Cadeler A/S Q1 Earnings Call Highlights

Key Points

• Cadeler said Q1 2026 performance was in line with expectations, with revenue rising to EUR 124.7 million from EUR 65.5 million a year earlier and EBITDA increasing to EUR 47 million from EUR 23.7 million. The company still posted a EUR 7 million net loss, which management attributed largely to higher interest costs as more vessels are now delivered and financed.
• Management emphasized a EUR 2.7 billion backlog and reaffirmed the full-year outlook, saying 2026 and 2027 should be very busy. Cadeler also noted that 82% of the backlog has reached final investment decision, supporting strong earnings visibility.
• Cadeler highlighted key offshore wind project progress, especially on Hornsea Three, where Wind Ally and Wind Orca are fully mobilized and the first complete monopile foundation has been installed. The company also completed a roughly EUR 175 million private placement to support fleet expansion, including proposed T-class vessels and a scour protection vessel.

Cadeler A/S NYSE: CDLR reported that its first-quarter 2026 performance was in line with internal expectations, as management highlighted a larger operating fleet, a EUR 2.7 billion backlog and continued progress on key offshore wind installation projects.

Chief Executive Officer Mikkel Gleerup said the quarter “has been running exactly as expected,” pointing to financial performance consistent with company plans and what he described as “solid earnings visibility” from the current backlog. Chief Financial Officer Peter Brogaard Hansen said the company viewed the quarter as “a strong start to the year,” while reaffirming Cadeler’s full-year outlook.

Revenue and EBITDA Increase From Prior Year

Cadeler reported first-quarter revenue of EUR 124.7 million, compared with EUR 65.5 million in the same period last year. EBITDA rose to EUR 47 million from EUR 23.7 million a year earlier.

The company posted a net loss of EUR 7 million. Hansen said the result was affected by interest on bank facilities, noting that with 10 vessels delivered and two vessels still under construction, more borrowing costs are now reflected in the profit and loss statement rather than capitalized to capital expenditures.

Cadeler’s equity ratio stood at 47.6%, while adjusted utilization was 77.7%. Hansen said the utilization figure adjusts for transfer from yard and planned dry docks, and noted that the Zaratan was not on hire during the quarter, as expected. Market capitalization was EUR 2.3 billion, and the company reported a three-month daily average turnover of EUR 7.7 million, adjusted for the private placement completed March 26.

Hansen said revenue increased year over year because Cadeler had three more vessels on the water. Cost of sales also increased, reflecting the larger fleet and the fact that three vessels were in transit during the period. He also cited delayed revenue recognition related to Wind Ally on the Hornsea Three project, explaining that under IFRS, revenue recognition cannot begin until installation work starts, even though the vessel was mobilizing during the quarter.

Backlog Remains at EUR 2.7 Billion

Management emphasized Cadeler’s backlog of EUR 2.7 billion, with Gleerup saying 82% of the backlog has reached final investment decision. He said the company continues to operate in the United States, Europe and Asia-Pacific and is working on additional opportunities for future years.

Gleerup said Cadeler expects 2026 and 2027 to be “very, very busy,” while reiterating that 2028 remains a different year, consistent with management’s comments at the annual report presentation. He said the company is currently discussing “very, very interesting prospects” for 2029 and sees a significant number of potential projects in the next decade.

Cadeler reaffirmed its full-year outlook. Hansen said nothing in first-quarter performance or developments to date was outside the company’s plan. He added that Cadeler had always expected a weaker first quarter in terms of revenue and income, with the second, third and fourth quarters expected to be larger.

Hornsea Three Reaches Installation Milestones

Gleerup highlighted progress on the Hornsea Three offshore wind project, saying Wind Ally and Wind Orca are fully mobilized and that the first complete monopile foundation has been installed. He called the milestone “very important” for 2026.

As of the presentation, Gleerup said Cadeler had eight monopiles in the water, seven full secondary steel sets installed and five fully commissioned monopiles. He said the project is proceeding according to plan and that the equipment Cadeler invested in for the work is performing as expected.

“We are now slowly ramping up the speed on the project to get up to the speed where we want to be,” Gleerup said, adding that learnings from Hornsea Three are already being applied to the East Anglia TWO project.

Gleerup also said Wind Keeper has started operations with Vestas and is performing on its project.

Private Placement Supports Fleet Expansion

Cadeler completed a private placement that raised approximately EUR 175 million. Gleerup said the offering was “massively oversubscribed” and that proceeds help unlock the potential for two proposed T-class newbuild vessels and the acquisition of a scour protection vessel.

Gleerup said Cadeler believes there is a structural undersupply of installation vessels and that the planned delivery window for the new vessels positions the company for a potential market uptick. He said clients are already approaching Cadeler about the vessels because of capabilities he said competitors cannot currently offer.

On the scour protection vessel, Gleerup described the asset as a “strategic enabler” and said Cadeler expects to use it as part of its foundation installation offering. He said the decision to enter that segment was made together with clients that wanted Cadeler to play a role in the space. He added that the company expects to announce utilization for the vessel once the process toward acquiring or finalizing the vessel has been completed.

Liquidity, CapEx and Market Outlook

Hansen said Cadeler had EUR 221 million in cash and EUR 369 million in available liquidity as of March 31. He said the company has signed committed financing for the A-class vessel Wind Ace and is in advanced discussions with banks to launch financing for Wind Apex in the second quarter of 2026, with signing expected in early third quarter.

Cadeler also extended a revolving credit facility that had been scheduled to terminate in June 2026, pushing maturity by 18 months to 2027. Hansen said the company is in advanced negotiations on an EUR 80 million accordion on its corporate loan with HSBC, which it expects to sign in the second quarter.

During the question-and-answer session, Hansen said remaining 2026 capital expenditures include the final installment on Wind Ace, an installment of approximately EUR 90 million on Wind Apex, and an expected first installment tied to the T-class vessels if yard contracts are signed this year. He estimated that payment could be around EUR 110 million for both T-class vessels.

Gleerup said Cadeler expects utilization to improve in the coming quarters after a first quarter defined by vessel swaps, dry dock activity and project preparation. “We only have very little of that left for the remainder of the year,” he said, adding that the company expects strong utilization for the rest of 2026.

Management also reiterated its constructive view of offshore wind demand, particularly in Europe. Gleerup said geopolitical tensions are increasingly pointing toward demand for locally produced energy, security and affordability, and that offshore wind is expected to play a significant role in the European energy system. He said the company continues to believe in a supply-demand imbalance for capable vessels, driven by new projects, operations and maintenance demand, and older vessels leaving the market.

About Cadeler A/S NYSE: CDLR

Cadeler A/S is a Denmark-based specialist in offshore wind turbine installation and related services. The company operates a fleet of dynamically positioned (DP3) self-propelled jack-up vessels designed for the transportation, installation and commissioning of foundation structures, turbine towers, nacelles and blades. Cadeler's capabilities encompass project planning, logistics coordination and offshore operations, enabling wind farm developers to deploy large-scale turbines in challenging marine environments.

The company's two flagship vessels, Wind Orca and Wind Osprey, are equipped to work in water depths of up to 70 meters and to handle the installation of next-generation turbines.

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