Cadeler reported higher revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first half of 2026, compared with the same period in 2025, after adjusting the comparative figures for one-off termination fees.
Revenue for the first six months of 2026 more than doubled to €408 million, up €220 million from €188 million in the same period last year, while EBITDA increased to €208 million from €102 million.
Profit for the period rose to €88 million, an increase of €31 million, or 54%, compared with €57 million in the same period last year, adjusted for the termination fees. The increase was mainly attributed to fleet expansion and a higher number of contracted days. Fleet utilisation across Cadeler’s ten vessels was 66%, compared with 67% in the first half of 2025.
Cadeler maintained its full-year 2026 guidance, with revenue expected to be between €854 million and €944 million and EBITDA between €420 million and €510 million. The acquisition of Menck on 11 August is expected to affect the group’s 2026 revenue and EBITDA guidance. Cadeler said it is assessing the impact and will provide an update.
During the period, Cadeler operated ten vessels and increased its capacity to handle multiple projects. The company also started its first full-scope monopile foundation transportation and installation campaign at Ørsted’s Hornsea 3 offshore wind farm in the UK.
In July, after the reporting period, Cadeler took delivery of Wind Ace, its eleventh wind installation vessel and the second of three A-class newbuilds. Following mobilisation, the vessel will be deployed at ScottishPower Renewables’ East Anglia TWO offshore wind farm in the UK, where it will transport and install foundations and wind turbines.
Cadeler also continued to expand its foundation transportation and installation capabilities. In March, the company completed a private placement raising approximately €175 million before transaction costs. After the reporting period, this supported the order of two T-class newbuilds. Cadeler has also announced plans to enter the scour protection segment through the potential acquisition of a scour protection vessel.
In August, after the reporting period, Cadeler announced the acquisition of Menck, which provides specialist equipment and engineering solutions for offshore foundation installation.
Cadeler said its 2026 order book is substantially secured. In February, its offshore wind service platform Nexra signed a firm contract for a three- to four-month operations and maintenance project in Taiwan, starting in March, with a value exceeding €20 million. In March, Nexra secured two further contracts: a second three- to four-month operations and maintenance project for Wind Maker in Taiwan and a one- to two-month project for Wind Zaratan in Japan.
In January, Cadeler also signed a preferred supplier agreement with an undisclosed client for the transportation and installation of monopiles and transition pieces at a large offshore wind farm in Europe. The project is expected to start in the first half of 2028 and would use two Cadeler vessels, including an A-class newbuild. The agreement remains subject to final investment decision.
As of 25 August 2026, Cadeler’s total order backlog stood at nearly €2.5 billion.
