Cadeler Balance Sheet

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	151.68	51.25	96.61	19.01	2.31
Cash & Short-Term Investments	151.68	51.25	96.61	19.01	2.31
Cash Growth	195.94%	-46.95%	408.14%	723.74%	-96.37%
Accounts Receivable	199.66	89.29	36.27	37.63	19.27
Other Receivables	21.3	11.31	3.17	0.61	1.11
Receivables	220.95	100.6	39.44	38.25	20.37
Inventory	3.54	1.04	1.84	0.55	0.44
Prepaid Expenses	13.52	16.64	9.56	1.7	1.5
Other Current Assets	0.26	11.88	-	-	-
Total Current Assets	389.96	181.41	147.45	59.51	24.62
Property, Plant & Equipment	2,950	1,723	1,087	606.49	399.55
Long-Term Investments	-	-	0.34	3.01	-
Goodwill	17.76	17.76	16.71	-	-
Other Intangible Assets	1.67	0.43	0.24	0.42	0.4
Other Long-Term Assets	57.63	14.82	1.22	0.6	0.2
Total Assets	3,417	1,937	1,253	670.03	424.77
Accounts Payable	22.39	11.58	8.4	3.98	2.8
Current Portion of Long-Term Debt	116.13	31.16	0.8	0.77	28.6
Current Portion of Leases	1.06	1.27	0.6	0.28	0.3
Current Income Taxes Payable	3.64	0.75	1.22	0.01	0.01
Current Unearned Revenue	128.72	45.59	12.1	1.83	15.19
Other Current Liabilities	79.15	33.29	30.49	4.93	6.97
Total Current Liabilities	351.08	123.65	53.62	11.8	53.86
Long-Term Debt	1,495	539.85	204.77	114.52	44.48
Long-Term Leases	12.48	9.7	0.39	-	0.21
Long-Term Unearned Revenue	30.9	1.75	1.78	1.33	0.97
Long-Term Deferred Tax Liabilities	13.26	11.97	10.19	-	-
Other Long-Term Liabilities	10.65	16.21	22.77	1.82	-
Total Liabilities	1,913	703.12	293.52	129.46	99.51
Common Stock	47.14	47.14	41.84	26.58	18.64
Additional Paid-In Capital	1,099	1,099	952.86	509.54	339.4
Retained Earnings	341.61	59.36	-7.37	3.11	-32.79
Treasury Stock	-3	-1.28	-	-	-
Comprehensive Income & Other	18.42	29.18	-28.28	1.34	-
Shareholders' Equity	1,504	1,234	959.04	540.57	325.26
Total Liabilities & Equity	3,417	1,937	1,253	670.03	424.77
Total Debt	1,624	581.99	206.57	115.57	73.58
Net Cash (Debt)	-1,473	-530.74	-109.96	-96.56	-71.27
Net Cash Per Share	-4.15	-1.53	-0.54	-0.59	-0.54
Filing Date Shares Outstanding	350.87	350.74	311.41	197.6	138.57
Total Common Shares Outstanding	350.87	350.74	311.41	197.6	138.57
Working Capital	38.87	57.76	93.84	47.71	-29.24
Book Value Per Share	4.29	3.52	3.08	2.74	2.35
Tangible Book Value	1,484	1,216	942.09	540.15	324.85
Tangible Book Value Per Share	4.23	3.47	3.03	2.73	2.34
Machinery	2,555	1,088	576.47	292.08	260.67
Construction In Progress	600.08	736.61	571.75	356.16	158.73
Order Backlog	2,765	2,336	1,735	905	409

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.