Cadeler A/S (NYSE: CDLR) is a pure-play offshore wind installation partner and a global leader in offshore wind turbine transport and installation. The company owns and operates a large fleet of jack-up offshore wind installation vessels and is expanding into foundation transport and installation as well as operations and maintenance.
On May 20, 2026, Cadeler announced its first-quarter 2026 results, which were in line with internal expectations. Revenue increased to EUR 125 million from EUR 65 million in the same period last year, driven primarily by increased contracted activity following the expansion of Cadeler’s operating fleet.
Earnings before interest, taxes, depreciation, and amortization (EBITDA), a measure of operating profitability, increased to EUR 47 million from EUR 24 million in Q1 2025. However, Cadeler reported a net loss of EUR 7 million, compared with a profit of EUR 2 million a year earlier, mainly due to higher financial expenses as more borrowing costs were expensed rather than capitalized. The company reported earnings per share of EUR -0.02 for the quarter.
Operationally, Cadeler’s ten-vessel operating fleet achieved a combined utilization rate of 47.6%, down from 55.3% in Q1 2025. The decrease reflected transit periods for Wind Ally and Wind Mover, completion of Wind Keeper’s upgrade scope, and scheduled dry-docking for Wind Orca.
Cadeler maintained its full-year 2026 guidance, projecting revenue between EUR 854 million and EUR 944 million and EBITDA between EUR 420 million and EUR 510 million. Its order backlog stood at EUR 2.705 billion, with 82% tied to projects where clients had taken final investment decisions, supporting visibility for future earnings.
From a balance-sheet perspective, Cadeler had total assets of EUR 3.536 billion and equity of EUR 1.682 billion as of March 31, 2026. Its current ratio was approximately 1.31, based on current assets of EUR 425.6 million and current liabilities of EUR 326.1 million. Its debt-to-equity ratio was approximately 0.94 when calculated using debt to credit institutions of EUR 1.582 billion divided by equity, indicating meaningful leverage but adequate near-term liquidity.
