CDLRNYSEDeep Sea Foreign Transportation of FreightUS GAAP · USD

Cadeler A/S

Cadeler A/S is a marine transportation and installation contractor focused on offshore wind projects. The company operates a fleet of jack-up wind installation vessels and supports turbine and foundation transport, installation, and related offshore wind services from its base in Copenhagen, Denmark.

Kysy yhtiöstä
Liikevaihto620milj. USD
+149,4 %v/v
Liikevoitto (EBIT)318milj. USD
+357,6 %v/v
EBIT-marginaali51,2%
+23,3 %-yks.v/v
Nettotulos280milj. USD
+330,6 %v/v
Vapaa kassavirta−841milj. USD
−61,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−2000200400600800milj. USD2020: 20 milj. USD2020: EBIT −36 milj. USD20202021: 61 milj. USD2021: EBIT 11 milj. USD20212022: 106 milj. USD2022: EBIT 41 milj. USD20222023: 109 milj. USD2023: EBIT 14 milj. USD20232024: 249 milj. USD2024: EBIT 69 milj. USD20242025: 620 milj. USD2025: EBIT 318 milj. USD2025620318
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Cadeler A/S

Liiketoiminta

Osuus liikevaihdosta
Turbine transport & installation60 %

Marine transport and installation of offshore wind turbines using jack-up vessels.

Foundation transport & installation20 %

Installation campaigns for monopile and other wind farm foundations.

Operations & maintenance services10 %

Vessel-based support for offshore wind aftermarket and O&M campaigns.

Marine project logistics10 %

Redeployment, scheduling, and offshore logistics support across wind projects.

Asiakkaat

Cadeler primarily serves offshore wind developers, utilities, and project owners that need specialist vessels and crews to install or service turbines and foundations at sea. Its customers buy capacity to reduce execution risk on large offshore projects, secure installation windows, and maintain project schedules across Europe, Asia-Pacific, and North America.

Offshore wind developers

Buy turbine and foundation installation capacity for new offshore wind farms; they need execution certainty and vessel availability.

Utilities and independent power producers

Use Cadeler for major offshore wind projects and long-duration installation campaigns tied to large capital programs.

O&M and aftermarket customers

Buy vessel-based support for maintenance and service campaigns after turbine fleets are installed.

Foundation installation clients

Contract for monopile and related foundation transport and installation as part of full-scope wind farm delivery.

Strategia

Cadeler’s strategy is centered on expanding fleet scale and capabilities to capture offshore wind installation demand across multiple regions. The company is also building a broader offering across the wind value chain, including foundation installation and aftermarket services, to increase the range of projects it can serve and deepen customer relationships.

Fleet expansion and deployment flexibilityLyhyt aikaväli

A larger, more versatile fleet improves customer coverage and reduces project execution risk.

Integrated foundation T&I capabilityKeskipitkä aikaväli

Foundation transport and installation broadens addressable project scope and strengthens bid positioning.

Aftermarket and O&M growthKeskipitkä aikaväli

The installed offshore wind base creates recurring service demand beyond newbuild installation cycles.

Maantiede

Cadeler operates internationally, with vessel activity across Europe, Asia-Pacific, and North America. Its work is tied to where offshore wind farms are being built and serviced, so geography is driven by project location rather than customer headquarters. The company is based in Copenhagen, Denmark, while its operating footprint is global and project-based.

Riskit

Cadeler is exposed to project timing, weather, and vessel-utilization risk because its revenue depends on large offshore campaigns being executed on schedule. It also faces industry-specific concentration risk in offshore wind, where delays in final investment decisions, permitting, supply chains, or grid connections can push out installation demand and reduce backlog conversion timing.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Project execution delay1Offshore wind market cyclicality2Fleet integration and operating complexity3Geographic project concentration4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Project execution delayVaikutus: KorkeaTodennäköisyys: Korkea

    Large offshore campaigns can slip due to weather, permitting, supply-chain, or customer-side issues.

    Kohdistuu: Vessel utilization and revenue timing

  2. Offshore wind market cyclicalityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Order flow depends on final investment decisions and utility capex cycles.

    Kohdistuu: Backlog conversion and new contract awards

  3. Fleet integration and operating complexityVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    As vessel count and scope expand, coordination, crew, and maintenance needs become more complex.

    KohdistuuCostsUptimeDelivery performance
  4. Geographic project concentrationVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Revenue is tied to a limited number of offshore wind markets and project locations.

    KohdistuuEuropeAsia-PacificNorth America
Kysy Clarifolta: Cadeler A/S

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition timing

Long offshore installation contracts can recognize revenue over time based on performance progress and contract milestones.

Vaikutus: Deferred revenue and quarterly volatility

Deferred revenue

Advance billings and contract timing create deferred revenue balances that roll forward as work is performed.

Vaikutus: Reported revenue timing and working capital

Lease accounting

Vessel and equipment leases can create significant right-of-use assets and lease liabilities.

Vaikutus: Balance sheet leverage and expense profile

Project estimates and judgments

Management must estimate progress, costs, and contract outcomes on complex offshore projects.

Vaikutus: Margins and period comparability

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Päivitetty: 28.9.2026