Ørsted posted a €450m loss in the fourth quarter of 2025 but delivered full-year results in line with expectations, reporting EBITDA of more than €3bn excluding new partnership agreements and cancellation fees, the offshore wind developer said.
The company recorded a full-year net profit of €420m, with annual EBITDA landing within its guided range.
Group president and chief executive Rasmus Errboe described 2025 as a “defining year” for Ørsted, citing progress in strengthening the company’s financial foundation and sharpening its strategic focus on offshore wind.
“I’m satisfied with the large steps we’ve taken to create a stronger, more focused, and more competitive Ørsted, even if we still have a lot of work ahead of us,” Errboe said.
He added that Ørsted now has the financial flexibility to pursue attractive offshore wind opportunities in Europe and selected Asia-Pacific markets.
Errboe said progress across the offshore construction programme is expected to lift installed capacity to more than 18GW by the end of 2027. Offshore generation rose 6% in 2025 despite below-normal wind speeds, supported by higher availability and the ramp-up of Gode Wind 3 in Germany.
Offshore earnings increased to €3.3bn, up about €66m year on year, partly aided by compensation related to a grid delay at Borkum Riffgrund 3.
Ørsted said it strengthened its capital structure through a rights issue that raised approximately DKK 60bn in gross proceeds. It also completed its 2025–26 partnership and divestment programme ahead of schedule, securing around €6bn from sales of stakes in Hornsea 3 in the UK, Greater Changhua 2 in Taiwan and its European onshore business.
The company reported progress across its 8.1GW offshore construction portfolio, though it noted that Revolution Wind and Sunrise Wind received suspension orders from the US Bureau of Ocean Energy Management in December. Preliminary injunctions granted in January and February have allowed affected activities to resume while litigation continues, Ørsted said.
The group added that it is engaging with the US administration to seek a swift and durable resolution.
Ørsted also said it is taking a disciplined approach to capital allocation, with Hornsea 4 being reconfigured for potential future development while retaining seabed rights, grid connections and key permits. During the fourth quarter, the company was awarded rights to progress the 900MW Tonn Nua offshore wind project off Ireland in partnership with ESB.
The developer said it has begun implementing measures to improve competitiveness, including introducing a new organisational structure and initiatives to boost output and cut costs across its generation business. Ørsted confirmed plans to reduce its workforce by about 2,000 positions by the end of 2027.
For 2026, Ørsted guided for EBITDA excluding partnerships and cancellation fees of more than €3.7bn and gross investments of between €6.7bn and €7.4bn.
