Shares of Cadeler As (NYSE:CDLR) climbed more than 2% on Tuesday after the offshore wind specialist reported second-quarter earnings that significantly surpassed analyst expectations.
Net income reached €166 million, far exceeding the Bloomberg consensus of €56 million. EBITDA totaled €189 million, well above the predicted €107 million, while revenues increased to €233 million compared with forecasts of €164 million.
For the first half of 2025, EBITDA amounted to €213 million, representing 53% of the midpoint of full-year guidance. The company also reported a second-quarter utilisation rate of 76.2%, up from 55.3% in Q1, bringing the first-half average to 66.9%.
“Positive 2Q EBITDA & net profit is ahead of JEFe and materially ahead of consensus, which is yet to fully reflect the guidance upgrade on 1 July following a termination fee from Orsted,” noted Jefferies analyst Jamie Franklin.
Net debt rose to €1.15 billion, above the consensus estimate of €955 million, driven by €207 million in acquisition spending during the quarter.
Cadeler highlighted that its order backlog remains steady at €2.5 billion, with 97% tied to projects where a final investment decision has been made. The company also secured two new contracts totaling €285 million.
“This first half-year demonstrates the strength of our strategic focus and our ability to deliver, both operationally and financially, as we scale in a global market,” said Cadeler CEO Mikkel Gleerup.
“Our expanding fleet, combined with the launch of Nexra, positions us to support the offshore wind sector’s growing need for both installation and long-term servicing.”
Following the July 1 guidance upgrade, Cadeler reaffirmed its full-year 2025 projections.
“That recently upgraded guidance is reaffirmed in today’s results, with 1H EBITDA equating to 53% of FY25 guidance midpoint,” Franklin added.
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