Cadeler Doubles Revenue, EBITDA in H1 2026 on Fleet Expansion…

Event summary

Cadeler's H1 2026 revenue more than doubled to EUR 408 million, up from EUR 188 million in H1 2025 (adjusted for one-off termination fees).
EBITDA also more than doubled to EUR 208 million, up from EUR 102 million in the same period last year (adjusted).
Fleet utilization remained stable at 66%, with ten vessels in active operation.
Cadeler acquired Menck in August 2026, expanding its offshore foundation installation capabilities.
The company's order backlog stands at nearly EUR 2.5 billion as of August 25, 2026.

The big picture

Cadeler's strong H1 2026 results underscore the growing demand for offshore wind installation services and the company's strategic focus on fleet expansion and full-scope foundation capabilities. The acquisition of Menck and the order of newbuilds position Cadeler to capture opportunities in a market characterized by increasing project scale and complexity. The company's ability to rapidly redeploy vessels and mitigate operational risks highlights its competitive advantage in a sector where supply chain resilience is critical.

What we're watching

Fleet Expansion Impact: How the acquisition of Menck and the order of two T-class newbuilds will affect Cadeler's full-scope foundation capabilities and market position.
Order Book Growth: Whether Cadeler can sustain its strong order backlog and secure additional contracts in key markets like the UK, North Sea, and Asia-Pacific.
Industry Demand: The pace at which the undersupply of capable installation vessels will increase as the existing fleet ages, and how Cadeler can capitalize on this trend.