Cadeler A/S
F:CA2
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Cadeler A/S
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Cadeler A/S
Cadeler A/S is a specialist offshore wind logistics company. It owns and operates large wind turbine installation vessels that carry giant turbine parts from port to sea and help lift and install them at wind farms. It also uses these vessels for maintenance and other heavy marine work tied to offshore wind projects. Its main customers are offshore wind developers, utilities, turbine makers, and contractors that need a vessel and crew to build or service a wind farm. Cadeler makes money by chartering its ships and charging for installation and transport work, usually under project contracts or long-term vessel agreements. The company is not a turbine maker or a power producer; it sits in the middle of the offshore wind supply chain as a specialized marine contractor. That role matters because offshore wind projects need very large, expensive vessels that can work in difficult sea conditions and handle the biggest turbine components. Cadeler’s business is built around owning scarce purpose-built ships and selling access to that capability. In plain terms, it is a heavy-lift service provider for the offshore wind industry.
Cadeler A/S is a specialist offshore wind logistics company. It owns and operates large wind turbine installation vessels that carry giant turbine parts from port to sea and help lift and install them at wind farms. It also uses these vessels for maintenance and other heavy marine work tied to offshore wind projects.
Its main customers are offshore wind developers, utilities, turbine makers, and contractors that need a vessel and crew to build or service a wind farm. Cadeler makes money by chartering its ships and charging for installation and transport work, usually under project contracts or long-term vessel agreements. The company is not a turbine maker or a power producer; it sits in the middle of the offshore wind supply chain as a specialized marine contractor.
That role matters because offshore wind projects need very large, expensive vessels that can work in difficult sea conditions and handle the biggest turbine components. Cadeler’s business is built around owning scarce purpose-built ships and selling access to that capability. In plain terms, it is a heavy-lift service provider for the offshore wind industry.
In line: Cadeler said Q1 2026 played out exactly as expected, with revenue, costs and overall performance tracking to plan and full-year guidance unchanged.
Backlog: Backlog remained strong at EUR 2.7 billion, and management said 82% of it has already reached FID, giving the company good earnings visibility.
Execution: The company highlighted major project progress on Hornsea 3, including the first fully installed monopile and proof of concept for the foundation installation work.
Fleet growth: Newbuilds remain on schedule, including Wind Ace for early Q3 delivery and Wind Apex for Q2 2027, with discussion of possible early delivery for Wind Apex.
Capital plan: Cadeler said it has ample funding for its expansion plan after the March private placement, with more financing talks underway for upcoming vessel deliveries and new investments.
