Ørsted (ORSTED) Q3 2025 earnings summary

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.