Orsted has posted a 9% year-on-year rise in underlying EBITDA to just shy of €2bn for the first half of 2025, driven by stronger offshore wind output and project compensations.
The Danish renewables giant said operating profit excluding earnings from new partnerships and cancellation fees increased from DKK12.76bn in H1 2024, despite weaker wind speeds in the early months of the year.
Statutory EBITDA came in at DKK15.52bn, up from DKK14.06bn.
Earnings from offshore sites totalled DKK12.5bn, a DKK1.1bn uplift year-on-year, fuelled by the ramp-up of generation at Gode Wind 3, compensation payments for grid delays at Borkum Riffgrund 3 (pictured), and higher turbine availability.
These gains were partly offset by less favourable wind conditions.
Net profit surged to DKK8.24bn from just DKK931m a year earlier, with return on capital employed climbing to 7.5% – or 12.3% when adjusted for impairments and cancellation fees.
Group president and CEO Rasmus Errboe said the operational performance underpinned full-year EBITDA guidance of DKK25–28bn.
“I’m satisfied with our strong operational performance during H1 2025, where we saw strong earnings of DKK13.9bn supporting our full-year EBITDA guidance,” Errboe said.
Ørsted said it continued to advance its construction portfolio in the first half, with almost 70% of turbines installed at Revolution Wind in the US, first foundations in place at Sunrise Wind, and first power achieved at Taiwan’s Greater Changhua 2b and 4.
Gross investments in H1 jumped 57% to DKK24.95bn, while divestment proceeds rose to DKK7.25bn from DKK2.26bn. Net interest-bearing debt climbed to DKK67.14bn from DKK49.37bn.
Ørsted maintained its full-year gross investment guidance of DKK50–54bn but changed its offshore directional guidance from “higher” to “neutral” due to the weaker early-year wind resource.
Errboe said the group was also executing on strategic priorities including capital discipline – as shown by halting Hornsea 4 in its current form and pausing participation in Danish CCS tenders – and exploring a full sale of its European onshore business.
“We will continue to rightsize our organisation and lower our costs to become more competitive and flexible as part of our winning formula for the future,” he added.