Strong demand drives Cadeler's H1 2025 profit well above targets

Cadeler has published its interim financial results for the first half of 2025, reporting results above expectations and in line with its recently increased full-year revenue and gross operating profit guidance.

Cadeler said the first half of the year was characterised by fleet growth, disciplined project execution, and a sharpened strategic focus on operations and maintenance, as well as significant compensation in connection with the termination of a long-term agreement.

Revenue for the first six months of 2025 more than tripled to €299 million, (US$348 million), marking an increase of €217 million (US$252 million) or 265 per cent compared to the same period in 2024.

Gross operating profit rose to €213 million (US$248 million) representing a year-on-year increase of €191 million (US$222 million). Profit for the period reached €168 million (US$195 million), compared to €200,000 (US$230,000) in the same period last year.

Cadeler’s fleet achieved a combined utilisation rate of 67 per cent, with seven vessels on hire around the world. In addition, Cadeler became entitled to significant compensation in connection with the termination of a long-term agreement.

The company said the results are above expectations and in line with the company’s recently-updated full-year revenue and gross operating profit guidance, which was revised on July 1, 2025 to reflect increased earnings visibility. Cadeler has reaffirmed that guidance, with full-year revenue expected to range between €588 million (US$683 million) and €628 million (US$730 million) and gross operating profit to be between €381 million (US$443 million) and €421 million (US$489 million).

As of August 26, 2025, Cadeler’s total contract backlog stood at €2.5 billion (US$2.9 billion), providing strong earnings visibility into 2026 and beyond. Cadeler said the orderbook reflects continued strong demand across regions and includes firm contracts signed this year for the vessels Wind Mover, Wind Pace, Wind Keeper and Wind Maker for work in Europe, Asia, and the United States.

"This first half-year demonstrates the strength of our strategic focus and our ability to deliver, both operationally and financially, as we scale in a global market," said Cadeler CEO Mikkel Gleerup. "Our expanding fleet positions us to support the offshore wind sector’s growing need for both installation and long-term servicing."