Cadeler A/S posted a stronger-than-expected 2025, with management pointing to a hefty backlog, busy global vessel operations, meaningful margin expansion and clear plans for newbuild deliveries and 2026 guidance. The company signaled high utilization across its fleet, growing equity and cash balances, and a strategic push into O&M while discussing capital priorities and the timing of major foundation campaigns.
Executives said results came in “above our expectations,” and they leaned on a backlog that management values at EUR 2.8 billion as the primary source of forward visibility. They noted this backlog has grown year-over-year and that roughly 80% of it has reached final investment decision, a point they flagged as a quality marker for future earnings. Management also referenced a “sizeable preferred supplier agreement” for a major European foundation project that is currently “not” in the backlog because it has not yet converted to contract status.
Operationally the fleet has been busy across Europe, the U.S. and Asia-Pacific, and executives highlighted a string of vessel assignments and transitions that show both depth and geographic reach. Projects include turbines shifting between U.S. wind farms and large European foundation and installation campaigns, plus O&M work in Asia that keeps capacity employed between big installs. Several vessels are moving directly from newbuild yards into service, which underlines both delivery discipline and the company’s ability to mobilize quickly.
Cadeler discussed Hornsea Three as a notable milestone: the company framed it as its first full-scope transport and installation foundation campaign and described the job as complex. Management said timing on monopile flows has stretched, which shifts some revenue into 2027, but they emphasized being “exactly where we want to be” operationally. Wind Ally’s early delivery and direct mobilization from the newbuild yard in China was presented as evidence of the firm’s logistical muscle.
On the numbers, CFO Peter Brogaard Hansen labeled 2025 a “strong year” and the reported metrics support that stance: revenue reached EUR 620 million, EBITDA climbed to EUR 425 million, and net profit hit EUR 280 million. Adjusted utilization ran at 88.9%, up from 75% the prior year, and the equity ratio sat around 44%, which management described as near a bottoming point before it begins to improve. Cash on hand was reported at EUR 152 million, with total equity rising to about EUR 1.5 billion.
For Q4 2025 specifically, revenue was EUR 167 million, an improvement of EUR 82 million year-over-year, and adjusted utilization remained elevated at 87%. Hansen explained that SG&A increased as the company built organizational capacity to handle more complex foundation projects, and that financing costs are moving through the income statement more as vessels transition from construction to delivery. He pointed out that a finance net closer to EUR 20 million is a more representative run-rate for 2026.
On the newbuild front, management said four vessels slated for 2025 delivery arrived on time and on budget, and the construction pipeline is progressing. Wind Ace was reported as 94% complete with a naming ceremony scheduled, and Wind Apex stood at about 34% complete with yard conversations underway about potentially delivering it up to a month early. The company sees turbine installation contracts as a quicker way to put new vessel capacity to work than foundation conversion, since switching a vessel into foundation mode typically takes 2–4 months.
Cadeler set revenue guidance for 2026 in the range of EUR 854 million to EUR 944 million, with EBITDA guidance between EUR 420 million and EUR 510 million, while flagging 2026 as a transition year. Management explained that Wind Ace’s delivery timing and immediate deployment into foundation projects means the vessel may not generate contractual revenue in 2026 despite being delivered. They also said some larger projects will see different revenue phasing than originally planned as fabrication and supply timing play out.
Strategically the company is leaning into its Nexra platform for O&M, which management said accounted for roughly “one-fifth” of 2025 revenues and offers steadier, longer-duration work to fill utilization gaps. On capital allocation the board’s stated priorities are deleveraging, maintaining Cadeler’s industry position and returning capital to shareholders, and executives argued those aims “are possible at the same time” as cash generation improves. The market outlook was described with what management called “milder winds blowing over the offshore wind space,” citing policy signals and auction activity as reasons for a more constructive tone.
Cadeler positions itself as a Denmark-based specialist in offshore wind turbine installation and related services, operating DP3 self-propelled jack-up vessels designed for foundation and turbine work in challenging marine conditions. The fleet’s flagship units are equipped to handle next-generation turbines in deeper waters, and the company emphasized its end-to-end capabilities across project planning, logistics and offshore execution while continuing to expand its service footprint.
