Cadeler-Q1’26 rst take: Slower than expected quarter, guidance reiterated-05/20/2026

Research evidence excerpt

Cadeler-Q1’26 rst take: Slower than expected quarter, guidance reiterated-05/20/2026

26 EBITDA of EUR 47m 24% / 52% below consensus / PAS on slower than expected utilization. This runs through the P&L with net

pro t similarly below. This is driven by low utilization of 47.6% and downtime / rampup ahead

• NIBD of EUR 1360m, higher than our estimate with than expected EBITDA offset by lower capex and working capital (likely timing)

• 2026 EBITDA guidance reiterated at EUR 420-510m (midpoint 465m) with both us and consensus slightly above this

• The company raised EUR 175m to nance two foundation installation newbuilds plus a conversion of a scour protection vessel in March.

No more comments regarding the placement of the orders yet - we expect more color on this on the call

Jørgen Søvik Opheim

+47 24 13 21 05, jso@paretosec.com

Bård Rosef

+47 24 13 21 56, bard.rosef@paretosec.com

Maren Hov Fodnæss

+47 22 87 88 14, maren.fodnaess@paretosec.com

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