Cadeler (CADLR) Q1 2025 earnings summary

Executive summary

• Q1 2025 financial performance met expectations, with revenue reaching EUR 65.5 million, up from EUR 19.1 million in Q1 2024, driven by significant fleet expansion and global project execution.

• EBITDA improved to EUR 24 million from a loss of EUR 10 million in the prior year, reflecting operational leverage from new vessels.

• Two new vessels, Wind Maker and Wind Pace, were delivered ahead of schedule and on budget, bringing the active fleet to seven across Europe, APAC, and the US.

• Order backlog stands at over EUR 2.48 billion, all at FID stage, supporting a diversified and growing contract pipeline.

• Strong global demand for O&M services is driving high fleet utilization and supports future growth.

Financial highlights

• Q1 2025 revenue was EUR 65.5 million, up from EUR 19.1 million in Q1 2024.

• EBITDA reached EUR 23.7 million, up from negative EUR 10.1 million year-over-year.

• Net profit after tax was EUR 1.8–2 million, a turnaround from a EUR 20.8–21 million loss in Q1 2024.

• Utilization rate was 79.4% (adjusted), up from 42% in Q1 2024, reflecting transition and dry dock periods.

• Vessel OPEX per day increased to EUR 36,900, as planned, due to more vessels and additional trainee positions.

Outlook and guidance

• Full-year 2025 revenue guidance maintained at EUR 485–525 million; EBITDA guidance at EUR 278–318 million, both significantly higher than 2024.

• Foundation project revenue and costs begin to be recognized in 2025, with higher margins expected in 2026.

• Termination of a vessel reservation agreement is expected to have a positive impact on 2025, pending further analysis.

• Four newbuilds scheduled for delivery in 2025–2027, supporting future growth.

• Management highlights a robust contract pipeline and healthy liquidity to support continued growth.