Cadeler has published its annual report for 2021, stating that the Company has tripled its revenue during the past year and has returned to profitability. The revenue for 2021 totalled EUR 61 million, an increase of 212% against EUR 19.5 million in 2020.
The growth reflects a 77% utilization rate of the vessels in the Cadeler fleet. The realized EBITDA amounted to EUR 28 million, compared to EUR -10 million in 2020. The 2021 expected EBITDA was EUR 26-30 million. For 2022, Cadeler expects improvements on key metrics. Based on the current contract coverage, the financial performance for 2022 is expected to result in a revenue in the range of EUR 96-110 million and an EBITDA in the range of EUR 56 million to EUR 70 million. The Company has signed contracts that will provide a continuous flow of projects from 2022 to 2026. The contract pipeline amounts to a total value of EUR 409 million.