Denmark's Cadeler H1 revenue more than doubles on fleet growth
Denmark's Cadeler H1 revenue more than doubles on fleet growth
Overview
Denmark offshore wind installer reported H1 revenue more than doubled yr/yr to EUR 408 mln
Net income for H1 rose 54% yr/yr, driven by fleet expansion and more contracted days
Order backlog stands at nearly EUR 2.5 bln as of August 2026
Outlook
Cadeler maintains 2026 revenue guidance at EUR 854-944 mln
Company expects 2026 EBITDA in the range of EUR 420-510 mln
Cadeler reviewing impact of Menck acquisition on 2026 guidance, update to follow
Result Drivers
FLEET EXPANSION - Co said profit increase was mainly driven by expansion of its fleet and a higher number of contracted days
PROJECT EXECUTION - Co said it operated its fleet at a new scale, providing flexibility and redundancy to mitigate operational risks and adapt to changing project requirements
FOUNDATION CAPABILITIES - Co invested significantly in broadening its foundation transport and installation capabilities, including completion of a private placement and subsequent vessel orders
Company press release: ID:nBw1F13wHa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Revenue |
| EUR 408 mln |
|
H1 Net Income |
| EUR 88 mln |
|
H1 Order Backlog |
| EUR 2.50 bln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the construction & engineering peer group is "buy"
Wall Street's median 12-month price target for Cadeler A/S is NOK75.00, about 32.3% above its August 24 closing price of NOK56.70
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)