First Quarter 2026
Earnings Release
For the period 1 January to 31 March 2026
Cadeler A/S. Incorporated in Denmark. Registration Number (CVR no.): 3118 0503
Kalvebod Brygge 43, DK-1560 Copenhagen V, Denmark
2 |
Financial Performance
Income statement and cash flows
The Group's revenue for the first three months of 2026 was EUR 125
million, an increase of EUR 60 million compared to the EUR 65 million
revenue reported for the comparable period in 2025, driven principally
by the increase in contracted days resulting from fleet expansion.
The Group’s cost of sales for the first three months of 2026 was
EUR 98 million, EUR 53 million higher than the comparable period in
2025, driven mainly by the addition of three new operating vessels to
the fleet, Wind Ally, Wind Mover and Wind Keeper.
The Group’s ten operating vessels achieved a combined 47.6%
utilisation rate for the first three months of 2026, compared to 55.3% in
the same period in 2025, where the Group had seven operating vessels.
The Group's EBITDA for the first three months of 2026 was EUR 47
million, an increase of EUR 23 million compared to the EBITDA of
EUR 24 million reported for the same period in 2025, as disclosed in the
Alternative Performance Measures (APM) section.
For the first three months of 2026, the Group’s result was a loss of
EUR 7 million, a decrease of EUR 9 million relative to the EUR 2 million
profit reported for the comparable period in 2025.
Despite the Group's increase in gross profit, the reduction in the result
for the first three months of 2026 compared to the corresponding
period in 2025 was primarily driven by an increase in financial expenses,
as most vessels were delivered as expected, leading to a higher portion
of the interest cost being expensed rather than capitalised.
Net cash flow provided by operating activities was EUR 42 million in
the first three months of 2026, EUR 22 million higher than the EUR 20
million recorded for the comparable period in 2025, primarily
reflecting the conversion of contract assets into cash.
Net cash flow used in investing activities in the first three months
of 2026 was EUR 91 million, a decrease of EUR 390 million
compared to the EUR 481 million reported for the same period in
2025. This decrease relates to a higher amount of final
instalments in the first three months of 2025, compared to Q1
2026.
Net cash flow provided by financing activities in the first three
months of 2026 was EUR 119 million, a decrease of EUR 363
million compared to the EUR 482 million reported for the
comparable period in 2025. This decrease was driven by lower
proceeds from borrowings net of bank fees compared to the
same period in 2025 and partially offset by the proceeds from
the Group's issue of share capital net of fees during Q1 2026 of
EUR 170 million.
Outlook 2026
The Group’s 2026 guidance for both revenue and EBITDA remains
unchanged for 2026: Revenue is expected to range between EUR 854
million and EUR 944 million and EBITDA is expected to be in the
range of EUR 420 million to EUR 510 million, as disclosed in the
Group's Annual Report 2025.
Subsequent Events
On 28 April 2026, the lenders under Cadeler's EUR 100 million RCF-B
Facility and Cadeler agreed to extend that facility, which had been
due to expire on 19 June 2026, by a further 18 months to 19
December 2027.
This earnings release report for the period 1 January to 31 March
2026 is neither audited nor reviewed.
3 |
Financial Performance
Continued from previous page
Key Figures | Q1 2026 | Q1 2025 |
EUR'000 | ||
Revenue | 124,727 | 65,474 |
Gross profit | 26,763 | 20,916 |
Operating profit | 7,786 | 4,830 |
Net financials | (14,638) | (1,801) |
Profit/(loss) for the period | (7,049) | 1,798 |
Cash flow provided by operating activities | 42,213 | 20,387 |
Cash flow used in investing activities | (90,672) | (480,860) |
Of which investment in property, plant and equipment | (90,976) | (466,217) |
Cash flow provided by financing activities | 118,803 | 482,041 |
Net increase in cash and cash equivalents | 70,344 | 21,568 |
Share related key figures | ||
Earnings per share (EPS), EUR | (0.02) | 0.01 |
Diluted earnings per share (diluted EPS), EUR | (0.02) | 0.01 |
Operational metrics | ||
Contracted days (no. of days) | 428 | 284 |
Utilisation (%) | 47.6% | 55.3% |
4 |
Financial Performance
Continued from previous page
Capital and assets
As of 31 March 2026, the Group’s total assets amounted to EUR 3,536 million, a 3% increase compared to
31 December 2025. This increase was driven primarily by an increase in property, plant and equipment of
EUR 80 million, which was attributable to newbuilds and various vessel upgrades, and an increase in Cash
and cash equivalents of EUR 70 million.
The Group's equity amounted to EUR 1,682 million as of 31 March 2026, reflecting an increase of EUR 178
million from the balance at year end 2025 of EUR 1,504 million. The development in the Group's equity
was driven by a net capital increase of EUR 170 million after transaction costs, a gain of EUR 16 million
from changes in fair value and costs of hedges, offset by a loss of EUR 7 million for the first three months
of 2026.
The Company completed a successful private placement on 25 March 2026, resulting in the issuance of
approximately 35 million shares at a price of NOK 56 per share. Overall the Company raised
approximately EUR 175 million before transaction costs. The net proceeds are intended to partly finance
two Wind Foundation Installation Vessel newbuilds (referred to as the “T-Class newbuilds') to be delivered
mid-2030 and mid-2031 and the potential acquisition of a heavy-lift vessel for scour protection (rock
installation) scopes.
Key Figures | 31 March 2026 | 31 December 2025 |
EUR'000 | ||
Total assets | 3,535,513 | 3,416,676 |
Non-current asset | 3,109,886 | 3,026,719 |
Total liabilities | 1,853,689 | 1,913,000 |
Equity | 1,681,824 | 1,503,676 |
Cash and cash equivalents | 221,295 | 151,679 |
Financial ratios and operational metrics | ||
Return on assets (%) | 0.2% | 11.9% |
Return on equity (%) | (0.4)% | 20.5% |
Equity ratio (%) | 47.6% | 44.0% |
Average number of employees¹ | ||
Onshore | 355 | 307 |
Offshore | 749 | 586 |
The financial ratios and operational metrics identified above are calculated in accordance with the terms
and definitions set out in the Annual Report 2025.
1 Average number of full-time equivalent Cadeler employees for the reporting period.
5 |
Financial Performance
Continued from previous page
As of 31 March 2026, the Group is in compliance with all financial covenants and expects to remain compliant during 2026.
On 28 April 2026, the lenders under Cadeler's EUR 100 million RCF-B Facility and Cadeler agreed to extend that facility, which had been due to expire on 19 June 2026, by a further 18 months to 19 December 2027.
EUR Million | Less than 1 year | Between 1 and 2 years | Between 2 and 3 years | Between 3 and 5 years | Above 5 years | Total |
Corporate Financing | 19 | 75 | 283 | 73 | 16 | 465 |
Vessel Financing | 105 | 105 | 105 | 266 | 568 | 1,150 |
Total Borrowing | 124 | 180 | 388 | 339 | 583 | 1,615 |
6 |
Financial Performance
Continued from previous page
Order backlog
Cadeler’s order book for 2026 is substantially filled. As of 20 May
2026, notable contracts signed since 1 January 2026 include:
•In February, Nexra – Cadeler’s service platform –
announced the signing of a firm contract for an O&M
campaign in Taiwan commencing in March 2026, to run for
3-4 months. The value of the contract to Cadeler exceeds
EUR 20m.
•In March, Nexra closed two additional firm contracts: a
second 3–4 month O&M campaign for Wind Maker in
Taiwan, and a 2–3 month campaign for Wind Zaratan in
Japan, both to be completed in 2026.
•In addition, in January 2026 Cadeler announced that it had
signed a preferred supplier agreement (PSA) with an
undisclosed client for the transportation and installation of
monopiles and transition pieces at a large offshore wind
farm in Europe. The campaign is expected to commence in
H1 2028 and to be executed using two of Cadeler’s vessels,
including a newbuild A-class vessel. The PSA is subject to
the client's FID on the project.
Vessel Reservation Agreements (VRAs) and Preferred Supplier
Agreements (PSAs) are not included in the contract backlog.
The Group’s order backlog as of the reporting date amounted to
EUR 2,705 million.
EUR Million | Within 1 year | After 1 year | Total |
Contract backlog including options as of 31 March 2026 | |||
Firm, excluding options | 842 | 1,461 | 2,303 |
Options considered as contingent considerations for revenue recognition purposes | 59 | 142 | 201 |
Options not considered as contingent considerations for revenue recognition purposes | 59 | 142 | 201 |
Total¹ | 960 | 1,745 | 2,705 |
Additions in the period 1 April to 20 May 2026: | |||
Firm, excluding options | - | - | - |
Options considered as contingent considerations for revenue recognition purposes | - | - | - |
Options not considered as contingent considerations for revenue recognition purposes | - | - | - |
Contract backlog including options as of 20 May, unadjusted for services provided during the period 1 April - 20 May 2026² | 960 | 1,745 | 2,705 |
1 As of 31 March 2026, 82% of the contract backlog (an aggregate of EUR 2,229 million) related to projects for which the relevant counterparty had taken a positive final
investment decision (FID), and an aggregate of EUR 475 million remained subject to counterparty FID (the foregoing figures include both firm and option line items).
2As of the date of this earnings release, 82% of the contract backlog related to projects for which the relevant counterparty had taken a positive FID (the foregoing figures include
both firm and option line items).
7 |
Interim Condensed Consolidated Statement of
Profit or Loss and Other Comprehensive Income
EUR'000 | Q1 2026 | Q1 2025 |
Revenue | 124,727 | 65,474 |
Cost of sales | (97,964) | (44,558) |
Gross profit | 26,763 | 20,916 |
Net other operating income and expenses | 938 | 136 |
Administrative expenses | (19,915) | (16,222) |
Operating profit | 7,786 | 4,830 |
Financial income | 9,534 | 270 |
Financial expenses | (24,172) | (2,071) |
Profit/(loss) before income tax | (6,852) | 3,029 |
Income tax expense | (197) | (1,231) |
Profit/(loss) for the period | (7,049) | 1,798 |
Profit/(loss) for the period attributable to: | ||
Equity holders of the parent | (7,049) | 1,798 |
Earnings per share | ||
Basic, profit/(loss) for the period attributable to ordinary equity holders of the parent (EUR per share) | (0.02) | 0.01 |
Diluted, profit/(loss) for the period attributable to ordinary equity holders of the parent (EUR per share) | (0.02) | 0.01 |
EUR'000 | Q1 2026 | Q1 2025 |
Other comprehensive income/(loss) | ||
Items that may be reclassified to profit or loss | ||
Cash flow hedges - changes in fair value | 13,067 | (3,929) |
Cash flow hedges - items recycled | (18) | (3,016) |
Cash flow hedges - cost of hedging | 1,070 | (3,828) |
Other comprehensive income/(loss) after tax | 14,119 | (10,773) |
Total comprehensive income/(loss) for the period, net of tax | 7,070 | (8,975) |
Total comprehensive income/(loss) attributable to: | ||
Equity holders of the parent | 7,070 | (8,975) |
8 |
Interim Condensed Consolidated Balance Sheet
EUR'000 | 31 March 2026 | 31 December 2025 |
Intangible assets | 19,493 | 19,432 |
Property, plant and equipment | 3,016,754 | 2,937,060 |
Right-of-use assets | 12,230 | 12,598 |
Leasehold deposits | 1,163 | 1,141 |
Derivative assets | 6,696 | 2,419 |
Other non-current assets | 53,550 | 54,069 |
Total non-current assets | 3,109,886 | 3,026,719 |
Current assets | ||
Inventories | 3,784 | 3,540 |
Trade and other receivables | 145,529 | 139,029 |
Contract assets | 39,891 | 81,923 |
Prepayments | 13,970 | 13,523 |
Current derivative assets | 1,158 | 263 |
Cash and cash equivalents | 221,295 | 151,679 |
Total current assets | 425,627 | 389,957 |
Total assets | 3,535,513 | 3,416,676 |
EUR'000 | 31 March 2026 | 31 December 2025 |
Share capital | 51,841 | 47,144 |
Share premium | 1,265,213 | 1,099,495 |
Treasury shares | (2,999) | (2,999) |
Reserves | 32,542 | 18,423 |
Retained earnings / (accumulated losses) | 335,227 | 341,613 |
Total equity | 1,681,824 | 1,503,676 |
Non-current liabilities | ||
Lease liabilities | 11,175 | 12,482 |
Deferred tax liabilities | 12,886 | 13,256 |
Deferred revenue | 43,918 | 30,901 |
Debt to credit institutions | 1,457,034 | 1,494,623 |
Derivative liabilities | 2,608 | 10,654 |
Total non-current liabilities | 1,527,621 | 1,561,916 |
Trade and other payables | 76,955 | 98,208 |
Payables to related parties | 127 | 272 |
Deferred revenue | 117,871 | 128,716 |
Current lease liabilities | 1,901 | 1,057 |
Current income tax liabilities | 4,152 | 3,638 |
Current debt to credit institutions | 124,493 | 116,131 |
Current derivative liabilities | 569 | 3,062 |
Total current liabilities | 326,068 | 351,084 |
Total liabilities | 1,853,689 | 1,913,000 |
Total equity and liabilities | 3,535,513 | 3,416,676 |
9 |
Interim Condensed Consolidated Statement of Changes in Equity
Reserves | ||||||||
EUR'000 | Share capital | Share premium | Treasury shares | Hedging reserves | Cost of hedging reserves | Foreign currency translation reserve | Retained earnings | Total |
2026 | ||||||||
At 1 January 2026 | 47,144 | 1,099,495 | (2,999) | (8,381) | (577) | 27,381 | 341,613 | 1,503,676 |
Profit/(loss) for the period | — | — | — | — | — | — | (7,049) | (7,049) |
Other comprehensive income for the period | — | — | — | 13,049 | 1,070 | — | — | 14,119 |
Total comprehensive income for the period | — | — | — | 13,049 | 1,070 | — | (7,049) | 7,070 |
Capital increase March 2026 | 4,697 | 169,502 | — | — | — | — | — | 174,199 |
Costs incurred in connection with March 2026 capital increase | — | (3,784) | — | — | — | — | — | (3,784) |
Share-based payments | — | — | — | — | — | — | 663 | 663 |
End of 31 March 2026 | 51,841 | 1,265,213 | (2,999) | 4,668 | 493 | 27,381 | 335,227 | 1,681,824 |
2025 | ||||||||
At 1 January 2025 | 47,144 | 1,099,495 | (1,283) | (3,332) | 5,131 | 27,381 | 59,358 | 1,233,894 |
Profit for the period | — | — | — | — | — | — | 1,798 | 1,798 |
Other comprehensive income for the period | — | — | — | (6,945) | (3,828) | — | — | (10,773) |
Total comprehensive profit for the period | — | — | — | (6,945) | (3,828) | — | 1,798 | (8,975) |
Share-based payments | — | — | — | — | — | — | 619 | 619 |
End of 31 March 2025 | 47,144 | 1,099,495 | (1,283) | (10,277) | 1,303 | 27,381 | 61,775 | 1,225,538 |
10 |
Interim Condensed Consolidated Statement of Cash Flows
EUR'000 | Q1 2026 | Q1 2025 |
Cash flow from operating activities | ||
Profit/(loss) for the period | (7,049) | 1,798 |
Adjustments of non-cash items | 50,075 | 22,380 |
Depreciation and amortisation | 39,127 | 18,824 |
Finance income | (1,230) | (266) |
Interest expenses | 10,836 | 107 |
Finance costs | 2,062 | 705 |
Income tax expense | 196 | 1,249 |
Fair value change of derivative instruments through profit or loss | (1,579) | 196 |
Share-based payment expenses | 663 | 619 |
Changes in working capital | (1,992) | (4,056) |
Inventories | (244) | (2,540) |
Trade receivables, contract assets, prepayments and other receivables | 35,066 | (27,376) |
Trade and other payables | (38,848) | (28,907) |
Receivables from related parties | 8 | (460) |
Payables to related parties | (145) | 112 |
Deferred revenue | 2,171 | 55,115 |
Income tax paid | (51) | — |
Interest received | 1,230 | 266 |
Net cash provided by operating activities | 42,213 | 20,387 |
EUR'000 | Q1 2026 | Q1 2025 |
Cash flow from investing activities | ||
Additions to property, plant and equipment | (90,976) | (466,217) |
Additions to intangible assets | (192) | (492) |
Movements in other non-current assets | 519 | (14,074) |
Leasehold deposits | (23) | (77) |
Net cash used in investing activities | (90,672) | (480,860) |
Cash flow from financing activities | ||
Principal repayment of lease liabilities | (705) | (790) |
Interest paid | (19,093) | (3,708) |
Proceeds from issue of share capital | 174,199 | - |
Transactional costs on issues of shares | (3,784) | - |
Bank charges | (1,335) | (705) |
Proceeds from borrowing net of bank fees | (1,042) | 494,749 |
Repayment of loan | (29,437) | (7,505) |
Net cash provided by financing activities | 118,803 | 482,041 |
Net increase in cash and cash equivalents | 70,344 | 21,568 |
Cash and cash equivalents at beginning of the period | 151,679 | 58,464 |
Effect of exchange rate on cash and cash equivalents | (728) | — |
Cash and cash equivalents at end of the period | 221,295 | 80,032 |
11 |
Forward-Looking Statements
The annual report, as referred to in this document, and this
earnings release, contain certain forward-looking statements
relating to the business, financial performance, and results of the
Company and/or the industry in which it operates.
Forward-looking statements concern future circumstances and
results and other statements that are not historical facts,
sometimes identified by the words “believes”, expects”, "predicts",
"intends", "projects", "plans", "estimates", "aims", "foresees",
"anticipates", "targets", and similar expressions. The forward-
looking statements contained in the annual report and this
earnings release, including assumptions, opinions and views of the
Company or cited from third party sources are solely opinions and
forecasts which are subject to risks, uncertainties and other factors
that may cause actual events to differ materially from any
anticipated development. Such factors may for example include a
change in the price of raw materials.
None of the Company or any of its parent or subsidiaries
undertakings or any such person's officers or employees provides
any assurance that the assumptions underlying such forward-
looking statements are free from errors nor does any of them
accept any responsibility for the future accuracy of the opinions
expressed in the annual report or the actual occurrence of the
forecasted developments.
The Company assumes no obligation, except as required by law, to
update any forward-looking statements or to conform these
forward-looking statements to its actual results.
The annual report and this earnings release may contain
information obtained from third parties. You are advised that such
third-party information has not been prepared specifically for
inclusion in the annual report or this earnings release and the
Company has not undertaken any independent investigation to
confirm the accuracy or completeness of such information.
Several other factors could cause the actual results, performance
or achievements of the Company to be materially different from
any future results, performance or achievements that may be
expressed or implied by statements and information in the annual
report or this earnings release.
Should any risks or uncertainties materialise, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in the annual report or this earnings release.
No representation or warranty (express or implied) is made as to,
and no reliance should be placed on, any information, including
projections, estimates, targets and opinions, contained herein, and
no liability whatsoever is accepted as to any errors, omissions or
misstatements contained herein, and, accordingly, neither the
Company, not any of its subsidiaries or shareholders or any
officers, directors, board members or employees accept any
liability whatsoever arising directly or indirectly from the use of the
annual report or this earnings release.
12 |
Alternative Performance Measures
Non-IFRS Financial Measures
To supplement its financial information presented in accordance with IFRS, the Group uses certain non-
IFRS metrics, including EBITDA, when measuring performance, including when measuring current period
results of operations against prior periods. Because of its non-standardised definition, these non-IFRS
measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other
companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully
understand how management assesses underlying performance.
These supplemental non-IFRS measures are not, and should not, be viewed as a substitute for IFRS
measures. Management believes the presentation of these non-IFRS measures provides investors with
greater transparency and supplemental data relating to the Group’s financial condition and results of
operations, and therefore a more complete understanding of factors affecting its business and operating
performance. In addition, Management believes the presentation of these non-IFRS measures is useful to
investors for period-to-period comparison of results as the items may reflect certain unique and/or non-
operating items such as asset sales, write-offs, contract termination costs or items outside of
Management’s control.
As a performance measure, the Group used EBITDA: Earnings before interest, tax, finance income/costs
and depreciation and amortisation.
EBITDA is calculated as shown below:
EUR'000 | Q1 2026 | Q1 2025 |
Operating profit or loss as reported in the statement of profit | 7,786 | 4,830 |
Right-of-use asset amortisation | 466 | 283 |
Depreciation and amortisation | 38,746 | 18,541 |
EBITDA | 46,998 | 23,654 |
