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Jun 30, 2025
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Cadeler A/S Q2 2025 Earnings Report
Cadeler delivered a strong Q2 performance driven by fleet expansion and contract termination fees.
Key Takeaways
Cadeler reported a significant jump in profitability for Q2 2025, supported by the delivery of new vessels, a sharp rise in revenue, and termination fees from the Ørsted contract.
Revenue for Q2 reached €233 million, reflecting strong fleet utilisation and new vessel deployments.
Net income rose sharply to €166 million, driven by termination fees and operational efficiency.
EPS came in at €0.47 as profitability rebounded strongly from Q1.
Operating profit reached €163.1 million for the quarter, following cost discipline and margin expansion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cadeler raised its full-year 2025 revenue and EBITDA guidance, reflecting confidence in its backlog, fleet utilisation, and compensation from contract terminations.
Positive Outlook
- Full-year revenue guidance increased to €588–628 million.
- Full-year EBITDA guidance increased to €381–421 million.
- Termination fee from Ørsted enhances short-term cash flow.
- 12-vessel fleet by mid-2027 strengthens capacity and flexibility.
- Solid project pipeline in Europe and Asia-Pacific boosts visibility.
Challenges Ahead
- Global offshore wind market facing delays and cost pressures.
- Political headwinds in the US could impact long-term projects.
- Supply chain inflation and bottlenecks create execution risk.
- Vessel off-hire periods still pose disruption risk.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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