Cadeler AS (CDLR, Financial), a global leader in offshore wind transportation and installation, has released its 2024 annual report, marking a year of significant transformation and growth. The company reported a substantial increase in revenue, strategic fleet expansion, and a record-high contract backlog. The report, published on March 25, 2025, highlights Cadeler's successful integration of Eneti and its strengthened position as a leading pure-play offshore wind company.
Positive Highlights
- Revenue more than doubled to EUR 249 million in 2024, up from EUR 109 million in 2023.
- EBITDA increased to EUR 126 million, a significant rise from EUR 42 million in 2023.
- Record-high order backlog of EUR 2.5 billion, including 100% of contractual options.
- Successful fleet expansion with the addition of Wind Scylla, Wind Zaratan, and Wind Peak.
- Strong project execution, including the installation of 60 x 14.7 MW turbines on the Moray West project in Scotland.
Challenges and Concerns
- Reduced utilization rate of 66% due to crane upgrades and scheduled maintenance.
- Ongoing need for strategic financing to support fleet expansion and operational growth.
Financial Analyst Perspective
From a financial analyst's viewpoint, Cadeler AS's 2024 performance demonstrates robust growth and strategic foresight. The doubling of revenue and significant EBITDA increase reflect the company's successful integration of Eneti and its ability to capitalize on the growing demand for offshore wind solutions. The record-high order backlog provides a strong foundation for future revenue streams, while the strategic fleet expansion positions Cadeler to meet increasing market demands. However, the reduced utilization rate highlights the importance of balancing fleet upgrades with operational efficiency.
Market Research Analyst Perspective
As a market research analyst, Cadeler AS's achievements in 2024 underscore its leadership in the offshore wind sector. The company's strategic fleet expansion and successful project executions align with the global shift towards renewable energy. The record contract backlog indicates strong market confidence in Cadeler's capabilities. Looking ahead, the company's focus on sustainability and ESG commitments will likely enhance its competitive edge in the growing offshore wind market. However, maintaining financial flexibility and managing operational challenges will be crucial for sustaining growth.
Frequently Asked Questions
Q: What was Cadeler's revenue in 2024?
A: Cadeler's revenue in 2024 was EUR 249 million, up from EUR 109 million in 2023.
Q: What is the current order backlog for Cadeler?
A: As of March 25, 2025, Cadeler's order backlog stands at a record-high EUR 2.5 billion, including 100% of contractual options.
Q: What are Cadeler's financial expectations for 2025?
A: Cadeler expects its 2025 revenue to be in the range of EUR 485 million to EUR 525 million, with an EBITDA of between EUR 278 million and EUR 318 million.
Q: How is Cadeler addressing sustainability and ESG commitments?
A: In 2024, Cadeler invested in measures to reduce emissions, enhance energy efficiency, and prepare for green fuel adoption, including testing biofuels on an O-class vessel.
Read the original press release here.
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