[6-K] Cadeler A/S American Depositary Share (each representing four (4) Current Report (Foreign Issuer)
Cadeler A/S (NYSE/OSE: CDLR) has received a notice of termination from Ørsted for the long-term charter of an A-Class offshore wind-turbine installation vessel covering Q1 2027–2030. The charter was linked to Ørsted’s now-cancelled Hornsea 4 project. As contractually stipulated, Cadeler will receive termination compensation.
Guidance upgrade: Management raises FY 2025 revenue guidance to EUR 588-628 million (prior EUR 485-525 million) and EBITDA guidance to EUR 381-421 million (prior EUR 278-318 million), citing the compensation payment and the opportunity to redeploy the vessel on other projects already under discussion.
Strategic and financial implications:
- The loss of a multi-year charter removes long-term utilisation visibility for one A-Class vessel, but Cadeler gains scheduling flexibility in a market experiencing vessel tightness.
- Termination proceeds provide an immediate earnings tailwind, largely driving the 22% revenue and 36% EBITDA guidance uplift for 2025.
- Management states the event will not hurt long-term performance; however, the company must now convert pipeline discussions into firm contracts to maintain backlog beyond 2026.
Overall, the filing mixes a near-term financial positive with longer-term backlog risk, leaving the net impact dependent on Cadeler’s success in re-chartering the vessel.
Cadeler A/S (NYSE/OSE: CDLR) ha ricevuto una comunicazione di risoluzione da Ørsted per il noleggio a lungo termine di una nave di installazione di turbine eoliche offshore di classe A, relativo al periodo Q1 2027–2030. Il noleggio era collegato al progetto Hornsea 4 di Ørsted, ora cancellato. Come previsto contrattualmente, Cadeler riceverà un indennizzo per la risoluzione.
Aggiornamento delle previsioni: Il management ha rivisto al rialzo la guidance per i ricavi dell'esercizio 2025 a EUR 588-628 milioni (precedente EUR 485-525 milioni) e l'EBITDA a EUR 381-421 milioni (precedente EUR 278-318 milioni), citando il pagamento dell’indennizzo e l’opportunità di impiegare la nave in altri progetti già in fase di trattativa.
Implicazioni strategiche e finanziarie:
- La perdita di un noleggio pluriennale elimina la visibilità sull’utilizzo a lungo termine di una nave di classe A, ma Cadeler guadagna flessibilità di programmazione in un mercato caratterizzato da scarsità di navi.
- I proventi dalla risoluzione forniscono un immediato impulso agli utili, che spiega in gran parte l’aumento del 22% dei ricavi e del 36% dell’EBITDA nelle previsioni per il 2025.
- Il management afferma che l’evento non comprometterà le performance a lungo termine; tuttavia, l’azienda dovrà ora trasformare le trattative in contratti definitivi per mantenere il portafoglio ordini oltre il 2026.
In sintesi, la comunicazione combina un effetto finanziario positivo nel breve termine con un rischio sul portafoglio ordini a lungo termine, lasciando l’impatto netto dipendente dal successo di Cadeler nel riaffittare la nave.
Cadeler A/S (NYSE/OSE: CDLR) ha recibido un aviso de terminación por parte de Ørsted para el contrato de arrendamiento a largo plazo de un buque de instalación de turbinas eólicas offshore de clase A, correspondiente al primer trimestre de 2027 a 2030. El contrato estaba vinculado al ahora cancelado proyecto Hornsea 4 de Ørsted. Según lo estipulado contractualmente, Cadeler recibirá una compensación por la terminación.
Actualización de la guía: La dirección aumenta la previsión de ingresos para el año fiscal 2025 a EUR 588-628 millones (anteriormente EUR 485-525 millones) y la previsión de EBITDA a EUR 381-421 millones (anteriormente EUR 278-318 millones), citando el pago de la compensación y la oportunidad de reubicar el buque en otros proyectos ya en discusión.
Implicaciones estratégicas y financieras:
- La pérdida de un contrato de arrendamiento plurianual elimina la visibilidad de utilización a largo plazo para un buque de clase A, pero Cadeler gana flexibilidad de programación en un mercado que experimenta escasez de buques.
- Los ingresos por terminación proporcionan un impulso inmediato a las ganancias, impulsando en gran parte la subida del 22% en ingresos y del 36% en EBITDA para 2025.
- La dirección afirma que el evento no afectará el rendimiento a largo plazo; sin embargo, la compañía ahora debe convertir las discusiones en contratos firmes para mantener la cartera de pedidos más allá de 2026.
En general, el comunicado combina un efecto financiero positivo a corto plazo con un riesgo en la cartera de pedidos a largo plazo, dejando el impacto neto dependiente del éxito de Cadeler en volver a arrendar el buque.
Cadeler A/S (NYSE/OSE: CDLR)는 Ørsted로부터 2027년 1분기부터 2030년까지 A급 해상 풍력 터빈 설치 선박의 장기 용선 계약 해지 통보를 받았습니다. 이 용선 계약은 Ørsted의 현재 취소된 Hornsea 4 프로젝트와 연계된 것이었습니다. 계약에 명시된 대로 Cadeler는 해지 보상금을 받게 됩니다.
가이던스 상향 조정: 경영진은 2025 회계연도 매출 가이던스를 5억 8,880만~6억 2,800만 유로(이전 4억 8,500만~5억 2,500만 유로)로, EBITDA 가이던스를 3억 8,100만~4억 2,100만 유로(이전 2억 7,800만~3억 1,800만 유로)로 상향 조정했으며, 이는 보상금 지급과 이미 논의 중인 다른 프로젝트에 선박을 재배치할 기회 때문입니다.
전략적 및 재무적 영향:
- 다년간 용선 계약 상실로 한 척의 A급 선박에 대한 장기 가동률 가시성이 사라졌지만, Cadeler는 선박 부족 현상이 있는 시장에서 일정 조정의 유연성을 확보했습니다.
- 해지 보상금은 즉각적인 수익 상승 효과를 제공하며, 이는 2025년 매출 22%, EBITDA 36% 가이던스 상향의 주요 원인입니다.
- 경영진은 이번 사건이 장기 실적에 부정적 영향을 미치지 않을 것이라 밝혔지만, 2026년 이후의 수주 잔고 유지를 위해서는 현재 논의 중인 프로젝트를 확정 계약으로 전환해야 합니다.
종합적으로 이번 발표는 단기적으로는 재무적 긍정 효과와 장기적으로는 수주 잔고 위험을 혼합하고 있어, 최종 영향은 Cadeler가 선박 재용선에 성공하느냐에 달려 있습니다.
Cadeler A/S (NYSE/OSE : CDLR) a reçu un avis de résiliation de la part d’Ørsted concernant le contrat de location à long terme d’un navire d’installation de turbines éoliennes offshore de classe A couvrant le premier trimestre 2027 à 2030. Ce contrat était lié au projet Hornsea 4 d’Ørsted, désormais annulé. Conformément aux stipulations contractuelles, Cadeler recevra une indemnité de résiliation.
Mise à jour des prévisions : La direction rehausse ses prévisions de chiffre d’affaires pour l’exercice 2025 à 588-628 millions d’euros (contre 485-525 millions d’euros précédemment) et celles d’EBITDA à 381-421 millions d’euros (contre 278-318 millions d’euros auparavant), en invoquant le paiement de l’indemnité ainsi que l’opportunité de redéployer le navire sur d’autres projets déjà en discussion.
Implications stratégiques et financières :
- La perte d’un contrat de location pluriannuel supprime la visibilité d’utilisation à long terme pour un navire de classe A, mais Cadeler gagne en flexibilité de planification dans un marché où les navires se font rares.
- Les indemnités de résiliation apportent un effet positif immédiat sur les résultats, expliquant en grande partie la hausse de 22 % des revenus et de 36 % de l’EBITDA prévue pour 2025.
- La direction affirme que cet événement ne nuira pas à la performance à long terme ; toutefois, l’entreprise doit désormais convertir les discussions en contrats fermes pour maintenir son carnet de commandes au-delà de 2026.
Dans l’ensemble, ce communiqué combine un impact financier positif à court terme avec un risque sur le carnet de commandes à long terme, laissant l’impact net dépendre du succès de Cadeler à relouer le navire.
Cadeler A/S (NYSE/OSE: CDLR) hat von Ørsted eine Kündigungsmitteilung für den langfristigen Chartervertrag eines A-Klasse Offshore-Windkraft-Turbineninstallationsschiffs für das erste Quartal 2027 bis 2030 erhalten. Der Chartervertrag war mit Ørsteds inzwischen abgesagtem Hornsea 4 Projekt verbunden. Vertraglich vereinbart erhält Cadeler eine Kündigungsentschädigung.
Prognoseanhebung: Das Management hebt die Umsatzprognose für das Geschäftsjahr 2025 auf 588-628 Mio. EUR (zuvor 485-525 Mio. EUR) und die EBITDA-Prognose auf 381-421 Mio. EUR (zuvor 278-318 Mio. EUR) an, unter Berufung auf die Entschädigungszahlung und die Möglichkeit, das Schiff für andere bereits in Verhandlung befindliche Projekte einzusetzen.
Strategische und finanzielle Auswirkungen:
- Der Verlust eines mehrjährigen Chartervertrags nimmt die langfristige Auslastungssichtbarkeit für ein A-Klasse Schiff, aber Cadeler gewinnt Terminflexibilität in einem Markt mit Schiffsverknappung.
- Kündigungszahlungen sorgen für einen unmittelbaren Gewinnschub und sind maßgeblich für die 22%ige Umsatz- und 36%ige EBITDA-Prognoseanhebung für 2025 verantwortlich.
- Das Management erklärt, dass das Ereignis die langfristige Leistung nicht beeinträchtigen wird; das Unternehmen muss jedoch nun die laufenden Pipeline-Gespräche in feste Verträge umwandeln, um den Auftragsbestand über 2026 hinaus zu sichern.
Insgesamt verbindet die Meldung eine kurzfristig positive finanzielle Wirkung mit langfristigen Risiken im Auftragsbestand, wobei die Nettoauswirkung vom Erfolg Cadelers bei der Neuvercharterung des Schiffes abhängt.
- FY 2025 revenue guidance raised by ~EUR 103 million (22% midpoint increase) to EUR 588-628 million.
- FY 2025 EBITDA guidance raised by ~EUR 103 million (36% midpoint increase) to EUR 381-421 million.
- Termination compensation provides immediate cash inflow and boosts earnings.
- Vessel availability in a supply-constrained market offers potential to secure higher-margin contracts.
- Loss of four-year Ørsted charter eliminates secured utilisation from 2027-2030.
- Cadeler now faces backlog gap and execution risk in re-chartering the vessel.
- Ørsted’s cancellation may signal broader project delays in the offshore wind sector, potentially affecting demand.
Insights
TL;DR: Upgraded 2025 guidance offsets charter loss; long-term backlog gap persists—overall neutral.
The 22% revenue and 36% EBITDA upgrades materially improve 2025 estimates and should support near-term share price sentiment. The compensation inflow demonstrates strong contract protection. Nonetheless, the terminated Ørsted charter represented four years of secured utilisation for an A-Class vessel, and its loss reduces contracted backlog visibility post-2026. Success in redeployment will be key in sustaining valuation multiples anchored on high utilisation assumptions.
TL;DR: Vessel freed into tight installation market; compensation boosts earnings—positive outlook.
Global demand for next-generation jack-up vessels exceeds supply through 2030, especially for >15 MW turbines. Releasing an A-Class unit into this market could allow Cadeler to secure comparable or better day-rates than the cancelled Ørsted charter. Coupled with immediate cash compensation, the event strengthens financial flexibility and may enhance long-term profitability if new contracts materialise quickly.
Cadeler A/S (NYSE/OSE: CDLR) ha ricevuto una comunicazione di risoluzione da Ørsted per il noleggio a lungo termine di una nave di installazione di turbine eoliche offshore di classe A, relativo al periodo Q1 2027–2030. Il noleggio era collegato al progetto Hornsea 4 di Ørsted, ora cancellato. Come previsto contrattualmente, Cadeler riceverà un indennizzo per la risoluzione.
Aggiornamento delle previsioni: Il management ha rivisto al rialzo la guidance per i ricavi dell'esercizio 2025 a EUR 588-628 milioni (precedente EUR 485-525 milioni) e l'EBITDA a EUR 381-421 milioni (precedente EUR 278-318 milioni), citando il pagamento dell’indennizzo e l’opportunità di impiegare la nave in altri progetti già in fase di trattativa.
Implicazioni strategiche e finanziarie:
- La perdita di un noleggio pluriennale elimina la visibilità sull’utilizzo a lungo termine di una nave di classe A, ma Cadeler guadagna flessibilità di programmazione in un mercato caratterizzato da scarsità di navi.
- I proventi dalla risoluzione forniscono un immediato impulso agli utili, che spiega in gran parte l’aumento del 22% dei ricavi e del 36% dell’EBITDA nelle previsioni per il 2025.
- Il management afferma che l’evento non comprometterà le performance a lungo termine; tuttavia, l’azienda dovrà ora trasformare le trattative in contratti definitivi per mantenere il portafoglio ordini oltre il 2026.
In sintesi, la comunicazione combina un effetto finanziario positivo nel breve termine con un rischio sul portafoglio ordini a lungo termine, lasciando l’impatto netto dipendente dal successo di Cadeler nel riaffittare la nave.
Cadeler A/S (NYSE/OSE: CDLR) ha recibido un aviso de terminación por parte de Ørsted para el contrato de arrendamiento a largo plazo de un buque de instalación de turbinas eólicas offshore de clase A, correspondiente al primer trimestre de 2027 a 2030. El contrato estaba vinculado al ahora cancelado proyecto Hornsea 4 de Ørsted. Según lo estipulado contractualmente, Cadeler recibirá una compensación por la terminación.
Actualización de la guía: La dirección aumenta la previsión de ingresos para el año fiscal 2025 a EUR 588-628 millones (anteriormente EUR 485-525 millones) y la previsión de EBITDA a EUR 381-421 millones (anteriormente EUR 278-318 millones), citando el pago de la compensación y la oportunidad de reubicar el buque en otros proyectos ya en discusión.
Implicaciones estratégicas y financieras:
- La pérdida de un contrato de arrendamiento plurianual elimina la visibilidad de utilización a largo plazo para un buque de clase A, pero Cadeler gana flexibilidad de programación en un mercado que experimenta escasez de buques.
- Los ingresos por terminación proporcionan un impulso inmediato a las ganancias, impulsando en gran parte la subida del 22% en ingresos y del 36% en EBITDA para 2025.
- La dirección afirma que el evento no afectará el rendimiento a largo plazo; sin embargo, la compañía ahora debe convertir las discusiones en contratos firmes para mantener la cartera de pedidos más allá de 2026.
En general, el comunicado combina un efecto financiero positivo a corto plazo con un riesgo en la cartera de pedidos a largo plazo, dejando el impacto neto dependiente del éxito de Cadeler en volver a arrendar el buque.
Cadeler A/S (NYSE/OSE: CDLR)는 Ørsted로부터 2027년 1분기부터 2030년까지 A급 해상 풍력 터빈 설치 선박의 장기 용선 계약 해지 통보를 받았습니다. 이 용선 계약은 Ørsted의 현재 취소된 Hornsea 4 프로젝트와 연계된 것이었습니다. 계약에 명시된 대로 Cadeler는 해지 보상금을 받게 됩니다.
가이던스 상향 조정: 경영진은 2025 회계연도 매출 가이던스를 5억 8,880만~6억 2,800만 유로(이전 4억 8,500만~5억 2,500만 유로)로, EBITDA 가이던스를 3억 8,100만~4억 2,100만 유로(이전 2억 7,800만~3억 1,800만 유로)로 상향 조정했으며, 이는 보상금 지급과 이미 논의 중인 다른 프로젝트에 선박을 재배치할 기회 때문입니다.
전략적 및 재무적 영향:
- 다년간 용선 계약 상실로 한 척의 A급 선박에 대한 장기 가동률 가시성이 사라졌지만, Cadeler는 선박 부족 현상이 있는 시장에서 일정 조정의 유연성을 확보했습니다.
- 해지 보상금은 즉각적인 수익 상승 효과를 제공하며, 이는 2025년 매출 22%, EBITDA 36% 가이던스 상향의 주요 원인입니다.
- 경영진은 이번 사건이 장기 실적에 부정적 영향을 미치지 않을 것이라 밝혔지만, 2026년 이후의 수주 잔고 유지를 위해서는 현재 논의 중인 프로젝트를 확정 계약으로 전환해야 합니다.
종합적으로 이번 발표는 단기적으로는 재무적 긍정 효과와 장기적으로는 수주 잔고 위험을 혼합하고 있어, 최종 영향은 Cadeler가 선박 재용선에 성공하느냐에 달려 있습니다.
Cadeler A/S (NYSE/OSE : CDLR) a reçu un avis de résiliation de la part d’Ørsted concernant le contrat de location à long terme d’un navire d’installation de turbines éoliennes offshore de classe A couvrant le premier trimestre 2027 à 2030. Ce contrat était lié au projet Hornsea 4 d’Ørsted, désormais annulé. Conformément aux stipulations contractuelles, Cadeler recevra une indemnité de résiliation.
Mise à jour des prévisions : La direction rehausse ses prévisions de chiffre d’affaires pour l’exercice 2025 à 588-628 millions d’euros (contre 485-525 millions d’euros précédemment) et celles d’EBITDA à 381-421 millions d’euros (contre 278-318 millions d’euros auparavant), en invoquant le paiement de l’indemnité ainsi que l’opportunité de redéployer le navire sur d’autres projets déjà en discussion.
Implications stratégiques et financières :
- La perte d’un contrat de location pluriannuel supprime la visibilité d’utilisation à long terme pour un navire de classe A, mais Cadeler gagne en flexibilité de planification dans un marché où les navires se font rares.
- Les indemnités de résiliation apportent un effet positif immédiat sur les résultats, expliquant en grande partie la hausse de 22 % des revenus et de 36 % de l’EBITDA prévue pour 2025.
- La direction affirme que cet événement ne nuira pas à la performance à long terme ; toutefois, l’entreprise doit désormais convertir les discussions en contrats fermes pour maintenir son carnet de commandes au-delà de 2026.
Dans l’ensemble, ce communiqué combine un impact financier positif à court terme avec un risque sur le carnet de commandes à long terme, laissant l’impact net dépendre du succès de Cadeler à relouer le navire.
Cadeler A/S (NYSE/OSE: CDLR) hat von Ørsted eine Kündigungsmitteilung für den langfristigen Chartervertrag eines A-Klasse Offshore-Windkraft-Turbineninstallationsschiffs für das erste Quartal 2027 bis 2030 erhalten. Der Chartervertrag war mit Ørsteds inzwischen abgesagtem Hornsea 4 Projekt verbunden. Vertraglich vereinbart erhält Cadeler eine Kündigungsentschädigung.
Prognoseanhebung: Das Management hebt die Umsatzprognose für das Geschäftsjahr 2025 auf 588-628 Mio. EUR (zuvor 485-525 Mio. EUR) und die EBITDA-Prognose auf 381-421 Mio. EUR (zuvor 278-318 Mio. EUR) an, unter Berufung auf die Entschädigungszahlung und die Möglichkeit, das Schiff für andere bereits in Verhandlung befindliche Projekte einzusetzen.
Strategische und finanzielle Auswirkungen:
- Der Verlust eines mehrjährigen Chartervertrags nimmt die langfristige Auslastungssichtbarkeit für ein A-Klasse Schiff, aber Cadeler gewinnt Terminflexibilität in einem Markt mit Schiffsverknappung.
- Kündigungszahlungen sorgen für einen unmittelbaren Gewinnschub und sind maßgeblich für die 22%ige Umsatz- und 36%ige EBITDA-Prognoseanhebung für 2025 verantwortlich.
- Das Management erklärt, dass das Ereignis die langfristige Leistung nicht beeinträchtigen wird; das Unternehmen muss jedoch nun die laufenden Pipeline-Gespräche in feste Verträge umwandeln, um den Auftragsbestand über 2026 hinaus zu sichern.
Insgesamt verbindet die Meldung eine kurzfristig positive finanzielle Wirkung mit langfristigen Risiken im Auftragsbestand, wobei die Nettoauswirkung vom Erfolg Cadelers bei der Neuvercharterung des Schiffes abhängt.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of July 2025
Commission File Number: 001-41889
CADELER A/S
(Translation of registrant's name into English)
Kalvebod Brygge 43
DK-1560 Copenhagen V, Denmark
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Stock exchange announcement
CADELER A/S Receives Notice of Termination of Long-Term Agreement with Ørsted for A-Class Windfarm Installation Vessel
Copenhagen, 1 July 2025 -- Cadeler A/S (NYSE: CDLR / OSE: CADLR) today announces that it has received a notice of termination from Ørsted A/S in relation to the Long-Term Agreement for an A-Class Windfarm Installation Vessel initially disclosed on 8 April 2024. The agreement had secured A-Class vessel capacity from Q1 2027 through the end of 2030.
The termination of the Long-Term Agreement is principally a result of Ørsted’s decision to discontinue work towards the Hornsea 4 Offshore Wind Farm.
Cadeler is entitled to agreed compensation as a consequence of the termination of the Long-Term Agreement. In addition, Cadeler is now free to deploy the vessel on alternative projects currently under discussion with third parties. Cadeler does not believe that the termination of the Long-Term Agreement will adversely affect Cadeler’s long-term financial performance. Receipt of the termination compensation noted above will positively impact financial guidance for the 2025 calendar year.
Update to 2025 Guidance
Cadeler is revising upwards its revenue guidance for the financial year ending December 31, 2025, with full-year revenue now expected to be within the range of EUR 588 million and EUR 628 million (previously expected to be within the range of EUR 485 million and EUR 525 million). In addition, Cadeler is revising upwards its EBITDA guidance for the financial year ending December 31, 2025, with full-year EBITDA now expected to be within the range of EUR 381 million and EUR 421 million (previously expected to be within the range of EUR 278 million and EUR 318 million.
--
For further information, please contact:
Mikkel Gleerup
CEO, Cadeler
+45 3246 3102
mikkel.gleerup@cadeler.com
Alexander Simmonds
EVP & CLO, Cadeler
+44 7376 174172
alexander.simmonds@cadeler.com
About Cadeler:
Cadeler is a global leader in offshore wind installation, operations, and maintenance services. Cadeler is a pure play company, operating solely in the offshore wind industry with an uncompromising focus on safety and the environment. Cadeler owns and operates the industry’s largest fleet of jack-up offshore wind installation vessels and has for more than 10 years been a key supplier in the development of offshore wind energy to power millions of households. Cadeler’s fleet, expertise and capacity to handle the largest and most complex next-generation offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to being at the forefront of sustainable wind farm installation and to enabling the global energy transition towards a future built on renewable energy. Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR).
For more information, please visit www.cadeler.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: July 1, 2025 | CADELER A/S | |
| (Registrant) | ||
| By: | /s/ Mikkel Gleerup | |
| Name: | Mikkel Gleerup | |
| Title: | Chief Executive Officer | |
FAQ
Why did Ørsted terminate its long-term vessel agreement with Cadeler (CDLR)?
How does the termination affect Cadeler's 2025 financial guidance?
Will Cadeler receive compensation for the cancelled contract?
Does the loss of the Ørsted charter hurt Cadeler's long-term outlook?
What opportunities does Cadeler have to redeploy the freed A-Class vessel?
