Cadeler raises 2025 guidance despite loss of Ørsted charter for A-Class vessel
Rhea-AI Filing Summary
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.
Positive
- 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.
Negative
- 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.
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.
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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 |