Cadeler A/S announced its full‑year 2025 results, reporting revenue of €620 million, up 63% from €380 million in 2024, and EBITDA of €425 million, an increase of €299 million over the prior year. Net profit rose to €280 million, a 331% jump from €65 million in 2024, underscoring the company’s ability to translate higher sales into proportionally larger earnings. The company’s EBITDA margin of 71.4% reflects strong pricing power and efficient cost management amid a rapidly expanding order book.
The company’s fleet strategy delivered five new jack‑up vessels in 2025, doubling its operational capacity to ten vessels. The expanded fleet has enabled Cadeler to maintain high utilization rates and to take on larger, more complex offshore wind projects, positioning it to capture the anticipated vessel undersupply that is expected to begin in 2029. The new vessels were delivered on budget and on schedule, reinforcing Cadeler’s reputation for reliable project execution.
Cadeler’s strategic shift into operations and maintenance (O&M) is reflected in the launch of Nexra, a dedicated O&M platform. O&M contributed roughly one‑fifth of 2025 revenue, signalling a diversification of revenue streams beyond installation services and a move toward a more integrated project delivery model. This expansion into lifecycle services is expected to generate higher margin opportunities and to deepen customer relationships.
The company confirmed an order backlog of €2.8 billion, up from €2.3 billion at the end of 2024, and a substantially filled 2026 order book. Cadeler guided for 2026 revenue of €845 million to €944 million and EBITDA of €420 million to €510 million, a confidence‑boosting outlook that reflects the firm’s belief in continued demand growth and its ability to convert backlog into cash flow.
Management highlighted the significance of the results: "2025 was a defining year for Cadeler. We doubled the size of our fleet on the water while maintaining strong utilisation and delivering substantial growth in both revenue and profitability. At the same time, we expanded our strategic capabilities across the offshore wind value chain, including by strengthening our presence in the growing operations and maintenance segment." – Mikkel Gleerup, CEO. "2025 was a strong year financially and operationally." – Peter Brogaard Hansen, CFO.
The results demonstrate a clear margin expansion: net profit grew 331% while revenue rose 63%, indicating that Cadeler is not only scaling its top line but also improving profitability through better cost control and a favorable mix of high‑margin O&M work. The company’s high EBITDA margin and robust backlog give it a competitive advantage in a market where vessel supply is expected to tighten. However, management cautioned that demand and pricing in the 2027‑2028 period may face headwinds, suggesting that while the near‑term outlook remains positive, longer‑term growth could be moderated by market dynamics.
Cadeler’s 2025 performance and forward guidance illustrate strong execution of its growth strategy, a solid financial foundation, and a clear path to capitalize on future market opportunities while managing potential headwinds. The company’s expanded fleet, diversified service offering, and healthy backlog position it well for sustained growth in the offshore wind sector.
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