Cadeler A/S (CDLR) financial statements

Industrials · Engineering & Construction · Market cap $2.0B

Cadeler A/S reported revenue of 620M EUR in fiscal 2025, up 78.6% a year over 4 years.

Net income was 280M EUR and the operating margin 51.2%, against 18.3% in 2021.

Free cash flow was -843M EUR, and the company returned 2M EUR in net buybacks.

The diluted share count rose 170% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (EUR).

-1-0.500.5120212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in EUR, from Cadeler A/S's 10-K filings with the SEC.

Fiscal year20212022202320242025
Revenue61M EUR106M EUR109M EUR249M EUR620M EUR
Cost of revenue39M EUR50M EUR60M EUR124M EUR237M EUR
Gross profit22M EUR57M EUR49M EUR125M EUR384M EUR
Selling, general and admin11M EUR16M EUR34M EUR57M EUR75M EUR
Operating income11M EUR41M EUR14M EUR69M EUR318M EUR
Interest expense5M EUR1M EUR4M EUR7M EUR37M EUR
Pre-tax income7M EUR36M EUR11M EUR67M EUR288M EUR
Income tax-13,000 EUR—0 EUR2M EUR8M EUR
Net income7M EUR36M EUR11M EUR65M EUR280M EUR
EPS (diluted)0.06 EUR0.22 EUR0.06 EUR0.19 EUR0.79 EUR
Diluted shares131M164M203M347M355M
Gross margin36.2%53.5%44.9%50.1%61.8%
Operating margin18.3%38.7%13.3%27.9%51.2%
Net margin12.2%33.4%10.6%26.2%45.2%

Balance sheet

Fiscal years, in EUR, from Cadeler A/S's 10-K filings with the SEC.

Fiscal year20212022202320242025
Cash and short-term investments2M EUR19M EUR97M EUR51M EUR152M EUR
Receivables20M EUR18M EUR31M EUR63M EUR139M EUR
Inventory440,000 EUR549,000 EUR2M EUR1M EUR4M EUR
Total current assets25M EUR60M EUR147M EUR181M EUR390M EUR
Property, plant and equipment399M EUR606M EUR1.1B EUR1.7B EUR2.9B EUR
Total assets425M EUR670M EUR1.3B EUR1.9B EUR3.4B EUR
Total current liabilities54M EUR12M EUR54M EUR124M EUR351M EUR
Long-term debt44M EUR114M EUR205M EUR540M EUR1.5B EUR
Total liabilities100M EUR129M EUR294M EUR703M EUR1.9B EUR
Shareholders' equity325M EUR541M EUR959M EUR1.2B EUR1.5B EUR
Net debt42M EUR95M EUR108M EUR489M EUR1.3B EUR

Cash flow

Fiscal years, in EUR, from Cadeler A/S's 10-K filings with the SEC.

Fiscal year20212022202320242025
Operating cash flow30M EUR29M EUR63M EUR93M EUR394M EUR
Capital spending163M EUR225M EUR67M EUR616M EUR1.2B EUR
Free cash flow-133M EUR-196M EUR-4M EUR-523M EUR-843M EUR
Stock-based compensation-321,000 EUR352,000 EUR1M EUR2M EUR2M EUR
Share buybacks (net)——0 EUR-1M EUR-2M EUR
Net borrowing-10M EUR48M EUR85M EUR355M EUR1.0B EUR
Free cash flow margin-218.5%-184.0%-3.3%-210.2%-135.9%
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Questions

What was Cadeler A/S's revenue in 2025?

620M EUR in fiscal 2025, from its 10-K filing.

How much free cash flow does Cadeler A/S generate?

-843M EUR in fiscal 2025 (operating cash flow minus capital spending).

From Cadeler A/S's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.