Strong Q4 Performance#
Cadeler A/S, a Norway-based company specializing in offshore wind installation vessels, has reported impressive fourth-quarter results for 2025. The company achieved a net profit of €48 million, significantly higher than the expected €32 million. Additionally, its earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter reached €104 million, surpassing the consensus estimate of €90 million.
Full-Year Results Exceed Guidance#
For the entire year of 2025, Cadeler's EBITDA totaled €425 million, exceeding both the consensus estimate of €411 million and the company's own guidance range of €381 million to €421 million. This strong performance reflects the company's effective management and operational efficiency in the offshore wind sector.
Revenue and Utilization Rates#
In the fourth quarter, Cadeler reported revenue of €168 million, which also beat the consensus estimate of €153 million. The company achieved a utilization rate of 75% for the full year, indicating that its vessels were actively used for 75% of the available time. Notably, this figure rose to 86% in the fourth quarter, showcasing improved operational performance.
Financial Position and Future Guidance#
As of the end of the fourth quarter, Cadeler's net debt stood at €1.46 billion, slightly higher than the expected €1.39 billion. The company also reported capital expenditures of €306 million during the quarter. Total equity increased by 4%, reaching €1.50 billion. Looking ahead to 2026, Cadeler has provided guidance for EBITDA between €420 million and €510 million, with a midpoint of €465 million, and expects revenue to range from €845 million to €944 million.