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Cadeler A/S is calling its annual general meeting for 21 April 2026 and outlining a full slate of governance and capital proposals. The Board proposes that shareholders approve the 2025 Annual Report and carry the EUR 280.2 million net profit forward with no dividend for 2025. Directors also seek re-election of three board members, confirmation of the chair and vice chair, and renewal of the auditor.
Key capital items include renewing authorisations to issue up to DKK 70,185,000 in new share capital (around 20% of current share capital) both with and without pre-emptive rights, extending a DKK 5,000,000 share-based incentive pool for management and employees, and permitting the company to buy back up to 10% of its share capital as treasury shares. Several of these amendments require at least a two-thirds majority of votes and capital represented.
Cadeler A/S, a Denmark-based offshore wind installation company, files its annual Form 20-F, highlighting a highly concentrated, capital-intensive fleet business focused on transporting, installing and maintaining offshore wind turbines and foundations.
The company operated 11 specialized vessels as of the report, with two additional A-Class newbuilds on order from COSCO in China and aggregate estimated capital expenditures of approximately EUR 462 million during 2026 and 2027 for these newbuilds. Contracted backlog amounted to about EUR 2,765 million as of December 31, 2025, including EUR 2,391 million from firm days and EUR 374 million tied to customer options that may not be exercised.
Cadeler outlines extensive risks: reliance on a limited number of vessels, exposure to operational incidents and offshore hazards, dependence on timely delivery and upgrades of vessels, concentrated customers, strong competition, rapid turbine technology changes, and sensitivity to offshore wind policy and demand. The company also discloses substantial floating-rate debt of 1,459.1 million, covenant constraints, cybersecurity and IT vulnerabilities, evolving ESG and environmental regulation (including EU ETS inclusion), complex international tax and sanctions exposure, and the need to retain key personnel. Ordinary shares outstanding totaled 350,957,583 as of December 31, 2025.
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.
Cadeler A/S reports a step‑change in scale for 2025, with revenue climbing to €620.4 million and EBITDA reaching €425.3 million, driven by strong demand for offshore wind installation and termination fees under a long-term agreement.
Net profit rose to €280.2 million, supported by higher vessel utilisation of 75% and a record contract backlog of about €2.8 billion as of December 31, 2025. The company doubled its operating fleet to ten vessels during the year and continued a large newbuild programme, lifting total assets to €3.42 billion and equity to €1.50 billion.
Cadeler guides 2026 revenue in the €854–944 million range and EBITDA of €420–510 million, underpinned by a largely filled 2026 order book and expanding operations and maintenance services. Management highlights disciplined capital structure, ample liquidity and long-term fleet commitments as key supports for growth in a tightening global market for offshore wind installation capacity.
Cadeler reports that its dedicated service platform Nexra has signed an additional firm contract for an offshore wind Operations & Maintenance campaign in Taiwan. The work will service two offshore wind farms and is expected to run for about 3–4 months during 2026.
The campaign will use Cadeler’s wind installation vessel Wind Maker, which was delivered to the company in 2025, and follows another recent Nexra contract for a separate O&M campaign by the same vessel. The deal is with an undisclosed client and supports Cadeler’s growing presence in the Asia-Pacific market.
Nexra was established in 2025 to focus on the offshore wind aftermarket, and the O&M business accounted for roughly one fifth of Cadeler’s revenue in 2025, underlining the strategic importance of these service contracts alongside its core installation activities.
Cadeler A/S has announced the release date for its 2025 Annual Report and earnings presentation. The company plans to publish full-year and fourth-quarter 2025 results at 08:00 CET on 24 March 2026, with the report available on its investor relations website.
On the same day, Chief Executive Officer Mikkel Gleerup and Chief Financial Officer Peter Brogaard Hansen will host a live video webcast for the investment community at 08:00 EST / 12:00 UK / 13:00 CET. The presentation is open to all interested parties and may include forward-looking information, with research analysts able to ask live questions.
Cadeler, through its dedicated O&M concept Nexra, has signed a firm Operations & Maintenance contract in Taiwan with an expected value exceeding EUR 20 million. The work covers two offshore wind farms and will use the wind installation vessel Wind Maker.
The campaign is scheduled to start in March 2026 and run for 3–4 months. O&M activities represented about one fifth of Cadeler’s total revenue in 2025, and Nexra, established in 2025, is positioned to support the growing offshore wind aftermarket, particularly for large 10–15 MW turbines and key Asia-Pacific markets such as Taiwan.
Cadeler A/S reported insider-related share dealings by companies closely associated with its Vice-Chairman of the Board, Emanuele Lauro. On 28 January 2026, Scorpio Services Holding Limited sold 666,065 Cadeler shares at USD 5.98 per share outside a trading venue, for total proceeds of USD 3,981,403.63.
On the same date and at the same price, Scorpio Holdings Limited, also closely associated with Lauro, purchased 666,065 Cadeler shares outside a trading venue, for a total cost of USD 3,981,403.63. The disclosure is made under EU Market Abuse Regulation requirements for transactions by persons discharging managerial responsibilities and their closely associated parties.
Nordea Investment Management filed a Schedule 13G reporting a significant ownership position in Cadeler A/S. As of 12/31/2025, Nordea beneficially owned 19,983,739 E-EQUITY shares, representing 5.7% of the class. Nordea has sole power to vote and dispose of all these shares, with no shared voting or dispositive power.
The firm states the position was acquired and is held in the ordinary course of business, and not for the purpose of changing or influencing control of Cadeler. Nordea is identified as an investment company organized in Sweden.
Cadeler A/S reports that it has signed a preferred supplier agreement with an undisclosed client for the transportation and installation of monopiles and transition pieces at a large offshore wind farm in European waters.
The installation campaign is expected to start in the first half of 2028 and use two of Cadeler’s wind installation vessels, including one newbuild A-class vessel designed for XXL foundation work. The agreement is subject to the client’s final investment decision, so the project is not yet guaranteed. This will be Cadeler’s first full-scope foundation transportation and installation project outside the United Kingdom, supporting its strategy to grow as a full-scope provider across multiple jurisdictions.