Cadeler (NYSE:CDLR) today published its anual report for the fiscal year ended December 31, 2025, detailing a period of unprecedented scale and financial outperformance.
The group successfully doubled its operational fleet capacity during the year by taking delivery of five new vessels, a move that allowed it to capture a larger share of the global offshore wind installation market.
This fleet expansion, paired with consistently high utilization rates, propelled annual revenue to €620 million, a staggering 149% increase from the €249 million reported in 2024.
The company's profitability metrics scaled in tandem with its top-line growth.
EBITDA for 2025 reached €425 million, up from €126 million the previous year, while net profit surged to €280 million.
These results reflect not only the increased volume of work but also the operational efficiencies gained through a larger, modernized fleet capable of handling the next generation of ultra-large wind turbines.
CEO Mikkel Gleerup characterized 2025 as a "defining year," noting that the company successfully managed this massive hardware expansion while simultaneously broadening its service offerings.
A key strategic highlight of the year was the establishment of Nexra, Cadeler’s new dedicated service platform.
Nexra is designed to target the rapidly growing operations and maintenance (O&M) segment of the offshore wind value chain.
By diversifying into long-term service contracts, Cadeler aims to balance the cyclical nature of large-scale installation projects with steady, recurring revenue streams as global offshore wind assets age and require specialized technical support.
Looking forward, Cadeler maintains exceptional commercial visibility with a current order backlog of €2.8 billion, up from €2.3 billion at the end of 2024.
This backlog provides a stable foundation for growth through the end of the decade.