Cadeler A/S (CDLR) Balance Sheet

NYSE: CDLRAssets, liabilities, debt and equity over 7 years.

CDLR balance sheet, 2025

December 31, 2025 · euros

€3.42B assets = €1.91B liabilities + €1.50B equity

What it owns€3.42BCash & ST investments: €151.6M (4.4%)Receivables: €220.9M (6.5%)Receivables €220.9MInventory: €3.5M (0.1%)Other current: €13.8M (0.4%)PP&E: €2.95B (86.3%)PP&E€2.95B · 86%Goodwill & intangibles: €19.4M (0.6%)Other non-current: €57.6M (1.7%)=How it is financed€3.42BCurrent liabilities: €350.9M (10.3%)€350.9MLong-term debt: €1.49B (43.8%)Long-term debt€1.49B · 44%Other LT liabilities: €66.6M (2.0%)Shareholders’ equity: €1.50B (44.0%)Shareholders’ equity€1.50B · 44%

Both columns are drawn to the same scale: what CDLR owns equals what it owes plus shareholders’ equity. Hover a block for its value.

CDLR financial health

Current ratio1.11
Adequate · current assets cover current liabilities 1.11×
Debt / equity1.08
Moderate leverage · €1.08 of debt for each $1 of equity
Equity / assets44.0%
Equity-funded · of assets funded by shareholders
Cash / debt9.3%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.6%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

CDLR balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€29.4M2016€3.42B2025+120.8%/yr
Total liabilities€5.9M2016€1.91B2025+162.0%/yr
Shareholders’ equity€23.5M2016€1.50B2025+99.9%/yr
Cash & short-term investments€8072016€151.6M2025+656.8%/yr
Total debt€123.9M2017€1.62B2025+67.3%/yr
Net cash (debt)−€123.1M2017−€1.47B2025−€1.3B
Working capital€25.9M2016€38.9M2025+€13.0M
Current ratio8.5720161.112025−7.46
Debt / equity7.2920171.082025−6.21
Shares outstanding780K201788.7M2025+157.7%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CDLR assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

CDLR liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

CDLR debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

CDLR balance sheet in euros

2025202420232019201820172016
Assets
Cash & short-term investments€151.6M€58.5M€96.6M€1.2M€397,000€797,000€807
Cash & equivalents€151.6M€58.5M€96.6M€1.2M€397,000€797,000€807
Receivables€220.9M€100.6M€39.6M€14.9M€12.6M€3.1M€5.9M
Inventory€3.5M€1.0M€1.8M€261,000€842,000€646,000€730,653
Other current assets€13.8M€28.5M€9.4M€1.6M€12.3M€20.9M€22.6M
Total current assets€389.8M€188.6M€147.4M€18.0M€26.1M€25.5M€29.3M
Property, plant & equipment (net)€2.95B€1.72B€1.09B€249.8M€108.5M€124.0M€64,564
Goodwill & intangible assets€19.4M€18.2M€16.9M€0€0€0€0
Long-term investments€0€0€0€0€0€0€0
Other non-current assets€57.6M€7.6M€1.6M€210,000€206,000€271,000€79,360
Total assets€3.42B€1.94B€1.25B€268.0M€134.8M€149.7M€29.4M
Liabilities
Accounts payable€22.4M€11.6M€8.4M€1.3M€1.8M€1.7M€193,424
Short-term debt€117.2M€32.4M€1.4M€26.4M€14.5M€18.5M—
Deferred revenue€128.7M€45.6M€12.1M————
Total current liabilities€350.9M€123.6M€53.6M€31.2M€22.9M€27.3M€3.4M
Long-term debt€1.49B€539.9M€204.8M€0€0€0€0
Lease obligations€13.5M€11.0M€993,000————
Other long-term liabilities€66.6M€39.6M€35.1M€93.0M€101.2M€105.4M€2.5M
Total liabilities€1.91B€703.1M€293.5M€124.3M€124.2M€132.7M€5.9M
Shareholders' equity
Common stock & paid-in capital€47.1M€47.1M€41.8M€104,000€104,000€104,000€104,917
Retained earnings (deficit)€341.5M€59.4M−€7.4M−€13.2M€10.6M€16.9M€23.4M
Accumulated other comprehensive income€18.4M€29.2M−€28.3M€0———
Total shareholders' equity€1.50B€1.23B€959.0M−€13.1M€10.7M€17.0M€23.5M
Key figures
Total debt€1.62B€582.0M€206.6M€114.3M€115.6M€123.9M—
Net cash (debt)−€1.47B−€523.5M−€110.0M−€113.1M−€115.2M−€123.1M—
Working capital€38.9M€65.0M€93.8M−€13.2M€3.2M−€1.9M€25.9M
Tangible book value€1.48B€1.22B€942.1M−€13.1M€10.7M€17.0M€23.5M
Shares outstanding88.7M86.7M50.8M9.6M9.6M780K—
Current ratio1.111.532.750.581.140.938.57
Quick ratio1.061.292.540.520.570.141.73
Debt / equity1.080.470.22—10.847.29—
Equity / assets44.0%63.7%76.6%−4.9%7.9%11.4%79.9%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 24, 2026); data from EODHD.

CDLR financial position

At the end of fiscal 2025 (December 31, 2025), Cadeler A/S had total assets of €3.4 billion (up 76.3% from a year earlier), total liabilities of €1.9 billion and shareholders' equity of €1.5 billion. It held €151.6 million in cash and short-term investments against €1.6 billion of debt, net debt of €1.5 billion. Its current ratio was 1.11. In the latest quarter (ended June 30, 2026) total assets were €3.5 billion and equity €1.8 billion.

Related: CDLR income statement, CDLR cash flow statement, CDLR key metrics. See the CDLR stock overview for the latest quote and news.

CDLR balance sheet FAQ

What are Cadeler A/S's total assets?

Cadeler A/S reported total assets of €3.4 billion at the end of fiscal 2025 (December 31, 2025), compared with €1.9 billion a year earlier.

How much debt does Cadeler A/S have?

Cadeler A/S had €1.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.08.

How much cash does Cadeler A/S have?

Cadeler A/S held €151.6 million in cash and short-term investments at the end of fiscal 2025; with €1.6 billion of debt that is net debt of €1.5 billion.

What is Cadeler A/S's book value?

Cadeler A/S's shareholders' equity (book value) was €1.5 billion at the end of fiscal 2025.

What is Cadeler A/S's current ratio?

Cadeler A/S had current assets of €389.8 million and current liabilities of €350.9 million, a current ratio of 1.11 (it can cover its short-term obligations).

How much goodwill does Cadeler A/S have?

Cadeler A/S carried €19.4 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.

Engineering & Construction: balance sheet