Denmark · Delayed Price · Currency is DKK Ørsted Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw EBITDA rise over 10% year-over-year to DKK 9.5 billion, driven by strong offshore wind performance and favorable market conditions. The company maintained its full-year EBITDA guidance above DKK 28 billion and continued to strengthen its capital structure through divestments and rights issues.
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The AGM reviewed a year marked by strategic refocusing, a major rights issue, and strong progress on offshore wind projects despite U.S. regulatory challenges. All board proposals, including dividend suspension and new board appointments, were approved by large majorities.
Fiscal Year 2025
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2025 saw robust EBITDA and net profit, exceeding divestment targets and strengthening the balance sheet. Offshore wind progress, major project milestones, and a sharpened strategic focus position the company for growth, with 2026 EBITDA expected above DKK 28 billion.
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Q3 saw strong progress on strategic priorities, with a strengthened capital structure from a rights issue and Hornsea 3 divestment. EBITDA guidance was reiterated, but net profit was negative due to U.S. project impairments and lower wind speeds. Offshore construction projects remain on track.
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Announced a DKK 60 billion rights issue to fund Sunrise Wind and strengthen capital structure after discontinuing its divestment. Operational and financial performance remains robust, with EBITDA guidance unchanged and major construction milestones achieved. Offshore wind market outlook is strong, with disciplined capital allocation and efficiency measures in place.
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Q1 2025 saw EBITDA rise 18% year-over-year, strong operational performance, and key divestments supporting capital structure. Hornsea 4 was discontinued in its current form due to cost inflation and risk, but long-term offshore wind fundamentals remain robust.
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The AGM reviewed a challenging year marked by U.S. project impairments, a shift to value-focused investments, and a suspension of dividends. All agenda items, including board changes and updated remuneration policy, were approved. Execution, risk management, and sustainability remain top priorities.
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Impairment of DKK 4.3 billion in Q4 2024 is driven by higher U.S. interest rates, reduced seabed lease values, and Sunrise Wind project delays and cost overruns. Despite these challenges, operational performance remains strong and Sunrise Wind is still expected to be profitable with secured permits and vessel charters.
Fiscal Year 2024
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2024 saw strong EBITDA and major strategic milestones, but significant U.S. project impairments led to a 25% reduction in investment plans and a sharper focus on capital discipline. The company targets DKK 210-230 billion in investments by 2030, with robust divestment and efficiency measures supporting its investment-grade rating.
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Q3 saw strong operational and financial performance, with EBITDA up and key milestones achieved, including major UK CFD awards, a significant asset divestment, and progress on construction projects. Impairments were recognized due to U.S. market updates, but guidance for 2024 was narrowed upward.
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Q2 2024 saw a 59% year-over-year EBITDA increase, driven by strong offshore wind performance and new capacity additions. Despite a DKK 2.1 billion impairment from Revolution Wind's delay, full-year guidance and long-term targets remain unchanged, with a robust divestment pipeline and continued focus on risk mitigation.