Cadeler (CADLR) Q3 2025 earnings summary

Executive summary

• Q3 2025 performance met expectations, driven by strong vessel utilization, successful project execution, and the addition of new builds to the fleet.

• Three of four new vessels scheduled for 2025 have been delivered, with the final vessel on track for imminent or early delivery.

• Significant commercial progress included major contracts with Vestas, BC-Wind in Poland, and undisclosed clients, as well as a third full-scope foundation TNI contract.

• The company maintains a record-high order backlog of nearly EUR 2.9 billion, with 78% linked to projects having reached FID.

• Fleet expanded from five to nine vessels in the first nine months, supporting long-term growth strategy.

Financial highlights

• Q3 2025 revenue reached EUR 154.3 million, with nine-month revenue at EUR 453 million, up 178% year-over-year.

• EBITDA for Q3 was EUR 109.1 million, with nine-month EBITDA at EUR 322 million, more than double the prior year.

• Net profit for the first nine months was EUR 232 million, up from EUR 28 million year-over-year.

• Cash flow from operating activities was EUR 214 million in Q3 and EUR 286 million for the first nine months.

• Equity ratio stands at 47.3%, reflecting a solid balance sheet despite increased leverage from new vessel deliveries.

Outlook and guidance

• Full-year 2025 revenue guidance is reaffirmed at EUR 588–628 million, with EBITDA expected between EUR 381–421 million.

• Backlog provides strong earnings visibility, with over EUR 700 million scheduled for the next 12 months.

• 2027 and 2028 expected to see increased competition and lower utilization, but a significant market rebound is anticipated from 2029 onward.

• Vessel undersupply is projected towards the end of the decade and into the next.