The installation company Cadeler A/S has today published its financial statements for the first half of 2023 with positive results that exceed expectations for the financial year 2023. Cadeler had a turnover of 68 million euros in the first six months of the year, which corresponds to an increase of 57% compared to the same period last year. The company writes this in a press release.
Adjusted EBITDA for the first half of 2023 was 44 million euros, which is an increase of 21 million euros compared to the same period last year. EBITDA for the first half of 2023 was 42 million euros.
Earnings for the period were 29 million euros, which is 19 million euros higher than the same period in 2022. The result is primarily driven by growth in revenue, which is partially offset by an increase in the number of employees, transaction costs and investments in upgrading ships.
Market demand remains high, and in the first half of 2023 the total fleet achieved 100% capacity utilization.
Market prices have been higher this year compared to last year, and the gross margin for the first half of 2023 was 63%, compared to 46% in the same period last year.
Cadeler's CEO is satisfied with the current year.
- In the first half of 2023, we have delivered good financial results with earnings exceeding our expectations. New strategic partnerships have cemented our position as the preferred installation partner in the offshore wind industry, and we have adjusted our revenue and EBITDA guidance for 2023 upwards. Growth has further accelerated, and our fleet has achieved a 100% utilization rate. We are experiencing strong market demand for our services and favorable market conditions for offshore wind energy, says CEO Mikkel Gleerup
The merger with Eneti
In June, Cadeler A/S announced an agreement with Eneti Inc. with the aim of merging the two companies. Under the name Cadeler, the company will be listed on both the New York Stock Exchange (NYSE) and the Oslo Stock Exchange (OSE). This will further position the company as a strong player in the market with the ability to solve more larger and more complex projects within the offshore wind industry. The combined company will have four existing vessels and six newbuildings, which will be delivered from 2024 to 2026. With a versatile and agile fleet consisting of ten modern vessels, the company is ready to meet customer needs and be innovative in the offshore wind industry.
- Our strategic partnership with Eneti will significantly strengthen our position as the preferred partner in the offshore wind industry. The agreement gives our customers access to the industry's largest, most versatile and modern fleet of next-generation wind installation vessels, says Mikkel Gleerup.
New contracts provide strong order book
In April 2023, Cadeler entered into two major contracts with Ørsted for the Hornsea 3 offshore wind farm with a total value of between 500-700 million euros. One of the contracts involves the installation of wind turbine generators for half of the Hornsea 3 wind farm. In the past six months, Cadeler has also signed a contract with Siemens Gamesa to install 26 wind turbine generators at the Aflandshage wind farm in Øresund in 2026.
Outlook for 2023
Cadeler is raising its revenue guidance for 2023. Revenue is expected to be between 95 and 103 million euros, due to customers expected to activate more options in the contracts they have signed. Gross earnings are expected to be between 41 and 49 million euros.
Throughout 2023, there has been a favorable development in terms of macroeconomic trends and a political environment that promotes further expansion of the renewable energy sector, especially in the field of offshore wind. This is accelerated by the need to establish secure and clean energy sources to combat climate change and eliminate dependence on fossil fuels. A warming planet heralds further political incentives to strengthen the expansion of offshore wind energy.
jell
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