Cash flow Cadeler A/S

Stocks

CADLR

DK0061412772

Construction & Engineering

Market Closed - Oslo Bors Other stock markets 10:45:00 2026-06-15 am EDT			5-day change	1st Jan Change
53.95 ^NOK	+0.94%		-5.68%	+12.30%

Jun. 12	Cadeler Completes Installation of 100 Siemens Gamesa SG 14-222 Offshore Wind Turbines At Sofia Offshore Wind Farm	CI
May. 28	Cadeler completes share buy-back programme ahead of schedule	RE

3c629073.x5q2e00m0emR4HrOH3k2D9nCYcIbfPg84zzuyaAfG80.t-P6K3pevo_4hh29Lx1DWLbvKfphMZRUoQW5-Nh9K_r1yoEKeESX3fCvDQ

Published financial data: CADELER A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Revenues	60.94M	106M	109M	249M	620M
Total Revenues	60.94M	106M	109M	249M	620M
Cost of Goods Sold, Total	39.04M	50.33M	60.98M	127M	240M
Gross Profit	21.9M	56.09M	47.64M	121M	380M
Selling General & Admin Expenses, Total	10.35M	13.88M	25.09M	51.56M	67.63M
Depreciation & Amortization - (IS)	414K	1.02M	534K	2.52M	3.55M
Other Operating Expenses	-	-	-137K	-2.04M	-8.69M
Other Operating Expenses, Total	10.76M	14.9M	25.49M	52.05M	62.49M
Operating Income	11.13M	41.19M	22.15M	69.44M	318M
Interest Expense, Total	-3.44M	-1.53M	-2.88M	-2.8M	-21.96M
Interest And Investment Income	-	244K	1.43M	3.29M	1.71M
Net Interest Expenses	-3.44M	-1.28M	-1.44M	498K	-20.24M
Currency Exchange Gains (Loss)	103K	-4.41M	-280K	-1.81M	-5.09M
Other Non Operating Income (Expenses)	-358K	45K	-1.22M	-654K	-4.54M
EBT, Excl. Unusual Items	7.44M	35.54M	19.2M	67.48M	288M
Merger & Related Restructuring Charges	-	-	-7.71M	-	-
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	7.44M	35.54M	11.5M	67.48M	288M
Income Tax Expense	-13K	-	-	2.41M	7.68M
Earnings From Continuing Operations	7.45M	35.54M	11.5M	65.07M	280M
Net Income to Company	7.45M	35.54M	11.5M	65.07M	280M
Net Income - (IS)	7.45M	35.54M	11.5M	65.07M	280M
Net Income to Common Incl Extra Items	7.45M	35.54M	11.5M	65.07M	280M
Net Income to Common Excl. Extra Items	7.45M	35.54M	11.5M	65.07M	280M
Per Share Items
Net EPS - Basic	0.06	0.22	0.06	0.19	0.8
Basic EPS - Continuing Operations	0.06	0.22	0.06	0.19	0.8
Basic Weighted Average Shares Outstanding	131M	163M	201M	346M	351M
Net EPS - Diluted	0.06	0.22	0.06	0.19	0.79
Diluted EPS - Continuing Operations	0.06	0.22	0.06	0.19	0.79
Diluted Weighted Average Shares Outstanding	131M	164M	203M	347M	355M
Normalized Basic EPS	0.04	0.14	0.06	0.12	0.51
Normalized Diluted EPS	0.04	0.14	0.06	0.12	0.51
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
EBITDA	27.3M	62.91M	44.65M	124M	423M
EBITA	11.13M	41.19M	22.15M	69.44M	318M
EBIT	11.13M	41.19M	22.15M	69.44M	318M
EBITDAR	27.89M	63.5M	49.46M	137M	456M
Effective Tax Rate - (Ratio)	-0.17	-	-	3.57	2.67
Current Foreign Taxes	-	-	-	1.27M	-
Total Current Taxes	-	-	-	1.27M	6.4M
Total Deferred Taxes	-	-	-	1.14M	1.28M
Normalized Net Income	4.65M	22.21M	12M	42.17M	180M
Interest Capitalized	-	4.2M	7.1M	19.7M	53.9M
Interest on Long-Term Debt	30K	21K	25K	428K	746K
Supplemental Operating Expense Items
General and Administrative Expenses	2.06M	2.34M	5M	15.06M	17.57M
Net Rental Expense, Total	584K	582K	4.8M	12.53M	33M
Imputed Operating Lease Interest Expense	217K	282K	2.38M	5.61M	18.15M
Imputed Operating Lease Depreciation	367K	300K	2.42M	6.93M	14.85M
Maintenance & Repair Expenses, Total	2.47M	4.84M	6.24M	10.91M	21.33M
Stock-Based Comp., G&A Exp. (Total)	360K	352K	1.13M	1.66M	2.07M
Stock-Based Comp., Other (Total)	-681K	-	-	-	-
Total Stock-Based Compensation	-321K	352K	1.13M	1.66M	2.07M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Assets
Cash And Equivalents	2.31M	19.01M	96.61M	58.46M	152M
Total Cash And Short Term Investments	2.31M	19.01M	96.61M	58.46M	152M
Accounts Receivable, Total	18.42M	37.63M	36.27M	89.29M	200M
Other Receivables	1.95M	612K	3.17M	11.3M	21.3M
Notes Receivable	-	-	-	-	-
Total Receivables	20.37M	38.25M	39.44M	101M	221M
Inventory	440K	549K	1.84M	1.04M	3.54M
Prepaid Expenses	1.5M	1.7M	9.56M	16.64M	13.52M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	-	-	-	11.88M	263K
Total Current Assets	24.62M	59.51M	147M	189M	390M
Gross Property Plant And Equipment	421M	650M	1.15B	1.84B	3.17B
Accumulated Depreciation	-21.42M	-43.9M	-64.75M	-115M	-222M
Net Property Plant And Equipment	400M	606M	1.09B	1.72B	2.95B
Long-term Investments	-	3.38M	-	-	-
Goodwill	-	-	16.71M	17.76M	17.76M
Other Intangibles, Total	402K	419K	240K	427K	1.67M
Other Long-Term Assets, Total	195K	238K	1.56M	7.61M	57.63M
Total Assets	425M	670M	1.25B	1.94B	3.42B
Liabilities
Accounts Payable, Total	2.8M	3.98M	8.4M	11.58M	22.39M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	28.6M	772K	799K	31.16M	116M
Current Portion of Leases	298K	279K	601K	1.27M	1.06M
Current Income Taxes Payable	6K	5K	1.22M	752K	3.64M
Unearned Revenue Current, Total	15.19M	1.83M	12.1M	45.59M	129M
Other Current Liabilities	6.97M	4.93M	30.49M	33.29M	79.15M
Total Current Liabilities	53.86M	11.8M	53.62M	124M	351M
Long-Term Debt	44.48M	114M	205M	556M	1.49B
Long-Term Leases	209K	-	392K	9.7M	12.48M
Unearned Revenue Non Current	969K	1.33M	1.78M	1.75M	30.9M
Deferred Tax Liability Non Current	-	-	10.19M	11.97M	13.26M
Other Non Current Liabilities	-1K	2.11M	22.77M	-26K	10.65M
Total Liabilities	99.51M	129M	294M	703M	1.91B
Common Stock, Total	18.64M	26.58M	41.84M	47.14M	47.14M
Additional Paid In Capital	339M	510M	953M	1.1B	1.1B
Retained Earnings	-32.78M	3.11M	-7.37M	59.36M	342M
Treasury Stock	-	-	-	-1.28M	-3M
Comprehensive Income and Other	-	1.34M	-28.28M	29.18M	18.42M
Total Common Equity	325M	541M	959M	1.23B	1.5B
Total Equity	325M	541M	959M	1.23B	1.5B
Total Liabilities And Equity	425M	670M	1.25B	1.94B	3.42B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	139M	198M	311M	351M	351M
ECS Total Common Shares Outstanding	139M	198M	311M	351M	351M
Book Value / Share	2.35	2.74	3.08	3.52	4.29
Tangible Book Value	325M	540M	942M	1.22B	1.48B
Tangible Book Value Per Share	2.34	2.73	3.03	3.47	4.23
Total Debt	73.58M	115M	207M	598M	1.62B
Net Debt	71.27M	96.27M	110M	540M	1.47B
Debt Equivalent Oper. Leases	4.67M	4.66M	38.42M	100M	264M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	-	-	-	-	-
Inventories - Finished Goods, Total	440K	549K	1.84M	1.04M	3.54M
Machinery, Total	261M	292M	576M	1.09B	2.55B
Full Time Employees	70	200	570	659	1.07K
Order Backlog	409M	780M	1.56B	2.34B	2.76B

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Net Income	7.45M	35.54M	11.5M	65.07M	280M
Depreciation & Amortization - CF	16.45M	22.47M	22.84M	56.41M	107M
Depreciation & Amortization, Total	16.45M	22.47M	22.84M	56.41M	107M
Amortization of Deferred Charges, Total - (CF)	32K	211K	210K	189K	264K
(Gain) Loss From Sale Of Asset	-	-	-	183K	1K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	630K
Asset Writedown & Restructuring Costs	-	-	5M	-	-
Stock-Based Compensation (CF)	-321K	352K	1.13M	1.66M	2.07M
Other Operating Activities, Total	4.66M	910K	2.53M	2.1M	20.38M
Change In Accounts Receivable	-9.88M	-18.03M	28.54M	-62.71M	-134M
Change In Inventories	-128K	-109K	-1.14M	788K	-2.5M
Change In Accounts Payable	2.45M	660K	-16.09M	380K	8.13M
Change in Unearned Revenues	7.35M	-13M	8.79M	33.48M	112M
Change In Deferred Taxes	-	-	-	1.14M	-
Change in Other Net Operating Assets	2.14M	26K	73K	-5.59M	-792K
Cash from Operations	30.2M	29.04M	63.38M	93.1M	394M
Capital Expenditure	-163M	-225M	-66.9M	-616M	-1.24B
Sale of Property, Plant, and Equipment	-	-	1.8M	-	-
Cash Acquisitions	-	-	10.4M	-	-
Sale (Purchase) of Intangible assets	-434K	-228K	-31K	-410K	-1.51M
Other Investing Activities, Total	-	-574K	-	206K	-26.98M
Cash from Investing	-163M	-225M	-54.73M	-616M	-1.26B
Short Term Debt Issued, Total	9M	16.07M	-	-	-
Long-Term Debt Issued, Total	-	115M	200M	366M	1.31B
Total Debt Issued	9M	131M	200M	366M	1.31B
Short Term Debt Repaid, Total	-	-25.06M	-	-	-
Long-Term Debt Repaid, Total	-10.28M	-65.23M	-116M	-12.59M	-281M
Total Debt Repaid	-10.28M	-90.29M	-116M	-12.59M	-281M
Issuance of Common Stock	79.22M	183M	-	155M	-
Repurchase of Common Stock	-	-	-	-1.28M	-1.72M
Other Financing Activities, Total	-6.08M	-10.95M	-14.1M	-25.07M	-58.45M
Cash from Financing	71.85M	213M	70.27M	482M	968M
Foreign Exchange Rate Adjustments	-	-	-1.33M	2.52M	2.7M
Miscellaneous Cash Flow Adjustments	-	1K	-	-	-
Net Change in Cash	-61.33M	16.7M	77.6M	-38.14M	100M
Supplemental Items
Cash Interest Paid	3.93M	5.78M	7.14M	19.69M	56.47M
Cash Income Tax Paid (Refund)	-158K	13K	-2K	483K	3.51M
Levered Free Cash Flow	-136M	-209M	418K	-556M	-908M
Unlevered Free Cash Flow	-133M	-208M	2.22M	-555M	-894M
Change In Net Working Capital	-6.84M	32.4M	-31.12M	40.32M	-34.56M
Net Debt Issued / Repaid	-1.29M	40.77M	84.37M	353M	1.03B

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Profitability
Return on Assets	1.83	4.7	1.44	2.72	7.42
Return on Total Capital	1.95	4.88	1.52	2.9	8.03
Return On Equity %	2.63	8.21	1.53	5.93	20.47
Return on Common Equity	2.63	8.21	1.53	5.93	20.47
Margin Analysis
Gross Profit Margin %	35.93	52.71	43.86	48.84	61.29
SG&A Margin	16.98	13.04	23.1	20.73	10.9
EBITDA Margin %	44.81	59.12	41.11	50.04	68.21
EBITA Margin %	18.27	38.7	20.39	27.92	51.22
EBIT Margin %	18.27	38.7	20.39	27.92	51.22
Income From Continuing Operations Margin %	12.23	33.4	10.59	26.16	45.17
Net Income Margin %	12.23	33.4	10.59	26.16	45.17
Net Avail. For Common Margin %	12.23	33.4	10.59	26.16	45.17
Normalized Net Income Margin	7.63	20.87	11.05	16.95	29
Levered Free Cash Flow Margin	-222.47	-196.76	0.38	-223.67	-146.39
Unlevered Free Cash Flow Margin	-218.94	-195.87	2.04	-222.97	-144.18
Asset Turnover
Asset Turnover	0.16	0.19	0.11	0.16	0.23
Fixed Assets Turnover	0.19	0.21	0.13	0.18	0.27
Receivables Turnover (Average Receivables)	4.8	3.74	2.94	3.96	4.29
Inventory Turnover (Average Inventory)	103.83	101.79	51.14	88.52	104.88
Short Term Liquidity
Current Ratio	0.46	5.04	2.75	1.53	1.11
Quick Ratio	0.42	4.85	2.54	1.29	1.06
Operating Cash Flow to Current Liabilities	0.56	2.46	1.18	0.75	1.12
Days Sales Outstanding (Average Receivables)	75.99	97.58	124.18	92.38	85
Days Outstanding Inventory (Average Inventory)	3.52	3.59	7.14	4.13	3.48
Average Days Payable Outstanding	33.36	24.51	36.28	28.91	25.55
Cash Conversion Cycle (Average Days)	46.15	76.65	95.04	67.6	62.94
Long Term Solvency
Total Debt/Equity	22.62	21.33	21.54	48.48	108.02
Total Debt / Total Capital	18.45	17.58	17.72	32.65	51.93
LT Debt/Equity	13.74	21.13	21.39	45.85	100.23
Long-Term Debt / Total Capital	11.2	17.42	17.6	30.88	48.18
Total Liabilities / Total Assets	23.43	19.32	23.43	36.3	55.99
EBIT / Interest Expense	3.24	26.94	7.7	24.84	14.47
EBITDA / Interest Expense	8.02	41.64	15.64	45.01	19.36
(EBITDA - Capex) / Interest Expense	-39.34	-105.26	-7.62	-175.14	-36.92
Total Debt / EBITDA	2.67	1.81	4.59	4.75	3.82
Net Debt / EBITDA	2.58	1.51	2.44	4.29	3.46
Total Debt / (EBITDA - Capex)	-0.54	-0.72	-9.43	-1.22	-2
Net Debt / (EBITDA - Capex)	-0.53	-0.6	-5.02	-1.1	-1.82
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	212.49	74.64	2.07	128.99	149.4
Gross Profit, 1 Yr. Growth %	-182.83	155.95	-15.06	130.79	212.97
EBITDA, 1 Yr. Growth %	-185.42	130.41	-29.02	150.68	239.95
EBITA, 1 Yr. Growth %	-131.01	269.96	-46.23	155.78	357.55
EBIT, 1 Yr. Growth %	-131.01	269.96	-46.23	155.78	357.55
Earnings From Cont. Operations, 1 Yr. Growth %	-127.56	377	-67.65	465.92	330.6
Net Income, 1 Yr. Growth %	-127.56	377	-67.65	465.92	330.6
Normalized Net Income, 1 Yr. Growth %	-121.41	377.83	-45.96	178.77	326.61
Diluted EPS Before Extra, 1 Yr. Growth %	-105.45	283.31	-73.78	229.37	320.05
Accounts Receivable, 1 Yr. Growth %	165.06	95.33	-3.61	146.15	123.61
Inventory, 1 Yr. Growth %	41.03	24.77	234.43	-43.41	240.71
Net Property, Plant and Equip., 1 Yr. Growth %	57.88	51.79	79.16	58.53	71.23
Total Assets, 1 Yr. Growth %	26.11	57.74	86.94	54.64	76.39
Tangible Book Value, 1 Yr. Growth %	34.76	66.27	74.41	29.04	22.09
Common Equity, 1 Yr. Growth %	34.93	66.2	77.41	28.66	21.86
Cash From Operations, 1 Yr. Growth %	-414.68	-3.85	118.29	46.89	323.41
Capital Expenditures, 1 Yr. Growth %	-36.39	37.84	-70.22	820.11	100.75
Levered Free Cash Flow, 1 Yr. Growth %	-47.43	54.46	-100.2	-15.8K	63.23
Unlevered Free Cash Flow, 1 Yr. Growth %	-47.72	56.24	-101.06	-10.48K	61.27
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	26	133.61	33.51	52.88	138.98
Gross Profit, 2 Yr. CAGR %	84.67	45.66	47.44	47.17	168.76
EBITDA, 2 Yr. CAGR %	41.88	40.3	27.88	40.66	191.92
EBITA, 2 Yr. CAGR %	-9.67	7.11	41.05	29.84	242.1
EBIT, 2 Yr. CAGR %	-9.67	7.11	41.05	29.84	242.1
Earnings From Cont. Operations, 2 Yr. CAGR %	-44	14.66	24.22	35.31	393.64
Net Income, 2 Yr. CAGR %	-44	14.66	24.22	35.31	393.64
Normalized Net Income, 2 Yr. CAGR %	-42.09	1.15	60.69	37.79	244.86
Diluted EPS Before Extra, 2 Yr. CAGR %	-95.68	-54.29	0.26	-7.06	271.96
Accounts Receivable, 2 Yr. CAGR %	11.27	132.68	37.21	54.03	134.61
Inventory, 2 Yr. CAGR %	29.84	32.65	104.27	37.57	38.86
Net Property, Plant and Equip., 2 Yr. CAGR %	107.34	54.81	64.91	68.53	64.76
Total Assets, 2 Yr. CAGR %	95.47	41.04	71.72	70.03	65.16
Tangible Book Value, 2 Yr. CAGR %	397.98	49.69	70.3	50.02	25.52
Common Equity, 2 Yr. CAGR %	398.28	49.75	71.71	51.08	25.22
Cash From Operations, 2 Yr. CAGR %	287.43	73.94	44.87	79.06	149.39
Capital Expenditures, 2 Yr. CAGR %	4.95K	-6.36	-35.92	65.55	329.78
Levered Free Cash Flow, 2 Yr. CAGR %	292.11	-9.89	-94.45	63	1.5K
Unlevered Free Cash Flow, 2 Yr. CAGR %	228.59	-9.63	-87.11	63.11	1.19K
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-5.51	40.49	77.26	59.82	79.97
Gross Profit, 3 Yr. CAGR %	50.44	105.95	21.69	76.98	89.26
EBITDA, 3 Yr. CAGR %	119.82	66.77	11.79	65.81	88.76
EBITA, 3 Yr. CAGR %	64.65	44.52	-14.87	84.07	97.59
EBIT, 3 Yr. CAGR %	64.65	44.52	-14.87	84.07	97.59
Earnings From Cont. Operations, 3 Yr. CAGR %	100.62	14.36	-24.79	105.93	99.02
Net Income, 3 Yr. CAGR %	100.62	14.36	-24.79	105.93	99.02
Normalized Net Income, 3 Yr. CAGR %	41.09	17.01	-17.92	108.56	100.83
Diluted EPS Before Extra, 3 Yr. CAGR %	-63.65	-80.74	-62.02	49.04	53.66
Accounts Receivable, 3 Yr. CAGR %	13.38	36.24	73.45	66.72	74.41
Inventory, 3 Yr. CAGR %	-19.68	28.13	80.54	33.16	86.13
Net Property, Plant and Equip., 3 Yr. CAGR %	1.29K	86.87	62.53	62.76	69.43
Total Assets, 3 Yr. CAGR %	151.57	81.99	54.93	65.83	72.12
Tangible Book Value, 3 Yr. CAGR %	162.01	245.47	57.51	55.26	40.07
Common Equity, 3 Yr. CAGR %	162.12	245.56	58.45	55.96	40.64
Cash From Operations, 3 Yr. CAGR %	-	143.46	87.62	45.54	138.56
Capital Expenditures, 3 Yr. CAGR %	-	1.42K	-36.08	55.74	76.53
Levered Free Cash Flow, 3 Yr. CAGR %	-	187.44	-88.25	60.1	63.08
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	156.47	-79.45	60.79	62.5
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-3.02	18.8	8.56	45.32	99.76
Gross Profit, 5 Yr. CAGR %	11.07	62.5	49.33	80.05	70.44
EBITDA, 5 Yr. CAGR %	22.2	50.53	77.09	55.79	67.63
EBITA, 5 Yr. CAGR %	2.23	38.15	54.84	38.46	54.66
EBIT, 5 Yr. CAGR %	2.23	38.15	54.84	38.46	54.66
Earnings From Cont. Operations, 5 Yr. CAGR %	0.94	40.96	65.7	22.32	59.63
Net Income, 5 Yr. CAGR %	0.94	40.96	65.7	22.32	59.63
Normalized Net Income, 5 Yr. CAGR %	-3.99	33.92	48.7	24.92	52.64
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-51.59	-45.43	-63.85	-5.39
Accounts Receivable, 5 Yr. CAGR %	25.5	64.36	23.53	43.1	95.73
Inventory, 5 Yr. CAGR %	-9.64	-3.36	16.73	31.82	62.54
Net Property, Plant and Equip., 5 Yr. CAGR %	473.23	554.02	493.7	79.31	63.42
Total Assets, 5 Yr. CAGR %	70.55	91.55	116.04	77.1	58.94
Tangible Book Value, 5 Yr. CAGR %	69.06	99.41	120.64	147.46	43.84
Common Equity, 5 Yr. CAGR %	69.1	99.44	121.43	148.2	44.21
Cash From Operations, 5 Yr. CAGR %	-	-	-	115.31	110.24
Capital Expenditures, 5 Yr. CAGR %	-	-	-	526.06	36.99
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	129.09	28.63
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	114	28.51