Cadeler (CADLR) H1 Revenue More Than Doubles to €408 Million as Net Profit Jumps 54%

Cadeler (NYSE: CDLR) reported a strong first half on August 25, 2026, with revenue more than doubling to €408 million and net profit rising 54% to €88 million. The offshore wind installation company attributed the increase to fleet expansion and a higher number of contracted days. With more vessels now in operation and its order backlog nearing €2.5 billion, investors are watching whether Cadeler can keep this pace through the rest of 2026.

Cadeler H1 2026 Results: Revenue and Profit Surge

Cadeler reported a marked improvement in its first-half results on August 25, 2026. Revenue reached €408 million, an increase of €220 million from €188 million in the comparable period in 2025. EBITDA more than doubled to €208 million, compared with adjusted EBITDA of €102 million.

Revenue climbs to €408 million

The sharp increase in revenue reflects Cadeler’s larger operating base. Management said fleet expansion and a higher number of contracted days were the main drivers of the growth. Vessel utilisation was 66% in H1 2026, compared with 67% a year earlier.

EBITDA more than doubles

After adjusting for the termination fee recorded in the prior-year period, EBITDA rose by €106 million to €208 million. The result gives a clearer picture of the company’s underlying performance and shows how the expanded fleet is contributing to higher earnings.

Net profit rises 54%

Profit for the period increased to €88 million from €57 million on an adjusted comparison. That puts the year-on-year increase at 54%. Revenue grew at a faster rate than profit, which leaves operating costs, financing expenses and vessel deployment worth watching in the coming quarters.

Fleet Expansion Powers Cadeler’s Offshore Wind Growth

Cadeler operated 10 vessels during the first half of 2026. The company is also moving further into foundation transportation and installation alongside its turbine installation work.

Cadeler completed its first full-scope monopile foundation transportation and installation campaign at Ørsted’s Hornsea 3 project. In July, the company took delivery of Wind Ace, its 11th wind installation vessel. The vessel is planned for ScottishPower Renewables’ East Anglia TWO project.

Nearly €2.5 Billion Backlog Strengthens CADLR’s Outlook

Cadeler’s order backlog stood at nearly €2.5 billion as of August 25. For a capital-intensive offshore wind installation business, a large backlog provides greater visibility over future revenue.

On August 10, Cadeler announced firm orders for two new T-class vessels. The company is also expanding its foundation installation capabilities. These investments are aimed at meeting demand from offshore wind developers that need specialised vessels and reliable project delivery.

Cadeler Maintains 2026 Guidance Despite Menck Acquisition

Cadeler kept its 2026 revenue guidance at €854 million to €944 million. EBITDA guidance also remains unchanged at €420 million to €510 million.

The company is reviewing the effect of its Menck acquisition, completed on August 11, on its 2026 results. Management will assess how the acquisition affects the full-year figures before providing an updated view.

Full-year revenue guidance

Vessel deployment and project timing will influence where Cadeler lands within its €854 million to €944 million revenue range. Delays or changes in project schedules could affect quarterly revenue recognition.

EBITDA outlook

The €420 million to €510 million EBITDA range also leaves room for changes in project timing and costs. Investors will be watching vessel utilisation, new contract awards and the integration costs linked to Menck.

What H1 Results Mean for CADLR Stock?

Short stock details/forecast

CDLR closed at $23.92 on August 21, before Cadeler released its H1 results. Meyka’s latest CDLR page shows a 12-month target of $24.86, a 1-month forecast of $21.42, and a 3-month forecast of $32.35. The stock’s 52-week range was $15.37 to $30.01.

Wind energy & infrastructure investors, it's time to dive into the H1 2026 earnings of Cadeler A/S ($CDLR )! 🌬️🚢

Guidance: no update

Cadeler is a global leader in offshore wind turbine transport and installation, owning and operating the industry's largest fleet of jack-up… pic.twitter.com/8HkzjT4Hzi

— The Analyst (@the_analyst_24) August 25, 2026

Technical analysis summary

Meyka’s technical page shows bullish trend signals but also points to overbought conditions. RSI stood at 75.56, while resistance was around $29.70. That suggests the stock has strong recent momentum, although a pullback remains possible.

What does Meyka say?

Meyka gives CDLR a B rating and highlights its valuation profile. Its AI stock analysis tool also points to potential upside in its model forecasts. These figures are model-based signals rather than guarantees of future performance.

Supporting analyst insights

Investing.com shows a Buy consensus for Oslo-listed CADLR, with a 12-month average target of NOK 68.17. Jefferies maintained its Buy rating and raised its target to NOK 80 in May 2026.

Conclusion

Cadeler’s H1 2026 results show how quickly the business has expanded. Revenue reached €408 million, net profit rose 54%, and the backlog approached €2.5 billion. Fleet growth remains central to the company’s expansion. Investors will now focus on vessel utilisation, project timing, and Menck integration as Cadeler works towards its full-year guidance.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.