Equinor reported a smaller operating loss in its renewables division for the third quarter of 2025, as higher power output and lower project costs helped offset continued investment spending.
The Norwegian energy company posted an operating loss of $59 million for the quarter, compared with a $1 billion loss in the previous quarter and $166 million a year earlier, according to its quarterly results released on Wednesday.
Total revenues and other income stood at $34 million, slightly above the $33 million recorded in the same period last year, while total operating expenses reached $92 million. On an adjusted basis, operating losses narrowed to $64 million, down from $115 million a year earlier, with adjusted revenues of $29 million and administrative expenses of $74 million. Depreciation and impairments totalled $13 million.
Power generation from renewables rose 36% year-on-year to 0.88 terawatt-hours (TWh), comprising 0.47TWh from offshore wind and 0.41TWh from onshore projects. The company said the increase reflected higher production from the Dogger Bank A offshore wind farm and the addition of new onshore capacity in Sweden.
Investments in property, plant and equipment, intangibles and equity holdings totalled $773 million for the quarter, including $744 million in offshore wind and $29 million in onshore renewables. Equinor said offshore spending was driven by ongoing projects in the United States and Europe.
For the first nine months of 2025, Equinor reported a $1.3 billion net operating loss in renewables, including a $955 million impairment related to its Empire Wind 1 and 2 developments and the South Brooklyn Marine Terminal in New York. The company said the writedown reflected “reduced expected synergies following regulatory changes and increased tariff exposure.”
Renewable power generation over the nine-month period increased 17% from a year earlier to 2.37TWh, split between 1.2TWh offshore and 1.17TWh onshore.
Equinor said lower business development and project costs had helped reduce losses compared with 2024, while ongoing investment underscored its long-term growth plans in offshore wind and hybrid renewable energy projects.
