DJ A stronger and more competitive Ørsted after a defining year with earnings of DKK 25.1 billion within guidance
Ørsted A/S (Orsted)
A stronger and more competitive Ørsted after a defining year with earnings of DKK 25.1 billion within guidance
06-Feb-2026 / 08:00 CET/CEST
=----------------------------------------------------------------------------------------------------------------------
6.2.2026 08:00:01 CET | Ørsted A/S | Annual Financial Report
Today, Ørsted's Board of Directors approved the annual report for 2025.
Ørsted has taken significant steps to deliver on its strategic priorities during the year. This includes a strengthened
capital structure through the successful completion of the rights issue, and the finalisation of the divestment
programme for 2025 and 2026 earlier than planned and with higher proceeds than expected, as well as a strong
operational performance. Consequently, our EBITDA (excluding new partnership agreements and cancellation fees) was DKK
25.1 billion, which is within our guiding range of DKK 24 to 27 billion, and we delivered a net profit for the year of
DKK 3.2 billion.
Rasmus Errboe, Group President and CEO of Ørsted, says in a comment to the annual report for 2025:
"2025 was a defining year for Ørsted. I'm satisfied with the large steps we've taken to create a stronger, more
focused, and more competitive Ørsted, even if we still have a lot of work ahead of us. We've strengthened our financial
foundation and focused our business on offshore wind, and we now have financial flexibility to pursue attractive
offshore wind opportunities in Europe and select markets in Asia Pacific."
"I'm satisfied with the good progress across our offshore construction programme, which will grow our installed
capacity within offshore wind to more than 18 GW by the end of 2027. In 2025, we also delivered strong operational
performance within guidance, and we increased offshore generation by 6 % compared to 2024 - despite wind speeds below
the norm - driven by higher availability rates from our offshore wind farms and ramp-up of generation from Gode Wind 3
in Germany."
Highlights from the execution of our business plan in 2025
The first of the four strategic priorities in our business plan is to strengthen our capital structure. Throughout
2025, we have delivered on this priority according to plan and now have a robust capital structure. We completed a
rights issue of approximately DKK 60 billion in gross proceeds, and we are thankful for the strong support we received
from our shareholders. In addition, we have now effectively finalised our partnership and divestment programme through
the divestment of a 50 % equity stake in the 2.9 GW Hornsea 3 Offshore Wind Farm in the UK, a 55 % stake in the 632 MW
Greater Changhua 2 Offshore Wind Farms in Taiwan, and the divestment of our European onshore business. By securing
around DKK 46 billion in proceeds from our divestment programme, we have delivered more than our announced target of
over DKK 35 billion.
Our second priority is to deliver on our 8.1 GW offshore wind construction portfolio, and we have made strong progress
across our six construction projects spanning three continents. On 22 December, Revolution Wind, LLC and Sunrise Wind
LLC each received suspension orders from the director of the U.S. Department of the Interior's Bureau of Ocean Energy
Management ('BOEM'). Both companies pursued litigation separately, including motions for preliminary injunctions
against the orders while the lawsuits over them proceed. The motions were granted by the U.S. District Court for the
District of Columbia on 12 January and 2 February, respectively. Both project companies have restarted the impacted
activities while their lawsuits over the orders proceed. We are on an ongoing basis determining how we can work with
the US Administration to achieve an expeditious and durable resolution.
Our third priority is to ensure a focused and disciplined approach to capital allocation, with a strategic emphasis on
offshore wind opportunities in Europe and select markets in APAC. During the year, we demonstrated this disciplined
approach in relation to Hornsea 4, which we are now reconfiguring for potential future development. The decision to
reconfigure was taken prior to incurring significant breakaway costs, and we continue to hold the seabed lease, grid
connection, and key permits. In Q4 2025, we were awarded the rights to develop the 900 MW offshore wind farm site Tonn
Nua off the Irish coast with our partner ESB. This is an early-stage opportunity, and the project will be assessed and
matured to ensure that it meets our value creation criteria.
Our fourth priority is to improve our competitiveness. Our first efforts on this were to establish a new organisational
structure and adjust the Group Executive Team to reflect the full offshore wind value chain with development,
construction, and generation. We have initiated numerous measures to enhance our competitiveness within our business
model. Within our Generation organisation, we are taking several measures to improve our output and to lower our cost
base through portfolio and operational efficiencies. We have also announced that we will be reducing our organisation
by approximately 2,000 positions towards the end of 2027 in order to improve our cost-efficiency and create a more
flexible organisation going forward.
Guidance for 2026
In 2026, EBITDA excluding new partnership agreements and cancellation fees is expected to be above DKK 28 billion, and
gross investments are expected to be DKK 50-55 billion.
Results for 2025
EBITDA excluding new partnership agreements and cancellation fees increased by DKK 0.3 billion and amounted to DKK 25.1
billion, in line with our guided range of DKK 24 to 27 billion. EBITDA including new partnerships and cancellation fees
for 2025 totalled DKK 22.4 billion.
Despite offshore wind speeds being lower than last year, earnings from our Offshore sites amounted to DKK 24.3 billion,
representing an increase of approx. DKK 0.5 billion, which in part was driven by higher availability rates, ramp-up
generation at Gode Wind 3, and compensation for grid delay at Borkum Riffgrund 3 in Germany.
Profit for the year totalled DKK 3.2 billion, DKK 3.2 billion higher than in 2024. ROCE adjusted for impairment losses
and cancellation fees in 2025 was 8.4 %.
DKKm Q4 2025 Q4 2024 % 2025 2024 %
EBITDA 3,869 8,353 (54 %) 22,448 31,959 (30 %)
- New partnerships (4,395) (127) n.a. (1,255) (127) 888 %
- Cancellation fees 169 926 (82 %) (1,362) 7,335 n.a.
- EBITDA excl. new partnerships 8,095 7,554 7 % 25,065 24,751 1 %
and cancellation fees
Impairments (2,128) (12,127) (82 %) (3,633) (15,563) (77 %)
Profit (loss) for the period (3,371) (6,084) (45 %) 3,165 16 n.a.
Cash flow from operating activities 17,087 10,306 66 % 23,741 18,356 29 %
Gross investments (15,052) (17,114) (12 %) (54,976) (42,808) 28 %
Divestments 5,196 13,317 (61 %) 12,385 15,680 (21 %)
Free cash flow 7,231 6,509 11 % (18,850) (8,772) 115 %
Net interest-bearing debt 18,978 58,027 (67 %) 18,978 58,027 (67 %)
FFO/adjusted net debt 42.9 12.7 30 %p 42.9 12.7 30 %p
ROCE 5.4 4.5 1 %p 5.4 4.5 1 %p
For further information, please contact:
Global Media Relations Michael Korsgaard +45 99 55 95 52 globalmedia@orsted.com
Investor Relations Rasmus Keglberg Hærvig +45 99 55 90 95 ir@orsted.com
Earnings call In connection with the presentation of the annual report for 2025, an earnings call for investors and analysts will be held on Friday, 6 February 2026 at 14:00 CET.
The earnings call can be followed live at:
https://getvisualtv.net/stream/?orsted-full-year-results-2025
The interim report is available for download at: https://orsted.com/financial-reports
Attachments to this company announcement:
Ørsted Annual Report 2025 (PDF)
Company announcement (PDF)
Investor presentation (PDF)
About Ørsted Ørsted is a global leader in developing, constructing, and operating offshore wind farms, with a core focus on Europe. Backed by more than 30 years of experience in offshore wind, Ørsted has 10.2 GW of installed offshore capacity and 8.1 GW under construction. Ørsted's total installed renewable energy capacity spanning Europe, Asia Pacific, and North America exceeds 18 GW across a portfolio that also includes onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Widely recognised as a global sustainability leader, Ørsted is guided by its vision of a world that runs entirely on green energy. Headquartered in Denmark, Ørsted employs approximately 8,000 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2025, the group's operating profit excluding new partnerships and cancellation fees was DKK 25.1 billion (EUR 3.4 billion). Visit orsted.com or follow us on LinkedIn and Instagram.
Attachments
. Orsted-2025-12-31-en.zip . Annual Report 2025.pdf . Q4 2025 - Orsted - IR presentation.pdf . Orsted CA No 2.pdf
News Source: Ørsted A/S -----------------------------------------------------------------------------------------------------------------------
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
View original content: EQS News -----------------------------------------------------------------------------------------------------------------------
ISIN: DK0060094928 Category Code: ACS TIDM: Orsted LEI Code: W9NG6WMZIYEU8VEDOG48 Sequence No.: 417337 EQS News ID: 2272446 End of Announcement EQS News Service =------------------------------------------------------------------------------------
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=2272446&application_name=news&site_id=dow_jones%7e%7e%7ebed8b539-0373-42bd-8d0e-f3efeec9bbed
(END) Dow Jones Newswires
February 06, 2026 02:00 ET (07:00 GMT)
