Cadeler has released its Q3 2025 update and maintains its full-year outlook. In the first nine months of 2025, the fleet grew from five to nine vessels. The company reports a utilisation rate of 75.8%, compared with 61.4% in the same period last year.
Revenue for the period reached € 453 million, up from € 163 million in 2024. EBITDA rose to € 322 million, compared with € 70 million last year, and net profit increased to € 232 million, from € 28 million.
Net cash flow from operating activities increased to € 286 million, compared with € 45 million in 2024. Net cash used in investing activities rose to € 931 million, reflecting the delivery of three newbuild wind turbine installation vessels. Financing activities generated € 805 million, supported by new green loan facilities.
Cadeler’s order book expanded further in Q3. New agreements include the BC-Wind turbine installation project in Poland, valued at up to € 58 million, and two contracts covering full-scope transport and installation of foundations and turbines for an upcoming offshore wind farm, worth around € 500 million. The company’s order backlog stood at € 2,887 million on 20 November 2025.
During the first nine months of 2025 Cadeler took delivery of three newbuild vessels, Wind Maker, Wind Pace and Wind Ally, and added Wind Keeper, an operations and maintenance vessel. A second M-class vessel will soon join the fleet. Cadeler plans to operate 12 vessels by mid-2027.
In early 2026 the company will begin foundation transport and installation work for Ørsted’s Hornsea 3 offshore wind farm in the North Sea. Wind Ally will install the monopile foundations.
Cadeler has reaffirmed its full-year 2025 financial guidance, with expected revenue between € 588–628 million and EBITDA between € 381–421 million.
