Cadeler (NYSE: CDLR) nearly doubles Q1 revenue and lifts EBITDA

Rhea-AI Filing Summary

Cadeler A/S reported very strong Q1 2026 growth, with revenue rising to EUR 125 million from EUR 65 million a year earlier as its expanded fleet drove higher contracted activity. EBITDA increased to EUR 47 million from EUR 24 million, while fleet utilisation across ten operating vessels was 47.6%, reflecting transit, upgrade work and scheduled dry-docking.

The company maintained its full-year 2026 guidance, expecting revenue between EUR 854 million and EUR 944 million and EBITDA between EUR 420 million and EUR 510 million. Cadeler completed a private placement of about EUR 175 million to help finance two new T-class vessels due in 2030 and 2031 and a vessel for scour protection activities. Order backlog was EUR 2,705 million as of 31 March 2026, with 82% tied to projects that have reached final investment decisions, supporting long-term visibility.

Positive

• Rapid revenue and EBITDA growth: Q1 2026 revenue rose to EUR 125 million from EUR 65 million and EBITDA increased to EUR 47 million from EUR 24 million, indicating strong scaling of the enlarged fleet.
• Robust backlog with high visibility: Order backlog reached EUR 2,705 million as of 31 March 2026, with 82% tied to projects where clients have taken final investment decisions, supporting multi-year revenue visibility.
• Fully funded growth investments: A private placement of approximately EUR 175 million will help finance two T-class newbuilds delivering in 2030 and 2031 and a scour protection vessel, underpinning long-term capacity expansion.
• Guidance reaffirmed: The company maintained its 2026 guidance of EUR 854–944 million in revenue and EUR 420–510 million in EBITDA, suggesting confidence in execution despite temporary utilisation softness.

Negative

• None.

Insights

Equity research analyst

Cadeler delivered strong Q1 growth, reinforced guidance and funded long-term fleet expansion.

Cadeler showed powerful top-line momentum, with Q1 2026 revenue at EUR 125 million versus EUR 65 million a year earlier, and EBITDA improving to EUR 47 million from EUR 24 million. This reflects higher contracted activity from its enlarged fleet despite a lower utilisation rate of 47.6% due to vessel transits, upgrades and maintenance.

The company kept its full-year 2026 guidance of EUR 854–944 million in revenue and EUR 420–510 million in EBITDA, signalling confidence in its project pipeline. A private placement of about EUR 175 million will partially fund two T-class newbuilds delivering in 2030 and 2031 and a scour protection vessel, extending growth capacity.

Order backlog stood at EUR 2,705 million as of 31 March 2026, with 82% linked to projects that have reached final investment decisions, giving substantial revenue visibility. Additional activity in offshore wind operations and maintenance via the Nexra platform further diversifies earnings. Subsequent quarterly reports will show how quickly newer vessels ramp utilisation into this contracted work.

Key Figures

Q1 2026 revenue: EUR 125 million Q1 2026 EBITDA: EUR 47 million 2026 revenue guidance: EUR 854–944 million +5 more

8 metrics

Q1 2026 revenue EUR 125 million Quarter ended Q1 2026 vs EUR 65 million in Q1 2025

Q1 2026 EBITDA EUR 47 million Quarter ended Q1 2026 vs EUR 24 million in Q1 2025

2026 revenue guidance EUR 854–944 million Full-year 2026 expected revenue range reaffirmed

2026 EBITDA guidance EUR 420–510 million Full-year 2026 expected EBITDA range reaffirmed

Order backlog EUR 2,705 million As of 31 March 2026; 82% with final investment decisions

Private placement proceeds Approximately EUR 175 million Raised in March 2026 before transaction costs

Fleet utilisation 47.6% Q1 2026 utilisation across ten operating vessels

Prior-year utilisation 55.3% Fleet utilisation in Q1 2025 for comparison

Key Terms

EBITDA, order backlog, private placement, final investment decisions, +1 more

5 terms

EBITDA financial

"EBITDA increased to EUR 47 million from EUR 24 million in Q1 2025."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

order backlog financial

"Cadeler’s order backlog remained robust at EUR 2,705 million at the end of the quarter, 82% of which relates to projects where clients have already taken final investment decisions."

Order backlog is the total value or number of customer orders a company has received but not yet fulfilled or delivered. It acts like a queue at a busy restaurant: a healthy backlog signals steady future sales and revenue visibility, while a growing backlog can also warn of production bottlenecks, delayed cash collection, or rising costs — all important when assessing a company’s near-term performance and operational risks.

private placement financial

"In March 2026, the company successfully completed a private placement raising approximately EUR 175 million before transaction costs."

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

final investment decisions financial

"82% of which relates to projects where clients have already taken final investment decisions."

The final investment decision is the moment a company formally commits the money and resources needed to start a major project or acquisition after completing studies, approvals and financing — like signing the check to build a factory or buy a business. It matters to investors because it marks when future costs, timelines and potential returns become real, often changing a company’s cash needs, risk profile and valuation.

operations and maintenance other

"Cadeler continued to strengthen its presence within offshore wind operations and maintenance activities through Nexra, the company’s dedicated offshore wind aftermarket service platform."

Operations and maintenance are the day-to-day activities and routine upkeep that keep a company's facilities, equipment, or infrastructure running safely and reliably—think of it like regular servicing and repairs for a car to prevent breakdowns. Investors care because these activities drive predictable ongoing costs, affect productive uptime, extend asset life, and reduce the risk of expensive failures or regulatory penalties, all of which influence cash flow and valuation.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-41889

CADELER A/S

(Translation of registrant's name into English)

Kalvebod Brygge 43

DK-1560 Copenhagen V, Denmark

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Press Release

Q1 2026 Earnings Release: Cadeler reports strong Q1 performance driven by fleet expansion and operational activity in line with expectations

Copenhagen, 20 May 2026 – Today, Cadeler (Cadeler A/S and, together with its subsidiaries, the “Group”) announced its financial results for the first quarter of 2026.

Cadeler reported revenue of EUR 125 million in Q1 2026, compared to EUR 65 million in the same period last year, driven primarily by increased contracted activity following the expansion of Cadeler’s operating fleet. EBITDA increased to EUR 47 million from EUR 24 million in Q1 2025.

During the quarter, Cadeler’s fleet of ten operating vessels achieved a combined utilisation rate of 47.6%, compared to 55.3% 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 maintains its full-year 2026 guidance, reiterating expected full-year revenue in the range of EUR 854 million to EUR 944 million and EBITDA in the range of EUR 420 million to EUR 510 million.

Mikkel Gleerup, CEO of Cadeler, comments: “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 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.”

Fleet expansion and long-term investment

Cadeler continued to strengthen its long-term fleet strategy during the quarter. In March 2026, the company successfully completed a private placement raising approximately EUR 175 million before transaction costs.

The net proceeds are intended 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 to support future scour protection activities. The investment reflects Cadeler’s 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.

Expanding presence in offshore wind operations and maintenance

Cadeler continued to strengthen its presence within offshore wind operations and maintenance activities through Nexra, the company’s dedicated offshore wind aftermarket service platform.

During the first quarter, Cadeler secured several new operations and maintenance projects across key offshore wind markets, supporting continued utilisation across the fleet and strengthening long-term client relationships.

The offshore wind aftermarket remains a growing area of strategic focus for Cadeler as the global installed base of offshore wind turbines continues to expand.

Strong commercial visibility

Cadeler’s order backlog remained robust at EUR 2,705 million at the end of the quarter, 82% of which relates to projects where clients have already taken final investment decisions.

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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.

Key highlights for Q1 2026

•Revenue increased to EUR 125 million, up from EUR 65 million in Q1 2025

•EBITDA increased to EUR 47 million, compared to EUR 24 million in Q1 2025

•Fleet utilisation was 47.6% across ten operating vessels

•Order backlog remained robust at EUR 2,705 million as of 31 March 2026

Earnings call

In connection with the release of its Q1 2026 Earnings Report, Cadeler will host a live video webcast presentation for the investment community. Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer, will present live from London.

Date: 20 May 2026

Time: 08:00 EST / 13:00 UK / 14:00 CET

The Q1 2026 Earnings presentation is open to all interested parties and may include forward-looking information. Please register in advance at this link: https://cadeler-q1-2026-earnings-presentation.open-exchange.net/registration

A replay of the webcast will be available through the same link following the presentation, and for at least three months thereafter.

The presenter’s slides will be made available on Cadeler’s investor page here: https://ir.cadeler.com/

For further information, please contact:

Cadeler Press Office

press@cadeler.com

Mikkel Gleerup CEO, Cadeler +45 3246 3102 mikkel.gleerup@cadeler.com Alexander Simmonds EVP & CLO, Cadeler +44 7376 174172 alexander.simmonds@cadeler.com About Cadeler:

Cadeler A/S (Cadeler) is a pure-play offshore wind installation partner and a global leader in offshore wind turbine transport and installation. The company owns and operates the industry’s largest fleet of jack-up offshore wind installation vessels and is expanding its capabilities into full-scope foundation transport and installation, as well as operations & maintenance. With its modern fleet and depth of expertise across onshore and offshore operations, Cadeler supports the safe, efficient and reliable delivery of offshore wind projects worldwide. Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please visit www.cadeler.com.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 20, 2026 CADELER A/S

(Registrant)

By: /s/ Mikkel Gleerup        
Name:     Mikkel Gleerup
Title:    Chief Executive Officer

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FAQ

How did Cadeler (CDLR) perform financially in Q1 2026?

Cadeler delivered strong Q1 2026 results, with revenue of EUR 125 million and EBITDA of EUR 47 million. Both metrics nearly doubled versus Q1 2025, driven by higher contracted activity following expansion of its offshore wind installation fleet.

What guidance did Cadeler (CDLR) provide for full-year 2026?

Cadeler reaffirmed its 2026 outlook, expecting revenue between EUR 854 million and EUR 944 million and EBITDA between EUR 420 million and EUR 510 million. Maintaining guidance indicates management’s confidence in executing its offshore wind project backlog.

What is Cadeler’s order backlog as of Q1 2026?

Cadeler reported an order backlog of EUR 2,705 million as of 31 March 2026. Approximately 82% of this backlog relates to projects where clients have already taken final investment decisions, providing strong visibility into future utilisation and revenues.

How is Cadeler funding its future fleet expansion?

Cadeler completed a private placement raising about EUR 175 million before transaction costs. Net proceeds are intended partly to finance two new T-class wind installation vessels delivering in 2030 and 2031 and a vessel for future scour protection activities.

What was Cadeler’s fleet utilisation in Q1 2026?

Fleet utilisation was 47.6% across ten operating vessels in Q1 2026. This was impacted by transit periods for new vessels, completion of upgrade work and scheduled dry-docking, rather than weaker demand, while underlying operational activity remained strong.

How is Cadeler expanding in offshore wind operations and maintenance?

Cadeler is growing its operations and maintenance presence through Nexra, its offshore wind aftermarket service platform. In Q1 2026 it secured several new O&M projects across key markets, supporting fleet utilisation and deepening long-term client relationships.