Management review
Continued from previous page
As of 30 June 2025, total assets amounted to EUR 2,769 million, a 43% increase for the report-
ing period, driven principally by an increase in property, plant and equipment of EUR 672 mil-
lion (of which EUR 691 million was attributable to Assets under construction (AUC) and the re-
maining amount to other projects, such as dry docking).
million to be utilised against the penultimate yard instalment for Wind Ace and will be re-
financed by the post-delivery tranche upon expected delivery in Q3 2026.
On 22 May 2025, Cadeler and its subsidiary, Wind Keeper Limited, entered into a EUR 150 mil-
lion Facilities Agreement (the “Wind Keeper Bridge Facility”) with DNB Bank ASA in order to fi-
nance the purchase of the Wind Keeper.
On 17 January 2025 the Company requested utilisation of EUR 40 million under the Green Cor-
porate Facility, and on 14 February 2025 a further EUR 40 million was requested.
On 22 May 2025, Cadeler requested utilisation of EUR 88 million of the Wind Keeper Bridge
Facility, and a further EUR 62 million utilisation was requested on 24 June 2025.
On 31 January 2025, the Company took delivery of the sixth vessel in its fleet, Wind Maker,
which was delivered at the Hanwha Ocean Shipyard in South Korea. Additionally, on 23 Janu-
ary 2025, the Company drew down half of the M-class Facility to pay the final instalment for
the Wind Maker amounting to EUR 212 million.
The Company has significant headroom to comply with its debt covenants. As of 30 June 2025,
the Company had liquidity of EUR 204 million available from cash on hand and committed fa-
cilities, including the New Debt Facility and the Holdco Facility.
On 26 March 2025, the Company took delivery of the seventh vessel (the second P-Class Ves-
sel) in its fleet, Wind Pace. Additionally, on 17 March 2025, the Company requested the utilisa-
tion of EUR 211 million under the P-Class Facility to finance the final instalment for this Vessel.
Related party transactions
Related party transactions over the reporting period are limited to guarantee fees issued by
BW Group Limited, administrative support provided by Scorpio Services Holding and training
courses provided by BW Maritime, see Note 10 for further details.
On 21 March 2025 the A-class facility was signed. Cadeler A/S and two of its subsidiaries, Wind
Ally Limited and Wind Ace Limited, entered into a Sinosure-backed Green Term Loan Facility of
up to EUR 525 million (with a 12 year tenor) (the “A-class Facility”) with a group of banks led by
DNB and supported by Crédit Agricole, CIC, HSBC, KfW-IPEX, OCBC, Rabobank, Santander, So-
ciété Générale, SpareBank 1 SR-Bank and Standard Chartered Bank, to finance the purchase of
the first two of the Cadeler Group’s three newbuild A-class vessels. At the time of its execution,
the effectiveness A-class Facility was contingent upon the receipt by the lenders thereunder of
written confirmation from Sinosure that each of the insurance policies to be issued by Sinosure
in connection with the facility had been approved for issuance. That confirmation was duly
made and all lenders confirmed their acceptance of the same on 31 May 2025; the A-class Fa-
cility is therefore fully effective. The loan agreement includes a “pre-delivery” tranche of EUR 50
Impact on the external environment
There have been no significant changes to our sustainability strategy since the publication of
the 2024 Annual Report. Sustainability remains a strategic objective 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 impact that its business has on the environment and the communities and is
committed to delivering leadership in matters of environment, health and safety, employment,
and corporate responsibility across its value chain, as detailed in the 2024 Annual Report,
which integrates the sustainability statements.
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