Denmark-based offshore wind installation specialist Cadeler reported first-half revenue more than doubling on fleet expansion and higher contracted days, rising to EUR 408 million from EUR 198 million a year earlier.
Net income increased 54% year-over-year to EUR 88 million, up from EUR 57 million in H1 2023. The company attributed the growth to expanded foundation transport and installation capabilities, including the completion of a private placement and orders for new vessels. Cadeler also highlighted operational flexibility and redundancy from its fleet expansion, which helped mitigate project risks amid shifting market conditions.
As of late August, the order backlog stood at nearly EUR 2.5 billion, extending through 2026. The company maintained its 2026 revenue guidance in the range of EUR 854 million to EUR 944 million, while projecting EBITDA between EUR 420 million and EUR 510 million for the year.
Cadeler noted it is reviewing the potential impact of the Menck acquisition on its 2026 guidance and plans to provide an update in due course. The company did not disclose further details regarding the review process or Menck's integration status.
