# EDGAR Filing Document

**Accession Number:** 0001978867
**File Stem:** 0001978867-26-000057
**Filing Date:** 2026-5
**Character Count:** 28510
**Document Hash:** d5f17e3258f51d32ec1bfc33d4025339
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001978867-26-000057.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001978867-26-000057

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260520

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**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:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41889
- **FILM NUMBER:** 261001335

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For the month of May 2026**

**Commission File Number: 001-41889**

**CADELER A/S**

(Translation of registrant's name into English)

**Kalvebod Brygge 43**

**DK-1560 Copenhagen V, Denmark** 

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F □

------

**INFORMATION CONTAINED IN THIS FORM 6-K REPORT**

On May 20, 2026, Cadeler A/S (the "Company") published its First Quarter 2026 Earnings Release, a.copy of which is attached hereto as Exhibit 99.1.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[First Quarter 2026 Earnings Release for the period 1 January to 31 March 2026](cadelerq12026.htm)</u>. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 20, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CADELER A/S**

&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;&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;(Registrant)

<u>By: /s/ Mikkel Gleerup&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: &nbsp;&nbsp;&nbsp;&nbsp;Mikkel Gleerup<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

## Exhibit 99.1

![q1_fronta.jpg](q1_fronta.jpg)

## First Quarter 2026
**Earnings Release**

For the period 1 January to 31 March 2026

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

Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark

![fsridynmyoja6njiznzlhmgjima.gif](fsridynmyoja6njiznzlhmgjima.gif)

![presentation_master32a.jpg](presentation_master32a.jpg)

**2**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Financial Performance**

**Income statement and cash flows**

The Group's revenue for the first three months of 2026 was EUR 125

million, an increase of EUR 60 million compared to the EUR 65 million

revenue reported for the comparable period in 2025, driven principally

by the increase in contracted days resulting from fleet expansion.

The Group's cost of sales for the first three months of 2026 was

EUR 98 million, EUR 53 million higher than the comparable period in

2025, driven mainly by the addition of three new operating vessels to

the fleet, Wind Ally, Wind Mover and Wind Keeper.

The Group's ten operating vessels achieved a combined 47.6%

utilisation rate for the first three months of 2026, compared to 55.3% in

the same period in 2025, where the Group had seven operating vessels.

The Group's EBITDA for the first three months of 2026 was EUR 47

million, an increase of EUR 23 million compared to the EBITDA of

EUR 24 million reported for the same period in 2025, as disclosed in the

Alternative Performance Measures (APM) section.

For the first three months of 2026, the Group's result was a loss of

EUR 7 million, a decrease of EUR 9 million relative to the EUR 2 million

profit reported for the comparable period in 2025.

Despite the Group's increase in gross profit, the reduction in the result

for the first three months of 2026 compared to the corresponding

period in 2025 was primarily driven by an increase in financial expenses,

as most vessels were delivered as expected, leading to a higher portion

of the interest cost being expensed rather than capitalised.

Net cash flow provided by operating activities was EUR 42 million in

the first three months of 2026, EUR 22 million higher than the EUR 20

million recorded for the comparable period in 2025, primarily

reflecting the conversion of contract assets into cash.

![a1-3_8a.jpg](a1-3_8a.jpg)

Net cash flow used in investing activities in the first three months

of 2026 was EUR 91 million, a decrease of EUR 390 million

compared to the EUR 481 million reported for the same period in

2025. This decrease relates to a higher amount of final

instalments in the first three months of 2025, compared to Q1

2026. Net cash flow provided by financing activities in the first three

months of 2026 was EUR 119 million, a decrease of EUR 363

million compared to the EUR 482 million reported for the

comparable period in 2025. This decrease was driven by lower

proceeds from borrowings net of bank fees compared to the

same period in 2025 and partially offset by the proceeds from

the Group's issue of share capital net of fees during Q1 2026 of

EUR 170 million.

**Outlook 2026** 

The Group's 2026 guidance for both revenue and EBITDA remains

unchanged for 2026: Revenue is expected to range between EUR 854

million and EUR 944 million and EBITDA is expected to be in the

range of EUR 420 million to EUR 510 million, as disclosed in the

Group's Annual Report 2025.

**Subsequent Events**

On 28 April 2026, the lenders under Cadeler's EUR 100 million RCF-B

Facility and Cadeler agreed to extend that facility, which had been

due to expire on 19 June 2026, by a further 18 months to 19

December 2027.

This earnings release report for the period 1 January to 31 March

2026 is neither audited nor reviewed.

![presentation_master32a.jpg](presentation_master32a.jpg)

**3**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Financial Performance**

*Continued from previous page*

---

| | | |
|:---|:---|:---|
| **Key Figures** | **Q1 2026** | **Q1 2025** |
| EUR'000 |  |  |
| Revenue | 124727 | 65474 |
| Gross profit | 26763 | 20916 |
| Operating profit | 7786 | 4830 |
| Net financials | (14638) | (1801) |
| Profit/(loss) for the period | (7049) | 1798 |
| Cash flow provided by operating activities | 42213 | 20387 |
| Cash flow used in investing activities | (90672) | (480860) |
| Of which investment in property, plant and equipment | (90976) | (466217) |
| Cash flow provided by financing activities | 118803 | 482041 |
| Net increase in cash and cash equivalents | 70344 | 21568 |
| **Share related key figures** |  |  |
| Earnings per share (EPS), EUR | (0.02) | 0.01 |
| Diluted earnings per share (diluted EPS), EUR | (0.02) | 0.01 |
| **Operational metrics** |  |  |
| Contracted days (no. of days) | 428 | 284 |
| Utilisation (%) | 47.6% | 55.3% |

---

![a1-2_2a.jpg](a1-2_2a.jpg)

![presentation_master32a.jpg](presentation_master32a.jpg)

**4**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Financial Performance**

*Continued from previous page*

**Capital and assets** 

As of 31 March 2026, the Group's total assets amounted to EUR 3,536 million, a 3% increase compared to

31 December 2025. This increase was driven primarily by an increase in property, plant and equipment of

EUR 80 million, which was attributable to newbuilds and various vessel upgrades, and an increase in Cash

and cash equivalents of EUR 70 million.

The Group's equity amounted to EUR 1,682 million as of 31 March 2026, reflecting an increase of EUR 178

million from the balance at year end 2025 of EUR 1,504 million. The development in the Group's equity

was driven by a net capital increase of EUR 170 million after transaction costs, a gain of EUR 16 million

from changes in fair value and costs of hedges, offset by a loss of EUR 7 million for the first three months

of 2026.

The Company completed a successful private placement on 25 March 2026, resulting in the issuance of

approximately 35 million shares at a price of NOK 56 per share. Overall the Company raised

approximately EUR 175 million before transaction costs. The net proceeds are intended to partly finance

two Wind Foundation Installation Vessel newbuilds (referred to as the "T-Class newbuilds') to be delivered

mid-2030 and mid-2031 and the potential acquisition of a heavy-lift vessel for scour protection (rock

installation) scopes.

---

| | | |
|:---|:---|:---|
| **Key Figures** | **31 March 2026** | **31 December 2025** |
| EUR'000 |  |  |
| Total assets | 3535513 | 3416676 |
| Non-current asset | 3109886 | 3026719 |
| Total liabilities | 1853689 | 1913000 |
| Equity | 1681824 | 1503676 |
| Cash and cash equivalents | 221295 | 151679 |
| **Financial ratios and operational metrics** |  |  |
| Return on assets (%) | 0.2% | 11.9% |
| Return on equity (%) | (0.4)% | 20.5% |
| Equity ratio (%) | 47.6% | 44.0% |
| **Average number of employees¹** |  |  |
| Onshore | 355 | 307 |
| Offshore | 749 | 586 |

---

The financial ratios and operational metrics identified above are calculated in accordance with the terms

and definitions set out in the Annual Report 2025.

<sup>1</sup>Average number of full-time equivalent Cadeler employees for the reporting period.

![presentation_master32a.jpg](presentation_master32a.jpg)

**5**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Financial Performance**

*Continued from previous page*

As of 31 March 2026, the Group is in compliance with all financial covenants and expects to remain compliant during 2026.

On 28 April 2026, the lenders under Cadeler's EUR 100 million RCF-B Facility and Cadeler agreed to extend that facility, which had been due to expire on 19 June 2026, by a further 18 months to 19 December 2027.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| EUR Million | **Less than 1 year** | **Between 1 and 2 years** | **Between 2 and 3 years** | **Between 3 and 5 years** | **Above 5 years** | **Total** |
| **Corporate Financing** | **19** | **75** | **283** | **73** | **16** | **465** |
| **Vessel Financing** | **105** | **105** | **105** | **266** | **568** | **1150** |
| **Total Borrowing** | **124** | **180** | **388** | **339** | **583** | **1615** |

---

![wide_1a.jpg](wide_1a.jpg)

![presentation_master32a.jpg](presentation_master32a.jpg)

**6**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Financial Performance**

*Continued from previous page*

**Order backlog**

Cadeler's order book for 2026 is substantially filled. As of 20 May

2026, notable contracts signed since 1 January 2026 include:

• In February, Nexra – Cadeler's service platform –

announced the signing of a firm contract for an O&M

campaign in Taiwan commencing in March 2026, to run for

3-4 months. The value of the contract to Cadeler exceeds

EUR 20m.

• In March, Nexra closed two additional firm contracts: a

second 3–4 month O&M campaign for Wind Maker in

Taiwan, and a 2–3 month campaign for Wind Zaratan in

Japan, both to be completed in 2026.

• In addition, in January 2026 Cadeler announced that it had

signed a preferred supplier agreement (PSA) with an

undisclosed client for the transportation and installation of

monopiles and transition pieces at a large offshore wind

farm in Europe. The campaign is expected to commence in

H1 2028 and to be executed using two of Cadeler's vessels,

including a newbuild A-class vessel. The PSA is subject to

the client's FID on the project.

Vessel Reservation Agreements (VRAs) and Preferred Supplier

Agreements (PSAs) are not included in the contract backlog.

The Group's order backlog as of the reporting date amounted to

EUR 2,705 million.

---

| | | | |
|:---|:---|:---|:---|
| EUR Million | **Within 1** <br>**year**<br>| **After 1** <br>**year**<br>| **Total** |
| **Contract backlog including options as of 31 March 2026** |  |  |  |
| Firm, excluding options | 842 | 1461 | 2303 |
| Options considered as contingent considerations for revenue recognition purposes | 59 | 142 | 201 |
| Options not considered as contingent considerations for revenue recognition purposes | 59 | 142 | 201 |
| **Total¹** | 960 | 1745 | 2705 |
| *Additions in the period 1 April to 20 May 2026:* |  |  |  |
| Firm, excluding options | - | - | - |
| Options considered as contingent considerations for revenue recognition purposes | - | - | - |
| Options not considered as contingent considerations for revenue recognition purposes | - | - | - |
| **Contract backlog including options as of 20 May, unadjusted for services provided** <br>**during the period 1 April - 20 May 2026²**<br>| 960 | 1745 | 2705 |

---

<sup>1</sup>As of 31 March 2026, 82% of the contract backlog (an aggregate of EUR 2,229 million) related to projects for which the relevant counterparty had taken a positive final

investment decision (FID), and an aggregate of EUR 475 million remained subject to counterparty FID (the foregoing figures include both firm and option line items).

<sup>2</sup>As of the date of this earnings release, 82% of the contract backlog related to projects for which the relevant counterparty had taken a positive FID (the foregoing figures include

both firm and option line items).

![presentation_master32a.jpg](presentation_master32a.jpg)

**7**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Interim Condensed Consolidated Statement of** 

**Profit or Loss and Other Comprehensive Income**

---

| | | |
|:---|:---|:---|
| EUR'000 | **Q1 2026** | **Q1 2025** |
| Revenue | 124727 | 65474 |
| Cost of sales | (97964) | (44558) |
| **Gross profit**  | **26763** | **20916** |
| Net other operating income and expenses | 938 | 136 |
| Administrative expenses | (19915) | (16222) |
| **Operating profit** | **7786** | **4830** |
| Financial income | 9534 | 270 |
| Financial expenses | (24172) | (2071) |
| **Profit/(loss) before income tax** | **(6852)** | **3029** |
| Income tax expense | (197) | (1231) |
| **Profit/(loss) for the period** | **(7049)** | **1798** |
| Profit/(loss) for the period attributable to: |  |  |
| **Equity holders of the parent** | (7049) | 1798 |
| **Earnings per share** |  |  |
| Basic, profit/(loss) for the period attributable to ordinary equity <br>holders of the parent (EUR per share)<br>| (0.02) | 0.01 |
| Diluted, profit/(loss) for the period attributable to ordinary equity <br>holders of the parent (EUR per share)<br>| (0.02) | 0.01 |

---

---

| | | |
|:---|:---|:---|
| EUR'000 | **Q1 2026** | **Q1 2025** |
| **Other comprehensive income/(loss)** |  |  |
| **Items that may be reclassified to profit or loss** |  |  |
| Cash flow hedges - changes in fair value | 13067 | (3929) |
| Cash flow hedges - items recycled | (18) | (3016) |
| Cash flow hedges - cost of hedging | 1070 | (3828) |
| **Other comprehensive income/(loss) after tax** | **14119** | **(10773)** |
| **Total comprehensive income/(loss) for the period, net of tax** | **7070** | **(8975)** |
| Total comprehensive income/(loss) attributable to: |  |  |
| Equity holders of the parent | 7070 | (8975) |

---

![presentation_master32a.jpg](presentation_master32a.jpg)

**8**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Interim Condensed Consolidated Balance Sheet**

---

| | | |
|:---|:---|:---|
| EUR'000 | **31 March**<br>**2026**<br>| **31 December**<br>**2025**<br>|
| Intangible assets | 19493 | 19432 |
| Property, plant and equipment | 3016754 | 2937060 |
| Right-of-use assets | 12230 | 12598 |
| Leasehold deposits | 1163 | 1141 |
| Derivative assets | 6696 | 2419 |
| Other non-current assets | 53550 | 54069 |
| **Total non-current assets** | **3109886** | **3026719** |
| **Current assets** |  |  |
| Inventories | 3784 | 3540 |
| Trade and other receivables | 145529 | 139029 |
| Contract assets | 39891 | 81923 |
| Prepayments | 13970 | 13523 |
| Current derivative assets | 1158 | 263 |
| Cash and cash equivalents | 221295 | 151679 |
| **Total current assets** | **425627** | **389957** |
| **Total assets** | **3535513** | **3416676** |

---

---

| | | |
|:---|:---|:---|
| EUR'000 | **31 March**<br>**2026**<br>| **31 December**<br>**2025**<br>|
| Share capital | 51841 | 47144 |
| Share premium | 1265213 | 1099495 |
| Treasury shares | (2999) | (2999) |
| Reserves | 32542 | 18423 |
| Retained earnings / (accumulated losses) | 335227 | 341613 |
| **Total equity** | **1681824** | **1503676** |
| **Non-current liabilities** |  |  |
| Lease liabilities | 11175 | 12482 |
| Deferred tax liabilities | 12886 | 13256 |
| Deferred revenue | 43918 | 30901 |
| Debt to credit institutions | 1457034 | 1494623 |
| Derivative liabilities | 2608 | 10654 |
| **Total non-current liabilities** | **1527621** | **1561916** |
| Trade and other payables | 76955 | 98208 |
| Payables to related parties | 127 | 272 |
| Deferred revenue | 117871 | 128716 |
| Current lease liabilities | 1901 | 1057 |
| Current income tax liabilities | 4152 | 3638 |
| Current debt to credit institutions | 124493 | 116131 |
| Current derivative liabilities | 569 | 3062 |
| **Total current liabilities** | **326068** | **351084** |
| **Total liabilities** | **1853689** | **1913000** |
| **Total equity and liabilities** | **3535513** | **3416676** |

---

![presentation_master32a.jpg](presentation_master32a.jpg)

**9**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

## Interim Condensed Consolidated Statement of Changes in Equ ity

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Reserves** | **Reserves** | **Reserves** |  |  |
| EUR'000 | Share capital | Share premium | Treasury shares | Hedging reserves | Cost of hedging <br>reserves<br>| Foreign currency <br>translation reserve<br>| Retained earnings | Total |
| **2026** |  |  |  |  |  |  |  |  |
| **At 1 January 2026** | 47144 | 1099495 | (2999) | (8381) | (577) | 27381 | 341613 | 1503676 |
| Profit/(loss) for the period |  |  |  |  |  |  | (7049) | (7049) |
| Other comprehensive income for the period |  |  |  | 13049 | 1070 |  |  | 14119 |
| **Total comprehensive income for the period** | **—** | **—** | **—** | **13049** | **1070** | **—** | **(7049)** | **7070** |
| **Capital increase March 2026** | **4697** | **169502** | **—** | **—** | **—** | **—** | **—** | **174199** |
| **Costs incurred in connection with March 2026 capital increase** | **—** | **(3784)** | **—** | **—** | **—** | **—** | **—** | **(3784)** |
| Share-based payments |  |  |  |  |  |  | 663 | 663 |
| **End of 31 March 2026** | **51841** | **1265213** | **(2999)** | **4668** | **493** | **27381** | **335227** | **1681824** |
| **2025** |  |  |  |  |  |  |  |  |
| At 1 January 2025 | 47144 | 1099495 | (1283) | (3332) | 5131 | 27381 | 59358 | 1233894 |
| Profit for the period |  |  |  |  |  |  | 1798 | 1798 |
| Other comprehensive income for the period |  |  |  | (6945) | (3828) |  |  | (10773) |
| **Total comprehensive profit for the period** | **—** | **—** | **—** | **(6945)** | **(3828)** | **—** | **1798** | **(8975)** |
| Share-based payments |  |  |  |  |  |  | 619 | 619 |
| **End of 31 March 2025** | **47144** | **1099495** | **(1283)** | **(10277)** | **1303** | **27381** | **61775** | **1225538** |

---

![presentation_master32a.jpg](presentation_master32a.jpg)

**10**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

## Interim Condensed Consolidated Statement of Cash Flo w s

---

| | | |
|:---|:---|:---|
| EUR'000 | **Q1 2026** | **Q1 2025** |
| **Cash flow from operating activities** |  |  |
| **Profit/(loss) for the period** | **(7049)** | **1798** |
| Adjustments of non-cash items | 50075 | 22380 |
| Depreciation and amortisation | 39127 | 18824 |
| Finance income | (1230) | (266) |
| Interest expenses | 10836 | 107 |
| Finance costs | 2062 | 705 |
| Income tax expense | 196 | 1249 |
| Fair value change of derivative instruments through profit or loss | (1579) | 196 |
| Share-based payment expenses | 663 | 619 |
| Changes in working capital | (1992) | (4056) |
| Inventories | (244) | (2540) |
| Trade receivables, contract assets, prepayments and other receivables | 35066 | (27376) |
| Trade and other payables | (38848) | (28907) |
| Receivables from related parties | 8 | (460) |
| Payables to related parties | (145) | 112 |
| Deferred revenue  | 2171 | 55115 |
| Income tax paid | (51) |  |
| Interest received | 1230 | 266 |
| **Net cash provided by operating activities** | **42213** | **20387** |

---

---

| | | |
|:---|:---|:---|
| EUR'000 | **Q1 2026** | **Q1 2025** |
| **Cash flow from investing activities** |  |  |
| Additions to property, plant and equipment | (90976) | (466217) |
| Additions to intangible assets | (192) | (492) |
| Movements in other non-current assets | 519 | (14074) |
| Leasehold deposits | (23) | (77) |
| **Net cash used in investing activities** | **(90672)** | **(480860)** |
| **Cash flow from financing activities** |  |  |
| Principal repayment of lease liabilities | (705) | (790) |
| Interest paid | (19093) | (3708) |
| Proceeds from issue of share capital | 174199 | - |
| Transactional costs on issues of shares | (3784) | - |
| Bank charges | (1335) | (705) |
| Proceeds from borrowing net of bank fees | (1042) | 494749 |
| Repayment of loan | (29437) | (7505) |
| **Net cash provided by financing activities** | **118803** | **482041** |
| **Net increase in cash and cash equivalents** | **70344** | **21568** |
| Cash and cash equivalents at beginning of the period | 151679 | 58464 |
| Effect of exchange rate on cash and cash equivalents | **(728)** | **—** |
| **Cash and cash equivalents at end of the period** | **221295** | **80032** |

---

![presentation_master32a.jpg](presentation_master32a.jpg)

**11**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Forward-Looking Statements**

The annual report, as referred to in this document, and this

earnings release, contain certain forward-looking statements

relating to the business, financial performance, and results of the

Company and/or the industry in which it operates.

Forward-looking statements concern future circumstances and

results and other statements that are not historical facts,

sometimes identified by the words "believes", expects", "predicts",

"intends", "projects", "plans", "estimates", "aims", "foresees",

"anticipates", "targets", and similar expressions. The forward-

looking statements contained in the annual report and this

earnings release, 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

forecasted developments.

The Company assumes no obligation, except as required by law, to

update any forward-looking statements or to conform these

forward-looking statements to its actual results.

![a1-3_4a.jpg](a1-3_4a.jpg)

The annual report and this earnings release may contain

information obtained from third parties. You are advised that such

third-party information has not been prepared specifically for

inclusion in the annual report or this earnings release and the

Company has not undertaken any independent investigation to

confirm the accuracy or completeness of such information.

Several other factors could cause the actual results, performance

or achievements of the Company to be materially different from

any future results, performance or achievements that may be

expressed or implied by statements and information in the annual

report or this earnings release.

Should any risks or uncertainties materialise, or should underlying

assumptions prove incorrect, actual results may vary materially

from those described in the annual report or this earnings release.

No representation or warranty (express or implied) is made as to,

and no reliance should be placed on, any information, including

projections, estimates, targets and opinions, contained herein, and

no liability whatsoever is accepted as to any errors, omissions or

misstatements contained herein, and, accordingly, neither the

Company, not 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 or this earnings release.

![presentation_master32a.jpg](presentation_master32a.jpg)

**12**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

**Alternative Performance Measures** 

**Non-IFRS Financial Measures**

To supplement its financial information presented in accordance with IFRS, the Group uses certain non-

IFRS metrics, including EBITDA, when measuring performance, including when measuring current period

results of operations against prior periods. Because of its non-standardised 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 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 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 Group used EBITDA: Earnings before interest, tax, finance income/costs

and depreciation and amortisation.

EBITDA is calculated as shown below:

---

| | | |
|:---|:---|:---|
| EUR'000 | **Q1 2026** | **Q1 2025** |
| Operating profit or loss as reported in the statement of profit | 7786 | 4830 |
| Right-of-use asset amortisation | 466 | 283 |
| Depreciation and amortisation | 38746 | 18541 |
| **EBITDA** | **46998** | **23654** |

---

**13**<br>

<u>[________________](#i99880e58aa85401db04e9937ab8f3649_1)</u><br>

![imagea.jpg](imagea.jpg)

Kalvebod Brygge 43

DK–1560 Copenhagen V

Denmark

+45 3246 3100

www.cadeler.com

![fsridynmyoja6njiznzlhmgjima.gif](fsridynmyoja6njiznzlhmgjima.gif)

### Attached PDF Documents

**Attachment 1:** `courtesycopy_cadelerq12026.pdf`

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