Cadeler A/S (CDLR) Stock Price & How to Invest
Last updated July 2026
Short answer
Cadeler A/S is a Copenhagen-based pure-play offshore wind installation contractor, and CDLR on the NYSE is an American Depositary Share representing four ordinary shares that also trade in Oslo under CADLR. Buyers are effectively taking a geared position on offshore wind construction volumes, supported by a contract backlog of roughly EUR 2.7 billion and a fleet that grew from six vessels to eleven in about two years.
CDLR stock price
As of 2026-08-25, Cadeler A/S (CDLR) last closed at $26.04, up 17.4% over the past year. Over the past 52 weeks it has traded between $15.92 and $29.57.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Cadeler A/S's investor relations page. Walnut is informational, not investment advice.
What does Cadeler A/S (CDLR) do?
Cadeler A/S owns and operates the largest fleet of jack-up offshore wind installation vessels in the industry, transporting and installing wind turbines and the XXL monopile foundations they sit on for developers such as ScottishPower Renewables. The company traces back to Swire Blue Ocean, combined with Eneti Inc. in December 2023, listed ADSs on the NYSE in early 2024, and has since pushed beyond turbine installation into full-scope foundation work and offshore wind aftermarket services under its Nexra platform. Wind Ace, the eleventh vessel and second of three A-class newbuilds, was delivered on schedule from the COSCO Shipping Offshore yard in Qidong in July 2026, with Wind Apex following in Q2 2027. In August 2026 Cadeler also bought Menck, a 150-year-old supplier of hydraulic impact hammers and noise-mitigation equipment for offshore foundations, at an agreed enterprise valuation of EUR 501 million, and signed EUR 805 million of firm contracts for two outsized T-class vessels due in 2030 and 2031. Headcount passed 1,000 during 2025.
Financially the company has scaled very fast and spent even faster. Revenue went from EUR 108.6 million in 2023 to EUR 248.7 million in 2024 and EUR 620.4 million in 2025 (Cadeler reports in euros), with FY2025 EBITDA of EUR 425.3 million and net profit of EUR 280.2 million, or EUR 0.80 per share. Q1 2026 revenue nearly doubled again to EUR 125 million, and management reaffirmed full-year 2026 guidance of EUR 854 million to EUR 944 million of revenue and EUR 420 million to EUR 510 million of EBITDA. Paying for the fleet is the other half of the picture: 2025 investing outflows ran to about EUR 1.26 billion, borrowings stood at roughly EUR 1.70 billion against EUR 151.7 million of cash at year end, a EUR 175 million private placement followed in March 2026, and no cash dividend has ever been paid. Fleet utilisation of 47.6% in Q1 2026, down from 55.3% a year earlier because of transits, an upgrade and a dry-docking, is a reminder that revenue on this asset base arrives lumpy.
What's driving Cadeler A/S (CDLR)?
1. Vessels arriving on a published schedule
Wind Ace joined the fleet in July 2026 as vessel number eleven, and Wind Apex is due in Q2 2027, financed in part by a EUR 247 million EIFO-backed green term loan signed with HSBC, KfW IPEX-Bank, Rabobank and DNB. Management expects to operate twelve vessels by mid-2027. Two T-class newbuilds ordered in August 2026 at an aggregate contract price of about EUR 805 million extend the programme into 2030 and 2031, which is unusually long visibility for a marine contractor.
2. Backlog and a tight vessel market
Contract backlog including options stood at EUR 2,705 million at 31 March 2026, against EUR 2,336 million a year earlier, with 82% attached to projects where the customer has already taken a final investment decision. Cadeler argues the supply of vessels able to handle next-generation 18MW to 20MW turbines is structurally short as older units age out. Project bidding now reaches into the 2030s, so pricing achieved today sets margins several years out.
3. Widening the scope beyond turbines
The Menck purchase adds hydraulic hammers, drilling, grouting and noise mitigation, which lets Cadeler sell foundation transport and installation as a package alongside turbine installation rather than bidding for one scope at a time. Menck will be run as a standalone business to keep its third-party customers. Separately, the Nexra aftermarket platform chases operations and maintenance work on the installed base, a revenue stream that grows as more turbines reach mid-life.
4. Operating leverage, with a normalising margin
FY2025 converted EUR 620.4 million of revenue into EUR 425.3 million of EBITDA, a margin near 69% helped by 75% annual utilisation and strong contract pricing. Guidance for 2026 implies an EBITDA margin closer to 49% to 54% on a larger revenue base, reflecting a bigger fleet, more mobilisation days and the cost of a doubled organisation. How much of the incremental revenue reaches EBITDA is the single number that moves the earnings model.
What are the risks to Cadeler A/S (CDLR)?
Utilisation is the first thing to watch, because a transit, a crane upgrade or a scheduled dry-docking can pull a quarter's rate below 50% even with the backlog intact, as Q1 2026 showed. Capital intensity is the second: about EUR 1.70 billion of borrowings against EUR 151.7 million of cash at the end of 2025, a 44.0% equity ratio, and further commitments of roughly EUR 805 million for the T-class plus the EUR 501 million Menck valuation leave limited room if delivery slips or a customer defers. Roughly 18% to 20% of the backlog sits with counterparties that have not yet reached final investment decision, so headline backlog is not contracted cash. Currency cuts two ways for a US holder, since results are reported in euros while the ADS is priced in dollars, and newbuild instalments are payable in USD with only about 42% of that exposure hedged at year-end 2025. Cadeler disclosed no material governmental, legal or arbitration proceedings in its FY2025 Form 20-F, but it is a Danish issuer, US court judgments are not directly enforceable in Denmark, and broader offshore wind policy reversals, developer cancellations or supply chain inflation would hit order intake well before they show up in reported revenue.
Is CDLR a buy or a sell?
We give no verdict on Cadeler A/S. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Vessels arriving on a published schedule. Wind Ace joined the fleet in July 2026 as vessel number eleven, and Wind Apex is due in Q2 2027, financed in part by a EUR 247 million EIFO-backed green term loan signed with HSBC, KfW IPEX-Bank, Rabobank and DNB.
The case against. Utilisation is the first thing to watch, because a transit, a crane upgrade or a scheduled dry-docking can pull a quarter's rate below 50% even with the backlog intact, as Q1 2026 showed.
Read the full bull and bear case on CDLR, including what would have to change to break either one. Walnut is not an investment adviser.
How is Cadeler A/S (CDLR) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Cadeler A/S's investor relations page or your broker.
- Revenue (TTM): ~EUR 680M (~$790M)
- Adjusted EBITDA (TTM): ~EUR 448M (~$520M)
- Net profit (FY2025): ~EUR 280M (~$325M), EPS ~EUR 0.80
- Market cap: ~$2.3B (each ADS = 4 ordinary shares)
- EV / EBITDA (TTM): ~7.8x on ~$4.0B enterprise value
- Contract backlog: ~EUR 2.7B (~$3.1B) at 31 March 2026
Cadeler reports in euros; USD equivalents here use a rate near $1.16 per euro in August 2026, and the trailing figures combine FY2025 with Q1 2026 in place of Q1 2025. Enterprise value adds roughly EUR 1.5 billion of net debt as of 31 December 2025, before the EUR 175 million March 2026 placement and before any debt taken on for Menck, so the multiple is a rough marker rather than a precise one. On FY2025 earnings the shares change hands near seven times trailing profit, a low headline multiple that reflects the cash still committed to newbuilds; the H1 2026 interim report is scheduled for 25 August 2026.
Which ETFs hold Cadeler A/S (CDLR)?
If you want CDLR exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.
| ETF | Name | % in CDLR | Expense ratio | |
|---|---|---|---|---|
| PBW | Invesco WilderHill Clean Energy ETF | ~1.7% | 0.64% |
Who competes with Cadeler A/S (CDLR)?
Offshore wind installation and marine contractors
Van Oord, DEME Group, Jan De Nul, Seaway7 (part of Subsea7) and Fred. Olsen Windcarrier compete for the same transport and installation scopes. Most are private or sit inside larger dredging and subsea groups, which is why Cadeler is often described as the only listed pure play. Competition is less about price than about which operators own vessels tall enough and strong enough for the next turbine generation.
Listed ways to get similar exposure
Subsea7 and Bonheur trade in Oslo, DEME Group in Brussels, and Great Lakes Dredge & Dock (GLDD) on Nasdaq covers US offshore wind rock installation and dredging. Cadeler's own ordinary shares trade in Oslo as CADLR and typically carry more volume than the NYSE ADS, so US holders are buying the thinner of two listings on the same company.
Customers whose capex sets the demand curve
Order intake ultimately depends on developers such as Orsted, RWE, Iberdrola through ScottishPower Renewables and Vattenfall reaching final investment decisions, and on turbine suppliers including Vestas and Siemens Gamesa delivering the machines. Watching their sanctioning announcements and cancellations gives an earlier read on Cadeler's backlog than Cadeler's own quarterly reports do.
What stocks are similar to Cadeler A/S (CDLR)?
Other names that sit close to CDLR: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Cadeler A/S (CDLR)
There are three common ways to get CDLR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (PBW), which spreads the position across many companies. Or build it into a focused thematic portfolio, so CDLR sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where CDLR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Cadeler A/S (CDLR)
Cadeler is one of the very few listed ways to own offshore wind installation capacity directly, and the whole argument turns on whether that backlog converts faster than the newbuild programme consumes cash.
More on Cadeler A/S (CDLR)
Whether CDLR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CDLR a buy or a sell?, and where the stock could go from here in the CDLR stock forecast.
For income investors, whether CDLR pays a dividend and how the payout looks is covered in does CDLR pay a dividend? And to weigh CDLR against a peer, read the full side-by-side comparisons: CDLR vs NDAQ and CDLR vs CUBI.
Wondering how CDLR fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Cadeler A/S with AI
Connect the broker you already use and ask Walnut's AI how CDLR fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Cadeler actually do?
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Cadeler owns jack-up vessels that carry offshore wind turbines and foundations out to sea and install them, then increasingly services them afterwards. Revenue comes from day rates and project contracts with wind farm developers, mostly in Europe with growing activity in Asia Pacific.
What currency does Cadeler report in?
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Reporting is in euros, the functional currency. FY2025 revenue of EUR 620.4 million works out to roughly $718 million at an August 2026 rate near $1.16 per euro. A dollar-based holder therefore takes euro translation risk on top of business risk, and Cadeler itself hedges only part of the USD instalments it owes on newbuild vessels.
Is Cadeler profitable?
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Yes, and increasingly so. FY2025 produced EUR 620.4 million of revenue, EUR 425.3 million of EBITDA, EUR 317.7 million of operating profit and EUR 280.2 million of net profit, giving basic earnings of EUR 0.80 per ordinary share against EUR 0.19 in 2024.
Does Cadeler pay a dividend?
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No cash dividend has ever been paid, and the company's credit facilities contain covenants restricting dividend payments. A small buy-back of up to NOK 7.6 million launched in May 2026 existed only to cover obligations under employee share incentive programmes, not as a return of capital.
How firm is the order backlog?
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Backlog including options was EUR 2,705 million at 31 March 2026, of which 82% relates to projects where the customer has already taken a final investment decision. The remainder depends on counterparties sanctioning their wind farms, and option days can go unexercised, so backlog is best read as a range rather than booked revenue.
How exposed is Cadeler to US offshore wind policy?
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Direct exposure is small: revenue by country in the FY2025 accounts shows essentially nothing from the United States, with Europe the dominant region and Japan the largest Asian contributor. Policy shifts in Washington still matter indirectly, because they shape sector sentiment, supply chain economics and where developers commit capital next.
What are the next dated events to watch?
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The H1 2026 interim report and earnings presentation are scheduled for 25 August 2026, which will show whether Q1's 47.6% utilisation recovered and whether full-year guidance of EUR 854 million to EUR 944 million of revenue holds. Beyond that, the Wind Apex delivery in Q2 2027, the integration of Menck, and progress on the two T-class vessels due in 2030 and 2031 are the milestones that set the revenue path.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Cadeler A/S's investor relations page or your broker before making investment decisions.