Cadeler A/S Q1 2026 Financial Summary
Business Context and Reporting Period
This Form 6-K filing covers Cadeler A/S's financial results for the first quarter of 2026, ending March 31, 2026. The company is a global leader in offshore wind turbine transport and installation, operating the industry's largest fleet of jack-up vessels. The reporting period reflects continued business scaling following fleet expansion.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Revenue | EUR 125 million | EUR 65 million |
| EBITDA | EUR 47 million | EUR 24 million |
| Fleet Utilisation | 47.6% | 55.3% |
| Order Backlog | EUR 2,705 million | Not specified |
Liquidity and Capital: In March 2026, the company completed a private placement raising approximately EUR 175 million before transaction costs. The filing text does not provide specific values for net profit, operating cash flow, total debt, or current liquidity ratios.
Material Changes vs. Prior Period
- Revenue Growth: Revenue nearly doubled to EUR 125 million, driven by increased contracted activity and fleet expansion.
- EBITDA Expansion: EBITDA increased to EUR 47 million, up from EUR 24 million in Q1 2025.
- Utilisation Decline: Fleet utilisation dropped to 47.6% from 55.3%. Management attributes this to transit periods for new vessels (Wind Ally, Wind Mover), upgrade completion for Wind Keeper, and scheduled dry-docking for Wind Orca.
- Backlog Strength: The order backlog stands at EUR 2,705 million, with 82% relating to projects where clients have made final investment decisions.
Guidance, Outlook, and Management Commentary
Full-Year 2026 Guidance: Cadeler maintains its full-year outlook:
- Revenue: EUR 854 million to EUR 944 million.
- EBITDA: EUR 420 million to EUR 510 million.
Management Commentary: CEO Mikkel Gleerup noted that while integrating new capacity impacts short-term utilisation, underlying operational activity remains strong. The company is strengthening its financial platform to support global demand for offshore wind installation.
Strategic Investments: Proceeds from the EUR 175 million private placement will finance two new T-class wind installation vessels (deliveries in 2030 and 2031) and the acquisition of a vessel for scour protection activities. The company is also expanding its operations and maintenance presence via its Nexra platform.
Investor Verification Checklist
- Verify the impact of the EUR 175 million capital raise on the company's net debt position and balance sheet leverage.
- Confirm the specific timeline for the return to higher utilisation rates as new vessels complete transit and integration.
- Review the breakdown of the EUR 2,705 million order backlog by region and project type to assess revenue visibility.
- Monitor the progress of the two new T-class vessel newbuilds and the acquisition of the scour protection vessel.
- Check for any updates on the "unusual items" or specific costs associated with the Wind Keeper upgrade and Wind Orca dry-docking.