Cadeler A/S
A/SActiveCVR 31180503Kalvebod Brygge 43, 1560 København VSea and coastal freight water transport· NACE 5020Est. 2008 · 18 years old745 employees
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Overview
Cadeler A/S is a Danish A/S based in København V, operating in the Sea and coastal freight water transport sector. Incorporated in 2008, the company has 745 employees and reported revenue of DKK 422.0m in its latest annual filing.
Revenue 2025
0.4B DKK
+70% vs 2024
EBITDA margin
34.5 %
+13% vs 2024
Net profit 2025
0.1B DKK
+75% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
66.6 %
StrongAmong the 30% highest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
2.5×
StrongAmong the 30% highest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
6.1 %
AverageAround the average of companies in the same industry
20212025
EBITDA — year on year
DKK millionsKey figures
Annual report 2025| Revenue | 0.4B DKK | +70% |
| EBITDA | 0.1B DKK | +13% |
| Net profit | 0.1B DKK | +75% |
| Total assets | 1.9B DKK | -3% |
| Equity | 1.3B DKK | +2% |
| Employees | 745 | — |
Company information
Legal name
Cadeler A/S
CVR number
31180503
Legal form
Aktieselskab
NACE code
Founded
15 January 2008 · 18 years
Share capital
DKK 386,053,341
Employees
745 (FTE)
VAT registered
Yes
Audit selected
Yes
Last report
2025-12-31
Financial year
January – December
Signatory rights
Selskabet tegnes af: Bestyrelsens formand i forening med et medlem af bestyrelsen eller af Bestyrelsens formand i forening med et medlem af direktionen eller af Fire bestyrelsesmedlemmer i forening eller af To medlemmer af direktionen eller af Den samlede bestyrelse.
Company purpose
Selskabets formål er at drive rederivirksomhed og udvikle skibsprojekter.
(no translation available)
Contact
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Financial development
In its most recent annual report (2025), Cadeler A/S reported revenue of DKK 422.0m, an increase of 70% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net profit of DKK 114.1m, and the EBITDA margin stood at 34.5%.
At the end of 2025, equity financed 66.6% of the balance sheet, and current assets covered short-term debt 2.5 times.
Financials
Revenue
DKK millionsEBITDA
DKK millionsIncome statement
DKK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 422,004 | 248,738 | 108,622 | 106,424 | 60,938 |
| Staff expenses | -55,217 | -0 | -0 | -0 | -0 |
| EBITDA | 145,469 | 128,444 | 14,443 | 41,191 | 11,134 |
| Depreciation & amort. | — | -59,000 | -0 | -0 | -0 |
| EBIT | 145,469 | 69,444 | 14,443 | 41,191 | 11,134 |
| Net financials | -29,971 | -1,967 | -2,945 | -5,650 | -3,696 |
| Profit before tax | 115,498 | 67,477 | 11,498 | 35,541 | 7,438 |
| Tax | 1,359 | 2,408 | -0 | -0 | -13 |
| Net profit | 114,139 | 65,069 | 11,498 | 35,541 | 7,451 |
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Balance sheet
DKK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 1,881,851 | 1,937,016 | 1,252,560 | 670,030 | 424,766 |
| Equity | 1,254,240 | 1,233,894 | 959,041 | 540,568 | 325,256 |
| Long-term debt | 472,665 | 579,475 | 235,091 | 117,664 | 45,654 |
| Short-term debt | 154,946 | 122,806 | 51,529 | 11,798 | 53,857 |
| Total debt | 627,611 | 702,281 | 286,620 | 129,462 | 99,511 |
Financial ratios
5-year trendEBITDA margin
34.5 %
20212025
Equity ratio
66.6 %
StrongAmong the 30% highest rated companies in the industry
20212025
Return on equity
9.1 %
AverageAround the average of companies in the same industry
20212025
Net profit margin
27.0 %
Very strongAmong the 20% highest rated companies in the industry
20212025
Asset turnover
0.22×
WeakAmong the 40% lowest rated companies in the industry
20212025
Debt / equity
0.50×
StrongAmong the 40% highest rated companies in the industry
20212025
Sector performance
28 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginAverage
Around the average of companies in the same industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginVery strong
Among the 10% highest rated companies in the industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginVery strong
Among the 20% highest rated companies in the industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Average
Around the average of companies in the same industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Average
Around the average of companies in the same industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Average
Around the average of companies in the same industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Average
Around the average of companies in the same industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioVery strong
Among the 10% highest rated companies in the industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioStrong
Among the 30% highest rated companies in the industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioStrong
Among the 30% highest rated companies in the industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioAverage
Around the average of companies in the same industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityVery strong
Among the 10% highest rated companies in the industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalWeak
Among the 40% lowest rated companies in the industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioAverage
Around the average of companies in the same industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioStrong
Among the 30% highest rated companies in the industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioStrong
Among the 30% highest rated companies in the industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityStrong
Among the 40% highest rated companies in the industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityStrong
Among the 40% highest rated companies in the industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtAverage
Around the average of companies in the same industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtAverage
Around the average of companies in the same industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageAverage
Around the average of companies in the same industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 20% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginAverage
Around the average of companies in the same industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverWeak
Among the 40% lowest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Inventory turnoverWeak
Among the 30% lowest rated companies in the industry
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Equity to contributed capitalVery strong
Among the 20% highest rated companies in the industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityAverage
Around the average of companies in the same industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtStrong
Among the 40% highest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Annual reports & filings
- Annual report 2025Filed via CVR / Virk · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via CVR / Virk · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via CVR / Virk · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via CVR / Virk · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via CVR / Virk · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (2) | ||
PB Management | Management | 2022 |
MG Chief Executive Officer | Chief Executive Officer | 2018 |
Former (6)
NL Management | Management | 2010 – 2010 |
MK Management | Management | 2020 – 2021 |
RV Management | Management | 2010 – 2016 |
MK Management | Management | 2021 – 2022 |
LN Management | Management | 2008 – 2017 |
MM Management | Management | 2016 – 2020 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (7) | ||
TT Board of Directors | Board of Directors | 2024 |
EL Deputy Chairman | Deputy Chairman | 2024 |
JN Board of Directors | Board of Directors | 2024 |
AS Chairman | Chairman | 2021 |
CB Board of Directors | Board of Directors | 2024 |
AA Board of Directors | Board of Directors | 2023 |
DG Board of Directors | Board of Directors | 2020 |
Former (25)
RG Board of Directors | Board of Directors | 2018 – 2021 |
RP Chairman | Chairman | 2015 – 2018 |
PH Chairman | Chairman | 2008 – 2010 |
RA Board of Directors | Board of Directors | 2015 – 2016 |
RL Chairman | Chairman | 2018 – 2021 |
AR Board of Directors | Board of Directors | 2008 – 2008 |
PN Board of Directors | Board of Directors | 2008 – 2010 |
NY Board of Directors | Board of Directors | 2010 – 2010 |
RV Board of Directors | Board of Directors | 2010 – 2016 |
CH Board of Directors | Board of Directors | 2020 – 2023 |
RA Board of Directors | Board of Directors | 2016 – 2016 |
AB Board of Directors | Board of Directors | 2020 – 2023 |
LN Board of Directors | Board of Directors | 2009 – 2017 |
RJ Chairman | Chairman | 2015 – 2015 |
JT Board of Directors | Board of Directors | 2020 – 2024 |
JV Board of Directors | Board of Directors | 2008 – 2008 |
NF Chairman | Chairman | 2011 – 2015 |
MM Board of Directors | Board of Directors | 2016 – 2020 |
DP Board of Directors | Board of Directors | 2021 – 2023 |
BT Board of Directors | Board of Directors | 2011 – 2020 |
MG Board of Directors | Board of Directors | 2018 – 2020 |
TB Board of Directors | Board of Directors | 2008 – 2010 |
SY Board of Directors | Board of Directors | 2016 – 2018 |
SY Board of Directors | Board of Directors | 2016 – 2016 |
NL Board of Directors | Board of Directors | 2010 – 2015 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
BW Altor Pte. Ltd. | Company | 25–33.32% | 25–33.32% | 2025 |
Scorpio Holdings Limited | Company | 10–14.99% | 10–14.99% | 2026 |
| Individual | 5–9.99% | 5–9.99% | 2025 | |
Nordea Funds Ltd | Company | 5–9.99% | 5–9.99% | 2022 |
Swire Pacific Offshore Operations (Pte) Ltd | Company | 20–24.99% | 20–24.99% | 2022 |
| Individual | 5–9.99% | 5–9.99% | 2024 | |
Handelsbanken Fonder AB | Company | 5–9.99% | 5–9.99% | 2021 |
Swire Pacific Limited | Company | 5–9.99% | 5–9.99% | 2023 |
Beneficial ownership (UBO) data access is restricted in Denmark as of September 2025 per the EU 6th AML Directive. Learn more.
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Company hierarchy
BW Altor Pte. Ltd.25%Scorpio Holdings Limited10%Nordea Funds Ltd5%Swire Pacific Offshore Operations (Pte) Ltd20%Handelsbanken Fonder AB5%Swire Pacific Limited5%
Cadeler A/S (this company)Board network connections
Board members of Cadeler A/S also hold positions in 102 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Connie Hedegaard Koksbang | Board of Directors | 32 companiesMany roles |
| Jesper Teddy Lok | Board of Directors | 19 companiesMany roles |
| Ditlev Gustav Wedell-Wedellsborg | Board of Directors | 19 companiesMany roles |
| Anders Retz Johansson | Board of Directors | 13 companiesMany roles |
| Rikke Vallentin Stoltz | Management | 5 companies |
| Thomas Thune Andersen | Board of Directors | 5 companies |
| Peter Høstgaard-Jensen | Chairman | 3 companies |
| Lars Nørgaard Blicher | Management | 2 companies |
| Palle Nørgaard | Board of Directors | 2 companies |
| Peter Brogaard Hansen | Management | 1 company |
| Jørgen Victor Amorim | Board of Directors | 1 company |
Frequently asked questions
What is the CVR number of Cadeler A/S?
Cadeler A/S is registered with CVR / Virk under CVR 31180503.
What is the revenue of Cadeler A/S?
Cadeler A/S reported revenue of DKK 422.0m in 2025.
How many employees does Cadeler A/S have?
Cadeler A/S employs 745 people as of the latest annual report.
Who is the CEO of Cadeler A/S?
Mikkel Gleerup is the CEO of Cadeler A/S, in role since 2018.
Who is the chairman of Cadeler A/S?
Andreas Sohmen-Pao chairs the board of Cadeler A/S, in role since 2021.
Where is Cadeler A/S headquartered?
Cadeler A/S's registered address is Kalvebod Brygge 43.