Cadeler Reports Doubled Q1 Revenue & EBITDA, Maintains 2026 Guidance Amid Fleet Expansion
CDLR sits 75% above its 52-week low of $15.37 on elevated volume (3.0× avg).
Summary
Cadeler A announced Q1 2026 results with revenue and EBITDA nearly doubling, maintained its full-year 2026 guidance, and highlighted a strong order backlog and recent financing activities.
Key Events · Earnings and Guidance · CDLR
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Strong Revenue and EBITDA Growth
Q1 2026 revenue increased by 92% to EUR 125 million (from EUR 65 million in Q1 2025), and EBITDA grew by 96% to EUR 47 million (from EUR 24 million in Q1 2025), primarily due to fleet expansion with three new operating vessels.
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Net Loss Reported
The company reported a net loss of EUR 7 million for Q1 2026, a decrease of EUR 9 million compared to a EUR 2 million profit in Q1 2025, mainly driven by higher financial expenses as vessels were delivered.
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2026 Guidance Maintained
Cadeler A reaffirmed its full-year 2026 guidance, expecting revenue between EUR 854 million and EUR 944 million, and EBITDA between EUR 420 million and EUR 510 million.
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Substantial Order Backlog
The total order backlog stood at EUR 2,705 million as of May 20, 2026, with new contracts signed since January 2026, including a Preferred Supplier Agreement for a large offshore wind farm in Europe.
Analysis · CDLR · Energy & Transportation
Cadeler A reported strong operational growth in Q1 2026, with revenue and EBITDA nearly doubling year-over-year, driven by fleet expansion. While the company posted a net loss for the quarter, this was attributed to increased financial expenses from vessel deliveries rather than core operational issues. The reaffirmation of full-year 2026 guidance, coupled with a substantial order backlog and recent financing activities, indicates continued strategic execution and a positive outlook for future growth in the offshore wind installation market.
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At the time of this filing, CDLR was trading at $26.87 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $15.37 to $30.01. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.