On Wednesday, Cadeler (NYSE:CDLR) discussed first-quarter financial results during its earnings call. The full transcript is provided below.
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View the webcast at https://cadeler-q1-2026-earnings-presentation.open-exchange.net/registration
Summary
Cadeler A/S reported a solid financial performance in Q1 2026, with revenue of €124.7 million, up from €65.5 million last year, and EBITDA of €47 million.
The company maintains a strong backlog of €2.7 billion, providing robust earnings visibility, with significant projects underway and successful mobilization of key vessels.
Strategic initiatives include continued vessel expansion, with new builds on schedule, and the execution of a private placement to support future growth, including two new T-class vessels and a rock dumping installation vessel.
Management expressed confidence in future prospects, maintaining full-year guidance and highlighting strong market demand for offshore wind projects, particularly in Europe.
Operational highlights include successful project execution milestones, such as the installation of monopiles in the Hornsea 3 project, and high vessel utilization rates.
Full Transcript
OPERATOR
Good morning and welcome to Cadala’s Q1 2026 Earnings Good morning and welcome to Cadeler A/S’s Q1 2026 earnings presentation. Presenting today are Mikael Glierup, Chief Executive Officer and Peter Brogard, Chief Financial Office Officer. Please be reminded that the presenter’s remarks today will include forward looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause cadla’s results to differ materially from today’s forward looking statements include Those detailed in Cadeler A/S’s Annual Report on Form 20F on file with the United States securities and Exchange Commission. Any forward looking statements made this morning are based on assumptions as of today and Cadeler A/S undertakes no objectives obligation to update these statements as a result of new information or future events. This morning’s presentation includes both IFRS and certain non IFRS financial measures. A reconciliation of non IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler A/S’s annual report. The Annual report and today’s earnings presentation are available on Cadeler A/S’s website at Cadeler A/S. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikhail Glierup, you may begin.
Mikael Glierup (Chief Executive Officer)
Thank you very much and hello to everyone and thank you for joining this Q1 2026 presentation from Cadeler A/S. Just to start off the presentation really a quarter that has has been running exactly as expected. Financial performance in line with our expectations, continuing a robust backlog of work standing currently at 2.7 billion euro which we believe provides a very solid earnings visibility for the company. New build program on track. We named the second A class vessel in April and she is about to deliver in the next couple of months as per the schedule. The second or the third rather A class vessel is delivering next year and is also on the schedule. We have continued with solid execution across the globe and I’m also very pleased to say that wind Ally and Windorca are fully mobilized and first complete monopile foundation has been installed on ONC3 which is very very important and a very important milestone for 2026 and we have a little bit extra on that presentation. Very strong utilization vessels operating across the world and NEXO has secured utilization on multiple projects in APEC and on the utilization. I would like just to quickly say that obviously we have many vessels that have been shifting between projects. So a lot of mobilization in the first quarter of the year, which has also been exactly as expected. Terms of growth, commercial highlights, vessels continuing to execute on projects across the fleet. Really a busy, busy, busy quarter in terms of managing vessels coming off projects, starting new projects and having other vessels coming in to take over on projects due to many different factors. But really overall I would also say a quarter where we have been able to support our clients and to do what has been necessary necessary to help them on their projects where they are currently engaged. Also very pleased to see that when Kiba has started its operation with Vestas and is performing on the project with Vestas as we speak. Next slide please on horn C3. As I said, really from concept to delivery, we have had many, many questions over the course of the last four years where we have been in process towards the horn C3 execution. A lot of planning is now finally coming to fruition and it’s very pleasing to be able to say that we now have proof of concept on the project with the first full monopile installed and also all the secondary components being installed on that and being commissioned and handed over to the client. And actually we have eight monopiles in the water as per today’s date. We have seven full secondary steel sets installed and five fully commissioned monopiles out there. So really the project is going as per the plan. The equipment that we have invested in that we are using on the project is working as we expected it and we are now slowly ramping up the speed on the project to get up to the speed where we want to be and to really make sure that there will be a smooth installation on this very, very important project, both for us and Cadeler A/S, but certainly also for our clients. So very, very pleased to say that we have proof of concept and that we are now delivering the full T Foundation project. Still sitting on a very significant backlog across key markets. 2.7 billion backlog, as I said, already provides a very solid earnings visibility. We continue to operate in the us, in Europe and in APEC and are really working on a lot of different opportunities for the future years as we have said in this quarter. Also we have executed a private placement for the investment in additional jack ups for the future and also for a rock dumping installation vessel that we believe all will strengthen our portfolio and our ability to support the clients going forward. We have also projects that are not in the backlog but where we are currently working and projects that will be added to the backlog as and when they come to fruition. But all in all, I would say that we have been reaffirmed in our opinion since the beginning, beginning of the year that we are looking at a very, very busy 26, 27. As we have also said, 28 is a different year, but we remain in the same position as we were when we did the annual report. And for 2029 we are working on some very, very interesting prospects at the moment. When we look into the new decade, we are also seeing very interesting projects and also a lot of projects currently in what we call category high. So this is really the category where we are working already now intensively with the client and where we believe that our vessels will be busy in the beginning of the next decade on the backlog, 82% of the backlog have reached FID. We believe that that is a very, very solid number and also gives us the earnings visibility that we really need as a company. We also see the start of nextra and the foundation of nextra starting to live the deliver contracts in Taiwan, which is of course very pleasing. And our ambitions on nextra continues to be strong and we continue to see that our main market for Nextra is the +1112 megawatt segment where we believe that we have a very good foundation to play for the main components replacements for the bigger turbine sets in the industry. We also have preferred supply agreement that is not included in the backlog and where we currently are negotiating with a client for installation in 28. In terms of the progress on the new builds, the windeis we expect the delivery in the beginning of the third quarter this year. We have basically done most of the of the material work there, but we are still having some tests planned for the vessel between now and the delivery and we believe that we are in a very, very good position to deliver this vessel on schedule and on budget. We had the naming ceremony this year and we were proud to have Ms. Lisa Western naming the vessel for us, the Wind Apex. As we also talked about on the annual report, we expect the Wind Apex to deliver in Q2 27 and we have been negotiating with the yacht to manage early delivery of this vessel because we are working with a client for the Wind Apex …
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