Key Takeaways:
Cadeler A/S (NYSE: CDLR) reported first-quarter revenue of EUR 125 million, a 92 percent increase from the same period last year, as the offshore wind installer expands its fleet to meet growing global demand.
“The first quarter of 2026 reflects the continued scaling of our business following the expansion of our operating fleet over the past year,” Mikkel Gleerup, CEO of Cadeler, said. “We continue to strengthen our financial platform and invest in the next phase of Cadeler’s growth.”
The Copenhagen-based company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to EUR 47 million, up from EUR 24 million in Q1 2025. Despite the strong results, the company’s US-listed shares fell ahead of the report, a move analysts attributed to profit-taking after the stock reached a new 52-week high.
Cadeler maintained its full-year 2026 guidance, with expected revenue in the range of EUR 854 million to EUR 944 million. The company’s order backlog remained robust at EUR 2.71 billion, providing strong visibility into future earnings and underscoring the high demand for its specialized vessels in the offshore wind market.
Cadeler is actively expanding its operational capacity to service larger and more complex offshore wind projects. In March, the company raised approximately EUR 175 million through a private placement. The proceeds are designated to partly finance two new T-class wind installation vessels, scheduled for delivery in 2030 and 2031, and to acquire a vessel for scour protection activities.
This investment is a direct response to the increasing global demand for offshore wind installation capacity. The company's fleet of ten operating vessels achieved a combined utilization rate of 47.6 percent during the quarter. The company noted this figure was impacted by transit periods for new vessels and scheduled maintenance.
Cadeler's commercial visibility remains strong, with 82 percent of its EUR 2.71 billion order backlog related to projects that have already reached a final investment decision. The company has active projects across Europe, the Asia-Pacific region, and North America.
The company is also strengthening its presence in the offshore wind aftermarket through its dedicated service platform, Nexra, securing several new operations and maintenance projects during the quarter.
The strong earnings report signals that Cadeler's fleet expansion strategy is successfully translating into financial growth. Investors will be watching the integration of new vessels and the execution of the large order backlog when the company reports its Q2 results.
This article is for informational purposes only and does not constitute investment advice.
