Question · Q3 2025
Daniel Hogland from ABG Sundal Collier asked for a percentage split between TNI services and installation for the recently announced EUR 500 million contract. He also inquired if Cadeler plans to introduce segment reporting to differentiate revenues from foundation installation versus turbine installation as foundation revenues ramp up into 2026. Furthermore, he sought clarification on Cadeler's expectation of vessel undersupply towards the end of the decade, asking if this is due to anticipated demand growth or changes in supply-side projections.
Answer
CEO Mikkel Gleerup stated that the company is not allowed to disclose the split of the EUR 500 million contract due to client auction confidentiality, but will do so after certain milestones. CFO Peter Brøgaard Hansen confirmed there are no current plans to introduce segment reporting. Regarding vessel undersupply, CEO Mikkel Gleerup explained that confidence comes from current project bids and client commitments. He believes many analysts miscalculate the supply side for both WTIV and foundation installation, and that the efficiency gains from using the 'best assets' will always make them the preferred choice, contributing to the projected undersupply despite demand shifts.
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