[6-K] Cadeler A/S Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Cadeler A/S reports a very strong Q3 2025 performance, with rapid growth and expanding scale in offshore wind installation services. For the first nine months of 2025, revenue reached EUR 453 million, up 178% from EUR 163 million a year earlier, driven by fleet expansion, higher vessel utilisation and termination compensation from a long-term agreement.

EBITDA rose to EUR 322 million from EUR 70 million, while net profit increased to EUR 232 million from EUR 28 million. The fleet grew from five to nine vessels, supporting a combined utilisation rate of 75.8% versus 61.4% last year. Operating cash flow climbed to EUR 286 million, funding part of EUR 931 million of investing cash outflows tied mainly to three newbuild WTIVs, alongside EUR 805 million of financing inflows, including new green loan facilities.

The order backlog stands at EUR 2,887 million, including contracts worth around EUR 500 million for a major offshore wind farm and up to EUR 58 million for BC-Wind in Poland. Cadeler prepares to handle the full transport and installation scope for foundations at Ørsted’s Hornsea 3 from early 2026 and plans to operate a 12-vessel fleet by mid-2027. Total assets are EUR 3,056 million and equity EUR 1,446 million as of 30 September 2025, and full-year 2025 guidance is reaffirmed with revenue of EUR 588–628 million and EBITDA of EUR 381–421 million.

Positive

• Explosive financial growth: Nine-month 2025 revenue rose to EUR 453 million (up 178%), with EBITDA jumping to EUR 322 million and net profit to EUR 232 million year-on-year.
• Stronger scale and utilisation: Fleet expanded from five to nine vessels with utilisation improving to 75.8%, supporting higher earnings and operational leverage.
• Large, growing backlog: Total order backlog reached EUR 2,887 million, including around EUR 500 million of new full-scope T&I contracts and up to EUR 58 million for BC-Wind.
• Strategic step-up in scope: Full foundations transport and installation role at Ørsted’s Hornsea 3 from early 2026 broadens Cadeler’s position in the offshore wind value chain.
• Guidance reaffirmed: Full-year 2025 outlook is maintained with revenue of EUR 588–628 million and EBITDA of EUR 381–421 million, signalling management confidence.

Negative

• None.

Insights

Equity and infrastructure analyst

Cadeler shows explosive growth, a large backlog and reaffirmed 2025 guidance.

Cadeler is delivering rapid scale-up in offshore wind services. Nine-month 2025 revenue of EUR 453 million is up 178% year-on-year, with EBITDA of EUR 322 million versus EUR 70 million and net profit of EUR 232 million versus EUR 28 million. This is supported by fleet expansion from five to nine vessels and higher utilisation of 75.8% compared with 61.4% a year earlier.

Cash generation from operations of EUR 286 million is being recycled into heavy investment, with EUR 931 million used in investing activities, mainly three newbuild WTIVs, and EUR 805 million raised via financing, including green loan facilities. Total assets of EUR 3,056 million and equity of EUR 1,446 million as of 30 September 2025 indicate a significantly larger balance sheet as the company builds out its fleet.

The commercial pipeline looks robust, with an order backlog of EUR 2,887 million, including around EUR 500 million of full-scope transportation and installation work for an upcoming offshore wind farm and up to EUR 58 million for BC-Wind in Poland. Taking on the full foundations transport and installation scope at Ørsted’s Hornsea 3 from early 2026 marks entry into a broader role in the value chain. Reaffirmed 2025 guidance for revenue of EUR 588–628 million and EBITDA of EUR 381–421 million underlines management’s confidence in the current trajectory.

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 001-41889

CADELER A/S

(Translation of registrant's name into English)

Kalvebod Brygge 43

DK-1560 Copenhagen V, Denmark

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Press Release

Q3 2025 Earnings Release: Cadeler delivers strong Q3 performance with high utilisation, improved earnings and continued fleet expansion

Copenhagen, 20 November 2025 – Today, Cadeler has published its Q3 2025 Earnings Release, delivering robust financial and operational performance. Full-year guidance is reaffirmed as Cadeler continues to execute on its long-term growth strategy.

In the first nine months of 2025, Cadeler generated revenue of EUR 453 million, up 178% from EUR 163 million in the same period in 2024 – an increase of EUR 290 million. This growth was driven by increased revenue from the expansion of Cadeler’s fleet, increased vessel utilisation, and compensation in connection with the termination of a long-term agreement.

EBITDA reached EUR 322 million for the period, up from EUR 70 million in the first nine months of 2024. Net profit for the first nine months totalled EUR 232 million, compared to EUR 28 million in the same period last year.

In the first nine months of 2025, Cadeler’s fleet expanded from five to nine vessels. This has been coupled with a strong operational performance, with a combined utilisation rate of 75.8%, compared to 61.4% in the same period last year.

Net cash flow from operating activities increased to EUR 286 million (compared to EUR 45 million in 2024), while net cash flow used in investing activities rose to EUR 931 million, reflecting the delivery of three newbuild WTIVs. Net cash provided by financing activities amounted to EUR 805 million, primarily supported by new green loan facilities.

Backlog and commercial momentum

Cadeler’s order book continues to expand, strengthened by several major contracts signed in Q3. These include a new WTG installation project, BC-Wind in Poland, with a value to Cadeler of up to EUR 58 million, and two contracts for the full-scope transportation and installation of foundations and WTGs for an upcoming offshore wind farm, worth around EUR 500 million. With these additions, Cadeler’s total order backlog has grown to EUR 2,887 million as of 20 November 2025.

Fleet expansion: Largest and most advanced offshore wind fleet

In the first nine months of 2025, Cadeler took delivery of three newbuild WTIVs, Wind Maker, Wind Pace, and Wind Ally, in addition to the acquisition of Wind Keeper, a highly capable O&M vessel. Cadeler will soon take delivery of its second M-class vessel and is fully on track with its fleet expansion strategy. By mid-2027, Cadeler will operate a 12-vessel fleet – the largest and most versatile in the offshore wind industry.

Cadeler CEO, Mikkel Gleerup, comments: “We are proud to report strong financial and operational results for the third quarter. With high utilisation, an expanding fleet, and solid client demand, Cadeler continues to deliver on its strategic ambitions. The delivery of Wind Ally in September, our first vessel specifically designed for foundation installations, marked another important milestone as we build the most capable fleet in the industry.“

Entering a new era with Hornsea 3

In early 2026, Cadeler will begin its foundations T&I campaign for Ørsted’s Hornsea 3 offshore wind farm in the North Sea. For the first time, the company will take on the entire transport and installation (T&I) scope for offshore monopile foundations – a strategic step that positions the company as a full-service provider in the foundations market. Cadeler’s newly delivered vessel, Wind Ally, the company’s first A-class vessel and the ninth in its growing fleet will install the foundations at Hornsea 3.

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Mikkel Gleerup adds: “With Hornsea 3, we’re stepping into a new era for Cadeler as we take on the full scope of foundation transportation and installation. With this project we are expanding our role in the offshore wind value chain, underscoring our capabilities to support large-scale, integrated offshore developments for a sustainable future.”

Strong balance sheet and strategic financing initiatives

As of 30 September 2025, Cadeler’s total assets stood at EUR 3,056 million – up 58% year-to-date. Total equity increased to EUR 1,446 million, reflecting strong operational performance and capital inflows.

During the quarter, Cadeler secured a EUR 125 million Green Term Loan Facility to refinance the Wind Keeper bridge loan and drew on existing credit facilities to support continued investment.

Full-year guidance reaffirmed

Following a guidance upgrade in July, Cadeler reaffirms its full-year 2025 financial outlook. Revenue is expected to be in the range of EUR 588–628 million, while EBITDA is forecast to range between EUR 381–421 million.

Earnings Call

In connection with the release of its Q3 2025 Earnings Release, Cadeler will host a live video webcast presentation for the investment community. Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer, will present live from Copenhagen.

Date: 20 November 2025 

Time: 08:00 EST / 13:00 UK / 14:00 CET

The earnings presentation is open to all interested parties and may include forward-looking information.  Please register in advance at this link: https://cadeler-q3-2025-earnings-presentation.open-exchange.net/registration

A replay of the webcast and the presentation slides will be made available on Cadeler’s Investor Relations website following the presentation. Find it here: http://www.cadeler.com/investor 

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For further information, please contact:

Cadeler Press Office 

press@cadeler.com

Mikkel Gleerup
CEO, Cadeler
+45 3246 3102
mikkel.gleerup@cadeler.com

Alexander Simmonds
EVP & CLO, Cadeler
+44 7376 174172
alexander.simmonds@cadeler.com

About Cadeler:

Cadeler is a global leader in offshore wind installation, operations, and maintenance services. Cadeler is a pure play company, operating solely in the offshore wind industry with an uncompromising focus on safety and the environment. Cadeler owns and operates the industry’s largest fleet of jack-up offshore wind installation vessels and has for more than 10 years been a key supplier in the development of offshore wind energy to power millions of households. Cadeler’s fleet, expertise and capacity to handle the largest and most complex next-generation offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to being at the forefront of sustainable wind farm installation and to enable the global energy transition towards a future built on renewable energy. Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please visit www.cadeler.com

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 20, 2025	CADELER A/S
	(Registrant)
	By:	/s/ Mikkel Gleerup
	Name:	Mikkel Gleerup
	Title:	Chief Executive Officer

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FAQ

How did Cadeler (CDLR) perform financially in the first nine months of 2025?

Cadeler generated revenue of EUR 453 million in the first nine months of 2025, up 178% from EUR 163 million in 2024. EBITDA increased to EUR 322 million from EUR 70 million, and net profit rose to EUR 232 million from EUR 28 million.

What is Cadeler (CDLR)'s current fleet size and utilisation?

In the first nine months of 2025, Cadeler’s fleet expanded from five to nine vessels. The combined utilisation rate reached 75.8%, compared with 61.4% in the same period of 2024.

How large is Cadeler (CDLR)'s order backlog and what new contracts were signed?

Cadeler’s total order backlog is EUR 2,887 million as of 20 November 2025. New contracts include a WTG installation project at BC-Wind in Poland worth up to EUR 58 million and two full-scope T&I contracts for an offshore wind farm worth around EUR 500 million.

What are Cadeler (CDLR)'s key cash flow and financing developments in 2025?

Net cash flow from operating activities increased to EUR 286 million, while EUR 931 million was used in investing activities, mainly for three newbuild WTIVs. Net cash from financing activities was EUR 805 million, supported by new green loan facilities, including a EUR 125 million Green Term Loan Facility.

What is Cadeler (CDLR)'s 2025 financial guidance?

Cadeler reaffirms its full-year 2025 outlook, expecting revenue of EUR 588–628 million and EBITDA of EUR 381–421 million, following a guidance upgrade in July.

How is Cadeler (CDLR) expanding its role in offshore wind foundations work?

From early 2026, Cadeler will undertake the entire transport and installation scope for monopile foundations at Ørsted’s Hornsea 3 offshore wind farm, using its new A-class vessel Wind Ally. This positions the company as a full-service provider in the foundations market.

What does Cadeler (CDLR)'s balance sheet look like as of 30 September 2025?

As of 30 September 2025, Cadeler reported total assets of EUR 3,056 million, up 58% year-to-date, and total equity of EUR 1,446 million, reflecting strong operational performance and capital inflows.