Full Year 2025 Cadeler A/S Earnings Call Transcript
Key Points
- Cadeler AS (CADLF) ended 2025 at the top end of their financial guidance with a robust contract backlog of EUR 2.8 billion, providing strong earnings visibility.
- The company successfully delivered four newbuilds on time and on budget, enhancing their fleet capabilities.
- Cadeler AS (CADLF) demonstrated strong vessel utilization across global markets, including Europe, the US, and APAC.
- The company has secured a preferred supplier agreement for a significant foundation project in Europe, boosting confidence for future projects.
- Cadeler AS (CADLF) reported a strong financial performance in 2025, with revenue of EUR 620 million and an EBITDA of EUR 425 million, reflecting operational efficiency and growth.
- The Hornsea 3 project has experienced delays due to changes in client requirements, leading to increased but delayed revenue.
- The US market presents limited short-term opportunities, impacting potential growth in that region.
- Financial expenses increased in 2025, and with upcoming vessel deliveries, these expenses will impact the P&L more significantly.
- The transition to full-scope T&I campaigns introduces complexity and requires significant coordination and adaptation.
- The company faces challenges in securing green fuels for their fleet, impacting their sustainability targets.
Good morning, and welcome to Cadeler's Third Quarter 2020 Earnings Presentation. Presenting today are Mikkel Gleerup, our Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that presenters remarks today will include forward-looking statements. Actual results may differ materially from those contemplated the risks and uncertainties that could cause Catalyst's results to differ materially from today's forward-looking statements include those detailed in Catalysts 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 Catalyst 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 near IFRS equivalent is provided in Cable's annual report.
The annual report and today's earnings presentation are available on Cadeler's website, macadalor.com
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