In 2025, Cadeler increased its revenue to 620 million euros from 249 million euros the previous year, while EBITDA increased to 425 million euros from 126 million euros. The year's profit came in at 280 million euros compared to 65 million euros in 2024, and the contract backlog had grown to 2.8 billion euros on March 24, 2026 from 2.3 billion euros at the end of 2024. This was announced by the wind shipping company in a press release.
According to Cadeler, the growth was driven by a doubling of fleet capacity, high utilization and increased activity. The company took delivery of five new vessels during the year, thereby expanding the fleet from five to ten installation vessels.
At the same time, Cadeler strengthened its position within operations and maintenance through the establishment of the Nexra service platform, where operations and maintenance activities accounted for around 20 percent of the total. of revenue, as well as the acquisition of Wind Keeper, which was put into operation on a long-term contract.
- 2025 was a defining year for Cadeler. We doubled the size of our fleet on the water, while maintaining high utilization and delivering significant growth in both revenue and earnings. At the same time, we expanded our strategic capabilities across the offshore wind value chain, including by strengthening our presence in the growing market for operations and maintenance, says Mikkel Gleerup, CEO of Cadeler.
Expecting continued growth – earnings flattening
Cadeler entered 2026 with an almost fully booked order book and a total contract backlog of 2.8 billion euros. According to the company, demand for offshore wind continues to be supported by energy security, electrification and increased political focus in Europe, as well as increased coordination between European governments and clearer auction pipelines.
On this basis, Cadeler expects revenue in the range of 845-944 million euros, corresponding to continued growth, while EBITDA is expected to develop more flatly in the range of 420-510 million euros after the significant boost in 2025.
Our fleet expansion reflects Cadeler's long-term strategy of maintaining a modern and versatile fleet that can support offshore wind projects across both installation and lifecycle services. A larger fleet makes it possible to deploy our vessels where they create the most value, while supporting increasingly larger and more complex offshore projects, says Mikkel Gleerup.
At the end of 2025, Cadeler had total assets of 3.4 billion euros. euros, equity of 1.5 billion euros and liquidity of 343 million euros.
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