Cadeler Reports Strong Q3 Earnings, Raises 2024 Guidance

Offshore wind installation specialist Cadeler has reported a significant improvement in its financial performance for the third quarter of 2024, with earnings before interest, tax, depreciation, and amortization (EBITDA) reaching €48 million, up from €8 million in the same period last year.

Revenue for the quarter climbed to €81 million, a substantial increase compared to €23 million in 2023.

Based on its year-to-date results, Cadeler has raised its full-year revenue guidance to a range of €243 million to €253 million. The company also revised its EBITDA guidance, narrowing it to the upper end of the previously announced range, now expected between €115 million and €125 million.

The company's fleet achieved a combined utilization rate of 86.5% in Q3 2024, reflecting a return to normal operations following scheduled maintenance and crane upgrades earlier in the year.

Cadeler CEO Mikkel Gleerup highlighted the company's strong market position:
“We continue to meet our ambitious 2024 targets, reaffirming our guidance for the year while showcasing a record-breaking order backlog exceeding €2.3 billion,” he said.

He also noted robust demand in Europe and Asia, emphasizing the UK's role in offshore wind expansion. Projects such as East Anglia Two and Hornsea 3 underline Cadeler's growing presence in the region.

A key milestone in Q3 was the delivery of the Wind Peak, a state-of-the-art vessel completed on time and within budget. The vessel, now deployed on a short-term contract in Europe, is set to begin work on the Sofia project for Siemens Gamesa and RWE in 2025.

“With five ships already operational and more on the horizon, we are better equipped than ever to deliver high-value, flexible solutions for our clients' evolving needs,” Gleerup added.

Cadeler's robust Q3 performance and revised guidance reflect its strengthened position in the offshore wind sector, underpinned by a growing fleet and a substantial order backlog.