Strong H1 execution and maintained guidance with growing order backlog supports a positive outlook. Monitor the Menck acquisition impact update and utilisation rates in H2 for confirmation of guidance delivery. The raised equity (EUR 175M) and new vessel deliveries de-risk execution but dilute near-term EPS slightly.
Price Chart
Executive Summary
Cadeler reports H1 2026 interim results with revenue more than doubling to EUR 408 million (vs EUR 188 million adjusted H1 2025) and EBITDA more than doubling to EUR 208 million (vs EUR 102 million adjusted). Full-year 2026 guidance is maintained with revenue expected between EUR 854-944 million and EBITDA between EUR 420-510 million. The company's order backlog stands at nearly EUR 2.5 billion as of August 25, 2026.
Key Facts
- H1 2026 revenue EUR 408 million, more than doubled vs adjusted H1 2025 EUR 188 million
- H1 2026 EBITDA EUR 208 million, more than doubled vs adjusted H1 2025 EUR 102 million
- H1 2026 profit EUR 88 million, up 54% vs adjusted H1 2025 EUR 57 million
- Fleet utilisation stable at 66% (H1 2025: 67%)
- Full-year 2026 guidance maintained: revenue EUR 854-944 million, EBITDA EUR 420-510 million
- Order backlog nearly EUR 2.5 billion as of August 25, 2026
- Acquisition of Menck completed August 11, 2026; guidance impact under review
- Private placement in March 2026 raised approximately EUR 175 million for fleet expansion
Financial Impact
Revenue more than doubled to EUR 408M, EBITDA more than doubled to EUR 208M, profit up 54% to EUR 88M. Order backlog nearly EUR 2.5B. Full-year 2026 revenue guidance EUR 854-944M, EBITDA guidance EUR 420-510M.
Risk Factors
- Fleet utilisation remained flat at 66%, leaving capacity under-utilized
- Guidance impact from Menck acquisition still under review, creating near-term uncertainty
- Offshore wind project delays or FID slippage on preferred supplier agreements could affect backlog conversion
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001978867-26-000089 |
| Document: 0001978867-26-000089-index-headers.html | 0001978867-26-000089 |
| Document: 0001978867-26-000089-index.html | 0001978867-26-000089 |
| Document: 0001978867-26-000089.txt | 0001978867-26-000089 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | SC 14D-9/A | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $24.46 (−2.00%) |
Oct 22, 2026 4d ago | SC TO-T/A | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $24.46 (−2.00%) |
Oct 21, 2026 5d ago | 6-K | $24.96 $25.11 | ▲ +0.60% | ▲ +1.12% | $24.46 (−2.00%) |
Oct 21, 2026 5d ago | 6-K | $24.83 $24.96 | ▲ +0.52% | ▲ +1.70% | $24.46 (−1.49%) |
Oct 6, 2026 20d ago | 6-K | $22.04 $21.77 | ▼ −1.23% | ▼ −0.98% | $24.46 (+10.98%) |
Sep 25, 2026 4w ago | 6-K | $23.51 $22.90 | ▼ −2.59% | ▼ −1.85% | $24.46 (+4.04%) |
Sep 23, 2026 4w ago | 6-K | $24.58 $23.45 | ▼ −4.60% | ▼ −4.52% | $24.46 (−0.49%) |
Sep 22, 2026 4w ago | SC 14D-9 | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $24.46 (−4.15%) |
Sep 22, 2026 4w ago | SC TO-T | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $24.46 (−4.15%) |
Sep 22, 2026 4w ago | 6-K | $25.52 $24.58 | ▼ −3.68% | ▼ −2.96% | $24.46 (−4.15%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers