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H1 Interim Financial Results 2026: Cadeler delivers on its strategy, with strong financial results
- CDLR
- CDLR
COPENHAGEN, Denmark, August 25, 2026–(BUSINESS WIRE)–Today, Cadeler published its interim financial results for the first half of 2026 reporting strong financial performance, with both revenue and EBITDA more than doubling compared to Cadeler’s results for the first half of 2025 (when adjusting for one-off termination fees in the comparative period). The results demonstrate that Cadeler’s fleet strategy is delivering as intended, positioning the company to support customers through the next phase of offshore wind development.
Revenue for the first six months of 2026 more than doubled to EUR 408 million, an increase of EUR 220 million compared to revenue of EUR 188 million for the same period last year, while EBITDA for the first six months of 2026 also more than doubled to EUR 208 million, an increase of EUR 106 million compared to EBITDA of EUR 102 million for the same period last year (in each case, when adjusting for one-off termination fees of EUR 111 million in the comparative period).
Profit for the period rose to EUR 88 million, a year-on-year increase of EUR 31 million (54%) from profit of EUR 57 million in the comparative period, adjusted for the termination fees identified above. The increase was mainly driven by fleet expansion and a higher number of contracted days. Fleet utilisation of Cadeler’s ten vessels remained stable at 66% for the period, compared to 67% in the same period last year.
Cadeler maintains its full-year 2026 guidance, with revenue expected to be in the range of EUR 854 to 944 million, and EBITDA to be within the range of EUR 420 to 510 million. Cadeler’s acquisition of Menck on 11 August 2026 is expected to impact the consolidated Cadeler group’s revenue and EBITDA guidance for 2026. Cadeler is reviewing the extent of that impact and will provide an update in due course.
Mikkel Gleerup, CEO of Cadeler, comments:
“These results demonstrate that our fleet strategy is delivering as intended, providing the flexibility, reliability and operational capabilities required to support the next phase of offshore wind development as customers place increasing emphasis on the resilience of their supply chains and certainty of delivery. As our fleet, project portfolio and organisation have continued to grow, Cadeler has remained focused on disciplined execution, adapting quickly to changing project requirements and supporting our customers across multiple installation projects in H1 2026.”
Demonstrating Cadeler’s customer value proposition
For Cadeler, the defining theme of the first half of 2026 was execution. Cadeler operated its fleet at a new scale, with ten vessels in active operation, and demonstrated the benefits of that scale through greater flexibility and redundancy to mitigate operational risks across multiple projects. When project requirements changed, Cadeler rapidly redeployed vessels, helping customers maintain project momentum and mitigate the risk of delays.
