Cadeler A/S operates as an offshore wind installation vessel contractor, with CDLR American depositary shares each representing four ordinary shares. The company owns and operates jack-up offshore wind installation vessels used for wind turbine generator installation, foundation transportation and installation, maintenance, decommissioning and related offshore construction work.
Recurring company developments include vessel deliveries, fleet utilization, annual and interim earnings, contract awards for transportation and installation work, O&M campaigns through Nexra, financing facilities, private placements, and capital allocation. Cadeler’s updates also cover project activity across offshore wind markets in Europe, Asia-Pacific and the United States.
Cadeler reported strong Q3 2024 results with revenue of EUR 81 million (vs EUR 23M in Q3 2023) and EBITDA of EUR 48 million (vs EUR 8M in Q3 2023). The company increased its 2024 guidance, now expecting revenue of EUR 243-253 million and EBITDA of EUR 115-125 million. Fleet utilization reached 86.5% in Q3.
The company welcomed the Wind Peak vessel, delivered on time and within budget. The order backlog stands at EUR 2.386 billion, including new contracts for Bałtyk 2 and 3 projects (EUR 120-144M) and East Anglia TWO project (EUR 360-382M). Total assets increased 46% to EUR 1.828 billion, with equity at EUR 1.132 billion.