Cadeler A/S

Latest Results (08.01.2025):

Revenue Growth

In the first nine months of 2024, Cadeler A/S reported a significant increase in revenue, reaching EUR 163 million. This marks an increase of EUR 72 million compared to the EUR 91 million revenue recorded during the same period in 2023. The growth was primarily driven by the inclusion of Wind Scylla and Wind Zaratan in the company's fleet.

Profit and EBITDA

Cadeler A/S achieved an EBITDA of EUR 70 million for the first nine months of 2024, which is an increase of EUR 21 million from the EUR 49 million reported in the same period of 2023. However, the company's profit for this period was EUR 28 million, a slight decrease of EUR 2 million compared to the EUR 30 million profit in 2023, mainly due to increased headcount and vessel depreciation costs.

Cash Flow Dynamics

Net cash flow from operating activities for Cadeler A/S was EUR 45 million in the first nine months of 2024, which is EUR 8 million lower than the EUR 53 million recorded in the same period of 2023. This decrease was attributed to an increase in outstanding receivables and contract assets. Meanwhile, net cash flow used in investing activities surged to EUR 549 million, driven by significant investments in vessel upgrades and newbuild programs.

Financial Outlook

Cadeler A/S has revised its financial outlook for the full year 2024, increasing its revenue guidance to a range of EUR 243 million to EUR 253 million. This adjustment is due to higher vessel utilization and additional contract options being exercised by clients. The company also narrowed its EBITDA guidance to between EUR 115 million and EUR 125 million, reflecting strong operational performance.

Debt and Financing

During the third quarter of 2024, Cadeler A/S successfully extended and increased its New Debt Facility, providing additional financial flexibility. The company also refinanced its Senior Secured Green Term Loan Facility on improved terms, securing up to EUR 420 million in post-delivery financing. These financial maneuvers are part of Cadeler's strategy to support its ongoing expansion and newbuild programs.