Cadeler Reports Doubled Revenue, Strong Profit, and Expanded Fleet in Definitive 2025 Annual Report

summarizeSummary

Cadeler's definitive 2025 Annual Report confirms a year of exceptional financial performance, with revenue and profit more than doubling, alongside significant fleet expansion and a positive outlook for 2026.

check_boxKey Events

• Exceptional 2025 Financial Performance

  The company reported revenue of EUR 620.4 million for 2025, more than double the EUR 248.7 million in 2024. Profit for the period reached EUR 280.2 million, a substantial increase from EUR 65.1 million in the prior year, with Adjusted EBITDA at EUR 425.4 million.

• Significant Fleet Expansion and Operational Growth

  Cadeler doubled its operating fleet to 10 vessels in 2025 with the delivery of five new vessels, including Wind Maker, Wind Pace, Wind Keeper, Wind Ally, and Wind Mover. Two additional newbuilds, Wind Ace and Wind Apex, are expected by mid-2027.

• Strong Order Backlog and Positive 2026 Outlook

  The order backlog, including options, grew to EUR 2.8 billion as of December 31, 2025, with a further update to EUR 2,827 million by March 2026. The company forecasts 2026 revenue between EUR 854-944 million and EBITDA between EUR 420-510 million.

• Remediation of Internal Control Weaknesses

  Material weaknesses in internal control over financial reporting, identified in 2023, were fully remediated by December 31, 2024, and remained effective as of December 31, 2025, indicating improved compliance and governance.

auto_awesomeAnalysis

This 20-F filing provides the full, audited annual report for 2025, confirming the exceptional financial and operational performance previously highlighted in earlier 6-K filings and news. The detailed disclosures offer investors a comprehensive view of the company's robust growth, strategic fleet expansion, and positive outlook. The successful remediation of previously identified material weaknesses in internal control over financial reporting is a significant positive for corporate governance and investor confidence. While the headline figures were anticipated, the depth of information in this official filing is crucial for a complete investment thesis.