Cadeler A/S (CADLR) Earnings Call Transcripts

Cadeler A/S's Latest Earnings Call - Q1 FY2026

In Q1 2026, Cadeler A/S reported revenue of EUR 124.7 million, significantly up from EUR 65.5 million in the same quarter last year, reflecting a robust operational performance. The company maintained its full-year guidance, indicating a strong outlook for 2026 and 2027, supported by a solid backlog of EUR 2.7 billion. Despite a net loss of EUR 7 million due to increased borrowing costs, management expressed confidence in the execution of ongoing projects and the delivery of new vessels, which are expected to drive future revenue growth.

Reported metrics

Guidance from management

Management maintained its full-year guidance, indicating expectations for a strong performance in 2026 and 2027, with no changes to previous forecasts.

What management said

I think that you're right in your first statement that we expect that utilization is coming up in the following quarters of this year, which is also given by the fact that we maintain our guidance and with the Q1 being as per expectation. So we are completely in line with that. We can also say that Q1 has been defined very much by vessels being swapped around, being in dry dock and preparing for projects. And that ...

Yes, definitely, there is this and we also have an installment on this year on the CapEx around EUR 90 million. And then we expect also to sign the large contract on the T-Class business this year. And then we also need to pay the first installment that we don't know exact, but it could be to the tune of EUR 110 million or something for both business. So that is the main components that we have in CapEx, of course, a...

What analysts pressed on

Analysts expressed concerns regarding the net loss and the impact of increased borrowing costs on future profitability. There were also questions about the expected utilization rates for the remainder of the year and potential CapEx requirements.

Main topics on the call

• Revenue Growth — Cadeler's revenue surged to EUR 124.7 million in Q1 2026, up from EUR 65.5 million YoY, demonstrating robust operational execution. Management stated, "It goes for all the lines, both revenue and the cost lines. It was a...
• Backlog and Earnings Visibility — The company reported a strong backlog of EUR 2.7 billion, which provides solid earnings visibility. Mikkel Gleerup noted, "We believe that this provides a very solid earnings visibility for the company."
• Utilization Rates — Adjusted utilization was reported at 77.7%, with expectations for improvement in upcoming quarters. Gleerup confirmed, "We expect that utilization is coming up in the following quarters of this year."
• Net Profit and Borrowing Costs — The company reported a net loss of EUR 7 million, impacted by increased interest on bank facilities. CFO Peter Hansen stated, "We are now in the territory where we have delivered 10 vessels fleet and only 2 risks under c...

Read the full Cadeler A/S transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 13 Cadeler A/S earnings call transcripts on record, spanning March 29, 2022 to May 20, 2026. Based on this history, Cadeler A/S reports semi-annually. The most recent call on file is dated May 20, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CADLR

Exchange

OB

Country

NO

Sector

Industrials

Industry

Construction and Engineering

Calls on record

13

First call

March 29, 2022

Most recent

May 20, 2026

Reporting cadence

semi-annually