Cadeler reported revenue of €125 million (US$145 million) in the first quarter of 2026, compared to €65 million (US$75 million) in the same period last year, driven primarily by increased contracted activity following the expansion of the company’s operating fleet.
Gross operating profit increased to €47 million (US$55 million) from €24 million (US$28 million) in Q1 2025.
During the quarter, Cadeler’s fleet of ten operating vessels achieved a combined utilisation rate of 47.6 per cent, compared to 55.3 per cent in the same period in 2025, reflecting transit periods for Wind Ally and Wind Mover, the completion of Wind Keeper’s upgrade scope and scheduled dry-docking for maintenance of Wind Orca.
Cadeler has maintained its full-year 2026 guidance, reiterating expected full-year revenue in the range of €854 million (US$990 million) to €944 million (US$1.09 billion) and gross operating profit in the range of €420 million (US$490 million) to €510 million (US$590 million).
"The first quarter of 2026 reflects the continued scaling of our business following the expansion of our operating fleet over the past year," Mikkel Gleerup, CEO of Cadeler, commented. "While the integration of new capacity naturally impacts utilisation in the short term, we are seeing strong underlying operational activity across the fleet.
"At the same time, we continue to strengthen our financial platform and invest in the next phase of Cadeler’s growth – positioning Cadeler to support the increasing global demand for offshore wind installation capacity."
Cadeler continued to strengthen its long-term fleet strategy during the quarter. In March 2026, the company successfully completed a private placement raising approximately €175 million (US$203 million) before transaction costs.
The net proceeds are intended to partly finance two new 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. Cadeler said the investment reflects its continued focus on expanding its capabilities across the offshore wind installation value chain while supporting future demand for larger and increasingly complex offshore wind projects.
Cadeler’s order backlog remained robust at €2.705 billion (US$3.14 billion) at the end of the quarter, 82 per cent of which relates to projects where clients have already taken final investment decisions.
During the quarter, Cadeler vessels continued operations across offshore wind projects in Europe, Asia-Pacific and North America, while additional newly delivered capacity continued to be integrated into the operating fleet.