Cadeler A/S Q3 2025 Earnings Summary
Business Context and Reporting Period
This Form 6-K filing, dated November 20, 2025, reports Cadeler A/S's financial and operational results for the third quarter and the first nine months of 2025. Cadeler is a global leader in offshore wind installation, operations, and maintenance services, operating the industry's largest fleet of jack-up vessels. The company is listed on the NYSE (CDLR) and Oslo Stock Exchange (CADLR).
Key Financial Metrics (First Nine Months 2025)
- Revenue: EUR 453 million (up 178% from EUR 163 million in the prior period).
- EBITDA: EUR 322 million (up from EUR 70 million in the prior period).
- Net Profit: EUR 232 million (compared to EUR 28 million in the prior period).
- Operating Cash Flow: EUR 286 million (up from EUR 45 million).
- Investing Cash Flow: Net cash used of EUR 931 million, driven by the delivery of three newbuild WTIVs.
- Financing Cash Flow: Net cash provided of EUR 805 million, primarily from new green loan facilities.
- Total Assets: EUR 3,056 million as of September 30, 2025 (up 58% year-to-date).
- Total Equity: EUR 1,446 million as of September 30, 2025.
- Order Backlog: EUR 2,887 million as of November 20, 2025.
Material Changes vs. Prior Period
The company experienced significant growth driven by fleet expansion, increased vessel utilization, and compensation from the termination of a long-term agreement.
- Fleet Size: Expanded from five to nine vessels in the first nine months of 2025.
- Utilization Rate: Increased to 75.8% compared to 61.4% in the same period last year.
- New Contracts: Secured a EUR 58 million WTG installation project in Poland and approximately EUR 500 million in contracts for foundation and WTG transportation/installation.
- Strategic Shift: Commencing full-scope foundation transport and installation (T&I) for the Hornsea 3 project in early 2026, marking a strategic expansion into the foundations market.
Guidance, Outlook, and Management Commentary
Cadeler has reaffirmed its full-year 2025 financial guidance following a previous upgrade in July.
- Full-Year Revenue Guidance: EUR 588 million to EUR 628 million.
- Full-Year EBITDA Guidance: EUR 381 million to EUR 421 million.
- Fleet Outlook: On track to operate a 12-vessel fleet by mid-2027, described as the largest and most versatile in the industry.
- Management Commentary: CEO Mikkel Gleerup highlighted strong operational performance, high utilization, and the strategic milestone of the "Wind Ally" vessel enabling full-scope foundation installation.
- Financing: Secured a EUR 125 million Green Term Loan Facility to refinance bridge loans and support investment.
Investor Verification Checklist
- Verify the specific terms and commencement dates of the EUR 500 million foundation T&I contracts.
- Confirm the timeline and cost implications for the delivery of the remaining vessels to reach the 12-vessel fleet target by mid-2027.
- Review the details of the EUR 125 million Green Term Loan Facility and the impact on future debt service obligations.
- Assess the operational risks and margin profile associated with the new full-scope foundation T&I scope at Hornsea 3.
- Monitor the utilization rates of the newly delivered vessels (Wind Maker, Wind Pace, Wind Ally) to ensure they meet the 75.8% average.