20-F: Cadeler A/S Files 20-F Report for Fiscal Year Ended December 31, 2024

Sentiment:

Annual Report 25 March 2025 1:10 PM

Cadeler A/S reports its financial results for the fiscal year ended December 31, 2024, highlighting key operational and strategic developments.

Capital raiseThe Cadeler Group may seek to obtain the required financing through capital markets or debt financing.Should the Cadeler Group not be able to secure the needed financing, in part or in whole, for example due to unattractive terms such as unfavorable interest rates, the Cadeler Group may be required to postpone future investments (including orders for new build vessels).If, in connection with an equity financing, the demand for or price of the Cadeler Shares is lower than historically experienced, this could result in significant dilution of the shareholding of existing holders of Cadeler Shares (the Cadeler Shareholders) and a decrease in the price of the Cadeler Shares.

Summary

Cadeler A/S has filed its 20-F report for the fiscal year ended December 31, 2024.
The company operates in the offshore wind industry, specializing in transportation and installation services.
Cadeler's fleet consists of six operating vessels and five new builds are on order.
The company reported a contract backlog of approximately EUR 2,336 million as of December 31, 2024.
The company's revenue for 2024 was EUR 248.7 million.
The company's profit for the year was EUR 65.1 million.
The company is targeting revenue between EUR 485 million and EUR 525 million and EBITDA between EUR 278 million and EUR 318 million for 2025.
The company is exposed to various risks, including operational incidents, market competition, and macroeconomic factors.
The company is committed to environmental sustainability and aims to run a carbon-neutral business by 2035.

Sentiment

Score: 7

Explanation: The document presents a generally positive outlook for Cadeler, highlighting strong financial results, a growing contract backlog, and strategic fleet expansion. However, it also acknowledges various risks and challenges, preventing a higher sentiment score.

Positives

The company has a strong contract backlog, providing visibility for future revenue.
The company is expanding its fleet with new builds and upgrades, enhancing its capabilities.
The company is committed to environmental sustainability and has set ambitious targets for emission reductions.
The company has a diverse and experienced board of directors and executive management team.

Negatives

The company is exposed to operational risks, such as incidents and delays.
The company is subject to market competition and volatility in demand.
The company faces risks related to macroeconomic factors and geopolitical conditions.
The company is dependent on a small number of customers, creating customer concentration risk.

Risks

Operational incidents or the need for refurbishments and/or repairs could result in vessels being out of operation for shorter or longer periods of time.
Delays in the delivery of new build vessels could delay the company's generation of revenue from the utilization of such vessels and may trigger payments of liquidated damages under any charters the company has entered into with respect to these vessels.
The company could be materially adversely affected if demand for the company's services is lower than anticipated or decreases, including as a result of oversupply, changing trends in the energy market or a deterioration of the company's market reputation and client relationships.
The company faces other contractual and non-contractual legal risks related to its operations, which may expose the company to financial loss.
The company faces financial risk due to its level of indebtedness and is subject to restrictive covenants and conditions pursuant to its financing agreements.
The company is exposed to risks related to macroeconomic factors and geopolitical conditions.

Future Outlook

Cadeler expects revenue between EUR 485 million and EUR 525 million and EBITDA between EUR 278 million and EUR 318 million for 2025.

Industry Context

The announcement highlights Cadeler's strategic positioning in the growing offshore wind market, emphasizing its ability to meet the increasing demand for installation services and adapt to evolving industry trends.

Comparison to Industry Standards

The document does not provide specific comparisons to industry standards in terms of financial performance.
However, it mentions key competitors like DEME Offshore, Jan de Nul, Fred. Olsen, and Van Oord, suggesting that Cadeler operates in a competitive landscape.
The document also notes the emergence of new players with specialist vessels on order, such as Seaway7, Dominion Energy, Maersk and Havfram, indicating increasing competition in the market.

Stakeholder Impact

Shareholders: The company's performance and strategic initiatives impact shareholder value.
Employees: The company's policies and practices affect employee working conditions, compensation, and opportunities.
Customers: The company's ability to deliver reliable and efficient services impacts customer projects and timelines.
Suppliers: The company's supply chain practices affect suppliers' operations and sustainability efforts.
Creditors: The company's financial performance and debt management impact its ability to meet its obligations to creditors.

Next Steps

The company expects to take delivery of its second P-Class New Build imminently and its first A-Class New Build in the second half of 2025, with the remaining two A-Class New Builds currently expected to be delivered in the third quarter of 2026 and the first half of 2027, respectively.
In addition, the M-Class New Build is currently expected to be delivered in the fourth quarter of 2025.

Key Dates

Date	Description
2008-01-15	Cadeler A/S was incorporated.
2020-11	Cadeler Shares listed on the OSE.
2023-12	Cadeler completed its business combination with Eneti Inc.
2023-12-22	Cadeler entered into a Sinosure-backed Green Term Loan Facility of up to EUR 425 million (with a 12 year tenor) to finance the purchase of the P-Class Vessels.
2024-08-16	The Cadeler Group refinanced the existing USD 436 million Senior Secured Green Term Loan Facility previously entered into by Eneti Inc., with Cadeler and certain of its subsidiaries entering into Facility Agreements (each with a 12-year tenor) for an aggregate of up to EUR 420 million (the M-Class Facilities).
2024-12-31	End of fiscal year.
2025-01	The Company requested the utilization of EUR 212 million under the M-Class Facility to finance the final instalment for the delivery of the first M-Class Vessel in the same month.
2025-03-21	Cadeler and two of its subsidiaries entered into a Sinosure-backed Green Term Loan Facility of up to EUR 575 million (with a 12 year tenor) to finance the purchase of the first two of the Cadeler Groups three A-Class Vessels.

Keywords

Offshore wind, Vessel installation, Newbuilds, EBITDA, Contract backlog, Sustainability, Financial results, Cadeler

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