In the first nine months of 2024, Cadeler's revenue increased by € 72 million to € 163 million, compared to € 91 million for the same period in 2023.
The cost of sales rose by € 49 million to € 90 million, mainly due to the inclusion of Wind Scylla and Wind Zaratan in the Group’s fleet. The utilisation rate of the Group’s five vessels was 61.4%, down from 97% in 2023, due to maintenance and upgrades. The Group's EBITDA increased by € 21 million to € 70 million. However, the Group's profit decreased by € 2 million to € 28 million, impacted by higher headcount, vessel depreciation, and finance costs.
Net cash flow from operating activities was € 45 million, € 8 million less than in 2023, due to increased receivables and prepayments. Net cash used in investing activities was € 549 million, driven by instalments for new vessels and crane upgrades. Financing activities generated € 502 million, an increase of € 511 million, due to capital raised and new borrowings.
For 2024, the Group has revised its revenue guidance to € 243-253 million and expects EBITDA to be between € 115 million and 125 million, reflecting higher vessel utilisation and additional contract options.
