Ørsted has published its interim report for the first nine months of 2025 and says progress continues on its strategic priorities. The company highlights a stronger capital structure following a rights issue and the sale of a 50 percent stake in the 2.9 GW Hornsea 3 offshore wind farm in the UK.
The rights issue raised DKK 60 billion and the Hornsea 3 divestment further supported balance sheet measures. Ørsted also reports ongoing construction progress across its 8.1 GW offshore wind portfolio, including the installation of the remaining offshore substations for the Northeast programme in the USA. Once fully commissioned, the current portfolio is expected to add an annual EBITDA contribution of DKK 11-12 billion.
Ørsted has confirmed a reduction of around 2,000 roles by the end of 2027 as part of efforts to improve competitiveness and reflect a strategic focus on offshore wind in Europe. Full-year guidance is unchanged, with expected EBITDA of DKK 24-27 billion excluding earnings from new partnerships and cancellation fees. Gross investments remain guided at DKK 50-54 billion.
For the first nine months of 2025, EBITDA was DKK 18.6 billion compared with DKK 23.6 billion in the same period last year, mainly due to the non-recurrence of cancellation fees booked in 2024. Earnings from operating offshore sites rose 5 percent to DKK 16.1 billion, supported by higher availability but partly offset by lower wind speeds. Profit for the period was DKK 6.5 billion, up slightly year on year. Return on capital employed was 2.0 percent, or 10.2 percent when adjusted for impairment losses and cancellation fees.
