Cadeler A/S(US:CDLR)2025-11-20 13:00Financial Performance & Backlog - Cadeler's Q3 2025 revenue increased to EUR 1543 million, up from EUR 80567 million in Q3 2024[43] - The company's EBITDA for Q3 2025 was EUR 109 million, compared to EUR 48431 million in Q3 2024[43] - Cadeler has a strong contract backlog of EUR 29 billion, providing solid earnings visibility[19, 40] - 78% of the total contract backlog, amounting to EUR 2262 million, relates to projects with a positive final investment decision (FID)[28] Vessel Operations & Newbuilds - Cadeler had very strong vessel utilization in Q3 2025, with seven vessels operating across the world[10] - Three out of four newbuilds scheduled for delivery in 2025 have been delivered, with the remaining one on track[9] - The company signed a significant long-term contract with Vestas for a firm period of three years, valued at approximately EUR 210 million, potentially exceeding EUR 380 million if all options are exercised[30] - Cadeler signed a firm contract with Ocean Winds for WTG installation at the BC-Wind Offshore Wind Farm in Poland, valued between EUR 49 and EUR 58 million[30] Market Outlook & Financing - Cadeler anticipates an undersupply of capable vessels from 2029 onwards due to increasing market demand[80] - The company has secured EUR 2165 million in funding, including Wind Keeper, with EUR 1455 million drawn as of September 30, 2025[56] - US projects contribute to approximately 7% of Cadeler's total backlog, while Europe accounts for 84% and APAC for 9%[20, 21, 22]