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Cadeler (CADLR) investor relations material

Cadeler H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary26 Aug, 2025

Executive summary

  • Financial performance in H1 2025 exceeded expectations, with revenue and EBITDA surging due to fleet expansion, strong O&M demand, and termination fees, prompting an increase in full-year guidance in July 2025.

  • Seven vessels were on hire globally, with expansion in Taiwan and North America, and the fleet grew with the addition of Wind Maker, Wind Pace, and Wind Keeper; two more vessels are expected in H2 2025.

  • Wind Keeper was delivered ahead of schedule, secured a three-year contract with Vestas starting Q1 2026, and will undergo upgrades for European operations.

  • Strong and growing demand for O&M services, now accounting for 20% of revenue, led to the launch of the NexTra/Nexra service concept and a dedicated division.

  • Backlog remains robust at €2.5 billion as of August 2025, providing solid earnings visibility.

Financial highlights

  • Q2 2025 revenue reached €233.1 million, up from €63.2 million in Q2 2024; H1 2025 revenue was €298.5–299 million, up from €82 million year-over-year.

  • Q2 2025 EBITDA was €188.9 million, up from €31.8 million in Q2 2024; H1 2025 EBITDA was €212.5–213 million, up from €21.7–22 million year-over-year.

  • Net profit for H1 2025 was €167.7–168 million, compared to €0.2 million in H1 2024.

  • Adjusted utilisation for Q2 was 94.1%, and for H1, 89%; overall H1 utilisation was 66.9–67%.

  • Market capitalisation stands at €1.7 billion as of August 2025.

Outlook and guidance

  • Full-year 2025 revenue guidance is €588–628 million, with EBITDA expected between €381–421 million, reflecting termination fees and timely vessel deliveries.

  • Two additional vessel deliveries are scheduled for Q3 and Q4 2025, both on time and on budget.

  • Foundation project revenues are starting to be recognized, with ongoing strong demand for O&M and installation services.

  • Guidance revision reflects compensation from Hornsea 4 project and continued market momentum.

  • Offshore wind sector faces short-term headwinds but is expected to accelerate, with strong O&M demand.

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Frequently asked questions

Cadeler is a Denmark-based company that provides offshore wind installation and marine transportation services. The company operates jack-up vessels for the transport and installation of wind turbine components and foundations in offshore wind farms. It serves renewable energy developers in Europe and globally. Cadeler is headquartered in Copenhagen, Denmark, and its shares are listed on the Oslo Børs.

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