In the first quarter of the year, Ørsted has presented an operating profit (EBITDA) of DKK 8.9 billion, an increase compared to the same period last year, when the figure was DKK 7.5 billion. Excluding income from new partnerships and costs for project cancellations, EBITDA ended at DKK 8.6 billion, corresponding to an increase of 14 percent. Ørsted announced this in a press release.
Earnings from offshore wind amounted to DKK 7.7 billion, an increase of DKK 0.7 billion compared to the first quarter of 2024. The increase was due to the start-up of production from the German offshore wind farm Gode Wind 3 and higher availability. This was partially offset by significantly lower wind speeds in the quarter. With the commissioning, Ørsted has reached a total installed capacity of more than 10 GW.
The total profit for the period amounted to DKK 4.9 billion. DKK, an increase of DKK 2.3 billion compared to the same quarter last year. Return on invested capital (ROCE) was 4.6 percent, while adjusted for impairment and cancellation costs it landed at 10.2 percent.
- I am pleased with our operating result and earnings in the first quarter of 2025, and we are fully focused on executing on our four strategic priorities. During the quarter, we had solid operating earnings that support our expectations for the full year, and we continued to deliver on our divestment program by completing partial divestments within offshore wind and onshore renewable energy. We also continued to deliver on our offshore wind projects under construction, as we commissioned our German offshore wind farm Gode Wind 3, thereby achieving an installed capacity of more than 10 GW, says Rasmus Errboe, CEO of Ørsted.
The company also announced that it maintains its full-year expectations of an EBITDA of DKK 25-28 billion and gross investments of DKK 50-54 billion, excluding earnings from new partnership agreements and the effect of any project cancellations.
Still confident in the industry
The CEO's satisfaction comes despite Ørsted having had to decide to discontinue the development of the British Hornsea 4 project in its current form. The company explains the decision with increased costs in the supply chain, higher interest rates and an increased execution risk, which overall have worsened the expected value creation in the project.
- We have chosen to discontinue the development of the Hornsea 4 project in its current form, well in advance of the planned investment decision later this year. The combination of increased costs in the supply chain, higher interest rates and increased execution risk has worsened the project's expected value creation, says Rasmus Errboe.
Despite the current macroeconomic conditions currently challenging the profitability of offshore wind, Ørsted still has faith in the industry.
"In the long term, offshore wind is strong due to the increasing global demand for electricity," the announcement reads.
amp
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
