Cadeler (CADLR) H1 2026 earnings summary

Executive summary

• H1 2026 revenue and EBITDA more than doubled year-over-year, driven by fleet expansion, higher contracted days, and strong execution, excluding prior-year non-recurring items.

• The acquisition of Menck strengthens integrated foundation installation capabilities and execution certainty, providing access to industry data and technology.

• Delivery of Wind Ace ahead of schedule and order of two T-class vessels support future growth and operational capacity.

• Backlog stands at EUR 2.5 billion, providing strong earnings visibility and commercial momentum.

• Successful capital raise in March 2026 supported fleet expansion and new service offerings.

Financial highlights

• Q2 2026 revenue reached EUR 282.8 million (+132% year-over-year, adjusted); EBITDA was EUR 160.6 million (+106%); net profit EUR 95 million (+73%).

• H1 2026 revenue was EUR 408 million, EBITDA EUR 208 million, and net profit EUR 88 million, reflecting the absence of prior-year non-recurring items.

• Fleet utilization for Q2 was 91%, up from 76% last year; H1 2026 utilization was 66% (ten vessels).

• Equity ratio improved to 50% as of H1 2026.

• Contract backlog at EUR 2.5 billion (+23% year-over-year).

Outlook and guidance

• 2026 revenue guidance maintained at EUR 854–944 million; EBITDA expected at EUR 420–510 million, excluding Menck impact.

• Strong vessel utilization and high market demand expected for the remainder of 2026.

• Commercial momentum robust, with significant client interest for projects starting 2029–2032 and ongoing conversion of preferred supplier agreements.

• Menck acquisition impact on 2026 guidance under review.

• Guidance subject to risks including economic turbulence, supply chain disruptions, and vessel off-hire periods.