SCHEDULE: BW Altor Boosts Cadeler Stake to 22.4%

BW Altor Pte. Ltd. has increased its beneficial ownership in Cadeler A/S to 22.4% through recent share purchases.

Summary

• BW Altor Pte. Ltd. (BWA) beneficially owns 78,495,522 ordinary shares of Cadeler A/S.
• This ownership represents approximately 22.4% of Cadeler A/S's total outstanding ordinary shares, which are 350,479,238.
• The calculation of outstanding shares is based on Cadeler A/S's Form 6-K filed on August 26, 2025, which reported 350,957,583 shares with 478,345 shares held in treasury.
• BWA acquired 2,239,501 shares on September 10, 2025, at an average price of $52.00 per share.
• BWA further acquired 1,442,210 shares on September 30, 2025, at a weighted average purchase price of $49.9463 per share, with transaction prices ranging from $49.46 to $50.80.
• The funds for these acquisitions came from an equity injection by Mr. Sohmen-Pao using his personal funds.
• BWA holds sole voting and dispositive power over all 78,495,522 shares.

Sentiment

Score: 7

Explanation: The sentiment is positive due to a significant shareholder increasing their stake, indicating confidence in the company's value and future. This is a strong signal of insider belief.

Positives

• A significant shareholder, BW Altor Pte. Ltd., has increased its stake in Cadeler A/S, signaling strong confidence in the company's future prospects.
• The continued investment by Mr. Sohmen-Pao, through an equity injection into BWA, demonstrates personal commitment and belief in the value of Cadeler A/S.

Future Outlook

The filing does not provide any forward-looking statements or guidance from Cadeler A/S or BW Altor Pte. Ltd. regarding future operational or financial performance.

Management Comments

• Nicholas John Oxleigh Fell, as Authorized Signatory for BW Altor Pte. Ltd., certified that the information set forth in the statement is true, complete, and correct to the best of his knowledge and belief.

Industry Context

Cadeler A/S is a key player in the offshore wind installation vessel market, a sector experiencing significant growth due to global renewable energy initiatives. BW Altor's increased stake could reflect confidence in the long-term prospects of the offshore wind industry and Cadeler's position within it.

Stakeholder Impact

• Shareholders: The increased ownership by a major investor may be perceived as a positive signal, potentially boosting investor confidence and share price.
• Company Management: The continued investment by a significant shareholder could reinforce strategic direction and provide stability.

Key Dates

Recommendation

The increased stake by a significant shareholder, BW Altor Pte. Ltd., signals confidence in Cadeler A/S's prospects. While this is a positive indicator, the filing primarily details ownership changes and does not provide comprehensive financial or operational updates to warrant a stronger buy or sell recommendation. Investors should consider this alongside broader market conditions and Cadeler's operational performance.

Keywords

Cadeler A/S, BW Altor Pte. Ltd., Beneficial Ownership, Schedule 13D, Share Acquisition, Offshore Wind, Vessel Operator, Equity Injection