contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


cadlr-cadeler-takes-delivery-of-wind-keeper-and-locks-down-first-three-years-of-utilisation-with-the-signing-of-a-long-term-firm-contract

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Cadeler is active in the manufacturing industry. The company works with the manufacture and development of wind turbines. The product portfolio is broad and primarily includes the manufacture of off-shore wind power. In addition to the main business, after-sales service, support, maintenance and related services are offered. Operations are primarily held on a Scandinavian level. The company has its headquarters in Copenhagen.

Commencing share buybacks, but only for incentive purposes:  CADLR: CADELER A/S INITIATES SHARE BUY-BACK PROGRAMME OF UP TO NOK 7.6 MILLION (APPROXIMATELY EUR 700,000) - Inderes The purpose of the Programme is to enable Cadeler to meet its obligations to its  employees arising from certain of Cadeler’s share-based incentive programmes.  So, unfortunately, no actual return of capital yet. I also listened to the Q1 call, and the company did describe their view of market development in a bit more detail. They are still forecasting 2028 to be a slightly quieter year in the market, but after that, strong growth and a significant shortage of vessels are expected again. Another thing that was positive, at least for me, was that the company’s move into foundation installation (A-class vessels) was a request coming from customers. The idea for customers here is likely that they can transfer part of the coordination work to Cadeler, allowing the project to be completed faster and more efficiently. Initially, this trend sounded a bit concerning to me—apparently, it had raised concerns for others as well, and now the company wanted to clarify this specifically. As for the quieter performance in the early part of the year (utilization rates), the company stated this was fully according to plan, as vessels were transitioning to new projects as is typical in the beginning of the year. So, there is a certain seasonality within the year (logical considering wind conditions), and this can be expected to continue to some extent in the future. I personally don’t see any significant problems from the market side, and so far the company has performed quite steadily and reliably, so I believe this company will manage well through slightly softer periods in the market.

Analysts make minor adjustments to target prices (machine-translated from Nordnet’s news feed). Nordea Markets is concerned about the booking status for vessels in 2028-29.  ABG Sundal Collier and Danske Bank are raising their target prices for Cadeler. ABG’s new target price is 70 NOK (previously 64) and Danske Bank’s is 75 NOK (70). Both reiterate their buy recommendations for the stock. Nordea Markets, on the other hand, reiterates its hold recommendation and lowers the stock’s fair value to 60 NOK (62).    Rest of the news  This is evident from analyses published on Wednesday and Thursday. ABG is lowering its EBITDA forecasts for 2026 and 2027 by 3 and 6 percent following a weaker-than-expected first quarter. However, the brokerage sees good long-term earnings potential as new vessels are delivered to a market that the company considers undersupplied. Danske Bank writes that the reported first-quarter results did not fully reflect underperforming operations, but believes Cadeler still has good control over cost development, cash flow generation, and investments. The brokerage is now including newbuilds in its valuation and is thus raising the target price. Nordea Markets is not making significant changes to its forecasts following Cadeler’s interim report. The bank expects cash flow generation for 2026–2027 to be strong due to low internally funded investments and a healthy order book. “Forecasts for 2028–2029 are dependent on contract wins, as only 25 percent of vessel days have been booked so far. We currently assume a 70 percent utilization rate for the entire fleet (and are below consensus regarding EBITDA), which creates downside risk for our forecasts if the gaps in the order book do not start filling up soon, especially for 2028,” Nordea writes, noting that a stronger krone has had a weakening effect on the lower fair value estimate.

It seems it was authentic after all. The content appears to be identical word-for-word, so one could imagine that some party might receive administrative fines for this (perhaps there was an error in MarketScreener’s systems). Q1 2026 Earnings Release: Cadeler reports strong Q1 performance driven by fleet expansion and operational activity in line with expectations - Inderes (An email from the company also popped up at the same time). The content itself is quite as expected, and growth remains strong as the new vessels begin their operations. I need to listen to the actual call this afternoon to see if there is a bit more information regarding what the order book for the coming years looks like and how they are positioned for future tenders. Personally, I see the situation as quite favorable, and I believe it was mentioned that next year the loan covenants will begin to allow capital distributions to shareholders as well.

MarketScreener published this earlier this morning, which appears to be an authentic Q1 report from Cadeler, just one day early.  It is not on the company’s own website, of course. Is today’s big drop (-8%) related to this? https://www.marketscreener.com/news/q1-2026-earnings-release-cadeler-reports-strong-q1-performance-driven-by-fleet-expansion-and-operat-ce7f5adbdc8ff021  Edit: I assume the report is genuine (accidentally published early) and the market has reacted to it today. Utilization rate decreased from a year ago (55.3% → 47.6%) due to, among other things, the transit of Wind Ally and Wind Mover from Asia to Europe and the maintenance docking of Wind Orca. As a result, the EBITDA margin is “only” 37.6%. Otherwise, it looks good to my eye. Expectations probably got a bit out of hand during the share price rise over the last couple of weeks.  Mikkel Gleerup, CEO of Cadeler, comments: “The first quarter of 2026 reflects the continued scaling of our business following the expansion of our operating fleet over the past year. While the integration of new capacity naturally impacts utilisation in the short term, we are seeing strong underlying operational activity across the fleet. At the same time, we continue to strengthen our financial platform and invest in the next phase of Cadeler’s growth - positioning Cadeler to support the increasing global demand for offshore wind installation capacity.”    Quick overview (Google AI)  Revenue at €125M: While nearly doubling year-on-year from €65M, it actually represents a near-term miss against analyst expectations of around €150M. Since the fleet doubled from 5 to 10 vessels, the top-line growth is driven by sheer capacity expansion rather than higher revenue per ship, reflecting significant transit periods. EBITDA at €47M: This lands at a 37.6% margin, which is the clear soft spot of the report when compared to the ~52% guided full-year average. It proves that having assets in transit or maintenance heavily penalizes near-term profitability, as fixed costs keep running while day-rates are paused. Utilization at 47.6%: This explains the margin drag. Less than half of the fleet was actively billing clients, heavily impacted by the transit times for Wind Ally and Wind Mover, alongside scheduled maintenance for Wind Orca. The Backlog and Guidance Safety Net: The €2.7B backlog remains the rock-solid anchor, with 82% locked into Final Investment Decisions (FIDs). Crucially, management reiterated the full-year EBITDA guidance of €420M–€510M.

This guy on Youtube has a pretty good fresh wind power analysis from yesterday. He has already discussed CapMan’s (Cadeler) performance in several videos. Someone might have already linked to this same guy’s previous video. https://www.youtube.com/watch?v=xlyrJIrXWTY

I don’t know what the correct term is or if it really matters what the term is. In the surface parts of the seabed, sediments are often very loose, and therefore this phenomenon often occurs. It’s probably a good idea for Cadeler to diversify its capacity with this. The linked videos were impressive. Then my own comment on the results and future plans: Cadeler delivered impressive results again. And the guidance was quite decent in my opinion, relative to the low valuation. But anyway, this geopolitical environment will surely benefit Cadeler (I’m referring to the Persian Gulf oil/gas crisis chaos). And that’s why the fleet is being expanded. I believe phones have been ringing off the hook trying to find alternatives to oil and natural gas. Offshore wind power is one potential solution to reduce dependence on fossil fuels, and many wind power construction companies are natively found in Europe. So I argue that analysts’ “caution” doesn’t include such a speculative but sensible aspect, but rather they have primarily seen rapid growth and risks. I could add even more, even though it’s already a large position.

I don’t know what the correct Finnish term would be, but perhaps @Sahti-Laine knows the correct name for this term? The idea is to prevent the reduction of foundation support on the seabed caused by pressure fluctuations from waves. I found a short, very illustrative video on the subject:               So, the starting point is likely a fairly traditional-looking cargo vessel with heavy-duty cranes (typically 400t/crane). These are called Heavylift vessels (note: there are also slightly different types of heavy lift vessels that should not be confused with these). The intention is apparently to modify it so that a pipe can be installed on the vessel, which can be directed close to the foundation on the seabed. From the vessel, rocks would then be lowered to protect the foundation. In addition, the vessel must be able to stay in position quite accurately to avoid damage – there are vessels on the market that already have this capability, and modifying one to do so is not difficult. Boskalis’ website has a good video that talks about their similar vessels. Fallpipe vessels | Boskalis

Cadeler

Copenhagen, 18 July 2025 - Cadeler has taken delivery of its latest acquisition, the vessel Wind Keeper, ahead of schedule. The newest addition to the fleet has today landed her first long-term...

<pre>Copenhagen, 18 July 2025 - Cadeler has taken delivery of its latest acquisition, the vessel Wind Keeper, ahead of schedule. The newest addition to the fleet has today landed her first long-term firm contract with Vestas, for a three-year period commencing early in 2026. Cadeler announced its agreement to purchase the newly constructed jack-up vessel, the Wind Keeper, last month and the vessel has now officially been delivered to the company. She becomes the eighth vessel in Cadeler's growing fleet, further strengthening the company's capacity to install and maintain large-scale offshore wind projects. In conjunction with the Wind Keeper's delivery, Cadeler has also signed a significant long-term contract with Vestas. The contract contemplates a firm period of three years with additional options of two and a half years in aggregate. The firm value of the contract to Cadeler is approximately EUR 210m</pre>

CADLR: Cadeler takes delivery of Wind Keeper and locks down first three years of utilisation with the signing of a long-term firm contract

CADLR: Cadeler takes delivery of Wind Keeper and locks down first three years of utilisation with the signing of a long-term firm contract