Cadeler Balance Sheet

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	221.3	151.68	51.25	96.61	19.01	2.31
Cash & Short-Term Investments	221.3	151.68	51.25	96.61	19.01	2.31
Cash Growth	135.16%	195.94%	-46.95%	408.14%	723.74%	-96.37%
Accounts Receivable	185.42	199.66	89.29	36.27	37.63	19.27
Other Receivables	-	21.3	11.31	3.17	0.61	1.11
Receivables	185.42	220.95	100.6	39.44	38.25	20.37
Inventory	3.78	3.54	1.04	1.84	0.55	0.44
Prepaid Expenses	13.97	13.52	16.64	9.56	1.7	1.5
Other Current Assets	1.16	0.26	11.88	-	-	-
Total Current Assets	425.63	389.96	181.41	147.45	59.51	24.62
Property, Plant & Equipment	3,029	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	19.49	1.67	0.43	0.24	0.42	0.4
Other Long-Term Assets	61.41	57.63	14.82	1.22	0.6	0.2
Total Assets	3,536	3,417	1,937	1,253	670.03	424.77
Accounts Payable	76.96	22.39	11.58	8.4	3.98	2.8
Current Portion of Long-Term Debt	124.49	116.13	31.16	0.8	0.77	28.6
Current Portion of Leases	1.9	1.06	1.27	0.6	0.28	0.3
Current Income Taxes Payable	4.15	3.64	0.75	1.22	0.01	0.01
Current Unearned Revenue	117.87	128.72	45.59	12.1	1.83	15.19
Other Current Liabilities	0.7	79.15	33.29	30.49	4.93	6.97
Total Current Liabilities	326.07	351.08	123.65	53.62	11.8	53.86
Long-Term Debt	1,457	1,495	539.85	204.77	114.52	44.48
Long-Term Leases	11.18	12.48	9.7	0.39	-	0.21
Long-Term Unearned Revenue	43.92	30.9	1.75	1.78	1.33	0.97
Long-Term Deferred Tax Liabilities	12.89	13.26	11.97	10.19	-	-
Other Long-Term Liabilities	2.61	10.65	16.21	22.77	1.82	-
Total Liabilities	1,854	1,913	703.12	293.52	129.46	99.51
Common Stock	51.84	47.14	47.14	41.84	26.58	18.64
Additional Paid-In Capital	1,265	1,099	1,099	952.86	509.54	339.4
Retained Earnings	335.23	341.61	59.36	-7.37	3.11	-32.79
Treasury Stock	-3	-3	-1.28	-	-	-
Comprehensive Income & Other	32.54	18.42	29.18	-28.28	1.34	-
Shareholders' Equity	1,682	1,504	1,234	959.04	540.57	325.26
Total Liabilities & Equity	3,536	3,417	1,937	1,253	670.03	424.77
Total Debt	1,595	1,624	581.99	206.57	115.57	73.58
Net Cash (Debt)	-1,373	-1,473	-530.74	-109.96	-96.56	-71.27
Net Cash Per Share	-3.45	-4.15	-1.53	-0.54	-0.59	-0.54
Filing Date Shares Outstanding	352.45	350.87	350.74	311.41	197.6	138.57
Total Common Shares Outstanding	352.45	350.87	350.74	311.41	197.6	138.57
Working Capital	99.56	38.87	57.76	93.84	47.71	-29.24
Book Value Per Share	4.77	4.29	3.52	3.08	2.74	2.35
Tangible Book Value	1,662	1,484	1,216	942.09	540.15	324.85
Tangible Book Value Per Share	4.72	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