Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2023-12-31	1252560000	vEUR
ifrs-full:Assets	2022-12-31	670030000	vEUR
ifrs-full:Assets	2021-12-31	424766000	vEUR

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2023-01-01	2023-12-31	108622000	vEUR
ifrs-full:Revenue	2022-01-01	2022-12-31	106424000	vEUR
ifrs-full:Revenue	2021-01-01	2021-12-31	60938000	vEUR

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   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" id="fact1000" xml:lang="en">Sustainability This section constitutes Cadeler’s statutory reporting on corporate responsibility cf. §99a and §107d of the Danish Financial Statements Act Also see pages 212-221 for the ESG Appendices, which contain KPIs and accounting practices related to Cadeler’s Statutory reporting Empowering the Green Horizon As the world faces the urgent need to combat climate change and transition towards re- newable energy sources, the offshore wind industry plays a pivotal role in steering this transformation towards a more sustainable future. With its vast potential and capacity for clean energy generation, offshore wind power has emerged as one of the predomi- nant energy sources in the global trajectory towards net zero emissions by 2050. Unlike traditional fossil fuel-based energy sources, offshore wind energy is abundant, re- newable, and emits zero greenhouse gases during operation. This makes it a crucial component in efforts to decarbonise electricity generation, reduce reliance on fossil fuels, and achieve ambitious climate targets set forth in international agreements such as the Paris Agreement. However, the industry must rapidly increase its efforts in making the entire value chain more sustainable, from a life-cycle perspective. Dedicated to serving the current and future offshore wind industry in the most sustaina- ble and efficient manner, Cadeler is a leader and key supplier in the industry for the trans- portation, installation and maintenance of offshore wind turbine generators and their foundations. Owning and operating the industry’s largest WTIVs fleet, Cadeler under- stands its pivotal role and responsibility in the outreach of reliable, sustainable, and af- fordable energy. As part of its growth strategy, in 2023 Cadeler underwent a business combination with Eneti. Starting in 2024, Cadeler’s fleet is expanding with six new wind installation vessels ordered, and the installation of upgraded cranes for the existing O-Class vessels is well under way. The investment in expanding and improving the fleet shows commitment to maintaining the Company’s status as a leading player in the offshore wind industry. As Cadeler expands, so does its capacity to bring renewable energy to customers across Europe and around the world, but the enlarged Company footprint also requires in- creased emphasis on the importance of ensuring the net environmental and social im- pacts from operations remain positive. By the end of 2023, Cadeler had installed 1324 wind turbines and 853 wind turbine foundations. Our mission is to create value for our stakeholders and the entire industry’s ecosystem. Continuous improvement of the Company’s governance, policies and procedures are more important than ever to ensure growth is sustainable and continues to benefit soci- ety. Through this approach, Cadeler strives to support the generation of more clean en- ergy than ever before while minimising any negative impacts from operations, while sup- porting our customers and shareholders meet their own ESG ambitions. Moreover, the offshore wind industry holds the promise of economic growth, job crea- tion, and technological innovation. From coastal communities to industrial hubs, offshore wind projects stimulate local economies, create employment opportunities, and drive in- vestments in research and development, boosting global competitiveness and driving forward technological advancements. Mission Targets Areas covered UN SDG Commitment to presenting full overview of scope 3 emissions and Scope 3 reduction targets in next annual Decarbonisation 7, 13, 17 report Reduction of company-wide scope 1 and 2 emission in- Biodiversity 14 Fewer emissions for tensity by 50% by 2030 every wind turbine in- Environment stalled, both for Cadeler Cadeler commits to sourcing 100% of its electricity con- Circularity 12 as well as its sharehold- sumption from renewable sources by 2030 ers Cadeler aims to reduce waste from its own operations Climate Risk 13 by 50% by 2030 Net-zero operations by 2035 Responsible con- sumption 12 Zero spills to the marine environment Aim for zero lost time incidents and zero recordable Health 3 Maintain a safe, engag- cases Safety 3 ing, diverse and inclusive Social Positive workplace work environment on 2025: 30% women in leadership positions 8 and offshore environment Diversity 10 Operate our business Work towards having all of Cadeler’s key suppliers com-Corporate Respon-ethically and aim to im- mit to our Supply Chain Sustainability Code of Conduct sibility and Compli- 10, 12 plement practices that by 2030 ance Governance also hold our supply Business Ethics 12 chain to the same stand- Responsible Pro- ard curement 10, 12 Sustainable Development Highlights 1.Signatory of the UN Global Compact:Cadeler supports its 10 principles along with the 17 UN Sustainable Development Goals (SDGs) and commits to integrating basic principles related to human rights, worker rights, environmental protection, and anti-corruption into our business prac- tices. 2.Formally established a dedicated Sustaina-bility and Decarbonisation team in Cadeler 3.Designed a Decarbonisation Strategy dur-ing 2023 to expand on the ESG Framework of the Company and set a clear pathway towards meeting the Company’s targets. 4.Update of the accounting guidelines to ac-count for all vessel marine gas oil emis- sions as Scope 1 and take greater owner- ship of our vessels’ impact on the environ- ment. Our Sustainable Development Framework Partnerships to reach the Sustainable Development Goals This year, we would like to recognise the importance of SDG 17, partnerships for the goals, and add it as a focus area in our improvement journey. Collaboration and partner- ships within the maritime ecosystem play a vital role in accelerating the offshore wind value chain decarbonisation efforts. Through development projects, joint research and pilot testing, standardisation initiatives, and knowledge sharing, stakeholders can lever- age their respective expertise and resources to overcome barriers, drive innovation, and scale up low-carbon technologies. No single entity can drive change and the industry’s transition alone. By working together with our stakeholders, Cadeler aims to collectively address chal- lenges such as infrastructure development, supply chain integration, and regulatory compliance, paving the way for a more sustainable and resilient maritime industry. Col- laboration and partnerships are not only key enablers of maritime decarbonisation, and at a higher pace, but also essential for achieving broader sustainability goals and ensur- ing a prosperous future for the maritime sector and the planet as a whole. Renewable energy companies, technology providers, governments, research institutions must join efforts to deliver on the development and adoption of innovative solutions. As a result of our ambitions, in 2023, Cadeler joined the EMRED joint industry project led by DNV. The project aims to establish a standardised monitoring and reporting frame- work for assessing greenhouse gas (GHG) emissions in the offshore wind installation sector. By developing these metrics and baselines, the project partners intend to offer a set of indicators that will enable standardisation and contribute to driving emissions re- ductions across the industry. Towards the end of 2023, Cadeler also began its involve- ment in a project led by Danish Shipping and ReFlow focused on development of a digi- tal tool for assessing lifecycle emissions of vessels. We have high ambitions to continue expanding our ESG cooperation across the industry during 2024. Materiality Throughout 2023, and ahead of the applicability of EU CSRD regulation, Cadeler has conducted a preliminary Materiality Assessment to identify and prioritise the most signif- icant environmental, social, and governance (ESG) issues relevant to our business and stakeholders. This assessment has involved analysing and engaging with a wide range of internal and external stakeholders, including employees, investors, customers, and regulators, amongst others, to gather insights into their concerns, expectations, and interests. By analysing these insights alongside our Company’s ambitions and strategy, we have been able to identify the most material ESG topics that have the potential to impact our long- term sustainability performance and stakeholder relationships. The Materiality Assess- ment serves as a critical foundation for our sustainability strategy. Through transparently reporting on these material topics, we demonstrate our commitment to addressing key sustainability challenges and driving positive impacts across our operations and value chain. Steps taken to define material topics: 1. Identifying salient environmental, social and governance issues for which the Com- pany has potential positive or negative impacts, as well as issues which may have fi- nancial materiality for the Company. 2.Identifying internal and external stakeholders (Cadeler’s list in 2023 included key cli-ents, contractors, our employees, investors, ESG rating agencies, and regulatory bodies) 3.Extracting information from internal and external stakeholders about the ESG topicsthey view as material to Cadeler. This was performed using a combination of direct discussions; taking note of which topics were prioritised in requests for information and questionnaires received from clients and investors throughout the year; and a materiality survey sent out to management within Cadeler. 4.Evaluating the various sources of information to identify the critical ESG topicsThe findings from the Materiality Assessment enabled Cadeler to adapt the Sustainable Development Strategy and reporting template to cover all topics highlighted as material issues. No major changes were made in 2023 as the results were largely consistent with the 2022 results. However, two topics were added to the list of material topics: (1) energy intensity of operations and (2) opportunities for training and education at Cadeler. Lastly, no topics were removed from the list of material issues in 2023. Material topics as defined by the 2023 assessment GHG emissions Energy intensity of operations Environment Compliance with environmental regulations Vessel improvements Use of resources/waste Marine pollution Occupational health and safety Social Diversity and equal opportunity Human rights Opportunities for training and education Management of ESG topics in the supply chain Governance Anti-corruption Business ethics Environment Our climate progress in 2023 The offshore wind market is recognising the importance of monitoring and tackling the GHG emissions from a life-cycle perspective. Accordingly, we have experienced a rapid surge in our customer’s interest for carbon-reduced solutions from our part of the value chain. In order to live up to our climate commitments and support our customers in reaching their climate ambitions, we have continued mapping the available solutions and taken a more accelerated approach. Establishment of a Decarbonisation and Sustainability Department In 2023, Cadeler formally established a department within the organisation solely fo- cused on the issues of decarbonisation and sustainable development. Sponsored by executive management, in this function resides the responsibility for de- signing the strategy and roadmaps for decarbonisation, as well as its execution and im- plementation. This strategic decision was a consequence of the Company’s acknowl- edgement of both the importance and complexity of meeting the challenges within these areas. Strategy for decarbonising our operations We have designed our Decarbonisation Model, as we understand that being at the fore- front of the industry’s decarbonisation journey and in order to deliver on our long-term climate action requires a clearly defined approach. Cadeler will continue to focus on reducing its emissions intensity and will intensify its de- carbonisation efforts through three key levers; 1) optimizing energy consumption 2) ena- bling direct electrification, and 3) adopting green fuels. Optimizing Energy Consumption: Unlocking the vast potential of optimizing our energy consumption across the fleet, will continue to be one of Cadeler’s priorities in the short-term. This requires continuously in- vestigating and implementing energy efficient solutions (both operational and techno- logical) on existing assets, to further reduce carbon intensity. However, understanding how energy is consumed onboard the vessels is a key driver for Cadeler towards improving energy efficiency. During 2023 we continued expanding on our fuel monitoring systems, enabling sufficient real-time data to be utilised to drive im- provement actions Additionally, a heavy focus has been put on delivering new-build assets with a signifi- cantly higher level of efficiencies by design. All these initiatives will form the foundation of a future low-carbon fleet for Cadeler. Enabling direct electrification: Due to the nature of Cadeler’s cycle-based operations, electrifying our vessels through shore-power connection while loading and unloading at port will be an essential driver to cut our emissions. This solution, which will be enabled both onboard the O-class vessels and our new-builds, is estimated to result in up to 15% emissions reduction yearly. Benefiting from renewable power sources while at berth, however, requires the port and grid infrastructure to be developed and enabled, providing reliable and green power to the vessel. For this, Cadeler’s focus will also be on identifying and working closely to- gether with its major service ports and customers, and support and promote the readi- ness for adoption of green electricity. Our climate progress in 2023 Adopting green fuels: Transitioning to the use of green fuels in our vessels will be essential for Cadeler’s decar- bonisation journey, as they provide the unique pathway towards our net-zero commit- ments, providing up to 95% GHG emissions reduction. During 2023, Cadeler commenced exploring the update of certified biofuels and renewa- ble diesel in our current O-class vessels, as these provide a readily available solution to- wards reducing emissions related to engine combustion, replacing fossil fuels. Addition- ally, these blend-in fuels don’t require our vessels to undergo major retrofits, enabling a smooth and immediate adoption. Another major focus of Cadeler, however, is on building a fleet of vessels able to run on alternative fuels in the future. With the ordering of six new-builds, significant resources have been allocated during 2023 into preparing these vessels to ensure they are ready for conversion to run on these fuels. Green methanol has been identified as the soonest available option, following the increased demand for this fuel in the shipping sector, en- couraging the entire supply infrastructure to be developed within coming years. Several fuel pathways have been explored, however, and during 2024 we will continue following and investigating the alternatives in the market. Our Decarbonisation Model to meet Cadeler’s 2030 and 2035 climate targets: Cadeler views reduction of emissions at the source as a more effective and responsible strategy than reliance on carbon offsetting to achieve reduction of its carbon footprint. We don’t envision it as a linear decrease of emissions but believe that decarbonisation will be a transition with continuous improvements and upgrades until 2035 and beyond, based on the technical readiness and the Company’s growth projections. Scope 2 Scope 1 Scope 3 Scope 1- direct emission sourcesScope 2 - indirect emission sources Scope 3 - indirect emission sources Tonnes CO2e Tonnes CO2e Tonnes CO2e 25,479.30 22.66 780.85 % of Cadeler's emissions in 2023 % of Cadeler's emissions in 2023 % of Cadeler's emissions in 2023 96.94% 0.09% 2.97% Vessel marine gas oil (MGO) and all lube oil consumption (tank toOffice electricity consumption, office heat consumption,Currently limited accounting, air travel for vessel and office wake emissions), fuel for company cars, vessel F-gas related electricity for company electric cars personnel, helicopter crew changes, to be expanded in 2024 emissions. Cadeler has updated its accounting guidelines to ac- reporting to capture emissions more fully. count for all vessel MGO related emissions as Scope 1. Some on hire periods were categorised as Scope 3 in past years. While we still don’t have control over every operational decision on certain contracts, we believe, by categorizing all vessel MGO emissions as scope 1, we take greater ownership of our vessels’ impact on the environment. 2023 emissions Emissions Intensity Cadeler views every MW of wind power installed or repaired as a service providing socie- tal benefit, so the aim is to maximise the Company’s positive impact against the nega- tive impact of greenhouse gas emissions from operations. To improve upon this metric, Cadeler strives to maximise the usage of its vessels for projects which support the en- ergy transition, while reducing the emissions from operations via improvements to the technical systems on our existing and future vessels, improve its operational practices, and ensure its vessels maintain their ability to serve the requirements of the offshore wind market. In line with the Company-wide net zero goal, Cadeler will aim to approach zero tonnes of CO2e emitted from our vessel engines per MW installed or serviced by 2035, from a 2021 baseline. Cadeler is working to reduce the emissions intensity of its operations and improve the performance of its assets. In order to achieve this target, the Company needs a baseline upon which it can improve. Our baseline year has been defined as 2021, the first full year Cadeler operations as an independent entity. Last year, Cadeler defined two new metrics for tracking emissions intensity: 1) Emissions per MW installed or serviced and 2) Emissions per Revenue. We intend to report these metrics on an annual basis. This year, we will slightly adapt these metrics from focusing on vessel engine emissions to all scope 1 emissions. This is the consequence of Cadeler redefining the split between scope 1 and scope 3 emissions in 2023; this change has moved all vessel engine related emissions into the scope 1 category and therefore pro- vides a simpler definition going forward. The majority of scope 1 emissions are attributa- ble to running of the vessel engines, so the figures presented here are very comparable to the data presented last year. KPI 1: GHG Emissions per MW installed or serviced (tCO2e/MW)→ Scope 1 CO2e emis-sions versus our annual installation of wind turbine generators and foundations and maintenance of offshore wind power capacity. The core purpose of Cadeler is to support the transition to a renewables-based energy grid. Hence, we see importance in judging vessel performance based on the efficiency of supporting the installation and maintenance of turbines in terms of how much carbon the vessel emits (negative impact) per MW of offshore wind power installed or serviced (positive impact). Scope 1 emissions (tCO2e) per MW installed or serviced Emissions Intensity Continued from previous page KPI 2: GHG emissions per EUR revenue (tCO2e/Million EUR) → Scope 1 CO2e emissions versus our annual revenue has been incorporated in 2023 as a key metric for Cadeler. This KPI reflects our commitment to drive decarbonisation strategies that align with our Company’s growth objectives, driving innovation and efficiency across our operations. Measuring and managing our environmental footprint in a transparent manner that inte- grates sustainability with our business success is our way to show accountability. Environmental Performance Data unit 2023 2022 2021 2020 Scope 1 CO2e* Tonnes 25479.30 24905.21 36845.50 23190.03 Scope 2 CO2e Tonnes 22.66 22.15 15.65 7.78 Scope 3 CO2e* Tonnes 780.85 666.38 418.85 270.00 Total CO2e Tonnes 26282.81 25593.74 37280.00 23467.81 SOx Tonnes 155.97 151.34 224.57 133.12 NOx Tonnes 451.52 330.68 490.68 290.85 Particulates - PM10 Tonnes 8.34 - - - Particulates - PM2.5 Tonnes 7.10 - - - NMVOCs Tonnes 14.50 73.40 108.92 64.56 Fresh water consumed m3 11152.75 9856.65 11672.00 12769.00 Plastic waste disposed (vessels) m3 180.90 182.80 279.40 195.64 HFC-134A Kg 0.52 0.78 1.00 15.00 HFC-404A (We have phased out use of HFC-404A from 2020) Kg - - - - HFC-407C Kg 23.50 52.90 19.00 80.20 HFC-407F Kg 7.00 20.65 - - HFC-410A Kg - - - - HFC-R32 Kg - - - - HFC-452A Kg - - - - Uncontained Spills (hydrocarbon or chemical) Occurrences 1.00 2.00 - - * Scope 1 and Scope 3 redefined in 2023 to consider all emissions related to combustion of MGO in vessel engines as Scope 1. 2020, 2021, and 2022 restatements available in table above Environmental Improvement Programme Protecting the marine environment Cadeler is committed to meeting all environmental regulations for the operation of its vessels in accordance with the laws under which it operates and the Danish Flag State. Aiming for zero spills The Company has placed a high priority on ensuring zero spills of hydrocarbons and other toxic substances into the marine environment. Checks are performed to ensure proper storage of chemicals and hydrocarbons on board and that sufficient secondary containment is available. Each vessel carries a shipboard marine pollution emergency plan (SMPEP) and regularly performs ship oil pollution emergency plan drills (SOPEP). Cadeler had one minor spill on a quayside in 2023 (approximately 1 litre). We are uncer- tain whether any oil entered the water but have decided to categorise this incident a spill to the marine environment for transparency. Ballast water protocols To prevent the spread of invasive aquatic species, Cadeler complies with the Ballast Wa- ter Management Convention. The vessels have a ballast water management plan, keep a ballast water record book and have an international ballast water management certifi- cate. In 2021, ballast water treatment plants were installed on board, ensuring compli- ance with the D-2 Ballast Water Performance Standard. All newbuilds will be delivered with ballast water treatment plants. After the incorporation of Eneti into the Cadeler busi- ness, Cadeler still maintains a fleet with 100% utilisation of ballast water treatment plants onboard. Focus on circularity and reducing our consumption of resources The use of resources and the production of waste across our operations will receive a greater focus, as there is potential for improvement and the Company’s stakeholders have highlighted the topic as an important area for improvement. Overall improvement target By 2030, Cadeler aims to reduce waste from its own operations by 50%. We intend to achieve this target by avoiding production of waste where possible and improving our rates of recycling and reusing waste. Waste production and management Cadeler previously highlighted the use of single-use plastics, as this is a waste category with elevated potential to negatively affect the marine environment. Cadeler will con- tinue its aim to avoid single-use plastics wherever substitutes can be found and will also expand its attention to all categories of waste. Cadeler intends to place a greater focus on reducing the production of waste from its operations and supply chain. Cadeler also intends to put more effort into ensuring the recycling and reuse of waste, wherever pos- sible. Cadeler will consider whether improvements require an update to our garbage management plan during 2024. Installation of new tap water systems Cadeler installed new Hatenboer tap water systems onboard Wind Orca and Wind Os- prey in 2023. The Company implemented the change with the intention of reducing plas- tic waste. The system ensures crews and clients have access to fresh drinking water us- ing the vessels potable water system, eliminating the requirement for delivery of fresh water in plastic drums to the vessels. Consider end of life for assets and project equipment It is important that the Company also find solutions for the eventual recycling and reuse of components from its vessels and the major components used for operations, such as sea fastening. Cadeler will consider whether a second life can be found for any key com- ponents and will investigate how it can ensure that eventual recycling of its assets is per- formed in a responsible manner. Additionally, as we enter the foundation installation space, on some contracts, Cadeler expects to gain responsibility for the design and delivery of secondary steel structures that serve as the connection point between offshore wind turbines and the monopiles they are installed. We commit to investigating, alongside our clients, how these struc- tures can be designed and delivered with a lower overall environmental footprint. Sale of O-Class cranes The disassembled 1200 t cranes of Wind Orca and Wind Osprey got a second life instead of being scrapped. Cadeler signed the sale of both cranes of Wind Orca and Wind Os- prey to Hapo International Barges. The sales give the cranes a second life destined to perform heavy load lifting for years to come. “The sale is one of those absolute win-win situations for both parties. As far as we’re in- formed, this is the first-time cranes from a WTIVs are being sold to fulfil a meaningful second life – a solution that is in line with our target to place greater focus on circularity. We’re very appreciative of Hapo International Barges’ commitment to expand the life- time for these great cranes that heroically have served Cadeler and the green transition to renewable wind energy”, said Cadeler’s CEO Mikkel Gleerup. ▶ The cranes are each capable of lifting 1200 t with a boom length of 115 m. ▶ The cranes were sold including all spare parts in Cadeler storage in Esbjerg. ▶ The new owner is Hapo International Barges, a specialist in providing heavy lift ca- pacity, pontoons, and crane barges around the world. ▶ The current plan is that the cranes will be retrofitted to shallow water barges. ▶ Significant engineering work is required to fit the new barge concept. ▶ The retrofitting process will take approx. 9-12 months. Environmental Management Cadeler works to meet the environmental legal requirements of the countries in which it operates. The Company aims to deliver effective monitoring of its impact on the environ- ment, ensuring risks associated with operations are appropriately identified and man- aged. To sufficiently manage environmental impact, an organisation must consider all environmental issues relevant to its operations, such as air pollution, water pollution, sewage management, waste management, soil contamination, climate change mitiga- tion and adaptation, and resource use and efficiency. To control and improve environmental performance, Cadeler has a management manual, HSEQ policy and sustainable development policy in place. These documents outline cor- porate practices for working towards a sustainable future, by maximising positive envi- ronmental impacts, minimising negative impacts, and holding ourselves accountable for any damage we may cause. Cadeler’s ISO 14001:2015 certified environmental manage- ment system establishes the set of formal policies, processes and requirements imple- mented to minimise environmental impacts from our operations. It covers all Cadeler’s vessels, operational sites, offices and activities. Emissions for scope 1 and 2 activities are tracked and reported annually. Emissions from some scope 3 activities are also tracked and reported annually on a limited basis, and in the coming year, the Company aims to expand its scope 3 reporting towards fully captur- ing the upstream and downstream impacts related to operations. To report on emis- sions, Cadeler looks to the GHG Protocol Corporate Standard as its guide. The Company uses the definition of operational control to set our organisational boundary, so Cadeler aims to account for emissions from all facilities and assets where it has authority to in- troduce and implement operating policies, as scope 1 emissions. Cadeler has equipment in place on board the vessels for tracking the consumption of fuel, lube oils and other substances that eventually result in the release of CO2 and other gases into the atmosphere. The marine gas oil purchased is required to meet the sulphur emission caps in the North Sea and Baltic regions (0.1% concentration). Additionally, NOx emissions from the vessels may not exceed the upper limits set in MARPOL Annex VI. Cadeler records and manages other impacts related to its offshore operations. The Company monitors consumption of F-gases used as refrigerants. Cadeler also has a wa- ter management plan in place, under which consumption of fresh water is tracked and any discharges of ballast water or grey water from the vessels are recorded. Another core part of environmental management on board the vessels is the garbage manage- ment plan. Cadeler records its total waste production and ensures segregation of waste onboard so that it can be properly managed when offloaded on the quayside. The ves- sels also have a shipboard marine pollution emergency plan, which outlines the practices intended to prevent spills into the ocean. It ensures the crews know how to act if any in- cident should occur and have the necessary clean-up equipment available. The operation of the vessels is the core source of environmental impact, but Cadeler also records impacts from the onshore segment of the business. Variables tracked in- clude electricity and heat consumption from the offices, fuel and electricity consumption from company cars, freshwater consumption, and emissions from flights booked for business travel. Looking forward, Cadeler intends to continue taking voluntary steps to improve environ- mental performance, measure its environmental performance, and report transparently on the Company’s impact. Cadeler has designated departments responsible for manag- ing decarbonisation, sustainable development and environmental issues. Social Commitment to Health and Safety Cadeler’s number-one priority remains the health and safety of the people on board its vessels and in its offices. The Company continuously works to improve its health and safety processes, ensuring its employees and project partners have a secure workspace. After the incorporation of Eneti into Cadeler, the focus on health and safety is even higher as we aim to ensure the same standards are reached on every vessel in our fleet, that best practices from both sides are implemented, and we speak the same language around safety across the entire organisation. Cadeler believes all employees contribute towards the maintenance of a safe working environment and operates an intervention policy. Every person at a Cadeler work site has the authority and the responsibility to in- tervene in any job, activity, or scenario, wherever there is a concern for safety. Cadeler operates with the objectives of ensuring safety at sea, preventing human injury and loss of life, and avoiding negative impacts on the environment. The safety manage- ment objectives of Cadeler remain focused on defining safe practices for vessel opera- tions by controlling all identified risks to the Company’s ships, personnel, and the envi- ronment; and establishing appropriate safeguards. Cadeler’s safety management system promotes safe operations by ensuring compliance with the mandatory rules and regulations of relevant international jurisdictions and flag state legislation. DNV and Lloyds Register have audited and issued certification that Cadeler’s systems, processes and operations comply with the requirements of ISO 9001/14001/45001. The relevant flag states, or entities authorised by them, have issued ‘Document of Compliance’ that Cadeler operates vessels in compliance with ISM coderequirements. Cadeler continues to improve and customise its management system so that it better meets the unique needs of its business, providing operations as a transpor- tation and installation contractor. Since the combination with Eneti in Dec 2023, Cadeler has operated on separate systems, but we are working to integrate the management systems and merge KPI reporting during 2024. Health, Safety, Environment and Quality (HSEQ): Statistics1 20232022 2021 2020 2019 Total person working hours2 570,700 483,494 459,544 264,672 363,329 Fatalities 0 - - - - Lost time incidents 1 1 1 - - Total recordable cases 1 2 3 1 1 Total recordable case frequency rate (per million hours worked)3 1.75 4.14 6.53 3.78 2.75 Lost time injury frequency rate (per million hours worked)4 1.75 2.07 2.18 0.00 - Cadeler uses two metrics as primary indicators of overall safety performance: total recordable case frequency (TRCF) and lost time injury frequency (LTIF). 12023 figures include Eneti performance for the portion of the year after the merger (after 19 December 2023) 2Total person working hours: for office employees, calculated based on monthly hours worked as per contract. For seafarers, calculated as vessel days x 12hrs. 3Total recordable case frequency rate = total recordable cases / total person working hours x 1,000,000. 4Lost time injury frequency rate = lost time incidents / total person working hours x 1,000,000. 5Statistics cover Cadeler’s seafarers and shoreside employees while working at sites for which Cadeler is re- sponsible (in our office, onboard our vessels, on the quayside reserved for our project works). behaviours and situations will prevent incidents from taking place. Similarly, Quality fo- cused KPI’s are intended to be established during 2024, and data will be recorded to track progress of our performance in this area. HSE YRCF definition: Yellow/Red Case Frequency is the number of health, safety and environmental accidents, near misses and observations with a red (high) or yellow (me- dium) risk potential per million person working hours. The risk potential associated with a case is defined by Cadeler’s risk assessment matrix, which accounts for the potential se- verity of risk. HSEQ Improvement Cadeler aims for continuous improvement in its HSEQ performance. This requires a cul- ture of learning both from internal experience and from industry experience. The Com- pany constantly strives to update processes and performance in the areas where it sees the most potential for improving safety. Towards the end of 2022, Cadeler initiated a safety leadership programme focused at further strengthening the safety culture within the Company. This programme was intro- duced to all seafarers on the O-Class vessels and across relevant departments in Febru- ary and March 2023, and the programme will be introduced on Wind Scylla and Wind Zaratan in 2024. The safety leadership programme aims at continuous improvement of the core HSEQ controls in the Company, combined with a concept developed to pro- mote employee behaviours and attitudes that lead to improved safety performance. A solid framework to stimulate a strong safety culture is vital as Cadeler grows, and we must ensure we can maintain and improve our safety culture, regardless of how many new colleagues are welcomed to the team. Cadeler continues to maintain a strong focus on safety observations, both proactive and reactive. The offshore crews have shown excellent initiative make observations related to their working environment, noting risks and suggesting potential improvements. To strengthen the effectiveness of this reporting system, Cadeler presents a monthly safety award, encouraging all employees to report their observations and also increase the quality of their reports. This decision has led to better reporting coverage, including more detailed information. This, in turn, has provided a more solid foundation for reporting KPIs, and has continued to be a successful aspect of our safety culture throughout 2023. Cadeler continues to track Yellow/Red Case Frequency as a leading indicator, recording occurrences of high-risk situations that either led to incidents or had the potential to lead to incidents. The Company’s principle is that focusing on reduction of risky Cadeler Certifications and Management Systems Company management system Cadeler operates on an integrated management system that has combined processes and procedures for the management of safety, environmental, and quality related issues across our operations. The system includes company policies, general operating proce- dures, definitions of accountability, emergency plans and risk registers. Post integration with Eneti, Cadeler has worked to merge the Company management systems and will continue to do so during 2024. The Cadeler management system is under continuous improvement, ensuring that all operations are in line with legal requirements, best practices, and stakeholder expecta- tions. All Cadeler’s vessels, operational sites, offices, and activities are covered under the management system and are thereby certified under the standards listed to the right. Company certifications International Safety Management (ISM) Certified by DNVGL and Lloyd’s Register. ISO 14001 Certified by DNVGL and Lloyd’s Register – assurance of our Company environmental management system. ISO 9001 Certified by DNVGL and Lloyd’s Register – assurance of our Company quality manage- ment system. ISO 45001 Certified by DNVGL and Lloyd’s Register – assurance for onshore and offshore sites in addition to ISM. eCMID certification The IMCA eCMID system, which provides the marine and offshore industry with a stand- ardised format for vessel inspection, is performed by accredited independent IMCA in- spectors. It offers a health check of the safety management system. Cadeler has been inspected annually since 2014. Workplace Health Programme Offshore services All of our vessels are staffed by qualified medics and feature onboard clinics that offer services mandated by the flag state. To ensure the well-being of our offshore employ- ees, a mandatory medical examination is conducted every two years, aligning with indus- try standards. This precautionary measure aims to mitigate the risk of individuals going offshore if it poses a threat to their own well-being or the well-being of the rest of the crew and the vessel. In addition to providing onboard health services, Cadeler takes responsibility for promot- ing a healthy lifestyle while onboard. Our vessels are equipped with gyms, facilitating daily exercise, and full-service canteens that ensure our personnel have access to a var- ied diet during extended periods at sea. Onshore offering Cadeler sustains its health initiative Cadeler Care in a variety of different ways to support both physical and mental health. Onshore employees benefit from an annual health check and the opportunity for a comprehensive medical examination every three years. In our offices, where possible, there is an in-house gym accessible to all employees and fresh fruit is available on a daily basis. Furthermore, Cadeler provides all employees, both onshore and offshore, with a supply of vitamins and minerals to match seasonal needs and the option to receive a flu vaccine at the Company's expense. First aid training Offshore personnel are required to participate in recurring trainings on administering first aid. Additionally, office-based employees are offered a first aid course every two years. This commitment ensures that, in the event of a health emergency at any Cadeler worksite, a trained individual in first aid response is readily available. Cadeler as a Workplace Cadeler not only prioritises a safe and healthy workspace, but also upholds the responsi- bility of fostering a positive, flexible work environment for its employees. This is the re- sponsibility of all Cadelers, with the support from two specialised departments: People and Culture and Marine HR. This division is based on the recognition that Cadeler oper- ates in two distinct work environments, onshore and offshore, each with its own set of unique considerations. Cadeler as a Workplace Continued from previous page Collaboration &amp; Involvement Cadeler encourages high levels of employee involvement and is in continuous dialogue with employees about the future direction of the Company and their individual motiva- tion and development. In 2023, Cadeler implemented a new goal setting framework with a focus on collaboration and involvement, where every employee can see their contribu- tion to the Company. On a social level, Cadeler fosters an environment where employees get to know their col- leagues, both on a professional and personal level, by organizing events and activities that bring people together. Workplace Assessment In 2023, Cadeler again performed a workplace assessment (Danish requirement) to en- gage its employees on how to improve the workplace. Cadeler included Wind Orca and Wind Osprey for the first time and saw high levels of participation and engagement, re- sulting in action plans made by the crews onboard for resolving some of the items identi- fied. Charts to the right and on the next page: diversity statistics for employees at Cadeler. Note: all diversity statistics account for the status as of 31 Dec 2023. Governance 65 Our Structure and Governance of CSR topics Cadeler’s framework for corporate governance is intended to decrease business risk, maximise value and utilise our resources in an efficient, sustainable manner, for the ben- efit of shareholders, employees and society at large. Further information on Cadeler’s approach to corporate governance is included in the Corporate Governance section of the Management Review. When it comes to management of CSR topics, some of the responsibilities of Cadeler’s Board of Directors are defined in the Corporate Governance Manual. The Board is re- sponsible for ensuring that Cadeler has sound internal control and systems for risk man- agement (including those in respect of corporate values, ethical guidelines, and guide- lines for corporate social responsibility) that are appropriate and in proportion to the na- ture and extent of the Company's activities. The Board must, at a minimum, carry out an annual review on the Company's exposure and control of risks, including CSR topics. Additionally, the Board is responsible for establishing guidelines for the Company's re- porting of information via the Annual Report, including sustainability reporting. The Board ensures this reflects the Company's corporate social governance performance and strat- egy. The CSR report is issued once per year with the Cadeler Annual Report and covers the period from 1 January to 31 December. In order to manage CSR-related topics on a day-to-day basis, Cadeler has an HSEQ de- partment responsible for matters related to health and safety, a People and Culture de- partment and a Marine HR department responsible for employment matters, and a De- carbonisation and Sustainability department driving the Company’s overall sustainability strategy. A Business Ethics and Legal Compliance Partner joined in Q1 2023. The CEO takes responsibility over important CSR issues and escalates matters to the Board of Di- rectors as necessary. Responsible Business Raising concerns All employees are encouraged to raise concerns wherever they identify activities which are not aligned with Cadeler values and behaviours. Cadeler encourages employees to raise concerns in the first instance directly to line management. In circumstances where this is not possible or it may be more appropriate to do so due to the nature or seriousness of the concern, confidential reporting (Speak Up) channels are available. These can be used by any person with a relationship to Cadeler (including our suppliers and clients) to raise serious concerns about any sus- pected violation of the Cadeler Code of Conduct, our policies and procedures or applica- ble laws and regulations. The reporting channels are supported by procedures that ena- ble concerns to be raised responsibly and securely without fear of adverse conse- quences. In 2023, Cadeler's Board reviewed and approved updates to these procedures to ensure continued alignment with best practice and legislative requirements. A ‘Speak Up’ notice is communicated to employees internally and is also publicly available on our website (www.cadeler.com). Bribery and corruption Cadeler has a zero tolerance for bribery and corrupt payments in whatever form, whether given or received, directly or indirectly, anywhere in the world. We seek to address the risks of bribery and corruption in our value chain through our Supply Chain Sustainability Code of Conduct, which applies to any suppliers who do work on Cadeler’s behalf. The processes and procedures through which Cadeler onboards new suppliers is subject to continuous review and improvement. In 2023 we enhanced our due diligence efforts through the procurement of an electronic due diligence tool to help identify risks associ- ated with financial crime, sanctions, and other responsible business practices within our existing supplier population and as part of the onboarding process for new suppliers. In the coming year, Cadeler intends to integrate this tool to help formalise processes for systematically identifying, assessing, and addressing risks related to responsible busi- ness practices in our supply chain. Fair competition Cadeler is committed to complying with national and international standards for ensuring fair competition. This includes prohibitions on anti-competitive behaviour (such as price- fixing or the exchange of competitively sensitive information with or between competi- tors) which may amount to an infringement of applicable competition laws. Human rights and modern slavery An important part of Cadeler’s commitment to responsible business is respecting human rights in accordance with internationally recognised standards. There is both a business and a moral case for ensuring that human rights principles are upheld during our opera- tions and throughout our value chain. Cadeler recognises that operation of a global busi- ness means that some resources and services might be procured from higher risk re- gions. Cadeler acknowledges the material risk of indirectly contributing to human rights impacts in the supply chain, for example via forced labour or less than fair labour agree- ments. For this reason, Cadeler continues to work to identify, prevent and mitigate any risk of adverse human rights impacts resulting from or caused by our business activities. Our approach is informed by the International Bill of Human Rights, the UN Guiding Principles on Business and Human Rights, and the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work. Cadeler is also a signatory to the UN Global Compact. Cadeler’s Human Rights Policy sets out our commitment to respecting the human rights of our employees and those who perform work on behalf of Cadeler and prohibits the use of all forms of modern slavery, forced labour and human trafficking. In 2023, there were no reported cases concerning potential human rights violations through Cadeler's confidential reporting (Speak Up) channels, or, to the best of Cadeler's knowledge, through other available channels. Responsible supply chain Cadeler actively seeks to select and work with suppliers who not only comply with laws and regulations, but go beyond by setting standards that are expected of an industry leader. Cadeler has a strong preference to work with suppliers who share the Cadeler commitment to honesty and integrity and who seek to integrate principles of sustainable development into all areas of their business. The Cadeler approach is supported by the Company Sustainable Development Policy and Supply Chain Sustainability Code of Conduct. This commits Cadeler to preferring to work with suppliers who share the same standards and promote sustainable develop- ment. Training and engagement In our 2022 Annual Report, Cadeler committed to ensuring 100% of relevant employees were trained in key responsible business topics, such as anti-bribery and corruption as well as data protection and privacy. In 2023, members of Cadeler's Senior Leadership Team received face-to-face ethics &amp; compliance training on anti-bribery and corruption, data protection and privacy, and competition law. In addition, during the course of 2023, Cadeler's sales teams received tailored face-to-face training on key competition law top- ics. Cadeler intends to continue these types of training on a recurring basis for the Senior Leadership Team and other relevant employees. Responsible Business – Relevant Policies and Procedures Cadeler’s policies outline its social, environmental and corporate responsibilities and es- tablish the key actions that the Company should take to uphold its values and reach its targets. The selection of Company policies highlighted in this section cover the core re- sponsibilities that must be upheld for the Company to operate sustainably. Unless otherwise noted, all Cadeler policies apply to all offshore and onshore employees and other individuals contracted to work for Cadeler. We also encourage all those we do business with to adhere to similar standards. Cadeler reviews company policies on an annual basis for their level of effectiveness, promoting continuous improvement. All policy texts are incorporated as part of the Company management manual. Employ- ees can freely access the documents on the Company intranet. Human Rights Policy Reference to the Human Rights Policy is made in the Responsible Business section above. Cadeler has a responsibility to respect human rights and contribute to positive impacts for the communities in which it operates. The approach is based on the UN Guiding Principles on Business and Human Rights. Cadeler prohibits all forms of modern slavery and the employment of children under the legal minimum age. Cadeler supports diversity, inclusion and fair compensation. Health, safety, environment and quality policy Health &amp; Safety – Cadeler’s top priority is the safe execution of all activities. The ultimate goal is zero harm, and we believe that all incidents are preventable and that all people should return home from Cadeler worksites in the same or in a better condition. Environment – Cadeler strives to minimise its environmental impact, not only looking at the current operations but also at the full asset lifecycle and across its supply chain. Quality – Cadeler is strongly committed to quality and aims to deliver services that con- sistently meet or exceed our customers' expectations. Our approach: Develop, follow and continuously improve our HSEQ processes; use a risk- based approach when conducting our activities; nurture a culture of continuous improve- ment where we learn from activities, successes, failures, incidents and observations; em- power all people to challenge and stop unsafe acts, conditions, and behaviours; prioritise working with contractors and suppliers that have similar HSEQ ambitions and goals to Cadeler. Sustainable development policy Cadeler aims to work towards a sustainable future in everything it does and work towards alignment with the UN Sustainable Development Goals. Cadeler commits to reducing the carbon intensity of our operations, improving the energy efficiency of our assets, mini- mising the use of resources, and working towards a circular economy. Cadeler will pro- vide a working environment that prioritises workers’ rights and promotes an atmosphere of equality and respect. The Company will practise good business ethics, ensure safe- guards against corruption and other unethical behaviour, and protect internationally pro- claimed human rights in its operations and across its supply chains. Cadeler Code of Conduct The Cadeler Code of Conduct outlines the principles and guidelines essential for main- taining ethical business practices and integrity within the organisation. With a commit- ment to compliance with all applicable laws and regulations, Cadeler emphasises the im- portance of conducting business with honesty, fairness, and professionalism. This ex- tends to interactions with employees, clients, suppliers, and the communities in which Cadeler operates. The Code establishes clear expectations for Cadeler’s employees, of- ficers, and directors to adhere to high standards of business ethics and corporate gov- ernance in their day-to-day operations. Key areas addressed in the Code include conflicts of interest, competition and antitrust laws, anti-bribery and corruption, insider trading, political contributions, and use of com- pany property and information. Cadeler prohibits the acceptance or offering of ad- vantages to influence business dealings, emphasises the importance of observing local laws in all jurisdictions of operation, and outlines procedures for engaging with agents, consultants, and suppliers. Additionally, the Code addresses issues related to procure- ment, record-keeping, confidentiality, social media usage, privacy, and compliance with trade sanctions and anti-money laundering regulations. Compliance with the Cadeler Code of Conduct is mandatory, and it is encouraged to raise concerns related to non-compliance through established reporting channels. The organisation underscores its commitment to addressing such concerns promptly and thoroughly, with potential disciplinary action for individuals found to be in breach of the Code. By upholding these standards, Cadeler aims to foster a culture of integrity, re- spect, and responsibility across its operations. Supply chain sustainability Code of Conduct Cadeler actively seeks to select and work with suppliers who not only comply with laws and regulations, but go beyond by setting standards that are expected of industry lead- ers. We also have a strong preference to work with suppliers who share our commitment to honesty and integrity and who seek to integrate principles of sustainable develop- ment into all areas of their business. The Cadeler supply chain sustainability code of con- duct sets out our expectations around protection of human rights (including labour rights of the workers in our supply value chain), management of environmental impacts, health and safety standards, and requirements for business ethics and community issues. More specifically, the document outlines Cadeler’s expectations on the following topics: Legal and regulatory compliance; not employing forced labour; not employing under- aged workers; compensation and working hours; non-discrimination and employment rights; requirements for a grievance mechanism that is available to employees, compli- ance with EU, US, UK, and Norwegian sanctions; requirements for environmental and safety management systems; and finally, agreement to upholding proper business eth- ics, especially around anti-corruption and anti-bribery practices. To further reduce any risk of poor practice within the supply chains, Cadeler is strength- ening its system for ensuring suppliers comply with its requirements. The Company im- plemented a process in 2022 that utilises a more structured approach for gathering sup- pliers’ agreements to uphold our policies. It also allows for Cadeler or a third party on its behalf to perform audits of key suppliers, ensuring standards are upheld. Additionally, Cadeler has started including adherence to its supply chain code of conduct as a con- tractual obligation for suppliers delivering some critical works. Climate Change Risk Management – TCFD recommended disclosures Governance Description of Board’s oversight of climate relate risks and opportunities. A review on climate related issues is scheduled at least annually in coordination with the publication of the Company sustainable development report. The Board uses this oppor- tunity to reassess how sustainability is built into the Company's strategy and govern- ance. Other important matters arising throughout the year would be handled on an as needed basis. Any items originating from Cadeler's employees would be introduced to the Board of Directors via the CEO. Management’s role in assessing and managing climate-related risks and opportunities. As with other organisational risks and opportunities, management is expected to review climate related risks and opportunities on an ongoing basis and push material risks and opportunities forward to the Board. Strategy Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term. Emerging Regulations: The Company monitors emerging climate-related regulations, such as EU ETS and EU CSRD, and is preparing for potential impacts and educating rele- vant teams to manage and mitigate the forecasted impacts. Technology: Cadeler identifies a significant risk in failing to decarbonise its vessels, con- sidering both competitive and investment perspectives. The Company invests in techno- logical improvements, including shore power, hybrid battery systems, and improved en- gine efficiency, to meet decarbonisation goals. Legal: Cadeler complies with Danish, EU, and IMO regulations related to environmental aspects, recognising the risk of fines for non-compliance with environmental require- ments for its vessel operations. Market: Cadeler sees market-related opportunities with the drive towards renewable en- ergy grid at the core of our business strategy, but we are also pay attention to risks such as fluctuating prices, especially in fuel and energy, affecting overall operational costs and the ability to implement renewable or energy-saving technologies. Reputation: The Company is focused on aligning with its goal to support offshore wind energy development, aiming to avoid economic opportunities in the oil and gas sector for reputational reasons. Cadeler is working on improving sustainability performance and quantifying its impacts. Physical Risks: Cadeler has initiated its first formal climate risk assessment to identify potential risks to assets, operations, and supply chains. This assessment generally identi- fied low vulnerability to Cadeler’s own assets through 2035 and some vulnerabilities in our supply chain due to the risk of severe weather events Describe the impact of climate related risks and opportunities on the organisation’s businesses, strategy, and financial planning. Climate related opportunities, related to the expectation for increased climate change mitigation activities, have largely driven our development with further investments to support the offshore wind industry. Sustainability Accounting Principles Reporting framework – inspired by GRI standards. The SASB Sustainability Disclosure Topics and Accounting Metrics for Engineering and Construction Services and Marine Transport are covered in Appendices ESG.1 and ESG.2. A GRI Content index is available in Appendix ESG.3. See pages 212-221. The report covers Cadeler’s performance from 1 Jan 2023 until 31 Dec 2023 Boundaries for the scope of this report Not all indirect impacts of our operations are covered in this report. For safety statistics, the data covers Cadeler employees while at work sites for which Cadeler has responsibil- ity. Safety management and improvement processes are focused on keeping all persons safe while present on a Cadeler-controlled work site. The boundaries placed on environ- mental impact are as follows: Cadeler considers direct impact from the operation of its vessels and offices, and the use of company cars. The Company considers indirect im- pact from flights taken by office employees and offshore crew for business purposes, helicopter crew changes, etc. All categories include Eneti data for the few days in 2023 post-merger, but not the period prior to the business combination. Cadeler has not yet accounted for all indirect impact of operations - for example, the environmental impact from our supply chain (i.e. production and transportation of goods and equipment from production sites to our vessels), or the downstream emissions from treatment of waste produced by our operations. The Company intends to begin fuller accounting for indirect scope 3 emissions in by publication of the 2024 report. Emission conversions and calculations Scope 1 CO2e Direct GHG (Kyoto Protocol gases) based on emissions of CO2, CH4, and N2O from com- bustion of marine gas oil (MGO) in our vessel engines and emissions from company cars. All emissions from and consumption of lube oils and SF6, NF3, HFC and HCFC emissions reported as resulting from scope 1 emissions. Carbon intensity factors extracted from UK Government GHG Conversion Factors for Company Reporting. Cadeler fuel records are verified annually by DNV-GL for IMO DCS reporting. Scope 2 CO2e Indirect GHG based on consumed electricity/heat in our offices and electricity consump- tion for company electric cars. CO2e is considered to be the summation of the CO2 equiv- alent emissions for CO2, CH4, and N2O. Carbon intensity (per kWh) is calculated using the emissions data for the Danish electrical grid as published in the annual Environmental Report released by Energinet.dk: https://energinet.dk/om-publikationer/publika- tioner/miljoredegorelse-2021/. Global warming potential for each gas extracted from the US Environmental Protection Agency Website: https://www.epa.gov/ghgemissions/un- derstanding-global-warming-potentials. Scope 3 CO2e Flight GHG data provided by our travel agency, Marine Travel, based on all flights booked for Cadeler seafarers and office personnel in 2023. Marine Travel uses a conversion fac- tor of 0.00018 tonne CO2e/km for flights &lt; 1,000 km and 0.00011 tonne CO2e/km for flights &gt; 1,000 km. Helicopter crew transfer: fuel consumption per flight (stated by flight provider) x percentage of passengers who are Cadeler crew x CO2e emission factor. Addi- tional, fuller reporting of other Scope 3 emissions to be in place by the publication of our 2024 annual report. Sustainability Accounting Principles SOx We only track SOx due to marine gas oil combustion. Cadeler uses MGO with a sulphur content of maximum 0.1% of the fuel weight. Conversion figure, from Lloyd’s Register Engineering Services (1995), given as 20 x fuel sulphur content (kg/tonne) NOx NOx is also only tracked due to marine gas oil combustion. Cadeler has updated its method in 2023. We now refer to the EMEP/EEA air pollutant emission inventory guide- book (2019 database) as the updated source of conversion factors for estimating our NOx emissions. Based on our vessels’ Tier II, medium speed engines, we estimate NOx emissions of 57.9 kg per tonne of MGO combusted. Particulates Also updated to use conversion factors from the EMEP/EEA air pollutant emissions in- ventory guidebook (2019 database). The PM10 emission factor is considered to be 1.07kg/tonne marine gas oil and the PM2.5 emissions factor is considered to be 0.91 kg/tonne marine gas oil. NMVOCs Updated to also refer to refer to the EMEP/EEA air pollutant emission inventory guide- book (2019 database). Emission factor considered to be 1.86 kg/tonne MGO. EU Taxonomy EU Taxonomy “The EU Taxonomy is a classification system, establishing a list of environmentally sus- tainable economic activities. It could play an important role helping the EU scale up sus- tainable investment and implement the European green deal. The EU taxonomy would provide companies, investors and policymakers with appropriate definitions for which economic activities can be considered environmentally sustainable. In this way, it should create security for investors, protect private investors from greenwashing, help compa- nies to become more climate-friendly, mitigate market fragmentation and help shift in- vestments where they are most needed.” – from the European Commission Cadeler expects that reporting alignment of economic activities with EU Taxonomy will become a requirement for the Company, based on its profile, from 2024. In late 2022, the Company initiated the process of categorizing its economic activities and ensuring that eligible activities are aligned with EU Taxonomy requirements. Cadeler expects to be able to report on Taxonomy-alignment of its activities in its next annual report. This year, Cadeler still finds value in sharing the Taxonomy-eligibility of its economic activities to give an indication of which proportion of the Company’s activities have potential to be aligned. Cadeler’s core purpose of operation is to support installation of offshore renewable en- ergy sources. This activity supports climate change mitigation and can be aligned with the EU Taxonomy when performed in a way that does no significant harm to the other 5 environmental objectives of the Taxonomy and preserves the social minimum safe- guards. The majority of the Company’s eligible economic activities, relating to installation of offshore wind energy, can be categorised as activity 4.3 – electricity generation from wind power. This activity supports the Taxonomy objective of climate change mitigation. Do no significant harm (DNSH) Cadeler is in the process of assessing compliance with the DNSH requirements for cli- mate change mitigation activity 4.3. Climate Change Adaptation During 2023, Cadeler performed a risk assessment for the impact of climate change on its assets and key parts of its supply chain, including ports and suppliers of key equip- ment for our operations. The assessment considered the representative concentration pathway scenario 8.5 (RCP 8.5), considered the worst case scenario as identified by IPCC, but only considered impacts through 2035, with the timespan based on Cadeler’s visibility on its scope of operations. The Company identified risks related to changing wind patterns, precipitation patterns, and flooding that may impact operations and its supply chain. Vulnerability in our own operations was generally judged to be low as our assets are not in fixed locations, but some vulnerability was identified in our supply chains when it comes to delivery of key equipment and services. Sustainable use and protection of water and marine resources In the case of construction of offshore wind, the activity cannot hamper the achievement of good environmental status as set out in Directive 2008/56/EC of the European Parlia- ment and of the Council, requiring that appropriate measures are taken to prevent or mitigate impacts in relation to the Directive’s Descriptor 11 (Noise/Energy). Cadeler is as- sessing its construction activities and has already highlighted a few measures that miti- gate potential impacts. For example, on foundation installation projects, noise mitigation techniques are used to reduce noise pollution escaping into the surrounding marine en- vironment where environmental impact assessments pre-project have identified ele- vated risk of exposure to marine mammals in the area. EU Taxonomy Continued from previous page Transition to a Circular Economy The activity assesses availability of and, where feasible, uses equipment and compo- nents of high durability and recyclability and that are easy to dismantle and refurbish. Cadeler has a garbage management plan for its vessels and has added a focus on circu- larity and the reduced use of resources to its sustainability strategy. The Company will assess whether additional initiatives should be established to ensure it does its part in transitioning to a circular economy. Pollution prevention and control This category is not applicable for alignment with Taxonomy activity 4.3, but Cadeler op- erates its vessels in accordance with MARPOL. Protection and restoration of biodiversity and ecosystems It is legally required that all offshore windfarms in the EU and UK have an environmental impact assessment performed before the approval for construction is granted. Cadeler doesn’t guide the process at the windfarm level, but it does collaborate with its clients concerning operational measures which may address, reduce or mitigate any potentially negative impacts upon biodiversity and the ecosystem. Minimum Safeguards Cadeler has a set of policies in place that outline its commitment to protect human rights, prevent corruption, and promote fair competition and taxation. The Company also has a set of processes and procedures that are intended to engrain its policies into the Company’s systems and working culture. Over the next year, the Company will continue to evaluate and strengthen its processes and procedures to ensure they are robust enough to guarantee that social minimum safeguards are in place. Human rights Cadeler’s safeguards include a Human rights policy, a code of conduct, and supply chain code of conduct, and the policy document which outlines the Company’s due diligence process and documentation of risk assessments performed. Additionally, the Company has designated responsibility in the area of Human Rights and has a policy for remedia- tion and mitigation of any potential human rights impacts. Finally, Cadeler reports annu- ally on its human rights impacts. Grievance Mechanisms Cadeler has a Speak Up hotline in place which is available to our employees and the gen- eral public and allows for anonymous contact. The Company also has an operations manual in place for this grievance mechanism. Consumer Interests Cadeler operates in accordance with EU requirements. Anti-Corruption Cadeler has a code of conduct and relevant policies that informs employees of ex- pected behaviour. The Company also maintains documentation of incidents, conducts internal training, documents risk monitoring processes, has procedures for internal or- ganisational control, and shares necessary information publicly. Competition The Company covers this topic in its code of conduct and offers internal training on competition issues. EU Taxonomy Continued from previous page Taxation Cadeler has a public tax policy which outlines practices and commitment to compliance with tax regulations in all jurisdictions in which it operates. Taxonomy KPIs Taxonomy eligibility and alignment is expressed with three KPIs. These are calculated as the portion of turnover, CapEx and OpEx that is Taxonomy-eligible and Taxonomy- aligned. KPI for Taxonomy-aligned turnover The proportion of Taxonomy-eligible activities has been calculated as net turnover from products and services associated with Taxonomy-aligned activities divided by total net turnover. KPI for Taxonomy-aligned CapEx CapEx is defined as Taxonomy-aligned CapEx divided by total CapEx. The total CapEx consists of additions to tangible and intangible fixed assets before depreciation, amorti- sation, and any re-measurements. It includes acquisitions of property plant and equip- ment, intangible assets, leases with usage rights, and investment properties. KPI for Taxonomy-aligned OpEx OpEx is defined as Taxonomy-aligned OpEx divided by the total OpEx. However, the EU Taxonomy defines OpEx differently than IFRS as it only considers direct costs for: ▶ Research and development, excluding overhead ▶ Building renovation ▶ Short-term lease agreements ▶ Maintenance, upkeep and repairs ▶ Any other direct expenditure related to the routine maintenance of tangible assets by the Company or by any third-party to which activities, that are necessary to ensure the continued and effective functioning of such assets, are outsourced. EU Taxonomy - Turnover Substantial DNSH criteria contribution criteria ('Do Not Significant Harm') Taxonomy- Climate Climate Climate Climate Water Biodi- aligned Absolute Turnover change change change change and ma- versity Minimum proportion Category Category 2023 mitiga- adap- mitiga- adap- rine re- Circular and eco- safe- of Turno- (enabling (transitional Economic activities Code(s) (mEUR) Propor- tion of Turnover tion tation tion tation sources economy Pollution systems guards ver 2023 activity) activity) A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) 4.3 - Electricity gener- ation from wind power F42.22 0 0% 0% 0% N N N N n/a N N 0% Turnover of environ- mentally sustainable activities (Taxonomy- 0 0% 0% 0% aligned) (A.1) A.2 Taxonomy-Eligible but not environmen- tally sustainable activi- ties (Not Taxonomy- aligned activities) 4.3 - Electricity gener- ation from wind power 108.6 100% 100% 0% Turnover of Taxon- omy-eligible but not environmentally sus- F42.22 108.6 100% 100% 0% tainable (Not taxon- omy-aligned) (A.2) Total (A.1 + A.2) 108.6 100% 100% 0% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover of Taxon- omy-non-eligible ac- 0 0% tivities Total (A + B) 108.6 100% EU Taxonomy – CapEx Substantial DNSH criteria contribution criteria ('Do Not Significant Harm') Taxonomy- Climate Climate Climate Climate Water Biodi- aligned Absolute CapEx change change change change and ma- versity Minimum proportion Category Category 2023 mitiga- adapta- mitiga- adapta- rine re- Circular and eco- safe- of CapEx (enabling (transitional activity) Code(s) (mEUR) Propor- tion of Turnover tion tion tion tion sources economy Pollution systems guards A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) 4.3 - Electricity gener- F42.2 ation from wind power 2 0 0% 0% 0% N N N N n/a N N 0% CapEx of environ- mentally sustainable activities (Taxonomy- 0 0% 0% 0% aligned) (A.1) A.2 Taxonomy-Eligible but not environmen- tally sustainable activi- ties (Not Taxonomy- aligned activities) 4.3 - Electricity gener- ation from wind power 514.9 100% 100% 0% CapEx of Taxonomy- eligible but not envi- F42.2 ronmentally sustaina- 514.9 100% 100% 0% ble (Not taxonomy- 2 aligned) (A.2) Total (A.1 + A.2) 514.9 100% 100% 0% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES CapEx of Taxonomy- non-eligible activities 0 0% Total (A + B) 514.9 100% EU Taxonomy - OpEx Substantial DNSH criteria contribution criteria ('Do Not Significant Harm') Taxonomy- Climate Climate Climate Climate Water Biodi- aligned Absolute OpEx change change change change and ma- versity Minimum proportion Category Category 2023 mitiga- adap- mitiga- adapta- rine re- Circular and eco- safe- of OpEx (enabling (transitional Economic activities Code(s) (mEUR) Propor- tion of Turnover tion tation tion tion sources economy Pollution systems guards 2023 activity) activity) A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) 4.3 - Electricity gener- ation from wind power F42.22 0 0% 0% 0% N N N N n/a N N 0% OpEx of environmen- tally sustainable ac- tivities (Taxonomy- 0 0% 0% 0% aligned) (A.1) A.2 Taxonomy-Eligible but not environmen- tally sustainable activi- ties (Not Taxonomy- aligned activities) 4.3 - Electricity gener- ation from wind power 6.6 10% 100% 0% OpEx of Taxonomy- eligible but not envi- ronmentally sustaina- F42.22 6.6 10% 100% 0% ble (Not taxonomy- aligned) (A.2) Total (A.1 + A.2) 6.6 10% 100% 0% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES OpEx of Taxonomy- non-eligible activities 59.7 90% Total (A + B) 66.3 100% Green Finance Report 82 Cadeler and Green Finance Green Loan Facilities Green finance instruments are issued to finance or re-finance eligible green projects, in whole or in part, that promote the transition towards a low-carbon and climate-resilient society. The green financing is supported by the previously announced updated Green Finance Framework and a Second Party Opinion issued by S&amp;P Global re-confirming a Medium Green Rating. Annual Green Financing Reporting To keep investors, lenders and other stakeholders informed about the progress of the Green Projects funded by Green Finance Instruments, Cadeler has agreed to publish a Green Finance Report on the Company website, either as a separate document or as in- formation integrated in the Company’s annual sustainability reporting. The Green Fi- nance Report includes an Allocation Report and an Impact Report and will be published annually as long as there are Green Finance Instruments outstanding. At this stage, Cadeler will publish the Green Finance Report as part of the Annual Report. If any change is made to the location of reporting in future years, a statement will be in- cluded in the Annual Report. Impact Reporting Impact reporting aims to disclose the environmental impact of the Green Projects fi- nanced under this Framework, and will, where possible, be measured, otherwise esti- mated. Impact reporting will, to some extent, be aggregated and depending on data availability, calculations will be made on a best intention basis. Allocation Reporting Cadeler will continue to publish an annual allocation report as long as there are green fi- nance instruments outstanding. Cadeler intends to produce an annual statement includ- ing the following information: the amounts allocated to each of the Green Project cate- gories and the share of new financing versus refinancing, examples of Green Projects that have been funded by Green Finance Instruments, the nominal amount of Green Fi- nance Instruments outstanding and the split between Green Bonds and Green Loans, and the amount of net proceeds awaiting allocation to Green Projects (if any). Green Company Financing In December 2023, Cadeler announced the signing of a EUR 550 million Senior Secured Green Facilities, The “New Debt Facility”, with a group of banks led by DNB and sup- ported by Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking Corpora- tion (“OCBC”), Standard Chartered Bank and Société Générale. The purpose of the New Debt Facility is to refinance existing vessels in Cadeler and Eneti following the business combination between the two companies, as previously announced, to finance crane up- grades of Cadeler’s two existing O-Class vessels and to fund general corporate and working capital purposes. The New Debt Facility is made up of two RCFs amounting to EUR 350 million, a EUR 100 million term loan guaranteed by The Danish Export and Investment Fund of Denmark (EIFO) and a EUR 100 million uncommitted Guarantee facility. In November 2023, Cadeler also entered into an unsecured green loan facility with HSBC, the Holdco Facility. A main purpose of the facility is to fund Cadeler’s construction of the P-Class and A-Class newbuild vessels and upgrade of the existing O-Class vessels with new cranes. The financing includes a non-committed accordion option of up to EUR 50 million. This underlines Cadeler’s strategic market position. Green Loan Criteria/Company Eligibility Criteria 2023 Share of annual revenue from renewable energy projects 100% Share of annual revenue from new/existing oil and gas installations 0% Share of CapEx and OpEx aligned with the green project categories of the Green Finance Framework 100% For Green Company Financings qualifying as Green Finance Instruments, an externally verified Compliance Certificate, outlining alignment with the Green Company Eligibility Criteria will be shared with the relevant lenders. Company Impact Report – Key Performance Indicators Unit 2023 Number of installed offshore wind turbine foundations number 0 Number of installed offshore wind turbines number 136 Number of serviced offshore wind turbines number 20 Installed power generation capacity MW 1412 Serviced power generation capacity MW 196.2 GHG emissions and/or fuel consumption from offshore wind installation activities - Scope 1 t CO2e 25479 Scope 1 emissions (tCO2e) per MW installed or serviced t CO2e/MW 16.1 Green Company Financing Continued from previous page In December 2023, Cadeler announced the signing of a Sinosure-backed Senior Secured Green Term Loan Facility of up to EUR 425 million P-Class Facility, with a group of banks led by DNB and supported by Rabobank, Santander, Credit Agricole, CIC, HSBC, KfW- IPEX, OCBC, Sparebank 1 SR-Bank, Standard Chartered Bank and Société Générale. The purpose of the P-Class Facility is to part finance Cadeler’s two newbuilds, Wind Peak and Wind Pace, to be delivered in Q3 2024 and Q2 2025. The P-Class Facility is 90% insured by China Export &amp; Credit Insurance Corporation (“Si- nosure”) and will be made available in two loans when the newbuilds are delivered from COSCO Shipping (Qidong) Offshore Co. Ltd. For Green Project Financing, an independent auditor appointed by Cadeler will on an an- nual basis provide a limited assurance report confirming that an amount equal to the net proceeds from such Green Finance Instruments have been allocated to Green Projects. Impact Report The 425 million facility is financing for vessels that are not yet in operation. Once Wind Peak and Wind Pace are in operation, Cadeler will provide a report on the impacts of these specific vessels. Until then, please refer to our impact metrics reported on Com- pany-wide basis on page 84. Allocation Report Installation Proceeds To be and Key enabling Weather Waste and Debt Issue Issued Maturity Proceeds allocated allocated maintenance equipment stations management vessels Senior Secured Green Term Loan Facility 22/12/2023 12 yrs EUR 425m EUR 425m EUR 0m 100%</mrv:StatementOfCorporateSocialResponsibility>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx1" id="fact2717" xml:lang="en">Equality, Diversity &amp; Inclusion One of the ways Cadeler fosters a positive work environment is by being an equal oppor- tunity employer and cultivating a diverse and inclusive environment. Cadeler views diver- sity not just as a commitment but as a fundamental aspect of its success. The Company actively promotes equality, acknowledging that diversity in race, gender, sexual orienta- tion, religion, age, national origin, and other characteristics contributes to a healthier and more inspiring work environment. Cadeler is unwavering in its commitment to treating all individuals with dignity and respect, fostering a workplace that champions diversity and inclusion while opposing any form of discrimination or harassment. Employee statistics 2023 2022 2021 2020 2019 Office based employees 113 70 58 42 33 Vessel based employees 182 162 12 - - Total employees¹ 295 232 70 42 33 Average number of Cadeler full time equivalent employees for the reporting year. Figures do not include con- sultants or contractors. Eneti employees, both onshore and offshore, were incorporated by the Company by end of December 2023. Thus, average number of full-time employees as of 2023 reflect the number of employ- ees divided by 12 months. Eneti had 99 onshore full time employees and 181 seafarers by the end of 2023. In 2023, Cadeler revised its parental care policy for employees based in Denmark to sup- port a healthy life balance and promote equal opportunities for all family structures. Cadeler goes above and beyond the statutory laws and regulations in this respect and offer gender-neutral paid leave and gives additional flexibility to balance life. This policy therefore acknowledges that employees, irrespective of their personal identity and their family-constellation, will have the same rights in terms of parental leave, so everyone can have equal opportunities, flexibility, and support. Cadeler is dedicated to maintaining its standing as an appealing employer, ensuring fair and market-competitive remuneration for its workforce. The Company adheres to all rel- evant employment laws and expects the same from the organisations it works with. Company Growth Throughout 2023, Cadeler continued to grow as the Company strengthened its teams with additional resources underwent a merger. As Cadeler grows, it continues to value its workforce and understands that any company is only as strong as its people. Cadeler therefore works to safeguard the culture and remains committed to ensuring the right cultural fit of employees while growing. The Company is continually looking for innovative ways to attract new talent and bring the right people on board. In 2023, Cadeler implemented a new recruitment process to secure a transparent and professional selection of new colleagues and to ensure con- sistency in the evaluation of candidates. Additionally, Cadeler invests in the development of its employees. In 2023, many em- ployees have undergone training to enhance their skills, and several leaders and poten- tial leaders have participated in a leadership programme with the intention to build on their leadership competences to foster stronger teams.</mrv:StatementOfTheDiversityPolicies>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact2778" xml:lang="en">Statement by Management The Board of Directors and the Executive Board have today discussed and approved the annual report of Cadeler A/S for 2023. The consolidated financial statements have been prepared in accordance with Interna- tional Financial Reporting Standards as adopted by the EU and in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). The Parent Com- pany financial statements are prepared in accordance with the Danish Financial State- ments Act. Further, the annual report is prepared in accordance with additional require- ments of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023 and of the results of their operations and the consoli- dated cash flows for the financial year 1 January – 31 December 2023. In connection with digital filing under the ESEF regulation, in our opinion, the annual re- port for the financial year ended 31 December 2023, has been prepared in all material re- spects in compliance with the ESEF regulation. Further, in our opinion, the management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, results for the year, consolidated cash flows and financial position as well as a description of material risks and uncertainties that the Group and the Parent Company face. We recommend that the annual report be approved at the annual general meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <arr:SignatureOfAuditorsPlace contextRef="ctx1" id="fact2799" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact2800">2024-03-26</arr:SignatureOfAuditorsDate>
   <arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact2802" xml:lang="en">Independent Auditor's Report</arr:IndependentAuditorsReportsAudit>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact2803" xml:lang="en">To the shareholders of Cadeler A/S Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact2828" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial state- ments" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have ful- filled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor Cadeler A/S’ shares were initially listed on Nasdaq Oslo in November 2020. Subsequent to the listing, we were appointed by resolution of the general meeting held on 29 April 2021 for the financial year 2021 and since the listing, we have been reappointed annually by resolution of the general meeting for a total consecutive period of 3 years up until the financial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact2806" xml:lang="en">Opinion We have audited the consolidated financial statements and the parent company finan- cial statements of Cadeler A/S for the financial year 1 January – 31 December 2023, which comprise balance sheet, statement of changes in equity and notes, including ma- terial accounting policy information, for the Group and the Parent Company, a consoli- dated statement of profit and loss and other comprehensive income and a consolidated statement of cash flow for the Group, and a statement of profit and loss for the Parent Company. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the IASB and as adopted by the EU and additional requirements of the Danish Financial Statements Act, and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements give a true and fair view of the fi- nancial position of the Group at 31 December 2023 and of the results of the Group's op- erations and cash flows for the financial year 1 January – 31 December 2023 in accord- ance with IFRS Accounting Standards as issued by the IASB and as adopted by the EU and additional requirements of the Danish Financial Statements Act. Further, in our opinion the parent company financial statements give a true and fair view of the financial position of the Parent Company at 31 December 2023 and of the results of the Parent Company's operations for the financial year 1 January – 31 December 2023 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx1" id="fact2850" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2023. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to re- spond to our assessment of the risks of material misstatement of the financial state- ments. The results of our audit procedures, including the procedures performed to ad- dress the matters below, provide the basis for our audit opinion on the financial state- ments. Accounting for business combination On 19 December 2023, Cadeler acquired 86.39% of shares in Eneti Inc. via a share ex- change offer. The remaining shares were acquired through a squeeze-out merger on 29 December 2023. Identification of assets and liabilities as part of the acquisition of Eneti Inc. is considered a key judgement by Management, whereas the determined fair values of the identified assets and liabilities are considered to be key estimates applied by Management. In order to determine the preliminary fair value of the identified vessels, Management has applied external market valuations carried out by professional appraisers. Fair value was furthermore substantiated by an income approach, based on the present values of the expected cash flows. The income approach uses a number of significant assump- tions regarding the expected day rates, level of utilisation, profitability and discount rate. In order to determine the preliminary fair value of the identified vessels under construc- tion, Management has applied the lowest value of recognised costs of vessels under construction and value derived taking an income approach, based on the present values of the expected cash flows. The income approach uses a number of significant assump- tions regarding the expected day rates, level of utilisation, profitability and discount rate. Further, to determine the preliminary fair value of liabilities, the most significant judge- ment and assumptions relates to the fair value of a single onerous contract linked to a vessel held for sale, which, by nature, is subject to significant judgement and estimate by Management. We focused on this area because purchase price allocation requires significant estima- tion by Management in determining the fair value of identified assets and liabilities, which is significantly sensitive to changes in those applied assumptions. We refer to note 6 in the Consolidated Financial Statements. How we addressed the matter in our audit We assessed whether the acquisition met the criteria for a business combination. We performed risk assessment procedures and obtained an understanding of the busi- ness processes and relevant controls for accounting for business combinations, includ- ing performed assessment of whether the controls were designed to effectively address the risk of material misstatements. We focused on this area because revenue recognition requires significant judgement by Management to assess and determine lease component and non-lease components within the contracts, as well as identification of performance obligations and estimation by Management in determining the progress of service provided, which is significantly sensitive to changes in those applied assumptions. We refer to note 2 and note 3 in the Consolidated Financial Statements. How we addressed the matter in our audit We discussed the recognition principles with Management, including contracts with cus- tomers and the assessment and determination of lease component and non-lease com- ponents within the contracts, as well as identification of performance obligations and es- timation of progress of services provided. We tested a sample of revenue transactions to underlying contracts with customers, in- cluding the assessment and determination of lease component and non-lease compo- nents within the contracts, as well as identification of performance obligations and esti- mation of progress of services provided. We obtained Management’s calculations and evaluated tested the mathematical accu- racy and internal consistency hereof. Further, we assessed and tested key data inputs and significant assumptions and recalculated the measurement of progress of services provided. We assessed the appropriateness of the disclosure in note 2 and 3 the Consolidated Fi- nancial Statements.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact2916" xml:lang="en">Statement on the Management's review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. Based on our procedures, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the require- ments of relevant law and regulations. We did not identify any material misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact2930" xml:lang="en">Management's responsibilities for the financial statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the IASB and as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover, Management is responsible for such internal control as Management deter- mines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ac- counting in preparing the financial statements unless Management either intends to liq- uidate the Group or the Parent Company or to cease operations, or has no realistic alter- native but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" id="fact2945" xml:lang="en">Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial state- ments as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consid- ered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial state- ments. As part of an audit conducted in accordance with ISAs and additional requirements ap- plicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ▶ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, for- gery, intentional omissions, misrepresentations or the override of internal control. ▶ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Compa- ny's internal control. ▶ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ▶ Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to con- tinue as a going concern. If we conclude that a material uncertainty exists, we are re- quired to draw attention in our auditor's report to the related disclosures in the finan- cial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. ▶ Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. ▶ Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the con- solidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have com- plied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safe- guards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx1" id="fact3006" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial Statements and Parent Company Fi- nancial Statements of Cadeler A/S, we performed procedures to express an opinion on whether the annual report of Cadeler A/S for the financial year 1 January – 31 December 2023 with the file name cadeler-2023-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: ▶ The preparing of the annual report in XHTML format; ▶ The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all finan- cial information required to be tagged using judgement where necessary; ▶ Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and ▶ For such internal control as Management determines necessary to enable the prepa- ration of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is pre- pared, in all material respects, in compliance with the ESEF Regulation based on the evi- dence we have obtained, and to issue a report that includes our opinion. The nature, tim- ing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: ▶ Testing whether the annual report is prepared in XHTML format; ▶ Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; ▶ Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; ▶ Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ▶ Evaluating the use of anchoring of extension elements to elements in the ESEF tax- onomy; and ▶ Reconciling the iXBRL tagged data with the audited Consolidated Financial State- ments. In our opinion, the annual report of Cadeler A/S for the financial year 1 January – 31 De- cember 2023 with the file name cadeler-2023-12-31-en.zip is prepared, in all material re- spects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact2801">2024-03-26</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx65" id="fact3533" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx66" id="fact3544" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx65" id="fact3535" xml:lang="en">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx66" id="fact3539" xml:lang="en">Christian Schwenn Johansen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx66" id="fact3540" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx66" id="fact3542" xml:lang="en">mne33234</cmn:IdentificationNumberOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx65" id="fact3536" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx65" id="fact3538" xml:lang="en">mne26693</cmn:IdentificationNumberOfAuditor>
</xbrli:xbrl>