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Investing.com -- Cadeler A/S (OL:CADLR) on Thursday reported third-quarter EBITDA of €109 million, exceeding Bloomberg consensus estimates of €101 million, driven by strong vessel utilization of 92% during the period.
The offshore wind installation company reaffirmed its full-year 2025 guidance, maintaining EBITDA expectations between €381-421 million and revenue projections of €588-628 million. With 80% of the targeted annual EBITDA already achieved in the first nine months of 2025, the company appears positioned to reach the upper half of its guidance range.
Third-quarter revenue came in at €154 million, beating Jefferies estimates of €148 million and aligning with consensus forecasts. The company posted a net profit of €64 million for the quarter, surpassing both Jefferies expectations of €53 million and Bloomberg consensus of €57 million.
Cadeler’s order book increased 15% to €2.9 billion compared to the second quarter figure of €2.5 billion reported in August 2025. This growth follows recently announced awards valued at €558 million. Approximately 78% of the current backlog, or €2.25 billion, relates to projects where counterparties have made positive final investment decisions.
The company’s net debt stood at €1.2 billion at the end of the third quarter, higher than analyst expectations, primarily due to increased capital expenditures of €258 million during the period. Total equity increased 5% to €1.446 billion from €1.371 billion in the previous quarter.
Vessel utilization reached 91.6% in the third quarter, a significant improvement from 76.2% in the second quarter and above the 87% estimated by Jefferies.
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