Cadeler A/S

Cadeler A/S reported robust FY 2025 results, with revenue surging to $620.4M from $248.7M in 2024, driven by fleet expansion to nine operating vessels and higher utilization at 75% (up from 66%). Gross profit reached $383.6M (62% margin, vs. 50% prior year), fueled by termination fees and increased T&I services ($490.4M). Operating profit climbed to $317.7M from $69.4M, reflecting scale benefits. Net profit attributable to equity holders hit $280.2M ($0.80 basic EPS, up from $0.19), boosted by financial income and lower tax expense. Balance sheet strengthened with total assets at $3.42B (up 76% YoY), equity $1.50B (44% ratio), and cash $151.7M. Operating cash flow soared to $394.2M from $93.1M, supporting $1.26B investing outflows for newbuilds. Contract backlog expanded to $2.8B (including options), signaling strong visibility. Forward-looking, 2026 guidance projects revenue €854M-€944M and EBITDA €420M-€510M, underpinned by fleet growth to 12 vessels by 2027 and resilient offshore wind demand.

Key Takeaways