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Ørsted (ORSTED) investor relations material
Ørsted Pre-Close Call Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Pre-Close Call Presentation summary7 Oct, 2025
Financial performance and outlook
Group EBITDA guidance for 2025 is DKK 24-27 bn, reflecting lower-than-expected wind speeds year-to-date and an EBITDA impact of DKK 1.2 bn.
Offshore generation capacity is expected to increase from 5.2 GW in Q3 2024 to 5.4 GW in Q2 2025, with near full contribution from Gode Wind 3 and a divestment in West of Duddon Sands.
Onshore installed capacity rises to 6.2 GW in Q3 2025, up from 5.7 GW, driven by project completions and farm-downs.
Structurally higher earnings are expected in Q1 and Q4 due to seasonality, with wind speeds below norm in Q3 2025 for both offshore and onshore portfolios.
Impairment risks for Sunrise Wind and Revolution Wind projects could increase to DKK 2.5-3.0 bn due to US trade policy developments.
Strategic targets and investment plans
Group EBITDA excluding new partnerships and cancellation fees is targeted at DKK 24-27 bn for 2025.
Gross investments for 2025 are projected at DKK 50-54 bn, with divestment proceeds over DKK 32 bn.
Average return on capital employed (ROCE) is targeted above 13% for 2028-2030.
Fully loaded unlevered lifecycle spread to WACC at bid/FID is targeted at 150-300 bps.
Commitment to a solid investment-grade credit rating and a target to reinstate dividend for the 2026 financial year.
Operational highlights and risks
Q3 2025 wind speeds were below norm for both offshore and onshore assets, impacting earnings.
Compensation received for grid delay related to Borkum Riffgrund 3 in 2025.
Q3 2024 included DKK 5.1 bn in cancellation fees from changes in provision for Ocean Wind 1.
Ongoing assessment of tariff impacts from US trade policy changes, with potential impairment risks for key projects.
Seasonality continues to drive higher earnings in Q1 and Q4 compared to Q2 and Q3.
Mitigation for US tariff impairment risks?
Progress towards 2026 dividend reinstatement?
Explain the negative ROCE target for 2025-2027.
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Next Ørsted earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
Danish Renewable Energy
Ørsted AS, headquartered in Denmark, is a multinational power company that primarily specializes in renewable energy. It was established in 1972 and originally focused on oil and gas exploration, but in recent years the company has undergone a significant transition and is now a leader in offshore wind power. Apart from wind energy, Ørsted also invests in other sustainable energy technologies, including bioenergy and green hydrogen solutions. Today, Ørsted operates internationally, with numerous offshore wind farms and bioenergy plants across various regions.
The Winds of Change
Ørsted was founded in 1972 as "Dansk Naturgas A/S" with a primary focus on oil and gas. Over the years, the company has undergone numerous transformations and rebrandings, the most significant of which took place in 2017 when the company changed its name from DONG Energy to Ørsted. This shift also marked a strategic pivot away from oil and gas towards a fully-fledged focus on green energy.
Ørsted has become a key player in the offshore wind industry. With the aim of contributing to a world that runs entirely on green energy, Ørsted is responsible for some of the world’s largest offshore wind farms. The company has a considerable amount of installed wind energy capacity and is developing a robust pipeline of projects across Europe, North America, and Asia.
Beyond Wind Energy
Aside from wind energy, Ørsted has also diversified and moved into bioenergy and green hydrogen and the company operates a number of bioenergy plants and waste-to-energy facilities. In terms of green hydrogen, Ørsted is exploring how this renewable form of hydrogen, produced using wind and water, can contribute to the decarbonization of sectors that cannot directly use electricity, such as heavy transport and industry.
Driving Change
In the Nordic energy sector, Ørsted stands out as a pioneering company, with its ambitious green transformation being a testament to its innovative approach. With the global push towards decarbonization, Ørsted is well-positioned to leverage its expertise in renewable energy development and play a significant role in the future energy landscape as we move towards depending more and more on renewables. Europe is a hotspot for green energy with companies like Ørsted, Vestas, and Iberdrola being important players. In the US, NextEra is one of the energy providers leading the charge toward a greener future.
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