Q1 2025 Cadeler A/S Earnings Call Transcript
Key Points
- Cadeler AS (CDLR) delivered two new vessels, Windmaker and Wind Pace, ahead of schedule and on budget, contributing to their fleet expansion.
- The company's contract backlog increased to over EUR 2.5 billion, with 100% of the backlog having reached Final Investment Decision (FID).
- Revenue for Q1 2025 was EUR 65.5 million, significantly up from the previous year, indicating strong financial performance.
- Cadeler AS (CDLR) has a global presence with active vessels in Europe, APEC, and the US, showcasing its extensive operational footprint.
- The company introduced a new ONM division, Nexa, to enhance its service offerings and capitalize on market opportunities in operations and maintenance.
- The equity ratio decreased to 49.7% as the company took on more debt with the delivery of new vessels.
- Utilization was at 79.4%, with unadjusted utilization at 55%, indicating some inefficiencies during the transition period.
- There are uncertainties in the US offshore wind market due to executive orders and project delays, affecting future project visibility.
- The company faces challenges with teething issues on new vessels, particularly with Wind Peak, impacting operational efficiency.
- Yard prices for new builds continue to rise, potentially making secondhand transactions a more viable but risky option for future growth.
Good morning and welcome to CAD alerts Q1 2025 earnings presentation. Presenting today are Michael Glero, Chief Executive Officer, and Peter Broga, Chief Financial Officer. Please be reminded that the presenter's remarks today will include forward-looking statements. Actual results may differ materially from those contemplated.
The risks and uncertainties that could cause Cadeller's results to differ materially from today's forward-looking statements include those detailed in Cadler's annual report on Form 20 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 Katler 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 Cadler's annual report. The annual report and today's earnings presentation are available on Cadler's website at Caddler.com
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |


