Cadeler A/S financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Cadeler A/S files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	60.9	106	109	249	620
Cost of revenue	38.9	49.5	59.9	124	237
Gross profit	22.1	56.9	48.8	125	384
General and administrative	10.9	15.7	34.5	57.1	74.6
Operating income	11.1	41.2	14.4	69.4	318
Interest expense	5.49	9.68	4.49	7.2	37.4
Interest income	1.8	4.03	1.54	5.23	7.5
Pre-tax income	7.44	35.5	11.5	67.5	288
Income tax	-0.01		0	2.41	7.68
Net income	7.45	35.5	11.5	65.1	280
EBITDA	11.5	42.2	15	72	321
EPS, basic	0.06	0.22	0.06	0.19	0.80
EPS, diluted	0.06	0.22	0.06	0.19	0.79

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	2.31	19	96.6	51.3	152
Receivables	19.5	18.2	30.6	63	139
Inventory	0.44	0.55	1.84	1.04	3.54
Total current assets	24.6	59.5	147	181	390
Property, plant and equipment	399	606	1,086	1,712	2,937
Lease right-of-use assets	0.46	0.29	0.97	10.3	12.6
Total assets	425	670	1,253	1,937	3,417
Accounts payable	9.7	8.82	32.6	43.6	98.2
Total current liabilities	53.9	11.8	53.6	124	351
Lease liabilities	0.21		0.39	9.7	12.5
Total liabilities	99.5	129	294	703	1,913
Total debt				5,972	1,696
Paid-in capital	339	510	953	1,099	1,099
Retained earnings	-32.8	3.11	-7.37	59.4	342
Shareholders' equity	325	541	959	1,234	1,504
Total equity	325	541	959	1,234	1,504
Total liabilities and equity	425	670	1,253	1,937	3,417

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	7.45	35.5	11.5	65.1	280
Depreciation and amortization	0.41	1.02	0.53	2.52	3.55
Cash from operations	30.2	29	63.4	93.1	394
Capital expenditures	-163	-225	-66.9	-616	-1,236
Cash from investing	-163	-225	-54.7	-623	-1,264
Debt issued		113	200	366	1,309
Debt repaid	-10	-65	-115	-10.6	-279
Stock issued	79.2	183	0	155	0
Share buybacks			0	-1.28	-1.72
Cash from financing	71.8	213	70.3	482	968
Exchange rate effect			-1.33	2.52	2.7
Net change in cash	-61.3	16.7	78.9	-47.9	97.7
Free cash flow	-133	-196	-3.52	-522	-841
Income taxes paid	-0.16	0.01	-0	1.75	3.51

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	61.8%	Gross profit / revenue.
Operating margin	51.2%	Operating income / revenue.
EBITDA margin	51.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	46.4%	Pre-tax income / revenue.
Net margin	45.2%	Net income / revenue.
FCF margin	-135.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	63.5%	Cash from operations / revenue.
Effective tax rate	2.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	199.2%	Capital expenditures / revenue.
D&A / revenue	0.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	149.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	80.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	208.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	88.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	357.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	97.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	346.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	96.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	330.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	99.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	315.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	53.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	323.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	138.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	21.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	40.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	76.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	72.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.11x	Current assets / current liabilities.
Quick ratio	0.83x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.43x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.6%	Total debt / total assets.
Liabilities / assets	56.0%	Total liabilities / total assets.
Net debt	€1.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.81x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.50x	Operating income / interest expense.
Working capital	€38.9M	Current assets - current liabilities.
Tangible book value	€1.50B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	0.27x	Revenue / average property, plant and equipment.
Inventory turnover	103x	Cost of revenue / average inventory.
Days inventory	4 days	365 x average inventory / cost of revenue.
Receivables turnover	6.14x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
Days payables	109 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-46 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-300.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	313.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€0.79	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€0.80	Net income per basic share, as reported (split-adjusted).

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

Cadeler A/S reported revenue of €620.4M for fiscal 2025, 149.4% higher than the year before.

Was Cadeler A/S profitable in fiscal 2025?

Yes. Net income was €280.2M, a net margin of 45.2%.

How much free cash flow did Cadeler A/S generate in fiscal 2025?

Cash from operations of €394.2M minus capital expenditures of €1.24B left free cash flow of -€841.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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