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Cadeler Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Q3 2025 performance met expectations, driven by high vessel utilization, strong project execution, and new contract signings across global markets.
Three of four newbuilds for 2025 delivered, with the final vessel on track for early delivery; fleet expanded from five to nine vessels in the first nine months.
Major contracts signed, including a long-term agreement with Vestas, new projects in Poland, and undisclosed clients, boosting order backlog.
Entering a new era by taking on full transport and installation scope for Hornsea 3 offshore wind farm in early 2026.
Record order backlog of nearly EUR 2.9 billion, with 78% at FID, providing strong earnings visibility.
Financial highlights
Q3 2025 revenue reached EUR 154.3 million, up from EUR 80.6 million in Q3 2024; EBITDA rose to EUR 109.1 million from EUR 48.4 million.
For the first nine months of 2025, revenue was EUR 453 million, EBITDA EUR 322 million, and net profit EUR 232 million.
Gross profit for 9M 2025 was EUR 294 million, with operating profit at EUR 248 million and EPS at EUR 0.66.
Cash flow from operations in Q3 2025 was EUR 214 million; net cash flow from operating activities for 9M 2025 was EUR 286 million.
Equity ratio at 47.3% as of Q3 2025, down from 63.7% at year-end 2024 due to increased liabilities from fleet expansion.
Outlook and guidance
Full-year 2025 revenue guidance reaffirmed at EUR 588–628 million, with EBITDA expected between EUR 381–421 million.
Guidance reflects termination fees, timely vessel deliveries, and ramp-up of foundation project revenues.
2027–2028 expected to see more competition and lower utilization, but 2029 and beyond forecasted to have vessel undersupply and higher demand.
Near-term market remains robust, with a softer middle term and a strong pickup expected from 2029.
Explain functional currency change rationale
Why did FID-backed backlog % decline to 78%?
Assess new vessel profitability impact
Hornsea 3 impact on full-service strategy?
What competitive advantage does the 12-vessel fleet offer?
What portion of revenue growth is recurring?
How does Cadeler navigate 2028's market competition?
Why do analysts misjudge vessel supply?
How does fleet size aid project derisking?
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H2 202524 Mar, 2026
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Frequently asked questions
Cadeler is a Denmark-based company that provides offshore wind installation and marine transportation services. The company operates jack-up vessels for the transport and installation of wind turbine components and foundations in offshore wind farms. It serves renewable energy developers in Europe and globally. Cadeler is headquartered in Copenhagen, Denmark, and its shares are listed on the Oslo Børs.
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