Cadeler has reported interim financial results above expectations for the first half of 2025.
EBITDA rose to €213m, compared with €22m in the same period last year, while profit reached €168m, up from €0.2m. Revenue more than tripled year on year to €299m.
The company said results were driven by fleet growth, disciplined project execution, a sharpened focus on operations and maintenance, and compensation linked to the termination of a long-term agreement.
Cadeler’s fleet of seven vessels achieved a combined utilisation rate of 67% across projects worldwide.
The company reaffirmed its recently updated 2025 guidance of €588m–628m in revenue and €381m–421m in EBITDA.
Cadeler said the first half of the year included the delivery of two new wind turbine installation vessels, Wind Maker and Wind Pace, both delivered on or ahead of schedule and now working on projects in Taiwan and North America.
In May the company agreed to acquire O&M vessel Wind Keeper, which was delivered in July.
Wind Keeper has a long-term contract with Vestas beginning in 2026 and will undergo upgrades in Europe before starting operations.
Cadeler said it remains on track to take delivery of two further WTIVs, Wind Ally and Wind Mover, in the second half of 2025, with a target to operate a 12-vessel fleet by mid-2027.
The company also launched a new aftermarket division, Nexra, in March to expand its O&M offering.
Chief executive Mikkel Gleerup said: “Our new service concept, Nexra, further strengthens our commitment to being a long-term partner to our clients, not just during installation but throughout the operational lifetime of a wind farm.
“With Nexra, we are building a world map of opportunities, where we can meet the growing demand for O&M services and better cater to the needs of our clients, while at the same time filling gaps in between larger installation projects to improve utilisation and drive recurring income.”
Cadeler added that it continues to invest in energy-efficient vessel design, greener marine fuels and circularity measures.
The company’s contract backlog stood at €2.5bn on 26 August, providing strong earnings visibility into 2026 and beyond.
Cadeler said its vessels are currently deployed on projects in Europe, Asia-Pacific and North America.
Gleerup said: “This first half-year demonstrates the strength of our strategic focus and our ability to deliver, both operationally and financially, as we scale in a global market.
“Our expanding fleet, combined with the launch of Nexra, positions us to support the offshore wind sector’s growing need for both installation and long-term servicing.
“We are grateful to our partners, clients and shareholders for their trust in Cadeler’s vision, and above all, to our people, whose dedication drives every success we achieve.”