In the first half of 2025, Ørsted increased its operating profit (EBITDA) to DKK 15.5 billion from DKK 14.1 billion the previous year, corresponding to an increase of 10 percent. EBITDA excluding new partnerships and cancellation costs amounted to DKK 13.9 billion, which is nine percent higher than the same period last year.
The profit for the period ended at DKK 8.2 billion, a significant increase from DKK 0.9 billion in the first half of 2024. The return on invested capital (ROCE) was 7.5 percent, while adjusted for impairments and cancellation costs amounted to 12.3 percent.
The company maintains its expectations for EBITDA for the full year of DKK 25-28 billion and for gross investments of DKK 50-54 billion. DKK, but has changed expectations for Offshore from higher to neutral due to lower wind impact in the first months of the year.
This is what Ørsted writes.
– I am satisfied with our good operating result in the first half of 2025, where we saw earnings of DKK 13.9 billion, which supports our expectations for EBITDA of DKK 25-28 billion for the full year, says Rasmus Errboe, CEO of Ørsted.
Earnings from offshore wind farms increased to DKK 12.5 billion, DKK 1.1 billion more than the previous year. The increase was driven by increased production from Gode Wind 3, compensation for delayed grid connection of Borkum Riffgrund 3 and higher availability, but partially offset by lower wind speeds.
In the second quarter of 2025, EBITDA was DKK 6.6 billion. DKK, largely unchanged from the same period last year. Gross investments in the first half of the year increased to DKK 25 billion, while divestments contributed DKK 7.2 billion. Ørsted completed, among other things, a partial divestment of 24.5 percent of the West of Duddon Sands offshore wind farm and initiated a sales process for the European Onshore business.
As part of a focused capital allocation, Ørsted has discontinued the development of the Hornsea 4 project in its current form. According to the company, the decision frees up resources for other projects and strengthens the opportunities to make value-creating investments in the portfolio.
The Board of Directors will convene an extraordinary general meeting on 5 September 2025 with a proposal to increase the share capital by up to DKK 60 billion through a rights issue for current shareholders. According to the company, the capital injection will strengthen the balance sheet and secure financing for projects in the construction portfolio until 2027.
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