Cadeler has published its Q3 2025 earnings release, through which the company said it delivered robust financial and operational performance.
The full-year guidance is reaffirmed as Cadeler continues to execute on its long-term growth strategy.
In the first nine months of 2025, Cadeler generated revenue of €453 million (US$522 million), up 178 per cent from €163 million (US$188 million) in the same period in 2024 – an increase of €290 million (US$330 million).
Cadeler said this growth was driven by increased revenue from the expansion of its fleet, increased vessel utilisation, and compensation in connection with the termination of a long-term agreement.
Gross operating profit reached €322 million (US$371 million) for the period, up from €70 million (US$80 million) in the first nine months of 2024. Net profit for the first nine months totalled €232 million (US$267 million), compared to €28 million (US$32 million) in the same period last year.
In the first nine months of 2025, Cadeler’s fleet expanded from five to nine vessels. This has been coupled with a strong operational performance, with a combined utilisation rate of 75.8 per cent, compared to 61.4 per cent in the same period last year.
Net cash flow from operating activities increased to €286 million (US$330 million) (compared to €45 million (US$52 million) in 2024), while net cash flow used in investing activities rose to €931 million (US$1.07 billion), reflecting the delivery of three newbuild wind turbine installation vessels.
Net cash provided by financing activities amounted to €805 million (US$927 million), primarily supported by new green loan facilities.
Cadeler said its orderbook continues to expand, strengthened by several major contracts signed in Q3. These include a new WTG installation project, BC-Wind in Poland, with a value to Cadeler of up to €58 million (US$67 million), and two contracts for the full-scope transportation and installation of foundations and WTGs for an upcoming offshore wind farm, worth around €500 million (US$580 million).
With these additions, Cadeler’s total order backlog has grown to €2.89 billion (US$3.33 billion) as of November 20, 2025.
Following a guidance upgrade in July, Cadeler has reaffirmed its full-year 2025 financial outlook. Revenue is expected to be in the range of €588–628 million (US$677–723 million), while gross operating profit is forecast to range between €381–421 million (US$439–485 million).