Cadeler Reports Q1 EBITDA of €47M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Should l Buy CDLR?
Reports Q1 EBITDA EUR 47M vs. EUR 24M last year. Mikkel Gleerup, CEO of Cadeler, comments: "The first quarter of 2026 reflects the continued scaling of our business following the expansion of our operating fleet over the past year. While the integration of new capacity naturally impacts utilisation in the short term, we are seeing strong underlying operational activity across the fleet. At the same time, we continue to strengthen our financial platform and invest in the next phase of Cadeler's growth - positioning Cadeler to support the increasing global demand for offshore wind installation capacity."
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About CDLR
Cadeler A/S is a Denmark-based company engaged in the engineering and construction industry, with a specialized focus on the offshore wind energy sector. The Company provides services for the transportation, installation, maintenance, and decommissioning of offshore wind turbine generators (WTGs), foundations, and platform topsides/substations. Cadeler A/S operates exclusively within the offshore wind industry and positions itself as a key enabler of the global energy transition toward renewable energy. The Company’s service portfolio includes offshore construction, heavy lift operations, project cargo handling, and accommodation services. Cadeler A/S also provides support for operations and maintenance activities, ensuring long-term performance and reliability of offshore wind assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Cadeler Reports Strong Q1 2026 Financial Results with Significant Revenue Growth
- Significant Revenue Growth: Cadeler reported Q1 2026 revenue of EUR 125 million, a 92% increase from EUR 65 million in Q1 2025, primarily driven by increased contracted activity following fleet expansion, indicating strong demand in the offshore wind market.
- EBITDA Improvement: EBITDA surged to EUR 47 million from EUR 24 million in Q1 2025, reflecting a 96% increase, showcasing the company's success in enhancing operational efficiency and profitability, thereby strengthening its financial foundation.
- Fleet Utilization Changes: The fleet utilization rate decreased to 47.6% from 55.3% in Q1 2025, primarily due to transition periods for Wind Ally and Wind Mover, along with upgrades and maintenance for Wind Keeper and Wind Orca, indicating short-term integration impacts that do not hinder long-term growth potential.
- Strong Order Backlog: As of March 31, 2026, Cadeler's order backlog stood robust at EUR 2.705 billion, with 82% of projects having received final investment decisions from clients, demonstrating the company's strong market position and future growth potential in global offshore wind projects.
See More
Cadeler A/S Reports Significant Q1 Revenue Growth
- Significant Revenue Growth: Cadeler A/S reported Q1 revenue of EUR 125 million, a remarkable 92.3% increase from EUR 65 million in Q1 2025, indicating strong performance amid recovering market demand, which is expected to further drive annual results.
- Doubling of EBITDA: The EBITDA for Q1 surged to EUR 47 million, compared to EUR 24 million in Q1 2025, reflecting significant improvements in cost control and operational efficiency, which will help bolster investor confidence.
- Fleet Utilization Improvement: As of March 31, 2026, Cadeler's fleet utilization stood at 47.6% across ten operating vessels, showcasing positive progress in resource optimization and operational efficiency, which is crucial for sustaining growth.
- Robust Order Backlog: Cadeler maintained a strong order backlog of EUR 2.705 billion as of March 31, 2026, indicating stability in future revenues and sustained strong market demand, further solidifying its competitive position in the industry.
See More
Cadeler Completes First Monopile Foundation at Hornsea 3 Offshore Wind Farm
- Project Milestone: Cadeler successfully installed the first fully commissioned monopile foundation at the UK's Hornsea 3 offshore wind farm, marking a significant advancement in one of the world's largest offshore wind developments, with Hornsea 3 expected to have a total capacity of 2.9 GW, capable of powering 3.3 million UK homes with renewable energy.
- Full T&I Scope: This installation represents Cadeler's first undertaking of the complete transportation and installation (T&I) scope for offshore monopile foundations, with plans to transport and install a total of 197 monopile foundations, showcasing the company's comprehensive capabilities and market expansion potential in the offshore wind sector.
- Collaboration and Execution: The successful installation of the first monopile foundation followed years of planning and coordination, involving close collaboration among multiple specialized teams, utilizing Cadeler's purpose-built A-class vessel, Wind Ally, for monopile installation, while Wind Orca executed the installation of secondary steel, ensuring efficient project execution.
- Future Development: Cadeler will deploy three of its own specialist offshore wind installation vessels, including its first A-class newbuilding, Wind Ally, further enhancing its capabilities in the transportation and installation of offshore wind infrastructure, supporting the company's ongoing expansion in the global market.
See More
Cadeler Completes €175 Million Private Placement for Fleet Expansion
- Significant Financing: Cadeler announced the completion of a private placement raising approximately €175 million, priced above the company's 5-day VWAP, to fund two proposed T-class Wind Foundation Installation Vessels and a potential scour protection vessel acquisition, demonstrating the company's commitment to expansion in the wind energy market.
- Fleet Expansion Plans: The company plans to deliver two new T-class vessels in 2030 and 2031, with most capital commitments back-loaded after 2029 and total capex expected to be 65% debt financed, ensuring a clear path for future capital returns.
- Strong Market Demand: With renewed momentum in the global offshore wind industry, Cadeler anticipates good employment prospects for its expanded fleet, and no additional equity is expected to fund current plans, reflecting the company's robust capital allocation strategy.
- Enhanced Competitiveness: By evaluating the acquisition and conversion of a scour protection vessel, Cadeler aims to strengthen its foundation transportation and installation capabilities, reduce reliance on subcontractors, improve pricing competitiveness, and maximize retained profits, further solidifying its leadership position in the industry.
See More
Cadeler A/S Reports Strong FY 2024 Earnings
- Significant Revenue Growth: Cadeler A/S reported FY 2024 revenue of €620 million, a remarkable 149% increase year-over-year, indicating strong demand and a significant increase in market share within the offshore wind sector.
- EBITDA Surge: The company's EBITDA for 2024 reached €425 million, up from €126 million in 2023, reflecting improved operational efficiency and successful cost management strategies.
- Net Profit Increase: Cadeler's net profit soared to €280 million in 2024, compared to €65 million in the previous year, demonstrating enhanced profitability and improved financial health.
- Growing Order Backlog: As of now, Cadeler's order backlog stands at €2.8 billion, up from approximately €2.3 billion at the end of 2024, indicating a stable revenue stream and growth potential for the coming years.
See More
Cadeler Reports Strong 2025 Annual Results with Fleet Expansion
- Financial Performance Growth: Cadeler reported a revenue of EUR 620 million for 2025, an increase of EUR 371 million from EUR 249 million in 2024, reflecting strong operational performance driven by fleet expansion and high utilization, which enhances its competitive position in the offshore wind market.
- Significant EBITDA Improvement: The EBITDA for 2025 reached EUR 425 million, up from EUR 126 million in 2024, while net profit surged from EUR 65 million to EUR 280 million, indicating a substantial enhancement in profitability and further solidifying the company's financial foundation.
- Strong Order Backlog: As of March 24, 2026, Cadeler's order backlog stood at EUR 2.8 billion, up from EUR 2.3 billion at the end of 2024, demonstrating continued activity in the offshore wind installation and service markets, which enhances revenue visibility for the future.
- Strategic Investment and Expansion: In 2025, Cadeler expanded its fleet, doubling the number of wind installation vessels from five to ten, with all new vessels delivered on budget and on schedule, reflecting the company's long-term strategy and adaptability in offshore wind projects.
See More
Cadeler Reports Strong Q1 2026 Financial Results with Significant Revenue Growth
- Significant Revenue Growth: Cadeler reported Q1 2026 revenue of EUR 125 million, a 92% increase from EUR 65 million in Q1 2025, primarily driven by increased contracted activity following fleet expansion, indicating strong demand in the offshore wind market.
- EBITDA Improvement: EBITDA surged to EUR 47 million from EUR 24 million in Q1 2025, reflecting a 96% increase, showcasing the company's success in enhancing operational efficiency and profitability, thereby strengthening its financial foundation.
- Fleet Utilization Changes: The fleet utilization rate decreased to 47.6% from 55.3% in Q1 2025, primarily due to transition periods for Wind Ally and Wind Mover, along with upgrades and maintenance for Wind Keeper and Wind Orca, indicating short-term integration impacts that do not hinder long-term growth potential.
- Strong Order Backlog: As of March 31, 2026, Cadeler's order backlog stood robust at EUR 2.705 billion, with 82% of projects having received final investment decisions from clients, demonstrating the company's strong market position and future growth potential in global offshore wind projects.
See More
Cadeler A/S Reports Significant Q1 Revenue Growth
- Significant Revenue Growth: Cadeler A/S reported Q1 revenue of EUR 125 million, a remarkable 92.3% increase from EUR 65 million in Q1 2025, indicating strong performance amid recovering market demand, which is expected to further drive annual results.
- Doubling of EBITDA: The EBITDA for Q1 surged to EUR 47 million, compared to EUR 24 million in Q1 2025, reflecting significant improvements in cost control and operational efficiency, which will help bolster investor confidence.
- Fleet Utilization Improvement: As of March 31, 2026, Cadeler's fleet utilization stood at 47.6% across ten operating vessels, showcasing positive progress in resource optimization and operational efficiency, which is crucial for sustaining growth.
- Robust Order Backlog: Cadeler maintained a strong order backlog of EUR 2.705 billion as of March 31, 2026, indicating stability in future revenues and sustained strong market demand, further solidifying its competitive position in the industry.
See More
Cadeler Completes First Monopile Foundation at Hornsea 3 Offshore Wind Farm
- Project Milestone: Cadeler successfully installed the first fully commissioned monopile foundation at the UK's Hornsea 3 offshore wind farm, marking a significant advancement in one of the world's largest offshore wind developments, with Hornsea 3 expected to have a total capacity of 2.9 GW, capable of powering 3.3 million UK homes with renewable energy.
- Full T&I Scope: This installation represents Cadeler's first undertaking of the complete transportation and installation (T&I) scope for offshore monopile foundations, with plans to transport and install a total of 197 monopile foundations, showcasing the company's comprehensive capabilities and market expansion potential in the offshore wind sector.
- Collaboration and Execution: The successful installation of the first monopile foundation followed years of planning and coordination, involving close collaboration among multiple specialized teams, utilizing Cadeler's purpose-built A-class vessel, Wind Ally, for monopile installation, while Wind Orca executed the installation of secondary steel, ensuring efficient project execution.
- Future Development: Cadeler will deploy three of its own specialist offshore wind installation vessels, including its first A-class newbuilding, Wind Ally, further enhancing its capabilities in the transportation and installation of offshore wind infrastructure, supporting the company's ongoing expansion in the global market.
See More
Cadeler Completes €175 Million Private Placement for Fleet Expansion
- Significant Financing: Cadeler announced the completion of a private placement raising approximately €175 million, priced above the company's 5-day VWAP, to fund two proposed T-class Wind Foundation Installation Vessels and a potential scour protection vessel acquisition, demonstrating the company's commitment to expansion in the wind energy market.
- Fleet Expansion Plans: The company plans to deliver two new T-class vessels in 2030 and 2031, with most capital commitments back-loaded after 2029 and total capex expected to be 65% debt financed, ensuring a clear path for future capital returns.
- Strong Market Demand: With renewed momentum in the global offshore wind industry, Cadeler anticipates good employment prospects for its expanded fleet, and no additional equity is expected to fund current plans, reflecting the company's robust capital allocation strategy.
- Enhanced Competitiveness: By evaluating the acquisition and conversion of a scour protection vessel, Cadeler aims to strengthen its foundation transportation and installation capabilities, reduce reliance on subcontractors, improve pricing competitiveness, and maximize retained profits, further solidifying its leadership position in the industry.
See More
Cadeler A/S Reports Strong FY 2024 Earnings
- Significant Revenue Growth: Cadeler A/S reported FY 2024 revenue of €620 million, a remarkable 149% increase year-over-year, indicating strong demand and a significant increase in market share within the offshore wind sector.
- EBITDA Surge: The company's EBITDA for 2024 reached €425 million, up from €126 million in 2023, reflecting improved operational efficiency and successful cost management strategies.
- Net Profit Increase: Cadeler's net profit soared to €280 million in 2024, compared to €65 million in the previous year, demonstrating enhanced profitability and improved financial health.
- Growing Order Backlog: As of now, Cadeler's order backlog stands at €2.8 billion, up from approximately €2.3 billion at the end of 2024, indicating a stable revenue stream and growth potential for the coming years.
See More
Cadeler Reports Strong 2025 Annual Results with Fleet Expansion
- Financial Performance Growth: Cadeler reported a revenue of EUR 620 million for 2025, an increase of EUR 371 million from EUR 249 million in 2024, reflecting strong operational performance driven by fleet expansion and high utilization, which enhances its competitive position in the offshore wind market.
- Significant EBITDA Improvement: The EBITDA for 2025 reached EUR 425 million, up from EUR 126 million in 2024, while net profit surged from EUR 65 million to EUR 280 million, indicating a substantial enhancement in profitability and further solidifying the company's financial foundation.
- Strong Order Backlog: As of March 24, 2026, Cadeler's order backlog stood at EUR 2.8 billion, up from EUR 2.3 billion at the end of 2024, demonstrating continued activity in the offshore wind installation and service markets, which enhances revenue visibility for the future.
- Strategic Investment and Expansion: In 2025, Cadeler expanded its fleet, doubling the number of wind installation vessels from five to ten, with all new vessels delivered on budget and on schedule, reflecting the company's long-term strategy and adaptability in offshore wind projects.
See More
