Cadeler A/S
NYSE:CDLR
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Cadeler A/S
NYSE:CDLR
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Cadeler A/S
Cadeler A/S is a prominent player in the offshore wind industry. Born from the Danish engineering tradition, the company has carved out a niche in the construction and maintenance of offshore wind farms—a sector that’s been burgeoning as the world seeks cleaner energy alternatives. Cadeler operates with a fleet of sophisticated wind turbine installation vessels. These ships are marvels of modern engineering, designed to transport, install, and maintain offshore wind turbines and foundations. The backbone of Cadeler's business model is its strategic focus on the North Sea and surrounding areas, where the conditions are ripe for harnessing wind energy. This targeted geographical approach allows the company to marshal its resources effectively and build long-term partnerships with energy providers.
The revenue model of Cadeler revolves around providing specialized turnkey solutions, which include transporting massive turbine components and erecting them in challenging marine environments. Their services are critical to the successful execution of offshore wind projects, which are capital-intensive and highly technical. By securing long-term contracts with leading energy companies, Cadeler ensures a steady flow of income while fortifying its industry reputation. The company benefits from the global push toward renewable energy infrastructure, which continues to present lucrative growth opportunities. As nations strive to meet ambitious climate targets, Cadeler’s expertise in facilitating the transition to renewable energy places it in a strategically advantageous position, driving both its top-line growth and environmental impact.
Cadeler A/S is a prominent player in the offshore wind industry. Born from the Danish engineering tradition, the company has carved out a niche in the construction and maintenance of offshore wind farms—a sector that’s been burgeoning as the world seeks cleaner energy alternatives. Cadeler operates with a fleet of sophisticated wind turbine installation vessels. These ships are marvels of modern engineering, designed to transport, install, and maintain offshore wind turbines and foundations. The backbone of Cadeler's business model is its strategic focus on the North Sea and surrounding areas, where the conditions are ripe for harnessing wind energy. This targeted geographical approach allows the company to marshal its resources effectively and build long-term partnerships with energy providers.
The revenue model of Cadeler revolves around providing specialized turnkey solutions, which include transporting massive turbine components and erecting them in challenging marine environments. Their services are critical to the successful execution of offshore wind projects, which are capital-intensive and highly technical. By securing long-term contracts with leading energy companies, Cadeler ensures a steady flow of income while fortifying its industry reputation. The company benefits from the global push toward renewable energy infrastructure, which continues to present lucrative growth opportunities. As nations strive to meet ambitious climate targets, Cadeler’s expertise in facilitating the transition to renewable energy places it in a strategically advantageous position, driving both its top-line growth and environmental impact.
Backlog: Cadeler finished 2025 with a EUR 2.8 billion backlog (80% FID), giving strong multi‑year earnings visibility.
2025 results: Revenue ended at the high end of the guided range (EUR 620 million for 2025), EBITDA EUR 425 million and net profit EUR 280 million — a materially stronger year vs 2024.
Utilization: Adjusted utilization rose to 88.9% (vs 75% prior year), reflecting strong vessel activity across Europe, U.S. and APAC.
Hornsea 3: Company is mid‑project on its first full T&I scope; project revenue and margin increased but are more back‑end weighted due to monopile delivery timing.
2026 outlook: Revenue guidance EUR 854–944 million; EBITDA guidance EUR 420–510 million. 2026 is described as a transition year for some assets (e.g., Wind Zaratan).
Nexra / O&M: Aftermarket platform is growing — O&M represented ~1/5 of 2025 revenues and Cadeler is signing shorter and some longer campaigns (Wind Keeper in a multi‑year deal).
Fleet & newbuilds: Wind Ace 94% complete (naming 15 April); Wind Apex 34% complete and management is discussing earlier delivery to take immediate turbine work.
Capital allocation: Board will weigh three buckets: deleveraging, maintaining market position (fleet & growth), and returning capital to shareholders.