Cadeler A/S

Major Shareholding Notification • Jun 6, 2025

TR-1: Standard form for notification of major holding

NOTIFICATION OF MAJOR HOLDINGS
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:			CADELER A/S
2.	Reason for the notification (please mark	the appropriate box or boxes		with an "X")
An acquisition or disposal of voting rights						X
	An acquisition or disposal of financial instruments
	An event changing the breakdown of voting rights
Other (please specify)iii:				voluntary group notification with triggered threshold on subsidiary level
3. Details of person subject to the		notification obligation
Name			Marble Bar Asset Management LLP
	City and country of registered office (if applicable)		London, United Kingdom
4. Full name of shareholder(s)	(if different from 3.)
Name			Lexcor Master Fund
City and country of registered office (if applicable)			George Town, Cayman Islands
5. Date on which the threshold was crossed or reached:			05 June 2025
6. Date on which issuer notified (DD/MM/YYYY):			05 June 2025
7. Total positions	of person(s) subject to the notification obligation
	% of voting rights at tached to shares (to tal of 8. A)	% of voting rights through financial instru ments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of is suer
Resulting situation on the date on which threshold was crossed or reached	5.13	0.08		5.21	18,284,088
Position of previous notification (if applicable)
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
A: Voting rights attached to shares
	Number of voting rights			% of voting rights

Class/type of shares ISIN code (if possible)	Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
DK0061412772	18,000,000						5.13%
SUBTOTAL 8. A			18,000,000			5.13%
B 1: Financial Instruments				according to Art. 13(1)(a) of Directive 2004/109/EC			(DTR5.3.1.1 (a))
Type of financial instru ment	Expiration date	Exercise/ Conversion Period		Number of voting rights that may be ac quired if the instru ment is exercised/converted.		% of voting rights
			SUBTOTAL 8. B 1
B 2: Financial Instruments 2004/109/EC	(DTR5.3.1.1 (b))					with similar economic effect according to Art. 13(1)(b) of Directive
Type of financial in strument	Expiration date	Exercise/ Conversion Pe riod xi		Physical or cash settlement		Number of voting rights	% of voting rights
CFD	n/a		n/a	Cash		284,088	0.08
				8.B.2	SUBTOTAL	284,088	0.08%
9. Information in relation to the person subject to the notification obligation (please mark the applicable box	with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer								X
Full chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)

Name	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial in struments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold

	-

10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information
Place of completion	London
Date of completion	06 June 2025