$CDLR

The transformation the company has gone through compared with the previous year is truly impressive. There has been an incredible increase in profitability. The jump in net profit from €65M to €280M, about a 330% increase, and the 149% growth in revenue show that the company is not only doing more business, but is also earning much more profit from that business, meaning it is expanding its margins.
The increase in backlog from €2.3B to €2.8B is a sign of confidence. This figure is proof that the company will not be slowing down over the next few years and that its cash flow is largely secured.
The company expects its revenue to rise to €845M-$944M in 2026. So far, that is great.
However, the 2026 EBITDA guidance is in the range of €420M-$510M. EBITDA had already reached €425M in 2025.
This shows that even though the company will generate much more revenue in 2026, its profit margins are likely to narrow. If they stay closer to the low end of that range, around €420M, profitability could even decline compared with the previous year. This is probably due to rising operating costs, depreciation, or ramp up expenses related to launching new vessels and bringing new projects online. I think that is why the stock did not react to this earnings report.