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Cadeler A/S operates as an offshore wind installation vessel contractor, with CDLR American depositary shares each representing four ordinary shares. The company owns and operates jack-up offshore wind installation vessels used for wind turbine generator installation, foundation transportation and installation, maintenance, decommissioning and related offshore construction work.
Recurring company developments include vessel deliveries, fleet utilization, annual and interim earnings, contract awards for transportation and installation work, O&M campaigns through Nexra, financing facilities, private placements, and capital allocation. Cadeler’s updates also cover project activity across offshore wind markets in Europe, Asia-Pacific and the United States.
Cadeler (CDLR) published its Annual Report 2025, reporting EUR 620m revenue, EUR 425m EBITDA and EUR 280m net profit as it doubled fleet capacity from five to ten vessels.
The company reports a EUR 2.8bn order backlog, launched Nexra for O&M services, completed five vessel deliveries, and ends 2025 with EUR 343m liquidity.
Cadeler (NYSE:CDLR) announced that Nexra signed an additional firm Operations & Maintenance contract to service two offshore wind farms in Taiwan using the wind installation vessel Wind Maker.
The campaign is expected to run approximately 3–4 months in 2026 and follows a recent separate Nexra O&M award. According to the company, O&M represented roughly one fifth of Cadeler’s 2025 revenue, underscoring aftermarket contribution to fleet utilisation and recurring services.
Cadeler (NYSE:CDLR) announces that Nexra has signed a firm O&M contract in Taiwan with an expected value exceeding EUR 20 million. The campaign will be executed by the vessel Wind Maker across two offshore wind farms, commencing in March 2026 and running for 3–4 months.
Nexra, launched in 2025, focuses on after‑market O&M services; O&M accounted for approximately 20% of Cadeler’s 2025 revenue. The campaign supports Cadeler’s strategy to increase fleet utilisation and expand long‑term aftermarket presence in Asia‑Pacific.
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Cadeler (OSE:CDLR) announced a new unsecured green corporate term loan facility of EUR 60 million with a non‑committed accordion option up to EUR 80 million. The facility has a tenor of up to five years and was arranged and coordinated by HSBC and Clifford Capital, with HSBC acting as Green Loan Coordinator and Facility Agent.
The company said the proceeds will be used for general corporate purposes to enhance the balance sheet, increase financial flexibility, and support execution of large offshore wind installation projects while underpinning its sustainable growth strategy.
Cadeler (CDLR) announced delivery of Wind Mover, its tenth wind turbine installation vessel (WTIV), delivered ahead of schedule and within budget on November 28, 2025. Wind Mover is the second M-class vessel and will begin operations in Europe immediately after mobilisation.
The vessel was built at Hanwha Ocean Shipyard, features a 2,600-tonne main crane, DP2 positioning and is rated for water depths up to 65 metres. Cadeler doubled its fleet from five to ten WTIVs in 12 months and expects a 12-vessel fleet by mid-2027.
Cadeler (NASDAQ:CDLR) reported strong Q3 2025 results and reaffirmed full-year guidance on 20 November 2025. Revenue for the first nine months rose to EUR 453 million, up 178% year-over-year; EBITDA reached EUR 322 million and net profit totaled EUR 232 million for the period. Fleet size grew from five to nine vessels and combined utilisation rose to 75.8% from 61.4%.
Commercial momentum includes new contracts (up to EUR 58 million and ~EUR 500 million) and a total order backlog of EUR 2,887 million as of 20 November 2025. Net cash from operations was EUR 286 million; investing cash outflow was EUR 931 million reflecting three newbuild WTIV deliveries; financing cash inflow was EUR 805 million, including a EUR 125 million green term loan. Full-year 2025 revenue guidance is EUR 588–628 million and EBITDA guidance is EUR 381–421 million.
Cadeler (CDLR) signed two firm contracts for full-scope transportation and installation of offshore wind foundations and turbines with a combined value projected at approximately EUR 500 million.
The foundation T&I campaign is scheduled to start in early 2029 using a newbuild A-class vessel; the turbine installation will begin in early 2030 using an O-class jack-up vessel and is expected to complete by late 2030. These are the company’s third full-scope foundation T&I campaign, and the contracts are subject to the client’s investment decision and possible termination with a termination fee if the client is unsuccessful.
Cadeler (CDLR) opened a new UK office in Norwich to support its expanding offshore wind installation and services work in the UK and Europe. The UK team relocated from Great Yarmouth to a larger, modern workspace designed for engineering, project management and commercial teams, with flexible collaboration areas and Scandinavian design.
The office is intended as a regional hub to connect global expertise with local talent, provide room to grow, and reinforce Cadeler’s commitment to the UK offshore wind sector. An inauguration event was held on 4 November 2025.
Cadeler (CDLR) has successfully taken delivery of Wind Ally, its first A-class vessel, ahead of schedule and on budget. The vessel will be immediately deployed to install foundations at Ørsted's Hornsea 3 offshore wind farm, marking Cadeler's strategic expansion into full-service foundation installation.
Wind Ally features impressive specifications including 5,600 m² deck space, 18,000+ tons payload, and a main crane capable of lifting 3,300+ tonnes. The vessel can transport up to six XXL monopile foundations per load and accommodate 130 crew members.
This delivery is part of Cadeler's fleet expansion strategy, with sister vessels Wind Ace and Wind Apex scheduled for delivery in 2026 and 2027, respectively. By mid-2027, Cadeler will operate the industry's largest fleet with 12 vessels.