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Earnings Calls

Last Earnings Call

Fiscal Period
Q2 2026
Call Date
Aug 13, 2026
AI Summary
Q2 2026

EBITDA: Ørsted said second-quarter EBITDA excluding new partnerships and cancellation fees was DKK 5.4 billion, in line with expectations, and first-half EBITDA was DKK 15 billion, up by more than DKK 1 billion year over year.

Guidance: Management kept full-year 2026 EBITDA guidance at more than DKK 28 billion and gross investment guidance at DKK 50 billion to DKK 55 billion.

Impairment: The company booked a noncash impairment loss of DKK 1.2 billion on its U.S. offshore project because of higher long-dated U.S. interest rates.

Project progress: Major projects remained on track, with Borkum Riffgrund 3, Greater Changhua 2b and 4, Revolution Wind, Baltica 2 and Hornsea 3 all described as progressing according to plan.

Capital policy: Ørsted reiterated its plan to reinstate a dividend for financial year 2026, with the first payout in 2027, and said the starting dividend is expected to be in the lower part of the DKK 2 to DKK 5 per share range discussed by analysts.

Market view: Management stayed constructive on offshore wind in Europe, pointing to better policy frameworks in several markets and saying it remains disciplined on price and value rather than chasing aggressive auction bids.

Key Financials
EBITDA
DKK 5.4 billion
EBITDA
DKK 15 billion
Net profit
DKK 700 million
Adjusted net profit
DKK 1.9 billion
Impairment loss
DKK 1.2 billion
Net debt
DKK 22 billion
Gross investments
DKK 10.1 billion
FFO to adjusted net debt
approximately 45%
Liquidity reserve
more than DKK 115 billion
Return on capital employed
6.6%
Reported return on capital employed
3.1%
Borkum Riffgrund 3 completion
more than 99%
Greater Changhua 2b and 4 completion
85%
Revolution Wind completion
more than 95%
Baltica 2 completion
approximately 40%
Hornsea 3 completion
approximately 30%
2026 dividend start
lower part of the DKK 2 to DKK 5 per share range
Earnings Call Recording

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