SCHEDULE: BW Altor Boosts Cadeler Stake to 27.44%

BW Altor Pte. Ltd. has increased its beneficial ownership in Cadeler A/S to 27.44% through recent share acquisitions totaling over 17.6 million shares.

Summary

• BW Altor Pte. Ltd. (BWA) has increased its beneficial ownership in Cadeler A/S to 96,166,034 ordinary shares.
• This represents approximately 27.44% of Cadeler A/S's outstanding ordinary shares, based on 350,479,238 shares.
• The increase in ownership resulted from two recent transactions:
• On November 27, 2025, BWA agreed to purchase 17,510,330 shares from an unaffiliated third party at NOK 44.5 per share, totaling $76,362,549.13. This transaction was completed on December 1, 2025.
• On November 28, 2025, BWA purchased an additional 160,182 shares in open market transactions at a weighted average price of NOK 43.72 per share.
• The funds for these acquisitions came from an equity injection into BWA by its sole equityholder, Mr. Sohmen-Pao, using his personal funds.

Sentiment

Score: 8

Explanation: The significant increase in ownership by a major, informed investor like BW Altor Pte. Ltd., funded by personal capital, indicates strong confidence in Cadeler A/S's value and future prospects. This is generally viewed very positively by the market.

Positives

• Increased confidence from a significant shareholder, BW Altor Pte. Ltd., by substantially increasing its stake in Cadeler A/S.
• The acquisition of 17,510,330 shares in a privately negotiated transaction and 160,182 shares in open market transactions demonstrates a strong belief in the company's future.
• The total beneficial ownership now stands at 27.44%, solidifying BW Altor's position as a major stakeholder.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance from Cadeler A/S. However, the increased stake by BW Altor Pte. Ltd. implicitly signals a positive long-term outlook from a major investor.

Industry Context

Cadeler A/S operates in the offshore wind industry, providing installation and maintenance services. The increased investment by BW Altor, a significant player in maritime and energy sectors, could be seen as a vote of confidence in the growth trajectory of the offshore wind market and Cadeler's position within it, especially given the global push for renewable energy infrastructure.

Related Party Transactions

• The working capital used by BW Altor Pte. Ltd. for the acquisitions originated from an equity injection by its sole equityholder, Mr. Sohmen-Pao, using his personal funds. This is a related party transaction for BW Altor Pte. Ltd.

Stakeholder Impact

• Shareholders: Existing shareholders may view the increased stake by a major investor as a positive signal, potentially leading to increased share price stability or appreciation due to enhanced investor confidence.
• Management: The increased ownership by a significant shareholder could imply closer scrutiny or strategic alignment with BW Altor's interests.
• Creditors: A stronger shareholder base and implied confidence could be viewed favorably by creditors.

Key Dates

Recommendation

The substantial increase in beneficial ownership by BW Altor Pte. Ltd. to 27.44%, funded by the personal capital of its sole equityholder, Mr. Sohmen-Pao, represents a significant vote of confidence in Cadeler A/S. This move by an informed, strategic investor suggests a strong belief in the company's long-term value and growth potential, particularly within the burgeoning offshore wind sector. Such a large, committed investment from a major shareholder is a strong positive signal for the market, indicating that the stock may be undervalued or poised for significant future appreciation. Therefore, a 'strong buy' recommendation is warranted based on this filing.

Keywords

Cadeler A/S, BW Altor Pte. Ltd., Schedule 13D, Share acquisition, Beneficial ownership, Ordinary shares, Equity injection, Sohmen-Pao, Offshore wind, Vessel operator