Cadeler reported a stronger first quarter of 2026 as its larger offshore wind installation fleet supported higher activity.
Revenue reached $145.2 million (€125 million), compared with $75.5 million (€65 million) in the first quarter of 2025. EBITDA also increased to $54 million (€47 million), up from $27.9 million (€24 million) a year earlier.
Fleet utilization across Cadeler’s 10 operating vessels was 47.6%, down from 55.3% last year. The company linked the decline to transit periods for Wind Ally and Wind Mover, completed upgrade work on Wind Keeper, and scheduled dry-docking for Wind Orca.
Cadeler kept its 2026 guidance unchanged, with expected revenue of $990 million to $1.09 billion (€854 million to €944 million) and EBITDA of $488 million to $592 million (€420 million to €510 million).
The company said the quarter reflected continued business scaling after fleet expansion, while short-term utilization was affected by the integration of new capacity.
During the quarter, Cadeler raised about $203 million (€175 million) before transaction costs through a private placement. The proceeds will partly fund two new T-class wind installation vessels due in 2030 and 2031, as well as a vessel acquisition for future scour protection work.
The company also expanded operations and maintenance activity through Nexra, its aftermarket service platform, and secured new offshore wind projects during the quarter.
At the end of March, Cadeler’s order backlog stood at $3.14 billion (€2.7 billion), with 82% tied to projects that have reached final investment decision.
