Equinor’s renewables segment reported a $59 million operating loss for the third quarter of 2025, compared with a $1bn loss in the previous quarter and $166 million a year earlier.
The result included total revenues and other income of $34 million, down slightly from $33 million in Q3 2024, while total operating expenses were $92 million, according to the company’s quarterly report.
On an adjusted basis, operating losses narrowed to $64 million, down from $115 million a year earlier, with adjusted revenues of $29 million and administrative expenses of $74 million. Depreciation and impairments totalled $13 million.
Power generation for the quarter increased 36% year-on-year to 0.88TWh, comprising 0.47TWh from offshore wind and 0.41TWh from onshore assets, mainly reflecting higher output from Dogger Bank A and new capacity in Sweden.
Additions to property, plant and equipment, intangibles, and equity investments reached $773 million, including $744 million in offshore wind and $29 million in onshore renewables. Offshore investments were driven by ongoing projects in the US and Europe.
For the first nine months of 2025, Equinor recorded a $1.3 billion net operating loss for renewables, including a $955 million impairment tied to its Empire Wind 1 and 2 projects and the South Brooklyn Marine Terminal. The impairment reflected reduced expected synergies following regulatory changes and increased tariff exposure.
Total renewable power generation for the nine months rose 17% year-on-year to 2.37TWh, split between 1.2TWh offshore and 1.17TWh onshore.
Equinor said lower business development and project costs had reduced operating losses compared to 2024, while continued investment underscored its long-term growth in offshore wind and hybrid renewables.