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Ørsted (ORSTED) investor relations material

Ørsted Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary11 Aug, 2025

Executive summary

  • Announced a fully underwritten DKK 60 billion rights issue, supported by the Danish State, to strengthen capital structure and fund full ownership of Sunrise Wind after failed divestment and project financing in the US offshore wind market.

  • Strong H1 2025 operational performance with EBITDA of DKK 15.5 billion, up 10% year-over-year, and profit for the period at DKK 8.2 billion, driven by higher availability and new asset ramp-ups.

  • Construction milestones achieved across key offshore wind projects in Taiwan, the US, and Europe, including first power at Changhua 2b & 4 and significant progress on Revolution Wind.

  • Strategic focus on core offshore wind markets in Europe and select APAC regions, with onshore and bioenergy businesses under review for potential divestment or restructuring.

  • Decision to discontinue Hornsea 4 in its current form, resulting in DKK 2.9 billion cancellation fees and DKK 0.5 billion impairment.

Financial highlights

  • Q2 2025 EBITDA reached DKK 6.6 billion, up 1% year-over-year; H1 2025 EBITDA of DKK 15.5 billion, up 10% year-over-year.

  • Net profit of DKK 3.4 billion in Q2 2025 and DKK 8.2 billion in H1 2025, both up significantly year-over-year.

  • Revenue increased 11% to DKK 37.8 billion in H1 2025, mainly from higher power generation and prices.

  • Free cash flow was negative DKK 9.9 billion in H1 2025, mainly due to high investments and lower operating cash flow.

  • Interest-bearing net debt increased to DKK 67.1 billion as of June 2025.

Outlook and guidance

  • 2025 EBITDA guidance (excluding new partnerships and cancellation fees) maintained at DKK 25–28 billion; 2026 EBITDA expected above DKK 28 billion, and 2027 above DKK 32 billion.

  • Installed capacity target of 27 GW by 2027; gross investments of DKK 145 billion planned for 2025–2027.

  • Dividend reinstatement planned for financial year 2026, with payout in 2027.

  • Offshore earnings guidance changed from 'Higher' to 'Neutral' due to lower wind impact in early 2025.

  • Guidance assumes normal wind speeds for the remainder of the year.

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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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