Financial Data and Key Metrics Changes - The company reported revenue of EUR 154.3 million for Q3 2025, reflecting strong performance in line with expectations [12][13] - EBITDA for the quarter was EUR 109.1 million, more than double compared to the previous year [12][14] - The cash flow from operating activities was EUR 214 million, indicating robust financial health [12] - The backlog reached a record high of EUR 2.9 billion, with 78% having reached Final Investment Decision (FID) [8][12] Business Line Data and Key Metrics Changes - The company has three new vessels in operation, contributing to high utilization rates of 92% [4][12] - The Wind Keeper is currently undergoing upgrades in Denmark and is expected to start its long-term contract with Vestas soon [4][11] - The Wind Ally is mobilizing for the Hornsea 3 Foundation TNI project, showcasing the company's active engagement in multiple projects [4][6] Market Data and Key Metrics Changes - The company is experiencing strong demand across key markets, including the U.S., Europe, and Asia, with significant backlog growth [7][8] - The company anticipates increased competition in 2027 and 2028, leading to potentially lower utilization rates during those years [8][19] Company Strategy and Development Direction - The company aims to secure more foundation work and BTG (Balance of Plant) projects while continuing to build its O&M (Operations and Maintenance) vehicle, Nexra [8][24] - The focus is on capturing the best projects to maintain high utilization rates for its fleet [23][24] - The company is preparing for a significant outbuild of offshore wind projects in the coming decade, with expectations of vessel undersupply towards the end of the decade [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the number of projects being bid and the willingness of clients to commit to these projects, particularly for 2029 and 2030 [33][50] - There is an expectation of a strong near-term market, with every vessel day being captured, followed by a more balanced work environment in the middle years [28][29] - The company is actively involved in tenders across all years, emphasizing the importance of delivering value to clients [25][27] Other Important Information - The company has maintained strong support from banks for its financing needs, ensuring sufficient funding for its CapEx program [16][17] - The company is not planning to provide segment reporting for its foundation and turbine installation services [48] Q&A Session Summary Question: Confidence level for 2029 and 2030 volumes - Management's confidence is based on the number of projects being bid and clients' willingness to commit to these bids, with expectations for significant project approvals [33][34] Question: Positioning Cadeler for the next couple of years - Clients value the predictability and safety of Cadeler's large fleet, which allows for guaranteed vessel availability and backup options [35] Question: Pricing context for 2028 demand - Pricing in Europe for 2028 is under pressure, while Asia maintains a tighter supply-demand balance [36] Question: Scope of work on Hornsea 3 - Management confirmed that they are on plan for Hornsea 3, with ongoing preparations and mobilizations, but specific timelines cannot be disclosed [43][44] Question: Split of EUR 500 million contract - The company is unable to disclose the percentage split of TNI services and installation due to auction confidentiality [47] Question: Expectations for supply and demand in 2029 and 2030 - Management believes that analysts may be underestimating supply constraints, leading to an expected undersupply despite shifting demand [49][50]

Cadeler (NYSE:CDLR) Q3 2025 Earnings Call November 20, 2025 08:00 AM ET Speaker1Good morning and welcome to Cadeler's third quarter 2025 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer, and Peter Brøgaard, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from ...

Investor Presentation Q3 2025 1 July – 30 September 2025 Cadeler A/S. Incorporated in Denmark. Registration Number (CVR no.): 3118 0503 Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark Disclaimer None of the Company or any of its parent or subsidiary undertakings or any of such persons' directors, officers or employees provides any assurance that the assumptions reflected in the forward-looking statements included in this Presentation are free from error nor does any of them accept any responsibility for t ...

Core Insights - Cadeler has reported strong financial and operational performance in its Q3 2025 Earnings Release, reaffirming its full-year guidance as it continues to implement its long-term growth strategy [1] Financial Performance - In the first nine months of 2025, Cadeler generated revenue of EUR 453 million, which represents a 178% increase from EUR 163 million in the same period of 2024, amounting to an increase of EUR 290 million [1]

Core Insights - Cadeler has signed two significant contracts for the full-scope transportation and installation of offshore wind turbines and their foundations, with a combined projected value of approximately EUR 500 million [1][2]. Contract Details - The foundations transportation and installation (T&I) campaign is scheduled to start in early 2029, utilizing one of Cadeler's newbuild A-class vessels [2]. - The turbine installation is set to begin in early 2030 and will be executed by one of Cadeler's O-class jack-up vessels, with completion expected by late 2030 [2]. - The contracts are contingent upon the client's investment decision; if the client is unsuccessful, the agreements may be terminated with a termination fee [3]. Company Positioning - CEO Mikkel Gleerup stated that this project reinforces Cadeler's position as a full-service T&I partner in the foundations space, aligning with current market demands [4]. - Cadeler operates a fleet of nine wind installation vessels, with three additional vessels under construction, showcasing the company's capacity to handle complex offshore wind projects [4]. Company Overview - Cadeler A/S is a global leader in offshore wind installation, operations, and maintenance services, focusing solely on the offshore wind industry [5]. - The company owns and operates the largest fleet of jack-up offshore wind installation vessels, contributing significantly to the development of offshore wind energy [5]. - Cadeler is committed to sustainable wind farm installation and enabling the global energy transition towards renewable energy [5].

Core Points - Cadeler has officially opened a new office in Norwich, UK, enhancing its presence in the offshore wind market [1] - The relocation from Great Yarmouth to a larger and more modern workspace aims to support Cadeler's expanding project portfolio in the UK and Europe [1] Company Developments - The new office in Norwich signifies Cadeler's continued growth in the offshore wind installation and services sector [1] - The move to a more spacious location reflects the company's commitment to accommodating its increasing operational needs [1]

Core Insights - Cadeler has successfully delivered its first A-class vessel, Wind Ally, ahead of schedule and within budget, marking a significant milestone in the company's fleet expansion and strategic capabilities in offshore wind installation [1][2][3] Fleet Expansion and Capabilities - Wind Ally is the ninth vessel in Cadeler's fleet and will be deployed for the installation of foundations at Ørsted's Hornsea 3 offshore wind farm, taking on the entire transport and installation scope for monopile foundations [1][6] - The A-class design features a deck space of 5,600 m², a payload capacity exceeding 18,000 tons, and a main crane capable of lifting over 3,300 tonnes, allowing for the transport and installation of up to six sets of XXL monopile foundations per load [4] - The vessel's hybrid design enables quick conversion between foundation installation and wind turbine generator installation, enhancing operational efficiency and safety [4] Strategic Partnerships and Projects - Cadeler has established a new department of specialists and invested in vessel design tailored for XXL monopiles, positioning itself as a full-service provider in the foundations market [2] - The Hornsea 3 project, upon completion, will be the largest offshore wind farm globally, delivering 2.9 GW of renewable energy, sufficient to power over three million UK homes [6][7] - Cadeler's partnership with Ørsted spans over a decade, and the company will utilize three vessels for the Hornsea 3 project, underscoring its pivotal role in this ambitious initiative [7] Future Outlook - Wind Ally is the first of three A-class vessels ordered by Cadeler, with Wind Ace and Wind Apex scheduled for delivery in 2026 and 2027, respectively, contributing to a planned fleet of 12 vessels by mid-2027 [5] - This expansion strategy aims to create the largest and most versatile fleet in the offshore wind industry, enhancing execution certainty for global clients [5]

Group 1 - Cadeler has signed a firm contract with Ocean Winds for the transportation and installation of 26 Siemens Gamesa 14MW offshore wind turbines at the BC-Wind offshore wind farm in the Polish Baltic Sea [1] - The contract follows a Vessel Reservation Agreement (VRA) signed in February 2025 between Cadeler and Ocean Winds [1] - Upon completion, the BC-Wind project will have a total capacity of up to 390 MW, providing clean electricity to nearly half a million households [1]

Financial Data and Key Metrics Changes - For Q2 2025, revenue reached EUR 233.1 million, showing substantial growth despite being impacted by termination fees from the Horn C4 project [17] - EBITDA increased significantly from EUR 32 million to EUR 189 million year-over-year, indicating strong operational performance [21] - The company maintains a solid balance sheet with a market cap of EUR 1.7 billion and an adjusted utilization rate of 94.1% for Q2 [18][19] Business Line Data and Key Metrics Changes - The backlog remains stable at EUR 2.5 billion, with 97% of projects having final investment decisions [12][13] - The Windkeeper vessel is highlighted as a key asset, with a long-term contract secured with Vestas for operations and maintenance services [6][10] - The company is actively working on multiple projects, including Revolution Sunrise and Revolution Wind, although the latter is currently halted [11][66] Market Data and Key Metrics Changes - The U.S. market constitutes less than 10% of the total backlog, indicating a focus on international projects [11] - The company is experiencing strong demand for operations and maintenance services, particularly for larger turbines [5][50] Company Strategy and Development Direction - The company is focused on expanding its fleet and enhancing operational capabilities, particularly through the NexTra service concept [5][52] - There is a strategic emphasis on sustainability, including biofuel testing and decarbonization efforts [36][56] - The company aims to maintain a resilient business model while adapting to market recalibrations and emerging opportunities [41][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a period of market recalibration but remains optimistic about long-term growth in offshore wind and operations and maintenance sectors [37][41] - The company expects improved conditions and policy support in key markets, which could enhance project execution timelines [39][40] - Despite challenges, management believes in the strength of their fleet and the ability to meet client demands effectively [42][58] Other Important Information - The company is actively engaged in discussions with banks for financing future projects, indicating strong interest from financial institutions [26][28] - The full-year outlook for 2025 has been adjusted to a revenue range of EUR 588 million to EUR 628 million, with EBITDA projected between EUR 381 million and EUR 421 million [30] Q&A Session Summary Question: Impact of halted Revolution Wind project - Management stated that they are contractually well protected and are in dialogue with clients regarding the halted project, referencing a similar situation with Empire that was resolved [64][66] Question: CapEx related to Windkeeper - It was confirmed that the majority of Q2 CapEx was related to Windkeeper, with no unplanned expenditures [70] Question: Upgrades on Windkeeper - Upgrades include adding a new auxiliary crane, a bow thruster for improved operations, and general accommodation enhancements to meet client expectations [72][73] Question: Availability of similar vessels in the market - Management indicated that Windkeeper is unique and that upgrading other Chinese vessels for European operations would be challenging [75][76] Question: Alternative work scopes amid stop order - Management clarified that clients do not wish for vessels to be repurposed for other projects while awaiting clarity on the stop order [81][82] Question: Stability of termination fees in contracts - Management expressed that termination fees in contracts remain stable, despite recent trends in the industry [83]

Financial Data and Key Metrics Changes - For Q2 2025, revenue reached EUR 233.1 million, showing substantial growth compared to the previous year, despite being impacted by termination fees from the Horn C4 project [16][18] - EBITDA increased significantly from EUR 32 million to EUR 189 million year-over-year, indicating strong operational performance [21][22] - The company maintains a solid balance sheet with a market cap of EUR 1.7 billion and an adjusted utilization rate of 94.1% for Q2 [17][18] Business Line Data and Key Metrics Changes - The backlog remains stable at EUR 2.5 billion, with 97% of projects having final investment decisions [11][12] - The Windkeeper vessel is highlighted as a key asset, with a long-term contract secured with Vestas for operations and maintenance services [6][9] - The company is actively expanding its O&M services through the establishment of NexTra, responding to increasing demand for larger turbine maintenance [5][43] Market Data and Key Metrics Changes - The U.S. market constitutes less than 10% of the total backlog, with ongoing projects like Revolution Sunrise and an O&M job [10] - The company is seeing a healthy contract economics in new projects, such as the Formosa Four in Taiwan, scheduled for installation in 2028 [9] - There is a noted undersupply of vessels expected towards the end of the decade, particularly for foundation installation [42][58] Company Strategy and Development Direction - The company is focused on building a resilient business model with a clear emphasis on core competencies and strategic partnerships, particularly in emerging markets [55][56] - The acquisition of the Windkeeper vessel is part of a broader strategy to enhance the fleet's capabilities and meet client demands in the O&M sector [52][76] - Sustainability initiatives are being prioritized, including biofuel testing and equipment efficiency upgrades, to reduce the carbon footprint [34][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a period of market recalibration, with expectations for improved conditions and policy changes in key markets like the UK and Denmark [36][38] - The outlook for 2025 has been adjusted to reflect revenue expectations between EUR 588 million to EUR 628 million, influenced by project timelines and termination fees [29] - The company remains optimistic about long-term growth in offshore wind and O&M markets, despite short-term challenges [58] Other Important Information - The company has a strong track record in capital markets and a record-high backlog, which enhances earnings visibility for investors [59] - The financial situation is solid, with cash reserves and committed facilities in place to support ongoing operations and future projects [27][28] Q&A Session Summary Question: Impact of Revolution Wind project halt - Management indicated that contractual protections are in place for both Revolution and Sunrise Wind projects, and they are in dialogue with clients regarding the situation [63][64] Question: CapEx related to Windkeeper - It was confirmed that the majority of Q2 CapEx was related to the Windkeeper vessel, with no unplanned expenditures [68][69] Question: Upgrades on Windkeeper - Upgrades include adding a new auxiliary crane, a bow thruster for improved DP capabilities, and general accommodation upgrades to meet client expectations [70][72] Question: Acquisition rationale for Windkeeper - The acquisition was driven by a unique opportunity at an attractive price, with existing client demand for O&M services influencing the decision [76]