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1. Company Snapshot

1.a. Company Description

Cadeler A/S operates as an offshore wind farm transportation and installation contractor in Denmark.The company also provides wind farm maintenance, construction, decommissioning, and other tasks within the offshore industry.It owns and operates two offshore jack-up windfarm installation vessels.


The company was formerly known as Swire Blue Ocean A/S and changed its name to Cadeler A/S in October 2020.Cadeler A/S was founded in 2008 and is headquartered in Copenhagen, Denmark.

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1.b. Last Insights on CADLR

Cadeler A/S recent performance was negatively impacted by a lack of significant contract announcements in the past three months, despite signing a new vessel reservation agreement with Ocean Winds for the BC-Wind offshore wind farm in Poland. Additionally, the company's newbuild vessel Wind Mover secured two undisclosed contracts, but the lack of detail on these deals may have contributed to the negative sentiment. The absence of a recent earnings release and a notable presence of Cadeler's executives at a prominent shipping forum in March may have also contributed to the uncertainty surrounding the company.

1.c. Company Highlights

2. Cadeler Surges Ahead: Q4 2025 Beats Expectations, Backlog Booms

Cadeler reported Q4 2025 revenue of €620 million, up 82 million from the prior year, while EBITDA hit €425 million, comfortably surpassing guidance. Net profit surged to €280 million, and EPS came in at €1.66 versus analyst estimates of €1.33 (Mikkel Gleerup, Q4 2025 earnings call). The company trades at a P/E of 6.73 and an EV/EBITDA of 8.35, reflecting a modest valuation relative to peers.

Publication Date: Apr -17

📋 Highlights
  • Robust Contract Backlog:: EUR 2.8 billion backlog, 80% with final investment decision, ensuring earnings visibility and full booking until 2027.
  • Strong Financial Performance:: Net profit surged to EUR 280 million (vs. EUR 65 million prior year), with EBITDA at EUR 425 million and adjusted utilization of 88.9%.
  • Project Complexity & Revenue Growth:: Hornsea 3 project (197 monopiles) drove EUR 104 million Q4 EBITDA, with client-driven timeline changes boosting revenue.
  • Newbuild Execution:: Four newbuilds delivered on time, including Wind Keeper, with Wind Apex and Wind Ace (EUR 637 million CapEx) progressing on schedule for 2026-2027.
  • 2026 Guidance & Growth Confidence:: Revenue guidance of EUR 854-944 million and EBITDA of EUR 420-510 million, supported by EUR 1.5 billion equity and EUR 1.8 billion market cap.

Robust Revenue Growth & Margin Expansion

Revenue growth of 31.1% YoY was driven by a 20% rise in utilization (88.9%) and a strengthened contract backlog. EBITDA margin expanded to 68.5%, supported by disciplined operating costs (€36.3 million per day) and a higher proportion of high‑margin project delivery contracts.

Backlog & Project Pipeline Strength

The €2.8 billion backlog, with 80% at final investment decision, anchors Cadeler’s long‑term outlook. Fully booked through 2027 and optimistic for 2028, the pipeline includes over 50 open opportunities and a preferred supplier agreement for a major European foundation project, ensuring sustained cash flow.

Shift to Integrated Project Delivery

Transitioning from a day‑rate charter model to an integrated construction platform has added complexity but unlocked higher absolute returns. The Hornsea 3 T&I scope, involving 197 monopiles and 120 construction staff, exemplifies this shift and has already lifted revenue through client‑initiated scope expansions.

Newbuilds & Fleet Modernization

Cadeler delivered four newbuilds on schedule, adding Wind Keeper to the fleet, and is on track to launch Wind Apex and Wind Ace on time. The average fleet age of five years underscores a youthful, high‑value asset base that fuels efficient, high‑utilization operations.

Capital Allocation & Financial Strength

With €637 million financing for newbuilds, €152 million in cash, and a robust equity of €1.5 billion, Cadeler maintains a healthy equity ratio of 44% and a Net Debt/EBITDA of 3.47. The Holdco financing agreement with HSBC and Clifford Capital positions the company for future growth without overleveraging.

Outlook & Growth Drivers

Guidance for 2026 projects revenue of €854‑944 million and EBITDA of €420‑510 million, underpinned by an expanding offshore wind market and a projected undersupply of foundation vessels. Cadeler’s Nexra aftermarket platform, O&M expansion, and strategic partnerships are poised to become significant revenue contributors, potentially eclipsing installation earnings.

3. NewsRoom

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Is It Time To Revisit Cadeler (OB:CADLR) After Recent Share Price Weakness

Mar -29

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Cadeler announces planned investments in exceptional growth opportunities, balanced with dividend potential from strong cash flows

Mar -26

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Cadeler AS (CADLF) Full Year 2025 Earnings Call Highlights: Record Revenue and Strategic Growth

Mar -24

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Cadeler A/S H2 Earnings Call Highlights

Mar -24

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Cadeler: Q4 Earnings Snapshot

Mar -24

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Annual Report 2025: Cadeler Delivers Strong Financial Results While Doubling Fleet Capacity

Mar -24

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Nexra Wins Additional Near-Term Contract in Taiwan

Mar -23

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Assessing Cadeler (OB:CADLR) Valuation After Recent Share Price Weakness

Mar -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.27%)

6. Segments

Windfarm Installations Vessels

Expected Growth: None%

None

7. Detailed Products

Offshore Wind Turbine Installation

Cadeler A/S provides installation services for offshore wind turbines, utilizing its fleet of specialized vessels and equipment to transport and install turbines in the offshore environment.

Offshore Wind Turbine Maintenance

Cadeler A/S offers maintenance services for offshore wind turbines, providing routine maintenance, repairs, and upgrades to ensure optimal performance and extend the lifespan of the turbines.

Offshore Construction Support

Cadeler A/S provides construction support services for offshore wind farms, including transportation, installation, and commissioning of foundations, cables, and other infrastructure.

Decommissioning and Recycling

Cadeler A/S offers decommissioning and recycling services for offshore oil and gas platforms, wind turbines, and other infrastructure, ensuring environmentally responsible disposal and recycling of materials.

Marine and Logistics Services

Cadeler A/S provides marine and logistics services, including vessel chartering, cargo transportation, and supply chain management, for the offshore energy industry.

8. Cadeler A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Cadeler A/S is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Cadeler A/S is low, as the company operates in a niche market and customers have limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Cadeler A/S is medium, as the company relies on a few key suppliers, but they do not have a high level of bargaining power.

Threat Of New Entrants

The threat of new entrants for Cadeler A/S is high, as the company operates in a growing market and there are many new entrants trying to capture market share.

Intensity Of Rivalry

The intensity of rivalry for Cadeler A/S is high, as the company operates in a competitive market with many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.72%
Debt Cost 3.95%
Equity Weight 82.28%
Equity Cost 6.72%
WACC 6.23%
Leverage 21.54%

11. Quality Control: Cadeler A/S passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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ZIM Shipping

A-Score: 6.1/10

Value: 9.8

Growth: 6.6

Quality: 7.2

Yield: 10.0

Momentum: 2.5

Volatility: 0.7

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Seanergy Maritime Holdings

A-Score: 5.4/10

Value: 8.1

Growth: 2.2

Quality: 4.0

Yield: 8.8

Momentum: 7.0

Volatility: 2.3

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HHLA

A-Score: 5.1/10

Value: 6.0

Growth: 2.6

Quality: 2.4

Yield: 4.4

Momentum: 7.5

Volatility: 7.7

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KNOT Offshore Partners

A-Score: 4.9/10

Value: 8.6

Growth: 2.4

Quality: 5.5

Yield: 5.6

Momentum: 5.0

Volatility: 2.0

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Cadeler

A-Score: 4.0/10

Value: 7.3

Growth: 5.8

Quality: 6.1

Yield: 0.0

Momentum: 0.5

Volatility: 4.3

1-Year Total Return ->

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EuroDry

A-Score: 3.1/10

Value: 8.3

Growth: 2.9

Quality: 0.8

Yield: 0.0

Momentum: 4.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

59.0$

Current Price

59$

Potential

-0.00%

Expected Cash-Flows