Company Reports

Orsted's second-quarter underlying EBITDA increased by 2% year on year to DKK 5.4 billion. Net profit tumbled by 79%, missing the company-compiled consensus by a wide margin. The group confirmed its 2026 guidance of an EBITDA ahead of DKK 28 billion. Shares were down 3% intraday on Aug. 13.

Orsted's first-quarter underlying EBITDA increased 11% year on year to DKK 9.6 billion. However, net profit halved because of a DKK 1.4 billion impairment on US wind farms due to higher interest rates and a higher tax rate. Shares were down 4% intraday on May 6.

The UK government announced on April 21 that it will increase the electricity levy by 10% to 55% to push renewables power producers exposed to wholesale power prices to switch to contract-for-difference as of next year. SSE, Centrica, Orsted, and RWE are trading 2%-4% higher at the time of writing.

With 10.2 gigawatts of gross offshore wind capacity and 4.9 GW of net capacity at the end of 2024, Orsted is the leader in offshore wind, an industry that it pioneered in the 1990s.

Orsted's underlying 2025 EBITDA increased by 1% to DKK 25.1 billion, in line with company-compiled consensus. The 2026 underlying EBITDA guidance was maintained at above EUR 28 billion, in line with consensus' DKK 28.5 billion and our DKK 28.8 billion.

Orsted agreed to sell its European onshore business for EUR 1.44 billion (DKK 10.7 billion) to Copenhagen Infrastructure Partners. The group put the business up for sale in August 2025 as part of a strategic refocus on offshore wind in its core European markets.

On Jan. 26, governments of Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, and the UK, alongside the wind industry and transmission system operators, signed the Joint Offshore Wind Investment Pact for the North Seas. Vestas shares jumped by 7% on the news.

The UK government awarded a record 8.4 gigawatts of offshore wind capacity in Allocation Round 7. RWE emerged as the largest winner with 6.9 GW. SSE secured 1.4 GW of capacity. Orsted, the current leader in the UK market, got nothing.

On Jan. 12, the US District Court for the District of Columbia granted Orsted's preliminary injunction for the Revolution Wind project, which was ordered to stop construction on Dec. 22, along with all US offshore wind projects. Orsted shares were up 5% in Jan. 13 trading.

With 9.9 gigawatts of gross offshore wind capacity and 5.3 GW of net capacity at the end of 2024, Orsted is the leader in offshore wind, an industry that it pioneered in the 1990s.

On Dec. 22, the Trump administration suspended leases on the five offshore wind projects under construction in the US, citing national security risks identified by the Department of Defense and pointing to inherent risks of radar interference from the turbines. This sent Orsted shares down by 13%.

The European utilities sector increased by nearly 8% since the end of September, outperforming the market by 5% due to stabilizing interest rates, solid third-quarter results, and hopes that artificial intelligence growth will boost electricity consumption in Europe.

Third-quarter underlying EBITDA tumbled by 31%, worsening from 1% growth during the second quarter. Orsted posted a net loss of DKK 1.7 billion because of impairments, versus a DKK 5.2 billion profit last year.

Orsted agreed to divest 50% of the 2.9 GW UK Hornsea project for DKK 39 billion to Apollo. The transaction consists of the acquisition of a 50% equity share for DKK 10 billion (half of the investments spent so far by Orsted) and the commitment to fund 50% of the construction contract's payments.

European utilities shares decreased by 3% since the end of June, underperforming the market by about 6%.

Orsted released the prospectus of its DKK 60 billion rights issue announced on Aug. 11. The firm will issue 900.8 million new shares at a price of DKK 66.6 per share, implying a 67% discount to the last closing share price and a preferential subscription right of DKK 91.

With 9.9 gigawatts of gross offshore wind capacity and 5.3 GW of net capacity at the end of 2024, Orsted is the leader in offshore wind, an industry that it pioneered in the 1990s.

Ahead of its extraordinary general meeting of Sept. 5, Orsted trimmed 2025 EBITDA guidance by DKK 1 billion or 3.8% from DKK 25 billion-DKK 28 billion to DKK 24 billion-DKK 27 billion due to low offshore wind speeds this summer. It also announced a delay at its 0.3 GW Greater Changhua 2b wind farm.

On Aug. 22, the US Bureau of Ocean Energy Management issued a stop-work order for the Revolution Wind project off the coast of Connecticut and Rhode Island, which is 50%-owned by Orsted. The firm confirmed its planned rights issue.

With 9.9 gigawatts of gross offshore wind capacity and 5.3 GW of net capacity at the end of 2024, Orsted is the leader in offshore wind, an industry that it pioneered in the 1990s.