Cadeler A/S (CDLR)

Price$25.13Cached quoteAs of 2026-09-17 11:12 UTC

AI: Fair-priced

Price checkThe stock looks moderately priced on earnings, but weak free cash flow limits the margin of safety.

Market data puts CDLR near 10.7 times trailing earnings, 5.2 times forecast earnings, 1.2 times accounting net assets, and 8.7 times enterprise value to EBITDA, a measure of operating profit before interest, taxes, depreciation, and amortization. Enterprise value includes debt, making it useful here. Those figures are not demanding if 2026 guidance is achieved. But free cash flow—cash left after running and investing in the business—was negative $342 million in the latest year, while 2025 operating cash flow was €394 million against €1.236 billion of capital spending. That mix supports Fair-priced, not a clear bargain.

Big pictureRevenue has surged with the fleet, but recent profit comparisons overstate lasting growth because one-time fees helped last year.

Revenue rose from €60.9 million in 2021 to €620.4 million in 2025, while profit after all costs rose from €7.5 million to €280.2 million. However, the first half of 2025 included €111 million of termination fees with no matching costs. First-half 2026 revenue still grew 37% to €407.5 million, but profit fell to €87.9 million from €167.7 million. The business is scaling, yet earnings remain lumpy and tied to vessel deliveries, project timing, and contract changes.

Business strengthCadeler has contracted work and high-quality vessels, but debt and shipbuilding spending keep cash returns uncertain.

Cadeler’s ten operating vessels were working 66% of available time in the first half of 2026, versus 67% a year earlier, while contracted future revenue was €2.487 billion; 77% related to projects with customer approval to proceed. Owners’ accounting stake rose to €1.774 billion and available liquidity reached €394 million. Yet debt was about €1.593 billion, and first-half operating cash flow of €79 million was below €133 million of equipment spending. The fleet is stronger, but financing still matters.

What could change the storyUpside needs durable demand and high vessel use, while delays or further funding could weaken returns for existing shareholders.

The bull case is that a nearly full 2026 order book, expanding foundation work, Menck’s equipment, and vessel undersupply lift utilization and margins beyond current plans. The March share sale added 35.1 million shares, roughly 10% to the prior count, to fund growth. Capital has gone into ships rather than dividends: 2025 spending was €1.236 billion, and no dividends appear in the supplied history. The bear case is that 2026 guidance excludes Menck, 23% of contracted future revenue remains subject to customer approval, and two T-class vessels cost about €805 million. The valuation therefore requires strong demand and disciplined funding.

AI: News

H1 earnings held guidanceHalf-year sales grew strongly, but profit fell because last year included a large one-time termination payment.

On 25 August 2026, Cadeler reported first-half revenue of €407.5 million, up from €298.5 million, while EBITDA, operating profit before interest, taxes, depreciation, and amortization, was €208 million versus €213 million. Profit fell to €87.9 million from €167.7 million because first-half 2025 included €111 million of termination fees. Operating cash flow improved to €79.5 million from €71.5 million. Management kept 2026 guidance at €854 million–€944 million revenue and €420 million–€510 million EBITDA.

Menck acquisition closesCadeler bought Menck for €501 million, broadening foundation services while adding integration and funding risk.

On 11 August 2026, Cadeler completed the Menck acquisition at an enterprise value of €501 million. Menck supplies hydraulic hammers, drilling, grouting, noise control, and related engineering for fixed-bottom offshore foundations. Cadeler says Menck will remain standalone and serve other contractors, so the deal could reduce subcontracting and widen revenue sources. However, the purchase price is about one-quarter of current equity, and the first-half outlook excluded Menck; investors still need proof of earnings contribution and integration.

T-class orders expand commitmentsTwo new vessels could improve future pricing power, but their €805 million cost raises execution and funding demands.

On 10 August 2026, Cadeler signed firm contracts for two T-class installation vessels, due in 2030 and 2031, for about €805 million combined. The vessels are designed for larger, more complex offshore wind projects, and management says client discussions have begun. The opportunity depends on post-2030 demand and strong utilization. Because the company already carries about €1.6 billion of debt and had negative recent free cash flow, the orders increase future cash spending even if payment timing is back-loaded.

Private placement increases sharesA €175 million share issue funded expansion, but increased share count reduced each existing share’s claim.

On 25 March 2026, Cadeler issued approximately 35.1 million shares at NOK 56 and raised €174.2 million before costs. Against 351.0 million shares at 2025 year-end, that was roughly 10% dilution before later changes. Proceeds funded T-class commitments and a possible scour-protection vessel, so the capital may create future earnings. Still, 2025 capital spending reached €1.236 billion and the supplied history shows no dividends; shareholder returns depend on profitable deployment rather than near-term cash distributions.

Loading local price history

Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	€620.4M	€248.7M	€108.6M	€106.4M	€60.9M
Gross profit	€383.6M	€124.5M	€48.8M	€56.9M	€22.1M
Gross margin	61.84%	50.06%	44.89%	53.45%	36.20%
Operating expenses	€65.9M	€55.1M	€34.3M	€15.7M	€10.9M
Operating income	€317.7M	€69.4M	€14.4M	€41.2M	€11.1M
Operating margin	51.22%	27.92%	13.30%	38.70%	18.27%
EBITDA	€321.3M	€72.0M	€15.0M	€42.2M	€11.5M
EBITDA margin	51.79%	28.93%	13.79%	39.66%	18.95%
Net income	€280.2M	€65.1M	€11.5M	€35.5M	€7.5M
Net profit margin	45.17%	26.16%	10.59%	33.40%	12.23%
Basic EPSper basic share	€0.80	€0.19	€0.06	€0.22	€0.06
Diluted EPSper diluted share	€0.79	€0.19	€0.06	€0.22	€0.06

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of CDLR
Holder	Shares held
Condire Management, LP	539.98K
VALUEWORKS LLC	503.51K
STOREBRAND ASSET MANAGEMENT AS	380.72K
Invesco Ltd.	333.42K
FRANKLIN RESOURCES INC	185K
SUSQUEHANNA INTERNATIONAL GROUP, LLP	146.45K
Qube Research & Technologies Ltd	109.59K
Yaupon Capital Management LP	101.28K
DIMENSIONAL FUND ADVISORS LP	95.27K
DNB Asset Management AS	77.26K
RENAISSANCE TECHNOLOGIES LLC	58.5K
CITADEL ADVISORS LLC	44.46K
D. E. Shaw & Co., Inc.	40.64K
LANARK FINANCIAL, INC.	38.75K
MILLENNIUM MANAGEMENT LLC	35K
Cetera Investment Advisers	34.77K
XTX Topco Ltd	33.87K
Optiver Holding B.V.	30.64K
Vident Advisory, LLC	25.72K
JANE STREET GROUP, LLC	21.38K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about CDLR yet. Start the conversation.

Write the first post

Cadeler A/S (CDLR)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.