Cadeler Q1 Revenue Surges 92% to EUR125M; Backlog €2.7B, Faces €7M Loss
Cadeler’s Q1 revenue jumped 92% to EUR125 million, with EBITDA rising to EUR47 million despite a EUR7 million net loss and EPS of -0.02. The offshore wind installer maintains a EUR2.705 billion backlog and reaffirmed full-year 2026 guidance for EUR854-944 million revenue and EUR420-510 million EBITDA.
1. Q1 Financial Results
Cadeler reported Q1 2026 revenue of EUR125 million, up from EUR65 million a year earlier. EBITDA increased to EUR47 million from EUR24 million in Q1 2025, while net loss amounted to EUR7 million and earnings per share were negative EUR0.02.
2. Operational Update
Fleet utilization decreased to 47.6% from 55.3% year-over-year, reflecting transit periods for Wind Ally and Wind Mover, completion of Wind Keeper’s upgrade, and scheduled dry-docking for Wind Orca.
3. Backlog and Guidance
The company’s order backlog stood at EUR2.705 billion, with 82% of projects backed by final investment decisions. Cadeler reaffirmed its full-year 2026 guidance of EUR854-944 million in revenue and EUR420-510 million in EBITDA.
4. Balance Sheet and Liquidity
As of March 31, 2026, total assets reached EUR3.536 billion and equity was EUR1.682 billion. The current ratio was approximately 1.31, and the debt-to-equity ratio was around 0.94, indicating balanced liquidity and leverage.