Cadeler A/S (CDLR) Cash Flow Statement
Where CDLR’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €324.4M +248.4% vs 2024
- Capital expenditures
- €1.19B 199.2% of revenue
- Free cash flow
- −€862.5M −144.7% margin
- Returned to shareholders
- €1.6M
- Change in cash
- €100.1M cash at year-end €151.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CDLR operating cash flow, capex and free cash flow
CDLR cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €12.2M2018 | €324.4M2025 | +198.9%/yr | |
| Capital expenditures | €172,0002018 | €1.19B2025 | +1,803.8%/yr | |
| Free cash flow | €12.0M2018 | −€862.5M2025 | — | |
| Free cash flow margin | 16.7%2018 | −144.7%2025 | −161.4 pts | |
| Operating cash flow / net income | 5.512023 | 1.162025 | −4.35 | |
| Stock-based compensation | €1.1M2023 | €2.1M2025 | +35.1%/yr | |
| Dividends paid | €02023 | €02025 | — | |
| Share buybacks (net) | €02023 | €1.6M2025 | — | |
| Capex / revenue | 0.2%2018 | 199.2%2025 | +198.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CDLR cash flow by activity
CDLR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CDLR cash flow statement in euros
| 2025 | 2024 | 2023 | 2018 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | €280.2M | €65.1M | €11.5M | −€6.3M |
| Depreciation & amortization | €107.5M | €56.6M | €23.0M | €15.6M |
| Stock-based compensation | €2.1M | €1.7M | €1.1M | — |
| Change in working capital | −€15.9M | −€32.5M | €20.2M | −€10.2M |
| Other non-cash items | −€49.4M | €2.3M | €7.5M | €13.0M |
| Cash from operating activities | €324.4M | €93.1M | €63.4M | €12.2M |
| Investing activities | ||||
| Capital expenditures | −€1.19B | −€616.0M | −€66.9M | −€172,000 |
| Investments (net) | — | −€615.7M | −€54.7M | — |
| Acquisitions & other investing | −€27.4M | €616.0M | €66.9M | €200,000 |
| Cash from investing activities | −€1.21B | −€615.7M | −€54.7M | €28,000 |
| Financing activities | ||||
| Dividends paid | €0 | €0 | €0 | — |
| Share repurchases & issuance (net) | −€1.6M | −€1.3M | €0 | — |
| Net borrowing (repayment) | €1.03B | €353.4M | €84.4M | — |
| Shares issued | €0 | €155.0M | €0 | €0 |
| Other financing | −€42.5M | −€25.1M | −€14.1M | −€12.6M |
| Cash from financing activities | €983.7M | €482.0M | €70.3M | −€12.6M |
| Summary | ||||
| Net change in cash | €100.1M | −€38.1M | €77.6M | −€400,000 |
| Cash at end of period | €151.6M | €58.5M | €96.6M | €397,000 |
| Free cash flow | −€862.5M | −€522.9M | −€3.5M | €12.0M |
| Free cash flow margin | −144.7% | −210.2% | −3.3% | 16.7% |
| Capex / revenue | 199.2% | 247.6% | 61.6% | 0.2% |
| Operating cash flow / net income | 1.16 | 1.43 | 5.51 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | €96.5M | −€7.0M | €47.4M | €64.6M | €165.9M | €1.8M | €37.3M | €27.7M | €20.9M | −€20.8M | −€18.7M |
| Depreciation & amortization | €47.2M | €39.1M | €33.6M | €29.1M | €25.7M | €18.8M | €23.6M | €9.9M | €13.0M | €10.0M | €9.5M |
| Stock-based compensation | €743,000 | €663,000 | €459,000 | €510,000 | €483,000 | €619,000 | €491,000 | €480,000 | €419,000 | €272,000 | €175,000 |
| Change in working capital | −€123.1M | −€2.0M | €10.4M | €120.3M | −€141.5M | −€4.1M | −€12.2M | −€9.6M | −€32.3M | €21.7M | €13.9M |
| Other non-cash items | −€2.0M | €11.5M | −€7.6M | −€452,000 | €466,000 | €3.2M | −€766,000 | −€993,000 | €2.1M | €1.9M | €5.6M |
| Cash from operating activities | €19.3M | €42.2M | €84.2M | €214.0M | €51.1M | €20.4M | €48.3M | €27.5M | €4.2M | €13.1M | €10.5M |
| Investing activities | |||||||||||
| Capital expenditures | −€42.4M | −€91.2M | −€299.4M | −€258.2M | −€206.5M | −€466.7M | −€66.7M | −€253.1M | −€194.3M | −€101.9M | −€41.7M |
| Investments (net) | — | — | — | −€258.2M | −€206.5M | −€466.8M | −€66.7M | −€253.1M | −€194.1M | −€101.9M | −€101.9M |
| Acquisitions & other investing | −€1.4M | €496,000 | −€26.2M | €258.2M | €206.5M | €452.6M | €66.7M | €253.1M | €194.3M | €101.9M | €112.3M |
| Cash from investing activities | −€43.8M | −€90.7M | −€325.6M | −€258.2M | −€206.5M | −€480.9M | −€66.7M | −€253.1M | −€194.1M | −€101.9M | −€31.3M |
| Financing activities | |||||||||||
| Dividends paid | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Share repurchases & issuance (net) | −€527,527 | — | −€8,869 | −€67,972 | −€1.7M | — | −€5,312 | −€1.3M | — | — | — |
| Net borrowing (repayment) | €9.1M | −€31.2M | €187.1M | €221.4M | €132.8M | €486.5M | −€11.6M | €237.6M | — | — | — |
| Shares issued | €0 | €174.2M | €0 | €0 | €0 | €0 | €0 | €0 | €88,000 | €154.9M | €154.9M |
| Other financing | €47,577 | −€24.2M | −€4.3M | −€12.5M | −€16.8M | −€4.4M | −€8.8M | −€8.2M | €73.6M | €45.8M | −€75.5M |
| Cash from financing activities | €8.6M | €118.8M | €182.9M | €208.9M | €114.3M | €482.0M | −€20.5M | €228.1M | €73.7M | €200.7M | €79.3M |
| Summary | |||||||||||
| Net change in cash | −€16.8M | €69.6M | −€66.2M | €164.7M | −€41.1M | €21.6M | −€33.4M | −€1.2M | −€116.1M | €112.5M | €57.2M |
| Cash at end of period | €206.1M | €221.3M | €151.6M | €217.8M | €53.0M | €80.0M | €58.5M | €91.9M | €93.0M | €209.1M | €96.6M |
| Free cash flow | −€23.1M | −€49.0M | −€215.2M | −€44.1M | −€155.4M | −€446.3M | −€18.4M | −€225.6M | −€190.1M | −€88.7M | −€31.2M |
| Free cash flow margin | −8.0% | −39.2% | −129.7% | −28.6% | −66.7% | −681.7% | −21.4% | −280.1% | −301.1% | −465.4% | −179.0% |
| Capex / revenue | 14.7% | 73.1% | 180.4% | 167.4% | 88.6% | 712.8% | 77.6% | 314.2% | 307.6% | 534.4% | 239.4% |
| Operating cash flow / net income | 0.20 | — | 1.78 | 3.31 | 0.31 | 11.34 | 1.30 | 0.99 | 0.20 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
CDLR cash generation
In fiscal 2025 (ended December 31, 2025), Cadeler A/S generated €324.4 million of cash from operations (up 248.4%) and spent €1.2 billion on capital expenditures, leaving free cash flow of -€862.5 million, −144.7% of revenue. It returned €1.6 million to shareholders through dividends (€0) and net share buybacks (€1.6 million). Cash and equivalents rose by €100.1 million over the year.
Related: CDLR income statement, CDLR balance sheet. See the CDLR stock overview for the latest quote and news.
CDLR cash flow FAQ
What is Cadeler A/S's free cash flow?
Cadeler A/S's free cash flow was -€862.5 million in fiscal 2025: €324.4 million of operating cash flow minus €1.2 billion of capital expenditures It was -€522.9 million a year earlier..
How much cash does Cadeler A/S generate from operations?
Cadeler A/S generated €324.4 million of cash from operating activities in fiscal 2025, 1.16 times its net income of €280.2 million.
How much does Cadeler A/S spend on capital expenditures?
Cadeler A/S spent €1.2 billion on capital expenditures in fiscal 2025, 199.2% of revenue, compared with €616.0 million the year before.
How much stock does Cadeler A/S buy back?
Cadeler A/S spent €1.6 million on net share repurchases in fiscal 2025.