Norway · Delayed Price · Currency is NOK Cadeler Earnings Call Transcripts
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, record backlog, and robust cash flow. Guidance for 2025 is maintained, with a strong near-term outlook, softer middle years, and anticipated vessel undersupply 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 from fleet expansion and strong backlog at EUR 1.9 billion. Integration synergies exceeded targets, CapEx is fully funded, and no further equity is needed for current orders. Market outlook remains robust, especially for larger turbines and U.S. growth.