Cadeler A/S Q1 2025 Financial Summary
Business Context and Reporting Period
This Form 6-K filing, dated May 21, 2025, reports on Cadeler A/S's first-quarter (Q1) 2025 performance. Cadeler is a global leader in offshore wind installation, operations, and maintenance services, operating the industry's largest fleet of jack-up vessels. The quarter marked a significant operational milestone with the delivery of two new state-of-the-art vessels, Wind Maker and Wind Pace, expanding the operational fleet to seven vessels.
Key Financial Metrics
| Metric | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Revenue | EUR 65 million | EUR 19 million | +EUR 46 million |
| EBITDA | EUR 24 million | (EUR 10 million) | +EUR 34 million |
| Utilisation Rate | 55.3% | N/A | N/A |
| Total Assets | EUR 2,464 million | N/A | +27% vs. YE 2024 |
| Equity | EUR 1,226 million | EUR 1,234 million (Start of Year) | -EUR 8 million |
| Contract Backlog | EUR 2,487 million | N/A | N/A |
Backlog Composition: EUR 2,023 million under firm contracts and EUR 464 million under exercisable options. 100% of the backlog relates to projects with a positive Final Investment Decision (FID).
Material Changes vs. Prior Period
- Revenue Growth: Revenue more than tripled year-over-year, driven by fleet expansion and increased utilization.
- Profitability Turnaround: EBITDA swung from a loss of EUR 10 million in Q1 2024 to a profit of EUR 24 million in Q1 2025.
- Fleet Expansion: Two new vessels were delivered in Q1 2025, representing 50% of the new builds scheduled for the year. Wind Maker is active in Taiwan, and Wind Pace is scheduled for deployment in the U.S. starting Q2 2025.
- Balance Sheet: Total assets increased by 27% compared to year-end 2024, primarily due to fleet additions. Equity decreased slightly due to hedging adjustments.
Guidance, Outlook, and Management Commentary
Full-Year 2025 Guidance: Management has maintained its full-year outlook as communicated in the 2024 Annual Report:
- Revenue: EUR 485 million to EUR 525 million.
- EBITDA: EUR 278 million to EUR 318 million.
Management Commentary: CEO Mikkel Gleerup stated that the company is performing in line with expectations, citing a robust contract pipeline and healthy liquidity. The company highlighted a strong order book for 2025 and the strategic headroom needed for continued growth.
Recent Agreements:
- Two firm contracts for Wind Mover (potential value up to EUR 75 million).
- Firm contract for Wind Pace in the U.S. (EUR 67-75 million).
- Vessel Reservation Agreement with Ocean Winds for BC-Wind in Poland (EUR 48-56 million).
Financing: Cadeler signed a new EUR 525 million Sinosure-backed A-class Facility to support the construction of next-generation vessels.
Investor Verification Checklist
- Verify the deployment schedule and revenue recognition timeline for the new vessels Wind Maker and Wind Pace.
- Confirm the status of the EUR 464 million in exercisable options within the backlog to assess revenue certainty.
- Review the impact of hedging adjustments on equity and future cash flows.
- Monitor the utilization rate trends as the new vessels ramp up to full capacity in H2 2025.
- Assess the execution risk associated with the U.S. deployment of Wind Pace commencing in Q2 2025.