Cadeler A/S completed a private placement that raised €175 million at a price above its five‑day VWAP. The capital will fund initial commitments for two proposed T‑class wind foundation installation vessel newbuilds and support the exploration of acquiring and converting a scour protection vessel.
The raise follows a record 2025 year in which Cadeler generated €620 million in revenue—up 149% from €249 million in 2024—alongside €425 million in EBITDA and €280 million in net profit. A €2.8 billion contract backlog and high vessel utilisation underpin the company’s confidence in sustaining growth.
Management highlighted that a projected vessel undersupply beginning in 2029 will drive demand for installation and O&M services. The newbuilds are expected to be 65 % debt‑financed, with most commitments due after 2029, preserving dividend capacity and avoiding additional equity issuance.
CEO Mikkel Gleerup said the fleet expansion aligns with Cadeler’s strategy to maintain a modern, versatile fleet capable of supporting large, complex offshore projects and reducing reliance on subcontractors. He also emphasized the company’s commitment to capital returns, noting that no further equity is anticipated.
The placement strengthens Cadeler’s position to capture the anticipated surge in offshore wind projects, positioning the company to benefit from the projected vessel undersupply and to expand its Nexra O&M platform, which contributed about 20 % of 2025 revenue.
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