Cadeler A/S

Good morning and welcome to Caddler's Q1 2026 earnings presentation. Presenting today are Mikael Glierup, Chief Executive Officer, and Peter Brogard, Chief Financial Officer. Please be reminded that the presenter's remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Caddler's results to differ materially from today's forward-looking statements include those detailed in Caddler's annual report, on Form 20F, on file with the United States Securities and Exchange Commission. Any forward-looking statements made this morning are based on assumptions as of today, and Cadler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Caddler's annual report. The annual report and today's earnings presentation are available on Caddler's website at caddler.com forward slash investor. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikael, clear up, you may begin.

Thank you very much, and hello to everyone, and thank you for joining this Q1, 2026 presentation from Cattler. Just to start off the presentation, really a quarter that it has been running exactly as expected, financial performance in line with our expectations, continuing a robust backlog of work, standing currently at 2.7 billion Euro, which we believe provides a very solid earnings visibility for the company. New build program on track. We named the second A-class vessel in April, and she is about to deliver in the next couple of months as per the schedule. The third A-class vessel is delivering next year and is also on the schedule. have continued with solid execution across the globe and i'm also very pleased to say that wind ally and wind orca are fully mobilized and first complete monopile foundation has been installed on horn c3 which is very very important and a very important milestone for 2026 and we have a little bit extra on that further in the presentation very strong utilization vessels operating across the world and the next row has secured utilization on multi On the utilization, I would like just to quickly say that obviously we have many vessels that have been shifting between projects, so a lot of mobilization in the first quarter of the year, which has also been exactly as expected. In terms of commercial highlights, vessels continuing to execute on projects across the fleet, really a busy, busy, busy over on projects due to many different factors but really overall I would also say a quarter where we have been able to support our clients and to do what has been necessary to help them on their projects where they are currently engaged. Also very pleased to see that when Keepa has started its operation with Vestas and is performing on the project with Vestas as we speak. Next slide, please. On Horn C3, as I said, really from concept to delivery, we have had many, many questions over the course of the last four years where we have been in process towards the Horn C3 execution. A lot of planning is now finally coming to fruition. And it's very pleasing to be able to say that we now have proof of concept on the project with the first full monopile installed and also all the secondary and being commissioned and handed over to the client. And actually, we have eight monopiles in the water as per today's date. We have seven full. installed and five fully commissioned monopiles out there so really the project is going as per the plan the equipment that we have invested in that we are using on the project is working as we expected it and we are now slowly ramping up the speed on the project to get up to the speed where we want to be and to really make sure that there will be a smooth installation on this for our clients. So very, very pleased to say that we have proof of concept and that we are now delivering the full TNI foundation project. Still sitting on a very significant backlog across key markets, 2.7 billion backlog, as I said, already provides a very solid earnings visibility. We continue to operate in the US, in Europe and in APAC. and are really working on a lot of different opportunities for the future years. As we have said in this quarter also, we have executed and also for a rock dumping installation vessel that we believe all will strengthen our portfolio and our ability to support the clients going forward. We have also projects that are not in the backlog, but where we are currently working and projects that will be added to the backlog as and when they come to fruition. But all in all, I would say that we have been reaffirmed in our opinion since the beginning of the year that we are looking at a very, very busy 26-27 year We were when we did the annual report. And for 2029, we are working on some very, very interesting prospects at the moment. When we look into the new decade, we are also seeing very interesting projects and also a lot of projects currently in what we call category high. So this is really the category where we are working already now intensively with the client and where we believe that our vessels will be busy in the beginning of the next decade. On the backlog, 82% of the backlog have reached FID. We believe that that is a very, very solid number and also gives us the earnings visibility that we really need as a company. We also see the start of Nexra and the foundation of Our ambitions on Nextra continues to be strong and we continue to see that our main market for Nextra is the plus 11, 12 megabit segment where we believe that we have a very good foundation to play for the main components replacements for the bigger turbine sets in the industry. We also have preferred supply agreement that is not included in the backlog and where we currently are negotiating with a client for installation in 2018. In terms of the progress on the new builds, the wind days, we expect a delivery in the beginning of the third quarter this year. We have basically done most of the material work there, but we are still having some tests and on budget. We had the naming ceremony this year and we were proud to have Ms. Lisa Weston naming the vessel for us. The Wind Apex, as we also talked about on the annual report, we expect the Wind Apex to deliver in Q2-27 and we have been negotiating with the yard to manage early delivery of this vessel because we are working with a client for the Wind Apex immediately after its return to Europe and where client here in Europe. A few pictures from the naming ceremony on Wednesdays. A very big day for us as a team. Second foundation installation vessel delivered and the vessel will, after its delivery from the shipyard, return to Europe for the full mobilization for the East Anglia II project that we are commencing next year. the 1C3 project and implementing them into the EA2 project so we can ensure that our clients get the best possible product from Catalan. On the financial highlights, I will hand over to you now, Peter.

Thank you very much. Yes, for Q126, revenue was €124.7 million as compared to €65.5 million last year. XG ratio 47.6% and the adjusted utilization 77.7%, which is satisfactory for us. We adjust the utilization for transfer from the yard and plant at dry docks. And we had serotonin not on high in Q1. So this is really what is expected. Market cap is 2.3 billion euro. EBITDA was 47 million euro as compared to 23.7 million euro. Net profit minus 7 million euro impacted as also communicated at annual report. by interest on our bank facilities. We are now in a territory where we have delivered 10 vessels on the fleet and only two vessels under construction. Hence, more of the borrowing costs go to the P&L than we saw in strong backlog three months daily average turnover 7.7 million euro we have adjusted for the price placement that we did the 26th of March if we look at the P&L I think it's important to emphasize that it is Exactly as planned by us and totally in line with our own expectations. It goes for all the lines, both revenue and cost lines. It was as expected and we regarded it as a strong start to the year. Of course, a revenue increase as compared to last year because we have three more vessels on water. Cost of sales goes up. also due to the bigger fleet goes up of course relatively more than revenue because that we had some we had three vessels in transit we had vessels going from one project to another and we also had I think it's important to explain that, according to IFRS, we cannot start revenue recognition on a project before we start installing. Vindala has been mobilizing for the 43 project in June 1, but we have not taken any revenue in. That will be done later. Of course, we earn revenue on the contract under the mobilization, but cannot be taken to revenue in the P&L. Is DNA increased to last year? But again, A modest increase that shows, again, the picture that we have explained in previous quarters, that we did early a man-up of the organization to enable a bigger fleet, but also a foundation project. And that now shows the scalability of our organization. So the early investments now pays off. Finance debt continued to be up against last year, but due to this more OPEX per day is 40,837 euro per day, and that is a little bit higher than it would be the rest of the year due to mobilization on Ally and Saratang, and there was some smaller one-off expenses. Balance sheet, strong balance sheet, of course, increased by the equity, it's increased by the capital rates, we did 26 of Mars, and also lifting the equity ratio from 44% to 48%. Package program, it's a slide we have shown in the past to demonstrate that we are able to to finance the expansion of the fleet that we have planned. So, as you can see, we have signed committee financing for A-class. We are in the advanced discussions with the banks to launch the Apex financing in Q2. Here in Q2, 26 are expected to sign early Q3 for the vessels that is delivered next year. So in total, we have 641 available funding for that and a net of the outstanding installments with a net funding of 218. And we have not, in this waterfall, we have not taken in the cash that we have. on the balance sheet and the available facilities that we have not drawn on. So cash and available liquidity as per 31st of March was 221 million and available liquidity was 369 million. Of course, then we also have not, that should also come and order and discover rock installation vessels that we have announced in connection with the private placement. Still, we do our hedging policy which we stretch follow. It's 50% of US dollar exposure is hedged and 50% of interest exposure hedged for the first five years of the expected facilities. This is the financial, we should focus on what has happened since annual report. We have extended the RCFP that was supposed to terminate in June 26th. We have extended it for 18 months until the 27th. And we are in advanced negotiation on the accordion. on the corporate load that we have with HSBC. Euro 80 million, we expect to sign that here in Q2. And the reason for this is, you know, it is to have a reasonable offer when we are looking at available liquidity so we are 100% sure that we can go through the coming years and the CapEx program with the current financing. The full year outlook remains the same. It's unchanged and there's nothing we have seen from the performance in Q1 or until today that is not according to plan. Hence, course we maintain the outlook for the year the timing of the year is something that has maybe surprised some but we have always planned with a somewhat weaker Q1 in terms of revenue and income and then Q2, Q3 bigger quarters in terms of revenue and income and in total the outlook for the full outlook is unchanged. I will hand back to you, Sven.