Cadeler has reported €11m in profit for 2023, compared with €35m in 2022.
Operating profit (EBIT) was €14m in 2023, compared with €41m in 2022.
Despite a lower utilisation rate of 75% due to vessel upgrades of Wind Orca and Wind Osprey in Q4 2023, Cadeler saw a revenue growth of 2% in 2023, amounting to €109m.
Cost of sales for 2023 rose by 20% to €60m, up from €50m the previous year.
This increase was largely due to the impairment of the sold main crane for Wind Orca, costing €5m.
Other contributing factors include an additional €3.8m from the business combination.
Cadeler provided a revised outlook for the Adjusted EBITDA in the range of €47m to €52m, with the actual adjusted EBITDA for the year coming in at €50m.
Based on the current contract coverage, increasing fleet size and upgrade of existing vessels, the financial performance for 2024 is expected to result in a revenue in the range of €225m to €245m and an EBITDA ranging between €105m to €125m.
During 2023, Cadeler has ensured a record-breaking backlog of orders. The contracts that Cadeler has signed will provide a steady, continuous flow of projects towards 2030.
Highlights of the past year include signing two contracts with Orsted for the Hornsea 3 offshore wind farm, with a total value of €500-700m.
The combined contracts represent the biggest deal in Cadeler’s history.
Mikkel Gleerup, CEO of Cadeler, said: “I am pleased to see a solid result for 2023 where Cadeler has focused on strategic scale-up to prepare for the future.
“We have now built a solid foundation along with the accumulation of a record-breaking backlog of orders in line with our promises to our investors.
“We have taken important steps that have moved Cadeler to the next level.
“In 2023 we merged with Eneti, building an even stronger organisation, along with strategic scale-up in fleet size, and investments in talents.
“Furthermore, we have taking important steps in securing attractive debt financing for our operating vessels and newbuilds.”