• Revenue: 65.5 million, significantly up from last year.

• Equity Ratio: 49.7%, slightly decreased due to increased debt from vessel deliveries.

• Utilization Rate: 79.4%, adjusted for dry dock and transition; unadjusted was 55%.

• EBITDA: 23.7 million, significantly up from last year.

• Operating Cash Flow: 20 million from operating activities.

• Contract Backlog: 2.5 billion, 100% of which has reached Final Investment Decision (FID).

• Daily Average Turnover: 5.6 million.

• Revenue Guidance for 2025: 485 to 525 million.

• EBITDA Guidance for 2025: 278 to 318 million.

• Fleet Expansion: 7 vessels operational, with new builds on track.

• CapEx Program: Fully financed with committed facilities of 841 million.

• Warning! GuruFocus has detected 5 Warning Signs with CDLR.

Release Date: May 21, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Cadeler AS (NYSE:CDLR) delivered two new vessels, Windmaker and Wind Pace, ahead of schedule and on budget, contributing to their fleet expansion.

• The company's contract backlog increased to over EUR 2.5 billion, with 100% of the backlog having reached Final Investment Decision (FID).

• Revenue for Q1 2025 was EUR 65.5 million, significantly up from the previous year, indicating strong financial performance.

• Cadeler AS (NYSE:CDLR) has a global presence with active vessels in Europe, APEC, and the US, showcasing its extensive operational footprint.

• The company introduced a new ONM division, Nexa, to enhance its service offerings and capitalize on market opportunities in operations and maintenance.

Negative Points

• The equity ratio decreased to 49.7% as the company took on more debt with the delivery of new vessels.

• Utilization was at 79.4%, with unadjusted utilization at 55%, indicating some inefficiencies during the transition period.

• There are uncertainties in the US offshore wind market due to executive orders and project delays, affecting future project visibility.

• The company faces challenges with teething issues on new vessels, particularly with Wind Peak, impacting operational efficiency.

• Yard prices for new builds continue to rise, potentially making secondhand transactions a more viable but risky option for future growth.

Q & A Highlights

Q: Can you shed some light on contract quality and protection in the offshore wind industry, especially given some projects not progressing as planned? A: Mikkel Gleerup, CEO: We believe our backlog is well-protected contractually. We've focused on securing contracts with terms that protect both us and our clients. Since our listing in 2020, contract quality has been a priority alongside economic aspects, which serves us well today.