Offshore wind installation firm Cadeler (CADLR.CO) reported EBITDA of €24 million for the first quarter of 2025, a turnaround from a €10 million loss in the same period last year, driven by increased revenue and the addition of two new vessels to its fleet.
Revenue for the quarter rose to €65 million, up from €19 million in Q1 2024. The company attributed the increase to the deployment of additional assets and steady execution of ongoing projects. Expectations for full-year performance remain unchanged, with revenue forecast between €485–525 million and EBITDA between €278–318 million, as outlined in Cadeler’s 2024 Annual Report.
In the first three months of the year, Cadeler took delivery of two state-of-the-art jack-up wind turbine installation vessels: Wind Maker in January and Wind Pace in March. Wind Maker is currently working on Ørsted’s Greater Changhua 2b and 4 offshore wind farms in Taiwan, while Wind Pace is scheduled to begin operations at a U.S. offshore wind project from the second quarter of 2025.
Both vessels were delivered on time, within budget, and are designed to operate in severe offshore conditions worldwide.
The company’s fleet of seven operating vessels recorded a combined utilisation rate of 55.3% during the quarter. Cadeler said the figure was in line with expectations, reflecting planned maintenance, drydocking, and vessel transit periods related to the fleet expansion.
“We’ve begun 2025 in line with our expectations,” said Mikkel Gleerup, Cadeler’s chief executive. “With revenue more than tripling and EBITDA returning firmly to positive territory, our investments in fleet expansion and project execution are delivering tangible results.”
“Our outlook for the year remains strong, with a robust contract pipeline, healthy liquidity, and the strategic headroom needed to support our continued growth,” he added.
As of May 21, Cadeler reported a contract backlog of €2.49 billion, including €2.02 billion in firm contracts and €464 million in options. The company noted that 100% of the backlog is tied to projects that have reached a positive Final Investment Decision (FID).
