Cadeler has published its annual report for 2025, outlining financial and operational results during a year in which it took delivery of five vessels and doubled its fleet capacity. The company maintained high utilisation and expanded its activities in operations and maintenance through the launch of its Nexra service platform.
Revenue for 2025 reached € 620 million, compared to € 249 million in 2024, reflecting growth driven by fleet expansion, utilisation and project activity. EBITDA increased to € 425 million from € 126 million, while net profit rose to € 280 million from € 65 million in the previous year.
The company reported a contract backlog of € 2.8 billion as of 24 March 2026, up from around € 2.3 billion at the end of 2024. Its order book for 2026 is largely secured, indicating continued demand across offshore wind installation and service markets.
For 2026, Cadeler expects revenue in the range of € 845 million to € 944 million and EBITDA between € 420 million and € 510 million. This outlook reflects the expanded fleet, contract coverage and ongoing activity in both installation and operations and maintenance.
During 2025, Cadeler increased its fleet from five to ten vessels. The vessels Wind Maker, Wind Pace, Wind Ally and Wind Mover entered service, alongside the acquisition of Wind Keeper.
Cadeler established Nexra in 2025 as a dedicated platform for offshore wind operations and maintenance. This segment contributed around one fifth of total revenue during the year. The acquisition of Wind Keeper supported this expansion, with the vessel entering a long-term charter following upgrades in Europe.
