Cadeler has published its Q3 2025 earnings release, detailing what it described as robust financial and operational performance, while reaffirming full-year guidance
In the first nine months of 2025, Cadeler generated revenue of €453M (US$524M), up 178% from €163M in the same period in 2024, an increase of €290M. The company said this growth was driven by increased revenue from the expansion of its fleet, increased vessel utilisation and compensation in connection with the termination of a long-term agreement.
EBITDA reached €322M for the period, up from €70M in the first nine months of 2024. Net profit for the first nine months totalled €232M, compared with €28M 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 76%, compared to 61% in the same period last year.
Net cash flow from operating activities increased to €286M, compared with €45M in 2024, while net cash flow used in investing activities rose to €931M, reflecting the delivery of three newbuild wind turbine installation vessels. Net cash provided by financing activities amounted to €805M, primarily supported by new green loan facilities.
Cadeler said its orderbook continues to expand, strengthened by several major contracts signed in Q3. These include a new wind turbine installation project, BC-Wind, in Poland, with a value to Cadeler of up to €58M, and two contracts for full-scope transport and installation of foundations and wind turbines for an upcoming offshore windfarm, worth around €500M. With these additions, Cadeler’s total order backlog has grown to €2,887M as of 20 November 2025.
In addition to the delivery of three newbuilds – Wind Maker, Wind Pace and Wind Ally – in the first nine months of the year, the company also took delivery of Wind Keeper, an O&M vessel.
Cadeler will also soon take delivery of its second M-class vessel and is on track with its fleet expansion strategy. By mid-2027, Cadeler will operate a 12-vessel fleet, the largest in the offshore wind industry.
Cadeler chief executive Mikkel Gleerup said, “With high utilisation, an expanding fleet and solid client demand, Cadeler continues to deliver on its strategic ambitions.”
