Cadeler has published its annual report for 2025, a year in which the company said it maintained high utilisation.
For the full year 2025, Cadeler generated revenue of €620 million (US$720 million), compared to €249 million (US$289 million) in 2024 – an increase of €371 million (US$431 million). The company said the growth was driven by fleet expansion, high utilisation and strong operational activity.
Gross operating profit reached €425 million (US$493 million) for the year, up from €126 million (US$146 million) in 2024, while net profit for the year totalled €280 million (US$320 million), compared to €65 million (US$75 million) the previous year.
"2025 was a defining year for Cadeler," said Mikkel Gleerup, CEO of Cadeler. "We doubled the size of our fleet on the water while maintaining strong utilisation and delivering substantial growth in both revenue and profitability. At the same time, we expanded our strategic capabilities across the offshore wind value chain, including by strengthening our presence in the growing operations and maintenance (O&M) segment."
Cadeler said it continues to maintain strong commercial visibility supported by a substantial contract backlog. As of March 24, 2026, Cadeler’s order backlog stood at €2.8 billion (US$3.3 billion), up from approximately €2.3 billion (US$2.7 billion) at the end of 2024.
Cadeler said its orderbook for 2026 is substantially filled, reflecting continued activity across offshore wind installation and service markets.
For 2026, Cadeler expects its financial performance to result in revenue in the range of €845 million (US$981 million) to €944 million (US$1.1 billion) and gross operating profit of between €420 million (US$490 million) and €510 million (US$590 million). This outlook reflects the company’s increased fleet capacity, strong contract coverage and growing capabilities across both installation and offshore wind operations and maintenance activities.
During 2025, Cadeler expanded its fleet, doubling the number of vessels it has on the water from five to ten wind installation vessels. The company welcomed Wind Maker, Wind Pace, Wind Ally and Wind Mover into operation, alongside the acquisition of the 2024-buit Wind Keeper (ex-Boqiang 3060).
In 2025, Cadeler established Nexra, its dedicated service platform for the offshore wind aftermarket, with a team committed exclusively to the provision of O&M services.
Cadeler said O&M has been an increasing contributor to itss group results in recent years, accounting for approximately one fifth of the company’s revenue in 2025.
Cadeler continued to strengthen its balance sheet during the year while investing in fleet expansion.
As of December 31, 2025, total assets amounted to €3.417 billion (US$3.97 billion), representing a 76 per cent increase compared to the previous year, driven primarily by investments in vessels under construction.
Property, plant and equipment increased to €2.9 billion (US$3.4 billion), up from €1.7 billion (US$2 billion) in 2024, reflecting the group’s newbuild vessel programmes.
Total equity increased to €1.504 billion (US$1.75 billion), compared to €1.234 billion (US$1.43 billion) at the beginning of the year.