Cadeler A/S

Q2 2026 revenue was EUR 282.8 million, up 432% year over year on an adjusted basis after excluding EUR 111 million of termination fee income in the prior-year period. Q2 EBITDA was EUR 160.6 million, up 106% year over year adjusted, and net profit was EUR 95 million, up 73% adjusted. Industry rate was 50%, and utilization was nearly 91% adjusted; fleet utilization was 85% versus 76% last year, or 91% adjusted, in the quarter. For H1 2026, revenue was EUR 480 million adjusted for the EUR 111 million termination fee, and EBITDA more than doubled on the same basis. Full-year 2026 standalone guidance was reiterated at revenue of EUR 854 million to EUR 944 million and EBITDA of EUR 420 million to EUR 510 million. The company ended June with EUR 206 million of cash, EUR 1.8 billion of equity, and a 50% equity ratio. Management also said backlog was EUR 2.5 billion, up 23% versus the same period last year.

Mikkel Gleerup framed the half year as a period of solid execution, strong commercial momentum, and strategic expansion. He emphasized that Cadeler is building scale and redundancy for customers by combining vessels with foundation equipment through Menck, while also expanding into O&M and future foundation-related services. His tone was confident and upbeat, especially around Hornsea 3 learning, T-class contracting, and what he described as strong client appetite for projects into 2029-2032.

Peter Hansen focused on the adjusted Q2 and H1 financials, highlighting the EUR 282.8 million of Q2 revenue, EUR 160.6 million of EBITDA, and EUR 95 million of net profit, all up sharply year over year after excluding the prior-year termination fee. He pointed to higher cost of sales from operating three additional vessels and higher SG&A from scaling the back office, with vessel OpEx at EUR 39,871 per day. On the balance sheet and financing, he said cash was EUR 206 million at June-end, equity was EUR 1.8 billion, and the company had bridge and committed facilities around the Menck acquisition and newbuild program, while stressing no capital increase is needed for Menck. He reiterated standalone 2026 guidance of EUR 854 million to EUR 944 million in revenue and EUR 420 million to EUR 510 million in EBITDA.

Analysts asked about utilization for the rest of the year and the contribution from Hornsea 3; management said utilization should stay strong through 2026 and turbine installation on Hornsea 3 remains on track, with the project still focused on speeding up execution safely. Questions on 2028 backlog conversion were answered with the acknowledgment that more opportunities exist, including possible extensions on current projects, but management would not break down backlog by year. On capital allocation, management was asked whether multiple investments at once were necessary; CFO Peter Hansen said the timing is staggered, Menck is already generating positive income and cash flow from 11 August, Wind Ace starts revenue in early 2027, and T-class vessels will mostly require cash in 2030-2031, with returns expected after delivery. Management also said it does not disclose a minimum ROIC hurdle but considers all these investments attractive.