Cadeler A/S (NYSE:CDLR) reported sharply higher second-quarter and first-half results, citing increased fleet activity, higher utilization and the addition of vessels to its operating fleet. The offshore wind installation contractor maintained its 2026 standalone outlook while highlighting the July delivery of its second A-class vessel and its acquisition of foundation-installation equipment provider Menck.
Chief Executive Officer Mikkel Gleerup said the first half was defined by “very solid financial performance.” After adjusting prior-year figures for a EUR 111 million termination fee, Cadeler said revenue and EBITDA more than doubled year over year during the first half.
Second-Quarter Revenue, EBITDA and Utilization Rise
For the six months ended June 13, revenue was EUR 480 million on the same adjusted basis. The company said fleet utilization improved to 85% in the second quarter from 76% a year earlier and from 48% in the first quarter, as delivered vessels were mobilized and began operating under contract. Adjusted utilization was 91% in the quarter.
Cadeler operated 10 vessels during the period, compared with seven a year earlier. Hansen said cost of sales rose by EUR 93 million, reflecting a full-quarter operating cost base for Wind Ally, Wind Mover and Wind Keeper. Selling, general and administrative expenses increased as Cadeler expanded its offices and back-office capacity to support its fleet and foundation-project operations.
Vessel operating expenses were EUR 39,871 per day during the quarter. Hansen said depreciation levels seen in the second quarter should generally continue, subject to the impact of a full-year contribution from delivered vessels and future vessel deliveries. He also said Cadeler recorded no impairments during the second quarter.
Menck Acquisition Expands Foundation Installation Offering
Cadeler completed its acquisition of Menck, a provider of specialist equipment and technology used in offshore foundation installation. Gleerup said the deal is intended to strengthen Cadeler’s customer offering and execution capabilities, particularly through hydraulic hammers used in foundation work.
He said customers have expressed concerns about whether sufficient installation tools will be available as offshore wind activity increases. Cadeler plans to make Menck’s equipment available to its own operations, customers and industry peers under what Gleerup described as an arm’s-length model with appropriate governance.
Gleerup also pointed to Menck’s installed-base data, saying the combined companies have experience from thousands of foundation installations. Cadeler plans to use that data to improve assessments of foundation-project schedules and develop its bidding capabilities. The company also cited opportunities in lifting and handling, noise mitigation, routing and drilling.
Hansen said the Menck acquisition had an enterprise value of about EUR 500 million and was financed initially with a EUR 380 million bridge facility from DNB and ABN AMRO. Cadeler has a term sheet for a EUR 250 million takeout facility and expects to use available cash and operating cash flow toward repayment. He said the company does not expect to require a capital increase to complete the acquisition.
Project Execution and Fleet Expansion
Cadeler said it continued work across several regions. Wind Scylla is operating in the U.S., including at Revolution Wind and Sunrise; Wind Orca is installing secondary steel at Ørsted’s Hornsea 3 project; Wind Osprey is installing turbines at EA3; and Wind Mover is working on Baltic Power. The company also cited operations and maintenance activity through its Nexra business in Europe and Asia-Pacific.
At Hornsea 3, Cadeler said monopile and secondary-steel installation remained on track. It has chartered three heavy transport vessels and loaded about 100 monopiles at Marseille-Fos port. Gleerup said the company is focused on maintaining safe execution while identifying further efficiencies that can be applied to later projects.
Wind Ace, Cadeler’s second A-class vessel, was delivered July 17 ahead of schedule and on budget, according to the company. The vessel is being mobilized with mission equipment in China before final mobilization in Europe. Cadeler expects its third A-class vessel, Wind Apex, to be delivered in the second quarter of 2027, an accelerated schedule agreed with shipbuilder COSCO.
Cadeler also has firm contracts with COSCO for two new T-class vessels scheduled for delivery in 2030 and 2031. Gleerup said securing the shipyard slots was difficult because yards are heavily booked and face demand from other industries.
Backlog and Outlook Maintained
Cadeler reported a EUR 2.5 billion backlog, up 23% from the comparable period last year. The company said 77% of that backlog has reached final investment decision. It also identified vessel reservation agreements and preferred-supplier arrangements not included in backlog, including turbine projects for 2027, 2028 and 2031, a 2028 foundation project, a 2031 foundation-and-turbine project, and a long-term operations and maintenance agreement.
Gleerup said customer activity has increased for projects beginning from 2029 through 2032, while Cadeler remains confident in its 2028 and first-half 2029 baseline. He said the company expects strong fleet utilization through the remainder of 2026 and that turbine installation at Hornsea 3 remains on track to begin according to the contracted plan.
Cadeler maintained its 2026 standalone guidance, excluding the impact of Menck. The company continues to expect revenue of EUR 854 million to EUR 944 million and EBITDA of EUR 420 million to EUR 510 million. Management said it expects to provide an update on Menck’s financial impact in coming months.
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.
