Cadeler's Q4 Performance Strong, Exceeds 2025 Guidance

LootboxPhobia · 2026-03-24T11:20:46+00:00

According to Jefferies' report, Norwegian offshore wind installation vessel operator Cadeler A/S delivered better-than-expected results in Q4 2025, with net profit of €48 million and EBITDA reaching €104 million. Full-year EBITDA was €425 million, exceeding market expectations. The company provided 2026 EBITDA guidance of €420-510 million.

LootboxPhobia

2026-03-24 11:20:46

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Investing.com – According to a research report released by Jefferies on Tuesday, Cadeler A/S (OSE:CADLR) reported Q4 2025 results that exceeded analyst expectations, with full-year EBITDA surpassing the upper end of its guidance range.

The Norway-based offshore wind installation vessel operator posted a net profit of €48 million for Q4, beating the market consensus of €32 million. Q4 EBITDA reached €104 million, higher than the market expectation of €90 million.

For the full year 2025, Cadeler reported EBITDA of €425 million, exceeding the market consensus of €411 million and also surpassing its guidance range of €381 million to €421 million.

Q4 revenue was €168 million, above the market expectation of €153 million. The company’s utilization rate for 2025 was 75%, meaning Q4 utilization was 86%.

Net debt at the end of Q4 was €1.46 billion, higher than the market consensus of €1.39 billion. Capital expenditures in Q4 totaled €306 million. Total equity increased by 4% from €1.45 billion at the end of Q3 to €1.5 billion at the end of Q4.

As of Tuesday, the company’s order backlog was €2.83 billion, down 2% from €2.89 billion reported in November 2025. About 80% of the current backlog, or €2.26 billion, is related to projects where final investment decisions have been made by the counterparties.

For 2026, Cadeler provided an EBITDA guidance of €420 million to €510 million, with a midpoint of €465 million. The company expects revenue to be between €845 million and €944 million, with a midpoint of €895 million.

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