Cadeler A/S

Q1 2026 revenue was EUR 124.7 million, up from EUR 65.5 million a year ago. EBITDA was EUR 47 million, up from EUR 23.7 million. Net profit was minus EUR 7 million, affected by interest on bank facilities as more vessels are delivered and borrowing costs move into the P&L. Adjusted utilization was 77.7%, equity ratio was 47.6%, backlog was EUR 2.7 billion, and three-month daily average turnover was EUR 7.7 million. Management said the full-year outlook is unchanged, with Q1 expected to be weaker than later quarters and Q2/Q3/Q4 larger in revenue and income. On liquidity and funding, cash and available liquidity at March 31 were EUR 221 million and EUR 369 million respectively; they also cited EUR 641 million available funding for the current fleet expansion plan and said the RCF was extended by 18 months to 2027. For 2026 CapEx, management pointed to Wind Ace, Wind Apex around EUR 90 million, and first installments on the T-class vessels, which they said could be around EUR 110 million for both vessels.

Mikkel Gleerup described the quarter as exactly as expected and emphasized execution across a busy fleet, with vessels moving between projects, dry docks, and mobilizations. He highlighted Hornsea 3 as a major milestone, saying the first full monopile is installed and the project is now proving out the concept and ramping toward full execution. He was upbeat on market structure, arguing that offshore wind demand is being supported by energy security needs, a rebound in European auctions, and an undersupply of specialized vessels.

Peter Brogaard said the P&L lines were exactly as planned, with revenue, cost of sales, SG&A, and finance net all in line with internal expectations. He explained that higher borrowing costs are now flowing into the P&L because Cadeler has delivered 10 vessels and only two remain under construction, and he linked the Q1 net loss to that interest burden. He also pointed to a stronger balance sheet after the late-March capital raise, which lifted the equity ratio from 44% to 48%, and said liquidity was EUR 221 million in cash and EUR 369 million available liquidity. On funding, he cited EUR 641 million of available funding for the planned fleet expansion, said the RCF was extended to 2027, and noted advanced talks on an EUR 80 million accordion under the HSBC corporate loan.

On utilization, Jamie Franklin asked whether the rest of the year should follow a similar ramp profile to 2025 and whether Q2 could be weaker year over year. Management replied that utilization should strengthen in the following quarters, noting Q1 was heavily affected by vessel swaps, dry docks, and project preparation, with very little of that left for the rest of the year. On CapEx and cash flow, management said the main remaining 2026 items are Wind Ace, Wind Apex at around EUR 90 million, the first installment on the T-class vessels, and some remaining foundation-project spend. On Wind Apex timing, Mikkel Gleerup confirmed early delivery toward the end of April/very early May had been signed with the shipyard, with a small associated cost that is part of client negotiations.