Cadeler today announced the completion of a private placement raising approximately EUR 175 million, at a price above the Company's 5-day VWAP, to fund initial capital commitments for two proposed T-class Wind Foundation Installation Vessel newbuilds and the potential acquisition and conversion of a scour protection vessel. Importantly, Cadeler's fleet expansion is structured to preserve a clear path to capital returns.

Strong operating cash flows, a robust balance sheet, and limited near-term capital commitments support the Company's continued ability to allocate capital to shareholders.

While Cadeler doubled the size of its fleet on the water (and corresponding capacity to generate operational cash flows) in 2025, industry newbuild activity has remained highly disciplined. No wind foundation installation vessels have been ordered globally since Cadeler's last order in Q2 2024. A tightening projected vessel undersupply from 2029 onwards underpins favourable long-term utilisation and pricing.

Cadeler is in advanced discussions for two competitively priced T-class newbuilds, to be delivered in 2030 and 2031. Payment profiles for both newbuilds are anticipated to be back-loaded, with a majority of the capital commitments falling due after 2029 and the total capex expected to be 65% debt financed. With limited near-term cash outflows, the addition of the T-class vessels to Cadeler's fleet is not expected to impact near-term dividend capacity or capital return ambitions.

In parallel, Cadeler is evaluating the acquisition and conversion of a scour protection vessel. This initiative would strengthen Cadeler's foundation transportation & installation (T&I) offering, reducing Cadeler's reliance on sub-contractors, improving competitiveness in pricing, and maximising retained profits, while offering a capital-efficient and accelerated route to market. Financing options under consideration further support a disciplined capital structure.

With strong underlying demand and renewed momentum in the offshore wind industry globally, Cadeler anticipates good employment prospects across its expanded fleet. Cadeler remains committed to balancing selective growth with an attractive and sustainable return of capital to shareholders. No additional equity is expected to be required to fund current plans.

No final investment decisions have been made, and all terms remain indicative.