Ørsted: EBITDA up 19% over nine months, but impairments of almost DKK 6 billion on US projects

Danish energy group Ørsted on Thursday, 5 November, reported EBITDA excluding new partnerships and cancellation fees of DKK 20.2 billion for the first nine months of 2026, 19% above the DKK 17.0 billion in the same period last year. The company is maintaining its full-year target: EBITDA above DKK 28 billion on the same basis.

The numbers. The growth came mainly from higher wind speeds across the portfolio, higher prices and generation from new offshore wind farms, according to the report. The offshore wind farms generated 15.7 TWh in nine months, 22% more than last year. In the third quarter alone, EBITDA rose to DKK 5.26 billion from DKK 3.06 billion. Net profit for the nine months, however, fell to DKK 2.6 billion, down DKK 3.9 billion, because of non-cash impairments linked to interest-rate increases on the US projects; impairments totalled almost DKK 6 billion. For the third quarter the group posted a net loss of DKK 728 million.

The new wind farms. Borkum Riffgrund 3 in Germany and the 704 MW Revolution Wind in the US have entered commercial operation; since October Revolution Wind has been delivering power under its contracts with utilities in the states of Connecticut and Rhode Island. At Hornsea 3 in the UK, the second and final offshore converter has been installed, and the 300 MW battery system next to the onshore converter station has been completed and is entering testing. The group’s installed renewable capacity reached 19.5 GW.

Investment. Ørsted cut its estimate for 2026 gross investment to DKK 45–50 billion, DKK 5 billion less than before, explaining that only the timing of payments for some offshore projects has changed, not their total cost. Net interest-bearing debt fell to DKK 37.7 billion from DKK 83.2 billion a year earlier. “We’ve added 1.8 GW of renewable energy capacity in Europe and the US over the past few months,” said CEO Rasmus Errboe, who says the group is “well positioned” for a strong year.

What comes next. The company presents the results to analysts and investors on Thursday at 14:00 CET. The 8.1 GW construction programme, with projects in Taiwan, Poland, the US and the UK, is progressing on schedule and on budget, according to Ørsted.

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