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 and strong project execution across Europe, Asia, and the U.S.

• Record contract backlog reached EUR 1.925 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.

• Fleet expansion continued with delivery of Wind Peak, launch of Wind Maker and Wind Pace, and order for Wind Apex for 2027.

• Focus on energy efficiency and sustainability, including biofuel testing and energy management initiatives.

Financial highlights

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

• EBITDA for Q2 2024 was EUR 31.8 million, nearly flat year-over-year; H1 2024 EBITDA was EUR 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.

• CapEx for H1 2024 was EUR 222 million, more than double the prior year, reflecting investment in fleet expansion.

• Equity ratio at 72–72.4% as of June 30, 2024, with total assets of EUR 1.59 billion.

Outlook and guidance

• Full-year 2024 revenue guidance remains EUR 225–245 million; EBITDA guidance unchanged at EUR 105–125 million.

• Assumptions include on-time vessel deliveries, successful project execution, and realization of planned synergies.

• Industry outlook is positive, with strong tendering activity, policy support, and growing demand for larger turbine and foundation installations.

• Inflation and interest rate volatility expected to have limited impact on 2024 outlook.

• Guidance subject to risks including supply chain constraints, inflation, project delays, and operational disruptions.