Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2024-12-31 | 1937016000 | vEUR |
| ifrs-full:Assets | 2022-12-31 | 670030000 | vEUR |
| ifrs-full:Assets | 2023-12-31 | 1252560000 | vEUR |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 248738000 | vEUR |
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 108622000 | vEUR |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 106424000 | vEUR |
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<mrv:StatementOfPolicyForDataEthics contextRef="ctx1" id="fact1000" xml:lang="en">Data ethics  As per section 99D of the Danish Financial Statements Act, Cadeler as a listed company  is obliged to disclose its policy on data ethics. For more information, see our sustainabil-  ity statements (page 111).  Impact on the external environment  Sustainability remains a strategic objective for the Company and is key to its ability to  create long-term value for its shareholders. It represents an opportunity for innovation,  improved efficiency and a foundation for growth. The Company strives to identify and re-  duce the negative impact that its business has on the environment and the communities  and is committed to delivering leadership in matters of environment, health and safety,  employment, and corporate responsibility across its value chain.  The Company pursues the long-term goals of decarbonisation and improving the circu-  larity of its operations. This is done, inter alia, by improvements to the operating fleet and  optimized vessel design for the newbuild vessels, including energy-efficient solutions or  adopting green fuels. The Company ensures continuous improvements by actively moni-  toring performance.  As environmental regulations evolve, maintaining vessel compliance with International  Convention for the Prevention of Pollution from Ships (âMARPOLâ) requirements and op-  erating on low sulphur fuels, IMO and EU targets, or CSRD reporting requirements, is also  a Company priority. The Company also prioritises collaboration and engages across the  value chain to enhance sustainability practices across the industry.  For more information, see our sustainability statements (pages 40-137).  </mrv:StatementOfPolicyForDataEthics>
<mrv:SustainabilityReport contextRef="ctx2" id="fact2146" xml:lang="en">Sustainability  Statements  Proudly introducing CSRD in CadelerWe are proud to present Cadelerâs first ever sustainability statement compliant with the  Corporate Sustainability Reporting Directive (CSRD). The statement focuses on our envi-  ronmental, social and governmental impacts, risks and opportunities, underlying our  commitment to becoming a more sustainable company and business partner. The CSRD,  implemented with effect from the fiscal year 2024, is an EU framework designed to  standardize sustainability reporting and increase transparency among companies. We  believe that the statement represents Cadelerâs position on sustainability. We have cho-  sen to be uncompromisingly transparent about our efforts towards becoming a more  sustainable company. And while we have for long been committed to reduce our envi-  ronmental impact in line with the Paris Agreement and to future-proof our business , our  engagement with CSRD has deepened our understanding of factors critical to our suc-  cess in both the short- and long-term, and where we need to improve our efforts.  In this first Sustainability Statement CSRD compliant, we have strived to meet all quanti-  tative and qualitative disclosure requirements, guided by the European Sustainability Re-  porting Standards (ESRS) implementation guides. Throughout this report, we have  sought to maintain a balance between regulatory compliance and meaningful disclosure,  maintaining high transparency about our environmental and societal impacts.  We have completed our double materiality assessment (DMA) and, all material data  points under the DMA and mandatory ESRS requirements are included, with some ele-  ments scheduled for phased-in reporting in 2025 and 2027. All data points in the Sustain-  ability Statement are subject to limited assurance. Additionally, the report comprises in-  formation for communicating on progress to the UN Global Compact and underlines  Cadelerâs ongoing commitment to the principles on human and labour rights, environ-  ment and anticorruption.  Our approach to disclosing the requirements set forth by the CSRD adheres to the struc-  ture defined by the ESRS. We have adopted a systematic approach to addressing each  disclosure requirement, ensuring clarity and ease navigation throughout our sustainabil-  ity framework effectively.  Each section is designed to offer transparent insight into the integration of sustainability  considerations within our organizational structure and decision-making processes. The  sustainability statement encompasses key elements, including our governance frame-  work, business strategy alignment, policies and targets, and the broader impact of our  activities across the value chain.  In accordance with the general requirements outlined in ESRS 2, we provide comprehen-  sive disclosures aligned with the ESRS topical standards covering Environmental, Social,  and Governance (ESG) dimensions. Notably, the Environmental section also includes our  EU Taxonomy reporting, detailing our taxonomy-eligible and aligned activities, alongside  other environmental impacts and initiatives.  We wish you a happy reading as you dive into Cadelerâs Sustainability journey.  Lola Caballero Laporta,  Chief Sustainability & Performance Officer  Cadelerâs 2024 Sustainability HighlightsSustainable Develop-  Double Materiality  Scope 3 GHG emissions  Energy Efficiency  LOI signed for  Creation of the  Human Rights Impact  ment Framework  Assessment (DMA)  calculated, and vessel  dashboards rolled out  e-methanol offtake,  Chief Sustainability &  Assessment (HRIA)  strengthened to cater  completed and CSRD  Life-Cycle Assessment  onboard, with vessel  supporting future greenPerformance role under  conducted, with  for company growth  compliant sustainability  (LCA) conducted.  efficiency training  fuels adoption.the CEO.  actionable roadmap for  and fleet expansion.  report.  kicked-off.  strengthening human  rights management.  General ESG DisclosuresESRS 2 - General DisclosuresBasis for preparation  ESRS 2 BP-1 - General basis for preparation of sustainability statements  Frameworks and data selection  Cadelerâs sustainability statements for the period 1 January 2024 to 31 December 2024  has been prepared in accordance with the requirements of the EUâs CSRD EU  2022/2464 and the ESRS EU 2023/2772. This section constitutes Cadelerâs statutory re-  porting on corporate responsibility cf. section 99a and section 107d of the Danish Finan-  cial Statements Act.  The scope of consolidation for the sustainability reporting matches that used for finan-  cial reporting (see page 154). The double materiality assessment process described in  ESRS 2 IRO-1 includes impacts, risks and opportunities (IROs) that extend to Cadelerâs  upstream and downstream value chain. Cadeler has exercised the transitional provisions  under chapter 5, value chain, of ESRS 1 to omit value chain metric information except  where the ESRS have specified reporting as necessary.  Cadeler allocates resources on an annual basis in accordance with planned sustainability  related action plans. However, the available data is not granular enough to determine the  exact CAPEX or OPEX allocated to specific action plans. As a result, there is no compre-  hensive overview of the total resources allocated, at this point in time, to any of the ac-  tion plans related to the topical disclosure requirements in the CSRD framework. In addi-  tion, Cadeler has not yet calculated any anticipated financial effects of the impact, risks  and opportunities across the topical standards.  No specific information in the statement is omitted due to member state regulation or to  protect any of Cadelerâs intellectual property, know-how or results of innovation.  This is Cadelerâs first sustainability report covering a full financial year after the business  combination with Eneti that took place in December 2023. For this reason, the 2024 re-  sults, when compared to prior years, may appear to differ drastically if taken out of this  context. Cadeler only had two vessels operating throughout 2023 and had 5 vessels in  operation by the end of 2024, causing an increase in many variables, such as emissions.  ESRS 2 BP-2 - Disclosures in relation to specific circumstances  Cadeler has relied heavily on the recommendations and guidance from EFRAG in the  preparation of the sustainability statement, aligning these with existing frameworks for  e.g. its risk management system. Thus, it defines the time horizons accordingly with its  financial planning teams:  (i) Short term is defined as less than one year  (ii) Medium term as 1-2 years  (iii) Long term as 2-5 years out  In past years, Cadeler produced annual reporting that was inspired by the Global Report-  ing Initiative (GRI) framework as well as the Sustainability Accounting Standards Boardâs  (SASB) industry-specific reporting standards. The materiality assessments performed in  developing past reports were considered as the starting point in Cadelerâs materiality as-  sessment for listing potential IROs.  Reporting methodologies are included at the end of each ESRS section within this report  to describe the practices related to the quantitative datasets presented. In these de-  scriptions, Cadeler will present information related to the metrics included within the rel-  evant ESRS section. These methodologies disclose where data is subject to high levels  of measurement uncertainty, the sources of such measurement uncertainty, and  ESRS 2 - General Disclosures  Continued from previous page  whether assumptions, approximations or judgements have been applied. Moreover, for  data (including value chain data) estimated using indirect sources, a description of the  resulting level of accuracy and planned actions to improve accuracy in the future is in-  cluded. The sustainability statements have been reviewed by the external assurance pro-  vider Ernst & Young (EY). No further external assurance has been applied.  The performance metrics throughout the report are presented with comparative figures  where possible, if metrics aligned with the ESRS requirements are available for prior peri-  ods. Explanations are provided in all relevant sections, and future reports will strive to  provide more detailed and comprehensive comparisons.  Governance  ESRS 2 GOV-1 - The role of the administrative management and supervisory bodies  The Cadeler Groupâs Board of Directors consists of 7 non-executive members, of whom  5 (or 71.4%) are independent members and none are employee-elected. All membersâ  CVs and merits are presented on pages 35-36, while the composition and diversity met-  rics for the Board are presented on page 33.  The chairperson of the Board is also chairperson of the Global Centre for Maritime De-  carbonisation, strengthening the insight on climate issues within the Board of Directors.  One member of the Board has extensive knowledge of procurement and experience that  is valuable for topics such as potential impacts on workers and corporate governance  aspects of the value chain. Another director has focused their career in recent years on  the energy transition, and their experience strengthens the Boardâs collective knowledge  of climate change and the risk and opportunities of decarbonisation.  Regarding other material issues, such as pollution, circularity and impacts on our own  workforce, Cadeler has subject matter experts (SMEs) within its workforce that can be  leveraged by the Board of Directors and executive leadership. External advice can also  be sought whenever additional knowledge is required on any topic.  To ensure other ESG topics are managed in a way that keeps Cadeler up to industry  standards and expectations, all core ESG topics are owned by a department with rele-  vant competencies:  ESRS 2 - General Disclosures  Continued from previous page  â¢The Sustainability and Performance department drives the Companyâs decarbon-  isation efforts and overall sustainability strategy.  â¢Cadelerâs People and Culture department (onshore HR) and Marine HR depart-  ment (offshore HR) are responsible for employment matters, including ensuring  the company follows up-to-date labour standards, maintains a positive work en-  vironment and that personnel receive proper training to keep up with potential  changes as a result of the transition to a sustainable economy.  â¢Cadeler has an Ethics and Compliance function that manages risks related to  company governance, anti-bribery and corruption practices, human rights pro-  cesses, etc. This function works in coordination with our Procurement depart-  ment to push Cadelerâs expectations for sustainability practices towards our  supply chains and monitor supply chain risks due to issues such as human rights  and corruption.  â¢The HSEQ department manages risks to workers in the workplace and ensures  that our safety management system takes the proper precautions to protect the  health and safety of our workforce.  The CEO has overall responsibility for important ESG issues and escalates matters to the  Board of Directors as they have the ultimate responsibility. A review of climate-related  issues is scheduled at least annually in coordination with the publication of the Annual  Report. The Board uses this opportunity to reassess how sustainability is built into the  Company's strategy and governance. Other important matters arising throughout the  year are handled on an as-needed basis. Any items originating from Cadeler's employees  are introduced to the Board of Directors via the CEO.  Cadelerâs framework for corporate governance is intended to decrease business risk,  maximise value and utilise our resources in an efficient, sustainable manner for the bene-  fit of shareholders, employees and society at large. Further information on Cadelerâs ap-  proach to corporate governance and business conduct is included in the Corporate Gov-  ernance section of the Management Review, see pages 33-39.  The Board has delegated specific responsibilities for the management of material im-  pacts, risks and opportunities (IROs) and has established clear goals for the Company in  its Corporate Social Responsibility policy and Instructions to the Executive Leadership,  both of which form part of Cadelerâs corporate governance documentation. The Board is  responsible for ensuring that Cadeler has sound internal controls and systems for risk  management (including those in respect of corporate values, ethical guidelines and  guidelines for corporate social responsibility) that are appropriate and in proportion to  the nature and extent of the Company's activities.  To support the Board on matters related to sustainability, a broad level of expertise is di-  rectly represented in the executive and senior leadership levels through subject matters  experts including our Chief Sustainability and Performance Officer, Chief People and Cul-  ture Officer and Chief Legal Officer.  The Board must, at a minimum, carry out an annual review of the Company's exposure to  and control of risks, including CSRD topics. Additionally, the Board is responsible for es-  tablishing guidelines for the Company's reporting of information via the Annual Report,  including sustainability reporting. The Board ensures this reporting reflects the Compa-  ny's corporate social governance performance, strategy, policies and targets.  ESRS 2 - General Disclosures  Continued from previous page  ESRS 2 GOV-2 - Information provided to and sustainability matters addressed by  the undertakingâs administrative, management and supervisory bodies  The Board sets the overall direction for Cadelerâs sustainability engagement through ap-  proval of major policies, targets, performance metrics, material IROs, and through its re-  view and approval of the Annual Report. Managementâs proposal for the material IROs is  presented in the first instance to the Audit Committee, and subsequently to the Board of  Directors. In2024, the Board of Directors considered all material IROs as part of its re-  view of Cadelerâs double materiality assessment.  Although Cadeler has established a process for informing management about material  IROs, Cadeler is working on implementing a formal structure for the reporting of its due  diligence on, and effectiveness of, sustainability-related IROs in line with the setup we  have for other enterprise risk management matters.  ESRS 2 GOV-3 - Integration of sustainability-related performance into incentive  schemes  Sustainability-related considerations are not currently factored into either the incentives  or remuneration of members of the Groupâs administrative, management or supervisory  bodies. Cadelerâs long-term incentive schemes are presented on page 170. For further  information on Cadelerâs remuneration, please see our annual remuneration report.  ESRS 2 GOV- 5 - Risk management & internal controls over sustainability reporting  Cadeler has set up internal controls related to sustainability reporting aimed at reducing  the risk of reporting misstatements or incomplete information. Accounting manuals have  been created for datapoints required by the ESRS to establish processes for how data  should be collected and recorded, thus also making such data easier to review.  Sustainability data undergoes at least two steps of review as someone other than the in-  dividual responsible for collecting the relevant data is required to review each datapoint  before the publication of this report. Cadeler expects to start integrating sustainability  reporting into the systems it uses with respect to its financial controls in 2025.  The Audit Committee monitors both our sustainability and financial reporting. Reviews of  sustainability reporting occur on a quarterly basis, while reviews of our processes and re-  sources committed to sustainability reporting are recurring as needed throughout the  year.  Cadelerâs Sustainability and Performance department has been assisted by external con-  sultants in preparing the scope of the work, including a review of reporting streams and  processes for capturing relevant data in line with the reporting requirements.  Cadeler has systems in place that rely on readings from sensors onboard our vessels.  This type of data can be affected if tools and instruments used for data collection are  not accurate. To mitigate this risk, our vessels follow maintenance plans to ensure issues  are discovered and resolved in a timely manner. Human error can cause data gaps, incor-  rect input, or misinterpretation. Our mitigation method for these types of errors is to have  a second review of output to improve our likelihood of catching potential errors.  Data collection is inherently affected by some level of uncertainty. Measurement preci-  sion is rarely exact, uncertainties exist for some variables that are difficult to measure  and which require a proxy, while some datasets are based on sampling. These factors re-  quire assumptions to be made in order to either calibrate data or fill in data gaps. Exam-  ples include using financial spend-based estimates for certain categories of scope 3  emissions, application of proxies for data gaps (for example, office electricity consump-  tion for January and February 2024 is based on consumption in other winter months  ESRS 2 - General Disclosures  Continued from previous page  when a reading is not available). Where we use proxies, assumptions, conversion factors,  etc., we aim to have multiple people involved in the decision-making process to ensure  that the reasoning applied is backed by sound argumentation.  ESRS 2 SBM-1 - Strategy, business model and value chain  Business Model  Cadelerâs core business involves the safe, reliable and high-quality installation of off-  shore wind turbines using cutting-edge specialised Wind Turbine Installation Vessels  (WTIVs). These vessels, which Cadeler builds, owns and operates, are designed to oper-  ate efficiently in challenging offshore environments, and we continually invest in new  vessels with innovative technologies and processes to minimise emissions and environ-  mental impact. We collaborate closely with developers, suppliers and other operators to  ensure timely and safe project execution. Cadeler has offices in Denmark, the United  Kingdom, Taiwan, Japan and the United States. Currently, the company has vessels oper-  ating off the coasts of Europe, Taiwan and the USA. For more information about the  business model, please refer to the Business Review starting on page 7. Key figures on  employee head count are presented on page 114 and total revenue for the financial year  on page 159.  Strategy: Our path towards a Sustainable Future  The offshore wind industry is experiencing significant growth, with global installations  projected to reach over 520 gigawatts (GW) by 2040. Despite geopolitical uncertainties  around the world, Cadeler expects that the offshore market will continue to grow at a  rapid pace. We are well positioned to support the expansion of the offshore renewables  market, with a strategy built on delivering reliable, efficient and low-carbon services to  the industry, enabling it to meet the growing global demand for renewable energy.  ESRS 2 - General Disclosures  Continued from previous page  As an industry leader, Cadeler recognises the essential role its plays in the energy transi-  tion, as well as in the advancement of the entire industryâs ecosystem towards alignment  with the Paris Agreement and a more sustainable future. Cadelerâs strategic focus is to  embed sustainable practices and mindsets across every aspect of its operation, allowing  the Company to create alliances under a common vision, as well as long-term value for  the companyâs shareholders.  To achieve this priority, Cadeler designed a Sustainable Development Framework, com-  mitting to deliver leadership in matters of environment, health and safety, employment  and corporate responsibility, both internally and across our value chain. Cadeler pursues  long-term goals towards sustainable growth, prioritising decarbonisation, operational ex-  cellence and improving the circularity of its operations â all while ensuring the highest  standards of ethics and compliance. These goals and ambitions apply to the entire busi-  ness of Cadeler, focusing on offshore wind installation and maintenance services.  Sustainability Mission  Targets  Deep dive  Efficient operations with fewer emissions for every  ESRS E1  2030:  wind turbine installed, promoting circularity of re-  ESRS E2  - Reducecompany-wide scope 1 and 2 emission intensity by 50%  Environment  sources and protecting the ecosystems and commu-  - Source 100% of our electricity consumption from renewable sources  ESRS E5  nities where we operate  - Reducewaste from own operations by 50%  2035:  - Deliver net-zero operations  - ReduceScope 3 emissions by 35%  Maintain a safe, engaging, diverse, equitable and in-  ESRS S1  2025:  Social  clusive work environment on and offshore  ESRS G1  -30% women in leadership positions  Ongoing priorities:  - Aimfor zero lost time incidents and zero recordable cases  - Promote inclusivity in the workplace and zero tolerance for discrimination and harassment  - Ensure fair labour practices and develop and promote respect for human rights  Governance  Operate our business ethically and aim to implement  ESRS S2  2030:  practices that also hold our supply chain to the same  ESRS G1  - Work towards having all Cadelerâs key suppliers commit to our Supply Chain Sustainability Code of Conduct  standard  Ongoing priorities:  - Promote sustainability across value chain  - Perform supplier screening and due diligence for business ethics, human rights and environmental practices  ESRS 2 - General Disclosures  Continued from previous page  Value Chain  Cadeler actively engages with its value chain partners to promote ethical conduct, sus-  tainable practices across their products and services, and respect for human rights. Our  value chain key activities are illustrated below and includes the construction of vessels,  manufacture of vessel equipment, manufacture of project-specific equipment, energy  and electricity (hydrocarbon fuels and some renewables), engineering services, provision  of vessel consumables and stores, transportation of personnel and equipment, and port  services.  ESRS 2 SBM-2 - Interests and views of stakeholders  Stakeholder engagement in 2024 largely aligned with expectations as developed during  engagement in past years, so the feedback generally reaffirmed that the key focal points  of our sustainability strategy are on the correct priorities.  Key differences, as compared to previous years, include a greater focus on supply chain  due diligence processes, especially on rights of workers in the value chain, and inclusion  of microplastic pollution as a topic for management.  In general, stakeholder engagement is used to either reaffirm the direction of our sus-  tainability strategy, or to highlight topics where our current strategy potentially deviates  from stakeholder expectations. If any gaps are discovered between our status quo and  what stakeholders expect, we aim to use stakeholder feedback to inform potential  changes in strategy, including our policies, actions and targets.  Cadeler engaged with different stakeholders in a variety of ways. The use of multiple ap-  proaches highlights the diversity of stakeholders and reflects tailored methods to en-  gage each group, ensuring the Company understands their environmental, social and  governance (ESG) expectations and industry standards. Cadeler plans to engage stake-  ESRS 2 - General Disclosures  Continued from previous page  Stakeholders  Engagement  Purpose  Customers & busi-One-to-one meetings focused on  Ensures alignment on ESG goals  ness partners  ESG topics, client questionnaires,  and understanding of client expec-  website reviews and audits.  tations.  Employees  Workshops involving representa-  Ensures employee perspective,  tives from various departments  drives ESG initiatives and informs  with a focus on internal ESG initia-  company sustainability practices.  tives.  Value chain work-  Indirect engagement through sup-  To ensure ethical labour practices  ers  plier and procurement activities.  and sustainability in the supply  Staying up to date with guidance  chain.  from organisations such as UN  Global Compact.  Industry bodies &  Engagement with working groups  To stay informed on industry stand-  regulators  on regulated topics using industry  ards, share best-practices and con-  group guidance for shaping ESG  tribute to sector-wide sustainability  policies.  efforts.  Investors & Banks  Questionnaires, inclusion of ESG  To ensure alignment with investor  requirements in financing agree-  expectations around sustainability  ments and focus on standards  and ESG reporting, ensure Cadeler  such as SFDR and SASB that are  complies with requirements for  broadly used in the financing sec-  green financing instruments.  tor.  Suppliers  Collaboration with procurement  To assess suppliersâ ESG practices  departments, internal workshops  against international standards and  and reviews of supplier websites  ensure responsible sourcing and  for ESG practices.  sustainability in the supply chain.  holders on an annual basis, as a minimum, prior to completion of our materiality assess-  ment. Also, in future iterations, Cadeler intends to hold active discussions around sus-  tainability with more external stakeholders than it did ahead of the 2024 reporting cycle.  Administrative, management and supervisory bodies are informed about the views of  stakeholders as part of the approval process for the materiality assessment. Throughout  the year, when more material topics come up regarding stakeholder expectations, deci-  sions related to changes in Cadelerâs policies, actions and targets are escalated to  Cadelerâs executive leadership. For the reporting year 2024, no significant amendments  were made to the business strategy nor reporting model following the stakeholder en-  gagement.  ESRS 2 SBM-3 - Material impacts, risks and opportunities and their interaction with  strategy and business model  The IROs identified during the materiality assessment are described below and pre-  sented by topic, E1 Climate change, E2 Pollution, E3 Water and marine resources, E4 Bio-  diversity and ecosystems and E5 Resource use and circular economy. Cadelerâs Sustain-  ability and Performance department is responsible for both identifying material risks, in-  cluding transition risks, and impacts as well as for suggesting plans for mitigating these  risks and impacts.  ESRS 2 - General Disclosures  Continued from previous page  E1 Climate change  Climate change adaptation: Climate change poses a range of risks to Cadeler and its  supply chain. These risks include potential unavailability of critical products, delays in  vessel or equipment delivery, and disruptions to port operations, all of which can impact  project timelines and costs. Additionally, extreme weather events and changing climate  conditions may lead to higher insurance premiums and greater operational challenges.  These climate-related impacts can have significant consequences for both Cadeler and  its stakeholders, affecting efficiency, financial performance and long-term sustainability.  In 2023, Cadeler performed a risk assessment of the impact of climate change on its as-  sets and key components 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), and the worst-case scenario as identified by the IPCC,  but only considered impacts through to 2035, with the timespan based on Cadelerâs visi-  bility on its scope of operations.  Climate change mitigation: Cadeler currently has a material emissions of greenhouse  gases as our vessels currently operate largely on marine gas oil, and various processes in  our supply chain are high emission, such as the production of steel for shipbuilding. Cli-  mate change mitigation presents both challenges and opportunities for Cadeler. Risks  include potential limitations on access to alternative fuels and the rising cost of carbon,  which may increase operational expenses. New climate protection legislation could im-  pose additional compliance costs or require significant adjustments to business prac-  tices. However, these changes also bring opportunities, such as incentives for advance-  ments in renewable energy markets and potential cost reductions through the adoption  of more sustainable technologies and practices. The evolving regulatory landscape and  market dynamics will play a key role in shaping the Company's strategy and long-term  sustainability.  Energy: Energy-related challenges and opportunities also play a key role for Cadeler.  Improvements in energy efficiency can lead to cost reductions and potentially provide  a competitive advantage in the market. However, the company may face limitations on  using shore power if local grid infrastructure is not upgraded, which could result in con-  tinued reliance on onboard power generation and higher operational costs. These fac-  tors underscore the importance of both adopting sustainable energy solutions and en-  suring the necessary infrastructure is in place to support them.  E2 Pollution  Microplastics: Pollution, including the presence of microplastics in the environment, pre-  sents potential financial risks for Cadeler. Changes in EU packaging laws could lead to  higher pricing of products or challenges to the availability of compliant materials, affect-  ing both supply chain costs and product delivery. Additionally, ensuring that products  meet flag state requirements may impose additional operational and compliance costs.  These factors could result in fines, sanctions and reputational damage, as well as in-  creased insurance premiums. Adapting to evolving regulations and mitigating pollution-  related risks will be crucial to managing both financial and operational impacts.  Pollution of air: Air pollution regulations pose significant financial and operational risks for  Cadeler as vessels face changing regulatory environments, due to their status as mate-  rial emission sources. Non-compliance with Emission Control Areas (ECAs) or NOx limits  could result in fines, sanctions and reputational damage. In response to increasingly  stringent environmental regulations, there may be a mandatory requirement to install Se-  lective Catalytic Reduction (SCR) systems on vessels like the O-class and Wind Scylla,  which could lead to substantial capital expenditure for retrofitting. Additionally, extreme  weather events linked to climate change could disrupt operations, delay projects and in-  crease operational costs. The combination of stricter regulations and climate impacts  ESRS 2 - General Disclosures  Continued from previous page  may also influence access to capital, as investors and lenders increasingly consider sus-  tainability and environmental risks in their decision-making processes.  Pollution of water: Effective control of water pollution has potential to provide Cadeler  with a competitive advantage, demonstrating environmental responsibility and compli-  ance with regulations. However, any occurrence of negative events related to water pol-  lution - such as spills or contamination - could significantly erode this advantage, damag-  ing the companyâs reputation and public perception. Such incidents could also result in  increased regulatory scrutiny, fines and additional operational costs, highlighting the im-  portance of maintaining robust environmental practices to safeguard both the com-  panyâs market position and public trust.  Substances of concern: The classification of certain substances as pollutants or sub-  stances of concern could pose a significant risk to Cadeler. If any business-critical con-  sumables used in operations are added to such regulatory lists, it may result in increased  costs of compliance or the need to change operational practices. This could require  sourcing alternative materials or adjusting processes, potentially affecting supply chains,  project timelines and overall cost structures. Proactively managing these risks is essen-  tial to maintaining operational efficiency and ensuring compliance with evolving environ-  mental regulations.  E3 Water and marine resources  Water & Marine resources - Water discharges into the oceans: Uncontrolled or un-  planned water discharges into the ocean pose a significant risk to both the environment  and Cadeler's reputation. Such discharges could negatively impact marine resources and  local water quality, leading to regulatory fines, sanctions and potential damage to the  brand. In addition to the environmental consequences, public perception of the  company could be affected, making it crucial to implement stringent control measures to  prevent such incidents and ensure compliance with environmental standards.  E4 Biodiversity and ecosystems  Direct impact drivers of biodiversity loss: Changes in land use, freshwater use and sea  use pose evolving risks and opportunities for Cadeler. Restrictions on non-feed crop land  for biofuel production may limit the availability of biofuels, potentially leading to pricing  fluctuations in the market. Although Cadeler prefers the use of waste-produced oil as a  more sustainable alternative, broader market dynamics could result in increased costs  for fuels and materials. Additionally, with tightening environmental regulations, there may  be a growing requirement for noise mitigation in certain projects, further increasing oper-  ational costs and complexity.  Impacts on the state of species: Concerns over species population size and the poten-  tial impacts on biodiversity could lead to cancellations of wind farm projects currently in  the pipeline, particularly if development sites are found to be in critical habitats. Addi-  tionally, stricter environmental regulations could impose limitations on working sched-  ules, particularly during sensitive breeding or migration periods for protected species,  further delaying project timelines and increasing operational costs.  E5 Resource use and circular economy.  Resource inflows, including resource use: The transition to a circular economy introduces  both material impacts and risks across all business units in Cadeler, particularly in terms  of resource inflows and resource use. The unavailability of critical materials could disrupt  operations and lead to delays or increased costs. Additionally, the rising price of materi-  als like steel, driven by upstream supply chain constraints or market volatility, could fur-  ther increase operational expenses. These challenges underscore the importance of  securing sustainable supply chains and exploring alternative materials to mitigate risks  associated with resource availability and pricing fluctuations.  Resource outflows related to products and services: In the context of a circular econ-  omy, resource outflows related to product and service disposal are becoming increas-  ingly important. Stricter EU regulations on vessel decommissioning could result in higher  costs due to stricter environmental and safety standards, requiring more complex or  costly processes for disposal and recycling. Similarly, the introduction of more stringent  requirements for other equipment could lead to increased operational expenses, as busi-  nesses may need to invest in more sustainable, compliant solutions. These regulatory  changes underscore the need for forward-thinking strategies in equipment lifecycle  management and waste reduction.  Waste: Effective waste management is crucial for Cadeler's operations as the company  has a material outflow of waste from its operations. Improper waste disposal or non-  compliance with evolving regulations could lead to fines and sanctions, as well as dam-  age to the Companyâs reputation. Stricter requirements for waste handling and recycling  may further complicate operations, increasing the cost as well as the complexity of com-  pliance. The risk of non-compliance with these regulations highlights the need for robust  practices and proactive management to avoid potential legal and financial penalties.  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.  ESRS 2 - General Disclosures  Continued from previous page  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. Cadelerâs 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 Cadelerâs  vessels, operational sites, offices and activities.  Emissions for scope 1 and 2 activities are tracked and reported annually, and for the first  time, emissions from all scope 3 activities are reported, capturing the upstream and  downstream impacts related to our operations. To report on emissions, 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 introduce and implement  operating policies. In practice, this means that Cadeler considers all of its vessels, re-  gardless of location or on-hire status, and offices within its organisational boundary.  Cadeler has equipment on board its 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. Marine gas oil purchased is required to meet the sulphur emission  caps in the North Sea and Baltic regions (0.1% concentration). Additionally, NOx emis-  sions 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  ESRS 2 - General Disclosures  Continued from previous page  core part of environmental management on board the vessels is the waste management  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 outlining the practices in-  tended to prevent spills into the ocean. The emergency plan is designed to ensure the  crews know how to act if any incident should occur and that they have the necessary  clean-up equipment available.  The operation of its vessels is the core source of Cadelerâs environmental impact, but  Cadeler also records impacts from the onshore segment of its business. Variables  tracked include electricity and heat consumption for offices, fuel and electricity con-  sumption for company cars, freshwater consumption, and emissions from flights 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 Companyâs impact. Cadeler has designated departments responsible for manag-  ing decarbonisation, sustainable development and environmental issues.  Impact, risk and opportunity management  ESRS 2 IRO-1 - Description of the process to identify and assess material impacts,  risks and opportunities  The process to identify material financial IROs related to sustainability topics was in-  spired by Cadelerâs pre-existing method for assessing business risks, and the method for  assessing impacts on sustainability topics was influenced by the existing framework for  assessing environmental risks and impacts. Cadeler however overhauled its process for  the performance of a materiality assessment as compared to previous years to comply  with the requirements of a double materiality assessment required by the CSRD. The  process can be split into the following steps:  1. Preparation  Cadeler initially considered all potentially material ESRS topics including industry-spe-  cific topics from other standard frameworks such as SASB, and insights from existing  material and analyses in previous years. The result was a long list of potentially material  ESG topics that were used for the next step of the process.  2. Understanding the business model and value chain  In accordance with EFRAGâs implementation guidance, a value chain mapping was pre-  pared by the Sustainability and Performance department covering Cadelerâs key busi-  ness segments, activities, stakeholders, resources, customers, geographical areas  alongside a mapping of all up- and downstream activities and its associated internal and  external resources. The value chain was presented to internal subject matter experts, en-  suring that no material factors were omitted.  3. Identifying impacts, risks and opportunities  Cadeler then carried out a series of internal and external consultations to explore, con-  firm and further determine IROs along the value chain across the ESRS topical standards  on the most granular level available (either sub-topic, or sub-sub-topic) in accordance  with the CSRD. The process was a collaborative effort aimed at understanding and as-  sessing potential risks and opportunities for our business as well as Cadelerâs impacts on  both environment, society and business conduct (outside-in/inside-out).  ESRS 2 - General Disclosures  Continued from previous page  4. Assessing impacts, risks and opportunities  In this step, Cadeler assessed the IROs for impact and financial materiality. Cadeler held  workshops with internal subject matter experts to go through IROs on a line per line ba-  sis. IROs were first discussed and then ranked based on a defined set of criteria. IROs  were ranked for impact materiality based on scope, scale, irremediability and likelihood,  and they were ranked for financial materiality based on financial impact and likelihood.  For IROs related to potential negative impacts on human rights, the severity (scale,  scope and irreversibility) was weighted more heavily than likelihood in accordance with  ESRS 1, section 3.45.  The result of the double materiality assessment was submitted to executive leadership  for final review and approval and forwarded to Cadelerâs auditors for their review against  the relevant regulatory requirements.  5. CSRD preparation  Based on the results of the double materiality assessment, the material topics were  mapped to the list of potential ESRS disclosure points. Cadeler identified its relevant dis-  closure requirements and performed a gap assessment, involving internal data owners,  resulting in a final list of material disclosure requirements and datapoints. The triggered  material disclosure requirements are presented in on pages 130-135.  Cadeler has not yet formally integrated the double materiality assessment into the over-  all business risk management processes. The results of the double materiality assess-  ment have been communicated to persons responsible for overall business risk manage-  ment, but Cadeler has yet to establish how these processes can be better tied together  in future iterations.  ESRS 2 - General Disclosures  Continued from previous page  ESRS 2 SBM-3 - Material impacts, risks and opportunities and their interaction with  strategy and business model.  Cadelerâs process for the materiality assessment described above has resulted in a list  of material IROs along the value chain. The overall result presented in the diagram indi-  cates the distribution of material IROs aggregated per ESRS topical standard along with  the nature of the materiality, in other words if the ESRS topical standards are impact, fi-  nancial or double material (both impact and financial). The outcome of materiality as-  sessment shows that E1, E5, S1, S2 and G1 are double material and E2 is impact material  for Cadelerâs 2024 CSRD report.  The material environmental impacts and risks directly interlink with our existing strategy  and business model described in detail in ESRS 2 SBM-1 on page 49 and the overview of  environmental risks described, starting on page 52.  All material IROs are presented in table form on the following pages, including a link to  our strategy and business model, the time horizon, the nature of the IRO (actual/poten-  tial, negative/positive impact, risk or opportunity), and a mapping of where in our value  chain they are identified (own operation, upstream or downstream).  This is the first year Cadeler reports our double materiality assessment. Hence, no  changes on the outcome nor underlying IROs are made to prior periods. We have not  identified any current or future financial effects for which there is a significant risk of ma-  terial adjustment.  Outcome of double materiality assessment  Impact materiality  Double materiality  E2  Pollution  E1  Climate change  E5 Resource use & circular economy  S1  Own workforce  S2  Workers in the value chain  G1  Business Conduct  Not material  Financial materiality  E3  Water & Marine resources  E4  Biodiversity  S3  Affected communities  S4  Consumers & end-users  ESRS 2 - General Disclosures  Continued from previous page  IRO  Value chain  Time horizon  E1 - Climate change  Climate change  âââââGHG emissions from operation of our windfarm installation vessels,  Actual  emissions from our supply chain: Cadeler's vessels currently oper-  Negative  ate using marine gas oil as the main source of energy. Although the  impact  purpose of operating our vessels is to install and maintain offshore  windfarms, the vessels require large amounts of energy to perform  the task at hand. Cadeler aims to reduce its emissions of GHGs by  focusing on improving energy efficiency, making operational  changes, and using increasing amounts of renewable fuels and  electricity to cover our energy consumption. These improvements  take time, but Cadeler aims to reduce its impacts drastically over  the coming decade and aims at achieving net-zero for its own oper-  ations by 2035.  ââââOperations focused on enabling transition to renewable energies:  Actual  Cadeler is a pure play operation, solely focused on serving the off-  Positive  shore renewables industry. The result of our services can be meas-  impact  ured in terms of MW installed or, indirectly, household-equivalent  electricity consumption installed and serviced.  IRO  Value chain  Time horizon  E1 - Climate change  âââTransition risks related to changing legislation and climate mitigation:  Potential  Increased political support for pushing climate mitigation could see fur-  Risk  ther measures similar to the EU ETS implemented and having some fi-  nancial impacts on companies. Conversely, reduced support for the  buildout of renewables could see a slowdown in the market Cadeler  serves.  ââââGlobal transition to renewable energy sources: Cadeler expects contin-  Potential  ued growth in the global offshore wind industry and therefore expects  Oppor-  further opportunities for the growth of its business.  tunity  Energy  âââââEnergy consumption of Cadeler and its supply chain: Cadeler's vessels  Actual  require energy to continue operations, this supply is currently largely  Negative  based on fossil fuel sources. To reduce negative impacts from energy  impact  consumption, Cadeler aims to reduce consumption by implementing fur-  ther energy efficiency initiatives and implementing changes that decar-  bonise the energy we do use.  ESRS 2 - General Disclosures  Continued from previous page  IRO  Value chain  Time horizon  E2 - Pollution  Pollution of air  âââââVessel emissions and supply chain emissions leading pollutants: Emis-  Actual  sions of air pollutants are mostly related to the operation of our vessels.  Negative  A key part of the strategy is to use shore power where available on future  impact  projects to reduce air pollutants in ports, near population centres.  Pollution of water  âââââRisk of spills to marine environment: Offshore operations have an inher-  Potential  ent risk of spilling fuel and other chemicals into the marine environment.  Negative  Cadeler works to minimise this risk by practicing proper chemical man-  impact  agement, practicing oil cleanup drills and ensuring proper processes for  bunkering and storage of fuels and chemicals.  ââââVessel discharges such as greywater and ballast water: Grey wastewater  Actual  is generated by domestic activities such as using sinks and showers or  Negative  doing laundry and dishwashing. Greywater can be contaminated with mi-  impact  croplastics, micro-organisms, chemicals such as detergents and other  materials. Ballast water is used in ship ballast tanks for stability. Ballast  water can be a source of invasive species upon release but is treated on  Cadelerâs vessels with ballast water treatment systems that meet IMO  requirements before being released back into the oceans.  IRO  Value chain  Time horizon  E2 - Pollution  Microplastics  âââââOperational wastes as source of microplastics: Use of single-use plas-  Actual  tics across our operations and value chain contributes to the creation of  Negative  microplastics after disposal. Paint coats on the vessels contribute to mi-  impact  croplastic pollution in oceans as they break down over time, as does run-  off from laundry services onboard the vessels. Cadeler is in the early  phases of mapping its sources of microplastic pollution and aims to set  improvements in place that begin to reduce our contribution to the  global microplastic issue.  ESRS 2 - General Disclosures  Continued from previous page  IRO  Value chain  Time horizon  E5 â Resource use and circular economy  Resource inflows, including resource use  âââââResource use required for operations, building of vessels: Examples in-  Actual  clude mining of iron ore required for production of steel that is used for  Negative  building our vessels, cranes and project equipment. Cadeler aims to  impact  identify opportunities for reusing and using recycled materials where  possible.  âââPotential resource constraints may pose pricing risk for key resources  Potential  for our operations: The key resources include steel, marine gas oil, biofu-  Risk  els, methanol and other potential fuels. Our operations are quite de-  pendent on access to certain resources and energy sources. Variations  in the market value of certain items have the potential to impact the  business.  Waste  âââââWaste output from operations: Operational and accommodation waste  Actual  from our vessels. Waste from our office buildings. Cadeler monitors  Negative  waste output and has set a target of reducing waste by 50% by 2030.  impact  We aim to achieve this goal by redirecting waste from landfilling to re-  use and recycling wherever possible as well as by reducing our overall  consumption.  IRO  Value chain  Time horizon  S1 â Own workforce  Working conditions  ââOpen lines of communication for social dialogue: Cadeler has estab-  Actual Posi-  lished many lines for its employees to voice their concerns and feed-  tive impact  back on how we operate our business. Safety representatives are  elected from among the workforce on O-class vessels. Safety  coaches onboard S- and Z-class are appointed by the company.  Quarterly meetings are set up with the COO and Head of HSEQ for  seafarers to have a platform to share their voice. The company has  established Speak Up! and well-being hotlines to further support em-  ployees.  ââFreedom of association: Cadeler views freedom of association as a  Actual Posi-  right for its employees but does not track what percentage of its em-  tive impact  ployees make use of this right. Additionally, via our supply chain code  of conduct, we require that our suppliers also respect the right of their  own workforce to freedom of association.  ââCollective bargaining agreements: Many of our seafarers are hired on  Actual Posi-  collective bargaining agreements, ensuring Cadeler meets the re-  tive impact  quirements for labour conditions and wages set by the maritime au-  thorities we operate under.  ESRS 2 - General Disclosures  Continued from previous page  IRO  Value chain  Time horizon  S1 â Own workforce  ââWork-life balance: Cadeler views its offering of flexible working hours,  Actual Posi-  number of vacation days, equal opportunities for parental leave re-  tive impact  gardless of gender, etc. as core to ensuring employee satisfaction.  ââââHealth and safety: Cadeler's vessels are industrial sites that are often  Potential  located offshore. The offshore industry in general, due to harsh oce-  Negative im-  anic and weather conditions, the nature of the work and isolation from  pact / Risk  shore, poses an elevated risk to the health and safety of workers.  Cadelerâs safety management system in the core of everything we do,  ensuring continuous improvement of health and safety risks at our  worksites aiming at reducing risk as much as possible.  Equal treatment and opportunities for all  ââââPotential incidents of harassment: Although not likely, Cadeler views  Potential  any risk of harassment or discrimination as a serious risk for its brand  Risk  and the trust our employees place in our business. Risk of incidents is  not widespread, but would impact individuals significantly. To reduce  the risk of incidents, we have policies in place that make our position  known and ensure that employees know that Cadeler has no toler-  ance for harassment and discrimination and will do everything in its  power to protect employees against such incidents.  IRO  Value chain  Time horizon  S1 â Own workforce  ââââGender Equality: Equal opportunity and equal pay impact the profes-  Potential  sional and personal development of employees. Cadeler aims to im-  Negative /  prove our performance in this area to make sure this topic, which has the  Positive  potential to cause negative impacts, has a positive impact on our work-  impact  force.  ââââDiversity: Cadeler is an equal opportunity employer and has seen the  Actual  benefit of our position, as we have been able to attract a diverse work-  Positive  force. We believe this is fundamental to offering a workplace where em-  impact/  ployees can thrive and find a sense of belonging. We believe our perfor-  Potential  mance in this area affects the entire workforce, although potential for  negative  negative impacts would be felt most strongly by affected individuals.  impact  Other work-related rights  ââââPrivacy: Cadeler collects certain key information on its employees as  Potential  part of required employment processes. As this is necessary, we also  Negative  work to ensure our storage and management of this data is responsible  impact  and secure, aiming to reduce the risk of data leaks and exposure to cy-  bercrime to the lowest extent possible.  ESRS 2 - General Disclosures  Continued from previous page  IRO  Value chain  Time horizon  S2 â Workers in the value chain  Working condition  ââPotential for supply chain workers to not receive adequate wages:  Potential  Cadeler views adequate payment of workers as an important aspect of a  Negative  sustainable business. Cadeler recognises the risk that some companies  impact  across any supply chain could potentially not live up to the expected  standard. For this reason, supply chain due diligence and management is  an important part of our growing business and is an area we work to ma-  ture year after year. This potential negative impact is considered sys-  temic.  ââPotential for health and safety incidents in supply chain: Cadeler sees  Potential  the potential for safety incidents or injuries across our value chain. It is  Negative  therefore viewed as an important part of our supplier onboarding pro-  impact  cess to check how our business partners manage safety. . This potential  negative impact considered systemic.  Equal treatment and opportunities for all  ââPotential for gender inequality in supply chain: Potential for systemic in-  Potential  equal pay for equal work, and inequal access to career development op-  Negative  portunities across supply chain.  impact  IRO  Value chain  Time horizon  S2 â Workers in the value chain  ââTraining and skills development of supply chain workers: Access to ap-  Actual  propriate training has an impact on the career development of affected  Potential  individuals. Ensuring access to training is viewed as a risk for Cadeler, as  Risk  the quality of products and services is dependent on employee access  to sufficient training.  ââPotential for harassment cases in supply chain: Systemic negative im-  Potential  pacts on individuals potentially affected related to harassment cases.  Negative  Cadeler aims to work with suppliers who have policies in place that align  impact  with our supply chain requirements.  ââUnequal treatment and access to equal opportunities in some parts of  Potential  supply chain: Potential for systemic unequal pay for equal work, and une-  Negative  qual access to career development opportunities across supply chain  impact  based on diversity characteristics other than gender.  Other work-related rights  ââPotential for instances of child labour in supply chain: Although unlikely,  Potential  any incident in the supply chain or even extended supply chain has the  Negative  potential to greatly impact the affected individuals. This potential nega-  impact  tive impact is considered systemic.  ESRS 2 - General Disclosures  Continued from previous page  IRO  Value chain  Time horizon  S2 â Workers in the value chain  ââââPotential incidents of forced labour in supply chain: While unlikely, any  Potential  potential incident is expected to have grave impacts on the affected in-  Negative  dividual and potential for negative impacts on Cadeler. We aim to reduce  impact/  the systemic potential impact/risk of any impacts via due diligence of  risk  suppliers, performance of human rights impact assessments, and appro-  priate reporting mechanisms.  ââââProtection of personal data: Potential for personal data leaks, including  Potential  data of people in our value chain has the potential to negatively affect  Negative  individuals and has potential to affect Cadeler via EU GDPR. Cadeler  impact /  aims to ensure personal data is only collected when necessary and  risk  erased when no longer needed. Additionally, Cadeler maintains its IT  systems to ensure a high level of security.This potential negative im-  pact/risk is considered widespread.  IRO  Value chain  Time horizon  G1 â Business Conduct  Corporate culture  ââââCorporate culture of company: Our goal is to facilitate the transition to a  Potential  world built on renewable energy, aiming to set a more sustainable  Positive  course for people and planet. Cadeler aims to support this goal with cor-  impact  porate policies and culture aligned with our corporate values.  Management of relationships with suppliers  ââââââManagement of relationships with suppliers including payment prac-  Actual  tices: Cadelerâs relationship to its suppliers has both short term and long  Positive  term influence on the success of our business, as we rely on mutually  /negative  beneficial partnerships with the suppliers of the products and supporting  risks  services necessary for delivering our operations. Cadeler aims to offer  fair contracts and meet its payment terms, so businesses in our supply  chains view their relationship with Cadeler as positive, and in turn, ensure  that Cadeler has stable access to the products and services it needs.  ESRS 2 - General Disclosures  Continued from previous page  IRO  Value chain  Time horizon  G1 â Business Conduct  Corruption and bribery  ââââPrevention and detection, training of employees: Training provided to  Actual  employees on corruption, bribery and other business conduct issues has  Positive  the potential to positively influence behaviour. Such training is vital for  impact  ensuring that employees understand how to operate ethically across all  functions, locations and activities.  âââââPotential incidents: Although Cadeler has systems in place for training  Potential  employees in proper conduct, an incident would have the potential to  Risk  negatively impact Cadeler's image. Cadeler continues to work on edu-  cating our employees about proper business conduct and maintaining a  culture where there is no tolerance of incidents of bribery or corruption.  Non-material topical standards  No impacts, risks or opportunities were identified for either S3 or S4 due to the nature of  Cadelerâs business as being offshore and service oriented rather than product oriented.  IROs were identified for both E3 and E4, but were not judged as material as part of the  double materiality assessment. Cadeler considered its water withdrawals, water con-  sumption, and water discharges. Water extraction and consumption were not material  due to operation in areas that arenât normally facing water shortages along with the abil-  ity to convert seawater to fresh water on most of its vessels. Discharges were not con-  sidered material as Cadeler treats blackwater and ballast water onboard its vessels, and  reports any potential pollution risks from the perspective of E2. For E4, Cadeler consid-  ered direct impact drivers of biodiversity loss, including how the companyâs contribution  to climate change, seabed impacts, potential collisions with wildlife, ballast exchanges,  and noise disturbances may affect biodiversity.  EnvironmentESRS E1 - Climate ChangeStrategy  E1-1 - Transition plan  As the offshore wind industry sharpens its focus on life cycle GHG emissions, demand  for low-carbon solutions across the value chain is accelerating. We are committed to  meeting this shift with innovative strategies and sustainable practices. Cadeler has a de-  carbonisation plan in place, but this does not fully cover the definition of a âtransition  planâ as per all required characteristics set out in the EU CSRD regulation. Our current de-  carbonisation plan covers our full business, and we aim to start the process towards ac-  quiring verification from Science Based Targets (SBTi) in 2025. However, SBTi has re-  leased specific estimations for the shipping industry indicating that a carbon intensity re-  duction between 51% and 61% is required to meet the IPCC 1.5-degree scenario. Cadeler  has set an intensity reduction target of 50% by 2030. SBTiâs shipping guidance also re-  quires net-zero emissions by 2050 for alignment with the Paris Agreement. Cadelerâs tar-  get is within this boundary.  Emissions for scope 1 and 2 activities have been tracked and reported annually. For the  first time, Cadeler is also presenting its full scope 3 emissions, fully capturing the up-  stream and downstream impacts related to operations. To report on emissions, Cadeler  uses the GHG Protocol Corporate Standard as a guide. The Company uses the definition  of operational control to set its organisational boundary, so Cadeler aims to account for  emissions from all facilities and assets where it has authority to introduce and implement  operating policies as scope 1 emissions. Cadeler updates its list of potential emission  sources on an annual basis. This process is managed by the Sustainability and Perfor-  mance team, which is also responsible for developing methods to measure emissions  from any newly identified emissions sources, ensuring that all these sources within our  organisational boundary are included in emissions accounting.  Establishment of the Sustainability and Performance Department  In 2023, Cadeler formally established a department within the technical organisation  solely focused on the issues of decarbonisation and sustainable development. This func-  tion is sponsored by executive leadership and has been further prioritised with the eleva-  tion of the leader of the department into the Senior Leadership Team. The Chief Sustain-  ability and Performance Officer has responsibility for both designing and executing the  strategy and roadmaps for decarbonisation. This strategic decision was a consequence  of the Companyâs acknowledgement 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 industryâs decarbonisation journey and delivering on our mid- and long-term  climate action require 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) optimising energy consumption 2) ena-  bling direct electrification, and 3) adopting green fuels. The companyâs transition plan  has been developed by the Sustainability and Performance team and approved by our  executive leadership as part of Cadelerâs business strategy.  Optimising Energy Consumption  Cadelerâs existing vessels operate on a baseline system reliant on marine gas oil for  power generation. While full decarbonisation will require significant investment in opti-  mising energy consumption, direct electrification, and/or the adoption of green fuels, we  believe further decarbonisation is technically feasible. As such, we do not consider our  vessel emissions to be locked in.  ESRS E1 - Climate Change  Continued from previous page  Unlocking the potential for optimising energy consumption across the fleet remains  a top priority for Cadeler in the short term. This involves continually investigating and  implementing both operational and technological energy-efficient solutions for existing  assets to further reduce carbon intensity.  Understanding energy consumption onboard our vessels is a critical focus area for  improving efficiency. Since 2023, our O-class vessels have fuel monitoring systems  installed, enabling the collection of real-time data. In 2024, we rolled out energy effi-  ciency monitoring dashboards, providing us with awareness and advisory to drive action-  able improvements. To maximize the potential of the vessel efficiencies and support  focusing on optimising our operations, specific energy-efficiency training for crews in  conjunction with our onshore colleagues was also initiated in 2024. Additionally, we have  placed a strong emphasis on delivering newbuild assets with significantly higher levels of  efficiency by design. Together, these initiatives form the foundation of Cadelerâs transi-  tion to a future low-carbon fleet.  Enabling direct electrification  Due to the nature of Cadelerâs cycle-based operations, electrifying our vessels through  shore-power connections while loading and unloading at port will be an essential driver  of emission reductions. This solution, which will be enabled both onboard the O-class  vessels and our newbuilds, is estimated to result in an up to 15% reduction in annual  emissions. In 2024, Cadeler prepared Wind Osprey to commence shore-power vessel up-  grades in 2025.  Benefiting from renewable power sources while at berth, however, requires the port and  grid infrastructure to be developed and enabled to provide reliable and green power to  the vessel. For this, Cadelerâs has a continuous focus on working closely together with its  major service ports and customers, as well as supporting and promoting the readiness  for adoption of green electricity.  Adopting green fuels  Transitioning to the use of green fuels in our vessels will be essential for Cadelerâs decar-  bonisation journey, as they offer a unique pathway towards our net-zero commitments,  providing up to 95% GHG emission reductions. In 2024, Cadeler prepared its operations,  vessels and crews to start blending certified biofuels and renewable diesel in our current  O-class vessels, as these provide a readily available solution towards reducing emissions  related to engine combustion, replacing fossil fuels. This feasibility has been successfully  demonstrated by biofuel testing completed in early 2025.  Another major focus of Cadeler, however, is on building a fleet of vessels capable of run-  ning on alternative fuels in the future. With the ordering of six newbuilds, work has contin-  ued throughout 2024 to prepare these vessels and ensure they are ready for conversion  to run on these fuels. In 2023, green methanol was identified as the optimal and earliest  available option following the increased demand for this fuel in the shipping sector,  which encouraged the entire supply infrastructure to be developed within the coming  years. In 2024, we signed the first Letter of Intent (LOI) for the future provision of green  methanol, and we will continue investigating the alternatives in the market in 2025.  Our Decarbonisation Model to meet Cadelerâs 2030 and 2035 climate targets (see next  page for graphic)  Cadeler views the reduction of emissions at source as a more effective and responsible  strategy than reliance on carbon offsetting to achieve the reduction of its carbon foot-  print. Cadeler does not envision a linear decrease in emissions but believes that decar-  bonisation will be a transition process with continuous improvements and upgrades until  2035 and beyond based on technical readiness and the Companyâs growth projections.  ESRS E1 - Climate Change  Continued from previous page  ESRS 2 SBM-3 â Material impacts, risks and opportunities and their interaction with  strategy and business model(s)  Cadelerâs operations are largely focused on marine transportation and installation. While  our main assets are vessels, and therefore not stationary, they are exposed to offshore  weather conditions that can be harsh and require appropriate safety precautions and en-  gineering.  Cadeler sees some potential for varying levels of operational weather downtime with re-  spect to its own operations as a slight risk due to changing wind and precipitation pat-  terns. We also recognise some elevated risks across our supply chains where fixed as-  sets and providers, such as ports and shipyards, are exposed to climate-related risks, in-  cluding extreme precipitation events, flooding, droughts, storms, changing wind patterns  and heat waves that have a potential to periodically interrupt operations or in some  cases damage infrastructure that Cadeler may rely on to perform its vessel operations or  for the delivery of core operational equipment and provisions.  Cadeler has considered physical climate hazards as defined by the EU Taxonomy re-  quirements for a climate risk assessment. For the assessment, we considered our own  vessel operations, including all known future wind farm locations at the time of the as-  sessment, all known ports that would be used to complete these projects, and potential  impacts on our core suppliers such as shipyards and a shortlist of critical equipment pro-  viders.  Cadeler used a third party climate analytics platform to assess physical risks that may be  faced by Cadeler and its supply chain. Using the information produced by this tool,  Cadeler performed an internal assessment of its exposure to the identified risks. Cadeler  used a tool that could assess the 28 climate-related hazards defined by the EU Taxon-  omy. The resilience analysis was conducted in December 2023, and the report was sent  to various stakeholders in the company in January 2024. The first step in our process was  to assess exposure to risks arising from our operations and supply chain setup. To  achieve this, we mapped our operations and supply chain to identify potential climate  hazards. These hazards were then analysed using the Climate Analytics Platform to eval-  uate risk exposure at installation sites, ports and key supplier locations. The tool lever-  aged the latest scientific data from IPCC models, offering global coverage with a high  resolution of 11x11 km.  Cadeler focused on impacts through to 2035 under the RCP 8.5 scenario. This scenario  was chosen for our initial climate risk assessment to identify all potential impacts on the  company because the 8.5 model provides the most visible representation of risks. This  approach allowed us to determine whether climate impacts could pose a potential risk to  our business. In future iterations, Cadeler plans to adopt a more nuanced approach, in-  corporating multiple RCP scenarios to further examine the likelihood and severity of the  identified risks.  Post assessment, Cadeler sees a rather low vulnerability in its own operations due to cli-  mate-related impacts. The main risk is likely to be changing weather conditions that af-  fect the weather downtime of our vessels. Cadeler did recognise medium and high levels  of vulnerability in some parts of our supply chain; for example, at ports due to potential  flooding and high wind incidents that could cause longer periods of inaccessibility due to  the potential for damaged infrastructure. Additionally, we saw some elevated risk for im-  pacts when it comes to on-time delivery of vessels and larger items of equipment, as  many of the facilities that produce these products are located in riverine and coastal ar-  eas in typhoon-impacted regions, so an elevated potential for damage to supplier facili-  ties due to high winds, heavy precipitation and flooding was seen in the climate risk  model. Cadelerâs means of mitigating this vulnerability may be to ensure sufficient con-  tingency time when ordering any key equipment from areas with an elevated climate risk.  ESRS E1 - Climate Change  Continued from previous page  Cadelerâs business model is heavily reliant on vessel operations, so we have assets that  do not operate in fixed locations. This means that our key assets can be moved if dam-  aging climatic conditions are forecasted. We view our business as having a fairly low vul-  nerability to asset damage for this reason. However, there is a vulnerability to increased  operational downtime due to changing weather conditions. Cadeler aims to ensure that  its contractual agreements are effective in minimising exposure to potential changes in  climatic conditions.  Nevertheless, the supply chains, with factories and production sites in fixed locations,  may have higher exposure to the risk of damaged facilities due to climate change. One  solution to mitigate this vulnerability may be to ensure sufficient contingency time when  ordering key equipment from areas with an elevated climate risk and to ensure that we  maintain a stock of critical spare parts.  Impact, risk and opportunity management  ESRS 2 IRO-1 â Description of the processes to identify and assess material climate-  related impacts, risks and opportunities  As part of its environmental management system, Cadeler requires the performance of  an environmental risk and impact assessment to be performed on an annual basis. The  scope of the assessment is limited to Cadelerâs installation and maintenance operations,  but also considers value chain impacts directly tied to these phases.  Cadeler conducted environmental risk and impact assessments for its wind turbine in-  stallation and foundation installation operations in December 2023. Additionally, Cadeler  performed another assessment in June 2024 in coordination with a work scope that  included new aspects the company had not previously managed. The intention is to per-  form such an assessment at least annually, with the result from the previous year used  as the starting point. Additional assessments are also performed any time Cadeler takes  on a project with a new scope of work, i.e. installation works for upcoming foundation in-  stallation projects.  The assessments have taken place in the form of a brainstorming workshop where per-  sons from various relevant departments are invited to participate and share their per-  spective on our operational risks and impacts. These intends to cover all environmental  aspects, including those related to the ESRS topics of climate change, pollution, water  resources, biodiversity and resources/circular economy. The results of these recurring  environmental risk and impact assessments, in turn, feed into the double materiality as-  sessment as a starting point for identification of topics for consideration.  The assessment did not, however, consider the build or the decommissioning phases of  our vessels, but Cadeler has engaged a third-party expert for performance of a lifecycle  assessment (LCA) on all our vessel classes to better understand the environmental im-  pacts and risks related to the building and decommissioning phases of our vessels. The  LCA was completed after the finalisation of Cadelerâs double materiality assessment,  and the findings did not require retrospective adjustment of the DMA with respect to im-  pacts, risks and opportunities.  ESRS E1 - Climate Change  Continued from previous page  Separately, via a climate risk assessment, Cadeler identified various physical risks to our  its operations and to its upstream supply chains during the workshop in June 2024.  These risks are already present in the short term but will potentially increase in likelihood  over the medium to long term due to climate change. The outcome of the climate risk  assessment were shared with Cadelerâs senior management, so that the risks identified  could be considered in the companyâs planning. If any climate-related assumptions are  made in the financial statements, they have been informed by this process. Cadeler in-  tends to repeat this risk assessment on a recurring basis, updating to reflect any future  changes to the Company.  Cadelerâs Sustainability and Performance department has responsibility for identifying  and managing climate risks, as well as informing other relevant stakeholders of risks that  require action. In addition, Cadeler undergoes an annual double materiality assessment  and has performed a climate risk assessment for physical impacts. These additional pro-  cesses are intended to ensure our strategy remains focused on the more material risks  and opportunities for Cadeler.  In the policy arena, Cadeler vessels will be incorporated into the EU Emission Trading  Scheme (ETS) starting in 2027 for operations within the EU. This change will subject the  company to increased costs associated with greenhouse gas (GHG) emissions. We are  also monitoring potential developments that could expand GHG pricing, including a pro-  spective UK ETS scheme. Additionally, Cadeler is subject to several regulations aimed at  enhancing corporate reporting on environmental, social and governance (ESG) issues.  These include the EU Monitoring, Reporting and Verification (MRV) regulation for vessel  fuel reporting and the EU Corporate Sustainability Reporting Directive (CSRD), which re-  quires more comprehensive accounting and verification of ESG performance. Meeting  these additional reporting requirements necessitates increased resources at Cadeler,  both in terms of personnel and financial investment.  Cadeler also views several technology and reputational events as necessary aspects to  consider in our business strategy. Cadeler aims to decarbonise its operations and has  recognised the cost of transition to a lower emissions technology in its business plan-  ning. Additionally, Cadeler has already perceived increased stakeholder concern and in-  terest in our decarbonisation plans, and we expect this interest to grow further, so we  understand that ensuring decarbonisation must be a business priority for continued suc-  cess. In the medium and long term, we see a certain potential for the cost of resources,  such as steel and fuels, to change.  Cadeler has screened its assets and business activities for exposure to transition events  using several methods. Cadeler has:  â¢Performed a materiality assessment for the production of a CSRD-compliant  report  â¢Updated its environmental risk and impact assessment  â¢Performed a climate risk assessment  â¢Put processes in place for keeping up with changing regulatory and stakeholder  requirements. These processes include the use of vessel management systems  for compliance with relevant regulations, the use of external advice, and an  internal working group that focuses on keeping abreast of new regulations  Cadelerâs general business strategy aims at compatibility with a climate-neutral econ-  omy. Our operations are focused on supporting the buildout of renewable offshore wind  energy. We recognise the current dependence on fossil sources to operate our installa-  tion vessels and acknowledge that significant efforts towards decarbonisation are re-  quired to fully align our vessel operations with a climate-neutral economy. For this rea-  son, Cadeler has committed to enact a significant decarbonisation of its vessel opera-  tions as a core part of our sustainability strategy and overall business strategy.  ESRS E1 - Climate Change  Continued from previous page  E1-2 - Policies related to climate change mitigation and adaptation  As a key supplier in the offshore wind industry, Cadeler is facilitating the worldâs transi-  tion to a more sustainable planet built on renewable energy. We recognise that our  methods are just as important as our end goal, and we commit to continuously improv-  ing our environmental performance and working towards a sustainable future in every-  thing we do.  Cadeler is committed to working towards alignment with the UN Sustainable Develop-  ment Goals (SDG) and meeting the needs of the present without compromising the  needs of the future. Cadeler maintains an environmental management system in accord-  ance with ISO 14001:2015 with a focus on continuous environmental improvements. This  includes reducing the carbon intensity of our operations, improving the energy efficiency  of our assets, minimising the use of resources and working towards a circular economy.  The policy regarding climate change applies 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. The policy is publicly available on our web-  site and posted on Cadelerâs intranet for employees. The policy is approved by the man-  agement, while our Sustainability and Performance department has been assigned to  ensure that the policy is fully implemented in the business.  E1-3 - Actions and resources in relation to climate change policies  As outlined, Cadeler vessels will be incorporated into the EU Emission Trading Scheme  (ETS) starting in 2027 for operations within the EU. This change will subject the company  to increased costs associated with greenhouse gas (GHG) emissions. Additionally, we  are aware of potential developments that may expand GHG pricing to other operations,  including the anticipated UK ETS scheme. In response, Cadeler is committed to continu-  ously adopting lower-emission solutions across our fleet, allocating CAPEX and OPEX on  an annual basis to support the implementation of the action plans. Below is an overview  of the actions taken and planned for each vessel class.  P-class vessels, Wind Pace and Wind Peak  Cadeler previously announced plans to build two new wind farm installation vessels. The  Company confirms its intention to deliver vessels that are more eco-friendly than Wind  Orca and Wind Osprey. A decade of innovative solutions since the delivery of the O-class  vessels will enable us to implement energy efficiency and emission reduction technolo-  gies. Improvements to the design include shore power connections (expected to reduce  fuel consumption by up to 15%), fuel-efficient engines and optimised engine sizing. Other  refinements include an onboard power-saving system, which includes batteries covering  >10% of the energy required for crane operations and ~10% of the energy required for  dynamic positioning and manoeuvring, regeneration of power from the jacking system  and variable frequency drives. Cadeler intends to move towards alternative fuels when  the right technologies are commercially available and has already invested resources in  ensuring the newbuild vessels can undergo a conversion to alternative fuels in the future.  The Company has built readiness for conversion to alternative fuels into the design of  the P-class newbuild vessels.  A-class vessels, Wind Ace and Wind Ally  In 2022, Cadeler announced the further expansion of its fleet to include two jack-up  foundation installation vessels designed with a hybrid purpose, allowing the vessels to  convert from being foundation installation units to WTIVs within a short period of time.  Both A-class vessels will be equipped with the same green design elements as the P-  class. Cadeler intends to move towards alternative fuels when the right technologies are  commercially available and has already invested resources in ensuring the newbuild ves-  sels can undergo a conversion to alternative fuels in the future. The Company has built  readiness for conversion to alternative fuels into the design of the A-class vessels.  ESRS E1 - Climate Change  Continued from previous page  M-Class newbuilds, Wind Maker and Wind Mover  Cadeler took over management of the newbuilding processes for the M-class vessels at  the end of 2023. The vessels are expected to be equipped with shore power connec-  tions, a closed ring/bus system for improved power management and improved effi-  ciency, staggered-sized diesel generators (allowing for running of engines at more opti-  mal loads for fuel to energy efficiency), a battery energy storage system with regenera-  tion from the jacking system, and implementation of LED-type lighting. Cadeler will con-  tinue to evaluate and expects to be able to provide more details estimating the im-  proved CO2e emission performance of these vessels in the future.  O-class, Wind Orca and Wind Osprey  The Company previously announced its intention to invest in improved fuel tracking sys-  tems for our O-class vessels. The fuel monitoring systems were installed in the first half  of 2023, and we are now working on our processes for using the data as a tool in our de-  carbonisation journey. Installation of these systems is expected to be an improvement  that will enable the vessels to track fuel consumption more accurately, identify opera-  tional areas for improvements and set best-practice standards for engine efficiency. In  last yearâs report, Cadeler also announced its intention to install shore power connec-  tions on the O-class vessels. Implementation of shore power on the vessels is in the  planning process, and the installation is expected to progress during Q1 2025.  Wind Scylla and Wind Zaratan  Cadeler took on management of these vessels at the end of 2023, and in future report-  ing we will also include statements on initiatives taken to reduce CO2e emissions and  other environmental impacts from these vessels.  Metrics & Targets  E1-4 - Targets related to climate change mitigation and adaptation  The offshore wind industry plays a vital role in shaping a more sustainable future. As an  industry leader in the transport and installation of offshore wind farms, we understand  the critical role that our operations play in enabling the global transition to renewable en-  ergy, and we are committed to playing our part in addressing climate change and our  broader sustainability footprint by mitigating the impacts of operations on our planet and  communities.  Guided by its commitment to environmental protection, in 2021 Cadeler set the most  ambitious climate targets in the industry. These targets reflect our commitment and ef-  forts to lead by example and make tangible progress towards a low-carbon economy,  preserving the health of our planet for future generations. This approach comes both  with opportunities as well as challenges for Cadeler, and for that we have defined a strat-  egy to support its journey.  In 2023, Cadeler formally established a department within the organisation solely fo-  cused on the issues of decarbonisation and sustainable development. Cadeler manages  its climate-related targets via its Sustainability and Performance Department.  Sponsored by executive leadership and with representation on the Senior Leadership  Team since December 2024, this function has responsibility for designing the strategy  and roadmaps for decarbonisation, as well as their implementation. This strategic deci-  sion was a consequence of the Companyâs acknowledgement of both the importance  and complexity of meeting the challenges within these areas. Following the depart-  mentâs work, Cadeler has four key targets related to reducing our carbon footprint.  ESRS E1 - Climate Change  Continued from previous page  Key Targets:  â¢Renewable electricity commitment: Cadeler commits to sourcing 100% of its  electricity consumption from renewable sources by 2030. This target currently  covers our electricity consumption from our offices but is also intended to cover  electricity powering vessels when we begin using shore power in the future  (scope 2 emissions).  â¢Emissions reduction target: Cadeler is working to reduce the carbon intensity of  its operations by 50% by 2030, ensuring its contribution is in line with the Inter-  national Maritime Organisation (IMO) goals.  â¢Net-zero greenhouse gas emissions target: Cadeler aims to achieve net-zero  emissions from its own operations by 2035. Achieving this goal requires emission  reductions across the fleet, innovations in operations, and research into reliable  solutions for sequestering the greenhouse gases that the Company cannot  avoid emitting.  â¢Scope 3 emissions reduction target: By 2035, reduce scope 3 emissions by 35%  As an extension of these key targets, Cadeler has identified improvements to ensure  that its decarbonisation and sustainability targets support the goals of its transition plan:  â¢Third-party verification of scope 1, 2, and 3 emissions reporting.  â¢Verification of emission targets with the Science Based Targets initiative (SBTi),  including clearer quantification of the exact emission reductions that can be  achieved by specific decarbonisation levers.  â¢Third-party verification of the KPIs used to track progress.  â¢Ensuring actions and financial planning to reach targets are time-bound.  Cadeler views every megawatt (MW) of wind power installed or repaired as a service that  provides societal benefit. The Companyâs aim is to maximise its positive impact while  mitigating the negative impact of greenhouse gas emissions from operations. To  achieve this, Cadeler strives to maximise the utilisation of its vessels for projects sup-  porting the energy transition, reduce emissions from operations by improving the tech-  nical systems of existing and future vessels, enhance operational practices, and ensure  its vessels remain capable of meeting the evolving requirements of the offshore wind  market.  In line with the Company-wide net-zero goal, Cadeler will aim to reduce scope 1 CO2e  emissions intensity from a 2021 baseline. Cadelerâs emissions intensity target is to re-  duce emissions from its own operations (scope 1) by 50% before 2030, and to reach net-  zero by 2035, which requires direct emissions to be reduced as far as possible. Note that  Cadeler has not yet implemented the use of carbon credits, GHG removals, or GHG stor-  age in its decarbonisation strategy. Cadeler has also not yet set an internal price on car-  bon. These topics will not be reported on any further this year. Cadeler has not yet fully  assessed the value of these options in its decarbonisation strategy, but in the coming  year or two, aims to evaluate whether they are effective supporting mechanisms in  reaching its net zero target.  Cadeler introduced two metrics to track the emissions intensity of its operations: emis-  sions per MW installed or serviced, and emissions per revenue. These metrics, reported  annually, include all scope 1 emissions.  ESRS E1 - Climate Change  Continued from previous page  KPI 1: GHG Emissions per MW installed or serviced (tCO2e/MW): Scope 1 CO2e emis-  sions are measured against annual installation of wind turbine generators, foundations  and maintenance of offshore wind power capacity. The core purpose of Cadeler is to  support the transition to a renewables-based energy grid. Therefore, we believe it is im-  portant to evaluate vessel performance based on the efficiency of supporting turbine in-  stallation and maintenance. This evaluation considers how much carbon the vessel emits  (negative impact) per MW of offshore wind power installed or serviced (positive impact).  KPI 2: GHG emissions per EUR revenue (tCO2e/Million EUR): Scope 1 CO2e emissions  versus annual revenue was incorporated as a key metric for Cadeler in 2023. This KPI re-  flects our commitment to drive decarbonisation strategies that align with the Companyâs  growth objectives, driving innovation and efficiency across our operations. Measuring  and managing our environmental footprint in a transparent manner that integrates sus-  tainability with our business success is our way to show accountability.  Cadeler has not yet verified its targets with a credible authority, such as the Science  Based Targets initiative (SBTi), and therefore cannot claim that its targets are fully com-  patible with the Paris Agreement's goal of limiting global warming to 1.5 degrees Celsius.  However, Cadeler understands that the Paris Agreement requires urgent decarbonisa-  tion, with global emissions needing to decrease by 43% from 2019 levels by 2030 and  reach net-zero by 2050. SBTi has released guidance for the shipping sector that are  aimed at cargo and passenger shipping, enabling intensity targets based on IMOâs CII  framework. Unfortunately, this update was not readily compatible with our segment of  shipping, so it is still required to set absolute emission targets for verification by SBTi.As  a rapidly growing business, Cadeler has not yet set absolute targets because the addi-  tion of new vessels will increase the overall footprint through 2026. The company aims to  establish absolute targets as soon as possible. SBTi guidance estimates that a carbon  intensity reduction of 51% to 61% is required to meet the IPCC 1.5-degree scenarios.  Cadeler has set a carbon intensity reduction target of 50% by 2030.  Although climate targets have been defined, these will serve only as a starting point. This  is because, firstly, when implementing climate mitigation measures, it is crucial to assess  the actual emission reductions achieved compared to the expected reductions from  each decarbonisation initiative we have implemented or planned. Secondly, technologi-  cal advancements will enable us to adopt solutions and set targets that are currently be-  yond our ability to define.  E1-5 - Energy consumption and mix  Cadeler tracks the energy consumption from the operation of its vessels, offices and  other equipment that contribute to our Scope 1 and Scope 2 emissions. The data pre-  sented below does not include energy consumed across our supply chain.  Energy intensity per net revenue *  2024  20231 % change  Total energy consumption from activities in high cli-  mate impact sectors per net revenue from activities in  high climate impact sectors (MWh/mEUR)  353.1  314.9  12.1%  1. Note that limited assurance does not extend to data from years prior to 2024. * See page 159 in the financial statements for  net revenue used to calculate the energy intensity ratio.  ESRS E1 â Climate Change  Continued from previous page  Energy consumption and mix  2024  1. Fuel consumption from coal and coal products (MWh)  -2. Fuel consumption from crude oil and petroleum products (MWh)  87,011  3. Fuel consumption from natural gas (MWh)  -4. Fuel consumption from other fossil sources (MWh)  -5.Consumption of purchased or acquired electricity, heat, steam, and cool-  ing from fossil sources (MWh)  567  6. Total fossil energy consumption (MWh) (calculated as the sum of  lines 1 to 5)  87,578  Share of fossil sources in total energy consumption (%)  99.7%  7. Consumption from nuclear sources (MWh)  60  Share of consumption from nuclear sources in total energy consumption (%)  0.1%  8.Fuel consumption for renewable sources, including biomass (also com-  prising industrial and municipal waste of biologic origin, biogas, renewable  hydrogen, etc.) (MWh)  -9. Consumption of purchased or acquired electricity, heat, steam, and cool-  ing from renewable sources (MWh)  183  10. The consumption of self-generated non-fuel renewable energy (MWh)  -11. Total renewable energy consumption (MWh) (calculated as the sum  of lines 8 to 10)  183  Share of renewable sources in total energy consumption (%)  0.2%  Total energy consumption (MWh) (calculated as the sum of lines 6, 7  and 11)  87,821  In 2024, Cadeler signed an agreement with Vindstød to deliver electricity from wind  power to the head office in Copenhagen. Cadeler aims to procure 100% of its electricity  from renewable sources by 2030. This guarantee of origin for the electricity delivered to  our head office in Copenhagen was the first step towards achieving this target. Cadeler  strives to connect more of its office with renewable power agreements, as opportunities  to renegotiate energy contracts arise.  Electricity consumption2  2024  20231 % change  Total consumption of purchased or acquired electricity  (MWh)  411  186  121%  Total consumption of purchased or acquired electricity  using contractual mechanisms to ensure renewable  sources (MWh)  160  --Electricity from renewable sources (%)  39%  0%  -1. Note that limited assurance does not extend to data from years prior to 2024.  2. Note that this table, electricity consumption, is not a specific requirement of CSRD, but is included to show Cadelerâs progress against its target  to procure 100% of its electricity from renewable sources by 2030.  ESRS E1 â Climate Change  Continued from previous page  Retrospective  Milestones and target years  E1-6 - Gross Scopes 1, 2, 3 and Total GHG emissions  Base year  Annual % target /  Base year  value  20231  2024  % change  2030  2035  Base year  Scope 1 GHG emissions  Gross Scope 1 GHG emissions (tCO2eq)  20211  36,846  25,479  64,000  151%  Net zero  -7%  Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)  2021  0000%  Scope 2 GHG emissions  Gross location-based Scope 2 GHG emissions (tCO2eq)  2021  16  24  82  238%  Gross market-based Scope 2 GHG emissions (tCO2eq)  2021  28  51  92  81%  Significant scope 3 GHG emissions  Total Gross indirect (Scope 3) GHG emissions (tCO2eq)  2024  301,392  -301,392  -1 Purchased goods and services  2024  97,409  -97,409  -2 Capital goods  2024  184,895  -184,895  -3 Fuel and energy-related Activities (not included in Scope1 or Scope 2)  2024  14,492  -14,492  -4 Upstream transportation and distribution  2024  248  -248  -5 Waste generated in operations  2024  167  -167  -6 Business travel  2024  4,049  -4,049  -7 Employee commuting  2024  132  -132  -8 Upstream leased assets  2024  ----9 Downstream transportation  2024  ----10 Processing of sold products  2024  ----11 Use of sold products  2024  ----12 End-of-life treatment of sold products  2024  ----13 Downstream leased assets  2024  ----14 Franchises  2024  ----15 Investments  2024  ----Total GHG emissions  Total GHG emissions (location-based) (tCO2eq)  -365,474  Total GHG emissions (market-based) (tCO2eq)  -365,484  1. Note that limited assurance does not extend to data from years prior to 2024. Also note that 2024 is the first year in which Cadeler calculated its full scope 3 footprint, so equivalent data is not available for prior years.  ESRS E1 â Climate Change  Continued from previous page  Cadeler tracks its scope 1, 2, and 3 emissions for the entire company, Cadeler A/S. No  portion of the business has been excluded in accounting of our footprint. Our scope 1  emissions, direct emissions, are largely from the operation of our vessels, with combus-  tion of marine gas oil in the vessel engines acting as the primary emission source. Our  scope 2, indirect emission, reporting covers the purchase of our electricity, steam, heat-  ing, and cooling. Our scope 3 emissions, indirect emissions, are presented in full for the  first time. As Cadeler main focus is the provision of windfarm installation and mainte-  nance services, our value chain emissions are naturally skewed upstream from our or-  ganisation. For this reason, we have only identified emissions stemming from the GHG  Protocolâs scope 3 categories 1-7. Additionalinformation about our emission sources are  listed in the methodology for our calculations presented at the end of this section.  Cadelerâs GHG footprint has increased significantly compared to 2023 for a few reasons.  First, 2024 is the first full year following the business combination of Cadeler with Eneti.  Cadeler has reported on the âEnetiâ footprint following the merger, but as this took  place in December 2023, our 2023 data is principally accounting for the footprint of the  O-Class and Danish offices. Our 2024 data presents the first full year view of the consoli-  dated business. The second reason for increased emissions is that Cadeler took delivery  of the first of its new build vessels from COSCO shipyard in China. The delivery and sub-  sequent transit of Wind Peak from Asia to Europe is an emission source not present  in 2023.  Cadeler is working to reduce the emissions of its operations and improve the perfor-  mance of its assets. In order to achieve this goal, the Company needs a baseline upon  which it can improve. Our baseline year has been defined as 2021, the first full year  Cadeler operated as an independent entity for our scope 1 and scope 2 emissions. For  scope 3, 2024 serves as the baseline as this is the first year with full accounting of scope  3 emissions.  GHG intensity per net revenue *  2024  Total GHG emissions (location-based) per net revenue (tCO2e/mEUR)  1,469.54  Total GHG emissions (market-based) per net revenue (tCO2e/mEUR)  1,469.58  * See page 159 in the financial statements for net revenue used to calculate the GHG intensity ratio.  Cadeler metrics for 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 Companyâs 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 emissions from operations via improvements to the tech-  nical systems on our existing and future vessels, improving its operational practices, and  ensuring its vessels maintain their ability to serve the requirements of the offshore wind  market. In line with the Company-wide net-zero goal, Cadeler aims to approach zero  tonnes of CO2e emitted from our vessel engines by 2035.  Cadeler uses two metrics for tracking our operational emissions intensity (presented on  the next page): 1) Emissions per MW installed or serviced and 2) Emissions per revenue.  Cadeler intends to report these metrics on an annual basis.  ESRS E1 - Climate Change  Continued from previous page  KPI 1: GHG Emissions per MW installed or serviced (tCO2e/MW)  Scope 1 CO2e emissions versus annual installation of wind turbine generators and foun-  dations 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 im-  portance in judging vessel performance based on the efficiency of supporting the instal-  lation and maintenance of turbines in terms of how much carbon the vessel emits (nega-  tive impact) per MW of offshore wind power installed or serviced (positive impact). The  delivery and subsequent transit of Wind Peak from Asia to Europe is a key emission  source contributing to the increase in tCO2e/MW installed or serviced, as the vessel was  not performing installation or maintenance work during the transit period.  KPI 2: GHG emissions per EUR revenue (tCO2e/Million EUR) â Scope 1 CO2e emis-  sions versus 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  Companyâs growth objectives, driving innovation and efficiency across our operations.  Measuring and managing our environmental footprint in a transparent manner that inte-  grates sustainability into our business success is our way of showing accountability. For  both emission intensity KPIs, Cadeler has selected 2021 as the base year as 2021 is the  first full year in which Cadeler operated as an independent company and is the first year  where Cadeler had full control of its environmental data.  ESRS E1 â Climate Change  Continued from previous page  Methodology  Disclosure  Methodology  Requirement  E1-5 - Energy  For vessel energy consumption, Cadeler collects energy consumption data on O-class  consumption  and P-class vessels from fuel monitoring systems that enable direct readings of energy  and mix  consumption. For Wind Scylla and Wind Zaratan, Cadeler records fuel consumption via  the system outlined in our GHG emission accounting policies and uses the record of fuel  type and average SFOC (specific fuel oil consumption) performance of vessel engines to  estimate energy consumption. At present, all energy produced and consumed by ves-  sels utilises marine gas oil as the fuel source. A record of fuel consumed by smaller  equipment is also kept and the energy density of the fuel type used to estimate energy  consumed. Note: these values are minimal compared to vessel engine consumption.  To account for energy consumption for the onshore side of our business, Cadeler rec-  ords energy consumption (electricity and heating/cooling) for our leased offices and  warehouses from invoices. Note that we do not have a record for our US office due to  the type of rental agreement, so an average consumption per person across our other  offices is applied to fill in the data gap. Also note that reporting on our Copenhagen of-  fice consumption is based on consumption in Nov. and Dec. 2023, as we did not get a  record from our old premises for Jan. and Feb. 2024 prior to the move to our new offices  in early March. Energy consumption mix is based on the average energy mix in each geo-  graphic location unless a renewable energy purchasing agreement is in place. Cadeler  also records fuel and electricity consumption for company cars. The electricity mix is cal-  culated in the same way as for offices and converts fuel to an energy estimate based on  UK Government GHG Conversion Factors for Company Reporting.  Disclosure  Methodology  Requirement  E1-6 - Gross  Items identified as contributing to Cadelerâs Scope 1 GHG emissions consist primarily of  Scopes 1 GHG  vessel engine emissions due to the combustion of marine gas oil (MGO), tank to wake  emissions  emissions and, to a lesser extent, lube oil consumption, fuel for company cars and other  equipment, and emissions related to the use of refrigerants. Cadeler aims to account for  all Kyoto Protocol gases in its emission calculations: CO2, CH4, N2O, HFCs, PFCs, SF6,  and NF3. Cadeler keeps a record of vessel fuel consumption and applies fuel to GHG  emission factors to this data as provided by the UK Government GHG Conversion Fac-  tors for Company Reporting, using CO2 equivalence emissions factors. For Danish-  flagged vessels that are required to report into IMO DCS (data collection system),  Cadeler uses the fuel record that it also submits for verification to a third party, as this  adds a control check to the final output. Vessel fuel consumption is determined using a  combination tank sounding measurements and flowmeter readings, depending on the  equipment available on each vessel. Cadeler also records company car fuel consump-  tion and requires vessels to keep a logbook of lubricants and refrigerants added to sys-  tems. Cadeler applies emissions factors from the UK Government Conversion Factors  for Company Reporting based on the consumable. As Cadeler does not have a record of  lubricants and refrigerants removed from technical systems, we take a conservative ap-  proach and assume 100% vaporisation in the systems due to leaks and/or eventual oxi-  dation. Although some of these emissions may actually take place as scope 3 emissions,  Cadeler assumes overall responsibility for these items and counts them as scope 1 due  to the lack of reliable measurements enabling a record of the actual split between scope  1 and scope 3.  ESRS E1 â Climate Change  Continued from previous page  Disclosure  Methodology  Requirement  E1-6 - Gross  Cadeler records energy consumption (electricity and heating/cooling) for our leased of-  Scope 2 GHG  fices and warehouses from invoices or supplier reports. Note that we do not have a rec-  emissions  ord for our US office due to the type of rental agreement, so an average consumption  per person across our other offices is applied to fill in the data gap. Also note that re-  porting of our Copenhagen office consumption is based on consumption in Nov. and  Dec. 2023, as we did not get a record from our old premises for Jan and Feb. 2024 prior  to our move to the new office in early March. Cadeler also records electricity consump-  tion of company cars.  To convert energy consumption data to location-based GHG emissions, Cadeler applies  the emission factors based on national or regional averages. Where regional emission  factors are available, these are prioritised â for example, in Denmark, factors from Ener-  ginet are used. If regional averages are not available, national averages are applied. In  cases where neither regional nor national factors are accessible, international emission  factors, such as those provided by the UK Government Conversion Factor for Company  Reporting, are used as an alternative.  Market-based emissions are determined based on the specific energy sources chosen  or procured by the organisation. This may include emission factors associated with re-  newable energy certificates, contractual agreements, or supplier-specific energy mixes.  In the absence of such procurement, the emissions are calculated using the residual mix,  which represents the unclaimed energy in the regional grid, where possible. For years  prior to 2024, Cadeler had not previously reported market based emissions. The same  method was used for calculating prior years, but the baseline data was not altered.  Disclosure  Methodology  Requirement  E1-6 - Gross  Category 3.3 â Fuel and energy related activities: Cadeler has used the fuel records used  Scope 3 and  for calculation of its scope 1 emissions and has applied the well to tank emission factors  Total GHG  published by the UK Government GHG Conversion Factors for Company Reporting. For  emissions  distribution losses related to our electricity consumption, Cadeler has applied emission  factors, in the markets available such as the UK. For other markets, such as Denmark,  only a transmission and distribution loss factor could be found, so this percentage was  applied to the location based emission factor in the relevant country, as used for scope  2 reporting.  Category 3.6 â Business travel: Cadeler receives an emissions report from each of the  travel agencies used for booking flights and other business travel related expenses. In  addition, these expenses can be booked directly by employees, so the expense reports  are used for calculating a spend based estimate for impacts not covered by our travel  agencies. Cadeler applied the financial based emission factors from the âUK and England  carbon footprint to 2021â and adjusted the emission factors based on EU average annual  inflation rates from 2021 through 2024.  Category 3.7 â Employee commuting:Cadeler sent out a survey to all employees re-  questing information on average days in office per week, distance to the workplace, and  modes of transport used. This data was used to find average transport per employee in  Denmark, the UK and elsewhere. Each was applied to the average number of employees  per location, and location specific emissions factors were applied for public transport  and emission factors for personal vehicles were taken from the UK Government GHG  Conversion Factors for Company Reporting.  ESRS E1 â Climate Change  Continued from previous page  Disclosure  Methodology  Requirement  E1-6 - Gross  Much of Cadelerâs scope 3 reporting is not based on direct sources from its value chain.  Scope 3 and  A large portion of our scope 3 footprint has been assessed using a model developed to  Total GHG  estimate the lifecycle carbon footprint from the construction and operations of our wind-  emissions  farm installation vessels. For many aspects feeding into our overall scope 3 emissions,  our estimation of emissions are based on either a material or process input with applica-  tion of a conversion factor rather than statements directly from the value chain on their  emissions. Note that some categories are currently calculated using spend based infor-  mation, which is naturally associated with higher uncertainty than direct measurements  or estimates based on operational consumption data.  Category 3.1 â purchased goods and services: Cadeler provided Reflow with spending  information on specific categories of products and services. Emission factors (kg  COâeq/EUR) were determined for each procurement category, representing the carbon  intensity associated with the economic activity of the purchased goods and services. All  emission factors were explicitly derived from European data within EXIOBASE 3.9.4 to  ensure relevance to Cadeler's procurement activities. For lubricant oils, Cadeler had ac-  tivity based records used for calculation of its scope 1 emissions and has applied the well  to tank emission factors published by the UK Government GHG Conversion Factors for  Company Reporting. This was the only procurement category within category 3.1 for  which activity based data was used instead of spend-based data. This was due to availa-  ble data.  Disclosure  Methodology  Requirement  E1-6 - Gross  Category 3.2 â capital goods: For each class of vessel at Cadeler, Reflow performed a  Scope 3 and  lifecycle assessment aligned with the GHG Protocolâs principles of relevance, complete-  Total GHG  ness, consistency, transparency, and accuracy. The analysis was underpinned by a meth-  emissions  odological framework that included the Life Cycle Inventory Database Ecoinvent 3.8 and  the Impact Assessment Method IPCC 2021 GWP100. The Category 3.2 emissions as-  sessment focuses on key raw materials that contribute the most to vessel construction  emissions, so is limited int the fact that not all construction materials are assessed.  Emissions were calculated for steel, aluminium, copper, and paints, as these materials  make up most of the vessel's structural and functional components. Category 3.2 emis-  sions are considered to equal the vessel construction carbon footprint based on the year  of vessel delivery, so the 2024 footprint is considered equal to the construction footprint  of Wind Peak.  Category 3.4 â upstream transportation and distribution: Cadeler provided a record of  shipments from its procurement system, including information on transport type, start  and end locations, and weights of goods shipped. After confirming shipment distances  and transport modes, each transport activity was assigned an emission factor based on  industry-standard databases such as IPCC 2021 GWP100.  Category 3.5 â waste generated in operations: The emissions data was derived from  Cadelerâs waste management records for 2024, consolidated in Reflowâs worksheet.  Emission factors were applied following GHG Protocol guidelines, specifically using the  average-data method for waste treatment.  ESRS E2 - PollutionImpacts, risks and opportunities management  ESRS 2 IRO-1 â Description of the processes to identify and assess material pollu-  tion-related impacts, risks and opportunities  Cadeler conducted Environmental risk and impact assessments for its wind turbine in-  stallation and foundation installation operations in December 2023. Additionally, Cadeler  performed another assessment in June 2024 in coordination with a work scope that in-  cluded new aspects the Company had not previously managed. The intention is to per-  form such an assessment at least annually, and the starting point is the result from past  years. The environmental risk and impact assessments have taken place in the form of a  brainstorming workshop where persons from various relevant departments are invited to  participate and share their perspective on our operational risks and impacts. The assess-  ment intends to cover all environmental aspects, including those related to the ESRS  topics of climate change, pollution, water resources, biodiversity and resources/circular  economy.  Consultations have not been conducted with potentially affected communities, though  Cadeler does take the advice of industry bodies with recommendations on best practice  for pollution control from shipping, i.e. IMO and Danish Shipping.  The pollution topics that appeared material were all material due to the impact perspec-  tive. These topics included pollution of air, pollution of water, substances of concern and  microplastic pollution. External stakeholders were also concerned about Cadelerâs pre-  vention of water pollution due to the potential for spills, as our operations take place in  the offshore environment. IROs related to these topics that were considered material in-  clude: emissions of NOx, SOx, particulates and VOCs from our vessel engines to the air;  potential for spills of hydrocarbons or chemicals from our operations into the oceans;  production of hazardous wastes from our operations, including waste lubrication oils,  bilge water (oily water), electrical wastes, and other solid wastes contaminated with hy-  drocarbons or chemicals; microplastic pollution from our wastewater, vessel paints, and  use of plastics during operations that eventually break down into microplastics.  E2-1 - Policies related to pollution  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. Each policy has a Scope section  stating what is included and excluded.  The policies ensure accountability for implementation. They commit us to protect peo-  ple, the environment and assets, referencing relevant legislation and recognised stand-  ards for compliance. Publicly available on the company website, the policies are also in-  cluded in client tenders and contractor agreements. They assign responsibility for HSEQ  to all personnel working for or with Cadeler, emphasising active participation in continu-  ous improvement.  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  ESRS E2 â Pollution  Continued from previous page  any damage we may cause. Cadelerâs 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 Cadelerâs  vessels, operational sites, offices and activities. Our approach to pollution control is  largely informed by IMOâs International Convention for the Prevention of Pollution from  Ships (MARPOL). Pollution monitoring practices have not been checked against EU  BREF standards as Cadeler has not seen an industry specific BREF targeting shipping or  marine construction. Additionally, Cadeler has no direct measurements of pollutants at  present, but where we rely on automatic consumption readings of consumables that  contribute to pollutant emissions, such as marine gas oil, Cadeler ensures proper calibra-  tion of these systems by including them in our vesselâs planned maintenance systems.  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 three minor spills in 2024 (combined, amounting to less than a 1 litre).  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. All newbuilds will be delivered with ballast water treatment plants. Cadeler has  100% of its fleet operating with ballast water treatment plants onboard, ensuring compli-  ance with the D-2 Ballast Water Performance Standard.  E2-2 - Actions and resources related to pollution  Cadeler has implemented several measures to mitigate potential water pollution. Addi-  tional actions will be developed and implemented as new technical solutions become  available.  All vessels have a shipboard marine pollution emergency plan, which outlines the prac-  tices intended to prevent spills into the ocean. It ensures the crews know how to act if  any incident should occur and that they have the necessary clean-up equipment availa-  ble.  Cadeler also has a water 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.  Cadeler has transitioned to using more environmentally friendly jacking grease on its  vessels Wind Scylla and Wind Zaratan. This switch reduces the environmental impact of  routine maintenance operations by minimising the release of harmful substances into  the marine ecosystem. In addition, Cadeler has performed patch tests on Wind Peak for  hull paint on that would be less toxic to marine organisms, with the aim of finding a paint  that still effectively prevents excessive marine growth, such as algae and barnacles, as  marine growth can impede vessel efficiency during sailing.  These initiatives reflect Cadelerâs broader commitment to sustainability by reducing the  discharge of harmful chemicals, microplastics and grease into the ocean, ultimately  helping to protect marine life. In case of pollution to sea by means of oil or NLS, the fol-  lowing mitigating actions can be put into place:  ESRS E2 â Pollution  Continued from previous page  â¢Shipboard Marine Pollution Emergency Plan (SMPEP) is in place for each vessel  within the company and contains information and operational instructions re-  quired by IMO.  â¢Scope is defined in the Preamble of the plan. The plan is designed to be legally  compliant and to ensure that the vessel is prepared in the event of pollution to  sea. Section 6.5 of the Plan demonstrates the response to spills.  â¢Onboard there is a Shipboard Oil Pollution Emergency Plan (SOPEP) and a  SOPEP kit available in case of a spill to deck. The vessel does not carry equip-  ment to contain a spill to sea.  â¢Finally, drills are conducted at regular intervals to train awareness and prepared-  ness onboard.  Metrics & Targets  E2-3 - Targets related to pollution  Cadeler complies with air emission caps in the locations where it operates and aims to  find improvements, wherever possible. However, improvement beyond compliance lev-  els can be challenging due to the limits of the technical systems and consumables in  use. Often, in the maritime industry, these components are designed and manufactured  to comply with emission caps, with focus on NOx and SOx emissions. As such, Cadeler  currently has no specific target aimed at air pollution.  Cadeler aims at reducing incidences of pollution in the marine environment andis com-  mitted to a target of zero spills to the environment, aligning with the companyâs policy to  minimise its environmental impact. This target is closely monitored through the com-  panyâs reporting system, with spill data collected and reviewed monthly by the office.  The target is established annually and formally approved by senior leadership during the  Management Review. Efforts to achieve this goal are supported by initiatives such as im-  proved ToolBox Talks (TBT), enhanced risk assessments, and the integration of advance-  ments into the companyâs Management System (MS). These measures ensure a proac-  tive approach to preventing spills and safeguarding the environment. Furthermore,  Cadeler strives to avoid objects lost to the sea, emphasising the importance of protect-  ing marine ecosystems and preventing debris pollution. In the event of an object being  lost, strict reporting procedures are in place. If the incident occurs within a wind farm, it is  reported to the Marine Coordination Centre, while losses in ports or national waters are  reported to the relevant coastal authorities.  In 2024, Cadeler had emissions to both water and air, which are presented below.  E2-4 - Pollution of air and water  Air pollution and water pollution  Cadeler refers to the pollutants listed in Annex II of Regulation (EC) No 166/2006 of the  European Parliament and of the Council. Cadelerâs main identified sources of air pollu-  tants are its vessel engines and gradual leakage of refrigerants that are used as coolants  for various machinery on our vessels. The main sources of water pollutants identified in-  clude gradual breakdown of our vessel paint coatings, greywater discharges and poten-  tial uncontained spills of hydrocarbons or other chemicals offshore. Cadeler does not  view soil pollution as a material topic due to our operations being focused offshore.  ESRS E2 â Pollution  Continued from previous page  In general, all air pollution categories increased in 2024, as compared to 2023, for the  simple reason that our figures from last year only covered Wind Orca and Wind Osprey,  and then Wind Scylla and Wind Zaratan for the last week and half of 2023. Wind Peak was  also delivered in August  2024, further increasing the gap between 2023 and 2024. Emissions of particulates and  volatile organic compounds are expected to increase proportionally to the amount of  fuel consumed. This is not the case for sulphur oxides as Wind Zaratan operated the en-  tirety of 2024 outside of an emission cap area, so used fuel with a sulphur content of  0.5% in line with the global cap, as opposed to 0.1% fuel used by the remainder of the  fleet. Additionally, NOx increased by a smaller margin than the other pollutant categories  as Wind Peak is in compliance with the stricter Tier III NOx requirements for newer ves-  sels.  Cadeler recorded 3 minor spills of hydraulic oils from its vessels in 2024. This is an in-  crease in frequency compared to prior years, but the overall amount released decreased  slightly. While all spills are required to be reported as per regulation, none of these ex-  ceeded thresholds for fines or required cleanup, and can be defined as minor spills. Nev-  ertheless, Cadeler continues the focus on preventing spills to ensure it meets the target  of zero spills in future years.  2024  20231  Emissions Emissions Emissions Emissions  Pollutant  Unit  to air  to water  to air  to water  % change  SOx  tonnes  57.1  -15.6*  -266.0%  NOx  tonnes  615.1  -330.6*  -86.1%  Particulates -  PM10  tonnes  20.8  -8.3  -149.8%  Particulates -  PM2.5  tonnes  17.7  -7.1  -149.9%  NMVOCs  tonnes  36.2  -14.5  -149.8%  HFC - 404a  kg  27.6  ----HFC - 410a  kg  9.5  ----HFC - 134A  kg  1.8  -0.5  -250.0%  HFC- 407C  kg  197.3  -23.5  -739.6%  HFC-407F  kg  4.4  -7.0  --37.1%  Uncontained  occur-  spills  rences  -3.0  -1.0  200.0%  Oil spills  kg  -0.6  -0.8  -22.2%  Microplastics  kg  -63.6  ---Copper com-  pounds  kg  -536.4  ---Xylene  kg  -220.9  ---1. Note that limited assurance does not extend to data from years prior to 2024.  * SOx and NOx 2023 values are restated due to change of methodology. Please see the methodology section for updated  practices. Cadeler has used the same methods for 2024 and the restatements in this report.  ESRS E2 â Pollution  Continued from previous page  Methodology  Disclosure  Methodology  Requirement  E2-4 - Pollution  Air pollutants result from the combustion of fossil fuels during the operation of vessel  of air  engines, project equipment not relying on vessel engines, and the use of company cars.  Air pollutants included are SOx, NOx, NMVOCs, refrigerants and particulate matter.  When providing information on pollutants, approaches for quantification should be con-  sidered in the following order of priority:  First priority: direct measurement of emissions, effluents or other pollution through the  use of recognised continuous monitoring systems  Second priority: periodic measurements  Third priority: calculation based on site-specific data  Fourth priority: calculation based on published pollution factors  Fifth priority: estimations  Cadeler does not yet have equipment in place to take direct estimates or measurements  for almost all pollutant categories. Cadeler will aim to improve methods for measure-  ments in the coming years.  For vessels emissions:  NOx: P-class, S-class and Z-class vesselsâ NOx emissions to air are calculated using rec-  ords for MGO combustion. The O-class vessels use limits from engine emissions test on  Wind Orca. The emission factor is applied to the energy data for these vessels.  Disclosure  Methodology  Requirement  For S-Class and Z-Class, Cadeler applies the same value used as from the O-Class en-  gine emissions test, due to similar build year, thus a high likelihood of similar perfor-  mance. Fuel records are converted to energy before applying the emissions factor, using  the O-Class average SFOC in 2024, calculated using the fuel and energy consumption  records from those vessels. The P-class vessel is required to comply with Tier 3 emis-  sions standards, resulting in a lower NOx emission factor compared to Cadelerâs other  vessels. As Cadeler has not yet obtained the engine emission test data, calculations are  based on the upper limit specified for Tier 3 compliance. Leveraging an operational pro-  file modelled by the Cadeler engineering department for a typical loadout, an average  NOx emission factor has been calculated to account for various engine types installed  on the vessel. We expect to have energy data for the P-Class vessel in future years, as  soon as the systems are available from shoreside. For 2024, we converted fuel con-  sumption to energy consumption using the average SFOC of the vessel engines via an  operational model provided by Cadelerâs engineering team.  SOx: Cadeler uses MGO with a sulphur content of maximum 0.1% of the fuel weight. The  conversion figure from the 4th IMO GHG Study (2020), is used as a conversion reference  to calculate SOx emissions based on the sulphur content of the fuel. For Wind Zaratan,  which was operating outside of an emission control zone in 2024, the calculation applies  the global maximum sulphur content of 0.5% of fuel weight. Cadeler uses a conservative  reporting approach and calculates SOx emissions based on the maximum allowable sul-  phur content of fuel.  ESRS E2 â Pollution  Continued from previous page  Disclosure  Methodology  Requirement  Particulates: Conversion factors from the EMEP/EEA air pollutant emission inventory  guidebook 2019 (updated Dec. 2021) are applied to ensure accuracy and consistency  with industry standards.  Non-Methane Volatile Organic Compounds (NMVOCs): Cadeler uses a fuel consump-  tion-based emission factor from EMEP/EEA air pollutant emission inventory guidebook  2019 (updated Dec. 2021).  Refrigerants: Pollution from refrigerants is calculated by directly reading the quantity of  refrigerants topped up in the system. It is assumed that top-ups are generally required  due to the need for additional refrigerants, likely as a result of gradual leakage over time.  Therefore, the quantity of refrigerants topped up is used as a proxy for the amount  leaked. This assumption holds unless the vessel provides a documented record of refrig-  erant removal from the system.  For company cars and other equipment emissions:Emissions from these sources are  minimal compared to the vessel sources, so emission categories related to vessel en-  gines were adjusted based on the record of fuel consumed, as a proportion of fuel used  for miscellaneous equipment as compared to fuel used for powering vessel engines.  This resulted in a very minor adjustment.  Disclosure  Methodology  Requirement  E2-4 - Pollution  Water pollution from Cadelerâs operations may result from the slow disintegration of ves-  of water  sel paints, discharges of greywater, and the potential for direct spills of hydrocarbons or  chemicals. Cadeler complies with international maritime organisation requirements to re-  port all spills from vessels to relevant authorities and has a record for all spills in its  HSEQ reporting system. Occurrences, quantities and types of pollutants are recorded if  spills should occur. Cadeler has no measurements related to pollution from copper,  other metals and microplastics from vessel hull paint and greywater discharges, so esti-  mations of pollutant levels are wholly based on available scientific research.  The rate of copper emission from vessel paints is based on paint specification, vessel  surface area and the rate of paint deterioration. The mass of paint leeched from the O-  class vessels into the water over its lifetime, was calculated using estimates on original  and current paint thickness. This was broken down into an annual rate and the copper  concentrations from the paint spec were applied. Whenever material composition was  given as a range, the average composition was applied in such cases. For other vessels  the exact underwater surface area is unknown, so instead the output was scaled propor-  tionally based of deck space. This process also showed that Xylene surpassed the  threshold for reporting, for which the same reasoning for calculating copper compound  emission was used, except using the concentration of xylene in vessel paint.  ESRS E2 â Pollution  Continued from previous page  Disclosure  Methodology  Requirement  E2-4 - Micro-  Microplastic emissions from vessel paints are estimated based on the same method as  plastics  for copper pollution using the underwater surface area. The concentration of plastics  was assumed to be equal to âhydrocarbons C9â in the paint spec.  Microplastic emissions from greywater discharges are estimated using the volume of  greywater generated and applying an emission factor per cubic meter.For O-Class ves-  sels, greywater discharge volumes are taken directly from the vessel logbook. For other  vessels, greywater discharge is estimated proportionally, based on the O-Class output  and adjusted according to deck space. An emission factor was derived from the peer-  reviewed paper âOccurrence and characteristics of microplastics in greywater from a re-  search vesselâ by Jangh et al., 2024.  ESRS E5 - Resource use and circular economyImpacts, risks and opportunities management  E5-1 - Policies related to resource use and circular economy  Another core element of environmental management on board the vessels is the waste  management 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.  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 and also in-  tends to put more effort into ensuring the recycling and reuse of waste wherever possi-  ble. Finally, Cadeler will consider whether improvements require an update to our waste  management plan during 2025.  Consider end of life for assets and project equipment  It is important that Cadeler finds solutions for the eventual recycling and reuse of com-  ponents from its vessels and the major components used for operations, such as sea  fastenings. Cadeler will consider whether a second life can be found for any key compo-  nents and will investigate how it can ensure that any recycling of its assets is performed  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  on which they are installed. We commit to investigating, alongside our clients, how these  structures can be designed and delivered with a lower overall environmental footprint.  The policy regarding climate change applies to all offshore and onshore employees and  other individuals contracted to work for Cadeler. The policy is public on our website and  posted on Cadelerâs intranet for employees. The policy has been developed internally  and is approved by the management. Cadelerâs Sustainability and Performance depart-  ment is responsible for implementing the policy throughout the business.  E5-2 - Actions and resources related to resource use and circular economy  Cadelerâs actions related to resources and the circular economy have been focused on  our own operations.  Cadelerâs standard vessel waste management plan has been updated in 2024 to empha-  sise our preference for reducing consumption wherever possible and then prioritising the  reuse and recycling of materials over disposal. The updated standard is included in the  management plan for Wind Peak and will also be applied to all newbuilds and to existing  vessels after the next revision (likely in 2025). 2024 is the first year that waste transfer  notes from all vessels have been collected to measure our total waste footprint, and all  offices wastes have been procured from our waste management providers. This enabled  Cadeler to finally understand its baseline and will allow us to start reporting on our pro-  gress towards our 2030 reduction target in our next annual report.  Installation of new tap water systems  Safe drinking water systems were installed on Wind Orca and Wind Osprey in 2023, al-  lowing us to avoid purchasing single use water bottles for offshore operations. Cadelerâs  newbuild vessels will be delivered with similar systems, and we are currently investigating  ESRS E5 â Resource use and circular economy  Continued from previous page  the implementation of this type of system on Wind Scylla and Wind Zaratan. These sys-  tems are viewed as a core element in our attempt to reduce waste from the vessels and  cover a large fraction of our potential single-use plastics footprint. At present, 3 out of 5  operating vessels have safe drinking water systems onboard.  Cadeler intended to make a bigger push on resource use and circularity in 2024, but a  sizeable share of our ESG resources were diverted to compliance with EU CSRD and a  continued focus on decarbonisation efforts. However, the ambition is to make more im-  pactful changes to performance in 2025 now that a better baseline for our performance  has been established.  Metrics & Targets  E5-3 - Targets related to resource use and circular economy  Overall improvement target  By 2030, Cadeler aims to reduce waste from its own operations by 50%. It intends to  achieve this target by avoiding production of waste where possible and improving our  rates of recycling and reusing waste. This target is not required by legislation. 2024 is the  first year Cadeler has tracked its full company waste footprint, including waste treatment  methods, so 2024 data will be treated as the baseline to improve upon. In 2024, Cadeler  had a total 324.6 tonnes of waste directed to disposal, so we aim to direct less than 162  tonnes of waste to disposal by 2030.  Cadeler has yet to define formal targets for resource inflow as per 2024, but acknowl-  edges the importance of setting targets on the matter, as its business activities do have  a material resource inflows, as described under ESRS 2 SBM-3. Cadeler will therefore  work on establishing formal targets in accordance with our strategy during 2025.  E5-5 - Resource outflow  Unit  2024  Hazardous waste  tonnes  96.5  Preparation for reuse  tonnes  -Recycling  tonnes  1.8  Other recovery operations  tonnes  -Diverted from disposal  tonnes  1.8  Incineration  tonnes  10.1  Landfill  tonnes  -Other disposal operations  tonnes  84.6  Directed to disposal  tonnes  94.7  Non-hazardous waste  tonnes  286.5  Preparation for reuse  tonnes  -Recycling  tonnes  24.5  Other recovery operations  tonnes  32.1  Diverted from disposal  tonnes  56.6  Incineration  tonnes  38.8  Landfill  tonnes  6.5  Other disposal operations  tonnes  184.6  Directed to disposal  tonnes  229.9  Total waste  tonnes  383.0  Diverted from disposal  %15.3%  Directed to disposal  %84.7%  ESRS E5 â Resource use and circular  economy  Continued from previous page  Cadeler tracks waste output by both its vessels and its offices. As this is the first year re-  porting this data, there were some limitations in our datasets that will be worked on in  the coming year. First,our vessels segregate waste onboard into more categories than  we the standard waste transfer notes provide a record for.  One example is that our vessels have various categories of hazardous waste that are  managed properly and delivered onshore in hazardous waste containers, but the waste  transfer notes we receive from onshore waste management providers tend to categorize  this data under âoperational wasteâ along with other waste streams that may not be haz-  ardous. For the reporting year, Cadeler has taken the conservative approach and classi-  fied all operational waste as âhazardousâ as the category includes potentially hazardous  waste. In the future, Cadeler will aim to acquire data from its vessels with more reporting  categories to ensure better data quality.  In assessing how waste has been treated, Cadeler has not been able to track down  statements from every port an garbage management service provider regarding waste  treatment methods implemented. Waste has only been claimed to be âdiverted from dis-  posalâ where we have documentation that waste has been treated as such. It is likely that  more waste than the reported amount has been diverted from disposal, but Cadeler will  not make that claim until we can gather documentation.  Cadeler aims to improve its contact with the waste management providers in our value  chain, so that we are able to present fuller records in the future and so that we can as-  sess how we can divert more waste from disposal.  ESRS E5 - Resource use and circular economy  Continued from previous page  Methodology  Disclosure  Methodology  Requirement  E5-5 - ResourceData is collected through external data from waste handlers and waste transfer notes  outflow  from vessels. Data for Copenhagen and Great Yarmouth main offices was available, in-  cluding information related to waste treatment. None of the smaller offices were able to  provide information. An adjustment factor, proportional to headcount, was added to the  overall office waste records to account for the potential footprint across Cadelerâs  smaller offices located in Denmark, Japan, Taiwan and US,  In general, we rely heavily on data from certain external waste handlers. Cadeler will not  report on anything that cannot be documented as diverted from disposal. Hence, the  number will be lower than the amount that is diverted in reality due to this conservative  approach. Additional uncertainty arises in the data due to the conversion of some data  inputs from litres and m3 to tonnes. Cadeler used conversion factors published by the  US Environmental Protection Agency.  The amount of total waste generated that is handled as 1) recycled, 2) preparation for re-  use and 3) other recovery operations by the external waste handlers is based on infor-  mation obtained from the waste handlers (contacted individually). For solid waste cate-  gories, Cadeler records various categories. Any categorized as hazardous, such as elec-  tronics, are also recorded as hazardous. Additionally, operational wastes are categorized  as hazardous for this purpose as the category can include hazardous wastes, but there is  currently not a consistent record of what percentage of operational wastes are also haz-  ardous.  SocialESRS S1 - Own workforceStrategy  ESRS 2 SBM-3 â Material impacts, risks and opportunities and their interaction with  strategy and business model  People are at the heart of Cadelerâs priorities, driving the companyâs success. Cadeler  believes in operating in a way that fosters a safe, diverse, inclusive and equitable work-  place environment for its employees, while driving a positive impact beyond Cadeler.  Due to the nature of offshore operations, there is an elevated risk for impacts on health  and safety of Cadelerâs workforce. As a result, the highest priority for Cadeler remains the  health and safety of the people on board its vessels and in its offices. Cadeler continu-  ously works to improve health and safety processes, ensuring its employees and project  partners have a secure workspace in offices as well as at sea. After the merger between  Eneti and Cadeler, the focus on health and safety is even higher, as Cadeler aims to en-  sure the same standards are reached on every vessel in its fleet, that best practices from  both legacy companies are implemented, and that the entire organisation speaks the  same language when it comes to safety.  Moving forward, the approach at Cadeler is to continuously develop, follow and improve  its HSEQ processes using a risk-based approach when conducting our activities; nurture  a culture of continuous improvement focused on learning from activities, successes, fail-  ures, incidents and observations; empower all people to challenge and stop unsafe acts,  conditions and behaviours; and prioritise working with contractors and suppliers that  have similar HSEQ ambitions and goals to Cadeler.  While safety remains paramount, Cadeler is also dedicated to providing high standards  of well-being for its employees various ways and aims to provide a fair and encouraging  place of work. Cadeler aims to achieve this by having a high level of commitment to re-  specting human rights, ensuring labour rights, continuous investment in training, health  programs, employee relations and a culture of accountability when it comes to protect-  ing the Cadeler workforce.  Due to the nature of Cadelerâs own operations, it has not identified any material impacts  on its own workforce directly related to the company transition plans for decarbonisation  and reducing negative impacts on the environment.  Impacts, risks and opportunities management  S1-1 Policies related to own workforce  Working conditions  Cadeler operates with the objectives of ensuring safety at sea, preventing human injury  and loss of life, and avoiding adverse 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 Companyâs ships, personnel and the environ-  ment, and establishing appropriate safeguards. Cadelerâs commitment to ensuring em-  ployee health and safety are articulated in our 1) Code of Conduct, 2) Health, Safety, Envi-  ronment and Quality Policy, and 3) Human Rights Policy. These policies build upon and  align with internationally recognised frameworks (ILO, UN Global Compact).  ESRS S1 â Own workforce  Continued from previous page  Cadeler believes all employees contribute towards the maintenance of a safe working  environment and operates an intervention policy. Every person at a Cadeler worksite has  the authority and the responsibility to intervene in any job, activity or scenario whenever  there is a concern for safety. Concerns can be raised through the channels described in  G1-1. Cadeler is committed to doing its best to safeguard the health and safety of its em-  ployees. Cadeler requires all persons and third parties present at our workplaces world-  wide to observe all applicable legal requirements relating to occupational health and  safety standards.  Another cornerstone for improving employee working conditions is to guarantee the right  to freedom of association. This includes the right of employees to join or form groups,  such as unions, and to collectively advocate for shared interests. At Cadeler, this free-  dom allows employees to join labour unions or professional associations to represent  their rights, negotiate better working conditions and fair wages, and to promote work-  place safety.  Cadelerâs policies on working conditions apply to all employees and contractors, both  onshore and offshore.  Equal treatment and opportunities for all  Cadeler is committed to fostering a diverse and inclusive workplace, and has a policy un-  derscoring this commitment, emphasising equal opportunities for all employees to suc-  ceed and acknowledging that people start from different places. Cadeler views diversity  as more than a commitment â it is a cornerstone of our success. By actively promoting  equality, the Company fosters an environment enriched by diverse perspectives, includ-  ing race, gender, sexual orientation, religion, age, national origin and more. Recognising  that these unique qualities drive innovation and growth, the Company emphasises  diversity, equity and inclusion as essential for thriving in a global market and advancing  social sustainability. This policy extends to all employees and contractors, with encour-  agement for business partners to uphold similar values. To understand progress and  continually improve working conditions for employees, Cadeler tracks workforce data in-  cludes management levels, workplace locations, contract types and diversity metrics like  gender.  One of the ways Cadeler fosters a positive work environment is by committing to act as  an equal opportunity employer and cultivating a diverse and inclusive environment fos-  tering a sense of belonging. Cadeler recognises that all employees are unique and valua-  ble, and Cadeler respects everyone for their individual abilities and qualities. Cadeler  sees Diversity, Equity & Inclusion (DEI) as an integral part of its culture and identity, and  Cadeler celebrates being a multi-national, multi-cultural and LGBTQ+ embracing organi-  sation.  In developing its approach to its employees, Cadeler has considered the following po-  tential identities that may distinguish the specific needs of people within our workforce.  The characteristics considered includes but are not limited to race, ethnicity, nationality,  gender/gender identity, sexual orientation, age, political and religious beliefs, physical  abilities, and socioeconomic, marital or pregnancy (including maternity or paternity) sta-  tus.  Cadeler is unwavering in its commitment to treating all individuals with dignity and re-  spect, fostering a workplace that champions diversity and inclusion while opposing any  form of discrimination or harassment. This also means that employees are expected to  treat each other with respect and contribute to a positive work environment.  ESRS S1 â Own workforce  Continued from previous page  Cadeler believes that everyone has the right to work in an environment that contributes  positively to employeesâ health, psychological safety and well-being. This ambition in-  cludes fostering a safe, inclusive workplace where all individuals can work without facing  discrimination, harassment or bullying.  Cadeler aims at an inclusive workplace with zero tolerance for discrimination, harass-  ment or bullying and has a policy underscoring this focus. The policy underlines that it is  the responsibility of employees to foster a supportive work culture. Employees are ex-  pected to foster a positive and respectful work environment, engaging constructively  with colleagues and refraining from harmful behaviours. Those who witness or experi-  ence discrimination or harassment are urged to report incidents through Cadelerâs confi-  dential channels or other appropriate means.  Cadeler expects its employees, officers and directors to act with courtesy and respect in  all interactions, fostering a positive, inclusive and constructive workplace culture. This in-  cludes engaging thoughtfully with colleagues, avoiding harmful behaviours, and comply-  ing fully with employment laws, including prohibitions on discrimination, harassment,  child labour, and forced labour. Any unacceptable conduct should be reported to line  managers or business unit heads. In cases of unwanted behaviour, Cadeler is committed  to addressing all reports seriously and ensuring confidentiality. Records of reports and  outcomes are stored securely and confidentially. Consistent enforcement of the policy is  essential, with timely and thorough investigations for both reporters and respondents.  Support and appropriate workplace accommodations will be provided for those affected  by incidents of discrimination, harassment or bullying.  Other work-related rights  Cadeler respects the privacy and personal data of all individuals, including our employ-  ees and those we do business with, and is committed to complying with global data pro-  tection and privacy laws and regulations, including the EU General Data Protection Regu-  lation (GDPR). Cadelerâs personal data & privacy policy applies to all offshore and on-  shore employees, individual contractors who work for Cadeler and any persons who pro-  cess personal data on behalf of Cadeler.  he outlined policies apply to all offshore and onshore employees and other individuals  contracted to work for Cadeler. The policies are made available to all employees and are  required reading at the commencement of employment. The policies are approved by  the management, and have a designated departmentresponsible for implementing the  policies.  S1-2 Processes for engaging with own workforce and workersâ representatives  about impacts  Engaging with Cadelerâs own workforce is a central aspect of identifying and developing  initiatives and tools to improve working conditions for the workforce in Cadeler. Several  processes have been implemented to engage with employees about impacts.  Engagement takes place at an organizational level through various channels, including  virtual platforms, Workplace Assessments, committees and ongoing feedback between  employees and managers. While some channels are open on a yearly basis, e.g. Written  Workplace Assessment (APV in Danish), other channels are open throughout the year.  ESRS S1 â Own workforce  Continued from previous page  Cadeler has launched an updated employee handbook for onshore colleagues, and a  handbook will be launched for offshore colleagues next year (2025). The handbook out-  lines our expectations of employees as well as the formal rules that apply to employees  in a number of essential areas. The scope of the handbook is to provide information as  well as rules and guidelines related to a wide range of topics and areas (including infor-  mation about the organisation, safety-related information, Cadeler care programme, de-  velopment and policies, and Speak Up! channels) that Cadelerâs employees may encoun-  ter in their day-to-day work. For information on Cadelerâs confidential reporting channels  (Speak Up!), see section G1-1.  There are a number of HSEQ-focused initiatives that improve worker representation and  visibility to management and also enhance our focus on safety culture. These activities  are designed to impact safety performance in a positive way. They include safety repre-  sentatives elected from among the O-class and P-class workforce, safety coaches ap-  pointed by the company onboard S- and Z-class vessels, quarterly meetings with the  COO and Head of HSEQ, OHS meetings, and the Speak Up! and Well-being hotlines.  Cadeler has also established an Occupational Health & Safety Committee for all office  employees around the globe.Any inquiries, suggestions or good ideas with regards to  safety or the work environment are always encouraged at Cadeler and can be discussed  with both leadership representatives and employee representatives. Onboard our ves-  sels, safety representatives and safety coaches are available should employees have  any questions related to safety and the work environment.  S1-3 Processes to remediate negative impacts and channels for own workforce to  raise concerns and processes for engaging with own workforce and workersâ repre-  sentatives about impacts  Acknowledging the risk of negative impacts, Cadeler has established processes to ad-  dress them, including channels for its workforce to raise concerns and partnerships with  unions to stay informed about such issues and incidents. Cadelerâs confidential reporting  channel, including related awareness and communication activities, is further described  in section G1-1, Business Conduct. In response to any concerns raised, targeted remedy  measures will be developed and implemented.  As referenced in S1-2, Cadeler performs a recurring Workplace Assessment. These not  only seek to gain feedback on the physical parameters of a safe work environment, but  also gather feedback on parameters influencing the mental/psychological safety of  Cadelerâs employees across locations. The assessment is conducted every three years  as required by law or when significant changes occur and enables the remediation of any  negative impacts by creating awareness of them and allowing for the development of  targeted initiatives. To ensure coverage of perspectives from the entire workforce, the  assessment is distributed to every employee on a recurring basis, both onshore and off-  shore. In 2023, offshore employees on Wind Orca and Wind Osprey were requested to  participate. The intention is to get feedback from seafarers on Wind Scylla, Wind Zaratan  and Wind Peak in the coming year.  There are also annual appraisals held for all offshore employees as well as a continuous  dialogue between line managers and employees around employee development and  well-being. All leaders are encouraged to regularly check in with their team to share in-  sights, concerns and identify any potential negative impacts. At the team level, the  leader is encouraged to continually track the progress of team initiatives set out in the  OKR framework (Company goal setting framework), noting that this framework. Leaders  ESRS S1 â Own workforce  Continued from previous page  should also provide ongoing feedback to team members to ensure close collaboration  and well-being across the team, and are also encouraged to regularly check in with their  team members on an individual basis. This can be to define and track how the individual  member contributes to the success of the team and the Company. Additionally, this  should be an opportunity to check in on well-being and discuss development opportuni-  ties for the individual.  Cadeler is committed to addressing all reports seriously and to ensuring confidentiality.  Records of reports and outcomes are stored securely and confidentially. Consistent en-  forcement of the policy is essential, with timely and thorough investigations for both re-  porters and respondents. Support and appropriate workplace accommodations will be  provided for those involved in incidents of discrimination, harassment or bullying.  Cadeler aims to foster a safe and inclusive workplace by promoting a positive culture,  holding employees accountable, investing in initiatives, and training employees to handle  these issues empathetically and objectively.  Finally, Cadeler has a strong focus on collaboration with unions, as they also constitute a  central stakeholder with which employees can raise any concerns. Most offshore em-  ployees are employed under collective bargaining agreements which â together with lo-  cal laws & internal rules â secure the rights and working conditions of our employees. We  have an ongoing dialogue with union representatives onboard our vessels to find com-  mon and sustainable solutions to topics like cooperation, development, work environ-  ment and health & safety.  Regardless of the channel used for providing feedback to Cadeler, employees are in-  formed about the process and informed of their rights when raising concerns.  Cadelerâs does not yet have a universal response for providing remedy should incidents  occur, instead, it currently handles incidents on a case by case basis. To work with this  approach, Cadeler ensures it has the resources available to investigate and act upon any  incidents raised. Cadeler has employed an Ethics and Compliance Manager to address  concerns and prevent future incidents. Cadelerâs onshore and maritime (offshore) HR de-  partments, comprising 19 full-time employees, are also responsible for ensuring em-  ployee safety and well-being whenever such incidents occur.  S1-4 Taking action on material impacts on own workforce, and approaches to man-  aging material risks and pursuing material opportunities related to own workforce,  and effectiveness of those actions  Working conditions  Cadelerâs number one priority remains the health and safety of the people on board its  vessels and in its offices. We believe that all incidents are preventable and that everyone  should leave Cadeler worksites in the same or better condition  than when they arrived. Consequently, the Company continuously works to improve its  health and safety processes, ensuring its employees and project partners have a secure  workspace. However, even the best procedures and compliance with all requirements  are not always enough to create a healthy and safe environment. Consequently, we need  to push beyond compliance with industry safety standards and instil a culture of safety  which drives the behaviour and attitude of each and every individual to improve health &  safety performance.  ESRS S1 â Own workforce  Continued from previous page  Cadeler believes all employees contribute towards the maintenance of a safe working  environment and operates an intervention policy. Every person at a Cadeler worksite has  the authority and the responsibility to intervene in any job, activity or scenario whenever  there is a concern for safety. A culture of safety is cultivated by Cadelerâs four Safety  Leadership Principles, which emphasise that at Cadeler we are all safety ambassadors  and which promote:  â¢Influence â I take ownership of my own safety, I look out for colleagues, clients  and contractors and help them to stay safe, I promote a good feedback culture, I  share experience, knowledge and best practice  â¢Intervention â I stop the work if the task deviates from the plan, I intervene if I  see any unsafe conditions or acts, I appreciate it if someone intervenes in the  way I perform my work, I promote an open culture where a mistake is a learning  opportunity  â¢Improvement â I take ownership of the implementation of improvements, I look  and think ahead, I use learnings from similar tasks, I report improvement pro-  posals  â¢Insight â I understand the risks associated with the job and act accordingly, I en-  sure that risk assessment is part of any work process, I ask when in doubt, I con-  tinuously search for safety improvements Cadelerâs 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 certified that Cadelerâs systems, processes  and operations comply with the requirements of ISO 9001/14001/45001. The relevant  flag states, or entities authorised by them, have issued a âDocument of Complianceâ veri-  fying that Cadeler operates vessels in compliance with ISM code requirements. Cadeler  continues to improve and customise its management  system so that it better meets the unique needs of its business, providing operations as  a transportation and installation contractor. Since the combination with Eneti in Dec  2023, Cadeler has operated on separate systems, but in 2024 we have been working to  integrate management systems and merge KPI reporting.  Cadeler leverages insights from engagement processes (S1-2) and the Written Risk As-  sessment (APV in Danish) to identify emerging risks and develop tailored action plans to  mitigate them. Recognising that risks vary across geographies, onshore and offshore  workplaces, and over time, Cadeler emphasises localised solutions to address specific  challenges. The company is committed to developing, implementing and continuously  improving HSEQ processes using a risk-based approach. By fostering a culture of learn-  ing from experiences, incidents and observations, and empowering individuals to chal-  lenge unsafe practices, Cadeler ensures safety and quality remain paramount. Addition-  ally, Cadeler prioritises collaboration with contractors and suppliers who share its HSEQ  values and ambitions.  In addition, Cadeler prioritises the day-to-day health and well-being of its employees,  aiming for them to leave work in better condition than when they arrived. These efforts  reflect Cadelerâs commitment to fostering a healthy, balanced and supportive work envi-  ronment:  ESRS S1 â Own workforce  Continued from previous page  â¢Health and Fitness: On-site employee gyms (where possible) allow workouts dur-  ing work hours, provided this does not interfere with tasks or meetings.  â¢Health Check-ups: Offshore employees undergo mandatory health checks, while  onshore employees are offered well-being assessments and extensive medical  examinations with specialists.  â¢Private Healthcare Insurance: Onshore employees are covered, and plans for off-  shore employees are underway. We are currently working on establishing private  healthcare insurance for all offshore employees.  â¢Life in Balance Programme: A 2024 initiative offering five seminars on topics like  sleep, nutrition and meditation, promoting physical and mental health.  â¢Well-being hotline: all employees have access to a well-being hotline where they  can address health- and wellbeing concerns to a third party professional.  Cadeler strongly believes in flexibility in its employeeâs work and life. For offshore em-  ployees, the Company does all it can to support personal wishes so its employees can  take part in lifeâs important events. For onshore employees, Cadeler has a work from  home policy, allowing people to accommodate work and life. Cadeler also supports fami-  lies with an accommodating parental care policy. Onshore, the parental care policy goes  above and beyond the statutory laws & regulations to help employees lead a balanced  life with their family.  Equal treatment and opportunities for all  Cadeler strives to prevent, mitigate or remediate adverse human rights impacts that our  business operations may cause or contribute to, while also being committed to fostering  a diverse and inclusive workplace, emphasising equal opportunities for all employees.  As an equal opportunity employer, Cadeler is dedicated to fostering a supportive, inclu-  sive and growth-oriented workplace. To ensure fair career development opportunities,  the company has established systems that facilitate internal mobility and clearly defined  offshore career paths. A key initiative supporting this commitment onshore is "The  Cadeler Position Turbine," a transparent title structure that outlines professional levels  and their associated qualifications.  Cadeler conducts annual employee reviews during which leaders gather feedback about  each employee from colleagues to gain a broader perspective and mitigate potential bi-  ases. This feedback is used to provide constructive input and to identify candidates for  change of roles.  In 2024, Cadeler achieved in transiting numerous onshore employees to new roles within  the company, while offshore roles saw significant internal rotation. Cadeler supports em-  ployees in developing their professional competencies and skillsets by supporting em-  ployees in taking on new roles within the organisation. Cadeler believes that employees  develop through being offered challenging tasks and sufficient training (e.g. vessel  courses and competency-based learning). Additional support includes external educa-  tion and professional memberships. Related to this point, in 2024, all onshore leaders  participated in workshops on change management, feedback and self-reflection.  ESRS S1 â Own workforce  Continued from previous page  Additionally, 15 leaders (33%) enrolled in formal leadership programmes to enhance their  skills and better support their teams.  When recruiting new employees, Cadeler ensures a transparent process where all candi-  dates follow the same recruitment procedure. Expectations for the role are clearly out-  lined in the job description, and all candidates are selected based on their professional  qualifications for the position. Cadeler is committed to creating a diverse, inclusive and  supportive workplace where all individuals are treated with respect and dignity. Cadeler  maintains a zero-tolerance approach to discrimination, harassment and bullying, empha-  sising the psychological safety, health, and well-being of all employees. These principles  apply to employees, contractors and business partners, who are encouraged to uphold  similar standards.  Finally, with the assistance of a specialist third party consultancy, in 2024, Cadeler under-  took an organisation-wide Human Rights Impact Assessment to review, understand and  mitigate salient risks and impacts to workers and other persons across Cadelerâs busi-  ness as and value chain. The results of this assessment will feed into Cadelerâs future im-  provement plans relating to its own workforce.  Other work-related rights  As per section 99d of the Danish Financial Statements Act, Cadeler as a listed company  is obliged to disclose its policy on data ethics. Cadeler complies with all relevant laws  and regulations concerning data privacy, confidentiality and cyber security. Cadeler is  committed to ensuring the security, privacy and proper handling of information by adher-  ing to all relevant laws and regulations governing the creation, storage, dissemination  and destruction of information. Regular training is provided to employees handling sensi-  tive information, enhancing their awareness of information and cyber security.  Information is classified based on its importance, the risk of wrongful disclosure and the  potential business impact of such disclosure. All information is used solely for its in-  tended business purposes, disclosed only to authorised individuals, and handled with  care when shared with third parties. Highly sensitive information is encrypted before  transmission to ensure its security.  Business owners of information are held accountable for its protection, and regular risk  assessments are conducted to identify and address information and cyber security risks,  especially during system or process changes. These assessments follow industry best  practices and Cadelerâs risk management guidelines.  To ensure secure disposal, sensitive information is destroyed in a way that prevents re-  constitution, whether on paper, digital devices or storage media. Physical access to  premises is controlled to minimise unauthorised access or removal of sensitive infor-  mation, and sensitive information is sent exclusively through corporate-authorised email  systems. Mobile devices containing sensitive information or accessing corporate net-  works are secured to prevent unauthorised data leakage. Similarly, all computers and IT  equipment are protected against unauthorised access. Strong controls are in place to  protect personal data and ensure compliance with applicable laws and regulations, re-  flecting Cadelerâs commitment to data privacy and security.  ESRS S1 â Own workforce  Continued from previous page  The following principles form the basis for Cadelerâs responsible handling of data and  support and inform our security and personal data policies and procedures:  â¢Transparency: We aim for transparency in all aspects of how we handle data, in-  cluding ensuring individuals know how their data is used and for what purpose.  â¢Respect: We respect the rights of all our employees and those we do business  with to make informed data choices and are committed to complying with all ap-  plicable legal and privacy requirements.  â¢Security: We seek to protect the confidentiality, integrity and availability of  Cadelerâs digital assets and data in compliance with relevant laws and industry-  specific standards.  This Policy is subject to annual review and approval by Cadelerâs Senior Leadership  Team.  ESRS S1 â Own workforce  Continued from previous page  Metrics & Targets  S1-5 - Targets related to managing material negative impacts, advancing positive  impacts, and managing material risks and opportunities  Working conditions  Cadelerâs top priority is the safe execution of all activities. The ultimate target for em-  ployeesâ health and safety is zero harm, meaning that no incidents or accidents take  place while working for Cadeler â this includes both onshore and offshore employees.  The safety management objectives of Cadeler remain focused on defining safe prac-  tices for vessel operations by controlling all identified risks to the Companyâs ships, per-  sonnel and the environment, and establishing appropriate safeguards.  We believe that all incidents are preventable and that everyone should leave Cadeler  worksites in the same or better condition than when they arrived. Achieving our zero-  harm goal is a milestone, not an endpoint, as continued improvement has to be made to  achieve zero-harm year after year. Health and safety remain top priorities, evolving in  scope alongside the Companyâs growth and adapting to the dynamic risk landscape  shaped by societal and technological advancements.  Even though Cadeler has a zero-harm goal in place and action plans aimed at preventing  human injury and loss of life, Cadeler recognises a remaining risk for accidents and inci-  dents. For this reason, Cadelerâs approach is to continue to develop, follow and improve  its HSEQ processes; use a risk-based approach when conducting our activities; nurture a  culture of continuous improvement where we learn from activities, successes, failures,  incidents and observations; empower 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.  Cadelerâs own workforce has not been directly involved in setting the zero harm target,  as this remains a management-level responsibility. However, they are indirectly engaged  in tracking performance through observation cards and participation in safety meetings,  allowing them to help identifying potential improvements. Additionally, a workplace as-  sessment has been conducted on the O-class, with the aim of extending this assess-  ment to Cadelerâs remaining fleets in the future.  Equal treatment and opportunities for all  While Cadeler is an equal opportunity employer and fosters a diverse and inclusive envi-  ronment, the company has not set specific targets or KPIs for workforce diversity, either  onshore or offshore, but always aims to recruit the best candidate for the role, regardless  of their identity. Cadeler encourages interested applicants regardless of race, gender,  sexual orientation, religion, age or any other characteristics to apply for vacancies.  Cadeler is committed to treating all individuals with dignity and respect, fostering a work-  place that champions diversity and inclusion while opposing any form of discrimination  or harassment.  Cadeler acknowledges that the maritime industry has an uneven gender balance. The  candidate pool recruited from, especially for offshore positions, has more representation  from men.The approach to working with this imbalance is to recognize that gender dis-  tribution begins as early as school, so Cadeler has implemented initiatives to enhance  recruitment efforts. For example, the Company maintains a strong presence at universi-  ties in the UK and plans to collaborate with Denmarkâs Technical University (DTU) in 2025,  as well as universities in France, Italy and the Netherlands. The ultimate goal is to inspire  ESRS S1 â Own workforce  Continued from previous page  students from all backgroundsâregardless of race, gender, sexual orientation, religion,  age, national origin, or other characteristicsâto consider career opportunities in the  maritime sector, specifically at Cadeler.  Other work-related rights  Cadeler is committed to handling data responsibly. Whilst we seek to harness the bene-  fits that new technology and data usages bring, we will always respect and uphold the  fundamental rights of all our employees and stakeholders. As a starting point, Cadeler  has developed training sessions with the ambition that all employees will complete the  training. The purpose is to ensure that all employees are informed about the data privacy  responsibilities they carry when working at Cadeler and also which policies and responsi-  bilities apply to Cadeler as an organisation working under Danish law.  Besides providing employees with information on policies, the training will also be used  to identify relevant targets for data privacy in Cadeler. In other words, to identify a risk  profile for Cadeler, including data on leaks, relevant departments or employees for  training, and similar. After developing the risk profile, the relevant targets will be defined  and followed by corresponding action plans to mitigate potential risks.  S1-6 - Characteristics of the undertakingâs employees  Given the nature of our services and the industry that Cadeler operates in, the tables  showing the number of employees, diversity, gender distribution, etc. are broken down  into onshore and offshore segments.  Cadeler are proud of having, what we believe to be, a very international workforce both in  terms of our locations and the nationalities represented across our different locations.  While the vast majority of our workforce is situated in Denmark and United Kingdom,  Cadeler also has employees located in our offices in Japan, Taiwan and US. These em-  ployees are disclosed under âOtherâ in the table below.  United  Denmark  Kingdom  Other  Total  Onshore  Offshore  Onshore  Offshore  Onshore  Offshore  Number of Employees [Head Count]  169  248  73  154  15  -659  Number of permanent employees [Head Count]  166  229  67  151  8-621  Number of temporary Employees [Head Count]  -19  23--24  Number of non-guaranteed hours employees  [Head Count]  3-4-7-14  ESRS S1 â Own workforce  Continued from previous page  S1-9 - Diversity metrics  Although Cadeler strives to ensure diversity, there remains a gender imbalance, with 543  male employees and 116 female employees in the workforce by the end of the 2024.  Cadeler hopes that its initiatives and diversity policies will favour our future representa-  tion on these metrics, fostering more gender diversity across both our onshore and off-  shore business activities.  Male  Female  Total  Onshore  Offshore  Onshore Offshore  Number of Employees  [Head Count]  157  386  100  16  659  Number of permanent  employees [Head Count]  145  367  96  13  621  Number of temporary  employees [Head Count]  119  1324  Number of non-guaranteed  hours employees  [Head Count]  11  -3-14  In terms of age diversity, the majority of employees across Cadeler fall within the age  group of 30 to 50 years. For onshore roles, the age groups under 30 and over 50 are  equally represented, whereas offshore roles have the smallest proportion of employees  in the under 30 age group.  Number of Em-  Age  Onshore  Offshore  ployees  56  26  82  Below 30 years [Head Count]  (21.8%)  (6.5%)  (12.4%)  145  264  409  Between 30 and 50 years  [Head Count]  (56.4%)  (65.7%)  (62.1%)  56  112  168  Above 50 years [Head Count]  (21.8%)  (27.9%)  (25.5%)  Cadelerâs Diversity, Equity & Inclusion Policy, outlines and guides the companyâs active  support and embracement of a diverse and inclusive organization, building on a firm  commitment to equal opportunities for all. This commitment includes prioritizing diver-  sity and inclusion across all levels of the organization, including the Senior Leadership  Team, where in 2024 women represented a 30% of the total composition. In addition to  gender diversity and in accordance with §107d of the Danish Financial Statements Act,  Cadeler considers factors such as age, nationality or professional and educational back-  ground in our approach to higher inclusivity at Board of Directors and Executive Manage-  ment level. Details can be found in pages 35-38 from the Corporate Governance section.  Total  %Male  770.0%  Female  330.0%  Senior Leadership Team  10  100.0%  ESRS S1 â Own workforce  Continued from previous page  S1-14 - Health and safety metrics  Cadelerâs biggest priority remains the health and safety of our entire workforce. Cadeler  is ISO-45001 certified, meaning that all employees including onshore and offshore work-  ers are covered by the integrated management system.  In 2024 no fatalities occurred among Cadelerâs workforce or other workers operating on  Cadeler-controlled sites, reflecting the effectiveness of our health and safety measures  and our commitment to a safe working environment.  There were 3 total recordable incidents for the year, resulting in a Total Recordable Inci-  dent Frequency (TRIF) of 2.43. Lost-time incidents were 1, leading to 101 days lost due to  work-related injuries and an overall Lost Time Incident Frequency (LTIF) of 0.81.  2024  20231  %change  Percentage of people in our workforce cov-  ered by health and safety management sys-  tem  100%  100%  0%  Number of fatalities in our workforce as re-  sult of work-related injuries and work-related  ill health  000%  Number of fatalities as result of work-related  injuries and work-related ill health of other  workers working on Cadeler-controlled sites  000%  Total recordable incidents  31200%  Total recordable incident frequency (TRIF) -  incidents per million hours worked  2.43  1.75  39%  Number of lost-time incidents  110%  Number of days lost to work-related injuries  101  31  226%  Lost time incident frequency (LTIF) - lost  time incidents per million hours worked  0.81  1.75  -54%  Total person working hours  1,234,903  570,700  116%  1. Note that limited assurance does not extend to data from years prior to 2024.  ESRS S1 â Own workforce  Continued from previous page  S1-17 - Incidents, complaints and severe human rights impacts  Cadeler received 10 complaints of various character during 2024 through our channels to  raise concern. There were no reported incidents of discrimination, nor were any fines,  penalties, or compensation issued in relation to such cases. Similarly, no complaints  were, to the best of our knowledge, filed with the National Contact Points.  No severe human rights issues or instances of non-compliance with the UN Guiding  Principles and OECD Guidelines for Multinational Enterprises were identified. As a result,  there were no fines, penalties, or compensation related to these matters.  Although Cadeler does everything it can to foster an open culture, it acknowledge that a  number of cases might never be reported through Cadelerâs channels, and thus, the dis-  closed numbers might be understated.  2024  Number of incidents of discrimination [cases]  0Number of complaints filed through channels for people in own workforce to  raise concerns [cases]  10  Number of complaints filed to National Contact Points for OECD multinational  enterprises  0Total amount paid in fines, penalties and compensation for damages result of  incidents of discrimination [monetary]  0Number of severe human rights issues and incidents connected to own  workforce [cases]  0Of which are cases of non-respect of UNGPs and OECD guidelines  0Total amount paid in fines, penalties and compensation for severe human  rights issues and incidents connected to own workforce [monetary]  0ESRS S1 â Own workforce  Continued from previous page  Methodology  Disclosure  Methodology  Requirement  S1-6: Character-Cadeler defines gender by distinguishing between male and female in the context of this  istics of the un-  calculation, due to the available data structure. The reported head count represents the  dertakingâs em-  total number of employees on the payroll at year-end. The allocation of employees by  ployees  country relies on the following principles: Onshore employees are assigned to a country  based on the contract rather than where they are geographical located. Thus, an em-  ployee working under a contract, such as a Danish contract, but physically located at an-  other geographical location, will be included in the headcount in Denmark due to the  origin of the contract. Offshore employees are categorised differently, as they are on the  vessels: for Danish-flagged vessels, all crew members are allocated to Denmark, as the  entire crew operates under Danish contracts. For other vessels, where crew members  are employed under multiple contracts associated with different jurisdictions, it is not  feasible to assign them to a specific country. As a result, these employees are grouped  under the category "Other". This methodology ensures a consistent approach to report-  ing onshore and offshore head count distribution.  Cadeler distinguishes between three different types of contracts:  Permanent employees are defined as long-term employees on contracts of indefinite  duration. Temporary employees are employees on a time-limited contract. Offshore  temporary contracts cover all employees apart from the regular crew, due to shorter pro-  jects or unexpected circumstances. Onshore, temporary contracts cover limited periods  (e.g. six months). Non-guaranteed hours employees include only onshore employees on  flexible contracts, as offshore employees work exclusively under defined terms.  Disclosure  Methodology  Requirement  S1-9: Diversity  Top management level is defined as the Senior Leadership Team, including the CEO,  metrics  CFO, Executive Vice Presidents and Senior Vice Presidents. The age count is based on  the age distribution of the workforce at 31/12 (year-end).  S1-14: Health  Cadeler is covered by ISO-45001. Therefore, 100% of the workforce is covered by our  and safety met-  Health and Safety System. The number of recordable work-related accidents is defined  rics  as accidents which occurred on the job. The categories includes fatalities, Lost Time In-  jury, medical treatment cases and restricted work cases. The number of days lost to  work-related injuries are collected by linking payroll data to known work-related injuries.  S1-17: Incidents,The number of incidents of discrimination and harassment refers to cases classified un-  complaints and  der the following categories defined in our confidential reporting channel (Speak Up!):  severe human  Discrimination and Harassment: Uninvited and unwelcome verbal or physical conduct di-  rights impacts  rected at an employee because of his or her gender, religion, ethnicity or beliefs (exam-  ples include bias in hiring, bias in assignments, wrongful termination, bias in promotions,  bias in educational decisions, unfair compensation, inappropriate language).  Sexual Harassment: The making of unwanted and offensive sexual advances or of sex-  ually offensive remarks or acts, especially by one in a superior or supervisory position or  when acquiescence to such behaviour is a condition of continued employment, promo-  tion or satisfactory evaluation.  Retaliation: Verbal, physical or written discriminatory or harassing behaviour toward an  individual who has made a good faith report regarding a compliance issue.  ESRS S2 - Workers in the value chainStrategy  ESRS 2 SBM-3 - Material impacts, risks and opportunities and their interaction with  strategy and business model  To successfully deliver its transportation, installation and maintenance services across  various geographies, Cadeler needs to engage and collaborate with the many suppliers  and other third parties that provide the required goods and services that support the op-  eration of our assets and execution of our projects. Cadelerâs disclosure on workers in  the value chain therefore aims to cover impacts and potential material impacts on work-  ers for our tier one suppliers as well as further down the value chain, as related to risk of  health and safety incidents and infringements of labour rights and other human rights.  Cadeler has identified the following categories of potentially impacted workers in our  value chain:  â¢Workers in the direct supply chain: for example, shipyard workers, contractors  performing services on Cadelerâs vessels, workers at companies providing equip-  ment and services for Cadeler, workers at transportation companies. These work-  ers are mostly upstream from Cadelerâs business. A smaller number of workers  may be considered downstream, i.e. those working for waste management pro-  viders or with the decommissioning of project equipment and eventually vessels.  â¢Workers in the indirect supply chain: for example, workers at companies provid-  ing parts and services to Cadelerâs direct supply chain.  â¢Workers in the extended supply chain: for example, workers supporting the ex-  traction of raw resources or the production of energy that is eventually used by  Cadeler or its supply chain.  Cadeler views the risk for potential impacts on workers in its supply chains to be related  to an elevated risk of workplace accidents in the offshore and construction industries  compared to other industries and to potential human and labour rights risks to exist  where we have direct and indirect suppliers in certain geographies. Cadelerâs strategy to  addressing these risks is focused on improving our supply chain management practices.  Impacts, risks and opportunities management  S2-1 - Policies related to value chain workers  Working conditions  Cadelerâs Supply Chain Code of Conduct is shared with suppliers across our value chain  and informs Cadelerâs partners of its expectations related to their environmental, social  and governance management practices. It is applicable to all new onshore and offshore  suppliers and includes requirements and expectations related to forced and child labour  (in accordance with applicable ILO standards); health and safety; non-discrimination;  freedom of association and collective bargaining; and grievance mechanisms.Further  information on Cadelerâs Supply Chain Code is provided in G1-2.  As part of Cadelerâs supplier onboarding process, and in accordance with Cadelerâs Sup-  ply Chain Code of Conduct, suppliers are expected to have in place, or agree to adopt  within a reasonable timeframe, health and safety policies and management systems  ESRS S2 - Workers in the value chain  Continued from previous page  designed to reduce work-related injury and illness and promote the general health of em-  ployees. Suppliers are requested to ensure that information regarding health and safety  systems and standards is made readily available to employees in the appropriate lan-  guage(s).  Through effective and frequent communication, suppliers should ensure that employees  are aware of the suppliersâ obligations with regard to site safety and their own obliga-  tions with respect to ensuring the safety of themselves and other employees.  As a minimum, suppliers should provide employees reasonable access to potable water  and sanitary facilities, fire safety, emergency preparedness and response, industrial hy-  giene, adequate lightning and ventilation, equipment for prevention of occupational inju-  ries and illness and proper machine safeguarding. Suppliers should also ensure these  same standards apply to any dormitory or canteen facilities.  Suppliers should have a policy in place that is aligned with all national and other applica-  ble laws and regulations regarding alcohol and other drug abuse prevention measures,  testing for such, and should communicate this appropriately to employees.  Cadeler expects that its suppliers do not use forced, coerced, bonded or indentured, or  involuntary labour of any form. All work, including overtime work, shall be of the em-  ployeeâs own free will. Employees should be free to leave employment upon giving rea-  sonable notice. Suppliers should not require employees to hand over government-issued  identification papers, passports or work permits as a condition of employment.  All employees must have written contracts that comply with local laws. Suppliers must  pay each employee at least the legal minimum wage plus benefits (where applicable)  and are encouraged to follow voluntary codes. Suppliers must pay their employees  promptly, providing each with clear, written accounting for every pay period. Wages  should be paid regularly, on time and be fair in respect of work performance. Payment  should not be made more than one month in arrears and deductions should not be made  from employeesâ pay for disciplinary reasons or to compensate the employer for provid-  ing safer work conditions. Working hours must not exceed the legal limit and, where rele-  vant, notification should be given of any particular hazards or risks associated with the  work being done. Employees should be properly compensated for overtime according to  the law and within legal working hour limits.  Employees should be granted their stipulated annual leave and sick leave without any re-  percussions and should be able to take their stipulated maternity or paternity leave in ac-  cordance with national and local laws.  Cadeler is committed to providing equal opportunities for all. Suppliers shall not discrimi-  nate on the basis of race, national or ethnic origin, gender, sexual orientation, religion,  disability, age, cultural background, social group, material status, family status or political  opinion, or other similar factors. Employees shall be treated with dignity and respect. This  should be achieved by providing a workplace in which no employee is subject to any kind  of physical, sexual, psychological or verbal harassment or abuse, nor threat of such treat-  ment.  All employees,if any, under the age of 18 must be protected from performing any work  that is likely to be hazardous, or likely to interfere with the young personâs education, or  that may be harmful to the young personâs health or safety. Suppliers should also adhere  to legitimate workplace apprenticeship programmes and comply with all laws and regula-  tions governing youth labour and apprenticeship programmes. This explicitly includes the  requirements of the International Labour Organisationâs Minimum Age Convention, 1973  (No. 138) and Worst Forms of Child Labour Convention, 1999 (No. 182), irrespective of  whether they have been ratified by the local country of operation.  Cadeler is committed to creating an environment free of discrimination, harassment and  bullying. This means that all employees, including individuals contracted to work for  Cadeler, must contribute to the creation of a work culture that is engaging, supportive,  and free from negative and harmful behaviours. Also, suppliers are requested to take in-  tentional and thoughtful steps towards having positive engagement with colleagues and  refrain from causing intentional harm.  Other work-related rights  Cadelerâs Human Rights Policy sets out our commitment to respect the human rights of  our employees and those who perform work on behalf of Cadeler.It covers topics in-  cluding forced and child labour (in accordance with applicable ILO standards), health and  safety, non-discrimination, freedom of association and collective bargaining, and griev-  ance mechanisms.  Cadelerâs Human Rights Policy explicitly prohibits the use of all forms of modern slavery,  included forced or indentured labour, and any form of human trafficking.Cadeler en-  courages all those it does business with to adhere to similar standards. The approach is  based on the principles set out in the International Bill of Human Rights, the UN Guiding  Principles on Business and Human Rights, and the International Labour Organizationâs  (ILO) Declaration on Fundamental Principles and Rights at Work.  Cadeler respects the privacy and personal data of all individuals, including our employ-  ees and those we do business with, and is committed to complying with global data pro-  tection and privacy laws and regulations, including the EU General Data Protection  Regulation (GDPR). Cadelerâs policy sets out our requirements for ensuring all personal  data is handled by or on behalf of Cadeler in a fair, lawful and transparent way.  The policies are approved by Cadeler management, while a designated department is re-  sponsible for implementing each policy.  S2-2 - Processes for engaging with value chain workers about impacts  Cadeler actively seeks to select and work with suppliers that comply with laws and regu-  lations and also go beyond by setting standards that are expected of an industry leader.  Cadeler has a strong preference for working with suppliers who share our commitment to  honesty and integrity and who seek to integrate principles of sustainable development  into all areas of their business.  When collaborating with Cadeler, suppliers need to confirm that they perform their busi-  ness and organisational activities as per our Supply Chain Code of Conduct, which is the  foundation for setting the right framework and values for a positive work environment at  Cadeler. Furthermore, the responsible employment manager informs suppliers about  their rights and obligations to raise concerns whenever experienced.  Cadeler is committed to safeguarding the health and safety of its employees, those with  whom it does business and the communities within which it operates. Cadeler requires  all relevant persons and third parties present at Cadeler workplaces worldwide to ob-  serve all applicable legal requirements relating to occupational health and safety stand-  ards and encourages suppliers it works with to focus on safety management at their own  sites.  ESRS S2 - Workers in the value chain  Continued from previous page  ESRS S2 - Workers in the value chain  Continued from previous page  S2-3 - Processes to remediate negative impacts and channels for value chain work-  ers to raise concerns  Cadeler has a publicly available, confidential reporting channel (Speak Up!) to raise seri-  ous concerns, including those related to potential human rights violations. Cadeler has  selected an independent third party, EthicsPoint, to provide this channel.All concerns  raised are sent to Cadeler by EthicsPoint on a confidential and anonymous basis, unless  anonymity is waived by the person reporting. This channel is available to all Cadeler em-  ployees, any person who works on Cadelerâs behalf and any person with a relationship to  Cadeler, including our clients and suppliers. Further information on Cadelerâs reporting  channel is provided at G1-1.  Cadeler does not have a standard remediation action for all cases, instead, relevant ac-  tions to remediate any incident are determined on a case by case basis. Actions to pro-  vide remedy will be defined, if viewed as necessary, after the specific incident reported is  examined and analysed in accordance with relevant internal procedures.  In 2024, there were no reported cases concerning potential human rights violations  through Cadeler's confidential reporting channel or, to the best of Cadeler's knowledge,  through other available channels.  S2-4 - Taking action on material impacts on value chain workers, and approaches to  managing material risks and pursuing material opportunities related to value chain  workers, and effectiveness of those actions  To help identify Cadelerâs material social risks, impacts and opportunities in 2024,  Cadeler undertook its first global human rights impact assessment (the âimpact assess-  mentâ) with the assistance of specialist external advisors. This was undertaken in accord-  ance with the expectations set out in the UN Guiding Principles and included:  i) Saliency Mapping: Mapping Cadelerâs value chain (from supply chain to wind farm con-  struction, maintenance and decommissioning, as well as direct operations and business  relationships) against internationally recognised human rights. This involved a combina-  tion of interviews with key internal and external stakeholders and desk-based research to  determine the saliency and causal relationship of each human right in terms of potential  impact on key rightsholder groups most relevant to Cadelerâs business.  ii) Gap Analysis: Determining the degree to which Cadelerâs existing set of measures and  approach to human rights align with the expectations of the UN Guiding Principles as  well as forthcoming European regulatory standards on human rights due diligence. Sup-  plemented by benchmarking against industry peers and leadership companies to identify  current management practices, including best practices.  The assessment is in the final stage, with delivery of an impact assessment report to  Cadeler in the coming months. Collectively, these findings are being used to inform and  develop a proportionate and tailored human rights strategy and implementation  roadmap for Cadeler, which the company expects it can share the details of in the next  reporting year.Cadeler has allocated resources to implementing an formal action plan.  ESRS S2 - Workers in the value chain  Continued from previous page  Moreover, the assessment will also examine how Cadeler can best integrate appropriate  remedy mechanisms to address potential negative impacts within our operations and  value chain. Furthermore, we will establish methods to measure the effectiveness of  these mechanisms, ensuring continuous improvement and alignment with international  standards such as the UN Guiding Principles on Business and Human Rights (UNGPs)  and the OECD Guidelines for Multinational Enterprises.  Cadeler is unaware of any severe human rights issues and incidents connected to up-  stream and downstream value chain for the reporting year 2024.  Metrics & Targets  S2-5 - Targets related to managing material negative impacts, advancing positive  impacts, and managing material risks and opportunities  Working conditions  Cadeler has not yet set specific targets related to managing impacts, risks and opportu-  nities for workers in its value chain. The company has had a third party perform a Human  Rights Risk assessment in 2024. Cadeler is to receive a list of suggested improvement  points from this assessment within Q1 2025. The Company will work to use the sug-  gested improvements from this assessment as guidance in setting targets for improving  its performance related to workersâ rights in the value chain. Cadeler expects it will be  possible to present concrete targets related to this topic within the next reporting year.  GovernanceESRS G1 â Business ConductImpacts, risks and opportunities management  G1-1 - Business conduct policies and corporate culture  Business conduct policies and corporate culture  Cadelerâs Code of Conduct (the âCodeâ) outlines the principles and guidelines for main-  taining ethical business practices and integrity within Cadeler. It sets the values those  working for Cadeler are expected to adhere to, including with respect to anti-bribery and  corruption; health, safety and environment; and equal opportunities, diversity and re-  spect in the workplace. The Code is publicly available and is mandatory for all onshore  and offshore employees, officers and directors of Cadeler. It is reviewed and approved  annually by the Board.  The Code is supported by internal policies and procedures which help to further  strengthen Cadelerâs approach to key areas of business conduct, including inter alia,  Health, Safety, Environment & Quality; Anti-bribery & Corruption; Sustainable Develop-  ment; Human Rights; and Personal Data & Privacy.  Protection of Whistleblowers  All employees and any person that has a relationship with Cadeler, such as our clients  and suppliers, are encouraged to raise concerns whenever they identify activities which  are not aligned with Cadelerâs values and behaviours. To facilitate this, Cadeler has a  publicly available confidential reporting channel (Speak Up!), which provides a framework  for concerns to be raised confidentially and without fear of adverse repercussions. This is  operated by an independent third party (EthicsPoint) and provides an anonymous and  confidential method to raise concerns about serious matters of unethical or improper  conduct, including suspected violations of applicable laws and regulations or Cadeler  policies and procedures; discrimination, bullying or harassment of any kind; and environ-  mental, health and safety or human rights concerns.  Cadeler prohibits retaliation of any kind against employees who speak up in good faith,  even if it may result in a loss of business. We take every report of potential misconduct  seriously and are committed to undertaking all reviews and investigations in an inde-  pendent, fair and impartial manner.  Information about the confidential reporting hotline is available on our Intranet, through  our training materials and on our website. Awareness is also raised amongst employees  through the display of posters in shared areas at both onshore and offshore workplaces  and, to increase accessibility, a QR code linked to the hotlineâs webpage is available, en-  couraging employees to voice concerns whenever necessary. Cadelerâs Supply Chain  Code of Conduct also refers to the confidential reporting channel, emphasising that  value chain workers can raise concerns and seek remediation without fear of retaliation.  G1-2 - Management of relationships with suppliers  In line with its approach to responsible business, Cadeler actively seeks to select and  work with suppliers who not only comply with laws and regulations but go beyond by set-  ting standards that are expected of an industry leader. Cadeler has a strong preference  for working with suppliers who share our commitment to honesty and integrity and who  seek to integrate principles of sustainable development into all areas of their business.  Cadeler commits to paying all its suppliers and partners, including SMEs, in due time as  per the agreed payment terms. This is reflected in the Finance Management procedures  within the invoice payment process. Invoices are filtered, extracted and classified in the  corresponding payment file and in the corresponding invoice currency on a weekly basis.  ESRS G1 â Business Conduct  Continued from previous page  The payment files are then submitted, creating a list showing the summed invoice  amounts per supplier in the system. Structured reports are set up in Cadelerâs ERP sys-  tem and twice a week there is a review of the invoices that require handling and the ones  due for approval. An automatic reminder notification system prevents late payments.  Supply Chain Code of Conduct  Cadelerâs Supply Chain Code of Conduct sets out the requirements and principles that  Cadelerâs suppliers are expected to adhere to. The Supply Chain Code of Conduct ap-  plies to all new onshore and offshore suppliers and includes requirements and expecta-  tions related to forced and child labour, environment, anti-bribery and corruption, health  and safety, non-discrimination, freedom of association and collective bargaining, and  grievance mechanisms. Adherence to the Supply Chain Code of Conduct is a contractual  requirement for all new suppliers onboarded under Cadelerâs standard terms and condi-  tions. The Supply Chain Code of Conduct is further detailed in S2-1 on page 119.  Due Diligence Activities  Cadeler follows a structured procedure under which suppliers are identified, assessed,  onboarded and managed when applicable. From a Procurement point of view, the key  process is related to the sourcing lifecycle in Cadeler, including business case, tender  process, evaluation and selection of a supplier for a contract, framework agreement or a  purchase order. This procedure applies to new contracts with an estimated value over  EUR 25,000. The process is explained in detail in the procedure âSourcing and Supplier  Selectionâ. For amounts below EUR 25,000, the purchasing activity can be handled via a  purchase order without a contract or framework agreement and governed by Cadelerâs  Purchase Order Terms and Conditions.  From a business perspective, suppliers are also classified as âBasicâ, âStandardâ and  âManageâ, triggering the need for onboarding, monitoring and corresponding  management. Cadeler HSEQ has established specific criteria for classifying suppliers as  âLowâ, âMediumâ or âHigh Riskâ from an HSEQ perspective. This is reflected in Cadelerâs  Supplier Management Procedures. In 2024, Cadeler HSEQ included the HSEQ assess-  ment based on this risk assessment of suppliers in its onboarding process.  In 2024, we also strengthened our third-party supplier due diligence processes through  the integration of an electronic screening tool into our supplier onboarding framework to  help identify risks associated with financial crime, sanctions, key legal issues captured in  the media, and other responsible business practices. The initial step in utilising this tool  has been to consolidate and screen legacy suppliers and to risk-weight accordingly.  As a next step, we have developed processes for background checks and the screening  of potential new suppliers and other third-party business relationships. We are finalising  the integration of these procedures to ensure that all future suppliers are appropriately  onboarded, risk-weighted and subject to ongoing monitoring.  Metrics & Targets  G1-3 - Prevention and detection of corruption and bribery  Cadeler has zero tolerance for any form of bribery and corrupt payments, whether given  or received, directly or indirectly, anywhere in the world. This prohibition is clearly outlined  in our Code of Conduct and our Anti-bribery and Corruption Policy, which is applicable to  all offshore and onshore employees, individuals contracted to work for Cadeler and any  third parties who perform business on behalf of Cadeler, including consultants, agents  and suppliers. Cadelerâs Anti-bribery and Corruption Policy is further supported by a Gifts  and Hospitality Policy (which sets out the minimum requirements and principles that  ESRS G1 â Business Conduct  Continued from previous page  apply when giving or receiving anything of value on behalf of Cadeler) and our Supply  Chain Code of Conduct.  Employees are encouraged to immediately notify Cadelerâs legal team if they become  aware of any behaviour which has the potential to be in breach of Cadelerâs policy posi-  tion. Where this may not be possible or if individuals do not feel comfortable doing so,  concerns can also be raised via Cadelerâs confidential reporting channel (Speak Up!) and  follow the procedures described in G1-1. Reports of corruption or bribery will be investi-  gated by the Legal team under the leadership of the Chief Legal Officer, who reports di-  rectly to the CEO. Contingent on the nature of the concern, assistance from external  third-party specialists may also be utilised.  Training & Awareness  To manage Cadelerâs Code and associated policies and procedures, we rolled out our  first organisation-wide electronic Ethics Engagement Training in 2024. This has been dis-  seminated to all onshore and offshore employees and is made available to new employ-  ees on a quarterly basis. We intend the training to be an annual requirement for all em-  ployees and refined each year taking into account employee feedback and identified risk  and engagement patterns.  To continue to foster an appropriate tone from the top, face-to-face training is also pro-  vided on an annual basis to Cadelerâs senior leadership team, covering core areas of  business conduct such as competition law, anti-bribery and corruption, and data protec-  tion and privacy.  The table shows training coverage and participation rates for the reporting year 2024.  We recognize that there is room for improvement with respect to participation rates, and  we are aiming to increase these numbers through 2025.  Board of  Training coverage  At-risk functions*Managers  Directors  100% (onshore and off-  Total  shore)  100%  0%  Total receiving training  83.6% onshore / 73.7%  (e-learning)  offshore  100%  0%  Total receiving training  (face-to-face)  N/A  70%  0%  Delivery method and duration  Classroom training  N/A  1 hour  N/A  Computer-based training  N/A  N/A  N/A  Voluntary computer-based train-  20  ing  20 minutes  minutes  N/A  Frequency  How often training is required  Annual  Annual  N/A  Topics covered  Definition of corruption  Covered  Covered  Not covered  Policy  Covered  Covered  Not covered  Procedures on suspicion/  detection  Covered  Covered  Not covered  *Cadelerâs definition of at-risk functions with respect to corruption and bribery include the Board, senior leadership, finance, procurement, sales,  strategy & business development, legal, contract management teams as well as our vessel masters and port captains.  ESRS G1 â Business Conduct  Continued from previous page  G1-4 - Incidents of corruption or bribery  Although we recognize that some cases of bribery and corruption may never be re-  ported, Cadeler did not have any recorded incidents of corruption or bribery in 2024.  Cadeler is committed to ethical business practice, and we will continue to engage with  business partners that maintain the same commitment.  2024  Number of convictions for violation of anti-corruption and anti-bribery laws  [Cases]  0Amount of fines for violation of anti-corruption and anti-bribery laws [Monetary]  0Number of confirmed incidents of corruption or bribery [Cases]  0Number of confirmed incidents in which own workers were dismissed or disci-  plined for corruption or bribery-related incidents [Cases]  0Number of confirmed incidents relating to contracts with business partners that  were terminated or not renewed due to violations related to corruption or bribery  [Cases]  0Number of public legal cases regarding corruption or bribery brought against un-  dertaking and own workers [Cases]  0G1-6 - Payment practices  Cadelerâs standard payment terms are 45 days. The average time to pay invoices in 2024  was 36 days, with 74.3% of payments aligned with standard payment terms. Cadeler will  continuously strive towards increasing our performance on these specific metrics.  Cadeler has no outstanding legal proceedings related to late payments, highlighting our  commitment to responsible and timely payment practices.  2024  Average number of days to pay invoice [days]  36  Description of undertakings standard payment terms in number of days by main  category of suppliers [days]  45  Percentage of payments aligned with standard payment terms [percent]  74.3%  Number of outstanding legal proceedings for late payments [cases]  -ESRS G1 â Business Conduct  Continued from previous page  Methodology  Disclosure  Methodology  Requirement  G1-3 â Preven-  The at-risk functions outlined in the training table are defined as follows: âRiskâ deter-  tion and detec-  mined with regard to nature of activities, type of role and seniority of role (i.e. require-  tion of corrup-  ment to know). Hence, Cadeler defines at-risk functions as the Board, senior leadership,  tion or bribery  finance, procurement, sales, strategy & business development, legal, contract manage-  ment teams as well as our vessel masters and port captains.  Managers are defined as the Senior Leadership Team (SLT), this includes CEO, CFO, Ex-  ecutive Vice Presidents and Senior Vice Presidents. AMSB are defined as the Board.  G1-4 - Incidents  A confirmed incident of corruption or bribery in which own workers were dismissed or  of corruption or  disciplined for corruption or bribery-related incidents is defined as an incident of corrup-  bribery  tion or bribery that has been found to be substantiated and where the employee was  dismissed or disciplined.  A confirmed incident relating to contracts with business partners that were terminated or  not renewed due to violations related to corruption or bribery is defined as an incident of  corruption or bribery that has been found to be substantiated and where the contract  with a business partner was terminated or not renewed.  Disclosure  Methodology  Requirement  G1-6 - Payment  The average number of days to pay an invoice is calculated as the average of days be-  practices  tween the invoice day (the day we receive the invoice in our systems) and the settlement  date (the day we settle the invoice in our systems). We have included invoices that were  due during the fiscal year 2024, and invoices due in 2025 which has been settled during  2024.  The percentage of payments aligned with standard payment terms is calculated as the  number of invoices paid within payment terms divided by total number of invoices.  ESRS 2 â Disclosure requirements & incorporation by referenceDisclosure  Incorporation by  requirement  section/report*  page(s)  reference  ESRS 2  General disclosures  BP-1  General basis for preparation of the sustainability statement  SUS  45  BP-2  Disclosures in relation to specific circumstances  SUS  45-46  Datapoints that derive from other EU legislation  SUS  135-137  GOV-1  The role of the administrative, management and supervisory bodies  SUS/MR  46-47  MR pages 33-34  GOV-2  Information provided to and sustainability matters addressed by the undertakingâs administrative, management and supervisory bodies  SUS  48  GOV-3  Integration of sustainability-related performance in incentive schemes  SUS/RR  48  RR page 7-8  GOV-4  Statement on sustainability due diligence  SUS  126  GOV-5  Risk management and internal controls over sustainability reporting  SUS  48  SBM-1  Strategy, business model and value chain (products, markets, customers)  SUS/MR  49-51  MR pages 9-10  Strategy, business model and value chain (headcount by country)  SUS  114  Strategy, business model and value chain (breakdown of revenue)  FS  FS page 159  SBM-2  Interests and views of stakeholders  SUS  51-52;58-65  SBM-3  Material impacts, risks and opportunities and their interaction with strategy and business model  SUS  52-56  IRO-1  Description of the process to identify and assess material impacts, risks and opportunities  SUS  56-57  IRO-2  Disclosure requirements in ESRS covered by the undertakingâs sustainability statement  SUS  130-134  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  ESRS 2 â Disclosure requirements & incorporation by reference  Continued from previous page  Disclosure  Incorporation by  requirement  section/report*  page(s)  reference  ESRS E1  Climate Change  ESRS 2, GOV-3  Integration of sustainability-related performance in incentive schemes  SUS/RR  48  RR pages 7-8  E1-1  Transition plan for climate change mitigation  SUS  67-69  ESRS 2, SBM-3  Material impacts, risks and opportunities, and their interaction with strategy and business model  SUS  70-71  ESRS 2, IRO-1  Description of the processes to identify and assess material climate-related impacts, risks and opportunities  SUS  71-72  E1-2  Policies related to climate change mitigation and adaptation  SUS  73  E1-3  Actions and resources in relation to climate change policies  SUS  73-74  E1-4  Targets related to climate change mitigation and adaptation  SUS  74-76  E1-5  Energy consumption and mix  SUS  76-77  E1-6  Gross Scopes 1, 2, 3 and total GHG emissions  SUS  78-80  E1-7  GHG removals and GHG mitigation projects financed through carbon credits  SUS  75  E1-8  Internal carbon pricing  SUS  75  E1-9  Anticipated financial effects from material physical and transition risks and potential climate-related opportunities  SUS  45  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  ESRS 2 â Disclosure requirements & incorporation by reference  Continued from previous page  Disclosure  Incorporation by  requirement  section/report*  page(s)  reference  ESRS E2  Pollution  ESRS 2, IRO-1  Description of the processes to identify and assess material pollution-related impacts, risks and opportunities  SUS  92  E2-1  Policies related to pollution  SUS  92-93  E2-2  Actions and resources related to pollution  SUS  93-94  E2-3  Targets related to pollution  SUS  94  E2-4  Pollution of air, water and soil  SUS  94-95  E2-6  Anticipated financial effects from material pollution-related risks and opportunities  SUS  45  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  Disclosure  Incorporation by  requirement  section/report*  page(s)  reference  ESRS E5  Resource use and circular economy  ESRS 2, IRO-1  Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities  SUS  71  E5-1  Policies related to resource use and circular economy  SUS  99  E5-2  Actions and resources related to resource use and circular economy  SUS  99-100  E5-3  Targets related to resource use and circular economy  SUS  100  E5-5  Resource outflows  SUS  100-101  E5-6  Anticipated financial effects from material resource use and circular economy-related risks and opportunities  SUS  45  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  ESRS 2 â Disclosure requirements & incorporation by reference  Continued from previous page  Disclosure  Incorporation by  requirement  section/report*  page(s)  reference  ESRS S1  Own Workforce  ESRS 2, SBM-2  Interests and views of stakeholders  SUS  51-52;58-65  ESRS 2, SBM-3  Material impacts, risks and opportunities and their interaction with strategy and business model  SUS  104  S1-1  Policies related to own workforce  SUS  104-106  S1-2  Processes for engaging with own workers and workersâ representatives about impacts  SUS  106-107  S1-3  Processes to remediate negative impacts and channels for own workers to raise concerns  SUS  107-108  Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce,  S1-4  and effectiveness of those actions  SUS  108-112  S1-5  Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities  SUS  113-114  S1-6  Characteristics of the undertakingâs employees  SUS  114  S1-9  Diversity metrics  SUS  115  S1-14  Health and safety metrics  SUS  116  S1-17  Incidents, complaints and severe human rights impacts  SUS  117  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  ESRS 2 â Disclosure requirements & incorporation by reference  Continued from previous page  Disclosure  Incorporation by  requirement  section/report*  page(s)  reference  ESRS S2  Workers in the value chain  ESRS 2, SBM-2  Interests and views of stakeholders  SUS  51-52;58-65  ESRS 2, SBM-3  Material impacts, risks and opportunities and their interaction with strategy and business model  SUS  119  S2-1  Policies related to value chain workers  SUS  119-121  S2-2  Processes for engaging with value chain workers about impacts  SUS  121  S2-3  Processes to remediate negative impacts and channels for value chain workers to raise concerns  SUS  122  Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value  S2-4  chain workers, and effectiveness of those actions  SUS  122-123  S2-5  Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities  SUS  123  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  Disclosure require-  Incorporation by  ment  section/report*  page(s)  reference  ESRS G1  Business Conduct  ESRS 2, GOV-1  The role of the administrative, supervisory and management bodies  SUS  46-47  ESRS 2, IRO-1  Description of the processes to identify and assess material impacts, risks and opportunities  SUS  56-57  G1-1  Business conduct policies and corporate culture  SUS  125  G1-2  Management of relationships with suppliers  SUS  125-126  G1-3  Prevention and detection of corruption and bribery  SUS  126-127  G1-4  Incidents of corruption or bribery  SUS  128  G1-6  Payment practices  SUS  128  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  ESRS 2 - Data points that derive from other EU legislation  Disclosure  Benchmark  EU climate  ESRS  requirement  Data point  SFDR  Pillar 3  regulation  law  Section*  Page  ESRS 2  GOV-1  21 d  Board's gender diversity ratio  xMR  33  ESRS 2  GOV-1  21 e  Percentage of independent board members  xMR  35-36  Disclosure of mapping of information provided in sustainability statement about due diligence  ESRS 2  GOV-4  30; 32  process  xSUS  126  ESRS 2  SBM-1  40 d i  Undertaking is active in fossil fuel (coal, oil and gas) sector  xSUS  86  ESRS 2  SBM-1  40 d ii  Undertaking is active in chemicals production  xUndertaking not active  ESRS 2  SBM-1  40 d ii  Revenue from chemicals production  xSUS  89  ESRS 2  SBM-1  40 d iii  Undertaking is active in controversial weapons  xUndertaking not active  ESRS 2  SBM-1  40 d iii  Revenue from controversial weapons  xSUS  89  ESRS 2  SBM-1  40 d iv  Undertaking is active in cultivation and production of tobacco  xUndertaking not active  ESRS 2  SBM-1  40 d iv  Revenue from cultivation and production of tobacco  xSUS  89  ESRS E1  E1-1  14  Transition plan to reach climate neutrality by 2050  xSUS  67-69  ESRS E1  E1-1  16 (g)  Undertakings excluded from Paris-aligned Benchmarks  xxSUS  67, not excluded  ESRS E1  E1-4  34  GHG emission reduction targets  xxxSUS  74-76  Energy consumption from fossil sources disaggregated by sources (only high climate impact sec-  ESRS E1  E1-5  38  tors)  xSUS  77  ESRS E1  E1-5  37  Energy consumption and mix  xSUS  76-77  ESRS E1  E1-5  40-43  Energy intensity associated with activities in high climate impact sectors  xSUS  76  ESRS E1  E1-6  44  Gross Scope 1, 2, 3 and Total GHG emissions  xxxSUS  78-80  ESRS E1  E1-6  53-55  Gross GHG emissions intensity  xxxSUS  78-80  ESRS E1  E1-7  56  GHG removals and carbon credits  xSUS  75  ESRS E1  E1-9  66  Exposure of the benchmark portfolio to climate-related physical risks  xNot reported/phase-in  Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant  ESRS E1  E1-9  66 (a); 66 (c)  assets at material physical risk  xNot reported/phase-in  ESRS E1  E1-9  67 (c)  Breakdown of the carrying value of its real estate assets by energy-efficiency classes  xNot reported/phase-in  ESRS E1  E1-9  69  Degree of exposure of the portfolio to climate-related opportunities  xNot reported/phase-in  ESRS E2  E2-4  28  Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil  xSUS  94-95  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements;  ESRS 2 - Data points that derive from other EU legislation  Continued from previous page  Disclosure  Benchmark  EU climate  ESRS  requirement  Data point  SFDR  Pillar 3  regulation  law  Section*  Page  ESRS E3  E3-1  9Water and marine resources  xNot material  ESRS E3  E3-1  13  Dedicated policy  xNot material  ESRS E3  E3-1  14  Sustainable oceans and seas  xNot material  ESRS E3  E3-4  28 (c)  Total water recycled and reused  xNot material  ESRS E3  E3-4  29  Total water consumption in m³ per net revenue on own operations  xNot material  ESRS 2- SBM  ESRS E4  3 - E4  16 (a) i  xNot material  ESRS 2- SBM  ESRS E4  3 - E4  16 (b)  xNot material  ESRS 2- SBM  ESRS E4  3 - E4  16 (c)  xNot material  ESRS E4  E4-2  24 (b)  Sustainable land / agriculture practices or policies  xNot material  ESRS E4  E4-2  24 (c)  Sustainable oceans / seas practices or policies  xNot material  ESRS E4  E4-2  24 (d)  Policies to address deforestation  xNot material  ESRS E5  E5-5  37 (d)  Non-recycled waste  xSUS  100-101  ESRS E5  E5-5  39  Hazardous waste and radioactive waste  xSUS  100-101  ESRS 2-  ESRS S1  SBM3 - S1  14 (f)  Risk of incidents of forced labour  xNot material for S1  ESRS 2-  ESRS S1  SBM3 - S1  14 (g)  Risk of incidents of child labour  xNot material for S1  ESRS S1  S1-1  20  Human rights policy commitments  xSUS  119-121  Due diligence policies on issues addressed by the fundamental International Labor Organisation  ESRS S1  S1-1  21  Conventions 1 to 8  x121  ESRS S1  S1-1  22  Processes and measures for preventing trafficking in human beings  xSUS  Not material for S1  ESRS S1  S1-1  23  Workplace accident prevention policy or management system  xSUS  104-106  ESRS S1  S1-3  32 (c)  Grievance/complaints handling mechanisms  xSUS  107-108, 125  ESRS S1  S1-14  88 (b) and (c)  Number of fatalities and number and rate of work-related accidents  xxSUS  116  ESRS S1  S1-14  88 (e)  Number of days lost to injuries, accidents, fatalities or illness  SUS  116  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  ESRS 2 - Data points that derive from other EU legislation  Continued from previous page  Disclosure  Benchmark  EU climate  ESRS  requirement  Data point  SFDR  Pillar 3  regulation  law  Section*  Page  ESRS S1  S1-16  97 (a)  Unadjusted gender pay gap  xxNot reported/phase-in  ESRS S1  S1-16  97 (b)  Excessive CEO pay ratio  Not reported/phase-in  ESRS S1  S1-17  103 (a)  Incidents of discrimination  xSUS  117  ESRS S1  S1-17  104 (a)  Non-respect of UNGPs on Business and Human Rights and OECD  xxSUS  117  ESRS 2-  ESRS S2  SBM3 â S2  11 (b)  Significant risk of child labour or forced labour in the value chain  xSUS  119  ESRS S2  S2-1  17  Human rights policy commitments  xSUS  119-121  ESRS S2  S2-1  18  Policies related to value chain workers  xSUS  119-121  ESRS S2  S2-1  19  Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines  xx123  Due diligence policies on issues addressed by the fundamental International Labor Organisation  ESRS S2  S2-1  19  Conventions 1 to 8  x119-123  ESRS S2  S2-4  36  Human rights issues and incidents connected to its upstream and downstream value chain  x122-123  ESRS S3  S3-1  16  Human rights policy commitments  xNot material  ESRS S3  S3-1  17  Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines  xxNot material  ESRS S3  S3-4  36  Human rights issues and incidents  xNot material  ESRS S4  S4-1  16  Policies related to consumers and end-users  xNot material  ESRS S4  S4-1  17  Non-respect of UNGPs on Business and Human Rights and OECD guidelines  xxNot material  ESRS S4  S4-4  35  Human rights issues and incidents  xNot material  ESRS G1  G1-1  10b  United Nations Convention against Corruption paragraph 10 (b)  xSUS  125-127  ESRS G1  G1-1  10d  Protection of whistle- blowers paragraph 10 (d)  xSUS  125  ESRS G1  G1-4  24a  Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)  xxSUS  128  ESRS G1  G1-4  24a  Standards of anti- corruption and anti- bribery paragraph 24 (b)  xSUS  128  *SUS â Sustainability Statements; MR â Management Review; RR â Remuneration Report; FS â Financial Statements  </mrv:SustainabilityReport>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx2" id="fact5778" xml:lang="en">EU TaxonomyâThe EU Taxonomy is a classification system establishing a list of environmentally sus-  tainable economic activities. It could play an important role in helping the EU to scale up  sustainable investment and implement the European green deal. The EU taxonomy pro-  vides companies, investors and policymakers with appropriate definitions for which eco-  nomic activities can be considered environmentally sustainable. Thus, it should create  security for investors, protect private investors from greenwashing, help companies to  become more climate-friendly, mitigate market fragmentation and help shift investments  to where they are most needed.â â the European Commission.  Based on its profile, reporting on alignment of economic activities with the EU Taxonomy  has become a requirement for the Company from 2024. In late 2022, the Company initi-  ated the process of categorising its economic activities and ensuring that eligible activi-  ties are aligned with EU Taxonomy requirements. The past two years, Cadeler reported  on eligibility, but had not assessed eligible activities for alignment with the Taxonomy.  Cadeler is reporting on the Taxonomy-alignment of its activities for the first time in the  2024 annual report.  Cadelerâs core purpose of operation is to support the installation of offshore renewable  energy 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 Companyâs eligible economic activities relating to the instal-  lation of offshore wind energy can be categorised as activity 4.3 â electricity generation  from wind power. This activity supports the Taxonomy objective of climate change miti-  gation. This category was selected in line with FAQ 139 of Commission Notice  C/2023/267 on the interpretation and implementation of certain provisions of the EU  Taxonomy, published by the EU Commission on 29 November 2024, tying commercial  scale installation and maintenance activities to category 4.3 instead of other categories  potentially linked installation and maintenance of renewable energy.  Do no significant harm (DNSH)  Cadeler has performed the following activities to ensure compliance with the DNSH re-  quirements for climate change mitigation activity 4.3.  Climate Change Adaptation  In late 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 the  IPCC, but only considered impacts through to 2035, with the timespan based on  Cadelerâs visibility of its scope of operations.  Cadeler sees some potential for varying levels of operational weather downtime with re-  spect to its own operations as a slight risk due to changing wind and precipitation pat-  terns. We also recognise some elevated risks across our supply chains where fixed as-  sets and providers, such as ports and shipyards, are exposed to climate-related risks, in-  cluding extreme precipitation events, flooding, droughts, storms, changing wind patterns  and heat waves that have a potential to periodically interrupt operations or in some  cases damage infrastructure that Cadeler may rely on to perform its vessel operations or  for the delivery of core operational equipment and provisions.  Cadeler has considered physical climate hazards as defined by the EU Taxonomy re-  quirements for a climate risk assessment. For the assessment, we considered our own  vessel operations, including all known future wind farm locations at the time of the as-  sessment, all known ports that would be used to complete these projects, and potential  impacts on our core suppliers such as shipyards and critical equipment providers.  EU Taxonomy  Continued from previous page  Post assessment, Cadeler sees a rather low vulnerability in its own operations due to cli-  mate-related impacts. The main risk is likely to be changing weather conditions that af-  fect the weather downtime of our vessels. Cadeler did recognise medium and high levels  of vulnerability in some parts of our supply chain; for example, at ports due to potential  flooding and high wind incidents that could cause longer periods of inaccessibility due to  the potential for damaged infrastructure. Additionally, we saw some elevated risk for im-  pacts when it comes to on-time delivery of vessels and larger items of equipment, as  many of the facilities that produce these products are located in riverine and coastal ar-  eas in typhoon-impacted regions, so an elevated potential for damage to supplier facili-  ties due to high winds, heavy precipitation and flooding was seen in the climate risk  model. Cadelerâs means of mitigating this vulnerability may be to ensure sufficient con-  tingency time when ordering any key equipment from areas with an elevated climate risk.  This approach allowed Cadeler to determine whether climate impacts could pose a po-  tential risk to our business. In future iterations, Cadeler plans to adopt a more nuanced  approach, incorporating multiple RCP scenarios to further examine the likelihood and se-  verity of the identified risks. Also note that the assessment was performed in late 2023,  immediately before finalization of the merger with Eneti, so it does not fully cover the  growth of the business and also misses a few geographical expansions due to Enetiâs  footprint at the time of the merger. As an interim measure, Cadeler has considered the  risks related to the additional footprint to a limited extent. A memo with an overview of  the potential additional risks to the business was sent out to those responsible for finan-  cial planning, but the Company will aim to perform a full update to its climate risk assess-  ment before the end of 2025 to reduce uncertainty and ensure that all potential risks are  properly considered.  Cadeler has a few measures in place in response to the identified climate risks. These in-  clude development of adverse weather plans for its vessels for operations in regions  with elevated risk of severe weather and ensuring that spare parts are available via order-  ing with contingency in supplier schedules and keeping critical items on stock, if possi-  ble. The full description of this climate assessment is present in section ESRS 2 SBM-3 â  Material impacts, risks and opportunities and their interaction with strategy and business  model(s), on pages 70-71.  Sustainable use and protection of water and marine resources  With regard to the construction of offshore wind farms, the activity cannot hamper the  achievement of good environmental status as set out in Directive 2008/56/EC of the  European Parliament and of the Council, requiring that appropriate measures are taken  to prevent or mitigate impacts in relation to the Directiveâs Descriptor 11 (Noise/Energy).  Prior to commencement of construction activities, windfarms are subject to attainment  of an environmental permit, which normally sets operational requirements during con-  struction. Additionally, Cadeler performs an environmental impact and risk assessment  prior to commencement of new scopes of work in order to identify any potentially nega-  tive impacts and develop associated mitigation techniques. For example, on foundation  installation projects, noise mitigation techniques are used to reduce noise pollution es-  caping into the surrounding marine environment, where environmental impact assess-  ments pre-project have identified an elevated risk of exposure to marine mammals in a  windfarmâs area.  Transition to a Circular Economy  The activity assesses the 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 waste management plan for its vessels and has added a focus on circular-  ity and the reduced use of resources to its sustainability strategy. In 2024, Cadeler per-  formed, with the help of a third party, the first commercial life cycle assessment of its  vessels to map the footprint of the manufacturing, operational and decommissioning  EU Taxonomy  Continued from previous page  phases. This assessment was a first step to gaining a clearer picture of the value of spe-  cific changes to the shipbuilding and operational choices the company makes. Addition-  ally, low carbon steel has been procured for building major parts of the jacking system on  Cadelerâs upcoming newbuild, Wind Apex. Finally, the Companyâs project engineering de-  partment has been working on the optimising the design of project seafastening used on  Cadeler projects for less overall steel use and adaptability for project to project reuse.  The Company is continuously assessing if additional initiatives can be established to en-  sure 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, the International Maritime Organisationâs  international convention covering prevention of pollution of the marine environment by  ships.  Protection and restoration of biodiversity and ecosystems  With regard to the construction of offshore wind farms, the activity cannot hamper the  achievement of good environmental status as set out in Directive 2008/56/EC of the  European Parliament and of the Council, requiring that appropriate measures are taken  to prevent or mitigate impacts in relation to the Directiveâs descriptors 1 (biodiversity) and  6 (seabed integrity). All offshore wind farms in regions where Cadeler operates are legally  required to have an environmental impact assessment performed before the approval  for construction is granted. These permits often lead to specific operational require-  ments that Cadeler must comply with as a contractor. Cadeler does not guide the pro-  cess at the wind farm level, but it does collaborate with its clients on operational  measures that may address, reduce or mitigate any potentially adverse impacts on biodi-  versity and the ecosystem. Prior to commencement of any new scope of work, Cadeler  also performs an environmental impact and risk assessment to identify any potentially  negative impacts and develop associated mitigation techniques.  Nuclear and fossil gas related activities  Nuclear Energy Related Activities  1. The undertaking carries out, funds or has exposure to research, development,  demonstration, and deployment of innovative electricity generation facilities that  produce energy from nuclear processes with minimal waste from the fuel cycle.  No  2. The undertaking carries out, funds or has exposure to construction and safe op-  eration of new nuclear installations to produce electricity or process heat, includ-  ing for district heating or industrial processes such as hydrogen production, as  well as their safety upgrades, using best available technologies.  No  3. The undertaking carries out, funds or has exposure to safe operation of existing  nuclear installations that produce electricity or process heat, including for district  heating or industrial processes such as hydrogen production from nuclear energy,  as well as their safety upgrades.  No  Fossil Gas Related Activities  4. The undertaking carries out, funds or has exposure to construction or operation  of electricity generation facilities that produce electricity using fossil gaseous  fuels.  No  5. The undertaking carries out, funds or has exposure to construction, refurbish-  ment, and operation of combined heat/cool and power generation facilities using  fossil gaseous fuels.  No  6. The undertaking carries out, funds or has exposure to construction, refurbish-  ment, and operation of heat generation facilities that produce heat/cool using  fossil gaseous fuels.  No  EU Taxonomy  Continued from previous page  Minimum Safeguards  Cadeler has a corporate set of policies in place that outline its commitment to protect  human rights, prevent corruption, and promote fair competition and taxation. The Com-  pany has also designated functions responsible for engraining its policies into the Com-  panyâs systems and work culture. The Company aims to continuously evaluate and  strengthen its processes and procedures to ensure they are robust enough to guarantee  that social minimum safeguards are in place.  Human Rights  Cadelerâs has a few policies that outline its approach to human rights. These are publicly  available and include a Human Rights policy, a Company Code of Conduct, and a Supply  Chain Code of Conduct. The Company has introduced a due diligence process as part of  the supplier onboarding process and has implemented requirements for compliance with  its Supply Chain Code of Conduct in its standard terms and conditions for supplier con-  tracts. The Company has a designated ethics and compliance function with responsibil-  ity for driving the area of human rights and has a policy for remediation and mitigation of  any potential human rights impacts. Cadeler performed its first formal human rights im-  pact assessment in 2024, with the support of an expert third party, and will use the ac-  tionable outputs from this assessment to guide Cadelerâs roadmap for addressing po-  tential human rights impacts going forward. Finally, Cadeler annual reports on the status  of its human rights program in its Annual Report and published a UK Modern Slavery.  Both documents require approval from the Company Board of Directors and are made  publicly available on the company website.  Grievance Mechanisms  Cadeler has a confidential reporting hotline (Speak Up!) in place that is available to our  employees, our business partners and the general public. This mechanism is set up to al-  low for anonymous reporting. The Company informs employees of this mechanism  during onboarding and ensures availability via a link on the company SharePoint site as  well as the public company website. In its procedures for maintaining the confidential re-  porting hotline, Cadeler commits to a policy of non-retaliation for any reports submitted  in good faith.  Consumer Interests  Cadeler operates in accordance with EU requirements.  Anti-Corruption  Cadeler has a Code of Conduct and an Anti-Bribery & Corruption policy that inform em-  ployees of expected behaviours related to this topic. The Company also maintains docu-  mentation of any incidents reported, conducts internal trainings on the topic, performs  due diligence of its supplier base, has procedures for internal organisational control, and  shares necessary information publicly via its Annual Reporting.  Competition  The Company provides employees with guidance on this topic in its Code of Conduct  and offers internal training on competition issues, targeted at at-risk functions and senior  leadership.  Taxation  Cadeler has a public tax policy that outlines the Company practices and its commitment  to compliance with tax regulations in all jurisdictions in which it operates.  EU Taxonomy  Continued from previous page  Taxonomy KPIs  Taxonomy eligibility and alignment is expressed by 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-aligned activities has been calculated as net turnover from  products and services associated with Taxonomy-aligned activities, turnover from opera-  tion of a fleet of purpose built vessels while applied to the installation and maintenance  of offshore wind energy, divided by total net turnover. There is no risk of double counting  as only one activity is relevant for the turnover KPI.  KPI for Taxonomy-aligned CapEx  CapEx is defined as Taxonomy-aligned CapEx, expenditures related to the operation of a  fleet of purpose built vessels for the installation and maintenance of offshore wind en-  ergy, divided by total CapEx. The total CapEx consists of additions to tangible and intan-  gible fixed assets before depreciation, amortisation and any re-measurements. It in-  cludes acquisitions of property, plant and equipment, intangible assets, leases with us-  age rights and investment properties. There is no risk of double counting in the numera-  tor, since no proportion of taxonomy-defined CAPEX allocated to the activities can be  classified as being related to more than one activity.  KPI for Taxonomy-aligned OpEx  OpEx is defined as Taxonomy-aligned OpEx divided by the total Taxonomy-defined  OpEx. However, the EU Taxonomy defines OpEx differently than IFRS, as it only consid-  ers direct costs for:  (iv) Research and development, excluding overheads  (v) Building renovation  (vi) Short-term lease agreements  (vii) Maintenance, upkeep and repairs  Any other direct expenditure related to the routine maintenance of tangible assets by  the Company, or by any third-party whose activities are necessary to ensure the contin-  ued and effective functioning of such assets, is outsourced. There is no risk of double  counting in the numerator, since no proportion of taxonomy-defined OPEX allocated to  the activities can be classified as being related to more than one activity.  The activities identified only contribute to one environmental objective, climate change  mitigation, via activity 4.3 - electricity generation from wind power.  Cadeler will assess its alignment on an annual basis, including updating future objective  or plans (CapEx, CapEx plans, OpEx) for aligning economic activities (revenues, CapEx,  OpEx) with criteria established in Commission Delegated Regulation 2021/2139.  EU Taxonomy - Turnover  DNSH criteria  Substantial contribution criteria  ('Do Not Significant Harm')  Taxonomy  Absolute Proportion  aligned  Category  Turnover  of  Climate  Climate  Climate  Climate  Minimum proportion Category  transi-  2024 Turnover  change  change  Circular  Bio-  change  change  Bio-  safe-  of Turn- enabling  tional  Economic activities  Code  (mEUR)  2024 mitigation adaptation  Water Pollution economy diversity mitigation adaptation  Water Pollution Circularity diversity  guards over 2023  activity  activity  (1)  (2)  (3)  (4) (5) (6)  (7)  (8)  (9)  (10)  (11)  (12)  (13)  (14)  (15)  (16)  (17)  (18)  (19)  (20)  A. TAXONOMY-ELIGIBLE ACTIVITIES  A.1. Environmentally sustainable activities (Taxonomy-aligned)  4.3  Electricity generation from wind power  CCM  248.7  100%  YNN/EL  N/EL  N/EL  N/EL  YYYYYYY0%  Turnover of environmentally sustainable  activities (Taxonomy-aligned) (A.1)  248.7  100%  100%  0%  0%  0%  0%  0%  YYYYYYY0%  Of which enabling  00%  0%  0%  0%  0%  0%  0%  -------0%  EOf which transitional  00%  0%  0%  0%  0%  0%  0%  -------0%  TA.2 Taxonomy-Eligible but not environmentally sustainable activities (Not Taxonomy-aligned activities)  4.3  Electricity generation from wind power  CMM  00%  EL  EL  N/EL  N/EL  N/EL  N/EL  100%  Turnover of Taxonomy-eligible but not en-  vironmentally sustainable (Not taxonomy-  aligned) (A.2)  00%  0%  0%  0%  0%  0%  0%  100%  Total (A.1 + A.2)  248.7  100%  100%  0%  0%  0%  0%  0%  100%  B. TAXONOMY-NON-ELIGIBLE ACTIVITIES  Turnover of Taxonomy-non-eligible activities  00%  Total (A + B)  248.7  100%  Y-Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective); N-No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective); N/EL- Not eligible; EL-eligible; CCM-climate change mitigation  EU Taxonomy â CapEx  DNSH criteria  Substantial contribution criteria  ('Do Not Significant Harm')  Taxonomy  Absolute Proportion  aligned  Category  CapEx  of  Climate  Climate  Climate  Climate  Minimum proportion Category  transi-  2024  CapEx  change  change  Circular  Bio-  change  change  Bio-  safe- of CapEx enabling  tional  Economic activities  Code  (mEUR)  2024 mitigation adaptation  Water Pollution economy diversity mitigation adaptation  Water Pollution Circularity diversity  guards  2023  activity  activity  (1)  (2)  (3)  (4) (5) (6)  (7)  (8)  (9)  (10)  (11)  (12)  (13)  (14)  (15)  (16)  (17)  (18)  (19)  (20)  A. TAXONOMY-ELIGIBLE ACTIVITIES  A.1. Environmentally sustainable activities (Taxonomy-aligned)  4.3  Electricity generation from wind power  CCM  650.0  100%  YNN/EL  N/EL  N/EL  N/EL  YYYYYYY0%  CapEx of environmentally sustainable  activities  (Taxonomy-aligned) (A.1)  650.0  100%  100%  0%  0%  0%  0%  0%  YYYYYYY0%  Of which enabling  00%  0%  0%  0%  0%  0%  0%  -------0%  EOf which transitional  00%  0%  0%  0%  0%  0%  0%  -------0%  TA.2 Taxonomy-Eligible but not environmentally sustainable activities (Not Taxonomy-aligned activities)  4.3  Electricity generation from wind power  CCM  00%  EL  EL  N/EL  N/EL  N/EL  N/EL  100%  CapEx of Taxonomy-eligible but not  environmentally sustainable  (Not taxonomy-aligned) (A.2)  00%  0%  0%  0%  0%  0%  0%  100%  Total (A.1 + A.2)  650.0  100%  100%  0%  0%  0%  0%  0%  100%  B. TAXONOMY-NON-ELIGIBLE ACTIVITIES  CapEx of Taxonomy-non-eligible activities  00%  Total (A + B)  650.0  100%  Y-Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective); N-No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective); N/EL- Not eligible; EL-eligible; CCM-climate change mitigation  EU Taxonomy - OpEx  DNSH criteria  Substantial contribution criteria  ('Do Not Significant Harm')  Taxonomy  Absolute Proportion  aligned  Category  OpEx  of  Climate  Climate  Climate  Climate  Minimum proportion Category  transi-  2024  OpEx  change  change  Circular  Bio-  change  change  Bio-  safe-  of OpEx enabling  tional  Economic activities  Code  (mEUR)  2024 mitigation adaptation  Water Pollution economy diversity mitigation adaptation  Water Pollution Circularity diversity  guards  2023*  activity  activity  (1)  (2)  (3)  (4) (5) (6)  (7)  (8)  (9)  (10)  (11)  (12)  (13)  (14)  (15)  (16)  (17)  (18)  (19)  (20)  A. TAXONOMY-ELIGIBLE ACTIVITIES  A.1. Environmentally sustainable activities (Taxonomy-aligned)  4.3  Electricity generation from wind power  CCM  10.8  100%  YNN/EL  N/EL  N/EL  N/EL  YYYYYYY0%  OpEx of environmentally sustainable ac-  tivities (Taxonomy-aligned) (A.1)  10.8  100%  100%  0%  0%  0%  0%  0%  YYYYYYY0%  Of which enabling  00%  0%  0%  0%  0%  0%  0%  -------0%  EOf which transitional  00%  0%  0%  0%  0%  0%  0%  -------0%  TA.2 Taxonomy-Eligible but not environmentally sustainable activities (Not Taxonomy-aligned activities)  4.3  Electricity generation from wind power  CCM  00%  EL  EL  N/EL  N/EL  N/EL  N/EL  100%  OpEx of Taxonomy-eligible but not envi-  ronmentally sustainable (Not taxonomy-  aligned) (A.2)  00%  0%  0%  0%  0%  0%  0%  100%  Total (A.1 + A.2)  10.8  100%  100%  0%  0%  0%  0%  0%  100%  B. TAXONOMY-NON-ELIGIBLE ACTIVITIES  OpEx of Taxonomy-non-eligible activities  0.0  0%  Total (A + B)  10.8  100%  Y-Yes (taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective); N-No (taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective); N/EL- Not eligible; EL-eligible; CCM-climate change mitigation  *2023 calculation was made on voluntary basis and has been reconsidered to ensure the definition of OpEx fully aligns with the definition set out in Annex 1 of the Disclosure Delegated Act (âtaxonomy defined OpExâ). The calculation considers the proportion of eligible and aligned OpEx versus the total âtaxonomy  defined OpExâ. 100% of Cadelerâs âtaxonomy defined OpExâ was related to an eligible activity in 2023.  </mrv:DescriptionofTheTaxonomyRegulation>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact1022" 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 2024.  The consolidated financial statements have been prepared in accordance with IFRS Ac-  counting Standards as adopted by the EU and as issued by the International Accounting  Standards Board (âIASBâ) and additional disclosure requirements in the Danish Financial  Statements Act. The Parent Company financial statements are prepared in accordance  with 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 2024 and of the results of their operations and the consoli-  dated cash flows for the financial year 1 January â 31 December 2024.  In connection with digital filing under the ESEF regulation, in our opinion, the annual re-  port for the financial year ended 31 December 2024, has been prepared in all material re-  spects in compliance with the ESEF regulation.  The sustainability statement is prepared in accordance with the European Sustainability  Reporting Standards ESRS as required by the Danish Financial Statements Act section  99a as well as article 8 in the EU Taxonomy 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>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" id="fact1048" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1" id="fact1049">2025-03-25</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx75" id="fact1580" xml:lang="en">Executive Management Mikkel Gleerup Peter Brogaard Hansen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx74" id="fact1576" xml:lang="en">Executive Management Mikkel Gleerup Peter Brogaard Hansen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx74" id="fact1579" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx75" id="fact1583" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx82" id="fact1632" xml:lang="en">Board of Directors Andreas Sohmen-Pao Emanuele Lauro Ditlev Wedell-Wedellsborg Andrea Abt James B. Nish Colette Cohen Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx81" id="fact1624" xml:lang="en">Board of Directors Andreas Sohmen-Pao Emanuele Lauro Ditlev Wedell-Wedellsborg Andrea Abt James B. Nish Colette Cohen Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx80" id="fact1616" xml:lang="en">Board of Directors Andreas Sohmen-Pao Emanuele Lauro Ditlev Wedell-Wedellsborg Andrea Abt James B. Nish Colette Cohen Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx79" id="fact1608" xml:lang="en">Board of Directors Andreas Sohmen-Pao Emanuele Lauro Ditlev Wedell-Wedellsborg Andrea Abt James B. Nish Colette Cohen Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx78" id="fact1600" xml:lang="en">Board of Directors Andreas Sohmen-Pao Emanuele Lauro Ditlev Wedell-Wedellsborg Andrea Abt James B. Nish Colette Cohen Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx77" id="fact1592" xml:lang="en">Board of Directors Andreas Sohmen-Pao Emanuele Lauro Ditlev Wedell-Wedellsborg Andrea Abt James B. Nish Colette Cohen Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx76" id="fact1584" xml:lang="en">Board of Directors Andreas Sohmen-Pao Emanuele Lauro Ditlev Wedell-Wedellsborg Andrea Abt James B. Nish Colette Cohen Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact1050" xml:lang="en">Independent Auditor's Reports Independent Auditorâs report</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact1060" xml:lang="en">To the shareholders of Cadeler A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:AuditorsReportOnFinancialStatements contextRef="ctx1" id="fact1061" xml:lang="en">Report on the audit of the Consolidated Financial Statements and Parent Company  Financial Statements  </arr:AuditorsReportOnFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact1091" 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.  Independent Auditor's Reports Continued from previous page Appointment of auditor  Cadeler A/Sâ 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 4 years up until the  financial year 2024.  </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact1063" 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 â 31 December 2024,  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 2024 and of the results of the Group's op-  erations and cash flows for the financial year 1 January â 31 December 2024 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 2024 and of the results  of the Parent Company's operations for the financial year 1 January â 31 December 2024  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="fact1115" 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 2024. 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.  Recognition of revenue from time charter and transportation and installation activi-  ties  As discussed in note 3 to the consolidated financial statements, the Company recog-  nized EUR 227 million in revenue from time charter and transportation and installation ac-  tivities for the year ended 31 December 2024. Evaluating the criteria for recognizing reve-  nue from contracts required management judgment in identifying performance obliga-  tions.  Auditing the Companyâs revenue from time charter and transportation and installation  activities is a key audit matter due to the complexity and efforts in assessing the ser-  vices in the contracts and the judgement involved in determining whether the contracts  contain one or more performance obligations.  How we addressed the matter in our audit  We obtained an understanding, evaluated the design and tested the operating effective-  ness of the Company's internal controls over the revenue recognition process, including  managementâs review controls over the contracts and related determination of the per-  formance obligations.  Our audit procedures included, among others, inspection of customer contracts to un-  derstand the contracts. For a sample of customer agreements, we obtained and in-  spected the contract source documents and evaluated the Companyâs identification of  distinct performance obligations and measurement methods against the principles in  IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.  We also evaluated the adequacy of the Companyâs disclosures included in Note 3 to the  consolidated financial statements.  254 Impairment testing of vessels and assets under construction  As further discussed in note 13, the carrying amount of vessels and assets under con-  struction was EUR 953 million and EUR 737 million, respectively.  Management evaluates annually for indicators of impairment for assets under construc-  tion. Further, management tests vessels for impairment annually by determining the fair  value less costs of disposal, based on valuations prepared by independent shipbrokers,  and value-in-use, using discounted cash flow models. This requires managementâs judg-  ment and estimates, particularly regarding assumptions used for projected revenue and  operating expenses in the budget and discount rates.  Auditing managementâs evaluation of impairment indicators and impairment tests was  challenging and is a key audit matter due to the involvement of management's inde-  pendent shipbrokers and auditor valuation experts, and the sensitivity of the estimated  future cash flows to the key assumptions described above.  How we addressed the matter in our audit  We obtained an understanding, evaluated the design and tested the operating effective-  ness of the Company's internal controls over both the evaluation of impairment indica-  tors for assets under construction and the annual impairment evaluation and testing pro-  cess, including managementâs review over key assumptions applied.  Our audit procedures included, among others, obtaining an understanding of manage-  mentâs evaluation of impairment indicators where we inspected managementâs analysis  of internal, external, and sector specific sources of information, which encompassed cur-  rent signed contracts and the expected day rates for the assets under construction.  To test fair value less cost of disposal, we reviewed the work performed by the inde-  pendent shipbrokers to assess their competence, capabilities and objectivity. We also  assessed the appropriateness of the valuation methodology applied by the independent  shipbrokers.  To audit value-in-use, our audit procedures included, among others, obtaining an under-  standing of the methodology used, and the key assumptions applied to estimate future  cash flows, by inspecting financial budgets and business plans. To test the Companyâs  value-in-use calculations, we involved a valuation specialist to assist in evaluating and  testing the key assumptions used in the estimate, including projected revenue, operating  expenses, and discount rates against company-specific and market data. We performed  sensitivity analyses of significant assumptions to evaluate the change in the value-in-use  of the vessels and assets under construction and assess the historical accuracy of man-  agementâs estimates against actual performance.  We evaluated the adequacy of the Companyâs disclosures included in Note 13 to the  consolidated financial statements.  </arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact1199" 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 as part of our audit 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. This does not include the re-  quirements in paragraph 99a related to the sustainability statement covered by the sep-  arate auditorâs limited assurance report hereon.  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