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Ørsted Earnings Release 2024
3378_iss_2025-01-20_9b2d9d52-ac9d-40f4-addf-00644c3eb231.pdf
Earnings Release
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Company announcement No. 01/2025
Ørsted Kraftværksvej 53 Skærbæk DK-7000 Fredericia
www.orsted.com Company registration no. (CVR no.) 36 21 37 28
20 January 2025
The developments relating to the interest rate increase, seabed leases, and the execution of Sunrise Wind, will, in aggregate, result in a DKK 12.1 billion impairment in Q4 2024.
Mads Nipper, Group President and CEO of Ørsted, says:
"The impairments announced today, and especially the continued construction challenges, are very disappointing. We are, however, encouraged by the performance of our operations, and we're confirming our full-year EBITDA guidance, supported by the increasing power production from our growing global fleet of renewable energy assets.
"We remain committed to the US market in the long term with its potential for renewables to meet the growing electricity demand and create thousands of industrial jobs across the US. We continue to navigate the complexities and uncertainties we face in a nascent offshore industry in the new US market. Our dedicated efforts to strengthen execution and navigate supply chain challenges will continue. We're working diligently and in close collaboration with our suppliers to manage the remaining risks impacting the construction of Sunrise Wind. Delivering the project within the updated schedule and cost is an absolute top priority for Ørsted.
"Including these adverse developments, the Sunrise Wind project is still profitable with a mid-single-digit lifecycle IRR and an attractive forwardlooking IRR based on current assumptions. With enough offshore wind energy to power nearly 600,000 domestic homes, Sunrise Wind will create hundreds of long-term US-based jobs and build a statewide renewable energy economy that will energise New York for decades to come."
Investor and analyst call
In connection with the announcement of the impairments and preliminary and unaudited EBITDA for 2024, a call for investors and analysts will be held on 21 January 2025 at 08:00 CET.
The investor and analyst call can be followed live at https://getvisualtv.net/stream/?orsted-update-hpvawfblmk.
Presentation slides will be available after the call at: Annual reports and presentations | Ørsted
Ørsted will publish its annual report for 2024 on Thursday, 6 February 2025.
For further information, please contact:
Media Relations Lina Danstrup +45 99 55 76 96 [email protected]
Investor Relations Rasmus Keglberg Hærvig +45 99 55 90 95 [email protected]
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,400 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2023, the group's revenue was DKK 79.3 billion (EUR 10.6 billion). Visit orsted.com or follow us on Eacebook, LinkedIn, Instagram, and X.