Cadeler (CADLR) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered strong results, with revenue rising to €80.6 million from €23.4 million year-over-year, driven by high fleet utilization, robust client demand, and fleet expansion, including the on-time delivery and deployment of Wind Peak.

• The order backlog reached a record €2.4 billion, reflecting substantial new contracts, especially in Europe and Asia, and the addition of major multi-vessel projects.

• Strong demand for installation and O&M services is driving high vessel utilization and backlog growth, with multiple O&M campaigns maximizing fleet deployment.

• The board was strengthened with the appointment of Thomas Thune Andersen as an independent director, adding industry expertise.

• Major investments in fleet and equipment, including newbuilds and crane upgrades, led to significant asset growth.

Financial highlights

• Q3 2024 revenue was €80.6 million, up from €23.4 million in Q3 2023; EBITDA rose to €48.4 million from €7.96 million.

• Gross profit for Q3 2024 was €47.5 million, with operating profit at €33.2 million and net income at €27.7 million.

• Year-to-date 2024 revenue was €162.8 million, up from €91.1 million in 2023; EBITDA for the period was €70.2 million.

• Net profit for the first nine months was €28 million, slightly down year-over-year due to higher headcount, depreciation, and financing costs.

• Equity ratio stands at 62%, with group equity at €1,132 million and total assets at €1,828 million as of September 2024.

Outlook and guidance

• Full-year 2024 revenue guidance raised to €243–253 million, with EBITDA guidance narrowed to €115–125 million, at the upper end of the prior range.

• Upward revision driven by higher vessel utilization, more contract options exercised, strong O&M demand, and receipt of termination fees.

• Vessel utilization is expected to remain high, with 2025 and parts of 2026 largely covered by contracts and reservations.

• Outlook assumes minimal macroeconomic disruption, including inflation and geopolitical risks.

• Anticipates continued strong demand for installation and O&M services, especially as the installed base grows.