- Cadeler A/S (CADLR) reports a significant increase in Q1 2025 revenue and EBITDA due to fleet expansion.
- Delivery of two new jack-up wind farm installation vessels enhances operational capacity and utilization rate.
- Cadeler’s order backlog for 2025 is robust, with contracts and options valued at EUR 2,487 million.
Cadeler A/S (CADLR) has reported a strong start to 2025, driven by its expanded fleet and increased utilization rates. The company's Q1 2025 revenue shot up to EUR 65 million, a notable rise from EUR 19 million in the same period of the previous year. This growth in revenue is complemented by a substantial improvement in EBITDA, which reached EUR 24 million, rebounding from a loss of EUR 10 million in Q1 2024.
In a strategic move to enhance its service offerings, Cadeler successfully acquired two new state-of-the-art jack-up wind farm installation vessels. The first, named Wind Maker, commenced operations at Ørsted's Greater Changhua 2b and 4 offshore wind farms in Taiwan as of January 2025. The second vessel, Wind Pace, was delivered in March 2025 and is set to begin work in the United States, with a contract spanning from Q2 2025 to Q1 2026.
Cadeler's fleet expansion has resulted in a combined vessel utilization rate of 55.3% for Q1 2025, aligning with the company's forecasts and accounting for scheduled maintenance and transit for new vessel deliveries. Mikkel Gleerup, CEO of Cadeler, expressed confidence in the company's trajectory, highlighting a robust contract pipeline and strategic resources to support ongoing growth.
The company has secured a significant contract backlog valued at EUR 2,487 million, including firm contracts worth EUR 2,023 million and exercisable options of EUR 464 million. Recent significant contracts feature two agreements for the novel Wind Mover vessel, potentially totaling EUR 75 million, and a substantial EUR 67-75 million contract for Wind Pace's U.S. deployment.
Cadeler also announced a Vessel Reservation Agreement with Ocean Winds for the BC-Wind project in Poland’s Baltic Sea, valued at EUR 48-56 million. The firm concluded the quarter with total assets rising to EUR 2,464 million, reflecting a 27% increase from year-end 2024, driven by a strategic fleet expansion supported by green financing, including a newly signed EUR 525 million Sinosure-backed facility.
An earnings call with CEO Mikkel Gleerup and CFO Peter Brogaard Hansen is scheduled for May 21, 2025, to discuss these developments and future projections in detail. The presentation will be accessible via a live webcast with registration available on Cadeler’s Investor Relations website.
