Cadeler's Stellar H1 2026 Performance: Doubling Revenue and EBITDA, Strategic Acquisition of Menck
Cadeler, a leading provider of offshore wind turbine installation services, has reported a stellar first half (H1) of 2026, with revenue and EBITDA more than doubling on a year-on-year basis. The company's strong financial performance was underscored by the successful acquisition of Menck, a global provider of specialist equipment and technology solutions for offshore foundation installation.
"This has been a first half that is defined by very solid financial performance," said Mikkel Gleerup, Chief Executive Officer of Cadeler, during the company's H1 2026 earnings presentation. "Adjusting for the last termination fee we had last year, we do see a very strong revenue and EBITDA that are both more than doubling on a year-on-year basis."
Cadeler's newbuild program continued to be on track, with the company delivering its second A-class vessel on July 17th. The vessel is currently preparing for its first project in China before being mobilized in Europe for final preparations.
"We also successfully acquired Menck, a leading global provider of specialist equipment and technology solutions for offshore foundation installation," added Gleerup. "This acquisition strengthens our customer offering and execution capabilities, which we believe are key components for a successful foundation campaign."
The acquisition of Menck provides Cadeler with access to valuable data from thousands of foundations installed worldwide. This data will be used to improve the company's customer offering and provide a better basis for evaluating program length on foundation projects.
"With the combined knowledge between the two companies, we very much expect this to benefit not only our clients but the industry as a whole," said Gleerup.
Additionally, Cadeler has signed firm contracts for two new T-class vessels, which were secured through a tough negotiation process. The company is also pleased with its execution on key projects, including Hornsea 3 and the mobilization of mission equipment in China.
"We believe that this acquisition is a sound business move for us, having Menck under the Cadeler umbrella while still ensuring proper governance structure," concluded Gleerup.
The success of Cadeler's H1 2026 performance underscores the company's position as a leader in the offshore wind turbine installation services market. The strategic acquisition of Menck further solidifies its capabilities and provides valuable data to improve customer offerings and evaluate program length on foundation projects.
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