Cadeler (CADLR) H1 2025 earnings summary

Executive summary

• Financial performance in H1 2025 exceeded expectations, with revenue more than tripling year-over-year to EUR 299 million, driven by fleet expansion, project execution, and significant compensation from contract terminations.

• EBITDA surged to EUR 213 million, up 868% from H1 2024, and profit after tax reached EUR 168 million.

• Fleet grew with the addition of Wind Maker, Wind Pace, and Wind Keeper, with two more vessels expected in H2 2025.

• O&M segment now accounts for 20% of revenue, with the launch of Nexra and a major contract secured with Vestas.

• Backlog remains robust at EUR 2.5 billion, providing strong earnings visibility.

Financial highlights

• H1 2025 revenue reached EUR 299 million, up from EUR 82 million in H1 2024; Q2 2025 revenue was EUR 233.1 million.

• EBITDA for H1 2025 was EUR 213 million, up from EUR 22 million in H1 2024; Q2 2025 EBITDA was EUR 188.9 million.

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

• Utilisation for H1 2025 was 66.9% (adjusted 89%), with seven to eight vessels on hire globally.

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

Outlook and guidance

• Full-year 2025 revenue guidance is EUR 588–628 million, with EBITDA guidance of EUR 381–421 million, reflecting termination fees and strong project execution.

• Robust contract backlog of EUR 2.5 billion provides strong earnings visibility into 2026 and beyond.

• Two additional vessels (Wind Ally and Wind Mover) expected to be delivered in H2 2025, supporting fleet expansion strategy.

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