Orsted

Latest Results (16.07.2026):

Ørsted — Q1 2026: Ørsted delivered a strong operational quarter with EBITDA excluding new partnerships and cancellation fees of DKK 9.5 billion (up >10% y/y), reported net profit of DKK 2.6 billion, and maintained full‑year EBITDA guidance >DKK 28 billion. The quarter included one‑off accounting impacts (DKK 1.4 billion non‑cash impairment and ~DKK 900 million tax effects), continued heavy construction activity across major projects, and a solid liquidity and credit position.

Key numbers

EBITDA excl. new partnerships/cancellation fees: DKK 9.5bn (+>10% y/y). Net profit: DKK 2.6bn. Renewable share of generation: 98%. Offshore availability ~93%.

One‑off items & tax

Non‑cash impairment of DKK 1.4bn (U.S. offshore and onshore) driven by higher long‑dated U.S. interest rates. Tax effect of just under DKK 900m related to deferred tax equity liability following tax equity contributions (Revolution Wind); company plans to monetize most Revolution Wind tax credits via the transferability market.

Balance sheet & liquidity

Net interest‑bearing debt at end Q1: DKK 21.3bn (up DKK 2bn q/q). FFO to adjusted net debt ~42% (target >30%). Total liquidity reserve >DKK 115bn. Gross investments in Q1: DKK 8.2bn.

Guidance

Maintained full‑year EBITDA guidance (excl. new partnerships & cancellation fees) of >DKK 28bn. 2026 gross investments guidance maintained at DKK 50–55bn.

Construction & operational progress

Major milestones: Revolution Wind achieved first power (Mar) and is ~94% complete; Sunrise Wind installed first turbines and is ~47% complete; Greater Changhua 2b & 4 at ~80% complete, on track for Q3 2026 commissioning. Borkum Riffgrund 3: full commissioning moved to Q3 2026 (marginal financial impact). Hornsea 3: ~25% complete; a National Grid connection delay may shift first power to Q1 2027 and commissioning to Q4 2027–Q1 2028 with only minor expected financial impact.

Capital allocation & strategic position

Rights issue and partnership/divestment program progressed: farm‑down proceeds of DKK 47bn vs. >DKK 35bn target; divestment of European onshore closed late April (reflected in Q2). Strategic focus remains on offshore wind in Europe and selected APAC markets with selective, value‑focused investment appetite.

Operational notes & risks

Performance benefited from higher wind speeds and power/ROC prices; trading results and lower ancillary services earnings in Bioenergy weighed on segments. Company says power‑price upside is limited by hedges, CfDs and regulated earnings; supply‑chain and inflationary pressures are being managed and are factored into investment decisions.