Cadeler (CADLR) Q3 2025 earnings summary

Executive summary

• Q3 2025 performance met expectations, driven by high vessel utilization, strong project execution, and new contract signings across global markets.

• Three of four newbuilds for 2025 delivered, with the final vessel on track for early delivery; fleet expanded from five to nine vessels in the first nine months.

• Major contracts signed, including a long-term agreement with Vestas, new projects in Poland, and undisclosed clients, boosting order backlog.

• Entering a new era by taking on full transport and installation scope for Hornsea 3 offshore wind farm in early 2026.

• Record order backlog of nearly EUR 2.9 billion, with 78% at FID, providing strong earnings visibility.

Financial highlights

• Q3 2025 revenue reached EUR 154.3 million, up from EUR 80.6 million in Q3 2024; EBITDA rose to EUR 109.1 million from EUR 48.4 million.

• For the first nine months of 2025, revenue was EUR 453 million, EBITDA EUR 322 million, and net profit EUR 232 million.

• Gross profit for 9M 2025 was EUR 294 million, with operating profit at EUR 248 million and EPS at EUR 0.66.

• Cash flow from operations in Q3 2025 was EUR 214 million; net cash flow from operating activities for 9M 2025 was EUR 286 million.

• Equity ratio at 47.3% as of Q3 2025, down from 63.7% at year-end 2024 due to increased liabilities from fleet expansion.

Outlook and guidance

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

• Guidance reflects termination fees, timely vessel deliveries, and ramp-up of foundation project revenues.

• 2027–2028 expected to see more competition and lower utilization, but 2029 and beyond forecasted to have vessel undersupply and higher demand.

• Near-term market remains robust, with a softer middle term and a strong pickup expected from 2029.