Offshore wind installation specialist Cadeler A/S reported a 432% year-over-year increase in standalone second-quarter revenue to EUR 282.8 million, driven by higher fleet utilization and expanded operations. The company’s shares rose 8.09% in premarket trading to $25.91, valuing the business at approximately $2.35 billion.
H1 2026 revenue totaled EUR 480 million, more than doubling on an adjusted basis compared with the prior period, which included a EUR 111 million termination fee. EBITDA for the six-month period increased 106% year-over-year to EUR 160.6 million, while net profit rose 73% to EUR 95 million. Fleet utilization remained steady at 85% unadjusted for the period.
Cadeler’s Q2 EBITDA climbed 106% year-over-year to EUR 160.6 million, while net profit increased 73% to EUR 95 million. Adjusted fleet utilization reached nearly 91%, up from 76% in the same period last year and 48% in Q1 2026. The company’s backlog expanded 23% year-over-year to EUR 2.5 billion, with 77% of contracts reaching final investment decision.
Management highlighted the integration of Menck, a hydraulic hammer and noise mitigation specialist acquired for around EUR 500 million, as a strategic move to reduce project risk for clients. The acquisition, backed by a EUR 380 million bridge facility, is expected to close with a EUR 250 million take-out facility under negotiation. Cadeler also secured a EUR 40 million upsized holdco facility from Santander in July.
Full-year 2026 guidance for the standalone business, excluding Menck, was maintained at EUR 854 million to EUR 944 million in revenue and EUR 420 million to EUR 510 million in EBITDA. The company ended June with EUR 206 million in cash and EUR 180 million in undrawn revolving credit facilities.
CEO Mikkel Gleerup noted the strong financial performance, stating that excluding last year’s termination fee, revenue and EBITDA more than doubled year-over-year. He emphasized the benefits of integrating vessel operations with Menck’s equipment, reducing risk interfaces for clients during installation campaigns.
