Cadeler A/S (CDLR) Q4 2024 Earnings Call Transcript

2025-03-25 18:57:12 ET

Cadeler A/S (CDLR)

Q4 2024 Earnings Conference Call

March 25, 2025 09:00 AM ET

Company Participants

Mikkel Gleerup - CEO

Peter Brogaard Hansen - CFO

Conference Call Participants

Martin Huseby - DNB

Jamie Franklin - Jefferies

Benjamin Nolan - Stifel

Pet Billing - SEB

Asne Holsen - ABG Sundal Collier

Roald Hartvigsen - Clarksons

Presentation

Operator

Good morning, and welcome to Cadeler's 2024 Annual Result Report Presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer.

Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's Annual Report on Form 20-F on file with the United States Securities and Exchange Commission. Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events.

This morning's presentation includes both IFRS and certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's Annual Report. The Annual Report and today's earnings presentation are available on Cadeler's website at cadeler.com/investor. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time.

Mikkel Gleerup, you may begin.

Mikkel Gleerup

So good morning, good afternoon, and good evening, and thanks for listening into our presentation, the Annual Report 2024. Very, very pleased to be joined by all of you and looking forward to go through our annual results from 2024. So that's a disclaimer. I would recommend everybody to read the disclaimer at a convenient time, but we will dive directly into the 2024 highlights for Cadeler.

So in 2024, we had very strong financial performance and we believe that it was consistently strong through the year and that we were able to narrow the guidance that we had for 2024 in our Q3 presentation and also as we have now shown in our final results, that we are at the upper end and actually above the upper end on the EBITDA. We also give a guidance for '25 that shows that we are on our trajectory for the growth in 2025 and as such are very pleased with that.

In terms of our newbuilds, we have delivered Wind Peak in 2024 on time and on budget and we have also in this year, in January 2025, we have delivered the first M-class vessel from Hanwha on time, on budget, and are also at a point where we can say that we are on track to deliver the remaining vessels on or ahead of time target, on budget. And we are, I would say, within hours from delivering the next vessel, which will really put us to 50% of the 2025 deliveries completed.

In terms of our backlog, we continue to build the backlog, and we will go more into that in the presentation itself, but we are now standing at a backlog of EUR2.5 billion as of today. We have also in 2024 been executing our projects incredibly well and we are highlighting just one project here where we are saying that we also included -- we installed successfully the 60 14.7 Megawatts Siemens turbines on the Moray West project....

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