Aug 25, 2026 earnings call — Menck acquisition and fleet expansion
Cadeler reported Q2 revenue of EUR [ 282.8 ] million and announced the Menck acquisition (payment around the EUR 500 million).
Revenue $0.3B (est $0.3B) · EPS $1.16 (est $0.95)
Key quotes
"We also successfully acquired Menck, a leading global provider of specialist equipment and technology solutions for offshore foundation installation, a little bit more about that later in the presentation."
"And then we signed firm contracts for the two new T-class vessels, something we have been working very, very hard to achieve."
"And on the backlog standing at EUR 2.5 billion, as we always say, it's providing very solid earnings visibility."
Analyst Q&A 3
vessel use and Hornsea 3 timing
Q (Jamie Franklin · Jefferies): The analyst asked whether vessel utilization will stay at Q2 levels in Q3 and Q4 and asked how Hornsea 3 will contribute for the rest of the year, including when turbine installation will start.
A: Management said they expect strong utilization for the rest of 2026. They said the Hornsea 3 program is unchanged, they are focusing on speeding up and learning for future projects, and turbine installation remains on track to start as contracted.
"I think that we can say that we expect strong utilization for the rest of the year." — Mikkel Gleerup (CEO)
backlog by year; depreciation level
Q (Anders Rosenlund · SEB): The analyst asked for a breakdown of backlog for 2026, 2027 and 2028, and then asked whether the higher depreciation in Q2 is the run rate going forward and if there were any impairments in Q2.
A: Management declined to provide the year-by-year backlog breakdown. They said the Q2 depreciation level is the run rate to expect, though it can be adjusted for full-year impact and items like Wind Ace and capitalized project equipment, and they said there are no impairments at the moment.
"But yes, we could expect the same level, but then adjusted for full year impact and Wind Ace coming in now at A-class next year." — Peter Hansen
timing and returns of big investments
Q (Audrey Zhong · China): The analyst asked whether Cadeler must pursue many investments at once, what minimum IRR or ROIC hurdle is applied, and when each investment will generate returns above the cost of capital.
A: Management said the investments do not all happen at the same time. They explained Menck was already paid for and is generating positive income and cash flow from operations from 11th of August; Wind Ace will start to generate revenue early '27; T-class payments are back-ended with major installments in 2030 and 2031 and will generate cash 6-9 months after delivery. They said they do not disclose a required return for capital but find these positions very attractive on IRR, and noted the T-class deals have lower upfront and back-ended payments.
"We do not disclose what is the requirement for return of capital, but we find all these positions very attractive when we look at the IRR on these projects." — Peter Hansen