Cadeler A/S

Good morning and welcome to Cadela's H1 2026 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadela's results to differ materially from today's forward-looking statements include Those detailed in Cadella's annual report on Form 20-F, 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 Cadella undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IRFS and certain non-IRFS financial measures. A reconciliation of non-IRFS financial measures to the nearest IRFS equivalent is provided in Cadala's annual report. The annual report and today's learning presentation are available on Cadala's website at cadala.com forward slash investor. We ask that you please hold all questions until the completion of the formal remarks, at which time you'll 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. Mikkel Gleerup, you may begin.

Thank you very much and welcome to this half-year presentation from Kettler. Very pleased to be joined by everyone here. Just a disclaimer slide here first, and then our H1 highlight slide. So the first half of 2026 has been Really, a third half that is defined by very solid financial performance. Adjusting for the last termination fee we had last year, we do see a very strong revenue, and it is now that are both more than doubling on a year-on-year basis. The nuclear program continues to be on track. We delivered our second 8,000 vessels on the 17th of July, and that vessel is now preparing for its first project with coming to Europe for final mobilization. We also successfully acquired a main leading global provider of specific equipment and technology solutions for offshore combination installation. A little bit more about that later in the presentation. And then we continue solid execution across all key regions where we are currently busy. And the OT3 execution also continues and I'm very pleased with that and also more about that in the presentation. And then we signed firm contracts for the two new T-Stars vessels, something we have been working very, very hard to achieve. And I think it's fair to say that it's been a tough negotiation and very pleased to be where we are now. In terms of commercial highlights, the acquisition of MINC, we already have gone through the transaction rationale in a separate presentation. But really, it is about strengthening the custom offering and the execution capabilities that we have in Cadler. We do see this as one of the key components for a successful foundation campaign. We do also see that our clients have been increasingly concerned about whether this tool can be sourced to the market at the necessary volume. and that is something that we have decided to take an active position in and to make sure that there's enough equipment for what the industry is needing and that really means what our clients are needing, what our peers are needing and also what Tesla is needing and all together we believe that that is a very sound business move Thank you very much for joining us. Thank you for watching. to evaluate the program length on a foundation project going forward. So the combined knowledge between the two companies is something that we very much expect will benefit not only our clients but the industry as a whole. and then, of course, maybe it's a solid business. It's a business that is more and more shifting into a rental model and we believe that the earnings profile of the company is something that is very attractive and that is something that fits well with how we do business in Cadla and what we want to do on a forward-going basis. And then there's just a very strong strategic and industrial fit between the two companies because the models, they are very, very much aligned. In terms of what the company is offering, we showed the slide also just on the day of the announcement. But really, the hydraulic hammers, that is the main part of the business and also the biggest part in terms of revenue generation. But there is a lot of other things that are very interesting to develop as we now go forward with the company, in particular in lifting and handling. where we also are big clients ourselves for this type of equipment but also on noise mitigation. Noise mitigation is something that is taking more and more attention in the industry and Clouding and drilling. Clouding and drilling is also in some cases a necessity for foundation projects and it's good that there are solid technology bases for both of these components for the future projects as well and something we all together here believe will be positive effects on projects going forward and really increasing efficiency on foundation installation in the industry. For Kettler, we have been very open about how we see this. It's very much like we have seen with the vessels. We are aiming to build scale so we can offer science redundancy. And I think it's fair to say that we have showed the redundancy. We have showed that it works. We also get the feedback from the clients that the journey that Kettler has been on is something that is working. It's also working for them because if the day is on practice, then we are able to support We have done that already several times in the industry and we see that that is something that the clients, they greatly appreciate. And we believe that by merging now the devil with the hammer in the Tattler case, that is also something the clients will appreciate because really we remove one risk interface on their installation campaigns. and it's really one of the risk interfaces that they are worried about and also one if it goes wrong that will cost a lot of money for the industry and hence having the ability to merge the two components we believe that that is something that will be sought after by the clients out there. I would say also the first half of this year it has been very much about executing on projects globally. We continue on Venezuela to install in the U.S. We have been back at Revolution Wind. We are at Revolution Wind installing the final couple of turbines before we go back to Sunrise again to complete that project. On Okla, we are installing the secondary steam for only three projects for us. On Osprey, we are installing EA3 turbines. at a very, very rapid pace. Osprey has done incredibly well on that project. The Windmover is installing on the Baltic Power project and the Windmaker has done an O&M campaign in Asia and is currently also operating on O&M out there. We are bringing Wynn Ceritan into a new era and we are doing some small upgrades to Wynn Ceritan to make sure that she can support other parts of the business going forward and we are looking forward to see Wynn Ceritan contributing value to the company as we go forward. Wynn-8 was delivered as I said in terms of installing initial equipment. Wynn-Ally is on warranty free installing and very We are pleased to see what we are doing there, and as you will see in a future slide here, we are now going from proof of concept to really doing it fast and safe. That is really what we are aiming for here, and the team has worked tremendously hard to reach the target that we have. And we will keep our continence on a long-term agreement with Vestas, doing various work, and very positive as well there. Winpeak has also completed the SOFIA project and has subsequently done an O&M campaign for an extra, ultimately for Siemens, but currently working in the next set-up. And WinPage is, together with Windows Spray, installing turbines on the EA3 project. On OT3, as we said, it's from first to last. We are still working on further accelerations and efficiencies on the project because we will be doing many projects in the future and hence the learnings we get now from ONSI is something that we can really implement into the company on a long-term scale. It has been an incredible learning journey to be on Hornsea and I think that we are very positive with where we are. We continue to find the improvements that we can benefit from and that the client can benefit from and I think that we are very ambitious in terms of where we want to be. But really, the proof of concept, the fact that Paddler is now installing full-scale foundation products safely and efficiently, that is something that has taken a lot of work, and a great thank you to the team that is continuing to deliver on that. The monofilament installation continues, and the secondary steel installation is also on track. and the logistics around the project that we are also handling is also progressing. We have three heavy transport vessels on charter and we have around 100 monopiles that have been loaded into the marshalling port. And really, as I already said, the focus is to continue safe execution on this project while still Thank you very much. In terms of Nexra, I'm also pleased to say that Nexra has seen a pickup in commercial performance and we have had three vessels working in the Nexra space, when served and when made and when peaked. that have performed the O&M spokes in Europe and APEC and we have had more than 230 battle days that have been working with service and also that the team in Nexla is working incredibly hard with our clients to secure long-term commitments on the O&M side. We maintain our view on the O&M side. We maintain that this is very, very interesting for us and also a very solid business and a place that Capra very much wants to play a role in the Nexla setup. So we continue to put Peter Kragh on Nexla and are also very, very positive with what we have seen in the latest months from the clients. And on the backlog, standing at 2.5 billion, as we always say, it's a very solid earnings visibility. I think that what we are saying on this slide today here is also that we are bringing you a little bit behind the curtains in terms of what is happening out there and also part of why we are positive around what we're seeing for the future. At the moment, we are in the category Vessel Resolvation Agreement and Progressive Bio-Agreements that are not currently in the backlog. We have three DCG projects for 2027, 2028 and 2031. We have a foundation project for 2028. We have also a project for 2031 on both the foundation and turbines, and also a long-term O&M agreement. So a lot of work is at the moment going on to convert these vessel restoration agreements as preferred supplier agreements into firm contract backlog and I think that the team is fair to say that they are negotiating at full speed while we actually see a lot more coming at the moment. Especially for the beginning of the next decade we see an enormous appetite from the clients and especially with the announcement of the T-class vessels, we have been in a very positive momentum with the clients who would like to understand the abilities of the T-class vessels and how we can work together with the A-class and the T-class vessels and our several installation vessels to ensure a very efficient installation campaign. And with the acquisition of Mint, I think it's also fair to say that we have had very positive conversations with our clients on the combination of the hammer and the vessel, but also with our peers, where several of our peers have reached out to say that they would like to discuss availability of hammers on an ongoing basis, and we have also made it very clear that that is very, very much our ambition, and we will prove it to the market that that is something that we are going to do. In terms of the backlog, as I said, around €2.5 billion, 77% of that has reached FID, and there are projects that are currently in the FID process now, and also, as I said, the projects that we see on the right side of this slide that are currently in the preferred supplier agreement status, they're not included in the backlog, but we do expect that these projects and two projects that we can announce in the not so distant future. So I would say all in all a very, very strong commercial momentum in the business at the moment as well and everybody is working full speed on those opportunities out there together with our clients. In terms of progress on the new build, now it's new build and singular before we are starting the T-Club, but we are expecting delivery on Wind Apex in the second quarter of 2027. This represents an acceleration that we have agreed with Cosmo and that is really to deliver towards the project that you saw in the preferred supplier category. We have seen that WinAPEX has achieved significant time optimization compared to the first vessel that was delivered. And I think that our collaboration with COSPO is really a fantastic collaboration where we do understand each other and we can speak about the various things that are going on. And that is also why that it was an actual next step for us to award COSPO with the CSAS new builds that will be delivered in 2030 and 2031 and we are looking forward to see them coming to the market as well and together with our partners from Portugal. Win8 also delivered ahead of schedule and on budget again a very strong performance that's now the 11th vessel that has been delivered and the second of the three A-TAC new builds and as we now start to take delivery of the A-class vessels, we will also start to have a fleet of these vessels that can support each other. It is going straight into mobilization with the mission equipment and having soon two vessels that are fully mobilized for foundation installation in a very flexible setup, we believe that that is something that will give us a very, very significant flexibility to support potential delays in the industry and also our clients really to ensure that we get these foundations installed on time on budget. and the next vessel coming next year will also be able to do that, although she will start with the turbine installation for the first period of time. Coming into the financial line-up, I hand over to Peter, so please take it away, Peter.

Yeah, thank you very much, Mikkel. Yeah, Q2 stands alone after three months, ending 13th of June 2026. We have adjusted for the comparable figures from 2025 for the termination fee that we received last year. In order to be able to compare on an average to average basis on the main activity of Caddler. So we have adjusted here for revenue, EBITDA and net profit for the €187 million. The revenue for Q2 was 282.8 million euro, that was a plus as compared to last year of 132%. Energy tube ratio was a solid 15%, which is stated at a very satisfactory level, nearly 91%, and also up from the The adjusted number from last year. The market cap amounted to 2 billion euros. If we look at 160.6 million euros, that is an increase of 106 as compared to last year. Then profit 95 million, which is plus 73% as compared to last year. So it's been by a million. Backup stands at 2.5 billion. and that is compared to the same period. Last year it is up 23%. 3 months steady average turnover of 6.9 million euro. If we look at the Q2 numbers in the full period, again we see that Revenue is up, and if we adjust for the termination fee last year, it is significantly up, and doubled, more than doubled. Feed utilization increased to 85% as compared to 76% last year, and that is up from the 48% we had in June 1st this year. as a result of the deliberate basis and they have been now mobilized and are on contract. The adjusted utilization is 100% compared to last year's comparable number. Cost of sales has increased by 0.93 million. And that is, of course, linked by the full core operating cost base of three additional vessels. It will be an Ally, a Mover and a Keeper. So we have now ten vessels operating as compared to seven last year. SDMA is increased by seven million euros, which reflects the continuous scaling of our Officers in order to, as we have explained many times, to be able to operate the bigger fleet, but also the foundation projects. Maisel Norvex is €9.871 per day. which is above the level that we have seen in previous quarters, basically just below 40,000 euro per tonne. If we look for the sixth one setting, pressures of fuel, revenue again more than doubled to the euro 480 million. when we adjust for the Euro 111 million in dissemination fees and approximately the same unadjusted availability or utilization for 26 as compared to the first half of 25 and then adjusted the utilization 85% for the 6 months. Again, the same two hours behind the increase in overpass cost of sales, and then driven by the three additional buses. And again, the HDNA has increased by 9 million as compared to last year, and again, due to the same reason of having a bigger back office to be able to handle the additional buses and get the foundation scope. and again Ibiza, more than doubled when we adjust for the German fee, which is now the current income. Finances, now we have an equity of 1.8 billion Euro, which is of course a portion of The capital increase that we made in the 21st of March this year, and then the positive result, the equity ratio stands at 50%, which is a solid balance sheet. This slide is the finished slide that we have shown before with the topics on the new principles, and now we have also included the net acquisition in this. to illustrate that we are not in need of any cancer increase to be able to take over MEDIC and go through this acquisition. As at the end of June 2016 we have all-in-one facility on the RCFs, A and B of 180, Then in July we made an additional home-cook facility with Santander, 40 million euro which adds of course to available liquidity. Main transaction, we got a bench facility of 380 million from GmbH and Rabobank which was then used for the payment of milk around the 500 million euro. So, then we are having the new bits still. We have the A-class bias of 510 million and A-class opus of 425. And then we are going to make a down payment from the ordering of the T-class bits of 1112, or 121 actually, it's not stated here, but it's 121 million euro.