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Mar 31, 2025
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Cadeler A/S Q1 2025 Earnings Report
Cadeler A/S reported a net profit in Q1 2025, reversing a loss from the same quarter last year, driven by increased revenue from fleet expansion and higher vessel utilisation.
Key Takeaways
Cadeler A/S delivered strong Q1 2025 results, posting a profit of EUR 1.8 million on EUR 65.5 million in revenue. The turnaround was fueled by new vessels entering service, improved utilisation, and higher operating income.
Revenue surged to EUR 65.5 million due to expanded fleet and higher vessel utilisation.
Net income was EUR 1.8 million, reversing a EUR 20.8 million loss in Q1 2024.
EBITDA reached EUR 23.7 million, reflecting a EUR 34 million improvement year-over-year.
Total assets rose to EUR 2.46 billion following delivery of new M-Class and P-Class vessels.
Forward Guidance
Cadeler maintained its 2025 full-year revenue and EBITDA guidance ranges, expecting continued performance improvements from its enlarged and more utilised fleet.
Positive Outlook
- Revenue guidance remains EUR 485M–525M for FY2025.
- EBITDA guidance maintained at EUR 278M–318M.
- Termination of PSA is expected to generate termination fees.
- Recent vessel additions are expected to contribute significantly in upcoming quarters.
- Positive outlook for project execution and backlog conversion.
Challenges Ahead
- Termination of the PSA, though partially offset by fees.
- Delays in UK re-domiciliation due to strategic reprioritisation.
- Investing cash outflows surged to EUR 466.8M due to vessel deliveries.
- Operating cash flow offset by lower trade and other payables.
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