Cadeler A/S Q1 2026 Investor Presentation

Cadeler A/S released its Q1 2026 investor presentation on May 20, 2026. The company reported a robust contract backlog of EUR 2.7 billion, providing solid earnings visibility. Their newbuild program is on track, with the second A-class vessel named in April. Cadeler has maintained strong utilization across its fleet, with vessels actively engaged in projects globally. The Hornsea 3 project is progressing well, with the first complete monopile foundations installed. Revenue for the first three months of 2026 increased to EUR 125 million from EUR 66 million in Q1 2025, driven by higher contracted days due to fleet expansion. Despite a decrease in fleet utilization to 47.6% from 55.3% in Q1 2025, adjusted utilization remained strong at 77.7%. EBITDA increased by EUR 23 million to EUR 47 million. Total assets grew to EUR 119 million, and equity increased to EUR 1,682 million, strengthening the equity ratio to 48%. Cadeler also secured significant funding for its capital expenditure program and is strategically investing in newbuilds and a scour protection vessel to address market undersupply and enhance its service offerings.