Cadeler has had a strong start to 2025 with significant growth in both revenue and earnings. Revenue in the first quarter increased to 65 million euros (approx. 484 million DKK) – compared to 19 million euros (approx. 141 million DKK) in the same period the previous year. EBITDA amounted to 24 million euros (approx. 179 million DKK) compared to a loss of 10 million euros (approx. 75 million DKK) in the first quarter of 2024. The wind shipping company announced this in a statement.
- We have made a good start in 2025, says Mikkel Gleerup, CEO of Cadeler, and elaborates:
- With more than tripling revenue and a positive EBITDA result, our investments in fleet expansion and project execution are showing clear results. We have commissioned two more ships – half of the newbuildings we will deliver in 2025 – enabling us to continue to support our customers in Europe, Asia and North America with a modern and flexible fleet.
The company received two new ships in the first quarter. The two new ships, Wind Maker and Wind Pace, were delivered in January and March respectively. The former is already in operation in Taiwan for Ørsted, while Wind Pace will be used in the USA from the second quarter.
The company achieved a total fleet utilization rate of 55.3 percent in the quarter. According to Cadeler, this is at the expected level and reflects, among other things, planned maintenance stops and the ships' delivery transit.
Maintains expectations
The order backlog as of May 2025 is 2,487 million euros (approximately 18.5 billion kroner), of which 2,023 million are EUR (approx. DKK 15.1 billion) are firm contracts. All projects have received a positive investment decision. New agreements include three major contracts, including one for Wind Pace's assignment in the USA and a VRA agreement with Ocean Winds in Poland.
Cadeler is also continuing to invest in new vessels with support from green financing agreements. At the end of March, the company's total assets amounted to EUR 2,464 million (approx. DKK 18.3 billion) - an increase of 27 percent since the beginning of the year.
- Our outlook for the year remains good with a robust contract pipeline, healthy liquidity and strategic freedom to act to support our continued growth. We remain dedicated to being the preferred partner for next-generation offshore wind projects, says Mikkel Gleerup.
Cadeler maintains its full-year expectations of revenue of EUR 485–525 million. euros (approx. 3.6–3.9 billion DKK) and EBITDA of 278–318 million euros (approx. 2.1–2.4 billion DKK).
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