **383599** | **124510** | **48764** |
| Net other operating income and expenses | 5 | 8770 | 2035 | 137 |
| Administrative expenses | 4 | (74626) | (57101) | (34458) |
| **Operating profit** |  | **317743** | **69444** | **14443** |
| Financial income | 9 | 7498 | 5233 | 1541 |
| Financial expenses | 9 | (37377) | (7200) | (4486) |
| **Profit before income tax** |  | **287864** | **67477** | **11498** |
| Income tax credit/expense | 10 | (7680) | (2408) |  |
| **Profit for the period** |  | **280184** | **65069** | **11498** |
| Profit for the period attributable to: |  |  |  |  |
| Equity holders of the parent | 11 | 280184 | 65069 | 11498 |
| **Earnings per share** |  |  |  |  |
| Basic, profit/(loss) for the period attributable <br>to ordinary equity holders of the parent <br>(EUR per share)<br>| 11 | 0.80 | 0.19 | 0.06 |
| Diluted, profit/(loss) for the period <br>attributable to ordinary equity holders of the <br>parent (EUR per share)<br>| 11 | 0.79 | 0.19 | 0.06 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Other comprehensive income/loss** |  |  |  |  |
| **Items that may be reclassified to profit or** <br>**loss**<br>|  |  |  |  |
| Exchange differences on translation of <br>foreign operations<br>|  |  | 34105 | (6724) |
| Cash flow hedges - changes in fair value | 24 | (5003) | 13079 | (18505) |
| Cash flow hedges - items recycled | 24 | (2582) | 1527 | (776) |
| Cash flow hedges - cost of hedging | 24 | (5708) | 8752 | (3621) |
| **Other comprehensive (loss)/income after** <br>**tax**<br>|  | **(13293)** | **57463** | **(29626)** |
| **Total comprehensive income/loss for the** <br>**period, net of tax**<br>|  | **266891** | **122532** | **(18128)** |
| Total comprehensive income/loss <br>attributable to:<br>|  |  |  |  |
| Equity holders of the parent |  | 266891 | 122532 | (18128) |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Consolidated Balance Sheet**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Intangible assets | 12  | 19432 | 18190 | 16947 |
| Property, plant and equipment | 13  | 2937060 | 1712266 | 1085632 |
| Right-of-use assets | 14  | 12598 | 10337 | 973 |
| Leasehold deposits |  | 1141 | 1014 | 1220 |
| Derivative assets | 23 , 24  | 2419 | 6593 | 338 |
| Other non-current assets | 17  | 54069 | 7211 |  |
| **Total non-current assets** |  | **3026719** | **1755611** | **1105110** |
| Inventories | 15  | 3540 | 1039 | 1836 |
| Trade and other receivables | 16  | 139029 | 62986 | 30552 |
| Contract assets | 16  | 81923 | 37609 | 8880 |
| Prepayments | 17  | 13523 | 16643 | 9562 |
| Current derivative assets | 23 , 24  | 263 | 11875 |  |
| Current income tax receivable |  |  |  | 12 |
| Cash and cash equivalents | 18  | 151679 | 51253 | 96608 |
| **Total current assets** |  | **389957** | **181405** | **147450** |
| **Total assets** |  | **3416676** | **1937016** | **1252560** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Share capital | 22  | 47144 | 47144 | 41839 |
| Share premium |  | 1099495 | 1099495 | 952858 |
| Treasury shares |  | (2999) | (1283) |  |
| Reserves |  | 18423 | 29180 | (28283) |
| Retained earnings / (accumulated losses) |  | 341613 | 59358 | (7373) |
| **Total equity** |  | **1503676** | **1233894** | **959041** |
| Provisions | 20  |  |  | 4813 |
| Lease liabilities | 14  | 12482 | 9697 | 392 |
| Deferred tax liabilities | 10 , 21  | 13256 | 11972 | 10191 |
| Deferred revenue | 3  | 30901 | 1747 | 1778 |
| Debt to credit institutions | 23  | 1494623 | 539854 | 204773 |
| Derivative liabilities | 23 , 24  | 10654 | 16205 | 17957 |
| **Total non-current liabilities** |  | **1561916** | **579475** | **239904** |
| Trade and other payables | 20  | 98208 | 43595 | 32636 |
| Current provisions | 20  |  | 841 | 2086 |
| Payables to related parties | 27  | 272 | 223 | 162 |
| Deferred revenue | 3  | 128716 | 45590 | 12103 |
| Current lease liabilities | 14  | 1057 | 1274 | 601 |
| Current income tax liabilities |  | 3638 | 752 | 1224 |
| Current debt to credit institutions | 23  | 116131 | 31163 | 799 |
| Current derivative liabilities | 23 , 24  | 3062 | 209 | 4004 |
| **Total current liabilities** |  | **351084** | **123647** | **53615** |
| **Total liabilities** |  | **1913000** | **703122** | **293519** |
| **Total equity and liabilities** |  | **3416676** | **1937016** | **1252560** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Consolidated Statement of Changes in Equity**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Reserves** | **Reserves** | **Reserves** | | |
| <br>EUR'000 | <br>**Share capital** | <br>**Share** <br>**premium**<br>| <br>**Treasury** <br>**shares**<br>| **Hedging** <br>**reserves**<br>| **Cost of** <br>**hedging** <br>**reserves**<br>| **Foreign** <br>**currency** <br>**translation** <br>**reserve**<br>| <br>**(Accumulated** <br>**losses)/** <br>**retained** <br>**earnings**<br>| <br>**Total** |
| **2025** |  |  |  |  |  |  |  |  |
| Beginning of financial year | 47144 | 1099495 | (1283) | (3332) | 5131 | 27381 | 59358 | 1233894 |
| Profit for the year |  |  |  |  |  |  | 280184 | 280184 |
| Other comprehensive income for the year, net of tax |  |  |  | (7585) | (5708) |  |  | (13293) |
| **Total comprehensive income for the year, net of tax** | **—** | **—** | **—** | **(7585)** | **(5708)** | **—** | **280184** | **266891** |
| Transfer of cash flow hedge reserve to property, plant and <br>equipment<br>|  |  |  | 2536 |  |  |  | 2536 |
| Treasury shares |  |  | (1716) |  |  |  |  | (1716) |
| Share-based payments |  |  |  |  |  |  | 2071 | 2071 |
| **End of financial year** | **47144** | **1099495** | **(2999)** | **(8381)** | **(577)** | **27381** | **341613** | **1503676** |
| **2024** |  |  |  |  |  |  |  |  |
| Beginning of financial year | 41839 | 952858 |  | (17938) | (3621) | (6724) | (7373) | 959041 |
| Profit for the year |  |  |  |  |  |  | 65069 | 65069 |
| Other comprehensive income for the year, net of tax |  |  |  | 14606 | 8752 | 34105 |  | 57463 |
| **Total comprehensive profit for the year, net of tax** | **—** | **—** | **—** | **14606** | **8752** | **34105** | **65069** | **122532** |
| Capital increase February 2024 | 5301 | 149567 |  |  |  |  |  | 154868 |
| Costs incurred in connection with February 2024 capital <br>increase<br>|  | (3014) |  |  |  |  |  | (3014) |
| Capital increase June 2024 | 4 | 84 |  |  |  |  |  | 88 |
| Treasury shares |  |  | (1283) |  |  |  |  | (1283) |
| Share-based payments |  |  |  |  |  |  | 1662 | 1662 |
| **End of financial year** | **47144** | **1099495** | **(1283)** | **(3332)** | **5131** | **27381** | **59358** | **1233894** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Consolidated Statement of Changes in Equity**

*Continued from previous page*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Reserves** | **Reserves** | **Reserves** | | |
| <br>EUR'000 | <br>**Share capital** | <br>**Share** <br>**premium**<br>| <br>**Treasury** <br>**shares**<br>| **Hedging** <br>**reserves**<br>| **Cost of** <br>**hedging** <br>**reserves**<br>| **Foreign** <br>**currency** <br>**translation** <br>**reserve**<br>| <br>**(Accumulated** <br>**losses)/** <br>**retained** <br>**earnings**<br>| <br>**Total** |
| **2023** |  |  |  |  |  |  |  |  |
| Beginning of financial year | 26575 | 509542 |  | 1343 |  |  | 3108 | 540568 |
| Profit for the year |  |  |  |  |  |  | 11498 | 11498 |
| Other comprehensive income for the year, net of tax |  |  |  | (19281) | (3621) | (6724) |  | (29626) |
| **Total comprehensive profit for the year, net of tax** | **—** | **—** | **—** | **(19281)** | **(3621)** | **(6724)** | **11498** | **(18128)** |
| Registration of new shares in relation to business combination | 15264 | 450271 |  |  |  |  |  | 465535 |
| Costs incurred in connection with listing |  | (6955) |  |  |  |  |  | (6955) |
| Changes from business combination |  |  |  |  |  |  | (23113) | (23113) |
| Share-based payments |  |  |  |  |  |  | 1134 | 1134 |
| **End of financial year** | **41839** | **952858** | **—** | **(17938)** | **(3621)** | **(6724)** | **(7373)** | **959041** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Consolidated Statement of Cash Flows**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Cash flow from operating activities** |  |  |  |  |
| Profit/(loss) for the period |  | **280184** | **65069** | **11498** |
| Adjustments of non-cash items | 19 | 132403 | 60137 | 31709 |
| Changes in working capital | 19 | (16591) | (33650) | 20174 |
| Income tax paid |  | (3510) | (1747) | 2 |
| Interest received |  | 1714 | 3292 |  |
| **Net cash provided by operating activities** |  | **394200** | **93101** | **63383** |
| **Cash flow from investing activities** |  |  |  |  |
| Cash acquired in a business combination, net |  |  |  | 10403 |
| Additions to property, plant and equipment | 13 | (1235673) | (615542) | (66899) |
| Disposal of property, plant and equipment |  |  |  | 1800 |
| Movements in other non-current assets | 17 | (26858) | (7211) |  |
| Additions to intangible assets |  | (1506) | (410) | (31) |
| Leasehold deposits |  | (127) | 206 |  |
| **Net cash used in investing activities** |  | **(1264164)** | **(622957)** | **(54727)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Cash flow from financing activities** |  |  |  |  |
| Principal repayment of lease liabilities |  | (2073) | (1961) | (569) |
| Interest paid |  | (56471) | (19689) | (7143) |
| Proceeds from borrowing net of bank fees | 23 | 1309206 | 365975 | 199935 |
| Proceeds from issue of share capital |  |  | 154956 |  |
| Transactional costs on issues of shares |  |  | (3014) | (6955) |
| Repurchase of treasury shares |  | (1716) | (1283) |  |
| Bank charges |  | (1975) | (2368) |  |
| Repayment of loan | 23 | (279281) | (10630) | (115000) |
| **Net cash provided by financing activities** |  | **967690** | **481986** | **70268** |
| **Net (decrease)/increase in cash and cash** <br>**equivalents**<br>|  | **97726** | **(47870)** | **78924** |
| Cash and cash equivalents at beginning of the <br>period<br>|  | 51253 | 96608 | 19012 |
| Effect of exchange rate on cash and cash <br>equivalents<br>|  | 2700 | 2515 | (1328) |
| **Cash and cash equivalents at end of the period** |  | **151679** | **51253** | **96608** |

---

![Presentation_Master29.jpg](cdlr-20251231_g111.jpg)

**Notes to the** 

**Consolidated** 

**Financial** 

**Statements**

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![2-3_6.jpg](cdlr-20251231_g112.jpg)

Note 1

**General Information**

**Corporate information** 

Cadeler A/S (the "Company" or the "Group") is incorporated and

domiciled in Denmark. The address of its registered office is Kalvebod

Brygge 43, DK-1560 Copenhagen, Denmark. The Company is listed

on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock

Exchange (ticker: CADLR).

The Group is a global leader in offshore wind installation, operations,

and maintenance services headquartered in Copenhagen, Denmark.

The Group owns ten offshore jack-up Wind Turbine Installation

Vessels (WTIVs): Wind Orca, Wind Osprey, Wind Scylla, Wind Zaratan,

Wind Peak, and five vessels added during 2025, Wind Pace, Wind

Maker, Wind Keeper, Wind Ally and Wind Mover, the last of which

was delivered in December 2025. In addition to wind farm

installation, these vessels can perform maintenance, construction,

decommissioning, and other tasks within the offshore industry.

The consolidated financial statements of the Group are composed of

the Financial Statements of Cadeler A/S and its subsidiaries (which

are wholly owned by the Parent Company Cadeler A/S). For further

information on the subsidiaries of Cadeler A/S please refer to Note

29. ![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 2

**Basis of Presentation and other significant accounting policies**

**2.1. Basis for preparation**

The consolidated financial statements included in this Annual Report

have been prepared in accordance with IFRS Accounting Standards

(IFRS) as issued by the International Accounting Standards Board

(IASB) and as endorsed by the EU, as well as further requirements in

the Danish Financial Statements Act.

The preparation of these consolidated financial statements in

conformity with IFRS requires management to exercise its judgement

in the process of applying the Company's accounting policies. It also

requires the use of certain critical accounting estimates and

assumptions. Areas involving a higher degree of judgement or

complexity, or areas where estimates and assumptions are significant

to the consolidated financial statements are further described in Note

2.4. The consolidated financial statements are presented in euros and all

values are rounded to the nearest thousand, except when otherwise

indicated.

The accounting policies set out in the notes have been applied

consistently in the preparation of the consolidated financial

statements for all the years presented unless stated otherwise below.

**Comparative figures**

In December 2023, Cadeler and Eneti merged, and from this point in

time the consolidated figures comprised Cadeler A/S and its

subsidiaries and Eneti and its subsidiaries (which are wholly owned by

the Group). Therefore the activity of the Group is not fully

comparable between 2025, 2024 and 2023. For further information

on the subsidiaries of Cadeler A/S please refer to Note 29.

**Materiality**

Our Annual Report is structured around the principle of materiality,

focusing on information that holds relevance for the users of the

consolidated financial statements. These consolidated financial

statements encompass numerous transactions, which are grouped

into categories based on their nature or function. These categories

are then presented in the consolidated financial statements as

required by IFRS. When individual items are deemed immaterial, they

are combined with other similar items in either the consolidated

financial statements or the accompanying notes.

In line with IFRS guidelines we include the necessary disclosures,

unless the information is considered immaterial to the economic

decision-making of the users or is not applicable in the context of the

consolidated financial statements.

**Going concern assessment**

The Company's Board of Directors and Executive Directors, have at

the time of approving the consolidated financial statements, assessed

that the Group has adequate resources to continue as a going

concern for at least 12 months after the balance sheet date.

Thus, the Group continues to adopt the going concern basis of

accounting in preparing the consolidated financial statements.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 2

**Basis of Presentation and other significant accounting policies**

*Continued from previous page*

**European Single Electronic Format (ESEF)**

As a group with securities listed on a regulated market within the EEA, Cadeler A/S is required to prepare

its official Annual Report in the XHTML format and to tag the main consolidated financial statements using

inline eXtensible Business Reporting Language (iXBRL) applying a specific ESEF taxonomy. The annual

report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together

with the required technical files, all included in a ZIP file named cadeler-2025-12-31-en.zip.

As such, the Annual Report is both human- and machine-readable.

A separate assurance report on the iXBRL tagging of the consolidated financial statements is issued by

Cadeler's independent auditors and included on page 252. For general use, a PDF version of the Annual

Report is published in line with previous years.

**2.2. General accounting policies** 

This section introduces accounting policies and significant accounting estimates and judgements. A more

detailed description of accounting policies and significant estimates and judgements related to specific

reported amounts is presented in the respective notes. The purpose is to provide transparency on the

disclosed amounts and to describe the relevant accounting policy, significant estimates and numerical

disclosure for each note.

*Note 3 - Revenue recognition (including Deferred revenue)*

*Note 4 - Cost of sales and administrative expenses*

*Note 5 - Net other operating income and expenses*

*Note 6 - Employee compensation*

*Note 7 - Long term incentive programmes*

*Note 9 - Financial income and expenses*

*Note 10 - Income taxes*

*Note 11 - Earnings per share (EPS)*

*Note 12 - Intangible Assets (including Goodwill)*

*Note 13 - Property, plant and equipment (including Borrowing costs and Impairment of non- financial assets)*

*Note 14 - Right-of-use assets and lease liabilities*

*Note 15 - Inventories*

*Note 16 - Trade and Other Receivables*

*Note 18 - Cash and cash equivalents*

*Note 20 - Provisions, Trade and other payables*

*Note 22 - Issued Share capital*

*Note 23 - Lease liabilities*

*Note 24 - Derivatives and hedge accounting*

*Note 25 - Financial liabilities*

*Note 26 - Business combinations*

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 2

**Basis of Presentation and other significant accounting policies**

*Continued from previous page*

**Principles of consolidation**

The consolidated financial statements include the Parent Company,

Cadeler A/S, and all enterprises over which the Parent Company has

control. Control of an enterprise exists when the Company has

exposure, or rights to, variable returns from its involvement with the

enterprise and has the ability to control those returns through its

power over the enterprise. Accordingly, the consolidated financial

statements of the Group are composed of the financial statements of

the Company Cadeler A/S and its subsidiaries (which are wholly

owned by the Parent Company, Cadeler A/S).

All intra-group assets and liabilities, equity, income, expenses and

cash flows relating to transactions between Group enterprises are

eliminated in full on consolidation.

**Currency translation** 

The financial statements are presented in euro (EUR), which is also

the functional currency of the parent company. For each entity in the

Group, the Group determines the functional currency and items

included in the financial statements of each entity are measured

using that functional currency.

As of 1 January 2025, all entities of the former Eneti Group have

changed their functional currency from USD to EUR. The change is

driven by Cadeler's acquisition of the former Eneti Group at the end

of 2023 followed by changes to the financing, organisation and

activities whereby it is Management's assessment that the primary

economic environment in which each of the entities operates has

changed to be mainly denominated in EUR. Accordingly,

management has determined that EUR is the new functional currency

that will most faithfully reflect the underlying transactions, events and

conditions relevant to the entities following the acquisition. The

amount recognised in other comprehensive income is not reclassified

to profit or loss until disposal of the operation.

As some of the Group entities are conducting business in an

international environment, management has applied judgement to

determine the primary economic environment considering that the

underlying transactions, events and conditions.

Transactions in a currency other than the EUR ("foreign currency") are

translated into EUR using the exchange rates at the dates of the

transactions. Foreign exchange differences resulting from the

settlement of such transactions and from the translation of monetary

assets and liabilities denominated in foreign currencies at the closing

rates at the balance sheet are recognised in profit or loss. Non-

monetary items measured at fair values in foreign currencies are

translated using the exchange rates at the date when the fair values

are determined.

Foreign exchange gains and losses impacting profit or loss are

presented in the statement of profit or loss within financial income or

financial expenses.

**Other reserves and retained earnings**

Other reserves include hedging reserves, cost of hedging reserves,

and foreign currency translation reserves. Hedging reserves reflect

the changes in the fair value of derivative financial instruments

designated as cash flow hedges. Cost of hedging reserves include the

time value of options and other costs associated with hedging

activities. Foreign currency translation reserves include the cumulative

translation adjustments (CTA), which arise from the conversion of the

financial statements of foreign operations into the reporting currency.

Retained earnings include results from previous periods, changes to

equity arising from business combination purchase price, and share-

based payments.

**Statement of cash flows** 

The statement of cash flows shows the Group's cash flows for the

year, classified as operating, investing and financing activities, net

changes for the year in cash and cash equivalents as well as the

Group's cash and cash equivalents at the beginning and end of the

year.

Positive amounts indicate cash inflows, whereas negative amounts

indicate cash outflows.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 2

**Basis of Presentation and other significant accounting policies**

*Continued from previous page*

**Cash flows from operating activities**

Cash flows from operating activities are stated as the profit or loss for

the year adjusted for non-cash operating items such as depreciation,

changes in working capital and income tax paid or received. Working

capital includes current assets less current liabilities, excluding cash

and cash equivalents and interest income.

**Cash flows from investing activities** 

Cash flows from investing activities comprise cash flows from the

acquisition and sale of non-current assets and businesses. Cash flows

from restricted cash are presented within investing activities.

**Cash flows from financing activities**

Cash flows from financing activities comprise cash flows from

instalments on lease liabilities, and interest paid as well as proceeds

from the issue of shares, restricted cash, treasury shares and debt as

well as the prepayment of borrowings.

**2.3. Changes in accounting policies and disclosures**

*2.3.1. New accounting policies and disclosures*

The Group has adopted standards and interpretations effective as of

1 January 2025. Adoption of new, amended standards and

interpretations had no material impact on the Group's consolidated

financial statements.

*2.3.2. Standards issued but not yet effective* 

IASB has issued several new and amended accounting standards

(IFRS) and interpretations (IFRS IC). The Group has assessed these

new and amended accounting standards and interpretations, and

does not anticipate any of them to have any material impact on

recognition or measurement in the consolidated financial statements.

IFRS 18 Presentation and Disclosure in Financial Statements, which

was issued in April 2024, becomes effective for reporting periods

beginning on or after 1 January 2027 and replaces IAS 1 Presentation

of Financial Statements.

The implementation will affect the presentation of the consolidated

statement of profit or loss with the introduction of specified

categories and specified sub totals. The changed presentation will

result in certain items being classified differently, such as foreign

exchange adjustments and interest income. These items will be

classified in the category as the related income and expense arise,

e.g. foreign exchange adjustments related to accounts payables or

receivables will be classified in the operating category and interest

income and foreign exchange adjustments arising from cash and

cash equivalents will be classified in the investing category. The

reported net results will not be affected. The implementation is also

expected to impact the presentation of statement of financial

position with goodwill being presented as a separate line item, the

starting point of the statement of cash flows changing to operating

profit or loss and the disclosures related to management defined

performance measures (MPM).

The Group is currently working to further identify and analyse the

implications on the consolidated financial statements. Our

interpretation of the application may evolve as additional guidance

will become available.

The Group expects to adopt the accounting standards and

interpretations as they become mandatory.

**2.4. Material accounting judgements, estimates and** 

**assumptions**

The preparation of the Group's consolidated financial statements

requires management to make judgements, estimates and

assumptions that affect the reported amounts of revenue, expenses,

assets and liabilities, accompanying disclosures, and the disclosure of

contingent liabilities. Uncertainty about these assumptions and

estimates could result in outcomes that require a material adjustment

to the carrying amount of assets or liabilities affected in future

periods.

The key assumptions concerning the future and other key sources of

estimation uncertainty at the reporting date that have a significant

risk of causing a material adjustment to the carrying amounts of

assets and liabilities within the next financial year are described

below. The Group has based its assumptions and estimates on

parameters available when the consolidated financial statements

were authorised for issuance. Existing circumstances and assumptions

about future developments, however, may change due to market

changes or circumstances that are beyond the control of the Group.

Such changes are reflected in the assumptions when they occur.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 2

**Basis of Presentation and other significant accounting policies**

*Continued from previous page*

**Material estimates**

*Useful life of vessels*

The estimation made regarding the useful life of the O-class vessels

has been based on, among other things, an analysis made by an

external expert. The determined fatigue analysis is based on the

technical specification of the WTIV and comparable vessels. The

useful life of the vessels is estimated at 25 years.

In 2020, the Group acquired the above mentioned vessels which had

already been in use for eight years. Therefore, the remaining useful

life of these vessels is estimated at 17 years for all components except

the jacking system and the main crane. These components have a

remaining useful life of three years from the acquisition of the vessels.

In 2024, the main crane of these vessels underwent an upgrade. The

old main crane was disposed of, and the new main crane was

capitalised, with its useful life set to align with the remaining useful

life of the vessels.

In 2023, as part of the business combination, the Group acquired two

additional vessels. One of these vessels was delivered in 2015 and the

other in 2012. Similar to the vessels acquired in 2020, the estimated

useful life of these vessels, 25 years when first acquired, depends on

initial delivery. Therefore, their remaining useful lives at acquisition

date were assessed to be 17 and 14 years respectively, and all

components will have the same useful life. Depreciation will be

calculated over the remaining useful life of these vessels.

The estimation made regarding the useful life of New Builds has been

based on an internal technical analysis based on the technical

specification of the vessel and validated by an external expert. The

useful life of each New Build Vessel is estimated at 25 years.

The residual value, useful life, and methods of depreciation of

property, plant, and equipment are reviewed at each financial year

end and adjusted accordingly, if appropriate. No changes were made

during 2025. For further information, refer to Note 13.

**Income tax**

*Pillar Two tax effects* 

In October 2021, more than 130 countries agreed on a two-pillar

approach to reform the international tax system. The Pillar Two rules

are designed to ensure that multinational corporations with EUR 750

million or more in annual revenue pay a minimum effective corporate

tax rate of 15% on income received in each jurisdiction in which they

operate.

The principal jurisdictions in which the Group may be exposed to

additional taxation under Pillar Two include Denmark, the United

Kingdom, and Cyprus, all of which have enacted legislation

implementing these rules. However, this legislation does not currently

apply to the Group, as its consolidated revenue is lower than EUR 750

million.

The Group continues to assess and monitor the potential future

impact of the Pillar Two rules on its business. Based on the Group's

initial assessment, a portion of its future income in these jurisdictions

may be subject to top-up tax under the new rules, noting that

international shipping income is excluded from the calculation of

GloBE income under Pillar Two, and certain other exclusions may also

apply.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 2

**Basis of Presentation and other significant accounting policies**

*Continued from previous page*

**Impairment of non-financial assets**

Management is responsible for the identification of internal and

external indicators of impairment related to non-financial assets. If an

indicator of impairment is identified, assessment of whether an

impairment test is required will be conducted.

The recoverable amount depends on the fair value less cost of

disposal, and the value in use which is impacted by the discount rate

used in the DCF model as well as future cash in-flows and growth

rate assumptions. For further information please refer to Note 12.

**Material judgements**

*Identification of CGU for the purpose of goodwill impairment*

For the purpose of goodwill impairment, management has assessed

that Cadeler has two cash generating units (CGUs), consisting of:

• the transport and installation of wind turbine generators

and foundation installation vessels (WTGFIVs) and

• O&MV

The wind turbine generators and foundations vessels (WTGFIV) CGU

is comprised of the Cadeler vessel class covering the O-Class, P-Class,

M-Class and A-Class and Wind Scylla vessels, which are largely

interchangeable, and the cash flows generated by them are

interdependent. These vessels are operated collectively, employed

interchangeably, and actively managed to meet the needs of our

customers in that market. The O&M CGU is comprised of the two

vessels Wind Zaratan and Wind Keeper, which have different

specifications and generate cash flows that are independent and

separable from the other vessels.

*Revenue recognition*

Judgement is applied when determining whether a contract contains

one or more performance obligations. Judgement is applied as

complexities arise when multiple types of promises to the customer

are bundled.

Evaluating the criteria for revenue recognition requires

management's judgement to identify and assess the performance

obligations within a contract. This includes assessing the nature of

performance obligations and whether they are distinct or should be

combined with other performance obligations to determine whether

the performance obligations are satisfied over time or at a point in

time.

In contracts where multiple activities are bundled, judgement is

applied in the determination of the most appropriate recognition

method and the most appropriate measure of progress. Both

judgements have a primary impact on the timing and amount of

revenue to be recognised.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 2

**Basis of Presentation and other significant accounting policies**

*Continued from previous page*

Evaluating the application of the criteria for revenue recognition for

contracts with customers requires management's judgement to

assess and determine the following:

• Identification of performance obligations within the

contract, including assessing their nature and determining

whether they are distinct or should be combined, as well as

whether they are satisfied over time or at a point in time.

• Determination of the transaction price, including an

assessment of variable consideration in the contract.

• In contracts where multiple performance obligation are

bundled, the allocation of the transaction price to

performance obligations in order to determine the stand-

alone selling price of each performance obligation identified

in the contract using key assumptions that may include

observable market inputs and expected margin in the

activities.

**Macroeconomic factors and climate risks**

As part of its commitment to transparency and risk management,

Cadeler recognises the significance of macroeconomic factors and

climate risks in financial evaluations. These factors are integral to

assessing the useful lives and residual values of assets and

conducting Discounted Cash Flow (DCF) analyses for impairment

testing. Operating within the offshore wind installation sector,

Cadeler's fleet supports the energy transition, a key driver of long-

term demand.

Management has evaluated climate-related risks, including regulatory

developments, technological advancements, and market shifts, and

does not currently identify indicators requiring changes to the

Group's depreciation assumptions, residual values, or impairment

outlook. The Group's vessels are designed to accommodate evolving

industry requirements, mitigating the risk of obsolescence from

climate policies or emissions regulations.

Cadeler's assessment considers potential financial impacts of climate-

related risks, including operational disruptions from extreme weather,

supply chain vulnerabilities, and shifting industry standards. While

climate risks could influence project timing or infrastructure

investments, there is no evidence suggesting a material impact on

asset valuations. The useful life of the Group's vessels is reviewed

regularly considering emerging industry trends, and current market

conditions support the expectation that our assets will continue to

generate economic benefits as planned. Additionally, ongoing

investments in modern, upgradeable vessels enhance adaptability to

future regulatory changes, further supporting our financial

assumptions.

Beyond climate risks, Cadeler monitors broader macroeconomic

conditions, including inflationary pressures, interest rate fluctuations,

and geopolitical uncertainties that may impact operations. The

international macroeconomic situation is currently characterised by

material uncertainty, mainly due to the elevated levels of public debt

in many of the leading global economies, increasing interest and

inflation rates, the war in Ukraine, the imposition of sanctions against

Russia, conflict in the Middle East, European energy crises and global

supply-chain constraints. Over the past year, the sector has

experienced continued negative sentiment and political headwinds in

the United States. The energy sector remains subject to volatility due

to regulatory shifts, oil prices and economic developments, and we

remain proactive in integrating these factors into financial

evaluations. Through continuous assessment and review, we ensure

that our accounting policies reflect a comprehensive understanding

of macroeconomic and climate-related risks, maintaining a robust

approach to financial reporting and impairment analyses. For further

information on the risks to which Cadeler is exposed, refer to the

Financial review.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![2-3_12.jpg](cdlr-20251231_g113.jpg)

Note 3

**Revenue**

The Group is a leading supplier to the offshore wind industry,

specialising in T&I and O&M services rendered to customers in Europe,

Asia, and the United States. The Group owns and operates the world's

largest, most advanced, and most flexible fleet of wind turbine transport

and installation vessels.The Group's revenue is dependent on project

contracts and vessel charters for the employment and utilization of the

vessels. The customers are typically major project developers or energy

companies that operate globally, and the current order backlog spans a

number of years. Refer to separate information on major customers and

order backlog below. The Group has operated nine vessels compared

to five operating vessels in 2024. The increase in the number of

operating vessels in 2025 compared to 2024 is the main driver for

increased revenue.

The Group derives its revenue from fees charged to our customers for

the use of our vessels and related services. The Group's contracts with

customers comprises the following main revenue generating activities:

Time-charter activities represents revenue earned from time charter

contracts and time charter related activities. Revenue from time

charter hire services are contracts with customers where the Group

utilizes its vessels, equipment and crew to deliver a service to the

customer normally based on either a fixed day rate or milestone

deliverables. Contracts may also include other promises such as

mobilization and demobilization, provision of bunker services,

catering and accommodation.

Transportation and installation activities (T&I) represents contracts

with customers where the Group utilises its vessels, equipment and

crew to perform the transportation and installation of offshore wind

turbine foundations as well as heavy lifting operations,

decommissioning and planning and engineering.

Other revenue represents cost recharges and other personnel

services revenue, as well as early termination fees by customers.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 3

**Revenue**

*Continued from previous page*

**Disaggregation of revenue from contracts with customers by activity**

The following table provides information about disaggregated revenue.

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Revenue disaggregation** |  |  |  |
| Time charter services and transportation and installation <br>services<br>| 490454 | 226545 | 99841 |
| Other revenue, including fees earned for early <br>termination of contracts by customers<br>| 129900 | 22193 | 8781 |
| **Total revenue** | **620354** | **248738** | **108622** |

---

Balance of other revenue primarily includes fees earned for early termination of contracts by customers in

2025 includes the receipt of termination fees under a Long-Term Agreement (LTA).

We have determined that our contracts - in general - contain a lease component and, therefore, we

separately disclose revenues associated with the lease and service components of our contracts. For the

year ended 31 December 2025, the lease component, included within time charter services and

transportation and installation services, amounts to EUR 194 million (2024: EUR 85 million; 2023: EUR

79 million). The lease component is calculated by applying the estimated bareboat charter day-rate to the

on-hire days.

**Operating segments and geographical information** 

*Operating segments* 

The Group's nine windfarm installation vessels (WFIVs) operate in a global market and are often redeployed

to different regions due to changing customers or contracts. Accordingly, the Group reports its operations

as a single reportable segment.

**Geographical revenue split**

The following table presents financial information by country and region based on the location of the

service provided. Individual countries are shown if they are above 10% of revenue.

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Total revenue by country and region** |  |  |  |
| Denmark | 102466 | 51071 | 5431 |
| UK | 131679 | 68511 | 48880 |
| Germany | 60439 |  |  |
| Poland | 58512 |  |  |
| Rest of Europe | 3575 | 4983 | 54311 |
| **Europe** | **356671** | **124565** | **108622** |
| United States | 140612 | 87958 | **—** |
| **Americas** | **140612** | **87958** | **—** |
| Taiwan | 123071 | 36215 | **—** |
| **Asia** | **123071** | **36215** | **—** |
| **Total Revenue** | **620354** | **248738** | **108622** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_5.jpg](cdlr-20251231_g114.jpg)

Note 3

**Revenue**

*Continued from previous page*

**Major customers** 

For the year ended 31 December 2025, revenue from 3 customers each exceeded 10% of total revenue. The

revenue derived from these three customers was EUR 312 million, EUR 110 million, EUR 72 million respectively.

For the year ended 31 December 2024, revenue from four customers each exceeded 10% of total revenue.

The revenue derived from these four customers was EUR 60 million, EUR 58 million, EUR 56 million and

EUR 36 million respectively.

For the year ended 31 December 2023, revenue from three customers each exceeded 10% of total revenue.

The revenue derived from these three customers was EUR 44.5 million, EUR 28.5 and EUR 22.7 million

respectively.

**Non-current assets by geography**

The Company's non-current assets (excluding derivatives) are based on domicile of the legal entity

ownership in the following countries/regions:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Non-current assets (excluding derivatives) by country** <br>**and region**<br>|  |  |  |
| Denmark (country of domicile) | 395881 | 491463 | 430878 |
| UK | 1158396 | 499070 | 369594 |
| Cyprus | 1346002 | 663174 | 217788 |
| Rest of Europe | 679 |  |  |
| **Total Europe** | **2900958** | **1653707** | **1018260** |
| Japan | 81780 | 88083 | 86484 |
| Taiwan | 740 | 2 | 26 |
| **Total Asia** | **82520** | **88085** | **86510** |
| **United States** | **—** | 14 |  |
| **Total**  | **2983478** | **1741806** | **1104770** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 3

**Revenue**

*Continued from previous page*

**Contract backlog** 

The Group's order backlog including options as of 31 December 2025

amounts to EUR 2.8 billion (2024: EUR 2.3 billion; 2023: EUR

1.7 billion). EUR 846 million of the backlog pertains to contracts that

management expects to recognise in 2026, if all options are

exercised.

The Group's order backlog excluding options as of 31 December 2025

amounts to EUR 2.4 billion (2024: EUR 1.9 billion; 2023: EUR

1.4 billion).

Contract backlog for firm orders (as of reporting date)

The following table presents the aggregate amount of the revenues

expected to be realized in the future from partially or fully unsatisfied

performance obligations as we perform under the contracts. We

disclose both the value of firm contracts and a contract backlog

including options (non-GAAP measure). The values includes all new

contracts signed at the reporting date:

---

| | | | |
|:---|:---|:---|:---|
| EUR million | **Within 1 year** | **After 1 year** | **Total** |
| **Contract Backlog** |  |  |  |
| Firm, excluding options | 764 | 1627 | 2391 |
| Options considered as contingent considerations for revenue recognition purposes | 41 | 146 | 187 |
| Options not considered as contingent considerations for revenue recognition <br>purposes<br>| 41 | 146 | 187 |
| **Total as of 31 December 2025** | **846** | **1919** | **2765** |
| Firm, excluding options | 372 | 1534 | 1906 |
| Options considered as contingent considerations for revenue recognition purposes | 28 | 187 | 215 |
| Options not considered as contingent considerations for revenue recognition <br>purposes<br>| 28 | 187 | 215 |
| **Total as of 31 December 2024** | **428** | **1908** | **2336** |
| Firm, excluding options | 176 | 1201 | 1377 |
| Options considered as contingent considerations for revenue recognition purposes | 16 | 163 | 179 |
| Options not considered as contingent considerations for revenue recognition <br>purposes<br>| 16 | 163 | 179 |
| **Total as of 31 December 2023** | **208** | **1527** | **1735** |

---

Total contract backlog represents estimated transaction price for unfulfilled performance obligations, including both fixed and variable

consideration. Options that are considered for revenue recognition purposes and options not considered for revenue recognition purpose,

represent 50% each of the variable portion of the backlog. Contract backlog excludes vessel reservation agreements. All contracts may be

subject to future modifications, and off-hire days, that might impact the amount and/or timing of revenue recognition.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 3

**Revenue**

*Continued from previous page*

**Contract costs, assets and deferred revenue** 

Customers are typically invoiced monthly, when the vessels are on contract, with normal payment terms

between 30-60 days. Payment terms with customers are considered industry standard and do not include a

significant financing component. To the extent possible, we obtain payment guarantees to minimise the

credit risk during the contract term.

Sometimes revenue is recognised for work performed prior to issuance of invoice to customer and it will be

reported as a contract asset. For more information about contract assets at the reporting period, refer to

Note 16. When the right to consideration is conditional only on the passage of time, the balance does not

meet the definition of a contract asset and is classified as an unbilled receivable. This typically arises where

the timing of the related billing cycle occurs in a period after the performance obligation is satisfied.

Deferred revenue relates to consideration received from customers for unsatisfied performance obligations.

Revenue will be recognised when the related services are provided to the customers, which is almost

entirely within 12 months.

Incremental costs of obtaining a contract and certain costs to fulfil a contract to be recognised as a

contract asset if certain criteria are met. Any capitalised contract assets are amortised on a systematic basis

that is consistent with the transfer of the related goods or services to the customer.

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Beginning of financial year** | 47337 | 13881 | 3157 |
| Acquisition of businesses |  |  | 1913 |
| Deferred during the period | 158739 | 45360 | 10670 |
| Recognised as revenue during the period | (46459) | (11928) | (1859) |
| Exchange differences |  | 24 |  |
| **Total deferred revenue at end of period** | **159617** | **47337** | **13881** |
| **Current** | **128716** | **45590** | **12103** |
| **Non-current** | **30901** | **1747** | **1778** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 3

**Revenue**

*Continued from previous page*

**Accounting policies for revenue from contracts with** 

**customers**

We initially assess whether the contracts contain a lease component.

In general, we have determined that our contracts consist of a leasing

component (the element relating to hire of the vessel) and a service

component. These components are not treated or priced separately

in the contracts, nor does the Group offer either of the services

separately. The service component is within the scope of IFRS 15,

while the leasing component is within the scope of IFRS 16. The lease

components are classified as an operating lease, as such leases do

not cover a significant part of the economic life of the vessels and the

Group retains substantially all risks and rewards incidental to

ownership of the vessels. The leasing component is recognised as

revenue over time over the charter period. Prepayments from

customers for the leasing component are recognised as deferred

revenue.

Once the service component has been determined to be within the

scope of IFRS 15, the Group performs the following five steps on a

contract-by-contract basis: (i) identify the contract(s) with a customer;

(ii) identify the performance obligations in the contract; (iii) determine

the transaction price; (iv) allocate the transaction price to the

performance obligations in the contract; and (v) recognise revenue

when (or as) the Group satisfies a performance obligation.

Our contracts with customers are complex and normally contains

multiple types of promises to the customer. At contract inception,

judgement is performed when determining if a contract contains one

or more performance obligations. The Group assesses the goods and

services promised within each contract and identifies as a

performance obligation each good or service that is distinct.

Revenue from transportation and installation activities may,

depending on the contract, represent one or more performance

obligations. In respect of T&I service components, the following main

promises apply: Planning and engineering, Transport of monopiles

and secondary steel from supply port to feeder port, Installation of

monopiles and secondary steel offshore, Storage and handling at

feeder port, and Warranty. While the contracts contain several

distinct promises, these are considered less interdependent and

interrelated and as such are considered multiple performance

obligations.

Revenue is generally recognised over time as the service is being

provided using a method, depending on what better depicts the

progress of each separate performance obligation, as detailed below:

---

| | | |
|:---|:---|:---|
| **Performance obligations in T&I** <br>**contracts**<br>| **Recognition of** <br>**revenue**<br>| **Measure of progress** |
| Planning and engineering services to the <br>customer.<br>| Over time | Total costs incurred to date <br>compared with total forecast <br>costs at completion<br>|
| Transportation of monopiles and <br>secondary steel from supply port to <br>feeder port<br>| Over time | Total time spend compared <br>with total forecast time<br>|
| Storage and handling of the material used <br>in the installation<br>| Over time | Total time spend compared <br>with total forecast time<br>|
| Installation of monopiles and secondary <br>steel offshore<br>| Over time | Total time spend compared <br>with total forecast time<br>|

---

While time-charter contracts contain several promises, these are

usually considered highly interdependent and highly interrelated and

as such considered as one single performance obligation recognised

over time applying a relevant measured of progress, usually output

method based on time.

The Group is sometimes providing bunker procurement services to

help customers ensure that sufficient bunker is available to operate

the vessels at the right time and in the right quality and quantity.

Management's assessment of whether a principal or agent

relationship exists is based upon whether the Group has the ability to

control the goods before they are transferred to the customer. This

assessment is performed on a contract-by-contract basis at contract

inception and takes into account various factors such as whether the

Group takes legal title of the bunker and has the ability to direct the

use of the bunker. The fees earned are recognized as revenue over

the service period.

Revenue is recognised when control of the services is transferred to

the customer at an amount that reflects the consideration to which

the Group expects to be entitled in exchange for those services.

Revenue is recognised in the amount of the transaction price that is

allocated to the respective performance obligations when (or as) the

performance obligation is satisfied.

Variable consideration, for example in respect of weather days and

extension of time, steel price or bunker price etc, is constrained at

contract inception to the extent that it is highly probable that a

significant reversal in the amount of cumulative revenue recognised

will not occur when the uncertainty associated with the variable

consideration is subsequently resolved.

The Group provides warranties for repair of defects which are

identified during the contract and within a defined period thereafter.

In general, all are assurance-type warranties, as defined within IFRS

15, which the Group recognises under IAS 37. Compensation

received, or receivable, for early termination are recognised as

revenue with deferral of an estimated value of any obligations to

standing ready for new engagements in the remaining contract

period.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 4

**Operating Expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Cost of sales** |  |  |  |  |
| Right-of-use asset depreciation | 14 |  | 235 | 30 |
| Insurance |  | 6268 | 2754 | 1573 |
| Vessel depreciation | 13 | 104042 | 53696 | 22484 |
| Impairment of property, plant and equipment | 13 |  |  | 5000 |
| Seafarer payroll | 6 | 50088 | 32285 | 15921 |
| Fuel and oil |  | 7928 | 2976 | 711 |
| Maintenance |  | 17878 | 7886 | 5121 |
| Messing costs |  | 5270 | 2948 | 1448 |
| Seafarer travel |  | 11634 | 7110 | 2835 |
| Specific charter costs |  | 30512 | 10776 | 4052 |
| Utilities |  | 1720 | 1308 | 389 |
| Other operating expenses |  | 1334 | 2254 | 294 |
| Tonnage tax |  | 81 |  |  |
| **Total cost of sales** |  | **236755** | **124228** | **59858** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Administrative expenses** |  |  |  |  |
| Depreciation and amortisation | 12 , 13 , 14<br>| 3549 | 2522 | 534 |
| Employee compensation | 6 | 46282 | 33132 | 18889 |
| Repair and maintenance expenses |  | 3449 | 3020 | 1123 |
| Legal and professional fees |  | 9087 | 7576 | 2122 |
| Transaction costs |  |  |  | 7707 |
| Rental expenses |  | 2484 | 1757 | 751 |
| Travel expense |  | 2393 | 1988 | 985 |
| Marketing and entertainment expenses |  | 968 | 1283 | 602 |
| Other expenses |  | 6414 | 5823 | 1745 |
| **Total administrative expenses** |  | **74626** | **57101** | **34458** |

---

Transaction costs in 2023 include all costs related to the business combination with Eneti, such as advisory,

legal and consulting fees, which are included in administrative expenses.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 4

**Operating Expenses**

*Continued from previous page*

**Accounting policies**

*Cost of sales and administrative expenses*

Cost of sales consists of expenses directly attributable to the Group's core activities, including seafarers

payroll, vessel depreciation, and the operation and maintenance of vessels.

Administrative expenses, which include administrative staff costs, share-based compensation, management

costs, office expenses, business combination transaction costs and other administration-related expenses,

are expensed as they are incurred.

**Auditor remuneration**

Administrative expenses include fees to the auditors appointed by the shareholder at the Annual General

Meeting:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Statutory audit | 1748 | 2016 | 474 |
| Other assurance services | 34 | 264 | 1608 |
| Tax services | 25 | 9 | 2 |
| Other services |  | 22 | 606 |
| **Total** | **1807** | **2311** | **2690** |

---

Statutory audit services consist of fees for professional services rendered by Ernst & Young for the audit of

the annual consolidated financial statements and services that are provided by the auditor in connection

with the statutory audit.

For 2025 and 2024, the fee includes services related to the issuance of audit report on the design and

operating effectiveness of the Company's internal controls over financial reporting (SOX404(b)).

Other assurance services consist of reviews of interim financial information and, for 2023, include PCAOB

re-audits for 2021 and 2022, as well as assurance reports in respect of pro forma financial information in

connection with regulatory filings.

Tax services consist of tax compliance services.

Other services consist of services provided for other permitted services, including fees for work performed

in connection with the US listing in December 2023.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_17.jpg](cdlr-20251231_g115.jpg)

Note 5

**Net Other Operating Income and Expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Other operating income |  | 8770 | 2286 | 3000 |
| Other operating expenses |  |  | (251) | (2863) |
| **Net other operating income and expenses** |  | **8770** | **2035** | **137** |

---

Other operating income and expenses for 2025 includes approximately EUR 5 million in accelerated

payments relating to the early termination of a contract for operations and advisory services.

Other operating income and expenses for 2024 primarily consist of management fees earned from the

operation of third-party vessels.

Other operating income and expenses for 2023 include the net gain from the sale of the main cranes and

spare parts of both O-class vessels. The contract signed for the sale of both main cranes states a purchase

price of EUR 1.5 million for each main crane. In the case of Wind Orca, the carrying amount of the main

crane had been written down, reflecting the value that was expected from the disposal of the assets. Thus,

an impairment loss of EUR 5 million was reflected in the statement of profit and loss. The Wind Osprey

main crane had been kept at its carrying amount since there was a gain from the disposal. The sale of both

main cranes was driven by the main crane upgrades to the O-class vessels.

**Accounting policies**

Other operating income and expenses, include transactions not related to the operations of the Group,

such as, gains and losses on the sale of non-current assets. Such transactions are generally recognised

when it is probable that the benefits and losses associated with the transaction will flow to the Company

and when the significant risks and rewards have been transferred to the buyer (generally when the

transaction is finalised).

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 6

**Employee Compensation**

**Onshore - presented within administrative expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Wages and Salaries |  | 37322 | 29340 | 16957 |
| Employer's contribution to defined <br>contribution plans<br>|  | 3765 | 1635 | 847 |
| Share based payment expense | 7 | 2071 | 1662 | 1134 |
| Other short-term benefits |  | 3124 | 495 | 611 |
| **Total onshore employee compensation** |  | **46282** | **33132** | **19549** |
| Average number of employees |  | 307 | 242 | 113 |

---

In 2023, employee compensation includes EUR 660 thousand related to bonus paid, included in transaction

costs.

Accounting policies

Employee benefits are recognised as an expense, unless the cost qualifies for capitalisation as an asset.

Employee compensation includes wages and salaries, including compensated absence and pensions, as

well as other social security contributions made to the entity's employees or public and government

authorities.

**Offshore - presented within cost of sales**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Wages and Salaries |  | 46008 | 30043 | 14056 |
| Employer's contribution to defined contribution plans |  | 3557 | 2059 | 1124 |
| Other short-term benefits |  | 523 | 183 | 741 |
| **Total offshore employee compensation** |  | **50088** | **32285** | **15921** |
| Average number of employees |  | 586 | 364 | 182 |

---

**Total**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Wages and Salaries |  | 83330 | 59383 | 31013 |
| Employer's contribution to defined contribution plans |  | 7322 | 3694 | 1971 |
| Share based payment expense | 7 | 2071 | 1662 | 1134 |
| Other short-term benefits |  | 3647 | 678 | 1352 |
| **Total employee compensation** |  | **96370** | **65417** | **35470** |
| Average number of full time employees |  | 893 | 606 | 295 |
| Number of employees at the end of the reporting period |  | 1073 | 659 | 570 |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_6.jpg](cdlr-20251231_g116.jpg)

Note 6

**Employee Compensation**

*Continued from previous page*

Eneti employees, both onshore and offshore, joined the Group by the end of December 2023. Thus, the

average number of full-time employees as of 2023 reflects the number of employees in Eneti divided by 12

months. Eneti had 99 onshore full time employees and 176 seafarers by the end of 2023.

Labour costs related to certain employees who are working on the management of the newbuilding

process have been capitalised. These capitalised costs amounted to EUR 7.8 million in 2025, EUR 2.7 million

in 2024 and EUR 1.1 million in 2023 and are recognised under assets under construction.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_7.jpg](cdlr-20251231_g117.jpg)

Note 7

**Long Term Incentive Programmes**

The following share-based long-term incentive programmes were in place as of 31 December 2025:

(i) In January 2022, the Executive Management and select employees were granted from 10,393 to 55,430

Restricted Share Units (RSU) which fully vested and were issued in July 2024. The total fair value of the RSU

allocation is calculated based on the Company's closing share price on Nasdaq Copenhagen A/S on the day

of grant, and the value is EUR 394 thousand (EUR3.3 per RSU). As the RSUs fully vested in 2024, there was

no expense recognised in profit and loss in the current year (EUR 53 thousand in 2024; EUR 143 thousand in

2023).

(ii) In January 2022, the Executive Management and select employees were granted from 10,393 to 55,430

Options in Cadeler shares, which fully vested in May 2024 and expire in April 2027. The strike price ranged

from NOK36.02 to NOK38.42, depending on the exercise period. The fair value of these options was EUR

160 thousand (EUR 1.3 per RSU) as determined at grant date using the Black-Scholes model. As these

options fully vested in 2024, there was no expense recognised in profit and loss in the current year (EUR

13 thousand in 2024; EUR 62 thousand in 2023).

(iii) In May 2022, the Executive Management and select employees were granted from 43,420 to 221,719

Options in Cadeler shares, which fully vested in May 2025 and expire in May 2028. The strike price is

NOK40.24 and as of 31 December 2025, no options have been exercised. The fair value of these options was

EUR 761 thousand (EUR 1.3 per RSU) as determined at grant date using the Black-Scholes model. The

expense recognised in profit and loss for the year amounts to EUR 173 thousand (EUR 237 thousand in

2024; EUR 237 thousand in 2023). The average remaining contractual life for the options as per

31 December 2025 is 2.3 years. The annualised volatility of the shares of 42.5% is based on the historical

volatility of the share price, annual risk-free interest rate of 2.8%, dividend yield of zero, expected life until

expiration date and average share price of EUR 3.7.

(iv) In January 2023, the Executive Management and select employees were granted from 19,760 to 130,416

RSUs, which fully vested and were issued in July 2025. The fair value of the RSUs' are EUR 1.2 million (EUR 3.0

per RSU) as determined at grant date using the Black-Scholes model. The expense recognised in profit and

loss for the year amounts to EUR 234 thousand (EUR 468 thousand in 2024, EUR 498 thousand in 2023).

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 7

**Long term incentive programmes**

*Continued from previous page*

(v) In August 2023, the Executive Management and select employees

were granted from 88,920 to 385,320 options in Cadeler shares which

will vest in August 2026 and expire in August 2029. The strike price

will be NOK45.49 and vesting is conditional upon continued

employment at Cadeler. The fair value of these options is

EUR2.2 million (EUR1.8 per option) as determined at grant date using

the Black-Scholes model. The expense recognised in profit and loss

for the year amounts to EUR 500 thousand (EUR419 thousand in

2024; EUR250 thousand in 2023). The average remaining contractual

life of the options as of 31 December 2025 is 3.5 years. The

annualised volatility of the shares of 61.0% is based on the historical

volatility of the share price, an annual risk-free interest rate of 2.68%,

a dividend yield of zero, the expected life until expiration date and

average share price of EUR3.7.

(vi) In May 2024, the Executive Management was granted a total of

193.011 RSUs, which will vest at the end of May 2027. The RSUs' expire

at the end of May 2030 and are conditional upon continued

employment at Cadeler. The fair value of the RSU's is EUR 1.1 million

(EUR5.6 per RSU) as determined at grant date using the Black-

Scholes model. The expense recognised in profit and loss for the year

amounts to EUR 350 thousand (EUR 206 thousand in 2024). The

average remaining contractual life as of 31 December 2025 is 4.4

years. The average share price used is NOK64.2.

(vii) In May 2024, the Executive Management and select employees

were granted from 140,372 to 245,651 options in Cadeler shares,

which will vest at the end of May 2027 and expire at the end of May

2030. The strike price will be NOK74.32 and vesting is conditional

upon continued employment at Cadeler. The fair value of these

options is EUR 1.4 million (EUR1.4 per option) as determined at grant

date using the Black-Scholes model. The expense recognised in profit

and loss for the year amounts to EUR 450 thousand (EUR

265 thousand in 2024). The average remaining contractual life of the

options as of 31 December 2025 is 4.4 years. The annualised volatility

of the shares of 31.2% is based on the historical volatility of the share

price, annual risk-free interest rate of 3.63%, dividend yield of zero,

expected life until expiration date, and average share price of

NOK64.2.

(viii) In March 2025, the Executive Management and select employees

were granted from 42,115 to 631,724 options in Cadeler shares, which

will vest in March 2028 and expire in March 2031. The strike price will

be NOK60.2 and vesting is conditional upon continued employment

at Cadeler. The fair value of these options is 2 million (EUR 1.4 per

option) as determined at grant date using the Black-Scholes model.

The expense recognized in profit and loss for the year amounts to

EUR 479 thousand. The average remaining contractual life of the

options as of 31 December 2025 is 5.3 years. The annualised volatility

of the shares is 31.66% based on historical volatility of the share price

price, annual risk-free interest rate of 3.93%, a dividend yield of zero,

an expected life of 4 years from grant date and average share price

of NOK52.

**Accounting policies**

**Share-based payments**

Employees (including senior executives) of the Group receive

remuneration in the form of share-based payments, whereby

employees render services as consideration for equity instruments

(equity-settled transactions).

**Equity-settled transactions**

The cost of equity-settled transactions is determined by the fair value

at the date on which the grant is made using an appropriate

valuation model. That cost is recognised as employee benefits

expenses, together with a corresponding increase in equity (retained

earnings), over the period in which the service and, where applicable,

the performance conditions are fulfilled (the vesting period). The

cumulative expense recognised for equity-settled transactions at each

reporting date until the vesting date reflects both the extent to which

the vesting period has expired and the Group's best estimate of the

number of equity instruments that will ultimately vest. The expense or

credit in the statement of profit or loss for a period represents the

movement in cumulative expense recognised at the beginning and

end of that period.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![2-3_7.jpg](cdlr-20251231_g118.jpg)

Note 7

**Long term incentive programmes**

*Continued from previous page*

Service and non-market performance conditions are not considered

when determining the grant date fair value of awards. Instead, the

likelihood of these conditions being met is assessed as part of the

Group's best estimate of the number of equity instruments that will

ultimately vest. Market performance conditions are reflected directly

in the grant date fair value.

Any other conditions attached to an award, that do not include an

associated service requirement, are considered to be non-vesting

conditions. Non-vesting conditions are reflected in the fair value of

an award and result in an immediate expensing, unless there are also

service and/or performance conditions.

No expense is recognised for awards that do not ultimately vest as a

result non-market performance and/or service conditions not being

met.

Where awards include a market or non-vesting condition, the

transactions are treated as vested regardless of whether the market

or non-vesting condition is satisfied, provided that all other

performance and/or service conditions are satisfied.

The dilutive effect of outstanding options is reflected as additional

share dilution in the computation of diluted earnings per share in a

loss situation only where the loss per share is reduced.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 7

**Long term incentive programmes**

*Continued from previous page*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  | **Executive management** | **Executive management** | **Other employees** | **Other employees** | **Executive management** | **Executive management** | **Other employees** | **Other employees** | **Executive management** | **Executive management** | **Other employees** | **Other employees** |
| **Outstanding instruments -** <br>**Options**<br>| Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> |
| Outstanding at 1 January | 1353052 | 4.39 | 1487689 | 4.76 | 967029 | 3.47 | 894123 | 3.46 | 344589 | 3.16 | 330963 | 3.15 |
| Granted during the year | 912490 | 5.09 | 491341 | 5.09 | 386023 | 6.24 | 631674 | 6.24 | 622440 | 3.64 | 563160 | 3.64 |
| Forfeited during the year |  |  | (62908) | 3.80 |  |  |  |  |  |  |  |  |
| Exercised during the year |  |  |  |  |  | 3.03 | (38108) |  |  |  |  |  |
| Expired during the year |  |  |  |  |  |  |  |  |  |  |  |  |
| **Outstanding at 31 December**  | **2265542** | **4.69** | **1916122** | **4.90** | **1353052** | 4.39 | **1487689** | 4.76 | **967029** | 3.47 | **894123** | 3.46 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  | **Executive management** | **Executive management** | **Other employees** | **Other employees** | **Executive management** | **Executive management** | **Other employees** | **Other employees** | **Executive management** | **Executive management** | **Other employees** | **Other employees** |
| **Outstanding instruments -** <br>**RSU**<br>| Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> | Number | WAEP<sup>1</sup> |
| Outstanding at 1 January | 382707 |  | 205504 |  | 245126 |  | 271327 |  | 55430 |  | 65823 |  |
| Granted during the year |  |  |  |  | 193011 |  |  |  | 189696 |  | 205504 |  |
| Forfeited during the year |  |  | (6847) |  |  |  |  |  |  |  |  |  |
| Exercised during the year | (189696) |  | (198657) |  | (55430) |  | (65823) |  |  |  |  |  |
| Expired during the year |  |  |  |  |  |  |  |  |  |  |  |  |
| **Outstanding at 31 December** | **193011** | **—** | **—** | **—** | **382707** | 0 | **205504** | 0 | **245126** | 0 | **271327** | 0 |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 8

**Board of Directors and Executive Management Compensation**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| <br>EUR'000 | **Board of** <br>**directors**<br>| **Executive** <br>**management**<br>| **Total** | **Board of** <br>**directors**<br>| **Executive** <br>**management**<br>| **Total** | **Board of** <br>**directors**<br>| **Executive** <br>**management**<br>| **Total** |
| Wages, salaries and board fees | 419 | 998 | 1417 | 334 | 955 | 1289 | 183 | 821 | 1004 |
| Pension costs - defined contribution plans |  | 100 | 100 |  | 95 | 95 |  | 29 | 29 |
| Share based payment |  | 1249 | 1249 |  | 957 | 957 |  | 588 | 588 |
| Other short-term benefits |  | 35 | 35 |  | 41 | 41 |  | 55 | 55 |
| Cash bonus |  | 2473 | 2473 |  | 1197 | 1197 |  | 1155 | 1155 |
| **Total management compensation** | **419** | **4855** | **5274** | **334** | **3245** | **3579** | **183** | **2648** | **2831** |

---

**Executive Management**

Executive Management refers to the members of the Executive

Management who are registered with the Danish business authority

and who have the authority and responsibility for the planning,

directing and controlling of the activities of the Company as defined

by IAS 24. As such, Executive Management is considered Chief

Operating Decision Makers (CODM) as defined by IFRS 8.

**Board of Directors**

Andreas Sohmen-Pao and Andreas Beroutsos are employed by the

BW Group. These board members did not receive remuneration from

Cadeler in 2023, 2024 and 2025. Andreas Beroutsos stepped down

from the Board with effect from 25 April 2023. On the same date,

Andrea Abt joined the Board.

David Peter Cogman is employed by the Swire Group and did not

receive remuneration from Cadeler in 2022 and 2023. David Peter

Cogman stepped down from the Board with effect from 16 June

2023, together with Connie Hedegaard.

On 20 February 2024, Emanuele Lauro and James Nish joined the

Board. Emanuele Lauro is the Director and Chief Executive Officer of

Scorpio Holdings Limited, which is considered a related party (see

Note 27).

On 23 April 2024, Jesper T. Lok left the Board of Directors and

Colette Cohen was elected to serve a two year term through the 2026

AGM.

On 11 November 2024, Thomas Thune Andersen was elected as a

new member of the Board of Directors.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 9

**Financial Income and Expenses**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Foreign currency gain | 5784 | 1511 | 109 |
| Fair value change of derivative (ineffectiveness) |  | 428 |  |
| Interest income | 1714 | 3294 | 1432 |
| **Financial income** | **7498** | **5233** | **1541** |

---

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Interest linked to debt liabilities | 21209 | 2368 | 2851 |
| Guarantee charges | 994 | 581 |  |
| Fair value change of derivative (ineffectiveness) | 1577 |  | 765 |
| Lease liabilities | 746 | 428 | 25 |
| Foreign currency loss | 10877 | 3322 | 389 |
| Bank fees | 1974 | 501 | 456 |
| **Financial expenses** | **37377** | **7200** | **4486** |

---

Total interest paid in 2025 as per Consolidated Statement of Cash Flows amounts to EUR 56 million (2024:

EUR 19.7 million; 2023: EUR 7.1 million) and has primarily been capitalised to Property, Plant and Equipment.

For further information refer to Note 13. Interest linked to debt liabilities include EUR 2.4 million in 2024 and

EUR 1.9 million in 2023 relating to the write off of loan fees associated with previous debt facilities. In

addition, in 2023, EUR 1.0 million relates to the amendment of a prior debt facility in June 2023.

**Accounting policies**

Finance income and expenses comprise interest income and expenses, as well as realised and unrealised

exchange rate gains and losses on transactions denominated in foreign currencies, together with fair value

adjustments related to the ineffective portion of financial instruments.

Interest income and interest expenses are recognised using the effective interest rate. The effective interest

rate is the discount rate used to discount expected future cash payments or receipts over the expected life

of a financial asset or financial liability to the amortised cost (carrying amount) of such asset or liability.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 10

**Income Taxes**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Income tax expense** |  |  |  |
| **Tax expense attributable to profit is made up of:** |  |  |  |
| Current tax | (6396) | (1271) |  |
| Movement on deferred tax | (1284) | (1137) |  |
| **Total Income tax expense** | **(7680)** | **(2408)** | **—** |

---

Tax expenses comprise the expected income tax charge for the year in accordance with IAS 12.

The tax base of the Group's vessel assets are held by wholly owned subsidiaries located in Cyprus, UK and

Japan. Besides Japan, vessel owning entities and their corresponding Fleet Manager entities operate within

tonnage tax regimes in Denmark, Cyprus and the United Kingdom, pursuant to which in-scope entities pay a

fixed amount per net ton at their disposal, rather than income being taxed under a conventional corporate

tax regime. Cyprus owned vessels participate in dual tonnage tax schemes, with Denmark as Danish Fleet

Manager and Cyprus as Danish Fleet Owner. From 1st January 2025 UK vessel owning entities and the UK

Fleet Manager entity participate in the UK tonnage tax scheme.

The total recorded tonnage tax expense for 2025 in Denmark, UK and Cyprus amount to EUR 34 thousand,

EUR 48 thousand and EUR 11 thousand respectively (2024 and 2023: EUR 0 thousand in Denmark and EUR

5 thousand in Cyprus, UK tonnage tax effective from 2025).

In addition, certain of Cadeler's subsidiaries are resident for taxation purposes in the United Kingdom or

other foreign jurisdictions that are outside the scope of the tonnage tax ring-fence. These entities are

subject to their local corporation tax regimes based on their taxable income.

The Group routinely evaluates its exposure to local income taxes (Permanent Establishments) relating to its

foreign operations which can also result in additional current foreign taxes.

The Group continues to assess the potential impact of the Pillar Two rules on future reporting periods. Refer

to Note 2 for further details.

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Effective tax rate** |  |  |  |
| Profit before income tax | 287864 | 67477 | 11498 |
| Tax at Corporate Tax rate (22%)  | 63330 | 14845 | 2530 |
| **Effects of:** |  |  |  |
| Income not taxable/impact of tonnage tax regime  | (73214) | (9606) | (2530) |
| Amounts not recognised  | 9055 | (6022) |  |
| Deferred tax on consolidation adjustments | 577 | 721 |  |
| Adjustment to prior periods - deferred tax  | 707 | 416 |  |
| Adjustment to prior periods - current tax  | 1855 | 74 |  |
| Impact of overseas taxes | 5370 | 1980 |  |
| **Income tax expense, reported** | **7680** | **2408** | **—** |
| Effective tax rate (%) | 2.7% | 3.6% | —% |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 10

**Income Taxes**

*Continued from previous page*

**Accounting policies**

**Income tax**

Current income tax for current and prior periods is recognised at the

amount expected to be paid to or recovered from the tax authorities,

using the tax rates and tax laws that have been enacted or

substantively enacted at the balance sheet date.

Management periodically evaluates positions taken in tax returns in

situations where applicable tax regulation is subject to interpretation.

It establishes provisions, where appropriate, based on amounts

expected to be paid to the tax authorities.

Deferred income tax is recognised for all temporary differences

arising between the tax bases of assets and liabilities and their

carrying amounts in the financial statements. An exception applies

where the deferred tax arises from the initial recognition of an asset

or liability in a transaction that is not a business combination and, at

the time of the transaction, affects neither accounting profit nor

taxable profit or loss and does not give rise to equal taxable and

deductible temporary differences.

Deferred income tax is measured at the tax rates expected to apply

when the related deferred income tax asset is realised or the deferred

income tax liability is settled, based on tax rates and tax laws that

have been enacted or substantively enacted at the balance sheet

date.

Current and deferred income taxes are recognised as income or

expenses in profit or loss, except to the extent that the tax arises from

a transaction that is recognised directly in equity.

**Tonnage tax**

Under the scheme, ship-owners (or bareboat charterers) pay a fixed

tax amount per net tonne at their disposal rather than paying taxes

based on taxable income, expenses, and depreciation. The Group has

participated in the Danish scheme since 27 November 2020 and

joined the UK tonnage tax scheme, effective January 2025.

As the vessels are owned and registered by subsidiaries in

jurisdictions other than Denmark, the Group is also subject to

tonnage taxation in those jurisdictions. Such tonnage taxation is

calculated based on a fixed tax amount per tonne.

As this scheme is based on a notional income derived from tonnage

capacity and not based on the entities' actual income and expenses,

the Group does not consider the scheme to fall under the scope of

IAS 12. Consequently, tonnage tax expenses are not presented as part

of tax expense in the statement of profit and loss, but are recognised

within costs of sales.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 11

**Earnings Per Share (EPS)**

The following table reflects the income and share data used in the basic and diluted EPS calculations:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Profit attributable to ordinary equity holders of the** <br>**parent for basic earnings**<br>| **280184** | **65069** | **11498** |
| Thousands | **2025** | **2024** | **2023** |
| **Weighted average number of ordinary shares for basic** <br>**EPS**<br>| **350508** | **345979** | **201362** |
| Effect of dilution from share-based payments programme | 4182 | 980 | 1861 |
| **Weighted average number of ordinary shares adjusted** <br>**for the effect of dilution¹**<br>| **354690** | **346959** | **203223** |

---

The weighted average number of ordinary shares considers the weighted average effect of treasury shares

during the period.

During 2024, the weighted average number of ordinary shares was also affected by the issuance of shares in

connection with a private placement on 15 February 2024, resulting in the issuance of 39.5 million shares, a

private placement on 26 June 2024, resulting in the issuance of 28 thousand shares and the share buy-back

programme, resulting in the repurchase of 215 thousand shares.

In December 2023, 114 million shares were issued in connection with the business combination with Eneti.

There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date

of authorisation of these consolidated financial statements.

<sup>1</sup>The weighted average number of shares considers the weighted average effect of share-based payments during the year.

**Accounting policies**

The Company calculates Basic EPS by dividing the profit for the year attributable to ordinary equity holders

of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted EPS is calculated by dividing the profit attributable to ordinary holders of the parent by the weighted

average number of ordinary shares outstanding during the year plus the weighted average number of

ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary

shares.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 12

**Intangible Assets**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>EUR'000 | **2025**<br>**Software** | <br>**Goodwill** | <br>**Total** | **2024**<br>**Software** | <br>**Goodwill** | <br>**Total** | **2023**<br>**Software** | <br>**Goodwill** | <br>**Total** |
| **Cost** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 1069 | 17763 | 18832 | 693 | 16707 | 17400 | 662 |  | 662 |
| Acquisition of businesses |  |  |  |  |  |  |  | 16919 | 16919 |
| Additions | 1506 |  | 1506 | 410 |  | 410 | 31 |  | 31 |
| Disposals |  |  |  | (38) |  | (38) |  |  |  |
| Exchange differences |  |  |  | 4 | 1056 | 1060 |  | (212) | (212) |
| **31 December** | **2575** | **17763** | **20338** | **1069** | **17763** | **18832** | **693** | **16707** | **17400** |
| **Accumulated depreciation** |  |  |  |  |  |  |  |  |  |
| Beginning of period | 642 |  | 642 | 453 |  | 453 | 243 |  | 243 |
| Depreciation charge | 264 |  | 264 | 189 |  | 189 | 210 |  | 210 |
| **31 December** | **906** | **—** | **906** | **642** | **—** | **642** | **453** | **—** | **453** |
| **Net book value** | **1669** | **17763** | **19432** | **427** | **17763** | **18190** | **240** | **16707** | **16947** |

---

Software additions during 2025, 2024 and 2023 are mainly related to the development of the Company's software solutions. In 2025, software additions also included the implementation costs related to the Enterprise

Resource Planning (ERP) system.

Goodwill of EUR 16.9 million was recognised on 19 December 2023 in relation to the acquisition of Eneti. The Group has two CGUs consisting of the WTGFIV and the O&M units with specific vessels allocated.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![](cdlr-20251231_g119.gif)

<sup>1</sup> 31 December 2024 and 2023 the recoverable amount is based on the fair value less cost of disposal of the CGU's (Broker Value).

Note 12

**Intangible Assets**

*Continued from previous page*

**Impairment test**

Goodwill arising from the merger with Eneti is allocated to the WTGFIV CGU as the expected synergies will

arise from this CGU. Management has performed an evaluation of impairment indicators for the O&MV

CGU to which no goodwill is allocated. Management concluded that indicators of impairment are present

and has therefore also performed an impairment test for this CGU. The Company has performed an annual

impairment test of the WTGFIV CGU. Neither in 2025, 2024 and nor in 2023 did the test result in any

impairment.

The annual impairment test is an assessment of whether the recoverable amount being the value in use (or

fair value less cost of disposal) of the cash generating unit, will be able to generate sufficient positive future

net cash flows to support the carrying amount of the assets related to the cash generating unit.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| EUR m | **Recoverable amount** | **Recoverable amount** | **Recoverable amount** | **Excess values (recoverable** <br>**amount less carrying amount)** | **Excess values (recoverable** <br>**amount less carrying amount)** | **Excess values (recoverable** <br>**amount less carrying amount)** |
| **CGU** | **2025** | **2024**<sup>1</sup> | **2023¹** | **2025** | **2024¹** | **2023¹** |
| **WTGFIV** | 5099 | 1103 | 574 | 2457 | 227 | 58 |
| **O&MV** | 355 | 89 | 95 | 41 | 1 |  |
| **Total** | **5454** | **1192** | **669** | **2498** | **228** | **58** |

---

**Applied assumptions**

As of 31 December 2025, the assessment of the recoverable amount of the CGU's is based on the value in

use (VIU). In 2024 and 2023, the impairment test involves estimating both FVLCOD (Fair value less costs of

disposal) and VIU and comparing the higher amount to the asset's carrying amount. Fair values are

obtained through third-party broker assessment (level 3) of the vessels from at least two independent

brokers.

The discounted cash flow period has been calculated from the remaining useful life of the vessels as this is

deemed most representative for the actual value of the vessels. Accordingly, the calculation has no terminal

value.

The VIU is based on cash flow projections in financial budgets and business plans using a five year period

from 2026-2031 as follows:

• Revenue projection is based on signed contracts and expected revenue for the capacity not signed

yet as well as foundation contracts.

• Cost of sales are based on the business plan which is inflated afterwards, and expected

maintenance based on investment budget.

• Inflation is forecast at 2.5%

The discount rate used in the calculation is based on a Weighted Average Cost of Capital (WACC), reflecting

the cost of equity, cost of debt and capital structure, and is 10.1% after tax, (9.5% after tax in 2024 and 9.5%

after tax in 2023). As Cadeler is subject to the tonnage tax regime, the tax consideration in the WACC

calculation for impairment of a vessel is immaterial, thus the before and after tax WACC remain the same for

impairment testing purposes. Regarding the O&MV CGU, the calculations showed no indication of

impairment, as the future value of cash flows was higher than the carrying amount of the vessel, although

there was limited headroom.

**Accounting policies**

Goodwill is tested for impairment at least once a year or sooner if an impairment indication arises.

Impairment testing is performed for each CGU to which goodwill is allocated, as determined by

Management.

If the carrying amount of intangible assets exceeds the recoverable amount, an impairment will be

recognised in the statement of profit and loss. Any impairment of goodwill impairment losses cannot be

reversed subsequently.

Intangible assets, such as software, are recognised at cost less accumulated depreciation and accumulated

impairment losses. The cost of an intangible asset initially recognised includes its purchase price and any

directly attributable costs necessary to prepare the asset for its intended use. Depreciation is calculated on a

straight-line basis over the estimated useful life, which is 3 years for software.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 13

**Property, Plant and Equipment**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| EUR'000 | **Vessels** | **Dry dock** | **Other fixtures and fittings** | **Assets under construction** | **Total** |
| **Cost 2025** |  |  |  |  |  |
| Beginning of financial year | 1056664 | 17644 | 13513 | 736610 | 1824431 |
| Additions | 71255 | 843 | 3661 | 1254658 | 1330417 |
| Transfer from assets under construction | 1381140 | 20423 | (10371) | (1391192) |  |
| Disposals |  |  | (124) |  | (124) |
| Exchange differences |  |  |  |  |  |
| **31 December 2025** | **2509059** | **38910** | **6679** | **600076** | **3154724** |
| **Accumulated depreciation and impairment** |  |  |  |  |  |
| Beginning of financial year | 104119 | 6541 | 1505 |  | 112165 |
| Depreciation charge | 97615 | 6425 | 1582 |  | 105622 |
| Disposals |  |  | (123) |  | (123) |
| Exchange differences |  |  |  |  |  |
| **31 December 2025** | **201734** | **12966** | **2964** | **—** | **217664** |
| **Net book value** | **2307325** | **25944** | **3715** | **600076** | **2937060** |

---

Additions during 2025 are mainly driven by newbuild vessels of P-class vessels of EUR 199 million, newbuild

A-class vessels of EUR 385 million, newbuild M-class vessels of EUR 436 million, and vessel upgrades of EUR

48 million. In 2025, Wind Pace, Wind Mover, Wind Maker and Wind Ally vessels were delivered and

transferred from asset under construction to vessels.

Borrowing costs (including cash and non-cash items) for 2025 have been capitalised in a total amount of

EUR 53.9 million (2024: 19.7 million; 2023: EUR 7.1 million). The capitalisation rate used to determine the

amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the

Company's general borrowings during the reporting period, being 6.05% (2024: 7.6%; 2023: 5.5%).

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 13

**Property, Plant and Equipment**

*Continued from previous page*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| EUR'000 | **Vessels** | **Dry dock** | **Other fixtures and fittings** | **Assets under construction** | **Total** |
| **Cost 2024** |  |  |  |  |  |
| Beginning of financial year | 566360 | 9135 | 979 | 571745 | 1148219 |
| Additions | 8029 | 4377 | 12680 | 624679 | 649765 |
| Transfer from assets under construction | 468678 | 4000 |  | (472678) |  |
| Disposals | (5146) |  | (306) |  | (5452) |
| Exchange differences | 18743 | 132 | 160 | 12864 | 31899 |
| **31 December 2024** | **1056664** | **17644** | **13513** | **736610** | **1824431** |
| **Accumulated depreciation and impairment** |  |  |  |  |  |
| Beginning of financial year | 58727 | 3548 | 312 |  | 62587 |
| Depreciation charge | 50571 | 3125 | 1166 |  | 54862 |
| Disposals | (5000) |  | (306) |  | (5306) |
| Impairment on disposal |  |  |  |  |  |
| Exchange differences | (179) | (132) | 333 |  | 22 |
| **31 December 2024** | **104119** | **6541** | **1505** | **—** | **112165** |
| **Net book value** | **952545** | **11103** | **12008** | **736610** | **1712266** |

---

Additions during 2024 are mainly driven by newbuild P-class vessels of EUR 290 million, newbuild A-class

vessels of EUR 114 million, newbuild M-class vessels of EUR 103 million, O-class main crane upgrades of EUR

62 million, and vessel upgrades of EUR 54 million. In 2024, Wind Peak vessel was delivered and transferred

from asset under construction to vessels.

Borrowing costs for 2024 have been capitalised for a total of EUR 19.7 million (2023: EUR 7.1 million). The

capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted

average interest rate applicable to the Company's general borrowings during the reporting period, being

7.6% (2023: 5.5%).

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 13

**Property, Plant and Equipment**

*Continued from previous page*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| EUR'000 | **Vessels** | **Dry dock** | **Other fixtures and fittings** | **Assets under construction** | **Total** |
| **Cost 2023** |  |  |  |  |  |
| Beginning of financial year | 282282 | 9261 | 536 | 356163 | 648242 |
| Acquisition of businesses | 296536 | 171 | 599 | 144219 | 441525 |
| Additions | 227 |  | 3 | 73169 | 73399 |
| Disposals | (8002) | (291) |  |  | (8293) |
| Exchange differences | (4683) | (6) | (159) | (1806) | (6654) |
| **December 31, 2023** | **566360** | **9135** | **979** | **571745** | **1148219** |
| **Accumulated depreciation and impairment** |  |  |  |  |  |
| Beginning of financial year | 39570 | 2023 | 445 |  | 42038 |
| Depreciation charge | 20847 | 1637 | 19 |  | 22503 |
| Disposals | (5722) | (108) |  |  | (5830) |
| Impairment on disposal | 5000 |  |  |  | 5000 |
| Exchange differences | (968) | (4) | (152) |  | (1124) |
| **December 31, 2023** | **58727** | **3548** | **312** | **—** | **62587** |
| **Net book value** | **507633** | **5587** | **667** | **571745** | **1085632** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_9.jpg](cdlr-20251231_g120.jpg)

Note 13

**Property, Plant and Equipment**

*Continued from previous page*

Due to the business combination with Eneti, the Group's property, plant, and equipment increased by EUR

441.5 million in 2023. This increase primarily comprised the operating vessels Wind Scylla and Wind Zaratan

(EUR 206 million and EUR 87 million, respectively) as well as the newbuilds under construction, including the

M-class down payments for EUR 144 million.

Additions during 2023 were mainly driven by down payments of EUR 42 million for new P-class installation

vessels (EUR 15.4 million), the new A-class FIVs (foundation installation vessels) (EUR 3.8 million) and

instalments for the main cranes for both Wind Orca (EUR 16.0 million) and Wind Osprey (EUR 6.8 million), as

presented above under assets under construction. In addition, assets under construction include EUR

7.6 million of guarantee fees to BW Group related to the A-class and P-class newbuild vessels as well as EUR

5.7 million of assets related to future projects that have not yet commenced.

Borrowing costs for 2023 were capitalised in a total amount of EUR 7.1 million. The capitalisation rate used

to determine the amount of borrowing costs to be capitalised is the weighted average interest rate

applicable to the Company's general borrowings during the reporting period, being 5.5%.

Disposals during 2023 were mainly driven by the main cranes upgraded on both O-class vessels, as well as

impairment recognised. For further details, please refer to Note 5.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 13

**Property, Plant and Equipment**

*Continued from previous page*

**Accounting policies**

Property, plant and equipment are recognised at cost less accumulated depreciation and accumulated

impairment losses.

The cost of an item of property, plant and equipment initially recognised includes its purchase price and any

costs that are directly attributable to bringing the asset to the location and condition necessary for it to be

capable of operating in the manner intended by management.

Subsequent expenditure relating to property, plant and equipment that has already been recognised is

added to the carrying amount of the asset only when it is probable that future economic benefits associated

with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and

maintenance expenses are recognised in profit or loss as incurred.

To maintain operational capability, the vessels are required to undergo dry-docking procedures every five

years. The costs of the dry-docking procedures are capitalised at cost, including any costs that are directly

attributable to bringing the vessels to the location and condition necessary for the dry-docking procedures.

Depreciation is calculated using the straight-line method to allocate their depreciable amounts over the

assets' estimated useful life. The estimated useful lives are as follows:

---

| | |
|:---|:---|
| | **Useful life** |
| Vessels and furnished equipment | Up to 25 years |
| Drydock | 5 years |
| Cars | 5 years |
| Other fixtures and fittings | 2 to 3 years |

---

The estimated useful life of the vessels of up to 25 years has been determined by an external consultant

through a fatigue analysis based on the technical specification of the vessels, whereas for Wind Peak, the

estimated useful life has been determined based on an internal technical analysis, validated by an external

expert. The estimated useful life of these vessels depends on the initial delivery date.

Prior to their acquisition, Wind Orca and Wind Osprey, had already been in use for eight years, therefore the

remaining useful life of these vessels is estimated at 17 years for all components except for the jacking

system and the main crane, which have a remaining useful life of three years from the acquisition date. For

Wind Scylla and Wind Zaratan, the remaining useful lives at the acquisition date were assessed to be 17 and

14 years respectively, and all components are assigned the same useful life. Hull and steel components have

a salvage value of up to EUR 15 million per vessel at the end of their useful lives. Both the salvage value and

the residual value are estimated as the lightweight tonnage of each vessel multiplied by the scrap value per

tonne. Depreciation is based on costs less the estimated residual value.

Further information is provided in Note 2.4, Material accounting judgements, estimates and assumptions, in

relation to vessels acquired through the business combination.

The residual value, useful life, and methods of depreciation of property, plant, and equipment are reviewed

at each financial year end and adjusted accordingly, if appropriate.

**Borrowing costs**

Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs directly attributable to the

construction of assets are capitalised until the asset is substantially ready for its intended use. Borrowing

costs consist of interest and other costs incurred by the Group incurs in connection with the borrowing of

funds, including guarantee fees provided by related parties.

**Impairment of non-financial assets** 

Property, plant and equipment and right-of-use assets are tested for impairment whenever there is

objective evidence or an indication that these assets may be impaired. Refer to note 12 for further

information impairment testing.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 14

**Right-of-Use Assets and Lease Liabilities**

**Nature of the Group's leasing activities**

*Office space*

The Group leases office space for the purpose of office operations. In 2025, the company terminated the

lease agreement for its office in Great Yarmouth and entered into a lease contract for a new location in

Norwich, effective March 2025, with a binding period of 10 years. Additionally, the Company entered into 5-

year leases for office premises in Monaco and Taiwan, and a 3-year lease for a new office in Vejle.

*Warehouse facilities*

The Group leases a warehouse facility located in the UK.

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Leasehold** <br>**equipment**<br>| **Warehouse** <br>**facilities**<br>| **Office space** | **Total** |
| **Cost 2025** |  |  |  |  |
| Beginning of financial year |  |  | 13324 | 13324 |
| Additions |  |  | 4122 | 4122 |
| Disposals |  |  | (228) | (228) |
| Exchange differences |  |  |  |  |
| **31 December 2025** | **—** | **—** | **17218** | **17218** |
| **Accumulated depreciation** |  |  |  |  |
| Beginning of financial year |  |  | 2987 | 2987 |
| Depreciation charge |  |  | 1861 | 1861 |
| Disposals |  |  | (228) | (228) |
| Exchange differences |  |  |  |  |
| **31 December 2025** | **—** | **—** | **4620** | **4620** |
| **Carrying amount** | **—** | **—** | **12598** | **12598** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 14

**Right-of-Use Assets and Lease Liabilities**

*Continued from previous page*

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Leasehold** <br>**equipment**<br>| **Warehouse** <br>**facilities**<br>| **Office space** | **Total** |
| **Cost 2024** |  |  |  |  |
| Beginning of financial year | 464 | 409 | 2261 | 3134 |
| Acquisition of businesses |  |  | 10864 | 10864 |
| Disposals | (464) | (429) |  | (893) |
| Exchange differences |  | 20 | 199 | 219 |
| **31 December 2024** | **—** | **—** | **13324** | **13324** |
| **Accumulated depreciation** |  |  |  |  |
| Beginning of financial year | 464 | 24 | 1673 | 2161 |
| Depreciation charge |  | 235 | 1144 | 1379 |
| Disposals | (464) | (265) |  | (729) |
| Exchange differences |  | 6 | 170 | 176 |
| **31 December 2024** | **—** | **—** | **2987** | **2987** |
| **Carrying amount** | **—** | **—** | **10337** | **10337** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Leasehold** <br>**equipment**<br>| **Warehouse** <br>**facilities**<br>| **Office space** | **Total** |
| **Cost 2023** |  |  |  |  |
| Beginning of financial year | 464 |  | 1681 | 2145 |
| Acquisition of businesses |  | 421 | 612 | 1033 |
| Exchange differences |  | (12) | (32) | (44) |
| **31 December 2023** | **464** | **409** | **2261** | **3134** |
| **Accumulated depreciation** |  |  |  |  |
| Beginning of financial year | 381 |  | 1477 | 1858 |
| Depreciation charge | 83 | 30 | 221 | 334 |
| Exchange differences |  | (6) | (25) | (31) |
| **31 December 2023** | **464** | **24** | **1673** | **2161** |
| **Carrying amount** | **—** | **385** | **588** | **973** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 14

**Right-of-Use Assets and Lease Liabilities**

*Continued from previous page*

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Lease liabilities at 1 January (current and <br>non-current lease)<br>| 10971 | 993 | 279 |
| Acquisition of subsidiaries |  |  | 1299 |
| Additions during the year | 4640 | 11909 |  |
| Exchange differences |  | 30 | (16) |
| Repayment of lease obligations | (2072) | (1961) | (569) |
| **Total lease liabilities at 31 December** | **13539** | **10971** | **993** |
| **Current** | **1057** | **1274** | **601** |
| **Non-current** | **12482** | **9697** | **392** |

---

Leas interest expenses recognised in profit and loss

*1.Interest expense*

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Interest expense on lease liabilities (vessels <br>and office)<br>| 746 | 428 | 25 |

---

*1.Lease expense not capitalised in lease liabilities*

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Short-term lease expense | 614 | 477 | 180 |

---

Total cash outflow for all leases in 2025, 2024 and 2023 were EUR 2,686 thousand, EUR 1,152 thousand and

EUR 283 thousand respectively, excluding variable lease fee (refer to Note 24). Please refer to Note 28 for

disclosure on lease commitments.

**Accounting policies**

**Right-of-Use Assets** 

The Group recognises a right-of-use asset and lease liability at the date on which the underlying asset is

made available for use. Right-of-use assets are measured at cost, which comprises the initial measurement

of the lease liability using an incremental borrowing rate adjusted for any lease payments made at or before

the commencement date and any lease incentives received. Any initial direct costs that would not have been

incurred if the lease had not been obtained are included in to the carrying amount of the right-of-use

assets.

The right-of-use asset is subsequently measured at cost, less any accumulated depreciation and impairment

losses, and adjusted for any remeasurement of the lease liability.

Right-of-use assets are depreciated on a straight-line basis over the lease term.

Right-of-use assets are tested for impairment whenever there is objective evidence or an indication that

these assets may be impaired. For further information regarding impairment testing. please refer to Note 13.

**Lease liabilities**

At the inception of a contract, the Group assesses whether the contract contains a lease. A contract contains

a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for

consideration. Reassessment is required only when the terms and conditions of the contract are changed.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 14

**Right-of-Use Assets and Lease Liabilities**

*Continued from previous page*

At the commencement date of the lease, the Group recognises lease liabilities measured at the present

value of lease payments to be made over the lease term. The lease payments include fixed payments

(including in-substance fixed payments) less any lease incentives receivable, variable lease payments that

depend on an index or a rate, and amounts expected to be paid under residual value guarantees.

Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period

in which the event or condition that triggers the payment occurs. Utilisation based lease fees are classified

as variable lease payments.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the

lease commencement date, as the interest rate implicit in the lease is not readily determinable. After the

commencement date, the carrying amount of lease liabilities is increased to reflect the accretion of interest

and reduced by lease payments made.

In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the

lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an

index or rate used to determine such lease payments) or a change in the assessment of an option to

purchase the underlying asset.

**Short-term and low-value leases**

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases with

lease terms of twelve months or less, and for low-value leases. Lease payments relating to these leases are

expensed to profit or loss on a straight-line basis over the lease term. Short-term and low-value leases

include cars, coffee machines, office premises and AV equipment.

Note 15

**Inventories**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Fuel and oil | 3,540 | 1,039 | 1,836 |

---

As of 31 December 2025, the Company's inventories include fuel and oil totalling EUR 4 million.

As of 31 December 2024, the Company's inventories include fuel and oil totalling EUR 1.0 million, a decrease

from EUR 1.8 million in 2023, primarily because three of the Company's four operating vessels were off hire

at the end of the reporting period.

Accounting policies

Inventories are carried at the lower of cost and net realisable value. Cost is determined using the first-in,

first-out basis. Net realisable value is the estimated selling price in the ordinary course of business, less

applicable variable selling expenses. Inventories mainly comprise fuel and oil.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 16

**Trade and Other Receivables**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Trade receivables from non-related parties | 117734 | 51467 | 26802 |
| Contract assets | 81923 | 37609 | 8880 |
| Receivables from related parties |  | 214 | 592 |
| Other receivables | 21295 | 11305 | 3158 |
| **Total trade receivables and other** <br>**receivables**<br>| **220952** | **100595** | **39432** |

---

As of 31 December 2025, the Company's receivables include contract assets totalling EUR 81.9 million, a

significant increase from EUR 37.6 million in 2024 (2023: EUR 8.9 million). These contract assets represent

the Company's entitlement to consideration for work performed to date on ongoing projects as of the

balance sheet date. Typically, these contract assets are reclassified to trade receivables when the Company

fulfils its obligations and the right to consideration becomes unconditional.

The balance of other receivables includes contract fulfilment costs amounted to EUR 14 million (EUR

8.5 million in 2024 and nil in 2023). These costs represent expenditures directly incurred in fulfilling contracts

with customers, such as direct labour, materials, and other costs necessary to complete the performance

obligations under the contracts. These costs are recognized as assets as they are expected to be recovered

over the life of the respective contracts. Contract costs are amortised on a systematic basis that is consistent

with the transfer of the related goods or services to the customer. For accounting policies, refer to Note 3.

The table below outlines movements in contract assets during the year:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Contract assets at 1 January** | 37609 | 8880 | 19999 |
| Acquisition of businesses |  |  | 8266 |
| Recognised during the period | 81923 | 37710 | 614 |
| Transfer to receivables | (37609) | (8880) | (19999) |
| Exchange differences |  | (101) |  |
| **Total contract assets at 31 December** | **81923** | **37609** | **8880** |
| **Current** | **81923** | **37609** | **8880** |
| **Non-current** | **—** | **—** | **—** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 16

**Trade and Other Receivables**

*Continued from previous page*

**Expected credit loss on trade receivables**

The Group has historically only experienced immaterial credit losses on trade receivables, if any. In addition,

a material part of the cash flows under the Group's contracts consist of prepayments received up front.

The Group's assessment remains consistent with its historical experiences. Although certain receivables may

become up to 30 days overdue, the Group's overall credit risk profile remains unchanged. This assessment is

supported by historical loss data, a limited number of reliable counterparties, and the Group's forward-

looking outlook.

**Accounting policies**

**Financial assets**

The classification of financial assets depends on the Group's business model for managing the financial

assets as well as the contractual terms of the cash flows of the respective financial assets.

(1)At initial recognition: the Group measures a financial asset at fair value, plus, in the case of a

financial asset not measured at fair value through profit or loss, transaction costs that are directly

attributable to the acquisition of the financial assets. Transaction costs of financial assets carried at

fair value through profit or loss are recognised as an expense in profit or loss.

(1i)At subsequent measurement: the Group's financial assets mainly comprise cash and bank balances,

trade receivables and other current assets.

Interest income from these financial assets is recognised using the effective interest rate method.

The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets

carried at amortised cost. For trade and other receivables, the Group applied the simplified approach

permitted by IFRS 9, which requires lifetime expected losses to be recognised from initial recognition of the

receivables.

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Trade** <br>**receivables**<br>| **Contract** <br>**assets**<br>| **Expected** <br>**loss**<br>| **Total** |
| **31 December 2025** |  |  |  |  |
| Not due | 115559 | 81923 |  | 197482 |
| Overdue 1-30 days | 716 |  |  | 716 |
| Overdue 31 to 60 days | 1459 |  |  | 1459 |
| Overdue +61 days |  |  |  |  |
| **Total** | **117734** | **81923** | **—** | **199657** |
| **31 December 2024** |  |  |  |  |
| Not due | 49029 | 37609 |  | 86638 |
| Overdue 1-30 days |  |  |  |  |
| Overdue 31 to 60 days | 2373 |  |  | 2373 |
| Overdue +61 days | 65 |  |  | 65 |
| **Total** | **51467** | **37609** | **—** | **89076** |
| **31 December 2023** |  |  |  |  |
| Not due | 9639 | 8880 |  | 18519 |
| Overdue 1-30 days | 14287 |  |  | 14287 |
| Overdue 31 to 60 days | 603 |  |  | 603 |
| Overdue +61 days | 2273 |  |  | 2273 |
| **Total** | **26802** | **8880** | **—** | **35682** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_10.jpg](cdlr-20251231_g121.jpg)

Note 17

**Prepayments and other non-current assets**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Prepayments (Current) | 13,523 | 16,643 | 9,562 |

---

Prepayments include deferred costs like bank loan fees, commitment fees of uncommitted facilities, annual

insurance premiums and annual software subscriptions.

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Other non-current assets | 54,069 | 7,211 |  |

---

Other non-current assets include EUR 20 million primarily relating to certain prepayments.

Cash deposits subject to restrictions, of 34.1 million as at 31 December 2025 (2024: 7.2 million) are included

in the Other non-current assets balance.

Note 18

**Cash and Cash Equivalents**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Cash at bank and on hand | 151,679 | 51,253 | 96,608 |

---

The Company held cash as of 31 December 2025 with the intention of paying assets under construction-

related instalments in 2026.

**Accounting policies** 

Cash and cash equivalents consist of cash net of short-term bank overdrafts, as these are considered an

integral part of the Group's cash management. Cash and cash equivalents are measured at amortised cost.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 19

**Statement of Cash Flows Specifications**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Adjustments of non-cash items** |  |  |  |  |
| Depreciation and amortisation | 12 , 13 , 14<br>| 107520 | 56595 | 23048 |
| Impairment of fixed assets | 13 |  |  | 5000 |
| Non-cash disposals of property, plant and <br>equipment and intangible assets<br>| 12 , 13  | 1 | 183 |  |
| Other operating income and expenses, net | 5 |  |  | (137) |
| Finance income | 9 | (1714) | (3294) |  |
| Interest expenses | 9 | 15993 | 428 | 1898 |
| Finance costs | 9 | (725) | 2589 |  |
| Income tax expense |  | 7680 | 2401 |  |
| Fair value change of derivative instruments <br>through profit or loss<br>| 9 | 630 | (427) | 766 |
| Items recycled | 25 | 947 |  |  |
| Share-based payment expenses |  | 2071 | 1662 | 1134 |
| **Total adjustments of non-cash items** |  | **132403** | **60137** | **31709** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Changes in working capital** | **Note** | **2025** | **2024** | **2023** |
| Inventories |  | (2501) | 788 | (1140) |
| Trade receivables, contract assets, <br>prepayments and other receivables<br>|  | (133704) | (62706) | 28541 |
| Trade and other payables |  | 8126 | 380 | (16087) |
| Provisions |  | (841) | (6059) |  |
| Receivables from related parties |  |  | 414 |  |
| Payables to related parties |  | 49 | 51 | 73 |
| Deferred revenue |  | 112280 | 33482 | 8787 |
| **Net change in working capital** |  | **(16591)** | **(33650)** | **20174** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 20

**Provisions, Trade and Other Payables**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Trade and other payables:** |  |  |  |
| Trade payables | 22388 | 11577 | 8399 |
| Other payables | 75820 | 32018 | 24237 |
| **Total trade and other payables** | **98208** | **43595** | **32636** |

---

The increase in other payables is attributable to year-end activity and the timing of payment processing.

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Provisions at 1 January:** | 841 | 6899 |  |
| Acquisition of businesses |  |  | 6987 |
| Additions during the year |  |  |  |
| Utilised during the year | (421) | (4570) |  |
| Reversed during the year | (420) | (1576) |  |
| Exchange differences |  | 88 | (88) |
| **Total provisions at 31 December** | **—** | **841** | **6899** |
| **Current** | **—** | **841** | **2086** |
| **Non-current** | **—** | **—** | **4813** |

---

The provisions relate to an onerous contract and were released in 2025 following the settlement of the

related obligations. For further information, please refer to Note 4.

**Accounting policies**

Trade and other payables represent liabilities for goods and services provided to the Group before the end

of the financial year, that remain unpaid. They are classified as current liabilities if payment is due within one

year or less (within the normal operating cycle of the business, if longer). Otherwise, they are presented as

non-current liabilities. Trade and other payables are initially recognised at fair value, and subsequently

carried at amortised cost, using the effective interest method.

A provision is recognised for certain contracts with customers where the unavoidable costs of meeting the

performance obligations exceed the economic benefits expected to be received. These costs are expected

to be incurred in the following financial year.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 21

**Deferred Income Taxes**

**Deferred tax charge**

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and

liabilities for financial reporting purposes and the amounts used for income tax purposes, in accordance

with IAS12. Deferred tax is calculated at the income tax rates expected to apply in the period when the

liability is settled or the asset is realised, based on tax laws that have been enacted or substantively enacted

at the balance sheet date. The deferred tax is recognised in profit or loss, except when it relates to other

items recognised in other comprehensive income.

**Deferred tax assets and liabilities**

The Group has unrecognised deferred tax assets in Denmark and the UK, amounting to EUR 52 millon

(31 December 2024: EUR 12 million; 31 December 2023: EUR 13 million) and EUR 52 million (31 December

2024: EUR 89 million; 31 December 2023: EUR 124 million), respectively. These deferred tax assets arise from

tax losses and shipping allowances. No deferred tax asset has been recognised as of 31 December 2025, as

they are not expected to be utilised within the foreseeable future three to five). A majority of the Group's UK

unrecognised deferred asset will be forfeited on 1 January 2025 as a result of the Group's UK tonnage tax

election.

The Group has a deferred tax liability relating to the ownership of the Wind Zaratan vessel in Japan, arising

from temporary differences between the carrying amount and the tax base of the vessel (2025: EUR

43 million; 2024: EUR 17 million; 2023: 14 million), offset by the tax value of tax losses (2025: EUR 30 million;

2024: EUR 5 million; 2023: 4 million). As of 31 December 2025, deferred tax liabilities amounted to EUR 13

million (2024: EUR 12 million).

For accounting policies on deferred taxes, please refer to Note 10.

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Reconciliation of deferred tax liabilities, net** |  |  |  |
| **1 January** | 11972 | 10191 |  |
| Acquisition of businesses |  |  | 10321 |
| Movements during the year | 1284 | 1137 |  |
| Exchange differences |  | 644 | (130) |
| **31 December** | 13256 | 11972 | 10191 |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 22

**Issued Share Capital**

---

| | | |
|:---|:---|:---|
| EUR'000 | **No. of shares (in** <br>**thousands)**<br>| **Total** |
| Beginning of financial year 2023 | 197600 | 26575 |
| First issue for capital increase 2023 | 113809 | 15263 |
| **End of financial year 2023** | **311409** | **41838** |
| First issue for capital increase 2024 | 39520 | 5302 |
| Second issue for capital increase 2024 | 28 | 4 |
| **End of financial year 2024** | **350957** | **47144** |
| **End of financial year 2025** | **350957** | **47144** |

---

As of 31 December 2025, the Group had share capital amounting to DKK 350,958 thousand, equal to EUR

47,144 thousand, consisting of 350,957,583 shares of nominal DKK1 each.

All shares have equal rights.

**Treasury shares**

On 30 May 2025, the Company completed a share buy-back program to fulfil share-based incentive

obligations resulting in the repurchase of 395,200 shares of a nominal price of DKK 1 each at an average

price of NOK 49.90, corresponding to an aggregate amount of EUR 1.7 million, including commission. As of

31 December 2025, the Company holds 89,992 treasury shares.

**Accounting policies**

Ordinary shares are classified as equity. When there is a capital increase through the issuance of new shares,

these shares are recorded at their nominal value.

The share premium reserve represents capital contributed by investors in excess of the nominal value of the

shares issued, net of any incremental costs directly attributable to the issuance of new shares.

Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from

equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the

Group's own equity instruments. Any difference between the carrying amount and the consideration

received, upon reissuance, is recognised in equity.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 23

**Financial Risk Management**

**Financial risk factors**

The Group's activities expose it to market risk, including currency risk and interest rate risk, as well as credit

risk and liquidity risk.

The financial risk management of the Group is performed by the Management of Cadeler and overseen by

the Board of Directors and Audit Committee. The fair value of the Group's financial assets and liabilities as of

31 December 2025 does not deviate materially from the carrying amounts as of 31 December 2025.

**Quantitative and qualitative disclosures about market risk**

**Currency risk**

The Group's business is exposed to the Danish Kroner ("DKK"), Norwegian Kroner ("NOK"), British Pound

Sterling ("GBP"), United States Dollar ("USD"), New Taiwan Dollar ("TWD"), and Japanese Yen ("JPY"), as

certain operating expenses are denominated in these currencies. The Company seeks to use financial

instruments to reduce currency risk when there is significant exposure to income or liabilities denominated

in currencies other than EUR or DKK, and where a cost-effective solution is available.

The functional currency of Cadeler A/S is EUR, while the largest currency exposure of the Group relates to

future instalments for newbuild vessels, denominated in USD, amounting to USD 496 million. Further details

regarding the instruments currently used to mitigate this currency risk are provided in Note 24. Management

and the Board of Directors evaluate the potential costs and benefits of currency exposure on an ongoing basis.

The Group holds cash balances in USD. If the USD:EUR exchange rate were to deteriorate by 10% the result

before tax would have decreased by EUR 1.6 million (2024: EUR 1.8 million; 2023: EUR 4.6 million), based on

USD cash holdings as of 31 December 2025.

The Group holds cash balances in GBP. If the GBP:EUR exchange rate were to deteriorate by 10% the result

before tax would have decreased by EUR 0.4 million (2024: EUR 0.7 million) based on GBP cash holdings as

of 31 December 2025.

As the DKK is pegged to the EUR, no material currency risk has been identified in relation to the DKK, despite the

Cadeler Group incurring costs denominated in DKK. As of 31 December 2025, the Cadeler Group did not hold any

material cash balances denominated in NOK, JPY, or TWD.

Currency risk associated with other financial instruments denominated in foriegn currencies is limited and

therefore excluded from this analysis.

**Interest rate risk**

The Group's current exposure to the risk of changes in market interest rates relates primarily to the Green

Corporate Facility, the P-class Facility, M-class Facility and Holdco Facility. Further details regarding the

hedging instruments used to mitigate this risk are provided in Note 24.

The Green Corporate Facility and Holdco Facility are based on a EURIBOR 3M interest rate plus a margin.

The EURIBOR interest rate has a floor of 0bps and was 2.1%, 2.9% and 3.9% at the end of 2025, 2024 and

2023, respectively.

If the EURIBOR interest rate increased 100bps, and the loans had been provided throughout the entire 2025

reporting period, interest costs would have increased by EUR 15.6 million (2024: EUR 5.9 million; 2023: EUR

2.1 million). Such an increase could potentially qualify as capitalisable borrowing costs, thereby mitigating

the impact on the result before tax. Conversely, if the interest rates were to decrease, the result before tax

would not be materially affected due to the capitalisation of borrowing costs.

Management and the Board of Directors evaluate the potential costs and benefits of fixed interest rate

borrowings on an ongoing basis.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 23

**Financial Risk Management**

*Continued from previous page*

**Credit risk**

**Risk management**

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in

financial loss to the Group. The Group adopts the following policies to mitigate credit risk.

For banks and financial institutions, the Group mitigates its credit risks by transacting only with

counterparties rated "A" or above by independent rating agencies.

The Group adopts a policy of dealing only with customers with an appropriate credit history and obtaining

sufficient security where appropriate, to mitigate credit risk. The Group applies stringent procedures for

extending credit terms to customers and for the ongoing monitoring of credit risk.

These credit terms are normally contractual, and credit policies clearly define the guidelines for extending

credit to customers, including monitoring processes and reference to relevant industry practices. This

includes the assessment and evaluation of customers' creditworthiness and periodic reviews of their

financial status to determine the credit limits. Customers are also assessed based on their historical

payment behaviour. Where necessary, customers may be required to provide security or advance payments

before services are rendered.

Related party credit risk is managed by the Executive Management of Cadeler and overseen by the Board

of Directors.

The maximum exposure to credit risk is the carrying amount of trade receivables and other receivables,

receivables from group entities and cash and bank balances presented in the statement of financial

position.

**Impairment of financial assets**

The Group assesses on a forward-looking basis the expected credit losses (ECLs) associated with its

financial assets which include trade and other receivables, cash and bank balances and contract assets.

Financial assets are written off when there is no reasonable expectation of recovery, such as when a non-

related debtor fails to engage in a repayment plan with the Group.

Where receivables have been written off, the Group continues to pursue enforcement activities in an

attempt to recover amounts due. Where recoveries are made, these are recognised in profit or loss. As of

the reporting date, no receivables have been written off.

The Group has applied the simplified credit loss approach by using a provision matrix to measure the

lifetime expected credit losses for trade receivables from customers. To measure expected credit losses, the

Group groups receivables based on shared credit characteristics and days past due.

Trade receivables from external customers that are neither past due nor impaired are with creditworthy

counterparties. Based on the provision matrix, trade receivables from external customers are subject to

immaterial credit loss. For further analysis, refer to Note 16 for details on expected credit losses on trade

receivables and contract assets.

For cash and bank balances and other receivables measured at amortised cost, the Group considers these

financial assets to have low credit risk. Cash and bank balances mainly comprise deposits with banks that

have high credit ratings, as determined by international credit rating agencies. As of 31 December 2025,

cash and bank balances and other receivables are subject to immaterial credit loss. There is no credit loss

allowance for other financial assets measured at amortised cost as of 31 December 2025, 2024 and 2023.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 23

**Financial Risk Management**

*Continued from previous page*

**Liquidity risk**

The Group manages liquidity risk by maintaining sufficient cash and access to funding through committed

credit facilities to enabling it to meet its operational requirements and instalments payments for the

contracted newbuild vessels.

The management of the Cadeler Group anticipates seeking additional debt financing in connection with

milestone payments related to the delivery of the third A-class newbuild vessel. For further details, please

refer to Note 25, which provides a detailed disclosure of the Group's existing credit facilities.

The following maturity table shows the contractual obligation relating to the construction of the newbuilds

vessels.

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR Millions | **Less than 1** <br>**year**<br>| **Between 1** <br>**and 2 years**<br>| **Between 2** <br>**and 5 years**<br>| **Total** |
| **2025** |  |  |  |  |
| Obligation in USD | 301 | 195 |  | 496 |
| Obligation in USD (in EUR) | 256 | 166 |  | 422 |
| Obligation in EUR | 40 |  |  | 40 |
| **Total obligations (in EUR)** | **296** | **166** | **—** | **462** |
| **2024** |  |  |  |  |
| Obligation in USD | 651 | 496 | 195 | 1342 |
| Obligation in USD (in EUR) | 626 | 476 | 188 | 1290 |
| Obligation in EUR | 65 | 40 |  | 105 |
| **Total obligations (in EUR)** | **691** | **516** | **188** | **1395** |
| **2023** |  |  |  |  |
| Obligation in USD | 328 | 833 | 180 | 1341 |
| Obligation in USD (in EUR) | 296 | 752 | 163 | 1211 |
| Obligation in EUR | 69 | 99 | 6 | 174 |
| **Total obligations (in EUR)** | **365** | **851** | **169** | **1385** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 23

**Financial Risk Management**

*Continued from previous page*

The table below analyses the maturity profile of the Company's financial liabilities based on contractual-

undiscounted cash flows, excluding payments relating to newbuild vessels.

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Less than 1** <br>**year**<br>| **Between 1** <br>**and 2 years**<br>| **After 2** <br>**years**<br>| **Total** |
| **2025** |  |  |  |  |
| Trade and other payables | 98208 |  |  | 98208 |
| Payables to related parties | 272 |  |  | 272 |
| Lease liabilities | 1851 | 2819 | 8868 | 13538 |
| Debt to credit institutions | 194548 | 247706 | 1607212 | 2049466 |
| Derivatives | 3062 | 1884 | 8770 | 13716 |
|  | **297941** | **252409** | **1624850** | **2175200** |
| **2024** |  |  |  |  |
| Trade and other payables | 43595 |  |  | 43595 |
| Payables to related parties | 223 |  |  | 223 |
| Lease liabilities | 1274 | 2337 | 7360 | 10971 |
| Debt to credit institutions | 31163 | 54339 | 485515 | 571017 |
| Derivatives | 209 |  | 16205 | 16414 |
|  | **76464** | **56676** | **509080** | **642220** |
| **2023** |  |  |  |  |
| Trade and other payables | 32636 |  |  | 32636 |
| Payables to related parties | 162 |  |  | 162 |
| Lease liabilities | 601 | 392 |  | 993 |
| Debt to credit institutions | 799 |  | 204773 | 205572 |
| Derivatives | 4004 | 5683 | 12274 | 21961 |
|  | **38202** | **6075** | **217047** | **261324** |

---

**Change in debts to credit institutions during the year**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Debt to credit institutions at 1 January | (571017) | (205572) | (115002) |
| Loans repayments | 279281 | 10630 | 115000 |
| Proceeds from borrowing | (1337178) | (385234) | (211934) |
| New loan fees | 25193 | 11100 | 8262 |
| Non-cash movements | (7033) | (1941) |  |
| Write-off of loan fees |  |  | (1898) |
| **Debt to credit institutions at 31 December 2025** | **(1610754)** | **(571017)** | **(205572)** |

---

Total Proceeds from borrowing, net of bank fees, in 2025 as per Consolidated Statement of Cash Flows

amounted to EUR 1,309 million, excluding EUR 2.8 of loan fees that have been included in Prepayments.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 23

**Financial Risk Management**

*Continued from previous page*

**Capital management**

The Company's objectives when managing capital are to ensure the

Company's ability to continue as a going concern and to maintain an

optimal capital structure.

In order to achieve this overall objective, the Company's capital

management aims, among other things, to ensure compliance wth

the financial covenants attached to the interest-bearing loans and

borrowings that define capital structure requirements. A breach of

the financial covenants would permit the bank to immediately call

loans and borrowings. There have been no breaches of the financial

covenants of any interest-bearing loans and borrowing in the current

period.

In order to maintain or adjust the capital structure in the future, the

Group may adjust dividend payments to shareholders, issue new

shares and/or dispose of assets to reduce debt. Pursuant to the

Green Corporate Facility, the Company is not permitted to pay any

dividends or other distributions without the prior written consent of

DNB Bank ASA.

**Fair value measurement**

The Group measures derivatives at fair value at each balance sheet

date. Fair value is the price that would be received to sell an asset or

paid to transfer a liability in an orderly transaction between market

participants at the balance sheet date.

The principal, or in its absence the most advantageous market must

be accessible by the Group. The fair value of an asset or liability is

measured using the assumptions that market participants would use

when pricing the asset or liability, assuming that market participants

act in their own economic best interest.

In measuring the fair value of unlisted derivative financial instruments

and other financial instruments for which there is no active market,

fair value is determined using generally accepted valuation

techniques. Market-based parameters such as market-based yield

curves and forward exchange rate are used for the valuation.

The Group uses valuation techniques that are appropriate in the

circumstances and for which sufficient data is available to measure

fair value, maximising the use of relevant observable inputs and

minimising the use of unobservable inputs.

Financial instruments for which fair value is measured or disclosed in

the financial statements are categorised within the fair value

hierarchy, as described below:

Level 1: The fair value of financial instruments traded in active markets

(such as publicly traded derivatives, and equity securities) is based on

quoted market prices at the end of the reporting period. The quoted

market price used for financial assets held by the Group is the current

bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in

an active market (e.g. over-the counter derivatives) is determined

using valuation techniques that maximise the use of observable

market data and rely as little as possible on entity-specific estimates.

The valuation techniques applied are primarily based on marked-

based inputs of the instruments. If all significant inputs required to

measure the fair value of an instrument are observable, the

instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not observable

market data, the instrument is included in Level 3.

The table below shows the fair value measurement of the Group's

assets and liabilities:

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 23

**Financial Risk Management**

*Continued from previous page*

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Derivative assets measured at fair value** |  |  |  |
| Interest from IRS recycled through OCI |  | 228 |  |
| Interest rate swaps | 2171 | 1287 | 338 |
| FX forward contracts | 511 | 6849 |  |
| FX option collars |  | 4764 |  |
| Time value of FX option collars through OCI |  | 5340 |  |
| **Total derivative assets** | **2682** | **18468** | **338** |
| **Derivative liabilities measured at fair value** |  |  |  |
| Interest rate swap | 10499 | 16231 | 11789 |
| FX forward contracts |  |  | 5338 |
| Interest recycled through OCI | 525 |  | 810 |
| Time value of FX option collars through OCI | 576 | 209 | 3621 |
| Derivatives ineffective hedges | 2116 | (26) | 403 |
| **Total derivative liabilities** | **13716** | **16414** | **21961** |

---

As of 31 December 2025, the fair value of the derivative assets amounted to EUR 2,682 thousand (2024: EUR

18,468 thousand; 2023: EUR 338 thousand) and derivative liabilities amounted to 13,716 thousand (2024: EUR

16,414 thousand; 2023: EUR 21,961 thousand). The variation primarily reflects the execution of certain

financial instruments, together with changes in interest rate expectations in 2025 compared to 2024. These

expectations were driven by more persistent inflation and continued economic resilience, resulting in higher

interest rates and a stronger USD.

As of 31 December 2025, derivatives measured at fair value through profit or loss amounted to a gain of

EUR 2,116 thousand gain (2024: EUR 26 thousand loss; 2023: EUR 403 thousand gain).

The fair value hierarchy for the above derivative financial instruments is Level 2.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 24

**Derivative Financial Instruments**

**Hedge accounting**

The Group uses forward exchange contracts, including options (collars), and interest rate swap contracts to

hedge currency and interest rate risks related to highly probable future cash flows, and designates these

instruments as cash flow hedges, subject to meeting the criteria for the application of cash flow hedge

accounting.

The hedging ratios are determined as the notional value of the hedging instrument divided by the notional

value of the hedged item. The Group seeks to establish hedge relationships with a hedging ratio of 1:1. Due

to the nature of the hedged item's risk, this is achieved by either designating a proportion of the hedging

instrument or by insuring that the hedge notional value is equal to or lower than the notional value of the

hedged item. The primary source of hedge ineffectiveness arises from the timing of vessel deliveries. The

delivery of the vessel exposes the Group to multiple market risks, primarily foreign currency risks and

interest rate risk. The fair value changes of the hedging instruments are recognised in other comprehensive

income until the hedged items are recognised or realised.

The table below shows the movement in the reserve for cash flow for hedging, listed by the hedged risk.

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Fair Value change of Cash flow hedges** |  |  |  |
| Cumulative fair value change at 1 January | 1799 | (21559) | 1343 |
| Fair value adjustment at year-end, net | (5003) | 13079 | (18505) |
| Items recycled at year-end, net | (2582) | 1527 | (776) |
| Transfer of cash flow hedge reserve to property, plant <br>and equipment<br>| 2536 |  |  |
| Time value adjustment at year-end, net | (5708) | 8752 | (3621) |
| **Cumulative fair value change at 31 December** | **(8958)** | **1799** | **(21559)** |
| **The fair value of cash flow hedges at 31 December** <br>**can be specified as follows:**<br>|  |  |  |
| Interest rate risk hedging | (9839) | (14945) | (11790) |
| Foreign currency risk hedging | 1457 | 11612 | (6148) |
| Foreign currency risk hedging - time value | (576) | 5132 | (3621) |
| **Cumulative fair value change at 31 December** | **(8958)** | **1799** | **(21559)** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 24

**Derivative Financial Instruments**

*Continued from previous page*

**Interest rate risk**

The Group entered interest rate swap contracts with its main bank and designated these in relation to the

Green Corporate Facility, P-class Facility and future loans to finance the purchase of the newbuild vessels.

Further details regarding the Group's current debt facilities related to interest rate swaps are provided in

Note 25.

The interest rate risk arising from the loans has been partially hedged by swapping exposure from 3M

EURIBOR to a fixed interest rate. The credit facilities continue to expose the Group to changes in the 3M

EURIBOR rate.

The average fixed rate of the swaps is 2.83% (2024: 2.78%; 2023: 2.81%).

A further portion of the exposure has been hedged through interest rate swap contracts with caps and

floors. The average fixed rate of the cap/floor swaps falls between 2.1% and 1.1%.

The economic relationship is established through a match of critical terms between the hedged item and

the hedging instrument. The Group has assessed the following terms when entering into the hedge

relationship:

◦ Instalments on the facilities.

◦ Payment date of interest and instalment.

◦ Timing difference in the maturity of the hedge item and hedge instrument.

The expected causes of hedge ineffectiveness relate to:

◦ Changes to the expected date of delivery of the vessels.

◦ 3M EURIBOR rate falling below 0%.

The table below shows the nominal amounts and the fair values of the interest rate swaps.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Fair Value EUR'000** | **Fair Value EUR'000** |
| <br>Notional amount EUR'000 | <br>**Less** <br>**than 1** <br>**year**<br>| <br>**Between** <br>**1 and 2** <br>**years**<br>| <br>**Between** <br>**2 and 5** <br>**years**<br>| <br>**More than** <br>**5 years**<br>| **Asset** | **Liability** |
| **2025** |  |  |  |  |  |  |
| IRS – EURIBOR 3M |  | 150000 | 576703 | 141875 | 2172 | (10499) |
| **2024** |  |  |  |  |  |  |
| IRS – EURIBOR 3M |  |  | 355117 | 455625 | 1286 | (16231) |
| **2023** |  |  |  |  |  |  |
| IRS – EURIBOR 3M |  |  | 555000 |  |  | (11790) |
| EUR'000 |  |  |  | **2025** | **2024** | **2023** |
| **Movements in the hedging** <br>**reserve**<br>|  |  |  |  |  |  |
| Beginning of year |  |  |  | (14945) | (11790) | 3163 |
| Fair value adjustment for <br>the year<br>|  |  |  | 5864 | (3265) | (14177) |
| Ineffectiveness |  |  |  | (1511) |  |  |
| Items recycled for the year |  |  |  | 753 | 110 | (776) |
| **End of year** |  |  |  | **(9839)** | **(14945)** | **(11790)** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 24

**Derivative Financial Instruments**

*Continued from previous page*

**Foreign currency risk hedging**

As a result of the contracts signed with COSCO and Hanwha for the construction of the newbuild vessels,

the Group is exposed to foreign exchange risk, as instalment payments are denominated in USD, while the

functional currency is EUR. The final instalments are payable upon delivery of the vessels.

The currency exposure arising from these contracts has been swapped into EUR at an average USD:EUR rate

of 0.8586 (0.9107 for 2024 and 0.9187 for 2023).

A further portion of the exposure to fluctuations in future exchange rates has been hedged through zero-

cost collar contracts, securing an average USD:EUR rate ranging between 0.8607 and 0.9092. As of

31 December 2025, the total coverage effectively mitigates approximately 42% on average of the Group's

foreign exchange risk related to future USD denominated instalments under the A-class vessel contracts.

The economic relationship is established through a match of critical terms between the hedge item and

hedge instrument. The Group has assessed the following terms when entering into the hedge relationship:

◦ Payment dates of instalments in foreign currency.

◦ Maturity of the hedged item and hedged instruments (forward contract and option

collars).

The expected causes of hedging ineffectiveness primarily relate to changes in the expected delivery dates of

the vessel. The table below presents the nominal amounts and fair values of the foreign currency forward

contracts and option collars.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Fair Value EUR'000** | **Fair Value EUR'000** |
| <br>Notational amount USD'000 | <br>**Less than 1** <br>**year**<br>| <br>**Between 1** <br>**and 2 years**<br>| <br>**Between 2** <br>**and 5 years**<br>| **Asset** | **Liability** |
| **2025** |  |  |  |  |  |
| FX forward contracts | 162295 | 48800 |  | 511 |  |
| Option collars | 159875 | 48800 |  |  | (576) |
| **2024** |  |  |  |  |  |
| FX forward contracts | 104545 | 55398 |  | 6849 |  |
| Option collars | 300000 | 100000 |  | 10104 | (209) |
| **2023** |  |  |  |  |  |
| FX forward contracts | 150000 | 50000 |  |  | (5338) |
| Option collars |  | 250000 | 50000 |  | (4431) |
| EUR'000 |  |  | **2025** | **2024** | **2023** |
| **Movements in the hedging** <br>**reserve**<br>|  |  |  |  |  |
| Beginning of year |  |  | 16744 | (9769) | (1820) |
| Fair value adjustment for the <br>year - FX forward contracts<br>|  |  | (6103) | 10771 | (3518) |
| Fair value adjustment for the <br>year - Option collars<br>|  |  | (4764) | 5573 | (810) |
| Transfer of cash flow hedge <br>reserve to property, plant and <br>equipment<br>|  |  | 2536 |  |  |
| Items recycled for the year |  |  | (1824) | 1417 |  |
| Time value adjustment for the <br>year<br>|  |  | (5708) | 8752 | (3621) |
| **End of year** |  |  | **881** | **16744** | **(9769)** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_11.jpg](cdlr-20251231_g122.jpg)

Note 24

**Derivative Financial Instruments**

*Continued from previous page*

**Accounting policies**

Derivative financial instruments are initially recognised at fair value on the date the derivative contract is

entered into and are subsequently remeasured at fair value through profit and loss. Derivatives are carried

as financial assets, presented as derivative assets, when the fair value is positive and as financial liabilities,

presented as derivative liabilities, when the fair value is negative.

At the inception of a hedge relationship, the Group formally designates and documents the hedge

relationship, including the risk management objective and strategy for undertaking the hedge.

Changes in the fair value of derivative financial instruments designated as cash flow hedges are recognised

in other comprehensive income and presented under "Hedging reserves" (equity). Where the expected

future transactions result in the acquisition of non-financial assets, amounts deferred in equity are

transferred from equity and included in the cost of the asset. Where expected future transactions result in

income or expenses, amounts deferred under in equity are transferred from equity to the statement of

profit and loss, in the same item as the hedged transaction, as a reclassification adjustment. In addition, the

entity may transfer the cumulative fair value changes recognised in equity upon derecognition of the

hedged item.

Changes in the fair value of derivative financial instruments not designated as hedges are recognised in the

statement of profit and loss. Certain borrowing facilities when undrawn do not qualify for hedge

accounting. Changes in the fair value of these derivative financial instruments are therefore recognised in

the statement of profit and loss under "Financial income" or "Financial expenses" for interest rate swaps.

The amount included in the hedging reserve is the lower, in absolute terms, of the cumulative fair value

adjustment of the hedging instrument and the hedged item. Hedge ineffectiveness is recognised in the

consolidated statement of profit and loss. Cost of hedging reserves include the time value of options.

These costs are recognised separately in Other Comprehensive Income (OCI) and are amortised over the

life of the hedging instrument, in accordance with the specific hedging relationship. If the hedge is

discontinued, any unamortised cost of hedging is recognised immediately in profit or loss.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 25

**Financial Liabilities: Interest-bearing Loans and Borrowings**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of 31 December 2025** |  |  |  | **Committed (EUR millions)** | **Committed (EUR millions)** | **Committed (EUR millions)** | Related derivatives contracts | Related derivatives contracts |
| EUR Millions | Interest rate | Maturity | Covenants | **Utilised** | **Accumulated** <br>**repayments**<br>| **Unutilised** | Average IRS rate | IRS nominal (EUR <br>millions)<br>|
| **Secured** |  |  |  |  |  |  |  |  |
| Green Corporate Facility (RCF + term loan) | 3 months EURIBOR + 2% - 2.75% | 2032 | Yes - refer to page 203 | 283 | (87) | 148 | 2.7% | 247 |
| Green Corporate Facility - Guarantee | 0.8% - 1.2% | 2026 | Yes - refer to page 203 | 157 |  | 43 |  |  |
| **Total Green Corporate Facility** |  |  |  | **440** | **(87)** | **191** |  |  |
| P-Class Facility¹ | 3 months EURIBOR + 1.6% | 2037 | Yes - refer to page 203 | 421 | (35) |  | 3.0% | 105.1 |
| A-Class Facility I & II | 3 months EURIBOR + 1.6% | 2037 | Yes - refer to page 203 | 262 | (5) | 263 |  |  |
| Wind Keeper Facility | 3 months EURIBOR + 2.1% | 2030 | Yes - refer to page 203 | 125 |  |  |  |  |
| M-Class Facility I & II | 3 months EURIBOR + 2.5% | 2037 | Yes - refer to page 203 | 420 | (13) |  |  |  |
| **Unsecured** |  |  |  |  |  |  |  |  |
| HoldCo Facility | 3 months EURIBOR + 4% | 2028 | Yes - refer to page 203 | 125 |  |  |  |  |
| HoldCo Facility II | 3 months EURIBOR + 4% | 2030 | Yes - refer to page 203 | 60 |  |  |  |  |
| Unsecured guarantee facility |  |  | Yes - refer to page 203 | 96 |  | 7 |  |  |
| **Total (excluding Guarantee facility)** |  |  |  | **1696²** | **(140)** | **411** |  |  |

---

<sup>1</sup>For the P-class Facility, up to EUR 425 million, EUR 214million was available for Wind Peak of which EUR 421 million has been utilised and the remaining EUR 4 million lapsed. <br><sup>2</sup> The difference between EUR 1,696 million and the carrying amount of EUR 1,611 million is mainly related to interest and fees.<br>

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-3_16.jpg](cdlr-20251231_g123.jpg)

Note 25

**Financial Liabilities: Interest-bearing Loans and Borrowings**

*Continued from previous page*

**Company Financing**

**Green Corporate Facility (formerly referred to as "New** 

**debt Facility")**

In December 2023, Cadeler announced the signing of a EUR

550 million Senior Secured Green Facilities, the "Green Corporate

Facility", with a group of banks led by DNB and supported by

Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking

Corporation ("OCBC"), Standard Chartered Bank and Société

Générale.

The main objective of the Green Corporate Facility is to refinance

and fund upgrades to existing vessels, as well as to provide funding

for general corporate and working capital purposes.

The Green Corporate Facility comprises two RCFs amounting to EUR

350 million, a EUR 100 million term loan guaranteed by The Danish

Export and Investment Fund of Denmark (EIFO) and a EUR

200 million uncommitted Guarantee facility.

**Holdco Facility**

In November 2023, Cadeler entered into a bilateral unsecured

Green Loan Facility with HSBC of EUR 80 million, which was upsized

to EUR 125 million during 2024. The main purpose of the facility has

been to pre-finance the construction of the P-class and A-class

newbuild vessels in addition to the upgrade of the existing O-class

vessels.

In November 2025, Cadeler entered into a second unsecured Green

Loan Facility with HSBC and Clifford Capital of EUR 60 million with a

non-committed accordion option of up to EUR 80 million.

As of 31 December 2025, both unsecured facilities are fully utilised.

**Project Financing**

**P-class Facility**

In December 2023, Cadeler announced the signing of a Sinosure-

backed Senior Secured Green Term Loan Facility of up to

EUR425 million. The purpose of the P-class Facility is to finance

Cadeler's two newbuild vessels, Wind Peak and Wind Pace, which

were delivered on August 2024 and March 2025, respectively.

**M-class Facility I & II**

In August 2024, Cadeler successfully refinanced the USD 436 million

Senior Secured Green Term Loan Facility (M-class Facility) to two

individual M-class facilities (M-class Facility I and M-class Facility II).

Both facilities are backed by Danmarks Eksport og Investeringsfond

(EIFO) and Export Finance Norway (Eksfin), and provide an

aggregate of up to EUR420 million in post-delivery financing. The

two newbuild vessels, Wind Maker and Wind Mover, were delivered

on January 2025 and November 2025, respectively.

**A-class Facility** 

In March 2025, Cadeler entered into a EUR 525m Green Term Loan

Pre-Delivery and Post-Delivery Facility secured by Sinosure and

Eksfin. The purpose of the facility is to finance Cadeler's two

newbuild vessels, Wind Ally and Wind Ace. Wind Ally has been

successful delivered ahead of schedule in September 2025 and

Wind Ace is expected to be delivered in Q1 2026.

**Keeper Facility**

In May 2025, Cadeler entered into a bridge facility of up to EUR

150 million for the acquisition of Wind Keeper. This facility was

subsequently refinanced by a EUR 125 million Green Term Loan,

which was fully drawn in October 2025.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 25

**Financial Liabilities: Interest-bearing Loans and Borrowings**

*Continued from previous page*

**Covenants**

The Group debt facilities include the following covenants:

All debt facilities

• Minimum Free Liquidity: Freely available cash and cash

equivalents of i) the higher of EUR 35 million or 5% of gross

interest-bearing debt, where the ratio of forward-looking

contract cash flow to net interest-bearing debt exceeds 50%

or ii) EUR 50 million or an amount equal to 7.5% of gross

interest-bearing debt at all other times.

• Equity Ratio: The ratio of book equity to total assets must at

all times be a minimum 35%.

• Working capital: The working capital shall be higher than

zero (0).

• Minimum security value (loan-to-value for individual debt

facilities).

Additional items included in Green Corporate Facility

• If, in any reported quarter, the aggregated loan balance

exceeds 80% of the forward-looking expected cash

revenues from legally binding contracts (the Contracted

Cash Flows), the Borrower shall prepay the excess amount

of the loans within five business days.

Additional items included in Holdco Facility

• The Group is subject to a debt service coverage ratio where

cash flow available for debt service (including available

liquidity comprising cash, cash equivalents and undrawn

Green Corporate Facility) at the Parent Company must be at

leaast two times the debt service cash flow relating to the

Holdco Facility (2:1).

Additional items included in M-Class Facility I & II

• The Group is required to maintain a specified number of

employees in Denmark.

All covenants are tested semi-annually, at 30 June and 31 December.

The Group is in compliance with all covenants.

As of the reporting date, M-class Facilities I and II remain unutilised.

Due to the non-utilisation of these facilities, no assessment of

compliance with associated covenants has been required to date.

These covenants, once applicable, will require assessment upon

utilisation of the facilities and include customary financial and other

covenants, including certain change of control provisions, similar to

those disclosed for the utilised facilities.

In addition, the Group is in compliance with the following

requirements:

Restriction on dividends: The Company is not permitted to pay any

dividends or other distributions without lender's written consent.

Across the Group's Debt Facilities, dividends and distributions must

not exceed 50% of the consolidated net profit for the respective year

and the net interest bearing debt to EBITDA ratio should not be lower

than 2.75:1. Furthermore, under the Holdco Facility, the Company is

not permitted to make any distributions prior to the delivery of the P-

Class, the first two A-Class and M-Class vessels.

Change of control: If any person or group of persons (other than

Swire Pacific, Scorpio Group or the BW Group) acting in concert

directly or indirectly gains control of 25% or more of the voting and/

or ordinary shares of the Borrower, the Agent (acting on the

instructions of the majority lenders) may, by written notice of 60 days

cancel the total commitments and demand prepayment of all

amounts outstanding under the facilities.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 25

**Financial Liabilities: Interest-**

**bearing Loans and Borrowings**

*Continued from previous page*

**Accounting policies**

Debt to credit institutions etc. is recognised at the time of borrowing

at fair value after deduction of directly attributable transaction costs.

Subsequently, the financial liabilities are measured at amortised cost

using the "effective interest method", whereby the difference

between the proceeds and the nominal value is recognised in the

statement of profit and loss under financial expenses over the loan

period.

A financial liability is derecognised when the obligation under the

liability is discharged, cancelled or expires.

When an existing financial liability is replaced by another from the

same lender on substantially different terms, or when the terms of an

existing liability are substantially modified, such an exchange or

modification is treated as the derecognition of the original liability

and the recognition of a new liability.

The difference in the respective carrying amounts of the original and

the new financial liability is recognised in the statement of profit and

loss.

Note 26

**Business Combination**

On 19 December 2023, the Group completed the acquisition of Eneti.

The fair value of the identified net assets acquired and goodwill

recognised in the Eneti acquisition comprises as follows:

---

| | |
|:---|:---|
| EUR'000 | **19 December** <br>**2023**<br>|
| Vessels including dry docks | 296707 |
| Vessel under construction | 144219 |
| Other fixtures & fittings | 598 |
| Right-of-use assets | 1033 |
| Trade and other receivables | 29408 |
| Inventories | 147 |
| Prepayments | 3821 |
| Cash and cash equivalents | 106056 |
| **Total assets** | **581989** |

---

---

| | |
|:---|:---|
| EUR'000 | **19 December 2023** |
| Provisions | 6987 |
| Deferred tax liabilities | 10315 |
| Trade and other payables | 40271 |
| Lease liabilities | 1300 |
| Deferred charter hire income | 1937 |
| Current income tax liabilities | 1217 |
| **Total liabilities** | **62027** |

---

---

| | |
|:---|:---|
| **Total identifiable net assets at fair value** | **519962** |
| Goodwill arising on acquisition | 16919 |
| **Purchase price transferred** | **536881** |
| Cash and cash equivalents acquired | 106056 |
| Consideration paid in shares | 441228 |
| **Net cash purchase price** | **(10403)** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 27

**Related Party Transactions**

The following significant transactions took place between the Company and related parties within the BW

Group, Scorpio Holdings and Swire Pacific Offshore Holdings Group at terms agreed between the parties:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Purchases of services from related parties | **(5732)** | **(8260)** | **(9216)** |
| BW Group Limited (including subsidiaries) | (5455) | (7121) | (9199) |
| Scorpio Holdings Limited (including subsidiaries) | (277) | (1139) | (17) |
| Receivables from related parties at reported period | **—** | **214** | **592** |
| Scorpio Holdings Limited (including subsidiaries) |  | 214 | 592 |
| Payables to related parties at reported period | **382** | **223** | **162** |
| BW Group Limited (including subsidiaries) | 306 | 181 | 10 |
| Scorpio Holdings Limited (including subsidiaries) | 76 | 42 | 152 |

---

Related party transactions during the reporting period are primarily related to guarantee fees charged by

BW Group Limited, bunker supply provided by Hafnia Pools (a member of the BW Group), training-related

costs charged by BW Maritime, and administrative expenses charged by Scorpio Services Holding.

As at 31 December 2025, approximately EUR 3 million recognised within prepayments relates to legal and

advisory costs incurred by the Company on behalf of a special purpose vehicle incorporated by BW Altor

Pte. Ltd. in connection with the Cadeler Group's proposed re-domiciliation to the United Kingdom, as first

disclosed on 28 June 2024. It is anticipated that these costs will be reimbursed by the special purposes

vehicle (which is today a related party) immediately following the contemplated transaction, which the

Company expects to complete in 2026.

In addition, Cadeler has not entered into any significant transactions with members of the Cadeler Board of

Directors or Executive Management, other than remuneration and reimbursement of expenses. Cadeler has

not provided or granted any loans or guarantees to its directors or Executive Management. For information

on remuneration paid to members of the Cadeler Board and Executive Management, refer to Note 8.

**Group's Related Party Transactions**

Members of Cadeler's Executive Management and its Board of Directors, as well as their respective close

family members and entities controlled by them or over which they exercise significant influence are

considered related parties of Cadeler. BW Altor Pte. Ltd. ("BW Altor") and Scorpio Holdings Limited ("Scorpio

Holdings"), together with certain of their respective affiliates are considered related parties as they are

deemed to be controlled by, or under the significant influence of, Andreas Sohmen-Pao and Emanuele

Lauro (each a member of Cadeler's Board of Directors), respectively. For the financial year 2022, Swire

Pacific Limited ("Swire Pacific") was considered a related party of Cadeler due to its significant ownership

stake and the fact that one of its employees served as a director on the Cadeler Board of Directors.

However, with effect from 1 January 2023, Cadeler ceased to consider Swire Pacific to be a related party due

to its reduced ownership percentage and the fact that it was no longer represented on Cadeler's Board of

Directors.

For the financial years ended 31 December 2025, 2024 and 2023, there were no material transactions

between Cadeler or any entity within the Cadeler Group and BW Altor, Scorpio Holdings and/or Swire

Pacific (or their respective affiliates) other than the transactions described below.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![2-3_8.jpg](cdlr-20251231_g124.jpg)

Note 27

**Related Party Transactions**

*Continued from previous page*

**Guarantees provided by BW Group**

BW Group has provided COSCO with four guarantees in respect of

the sums payable by Cadeler in accordance with the contracts for the

construction of certain P-class and A-class WTIVs in 2021, 2022 and

2023. Under this guarantee arrangement, certain fees are payable by

the Group to BW Group until the guarantees are discharged in full.

On 27 May 2024, additional guarantees were provided in respect of

the sums owed by Cadeler pursuant to the ordered third A-class

vessel.

**Training courses provided by BW Maritime**

BW Maritime has provided training courses for Cadeler's onshore

staff as well as reimbursement of travelling costs for board members.

**Administrative support provided by Scorpio Services** 

**Holding**

The Group, due to the business combination with Eneti, holds an

agreement with Scorpio Services Holding ("SSH") for the provision of

administrative staff, office space and accounting, legal compliance,

financial and information technology services for which it is required

to reimburse to SSH for the direct and indirect expenses incurred in

providing such services.

**Ultramax and Kamsarmax pools**

Through the business combination the Company acquired

receivables positions from Eneti related to transactions to Scorpio

Group related parties for commercial management services. These

services involved securing employment for Eneti's drybulk vessels in

the spot market or on time charters. The pools are owned by Scorpio

Holdings which is considered a related party.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 28

**Commitments and Pledges**

**Lease commitments**

The future minimum lease payables under non-cancellable low value and short-term leases contracted for

at the balance sheet date but not recognised as liabilities are as follows:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Not later than one year | 16483 | 117 | 1090 |
| Between one and five years | 229 | 219 | 4984 |
|  | **16712** | **336** | **6074** |

---

As of 31 December 2025, the Company's lease commitments included the lease of third-party vessels

related to T&I activities.

As of 31 December 2023, the Company's lease commitments included the tenure of the new headquarters.

These commitments were reflected on the balance sheet starting in Q1 2024 as 'Right-of-Use Assets' and

'Lease Liabilities' in accordance with IFRS 16.

The Group has issued performance and payment guarantees through its banking partners in favour of

customers and suppliers in connection with offshore wind installation projects. At 31 December 2025,

outstanding guarantees totalled EUR 253 million. The guarantees relate to the Group's contractual

performance and payment obligations. No provision has been recognised, as management assesses that an

outflow of resources is not probable. The Group would be required to reimburse the issuing bank should

any guarantee be called.

**Pledge of Fixed Assets**

The Green Corporate Facility detailed in Note 25 is secured by, inter alia, a first priority mortgage over the

Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 603 million carrying amount, see Note

13). In addition, the facility is secured by a first priority assignment of the earnings of the vessel-owning

entities, including certain change of control provisions which are similar to those included in the P-class

Facility.

The P-class Facility, detailed in Note 25, is secured by a first priority mortgage over the P-class newbuild

vessels, first priority assignments of the insurances and earnings of the P-class newbuilds by Cadeler and the

two borrowers and contain customary financial and other covenants, including certain change of control

provisions. A change of control under the P-class Facility if any person or group of persons acting in concert

(other than Swire Pacific and the BW Group) legally and beneficially holds more than 25% of both the issued

and outstanding share capital and/or the issued and outstanding voting share capital of Cadeler A/S. In

addition, certain changes to the ownership structure further down in the Group will also trigger a change of

control, including, among others, circumstances in which Wind Pace Ltd (formerly referred as to N1064 Ltd)

or Wind Peak Ltd (formerly referred as to N1063 Ltd) ceases to be a wholly owned (direct or indirect)

subsidiary of Cadeler.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 28

**Commitments and Pledges**

**Contractual amounts, newbuilds vessels:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Millions | **P-Class** | **M-Class** | **A-Class** | **Total** |
| Contract amount in EUR | 220 |  | 299 | 519 |
| Contract amount in USD | 390 | 655 | 794 | 1839 |
| Total Contract amount translated to EUR | **573** | **600** | **981** | **2154** |
| **Remaining commitments, newbuilds vessels:** | **Remaining commitments, newbuilds vessels:** |  |  |  |
| Commitment amount in EUR |  |  | 40 | 40 |
| Commitment amount in USD |  |  | 496 | 496 |
| Remaining commitment translated to EUR at <br>31 December 2025<br>| **—** | **—** | **462** | **462** |
| Commitment amount in EUR |  |  | 105 | 105 |
| Commitment amount in USD | 193 | 425 | 724 | 1342 |
| Remaining commitment translated to EUR at <br>31 December 2024<br>| **185** | **409** | **801** | **1395** |
| Commitment amount in EUR | 69 |  | 105 | 174 |
| Commitment amount in USD | 390 | 524 | 426 | 1340 |
| Remaining commitment translated to EUR at <br>31 December 2023<br>| **421** | **474** | **490** | **1385** |

---

Maturity of total payments are disclosed in Note 23.

**P-Class vessels** 

Since 30 June 2021, the Company had a contract with COSCO to build two new P-class WTIVs. On 14 August

2024, Wind Peak was delivered and the final instalments were paid upon delivery. On 26 March 2025, Wind

Pace was delivered with the final instalments also paid upon delivery.

**A-class vessels**

On 9 May 2022 and 22 November 2022, the Company entered into contracts with COSCO to build a total of

two new A-class FIVs. In May 2024, the Company entered into an additional contract with COSCO to build

the third A-class FIV. On 29 September 2025, Wind Ally was delivered, with the final instalments paid upon

delivery.

The remaining amounts are due in 2026 and 2027 with expected deliveries in Q3 2026 and Q2 2027,

respectively.

**M-Class vessels**

As a result of the business combination with Eneti, the Company had a contract with Hanwha for the

construction of two next-generation offshore WTIVs.

On 31 January 2025, Wind Maker was delivered and the final instalments were paid upon delivery. On 28

November 2025, Wind Mover was delivered with the final instalments also paid upon delivery.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 29

**Group Information**

The consolidated financial statements of the Group include the following subsidiaries, which are all wholly

owned by the Parent Company:

---

| | |
|:---|:---|
| **Entities** | **Country** |
| Vessel owning entities |  |
| Wind Orca Ltd | Cyprus |
| Wind Osprey Ltd | Cyprus |
| Wind Peak Ltd (formerly referred as to N1063 Ltd) | Cyprus |
| Wind Pace Ltd (formerly referred as to N1064 Ltd) | Cyprus |
| Wind Ally Ltd. | Cyprus |
| Wind Ace Ltd. | Cyprus |
| Wind Maker Ltd (formerly referred to as Seajacks 1 Ltd) | UK |
| Wind Mover Ltd (formerly referred to as Seajacks 5 Ltd) | UK |
| Wind Scylla Ltd (formerly referred to as Seajacks 5 Ltd) | UK |
| Wind Keeper Ltd (formerly referred to as Seajacks 7 Ltd) | UK |
| Seajacks 3 Japan LLC | Japan |
| Trading and Operations |  |
| Cadeler UK Ltd (formerly referred to as Seajacks UK Ltd) | UK |
| Cadeler UK Ltd Taiwan Branch (formerly referred as to Seajacks UK Ltd Taiwan Branch) | Taiwan |
| Seajacks US Inc. | USA |
| Seajacks Merman Marine Ltd | Bermuda |
| Cadeler Crewing Services Ltd (formerly referred to as Seajacks Crewing Services Ltd) | UK |
| Cadeler Management Services SARL | Monaco |
| Seajacks Japan LLC | Japan |
| Investment holding entities |  |
| Wind MI Ltd | Marshall Islands |
| Cadeler Holdings Ltd (formerly referred to as Atlantis Investorco Ltd) | Bermuda |
| Atlantis Investorco Ltd | UK |

---

---

| | |
|:---|:---|
| **Entities** | **Country** |
| Investment holding entities (continuation) |  |
| Cadeler International Ltd (formerly referred to as Seajacks International Ltd) | UK |
| Dormant entities |  |
| SBI Chartering and Trading Ltd | Marshall Islands |
| SBI Macarena Shipping Company Ltd | Marshall Islands |
| SBI Taurus Shipping Company Ltd | Marshall Islands |

---

During 2025, several entities were dissolved:

---

| | |
|:---|:---|
| **Entities** | **Country** |
| Investment holding entities |  |
| Atlantis Equityco Ltd | UK |
| Atlantis Midco Ltd | UK |
| Dormant entities |  |
| SBI Parapara Shipping Company Ltd | Marshall Islands |
| SBI Pegasus Shipping Company Ltd | Marshall Islands |
| SBI Perseus Shipping Company Ltd | Marshall Islands |
| Eneti (Bermuda) Ltd | Bermuda |
| Seajacks 2 Ltd | UK |
| Seajacks 3 Ltd | UK |
| Seajacks 8 Limited | UK |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 30

**Events After Reporting Period**

Management has evaluated events and transactions occurring after

the balance sheet date through the date the financial statements

were available to be issued. Based on this evaluation, there were no

subsequent events identified that require adjustment to or disclosure

in the accompanying financial statements.

Note 31

**Authorisation of Financial** 

**Statements**

These financial statements were authorised for issue by a resolution

of the Board of Directors and Executive Management of Cadeler A/S

on 24 March 2026 and will be submitted for approval to the

shareholders of the Company at the annual general meeting to be

held on 21 April 2026.

![Presentation_Master29.jpg](cdlr-20251231_g111.jpg)

**Parent Company** 

**Financial** 

**Statements**

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-3_20.jpg](cdlr-20251231_g125.jpg)

**Parent Company Statement of Profit and Loss**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Revenue | 2 | 422004 | 126680 | 108810 |
| Cost of sales | 3 | (221318) | (77283) | (57077) |
| **Gross profit** |  | **200686** | **49397** | **51733** |
| Administrative expenses | 3 | (55217) | (38347) | (33666) |
| **Operating profit** |  | **145469** | **11050** | **18067** |
| Finance income |  | 1312 | 11258 | 1362 |
| Finance costs |  | (31283) | (2496) | (8081) |
| **Profit before income tax** |  | **115498** | **19812** | **11348** |
| Income tax credit/expense | 5 | (1359) |  |  |
| **Profit for the year** |  | **114139** | **19812** | **11348** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Parent Company Balance Sheet**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Assets** |  |  |  |  |
| **Non-current assets** |  |  |  |  |
| Intangible assets | 7 | 1000 | 312 | 240 |
| Property, plant and equipment | 8 | 361248 | 475632 | 369154 |
| Other non-current assets |  | 20000 |  |  |
| Financial assets |  |  |  |  |
| Investments in subsidiaries | 9 | 1105545 | 745499 | 745489 |
| Leasehold deposits |  | 1141 | 1014 | 1220 |
| Derivatives | 11 | 540 | 1915 | 338 |
| Total financial assets |  | 1107226 | 748428 | 747047 |
| **Total non-current assets** |  | **1489474** | **1224372** | **1116441** |
| **Current assets** |  |  |  |  |
| Inventories |  | 2377 | 848 | 1836 |
| Receivables |  |  |  |  |
| Trade receivables |  | 168506 | 47958 | 35227 |
| Receivables from subsidiaries | 15 | 173243 | 424506 | 91510 |
| Current Income tax receivable |  |  |  | 12 |
| Other current assets |  | 6940 | 11140 | 5212 |
| Total receivables |  | 348689 | 483604 | 131961 |
| Derivatives | 11 |  | 7742 |  |
| Cash and bank balances |  | 41311 | 16727 | 59436 |
| **Total current assets** |  | **392377** | **508921** | **193233** |
| **Total assets** |  | **1881851** | **1733293** | **1309674** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Equity** |  |  |  |  |
| Share capital | 14 | 47144 | 47144 | 41839 |
| Share premium |  | 1099495 | 1099495 | 952858 |
| Treasury shares |  | (2999) | (1283) |  |
| Reserves |  | (3116) | (8365) | (17938) |
| (Accumulated losses)/retained earnings |  | 113716 | (2494) | (23968) |
| **Total equity** |  | **1254240** | **1134497** | **952791** |
| **Liabilities** |  |  |  |  |
| **Non-current liabilities** |  |  |  |  |
| Debt to credit institutions | 12 | 439575 | 358395 | 204773 |
| Deferred revenue | 2 | 27759 | 942 | 1778 |
| Derivatives | 11 | 5331 | 12906 | 17957 |
| **Total non-current liabilities** |  | **472665** | **372243** | **224508** |
| **Current liabilities** |  |  |  |  |
| Debt to credit institutions | 12 | 15463 | 13056 | 799 |
| Deferred revenue | 2 | 107662 | 31641 | 10190 |
| Trade and other payables |  | 31078 | 29344 | 16437 |
| Payables to related parties |  | 306 | 181 | 10 |
| Payables to subsidiaries | 15 | 5 | 152317 | 100922 |
| Current income tax liabilities |  | 432 | 14 | 13 |
| Derivatives | 11 |  |  | 4004 |
| **Total current Liabilities** |  | **154946** | **226553** | **132375** |
| **Total liabilities** |  | **627611** | **598796** | **356883** |
| **Total equity and liabilities** |  | **1881851** | **1733293** | **1309674** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Parent Company Statement of Changes in Equity**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **Share capital** | **Share premium** | **Treasury shares** | **Hedging reserves** | **(Accumulated** <br>**losses)/ retained** <br>**earnings**<br>| **Total** |
| **2025** |  |  |  |  |  |  |  |
| Beginning of financial year |  | 47144 | 1099495 | (1283) | (8365) | (2494) | 1134497 |
| Profit for the year |  |  |  |  |  | 114139 | 114139 |
| Value adjustments of hedging instruments |  |  |  |  | 5249 |  | 5249 |
| Treasury shares |  |  |  | (1716) |  |  | (1716) |
| Share-based payments |  |  |  |  |  | 2071 | 2071 |
| **End of financial year** |  | **47144** | **1099495** | **(2999)** | **(3116)** | **113716** | **1254240** |
| **2024** |  |  |  |  |  |  |  |
| Beginning of financial year |  | 41839 | 952858 |  | (17938) | (23968) | 952791 |
| Profit for the year |  |  |  |  |  | 19812 | 19812 |
| Value adjustments of hedging instruments |  |  |  |  | 9573 |  | 9573 |
| Capital increase February 2024 | 9 | 5301 | 149567 |  |  |  | 154868 |
| Costs incurred in connection with February 2024 capital increase |  |  | (3014) |  |  |  | (3014) |
| Capital increase June 2024 |  | 4 | 84 |  |  |  | 88 |
| Treasury shares |  |  |  | (1283) |  |  | (1283) |
| Share-based payments |  |  |  |  |  | 1662 | 1662 |
| **End of financial year** |  | **47144** | **1099495** | **(1283)** | **(8365)** | **(2494)** | **1134497** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Parent Company Statement of Changes in Equity**

*Continued from previous page*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **Share capital** | **Share premium** | **Treasury shares** | **Hedging reserves** | **(Accumulated** <br>**losses)/ retained** <br>**earnings**<br>| **Total** |
| **2023** |  |  |  |  |  |  |  |
| Beginning of financial year |  | 26575 | 509542 |  | 1343 | (12831) | 524629 |
| Profit for the year |  |  |  |  |  | 11348 | 11348 |
| Value adjustments of hedging instruments |  |  |  |  | (19281) |  | (19281) |
| Registration of new shares in connection with December 2023 business <br>combination<br>|  | 15264 | 450271 |  |  |  | 465535 |
| Costs incurred in connection with listing |  |  | (6955) |  |  |  | (6955) |
| Changes from business combination |  |  |  |  |  | (23619) | (23619) |
| Share-based payments |  |  |  |  |  | 1134 | 1134 |
| **End of financial year** |  | **41839** | **952858** | **—** | **(17938)** | **(23968)** | **952791** |

---

![Presentation_Master25_p216.jpg](cdlr-20251231_g126.jpg)

**Notes to the Parent** 

**Company Financial** 

**Statements**

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-3_17.jpg](cdlr-20251231_g127.jpg)

Note 1

**Accounting Policies**

The Parent Company financial statements of Cadeler A/S for 2025

have been prepared in accordance with the provisions of the Danish

Financial Statements Act applicable to reporting class D entities.

The Parent Company's accounting policies on recognition and

measurement are generally consistent with those of the Group. Any

differences between the Parent Company's accounting policies and

the Group's accounting policies are described below.

**Changes in accounting policies**

The Parent Company financial statements have been prepared using

the same accounting policies as in the prior years.

**Omission of a cash flow statement**

With reference to Section 86(4) of the Danish Financial Statements

Act, no cash flow statement has been prepared. The Company's cash

flows are included in the consolidated cash flow statement of Cadeler

A/S.

**Dividends from subsidiaries**

Dividends from subsidiaries are recognised in the statement of profit

and loss to the extent that the dividend does not exceed the

accumulated earnings of the subsidiary during the period of

ownership.

**Receivables**

Receivables are measured at amortised cost.

The Company has chosen IAS 39 as the basis for impairment of

financial receivables.

An impairment loss is recognised if there is objective evidence that a

receivable or a group of receivables is impaired. If there is objective

evidence that an individual receivable has been impaired, an

impairment loss is recognised on an individual basis.

**Revenue**

The Company has chosen IFRS 15 under Danish GAAP as the basis for

revenue recognition. For further information on accounting policies

refer to Note 3 in the consolidated financial statements.

The Company's revenue includes intercompany transactions with

Wind Orca, Wind Osprey, Wind Peak, and Wind Pace, which are

governed by ship management agreements. The Company

recognises revenue from the Wind entities during off-hire periods

(off-hire ship management costs).

**Investments in subsidiaries**

Investments in subsidiaries are initially measured at cost less

impairment. Dividends received that exceed the accumulated

earnings of the subsidiary during the period of ownership are treated

as a reduction of the investment cost. Costs incurred in connection

with the purchase of subsidiaries are included in the cost of the

investment. Where the carrying amount exceeds the recoverable

amount, an impairment loss is recognised, reducing the carrying

amount to the recoverable amount.

The carrying amount of investments in subsidiaries is tested for

impairment when an indication of impairment arises.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 1

**Accounting Policies**

*Continued from previous page*

**Derivatives and hedge accounting**

Derivative financial instruments are initially recognised at fair value on

the date on which a derivative contract is entered into and

subsequently remeasured at fair value through profit and loss.

Derivatives are carried as financial assets, presented under derivatives

assets, when the fair value is positive and as financial liabilities,

presented under derivatives liabilities, when the fair value is negative.

For further details on the accounting policies, refer to Note 23 in the

Consolidated Financial Statements, with the exception that cost of

hedging is not permitted under Danish GAAP.

**Property, plant and equipment**

Property, plant and equipment are recognised at cost less

accumulated depreciation and accumulated impairment losses.

Depreciation is calculated using the straight-line method to allocate

their depreciable amounts over the assets' estimated useful lives. The

estimated useful lives are as follows:

---

| | |
|:---|:---|
| | Useful lives |
| Other fixtures and fittings | Two to three years |

---

**Share capital**

Ordinary shares are classified as equity. When there is a capital

increase through the issuance of new shares, these shares are

recorded at their nominal value.

**Share premium reserve and treasury shares** 

The share premium reserve represents the capital contributed by

investors exceeding the nominal value of the shares issued, net of any

incremental costs directly associated with the issuance of new shares.

Own equity instruments that are reacquired (treasury shares) are

recognised at cost and deducted from equity. No gain or loss is

recognised in profit or loss on the purchase, sale, issue or

cancellation of the Group's own equity instruments. Any difference

between the carrying amount and the consideration received, if

reissued, is recognised in equity.

**Hedging reserves and retained earnings**

Hedging reserves reflect the changes in the fair value of derivative

financial instruments designated as cash flow hedges. Retained

earnings include results from prior periods, changes in equity arising

from business combination purchase price adjustments, and share-

based payments.

**Share-based payments**

Employees (including senior executives) of the Group receive

remuneration in the form of share-based payments, whereby

employees render services as consideration for equity instruments

(equity-settled transactions). For further details on the accounting

policies, refer to Note 7 in the Consolidated Financial Statements.

Changes in the fair value of derivative financial instruments

designated as cash flow hedges are recognised in equity and

presented under "Hedging reserves" (equity).

**Leasing with the Company as lessee**

The Company has decided to apply IAS 17 as the basis for accounting

for leases. Leases that do not transfer substantially all the risks and

rewards incident to ownership to the entity are operating leases.

Payments relating to operating leases and any other leases are

recognised in the income statement over the term of the lease. The

Group's or the Parent Company's total liabilities relating to operating

leases and other leases are disclosed under contingencies.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 2

**Revenue**

Refer to Note 3 in the consolidated financial statements for disclosure

relating to revenue.

Parent company revenue includes the receipt of termination fees

under a Long-Term Agreement (LTA). Further includes revenue from

related parties totalling EUR 7.4 million (2024: EUR 2.1 million; 2023:

EUR 3.6 million). Related party revenue consists of income derived

from the management and maintaining of the two WTIVs during off-

hire periods.

Deferred revenue relates to that portion of the consideration received

from customers that relates to unsatisfied performance obligations

under the relevant charter contract at the time of the receipt of that

revenue. Revenue will be recognised when the related services are

provided to the customers. For further information on accounting

policies, refer to Note 3 in the Consolidated Financial Statements.

Segment information

The Group's management does not operate or make decisions based

on customer types, types of service, revenue streams or geographical

segments. In 2025, the Group operated nine WTIVs, which are viewed

as a single operating segment and can operate in all geographical

areas required for the specification of a specific windfarm project.

The following table presents financial information by country and

region based on the location of the service provided. Individual

countries are shown if they are above 10% of revenue:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Total revenue by country and region** |  |  |  |
| Denmark | 102466 | 51095 | 5000 |
| UK | 131631 | 68060 | 48472 |
| Germany | 60439 |  |  |
| Poland | 58512 |  |  |
| Netherlands |  | 5410 | 51758 |
| Rest of Europe | 12435 | 2115 | 3580 |
| **Europe** | **365483** | **126680** | **108810** |
| **United States** | 56521 |  | **—** |
| **Total Revenue** | **422004** | **126680** | **108810** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 3

**Expenses by Nature**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Cost of sales** |  |  |  |  |
| Bareboat charter hire, from subsidiaries |  | 134608 | 43407 | 29508 |
| Insurance |  | 3598 | 1066 | 42 |
| Seafarer payroll | 4 | 27215 | 15590 | 14420 |
| Fuel and oil |  | 6015 | 1121 | 501 |
| Maintenance |  | 9550 | 4145 | 4917 |
| Messing costs |  | 2743 | 1304 | 1398 |
| Seafarer travel |  | 7774 | 3031 | 2835 |
| Specific charter costs |  | 28535 | 6463 | 2882 |
| Utilities |  | 1064 | 719 | 389 |
| Other operating expenses |  | 189 | 437 | 190 |
| Tonnage tax |  | 27 |  | (5) |
| **Total cost of sales** |  | **221318** | **77283** | **57077** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| **Administrative expenses** |  |  |  |  |
| Depreciation and amortisation | 78 | 1316 | 970 | 504 |
| Employee compensation | 4 | 33406 | 20680 | 18983 |
| Repair and maintenance expenses |  | 2802 | 2270 | 1123 |
| Legal and professional fees |  | 7359 | 5908 | 1406 |
| Transaction costs |  |  |  | 7707 |
| Rental expenses |  | 2671 | 2385 | 731 |
| Travel expense |  | 1687 | 1164 | 965 |
| Marketing and entertainment expenses |  | 830 | 1001 | 601 |
| Other expenses |  | 5146 | 3969 | 1646 |
| **Total administrative expenses** |  | **55217** | **38347** | **33666** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_12.jpg](cdlr-20251231_g128.jpg)

Note 3

**Expenses by Nature**

*Continued from previous page*

**Auditor remuneration**

Administrative expenses include fees to the auditors appointed by the shareholder at the Annual General

Meeting:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Statutory audit | 1748 | 1930 | 464 |
| Tax services | 34 | 201 |  |
| Other assurance services | 25 | 9 | 1608 |
| Other services |  | 22 | 606 |
| **Total** | **1807** | **2162** | **2678** |

---

Statutory audit services consist of fees for professional services rendered by EY for the audit of the Group's

annual consolidated financial statements, as well as services that are provided by the auditor in connection

with statutory audit.

Tax services consist of tax compliance services.

Other assurance services include re-audits and assurance reports in respect of pro-forma financial

information in connection with regulatory filings in December 2023, as well as reviews of interim financial

information.

Other services consist of permitted non-audit services, including fees for work performed in connection with

the US listing in December 2023.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 4

**Employee Compensation**

**Onshore - presented within administrative expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Wages and salaries |  | 27003 | 18233 | 16671 |
| Employer's contribution to defined contribution plans |  | 3345 | 1338 | 819 |
| Share based payment expense | 6 | 936 | 896 | 1134 |
| Other short-term benefits |  | 2122 | 213 | 359 |
| **Total onshore employee compensation** |  | **33406** | **20680** | **18983** |
| Average number of full-time employees |  | 211 | 144 | 105 |

---

**Offshore - presented within cost of sales**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Wages and salaries |  | 24434 | 13991 | 13190 |
| Employer's contribution to defined contribution plans |  | 2561 | 1416 | 1060 |
| Other short-term benefits |  | 220 | 183 | 170 |
| **Total offshore employee compensation** |  | **27215** | **15590** | **14420** |
| Average number of full-time employees |  | 359 | 200 | 167 |

---

**Total**

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Wages and salaries |  | 51437 | 32224 | 29861 |
| Employer's contribution to defined contribution plans |  | 5906 | 2754 | 1879 |
| Share based payment expense |  | 936 | 896 | 1134 |
| Other short-term benefits |  | 2342 | 396 | 529 |
| **Total employee compensation** |  | **60621** | **36270** | **33403** |
| Average number of full-time employees |  | 570 | 344 | 272 |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_13.jpg](cdlr-20251231_g129.jpg)

Note 5

**Tax**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Tax expense attributable to profit is made up of:** |  |  |  |
| Adjustment to prior periods - current tax  | 1359 |  |  |
| **Total** | **1359** | **—** | **—** |

---

An expansion of the Danish Tonnage Tax regime to cover WTIVs was passed in January 2020 with

retroactive effect from 2017, 2017 inclusive.

On 15 December 2020, Cadeler A/S received a binding ruling from the Danish Tax Authorities. According to

this ruling, Cadeler A/S was permitted to apply the Danish Tonnage Taxation following the listing of its

shares on 27 November 2020. Management applied the Danish Tonnage Taxation during 2021. The

recorded tonnage tax expense for 2025 in Denmark amounts to EUR 34 thousand.

Cadeler A/S also has material tax losses from previous periods available for carry forward. Such tax losses

can be utilised against future tonnage taxation income and other income, which does not qualify for

tonnage taxation. The tax value of tax losses for carry forward as of 31 December 2025 is approximately EUR

52.1 million, which has not been recognised for the reasons set out in Note 21 to the consolidated financial

statements. The tax losses are not subject to expiry, but their utilisation is limited on an annual basis.

Tonnage taxes are not accounted for as income tax. Accordingly, the related costs are presented as part of

cost of sales. No tax expense has been recognised in 2025 in relation to Danish Tonnage Tax.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 6

**Board of Directors and Executive Management Compensation**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>EUR'000 | <br>**Board of** <br>**directors**<br>| <br>**Executive** <br>**management**<br>| **2025**<br>**Total** | <br>**Board of** <br>**directors**<br>| <br>**Executive** <br>**management**<br>| **2024**<br>**Total** | <br>**Board of** <br>**directors**<br>| <br>**Executive** <br>**management**<br>| **2023**<br>**Total** |
| Wages, salaries and board fees | 419 | 998 | 1417 | 334 | 955 | 1289 | 183 | 821 | 1004 |
| Pension costs - defined <br>contribution plans<br>|  | 100 | 100 |  | 95 | 95 |  | 29 | 29 |
| Share based payment |  | 1249 | 1249 |  | 957 | 957 |  | 588 | 588 |
| Other short-term benefits |  | 35 | 35 |  | 41 | 41 |  | 55 | 55 |
| Cash bonus |  | 2473 | 2473 |  | 1197 | 1197 |  | 1155 | 1155 |
| **Total management compensation** | **419** | **4855** | **5274** | **334** | **3245** | **3579** | **183** | **2648** | **2831** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-2_14.jpg](cdlr-20251231_g130.jpg)

Note 7

**Intangible Assets**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Software** |  |  |  |
| **Cost** |  |  |  |
| Beginning of period | 954 | 693 | 662 |
| Additions | 906 | 299 | 31 |
| Disposals |  | (38) |  |
| **31 December 2025** | **1860** | **954** | **693** |
| **Accumulated amortization** |  |  |  |
| Beginning of period | 642 | 453 | 243 |
| Amortization charge | 218 | 189 | 210 |
| **31 December 2025** | **860** | **642** | **453** |
| **Carrying amount** | **1000** | **312** | **240** |

---

Additions during 2025 2024 and 2023: are mainly related to further developments of the Company's

software solutions.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 8

**Property, Plant and Equipment**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **Other fixtures and** <br>**fittings**<br>| **Assets under** <br>**construction**<br>| **Total** |
| **Cost 2025** |  |  |  |
| Beginning of financial year | 3053 | 473505 | 476558 |
| Additions | 608 | 229765 | 230373 |
| Disposals |  | (343660) | (343660) |
| **31 December 2025** | **3661** | **359610** | **363271** |
| **Accumulated depreciation** |  |  |  |
| Beginning of financial year | 926 |  | 926 |
| Depreciation charge | 1097 |  | 1097 |
| Disposals |  |  |  |
| **31 December 2025** | **2023** | **—** | **2023** |
| **Net book value** | **1638** | **359610** | **361248** |

---

Additions during 2025 were mainly driven by vessel newbuild and upgrades. Disposals during 2025 were

mainly attributable to the sale of Wind Pace and Wind Ally to their respective subsidiaries, with no gain/loss

recognised due to the recharge taking place at cost. Borrowing costs for 2025 have been capitalised for a

total of EUR 13.1 million (2024: 19.7 million; 2023: EUR 7.1 million). The capitalisation rate used to determine

the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the

Company's general borrowings during the reporting period, being 6.05% (2024: 7.6%; 2023: 5.5%).

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **Other fixtures and** <br>**fittings**<br>| **Assets under** <br>**construction**<br>| **Total** |
| **Cost 2024** |  |  |  |
| Beginning of financial year | 539 | 368470 | 369605 |
| Additions | 2820 | 356095 | 358915 |
| Disposals | (306) | (251060) | (251366) |
| **31 December 2024** | **3053** | **473505** | **476558** |
| **Accumulated depreciation** |  |  |  |
| Beginning of financial year | 451 |  | 451 |
| Depreciation charge | 781 |  | 781 |
| Disposals | (306) |  | (306) |
| **31 December 2024** | **926** | **—** | **926** |
| **Net book value** | **2127** | **473505** | **475632** |

---

Additions during 2024 were mainly driven by vessel newbuild and upgrades. Disposals during 2024 were

driven by the sale of Wind Peak to a subsidiary.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 8

**Property, Plant and Equipment**

![1-2_18.jpg](cdlr-20251231_g131.jpg)

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **Other fixtures and** <br>**fittings**<br>| **Assets under** <br>**construction**<br>| **Total** |
| **Cost 2023** |  |  |  |
| Beginning of financial year | 536 | 320964 | 321500 |
| Additions | 3 | 47506 | 48105 |
| **31 December 2023** | **539** | **368470** | **369605** |
| **Accumulated depreciation** |  |  |  |
| Beginning of financial year | 445 |  | 445 |
| Depreciation charge | 6 |  | 6 |
| **31 December 2023** | **451** | **—** | **451** |
| **Net book value** | **88** | **368470** | **369154** |

---

Additions during 2023 were primarily driven by down payments of EUR 19.2 million relating to the new P-

class installation vessels (EUR 15.4 million) and the new A-class FIVs (EUR 3.8 million), which are represented

above as assets under construction. In addition, assets under construction include EUR 7.6 million in

guarantee fees payable to BW Group related to the A-class and P-class newbuild vessels as well as EUR 2.2

million relating to assets associated with future projects that have not yet commenced.

Borrowing costs for 2023 have been capitalised in the amount of EUR 7.1 million (2023: EUR 4.2 million). The

capitalisation rate applied to determine the amount of borrowing costs eligible for capitalisation is the

weighted average interest rate applicable to the Company's general borrowings during the reporting

period, being 5.5%.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 9

**Investment in Subsidiaries**

Shown below are movements related to investments in subsidiaries:

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| **Cost** |  |  |  |
| Beginning of financial year | 745489 | 745489 | 249534 |
| Additions | 360056 |  | 495955 |
| **End of financial year** | **1105545** | **745489** | **745489** |
| **Impairment** |  |  |  |
| Beginning of financial year |  |  |  |
| **End of financial year** | **—** | **—** | **—** |
| **Carrying amount** | **1105545** | **745489** | **745489** |

---

The list of subsidiaries is presented in Note 29 of the Consolidated Financial Statements.

In 2023, an additional EUR 496 million relates to a business combination, pursuant to which Cadeler A/S

acquired 100% of the shares in Eneti through a share exchange.

The shares were recognised at a cost price of EUR 496 million, including acquisition-related expenses

amounting to EUR 15 million. This cost consists of the fair value of shares issued, amounting to EUR 441

million, and a squeeze-out payment of EUR 55 million.

All transaction costs incurred have been included in the cost, which differs from the presentation in the

Consolidated Financial Statements, where some transaction costs are expensed, while others are deducted

from equity.

Further details regarding the issuance of shares in connection with the business combination are disclosed

in Note 14.

As of 31 December 2025, management has not identified any indicators of impairment. Accordingly, no

impairment has been recognised. The carrying amount of investments in subsidiaries is subject to

impairment testing if impairment indicators are identified.

Note 10

**Share-based Payments**

Share-based payments are disclosed in Note 7 to the Consolidated Financial Statements.

Note 11

**Derivatives**

Derivative Financial Instruments are disclosed in Note 24 to the Consolidated Financial Statements. Not all

derivatives are entered into by the Parent Company, as derivative liabilities of EUR 8.4 million and derivative

assets of EUR 2.1 million are entered into by subsidiaries. Derivatives are measured at Level 2 in the fair value

hierarchy. As of 31 December 2025, the fair value of the derivative assets amounts to EUR 2,640 thousand

(2024: EUR 9.7 million; 2023: EUR 338 thousand) and derivative liabilities amount to EUR 13.7 million (2024:

EUR 12.9 million; 2023: EUR 22 million). Derivatives in the parent Company primarily relate to interest rate

swap contracts and FX forward contract, for which further details are provided in note 24 to the

consolidated financial statements.

Note 12

**Debt to credit institutions**

The total amount of utilised debt, amounting to EUR 468 million, is due within 5 years.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 13

**Off-Balance Sheet Obligations and Commitments**

The Company has off-balance sheet obligations relating to the leasing of vessels from its subsidiaries Wind

Orca Ltd, Wind Osprey Ltd., Wind Peak Ltd, Wind Pace Ltd, and Wind Ally Ltd. The off-balance sheet

obligations relating to the vessels are estimated to amount to up to EUR 208.9 million, depending on the

number of days the vessels are on hire. Moreover, the Company has concluded customary bilateral

agreements in the ordinary course of business of the Company.

Additionally, the Company's has off-balance sheet commitments related to the lease of third-party vessels

related to T&I activities. The off-balance sheet obligations relating to these vessel is estimated to amount to

up to EUR 16.3 million.

The Company has issued performance and payment guarantees through its banking partners in favour of

customers and suppliers in connection with offshore wind installation projects. At 31 December 2025,

outstanding guarantees totalled EUR 201 million. The guarantees relate to the Group's contractual

performance and payment obligations. No provision has been recognised, as management assesses that an

outflow of resources is not probable. The Company would be required to reimburse the issuing bank should

any guarantee be called.

**P-class vessels**

Since 30 June 2021, the Company has a contract with COSCO to build two new P-class WTIVs. On 14 August

2024, Wind Peak was delivered and the final instalments were paid upon delivery. On 26 March 2025, Wind

Pace was delivered with the final instalments also paid upon delivery.

**A-class vessels**

On 9 May 2022 and 22 November 2022, the Company signed contracts with COSCO to build a total of two

new A-class FIVs. In May 2024, the Company signed an additional contract with COSCO to build the third A-

class FIV. On 29 September 2025, Wind Ally was delivered with the final instalments paid upon delivery.

The total contract value for the new vessels amounts to approximately EUR 1.0 billion, of which

approximately EUR 167 million was paid in 2022 EUR 94 million was paid in 2024 and EUR 257 million was

paid in 2025. The remaining amounts will fall due in the period from 2026 to 2027.

Of the total contract value, USD 794 million is payable in USD and EUR 299 million is payable in EUR.

Further information regarding the remaining instalments for the newbuild vessels is provided in Note 28 to

the Consolidated Financial Statements.

**Financial liabilities: Interest-bearing loans and borrowings**

Terms and covenants relating to the Debt Facilities are disclosed in Note 25 to the Consolidated Financial

Statements.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 14

**Issued Share Capital**

---

| | | |
|:---|:---|:---|
| EUR'000 | **No. of shares (in thousands)** | **Total** |
| Beginning of financial year 2023 | 197600 | 26575 |
| First issue for capital increase 2023 | 113809 | 15264 |
| Second issue for capital increase 2023 |  |  |
| **End of financial year 2023** | **311409** | **41839** |
| First issue for capital increase 2024 | 39520 | 5301 |
| Second issue for capital increase 2024 | 28 | 4 |
| **End of financial year 2024** | **350957** | **47144** |
| **End of financial year 2025** | **350957** | **47144** |

---

As of 31 December 2025, the Group had share capital amounting to DKK 350,958 thousand, equal

to EUR 47,143 thousand, consisting of 350,957,583 shares of nominal DKK 1 each.

All shares carry equal rights.

**Treasury shares**

On 30 May 2025, the Company completed a share buy-back programme to fulfil share based incentive

obligations resulting in the repurchase of 395,200 shares of a nominal value of DKK 1 each at an average

price of NOK 49.90, corresponding to an aggregate amount of EUR 1.7 million, including commission.

On 31 December 2025, the Company held 89,992 treasury shares.

Note 15

**Related Parties**

Cadeler A/S' related party transactions include revenue from the subsidiaries of EUR 7.4 million relating to

the management and maintenance of vessels during off-hire periods as well as operating lease expenses

paid to the subsidiaries of EUR 134.6 million relating to vessels during on-hire periods. Furthermore,

receivables from subsidiaries of EUR 173.2 million are recognised.

Cadeler A/S' related parties comprise its subsidiaries, as listed in Note 9, all of which are wholly owned by

the Company.

Cadeler A/S also engages in related party transactions, as disclosed in Note 27 to the Consolidated

Financial Statements, excluding transactions related to Scorpio Holdings that were not entered into by the

parent company.

Note 16

**Appropriation of Profit and Loss**

---

| | | | |
|:---|:---|:---|:---|
| EUR'000 | **2025** | **2024** | **2023** |
| Recommended appropriation of profit and loss |  |  |  |
| Retained earnings/accumulated loss | 114139 | 19812 | 11348 |
|  | **114139** | **19812** | **11348** |

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

Note 17

**Events After Reporting Period**

Management has evaluated events and transactions occurring after

the balance sheet date through the date the financial statements

were available to be issued. Based on this evaluation, there were no

subsequent events identified that require adjustment to or disclosure

in the accompanying financial statements.

![Presentation_Master24.jpg](cdlr-20251231_g132.jpg)

**Statement by** 

**Management**

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Statement by Management**

The Board of Directors and the Executive Board have today discussed

and approved the annual report of Cadeler A/S for 2025.

The consolidated financial statements have been prepared in

accordance with IFRS Accounting Standards as adopted by the EU

and as issued by the International Accounting Standards Board

(IASB), and with additional disclosure requirements in the Danish

Financial Statements Act. The Parent Company financial statements

have been prepared in accordance with the Danish Financial

Statements Act.

In our opinion, the consolidated financial statements and the Parent

Company financial statements give a true and fair view of the

financial position of the Group and the Parent Company as of

31 December 2025 and of the results of their operations and the

consolidated cash flows for the financial year 1 January to

31 December 2025

In connection with digital filing under the ESEF Regulation, in our

opinion, the Annual Report for the financial year ended 31 December

2025, has been prepared in all material respects in compliance with

the ESEF Regulation.

The sustainability statement has been prepared in accordance with

the ESRS as required by the Danish Financial Statements Act section

99a as well as Article 8 of the EU Taxonomy Regulation.

Further, in our opinion, the Management's review gives a fair review

of the development of the Group's and the Parent Company's

activities and financial matters, results for the year, consolidated cash

flows and financial position as well as a description of material risks

and uncertainties that the Group and the Parent Company face.

We recommend that the Annual Report be approved at the annual

general meeting.

Copenhagen, 24 March 2026

Executive Management

---

| | |
|:---|:---|
| **Mikkel Gleerup**<br>CEO<br>| **Peter Brogaard Hansen**<br>CFO<br>|

---

Board of Directors

**Andreas Sohmen-Pao**

**Emanuele Lauro**

**Ditlev Wedell-Wedellsborg**

**Andrea Abt**

**James B. Nish**

**Colette Cohen**

**Thomas Thune Andersen**

![Presentation_Master23.jpg](cdlr-20251231_g133.jpg)

**Independent** 

**Auditor's** 

**Reports**

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-3_21.jpg](cdlr-20251231_g134.jpg)

**Independent Auditor's Reports**

**Independent Auditor's report**

To the shareholders of Cadeler A/S

Report on the audit of the Consolidated Financial Statements and

Parent Company Financial Statements

**Opinion**

We have audited the consolidated financial statements and the

parent company financial statements of Cadeler A/S for the financial

year 1 January – 31 December 2025, which comprise balance sheet,

statement of changes in equity and notes, including material

accounting policy information, for the Group and the Parent

Company, a consolidated statement of profit and loss and other

comprehensive income and a consolidated statement of cash flow for

the Group, and a statement of profit and loss for the Parent

Company. The consolidated financial statements are prepared in

accordance with IFRS Accounting Standards as issued by the IASB

and as adopted by the EU and additional requirements of the Danish

Financial Statements Act, and the parent company financial

statements are prepared in accordance with the Danish Financial

Statements Act.

In our opinion, the consolidated financial statements give a true and

fair view of the financial position of the Group at 31 December 2025

and of the results of the Group's operations and cash flows for the

financial year 1 January – 31 December 2025 in accordance with IFRS

Accounting Standards as issued by the IASB and as adopted by the

EU and additional requirements of the Danish Financial Statements

Act.

Further, in our opinion the parent company financial statements give

a true and fair view of the financial position of the Parent Company at

31 December 2025 and of the results of the Parent Company's

operations for the financial year 1 January – 31 December 2025 in

accordance with the Danish Financial Statements Act.

Our opinion is consistent with our long-form audit report to the Audit

Committee and the Board of Directors.

**Basis for opinion**

We conducted our audit in accordance with International Standards

on Auditing (ISAs) and additional requirements applicable in

Denmark. Our responsibilities under those standards and

requirements are further described in the "Auditor's responsibilities

for the audit of the consolidated financial statements and the parent

company financial statements" (hereinafter collectively referred to as

"the financial statements") section of our report. We believe that the

audit evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion.

**Independence**

We are independent of the Group in accordance with the

International Ethics Standards Board for Accountants' International

Code of Ethics for Professional Accountants (IESBA Code), as

applicable to audits of financial statements of public interest entities,

and the additional ethical requirements applicable in Denmark to

audits of financial statements of public interest entities. We have also

fulfilled our other ethical responsibilities in accordance with these

requirements and the IESBA Code.

To the best of our knowledge, we have not provided any prohibited

non-audit services as described in article 5(1) of Regulation (EU) no.

537/2014.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

![1-3_22.jpg](cdlr-20251231_g135.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

**Appointment of auditor**

Cadeler A/S' shares were initially listed on Nasdaq Oslo in November

2020. Subsequent to the listing, we were appointed by resolution of

the general meeting held on 29 April 2021 for the financial year 2021

and since the listing, we have been reappointed annually by

resolution of the general meeting for a total consecutive period of 5

years up until the financial year 2025.

**Key audit matters**

Key audit matters are those matters that, in our professional

judgement, were of most significance in our audit of the financial

statements for the financial year 2025. These matters were addressed

during our audit of the financial statements as a whole and in

forming our opinion thereon. We do not provide a separate opinion

on these matters. For each matter below, our description of how our

audit addressed the matter is provided in that context.

We have fulfilled our responsibilities described in the "Auditor's

responsibilities for the audit of the financial statements" section,

including in relation to the key audit matter below. Accordingly, our

audit included the design and performance of procedures to respond

to our assessment of the risks of material misstatement of the

financial statements. The results of our audit procedures, including

the procedures performed to address the matter below, provide the

basis for our audit opinion on the financial statements.

**Recognition of revenue from time charter and** 

**transportation and installation activities**

As discussed in note 3 to the consolidated financial statements, the

Company recognized EUR 490 million in revenue from time charter

and transportation and installation activities for the year ended

31 December 2025. Evaluating the criteria for recognizing revenue

from contracts required management judgment in identifying

performance obligations.

Auditing the Company's revenue from time charter and

transportation and installation activities is a key audit matter due to

the complexity and efforts in determining whether the contracts

contain one or more performance obligations.

**How we addressed the matter in our audit**

We obtained an understanding, evaluated the design and tested the

operating effectiveness of the Company's internal controls over the

revenue recognition process, including management's review

controls over the contracts and related determination of the

performance obligations.

Our audit procedures included, among others, inspection of

customer contracts to understand the contracts. For a sample of

customer agreements, we obtained and inspected the contract

source documents and evaluated the Company's identification of

distinct performance obligations and measurement methods against

the principles in IFRS 15 Revenue from Contracts with Customers and

IFRS 16 Leases.

We also evaluated the adequacy of the Company's disclosures

included in Note 3 to the consolidated financial statements.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

**Statement on the Management's review**

Management is responsible for the Management's review.

Our opinion on the financial statements does not cover the

Management's review, and we do not as part of our audit express any

assurance conclusion thereon.

In connection with our audit of the financial statements, our

responsibility is to read the Management's review and, in doing so,

consider whether the Management's review is materially inconsistent

with the financial statements, or our knowledge obtained during the

audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the

Management's review provides the information required by relevant

law and regulations. This does not include the requirements in

paragraph 99a related to the sustainability statement covered by the

separate auditor's limited assurance report hereon.

Based on our procedures, we conclude that the Management's

review is in accordance with the financial statements and has been

prepared in accordance with the requirements of relevant law and

regulations. We did not identify any material misstatement of the

Management's review.

**Management's responsibilities for the financial** 

**statements**

Management is responsible for the preparation of consolidated

financial statements that give a true and fair view in accordance with

IFRS Accounting Standards as adopted by the EU and additional

requirements of the Danish Financial Statements Act and for the

preparation of parent company financial statements that give a true

and fair view in accordance with the Danish Financial Statements Act.

Moreover, Management is responsible for such internal control as

Management determines is necessary to enable the preparation of

financial statements that are free from material misstatement,

whether due to fraud or error.

In preparing the financial statements, Management is responsible for

assessing the Group's and the Parent Company's ability to continue

as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting in

preparing the financial statements unless Management either intends

to liquidate the Group or the Parent Company or to cease operations,

or has no realistic alternative but to do so.

**Auditor's responsibilities for the audit of the financial** 

**statements**

Our objectives are to obtain reasonable assurance as to whether the

financial statements as a whole are free from material misstatement,

whether due to fraud or error, and to issue an auditor's report that

includes our opinion. Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit conducted in

accordance with ISAs and additional requirements applicable in

Denmark will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the

basis of the financial statements.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

As part of an audit conducted in accordance with ISAs and additional

requirements applicable in Denmark, we exercise professional

judgement and maintain professional scepticism throughout the

audit. We also:

• Identify and assess the risks of material misstatement of the

financial statements, whether due to fraud or error, design

and perform audit procedures responsive to those risks and

obtain audit evidence that is sufficient and appropriate to

provide a basis for our opinion. The risk of not detecting a

material misstatement resulting from fraud is higher than

for one resulting from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresentations or the

override of internal control.

• Obtain an understanding of internal control relevant to the

audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the Group's

and the Parent Company's internal control.

• Evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and related

disclosures made by Management.

• Conclude on the appropriateness of Management's use of

the going concern basis of accounting in preparing the

financial statements and, based on the audit evidence

obtained, whether a material uncertainty exists related to

events or conditions that may cast significant doubt on the

Group's and the Parent Company's ability to continue as a

going concern. If we conclude that a material uncertainty

exists, we are required to draw attention in our auditor's

report to the related disclosures in the financial statements

or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence

obtained up to the date of our auditor's report. However,

future events or conditions may cause the Group and the

Parent Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and contents of

the financial statements, including the note disclosures, and

whether the financial statements represent the underlying

transactions and events in a manner that gives a true and

fair view.

• Plan and perform the group audit to obtain sufficient

appropriate audit evidence regarding the financial

information of the entities or business units within the

group as a basis for forming an opinion on the group

financial statements and the parent company financial

statements. We are responsible for the direction,

supervision and review of the audit work performed for

purposes of the group audit. We remain solely responsible

for our audit opinion.

We communicate with those charged with governance regarding,

among other matters, the planned scope and timing of the audit and

significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regarding

independence, and to communicate with them all relationships and

other matters that may reasonably be thought to bear on our

independence, and where applicable, actions taken to eliminate

threats or safeguards applied.

From the matters communicated with those charged with

governance, we determine those matters that were of most

significance in the audit of the consolidated financial statements and

the parent company financial statements of the current period and

are therefore the key audit matters. We describe these matters in our

auditor's report unless law or regulation precludes public disclosure

about the matter.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

**Report on compliance with the ESEF Regulation** 

As part of our audit of the Consolidated Financial Statements and

Parent Company Financial Statements of Cadeler A/S, we performed

procedures to express an opinion on whether the annual report of

Cadeler A/S for the financial year 1 January – 31 December 2025 with

the file name cadeler-2025-12-31-en.zip is prepared, in all material

respects, in compliance with the Commission Delegated Regulation

(EU) 2019/815 on the European Single Electronic Format (ESEF

Regulation) which includes requirements related to the preparation of

the annual report in XHTML format and iXBRL tagging of the

Consolidated Financial Statements including notes.

Management is responsible for preparing an annual report that

complies with the ESEF Regulation. This responsibility includes:

• The preparing of the annual report in XHTML format;

• The selection and application of appropriate iXBRL tags,

including extensions to the ESEF taxonomy and the

anchoring thereof to elements in the taxonomy, for all

financial information required to be tagged using

judgement where necessary;

• Ensuring consistency between iXBRL tagged data and the

Consolidated Financial Statements presented in human

readable format; and

• For such internal control as Management determines

necessary to enable the preparation of an annual report

that is compliant with the ESEF Regulation.

Our responsibility is to obtain reasonable assurance on whether the

annual report is prepared, in all material respects, in compliance with

the ESEF Regulation based on the evidence we have obtained, and to

issue a report that includes our opinion. The nature, timing and

extent of procedures selected depend on the auditor's judgement,

including the assessment of the risks of material departures from the

requirements set out in the ESEF Regulation, whether due to fraud or

error. The procedures include:

• Testing whether the annual report is prepared in XHTML

format;

• Obtaining an understanding of the company's iXBRL

tagging process and of internal control over the tagging

process;

• Evaluating the completeness of the iXBRL tagging of the

Consolidated Financial Statements including notes;

• Evaluating the appropriateness of the company's use of

iXBRL elements selected from the ESEF taxonomy and the

creation of extension elements where no suitable element in

the ESEF taxonomy has been identified;

• Evaluating the use of anchoring of extension elements to

elements in the ESEF taxonomy; and

• Reconciling the iXBRL tagged data with the audited

Consolidated Financial Statements.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

In our opinion, the annual report of Cadeler A/S for the financial year

1 January – 31 December 2025 with the file name cadeler-2025-12-31-

en.zip is prepared, in all material respects, in compliance with the

ESEF Regulation.

Copenhagen, 24 March 2026

EY Godkendt Revisionspartnerselskab

CVR no. 30700228

---

| | |
|:---|:---|
| Mikkel Sthyr<br>State Authorised Public <br>Accountant<br>mne26693<br>| Christian Schwenn Johansen<br>State Authorised Public <br>Accountant<br>mne33234<br>|

---

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

**Independent auditor's Limited Assurance Report on** 

**Sustainability Statements** 

To the shareholders of Cadeler A/S

Limited assurance conclusion

We have conducted a limited assurance engagement on the

sustainability statement of Cadeler A/S (the group) included in the

Sustainability Statements of the Annual Report (the sustainability

statement), page 38 – 136, for the financial year 1 January –

31 December 2025 including disclosures incorporated by reference

listed on page 40-42.

Based on the procedures we have performed and the evidence we

have obtained, nothing has come to our attention that causes us to

believe that the sustainability statement is not prepared, in all

material respects, in accordance with the Danish Financial Statements

Act section 99 a, including:

• compliance with the European Sustainability Reporting

Standards (ESRS), including that the process carried out by

the management to identify the information reported in the

sustainability statement (the process) is in accordance with

the description set out in chapter General information, in

the section Double Materiality assessment, pages 54-66;

and

• compliance of the disclosures in chapter EU Taxonomy

within the environmental section, pages 85-93 of the

sustainability statement with Article 8 of EU Regulation

2020/852 (the Taxonomy Regulation).

**Basis for conclusion** 

We conducted our limited assurance engagement in accordance with

International Standard on Assurance Engagements (ISAE) 3000

(Revised), Assurance engagements other than audits or reviews of

historical financial information (ISAE 3000 (Revised)) and the

additional requirements applicable in Denmark.

The procedures in a limited assurance engagement vary in nature

and timing from, and are less in extent than for, a reasonable

assurance engagement. Consequently, the level of assurance

obtained in a limited assurance engagement is substantially lower

than the assurance that would have been obtained had a reasonable

assurance engagement been performed.

We believe that the evidence we have obtained is sufficient and

appropriate to provide a basis for our conclusion. Our responsibilities

under this standard are further described in the Auditor's

responsibilities for the assurance engagement section of our report.

**Our independence and quality management**

We are independent of the group in accordance with the

International Ethics Standards Board for Accountants' International

Code of Ethics for Professional Accountants (IESBA Code) and the

additional ethical requirements applicable in Denmark. We have also

fulfilled our other ethical responsibilities in accordance with these

requirements and the IESBA Code.

EY Godkendt Revisionspartnerselskab applies International Standard

on Quality Management 1, which requires the firm to design,

implement and operate a system of quality management including

policies or procedures regarding compliance with ethical

requirements, professional standards and applicable legal and

regulatory requirements.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

**Inherent limitations in preparing the sustainability** 

**statement** 

In reporting forward-looking information in accordance with ESRS,

management is required to prepare the forward-looking information

on the basis of disclosed assumptions about events that may occur in

the future and possible future actions by the group. Actual outcomes

are likely to be different since anticipated events frequently do not

occur as expected.

**Management's responsibilities for the sustainability** 

**statement**

Management is responsible for designing and implementing a

process to identify the information reported in the sustainability

statement in accordance with the ESRS and for disclosing this Process

in chapter General Information, in the section Double Materiality

assessment, pages 54-66 of the sustainability statement. This

responsibility includes:

• understanding the context in which the group's activities

and business relationships take place and developing an

understanding of its affected stakeholders;

• the identification of the actual and potential impacts (both

negative and positive) related to sustainability matters, as

well as risks and opportunities that affect, or could

reasonably be expected to affect, the group's financial

position, financial performance, cash flows, access to finance

or cost of capital over the short-, medium-, or long-term;

• the assessment of the materiality of the identified impacts,

risks and opportunities related to sustainability matters by

selecting and applying appropriate thresholds; and

• making assumptions that are reasonable in the

circumstances.

Management is further responsible for the preparation of the

sustainability statement, in accordance with the Danish Financial

Statements Act paragraph 99a, including:

• compliance with the ESRS;

• preparing the disclosures in chapter EU Taxonomy within

the environmental section, pages 85-93 of the sustainability

statement, in compliance with Article 8 of the Taxonomy

Regulation;

• designing, implementing and maintaining such internal

control that management determines is necessary to enable

the preparation of the sustainability statement that is free

from material misstatement, whether due to fraud or error;

and

• the selection and application of appropriate sustainability

reporting methods and making assumptions and estimates

that are reasonable in the circumstances.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

**Auditor's responsibilities for the assurance engagement**

Our objectives are to plan and perform the assurance engagement to

obtain limited assurance about whether the sustainability statement is

free from material misstatement, whether due to fraud or error, and

to issue a limited assurance report that includes our conclusion.

Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be

expected to influence decisions of users taken on the basis of the

sustainability statement as a whole.

As part of a limited assurance engagement in accordance with ISAE

3000 (Revised) we exercise professional judgement and maintain

professional scepticism throughout the engagement.

Our responsibilities in respect of the process include:

• Obtaining an understanding of the process but not for the

purpose of providing a conclusion on the effectiveness of

the process, including the outcome of the process;

• Considering whether the information identified addresses

the applicable disclosure requirements of the ESRS, and

• Designing and performing procedures to evaluate whether

the process is consistent with the group's description of its

process, as disclosed in chapter General information, in the

section Double Materiality assessment, pages 54-66.

Our other responsibilities in respect of the sustainability statement

include:

• Identifying disclosures where material misstatements are

likely to arise, whether due to fraud or error; and

• Designing and performing procedures responsive to

disclosures in the sustainability statement where material

misstatements are likely to arise. The risk of not detecting a

material misstatement resulting from fraud is higher than

for one resulting from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresentations, or the

override of internal control.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Independent Auditor's Reports**

*Continued from previous page*

**Summary of the work performed**

A limited assurance engagement involves performing procedures to

obtain evidence about the sustainability statement.

The nature, timing and extent of procedures selected depend on

professional judgement, including the identification of disclosures

where material misstatements are likely to arise, whether due to fraud

or error, in the sustainability statement.

In conducting our limited assurance engagement, with respect to the

process, we:

• Obtained an understanding of the process by performing

inquiries to understand the sources of the information used

by management; and reviewing the group's internal

documentation of its process; and

• Evaluated whether the evidence obtained from our

procedures about the Process implemented by the group's

was consistent with the description of the Process set out in

chapter General information, in the section Double

Materiality assessment, pages 54-66.

In conducting our limited assurance engagement, with respect to the

sustainability statement, we:

• Obtained an understanding of the group's reporting

processes relevant to the preparation of its sustainability

statement including the consolidation processes by

obtaining an understanding of the group's control

environment, processes and information systems relevant to

the preparation of the Sustainability Statement but not

evaluating the design of particular control activities,

obtaining evidence about their implementation or testing

their operating effectiveness;

• Evaluated whether material information identified by the

process is included in the sustainability statement;

• Evaluated whether the structure and the presentation of the

sustainability statement are in accordance with the ESRS;

• Performed inquiries of relevant personnel and analytical

procedures on selected information in the sustainability

statement;

• Performed substantive assurance procedures on selected

information in the sustainability statement;

• Evaluated methods, assumptions and data for developing

material estimates and forward-looking information and

how these methods were applied;

• Obtained an understanding of the process to identify the EU

taxonomy economic activities for turnover, CAPEX and

OPEX and the corresponding disclosures in the sustainability

statements;

• Evaluated the presentation and use of EU taxonomy

templates in accordance with relevant requirements;

• Reconciled and ensured consistency between the reported

EU taxonomy economic activities and the items reported in

the primary financial statements including the disclosures

provided in related notes.

Copenhagen, 24 March 2026

EY Godkendt Revisionspartnerselskab

CVR no. 30700228

---

| | |
|:---|:---|
| Mikkel Sthyr<br>State Authorised Public <br>Accountant<br>mne26693<br>| Christian Schwenn Johansen<br>State Authorised Public <br>Accountant<br>mne33234<br>|

---

![Presentation_Master27.jpg](cdlr-20251231_g136.jpg)

**Forward-looking** 

**Statements**

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Forward-Looking Statements**

The Annual Report 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", "in-tends",

"projects", "plans", "estimates", "aims", "foresees", "anticipates",

"targets", and similar expressions. The forward-looking statements

contained in the Annual Report, 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. Such factors may, for example, include

a change in the price of raw materials.

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

Annual Report or the actual occurrence of the forecast 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 Annual Report contains information obtained from third parties.

You are advised that such third-party information has not been

prepared specifically for inclusion in the Annual Report 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 ex-pressed

or implied by statements and information in the Annual Report.

Should any risks or uncertainties materialise, or should underlying

assumptions prove incorrect, actual results may vary materially from

those described in the annual report.

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. 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 Annual Report.

![Presentation_Master28.jpg](cdlr-20251231_g137.jpg)

**Alternative** 

**Performance** 

**Measures**

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Alternative Performance Measures**

**Group**

**Non-IFRS Financial Measures**

To supplement its financial information presented in accordance with IFRS, the Group uses certain non-IFRS

measures, including EBITDA, when measuring performance, including when measuring current period

results of operations against prior periods. Because of their non-standardised definition, these non-IFRS

measures (unlike IFRS measures) may not be comparable to the calculation of similar measures used by

other companies. These supplementary non-IFRS measures are presented solely to permit investors to more

fully understand how the Group Management assesses underlying performance.

These supplementary non-IFRS measures are not, and should not, be viewed as a substitute for IFRS

measures. Management believes the presentation of these non-IFRS measures provides investors with

greater transparency and supplementary data relating to the Group's financial condition and results of

operations, and therefore a more complete understanding of factors affecting its business and operating

performance. In addition, Management believes the presentation of these non-IFRS measures is useful to

investors for period-to-period comparison of results as the items may reflect certain unique and/or non-

operating items such as asset sales, write-offs, contract termination costs or items outside of Management's

control.

As a performance measure, the Company uses EBITDA: Earnings before interest, tax, depreciation,

amortisation and foreign exchange gains/losses.

EBITDA is calculated as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| EUR'000 | **Note** | **2025** | **2024** | **2023** |
| Operating profit as reported in the statement of <br>profit and loss<br>|  | 317743 | 69444 | 14443 |
| Right-of-use asset amortisation | 14 | 1861 | 1544 | 334 |
| Depreciation and amortisation | 12 , 13<br>| 105730 | 54909 | 22714 |
| Impairment of property, plant and equipment |  |  |  | 5000 |
| **EBITDA** |  | **425334** | **125897** | **42491** |
| Transactional costs |  |  |  | 7707 |
| **Adjusted EBITDA** |  | **425334** | **125897** | **50198** |

---

The Company defines adjusted EBITDA as EBITDA net of transactional costs. Transactional costs comprise

significant unusual and/or infrequently occurring items that are not attributable to Cadeler's normal

operations.

As of 31 December 2023, transactional costs include all costs related to the business combination with Eneti

closed on 19 December 2023, such as advisory, legal and consulting fees.

![Presentation_Master32.jpg](cdlr-20251231_g110.jpg)

**Alternative Performance Measures**

*Continued from previous page*

**Financial ratios and operational metrics**

---

| | |
|:---|:---|
| **Return on assets** | *<u>Profit/loss from operating activities</u>* |
|  | Average assets |
| **Return on equity** | *<u>Profit/loss for the year</u>* |
|  | Average equity |
| **Equity ratio** | <u>Equity, year-end</u> |
|  | Total equity and liabilities, year-end |
| **Contracted days** | Number of on hire days in the fiscal year |
|  | (in total for all vessels) |
| **Utilisation** | *<u>Contracted days</u>* |
|  | Days in the year (365\*all vessels) |

---

---

| | |
|:---|:---|
| **Contract** <br>**backlog**<br>**(As of report** <br>**release date)**<br>| The total value of all customer contracts, both firm <br>and options, that are not yet recognised as revenue <br>as of the reporting date, but includes all new <br>contracts signed until the release date of the annual <br>or interim report. Firm contracts are counted at full <br>committed amounts. Contract backlog including <br>options assumes 100% of counterparty options are <br>exercised with 50% classified as subject to exercise <br>of counterparty options contingent to consideration <br>included in revenue recognition and the remaining <br>50% as non-contingent. Contract backlog excludes <br>vessel reservation agreements. All contracts may be <br>subject to future modifications, and off-hire days, <br>that might impact the amount and/or timing of <br>revenue recognition. <br>|

---

**Non-financial definitions** 

---

| | |
|:---|:---|
| **Vessel Reservation Agreements** <br>**(VRAs)**<br>| A time-limited agreement with a <br>third party to secure the <br>availability of one or more of <br>Cadeler's vessels for a fixed <br>period in the future, pending the <br>negotiation of full contractual <br>terms. Cadeler is generally <br>entitled to receive a fee in the <br>event that a VRA is cancelled or <br>permitted to expire without full <br>contractual terms having been <br>entered into with the relevant <br>counterpart.<br>|
| **Final Investment Decision (FID)** | Where a project remains subject <br>to counterparty FID, the relevant <br>counterpart has not yet publicly <br>announced its final decision to <br>commit to the development and <br>operation of the project.<br>|
| **Net financials** | Net of finance income and <br>finance costs<br>|

---

![Presentation_Master_BACK.jpg](cdlr-20251231_g138.jpg)

![CADELER_Logo_WHITE_RGB.gif](cdlr-20251231_g3.gif)

Kalvebod Brygge 43

DK–1560 Copenhagen V

Denmark

+45 3246 3100

www.cadeler.com

## Exhibit 4.15

**Exhibit 4.15**

---

| |
|:---|
| CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT <br>IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT <br>TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED INFORMATION HAS BEEN MARKED AS <br>"[REDACTED]". |
| Confidential |
| **Dated 21 July 2025** |
| **WIND KEEPER LIMITED**<br>**as Borrower**<br>**DNB BANK ASA**<br>**KFW IPEX-BANK GMBH** <br>**SPAREBANK 1 SØR-NORGE ASA**<br>**as Mandated Lead Arrangers**<br>**with**<br>**DNB BANK ASA**<br>**as Agent**<br>**DNB BANK ASA**<br>**as Security Agent** <br>**THE BANKS AND FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1** <br>**as Original Lenders**<br>**guaranteed by**<br>**CADELER A/S and others** |
| **FACILITY AGREEMENT FOR A** <br>**GREEN TERM LOAN FACILITY of up to**<br> **€125,000,000**  |
| ![image_0a.jpg](image_0a.jpg) |

---

**THIS AGREEMENT** is dated 21 July 2025 and made between:

(1)**WIND KEEPER LIMITED** details of which are specified in Schedule 1 (*The original parties*) as

borrower (the **Borrower**);

(2)**CADELER A/S** details of which are specified in Schedule 1 (*The original parties*) as guarantor

(**Guarantor A**);

(3)**CADELER INTERNATIONAL LIMITED** details of which are specified in Schedule 1 (*The* 

*original parties*) as guarantor (**Guarantor B**);

(4)**CADELER HOLDINGS LIMITED** details of which are specified in Schedule 1 (*The original* 

*parties*) as guarantor (**Guarantor C**);

(5)**CADELER UK LIMITED** details of which are specified in Schedule 1 (*The original parties*) as

guarantor (**Guarantor D**, and together with Guarantor A, Guarantor B and Guarantor C, the

**Original Guarantors**);

(6)**DNB BANK ASA** as bookrunner and co-ordinator (the **Bookrunner**);

(7)**DNB BANK ASA** as green loan advisor (the **Green Loan Advisor**);

(8)**DNB BANK ASA**, **KFW IPEX-BANK GMBH** and **SPAREBANK 1 SØR-NORGE ASA** as

mandated lead arrangers (whether acting individually or together, the **Arrangers**);

(9)**THE BANKS AND FINANCIAL INSTITUTIONS** listed in Schedule 1 (*The original parties*) as

hedging providers (the **Original Hedging Providers**);

(10)**THE BANKS AND FINANCIAL INSTITUTIONS** listed in Schedule 1 (*The original parties*) as

lenders (the **Original Lenders**);

(11)**DNB BANK ASA** as agent of the other Finance Parties (other than the Security Agent) (the

**Agent**); and

(12)**DNB BANK ASA** as security agent and trustee for the other Finance Parties (the **Security** 

**Agent**).

**IT IS AGREED** as follows:

**Section 1 - Interpretation**

**1Definitions and interpretation**

**1.1Definitions**

In this Agreement and (unless otherwise defined in the relevant Finance Document) the other

Finance Documents:

**Acceptable Bank** means:

(a)a bank or financial institution which has a rating for its long-term unsecured and non

credit-enhanced debt obligations of "A-" or higher by Standard & Poor's Rating Services

or Fitch Ratings Ltd or "Baa1" or higher by Moody's Investor Services Limited or a

comparable rating from another internationally recognised credit rating agency; or

(b)any other bank or financial institution approved by the Majority Lenders,

and which is approved by the Borrower.

**Accession Deed** means a document substantially in the form set out in Schedule 7 (*Form of* 

*Accession Deed*).

**Account** means any bank account, deposit or certificate of deposit opened, made or

established in accordance with clause 29 *(Bank accounts)*.

**Account Bank** means, in relation to any Account, the bank or financial institution specified as

such in Schedule 1 (*The original parties*), any Lender, or another bank or financial institution

approved by the Majority Lenders at the request of the Borrower.

**Account Holder(s)** means, in relation to any Account, each Obligor in whose name that

Account is held.

**Account Security** means, in relation to an Account, a deed or other instrument executed by the

relevant Account Holder(s) in favour of the Security Agent or any other Finance Party in an

agreed form conferring a Security Interest over that Account.

**Accounting Reference Date** means 31 December or such other date as may be approved by

the Majority Lenders.

**Additional Guarantor** means a legal entity which becomes or is to become a guarantor under

this Agreement (on a joint and several basis with the Original Guarantors and any other

Guarantor) in accordance with, and defined as such in, clause 35.5 (*Additional Guarantors*) and

**Additional Guarantors** means any or all of them.

**Affiliate** means, in relation to any person, a Subsidiary of that person or a Holding Company of

that person or any other Subsidiary of that Holding Company.

**Agent** includes any person who may be appointed as such under the Finance Documents and

includes any separate trustee or co-trustee appointed under clause 37.8 *(Additional trustees*).

**Ancillary Commencement Date** means, in relation to an Ancillary Facility, the date on which

that Ancillary Facility is first made available, which date shall be a Business Day within the

Ancillary Facility Availability Period.

**Ancillary Commitment** means, in relation to an Ancillary Lender and an Ancillary Facility, the

maximum amounts in euro (or the equivalent in euro of any other currency) which that Ancillary

Lender has agreed (whether or not subject to satisfaction of conditions precedent) to make

available from time to time under an Ancillary Facility in accordance with the terms of clause 6

(*Ancillary Facilities*), to the extent that amount is not cancelled or reduced under this Agreement

or the Ancillary Documents relating to that Ancillary Facility.

**Ancillary Document** means each document relating to or evidencing the terms of an Ancillary

Facility.

**Ancillary Facility** means any ancillary facility made available by an Ancillary Lender in

accordance with clause 6 (*Ancillary Facilities*) and **Ancillary Facilities** means any or all of

them.

**Ancillary Facility Availability Period** means, in relation to an Ancillary Facility, the period

starting on the Utilisation Date and ending on the earlier of (a) the Final Repayment Date under

this Agreement and (b) the date specified as such in the relevant Ancillary Facility.

**Ancillary Lender** means each Lender which makes available an Ancillary Facility in accordance

with clause 6 (*Ancillary Facilities*) and **Ancillary Lenders** means any or all of them.

**Ancillary Outstandings** means, at any time, in relation to an Ancillary Lender and an Ancillary

Facility then in force, the aggregate of the equivalents (as calculated by that Ancillary Lender) in

euro of the face amount of each guarantee, bond and letter of credit under that Ancillary Facility,

as determined by such Ancillary Lender, acting reasonably in accordance with its normal

banking practice and in accordance with the relevant Ancillary Document.

**Annex VI** means Annex VI of the Protocol of 1997 (as subsequently amended from time to time)

to amend the International Convention for the Prevention of Pollution from Ships 1973

(MARPOL), as modified by the Protocol of 1978 relating thereto.

**Anti-Corruption Laws** means any laws, rules and regulations of any jurisdiction, concerning

bribery or corruption, including (without limitation):

(a)the United States Foreign Corrupt Practices Act of 1977 (15 U.S.C. § 78dd-1, et seq.);

(b)the U.K. Bribery Act 2010; and

(c)sections 387 – 389 (combined with Section 15) of the Norwegian Penal Code of 2005.

**Anti-Money Laundering Laws** means any laws, rules and regulations relating to money

laundering or terrorist financing, including (without limitation), the anti-money laundering

provisions and anti-terrorism financing included in sections 337 – 341 (combined with Section

15) and sections 135 and 136 (combined with Section 15) of the Norwegian Penal Code of

2005. **Approved Flag State** means Denmark, Norway, the Republic of Cyprus, the Republic of

Panama, the United Kingdom, the Marshall Islands, Liberia or any other flag state approved by

the Majority Lenders.

**Approved Shareholder** means any legal entity (other than the Borrower or the Original

Guarantors) which:

(a)is a wholly-owned direct or indirect Subsidiary of Guarantor C; and

(b)is incorporated, registered or formed under the laws of a jurisdiction in all respects

acceptable to all the Lenders.

**Article 55 BRRD** means Article 55 of Directive 2014/59/EU establishing a framework for the

recovery and resolution of credit institutions and investment firms.

**Auditors** means EY Godkendt Revisionspartnerselskab or any other "Big Four" accounting firm

appointed by Guarantor A or, as applicable, on and from the Share Exchange Completion, UK

ListCo to act as its or their statutory auditors.

**Authorisation** means any authorisation, consent, concession, approval, resolution, licence,

exemption, filing, notarisation or registration.

**Available Commitment** means a Lender's Commitment minus the amount of its participation in

the Loan.

**Balloon Instalment** shall have, in respect of the Loan, the meaning given to it in clause 7.2

(*Scheduled repayment of Facility*).

**Bail-In Action** means the exercise of any Write-down and Conversion Powers.

**Bail-In Legislation** means:

(a)in relation to an EEA Member Country which has implemented, or which at any time

implements, Article 55 BRRD, the relevant implementing law or regulation as described in

the EU Bail-In Legislation Schedule from time to time;

(b)in relation to the United Kingdom, the UK Bail-In Legislation; and

(c)in relation to any other state other than such an EEA Member Country and the United

Kingdom, any analogous law or regulation from time to time which requires contractual

recognition of any Write-down and Conversion Powers contained in that law or regulation.

**Bareboat Charter** means a bareboat charter for the Ship between the Borrower as owner and a

Bareboat Charterer as charterer in the agreed form (and includes the Initial Bareboat Charter

and a JV Bareboat Charter) and **Bareboat Charters** means any or all of them.

**Bareboat Charterer** means Guarantor A, Guarantor D or any other Group Member which

becomes a bareboat charterer under a Bareboat Charter of the Ship pursuant to the terms of

clause 24.8 (*Chartering*).

**Basel Accords** means the Basel II Accord, the Basel III Accord and Reformed Basel III.

**Basel Regulation** means either a Basel II Regulation or a Basel III Regulation.

**Basel II Accord** means the "International Convergence of Capital Measurement and Capital

Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in

June 2004 as updated prior to, and in the form existing on, the date of this Agreement, excluding

any amendment thereto arising out of the Basel III Accord or Reformed Basel III.

**Basel II Approach** means, in relation to any Finance Party, either the Standardised Approach or

the relevant Internal Ratings Based Approach (each as defined in the Basel II Regulations

applicable to such Finance Party) adopted by that Finance Party (or any of its Affiliates) for the

purposes of implementing or complying with the Basel Accords.

**Basel II Regulation** means:

(a)any law or regulation in force as at the date hereof implementing the Basel II Accord

(including the relevant provisions of CRR) to the extent only that such law or regulation

re-enacts and/or implements the requirements of the Basel II Accord but excluding any

provision of such law or regulation implementing the Basel III Accord or Reformed Basel

III; and

(b)any Basel II Approach adopted by a Finance Party or any of its Affiliates.

**Basel III Accord** means, together:

(a)the agreements on capital requirements, a leverage ratio and liquidity standards

contained in "Basel III: A global regulatory framework for more resilient banks and banking

systems", "Basel III: International framework for liquidity risk measurement, standards and

monitoring" and "Guidance for national authorities operating the countercyclical capital

buffer" published by the Basel Committee on Banking Supervision in December 2010,

each as amended, supplemented or restated;

(b)the rules for global systemically important banks contained in "Global systemically

important banks: assessment methodology and the additional loss absorbency

requirement - Rules text" published by the Basel Committee on Banking Supervision in

November 2011, as amended, supplemented or restated; and

(c)any further guidance or standards published by the Basel Committee on Banking

Supervision relating to "Basel III", including Reformed Basel III.

**Basel III Increased Cost** means an Increased Cost which is attributable to the implementation

or application of or compliance with any Basel III Regulation (whether such implementation,

application or compliance is by a government, regulator, Finance Party or any of its Affiliates)

and includes a CRR Increased Cost.

**Basel III Regulation** means any law or regulation implementing the Basel III Accord (including

the relevant provisions of CRR) save to the extent that such law or regulation re-enacts a Basel

II Regulation.

**Break Costs** means the amount (if any) by which:

(a)the interest (excluding the Margin) which a Lender should have received for the period

from the date of receipt of all or any part of its participation in the Loan or any relevant

part of it or Unpaid Sum to the last day of the current Interest Period in respect of the

Loan or any relevant part of it or Unpaid Sum, had the principal amount or Unpaid Sum

received been paid on the last day of that Interest Period;

exceeds:

(b)the amount which that Lender would be able to obtain by placing an amount equal to the

relevant principal amount or Unpaid Sum received by it on deposit with a leading bank for

a period starting on the Business Day following receipt or recovery and ending on the last

day of that Interest Period.

**Business Day** means a day (other than a Saturday or Sunday) on which banks are open for

general business in Copenhagen, London, Frankfurt am Main, New York and Oslo, and (in

relation to any date for payment or purchase of euro) any TARGET Day.

**BW Group** means BW Altor Pte. Ltd. of the Republic of Singapore and its Subsidiaries from

time to time**.**

**Change of Control** occurs if, at any time and without the prior written approval of all the

Lenders:

(a)the Borrower ceases to be a wholly-owned direct Subsidiary of Guarantor B, unless

(subject to the proviso at the end of this definition) the Borrower has become a wholly-

owned direct Subsidiary of an Approved Shareholder or Guarantor C; or

(b)the Borrower or Guarantor B ceases to be a wholly-owned direct or indirect Subsidiary of

Guarantor C; or

(c)the Borrower that (subject to the proviso at the end of this definition) has become a

wholly-owned direct Subsidiary of an Approved Shareholder or Guarantor C pursuant to

paragraph (a) above ceases to be a wholly-owned direct Subsidiary of that Approved

Shareholder or Guarantor C, unless (subject to the proviso at the end of this definition)

the Borrower has become a wholly-owned direct Subsidiary of another Approved

Shareholder or, as the case may be, Guarantor C; or

(d)any Approved Shareholder that (subject to the proviso at the end of this definition) owns

shares in the Borrower ceases to be a wholly-owned direct or indirect Subsidiary of

Guarantor C; or

(e)on and following the Share Exchange Completion and prior to the completion of the

Squeeze Out, UK ListCo ceases to be the direct shareholder of at least 90 per cent. of the

issued and outstanding voting share capital (excluding shares held in treasury by

Guarantor A) in Guarantor A; or

(f)Guarantor B ceases to be a direct wholly-owned Subsidiary of Guarantor C unless

(subject to the proviso at the end of this definition) Guarantor B has become a wholly-

owned direct Subsidiary of an Approved Shareholder; or

(g)on and following the Transfer of Guarantor A, Guarantor A ceases to be a wholly-owned

direct Subsidiary of Guarantor C unless (subject to the proviso at the end of this

definition) Guarantor A has become a wholly-owned direct Subsidiary of an Approved

Shareholder; or

(h)prior to the Guarantor C Acquisition, Guarantor C ceases to be a direct wholly-owned

Subsidiary of Guarantor A; or

(i)on and following the Guarantor C Acquisition, Guarantor C ceases to be a wholly-owned

direct Subsidiary of UK ListCo; or

(j)Guarantor D ceases to be a direct wholly-owned Subsidiary of Guarantor B unless

(subject to the proviso at the end of this definition) Guarantor D has become a wholly-

owned direct Subsidiary of an Approved Shareholder; or

(k)Guarantor A (at any time prior to the Guarantor C Acquisition) or UK ListCo (on and

following the Guarantor C Acquisition) ceases to have the right or ability to control the

affairs, or the composition of the majority of the board of directors, of the Borrower and/or

Guarantor C and/or any Bareboat Charterer, and/or any Approved Shareholder that

(subject to the proviso at the end of this definition) owns shares in the Borrower and/or

any Bareboat Charterer; or

(l)any Bareboat Charterer ceases to be Guarantor A, Guarantor D or a direct or indirect

(and wholly-owned, unless it is a Bareboat Charterer under a JV Bareboat Charter)

Subsidiary of, prior to the Guarantor C Acquisition, Guarantor A or, on and from the

Guarantor C Acquisition, Guarantor C; or

(m)any person or group of persons acting in concert (other than Swire Pacific, Scorpio Group

or the BW Group) hold legally and beneficially more than 25% of either (i) the issued and

outstanding share capital and/or (ii) the issued and outstanding voting share capital, of,

prior to the Share Exchange Completion, Guarantor A or, on and following the Share

Exchange Completion, UK ListCo,

**<u>Provided however that</u>** it shall not constitute a Change of Control under:

(i)paragraphs (a) or (c) above, if, in the case of a transfer of all (but not part of) the

shares and/or voting shares in the Borrower from Guarantor B to an Approved

Shareholder under paragraph (a) above, or between Approved Shareholders under

paragraph (c) above; or

(ii)paragraph (f) above, if, in the case of a transfer of all (but not part of) the shares

and/or voting shares in Guarantor B from Guarantor C to an Approved Shareholder

under paragraph (f) above; or

(iii)paragraph (g) above, if, on and following the Transfer of Guarantor A, in the case of

a transfer of all (but not part of) the shares and/or voting shares in Guarantor A

from Guarantor C to an Approved Shareholder under paragraph (g) above; or

(iv)paragraph (j) above, if, in the case of a transfer of all (but not part of) the shares

and/or voting shares in Guarantor D from Guarantor B to an Approved Shareholder

under paragraph (j) above; or,

(v)at the time of such transfer:

(i)such Approved Shareholder has delivered to all Finance Parties any "know your

customer" and other similar documents as required by any of them and the relevant

Finance Parties are satisfied with the same and their relevant internal checks; and

(ii)such Approved Shareholder becomes an Additional Guarantor pursuant to the

terms of clause 35.5 (*Additional Guarantors*) and grants a Security Interest over the

shares of the Borrower which it acquires or is to acquire on terms materially similar

to the relevant Share Security and in agreed form (which shall constitute Finance

Documents), together with any documents and evidence of the type referred to in

Schedule 3 (*Conditions precedent*) in respect of such Security Interest and the

Approved Shareholder; and

(iii)the Parties have entered into such other amendments and documents (including

any amendment to this Agreement) as the Agent (acting reasonably) may require in

respect of the above matters (at the cost and expense of the Borrower); and

(iv)the entry by such Approved Shareholder into any of the above documents does not

otherwise constitute a Default nor would otherwise cause or result in an Event of

Default (and the Obligors' Agent has confirmed the same in writing to the Agent).

**Charged Property** means all of the assets of the Obligors which from time to time are, or are

expressed or intended to be, the subject of the Transaction Security.

**Charter** means, in relation to the Ship, any charter commitment (other than a Bareboat Charter),

which is entered into during the Facility Period between (a) either the Borrower or the Bareboat

Charterer as disponent owner; and (b) any person (other than a Bareboat Charterer or any

Group Member or any Affiliate of any of them) as charterer or counterparty of the Borrower or

(as applicable) such Bareboat Charterer thereunder, and which is capable of lasting in excess of

12 months (without taking into account any options to extend or renew contained therein), and it

includes the Initial Charter, and **Charters** means any or all of them.

**Charter Documents** means, in relation to the Ship and a Charter, any documents

supplementing it and any Charter Guarantee.

**Charter Guarantee** means, in relation to the Ship and a Charter, any guarantee or security

given by any person for the relevant Charterer's obligations under it.

**Charter Guarantor** means, in relation to the Ship and a Charter, the guarantor or counterparty

of the Borrower or Bareboat Charterer under the Charter Guarantee for that Charter.

**Charterer** means, in relation to a Charter, the charterer or counterparty of the Borrower or

Bareboat Charterer under that Charter (and it includes the Initial Charterer).

**Classification** means an appropriate classification available to vessels of this type (being on

the date of this Agreement the classification specified in respect of the Ship in Schedule 2 (*Ship* 

*information*)) with the relevant Classification Society selected by the Borrower.

**Classification Society** means the classification society specified in Schedule 2 (*Ship* 

*information*), Lloyd's Register, American Bureau of Shipping or Bureau Veritas or another

classification society (being a member of the International Association of Classification Societies

(**IACS**) or, if such association no longer exists, any similar association nominated by the Agent)

approved by the Majority Lenders as its Classification Society, at the request of the Borrower.

**Code** means the US Internal Revenue Code of 1986, as amended.

**Commitment** means:

(a)in relation to an Original Lender, the amount set opposite its name under the heading

"Commitment" in Schedule 1 (*The original parties*) and the amount of any other

Commitment assigned to it under this Agreement; and

(b)in relation to any other Lender, the amount of any Commitment assigned to it under this

Agreement,

to the extent not cancelled, reduced or assigned by it under this Agreement.

**Compliance Certificate** means a certificate substantially in the form set out in Schedule 9

(*Form of Compliance Certificate*) or otherwise approved.

**Confirmation** shall have, in relation to any Hedging Transaction, the meaning given to that term

in the relevant Hedging Master Agreement.

**Confidential Information** means all information relating to an Obligor, the Group, the

Transaction Documents or the Facility of which a Finance Party becomes aware in its capacity

as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in

relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the

Facility from either:

(a)any Group Member or any of its advisers; or

(b)another Finance Party, if the information was obtained by that Finance Party directly or

indirectly from any Group Member or any of its advisers,

in whatever form, and includes information given orally and any document, electronic file or any

other way of representing or recording information which contains or is derived or copied from

such information but excludes:

(i)information that:

(A)is or becomes public information other than as a direct or indirect result of

any breach by that Finance Party of clause 51 (*Confidential Information*); or

(B)is identified in writing at the time of delivery as non-confidential by any Group

Member or any of its advisers; or

(C)is known by that Finance Party before the date the information is disclosed to

it in accordance with paragraphs (a) or (b) above or is lawfully obtained by

that Finance Party after that date, from a source which is, as far as that

Finance Party is aware, unconnected with the Group and which, in either

case, as far as that Finance Party is aware, has not been obtained in breach

of, and is not otherwise subject to, any obligation of confidentiality; and

(ii)any Funding Rate or Reference Bank Quotation.

**Confidentiality Undertaking** means a confidentiality undertaking substantially in the form

recommended by the Loan Market Association.

**Constitutional Documents** means, in respect of an Obligor, such Obligor's memorandum and

articles of association, by-laws or other constitutional documents including as referred to in any

certificate relating to an Obligor delivered pursuant to Schedule 3 (*Conditions precedent*).

**Corrective Action Plan** or **CAP** means a plan produced by the Borrower specifying the

corrective actions (including the timing(s) and responsibility for such action(s)) being taken or

proposed to be taken in order to remedy or mitigate all adverse consequences caused by an

Environmental Incident, Social Incident, Environmental Claim, Social Claim, or IMO Code Claim,

as may be amended or updated from time to time.

**CRR** means either CRR-EU or, as the context may require, CRR-UK.

**CRR-EU** means regulation 575/2013 of the European Union on prudential requirements for

credit institutions and investment firms and regulation 2019/876 of the European Union

amending Regulation (EU) No 575/2013 and all delegated and implementing regulations

supplementing that Regulation.

**CRR Increased Cost** means an Increased Cost which is attributable to the implementation or

application of or compliance with the CRR (whether such implementation, application or

compliance is by a government, regulator, Finance Party or any of its Affiliates).

**CRR-UK** means CRR-EU as amended and transposed into the laws of the United Kingdom by

the European Union (Withdrawal) Act 2018 and the European Union (Withdrawal Agreement)

Act 2020 and as amended by the Capital Requirements (Amendment) (EU Exit) Regulations

2019. **CTA** means the Corporation Tax Act 2009.

**Debt Purchase Transaction** means, in relation to a person, a transaction where such person:

(a)purchases by way of assignment or transfer;

(b)enters into any sub-participation in respect of; or

(c)enters into any other agreement or arrangement having an economic effect substantially

similar to a sub-participation in respect of,

any Commitment or amount outstanding under the Loan under this Agreement.

**Declassification Date** means the date on which the Agent (acting on the instructions of the

Majority Lenders) exercises its right to declassify the Loan as a "green loan" in accordance with

paragraph (a) of clause 23.14 (*Declassification Event*).

**Declassification Event** means:

(a)the Agent receives a Declassification Request from the Borrower;

(b)the Borrower ceases to be in compliance with the Green Asset Criteria; or

(c)the Borrower fails to comply with the requirements of clause 21.14 (*Green Loan* 

*Compliance Certificate and Green Loan Report*), unless the failure to comply is capable of

remedy and it is remedied within 10 Business Days of the earlier of (i) the Agent giving

notice to the Borrower and (ii) the Borrower becoming aware of the failure to comply.

**Declassification Request** means a notice signed by the Borrower requesting that the Loan is

no longer to be classified as a "green loan" for the purposes of the "Green Loan Provisions".

Such notice shall:

(a)be signed by a director of the Borrower;

(b)state the proposed Declassification Date; and

(c)set out in reasonable detail the green loan related information demonstrating why the

Loan should no longer be a "green loan".

**Deed of Covenant** means, if the Mortgage is in account current form and where it is customary

to grant a deed of covenant, a first priority deed of covenant in respect of the Ship by the

Borrower in favour of the Security Agent in the agreed form.

**Default** means an Event of Default or any event or circumstance specified in clause 32 *(Events* 

*of Default)* which would (with the expiry of a grace period, the giving of notice, the making of any

determination under the Finance Documents or any combination of any of the foregoing) be an

Event of Default.

**Defaulting Lender** means any Lender:

(a)which has failed to make its participation in the Loan available (or has notified the Agent

or the Borrower (which has notified the Agent) that it will not make its participation in the

Loan available) by the Utilisation Date in accordance with clause 5.4 *(Lenders'* 

*participation)*;

(b)which has otherwise rescinded or repudiated a Finance Document; or

(c)with respect to which an Insolvency Event has occurred and is continuing,

unless, in the case of paragraph (a) above:

(i)its failure to pay is caused by:

(A)administrative or technical error; or

(B)a Disruption Event; and,

payment is made within three Business Days of its due date; or

(ii)the Lender is disputing in good faith whether it is contractually obliged to make the

payment in question.

**Delegate** means any delegate, agent, attorney, additional trustee or co-trustee appointed by the

Security Agent.

**Deloitte Report** means the Project Albion Draft Extract Strawman Report dated 8 May 2025.

**Disposal Repayment Date** means in relation to:

(a)a Total Loss of the Ship, the applicable Total Loss Repayment Date; or

(b)a sale of the Ship by the Borrower, the date upon which such sale is completed by the

transfer of title to the purchaser in exchange for payment of all or part of the relevant

purchase price (and upon or immediately prior to such completion).

**Disruption Event** means either or both of:

(a)a material disruption to those payment or communications systems or to those financial

markets which are, in each case, required to operate in order for payments to be made in

connection with the Facility (or otherwise in order for the transactions contemplated by the

Finance Documents to be carried out) which disruption is not caused by, and is beyond

the control of, any of the Parties; or

(b)the occurrence of any other event which results in a disruption (of a technical or systems-

related nature) to the treasury or payments operations of a Party preventing that, or any

other Party:

(i)from performing its payment obligations under the Finance Documents; or

(ii)from communicating with other Parties in accordance with the terms of the Finance

Documents,

and which (in either such case) is not caused by, and is beyond the control of, the Party whose

operations are disrupted.

**Earnings** means, in relation to the Ship and a person, all money at any time payable to that

person for or in relation to the use or operation of the Ship including freight, hire and passage

moneys, money payable to that person for the provision of services by or from the Ship or under

any charter commitment, requisition for hire compensation, remuneration for salvage and

towage services, demurrage and detention moneys and damages for breach and payments for

termination or variation of any charter commitment and contributions of any nature whatsoever

in respect of general average (including all moneys payable to the Borrower and/or a Bareboat

Charterer of the Ship under any Charter, Charter Guarantee or Bareboat Charter in respect of

the Ship, respectively).

**Earnings Account** means any account with an Account Bank which is defined as such in any

Account Security or which is designated as an "**Earnings Account**" under clause 29 *(Bank* 

*accounts)*.

**EBITDA** has the meaning given to that term in clause 22.2 (*Financial definitions*).

**EEA Member Country** means any member state of the European Union, Iceland, Liechtenstein

and Norway.

**Eligible Institution** means any Lender or other bank, financial institution, trust, fund or other

entity selected by the Borrower and which, in each case, is not a Group Member.

**Environmental Approval** means any permit, license, consent, approval and other

authorisations required under any Environmental **Law.**

**Environmental Claim** means any claim or proceeding by any person or company or any formal

notice, whether in respect to any investigation by relevant public authorities or otherwise which

has been commenced against any Obligor or the Ship in respect of (i) any material breach of or

material non-conformity with Environmental Law or (ii) any material breach of or material non-

conformity with or a revocation or suspension of an Environmental Approval.

**Environmental Incident** means any spill, release or discharge of Environmentally Sensitive

Material which is capable of materially polluting the environment in circumstances where:

(a)a Fleet Vessel or its owner, operator or manager is involved; and/or

(b)any Obligor is reasonably expected to be liable for Environmental Claims arising from

such spill, release or discharge (other than Environmental Claims arising and fully

satisfied before the date of this Agreement).

**Environmental Law** means any applicable law, regulation, convention or treaty, judgment, order

or any other executive or legislative measure or act having the force of law in any jurisdiction in

which any Obligor conducts business and which relates to the pollution or protection of, or the

prevention of harm or damage to, the environment, including, without limitation, the

manufacturing, generation, processing, distribution, use, treatment, storage, disposal, transport

or handling of Environmentally Sensitive Material.

**Environmentally Sensitive Material** means and includes all contaminants, oil, oil products,

toxic substances and any other substance (including any chemical, gas or other hazardous or

noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

**EU Bail-In Legislation Schedule** means the document described as such and published by the

Loan Market Association (or any successor person) from time to time.

**EU Ship Recycling Regulation** means Regulation (EU) No 1257/2013 of the European

Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation

(EC) No 1013/2006 and Directive 2009/16/EC (Text with EEA relevance).

**EURIBOR** means, in relation to the Loan or any part of it and any Unpaid Sum:

(a)the applicable Screen Rate as of 11:00 a.m. (Brussels time) on the relevant Quotation

Day for a period equal in length to the Interest Period of the Loan or relevant part of it or

Unpaid Sum; or

(b)as otherwise determined pursuant to clause 12.1 *(Unavailability of Screen Rate)*,

and if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero.

**Event of Default** means any event or circumstance specified as such in clause 32 *(Events of* 

*Default)*.

**Existing Facilities Agreement** means the facilities agreement dated 22 May 2025 made

between, amongst others, the Borrower as borrower and DNB Bank ASA as agent, in relation to

loan facilities of up to €150,000,000 for the purpose of financing the acquisition cost of the Ship.

**Existing Indebtedness** means, together, at any relevant time, the aggregate amount of

principal, interest and all other amounts outstanding and owing by the Borrower or any other

Obligor under the Existing Facilities Agreement or related Finance Documents (as such term is

defined in the Existing Facilities Agreement).

**External Reviewer** means S&P Global or any replacement external reviewer being a member

firm of Deloitte, Ernst & Young Global Limited, KPMG International Limited,

PricewaterhouseCoopers International Limited or DNV or any other person approved by the

Majority Lenders as may be appointed from time to time by Guarantor A (up to the Share

Exchange Completion) or UK ListCo (on and from the Share Exchange Completion), **provided** 

**that** any such replacement is:

(a)an independent professional services firm, environmental consultancy firm or ratings

agency which is regularly engaged in the application and monitoring of ESG standards

and ESG calculation methodologies; and

(b)not an Affiliate of an Obligor.

**Facility** means the term loan facility made available under this Agreement as described in

clause 2 (*The Facility*).

**Facility Office** means:

(a)in respect of a Lender, the office or offices notified by that Lender to the Agent in writing

on or before the date it becomes a Lender (or, following that date, by not less than

five Business Days' written notice) as the office or offices through which it will perform its

obligations under this Agreement; or

(b)in respect of any other Finance Party, the office in the jurisdiction in which it is resident for

Tax purposes.

**Facility Period** means the period from and including the date of this Agreement to and including

the date on which the Total Commitments have reduced to zero and all indebtedness of the

Obligors under the Finance Documents has been irrevocably and unconditionally and

discharged in full.

**FATCA** means:

(a)sections 1471 to 1474 of the Code or any associated regulations;

(b)any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental

agreement between the US and any other jurisdiction, which (in either case) facilitates the

implementation of any law or regulation referred to in paragraph (a) above; or

(c)any agreement pursuant to the implementation of any treaty, law or regulation referred to

in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government

or any governmental or taxation authority in any other jurisdiction.

**FATCA Application Date** means:

(a)in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code

(which relates to payments of interest and certain other payments from sources within the

US), 1 July 2014; or

(b)in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling

within paragraph (a) above, the first date from which such payment may become subject

to a deduction or withholding required by FATCA.

**FATCA Deduction** means a deduction or withholding from a payment under a Finance

Document required by FATCA.

**FATCA Exempt Party** means a Party that is entitled to receive payments free from any FATCA

Deduction.

**FATCA FFI** means a foreign financial institution as defined in section 1471(d)(4) of the Code

which could be required to make a FATCA Deduction.

**Fee Letters** means any letters entered into between (a) any Finance Parties and (b) any

Obligors by reference to this Agreement in relation to any fees payable to any Finance Parties

and **Fee Letter** means any one of them.

**Final Repayment Date** means, subject to clause 44.7 *(Business Days)*, the date falling 60

Months after the Utilisation Date.

**Finance Documents** means this Agreement, any Accession Deed, any Ancillary Document, any

Compliance Certificate, any Green Loan Compliance Certificate, any Fee Letter, the Utilisation

Request, any Quiet Enjoyment Agreement in relation to the Ship, the Security Documents, any

Transfer Certificate, any Hedging Contracts, any Hedging Master Agreement and any other

document designated as such by the Agent and the Borrower.

**Finance Party** means the Agent, the Security Agent, any Arranger, the Bookrunner, the Green

Loan Advisor, any Hedging Provider, a Lender or any Ancillary Lender.

**Financial Indebtedness** means any indebtedness for or in respect of:

(a)moneys borrowed and debit balances at banks or other financial institutions;

(b)any acceptance under any acceptance credit or bill discounting facility (or dematerialised

equivalent);

(c)any note purchase facility or the issue of bonds, notes, debentures, loan stock or any

similar instrument;

(d)the amount of any liability in respect of any lease or hire purchase contract which would,

in accordance with IFRS, be treated as a finance or capital lease;

(e)receivables sold or discounted (other than any receivables to the extent they are sold on

a non-recourse basis and meet any requirement for de-recognition under IFRS);

(f)any Treasury Transaction (and, when calculating the value of that Treasury Transaction,

only the marked to market value (or, if any actual amount is due as a result of the

termination or close-out of that Treasury Transaction, that amount) shall be taken into

account);

(g)any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or

documentary letter of credit or any other instrument issued by a bank or financial

institution;

(h)any amount raised by the issue of shares which are redeemable (other than at the option

of the issuer) before the Final Repayment Date or are otherwise classified as borrowings

under IFRS;

(i)any amount of any liability under an advance or deferred purchase agreement if (i) one of

the primary reasons behind entering into the agreement is to raise finance or to finance

the acquisition or construction of the asset or service in question or (ii) the agreement is in

respect of the supply of assets or services and payment is due more than 180 days after

the date of supply;

(j)any amount raised under any other transaction (including any forward sale or purchase,

sale and sale back or sale and leaseback agreement) of a type not referred to in any

other paragraph of this definition having the commercial effect of a borrowing or otherwise

classified as borrowings under IFRS; and

(k)the amount of any liability in respect of any guarantee or indemnity for any of the items

referred to in paragraphs (a) to (j) above.

**Financial Year** means the annual accounting period of the Group ending on or about the

Accounting Reference Date in each year.

**First Repayment Date** means, subject to clause 44.7 *(Business Days),* the date falling three

Months after the Utilisation Date.

**Flag State** means, in relation to the Ship, (i) the country specified in Schedule 2 (*Ship* 

*information*), (ii) any other Approved Flag State in which the Ship is, or is to be, registered at the

request of the Borrower, subject to the provisions of paragraph (b) of clause 24.2 (*Ship's name* 

*and registration*) or (iii) such other state or territory as may be approved by the Majority Lenders

at the request of the Borrower (such approval or, where such state or territory is not approved by

the Majority Lenders, such rejection, not to be unreasonably delayed), subject to the provisions

of paragraph (b) of clause 24.2 (*Ship's name and registration*) as being the **"Flag State"** of the

Ship for the purposes of the Finance Documents.

**Fleet Vessel** means the Ship and any other vessel owned, operated, managed or crewed by

any Group Member.

**Funding Rate** means any individual rate notified by a Lender to the Agent pursuant to

paragraph (a)(ii) of clause 12.4 *(Cost of funds)*.**

**General Assignment** means in relation to the Ship and each Bareboat Charterer, a first

assignment of its interest in the Ship's Insurances, Earnings (including Earnings under any

Charter and any Charter Guarantee for the Ship, if and to the extent it would not constitute a

breach of the relevant Charter or Charter Guarantee (as applicable) for the Ship (unless clause

24.8(e)(ii) applies)), Requisition Compensation and, subject to the terms of clause 24.8(e)(ii) in

relation to a Charter, the Charter Documents for such Charter, and, in the case of the Borrower

only, any Bareboat Charter for the Ship, one such assignment executed by the Borrower and

each Bareboat Charterer of the Ship in favour of the Security Agent or any other Finance Party

in the agreed form.

**GHG Protocol** means the Greenhouse Gas Protocol: A Corporate Accounting and Reporting

Standard, Revised Edition 2015, published by the World Business Council for Sustainable

Development and the World Resources Institute, as updated from time to time.

**GLP** means the Green Loan Principles together with the "Guidance on Green Loan Principles",

published on 23 February 2023 by the Loan Market Association (**LMA**), the Loan Syndications

and Trading Association (**LSTA**) and the Asia Pacific Loan Market Association (**APLMA**) and the

accompanying guidance in force as at the date of this Agreement.

**Green Asset Criteria** means, at any relevant time:

(a)the proceeds of the Loan are used for the purpose of financing Green Assets;

(b)not more than 5% of the aggregate combined annual turnover of the Borrower attributable

to the Green Assets (as shown in the then most recent audited annual financial

statements of the Borrower delivered pursuant to clause 21.3 (*Financial statements*)) is

derived from non-offshore renewable energy activities; and

(c)the aggregate market value of the Green Assets (as most recently determined by

valuations obtained in accordance with clause 27 (*Minimum Security Value*)) is equal to

or exceeds the outstanding amount of the Green Loan,

save that paragraphs (b) and (c) shall not apply for the purposes of a Pre-Utilisation Green Loan

Compliance Certificate provided pursuant to clause 10.2(b) (*Green Loan Margin Adjustment*).

**Green Assets** means the Ship for as long as it falls within "*green project categories*" as defined

in the Green Finance Framework.

**Green Finance Framework** means the green finance framework dated December 2023 and

prepared by Guarantor A on sustainability reporting.

**Green Finance Second Party Opinion** means the green finance second party opinion dated 1

December 2023 and issued by the External Reviewer as the same may be updated or amended

from time to time to confirm, inter alia, the alignment of the Green Finance Framework with the

GLP.

**Green Loan** means the outstanding amount of the Loan until a Declassification Event occurs

and is continuing.

**Green Loan Compliance Certificate** means a certificate substantially in the form set out in

Schedule 10 (*Form of Green Loan Compliance Certificate*) delivered pursuant to clause 21.14

(*Green Loan Compliance Certificate and Green Loan Report*) (and it also includes a Pre-

Utilisation Green Loan Compliance Certificate).

**Green Loan Compliance Certificate Inaccuracy** has the meaning given to it in clause 21.15

(*Green Loan Compliance Certificate Inaccuracy*).

**Green Loan Information** means all information which has been:

(a)provided by or on behalf of a Group Member to a Finance Party; or

(b)approved by any Group Member,

solely in connection with, and to the extent it relates to, any Green Loan Compliance Certificate

or any Green Loan Report,

**Green Loan Provisions** means each of paragraph (g) of clause 20.8 (*No misleading* 

*information*), clause 21.14 (*Green Loan Compliance Certificate and Green Loan Report*) to

clause 21.16 (*Green Loan Information*) (inclusive), clause 23.14 (*Declassification Event*) and

clause 23.15 (*Green Loan publicity*).

**Green Loan Report** has the meaning given to that term in clause 21.14 (*Green Loan* 

*Compliance Certificate and Green Loan Report*).

**Group** means:

(a)on and from the date of this Agreement and up until the Share Exchange Completion,

Guarantor A; and

(b)on and from the date of the Share Exchange Completion and until the end of the Facility

Period, UK ListCo,

(c)and, in each case, its Subsidiaries for the time being and, for the purposes of clause 21.3

(Financial statements) and clause 22 (Financial covenants), any other entity required to

be treated as a subsidiary in its consolidated accounts in accordance with IFRS and/or

any applicable law.

**Group Member** means any Obligor and any other entity which is part of the Group.

**Guarantee** means the obligations of the Guarantors under clause 19 (*Guarantee and* 

*indemnity*).

**Guarantor** means an Original Guarantor or an Additional Guarantor which has become a

guarantor under this Agreement pursuant to clause 35.5 (*Additional Guarantors*) and

**Guarantors** means any or all of them.

**Guarantor Affiliate** means any Guarantor and each of its Affiliates, any trust of which such

Guarantor or any of its Affiliates is a trustee, any partnership of which such Guarantor or any of

its Affiliates is a partner and any trust, fund or other entity which is managed by, or is under the

control of, such Guarantor or any of its Affiliates.

**Guarantor C Acquisition** means the acquisition by UK ListCo of 100% of the share capital of

Guarantor C from Guarantor A, which will follow the Share Exchange Completion and the

completion of the Squeeze Out.

**Hedging Contract** means any Hedging Transaction between the Borrower and any Hedging

Provider pursuant to any Hedging Master Agreement and includes any Hedging Master

Agreement and any Confirmations from time to time exchanged under it and governed by its

terms relating to that Hedging Transaction and any contract in relation to such a Hedging

Transaction constituted and/or evidenced by them and **Hedging Contracts** means any or all of

them.

**Hedging Contract Security** means a deed or other instrument by the Borrower in favour of the

Security Agent in the agreed form conferring a Security Interest over any Hedging Contracts.

**Hedging Exposure** means, as at any relevant date and in relation to any Hedging Provider, the

aggregate of the amount certified by that Hedging Provider to the Agent to be the net amount in

euro:

(a)in relation to all Hedging Contracts with that Hedging Provider that have been closed out

on or prior to the relevant date, that is due and owing by the Borrower to that Hedging

Provider in respect of such Hedging Contracts on the relevant date; and

(b)in relation to all Hedging Contracts with that Hedging Provider that are continuing on the

relevant date, that would be payable by the Borrower to that Hedging Provider under (and

calculated in accordance with) the early termination provisions of such Hedging Contracts

as if an Early Termination Date (under and as defined in the relevant Hedging Master

Agreement) had occurred on the relevant date in relation to all such continuing Hedging

Contracts.

**Hedging Master Agreement** means each agreement made or (as the context may require) to

be made between the Borrower and a Hedging Provider comprising an ISDA Master Agreement

and the Schedule thereto in the agreed form and **Hedging Master Agreements** means any or

all of them.

**Hedging Provider** means:

(a)any Original Hedging Provider; and

(b)any entity which has become a Party as a Hedging Provider in accordance with clause

34.12 *(Accession of Hedging Providers to this Agreement),* 

and **Hedging Providers** means any or all of them.

**Hedging Transaction** has, in relation to any Hedging Master Agreement, the meaning given to

the term "Transaction" in that Hedging Master Agreement and **Hedging Transactions** means

any or all of them.

**Holding Company** means, in relation to a person, any other person in respect of which it is a

Subsidiary.

**IFRS** means International Financial Reporting Standards (IFRS Standards) applicable from time

to time.

**IMO Code Claim** means any formal notice of or claim from relevant authorities for a material

breach of the ISM Code, the ISPS Code, the Polar Code, SOLAS, MARPOL or the STCW/

STCW-F being made against any Obligor or otherwise in connection with the Ship or any actual

or threatened withdrawal, suspension, cancellation or modification of the SMC, the ISSC or the

DOC or any "major non-conformity", as such term is defined in the ISM Code.

**Impaired Agent** means the Agent at any time when:

(a)it has failed to make (or has notified a Party that it will not make) a payment required to be

made by it under the Finance Documents by the due date for payment;

(b)the Agent otherwise rescinds or repudiates a Finance Document;

(c)(if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the

definition of Defaulting Lender; or

(d)an Insolvency Event has occurred and is continuing with respect to the Agent;

unless, in the case of paragraph (a) above:

(i)its failure to pay is caused by:

(A)administrative or technical error; or

(B)a Disruption Event; and

payment is made within 3 Business Days of its due date; or

(ii)the Agent is disputing in good faith whether it is contractually obliged to make the

payment in question.

**Increased Costs** has the meaning given to that term in clause 15.1 *(Increased costs)*.

**Indemnified Person** means:

(a)each Finance Party, each Receiver, any Delegate and any attorney, agent or other person

appointed by them under the Finance Documents;

(b)each Affiliate of those persons; and

(c)any officers, directors, employees, advisers, representatives or agents of any of the above

persons.

**Initial Bareboat Charter** means the Bareboat Charter for the Ship the details of which are

provided in Schedule 2 (*Ship information*).

**Initial Charter** means, in relation to the Ship, the charter commitment for the Ship, details of

which are provided in Schedule 2 (*Ship information*).

**Initial Charterer** means, in relation to the Ship and the Initial Charter, the charterer under such

Initial Charter, whose details are set out in Schedule 2 (*Ship information*).

**Insolvency Event** in relation to an entity means that the entity:

(a)is dissolved (other than pursuant to a consolidation, amalgamation or merger);

(b)becomes insolvent or is unable to pay its debts or fails or admits in writing its inability

generally to pay its debts as they become due;

(c)makes a general assignment, arrangement or composition with or for the benefit of its

creditors;

(d)institutes or has instituted against it, by a regulator, supervisor or any similar official with

primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its

incorporation or organisation or the jurisdiction of its head or home office, a proceeding

seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy

or insolvency law or other similar law affecting creditors' rights, or a petition is presented

for its winding-up or liquidation by it or such regulator, supervisor or similar official;

(e)has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or

any other relief under any bankruptcy or insolvency law or other similar law affecting

creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case

of any such proceeding or petition instituted or presented against it, such proceeding or

petition is instituted or presented by a person or entity not described in paragraph (d)

above and:

(i)results in a judgment of insolvency or bankruptcy or the entry of an order for relief

or the making of an order for its winding up or liquidation; or

(ii)is not dismissed, discharged, stayed or restrained in each case within 30 days of

the institution or presentation thereof;

(f)has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of

the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding

pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant

to Part 3 of the Banking Act 2009;

(g)has a resolution passed for its winding-up, official management or liquidation (other than

pursuant to a consolidation, amalgamation or merger);

(h)seeks or becomes subject to the appointment of an administrator, provisional liquidator,

conservator, receiver, trustee, custodian or other similar official for it or for all or

substantially all its assets (other than, for so long as it is required by law or regulation not

to be publicly disclosed, any such appointment which is to be made, or is made, by a

person or entity described in paragraph (d) above);

(i)has a secured party take possession of all or substantially all its assets or has a distress,

execution, attachment, sequestration or other enforcement action or legal process levied,

enforced, taken or sued on or against all or substantially all its assets and such secured

party maintains possession, or any such process is not dismissed, discharged, stayed or

restrained, in each case within 30 days thereafter;

(j)causes or is subject to any event with respect to it which, under the applicable laws of any

jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (i)

above; or

(k)takes any action in furtherance of, or indicating its consent to, approval of, or

acquiescence in, any of the foregoing acts.

**Insurance Notice** means a notice of assignment of Insurances in the form scheduled to any of

the Ship's General Assignments or in another approved form.

**Insurances** means:

(a)all policies and contracts of insurance; and

(b)all entries in a protection and indemnity or war risks or other mutual insurance

association,

in relation to the Ship, in the name of the Borrower or the joint names of the Borrower and any

other person in respect of or in connection with the Ship and includes all benefits thereof

(including the right to receive claims and to return of premiums), but it excludes loss of hire or

Earnings insurances.

**Interbank Market** means the European interbank market.

**Interest Period** means, in relation to the Loan, each period determined in accordance with

clause 11 *(Interest Periods)* and, in relation to an Unpaid Sum, each period determined in

accordance with clause 10.4 *(Default interest)*.

**Interpolated Screen Rate** means, in relation to EURIBOR for an Interest Period with respect to

the Loan or any part of it or any Unpaid Sum, the rate (rounded to the same number of decimal

places as the two relevant Screen Rates) which results from interpolating on a linear basis

between:

(a)the applicable Screen Rate for the longest period (for which that Screen Rate is available)

which is less than the relevant Interest Period; and

(b)the applicable Screen Rate for the shortest period (for which that Screen Rate is

available) which exceeds the relevant Interest Period,

each as of 11:00 a.m. (Brussels time) on the relevant Quotation Day.

**Inventory of Hazardous Material** means a statement of compliance issued by the relevant

Classification Society and which includes a list of any and all materials known to be potentially

hazardous utilised in the construction of the Ship and which also may be referred to as a List of

Hazardous Material.

**ITA** means the Income Tax Act 2007.

**JV Bareboat Charter** means, in relation to the Ship, a bareboat charter entered into pursuant to

the terms of, and defined as such in, clause 24.8(c) (*Chartering*).

**Last Availability Date** means the earlier of (i) 31 October 2026 or (ii) the Utilisation Date, or

such other date as may be approved by the Lenders.

**Legal Opinion** means any legal opinion delivered to the Agent and the Security Agent under

clause 4 *(Conditions of Utilisation).*

**Legal Reservations** means:

(a)the principle that equitable remedies may be granted or refused at the discretion of a

court and the limitation of enforcement by laws relating to insolvency, reorganisation and

other laws generally affecting the rights of creditors;

(b)the time barring of claims under the Limitation Act 1980 and the Foreign Limitation

Periods Act 1984;

(c)the possibility that an undertaking to assume liability for, or indemnify a person against,

non-payment of UK stamp duty may be void and defences of set-off or counterclaim;

(d)similar principles, rights and defences under the laws of any Relevant Jurisdiction; and

(e)any other matters which are set out as qualifications or reservations as to matters of law

of general application in the Legal Opinions.

**Lender** means:

(a)any of the Original Lenders; and

(b)any bank, financial institution, trust, fund or other entity which has become a Party as a

Lender in accordance with any provisions of this Agreement,

which in each case has not ceased to be a Party as Lender in accordance with the terms of this

Agreement, and **Lenders** means all of them.

**Loan** means the loan made or to be made under the Facility or the principal amount outstanding

for the time being of that loan.

**Loss Payable Clauses** means the provisions concerning payment of claims under the

Insurances in the form scheduled to any of the Ship's General Assignments or in another

approved form.

**Losses** means any costs, expenses (including, but not limited to, legal fees), payments,

charges, losses, demands, liabilities, taxes (including VAT), claims, actions, proceedings,

penalties, fines, damages, judgments, orders or other sanctions.

**Major Casualty** means any casualty to a vessel for which the total insurance claim, inclusive of

any deductible, exceeds or may exceed the Major Casualty Amount.

**Major Casualty Amount** means the amount specified as such in Schedule 2 (*Ship information*)

for the Ship or the equivalent in any other currency.

**Majority Lenders** means a Lender or Lenders whose Commitments aggregate more than 66

2/3% of the Total Commitments (or, if the Total Commitments have been reduced to zero,

aggregated more than 66 2/3% of the Total Commitments immediately prior to the reduction).

**Management Agreement** means the agreement between the Borrower or Bareboat Charterer

(as applicable) of the Ship and a Manager relating to the appointment of that Manager in respect

of the Ship.

**Manager** means, in relation to the Ship, the Bareboat Charterer of the Ship (including where a

separate Management Agreement has been entered into between the Borrower and the relevant

Bareboat Charterer) from time to time as technical manager and commercial manager of the

Ship, or another manager appointed by the Borrower or Bareboat Charterer (as applicable) of

the Ship as the technical and/or commercial manager of the Ship in accordance with clause

24.4 (*Manager*).

**Manager's Undertaking** means a first priority undertaking by any manager of the Ship (other

than where such manager is also the Bareboat Charterer of the Ship and a Guarantor) to the

Security Agent in the agreed form, including pursuant to clause 24.4 *(Manager)*.

**Mandatory Declassification Event** means a Declassification Event under paragraphs (b) and/

or (c) of the definition of Declassification Event.

**Margin** means:

(a)two point ten per cent. (2.10%); or

(b)such other rate per annum as may be determined to be the Margin from time to time in

accordance with the adjustment provisions of clause 10.2 (*Green Loan Margin* 

*Adjustment*).

**Material Adverse Effect** means a material adverse effect on:

(a)the operations, property or condition (financial or otherwise) of the Obligors taken as a

whole; or

(b)the ability of an Obligor to perform its obligations under any of the Finance Documents; or

(c)the legality, validity or enforceability of, or the effectiveness or ranking of any Security

Interest granted or purporting to be granted pursuant to any of, the Finance Documents or

any of the rights or remedies of any Finance Party under any of the Finance Documents.

**Measurement Period** has the meaning given to that term in clause 22.2 *(Financial definitions)*.

**Minimum Bareboat Charter Hire** means, in relation to the Ship, the Borrower, and a Bareboat

Charter relevant to it, an amount which, for the entire tenor of that Bareboat Charter is, in the

reasonable opinion of all the Lenders, sufficient:

(a)to allow the Borrower to pay when they fall due under the Finance Documents all

amounts of principal in respect of the Loan, interest thereon, all amounts payable under

all Hedging Contracts relating to the Loan, any other amounts relating to the Loan and to

pay and/or prepay, or otherwise meet all their obligations when they fall due under, the

Ancillary Outstandings; and

(b)to allow the Borrower to pay when they fall due any and all costs and expenses (including

operating costs and expenses) of the Ship which are for the account of the Borrower

under the terms of the Bareboat Charter, including any and all maintenance,

management, drydocking, insurance, general and administrative costs, expenses,

indemnities and any and all other costs, expenses and Taxes of the Borrower in

connection with its own and the Ship's administration, operation, corporate existence,

ownership of assets and taxation (as applicable); and

(c)to allow for an additional amount of 10% of all the above sums under paragraphs (a) and

(b) at any given time as contingency for additional payments which the Borrower may

have to make,

in each case, as any such amounts may fall due during the entire tenor of that Bareboat Charter

or are otherwise connected with that Bareboat Charter and provided that the charter hire under

a Bareboat Charter shall not at any time exceed the maximum amount permitted by transfer

pricing regulations applicable to the relevant Bareboat Charterer and/or the Borrower.

**Minimum Value** means, at any time, the amount in euro which is at that time one hundred and

forty per cent. (140%) of the amount which is the sum of:

(a)the Loan;

(b)<u>minus</u>

(c)the value of any additional security then held by the Security Agent or any other Finance

Party provided pursuant to clause 27.13 (*Security shortfall*) in the form of cash deposit in

euros (but always subject to clause 27.14 (*Creation of additional security*)).

**Month** means a period starting on one day in a calendar month and ending on the numerically

corresponding day in the next calendar month, except that:

(a)(subject to paragraph (c) below) if the numerically corresponding day is not a Business

Day, that period shall end on the next Business Day in the calendar month in which that

period is to end (if there is one) or on the immediately preceding Business Day (if there is

not);

(b)if there is no numerically corresponding day in the calendar month in which that period is

to end, that period shall end on the last Business Day in that calendar month; and

(c)if an Interest Period begins on the last Business Day of a calendar month, that Interest

Period shall end on the last Business Day in the calendar month in which that Interest

Period is to end.

The above rules will only apply to the last Month of any period.

**Mortgage** means a first priority or (as the case may be) first preferred mortgage of the Ship in

the agreed form by the Borrower in favour of the Security Agent or any other Finance Party.

**Mortgage Period** means the period from the date the Mortgage is executed and registered until

the date the Mortgage is released and discharged or, if earlier, the Total Loss Repayment Date.

**New Lender** has the meaning given to that term in clause 34 *(Changes to the Lenders)*.

**Notifiable Debt Purchase Transaction** has the meaning given to that term in clause 35.3

(*Disenfranchisement of Debt Purchase Transactions entered into by Guarantor Affiliates*).

**Obligors** means the Borrower, the Guarantors and any Manager (with the exception of any

Manager who is not a Group Member), and **Obligor** means any one of them.

**Obligors' Agent** means:

(a)from the date of this Agreement and up to the Share Exchange Completion, Guarantor A;

and

(b)from the Share Exchange Completion and up to the end of the Facility Period, UK ListCo.

**Original Financial Statements** means the audited consolidated financial statements of

Guarantor A for its Financial Year ended 31 December 2024.

**Original Jurisdiction** means, in relation to an Obligor, the jurisdiction under whose laws that

Obligor is incorporated as at the date of this Agreement or, in the case of an Additional

Guarantor, as at the date on which that Additional Guarantor becomes Party.

**Original Obligors** means the Borrower and the Original Guarantors and **Original Obligor** 

means any of them.

**Original Schedule of Repayment Amounts** means Schedule 6 (*Original Schedule of* 

*Repayment Amounts*) to this Agreement.

**Original Security Documents** means:

(a)the Mortgage;

(b)the Deed of Covenant if the Mortgage is in account current form and where it is

customary to grant a deed of covenant;

(c)the General Assignments, one by the Borrower and each Bareboat Charterer of the Ship;

(d)the Share Security;

(e)the Account Security in relation to each Account;

(f)the Hedging Contract Security;

(g)any Subordination Deed; and

(h)any Manager's Undertaking.

**Participating Member State** means any member state of the European Union that has the euro

as its lawful currency in accordance with legislation of the European Union relating to Economic

and Monetary Union.

**Party** means a party to this Agreement.

**Permitted Distribution** means a dividend or other distribution (in cash or in kind) made by

Guarantor A (up to the Share Exchange Completion) or UK ListCo (on and from the Share

Exchange Completion) in respect of a prior Financial Year **provided that** Guarantor A (up to the

Share Exchange Completion) or UK ListCo (on and from the Share Exchange Completion)

confirms to the Finance Parties by submitting a written certificate signed by its Chief Financial

Officer or its Chief Executive Officer, that:

(a)the dividend or other distribution constitutes no more than 50% of Guarantor A's (up to the

Share Exchange Completion) or UK ListCo's (on and from the Share Exchange

Completion) consolidated net profit for such prior Financial Year, as the same is shown in

the then latest Annual Financial Statements (as defined in clause 21 (*Information* 

*undertakings*)) for the Measurement Period corresponding to such Financial Year; and

(b)the financial covenants under clause 22 (*Financial Covenants*) forecasted and calculated

on a pro forma basis for the 12-month period starting on the date of the certificate will be

complied with.

**Permitted Maritime Liens** means:

(a)unless a Default is continuing, any ship repairer's or outfitter's possessory lien in respect

of the Ship for an amount not exceeding the Major Casualty Amount;

(b)any lien on the Ship for master's, officer's or crew's wages outstanding in the ordinary

course of its trading;

(c)any lien for master's disbursements incurred in the ordinary course of trading;

(d)any lien on the Ship for salvage; and

(e)any liens arising on the Ship by operation of law in the ordinary course of trading provided

they secure obligations not more than 30 days overdue.

**Permitted Reorganisation** means, the reorganisation of Guarantor A and its Subsidiaries as

described in more detail in the Deloitte Report, upon the completion of which each of the

following shall have occurred:

(a)the Squeeze Out;

(b)Guarantor C Acquisition;

(c)the Transfer of Guarantor A;

(d)Guarantor C shall become a direct wholly-owned Subsidiary of UK ListCo; and

(e)Guarantor A shall become a direct wholly-owned Subsidiary of Guarantor C.

**Permitted Security Interests** means, in relation to the Ship, any Security Interest over it which

is:

(a)up to the Utilisation Date, granted pursuant to the Existing Indebtedness;

(b)granted by the Finance Documents; or

(c)a Permitted Maritime Lien; or

(d)approved by the Majority Lenders.

**Poseidon Principles** means the financial industry framework for assessing and disclosing the

climate alignment of ship finance portfolios published on 18 June 2019 as the same may be

amended or replaced to reflect changes in applicable law or regulation or the introduction of or

changes to mandatory requirements of the International Maritime Organization from time to time.

**Pre-Utilisation Green Loan Compliance Certificate** means a Green Loan Compliance

Certificate to be provided pursuant to paragraph (b) of clause 10.2 (*Green Loan Margin* 

*Adjustment*) in such form similar to that of Schedule 10 (*Form of Green Loan Compliance* 

*Certificate*) (but adjusted to take into account only those of the Green Asset Criteria applicable

to the Pre-Utilisation Green Loan Compliance Certificate) as is acceptable to the Agent (acting

reasonably).

**QPP Certificate** has the meaning given to it in clause 14 (*Tax gross up and indemnities*).

**QPP Lender** has the meaning given to it in clause 14 (*Tax gross up and indemnities*).

**Qualifying Lender** has the meaning given to that term in clause 14 (*Tax gross up and* 

*indemnities*).

**Quasi-Security** has the meaning given to that term in clause 30.2 (General negative pledge).

**Quiet Enjoyment Agreement** means a letter by the Security Agent addressed to, and

acknowledged by, a charterer of the Ship (other than a Bareboat Charterer) in the agreed form.

**Quotation Day** means, in relation to any period for which an interest rate is to be determined,

two TARGET Days before the first day of that period unless market practice in the Interbank

Market differs, in which case the Quotation Day shall be determined by the Agent in accordance

with market practice in the Interbank Market (and if quotations would normally be given on more

than one day, the Quotation Day will be the last of those days).

**Receiver** means a receiver or receiver and manager or administrative receiver of the whole or

any part of the Charged Property appointed under any Security Document.

**Reference Bank Quotation** means any quotation supplied to the Agent by a Reference Bank

under any Finance Document.

**Reference Bank Rate** means the arithmetic mean of the rates (rounded upwards to four

decimal places) as supplied to the Agent at its request by the Reference Banks:

(a)(other than where paragraph (b) below applies) as the rate at which the relevant

Reference Bank believes one prime bank is quoting to another prime bank for interbank

term deposits in euro within the Participating Member States for the relevant period; or

(b)if different, as the rate (if any and applied to the relevant Reference Bank and the relevant

period) which contributors to the applicable Screen Rate are asked to submit to the

relevant administrator.

**Reference Banks** means, in relation to EURIBOR, such entities as may be appointed by the

Agent in consultation with the Borrower.

**Reformed Basel III** means the agreements contained in "Basel III: Finalising post-crisis

reforms" published by the Basel Committee on Banking Supervision in December 2017, as

amended, supplemented or restated.

**Registry** means such registrar, commissioner or representative of the relevant Flag State who

is duly authorised and empowered to register the Ship, the Borrower's title to the Ship and the

Mortgage, and (if applicable) the Deed of Covenant under the laws of its Flag State.

**Related Fund** in relation to a fund (the **first fund**), means a fund which is managed or advised

by the same investment manager or investment adviser as the first fund or, if it is managed by a

different investment manager or investment adviser, a fund whose investment manager or

investment adviser is an Affiliate of the investment manager or investment adviser of the first

fund.

**Relevant Jurisdiction** means, in relation to an Obligor:

(a)its Original Jurisdiction;

(b)any jurisdiction where any Charged Property owned by it is situated;

(c)any jurisdiction where it conducts its business; and

(d)any jurisdiction whose laws govern the perfection of any of the Security Documents

entered into by it.

**Repayment Date** means, subject to clause 44.7 (*Business Days*) and in respect of the Loan:

(a)the First Repayment Date;

(b)each of the dates falling at intervals of three Months thereafter up to but not including the

Final Repayment Date; and

(c)the Final Repayment Date.

**Repeating Representations** means each of the representations set out in clauses 20.2

*(Status)* to 20.7 (*Governing law and enforcement*), 20.8(b) and 20.8(e) (*No misleading* 

*information*), 20.9(a) to 20.9(c) (*Original Financial Statements*), 20.10 (*Pari passu ranking*),

20.11 (*Ranking and effectiveness of security*), 20.22 (*Anti-Corruption Laws and Anti-Money* 

*Laundering Laws*) and 20.23 (*Security and Financial Indebtedness*).

**Replacement Schedule of Repayment Amounts** means any replacement Schedule of

Repayment Amounts calculated by the Agent in accordance with clause 7 (*Repayment*).

**Requisition Compensation** means any compensation paid or payable by a government entity

for the requisition for title, confiscation or compulsory acquisition of the Ship.

**Resolution Authority** means any body which has authority to exercise any Write-down and

Conversion Powers.

**Restricted Party** means a person that is:

(a)listed on any Sanctions List or targeted by Sanctions (whether designated by name or by

reason of being included in a class of person);

(b)located in or incorporated under the laws of any Sanctioned Country;

(c)directly or indirectly owned or controlled by, or acting on behalf, at the direction, or for the

benefit, of a person referred to in paragraphs (a) and/or (to the extent relevant under

Sanctions) (b) above; or

(d)otherwise, or will become with the expiry of any period of time, subject to Sanctions.

**Sanctioned Country** means a country or territory whose government is the target of, or that is

subject to, comprehensive, country-wide or territory-wide Sanctions (including, as at the date of

this Agreement, Sudan, Cuba, Syria, Iran, North Korea and Crimea as well as the Donetsk,

Luhansk, Zaporizhzhia and Kherson regions of Ukraine).

**Sanctions** means any applicable (to any Obligor, Group Member, each of their directors,

officers and employees and/or Finance Party as the context provides) laws, regulations or

orders concerning any trade, economic or financial sanctions or embargoes or other restrictive

measures enacted or enforced by a Sanctions Authority.

**Sanctions Advisory** means the sanctions advisory for the Maritime Industry, Energy and

Metals Sectors, and Related Communities issued May 14, 2020 by the US Department of the

Treasury, Department of State and Coast Guard, as may be amended or supplemented, and

any similar future advisory.

**Sanctions Authority** means the Norwegian State, the United Nations, the European Union,

each of the present or future Member States of the European Union, the United Kingdom, the

United States of America, the Monetary Authority of Singapore and the Hong Kong Monetary

Authority and the respective governmental institutions and agencies of the foregoing, including,

but not limited to, His Majesty's Treasury (**HMT**), the Office of Foreign Assets Control of the US

Department of Treasury (**OFAC**), the United States Department of State, and any of their

respective legislative, executive, enforcement and/or regulatory authorities or bodies acting in

connection with Sanctions and any governmental authority with jurisdiction over an Obligor.

**Sanctions List** means:

(a)the lists of Sanctions designations and/or targets maintained by any Sanctions Authority;

(b)any other Sanctions designation or target listed and/or adopted by a Sanctions Authority;

and/or

(c)any similar list maintained by, or any public announcement of Sanctions designation made

by, any Sanctions Authority,

in all cases, as amended, supplemented or replaced from time to time.

**Schedule of Repayment Amounts** means the Original Schedule of Repayment Amounts or, as

the case may be, a Replacement Schedule of Repayment Amounts.

**Scorpio Group** means Scorpio Holdings Limited of the Republic of the Marshall Islands and its

Subsidiaries from time to time.

**Screen Rate** means the euro interbank offered rate administered by the European Money

Markets Institute (or any other person which takes over the administration of that rate) for the

relevant period displayed (before any correction, recalculation or republication by the

administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement

Thomson Reuters page which displays that rate), or on the appropriate page of such other

information service which publishes that rate from time to time in place of Thomson Reuters. If

such page or service ceases to be available, the Agent may specify another page or service

displaying the relevant rate after consultation with the Borrower and the Lenders.

**Secured Obligations** means all indebtedness and obligations at any time of any Obligor to any

Finance Party (whether for its own account or as agent or trustee for itself and/or other Finance

Parties) under, or related to, the Finance Documents and the Ancillary Documents.

**Security Agent** includes any person as may be appointed as such under the Finance

Documents and includes any separate trustee or co-trustee appointment under clause 37.8

*(Additional trustees*).

**Security Documents** means:

(a)the Original Security Documents; and

(b)any other document as may be executed to guarantee and/or secure any amounts owing

to the Finance Parties under this Agreement or any other Finance Document.

**Security Interest** means a mortgage, charge, pledge, lien, assignment, trust, hypothecation or

other security interest of any kind securing any obligation of any person or any other agreement

or arrangement having a similar effect.

**Security Property** means:

(a)the Transaction Security expressed to be granted in favour of the Security Agent as

trustee for the Finance Parties and all proceeds of that Transaction Security;

(b)all obligations expressed to be undertaken by any Obligor to pay amounts in respect of

the Secured Obligations to the Security Agent as trustee for the Finance Parties and

secured by the Transaction Security together with all representations and warranties

expressed to be given by an Obligor in favour of the Security Agent as trustee for the

Finance Parties; and

(c)any other amounts or property, whether rights, entitlements, choses in action or

otherwise, actual or contingent, which the Security Agent is required by the terms of the

Finance Documents to hold as trustee on trust for the Finance Parties.

**Security Value** means, at any time, the amount in euro which, at that time, is the aggregate of:

(a)the value of the Ship (or, if less, the maximum amount capable of being secured by the

Mortgage) **provided that** the Ship has not then become a Total Loss; and

(b)the value of any additional security then held by the Security Agent or any other Finance

Party provided under clause 27 *(Minimum security value)*,

(c)in each case as most recently determined in accordance with this Agreement (but

excluding the value of any additional security then held by the Security Agent or any other

Finance Party provided pursuant to clause 27.13 (*Security shortfall*) in the form of cash

deposits in euro).

**Selection Notice** means a notice substantially in the form set out in Schedule 5 (*Selection* 

*Notice*) given in accordance with clause 11 *(Interest Periods)*.

**Share Exchange Completion** means the acceptance by at least ninety per cent (90%) of the

shareholders in Guarantor A of the offer by UK ListCo to acquire the shares in Guarantor A in

exchange for the issue of the same number of new shares in UK ListCo (the **Share Exchange** 

**Offer**) and the transfer of at least ninety per cent (90%) of the shares in Guarantor A in favour of

UK ListCo.

**Share Security** means, in relation to the Borrower, the document constituting a first Security

Interest by the person(s) described as its shareholder(s) in Schedule 1 *(The original parties)* in

favour of the Security Agent or any other Finance Party in the agreed form in respect of all of the

shares in the Borrower.

**Ship** means the ship described as such in Schedule 2 (*Ship information*).

**Ship Representations** means each of the representations and warranties set out in clauses

20.33 *(Ship status)* and 20.34 (*Ship's employment*).

**Social Claim** means any claim or proceeding by any person or company or any formal notice

with respect to any investigation by relevant public authorities having been commenced against

any Obligor or the Ship in respect of (i) any material breach of or material non-conformity with

any Social Law or (ii) any material breach of or material non-conformity with or revocation or

suspension of a social approval.

**Social Incident** means:

(a)an incident or accident related to the Ship or any Obligor:

(i)resulting in death or serious or multiple injury; or

(ii)which may, following completion of proper investigation by any relevant labour

authority, result into fines or sanctions from labour authorities; or

(b)a significant community or worker related grievance or protest related to the Ship or any

Obligor.

**Social Law** means any applicable law, regulation, convention or treaty or any other executive or

legislative measure or act having the force of law in any jurisdiction where any Obligor conducts

business and which relates to human health and safety, labour (and/or the conditions of the

workplace) or human rights issues.

**Squeeze Out** means the squeeze out procedure whereby the non-consenting shareholders to

the Share Exchange Offer (limited to 10% of shareholders) will receive cash consideration for

their shares.

**Statement of Compliance** means a Statement of Compliance related to fuel oil consumption

pursuant to regulations 6.6 and 6.7 of Annex VI.

**Subordination Deed** means, in respect of any Financial Indebtedness owing from the Borrower

to any other Group Member, a subordination deed in an agreed form between (inter alios) the

Security Agent and the lender and borrower of the relevant Financial Indebtedness providing

(inter alia) that:

(a)such Financial Indebtedness is in all respects subject and subordinate to all amounts

owing to the Finance Parties under the Finance Documents;

(b)if and for as long as an Event of Default is continuing, the lender of such Financial

Indebtedness will not be entitled to demand payment or make any claim in respect of the

same, whether for principal, interest or any other amounts in connection with the same;

(c)such Financial Indebtedness, all contracts and agreements in which it is documented and

all rights of the lenders of such Financial Indebtedness arising from such contracts or

agreements or in connection with such Financial Indebtedness are assigned and/or

pledged in favour of the Security Agent; and

(d)the lender of such Financial Indebtedness owing by the Borrower will procure and agree

to the full release, discharge and forgiveness of such Financial Indebtedness if any

Finance Party has exercised any remedies or rights (or attempted to do so) under any

Share Security over the shares in the Borrower.

**Subsidiary** of a person means any other person:

(a)directly or indirectly controlled by such person; or

(b)of whose dividends or distributions on ordinary voting share capital such person is

beneficially entitled to receive more than fifty per cent. (50%),

and a person is a "**wholly-owned Subsidiary**" of another person if it has no members except

that other person and that other person's wholly-owned Subsidiaries or persons acting on behalf

of that other person or its wholly-owned Subsidiaries.

**Swire Pacific** means Swire Pacific Limited of 33/F, One Pacific Place, 88 Queensway, the

HKSAR, the People's Republic of China and its Subsidiaries from time to time.

**T2** means the real time gross settlement system operated by the Eurosystem, or any successor

system.

**TARGET Day** means any day on which T2 is open for the settlement of payments in euro.

**Tax** means any tax, levy, impost, duty or other charge or withholding of a similar nature

(including any penalty or interest payable in connection with any failure to pay or any delay in

paying any of the same) and **Taxation** shall be construed accordingly.

**Total Commitments** means the aggregate of the Commitments, being €125,000,000 at the

date of this Agreement.

**Total Loss** means, in relation to a vessel, its:

(a)actual, constructive, compromised, agreed or arranged total loss; or

(b)requisition for title, confiscation or other compulsory acquisition by a government entity; or

(c)hijacking, piracy, theft, condemnation, capture, seizure, arrest or detention for more than

90 days.

**Total Loss Date** means, in relation to the Total Loss of a vessel:

(a)in the case of an actual total loss, the date it happened or, if such date is not known, the

date on which the vessel was last reported;

(b)in the case of a constructive, compromised, agreed or arranged total loss, the earliest of:

(i)the date notice of abandonment of the vessel is given to its insurers; or

(ii)if the insurers do not admit such a claim, the date later determined by a competent

court of law to have been the date on which the total loss happened; or

(iii)the date upon which a binding agreement as to such compromised or arranged

total loss has been entered into by the vessel's insurers;

(c)in the case of a requisition for title, confiscation or compulsory acquisition, the date it

happened; and

(d)in the case of hijacking, piracy, theft, condemnation, capture, seizure, arrest or detention,

the date 90 days after the date upon which it happened.

**Total Loss Repayment Date** means, where the Ship has become a Total Loss, the earlier of:

(a)the date 180 days after its Total Loss Date; and

(b)the date upon which insurance proceeds or Requisition Compensation for such Total Loss

are paid by insurers or the relevant government entity.

**Transaction Document** means:

(a)each Bareboat Charter for the Ship;

(b)each Charter Document for the Ship; and

(c)each of the Finance Documents.

**Transaction Security** means the Security Interests created or evidenced or expressed to be

created or evidenced under or pursuant to the Security Documents.

**Transfer Certificate** means a certificate substantially in the form set out in Schedule 8 (*Form of* 

*Transfer Certificate*) or any other form agreed between the Agent and the Borrower.

**Transfer Date** means, in relation to an assignment pursuant to a Transfer Certificate, the later

of:

(a)the proposed Transfer Date specified in the Transfer Certificate; and

(b)the date on which the Agent executes the Transfer Certificate.

**Transfer of Guarantor A** means the contribution by UK ListCo of the shares in Guarantor A to

Guarantor C against the issuance of new shares in Guarantor C to UK ListCo which will follow

the Share Exchange Completion and the completion of the Squeeze Out and the Guarantor C

Acquisition.

**Treasury Transaction** means any derivative transaction entered into in connection with

protection against or benefit from fluctuation in any rate or price.

**UK Bail-In Legislation** means Part I of the United Kingdom Banking Act 2009 and any other

law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing

banks, investment firms or other financial institutions or their affiliates (otherwise than through

liquidation, administration or other insolvency proceedings).

**UK ListCo** means an English public limited company to be established as part of the Permitted

Reorganisation.

**Unpaid Sum** means any sum due and payable but unpaid by an Obligor under the Finance

Documents.

**US** means the United States of America.

**Utilisation** means the making of the Loan.

**Utilisation Date** means the date on which the Utilisation is to be made.

**Utilisation Request** means a notice substantially in the form set out in Schedule 4 (*Utilisation* 

*Request*).

**VAT** means:

(a)any value added tax imposed by the Value Added Tax Act 1994;

(b)any tax imposed in compliance with the Council Directive of 28 November 2006 on the

common system of value added tax (EC Directive 2006/112); and

(c)any other tax of a similar nature, whether imposed in the United Kingdom or in a member

state of the European Union in substitution for, or levied in addition to, such tax referred to

in paragraphs (a) or (b) above, or imposed elsewhere.

**Voluntary Declassification Event** means a Declassification Event under paragraph (a) of the

definition of Declassification Event.

**Write-down and Conversion Powers** means:

(a)in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from

time to time, the powers described as such in relation to that Bail-In Legislation in the EU

Bail-In Legislation Schedule;

(b)in relation to any UK Bail-In Legislation, any powers under that UK Bail-In Legislation to

cancel, transfer or dilute shares issued by a person that is a bank or investment firm or

other financial institution or affiliate of a bank, investment firm or other financial institution,

to cancel, reduce, modify or change the form of a liability of such a person or any contract

or instrument under which that liability arises, to convert all or part of that liability into

shares, securities or obligations of that person or any other person, to provide that any

such contract or instrument is to have effect as if a right had been exercised under it or to

suspend any obligation in respect of that liability or any of the powers under that UK Bail-

In Legislation that are related to or ancillary to any of those powers; and

(c)in relation to any other applicable Bail-In Legislation other than the UK Bail-In Legislation:

(i)any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued

by a person that is a bank or investment firm or other financial institution or affiliate

of a bank, investment firm or other financial institution, to cancel, reduce, modify or

change the form of a liability of such a person or any contract or instrument under

which that liability arises, to convert all or part of that liability into shares, securities

or obligations of that person or any other person, to provide that any such contract

or instrument is to have effect as if a right had been exercised under it or to

suspend any obligation in respect of that liability or any of the powers under that

Bail-In Legislation that are related to or ancillary to any of those powers; and

(ii)any similar or analogous powers under that Bail-In Legislation.

**1.2Construction**

(a)Unless a contrary indication appears, a reference in any of the Finance Documents to:

(i)Sections, clauses and Schedules are to be construed as references to the

Sections and clauses of, and the Schedules to, the relevant Finance Document and

references to a Finance Document include its Schedules;

(ii)a **Finance Document** or any other agreement or instrument is a reference to that

Finance Document or other agreement or instrument as it may from time to time be

amended, restated, novated or replaced, however fundamentally;

(iii)words importing the plural shall include the singular and vice versa;

(iv)a time of day are to Central European time (CET);

(v)any person includes its successors in title, permitted assignees or transferees;

(vi)the knowledge, awareness and/or beliefs (and similar expressions) of any Obligor

shall be construed so as to mean the knowledge, awareness and beliefs of the

director and officers of such Obligor, having made due and careful enquiry;

(vii)two or more persons are **acting in concert** if pursuant to an agreement or

understanding (whether formal or informal) they actively co-operate, through the

acquisition (directly or indirectly) of shares, partnership interest or units or limited

liability company interest in an entity by any of them, either directly or indirectly, to

obtain or consolidate control of that entity;

(viii)a document **in agreed form** means:

(A)where a Finance Document has already been executed by all of the relevant

parties to it, such Finance Document in its executed form;

(B)prior to the execution of a Finance Document, the form of such Finance

Document separately agreed in writing between the Agent and the Borrower

as the form in which that Finance Document is to be executed or another

form approved at the request of the Borrower or, if not so agreed or

approved, is in the form specified by the Agent;

(ix)**approved by the Majority Lenders** or **approved by the Lenders** means

approved in writing by the Agent acting on the instructions of the Majority Lenders

or, as the case may be, all of the Lenders (on such conditions as they may

respectively impose) and otherwise **approved** means approved in writing by the

Agent acting on the instructions of the Majority Lenders (on such conditions as the

Agent (acting on the instructions of the Majority Lenders) may impose) and

**approval** and **approve** shall be construed accordingly;

(x)**assets** includes present and future properties, revenues and rights of every

description;

(xi)an **authorisation** means any authorisation, consent, concession, approval,

resolution, licence, exemption, filing, notarisation or registration;

(xii)**charter commitment** means, in relation to a vessel, any charter or other contract

for the use, employment or operation of that vessel or the carriage of people and/or

cargo or the provision of services by or from it and includes any contract of

affreightment or any contract for services relating to that vessel and any agreement

for pooling or sharing income derived from any such charter or other contract;

(xiii)**control** of an entity means:

(A)the power (whether by way of ownership of shares, proxy, contract, agency

or otherwise) to:

(1)cast, or control the casting of, more than fifty per cent. (50%) of the

maximum number of votes that might be cast at a general meeting of

that entity; or

(2)appoint or remove all, or the majority, of the directors or other

equivalent officers of that entity; or

(3)give directions with respect to the operating and financial policies of

that entity with which the directors or other equivalent officers of that

entity are obliged to comply; and/or

(B)the holding beneficially of more than fifty per cent. (50%) of the issued share

capital of that entity (excluding any part of that issued share capital that

carries no right to participate beyond a specified amount in a distribution of

either profits or capital) (and, for this purpose, any Security Interest over

share capital shall be disregarded in determining the beneficial ownership of

such share capital),

and **controlled** shall be construed accordingly;

(xiv)a Lender's **cost of funds** in relation to its participation in the Loan (or any relevant

part of it) is a reference to the average cost (determined either on an actual or a

notional basis) which that Lender would incur if it were to fund, from whatever

source(s) it may reasonably select, an amount equal to the amount of that

participation in the Loan (or any relevant part of it) for a period equal in length to

the Interest Period for the Loan (or any relevant part of it);

(xv)the term **disposal** or **dispose** means a sale, transfer or other disposal (including

by way of lease or loan but not including by way of loan of money) by a person of

all or part of its assets, whether by one transaction or a series of transactions and

whether at the same time or over a period of time, but not the creation of a Security

Interest;

(xvi)the **equivalent** of an amount specified in a particular currency (the **specified** 

**currency amount**) shall be construed as a reference to the amount of the other

relevant currency which can be purchased with the specified currency amount in

the London foreign exchange market at or about 11.00 a.m. on the date the

calculation falls to be made for spot delivery, as conclusively determined by the

Agent (with the relevant exchange rate of any such purchase being the **Agent's** 

**spot rate of exchange**);

(xvii)a **government entity** means any government, state or agency of a state;

(xviii)a **group of Lenders** or a **group of Finance Parties** includes all the Lenders or (as

the case may be) all the Finance Parties;

(xix)a **guarantee** means (other than in clause 19 *(Guarantee and indemnity)*) any

guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any

obligation, direct or indirect, actual or contingent, to purchase or assume any

indebtedness of any person or to make an investment in or loan to any person or to

purchase assets of any person where, in each case, such obligation is assumed in

order to maintain or assist the ability of such person to meet its indebtedness;

(xx)**indebtedness** includes any obligation (whether incurred as principal or as surety)

for the payment or repayment of money, whether present or future, actual or

contingent;

(xxi)an **obligation** means any duty, obligation or liability of any kind;

(xxii)something being in the **ordinary course of business** of a person means

something that is in the ordinary course of that person's current day-to-day

operational business (and not merely anything which that person is entitled to do

under its Constitutional Documents);

(xxiii)**pay**, **prepay** or **repay** in clause 30 *(Business restrictions)* includes by way of set-

off, combination of accounts or otherwise;

(xxiv)a **person** includes any individual, firm, company, corporation, government entity or

any association, trust, joint venture, consortium, partnership or other entity

(whether or not having separate legal personality);

(xxv)a **regulation** includes any regulation, rule, official directive, request or guideline

(whether or not having the force of law) of any governmental, intergovernmental or

supranational body, agency, department or regulatory, self-regulatory or other

authority or organisation and, in relation to any Lender, includes (without limitation)

any Basel Regulation which is applicable to that Lender;

(xxvi)**right** means any right, privilege, power or remedy, any proprietary interest in any

asset and any other interest or remedy of any kind, whether actual or contingent,

present or future, arising under contract or law, or in equity;

(xxvii)**trustee**, **fiduciary** and **fiduciary duty** has in each case the meaning given to such

term under applicable law;

(xxviii)(i) the **liquidation**, **winding up**, **dissolution**, or **administration** of person or (ii) a

**receiver** or **administrative receiver** or **administrator** in the context of insolvency

proceedings or security enforcement actions in respect of a person shall be

construed so as to include any equivalent or analogous proceedings or any

equivalent and analogous person or appointee (respectively) under the law of the

jurisdiction in which such person is established or incorporated or any jurisdiction in

which such person carries on business including (in respect of proceedings) the

seeking or occurrences of liquidation, winding-up, reorganisation, dissolution,

administration, arrangement, adjustment, protection or relief of debtors; and

(xxix)a provision of law is a reference to that provision as amended or re-enacted from

time to time.

(b)The determination of the extent to which a rate is "**for a period equal in length**" to an

Interest Period shall disregard any inconsistency arising from the last day of that Interest

Period being determined pursuant to the terms of this Agreement.

(c)Where in this Agreement a provision includes a monetary reference level in one currency,

unless a contrary indication appears, such reference level is intended to apply equally to its

equivalent in other currencies as of the relevant time for the purposes of applying such

reference level to any other currencies.

(d)Section, clause and Schedule headings are for ease of reference only.

(e)Unless a contrary indication appears, a term used in any other Finance Document or in any

notice given under or in connection with any Finance Document has the same meaning in

that Finance Document or notice as in this Agreement.

(f)The Borrower providing **cash cover** for an Ancillary Facility means the Borrower paying an

amount in the currency of the Ancillary Facility to an account and the following conditions

being met:

(i)either:

(A)the account is in the name of the Borrower and is with the Ancillary Lender

for which that cash cover is to be provided and, until no amount is or may be

outstanding under that Ancillary Facility, withdrawals from the account may

only be made to pay the relevant Finance Party amounts due and payable to

it under this Agreement in respect of that Ancillary Facility; or

(B)the account is in the name of the Ancillary Lender for which that cash cover

is to be provided; and

(ii)the Borrower has executed documentation in form and substance satisfactory to

the Finance Party for which that cash cover is to be provided, creating a first

ranking security interest or other collateral arrangement, in respect of the amount of

that cash cover.

(g)A Default (other than an Event of Default) is continuing if it has not been remedied (if

capable of being remedied) or waived and an Event of Default is continuing if it has not

been waived.

(h)Unless a contrary indication appears, in the event of any inconsistency between the terms

of this Agreement and the terms of any other Finance Document when dealing with the

same or similar subject matter, the terms of this Agreement shall prevail.

(i)The Borrower **repaying** or **prepaying** Ancillary Outstandings means:

(i)the Borrower providing cash cover in respect of the Ancillary Outstandings;

(ii)the maximum amount payable under the Ancillary Facility being reduced or

cancelled in accordance with its terms; or

(iii)the Ancillary Lender being satisfied that it has no further liability under that Ancillary

Facility,

and the amount by which Ancillary Outstandings are, repaid or prepaid under

paragraphs (i) and (ii) above is the amount of the relevant cash cover, reduction or

cancellation.

(j)An amount borrowed includes any amount utilised under an Ancillary Facility.

**1.3Currency symbols and definitions**

(a)**€, EUR** and **euro** denote the lawful currency of the Participating Member States.

(b)**dollar**, **$** and **USD** mean the lawful currency of the United States of America;

**1.4Third party rights**

(a)Unless expressly provided to the contrary in a Finance Document, a provision expressed

to be for the benefit of a Finance Party or another Indemnified Person, a person who is

not a party to a Finance Document has no right under the Contracts (Rights of Third

Parties) Act 1999 (the **Third Parties Act**) to enforce or to enjoy the benefit of any term of

the relevant Finance Document.

(b)Any Finance Document may be rescinded or varied by the parties to it without the

consent of any person who is not a party to it (unless otherwise provided by this

Agreement).

(c)An Indemnified Person who is not a party to a Finance Document may only enforce its

rights under that Finance Document through a Finance Party and if and to the extent and

in such manner as the Finance Party may determine.

**1.5Finance Documents**

Where any other Finance Document provides that this clause 1.5 shall apply to that Finance

Document, any other provision of this Agreement which, by its terms, purports to apply to all or

any of the Finance Documents and/or any Obligor shall apply to that Finance Document as if set

out in it but with all necessary changes.

**1.6Conflict of documents**

The terms of the Finance Documents (other than as relates to the creation and/or perfection of

security) are subject to the terms of this Agreement and, in the event of any conflict between any

provision of this Agreement and any provision of any Finance Document (other than in relation

to the creation and/or perfection of security) the provisions of this Agreement shall prevail.

**1.7Sanctions – Restricted Lender**

(a)In relation to:

(i)KfW IPEX-Bank GmbH; and

(ii)each other Lender that notifies the Agent to this effect,

each a Restricted Lender), clause 20.32 (Sanctions), clause 23.13 (Sanctions),

paragraphs (b), (c) or (d) of clause 25.16 (Lawful use), clause 32.3(b) (Financial

covenants; Sanctions) (together, the Sanctions Provisions) shall only apply for the benefit

of that Restricted Lender to the extent that the Sanction Provisions would not result in

any violation of, conflict with or liability under:

(A)Council Regulation (EC) 2271/1996; or

(B)section 7 of the German Foreign Trade Regulation

(*Außenwirtschaftsverordnung*) (in connection with section 4 paragraph 1

no.3 of the German Foreign Trade Act (*Außenwirtschaftsgesetz*)); or

(C)any similar applicable anti-boycott law or regulation imposed by the

European Union or any of its member states,

in each case protecting against the effects of the extra-territorial application of legislation

adopted by a third country, and actions based thereon or resulting therefrom (together,

the Anti-Boycott Regulations). For the avoidance of doubt, Sanctions imposed by the

Security Council of the United Nations, the European Union and/or any of its member

states shall be deemed not to result in any violation of the Anti-Boycott Regulations.

(b)A Restricted Lender must notify the Agent (each such notice, an **Exclusion Notice**) if the

Commitments, Ancillary Commitments and/or consent and/or approval, as applicable, of

that Restricted Lender shall be excluded in connection with any actual or potential

amendment, waiver, determination or direction relating to any part of a Sanction Provision

of which such Restricted Lender does not have the benefit pursuant to paragraph (a)

above for the purpose of determining whether the consent and/or approval of the Majority

Lenders (or, as the case may be, all the Lenders or a specific group of Lenders or such

other relevant Lender) has been obtained or whether the determination or direction by the

Majority Lenders (or, as the case may be, all the Lenders or a specific group of Lenders

or such other relevant Lender) has been made. Absent an Exclusion Notice by a

Restricted Lender the Agent is not permitted to exclude that Restricted Lender for the

purpose of determining whether the consent and/or approval of the Majority Lenders (or,

as the case may be, all the Lenders or a specific group of Lenders or such other relevant

Lender) has been obtained or whether the determination or direction by the Majority

Lenders (or, as the case may be, all the Lenders or such other relevant Lender) has been

made.

**Section 2 - The Facility** 

**2The Facility**

**2.1The Facility**

Subject to the terms of this Agreement, the Lenders make available to the Borrower a term loan

facility in an aggregate amount equal to the Total Commitments.

**2.2Finance Parties' rights and obligations**

(a)The obligations of each Finance Party under the Finance Documents are several. Failure

by a Finance Party to perform its obligations under the Finance Documents does not affect

the obligations of any other Party under the Finance Documents. No Finance Party is

responsible for the obligations of any other Finance Party under the Finance Documents.

(b)The rights of each Finance Party under or in connection with the Finance Documents are

separate and independent rights and any debt arising under the Finance Documents to a

Finance Party from an Obligor is a separate and independent debt in respect of which a

Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below.

The rights of each Finance Party include any debt owing to that Finance Party under the

Finance Documents and, for the avoidance of doubt, the Loan (or any relevant part of it) or

any other amount owed by an Obligor which relates to a Finance Party's participation in the

Facility or its role under a Finance Document (including any such amount payable to the

Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

(c)A Finance Party may, except as specifically provided in the Finance Documents (including

clause 42 *(Finance Parties acting together)*), separately enforce its rights under or in

connection with the Finance Documents.

**2.3Obligors' Agent**

(a)Each Obligor (other than an Obligor appointed (or to be appointed) as Obligors' Agent

pursuant to the terms of this Agreement) by its execution of this Agreement or an Accession

Deed irrevocably appoints Guarantor A (on and from the date of this Agreement until the

Share Exchange Completion) and UK ListCo (on and from the Share Exchange Completion

until the end of the Facility Period) (in each case) acting through one or more authorised

signatories to act on its behalf as its agent in relation to the Finance Documents and

irrevocably authorises:

(i)such Guarantor on its behalf to supply all information concerning itself

contemplated by this Agreement to the Finance Parties and to give all notices and

instructions (including, in the case of the Borrower, the Utilisation Request), to

make such agreements and to effect the relevant amendments, supplements and

variations capable of being given, made or effected by any Obligor notwithstanding

that they may affect the Obligor, without further reference to or the consent of that

Obligor; and

(ii)each Finance Party to give any notice, demand or other communication to that

Obligor pursuant to the Finance Documents to such Guarantor,

(iii)and in each case the Obligor shall be bound as though the Obligor itself had given the

notices and instructions (including, without limitation, the Utilisation Request) or executed

or made the agreements or effected the amendments, supplements or variations, or

received the relevant notice, demand or other communication.

(b)Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement,

variation, notice or other communication given or made by the Obligors' Agent or given to

the Obligors' Agent under any Finance Document on behalf of another Obligor or in

connection with any Finance Document (whether or not known to any other Obligor and

whether occurring before or after such other Obligor became an Obligor under any Finance

Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly

made, given or concurred with it. In the event of any conflict between any notices or other

communications of the Obligors' Agent and any other Obligor, those of the Obligors' Agent

shall prevail.

**3Purpose**

**3.1Purpose**

The Borrower shall apply all amounts borrowed under the Facility in accordance with this clause

3. **3.2Existing Indebtedness**

The Total Commitments shall be made available solely for the purpose of assisting the Borrower

to refinance the Existing Indebtedness **provided that** if the Total Commitments exceed the

amount required to discharge the Existing Indebtedness, then the Borrower may use any such

surplus for the purpose of financing the Ship.

**3.3Monitoring**

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant

to this Agreement.

**4Conditions of Utilisation**

**4.1Initial conditions precedent**

The Borrower (or the Obligors' Agent on its behalf) may not deliver the Utilisation Request

unless the Agent, or its duly authorised representative, has received all of the documents and

other evidence listed in Part 1 (*Initial conditions precedent*) of Schedule 3 (*Conditions* 

*precedent*) in form and substance satisfactory to the Agent.

**4.2Conditions precedent before Utilisation**

The Commitments may only be borrowed under this Agreement if the Agent, or its duly

authorised representative, has received all of the documents and evidence listed in Part 2 of

Schedule 3 (*Conditions precedent*) in form and substance satisfactory to the Agent (acting

reasonably).

**4.3Further conditions precedent**

The Lenders will only be obliged to comply with clause 5.4 *(Lenders' participation)* if:

(a)on the date of the Utilisation Request and on the proposed Utilisation Date, no Default is

continuing or would result from the proposed Utilisation;

(b)on the date of the Utilisation Request and on the proposed Utilisation Date, all of the

representations set out in clause 20 *(Representations)* (except the Ship Representations

and the representations set out in clauses 20.14 (*No filing or stamp taxes*) to 20.17 (*Other* 

*Tax matters*) and clause 20.28 (*No adverse consequences*)) are true in all material

respects;

(c)on the date of the Utilisation Request and on the proposed Utilisation Date, no events,

facts, conditions or circumstances shall exist or have arisen or occurred (and neither the

Agent nor any Lender shall have become aware of other events, facts, conditions or

circumstances not previously known to it), which the Agent (acting on the instructions of the

Majority Lenders) shall determine, have had or could reasonably be expected to have, a

Material Adverse Effect; and

(d)where the proposed Utilisation Date is to be the first day of the Mortgage Period, the Ship

Representations are true on the proposed Utilisation Date.

**4.4Conditions subsequent**

The Borrower shall, as soon as practicable after the Utilisation Date and in any event within the

time period stated in Part 3 of Schedule 3 (Conditions precedent), deliver to the Agent all of the

documents and evidence listed in Part 3 of Schedule 3 (Conditions precedent), in form and

substance satisfactory to the Agent.

**4.5Waiver of conditions precedent**

The conditions in this clause 4 are inserted solely for the benefit of the Finance Parties and may

be waived on their behalf in whole or in part and with or without conditions by the Agent acting

on the instructions of the Majority Lenders.

**Section 3 - Utilisation**

**5Utilisation**

**5.1Delivery of the Utilisation Request**

The Borrower (or the Obligors' Agent on its behalf) may utilise the Facility by delivery to the

Agent of a duly completed Utilisation Request not later than 10:00 a.m. (Oslo time) five

Business Days before the proposed Utilisation Date (or such later date before the proposed

Utilisation Date as may be approved by all the Lenders).

**5.2Completion of the Utilisation Request**

(a)The Utilisation Request is irrevocable and will not be regarded as having been duly

completed unless:

(i)the proposed Utilisation Date is a Business Day falling not later than the Last

Availability Date;

(ii)the currency and amount of the Utilisation comply with clause 5.3 *(Currency and* 

*amount)*;

(iii)the proposed Interest Period complies with clause 11 *(Interest Periods)*; and

(iv)it identifies the purpose for the Utilisation and that purpose complies with clause 3

*(Purpose).*

(b)Only one Utilisation Request may be submitted and the Total Commitments may only be

borrowed in one Loan in a single amount.

**5.3Currency and amount**

(a)The currency specified in the Utilisation Request must be euro.

(b)The total amount available and advanced under the Facility shall not exceed the lower of:

(i)the Total Commitments; and

(ii)the amount in euro which is 65% of the market value of the Ship as shown by the

valuation made pursuant to Part 2 (*Conditions precedent before Utilisation*) of

Schedule 3 (*Conditions precedent*).

**5.4Lenders' participation**

(a)If the conditions set out in this Agreement have been met, each Lender shall make its

participation in the Loan available by 11:00 am (CET time) on the relevant Utilisation Date

through its Facility Office.

(b)The amount of each Lender's participation in the Loan will be equal to the proportion borne

by its Commitment to the Total Commitments immediately prior to making the Loan.

(c)The Agent shall promptly notify each Lender of the amount of the Loan and the amount of

its participation in the Loan, in each case by 11:00 a.m. (CET time) on the date falling two

Business Days before the relevant Quotation Day.

(d)The Agent shall pay all amounts received by it in respect of the Loan (and its own

participation in it, if any) to the Borrower or DNB Bank ASA as lender or agent under the

Existing Facilities Agreement, in each case in accordance with the instructions contained in

the Utilisation Request.

**6Ancillary Facilities**

**6.1Type of Facility**

(a)An Ancillary Facility may be by way of a guarantee, bonding, documentary or stand-by

letter of credit facility, in connection with the business of the Group and which is agreed by

Guarantor A or Guarantor C (as applicable) with an Ancillary Lender.

(b)The Lenders shall have the right of first refusal to enter into any a guarantee, bonding,

documentary or stand-by letter of credit facility (through Ancillary Facilities) for which any

Group Member is considering to enter into such facility for the purpose of procuring the

issuance of guarantees, bonds, letters of credit in relation to the trading of the Ship and/or

otherwise in connection with this Facility.

**6.2Availability**

(a)An Ancillary Facility shall not be made available unless, not later than five Business Days

prior to the Ancillary Commencement Date for an Ancillary Facility, the Agent has received

from the Borrower (or the Obligors' Agent on its behalf):

(i)a notice in writing of the establishment of an Ancillary Facility and specifying that:

(A)the Borrower will be the obligor that may use the Ancillary Facility;

(B)the proposed Ancillary Commencement Date and expiry date of the Ancillary

Facility;

(C)the proposed Ancillary Lender (being a Lender);

(D)the proposed Ancillary Commitment and the maximum amount of the

Ancillary Facility; and

(E)the proposed currency of the Ancillary Facility (if not denominated in euro);

and

(ii)any other information which the Agent may reasonably request in connection with

the Ancillary Facility.

(b)The Agent shall promptly notify the Ancillary Lender and the other Lenders of the

establishment of an Ancillary Facility.

(c)Subject to compliance with paragraph (a) above:

(i)the Lender concerned will be the Ancillary Lender in respect of the relevant

Ancillary Facility; and

(ii)the Ancillary Facility will be available,

with effect from the date agreed by the Borrower and the Ancillary Lender.

**6.3Terms of Ancillary Facilities**

(a)Except as provided below, the terms of any Ancillary Facility will be those agreed by the

Ancillary Lender and the Borrower.

(b)Those terms:

(i)must be based upon normal commercial terms at that time (except as varied by this

Agreement);

(ii)may allow only the Borrower to use the Ancillary Facility;

(iii)may not allow the Ancillary Outstandings for that Ancillary Facility to exceed the

Ancillary Commitment for that Ancillary Facility;

(iv)must require that the Ancillary Commitment for that Ancillary Facility is reduced to

zero, and that all Ancillary Outstandings for the same are repaid not later than the

Final Repayment Date (or such earlier date as the Commitment of the relevant

Ancillary Lender (or its Affiliate) is reduced to zero).

(c)If there is any inconsistency between any term of an Ancillary Facility and any term of this

Agreement, this Agreement shall prevail except for:

(i)clause 47.3 (*Day count convention*) which shall not prevail for the purposes of

calculating fees, interest or commission relating to an Ancillary Facility;

(ii)an Ancillary Facility comprising more than one account where the terms of the

Ancillary Documents shall prevail; and

(iii)where the relevant term of this Agreement would be contrary to, or inconsistent

with, the law governing the relevant Ancillary Document, in which case that term of

this Agreement shall not prevail.

(d)Interest, commission and fees on Ancillary Facilities are dealt with in clause 13.4 (*Interest,* 

*commission and fees on Ancillary Facilities*).

**6.4Repayment of Ancillary Facility**

(a)An Ancillary Facility shall cease to be available on the Final Repayment Date or such

earlier date on which its expiry date occurs or on which it is cancelled in accordance with

the terms of this Agreement.

(b)If an Ancillary Facility expires in accordance with its terms, the Ancillary Commitment of the

Ancillary Lender shall be reduced to zero and all Ancillary Outstandings shall be repaid in

full.

(c)No Ancillary Lender may demand repayment or prepayment of the Ancillary Outstandings

of the relevant Ancillary Facility prior to the expiry date of the relevant Ancillary Facility

unless:

(i)the Total Commitments have been cancelled in full or the outstanding Loan under

the Facility has become due and payable in accordance with the terms of this

Agreement; or

(ii)it becomes unlawful in any applicable jurisdiction for the Ancillary Lender to perform

any of its obligations as contemplated by this Agreement or to fund, issue or

maintain its participation in its Ancillary Facility.

**6.5Limitation on Ancillary Outstandings**

The Borrower shall procure the Ancillary Outstandings under any Ancillary Facility shall not

exceed the Ancillary Commitment applicable to that Ancillary Facility.

**6.6Information**

The Borrower and each Ancillary Lender shall, promptly upon request by the Agent, supply the

Agent with any information relating to the operation of an Ancillary Facility (including the relevant

Ancillary Outstandings) as the Agent may reasonably request from time to time. The Borrower

consents to all such information being released to the Agent and the other Finance Parties.

**6.7Amendments and Waivers – Ancillary Facilities**

No amendment or waiver of a term of any Ancillary Facility shall require the consent of any

Finance Party other than the relevant Ancillary Lender unless such amendment or waiver itself

relates to or gives rise to a matter which would require an amendment of or under this

Agreement (including, for the avoidance of doubt, under this clause 6). In such a case,

clause 50 (*Amendments and waivers*) will apply.

**Section 4 - Repayment, Prepayment and Cancellation**

**7Repayment**

**7.1Repayment**

(a)The Borrower shall, on each Repayment Date, repay such part of the Loan as is required to

be repaid on that Repayment Date by clause 7.2 *(Scheduled repayment of Facility)*.

(b)The Borrower may not reborrow any part of the Facility which has been repaid.

**7.2Scheduled repayment of Facility**

(a)To the extent not previously reduced, the Loan shall be repaid by instalments on each

Repayment Date and each such instalment to be in the amount specified in Schedule 6

(*Original Schedule of Repayment Amounts*) (as revised by clause 7.3 (*Adjustment of* 

*scheduled repayments*)).

(b)The final instalment of the Loan comprises two parts, a repayment instalment in the amount

of €3,289,473.40 and a balloon instalment in the amount of €59,210,526.30 (the **Balloon** 

**Instalment**).

(c)On the Final Repayment Date (without prejudice to any other provision of this Agreement)

the Total Commitments shall be reduced to zero and the Loan shall be repaid in full.

(d)If, on the Utilisation Date, the Loan is less than the Total Commitments, the Agent shall

prepare a Replacement Schedule of Repayment Amounts as soon as possible, however no

later than ten (10) Business Days following the Utilisation Date reflecting the actual amount

of the Loan and such Replacement Schedule of Repayment Amounts shall (in the absence

of manifest error) replace the Original Schedule of Repayment Amounts and shall be the

Schedule of Repayment Amounts for the Loan for all purposes of this Agreement. The

Agent shall notify all other Parties of such recalculation and provide to them a copy of the

Replacement Schedule of Repayment Amounts.

(e)The Borrower shall sign one copy of the relevant Schedule of Repayment Amounts referred

to in paragraph (a) or, as the case may be, (d), above and deliver it to the Agent on or prior

to the date falling 15 Business Days following the Utilisation Date. The Agent will sign such

Schedule of Repayment Amounts on behalf of the relevant Lenders.

**7.3Adjustment of scheduled repayments**

If the Total Commitments have been partially reduced under this Agreement and/or any part of

the Loan is prepaid (other than under clause 7.2 (Scheduled repayment of Facility)) before any

Repayment Date, then the amount of the instalments (including the Balloon Instalment) by which

the Loan shall be repaid under clause 7.2 (Scheduled repayment of Facility) on any such

Repayment Date (as reduced by any earlier operation of this clause 7.3) shall be reduced pro

rata to such reduction in the Total Commitments and/or prepayment of the Loan.

**7.4Release** 

Following a full repayment of the Facility under clause 7.1 (Repayment), clause 8.4 (Voluntary

prepayment) or 8.8 clause (Sale or Total Loss) and further subject to:

(a)the concurrent prepayment by the Obligors of all the Ancillary Outstandings (as evidenced

to the Agent in a manner satisfactory to it by written confirmation of the relevant Ancillary

Lenders);

(b)the concurrent prepayment and/or settlement by the Obligors of all amounts under any

Hedging Contract and the closing out of all Hedging Transactions by the Obligors (as

evidenced to the Agent in a manner satisfactory to it by written confirmation of the relevant

Hedging Providers); and

(c)the Borrower repaying all other amounts owing pursuant to the Finance Documents,

then the Finance Parties agree to release the Mortgage and the other security on or in respect

of the Ship pursuant to a deed of release in such form acceptable to the Majority Lenders, after

such repayment and at the cost and expense of the Borrower, **provided that** no Event of

Default exists at the time of or would result from such release.

**8Illegality, prepayment and cancellation**

**8.1Illegality**

If, in any applicable jurisdiction, it becomes unlawful or contrary to Sanctions for a Lender to

perform any of its obligations as contemplated by this Agreement or any of the other Finance

Documents, or for any Lender to fund or maintain its participation in the Loan or it becomes

unlawful or contrary to Sanctions for any Affiliate of a Lender for that Lender to do so:

(a)that Lender shall promptly notify the Agent upon becoming aware of that event;

(b)upon the Agent notifying the Borrower, the Available Commitment of that Lender will be

immediately cancelled and the Total Commitments shall be reduced correspondingly; and

(c)to the extent that the Lender's participation has not been assigned pursuant to clause 8.7

*(Replacement of Lender)*, the Borrower shall repay that Lender's participation in the Loan

on the last day of the Interest Period occurring after the Agent has notified the Borrower or,

if earlier, the date specified by the Lender in the notice delivered to the Agent (being no

earlier than the last day of any applicable grace period permitted by law) and that Lender's

corresponding Commitment shall be immediately cancelled in the amount of the

participation repaid.

**8.2Change of control** 

(a)The Borrower (or the Obligors' Agent on its behalf) shall promptly notify the Agent upon any

Obligor becoming aware of a Change of Control occurring.

(b)If a Change of Control occurs (without the consent of all the Lenders):

(i)a Lender shall not be obliged to fund the Loan; and

(ii)unless all the Lenders provide their consent to such Change of Control within 90

Business Days of the Borrower (or the Obligors' Agent on its behalf) notifying the

Agent of the Change of Control, the Agent shall, at any time after the end of such

90 Business Day period and by not less than 45 prior days' notice to the Borrower,

cancel all the Commitments and declare the Loan together with accrued interest,

fees and all other sums payable under this Agreement and any other Finance

Document under or in connection with the Loan immediately due and payable and

the Loan together with accrued interest, fees and all other sums payable under this

Agreement and any other Finance Document under or in connection with the Loan

shall be immediately due and payable at the end of such 45 day notice period.

**8.3Voluntary cancellation**

The Borrower may, if it gives the Agent not less than five Business Days' (or such shorter period

as the Majority Lenders may agree) prior written notice, cancel the whole or any part (being a

minimum amount of €1,000,000 and a multiple of €100,000) of the Total Commitments which is

undrawn at the proposed date of cancellation. Upon any such cancellation, the Total

Commitments shall be reduced by the same amount.

**8.4Voluntary prepayment**

The Borrower may, if it gives the Agent not less than five Business Days' (or such shorter period

as the Majority Lenders may agree) prior written notice, prepay the whole or any part of the

Loan (but if in part, being an amount that reduces the amount of the Loan by a minimum amount

of €1,000,000 and a multiple of €100,000), on the last day of an Interest Period in respect of the

amount to be prepaid (or any other date subject to payment of any Break Costs).

**8.5Right of cancellation and prepayment in relation to a single Lender**

(a)If:

(i)any sum payable to any Lender by an Obligor is required to be increased under

clause 14.2 *(Tax gross-up)*; or

(ii)any Lender claims indemnification from the Borrower under clause 14.3 *(Tax* 

*indemnity)* or clause 15.1 *(Increased costs)*,

the Borrower may, whilst the circumstance giving rise to the requirement for that increase

or indemnification continues, give the Agent notice of cancellation of the Commitment of

that Lender and their intention to procure the repayment of that Lender's participation in

the Loan.

(b)On receipt of a notice referred to in paragraph (a) above, the Available Commitment of that

Lender shall immediately be reduced to zero and the Total Commitments shall be reduced

correspondingly. The Agent shall as soon as practicable after receipt of a notice referred to

in clause 8.5(a) above, notify all the Lenders.

(c)On the last day of each Interest Period which ends after the Borrower has given notice

under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the

Borrower in that notice), the Borrower shall repay that Lender's participation in the Loan

together with all interest and other amounts accrued under the Finance Documents which

is then owing to it and that Lender's corresponding Commitment shall be immediately

cancelled in the amount of the participations repaid.

**8.6Right of cancellation in relation to a Defaulting Lender**

(a)If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the

Lender continues to be a Defaulting Lender give the Agent 10 Business Days' notice of

cancellation of the Available Commitment of that Lender.

(b)On such notice becoming effective, the Available Commitment of the Defaulting Lender

shall immediately be reduced to zero and the Total Commitments shall be reduced

correspondingly and the Agent shall as soon as practicable after receipt of such notice,

notify all the Lenders.

**8.7Replacement of Lender**

(a)If:

(i)any Lender becomes a Non-Consenting Lender (as defined in paragraph (d)

below); or

(ii)the Borrower becomes obliged to repay any amount in accordance with clause 8.1

*(Illegality)* to any Lender; or

(iii)any of the circumstances set out in paragraph (a) of clause 8.5 *(Right of* 

*cancellation and prepayment in relation to a single Lender)* apply to a Lender,

the Borrower may, on 10 Business Days' prior notice to the Agent and that Lender,

replace such Lender by requiring such Lender to assign (and, to the extent permitted by

law, such Lender shall assign) pursuant to clause 34 *(Changes to the Lenders)* all (and

not part only) of its rights under this Agreement (and any Security Document to which

such Lender is a party in its capacity as a Lender) to an Eligible Institution (a

**Replacement Lender**) which confirms its willingness to assume and does assume all the

obligations of the assigning Lender in accordance with clause 34 *(Changes to the* 

*Lenders)* for a purchase price in cash payable at the time of the assignment in an amount

equal to the aggregate of:

(A)the outstanding principal amount of such Lender's participation in the Loan;

(B)all accrued interest owing to such Lender;

(C)the Break Costs which would have been payable to such Lender pursuant to

clause 12.6 *(Break Costs)* had the Borrower prepaid in full that Lender's

participation in the Loan on the date of the assignment; and

(D)all other amounts payable to that Lender under the Finance Documents on

the date of the assignment.

(b)The replacement of a Lender pursuant to this clause 8.7 shall be subject to the following

conditions:

(i)the Borrower shall have no right to replace the Agent or the Security Agent;

(ii)neither the Agent nor any Lender shall have any obligation to find a Replacement

Lender;

(iii)in the event of a replacement of a Non-Consenting Lender such replacement must

take place no later than 30 Business Days after the date on which that Lender is

deemed a Non-Consenting Lender;

(iv)in no event shall the Lender replaced under this clause 8.7 be required to pay or

surrender any of the fees received by such Lender pursuant to the Finance

Documents;

(v)the Lender shall only be obliged to assign its rights pursuant to paragraph (a)

above once each of such Lender and the Agent are satisfied that each has

complied with all necessary "know your customer" or other similar checks under all

applicable laws and regulations in relation to that assignment; and

(vi)the Borrower shall procure that if the Lender replaced is also a Hedging Provider,

no such replacement will take place unless the replaced Lender uses reasonable

endeavours to procure that the Replacement Lender at the same time enters into

an agreement with that Hedging Provider (who is also the replaced Lender)

pursuant to which that Hedging Provider, at the same time as the replacement of

the relevant Lender becomes effective, assigns and transfers to such Replacement

Lender (in its capacity as Hedging Provider) all of its rights and obligations under all

Hedging Contracts and the Hedging Master Agreement to which it is a party,

pursuant to the provisions of paragraph (b) of clause 34.2 (*Borrower consultation;* 

*Hedging Providers*).

(c)Each of the Lender and the Agent shall perform the checks described in paragraph (b)(v)

above as soon as reasonably practicable following delivery of a notice referred to in

paragraph (a) above and the relevant Lender shall notify the Agent when it is satisfied (and

the Agent shall notify the Borrower when each of that Lender and the Agent is satisfied)

that it has complied with those checks.

(d)In the event that:

(i)the Borrower or the Agent (at the request of the Borrower) has requested the

Lenders to give a consent in relation to, or to agree to a waiver or amendment of,

any provisions of the Finance Documents;

(ii)the consent, waiver or amendment in question requires the approval of all the

Lenders;

(iii)all information requested by the Lenders has been provided by the Borrower to the

Lenders to enable them to assess the consent, waiver or amendment in question;

and

(iv)the Majority Lenders have consented or agreed to such waiver or amendment,

then any Lender who does not and continues not to consent or agree to such waiver or

amendment shall, after being provided reasonably sufficient time to consider and process

the consent, waiver or amendment in question (and in any event, not less than 10

Business Days from the date on which paragraph (iii) above has been complied with) be

deemed a **Non-Consenting Lender**.

**8.8Sale or Total Loss**

On the Disposal Repayment Date:

(a)the Total Commitments shall be reduced to zero; and

(b)the Borrower shall prepay the Loan in full.

**8.9Automatic cancellation**

The unutilised Commitment (if any) of each Lender in relation to the Loan shall be automatically

cancelled at close of business in Oslo on the Last Availability Date.

**8.10Mandatory prepayment – Environmental and Social Incidents and Claims** 

If a Corrective Action Plan is requested pursuant to clause 23.12 (*Environmental and social* 

*matters*), and:

(a)such Corrective Action Plan is not provided to the satisfaction of the Agent and the Lenders

within sixty (60) days after (i) the occurrence of the relevant Environmental Incident,

Environmental Claim, Social Incident, Social Claim or IMO Code Claim, or, if earlier, (ii) the

Borrower becoming aware of such Environmental Incident, Environmental Claim, Social

Incident, Social Claim or IMO Code Claim, or (iii) such later date as may be agreed

between the Parties; or

(b)the requirements and deadlines as set out in the Corrective Action Plan are not diligently

and timely pursued in the reasonable opinion of the Agent and the Lenders,

the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower, with

effect from a date specified in that notice which is at least thirty (30) days after the giving of the

notice, cancel the Available Commitments and declare the Loan, together with accrued interest,

and all other amounts accrued or outstanding under the Finance Documents, immediately due

and payable on such date, whereupon with effect from such date each of the Available

Commitments will be immediately cancelled, the Facility shall immediately cease to be available

for further utilisation and the Loan and all such accrued interest and other amounts shall become

immediately due and payable on such date.

**9Restrictions**

**9.1Notices of cancellation and prepayment**

Any notice of cancellation or prepayment given by any Party under clause 8 (*Illegality,* 

*prepayment and cancellation*) shall be irrevocable and, unless a contrary indication appears in

this Agreement, shall specify the date or dates upon which the relevant cancellation or

prepayment is to be made and the amount of that cancellation or prepayment.

**9.2Interest and other amounts**

Any prepayment under this Agreement shall be made together with accrued interest on the

amount prepaid and, subject to any Break Costs, without premium or penalty.

**9.3Reborrowing** 

The Borrower may not re-borrow any part of the Facility which is prepaid or repaid.

**9.4Prepayment in accordance with Agreement**

The Borrower shall not repay or prepay all or any part of the Loan or cancel all or any part of the

Commitments except at the times and in the manner expressly provided for in this Agreement.

**9.5No reinstatement of Commitments**

No amount of the Total Commitments cancelled under this Agreement may be subsequently

reinstated.

**9.6Agent's receipt of notices**

If the Agent receives a notice under clause 8 it shall promptly forward a copy of that notice to

either the Borrower or the affected Lender, as appropriate.

**9.7Effect of repayment and prepayment on Commitments**

If all or part of any Lender's participation in the Loan is repaid or prepaid, an amount of that

Lender's Commitment equal to the amount of the participation which is repaid or prepaid will be

deemed to be cancelled on the date of repayment or prepayment.

**9.8Application of cancellations**

If the Total Commitments are partially reduced and/or the Loan is partially prepaid under this

Agreement (other than under clause 8.1 *(Illegality),* clause 8.5 *(Right of cancellation and* 

*prepayment in relation to a single Lender)* and clause 8.6 (*Right of cancellation in relation to a* 

*Defaulting Lender*)), the Commitments of the Lenders shall be reduced rateably.

**9.9Application of prepayments** 

(a)Any prepayment required as a result of a cancellation in full of an individual Lender's

Commitment under clause 8.1 *(Illegality)* or clause 8.5 *(Right of cancellation and* 

*prepayment in relation to a single Lender)* shall be applied in prepaying the relevant

Lender's participation in the Loan.

(b)Any other partial prepayment of the Loan shall be applied pro rata to the participation of all

the Lenders in the relevant Loan.

**9.10Reduction in hedging exposure on prepayment**

Any prepayment under this Agreement shall be made together with payment to any Hedging

Provider of any amount falling due to the relevant Hedging Provider under a Hedging Contract

as a result of the termination or close out of that Hedging Contract or any Hedging Transaction,

in full or in part, under it in accordance with clause 31.3 *(Unwinding of Hedging Contracts)* in

relation to that prepayment.

**9.11Removal of Finance Parties from security**

Upon cancellation and prepayment in full of an individual Lender's Commitment under clause

8.1 (Illegality) or clause 8.5 (Right of cancellation and prepayment in relation to a single Lender):

(a)that Lender and the other Parties must promptly take (and the Borrower shall ensure that

any other relevant Obligor promptly takes) whatever action the Agent may, in its reasonable

opinion, deem necessary or desirable for the purpose of removing that Lender as a party to

and beneficiary of any Security Documents granted in favour of (among others) the

Lenders; and

(b)if that Lender is also a Hedging Provider, following the corresponding prepayment and/or

settlement in full of the amounts outstanding under any Hedging Contract entered into with

that Hedging Provider and the termination and close out of all Hedging Transactions with

that Hedging Provider by the Borrower (if applicable) pursuant to clause 33.4(b) (*Close out* 

*of Hedging Contracts*), that Hedging Provider and the other Parties must promptly take

(and the Borrower shall ensure that any other relevant Obligor promptly takes) whatever

action the Agent may, in its reasonable opinion, deem necessary or desirable for the

purpose of removing that Hedging Provider as a party to and beneficiary of any Security

Documents granted in favour of (among others) the Hedging Providers.

**Section 5 - Costs of Utilisation**

**10Interest**

**10.1Calculation of interest**

The rate of interest on the Loan (or any relevant part of it for which there is a separate Interest

Period) for each Interest Period for the Loan is the percentage rate per annum which is the

aggregate of:

(a)the applicable Margin; and

(b)EURIBOR for the relevant Interest Period.

**10.2Green Loan Margin Adjustment** 

(a)Subject to clause 23.14 (*Declassification Event*) and the other paragraphs of this

clause 10.2, following the receipt by the Agent of a Pre-Utilisation Green Loan Compliance

Certificate under paragraph (b) below and each Green Loan Compliance Certificate in

accordance with clause 21.14 (*Green Loan Compliance Certificate and Green Loan* 

*Report*), the Margin applicable to the Loan shall be re-determined as follows (the **Green** 

**Loan Margin Adjustment**):

(i)if pursuant to the Green Loan Compliance Certificate the Borrower is in compliance

with the Green Asset Criteria, the applicable Margin shall be as set out in

paragraph (a) of the definition of Margin in clause 1.1 (*Definitions*); or

(ii)if pursuant to the Green Loan Compliance Certificate the Borrower is not in

compliance with the Green Asset Criteria, the applicable Margin shall increase by

zero point ten per cent. (0.10%) per annum.

(b)On or before the date of this Agreement, the Borrower shall deliver a Pre-Utilisation Green

Loan Compliance Certificate and any Green Loan Margin Adjustment shall take effect:

(i)for the purposes of calculating the Margin for the Loan, from the first day of the next

Interest Period for the Loan until the earlier of (A) the end of the Interest Period for

the Loan immediately following a Declassification Event and, where applicable, (B)

the date when the first Green Loan Margin Adjustment is to be made in respect of

the Loan due to the submission of a Green Loan Compliance Certificate under

clause 21.14 (*Green Loan Compliance Certificate and Green Loan Report*); and

(ii)for the purposes of calculating the commitment fee pursuant to clause 13.1

(*Commitment fee*) for the Loan, from the date of its submission until the earlier of

(A) the next due date of commitment fee for the Loan following a Declassification

Event and (B) the date when the first Green Loan Margin Adjustment is to be made

due to the submission of a Green Loan Compliance Certificate under clause 21.14

(*Green Loan Compliance Certificate and Green Loan Report*).

(c)Where a Green Loan Compliance Certificate (other than a Pre-Utilisation Green Loan

Compliance Certificate) is received in respect of a financial year (a **Relevant Year**), any

Green Loan Margin Adjustment in respect of the Margin for the Loan shall take effect on the

first day of the next Interest Period for the Loan which falls within the next financial year

after the Relevant Year and shall apply until the end of the Interest Period immediately

following the earlier of (i) a Declassification Event and (ii) another Green Loan Margin

Adjustment pursuant to this clause 10.2.

(d)Excluding any Pre-Utilisation Green Loan Compliance Certificate, only one Green Loan

Compliance Certificate may be delivered in respect of each financial year.

(e)If a revised Green Loan Compliance Certificate is received by the Agent pursuant to clause

21.15 (*Green Loan Compliance Certificate Inaccuracy*), any Green Loan Margin

Adjustment which was applied to the Margin for the Loan during a financial year shall:

(i)be recalculated in accordance with the revised Green Loan Compliance Certificate;

and

(ii)take effect on the first day of the next Interest Period for the Loan which falls within

the same financial year and shall apply until the end of the Interest Period for the

Loan immediately following the earlier of (i) a Declassification Event and (ii) another

Green Loan Margin Adjustment pursuant to this clause 10.2; save that where the

relevant Green Loan Compliance Certificate Inaccuracy relates to a Pre-Utilisation

Green Loan Compliance Certificate, such recalculation shall take effect:

(A)for the purposes of calculating the Margin for the Loan, from the first day of

the next Interest Period for the Loan, until the earlier of (A) the end of the

Interest Period immediately following a Declassification Event and (B) the

date when the first Green Loan Margin Adjustment is to be made in respect

of the Loan due to the submission of a Green Loan Compliance Certificate

under 21.14 (*Green Loan Compliance Certificate and Green Loan Report*);

and

(B)for the purposes of calculating the commitment fee pursuant to clause 13.1

(*Commitment fee*) for the Loan, from the first day falling after the next due

date of commitment fee under such clause 13.1 (*Commitment fee*) following

its submission, until the earlier of (A) the next due date of commitment fee for

the Loan following a Declassification Event and (B) the date when the first

Green Loan Margin Adjustment is to be made due to the submission of a

Green Loan Compliance Certificate under clause 21.14 (*Green Loan* 

*Compliance Certificate and Green Loan Report*).

(f)If a revised Green Loan Compliance Certificate received by the Agent pursuant to clause

21.15 (*Green Loan Compliance Certificate Inaccuracy*) shows that a higher Margin or

commitment fee pursuant to clause 13.1 (*Commitment fee*) should have applied during a

certain period, then the Borrower shall promptly pay to the Agent any amounts necessary

to put the Agent and the Lenders in the position they would have been had the appropriate

rate of the Margin and commitment fee applied during that period.

**10.3Payment of interest**

The Borrower shall pay accrued interest on the Loan (or any relevant part of it) on the last day of

each Interest Period for the Loan (or the relevant part of it) (and, if an Interest Period is longer

than 3 Months, on the dates falling at 3 Monthly intervals after the first day of that Interest

Period).

**10.4Default interest**

(a)If an Obligor fails to pay any amount payable by it under a Finance Document (other than a

Hedging Contract) to a Finance Party on its due date, interest shall accrue on the overdue

amount from the due date up to the date of actual payment (both before and after

judgment) at a rate which, subject to paragraph (c) below, is two per cent. (2%) per annum

higher than the rate which would have been payable if the overdue amount had, during the

period of non-payment, constituted the Loan for successive Interest Periods, each of a

duration selected by the Agent (acting reasonably).

(b)Any interest accruing under this clause 10.4 shall be immediately payable by the Obligor on

demand by the Agent.

(c)If any overdue amount consists of all or part of the Loan (or any relevant part of it) which

became due on a day which was not the last day of an Interest Period relating to the Loan

or the relevant part of it:

(i)the first Interest Period for that overdue amount shall have a duration equal to the

unexpired portion of the current Interest Period relating to the Loan or the relevant

part of it; and

(ii)the rate of interest applying to the overdue amount during that first Interest Period

shall be two per cent. (2%) per annum higher than the rate which would have

applied if the overdue amount had not become due.

(d)Default interest payable under this clause 10.4 (if unpaid) arising on an overdue amount

will be compounded with the overdue amount at the end of each Interest Period applicable

to that overdue amount but will remain immediately due and payable.

**10.5Notification of rates of interest**

(a)The Agent shall promptly notify the Lenders and the Borrower (or the Obligors' Agent on its

behalf) of the determination of a rate of interest under this Agreement.

(b)The Agent shall promptly notify the Borrower (or the Obligors' Agent on its behalf) of each

Funding Rate relating to the Loan (or any relevant part of it).

**11Interest Periods**

**11.1Selection of Interest Periods**

(a)The Borrower (or the Obligors' Agent on its behalf) may select an Interest Period in the

Utilisation Request and (after the Loan has been borrowed) may select an Interest Period

for the Loan in a Selection Notice.

(b)Each Selection Notice is irrevocable and must be delivered to the Agent by the Borrower

(or the Obligors' Agent on its behalf) not later than 11:00 a.m. four Business Days before

the last day of the then current Interest Period for the Loan.

(c)If the Borrower (or the Obligors' Agent on its behalf) fails to deliver a Selection Notice to the

Agent in accordance with the above paragraph, the relevant Interest Period will, subject to

clause 11.2 (*Interest Periods overrunning Repayment Dates*), be 3 Month(s).

(d)Subject to this clause 11.1, the Borrower (or the Obligors' Agent on its behalf) may select

an Interest Period of three Months or any other period agreed between the Borrower (or the

Obligors' Agent on its behalf), the Agent and all the Lenders.

(e)No Interest Period shall extend beyond the Final Repayment Date.

(f)The first Interest Period for the Loan shall start on the Utilisation Date and end on the First

Repayment Date, and each subsequent Interest Period shall start on the last day of its

preceding Interest Period.

**11.2Interest Periods overrunning Repayment Dates**

Subject to the agreement of the Agent and all the Lenders, if the Borrower selects an Interest

Period for the Loan which would overrun any later Repayment Date, the Loan shall be divided

into parts corresponding to the amounts by which the Loan is scheduled to be repaid under

clause 7.2 *(Scheduled repayment of Facility)* on each of the Repayment Dates falling during

such Interest Period (each of which shall have a separate Interest Period ending on the relevant

Repayment Date) and to the balance of the Loan (which shall have the Interest Period selected

by the Borrower).

**11.3Non-Business Days**

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest

Period will instead end on the next Business Day in that calendar month (if there is one) or the

preceding Business Day (if there is not).

**12Changes to the calculation of interest**

**12.1Unavailability of Screen Rate**

(a)*Interpolated Screen Rate*: If no Screen Rate is available for EURIBOR for an Interest

Period, EURIBOR shall be the Interpolated Screen Rate for a period equal in length to that

Interest Period.

(b)*Reference Bank Rate*: If no Screen Rate is available for EURIBOR for:

(i)euro; or

(ii)the relevant Interest Period and it is not possible to calculate the Interpolated

Screen Rate,

EURIBOR shall be the Reference Bank Rate as of 11.30 a.m. (Brussels time) on the

relevant Quotation Day and for a period equal in length to the relevant Interest Period.

(c)*Cost of funds*: If paragraph (b) above applies but no Reference Bank Rate is available for

euro or the relevant Interest Period, there shall be no EURIBOR for that Interest Period and

clause 12.4 *(Cost of funds)* shall apply for that Interest Period.

**12.2Calculation of Reference Bank Rate**

(a)Subject to paragraph (b) below, if EURIBOR for an Interest Period is to be determined by

reference to the Reference Banks but a Reference Bank does not supply a quotation by

11.30 a.m. (Brussels time) on the relevant Quotation Day, the Reference Bank Rate shall

be calculated on the basis of the quotations of the remaining Reference Banks.

(b)If at or about 11.30 a.m. (Brussels time) on the relevant Quotation Day none or only one of

the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for that

Interest Period.

**12.3Market disruption**

If before close of business in London on the Quotation Day for an Interest Period for the Loan

(or any part of it) either (i) EURIBOR is unavailable or (ii) the Agent receives notifications from a

Lender or Lenders (whose aggregate participations in the Loan exceed fifty per cent. (50%) of

the Loan) that the cost to it of funding its participation in the Loan or relevant part of it from

whatever source it may reasonably select would be in excess of EURIBOR then clause 12.4

*(Cost of funds)* shall apply to the Loan or relevant part of it for the relevant Interest Period.

**12.4Cost of funds** 

(a)If this clause 12.4 applies, the rate of interest on each Lender's share of the Loan or

relevant part of it for the Interest Period shall be the percentage rate per annum which is

the sum of:

(i)the applicable Margin;

(ii)the rate notified to the Agent by that Lender as soon as practicable and in any

event within ten Business Days of the first day of that Interest Period (or, if earlier,

on the date falling ten Business Days before the date on which interest is due to be

paid in respect of that Interest Period), to be that which expresses as a percentage

rate per annum its cost of funds relating to its participation in the Loan.

(b)If this clause 12.4 applies and the Agent or the Borrower so require, the Agent and the

Borrower shall enter into negotiations (for a period of not more than thirty days) with a view

to agreeing a substitute basis for determining the rate of interest.

(c)Any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the

prior consent of all the Lenders and the Borrower, be binding on all Parties.

(d)If this clause 12.4 applies pursuant to clause 12.3 *(Market disruption)* and:

(i)a Lender's Funding Rate is less than EURIBOR; or

(ii)a Lender does not supply a quotation by the time specified in paragraph (a)(ii)

above,

the cost to that Lender of funding its participation in the Loan or relevant part of it for that

Interest Period shall be deemed, for the purposes of paragraph (a) above, to be EURIBOR.

(e)If this clause 12.4 applies pursuant to clause 12.1 *(Unavailability of Screen Rate)* but any

Lender does not supply a quotation by the time specified in paragraph (a)(ii) above the rate

of interest shall be calculated on the basis of the quotations of the remaining Lenders.

**12.5Notification to Borrower**

If clause 12.4 *(Cost of funds)* applies, the Agent shall, as soon as is practicable, notify the

Borrower (or the Obligors' Agent on its behalf).

**12.6Break Costs**

(a)The Borrower shall, within three Business Days of demand by a Finance Party, pay to that

Finance Party its Break Costs attributable to all or any part of the Loan or Unpaid Sum

being paid by the Borrower on a day other than the last day of an Interest Period for the

Loan (or any relevant part of it) or Unpaid Sum.

(b)Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide

a certificate to the Borrower and the Agent confirming the amount of its Break Costs for any

Interest Period in which they accrue.

**13Fees**

**13.1Commitment fee**

(a)The Borrower shall pay to the Agent (for the account of each Lender other than DNB Bank

ASA as Lender) a fee in euro computed at the rate per annum equal to 35% of the Margin

applicable to the Loan (taking into account any Green Loan Margin Adjustment), on that

Lender's Available Commitment in respect of the Loan, calculated on a daily basis from the

date of this Agreement (the **Start Date**).

(b)The Borrower shall pay the accrued commitment fee on the last day of the period of three

Months commencing on the Start Date, on the last day of each successive period of three

Months thereafter until the earlier of the Last Availability Date and the Utilisation Date, on

the earlier of such dates and, if cancelled in full, on the cancelled amount of the relevant

Lender's Available Commitment at the time the cancellation is effective.

(c)No commitment fee is payable to the Agent (for the account of a Lender) on any undrawn

Commitment of that Lender for any day on which that Lender is a Defaulting Lender.

**13.2Mandated lead arranger fee**

The Borrower shall pay to the Arrangers a mandated lead arranger fee in the amount and at the

times agreed in a Fee Letter.

**13.3Agency fee**

The Borrower shall pay to the Agent (for its own account) an agency fee in the amount and at

the times agreed in a Fee Letter.

**13.4Interest, commission and fees on Ancillary Facilities**

The rate and time of payment of interest, commission, fees and any other remuneration in

respect of each Ancillary Facility shall be determined by agreement between the relevant

Ancillary Lender and the Borrower as borrower of that Ancillary Facility based upon normal

market rates and terms.

**Section 6 - Additional Payment Obligations**

**14Tax gross-up and indemnities**

**14.1Definitions**

In this Agreement:

**Borrower DTTP Filing** means an HM Revenue & Customs' Form DTTP2 duly completed and

filed by the Borrower, which:

(a)where it relates to a Treaty Lender that is an Original Lender, contains the scheme

reference number and jurisdiction of tax residence stated opposite that Lender's name in

Schedule 1 (*The original parties*), and is filed with HM Revenue & Customs within 30 days

of the date of this Agreement; or

(b)where it relates to a Treaty Lender that is not an Original Lender, contains the scheme

reference number and jurisdiction of tax residence stated in respect of that Lender in the

documentation which it executes on becoming a Party as a Lender and is filed with HM

Revenue & Customs within 30 days of that date.

**Cancelled Certificate** means any QPP Certificate in respect of which HM Revenue & Customs

has given a notification under regulation 7(4)(b) of the QPP Regulations so that such QPP

Certificate is a cancelled certificate for the purposes of the QPP Regulations.

**Protected Party** means a Finance Party or, in relation to clause 16.5 *(Indemnity concerning* 

*security)* and clause 16.8 *(Interest)* insofar as it relates to interest on any amount demanded by

that Indemnified Person under clause 16.5 *(Indemnity concerning security)*, any Indemnified

Person, which is or will be subject to any liability, or required to make any payment, for or on

account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes

of Tax to be received or receivable) under a Finance Document.

**QPP Certificate** means a creditor certificate for the purposes of the QPP Regulations, given, in

the case of an Original Lender, in the form set out in Schedule 12 (*Form of QPP Certificate*), or,

in the case of a New Lender, in the form set out in Schedule 2 of Schedule 8 (*Form of Transfer* 

*Certificate*), as applicable.

**QPP Lender** means a Lender which has delivered a QPP Certificate to the Borrower, provided

that such QPP Certificate is not a Withdrawn Certificate or a Cancelled Certificate.

**QPP Regulations** means the Qualifying Private Placement Regulations 2015 (2015 No. 2002).

**Qualifying Lender** means:

(a)a Lender which is beneficially entitled to interest payable to that Lender in respect of an

advance under a Finance Document and is:

(i)a Lender:

(A)which is a bank (as defined for the purpose of section 879 of the ITA) making

an advance under a Finance Document and is within the charge to United

Kingdom corporation tax as respects any payments of interest made in

respect of that advance or would be within such charge as respects such

payments apart from section 18A of the CTA; or

(B)in respect of an advance made under a Finance Document by a person that

was a bank (as defined for the purpose of section 879 of the ITA) at the time

that that advance was made and within the charge to United Kingdom

corporation tax as respects any payments of interest made in respect of that

advance; or

(ii)a Lender which is:

(A)a company resident in the United Kingdom for United Kingdom tax purposes;

(B)a partnership each member of which is:

(1)a company so resident in the United Kingdom; or

(2)a company not so resident in the United Kingdom which carries on a

trade in the United Kingdom through a permanent establishment and

which brings into account in computing its chargeable profits (within

the meaning of section 19 of the CTA) the whole of any share of

interest payable in respect of that advance that falls to it by reason of

Part 17 of the CTA;

(C)a company not so resident in the United Kingdom which carries on a trade in

the United Kingdom through a permanent establishment and which brings

into account interest payable in respect of that advance in computing the

chargeable profits (within the meaning of section 19 of the CTA) of that

company; or

(iii)a Treaty Lender; or

(iv)a QPP Lender; or

(b)a Lender which is a building society (as defined for the purposes of section 880 of the

ITA) making an advance under a Finance Document.

**Tax Confirmation** means a confirmation by a Lender that the person beneficially entitled to

interest payable to that Lender in respect of an advance under a Finance Document is either:

(a)a company resident in the United Kingdom for United Kingdom tax purposes;

(b)a partnership each member of which is:

(i)a company so resident in the United Kingdom; or

(ii)a company not so resident in the United Kingdom which carries on a trade in the

United Kingdom through a permanent establishment and which brings into account

in computing its chargeable profits (within the meaning of section 19 of the CTA)

the whole of any share of interest payable in respect of that advance that falls to it

by reason of Part 17 of the CTA; or

(c)a company not so resident in the United Kingdom which carries on a trade in the United

Kingdom through a permanent establishment and which brings into account interest

payable in respect of that advance in computing the chargeable profits (within the

meaning of section 19 of the CTA) of that company.

**Tax Credit** means a credit against, relief or remission for, or repayment of any Tax.

**Tax Deduction** means a deduction or withholding for or on account of Tax from a payment

under a Finance Document (other than a Hedging Contract) other than a FATCA Deduction.

**Tax Payment** means either the increase in a payment made by an Obligor to a Finance Party

under clause 14.2 (*Tax gross-up*) or a payment under clause 14.3 (*Tax indemnity*).

**Treaty Lender** means a Lender which is not a QPP Lender and:

(a)is treated as a resident of a Treaty State for the purposes of the Treaty; and

(b)does not carry on a business in the United Kingdom through a permanent establishment

with which that Lender's participation in the Loan is effectively connected.

**Treaty State** means a jurisdiction having a double taxation agreement (a **Treaty**) with the

United Kingdom which makes provision for full exemption from tax imposed by the United

Kingdom on interest.

**UK Non-Bank Lender** means a Lender which is not an Original Lender and which gives a Tax

Confirmation in the documentation which it executes on becoming a Party as a Lender.

**Withdrawn Certificate** means a withdrawn certificate for the purposes of the QPP Regulations.

Unless a contrary indication appears, in this clause 14, a reference to **determines** or

**determined** means a determination made in the absolute discretion of the person making the

determination.

**14.2Tax gross-up**

(a)Each Obligor shall make all payments to be made by it under any Finance Document

without any Tax Deduction, unless a Tax Deduction is required by law.

(b)The Borrower (or the Obligors' Agent on its behalf) shall, promptly upon any of them

becoming aware that an Obligor must make a Tax Deduction (or that there is any change in

the rate or the basis of a Tax Deduction), notify the Agent accordingly. Similarly, a Lender

shall notify the Agent on becoming so aware in respect of a payment payable to that

Lender. If the Agent receives such notification from a Lender it shall notify the Borrower and

that Obligor.

(c)If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment

due from that Obligor under the relevant Finance Document shall be increased to an

amount which (after making any Tax Deduction) leaves an amount equal to the payment

which would have been due if no Tax Deduction had been required.

(d)A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction

on account of Tax imposed by the United Kingdom, if on the date on which the payment

falls due:

(i)the payment could have been made to the relevant Lender without a Tax Deduction

if the Lender had been a Qualifying Lender, but on that date that Lender is not or

has ceased to be a Qualifying Lender other than as a result of any change after the

date it became a Lender under this Agreement in (or in the interpretation,

administration, or application of) any law or Treaty or any published practice or

published concession of any relevant taxing authority; or

(ii)the relevant Lender is a Qualifying Lender solely by virtue of paragraph (a)(ii) of the

definition of Qualifying Lender and:

(A)an officer of H.M. Revenue & Customs has given (and not revoked) a

direction (a **Direction**) under section 931 of the ITA which relates to the

payment and that Lender has received from the Obligor making the payment

or from Guarantor A (up to the Share Exchange Completion) and UK ListCo

(on and from the Share Exchange Completion) a certified copy of that

Direction; and

(B)the payment could have been made to the Lender without any Tax Deduction

if that Direction had not been made; or

(iii)the relevant Lender is a Qualifying Lender solely by virtue of paragraph (a)(ii) of the

definition of "Qualifying Lender" and:

(A)the relevant Lender has not given a Tax Confirmation to the Borrower; and

(B)the payment could have been made to the Lender without any Tax Deduction

if the Lender had given a Tax Confirmation to the Borrower, on the basis that

the Tax Confirmation would have enabled the Borrower to have formed a

reasonable belief that the payment was an "excepted payment" for the

purpose of section 930 of the ITA; or

(iv)the relevant Lender is a Treaty Lender and the Obligor making the payment is able

to demonstrate that the payment could have been made to the Lender without the

Tax Deduction had that Lender complied with its obligations under paragraph (g) or

(h) (as applicable) below.

(e)If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax

Deduction and any payment required in connection with that Tax Deduction within the time

allowed and in the minimum amount required by law.

(f)Within 30 days of making either a Tax Deduction or any payment required in connection

with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for

the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance

Party that the Tax Deduction has been made or (as applicable) any appropriate payment

paid to the relevant taxing authority.

(g) (i)Subject to paragraph (ii) below, a Treaty Lender and each Obligor which makes a

payment to which that Treaty Lender is entitled shall co-operate in completing any

procedural formalities necessary for that Obligor to obtain authorisation to make

that payment without a Tax Deduction.

(ii) (A)A Treaty Lender which is an Original Lender and that holds a passport under

the HMRC DT Treaty Passport scheme, and which wishes that scheme to

apply to this Agreement, shall confirm its scheme reference number and its

jurisdiction of tax residence opposite its name in Schedule 1 (*The original* 

*parties*); and

(B)a Treaty Lender which is not an Original Lender and that holds a passport

under the HMRC DT Treaty Passport scheme, and which wishes that

scheme to apply to this Agreement, shall confirm its scheme reference

number and its jurisdiction of tax residence in the documentation which it

executes on becoming a Party as a Lender,

and, having done so, that Lender shall be under no obligation pursuant to

paragraph (i) above.

(h)If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence

in accordance with paragraph (g)(ii) above and:

(i)the Borrower making a payment to that Lender has not made a Borrower DTTP

Filing in respect of that Lender; or

(ii)the Borrower making a payment to that Lender has made a Borrower DTTP Filing

in respect of that Lender but:

(A)the Borrower DTTP Filing has been rejected by HM Revenue & Customs;

(B)HM Revenue & Customs has not given the Borrower authority to make

payments to that Lender without a Tax Deduction within 60 days of the date

of a Borrower DTTP Filing; or

(C)HM Revenue & Customs has given the Borrower authority to make

payments to that Lender without a Tax Deduction but such authority has

subsequently been revoked or expired,

and in each case, the Borrower has notified that Lender in writing, that Lender and

the Borrower shall co-operate in completing any additional procedural formalities

necessary for that Borrower to obtain authorisation to make that payment without a

Tax Deduction.

(i)If a Lender has not confirmed its scheme reference number and jurisdiction of tax

residence in accordance with paragraph (g)(ii) above, no Obligor shall make a Borrower

DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in

respect of that Lender's Commitment or its participation in the Loan unless the Lender

otherwise agrees.

(j)The Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that

Borrower DTTP Filing to the Agent for delivery to the relevant Lender.

(k)A UK Non-Bank Lender which is an Original Lender gives a Tax Confirmation to the

Borrower by entering into this Agreement.

(l)A UK Non-Bank Lender shall promptly notify the Borrower and the Agent if there is any

change in the position from that set out in the Tax Confirmation.

(m)If the Borrower receives a notification from HM Revenue & Customs that a QPP Certificate

given by a Lender has no effect, the Borrower shall promptly deliver a copy of that

notification to that Lender.

(n)Paragraphs (a) to (m) above shall not apply in respect of any payments under any Hedging

Contract, where the gross-up provisions of the relevant Hedging Master Agreement itself

shall apply.

**14.3Tax indemnity**

(a)Each Obligor who is a Party shall (within three Business Days of demand by the Agent) pay

to a Protected Party an amount equal to the loss, liability or cost which that Protected Party

determines will be or has been (directly or indirectly) suffered for or on account of Tax by

that Protected Party in respect of a Finance Document.

(b)Paragraph (a) above shall not apply:

(i)with respect to any Tax assessed on a Finance Party:

(A)under the law of the jurisdiction in which that Finance Party is incorporated

or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is

treated as resident for tax purposes; or

(B)under the law of the jurisdiction in which that Finance Party's Facility Office is

located in respect of amounts received or receivable in that jurisdiction,

if that Tax is imposed on or calculated by reference to the net income

received or receivable (but not any sum deemed to be received or

receivable) by that Finance Party; or

(ii)to the extent a loss, liability or cost:

(A)is compensated for by an increased payment under clause 14.2 (*Tax gross-*

*up*); or

(B)would have been compensated for by an increased payment under

clause 14.2 (*Tax gross-up*) but was not so compensated solely because one

of the exclusions in clause 14.2(d) (*Tax gross-up*) applied; or

(C)relates to a FATCA Deduction required to be made by a Party or any Obligor

which is not a Party.

(c)A Protected Party making, or intending to make a claim under paragraph (a) above shall

promptly notify the Agent of the event which will give, or has given, rise to the claim,

following which the Agent shall notify the Borrower.

(d)A Protected Party shall, on receiving a payment from an Obligor under this clause 14.3,

notify the Agent.

**14.4Tax Credit**

If an Obligor makes a Tax Payment and the relevant Finance Party determines, that:

(a)a Tax Credit is attributable (A) to an increased payment of which that Tax Payment forms

part, (B) to that Tax Payment or (C) to a Tax Deduction in consequence of which that Tax

Payment was required; and

(b)that Finance Party has obtained, utilised and retained that Tax Credit,

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will

leave it (after that payment) in the same after-Tax position as it would have been in had the Tax

Payment not been required to be made by the Obligor.

**14.5Indemnities on after Tax basis**

(a)If an Event of Default is continuing or where the Agent and/or Security Agent have taken

any steps pursuant to clause 32.20 (*Acceleration*), to the extent that any sum payable to

any Protected Party by any Obligor under any Finance Document by way of indemnity or

reimbursement proves to be insufficient, by reason of any Tax suffered thereon, for that

Protected Party to discharge the corresponding liability to a third party, or to reimburse that

Protected Party for the cost incurred by it in discharging the corresponding liability to a third

party, the Borrower shall pay that Protected Party such additional sum as (after taking into

account any Tax suffered by that Protected Party on such additional sum) shall be required

to make up the relevant deficit.

(b)If and to the extent that any sum (the **Indemnity Sum**) constituting (directly or indirectly) an

indemnity to any Protected Party but paid by an Obligor to any person other than that

Protected Party, shall be treated as taxable in the hands of the Protected Party, the

Borrower shall pay to that Protected Party such sum (the **Compensating Sum**) as (after

taking into account any Tax suffered by that Protected Party on the Compensating Sum)

shall reimburse that Protected Party for any Tax suffered by it in respect of the Indemnity

Sum.

(c)For the purposes of paragraphs (a) and (b) above, a sum shall be deemed to be taxable in

the hands of a Protected Party if it falls to be taken into account in computing the profits or

gains of that Protected Party for the purposes of Tax and, if so, that Protected Party shall

be deemed to have suffered Tax on the relevant sum at the rate of Tax applicable to that

Protected Party's profits or gains for the period in which the payment of the relevant sum

falls to be taken into account for the purposes of such Tax.

**14.6Lender status confirmation**

Each Lender which is not an Original Lender shall indicate, in the documentation which it

executes on becoming a Party as a Lender, and for the benefit of the Agent and without liability

to any Obligor, which of the following categories it falls in:

(a)not a Qualifying Lender;

(b)a Qualifying Lender (other than a Treaty Lender); or

(c)a Treaty Lender.

If such a Lender fails to indicate its status in accordance with this clause 14.6 then that Lender

shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a

Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent,

upon receipt of such notification, shall inform the Borrower). For the avoidance of doubt, the

documentation which a Lender executes on becoming a Party as a Lender shall not be

invalidated by any failure of a Lender to comply with this clause 14.6.

**14.7Stamp taxes**

The Borrower shall pay and, within three Business Days of demand, indemnify each Finance

Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty,

registration and other similar Taxes payable in respect of any Finance Document.

**14.8Value added tax**

(a)All amounts expressed in a Finance Document to be payable by any party to a Finance

Party which (in whole or in part) constitute the consideration for any supply for VAT

purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and

accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply

made by any Finance Party to any party under a Finance Document, and such Finance

Party is required to account to the relevant tax authority for the VAT, that party must pay to

such Finance Party (in addition to and at the same time as paying any other consideration

for such supply) an amount equal to the amount of the VAT (and such Finance Party must

promptly provide an appropriate VAT invoice to that party).

(b)If VAT is or becomes chargeable on any supply made by any Finance Party (the **Supplier**)

to any other Finance Party (the **Recipient**) under a Finance Document, and any party to a

Finance Document other than the Recipient (the **Subject Party**) is required by the terms of

any Finance Document to pay an amount equal to the consideration for that supply to the

Supplier (rather than being required to reimburse or indemnify the Recipient in respect of

that consideration):

(i)(where the Supplier is the person required to account to the relevant tax authority

for the VAT) the Subject Party must also pay to the Supplier (at the same time as

paying that amount) an additional amount equal to the amount of the VAT. The

Recipient must (where this paragraph (i) applies) promptly pay to the Subject Party

an amount equal to any credit or repayment the Recipient receives from the

relevant tax authority which the Recipient reasonably determines relates to the VAT

chargeable on that supply; and

(ii)(where the Recipient is the person required to account to the relevant tax authority

for the VAT) the Subject Party must promptly, following demand from the Recipient,

pay to the Recipient an amount equal to the VAT chargeable on that supply but only

to the extent that the Recipient reasonably determines that it is not entitled to credit

or repayment from the relevant tax authority in respect of that VAT.

(c)Where a Finance Document requires any party to it to reimburse or indemnify a Finance

Party for any cost or expense, that party shall reimburse or indemnify (as the case may be)

such Finance Party for the full amount of such cost or expense, including such part thereof

as represents VAT save to the extent that such Finance Party reasonably determines that it

is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

(d)Any reference in this clause 14.8 to any party shall, at any time when such party is treated

as a member of a group for VAT purposes, include (where appropriate and unless the

context otherwise requires) a reference to the representative member of such group at

such time (the term "representative member" to have the same meaning as in the Value

Added Tax Act 1994).

(e)In relation to any supply made by a Finance Party to any party under a Finance Document,

if reasonably requested by such Finance Party, that party must promptly provide such

Finance Party with details of that party's VAT registration and such other information as is

reasonably requested in connection with such Finance Party's VAT reporting requirements

in relation to such supply.

**14.9FATCA information**

(a)Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable

request by another Party:

(i)confirm to that other Party whether it is:

(A)a FATCA Exempt Party; or

(B)not a FATCA Exempt Party;

(ii)supply to that other Party such forms, documentation and other information relating

to its status under FATCA as that other Party reasonably requests for the purposes

of that other Party's compliance with FATCA; and

(iii)supply to that other Party such forms, documentation and other information relating

to its status as that other Party reasonably requests for the purposes of that other

Party's compliance with any other law, regulation, or exchange of information

regime.

(b)If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA

Exempt Party and it subsequently becomes aware that it is not or has ceased to be a

FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

(c)Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph

(a)(iii) above shall not oblige any other Party to do anything, which would or might in its

reasonable opinion constitute a breach of:

(i)any law or regulation;

(ii)any fiduciary duty; or

(iii)any duty of confidentiality

(d)If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms,

documentation or other information requested in accordance with paragraphs (a)(i) or (a)(ii)

above (including, for the avoidance of doubt, where paragraph (c) above applies), then

such Party shall be treated for the purposes of the Finance Documents (and payments

under them) as if it is not a FATCA Exempt Party until such time as the Party in question

provides the requested confirmation, forms, documentation or other information.

**14.10FATCA Deduction**

(a)Each Party may make any FATCA Deduction it is required to make by FATCA, and any

payment required in connection with that FATCA Deduction, and no Party shall be required

to increase any payment in respect of which it makes such a FATCA Deduction or

otherwise compensate the recipient of the payment for that FATCA Deduction.

(b)Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or

that there is any change in the rate or the basis of such FATCA Deduction), notify the Party

to whom it is making the payment and, in addition, shall notify the Borrower and the Agent

and the Agent shall notify the other Finance Parties.

**15Increased Costs**

**15.1Increased costs**

(a)Subject to clause 15.3 *(Exceptions)*, the Borrower shall, within three Business Days of a

demand by the Agent, pay for the account of a Finance Party the amount of any Increased

Cost incurred by that Finance Party or any of its Affiliates which:

(i)arises as a result of (A) the introduction of or any change in (or in the interpretation,

administration or application of) any law or regulation or (B) compliance with any

law or regulation in either case made after the date of this Agreement; and/or

(ii)is a Basel III Increased Cost.

(b)In this Agreement **Increased Costs** means:

(i)a reduction in the rate of return from the Facility or on a Finance Party's (or its

Affiliate's) overall capital;

(ii)an additional or increased cost; or

(iii)a reduction of any amount due and payable under any Finance Document,

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it

is attributable to that Finance Party having entered into its Commitment or an Ancillary

Commitment or funding or performing its obligations under any Finance Document.

**15.2Increased cost claims**

(a)A Finance Party intending to make a claim pursuant to clause 15.1 *(Increased costs)* shall

notify the Agent of the event giving rise to the claim, following which the Agent shall

promptly notify the Borrower (or the Obligors' Agent on its behalf).

(b)Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a

certificate confirming the amount of its Increased Costs.

**15.3Exceptions**

(a)Clause 15.1 *(Increased costs)* does not apply to any Increased Cost which is:

(i)attributable to a Tax Deduction required by law to be made by an Obligor;

(ii)attributable to a FATCA Deduction required to be made by a Party; or

(iii)compensated for by clause 14.3 *(Tax indemnity)* (or would have been

compensated for under clause 14.3 *(Tax indemnity)* but was not so compensated

solely because any of the exclusions in paragraph (b) of clause 14.3 *(Tax* 

*indemnity)* applied); or

(iv)attributable to the wilful breach by the relevant Finance Party or its Affiliates of any

law or regulation.

(b)In paragraph (a) above, a reference to a Tax Deduction has the same meaning given to the

term in clause 14.1 *(Definitions)*.

**16Other indemnities**

**16.1Currency indemnity**

(a)If any sum due from an Obligor under the Finance Documents (a **Sum**), or any order,

judgment or award given or made in relation to a Sum, has to be converted from the

currency (the **First Currency**) in which that Sum is payable into another currency (the

**Second Currency**) for the purpose of:

(i)making or filing a claim or proof against that Obligor; and/or

(ii)obtaining or enforcing an order, judgment or award in relation to any litigation or

arbitration proceedings,

that Obligor shall, as an independent obligation, within three Business Days of demand by

a Finance Party, indemnify each Finance Party to whom that Sum is due against any

Losses arising out of or as a result of the conversion including any discrepancy between

(i) the rate of exchange used to convert that Sum from the First Currency into the Second

Currency and (ii) the rate or rates of exchange available to that person at the time of its

receipt of that Sum.

(b)Each Obligor waives any right it may have in any jurisdiction to pay any amount under the

Finance Documents in a currency or currency unit other than that in which it is expressed

to be payable.

**16.2Other indemnities**

The Borrower shall (or shall procure that another Obligor will), within three Business Days of

demand by a Finance Party, indemnify each Finance Party against any and all Losses incurred

by that Finance Party as a result of:

(a)the occurrence of any Event of Default;

(b)a failure by an Obligor to pay any amount due under a Finance Document on its due date,

including without limitation, any and all Losses arising as a result of clause 43 *(Sharing* 

*among the Finance Parties)*;

(c)funding, or making arrangements to fund, its participation in the Loan requested by the

Borrower in the Utilisation Request but not made by reason of the operation of any one or

more of the provisions of this Agreement (other than by reason of default or negligence by

that Finance Party alone); or

(d)the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment

given by the Borrower.

**16.3Environmental and social indemnity** 

The Borrower shall (or shall procure that another Obligor will), within three (3) Business Days of

demand by an Indemnified Person, indemnify each Indemnified Person against any and all

Losses, joint or several that may be incurred by or asserted or awarded against any Indemnified

Person, in each case arising out of or in connection with or relating to any claim investigation,

litigation or proceeding (or the preparation of any defence with respect thereto) commenced or

threatened in relation to an Environmental Claim, made or asserted against such Indemnified

Person if such claim investigation, litigation or proceeding would not have been, or been

capable of being, made or asserted against such Indemnified Person if the Finance Parties had

not entered into any of the Finance Documents and/or exercised any of their rights, powers and

discretions thereby conferred and/or performed any of their obligations thereunder and/or been

involved in any of the transactions contemplated by the Finance Documents. This indemnity

shall apply whether or not such claims, investigation, litigation or proceedings is brought by any

Obligor, any other Group Member, any of their shareholders, their Affiliates, or creditors, or an

Indemnified Person or any other person, or an Indemnified Person is otherwise a party thereto,

except to the extent such Losses are found in a final non-appealable judgement by a court of

competent jurisdiction to have resulted from such Indemnified Person's gross negligence or

wilful misconduct. Each Indemnified Person may enforce and enjoy the benefit of this clause

16.3 under the Third Parties Act.

**16.4Indemnity to the Agent and the Security Agent**

The Borrower shall promptly indemnify the Agent and the Security Agent against:

(a)any and all Losses (together with any applicable VAT) incurred by the Agent or the Security

Agent (acting reasonably) as a result of:

(i)without prejudice to clause 36.11 (*Rights and discretions of the Agent and the* 

*Security Agent*), investigating any event which it reasonably believes is a Default;

(ii)acting or relying on any notice, request or instruction which it reasonably believes

to be genuine, correct and appropriately authorised;

(iii)instructing lawyers, accountants, tax advisers, insurance consultants, vessel

managers, valuers, surveyors or other professional advisers or experts as

permitted under the Finance Documents where, unless any of the circumstances in

paragraphs (i), (ii) or (iv) apply or an Event of Default is continuing, such Losses

are pre-approved by the Borrower or the Obligors' Agent on its behalf (such

approval not to be unreasonably withheld or delayed); or

(iv)any action taken by the Agent or the Security Agent or any of their representatives,

agents or contractors in connection with any powers conferred by any Security

Document to enforce any Security Interest thereunder or to remedy any breach of

any Obligor's obligations under the Finance Documents, and

(b)any and all Losses (including, without limitation, in respect of liability for negligence or any

other category of liability whatsoever) (together with any applicable VAT) incurred by the

Agent or the Security Agent (otherwise than by reason of the Agent's or the Security

Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability

pursuant to clause 44.10 *(Disruption to payment systems etc.)* notwithstanding the Agent's

negligence, gross negligence or any other category of liability whatsoever but not including

any claim based on the fraud of the Agent or the Security Agent) in acting as Agent or the

Security Agent under the Finance Documents.

**16.5Indemnity concerning security**

(a)The Borrower shall (or shall procure that another Obligor will) promptly indemnify each

Indemnified Person against any and all Losses (together with any applicable VAT) incurred

by it as a result of:

(i)any failure by the Borrower to comply with its obligations under clause 18 *(Costs* 

*and expenses)* or any similar provision in any other Finance Document;

(ii)acting or relying on any notice, request or instruction which it reasonably believes

to be genuine, correct and appropriately authorised;

(iii)the taking, holding, protection or enforcement of the Transaction Security;

(iv)the exercise or purported exercise of any of the rights, powers, discretions,

authorities and remedies vested in the Security Agent and/or any other Finance

Party in whose favour any Security Document has been granted and each Receiver

and each Delegate by the Finance Documents or by law (otherwise, in each case,

than by reason of the relevant Security Agent's and/or other Finance Party's,

Receiver's or Delegate's gross negligence or wilful misconduct);

(v)any default by any Obligor in the performance of any of the obligations expressed

to be assumed by it in the Finance Documents;

(vi)any claim (whether relating to the environment or otherwise) made or asserted

against the Indemnified Person which would not have arisen but for the execution

or enforcement of one or more Finance Documents (unless and to the extent it is

caused by the gross negligence or wilful misconduct of that Indemnified Person);

(vii)instructing lawyers, accountants, tax advisers, insurance consultants, vessel

managers, valuers, surveyors or other professional advisers or experts as

permitted under the Finance Documents where, unless any of the circumstances in

paragraphs (i) to (vi) or paragraph (viii) apply or an Event of Default is continuing,

such Losses are pre-approved by the Borrower or the Obligors' Agent on its behalf

(such approval not to be unreasonably withheld or delayed); or

(viii)(in the case of the Security Agent and/or any other Finance Party in whose favour

any Security Document has been granted, any Receiver and any Delegate) acting

as Security Agent and/or as holder of any of the Transaction Security, Receiver or

Delegate under the Finance Documents or which otherwise relates to the Charged

Property (otherwise, in each case, than by reason of the relevant Security Agent's

and/or other Finance Party's, Receiver's or Delegate's gross negligence or wilful

misconduct).

(b)The Security Agent may, in priority to any payment to the other Finance Parties, indemnify

itself out of the Charged Property in respect of, and pay and retain, all sums necessary to

give effect to the indemnity in this clause 16.5 and shall have a lien on the Transaction

Security and the proceeds of the enforcement of the Transaction Security for all moneys

payable to it.

**16.6Continuation of indemnities**

The indemnities by the Borrower in favour of any Indemnified Persons contained in this

Agreement shall continue in full force and effect notwithstanding any breach by any Finance

Party or the Borrower of the terms of this Agreement, the repayment or prepayment of the Loan,

the cancellation of the Total Commitments or the repudiation by any Finance Party or the

Borrower of this Agreement.

**16.7Third Parties Act**

(a)Each Indemnified Person may rely on the terms of clause 16.5 *(Indemnity concerning* 

*security)* and clauses 14 *(Tax gross-up and indemnities)* and 16.8 *(Interest)* insofar as it

relates to interest on, or the calculation of, any amount demanded by that Indemnified

Person under clause 16.5 *(Indemnity concerning security)*, subject to clause 1.4 *(Third* 

*party rights)* and the provisions of the Third Parties Act.

(b)Where an Indemnified Person (other than a Finance Party) (the **Relevant Beneficiary**)

who is:

(i)appointed by a Finance Party under the Finance Documents;

(ii)an Affiliate of any such person or that Finance Party; or

(iii)an officer, director, employee, adviser, representative or agent of any of the above

persons or that Finance Party,

is entitled to receive any amount (a **Third Party Claim**) under any of the provisions

referred to in paragraph (a) above:

(A)the Borrower shall at the same time as the relevant Third Party Claim is due

to the Relevant Beneficiary pay to that Finance Party a sum in the amount of

that Third Party Claim;

(B)payment of such sum to that Finance Party shall, to the extent of that

payment, satisfy the corresponding obligations of the Borrower to pay the

Third Party Claim to the Relevant Beneficiary; and

(C)if the Borrower pay the Third Party Claim direct to the Relevant Beneficiary,

such payment shall, to the extent of that payment, satisfy the corresponding

obligations of the Borrower to that Finance Party under sub-paragraph (A)

above.

**16.8Interest**

Moneys becoming due by the Borrower to any Indemnified Person under the indemnities

contained in this clause 16 *(Other indemnities)* or elsewhere in this Agreement shall be paid on

demand made by such Indemnified Person and shall be paid together with interest on the sum

demanded from the date of demand therefor to the date of reimbursement by the Borrower to

such Indemnified Person (both before and after judgment) at the rate referred to in clause 10.4

*(Default interest)*.

**16.9Exclusion of liability**

Without prejudice to any other provision of the Finance Documents excluding or limiting the

liability of any Indemnified Person, no Indemnified Person will be in any way liable or

responsible to any Obligor (whether as mortgagee in possession or otherwise) who is a Party or

is a party to a Finance Document to which this clause applies for any loss or liability arising from

any act, default, omission or misconduct of that Indemnified Person, except to the extent caused

by its own gross negligence or wilful misconduct. Any Indemnified Person may rely on this

clause 16.9 subject to clause 1.4 *(Third party rights)* and the provisions of the Third Parties Act.

**17Mitigation by the Lenders**

**17.1Mitigation**

(a)Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to

mitigate any circumstances which arise and which would result in the Facility ceasing to be

available or any amount becoming payable under or pursuant to, or cancelled pursuant to,

any of clause 8.1 *(Illegality)*, clause 14 *(Tax gross-up and indemnities)* or clause 15

*(Increased costs)* including (but not limited to) assigning its rights under the Finance

Documents to another Affiliate or Facility Office.

(b)Paragraph (a) above does not in any way limit the obligations of any Obligor under the

Finance Documents.

**17.2Limitation of liability**

(a)The Borrower shall promptly indemnify each Finance Party for all costs and expenses

incurred by that Finance Party as a result of steps taken by it under clause 17.1

*(Mitigation)*.

(b)A Finance Party is not obliged to take any steps under clause 17.1 *(Mitigation)* if, in the

opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

**18Costs and expenses**

**18.1Transaction expenses**

The Borrower shall, promptly on demand and in any event within 5 Business Days, pay the

Agent, the Security Agent, the Arrangers and the Green Loan Advisor the amount of all costs

and expenses pre-approved by the Borrower or the Obligors' Agent on its behalf (such approval

not to be unreasonably withheld or delayed) (including fees, costs and expenses of lawyers,

accountants, tax advisers, insurance consultants, vessel managers, valuers, surveyors or other

professional advisers or experts) (together with any applicable VAT) incurred by any of them

(and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the

negotiation, preparation, printing, execution, syndication, registration and perfection and any

release, discharge or reassignment of:

(a)this Agreement, the Hedging Master Agreements and any other documents referred to in

this Agreement and the Security Documents;

(b)any other Finance Documents executed or proposed to be executed after the date of this

Agreement including any executed to provide additional security under clause 27 *(Minimum* 

*security value)*; or

(c)any Security Interest expressed or intended to be granted by a Finance Document,

whether or not the transactions contemplated under the Finance Documents are consummated.

**18.2Amendment costs**

If:

(a)an Obligor requests an amendment, waiver or consent;

(b)any amendment or waiver is contemplated or agreed pursuant to clause 50.5

(*Replacement of Screen Rate*); or

(c)an amendment is required pursuant to clause 44.9 (*Change of currency*),

the Borrower shall, within three Business Days of demand by the Agent or the Security Agent

reimburse the Agent or the Security Agent, for the amount of all reasonably incurred and

documented costs and expenses (including fees, costs and expenses of lawyers, accountants,

tax advisers, insurance consultants, vessel managers, valuers, surveyors or other professional

advisers or experts) (together with any applicable VAT) incurred by the Agent or the Security

Agent (and by any Receiver or Delegate) in responding to, evaluating, negotiating or complying

with that request or requirement.

**18.3Agent's and Security Agent's management time and additional remuneration**

(a)Following the occurrence of an Event of Default that is continuing, any amount payable to

the Agent or the Security Agent under clause 16.4 *(Indemnity to the Agent and the Security* 

*Agent)*, clause 16.5 *(Indemnity concerning security),* clause 18 *(Costs and expenses)* or

clause 36.15 *(Lenders' indemnity to the Agent and others)* shall include the cost of utilising

the Agent's or (as the case may be) the Security Agent's management time or other

resources and will be calculated on the basis of such reasonable daily or hourly rates as

the Agent or (as the case may be) the Security Agent may notify to the Borrower and the

other Finance Parties, and is in addition to any other fee paid or payable to the Agent or the

Security Agent.

(b)Without prejudice to paragraph (a) above, in the event of:

(i)an Event of Default;

(ii)the Agent or the Security Agent being requested by an Obligor or the other Finance

Parties to undertake duties which the Agent or (as the case may be) the Security

Agent and the Borrower agree to be of an exceptional nature or outside the scope

of the normal duties of the Agent or (as the case may be) the Security Agent under

the Finance Documents; or

(iii)the Agent or (as the case may be) the Security Agent and the Borrower agreeing

that it is otherwise appropriate in the circumstances,

the Borrower shall pay to the Agent or (as the case may be) the Security Agent any

additional remuneration that may be agreed between them or determined pursuant to

paragraph (c) below.

(c)If the Agent or (as the case may be) the Security Agent and the Borrower fail to agree upon

the nature of the duties, or upon the additional remuneration referred to in paragraph (b)

above or whether additional remuneration is appropriate in the circumstances, any dispute

shall be determined by an investment bank (acting as an expert and not as an arbitrator)

selected by the Agent or (as the case may be) the Security Agent and approved by the

Borrower or, failing approval, nominated (on the application of the Agent or (as the case

may be) the Security Agent) by the President for the time being of the Law Society of

England and Wales (the costs of the nomination and of the investment bank being payable

by the Borrower) and the determination of any investment bank shall be final and binding

upon the Parties.

**18.4Enforcement, preservation and other costs**

(a)The Borrower shall, on demand by a Finance Party, pay to each Finance Party the amount

of all costs and expenses (including fees, costs and expenses of lawyers, accountants, tax

advisers, insurance consultants, vessel managers, valuers, surveyors or other professional

advisers or experts) (together with any applicable VAT) incurred by that Finance Party in

connection with the enforcement of, or the preservation of any rights under, any Finance

Document and any Transaction Security and any proceedings instituted by or against any

Indemnified Person as a consequence of taking or holding the Security Documents or

enforcing those rights.

(b)The Borrower shall, on demand by the Agent, pay to the Agent the amount of all costs and

expenses (including fees, costs and expenses of lawyers, accountants, tax advisers,

insurance consultants, vessel managers, valuers, surveyors or other professional advisers

or experts) (together with any applicable VAT) incurred by the Agent in connection with:

(i)any valuation carried out under clause 27 *(Minimum security value)* to the extent

that the costs of such valuation is payable by the Borrower pursuant to clause 27

(*Minimum security value*); or

(ii)any inspection carried out under clause 25.9 *(Inspection and notice of dry-docking)* 

provided that if no Event of Default is continuing the Borrower shall not pay the

costs of more than one such inspection per calendar year.

**Section 7 - Guarantee**

**19Guarantee and indemnity**

**19.1Guarantee and indemnity**

Each Guarantor hereby irrevocably and unconditionally and jointly and severally with each of the

other Guarantors:

(a)guarantees to the Security Agent (as trustee for the Finance Parties) and the other Finance

Parties punctual performance by each other Obligor of all such Obligor's obligations under

the Finance Documents;

(b)undertakes with the Security Agent (as trustee for the Finance Parties) and the other

Finance Parties that whenever another Obligor does not pay any amount when due under

or in connection with any Finance Document, it shall immediately on demand pay that

amount as if it was the principal obligor; and

(c)agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance

Parties that if any obligation guaranteed by it is or becomes unenforceable, invalid or

illegal, it will, as an independent and primary obligation indemnify each Finance Party

immediately on demand against any cost, loss or liability it incurs as a result of another

Obligor not paying any amount which would, but for such unenforceability, invalidity or

illegality, have been payable by such Obligor under any Finance Document on the date

when it would have been due. The amount payable by a Guarantor under this indemnity

will not exceed the amount it would have had to pay under this clause 19.1 if the amount

claimed had been recoverable on the basis of a guarantee.

**19.2Continuing guarantee**

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums

payable by any Obligor under the Finance Documents, regardless of any intermediate payment

or discharge in whole or in part.

**19.3Reinstatement**

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or

any security for those obligations or otherwise) is made by a Finance Party in whole or in part on

the basis of any payment, security or other disposition which is avoided or must be restored in

insolvency, liquidation, administration or otherwise, without limitation, then the liability of each

Guarantor under this clause 19 will continue or be reinstated as if the discharge, release or

arrangement had not occurred.

**19.4Waiver of defences**

The obligations of each Guarantor under this clause 19 will not be affected by an act, omission,

matter or thing (whether or not known to it or any Finance Party) which, but for this clause 19,

would reduce, release or prejudice any of its obligations under this clause 19 including (without

limitation):

(a)any time, waiver or consent granted to, or composition with, any Obligor or other person;

(b)the release of any other Obligor or any other person under the terms of any composition or

arrangement with any creditor of any other Obligor;

(c)the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to

perfect, take up or enforce, any rights against, or security over assets of, any Obligor or

other person or any non-presentation or non-observance of any formality or other

requirement in respect of any instrument or any failure to realise the full value of any

security;

(d)any incapacity or lack of power, authority or legal personality of or dissolution or change in

the members or status of an Obligor or any other person;

(e)any amendment, novation, supplement, extension, restatement (however fundamental and

whether or not more onerous) or replacement of any Finance Document or any other

document or security including without limitation any change in the purpose of, any

extension of or any increase in any facility or the addition of any new facility under any

Finance Document or other document or security;

(f)any unenforceability, illegality or invalidity of any obligation of any person under any

Finance Document or any other document or security;

(g)any law or regulation of any jurisdiction or any other event affecting any term of the

guaranteed obligations;

(h)any other circumstance that might constitute a defence of any Guarantor; or

(i)any insolvency or similar proceedings.

**19.5Guarantor intent**

Without prejudice to the generality of clause 19.4 *(Waiver of defences)*, each Guarantor

expressly confirms that it intends that this guarantee shall extend from time to time to any

(however fundamental) variation, increase, extension or addition of or to any of the Finance

Documents and/or any facility or amount made available under any of the Finance Documents.

**19.6Immediate recourse**

Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee

or agent on its behalf) to proceed against or enforce any other rights or security or claim

payment from any person before claiming from that Guarantor under this clause 19. This waiver

applies irrespective of any law or any provision of a Finance Document to the contrary.

**19.7Appropriations**

Until all amounts which may be or become payable by the Obligors under or in connection with

the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or

agent on its behalf) may:

(a)refrain from applying or enforcing any other moneys, security or rights held or received by

that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or

apply and enforce the same in such manner and order as it sees fit (whether against those

amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

(b)hold in an interest-bearing suspense account any moneys received from any Guarantor or

on account of any Guarantor's liability under this clause 19.

**19.8Deferral of Guarantors' rights**

(a)Until all amounts which may be or become payable by the Obligors under or in connection

with the Finance Documents have been irrevocably paid in full and unless the Agent

otherwise directs, no Guarantor will exercise any rights which it may have by reason of

performance by it of its obligations under the Finance Documents or by reason of any

amount being payable, or liability arising, under this clause 19:

(i)to be indemnified by another Obligor;

(ii)to claim any contribution from any other guarantor of any Obligor's obligations

under the Finance Documents;

(iii)to take the benefit (in whole or in part and whether by way of subrogation or

otherwise) of any rights of the Finance Parties under the Finance Documents or of

any other guarantee or security taken pursuant to, or in connection with, the

Finance Documents by any Finance Party;

(iv)to bring legal or other proceedings for an order requiring any Obligor to make any

payment, or perform any obligation, in respect of which any Guarantor has given a

guarantee, undertaking or indemnity under clause 19 *(Guarantee and indemnity)*;

(v)to exercise any right of set-off against any other Obligor; and/or

(vi)to claim or prove as a creditor of any other Obligor in competition with any Finance

Party.

(b)If a Guarantor receives any benefit, payment or distribution in relation to such rights it will

promptly pay an equal amount to the Agent for application in accordance with clause 44

*(Payment mechanics)*. This only applies until all amounts which may be or become payable

by the Obligors under or in connection with the Finance Documents have been irrevocably

paid in full.

**19.9Additional security**

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or

security now or subsequently held by any Finance Party.

**19.10Amendments and waivers in writing**

No waivers by any Finance Party or amendments to, of, or in connection with, the provisions of

the Guarantee may be made unless they are made in writing by the Parties and with the prior

written consent of all the Lenders.

**19.11Guarantors' rights and obligations**

(a)The obligations of each Guarantor under the Guarantee and under this Agreement are joint

and several. Failure by a Guarantor to perform its obligations under the Guarantee and/or

this Agreement shall constitute a failure by all of the Guarantors.

(b)Each Guarantor irrevocably and unconditionally jointly and severally with each other

Guarantor:

(i)agrees that it is responsible for the performance of the obligations of each other

Guarantor under the Guarantee and this Agreement;

(ii)acknowledges and agrees that it is a principal and original debtor in respect of all

amounts due from the Guarantors under the Guarantee and under this Agreement;

and

(iii)agrees with each Finance Party that, if any obligation of any other Guarantor under

the Guarantee and this Agreement is or becomes unenforceable, invalid or illegal

for any reason it will, as an independent and primary obligation, indemnify that

Finance Party immediately on demand against any and all Losses it incurs as a

result of that Guarantor not paying any amount which would, but for such

unenforceability, invalidity or illegality, have been payable by such Guarantor under

the Guarantee and/or this Agreement. The amount payable under this indemnity

shall be equal to the amount which that Finance Party would otherwise have been

entitled to recover.

(c)The obligations of each Guarantor under the Finance Documents shall continue until all

amounts which may be or become payable by the Guarantors under or in connection with

the Finance Documents have been irrevocably and unconditionally paid or discharged in

full, regardless of any intermediate payment or discharge in whole or in part.

**19.12Operational subordination** 

For so long as a Guarantor is also the Bareboat Charterer and/or a Manager of the Ship, the

relevant Guarantor further agrees and undertakes in relation to the Ship, the relevant Bareboat

Charter and any Management Agreement to which such Guarantor is a party, throughout the

Ship's Mortgage Period:

(a)that any Management Agreement or Bareboat Charter and such Guarantor's rights under it

will be fully subordinate to the rights of the Finance Parties under the Finance Documents;

(b)not to make a claim under or in connection with any Management Agreement or Bareboat

Charter for the Ship which could result in the Ship being arrested, detained or sold;

(c)not to take any other action in relation to the Ship which could interfere with:

(i)any Finance Party's rights or powers pursuant to any of the Transaction Security;

(ii)any claims by any Finance Party against the proceeds of any sale of the Ship;

(iii)the exercise of any right or power any Finance Party has to sell the Ship, whether

pursuant to the Mortgage or otherwise; or

(iv)any sale of the Ship by the Borrower with the Majority Lenders' approval or at their

direction where the Mortgage has become enforceable;

(d)to waive any such right that the relevant Guarantor might otherwise have had to make any

such claims and not to make any claim against any Finance Party in respect of any

interference with the relevant Guarantor's rights under any Management Agreement or

Bareboat Charter for the Ship resulting from the exercise of any Finance Party's rights

under the Finance Documents;

(e)not to exercise any lien such Guarantor has on the Ship in priority to or in competition with

the Finance Parties' rights under the Mortgage or the Security Documents relating to the

Ship;

(f)that despite the terms of any Management Agreement or Bareboat Charter for the Ship, if a

Finance Party becomes entitled to enforce the Mortgage over the Ship, the Security Agent

(acting on the instructions of the Majority Lenders) may terminate any Management

Agreement or Bareboat Charter for the Ship by way of written notice and the relevant

Guarantor will not have any claim for any resulting loss;

(g)not to compete with any Finance Party in the liquidation, winding-up or other dissolution of

any person liable to the Finance Parties under any of the Finance Documents;

(h)not to demand or accept payment of any moneys due in respect of the management of the

Ship at a time where any Transaction Security has become enforceable;

(i)not to appoint a sub-manager of the Ship without the approval of the Majority Lenders and

to procure that any sub-manager so approved will provide a Manager's Undertaking or

equivalent;

(j)to promptly notify the Agent if any amounts are owing to the relevant Guarantor under any

Management Agreement or Bareboat Charter for the Ship for more than 10 days after the

period agreed for payment; and

(k)to give the Agent such information about the Ship and its management and any amounts

owing to the relevant Guarantor under any Management Agreement or Bareboat Charter

for the Ship as the Agent (acting on the instructions of the Majority Lenders) may from time

to time request.

**Section 8 - Representations, Undertakings and Events of Default**

**20Representations**

**20.1**Each Obligor who is a Party makes and repeats the representations and warranties set out in

this clause 20 to each Finance Party in accordance with and at the times specified in clause

20.35 *(Times when representations are made)*.

**20.2Status**

(a)Each Obligor is a company or corporation, duly incorporated and validly existing under the

law of its Original Jurisdiction.

(b)Each Obligor and each other Group Member has power and authority to own its assets and

to carry on its business as it is now being conducted.

(c)No Obligor is a FATCA FFI.

**20.3Binding obligations**

Subject to the Legal Reservations:

(a)the obligations expressed to be assumed by each Obligor in each Finance Document to

which it is, or is to be, a party are or, when entered into by it, will be legal, valid, binding and

enforceable obligations; and

(b)(without limiting the generality of paragraph (a) above) each Security Document to which

an Obligor is, or will be, a party, creates or will create the Security Interests which that

Security Document purports to create and those Security Interests are or will be valid and

effective.

**20.4Non-conflict**

The entry into and performance by each Obligor of, and the transactions contemplated by the

Finance Documents and the granting of the Transaction Security do not and will not conflict with:

(a)any law or regulation applicable to any Obligor;

(b)the Constitutional Documents of any Obligor or any other Group Member; or

(c)any material agreement or other material instrument binding upon any Obligor or any other

Group Member or its or any other Group Member's assets,

or constitute a default or termination event (however described) under any such material

agreement or material instrument or result in the creation of any Security Interest (save for a

Permitted Maritime Lien or under a Security Document) on any Obligor's or any other Group

Member's assets, rights or revenues.

**20.5Power and authority**

(a)Each Obligor has the power to enter into, perform and deliver and comply with its

obligations under, and has taken all necessary action to authorise its entry into,

performance and delivery of, and compliance with, each Finance Document to which it is,

or is to be, a party and each of the transactions contemplated by those documents.

(b)No limitation on any Obligor's powers to borrow, create security or give guarantees will be

exceeded as a result of any transaction under, or the entry into of, any Finance Document

to which such Obligor is, or is to be, a party.

**20.6Validity and admissibility in evidence**

(a)All Authorisations required or desirable:

(i)to enable each Obligor lawfully to enter into, exercise its rights and comply with its

obligations under each Finance Document to which it is a party;

(ii)to make each Finance Document to which it is a party admissible in evidence in its

Relevant Jurisdictions; and

(iii)to ensure that the Transaction Security has the priority and ranking contemplated

by the Security Documents,

have been obtained or effected and are in full force and effect except any Authorisation or

filing referred to in clause 20.14 *(No filing or stamp taxes)*, which Authorisation or filing will

be promptly obtained or effected within any applicable period.

(b)All Authorisations necessary for the conduct of the business, trade and ordinary activities of

each Obligor and each other Group Member have been obtained or effected and are in full

force and effect if failure to obtain or effect those Authorisations is reasonably likely to have

a Material Adverse Effect.

**20.7Governing law and enforcement**

(a)Subject to the Legal Reservations, the choice of governing law of any Finance Document

will be recognised and enforced in each Obligor's Relevant Jurisdictions.

(b)Subject to the Legal Reservations, any judgment obtained in relation to any Finance

Document in the jurisdiction of the governing law of that Finance Document will be

recognised and enforced in each Obligor's Relevant Jurisdictions.

**20.8No misleading information**

(a)Any factual information contained in the Information Package is true and accurate in all

material respects as at the date of the relevant report or document containing the

information or (as the case may be) as at the date the information is expressed to be given.

(b)Any financial projection or forecast contained in the Information Package and any budget

provided pursuant to clause 21.6 (*Budget*) have been prepared on the basis of recent

historical information and on the basis of reasonable assumptions and were fair (as at the

date of the relevant report or document containing the projection or forecast or of the

relevant budget) and arrived at after careful consideration.

(c)The expressions of opinion or intention provided by or on behalf of an Obligor for the

purposes of the Information Package were made after careful consideration and (as at the

date of the relevant report or document containing the expression of opinion or intention)

were fair and based on reasonable grounds.

(d)No event or circumstance has occurred or arisen and no information has been omitted from

the Information Package and no information has been given or withheld that results in the

information, opinions, intentions, forecasts or projections contained in the Information

Package being untrue or misleading in any material respect.

(e)All other written information provided by any Group Member (including its advisers) to a

Finance Party was true, complete and accurate in all material respects as at the date it was

provided and is not misleading in any material respect.

(f)For the purposes of this clause 20.8, **Information Package** means any written information

(other than Green Loan Information) provided by any Obligor or any other Group Member

to any of the Finance Parties in connection with the Transaction Documents or the

transactions referred to in them (including any information memorandum).

(g)All Green Loan Information was true, complete and accurate in all material respects as at

the date it was provided and is not misleading in any respect.

**20.9Original Financial Statements**

(a)The Original Financial Statements were prepared in accordance with IFRS consistently

applied.

(b)The audited Original Financial Statements give a true and fair view of the financial

condition as at the end of the relevant Financial Year and the results of operations of the

relevant Obligors (consolidated in the case of Guarantor A) during the relevant Financial

Year.

(c)The unaudited Original Financial Statements fairly present the financial condition as at the

end of the relevant financial half year and the results of operations of the relevant Obligors

and the Group (consolidated in the case of Guarantor A) during the relevant financial half

year.

(d)There has been no material adverse change in the assets, business or financial condition

or operations of any Obligor (or the assets, business or operations or consolidated financial

condition of the Group, in the case of Guarantor A) since the date of the Original Financial

Statements.

**20.10Pari passu ranking**

Each Obligor's payment obligations under the Finance Documents to which it is, or is to be, a

party rank at least pari passu with all its other present and future unsecured and unsubordinated

payment obligations, except for obligations mandatorily preferred by law applying to companies

generally.

**20.11Ranking and effectiveness of security**

Subject to the Legal Reservations and any filing, registration or notice requirements which is

referred to in any Legal Opinion:

(a)the Transaction Security has (or will have when the relevant Security Documents have

been executed) the priority which it is expressed to have in the Security Documents;

(b)the Charged Property is not subject to any Security Interest other than Permitted Security

Interests; and

(c)the Transaction Security will constitute perfected security on the assets described in the

Security Documents.

**20.12Ownership of Charged Property**

Each Obligor is the sole legal and beneficial owner of the Charged Property over which it

purports to grant a Security Interest under the Security Documents.

**20.13No insolvency**

No corporate action, legal proceeding or other procedure or step described in clause 32.9

*(Insolvency proceedings)* or creditors' process described in clause 32.10 *(Creditors' process)* 

has been taken or, to the knowledge of any Obligor, threatened in relation to a Group Member

and none of the circumstances described in clause 32.8 *(Insolvency)* applies to any Group

Member.

**20.14No filing or stamp taxes**

Under the laws of each Obligor's Relevant Jurisdictions it is not necessary that any Finance

Document to which it is, or is to be, party be filed, recorded or enrolled with any court or other

authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be

paid on or in relation to any such Finance Document or the transactions contemplated by the

Finance Documents except for any filing, recording or enrolling or any tax (including stamp duty)

or fee payable in relation to any Finance Document which is referred to in any Legal Opinion

and which will be made or paid promptly after the date of the relevant Finance Document.

**20.15Deduction of Tax**

No Obligor is required to make any Tax Deduction (as defined in clause 14.1 *(Definitions)*) from

any payment it may make under any Finance Document to which it is, or is to be, a party and no

other party is required to make any such deduction from any payment it may make under any

other Finance Document.

**20.16Tax compliance**

(a)No Obligor or other Group Member is materially overdue in the filing of any Tax returns or

overdue in the payment of any amount in respect of Tax.

(b)No claims or investigations are being, or are reasonably likely to be, made or conducted

against any Obligor or other Group Member with respect to Taxes such that a liability of, or

claim against, any Obligor or other Group Member is reasonably likely to arise for an

amount for which adequate reserves have not been provided in the Original Financial

Statements and which is reasonably likely to have a Material Adverse Effect.

(c)Each Obligor is resident for Tax purposes only in its Original Jurisdiction.

**20.17Other Tax matters**

The execution or delivery or performance by any Party of the Finance Documents will not result

in any Finance Party:

(a)having any liability in respect of Tax in any Flag State;

(b)having or being deemed to have a place of business in any Flag State or any Relevant

Jurisdiction of any Obligor.

**20.18No Default**

(a)No Default is continuing or might reasonably be expected to result from the making of the

Utilisation or the entry into, the performance of, or any transaction contemplated by, any

Transaction Document.

(b)No other event or circumstance is outstanding which constitutes (or, with the expiry of a

grace period, the giving of notice, the making of any determination or any combination of

any of the foregoing, would constitute) a default or termination event (however described)

under any other agreement or instrument which is binding on any Obligor or any other

Group Member or to which any Obligor's (or any other Group Member's) assets are subject

which is reasonably likely to have a Material Adverse Effect.

**20.19No proceedings** 

(a)No litigation, arbitration or administrative proceedings or investigations of, or before, any

court, arbitral body or agency which is reasonably likely to have a Material Adverse Effect

has or have (to the best of any Obligor's knowledge and belief (having made due and

careful enquiry)) been started or threatened against any Obligor or any other Group

Member.

(b)No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of

any governmental or other regulatory body which is reasonably likely to have a Material

Adverse Effect has (to the best of any Obligor's knowledge and belief (having made due

and careful enquiry)) been made against any Obligor or any other Group Member.

**20.20No breach of laws**

(a)No Obligor or other Group Member has breached any law or regulation which breach is

reasonably likely to have a Material Adverse Effect.

(b)No labour dispute is current or, to the best of any Obligor's knowledge and belief (having

made due and careful enquiry), threatened against any Obligor which is reasonably likely to

have a Material Adverse Effect.

**20.21Environmental and social matters**

(a)The Borrower and each Obligor have obtained, and, unless otherwise reported in writing to

the Agent, performed and observed all Environmental Laws, Social Laws and

Environmental Approvals.

(b)No Environmental Incident, Social Incident, Environmental Claim, Social Claim or IMO

Code Claim has occurred which has not been reported in writing to the Agent.

(c)No Environmental Law applicable to the Ship has been violated.

(d)No Environmental Law applicable to any Obligor and/or any of its ships (other than the

Ship) has been violated in a manner or to an extent which might have a Material Adverse

Effect.

(e)No material Environmental Claim has been made or is threatened or pending against the

Ship and there has been no material Environmental Incident which has given rise to such a

claim.

(f)No material Environmental Claim has been made or is threatened or pending against any

Obligor or where that claim might have a Material Adverse Effect and there has been no

Environmental Incident which has given rise to such a claim.

**20.22Anti-Corruption Laws and Anti-Money Laundering Laws**

(a)Each Group Member has conducted its businesses in compliance with Anti-Corruption

Laws and Anti-Money Laundering Laws and has instituted and maintained policies and

procedures designed to promote and achieve compliance with such laws.

(b)Without limiting the generality of paragraph (a) above, no Group Member has engaged in

any activity or conduct which violates Anti-Corruption Laws or Anti-Money Laundering Laws

**20.23Security and Financial Indebtedness**

(a)No Security Interest exists over all or any of the present or future assets of any Obligor or

other Group Member in breach of this Agreement.

(b)No Obligor or other Group Member has any Financial Indebtedness outstanding in breach

of this Agreement.

**20.24Shares**

(a)The shares of the Borrower are fully paid and not subject to any option to purchase or

similar rights.

(b)The Constitutional Documents of the Borrower do not and could not restrict or inhibit any

transfer of those shares on creation or enforcement of the Security Documents.

(c)There are no agreements in force which provide for the issue or allotment of, or grant any

person the right to call for the issue or allotment of, any share or loan capital of the

Borrower (including any option or right of pre-emption or conversion).

**20.25Ownership of Obligors**

Each Obligor (other than Guarantor A or, as applicable, UK ListCo) is a direct or indirect wholly

owned Subsidiary of, prior to the Share Exchange Completion, Guarantor A or, on and from the

Share Exchange Completion, UK ListCo.

**20.26No Change of Control**

There has not been a Change of Control.

**20.27Accounting Reference Date**

The Financial Year-end of each Obligor and other Group Member is the Accounting Reference

Date.

**20.28No adverse consequences**

(a)It is not necessary under the laws of the Relevant Jurisdictions of any Obligor:

(i)in order to enable any Finance Party to enforce its rights under any Finance

Document to which it is, or is to be, a party; or

(ii)by reason of the execution of any Finance Document or the performance by any

Obligor of its obligations under any Finance Document,

that any Finance Party should be licensed, qualified or otherwise entitled to carry on

business in any of such Relevant Jurisdictions.

(b)No Finance Party is or will be deemed to be resident, domiciled or carrying on business in

any Relevant Jurisdiction of any Obligor by reason only of the execution, performance and/

or enforcement of any Finance Document.

**20.29Copies of documents**

The copies of those Transaction Documents which are not Finance Documents and the

Constitutional Documents of the Obligors delivered to the Agent under clause 4 (Conditions of

Utilisation) will be true, complete and accurate copies of such documents and include all

amendments and supplements to them as at the time of such delivery and no other agreements

or arrangements exist between any of the parties to those Transaction Documents which would

materially affect the transactions or arrangements contemplated by them or modify or release

the obligations of any party under them.

**20.30No breach of charters** 

No Obligor is in breach of any Bareboat Charter to which it is a party nor has anything occurred

which entitles or which may entitle any party to rescind or terminate it or decline to perform their

obligations under it.

**20.31No immunity**

No Obligor or any of its assets is immune to any legal action or proceeding.

**20.32Sanctions**

(a)No Obligor, no other Group Member nor any of their respective directors, officers or, so far

as each Obligor is aware, none of their employees:

(i)is a Restricted Party;

(ii)is in breach of Sanctions;

(iii)owns or controls a Restricted Party;

(iv)is currently engaging in any transaction, activity or conduct which is reasonably

likely to result in a violation of Sanctions; or

(v)is, to its knowledge subject to, involved in or has received notice of any complaint,

claim, action, suit, proceedings, formal notice, investigation or other action by any

regulatory or enforcement authority or any Sanctions Authority.

(b)Each Obligor has implemented and maintains a Sanctions compliance policy or equivalent

which, in accordance with the recommendations of the Sanctions Advisory, is designed to

ensure compliance by that Obligor, each Group Member and their respective directors,

officers, employees and agents with Sanctions. Each Obligor, each Group Member and

their respective directors, officers and, to the knowledge of that Obligor, its employees, are

in compliance with Sanctions in all material respects and are not knowingly engaged in any

activity that would reasonably be expected to result in such Obligor being designated as a

Restricted Party. Without limitation on the foregoing, such Sanctions compliance policy

shall procure that each Obligor, each Group Member and their respective directors,

officers, employees and agents shall, where applicable:

(i)conduct their activities in a manner compliant with Sanctions;

(ii)have sufficient resources in place to ensure execution of and compliance

with their own Sanctions policies by their personnel, including but not limited to

direct hires, contractors, and staff;

(iii)ensure Subsidiaries and Affiliates comply with the relevant policies, as

applicable;

(iv)have relevant controls in place to monitor automatic identification system

(AIS) transponders;

(v)have controls in place to screen and assess onboarding or offloading cargo in

areas they determine to present a high risk;

(vi)have controls to assess authenticity of bills of lading, as necessary; and

(vii)have controls in place consistent with the Sanctions Advisory.

**20.33Ship status**

The Ship will on the first day of the Mortgage Period be:

(a)registered in the name of the Borrower through the relevant Registry as a ship under the

laws and flag of the relevant Flag State;

(b)operationally seaworthy and fit for service in all material respects;

(c)classed with the relevant Classification as required under this Agreement free of any

overdue requirements and recommendations of the relevant Classification Society affecting

class; and

(d)insured in the manner required by the Finance Documents.

**20.34Ship's employment**

The Ship shall on the first day of the Mortgage Period be free of any charter commitment under

a Charter which, if entered into after that date, would require approval under the Finance

Documents.

**20.35Times when representations are made**

(a)All of the representations and warranties set out in this clause 20 (other than Ship

Representations, the representation in paragraph (g) of clause 20.8 (*No misleading* 

*information*), and the representations set out in clauses 20.14 (*No filing or stamp taxes*) to

20.17 (*Other Tax matters*) and clause 20.28 (*No adverse consequences*)) are deemed to

be made on the dates of:

(i)this Agreement;

(ii)the Utilisation Request; and

(iii)the Utilisation.

(b)The Repeating Representations are deemed to be made on the first day of each Interest

Period.

(c)All the representations and warranties in this clause 20 except clause 20.8 (*No misleading* 

*information*) are deemed to be made by each Additional Guarantor on the day on which it

becomes (and on the date it is proposed that it becomes) an Additional Guarantor.

(d)All of the Ship Representations are deemed to be made on the first day of the Mortgage

Period for the Ship.

(e)The representation in paragraph (g) of clause 20.8 (*No misleading information*) is deemed

to be made by each Obligor on the date of each Green Loan Compliance Certificate.

(f)The representations set out in clauses 20.14 (*No filing or stamp taxes*) to 20.17 (*Other Tax* 

*matters*) and clause 20.28 (*No adverse consequences*) shall be made on the date of this

Agreement and in accordance with paragraph (c) above.

(g)Each representation or warranty deemed to be made after the date of this Agreement shall

be deemed to be made by reference to the facts and circumstances existing at the date the

representation or warranty is deemed to be made.

**21Information undertakings**

**21.1Undertaking to comply** 

Each Obligor who is a Party undertakes that this clause 21 will be complied with throughout the

Facility Period.

**21.2Interpretation** 

In this clause 21:

**Annual Financial Statements** means each of the audited consolidated financial statements for

a Financial Year of Guarantor A (for any Financial Year prior to the Financial Year in which the

Share Exchange Completion occurs) and UK ListCo (for the Financial Year in which the Share

Exchange Completion occurs and for any subsequent Financial Year) delivered pursuant to

paragraph (a) of clause 21.3 *(Financial statements)*.

**Semi-Annual Financial Statements** means each of the consolidated financial statements for

the first half year of the Financial Year of Guarantor A (for any half year prior to the Share

Exchange Completion) and UK ListCo (for any half year ending on or after the Share Exchange

Completion and for any subsequent half year) delivered pursuant to paragraph (b) of clause

21.3 *(Financial statements)*.

**21.3Financial statements**

(a)The Obligors shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent

so requests) and the Agent shall supply to the Lenders as soon as the same become

available, but in any event:

(i)within 120 days after the end of each Financial Year, the audited consolidated

financial statements of Guarantor A or UK ListCo (as applicable) for that Financial

Year; and

(ii)within 180 days after the end of each Financial Year:

(A)to the extent that audited financial statements are required to be prepared for

the Borrower under the Companies Act 2006, the audited financial

statements of the Borrower for that Financial Year; and

(B)to the extent that there is no requirement for audited financial statements to

be prepared for the Borrower under the Companies Act 2006, and provided

that all conditions set out in Chapter 4 of Part 15 and Chapter 1 of Part 16 of

the Companies Act 2006 have been compiled with, the audited financial

statements of the Group Member incorporated in the United Kingdom (which

consolidates the Borrower) for which consolidated audited financial

statements will be prepared for that Financial Year.

(b)The Obligors shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent

so requests) and the Agent shall supply to the Lenders as soon as the same become

available, but in any event within 90 days after the end of the first half year of each of its

Financial Year (namely each six month period ending on 30 June of a Financial Year) the

unaudited consolidated financial statements of Guarantor A or UK ListCo (as applicable) for

that financial half year.

**21.4Provision and contents of Compliance Certificate** 

(a)The Obligors shall supply to the Agent and the Agent shall supply to each Lender a

Compliance Certificate, with each set of Annual Financial Statements and Semi-Annual

Financial Statements.

(b)Each Compliance Certificate shall, amongst other things, set out (in reasonable detail)

computations as to compliance with clause 22 *(Financial Covenants)*.

(c)Each Compliance Certificate shall be signed by the chief executive officer or chief financial

officer of Guarantor A (for any Annual Financial Statements and Semi-Annual Financial

Statements delivered in respect of Guarantor A) and UK ListCo (for any Annual Financial

Statements and Semi-Annual Financial Statements delivered in respect of UK ListCo).

**21.5Requirements as to financial statements**

(a)The Borrower shall procure that each set of financial statements delivered pursuant to

clause 21.3 (*Financial statements*) includes a profit and loss account, a balance sheet and

a cashflow statement and that, in addition, each set of such annual financial statements

shall be audited by the Auditors.

(b)Each set of financial statements delivered pursuant to clause 21.3 *(Financial statements)* 

shall:

(i)be certified by a director of the relevant company as fairly presenting, its financial

condition and operations as at the date as at which those financial statements were

drawn up and, in the case of the annual financial statements, shall be accompanied

by any letter addressed to the management of the relevant company by the

Auditors and accompanying those financial statements; and

(ii)in the case of audited annual financial statements, not be the subject of any

material qualification in the Auditors' opinion.

(c)Guarantor A (up to the Share Exchange Completion) and UK ListCo (on and from the

Share Exchange Completion) shall procure that each set of financial statements delivered

pursuant to clause 21.3 *(Financial statements)* shall be prepared using IFRS, accounting

practices and financial reference periods consistent with those applied in the preparation of

the Original Financial Statements, unless, in relation to any set of financial statements,

Guarantor A or UK ListCo (as applicable) notifies the Agent that there has been a change in

IFRS or the accounting practices and the Auditors deliver to the Agent:

(i)a description of any change necessary for those financial statements to reflect the

IFRS or accounting practices and reference periods upon which corresponding

Original Financial Statements were prepared; and

(ii)sufficient information, in form and substance as may be reasonably required by the

Agent, to enable the Lenders to determine whether clause 22 *(Financial covenants)* 

has been complied with and to make an accurate comparison between the financial

position indicated in those financial statements and the Original Financial

Statements.

(d)Any reference in this Agreement to any financial statements shall be construed as a

reference to those financial statements as adjusted to reflect the basis upon which the

Original Financial Statements were prepared.

**21.6Budget**

(a)Subject to paragraph (d) below, Guarantor A (up to the Share Exchange Completion) and

UK ListCo (on and from the Share Exchange Completion) shall supply to the Agent, as

soon as the same become available but in any event before the start of each of its

Financial Years, an electronic copy of its preliminary annual budget for that Financial Year.

Such budget will be for preliminary information purposes only and will not have been

reviewed and/or approved by the board of directors of Guarantor A (up to the Share

Exchange Completion) and UK ListCo (on and from the Share Exchange Completion).

Guarantor A or UK ListCo (as applicable) shall immediately upon the release of its annual

report and final budget for the relevant Financial Year supply the Agent with the final budget

as approved by its board of directors.

(b)Subject to paragraph (d) below, Guarantor A (up to the Share Exchange Completion) and

UK ListCo (on and from the Share Exchange Completion) shall ensure that each

preliminary budget for a Financial Year:

(i)is in a form reasonably acceptable to the Agent (and, for the avoidance of doubt,

the form of budget delivered to DNB Bank ASA on behalf of the Group for 2025 in

connection with the Group's other financing arrangement, shall be deemed to be an

acceptable form) and includes:

(A)a projected consolidation profit and loss balance sheet and cashflow

projections and a cashflow statement for the Group;

(B)projected financial covenant calculations; and

(C)any other information reasonably requested by any Lender;

for that Financial Year and itemised for each calendar month of that Financial Year;

(ii)is prepared in accordance with IFRS and the accounting practices and financial

reference periods applied to financial statements under clause 21.3 (*Financial* 

*statements*); and

(iii)has been approved by the board of directors of Guarantor A (up to the Share

Exchange Completion) or UK ListCo (on and from the Share Exchange

Completion).

(c)Subject to paragraph (d) below, if Guarantor A (up to the Share Exchange Completion) and

UK ListCo (on and from the Share Exchange Completion) updates or changes the budget,

it shall within not more than 5 days of the update or change being made deliver to the

Agent in sufficient copies each of the Lenders, such updated or changed budget together

with a written explanation of the main changes in that budget.

(d)Notwithstanding paragraphs (a) to (c) above, Guarantor A (up to the Share Exchange

Completion) and UK ListCo (on and from the Share Exchange Completion) shall only be

obliged to supply the Agent with a preliminary budget where such obligation will not (A) be

in breach of (i) applicable market abuse regulations and/or (ii) the Danish Financial

Supervisory Authority's or other relevant authority's interpretation of guidance requirements

for listed companies and/or (B) require Guarantor A (up to the Share Exchange

Completion) and UK ListCo (on and from the Share Exchange Completion) to make a

public disclosure under applicable market abuse regulation and/or the Danish Financial

Supervisory Authority's or other relevant authority's interpretation of disclosure on

guidance.

**21.7Presentations**

Once in every Financial Year, or more frequently if requested to do so by the Agent if the Agent

reasonably suspects a Default is continuing or may have occurred or may occur, the Obligors

shall procure that at least two directors of Guarantor A (up to the Share Exchange Completion)

and UK ListCo (on and from the Share Exchange Completion) (one of whom shall be the chief

financial officer) give a presentation to the Finance Parties about the on-going business and

financial performance of the Group and any other matter which a Finance Party may reasonably

request.

**21.8Year-end**

The Borrower shall procure that each Financial Year-end of each Obligor and each Group

Member falls on the Accounting Reference Date.

**21.9Information: miscellaneous**

The Borrower shall supply to the Agent (in sufficient copies for all the Lenders):

(a)at the same time as they are dispatched, copies of all documents dispatched by Guarantor

A (up to the Share Exchange Completion) and UK ListCo (on and from the Share

Exchange Completion) to its shareholders generally (or any class of them) or dispatched by

Guarantor A (up to the Share Exchange Completion) and UK ListCo (on and from the

Share Exchange Completion) or any Obligors to its creditors generally (or any class of

them);

(b)promptly upon becoming aware of them, the details of any litigation, arbitration or

administrative proceedings which are current, threatened or pending against any Group

Member, and which, if adversely determined, might reasonably be expected to have a

Material Adverse Effect;

(c)promptly upon becoming aware of them, the details of any judgment or order of a court,

arbitral tribunal or other tribunal or any order or sanction of any governmental or other

regulatory body which is made against any Group Member and which is reasonably likely

to have a Material Adverse Effect;

(d)promptly, such information as the Agent or the Security Agent may reasonably require

about the Charged Property and compliance of the Obligors with the terms of any Security

Documents;

(e)promptly following a request, such further information regarding the financial condition,

assets and operations of the Group and/or any Group Member as any Finance Party

through the Agent may reasonably request and which can be delivered without breach of

any legally binding confidentiality restrictions and/or applicable market abuse regulations

on the part of an Obligor; and

(f)promptly, such further information as may be required by any banking supervisory laws and

regulations applicable to any Lender and/or as is in line with standard banking practice and

which can be delivered without breach of any applicable market abuse regulations and/or,

in the case of copies of a charter commitment or a summary of the terms of a charter

commitment, legally binding confidentiality restrictions, on the part of an Obligor.

**21.10Notification of Default**

(a)Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to

remedy it) promptly upon any Obligor becoming aware of its occurrence (unless that

Obligor is aware that a notification has already been provided by another Obligor).

(b)Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate

signed by two of its directors or senior officers of the Obligors' Agent on its behalf certifying

that no Default is continuing (or if a Default is continuing, specifying the Default and the

steps, if any, being taken to remedy it).

**21.11Sufficient copies**

The Borrower, if so requested by the Agent, shall deliver sufficient copies of each document to

be supplied under the Finance Documents to the Agent to distribute to each of the Lenders and

the Hedging Providers.

**21.12Direct electronic delivery by the Borrower**

The Borrower may satisfy their obligation under this Agreement to deliver any information in

relation to a Lender by delivering that information directly to that Lender, as the case may be, in

accordance with clause 46.5 (*Electronic communication)* to the extent that Lender and the Agent

agree to this method of delivery.

**21.13"Know your customer" checks**

(a)If:

(i)the introduction of or any change in (or in the interpretation, administration or

application of) any law or regulation made after the date of this Agreement;

(ii)any change in the status of an Obligor (or of a Holding Company of an Obligor) or

the composition of the shareholders of an Obligor (or of a Holding Company of an

Obligor) after the date of this Agreement;

(iii)any internal policy of a Finance Party; or

(iv)a proposed assignment by a Lender or a Hedging Provider of any of its rights under

this Agreement or any Hedging Contract to a party that is not already a Lender or a

Hedging Provider prior to such assignment,

obliges the Agent, the Security Agent, or the relevant Hedging Provider or any Lender (or,

in the case of paragraph (iv) above, any prospective new Lender or the Security Agent) to

comply with "know your customer" or similar identification procedures in circumstances

where the necessary information is not already available to it (or, where such information

is not sufficiently up-to-date for the purpose of compliance with any banking supervisory

laws applicable to any Lender and/or standard banking practices), each Obligor shall

promptly upon the request of the Agent, the Security Agent, any Lender, any Hedging

Provider supply, or procure the supply of, such documentation and other evidence as is

reasonably requested by the Agent (for itself or on behalf of any Lender, the Security

Agent or any Hedging Provider) or any Lender, the Security Agent or any Hedging

Provider (for itself or, in the case of the event described in paragraph (iv) above, on behalf

of any prospective new Lender or Hedging Provider) in order for the Agent, the Security

Agent, such Lender or any Hedging Provider or, in the case of the event described in

paragraph (iv) above, any prospective new Lender or Hedging Provider to carry out and

be satisfied it has complied with all necessary "know your customer" or other similar

checks under all applicable laws and regulations pursuant to the transactions

contemplated in the Finance Documents.

(b)Each Finance Party shall, promptly upon the request of the Agent, the Security Agent or

any Lender, supply, or procure the supply of, such documentation and other evidence as is

reasonably requested by the Agent, the Security Agent or any Lender (for itself) in order for

it to carry out and be satisfied it has complied with all necessary "know your customer" or

other similar checks under all applicable laws and regulations pursuant to the transactions

contemplated in the Finance Documents.

(c)If the accession of such Additional Guarantor obliges the Agent, any Lender or any Hedging

Provider to comply with "know your customer" or similar identification procedures in

circumstances where the necessary information is not already available to it, Guarantor A

(up to the Share Exchange Completion) and UK ListCo (on and from the Share Exchange

Completion) shall promptly upon the request of the Agent, any Lender or any Hedging

Provider supply, or procure the supply of, such documentation and other evidence as is

reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for

itself or on behalf of any prospective new Lender) or any Hedging Provider in order for the

Agent, such Lender or Hedging Provider or any prospective new Lender to carry out and be

satisfied it has complied with all necessary "know your customer" or other similar checks

under all applicable laws and regulations pursuant to the accession of such Subsidiary to

this Agreement as an Additional Guarantor.

**21.14Green Loan Compliance Certificate and Green Loan Report**

(a)The Borrower shall supply to the Agent in sufficient copies for all the Lenders, as soon as

the same becomes available but, subject to paragraph (b) below, in any event within 120

days after the end of their financial year, a Green Loan Compliance Certificate for that

financial year (namely, other than a Pre-Utilisation Green Loan Compliance Certificate).

(b)The first Green Loan Compliance Certificate in respect of a financial year (namely, other

than a Pre-Utilisation Green Loan Compliance Certificate) shall be delivered to the Agent in

respect of the financial year ending no less than 8 Months after the Utilisation Date.

(c)Each Green Loan Compliance Certificate in respect of a financial year (namely, other than

a Pre-Utilisation Green Loan Compliance Certificate) shall:

(i)set out (in reasonable detail):

(A)the Borrower's compliance with the Green Asset Criteria for the relevant

financial year (including relevant computations); and

(B)any Green Loan Margin Adjustment to be applied in accordance with clause

10.2 (*Green Loan Margin Adjustment*);

(ii)attach a correct and complete copy of the annual non-financial disclosure report

prepared by Guarantor A (up to the Share Exchange Completion) and UK ListCo

(on and from the Share Exchange Completion) and, in respect of the financial year

ending 31 December 2025 and each subsequent financial year, reviewed and

verified by the External Reviewer setting out the Borrower's green loan-related

information for the relevant financial year in sufficient detail for the Lenders to

assess whether the Green Asset Criteria have been complied with by the Borrower

during that financial year (a **Green Loan Report**);

(iii)ensure that each Green Loan Report includes the following items, based on and

subject to availability of any relevant data (and if such relevant data is not available,

based on expected impact): installed capacity in MW or annual renewable

generation (MWh) and, if feasible, CO2 emissions saved; number of installed wind

turbines; fuel consumption and/or CO2 emissions; and other relevant emissions

such as Sox and Nox, PM; and

(iv)confirm that the Green Loan Report relating to the relevant financial year and

attached to the Green Loan Compliance Certificate is a correct and complete copy

of the original and has not been amended or superseded as at the date of the

Green Loan Compliance Certificate.

(d)Each Pre-Utilisation Green Loan Compliance Certificate shall comply with paragraph (c)

above except that references to historical data or prior periods shall be deemed to be data

in respect of, or references to, the 12 month period ending on the date of submission of the

Pre-Utilisation Green Loan Compliance Certificate.

(e)Each Green Loan Compliance Certificate shall be signed by two directors of the Borrower.

(f)Each Obligor shall supply to the Agent a copy of any amendments to or updated versions

of the Green Finance Second Party Opinion immediately upon receipt from the External

Reviewer.

**21.15Green Loan Compliance Certificate Inaccuracy**

(a)The Borrower (or the Obligors' Agent on its behalf) shall notify the Agent upon becoming

aware of any inaccuracy in a Green Loan Compliance Certificate (a **Green Loan** 

**Compliance Certificate Inaccuracy**). Such notice shall be provided together with:

(i)a description (in reasonable detail) of the relevant Green Loan Compliance

Certificate Inaccuracy; and

(ii)a revised Green Loan Compliance Certificate which complies with the requirements

of paragraphs (c)or (as applicable) (d) of clause 21.14 (*Green Loan Compliance* 

*Certificate and Green Loan Report*) and which corrects the relevant Green Loan

Compliance Certificate Inaccuracy.

(b)Notwithstanding any other provision of this clause 21.15, a Green Loan Compliance

Certificate Inaccuracy shall not constitute a Default or an Event of Default.

**21.16Green Loan Information**

(a)The Borrower shall supply to the Agent within a reasonable time any additional information

which any Lender (through the Agent) may reasonably request in order to:

(i)determine and confirm if the Green Asset Criteria have been complied with by the

Borrower; or

(ii)otherwise determine a Group Member's compliance with its obligations under any

Green Loan Provision.

(b)The Borrower shall notify the Agent within a reasonable time:

(i)of becoming aware that an External Reviewer has threatened to terminate its

appointment, or that an External Reviewer's appointment has been terminated; and

(ii)of the appointment of any successor External Reviewer.

(c)The Parties acknowledge and agree that the Agent, the Lenders and the Green Loan

Advisor may rely, without independent verification, upon the accuracy, adequacy and

completeness of the Green Loan Information, and that neither the Agent, the Lenders nor

the Green Loan Advisor:

(i)assumes any responsibility or has any liability for the Green Loan Information; or

(ii)has an obligation to conduct any appraisal of any Green Loan Information.

**21.17Exposure reporting** 

Within 10 Business Days after each Financial Year-end and half-year end of the Borrower, the

Obligors shall supply to the Agent a report setting out (in reasonable detail) the aggregate of:

(a)the Loan;

(b)the Hedging Exposure of all the Hedging Providers; and

(c)the Ancillary Outstandings,

21.18in each case, as at the date of such report.

**21.19Greenhouse gas emissions**

(a)The Borrower shall, within 120 days after the end of each Financial Year, supply to the

Agent (which shall then supply to each Lender) all relevant data in respect of scope 1,

scope 2 and scope 3 greenhouse gas emissions (CO2e) for Guarantor A (up to the Share

Exchange Completion) and UK ListCo (on and from the Share Exchange Completion) in

respect of that Financial Year, measured in accordance with the principles of the GHG

Protocol.

(b)The information provided under this clause 21.18 shall be deemed to be Confidential

Information but the Borrower acknowledges and agrees that, in accordance with the GHG

Protocol, such information may form part of the information published by any Finance Party

regarding their portfolio climate alignment.

**22Financial covenants**

**22.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 22 will be complied with throughout the

Facility Period.

**22.2Financial definitions**

In this clause 22:

**Cash and Cash Equivalents** means at any relevant time:

(a)cash in hand or on deposit with any bank;

(b)Cash Equivalent Investments;

(c)any undrawn and available amounts under any committed revolving and overdraft credit

facilities; and

(d)any other instrument, security or investment approved by the Majority Lenders,

which is free from any Security Interest (with the exception of any Account Security relating to

the Earnings Account unless an Event of Default is continuing) and/or restrictions and to which

any Group Member is beneficially entitled at that time and which are readily available to Group

Members and capable of being applied against Financial Indebtedness, as demonstrated by the

then most recent Financial Statements.

**Cash Equivalent Investments** means at any time:

(a)certificates of deposit maturing within one year after the relevant date of calculation and

issued by an Acceptable Bank;

(b) any investment in marketable debt obligations issued or guaranteed by the government of

the United States of America, the United Kingdom, any member state of the European

Economic Area or any Participating Member State or by an instrumentality or agency of

any of them having an equivalent credit rating, maturing within one year after the relevant

date of calculation and not convertible or exchangeable to any other security;

(c)commercial paper not convertible or exchangeable to any other security:

(i)for which a recognised trading market exists;

(ii)issued by an issuer incorporated in the United States of America, the United

Kingdom, any member state of the European Economic Area or any Participating

Member State;

(iii)which matures within one year after the relevant date of calculation; and

(iv)which has a credit rating of either A-1 or higher by Standard & Poor's Rating

Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors

Service Limited, or, if no rating is available in respect of the commercial paper, the

issuer of which has, in respect of its long-term unsecured and noncredit enhanced

debt obligations, an equivalent rating;

(d) any investment in money market funds which:

(i)have a credit rating of either A-1 or higher by Standard & Poor's Rating Services or

F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors Service

Limited; and

(ii)invest substantially all their assets in securities of the types described in

paragraphs (a) to (c) above, to the extent that investment can be turned into cash

on not more than 30 days' notice; or

(e)any stocks payable in a freely convertible and transferable currency and which are listed on

a stock exchange acceptable to the Majority Lenders.

**EBITDA** means, at any time and in respect of any Measurement Period, the consolidated profit

on ordinary activities of the Group before taxation for the twelve month period ending at the end

of such Measurement Period, but:

(a)adjusted to exclude interest receivable and interest payable and other similar income or

costs to the extent not already excluded;

(b)adjusted to exclude any gain or loss realised on the disposal of fixed assets (whether

tangible or intangible);

(c)after adding back depreciation and amortisation charged which relates to such period;

(d)adjusted to exclude any exceptional, one-off, non-recurring or extraordinary items; and

(e)after deducting any profit arising out of the release of any provisions against a liability or

charge and adding back any provision relating to long term assets or contracts,

as shown in the then most recent Financial Statements relevant to the twelve month period

ending at the end of such Measurement Period.

**Equity Ratio** means, at any relevant time and in relation to a Measurement Period, the ratio of

(a) the Shareholders' Equity to (b) Total Assets.

**Financial Statements** means any of the Annual Financial Statements and/or the Semi-Annual

Financial Statements referred to and defined as such in clause 21 (*Information undertakings*).

**Gross Interest Bearing Debt** means, at any relevant time, the interest bearing debt of the

Group calculated on a consolidated basis as set out in the then most recent Financial

Statements.

**Measurement Period** means each Financial Year of Guarantor A (up to the Share Exchange

Completion) or UK ListCo (on and from the Share Exchange Completion) and the first half year

of each Financial Year of Guarantor A (up to the Share Exchange Completion) or UK ListCo (on

and from the Share Exchange Completion) for which Financial Statements are to be delivered to

the Agent under clause 21.3 (*Financial statements*).

**Net Interest Bearing Debt** means, at any relevant time and in respect of a Measurement

Period, the Gross Interest Bearing Debt minus Cash and Cash Equivalents, each as set out in

the then most recent Financial Statements relevant to such Measurement Period.

**Shareholders' Equity** means, at any time and in relation to a Measurement Period, the "total

shareholders' equity" for the Group shown (on the basis of book values) in the then most recent

Financial Statements relevant to such Measurement Period.

**Total Assets** means, at any time and in relation to any Measurement Period, the aggregate of

"total assets" of the Group as shown (on the basis of book values) in the then most recent

Financial Statements relevant to such Measurement Period.

**Working Capital** means, at any time, the current assets less the current liabilities of the Group,

each as shown in, and calculated in accordance with, the then most recent Financial

Statements, but, adjusted by:

(a) not including in "current assets" any "restricted cash" and including in "current assets" any

undrawn and available amount of any committed loan or credit facility; and

(b)not including in "current liabilities" (i) advance payments received under charter

commitments which are classified as "current liabilities" under IFRS, (ii) "restricted cash"

related to derivatives exposure already adjusted for under "current assets" or (iii) any

"Current portion of long-term interest bearing debt" liabilities,

each as shown in the then most recent Financial Statements relevant to such Measurement

Period.

**22.3Financial condition**

Guarantor A (up to the Share Exchange Completion) and UK ListCo (on and from the Share

Exchange Completion) shall (as applicable) ensure that throughout the Facility Period:

(a)**Equity Ratio**: at all times during and in respect of each Measurement Period, the Equity

Ratio shall be higher than 0.35:1.0;

(b)**Liquidity**: the Group (on a consolidated basis) maintains at all times Cash and Cash

Equivalents which are at all times not less than:

(i) if at any relevant time the ratio of (1) the total forward-looking anticipated cash

revenues of the Group from all legally binding and committed contracts for all the

Fleet Vessels for a Measurement Period excluding all options and conditional or

contingent payments (other than being conditional on performance of the relevant

Obligor's or Group Member's obligations under such charter commitments) and

adjusted on a full cash basis by excluding any part of the revenue already paid (as

the same is calculated by Guarantor A (up to the Share Exchange Completion) and

UK ListCo (on and from the Share Exchange Completion) to the satisfaction of the

Agent) to (2) Net Interest Bearing Debt for the same Measurement Period is equal

to or higher than 50%, the higher of €35,000,000 and 5% of the Gross Interest

Bearing Debt; and

(ii)at all other times, the higher of €50,000,000 and 7.5% of the Gross Interest Bearing

Debt; and

(c)**Working Capital**: at all times during and in respect of each Measurement Period, the

Working Capital shall be higher than zero (0).

**22.4Financial testing**

The financial covenants set out in clause 22.3 (*Financial condition*) shall be calculated in

accordance with IFRS and tested by reference to each of the consolidated financial statements

of Guarantor A or UK ListCo (as applicable) delivered pursuant to clause 21.3 (*Financial* 

*statements*) and/or each Compliance Certificate delivered pursuant to clause 21.4 (*Provision* 

*and contents of Compliance Certificate*).

**23General undertakings**

**23.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 23 will be complied with by and in

respect of each Obligor and each other Group Member throughout the Facility Period.

**23.2Use of proceeds**

The proceeds of the Utilisation shall be used exclusively for the purposes specified in clause 3

*(Purpose)* and, if requested by the Agent, the Borrower shall promptly provide to the Agent any

supporting evidence requested to verify that the proceeds are being used for the financing or

refinancing of Green Assets.

**23.3Authorisations**

Each Obligor shall promptly:

(a)obtain, comply with and do all that is necessary to maintain in full force and effect; and

(b)supply certified copies to the Agent of,

any Authorisation required under any law or regulation of a Relevant Jurisdiction to:

(i)enable it to perform its obligations under the Transaction Documents;

(ii)ensure the legality, validity, enforceability or admissibility in evidence of any

Transaction Document; and

(iii)carry on its business where failure to do so has, or is reasonably likely to have, a

Material Adverse Effect.

**23.4Compliance with laws**

Each Obligor shall (and shall ensure that each other Group Member will), comply in all respects

with all laws and regulations (including Environmental Laws) to which it may be subject where

failure to comply is reasonably likely to have a Material Adverse Effect.

**23.5Anti-Corruption Laws and Anti-Money Laundering Laws**

(a)No Obligor shall (and shall ensure that no other Group Member will) directly or indirectly:

(i)use the proceeds of the Loan for any purpose which would breach the Bribery Act

2010, the United States Foreign Corrupt Practices Act of 1977 or other similar

legislation in other jurisdictions; or

(ii)engage in activity or conduct which violates Anti-Corruption Laws or Anti-Money

Laundering Laws.

(b)Each Obligor shall (and shall ensure that each other Group Member will):

(i)conduct its businesses in compliance with Anti-Corruption Laws and Anti-Money

Laundering Laws; and

(ii)maintain policies and procedures designed to promote and achieve compliance

with such laws.

**23.6Tax compliance**

(a)Each Obligor shall (and shall ensure that each other Group Member will) pay and

discharge all Taxes imposed upon it or its assets within the time period allowed without

incurring penalties unless and only to the extent that:

(i)such payment is being contested in good faith;

(ii)adequate reserves are being maintained for those Taxes and the costs required to

contest them which have been disclosed in its latest financial statements delivered

to the Agent under clause 21.3 *(Financial statements)*; and

(iii)such payment can be lawfully withheld.

(b)Except as approved by the Majority Lenders, each Obligor shall maintain its residence for

Tax purposes in the jurisdiction in which it is incorporated and ensure that it is not resident

for Tax purposes in any other jurisdiction.

**23.7Change of business**

Except as approved by all the Lenders (each such approval not to be unreasonably withheld or

delayed), no substantial change will be made to the general nature of the business of Guarantor

A and, on and from the Share Exchange Completion, UK ListCo, the Obligors or the Group

taken as a whole from that carried on at the date of this Agreement.

**23.8Listing**

(a)The common shares of Guarantor A shall remain listed on the Oslo Stock Exchange and

the New York Stock Exchange or such other stock exchange acceptable to the Majority

Lenders until the Share Exchange Completion.

(b)On and from the Share Exchange Completion, the common shares of UK ListCo shall

remain listed on the Oslo Stock Exchange and the New York Stock Exchange or such other

stock exchange acceptable to the Majority Lenders.

**23.9Merger and Permitted Reorganisation** 

(a)Subject to paragraph (b) below and except as approved by all the Lenders, no Obligor shall

(and the Obligors shall ensure that no other Group Member will) enter into any

amalgamation, demerger, merger, consolidation, redomiciliation, legal migration or

corporate reconstruction (other than the solvent liquidation of any Group Member which is

not an Obligor so long as any payments or assets distributed as a result of such liquidation

or reorganisation are distributed to other Group Members).

(b)Guarantor A (and each relevant Group Member) may enter into the Permitted

Reorganisation provided that UK ListCo has or will, with effect from the Share Exchange

Completion, become an Additional Guarantor in accordance with the terms of clause 35.5

(*Additional Guarantors*), together with any documents and evidence of the type referred to

in Schedule 3 (*Conditions precedent*) in respect of such Additional Guarantor (other than as

signatory to the Accession Deed).

(c)In the event of application of paragraph (b) above, forthwith following the Agent's request:

(i)the Obligors will enter into such documents documenting such variations and

arrangements, as may be requested by the Agent (acting on the instructions of the

Majority Lenders); and

(ii)the Obligors will deliver to the Agent such documents and evidence of the type

referred to in Schedule 3 (*Conditions precedent*) in relation to the documents

referred to in paragraph (i) above as may be requested by the Agent (acting on the

instructions of the Majority Lenders),

in each case, in a form and substance satisfactory to the Agent and at the cost and

expense of the Borrower.

(d)The Borrower shall procure that the Permitted Reorganisation is completed in an approved

manner within 6 months of the Share Exchange Completion.

(e)In the case of UK ListCo only, UK ListCo may enter into an amalgamation, demerger,

merger, consolidation, redomiciliation, legal migration or corporate reconstruction if:

(i)it is to be the surviving entity of such action;

(ii)such action does not and would not be reasonably likely to cause a Material

Adverse Effect;

(iii)satisfactory "know your customers" checks by the Lenders have been completed;

and

(iv)no Default exists at the time of such action or would result from the same.

**23.10Further assurance**

(a)Each Obligor shall promptly do all such acts or execute all such documents (including

assignments, transfers, mortgages, charges, notices and instructions) as the Agent or the

Security Agent may reasonably specify (and in such form as the Security Agent may

reasonably require in favour of the Security Agent or its nominee(s)):

under, or evidenced by, the Security Documents (which may include the execution

of a mortgage, charge, assignment or other security over all or any of the assets

which are, or are intended to be, the subject of the Security Documents) or to

protect or ensure the priority of such Security Interests or for the exercise of any

rights, powers and remedies of the Security Agent and/or any other Finance Parties

provided by or pursuant to the Finance Documents or by law;

(ii)to confer on the Security Agent and/or any other Finance Parties Security Interests

over any property and assets of that Obligor located in any jurisdiction equivalent or

similar to the Security Interest intended to be conferred by or pursuant to the

Security Documents;

(iii)to facilitate the realisation of the assets which are, or are intended to be, the

subject of the Security Documents; and/or

(iv)to facilitate the accession by a New Lender to any Security Document following an

assignment in accordance with clause 34.1 *(*A*ssignments by the Lenders)*.

(b)Each Obligor shall take all such action as is available to it (including making all filings and

registrations) as may be necessary for the purpose of the creation, perfection, protection or

maintenance of any Security Interest (or the priority of any Security Interest) conferred or

intended to be conferred on the Security Agent and/or any other Finance Parties by or

pursuant to the Finance Documents.

**23.11Negative pledge in respect of Charged Property** 

Except as approved by the Lenders and except for Permitted Security Interests, no Obligor will

grant or allow to exist any Security Interest over any Charged Property.

**23.12Environmental and social matters**

(a)The Borrower shall inform the Agent in writing promptly, and in any event no later than

three (3) Business Days from the date of the Borrower's discovery thereof, of any of the

following events:

(i)an Environmental Incident;

(ii)a Social Incident;

(iii)a Environmental Claim;

(iv)a Social Claim; and/or

(v)a IMO Code Claim.

(b)The Borrower shall, if requested by the Agent (on behalf of any of the Lenders), address

any Environmental Incident, Environmental Claim, Social Incident, Social Claim or IMO

Code Claim through a Corrective Action Plan developed by the Borrower within sixty (60)

days after such incident or claim occurred or such other date mutually agreed between the

parties. The Corrective Action Plan shall be in form and substance satisfactory to the Agent

(on behalf of the relevant Lender) and the Borrower shall ensure that the Corrective Action

Plan is diligently pursued. Any breach of any obligations under this clause may cause a

request for mandatory prepayment in accordance with clause 8.10 (*Mandatory prepayment* 

*– Environmental and Social Incidents and Claim*) but will not be an Event of Default under

clause 32.5 (*Other obligations*).

(c)The Borrower shall (and shall procure that each Manager and Bareboat Charterer shall) (i)

comply in all respects with all Environmental Laws and Social Laws applicable to any of

them or the Ship, including without limitation, requirements relating to manning and (ii)

obtain, maintain and ensure compliance with all requisite Environmental Approvals

applicable to any of them and/or the Ship and (iii) maintain or implement procedures to

monitor compliance with and to prevent liability under any Environmental Laws, Social

Laws and the EU Ship Recycling Regulation or the Hong Kong International Convention for

the Safe and Environmentally Sound Recycling of Ships 2009.

**23.13Sanctions**

(a)No Obligor shall, and each Obligor shall ensure that no other Group Member nor any of

their respective directors or officers shall, and the Obligors shall use reasonable

endeavours to procure that none of their respective employees shall, take any action, make

any omission or use (directly or indirectly) any proceeds of the Loan (or lend, contribute or

otherwise make available all or any part of such proceeds to any person) in a manner that:

(i)is a breach of Sanctions; and/or

(ii)causes (or will cause or would reasonably be expected to cause) a breach of

Sanctions by any Finance Party.

(b)No Obligor shall (and each Obligor shall ensure that no other Group Member nor any of

their respective directors and officers shall) take any action or make any omission that

results, or is reasonably likely to result, in it or any Finance Party becoming a Restricted

Party.

(c)Each Obligor shall ensure that it shall not use any revenue or benefit derived from any

activity or dealing with a Restricted Party for the purpose of discharging amounts owing to

any Finance Party in respect of the Facility.

(d)Each Obligor shall, and shall procure that each other Group Member will, promptly upon

becoming aware of the same, supply to the Agent details of any claim, action, suit,

proceedings or investigation against it with respect to Sanctions.

(e)Each Obligor shall implement and maintain appropriate safeguards designed to prevent

any action that would be contrary to paragraphs (a) to (d) above.

**23.14Declassification Event** 

(a)On and at any time after the occurrence of a Declassification Event the Agent may, and

shall if so directed by the Majority Lenders, by notice to the Borrower declassify the Loan

as a "green loan".

(b)With effect on and from the Declassification Date:

(i)clause 10.2 (*Green Loan Margin Adjustment*) and each Green Loan Provision shall

cease to apply; and

(ii)a Green Loan Margin Adjustment increasing the applicable Margin pursuant to

clause 10.2(a)(ii)(*Green Loan Margin Adjustment*) will apply to the Loan.

(c)If a Voluntary Declassification Event occurs, the Facility may not be re-classified as a

"green loan" on or after the applicable Declassification Date except with the prior written

approval of all the Lenders.

(d)If a Mandatory Declassification Event occurs:

(i)clause 10.2 (*Green Loan Margin Adjustment*) and each Green Loan Provision shall

cease to apply; and

(ii)a Green Loan Margin Adjustment increasing the applicable Margin pursuant to

clause 10.2(a)(ii)(*Green Loan Margin Adjustment*) will apply to the Loan,

(iii)**provided that** the Green Loan Provisions shall be reinstated within 10 Business Days

(and the Green Loan Margin Adjustment shall cease to apply in accordance with clause

10.2 (*Green Loan Margin Adjustment*)) following the Borrower's delivery of a Green Loan

Compliance Certificate evidencing compliance with the Green Asset Criteria.

(e)For the avoidance of doubt, paragraphs (b) and (d) above shall not prevent the application

of clause 10.2 (*Green Loan Margin Adjustment*) for the purposes of the adjustment of the

applicable Margin or any commitment fee as a result of a Declassification Event.

**23.15Green Loan publicity** 

The Borrower shall not (and shall ensure that no other Group Member will) make any disclosure

that references the Facility or the Loan as a "green loan" at any time on or after a

Declassification Event that has occurred and is continuing.

**23.16People with Significant Control (PSC) regime**

Each Obligor and each other Group Member shall:

(a)within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the

Companies Act 2006 from any Obligor incorporated in the United Kingdom; and

(b)promptly provide the Agent with a copy of that notice.

**24Dealings with Ship**

**24.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 24 will be complied with in relation to

the Ship throughout the Ship's Mortgage Period. Where the Ship is subject to a Bareboat

Charter, all undertakings in this clause 24 given by the Borrower will be deemed to also be given

by the relevant Bareboat Charterer under such Bareboat Charter.

**24.2Ship's name and registration**

(a)The Ship's name shall only be changed after prior notice to the Agent and, the Borrower

shall promptly take all necessary steps to update all applicable insurance, class and

registration documents with such change of name.

(b)The Ship shall be permanently registered in the name of the Borrower with the relevant

Registry under the laws of its Flag State. Except with approval of all the Lenders, the Ship

shall not be registered under any other flag or at any other port or fly any other flag (other

than that of its Flag State as at the date of this Agreement) provided that no such approval

shall be required for the registration of the Ship under the flag of another Approved Flag

State as long as replacement Security Interests are granted in respect of the Ship (which

are, in the opinion of the Lenders, equivalent to those in place prior to such registration) in

favour of the Finance Parties immediately following the registration of the Ship under the

flag of that Approved Flag State and at the cost and expense of the Borrower. If that

registration is for a limited period, it shall be renewed at least 45 days before the date it is

due to expire and the Agent shall be notified of that renewal at least 30 days before that

date.

(c)Nothing will be done and no action will be omitted if that might result in such registration

being forfeited or imperilled or the Ship being required to be registered under the laws of

another state of registry.

(d)The Ship, if subject to a Bareboat Charter, may be registered under a parallel registration

regime following approval of such parallel registration regime and relevant applicable

jurisdictions by the Majority Lenders provided that the Majority Lenders (acting reasonably)

are satisfied that prior to such registration:

(i)the Finance Parties' interests under the Finance Documents (including the

Mortgage and other Transaction Security) are not adversely affected by such

parallel registration;

(ii)any amendments to the Finance Documents have been entered into by the

Obligors and such documents of the type referred to in Schedule 3 (*Conditions* 

*precedent*) in respect of such amendments have been delivered by the Borrower to

the Agent, as may be required by the Majority Lenders in their reasonable

discretion; and

(iii)the Lenders have received satisfactory legal opinions from all relevant jurisdictions

in respect of such parallel flagging and the impact it may have on the Security

Documents and the Finance Parties' interests under the Finance Documents.

**24.3Sale or other disposal of the Ship** 

Except:

(a)with approval of all the Lenders; or

(b)for the sale of the Ship for a cash price payable on completion of the sale which is no

less than the amount required to discharge all outstanding obligations of the Obligors under

the Finance Documents or where all Finance Parties are satisfied (in their sole discretion)

that all outstanding obligations of the Obligors under the Finance Documents shall be so

discharged on completion of the sale and in each case provided no Event of Default is

continuing,

the Borrower will not sell, transfer, abandon or otherwise dispose of the Ship or any share or

interest in the Ship, or agree to do so, but the Borrower may enter into an agreement for the

sale of the Ship if the Borrower is otherwise in compliance with this clause 24.3.

**24.4Manager**

A manager of the Ship shall not be appointed unless that manager is Guarantor A or any other

Group Member who, in any such case, is the Bareboat Charterer of the Ship and a Guarantor,

or such other person has been approved by the Majority Lenders (such approval not to be

unreasonably withheld or delayed) and unless the terms of its appointment are approved by the

Majority Lenders and (unless that manager is a Guarantor) it has delivered a duly executed

Manager's Undertaking to the Security Agent. The Borrower shall not agree to any change to

the terms of appointment of a manager (including any Management Agreement) which have

been approved unless such change is also approved.

**24.5Copy of Mortgage on board**

A properly certified copy of the Ship's Mortgage (or, in the case of the Mortgage under Danish

law which is in digitalised form, an apostilled certificate of registration (Da: *Registreringsattest*)

confirming the Mortgage and a certificate from the Danish Maritime Authority containing an

exact replica of the registered letter of indemnity regarding the vessel (Da: *Eksakt gengivelse af* 

*registreret digitalt skadesløsbrev i skib*)) shall be kept on board the Ship with its papers and

shown to anyone having business with the Ship which might create or imply any commitment or

Security Interest over or in respect of the Ship (other than a lien for crew's wages and salvage)

and to any representative of the Agent or the Security Agent.

**24.6Notice of Mortgage**

A framed printed notice of the Ship's Mortgage shall be prominently displayed in the navigation

room and in the Master's cabin of the Ship. The notice must be in plain type and read as follows:

**"NOTICE OF MORTGAGE**

This Ship is subject to a First Mortgage in favour of [*name of mortgagee*] of [*insert address of* 

*mortgagee*]. Under the said mortgage and related documents, neither the Borrower nor any

charterer nor the Master of this Ship has any right, power or authority to create, incur or permit

to be imposed upon this Ship any commitments or encumbrances whatsoever other than for

crew's wages and salvage.

No-one will have any right, power or authority to create, incur or permit to be imposed upon the

Ship any lien whatsoever other than for crew's wages and salvage."

**24.7Conveyance on default**

Where the Ship is (or is to be) sold in exercise of any power conferred by the Security

Documents, the Borrower shall, upon the Security Agent's request, immediately execute such

form of transfer of title to the Ship as the Security Agent may require.

**24.8Chartering** 

(a)Except with approval by the Majority Lenders, the Borrower shall not enter into any charter

commitment for the Ship (other than an Initial Bareboat Charter, any other Bareboat

Charter (excluding a JV Bareboat Charter) in accordance with paragraph (b) below or a JV

Bareboat Charter in accordance with paragraph 24.8(c) below); and the Borrower shall

procure that any Bareboat Charterers (as disponent owners) shall not enter into any charter

commitment for the Ship, which is:

(i)a bareboat or demise charter or passes possession and operational control of the

Ship to another person; or

(ii)to another Group Member.

(b)The Borrower may enter into a Bareboat Charter for the Ship other than the Initial Bareboat

Charter **provided that**:

(i)the terms of such Bareboat Charter are substantially the same as those of the

Initial Bareboat Charter or are approved by the Majority Lenders (such approval not

to be unreasonably withheld);

(ii)such Bareboat Charter provides for a level of charter hire which, for the entire tenor

of the same, is not less than the relevant Minimum Bareboat Charter Hire;

(iii)the Bareboat Charterer in respect of such Bareboat Charter is Guarantor A or a

wholly-owned (direct or indirect) Subsidiary of Guarantor A (prior to the Guarantor

C Acquisition) and UK ListCo or a wholly-owned (direct or indirect) Subsidiary of

UK ListCo (on and from the Guarantor C Acquisition);

(iv)where such Bareboat Charter is with a Group Member that is not a Guarantor, such

Group Member has become an Additional Guarantor in accordance with the terms

of clause 35.5 (*Additional Guarantors*); and

(v)each of the additional requirements set out in paragraph (d) below are complied

with.

(c)The Borrower may enter into a bareboat charter in respect of the Ship with a bareboat

charterer which is a joint venture local entity (a **JV Bareboat Charter**) where this is

required by local law to operate the Ship in a specific jurisdiction and provided that:

(i)the terms of such JV Bareboat Charter are substantially the same as those of the

Initial Bareboat Charter or are approved by the Majority Lenders (such approval not

to be unreasonably withheld);

(ii)such JV Bareboat Charter provides for a level of hire which, for the entire tenor of

the same, is not less than the relevant Minimum Bareboat Charter Hire;

(iii)Guarantor A (prior to the Guarantor C Acquisition) or UK ListCo (on and from the

Guarantor C Acquisition) owns legally and beneficially (directly or indirectly) no less

than 51% of each of the issued share capital and the voting share capital in, and

has control over, the Bareboat Charterer under such JV Bareboat Charter;

(iv)where such JV Bareboat Charter is with a Group Member that is not already a

Guarantor, such Group Member has become an Additional Guarantor in

accordance with the terms of clause 35.5 (*Additional Guarantors*); and

(v)the Borrower provides or procures the provision by the Bareboat Charterer of such

JV Bareboat Charter and such other documents and evidence and security in

respect of such charter as the Agent (acting on the instructions of the Majority

Lenders in their sole discretion) shall require.

(d)Further, without prejudice to the rights of the Finance Parties under the provisions of

paragraph (a), (b) or (c) above and any other provisions of the Finance Documents, the

Borrower shall advise the Agent promptly of any Bareboat Charter or Charter in respect of

the Ship (other than the Initial Bareboat Charter and the Initial Charter for the Ship) entered

into by the Borrower or the Bareboat Charterer as disponent owner of the Ship, and the

Borrower shall:

(i)deliver a copy of each such Bareboat Charter or, to the extent that such disclosure

does not constitute a breach of the relevant Charter, a description of the main

terms of each such Charter to the Agent forthwith after its execution;

(ii)in the case of a Bareboat Charter where the Bareboat Charterer has not already

provided a General Assignment forthwith thereafter procure that the Bareboat

Charterer executes a General Assignment in favour of the Security Agent;

(iii)in the case of a Bareboat Charter, forthwith thereafter execute any notice of

assignment required in connection therewith pursuant to the Borrower's General

Assignment serve such notice of assignment on the relevant Bareboat Charterer

and obtain an acknowledgement of such notice by such Bareboat Charterer (and

for the avoidance of doubt if the Borrower fails to give such notice within a

reasonable time, the Agent may, and shall if so directed by the Majority Lenders,

serve any such notice of assignment on the relevant Bareboat Charterer under

such Bareboat Charter in a timely manner);

(iv)in the case of a Charter (and any Charter Guarantee in respect of such Charter)

and provided that an assignment of the Earnings of such Charter or such Charter

Guarantee (as applicable) will not constitute a breach of such Charter or such

Charter Guarantee (but without prejudice to the requirements of paragraph (e)

below), forthwith thereafter execute or procure that the relevant Bareboat Charterer

execute any notice of assignment of the Earnings or, where paragraph (e)(ii) below

applies, all the rights, of such Charter and such Charter Guarantee as required in

connection therewith pursuant to the Borrower's or Bareboat Charterer's General

Assignment, as applicable;

(v)in the case of a Charter (and any Charter Guarantee in respect of such Charter)

and provided that an assignment of the Earnings of such Charter or such Charter

Guarantee (as applicable) will not constitute a breach of such Charter or such

Charter Guarantee (but without prejudice to the requirements of paragraph (e)

below), forthwith thereafter, serve or procure the service of any such notice of

assignment of the Earnings of such Charter and such Charter Guarantee by the

relevant Bareboat Charterer on the relevant Charterer under such Charter and on

the relevant Charter Guarantor under such Charter Guarantee, and:

(A)unless paragraph (B) below applies, use its reasonable endeavours to

procure the receipt of the acknowledgement of such notice by such

Charterer and such Charter Guarantor; and

(B)where a Quiet Enjoyment Agreement has been or will be entered into in

respect of such Charter, procure the receipt of the acknowledgement of such

notice by such Charterer and such Charter Guarantor forthwith,

(C)(and for the avoidance of doubt if the Borrower or Bareboat Charterer fails to

give such notice within a reasonable time, the Agent may, and shall if so directed by

the Majority Lenders, serve any such notice of assignment on the relevant

Charterer under such Charter and on the relevant Charter Guarantor under such

Charter Guarantee in a timely manner);

(vi)deliver to the Agent such documents and evidence of the type referred to in

Schedule 3 (*Conditions precedent*), in relation to any such General Assignment or

any other related matter referred to in this clause 24.8(d), as the Agent (acting on

the instructions of the Majority Lenders in their reasonable discretion) shall require;

and

(vii)pay on the Agent's demand all legal costs and other costs (pre-approved by the

Borrower or the Obligors' Agent on its behalf, such approval not to be unreasonably

withheld or delayed) of the Agent and/or the Security Agent in connection with or in

relation to any such Charter, Bareboat Charter or General Assignment or any other

related matter referred to in this clause 24.8(d).

(e)Notwithstanding any other provision in this Agreement, the Borrower shall, and shall

procure that any relevant Bareboat Charterer shall:

(i)unless paragraph (ii) below applies, use commercially reasonable efforts to procure

that:

(A)any Charter (and any Charter Guarantee in respect of such Charter) entered

into by the Borrower or Bareboat Charterer following the date of this

Agreement is governed by English law and that its Earnings are freely

assignable by the Borrower or Bareboat Charterer (as applicable) to the

Security Agent, without the need for the relevant Charterer's or relevant

Charter Guarantor's (as applicable) consent; or

(B)the main terms of any such Charter (and any Charter Guarantee in respect

of such Charter) can be disclosed by the Borrower or Bareboat Charterer (as

applicable) to the Finance Parties in accordance with the terms of this

Agreement;

(ii)where a charterer in respect of any charter commitment entered into by the

Borrower or Bareboat Charterer following the date of this Agreement requires that a

quiet enjoyment agreement be entered into as a condition to permitting the

Mortgage over the Ship and/or to an assignment of any rights under such charter

commitment, use all commercially reasonable efforts to procure that, subject to the

entry into the relevant Quiet Enjoyment Agreement, all the rights (including to

Earnings) of the Borrower or Bareboat Charterer under such charter commitment

and any relevant guarantee in respect of such charter commitment are freely

assignable or, where, despite the use of all commercially reasonable efforts by the

Borrower or Bareboat Charterer, the relevant charterer does not accept such

assignment of all the rights of the Borrower or Bareboat Charterer under such

charter commitment and any guarantee in respect of such charter commitment,

procure that, subject to the entry into the relevant Quiet Enjoyment Agreement, all

the rights of the Borrower or Bareboat Charterer to receive Earnings under such

charter commitment and any relevant guarantee in respect of such charter

commitment are freely assignable;

(iii)where paragraph (ii) above applies and such charter commitment and any

guarantee in respect of such charter commitment is a Charter or a Charter

Guarantee, respectively, comply with the provisions of paragraphs (d)(iv) and (d)(v)

above in respect of such Charter and Charter Guarantee; and

(iv)where paragraph (ii) above applies in respect of a charter commitment and the

same and any guarantee in respect of such charter commitment is not a Charter or

a Charter Guarantee, respectively, procure that notice of the assignment of the

Borrower or (as the case may be) the Bareboat Charterer's rights under such

charter commitment or guarantee or, as applicable, the Borrower or (as the case

may be) Bareboat Charterer's rights to receive Earnings under such charter

commitment or moneys under such guarantee, is included in the relevant Quiet

Enjoyment Agreement and acknowledged by the relevant charterer or charter

guarantor, respectively, by their execution of such Quiet Enjoyment Agreement

(such notice and acknowledgement wording to be based on the wording included in

paragraph 3 of the BIMCO Standard Form Quiet Enjoyment Letter for Ship

Financing applicable on the date of this Agreement).

(f)Without prejudice to the provisions of paragraph (e) above where any charterer in respect

of a charter commitment (other than a Bareboat Charter) to be entered into by the Borrower

or Bareboat Charterer following the date of this Agreement requires a quiet enjoyment

agreement as a condition to permitting the Mortgage over the Ship (and/or to the

assignment of any rights under such charter commitment), the Borrower or Bareboat

Charterer shall, as soon as reasonably practicable after becoming aware of such

requirement and in any event prior to the entry into such charter commitment, inform the

Agent of such requirement.

(g)Notwithstanding any term of any Quiet Enjoyment Agreement, any costs or expenses

arising out of or in connection with any Quiet Enjoyment Agreement shall be paid by the

Borrower in accordance with clause 18 (*Costs and expenses*).

**24.9Lay up**

Except with approval, the Ship shall not be laid up cold.

**24.10Sharing of Earnings**

Except with approval, the Borrower shall not enter into any arrangement under which its

Earnings from the Ship may be shared with anyone else.

**24.11Payment of Earnings**

(a)The Borrower's Earnings from the Ship shall be paid in the way required pursuant to clause

28.5 (*Payment of charter earnings*).

(b)If any Earnings are held by brokers or other agents, they shall be paid to the Security Agent

or the Agent (as the case may be), if it requires this after the Earnings have become

payable to it pursuant to clause 28.5 (*Payment of Charter Earnings*).

**24.12Inventory of Hazardous Materials**

An Inventory of Hazardous Materials shall be maintained in relation to the Ship provided that if

such certificate is not available at the start of the Ship's Mortgage Period, an Inventory of

Hazardous Material will be obtained at the next dry-docking of the Ship.

**24.13Sustainable and socially responsible dismantling of ships**

(a)The Ship, each Fleet Vessel and any other vessel controlled by the Group will, when it is to

be scrapped or when sold to an intermediary with the intention of being scrapped, be

recycled at a recycling yard which conducts its recycling business in a socially and

environmentally responsible manner in accordance with the provisions of The Hong Kong

International Convention for the Safe and Environmentally Sound Recycling of Ships 2009

(whether or not it is in force) and, if applicable, the EU Ship Recycling Regulation and, if

applicable, the Ship Recycling Facilities Regulations 2015.

(b)The Borrower shall ensure, prior to any dismantling contract in respect of any Fleet Vessel

being entered into by the relevant Group Member, that the Finance Parties receive a

statement from an independent third party expert acceptable to the Finance Parties

confirming that the relevant shipyard/dismantling yard complies with the requirements for

such yards as set out in the Hong Kong International Convention for the safe and

Environmentally Sound Recycling of Ships 2009 (whether or not it is in force) and/or, if

applicable, the EU Ship Recycling Regulation.

**24.14Poseidon Principles**

(a)If applicable to the Ship, the Borrower shall, upon the request of the Agent (at the request

of any Lender) and at the cost of the Borrower, on or before 31 July in each calendar year,

supply or procure the supply to the Agent of all information necessary in order for that

Lender to comply with its obligations under the Poseidon Principles in respect of the

preceding year, including, without limitation, all vessel fuel oil consumption data required to

be collected and reported in accordance with Regulation 22A of Annex VI and any

Statement of Compliance, in each case relating to the Ship for the preceding calendar year.

(b)No Lender shall publicly disclose such information with the identity of the Ship without the

prior written consent of the Borrower. Such information shall be "Confidential Information"

for the purposes of clause 51 *(Confidential Information)* but the Borrower acknowledges

that, in accordance with the Poseidon Principles, such information will form part of the

information published regarding the relevant Lender's portfolio climate alignment.

**25Condition and operation of Ship**

**25.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 25 will be complied with in relation to

the Ship throughout the Ship's Mortgage Period. Where the Ship is subject to a Bareboat

Charter, all undertakings in this clause 25 given by the Borrower will be deemed to also be given

by the relevant Bareboat Charterer under such Bareboat Charter.

**25.2Defined terms**

In this clause 25 and in Schedule 3 *(Conditions precedent)*:

**applicable code** means any code or prescribed procedures required to be observed by the

Ship or the persons responsible for its operation under any applicable law (including but not

limited to those currently known as the ISM Code and the ISPS Code).

**applicable law** means all laws and regulations applicable to vessels registered in the Ship's

Flag State or which for any other reason apply to the Ship or to its condition or operation at any

relevant time.

**applicable operating certificate** means any certificates, vessel response plans, or other

document relating to the Ship or its condition or operation required to be in force under any

applicable law or any applicable code.

**25.3Repair**

The Ship shall be kept in a good, safe and efficient state of repair. The quality of workmanship

and materials used to repair the Ship or replace any damaged, worn or lost parts or equipment

shall be sufficient to ensure that the Ship's value is not reduced.

**25.4Modification**

Except with approval, the structure, type or performance characteristics of the Ship shall not be

modified in a way which could or might materially alter the Ship or materially reduce its value.

**25.5Removal of parts**

Except with approval, no material part of the Ship or any equipment (except for equipment that

is temporarily installed for the purpose of fulfilling a charterparty or employment contract) shall

be removed from the Ship if to do so would materially reduce its value unless at the same time it

is replaced with equivalent parts or equipment owned by the Borrower free of any Security

Interest (except under the Security Documents) or such removal is a temporary removal of

equipment which is to be repaired.

**25.6Third party owned equipment**

Except with approval, equipment owned by a third party shall not be installed on the Ship if it

cannot be removed without risk of causing damage to the structure or fabric of the Ship or

incurring significant expense.

**25.7Maintenance of class; compliance with laws and codes**

The Ship's class shall be the Ship's Classification with the relevant Classification Society. The

Ship and every person who owns, operates or manages the Ship shall comply with all applicable

laws and the requirements of all applicable codes. There shall be kept in force and on board the

Ship or in such person's custody any applicable operating certificates which are required by

applicable laws or applicable codes to be carried on board the Ship or to be in such person's

custody.

**25.8Surveys**

The Ship shall be submitted to continuous surveys and any other surveys which are required for

it to maintain the Classification as its class. Copies of reports of those surveys shall be provided

promptly to the Agent if it so requests.

**25.9Inspection and notice of dry-docking**

The Agent and/or surveyors or other persons appointed by it for such purpose shall be allowed

to board the Ship at all reasonable times (without interfering with the normal operations and

trading of the Ship unless an Event of Default is continuing) to inspect it and given all proper

facilities needed for that purpose but always provided that the Agent and/or such surveyors or

other persons appointed by the Agent shall sign a waiver and/or hold harmless letter in such

form provided by the Borrower's insurers prior to boarding the Ship. Unless an Event of Default

is continuing, the Borrower shall only be required to cover the costs of one such inspection per

Ship in every calendar year.

**25.10Discharge of liabilities**

All debts, damages, liabilities and outgoings which have given, or may give, rise to maritime,

statutory or possessory liens on, or claims enforceable against, the Ship, its Earnings or

Insurances shall be promptly paid and discharged.

**25.11Release from arrest**

The Ship, its Earnings and Insurances shall be released from any arrest, detention, attachment

or levy, and any legal process against the Ship shall be discharged as soon as possible and in

any event not later than 30 Business Days thereafter (or such longer period as may be

approved), by whatever action is required to achieve that release or discharge.

**25.12Information about the Ship**

The Borrower shall give the Agent, within a reasonable time of its request, any additional

information which it may reasonably require about the Ship or its employment, position, use or

operation, including details of towages and salvages, and copies of all its charter commitments

entered into by or on behalf of any Obligor and copies of any applicable operating certificates.

**25.13Notification of certain events**

The Borrower shall give the Agent prompt notice of:

(a)any damage to the Ship where the cost of the resulting repairs may exceed the Major

Casualty Amount for the Ship;

(b)any occurrence which may result in the Ship becoming a Total Loss;

(c)any requisition of the Ship for hire;

(d)any material Environmental Incident involving the Ship and any material Environmental

Claim being made in relation to such an incident;

(e)any withdrawal or threat to withdraw any applicable operating certificate which is material

for the operation of the Ship and such operating certificate is not reinstated within 15 days;

(f)if requested by the Agent, a copy of any operating certificate required under any applicable

code;

(g)the receipt of notification that any application for such a certificate which is material for the

operation of the Ship has been refused and such operating certificate is not obtained within

15 days;

(h)any requirement or recommendation made in relation to the Ship by any insurer or the

Ship's Classification Society or by any competent authority which is not, or cannot be,

complied with in the manner or time required or recommended;

(i)any arrest, hijacking or detention of the Ship or any exercise or purported exercise of a lien

or other claim on the Ship or its Earnings or Insurances; and

(j)any Social Claim or Social Incident.

**25.14Payment of outgoings**

All tolls, dues and other outgoings whatsoever in respect of the Ship and its Earnings and

Insurances shall be paid promptly. Proper accounting records shall be kept of the Ship and its

Earnings.

**25.15Repairers' liens**

Except with approval, the Ship shall not be put into any other person's possession for work to be

done on the Ship if the cost of that work will exceed or is likely to exceed the Major Casualty

Amount for the Ship unless:

(a)that person gives the Security Agent a written undertaking in approved terms not to

exercise any lien on the Ship or its Earnings for any of the cost of such work; or

(b)it is demonstrated to the Agent's reasonable satisfaction that funds will be available to meet

the full cost of that work, whether from insurers or otherwise.

**25.16Lawful use**

The Ship shall not be employed:

(a)in any way or in any activity which is unlawful under international law or the domestic laws

of any relevant country;

(b)by or for the benefit of a Restricted Party;

(c)in any trade to or from a Sanctioned Country;

(d)in any trade which could expose the Ship, Obligor, Finance Party, Manager (provided that

such Manager is not a Group Member), the crew or the insurers to enforcement

proceedings or any other consequences whatsoever arising from Sanctions;

(e)in carrying illicit or prohibited goods;

(f)in a way which may make it liable to be condemned by a prize court or destroyed, seized or

confiscated; or

(g)if there are hostilities in any part of the world (whether war has been declared or not), in

carrying contraband goods,

and the persons responsible for the operation of the Ship shall take all necessary and proper

precautions to ensure that this does not happen, including participation in industry or other

voluntary schemes available to the Ship and in which leading operators of vessels operating

under the same flag or engaged in similar trades generally participate at the relevant time.

**25.17War zones**

Except with approval by all the Lenders the Ship shall not enter or remain in any zone which has

been declared a war zone by any government entity or the Ship's war risk insurers. If approval is

granted for it to do so, any requirements of the Agent and/or the Ship's insurers necessary to

ensure that the Ship remains properly insured in accordance with the Finance Documents

(including any requirement for the payment of extra insurance premiums) shall be complied with.

**26Insurance**

**26.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 26 shall be complied with in relation to

the Ship and its Insurances throughout the Ship's Mortgage Period. Where the Ship is subject to

a Bareboat Charter, all undertakings in this clause 26 given by the Borrower will be deemed to

also be given by the relevant Bareboat Charterer under such Bareboat Charter.

**26.2Insurance terms**

In this clause 26:

**excess risks** means the proportion (if any) of claims for general average, salvage and salvage

charges not recoverable under the hull and machinery insurances of a vessel in consequence of

the value at which the vessel is assessed for the purpose of such claims exceeding its insured

value.

**excess war risk P&I cover** means cover for claims only in excess of amounts recoverable

under the usual war risk cover including (but not limited to) hull and machinery, crew and

protection and indemnity risks.

**hull cover** means insurance cover against the risks identified in paragraph (a) of clause 26.3

*(Coverage required)*, including hull and machinery, hull interest and/or freight interest in such

percentages as approved by the Lenders.

**minimum hull cover** means in relation to the Ship, an amount equal at the relevant time to one

hundred and ten per cent. (110%) of the aggregate of (a) the Loan, (b) the Hedging Exposures

of all of the Hedging Providers at that time and (c) the Ancillary Outstandings.

**P&I risks** means the usual risks (including maximum liability for oil pollution, excess war risk

P&I cover) covered by a protection and indemnity association which is a member of the

International Group of protection and indemnity associations (or, if the International Group

ceases to exist, any other leading protection and indemnity association or other leading provider

of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any

collision liability not covered under the terms of the hull cover).

**26.3Coverage required**

The Ship (including its hull and machinery, hull interest, freight interest, disbursements and/or

increased value) shall at all times be insured at the Borrower's cost:

(a)against fire and usual marine risks (including excess risks) and war risks (including war

protection and indemnity risks (including crew and terrorism risks, piracy and confiscation

risks)) on an agreed value basis, for the higher of its minimum hull cover and its market

value (such calculation to include hull and machinery as well as hull interest and/or freight

interest in such percentages as approved by the Lenders);

(b)against P&I risks for the highest amount then available in the insurance market for vessels

of similar age, size and type as the Ship (but, in relation to liability for oil pollution, for an

amount of not less than $1,000,000,000);

(c)against such other risks and matters excluding loss of hire or Earnings which the Agent

(acting on the instructions of all the Lenders) notifies it that it considers reasonable for a

prudent shipowner or operator to insure against at the time of that notice; and

(d)on terms which comply with the other provisions of this clause 26.

**26.4Placing of cover**

The insurance coverage required by clause 26.3 *(Coverage required)* shall be:

(a)in the name of the Borrower and any Bareboat Charterer and (in the case of the Ship's hull

cover) no other person (other than the Security Agent (and any other Finance Party) if

required by the Majority Lenders) (unless such other person is approved and, if so required

by the Agent (acting on the instructions of the Majority Lenders), has duly executed and

delivered a first priority assignment of its interest in the Ship's Insurances to the Security

Agent (and any other Finance Party required by the Agent) in an approved form and

provided such supporting documents and opinions in relation to that assignment as the

Agent requires) provided, however, that where a Charterer (or any other charterer of the

Ship that is not a Group Member) is co-assured under any such insurance coverage, they

shall not be required to provide any such assignment of insurances but the Borrower shall,

and shall procure that any relevant Bareboat Charterer shall, use reasonable endeavours

to obtain a co-assured side letter from such Charterer in such form as is reasonably

acceptable to the Agent and agreed by the Borrower before the date of this Agreement;

(b)in euro or another approved currency;

(c)arranged through approved brokers or direct with approved insurers or protection and

indemnity or war risks associations, with the relevant approved underwriters or insurers

having in any event a minimum credit rating of BBB+ or higher by Standard & Poor's Rating

Group or Baa1 or higher by Moody's Investors Service (or equivalent ratings from AM Best

or Fitch Ratings);

(d)in full force and effect; and

(e)on approved terms which (other than in respect of protection and indemnity insurance)

shall be those contained in the latest version of the Nordic Marine Insurance Plan of 2013

full conditions (and, to the extent required by the Agent, incorporating the Institute War &

Strikes Clauses 1.11.1995) or the Institute Time Clauses Hulls 1983, and with approved

insurers or associations.

**26.5Mortgagee's insurance**

(a)The Borrower shall promptly reimburse to the Agent the cost (as conclusively certified by

the Agent) of taking out and keeping in force in respect of the Ship on approved terms, or in

considering or making claims under:

(i)a mortgagee's interest insurance and a mortgagee's additional perils (pollution

risks) cover for the benefit of the Finance Parties for a total amount of up to 120%

of the aggregate of (i) the Loan, (ii) the Hedging Exposure of all the Hedging

Providers at that time and (iii) the Ancillary Outstandings at that time, in each case

based on the figures provided pursuant to a Compliance Certificate or, as

applicable, pursuant to paragraph (b) below; and

(ii)any other insurance cover which the Agent (acting on the instructions of the

Majority Lenders) reasonably requires in respect of any Finance Party's interests

and potential liabilities (whether as mortgagee of the Ship or beneficiary of the

Security Documents).

(b)On the date falling 5 Business Days before (i) any insurance is taken out by the Agent

pursuant to paragraph (a) above and (ii) the expiry of any insurance taken out by the Agent

pursuant to paragraph (a) above, the Borrower shall provide the Agent with the same

information (as at the date the information is provided) as required pursuant to clause

21.17 (*Exposure reporting*), **provided that** the Agent has notified the Borrower of the date

pursuant to (i) and (ii) above no later than 15 Business Days prior to such date.

**26.6Fleet liens, set off and cancellations**

If the Ship's hull cover also insures other vessels, the Security Agent shall either be given an

undertaking in approved terms by the brokers or (if such cover is not placed through brokers or

the brokers do not, under any applicable laws or insurance terms, have such rights of set off and

cancellation) the relevant insurers that the brokers or (if relevant) the insurers will not:

(a)set off against any claims in respect of the Ship any premiums due in respect of any of

such other vessels insured; or

(b)cancel that cover because of non-payment of premiums in respect of such other vessels,

or the Borrower shall ensure that hull cover for the Ship is provided under a separate policy from

any other vessels.

**26.7Payment of premiums**

All premiums, calls, contributions or other sums payable in respect of the Insurances shall be

paid punctually and the Agent shall be provided with all relevant receipts or other evidence of

payment upon request.

**26.8Details of proposed renewal of Insurances**

At least 14 days before any of the Ship's Insurances are due to expire, the Agent shall be

notified of the names of the brokers, insurers and associations proposed to be used for the

renewal of such Insurances and the amounts, risks and terms in, against and on which the

Insurances are proposed to be renewed.

**26.9Instructions for renewal**

At least seven days before any of the Ship's Insurances are due to expire, instructions shall be

given to brokers, insurers and associations for them to be renewed or replaced on or before

their expiry.

**26.10Confirmation of renewal**

The Ship's Insurances shall be renewed upon their expiry in a manner and on terms which

comply with this clause 26 and confirmation of such renewal given by approved brokers or

insurers to the Agent at least two Business Days (or such shorter period as may be approved)

before such expiry.

**26.11P&I guarantees**

Any guarantee or undertaking required by any protection and indemnity or war risks association

in relation to the Ship shall be provided when required by the association.

**26.12Insurance documents**

The Agent shall be provided with pro forma copies of all insurance policies and other

documentation issued by brokers, insurers and associations in connection with the Ship's

Insurances as soon as they are available after they have been placed or renewed (but in any

event no later than 15 Business Days after such placement or renewal) and all insurance

policies and other documents relating to the Ship's Insurances shall be deposited with any

approved brokers or (if not deposited with approved brokers) the Agent or some other approved

person.

**26.13Letters of undertaking**

Unless otherwise approved where the Agent is satisfied that equivalent protection is afforded by

the terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking

provided by another person, on each placing or renewal of the Insurances, the Agent shall be

provided promptly with letters of undertaking in an approved form (having regard to general

insurance market practice and law at the time of issue of such letter of undertaking) from the

relevant brokers, insurers and associations.

**26.14Insurance Notices and Loss Payable Clauses**

The interest of the Security Agent or any other Finance Parties as assignees of the Insurances

shall be endorsed on all insurance policies and other documents by the incorporation of a Loss

Payable Clause and an Insurance Notice in respect of the Ship and its Insurances signed by the

Borrower and, unless otherwise approved, each other person assured under the relevant cover

(other than the Security Agent or any other Finance Party if it is itself an assured).

**26.15Insurance correspondence**

If so required by the Agent (acting on the instructions of the Majority Lenders), the Agent shall

promptly be provided with copies of all written communications between the assureds and

brokers, insurers and associations relating to any of the Ship's Insurances as soon as they are

available.

**26.16Qualifications and exclusions**

All requirements applicable to the Ship's Insurances shall be complied with and the Ship's

Insurances shall only be subject to approved exclusions or qualifications.

**26.17Independent report**

If the Agent (acting on the instructions of the Majority Lenders) requests from the Borrower a

detailed report from an approved independent firm of marine insurance brokers giving their

opinion on the compliance of the Ship's Insurances with the terms of this Agreement then the

Agent shall be provided promptly by the Borrower with such a report at no cost to the Agent or (if

the Agent obtains such a report itself, which it shall be entitled to do) the Borrower shall

reimburse the Agent for the cost of obtaining that report.

**26.18Collection of claims**

All documents and other information and all assistance required by the Agent to assist it and/or

the Security Agent in trying to collect or recover any claims under the Ship's Insurances shall be

provided promptly.

**26.19Employment of Ship**

The Ship shall only be employed or operated in conformity with the terms of the Ship's

Insurances (including any express or implied warranties) and not in any other way (unless the

insurers have consented and any additional requirements of the insurers have been satisfied).

**26.20Declarations and returns**

If any of the Ship's Insurances are on terms that require a declaration, certificate or other

document to be made or filed before the Ship sails to, or operates within, an area, those terms

shall be complied with within the time and in the manner required by those Insurances.

**26.21Application of recoveries**

All sums paid under the Ship's Insurances to anyone other than the Security Agent shall be

applied in repairing the damage and/or in discharging the liability in respect of which they have

been paid except to the extent that the repairs have already been paid for and/or the liability

already discharged.

**26.22Settlement of claims**

Any claim under the Ship's Insurances for a Total Loss or Major Casualty shall only be settled,

compromised or abandoned with prior approval.

**26.23Change in insurance requirements**

If the Agent (acting on the instructions of the Majority Lenders) gives notice to the Borrower to

change the terms and requirements of this clause 26 (which the Agent may only do, in such

manner as it considers appropriate, as a result in changes of circumstances or practice after the

Utilisation Date), this clause 26 shall be modified in the manner so notified by the Agent on the

date 14 days after such notice from the Agent is received, provided that such requested

modifications follow reasonably prevailing market terms at the time that such notice is given to

the Borrower by the Agent.

**27Minimum security value**

**27.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 27 will be complied with throughout any

Mortgage Period.

**27.2Valuation of assets**

For the purpose of the Finance Documents, the value at any time of the Ship obtained under

clause 4 *(Conditions of Utilisation)* or any other asset over which additional security is provided

under this clause 27 will be its value as most recently determined in accordance with this clause

27. **27.3Valuation frequency**

Valuation of the Ship (and such other asset granted as security in accordance with this clause

27) shall be made:

(a)at the time required in clause 4.2 (*Conditions precedent before Utilisation*) and Schedule 3

(*Conditions precedent*);

(b)within 30 days of the end of each Financial Year; and

(c)at any other time and frequency as may be requested by the Majority Lenders.

**27.4Expenses of valuation**

The Borrower shall bear, and reimburse to the Agent where incurred by the Agent, all costs and

expenses of providing such a valuation except that if no Event of Default is continuing, the cost

of valuations obtained pursuant to paragraph (c) of clause 27.3 (*Valuation frequency*) shall be

borne by the Borrower not more than once every calendar year.

**27.5Valuations procedure**

The value of the Ship shall be determined in accordance with, and by valuers approved and

appointed in accordance with, this clause 27. Additional security provided under this clause 27

shall be valued in such a way, on such a basis and by such persons (including the Agent itself)

as may be approved by the Majority Lenders or as may be agreed in writing by the Borrower

and the Agent (on the instructions of the Majority Lenders).

**27.6Currency of valuation**

Valuations shall be provided by valuers in euro or, if a valuer is of the view that the relevant type

of vessel is generally bought and sold in another currency, in that other currency. If a valuation is

provided in another currency, for the purposes of this Agreement it shall be converted into euro

at the Agent's spot rate of exchange for the purchase of euro with that other currency as at the

date to which the valuation relates.

**27.7Basis of valuation**

Each valuation will be addressed to the Agent in its capacity as such (or to the Borrower or the

Obligors' Agent provided that such valuation is accompanied by full reliance and disclosure

language in favour of the Finance Parties), will not be more than 30 days old (or 60 days old in

relation to the valuations provided pursuant to paragraph 10 of Part 2 (*Conditions precedent* 

*before Utilisation*) of Schedule 3 (*Conditions precedent*)) and will be made:

(a)without physical inspection (unless required by the Agent);

(b)on the basis of a sale for prompt delivery for a price payable in full in cash on delivery at

arm's length on normal commercial terms between a willing buyer and a willing seller; and

(c)without taking into account the benefit or detriment of any charter commitment.

**27.8Information required for valuation**

The Borrower shall promptly provide to the Agent and any such valuer any information which

they reasonably require for the purposes of providing such a valuation.

**27.9Approval of valuers**

All valuers must have been approved. The Agent may from time to time notify the Borrower of

approval of one or more independent ship brokers as valuers for the purposes of this clause 27.

The Agent shall respond promptly to any request by the Borrower for approval of a broker

nominated by the Borrower. The Agent may at any time by notice to the Borrower withdraw any

previous approval of a valuer for the purposes of future valuations. That valuer may not then be

appointed to provide valuations unless it is once more approved. If the Agent has not approved

at least three brokers as valuers at a time when a valuation is required under this clause 27, the

Agent shall promptly notify the Borrower of the names of at least three valuers which are

approved. On the date of this Agreement the approved valuers are Clarksons, Fearnleys,

Braemar and Pareto.

**27.10Appointment of valuers**

When a valuation is required for the purposes of this clause 27, the Borrower shall appoint

approved valuers to provide such a valuation. If the Borrower fails to appoint valuers, the Agent

may appoint approved valuers to provide that valuation.

**27.11Number of valuers**

(a)Each valuation must be carried out by two approved valuers of whom one shall be

nominated by the Agent and the other by the Borrower. If the Borrower fails promptly to

nominate a second valuer then the Agent may nominate the second valuer. Clause 27.12

(*Differences in valuations*) shall apply.

(b)If two valuers provide valuations and their valuations of the Ship vary by more than 10%

(by reference to the lower of the two valuations), then the value of the Ship shall be

determined by reference to those two valuations and a third valuation provided by a third

approved valuer nominated by the Agent. Clause 27.12 (*Differences in valuations*) shall

apply.

**27.12Differences in valuations**

(a)If valuations of the Ship provided by individual valuers differ, the value of the Ship for the

purposes of the Finance Documents will be the mean average of those valuations.

(b)If any approved valuer provides a range of values for the Ship, the value of the Ship for the

purposes of the Finance Documents will be the mean average of the values comprising

such range.

**27.13Security shortfall**

(a)If at any time the Security Value is less than the Minimum Value, the Agent may, and shall,

if so directed by the Majority Lenders, by notice to the Borrower require that such

deficiency be remedied. The Borrower shall then within 30 Business Days of receipt of

such notice ensure that the Security Value equals or exceeds the Minimum Value. For this

purpose, the Borrower may:

(i)provide additional security over assets reasonably approved by all the Lenders and

in accordance with this clause 27 (including in the form of charged and/or pledged

euro cash deposits which are hereby approved by all the Lenders); and/or

(ii)prepay a part of the Loan under clause 8.4 *(Voluntary prepayment)*.

(b)Any prepayment made under paragraph (a) above shall be applied in reduction of each

Lender's Commitment pro rata and any corresponding cancellation of the Commitments

shall be applied against the Commitments relating to the Loan pro rata.

**27.14Creation of additional security**

The value of any additional security which the Borrower offers to provide to remedy all or part of

a shortfall in the amount of the Security Value will only be taken into account for the purposes of

determining the Security Value if and when:

(a)that additional security, its value and the method of its valuation have been approved by the

Majority Lenders;

(b)a Security Interest over that security has been constituted in favour of the Security Agent or

(if appropriate) the Finance Parties in a form and manner approved by all the Lenders;

(c)this Agreement has been unconditionally amended in such manner as the Agent requires in

consequence of that additional security being provided; and

(d)the Agent, or its duly authorised representative, has received such documents and

evidence it may require in relation to that amendment and additional security including

documents and evidence of the type referred to in Schedule 3 *(Conditions precedent)* in

relation to that amendment and additional security and its execution and (if applicable)

registration.

**27.15Release of additional security**

If at any time the Security Agent or any other Finance Parties hold additional security provided

under this clause 27 and the Security Value, disregarding the value of that additional security,

exceeds the Minimum Value and the Security Value has been determined by reference to

valuations provided no more than 60 days previously, the Borrower may, by notice to the Agent,

require the release and discharge of that additional security. The Agent shall then direct the

Security Agent to promptly release and discharge that additional security if no Default is then

continuing or will result from such release and discharge and, upon such release and discharge

and, if so required by the Agent, the Borrower shall reimburse to the Agent any costs and

expenses payable under clause 18 *(Transaction expenses)* in relation to that release and

discharge.

**28Chartering undertakings**

**28.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 28 will be complied with in relation to

the Ship which is subject to a Bareboat Charter and/or a Charter throughout the Ship's Mortgage

Period. Where the Ship is subject to a Bareboat Charter, all undertakings in this clause 28 given

by the Borrower will be deemed to also be given by the relevant Bareboat Charterer under such

Bareboat Charter.

**28.2Variations**

Except with approval and except in connection with the immediate replacement of the Bareboat

Charter with another Bareboat Charter entered into in accordance with the terms of clause 24.8

(Chartering), no terms of any Bareboat Charter for the Ship shall be varied, amended or

modified in any way or manner which would result in a breach of the provisions of clause 24.8

(Chartering).

**28.3Releases and waivers**

Except with approval and except in connection with the immediate replacement of a Bareboat

Charter with another Bareboat Charter entered into in accordance with the terms of clause 24.8

(Chartering), there shall be no release by the Borrower or Bareboat Charterer of any obligation

of any other person under a Bareboat Charter (including by way of novation, assignment or

transfer), no waiver of any breach of any such obligation and no consent to anything which

would otherwise be such a breach, which would result in a breach of clause 24.8 (Chartering).

**28.4Charter performance**

Each relevant Bareboat Charterer and the Borrower shall perform its obligations under each

Bareboat Charter for the Ship to which it is a party and use its best endeavours to ensure that

each other party to them performs their obligations under such documents.

**28.5Payment of Charter Earnings**

All Earnings which the Borrower is entitled to receive under any Charter Documents or Bareboat

Charter for the Ship shall be paid into the Earnings Account of the Borrower of the Ship or,

following an Event of Default, in the manner required by the Security Documents.

**28.6Minimum Bareboat Charter Hire**

In the event that, due to applicable transfer pricing regulations, the Minimum Bareboat Charter

Hire in respect of a Bareboat Charter of the Ship is insufficient to satisfy paragraphs (a), (b) and

(c) in the definition of Minimum Bareboat Charter Hire, Guarantor A (up to the Share Exchange

Completion) or UK ListCo (on and from the Share Exchange Completion) shall be required, on

or before each date for the payment of hire under such Bareboat Charter, to pay by way of

capital injection or similar payment an additional amount to the Borrower so that the total

amount received by the Borrower is no less than the amount they would have received had the

relevant transfer pricing regulations not applied.

**28.7Quiet enjoyment**

Upon the Borrower or, as applicable, Bareboat Charterer, delivering any Quiet Enjoyment

Agreement for the Ship to the Security Agent duly executed by the other parties to it, the

Finance Parties agree that the Security Agent will as soon as reasonably practicable thereafter

duly execute and enter into such Quiet Enjoyment Agreement and return it to the Borrower or,

as applicable, Bareboat Charterer.

**29Bank accounts**

**29.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 29 will be complied from the date of the

Utilisation Request and throughout the Facility Period thereafter.

**29.2Earnings Account**

(a)The Borrower shall be the holder of one or more Accounts with an Account Bank

denominated in euro which is designated as an "Earnings Account" for the purposes of the

Finance Documents.

(b)The Borrower's Earnings of the Ship (including Earnings payable to the Borrower under a

Bareboat Charter of the Ship) and all moneys payable to the Borrower under the Ship's

Insurances and any net amount payable to the Borrower under any Hedging Contract shall

be paid by the persons from whom they are due to the Borrower's Earnings Account,

unless required to be paid to the Security Agent under the Finance Documents.

(c)The relevant Account Holder(s) may withdraw amounts standing to the credit of an

Earnings Account for any purpose which is not prohibited under this Agreement, except if

an Event of Default is continuing.

**29.3Other provisions**

(a)An Account may only be designated for the purposes described in this clause 29 if:

(i)such designation is made in writing by the Agent and acknowledged by the

Borrower and specifies the name and address of the Account Bank and the

Account Holder(s) and the number and any designation or other reference

attributed to the Account;

(ii)an Account Security has been duly executed and delivered by the relevant Account

Holder(s) in favour of the Security Agent (and any other Finance Party required by

the Agent);

(iii)any notice required by the Account Security to be given to an Account Bank has

been given to, and acknowledged by, the Account Bank in the form required by the

relevant Account Security; and

(iv)the Agent, or its duly authorised representative, has received such documents and

evidence it may require in relation to the Account and the Account Security,

including documents and evidence of the type referred to in Schedule 3 *(Conditions* 

*precedent)* in relation to the Account and the relevant Account Security.

(b)The rates of payment of interest and other terms regulating any Account will be a matter of

separate agreement between the relevant Account Holder(s) and an Account Bank.

(c)The relevant Account Holder(s) shall not close any Account or alter the terms of any

Account from those in force at the time it is designated for the purposes of this clause 29 or

waive any of its rights in relation to an Account except with approval of all the Lenders.

(d)The relevant Account Holder(s) shall deposit with the Security Agent all certificates of

deposit, receipts or other instruments or securities relating to any Account, notify the

Security Agent of any claim or notice relating to an Account from any other party and

provide the Security Agent with any other information it may request concerning any

Account.

(e)Each of the Agent and the Security Agent agrees that if it is an Account Bank in respect of

an Account then there will be no restrictions on creating a Security Interest over that

Account as contemplated by this Agreement and it shall not (except with the approval of the

Majority Lenders) exercise any right of combination, consolidation or set-off which it may

have in respect of that Account in a manner adverse to the rights of the other Finance

Parties.

**30Business restrictions**

**30.1Undertaking to comply**

Except as otherwise approved by the Majority Lenders, each Obligor who is a Party undertakes

that this clause 30 will be complied with throughout the Facility Period by and in respect of each

person to which each relevant provision of this clause is expressed to apply.

**30.2General negative pledge**

(a)In this clause 30.2, **Quasi-Security** means an arrangement or transaction described in

paragraph (c) below.

(b)The Borrower shall not create or permit to subsist any Security Interest over any of its

assets.

(c)(Without prejudice to any other provision of this clause 30), the Borrower shall not:

(i)sell, transfer or otherwise dispose of any of its assets on terms whereby they are or

may be leased to, or re-acquired by, an Obligor or any other Group Member other

than pursuant to disposals permitted under clause 30.11 (*Disposals*);

(ii)sell, transfer, factor or otherwise dispose of any of its receivables on recourse

terms;

(iii)enter into any arrangement under which money or the benefit of a bank or other

account may be applied, set-off or made subject to a combination of accounts; or

(iv)enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or transaction is entered into primarily as a

method of raising Financial Indebtedness or of financing the acquisition of an asset.

(d)Paragraphs (b) and (c) above do not apply to any Security Interest or (as the case may be)

Quasi-Security, listed below:

(i)those granted or expressed to be granted by any of the Security Documents;

(ii)in relation to the Ship, Permitted Maritime Liens;

(iii)any lien (other than maritime liens) arising by operation of law and in the ordinary

course of business and not as a result of any default or omission by the Borrower;

(iv)any payment or close out netting or set-off arrangement or any security

arrangement pursuant to any Hedging Contracts or foreign exchange transaction

entered into by the Borrower;

(v)rights of netting or set-off over credit balances on bank accounts but only to the

extent related to bank fees on the relevant bank accounts;

(vi)in relation to Taxes not overdue, or, in the case of income and property taxes and

assessments, which are being contested in good faith with due diligence and where

the Borrower or the Group as a whole has adequate cash reserves in excess of

such contested sums; or

(vii)at any time up to Utilisation, those granted under the Existing Facilities Agreement.

**30.3Financial Indebtedness**

The Borrower shall not incur or permit to exist, any Financial Indebtedness owed by it to anyone

else except:

(a)Financial Indebtedness incurred under the Finance Documents and Hedging Contracts for

Hedging Transactions entered into pursuant to clause 31.2 *(Hedging)*;

(b)indebtedness owing to its trade creditors in the normal course of its business;

(c)Financial Indebtedness owed to another Group Member on an unsecured and

subordinated basis subject to a Subordination Deed previously entered into in respect of

the same and then only provided that no Event of Default has occurred and is continuing at

the time it is incurred and in any event on terms otherwise approved by the Majority

Lenders;

(d)Financial Indebtedness permitted under clause 30.4 *(Guarantees)*;

(e)Financial Indebtedness permitted under clause 30.5 *(Loans and credit)*; and

(f)at any time up to Utilisation, the Existing Indebtedness,

**provided that** any cash pooling arrangements on a Group wide basis for cash management

purposes of the Group shall not constitute Financial Indebtedness for the purposes of clause

30.3. 110

**30.4Guarantees**

The Borrower shall not give or permit to exist, any guarantee by it in respect of indebtedness of

any person or allow any of its indebtedness to be guaranteed by anyone else except:

(a)guarantees of obligations of another Group Member that are not Financial Indebtedness or

obligations prohibited by any Finance Document;

(b)guarantees in favour of its own trade creditors for indebtedness owing to its trade creditors

and given in the ordinary course of its business;

(c)guarantees which are Financial Indebtedness permitted under clause 30.3 *(Financial* 

*Indebtedness)*;

(d)guarantees or indemnities from time to time required by any protection and indemnity or

war risks association with which the Ship is entered; and

(e)any performance or similar guarantee issued by the Borrower or any counter guarantee

issued by the Borrower in respect of any guarantee issued by any other person, in each

case in relation to the Ship required in the ordinary course of business and operation of the

Ship in support of a Charter or any other charter commitment for the Ship, up to an

aggregate amount of 10% of the market value for the Ship (in euro equivalent terms) for all

such guarantees under this paragraph (e).

**30.5Loans and credit**

No Obligor shall be a creditor in respect of Financial Indebtedness other than in respect of:

(a)loans or credit to another Group Member permitted under clause 30.3 (*Financial* 

*Indebtedness*) or clause 30.4 *(Guarantees)* or loans or credit to any Group Member that is

not an Obligor;

(b)Financial Indebtedness owing to it by another Obligor on an unsecured and, in the case of

Financial Indebtedness owing to it by the Borrower, subordinated basis subject to a

Subordination Deed, previously entered into in respect of the same and then only provided

that no Event of Default has occurred and is continuing at the time it is incurred and in any

event on terms otherwise approved by the Majority Lenders;

(c)trade credit granted by it to its customers on normal commercial terms in the ordinary

course of its trading activities; and

(d)loans to other Group Members arising under any cash pooling arrangements on a Group

wide basis for cash management purposes of the Group.

**30.6Bank accounts, operating leases and other financial transactions**

The Borrower shall not:

(a)maintain any current or deposit account with a bank or financial institution except for the

Accounts and the deposit of money, operation of current accounts and the conduct of

electronic banking operations with the Account Bank and through the Accounts; or

(b)hold cash in any account (other than with the Account Bank and other than the Accounts)

over or in respect of which any set-off, combination of accounts, netting or Security Interest

exists except as permitted by clause 30.2 *(General negative pledge)*.

**30.7Subsidiaries**

The Borrower shall not establish or acquire a company or other entity which would be or

become a Group Member or reactivate any dormant Group Member.

**30.8Acquisitions and investments**

The Borrower shall not acquire any person, business, assets or liabilities or make any

investment in any person or business or undertaking or enter into any joint-venture arrangement

except:

(a)any acquisition pursuant to a disposal permitted under clause 30.11 *(Disposals)*;

(b)acquisitions of assets in the ordinary course of business (not being new businesses or

vessels);

(c)the incurrence of liabilities in the ordinary course of its business; or

(d)any loan or credit not otherwise prohibited under this Agreement.

**30.9Reduction of capital**

The Borrower shall not redeem or purchase or otherwise reduce any of its equity or any other

share capital or any warrants or any uncalled or unpaid liability in respect of any of them or

reduce the amount (if any) for the time being standing to the credit of its share premium account

or capital redemption or other undistributable reserve in any manner.

**30.10Increase in capital**

The Borrower shall not issue shares and/or voting shares or other equity interests to anyone

who is not Guarantor B or any Approved Shareholder of the Borrower, in each case, subject to

the same not constituting a Change of Control and provided always that any such issuance of

shares and/or voting shares or other equity interests will not change the proportion of the shares

or other equity interests held by each relevant party as permitted under the terms of this

Agreement.

**30.11Disposals**

The Borrower shall not enter into a single transaction or a series of transactions, whether related

or not and whether voluntarily or involuntarily, to sell, lease, transfer or otherwise dispose of any

asset except for any of the following disposals (so long as they are not prohibited by any other

provision of the Finance Documents):

(a)disposals of assets made in (and on terms reflecting) the ordinary course of trading of the

disposing entity;

(b)disposals of obsolete assets, or assets which are no longer required for the purpose of the

business of the Borrower, in each case for cash on normal commercial terms and on an

arm's length basis;

(c)disposals permitted by clause 24.3 (*Sale or other disposal of the Ship*), clause 30.2

*(General negative pledge)* or clause 30.3 *(Financial Indebtedness)*;

(d)dealings with its own trade creditors with respect to book debts in the ordinary course of

trading; and

(e)the application of cash or cash equivalents in the acquisition of assets or services in the

ordinary course of its business.

**30.12Contracts and arrangements with Affiliates**

No Obligor shall be party to any arrangement or contract with any of its Affiliates unless such

arrangement or contract is on an arm's length basis.

**30.13Distributions and other payments by Group**

Neither Guarantor A (until the Share Exchange Completion) nor UK ListCo (on and from the

Share Exchange Completion) shall:

(a)declare or pay (including by way of set-off, combination of accounts or otherwise) any

dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee

or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any

class of its share capital) or any warrants for the time being in issue;

(b)repay or distribute any dividend or share premium reserve; or

(c)redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so,

except (1) if no Event of Default is continuing at the time of the declaration, payment or making

of any such dividend, distribution or other payment, nor would result from doing so and, (2) if:

(i)it constitutes (A) a Permitted Distribution or (B) distributions granted to employees

or officers of Guarantor A or UK ListCo (as applicable) in respect of any share

incentive plan or as salaries, bonus payments or any other payments relating to

their employment with the Group; and

(ii)the ratio of (A) Net Interest Bearing Debt to (B) EBITDA in respect of a

Measurement Period that is a Financial Year, as certified in the then latest

Compliance Certificate delivered to the Agent pursuant to the provisions of this

Agreement, was lower than 2.75:1.00.

**31Hedging Contracts**

**31.1Undertaking to comply**

Each Obligor who is a Party undertakes that this clause 31 will be complied with throughout the

Facility Period.

**31.2Hedging**

(a)If, at any time during the Facility Period, the Borrower wishes to enter into any Treasury

Transaction so as to hedge all or any part of their exposure under this Agreement to

interest rate and/or currency exchange rate fluctuations, they shall notify the Agent in

writing.

(b)Any such Treasury Transaction shall be concluded by the Borrower only, with one or more

of the Hedging Providers on the terms of a Hedging Master Agreement but (except with the

approval of the Majority Lenders) no such Treasury Transaction shall be concluded unless:

(i) (A)each of the Hedging Master Agreements has been executed by the Borrower

and each Hedging Provider;

(B)the Borrower has executed the Hedging Contract Security; and

(C)any notice required to be given to each Hedging Provider under the Hedging

Contract Security has been given to it and acknowledged by it in the manner

required by the Hedging Contract Security and all documents and evidence

of the type required under Schedule 3 (*Conditions precedent*) in respect of

the documents relevant to this paragraph (i) have been delivered to the

Agent in form and substance satisfactory to the Agent;

(ii)its purpose is to hedge the Borrower's interest rate risk and/or currency exchange

rate risk in relation to the Loan for a period expiring no later than the relevant Final

Repayment Date; and

(iii)its notional principal amount, when aggregated with the notional principal amount of

any other continuing Hedging Contracts for the Loan, does not and will not exceed

the Loan as then scheduled to be repaid pursuant to clause 7.2 (*Scheduled* 

*repayment of Facility*).

(c)The Hedging Providers shall have the right of first refusal to enter into Treasury

Transactions under a Hedging Master Agreement which any Group Member (other than the

Borrower) is considering to enter into such Treasury Transactions for the purpose of

hedging on competitive terms the Borrower's and the Group's exposure to interest rate

and/or currency exchange rate fluctuations under this Agreement.

(d)Other than Hedging Transactions which meet the requirements of paragraphs (a) to (b)

above, the Borrower shall not enter into Treasury Transactions, except with approval.

(e)The Borrower shall, promptly upon entry into of any Confirmation under a Hedging

Contract, deliver to the Agent an original or certified copy of such Confirmation.

**31.3Unwinding of Hedging Contracts**

If at any time, and whether as a result of any prepayment (in whole or in part) of the Loan or any

cancellation (in whole or in part) of any Commitment or otherwise, the aggregate notional

principal amount under all Hedging Transactions entered into by the Borrower exceeds or will

exceed the amount of the Loan outstanding at that time after such prepayment or cancellation,

then (unless otherwise approved by the Majority Lenders) the Borrower shall immediately close

out and terminate sufficient Hedging Transactions (pro rata across the relevant Hedging Master

Agreements entered into between the Borrower and each Hedging Provider) as are necessary

to ensure that the aggregate notional principal amount under the remaining continuing Hedging

Transactions equals, and will in the future be equal to, the amount of the Loan at that time and

as scheduled to be repaid from time to time thereafter pursuant to clause 7.2 *(Scheduled* 

*repayment of Facility)*.

**31.4Assignment of Hedging Contracts by Borrower**

Except as approved by all the Lenders or by the Hedging Contract Security, the Borrower shall

not assign or otherwise dispose of its rights under any Hedging Contract.

**31.5Information concerning Hedging Contracts**

The Borrower shall provide the Agent with any information it may request concerning any

Hedging Contract, including all reasonable information, accounts and records that may be

necessary or of assistance to enable the Agent to verify the amounts of all payments and any

other amounts payable under the Hedging Contracts.

**32Events of Default**

Each of the events or circumstances set out in this clause 32 (except clause 32.20

(Acceleration)) is an Event of Default.

**32.1Non-payment**

An Obligor does not pay on the due date any amount payable pursuant to a Finance Document

at the place at and in the currency in which it is expressed to be payable unless:

(a)its failure to pay is caused by administrative or technical error or by a Disruption Event; and

(b)payment is made in full within 5 Business Days of its due date.

**32.2Hedging Contracts**

An Event of Default or Potential Event of Default in respect of the Borrower (in each case as

defined in any Hedging Master Agreement) has occurred and is continuing under any Hedging

Contract.

**32.3Financial covenants; Sanctions**

(a)The Obligors do not comply with clause 22 *(Financial covenants*) or clause 27.13 *(Security* 

*shortfall)*.

(b)The Obligors do not comply with clause 23.13 (*Sanctions*) or any of paragraphs (b), (c) or

(d) of clause 25.16 (*Lawful use*).

**32.4Insurance**

(a)The Insurances of the Ship are not placed and kept in force in the manner required by

clause 26 *(Insurance)*.

(b)Any insurer either:

(i)cancels any such Insurances; or

(ii)disclaims liability under them or asserts that its liability under them is or should be

reduced by reason of any mis-statement or failure or default by any person,

(iii)unless such Insurances have been replaced (on terms compliant with the

requirements of clause 26 *(Insurance*)) by the Borrower or the Obligors' Agent with effect

from the date of occurrence of the relevant circumstances under paragraphs (i) or (ii)

above as applicable.

**32.5Other obligations**

(a)An Obligor or Manager does not comply with any provision of the Finance Documents

(other than those referred to in clause 32.1 *(Non-payment)*, clause 32.2 *(Hedging* 

*Contracts)*, clause 32.3 *(Financial covenants; Sanctions)*, clause 32.4 *(Insurance)* or any

other provision of this clause 32).

(b)No Event of Default under paragraph (a) above will occur if the Agent considers that the

failure to comply is capable of remedy and the failure is remedied within fifteen (15)

Business Days of the earlier of (A) the Agent giving notice to the Borrower and (B) the

Borrower or any other Obligor or Manager becoming aware of the failure to comply.

(c)No Event of Default will occur under this clause 32.5 by reason only of an Obligor's failure

to comply with a Green Loan Provision.

**32.6Misrepresentation**

(a)Any representation or statement made or deemed to be made by an Obligor or Manager in

the Finance Documents or any other document delivered by or on behalf of any Obligor

under or in connection with any Finance Document is or proves to have been incorrect or

misleading in any material respect when made or deemed to be made, unless (in the case

of any misrepresentation other than one under clauses 20.23 (*Security and Financial* 

*Indebtedness*) or 20.32 (*Sanctions*)) the circumstances giving rise to the misrepresentation

are capable of remedy and are remedied within 5 Business Days of the Agent giving notice

to the Obligors to do so.

(b)Any representation or statement made or deemed to be made by an Obligor under clause

20.23 (*Security and Financial Indebtedness*) is or proves to have been incorrect or

misleading in any material respect when made or when deemed to be made, unless the

Agent considers that the circumstances giving rise to the misrepresentation are capable of

remedy and are so remedied within fifteen (15) Business Days of the earlier of (A) the

Agent giving notice to the Borrower and (B) the Borrower or any other Obligor becoming

aware of the misrepresentation.

(c)No Event of Default will occur under this Clause 32.6 to the extent that the representation

or statement is included in any Green Loan Provisions and concerns, or the document

consists of, Green Loan Information.

**32.7Cross default**

(a)Any Financial Indebtedness of any Obligor is not paid when due nor within any originally

applicable grace period.

(b)Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and

payable prior to its specified maturity as a result of an event of default (however described).

(c)Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended

by a creditor of any Obligor as a result of an event of default (however described).

(d)The counterparty to a Treasury Transaction entered into by any Obligor becomes entitled to

terminate that Treasury Transaction early by reason of an event of default (however

described).

(e)Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of that

Obligor due and payable prior to its specified maturity as a result of an event of default

(however described).

(f)No Event of Default will occur under paragraphs (a) to (e) above if the aggregate amount of

Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs

(a) to (e) above is less than €10,000,000 (or its equivalent in any other currency or

currencies).

**32.8Insolvency**

(a)An Obligor:

(i)is unable or admits inability to pay its debts as they fall due;

(ii)is deemed to, or is declared to, be unable to pay its debts under applicable law;

(iii)suspends or threatens to suspend making payments on any of its debts; or

(iv)by reason of actual or anticipated financial difficulties, commences negotiations

with one or more of its creditors (excluding any Finance Party in its capacity as

such) with a view to rescheduling any of its indebtedness.

(b)The value of the assets of any Obligor is less than its liabilities (taking into account

contingent and prospective liabilities).

(c)A moratorium is declared in respect of any indebtedness of any Obligor. If a moratorium

occurs, the ending of the moratorium will not remedy any Event of Default caused by that

moratorium.

**32.9Insolvency proceedings**

(a)Any corporate action, legal proceedings or other procedure or step is taken in relation to:

(i)the suspension of payments, a moratorium of any indebtedness, winding-up,

dissolution, administration or reorganisation (by way of voluntary arrangement,

scheme of arrangement or otherwise) of any Obligor;

(ii)a composition, compromise, assignment or arrangement with any creditor of any

Obligor;

(iii)the appointment of a liquidator, receiver, administrative receiver, administrator,

compulsory manager or other similar officer in respect of any Obligor or any of its

assets (including the directors of any Obligor requesting a person to appoint any

such officer in relation to it or any of its assets); or

(iv)enforcement of any Security Interest over any assets of any Obligor,

or any analogous procedure or step is taken in any jurisdiction.

(b)Paragraph (a) above shall not apply to any winding-up petition (or analogous procedure or

step) which is frivolous or vexatious and is discharged, stayed or dismissed within thirty

(30) days of commencement or, if earlier, the date on which it is advertised.

**32.10Creditors' process**

(a)Any expropriation, attachment, sequestration, distress, execution or any other analogous

process or enforcement action (including enforcement by a landlord) affects any asset or

assets of any Obligor for an amount in excess of €10,000,000 (or its equivalent in any other

currency or currencies) and is not discharged within thirty (30) days.

(b)Any judgment or order for an amount in excess of €10,000,000 (or its equivalent in any

other currency or currencies) is made against any Obligor and is not stayed or complied

with within thirty (30) days.

**32.11Unlawfulness and invalidity**

(a)It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance

Documents or any Transaction Security ceases to be effective.

(b)Any obligation or obligations of any Obligor under any Finance Documents are not (subject

to the Legal Reservations) or cease to be legal, valid, binding or enforceable and the

cessation individually or cumulatively materially and adversely affects the interests of the

Lenders under the Finance Documents.

(c)Any Finance Document or any Transaction Security ceases to be in full force and effect or

ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it

(other than a Finance Party) to be ineffective for any reason.

(d)Any Security Document does not create legal, valid, binding and enforceable security over

the assets charged under that Security Document or the ranking or priority of such security

is adversely affected.

**32.12Cessation of business**

Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or

a material part of its business except in the case of the Borrower as a result of the sale or Total

Loss of the Ship and **provided that** the terms of clause 8.8 (Sale or Total Loss) have been

complied with.

**32.13Expropriation**

The authority or ability of any Obligor to conduct its business is limited or wholly or substantially

curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by

or on behalf of any governmental, regulatory or other authority or other person in relation to any

Obligor or any of its assets.

**32.14Repudiation and rescission of Finance Documents**

An Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance

Document or any of the Transaction Security or evidences an intention to rescind or repudiate a

Finance Document or any Transaction Security.

**32.15Litigation**

Either:

(a)any litigation, alternative dispute resolution, arbitration or administrative, governmental,

regulatory or other investigations, proceedings or disputes are commenced or threatened;

or

(b)any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction

of any governmental or other regulatory body is made,

in relation to any Transaction Document or the transactions contemplated in the any Transaction

Document or against any Obligor or any of its assets, rights or revenues which is reasonably

likely to have a Material Adverse Effect.

**32.16Material Adverse Effect**

Any event or circumstance (including any Environmental Incident or any change of law) occurs

which has, or is reasonably likely to have, a Material Adverse Effect.

**32.17Arrest of Ship**

The Ship is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in

exercise or purported exercise of any possessory lien or other claim and the Borrower fails to

procure the release of the Ship within a period of 30 Business Days thereafter (or such longer

period as may be approved) unless within such 30 Business Day Period the Borrower prepays

the Loan in full and pays interest thereon together with all other amounts owing to the Finance

Parties under the Finance Documents together with such prepayment.

**32.18Ship registration**

Except with approval by the Majority Lenders, the registration of the Ship under the laws and

flag of its Flag State is cancelled or terminated or, where applicable, not renewed or, if the Ship

is only provisionally registered on the date of its Mortgage, the Ship is not permanently

registered under such laws within 90 days of such date.

**32.19Political risk**

(a)Either (1) the Flag State of the Ship or any Relevant Jurisdiction of an Obligor becomes

involved in hostilities or civil war or (2) there is a seizure of power in the Flag State or any

such Relevant Jurisdiction by unconstitutional means and such event or circumstance, has

or is reasonably likely to have, a Material Adverse Effect.

(b)No Event of Default under paragraph (a) above will occur if:

(i)in the opinion of the Agent it is practicable for action to be taken by the Borrower to

prevent the relevant event or circumstance having a Material Adverse Effect; and

(ii)the Borrower takes such action to the Agent's satisfaction within 14 days of notice

from the Agent (specifying the relevant action to be taken) to do so.

**32.20Acceleration**

On and at any time after the occurrence of an Event of Default which is continuing the Agent

may, and shall if so directed by the Majority Lenders:

(a)by notice to the Borrower:

(i)declare that no withdrawals be made from any Account; and/or

(ii)cancel the Available Commitments of all the Lenders and/ or each Ancillary

Commitment at which time they shall immediately be cancelled, and/or they shall

immediately cease to be available for further utilisation; and/or

(iii)declare that all or part of the Loan, together with accrued interest, and all other

amounts accrued or outstanding under the Finance Documents be immediately due

and payable, at which time they shall become immediately due and payable; and/or

(iv)declare that all or part of the Loan be payable on demand, at which time they shall

immediately become payable on demand by the Agent on the instructions of the

Majority Lenders; and/or

(v)declare all or any part of the amounts (or cash cover in relation to those amounts)

outstanding under the Ancillary Facilities to be immediately due and payable, at

which time they shall become immediately due and payable; and/or

(vi)declare that all or any part of the amounts (or cash cover in relation to those

amounts) outstanding under the Ancillary Facilities be payable on demand, at

which time they shall immediately become payable on demand by the Agent on the

instructions of the Majority Lenders; and/or

(b)exercise or direct the Security Agent and/or any other beneficiary of the Security

Documents to exercise any or all of its rights, remedies, powers or discretions under the

Finance Documents.

**33Position of Hedging Providers**

**33.1Rights of Hedging Providers**

(a)Each Hedging Provider is a Finance Party and, as such, will be entitled to share in the

Transaction Security in respect of any liabilities of the Borrower under the Hedging

Contracts with such Hedging Provider in the manner and to the extent contemplated by the

Finance Documents.

(b)The Original Hedging Providers shall have the right of first refusal on any future Hedging

Contracts in relation to the Ship or the Facility.

**33.2Voting rights**

No Hedging Provider shall be entitled to vote on any matter where a decision of the Lenders

alone is required under this Agreement, whether before or after the termination or close out of

the Hedging Contracts with such Hedging Provider, **provided that** each Hedging Provider shall

be entitled to vote on any matter where a decision of all the Finance Parties is expressly

required.

**33.3Acceleration and enforcement of security**

Neither the Agent nor the Security Agent or any other beneficiary of the Security Documents

shall be obliged, in connection with any action taken or proposed to be taken under or pursuant

to clause 32 *(Events of Default)* or pursuant to the other Finance Documents, to have any

regard to the requirements or interests of any Hedging Provider except to the extent that the

relevant Hedging Provider is also a Lender.

**33.4Close out of Hedging Contracts**

(a)The Parties agree that at any time on and after any Event of Default the Agent (acting on

the instructions of the Majority Lenders) shall be entitled, by notice in writing to a Hedging

Provider, to instruct such Hedging Provider to terminate and close out any Hedging

Transactions (or part thereof) with the relevant Hedging Provider. The relevant Hedging

Provider will (and shall be entitled to) terminate and close out the relevant Hedging

Transactions (or parts thereof) and/or the relevant Hedging Contracts in accordance with

such notice immediately upon receipt of such notice.

(b)No Hedging Provider shall be entitled to terminate or close out any Hedging Contract or

any Hedging Transaction under it prior to its stated maturity except:

(i)in accordance with a notice served by the Agent under paragraph (a) above; or

(ii)if the Borrower has not paid amounts due under the Hedging Contract and such

amounts remain unpaid for a period of 5 Business Days after the due date for

payment and the Agent (acting on the instructions of the Majority Lenders)

consents to such termination or close out; or

(iii)to comply with clause 31.3 (*Unwinding of Hedging Contracts*); or

(iv)if the Hedging Provider ceases to be a Lender; or

(v)any of the events set out in clause 32.8 (*Insolvency*) or clause 32.9 (*Insolvency* 

*process*) occurs in relation to the Borrower; or

(vi)if the Agent takes any action under clause 32.20 *(Acceleration)*; or

(vii)if the Available Commitments of all the Lenders have been cancelled (or otherwise

cease to be available), the Loan, together with accrued interest, and all other

amounts accrued or outstanding under the Finance Documents (other than

amounts outstanding under the Hedging Contracts) have been repaid by the

Borrower in full (including by way of refinancing) and the Facility has ceased to be

available for further utilisation.

(c)If there is a net amount payable to the Borrower under a Hedging Transaction or a Hedging

Contract upon its termination and close out, the relevant Hedging Provider shall forthwith

pay that net amount (together with interest earned on such amount) to the Agent for

application in accordance with clause 39.1 *(Order of application)*.

(d)No Hedging Provider (in any capacity) shall set-off any such net amount against or

exercise any right of combination in respect of any other claim it has against the Borrower.

**Section 9 - Changes to Parties**

**34Changes to the Lenders**

**34.1Assignments by the Lenders**

Subject to this clause 34, a Lender (the **Existing Lender***)* may assign any of its rights under any

Finance Document to any of the following persons (the **New Lender**):

(a)to another bank or financial institution;

(b)following the occurrence of an Event of Default under clause 32.1 (*Non-Payment*),

paragraph (b) of clause 32.3 (*Financial covenants; Sanctions*), clause 32.8 (*Insolvency*) or

clause 32.9 (*Insolvency proceedings*) that is continuing, to a trust, fund or other entity

which is regularly engaged in or established for the purpose of making, purchasing or

investing in loans, securities or other financial assets;

(c)to any insurance or reinsurance company; οr

(d)to any other person.

**34.2Borrower consultation; Hedging Providers**

(a)An Existing Lender must consult with the Borrower for no more than 10 days (and for the

avoidance of doubt there shall be no obligation to obtain the Borrower's consent) before it

may make an assignment under clause 34.1 *(Assignments by the Lenders)* unless (with

respect to consultation with the Borrower only) the assignment is:

(i)to another Lender or to an Affiliate of any Lender;

(ii)to a fund which is a Related Fund of that Existing Lender; or

(iii)made at a time when an Event of Default is continuing.

(b)An Existing Lender who is also a Hedging Provider may not assign all of its Commitment

and participation in the Facility unless at the same time it uses reasonable endeavours to

procure that such Hedging Provider also assigns and transfers all of its rights and

obligations under all Hedging Contracts and all Hedging Master Agreements to which it is a

party to another Hedging Provider who is also a Lender (or will be the proposed New

Lender in connection with the proposed assignment of the Commitment and/or participation

of such Existing Lender).

(c)The Borrower shall procure that the provisions of paragraph (b) are complied with in the

event that the relevant Existing Lender is a Lender being replaced pursuant to the

provisions of clause 8.7 (*Replacement of Lender*).

**34.3Other conditions of assignment**

(a)An assignment will only be effective:

(i)on receipt by the Agent of written confirmation from the New Lender (in form and

substance satisfactory to the Agent) that the New Lender will assume the same

obligations to the Borrower and the other Finance Parties as it would have been

under if it had been an Original Lender;

(ii)on the Existing Lender and the New Lender entering into any documentation

required for the New Lender to accede as a party to any Security Document to

which the Existing Lender is a party in its capacity as a Lender and/or (if it will no

longer have an Available Commitment or participation in the Facility) to remove the

Existing Lender as a party to and/or beneficiary of any such Security Document

and, in relation to such Security Documents, completing any filing, registration or

notice requirements;

(iii)on the performance by the Agent of all necessary "know your customer" or similar

checks under all applicable laws and regulations relating to any person that it is

required to carry out in relation to such assignment to a New Lender, the

completion of which the Agent shall promptly notify to the Existing Lender and the

New Lender; and

(iv)if the total amount of participation and Commitment of the Existing Lender being

assigned is not less than €1,000,000.

(b)Each New Lender, by executing the relevant Transfer Certificate, confirms, for the

avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or

waiver that has been approved by or on behalf of the requisite Lender or Lenders in

accordance with the Finance Documents on or prior to the date on which the assignment

becomes effective in accordance with the Finance Documents and that it is bound by that

decision to the same extent as the Existing Lender would have been had it remained a

Lender.

**34.4Processing fee**

The New Lender shall, on the date upon which an assignment takes effect, pay to the Agent (for

its own account) a fee of €5,000.

**34.5Processing expenses**

The New Lender shall, in addition to any fee payable under clause 34.4 *(Processing fee)*,

promptly on demand, pay the Agent the amount of:

(a)all costs and expenses (including legal fees) reasonably incurred by the Agent or the

Security Agent in connection with any such assignment; and

(b)any cost, loss or liability the Agent or the Security Agent incurs in relation to all stamp

duty, registration and other similar Taxes payable in respect of any such assignment.

**34.6Transfer costs and expenses relating to security**

The New Lender shall, promptly on demand, pay the Agent and the Security Agent the amount

of:

(a)all costs and expenses (including legal fees) reasonably incurred by the Agent or the

Security Agent to facilitate the accession by the New Lender to, or assignment or transfer

to the New Lender of, any Security Document granted in favour of (among others) the

Lenders and/or the benefit of any such Security Document and any appropriate registration

of any such accession or assignment or transfer; and

(b)any cost, loss or liability the Agent or the Security Agent incurs in relation to all stamp duty,

registration and other similar Taxes payable in respect of any such accession, assignment

or transfer.

**34.7Limitation of responsibility of Existing Lenders**

(a)Unless expressly agreed to the contrary, an Existing Lender makes no representation or

warranty and assumes no responsibility to a New Lender for:

(i)the legality, validity, effectiveness, adequacy or enforceability of the Finance

Documents, the Transaction Security or any other documents;

(ii)the financial condition of any Obligor;

(iii)the application of any Basel Regulation to the transactions contemplated by the

Finance Documents;

(iv)the performance and observance by any Obligor or any other person of its

obligations under the Finance Documents or any other documents; or

(v)the accuracy of any statements (whether written or oral) made in or in connection

with any Finance Document or any other document,

and any representations or warranties implied by law are excluded.

(b)Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

(i)has made (and shall continue to make) its own independent investigation and

assessment of:

(A)the financial condition and affairs of the Obligors and their related entities in

connection with its participation in this Agreement; and

(B)the application of any Basel Regulation to the transactions contemplated by

the Finance Documents;

(ii)will continue to make its own independent appraisal of the application of any Basel

Regulation to the transactions contemplated by the Finance Documents;

(iii)has not relied exclusively on any information provided to it by the Existing Lender

or any other Finance Party in connection with any Transaction Document or the

Transaction Security; and

(iv)will continue to make its own independent appraisal of the creditworthiness of each

Obligor and its related entities whilst any amount is or may be outstanding under

the Finance Documents or any Commitment is in force.

(c)Nothing in any Finance Document obliges an Existing Lender to:

(i)accept a re-assignment from a New Lender of any of the rights assigned under this

clause 34; or

(ii)support any losses directly or indirectly incurred by the New Lender by reason of

the non-performance by any Obligor of its obligations under any Transaction

Document or by reason of the application of any Basel Regulation to the

transactions contemplated by the Transaction Documents or otherwise.

**34.8Procedure available for assignment**

(a)Subject to the conditions set out in clause 34.2 *(Borrower consultation; Hedging Providers)* 

and clause 34.3 *(Other conditions of assignment)* an assignment may be effected in

accordance with paragraph (d) below when (a) the Agent executes an otherwise duly

completed Transfer Certificate and (b) the Agent executes any document required under

paragraph (a) of clause 34.3 *(Other conditions of assignment)* which it may be necessary

for it to execute in each case delivered to it by the Existing Lender and the New Lender

duly executed by them and, in the case of any such other document, any other relevant

person. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable

(and in any event within 5 Business Days) after receipt by it of a Transfer Certificate and

any such other document each duly completed, appearing on its face to comply with the

terms of this Agreement and delivered in accordance with the terms of this Agreement,

execute that Transfer Certificate and such other document.

(b)The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the

Existing Lender and the New Lender once it is satisfied it has complied with all necessary

"know your customer" or other similar checks under all applicable laws and regulations in

relation to the assignment to such New Lender.

(c)The Obligors who are Parties and the other Finance Parties irrevocably authorise the Agent

to execute any Transfer Certificate on their behalf without any consultation with them.

(d)Οn the Transfer Date:

(i)the Existing Lender will assign absolutely to the New Lender the rights under the

Finance Documents expressed to be the subject of the assignment in the Transfer

Certificate;

(ii)the Existing Lender will be released by each Obligor and the other Finance Parties

from the obligations owed by it (the **Relevant Obligations**) and expressed to be

the subject of the release in the Transfer Certificate (but the obligations owed by

the Obligors under the Finance Documents shall not be released); and

(iii)the New Lender shall become a Party as a "Lender" and will be bound by

obligations equivalent to the Relevant Obligations.

(e)Lenders may utilise procedures other than those set out in this clause 34.8 to assign their

rights under the Finance Documents (but not, without the consent of the relevant Obligor or

unless in accordance with this clause 34.8 to obtain a release by that Obligor from the

obligations owed to that Obligor by the Lenders nor the assumption of equivalent

obligations by a New Lender) provided that they comply with the conditions set out in

clause 34.2 (*Borrower Consultation; Hedging Providers)* and clause 34.3 *(Other conditions* 

*of assignment)*.

**34.9Copy of Transfer Certificate to Borrower**

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate

and any other document required under paragraph (a) of clause 34.3 *(Other conditions of* 

*assignment*), send a copy of that Transfer Certificate and such other documents to the Borrower.

**34.10Security over Lenders' rights**

(a)In addition to the other rights provided to Lenders under this clause 34, each Lender may

without consulting with or obtaining consent from any Obligor, at any time charge, assign or

otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all

or any of its rights under any Finance Document to secure obligations of that Lender

including, without limitation:

(i)any charge, assignment or other Security Interest to secure obligations to a federal

reserve or central bank (including, for the avoidance of doubt, the European

Central Bank);

(ii)any assignment to a special purpose vehicle set up by a Lender or Affiliate of any

Lender where a charge, assignment or other Security Interest is to be created over

securities issued by such special purpose vehicle in favour of a federal reserve or

central bank (including, for the avoidance of doubt, the European Central Bank);

and

(iii)any charge, assignment or other Security Interest granted to any holders (or trustee

or representatives of holders) of obligations owed, or securities issued, by that

Lender as security for those obligations or securities,

except that no such charge, assignment or other Security Interest shall:

(A)release a Lender from any of its obligations under the Finance Documents or

substitute the beneficiary of the relevant charge, assignment or other

Security Interest for the Lender as a party to any of the Finance Documents;

or

(B)require any payments to be made by an Obligor other than or in excess of, or

grant to any person any more extensive rights than, those required to be

made or granted to the relevant Lender under the Finance Documents.

(b)Notwithstanding any provision to the contrary, upon the enforcement of any charge,

assignment or other Security Interest referenced under paragraph (a) above, the

beneficiary thereof (the **Beneficiary**) shall deliver notice of that enforcement to the Agent,

which shall take effect in accordance with its terms, and the Beneficiary shall, upon

completion of the conditions referenced in paragraph (a)(iii) of Clause 34.3 (Other

conditions of assignment) become a party as a New Lender in respect of the rights which

are subject to that charge, assignment or Security Interest.

(c)The Borrower undertakes to comply with all necessary formalities, if any, and take all steps

necessary in order to ensure the enforceability, recognition or priority of the assignment,

charge, pledge or Security Interest granted over any Lender's rights under or pursuant to

this Clause 34.10 and (as applicable) the enforcement thereof.

**34.11Pro rata interest settlement**

(a)In respect of any assignment pursuant to clause 34.8 (*Procedure available for assignment*)

the Transfer Date of which, in each case, is not on the last day of an Interest Period:

(i)any interest or fees in respect of the relevant participation which are

expressed to accrue by reference to the lapse of time shall continue to accrue in

favour of the Existing Lender up to but excluding the Transfer Date (Accrued

Amounts) and shall become due and payable to the Existing Lender (without

further interest accruing on them) on the last day of the current Interest Period (or,

if the Interest Period is longer than six months, on the next of the dates which falls

at six monthly intervals after the first day of that Interest Period); and

(ii)the rights assigned or transferred by the Existing Lender will not include the

right to the Accrued Amounts so that, for the avoidance of doubt:

(A)when the Accrued Amounts become payable, those Accrued Amounts will be

payable for the account of the Existing Lender; and

(B)the amount payable to the New Lender on that date will be the amount which

would, but for the application of this clause 34.11, have been payable to it on

that date, but after deduction of the Accrued Amounts.

(b)In this clause references to Interest Period shall be construed to include a reference to any

other period for accrual of fees.

**34.12Accession of Hedging Providers to this Agreement**

Any Party (other than an Original Lender) which becomes a Lender after the date of this

Agreement with a Commitment which represents at least five per cent. (5%) of the Total

Commitments at the time it becomes a Lender shall, at the same time, become a Party to this

Agreement as a Hedging Provider.

**35Changes to the Obligors**

**35.1Assignment and transfers by Obligors**

Except with the prior written consent of all the Lenders, no Obligor may assign any of its rights

or transfer any of its rights or obligations under the Finance Documents.

**35.2Prohibition on Debt Purchase Transactions by the Group**

The Obligors shall not, and Guarantor A (until the Share Exchange Completion) and UK ListCo

(on and from the Share Exchange Completion) shall (as applicable) procure that each Group

Member shall not, enter into any Debt Purchase Transaction or be a Lender or beneficially own

all or any part of the share capital of a company that is or is to be a Lender or a party to a Debt

Purchase Transaction of the type referred to in the definition of Debt Purchase Transaction.

**35.3Disenfranchisement of Debt Purchase Transactions entered into by Guarantor Affiliates**

(a)For so long as a Guarantor Affiliate (i) beneficially owns a Commitment or (ii) has entered

into a sub-participation agreement relating to a Commitment or other agreement or

arrangement having a substantially similar economic effect and such agreement or

arrangement has not been terminated:

(i)in ascertaining the Majority Lenders or whether any given percentage (including, for

the avoidance of doubt, unanimity) of the Total Commitments or any agreement of

any specified group of Lenders has been obtained to approve any request for a

consent, waiver, amendment or other vote under the Finance Documents, such

Commitment shall be deemed to be zero; and

(ii)for the purposes of clause 50.2 *(All Lender matters)*, such Guarantor Affiliate or the

person with whom it has entered into such sub-participation, other agreement or

arrangement shall be deemed not to be a Lender for the purpose of paragraph (i)

above (unless, in the case of a person not being a Guarantor Affiliate, it is a Lender

by virtue otherwise than by beneficially owning the relevant Commitment).

(b)Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer,

promptly notify the Agent in writing if it knowingly enters into a Debt Purchase Transaction

with a Guarantor Affiliate (a **Notifiable Debt Purchase Transaction**), such notification to

be substantially in the form set out in Part 1 of Schedule 11 (*Forms of Notifiable Debt* 

*Purchase Transaction Notice*).

(c)No Lender shall knowingly enter into any Notifiable Finance Purchase Transaction unless

such Notifiable Finance Purchase Transaction relates to the entirety of its Commitment in

the Facility.

(d)A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which

it is a party:

(i)is terminated; or

(ii)ceases to be with a Guarantor Affiliate,

such notification to be substantially in the form set out in Part 2 of Schedule 11 (*Forms of* 

*Notifiable Debt Purchase Transaction Notice*).

(e)Each Guarantor Affiliate that is a Lender agrees that:

(i)in relation to any meeting or conference call to which all the Lenders are invited to

attend or participate, it shall not attend or participate in the same if so requested by

the Agent or, unless the Agent otherwise agrees, be entitled to receive the agenda

or any minutes of the same; and

(ii)in its capacity as Lender, unless the Agent otherwise agrees, it shall not be entitled

to receive any report or other document prepared at the behest of, or on the

instructions of or addressed to, the Agent or one or more of the Lenders. For the

avoidance of doubt the only information the Lender is entitled to receive are

operational notices for that Lender in connection with their Commitment.

**35.4Guarantor Affiliates' notification to other Lenders of Debt Purchase Transactions**

Any Guarantor Affiliate which is or becomes a Lender and which enters into a Debt Purchase

Transaction as a purchaser or a participant shall, by 5.00 pm on the Business Day following the

day on which it entered into the Debt Purchase Transaction, notify the Agent of the extent of the

Commitment(s) or amount outstanding to which that Debt Purchase Transaction relates. The

Agent shall promptly disclose such information to the Lenders.

**35.5Additional Guarantors**

(a)Subject to compliance with the provisions of paragraph (c) of clause 21.13 ("*Know your* 

*customer" checks*), Guarantor A (up to the Share Exchange Completion) and UK ListCo (on

and from the Share Exchange Completion) may request that any of its Subsidiaries (or, UK

ListCo, as applicable) becomes an Additional Guarantor (1) for the purposes of clause

24.8(b) or (c) (*Chartering*) where there is a change of Bareboat Charterer of the Ship and

the proposed Bareboat Charterer of the Ship is not already a Guarantor or (2) for the

purposes of a transfer of shares in the Borrower to an Approved Shareholder such that

such change does not constitute or result in a Change of Control or (3) for the purposes of

the Permitted Reorganisation pursuant to clause 23.9 (*Merger and Permitted* 

*Reorganisation*). That Subsidiary shall become an Additional Guarantor if:

(i)with the exception of UK ListCo, it is a direct or indirect (and wholly-owned unless it

is to be a Bareboat Charterer under a JV Bareboat Charter for the Ship) Subsidiary

of Guarantor A or UK ListCo (as applicable);

(ii)it is incorporated, registered or formed in the same jurisdiction as Guarantor A or

UK ListCo, any EEA Member Country, the United States of America or such other

jurisdiction as approved by the Lenders;

(iii)Guarantor A or UK ListCo (as applicable) and that Subsidiary (as applicable) deliver

to the Agent a duly completed and executed Accession Deed (at the cost and

expense of the Borrower);

(iv)the Agent has received all of the documents and other evidence listed in Part 4

(*Conditions precedent for Additional Guarantors*) of Schedule 3 (*Conditions* 

*precedent*) in relation to that Additional Guarantor, each in form and substance

satisfactory to the Agent and at the cost and expense of the Borrower;

(v)the Parties have entered into such other amendments and documents (including

any amendment to this Agreement and to any of the other Finance Documents,

including additional Security Interests where required) as the Finance Parties may

require in respect of the above matters (at the cost and expense of the Borrower);

and

(vi)the entry by the Parties into any of the above documents does not otherwise

constitute a Default nor would otherwise cause or result in a Default (and

Guarantor A confirms the same in writing to the Agent).

(b)The Agent shall notify Guarantor A (up to the Share Exchange Completion) or UK ListCo

(on and from the Share Exchange Completion), the Lenders promptly upon being satisfied

that it has received (in form and substance satisfactory to it) all the documents and other

evidence listed in Part 4 (*Conditions precedent for Additional Guarantors*) of Schedule 3

(*Conditions precedent*) and those listed in any of the preceding paragraphs of this clause

35.5 in each case in respect of an Additional Guarantor.

(c)Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary

before the Agent gives the notification described in paragraph (b) above, the Lenders

authorise (but do not require) the Agent to give that notification. The Agent shall not be

liable for any damages, costs or losses whatsoever as a result of giving any such

notification.

(d)With effect on the date of delivery of the duly executed Accession Deed to the Agent and

the Security Agent in respect of an Additional Guarantor (the **Relevant Additional** 

**Guarantor**) and provided that on or before such date the Agent has given the notification

described in paragraph (b) above in respect of the Relevant Additional Guarantor:

(i)the Parties hereby agree and confirm that the Relevant Additional Guarantor will be

made an additional party to this Agreement, as joint and several guarantor with the

Guarantors as at the date of this Agreement (the **Original Guarantors**) and any

other Additional Guarantor previously made a guarantor under this Agreement

pursuant to this clause 35.5 (a **Previously Acceded Additional Guarantor**), and

this Agreement shall henceforth be construed and treated in all respects as if

references therein to "Guarantors" included references to the Relevant Additional

Guarantor in addition to the Original Guarantors and any Previously Acceded

Additional Guarantor.

(ii)the Parties hereby agree and confirm that the Relevant Additional Guarantor will be

bound by the terms of this Agreement as if it had all times been named therein as

Guarantor;

(iii)the Relevant Additional Guarantor agrees that it will duly and punctually perform all

the liabilities and obligations whatsoever from time to time to be performed or

discharged by the Original Guarantors and any Previously Acceded Additional

Guarantor under this Agreement (and for which the Original Guarantors, any

Previously Acceded Additional Guarantor and the Relevant Additional Guarantor

hereby agree to be jointly and severally liable); and

(iv)without prejudice to the generality of paragraphs (ii) and (iii) above, the Relevant

Additional Guarantor agrees that it will be a guarantor under the Guarantee in

respect of the full amount of the Loan, interest thereon and all other sums which

may be or become due to the Finance Parties pursuant to any of the Finance

Documents.

**35.6Repetition of Representations**

Delivery of an Accession Deed in respect of an Additional Guarantor constitutes confirmation by

that Additional Guarantor that the representations and warranties referred to in paragraph (c) of

clause 20.35 (Times when representations made) are true and correct in relation to it as at the

date of delivery as if made by reference to the facts and circumstances then existing.

**Section 10 - The Finance Parties**

**36Roles of Agent, Security Agent, Arranger and Green Loan Advisor**

**36.1Appointment of the Agent and Security Agent**

Each other Finance Party (other than the Security Agent) appoints:

(a)the Agent to act as its agent under and in connection with the Finance Documents and as

its agent and as trustee under the Security Documents;

(b)the Security Agent to act as its agent and as trustee under the Finance Documents to

which it is or is intended to be a party; and

(c)the Security Agent as agent (in Danish: *fuldmægtig and repræsentant*) to receive and hold

the Transaction Security under the Security Documents governed by Danish law on behalf

of and for the benefit of the Finance Parties and to be entitled to exercise all rights and

remedies under and in accordance with such Security Documents in its own name or in the

name of any of the Finance Parties and the Security Agent agrees to receive and hold the

Transaction Security accordingly. The Security Documents shall be granted by the relevant

Obligors to the Security Agent as agent (in Danish: *fuldmægtig and repræsentant*) for the

Finance Parties in accordance with Section 18(1), cf. Section 1(2) of the Danish Capital

Markets Act (in Danish: *kapitalmarkedsloven*). Each Obligor acknowledges that the

Security Agent shall act as agent (in Danish*: fuldmægtig and repræsentant*) for the Finance

Parties.

**36.2Security Agent as trustee**

The Security Agent declares that it holds the Security Property on trust for itself and the other

Finance Parties on the terms contained in this Agreement.

**36.3Authorisation of Agent and Security Agent**

Each of the Finance Parties authorises the Agent and the Security Agent:

(a)to perform the duties, obligations and responsibilities and to exercise the rights, powers,

authorities and discretions specifically given to the Agent or (as the case may be) the

Security Agent under or in connection with the Finance Documents together with any other

incidental rights, powers, authorities and discretions; and

(b)to execute each of the Security Documents and all other documents that may be approved

by the Majority Lenders for execution by it.

**36.4Instructions to Agent and the Security Agent**

(a)The Agent and the Security Agent shall:

(i)subject to paragraphs (d) and (e) below, exercise or refrain from exercising any

right, power, authority or discretion vested in it as Agent or (as the case may be)

the Security Agent in accordance with any instructions given to it by:

(A)all the Lenders or the Majority Lenders (as the case may be) if the relevant

Finance Document stipulates the matter requires such decision; and

(B)in all other cases, the Majority Lenders; and

(ii)not be liable for any act (or omission) if it acts (or refrains from acting) in

accordance with paragraph (i) above (or, if the relevant Finance Document

stipulates the matter is a decision for any other Finance Party or group of Finance

Parties, in accordance with instructions given to it by that Finance Party or group of

Finance Parties).

(b)The Agent and the Security Agent shall be entitled to request instructions, or clarification of

any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates

the matter is a decision for any other Finance Party or group of Finance Parties, from that

Finance Party or group of Finance Parties) as to whether, and in what manner, it should

exercise or refrain from exercising any right, power, authority or discretion and the Agent or

(as the case may be) the Security Agent may refrain from acting unless and until it receives

those instructions or that clarification.

(c)Save in the case of decisions stipulated to be a matter for any other Finance Party or group

of Finance Parties under the relevant Finance Document and, unless a contrary indication

appears in a Finance Document, any instructions given to the Agent or (as the case may

be) the Security Agent by the Majority Lenders shall override any conflicting instructions

given by any other Parties and will be binding on all Finance Parties.

(d)Paragraph (a) above shall not apply:

(i)where a contrary indication appears in a Finance Document;

(ii)where a Finance Document requires the Agent or the Security Agent to act in a

specified manner or to take a specified action;

(iii)in respect of any provision which protects the Agent's or the Security Agent's own

position in its personal capacity as opposed to its role of the Agent or the Security

Agent for the Finance Parties including, without limitation, clauses 36.9 *(No duty to* 

*account)* to clause 36.14 *(Exclusion of liability)*, clause 36.20 *(Confidentiality)* to

clause 37.6 *(Custodians and nominees)* and clauses 37.9 *(Acceptance of title)* to

37.12 *(Disapplication of Trustee Acts)*.

(e)If giving effect to instructions given by any other Finance Party or group of Finance Parties

would (in the Agent's or (as the case may be) the Security Agent's opinion) have an effect

equivalent to an amendment or waiver which is subject to clause 50 (*Amendments and* 

*waivers*), the Agent or (as the case may be) the Security Agent shall not act in accordance

with those instructions unless consent to it so acting is obtained from each Party (other

than itself) whose consent would have been required in respect of that amendment or

waiver.

(f)The Agent or the Security Agent may refrain from acting in accordance with any instructions

of any other Finance Party or group of Finance Parties until it has received any

indemnification and/or security that it may in its discretion require (which may be greater in

extent than that contained in the Finance Documents and which may include payment in

advance) for any cost, loss or liability (together with any applicable VAT) which it may incur

in complying with those instructions.

(g)Without prejudice to the provisions of clause 38 *(Enforcement of Transaction Security)* and

the remainder of this clause 36, in the absence of instructions, the Agent and the Security

Agent may act (or refrain from acting) as it considers to be in the best interest of the

Lenders.

**36.5Legal or arbitration proceedings**

Neither the Agent nor the Security Agent is not authorised to act on behalf of another Finance

Party (without first obtaining that Finance Party's consent) in any legal or arbitration proceedings

relating to any Finance Document. This clause 36.5 shall not apply to any legal or arbitration

proceeding relating to the perfection, preservation or protection of rights under the Security

Documents or enforcement of the Transaction Security.

**36.6Duties of the Agent and the Security Agent**

(a)The Agent's and the Security Agent's duties under the Finance Documents are solely

mechanical and administrative in nature.

(b)Subject to paragraph (c) below, the Agent or (as the case may be) the Security Agent shall

promptly:

(i)(in the case of the Security Agent) forward to the Agent a copy of any document

received by the Security Agent from any Obligor under any Finance Document; and

(ii)forward to a Party the original or a copy of any document which is delivered to the

Agent or (as the case may be) the Security Agent for that Party by any other Party.

(c)Without prejudice to clause 34.9 *(Copy of Transfer Certificate to Borrower)*, paragraph (b)

above shall not apply to any Transfer Certificate.

(d)Except where a Finance Document specifically provides otherwise, neither the Agent nor

the Security Agent is obliged to review or check the adequacy, accuracy or completeness

of any document it forwards to another Party.

(e)Without prejudice to clause 39.12 *(Notification of prescribed events)*, if the Agent receives

notice from a Party referring to this Agreement, describing a Default and stating that the

circumstance described is a Default, it shall promptly notify the other Finance Parties.

(f)If the Agent is aware of the non-payment of any principal, interest, commitment fee or other

fee payable to a Finance Party (other than the Agent or an Arranger or the Security Agent

for their own account) under this Agreement, it shall promptly notify the other Finance

Parties.

(g)The Agent and the Security Agent shall have only those duties, obligations and

responsibilities expressly specified in the Finance Documents to which it is expressed to be

a party (and no others shall be implied).

**36.7Role of the Arrangers and Green Loan Advisor** 

Except as specifically provided in the Finance Documents, each of the Arrangers and the Green

Loan Advisor have no obligations of any kind to any other Party under or in connection with any

Finance Document or the transactions contemplated by the Finance Documents.

**36.8No fiduciary duties**

Nothing in any Finance Document constitutes the Agent, the Security Agent, any Arranger or the

Green Loan Advisor as a trustee or fiduciary of any other person except to the extent that the

Security Agent acts as trustee for the other Finance Parties pursuant to clause 36.2 *(Security* 

*Agent as trustee).* 

**36.9No duty to account**

None of the Agent, the Security Agent, any Arranger, the Green Loan Advisor or any Ancillary

Lender shall be bound to account to any other Finance Party for any sum or the profit element of

any sum received by it for its own account.

**36.10Business with the Group**

The Agent, the Security Agent, the Arrangers, the Green Loan Coordinator and each Ancillary

Lender may accept deposits from, lend money to and generally engage in any kind of banking

or other business with any Obligor or other Group Member or their Affiliates.

**36.11Rights and discretions of the Agent and the Security Agent**

(a)The Agent and the Security Agent may:

(i)rely on any representation, communication, notice or document believed by it to be

genuine, correct and appropriately authorised;

(ii)assume that:

(A)any instructions received by it from the Majority Lenders, any Lenders or

other Finance Parties or any group of Lenders or other Finance Parties are

duly given in accordance with the terms of the Finance Documents;

(B)unless it has received notice of revocation, that those instructions have not

been revoked; and

(C)in the case of the Security Agent, if it receives any instructions to act in

relation to the Transaction Security, that all applicable conditions under the

Finance Documents for so acting have been satisfied; and

(iii)rely on a certificate from any person:

(A)as to any matter of fact or circumstance which might reasonably be expected

to be within the knowledge of that person; or

(B)to the effect that such person approves of any particular dealing, transaction,

step, action or thing,

as sufficient evidence that that is the case and, in the case of paragraph (A)

above, may assume the truth and accuracy of that certificate.

(b)The Agent and the Security Agent may assume (unless it has received notice to the

contrary in its capacity as agent or (as the case may be) security trustee for the other

Finance Parties) that:

(i)no Default has occurred (unless (in the case of the Agent) it has actual knowledge

of a Default arising under clause 32.1 *(Non-payment)*);

(ii)any right, power, authority or discretion vested in any Party or any group of Finance

Parties has not been exercised; and

(iii)any notice or request made by the Borrower (other than (in the case of the Agent)

the Utilisation Request or Selection Notice) is made on behalf of and with the

consent and knowledge of all the Obligors.

(c)Each of the Agent and the Security Agent may engage and pay for the advice or services of

any lawyers, accountants, tax advisers, insurance consultants, vessel managers, valuers,

surveyors or other professional advisers or experts.

(d)Without prejudice to the generality of paragraph (c) above or paragraph (e) below each of

the Agent and the Security Agent may at any time engage and pay for the services of any

lawyers to act as independent counsel to it (and so separate from any lawyers instructed by

the Lenders or any other Finance Party) if it, in its reasonable opinion, deems this to be

desirable.

(e)Each of the Agent and the Security Agent may rely on the advice or services of any

lawyers, accountants, tax advisers, insurance consultants, vessel managers, valuers,

surveyors or other professional advisers or experts (whether obtained by it or by any other

Party) and shall not be liable for any damages, costs or losses to any person, any

diminution in value or any liability whatsoever arising as a result of its so relying.

(f)The Agent, the Security Agent, any Receiver and any Delegate may act in relation to the

Finance Documents, the Transaction Security and the Security Property through its officers,

employees and agents and shall not:

(i)be liable for any error of judgment made by any such person; or

(ii)be bound to supervise, or be in any way responsible for any loss incurred by

reason of misconduct, omission or default on the part, of any such person,

unless such error or such loss was directly caused by the Agent's, the Security Agent's,

Receiver's or Delegate's gross negligence or wilful misconduct.

(g)Unless any Finance Document expressly specifies otherwise, the Agent or the Security

Agent may disclose to any other Party any information it reasonably believes it has

received as agent or security trustee under this Agreement.

(h)Notwithstanding any other provision of any Finance Document to the contrary, none of the

Agent, the Security Agent nor any Arranger is obliged to do or omit to do anything if it would

or might in its reasonable opinion constitute a breach of any law or regulation or a breach

of a fiduciary duty or duty of confidentiality.

(i)Notwithstanding any provision of any Finance Document to the contrary, neither the Agent

nor the Security Agent is obliged to expend or risk its own funds or otherwise incur any

financial liability in the performance of its duties, obligations or responsibilities or the

exercise of any right, power, authority or discretion if it has grounds for believing the

repayment of such funds or adequate indemnity against, or security for, such risk or liability

is not reasonably assured to it.

(j)Neither the Agent nor any Arranger shall be obliged to request any certificate, opinion or

other information under clause 21 *(Information undertakings)* unless so required in writing

by a Lender or any Hedging Provider, in which case the Agent shall promptly make the

appropriate request of the Borrower if such request would be in accordance with the terms

of this Agreement.

**36.12Responsibility for documentation and other matters**

(a)None of the Agent, the Security Agent, any Arranger, any Ancillary Lender, any Receiver or

any Delegate is responsible or liable for:

(i)the adequacy, accuracy or completeness of any information (whether oral or

written) supplied by the Agent, the Security Agent, any Arranger, an Ancillary

Lender, an Obligor or any other person in or in connection with any Finance

Document or the transactions contemplated in the Finance Documents or any other

agreement, arrangement or document entered into, made or executed in

anticipation of, under or in connection with any Finance Document;

(ii)the legality, validity, effectiveness, adequacy or enforceability of any Transaction

Document, the Transaction Security or any other agreement, arrangement or

document entered into, made or executed in anticipation of, under or in connection

with any Transaction Document, the Transaction Security or the Security Property;

(iii)the application of any Basel Regulation to the transactions contemplated by the

Finance Documents;

(iv)(in the case of the Security Agent) any loss to the Security Property arising in

consequence of the failure, depreciation or loss of any Charged Property or any

investments made or retained in good faith or by reason of any other matter or

thing;

(v)the failure of any Obligor or any other party to perform its obligations under any

Transaction Document or the financial condition of any such person;

(vi)(save as otherwise provided in this clause 36) taking or omitting to take any other

action under or in relation to the Security Documents;

(vii)failing to register any of the Security Documents in accordance with the provisions

of the documents of title of any Obligor to any of the Charged Property;

(viii)any other beneficiary of a Security Document failing to perform or discharge any of

its duties or obligations under any Finance Document; or

(ix)any determination as to whether any information provided or to be provided to any

Finance Party is non-public information the use of which may be regulated or

prohibited by any applicable law or regulation relating to insider dealing or

otherwise.

(b)The Agent is not responsible or liable for the adequacy, accuracy or completeness of any

Green Loan Information (whether oral or written) supplied by the Borrower, any Group

Member, the External Reviewer or any other person in or in connection with any Green

Loan Report and/or any Green Loan Provisions contemplated in this Agreement or any

other agreement, arrangement or document entered into, made or executed in anticipation

of, under or in connection with any Facility.

**36.13No duty to monitor**

Neither the Agent nor the Security Agent shall be bound to enquire:

(a)whether or not any Default has occurred;

(b)as to the performance, default or any breach by any Party or any Obligor of its obligations

under any Finance Document;

(c)whether any other event specified in any Finance Document has occurred;

(d)whether or not any Declassification Event, Green Loan or a Green Loan Compliance

Certificate Inaccuracy has occurred; or

(e)as to the performance, default or any breach by any Obligor of its obligations under any

Green Loan Provision.

**36.14Exclusion of liability**

(a)Without limiting paragraph (b) below (and without prejudice to any other provision of any

Finance Document excluding or limiting the liability of the Agent, the Security Agent, any

Ancillary Lender, any Receiver or Delegate), none of the Agent, the Security Agent, any

Ancillary Lender, any Receiver nor any Delegate will be liable (including, without limitation,

for negligence or any other category of liability whatsoever) for:

(i)any damages, costs or losses to any person, any diminution in value, or any liability

whatsoever arising as a result of taking or not taking any action under or in

connection with any Finance Document or the Security Property, unless directly

caused by its gross negligence or wilful misconduct;

(ii)exercising, or not exercising, any right, power, authority or discretion given to it by,

or in connection with, any Finance Document, the Security Property or any other

agreement, arrangement or document entered into, made or executed in

anticipation of, under or in connection with, any Finance Document or the Security

Property;

(iii)any shortfall which arises on the enforcement or realisation of the Security

Property; or

(iv)without prejudice to the generality of paragraphs (i) to (iii) above, any damages,

costs, losses, any diminution in value or any liability whatsoever arising as a result

of:

(A)any act, event or circumstance not reasonably within its control; or

(B)the general risks of investment in, or the holding of assets in, any jurisdiction,

including (in each case and without limitation) such damages, costs, losses,

diminution in value or liability arising as a result of: nationalisation,

expropriation or other governmental actions; any regulation, currency

restriction, devaluation or fluctuation; market conditions affecting the

execution or settlement of transactions or the value of assets (including any

Disruption Event), breakdown, failure or malfunction of any third party

transport, telecommunications, computer services or systems; natural

disasters or acts of God; war, terrorism, insurrection or revolution; or strikes

or industrial action.

(b)No Party (other than the Agent, the Security Agent, an Ancillary Lender, that Receiver or

that Delegate (as applicable)) may take any proceedings against any officer, employee or

agent of the Agent, the Security Agent, any Ancillary Lender, a Receiver or a Delegate in

respect of any claim it might have against the Agent, the Security Agent, an Ancillary

Lender, a Receiver or a Delegate or in respect of any act or omission of any kind by that

officer, employee or agent in relation to any Transaction Document or any Security Property

and any officer, employee or agent of the Agent, the Security Agent, any Ancillary Lender, a

Receiver or a Delegate may rely on this clause subject to clause 1.4 *(Third party rights)* 

and the provisions of the Third Parties Act.

(c)Neither of the Agent or the Security Agent will be liable for any delay (or any related

consequences) in crediting an account with an amount required under the Finance

Documents to be paid by it if it has taken all necessary steps as soon as reasonably

practicable to comply with the regulations or operating procedures of any recognised

clearing or settlement system used by it for that purpose.

(d)Nothing in any Finance Document shall oblige the Agent the Security Agent, or any

Arranger to carry out:

(i)any "know your customer" or other checks in relation to any person; or

(ii)any check on the extent to which any transaction contemplated by any of the

Finance Documents might be unlawful for any Finance Party or for any Affiliate of

any Finance Party,

on behalf of any other Finance Party and each other Finance Party confirms to the Agent,

the Security Agent and the Arrangers that it is solely responsible for any such checks it is

required to carry out and that it may not rely on any statement in relation to such checks

made by the Agent, the Security Agent or any Arranger.

(e)Without prejudice to any provision of any Finance Document excluding or limiting the

liability of the Agent, the Security Agent, any Receiver or any Delegate, any liability of the

Agent, the Security Agent, any Receiver or any Delegate arising under or in connection

with any Finance Document or the Security Property shall be limited to the amount of

actual loss which has been finally judicially determined to have been suffered (as

determined by reference to the date of default of the Agent, the Security Agent, Receiver or

Delegate (as the case may be) or, if later, the date on which the loss arises as a result of

such default) but without reference to any special conditions or circumstances known to the

Agent, the Security Agent, Receiver or Delegate (as the case may be) at any time which

increase the amount of that loss. In no event shall the Agent, the Security Agent, any

Receiver or any Delegate be liable for any loss of profits, goodwill, reputation, business

opportunity or anticipated saving, or for special, punitive, indirect or consequential

damages, whether or not the Agent, the Security Agent, Receiver or Delegate (as the case

may be) has been advised of the possibility of such loss or damages.

(f)The Agent is not acting in an advisory capacity to any person in respect of the GLP nor will

the Agent be obliged to verify whether any Facility will comply with the GLP on behalf of

any of the Finance Parties and each Finance Party is solely responsible at all times for

making its own independent appraisal of, and analysis in relation to, each Green Asset

Criteria, the Green Loan Information and any other Green Loan Provision of this

Agreement.

**36.15Lenders' indemnity to the Agent and others**

(a)Each Lender shall (in proportion to its share of the Total Commitments or, if the Total

Commitments are then zero, to its share of the Total Commitments immediately prior to

their being reduced to zero) indemnify the Agent, the Security Agent, every Receiver and

every Delegate, within three Business Days of demand, against any Losses (including,

without limitation, for negligence or any other category of liability whatsoever) incurred by

any of them (otherwise than by reason of the relevant Agent's, Security Agent's Receiver's

or Delegate's gross negligence or wilful misconduct) (or, in the circumstances

contemplated pursuant to clause 44.10 *(Disruption to payment systems etc.)*,

notwithstanding the Agent's negligence, gross negligence, or any other category of liability

whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent,

Security Agent, Receiver or Delegate under, or exercising any authority conferred under,

the Finance Documents (unless the relevant Agent, Security Agent, Receiver or Delegate

has been reimbursed by an Obligor pursuant to a Finance Document).

(b)Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any

Lender for any payment that Lender makes to the Agent or the Security Agent or any

Receiver or Delegate pursuant to paragraph (a) above.

(c)Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of

which the Lender claims reimbursement relates to a liability of the Agent or the Security

Agent to an Obligor.

**36.16Resignation of the Agent or the Security Agent**

(a)The Agent or the Security Agent may resign and appoint one of its Affiliates as successor

by giving notice to the other Finance Parties and the Borrower.

(b)Alternatively, the Agent or the Security Agent may resign by giving 30 days' notice to the

other Finance Parties and the Borrower, in which case the Majority Lenders may appoint a

successor Agent.

(c)If the Majority Lenders have not appointed a successor Agent or Security Agent in

accordance with paragraph (b) above within 20 days after notice of resignation was given,

the retiring Agent or Security Agent (after consultation with (in the case of the Agent) the

Borrower) or (in the case of the Security Agent) the Agent may appoint a successor Agent

or Security Agent.

(d)If the Agent or the Security Agent wishes to resign because (acting reasonably) it has

concluded that it is no longer appropriate for it to remain as agent or trustee and the Agent

or the Security Agent is entitled to appoint a successor Agent or (as the case may be) the

Security Agent under paragraph (c) above, the Agent or (as the case may be) the Security

Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to

persuade the proposed successor Agent or (as the case may be) the Security Agent to

become a party to this Agreement as Agent or (as the case may be) the Security Agent)

agree with the proposed successor Agent or (as the case may be) the Security Agent

amendments to this clause 36 and any other term of this Agreement dealing with the rights

or obligations of the Agent or (as the case may be) the Security Agent consistent with then

current market practice for the appointment and protection of corporate trustees together

with any reasonable amendments to the fee payable to it in its capacity as Agent or (as the

case may be) the Security Agent under this Agreement which are consistent with the

successor Agent's or (as the case may be) the Security Agent's normal fee rates and those

amendments will bind the Parties.

(e)The retiring Agent or the retiring Security Agent, shall make available to the successor

Agent or Security Agent such documents and records and provide such assistance as the

successor Agent or Security Agent may reasonably request for the purposes of performing

its functions as Agent or (as the case may be) the Security Agent under the Finance

Documents. The Borrower shall, within three Business Days of demand, reimburse the

retiring Agent or (as the case may be) the Security Agent for the amount of all costs and

expenses (including legal fees) (together with any applicable VAT) properly incurred by it in

making available such documents and records and providing such assistance.

(f)The Agent's or Security Agent's resignation notice shall only take effect upon:

(i)the appointment of a successor; and

(ii)(in the case of the Security Agent) the transfer or assignment of all the Transaction

Security and the other Security Property to that successor and any appropriate

filings or registrations, any notices of transfer or assignment and the payment of

any fees or duties related to such transfer or assignment which the Security Agent

considers necessary or advisable have been duly completed.

(g)Upon the appointment of a successor, the retiring Agent or Security Agent shall be

discharged from any further obligation in respect of the Finance Documents (other than its

obligations under paragraph (b) of clause 37.10 *(Winding up of trust)* and paragraph (e)

above) but shall remain entitled to the benefit of clauses 16.4 *(Indemnity to the Agent and* 

*the Security Agent)* and 16.5 *(Indemnity concerning security)* and this clause 36 (and any

agency or other fees for the account of the retiring Agent or the Security Agent in its

capacity as such shall cease to accrue from (and shall be payable on) that date). Any

successor and each of the other Parties shall have the same rights and obligations

amongst themselves as they would have had if that successor had been an original Party.

(h)The Agent shall resign in accordance with paragraph (b) above (and, to the extent

applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to

paragraph (c) above) if on or after the date which is three months before the earliest FATCA

Application Date relating to any payment to the Agent under the Finance Documents,

either:

(i)the Agent fails to respond to a request under clause 14.9 *(FATCA Information)* and

the Borrower or a Lender reasonably believes that the Agent will not be (or will

have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

(ii)the information supplied by the Agent pursuant to clause 14.9 (*FATCA Information*)

indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt

Party on or after that FATCA Application Date; or

(iii)the Agent notifies the Borrower and the Lenders that the Agent will not be (or will

have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date,

and (in each case) the Borrower or a Lender reasonably believes that a Party will be

required to make a FATCA Deduction that would not be required if the Agent were a

FATCA Exempt Party, and the Borrower or that Lender, by notice to the Agent, requires it

to resign.

**36.17Replacement of the Agent**

(a)After consultation with the Borrower, the Majority Lenders may, by giving 30 days' notice to

the Agent replace the Agent by appointing a successor Agent.

(b)The retiring Agent shall (at the expense of the Lenders) make available to the successor

Agent such documents and records and provide such assistance as the successor Agent

may reasonably request for the purposes of performing its functions as Agent under the

Finance Documents.

(c)The appointment of the successor Agent shall take effect on the date specified in the notice

from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be

discharged from any further obligation in respect of the Finance Documents (other than its

obligations under paragraph (b) above) but shall remain entitled to the benefit of clauses

16.4 *(Indemnity to the Agent and the Security Agent)* and this clause 36 (and any agency

fees for the account of the retiring Agent shall cease to accrue from (and shall be payable

on) that date).

(d)Any successor Agent and each of the other Parties shall have the same rights and

obligations amongst themselves as they would have had if such successor had been an

original Party.

(e)Paragraph (f) of clause 36.16 *(Resignation of the Agent or the Security Agent)* shall apply

to any replacement of the Agent under this clause 36.17.

**36.18Replacement of the Security Agent**

(a)The Majority Lenders may, by notice to the Security Agent, require the Security Agent to

resign in accordance with paragraph (b) of clause 36.16 (*Resignation of the Agent or the* 

*Security Agent*). In this event, the Security Agent shall resign in accordance with that

paragraph but the cost referred to in paragraph (a) of clause 36.16 (*Resignation of the* 

*Agent or the Security Agent*) shall be for the account of the Borrower.

(b)Any person appointed and replacing the Security Agent (or a successor Security Agent)

shall automatically act as agent and representative (Da: *fuldmægtig og repræsentant*) in

accordance with section 18(1), cf. section 1(2), of the Danish Capital Markets Act and be

entitled to exercise all rights and remedies under and in accordance with this Agreement in

its own name or in the name of any of the Finance Parties.

**36.19Information from the Finance Parties**

Each Finance Party shall supply the Agent or the Security Agent with any information that the

Agent or (as the case may be) the Security Agent may reasonably specify as being necessary or

desirable to enable the Agent or (as the case may be) the Security Agent to perform its functions

as Agent or (as the case may be) the Security Agent.

**36.20Confidentiality**

(a)In acting as agent or trustee for the Finance Parties, the Agent or (as the case may be) the

Security Agent shall be regarded as acting through its agency, trustee or other division or

department directly responsible for the management of the Finance Documents which shall

be treated as a separate entity from any other of its divisions or departments.

(b)If information is received by another division or department of the Agent or (as the case

may be) the Security Agent, it may be treated as confidential to that division or department

and the Agent or (as the case may be) the Security Agent shall not be deemed to have

notice of it.

(c)Notwithstanding any other provision of any Finance Document to the contrary, neither the

Agent nor any Arranger is obliged to disclose to any other person (i) any confidential

information or (ii) any other information if the disclosure would, or might in its reasonable

opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

**36.21Agent's relationship with the Lenders and Hedging Providers**

(a)The Agent may treat the person shown in its records as Lender or as a Hedging Provider at

the opening of business (in the place of the Agent's principal office as notified to the

Finance Parties from time to time) as the Lender or (as the case may be) as a Hedging

Provider acting through its Facility Office:

(i)entitled to or liable for any payment due under any Finance Document on that day;

and

(ii)entitled to receive and act upon any notice, request, document or communication or

make any decision or determination under any Finance Document made or

delivered on that day,

unless it has received not less than five Business Days prior notice from that Lender or

(as the case may be) as a Hedging Provider to the contrary in accordance with the terms

of this Agreement.

(b)Any Lender or Hedging Provider may by notice to the Agent appoint a person to receive on

its behalf all notices, communications, information and documents to be made or

despatched to that Lender or (as the case may be) Hedging Provider under the Finance

Documents. Such notice shall contain the address and (where communication by electronic

mail or other electronic means is permitted under clause 46.5 *(Electronic communication)*)

electronic mail address and/or any other information required to enable the sending and

receipt of information by that means (and, in each case, the department or officer, if any, for

whose attention communication is to be made) and be treated as a notification of a

substitute address, electronic mail address, department and officer (or such other

information) by that Lender or (as the case may be) Hedging Provider for the purposes of

clause 46.2 *(Addresses)* and clause 46.5 (*Electronic communication*) and the Agent shall

be entitled to treat such person as the person entitled to receive all such notices,

communications, information and documents as though that person were that Lender or (as

the case may be) Hedging Provider.

**36.22Information from the Finance Parties**

Each Finance Party shall supply the Agent with any information that the Agent may reasonably

specify as being necessary or desirable to enable the Agent to perform its functions as Agent.

**36.23Credit appraisal by the Finance Parties and Ancillary Lenders**

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in

connection with any Finance Document, each other Finance Party and Ancillary Lender confirms

to the Agent, the Security Agent, the Arrangers and each Ancillary Lender that it has been, and

will continue to be, solely responsible for making its own independent appraisal and

investigation of all risks arising under or in connection with any Finance Document including but

not limited to:

(a)the financial condition, status and nature of each Obligor and other Group Members;

(b)the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document,

the Transaction Security, the Security Property and any other agreement, arrangement or

document entered into, made or executed in anticipation of, under or in connection with any

Transaction Document, the Transaction Security or the Security Property;

(c)the application of any Basel Regulation to the transactions contemplated by the Finance

Documents;

(d)whether that Finance Party or Ancillary Lender has recourse, and the nature and extent of

that recourse, against any Party or any of its respective assets under or in connection with

any Finance Document, the Transaction Security, the Security Property, the transactions

contemplated by the Finance Documents or any other agreement, arrangement or

document entered into, made or executed in anticipation of, under or in connection with any

Finance Document, the Transaction Security or the Security Property;

(e)the adequacy, accuracy or completeness of any information provided by the Agent, the

Security Agent, the Arrangers or any other Party or by any other person under or in

connection with, the transactions contemplated by any Transaction Document or any other

agreement, arrangement or document entered into, made or executed in anticipation of,

under or in connection with any Transaction Document; and

(f)the right or title of any person in or to, or the value or sufficiency of, any part of the Charged

Property, the priority of any of the Transaction Security or the existence of any Security

Interest affecting the Charged Property.

**36.24Deduction from amounts payable by the Agent**

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after

giving notice to that Party, deduct an amount not exceeding that amount from any payment to

that Party which the Agent would otherwise be obliged to make under the Finance Documents

and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes

of the Finance Documents that Party shall be regarded as having received any amount so

deducted.

**36.25Reliance and engagement letters**

Each of the Agent, the Security Agent and the Arrangers may enter into any reliance letter or

engagement letter relating to any valuations, reports, opinions or letters or advice or assistance

provided by lawyers, accountants, tax advisers, insurance consultants, vessel managers,

valuers, surveyors or other professional advisers or experts in connection with the Transaction

Documents or the transactions contemplated in the Finance Documents on such terms as it may

consider appropriate (including, without limitation, restrictions on the lawyer's, accountant's, tax

adviser's, insurance consultant's, vessel manager's, valuer's, surveyor's or other professional

adviser's or expert's liability and the extent to which their valuations, reports, opinions or letters

may be relied on or disclosed).

**36.26Amounts paid in error**

(a)If the Agent or the Security Agent pays an amount to another Party and the Agent or (as the

case may be) the Security Agent notifies that Party that such payment was an Erroneous

Payment then the Party to whom that amount was paid by the Agent shall on demand

refund the same to the Agent or (as the case may be) the Security Agent.

(b)Neither:

(i)the obligations of any Party to the Agent or the Security Agent; nor

(ii)the remedies of the Agent or the Security Agent,

(c)(whether arising under this clause 36.26 or otherwise) which relate to an Erroneous

Payment will be affected by any act, omission, matter or thing (including, without

limitation, any obligation pursuant to which an Erroneous Payment is made) which, but for

this paragraph (b), would reduce, release, preclude or prejudice any such obligation or

remedy (whether or not known by the Agent or (as the case may be) the Security Agent or

any other Party).

(d)All payments to be made by a Party to the Agent or Security Agent (whether made pursuant

to this clause 36.26 or otherwise) which relate to an Erroneous Payment shall be calculated

and be made without (and free and clear of any deduction for) set-off or counterclaim.

(e)In this Agreement, "**Erroneous Payment**" means a payment of an amount by the Agent or

the Security Agent to another Party which at the time of receipt of such payment by such

other Party was not contractually due to it pursuant to the terms of this Agreement.

**37Trust and security matters**

**37.1Undertaking to pay**

(a)Each Obligor who is a Party undertakes with the Security Agent as trustee for the Finance

Parties that it will, on demand by the Security Agent, pay to the Security Agent as trustee

for the Finance Parties all money from time to time owing to the other Finance Parties (in

addition to paying any money owing under the Finance Documents to the Security Agent

for its own account), and discharge all other obligations from time to time incurred, by it

under or in connection with the Finance Documents.

(b)Each payment which such an Obligor makes to another Finance Party in accordance with

any Finance Document shall, to the extent of the amount of that payment, satisfy that

Obligor's corresponding obligation under paragraph (a) above to make that payment to the

Security Agent.

**37.2Parallel debt**

(a)Additional definitions:

In this clause:

**Corresponding Debt** means any amount, other than any Parallel Debt, which an Obligor

owes from time to time to a Finance Party under or in connection with the Finance

Documents.

**Parallel Debt** means any amount which an Obligor owes to the Security Agent under

clause 37.2(b) below or under that clause as incorporated by reference or in full in any

other Finance Document.

(b)Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its

Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its

Corresponding Debt.

(c)The Parallel Debt of an Obligor:

(i)shall become due and payable at the same time as its Corresponding Debt; and

(ii)is independent and separate from, and without prejudice to, its Corresponding

Debt.

(d)For the purposes of this clause 37.2, the Security Agent:

(i)is the independent and separate creditor of each Parallel Debt;

(ii)acts in its own name and not as agent, representative or trustee of the Finance

Parties and its claims in respect of each Parallel Debt shall not be held on trust;

and

(iii)shall have the independent and separate right to demand payment of each Parallel

Debt in its own name (including, without limitation, through any suit, execution,

enforcement of security, recovery of guarantees and applications for and voting in

any kind of insolvency proceeding).

(e)Other than as set out in clause 37.2(f) below, the undertaking to pay Parallel Debt shall not

limit or affect the existence of the Corresponding Debt, for which the Finance Parties shall

have an independent right to demand performance.

(f)The rights of the Finance Parties to receive payment of the Corresponding Debt are several

from the rights of the Security Agent to receive payment of the Parallel Debt, provided that

the Parallel Debt of an Obligor shall be:

(i)decreased to the extent that its Corresponding Debt has been irrevocably and

unconditionally paid or discharged; and

(ii)increased to the extent that its Corresponding Debt has increased,

(iii)and the Corresponding Debt of an Obligor shall be:

(A)decreased to the extent that its Parallel Debt has been irrevocably and

unconditionally paid or discharged; and

(B)increased to the extent that its Parallel Debt has increased,

in each case provided that the Parallel Debt of an Obligor shall never exceed its

Corresponding Debt.

(g)All amounts received or recovered by the Security Agent in connection with this clause 37.2

to the extent permitted by applicable law, shall be applied in accordance with clause 39.1

(*Order of application*).

(h)This clause 37.2 shall apply, with any necessary modifications, to each Finance Document.

**37.3No responsibility to perfect Transaction Security**

The Security Agent shall not be liable for any failure to:

(a)ascertain whether all deeds and documents which should have been deposited with it

under or pursuant to any of the Security Documents have been so deposited;

(b)require the deposit with it of any deed or document certifying, representing or constituting

the title of any Obligor to any of the Charged Property;

(c)obtain any licence, consent or other authority for the execution, delivery, legality, validity,

enforceability or admissibility in evidence of any Finance Document or the Transaction

Security;

(d)register, file or record or otherwise protect any of the Transaction Security (or the priority of

any of the Transaction Security) under any law or regulation or to give notice to any person

of the execution of any Finance Document or of the Transaction Security;

(e)take, or to require any Obligor to take, any step to perfect its title to any of the Charged

Property or to render the Transaction Security effective or to secure the creation of any

ancillary Security Interest under any law or regulation; or

(f)require any further assurance in relation to any Security Document.

**37.4Insurance by Security Agent**

(a)The Security Agent shall not be obliged:

(i)to insure any of the Charged Property;

(ii)to require any other person to maintain any insurance; or

(iii)to verify any obligation to arrange or maintain insurance contained in any Finance

Document,

and the Security Agent shall not be liable for any damages, costs or losses to any person

as a result of the lack of, or inadequacy of, any such insurance.

(b)Where the Security Agent is named on any insurance policy as an insured party, it shall not

be liable for any damages, costs or losses to any person as a result of its failure to notify

the insurers of any material fact relating to the risk assumed by such insurers or any other

information of any kind, unless the Agent requests it to do so in writing and the Security

Agent fails to do so within fourteen days after receipt of that request.

**37.5Common parties**

Although the Agent and the Security Agent may from time to time be the same entity, that entity

will have entered into the Finance Documents (to which it is party) in its separate capacities as

agent for the other Finance Parties and (as appropriate) security agent and trustee for all of the

other Finance Parties. Where any Finance Document provides for an Agent or Security Agent to

communicate with or provide instructions to the other, while they are the same entity, such

communication or instructions will not be necessary.

**37.6Custodians and nominees**

The Security Agent may appoint and pay any person to act as a custodian or nominee on any

terms in relation to any asset of the trust as the Security Agent may determine, including for the

purpose of depositing with a custodian this Agreement or any document relating to the trust

created under this Agreement and the Security Agent shall not be responsible for any loss,

liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct,

omission or default on the part of any person appointed by it under this Agreement or be bound

to supervise the proceedings or acts of any person.

**37.7Delegation by the Security Agent**

(a)Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by

power of attorney or otherwise to any person for any period, all or any right, power,

authority or discretion vested in it in its capacity as such.

(b)That delegation may be made upon any terms and conditions (including the power to sub-

delegate) and subject to any restrictions that the Security Agent, that Receiver or that

Delegate (as the case may be) may, in its discretion, think fit in the interests of the Finance

Parties.

(c)No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way

responsible for any damages, costs or losses incurred by reason of any misconduct,

omission or default on the part of, any such delegate or sub-delegate.

**37.8Additional trustees**

(a)The Security Agent may at any time appoint (and subsequently remove) any person to act

as a separate trustee or as a co-trustee jointly with it:

(i)if it considers that appointment to be in the interests of the Finance Parties;

(ii)for the purposes of conforming to any legal requirement, restriction or condition

which the Security Agent deems to be relevant; or

(iii)for obtaining or enforcing any judgment in any jurisdiction,

and the Security Agent shall give prior notice to the Borrower and the Finance Parties of

that appointment.

(b)Any person so appointed shall have the rights, powers, authorities and discretions (not

exceeding those given to the Security Agent under or in connection with the Finance

Documents) and the duties, obligations and responsibilities that are given or imposed by

the instrument of appointment.

(c)The remuneration that the Security Agent may pay to that person, and any costs and

expenses (together with any applicable VAT) incurred by that person in performing its

functions pursuant to that appointment shall, for the purposes of this Agreement, be treated

as costs and expenses incurred by the Security Agent.

(d)At the request of the Security Agent, the other Parties shall forthwith execute all such

documents and do all such things as may be required to perfect such appointment or

removal and each such Party irrevocably authorises the Security Agent in its name and on

its behalf to do the same.

(e)Such a person shall accede to this Agreement as a Security Agent to the extent necessary

to carry out their role on terms satisfactory to the Security Agent.

(f)The Security Agent shall not be bound to supervise, or be responsible for any loss incurred

by reason of any act or omission of, any such person if the Security Agent shall have

exercised reasonable care in the selection of such person.

**37.9Acceptance of title**

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to

investigate, any right and title that any Obligor may have to any of the Charged Property and

shall not be liable for, or bound to require any Obligor to remedy, any defect in its right or title.

**37.10Winding up of trust**

If the Security Agent, with the approval of the Agent, determines that:

(a)all of the Secured Obligations and all other obligations secured by the Security Documents

have been fully and finally discharged; and

(b)no Finance Party is under any commitment, obligation or liability (actual or contingent) to

make advances or provide other financial accommodation to any Obligor pursuant to the

Finance Documents,

then:

(i)the trusts set out in this Agreement shall be wound up and the Security Agent shall

release, without recourse or warranty, all of the Transaction Security and the rights

of the Security Agent under each of the Security Documents; and

(ii)any Security Agent which has resigned pursuant to clause 36.16 *(Resignation of* 

*the Agent or the Security Agent)* shall release, without recourse or warranty, all of

its rights under each Security Document.

**37.11Powers supplemental to Trustee Acts**

The rights, powers, authorities and discretions given to the Security Agent under or in

connection with the Finance Documents shall be supplemental to the Trustee Act 1925 and the

Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or

regulation or otherwise.

**37.12Disapplication of Trustee Acts**

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to

the trusts constituted by this Agreement. Where there are any inconsistencies between the

Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of

this Agreement shall, to the extent permitted by law and regulation, prevail and, in the case of

any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a

restriction or exclusion for the purposes of that Act.

**37.13Examination of documents by the Agent** 

The Borrower hereby unconditionally and irrevocably agrees that the Agent's responsibility for

the examination of any Finance Document or any other document received with respect thereto

shall be limited to ascertaining that such document appears on its face (or, if any such document

is not only in English, the English translation or version of which appears on its face) to be in

accordance with its description.

For the purposes of this clause 37.13, **appearing on its face** has the meaning given to that

term in the latest version of the Uniform Customs Practice for Documentary Credits of the

International Chamber of Commerce.

**38Enforcement of Transaction Security**

**38.1Enforcement Instructions**

(a)The Security Agent may refrain from enforcing the Transaction Security unless instructed

otherwise by the Majority Lenders.

(b)Subject to the Transaction Security having become enforceable in accordance with its

terms, the Majority Lenders may give or refrain from giving instructions to the Security

Agent to enforce or refrain from enforcing the Transaction Security as they see fit.

(c)The Security Agent is entitled to rely on and comply with instructions given in accordance

with this clause 38.1.

**38.2Manner of enforcement**

If the Transaction Security is being enforced pursuant to clause 38.1 *(Enforcement Instructions)*,

the Security Agent shall enforce the Transaction Security in such manner as the Majority

Lenders shall instruct or, in the absence of any such instructions, as the Security Agent

considers in its discretion to be appropriate.

**38.3Waiver of rights**

To the extent permitted under applicable law and subject to clause 38.1 *(Enforcement* 

*Instructions)*, clause 38.2 *(Manner of enforcement)* and clause 39 *(Application of Proceeds)*,

each of the Finance Parties and the Obligors waives all rights it may otherwise have to require

that the Transaction Security be enforced in any particular order or manner or at any particular

time or that any amount received or recovered from any person, or by virtue of the enforcement

of any of the Transaction Security or of any other security interest, which is capable of being

applied in or towards discharge of any of the Secured Obligations is so applied.

**38.4Enforcement through Security Agent only**

(a)The other Finance Parties shall not have any independent power to enforce, or have

recourse to, any of the Transaction Security or to exercise any right, power, authority or

discretion arising or to grant any consents or releases under the Security Documents

except through the Security Agent or as required and permitted by this clause 38.4.

(b)Where a Finance Party (other than the Security Agent) is a party to a Security Document

that Finance Party shall:

(i)promptly take such action as the Security Agent may reasonably require (acting on

the instructions of the Agent) to enforce, or have recourse to, any of the

Transaction Security constituted by such Security Document or, for such purposes,

to exercise any right, power, authority or discretion arising or to grant any consents

or releases under such Security Document or (subject to clause 50.6 *(Releases)*) to

release, reassign and/or discharge any such Transaction Security or any guarantee

or other obligations under any such Security Document; and

(ii)not take any such action except as so required or (in the case of a release) for a

release which is expressly permitted or required by the Finance Documents.

(c)Each Finance Party (other than the Security Agent) which is party to a Security Document

shall, promptly upon being requested by the Security Agent to do so, grant a power of

attorney or other sufficient authority to the Security Agent or its legal advisers to enable the

Security Agent or such legal advisers to enforce or have recourse in the name of such

Finance Party to the relevant Transaction Security constituted by such Security Document

or to exercise any such right, power, authority or discretion or to grant any such consent or

release under such Security Document or to release, reassign and/or discharge any such

Transaction Security on behalf of such Finance Party.

**39Application of proceeds**

**39.1Order of application**

All amounts from time to time received or recovered by the Security Agent pursuant to the terms

of any Finance Document or in connection with the realisation or enforcement of all or any part

of the Transaction Security (for the purposes of this clause 39, the **Recoveries**) shall be held by

the Security Agent on trust to apply them at any time as the Security Agent (in its discretion)

sees fit, to the extent permitted by applicable law (and subject to the provisions of this clause

39), in the following order of priority:

(a)in discharging any sums owing to the Agent, the Security Agent (other than pursuant to

clause 37.1 *(Undertaking to pay)* or clause 37.2 *(Parallel debt)*), any Receiver or any

Delegate;

(b)in discharging all costs and expenses incurred by any Finance Party (except any Ancillary

Lender) in connection with any realisation or enforcement of the Transaction Security taken

in accordance with the terms of this Agreement;

(c)in payment or distribution to the Agent on its own behalf and on behalf of the other Finance

Parties for application in accordance with clause 44.5 *(Partial payments)*;

(d)in discharging all costs and expenses incurred by any Ancillary Lender pro rata in

connection with any realisation or enforcement of the Transaction Security taken in

accordance with the terms of this Agreement;

(e)if none of the Obligors is under any further actual or contingent liability under any Finance

Document, in payment or distribution to any person to whom the Security Agent is obliged

to pay or distribute in priority to any Obligor; and

(f)the balance, if any, in payment or distribution to the relevant Obligor.

**39.2Security proceeds realised by other Finance Parties**

Where a Finance Party (other than the Security Agent) is a party to a Security Document and

that Finance Party receives or recovers any amounts pursuant to the terms of that Security

Document or in connection with the realisation or enforcement of all or any part of the

Transaction Security which is the subject of that Security Document then, subject to the terms of

that Security Document and to the extent permitted by applicable law, such Finance Party shall

account to the Security Agent for those amounts and the Security Agent shall apply them in

accordance with clause 39.1 *(Order of application)* as if they were Recoveries for the purposes

of such clause or (if so directed by the Security Agent) shall apply those amounts in accordance

with clause 39.1 *(Order of application)*.

**39.3Investment of cash proceeds**

Prior to the application of any Recoveries in accordance with clause 39.1 *(Order of application)* 

the Security Agent may, in its discretion, hold:

(a)all or part of any Recoveries which are in the form of cash; and

(b)any cash which is generated by holding, managing, exploiting, collecting, realising or

disposing of any proceeds of the Security Property which are not in the form of cash,

in one or more interest bearing suspense or impersonal accounts in the name of the Security

Agent with such financial institution (including itself) and for so long as the Security Agent shall

think fit (the interest being credited to the relevant account) pending the application from time to

time of those moneys in the Security Agent's discretion in accordance with the provisions of this

clause 39.

**39.4Currency conversion**

(a)For the purpose of, or pending the discharge of, any of the Secured Obligations the

Security Agent may:

(i)convert any moneys received or recovered by the Security Agent from one

currency to another; and

(ii)notionally convert the valuation provided in any opinion or valuation from one

currency to another,

in each case at the Security Agent's spot rate of exchange for the purchase of that other

currency with the currency in which the relevant moneys are received or recovered or the

valuation is provided in the London foreign exchange market at or about 11:00 am

(London time) on a particular day.

(b)The obligations of any Obligor to pay in the due currency shall only be satisfied:

(i)in the case of paragraph (a)(i) above, to the extent of the amount of the due

currency purchased after deducting the costs of conversion; and

(ii)in the case of paragraph (a)(ii) above, to the extent of the amount of the due

currency which results from the notional conversion referred to in that paragraph.

**39.5Permitted Deductions**

The Security Agent shall be entitled, in its discretion, (a) to set aside by way of reserve amounts

required to meet and (b) to make and pay, any deductions and withholdings (on account of

Taxes or otherwise) which it is or may be required by any law or regulation to make from any

distribution or payment made by it under this Agreement, and to pay all Taxes which may be

assessed against it in respect of any of the Charged Property, or as a consequence of

performing its duties or exercising its rights, powers, authorities and discretions, or by virtue of

its capacity as Security Agent under any of the Finance Documents or otherwise (other than in

connection with its remuneration for performing its duties under this Agreement).

**39.6Good discharge**

(a)Any distribution or payment to be made in respect of the Secured Obligations by the

Security Agent may be made to the Agent on behalf of the Finance Parties.

(b)Any distribution or payment made as described in paragraph (a) above shall be a good

discharge, to the extent of that payment or distribution, by the Security Agent to the extent

of that payment.

(c)The Security Agent is under no obligation to make the payments to the Agent under

paragraph (a) above in the same currency as that in which the Secured Obligations owing

to the relevant Finance Party are denominated pursuant to the relevant Finance Document.

**39.7Calculation of amounts**

For the purpose of calculating any person's share of any amount payable to or by it, the Security

Agent shall be entitled to:

(a)notionally convert the Secured Obligations owed to any person into a common base

currency (decided in its discretion by the Security Agent), that notional conversion to be

made at the spot rate at which the Security Agent is able to purchase the notional base

currency with the actual currency of the Secured Obligations owed to that person at the

time at which that calculation is to be made; and

(b)assume that all amounts received or recovered as a result of the enforcement or realisation

of the Security Property are applied in discharge of the Secured Obligations in accordance

with the terms of the Finance Documents under which those Secured Obligations have

arisen.

**39.8Release to facilitate enforcement and realisation**

(a)Each Finance Party acknowledges that, for the purpose of any enforcement action by the

Security Agent or a Receiver and/or maximising or facilitating the realisation of the Charged

Property, it may be desirable that certain rights or claims against an Obligor and/or under

certain of the Transaction Security, be released.

(b)Each other Finance Party hereby irrevocably authorises the Security Agent (acting on the

instructions of the Agent) to grant any such releases to the extent necessary to effect such

enforcement action and/or realisation including, to the extent necessary for such purpose,

to execute release documents in the name of and on behalf of the other Finance Parties.

(c)Where the relevant enforcement is by way of disposal of shares in the Borrower, the

requisite release may include releases of all claims (including under guarantees) of the

Finance Parties and/or the Security Agent against the Borrower and of all Security Interests

over its assets.

**39.9Dealings with Security Agent**

Each Finance Party shall deal with the Security Agent exclusively through the Agent.

**39.10Agent's dealings with Hedging Provider**

The Agent shall not be under any obligation to act as agent or otherwise on behalf of any

Hedging Provider except as expressly provided for in, and for the purposes of, this Agreement.

**39.11Disclosure between Finance Parties and Security Agent**

Notwithstanding any agreement to the contrary, each of the Obligors consents, until the end of

the Facility Period, to the disclosure by any Finance Party to each other (whether or not through

the Agent or the Security Agent) of such information concerning the Obligors as any Finance

Party shall see fit.

**39.12Notification of prescribed events**

(a)If an Event of Default or Default either occurs or ceases to be continuing, the Agent shall,

upon becoming aware of that occurrence or cessation, notify the Security Agent.

(b)If the Security Agent enforces, or takes formal steps to enforce, any of the Transaction

Security it shall notify each other Finance Party of that action.

(c)If any Finance Party exercises any right it may have to enforce, or to take formal steps to

enforce, any of the Transaction Security it shall notify the Security Agent and the Security

Agent shall, upon receiving that notification, notify each other Finance Party of that action.

(d)If an Obligor defaults on any payment due under a Hedging Contract, the Hedging Provider

which is party to that Hedging Contract shall, upon becoming aware of that default, notify

the Security Agent and the Security Agent shall, upon receiving that notification, notify the

Agent.

(e)If a Hedging Provider terminates or closes-out, in whole or in part, any Hedging Transaction

under any Hedging Contract it shall notify the Security Agent and the Security Agent shall,

upon receiving that notification, notify the Agent.

**40Reference Banks**

**40.1Role of Reference Banks**

(a)No Reference Bank is under any obligation to provide a quotation or any other information

to the Agent.

(b)No Reference Bank will be liable for any action taken by it under or in connection with any

Finance Document, or for any Reference Bank Quotation, unless directly caused by its

gross negligence or wilful misconduct.

(c)No Party (other than the relevant Reference Bank) may take any proceedings against any

officer, employee or agent of any Reference Bank in respect of any claim it might have

against that Reference Bank or in respect of any act or omission of any kind by that officer,

employee or agent in relation to any Finance Document, or to any Reference Bank

Quotation, and any officer, employee or agent of each Reference Bank may rely on this

clause 40 subject to clause 1.4 *(Third party rights)* and the provisions of the Third Parties

Act.

**40.2Third party Reference Banks**

A Reference Bank which is not a Party may rely on clause 40 *(Role of Reference Banks)*,

paragraph (c) of clause 50.3 *(Other exceptions)* and clause 52 *(Confidentiality of Funding Rates* 

*and Reference Bank Quotations)* subject to clause 1.4 *(Third party rights)* and the provisions of

the Third Parties Act.

**41Finance Parties tax affairs**

No provision of this Agreement will:

(a)interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in

whatever manner it thinks fit;

(b)oblige any Finance Party to investigate or claim any credit, relief, remission or repayment

available to it or the extent, order and manner of any claim; or

(c)oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise)

or any computations in respect of Tax.

**42Finance Parties acting together**

**42.1Finance Parties acting together**

(a)Notwithstanding clause 2.2 *(Finance Parties' rights and obligations)*, if the Agent makes a

declaration under clause 32.20 *(Acceleration)* or notifies the other Finance Parties that it

considers it is entitled to make such a declaration, the Agent shall, in the names of all the

Finance Parties, take such action on behalf of the Finance Parties and conduct such

negotiations with the Borrower and any Group Members and generally administer the

Facility in accordance with the wishes of the Majority Lenders. All the Finance Parties shall

be bound by the provisions of this clause and no Finance Party shall take action

independently against any Obligor or any of its assets without the prior consent of the

Majority Lenders.

(b)Paragraph (a) above shall not override clause 36 (*Roles of Agent, Security Agent, Arranger* 

*and Green Loan Advisor*) as it applies to the Security Agent.

**43Sharing among the Finance Parties**

**43.1Payments to Finance Parties**

(a)If a Finance Party (a **Recovering Finance Party**) receives or recovers any amount from

an Obligor other than in accordance with clause 44 *(Payment mechanics)* (a **Recovered** 

**Amount**) and applies that amount to a payment due under the Finance Documents then:

(i)the Recovering Finance Party shall, within three Business Days, notify details of

the receipt or recovery, to the Agent;

(ii)the Agent shall determine whether the receipt or recovery is in excess of the

amount the Recovering Finance Party would have been paid had the receipt or

recovery been received or made by the Agent and distributed in accordance with

clause 44 *(Payment mechanics)*, without taking account of any Tax which would be

imposed on the Agent in relation to the receipt, recovery or distribution; and

(iii)the Recovering Finance Party shall, within three Business Days of demand by the

Agent, pay to the Agent an amount (the **Sharing Payment**) equal to such receipt or

recovery less any amount which the Agent determines may be retained by the

Recovering Finance Party as its share of any payment to be made, in accordance

with clause 44.5 (*Partial payments*).

(b)Paragraph (a) above shall not apply to any amount received or recovered by an Ancillary

Lender in respect of any cash cover provided for the benefit of that Ancillary Lender.

**43.2Redistribution of payments**

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and

distribute it between the Finance Parties (other than the Recovering Finance Party) (the

**Sharing Finance Parties**) in accordance with clause 44.5 *(Partial payments)* towards the

obligations of that Obligor to the Sharing Finance Parties.

**43.3Recovering Finance Party's rights**

On a distribution by the Agent under clause 43.2 *(Redistribution of payments)* of a payment

received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and

the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing

Payment will be treated as not having been paid by that Obligor.

**43.4Reversal of redistribution**

If any part of the Sharing Payment received or recovered by a Recovering Finance Party

becomes repayable and is repaid by that Recovering Finance Party, then:

(a)each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the

account of that Recovering Finance Party an amount equal to the appropriate part of its

share of the Sharing Payment (together with an amount as is necessary to reimburse that

Recovering Finance Party for its proportion of any interest on the Sharing Payment which

that Recovering Finance Party is required to pay) (the **Redistributed Amount**); and

(b)as between the relevant Obligor and each relevant Sharing Finance Party, an amount

equal to the relevant Redistributed Amount will be treated as not having been paid by that

Obligor.

**43.5Exceptions**

(a)This clause 43 shall not apply to the extent that the Recovering Finance Party would not,

after making any payment pursuant to this clause, have a valid and enforceable claim

against the relevant Obligor.

(b)A Recovering Finance Party is not obliged to share with any other Finance Party any

amount which the Recovering Finance Party has received or recovered as a result of taking

legal or arbitration proceedings, if:

(i)it notified that other Finance Party of the legal or arbitration proceedings;

(ii)the taking legal or arbitration proceedings was in accordance with the terms of this

Agreement; and

(iii)that other Finance Party had an opportunity to participate in those legal or

arbitration proceedings but did not do so as soon as reasonably practicable having

received notice and did not take separate legal or arbitration proceedings.

**43.6Ancillary Lenders**

(a)This clause 43 shall not apply to any receipt or recovery by a Lender in its capacity as an

Ancillary Lender at any time prior to the Agent exercising any of its rights under

clause 32.20 (*Acceleration*).

(b)Following the exercise by the Agent of any of its rights under clause 32.20 (*Acceleration*),

this clause 43 shall apply to all receipts or recoveries by Ancillary Lenders.

**Section 11 - Administration**

**44Payment mechanics**

**44.1Payments to the Agent**

(a)On each date on which an Obligor or a Lender is required to make a payment under a

Finance Document (other than a Hedging Contract), and excluding a payment under the

terms of an Ancillary Document, that Obligor or Lender shall make the same available to

the Agent (unless a contrary indication appears in a Finance Document) for value on the

due date at the time and in such funds specified by the Agent as being customary at the

time for settlement of transactions in the relevant currency in the place of payment.

(b)Payment shall be made to such account in the principal financial centre of the country of

that currency (or, in relation to euro, in a principal financial centre in such Participating

Member State or London, as specified by the Agent) and with such bank as the Agent, in

each case, specifies.

**44.2Distributions by the Agent**

Each payment received by the Agent under the Finance Documents for another Party shall,

subject to clause 44.3 *(Distributions to an Obligor)* and clause 44.4 *(Clawback and pre-funding)* 

be made available by the Agent as soon as practicable after receipt to the Party entitled to

receive payment in accordance with this Agreement (in the case of a Lender, for the account of

its Facility Office), to such account as that Party may notify to the Agent by not less than five

Business Days' notice with a bank specified by that Party in the principal financial centre of the

country of that currency (or, in relation to euro, in the principal financial centre of a Participating

Member State or London, as specified by that Party).

**44.3Distributions to an Obligor**

The Agent may (with the consent of the Obligor or in accordance with clause 45 *(Set-off)*) apply

any amount received by it for that Obligor in or towards payment (on the date and in the

currency and funds of receipt) of any amount due from that Obligor under the Finance

Documents or in or towards purchase of any amount of any currency to be so applied.

**44.4Clawback and pre-funding**

(a)Where a sum is to be paid to the Agent under the Finance Documents for another Party,

the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any

related exchange contract) until it has been able to establish to its satisfaction that it has

actually received that sum.

(b)Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it

proves to be the case that the Agent had not actually received that amount, then the Party

to whom that amount (or the proceeds of any related exchange contract) was paid by the

Agent shall on demand refund the same to the Agent together with interest on that amount

from the date of payment to the date of receipt by the Agent, calculated by the Agent to

reflect its cost of funds.

(c)If the Agent has notified the Lenders that it is willing to make available amounts for the

account of the Borrower before receiving funds from the Lenders then if and to the extent

that the Agent does so but it proves to be the case that it does not then receive funds from

a Lender in respect of a sum which it paid to the Borrower:

(i)the Agent shall notify the Borrower of that Lender's identity and the Borrower shall

on demand refund it to the Agent; and

(ii)the Lender by whom those funds should have been made available or, if that

Lender fails to do so, the Borrower, shall on demand pay to the Agent the amount

(as certified by the Agent) which will indemnify the Agent against any funding cost

incurred by it as a result of paying out that sum before receiving those funds from

that Lender.

**44.5Partial payments**

(a)If the Agent receives a payment for application against amounts due in respect of any

Finance Documents that is insufficient to discharge all the amounts then due and payable

by an Obligor under those Finance Documents, the Agent shall apply that payment towards

the obligations of that Obligor under the Finance Documents in the following order:

(i)**first**, in or towards payment pro rata of any unpaid amount owing to the Agent, the

Security Agent or the Arrangers for their own account under those Finance

Documents;

(ii)**secondly**, in or towards payment to the Lenders pro rata of any amount owing to

the Lenders under clause 36.15 (*Lenders' indemnity to the Agent and others*);

(iii)**thirdly**, in or towards payment to the Lenders and the Hedging Providers pro rata

in the following order of:

(A)first, any accrued interest, fee or commission or any net amount (excluding

termination sums or close-out payments in the case of the Hedging

Providers) due to them but unpaid under the Finance Documents;

(B)secondly, any principal (in the case of the Lenders) or any other net amount

(including termination sums or close-out payments in the case of the

Hedging Providers but without prejudice to clause 33.4 (*Close out of* 

*Hedging Contracts*)) due to them but unpaid under this Agreement or any

Hedging Contract; and

(C)thirdly, any other sum due to them but unpaid under the Finance Documents;

(iv)**fourthly**, in or towards payment to the Ancillary Lenders pro rata of any due but

unpaid amounts under the Ancillary Facilities; and

(v)**fifthly**, in or towards payment pro rata of any other sum due but unpaid to the

Finance Parties under the Finance Documents.

(b)The Agent shall, if so directed by all the Lenders, each Hedging Provider and each Ancillary

Lender, vary the order set out in paragraphs (ii) to (v) of paragraph (a) above.

(c)Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

**44.6No set-off by Obligors**

All payments to be made by an Obligor under the Finance Documents shall be calculated and

be made without (and free and clear of any deduction for) set-off or counterclaim.

**44.7Business Days**

(a)Any payment under the Finance Documents which is due to be made on a day that is not a

Business Day shall be made on the next Business Day in the same calendar month (if

there is one) or the preceding Business Day (if there is not).

(b)During any extension of the due date for payment of any principal or Unpaid Sum under

this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on

the original due date.

**44.8Currency of account**

(a)Subject to paragraphs (b) and (c) below, euro is the currency of account and payment for

any sum due from an Obligor under any Finance Document.

(b)A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall

be made in euro on its due date.

(c)Each payment in respect of the amount of any costs, expenses or Taxes or other losses

shall be made in euro and, if they were incurred in a currency other than euro, the amount

payable under the Finance Documents shall be the equivalent in euro of the relevant

amount in such other currency on the date on which it was incurred.

(d)All moneys received or held by the Security Agent or by a Receiver under a Security

Document in a currency other than euro may be sold for euro and the Obligor which

executed that Security Document shall indemnify the Security Agent against the full cost in

relation to the sale. Neither the Security Agent nor such Receiver will have any liability to

that Obligor in respect of any loss resulting from any fluctuation in exchange rates after the

sale.

**44.9Change of currency**

(a)Unless otherwise prohibited by law, if more than one currency or currency unit are at the

same time recognised by the central bank of any country as the lawful currency of that

country, then:

(i)any reference in the Finance Documents to, and any obligations arising under the

Finance Documents in, the currency of that country shall be translated into, or paid

in, the currency or currency unit of that country designated by the Agent (after

consultation with the Borrower); and

(ii)any translation from one currency or currency unit to another shall be at the official

rate of exchange recognised by the central bank for the conversion of that currency

or currency unit into the other, rounded up or down by the Agent (acting

reasonably).

(b)If a change in any currency of a country occurs, this Agreement will, to the extent the Agent

(acting reasonably and after consultation with the Borrower) specifies to be necessary, be

amended to comply with any generally accepted conventions and market practice in the

Interbank Market and otherwise to reflect the change in currency.

**44.10Disruption to payment systems etc.**

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the

Agent is notified by the Borrower that a Disruption Event has occurred:

(a)the Agent may, and shall if requested to do so by the Borrower, consult with the Borrower

with a view to agreeing with the Borrower such changes to the operation or administration

of the Facility as the Agent may deem necessary in the circumstances;

(b)the Agent shall not be obliged to consult with the Borrower in relation to any changes

mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the

circumstances and, in any event, shall have no obligation to agree to such changes;

(c)the Agent may consult with the Finance Parties in relation to any changes mentioned in

paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to

do so in the circumstances;

(d)any such changes agreed upon by the Agent and the Borrower shall (whether or not it is

finally determined that a Disruption Event has occurred) be binding upon the Parties as an

amendment to (or, as the case may be, waiver of) the terms of the Finance Documents

notwithstanding the provisions of clause 50 *(Amendments and waivers)*;

(e)the Agent shall not be liable for any damages, costs or losses to any person, any

diminution in value or any liability whatsoever (including, without limitation for negligence,

gross negligence or any other category of liability whatsoever but not including any claim

based on the fraud of the Agent) arising as a result of its taking, or failing to take, any

actions pursuant to or in connection with this clause 44.10; and

(f)the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d)

above.

**44.11Impaired Agent**

(a)If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required

to make a payment under the Finance Documents to the Agent in accordance with clause 44.1

(*Payments to the Agent*) may instead either pay that amount direct to the required recipient or

pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning

of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency

Event has occurred and is continuing, in the name of the Obligor or the Lender making the

payment and designated as a trust account for the benefit of the Party or Parties beneficially

entitled to that payment under the Finance Documents. In each case such payments must be

made on the due date for payment under the Finance Documents.

(b)All interest accrued on the amount standing to the credit of the trust account shall be for the

benefit of the beneficiaries of that trust account pro rata to their respective entitlements.

(c)A Party which has made a payment in accordance with clause 44.1 (*Payments to the Agent*)

shall be discharged of the relevant payment obligation under the Finance Documents and shall

not take any credit risk with respect to the amounts standing to the credit of the trust account.

(d)Promptly upon the appointment of a successor Agent in accordance with clause 36.17

(*Replacement of the Agent*), each Party which has made a payment to a trust account in

accordance with clause 44.1 (*Payments to the Agent*) shall give all requisite instructions to the

bank with whom the trust account is held to transfer the amount (together with any accrued

interest) to the successor Agent for distribution in accordance with clause 44.2 (*Distributions by* 

*the Agent*).

**45Set-off**

**45.1**A Finance Party may set off any matured obligation due from an Obligor under the Finance

Documents (to the extent beneficially owned by that Finance Party) against any matured

obligation owed by that Finance Party to that Obligor, regardless of the place of payment,

booking branch or currency of either obligation. If the obligations are in different currencies, the

Finance Party may convert either obligation at a market rate of exchange in its usual course of

business for the purpose of the set-off.

**46Notices**

**46.1Communications in writing**

Any communication to be made under or in connection with the Finance Documents shall be

made in writing and, unless otherwise stated, may be made by letter.

**46.2Addresses**

The address (and the department or officer, if any, for whose attention the communication is to

be made) of each Obligor or Finance Party for any communication or document to be made or

delivered under or in connection with the Finance Documents is:

(a)in the case of any Obligor, that identified with its name in Schedule 1 (*The original parties*)

or that identified with Guarantor A in Schedule 1 (*The original parties*);

(b)in the case of the Agent, the Security Agent and any other original Finance Party, that

identified with its name in Schedule 1 (*The original parties*); and

(c)in the case of each Lender, each Ancillary Lender or other Finance Party, that notified in

writing to the Agent on or prior to the date on which it becomes a Party in the relevant

capacity,

or, in each case, any substitute address, or department or officer as an Obligor or Finance Party

may notify to the Agent (or the Agent may notify to the other Finance Parties and the Obligors

who are Parties, if a change is made by the Agent) by not less than five Business Days' notice.

**46.3Delivery**

(a)Any communication or document made or delivered by one person to another under or in

connection with the Finance Documents will only be effective if by way of letter, when it has

been left at the relevant address or five Business Days after being deposited in the post

postage prepaid in an envelope addressed to it at that address, and, if a particular

department or officer is specified as part of its address details provided under clause 46.2

*(Addresses)*, if addressed to that department or officer.

(b)Any communication or document to be made or delivered to the Agent or Security Agent

will be effective only when actually received by the Agent or the Security Agent and then

only if it is expressly marked for the attention of the department or officer identified in

Schedule 1 (*The original parties*) (or any substitute department or officer as the Agent or

the Security Agent shall specify for this purpose).

(c)All notices from or to an Obligor shall be sent through the Agent.

(d)Any communication or document made or delivered to the Borrower in accordance with this

clause 46.3 will be deemed to have been made or delivered to each of the Obligors.

(e)Any communication or document which becomes effective, in accordance with paragraphs

(a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become

effective on the following day.

**46.4Notification of address** 

Promptly upon changing its address, the Agent shall notify the other Parties.

**46.5Electronic communication**

(a)Any communication or document to be made or delivered by one Party to another under or

in connection with the Finance Documents may be made or delivered by electronic mail or

other electronic means (including, without limitation, by way of posting to a secure website)

if those two Parties:

(i)notify each other in writing of their electronic mail address and/or any other

information required to enable the transmission of information by that means; and

(ii)notify each other of any change to their address or any other such information

supplied by them by not less than five Business Days' notice.

(b)Any such electronic communication or document as specified in paragraph (a) above to be

made between an Obligor and a Finance Party may only be made in that way to the extent

that those two Parties agree that, unless and until notified to the contrary, this is to be an

accepted form of communication or delivery.

(c)Any such electronic communication or document as specified in paragraph (a) above made

or delivered by one Party to another will be effective only when actually received (or made

available) in readable form and, in the case of any electronic communication or document

made or delivered by a Party to the Agent, only if it is addressed in such a manner as the

Agent shall specify for this purpose.

(d)Any electronic communication or document which becomes effective, in accordance with

paragraph (c) above, after 5.00 p.m. in the place in which the Party to whom the relevant

communication or document is sent or made available has its address for the purpose of

this Agreement or any other Finance Document shall be deemed only to become effective

on the following day.

(e)Any reference in a Finance Document to a communication being sent or received or a

document being delivered shall be construed to include that communication or document

being made available in accordance with this clause 46.5.

**46.6English language**

(a)Any notice given under or in connection with any Finance Document must be in English.

(b)All other documents provided under or in connection with any Finance Document must be:

(i)in English; or

(ii)if not in English, and if so required by the Agent, accompanied by a certified English

translation and, in this case, the English translation will prevail unless the document

is a constitutional, statutory or other official document.

**46.7Communication with Agent when Agent is Impaired Agent**

If the Agent is an Impaired Agent the Parties may, instead of communicating with each other

through the Agent, communicate with each other directly and (while the Agent is an Impaired

Agent) all the provisions of the Finance Documents which require communications to be made

or notices to be given to or by the Agent shall be varied so that communications may be made

and notices given to or by the relevant parties directly. This provision shall not operate after a

replacement Agent has been appointed.

**47Calculations and certificates**

**47.1Accounts**

In any litigation or arbitration proceedings arising out of or in connection with a Finance

Document, the entries made in the accounts maintained by a Finance Party are *prima facie* 

evidence of the matters to which they relate.

**47.2Certificates and determinations**

Any certification or determination by a Finance Party of a rate or amount under any Finance

Document is, in the absence of manifest error, conclusive evidence of the matters to which it

relates.

**47.3Day count convention**

Any interest, commission or fee accruing under a Finance Document will accrue from day to day

and is calculated on the basis of the actual number of days elapsed and a year of 360 days or,

in any case where the practice in the Interbank Market differs, in accordance with that market

practice.

**48Partial invalidity**

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or

unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or

enforceability of the remaining provisions nor the legality, validity or enforceability of such

provision under the law of any other jurisdiction will in any way be affected or impaired.

**49Remedies and waivers**

No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or

remedy under a Finance Document shall operate as a waiver of any such right or remedy or

constitute an election to affirm any Finance Document. No election to affirm any Finance

Document on the part of any Finance Party shall be effective unless it is in writing. No single or

partial exercise of any right or remedy shall prevent any further or other exercise or the exercise

of any other right or remedy. The rights and remedies provided in each Finance Document are

cumulative and not exclusive of any rights or remedies provided by law.

**50Amendments and waivers**

**50.1Required consents**

(a)Subject to clause 50.2 *(All Lender matters)* and clause 50.3 *(Other exceptions)*, any term of

the Finance Documents may be amended or waived only with the consent of Guarantor A

(up to the Share Exchange Completion) or UK ListCo (on and from the Share Exchange

Completion)and the Agent (acting on the instructions of the Majority Lenders) and, if it

affects the rights and obligations of the Agent, the consent of the Agent, and any such

amendment or waiver will be binding on all the Finance Parties and other Obligors.

(b)The Agent may (or, in the case of the Security Documents, instruct the Security Agent to)

effect, on behalf of any Finance Party, any amendment or waiver permitted by this clause

50. (c)Without prejudice to the generality of paragraphs (c), (d) and (e) of clause 36.11 *(Rights* 

*and discretions of the Agent and the Security Agent)*, the Agent may engage, pay for and

rely on the services of lawyers in determining the consent level required for and effecting

any amendment, waiver or consent under this Agreement.

(d)Each Obligor agrees to any such amendment or waiver permitted by this clause 50 which is

agreed to by Guarantor A (up to the Share Exchange Completion) or UK ListCo (on and

from the Share Exchange Completion). This includes any amendment or waiver which

would, but for this paragraph (d), require the consent of the Borrower.

(e)Amendments to or waivers in respect of any Finance Document may only be agreed in

writing.

**50.2All Lender matters**

Subject to clause 50.5 (*Replacement of Screen Rate)* an amendment, waiver or discharge or

release or a consent of, or in relation to, any term of any Finance Document that has the effect

of changing or which relates to:

(a)the definition of "Majority Lenders" in clause 1.1 *(Definitions)*;

(b)the definition of "Last Availability Date" in clause 1.1 *(Definitions)*;

(c)the definitions of "Green Asset Criteria", "Green Assets", "Green Finance Second Party

Opinion", "Green Loan", "Green Loan Compliance Certificate", "Green Loan Information",

"Green Loan Provisions" and "Green Loan Report" in clause 1.1 *(Definitions);*

(d)the definition of "Repeating Representations" in clause 1.1 *(Definitions)*;

(e)an extension to the date of payment of any amount under the Finance Documents;

(f)a reduction in the Margin or a reduction in the amount of any payment of principal, interest,

fees or commission payable or the rate at which they are calculated;

(g)an increase in any Commitment or the Total Commitments;

(h)an extension of any period within which the Facility is available for Utilisation;

(i)any requirement that a cancellation of Commitments reduces the Commitments of the

Lenders rateably;

(j)a change to the Borrower or any other Obligor;

(k)clause 8.2 *(Change of control)* and the definition of "Change of Control" in clause 1.1

*(Definitions)*;

(l)clause 1.7 (*Sanctions – Restricted Lender*), clause 20.32 (*Sanctions*), clause 20.35(c)

(*Times when representations are made*), clause 23.13 (*Sanctions*), paragraphs (b), (c) or

(d) of clause 25.16 (*Lawful use*) and any of the definitions of "Sanctioned Country",

"Sanctions", "Sanctions Advisory", "Sanctions Authority", "Sanctions List" and "Restricted

Party" in clause 1.1 *(Definitions)*;

(m)any of the Green Loan Provisions;

(n)any provision which expressly requires the consent or approval of all the Lenders;

(o)clause 43 *(Sharing among the Finance Parties)*;

(p)clause 2.2 *(Finance Parties' rights and obligations)*, clause 5.1 (*Delivery of the Utilisation* 

*Request*), clause 8.1 *(Illegality)*, clause 34 *(Changes to the Lenders)*, clause 9.9

*(Application of prepayments)*, this clause 50, clause 55 *(Governing law)* or clause 56.1

*(Jurisdiction of English courts)*;

(q)the order of distribution under clause 39.1 *(Order of application)*;

(r)the order of distribution under clause 44.5 *(Partial payments)* (unless clause 44.5(b) allows

the Majority Lenders to vary such order);

(s)the currency in which any amount is payable under any Finance Document;

(t)(other than as expressly permitted by the provisions of any Finance Document) the nature

or scope of:

(i)any guarantee and indemnity granted under any Finance Document (including the

Guarantee under clause 19 *(Guarantee and indemnity)*);

(ii)the Charged Property; or

(iii)the manner in which the proceeds of enforcement of the Transaction Security are

distributed; or

(u)the release of any of the Transaction Security or any guarantee or other obligation or the

circumstances in which any of the Transaction Security or any guarantee or other

obligations under any Finance Document is permitted or required to be released under any

of the Finance Documents,

shall not be made, or given, without the prior consent of all the Lenders.

**50.3Other exceptions**

(a)Amendments to or waivers in respect of the Hedging Contracts may only be agreed by the

relevant Hedging Provider.

(b)Amendments to or waivers in respect of an Ancillary Facility may only be agreed by the

relevant Ancillary Lender.

(c)An amendment or waiver which relates to the rights or obligations of the Agent, the Security

Agent, any Hedging Provider, any Ancillary Lender, a Reference Bank or the Arrangers in

their respective capacities as such (and not just as a Lender) may not be effected without

the consent of the Agent, the Security Agent, the relevant Hedging Provider, that Ancillary

Lender, that Reference Bank or the Arrangers (as the case may be).

(d)Notwithstanding clauses 50.1 and 50.2 and paragraph (c) above, the Agent may make

technical amendments to the Finance Documents arising out of manifest errors on the face

of the Finance Documents, where such amendments would not prejudice or otherwise be

adverse to the interests of any Finance Party without any reference or consent of the

Finance Parties.

**50.4Disenfranchisement of Defaulting Lenders**

(a)For so long as a Defaulting Lender has any Commitment, in ascertaining (i) the Majority

Lenders or (ii) whether any given percentage (including, for the avoidance of doubt,

unanimity) of the Total Commitments under the Facility, or the agreement of any specified

group of Lenders, has been obtained to approve any request for a consent, waiver,

amendment or other vote under the Finance Documents, that Defaulting Lender's

Commitment will be reduced by the amount of its Commitment and, to the extent that the

reduction results in that Defaulting Lender's Commitment being zero and it has no

participation in the Loan, that Defaulting Lender shall be deemed not to be a Lender for the

purposes paragraphs (i) and (ii) above.

(b)For the purposes of this clause 50.4, the Agent may assume that the following Lenders are

Defaulting Lenders:

(i)any Lender which has notified the Agent that it has become a Defaulting Lender;

and

(ii)any Lender in relation to which it is aware that any of the events or circumstances

referred to in paragraphs (a), (b) or (c) of the definition of **Defaulting Lender** has

occurred, unless it has received notice to the contrary from the Lender concerned

(together with any supporting evidence reasonably requested by the Agent) or the

Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

**50.5Replacement of Screen Rate**

(a)Subject to clause 50.3 *(Other exceptions)*, if a Screen Rate Replacement Event has

occurred, any amendment or waiver which relates to:

(i)providing for the use of a Replacement Benchmark in place of the Screen Rate;

and

(ii)any or all of the following:

(A)aligning any provision of any Finance Document (other than a Hedging

Contract) to the use of that Replacement Benchmark;

(B)enabling that Replacement Benchmark to be used for the calculation of

interest under this Agreement (including, without limitation, any

consequential changes required to enable that Replacement Benchmark to

be used for the purposes of this Agreement);

(C)implementing market conventions applicable to that Replacement

Benchmark;

(D)providing for appropriate fallback (and market disruption) provisions for that

Replacement Benchmark; or

(E)adjusting the pricing to reduce or eliminate, to the extent reasonably

practicable, any transfer of economic value from one Party to another as a

result of the application of that Replacement Benchmark (and if any

adjustment or method for calculating any adjustment has been formally

designated, nominated or recommended by the Relevant Nominating Body,

the adjustment shall be determined on the basis of that designation,

nomination or recommendation),

may be made with the consent of the Agent (acting on the instructions of the Majority

Lenders) and the Borrower.

(b)In this clause 50.5:

**Relevant Nominating Body** means any applicable central bank, regulator or other

supervisory authority or a group of them, or any working group or committee sponsored or

chaired by, or constituted at the request of, any of them or the Financial Stability Board.

**Replacement Benchmark** means:

(a)the euro short term rate (€STR); or

at the discretion of all the Lenders

(b)any other a reference rate which is:

(i)formally designated, nominated or recommended as the replacement for

the Screen Rate by:

(A)the administrator of the Screen Rate (provided that the market or economic

reality that such reference rate measures is the same as that measured by

that Screen Rate); or

(B)any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated,

nominated or recommended under both paragraphs, the "Replacement

Benchmark" will be the replacement under paragraph (B) above;

(ii)in the opinion of the Majority Lenders and the Obligors, generally accepted

in the international or any relevant domestic syndicated loan markets as the

appropriate successor to the Screen Rate; or

(iii)in the opinion of the Majority Lenders and the Obligors, an appropriate

successor to the Screen Rate.

**Screen Rate Replacement Event** means, in relation to the Screen Rate:

(a)the methodology, formula or other means of determining the Screen Rate has, in the

opinion of the Majority Lenders and the Borrower materially changed;

(b)any of the following applies:

(i)either:

(A)the administrator of the Screen Rate or its supervisor publicly announces

that such administrator is insolvent; or

(B)information is published in any order, decree, notice, petition or filing,

however described, of or filed with a court, tribunal, exchange, regulatory

authority or similar administrative, regulatory or judicial body which

reasonably confirms that the administrator of the Screen Rate is insolvent,

provided that, in each case, at that time, there is no successor administrator

to continue to provide the Screen Rate;

(ii)the administrator of the Screen Rate publicly announces that it has ceased or will

cease, to provide the Screen Rate permanently or indefinitely and, at that time,

there is no successor administrator to continue to provide the Screen Rate;

(iii)the supervisor of the administrator of the Screen Rate publicly announces that such

Screen Rate has been or will be permanently or indefinitely discontinued;

(iv)the administrator of the Screen Rate or its supervisor announces that the Screen

Rate may no longer be used; or

(v)the supervisor of the administrator of that Screen Rate makes a public

announcement or publishes information:

(A)stating that the Screen Rate is no longer or, as of a specified future date will

no longer be, representative of the underlying market or economic reality that

it is intended to measure and that representativeness will not be restored (as

determined by such supervisor); and

(B)with awareness that any such announcement or publication will engage

certain triggers for fallback provisions in contracts which may be activated by

any such pre-cessation announcement or publication; or

(c)the administrator of the Screen Rate determines that the Screen Rate should be

calculated in accordance with its reduced submissions or other contingency or fallback

policies or arrangements and either:

(i)the circumstance(s) or event(s) leading to such determination are not (in the

opinion of the Majority Lenders and the Borrower) temporary; or

(ii)the Screen Rate is calculated in accordance with any such policy or arrangement

for a period of no less than 15 Business Days; or

(d)in the opinion of the Majority Lenders and the Borrower, the Screen Rate is otherwise no

longer appropriate for the purposes of calculating interest under this Agreement.

**50.6Releases**

Except with the approval of the Lenders and the Hedging Providers or for a release which is

expressly permitted or required by the Finance Documents, the Agent shall not have authority to

authorise the Security Agent to release (nor shall any Finance Party, unless so directed by the

Security Agent in accordance with clause 38.4 *(Enforcement through Security Agent only)*,

release):

(a)any Charged Property from the Transaction Security; or

(b)any Obligor from any of its guarantee or other obligations under any Finance Document.

**50.7Excluded Commitments**

If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to

any term of any Finance Document (as relevant) or any other vote of Lenders under the terms of

this Agreement within 30 Business Days of that request being made (unless the Borrower and

the Agent agree to a longer time period in relation to any request):

(a)its Commitment or its participation in the Loan shall not be included for the purpose of

calculating the Total Commitments or the amount of the Loan when ascertaining whether

any relevant percentage (including, for the avoidance of doubt, unanimity) of Total

Commitments or the amount of the Loan has been obtained to approve that request; and

(b)its status as a Lender shall be disregarded for the purpose of ascertaining whether the

agreement of any specified group of Lenders has been obtained to approve that request.

**51Confidential Information**

**51.1Confidential Information**

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it

to anyone, save to the extent permitted by clause 51.2 *(Disclosure of Confidential Information)* 

and clause 51.3 *(Disclosure to numbering service providers)*, and to ensure that all Confidential

Information is protected with security measures and a degree of care that would apply to its own

confidential information.

**51.2Disclosure of Confidential Information**

Any Finance Party may disclose (without the consent of the Obligors) to such Finance Party's

head office or to any of its Affiliates or Related Funds (such Affiliates and Related Funds, the

**Permitted Parties**) or to any of its or its Affiliates' officers, directors or employees and any other

person:

(a)in the case of a Lender or Hedging Provider, to (or through) whom that Lender or Hedging

Provider assigns (or may potentially assign) all or any of its rights under the Finance

Documents;

(b)in the case of a Lender, to whom or for whose benefit that Finance Party charges, assigns

or otherwise creates a Security Interest (or may do so) pursuant to clause 34.10 *(Security* 

*over Lenders' rights)*;

(c)in the case of a Lender or a Hedging Provider, with (or through) whom that Lender or that

Hedging Provider enters into (or may potentially enter into) any sub-participation in relation

to, or any other transaction under which payments are to be made by reference to, the

Finance Documents or any Obligor; or

(d)to whom information is required to be disclosed in connection with, and for the purposes of,

any litigation, arbitration, administrative or other investigations, proceedings or disputes; or

(e)to whom, and to the extent that, information is required, permitted or requested to be

disclosed by any court or tribunal of competent jurisdiction or any governmental, banking,

taxation or other regulatory authority or similar body, the rules of any relevant stock

exchange or pursuant to any applicable law or regulation,

and any Finance Party may disclose to any auditors, rating agencies or to its own or its

Permitted Parties' professional advisers, auditors or brokers or insurers or potential reinsurance

brokers or direct or indirect credit protection providers and reinsurers or (with the consent of the

Borrower, or if an Event of Default has happened and is continuing, with the approval of the

Majority Lenders) to any other person, any information about any Obligor, the Group and the

Finance Documents as that Finance Party shall consider appropriate.

**51.3Disclosure to numbering service providers**

(a)Any Finance Party may disclose to any national or international numbering service provider

appointed by that Finance Party to provide identification numbering services in respect of

this Agreement, the Facility and/or one or more Obligors the following information:

(i)names of Obligors;

(ii)country of domicile of Obligors;

(iii)place of incorporation of Obligors;

(iv)date of this Agreement;

(v)clause 55 *(Governing law)*;

(vi)the names of the Agent and the Arrangers;

(vii)date of each amendment and restatement of this Agreement;

(viii)amount of Total Commitments;

(ix)currency of the Facility;

(x)type of Facility;

(xi)ranking of Facility;

(xii)the term of the Facility;

(xiii)changes to any of the information previously supplied pursuant to paragraphs (i) to

(xii) above; and

(xiv)such other information agreed between such Finance Party and the Borrower,

to enable such numbering service provider to provide its usual syndicated loan numbering

identification services.

(b)The Parties acknowledge and agree that each identification number assigned to this

Agreement, the Facility and/or one or more Obligors by a numbering service provider and

the information associated with each such number may be disclosed to users of its services

in accordance with the standard terms and conditions of that numbering service provider.

(c)The Borrower represents that none of the information set out in paragraphs (i) to (xiv)

above is, nor will at any time be, unpublished price-sensitive information.

(d)The Agent shall notify the Borrower and the other Finance Parties of:

(i)the name of any numbering service provider appointed by the Agent in respect of

this Agreement, the Facility and/or one or more Obligors; and

(ii)the number or, as the case may be, numbers assigned to this Agreement, the

Facility and/or one or more Obligors by such numbering service provider.

**51.4Disclosure of personal data**

(a)If any Obligor provides the Finance Parties with personal data of any individual as required

by, pursuant to, or in connection with the Finance Documents, that Obligor represents and

warrants to the Finance Parties that it has, to the extent required by law:

(i)notified the relevant individual of the purposes for which data will be collected,

processed, used or disclosed;

(ii)obtained such individual's consent for, and hereby consents on behalf of such

individual to, the collection, processing, use and disclosure of his/her personal data

by the Finance Parties,

(iii) in each case, in accordance with or for the purposes of the Finance Documents,

and confirms that it is authorised by such individual to provide such consent on his/her

behalf.

(b)Each Obligor agrees and undertakes to notify the Agent promptly upon becoming aware of

the withdrawal by the relevant individual of his/her consent to the collection, processing,

use and/or disclosure by any Finance Party of any personal data provided by that Obligor

to any Finance Party.

(c)Any consent given pursuant to this Agreement in relation to personal data shall, subject to

all applicable laws and regulations, survive death, incapacity, bankruptcy or insolvency of

any such individual and the termination of this Agreement.

**51.5Entire agreement**

This clause 51 constitutes the entire agreement between the Parties in relation to the obligations

of the Finance Parties under the Finance Documents regarding Confidential Information and

supersedes any previous agreement, whether express or implied, regarding Confidential

Information.

**51.6Inside information**

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or

may be price-sensitive information and that the use of such information may be regulated or

prohibited by applicable legislation including securities law relating to insider dealing and market

abuse and each of the Finance Parties undertakes not to use any Confidential Information for

any unlawful purpose.

**51.7Notification of disclosure**

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the

Borrower:

(a)of the circumstances of any disclosure of Confidential Information made to any person to

whom information is required or requested to be disclosed by any court of competent

jurisdiction or any governmental, banking, taxation or other regulatory authority or similar

body or the rules of any relevant stock exchange or pursuant to any applicable law or

regulation pursuant to clause 51.2 (*Disclosure of Confidential Information*) except where

such disclosure is made to any such person during the ordinary course of its supervisory or

regulatory function; and

(b)upon becoming aware that Confidential Information has been disclosed in breach of this

clause 51.

**51.8Continuing obligations**

The obligations in this clause 51 are continuing and, in particular, shall survive and remain

binding on each Finance Party for a period of twelve months from the earlier of:

(a)the date on which all amounts payable by the Obligors under or in connection with the

Finance Documents have been paid in full and all Commitments have been cancelled or

otherwise cease to be available; and

(b)the date on which such Finance Party otherwise ceases to be a Finance Party.

**52Confidentiality of Funding Rates and Reference Bank Quotations**

**52.1Confidentiality and disclosure**

(a)The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the

Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save

to the extent permitted by paragraphs (b), (c) and (d) below.

(b)The Agent may disclose:

(i)any Funding Rate (but not, for the avoidance of doubt, any Reference Bank

Quotation) to the Borrower pursuant to clause 10.5 *(Notification of rates of interest)*;

and

(ii)any Funding Rate or any Reference Bank Quotation to any person appointed by it

to provide administration services in respect of one or more of the Finance

Documents to the extent necessary to enable such service provider to provide

those services if the service provider to whom that information is to be given has

entered into a confidentiality agreement substantially in the form of the LMA Master

Confidentiality Undertaking for Use With Administration/Settlement Service

Providers or such other form of confidentiality undertaking agreed between the

Agent and the relevant Lender or Reference Bank, as the case may be.

(c)The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each

Obligor may disclose any Funding Rate, to:

(i)any of its Affiliates and any of its or their officers, directors, employees, professional

advisers, auditors, partners and representatives if any person to whom that

Funding Rate or Reference Bank Quotation is to be given pursuant to this

paragraph (i) is informed in writing of its confidential nature and that it may be

price-sensitive information except that there shall be no such requirement to so

inform if the recipient is subject to professional obligations to maintain the

confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise

bound by requirements of confidentiality in relation to it;

(ii)any person to whom information is required or requested to be disclosed by any

court of competent jurisdiction or any governmental, banking, taxation or other

regulatory authority or similar body, the rules of any relevant stock exchange or

pursuant to any applicable law or regulation if the person to whom that Funding

Rate or Reference Bank Quotation is to be given is informed in writing of its

confidential nature and that it may be price-sensitive information except that there

shall be no requirement to so inform if, in the opinion of the Agent or the relevant

Obligor, as the case may be, it is not practicable to do so in the circumstances;

(iii)any person to whom information is required to be disclosed in connection with, and

for the purposes of, any litigation, arbitration, administrative or other investigations,

proceedings or disputes if the person to whom that Funding Rate or Reference

Bank Quotation is to be given is informed in writing of its confidential nature and

that it may be price-sensitive information except that there shall be no requirement

to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may

be, it is not practicable to do so in the circumstances; and

(iv)any person with the consent of the relevant Lender or Reference Bank, as the case

may be.

(d)The Agent's obligations in this clause 52 relating to Reference Bank Quotations are without

prejudice to its obligations to make notifications under clause 10.5 *(Notification of rates of* 

*interest)* provided that (other than pursuant to paragraph (b)(i) above) the Agent shall not

include the details of any individual Reference Bank Quotation as part of any such

notification.

**52.2Related obligations**

(a)The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the

Agent, each Reference Bank Quotation) is or may be price-sensitive information and that

its use may be regulated or prohibited by applicable legislation including securities law

relating to insider dealing and market abuse and the Agent and each Obligor undertake not

to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for

any unlawful purpose.

(b)The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform

the relevant Lender or Reference Bank, as the case may be:

(i)of the circumstances of any disclosure made pursuant to clause 52.1(c)(ii)

*(Confidentiality and disclosure)* except where such disclosure is made to any of the

persons referred to in that paragraph during the ordinary course of its supervisory

or regulatory function; and

(ii)upon becoming aware that any information has been disclosed in breach of this

clause 52.

**52.3No Event of Default**

No Event of Default will occur under clause 32.5 *(Other obligations)* by reason only of an

Obligor's failure to comply with this clause 52.

**53Counterparts**

Each Finance Document may be executed in any number of counterparts, and this has the

same effect as if the signatures on the counterparts were on a single copy of the Finance

Document.

**54Contractual recognition of bail-in**

Notwithstanding any other term of any Finance Document or any other agreement, arrangement

or understanding between the Parties, each Party (and any other Obligor who is a party to any

other Finance Document to which this clause is expressed by the terms of that other Finance

Document to apply) acknowledges and accepts that any liability of any Finance Party to another

Finance Party or to an Obligor under or in connection with the Finance Documents may be

subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to

be bound by the effect of:

(a)any Bail-In Action in relation to any such liability, including (without limitation):

(i)a reduction, in full or in part, in the principal amount, or outstanding amount due

(including any accrued but unpaid interest) in respect of any such liability;

(ii)a conversion of all, or part of, any such liability into shares or other instruments of

ownership that may be issued to, or conferred on, it; and

(iii)a cancellation of any such liability; and

(b)a variation of any term of any Finance Document to the extent necessary to give effect to

any Bail-In Action in relation to any such liability.

**Section 12 - Governing Law and Enforcement**

**55Governing law**

This Agreement and any non-contractual obligations connected with it are governed by English

law.

**56Enforcement**

**56.1Jurisdiction of English courts**

(a)The courts of England have exclusive jurisdiction to settle any dispute arising out of or in

connection with this Agreement or any non-contractual obligations connected with it

(including a dispute regarding the existence, validity or termination of this Agreement) (a

**Dispute**).

(b)The Parties agree that the courts of England are the most appropriate and convenient

courts to settle Disputes and accordingly no Party will argue to the contrary.

(c)Notwithstanding paragraphs (a) and (b) above, no Finance Party shall be prevented from

taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent

allowed by law, the Finance Parties may take concurrent proceedings in any number of

jurisdictions.

**56.2Service of process**

Without prejudice to any other mode of service allowed under any relevant law, each Obligor

who is a Party (unless it is incorporated in England and Wales):

(a)irrevocably appoints the person named in Schedule 1 (*The original parties*) as that

Obligor's English process agent as its agent for service of process in relation to any

proceedings before the English courts in connection with any Finance Document;

(b)agrees that failure by an agent for service of process to notify the relevant Obligor of the

process will not invalidate the proceedings concerned; and

(c)if any person appointed as process agent for an Obligor is unable for any reason to act as

agent for service of process, that Obligor must immediately (and in any event within ten

days of such event taking place) appoint another agent on terms acceptable to the Agent.

Failing this, the Agent may appoint another agent (including Saville & Co Scrivener

Notaries, Cheeswrights LLP and The Law Debenture Corporation p.l.c. or any of their

Affiliates providing such professional service) for this purpose.

**This Agreement has been entered into on the date stated at the beginning of this Agreement.**

**Schedule 1** 

**The original parties**

**Borrower**

---

| | |
|:---|:---|
| **Name of Borrower:** | **Wind Keeper Limited** |
| **Jurisdiction of incorporation:** | England |
| **Registered office:** | South Denes Business Park<br>South Beach Parade<br>Great Yarmouth<br>Norfolk, NR30 3QR<br>United Kingdom<br>|
| **Registered number:** | 14849532 |
| **Shareholder of Borrower:** | Guarantor B  |

---

**Guarantor A**

---

| | |
|:---|:---|
| **Name of Guarantor A:** | **Cadeler A/S** |
| **Jurisdiction of incorporation:** | Denmark |
| **Registered office:** | Kalvebod Brygge 43<br>1560 Copenhagen V<br>Denmark<br>|
| **Registered number:** | 31180503 |

---

**Guarantor B**

---

| | |
|:---|:---|
| **Name of Guarantor B:** | **Cadeler International Limited** |
| **Jurisdiction of incorporation:** | England |
| **Registered office:** | South Denes Business Park<br>South Beach Parade<br>Great Yarmouth<br>Norfolk, NR30 3QR<br>United Kingdom<br>|
| **Registered number:** | 7964749 |

---

**Guarantor C**

---

| | |
|:---|:---|
| **Name of Guarantor C:** | **Cadeler Holdings Limited** |
| **Jurisdiction of incorporation:** | England |
| **Registered office:** | South Denes Business Park<br>South Beach Parade<br>Great Yarmouth<br>Norfolk, NR30 3QR<br>United Kingdom<br>|
| **Registered number:** | 7964020 |

---

**Guarantor D**

---

| | |
|:---|:---|
| **Name of Guarantor C:** | **Cadeler UK Limited** |
| **Jurisdiction of incorporation:** | England |
| **Registered office:** | South Denes Business Park<br>South Beach Parade<br>Great Yarmouth<br>Norfolk, NR30 3QR<br>United Kingdom<br>|
| **Registered number:** | 6106237 |

---

**Obligor process agent**

---

| | |
|:---|:---|
| **Name:** | Cadeler International Limited |
| **Registered office:** | South Denes Business Park<br>South Beach Parade<br>Great Yarmouth<br>Norfolk, NR30 3QR<br>United Kingdom<br>|

---

**Obligor address for service of notices**

---

| | |
|:---|:---|
| **Address:** | Kalvebod Brygge 43<br>1560 Copenhagen V<br>Denmark<br>|
| **Email:** | [REDACTED] |
| **Attention:** | [REDACTED] |

---

**Original Lenders and their Commitments**

---

| | | | |
|:---|:---|:---|:---|
| **Name of** <br>**Original** <br>**Commercial** <br>**Lender**<br>| **Facility Office and notice details** | **Commitment** <br>**(€)**<br>| **Treaty** <br>**Passport** <br>**scheme** <br>**reference** <br>**number and** <br>**jurisdiction of** <br>**tax residence** <br>**(if applicable)**<br>|
| **DNB Bank ASA** | Dronning Eufemias Gate 30<br>0191, Oslo<br>Norway<br>Attention: Loan Admin Corporate<br>E-mail Address: [REDACTED]<br>| 45000000 | 58/D/305668/<br>DTTP (Norway)<br>|
| **KFW IPEX-**<br>**BANK GMBH**<br>| Palmengartenstraße 5-9<br>60325 Frankfurt am Main<br>Germany<br>Attention (documentation /<br>credit matters):<br>[REDACTED]<br>Attention (loan<br>administrative purposes):<br>[REDACTED]<br>| 45000000 | 7/K/333018/<br>DTTP<br>|
| **SPAREBANK 1** <br>**SØR-NORGE** <br>**ASA**<br>| Address:<br>P.O. Box 250<br>N-4068 Stavanger<br>Norway<br>Attention:<br>Loan Administration<br>[REDACTED]<br>| 35000000 | 58/S/360918/<br>DTTP (Norway)<br>|
| **Total** <br>**Commitments:**<br>|  | **125000000** |  |

---

**The Agent**

---

| | |
|:---|:---|
| **Name:** | DNB Bank ASA |
| **Facility office and notice** <br>**details**<br>| Dronning Eufemias Gate 30<br>0191, Oslo<br>Norway<br>Attention: Agency Syndicated Loans<br>E-mail Address: [REDACTED]<br>|

---

**The Security Agent**

---

| | |
|:---|:---|
| **Name:** | DNB Bank ASA |
| **Facility office and notice** <br>**details**<br>| Dronning Eufemias Gate 30<br>0191, Oslo<br>Norway<br>Attention: Agency Syndicated Loans<br>E-mail Address: [REDACTED]<br>|

---

**The Arrangers**

---

| | |
|:---|:---|
| **Name:** | DNB Bank ASA |
| **Facility office and notice** <br>**details**<br>| Dronning Eufemias Gate 30<br>0191, Oslo<br>Norway<br>Attention: Loan Admin Corporate<br>E-mail Address: [REDACTED]<br>|

---

---

| | |
|:---|:---|
| **Name:** | KfW IPEX-Bank GmbH |
| **Facility office and notice** <br>**details**<br>| Palmengartenstraße 5-9<br>60325 Frankfurt am Main<br>Germany<br>Attention (documentation /<br>credit matters):<br>[REDACTED]<br>Attention (loan<br>administrative purposes):<br>[REDACTED]<br>|

---

---

| | |
|:---|:---|
| **Name:** | SpareBank 1 Sør-Norge ASA |
| **Facility office and notice** <br>**details**<br>| P.O. Box 250<br>N-4068 Stavanger<br>Norway<br>Attention:<br>Loan Administration<br>[REDACTED]<br>|

---

**The Green Loan Advisor**

---

| | |
|:---|:---|
| **Name:** | DNB Bank ASA |
| **Facility office and notice** <br>**details**<br>| Dronning Eufemias Gate 30<br>0191, Oslo<br>Norway<br>Attention: Loan Admin Corporate<br>E-mail Address: [REDACTED]<br>|

---

**The Original Hedging Providers**

---

| | |
|:---|:---|
| **Name:** | DNB Bank ASA |
| **Facility office and notice** <br>**details**<br>| Dronning Eufemias Gate 30<br>0191, Oslo<br>Norway<br>Email address:<br>[REDACTED]<br>|
| **Name:** | SpareBank 1 Sør-Norge ASA |
| **Facility office and notice** <br>**details**<br>| Address:<br>Christen Tranes gate 35<br>4007 Stavanger<br>Norway<br>Attention:<br>Loan Administration<br>[REDACTED]<br>|
| **Name:** | KfW IPEX-Bank GmbH |
| **Facility office and notice** <br>**details**<br>| Address:<br>Palmengartenstraße 5-9<br>60325 Frankfurt am Main<br>Germany<br>Attention (documentation / credit matters):<br>[REDACTED] <br>|

---

**The Account Bank**

---

| | |
|:---|:---|
| **Name:** | DNB Bank ASA |
| **Address:** | Dronning Eufemias Gate 30<br>0191, Oslo<br>Norway<br>|

---

**Schedule 2** 

**Ship information**

---

| | |
|:---|:---|
| **Ship** | **Ship** |
| **Name:** | *BO QIANG 3060 (tbr Wind Keeper)* |
| **Owner of Ship:** | Wind Keeper Limited |
| **Flag State:** | The Republic of the Marshall Islands  |
| **IMO Number:** | 9972749 |
| **Classification:** | CSA: Self-elevating Crane Unit / Offshore Wind Turbine Service <br>Unit; HELDK; Loading Computer, (I); Lifting Appliance; PSPC(B); <br>Ice Class B; IWS<br>CSM: DP-2; Self-Propelled; AUT-0; G-ECO(BWM(T),VIB1,NOI1)<br>|
| **Classification Society:** | American Bureau of Shipping  |
| **Major Casualty Amount:** | €2,000,000 |
| **Initial Bareboat Charter** <br>**description**<br>| Reference is made to the Initial Bareboat Charter between the <br>Borrower and Guarantor D the form of which shall be delivered by <br>the Borrower to the Agent prior to the delivery of the Utilisation <br>Request relating to the Ship under this Agreement to the Agent.<br>|
| **Initial Charter and Initial** <br>**Charterer description**<br>| Reference is made to the Initial Charter and the timeline and <br>particulars of employment dated on or around the date of this <br>Agreement delivered by the Obligors' Agent to the Agent prior to <br>the date of this Agreement, detailing the scheduled delivery or <br>commissioning of the Ship under the Initial Charter.<br>|

---

**Schedule 3** 

**Conditions precedent**

**Part 1**

**Initial conditions precedent** 

1**Original Obligors' corporate documents**

(a)A copy of the Constitutional Documents of each Original Obligor.

(b)A copy of a resolution of the board of directors of each Original Obligor (or, if applicable,

any committee of such board empowered to approve and authorise the following matters):

(i)approving the terms of, and the transactions contemplated by, the Finance

Documents to which it is a party (its **Relevant Documents**) and resolving that it

execute, deliver and perform the Relevant Documents to which it is a party;

(ii)authorising a specified person or persons to execute its Relevant Documents on its

behalf; and

(iii)authorising a specified person or persons, on its behalf, to sign and/or despatch all

documents and notices (including, if relevant, the Utilisation Request and any

Selection Notice) to be signed and/or despatched by it under or in connection with

its Relevant Documents.

(c)If applicable, a copy of a resolution of the board of directors of the relevant company,

establishing any committee referred to in paragraph (b) above and conferring authority on

that committee.

(d)A specimen of the signature of each person authorised by the resolution referred to in

paragraph (b) above in relation to its Relevant Documents and related documents.

(e)If applicable, a copy of a resolution signed by all the holders of the issued shares in each

Original Obligor (other than Guarantor A), approving the terms of, and the transactions

contemplated by, its Relevant Documents.

(f)A certificate of each Original Obligor (signed by an authorised signatory) confirming that

borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not

cause any borrowing, guarantee, security or similar limit binding on any Original Obligor

(as applicable) to be exceeded.

(g)A copy of any power of attorney under which any person is appointed by any Original

Obligor to execute any of its Relevant Documents on its behalf.

(h)A copy of a certificate of no winding-up order in respect of the Borrower.

(i)A certificate of an authorised signatory of each relevant Original Obligor certifying that

each copy document relating to it specified in this Part of this Schedule is correct,

complete and in full force and effect and has not been amended or superseded as at a

date no earlier than the date of this Agreement and that any such resolutions or power of

attorney have not been revoked.

2**Legal opinions** 

The following legal opinions, each addressed to the Agent, the Security Agent, the Original

Lenders and the Original Hedging Providers, substantially in the form distributed to the Original

Lenders and the Original Hedging Providers and approved by the Agent prior to signing this

Agreement and capable of being relied upon by any persons who become Lenders or Hedging

Providers pursuant to the primary syndication of the Facility:

(a)a legal opinion of Norton Rose Fulbright LLP on matters of English law;

(b)a legal opinion of Moalem Weitemeyer Advokatpartnerselskab on matters of Danish law;

(c)legal opinion of Advokatfirmaet Wiersholm AS on matters of Norwegian law; and

(d)such other opinions or confirmations from relevant legal counsel selected by the Agent in

respect of any matters in relation to this Agreement as the Agent shall deem necessary or

desirable.

3**Other documents and evidence**

(a)Evidence that any process agent referred to in clause 56.2 (*Service of process*) or any

equivalent provision of any other Finance Document entered into on or around the date of

this Agreement, has accepted its appointment.

(b)A copy of any other Authorisation or other document, opinion or assurance which the

Agent considers to be necessary or desirable (if it has notified the Borrower accordingly)

in connection with the entry into and performance of the transactions contemplated by

any Finance Document or for the validity and enforceability of any Finance Document

provided that such Authorisation or other document, opinion or assurance is requested at

least five Business Days prior to the date on which the Utilisation Request is delivered by

the Borrower to the Agent pursuant to clause 5.1 (*Delivery of the Utilisation Request*).

(c)The Original Financial Statements.

(d)The Fee Letters duly executed and evidence that the fees, commissions, costs and

expenses then due from the Borrower pursuant to clause 13 *(Fees)* and clause 18 *(Costs* 

*and expenses)* have been paid or will be paid by the Utilisation Date.

4**People with Significant Control (PSC) regime**

In respect of any Obligor incorporated in the United Kingdom, either:

(a)a certificate of an authorised signatory of the relevant Obligor certifying that:

(i)each Group Member has complied within the relevant timeframe with any notice it

has received pursuant to Part 21A of the Companies Act 2006 from that Obligor;

and

(ii)no "warning notice" or "restrictions notice" (in each case as defined in Schedule 1B

of the Companies Act 2006) has been issued in respect of its shares,

together with a copy of the "PSC register" (within the meaning of section 790C(10) of the

Companies Act 2006) of the relevant Obligor, which is certified by an authorised signatory

of the relevant Obligor to be correct, complete and not amended or superseded as at a

date no earlier than the date three Business Days before the date of this Agreement; or

(b)a certificate of an authorised signatory of the relevant Obligor certifying that it is not

required to comply with Part 21A of the Companies Act 2006.

5**Hedging Master Agreement and Hedging Contract Security**

If the Borrower elects to enter into a Hedging Master Agreement pursuant to clause 31.2

(*Hedging*), evidence that:

(a)the Hedging Master Agreement has been executed by the Borrower and the Hedging

Provider, if applicable;

(b)the Borrower has executed the Hedging Contract Security;

(c)any notice required to be given to the Hedging Provider under the Hedging Contract

Security has been given to it and acknowledged by it in the manner required by the

Hedging Contract Security; and

(d)duly executed notices of assignment and acknowledgements of those notices as required

by any of the above Security Documents.

6**"Know your customer" information**

Such documentation and information as any Finance Party may reasonably request through the

Agent to comply with "know your customer" or similar identification procedures under all laws

and regulations applicable to that Finance Party.

7**Ancillary Facilities**

A copy of any facility agreement entered into pursuant to clause 6 (*Ancillary Facilities*) between

the Borrower and an Ancillary Lender duly executed by the Borrower, constituting an Ancillary

Facility.

**Part 2**

**Conditions precedent before Utilisation**

**1Corporate documents**

(a)A certificate of an authorised signatory of the Borrower certifying that each copy

document relating to it specified in Part 1 of this Schedule remains correct, complete and

in full force and effect as at a date no earlier than a date approved for this purpose and

that any resolutions or power of attorney referred to in Part 1 of this Schedule in relation

to it have not been revoked or amended (or, to the extent that there have been any

changes to such copy documents, the documents listed in paragraph 1 of Part 1 of this

Schedule).

(b)A certificate of an authorised signatory of each other Original Obligor which is party to any

of the Original Security Documents required to be executed on or before Utilisation

certifying that each copy document relating to it specified in Part 1 of this Schedule

remains correct, complete and in full force and effect as at a date no earlier than a date

approved for this purpose and that any resolutions or power of attorney referred to in Part

1 of this Schedule in relation to it have not been revoked or amended (or, to the extent

that there have been any changes to such copy documents, the documents listed in

paragraph 1 of Part 1 of this Schedule).

(c)If the Flag State in respect of the Ship is the Republic of the Marshall Islands, a Certificate

of Goodstanding issued by the Registrar of Corporations of the Republic of the Marshall

Islands in respect of the status of the Borrower as a Foreign Maritime Entity (or any

equivalent certificate of goodstanding required by any other applicable Flag State).

2**Bank accounts**

Evidence that any Account required to be established under clause 29 *(Bank accounts)* has

been opened and established, that any Account Security in respect of each such Account has

been executed and delivered by the relevant Account Holder(s) and that any notice required to

be given to an Account Bank under that Account Security has been given to it and

acknowledged by it in the manner required by that Account Security.

3**Share Security** 

Duly executed and dated copies of the Share Security, together with all duly executed notices,

acknowledgments, letters, transfers, certificates and other documents required to be delivered

thereunder.

4**Security**

(a)The Mortgage, the General Assignment and (if applicable) the Deed of Covenant in

respect of the Ship duly executed by the Borrower.

(b)The General Assignment in respect of the executed by the relevant Bareboat Charterer.

(c)Duly executed notices of assignment (including notices of assignment of the Earnings or,

with respect to the Initial Charter for which a Quiet Enjoyment Agreement is to be entered

into, all the rights under the Initial Charter, subject to the terms of clause 24.8(e)(ii)

(*Chartering*)) and (on a reasonable efforts basis, unless such notice relates to an

assignment of a Bareboat Charter or any charter commitment for which a Quiet

Enjoyment Agreement is to be entered into where the Ship has already been delivered

under such charter commitment) acknowledgements of those notices as required by any

of the above Security Documents, **provided that** no notices should be given in respect of

a charter commitment or any guarantee in respect of such charter commitment (as

applicable) if such charter commitment is not a Charter (and such guarantee is not a

Charter Guarantee) or if an assignment would be in conflict with the relevant charter

commitment or guarantee (but without prejudice to the provisions of clause 24.8(e)

*(Chartering)*).

(d)A Subordination Deed, if and to the extent required under the provisions of 30.3 (*Financial* 

*Indebtedness*) or 30.5 (*Loans and credit*) on account of any Financial Indebtedness

incurred by the Borrower.

(e)Each Quiet Enjoyment Agreement required as a condition to the granting of the Mortgage

over the Ship or under any charter commitment for the Ship and/or the assignment of any

rights under any charter commitment for the Ship, where the Ship is to be delivered under

such charter commitment on or has been delivered prior to the Utilisation Date, duly

executed by the Borrower or, as applicable, Bareboat Charterer, the Security Agent and

the relevant charterer (the Borrower hereby representing that no such charter

commitment exists at the relevant time for the Ship).

5**Delivery and registration of Ship**

Evidence that the Ship:

(a)is (or will upon the release of the proceeds of the Utilisation be) legally and beneficially

owned by the Borrower and registered in the name of the Borrower free from any Security

Interests (other than the Security Interests created under the Finance Documents)

through the relevant Registry as a ship under the laws and flag of the relevant Flag State;

(b)is classed with the relevant Classification free of overdue requirements and overdue

recommendations of the relevant Classification Society affecting class (including by way

of an interim class certificate);

(c)is insured in the manner required by the Finance Documents;

(d)has been delivered to, and accepted for service by, the Bareboat Charterer under the

relevant Bareboat Charter;

(e)is free of any charter commitment (other than a Bareboat Charter and the Initial Charter)

which would require approval under the Finance Documents; and

(f)is not subject to any prior registration (other than through the relevant Registry in the

relevant Flag State) or that any prior registration has been or will (within such period as

may be approved) be cancelled.

6**Mortgage registration**

Evidence that the Mortgage in respect of the Ship has been (or will upon the release of the

proceeds of the Utilisation be) registered against the Ship through the relevant Registry under

the laws and flag of the relevant Flag State.

7**Legal opinions**

The following further legal opinions, each addressed to the Agent, the Security Agent, the

Original Lenders and the Original Hedging Providers, substantially in the form distributed to the

Original Lenders and the Original Hedging Providers and approved by the Agent prior to signing

this Agreement in relation to Security Documents for the Ship and capable of being relied upon

by any persons who become Lenders or Hedging Providers pursuant to the primary syndication

of the Facility:

(a)a legal opinion of Norton Rose Fulbright LLP on matters of English law;

(b)a legal opinion of Moalem Weitemeyer Advokatpartnerselskab on matters of Danish law;

(c)legal opinion of Advokatfirmaet Wiersholm AS on matters of Norwegian law;

(d)a legal opinion from legal counsel on matters of law of the relevant Flag State of the Ship;

and

(e)such other opinions or confirmations from relevant legal counsel selected by the Agent in

respect of any matters in relation to this Agreement as the Agent shall deem necessary or

desirable.

8**Insurance**

In relation to the Ship's Insurances:

(a)an opinion from insurance consultants appointed by the Agent on such Insurances;

(b)evidence that such Insurances have been placed in accordance with clause 26

(*Insurance*); and

(c)evidence that approved brokers, insurers and/or associations have issued or will issue

letters of undertaking (including fleet premium lien waivers) in favour of the Security Agent

in an approved form in relation to the Insurances provided the same is requested at least

5 Business Days prior to the date on which the Utilisation Request is delivered.

9**ISM and ISPS Code**

Copies of:

(a)the document of compliance issued in accordance with the ISM Code to the person who

is the operator of the Ship for the purposes of that code; and

(b)if so requested by the Agent no later than 5 Business Days prior to the date on which the

Utilisation Request is delivered by the Borrower (or the Obligors' Agent on its behalf), any

other certificates issued under any applicable code required to be observed by the Ship or

in relation to its operation under any applicable law.

10**Value of security**

Valuations of the Ship obtained (not more than 60 days before the Utilisation Date) in

accordance with clause 27 *(Minimum security value)* showing that the Security Value at the

relevant time will be not less than 140 per cent of the amount of the Loan and Ancillary

Commitments upon execution of the Security Documents specified in paragraph 4 (*Security*) of

this Part 2 of this Schedule.

11**Fees and expenses**

Evidence that the fees, commissions, costs and expenses then due from the Borrower pursuant

to clause 13 *(Fees)* and clause 18 *(Costs and expenses)* have been paid or will be paid by the

Utilisation Date.

12**Inventory of Hazardous Materials**

A copy of the certificate being the document listing all the potentially hazardous materials on

board the Ship.

13**Initial Bareboat Charter** 

In relation to the Ship's Initial Bareboat Charter, a copy of such Initial Bareboat Charter executed

by all parties to it (i) evidencing that the Initial Bareboat Charterer and the terms of such Initial

Bareboat Charter reflect the terms of the form of Initial Bareboat Charter provided to the Agent

as described in Schedule 2 (*Ship information*) and, providing for charter hire which, for the entire

tenor of the same, is not less than the Minimum Bareboat Charter Hire or (ii) in such form and

substance acceptable to the Majority Lenders.

14**Initial Charter**

In relation to the Ship's Initial Charter:

(a)a description of the main terms of the Initial Charter; and

(b)a copy of the timeline and particulars of employment provided to the Agent prior to the

date of this Agreement and as described in Schedule 2 (*Ship information*) (updated to the

extent that there have been any changes to such timeline and particulars of employment)

certified by an approved person as being a true and complete copy as at a date no earlier

than a date approved for this purpose.

15**Management** 

Where a manager of the Ship has been approved in accordance with clause 24.4 *(Manager),* a

copy, certified by an approved person to be a true and complete copy, of the Management

Agreement relating to the Ship in form and substance in all respects approved.

16**Process Agent**

Evidence that any process agent of any Obligor referred to in any provision of any Finance

Document to be entered into under this Part 2 has accepted its appointment.

17**People with Significant Control (PSC) regime**

In respect of any Obligor incorporated in the United Kingdom, either:

(a)a certificate of an authorised signatory of the relevant Obligor certifying that:

(i)each Group Member has complied within the relevant timeframe with any notice it

has received pursuant to Part 21A of the Companies Act 2006 from that Obligor;

and

(ii)no "warning notice" or "restrictions notice" (in each case as defined in Schedule 1B

of the Companies Act 2006) has been issued in respect of its shares,

together with a copy of the "PSC register" (within the meaning of section 790C(10) of the

Companies Act 2006) of the relevant Obligor, which is certified by an authorised signatory

of the relevant Obligor to be correct, complete and not amended or superseded as at a

date no earlier than the date three Business Days before the proposed Utilisation Date; or

(b)a certificate of an authorised signatory of the relevant Obligor certifying that it is not

required to comply with Part 21A of the Companies Act 2006.

18**Existing Indebtedness**

Evidence:

(a)in all respects satisfactory to the Agent that all of the Existing Indebtedness has been, or

will be immediately following the Utilisation, repaid in full, and that any undrawn or

available commitments in relation to it have been cancelled; and

Existing Indebtedness have been duly discharged and/or, as the case may be, re-

assigned.

**Part 3**

**Conditions subsequent**

1**Security**

No later than the date falling ten Business Days prior to delivery of the Ship to the relevant

charterer:

(a)duly executed acknowledgements of any notice of assignment as required pursuant to

paragraph 4 of Part 2 of Schedule 3 (*Conditions precedent*); and

(b)each Quiet Enjoyment Agreement required as a condition to the Mortgage and/or the

assignment of rights under a charter commitment, in respect of any charter commitment

in place at the time of Utilisation, duly executed by all parties thereto.

**Part 4**

**Conditions precedent for Additional Guarantors**

1An Accession Deed duly executed by the relevant Additional Guarantor and Guarantor A (until

the Share Exchange Acceptance and including for the purposes of the accession by UK ListCo

to the Facilities Agreement) and UK ListCo (on and from the Share Exchange Acceptance, but

excluding for the purposes of the accession by UK ListCo to the Facilities Agreement).

2A copy of the Constitutional Documents of the relevant Additional Guarantor.

3A copy of a resolution of the board of directors of the relevant Additional Guarantor:

(a)approving the terms of, and the transactions contemplated by, the Accession Deed and

the Finance Documents and resolving that it execute, deliver and perform the Accession

Deed and any other Finance Document to which it is party;

(b)authorising a specified person or persons to execute the Accession Deed and other

Finance Documents on its behalf;

(c)authorising a specified person or persons, on its behalf, to sign and/or despatch all other

documents and notices to be signed and/or despatched by it under or in connection with

the Finance Documents to which it is a party; and

(d)authorising Guarantor A (until the Share Exchange Completion) or UK ListCo (on and

from the Share Exchange Completion) to act as its agent in connection with the Finance

Documents.

4A specimen of the signature of each person authorised by the resolution referred to in paragraph

3 above.

5If applicable, a copy of a resolution signed by all the holders of the issued shares in the relevant

Additional Guarantor, approving the terms of, and the transactions contemplated by, the

Accession Deed and the Finance Documents.

6A certificate of the relevant Additional Guarantor (signed by an authorised signatory) confirming

that guaranteeing or securing, as appropriate, the Total Commitments would not cause any

guarantee, security or similar limit binding on it to be exceeded.

7A certificate of an authorised signatory of the relevant Additional Guarantor certifying that each

copy document listed in this Part 4 of Schedule 3 (*Conditions precedent*) in respect of the

Additional Guarantor is correct, complete and in full force and effect and has not been amended

or superseded as at a date no earlier than the date of the Accession Deed.

8A copy of any other Authorisation or other document, opinion or assurance which the Agent

considers to be necessary or desirable in connection with the entry into and performance of the

transactions contemplated by the Accession Deed or for the validity and enforceability of any

Finance Document.

9If available, the latest audited financial statements of the relevant Additional Guarantor.

10The following legal opinions, each addressed to the Agent, the Security Agent and the Lenders**:**

(a)A legal opinion of Norton Rose Fulbright LLP, legal advisers to the Agent in England, as to

English law in the form distributed to the Lenders and the Agent prior to signing the

Accession Deed.

(b)A legal opinion of the legal advisers to the Agent in the jurisdiction of incorporation of the

relevant Additional Guarantor and the jurisdiction of the governing law of each Finance

Document to which it is a party (an **Applicable Jurisdiction**) as to the law of each

Applicable Jurisdiction and in the form distributed to the Lenders and the Agent prior to

signing the Accession Deed.

11If the relevant Additional Guarantor is incorporated in a jurisdiction other than England and

Wales, evidence that the process agent specified in clause 56.2 (*Service of process*), if not an

Obligor, has accepted its appointment in relation to that Additional Guarantor.

12Any Finance Documents which are required by the Agent to be executed by the relevant

Additional Guarantor.

13Such documentary evidence as legal counsel to the Agent may require, that the relevant

Additional Guarantor has complied with any law in its jurisdiction relating to financial assistance

or analogous process.

**Part 5**

**Utilisation Request**

From:[Wind Keeper Limited]

[Cadeler A/S]

To:[DNB Bank ASA as Agent]

Dated:[]

Dear Sirs

**Facility Agreement for a Green**

**Term Loan Facility of up to €125,000,000 dated [●] 2025 (the Facility Agreement)**

1We refer to the Facility Agreement. This is the Utilisation Request. Terms defined in the Facility

Agreement have the same meaning in this Utilisation Request unless given a different meaning

in this Utilisation Request.

2We wish to borrow the Loan under the Facility on the following terms:

---

| | |
|:---|:---|
| Proposed Utilisation Date: | [] (or, if that is not a Business Day, the next Business <br>Day)<br>|
| Amount: | €[] |

---

3The purpose of this Loan is [specify purpose complying with clause 3 (Purpose) of the Facility

Agreement] [and its proceeds should be credited to [●] [specify account]].

4We confirm that each condition specified in clause 4.3 (Further conditions precedent) of the

Facility Agreement is satisfied on the date of this Utilisation Request.

5We request that the first Interest Period for this Loan be [3] Months.

6This Utilisation **Request is irrevocable and cannot be varied without the prior written** 

**consent of the Majority Lenders.**

Yours faithfully

[…………………………………

authorised signatory for

**Wind Keeper Limited**]

[…………………………………

authorised signatory for

**Cadeler A/S**]

**Schedule 4** 

**Selection Notice**

From:Wind Keeper Limited

To:[DNB Bank ASA as Agent]

Dated:[]

Dear Sirs

**Facility Agreement for Green**

**Term Loan Facility of up to €125,000,000 dated [●] 2025 (the Facility Agreement)**

1We refer to the Facility Agreement. This is a Selection Notice. Terms defined in the Facility

Agreement have the same meaning in this Selection Notice unless given a different meaning in

this Selection Notice.

2We request that the next Interest Period for this Loan to be [●] Months.

3This Selection Notice is irrevocable.

Yours faithfully

…………………………………

authorised signatory for

**Wind Keeper Limited**

**Schedule 5** 

**Original Schedule of Repayment Amounts**

---

| | |
|:---|:---|
| First | €3,289,473.70 |
| Second | €3,289,473.70 |
| Third | €3,289,473.70 |
| Fourth | €3,289,473.70 |
| Fifth | €3,289,473.70 |
| Sixth | €3,289,473.70 |
| Seventh | €3,289,473.70 |
| Eighth | €3,289,473.70 |
| Ninth | €3,289,473.70 |
| Tenth | €3,289,473.70 |
| Eleventh | €3,289,473.70 |
| Twelfth | €3,289,473.70 |
| Thirteenth | €3,289,473.70 |
| Fourteenth | €3,289,473.70 |
| Fifteenth | €3,289,473.70 |
| Sixteenth | €3,289,473.70 |
| Seventeenth | €3,289,473.70 |
| Eighteenth | €3,289,473.70 |
| Nineteenth | €3,289,473.70 |
| Twentieth | €3,289,473.40 |
| Balloon Instalment | €59,210,526.30 |

---

**Schedule 6** 

**Form of Accession Deed**

To:DNB Bank ASA as Agent and as Security Agent for the other Finance Parties to the Facility

Agreement referred to below

From:[insert Additional Guarantor name]

Dated: []

Dear Sirs

**Facility Agreement for a Green Term Loan Facility of up to €125,000,000 dated [●] 2025 (the** 

**Facility Agreement)**

1We refer to the Facility Agreement. This deed (the Accession Deed) shall take effect as an

Accession Deed for the purposes of the Facility Agreement. Terms defined in the Facility

Agreement have the same meaning in this Accession Deed unless given a different meaning in

this Accession Deed.

2With effect on the date of this Accession Deed, [] (the NewCo) agrees to become an Additional

Guarantor and to be bound by the terms of the Facility Agreement and the other Finance

Documents as an Additional Guarantor pursuant to clause 35.5 (*Additional Guarantors*) of the

Facility Agreement. [] is a [company duly incorporated] under the laws of [name of relevant

jurisdiction] with registered number [].

3With effect on the date of this Accession Deed, the NewCo shall be, and is hereby made, an

additional party to the Facility Agreement, as joint and several guarantor with the Guarantors as

at the date of the Facility Agreement (the Original Guarantors) and any other Additional

Guarantor previously made a guarantor under the Facility Agreement (a Previously Acceded

Additional Guarantor), and the Facility Agreement shall henceforth be construed and treated in

all respects as if references therein to "Guarantors" included references to the NewCo in

addition to the Original Guarantors and any Previously Acceded Additional Guarantor.

4The NewCo hereby agrees with the Finance Parties, the Original Guarantors, any Previously

Acceded Additional Guarantor [and [Guarantor A] [UK ListCo] that, as and with effect from the

date of this Accession Deed, it shall, jointly and severally with the Original Guarantors and any

Previously **Acceded Guarantor:**

(a)be bound by the terms of the Facility Agreement as if the NewCo had all times been

named therein as Guarantor;

(b)duly and punctually perform all the liabilities and obligations whatsoever from time to time

to be performed or discharged by the Original Guarantors and any Previously Acceded

Additional Guarantor under the Facility Agreement (and for which the Original Guarantors,

any Previously Acceded Additional Guarantor and NewCo hereby agree to be jointly and

severally liable); and

(c)without prejudice to the generality of paragraphs (a) and (b) above, be [indebted for][a

guarantor under the Guarantee in respect of] the full amount of the Loan, interest thereon

and all other sums which may be or become due to the Finance Parties pursuant to the

Facility Agreement.

5[Guarantor A] [UK ListCo] confirms that no Default is continuing or would occur as a result of

NewCo becoming an Additional Guarantor.

6NewCo's administrative details for the purposes of the Facility Agreement are as follows:

Address:[]

Attention:[]

7This Accession Deed and any non-contractual obligations arising out of or in connection with it

are governed by English law.

**THIS ACCESSION DEED** has been signed on behalf of the Agent, signed on behalf of the Security

Agent, executed as a deed by [Guarantor A] [UK ListCo] and executed as a deed by [*Additional* 

*Guarantor*] and is delivered on the date stated above.

**EXECUTED as a DEED**)

by)

for and on behalf of) ......................................

**[]**) Attorney-in-fact

as NewCo and Additional Guarantor)

in the presence of:)

......................................

Witness

Name:

Address:

Occupation:

**EXECUTED as a DEED**)

by)

for and on behalf of) ......................................

**CADELER A/S**)Attorney-in-fact

as Guarantor A)

in the presence of:)

......................................

Witness

Name:

Address:

Occupation:

**THE AGENT**

**[DNB BANK ASA]**

By:

**THE SECURITY AGENT**

**[DNB BANK ASA]**

By:

**Schedule 7** 

**Form of Transfer Certificate**

To:**[DNB BANK ASA]** as Agent

From:[**The Existing Lender**], a company incorporated in **[insert jurisdiction of incorporation]** (the

**Existing Lender**), and [**The New Lender**], a company incorporated in **[insert jurisdiction of** 

**incorporation]** (the **New Lender**)

Dated:

**Facility Agreement for a Green Term Loan Facility of up to €125,000,000 dated [●] 2025 (the** 

**Facility Agreement)**

1We refer to the Facility Agreement. This agreement (the Agreement) shall take effect as a

Transfer Certificate for the purposes of the Facility Agreement. Terms defined in the Facility

Agreement have the same meaning in this Agreement unless given a different meaning in this

Agreement.

2We refer to clause 34.8 *(Procedure for assignment)* of the Facility Agreement:

(a)The Existing Lender assigns absolutely to the New Lender all the rights of the Existing

Lender under the Facility Agreement and the other Finance Documents which correspond

to that portion of the Existing Lender's Commitment and participations in the Loan under

the Facility Agreement as specified in Schedule 1.

(b)The Existing Lender is released from the obligations owed by it which correspond to that

portion of the Existing Lender's Commitment and participations in the Loan under the

Facility Agreement specified in Schedule 1 (but the obligations owed by the Obligors

under the Finance Documents shall not be released).

(c)On the Transfer Date the New Lender becomes a Party as a Lender and is bound by

obligations equivalent to those from which the Existing Lender is released under

paragraph (b) above.

(d)The proposed Transfer Date is [●].

(e)The Facility Office and address, email address and attention details for notices of the New

Lender for the purposes of clause 46.2 *(Addresses)* of the Facility Agreement are set out

in Schedule 1.

3The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set

out in clause 34.7 (Limitation of responsibility of Existing Lenders) of the Facility Agreement.

4The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it

is [a Qualifying Lender (other than a Treaty Lender)][a Treaty Lender][not a Qualifying Lender].

5[The New Lender confirms that the person beneficially entitled to interest payable to that Lender

in respect of an advance under a Finance Document is either:

(i)a company resident in the United Kingdom for United Kingdom tax purposes;

(ii)a partnership each member of which is:

(A)a company so resident in the United Kingdom; or

(B)a company not so resident in the United Kingdom which carries on a trade in

the United Kingdom through a permanent establishment and which brings

into account in computing its chargeable profits (within the meaning of

section 19 of the CTA) the whole of any share of interest payable in respect

of that advance that falls to it by reason of Part 17 of the CTA; or

(iii)a company not so resident in the United Kingdom which carries on a trade in the

United Kingdom through a permanent establishment and which brings into account

interest payable in respect of that advance in computing the chargeable profits

(within the meaning of section 19 of the CTA) of that company.]

6[The New Lender provides a QPP Certificate in the form set out in Schedule 2.]

7[The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme

(reference number []) and is tax resident in [], so that interest payable to it by the Borrower is

generally subject to full exemption from UK withholding tax and that that it wishes that scheme

to apply to the Facility Agreement.]

8This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery

in accordance with clause 34.9 (Copy of Transfer Certificate to Borrower) of the Facility

Agreement, to the Borrower (on behalf of each Obligor) of the assignment referred to in this

Agreement.

9This Agreement may be executed in any number of counterparts and this has the same effect as

if the signatures on the counterparts were on a single copy of this Agreement.

10This Agreement and any non-contractual obligations connected with it are governed by English

law.

11This Agreement has been entered into on the date stated at the beginning of this Agreement.

**Note:The execution of this Transfer Certificate may not assign a proportionate share of the** 

**Existing Lender's interest in the Security Documents in all jurisdictions. It is the responsibility** 

**of the New Lender to ascertain whether any other documents or other formalities are required** 

**to perfect an assignment of such a share in the Existing Lender's interest in the Security** 

**Documents in any jurisdiction and, if so, to arrange for execution of those documents and** 

**completion of those formalities.**

**Schedule 1**

**Rights to be assigned and obligations to be released and undertaken** 

**[insert relevant details]**

**[Facility Office address, email address and attention details for notices and account details for** 

**payments.]**

**[Existing Lender][New Lender]**

By:By:

This Agreement is accepted by the Agent as a Transfer Certificate for the purposes of the Facility

Agreement and the Transfer Date is confirmed as [●].

Signature of this Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of

the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party.

[**DNB BANK ASA**] as Agent

By:

<sup>1</sup> A QPP Certificate is to be executed alongside the Transfer Certificate if the New Lender is a person eligible for the UK

withholding tax exemption for qualifying private placements.

**Schedule 2**

**Form of New Lender QPP Certificate**<sup>1</sup>

To:Wind Keeper Limited as the Borrower

From:[*Name of New Lender*]

Dated:[●]

**Facility Agreement for a Green Term Loan Facility of up to €125,000,000 dated [●] 2025 (the** 

**Facility Agreement)**

1We refer to the Facility Agreement. This is a QPP Certificate. Terms defined in the Facility

Agreement have the same meaning in this QPP Certificate unless given a different meaning in

this QPP Certificate.

2We confirm that:

(a)we are beneficially entitled to all interest payable to us as a Lender under the Loan;

(b)we are a resident of a qualifying territory; and

(c)we are beneficially entitled to the interest which is payable to us on the Loan for genuine

commercial reasons, and not as part of a tax advantage scheme.

These confirmations together form a creditor certificate.

3In this QPP Certificate the terms "resident", "qualifying territory", "scheme", "tax advantage

scheme" and "creditor certificate" have the meaning given to them in the Qualifying Private

Placement Regulations 2015 (2015 No. 2002).

[*Name of New Lender*]

By:

[*This QPP Certificate is required where a lender is a person eligible for the UK withholding tax* 

*exemption for qualifying private placements; a separate QPP Certificate should be provided by each* 

*such lender.*]

**Schedule 8** 

**Form of Compliance Certificate**

To: **[DNB BANK ASA]** as Agent

From:**Cadeler A/S**, a company incorporated in Denmark, as Guarantor A

Dated: []

Dear Sirs

**Facility Agreement for a Green Term Loan Facility of up to €125,000,000 dated [●] 2025 (the** 

**Facility Agreement)**

1**Financial Covenants**

I/We confirm that as at the Measurement Period ended on [30 June] [31 December] []:

(a)**Equity Ratio**: the Equity Ratio is []:1.0, calculated as shown in Appendix A and

compared against a minimum ratio which is 0.35:1.0.

(b)**Liquidity**: Cadeler A/S (on a consolidated basis) maintains Cash and Cash Equivalents of

€[], calculated as shown in Appendix B and compared against a minimum required

amount of €[].

(c)**Working Capital**: the Working Capital was higher than zero (0), being €[], calculated as

shown in Appendix C.

2**Security Requirement** 

We confirm that the Security Value is €[] calculated as shown in Appendix D, compared

against a Minimum Value of €[], calculated as shown in Appendix E.

3**Distributions**

For the purposes of clause 30.13 (*Distributions and other payments by Group*), the ratio of (a)

Net Interest Bearing Debt to (b) EBITDA, was [not] lower than 2.75:1.00.

4**Default**

[I/We confirm that no Default has occurred and is continuing.] [If this statement cannot be made,

the certificate should identify any Default that is continuing and the steps, if any, being taken to

remedy it.]

Signed by:

……………………………………………………

Chief Financial Officer

**[CADELER A/S] [UK ListCo]**

**Schedule 9** 

**Form of Green Loan Compliance Certificate**

To:[**DNB BANK ASA** as Agent]

From:Wind Keeper Limited

Dated:[]

Dear Sirs

**Facility Agreement for a Green Term Loan Facility of up to €125,000,000 dated [●] 2025 (the** 

**Facility Agreement)**

1We refer to the Facility Agreement. This is a Green Loan Compliance Certificate. Terms defined

in the Facility Agreement have the same meaning when used in this Green Loan Compliance

Certificate unless given a different meaning in this Green Loan Compliance Certificate.

2This Green Loan Compliance Certificate is delivered with respect to the financial year ending [●]

(the **Relevant Financial Year**).

3We confirm that [***Insert details re compliance with the Green Asset Criteria***].

4As shown above, the Green Asset Criteria were [not] complied with. Accordingly:

(a)[the applicable Green Loan Margin Adjustment is an increase of the Margin of 0.10 per

cent. per annum]/[there is no Green Loan Margin Adjustment];

(b)the Margin applicable to the Loan following the Green Loan Margin Adjustment is: []

5[Set out relevant calculations in reasonable detail]

6We confirm that the Green Loan Report relating to the Relevant Financial Year and attached

hereto is a correct and complete copy of the original and has not been amended or superseded

as at the date of this Green Loan Compliance Certificate.

Signed…………………..

Director

**Wind Keeper Limited**

**Schedule 10** 

**Forms of Notifiable Debt Purchase Transaction Notice**

**Part 1**

**Form of Notice on Entering into Notifiable Debt Purchase Transaction**

To:**DNB Bank ASA** as Agent

From: [The Lender]

Dated:

**Facility Agreement for a Green Term Loan Facility of up to €125,000,000 dated [●] 2025 (the** 

**Facility Agreement)**

1We refer to clause 35.3(b) (*Disenfranchisement of Debt Purchase Transactions entered into by* 

*Guarantor Affiliates*) of the Facility Agreement. Terms defined in the Facility Agreement have the

same meaning in this notice unless given a different meaning in this notice.

2We have entered into a Notifiable Debt Purchase Transaction.

3The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the

amount of our Commitment(s) as set out below.

---

| | |
|:---|:---|
| **Commitment** | **Amount of our Commitment to which Notifiable Debt** <br>**Purchase Transaction relates**<br>|
| [] | *[insert amount (of Commitment) to which the relevant Debt* <br>*Purchase Transaction applies]*<br>|

---

[Lender]

By:

**Part 2**

**Form of Notice on Termination of Notifiable Debt Purchase Transaction /** 

**Notifiable Debt Purchase Transaction ceasing to be with Guarantor Affiliate**

To: **DNB Bank ASA as Agent**

From: [The Lender]

Dated:

**Facility Agreement for a Green Term Loan Facility of up to €125,000,000 dated [●] 2025 (the** 

**Facility Agreement)**

1We refer to clause 35.2 (Prohibition on Debt Purchase Transactions by the Group) of the Facility

Agreement. Terms defined in the Facility Agreement have the same meaning in this notice

unless given a different meaning in this notice.

2A Notifiable Debt Purchase Transaction which we entered into and which we notified you of in a

notice dated [] has [terminated]/[ceased to be with a Guarantor Affiliate].

3The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the

amount of our Commitment(s) as set out below.

---

| | |
|:---|:---|
| **Commitment** | **Amount of our Commitment to which Notifiable Debt** <br>**Purchase Transaction relates (Base Currency)**<br>|
| [] | *[insert amount (of Commitment) to which the relevant Debt* <br>*Purchase Transaction applies]*<br>|

---

[Lender]

By:

<sup>2</sup> A QPP Certificate is to be executed if the Original Lender is a person eligible for the UK withholding tax exemption for qualifying

private placements.

**Schedule 11** 

**Form of QPP Certificate**<sup>2</sup>

To:Wind Keeper Limited as the Borrower

From:[*Name of Lender*]

Dated:[●]

**Facility Agreement for a Green Term Loan Facility of up to €125,000,000 dated [●] 2025 (the** 

**Facility Agreement)**

1We refer to the Facility Agreement. This is a QPP Certificate. Terms defined in the Facility

Agreement have the same meaning in this QPP Certificate unless given a different meaning in

this QPP Certificate.

2We confirm that:

(a)we are beneficially entitled to all interest payable to us as a Lender under the Loan;

(b)we are a resident of a qualifying territory; and

(c)we are beneficially entitled to the interest which is payable to us on the Loan for

genuine commercial reasons, and not as part of a tax advantage scheme.

These confirmations together form a creditor certificate.

3In this QPP Certificate the terms "resident", "qualifying territory", "scheme", "tax advantage

scheme" and "creditor certificate" have the meaning given to them in the Qualifying Private

Placement Regulations 2015 (2015 No. 2002).

[*Name of Lender*]

By:

[*This QPP Certificate is required where a lender is a person eligible for the UK withholding tax* 

*exemption for qualifying private placements; a separate QPP Certificate should be provided by each* 

*such lender.*]

€125m Refinancing – Wind Keeper Limited – Signature pages

**SIGNATURES**

**THE BORROWER**

**WIND KEEPER LIMITED**

By: Peter Brogaard Hansen<u>/s/ Peter Brogaard Hansen</u>

Authorised signatory

**GUARANTOR A**

**CADELER A/S**

By: Peter Brogaard Hansen<u>/s/ Peter Brogaard Hansen</u>

Authorised signatory

**GUARANTOR B**

**CADELER INTERNATIONAL LIMITED**

By: Peter Brogaard Hansen<u>/s/ Peter Brogaard Hansen</u>

Authorised signatory

**GUARANTOR C**

**CADELER HOLDINGS LIMITED**

By: Peter Brogaard Hansen<u>/s/ Peter Brogaard Hansen</u>

Authorised signatory

**GUARANTOR D**

**CADELER UK LIMITED**

By: Peter Brogaard Hansen<u>/s/ Peter Brogaard Hansen</u>

Authorised signatory

€125m Refinancing – Wind Keeper Limited – Signature pages

**THE AGENT**

**DNB BANK ASA**

By: <u>/s/ Alexi George Remoundos</u>

Title: Attorney-in-fact

**THE SECURITY AGENT**

**DNB BANK ASA**

By: <u>/s/ Alexi George Remoundos</u>

Title: Attorney-in-fact

**THE BOOKRUNNER, CO-ORDINATOR and GREEN LOAN ADVISOR**

**DNB BANK ASA**

By: <u>/s/ Alexi George Remoundos</u>

Title: Attorney-in-fact

€125m Refinancing – Wind Keeper Limited – Signature pages

**THE ARRANGERS**

**DNB BANK ASA**

By: <u>/s/ Alexi George Remoundos</u>

Title: Attorney-in-fact

**KFW IPEX-BANK GMBH**

By: <u>/s/ Maria Papadopoulou</u>

Title: Attorney-in-fact

**SPAREBANK 1 SØR-NORGE ASA**

By: <u>/s/ Ioanna Kakavelaki</u>

Title: Attorney-in-fact

€125m Refinancing – Wind Keeper Limited – Signature pages

**THE ORIGINAL LENDERS**

**DNB BANK ASA**

By: <u>/s/ Alexi George Remoundos</u>

Title: Attorney-in-fact

**KFW IPEX-BANK GMBH**

By: <u>/s/ Maria Papadopoulou</u>

Title: Attorney-in-fact

**SPAREBANK 1 SØR-NORGE ASA**

By: <u>/s/ Ioanna Kakavelaki</u>

Title: Attorney-in-fact

€125m Refinancing – Wind Keeper Limited – Signature pages

**THE HEDGING PROVIDERS**

**DNB BANK ASA**

By: <u>/s/ Alexi George Remoundos</u>

Title: Attorney-in-fact

**KFW IPEX-BANK GMBH**

By: <u>/s/ Maria Papadopoulou</u>

Title: Attorney-in-fact

**SPAREBANK 1 SØR-NORGE ASA**

By: <u>/s/ Ioanna Kakavelaki</u>

Title: Attorney-in-fact

## Exhibit 8.1

**Exhibit 8.1**

**LIST OF SUBSIDIARIES OF CADELER A/S** 

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation** |
| Wind Orca Ltd. | Cyprus |
| Wind Osprey Ltd. | Cyprus |
| Wind Peak Ltd. | Cyprus |
| Wind Pace Ltd. | Cyprus |
| Wind Ally Ltd. | Cyprus |
| Wind Ace Ltd. | Cyprus |
| Cadeler Holdings Limited | United Kingdom |
| Cadeler International Limited | United Kingdom |
| Cadeler UK Limited | United Kingdom |
| Wind Scylla Limited | United Kingdom |
| Wind Maker Limited | United Kingdom |
| Wind Mover Limited | United Kingdom |
| Wind Keeper Limited | United Kingdom |
| Seajacks 3 Limited | Japan |
| Seajacks Japan LLC | Japan |

---

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION ON THE EFFECTIVENESS OF DISCLOSURE CONTROLS AND PROCEDURES IN FORM 20-F FOR 2025**

I, Mikkel Gleerup, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 20-F of Cadeler A/S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: March 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Mikkel Gleerup |
| Name:&nbsp;&nbsp;&nbsp;&nbsp; Mikkel Gleerup | Name:&nbsp;&nbsp;&nbsp;&nbsp; Mikkel Gleerup |
| Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer | Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION ON THE EFFECTIVENESS OF DISCLOSURE CONTROLS AND PROCEDURES IN FORM 20-F FOR 2025**

I, Peter Brogaard Hansen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 20-F of Cadeler A/S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: March 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Peter Brogaard Hansen&nbsp;&nbsp;&nbsp;&nbsp; |
| Name:&nbsp;&nbsp;&nbsp;&nbsp; Peter Brogaard Hansen | Name:&nbsp;&nbsp;&nbsp;&nbsp; Peter Brogaard Hansen |
| Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer | Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION OF MIKKEL GLEERUP, CHIEF EXECUTIVE OFFICER OF CADELER A/S, AND PETER BROGAARD HANSEN, CHIEF FINANCIAL OFFICER OF CADELER A/S, PURSUANT TO SECTION 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF <br>THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Cadeler A/S (the "Company") on Form 20-F for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify that to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 24, 2026

---

| | | |
|:---|:---|:---|
| By: | /s/ Mikkel Gleerup | /s/ Peter Brogaard Hansen |
|  | Name:&nbsp;&nbsp;&nbsp;&nbsp;Mikkel Gleerup | Name:&nbsp;&nbsp;&nbsp;&nbsp;Peter Brogaard Hansen |
|  | Title: Chief Executive Officer | Title: Chief Financial Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 15.4

**Exhibit 15.4**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form F-3 No. 333-283947) of Cadeler A/S and in the related Prospectus of our reports dated March 24, 2026, with respect to the consolidated financial statements of Cadeler A/S, and the effectiveness of internal control over financial reporting of Cadeler A/S, included in the Annual Report (Form 20-F) for the year ended December 31, 2025.

/s/ EY Godkendt Revisionspartnerselskab

Copenhagen, Denmark

March 24, 2026

<br>