Cadeler has revealed bumper profits for 2024, with earnings before interest, tax, depreciation and amortisation (EBITDA) surging by 200% to €126m.
Revenue more than doubled to €249 million, while the order backlog rose to a record-high €2.5bn, driven by major new contracts across Europe, the US, and Asia.
The group’s EBITDA reflected an increase of €84m from the €42m reported in 2023.
The company said growth was fuelled by strong demand, efficient project execution, and the successful integration of Eneti – an acquisition that has further strengthened Cadeler’s global position, particularly in the US and Asia.
Last year also marked a significant milestone in Cadeler’s fleet expansion, as the Wind Peak vessel entered operations and Wind Maker was delivered (pictured).
Five additional newbuilds are on the way – including the next generation of A- and M-class vessels, the company said.
On the back of these results, Cadeler expects continued strong growth in 2025 with projected revenue of up to €525m.
Chief executive Mikkel Gleerup said: “Cadeler is in a very strong position, delivering on our commitments while expanding on our capabilities.
“Our versatile fleet, dedicated team, and innovative approach continue to drive demand from customers seeking efficiency, flexibility and performance.
“With strong execution in 2024, realised cost synergies, and a clear path to achieving sales synergies, we are well-positioned for another transformative year in 2025.
“Our solid financial position, future-proof newbuilds, and robust order book provide a strong foundation for continued growth.”