Cadeler’s First Quarter Revenue Jumps on Offshore Wind Fleet Expansion
May 20, 2026
Cadeler has reported higher first-quarter revenue and earnings, supported by expanded offshore wind installation activity following growth in its operating fleet.
The Danish offshore wind vessel operator posted revenue $145.2 million (€125 million) for the first quarter of 2026, up from $75.5 million (€65 million) in the same period last year, while EBITDA rose to $54 million (€47 million) from $27.9 million (€24 million).
Fleet utilization across Cadeler’s 10 operating vessels was 47.6% during the quarter, compared with 55.3% a year earlier, reflecting transit periods for Wind Ally and Wind Mover, completion of upgrade work on Wind Keeper and scheduled dry-docking for Wind Orca.
Cadeler maintained its full-year 2026 guidance, expecting revenue of between $990 million and $1.09 billion (€854-944 million) and EBITDA in the range of $488-592 million (€420-510 million).
“The first quarter of 2026 reflects the continued scaling of our business following the expansion of our operating fleet over the past year. While the integration of new capacity naturally impacts utilization in the short term, we are seeing strong underlying operational activity across the fleet,” said Mikkel Gleerup, CEO of Cadeler.
During the quarter, the company completed a private placement raising about $203 million (€175 million) before transaction costs 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 for future scour protection activities.
Cadeler also expanded offshore wind operations and maintenance activities through Nexra, its aftermarket service platform, securing several new projects across offshore wind markets during the quarter.
The company’s order backlog stood at $3.14 billion (€2.7 billion) at the end of March, with 82% linked to projects where clients have already taken final investment decisions.
Cadeler vessels continued operations on offshore wind projects in Europe, Asia-Pacific and North America during the quarter, while additional newly delivered vessels were integrated into the fleet.
