Cadeler (CADLR) H1 2024 earnings summary

Executive summary

• Financial performance for H1 2024 was in line with expectations, supported by successful delivery of the first newbuild Wind Peak on time and on budget, and strong project execution.

• Achieved record contract backlog of EUR 1.9 billion, bolstered by major vessel reservation agreements, including the largest in company history valued at EUR 400–700 million.

• Integration of Eneti is progressing well, with realized synergies exceeding initial expectations, especially in financing.

• Expanded global presence with ongoing projects and new contracts in Europe, Asia, and the U.S., and positive initial experience in the U.S. market.

• Fleet expansion with delivery of Wind Peak and order for new A-class vessel Wind Apex, scheduled for 2027.

Financial highlights

• Q2 2024 revenue was EUR 63.2 million, up from EUR 41–48.9 million in Q2 2023; H1 2024 revenue reached EUR 82 million, up from EUR 67.8–68 million year-over-year.

• EBITDA for Q2 2024 was EUR 31.8–32 million, nearly flat year-over-year; H1 2024 EBITDA was EUR 21.7–22 million, down from EUR 41.5–44 million in H1 2023.

• Net profit for H1 2024 was EUR 153 thousand, down from EUR 29.6–30 million in H1 2023.

• Utilization rate for Q2 2024 was 76–76.1%, down from 100% last year, impacted by scheduled upgrades and maintenance; H1 2024 utilization was 47%.

• Cash flow from operating activities was EUR 4.2 million in Q2 2024; H1 2024 cash flow from operations was EUR 17 million.

Outlook and guidance

• Full-year 2024 revenue guidance remains EUR 225–245 million and EBITDA at EUR 105–125 million, unchanged from prior guidance.

• Positive market outlook supported by global policy momentum, high tendering activity, and strong demand for larger turbines and U.S. growth.

• Guidance assumes limited impact from inflation, interest rate volatility, and macroeconomic risks.