Cadeler Stock Gives up Gains: Cadeler Significantly Increases Revenue and Profit in 2025 - Offshore Wind Fleet Capacity Doubled
Copenhagen (Denmark) – Offshore wind specialist Cadeler doubled its fleet capacity in 2025 while significantly increasing revenue and profitability. With a strong order backlog and new investment plans, the company is strategically positioning itself for further growth in the global offshore wind market.
Fleet expansion and strong financials drive growth
The 2025 financial year marks a major leap in growth for Cadeler. Revenue rose by nearly 150% to €620 million, up from €249 million in the previous year. EBITDA climbed to €425 million (2024: €126 million), while net income more than quadrupled to €280 million (2024: €65 million).
According to Cadeler, the main driver of this development was the massive expansion of its fleet: the number of installation vessels in operation doubled from five to ten units. New vessels such as Wind Maker, Wind Pace, Wind Ally, and Wind Mover, as well as the acquisition of Wind Keeper, were delivered on schedule and immediately secured under contract.
CEO Mikkel Gleerup emphasized: “2025 was a defining year for Cadeler. We doubled the size of our offshore fleet while maintaining high utilization and achieving significant growth in both revenue and profitability.”
At the same time, the company strengthened its market position through a growing order backlog, which increased to €2.8 billion (end of 2024: around €2.3 billion). The order book for 2026 is already largely filled, underlining strong demand in the offshore wind installation market.
The company’s balance sheet also reflects this growth: total assets increased by 76% to €3.4 billion. Equity rose to €1.5 billion, while liquidity remained solid at €343 million.
Service business and investments secure long-term prospects
In addition to its core installation business, Cadeler is systematically expanding its aftermarket activities. With the launch of the Nexra service platform, the company is increasingly focusing on operations and maintenance (O&M) services, which already account for around 20% of revenue.
“At the same time, we expanded our strategic capabilities across the offshore wind value chain, including by strengthening our presence in the growing operations and maintenance segment,” said Gleerup.
To support further growth, Cadeler secured around €175 million through a private placement in March 2026. The funds are to be invested, among other things, in two planned T-class vessels for the installation of wind turbine foundations, which could be available from 2030 and 2031. In addition, the company is evaluating the acquisition and conversion of a scour protection specialist vessel to protect the seabed from erosion during offshore wind foundation installation.
Market developments are strategically significant: since mid-2024, no new installation vessels for wind foundations have been ordered worldwide. Cadeler therefore expects a supply shortage from 2029 onward, which could support high utilization rates and attractive pricing in the long term.
For 2026, the company forecasts revenue between €845 million and €944 million and EBITDA between €420 million and €510 million. Key drivers remain energy security, electrification, and industrial competitiveness, all of which continue to boost demand for offshore wind energy.
Despite its ambitious investment plans, Cadeler intends to continue paying dividends to shareholders. The combination of strong operating cash flow, a growing fleet, and a disciplined investment strategy is expected to support both expansion and dividend capacity.
Cadeler stock initially rises, then turns negative
The Cadeler share, listed in the renewable energy stock index RENIXX World, rose to a price of €5.17 following the release of the figures, but subsequently gave up those gains. By the end of the week, the stock was down 4.6% at €4.77.
Source: IWR Online, Mar 03 2026