Cadeler came into this earnings print with a stock that had quietly added just over 8% in the past week and about 10% over the past month, hardly a distressed offshore wind play. The headline today is simple: Q2 revenue of €282.8m and net profit of €94.95m point to a business that is actually converting its expanded fleet and growing backlog into cash generating work.
For a company often viewed as a leveraged way to play long term offshore wind growth, this quarter is really about earnings quality and operational delivery catching up with that thesis.
Is Cadeler really trading like a bargain at a P/E of about 10.5x while carrying high debt and a lower 27.5% net margin, or is that discount justified by the risks? See how the current market price lines up against our detailed valuation analysis for Cadeler
Q2 2026 Earnings Summary
- Revenue (Q2 2026 vs Q2 2025): €282.8m vs. €233.1m (increase of more than 20%)
- Net Income (Q2 2026 vs Q2 2025): €95.0m vs. €165.9m (decrease of about 43%)
- Basic EPS (Q2 2026 vs Q2 2025): €0.25 vs. €0.32 (decrease of about 21%)
- Net Profit Margin (Trailing 12 Months vs Prior Year): 27.5% vs. 50% (margin compressed by around 22 percentage points)
Prefer clear charts instead of another wall of earnings tables and raw figures? See Cadeler's full financial picture, including how its balance sheet compares to its current earnings power, in our interactive company report for Cadeler.
Cadeler bull story: growth fleet is earning its keep
The upbeat narrative around Cadeler is that a bigger, higher spec fleet and new services like Nexra and Menck will turn backlog into steadily growing cash earnings. This quarter gives that story some concrete support. Q2 revenue of €282.8m and EBITDA of €160.6m show that more vessels in the water are actually working, not just sitting on the balance sheet. Adjusted H1 revenue of about €480m and backlog of €2.5b, with 77% tied to projects that have reached final investment decision, back the idea of better visibility rather than one off termination fees. Utilization around 91% and more than 230 Nexra vessel days show the O&M build out is starting to contribute real activity. On time delivery of Wind Ace and the acceleration of Wind Apex to Q2 2027 also hit key execution milestones for the growth plan.
Cadeler bear story: capital load and margin squeeze are real
The cautionary view is that Cadeler is loading up on capex and debt just as margins and visibility could soften. Recent numbers give this camp some support. Net profit of about €95m sits against a trailing net margin of 27.5%, which is far below the prior 50% level once the earlier termination fee is stripped out. That is a clear warning that the business is now earning its money in a tougher way. The company is also carrying sizeable commitments, including about €425m of remaining A class capex and roughly €805m for two T class vessels, partly funded through new loans and a €175m capital raise. Management itself flags 2027 to 2028 as potentially softer years, which matters when utilization needs to stay high to service expanded capacity and repay the €380m bridge facility used for Menck.
Scan our completed risk analysis for Cadeler which shows 2 important warning signs to see whether Cadeler's margin pressure and high debt are isolated issues or early warning signals.Stay Ahead With Simply Wall St
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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