Cadeler A/s cash flow statement

In fiscal 2025, Cadeler A/s's operations generated $446m of cash; it spent $1.40bn on capital projects, leaving free cash flow of −$951m. It returned $1.9m through buybacks.

Cash flow statement

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

Cadeler A/s: cash flow statement, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	36	31	69	101	446
Depreciation and amortisation	0	1	1	3	4
Stock-based pay	−0	0	1	2	2
Capital spending	193	237	72	666	1,397
Free cash flow	−157	−206	−4	−565	−951
Free cash flow after stock pay	−157	−206	−5	−567	−954
Share buybacks	—	—	0	1	2

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.