Cadeler Significantly Increases Revenue and Profit - Fleet Expanded to Nine Vessels
Copenhagen (Denmark) – The Danish offshore wind installer Cadeler A/S reported strong operational and financial results for the nine-month period from January to September 2025.
The fleet grew from five to nine vessels, and combined utilization increased from 61.4 percent to 75.8 percent. Operating cash flow rose to €286 million (Jan–Sep 2024: €45 million, +536 percent), while cash flow from investing activities surged to €931 million due to the delivery of three new wind turbine installation vessels (WTIVs). Cash flow from financing activities amounted to €805 million, supported by green loan facilities. The order backlog rose to €2.887 billion (previous year: €2.386 billion).
“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,” said CEO Mikkel Gleerup. After a forecast upgrade in July, Cadeler confirmed its full-year financial guidance for 2025: revenue is expected to be between €588 million and €628 million, while EBITDA is projected at €381–421 million.
Cadeler operates the largest fleet of jack-up offshore wind installation vessels worldwide, focusing on safety and environmental performance in the offshore wind market. In early 2026, Cadeler will also begin foundation installations for Ørsted’s Hornsea-3 project, taking full responsibility for transport and installation for the first time. The Cadeler share, listed on the global stock index RENIXX World, initially rose by 2.8 percent to €3.69 by midday but then reversed and is currently trading in negative territory.
The Cadeler share, listed on the global stock index RENIXX World, initially rose by 2.8 percent to €3.69 by midday but then reversed and is currently trading in negative territory.
Source: IWR Online, 20 Nov 2025
