Cadeler reported Q3 2025 results with revenue of €154 million, up 90% YoY from €81 million in Q3 2024, driven by high demand for offshore wind installation services and a robust order backlog of €2.9 billion.
Net profit rose to €64 million, beating Bloomberg consensus of €57 million and reflecting disciplined cost management and high vessel utilization of 91.6%. EBITDA reached €109 million, surpassing estimates of €101 million, and margin expansion was supported by a favorable mix of larger, high‑margin projects such as Hornsea 3.
Cadeler reaffirmed its full‑year 2025 guidance, projecting revenue of €588‑628 million and EBITDA of €381‑421 million, a slight upward revision that signals confidence in sustained demand and the company’s ability to scale its fleet to 12 vessels by mid‑2027.
CEO Mikkel Gleerup highlighted the company’s strategic shift toward full foundation transportation and installation, noting that the Hornsea 3 project marks a new era for Cadeler and underscores its expanding role in the offshore wind value chain.
The company’s net debt increased to €1.2 billion, higher than consensus expectations, reflecting capital expenditures to support fleet expansion and the green term loan facility. Management emphasized that the investment is expected to generate long‑term value as vessel undersupply is projected toward the end of the decade.
Market reaction was mixed; while the results beat expectations, investors focused on the rise in net debt and the need for continued cash‑flow management, leading to a tempered response.
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