Cadeler A/s balance sheet

At the end of fiscal 2025, Cadeler A/s had total assets of $4.01bn, total liabilities of $2.25bn and shareholders' equity of $1.76bn. It held $178m in cash against $1.99bn of debt: net debt of $1.81bn.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Cadeler A/s: balance sheet, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	3	20	107	53	178
Receivables	22	20	34	65	163
Inventory	0	1	2	1	4
Total current assets	28	64	163	188	458
Total assets	481	717	1,386	2,005	4,010
Total current liabilities	61	13	59	128	412
Short-term debt	32	1	1	32	136
Long-term debt	50	122	227	559	1,754
Total debt	83	123	227	591	1,990
Total liabilities	113	138	325	728	2,245
Shareholders' equity	368	578	1,061	1,277	1,765
Net debt (negative = net cash)	80	103	121	538	1,812
Shares outstanding	—	49m	—	—	88m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Cadeler A/s's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cadeler A/s.