Cadeler (CADLR) H2 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, with revenue and EBITDA exceeding guidance, driven by strong demand, fleet expansion, and the Eneti merger.

• Delivered newbuild vessels on or ahead of schedule, including Wind Peak and Wind Maker, supporting growth in key markets.

• Maintained a strong balance sheet, refinanced facilities on improved terms, and raised equity to fund fleet expansion.

• Successfully executed major projects, including the world's first installation of Siemens 14.7 MW turbines on Moray West.

• Completed merger with Eneti, with synergies already materializing and further integration underway.

Financial highlights

• Revenue doubled to EUR 249 million in 2024, up from EUR 109 million in 2023; EBITDA tripled to EUR 126 million.

• Q4 2024 revenue was EUR 86 million; Q4 EBITDA reached EUR 56 million.

• Cash flow from operating activities was EUR 93 million; market cap at EUR 1.7 billion as of March 2025.

• Equity ratio at year-end 2024 was 64%, down from 77% in 2023, reflecting increased liabilities from fleet investments.

• Utilization rate was 83% adjusted in 2024, up from 75% in 2023.

Outlook and guidance

• 2025 revenue guidance: EUR 485–525 million; EBITDA: EUR 278–318 million.

• Four new vessel deliveries scheduled in 2025, supporting growth in APAC and US markets.

• SG&A expected to rise to EUR 70–72 million as organization ramps up for foundation projects.

• Non-recurring items of EUR 6 million to impact 2025, but not the underlying business case.

• Growth underpinned by expanded fleet, robust backlog, and strong market demand.