Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	3416676000	u-2
ifrs-full:Assets	2024-12-31	1937016000	u-2
ifrs-full:Assets	2023-12-31	1252560000	u-2

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	620354000	u-2
ifrs-full:Revenue	2024-01-01	2024-12-31	248738000	u-2
ifrs-full:Revenue	2023-01-01	2023-12-31	108622000	u-2

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   <mrv:SustainabilityReport contextRef="c-3" id="f-18">Sustainability StatementsGeneral informationStandard Section/ Report*Page(s) Incorporation  by referenceESRS 2 - General disclosures BP-1 General basis for preparation of the sustainability statement  SUS 44BP-2 Disclosures in relation to specific circumstances SUS 44Datapoints that derive from other EU legislation  SUS 129-131GOV-1 The role of the administrative, management and supervisory bodies SUS/MR 45-46MR pages 31GOV-2 Information provided to and sustainability matters addressed by the  undertaking’s administrative, management and supervisory bodiesSUS 47GOV-3 Integration of sustainability-related performance in incentive schemes SUS/RR 47RR page 8 GOV-4 Statement on sustainability due diligence SUS 124GOV-5 Risk management and internal controls over sustainability reporting SUS 50SBM-1 Strategy, business model and value chain (products, markets,  customers)SUS/MR 52MR pages 8-11Strategy, business model and value chain (headcount by country) SUS 111Strategy, business model and value chain (breakdown of revenue) FS FS page 153-158SBM-2 Interests and views of stakeholders SUS 54SBM-3 Material impacts, risks and opportunities and their interaction with  strategy and business modelSUS 55IRO-1 Description of the process to identify and assess material impacts, risks  and opportunitiesSUS 58IRO-2 Disclosure requirements in ESRS covered by the undertaking’s  sustainability statementSUS 60Standard Section/ Report*Page(s) Incorporation  by referenceESRS E1 - Climate Change ESRS 2, GOV-3  Integration of sustainability-related performance in incentive schemes SUS/RR 47RR pages 8 E1-1 Transition plan for climate change mitigation SUS 68-70ESRS 2, SBM-3 Material impacts, risks and opportunities, and their interaction with  strategy and business modelSUS 71ESRS 2, IRO-1 Description of the processes to identify and assess material climate- related impacts, risks and opportunitiesSUS 72E1-2 Policies related to climate change mitigation and adaptation SUS 73E1-3 Actions and resources in relation to climate change policies  SUS 74E1-4 Targets related to climate change mitigation and adaptation SUS 76E1-5 Energy consumption and mix SUS 78E1-6 Gross Scopes 1, 2, 3 and total GHG emissions SUS 80E1-7 GHG removals and GHG mitigation projects financed through carbon  creditsSUS 77E1-8 Internal carbon pricing SUS 77E1-9 Anticipated financial effects from material physical and transition risks  and potential climate-related opportunitiesSUS 44*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial StatementsStandard Section/ Report*Page(s) Incorporation by  referenceESRS E2 -Pollution ESRS 2, IRO-1 Description of the processes to identify and assess material  pollution-related impacts, risks and opportunitiesSUS 94E2-1 Policies related to pollution SUS 94E2-2 Actions and resources related to pollution SUS 95E2-3 Targets related to pollution SUS 96E2-4 Pollution of air, water and soil SUS 96E2-6 Anticipated financial effects from material pollution-related risks and  opportunitiesSUS 44ESRS 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 opportunitiesSUS 98E5-1 Policies related to resource use and circular economy  SUS 98E5-2 Actions and resources related to resource use and circular economy  SUS 99E5-3 Targets related to resource use and circular economy  SUS 99E5-5 Resource outflows SUS 100E5-6 Anticipated financial effects from material resource use and circular  economy-related risks and opportunitiesSUS 44Standard Section/ Report*Page(s) Incorporation  by referenceESRS S1 - Own Workforce ESRS 2, SBM-2  Interests and views of stakeholders SUS 54ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with  strategy and business modelSUS 55S1-1 Policies related to own workforce SUS 103-105S1-2 Processes for engaging with own workers and workers’  representatives about impacts SUS 105S1-3 Processes to remediate negative impacts and channels for own  workers to raise concernsSUS 106S1-4 Taking action on material impacts on own workforce, and  approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actionsSUS 107-109S1-5 Targets related to managing material negative impacts, advancing  positive impacts, and managing material risks and opportunitiesSUS 109-110S1-6 Characteristics of the undertaking’s employees SUS 110S1-8 Collective bargaining coverage and social dialogue SUS 111S1-9 Diversity metrics SUS 112S1-14 Health and safety metrics SUS 113S1-16 Remuneration metrics (pay gap and total remuneration) SUS 114S1-17 Incidents, complaints and severe human rights impacts SUS 115*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial StatementsStandard Section/ Report*Page(s) Incorporation  by referenceESRS S2 - Workers in the value chain ESRS 2, SBM-2 Interests and views of stakeholders  SUS 54ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with  strategy and business modelSUS 116S2-1 Policies related to value chain workers SUS 118-120S2-2 Processes for engaging with value chain workers about impacts SUS 120S2-3 Processes to remediate negative impacts and channels for value  chain workers to raise concernsSUS 120S2-4 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 actionsSUS 120-121S2-5 Targets related to managing material negative impacts, advancing  positive impacts, and managing material risks and opportunitiesSUS 121ESRS G1 - Resource use and circular economy ESRS 2, GOV-1 The role of the administrative, supervisory and management bodies SUS 123ESRS 2, IRO-1 Description of the processes to identify and assess material  impacts, risks and opportunitiesSUS 58G1-1 Business conduct policies and corporate culture SUS 123G1-2 Management of relationships with suppliers SUS 124G1-3 Prevention and detection of corruption and bribery SUS 125-126G1-4 Incidents of corruption or bribery  SUS 127G1-6 Payment practices SUS 127*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial StatementsHow Cadeler prepared the Sustainability Statements in 2025____________________________________________________________________________ESRS 2 BP-1 – General basis for preparation of sustainability statements frameworks and data selectionFramework of the Sustainability ReportingCadeler’s Sustainability Statements has been prepared in accordance with the European Sustainability Reporting Standards (ESRS) as required by the Danish Financial Statement Act. As of 31 December, 2025, the Corporate Sustainability Reporting Directive (CSRD) also requires limited assurance to be provided on the sustainability information. The reporting period for the Sustainability Statements covers the period from the 1 January 2025 to the 31 December 2025.Scope of the Sustainability ReportingThe scope of consolidation for the Sustainability Statement does not differ from the scope of consolidation applied in the Financial Statements. The Sustainability Reporting covers value chain sustainability matters where relevant, especially throughout the disclosures of the Scope 3 emissions and ESRS S2 – Workers in the Value Chain disclosures. 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 comprehensive overview of the total resources allocated, at this point in time, to any of the action plans related to the topical disclosure requirements in the CSRD framework. In addition, Cadeler has not yet calculated any anticipated financial effects of the impact, risks and opportunities across the topical standards.ExceptionsNo specific information in this statement has been omitted due to member state regulations or to protect any of Cadeler’s intellectual property, know-how or results of innovation.ESRS 2 BP-2 – Disclosures in relation to specific circumstancesWhereas in the 2024 Sustainability Reporting Cadeler considered long-term to cover a period of two to five years, the 2025 Sustainability Reporting adopts a broader perspective, with the long-term referring to a period starting at two years and extending indefinitely.Taking into account the nature of its operations and the timing of the impacts and dependencies across ESG matters, Cadeler considers that a period longer than five years qualifies as long term and remains fully part of the Company’s strategy. This has resulted in the following time horizons:• Short term is defined as less than one year• Medium term as one to two years• Long term as more than two yearsFor some metrics, uncertainty stems from the measurement techniques (i.e. waste measurements are required to take place in cubic meters for compliance with MARPOL requirements whereas CSRD requests units in tonnage). For others metrics, uncertainty arises from the availability and quality of data from the entity’s upstream value chain (few suppliers are currently able to provide primary data so calculations are largely based on spend based data). Material sources of uncertainty are explained throughout the report where relevant to specific metrics.A significant portion of Cadeler’s Scope 3 reporting is not based on direct data obtained from its value chain. By definition, Scope 3 data comes from upstream and downstream operations and therefore, the Company’s cannot control the collection of all information. A large portion of the scope 3 footprint has been assessed using a model developed to estimate the lifecycle carbon footprint associated with the construction and operations of the Company’s windfarm installation vessels.For many aspects feeding into Cadeler’s overall scope 3 emissions, the estimations of emissions are based on either a material or process input with application of a conversion factor rather than statements directly from the value chain on their emissions. Certain categories are currently calculated using spend based data, which is inherently associated with higher uncertainty than direct measurements or estimates based on operational consumption data. In addition, a description of the resulting level of accuracy is provided for all data, including value chain data estimated using indirect sources.In order to ensure the application of the Company’s policies by business partners, Cadeler requires them to acknowledge and sign the Code of Conduct and to respect the principles and values that Cadeler embraces. Cadeler is working on increasing the level of accuracy of metrics that include value chain data estimated using indirect sources.Reporting methodologies are disclosed within each ESRS section of this report to describe the practices applied to the quantitative data presented. In these descriptions, Cadeler presents information related to the metrics included within the relevant ESRS section. These methodologies disclose where data is subject to high levels of measurement uncertainty, the sources of such measurement uncertainty, and whether assumptions, approximations or judgments have been applied.Governance and organisation of sustainability matters ESG Governance_____________________ESRS 2 GOV-1 – The role of the administrative management and supervisory bodiesThe Cadeler Group’s Board of Directors consists of seven non-executive members, of whom five (71.4%) are considered independent members and none are employee-elected. All members’ CVs and merits are presented in the Management Review. Two out of seven top managerial positions are held by women, representing 28.6% of the Board of Directors. In the other managerial positions, women hold three out of nine roles, meaning that 33.3% of the Senior Leadership Team is composed by women. The Chairman of the Board also serves as Chair of the Global Centre for Maritime Decarbonisation, 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 Board member has focused her career in recent years on the energy transition, and their experience strengthens the Board’s collective knowledge of climate change and the risk and opportunities of decarbonisation. Regarding other material issues, such as pollution, circularity and impacts on the own workforce, Cadeler has subject matter experts within its workforce that can be leveraged by the Board of Directors and Executive Management. External advice can also be sought whenever additional knowledge is required on any topic. Governance and organisation of sustainability mattersContinued from previous pageTo ensure that other ESG topics are managed in a manner consistent with industry standards and expectations, all core ESG topics are owned by a department with relevant competencies: • The Sustainability and Performance Department drives the Company’s decarbonisation efforts and overall sustainability strategy. • Cadeler’s People and Culture Department (onshore HR) and Marine HR Department (offshore HR) are responsible for employment-related matters, including ensuring the Company follows up-to-date labour standards, maintains a positive work environment and that personnel receive proper training to keep up with potential changes arising from the transition to a sustainable economy. • Cadeler has an Ethics and Compliance function that manages risks related to Company governance, anti-bribery and corruption practices, human rights practices, etc. This function works in coordination with the Procurement Department to push Cadeler’s expectations for sustainability practices towards Cadeler’s supply chains and monitor supply chain risks due to issues such as human rights and corruption.• The Health, Safety, Environment and Quality (HSEQ) Department manages risks to workers in the workplace and ensures that the Company’s safety management system implements appropriate measures to protect the health and safety of Cadeler’s workforce.• The Legal Department contributes to the preparation of the Sustainability Report through ongoing regulatory monitoring, advising on governance-related matters, and ensuring that the Company’s operations remain aligned with applicable environmental and social standards.• The Core Finance team oversees the preparation of non-financial reporting, performs internal audits of sustainability data, and ensures the report’s compliance with the Corporate Sustainability Reporting Directive (CSRD).The CEO has overall responsibility for important ESG matters and escalates issues to the Board of Directors as they have the ultimate responsibility. A review of climate-related matters is conducted periodically in coordination with the publication of the Annual Report. The Board uses this opportunity to reassess how sustainability is embedded into the Company's strategy and governance framework. Other important matters arising throughout the year are handled on an as-needed basis. Any matters originating from Cadeler's employees are introduced to the Board of Directors through the CEO. Cadeler’s corporate governance framework is intended to decrease business risk, maximise value and utilise the Company’s resources in an efficient and sustainable manner for the benefit of shareholders, employees and society at large. The Board has delegated specific responsibilities for the management of material impacts, risks and opportunities (IROs) and has established clear goals for the Company in its Corporate Social Responsibility (CSR) policy and instructions to the Executive Management, both of which form part of Cadeler’s 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 CSR) that are appropriate and in proportion to the nature and scale of the Company's activities. To support the Board on matters related to sustainability, a broad range of expertise is directly represented at executive and senior leadership levels through subject matters experts including the Chief Sustainability and Performance Officer, Chief People and Culture Officer and Chief Legal Officer. The Board must, at a minimum, carry out an annual review of the Company's risk exposure and risks management, including CSRD topics. The Board ensures that such reporting reflects the Company's corporate social governance performance, strategy, policies and targets.ESG Processes and organisationContinued from previous pageESG Internal Communication____________________________________ESRS 2 GOV-2 - Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies The Board sets the overall direction for Cadeler’s sustainability engagement through approval of major policies, targets, performance metrics, material IROs, and through its review and approval of the Annual Report, including the Sustainability Statements. Management’s proposal for the material IROs is presented in the first instance to the Audit Committee, and subsequently to the Board of Directors. For the first time in 2024, the Board of Directors considered all material IROs as part of its review of Cadeler’s Double Materiality Assessment (DMA). Although Cadeler has a process to inform Management of material IROs, the Company is implementing a formal structure to report on its due diligence processes and the effectiveness of sustainability-related IROs, consistent with its enterprise risk management framework.ESG Performance and Incentives________________________________________ESRS 2 GOV-3 – Integration of sustainability-related performance into incentive schemesSustainability-related measures are included in the Company’s corporate key results and performance against such metrics is considered in the determination of the annual bonus remuneration for all Group employees, including members of the Company’s Management team. In 2025, sustainability-focused targets represented 16.6% of the Company’s corporate key results (with the corporate key results having weighting of 70% in the calculation of individual incentive awards, meaning that the portion of incentive compensation directly linked to sustainability targets was 11.6%).Climate-related considerations are not currently individually factored into the remuneration of members of the Company’s administrative, management or supervisory bodies. The sustainability-related metrics cover both safety culture, overseen by the HSEQ department, and sustainability, managed by the Sustainability and Performance department. Regarding safety culture, the incentive is based on the level of implementation of the management system. For sustainability, the metric used in the calculation is the level of completion of sustainability training. These targets are described in the Objectives and Key Results (OKR) accessible to all employees via the Company’s intranet.Sustainability-related performance included in Cadeler Remuneration Policy,  sets out the principles for remuneration of the Executive Management and the Board of Directors. The Remuneration Committee reviews the remuneration annually, with final approval by the Board of Directors.ESG Due Diligence________________________________________ESRS 2 GOV-4 – Statement on due diligenceCadeler aims to progressively strengthen the integration of sustainability considerations into its governance, strategy and operational decision-making processes. In 2024, the Company established the position of Chief of Sustainability &amp;amp; Performance Officer to support the integration of sustainability considerations into its overall strategy. This role facilitates communication between operational teams and Executive Management by keeping the Executive Senior Leadership Team regularly informed of sustainability-related impacts, risks and opportunitiesThe Audit Committee has overall responsibility for overseeing risk management and internal control systems. In 2025, Cadeler further developed its Internal Control over the Sustainability Reporting (ICSR) framework.This includes the implementation of a new reporting system for financial and sustainability information, thereby supporting the Company in strengthening data monitoring and further automating the reporting process.. In addition, Cadeler decided to develop and implement additional preventive and detective controls designed to reduce the risks of omissions and misstatements in sustainability reporting. In 2024, the Company conducted a DMA to identify and evaluate material IROs. The process involved relevant internal functions and subject matter specialists. The assessment considered:• The potential and actual impacts of the Company’s activities on environmental and social matters; and• The financial risks and opportunities arising from sustainability-related matters.ESG Processes and organisationContinued from previous pageThe outcomes of the DMA continue to inform the Company’s sustainability reporting and prioritisation of actions in 2025. The Company intends to periodically review and update the assessment to reflect changes in its activities and operating context.In addition, a Human Rights Impact Assessment (HRIA) was performed in early 2025 to identify salient human rights risks associated with the Company’s operations and supply chain. Based on this assessment, the Company formalised a three-year plan aimed at addressing identified human rights risks.The Company has established policies and procedures intended to promote responsible business conduct across its operations and value chain. Before entering any business relationship, suppliers are subject to an assessment carried out by Procurement and Health and Safety to ensure compliance with Cadeler’s policies. During the Request For Quotation (RFQ), suppliers are requested to provide information regarding their ISO certifications, including ISO 45001, ISO 14001 and ISO 9001.  The Company’s governance framework also includes:• Supply Chain Code of Conduct that sets out requirements for suppliers in relation to environmental management, health and safety, human rights, labour practices, business ethics and community-related matters,a • An HSEQ framework including Health, safety, environmental and quality considerations; and, • A Sustainable Development Policy outlining commitments relating to environmental protection, labour standards and human rights. While policies are in place, the Company acknowledges that further development of procedures and monitoring mechanisms is ongoing in order to strengthen oversight and consistency of implementation.Cadeler plans to identify areas for improvements through the sustainability ratings and questionnaires so that sustainability considerations are progressively integrated into the Company’s strategy, governance and business model. In order to fully integrate sustainability and improve due diligence, the Company plans to work on ESG data so that the monitoring of the Company’s actions can be evaluated more precisely and the targets defined with more insights. Sustainability due diligence is part of Cadeler’s sustainability performance and as such the Company considers that it needs to keep progressing every year to contribute, where relevant, to selected United Nations Sustainable Development Goals (SDGs) through its policies, actions and targets. Cadeler has identified the following goals to which it seeks to contribute:• Good health and wellbeing,• Decent work and economic growth,• Affordable and clean energy,• Reduced inequalities,• Responsible consumption and production,• Life below water,• Climate action,• Partnerships for the goals.CORE ELEMENTS OF DUE DILIGENCE PARAGRAPHS/SECTIONS IN THE SUSTAINABILITY STATEMENT a) Embedding due diligence in governance, strategy and business model • Disclosure of how administrative, management and supervisory bodies determine whether appropriate skills and expertise are available or will be developed to oversee sustainability matters• Information about identity of administrative, management and supervisory bodies or individuals within body responsible for oversight of impacts, risks and opportunities• Disclosure of whether, by whom and how frequently administrative, management and supervisory bodies are informed about  material impacts, risks and opportunities, implementation of due diligence, and results and effectiveness of policies, actions, metrics and targets adopted to address themb) Engaging with affected stakeholders in all key steps of the due diligence • Interests and views of stakeholders• Description of methodologies and assumptions applied in process to identify impacts, risks and opportunitiesc) Identifying and assessing adverse impacts • Description of methodologies and assumptions applied in process to identify impacts, risks and opportunities• Description of material impacts resulting from material assessmentd) Taking actions to address those adverse impacts • E1: disclosure of transition plan for climate change mitigation• E1: actions and resources related to climate change mitigation and adaptation• E2: actions and resources related to pollution• E5: actions and resources related to pollution• S1: action plans and resources to manage its material impacts, risks and opportunities related to its own workforce• S2: disclosures of actions 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 actionse) Tracking the effectiveness of these efforts and communicating • E1: Disclosure of whether and how GHG emissions reduction targets and (or) any other targets have been set to manage material climate-related impacts, risks and opportunities• E1: Tracking effectiveness of policies and actions through targets• E2: Tracking effectiveness of policies and actions through targets• E5: Tracking effectiveness of policies and actions through targets• S1: Targets set to manage material impacts, risks and opportunities related to own workforce• S2: Disclosure of targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunitiesESG Processes and organisationContinued from previous pageManaging ESG reporting Risks and Controls______________________________________________________ESRS 2 GOV-5– Risk management &amp;amp; internal controls over sustainability reportingCadeler integrates sustainability‑related risks into its overall enterprise risk management (ERM) framework, ensuring these risks are assessed and monitored alongside broader risks. The process provides a structured approach for identifying and evaluating risks. The risk assessment covers sustainability‑related risks such as working conditions, health and safety, anti‑corruption and bribery, and climate change. Risks are prioritised based on likelihood, potential impact, and time horizon. Mitigating actions are defined and implemented by designated risk owners in collaboration with relevant functions. Cadeler’s sustainability‑related risks and associated actions are disclosed within the relevant ESRS sections of this Sustainability Statement. Cadeler has established internal controls over sustainability reporting aimed at reducing the risk of misstatements or incomplete information. In preparing its Sustainability Reporting, Cadeler manages each business element linked to the sustainability data to be published by:• Ensuring the integrity and consistency of Internal Control over Sustainability Reporting (ICSR),• Identifying and assessing the risks and providing the Audit Committee an objective perspective on potential exposure,• Evaluating the existence, adequacy and design of controls to ensure the reliability of Sustainability Reporting, considering its materiality and complexity,• Monitoring execution of controls in accordance with the definitions set out in the risk and control matrices, through inspection of supporting evidence and consultation with the controls owners (scheduled for implementation in 2026),• Contributing to the implementation of the corrective actions identified through reviews of ICSR, and•  Assessing and evaluating ICSR supporting documentation, confirming that all risks and controls have been properly documented (to be carried out in 2026).Risks identification must consider the concept of DMA as defined in the CSRD. DMA aims to identify, assess and categorize IROs. Control activities are designed to prevent errors or fraud that could affect Sustainability Reporting and, more broadly, Cadeler’s ESG strategy. Accounting manuals have been developed for ESRS datapoints to establish data collection and recording processes and facilitate review. Sustainability data undergo at least two levels of review, and each datapoint is reviewed by someone other than the individual responsible for its collection prior to publication of this report. Cadeler began integrating sustainability reporting into its systems in 2025 and will continue enhancing this automation in 2026.As a fast-growing Company, Cadeler acknowledges that its expansion creates new risks. Accordingly, Cadeler takes into account the evolving context of the Company, including, for example:• An increasing number of assets,• A growing workforce, • Expansion into new markets.The Audit Committee reviews both sustainability and financial reporting. Review of Sustainability Reporting occurs on an annual basis, while review of the processes and resources dedicated to sustainability reporting has occurred as needed throughout the year. The findings from the risk assessment and internal control activities related to the sustainability reporting process are integrated into the operational processes. Identified risks and control deficiencies are communicated to the relevant functions, including the Sustainability and Core Finance. Based on these findings, corrective actions and control enhancements are defined and incorporated into existing procedures, such as data collection protocols, validation controls and reporting guidelines. Core Finance coordinates the implementation of these improvements. Alignment with the Company’s overall internal control framework will be integrated in the coming years. Significant findings and remediation actions are reported to Senior Leadership and, where relevant, to the Audit Committee. Progress on the implementation of corrective actions will be monitored periodically to ensure continuous improvement of the reliability and robustness of the sustainability reporting process. Risks were identified for each sub-process based on their ESG impact and likelihood of occurrence. Data collection is inherently subject to some level of measurement uncertainty. Uncertainties exist for some variables that are difficult to measure and which require a proxy, while some datasets are based on sampling. Some factors require assumptions in order to either calibrate data or fill in data gaps. Examples include using financial spend-based estimates for certain categories of scope 3 emissions, application of proxies for data gaps. Where Cadeler uses proxies, assumptions, conversion factors, etc., it aims to have multiple people involved in the decision-making process to ensure that the reasoning applied is backed by sound argumentation. The data collection process is conducted by the end of the year to ensure the most up-to-date information is reviewed and disclosed. A CSRD compliance check is performed to ensure the disclosures meet ESRS requirements. Both data collection processes are internally audited to ensure they meet reporting requirements.Strategy, business model and value chainContinued from previous pageSustainability Mission Targets Deep dive Environment Efficient operations with fewer emissions for every  wind turbine installed, promoting circularity of resources and protecting the ecosystems and communities where Cadeler operates2030: ESRS E1 Reduce company-wide scope 1 and 2 emissions intensity by 50%ESRS E2 Source 100% of the electricity consumption from renewable sourcesESRS E5 Reduce waste from own operations by 50%2035: Deliver net-zero operationsReduce Scope 3 emissions by 35%Social Maintain a safe, engaging, diverse, equitable and  inclusive work environment on and offshore2025:  ESRS S1 30% women in leadership positions ESRS G1 2030: 40% women in leadership positions  Ongoing priorities: Aim for zero lost time incidents and zero recordable casesPromote inclusivity in the workplace and zero tolerance for discrimination and harassmentEnsure fair labour practices and develop promote respect for human rightsGovernance Operate the business ethically and aim to  implement practices that also hold Cadeler’s supply chain to the same standard2030: ESRS S2 Work towards having all Cadeler’s key suppliers commit to the Supply Chain Sustainability Code of ConductESRS G1 Ongoing priorities: Promote sustainability across value chainPerform supplier screening and due diligence for business ethics, human rights and environmental practicesStrategy, business model and value chainContinued from previous pageCadeler’s Business Model________________________________ESRS 2 SBM-1 – Strategy, business model and value chainCadeler’s core business involves the safe, reliable and high-quality installation of offshore wind turbines using cutting-edge specialised Wind Turbine Installation Vessels (WTIVs). These vessels, which Cadeler builds, owns and operates, are designed to operate efficiently in challenging offshore environments, and Cadeler continually invests in new vessels with innovative technologies and processes to reduce emissions and minimise environmental impact.Cadeler’s key inputs from a sustainability perspective include fuel and energy for vessel operations, materials and components used in fleet maintenance and upgrade projects, and the skills and expertise provided by the workforce and suppliers. These inputs are sourced through our operational activities and established supplier relationships across the value chain.Cadeler collaborates closely with developers, suppliers and other operators to ensure timely and safe project execution. Cadeler has offices in Denmark, the United Kingdom, Taiwan, Japan, Monaco and the United States. Currently, the Company has vessels operating off the coasts of Europe, Taiwan and the US. For further information about the business model, please refer to the “Business Review”. An overview of the Company’s business is presented in the Management Review, in the This is Cadeler section. Key figures relating to employee head count are presented below, in the Management of the own workforce. Total revenue for the financial year is presented in the Management Review, in Key Financial Figures.Cadeler’s Strategy towards a Sustainable Future____________________________________________________________Despite ongoing geopolitical uncertainties around the world, Cadeler expects that the offshore market will continue to grow at a rapid pace. Cadeler is well positioned to support the expansion of the offshore renewables market, with a strategy built on delivering reliable, efficient and lower-carbon services to the industry, thereby enabling it to meet the growing global demand for renewable energy.Cadeler recognises its role in supporting the energy transition and advancing the industry’s move toward alignment with the Paris Agreement. Cadeler’s strategic focus is to embed sustainable practices and mindsets across its operations, allowing the Company to build alliances around a shared vision, and create long-term value for the Company’s shareholders. To achieve this priority, Cadeler has implemented a Sustainable Development Framework which is based on Company’s growth and reviewed periodically. The Sustainable Development Framework is committing to leadership in matters of environment, health and safety, employment and corporate responsibility, both internally and across the value chain. Cadeler pursues long-term objectives towards sustainable growth, prioritising decarbonisation, operational excellence and improving the circularity of its operations – while ensuring the highest standards of ethics and compliance. These goals and ambitions apply to the entire business of Cadeler, focusing on offshore wind installation and O&amp;amp;M services.Cadeler’s sustainability-related goals currently apply to all its operations. As the Company currently provides only offshore wind installation and maintenance services, these goals cover its entire business. If Cadeler expands into activities with different sustainability considerations in the future, it will establish specific goals appropriate to those operations.Cadeler supports the Global Compact’s 10 Principles and the 17 UN Sustainable Development Goals (SDG). The Company focuses on 8 SDG goals, relevant to its operations, using them to guide the sustainable development strategy.                                                    Strategy, business model and value chainContinued from previous pageCreating value with Cadeler’s partners________________________________________________Cadeler actively engages with its value chain partners to promote ethical conduct, sustainable practices across their products and services, and respect for human rights. Cadeler’s key value chain activities are illustrated below and include the construction of vessels, the manufacture of vessel equipment, the manufacture of project-specific equipment, energy and electricity (hydrocarbon fuels and some renewables), engineering services, the provision of vessel consumables and stores, the transportation of personnel and equipment, and port services. Double Materiality AssessmentStakeholders’s ESG engagement_________________________________________ESRS 2 SBM-2 – Interests and views of stakeholders In 2024, the outcome of the DMA, based on consultation with Cadeler’s main stakeholders, was aligned with the topics previously identified by Cadeler. So stakeholders’ engagement generally reaffirmed that the key focal points of Cadeler’s sustainability strategy are on the right track. A reassessment of marginally immaterial topics has been performed in 2025. Further information is elaborated in the Cadeler DMA approach in 2025. In general, stakeholder engagement is used to either reaffirm the direction of the sustainability strategy or to identify areas where the current strategy may deviate from stakeholder expectations. Where any gaps are identified between the Company’s current approach and stakeholders expectations, Cadeler aims to use stakeholder feedback to inform potential changes to its strategy, including policies, actions, and targets.Cadeler engaged with different stakeholders in a variety of ways. The use of multiple approaches highlights the diversity of stakeholders and reflects tailored engagement methods, ensuring that the Company understands the stakeholders’ ESG expectations and industry standards. Engagement with the different stakeholders has been coordinated by Sustainability and Performance, under the responsibility of the Chief of Sustainability. Cadeler plans to improve its process for engagement of stakeholders on an annual basis. Firstly, to ensure a balanced distribution and holistic perspective, external stakeholders need to be selected based on distinct clusters of stakeholders involved in or affected by the Company’s operations. Participants need to be chosen to represent these clusters adequately, ensuring that all relevant perspectives are accounted for in the final results. Regarding the management and employees’ selection, it is important to ensure a representative and balanced selection by including employees from various departments and geographical regions, to obtain feedback from a diverse cross-section of the workforce. Then, Cadeler expects to experiment with many processes to get feedback: from one-to-one interviews, focus groups/workshops/online surveys or academic and sector research or documentation analysis. The CSRD defines the frequency of sustainability reporting under the ESRS as annual. However, Cadeler concludes, based on appropriate evidence, that the outcome of the prior reporting period’s DMA is still relevant at the reporting date, so the preparation of the Sustainability Statement as of 31 December 2025 uses the conclusions reached in 2024.For the 2025 reporting year, no significant amendments were made to the business strategy or the reporting model as a result of stakeholder engagement.Stakeholders Engagement Purpose Customers &amp;amp; business partners One-to-one meetings focused on  ESG topics, client questionnaires, website reviews and audits. Ensures alignment on ESG goals  and understanding of client  expectations.Employees  Workshops involving representatives  from various departments with a focus on internal ESG initiatives.Ensures employee perspective,  drives  ESG initiatives and informs company  sustainability practices.Value chain workers Indirect engagement through  supplier and procurement activities. Staying up to date with guidance from organisations such as UN Global Compact. To ensure ethical labour practices  and sustainability in the supply  chain. Industry bodies &amp;amp; regulators Engagement with working groups on  regulated topics using industry group guidance for shaping ESG policies.To stay informed on industry  standards, share best-practices and contribute to sector-wide sustainability efforts.Investors &amp;amp; Banks Questionnaires, inclusion of ESG  requirements in financing agreements and focus on standards such as SFDR and SASB that are broadly used in the financing sector.To ensure alignment with investor  expectations around sustainability and ESG reporting, ensure Cadeler complies with requirements for green financing instruments.Suppliers Collaboration with procurement  departments, internal workshops  and reviews of supplier websites for ESG practices.To assess suppliers’ ESG practices   against international standards and ensure responsible sourcing and sustainability in the supply chain.Double Materiality AssessmentContinued from previous pageFinancial effects of Cadeler’s ESG topics__________________________________________________ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model E1 Climate changeClimate change adaptation: Climate change poses a range of acute 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 result in higher insurance premiums and increased operational challenges. These climate-related impacts can have significant consequences for both the Company and its stakeholders, affecting financial performance.Climate change mitigation: Climate change mitigation presents both challenges and opportunities for Cadeler. Risks include constraints on access to alternative fuels and the increasing cost of carbon, which may increase operational expenses. New climate protection legislation could impose additional compliance costs or require significant adjustments to business practices. For instance, the carbon pricing scheme ETS 2 requires polluters to pay for their GHG emissions while generating revenues to finance the green transition. Shipping companies are required to monitor and report their emissions and surrender a corresponding number of emission allowances. From 2027, Cadeler will be required to report 100% of its carbon emissions. However, these changes also bring opportunities, such as incentives for advancements in renewable energy markets and potential cost reductions through the adoption of more sustainable technologies and practices. Energy: Energy-related challenges and opportunities are also important for Cadeler. Improvements in energy efficiency can lead to cost reductions and potentially provide a competitive advantage in the market. However, the limitations shore power due to insufficient local grid infrastructure could result in continued reliance on onboard power generation and increased operational costs. E2 PollutionMicroplastics: Pollution, including the presence of microplastics in the environment, presents potential financial risks for Cadeler. Changes in EU packaging legislation could lead to increased products costs or challenges related to the availability of compliant materials, affecting both supply chain costs and product delivery. Additionally, compliance with flag state requirements may impose additional operational and compliance costs. These factors could result in fines, sanctions, and reputational damage, as well as increased 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. 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 Selective Catalytic Reduction (SCR) systems on O-class vessels and Wind Scylla, which could lead to substantial capital expenditure related to retrofitting. In addition, extreme weather events linked to climate change could disrupt operations, delay projects, and increase operational costs. The combination of stricter regulations and climate impacts may also influence access to capital, as investors and lenders increasingly consider sustainability and environmental risks in their decision-making processes.Pollution of water: Effective control of water pollution has the potential to provide Cadeler with a competitive advantage, demonstrating environmental responsibility and compliance with regulations. However, any adverse incident related to water pollution—such as spills or contamination—could significantly undermine this advantage, affecting the Company’s reputation and public perception. Such incidents could also result in increased regulatory scrutiny, fines, and additional operational costs, highlighting the importance of maintaining robust environmental practices to safeguard both the Company’s market position and public trust.E3 Water and marine resourcesWater &amp;amp; Marine resources - Water discharges into the oceans: Uncontrolled or unplanned 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 reputational damage. 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.Double Materiality AssessmentContinued from previous pageE4 Biodiversity and ecosystemsImpacts on the state of species: Concerns regarding species population levels and the potential 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. Additionally, stricter environmental regulation could impose limitations on working schedules, particularly during sensitive breeding and migration periods for protected species, which may further delay project timelines and increase operational costs.E5 Resource use and circular economyResources inflows, including resource use: The transition to a circular economy introduces both opportunities and risks for Cadeler, particularly in terms of resource inflows and the use of resources. The limited availability of critical materials could disrupt operations and lead to project delays or increased costs. Additionally, the increasing pricing on materials, including steel, driven by supply chain constraints and market volatility, could further increase operational expenses. These challenges underscore the importance of securing sustainable supply chains and assessing alternative materials to mitigate risks associated with resource availability and price volatility.Resources outflows related to products and services: In the context of a circular economy, resources outflows associated with the disposal of products and services are becoming increasingly important. More stringent EU regulation on vessel decommissioning could result in higher costs due to enhanced environmental and safety standards, requiring more complex and potentially costlier processes for disposal and recycling. Similarly, the introduction of stricter requirements for other equipment could lead to increased operational expenses, as businesses may need to invest in more sustainable and compliant solutions. These regulatory developments emphasise the need for forward-looking strategies in equipment lifecycle management and waste reduction.Waste: Effective waste management becomes increasingly important for Cadeler's operations. Improper waste disposal or non-compliance with evolving regulatory requirements could lead to fines and sanctions, as well as damage to the Company’s reputation. Stricter requirements for waste handling and recycling may further complicate operations, increasing both the cost and complexity of compliance. The risk of non-compliance underscores the importance of robust practices and proactive management to avoid potential legal and financial penalties.S1 Own WorkforceThe working conditions of Cadeler’s employees may materially impact operations as health and safety are paramount in the shipping industry. Any incident at the industrial sites could result in financial losses due to penalties and compensations related to the incidents and adverse reputation impacts. Incidents can also take the form of harassment towards employees. Such incidents could lead to lost time, sick leave, a diminution of motivation and less overall efficiency in the team in general. Consequently, it could result in higher costs for the Company which Cadeler seeks to anticipate and prevent.S2 Workers in the Value ChainWorking conditions are also considered a risk for the workers in the value chain, particularly from a training and skills development perspective. Cadeler considers that strong performance can increase efficiency and quality of services and products delivered to Cadeler. Thus, the risk is mainly driven by cost efficiency considerations.Forced labour poses reputational risks from a financial performance perspective. Any incidents of forced labour within the supply chain may affect the Cadeler’s brand and reputation. The Corporate Due Diligence Duty is considered by Cadeler as part of its business and the Company seeks to manage this process as an inherent part of its business practices to avoid any costs, mainly fines, and impact on the revenue including loss of business.The protection of personal data represents matter that could bring significant financial risks, particularly since the GDPR entered into force. Any breach in terms of privacy that could appear within the value chain would be financially and economically damaging to Cadeler as improper management of personal data by Cadeler could result in fines. An insecure whistleblower hotline may also adversely affect the Company image and consequently its commercial performance.G1 Corporate CultureAny incident related to corruption or bribery could result in adverse impacts on the Cadeler’s brand, as well as fines and increased legal defense costs. Management of suppliers’ relationship could affect suppliers’ willingness to engage with Cadeler. This could affect the ability to procure necessary services and goods, the possibility to improve cost efficiency, and Cadeler can be liable for wrongdoing of a supplier in certain jurisdictions.Double Materiality AssessmentContinued from previous pageResilience of Cadeler’s Strategy and Business Model ____________________________________________________________________Cadeler works to meet the ESG requirements of the countries in which it operates. The Company aims to deliver effective monitoring of its impact on these subjects, ensuring that risks associated with its operations are appropriately identified and managed. To sufficiently manage sustainability-related impacts, the organisation must consider all the issues relevant to its operations, such as:• Environment: Air pollution, water pollution, sewage management, waste management, soil contamination, climate change mitigation and adaptation, and resource use and efficiency,• Social: Working conditions, equal treatment and equal opportunities for all, and other work-related rights• Governance: Corruption and bribery, corporate culture, and the management of relationships with suppliers including payment practices.To control and improve environmental and social performance, Cadeler has a management manual, an HSEQ policy and a sustainable development policy in place. These documents outline the corporate practices for working towards a more sustainable future, by maximising positive environmental impacts, minimising and taking accountability for negative impacts. Cadeler’s ISO 14001:2015 certified environmental management system establishes a framework formal policies, processes and requirements implemented to minimise environmental impacts from its operations. It covers all Cadeler’s vessels, operational sites, offices and activities.  A dedicated Ethics and Compliance (E&amp;amp;C) function has been established to be able to monitor the performance of the Company and to set ambitious targets in this area. Regulatory requirements can become more restrictive, and it is important to anticipate such developments and address them at an early stage.Emissions for Scope 1, Scope 2 and Scope 3 activities are tracked and reported annually. 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 its organisational boundary, and therefore aims to account for emissions from all facilities and assets where it has the authority to introduce and implement operating policies. Cadeler has monitoring equipment installed on board its vessels to track the consumption of fuel, lube oils and other substances that eventually result in the release of CO₂ and other GHG into the atmosphere. The marine gas oil purchased is required to meet the sulphur emission caps applicable in the North Sea and Baltic regions (0.1% concentration). Additionally, NOx emissions from the vessels may not exceed the upper limits set out in MARPOL Annex VI. The Company monitors consumption of F-gases used as refrigerants. Cadeler also has a water management plan in place, under which the fresh water consumption is tracked and any discharges of ballast water or grey water from the vessels are recorded. Another core element of environmental management on board the vessels is the garbage management plan. Cadeler records its total waste generation and ensures waste segregation onboard enabling proper management when waste is offloaded on the quayside. The vessels also have a shipboard marine pollution emergency plan, which outlines the practices intended to prevent spills into the ocean. It ensures that crews are trained to respond in the event of an incident and have the necessary clean-up equipment available. Sustainability is part of Cadeler’s business model through the Company’s contribution to climate change mitigation. However, the shipping sector represents around 3% of global greenhouse gas emissions. In response, the Company is taking steps to enhance operational efficiency and reduce emissions where feasible. As a fast-growing Company, Cadeler is still developing its business model but the strategic direction towards a more sustainable economy is clear. Even if the regulatory environment is evolving slowly, the Company’s objective is to stay ahead of European and National directives and legislation. For this reason, sustainable data management is embedded in the Company’s short-term and long-term strategy. The competitiveness of the Company depends on its ability to anticipate and address sustainability-related issues in the coming years. Cadeler has designated dedicated departments responsible for managing decarbonisation, sustainable development and environmental matters.Double Materiality AssessmentContinued from previous pageImpact, Risk and Opportunity management_______________________________________________________ESRS 2 IRO-1 - Description of the process to identify and assess material impacts, risks and opportunitiesAs a large Company, Cadeler is required to disclose its material IROs, which are in turn mapped to sustainability matters (i.e., topics, subtopics, sub-sub-topics). In 2025, Cadeler assessed that no significant events occurred that would trigger a major change in the DMA, meaning that the IROs remained the same as those disclosed in the 2024 Annual Report.The process conducted in 2024 for the identification of IROs began with an assessment of the Company’s overall context. To determine the material topics, the Company first analysed its activities, business relationships, value chain, affected stakeholders, and strategic objectives.Various stakeholders were involved, including internal specialists. Cadeler overhauled its process for the performance of a materiality assessment as compared to previous years to comply with the DMA requirements under the CSRD. The process was divided into the following steps:PreparationThis step involved defining a long list of potentially material topics to be included in the DMA. Cadeler considered all topics required in the ESRS, including industry-specific topics from existing analyses and material topics identified in previous years. The outcome was a comprehensive list of potentially material ESG topics used for the next step of the process. IdentificationThis step involved gathering information relevant to assessing the impact and financial materiality of the various topics. Cadeler mapped its value chain and identified where IROs occur, set scope boundaries, identified separate business areas, geographical linked IROs, and received feedback from internal and external stakeholders regarding their perception of relevant IROs. This step resulted in a mapped value chain and a long list of IROs to be assessed for materiality.AssessmentIn this step, Cadeler assessed the identified IROs for impact and financial materiality. Workshops were conducted in which IROs were reviewed line by line, first discussed by internal subject matter experts and then ranked based on a defined set of criteria. IROs were ranked for impact materiality based on scope, scale, irremediability and likelihood, while they were ranked for financial materiality based on the severity of the financial impact and likelihood. Based on the scoring (from 1 to 5 for impact materiality and from 1 to 20 for financial materiality), the ranking was classified into four categories: insignificant, low, material, and critical. Cadeler chose to apply both approaches in order to align financial materiality with the risk approach already used for the Financial Statements. The results were consolidated and calibrated before being presented to Executive Management and the Audit Committee for final approval.  CSRD PreparationBased on the results of the DMA, the material topics were mapped to relevant ESRS disclosure points. Cadeler identified applicable disclosure requirements and performed a gap assessment in 2024, involving internal data owners, resulting in a list of material disclosure requirements and datapoints. In 2025, the list of material disclosure requirements was reviewed, with no changes to the scope of disclosures, except for phase-in data points that became mandatory due to Cadeler’s headcount exceeding 750 employees.The connections between impacts and dependencies and the associated risks and opportunities have been analysed to ensure the business is not jeopardized. A climate-risk assessment has been conducted to ensure that Cadeler’s assets and activities are not significantly threatened by these impacts and dependencies. At the same time, the organisation participates in an annual assessment of its impacts and opportunities as part of the CSRD reporting process.Double Materiality AssessmentContinued from previous pageCadeler DMA approach in 2025_______________________________________In 2025, Cadeler reassessed topics that were marginally immaterial in 2024.Cadeler endeavoured to identify the business risks and opportunities that ESG topics could bring. Cadeler considers that ESG risks are pervasive and can affect the balance sheet, the P&amp;amp;L, the cash flow in short-, medium- and long-term. Cadeler organized workshops aiming to identify whether any change in circumstances occurred, which would have conducted to a new IROs assessment. It resulted from this analysis that no additional material IRO needed to be disclosed. In accordance with EFRAG implementation guidance, a value chain mapping was prepared covering Cadeler’s key business segments, activities, stakeholders, resources, customers, and geographical areas, together with a mapping of upstream and downstream activities and their associated internal and external resources. Every sustainability-related risks within the value chain are presented to the Audit Committee in the same manner as other types of risks. The Audit Committee reviews all risks during the meeting, and the prioritisation of the risks is discussed in this context.In 2025, the results of the DMA were submitted to Executive Management, which approved maintaining the same reporting scope as in 2024, as no major changes to the business model occurred. As in 2024, Cadeler has not yet formally integrated the DMA into its overall business risk management processes. And yet, the results of the DMA have been communicated to those responsible for overall business risk management. Cadeler has not yet determined how these processes can be more closely integrated in future iterations. Cadeler intends to further elaborate on this process in 2026.Non-material topical standards_______________________________________No material IROs were identified for either S3 or S4 due to the nature of Cadeler’s business which is offshore and service oriented rather than product oriented. During the 2024 DMA, IROs were identified for E3, but this was not assessed as material and therefore, not reported in the Sustainability Reporting. Cadeler considered its water withdrawals, water consumption, and water discharges in its assessment. Water extraction and consumption were not considered material due to operation in areas that aren’t normally facing water shortages along with the ability to convert seawater to fresh water on most of its vessels. Discharges were not considered material as Cadeler treats blackwater and ballast water onboard its vessels, and reports any potential pollution risks under E2. For E4, Cadeler considered direct impact drivers of biodiversity loss, including how the Company’s contribution to climate change, seabed impacts, potential collisions with wildlife, ballast exchanges, and noise disturbances may affect biodiversity. E4 has been identified as material in 2025 reassessment. Cadeler uses the phase-in option and is getting prepared to disclose information as respect in 2027.Biodiversity Materiality Assessment _____________________________________________Cadeler assessed Biodiversity and ecosystems as material from the financial perspective. The assessed material IRO is the potential cancellation of windfarms, limitations on working schedules and potential for slowed growth of the industry due to limited available zones for deployment or general public disapproval due to impacts on species.  Cadeler assessed that its own operations have limited and largely temporary biodiversity impacts, mainly during installation phases. Cadeler notes that the downstream value chain (i.e. windfarm owners) have a longer term impact with a change in sea-use within the offshore windfarm sites, but Cadeler has limited control over windfarm developments.  Regardless, Cadeler acknowledges that biodiversity has become an increasingly important topic and intends to outline a biodiversity strategy in the coming years. Cadeler’s sustainable development policy and HSEQ policies currently commit to reducing impacts on the environment but do not currently make specific mention of biodiversity. Cadeler will consider how to address the topic during the next scheduled review of Company policies.  Cadeler has not yet set specific targets related to biodiversity, but does take relevant actions to avoid negative impacts on biodiversity. The Company’s fleet operates in compliance with IMO MARPOL requirements, some of which are aimed at avoiding negative impacts on marine ecosystems. Cadeler’s vessels operate with ballast water treatment plants onboard; the vessels follow approved ballast water management plans; Cadeler has performed patch tests for new paint coatings in an attempt to find suitable less impactful products; the Company uses noise mitigation measures for foundation installations in areas assessed to have sensitive marine mammal populations and aims to reduce its air emissions to reduce contribution to climate change and other pollutant levels, which can have negative impacts on ecosystems. Double Materiality AssessmentContinued from previous pageESRS 2 IRO-2 - Disclosure requirements in ESRS covered by the undertaking’s sustainability statementPlease see the section “ESRS 2 - Data points that derive from other EU legislation” and “Disclosure requirements &amp;amp; incorporation by reference”.Sustainability program is directly linked to the tables in annual report. Cadeler considers that its activities did not change sufficiently in 2025 to justify any change to the identified material topics. However, as several questions about Biodiversity impacts and dependencies were raised throughout the year, the Decarbonisation and Performance department assessed the Biodiversity topic, resulting in the identification of a material risk. Cadeler chose to apply the Phase-in option and the Biodiversity topic will therefore be disclosed in the 2027 Sustainability Report. Since data collection for Biodiversity is particularly complex and Cadeler aims to be well prepared for disclosing this topic, the next two years will be used for evaluating the dependencies and impacts and to determine the metrics on which the Company will focus.Double Materiality AssessmentDouble Materiality AssessmentDouble Materiality AssessmentDescription of material impacts, risks and opportunities resulting from materiality assessmentClimate change mitigation (E1)Actual negative impact:GHG emissions from operation of Cadeler’s windfarm installation vessels, emissions from its supply chain: Cadeler's vessels currently operate using marine gas oil as the main source of energy. Although the purpose of operating Cadeler’s 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 the Company energy consumption. These improvements take time, but Cadeler aims to reduce its impacts over the coming decade and aims at closing the gap towards net-zero for its own operations by 2035.Actual positive impact:Cadeler is a pure play operator, solely focused on serving the offshore renewables industry. The result of Cadeler services can be measured in terms of MW installed or, indirectly, household-equivalent electricity consumption installed and serviced.Risk:Transition risks related to changing legislation and climate mitigation: increased political support for pushing climate mitigation could see further measures similar to the EU ETS implemented and having some financial impacts on companies. Conversely, reduced support for the buildout of renewables could see a slowdown in the market Cadeler serves.Opportunity:Global transition to renewable energy sources: Cadeler expects continued growth in the global offshore wind industry and therefore expects further opportunities for the growth of its business.Energy consumption of Cadeler and its supply chain (E1)Actual negative impact:Cadeler's vessels require energy to operate, which is currently supplied largely by fossil fuel sources. To reduce the negative impacts of energy consumption, Cadeler aims to reduce energy demand by implementing further energy-efficiency initiatives and by decarbonising the energy it consumes.  Risk:Potential resource constraints may pose pricing risk for key resources for Cadeler’s operations: the key resources include steel, marine gas oil, biofuels, methanol and other potential fuels. The Company’s operations are quite dependent on access to certain resources and energy sources. Variations in the market value of certain items have the potential to impact the business.Pollution of air (E2)Actual negative impact:Emissions of air pollutants are mostly related to the operation of Cadeler’s vessels. A key part of the strategy is to use shore power where available on future projects to reduce air pollutants in ports, near population centres.Pollution of water (E2) Potential negative impact:Offshore operations have an inherent risk of spilling fuel and other chemicals into the marine environment. Cadeler works to minimise this risk through proper chemical management, by practicing oil cleanup drills and ensuring proper processes for bunkering and storage of fuels and chemicals.Actual negative impact:Grey wastewater is generated by domestic activities such as using sinks and showers or doing laundry and dishwashing. Greywater can be contaminated with microplastics, 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 Cadeler’s vessels with ballast water treatment systems that meet IMO requirements before being released back into the oceans.Microplastics (E2)Actual negative impact:Use of single-use plastics across Cadeler’s operations and value chain contributes to the creation of microplastics after disposal. Paint coats on the vessels contribute to microplastic pollution in oceans as they break down over time, as does runoff from onboard laundry services. Cadeler is in the early phases of mapping its sources of microplastic pollution and aims to set improvements in place that begin to reduce the Company’s contribution to the global microplastic issue.Resources inflows, including resource use (E5)Actual negative impact:Resources use required for operations, building of vessels: examples include mining of iron ore required for production of steel that is used for building the vessels, cranes and project equipment. Cadeler aims to identify opportunities for reusing and using recycled materials where possible.Waste (E5)Actual negative impact:Operational and accommodation waste from the vessels have a negative impact on the environment. Waste from Cadeler’s office buildings. Cadeler monitors waste output and has set a target of reducing waste by 50% by 2030. The Company aims to achieve this goal by redirecting waste from landfilling to reuse and recycling wherever possible as well as by reducing Cadeler’s overall consumption.Health and Safety (S1)Potential negative impact:Cadeler's vessels are industrial sites that are often located offshore. The offshore industry in general, due to harsh oceanic and weather conditions, the nature of the work and isolation from shore, poses an elevated risk to the health and safety of workers. Cadeler’s safety management system is in the core of everything it does, ensuring continuous improvement of health and safety risks at the Company’s worksites aiming at reducing risk as much as possible.Risk:Since the offshore industry can have a negative impact to the health and safety of workers, Cadeler considers that HSEQ incidents may happen and they have potential to result in brand issues or lawsuits. Measures against violence and harassment in the workplaceRisk:Although not likely, Cadeler views any risk of harassment or discrimination as a serious risk for its brand and the trust the employees place in the business. Risk of incidents is not widespread, but would impact individuals significantly. To reduce the risk of incidents, Cadeler has policies in place that make its position known and ensure that employees know that it has no tolerance for harassment and discrimination and will do everything in its power to protect employees against such incidents.Other work related rights: Privacy (S1)Potential negative impact: Cadeler collects certain key information on its employees as part of required employment processes. As this is necessary, Cadeler works to ensure that data storage and data management are responsible and secure, aiming to reduce the risk of data leaks and exposure to cybercrime to the lowest extent possible.Equal treatment and opportunities for all: Diversity (S1)Actual positive impact/Potential negative impact:Cadeler is an equal opportunity employer and has seen the benefit of its position, as it is able to attract a diverse workforce. The Company believes this is fundamental to offering a workplace where employees can thrive and find a sense of belonging. The Company believes its performance in this area affects the entire workforce, although potential for negative impacts would be felt most strongly by affected individuals.Equal treatment and opportunities for all: Gender equality (S1)Potential negative impact/potential positive impact:Equal opportunity and equal pay impact on the professional and personal development of employees. Cadeler aims to improve its performance in this area to make sure this topic, which has the potential to have negative impacts, has a positive impact on Cadeler’s workforce.Work-life balance (S1)Actual positive impact:Cadeler views its offering of flexible working hours, number of vacation days, equal opportunities for parental leave regardless of gender, etc. as core to ensuring employee satisfaction.Social dialogue (S1)Actual positive impact:Cadeler has established many lines for its employees to voice their concerns and feedback on how it operates its 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. Cadeler has established Speak Up! and well-being hotlines to further support employees.Freedom of association, the existence of works councils and the information, consultation and participation rights of workers (S1)Actual positive impactCadeler views freedom of association as a right for its employees but does not track what percentage of its employees make use of this right. Additionally, via the supply chain Code of Conduct, the Company requires that its suppliers respect the right of their own workforce to freedom of association.Collective bargaining, including rate of workers covered by collective agreements (S1)Actual positive impactMany of the seafarers are hired on collective bargaining agreements, ensuring Cadeler meets the requirements for labour conditions and wages set by the maritime authorities it operates under.Adequate wages (S2)Potential negative impactCadeler views adequate payment of workers as an important aspect of a sustainable business. Cadeler recognises the risk that some companies 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 Cadeler’s growing business and is an area the Company works to mature year after year. This potential negative impact is considered systemic.Health and safety (S2)Potential negative impactCadeler sees the potential for safety incidents or injuries across the value chain. It is therefore viewed as an important part of Cadeler’s supplier onboarding process to check how the business partners manage safety. This potential negative impact is considered systemic.Training and skills developmentRisk:Access to appropriate training has an impact on the career development of affected individuals. Ensuring access to training is viewed as a risk for Cadeler, as the quality of products and services is dependent on employee access to sufficient training.Measures against violence and harassment (S2)Potential negative impactSystemic negative impacts on individuals potentially affected related to harassment cases. Cadeler aims to work with suppliers who have policies in place that align with its supply chain requirements.Diversity (S2)Potential negative impactThere is a potential risk of systemic unequal pay for equal work and unequal access to career development opportunities across the supply chain, based on diversity characteristics other than gender.Potential incidents of forced labour in supply chain (S2)Potential negative impactWhile unlikely, any potential incident is expected to have grave impacts on the affected individual. The Company aims to reduce the systemic potential impact/risk of any impacts via due diligence of suppliers, performance of human rights impact assessments, and appropriate reporting mechanisms.Risk:Negative incidents in supply chain could negatively affect Cadeler’s brand and have negative impact on delivery of products and services to Cadeler.Protection of personal data (S2)Potential negative impact:Potential for personal data leaks, including data of people in the value chain, has the potential to negatively affect individuals and has potential to affect Cadeler via EU GDPR. Cadeler aims to ensure that personal data is only collected when necessary and erased when no longer needed. Additionally, Cadeler maintains its IT systems to ensure a high level of security. This potential negative impact/risk is considered widespread.Risk:Potential for improper management of personal data by Cadeler could result in fines. Insecure whistleblower hotline may affect the Company image.Potential for instance of child labour in supply chain (S2)Potential negative impactAlthough unlikely, any incident in the supply chain or even extended supply chain has the potential to greatly impact the affected young individuals. This potential negative impact is considered systemic.Gender equality and equal work of equal value (S2)RiskThere is a risk for systemic unequal pay for equal work, and unequal access to career development opportunities across supply chain.Incidents of corruption and bribery (S2)Risk:Although Cadeler has systems in place for training employees in proper conduct, an incident would have the potential to negatively impact Cadeler's image. Cadeler continues to work on educating its employees about proper business conduct and maintaining a culture where there is no tolerance of incidents of bribery or corruption.Corporate culture (G1)Potential positive impactOne of Cadeler goals is to facilitate the transition to a world built on renewable energy, aiming to set a more sustainable course for people and planet. Cadeler aims to support this goal with corporate policies and culture aligned with the corporate values. Management of relationships with suppliers including payment practicesRisk:Cadeler’s relationship to its suppliers has both short-term and long-term influence on the success of its activities, as the Company relies on mutually beneficial partnerships with the suppliers of the products and supporting services necessary for delivering its operations. Cadeler aims to offer fair contracts and meet its payment terms.  Prevention and detection, including training on corruption &amp;amp; bribery (G1)Actual positive impactTraining provided to employees on corruption, bribery and other business conduct issues has the potential to positively influence behaviour. Such training is vital for ensuring that employees understand how to operate ethically across all functions, locations and activities.EnvironmentTackling Climate ChangeTackling Climate Change_______________________________E1-1 – Transition planAs the offshore wind industry sharpens its focus on lifecycle GHG emissions, demand for lower-carbon solutions across the value chain is accelerating. Cadeler is committed to meeting this shift with innovative strategies and sustainable practices. Cadeler has a decarbonisation plan in place, but this plan does not fully meet the definition of a “transition plan” as per all required characteristics set out in the EU CSRD regulation. The current decarbonisation plan covers the full business. SBTi has published sector-specific guidance for the shipping industry indicating that a carbon intensity reduction 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. SBTi’s shipping guidance also requires net-zero emissions by 2050 for alignment with the Paris Agreement. Cadeler’s net-zero target is within this boundary. Cadeler aims to continue exploring its commitment to Science Based Targets (SBTi) for future verification. Cadeler is not excluded from the EU Paris-aligned Benchmarks. As part of the continued development, the Company is working to further clarify how the targets align with the Paris-aligned 1.5-degree pathway.The Company’s transition plan has been developed by the Sustainability and Performance team and approved by the Executive Management and Board of Directors. Cadeler believes that its transition plan needs to be embedded it the overall Company strategy. Hence, concrete yearly metrics and actions are set in the Corporate Objectives, which are prepared and approved by the Senior Leadership Team. Additionally, the Executive Senior Management and the Board of Directors review the budget for executing the decarbonisation roadmap on an annual basis. This budget is specifically allocated to vessel retrofits, alternative fuels, training of crews or industry collaboration, amongst other priorities. Emissions for Scope 1 and Scope 2 activities have been tracked and reported annually since Cadeler’s IPO in 2020. In 2024, Cadeler also started presenting its full Scope 3 emissions, capturing the upstream and downstream impacts related to its operations. In consequence, Cadeler also set its Scope 3 ambitions with a 35% emissions reduction target by 2030. To report on emissions, Cadeler uses the GHG Protocol Corporate Standard as a guide and, in 2025, also started acquiring annual verification of its GHG reporting in accordance with the ISO 14064 standard. Cadeler obtained its first verification in accordance with the ISO 14064 for 2024 GHG emissions report. Since the Company uses the definition of operational control to set its organisational boundary, 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 Performance team, which is also responsible for developing methods to measure emissions from any newly identified emission sources, ensuring that such sources within the organisational boundary are included in the emissions accounting process.As part of Cadeler’s ongoing efforts to enhance climate‑related financial transparency, the Company is working to integrate analytical accounting capabilities that will allow the organisation to systematically identify, track, and report climate‑related OpEx and CapEx.Sustainability &amp;amp; Performance department role ___________________________________________________________Cadeler has a Sustainability and Performance department that is responsible for the implementation of its transition plan. The Chief Sustainability and Performance Officer, leads this department, sits on the Executive Senior Leadership team, and has responsibility for both the design and execution of the strategy and roadmaps for decarbonisation initiatives. This strategic decision was a consequence  of the Company’s recognition of both importance and the complexity of addressing the challenges within these areas.Strategy for decarbonising Cadeler’s operations_____________________________________________________________Cadeler continues to focus on reducing its emissions through three key levers:1) optimising energy consumption2) enabling direct electrification, and3) adopting sustainable fuels.1) Optimising Energy ConsumptionCadeler’s existing vessels operate on a baseline system that relies on marine gas oil for power generation. While full decarbonisation will require significant investment in optimising energy consumption, direct electrification, and/or the adoption of alternative fuels, Cadeler considers that further decarbonisation is technically feasible. Accordingly, Cadeler does not consider its vessel-related emissions to be locked in.Tackling Climate ChangeContinued from previous pageUnlocking the potential for optimised energy consumption across the fleet remains a top priority for Cadeler in the short and long term. This involves the continuous assessment and implementation of both operational and technological energy-efficient solutions for existing assets to further reduce carbon intensity. The new builds are delivered with many technical energy efficiencies in the vessel design. Understanding energy consumption onboard the vessels is a critical focus area for improving efficiency. In 2024, Cadeler rolled out energy efficiency monitoring dashboards, providing increased awareness and data to drive actionable improvements. To maximise the potential of the vessel efficiencies and support a continued focus on optimising operations, specific energy-efficiency training for crews was initiated in 2024 and expanded in 2025, first on the O-Class, and planned for fleet-wide implementation in the coming years. Additionally, Cadeler has placed a strong emphasis on delivering newbuild assets with significantly higher levels of efficiency by design. Together, these initiatives form the foundation of Cadeler’s transition to a future lower-carbon fleet.2) Enabling direct electrificationDue to the nature of Cadeler’s cycle-based operations, electrifying the vessels through shore-power connections while loading and unloading at port will be an essential driver of emission reductions. In 2025, this solution is already enabling both onboard the O-class vessels and the newbuilds and is estimated to result in up to an 15% reduction in annual emissions when onshore infrastructure becomes available. Benefiting from renewable power sources while at berth, however, requires the port and grid infrastructure to be developed before the vessel systems can be used. Cadeler has a continuous focus on working closely together with its major service ports and customers to overcome the onshore infrastructure barriers.3) Adopting sustainable fuelsThe transition towards the use of alternative fuels in Cadeler’s vessels will be essential for the Company’s decarbonisation journey. Sustainable fuels are a necessary part of the pathway towards its net-zero commitments, and have potential to provide up to 95% GHG emission reductions. In 2024, Cadeler prepared its operations, vessels and crews to start blending certified biofuels and renewable diesel in the current O-class vessels, as these provide a readily available solution for reducing emissions related to engine combustion, replacing fossil fuels. This feasibility was successfully demonstrated by biofuel testing completed on Wind Osprey in early 2025 and has been followed up with biofuel blending on Wind Orca in December 2025. Additionally, a major focus of Cadeler is on building a fleet of vessels capable of operating on alternative fuels of the future. With the ordering of seven newbuilds, work has continued throughout 2025 to prepare these vessels and ensure they are ready for future conversion. In 2023, green methanol was identified as the optimal and earliest available option following increased demand for this fuel within the shipping sector, which has encouraged the entire supply infrastructure to be developed in the coming years. In 2024, Cadeler signed the first Letter of Intent (LOI) for the future provision of green methanol and will continue assessing alternative fuel available in the market going forward.Decarbonisation Model to meet Cadeler’s 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 reductions in its carbon footprint. As the fleet has grown significantly, the absolute Company emissions are expected to increase with the growth of the fleet, but Cadeler aims to reduce emissions intensity of its operations and reduce average emissions of the vessels in its fleet. The Company does not envision a linear decrease in emissions but rather considers decarbonisation to be a transition process involving continuous improvements and upgrades until 2035 and beyond, based on technical readiness of key decarbonisation technologies and the Company’s growth projections.Tackling Climate ChangeContinued from previous pageESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model(s)Cadeler’s operations are largely focused on marine transportation and installation activities. While the Company’s main assets are vessels, and therefore not stationary, they are exposed to harsh offshore weather conditions which require appropriate safety precautions and engineering measures. Cadeler sees some potential for varying levels of weather-related operational downtime with respect to its own operations as a slight risk due to changing wind and precipitation patterns. The Company also recognises some elevated risks within its supply chain where fixed assets and providers, such as ports and shipyards, are exposed to climate-related risks, including extreme precipitation events, flooding, droughts, storms, changing wind patterns and heat waves which may periodically interrupt operations or in some cases, damage infrastructure that Cadeler relies on for its vessel operations or  the delivery of core operational equipment and provisions. Cadeler has considered physical climate hazards as defined by the EU Taxonomy requirements as part of a climate risk assessment. For the assessment, Cadeler considered its own vessel operations, including all known future wind farm locations at the time of the assessment, all known ports that would be used to complete these projects, and potential impacts on core suppliers such as shipyards and a shortlist of critical equipment providers. Cadeler first performed a climate risk assessment in December 2023 and has now performed a second iteration of this assessment. Cadeler used a third party Climate Risk Tool to assess physical risks that may be faced by Cadeler and its supply chain. Using the information produced by this tool, Cadeler finalised its second internal assessment of its exposure to the identified risks in early 2026. The platform assessed the 28 climate-related hazards defined by the EU Taxonomy. The second resilience analysis was finalised in early 2026, and the resulting report was shared with relevant stakeholders within the Company. The first step in the process was to assess exposure to risks arising from Cadeler’s operations and supply chain setup. To achieve this, Cadeler mapped its operations and supply chain to identify potential climate-related hazards. These hazards were then analysed using the Climate Risk Tool to evaluate risk exposure at Cadeler’s main offices, installation sites, ports and key supplier locations. Criticality of locations was adjusted based on financial importance to the Company.Cadeler focused on impacts through two time horizons (2030 and 2050) under the RCP 8.5 scenario. This scenario was selected for the 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 enabled Cadeler to determine whether climate impacts could pose a material risk to its business. In future iterations, Cadeler plans to adopt a more nuanced approach, incorporating multiple RCP scenarios to further examine the likelihood and severity of the identified risks. In 2025, Cadeler continues to see a relatively low level of vulnerability within its own operations due to climate-related impacts. The primary risk is likely to be changing weather conditions affecting the weather downtime of the vessels. Cadeler did identify medium and high levels of vulnerability in some parts of its supply chain; for example, at ports due to potential flooding and high wind incidents which could result in extended periods of inaccessibility due to possible infrastructure damage. Additionally, elevated risk for impacts when it comes to on-time delivery of vessels and larger items of equipment were identified, as some manufacturing facilities are located in riverine and coastal areas in typhoon-impacted regions. As a result, an elevated potential for damage to supplier facilities due to high winds, changing precipitation and flooding was seen in the climate risk model. As of 31 December 2025, only 2 ordered newbuilds remain undelivered.Cadeler’s vessels can be redeployed if damaging climatic conditions are forecasted. For this reason, Cadeler views its own operations as having a relatively low vulnerability to asset damage. However, there is a vulnerability to increased operational downtime due to changing weather conditions. Cadeler aims to ensure that its contractual agreements are designed to minimise exposure to potential changes in climatic conditions. Parts of the supply chain, 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 elevated climate risk and maintain a stock of critical spare parts. Additionally, Cadeler should consider exposure of storage locations for critical parts to extreme wind and flooding risks.Tackling Climate ChangeContinued from previous pageManagement of climate-change mitigation IROs_____________________________________________________________ESRS 2 IRO-1 – Description of the process to identify and assess material climate-related impacts, risks and opportunities  Cadeler has screened its assets and business activities for exposure to physical and transition events using several methods: • Updating its environmental risk and impact assessment,• Performing a climate risk assessment, • Performing a DMA for the production of a CSRD-compliant report, • Implementing 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. As part of its environmental management system, Cadeler requires an environmental risk and impact assessment to be carried out on an annual basis. The scope of the assessment is limited to Cadeler’s installation and maintenance operations, but also considers value chain impacts directly linked to these phases. Cadeler conducted the environmental risk and impact assessments for its wind turbine installation and foundation installation operations in March 2025. The intention is to perform 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. The results of these recurring environmental risk and impact assessments, feed into the DMA, supporting the identification of topics for consideration.Separately, via the climate risk assessment (described under ESRS 2 SBM-3), Cadeler identified various physical risks to its operations and to its upstream supply chain. These risks are already present in the short term but may potentially increase in likelihood over the medium to long term due to climate change. The outcome of the climate risk assessment was shared with Cadeler’s Senior Leadership Team, so that the risks identified could be considered in the Company’s planning. If any climate-related assumptions are made in the Financial Statements, consistency with Sustainability Statements will be ensured by Core Finance, managing both reporting. Cadeler intends to repeat this risk assessment on a recurring basis. In 2025, Cadeler’s Sustainability and Performance department maintains responsibility for identifying and managing climate risks, as well as informing relevant stakeholders of risks that require action, while the Core Finance department has overtaken responsibility for the Sustainability Reporting, ESG internal controls, ensuring data collection from internal specialists, and audit of ESG data. This process ensures that segregation of duties exists.In the policy arena, Cadeler tracks regulatory changes which may impact its operations. Cadeler vessels will be incorporated into the EU ETS starting in 2027 for operations within the EU. This change will subject the Company to increased costs associated with GHG emissions. Cadeler is also monitoring potential developments that could expand GHG pricing, including a potential UK ETS scheme. Additionally, Cadeler is subject to several regulations aimed at enhancing corporate reporting on ESG matters. These include the EU Monitoring, Reporting and Verification (MRV) regulation for vessel fuel reporting and the EU CSRD,  which requires more comprehensive accounting and verification of ESG performance. Meeting these additional reporting requirements required increased resources at Cadeler, both in terms of personnel and financial investment, so Cadeler increased the headcount dedicated to these topics during 2025. There is an increasing interest from the stakeholders related to Cadeler’s decarbonisation plan and the Company expects this interest to grow further. Additionally, Cadeler considers that volatility in the cost of resources, such as steel and fuels, represents a risk. As a consequence, Cadeler views technology developments as an important aspect to consider in its business strategy. The organisation has already recognised the costs associated with the transition to lower emission technologies in its business planning and considers that progress on decarbonisation must be a business priority for continued success. Cadeler’s general business strategy aims to be compatible with a climate-neutral economy. Its operations are focused on supporting the buildout of renewable offshore wind energy. Cadeler recognises its current dependence on fossil fuels to operate its installation vessels and acknowledges that significant decarbonisation efforts are required to fully align vessel operations with a climate-neutral economy.Tackling Climate ChangeContinued from previous pageE1-2 – Policies related to climate change mitigation and adaptationAs a key supplier in the offshore wind industry, Cadeler is working towards a transition to a global sustainable energy system built on renewable energy. The Company recognises that its operating methods are just as important as its end goal, and Cadeler commits to continuously improving its environmental performance across its operations.Cadeler has a sustainable development policy in which its environmental and climate change ambitions are outlined. Cadeler is publicly committing to 8 of the UN Sustainable Development Goals (SDGs), aiming to meet the needs of the present without compromising the needs of the future. For further information, please refer to Cadeler’s Strategy towards a Sustainable Future. Moreover, the organisation maintains an environmental management system in accordance with ISO 14001:2015, with a focus on continuous environmental improvements. This includes reducing the carbon intensity of its operations, improving the energy efficiency of the Company’s assets, minimising the use of resources, and working toward a circular economy. The policy regarding climate change applies to all offshore and onshore employees, as well as other individuals contracted to work for Cadeler. Cadeler also encourages all business partners and suppliers to adhere to similar standards. The policy is publicly available on Cadeler’s website and accessible via the Company’s intranet for employees. The policy is approved by management while the Sustainability and Performance department is responsible for ensuring effective implementation across the business.Tackling Climate ChangeContinued from previous pageE1-3 – Actions and resources in relation to climate change policiesAs previously outlined, Cadeler vessels will be incorporated into the EU ETS starting in 2027 for operations within the EU. This change will subject the organisation to increased costs associated with GHG emissions. Additionally, the Company is monitoring potential developments that may expand GHG pricing mechanisms to other operations, including the anticipated UK ETS scheme and FuelEU Maritime. In response, Cadeler is taking steps to continuously adopting lower-emission solutions across the fleet, allocating CAPEX and OPEX on an annual basis to support the implementation of its action plans. An overview of the actions implemented and planned for each vessel class is presented on this page.The implementation of the sustainability-related actions depends partly on the availability and allocation of financial resources. For instance, access to biofuel at a competitive cost supports the execution of strategic initiatives.The Company also relies on green financing instruments, including green loans subject to external review and monitoring, which contribute to funding projects aligned with its sustainability objectives.Regarding the amounts of Opex and Capex required for the implementation of actions, Cadeler is not yet ready to disclose this information.O-class vessels, Wind Orca and Wind OspreyOn the O-Class, Cadeler has installed improved fuel monitoring systems, and has paired this improvement with a crew training programme aimed at using data to identify operational improvements that reduce emissions. The installation of the shore power system on Wind Osprey commenced in early Q1 2025 and had been commissioned during Q1 2026. In Q1 2025, Cadeler performed a feasibility test for biofuel on Wind Osprey and later a second test on Wind Orca Q4 2025. The trials have required preparation of Cadeler’s operations, vessels and crews to receive and operate on a certified biofuel blends in the current O-class vessels. The trials have provided valued learnings towards a readily available solution for emissions reduction by replacing fossil fuels. The use of biofuels will be part of the decarbonisation strategy on across all vessel classes in the Cadeler fleet even if it represents a higher cost (around 60%). There is planned a purchasing strategy and order of additional biofuels during 2026.P-class vessels, Wind Pace and Wind PeakWind Peak was delivered in 2024 and Wind Pace was delivered in 2025. Both vessels are more eco-friendly than Wind Orca and Wind Osprey as a decade of technological developments since the delivery of the O-class vessels has enabled the implementation of enhanced energy efficiency and emission reduction technologies onboard. Improvements to the delivered design include shore power connections (expected to reduce fuel consumption by up to 15%), fuel-efficient engines and optimised engine sizing. Additional refinements include an onboard power-saving system, incorporating battery capacity covering more than 10% of the energy required for crane operations and approximately 10% of the energy required for dynamic positioning and maneuvering, regeneration of power from the jacking system and variable frequency drives. Cadeler intends to move towards alternative fuels, in addition to biofuels, when suitable technologies become commercially available. Readiness for conversion to alternative fuels has been incorporated into the design of the newbuild vessels, including P-class vessels. To support this readiness, Cadeler has started preparing for future fuel availability by signing a green methanol uptake Letter of Intent with HyLion.Tackling Climate ChangeContinued from previous pageA-class vessels, Wind Ace, Wind Ally and Wind ApexIn 2025, Cadeler received the first of its jack-up foundation installation vessels. The A-class are designed with a hybrid purpose, allowing the vessels to convert from being foundation installation units to wind turbine installation units within a short period of time. All A-class vessels will be equipped with the same green design elements as the P-class upon delivery.M-Class newbuilds, Wind Maker and Wind MoverCadeler took over management of the newbuild processes for the M-class vessels at the end of 2023, and has taken delivery of both vessels during 2025. The vessels are equipped with shore power connections, a closed ring/bus system for improved power management and improved efficiency, staggered-sized diesel generators (allowing engines to operate at more optimal load levels for improved fuel-to-energy efficiency), a battery energy storage system with regeneration from the jacking system, and the implementation of LED lighting. Cadeler will continue to evaluate performance and expects to be able to provide further details on the estimated improvement in CO2e emission performance of these vessels in future reporting.Wind Scylla and Wind Zaratan Cadeler took on management of these vessels at the end of 2023, and in future reporting, will also include disclosures on initiatives undertaken to reduce CO2e emissions and other environmental impacts from these vessels. As of 2025, efforts have been focused on the other vessel classes.Wind KeeperAfter the purchase of Wind Keeper, Cadeler has carried out initial onboard energy audit to provide recommendations for retrofits that would offer improvements to the vessel's energy efficiency. Cadeler has received the first draft of the report and is assessing the various options that could be built into an actionable improvement plan for the vessel in the medium term.Tackling Climate ChangeContinued from previous pageEmissions reduction Metrics and Targets___________________________________________________E1-4 – Targets related to climate change mitigationIn 2021, guided by a commitment to environmental protection, Cadeler set ambitious climate targets for the shipping industry. Cadeler manages its climate-related targets via its Sustainability and Performance Department. Sponsored by Executive Senior Leadership and with representation on the Senior Leadership Team since December 2024, this function has responsibility for the strategy and roadmaps for decarbonisation. Building on this work, Cadeler has set four key targets related to reducing its carbon footprint.• Renewable electricity commitment: Cadeler commits to sourcing 100% of its electricity consumption from renewable sources by 2030. This target currently covers the electricity consumption from the offices but is also intended to cover electricity used to power vessels when shore power will be utilised in the future (Scope 2 emissions).• Emissions reduction targets: Cadeler is working to reduce the carbon intensity of its operations by 50% by 2030, ensuring that its contribution is in line with the IMO goals.• 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, operational innovations, and research into reliable solutions for sequestering the GHGs that the Company cannot avoid emitting.• Scope 3 emissions reduction target: by 2035, reduce Scope 3 emissions by 35%.As an extension of these key targets, Cadeler has identified improvements and already started implemented some of them in 2025 to ensure that its targets support the objectives of its transition plan: • Third-party verification of Scope 1, Scope 2, and Scope 3 emissions reporting. This was performed for the 2024 and 2025 figures in accordance with the ISO 14064 standard. This process will be repeated annually,• Verification of the emission targets with the SBTi, and a clearer quantification of the emission reductions achievable through specific decarbonisation levers (future reporting),• Ensuring that Company actions and financial planning to achieve targets and are time-bound,• Third-party verification of the KPIs used to track the progress in 2024 and 2025 throughout CSRD verification,• Cadeler views every MW of wind power installed or repaired as a societal contribution.To achieve this, Cadeler strives to maximise vessels utilisation for projects supporting the energy transition, reduce emissions from operations by enhancing the technical systems of existing and future vessels, improve operational practices, and ensure that its vessels remain capable of meeting the evolving requirements of the offshore wind market.Tackling Climate ChangeContinued from previous pageAccording to the ESRS, Cadeler will be required to update the base year for its GHG emission reduction targets every five years from 2030 onwards.In line with the Company-wide net-zero goal, Cadeler aims to reduce Scope 1 CO2e emissions intensity from a 2021 baseline. Cadeler’s emissions intensity target is to reduce 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 much as possible . Cadeler has not yet implemented the use of carbon credits, GHG removals, or GHG storage in its decarbonisation strategy. The Company has also not yet set an internal price on carbon. Lastly, Cadeler has not evaluated the financial effects from material physical and transition risks and potential climate-related opportunities. These topics are therefore not reported this year. Cadeler has not yet fully assessed the value of these options, but intends to evaluate whether they may act as effective supporting mechanisms in reaching its net zero target in the coming years.Cadeler introduced two metrics to track the emissions intensity of its operations: emissions per MW installed or serviced, and emissions per revenue. These metrics, reported annually, include all Scope 1 emissions (direct emissions). • KPI 1: GHG Emissions per MW installed or serviced (tCO2₂e/MW): please see “Carbon Footprint” note below.• KPI 2: GHG emissions per EUR revenue (tCO2₂e/Million EUR): please see “Carbon Footprint” note below.Tackling Climate ChangeContinued from previous pageE1-5 – Energy consumption and mixCadeler used to track the energy consumption from the operation of its vessels, offices and other equipment that contribute to its Scope 1 and Scope 2 emissions. In 2025, Cadeler also considered emissions from the value chain (Scope 3) and all the scopes have been verified by an external specialist. Please refer to Cadeler’s footprint below.In 2024, Cadeler signed an agreement with Vindstød to deliver electricity from wind power to the head office in Copenhagen. This guarantee of origin for the electricity delivered to the head office in Copenhagen was the first step towards achieving the target of sourcing 100% of electricity from renewable sources. Cadeler strives to connect more of its offices with renewable power agreements. Energy intensity per net revenue* 2025 2024 % change Total energy consumption from activities in high climate  impact sectors per net revenue from activities in high climate impact sectors (MWh/mEUR)270 353 -23.6%*See Key Financial Figures for net revenue used to calculate the energy intensity ratioEnergy consumptionCadeler uses Marine Gas Oil (MGO) to power operation of its vessels and, in much smaller amounts, petrol/diesel for operation of company cars and other equipment. Some vessels in the fleet are equipped with a system for monitoring energy consumption. Where unavailable, all vessels are equipped with a system for monitoring fuel consumption and required to report fuel consumption towards the office. The fuel record is used to calculate energy consumption based on the average specific fuel oil consumption (SFOC). Accounting for energy consumption of onshore sites has been based on invoices received. When the Company did not obtain such documentation, an average of energy consumption per person across the other offices is applied to fill in the data gap.Consumption mix has been calculated in Cadeler’s different locations: DK, UK, Japan, Taiwan and the US.100% of the Company’s energy consumption is attributable to activities in high climate-impact sectors. This is due to the fact that all revenue-generating operations are directly or indirectly linked to the shipping industry, which is classified as a high climate impact sectorTackling Climate ChangeContinued from previous pageEnergy consumption and mix 2025 2024 1. Fuel consumption from coal and coal products (MWh)  - - 2. Fuel consumption from crude oil and petroleum products (MWh) 166,577 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 cooling from fossil sources (MWh)  1,073 567 6. Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 167,650 87,578 Share of fossil sources in total energy consumption (%) 99.4%99.7%7. Consumption from nuclear sources (MWh) 149 60 Share of consumption from nuclear sources in total energy consumption (%) 0.1%0.1%8.Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) 387 - 9. Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)  445 183 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)  833 183 Share of renewable sources in total energy consumption (%) 0.5%0.2%Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11)  168,631 87,821 Tackling Climate ChangeContinued from previous pageElectricity consumption 2025 2024 % change Total consumption of purchased or acquired electricity  (MWh)1,155 411 181%Total consumption of purchased or acquired electricity  using contractual mechanisms to ensure renewable sources (MWh)233 160 46%Electricity from renewable sources (%) 20%39%-48%Please note that this table, electricity consumption, is not a specific requirement of CSRD, but is included to show Cadeler’s progress against its target to procure 100% of its electricity from renewable sources by 2030The percentage of purchased electricity from renewable energy sources decreased by 48% as compared to 2024. The Copenhagen office remains the only location that Cadeler has made a power purchase agreement for renewable electricity. In 2025, the proportion of electricity consumed by the Copenhagen office decreased as Cadeler moved its UK office, Vejle office and Taipei office to new, larger premises, enabling growth of workforces in these regions. In combination, these offices accounted for a larger portion of Cadeler’s electricity footprint in 2025. Additionally, Wind Keeper was connected to shore power during a drydock, which accounted for a significant portion of Cadeler’s 2025 electricity consumption. Going forward, Cadeler maintains its ambition to get more renewable electricity purchase agreements in place. Cadeler’s carbon footprint_________________________________E1-6 – Gross Scope 1. 2. 3 and Total GHG emissionsCadeler tracks its Scope 1, Scope 2, and Scope 3 emissions for the entire Company, Cadeler A/S. No part of the business has been excluded in accounting of the Company’s footprint. Scope 1 emissions, being direct emissions, are largely from the operation of Cadeler’s vessels, with the combustion of marine gas oil in vessel engines acting as the primary emission source. Scope 2, being indirect emissions, covers the purchase of electricity, steam, heating, and cooling. Scope 3 emissions, being indirect emissions,  cover Cadeler’s upstream and downstream value chain. As Cadeler main focus is the provision of windfarm installation and maintenance services, the value chain emissions are predominantly upstream of the organisation. For this reason, Cadeler has identified emissions stemming from the GHG Protocol’s Scope 3 categories one to seven.Due to the growth of the Cadeler fleet from 5 vessels at the end of 2024 to 9 operating vessels at the end of 2025, Cadeler’s GHG footprint has increased significantly compared to 2024. For further information regarding Cadeler’s vessels, please refer to Our Fleet in the Management Report. Cadeler is working to reduce emissions from its operations and improve the performance of its assets. The baseline year against which improvements can be measured has been defined as 2021, representing the first full year in which Cadeler operated as an independent entity for Scope 1 and Scope 2 emissions. For Scope 3, 2024 serves as the baseline as this is the first year with full Scope 3 emissions accounting. In line with the Company-wide net-zero goal, Cadeler aims to close the gap to approach zero tonnes of CO2e emitted from its vessel engines by 2035.Tackling Climate ChangeContinued from previous pageCadeler is looking for ensuring ESG information, and especially the Company’s carbon emission, is accurately assessed. To support this objective, Cadeler’s carbon emissions have been verified by an independent auditor in 2024 and 2025. The Company’s Greenhouse Gas verification has been performed based on ISO 14064. In 2025, the verification covers the following Scopes and results: GHG emissions and intensity in 2025______________________________________________Scope 1 GHG intensity per net revenue decreased by 28%, indicating that Cadeler is generating greater value while producing fewer carbon emissions relative to its revenue. However, absolute GHG emissions increased following the delivery of five newbuilds. Scope 1 GHG emissions rose by 81%, reflecting the addition of these new vessels to the fleet, despite ongoing efforts to decarbonise operations and a relatively positive trend in emissions intensity metrics. This rise is also partly explained by transit voyages from shipyards to the Company’s operational locations. As a result, the Company does not consider 2025 to be a fully reliable baseline year for comparison.GHG intensity per net revenue per Scope 2025 2024 Total GHG emissions Scope 1 per net revenue (tCO2e/mEUR) 185 257 Total GHG emissions Scope 2 (location-based) per net revenue  (tCO2e/mEUR)0 0 Total GHG emissions Scope 2 (market-based) per net revenue  (tCO2e/mEUR)1 0 Total GHG emissions Scope 3 per net revenue (tCO2e/mEUR) 2,040 1,212 Retrospective Milestones and target years E1-6 - Gross Scopes 1, 2, 3 and Total GHG emissions Base year Base year  value2024 2025 % change 2030 2035 Annual %  target/Base Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO2eq) 2021 36,846 64,000 115,939 +81%net zero -7%Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 2021 0 0 0 0%Scope 2 GHG emissions 0%Gross location-based Scope 2 GHG emissions (tCO2eq) 2021 16 82 156 +89%Gross market-based Scope 2 GHG emissions (tCO2eq) 2021 28 92 335 +266%Significant scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO2eq) 2024 301,392 301,392 1,275,370 +323%-9%1 Purchased goods and services 2024 97,409 97,409 385,568 +296%2 Capital goods 2024 184,895 184,895 853,145 +361%3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) 2024 14,492 14,492 27,672 +91%4 Upstream transportation and distribution 2024 248 248 1,486 +499%5 Waste generated in operations 2024 167 167 273 +64%6 Business travel 2024 4,049 4,049 6,969 +72%7 Employee commuting 2024 132 132 257 +94%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 1,391,466 +281%281%Total GHG emissions (market-based) (tCO2eq) 365,484 1,391,645 +281%2.8077 Tackling Climate ChangeContinued from previous pageGross Scope 3 GHG emissionsMuch of Cadeler’s scope 3 reporting is not based on direct sources from its value chain. Many categories are calculated using spend-based data rather than physical data. Cat. 3.1 data is based on a 12-month assessment of company spending.3.2  newbuild vessel data is based on a Life-Cycle Assessment (LCA) with emissions related to the manufacturing phase attributed to the year of vessel delivery and spending data for other capital goods3.3 data is based on the fuel records used for Scope 1 emissions calculation. Cadeler used the well to tank emission factors published by the UK government GHG conversion factors for company reporting.3.4 data have been calculated based on a record of shipment from its procurement system including information on transport type, start and end locations, and weight of goods shipped and fuel reports from third parties providing monopile delivery services.3.5 data was derived from Cadeler’s waste management records for 2025. Sometimes, garbage management records on disposal methods are missing, and in these cases, Cadeler assumes landfill as the disposal method as a conservative approach3.6 data is calculated based on an annual emissions report from each of the travel agencies used for booking flights and other business-travel related expenses as well as its expense reporting system3.7 data is based on averages of own workforce commuting practices that were determined via a survey sent out to employees.GHG intensity per net revenue 2025 2024 Total GHG emissions (location-based) per net revenue (tCO2e/mEUR) 2,226 1,470 Total GHG emissions (market-based) per net revenue (tCO2e/mEUR) 2,227 1,470 See Key Financial Figures in the Management Report for net revenue used to calculate the GHG intensity ratioGross Scope 1 GHG emissionsItems identified as contributing to Cadeler’s Scope 1 GHG emissions consist primarily of vessel engine emissions due to combustion of MGO, tank to wake emissions and, to a lesser extent, use of other consumables such as lube oils and ozone depleting gases. Cadeler accounts for all vessels in own operations, as Cadeler owns the fleet and maintain operational control.For Danish flagged vessels that are required to report into IMO Data Collection System (DCS), Cadeler uses the fuel record that it also submits for verification by a third party. Vessel fuel consumption is determined using a combination tank sounding measurements and flowmeter readings.Gross Scope 2 GHG emissionsTo convert energy consumption data to location-based GHG emissions, Cadeler applies the emission factors based on national or regional averages, giving priority to regional averages if available.Market-based emissions are determined based on specific energy sources chosen or procured by the organisation. This may include emission factors associated with renewable 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 available.KPI 1: GHG Emissions per MW installed or serviced (tCO2e/MW)Scope 1 CO2e emissions are assessed against the annual installation of wind turbine generators and foundations as well as the maintenance of offshore wind power capacity. The core purpose of Cadeler is to support the transition to a renewables-based energy system. Accordingly, Cadeler considers it important to assess vessel performance based on the efficiency of supporting turbine installation and maintenance measured as the amount of carbon emitted (negative 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 activities during the transit period.KPI 2: GHG emissions per EUR revenue (tCO2e/Million EUR)Scope 1 CO2e emissions relative to annual revenue was incorporated in 2023. This KPI reflects the Company’s commitment to driving decarbonisation strategies that align with its growth objectives, while supporting innovation and efficiency across its operations. Measuring and managing Cadeler’s environmental footprint in a transparent manner, integrating sustainability into business performance is intended to demonstrate accountability. For both emissions intensity KPIs, Cadeler has selected 2021 as the baseline year as this represents the first full year in which Cadeler operated as an independent Company and the first year where Cadeler had full control of its environmental data. Control and reduce air and water pollutionImpacts, Risks and Opportunities management___________________________________________________________ESRS 2 IRO-1 – Description of the processes to identify and assess material pollution-related impacts, risks and opportunitiesCadeler conducted Environmental risk and impact assessments with the intention to cover all environmental aspects, including those related to the ESRS topics of pollution. The results from the annual environmental risk and impact assessments are used as a starting point for identification of IROs to be assessed in Cadeler’s DMA.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 identified as material were considered material from an impact perspective. These topics included pollution of air, pollution of water,  and microplastic pollution. External stakeholders also expressed concerns in understanding Cadeler’s methods for prevention of water pollution due to the potential for spills, as its operations take place in the offshore environment. IROs related to these topics that were considered material include: emissions of NOx, SOx, particulates and VOCs from the vessel engines to the air; potential for spills of hydrocarbons or chemicals from Cadeler’s operations into the oceans; production of hazardous wastes from the Company’s operations, including waste lubrication oils, bilge water (oily water), electrical wastes, and other solid wastes contaminated with hydrocarbons or chemicals; microplastic pollution from Cadeler’s 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 and Decarbonisation and Performance department ensures that risks associated with operations are appropriately identified and managed.To sufficiently manage environmental impact, it is paramount to consider all environmental aspects relevant to the operations, such as air pollution, water pollution, sewage management, waste management, soil contamination, climate change mitigation and adaptation, and resource use and efficiency.Each policy includes a scope section stating what is included and excluded. The policies, signed by the CEO and CFO, ensure accountability for implementation. They commit Cadeler to protect people, the environment and assets, with reference to relevant legislation and recognised standards for compliance. Publicly available on the Company’s website, the policies are also included in client tenders and contractor agreements. They assign HSEQ responsibility to all personnel working for or with Cadeler, emphasising active participation in continuous improvement.To control and improve environmental performance, Cadeler has a management manual, an HSEQ policy and a sustainable development policy in place. These documents outline corporate practices for working towards more sustainable business practices. Cadeler’s ISO 14001:2015 certified environmental management system establishes the set of formal policies, processes and requirements implemented to minimise environmental impacts from its operations.The management system applies not only to all vessels operated by Cadeler, but also to its operational sites, offices, and a wide range of activities. The approach to pollution control is largely informed by IMO’s 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. Moreover, Cadeler does not currently conduct direct measurements of pollutants. However, where it relies on automatic consumption readings of consumables contributing to pollutant emissions, such as marine gas oil, the Decarbonisation and Performance Department ensures that these systems are properly calibrated through the vessels’ planned maintenance systems. Control and reduce air and water pollution Continued from previous pageAiming for zero spills___________________________The Company aims to ensure zero spills of hydrocarbons and other toxic substances into the marine environment. Checks are carried out 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).  Ballast water protocols_____________________________To prevent the spread of invasive aquatic species, Cadeler complies with the Ballast Water Management Convention. The vessels have a ballast water management plan, maintain a ballast water record book and hold an international ballast water management certificate. All newbuilds are delivered with ballast water treatment system. Cadeler has 100% of its fleet operating with ballast water treatment systems onboard, ensuring compliance with the International Maritime Organisation’s D-2 Ballast Water Performance Standard.E2-2 – Actions and resources related to pollution Cadeler has implemented several measures to mitigate potential water pollution. Additional actions will be developed and implemented as new technical solutions become available in own operations and along the value chain. Current actions focus on Cadeler’s own operations footprint. Cadeler aims to operate its vessels in compliance with the MARPOL regulation. All vessels have a shipboard marine pollution emergency plan, which outlines the practices intended to prevent spills into the ocean. It ensures the crews are trained to respond appropriately in the event of an environmental incident and that have the clean-up equipment is available on board. 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.In 2024, Cadeler has started to use more environmentally friendly jacking grease on its vessels Wind Scylla and Wind Zaratan acquired from the merge with Eneti. The vessels operated by Cadeler at that time were already maintained using this type of jacking grease. This change reduces the environmental impact of routine maintenance operations by minimising the release of harmful substances into the marine ecosystem. The 2025 new built vessels use environmental friendly jacking grease as well. In addition, Cadeler has performed patch testing on Wind Peak of hull coatings that are less toxic to marine organisms, with the objective of identifying solutions that effectively prevents excessive marine growth, such as algae and barnacles, which can impair vessel efficiency during sailing. These initiatives reflect Cadeler’s broader commitment to sustainability by reducing the discharge of harmful chemicals, microplastics and grease into the ocean. In the event of marine pollution caused by oil or NLS, the following actions are already implemented: • Shipboard Marine Pollution Emergency Plan (SMPEP) is in place for each vessel within the Company and contains information and operational instructions required by IMO,• Scope is defined in the Pre-amble 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 procedures for spills, • Onboard there is SOPEP - Shipboard Oil Pollution Emergency Plan – and SOPEP kit in case of a spill to deck. The vessel does not carry equipment to contain a spill to sea• Regular drills are conducted at to train awareness and preparedness onboard.Control and reduce air and water pollution Continued from previous pageAir and Water Pollution Metrics &amp;amp; Targets_____________________________________________________E2-3 – Targets related to pollutionCadeler complies with air emission caps in the locations where it operates and aims to identify improvements, wherever feasible. However, improvement beyond compliance levels 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 has not established a specific target related to air pollution in excess of maintaining compliance with emission caps.Cadeler is committed to a target of zero spills to the environment, in accordance with the Company’s policy to minimise its environmental impact. This target is closely monitored through the Company’s reporting system, with spill data collected and internally reviewed on a monthly basis. This target is not time-bound, as Cadeler aims to achieve zero spills every year. This objective therefore represents an ongoing annual target. The target is set annually and formally approved by Senior Leadership as part of the Management Review. Efforts to achieve this target are supported by initiatives such as improved ToolBox Talks (TBT), enhanced risk assessments, and the integration of advancements into the Company’s Management System. These measures support a proactive approach to spills prevention and environment protection. Furthermore, Cadeler strives to avoid objects lost to the sea, recognising the importance of protecting marine ecosystems and preventing marine debris pollution. In the event of an object being lost, strict reporting procedures are in place. If an incident occurs within a wind farm, it is reported to the Marine Coordination Centre. If it occurs in a port or in national waters, it is reported to the relevant coastal authorities.In 2025, Cadeler had emissions to both water and air, which are presented below.E2-4 – Pollution of air and water Cadeler refers to the pollutants listed in Annex II of Regulation (EC) No 166/2006 of the European Parliament and of the Council. The main sources of air pollutants are vessel engines and gradual leakage of refrigerants used as coolants for various machinery on the vessels. The main sources of water pollutants include gradual degradation of vessel paint coatings, greywater discharges and potential uncontained spills of hydrocarbons or other chemicals offshore. Cadeler does not consider soil pollution to be a material topic as its operations are primarily focused offshore. In general, all categories of air pollution increased in 2025, compared to 2024, for the simple reason that the figures for 2024 only covered five vessels whereas Cadeler had 9 vessels in operation by the end of 2025. Emissions of particulates and VOCs are expected to increase proportionally with fuel consumed. With regard to sulphur oxides, Wind Zaratan and Wind Maker operated outside emission control areas throughout 2025 and therefore used fuel with a sulphur content of 0.5%, in line with the global cap. This contrasts with the remainder of the fleet, which operated within emission control areas in Northern European waters and along the east coast of North America and therefore used 0.1% sulphur fuel. Additionally, NOx increased by a smaller margin than other pollutant categories as all new builds need to be delivered in compliance with the stricter Tier III NOx requirements to newer vessels.Cadeler recorded 2 spills of hydraulic oils from its vessels in 2025 (vs 4 in 2024). This is a decrease in frequency compared to last year, but the volume spilled increased due to one more significant spill of around 1000 litres during a bunkering procedure on Wind Ally in December 2025. Cadeler has investigated the causes of this incident, has identified lessons learned, and has updated its vessel bunkering procedure checklist to try to prevent similar events from occurring in the future. Cadeler is continuously working on preventing spills to achieve the target of zero spills.2025 2024 Pollutant Unit Emissions to air Emissions to water Emissions to air Emissions to water % change SOx tonnes 137.2 57.1 140.1%NOx tonnes 768.8 615.1 25.0%Particulates - PM10 tonnes 37.7 20.8 80.9%Particulates - PM2.5 tonnes 32.1 17.7 80.9%NMVOCs tonnes 65.5 36.2 80.8%HFC - 404a kg 49.9 27.6 80.6%HFC - 410a kg 34.6 9.5 266.1%HFC - 134A kg 235.1 1.8 12815.4%HFC- 407C kg 490.2 197.3 148.4%HFC-407F kg 3.4 4.4 -23.6%HFC-448a kg 38.0 0.0 HFC-452a kg 15.0 0.0 Uncontained spills occurrences  2.0 3.0 -33.3%Oil spills kg 904.5 0.6 143471.4%microplastics kg 101.4 63.6 59.4%Copper compounds kg 850.2 536.4 58.5%Xylene kg 350.1 220.9 58.5%Enhance circular economyImpacts, risks and opportunities management__________________________________________________________ESRS 2 IRO-1 – Description of the processes to identify and assess material pollution-related impacts, risks and opportunitiesThe environmental risk and impact assessment conducted prior to the commencement of operations primarily focuses on Cadeler’s installation and maintenance activities, while also taking into account significant impacts across the value chain. The annual impact and risk assessment does not cover the construction or decommissioning phases of Cadeler’s vessels, for which no consultation have been conducted in 2025. However, in late 2024 and throughout 2025, Cadeler conducted a lifecycle assessment (LCA) across all vessel classes to gain a better understanding of the environmental impacts and risks associated with the construction and decommissioning phases.Cadeler conducted environmental risk and impact assessments for its wind turbine installation and foundation installation operations in March 2025. The intention is to perform such an assessment at least annually, and the starting point is the result from past years. The assessment is intended to cover all environmental aspects, including resources and circular economy.   Continuing with business as usual may entail certain risks and impacts that Cadeler still needs to assess. Some of these risks are evaluated through the climate-risk impact assessment. Cadeler will provide further details on ESG risks and impacts in upcoming reports.Cadeler has not yet assessed whether the use of recycled steel or the standardization of seafastening could represent a material opportunity, nor whether the transition to a circular economy could give rise to material risks and impacts.Waste production and management_____________________________________________E5-1 – Policies related to resource use and circular economyA core element of environmental management on board the vessels is the waste management plan. Each vessel has its own plan which is based in the Company’s general plan and in alignment with the International Maritime Organisation’s MARPOL Annex V. Cadeler records its total waste production and requires proper segregation of waste onboard so that it can be appropriately managed when offloaded on the quayside. Cadeler will continue its efforts to avoid single-use plastics wherever suitable alternatives can be identified and will also expand its to all waste categories. Cadeler intends to place a greater emphasis on reducing waste generation from its operations and supply chain and to increase efforts to ensure the recycling and reuse of waste wherever possible. In 2025, Cadeler drafted its first circularity strategy, which is supported by a three-year implementation roadmap, including specific actions and commitments. The strategy focuses on key actions towards improving waste management methods, developing vessel end of life plans, and taking a higher control of garbage management contracts.Consider end of life for assets and project equipment ___________________________________________________________________E5-1 – Policies related to resource use and circular economyIt is important that Cadeler identifies solutions for the eventual recycling and reuse of components from its vessels and major components used for operations, such as sea fastenings. Cadeler considers whether a second life can be identified for key components and will investigate how to ensure that any recycling activities are carried out in a responsible manner. Moreover, as it enters the foundation installation segment under certain 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. Cadeler commits to investigating, alongside its clients, how these structures can be designed and delivered with a reduced environmental footprint. Cadeler’s Sustainability and Performance Department is responsible for implementing the sustainable development policy across the business, including its commitment to minimising the use of resources and working towards a circular economy.Enhance circular economyContinued from previous pageResource use metrics &amp;amp; targets_______________________________________E5-2 – Actions and resources related to resource use and circular economyCadeler’s past actions related to resources uses and the circular economy had been focused on the Company’s own operations but Cadeler’s updated circularity strategy includes actions across its supply chain as a key factor for success. Cadeler’s standard vessel waste management plan was updated in 2024 to emphasise the Company’s preference for reducing consumption wherever possible, followed by prioritising reuse and recycling of materials over disposal. The updates are included in the vessel specific plans for all newbuilds and will be applied to existing vessels following the next revision of the waste management plan. 2024 represented the first year in which waste transfer notes from all vessels have been collected to measure the total waste footprint, and waste data from all offices have been procured from waste management provider. This enabled Cadeler to finally establish its baseline which will allow the Company to start reporting on progress towards its 2030 reduction target. Cadeler used the same collection process in 2025.In 2023, safe drinking water systems were installed on Wind Orca and Wind Osprey, enabling the elimination of single-use water bottles for offshore operations. All of Cadeler’s custom designed newbuild vessels have been delivered with similar systems, and the Company is currently investigating the implementation of this type of system on Wind Scylla, Wind Zaratan, and Wind Keeper without a final decision taken. These systems are considered a core element in reducing waste from the vessels and cover a large fraction of the potential single-use plastics footprint. At present, 7 out of 10 operating vessels are equipped with safe drinking water systems onboard. Cadeler has developed its first strategy on resource use and circularity in 2025. The ambition is to make more impactful changes to the Company performance going forward, now that a more robust performance baseline has been established.E5 – 3 - Targets related to resource use and circular economyBy 2030, Cadeler aims to reduce its waste generated from its own operations by 50%. It intends to achieve this target by avoiding waste generation where possible and improving recycling and reusing rates. This target is not driven by legislative requirements. 2024 represents the first year in which Cadeler has tracked its full Company waste footprint, including waste treatment methods, and will therefore be used as the baseline for improvement.As Cadeler continues to experience a high rate of growth, it is necessary to normalize its targets to account for this growth. In 2024, Cadeler had five vessels in operation by the end of the year. In 2025, this number rose to 9. For this reason, Cadeler has decided to also start looking at environmental footprint in terms of impact per vessel in the fleet.The new targets for waste directed to disposal should be approved during 2026. Cadeler has yet to define formal targets for resources inflow, but the Company acknowledges the importance of setting targets on the matter, as its business activities involve a material resource inflows, as described under ESRS 2 SBM-3. Cadeler will therefore work towards establishing formal targets in accordance with its strategy.Enhance circular economyContinued from previous pageE5 –4 - Resource inflowsCadeler’s IRO focuses on the accessibility to materials used for the production of vessels and equipment required for delivering the services for the customers. Hence, the material impact/resource inflow is placed in the value chain, as all vessels and required equipment is produced by vendors in the value chain. Consequently, Cadeler will not report on the inflow-section of E5.E5 –5 - Resource outflowsCadeler tracks waste outputs from both its vessels and offices. There are some limitations in Cadeler’s datasets which will be addressed on in the coming years. First, the Company’s vessels segregate waste onboard into more categories than the standard waste transfer notes provide a record for and record outputs in cubic metres. This is in accordance with IMO MARPOL requirements, so it may be difficult to improve data precision as the vessels must continue to operate in accordance with MARPOL. One example is that Cadeler’s vessels generate various categories of hazardous waste which are handled properly and delivered onshore in hazardous waste containers. However the waste transfer notes Cadeler receives from onshore waste management providers tend to categorize this data under ‘operational waste’ along with other waste streams that may not be hazardous. For the reporting year, Cadeler has taken a conservative approach and classified all operational waste as hazardous as this category includes potentially hazardous waste.In assessing waste treated methods, Cadeler has not been able to obtain documentation from every port and waste management service provider regarding the waste treatment methods implemented. Waste has only been claimed to be ‘diverted from disposal’ where supporting documentation has been available. It is likely that a higher volume of waste than reported has been diverted from disposal, but Cadeler will not report this until sufficient documentation can be obtained. As part of its Circularity Strategy, Cadeler plans to improve its contact with the waste management providers in the Company’s value chain. This requires a stepwise improvement in the dialogue with garbage management providers.   Enhance circular economyContinued from previous pageUnit 2025 2024 Hazardous waste tonnes 114.0 96.5 Preparation for reuse tonnes - - Recycling tonnes 1.1 1.8 Other recovery operations tonnes - Diverted from disposal tonnes 35.6 1.8 Incineration tonnes 10.1 Landfill tonnes 78.5 - Other disposal operations tonnes 84.6 Directed to disposal tonnes 78.5 94.7 Non-hazardous waste tonnes 559.3 286.5 Preparation for reuse tonnes - - Recycling tonnes 84.6 24.5 Other recovery operations tonnes 100.1 32.1 Diverted from disposal tonnes 184.7 56.6 Incineration tonnes 49.9 38.8 Landfill tonnes 324.7 6.5 Other disposal operations tonnes 184.6 Directed to disposal  tonnes 374.6 229.9 Total waste tonnes 673.3 383.0 Diverted from disposal % 32.7%15.3%Directed to disposal  % 67.3%84.8%Diverted from disposal tonnes 220.2 58.4 Directed to disposal tonnes 453.1 324.6 Resources outflowsData is collected through external information from waste handlers and waste transfer notes from vessels and offices. When the information was not available, only relevant to offices, the Company performed an average calculation proportional to headcounts. Uncertainty arises in the data due to conversion of some data inputs from liters and m3 to tons. Cadeler used conversion factors published by the US Environmental Protection Agency.Conservative approach: operational wastes are categorised as hazardous as the category can include hazardous waste, but there is not a consistent record of what percentage of operational wastes are hazardous. Additionally, not all waste management providers share a record of disposal methods. Where missing, Cadeler assumes waste ends in a landfill. SocialManagement of the own workforceStrategy around Cadeler workforce____________________________________________ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business modelPeople are at the heart of Cadeler’s priorities, driving the Company’s success. Cadeler believes in operating in a way that fosters a safe, diverse, inclusive and equitable workplace environment for its employees, while driving a positive impact beyond Cadeler. Health and Safety, Privacy, Diversity, Gender Equality and Equal Pay for work of equal value, Work-life balance, Social Dialogue, Freedom of association, and Collective Bargaining are topics that may affect onshore teams, offshore teams or both. If any of these topics is considered material for either group, Cadeler includes all employees within the scope of disclosure:• Onshore locations include offices in Denmark, the United Kingdom, Taïwan, Japan, the US and Monaco• Offshore locations include all vessels.All individuals who may be materially impacted by Cadeler’s operations are included in the scope of disclosure. Material negative impacts related to Health and Safety may occur on an individual basis whereas material negative impacts related to Privacy, Diversity and Gender Equality tend to be more widespread. Cadeler invests significantly in making the Company a high-quality workplace. The corporate culture has a positive impact on all employees, both offshore and onshore, particularly in terms of Work-life balance, Social Dialogue, Freedom of association, Collective bargaining and Diversity.Cadeler identified a limited number of material risks and opportunities arising from impacts and dependencies on its own workforce:• Risk: the occurrence of any significant HSEQ incidents could negatively impact Cadeler’s brand and the confidence among potential clients and investors in Cadeler’s ability to deliver its scope of work while protecting its workforce• Risk: the occurrence of any incidents of harassment and discrimination within the workforce could to negatively affect Cadeler’s brand, affect employee retention rates and its ability to recruit new colleagues. To close the gap towards net-zero operations by 2035, Cadeler is focusing on optimising fuel consumption, adopting alternative fuels and enabling electrification. The potential impact on workers of these three key decarbonisation levers has not been assessed yet, but are currently assumed to be non-material.Cadeler with the assistance of a third party, has performed a Human Right Impact Assessment which reviewed and informed the Company on specific risks faced by people in the workforce with particular characteristics, or working in particular activities and contexts. This assessment focused on potential impacts and risks to workers across Cadeler’s business as well as across Cadeler’s value chain. Cadeler will conduct this assessment every three years.While health and safety are relevant to all employees, offshore employees are the most exposed to such risks due to their work on industrial sites, including ports and vessels. Regarding potential incidents of harassment, they are not limited to any specific group.Working in Cadeler: onshore and offshore positions_________________________________________________________________S1-1 – Policies related to own workforceWorking conditionsCadeler 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 management objectives of Cadeler remain focused on defining safe practices for vessel operations by controlling all identified risks to the Company’s ships, personnel and the environment, and establishing appropriate safeguards. Cadeler’s commitment to ensuring employee health and safety are articulated in the i) Code of Conduct, ii) Health, Safety, Environment and Quality Policy, and iii) Human Rights Policy. These policies build upon and align with internationally recognised frameworks (ILO, International Bill of Human Rights,UN Global Compact, UN Guiding Principles on Business and Human Rights).Cadeler believes that all employees contribute to maintaining a safe working environment and therefore operates an intervention policy. Every individual at a Cadeler worksite has the authority and the responsibility to intervene in any job, activity or scenario where there is a safety concern. Concerns can be raised through the channels described in G1-1 by all individuals, and third parties present at its workplaces worldwide. They are all required to observe all applicable legal requirements relating to occupational health and safety standards. Management of the own workforceContinued from previous pageAnother cornerstone for improving employee working conditions is guaranteeing 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 freedom allows employees to join labour unions or professional associations to represent their rights, negotiate better working conditions and fair wages, and to promote workplace safety. Cadeler’s policies on working conditions apply to all employees and contractors, both onshore and offshore.While Cadeler does not yet have a Supplier Code of Conduct that fully align with the ILO, it recognises the importance of these issues and is working to expand its framework. In the meantime, the Company continues to apply other measures, such as supplier assessments and contractual requirements, to promote responsible practices and safeguard workers across the value chain.Equal treatment and opportunities for allCadeler is committed to fostering a diverse and inclusive workplace, and has a policy underscoring this commitment, emphasising equal opportunities for all employees to succeed and acknowledging that people start from different places. By actively promoting equality, the Company fosters an environment enriched by diverse perspectives, including race, gender, sexual orientation, religion, age, national origin and more. Recognising that these unique qualities drive innovation and growth, Cadeler 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 encouragement for business partners to uphold similar values. To understand progress and continually improve working conditions for employees, Cadeler tracks work-force data including management levels, workplace locations, contract types and diversity metrics like gender.Cadeler cultivates a diverse and inclusive working environment fostering a sense of belonging. To do so, Cadeler recognises that all employees are unique and valuable, and Cadeler respects everyone for their individual abilities and qualities. Cadeler sees Diversity, Equity &amp;amp; Inclusion (DEI) as an integral part of its culture and identity, and Cadeler celebrates being a multi-national, multi-cultural and LGBTQ+ inclusive organisation. In developing its approach to its employees, Cadeler has considered the following potential identities that may distinguish the specific needs of individuals within its 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) status. Cadeler is unwavering in its commitment to treating all individuals with dignity and respect, fostering a workplace that champions diversity and inclusion while opposing any form of discrimination or harassment. This also means that employees are expected to treat each other with respect and contribute to a positive work environment. Cadeler believes that everyone has the right to work in an environment that contributes positively to employees’ health, psychological safety and well-being. This ambition includes fostering a safe, inclusive workplace where all individuals can work without facing discrimination, harassment or bullying. Cadeler aims to maintain an inclusive workplace with zero tolerance for discrimination, harassment 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. Those who witness or experience discrimination or harassment are urged to report incidents through Cadeler’s confidential channels or other appropriate means. 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.If Cadeler identifies that it has caused or contributed to a significant adverse impact on people — including impacts on human rights — the Company acts promptly and responsibly to provide or support appropriate remediation, in line with the UNGPs and relevant OECD due diligence guidance. The approach to addressing concerns and grievances across our value chain is founded on transparency, trust, and effective remediation that is proportionate to the issue at hand. Cadeler engages affected stakeholders in identifying suitable remedy options and keep them informed throughout the process, including on progress and outcomes. For workers in the value chain, the Company collaborates closely with suppliers to implement necessary corrective actions, providing guidance and resources to help address and resolve identified issues.Other work-related rights Cadeler respects the privacy and personal data of all individuals, including its employees and those the Company does business with, and is committed to complying with global data protection and privacy laws and regulations, including the EU General Data Protection Regulation (GDPR). The policies are made available to all employees and are mandatory reading upon commencement of employment. The policies are reviewed periodically, approved by Senior Leadership Team and have a designated department responsible for enforcing and monitoring their implementation of the policies.Management of the own workforceContinued from previous pageCadeler’s engagement towards its workforce_________________________________________________________S1-2 – Processes for engaging with own workforce and workers’ representatives about impactsEngaging with Cadeler’s own workforce is a key element in identifying and developing initiatives and tools to improve working conditions at Cadeler. Engagement takes place at an organisational level through various channels, including virtual platforms, workplace assessments, committees and ongoing feedback between employees and managers. Depending on the channels or in the event of a significant change, engagements may be conducted every three years, annually, or on a rolling basis.Cadeler has employee handbooks and designated sharepoint sites for both onshore and offshore colleagues.  The handbook outlines expectations of employees as well as the formal rules that apply in a number of essential areas. The purpose of the handbook is to provide information, rules and guidelines related to a wide range of topics and areas (including information about the organisation, safety-related information, Cadeler care programme, development and policies, and Speak Up! channels) that Cadeler’s employees may encounter in their day-to-day work. For information on Cadeler’s confidential reporting channels (Speak Up!), see section G1-1.  There are a number of HSEQ-focused initiatives in place to improve worker representation and visibility to management as well as to enhance the Company’s focus on safety culture. These initiatives are designed to have a positive impact on safety performance and include safety representatives elected from among the O-class, P-class and A-class workforce, safety coaches appointed by the Company onboard S-class 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 &amp;amp; Safety Committee for all office employees globally. Onboard the  vessels, safety representatives and safety coaches are available to support the employees with any questions related to safety and the work environment. Cadeler has a reporting system for observations enabling employees and external personnel to share perspectives and allows onshore team to be informed and make decisions and improvements taking these perspective into account. These observations and actions are tracked in the system and discussed daily between onshore and offshore teams. Cadeler also has a Masters review process through which the vessel Master comments formally on a wide range of topics related to Company operations particularly regarding the safety management system. Onshore management reviews and responds to this input. In addition to this regular and open communication system between offshore and onshore teams, the organisation has established processes to gather feedback from new employees within three moths after their onboarding to identify areas for improvements. The Company also implemented exit interviews with employees who voluntarily leave the Company. Cadeler also promotes a Wellbeing Hotline, offers annual health checks, and communicates about the whistleblower platform to ensure that all employees—including those who may be vulnerable to impacts and/or marginalized—have the opportunity to share their perspectives. Last but not least, in 2025, the Company invited employees for questions to the CEO which have been addressed to in a series of communications to all employees. Cadeler uses employee engagement surveys to assess how the employees experience their work environment and organisational culture. Engagement levels are evaluated based on response rates and overall scoring, and results are compared with previous years and relevant benchmarks. Insights from survey responses and comments enable Cadeler’s management to understand engagement trends and identify areas where initiatives are effective or where further action is needed.Management of the own workforceContinued from previous pageResponsiveness at the core of the system____________________________________________________S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns and processes for engaging with own workforce and workers’ representatives about impactsAcknowledging the risk of negative impacts, Cadeler has established channels for its workforce to raise concerns and partnerships with unions to stay informed about such issues. Cadeler’s confidential reporting channel, including related awareness and communication activities, is further described in section G1-1, Business Conduct.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 and psychological safety of Cadeler’s employees across locations. The assessment is conducted every three years, as required by law or when significant changes occur, and supports 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 all employees both onshore and offshore, on a recurring basis. As required by UK law following office relocation, Cadeler is conducting new visual display unit assessments and taking action as required. Annual appraisals are held for all offshore employees alongside continuous dialogue between line managers and employees regarding employee development and well-being. On the onshore side, the leaders are encouraged to regularly check in with their team to share insights, concerns and identify any potential negative impacts. At the onshore team level, the leader is encouraged to continuously track the progress of team initiatives set annually within the OKR framework. This is the responsibility of the leaders to provide ongoing feedback to team members to support collaboration and well-being across the team, and are also encouraged to regularly check in with their team members on an individual basis. This is also an opportunity to check in on well-being and discuss development opportunities for the individual.Support and appropriate workplace accommodation will be provided for those involved in incidents of discrimination, harassment or bullying. Consistent enforcement of the policy is essential, with timely and thorough investigations for both reporters and respondents. Finally, Cadeler has a strong focus on collaboration with unions, as they also constitute a central stakeholder with which employees can raise any concerns. Offshore employees under DK flag are employed under collective bargaining agreements which, together with local laws and internal rules, secure the rights and working conditions of Cadeler’s employees. The Company has an ongoing dialogue with union representatives onboard its vessels to find common and sustainable solutions to topics like cooperation, development, work environment and health and safety.Regardless of the channel used for providing feedback to Cadeler, employees are informed about the process and made aware of their rights when raising concerns.Cadeler’s does not have a universal response for providing remedy should incidents occur, instead, it currently handles incidents on a case by case basis. To support this approach, the organisation ensures that adequate resources are available to investigate and act upon any incidents raised. An E&amp;amp;C Manager is in charge of addressing concerns and preventing future incidents. Cadeler’s onshore and maritime HR departments, comprising 30 full-time employees, are responsible for ensuring employee safety and well-being whenever such incidents occur. Management of the own workforceContinued from previous pageEngaging with the workforce____________________________________S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actionsWorking conditionsCadeler’s highest priority remains the health and safety of the individuals on board its vessels and in its offices. The Company believes that all incidents are preventable and that everyone should leave Cadeler worksites in the same condition than when they arrived. Consequently, the Company continuously works to improve its health and safety processes. However, even the strongest procedures and compliance with all requirements are not always sufficient to create a healthy and safe environment. Consequently, Cadeler seeks to go beyond compliance with industry safety standards and embed a culture of safety that drives the behaviour and attitude of every individual to continuously improve health and safety performance.Cadeler considers that all employees contribute to the maintenance of a safe working environment and operates an intervention policy. Every individual at a Cadeler worksite has the authority and the responsibility to intervene in any job, activity or scenario where there is a safety concern. A culture of safety is cultivated through Cadeler’s four Safety Drivers, which emphasise that everyone at Cadeler are safety ambassadors and which promote:• Influence:  “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”,• Intervention: “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”,• Improvement: “I take ownership of the implementation of improvements; I look and think ahead; I use learnings from similar tasks; I report improvement proposals”, • Insight: “ I understand the risks associated with the job and act accordingly; I ensure that risk assessment is part of any work process; I ask when in doubt; I continuously search for safety improvements.” Cadeler’s safety management system promotes safe operations by ensuring compliance with mandatory rules and regulations across relevant international jurisdictions and flag state legislation. DNV and Lloyds Register have audited and certified that Cadeler’s systems, processes and operations comply with the requirements of ISO 9001/14001/45001. The relevant flag states, or entities authorised by them, have issued a ‘Document of Compliance’ verifying that Cadeler operates vessels in compliance with ISM code requirements. Cadeler continues to improve and customise its management system to better reflect the unique needs of its business, as a transportation and installation contractor. Since the combination with Eneti in Dec 2023, Cadeler has operated on separate systems, but has been progressing throughout 2025 to integrate management systems. Cadeler uses insights gathered from engagement processes (as described in S1-2) and from the Written Risk Assessment (APV in Danish) to identify emerging risks and develop targeted action plans to address them. As risks may differ depending on geography, work environment (onshore or offshore), and over time, Cadeler promotes local solutions tailored to specific operational challenges. The Company is committed to developing, implementing, and continuously improving its HSEQ processes through a risk-based approach. It fosters a culture of learning from experience, incidents, and observations, while empowering employees to speak up and challenge unsafe practices. This helps ensure that safety and quality remain top priorities. In addition, Cadeler works closely with contractors and suppliers who share its HSEQ values and ambitions.In 2025 Cadeler further strengthened safety culture support processes through the introduction of new cabin books, implementation of safety rules taken from IMCA, and by year-end rolling out a new fleet safety induction video and animation representing the safety leadership principles.Management of the own workforceContinued from previous pageCadeler prioritises the day-to-day health and well-being of its employees. These efforts reflect Cadeler’s commitment to fostering a healthy, balanced and supportive work environment: • Health and Fitness: on-site employee gyms (where possible) allow workouts during work hours, provided this does not interfere with tasks or meetings. Cadeler also provides vitamins to all colleagues,• Health Check-ups: offshore employees undergo mandatory health checks, while onshore employees are offered well-being assessments and extensive medical examinations with specialists, • Private Healthcare Insurance: onshore and off shore employees are covered by  private heathcare insurance,• Life in Balance Programme: a continuous initiative offering seminars on topics like sleep, nutrition and meditation, promoting physical and mental health. In 2025 Cadeler also held specific sessions regarding the phases of life,• Well-being hotline: all employees have access to a well-being hotline where they can raise health- and wellbeing concerns with a third-party professional.Cadeler strongly believes in flexibility between work and personal life. For offshore employees, the organisation does all it can to accommodate personal wishes so its employees can take part in important life events. For onshore employees, Cadeler has a work from home policy, allowing people to better balance work and personal life. Cadeler also supports families through an accommodating parental care policy. Onshore, the parental care policy goes above and beyond the statutory laws and regulations to support employees in a balanced life with their family.Equal treatment and opportunities for allCadeler strives to prevent, mitigate or remediate adverse human rights impacts that its 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, inclusive and growth-oriented workplace. To support 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 on employee from colleagues to gain a broader perspective and mitigate potential biases. This feedback is used to provide constructive input and to identify candidates for change of roles.In 2025, Cadeler achieved significant internal mobility with numerous onshore employees transitioning into new roles within the Company, while offshore roles saw significant internal rotation. Cadeler supports employees in developing their professional competencies and skillsets by supporting employees in taking on new roles within the organisation. Cadeler believes that employees develop through challenging tasks and sufficient training (e.g. vessel-specific courses and competency-based learning). Additional support includes external education and professional memberships. Related to this point, in 2025 all onshore leaders participated in workshops on change management, feedback and self-reflection.When recruiting new employees, Cadeler ensures a transparent process where all candidates follow the same recruitment procedure. Expectations for the role are clearly outlined in the job description, and all candidates are selected based on their professional and personal competencies 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, emphasising 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 standard.Management of the own workforceContinued from previous pageAn organisation-wide Human Rights Impact Assessment was conducted in 2024 and delivered in 2025 and work is ongoing to implement recommendations and actions based on a three-year roadmap to review, understand and mitigate salient risks and impacts to workers and other individuals across Cadeler’s business and value chain. The results of this assessment will feed into Cadeler’s future improvement plans relating to its own workforce Other work-related rightsAs a listed Company and as per section 99d of the Danish Financial Statements Act, Cadeler is required 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 adhering to all relevant laws and regulations governing the creation, storage, dissemination and destruction of information. Regular training is provided to employees handling sensitive 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. Highly sensitive information is encrypted prior to transmission to ensure its security. To ensure secure disposal, sensitive information is destroyed in a manner that prevents reconstitution, whether in paper, digital devices or storage media. Mobile devices containing sensitive information or accessing corporate networks are secured to prevent unauthorised data leakage. Similarly, all computers and IT equipment are protected against unauthorised access.The following principles form the basis for Cadeler’s responsible handling of data: • Transparency: Cadeler aims for transparency in all aspects of data handling, including ensuring that individuals are informed about their data is used and for what purpose,• Respect: the Company respects the rights of all employees and individuals it does business with to make informed data choices and is committed to complying with all applicable legal and privacy requirements,• Security: Cadeler seeks to protect the confidentiality, integrity and availability of Cadeler’s s digital assets and data in compliance with relevant laws and industry-specific standards.This policy is subject to annual review and approval by Cadeler’s Senior Leadership Team.Zero incident culture__________________________S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunitiesWorking conditionsThe ultimate target for employees’ health and safety is zero harm, meaning that no incidents or accidents take place while working for Cadeler covering both onshore and offshore employees. The safety management objectives of Cadeler remain focused on defining safe practices for vessel operations by controlling all identified risks to the Company’s ships, personnel and the environment, and establishing appropriate safeguards. Achieving the zero-harm goal is a milestone rather than an endpoint, as continuous improvement is required to achieve zero-harm year after year. Health and safety remain top priorities, evolving alongside the Company’s growth and adapting to the dynamic risk landscape shaped by societal and technological developments. 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 incidents. For this reason, Cadeler’s approach is to continuously develop, implement and improve its HSEQ processes; use a risk-based approach when conducting Cadeler’s activities; nurture a culture of continuous improvement where all employees learn from activities, successes, failures, incidents and observations; empower all individuals to challenge and stop unsafe acts, conditions, and behaviours; prioritise working with contractors and suppliers that have similar HSEQ ambitions and goals to Cadeler. Management of the own workforceContinued from previous page Cadeler’s own workforce has not been directly involved in setting the zero harm target, as this remains a management-level responsibility. However, employees are indirectly engaged in tracking performance through observation cards and participation in safety meetings, allowing them to identify potential improvements. Additionally, a workplace assessment has been conducted on the O-class vessels, with the aim of extending this assessment to Cadeler’s remaining fleets. Equal treatment and opportunities for allWhile Cadeler is an equal opportunity employer and fosters a diverse and inclusive environment, 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, based solely on personal and professional competencies. Cadeler encourages interested applicants regardless of race, gender, sexual orientation, religion, age or any other characteristics to apply for vacancies. Cadeler acknowledges that the maritime industry is characterised by an uneven gender balance. The candidate pool recruited from, especially for offshore positions, has a higher male representation. The approach to this imbalance is to recognize that gender distribution begins in early education, and therefore Cadeler has implemented initiatives to enhance recruitment efforts. For example, the Company maintains a strong presence at universities in the UK and DK with the aim of inspiring students from all backgrounds, regardless of race, gender, sexual orientation, religion, age, national origin, or other characteristics,to consider career opportunities in the maritime sector, specifically at Cadeler.Cadeler achieved its target of 30% women in leadership positions in 2025. To further strengthen gender diversity, the Company has set a new target of 40% women in leadership positions by 2030.Other work-related rightsCadeler is committed to handling data responsibly. Whilst the Company seeks to harness the benefits that new technologies and data usage bring, it will always respect and uphold the fundamental rights of all employees and stakeholders. As a starting point, Cadeler has developed training sessions with the ambition that new employees will complete the training. The purpose is to ensure that employees are informed about the data privacy responsibilities when working at Cadeler as well as the policies and responsibilities that apply to Cadeler as an organisation working under Danish law. Besides providing employees with information on policies, the training is also be used to identify relevant target areas for data privacy in Cadeler.Own workforce composition____________________________________S1-6 – Characteristics of the Cadeler’s EmployeesGiven the nature of the services and the industry in which Cadeler operates, tables presenting data on the number of employees, diversity, gender distribution, etc. are disaggregated into onshore and offshore segments. Cadeler is proud of its highly international workforce both in terms of locations and nationalities represented across its different locations. Cadeler’s workforce is composed by 43 different nationalities as of 31 December 2025. While the majority of the workforce is situated in Denmark and the United Kingdom, Cadeler also has employees located in the offices in Japan, Taiwan, Monaco and the US. Characteristics of the undertaking’s employeesThe reported headcount represents the total number of employees on the payroll at year-end. The allocation of employees by country relies on the following principles: onshore employees are assigned to a country based on the contract rather than where they are geographically located. Offshore employees are categorized differently, as they are on the vessels: for Danish-flagged vessels, all crew members are allocated to Denmark. For other vessels where all crew members are employed under multiple contracts associated with different jurisdictions, they are categorized as UK. 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 projects or unexpected circumstances. Non-guaranteed hours employees work exclusively under defined terms. Onshore, they are mainly working as students assistants.Management of the own workforceContinued from previous pageThe Employee turnover in 2025 represents 9.8% of Cadeler’s workforce, meaning that 103 employees left Cadeler during the year. Offshore employee turnover is slightly higher (11.7%) than onshore employee turnover (5.8%).S1-8 – Collective bargaining coverage and social dialogueCollective bargaining in the shipping industry regulates key conditions for seafarers, including wages, working hours, safety standards, and leave arrangements. All seafarers operating on Danish-flagged vessels are covered by collective bargaining agreements within Cadeler, representing 36% of the Company’s own workforce. Outside Denmark, 24% of seafarers are covered by such agreements. Overall, 43% of the Company’s workforce is covered by collective bargaining.Employee Turnover methodologyThe employee turnover rate is calculated as the number of employees who left during the reporting year divided by the number of employees at year-end. All figures are reported on a headcount basis.Denmark United Kingdom Other Total Onshore Offshore Onshore Offshore Onshore Offshore Number of Employees [Head Count] 242 396 90 333 12 - 1,073 Number of permanent employees [Head Count] 236 357 88 286 11 - 978 Number of temporary Employees [Head Count] 39 1 47 - - 87 Number of non-guaranteed hours employees  [Head Count]6 - 1 - 1 - 8 Management of the own workforceContinued from previous pageS1-9 – Diversity metrics Although Cadeler strives to ensure diversity, there remains a gender imbalance, with 887 male employees and 165 female employees in the workforce by the end of the 2025. Women represent 40% of the employees onshore and only 4% of the employees offshore.Male Female Total Onshore Offshore Onshore Offshore Number of Employees [Head  Count]207 700 137 29 1,073 Number of permanent employees  [Head Count]204 617 131 26 978 Number of temporary Employees  [Head Count]- 83 1 3 87 Number of non-guaranteed hours  employees [Head Count]3 - 5 - 8 Cadeler believes that its initiatives in universities are helping to drive change across the industry as a whole, and that its diversity policies will improve its future representation on these metrics, fostering greater gender diversity across both onshore and offshore business activities.Age Onshore Offshore Number of  EmployeesBelow 30 years [Head Count] 68 81 149 19.8%11.1%13.9%Between 30 and 50 years [Head Count] 212 463 675 61.6%63.5%62.9%Above 50 years [Head Count] 64 185 249 18.6%25.4%23.2%In terms of age diversity, the majority of employees across Cadeler fall within the age group of 30 to 50 age group (over 60% both onshore and offshore). 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.Total % Male 6 67%Female 3 33%Senior Leadership Team 9 100%Diversity metricsTop management level is defined as the Senior Leadership Team, including the CEO, CFO, Executive Vice Presidents and Senior Vice-Presidents. The age count is based on the age distribution of the workforce at 31/12.Cadeler’s Diversity, Equity &amp;amp; Inclusion Policy, outlines and guides the Company’s active support for commitment to a diverse and inclusive organisation, building on a firm commitment to equal opportunities for all. This commitment includes prioritising diversity and inclusion across all levels of the organisation, including the Senior Leadership Team, where in 2025 women represented a 33.33% 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 background in Cadeler’s approach to enhancing inclusivity at Board of Directors and Senior Leadership Team.Management of the own workforceContinued from previous pageSafeguarding physical integrity_______________________________________S1-14 – Health and safety metrics To illustrate that Cadeler’s highest priority is the health and safety of its entire workforce, the Company is ISO-45001 certified, meaning that all employees including onshore and offshore workers are covered by the integrated management system.In 2025 no fatalities occurred among Cadeler’s workforce or other workers operating on Cadeler-controlled sites. This outcome reflects the Company’s continued focus on health and safety and its commitment to maintaining a safe working environment.There were 10 total recordable incidents during the year, resulting in a Total Recordable Incident Frequency (TRIF) of 5.58 (vs 2.43 in 2024). Lost-time incidents were, leading to 139 days lost due to work-related injuries and an overall Lost Time Incident Frequency (LTIF) of 1.68 (vs 0.81 in 2024).Cadeler operates more vessels in 2025 than in 2024, explaining that the absolute number of incidents has increased. Despite an increase in terms of projects and operations, the Company is committed to reduce the number of incidents, trying to achieve the target of zero incident.2025 2024 % change Percentage of people in the workforce covered by  health and safety management system 100%100%0%Number of fatalities in the workforce as result of  work-related injuries and work-related ill health 0 0 0%Number of fatalities as result of work-related  injuries and work-related ill health of other workers working on Cadeler-controlled sites0 0 0%Total recordable incidents 10 3 233%Total recordable incident frequency (TRIF) -  incidents per million hours worked5.58 2.43 130%Number of lost-time incidents 3 1 200%Number of days lost to work-related injuries 139 101 38%Lost time incident frequency (LTIF) - lost time  incidents per million hours worked1.68 0.81 107%Total person working hours 1,791,450 1,234,903 45%Health &amp;amp; Safety metricsThe Company is covered by ISO-45001 and the Company is tracking the number of recordable work-related incidents, including fatalities, lost-time injury, medical treatment cases and restricted work cases. Cadeler is externally audited annually by DNV (DK) and Lloyds Register (UK), ABS (UK - Panama) and Class NK (UK – Japan DoC for ISM) against the certificated standards of the management system ISO 9001, ISO 14001, and ISO 45001 and ISM code.Management of the own workforceContinued from previous pageEnsuring an equitable pay for all employees_______________________________________________________S1-16 – Remuneration metricsCadeler is committed to fair and equitable pay for all employees, regardless gender. Compensation programs and practices are regularly reviewed internally to ensure consistency and fairness across the organisation. In 2025, Cadeler conducted a review of salary levels across its regions to assess potential pay difference among employees performing similar roles and holding comparable levels of responsibilities and experience. The purpose of this review aims to ensure equal pay for equal work. Going forward, this assessment will be conducted periodically to monitor and address potential salary gaps across the organisation. Women represent 15.7% of Cadeler’s total workforce. In 2025, Cadeler reports its gender pay gap for the first time. The assessment of this metric resulted in a difference of -2% meaning that on average women earn more than men across the total workforce. Cadeler considers that this metric does not reflect equal pay comparisons between male and female employees. The gender pay gap is calculated as an aggregate measure across the entire workforce and does not adjust for differences in role, location, seniority, qualifications, employment conditions or the workforce composition across onshore and offshore roles. As such, the metric provides a general overview of workforce composition rather than a like-for-like comparison of remuneration.Cadeler remains committed to being a fair and equitable employer. The Company continues to support initiatives aimed at fostering women’s career development, and strengthening the pipeline of female talent within the offshore wind sector.The Company reports for the first time its annual total remuneration ratio. This ratio represents the ratio of the highest paid individual to the median annual total remuneration for all employees which is 25 in 2025.Management of the own workforceS1-17 – Incidents, complaints and severe human rights impacts Cadeler received 7 complaints of various types during 2025 through its channels for raising 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 Cadeler’s knowledge, filed with the National Contact Points. No severe human rights impacts 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 some cases may never be reported through its formal channels, and that the disclosed figures therefore might be understated.2025 2024 Number of incidents of discrimination [cases] 0 0 Number of complaints filed through channels for people in own  workforce to raise concerns [cases]7 10 Number of complaints filed to National Contact Points for OECD  multinational enterprises 0 0 Total amount paid in fines, penalties and compensation for damages  result of incidents of discrimination [monetary]0 0 Number of severe human rights issues and incidents connected to  own workforce [cases]0 0 Of which are cases of non-respect of UNGPs and OECD guidelines 0 0 Total amount paid in fines, penalties and compensation for severe  human rights issues and incidents connected to own workforce  [monetary] 0 0 Promote sustainable business practices in the value chainEngaging with the stakeholders_______________________________________ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business modelWorking within the Company’s value chain may affect workers’ conditions and rights in several ways. In particular, there is a risk that working conditions may not fully comply with applicable local regulations or with the Cadeler’s own policies and standards. Workers in the value chain may also face potential impacts on fundamental human rights, including risks related to forced labour or child labour, as well as other labour-related rights such as equal pay for work of equal value, access to quality training and professional development, and systemic gender inequality or unequal remuneration. The interests, views and rights of these workers are considered especially impact-material in the upstream part of the value chain, where the Company has comparatively less direct oversight. These issues can arise across different countries and industries, reflecting broader systemic challenges. Cadeler acknowledges the existence of these systemic risks in order to better identify, prevent and address potential adverse impacts within its value chain.Cadeler’s disclosure on workers in the value chain aims to cover actual and potential impacts on workers for tier one suppliers as well as further down the value chain. Tier one and HSEQ critical suppliers are the primary focus of this disclosure.Through the human rights impact assessment, Cadeler identified the following categories of potentially impacted workers in the value chain: • Workers in the direct supply chain: for example, shipyard workers, contractors performing services on Cadeler’s vessels, workers at companies providing equipment and services for Cadeler, workers at transportation companies. These workers are mostly upstream from Cadeler’s business, as its business provides services rather than products. A limited number of workers would be considered downstream, i.e. those working with waste management providers or involved in the decommissioning of project equipment and eventually vessels, • Workers in the indirect supply chain: for example, workers at companies providing parts and services to Cadeler’s direct supply chain,• Workers in the extended supply chain: for example, workers involved in the extraction of raw resources, or the production of energy sources or bunkering ultimately used by Cadeler or its direct supply chain,• Workers exposed to material impacts by Cadeler’s own operations: these include workers providing services at Cadeler’s own operational sites,for example, onboard and alongside the vessels. The potentially material impact that Cadeler is most likely to have on workers in its value chain is related to management of risks to health and safety at the Company’s worksites. Cadeler aims to manage risks to health and safety risks effectively and reduce the likelihood of impacts on both its own employees and those in its value chain to the lowest extent possible when they are present at Cadeler’s worksites, and• Workers exposed to impacts through the value chain: these include workers in the Company’s direct supply chain, indirect supply chain, and extended supply chain.Promoting Human Rights along the Value Chain_____________________________________________________________The first global human rights impact assessment was conducted with the support of external advisors in 2024 and delivered in 2025 to ensure Cadeler’s commitment to respect human rights. This assessment was conducted in accordance with the expectations set out in the UN Guiding Principles.The key findings of the impact assessment which were presented to Cadeler in 2025 were as follows:• Cadeler has a public commitment to respect human rights; however, the due diligence approach can be further improved• Human rights risks are inherently high for Cadeler and the offshore wind industry, given the nature of the work and the supply chain,• There are robust measures in place for Cadeler’s own employees, efforts to address additional human rights risks in the supply chain are currently largely limited to health and safety management for selected tier one suppliers,Promote sustainable business practices in the value chainContinued from previous pageThese findings have been used to develop a proportionate and tailored human rights strategy and a three-year implementation roadmap for Cadeler. In 2025, Cadeler has focused on establishing an improved governance model and clear responsibility for the day-to-day oversight as well as shared the findings from the impact assessment across the organisation.Cadeler’s salient human rights risks have been identified and defined based on each key rightsholders groups. The most salient risks for each key rightsholder are listed below:• Offshore employees: accidents resulting in risks to life and health, work-related risks to mental health, risk of excessive working hours or periods, work-related risks to family life and risks of discriminatory treatment,• Onshore employees: accidents at projects sites resulting in risks to life and health, risk of excessive working hours, potential impacts of geopolitical conflicts on security and risks of discriminatory treatment,• Supply chain workers: accidents resulting in risks to life and health, risk of child and forced labour in the extended supply chain, risk of excessive hours and potential for unjust working conditions,• Community members: risks to human rights defenders, impact on community rights, risks to livelihoods, risks to effective remedy and risk of environmental harm.The risks will be further analysed and prioritised to ensure that they are addressed appropriately.Cadeler needs throughout the different transport, installation and maintenance works performed across geographies to engage and collaborate with the appropriate third-parties and partners that provide the required goods and services for the operations of the Company’s assets and execution of its project work scopes.The demand for these services is increasing as Cadeler is growing its fleet and thereby also number of projects. Cadeler’s suppliers and partners therefore have an increased opportunity to contribute to the sustainability and predictability of their businesses, allowing them to create or maintain stable jobs in their organisations as well as upskilling their workers to meet the requirements.Suppliers are required to confirm compliance with Cadeler’s Supply Chain Code of Conduct which establishes the foundation for the right framework and values for a positive work environment.A more formalised process for conducting ongoing human rights due diligence will also be defined, and human rights indicators will be incorporated into supplier selection and retention to ensure that the human rights strategy is implemented efficiently.Promote sustainable business practices in the value chainContinued from previous pageImpacts, risks and opportunities management_________________________________________________________S2-1 – Policies related to value chain workersWorking conditionsCadeler’s Supply Chain Code of Conduct is shared with suppliers across its value chain and informs the Company’s partners of its expectations related to their ESG 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 Cadeler’s Supply Chain Code is provided in G1-2. As part of Cadeler’s supplier onboarding process, and in accordance with Cadeler’s Supply Chain Code of Conduct, suppliers are expected to have in place, or to commit to adopting within a reasonable timeframe, health and safety policies and management systems designed to reduce work-related injury and illness and promote the general health of employees. Suppliers are requested to ensure that information regarding health and safety systems and standards is made readily available to employees in appropriate languages.As part of the mentioned onboarding process, suppliers are assessed by departments of HSEQ, and E&amp;amp;C. The process is centralised within Procurement, which is responsible for the registration of all relevant master data in Cadeler’s systems, as well as the communication of the Supply Chain Code of Conduct. The suppliers are only registered in the system, by Procurement, after approval from HSEQ, and E&amp;amp;C. Depending on the nature of the goods and services to be provided, by the supplier, and the countries in which the supplier is based at, and delivering and providing the goods and services, a different level of assessment may be required as per the criteria defined by the specific functions (HSEQ or E&amp;amp;C).  Through effective and regular communication, suppliers should ensure that workers are aware of the suppliers’ obligations with regard to site safety as well as their own obligations with respect to ensuring the safety of themselves and other employees. As a minimum, suppliers should provide their workers with reasonable access to potable water and sanitary facilities, fire safety, emergency preparedness and response, industrial hygiene, adequate lightning and ventilation, equipment for prevention of occupational injuries 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 national and other applicable laws and regulations regarding alcohol and drug abuse prevention, including testing where permitted, and should communicate this policy 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, shall be voluntary and performed of the worker’s own free will. Employees should be free to leave employment upon giving reasonable notice. Suppliers should not require workers to surrender government-issued identification papers, passports or work permits as a condition of employment.All workers 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 and, on time and be fair in respect of work performance. Payment should not be made more than one month in arrears and no deductions should be made from employees’ pay for disciplinary reasons or to compensate the employer for providing safer work conditions. Working hours must not exceed the legal limit and, where relevant, notification should be given of any particular hazards or risks associated with the work performed. Workers should be properly compensated for overtime in accordance with the law and within legal working hour limits.Promote sustainable business practices in the value chainContinued from previous pageWorkers should be granted their stipulated annual leave and sick leave without any repercussions and should be able to take their stipulated maternity or paternity leave in accordance with national and local laws. Cadeler is committed to providing equal opportunities for all. Suppliers shall not discriminate 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 shall be achieved by providing a workplace free from physical, sexual, psychological or verbal harassment or abuse, or the threat of such treatment.All workers, 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 education, or that may be harmful to the young person’s health or safety. Suppliers should also adhere to legitimate work-place apprenticeship programmes and comply with all laws and regulations governing youth labour and apprenticeship programmes.This explicitly includes the requirements of the International Labour Organisation’s 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 from discrimination, harassment and bullying. This means that all 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 intentional and thoughtful steps to promote positive engagement with colleagues and to refrain from causing intentional harm.Other work-related rightsCadeler’s Human Rights Policy sets out the Company’s commitment to respect the human rights for its employees and those who perform work on behalf of Cadeler.  It covers topics including forced and child labour (in accordance with applicable ILO standards), health and safety, non-discrimination, freedom of association and collective bargaining, and grievance mechanisms. Cadeler’s 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 encourages 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 Organisation’s (ILO) Declaration on Fundamental Principles and Rights at Work.Cadeler respects the privacy and personal data its business partners, and is committed to complying with global data protection and privacy laws and regulations, including the EU General Data Protection Regulation (GDPR). Cadeler’s policy sets out the requirements for ensuring all personal data is processed by or on behalf of Cadeler in a fair, lawful and transparent way.The policies are reviewed annually, approved by Cadeler SeniorLeadership Team and the Human Rights Policy by the Board of Directors, while a designated department is responsible for implementing each policy.Promote sustainable business practices in the value chainContinued from previous pageHow to engage with upstream workers_________________________________________________S2-2 – Processes for engaging with value chain workers about impactsCadeler seeks to select and engage with suppliers that comply with applicable laws and regulations and that aim to go beyond compliance by meeting standards that are generally expected. Cadeler has a strong preference for working with suppliers who share its 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 are required to comply with the Supply Chain Code of Conduct, which establishes the framework and values for a positive work environment at Cadeler. Furthermore, the responsible functional or contracting manager informs suppliers of their rights and obligations to raise concerns whenever experienced. Cadeler is committed to safeguarding the health and safety business partners and communities within which it operates. Cadeler requires all relevant individuals and third parties present at Cadeler workplaces worldwide to observe all applicable legal requirements relating to occupational health and safety standards and encourages suppliers to focus on safety management at their own sites. The Procurement department, the HSEQ department and the E&amp;amp;C department are responsible for selecting the suppliers which demonstrate a real engagement towards workers’ rights within the value chain.Remediation processes for value chain workers___________________________________________________________S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concernsCadeler’s confidential reporting channel (Speak Up!) serves to raise serious concerns like those related to potential human rights violations. EthicsPoint is the independent provider of this channel. All concerns raised are reported to Cadeler by EthicsPoint on a confidential and anonymous basis, unless anonymity is waived by the person reporting. SpeakUp! is available to any individuals working on Cadeler’s behalf and any individuals with a relationship to Cadeler, including its clients and suppliers. Further information on the reporting channel is provided at G1-1.Cadeler does not have a standard remediation action for all cases, but has established a Confidential Reporting procedure and a Speak Up Committee. Appropriate remedial actions are determined on a case-by-case basis. Actions to provide remedy are defined, where considered necessary, following examination and analysis of the specific incident reported in accordance with relevant internal procedures.The Company’s policies emphasise that workers in the value chain can raise concerns without fear of retaliation. Additional information is provided in section G1-1.In 2025, 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.Outcome of Human Rights Impact Assessment___________________________________________________________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 actionsCadeler was provided the results of the HRIA in 2025. This was undertaken in accordance with the expectations set out in the UN Guiding Principles and included the following elements:i) Saliency Mapping: Mapping Cadeler’s value chain (from supply chain to wind farm construction, maintenance and decommissioning, as well as direct operations and business relationships) against internationally recognised human rights. This involved a combination 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 Cadeler’s business,ii) Gap Analysis: Assessing the degree to which Cadeler’s existing measures and human rights approach align with the expectations of the UN Guiding Principles as well as forthcoming European regulatory requirements on human rights due diligence. This was supplemented by benchmarking against industry peers and leading companies to identify current management practices and, including best practices,Promote sustainable business practices in the value chainContinued from previous pageiii) Strategy &amp;amp; Roadmap: Benchmarking five industry peers to identify leading and best practices; assessing and summarizing the applicable and forthcoming regulatory landscape on human rights due diligence; and conducting workshops with internal stakeholders to align on Cadeler’s ambition and maturity level in relation to human rights management. These activities supported  the definition of Cadeler’s human rights strategy and the development of an associated implementation roadmap. The roadmap consists of a three-year implementation plan, structured around differentiated priorities for each year, reflecting a phased approach to strengthening Cadeler’s human rights management practices over time.In 2025, the Company developed a three-year roadmap to support continuous improvement with respect to the rights of workers throughout the value chain.Cadeler is unaware of any severe human rights issues and incidents connected to upstream and downstream value chain for the reporting year 2025.S2-5 – Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunitiesCadeler has not yet established specific targets related to managing impacts, risks and opportunities for workers in its value chain. Cadeler will use the improvement areas identified during the HRIA, as guidance for progressively setting targets to strengthen its performance related to workers’ rights in the value chain. The Company expects to be able to disclose concrete targets related to this topic in the next reporting year.GovernanceFoster business ethicsImpacts, risks and opportunities management__________________________________________________________ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunitiesTo identify and assess material impacts, risks, and opportunities, Cadeler considered risks arising from the size of the organisation, its business activities and operations, and the various locations in which it operates. The Company’s business conduct emphasises ethical practices across the entire value chain. The prioritisation of IROs is based on the experience and expertise of Senior Management and Leadership. Based on this process, Cadeler identified the prevention of bribery and corruption, incidents of bribery and corruption, the management of supplier relationships, and corporate culture as central elements for operating the business and maintaining a leadership position in the market.GOV-1 – The role of the administrative, management and supervisory bodiesCadeler has an Ethics and Compliance (E&amp;amp;C) function that manages risks related to Company governance, anti-bribery and corruption practices, human rights processes, etc. This function works in coordination with the Procurement department to push Cadeler’s expectations for sustainability practices towards its supply chains and monitor supply chain risks due to issues such as human rights and corruption.G1-1 – Business conduct policies and corporate cultureBusiness conduct policies and corporate cultureCadeler’s Code of Conduct (the “Code”) outlines the principles and guidelines for maintaining ethical business practices and integrity within Cadeler. It sets out the values that 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 respect in the workplace. The Code is publicly available and is mandatory for all onshore and offshore employees, officers and directors of Cadeler.The Code is supported by internal policies and procedures that further strengthens Cadeler’s approach to key areas of business conduct, including inter alia, HSEQ; Anti-bribery &amp;amp; Corruption; Sustainable Development; Human Rights; and Personal Data &amp;amp; Privacy.Cadeler’s policies are developed by the respective departments, with the support from the E&amp;amp;C team in conjunction with the Policy Management Committee. They are reviewed periodically and approved by Cadeler Executive Senior Leadership, while a designated department is responsible for implementing each policy.The expertise of Cadeler’s administrative bodies is disclosed in the Annual Report. Please refer to the Management Review for disclosures related to business conduct matters.Protection of whistleblowersAll employees and any individual with a relationship with Cadeler, such as clients and suppliers, are encouraged to raise concerns whenever they identify activities that are not aligned with Cadeler’s values and behaviours throughout Speak Up! which provides a framework for concerns to be raised confidentially and without fear of adverse repercussions. EthicsPoint is the independent third party in charge of managing confidentiality reports, providing an anonymous and confidential mechanism for raising concerns about serious matters for 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 environmental, health and safety or human rights concerns.Cadeler prohibits retaliation of any kind against employees who raise concern in good faith, even if doing so may result in a loss of business. Cadeler takes every report of potential misconduct seriously and is committed to conducting all reviews and investigations in an independent, fair and impartial manner.Information about the confidential reporting hotline and the Confidential Reporting (Speak-Up!) Procedures is available on the Company’s Intranet, through training materials and the Confidential Reporting Channels can also be accessed from the Company’s website. Awareness is further promoted through the display of posters in shared areas at both onshore and offshore workplaces and, to increase accessibility, a QR code linked to the hotline’s webpage is available, encouraging employees to raise concerns whenever necessary. Cadeler’s 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.Foster business ethicsContinued from previous pageG1-2 – Management of relationships with suppliersIn 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 also go beyond compliance by meeting the standards expected of an industry leader. Cadeler has a strong preference for working with suppliers who share its 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 specialists, on time and in accordance with agreed payment terms. This commitment is reflected in the finance management procedures governing the invoice payment process. Invoices are filtered, extracted and classified into the relevant payment file and invoice currencies on a weekly basis.The payment files are then submitted, generating a summary list of invoice amounts per supplier within the system. Structured reports are set up in Cadeler’s ERP system and twice weekly reviews are conducted to identify invoices requiring handling or approval. An automatic reminder notification system is in place to prevent late payments.Supply Chain Code of ConductCadeler’s Supply Chain Code of Conduct sets out the requirements and principles that Cadeler’s suppliers are expected to adhere to. The Supply Chain Code of Conduct applies to all new onshore and offshore suppliers and includes requirements and expectations 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 Cadeler’s standard terms and conditions. Due Diligence Activities  Cadeler follows a structured procedure under which suppliers are identified, assessed, onboarded and managed when applicable. From a procurement perspective, the key process relates to the sourcing lifecycle in Cadeler, including the business need or scope of work, business case, tender process or sourcing approach, evaluation and selection of a supplier for a contract, framework agreement or purchase order. This procedure applies to new contracts with an estimated value exceeding EUR 25,000. The process is described in detail in the procedure “Sourcing and Supplier Selection”. For amounts below EUR 25,000, the purchasing activity may be handled via a purchase order without a contract or framework agreement and governed by Cadeler’s Purchase Order Terms and Conditions. From a business perspective, suppliers are also classified as “Basic”, “Standard” and “Manage”, triggering the requirements for onboarding, monitoring and corresponding management. Cadeler HSEQ has established specific criteria for classifying suppliers as “Low”, “Medium” or “High Risk” from an HSEQ perspective. This is reflected in Cadeler’s Supplier Management Procedures. Since 2024 , Cadeler has included the HSEQ risk assessment in the onboarding process.The Company is continuing to optimize its third-party supplier due diligence processes through the integration of an electronic screening tool introduced in 2024. The tool forms part of the supplier onboarding framework to help identify risks associated with financial crime, sanctions, key legal issues captured in the media, and other responsible business practices which are risk-weighted in accordance with internal risk methodology.Onboarded suppliers are also subject to ongoing monitoring and periodic risk assessments. Frequency of the assessment depends on the experience of Cadeler with the suppliers. Any flagged issue automatically triggers a review from HSEQ, E&amp;amp;C and/or Procurement.Foster business ethicsContinued from previous pageFighting against corruption and Bribery__________________________________________________G1-3 – Prevention and detection of corruption and briberyCadeler 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 the Company’s Code of Conduct and the Anti-bribery and Corruption Policy, which is applied to all offshore and onshore employees, individuals contracted to work for Cadeler and any third parties acting on behalf of Cadeler, including consultants, agents and suppliers. These documents are available on Cadeler’s internal platform. Cadeler’s Anti-bribery and Corruption Policy is further supported by a Gifts and Hospitality Policy, which sets out the minimum requirements and principles that apply when giving or receiving anything of value on behalf of Cadeler, as well as by the Supply Chain Code of Conduct. Both the Code of Conduct and the Suppliers Code of Conduct are available on the Company’s website.Employees are encouraged to immediately notify Cadeler’s E&amp;amp;C team if they become aware of any behaviour that has the potential to breach Cadeler’s policies. Where this is not possible, or if individuals do not feel comfortable doing so, concerns may also be raised via Cadeler’s confidential reporting channel (Speak Up!) in accordance with the procedures described in G1-1. Reports of corruption or bribery will be investigated by E&amp;amp;C in conjunction with Finance and Legal departments. Dependent on the nature of the concern, assistance from external third-party specialists may also be utilised.Foster business ethicsContinued from previous pageTraining and awarenessTo support the implementation of Cadeler’s Code and associated policies and procedures, a companywide electronic Ethics Engagement Training was rolled out in 2024 to all new onshore and offshore employees.An update of the Code of Conduct is planned for 2026 together with an awareness training module for all employees. To continue to foster an appropriate tone from the top, face-to-face training is provided on an annual basis to Cadeler’s Senior Leadership team, covering key areas of business conduct such as competition law, anti-bribery and corruption, and data protection and privacy.2025 Training coverage Managers Board of Directors At-risk functions* Total 100%0%100%Total receiving training (e-learning) 0%0%83.6% onshore/73.7% offshore Total receiving training (face-to-face) 100%0%N/A Delivery method and duration Classroom training 1 hour N/A N/A Computer-based training N/A N/A N/A Voluntary computer-based training N/A N/A 20 minutes Frequency How often training is required Annual N/A Annual Topics covered Definition of corruption Covered Not covered Covered Policy Covered Not covered Covered Procedures on suspicion/detection Covered Not covered Covered *Cadeler’s definition of at-risk functions with respect to corruption and bribery include the Board, senior leadership, finance, procurement, sales, strategy &amp;amp; business development, legal, contract management teams as well as the vessel masters and site managers.Please note that at-risk functions training did not occur in 2025. The frequency of this training for at-risk functions will be every 2 years onwards.Foster business ethicsContinued from previous pageG1-4 – Incidents of corruption or bribery Cadeler recorded no incidents of corruption or bribery in 2025, with no evolution compared to 2024. Cadeler remains committed to ethical business practice, and it will continue to engage with business partners that demonstrate the same commitment.2025 Number of convictions for violation of anti-corruption and anti-bribery laws [Cases] 0 Amount of fines for violation of anti-corruption and anti-bribery laws [Monetary] 0 Number of confirmed incidents of corruption or bribery [Cases] 0 Number of confirmed incidents in which own workers were dismissed or disciplined for  corruption or bribery-related incidents [Cases]0 Number of confirmed incidents relating to contracts with business partners that were  terminated or not renewed due to violations related to corruption or bribery [Cases]0 Number of public legal cases regarding corruption or bribery brought against  undertaking and own workers [Cases]0 G1-6 – Payment practicesCadeler’s standard payment terms are 45 days. The average time to pay invoices in 2025 was 50, with 72.8% of payments aligned with standard payment terms. Payment performance in 2025 reflects the operational transition associated with migrating legacy operations into the group’s unified financial system. Cadeler will continue to strive towards increasing its performance on these specific metrics. Cadeler has no outstanding legal proceedings related to late payments, highlighting its commitment to responsible and timely payment practices.2025 2024 Average number of days to pay invoice [days] 53 36 Description of undertakings standard payment terms in number of  days by main category of suppliers [days]45 45 Percentage of payments aligned with standard payment terms  [percent]66.9%74.3%Number of outstanding legal proceedings for late payments [cases] 0 0 Data points that derive from other EU legislationESRS Disclosure  requirementData point SFDR Pillar 3 Benchmark  regulationEU climate  lawSection* Page ESRS 2 GOV-1 21 d Board's gender diversity ratio x MR page 31ESRS 2 GOV-1 21 e Percentage of independent board member x MR page 33-35ESRS 2 GOV-4 30; 32 Disclosure of mapping of information provided in sustainability statement about due diligence  processx SUS page 47ESRS 2 SBM-1 40 d ⅰ Undertaking is active in fossil fuel (coal, oil and gas) sector x SUS page 87ESRS 2 SBM-1 40 d ⅱ Undertaking is active in chemicals production x Undertaking not active ESRS 2 SBM-1 40 d ⅱ Revenue from chemicals production x SUS page 91ESRS 2 SBM-1 40 d ⅲ Undertaking is active in controversial weapons x Undertaking not active ESRS 2 SBM-1 40 d ⅲ Revenue from controversial weapons x SUS page 91ESRS 2 SBM-1 40 d ⅳ Undertaking is active in cultivation and production of tobacco x Undertaking not active ESRS 2 SBM-1 40 d ⅳ Revenue from cultivation and production of tobacco x SUS page 91ESRS E1 E1-1 14 Transition plan to reach climate neutrality by 2050 x SUS page 68-70ESRS E1 E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks x x SUS page 68ESRS E1 E1-4 34 GHG emission reduction targets x x x SUS page 76-77ESRS E1 E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)  x SUS page 78-80ESRS E1 E1-5 37 Energy consumption and mix x SUS page 79ESRS E1 E1-5 40-43 Energy intensity associated with activities in high climate impact sectors  x SUS page 78ESRS E1 E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions x x x SUS page 80-83ESRS E1 E1-6 53-55 Gross GHG emissions intensity  x x x SUS page 80ESRS E1 E1-7 56 GHG removals and carbon credits x SUS page 77ESRS E1 E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks x Not reported/phase-in ESRS E1 E1-9 66 (a); 66 (c) Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant  assets at material physical riskx Not reported/phase-in ESRS E1 E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes x Not material ESRS E1 E1-9 69 Degree of exposure of the portfolio to climate-related opportunities x Not material ESRS E2 E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil x Not material *SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements;Data points that derive from other EU legislationContinued from previous pageESRS Disclosure  requirementData point SFDR Pillar 3 Benchmark  regulationEU climate  lawSection* Page ESRS E3 E3-1 9 Water and marine resources x Not material ESRS E3 E3-1 13 Dedicated policy x Not material ESRS E3 E3-1 14 Sustainable oceans and seas x Not material ESRS E3 E3-4 28 (c) Total water recycled and reused x Not material ESRS E3 E3-4 29 Total water consumption in m3 per net revenue on own operations x Not material ESRS E4 ESRS 2 -  SBM-3 - E416 (a) ⅰ x Not material ESRS E4 ESRS 2 -  SBM-3 - E416 (b) x Not material ESRS E4 ESRS 2 -  SBM-3 - E416 (c) x Not material ESRS E4 E4-2 24 (b) Sustainable land / agriculture practices or policies x Not material ESRS E4 E4-2 24 (c) Sustainable oceans / seas practices or policies x Not material ESRS E4 E4-2 24 (d) Policies to address deforestation  x Not material ESRS E5 E5-5 37 (d) Non-recycled waste x SUS page 100ESRS E5 E5-5 39 Hazardous waste and radioactive waste x SUS page 100ESRS S1 ESRS 2 -  SBM-3 - S114 (f) Risk of incidents of forced labour x Not material for S1 ESRS S1 ESRS 2 -  SBM-3 - S114 (g) Risk of incidents of child labour x Not material for S1 ESRS S1 S1-1 20 Human rights policy commitments x SUS page ESRS S1 S1-1 21 Due diligence policies on issues addressed by the fundamental International Labor Organisation  Conventions 1 to 8x page 103ESRS S1 S1-1 22 Processes and measures for preventing trafficking in human beings x Not material for S1 ESRS S1 S1-1 23 Workplace accident prevention policy or management system x SUS page 103ESRS S1 S1-3 32 (c) Grievance/complaints handling mechanisms x SUS page 106ESRS S1 S1-14 88 (b); 88 (c) Number of fatalities and number and rate of work-related accidents x x SUS page 113ESRS S1 S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness SUS page 113*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements;Data points that derive from other EU legislationContinued from previous pageESRS Disclosure  requirementData point SFDR Pillar 3 Benchmark  regulationEU climate  lawSection* Page ESRS S1 S1-16 97 (a) Unadjusted gender pay gap x x page 114ESRS S1 S1-16 97 (b) Excessive CEO pay ratio  page 114ESRS S1 S1-17 103 (a) Incidents of discrimination x SUS page 115ESRS S1 S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD x x SUS page 115ESRS S2 S2-1 17 Human rights policy commitments x SUS page 118ESRS S2 S2-1 18 Policies related to value chain workers x SUS page 118ESRS S2 S2-1 19 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines x x page 119ESRS S2 S2-1 19 Due diligence policies on issues addressed by the fundamental International Labor Organisation  Conventions 1 to 8 x page 119ESRS S2 S2-4 36 Human rights issues and incidents connected to its upstream and downstream value chain x page 120ESRS S3 S3-1 16 Human rights policy commitments x Not material ESRS S3 S3-1 17 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines  x x Not material ESRS S3 S3-4 36 Human rights issues and incidents x Not material ESRS S4 S4-1 16 Policies related to consumers and end-users x Not material ESRS S4 S4-1 17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines x x Not material ESRS G1 G1-1 10b United Nations Convention against Corruption paragraph 10 (b) x SUS page 123ESRS G1 G1-1 10d Protection of whistle- blowers paragraph 10 (d) x SUS page 123ESRS G1 G1-4 24a Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) x x SUS page 127ESRS G1 G1-4 24a Standards of anti- corruption and anti- bribery paragraph 24 (b) x SUS page 127*SUS – Sustainability Statements; MR – Management Review; RR – Remuneration Report; FS – Financial Statements;</mrv:SustainabilityReport>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="c-3" id="f-19">EU TaxonomyCadeler publishes its 2025 EU Taxonomy reporting in accordance with the Delegated Act published on 4 July 2025, amending Delegated Regulation (EU) 2021/2178 as regards the simplification of the content and presentation of information to be disclosed concerning environmentally sustainable activities and Regulation (EU) 2023/2486 as regards simplification of certain technical screening criteria for determining whether economic activities cause no significant harm to environmental objectives.The Climate Delegated Act and the Environmental Delegated Act specify technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to any of the environmental objectives of the Taxonomy Regulation. Cadeler’s core operational purpose is to support the installation of offshore renewable energy sources. This activity contributes to climate change mitigation and can be aligned with the EU Taxonomy’s objective when performed in a manner that does no significant harm to the other five environmental objectives of the Taxonomy and complies with the minimum social safeguards. The majority of the Company’s eligible economic activities relating to the installation of offshore wind energy can be categorised as activity 4.3 – electricity generation from wind power. 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, which links commercial-scale installation and maintenance activities to category 4.3 rather than to other categories potentially associated with the installation and maintenance of renewable energy.Do no significant harm (DNSH)Cadeler has performed the following activities to support compliance with the DNSH requirements for climate change mitigation activity 4.3. Climate Change AdaptationIn late 2023, Cadeler performed its first risk assessment for addressing the impact of climate change on its assets and key parts of its supply chain. This was followed up by a second assessment that was finalized in early 2026. The assessment considered the representative concentration pathway scenario 8.5 (RCP 8.5), which represents the worst-case scenario as identified by the IPCC, and considered two time horizons, 2030 and 2050, with the timespan based on Cadeler’s visibility of its scope of operations. Cadeler sees some potential for varying levels of operational weather downtime with respect to its own operations as a slight risk due to changing wind patterns with increased frequency of storms, extreme wind events, at the locations assessed. The Company also recognises some elevated risks across its supply chains where fixed assets and providers, such as ports and shipyards, are exposed to climate-related risks, including variable precipitation events, flooding, droughts, storms, changing wind patterns and heat waves which may 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 requirements for a climate risk assessment. For the assessment, Cadeler considered its own vessel operations, including all known future wind farm locations at the time of the assessment, all known ports that would be used to complete these projects, the main offices, and potential impacts on its core suppliers such as shipyards and critical equipment providers.Post assessment, Cadeler sees a rather low vulnerability in its own operations due to climate-related impacts. The main risk is likely to be changing weather conditions that affect the weather downtime of the vessels. Cadeler did recognise medium and high levels of vulnerability in some parts of its 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, some elevated risk was identified in relation to the 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 areas in typhoon-impacted regions. As a result, an elevated potential for damage to supplier facilities due to high winds, changes in precipitations, and flooding was identified in the climate risk model. Cadeler’s means of mitigating this vulnerability may include ensuring sufficient contingency time when ordering any key equipment from areas with an elevated climate risk.EU TaxonomyContinued from previous pageThis approach allowed Cadeler to determine whether climate impacts could pose potential risks to its business. In future iterations, Cadeler plans to adopt a more nuanced approach by incorporating multiple RCP scenarios to further assess the likelihood and severity of the identified risks. The Company has already done so in its most recent assessment; however, the internal reporting includes only impacts under the RCP 8.5 scenario, as it was considered clearer for internal decision-makers to understand the potential risks.  Cadeler has a few measures in place in response to the identified climate risks. These include 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 ordering with contingency in supplier schedules and keeping critical items on stock, if possible. As a result of the most recent assessment, a few new adaptation measures have been recommended towards Cadeler’s Executive Senior Leadership. The full description of this climate assessment is present in section ESRS 2 SBM-3. Sustainable use and protection of water and marine resourcesWith regard to the construction of offshore wind farms, the activity must not 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 Directive’s Descriptor 11 (Noise/Energy). Prior to commencement of construction activities, windfarms are subject to attainment of an environmental permit, which typically sets operational requirements during construction. Additionally, Cadeler performs an environmental impact and risk assessment prior to commencement of new scopes of work to identify any potentially negative impacts and develop associated mitigation techniques.Transition to a circular economyThe activity assesses the availability of and, where feasible, utilises equipment and components with high durability and recyclability which are easy to dismantle and refurbish. In 2024, Cadeler also procured a third party expert for performance of a lifecycle assessment (LCA) of its vessels to map the environmental footprint of the manufacturing and decommissioning phases. This was followed up in late 2025 with another LCA covering the new classes of vessels in the Cadeler fleet. This assessment represented a first step toward gaining a clearer understanding of the value of specific changes to the Company’s shipbuilding and operational choices. Additionally, low-carbon steel has been procured for the construction of major components of the jacking system on Cadeler’s newbuild vessel, Wind Apex. Low-carbon is defined as a type of steel that contains a small amount of carbon, typically about 0.05% to 0.25% carbon by weight  Finally, the Company’s project engineering department has been working on optimising the design of project seafastening used on Cadeler projects for less overall steel use and adaptability for project to project reuse. In 2025, 578 tons of steel were reused. Cadeler has started installing the first 15MW turbines and contributed to integrating reused steel into tower grillages, as well as blade rack root-end and tip-end grillages for this turbine type. As a result, the amount of reused material is expected to increase in the coming years, starting in 2026. The Company is continuously assessing whether additional initiatives can be established to support the transition to a circular economy.Pollution prevention and controlThis category is not applicable for alignment with EU Taxonomy activity 4.3. However, Cadeler operates its vessels in accordance with MARPOL, the International Maritime Organisation’s international convention covering prevention of pollution of the marine environment by ships. Protection and restoration of biodiversity and ecosystemsWith 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 Directive’s 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 requirements that Cadeler must comply with as a contractor. Cadeler does not control the permitting process 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 biodiversity and ecosystems.Nuclear and fossil gas related activitiesCadeler does not conduct activities related to nuclear and fossil gas.EU Taxonomy Continued from previous page Minimum Social SafeguardsCadeler 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 Company has also designated functions responsible for embedding its policies into the Company’s systems and work culture. On top of that, Cadeler commits to respect human rights and under its Human Rights Policy seeks to identify, prevent, mitigate and remedy any adverse impacts resulting from or caused by its business activities. Cadeler acknowledges that human rights risks are inherently high for Cadeler and its industry, given the nature of offshore work and its supply chain.Human Rights Cadeler has publicly available policies that include its approach to human rights such as 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 supplier onboarding  and has implemented compliance requirements with its Supply Chain Code of Conduct into the standard terms and conditions for supplier contracts. The Company has a dedicated Ethics and Compliance function responsible for overseeing human rights. It maintains a policy on human rights and a policy for the remediation and mitigation of any potential human rights impacts. In 2025, Cadeler completed its first formal Human Rights Impact Assessment with the support of a third-party expert. The assessment’s findings will guide the Company’s roadmap for addressing potential human rights impacts, with future assessments conducted every three years. Cadeler reports annually on its human rights program in the Annual Report and has published a UK Modern Slavery Statement. Both documents are approved by the Board of Directors and are publicly available on the Company’s website. Grievance MechanismsCadeler has a confidential reporting hotline, Speak Up!, which is available to all employees, business partners and the general public and allows for anonymous reporting. Employees are informed of this mechanism during onboarding, and it is accessible via the Company’s SharePoint site and public website. Cadeler commits to a non-retaliation policy for any reports submitted in good faith.Consumer InterestsCadeler operates in accordance with EU requirements. Anti-CorruptionCadeler has a Code of Conduct and an Anti-Bribery &amp;amp; Corruption policy that define expected behaviours related to this topic. The Company also maintains documentation of reported incidents, conducts internal trainings, performs suppliers due diligence, maintains internal organisational control procedures, and shares necessary information publicly through its Annual Reporting. CompetitionThe Company provides employees with guidance on competition-related matters through the Code of Conduct and targeted training is provided to at-risk functions and senior leadership.Taxation Cadeler has a publicly available tax policy that outlines the Company’s practices and its commitment to compliance with tax regulations in all jurisdictions in which it operates. EU TaxonomyContinued from previous pageTaxonomy KPIsTaxonomy eligibility and alignment are expressed using three KPIs, calculated as the proportion of turnover, CapEx, and OpEx that is Taxonomy-eligible and Taxonomy-aligned (numerator) divided by total turnover, CapEx, and OpEx. The calculations are prepared in accordance with IFRS. Under the EU Taxonomy, an activity must not significantly harm any other environmental objective to be considered aligned. Cadeler’s core operations support the installation of renewable energy sources, which meet the definition of climate change mitigation. This activity is aligned with the EU Taxonomy when carried out in a manner that does no significant harm to the other five environmental objectives. Alignment with an EU Taxonomy objective also requires that the economic activity is conducted with appropriate social safeguards. As noted, Cadeler operates without compromising Minimum Social Safeguards. Furthermore, there is no risk of double counting in the calculation of KPIs, as only one activity is relevant for the three KPIs. KPI for Taxonomy-aligned turnover The proportion of Taxonomy-aligned activities is calculated as net turnover from products and services associated with Taxonomy-aligned activities, including turnover from operation of a fleet of purpose-built vessels used for the installation and maintenance of offshore wind energy, divided by total net turnover.KPI for Taxonomy-aligned CapExCapEx is defined as Taxonomy-aligned CapEx, capital expenditures related to the operation of a fleet of purpose-built vessels for the installation and maintenance of offshore wind energy, divided by total CapEx. Total CapEx consists of additions to tangible and intangible fixed assets before depreciation, amortisation and re-measurements, including acquisitions of property, plant and equipment, intangible assets, leases with usage rights and investment properties.KPI for Taxonomy-aligned OpExThe EU Taxonomy defines OpEx differently than IFRS: this KPI aims to capture non-capitalised costs which relate to investments in assets and processes. The OpEx is therefore a category of costs which complements CapEx in relation to investments. Taxonomy-defined OpEx includes only direct costs related to:(iv) Research and development, excluding overheads(v) Building renovation(vi) Short-term lease agreements(vii) Maintenance, upkeep and repairsCadeler assesses its alignment on an annual basis.ANNEX II Template I: Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year2025 KPI (1) Total (2) Proportion  of  Taxonomy  eligible  activities  (3) Taxonomy  aligned  activities (4) Proportion  of Taxonomy  aligned  activities  (5) Breakdown by environmental objectives of  Taxonomy aligned activities Proportion  of  enabling  activities  (12) Proportion  of transitional  activities  (13) Not assessed  activities  considered  non-material  (14) Taxonomy  aligned  activities in  previous  financial year  (15)Proportion of  Taxonomy  aligned  activities in previous  financial year (16) Climate Change  Mitigation (6)Climate Change  Adaptation (7)Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Turnover 620.4  mEUR100%620.4  mEUR100%100%0%0%0%0%0%0%0%0%248.7 mEUR 100%CapEx 1,323.7  mEUR100%1,323.7  mEUR100%100%0%0%0%0%0%0%0%0%650.0 mEUR 100%OpEx 23.1 mEUR 100%23.1 mEUR 100%100%0%0%0%0%0%0%0%0%10.8 mEUR 100%EU Taxonomy – TurnoverANNEX II Template II: Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year (N) (activity breakdown)Reported KPI (Turnover)  2025 Economic Activities (1) Code  (2)Taxonomy  eligible KPI  (Proportion  of Taxonomy  eligible  Turnover)  (3) Taxonomy  aligned KPI  (monetary  value of  Turnover) (4) Taxonomy  aligned KPI  (Proportion  of  Taxonomy  aligned  Turnover  (5)  Environmental objective of Taxonomy aligned  activities Enabling  activity  (12) Transitional activity  (13) Proportion of  Taxonomy  aligned in  Taxonomy  eligible (14)  Climate Change  Mitigation (6)Climate Change  Adaptation (7)Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Electricity generation from wind power 4.3 CCM 100%620.4 mEUR 100%100%0%0%0%0%0%E T 100%Sum of alignment per objective 100%0%0%0%0%0%Total KPI (Turnover) 620.4 mEUR 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 mitigationEU Taxonomy – CapExANNEX II Template II: Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year (N) (activity breakdown)Reported KPI (CapEx) 2025 Economic Activities  (1) Code  (2) Taxonomy  eligible KPI  (Proportion  of Taxonomy  eligible  CapEx)  (3) Taxonomy  aligned KPI  (monetary  value of  CapEx) (4) Taxonomy  aligned KPI  (Proportion  of  Taxonomy  aligned  CapEx  (5) Environmental objective of Taxonomy aligned  activitiesEnabling  activity  (12) Transitional activity  (13) Proportion of  Taxonomy  aligned in  Taxonomy  eligible  (14) Climate Change  Mitigation (6)Climate Change  Adaptation (7)Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Electricity generation from wind power 4.3 CCM 100%1,323.7 mEUR 100%100%0%0%0%0%0%E T 100%Sum of alignment per objective 100%0%0%0%0%0%Total KPI (CapEx) 1,323.7 mEUR 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 mitigationEU Taxonomy – OpExANNEX II Template II: Proportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year (N) (activity breakdown)Reported KPI (OpEx) 2025 Economic Activities  (1) Code  (2) Taxonomy  eligible KPI  (Proportion  of Taxonomy  eligible  OpEx)  (3) Taxonomy  aligned KPI  (monetary  value of  OpEx) (4) Taxonomy  aligned KPI  (Proportion  of  Taxonomy  aligned  OpEx  (5) Environmental objective of Taxonomy aligned  activitiesEnabling  activity  (12) Transitional activity  (13) Proportion of  Taxonomy  aligned in  Taxonomy  eligible  (14) Climate Change  Mitigation (6)Climate Change  Adaptation (7)Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Electricity generation from wind power 4.3 CCM 100%23.1 mEUR 100%100%0%0%0%0%0%E T 100%Sum of alignment per objective 100%0%0%0%0%0%Total KPI (OpEx) 23.1 mEUR 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</mrv:DescriptionofTheTaxonomyRegulation>
   <gsd:NameOfSubmittingEnterprise contextRef="c-2" id="f-491">Cadeler A/S</gsd:NameOfSubmittingEnterprise>
   <gsd:NameOfReportingEntity contextRef="c-2" id="f-492">Cadeler A/S</gsd:NameOfReportingEntity>
   <gsd:AddressOfReportingEntityStreetName contextRef="c-2" id="f-493">Kalvebod Brygge</gsd:AddressOfReportingEntityStreetName>
   <gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="c-2" id="f-494">Kalvebod Brygge 43</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
   <gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="c-2" id="f-495">43</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
   <gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="c-2" id="f-497">1560 Copenhagen</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
   <gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="c-2" id="f-496">1560</gsd:AddressOfReportingEntityPostCodeIdentifier>
   <gsd:AddressOfReportingEntityDistrictName contextRef="c-2" id="f-498">Copenhagen</gsd:AddressOfReportingEntityDistrictName>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="c-2" id="f-594">Statement by ManagementThe Board of Directors and the Executive Board have today discussed and approved the annual report of Cadeler A/S for 2025.The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and as issued by the International Accounting Standards Board (IASB), and with additional disclosure requirements in the Danish Financial Statements Act. The Parent Company financial statements have been 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 as of 31 December 2025 and of the results of their operations and the consolidated cash flows for the financial year 1 January to 31 December 2025In connection with digital filing under the ESEF Regulation, in our opinion, the Annual Report for the financial year ended 31 December 2025, has been prepared in all material respects in compliance with the ESEF Regulation.The sustainability statement has been prepared in accordance with the ESRS as required by the Danish Financial Statements Act section 99a as well as Article 8 of the EU Taxonomy Regulation.Further, in our opinion, the Management's review gives a fair review of the development of 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="c-2" id="f-595">Copenhagen</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="c-2" id="f-596">2026-03-24</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c-59" id="f-597">Mikkel Gleerup</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="c-59" id="f-598">CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c-60" id="f-599">Peter Brogaard Hansen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="c-60" id="f-600">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-61" id="f-601">Andreas Sohmen-Pao</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-62" id="f-602">Emanuele Lauro</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-63" id="f-603">Ditlev Wedell-Wedellsborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-64" id="f-604">Andrea Abt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-65" id="f-605">James B. Nish</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-66" id="f-606">Colette Cohen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-67" id="f-607">Thomas Thune Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:IndependentAuditorsReportsAudit contextRef="c-2" id="f-608">Independent Auditor's ReportsIndependent Auditor’s report</arr:IndependentAuditorsReportsAudit>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="c-2" id="f-609">To the shareholders of Cadeler A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:AuditorsReportOnFinancialStatements contextRef="c-2" id="f-610">Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements</arr:AuditorsReportOnFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="c-2" id="f-611">OpinionWe have audited the consolidated financial statements and the parent company financial statements of Cadeler A/S for the financial year 1 January – 31 December 2025, which comprise balance sheet, statement of changes in equity and notes, including material accounting policy information, for the Group and the Parent Company, a consolidated 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 financial position of the Group at 31 December 2025 and of the results of the Group's operations and cash flows for the financial year 1 January – 31 December 2025 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.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 2025 and of the results of the Parent Company's operations for the financial year 1 January – 31 December 2025 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:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="c-2" id="f-612">Basis for opinionWe 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 statements" (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.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled 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 ReportsContinued from previous pageAppointment of auditorCadeler A/S’ shares were initially listed on Nasdaq Oslo in November 2020. Subsequent to the listing, we were appointed by resolution of the general meeting held on 29 April 2021 for the financial year 2021 and since the listing, we have been reappointed annually by resolution of the general meeting for a total consecutive period of 5 years up until the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="c-2" id="f-613">Key audit mattersKey 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 2025. 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 matter below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the financial statements.Recognition of revenue from time charter and transportation and installation activitiesAs discussed in note 3 to the consolidated financial statements, the Company recognized EUR 486 million in revenue from time charter and transportation and installation activities for the year ended 31 December 2025. Evaluating the criteria for recognizing revenue from contracts required management judgment in identifying performance obligations.Auditing the Company’s revenue from time charter and transportation and installation activities is a key audit matter due to the complexity and efforts in determining whether the contracts contain one or more performance obligations.How we addressed the matter in our auditWe obtained an understanding, evaluated the design and tested the operating effectiveness of the Company's internal controls over the revenue recognition process, including management’s review controls over the contracts and related determination of the performance obligations. Our audit procedures included, among others, inspection of customer contracts to understand the contracts. For a sample of customer agreements, we obtained and inspected the contract source documents and evaluated the Company’s 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 Company’s disclosures included in Note 3 to the consolidated financial statements.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="c-2" id="f-614">Statement on the Management's reviewManagement 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 requirements in paragraph 99a related to the sustainability statement covered by the separate auditor’s 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 the requirements of relevant law and regulations. We did not identify any material misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="c-2" id="f-615">Management's responsibilities for the financial statementsManagement is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover, Management is responsible for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="c-2" id="f-616">Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.• Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.• Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements and the parent company financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="c-2" id="f-617">Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Cadeler A/S, we performed procedures to express an opinion on whether the annual report of Cadeler A/S for the financial year 1 January – 31 December 2025 with the file name cadeler-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: • The preparing of the annual report in XHTML format; • The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary; • Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and • For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: • Testing whether the annual report is prepared in XHTML format; • Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; • Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; • Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; • Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and • Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of Cadeler A/S for the financial year 1 January – 31 December 2025 with the file name cadeler-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="c-2" id="f-618">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="c-2" id="f-619">2026-03-24</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="c-68" id="f-620">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="c-69" id="f-621">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="c-69" id="f-622">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="c-68" id="f-623">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="c-69" id="f-624">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="c-69" id="f-625">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="c-69" id="f-626">mne26693</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="c-68" id="f-627">Christian Schwenn Johansen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="c-68" id="f-628">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="c-68" id="f-629">mne33234</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="c-2" id="f-630">Independent Auditor's ReportsContinued from previous pageIndependent auditor’s Limited Assurance Report on Sustainability Statements  To the shareholders of Cadeler A/S  Limited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of Cadeler A/S (the group) included in the Sustainability Statements of the Annual Report (the sustainability statement), page 38 – 136, for the financial year 1 January  – 31 December 2025 including disclosures incorporated by reference listed on page 40-42.Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the sustainability statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act section 99 a, including: • compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the sustainability statement (the process) is in accordance with the description set out in chapter General information, in the section Double Materiality assessment, pages 54-66; and• compliance of the disclosures in chapter EU Taxonomy within the environmental section, pages 85-93 of the sustainability statement with Article 8 of EU Regulation 2020/852 (the Taxonomy Regulation).Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (ISAE 3000 (Revised)) and the additional requirements applicable in Denmark.  The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor's responsibilities for the assurance engagement section of our report. Our independence and quality managementWe 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. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.EY Godkendt Revisionspartnerselskab applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Inherent limitations in preparing the sustainability statement In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.Management's responsibilities for the sustainability statementManagement is responsible for designing and implementing a process to identify the information reported in the