Cadeler (CADLR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose to EUR 125 million, up EUR 60 million year-over-year, driven by fleet expansion and increased contracted days.

• EBITDA increased to EUR 47 million from EUR 24 million in Q1 2025, reflecting higher operational scale.

• Net result was a loss of EUR 7 million, down from a EUR 2 million profit in Q1 2025, mainly due to higher financial expenses as more interest was expensed.

• Successful private placement in March 2026 raised approximately EUR 175 million before costs to fund new vessel builds and potential acquisitions.

• Order backlog as of 31 March 2026 stood at EUR 2.7 billion, with 82% linked to projects with positive FID, ensuring strong earnings visibility.

Financial highlights

• Q1 2026 revenue reached EUR 124.7 million, up from EUR 65.5 million year-over-year.

• EBITDA was EUR 47 million, compared to EUR 23.7 million in Q1 2025.

• Net profit was -EUR 7 million, impacted by increased interest expenses as more borrowing costs are expensed.

• Equity ratio improved to 47.6% as of 31 March 2026.

• Gross profit for Q1 2026 was EUR 27 million, up from EUR 21 million in Q1 2025.

Outlook and guidance

• 2026 revenue guidance remains EUR 854–944 million; EBITDA guidance is EUR 420–510 million.

• Full-year outlook remains unchanged, with expectations for stronger revenue and income in Q2–Q4.

• Utilization is expected to increase in the coming quarters as vessels complete mobilization and begin new projects.

• 2026 and 2027 are projected to be very busy years, with significant backlog and high client engagement.

• Strong market demand and high vessel utilization anticipated, with newbuilds and O&M services supporting growth.