Offshore Wind Specialist Cadeler Doubles Revenue and EBITDA as Shares Surge
Copenhagen – The international offshore wind market continues to expand. Against this backdrop, Danish offshore wind services specialist Cadeler, which transports, installs and manages offshore wind turbines and foundations, reported strong financial results for the first half of 2026. The company's shares climbed sharply on the news.
Revenue and Earnings More Than Double
Cadeler generated revenue of EUR 408 million in the first half of 2026, an increase of EUR 220 million (H1 2025: EUR 188 million). EBITDA more than doubled to EUR 208 million (H1 2025: EUR 102 million), while profit rose 54 percent to EUR 88 million. Both prior-year comparatives are adjusted for one-off contract termination fees of EUR 111 million recorded in the same period last year. According to the company, the increase was mainly driven by fleet expansion and a higher number of billable operating days. Fleet utilization across Cadeler's ten vessels held stable at 66 percent (previous year: 67 percent). For the full year 2026, Cadeler has maintained its guidance of EUR 854 million to EUR 944 million in revenue and EUR 420 million to EUR 510 million in EBITDA.
Menck Acquisition Expands Foundation Installation Business
Cadeler moved to expand its foundation installation capacity in the first half of 2026. In March 2026, the company raised approximately EUR 175 million through a private placement, which funded the subsequent order of two T-class newbuild vessels for foundation installation. Cadeler also announced its intention to enter the scour protection segment through the potential acquisition of a scour protection vessel. After the reporting period, in August 2026, the company completed the acquisition of Menck, a provider of specialist equipment and engineering services for offshore foundation installation. Cadeler said it is still assessing how the acquisition could affect its full-year guidance. In July 2026, the company also took delivery of its eleventh installation vessel, the "Wind Ace," which will be deployed at ScottishPower Renewables' East Anglia TWO offshore wind farm in the UK. Cadeler had earlier begun its first full monopile foundation campaign at Ørsted's Hornsea 3 wind farm, which, according to the operator, is set to become the world's largest offshore wind farm once completed.
Cadeler CEO Mikkel Gleerup commented on the strategy behind the investments: "As offshore wind projects increase in scale and complexity, developers are placing greater emphasis on resilient supply chains and experienced partners with the right capabilities." Continued investment in the fleet should strengthen the company's ability to meet this demand and generate sustainable returns for shareholders, Gleerup added.
Order Backlog Rises to Around EUR 2.5 Billion
Cadeler's order backlog rose to nearly EUR 2.5 billion as of August 25, 2026. This includes a preferred supplier agreement signed in January 2026 for the transport and installation of monopiles and offshore substation transition pieces at a European offshore wind farm, expected to begin in the first half of 2028 using two Cadeler vessels, subject to the customer's final investment decision.
Cadeler's service subsidiary Nexra also secured several maintenance contracts in Taiwan and Japan, including a contract worth more than EUR 20 million in February 2026. According to CEO Gleerup, current market momentum is particularly strong in the UK, the North Sea and the Asia-Pacific region, as governments pursue ambitious offshore wind targets and an aging fleet of installation vessels increases demand for new capacity.
GWEC's market outlook projects a tripling of annual offshore wind installations by 2031. Against this backdrop, Cadeler continues to expand its fleet and foundation capabilities to serve the growing project pipeline across multiple regions.
Cadeler Shares Rise Sharply
Cadeler shares reacted positively to the half-year results. The stock, which is listed on the RENIXX World renewable energy index, rose a combined 9 percent over the week's two trading days to close at EUR 5.59 (closing price, August 25, 2026, Börse Stuttgart). Year-to-date, the share price has climbed from EUR 4.07 to EUR 5.59, a gain of 37.3 percent.
Source: IWR Online, 26 Aug 2026
