Offshore wind installation company Cadeler reported revenue of EUR 125 million for the first quarter of 2026, up from EUR 65 million in the same period of 2025 — a near-doubling driven by the expansion of its operating fleet. EBITDA increased to EUR 47 million from EUR 24 million in Q1 2025.
Cadeler’s fleet of ten operating vessels achieved a combined utilisation rate of 47.6% in Q1 2026, compared to 55.3% in the prior year period. The company said the lower utilisation reflects transit periods for Wind Ally and Wind Mover, the completion of Wind Keeper’s upgrade scope, and scheduled dry-docking for Wind Orca. Order backlog stood at EUR 2,705 million at end of March, with 82% relating to projects where clients have taken final investment decisions.
During the quarter, Cadeler completed a private placement raising approximately EUR 175 million to partly finance two new T-class wind installation vessel newbuilds scheduled for delivery in 2030 and 2031, as well as the acquisition of a vessel for scour protection activities.
The company maintained its full-year 2026 guidance of revenue between EUR 854 million and EUR 944 million and EBITDA of EUR 420 million to EUR 510 million. CEO Mikkel Gleerup said the quarter reflects “continued scaling of our business following the expansion of our operating fleet over the past year.”
