Ørsted (ORSTED) Q2 2025 earnings summary

Executive summary

• Announced a fully underwritten DKK 60 billion rights issue, supported by the Danish State, to strengthen capital structure and cover incremental funding needs after discontinuing the Sunrise Wind divestment and project financing in the US offshore wind market.

• Strong H1 2025 operational performance with EBITDA of DKK 15.5 billion, up 10% year-over-year, and profit for the period at DKK 8.2 billion, driven by higher availability and new asset ramp-ups.

• Major construction milestones achieved: first power at Greater Changhua 2B/4 (Taiwan), turbine foundation installation at Revolution Wind (U.S.), and project financing for Greater Changhua 2a/2b.

• Offshore portfolio availability improved to 92% year-over-year; renewable generation share at 99%.

• Decision to discontinue Hornsea 4 in its current form, resulting in DKK 2.9 billion cancellation fees and DKK 0.5 billion impairment.

Financial highlights

• Q2 2025 EBITDA was DKK 6.6 billion, up 1% year-over-year; H1 2025 EBITDA of DKK 15.5 billion, up 10% year-over-year.

• Net profit of DKK 8.2 billion in H1 2025, up from DKK 0.9 billion in H1 2024.

• Revenue increased 11% to DKK 37.8 billion in H1 2025, mainly from higher power generation and prices.

• Free cash flow was negative DKK 9.9 billion in H1 2025, mainly due to high investments and lower operating cash flow.

• Interest-bearing net debt increased to DKK 67.1 billion as of June 2025.

Outlook and guidance

• Full-year 2025 EBITDA guidance (excluding new partnerships and cancellation fees) maintained at DKK 25–28 billion.

• EBITDA expected to exceed DKK 28 billion in 2026 and DKK 32 billion in 2027, driven by project commissioning and operational improvements.

• Installed renewable capacity projected at 27 GW by 2027, with 8.1 GW under construction.

• Dividend reinstatement planned for financial year 2026, with payout in 2027.

• Gross investments for 2025 expected at DKK 50–54 billion, unchanged from previous guidance.