Cadeler has announced impressive financial results for 2024, with earnings before interest, tax, depreciation, and amortisation (EBITDA) soaring by 200% to €126 million. The company also reported a significant increase in revenue, which more than doubled to €249 million. Additionally, its order backlog reached a record-high €2.5 billion, driven by new contracts across Europe, the US, and Asia.
The surge in EBITDA, which increased by €84 million from €42 million in 2023, was attributed to strong demand, efficient project execution, and the successful integration of Eneti. This acquisition has bolstered Cadeler’s global footprint, particularly in the US and Asia.
Cadeler also marked a key milestone in 2024 with the entry of the Wind Peak vessel into operations and the delivery of the Wind Maker vessel. The company noted that five more newbuild vessels are scheduled, including the next generation of A- and M-class vessels, which are expected to further enhance its capabilities.
Looking ahead, Cadeler is optimistic about continued growth in 2025, projecting revenue of up to €525 million. CEO Mikkel Gleerup commented on the company’s strong positioning: “Cadeler is in a very strong position, delivering on our commitments while expanding on our capabilities. Our versatile fleet, dedicated team, and innovative approach continue to drive demand from customers seeking efficiency, flexibility and performance.”
Gleerup further highlighted the company’s strategy, saying, “With strong execution in 2024, realised cost synergies, and a clear path to achieving sales synergies, we are well-positioned for another transformative year in 2025. Our solid financial position, future-proof newbuilds, and robust order book provide a strong foundation for continued growth.”
The company’s success in 2024, coupled with its strategic investments in new vessels and a robust order backlog, sets a promising foundation for its future expansion.
