Shares of Cadeler A/S (CSE:CADLR) climbed 2.7% as the company reported fourth-quarter earnings that surpassed analyst expectations. The offshore wind contractor announced an EBITDA of €56 million, which beat the Bloomberg consensus of €50 million and exceeded the company’s own guidance range of €115-125 million for the fiscal year 2024.
The company’s fourth-quarter revenue reached €86 million, slightly ahead of the €84 million consensus and within the full-year guidance of €243-253 million. Cadeler’s annual revenue for fiscal year 2024 amounted to €249 million, aligning closely with the €251 million forecast by analysts. Despite a reported reduced utilization rate of 66% due to upgrades and maintenance on its vessels, Cadeler achieved substantial year-on-year growth.
Furthermore, Cadeler’s year-end net debt stood at €513 million, which was more favorable than the anticipated €537 million, following a capital expenditure of €66 million in the fourth quarter. The backlog, a key indicator of future revenue, increased by 7% to €2.55 billion from €2.4 billion in November 2024.
Looking ahead to 2025, Cadeler’s guidance suggests EBITDA will range between €278-318 million, with the midpoint of €298 million falling 4% short of the consensus estimate of €311 million. However, projected revenues for 2025 are estimated to be between €485-525 million, with the midpoint of €505 million exceeding analyst expectations by 2%.
Cadeler’s optimistic outlook for 2025 is underpinned by strong demand for its expanding fleet and its strategic position in the offshore wind market. The company expects to further solidify its role as a leading transport and installation contractor in this sector.
