Cadeler has reported EBITDA of €24m, an increase of €34m from a loss of €10m in Q1 2024, for the first three months of 2025.
The company reported revenue of €65m, an increase of €46m compared to €19m in the same period of 2024.
The expectation for both revenue and EBITDA remains unchanged for 2025 as communicated in Cadeler’s Annual Report 2024.
Full-year revenue is expected to range between €485-525m and EBITDA is expected to range between €278-318m.
In the first quarter of 2025, Cadeler took delivery of two new state-of-the-art jack-up wind farm installation vessels.
Wind Maker (pictured) was delivered to the company in January 2025 and has already begun her first installation job at the Greater Changhua 2b and 4 offshore wind farms in Taiwan, developed by Orsted.
Wind Pace was delivered to the company in March 2025 and will be deployed at an offshore wind farm project in the US under a contract from Q2 2025 to Q1 2026.
Both vessels were delivered to Cadeler safely, on time and within budget, and are purpose-built to withstand severe weather conditions and operate at the industry’s most challenging offshore wind installation sites across the globe.
Cadeler’s seven operating vessels achieved a combined utilisation rate of 55.3% in Q1 2025.
The utilisation rate is in line with the company’s expectations and reflects the scheduled drydocking and planned maintenance work scopes, plus time in transit for the Group’s new vessel deliveries.
Mikkel Gleerup, chief executive of Cadeler, said: “We’ve begun 2025 in line with our expectations.
“With revenue more than tripling and EBITDA returning firmly to positive territory, our investments in fleet expansion and project execution are delivering tangible results.
“We’ve brought two more vessels into operation (representing 50% of the new builds to be delivered in 2025), which will allow us to continue supporting our clients in Europe, Asia-Pacific and North America with a modern, flexible and capable fleet.”
“Our outlook for the year remains strong, with a robust contract pipeline, healthy liquidity, and the strategic headroom needed to support our continued growth. We remain committed to being the partner of choice for next-generation offshore wind projects.”
As of today’s date, Cadeler’s contract backlog stands at €2,487m, of which €2,023m is under firm contract and €464m under exercisable options.
Now 100% of the backlog relates to projects that have received a positive Final Investment Decision (FID).