Cadeler is a Danish offshore wind installation contractor. Its core business is transporting and installing the components of offshore wind farms — foundations, towers, nacelles, and blades — using a fleet of specialized jack-up vessels. These vessels carry components to offshore sites, jack their legs onto the seabed to create a stable platform, and use large cranes to lift and assemble turbine sections at sea. Cadeler's customers are wind farm developers (like Ørsted, RWE, and Vattenfall), turbine OEMs (like Siemens Gamesa and Vestas), and other offshore contractors. Cadeler contracts its vessels either on a daily rate basis or through full-scope transportation and installation (T&I) contracts where Cadeler manages project delivery end-to-end. Cadeler operates 10 jack-up vessels across several classes, with two additional next-generation A-Class vessels on order. The A-Class vessels are specifically designed for foundation installation, which involves larger, more complex contracts than turbine installation. Cadeler also runs a dedicated operations and maintenance business under the Nexra brand, which services already-installed turbines and fills utilization gaps between installation contracts. Fleet utilization and day rates are the primary financial drivers. Cadeler's growth strategy centers on fleet expansion, moving up the value chain into foundation T&I, and building out Nexra. The business is capital-intensive, but operating leverage is high as fixed costs are shared across a growing fleet. Cadeler does not currently pay a dividend, as it remains in an active investment phase.