Denmark's Cadeler 2025 revenue jumps 149%, beats estimates

Cadeler A/S

24/03/2026 07:10

Overview

Denmark offshore wind installer's 2025 revenue more than doubled yr/yr, beating analyst expectations

Company doubled fleet capacity in 2025, expanding operational and maintenance services

Order backlog increased to EUR 2.8 bln, reflecting commercial visibility

Outlook

Cadeler expects 2026 revenue between EUR 845 mln and EUR 944 mln

Company sees 2026 EBITDA in the range of EUR 420 mln to EUR 510 mln

Cadeler says energy security and policy developments expected to support offshore wind demand

Result Drivers

FLEET EXPANSION - Expansion of operational fleet capacity through delivery of five vessels and high utilisation drove revenue and profit growth

OPERATIONS & MAINTENANCE FOCUS - Launch of Nexra platform and growth in O&M services contributed to results, accounting for about one fifth of revenue

DISCIPLINED EXECUTION - All newbuild vessels delivered on or ahead of schedule and immediately contracted for deployment, supporting high utilisation

Company press release: ID:nBw2JRF8ma

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Revenue
Beat
EUR 620 mln
EUR 587 mln (6 Analysts)
FY Net Income
EUR 280 mln
FY EBITDA
EUR 425 mln
FY Order Backlog
EUR 2.80 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the construction & engineering peer group is "buy"

Wall Street's median 12-month price target for Cadeler A/S is NOK70.00, about 25.7% above its March 23 closing price of NOK55.70

The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 4 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)