The strong H1 results and expanded backlog reinforce Cadeler's growth trajectory in offshore wind. Traders should monitor integration of Menck and execution on the new T-class vessel contracts, as well as any future guidance updates in the next 10-Q or 20-F filing.
Price Chart
Executive Summary
Cadeler filed its H1 2026 investor presentation, reporting revenue more than doubled to EUR 408m and EBITDA more than doubled to EUR 208m year-on-year (adjusted for prior-year termination fees). The company also announced the acquisition of Menck, a foundation equipment provider, signed firm contracts for two new T-class vessels, and delivered the Wind Ace ahead of schedule. The strong financial performance and strategic expansion are positive, but the presentation contains forward-looking statements and no formal guidance revision was provided in the filing itself.
Key Facts
- H1 2026 revenue more than doubled to EUR 408m (vs EUR 188m in H1 2025, adjusted for EUR 111m termination fee).
- H1 2026 EBITDA more than doubled to EUR 208m (vs EUR 102m in H1 2025, adjusted).
- Acquired Menck, a global provider of specialist equipment for offshore foundation installation.
- Signed firm contracts for two new T-class Wind Foundation Installation Vessels, delivering in 2030 and 2031.
- Wind Ace (second A-class newbuild) delivered ahead of schedule and on budget on July 17, 2026.
- Contract backlog stands at EUR 2.5 billion, with 77% having reached a positive final investment decision (FID).
- Q2 2026 fleet utilization was 85% (91% adjusted), recovering from 48% in Q1 2026.
- Equity ratio strengthened to 50% from 44% at year-end 2025.
Financial Impact
H1 2026 revenue EUR 408m, EBITDA EUR 208m; contract backlog EUR 2.5bn
Risk Factors
- Integration risk from the Menck acquisition.
- Execution risk on the newbuild program and large projects like Hornsea 3.
- Forward-looking statements in the presentation are not guaranteed and actual results may differ.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001978867-26-000094 |
| Document: 0001978867-26-000094-index-headers.html | 0001978867-26-000094 |
| Document: 0001978867-26-000094-index.html | 0001978867-26-000094 |
| Document: 0001978867-26-000094.txt | 0001978867-26-000094 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | SC 14D-9/A | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $25.26 (+1.20%) |
Oct 22, 2026 5d ago | SC TO-T/A | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $25.26 (+1.20%) |
Oct 21, 2026 6d ago | 6-K | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $25.26 (+1.20%) |
Oct 21, 2026 6d ago | 6-K | $24.83 $24.96 | ▲ +0.52% | ▲ +1.70% | $25.26 (+1.73%) |
Oct 6, 2026 21d ago | 6-K | $22.04 $21.77 | ▼ −1.23% | ▼ −0.98% | $25.26 (+14.61%) |
Sep 25, 2026 4w ago | 6-K | $23.51 $22.90 | ▼ −2.59% | ▼ −1.85% | $25.26 (+7.44%) |
Sep 23, 2026 4w ago | 6-K | $24.58 $23.45 | ▼ −4.60% | ▼ −4.52% | $25.26 (+2.77%) |
Sep 22, 2026 5w ago | SC 14D-9 | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $25.26 (−1.02%) |
Sep 22, 2026 5w ago | SC TO-T | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $25.26 (−1.02%) |
Sep 22, 2026 5w ago | 6-K | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $25.26 (−1.02%) |
US Market Status
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