Cadeler reports strong Q3 2025 performance, expands fleet

Cadeler A/S delivered strong results for the first nine months of 2025, with revenue soaring to €453m, a 178% increase from €163m in the same period last year. This growth was fueled by fleet expansion, higher vessel utilization of 75.8% (up from 61.4% in 2024), and termination fees. EBITDA reached €322m, and net profit totaled €232m, significantly up from €70m and €28m respectively in 2024.

The company's fleet expanded from five to nine vessels, including the delivery of three newbuild WTIVs and the acquisition of Wind Keeper. Total assets grew 58% year-to-date to €3,056m by September 30, 2025, with equity rising to €1,446m. Cadeler's order book continues to expand, reaching €2,887m as of November 20, 2025, supported by new contracts totaling over €558m.

Cadeler reaffirms its full-year 2025 guidance, expecting revenue between €588m and €628m, and EBITDA between €381m and €421m. The company is poised to begin its Hornsea 3 foundations T&I campaign in early 2026, marking a strategic shift to full-service provision in the foundations market.