Cadeler A/S reported a more than doubling of second-quarter revenue and EBITDA as the offshore wind installation specialist executed on fleet expansion and a strategic acquisition. The company posted Q2 2026 revenue of €282.8 million, up 132% from an adjusted €122.1 million in Q2 2025, while EBITDA rose 106% to €160.6 million. Net profit increased 73% to €95.0 million.
The results were driven by higher fleet utilization and the delivery of new vessels, including the Wind Apex, whose keel was laid in June 2026 and scheduled for delivery in Q2 2027—ahead of original plans due to client demand. The company also completed the acquisition of Menck in August 2026, expanding its offshore wind foundation installation capabilities. Menck’s 2025 revenue was €110 million, with hydraulic hammers accounting for 84% of sales.
Cadeler’s contract backlog stood at €2.5 billion as of mid-2026, comprising €2.12 billion in firm contracts and €371 million in options, with 77% of the total reaching final investment decision. The backlog is heavily concentrated in Europe, which represents 87% of the total, while North America accounts for 5% and Asia-Pacific 8%. The company’s equity ratio strengthened to 50.0% from 49.5% a year earlier, supported by a €170 million capital increase in March 2026 and €88 million in profit.
Balance sheet assets grew 4% to €3.54 billion as of June 30, 2026, with cash at €206 million. Committed financing totaled €2.08 billion, including €1.63 billion outstanding, while net liquidity post-refinancing stood at €150 million. Major outflows included €498 million for the Menck acquisition and €262 million for A-class capital expenditures.
Cadeler maintained its full-year 2026 guidance, now targeting revenue of €854–944 million and EBITDA of €420–510 million, excluding the Menck deal. The company also secured firm operations and maintenance contracts for its Nexra platform in Taiwan and Japan, with a combined value exceeding €40 million. Fleet utilization reached 66% on an unadjusted basis and 85% on an adjusted basis in H1 2026, down from 89% in the prior-year period.
The company operates 14 vessels, including 10 legacy units and four newbuilds delivered since 2020, with nine capable of installing both foundations and turbines. Cadeler’s installed base of over 3,200 foundations, including Menck’s track record, exceeds competitors by significant margins, the company said.
