Q3 2025 Cadeler A/S Earnings Call Transcript
Key Points
- Cadeler AS (CADLF) reported a strong financial performance in Q3 2025, with revenue reaching EUR 154.3 million and an EBITDA of EUR 109.1 million.
- The company achieved a high utilization rate of 92.2% for the quarter, indicating efficient operations across its fleet.
- Cadeler AS (CADLF) has a significant backlog of nearly EUR 2.9 billion, providing strong earnings visibility and future revenue assurance.
- The company successfully delivered three out of four newbuilds scheduled for 2025, with the remaining vessel, Wind Mover, on track for delivery soon.
- Cadeler AS (CADLF) continues to expand its global presence, working on projects in the US, Europe, and Asia, and has secured a large foundation project for execution in 2029.
- The company anticipates increased competition and potentially lower utilization rates in 2027 and 2028, which could impact financial performance.
- There is a noted shift in project timelines, with some projects moving to later years, potentially affecting near-term revenue.
- Cadeler AS (CADLF) faces challenges in securing projects for 2028 due to a more competitive market environment.
- The company has not committed financing for the Wind Apex vessel, which is scheduled for delivery in 2027, indicating potential financial planning challenges.
- There is uncertainty in the market regarding government and political support for offshore wind projects, which could impact future project approvals and demand.
Good morning, and welcome to Cadeler's third-quarter 2025 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements.
Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F on file with the United States Securities and Exchange Commission.
Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's annual report. The annual report and today's earnings presentation are available on Cadeler's website at cadeler
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