Norway · Delayed Price · Currency is NOK Cadeler Earnings Call Transcripts
Fiscal Year 2026
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H1 2026 delivered robust financial growth, with revenue and EBITDA more than doubling year-over-year, driven by high vessel utilization and the Menck acquisition. Backlog reached EUR 2.5 billion, supporting strong earnings visibility and commercial momentum.
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The EUR 501 million acquisition of Menck strengthens offshore wind foundation capabilities, secures access to critical pile-driving technology, and is expected to drive significant revenue and EBITDA growth through a rental-focused model and operational synergies. Exclusive forging slots and a strong market position mitigate competitive risks.
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Q1 2026 saw strong revenue growth, robust backlog, and on-schedule fleet expansion, with key project milestones achieved and a successful EUR 175 million capital raise supporting future growth. Full-year outlook remains positive, with utilization and earnings expected to rise.
Fiscal Year 2025
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2025 results exceeded expectations with revenue and profit surging year-over-year, a EUR 2.8 billion backlog, and strong vessel utilization. 2026 is a transition year, but long-term growth is supported by new contracts, fleet expansion, and robust industry demand.
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Q3 2025 saw strong financial results with high vessel utilization, expanded fleet operations, and a record EUR 2.9 billion backlog. Near-term outlook remains robust, though 2027–2028 are expected to be more competitive before a market rebound from 2029.
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H1 2025 results exceeded expectations, with revenue and EBITDA sharply up due to project execution and termination fees. Backlog remains robust at EUR 2.5 billion, and the outlook is positive with strong demand for O&M and installation services, despite sector recalibration.
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Q1 2025 results were in line with expectations, with revenue and EBITDA significantly up year-over-year, driven by new vessel deliveries and high fleet utilization. The contract backlog reached over EUR 2.5 billion, all at FID, and a new O&M division, Nexra, was launched to capture further market growth.
Fiscal Year 2024
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Revenue doubled and EBITDA tripled in 2024, with a record EUR 2.5 billion backlog and strong vessel utilization. 2025 guidance projects further growth, supported by timely new builds and robust demand in Europe and O&M. Sustainability and capital structure remain key priorities.
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Q3 2024 saw revenue and EBITDA surge on higher vessel utilization and expanded fleet, with a record €2.4B backlog and strong O&M demand driving improved full-year guidance. The CapEx program is fully funded, and market conditions remain tight, supporting high vessel utilization.
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H1 2024 results met expectations, with revenue growth driven by fleet expansion and strong project execution. Record backlog and vessel reservation agreements support a positive outlook, while the CapEx program is fully funded and no further equity is needed for current plans.