)

Cadeler (CADLR) investor relations material
Cadeler H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
Next Cadeler earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage