Cadeler A/S (CA21)
XFRA 
Summary
Cadeler: Norwegian Renewable Installation At A Potential Discount
Cadeler offers unique exposure to offshore wind installation, capturing value as a bottleneck provider with minimal project risk. I see strong near-term earnings visibility, with a €2.5B backlog, robust 1H26 results, and a 2026 revenue guide near €944M and EBITDA over €510M. CDLR trades at a sub-10x P/E on normalized 2026–2028E EPS; my 62 NOK/share price target implies attractive 22–25% potential annualized returns.
Cadeler A/S (CDLR) Q2 2026 Earnings Call Transcript
Cadeler A/S (CDLR) Q2 2026 Earnings Call Transcript
Cadeler A/S H1 Earnings Call Highlights
Cadeler A/S NYSE: CDLR reported sharply higher second-quarter and first-half results, citing increased fleet activity, higher utilization and the addition of vessels to its operating fleet. The offshore wind installation contractor maintained its 2026 standalone outlook while highlighting the July delivery of its second A-class vessel and its acquisition of foundation-installation equipment provider Menck.
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Cadeler A/S Profile
| Marine Transportation Industry | Industrials Sector | Mikkel Gleerup CEO | XFRA Exchange | 12738K109 CUSIP |
| DK Country | 1,073 Employees | - Last Dividend | - Last Split | - IPO Date |
Overview
Cadeler A/S is a prominent contractor based in Copenhagen, Denmark, specializing in the transportation and installation of offshore wind farms. Since its incorporation in 2008, the company has played a pivotal role in advancing the renewable energy sector by offering a wide range of services tailored to the unique needs of offshore wind projects. These services include not only the initial construction and installation of wind farms but also ongoing maintenance, decommissioning, and various other offshore-related tasks. Leveraging its fleet of state-of-the-art jack-up vessels, Cadeler A/S stands out in the marine and offshore industry for its capability to execute complex projects with efficiency and reliability.
Products and Services
- Offshore Wind Farm Transportation and Installation: Cadeler A/S specializes in the transport and installation of offshore wind turbines, foundations, and substations. Utilizing its advanced fleet, the company ensures the safe and timely delivery of components, as well as their correct installation at sea.
- Wind Farm Maintenance: Beyond the initial setup, Cadeler A/S provides comprehensive maintenance services for offshore wind farms. This includes routine inspections, repairs, and replacement of parts to ensure optimal performance and longevity of the wind farms.
- Wind Farm Decommissioning: Once an offshore wind farm reaches the end of its life cycle, Cadeler A/S offers decommissioning services. This involves the safe dismantling and removal of all wind farm components, adhering to environmental standards and regulations.
- Marine and Engineering Services: The company's expertise extends to a broad range of marine and engineering services tailored to the offshore industry. This includes project management, engineering solutions, and marine logistics, all designed to support the successful execution of offshore projects.
Contact Information
