Cadeler H1 2026 Revenue Doubles to EUR 408M; Full-Year Guidance Maintained
CDLR sits 67% above its 52-week low of $15.37.
Summary
Cadeler reported H1 2026 revenue of EUR 408 million and EBITDA of EUR 208 million, both more than doubling year-on-year, and maintained full-year guidance while flagging that the Menck acquisition will impact consolidated 2026 guidance.
Key Events · Earnings and Guidance · CDLR
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H1 Revenue and EBITDA More Than Double
Revenue rose to EUR 408 million (up EUR 220 million) and EBITDA to EUR 208 million (up EUR 106 million) versus H1 2025, adjusted for EUR 111 million of one-off termination fees in the comparative period.
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Full-Year Guidance Maintained
Cadeler reiterated 2026 revenue guidance of EUR 854–944 million and EBITDA of EUR 420–510 million, while noting the Menck acquisition will impact consolidated guidance with an update to follow.
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Order Backlog Nears EUR 2.5 Billion
As of 25 August 2026, total order backlog stands at nearly EUR 2.5 billion, supported by new contracts including a preferred supplier agreement for a large European offshore wind farm expected to commence H1 2028.
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Menck Acquisition Guidance Impact Under Review
The EUR 501 million Menck acquisition completed 11 August 2026 is expected to affect consolidated 2026 revenue and EBITDA guidance; Cadeler is assessing the extent and will provide an update.
Analysis · CDLR · Energy & Transportation
Cadeler's H1 2026 results show revenue more than doubling to EUR 408 million and EBITDA more than doubling to EUR 208 million, with profit up 54% to EUR 88 million. The company maintained its full-year guidance of EUR 854–944 million revenue and EUR 420–510 million EBITDA, but flagged that the EUR 501 million Menck acquisition will impact consolidated guidance — the extent is still under review. A nearly EUR 2.5 billion order backlog and stable 66% fleet utilisation across ten vessels underscore the operational scale-up, while the March 2026 EUR 175 million private placement funded two T-class newbuild orders. This is a strong operational quarter that confirms the fleet expansion strategy is delivering, though the pending Menck guidance revision adds uncertainty.
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At the time of this filing, CDLR was trading at $25.62 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.4B. The 52-week trading range was $15.37 to $30.01. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.