Danish renewable energy firm Ørsted posted a 9% increase in underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2025, supported by stronger offshore wind output and compensation related to project delays.
Underlying EBITDA – which excludes earnings from new partnerships and cancellation fees – rose to just under €2 billion (DKK13.9 billion), up from DKK12.76 billion in the same period last year, the company said on Monday. Statutory EBITDA reached DKK15.52 billion, compared with DKK14.06 billion in H1 2024.
“We saw strong earnings of DKK13.9bn supporting our full-year EBITDA guidance,” Group President and CEO Rasmus Errboe said. “I’m satisfied with our strong operational performance during H1 2025.”
Offshore wind operations delivered EBITDA of DKK12.5 billion, an increase of DKK1.1 billion year-on-year. The improvement was driven by increased generation from the Gode Wind 3 site, compensation payments linked to grid connection delays at Borkum Riffgrund 3, and higher turbine availability.
These gains were partially offset by weaker wind speeds earlier in the year, prompting Ørsted to revise its directional guidance for offshore wind from “higher” to “neutral.”
Net profit for the period rose sharply to DKK8.24 billion, compared to DKK931 million in the first half of 2024. Return on capital employed reached 7.5%, or 12.3% when adjusted for impairments and cancellation fees.
Gross investment rose by 57% to DKK24.95 billion in the first six months of the year, while proceeds from divestments increased to DKK7.25 billion from DKK2.26 billion. Net interest-bearing debt grew to DKK67.14 billion, up from DKK49.37 billion.
The company maintained its full-year gross investment forecast of DKK50–54 billion.
Construction activity progressed across Ørsted’s global portfolio. In the U.S., almost 70% of turbines were installed at the Revolution Wind project, while Sunrise Wind saw its first foundations installed. In Taiwan, the Greater Changhua 2b and 4 projects achieved first power during the period.
Errboe said the company continued to focus on capital discipline, highlighting recent decisions to halt development of the Hornsea 4 offshore wind project in its current form and to pause participation in carbon capture tenders in Denmark.
“We will continue to rightsize our organisation and lower our costs to become more competitive and flexible as part of our winning formula for the future,” Errboe added.
Ørsted is also exploring a full divestment of its European onshore wind and solar business, part of a broader strategic pivot amid market headwinds and rising project costs.
