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Ørsted Audit Report / Information 2025
3378_rns_2026-02-06_92a6bac0-1efe-461a-96ea-bd468bb38a58.pdf
Audit Report / Information
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Company announcement No. 02/2026
Ørsted
Kraftværksvej 53 Skærbæk DK-7000 Fredericia
www.orsted.com Company registration no. (CVR no.) 36 21 37 28
6 February 2026
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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.
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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. |
|
8,095 | 7,554 | 7 % | 25,065 | 24,751 | 1% |
| 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 [email protected]
Investor Relations
Rasmus Keglberg Hærvig +45 99 55 90 95 [email protected]
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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.