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01/11 11:05
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Despite potential risks like supply chain disruptions and economic uncertainties, Cadeler's strong financial performance, high utilization rates, and record backlog provide a positive outlook. The Q&A reveals confidence in future projects and vessel undersupply, suggesting strong demand. While some management responses were unclear, the overall sentiment remains positive, supported by high operational cash flow and a solid equity ratio.
Revenue EUR 154.3 million, reflecting high utilization and the addition of three more vessels in operations compared to last year.
Equity Ratio 47.3%, indicating a solid financial position despite a more leveraged balance sheet due to deliveries and drawdowns on facilities.
Utilization 92.2%, a very high rate for the quarter, showcasing strong operational performance.
Market Cap EUR 1.4 billion, approximately 3x the guided EBITDA for the year.
EBITDA EUR 109.1 million, more than double compared to last year, driven by high utilization and additional vessels.
Cash Flow from Operating Activities EUR 214 million, reflecting strong operational cash generation.
Backlog EUR 2.9 billion, a record high, with 78% having reached FID, indicating strong future earnings visibility.
Cost of Sales EUR 38,000 approximately for the quarter, slightly up compared to last year due to higher operational expenses in the U.S. but still below EUR 14,000 per day.
SG&A Expenses Increased due to organizational growth to support more vessels and upcoming foundation projects.
OpEx EUR 34,000 per day for the year, reflecting controlled operations despite increased activity.
Newbuild Deliveries: Delivered 3 of 4 newbuilds scheduled for 2025, with the remaining Wind Mover on track for delivery in Q4 2025.
Operational Utilization: Achieved 92% utilization in Q3 2025, reflecting strong operational performance.
Fleet Expansion: Added new vessels like Wind Ally and Wind Keeper, with upgrades and mobilizations for upcoming projects.
Global Market Presence: Operating in key markets including the U.S., Europe, and Asia, with significant backlog across these regions.
Backlog Growth: Backlog reached EUR 2.9 billion, with 78% having reached FID, indicating strong market demand.
Future Market Trends: Anticipates vessel undersupply in 2029 and beyond, with strong growth in offshore wind installations globally.
Cost Management: Maintained cost of sales under control at EUR 38,000 per quarter, despite increased operations.
Financial Performance: Revenue of EUR 154.3 million and EBITDA of EUR 109.1 million in Q3 2025, driven by high utilization and new vessel operations.
Funding and Liquidity: Strong balance sheet with sufficient funding for remaining CapEx program, supported by bank facilities.
Long-term Contracts: Secured a large foundation project for execution in 2029, reflecting strategic focus on long-term opportunities.
Market Positioning: Positioned as a leader with the largest and most versatile fleet in the industry, focusing on high-value projects.
O&M Market Expansion: Building Nexra, an O&M vehicle, to capture growing demand for operations and maintenance services.
Market Conditions: The company anticipates increased competition and lower utilization rates in 2027 and 2028 due to project delays and missed auction rounds, which could impact revenue and operational efficiency.
Regulatory Hurdles: The company is dependent on successful government auctions and regulatory support, such as those in Denmark, to secure future projects. Delays or failures in these auctions could negatively impact the project pipeline.
Supply Chain Disruptions: The termination of the Maersk Offshore Wind vessel contract indicates potential supply chain challenges, reducing available market supply and possibly affecting project timelines.
Economic Uncertainties: The company faces uncertainties in securing financing for future vessel deliveries, such as the Wind Apex scheduled for 2027, which could impact its ability to meet market demand.
Strategic Execution Risks: The company acknowledges the need to secure high-quality projects for 2027 and 2028 to maintain fleet utilization and financial performance. Failure to do so could lead to underutilization and reduced profitability.
Backlog and Future Projects: Cadeler has a significant backlog of EUR 2.9 billion, with 78% of it having reached FID. The company expects strong backlog growth across the years, with a large foundation project scheduled for execution in 2029. They anticipate slightly lower utilization in 2027 and 2028 due to increased competition and project delays but are actively working to secure the best projects for these years.
Newbuild Deliveries: The Wind Mover is on track for delivery in Q4 2025, completing the delivery of five vessels this year. Wind Pace is expected to be floated out in December 2025, with delivery planned for Q3 2026. Wind Apex is scheduled for delivery in Q2 2027, with plans proceeding as expected.
Market Trends and Vessel Utilization: Cadeler anticipates strong momentum in the near term, with high demand for installation and O&M solutions in 2026 and 2027. However, they foresee weaker momentum in the second half of 2027 and 2028 due to project delays and increased competition. The company expects a significant uptick in demand from 2029 onwards, with a potential vessel undersupply towards the end of the decade and into the next.
Geographical Market Focus: Cadeler is active in Europe, the U.S., and Asia, with Europe expected to remain the leader in offshore wind development. They also see growth in the APAC region, particularly in Korea, Taiwan, and Japan, although new developments in other Asian countries are not expected to impact this decade.
O&M Market Growth: The company sees strong growth in demand for O&M services, with an increasing share of the fleet dedicated to turbine campaigns and ad hoc service work for main component replacements.
Financial Outlook: Cadeler maintains its full-year 2025 outlook, with revenue for Q3 2025 at EUR 154.3 million and a record-high backlog providing earnings visibility. They expect strong near-term financial performance, slightly weaker middle-term performance, and a pickup in the longer term.
The selected topic was not discussed during the call.
Despite potential risks like supply chain disruptions and economic uncertainties, Cadeler's strong financial performance, high utilization rates, and record backlog provide a positive outlook. The Q&A reveals confidence in future projects and vessel undersupply, suggesting strong demand. While some management responses were unclear, the overall sentiment remains positive, supported by high operational cash flow and a solid equity ratio.
Despite strong financial metrics, including a solid equity ratio and increased EBITDA, uncertainties loom with regulatory challenges, potential project cancellations, and operational risks. The termination fees inflating revenue suggest vulnerability. The Q&A highlighted management's evasiveness on critical issues like Revolution Wind's future and vessel upgrades. While the backlog remains robust, limited U.S. exposure and emerging market risks temper optimism. Given these mixed signals, the stock price is likely to remain stable over the next two weeks, resulting in a neutral sentiment.
Cadeler's earnings call presents a mixed picture. Financially, the company shows strong revenue growth and a robust backlog, yet faces challenges like regulatory issues and supply chain concerns. The Q&A section reveals uncertainties in project timelines and management's vague responses. Despite positive revenue and EBITDA guidance, the lack of shareholder return plans and competitive pressures dampen sentiment. Given these factors, the stock price is expected to remain stable, with potential slight fluctuations, leading to a neutral prediction for the next two weeks.
The earnings call highlights significant revenue and EBITDA growth, with a strong backlog and operational cash flow. Despite increased SG&A expenses, the financial metrics are robust. The Q&A reveals positive sentiment towards contract economics and market opportunities in Europe, though there are concerns about newbuild costs and unclear management responses. No shareholder return plan was announced, but the overall financial health and optimistic guidance suggest a positive stock price movement.
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