CADELER A/S
Sector unknown·CADLR · Oslo Børs·Fiscal year to 31/12/2025
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Wind power
Technology
DriverPositive impact: strengthens
“As offshore wind projects grow in scale and complexity, installation capacity and operational efficiency are becoming increasingly critical. A larger, standardised fleet also enhances operational resilience for our clients.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“As offshore wind projects continue to scale, demand for highcapacity installation vessels and specialised O&M services is expected to increase.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Cadeler Group relies on revenue generated from wind farm installation and related maintenance. The limited diversification in Cadeler’s sources of revenue makes the Cadeler Group vulnerable to adverse developments or periods of low market demand.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“To support this development, Cadeler launched Nexra in 2025 as a dedicated O&M service platform. Nexra strengthens client partnerships and enables a more focused and scalable approach to long-term service delivery.”
Annual report 2025A · The company itself
Market
“Through disciplined execution and a major expansion of our fleet, the company strengthened its position as a leading provider of offshore wind installation services while delivering strong financial performance. Building on the strategic transformation of recent years, Cadeler significantly increased fleet capacity, expanded its organisational platform, and further diversified revenues across transport and installation, foundations, and operations and maintenance (O&M).”
Annual report 2025A · The company itself
Market
“Cadeler A/S ("Cadeler" or the "Company" and, together with its subsidiaries, the "Cadeler Group" or the "Group") is a leading supplier to the offshore wind industry, specialising in installation services and operation and maintenance works.”
Annual report 2025A · The company itself
Market
“Cadeler's services encompass project management, operations and maintenance, as well as decommissioning for the offshore wind industry.”
Annual report 2025A · The company itself
Market
“Demand for O&M services continued to grow in 2025, representing approximately one-fifth of Cadeler’s revenue. This growth reflects the rapid expansion of the global offshore wind installed base and the increasing deployment of larger turbines.”
Annual report 2025A · The company itself
Market
“Cadeler’s capabilities in foundation transport and installation also continued to advance. Building on experience from more than 900 installed offshore foundations, the company will begin execution of the full-scope foundation campaign at Ørsted’s Hornsea 3 offshore wind farm in early 2026.”
Annual report 2025A · The company itself
Market
“The Cadeler Group generates revenue by utilizing its fleet for the transportation and installation of offshore wind turbine generators and foundations, and the provision of maintenance services in the offshore wind industry.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Digitalisation
Technology
StrategyPositive impact: strengthens
“The Company's research and development efforts focus on advancing fleet capabilities and developing innovative solutions to optimize offshore wind operations. Continued investment in research and development strengthens The Company’s competitive position, enhances efficiency, and ensures alignment with evolving customer needs.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Europe
Geography
DriverPositive impact: strengthens
“This is supported by positive development in Europe including the record-breaking UK AR7 auction, awarding over 8GW of capacity. Additionally, European governments have connected to accelerate offshore wind expansion through cross-border projects: at the North Sea Summit in Hamburg on January 26, 2026, nine North Sea countries (including the UK, Germany, France, and Denmark) committed to the delivery of 15 GW of offshore wind per year for the 2031-2040 period and to a goal of installing 300 GW of offshore wind by 2050.”
Annual report 2025A · The company itself
Geography
“Europe remains our largest and most strategically important market, supported by a strong pipeline of offshore wind projects. The United Kingdom continues to play a central role in offshore wind deployment, and Cadeler is engaged in several large projects in UK waters, including Hornsea 3 and East Anglia TWO, both involving full-scope foundation transport and installation.”
Annual report 2025A · The company itself
United States
Geography
DriverNegative impact: weakens
“Over the past year, the sector has experienced continued negative sentiment and political headwinds in the United States.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“For example, the market for offshore wind energy has recently experienced certain challenges in various jurisdictions including the United States, Denmark, the Netherlands as well as other markets, including delays in relevant supply chains, cancellation of contracts and failed government auction rounds, which could adversely affect the number of offshore wind farm projects to be developed in these markets in the future.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Examples of such include, the United States through the Merchant Marine Act of 1920 (also known as the Jones Act), as well as in many other jurisdictions.”
Annual report 2025A · The company itself
Geography
“The Baltic Sea region saw steady progress, the Asia-Pacific pipeline continued to mature, and Cadeler had two vessels operating in the United States during the year.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
China
Geography
DriverNegative impact: weakens
“Any problems that may impact China and its economy in general, the availability of components or materials needed, or the COSCO shipyard specifically, could lead to delays affecting one or both newbuild vessels.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Specifically, delays in the delivery of newbuilds may arise from issues at COSCO, a Chinese shipyard, or from geopolitical tensions involving China.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The Company has contracted with COSCO Shipping Heavy Industry Co., Ltd. (COSCO) for its newbuild A-class vessels, the first of which is expected to be delivered in H1 2026 and the second in Q2 2027.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“The Cadeler Group is exposed to macroeconomic and geopolitical risks, including global uncertainties due to high public debt levels, persistent inflation and elevated interest rates, the war in Ukraine, recent developments and heightened public and diplomatic focus on Greenland and Arctic security, the imposition of sanctions against Russia, conflict in the Middle East, European energy crises and supply chain disruptions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Cadeler Group’s performance is affected by changes in interest rates. The margin on the Cadeler Group’s debt facilities is generally expressed as a floating rate.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In addition to direct impacts on the Cadeler Group, changes in interest rates may indirectly impact Cadeler’s results by reducing general rates of economic growth and increasing the cost of capital for capitalintensive development projects, such as offshore wind farms, thereby reducing the attractiveness of such projects and demand for the Cadeler Group’s services.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“One-off market-shaping events such as strikes, embargoes, political instability or adverse weather conditions, could have a substantial impact on the business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Cadeler Group is exposed to macroeconomic and geopolitical risks, including global uncertainties due to high public debt levels, persistent inflation and elevated interest rates, the war in Ukraine, recent developments and heightened public and diplomatic focus on Greenland and Arctic security, the imposition of sanctions against Russia, conflict in the Middle East, European energy crises and supply chain disruptions.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Inflation
Macro
DriverNegative impact: weakens
“The industry experienced a period of recalibration in 2025 as developers and governments addressed inflation, supply-chain pressures and project financing challenges.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Cadeler Group is exposed to macroeconomic and geopolitical risks, including global uncertainties due to high public debt levels, persistent inflation and elevated interest rates, the war in Ukraine, recent developments and heightened public and diplomatic focus on Greenland and Arctic security, the imposition of sanctions against Russia, conflict in the Middle East, European energy crises and supply chain disruptions.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“As the fleet expanded during 2025, the organisation also grew significantly, surpassing 1,000 employees by year-end. Alongside this growth, Cadeler continued investing in recruitment, leadership development, and operational capabilities to support an increasingly complex global project portfolio.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Company is committed to attracting and retaining highly skilled professionals to meet the needs of its customers and provide exceptional service. This includes recruiting experienced engineers who can adapt the Company's vessels to meet the specific requirements of customer projects, as well as commercial experts with relevant industry knowledge.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“The Cadeler Group operates in the offshore industry and is therefore subject to inherent hazards, such as equipment breakdowns, technical problems, harsh weather conditions, environmental pollution, force majeure situations (nationwide or port-specific strikes, etc.), accidents (including dropped objects), collisions and groundings.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Global trade volumes
Macro
DriverNegative impact: weakens
“The industry experienced a period of recalibration in 2025 as developers and governments addressed inflation, supply-chain pressures and project financing challenges.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“The wind energy market is influenced by the price and availability of other energy sources, including nuclear, coal, natural gas and oil, as well as other sources of renewable energy. To the extent that renewable energy, and in particular wind energy, becomes less cost-competitive due to reduced government targets, increased costs, new regulations or incentives favoring alternative renewable energy, or the availability of cheaper, more efficient or otherwise more attractive alternatives, demand for wind energy and other forms of renewable energy could decrease.”
Annual report 2025A · The company itself
Oil
Raw materials and inputs
DriverNegative impact: weakens
“The wind energy market is influenced by the price and availability of other energy sources, including nuclear, coal, natural gas and oil, as well as other sources of renewable energy. To the extent that renewable energy, and in particular wind energy, becomes less cost-competitive due to reduced government targets, increased costs, new regulations or incentives favoring alternative renewable energy, or the availability of cheaper, more efficient or otherwise more attractive alternatives, demand for wind energy and other forms of renewable energy could decrease.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“In the Cadeler Group’s activities, the Cadeler Group is confronted with a range of government policies that restrict international trade and protect domestic industries. Such protectionist measures manifest themselves mostly through cabotage laws which protect the domestic shipping industry from foreign competition and thus prevent or limit Cadeler from operating in certain countries.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Asia and emerging markets
Geography
Geography
“The Baltic Sea region saw steady progress, the Asia-Pacific pipeline continued to mature, and Cadeler had two vessels operating in the United States during the year.”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“Headquartered in Copenhagen, Denmark, Cadeler provides high quality offshore wind support services to clients in Europe, Asia, and the United States.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.62 bn EUR |
| Revenue growth vs. the year before, same method | 149.4 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 0.79 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.