Cadeler A/S Annual Report - How They Did This Year

I’m putting together this guide to help you understand how Cadeler A/S performed this year. My goal is to explain the financial details clearly so you can decide if this company fits your investment goals.

1. What does this company do?

Cadeler is the "heavy lifter" of the offshore wind industry. They operate specialized ships that transport and install massive wind turbines and their foundations. Their fleet includes the Wind Orca, Wind Osprey, Wind Zaratan, and Wind Scylla. They work globally, with a strong presence in the North Sea and growing interests in Asia and the Americas. They are a critical partner for major developers like Ørsted and Vattenfall.

2. Financial performance and health

Cadeler is currently in a major growth phase. For 2025, the company earned €250 million in revenue, driven by high demand for its specialized fleet. Profitability is currently secondary to the company’s heavy investment in building new vessels. As of December 31, 2025, there were 350,957,583 shares outstanding. The company carries over €800 million in long-term debt, which is being used to fund its fleet expansion. For you, this means the company is prioritizing long-term market dominance over immediate dividends.

3. Major wins and challenges

The company has been busy adding new ships like the Wind Zaratan and Wind Keeper to its fleet. Operational reality is a major factor here: in June 2025, the Wind Scylla damaged one of its legs, resulting in a month of repairs. This incident cost the company €8 million in lost revenue plus repair expenses. Because the company operates a small fleet, any time a ship is in the shop, it impacts the bottom line. Additionally, the company is subject to daily penalties for project delays, which can range from €50,000 to €150,000.

4. Key risks: What to watch out for

Because Cadeler operates a specialized, small fleet, they are sensitive to operational disruptions. A single sidelined vessel can significantly impact quarterly revenue, which typically averages €60–€70 million.

• New Build Delays: The company is currently building two new "A-Class" vessels in China for over €600 million. Any supply chain issues could delay these ships, preventing the company from fulfilling long-term contracts.
• Concentration Risk: Their top three clients account for over 60% of their €1.5 billion in future work. If one major project hits a snag, it has a direct impact on the company’s financial health.
• Legal/Geopolitical: As a Danish company trading in the U.S., they face complex legal hurdles, including the potential difficulty of enforcing U.S. court judgments in Denmark. Furthermore, fluctuations in the EUR/USD exchange rate can impact reported earnings.

5. Competitive positioning

Cadeler aims to be the "premium" choice in the market. By building ships capable of handling the next generation of massive 15MW+ turbines, they have positioned themselves as an essential partner for developers. Their current order book runs through 2030, which provides a level of income predictability that competitors with older, smaller fleets cannot match.

6. Leadership and strategy

The company is aggressively expanding with the goal of operating over 10 vessels by 2027. They now trade on the NYSE under the ticker CDLR, making them more accessible to international investors. Leadership’s core strategy is to keep 80% of their fleet under long-term contracts to protect the business against market volatility.

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Final Thought for Investors: Cadeler is a capital-intensive growth play. If you are looking for immediate dividends, this may not be the right fit. However, if you believe in the long-term expansion of offshore wind and want exposure to a company that is building the specialized infrastructure required for the next generation of turbines, Cadeler’s long-term order book and aggressive fleet expansion are the key metrics to watch.