Cadeler Doubles Fleet, Boosts Revenue 149% in 2025
Event summary
- Cadeler doubled its operational fleet to 10 vessels in 2025, driving revenue to EUR 620 million (up 149% YoY).
- EBITDA surged to EUR 425 million (up 237% YoY) and net profit reached EUR 280 million (up 332% YoY).
- The company launched Nexra, a dedicated service platform for offshore wind operations and maintenance.
- Contract backlog grew to EUR 2.8 billion as of March 24, 2026, up from EUR 2.3 billion at year-end 2024.
The big picture
Cadeler's fleet expansion and financial growth reflect the accelerating demand for offshore wind installation and maintenance services. The company's strategic focus on operations and maintenance through Nexra positions it to capitalize on the increasing need for service vessels as the installed base of offshore wind turbines grows. With a substantially filled order book and strong commercial visibility, Cadeler is well-positioned to support the next phase of offshore wind development, driven by energy security and electrification trends across key markets.
What we're watching
- Fleet Utilization
- How Cadeler will maintain high utilization rates with its expanded fleet amid growing offshore wind project demand.
- Market Demand
- Whether European policy developments will sustain offshore wind deployment and support Cadeler's 2026 outlook.
- Service Expansion
- The pace at which Nexra can grow Cadeler's presence in the offshore wind aftermarket segment.
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