Offshore wind installation company Cadeler on Monday reported stronger-than-expected financial results for the first half of 2025, driven by fleet growth, operational efficiency, and project-related compensation.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to €213 million from €22 million in the same period last year, while net profit climbed to €168 million from €0.2 million. Revenue more than tripled year-on-year to €299 million.
The company attributed the performance to increased vessel activity, effective project execution, and compensation linked to the termination of a long-term contract. It said the results also reflected a stronger focus on operations and maintenance (O&M) services.
“Our expanding fleet, combined with the launch of Nexra, positions us to support the offshore wind sector’s growing need for both installation and long-term servicing,” said Chief Executive Mikkel Gleerup. “This first half-year demonstrates the strength of our strategic focus and our ability to deliver, both operationally and financially, as we scale in a global market.”
Cadeler’s fleet of seven vessels recorded a combined utilisation rate of 67% across projects in Europe, Asia-Pacific, and North America. The company reaffirmed its full-year 2025 guidance of €588 million to €628 million in revenue and €381 million to €421 million in EBITDA.
In the first half of the year, Cadeler took delivery of two new wind turbine installation vessels, Wind Maker and Wind Pace, both delivered on or ahead of schedule. The vessels are now operating in Taiwan and North America.
In May, Cadeler agreed to acquire the O&M vessel Wind Keeper, which was delivered in July. The vessel is contracted to Vestas from 2026 and will undergo upgrades in Europe before deployment. Two additional WTIVs, Wind Ally and Wind Mover, are scheduled for delivery in the second half of 2025, with Cadeler targeting a 12-vessel fleet by mid-2027.
In March, the company launched Nexra, a dedicated aftermarket division aimed at supporting O&M services across wind farms globally. “With Nexra, we are building a world map of opportunities… to improve utilisation and drive recurring income,” Gleerup said.
Cadeler’s contract backlog stood at €2.5 billion as of Aug. 26, providing earnings visibility through 2026 and beyond. The company said it continues to invest in energy-efficient vessel designs, alternative marine fuels, and circularity initiatives as part of its sustainability strategy.
