Orsted

Latest Results (14.03.2026):

Ørsted Q3 2025 — Summary: Ørsted reported Q3 2025 EBITDA of DKK 3.1bn and EBITDA of DKK 17bn for the first nine months (excluding new partnerships and cancellation fees). The company reaffirmed full‑year 2025 EBITDA guidance of DKK 24–27bn and kept gross investment guidance of DKK 50–54bn. Q3 showed a net loss of DKK 1.7bn after DKK 1.8bn of impairments (mainly related to US tariff effects and the Revolution Wind stop‑work order, partly offset by a reversal from lower long‑dated US rates). Ørsted closed a rights issue in October (approx. DKK 60bn proceeds to be reflected in full‑year accounts) and announced a DKK ~39bn transaction to sell 50% of Hornsea 3 to Apollo—supporting capital structure improvements.

Key financials

Q3 EBITDA: DKK 3.1bn; 9M EBITDA (ex. new partnerships/cancellation fees): DKK 17bn. Q3 net profit: negative DKK 1.7bn. Adjusted ROCE (ex. impairments/cancellations): 10.2%; reported ROCE: 2%.

Guidance and investments

Full‑year 2025 EBITDA guidance reiterated at DKK 24–27bn (ex. new partnerships/cancellation fees). Gross investments guidance for 2025 maintained at DKK 50–54bn. Ørsted expects the 6 under‑construction offshore projects to eventually deliver an annual EBITDA run‑rate of DKK 11–12bn.

Impairments and P&L impact

Q3 impairments totaled DKK 1.8bn net: DKK 2.5bn related to higher US tariffs, DKK 0.5bn related to the Revolution Wind stop‑work order, offset by DKK 1.3bn reversal from lower long‑dated US rates. These were a primary driver of the Q3 net loss.

Balance sheet and capital actions

Net interest‑bearing debt at end Q3: DKK 83bn (up ~DKK 16bn in the quarter, driven by gross investments ~DKK 15bn). Rights issue completed early October (~DKK 60bn proceeds to appear in FY accounts). Hornsea 3 selldown to Apollo totals ~DKK 39bn (50% stake); ~DKK 20bn paid on closing, ~DKK 10bn counts toward Ørsted’s targeted proceeds of >DKK 35bn across 2025–26.

Credit metrics

FFO / adjusted net debt ~14% at end Q3; expected to rise to well above the 30% target in the next quarter once rights‑issue proceeds and Hornsea 3 closing are reflected.

Operational performance

Offshore availability strong: 93% for first nine months (94% in Q3). Renewables made up ~99% of generation in 9M 2025 (closing of last coal CHP in H2 2024). Safety TRIR = 2.5 (YTD).

Construction portfolio and project updates

8.1 GW offshore pipeline under construction. Selected project notes: Borkum Riffgrund 3—first power before year‑end, commissioning Q1 2026; Hornsea 3—onshore works and HVDC platforms progressing; Baltica 2 ≈15% complete; Greater Changhua 2b/4 ≈65% complete (export cable damage delays part of 2b to mid‑2026); Revolution Wind ≈85% complete (first power H1 2026, commissioning H2 2026); Sunrise Wind ≈40% complete (commissioning expected H2 2027).

US regulatory / legal risk

Impairments reflect exposure to recent US trade policy (tariffs) and the stop‑work order affecting Revolution and Sunrise. Ørsted is pursuing both legal and dialogue tracks; the injunction for Revolution allowed offshore works to resume. Management continues to monitor and assess potential further regulatory impacts.

Capital allocation & efficiency

Management emphasised prioritising value over volume and a shift toward more flexible partnership/financing models. Organisation adjustments announced to improve competitiveness; expected annual cost savings of ~DKK 2bn from 2028 (incorporated in the business plan).