Summary of CDLR Q1 2026 Earnings Call

1Key Financial Results and Metrics

Revenue: EUR 124.7 million, up from EUR 65.5 million year-over-year.

EBITDA: EUR 47 million, compared to EUR 23.7 million last year.

Net Profit: Loss of EUR 7 million, primarily due to increased interest expenses related to bank facilities.

Equity Ratio: Improved to 47.6% from 44%.

Adjusted Vessel Utilization: 77.7%, considered satisfactory, with adjustments for vessel transfers and planned dry docks.

Backlog: Strong backlog of EUR 2.7 billion, with 82% of it having reached Final Investment Decision (FID).

2Strategic Updates and Business Highlights

The company is on track with its newbuild program, with the second A-class vessel expected to deliver soon and the third scheduled for next year.

Successful mobilization of vessels Wind Ally and Wind Orca, with significant progress on the Hornsea 3 project, including the installation of monopile foundations.

The company executed a private placement raising EUR 175 million to fund additional jack-ups and a scour protection vessel, enhancing its operational capabilities.

Cadeler is focusing on expanding its fleet to meet anticipated demand in the offshore wind sector, particularly in the U.S., Europe, and APAC.

3Forward Guidance and Outlook

The company maintains a positive outlook for 2026 and 2027, expecting strong demand driven by geopolitical factors and a shift towards locally produced energy.

Anticipated revenue growth in Q2, Q3, and Q4, following a historically weaker Q1.

Continued focus on securing contracts and expanding backlog, with potential projects in negotiation for 2028 and beyond.

4Bad News, Challenges, or Points of Concern

Net profit remains negative due to high interest expenses, which are expected to continue impacting profitability as more vessels are operational.

The company noted that revenue recognition for certain projects, such as Wind Ally, is delayed until installation begins, which may affect short-term financial performance.

Increased operational costs due to fleet expansion and mobilization efforts, which could pressure margins if not managed effectively.

5Notable Q&A Insights

Management confirmed expectations for increased utilization in the upcoming quarters, aligning with historical trends.

Clarified that significant CapEx is expected in Q3 for the Wind Ace and Wind Apex vessels, with additional costs associated with early delivery of Wind Apex being negotiated with clients.

Management emphasized the importance of maintaining strong client relationships and proactive engagement to mitigate project risks and ensure successful execution. Overall, Cadeler's Q1 2026 results reflect strong revenue growth and a solid backlog, positioning the company well for future growth despite some challenges related to profitability and operational costs.