Cadeler A/S Q1 2026 Earnings Release

Cadeler A/S reported its first quarter 2026 financial results, with revenue reaching EUR 125 million, a significant increase from EUR 65 million in Q1 2025, primarily due to fleet expansion and increased contracted days. The cost of sales also rose to EUR 98 million from EUR 45 million, attributed to the addition of three new vessels. Vessel utilization decreased to 47.6% from 55.3% in the same period last year, with a larger fleet of ten operating vessels. EBITDA increased by EUR 23 million to EUR 47 million. However, the company reported a net loss of EUR 7 million for Q1 2026, a decrease from a EUR 2 million profit in Q1 2025, mainly due to increased financial expenses from new vessel deliveries. Net cash flow from operating activities improved to EUR 42 million. The company maintained its 2026 revenue and EBITDA guidance. Cadeler also announced the extension of its EUR 100 million RCF-B Facility by 18 months. The order backlog as of May 20, 2026, stood at EUR 2,705 million. The company completed a private placement in March 2026, raising approximately EUR 175 million to finance newbuilds and a potential heavy-lift vessel acquisition.