Orsted recorded a loss of €450m for the fourth quarter of 2025 but still delivered full-year results that met expectations, with EBITDA excluding new partnership agreements and cancellation fees reaching over €3bn.
The company said the annual EBITDA outcome was within its guided range and reported a net profit of €420m for the full-year.
Group president and chief executive Rasmus Errboe stated that 2025 had been “a defining year for Ørsted” and highlighted progress in strengthening the financial foundation and focusing the business on offshore wind.
“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,” said Errboe.
He added that the company now has “financial flexibility to pursue attractive offshore wind opportunities in Europe and select markets in Asia Pacific”.
Errboe said he was also satisfied with progress across the offshore construction programme, which is expected to lift installed capacity to more than 18GW by the end of 2027.
He noted that offshore generation increased by 6% in 2025 despite below-normal wind speeds, driven by higher availability rates and the ramp-up of Gode Wind 3 in Germany.
Orsted highlighted that offshore earnings rose to €3.3bn, an increase of roughly €66m year-on-year, partly supported by compensation for a grid delay at Borkum Riffgrund 3.
The company said it strengthened its capital structure through a rights issue that delivered approximately DKK 60 billion in gross proceeds.
It added that it finalised its 2025-26 partnership and divestment programme earlier than planned, securing around €6bn from the sale of stakes in Hornsea 3 in the UK, Greater Changhua 2 in Taiwan, and its European onshore business.
Orsted detailed progress across its 8.1GW offshore construction portfolio but reported that Revolution Wind and Sunrise Wind had received suspension orders from the US Bureau of Ocean Energy Management in December.
Both project companies secured preliminary injunctions in January and February that allowed impacted activities to restart while litigation proceeds, according to Orsted.
The group said it is continuing to determine how to work with the US administration to secure an expeditious and durable resolution.
Orsted also pointed to a disciplined approach to capital allocation, noting that Hornsea 4 is being reconfigured for potential future development while retaining seabed rights, grid connection and key permits.
The developer was awarded rights in the fourth quarter to progress the 900MW Tonn Nua offshore wind site off Ireland with partner ESB.
Orsted said it has begun implementing measures to improve competitiveness, including establishing a new organisational structure and initiating steps to enhance output and reduce costs across its generation business.
The company confirmed plans to reduce its organisation by about 2,000 positions by the end of 2027 to improve cost-efficiency.
Guidance for 2026 points to EBITDA excluding partnerships and cancellation fees of above €3.7bn and gross investments of €6.7bn to €7.4bn.