Q3 2025 Earnings Release: Cadeler Delivers Strong Q3 Performance With High Utilisation, Improved Earnings and Continued Fleet Expansion
MWN-AI** Summary
Cadeler A/S announced impressive results for Q3 2025, showcasing robust financial growth and operational performance as the company continues to strengthen its position in the offshore wind industry. Reaffirming its full-year guidance, Cadeler recorded a revenue of EUR 453 million in the first nine months, a substantial increase of 178% from EUR 163 million in the same period of 2024, driven by enhanced fleet capabilities and high vessel utilization, which reached 75.8%, up from 61.4% year-on-year.
EBITDA surged to EUR 322 million, compared to EUR 70 million last year, and net profit rose significantly to EUR 232 million from EUR 28 million in 2024. The expansion of Cadeler’s fleet was pivotal, increasing from five to nine vessels, with a strong operational uptick further boosting performance metrics. Notably, net cash flow from operating activities rose to EUR 286 million, indicating enhanced liquidity, while investment activities climbed to EUR 931 million due to newbuild deliveries.
The company’s backlog also experienced growth, with new contracts in Q3, including a significant EUR 58 million WTG installation project in Poland and additional contracts valued at approximately EUR 500 million, leading to a total order backlog of EUR 2,887 million by November 20.
As Cadeler looks ahead, it will begin a pivotal foundation transportation and installation project for Ørsted’s Hornsea 3 offshore wind farm in early 2026. CEO Mikkel Gleerup emphasized that these strategic moves position Cadeler as a comprehensive service provider in the foundations market, aligning with its long-term growth ambitions in renewable energy.
MWN-AI** Analysis
Cadeler's Q3 2025 earnings release presents an impressive financial trajectory, reaffirming its robust position in the offshore wind sector. With a staggering revenue growth of 178% year-over-year, reaching €453 million, the numbers are indicative of strategic fleet expansion and heightened operational efficiency. The increase in EBITDA to €322 million, compared to €70 million in the previous year, highlights effective cost management and revenue generation, bolstering confidence in the company's operational agility.
Investors should note the impressive fleet expansion, growing from five to nine vessels, coupled with a solid utilization rate of 75.8%. This growth is critical as Cadeler prepares to meet increasing demand in the offshore wind market, particularly with upcoming projects like Hornsea 3. The commitment to expand its fleet to 12 vessels by mid-2027, which is touted to be the largest in the industry, positions Cadeler advantageously for future contracts, potentially enhancing its competitive edge.
The firm's strong order backlog of €2.887 billion signifies future revenue streams and investor confidence. Major contracts, such as the foundation installation project in Poland, underscore Cadeler's expanding footprint in key markets, which should not go unnoticed by potential investors.
Financially, Cadeler’s healthy net cash flow from operations, increasing to €286 million, and total assets soaring to €3.056 billion signal not just a prosperous quarter, but a stable foundation for growth amidst significant capital expenditures. The reaffirmed full-year guidance for 2025, projecting revenue between €588–628 million, further supports investor optimism.
In conclusion, Cadeler presents a compelling investment case amid a rapidly evolving renewable energy landscape. Investors looking for exposure to offshore wind infrastructure should consider Cadeler's growth potential and operational robustness, especially given its strategic positioning and firm commitments to sustainability.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
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.
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
About Cadeler:
Cadeler A/S (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 enabling 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20251119003680/en/
Cadeler Press Office:
+45 2830 6905
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
FAQ**
With Cadeler's strong financial performance in Q3 2025, how do you foresee the impact on the stock price of Cadeler A/S American Depositary Share (each representing four (4) Ordinary Shares) CDLR in the upcoming quarters?
Given the projected revenue range for full-year 2025, what factors could significantly influence the realization of Cadeler A/S American Depositary Share (each representing four (4) Ordinary Shares) CDLR’s financial outlook?
As Cadeler expands its fleet and operational capabilities, how do you assess the competitive positioning of Cadeler A/S American Depositary Share (each representing four (4) Ordinary Shares) CDLR against peers in the offshore wind industry?
With the upcoming Hornsea 3 project indicating operational growth, what potential challenges could arise for Cadeler A/S American Depositary Share (each representing four (Ordinary Shares) CDLR in meeting its long-term strategic goals?
**MWN-AI FAQ is based on asking OpenAI questions about Cadeler A/S American Depositary Share (each representing four (4) Ordinary Shares) (NYSE: CDLR).
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