Cadeler has posted revenues of €453m in the company’s third quarter earnings report.
The number is up 178% from the same quarter last year when the vessel company reported revenues of €163m.
The increased revenue was driven by the expansion of Cadeler’s fleet, increased vessel utilisation, and compensation in connection with the termination of a long-term agreement, according to the vessel owner.
Cadeler reported EBITDA of € 322m for the period, up from the €70m earnings the company posted for the first nine months of 2024.
The company’s fleet expanded from five to nine vessels so far this year, and the order book has expanded accordingly.
Cash flow from operating activities was up to €286m, compared with €45m in the same category this time a year ago.
Cadeler CEO Mikkel Gleerup said: “With high utilisation, an expanding fleet, and solid client demand, Cadeler continues to deliver on its strategic ambitions.
“The delivery of Wind Ally in September, our first vessel specifically designed for foundation installations, marked another important milestone as we build the most capable fleet in the industry.”