This article first appeared on GuruFocus.
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Revenue: EUR154.3 million for Q3 2025.
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EBITDA: EUR109.1 million for the quarter.
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Utilization Rate: 92.2% in Q3 2025.
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Equity Ratio: 47.3% with a more leveraged balance sheet.
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Cash Flow from Operations: EUR214 million.
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Backlog: Record high at EUR2.9 billion.
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Market Cap: EUR1.4 billion, approximately 3 times the guided EBITDA for the year.
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Cost of Sales: Approximately EUR38,000 for the quarter.
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SG&A Expenses: Increased due to organizational growth.
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OpEx: EUR34,000 per day for the year.
Release Date: November 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Cadeler AS (CADLF) reported a strong financial performance in Q3 2025, with revenue reaching EUR 154.3 million and an EBITDA of EUR 109.1 million.
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The company achieved a high utilization rate of 92.2% for the quarter, indicating efficient operations across its fleet.
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Cadeler AS (CADLF) has a significant backlog of nearly EUR 2.9 billion, providing strong earnings visibility and future revenue assurance.
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The company successfully delivered three out of four newbuilds scheduled for 2025, with the remaining vessel, Wind Mover, on track for delivery soon.
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Cadeler AS (CADLF) continues to expand its global presence, working on projects in the US, Europe, and Asia, and has secured a large foundation project for execution in 2029.
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The company anticipates increased competition and potentially lower utilization rates in 2027 and 2028, which could impact financial performance.
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There is a noted shift in project timelines, with some projects moving to later years, potentially affecting near-term revenue.
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Cadeler AS (CADLF) faces challenges in securing projects for 2028 due to a more competitive market environment.
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The company has not committed financing for the Wind Apex vessel, which is scheduled for delivery in 2027, indicating potential financial planning challenges.
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There is uncertainty in the market regarding government and political support for offshore wind projects, which could impact future project approvals and demand.
Q: Can you elaborate on your confidence level for higher volumes in 2029 and 2030? Is this dependent on specific events or government support for offshore wind in Europe? A: Mikkel Gleerup, CEO: Our confidence is based on the number of projects we are currently bidding on and the willingness of our clients to commit to these bids if they can secure capacity. While the UK round 7 auction budget was lower than expected, we believe significant projects can still be approved. We see a potential situation in 2029 where not all projects can be served due to high demand.