Cadeler delivered strong financial results in the third quarter of 2025 with significant growth in revenue and improved operations. In the first nine months of 2025, the wind shipping company realized an increase of 178 percent compared to the same period the previous year, thus ending revenue at 453 million euros.
The improvement is due, among other things, to increased capacity utilization, compensation for a terminated agreement and the delivery of new installation vessels. Earnings before depreciation (EBITDA) increased to 322 million euros against 70 million euros the previous year, while net profit was 232 million euros against 28 million euros in 2024. Cadeler stated this in a statement.
Specifically, Cadeler expanded its fleet from five to nine vessels during the period. This fleet achieved an average utilization rate of 75.8 percent against 61.4 percent the previous year. The order book grew to EUR 2,887 million after new contracts in Poland and two agreements for transport and installation on a major offshore wind project with a total value of around EUR 500 million.
- We are proud to deliver strong financial and operational results for the third quarter. With high utilization, a growing fleet and solid demand, we continue to deliver on our strategic ambitions, says Mikkel Gleerup, CEO of Cadeler.
In 2026, the company expects to start work on Ørsted's Hornsea 3 project in the North Sea, where Cadeler will for the first time be responsible for the entire transport and installation task of foundations.
- With Hornsea 3, we enter a new era for Cadeler, when we take on the entire task of transport and installation of foundations. With this project, we are expanding our role in the offshore wind value chain and emphasizing our ability to support large, integrated offshore wind projects for a sustainable future, says Mikkel Gleerup.
Cadeler upgraded its full-year expectations in July. These are maintained and are for revenue of 588–628 million euros and an EBITDA of 381–421 million euros.
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