Cadeler has published its interim financial report for the first half of 2023. Revenue in the first six months of 2023 was EUR 68 million, which is an increase of 57% against the same period last year.
Adjusted EBITDA for the first half of 2023 was EUR 44 million, which is a EUR 21 million increase compared to the same period last year. EBITDA for H1 2023 was EUR 42 million. Profit for the period is EUR 29 million, which is EUR 19 million higher than the same period in 2022. This is mainly driven by the growth in revenue, partly offset by the increase in headcount, transaction costs and investments in vessel upgrades. Market demand continues to be strong and in the first half of 2023, the company’s fleet achieved 100% utilisation. Market rates have been higher this year compared to last year and the gross margin for the first half of 2023 was 63%, compared to 46% for the same period last year. Cadeler increases revenue guidance for 2023. This is expected to be between EUR 95 to 103 million, which is due to clients calling more options within the contracts. The company is also providing guidance for adjusted EBITDA, which is expected to be within the range of EUR 41 to 49 million.
