Cadeler has published its Q3 2025 Earnings Release, delivering robust financial and operational performance. Full-year guidance is reaffirmed as Cadeler continues to execute on its long-term growth strategy.
In the first nine months of 2025, Cadeler generated revenue of EUR 453 million, up 178% from EUR 163 million in the same period in 2024 – an increase of EUR 290 million. This growth was driven by increased revenue from the expansion of Cadeler’s fleet, increased vessel utilisation, and compensation in connection with the termination of a long-term agreement.
EBITDA reached EUR 322 million for the period, up from EUR 70 million in the first nine months of 2024. Net profit for the first nine months totalled EUR 232 million, compared to EUR 28 million 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 75.8%, compared to 61.4% in the same period last year.
Net cash flow from operating activities increased to EUR 286 million (compared to EUR 45 million in 2024), while net cash flow used in investing activities rose to EUR 931 million, reflecting the delivery of three newbuild WTIVs. Net cash provided by financing activities amounted to EUR 805 million, primarily supported by new green loan facilities.
Backlog and commercial momentum
Cadeler’s order book continues to expand, strengthened by several major contracts signed in Q3. These include a new WTG installation project, BC-Wind in Poland, with a value to Cadeler of up to EUR 58 million, and two contracts for the full-scope transportation and installation of foundations and WTGs for an upcoming offshore wind farm, worth around EUR 500 million. With these additions, Cadeler’s total order backlog has grown to EUR 2,887 million as of 20 November 2025.
Fleet expansion: Largest and most advanced offshore wind fleet
In the first nine months of 2025, Cadeler took delivery of three newbuild WTIVs, Wind Maker, Wind Pace, and Wind Ally, in addition to the acquisition of Wind Keeper, a highly capable O&M vessel. Cadeler will soon take delivery of its second M-class vessel and is fully on track with its fleet expansion strategy. By mid-2027, Cadeler will operate a 12-vessel fleet – the largest and most versatile in the offshore wind industry.
Cadeler CEO, Mikkel Gleerup, comments: '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. The delivery of Wind Ally in September, our first vessel specifically designed for foundation installations, marked another important milestone as we build the most capable fleet in the industry.'
Entering a new era with Hornsea 3
In early 2026, Cadeler will begin its foundations T&I campaign for Ørsted’s Hornsea 3 offshore wind farm in the North Sea. For the first time, the company will take on the entire transport and installation (T&I) scope for offshore monopile foundations – a strategic step that positions the company as a full-service provider in the foundations market. Cadeler’s newly delivered vessel, Wind Ally, the company’s first A-class vessel and the ninth in its growing fleet will install the foundations at Hornsea 3.
Mikkel Gleerup adds: 'With Hornsea 3, we’re stepping into a new era for Cadeler as we take on the full scope of foundation transportation and installation. With this project we are expanding our role in the offshore wind value chain, underscoring our capabilities to support large-scale, integrated offshore developments for a sustainable future.'
Strong balance sheet and strategic financing initiatives
As of 30 September 2025, Cadeler’s total assets stood at EUR 3,056 million – up 58% year-to-date. Total equity increased to EUR 1,446 million, reflecting strong operational performance and capital inflows.
During the quarter, Cadeler secured a EUR 125 million Green Term Loan Facility to refinance the Wind Keeper bridge loan and drew on existing credit facilities to support continued investment.
Full-year guidance reaffirmed
Following a guidance upgrade in July, Cadeler reaffirms its full-year 2025 financial outlook. Revenue is expected to be in the range of EUR 588–628 million, while EBITDA is forecast to range between EUR 381–421 million.
Source: Cadeler
