Cadeler A/S reported fourth-quarter and full-year 2025 results that exceeded analyst forecasts, according to a Jefferies research note published Tuesday. The Norway-based offshore wind installation vessel operator posted a stronger finish to the year with key profitability and utilisation metrics beating consensus numbers.
On a quarterly basis, Cadeler reported net profit of 48m for Q4, ahead of the consensus estimate of 32m. Fourth-quarter EBITDA came in at 104m, surpassing the consensus forecast of 90m, and fourth-quarter revenue was 168m compared with the consensus of 153m.
For the full year 2025, Cadeler recorded EBITDA of 425m, which was above both the consensus estimate of 411m and the upper boundary of its guidance range of 381m to 421m. The company reported a utilisation rate of 75% for the full year, which implies an 86% utilisation rate in the fourth quarter.
Balance-sheet figures showed net debt of 1.46bn at the end of Q4, slightly higher than the consensus estimate of 1.39bn. Capital expenditure in the fourth quarter totaled 306m. Total equity increased by 4% to 1.50bn at the end of Q4 from 1.45bn at the end of Q3.
Cadeler s order book stood at 2.83bn as of Tuesday, a 2% decline from the 2.89bn reported in November 2025. The company noted that approximately 80% of the current backlog, or 2.26bn, relates to projects for which the counterparty has made a positive final investment decision.
Looking ahead, Cadeler provided guidance for 2026 of 420m to 510m in EBITDA, with a midpoint at 465m. Revenue guidance for 2026 was set at 845m to 944m, with a midpoint of 895m.
Summary takeaways
- Cadeler beat expectations in Q4 on net profit, EBITDA and revenue and reported full-year EBITDA above the top of its guidance range.
- Utilisation improved materially in Q4, driving a 75% full-year utilisation rate and an implied 86% quarter-end utilisation.
- Net debt finished the quarter above consensus and capital spending was significant in Q4, while the order book eased modestly compared with November 2025.
Data points cited in this report
- Q4 net profit: 48m (consensus 32m)
- Q4 EBITDA: 104m (consensus 90m)
- Full-year 2025 EBITDA: 425m (consensus 411m; guidance 381m- 421m)
- Q4 revenue: 168m (consensus 153m)
- Full-year utilisation: 75% (implying 86% in Q4)
- Net debt at end-Q4: 1.46bn (consensus 1.39bn)
- Q4 capital expenditure: 306m
- Total equity end-Q4: 1.50bn, up 4% from 1.45bn at end-Q3
- Order book: 2.83bn (down 2% from 2.89bn in November 2025)
- Backlog with positive FID: approximately 2.26bn (about 80% of backlog)
- 2026 guidance - EBITDA: 420m to 510m (midpoint 465m); Revenue: 845m to 944m (midpoint 895m)
The results leave Cadeler with a stronger-than-expected operating performance for 2025 while raising attention to balance-sheet measures driven by elevated capital spending and net debt that exceeded consensus at year-end. The company s forward guidance establishes a higher revenue and EBITDA range for 2026 with midpoints consistent with continued elevated activity.