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EarningsQ2 2026 Earnings Report
CDLR Q2 2026 EPS Results
Actual EPS$1.17
Consensus EPS$0.95
Beat/MissBeat by +$0.22
One Year Ago EPS$2.19
CDLR Q2 2026 Revenue Results
Actual Revenue$328.82M
Expected Revenue$280.45M
Beat/MissBeat by +$48.37M
YoY Revenue Growth+24.47%
Earnings Announcement Details
QuarterQ2 2026
Date08/25/2026
TimeBefore Open
Conference CallTuesday, August 25, 2026
CDLR Upcoming Earnings
Cadeler A/S Sponsored ADR's next earnings date is estimated for November 23, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CDLR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong operational and financial progress: substantially higher adjusted revenue and EBITDA, improved utilization, a growing backlog, successful newbuild and M&A execution (Menck) and a solid balance sheet. Offsetting risks include increased operating costs and depreciation as the fleet scales, sizable near- and mid-term capital commitments (A-class, T-class, and Menck financing/refinancing), and the need to convert preferred supplier agreements into firm contracts. On balance the positive execution, backlog growth and strategic vertical integration outweigh near-term cost and financing uncertainties.Company Guidance
Strong Q2 Revenue Growth (adjusted)
Q2 revenue of EUR 282.8 million (adjusted for the prior-year termination fee) representing a year-on-year increase of ~432%.
Robust Profitability Improvements
Q2 EBITDA of EUR 160.6 million (+106% YoY) and Q2 net profit of EUR 95 million (+73% YoY) on an adjusted basis.
High Utilization and Operational Ramp
Adjusted fleet utilization near 91% in Q2 (reported fleet utilization 85% vs 76% a year ago), driven by additional vessels coming into service and strong contract mobilization.
Backlog and Commercial Momentum
Backlog at EUR 2.5 billion, up 23% year-on-year, with 77% of backlog FID-approved and multiple preferred supplier/vessel reservation agreements in negotiation that management expects to convert to firm work.
Fleet Growth and Newbuild Execution
Fleet now at 14 vessels with delivery of the second A-class (Wind Ace) in July; Wind Apex delivery accelerated to Q2 2027; firm orders placed for two T-class vessels (deliveries 2030 and 2031) with a back-ended payment schedule.
Strategic Acquisition of Menck
Acquisition of Menck (enterprise value ~EUR 500 million) to vertically integrate foundation tooling and secure hammer availability; Menck began generating positive income and operational cash flow from 11 August; provides ~50 million pile-driving data points to support bids and AI use cases.
Balance Sheet and Liquidity Position
Strong reported equity of EUR 1.8 billion and a 50% equity ratio; cash balance EUR 206 million; available facilities include RCFs (~EUR 180 million), an additional HoldCo facility (EUR 40 million) and project financing (e.g., Wind Apex ECA-backed facility).
Full-Year Outlook Maintained
Management maintained 2026 standalone outlook (pre-Menck impact): revenue EUR 854–944 million and EBITDA EUR 420–510 million.
Increasing O&M and Nexra Activity
Nexra O&M pickup with three vessels active and >230 vessel-days of service in H1, supporting longer-term O&M pipeline and cross-sell opportunities.
CDLR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed