Cadeler A/S (CDLR) Form 6-K — Aug 25, 2026
Cadeler A/S furnished a Form 6-K on August 25, 2026 with its H1 2026 investor presentation, reporting that H1 revenue more than doubled year-on-year to EUR 408m and EBITDA more than doubled to EUR 208m, with comparatives adjusted for EUR 111m of one-off termination fees in H1 2025. Q2 2026 revenue was EUR 283m with EBITDA of EUR 161m and fleet utilisation of 85%, while the contract backlog stands at EUR 2.5bn — EUR 2,116m firm plus EUR 371m subject to counterparty options — with 77% tied to projects that have reached final investment decision.
Key figures
- Revenue
- EUR 408m (H1 2026; more than doubled YoY from EUR 188m adjusted)
- Guidance
- Full-year 2026 outlook issued; figures do not reflect the Menck acquisition completed in August 2026
- Net Income
- EUR 88m (H1 2026 profit)
- Cash Position
- EUR 206m
- Equity
- EUR 1,774m; equity ratio 50% (up from 44% at year-end 2025)
- Backlog mix
- Europe 87% / APAC 8% / North America 5%
- H1 2026 ebitda
- EUR 208m (vs EUR 102m adjusted prior year)
- Q2 2026 ebitda
- EUR 161m (vs EUR 78m adjusted prior year)
- Q2 2026 revenue
- EUR 283m (vs EUR 122m adjusted prior year)
- Contract backlog
- EUR 2.5bn (EUR 2,116m firm plus EUR 371m subject to counterparty options, as of 25 Aug 2026)
- Backlog fid share
- 77% (EUR 1,919m) relates to projects with final investment decision
- Menck refinancing
- EUR 250m debt quantum planned
- Wind apex facility
- EUR 247m signed 10 July 2026
- Fleet utilisation h1
- 66% (adjusted 85% vs 89% in H1 2025)
- Fleet utilisation q2
- 85% (adjusted 91% vs 94% in Q2 2025)
- Wind apex completion
- 65% (delivery accelerated to Q2 2027)
- Market capitalisation
- EUR 2.0bn (combined, at closing 21 Aug 2026)
- Nexra taiwan contract
- exceeds EUR 20m
- Tclass newbuild capex
- EUR 805m committed for two T-class vessels (delivery 2030 and 2031)
- Holdco facility upsize
- EUR 40m upsize to EUR 180m signed 10 July 2026
- Share capital increase
- EUR 170m net proceeds (March 2026)
- Menck 2029 revenue contribution
- ~8%
- Oneoff termination fee prior year
- EUR 111m
AI analysis
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