Cadeler A/S Reports Strong Revenue Growth Amid Fleet Expansion

Cadeler A/S Sponsored ADR ( (CDLR) ) has released its Q3 earnings. Here is a breakdown of the information Cadeler A/S Sponsored ADR presented to its investors.

Cadeler A/S Sponsored ADR operates in the renewable energy sector, focusing on providing marine and engineering services for the offshore wind industry. The company, based in Denmark, is known for its specialized fleet of vessels designed for the installation and maintenance of offshore wind farms.

In its latest earnings report for the first nine months of 2024, Cadeler A/S reported a significant increase in revenue, reaching EUR 163 million, up from EUR 91 million in the same period last year. The company has expanded its fleet and undertaken significant investments in upgrading its vessels, contributing to increased operational capacity.

Key financial highlights from the report include a 43% rise in EBITDA to EUR 70 million, although net profit slightly decreased to EUR 28 million. The increase in revenue was accompanied by a rise in costs, primarily due to fleet expansion and maintenance activities. The company also reported robust cash flow from financing activities, largely due to capital raised in a private placement and borrowings, contrasting with substantial cash outflows in investing activities as it continues to expand and upgrade its fleet.

Cadeler’s extensive order backlog, valued at EUR 2,054 million as of September 2024, underscores its strong position in the market, with significant contracts secured for future projects. The company remains optimistic about its revenue and EBITDA outlook for the full year, adjusting its guidance upward due to increased contractual engagements and vessel utilization.

Looking ahead, Cadeler’s management anticipates continued growth, bolstered by its strategic investments and robust contract pipeline, as it aims to capitalize on the increasing demand for renewable energy infrastructure in the offshore wind sector.