Cadeler (CADLR) H2 2025 earnings summary

Executive summary

• 2025 financial performance exceeded expectations, with results at the top end of guidance and a robust contract backlog of EUR 2.8 billion, providing strong earnings visibility for future years.

• Four new vessels were delivered on time and on budget, expanding operational capacity and supporting global project execution and new service offerings.

• The company transitioned from a charter-based model to an integrated project delivery platform, increasing complexity and scope of services.

• Significant progress was made on the Hornsea 3 project, with successful vessel mobilizations and upgrades.

• O&M services, powered by Nexra, now represent around one-fifth of total revenues, reflecting strategic diversification and expansion in APAC.

Financial highlights

• FY 2025 revenue reached EUR 620.4 million, up from EUR 248.7 million year-over-year.

• EBITDA rose to EUR 425.3 million from EUR 125.9 million last year.

• Net profit increased to EUR 280.2 million, compared to EUR 65.1 million in the prior year.

• Adjusted vessel utilization was 88.9%, up from 82.7% last year.

• Q4 2025 revenue was EUR 167.6 million, with gross profit of EUR 89.6 million and operating profit of EUR 70.1 million.

Outlook and guidance

• 2026 revenue guidance is EUR 854–944 million, with EBITDA expected between EUR 420–510 million.

• 2026 is considered a transition year, with new vessels delivered but not yet generating contractual revenue.

• 2027 is nearly fully booked, and 2028 outlook has improved due to new preferred supplier agreements.

• Nexra platform to benefit from growing O&M demand, with multiple new contracts secured in APAC.

• Long-term industry growth is expected, with strong demand for capable vessels anticipated from 2029 onward.