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"2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-287": { "value": "3864000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-288": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-289": { "value": "516000.0", "decimals": -3, "dimensions": { "concept": "cadeler:AcquisitionOfTreasuryShares", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-290": { "value": "1716000.0", "decimals": -3, "dimensions": { "concept": "cadeler:AcquisitionOfTreasuryShares", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-291": { "value": "1223000.0", "decimals": -3, "dimensions": { "concept": "cadeler:BankCharges", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-292": { "value": "56000.0", "decimals": -3, "dimensions": { "concept": "cadeler:BankCharges", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-293": { "value": "98874000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-294": { "value": "23829000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-295": { "value": "108924000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-296": { "value": "596356000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-297": { "value": "54875000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-298": { "value": "-12235000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-299": { "value": "151679000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-300": { "value": "51155000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-301": { "value": "-363000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-302": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-303": { "value": "206191000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845008439EUED140282", "period": "2026-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-304": { "value": "38920000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9845008439EUED140282", "period": "2025-07-01T00:00:00", "unit": "iso4217:EUR" } }, "f-305": { "value": "
Note 1
General information
Corporate information
Cadeler A/S (the \u201cCompany\u201d or the \u201cGroup\u201d) is incorporated and
domiciled in Denmark. The address of its registered office is Kalvebod
Brygge 43, DK-1560 Copenhagen, Denmark. The Company is listed
on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock
Exchange (ticker: CADLR).
The Group is a global leader in offshore wind installation, operations,
and maintenance services headquartered in Copenhagen, Denmark.
As at 30 June 2026, the Group owns ten offshore jack-up Wind
Turbine Installation Vessels (WTIVs): Wind Orca, Wind Osprey, Wind
Scylla, Wind Zaratan, Wind Peak, Wind Pace, Wind Maker, Wind
Keeper, Wind Ally and Wind Mover. Subsequent to the reporting
period, Cadeler took delivery of Wind Ace, the Company's eleventh
wind installation vessel and second A-class newbuild. In addition to
wind farm installation, these vessels can perform maintenance,
construction, decommissioning, and other tasks within the offshore
industry.
The interim condensed consolidated financial statements of the
Group are composed of the financial statements of Cadeler A/S and
its subsidiaries (which are all wholly owned by the Parent Company
Cadeler A/S). For more information on the subsidiaries of Cadeler A/S
please refer to Note 29 to the consolidated financial statements for
2025.
The interim condensed consolidated financial statements for the six
months ended 30 June 2026 are unaudited and not reviewed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-308": { "value": "Cadeler A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-315": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-316": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-317": { "value": "
Note 2
Basis of presentation and other significant accounting policies
2.1. Basis for preparation
The interim condensed consolidated financial statements for the six
months ended 30 June 2026 have been prepared in accordance with
IAS 34 Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB) and as endorsed by the EU, and
with the additional requirements in the Danish Financial Statements
Act applicable to interim reports of listed companies.
The interim condensed consolidated financial statements do not
include all the information and disclosures required in the annual
consolidated financial statements and should be read in conjunction
with the Group\u2019s annual consolidated financial statements as of 31
December 2025.
The accounting policies, judgements and estimates are consistent
with those applied in the Annual Report for 2025. For a complete
description of accounting policies, see Note 2 to the consolidated
financial statements for 2025.
The interim condensed consolidated financial statements are
presented in euros and all values are rounded to the nearest
thousand, except when otherwise indicated.
Going concern assessment
The Company\u2019s Board of Directors and Executive Directors have, at the
time of approving the interim condensed consolidated financial
statements, assessed that the Group has adequate resources to continue
as a going concern at least 12 months after the balance sheet date.
Thus, the Group continues to adopt the going concern basis of
accounting in preparing the interim condensed consolidated financial
statements.
Impairment of non-financial assets
Property, plant and equipment and right-of-use assets are tested for impairment whenever there is
objective evidence or an indication that these assets may be impaired. There were no present indicators of
impairment as at 30 June 2026. For further information, refer to Note 12 to the consolidated financial
statements for 2025.
Refer to Note 13 to the consolidated financial statements for 2025 for further information on the Group\u2019s
accounting policies for property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-318": { "value": "
2.1. Basis for preparation
The interim condensed consolidated financial statements for the six
months ended 30 June 2026 have been prepared in accordance with
IAS 34 Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB) and as endorsed by the EU, and
with the additional requirements in the Danish Financial Statements
Act applicable to interim reports of listed companies.
The interim condensed consolidated financial statements do not
include all the information and disclosures required in the annual
consolidated financial statements and should be read in conjunction
with the Group\u2019s annual consolidated financial statements as of 31
December 2025.
The accounting policies, judgements and estimates are consistent
with those applied in the Annual Report for 2025. For a complete
description of accounting policies, see Note 2 to the consolidated
financial statements for 2025.
The interim condensed consolidated financial statements are
presented in euros and all values are rounded to the nearest
thousand, except when otherwise indicated.
Going concern assessment
The Company\u2019s Board of Directors and Executive Directors have, at the
time of approving the interim condensed consolidated financial
statements, assessed that the Group has adequate resources to continue
as a going concern at least 12 months after the balance sheet date.
Thus, the Group continues to adopt the going concern basis of
accounting in preparing the interim condensed consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-319": { "value": "
The interim condensed consolidated financial statements for the six
months ended 30 June 2026 have been prepared in accordance with
IAS 34 Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB) and as endorsed by the EU, and
with the additional requirements in the Danish Financial Statements
Act applicable to interim reports of listed companies.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-320": { "value": "
Going concern assessment
The Company\u2019s Board of Directors and Executive Directors have, at the
time of approving the interim condensed consolidated financial
statements, assessed that the Group has adequate resources to continue
as a going concern at least 12 months after the balance sheet date.
Thus, the Group continues to adopt the going concern basis of
accounting in preparing the interim condensed consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-321": { "value": "
2.2. Changes in accounting policies and disclosures
2.2.1. New accounting policies and disclosures
The Group has adopted standards and interpretations effective as of
1\u00a0January 2026, including the amendments to IFRS 9 Financial
Instruments and IFRS 7 Financial Instruments.
Adoption of new, amended standards and interpretations had no
material impact on the Group\u2019s consolidated financial statements.
2.2.2. Standards issued but not yet effective
The IASB has issued several new and amended accounting standards
(IFRS) and interpretations (IFRS IC). The Group has assessed these
new and amended accounting standards and interpretations, and
does not anticipate any of them to have any material impact on
recognition or measurement in the consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements, which
was issued in April 2024, becomes effective for reporting periods
beginning on or after 1 January 2027 and replaces IAS 1 Presentation
of Financial Statements, for more information see note 2.3.2 to the
consolidated financial statements as of 31 December 2025.
The Group is currently working to further identify and analyse the
implications on the consolidated financial statements. Our
interpretation of the application may evolve as additional guidance
will become available.
The Group expects to adopt the accounting standards and
interpretations as they become mandatory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-322": { "value": "
2.3. Material accounting judgements, estimates and
assumptions
The preparation of the Group\u2019s interim condensed consolidated
financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of
revenue, expenses, assets and liabilities, accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities
affected in future periods.
The following accounting judgements, estimates and assumptions,
which Management deems to be material to the preparation of the
interim condensed consolidated financial statements, are unchanged
from year-end 2025:
\u2022 Useful life of vessels
\u2022 Income tax
\u2022 Impairment of non-financial assets
\u2022 Identification of CGU for the purpose of goodwill
impairment
\u2022 Revenue recognition
\u2022 Macroeconomic factors and climate risks
Refer to Note 2.4 to the consolidated financial statements for 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-323": { "value": "
Note 3
Revenue
The Group is a leading supplier to the offshore wind industry,
specialising in T&I and O&M services rendered to customers in Europe,
Asia, and the United States. The Group owns and operates the world's
largest, most advanced, and most flexible fleet of wind turbine transport
and installation vessels. The Group\u2019s revenue is dependent on project
contracts and vessel charters for the employment and utilisation of the
vessels. The customers are typically major project developers or energy
companies that operate globally, and the current order backlog spans a
number of years. Refer to separate information on major customers and
order backlog below. The Group operates ten vessels compared to
seven operating vessels at the same point in 2025. The increase in the
number of operating vessels in 2026 compared to 2025 is the main
driver for increased revenue.
The Group derives its revenue from fees charged to our customers for
the use of our vessels and related services. The Group\u2019s contracts with
customers comprises the following main revenue-generating
activities:
Time-charter activities represents revenue earned from time charter
contracts and time charter related activities. Revenue from time
charter hire services are contracts with customers where the Group
utilises its vessels, equipment and crew to deliver a service to the
customer normally based on either a fixed day rate or milestone
deliverables. Contracts may also include other promises such as
mobilisation and demobilisation, provision of bunker services,
catering and accommodation.
Transportation and installation activities (T&I) represents contracts
with customers where the Group utilises its vessels, equipment and
crew to perform the transportation and installation of offshore wind
turbine foundations as well as heavy lifting operations,
decommissioning and planning and engineering.
Other revenue represents cost recharges and other personnel
services revenue, as well as early termination fees by customers.
Note 3
Revenue
Continued from previous page
Disaggregation of revenue from contracts with customers by activity
The following table provides information about disaggregated revenue.
EUR'000
H1 2026
H1 2025
Revenue disaggregation
Time charter services and transportation and installation services
403,789
178,163
Other revenue, including fees earned for early termination of contracts by
customers
3,740
120,372
Total revenue
407,529
298,535
Other revenue, for the first six months of 2025 includes termination fees of EUR 111 million received under a
Long-Term Agreement (LTA).
For the period ended 30 June 2026, the lease component, included within time charter services and
transportation and installation services, amounts to EUR 142\u00a0million (H1 2025: EUR 85\u00a0million). The lease
component is calculated by applying the estimated bareboat charter day-rate to the on-hire days.
For the period ended 30 June 2026, Cost of sales amounted to EUR 246 million which was EUR 146 million
higher than the EUR 100 million reported for H1 2025, driven mainly by the addition of newly built vessels
becoming part of the Group\u2019s fleet and operating in the market.
Operating segments and geographical information
Operating segments
The Group\u2019s ten windfarm installation vessels (WFIVs) operate in a global market and are often redeployed
to different regions due to changing customers or contracts. Accordingly, the Group reports its operations
as a single reportable segment.
Geographical revenue split
The following table presents financial information by country and region based on the location of the
service provided. Individual countries are shown if they are above 10% of revenue.
EUR'000
H1 2026
H1 2025
Total revenue by country and region
Denmark
\u2014
48
UK
287,704
153,775
Germany
9,467
42,340
Poland
41,884
7,106
Europe
339,055
203,269
United States
62,900
47,938
Americas
62,900
47,938
Taiwan
5,574
47,328
Asia
5,574
47,328
Total Revenue
407,529
298,535
Note 3
Revenue
Continued from previous page
Major customers
For the period ended 30 June 2026, revenue from four customers each exceeded 10% of total revenue. The
revenue derived from these four customers was EUR 158\u00a0million, EUR 64\u00a0million, EUR 47\u00a0million, and
42\u00a0million respectively.
For the period ended 30 June 2025, revenue from four customers each exceeded 10% of total revenue. The
revenue derived from these four customers was EUR 121 million, EUR 41 million, EUR 40 million and EUR 33
million respectively.
Note 3
Revenue
Continued from previous page
Contract backlog
The Group's order backlog including options as of 30 June 2026
amounts to EUR 2.5\u00a0billion (H1 2025: EUR 2.0\u00a0billion). EUR 1,103 million
of the backlog pertains to contracts that management expects to
recognise within one year, if all options are exercised.
The following table presents the aggregate amount of the revenues
expected to be realised in the future from partially or fully unsatisfied
performance obligations as we perform under the contracts. We
disclose both the value of firm contracts and a contract backlog
including options (non-GAAP measure). The values include all new
contracts signed at the reporting date:
EUR million
Within 1 year
After 1 year
Total
Contract Backlog
Firm, excluding options
979
1,138
2,117
Options considered as contingent considerations for revenue recognition purposes
62
123
185
Options not considered as contingent considerations for revenue recognition
purposes
62
123
185
Total as of 30 June 2026
1,103
1,384
2,487
Firm, excluding options
593
1,149
1,742
Options considered as contingent considerations for revenue recognition purposes
53
87
140
Options not considered as contingent considerations for revenue recognition
purposes
53
87
140
Total as of 30 June 2025
699
1,323
2,022
Total contract backlog represents estimated transaction price for unfulfilled performance obligations, including both fixed and variable
consideration. Options that are considered for revenue recognition purposes and options not considered for revenue recognition purpose,
represent 50% each of the variable portion of the backlog. Contract backlog excludes vessel reservation agreements and preferred supplier
agreements. All contracts may be subject to future modifications, and off-hire days, that might impact the amount and/or timing of revenue
recognition.
1
Note 3
Revenue
Continued from previous page
Contract costs, assets and deferred revenue
Customers are typically invoiced monthly, when the vessels are on contract, with normal payment terms
between 30-60 days. Payment terms with customers are considered industry standard and do not include a
significant financing component. To the extent possible, we obtain payment guarantees to minimise the
credit risk during the contract term.
Sometimes revenue is recognised for work performed prior to issuance of invoice to customer and it will be
reported as a contract asset. For more information about contract assets at the reporting period, refer to
Note 16 to the consolidated financial statements for 2025. When the right to consideration is conditional
only on the passage of time, the balance does not meet the definition of a contract asset and is classified
as an unbilled receivable. This typically arises where the timing of the related billing cycle occurs in a period
after the performance obligation is satisfied.
Deferred revenue relates to consideration received from customers for unsatisfied performance obligations.
Revenue will be recognised when the related services are provided to the customers, which is almost
entirely within 12 months.
Incremental costs of obtaining a contract and certain costs to fulfil a contract to be recognised as a
contract asset if certain criteria are met. Any capitalised contract assets are amortised on a systematic basis
that is consistent with the transfer of the related goods or services to the customer.
Refer to Note 3 to the consolidated financial statements for 2025 for further information on the Group\u2019s
accounting policies for revenue recognition.
EUR'000
H1 2026
H1 2025
Deferred revenue at 1 January
159,617
47,337
Deferred during the period
22,619
66,748
Recognised as revenue during the period
(105,421)
(25,764)
Total deferred revenue at end of period
76,815
88,321
Current
71,780
79,984
Non-current
5,035
8,337
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-324": { "value": "The Group is a leading supplier to the offshore wind industry, specialising in T&I and O&M services rendered to customers in Europe, Asia, and the United States.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-325": { "value": "
Operating segments
The Group\u2019s ten windfarm installation vessels (WFIVs) operate in a global market and are often redeployed
to different regions due to changing customers or contracts. Accordingly, the Group reports its operations
as a single reportable segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-326": { "value": "
Major customers
For the period ended 30 June 2026, revenue from four customers each exceeded 10% of total revenue. The
revenue derived from these four customers was EUR 158\u00a0million, EUR 64\u00a0million, EUR 47\u00a0million, and
42\u00a0million respectively.
For the period ended 30 June 2025, revenue from four customers each exceeded 10% of total revenue. The
revenue derived from these four customers was EUR 121 million, EUR 41 million, EUR 40 million and EUR 33
million respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-327": { "value": "
Note 4
Earnings per share (EPS)
The following table reflects the income and share data used in the basic and diluted EPS calculations:
EUR'000
H1 2026
H1 2025
Profit attributable to ordinary equity holders of the
parent for basic earnings
87,901
167,733
Thousands
H1 2026
H1 2025
Weighted average number of ordinary shares for basic
EPS
369,959
350,957
Effect of dilution from share-based payments programme
5,700
1,404
Weighted average number of ordinary shares adjusted
for the effect of dilution\u00b9
375,659
352,361
Earnings per share
H1 2026
H1 2025
Basic, profit/(loss) for the period attributable to ordinary
equity holders of the parent (EUR per share)
0.24
0.48
Diluted, profit/(loss) for the period attributable to ordinary
equity holders of the parent (EUR per share)
0.23
0.48
The weighted average number of ordinary shares considers the weighted average effect of treasury shares
during the period.
Refer to Note 11 to the consolidated financial statements for 2025 for further information on the Group\u2019s
accounting policies for EPS.
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date
of authorisation of these financial statements.
1The weighted average number of shares considers the weighted average effect of share-based payments during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-328": { "value": "0.24", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-329": { "value": "0.48", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-330": { "value": "0.23", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-331": { "value": "0.48", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:9845008439EUED140282", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-332": { "value": "
Note 5
Property, plant and equipment
EUR'000
Vessels
Dry dock
Other fixtures and fittings
Assets under construction
Total
Cost 2026
January 1, 2026
2,509,058
38,911
6,678
600,076
3,154,723
Additions
4,824
4,660
1,399
142,990
153,873
Transfer from assets under construction
383,614
6,563
\u2014
(390,177)
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
\u2014
\u2014
\u2014
\u2014
\u2014
30 June 2026
2,897,496
50,134
8,077
352,889
3,308,596
Accumulated depreciation and impairment
January 1, 2026
201,734
12,967
2,964
\u2014
217,665
Depreciation charge
79,343
4,587
986
\u2014
84,916
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
\u2014
\u2014
\u2014
\u2014
\u2014
30 June 2026
281,077
17,554
3,950
\u2014
302,581
Net book value
2,616,419
32,580
4,127
352,889
3,006,015
Additions during the first half of 2026 are driven by down payments of EUR 142 million for the A-class
foundation installation vessels (EUR 95 million), Wind Keeper installation vessel (EUR 25 million), Wind Mover
vessel upgrade (EUR 11 million) and O-class and P-class vessel upgrades (EUR 11 million) represented above
on assets under construction.
Additions during the first half of 2025 are driven by down payments of EUR 691 million for the third A-class
foundation installation vessels (EUR 102 million), the P-class vessels (EUR 201 million), the M-class and Wind
Keeper installation vessels (EUR 374 million) and O-class vessel upgrades (EUR 14 million).
Note 5
Property, plant and equipment
Continued from previous page
Transfer from assets under construction during the first half of 2026 were mainly related to Wind Keeper
(EUR 251.3 million), vessel upgrades on Wind Ally (EUR 99.1 million), vessel upgrades on Wind Mover (EUR
18.9 million), vessel upgrades on Wind Pace (EUR 11.4 million), vessel upgrades on Wind Osprey (EUR 2.8
million) and dry dock on Wind Keeper (EUR 6.6 million) while in the comparative period they related to
newbuilt Wind Pace (EUR 326 million), newbuilt Wind Maker (EUR 356 million), vessel up grades on Wind
Peak (EUR 18 million), vessel upgrades on O-class vessels (EUR 11 million) and dry dock on Wind Osprey
(EUR 4 million).
Borrowing costs for H1 2026 have been capitalised in the total amount of EUR 12.5\u00a0million (H1 2025: EUR 29
million). The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the
weighted average interest rate applicable to the Company\u2019s general borrowings during the reporting
period, being 2.5% (H1 2025: 3.6%).
Impairment of non-financial assets
Property, plant and equipment and right-of-use assets are tested for impairment whenever there is
objective evidence or an indication that these assets may be impaired. There were no present indicators of
impairment as at 30 June 2026. For further information, refer to Note 12 to the consolidated financial
statements for 2025.
Refer to Note 13 to the consolidated financial statements for 2025 for further information on the Group\u2019s
accounting policies for property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-333": { "value": "
Note 5
Property, plant and equipment
EUR'000
Vessels
Dry dock
Other fixtures and fittings
Assets under construction
Total
Cost 2026
January 1, 2026
2,509,058
38,911
6,678
600,076
3,154,723
Additions
4,824
4,660
1,399
142,990
153,873
Transfer from assets under construction
383,614
6,563
\u2014
(390,177)
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
\u2014
\u2014
\u2014
\u2014
\u2014
30 June 2026
2,897,496
50,134
8,077
352,889
3,308,596
Accumulated depreciation and impairment
January 1, 2026
201,734
12,967
2,964
\u2014
217,665
Depreciation charge
79,343
4,587
986
\u2014
84,916
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
\u2014
\u2014
\u2014
\u2014
\u2014
30 June 2026
281,077
17,554
3,950
\u2014
302,581
Net book value
2,616,419
32,580
4,127
352,889
3,006,015
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-336": { "value": "
Borrowing costs for H1 2026 have been capitalised in the total amount of EUR 12.5\u00a0million (H1 2025: EUR 29
million). The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the
weighted average interest rate applicable to the Company\u2019s general borrowings during the reporting
period, being 2.5% (H1 2025: 3.6%).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-335": { "value": "
Borrowing costs for H1 2026 have been capitalised in the total amount of EUR 12.5\u00a0million (H1 2025: EUR 29
million). The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the
weighted average interest rate applicable to the Company\u2019s general borrowings during the reporting
period, being 2.5% (H1 2025: 3.6%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-334": { "value": "
Borrowing costs for H1 2026 have been capitalised in the total amount of EUR 12.5\u00a0million (H1 2025: EUR 29
million). The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the
weighted average interest rate applicable to the Company\u2019s general borrowings during the reporting
period, being 2.5% (H1 2025: 3.6%).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-337": { "value": "
Note 6
Statement of cash flows specifications
EUR'000
Note
H1 2026
H1 2025
Adjustments of non-cash items
Depreciation and amortisation
86,303
44,542
Finance income
(2,813)
(450)
Interest expenses
28,393
247
Finance costs
1,586
56
Income tax expense
(1,078)
3,807
Fair value change of derivative instruments through profit or
loss
8
608
(289)
Items recycled
\u2014
946
Share-based payment expenses
1,406
1,102
Total adjustments of non-cash items
114,405
49,961
Changes in working capital
Note
H1 2026
H1 2025
Inventories
(623)
(1,230)
Trade receivables, contract assets, prepayments and other
receivables
(1,013)
(175,692)
Trade and other payables
(37,741)
(9,983)
Payables to related parties
(272)
(22)
Deferred revenue
(82,802)
40,984
Net change in working capital
(122,451)
(145,943)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-339": { "value": "
Note 7
Issued share capital
EUR'000
No. of shares (in
thousands)
Total
1 January 2025
350,957
47,143
30 June 2025
350,957
47,143
Issued in March 2026 for capital increase
35,097
4,698
30 June 2026
386,054
51,841
On 25 March 2026, the Company completed a successful private placement, resulting in the issuance of
35,097 thousand shares at a price of NOK 56 per share. The Company raised EUR 174,199 thousand before
transaction costs.
As of 30 June 2026, the Group had share capital amounting to DKK 386,054 thousand, equal to EUR 51,841
thousand, consisting of 386,054,000 shares of nominal DKK 1 each.
All shares have equal rights.
Treasury shares
As of 30 June 2026, the Company holds 169,267 treasury shares.
On 27 May 2026, the Company completed a share buy-back programme to fulfil share-based incentive
obligations resulting in the repurchase of 105,275 shares of a nominal price of DKK 1 each at an average
price of NOK 62.66 and corresponding to an aggregate amount of EUR 611 thousand, including commission.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-338": { "value": "
Note 7
Issued share capital
EUR'000
No. of shares (in
thousands)
Total
1 January 2025
350,957
47,143
30 June 2025
350,957
47,143
Issued in March 2026 for capital increase
35,097
4,698
30 June 2026
386,054
51,841
On 25 March 2026, the Company completed a successful private placement, resulting in the issuance of
35,097 thousand shares at a price of NOK 56 per share. The Company raised EUR 174,199 thousand before
transaction costs.
As of 30 June 2026, the Group had share capital amounting to DKK 386,054 thousand, equal to EUR 51,841
thousand, consisting of 386,054,000 shares of nominal DKK 1 each.
All shares have equal rights.
Treasury shares
As of 30 June 2026, the Company holds 169,267 treasury shares.
On 27 May 2026, the Company completed a share buy-back programme to fulfil share-based incentive
obligations resulting in the repurchase of 105,275 shares of a nominal price of DKK 1 each at an average
price of NOK 62.66 and corresponding to an aggregate amount of EUR 611 thousand, including commission.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-340": { "value": "
Note 8
Financial risk management
Financial risk factors
The Group\u2019s activities expose it to market risk, including currency risk and interest rate risk, as well as credit
risk and liquidity risk.
The financial risk management of the Group is performed by the Treasury department and overseen by the
Management of Cadeler, the Board of Directors, and the Audit Committee. The fair value of the Group's
financial assets and liabilities as of 30 June 2026 does not deviate materially from the carrying amounts as of
30 June 2026.
Financial risks and how the Group manages them, are addressed in Note 23 to the consolidated financial
statements in the Annual Report 2025. The risks in 2026 remain similar in nature.
Quantitative and qualitative disclosures about market risk
Currency risk
The functional currency of Cadeler A/S is EUR, while the largest currency exposure of the Group relates to
future instalments for newbuild vessels, denominated in USD, amounting to USD 478 million. Further details
regarding the instruments currently used to mitigate this currency risk are provided in Note 24 to the
consolidated financial statements in the Annual Report 2025. The Group evaluates the potential costs and
benefits of currency exposure management on an ongoing basis.
Interest rate risk
The Group\u2019s exposure to the risk of changes in market interest rates relates to its interest-bearing debt
obligations with a floating interest rate. Further details regarding the hedging instruments used to mitigate
this risk can be found in Note 24 to the consolidated financial statements in the Annual Report 2025.
Liquidity risk
The Group manages liquidity risk by maintaining sufficient cash and access to funding through committed
credit facilities to enable it to meet its operational requirements and instalment payments for the contracted
newbuild vessels. Please refer to Note 10 for a detailed disclosure of the contract obligation for the
construction of the newbuild vessels.
Change in debts to credit institutions during the period:
EUR'000
H1 2026
H1 2025
Debt to credit institutions at 1 January
1,610,754
571,017
Loans repayments
(98,874)
(23,829)
Proceeds from borrowings
80,000
661,167
New loan fees
(2,012)
(11,259)
Non-cash movements
3,062
1,289
Total debt to credit institutions at end of period
1,592,929
1,198,385
Fair value measurement
The Group measures derivatives at fair value at each balance sheet
date. Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the balance sheet date.
There are no significant changes in the methods used in determining
the fair value of the derivative financial instruments. Please refer to
Note 24 to the consolidated financial statements for 2025 for a
detailed description of the Group\u2019s derivative financial instruments
and related accounting policies.
As of 30 June 2026, the fair value of the derivative assets amounted
to EUR 7,159 thousand (H1 2025: EUR 2,682 thousand) and derivative
liabilities amounted to 5,691 thousand (H1 2025: EUR 13,716
thousand). The variation primarily reflects the execution of certain
financial instruments, together with changes in interest rate
expectations in 2026 compared to 2025. These expectations were
driven by more persistent inflation and continued economic
resilience, resulting in higher interest rates and a stronger USD.
The fair value hierarchy for the above derivative financial instruments
is Level 2.
EUR'000
H1 2026
H1 2025
Derivative assets measured at fair value
Interest rate swaps
3,025
2,171
FX forward contracts
3,255
511
FX option collars
879
\u2014
Total derivative assets
7,159
2,682
Derivative liabilities measured at fair value
Interest rate swap
5,248
10,499
Interest recycled through OCI
443
525
Time value of FX option collars through OCI
\u2014
576
Derivatives ineffective hedges
\u2014
2,116
Total derivative liabilities
5,691
13,716
Note 8
Financial risk management
Continued from previous page
As of 30 June 2026, the Group is in compliance with all financial covenants and expects to remain compliant during 2026. At the end of the reporting period, EUR 188 million from the Green Corporate Facility remains
unutilised.
The following table presents the repayment profile of the Group\u2019s debt facilities:
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
27
75
251
137
13
502
Vessel financing
105
105
105
263
545
1,124
Total borrowing
132
180
356
400
557
1,626
Refer to Note 25 in the consolidated financial statements for 2025 for further information on the Group\u2019s accounting policies for financial liabilities.
The difference between EUR 1,626 million and the carrying amount of EUR 1,593 million is mainly related to interest and fees. In addition, financial expenses for the first half of 2026 amounted to EUR 42.5 million, representing
an increase of EUR 41 million compared to the EUR 1.6 million in the comparative period in 2025. The increase in financial expenses during the period was driven by a reduction in borrowing costs capitalised during the period
which were expensed following the delivery of vessels, compared to the corresponding period, along with an increase in foreign currency losses arising from fluctuations in FX rates during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-341": { "value": "
Financial risk factors
The Group\u2019s activities expose it to market risk, including currency risk and interest rate risk, as well as credit
risk and liquidity risk.
The financial risk management of the Group is performed by the Treasury department and overseen by the
Management of Cadeler, the Board of Directors, and the Audit Committee. The fair value of the Group's
financial assets and liabilities as of 30 June 2026 does not deviate materially from the carrying amounts as of
30 June 2026.
Financial risks and how the Group manages them, are addressed in Note 23 to the consolidated financial
statements in the Annual Report 2025. The risks in 2026 remain similar in nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-342": { "value": "
Quantitative and qualitative disclosures about market risk
Currency risk
The functional currency of Cadeler A/S is EUR, while the largest currency exposure of the Group relates to
future instalments for newbuild vessels, denominated in USD, amounting to USD 478 million. Further details
regarding the instruments currently used to mitigate this currency risk are provided in Note 24 to the
consolidated financial statements in the Annual Report 2025. The Group evaluates the potential costs and
benefits of currency exposure management on an ongoing basis.
Interest rate risk
The Group\u2019s exposure to the risk of changes in market interest rates relates to its interest-bearing debt
obligations with a floating interest rate. Further details regarding the hedging instruments used to mitigate
this risk can be found in Note 24 to the consolidated financial statements in the Annual Report 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-343": { "value": "
Liquidity risk
The Group manages liquidity risk by maintaining sufficient cash and access to funding through committed
credit facilities to enable it to meet its operational requirements and instalment payments for the contracted
newbuild vessels. Please refer to Note 10 for a detailed disclosure of the contract obligation for the
construction of the newbuild vessels.
Change in debts to credit institutions during the period:
EUR'000
H1 2026
H1 2025
Debt to credit institutions at 1 January
1,610,754
571,017
Loans repayments
(98,874)
(23,829)
Proceeds from borrowings
80,000
661,167
New loan fees
(2,012)
(11,259)
Non-cash movements
3,062
1,289
Total debt to credit institutions at end of period
1,592,929
1,198,385
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-344": { "value": "
Fair value measurement
The Group measures derivatives at fair value at each balance sheet
date. Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the balance sheet date.
There are no significant changes in the methods used in determining
the fair value of the derivative financial instruments. Please refer to
Note 24 to the consolidated financial statements for 2025 for a
detailed description of the Group\u2019s derivative financial instruments
and related accounting policies.
As of 30 June 2026, the fair value of the derivative assets amounted
to EUR 7,159 thousand (H1 2025: EUR 2,682 thousand) and derivative
liabilities amounted to 5,691 thousand (H1 2025: EUR 13,716
thousand). The variation primarily reflects the execution of certain
financial instruments, together with changes in interest rate
expectations in 2026 compared to 2025. These expectations were
driven by more persistent inflation and continued economic
resilience, resulting in higher interest rates and a stronger USD.
The fair value hierarchy for the above derivative financial instruments
is Level 2.
EUR'000
H1 2026
H1 2025
Derivative assets measured at fair value
Interest rate swaps
3,025
2,171
FX forward contracts
3,255
511
FX option collars
879
\u2014
Total derivative assets
7,159
2,682
Derivative liabilities measured at fair value
Interest rate swap
5,248
10,499
Interest recycled through OCI
443
525
Time value of FX option collars through OCI
\u2014
576
Derivatives ineffective hedges
\u2014
2,116
Total derivative liabilities
5,691
13,716
Note 8
Financial risk management
Continued from previous page
As of 30 June 2026, the Group is in compliance with all financial covenants and expects to remain compliant during 2026. At the end of the reporting period, EUR 188 million from the Green Corporate Facility remains
unutilised.
The following table presents the repayment profile of the Group\u2019s debt facilities:
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
27
75
251
137
13
502
Vessel financing
105
105
105
263
545
1,124
Total borrowing
132
180
356
400
557
1,626
Refer to Note 25 in the consolidated financial statements for 2025 for further information on the Group\u2019s accounting policies for financial liabilities.
The difference between EUR 1,626 million and the carrying amount of EUR 1,593 million is mainly related to interest and fees. In addition, financial expenses for the first half of 2026 amounted to EUR 42.5 million, representing
an increase of EUR 41 million compared to the EUR 1.6 million in the comparative period in 2025. The increase in financial expenses during the period was driven by a reduction in borrowing costs capitalised during the period
which were expensed following the delivery of vessels, compared to the corresponding period, along with an increase in foreign currency losses arising from fluctuations in FX rates during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-345": { "value": "
Note 9
Related party transactions
The following significant transactions took place between the Company and related parties within the BW
Group and Scorpio Holdings at terms agreed between the parties:
EUR'000
H1 2026
H1 2025
Purchases of services from related parties
(1,338)
(3,510)
BW Group Limited (including subsidiaries)
(1,335)
(3,270)
Scorpio Holdings Limited (including subsidiaries)
(3)
(240)
EUR'000
H1 2026
H1 2025
Payables to related parties at reported period
\u2014
(382)
BW Group Limited (including subsidiaries)
\u2014
(306)
Scorpio Holdings Limited (including subsidiaries)
\u2014
(76)
Related party transactions during the reporting period are primarily related to guarantee fees charged by
BW Group Limited, training-related costs and travel costs charged by BW Maritime, share lending fees
charged by BW Altor in connection with the private placement completed in March 2026 and administrative
expenses charged by Scorpio Services Holding.
As at 30 June 2026, EUR 4\u00a0million recognised within prepayments relates to legal and advisory costs
incurred by the Company on behalf of a special purpose vehicle incorporated by BW Altor Pte. Ltd. in
connection with the Cadeler Group\u2019s proposed re-domiciliation to the United Kingdom, as first disclosed on
28 June 2024. It is anticipated that these costs will be reimbursed by the special purposes vehicle (which is
today a related party) immediately following the contemplated transaction, which the Company expects to
complete in 2026.
In addition, Cadeler has not entered into any significant transactions with members of the Cadeler Board of
Directors or Executive Management, other than remuneration and reimbursement of expenses. Cadeler has
not provided or granted any loans or guarantees to its directors or Executive Management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-347": { "value": "
Note 10
Commitments and pledges
As of 30 June 2026, the Group\u2019s commitments relate to the future instalments for the new A-class vessels.
The table below shows total contract amount and the remaining commitments for the newbuild vessels:
Millions
A-Class
Total
Contract amount in EUR
299
519
Contract amount in USD
794
1,839
Total Contract amount converted to EUR
993
2,166
Millions
A-Class
Total
Commitment amount in EUR
6
6
Commitment amount in USD
478
478
Remaining commitment converted to EUR at 30 June 2026
425
425
A-class vessels
On 9 May 2022 and 22 November 2022, the Company entered into contracts with COSCO to build a total of
two new A-class FIVs. In May 2024, the Company entered into an additional contract with COSCO to build
the third A-class FIV. On 29 September 2025, Wind Ally was delivered, with the final instalments paid upon
delivery.
The remaining amounts are due in 2026 and 2027 with expected deliveries in Q3 2026 and Q2 2027,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-346": { "value": "
Note 10
Commitments and pledges
As of 30 June 2026, the Group\u2019s commitments relate to the future instalments for the new A-class vessels.
The table below shows total contract amount and the remaining commitments for the newbuild vessels:
Millions
A-Class
Total
Contract amount in EUR
299
519
Contract amount in USD
794
1,839
Total Contract amount converted to EUR
993
2,166
Millions
A-Class
Total
Commitment amount in EUR
6
6
Commitment amount in USD
478
478
Remaining commitment converted to EUR at 30 June 2026
425
425
A-class vessels
On 9 May 2022 and 22 November 2022, the Company entered into contracts with COSCO to build a total of
two new A-class FIVs. In May 2024, the Company entered into an additional contract with COSCO to build
the third A-class FIV. On 29 September 2025, Wind Ally was delivered, with the final instalments paid upon
delivery.
The remaining amounts are due in 2026 and 2027 with expected deliveries in Q3 2026 and Q2 2027,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } }, "f-348": { "value": "
Note 11
Events after reporting period
Wind Apex Facility signed
On 10 July 2026, Cadeler signed an EIFO-backed senior secured green term loan facility of up to EUR 247
million to finance in part the construction of its third A-class newbuild offshore wind installation vessel, Wind
Apex, with delivery expected in Q2 2027. The 12-year facility is supported by the Export and Investment
Fund of Denmark (EIFO) and has been designated as green financing under Cadeler's Green Finance
Framework.
Upsize of 2025 Holdco Facility
On 10 July 2026, Cadeler increased the capacity available to it under the 2025 Holdco Facility, with the
lender commitments thereunder increased by EUR 40 million, bringing the total capacity available under
that facility to EUR 180 million. As of 25 August 2026, all of the capacity available to Cadeler under the 2025
Holdco Facility had been drawn.
Delivery of Wind Ace
On 17 July 2026, Cadeler took delivery, within budget and on schedule, of Wind Ace, the Company's
eleventh wind installation vessel and second of three A-class newbuilds. Also in July, and in connection with
the delivery and payment of the final instalment under the contract for the construction of Wind Ace,
Cadeler drew down EUR 228 million under the A-Class Facility.
Order of T-Class vessels
On 10 August 2026, Cadeler entered into firm contracts with COSCO for the construction of two additional
newbuild FIVs, with the vessels scheduled for delivery in 2030 and 2031, respectively. The contract price for
the two T-class vessels is approximately EUR 805 million in aggregate.
Acquisition of Menck
On 11 August 2026, Cadeler acquired Menck, a leading global provider of specialist equipment, technology
and related services for offshore foundation installation, from Acteon. The acquisition was based on an
agreed enterprise valuation equivalent to EUR 501 million, with signing and closing completed
simultaneously following receipt of all mandatory regulatory approvals, and was financed through available
liquidity together with a EUR 380 million acquisition facility provided by DNB Bank ASA and Co\u00f6peratieve
Rabobank U.A. The acquisition facility is expected to be refinanced with long-term financing and cash flow
from operations. As the acquisition was completed after the reporting period and shortly before the
authorisation of these interim financial statements, the initial accounting for the business combination
(including a determination of the acquisition-date fair value of the net assets acquired) is incomplete. As a
result, it is not yet possible to provide a reliable estimate of the financial effect of the acquisition on the
Cadeler Group\u2019s financial position. Cadeler expects to include the relevant IFRS 3 disclosures in its 2026
Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9845008439EUED140282", "period": "2026-01-01T00:00:00/2026-07-01T00:00:00" } } } }