Cadeler A/S (NYSE:CDLR) management struck an upbeat tone in its third-quarter 2025 earnings presentation, pointing to results that came in “above our expectations,” a growing contract backlog, and continued progress on the company’s fleet expansion and shift toward more complex, integrated project delivery.
2025 performance and backlog visibility
Chief Executive Officer Mikkel Gleerup said Cadeler ended 2025 at the top end of the range it guided previously, supported by a contract backlog of EUR 2.8 billion. He emphasized the backlog as a key source of earnings visibility and said it has grown year-over-year. According to management, 80% of the backlog has reached final investment decision (FID), which the company presented as an indicator of backlog quality.
Fleet operations and project updates
Cadeler reported high fleet utilization with operations spanning Europe, the U.S., and Asia-Pacific. Gleerup highlighted activity across multiple vessels and projects, including:
- Wind Scylla continuing work in the U.S., moving from Revolution Wind to Sunrise Wind.
- Wind Orca mobilizing for Hornsea Three, executing secondary steel scope.
- Wind Osprey mobilizing for East Anglia Three (EA3) turbine installation for ScottishPower Renewables.
- Wind Mover preparing to begin turbine installation on Baltic Power.
- Wind Maker remaining in Asia to execute O&M campaigns in Taiwan.
- Wind Pace returning from the U.S. after Vineyard Wind and mobilizing for EA3.
- Wind Peak continuing turbine installation on the Sofia project for Siemens Gamesa.
- Wind Keeper operating under an “up to 5.5-year contract,” currently installing on He Dreiht for Vestas.
- Wind Ally completing mobilization in Rotterdam ahead of Hornsea Three monopile installation starting in April.
Gleerup also described Wind Zaratan as having a “transition year” in 2026, with planned upgrades, O&M work in Asia, and a return to Europe for O&M and foundation support roles.
On Hornsea Three, management framed the project as Cadeler’s first full-scope transport and installation (T&I) foundation campaign and described it as complex. Gleerup said the company is “exactly where we want to be,” noting Wind Ally delivered early and was mobilized directly from the newbuild yard in China before returning to Europe.
Financial results: revenue, earnings, and balance sheet
Chief Financial Officer Peter Brogaard Hansen said 2025 was a “strong year” financially and operationally. Cadeler reported:
- Revenue: EUR 620 million (vs. EUR 249 million last year)
- EBITDA: EUR 425 million (vs. EUR 126 million)
- Net profit: EUR 280 million (vs. EUR 65 million)
- Adjusted utilization: 88.9% (vs. 75%), excluding planned dry dockings and yard transport
- Equity ratio: 44%, which management described as near the “bottom out” level before it begins to rise again
- Cash: EUR 152 million
For the fourth quarter of 2025, Cadeler posted EUR 167 million in revenue, up EUR 82 million from Q4 2024, with adjusted utilization of 87%. Hansen said SG&A increased due to organizational ramp-up to manage more complex foundation projects.
Hansen also highlighted a shift in financing costs: as vessels move from construction to delivery, less interest is capitalized and more runs through the income statement. He said Q4 finance net of roughly EUR 20 million is more representative for 2026 going forward.
Cadeler’s equity rose to EUR 1.5 billion, up nearly EUR 300 million year-over-year, which management attributed to the balance sheet impact of taking delivery of new vessels.
Newbuild progress and 2026 guidance
Management said four newbuilds scheduled for delivery in 2025 were delivered on time and on budget. On current construction, Gleerup said Wind Ace is 94% complete with a naming ceremony planned for April 15, and the company expects on-time delivery. Wind Apex is 34% complete, and Cadeler is in discussions with the yard about delivering the vessel up to one month early due to client interest in taking it straight into a turbine installation project.
In the Q&A, Gleerup said Cadeler views a turbine installation contract as the best initial use of Wind Apex capacity and noted this would allow earlier revenue than a foundation project. He said converting the vessel to “foundation mode” would typically take 2–4 months, with mobilization often supported by the client in project economics.
For 2026, Cadeler guided:
- Revenue: EUR 854 million to EUR 944 million
- EBITDA: EUR 420 million to EUR 510 million
Hansen described 2026 as a transition year, noting that Wind Ace is expected to be delivered in Q3 2026 but would not contribute contractual revenue in 2026 as it heads directly toward first foundation projects.
On Hornsea Three, management said the project has become “more value creating” than at signing, but with a different revenue and profit phasing. Gleerup said the flow of monopile foundations into the project is slower and stretched over a longer period due to factors tied to fabrication yards, shifting some timing into 2027.
Strategic themes: O&M platform, capital allocation, and market outlook
Cadeler reiterated its strategic push into operations and maintenance through its Nexra platform. Gleerup said O&M contributed around one-fifth of total revenues in 2025 and argued the segment can provide longer and more transparent revenue streams and help fill utilization gaps between installation projects. He added the company has signed O&M campaigns in Taiwan and is building a dedicated Nexra team.
In discussing capital allocation, Gleerup said decisions ultimately rest with the board, but he outlined three priorities: deleveraging, maintaining Cadeler’s industry position, and returning capital to shareholders, adding that management believes all three “are possible at the same time” as cash generation increases.
On market conditions, management said it sees “milder winds blowing over the offshore wind space” compared with a more negative industry narrative previously. Gleerup cited policy and auction signals including North Sea Summit member states’ stated target of 15 GW per year between 2030 and 2040, and what he described as record volumes re-awarded in the U.K.’s Allocation Round 7, along with Allocation Round 8 moving forward to July 2026.
He also reiterated Cadeler’s view that vessel supply will be tight, particularly for capable foundation installation, and argued the company maintains a leading fleet position. When asked about competitors ordering newbuilds, Gleerup said he would be surprised if multiple companies are not already looking at shipyards, citing tight yard capacity.
About Cadeler A/S (NYSE:CDLR)
Cadeler A/S is a Denmark-based specialist in offshore wind turbine installation and related services. The company operates a fleet of dynamically positioned (DP3) self-propelled jack-up vessels designed for the transportation, installation and commissioning of foundation structures, turbine towers, nacelles and blades. Cadeler’s capabilities encompass project planning, logistics coordination and offshore operations, enabling wind farm developers to deploy large-scale turbines in challenging marine environments.
The company’s two flagship vessels, Wind Orca and Wind Osprey, are equipped to work in water depths of up to 70 meters and to handle the installation of next-generation turbines.
