Cadeler 2025 revenue jumps to EUR 620m
Cadeler A/S reported a strong 2025 with rapid growth and major fleet expansion.
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Rhea-AI Filing Summary
Cadeler A/S reported a strong 2025 with rapid growth and major fleet expansion. Revenue reached EUR 620 million, up from EUR 249 million in 2024, driven by five new vessels that doubled operational fleet capacity. EBITDA rose to EUR 425 million and net profit to EUR 280 million.
The company’s contract backlog stands at EUR 2.8 billion as of 24 March 2026, and its 2026 order book is substantially filled. For 2026, Cadeler guides to revenue between EUR 845 million and EUR 944 million and EBITDA between EUR 420 million and EUR 510 million.
Cadeler also launched Nexra, a dedicated offshore wind operations and maintenance platform, with O&M contributing about one fifth of 2025 revenue. Total assets grew to EUR 3,417 million and available liquidity was EUR 343 million, supporting continued investment in its modern offshore wind installation fleet.
Positive
- Substantial revenue and earnings growth: 2025 revenue rose to EUR 620 million from EUR 249 million, with EBITDA increasing to EUR 425 million and net profit to EUR 280 million, reflecting strong utilization of an expanded fleet.
- Robust contract backlog and 2026 guidance: Backlog reached EUR 2.8 billion as of 24 March 2026 and the company guides to 2026 revenue of EUR 845–944 million and EBITDA of EUR 420–510 million, indicating strong demand visibility.
- Strategic fleet and O&M expansion: Operating fleet doubled from five to ten vessels and Nexra was launched as a dedicated offshore wind operations and maintenance platform, with O&M contributing about one fifth of 2025 revenue.
- Strengthened balance sheet and liquidity: Total assets increased to EUR 3,417 million, equity to EUR 1,504 million, and available liquidity to EUR 343 million, supporting continued investment in offshore wind installation capacity.
Negative
- None.
Insights
Cadeler posts strong 2025 growth, doubles fleet and raises 2026 outlook.
Cadeler delivered rapid scale-up in 2025, lifting revenue to EUR 620 million from EUR 249 million and EBITDA to EUR 425 million. Doubling its operating fleet to ten wind installation vessels materially increases earning capacity and positions the company for larger, more complex offshore wind projects.
Commercial visibility looks solid, with a contract backlog of EUR 2.8 billion as of 24 March 2026 and a substantially filled 2026 order book. The new Nexra platform deepens exposure to the offshore wind aftermarket, where operations and maintenance already account for about one fifth of 2025 revenue.
The 2026 outlook — revenue of EUR 845–944 million and EBITDA of EUR 420–510 million — signals confidence in utilization of the expanded fleet. A stronger balance sheet, with total assets of EUR 3,417 million, equity of EUR 1,504 million and liquidity of EUR 343 million, supports further investment as offshore wind development continues.
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.