Q1 2026 Cadeler A/S Earnings Call Transcript
Key Points
- Cadeler AS (CDLR) reported a strong financial performance in Q1 2026, with revenue increasing to EUR124.7 million from EUR65.5 million the previous year.
- The company has a robust backlog of EUR2.7 billion, providing solid earnings visibility.
- Successful execution of projects globally, including the installation of the first complete monopile foundation on Horns G3.
- Cadeler AS (CDLR) has secured utilization on multiple projects in the APEC region, indicating strong demand for its services.
- The company executed a successful private placement, raising EUR175 million to support future expansion plans, including new vessel builds.
- Net profit was negative at EUR7 million, impacted by interest on bank facilities.
- The company experienced delayed revenue recognition on the Wind Ally project due to IFRS regulations.
- Operational expenses per day were higher than expected due to mobilization and one-off expenses.
- There is uncertainty regarding the supply and demand balance in the offshore wind market, with potential overinterpretation of announcements affecting market perception.
- The company faces significant upcoming capital expenditures, including EUR90 million for the Apex and potential EUR110 million for T-Class vessels.
Good morning and welcome to Cadeler's Q1 2026 earnings presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer and Peter Brogaard, Chief Financial 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 Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual.
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 Cadler 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.
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