Today, Ørsted’s Board of Directors approved the interim financial report for the first nine months of 2026. Ørsted delivered strong financial results, made significant progress on construction projects across three continents, and remains on track to deliver on the 2026 financial guidance.
Executive summary
CEO Rasmus Errboe quote
“We continue to deliver on our strategic priorities, which is translating into consistent strong financial performance. We’ve maintained industry-leading execution across our construction pipeline, adding 1.8 GW of renewable energy capacity in Europe and the US over the past few months, supporting energy security, competitiveness, and decarbonisation. Our results underline our ability to deliver on our strategic priorities as planned while continuing to pursue attractive growth opportunities in our core markets. We’re well positioned to deliver a strong year for Ørsted,” says CEO Rasmus Errboe.
Financial highlights for the first nine months of 2026
All figures compared with the same period last year.
Selected events
Full-year guidance
Ørsted maintains the full-year EBITDA guidance of above DKK 28 billion excluding new partnerships and cancellation fees. Gross investments are expected to amount to DKK 45-50 billion, which is DKK 5 billion lower than the previous guidance. The lowered expected gross investments in 2026 are due to changed timing of payments for certain offshore wind construction projects. The total project investments are not expected to change.
DKKm | Q3 2026 | Q3 2025 | % | 9M 2026 | 9M 2025 | % |
EBITDA | 5,260 | 3,064 | 72 % | 20,228 | 18,579 | 9 % |
- New partnerships | 0 | 0 | n.a. | (12) | 3,140 | n.a. |
- Cancellation fees | 0 | 0 | n.a. | 0 | (1,531) | n.a. |
- EBITDA excl. new partnerships | 5,260 | 3,064 | 72 % | 20,240 | 16,970 | 19 % |
Impairments | (3,442) | (1,757) | 96 % | (5,979) | (1,505) | 297 % |
Profit (loss) for the period | (728) | (1,702) | (57 %) | 2,580 | 6,536 | (61 %) |
Cash flow from operating activities | (1,156) | (1,166) | (1 %) | 7,968 | 6,654 | 20 % |
Gross investments | (10,266) | (14,971) | (31 %) | (28,527) | (39,924) | (29 %) |
Divestments | (1,482) | (56) | 2546 % | 8,019 | 7,189 | 12 % |
Free cash flow | (12,904) | (16,193) | (20 %) | (12,540) | (26,081) | (52 %) |
Net interest-bearing debt | 37,742 | 83,154 | (55 %) | 37,742 | 83,154 | (55 %) |
FFO/adjusted net debt | 37.3 | 13.9 | 23 %p | 37.3 | 13.9 | 23 %p |
ROCE | 3.2 | 2.0 | 1 %p | 3.2 | 2.0 | 1 %p |
For further information, please contact:
Global Media Relations
Morten Buttler
+45 99 55 95 52
globalmedia@orsted.com
Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
IR@orsted.com
Earnings call
In connection with the presentation of the interim report, an earnings call for investors and analysts will be held on the same day at 14:00 CET. The earnings call can be followed live on Ørsted’s website.
The interim report is available for download on Ørsted’s website.
About Ørsted
Ørsted is a global leader in developing, constructing, and operating offshore wind farms, with a core focus on Europe. Backed by more than 35 years of experience in offshore wind, Ørsted has 11.1 GW of installed offshore capacity and 7.2 GW under construction. Ørsted’s total installed renewable energy capacity spanning Europe, Asia Pacific, and North America exceeds 19.5 GW across a portfolio that also includes onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Recognised as one of the world’s leading sustainable energy companies, Ørsted is guided by its vision of a world that runs entirely on green energy. Headquartered in Denmark, Ørsted employs approximately 7,200 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2025, the group's operating profit excluding new partnerships and cancellation fees was DKK 25.1 billion (EUR 3.4 billion). Visit orsted.com or follow us on LinkedIn and Instagram.