Cadeler A/S(US:CDLR)2025-11-20 13:00Financial Performance - Revenue for Q3 2025 increased to €154.3 million, up from €80.6 million in Q3 2024, representing a growth of 91.5%[29] - EBITDA for Q3 2025 reached €109.1 million, compared to €48.4 million in Q3 2024, marking an increase of 125.5%[29] - Operating profit for Q3 2025 was €79.7 million, compared to €33.2 million in Q3 2024, reflecting a growth of 139.8%[29] - Full year 2025 revenue outlook is between EUR 588 million and EUR 628 million, with Q3 2025 revenue reported at EUR 154 million and YTD 2025 at EUR 453 million[44] - EBITDA for 2025 is projected to be between EUR 381 million and EUR 421 million, with Q3 2025 EBITDA reported at EUR 109 million and YTD 2025 at EUR 322 million[44] Contract and Project Updates - The contract backlog stands at €2.9 billion, providing solid earnings visibility[15] - Significant contracts signed in Q3 2025 include a €210 million agreement with Vestas and a €49 million contract for WTG installation at BC-Wind in Poland[20] - The company delivered three new vessels in 2025, with the remaining newbuild (Wind Mover) on track for delivery ahead of schedule[8] - Timely vessel deliveries, including Wind Maker and Wind Pace in Q1 2025, are crucial for project execution in APAC and the US[44] Asset and Financing Overview - Total assets increased to €3.06 billion in 9M 2025, up from €1.94 billion in FY 2024, driven by newbuilds and available cash[35] - The equity ratio decreased to 47% in 9M 2025 from 64% in FY 2024, reflecting increased liabilities due to financing activities[35] - EUR 2,165 million in total funding secured, with EUR 1,455 million drawn as of September 30, 2025, leaving EUR 710 million undrawn[39] - The financing overview indicates a total commitment of EUR 2,165 million, with EUR 1,455 million utilized as of September 30, 2025[43] - The company has a strong interest from banks to finance its CAPEX program, indicating robust financial support for future projects[37] Market Outlook and Demand - 90 GW of added offshore wind capacity is expected globally (excluding China) by 2031, indicating a significant long-term demand for offshore wind[48] - Anticipated undersupply of capable vessels from 2029 onwards due to increasing market demand, particularly in operations and maintenance (O&M)[60] Operational Efficiency - Utilization rate improved to 92.2% in Q3 2025, up from 86.5% in Q3 2024[31] - The company has the largest fleet of efficient vessels for wind turbine and foundation installation, enhancing project execution capabilities[53] - 50% of USD exposure and approximately 50% of interest exposure are hedged against expected facilities[42] Strategic Initiatives - The company is actively working to increase the attractiveness of national auctions to regain momentum in offshore wind project bidding[47]