Cadeler reported third-quarter revenue of €453 million, a 178% increase compared with €163 million in the same period last year, driven by fleet expansion, higher vessel utilisation and compensation from the termination of a long-term agreement, the company said.
The offshore wind vessel owner posted EBITDA of €322 million for the period, up from €70 million reported for the first nine months of 2024. Cadeler said its fleet has grown from five to nine vessels this year, with a corresponding increase in its order book.
Cash flow from operating activities rose to €286 million, up from €45 million a year earlier.
“With high utilisation, an expanding fleet, and solid client demand, Cadeler continues to deliver on its strategic ambitions,” said Chief Executive Mikkel Gleerup. “The delivery of Wind Ally in September, our first vessel specifically designed for foundation installations, marked another important milestone as we build the most capable fleet in the industry.”
