Cadeler A/S, founded in 2008 and headquartered in Copenhagen, Denmark, operates as a specialized contractor within the offshore wind sector. The company ...
Cadeler A/S (CDLR) is a pure-play offshore wind installation partner headquartered in Copenhagen, Denmark. Founded in 2008 (originally as Blue Ocean Ships A/S), the company has built its business around one of the most critical and logistics-intensive parts of offshore wind: moving large turbine components and installing them safely and ...Cadeler A/S (CDLR) is a pure-play offshore wind installation partner headquartered in Copenhagen, Denmark. Founded in 2008 (originally as Blue Ocean Ships A/S), the company has built its business around one of the most critical and logistics-intensive parts of offshore wind: moving large turbine components and installing them safely and efficiently at offshore sites.
From an operations perspective, Cadeler’s core capability centers on its specialized offshore vessels—particularly jack-up vessels—used for the transport, positioning, and installation of wind farm components such as turbines (and associated structures, e.g., foundations and topsides/substations depending on project scope). The company also supports the full lifecycle of offshore wind assets by offering services beyond new construction, including offshore wind farm maintenance and decommissioning. This broad service coverage is important in the offshore wind value chain because project timelines and vessel availability can heavily influence schedule risk, and because operating performance and end-of-life handling require specialized offshore support.
In terms of product/service “BOM” (bill of materials) and deliverables, Cadeler’s work typically involves complex coordination of marine logistics and heavy-lift installations: wind turbine generators and their associated components, engineered offshore interfaces, and installation campaigns executed to project specifications. While the exact scope varies by contract, the company’s recurring role is to provide the installation platform (vessels and crews), integrate with project stakeholders (developers, EPCs, turbine OEMs, and port/harbor logistics), and execute installation campaigns under offshore safety and technical requirements.
Financially, as a highly project-based contractor, Cadeler’s reported metrics can be influenced by utilization rates, contract mix, and timing of project milestones. The company also operates in a capital-intensive segment due to vessel ownership/operation requirements, which can affect cash flow patterns across cycles. The market typically values contractors on execution track record, vessel readiness, and ability to deliver in increasingly larger and more technically demanding offshore wind projects.
Key people leadership includes CEO Mikkel Gleerup, who has been positioned at the helm of Cadeler’s strategy and growth. With roughly 1,185 employees (reported worldwide), Cadeler maintains the operational and engineering workforce needed to run multiple offshore campaigns and sustain vessel performance.
Overall, Cadeler’s “wishes” and strategic priorities in this industry context commonly revolve around securing long-term installation demand, expanding capability to match the scale and complexity of modern offshore wind farms, maintaining high safety/quality execution, and sustaining vessel fleet competitiveness so it can win and deliver the next generation of offshore projects.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$595.9M
+139.6%
+130.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$269.1M
+313.6%
+1469.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+61.3%
+25.4%
+121.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+49.8%
+78.4%
+543.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+45.2%
+72.7%
+694.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-862.5M
-65.0%
+52.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-144.7%
+31.1%
+79.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
108.0%
+129.0%
-4.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.11x
-27.2%
+24.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, and welcome to Cadeler's H1 2026 Earnings Presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements. Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F 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 undertakes no 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's annual report. The annual report and today's earnings presentation are available on Cadeler's website at cadeler.com/investor. [Operator Instructions] As a reminder, this call is being recorded today. If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.
Mikkel Gleerup: Thank you very much, and welcome to this half year presentation from Cadeler. Very pleased to be joined by everyone here. Just a disclaimer slide here first and then our H1 highlights slide. So first half of 2026 has been really a first half that is defined by a very solid financial performance. Adjusting for the large termination fee we had last year, we do see a very strong revenue and EBITDA that are both more than doubling on a year-on-year basis. Our newbuild program continues to be on track. We delivered our second A-class vessel on the 17th of July, and that vessel is now preparing for its first project with the mobilization of mission equipment in China before coming to Europe for final mobilization. We also successfully acquired Menck, a leading global provider of specialist equipment and technology solutions for offshore foundation installation, a little bit more about that later in the presentation. And then we continue solid execution across all key regions where we are currently busy and the Hornsea 3 execution also continues, and I'm very pleased with that and also more about that in the presentation. And then we signed firm contracts for the two new T-class vessels, something we have been working very, very hard to achieve. And I think it's fair to say that it's been a tough negotiation and very pleased to be where we are now. In terms of commercial highlights, the acquisition of Menck, we already have gone through the transaction rationale in a separate presentation. But really, it is about strengthening the customer offering and the execution capabilities that we have in Cadeler. We do see this as one of the key components for a successful foundation …
