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Ørsted
Ørsted (ORSTED) investor relations material
Ørsted Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
2025 marked a pivotal year with a sharpened focus on offshore wind in core European and select APAC markets, supported by a robust capital structure and strategic divestments.
Strategic priorities included capital structure strengthening, disciplined capital allocation, project execution, and organizational efficiency.
Achieved 99% renewable generation, completed green transformation, and reduced Scope 1 and 2 emissions intensity by over 98% since 2006.
Completed rights issue and finalized partnership/divestment program, securing DKK 46bn in proceeds across 2025 and 2026.
Major project milestones: Gode Wind 3 commissioned, Borkum Riffgrund 3 and Greater Changhua 2b & 4 delivered first power, and U.S. projects progressed despite legal challenges.
Financial highlights
Delivered EBITDA of DKK 25.1 billion for 2025, in line with guidance, despite below-normal wind speeds.
Net profit reached DKK 3.2 billion, driven by strong operational performance.
Q4 2025 EBITDA was DKK 8.1 billion, up DKK 500 million year-over-year; Q4 net profit was negative DKK 3.4 billion due to non-cash impacts and impairments.
Exceeded divestment program target, securing DKK 46 billion in proceeds versus a DKK 35 billion target.
Offshore sites delivered strong earnings, driven by ramp-up at Gode Wind 3, compensation at Borkum Riffgrund 3, and higher availability rates.
Outlook and guidance
2026 EBITDA expected to exceed DKK 28 billion, with higher offshore earnings from project ramp-ups and normalized wind speeds.
Over 2.5 GW offshore wind capacity to be commissioned across three continents in 2026.
Gross investments for 2026 projected at DKK 50–55 billion; committed capital for 2025–2027 remains at DKK 145 billion.
ROCE expected to improve to around 11% in 2026–2027 and above 13% for 2028–2030.
Target to reinstate dividend for the financial year 2026.
Future growth strategy post-2028
US project durable solution details
North Sea LCOE reduction without China?
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Next Ørsted earnings date
Q1 20266 May, 2026
Ørsted
Next Ørsted earnings date
Q1 20266 May, 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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