Cadeler A/S

Q1 2026 revenue was EUR 124.7 million versus EUR 65.5 million a year ago. EBITDA was EUR 47 million versus EUR 23.7 million last year, and net profit was minus EUR 7 million, impacted by interest on bank facilities. Adjusted utilization was 77.7%, equity ratio was 47.6%, three-month daily average turnover was EUR 7.7 million, and backlog was EUR 2.7 billion; management said 82% of backlog has reached FID. Forward guidance was unchanged: management reaffirmed the full-year outlook and said Q1 was always expected to be weaker, with Q2, Q3 and Q4 expected to be larger quarters. They also said Wind Ace is expected to deliver in the beginning of Q3 this year, Wind Apex in Q2 2027, and that they are in advanced discussions on financing and a lending accordion to support the CapEx program.

Mikkel Gleerup described the quarter as one of execution, with vessel swaps, dry-dock work and project mobilizations largely unfolding as expected. He emphasized the Hornsea 3 milestone as proof that Cadeler’s foundation-installation equipment and planning are working, and said the company is slowly ramping up speed on the project. His tone was confident and constructive, with repeated comments that Cadeler is entering a very busy 2026-2027 period and preparing for opportunities into 2028-2029 and the next decade.

Peter Brogaard said Q1 results were exactly as planned, with revenue, cost lines and operating performance all in line with expectations. He pointed to revenue of EUR 124.7 million, EBITDA of EUR 47 million, a net loss of EUR 7 million due to interest expense on bank facilities, and adjusted utilization of 77.7%, noting Q1 was affected by mobilizations and delayed revenue recognition on Wind Ally under IFRS. On the balance sheet and funding side, he cited an equity ratio of 47.6%, cash and available liquidity of EUR 221 million and EUR 369 million respectively, EUR 641 million of available funding for the CapEx program, and an RCF extension by 18 months to 2027; he also said they expect to sign an EUR 80 million accordion in Q2.

On utilization, management said Q1 was heavily affected by vessels being swapped between projects, dry-dock activity and mobilizations, and that utilization should strengthen through the rest of the year, with little of that transition work left. On CapEx, Peter said the main remaining items for 2026 include Wind Ace, about EUR 90 million for Wind Apex, and the first installment for the T-class vessels, which he estimated could be around EUR 110 million for both. On Wind Apex timing, Mikkel said delivery is now expected toward the end of April or very early May, with a small associated cost that is being handled in negotiations with the client.