Cadeler A/S
NYSE:CDLR

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Cadeler A/S
NYSE:CDLR
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Price: 25.98 USD 4.17% Market Closed
Market Cap: $8.1B

Cadeler A/S
Investor Relations

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.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 24, 2026
AI Summary
Q4 2025

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.

Key Financials
Revenue (2025)
EUR 620 million
Revenue (Q4 2025)
EUR 167 million
Backlog
EUR 2.8 billion
Backlog FID proportion
80% of backlog has reached FID
Adjusted utilization (2025)
88.9%
EBITDA (2025)
EUR 425 million
EBITDA (Q4 2025)
EUR 104 million
Net profit (2025)
EUR 280 million
Equity
EUR 1.5 billion
Equity ratio
44%
Cash
EUR 152 million
Vessel OpEx per day
EUR 36.3 million
Market capitalization
EUR 1.8 billion
RCF facility
EUR 148 million
Total financing related to newbuilds
EUR 637 million
Q4 finance net
EUR 20 million
Employees (office‑based)
362
Seafarers
more than 800
Turbines installed (cumulative)
more than 1,700
Foundations installed (cumulative)
more than 900
O&M revenue share (2025)
around 1/5 of total revenues
Wind Ace completion
94% complete
Wind Apex completion
34% complete
Net zero target
2035
Earnings Call Recording
Other Earnings Calls

Management

Mr. Mikkel Gleerup
CEO & Member of the Executive Board
No Bio Available
Mr. Peter Brogaard Hansen
CFO & Member of Executive Board
No Bio Available
Mr. Jacob Heinricy Jensen
Chief Operating Officer
No Bio Available
Peter Kragh Jacobsen
Chief Technical Officer
No Bio Available
Mr. Alexander Simmonds J.D.
Executive VP & Chief Legal Officer
No Bio Available
Ms. Karen Roiy
Vice President of Marketing & Communication
No Bio Available
Sarah Kaldas
Chief Sales Officer
No Bio Available
Rikke Kruse Kolby
Chief People & Culture Officer
No Bio Available
Mr. Jacob Gregersen
Chief Commercial Officer
No Bio Available
Mario Robayo
Head of Finance
No Bio Available

Contacts

Address
COPENHAGEN
Fairway House, Arne Jacobsens Alle 7, Copenhagen S
Contacts
+4532463100.0
www.cadeler.com
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