Cadeler has reported its financial results for the first quarter of 2026, with higher revenue and EBITDA supported by fleet expansion and increased contracted activity. During the quarter, Cadeler’s fleet of ten operating vessels achieved a combined utilisation rate of 47.6%, compared to 55.3% in the same period in 2025. The lower utilisation reflected transit periods for Wind Ally and Wind Mover, completion of Wind Keeper’s upgrade scope and scheduled dry-docking maintenance for Wind Orca.
Cadeler reported revenue of € 125 million in Q1 2026, compared to € 65 million in the same period last year, mainly driven by increased contracted activity following the expansion of the company’s operating fleet. EBITDA increased to € 47 million from € 24 million in Q1 2025.
The company maintained its full-year 2026 guidance, reiterating expected revenue in the range of € 854 million to € 944 million and EBITDA between € 420 million and € 510 million.
In March 2026, Cadeler completed a private placement raising approximately € 175 million before transaction costs. The net proceeds are intended to partly finance two new T-class wind installation vessel newbuilds scheduled for delivery in 2030 and 2031, as well as the acquisition of a vessel to support future scour protection activities.
During the first quarter, Cadeler also secured several new operations and maintenance projects across key offshore wind markets.
The company’s order backlog stood at € 2,705 million at the end of the quarter, with 82% linked to projects where clients have already taken final investment decisions.
