<SEC-DOCUMENT>0001104659-25-114304.txt : 20251120
<SEC-HEADER>0001104659-25-114304.hdr.sgml : 20251120
<ACCEPTANCE-DATETIME>20251120060207
ACCESSION NUMBER:		0001104659-25-114304
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251120
FILED AS OF DATE:		20251120
DATE AS OF CHANGE:		20251120

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:		251500905

	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>tm2531594d2_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</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>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 November 2025</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>Commission File Number: 001-41889</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">&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&nbsp;20-F or Form&nbsp;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&nbsp;20-F&#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT>&#8239;Form&nbsp;40-F&#8239;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<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; color: #252631"><FONT STYLE="background-color: white">Press Release</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; color: #252631"><FONT STYLE="background-color: white"><B>Q3 2025 Earnings
Release: Cadeler delivers strong Q3 performance with high utilisation, improved earnings and continued fleet expansion</B></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; color: #252631"><B>Copenhagen, 20 November&nbsp;2025 &ndash; Today,
Cadeler has published its Q3 2025 Earnings Release, delivering robust financial and operational performance. Full-year guidance is reaffirmed
as Cadeler continues to execute on its long-term growth strategy.</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; color: #252631">In the first nine months of 2025, Cadeler generated
revenue of EUR 453 million, up 178% from EUR 163 million in the same period in 2024 &ndash; an increase of EUR 290 million. This growth
was driven by increased revenue from the expansion of Cadeler&rsquo;s fleet, increased vessel utilisation, and compensation in connection
with the termination of a long-term agreement.</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; color: #252631">EBITDA reached EUR 322 million for the period, up from
EUR 70 million in the first nine months of 2024. Net profit for the first nine months totalled EUR 232 million, compared to EUR 28 million
in the same period last year.</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; color: #252631">In the first nine months of 2025, Cadeler&rsquo;s fleet
expanded from five to nine vessels. This has been coupled with a strong operational performance, with a combined utilisation rate of 75.8%,
compared to 61.4% in the same period last year.</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; color: #252631">Net cash flow from operating activities increased to
EUR 286 million (compared to EUR 45 million in 2024), while net cash flow used in investing activities rose to EUR 931 million, reflecting
the delivery of three newbuild WTIVs. Net cash provided by financing activities amounted to EUR 805 million, primarily supported by new
green loan facilities.</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; color: #252631"><B>Backlog and commercial momentum</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; color: #252631">Cadeler&rsquo;s order book continues to expand, strengthened
by several major contracts signed in Q3. These include a new WTG installation project, BC-Wind in Poland, with a value to Cadeler of up
to EUR 58 million, and two contracts for the full-scope transportation and installation of foundations and WTGs for an upcoming offshore
wind farm, worth around EUR 500 million. With these additions, Cadeler&rsquo;s total order backlog has grown to EUR 2,887 million as of
20 November&nbsp;2025.</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; color: #252631"><B>Fleet expansion: Largest and most advanced offshore
wind fleet</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; color: #252631">In the first nine months of 2025, Cadeler took delivery
of three newbuild WTIVs, Wind Maker, Wind Pace, and Wind Ally, in addition to the acquisition of Wind Keeper, a highly capable O&amp;M
vessel. Cadeler will soon take delivery of its second M-class vessel and is fully on track with its fleet expansion strategy. By mid-2027,
Cadeler will operate a 12-vessel fleet &ndash; the largest and most versatile in the offshore wind industry.</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; color: #252631">Cadeler CEO, Mikkel Gleerup, comments: &ldquo;We are
proud to report strong financial and operational results for the third quarter. With high utilisation, an expanding fleet, and solid client
demand, Cadeler continues to deliver on its strategic ambitions. The delivery of Wind Ally in September, our first vessel specifically
designed for foundation installations, marked another important milestone as we build the most capable fleet in the industry.&ldquo;</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; color: #252631"><B>Entering a new era with Hornsea 3</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; color: #252631">In early 2026, Cadeler will begin its foundations T&amp;I
campaign for &Oslash;rsted&rsquo;s Hornsea 3 offshore wind farm in the North Sea. For the first time, the company will take on the entire
transport and installation (T&amp;I) scope for offshore monopile foundations &ndash; a strategic step that positions the company as a
full-service provider in the foundations market. Cadeler&rsquo;s newly delivered vessel, Wind Ally, the company&rsquo;s first A-class
vessel and the ninth in its growing fleet will install the foundations at Hornsea 3.</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"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; color: #252631">Mikkel Gleerup adds: &ldquo;With Hornsea 3, we&rsquo;re
stepping into a new era for Cadeler as we take on the full scope of foundation transportation and installation. With this project we are
expanding our role in the offshore wind value chain, underscoring our capabilities to support large-scale, integrated offshore developments
for a sustainable future.&rdquo;</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; color: #252631"><B>Strong balance sheet and strategic financing initiatives</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; color: #252631">As of 30 September&nbsp;2025, Cadeler&rsquo;s total
assets stood at EUR 3,056 million &ndash; up 58% year-to-date. Total equity increased to EUR 1,446 million, reflecting strong operational
performance and capital inflows.</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; color: #252631">During the quarter, Cadeler secured a EUR 125 million
Green Term Loan Facility to refinance the Wind Keeper bridge loan and drew on existing credit facilities to support continued investment.</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; color: #252631"><B>Full-year guidance reaffirmed</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; color: #252631">Following a guidance upgrade in July, Cadeler reaffirms
its full-year 2025 financial outlook. Revenue is expected to be in the range of EUR 588&ndash;628 million, while EBITDA is forecast to
range between EUR 381&ndash;421 million.</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; color: #252631"><B>Earnings Call</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; color: #252631">In connection with the release of its Q3 2025 Earnings
Release, 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 Copenhagen.</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; color: #252631">Date: 20 November&nbsp;2025&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631">Time: 08:00 EST / 13:00 UK / 14:00 CET</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; color: #252631"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
earnings presentation is open to all interested parties and may include forward-looking information.</FONT>&#8239; <FONT STYLE="font-family: Times New Roman, Times, Serif">Please
register in advance at this link: https://cadeler-q3-2025-earnings-presentation.open-exchange.net/registration</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; color: #252631"><FONT STYLE="font-family: Times New Roman, Times, Serif">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: http://www.cadeler.com/investor</FONT>&#8239;</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"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; color: #252631"><FONT STYLE="background-color: white"><B>For further
information, please contact:</B></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; color: #252631"><FONT STYLE="background-color: white">Cadeler Press
Office</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #252631"><FONT STYLE="background-color: white">press@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"><FONT STYLE="background-color: white">Mikkel Gleerup<BR>
CEO, Cadeler<BR>
+45 3246 3102<BR>
mikkel.gleerup@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; color: #252631"><FONT STYLE="background-color: white">Alexander Simmonds<BR>
EVP&nbsp;&amp; CLO, Cadeler<BR>
+44 7376 174172<BR>
alexander.simmonds@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; color: #252631"><FONT STYLE="background-color: white"><B>About Cadeler:</B></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; color: #252631"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 most complex next-generation
offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to</FONT><FONT STYLE="background-color: white">&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">being</FONT>&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">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></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"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>SIGNATURES</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">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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Date: November&nbsp;20, 2025</TD>
  <TD COLSPAN="2"><B>CADELER A/S</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Mikkel Gleerup</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Mikkel Gleerup</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>Chief Executive Officer</TD></TR>
</TABLE>
<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"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
