<SEC-DOCUMENT>0001104659-25-051217.txt : 20250521
<SEC-HEADER>0001104659-25-051217.hdr.sgml : 20250521
<ACCEPTANCE-DATETIME>20250521060135
ACCESSION NUMBER:		0001104659-25-051217
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250521
FILED AS OF DATE:		20250521
DATE AS OF CHANGE:		20250521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cadeler A/S
		CENTRAL INDEX KEY:			0001978867
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			G7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41889
		FILM NUMBER:		25970798

	BUSINESS ADDRESS:	
		STREET 1:		KALVEBOD BRYGGE 43
		CITY:			COPENHAGEN V
		STATE:			G7
		ZIP:			DK-1560
		BUSINESS PHONE:		45 3246 3100

	MAIL ADDRESS:	
		STREET 1:		KALVEBOD BRYGGE 43
		CITY:			COPENHAGEN V
		STATE:			G7
		ZIP:			DK-1560
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2515391d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND
EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16 OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of May 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-41889</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CADELER A/S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant's name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kalvebod Brygge 43</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DK-1560 Copenhagen V, Denmark </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT> Form 40-F <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Press Release</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="font-size: 12pt; background-color: white"><B>Cadeler
reports strong start to 2025 driven by fleet expansion and increased utilisation</B></FONT><B><FONT STYLE="background-color: white">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Copenhagen
 &ndash; 21 May 2025 &ndash; Today, Cadeler A/S (&ldquo;Cadeler&rdquo; and, together with its subsidiaries, the &ldquo;Group&rdquo;) published
its Q1 2025 Earnings Release, delivering progress in both financial and operational performance in the same quarter that the company has
expanded its operational fleet, having taken delivery of two new vessels.&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">For the first
three months of 2025, Cadeler reported revenue of EUR 65 million, an increase of EUR 46 million compared to EUR 19 million in the same
period of 2024.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">EBITDA rose to
EUR 24 million, an increase of EUR 34 million from a loss of EUR 10 million in Q1 2024.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">The expectation
for both revenue and EBITDA remains unchanged for 2025 as communicated in Cadeler&rsquo;s Annual Report 2024: full-year revenue is expected
to range between EUR 485-525 million and EBITDA is expected to range between EUR 278-318 million.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Fleet ramp-up
and utilisation&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">In the first
quarter of 2025, Cadeler took delivery of two new state-of-the-art jack-up wind farm installation vessels. Wind Maker was delivered to
the company in January 2025 and has already begun her first installation job at the Greater Changhua 2b and 4 offshore wind farms in Taiwan,
developed by &Oslash;rsted. Wind Pace was delivered to the company in March 2025 and will be deployed at an offshore wind farm project
in the U.S. under a contract from Q2 2025 to Q1 2026. Both vessels were delivered to Cadeler safely, on time and within budget, and are
purpose-built to withstand severe weather conditions and operate at the industry&rsquo;s most challenging offshore wind installation sites
across the globe.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Cadeler&rsquo;s
seven operating vessels achieved a combined utilisation rate of 55.3% in Q1 2025. The utilisation rate is in line with the Company&rsquo;s
expectations and reflects the scheduled drydocking and planned maintenance work scopes, plus time in transit for the Group&rsquo;s new
vessel deliveries.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>CEO Statement&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">&quot;We&rsquo;ve
begun 2025 in line with our expectations,&quot; said Mikkel Gleerup, CEO of Cadeler. &quot;With revenue more than tripling and EBITDA
returning firmly to positive territory, our investments in fleet expansion and project execution are delivering tangible results. We&rsquo;ve
brought two more vessels into operation (representing 50% of the new builds to be delivered in 2025), which will allow us to continue
supporting our clients in Europe, Asia-Pacific and North America with a modern, flexible and capable fleet.&quot;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">&quot;Our outlook
for the year remains strong, with a robust contract pipeline, healthy liquidity, and the strategic headroom needed to support our continued
growth. We remain committed to being the partner of choice for next-generation offshore wind projects.&quot;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Solidified
backlog and global project momentum&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Cadeler&rsquo;s
order book for 2025 is substantially filled. As of today&rsquo;s date, Cadeler&rsquo;s contract backlog stands at EUR 2,487 million, of
which EUR 2,023 million is under firm contract and EUR 464 million under exercisable options. Now 100% of the backlog relates to projects
that have received a positive Final Investment Decision (FID).&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>New agreements
signed in Q1 2025 include:&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; color: #252631"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 20px"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #252631; background-color: white">Two
firm contracts signed on 3 February 2025 for the use of the newbuild vessel Wind Mover, with a combined potential value of up to EUR
75 million; and</FONT><FONT STYLE="background-color: white">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; color: #252631">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; color: #252631"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 20px"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="background-color: white">A
firm contract signed on 28 February 2025 for Wind Pace&rsquo;s first deployment in the United States, valued between EUR 67 and 75 million,
with work commencing in Q2 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Cadeler also
signed a notable Vessel Reservation Agreement (VRA) with Ocean Winds for the BC-Wind offshore wind farm in the Polish Baltic Sea, with
a potential value of EUR 48&ndash;56 million.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Balance sheet
strength and continued investment&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">As of 31 March
2025, Cadeler&rsquo;s total assets stood at EUR 2,464 million, reflecting a 27% increase from year-end 2024, primarily driven by fleet
expansion. Cadeler&rsquo;s equity stood at EUR 1,226 million, slightly down from EUR 1,234 million at the start of the year, primarily
due to hedging adjustments.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Cadeler continues
to invest in its future-ready fleet with funding support from its green financing facilities, including the newly signed EUR 525 million
Sinosure-backed A-class Facility, which will support the build of Cadeler&rsquo;s next-generation A-class vessels.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Earnings Call&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">In connection
with the release of its Q1 2025 Earnings Report, Cadeler will host a live video webcast presentation for the investment community. Mikkel
Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer, will present live from Oslo.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>Date:
21 May 2025&nbsp;<BR>
Time: 08:00 EST / 13:00 UK / 14:00 CET&nbsp;<BR>
 &nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #252631; background-color: white">The earnings
presentation is open to all interested parties and may include forward-looking information.&#8239;</FONT><FONT STYLE="color: rgb(49,150,255); background-color: white"><U>Please
register in advance at this link:</U></FONT><U> <FONT STYLE="color: #0592ff; background-color: white">Registration | Q1 2025 Earnings
Presentation</FONT></U><FONT STYLE="background-color: white">.&#8239;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #252631; background-color: white">A replay of the
webcast and the presentation slides will be made available on Cadeler&rsquo;s Investor Relations website following the presentation.
Find it here: </FONT><FONT STYLE="color: rgb(49,150,255); background-color: white"><U>http://www.cadeler.com/investor</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>For further
information, please contact:</B></FONT><BR>
<FONT STYLE="background-color: white">Mikkel Gleerup</FONT><BR>
<FONT STYLE="background-color: white">CEO, Cadeler</FONT><BR>
<FONT STYLE="background-color: white">+45 3246 3102</FONT><BR>
<FONT STYLE="background-color: white">mikkel.gleerup@cadeler.com&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Alexander Simmonds</FONT><BR>
<FONT STYLE="background-color: white">EVP &amp; CLO, Cadeler</FONT><BR>
<FONT STYLE="background-color: white">+44 7376 174172</FONT><BR>
<FONT STYLE="background-color: white">alexander.simmonds@cadeler.com</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>About Cadeler:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">Cadeler is a
global leader in offshore wind installation, operations, and maintenance services. Cadeler is a pure play company, operating solely in
the offshore wind industry with an uncompromising focus on safety and the environment. Cadeler owns and operates the industry&rsquo;s
largest fleet of jack-up offshore wind installation vessels and has for more than 10 years been a key supplier in the development of offshore
wind energy to power millions of households. Cadeler&rsquo;s fleet, expertise and capacity to handle the largest and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">most complex next-generation
offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to&#8239;being&#8239;at
the forefront of sustainable wind farm installation and to enable the global energy transition towards a future built on renewable energy.
Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please
visit www.cadeler.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:  May 21,
2025</FONT></TD><TD STYLE="width: 30%; text-align: left"><B>CADELER A/S</B></TD>
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<TD>&nbsp;</TD><TD STYLE="text-align: left">(Registrant)</TD>
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<TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">By</FONT>: /s/ Mikkel Gleerup</TD>
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<TD>&nbsp;</TD><TD STYLE="text-align: left"><U></U>Name: &#8239;&#8239;Mikkel Gleerup</TD>
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<TD>&nbsp;</TD><TD STYLE="text-align: left">Title:&#8239;&#8239;&#8239;&#8239; Chief Executive Officer</TD>
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