Cadeler A/S · Q1 2026 earnings

Briefing

Cadeler Q1 2026: EUR125M revenue (+90%) as fleet expands, but net loss EUR7M on higher financing costs

Cadeler A/S reported Q1 2026 results for the period ended March 31, 2026, with revenue of EUR124.7 million, up from EUR65.5 million a year ago, driven by fleet expansion and higher contracted days (428 vs 284). Gross profit rose to EUR26.8 million from EUR20.9 million, and operating profit was EUR7.8 million. However, the group posted a net loss of EUR7.0 million versus a EUR1.8 million profit in Q1 2025, primarily due to higher financial expenses as newly delivered vessels shifted interest from capitalized to expensed. Fleet utilization was 47.6% across ten operating vessels versus 55.3% on seven vessels last year. Operating cash flow was EUR42.2 million. Management maintained 2026 guidance for revenue of EUR854–944 million and EBITDA of EUR420–510 million, citing a EUR2.7 billion contract backlog.

• Revenue reached EUR124.7 million (+90% YoY) on 428 contracted days versus 284, reflecting three new vessels: Wind Ally, Wind Mover, and Wind Keeper.
• Operating profit was EUR7.8 million but net loss was EUR7.0 million as net financial expenses rose to EUR14.6 million from EUR1.8 million.
• Fleet utilization was 47.6% across ten vessels; gross profit improved to EUR26.8 million despite lower utilization rate.
• Operating cash flow was EUR42.2 million; the company raised ~EUR170 million via a March 2026 private placement for newbuild financing.
• 2026 revenue guidance unchanged at EUR854–944 million and EBITDA at EUR420–510 million; contract backlog stands at EUR2.7 billion.

Headline financials

Revenue & EPS history

Cadeler maintained 2026 guidance for revenue of EUR854–944 million and EBITDA of EUR420–510 million, supported by a EUR2.7 billion order backlog with 2026 substantially filled.