Quarterly ResultMay 20, 2026, 08:02 AM
Cadeler Q1 2026 Revenue EUR 125M; Backlog EUR 2.7B
AI Summary
Cadeler A/S reported Q1 2026 revenue of EUR 125 million, a significant increase from Q1 2025, driven by an expanded fleet and higher contracted days. EBITDA rose to EUR 47 million, despite a slight decrease in adjusted fleet utilization. The company maintains a robust contract backlog of EUR 2.7 billion, providing solid earnings visibility, with 82% of the backlog related to projects with positive final investment decisions. Newbuild programs for Wind Ace and Wind Apex are on track, and the company has secured EUR 2,026 million in funding for its CapEx program.
Key Highlights
- Q1 2026 Revenue increased by EUR 59 million to EUR 125 million compared to Q1 2025.
- Q1 2026 EBITDA increased by EUR 23 million to EUR 47 million.
- Contract backlog stands at EUR 2.7 billion as of May 20, 2026, with EUR 2.3 billion firm contracted days.
- 82% of the contract backlog (EUR 2,229 million) relates to projects with positive final investment decisions (FID).
- Adjusted fleet utilization was 77.7% in Q1 2026, compared to 79.4% in Q1 2025.
- Newbuild Wind Apex is 98% complete, with sea trials planned for end of May 2026.
- Newbuild Wind Ace is 49% complete, with delivery accelerated to Q2 2027.
- Secured EUR 2,026 million in funding for CapEx program, with EUR 411 million still undrawn.
Price Impact
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