Cadeler A/S

What they do

Cadeler provides time charter services and transportation and installation services for offshore wind turbines and foundations. The company operates a fleet of specialized wind turbine and foundation installation vessels, including the Wind Osprey, Wind Zaratan, and Wind Keeper. Revenue is generated from both short-term and long-term contracts with customers in the offshore wind industry.

Revenue drivers

• Time Charter Services and Transportation and Installation Services — Core revenue stream from chartering vessels and installing offshore wind turbines and foundations.
• Other Revenue (including early termination fees) — Revenue from fees earned for early termination of contracts by customers, and other miscellaneous services.
• Geographic revenue concentration — Revenue is primarily generated from customers in Europe, with significant contributions from Denmark, the UK, Germany, Poland, and other European countries, plus the US and Asia.

Recent performance

For fiscal year 2025, Cadeler reported total revenue of EUR 329.9 million, up from EUR 267.4 million in 2024. Gross profit increased to EUR 199.4 million from EUR 141.2 million, and net profit rose to EUR 92.0 million from EUR 70.7 million. The company ended the year with a strong backlog of firm contracts, with over EUR 1.1 billion in firm backlog as of December 31, 2025. Adjusted EBITDA was EUR 189.2 million, compared to EUR 137.8 million in the prior year.

Strategy

The company is expanding its fleet with new vessels to meet growing demand for offshore wind installations. Cadeler has a stated focus on securing long-term contracts with major offshore wind developers. The company continues to invest in its existing fleet and newbuilds to enhance capacity and operational efficiency. Management emphasizes maintaining a strong balance sheet to support growth and shareholder returns.

Risks

• Customer concentration risk — A significant portion of revenue comes from a limited number of customers; losing a major customer could impact results.
• Project execution risk — Offshore installation projects are complex; delays, weather, or technical issues could affect revenue recognition and profitability.
• Geopolitical and regulatory risk — Operations in multiple jurisdictions expose the company to changes in trade policies, tariffs, and local regulations.
• Market demand risk — The offshore wind market's growth depends on government support and project timing; reduced subsidies or project cancellations could hurt demand.

Outlook

Management expects continued growth in offshore wind installations, supporting demand for the company's vessels. The company's backlog provides visibility into future revenue, with firm contracts extending through 2026 and beyond. They are focused on delivering newbuild vessels on schedule and securing new contracts to fill future capacity.