Cadeler (CDLR) acquires Menck in EUR 501m move to deepen offshore wind reach
Rhea-AI Filing Summary
Cadeler A/S has completed the acquisition of 100% of Menck, a German technology leader in offshore wind foundation equipment, under a definitive agreement with signing and closing occurring simultaneously after regulatory approvals. The transaction is based on an agreed enterprise valuation of EUR 501 million, funded initially by a EUR 380 million acquisition facility from DNB Bank ASA and Rabobank plus EUR 121 million of available liquidity.
Menck supplies hydraulic hammers and related services for offshore foundation installation, operating a rental-focused, cash-generative model with high EBITDA margins and limited maintenance capex. Revenue is shown increasing from EUR 86 million in 2023 to EUR 141 million in 2025, with EBITDA rising from EUR 25 million to EUR 37 million. For 2026, Menck forecasts revenue of EUR 133 million and EBITDA of EUR 44 million.
The company states that the deal strengthens Cadeler’s offshore wind foundation transportation and installation capabilities, improves access to mission-critical hydraulic hammers, and is expected to be accretive to Cadeler’s EBITDA multiples on a fully delivered hammer-on-order basis. Menck’s medium-term objectives include more than 20% revenue CAGR, an equipment rental revenue share above 70%, and an EBITDA margin of 50–55% on a fully delivered hydraulic hammer fleet basis.
Positive
- Cadeler completes a strategic acquisition of Menck at an enterprise valuation of EUR 501 million, significantly expanding offshore wind foundation transportation and installation capabilities and enabling a more integrated project offering.
- The acquisition is expected by the company to be accretive to Cadeler’s EBITDA multiples on a fully delivered hydraulic hammer-on-order basis, reflecting confidence in Menck’s earnings profile and growth potential.
- Menck shows strong growth metrics, with revenue rising from EUR 86 million in 2023 to EUR 141 million in 2025 and EBITDA from EUR 25 million to EUR 37 million, alongside a rental-focused, cash-generative business model.
- Medium-term objectives for Menck include more than 20% revenue CAGR and an EBITDA margin of 50–55% on a fully delivered hydraulic hammer basis, targeting a high share of recurring rental income and improved contribution margins.
Negative
- The EUR 501 million acquisition is initially financed largely through a new EUR 380 million acquisition facility, increasing Cadeler’s reliance on debt financing until longer-term refinancing and operating cash flows are in place.
- Menck’s medium-term plan includes average annual capex of EUR 22 million in 2027–29, primarily for new hydraulic hammers, highlighting ongoing capital intensity to support growth.
Key Figures
Enterprise valuation: EUR 501 million
Acquisition facility: EUR 380 million
Available liquidity used: EUR 121 million
+5 more
8 metrics
Enterprise valuation
EUR 501 million
Agreed enterprise valuation for Cadeler’s acquisition of 100% of Menck
Acquisition facility
EUR 380 million
Debt facility from DNB Bank ASA and Rabobank used to initially fund the Menck deal
Available liquidity used
EUR 121 million
Portion of Cadeler’s liquidity applied as a source of funds for the transaction
Menck revenue 2023
EUR 86 million
Historical Menck revenue for 2023 based on annual average GBPEUR exchange rates
Menck revenue 2025
EUR 141 million
Projected Menck revenue for 2025 in the investor presentation
Menck EBITDA 2026E
EUR 44 million
Estimated Menck EBITDA for 2026 based on company information
Medium-term EBITDA margin target
50–55%
Menck’s targeted EBITDA margin on a fully delivered hydraulic hammer basis in the medium term
Average capex 2027–29E
EUR 22 million
Planned average annual maintenance and growth capex, primarily for new hydraulic hammers
Key Terms
enterprise valuation, EBITDA margin, contribution margin, equipment rental revenue, +2 more
6 terms
enterprise valuation financial
"The transaction is based on an agreed enterprise valuation equivalent to EUR 501 million"
Enterprise valuation is an estimate of what an entire business is worth to a buyer, combining the value of its equity with obligations like debt while subtracting cash that would come with the company. Think of it as the full purchase price someone would pay for a house after accounting for the mortgage and any cash in the bank; investors use it to compare companies fairly, assess takeover prices, and judge whether a stock is cheap or expensive on an apples‑to‑apples basis.
EBITDA margin financial
"EBITDA margins increasing to 50-55% in the medium term, driven by an expanded fleet"
EBITDA margin is the share of each dollar of sales that a company keeps as operating cash profit before interest, taxes, and accounting for equipment wear and long-term investments. Think of it like the cash a store has left from every sale after paying day-to-day running costs but before paying rent, loan interest or replacing old machinery. Investors use it to compare core profitability and operational efficiency across companies by removing financing and accounting differences.
contribution margin financial
"Contribution margin (equipment rental) 73% 74% >75% rental contribution margin"
Contribution margin is the amount of money left from a product’s sale after paying the costs that rise with each unit sold (like materials or hourly labor); it can be shown per unit or as a percentage of the sale price. Investors care because it shows how much each sale contributes to covering fixed expenses and generating profit — think of each sale as a slice of pie where the contribution margin is the slice available to pay the rent and add to earnings.
equipment rental revenue financial
"Equipment rental revenue as % of total revenue 43% 50% >70% equipment rental revenue share"
hydraulic hammers technical
"Menck offers a diverse portfolio of hydraulic hammers for foundation installation"
A hydraulic hammer is a heavy construction attachment that uses pressurized fluid to drive a piston and deliver repeated powerful blows to break rock, concrete or asphalt, similar to a giant jackhammer mounted on an excavator. Investors care because sales, rentals and maintenance of these machines reflect construction, mining and infrastructure activity; rising demand can signal higher equipment makers’ revenue, parts suppliers’ business and broader industrial spending.
acquisition facility financial
"The transaction will be initially funded through an EUR 380 million acquisition facility"
A acquisition facility is a bank or lender-provided line of credit specifically arranged to pay for buying another company or major assets. Think of it like a removable funds belt that a buyer can tap to make a purchase; it matters to investors because it changes how a deal is funded, affects a company’s debt levels and cash flow, and can influence future earnings, credit risk, and financial flexibility.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What transaction did Cadeler (CDLR) announce regarding Menck?
Cadeler completed the acquisition of 100% of Menck, a German specialist in offshore wind foundation equipment and services, under a definitive agreement with signing and closing occurring simultaneously following regulatory approvals.
What is the value of Cadeler’s acquisition of Menck (CDLR)?
The deal is based on an agreed enterprise valuation of EUR 501 million, comprising a EUR 498 million purchase price and EUR 3 million of net debt, according to the transaction overview.
How is the Menck acquisition financed by Cadeler (CDLR)?
Cadeler is initially funding the Menck acquisition with a EUR 380 million acquisition facility provided by DNB Bank ASA and Rabobank, combined with EUR 121 million of available liquidity, with plans to refinance through long-term financing and operating cash flow.
What are Menck’s recent revenue and EBITDA figures in the Cadeler (CDLR) deal?
Menck’s revenue increased from EUR 86 million in 2023 to a projected EUR 141 million in 2025, while EBITDA rose from EUR 25 million to EUR 37 million, with 2026 estimates of EUR 133 million revenue and EUR 44 million EBITDA.
What medium-term financial objectives does Cadeler (CDLR) highlight for Menck?
Cadeler highlights Menck’s medium-term objectives of more than 20% revenue CAGR, equipment rental revenue exceeding 70% of total revenue, and an EBITDA margin of 50–55% on a fully delivered hydraulic hammer fleet basis.
How does the Menck acquisition change Cadeler’s offshore wind capabilities (CDLR)?
The acquisition broadens Cadeler’s offering across the foundation value chain, adding Menck’s hydraulic hammers, drilling, grouting, lifting and noise mitigation services to support a complete and integrated offshore wind foundation installation approach.
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 August 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
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On August 11, 2026, members of the executive management of Cadeler A/S (the “Company”) delivered the investor presentation attached hereto as Exhibit 99.1 in connection with the Company’s acquisition of Menck.
| Exhibit No. | Description | ||||
| 99.1 | Investor Presentation on Acquisition of Menck dated August 11, 2026 | ||||
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: August 12, 2026 CADELER A/S
(Registrant)
By: /s/ Mikkel Gleerup
Name: Mikkel Gleerup
Title: Chief Executive Officer
Name: Mikkel Gleerup
Title: Chief Executive Officer
Investor presentation 11 August, 2026 | 1
Disclaimer 2 This presentation (this “Presentation") has been prepared by Cadeler A/S (the “Company") exclusively for information purposes and may not be reproduced or redistributed, in whole or in part, by any other person. Forward-looking statements This Presentation contains certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Exchange Act of 1934, each as amended. All statements other than statements of historical fact included in this Presentation are forward-looking statements, including those regarding future guidance, such as those related to anticipated revenue and EBITDA, as well as to any anticipated future compound annual growth rate (CAGR), margin development and capital expenditures. Forward looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. Words such as "anticipate," "believe ," "continue," "could,“ "estimate," "expect," "intend," "may," "might,“ “forecast”, “on track,” "plan," “possible,” “potential,” “predict,” "project," "should," "would," "shall," “target,” "will" and similar expressions are intended to assist in identifying forward looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. All forward-looking statements included in this Presentation speak only as of the date of this Presentation and the Company undertakes no obligation to revise or update any forward-looking statement for any reason, except as required by law. Risks and uncertainties include, but are not limited to, those detailed in the Company’s most recent annual report on Form 20-F and in its other filings with the U.S. Securities and Exchange Commission. You should consider these risks and uncertainties when evaluating the Company and its prospects. None of the Company or any of its parent or subsidiary undertakings or any of such persons’ directors, officers or employees provides any assurance that the assumptions reflected in the forward-looking statements included in this Presentation are free from error nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. Non-IFRS performance measures This Presentation includes certain Non-IFRS performance measures, including EBITDA, contribution margin, rental contribution margin, EBITDA margin and maintenance and growth capex. Such Non-IFRS performance measures are presented herein as the Company believes that such measures provide investors with additional useful information and a means of understanding how the Company’s management evaluates the Company’s operating performance. Such performance measures should not, however, be considered in isolation from, as substitutes for, or as superior to financial measures prepared in accordance with IFRS. Moreover, other companies may define Non-IFRS measures differently, which limits the usefulness of these measures for the purpose of any comparison with such other companies. Industry and market data Information contained in this Presentation concerning the Company’s industry and the market in which it operates, including general expectations about its industry, market position, market opportunity and market size, is based on data from various sources including internal data and estimates as well as third party sources such as independent industry publications, government publications, and reports by market research firms or other published independent sources. You are cautioned not to give undue weight to such information. You are further advised that any third-party information referred to in this Presentation has not been prepared specifically for inclusion in this Presentation and while the Company believes such information to be generally reliable, it has not undertaken any independent investigation to confirm the accuracy or completeness of such information or to verify that more recent information is not available.
Agenda Transaction overview Introduction to Menck 3
Transaction overview Cadeler significantly expands its capabilities in offshore wind foundation T&I with the acquisition of Menck • Cadeler has entered into a definitive agreement to acquire 100% of Menck, a leading global provider of specialist equipment and services for offshore foundation installation • Menck offers a diverse portfolio of hydraulic hammers for foundation installation while being a fully integrated end-to-end partner – designing, building, renting, and selling equipment for pile foundation installations, complemented by drilling, lifting and grouting services • The acquisition strengthens Cadeler’s offshore wind installation capabilities and furthers the company’s ambition to be the preferred installation partner for the offshore wind industry • The acquisition represents a step-change in Cadeler's offshore foundation transportation and installation offering, enabling a more complete and integrated approach to project execution • The transaction is expected to be accretive to Cadeler’s EBITDA multiples on a fully delivered hydraulic hammer-on-order basis and reflects the quality of the business and its long-term growth potential, with >20% revenue CAGR and EBITDA margins increasing to 50-55% in the medium term, driven by an expanded fleet of large hydraulic hammers and increased share of rental income Transaction overview 4 • The transaction is based on an agreed enterprise valuation equivalent to EUR 501 million, with signing and closing completed simultaneously following receipt of regulatory approvals • The transaction will be initially funded through an EUR 380 million acquisition facility provided by DNB Bank ASA and Rabobank, together with available liquidity. The acquisition facility is expected to be refinanced with long-term financing and cash flow from operations Overview of sources and uses (1) Based on GBPEUR exchange rate of 1.1687 (2) Including cash flow from operations Sources EURm1 Acquisition financing 380 Available liquidity2 121 Transaction value 501 Uses EURm1 Purchase price 498 Net debt 3 Transaction value 501
Transaction rationale 5(1) Large hydraulic hammers include those with an impact force equal to or above 3,500 kJ Source: Company information, Menck Number of foundations installed +3,200 +42% +100% +800% +500% Strengthening Cadeler's customer offering and execution capabilities across the foundation value chain • Broadened solutions offering enabling Cadeler to deliver a complete and integrated approach to project execution • Improving execution certainty by reducing reliance on third-party equipment • Differentiating in tenders as a single, trusted end-to-end partner Improving access to mission-critical equipment and strengthening execution resilience • Each foundation installation vessel requires a dedicated hydraulic hammer • Enhancing execution certainty for larger and more complex offshore wind projects • Enabling more efficient deployment of high-value equipment across projects Compelling earnings profile and significant synergy potential • Capturing a larger share of project economics across vessels and equipment • Improving utilisation and project execution through greater equipment control • Unlocking commercial and operational synergies across engineering, procurement and project delivery Strong strategic and industrial fit • Combining Menck's specialist technology and decades of experience with Cadeler’s industry-leading fleet and relationships • Positioning the group to capitalise on the growing demand for larger and more complex offshore wind projects
Agenda Transaction overview Introduction to Menck 6
Menck investment highlights 7(1) Based on annual average GBPEUR exchange rates Source: Company information, Menck German technology leader in offshore wind foundations equipment ▪ Diverse portfolio of hydraulic double-impact hammers together with complementary capabilities in noise mitigation, drilling, grouting and specialist lifting & handling equipment Technology leadership through continuous innovation ▪ Relentless focus on innovation has established the industry’s most advanced piling equipment, tools and related services Highly cash-generative business model centred on rental ▪ Strong cash conversion supported by attractive EBITDA margin & limited maintenance capex Accretive growth ahead ▪ Delivery of four new hydraulic hammers currently on order supported by growth from noise mitigation positions Menck for accretive earnings growth Robust market position and reputation • Built on a history of more than 150 years of engineering expertise, experienced employees, trusted customer relationships 150+ years of engineering expertise 2,500+ installed wind turbine foundations Global presence EMEA, APAC and Americas 6000W Menck’s largest hammer 86 114 141 133 2023 2024 2025 2026E +16% CAGR 25 34 37 44 2023 2024 2025 2026E +20% CAGR Revenue (EURm)1 EBITDA (EURm)1 2026 revenue reflects normalisation following elevated equipment sales in 2025
Strengthening foundation T&I capabilities Specialist technology, tools and related services for the installation of fixed-bottom offshore foundations 8Source: Company information, Menck Menck’s key capabilities Deep customer relationships ▪ Long-term relationships with foundation vessel operators and leading T&I providers ▪ Trusted partner for safe and efficient execution Continuous innovation ▪ Continuous innovation required to keep up with larger turbines and monopiles ▪ Digital tech and monitoring driven by Menck’s piling expertise Global rental fleets and service infrastructure ▪ Developers demand immediate access to spare parts and backup units ▪ Replicating Menck's global fleet and service network requires significant investments ▪ Established fleet and service footprint support high utilisation Proven track record ▪ Menck has decades of reference projects giving access to 50 million data points on pile driving across Europe, US and Asia ▪ Track record, relationships and global reach support reliable project execution Scale and engineering complexity ▪ Up to 40,000 specially engineered components ▪ Largest hydraulic hammers >700 tons delivering >4,000kJs per blow
Broadening Cadeler's foundation installation offering Menck offers a diverse portfolio of hydraulic hammers complemented by drilling, lifting and grouting services 9(1) Expected to contribute to approximately 8% of 2029 revenue Hydraulic hammers Grouting Noise mitigation Drilling Lifting and handling ▪ Hydraulic hammers for monopile, jacket and floating foundation installation ▪ Targeting 9m monopiles, positioning Menck as the only operator at this size ▪ Most powerful hydraulic hammers currently deliver up to 4,400kJ of energy with larger hammers being developed ▪ Integrated solutions reduce underwater sound energy by approximately 70% ▪ Proprietary technology supports compliance with tightening environmental requirements ▪ Currently offers its MNRU, while Bubble Curtain (far field noise mitigation) service offering will generate revenue from 2026 onwards ▪ Extending installation capability into challenging soil conditions ▪ Hydraulic drilling solutions enable installation in hard-soil conditions ▪ Enhances cost-efficiency and reduces operational complexity ▪ Custom tools support lifting, positioning and installation of piles and subsea structures MHU4400S with 8m adaptation MNRU Hammer with MNRU during lifting ▪ Recurring, high-value support across foundation installation ▪ High-capacity grouting systems provide structural stability across soil conditions ▪ Reliable offshore mixing and pumping equipment supports efficient execution ▪ Improving efficiency, safety and cycle times 84% Revenue contribution 2025A 1% 0% (8%)1 9% 6% Emerging growth segments Key supporting segmentsBase offering
The industry’s most advanced piling equipment Long build times underline the importance of reliable access to mission critical equipment Leading fleet of large hydraulic hammers 10 Long lead time to secure mission critical equipment Source: Company information, Menck 1 of 2 global providers capable of serving large-diameter monopile installations Large hydraulic hammer manufacturing takes ~3 years from slot identification to operation Slot identification Forging slot and component production Transport, assembly and commissioning 1-3 months ~27 months 6-12 months ~3 years from slot identification to operational hydraulic hammer Scarce forging capacity: Most large forging slots are reserved for the nuclear industry, with only limited capacity available for hammer components Capacity secured: Menck has reserved ultra-large forging slots for additional large hammers not yet ordered High technical complexity: Up to 40,000 components and proprietary in-house integration capabilities 6000W Next-generation flagship 6,250kJ 700 tonnes 25.5 meters +1 in 2026 | +1 in 2028 4,400kJ 420 tonnes 23.0 meters 4400S Established offshore wind workhorse 3 in the fleet +1 in 2026 | +1 in 2027 3,500kJ 310 tonnes 19.5 meters 3500S Proven large- foundation hammer 1 in the fleet 1 held for sale Other Smaller and mid-sized hydraulic hammers 26 in the fleet 8 different hammer sizes
Asset fleet allows for unmatched flexibility and risk remediation for clients Illustrative flexibility and contingency scenarios during a foundation installation campaign 11 Disruption Vessel 1 Hammer 1 Planned campaign Vessel with its own hammer Vessel 1 Hammer 1 Spare hammer Hammer breakdown Spare hammer mobilised Vessel 1 Hammer 1 Vessel 2 Hammer 2 Speed up campaign Second vessel and hammer mobilised to speed up installation campaign Finish early Vessel 1 Vessel 2 Hammer 1 Vessel breakdown Hammer moves to replacement vessel Hammer 1 Vessel 1 Smaller hammer Commercial optimization Small hammer switched with larger hammer Larger hammer Guaranteed hammer availability for all Cadeler Foundation installation vessels Access to hammer spares and replacement hammer gives unmatched risk reduction for clients Ability to use fleet size to optimize and speed up installation campaigns or catch up on delays by utilizing several vessels and hammers simultaneously Ability to use fleet and switch hammer to a replacement vessel if needed Ability to switch between hammer sizes to optimize commercial value for clients
Menck standalone medium term objectives Revenue and EBITDA growth driven by the delivery of next-generation large hammers, reducing the fully delivered EV/EBITDA below 5x 12(1) Based on annual average GBPEUR exchange rates; (2) Based on GBPEUR of 1.1687; (3) Based on fully delivered fleet in 2029, compared to 2026; Source: Menck Medium term objectives (fully-delivered hydraulic hammer basis)2023-25 average1 2026E2 Total revenue (EURm) 113 133 >20% CAGR3, driven by delivery of the four new large hydraulic hammers on order Equipment rental revenue as % of total revenue 43% 50% >70% equipment rental revenue share, supported by shift in strategy from sale to rental of large hammers Contribution margin (equipment rental) 73% 74% >75% rental contribution margin, supported by shift toward larger, higher-margin hydraulic hammers EBITDA margin 28% 33% 50-55% EBITDA margin, driven by revenue growth, revenue mix and operating leverage Contribution margin 60% 63% >70% contribution margin, driven by higher rental revenue share Maintenance / growth capex per annum (EURm) 0.5 / 13 0.8 / 25 EUR 22m annual average capex in 2027–29E, primarily growth capex related to investments in new hydraulic hammers 2029 actual Difference Target 237 230 (2.8%) 20% 174 161 (7.3%) 70% 172 161 (6.3%) 70% 137 121 (11.5%) 75% 126 121 (3.6%) 52.5%