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CDLR

Cadeler A/S

CDLR

Cadeler A/S • NYSE
$17.51 ▼ -0.68% (-0.12)
Market Cap $1.53 B
52w High $25.07
52w Low $15.37
Dividend Yield 0%
P/E 4.96
Volume 223.98K
Outstanding Shares 87.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $154.25M ▼ $15.975M ▲ $64.615M ▼ 41.89% ▼ $0 ▼ $108.454M ▼
Q2-2025 $233.061M ▲ $14.261M ▼ $165.935M ▲ 71.198% ▲ $1.84 ▲ $189.125M ▲
Q1-2025 $65.474M ▼ $16.086M ▲ $1.798M ▼ 2.746% ▼ $0.02 ▼ $23.371M ▼
Q4-2024 $85.953M ▲ $11.598M ▼ $37.253M ▲ 43.341% ▲ $0.44 ▲ $60.689M ▲
Q3-2024 $80.567M $14.265M $27.663M 34.335% $0.31 $42.722M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $217.757M ▲ $3.056B ▲ $1.61B ▲ $1.446B ▲
Q2-2025 $53.03M ▼ $2.769B ▲ $1.399B ▲ $1.371B ▲
Q1-2025 $94.106M ▲ $2.464B ▲ $1.238B ▲ $1.226B ▼
Q4-2024 $58.464M ▼ $1.937B ▲ $703.122M ▲ $1.234B ▲
Q3-2024 $91.854M $1.828B $695.171M $1.132B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $64.615M ▼ $214.03M ▲ $-258.207M ▼ $208.903M ▲ $164.726M ▲ $-44.123M ▲
Q2-2025 $165.935M ▲ $51.103M ▲ $-206.494M ▲ $114.315M ▼ $-41.076M ▼ $-155.392M ▲
Q1-2025 $1.798M ▼ $20.387M ▼ $-466.786M ▼ $482.041M ▲ $35.642M ▲ $-446.322M ▼
Q4-2024 $37.253M ▲ $48.331M ▲ $-66.654M ▲ $-20.462M ▼ $-33.39M ▼ $-18.355M ▲
Q3-2024 $27.663M $27.47M $-253.105M $228.073M $-1.196M $-225.636M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past few years, moving from a small niche base toward a more meaningful scale. The company has shifted from losses to consistent profits, which suggests its core business model is now working economically rather than just being a growth story on paper. Margins look healthy for an asset‑heavy, project‑driven business, indicating that Cadeler can price its services well and manage project costs effectively. Profitability does bounce around somewhat, which is normal for a company tied to large contracts and construction‑style project timing. Overall, the trend points toward a business that has moved through its early, loss‑making phase into a more stable, earnings‑generating phase, but still with some volatility.

Balance Sheet

Balance Sheet The balance sheet has expanded quickly, with total assets growing several fold in a short time. This reflects heavy investment in vessels and infrastructure, and also the merger‑driven scale‑up of the fleet. Equity has grown strongly as well, so the company is not just borrowing; it is also building a larger owner’s capital base. Debt has increased, but not in an extreme way relative to the growth in assets and equity. For a capital‑intensive shipping and installation business, this level of leverage looks measured rather than aggressive. The main watchpoint is that the company now carries a much larger asset base that must be kept busy and profitable to justify the higher fixed costs. Cash on hand is modest compared with the size of the asset base and investment program, which makes access to funding and continued contract wins important to keep the balance sheet comfortable.

Cash Flow

Cash Flow Operating cash flow has turned positive and is improving, which supports the idea that the underlying operations are now cash‑generative. This is important validation that profits are not just accounting figures but are starting to translate into real cash. Free cash flow, however, is still negative because Cadeler is spending heavily on new vessels and upgrades. The business is clearly in an investment phase: cash coming in from projects is being more than offset by cash going out for expansion. That is typical for a company building a modern fleet, but it does mean the business relies on outside capital—debt, equity, or both—to bridge this period. The key question for the future is whether today’s heavy spending will translate into sustained, higher cash generation once the new vessels are fully deployed.

Competitive Edge

Competitive Edge Cadeler occupies a specialized niche: installing offshore wind turbines and foundations. After the merger that created the world’s largest fleet of jack‑up vessels for this purpose, the company operates with real scale in a market where suitable ships are scarce and turbines are getting larger and more complex. Its modern, “future‑proofed” vessels are designed for the biggest new turbine models, which many older vessels cannot handle. This creates a natural barrier to entry and positions Cadeler to win high‑value projects as the industry upgrades. The imbalance between high demand for capable vessels and limited global supply gives the company negotiating power on pricing and contract terms. Longstanding relationships with major offshore wind developers and a track record on complex projects further strengthen its position. The main risk is that the company remains tied to policy‑sensitive offshore wind markets, which can see swings in project timing, permitting, and financing conditions.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Cadeler’s strategy. The company is not just operating vessels; it is designing and deploying new classes of ships with greater lifting power, more deck space, and advanced positioning systems to handle the next generation of turbines and foundations. Its hybrid‑capable vessels, which can be reconfigured between turbine and foundation work, provide unusual flexibility and better utilization. Investments in fuel efficiency, hybrid power, and digital tools for monitoring and optimization show a focus on both cost control and environmental impact. Looking ahead, areas to watch include efforts in digitalization, automation of installation tasks, and any move into floating offshore wind solutions. These could extend Cadeler’s edge if executed well, but they also involve technical and execution risks as the company pushes into newer technologies and market segments.

Summary

Cadeler has evolved from a smaller, early‑stage operator into a scaled, profitable player at the center of offshore wind build‑out. Its income statement shows a clear shift from losses to steady profits, while the balance sheet and cash flows reflect a company in full investment mode—pouring capital into a modern fleet to capture long‑term demand. The business now carries a much larger asset and debt load, but this is supported by growing equity and positive operating cash flow. The main financial tension is between strong growth ambitions and the ongoing need for funding during a heavy spending phase. Strategically, Cadeler’s fleet quality, scale, and specialized capabilities in offshore wind installation give it a strong competitive position in a tight market. Its emphasis on innovation, vessel flexibility, and expanded services (including full‑scope foundation work and maintenance) positions it to benefit from the global shift toward renewable energy, while exposing it to sector‑specific policy, timing, and execution risks. Overall, it looks like a focused, asset‑intensive growth story built around a clear niche in the energy transition.

NEWS

November 28, 2025 · 2:51 AM UTC

Cadeler Expands Fleet With Delivery of 10th Wind Turbine Installation Vessel, Wind Mover

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November 20, 2025 · 2:00 AM UTC

Q3 2025 Earnings Release: Cadeler Delivers Strong Q3 Performance With High Utilisation, Improved Earnings and Continued Fleet Expansion

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November 10, 2025 · 2:36 AM UTC

Cadeler Signs Two Significant Contracts for Full-Scope Foundation and Turbine Transportation and Installation

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November 5, 2025 · 4:13 AM UTC

Cadeler Opens New UK Office in Norwich, Reinforcing Its Commitment to the Region's Growing Offshore Wind Industry

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September 25, 2025 · 4:22 AM UTC

Cadeler Takes Delivery of First A-Class Vessel and Enters New Strategic Chapter in Offshore Foundations

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