Ørsted (ORSTED) AGM 2025 summary

Opening remarks and agenda

• AGM opened with safety instructions and confirmation of legal convening in Copenhagen; 85.02% of share capital was represented, and the agenda and voting procedures were outlined.

Financial performance review

• Operational EBITDA was DKK 32 billion and underlying EBITDA DKK 24.8 billion, in line with guidance.

• Net profit was DKK 16 million, impacted by DKK 14 billion in U.S. impairments; adjusted net profit was DKK 6.4 billion.

• Gross investments totaled DKK 42.8 billion, mainly in offshore wind; divestments reached DKK 22 billion.

• Net debt increased to DKK 58 billion, with credit metrics affected by cancellation fees.

• The audited 2024 annual report was approved.

Strategic initiatives and plans

• Shifted focus from volume to value and reduced the investment program by 25% toward 2030.

• Prioritized delivery of the 9 GW construction portfolio and disciplined capital allocation in offshore wind.

• Commissioned 2.4 GW of renewable capacity, made final investment decisions on 2.5 GW of offshore wind, and secured 3.5 GW of UK PPAs.

• Divested stakes in several wind farms and deprioritized the French and e-fuels markets.

• Advanced sustainability, decarbonization and biodiversity initiatives, including coal plant closure and new biodiversity methods.