Cadeler Reaches 1-Year High on 432% Revenue Surge
Cadeler reached a 1-year stock high on Q2 2026 revenue surging 432% year-over-year and a completed UK redomiciliation. The market is betting the strong backlog and fleet utilization will drive debt re
Cadeler Reaches 1-Year High as UK Redomicile Closes
NEW YORK, November 3 —
The market is treating Cadeler A/S (CDLR)'s fleet build as finished business, sending shares to a 1-year high on November 3, 2026, following a UK redomiciliation and a Q2 2026 revenue print 432% above the prior year. Trailing free cash flow stands at -$368 million on $1.61 billion in total debt.
- Q2 2026 revenue EUR 282.8M, +432% YoY; H1 2026 revenue EUR 480M, more than doubling year-over-year.
- EUR 2.5 billion backlog, up 23% YoY; FY2026 guidance EUR 854M, EUR 944M revenue, EUR 420M, EUR 510M EBITDA.
- Trailing operating cash flow $402M; free cash flow -$368M; $210M cash on hand.
The Fleet Build That Moved Revenue
Cadeler A/S owns and operates ten offshore jack-up wind farm installation vessels, installing turbine generators, foundations, and substations for wind farm developers across Europe, the US, and Taiwan. Q2 2026 results reflect what happens when that fleet runs near capacity: utilization reached 85%, up from 76% a year earlier, with a peak of 90.9% within the quarter. EBITDA of EUR 160.6 million, up 106% year-over-year, shows the installed base generating real operating leverage. Wind Ace, Cadeler's second A-Class vessel, was delivered on schedule and on budget, confirmed at the August 25 earnings call, showing the build tracking to plan.
The Build's Bill Is Still Outstanding
The operational success is real; so is the bill for it. TTM operating cash flow of $402 million sits against trailing free cash flow of -$368 million, with capital deployed in the fleet expansion still outrunning operating returns. With $1.61 billion in debt and $210 million in cash, the equity ratio of 50% provides a balance-sheet floor, but leverage means the guidance range has to deliver: FY2026 EBITDA of EUR 420 million to EUR 510 million must begin converting into debt reduction before the next vessel procurement cycle demands fresh capital.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| CDLR | $2.7B | n/a | +60.4% |
| FER | $41.1B | 42.4x | -11.4% |
| BWIN | $4.5B | 12.9x | +42.5% |
| HSHP | $724M | n/a | +115.1% |
| ATMU | $3.9B | 14.5x | -0.7% |
| BWLP | $3.6B | n/a | +85.7% |
The Free Cash Flow Turn Hinges on H2 Utilization
The EUR 2.5 billion backlog, up 23% year-over-year and supplemented by preferred supply and vessel reservation agreements, anchors revenue visibility into the current cycle. FY2026 guidance of EUR 854 million to EUR 944 million implies a weighted second half given H1's EUR 480 million base, and the backlog's quality matters as much as its headline size. The watchpoint is utilization: the 85% to 90.9% band that drove Q2 margins needs to hold in H2 for operating cash to begin closing the debt gap. Stress-test the guidance range's discount rate via the DCF calculator, or run the free Cadeler A/S deep-dive → for a live balance-sheet read.
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Frequently Asked Questions
How much revenue did Cadeler have in Q2 2026?
Cadeler reported Q2 2026 revenue of EUR 282.8 million, up 432% year-over-year. H1 2026 revenue totaled EUR 480 million, more than doubling compared to the prior year period. Fleet utilization reached 85% in Q2, up from 76% a year earlier.
Why is Cadeler's free cash flow negative?
Cadeler's trailing free cash flow of -$368 million reflects heavy capital spending on fleet expansion that outpaces operating cash generation. The company carries $1.61 billion in debt against only $210 million in cash as it continues vessel procurement.
What is Cadeler's 2026 revenue guidance?
Cadeler issued FY2026 revenue guidance of EUR 854 million to EUR 944 million and EBITDA guidance of EUR 420 million to EUR 510 million. The company's EUR 2.5 billion backlog, up 23% year-over-year, provides visibility into these targets.
What does Cadeler's fleet do?
Cadeler owns and operates ten offshore jack-up wind farm installation vessels. The company installs turbine generators, foundations, and substations for wind farm developers across Europe, the US, and Taiwan.
What was Cadeler's peak fleet utilization in Q2?
Cadeler's fleet reached a peak utilization of 90.9% within Q2 2026, up from 76% utilization a year earlier. This strong utilization drove Q2 EBITDA of EUR 160.6 million, up 106% year-over-year.
Cadeler A/S shares hit a new 1-year high on November 3, 2026, one week after the closing of a voluntary share-exchange offer tied to its UK redomiciliation — a multi-session rally that includes explicit gains of 9.4% and 6.4% in recent sessions — even as the offshore wind installer carries $1.61 billion in debt, $210 million in cash, and free cash flow of -$368 million following the fleet build that drove a 432% revenue surge in Q2 2026.