Both turnover and EBITDA for the first half of the year are “above expectations”, the Danish company announced. Cadeler only recently raised its forecast for the year as a whole.
The past few months have been characterized by the growth of the fleet and disciplined project execution, according to the company. There has also been an increased focus on operations and maintenance (O&M).
At €299 million, turnover more than tripled in the first six months of 2025. In the same period of the previous year, it amounted to €82 million – which corresponds to growth of 265%. The situation is similar with EBITDA, which rose from €22 million to €213 million.
Cadeler’s fleet achieved a combined utilization rate of 67%, with seven ships chartered out worldwide. In addition, Cadeler was entitled to substantial compensation in connection with the termination of a long-term contract. The result confirms the company’s recently adjusted forecast: Cadeler now expects revenue of between €588 million and €628 million in the financial year, with EBITDA of between €381 million and €421 million.
Expansion of the fleet is progressing
In the first half of the year, the shipping company took delivery of the two new WTIV (Wind Turbine Installation Vessel) vessels “Wind Maker” and “Wind Pace”, which are now involved in projects in Taiwan and North America. Another new addition to the fleet is the “Wind Keeper”, which was taken over from China and chartered to Vestas on a long-term contract from the beginning of 2026. Before its deployment begins, the ship will be taken to Europe, where it will undergo “customized modernization”.
The WTIVs “Wind Ally” and “Wind Mover” are to be taken over in the second half of the year. “The company is on track with its fleet expansion strategy and will operate a fleet of twelve vessels by mid-2027 – the largest and most diverse in the offshore wind industry – providing greater flexibility and order security to its global customer base,” Cadeler said.
In March, the shipping company launched “Nexra”, a new aftermarket division specializing in the growing market for operation and maintenance (O&M) solutions in the offshore wind industry. “Our new service concept Nexra underlines our commitment to be a long-term partner to our customers – not only during installation, but throughout the entire operational life of a wind farm,” said Cadeler CEO Mikkel Gleerup. “With Nexra, we are creating a global offering that will enable us to meet the growing demand for O&M services and better fulfill our customers’ needs. At the same time, we are closing gaps between larger installation projects to improve utilization and generate recurring revenue.”
Solid order backlog
At the end of August 2025, Cadeler’s order backlog amounted to €2.5 billion, enabling a strong earnings forecast for 2026 and beyond. “The order backlog reflects continued strong demand across all regions and includes firm contracts signed this year for ‘Wind Mover’, ‘Wind Pace’, ‘Wind Keeper’ and ‘Wind Maker’ for deployment in Europe, Asia and the US,” the company said. “Cadeler continues to be active in key offshore wind markets and its vessels are currently deployed in projects in Europe, Asia Pacific and North America.”
“The first half of the year demonstrates the strength of our strategic direction and our ability to succeed both operationally and financially as we expand in a global market,” continued CEO Gleerup. “Our growing fleet and the introduction of Nexra enable us to meet the growing installation and long-term maintenance needs of the offshore wind industry. We thank our partners, customers and shareholders for their confidence in Cadeler’s vision and especially our employees, whose dedication drives each of our successes.”
