Cadeler A/S Q3 FY2025 earnings call

• Highlights of Q3 2025 included financial performance in line with expectations, signing of third full scope foundation T&I contract and 2 turbine installation T&I contracts. Delivered 3 of 4 newbuilds scheduled for 2025, with the remaining newbuild Wind Mover on track for delivery in the next couple of weeks. Strong 92% utilization across global operations. Commercial highlights included vessels working on various projects like He Dreiht, Baltic Power, Revolution Wind, etc. Newbuilds: Wind Mover on track, Wind Pace on track with potential advancement, Wind Apex scheduled for Q2 2027, Wind Keeper undergoing upgrade in Denmark for Vestas.

In the third quarter of 2025, revenue was EUR 154.3 million, EBITDA was EUR 109.1 million, and cash flow from operating activities was EUR 214 million. The backlog stood at a record high of EUR 2.9 billion, with 78% of it having reached FID. Utilization was very high at 92.2%. There are no specific detailed product segments beyond general vessel operations mentioned.

• Maintained full-year 2025 outlook, with some fluctuation in T&I scope timing between 2025-2027. Q4 CapEx primarily related to the Wind Mover and mission equipment on Wind Ally. Working capital in Q4 expected to be modestly growing or at the same level as Q3, similar to Q3 excluding the special working capital inflow from termination fees in Q3. Transportation and installation scope for 2026 involves planning, engineering, and starting transportation scope in Q4.

Q: Martin Karlsen asked about confidence level for '29 and '30 seeing higher volumes, related to events and government support.

A: Mikkel Gleerup said confidence built on projects bidding and clients committing, with belief in projects tendering in those years.

Q: Jamie Franklin asked about Hornsea 3 scope, first monopile installation timing, and 4Q cash flow and CapEx.

A: Peter Hansen talked about Q4 CapEx around EUR 320 million mainly from Wind Mover and mission equipment, working capital in Q4 similar to Q3. Mikkel Gleerup said unable to disclose Hornsea 3 first monopile installation timing as per Ørsted's announcement criteria.

Q: Daniel Vårdal Haugland asked about contract split, segment reporting, and vessel undersupply.

A: Mikkel Gleerup said contract split not allowed to disclose, no plans for segment reporting, and confidence in best assets driving efficiency despite analysts possibly misjudging supply side.