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Ørsted Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Strengthened capital structure through a DKK 60 billion rights issue and divestment of 50% in Hornsea 3 to Apollo for DKK 39 billion, supporting funding and partnership strategy.
Achieved 9M 2025 EBITDA of DKK 17.0 billion (excluding new partnerships and cancellation fees), on track for full-year guidance of DKK 24–27 billion.
Maintained 99% renewable generation share and strong safety performance, with high offshore portfolio availability (94%).
Announced organisational rightsizing targeting DKK 2 billion annual cost savings by 2028 and 2,000 position reductions by 2027.
Focused capital allocation on offshore wind in Europe and select APAC markets.
Financial highlights
Q3 2025 EBITDA (excluding new partnerships and cancellation fees) was DKK 3.1 billion, down 31% year-over-year; 9M 2025 EBITDA was DKK 17.0 billion, down 1%.
Net profit for Q3 2025 was negative DKK 1.7 billion, mainly due to impairments and lower earnings.
Revenue for 9M 2025 was DKK 50.1 billion, flat year-over-year.
Interest-bearing net debt increased to DKK 83.2 billion at 30 Sep 2025, up DKK 16 billion from June, with gross proceeds of DKK 60 billion from rights issue to be reflected in Q4.
Free cash flow for 9M 2025 was DKK -26.1 billion, compared to DKK -15.3 billion in 9M 2024.
Outlook and guidance
Full-year 2025 EBITDA guidance (excluding new partnerships and cancellation fees) maintained at DKK 24–27 billion.
Gross investments for 2025 expected at DKK 50–54 billion.
Guidance assumes normal wind speeds and is subject to regulatory and market uncertainties, especially in the US.
FFO to adjusted net debt expected to rise above 30% next quarter as proceeds from rights issue and Hornsea 3 close.
Target to reinstate dividend for the financial year 2026.
US Section 232 inquiry: potential tariff scope?
Capital plan: sufficient for 8.1 GW portfolio?
Rightsizing: impact on project execution capacity?
Post-derisking capital allocation priorities?
Post-2028 offshore wind growth strategy?
Revolution Wind critical path to COD?
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Q4 20256 Feb, 2026
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Frequently asked questions
Danish Renewable Energy
Ørsted AS, headquartered in Denmark, is a multinational power company that primarily specializes in renewable energy. It was established in 1972 and originally focused on oil and gas exploration, but in recent years the company has undergone a significant transition and is now a leader in offshore wind power. Apart from wind energy, Ørsted also invests in other sustainable energy technologies, including bioenergy and green hydrogen solutions. Today, Ørsted operates internationally, with numerous offshore wind farms and bioenergy plants across various regions.
The Winds of Change
Ørsted was founded in 1972 as "Dansk Naturgas A/S" with a primary focus on oil and gas. Over the years, the company has undergone numerous transformations and rebrandings, the most significant of which took place in 2017 when the company changed its name from DONG Energy to Ørsted. This shift also marked a strategic pivot away from oil and gas towards a fully-fledged focus on green energy.
Ørsted has become a key player in the offshore wind industry. With the aim of contributing to a world that runs entirely on green energy, Ørsted is responsible for some of the world’s largest offshore wind farms. The company has a considerable amount of installed wind energy capacity and is developing a robust pipeline of projects across Europe, North America, and Asia.
Beyond Wind Energy
Aside from wind energy, Ørsted has also diversified and moved into bioenergy and green hydrogen and the company operates a number of bioenergy plants and waste-to-energy facilities. In terms of green hydrogen, Ørsted is exploring how this renewable form of hydrogen, produced using wind and water, can contribute to the decarbonization of sectors that cannot directly use electricity, such as heavy transport and industry.
Driving Change
In the Nordic energy sector, Ørsted stands out as a pioneering company, with its ambitious green transformation being a testament to its innovative approach. With the global push towards decarbonization, Ørsted is well-positioned to leverage its expertise in renewable energy development and play a significant role in the future energy landscape as we move towards depending more and more on renewables. Europe is a hotspot for green energy with companies like Ørsted, Vestas, and Iberdrola being important players. In the US, NextEra is one of the energy providers leading the charge toward a greener future.
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