Interim report
First nine months 2025
Contents
Management's review
Overview
CEO's review 3
At a glance 5
Outlook 2025 6
Results 9M 7
Results Q3 10
Business units' Q3 results 12
Performance highlights 15
Earnings call
In connection with the presentation of the interim report, an earnings call for investors and analysts will be held on Wednesday, 5 November 2025 at 14:00 CET.
The earnings call can be followed live here: https://getvisualtv.net/stream/?orsted-q3-2025
Further information Global Media Relations
Michael Korsgaard Nielsen Tel.: +45 99 55 94 25
Investor Relations Valdemar Hoegh Andersen Tel.: +45 99 55 56 71
Quarterly overview… 16
Financial statements
Consolidated financial statements
Consolidated statement of income 18
Consolidated statement of comprehensive income 18
Consolidated statement of financial position 20
Consolidated statement of shareholders' equity 21
Consolidated statement of cash flows 22
Notes
Basis of reporting 23
Segment information 24
Revenue 27
Impairments 29
Other operating income and expenses 32
Financial income and expenses 32
Gross and net investments 33
Reserves 33
Tax on profit (loss) for the period 34
Markets risks 35
Fair value measurement 36
Interest-bearing net debt and FFO 38
Subsequent events 39
Sustainability statements
Basis of reporting 41
Environment
Renewable capacity. 42
Generation capacity 43
Energy generation 44
Energy sales and generation by energy source 45
Energy consumption 46
Greenhouse gas (GHG) emissions 47
EU taxonomy for sustainable activities 48
Social
People and safety 49
Management's statement
Statement by the Executive Board and the Board of Direc-tors… 50
CEO's reviewCompletion of rights issue and strong execution of business plan.
Executing on our business plan
During Q3 2025, we continued to deliver on the four strategic priorities in our business plan.
Selected events
Business progress and development
Completed the rights issue, raising DKK 60 billion in gross proceeds, significantly strengthening our capital structure.
Financials & operations
High availability rate of 94 % across our offshore portfolio in the quarter.
Entered into an agreement with Apollo to divest a 50 % stake in our Hornsea 3 Offshore Wind Farm in the UK.
Increased our offshore generation by 8 %, from 3.5 TWh in Q3 2024 to 3.8 TWh in Q3 2025, despite lower wind speeds.
Preliminary injunction granted regarding stop-work order for Revolution Wind, allowing the project to resume impacted activities while the underlying lawsuit challenging the stop-work order progresses.
Operating profit (EBITDA) amounted to DKK
18.6 billion compared to DKK 23.6 billion in 9M 2024, mainly due to the reversal of cancellation fees in 2024 not being repeated in 2025.
Installed all offshore substations for our US offshore projects.
Entered into memorandum of understanding with Korea South-East Power Co. and POSCO to explore partnerships in Ørsted's
1.4 GW Incheon offshore wind project.
EBITDA excluding new partnerships and cancellation fees amounted to DKK 17.0 billion in 9M 2025, roughly in line with the same period last year, mainly due to lower wind speeds throughout our offshore operational assets, partly offset by higher availability.
Full-year guidance on EBITDA and gross investments maintained.
Announced a further rightsizing of our organisation to strengthen our competitiveness.
Our first priority is to strengthen our capital structure. In October, we completed the rights issue, raising DKK 60 billion in gross proceeds. The proceeds will cover the incremental funding requirement from retaining full ownership of Sunrise Wind. In addition, the proceeds will contribute to an appropriate capitalisation in the years from 2025 through 2027, during which we will complete the construction of our
8.1 GW offshore wind construction portfolio. Finally, the proceeds will reinforce our position as a global leader in offshore wind, as it will increase our financial robustness and flexibility, positioning us to pursue the most value accre-tive investment opportunities in core offshore wind markets in Europe and select markets in the Asia-Pacific region (APAC) going forward.
Additionally, we announced on 3 November 2025 that we have entered into an agreement with Apollo to divest a 50 % stake in our Hornsea 3 Offshore Wind Farm in the UK. The total value of the transaction is approximately DKK 39 billion. The transaction represents a key milestone in our funding plan and balances the key objectives for partnerships and divestments with an emphasis on capital management. The transaction supports a further strengthening of our capital structure and ensures significant progress on our partnership and divestment programme.
Our second priority is to deliver on our 8.1 GW offshore wind construction portfolio, which upon completion will contribute with an annual EBITDA-run rate of DKK 11 to 12 billion, and we continue to make good progress. During the third quarter, Revolution Wind in the US received a stop-work order from the Bureau of Ocean Energy Management, instructing the project to halt offshore activities pending completion of the U.S. Department of the Interior's review required by the executive order dated 20 January 2025. Revolution Wind is seeking a complete resolution, both by engaging with the US Administration and other stakeholders as well as through legal proceedings. As part of the legal track, the project filed a lawsuit that includes a motion for a preliminary injunction, which was granted on 22 September by the U.S. District Court for the District of Columbia while the underlying lawsuit challenging the stop-work order progresses. The halted offshore activities have resumed.
Our third priority is to ensure a focused and disciplined capital allocation, where our focus going forward primarily will be on offshore wind in Europe and selected markets in APAC. As part of these efforts, we will move towards a more flexible partnership and financing approach in order to ensure value creation and risk diversification. On this basis, we recently entered into memorandum of understanding with Korea South-East Power Company (KOEN) and POSCO for our Incheon offshore wind project. The aim is to explore coopera-
tion on joint development, construction, and operations, including potential equity participation.
Our fourth priority is to improve our competitiveness. In October, we announced a further rightsizing of our organisation through a reduction of approx. 2,000 positions towards the end of 2027. This means that many skilled and valued colleagues will leave the company.
However, the adjustment of the organisation is necessary as it increases our competitiveness and is a natural consequence of our strategic focus on offshore wind in Europe and the completion of our current 8.1 GW construction programme during 2026 and 2027. All related efficiency measures are expected to be implemented by 2028, and the annual cost savings are by then expected to amount to approx.
DKK 2 billion.
Construction projects
In the US, the construction of our Northeast Program, including Revolution Wind and Sunrise Wind, is progressing, and we continue to work diligently to manage execution. Following resumed work on Revolution Wind on the basis of the granted preliminary injunction, the project has completed the installation of the second offshore substation. The overall degree of completion of Revolution Wind has increased and is now approx. 85 %, and the project remains on track.
Sunrise Wind has continued the installation of monopiles for wind turbine foundations and finalised the installation of the offshore converter station. With that, we have now installed all offshore substations for our Northeast program. The degree of completion of
Sunrise Wind has increased and is now approx. 40 %, and the project remains on schedule.
In Taiwan, the construction of Greater Changhua 2b and 4 continues to progress. Following the previously communicated damage to the export cable for Greater Changhua 2b, we are progressing according to the updated schedule and expect commissioning of the project in Q3 2026. At Greater Changhua 4, we are delivering on the updated installation schedule and are progressing the section as planned towards COD in H1 2026.
In the UK, the offshore and onshore construction activities for our Hornsea 3 project are progressing according to plan. The main construction of the project's two offshore converter stations has been completed. The first monopiles have been fabricated, and site preparation for the export cables has commenced.
In Poland, our Baltica 2 project continues to make progress on both offshore and onshore activities, including preparation of both the seabed and the landfall connection points for the export cables. Also, the first turbine foundations for the project have been fabricated.
Additionally, the construction of our 300 MW energy storage project in the UK connected to the Hornsea zone is progressing according to plan.
Generation
In our Offshore business, we increased our generation output by 8 %, from 3.5 TWh in Q3 2024 to 3.8 TWh in Q3 2025, despite lower wind speeds. This was driven by a high availa-
bility rate of 94 % in the quarter and full contribution from Gode Wind 3.
In our Onshore business, generation decreased slightly in Q3 2025 compared to the same period last year, mainly due to lower generation from the onshore solar farms in the US that were partially divested (Sparta, Eleven Mile, and Mockingbird), leading to lower generation.
Our renewable share of generation reached 100 % in Q3 2025, and we are well on our way to reaching our target of 99 % renewable generation for 2025.
Financials
Operating profit (EBITDA) for the first nine months of 2025 amounted to DKK 18.6 billion compared to DKK 23.6 billion in the same period last year. EBITDA excluding new partnerships and cancellation fees in 9M 2025 amounted to DKK 17.0 billion, which is roughly on par with the same period last year.
Earnings from our offshore sites amounted to DKK 16.1 billion in 9M 2025, up 5 % compared to the same period last year. The increase was mainly due to higher availability, which was partly offset by lower wind speeds.
We maintain our full-year EBITDA guidance of DKK 24-27 billion excluding earnings from new partnerships and cancellation fees. Additionally, we maintain our gross investments guidance of DKK 50-54 billion.
We are building a competitive and financially robust Ørsted
With the completion of our rights issue and our construction progress, capital discipline, and efforts to increase our competitiveness, we are building a competitive and financially robust Ørsted. Continuing to deliver on our strategic priorities will enable us to remain a global leader of offshore wind with a strong foothold in Europe.
Rasmus Errboe
Group President & CEO
Interim report First nine months 2025
At a glanceFinancial highlights Non-financial highlights
Operating profit (EBITDA)1, DKKbn
Gross investments, DKKbn
Return on capital employed (ROCE)2, %
Installed renewable capacity, GW
18.623.6
18.6
39.925.7
39.9
2.011.5
8.1
10.2
2.0
18.517.7 18.5
Offshore Onshore
Bioenergy & Other
Offshore Onshore Bioenergy & Other
Excl. impairments and cancellation fees
Offshore
Onshore Bioenergy & Other
Profit for the period, DKKbn
Interest-bearing net debt, DKKbn
83.2
Credit metric (FFO/adjusted interest-bearing net debt), %
GHG emissions intensity, g CO2e/kWh
6.56.1
6.5
83.262.8
13.912.1
13.9
153
54 54
5/50
Scope 1-2 Scope 1-3 (excl. cat. 11)
Includes EBITDA from other activities/eliminations.
Last 12 months i.e. including impairments and cancellation fees.
5/49
Outlook 2025
EBITDA
EBITDA in 2025 excluding new partnership agreements and cancellation fees is unchanged relative to our updated guidance from 5 September 2025 and expected to amount to DKK 24-27 billion.
EBITDA, excl. new partnerships and cancellation fees | 24.8 19.2 4.0 1.1 42.8 | 25-28 Higher Higher Significantly higher 50-54 | 25-28 Higher Higher Significantly higher 50-54 | 25-28 Neutral Higher Significantly higher 50-54 | 24-27 Lower Higher Significantly higher 50-54 | 24-27 |
Offshore Onshore Bioenergy & Other Gross investments | Lower | |||||
Higher | ||||||
Significantly | ||||||
higher | ||||||
50-54 |
Outlook 2025, DKK billion
2024
realised
Guidance
6 Feb
Guidance
7 May
Guidance 13 Aug
Guidance
5 Sep
Guidance
5 Nov
This guidance is based on an assumption of normal wind speeds in the remainder of the year. As always, the guidance is subject to a number of uncertainties (see below and box to the right).
Gross investments
Gross investments in 2025 are expected to amount to DKK 50-54 billion, which is unchanged relative to the guidance in the annual report.
The gross investment guidance is sensitive to milestone payments being moved between years and the level of tariffs.
Uncertainties in the US
We are following developments regarding potential tariffs and other regulatory changes, particularly affecting the US, and are continually assessing any possible financial and wider impacts.
Forward-looking statements
The interim report contains forward-looking statements, which include projections of our short- and long-term financial performance and targets as well as our financial policies. These statements are by nature uncertain and associated with risk. Many factors may cause the actual development to differ materially from our expectations. These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions. Read more about the risks in our annual report for 2024 in the chapter 'Risks and risk management' and in note 6 'Risk management'.
Our EBITDA guidance for the Group is the prevailing guidance, whereas the directional earnings development per business unit serves as a means to support this. Higher/lower indicates the direction of the business unit's earnings relative to the results for 2024.
Results 9M
Financial results
Revenue
Power generation from offshore and onshore assets increased by 1 % and totalled 24.4 TWh in 9M 2025. The increase was due to ramp-up of generation from our offshore wind farm Gode Wind 3 and from our solar farms Sparta (part of Helena Energy Center), Eleven Mile, Old 300 and Mockingbird. Furthermore, curtailments at Hornsea 1 and Hornsea 2 led to low availability in 9M 2024, which were not repeated in 9M 2025. This was partly offset by significantly lower wind speeds throughout our offshore portfolio and farm-downs of three onshore assets.
Heat generation decreased by 6 % in 9M 2025, whereas thermal power generation decreased by 23 %, mainly due to the shut-down of coal-fired CHPs in 2024.
Our renewable share of generation amounted to 99 %, an increase of 2 percentage points compared to last year.
Revenue amounted to DKK 50.1 billion, which was in line with the same period last year.
EBITDA
Operating profit (EBITDA) for 9M 2025 amounted to DKK 18.6 billion, DKK 5.0 billion lower than in 9M 2024.
Earnings from new partnerships related to the farm downs of West of Duddon Sands (DKK 2.8 billion), and Eleven Mile and Sparta (DKK 0.3 billion). Impact from cancellation fees related to the decision to discontinue Hornsea 4 in its current form (DKK 2.9 billion) and was partly offset by Ocean Wind 1 reversals (DKK
1.3 billion). Adjusted for new partnerships and cancellation fees, EBITDA decreased by DKK
0.2 billion (1 %) to DKK 17.0 billion.
EBITDA from offshore sites amounted to DKK
16.1 billion, an increase of DKK 0.8 billion compared to 9M 2024. The increase was driven by the ramp-up of generation from Gode Wind 3, compensations for grid delay at Borkum Riffgrund 3, higher availability, and higher revenue from CfDs, ROCs, and green certificates. The increase in earnings was partly offset by lower wind speeds (DKK 2.0 billion) and a step-down in subsidy levels for older wind farms.
EBITDA from existing partnerships decreased by DKK 0.3 billion and amounted to DKK -0.4 billion in 9M 2025. The negative effect in 9M 2025 was mainly related to Greater Changhua 4 where array cable installation challenges
had led to a negative impact on the construction agreement.
EBITDA from our Onshore business excl. new partnerships amounted to DKK 3.2 billion, DKK 0.4 billion higher than in 9M 2024. The increase was due to the ramp-up of generation at Sparta, Mockingbird, and Eleven Mile. This was partly offset by the 50 % farm-downs of the same projects.
EBITDA from our CHP plants amounted to DKK 1.0 billion in 9M 2025, DKK 0.4 billion higher than in 9M 2024. The increase was mainly due to higher achieved prices and improved spreads, only partly offset by lower generation.
EBITDA from our gas business totalled DKK
Revenue | 50,110 | 49,957 0 % |
EBITDA | 18,579 | 23,606 (21 %) |
- New partnerships | 3,140 | - n.a. |
- Cancellation fees | (1,531) | 6,409 n.a. |
- EBITDA excl new partnerships and cancellation fees | 16,970 | 17,197 (1 %) |
Depreciation and amortisation | (7,413) | (7,654) (3 %) |
Impairment (loss)/reversal | (1,505) | (3,436) (56 %) |
Operating profit (loss) (EBIT) | 9,661 | 12,516 (23 %) |
Gain (loss) on divestment of enterprises | 215 | (45) n.a. |
Financial items, net | (2,325) | (3,134) (26 %) |
Profit (loss) before tax | 7,575 | 9,367 (19 %) |
Tax | (1,039) | (3,267) (68 %) |
Tax rate | 14 % | 35 % (21 %p) |
Profit (loss) for the period | 6,536 | 6,100 7 % |
Financial results, DKKm 9M 2025 9M 2024 %
EBITDA excluding new partnerships and cancellation fees, DKKbn
Offshore
(DKK -0.9 bn)
Onshore
(DKK 0.4 bn)
Bio & Other
(DKK 0.5 bn)
0.4 billion in 9M 2025, DKK 0.4 billion higher than in 9M 2024. The increase was mainly driven by the ramp-up of volumes from our offtake contract with DUC due to the ramp up of production from the Tyra field.
Impairments
Net impairment losses had a negative effect in 9M 2025 of DKK 1.5 billion. The main contributors to the net impairment were increased tariffs in the US, the stop-work order on Revolution Wind, and impairments related to the decision to discontinue the Hornsea 4 project in its current form. This was partly offset by a decrease in the long-dated US interest rate and an increase in long-term prices for our US onshore assets. See note 4 'Impairments' for more information.
EBIT
EBIT decreased by DKK 2.9 billion to DKK 9.7 billion in 9M 2025. This was mainly due to the lower EBITDA and partly offset by lower impairments in 9M 2025.
2024. The tax rate in 9M 2025 was 14 % and was affected by impairments, cancellation fees, and gain from the 50 % farm-downs of West of Duddon Sands, Eleven Mile, and Sparta. As part of the onshore transaction, DKK
0.6 billion of previously recognised deferred tax liabilities related to tax equity contributions were reversed in 'Tax on profit (loss) for the period'. See note 9 'Tax on profit (loss) for the period' for more information.
Profit for the period
Profit for the period totalled DKK 6.5 billion, DKK 0.4 billion higher than in 9M 2024. The increase was mainly due to lower impairments and lower tax, partly offset by lower EBITDA.
Cash flows and net debt
Cash flows from operating activities
Cash flows from operating activities totalled DKK 6.7 billion in 9M 2025 compared to DKK
8.1 billion in 9M 2024, with negative year-over
-year contributions from EBITDA, the reversal
of gain on sale of assets, variation margin, the change in tax equity, higher net interest ex-
Cash flow and net debt, DKKm 9M 2025 9M 2024 %
Cash flows from operating activities | 6,654 | 8,050 (17 %) |
EBITDA | 18,579 | 23,606 (21 %) |
Reversal of gain (loss) on divestments of assets | (3,190) | (266) n.a. |
Change in derivatives, excl. variation margin | (306) | (1,095) (72 %) |
Change in variation margin | (202) | 1,466 n.a. |
Change in provisions and other items | 1,264 | (11,664) n.a. |
Interest expense, net | (1,792) | (632) 184 % |
Paid tax | (1,597) | (3,180) (50 %) |
Change in work in progress | (3,116) | (3,404) (8 %) |
Change in tax equity partner liabilities | (2,244) | 1,303 n.a. |
Change in other working capital | (742) | 1,916 n.a. |
Gross investments | (39,924) | (25,694) 55 % |
Divestments | 7,189 | 2,363 204 % |
Free cash flow | (26,081) | (15,281) 71 % |
Net interest-bearing debt, beginning of period | 58,027 | 47,379 22 % |
Free cash flow | 26,081 | 15,281 71 % |
Dividends and hybrid coupon paid | 1,667 | 493 238 % |
Addition of lease obligations, net | 761 | 1,040 (27 %) |
Repurchase of hybrid capital, net | - | (1,813) n.a. |
Exchange rate adjustments, etc. | (3,382) | 437 n.a. |
Net interest-bearing debt, end of period | 83,154 | 62,817 32 % |
Financial income and expenses
Net financial income and expenses amounted to DKK -2.3 billion, DKK 0.8 billion lower than last year, mainly driven by a positive impact from exchange rate adjustments, primarily due to gains from the strengthening of DKK against GBP, USD, and TWD in 9M 2025 and by a higher share of capitalised interests. This was partly offset by a positive effect from a gain on US interest rate swaps in 9M 2024 not being repeated in 9M 2025.
Tax and tax rate
Tax on profit for the period amounted to DKK
1.0 billion, DKK 2.2 billion lower than in 9M
penses, and other working capital. This was partly offset by a positive development in the year-over-year change in derivatives, provisions, lower paid tax, and lower negative effect from change in work in progress.
In 9M 2025, the positive impact from provisions and other items was mainly related to the reversal of the non-cash impact on EBITDA from cancellation fees, whereas we had a net cash outflow of DKK 5.9 billion in 9M 2024 from payments regarding the provisions made for cancellation fees for Ocean Wind 1, in addition to a reversal of DKK 6.4 billion.
In 9M 2025, the increase in variation margin
payments on unrealised hedges ('Change in variation margin') and initial margin payments at clearing houses (part of 'Change in other working capital') was DKK 0.2 billion, whereas we released DKK 1.9 billion in 9M 2024:
The variation margin payments were a
cash outflow of DKK 0.2 billion vs. a cash inflow of DKK 1.5 billion in 9M 2024.
The initial margin payments were a cash inflow of DKK 0.0 billion vs. a cash inflow of DKK 0.4 billion in 9M 2024.
In 9M 2025, we had a net cash outflow from work in progress of DKK 3.1 billion, mainly
related to the construction of the Hornsea 3
offshore transmission asset and the construction of Borkum Riffgrund 3 for partners. This was partly offset by a milestone payment received for Greater Changhua 4. In 9M 2024, we had a cash outflow of DKK 3.4 billion, mainly related to the construction of the Hornsea 3 and Hornsea 4 offshore transmission assets and the construction of Gode Wind 3 for partners, partly offset by milestone payments received for Borkum Riffgrund 3.
In 9M 2025, we did not receive tax equity contributions, whereas we received tax equity contributions for Eleven Mile in 9M 2024. In both periods, 'Change in tax equity' included a
reversal of the non-cash recognition of tax credits and benefits through EBITDA.
'Change in other working capital' was mainly related to seasonal changes in net trade receivables and payables.
Investments and divestments
58.0 billion at the end of 2024. The increase was mainly due to a negative free cash flow of DKK 26.1 billion.
Equity
Equity was DKK 93.6 billion at the end of 9M 2025 against DKK 93.5 billion at the end of
Key ratios, DKKm, % 9M 2025 9M 2024 %
ROCE | 2.0 | 8.1 (6 %p) |
Adjusted interest-bearing net debt | 93,559 | 75,756 24 % |
FFO/adjusted interest-bearing net debt1 | 13.9 | 12.1 2 %p |
1In 2025, the Ørsted FFO/NIBD definition was changed to include adjustment of 'Dividends paid to minority interests' in FFO to better align with rating agencies. Comparison numbers for 2024 have been restated.
Gross investments amounted to DKK 39.9 billion in 9M 2025. The main investments were: - offshore wind farms (DKK 34.9 billion),
mainly Greater Changhua 2b and 4 in Tai-
wan, Hornsea 3 and Baltica 2 in Europe, and Sunrise Wind and Revolution Wind in the US
onshore wind and solar farms (DKK 3.5 billion), mainly the construction of Badger, the BESS at Old 300, and our portfolio of European projects
CHP plants (DKK 1.2 billion), mainly our carbon capture and storage facilities in Denmark.
In 9M 2025, 'Divestments' amounted to DKK
7.2 billion and were mainly related to the 50 % farm downs of Eleven Mile and Sparta and the partial farm-down of West of Duddon Sands.
In 9M 2024, 'Divestments' amounted to DKK
2.4 billion and were mainly related to the sale of the French part of our Onshore Europe portfolio, divestment of an equity ownership stake in a portfolio consisting of four US onshore wind farms, and customary compensation to our partners at Hornsea 1 for wake loss effects.
Interest-bearing net debt
Interest-bearing net debt (NIBD) totalled DKK
83.2 billion at the end of 9M 2025 against DKK
2024.
Capital employed
Capital employed was DKK 176.8 billion at the end of 9M 2025 against DKK 151.5 billion at the end of 2024, mainly due to new investments.
Financial ratios
Return on capital employed (ROCE)
Return on capital employed (ROCE) was 2.0 % in 9M 2025. The decrease of 6 percentage points compared to last year was attributable to a lower EBIT due to higher impairment losses in the period, only partly offset by higher EBITDA, as well as a higher capital employed. ROCE adjusted for impairment losses and cancellation fees in 9M 2025 was 10.2 % vs. 11.5
% in 9M 2024. The decrease was mainly due to a higher capital employed year-over-year.
Credit metric (FFO/adjusted interest-bearing net debt)
The funds from operations (FFO)/adjusted net debt credit metric was 13.9 % in 9M 2025 against 12.1 % in 9M 2024. The increase was due to a higher FFO, partly offset by a higher NIBD. Adjusted for cancellation fee payments, the credit metric was 15.8 % in 9M 2025.
In Q1 2025, the Ørsted FFO/NIBD definition was changed to include adjustments of 'paid dividends to minority interests' in FFO to bet-
ter align with rating agencies. Comparison numbers for 2024 have been restated.
ESG results
Renewable share of energy generation The renewable share of energy generation was 99 % in 9M 2025, a 2 percentage point
increase compared to 9M 2024. The increase was mainly driven by the shut-down of coal-based generation in H2 2024. We remain on track to reach our target of 99 % share of renewable energy for the full year 2025.
Greenhouse gas emissions
Greenhouse gas emissions from own operations (scope 1) decreased by 81 % in 9M 2025 compared to 9M 2024. The decrease was driven by the cease of coal-based generation in H2 2024 and lower natural gas-based generation compared to 9M 2024. Our scope 1 and 2 greenhouse gas intensity decreased to 4 g CO2e/kWh in 9M 2025 compared to 21 g CO2e/kWh in 9M 2024 due to the decrease in scope 1 emissions (numerator), slightly offset by a lower total heat and power generation (denominator). We remain on track to reach our target of 10 g CO2e/kWh for the scope 1 and 2 intensity for the full year 2025.
Greenhouse gas emissions from our supply chain and sales activities (scope 3) were 23 % lower in 9M 2025 than in 9M 2024, mainly due to a decrease of 91 % in scope 3 emissions
from capital goods resulting from a reduction in commissioned new capacity. This was partly offset by an increase in scope 3 emissions from the use of sold products (category 11). The use of sold products increased due to a combination of a 19 % increase in gas sales as well as an extraordinary sale of excess coal following the shut-down of our last coal-based CHP plant in H2 2024. Our scope 1-3 greenhouse gas intensity (excl. category 11) decreased by 65 % to 54 g CO2e/kWh in 9M 2025 compared to 153 g CO2e/kWh in 9M 2024.
Safety
In 9M 2025, we had 71 total recordable injuries (TRIs), of which 56 injuries were related to contractors' employees. This was an increase in TRIs of 34 % from 9M 2024 to 9M 2025, which can partly be explained by a 23 % increase in hours worked due to increased contractor hours. Our total recordable injury rate (TRIR) increased by 9 % from 2.3 in 9M 2024 to 2.5 in 9M 2025.
Results Q3EBITDA
Operating profit (EBITDA) for Q3 2025 amounted to DKK 3.1 billion, DKK 6.5 billion lower than in Q3 2024. Adjusted for new partnerships and cancellation fees, EBITDA decreased by DKK 1.4 billion to DKK 3.1 billion.
Earnings from offshore sites amounted to DKK
3.6 billion, a decrease of DKK 0.3 billion compared to Q3 2024. The decrease was driven by lower wind speeds (DKK 0.2 billion), a step-down in subsidy levels for older wind farms, and high earnings from our power trading activities in Q3 2024 not being repeated in Q3 2025. This was partly offset by the ramp-up of generation from Gode Wind 3, compensations for grid delay at Borkum Riffgrund 3, and higher availability in Q3 2025.
EBITDA from existing partnerships decreased by DKK 0.5 billion, amounting to DKK -0.4 billion in Q3 2025, and was mainly related to Greater Changhua 4 where array cable installation challenges led to a negative impact on the construction agreement.
EBITDA from our Onshore business amounted to DKK 0.8 billion, DKK 0.2 billion lower than in Q3 2024 due to lower wind speeds and lower generation due to the 50 % farm-downs of Mockingbird in Q4 2024 and Sparta and Eleven Mile in Q1 2025.
EBITDA from our CHP plants amounted to DKK 0.0 billion, DKK 0.1 billion higher than in Q3 2024.
EBITDA from our gas business totalled DKK
0.2 billion in Q3 2025, which was on a level with Q3 2024.
Impairments
Impairment losses in Q3 2025 amounted to DKK 1.8 billion and related to our US portfolio. The negative development was driven by increased tariffs in the US and negative impact from the stop-work order on Revolution Wind, partly offset by decreasing interest rates. See note 4 'Impairments' for more information.
Cash flows from operating activities
Cash flows from operating activities totalled DKK -1.2 billion in Q3 2025 compared to
DKK -1.6 billion in Q3 2024 with positive year-over-year contributions from changes in derivatives, provisions, variation margin and less negative change in work in progress. This was
partly offset by lower EBITDA, change in other working capital, and interest expenses.
In Q3 2024, we had a net cash outflow of DKK 6.9 billion from payments and adjustments regarding the provisions made for cancellation fees for Ocean Wind 1, whereas we only had limited payments in Q3 2025.
In Q3 2025, the net increase in variation margin payments on unrealised hedges ('Change in variation margin') and initial margin payments at clearing houses (part of 'Change in other working capital') was DKK 0.1 billion, whereas we saw an increase of DKK 0.2 billion in Q3 2024:
The variation margin payments were a cash outflow of DKK 0.1 billion vs. a cash
Revenue
12,270
15,766 (22 %)
EBITDA
3,064
9,548 (68 %)
- New partnerships
-
- n.a.
- Cancellation fees
-
5,109 n.a.
- EBITDA excl new partnerships and cancellation fees
3,064
4,439 (31 %)
Depreciation and amortisation
(2,423)
(2,548) (5 %)
Impairment (loss)/reversal
(1,757)
(284) 519 %
Operating profit (loss) (EBIT)
(1,116)
6,716 n.a.
Gain (loss) on divestment of enterprises
4
14 (71 %)
Financial items, net
(427)
(1,235) (65 %)
Profit (loss) before tax
(1,533)
5,508 n.a.
Tax
(169)
(339) (50 %)
Tax rate
(11 %)
6 % (17 %p)
Profit (loss) for the period
(1,702)
5,169 n.a.
Financial results, DKKm Q3 2025 Q3 2024 %
EBITDA excluding new partnerships and cancellation fees, DKKbn
Offshore
(DKK -1.2 bn)
Onshore
(DKK -0.1 bn)
Bio & Other
(DKK 0.0 bn)
outflow of DKK 0.3 billion in Q3 2024.
Cash flows from operating activities
(1,166)
(1,639) (29 %)
EBITDA
3,064
9,548 (68 %)
Reversal of gain (loss) on divestments of assets
112
(106) n.a.
Change in derivatives, excl. variation margin
460
(476) n.a.
Change in variation margin
(91)
(264) (66 %)
Change in provisions and other items
(284)
(6,957) (96 %)
Interest expense, net
(685)
(207) 231 %
Paid tax
(153)
(659) (77 %)
Change in work in progress
(1,644)
(2,352) (30 %)
Change in tax equity partner liabilities
(660)
(681) (3 %)
Change in other working capital
(1,286)
515 n.a.
Gross investments
(14,971)
(9,780) 53 %
Divestments
(56)
108 n.a.
Free cash flow
(16,193)
(11,311) 43 %
Net interest-bearing debt, beginning of period
67,137
49,366 36 %
Free cash flow
16,193
11,311 43 %
Dividends and hybrid coupon paid
440
125 252 %
Addition of lease obligations, net
576
451 28 %
Issuance of hybrid capital, net
-
1,867 n.a.
Exchange rate adjustments, etc.
(1,192)
(303) 293 %
Net interest-bearing debt, end of period
83,154
62,817 32 %
The initial margin payments were a cash outflow of DKK 0.0 billion vs. a cash inflow of DKK 0.1 billion in Q3 2024.
In Q3 2025, we had a net cash outflow from work in progress of DKK 1.6 billion, mainly related to the construction of the offshore transmission assets at Hornsea 3 and the construction of Greater Changhua 4 for partners. In Q3 2024, we had a cash outflow of DKK 2.4 billion, mainly related to the construction of the Hornsea 3 offshore transmission assets, and the construction of Borkum Riffgrund 3 for partners.
'Change in other working capital' was mainly related to seasonal changes in net trade receivables and payables.
Cash flow and net debt, DKKm Q3 2025 Q3 2024 %
OffshoreFinancial results for Q3 2025
Power generation increased by 8 % to 3.8 TWh in Q3 2025. The increase was due to the ramp-up of generation at Gode Wind 3 in Germany and higher availability across the portfolio, especially in the UK due to outages in Q3 2024 not being repeated in Q3 2025. This was only partly offset by lower wind speeds.
Wind speeds amounted to a portfolio average of 8.2 m/s, which was lower than in Q3 2024 (8.4 m/s) and lower than the normal wind speeds expected in the third quarter (8.3 m/s).
Availability was 94 %, which was 5 percentage points higher than in the same period last year due to outages in Q3 2024 not being repeated in Q3 2025.
Revenue was DKK 3.3 billion lower than in Q3 2024 and amounted to DKK 8.8 billion.
Revenue from offshore wind farms in operation decreased by 1 % to DKK 5.9 billion, mainly due to a step-down in subsidy level for our older German assets, and Anholt in Denmark stepping out of subsidy. Revenue from power sales decreased by DKK 0.9 billion to DKK 2.2 billion due to lower power sales volumes, lower power prices, and lower revenue from our power trading activities. Revenue from construction agreements mainly related to the construction of Greater Changhua 4 for partners.
EBITDA decreased by DKK 6.3 billion and amounted to DKK 2.2 billion.
EBITDA from 'Sites, O&M, and PPAs' decreased by DKK 0.3 billion and amounted to DKK 3.6 billion in Q3 2025. The decrease was driven by lower wind speeds (DKK 0.2 billion), a step-down in subsidy levels for older wind farms, and extraordinary high earnings from our power trading activities in Q3 2024 not being repeated in Q3 2025. This was partly offset by the ramp-up of generation from Gode Wind 3, compensations for grid delay at Borkum Riffgrund 3, and higher availability in Q3 2025.
EBITDA from 'Construction agreements and divestment gains' amounted to DKK -0.4 billion in Q3 2025 and was mainly related to Greater Changhua 4 where array cable installation challenges led to a negative impact on the construction agreement.
EBITDA from cancellation fees in Q3 2024 amounted to DKK 5.1 billion and related to changes in the provision for Ocean Wind 1. There were no impact from cancellation fees in Q3 2025.
EBITDA from 'Other incl. project development' was DKK 0.4 billion more negative than in Q3 2024, of which DKK 0.2 billion related to cost reallocations which had no impact on the total EBITDA for Offshore.
Results Q3 2025 Q3 2024 % 9M 2025 9M 2024 %
Business drivers | ||||
Decided (FID'ed) and installed capacity GW | 18.3 | 16.8 9 % | 18.3 | 16.8 9 % |
Installed capacity GW | 10.2 | 9.9 3 % | 10.2 | 9.9 3 % |
Generation capacity GW | 5.4 | 5.2 4 % | 5.4 | 5.2 4 % |
Wind speed m/s | 8.2 | 8.4 (2 %) | 9.0 | 9.5 (5 %) |
Load factor % | 32 | 31 1 %p | 37 | 39 (2 %p) |
Availability % | 94 | 89 5 %p | 93 | 86 7 %p |
Power generation GWh | 3,788 | 3,522 8 % | 12,904 | 12,859 0 % |
Denmark | 407 | 356 14 % | 1,317 | 1,465 (10 %) |
United Kingdom | 2,264 | 2,122 7 % | 7,383 | 7,293 1 % |
Germany | 551 | 467 18 % | 1,591 | 1,655 (4 %) |
The Netherlands | 251 | 258 (3 %) | 797 | 970 (18 %) |
APAC | 265 | 271 (2 %) | 1,557 | 1,297 20 % |
The US | 50 | 48 4 % | 259 | 179 45 % |
Power sales GWh | 3,979 | 4,010 (1 %) | 12,481 | 14,128 (12 %) |
Power price, LEBA UK GBP/MWh | 88 | 80 10 % | 102 | 79 30 % |
British pound DKK/GBP | 8.6 | 8.8 (2 %) | 8.8 | 8.8 0 % |
Financial performance | ||||
Revenue DKKm | 8,776 | 12,088 (27 %) | 36,784 | 37,605 (2 %) |
Sites, O&M, and PPAs | 5,249 | 5,302 (1 %) | 18,798 | 18,014 4 % |
Power sales | 2,183 | 3,034 (28 %) | 12,779 | 12,296 4 % |
Construction agreements | 1,176 | 3,171 (63 %) | 4,782 | 6,272 (24 %) |
Other | 168 | 581 (71 %) | 425 | 1,023 (58 %) |
EBITDA1 DKKm | 2,215 | 8,530 (74 %) | 13,826 | 19,831 (30 %) |
Sites, O&M, and PPAs | 3,643 | 3,958 (8 %) | 16,112 | 15,286 5 % |
Construction agreements and divestment gains | (431) | 106 n.a. | 2,393 | (171) n.a. |
Cancellation fees | - | 5,109 n.a. | (1,531) | 6,409 n.a. |
Other incl. project development | (997) | (643) 55 % | (3,148) | (1,693) 86 % |
Depreciation DKKm | (1,671) | (1,752) (5 %) | (5,135) | (5,283) (3 %) |
Impairment losses DKKm | (1,883) | 199 n.a. | (2,607) | (2,887) (10 %) |
EBIT DKKm | (1,339) | 6,977 n.a. | 6,084 | 11,661 (48 %) |
Cash flow from operating activities DKKm | (1,386) | (2,063) (33 %) | 110 | 738 (85 %) |
Gross investments DKKm | (13,715) | (8,502) 61 % | (34,940) | (19,619) 78 % |
Divestments DKKm | (128) | (45) 182 % | 3,799 | (854) n.a. |
Free cash flow DKKm | (15,229) | (10,610) 44 % | (31,031) | (19,735) 57 % |
Capital employed DKKm | 129,953 | 111,127 17 % | 129,953 | 111,127 17 % |
1 At the end of 2024, we reallocated indirect costs from 'Sites' to 'Other incl. project development' with a total effect of DKK 0.9 billion. The effect in Q3 2025 was DKK 0.2 billion.
OnshoreFinancial results for Q3 2025
Power generation decreased by 1 % compared to Q3 2024 and amounted to 3.2 TWh. The decrease was due to lower wind speeds and lower generation resulting from the 50 % farm-downs of Mockingbird in Q4 2024 and Sparta and Eleven Mile in Q1 2025. This was only partly offset by ramp-up of generation at Mockingbird. In Q3 2025, the wind speeds across the portfolio were 6.1 m/s, below both Q3 2024 and a normal wind year (6.4 m/s).
Revenue was slightly lower than in Q3 2024 due to the lower generation.
EBITDA decreased by DKK 0.2 billion and amounted to DKK 0.8 billion.
EBITDA from 'Sites, incl. tax credits' amounted to DKK 1.0 billion in Q3 2025, which was DKK
0.2 billion lower than the same period last year. The decrease was mainly due to the above-mentioned lower wind speeds and farm-downs. This was only partly offset by ramp-up at Mockingbird.
EBITDA from 'Other incl. project development' amounted to DKK -0.2 billion, which was on the same level as in Q3 2024.
Results Q3 2025 Q3 2024 % 9M 2025 9M 2024 %
Business drivers Decided (FID'ed) and installed capacity GW Installed capacity GW Wind speed m/s Load factor, wind % Load factor, solar PV % Availability, wind % Availability, solar PV % Power generation GWh US, wind US, solar PV Europe US dollar DKK/USD | 7.1 6.3 6.1 26 30 92 94 3,223 1,922 1,069 231 6.4 | 6.4 10 % 5.7 10 % 6.2 (1 %) 26 0 %p 31 (0 %p) 87 6 %p 97 (3 %p) 3,270 (1 %) 1,947 (1 %) 1,158 (8 %) 166 40 % 6.8 (6 %) | 7.1 6.3 7.1 35 27 91 94 11,519 7,876 2,870 773 6.7 | 6.4 10 % 5.7 10 % 7.2 (1 %) 36 (1 %p) 27 0 %p 90 1 %p 97 (3 %p) 11,229 3 % 8,013 (2 %) 2,463 17 % 753 3 % 6.9 (3 %) |
Financial performance Revenue DKKm EBITDA DKKm Sites, incl. tax credits Divestment gains Other incl. project development Depreciation DKKm Impairment losses DKKm EBIT DKKm Cash flow from operating activities DKKm Gross investments DKKm Divestments DKKm Free cash flow DKKm Capital employed DKKm | 764 828 1,010 -(182) (515) 126 439 23 (863) 50 (790) 38,034 | 801 (5 %) 991 (16 %) 1,150 (12 %) - n.a. (159) 14 % (559) (8 %) (483) n.a. (51) n.a. 95 (76 %) (875) (1 %) 152 (67 %) (628) 26 % 38,427 (1 %) | 2,214 3,515 3,530 304 (319) (1,573) 1,102 3,044 345 (3,514) 3,367 198 38,034 | 2,166 2 % 2,802 25 % 3,371 5 % - n.a. (569) (44 %) (1,667) (6 %) (549) n.a. 586 419 % 3,039 (89 %) (4,693) (25 %) 3,259 3 % 1,605 (88 %) 38,427 (1 %) |
Financial results for Q3 2025
Heat generation increased slightly in Q3 2025, whereas power generation decreased by 47 % compared to Q3 2024, mainly due to the shutdown of coal-fired CHPs in 2024.
Gas sales increased by 16 %, driven by our offtake contract with DUC due to ramp-up of production from the Tyra field (not owned by Ørsted).
EBITDA amounted to DKK -0.1 billion compared to DKK -0.2 billion in Q1 2024.
EBITDA from 'CHP plants' was DKK 0.0 billion, DKK 0.1 billion higher than in Q3 2024. This was mainly due to higher achieved prices in the quarter, partly offset by the lower generation.
EBITDA from 'Gas Markets & Infrastructure' increased slightly to DKK 0.2 billion in Q3 2025. The increase was mainly driven by ramp-up of volumes from our offtake contract with DUC due to the ramp-up of production from the Tyra field mentioned above.
EBITDA from 'Other incl. project development' was DKK -0.3 billion, DKK 0.1 billion more negative than in Q3 2024. The decrease was mainly related to decommissioning costs at the Esbjerg Power Station.
Results Q3 2025 Q3 2024 % 9M 2025 9M2024 %
Business drivers | |||||
Degree days | Number | 71 | 79 (10 %) | 1,670 | 1,639 2 % |
Heat generation | GWh | 337 | 332 2 % | 4,269 | 4,551 (6 %) |
Power generation | GWh | 426 | 805 (47 %) | 2,383 | 3,094 (23 %) |
Gas sales | GWh | 4,809 | 4,138 16 % | 15,887 | 13,355 19 % |
Power sales | GWh | 617 | 577 7 % | 1,834 | 1,790 2 % |
Gas price, TTF | EUR/MWh | 32.4 | 35.3 (8 %) | 38.3 | 31.4 22 % |
Power price, DK | EUR/MWh | 77.9 | 68.8 13 % | 80.9 | 64.9 25 % |
Wood pellet spread, DK | EUR/MWh | 9.8 | 8.3 17 % | 6.9 | 5.7 21 % |
Financial performance | |||||
Revenue | DKKm | 2,862 | 3,058 (6 %) | 11,542 | 10,649 8 % |
EBITDA | DKKm | (127) | (185) (31 %) | 708 | 213 232 % |
CHP plants | 41 | (95) n.a. | 971 | 569 71 % | |
Gas Markets & Infrastructure | 157 | 125 26 % | 435 | 4 n.a. | |
Other, incl. project development | (325) | (215) 51 % | (698) | (360) 94 % | |
Depreciation | DKKm | (165) | (167) (2 %) | (492) | (496) (1 %) |
EBIT | DKKm | (292) | (352) (17 %) | 216 | (283) n.a. |
Cash flow from operating activities | DKKm | (1,006) | (286) 252 % | 203 | 3,033 (93 %) |
Gross investments | DKKm | (374) | (386) (3 %) | (1,414) | (1,300) 9 % |
Divestments | DKKm | - | - n.a. | - | - n.a. |
Free cash flow | DKKm | (1,380) | (672) 105 % | (1,211) | 1,733 n.a. |
Capital employed | DKKm | 7,116 | 3,123 128 % | 7,116 | 3,123 128 % |
Other activities/eliminations | 530 | 760 | 544 | Onshore | |||
Depreciation and amortisation | (7,413) | (7,654) | (10,225) | Decided (FID'ed) and installed capacity, GW | 7.1 | 6.4 | 7.0 |
Financials, DKKm | 9M 2025 | 9M 2024 | 2024 | Business drivers | 9M 2025 | 9M 2024 | 2024 | |
Income statement | Offshore | |||||||
Revenue | 50,110 | 49,957 | 71,034 | Decided (FID'ed) and installed capacity, GW | 18.3 | 16.8 | 16.8 | |
EBITDA | 18,579 | 23,606 | 31,959 | Installed capacity, GW | 10.2 | 9.9 | 9.9 |
Sites, O&M, and PPAs | 16,112 | 15,286 | 23,819 |
Construction agreements and divestment gains | 2,393 | (171) | (1,065) |
Cancellation fees | (1,531) | 6,409 | 7,335 |
Other, incl. project development | (3,148) | (1,693) | (3,619) |
Onshore | 3,515 | 2,802 | 3,863 |
Bioenergy & Other | 708 | 213 | 1,082 |
Generation capacity, GW | 5.4 | 5.2 | 5.3 |
Wind speed, m/s | 9.0 | 9.5 | 10.0 |
Load factor, % | 37 | 39 | 42 |
Availability, % | 93 | 86 | 88 |
Power generation, GWh | 12,904 | 12,859 | 18,599 |
Power sales, GWh | 12,481 | 14,128 | 19,967 |
Installed capacity, GW | 6.3 | 5.7 | 6.2 |
Wind speed, m/s | 7.1 | 7.2 | 7.2 |
Load factor, wind, % | 35 | 36 | 37 |
Load factor, solar PV, % | 27 | 27 | 25 |
Availability, wind, % | 91 | 90 | 90 |
Availability, solar PV, % | 94 | 97 | 98 |
Power generation, GWh Bioenergy & Other | 11,519 | 11,229 | 15,315 |
Equity | 93,612 | 91,127 | 93,484 | Degree days, number | 1,670 | 1,639 | 2,485 |
Shareholders in Ørsted A/S | 63,872 | 65,987 | 62,138 | Heat generation, GWh | 4,269 | 4,551 | 6,919 |
Hybrid capital | 20,955 | 20,955 | 20,955 | Power generation, GWh | 2,383 | 3,094 | 4,522 |
Non-controlling interests | 8,785 | 4,185 | 10,391 | Power sales, GWh | 1,834 | 1,790 | 2,426 |
Interest-bearing net debt | 83,154 | 62,817 | 58,027 | Gas sales, GWh | 15,887 | 13,355 | 17,372 |
Cash flow from operating activities | 6,654 | 8,050 | 18,356 | Total recordable injury rate (TRIR), YTD | 2.5 | 2.3 | 2.7 |
Gross investments | (39,924) | (25,694) | (42,808) | Fatalities, number | 2 | 0 | 0 |
Free cash flow | (26,081) | (15,281) | (8,772) | GHG emission (scope 1 & 2), Mtonnes | 0.1 | 0.7 | 0.7 |
Financial ratios | GHG intensity (scope 1 & 2), g CO2e/kWh | 4 | 21 | 16 | |||
Return on capital employed (ROCE)1, % | 2.0 | 8.1 | 4.5 | GHG intensity (scope 1-3), g CO2e/kWh (excl. cat. 11) | 54 | 153 | 127 |
FFO/adjusted interest-bearing net debt2, % | 13.9 | 12.1 | 12.7 | GHG emissions (scope 3), Mtonnes | 5.6 | 7.3 | 9.0 |
Number of outstanding shares, end of period, '000 | 420,381 | 420,381 | 420,381 |
Offshore
13,826 19,831 26,470
Impairment
(1,505) (3,436) (15,563)
Capital employed
Additions to property, plant, and equipment
Cash flow
176,766 153,944 151,511
40,166
27,874
46,985
Divestments
7,189 2,363 15,680
Share price, end of period, DKK
Market capitalisation, end of period, DKK billion Earnings per share (EPS), DKK
107 445 324
45 187 136
13.7 13.6 (2.2)
Sustainability statements
Employees (FTE), end of period number
8,126 8,377 8,278
Renewable share of energy generation, %
99
97
97
Operating profit (loss) (EBIT) | 9,661 | 12,516 | 6,171 |
Gain (loss) on divestment of enterprises | 215 | (45) | (11) |
Net financial income and expenses | (2,325) | (3,134) | (3,591) |
Profit (loss) before tax | 7,575 | 9,367 | 2,606 |
Tax | (1,039) | (3,267) | (2,590) |
Profit (loss) for the period | 6,536 | 6,100 | 16 |
Balance | |||
Assets | 299,075 | 290,341 | 298,786 |
EBIT last 12 months.
FFO last 12 months. As of January 2025, we have included 'Dividends paid to minority interests' in Funds from opera-tions'. Comparative figures for 2024 are restated.
Other activities/eliminations | 148 | 68 | 314 | (216) | 212 | 393 | 155 | (34) |
Depreciation and amortisation | (2,423) | (2,435) | (2,555) | (2,571) | (2,548) | (2,683) | (2,423) | (2,366) |
Impairment | (1,757) | (20) | 272 (12,127) | (284) | (3,913) | 761 | 1,647 |
Operating profit (loss) (EBIT) | (1,116) | 4,189 | 6,588 (6,345) | 6,716 | (26) | 5,826 | (1,405) |
Gain (loss) on divestment of enterprises | 4 | 124 | 87 34 | 14 | (7) | (52) | (44) |
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 | ||||||||||
Financials, DKKm | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2023 | Business drivers | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2023 | |
Income statement | Offshore | |||||||||||||||||
Revenue | 12,270 | 17,135 | 20,705 | 21,077 | 15,766 | 15,023 | 19,168 | 21,530 | Decided (FID'ed) and installed capacity, GW | 18.3 | 18.3 | 18.3 | 16.8 | 16.8 | 16.8 | 16.5 | 15.5 | |
EBITDA | 3,064 | 6,644 | 8,871 | 8,353 | 9,548 | 6,570 | 7,488 | (686) | Installed capacity, GW | 10.2 | 10.2 | 10.2 | 9.9 | 9.9 | 9.8 | 9.8 | 8.9 | |
Offshore | 2,215 | 5,301 | 6,310 | 6,639 | 8,530 | 5,218 | 6,083 | (2,611) | Generation capacity, GW | 5.4 | 5.4 | 5.5 | 5.3 | 5.2 | 5.1 | 5.1 | 5.0 | |
Wind speed, m/s | 8.2 | 8.5 | 10.4 | 11.1 | 8.4 | 9.0 | 11.4 | 11.5 |
Load factor, % | 32 | 31 | 47 | 51 | 31 | 33 | 52 | 56 |
Availability, % | 94 | 90 | 94 | 94 | 89 | 83 | 85 | 92 |
Other, incl. project development | (997) | (883) | (1,268) | (1,926) | (643) | (488) | (562) | (830) | Power generation, GWh | 3,788 | 3,646 | 5,470 | 5,740 | 3,522 | 3,667 | 5,670 | 6,011 |
Onshore | 828 | 1,197 | 1,490 | 1,061 | 991 | 995 | 816 | 525 | Power sales, GWh | 3,979 | 3,686 | 4,816 | 5,839 | 4,010 | 3,854 | 6,264 | 6,244 |
Bioenergy & Other | (127) | 78 | 757 | 869 | (185) | (36) | 434 | 1,434 | Onshore |
Decided (FID'ed) and installed capacity, GW | 7.1 | 7.0 | 7.0 | 7.0 | 6.4 | 6.4 | 6.4 | 6.4 |
Installed capacity, GW | 6.3 | 6.2 | 6.2 | 6.2 | 5.7 | 5.6 | 4.8 | 4.8 |
Wind speed, m/s | 6.1 | 7.2 | 8.0 | 7.5 | 6.2 | 7.4 | 7.9 | 7.6 |
Load factor, wind, % | 26 | 36 | 44 | 40 | 26 | 41 | 42 | 36 |
Net financial income and expenses | (427) | (331) | (1,567) | (457) | (1,235) | (552) | (1,347) | 2,001 | Load factor, solar PV, % | 30 | 30 | 21 | 20 | 31 | 29 | 18 | 17 |
Profit (loss) before tax | (1,533) | 3,989 | 5,119 | (6,761) | 5,508 | (575) | 4,434 | 557 | Availability, wind, % | 92 | 88 | 91 | 90 | 87 | 92 | 89 | 85 |
Tax | (169) | (638) | (232) | 677 | (339) | (1,103) | (1,825) | (841) | Availability, solar PV, % | 94 | 91 | 98 | 98 | 97 | 97 | 98 | 98 |
Profit (loss) for the period | (1,702) | 3,351 | 4,887 | (6,084) | 5,169 | (1,678) | 2,609 | (284) | Power generation, GWh | 3,223 | 4,002 | 4,294 | 4,086 | 3,270 | 4,187 | 3,772 | 3,376 |
Balance sheet | Bioenergy & Other |
Shareholders in Ørsted A/S | 63,872 | 67,088 | 65,665 | 62,138 | 65,987 | 56,446 | 58,709 | 56,782 |
Hybrid capital | 20,955 | 20,955 | 20,955 | 20,955 | 20,955 | 22,792 | 22,792 | 19,103 |
Non-controlling interests | 8,785 | 9,376 | 10,057 | 10,391 | 4,185 | 4,130 | 1,824 | 1,906 |
Interest-bearing net debt | 83,154 | 67,137 | 68,449 | 58,027 | 62,817 | 49,366 | 49,864 | 47,379 |
Capital employed 176,766 164,557 165,126 151,511 153,944 132,734 133,189 125,170 | ||||||||
Power generation, GWh | 426 | 477 | 1,480 | 1,428 | 805 | 805 | 1,484 | 1,042 |
Power sales, GWh | 617 | 585 | 632 | 635 | 577 | 581 | 633 | 628 |
Gas sales, GWh | 4,809 | 5,798 | 5,280 | 4,016 | 4,138 | 4,051 | 5,167 | 3,041 |
Additions to property, plant, equipment | 14,397 | 11,554 | 14,215 | 19,111 | 11,375 | 8,479 | 8,020 | 12,064 | Sustainability statements | |||||||||
Cash flow | Employees (FTE) end of period, number | 8,126 | 8,203 | 8,251 | 8,278 | 8,377 | 8,411 | 8,706 | 8,905 | |||||||||
Cash flow from operating activities | (1,166) | 7,186 | 634 | 10,306 | (1,639) | 6,081 | 3,608 | 6,170 | Total recordable injury rate (TRIR), YTD | 2.5 | 2.7 | 1.9 | 2.7 | 2.3 | 2.1 | 2.9 | 2.8 | |
Gross investments | (14,971) | (11,154) | (13,799) | (17,114) | (9,780) | (8,292) | (7,622) | (13,039) | Fatalities, number | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | |
Divestments | (56) | 4,258 | 2,987 | 13,317 | 108 | 2,993 | (738) | 1,861 | Renewable share of energy generation, % | 100 | 100 | 99 | 99 | 96 | 97 | 97 | 95 | |
Free cash flow | (16,193) | 290 | (10,178) | 6,509 | (11,311) | 782 | (4,752) | (5,008) | GHG emissions (scope 1 & 2), Mtonnes | 0.0 | 0.0 | 0.1 | 0.1 | 0.3 | 0.2 | 0.2 | 0.4 | |
Sites, O&M, and PPAs Construction agreements and divestment gains Cancellation fees
3,643 4,814 7,655 8,533 3,958 4,400 6,928 7,164
(431) 2,901
- (1,531)
(77)
-
(894)
926
106
5,109
6
1,300
(283)
676
- (9,621)
Financial ratios
Return on capital employed (ROCE)1, % FFO/adjusted interest-bearing net debt2, %
2.0
13.9
7.5
15.6
4.6
13.7
4.5
12.7
8.1
12.1
(12.4)
22.0
(12.2) (14.2)
18.0
28.6
Number of outstanding shares, endof period, '000 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381
Share price, end of period, DKK 107 272 301 324 445 371 384 374
Market capitalisation, end of period, DKK billion 45 114 127 136 187 156 162 157
Earnings per share (EPS), DKK (4.2) 7.3 10.6 (15.8) 12.0 (4.1) 5.7 (1.6)
25
14
16
40
5
4
4
GHG intensity (scope 1 & 2), g CO2e/kWh GHG intensity (scope 1-3), g CO2e/kWh (excl. cat. 11)
GHG emissions (scope 3), Mtonnes
4
58
1.6
50
2.1
53
1.9
65
1.7
194
2.2
262
3.3
57
1.8
62
1.2
Assets | 299,075 285,112 287,287 298,786 290,341 286,002 290,383 281,136 | Degree days, number | 71 | 418 | 1,181 | 846 | 79 | 360 | 1,200 | 966 | |||||||
Equity | 93,612 | 97,419 | 96,677 | 93,484 | 91,127 | 83,368 | 83,325 | 77,791 | Heat generation, GWh | 337 | 707 | 3,224 | 2,367 | 332 | 935 | 3,285 | 2,385 |
EBIT last 12 months.
FFO last 12 months. As of January 2025, we have included 'Dividends paid to minority interests' in Funds from opera-tions'. Comparative figures for 2024 are restated.
Management's review
Consolidated financial statements First nine months 2025
1 January - 30 September
1 January - 30 September 1 January - 30 September
Note
Income statement
3 | Revenue | 50,110 | 49,957 |
Cost of sales | (26,967) | (25,524) | |
Other external expenses | (6,776) | (5,749) | |
Employee costs | (4,686) | (4,897) | |
Share of profit (loss) in associates and joint ventures | (62) | (60) | |
5 | Other operating income | 7,325 | 3,590 |
5 | Other operating expenses | (365) | 6,289 |
Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) | 18,579 | 23,606 | |
Amortisation and depreciation of intangible assets, and property, plant, and equipment | (7,413) | (7,654) | |
4 | Impairment losses on intangible assets, and property, plant, and equipment | (1,505) | (3,436) |
Operating profit (loss) (EBIT) | 9,661 | 12,516 | |
Gain (loss) on divestment of enterprises | 215 | (45) | |
Share of profit (loss) in associates and joint ventures | 24 | 30 | |
6 | Financial income | 6,481 | 5,974 |
6 | Financial expenses | (8,806) | (9,108) |
Profit (loss) before tax | 7,575 | 9,367 | |
9 | Tax on profit (loss) for the period | (1,039) | (3,267) |
Profit (loss) for the period | 6,536 | 6,100 | |
Profit (loss) for the period is attributable to: | |||
Shareholders in Ørsted A/S | 5,750 | 5,729 | |
Interest payments and costs, hybrid capital owners of Ørsted A/S | 151 | 227 | |
Non-controlling interests | 635 | 144 | |
Earnings per share (DKK) | 13.7 | 13.6 | |
Diluted earnings per share (DKK) | 13.7 | 13.6 | |
DKKm 9M 2025 9M 2024
Statement of comprehensive income
DKKm 9M 2025 9M 2024
Profit (loss) for the period | 6,536 | 6,100 |
Other comprehensive income: | ||
Cash flow hedging: | ||
Value adjustments for the period | 180 | 5,486 |
Value adjustments transferred to income statement | 901 | (1,063) |
Exchange rate adjustments: | ||
Exchange rate adjustments relating to net investments in foreign enterprises | (10,035) | 1,250 |
Value adjustment of net investment hedges | 4,775 | (1,443) |
Tax: | ||
Tax on hedging instruments | (276) | (98) |
Tax on exchange rate adjustments | (451) | (143) |
Other: | ||
Share of other comprehensive income of associated companies, after tax | (6) | 6 |
Other comprehensive income (loss) that may be reclassified to the income statement | (4,912) | 3,995 |
Total comprehensive income | 1,624 | 10,095 |
Comprehensive income for the period is attributable to: | ||
Shareholders in Ørsted A/S | 1,388 | 9,288 |
Interest payments and costs, hybrid capital owners of Ørsted A/S | 151 | 227 |
Non-controlling interests | 85 | 580 |
Total comprehensive income | 1,624 | 10,095 |
In 9M 2025, 'Exchange rate adjustments relating to net investments in foreign enterprises' was impacted by the decrease in the USD, GBP, and NTD exchange rates of 11.8 %, 5.2 %, and 5.1 %, respectively.
1 July - 30 September 1 July - 30 September
Note
Income statement
3 | Revenue | 12,270 | 15,766 |
Cost of sales | (5,669) | (8,197) | |
Other external expenses | (2,582) | (2,279) | |
Employee costs | (1,558) | (1,586) | |
Share of profit (loss) in associates and joint ventures | (89) | (38) | |
5 | Other operating income | 1,124 | 920 |
5 | Other operating expenses | (432) | 4,962 |
Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) | 3,064 | 9,548 | |
Amortisation and depreciation of intangible assets, and property, plant, and equipment | (2,423) | (2,548) | |
4 | Impairment losses on intangible assets, and property, plant, and equipment | (1,757) | (284) |
Operating profit (loss) (EBIT) | (1,116) | 6,716 | |
Gain (loss) on divestment of enterprises | 4 | 14 | |
Share of profit (loss) in associates and joint ventures | 6 | 13 | |
6 | Financial income | 2,008 | 1,545 |
6 | Financial expenses | (2,435) | (2,780) |
Profit (loss) before tax | (1,533) | 5,508 | |
9 | Tax on profit (loss) for the period | (169) | (339) |
Profit (loss) for the period | (1,702) | 5,169 | |
Profit (loss) for the period is attributable to: | |||
Shareholders in Ørsted A/S | (1,789) | 5,055 | |
Interest payments and costs, hybrid capital owners of Ørsted A/S | - | 59 | |
Non-controlling interests | 87 | 55 | |
Earnings per share (DKK) | (4.2) | 12.0 | |
Diluted earnings per share (DKK) | (4.2) | 12.0 | |
DKKm Q3 2025 Q3 2024
Statement of comprehensive income
DKKm Q3 2025 Q3 2024
Profit (loss) for the period | (1,702) | 5,169 |
Other comprehensive income: | ||
Cash flow hedging: | ||
Value adjustments for the period | (617) | 5,682 |
Value adjustments transferred to income statement | 137 | 127 |
Exchange rate adjustments: | ||
Exchange rate adjustments relating to net investments in foreign enterprises | (1,896) | (710) |
Value adjustment of net investment hedges | 648 | (172) |
Tax: | ||
Tax on hedging instruments | 2 | (90) |
Tax on exchange rate adjustments | 106 | (128) |
Other: | ||
Share of other comprehensive income of associated companies, after tax | 1 | (1) |
Other comprehensive income (loss) that may be reclassified to the income statement | (1,619) | 4,708 |
Total comprehensive income | (3,321) | 9,877 |
Comprehensive income for the period is attributable to: | ||
Shareholders in Ørsted A/S | (3,193) | 9,577 |
Interest payments and costs after tax, hybrid capital owners of Ørsted A/S | - | 59 |
Non-controlling interests | (128) | 241 |
Total comprehensive income | (3,321) | 9,877 |
In Q3 2025, 'Exchange rate adjustments relating to net investments in foreign enterprises' was impacted by the decrease in the NTD and GBP exchange rates of 4.2 % and 1.8 %, respectively.
Consolidated statement of financial position
30 September
Note
Assets
DKKm
30 September
2025
31 December
2024
30 September
2024
Note
Equity and liabilities
DKKm
30 September
2025
31 December
2024
30 September
2024
Intangible assets | 2,303 | 2,611 | 2,518 | |
Land and buildings | 7,307 | 7,977 | 7,808 | |
Production assets | 124,641 | 138,477 | 134,488 | |
Fixtures and fittings, tools, and equipment | 2,067 | 2,122 | 2,190 | |
Property, plant, and equipment under construction | 79,437 | 53,118 | 51,257 | |
4 | Property, plant, and equipment | 213,452 | 201,694 | 195,743 |
Investments in associates and joint ventures | 951 | 870 | 897 | |
Receivables from associates and joint ventures | 221 | 200 | 168 | |
Other securities and equity investments | 234 | 344 | 155 | |
11 | Derivatives | 1,524 | 960 | 1,164 |
Deferred tax | 9,863 | 9,250 | 9,178 | |
Other receivables | 2,942 | 3,218 | 3,010 | |
Other non-current assets | 15,735 | 14,842 | 14,572 | |
Non-current assets | 231,490 | 219,147 | 212,833 | |
Inventories | 17,086 | 17,448 | 14,750 | |
11 | Derivatives | 3,924 | 4,617 | 6,509 |
Contract assets | - | 324 | - | |
Trade receivables | 6,313 | 9,045 | 6,857 | |
Other receivables | 9,398 | 9,936 | 9,459 | |
Receivables from associates and joint ventures | 134 | 41 | 39 | |
9 | Income tax | 677 | 570 | 499 |
11 | Securities | 21,376 | 14,532 | 28,718 |
Cash | 8,677 | 23,126 | 10,677 | |
Current assets | 67,585 | 79,639 | 77,508 | |
Assets | 299,075 | 298,786 | 290,341 | |
Share capital | 4,204 | 4,204 | 4,204 | |
8 | Reserves | (9,495) | (5,164) | (6,198) |
Retained earnings | 69,163 | 63,098 | 67,981 | |
Equity attributable to shareholders in Ørsted A/S | 63,872 | 62,138 | 65,987 | |
Hybrid capital | 20,955 | 20,955 | 20,955 | |
Non-controlling interests | 8,785 | 10,391 | 4,185 | |
Equity | 93,612 | 93,484 | 91,127 | |
Deferred tax | 1,594 | 2,433 | 4,590 | |
Provisions | 17,490 | 17,735 | 17,371 | |
Lease liabilities | 7,589 | 8,076 | 8,058 | |
12 | Bond and bank debt | 88,144 | 83,607 | 79,162 |
11 | Derivatives | 6,769 | 8,882 | 8,212 |
Contract liabilities | 8,401 | 8,834 | 3,326 | |
Tax equity liabilities | 11,329 | 16,158 | 15,276 | |
Other payables | 5,397 | 5,825 | 5,418 | |
Non-current liabilities | 146,713 | 151,550 | 141,413 | |
Provisions | 1,285 | 2,800 | 4,625 | |
Lease liabilities | 796 | 834 | 881 | |
12 | Bond and bank debt | 14,806 | 4,101 | 14,673 |
11 | Derivatives | 4,004 | 7,009 | 5,675 |
Contract liabilities | 4,459 | 2,578 | 1,014 | |
Trade payables | 15,994 | 20,827 | 15,285 | |
Tax equity liabilities | 3,631 | 4,320 | 3,951 | |
Other payables | 7,541 | 7,106 | 5,508 | |
9 | Income tax | 6,234 | 4,177 | 6,189 |
Current liabilities | 58,750 | 53,752 | 57,801 | |
Liabilities | 205,463 | 205,302 | 199,214 | |
Equity and liabilities | 299,075 | 298,786 | 290,341 | |
Consolidated statement of shareholders' equity
1 January - 30 September
9M 2025 9M 2024
DKKm
Share capital
Reserves1 (note 8)
Retained earnings
Shareholders in Ørsted A/S
Hybrid capital
Non-con-trolling interests
Total Group
Share capital
Reserves1 (note 8)
Retained earnings
Shareholders in Ørsted A/S
Hybrid capital
Non-con-trolling interests
Total Group
Equity at 1 January | 4,204 | (5,164) | 63,098 | 62,138 | 20,955 | 10,391 | 93,484 |
Comprehensive income for the period: | |||||||
Profit (loss) for the period | - | - | 5,750 | 5,750 | 151 | 635 | 6,536 |
Other comprehensive income: | |||||||
Cash flow hedging | - | 919 | - | 919 | - | 162 | 1,081 |
Exchange rate adjustments | - | (4,548) | - | (4,548) | - | (712) | (5,260) |
Tax on other comprehensive income | - | (727) | - | (727) | - | - | (727) |
Share of other comprehensive income of associated companies, after tax | - | - | (6) | (6) | - | - | (6) |
Total comprehensive income | - | (4,356) | 5,744 | 1,388 | 151 | 85 | 1,624 |
Cash flow hedging of property, plant, and equipment | |||||||
- | 25 | - | 25 | - - | 25 | ||
under construction | |||||||
Coupon payments, hybrid capital | - | - | - | - | (151) - | (151) | |
Tax | - | - | - | - | - - | - | |
Additions, hybrid capital | - | - | - | - | - - | - | |
Disposals, hybrid capital | - | - | - | - | - - | - | |
Dividends paid | - | - | - | - | - (1,569) | (1,569) | |
Additions, non-controlling interests | - | - | 289 | 289 | - (122) | 167 | |
Other changes | - | - | 32 | 32 | - - | 32 | |
Equity at 30 September | 4,204 | (9,495) | 69,163 | 63,872 | 20,955 8,785 | 93,612 | |
4,204 | (10,251) | 62,829 | 56,782 | 19,103 | 1,906 | 77,791 |
- | - | 5,729 | 5,729 | 227 | 144 | 6,100 |
- | 3,909 | - | 3,909 | - | 514 | 4,423 |
- | (166) | - | (166) | - | (27) | (193) |
- | (190) | - | (190) | - | (51) | (241) |
- | - | 6 | 6 | - | - | 6 |
- | 3,553 | 5,735 | 9,288 | 227 | 580 | 10,095 |
- | (74) | - | (74) | - - | (74) | |
- | - | - | - | (197) - | (197) | |
- | 16 | - | 16 | 9 - | 25 | |
- | - | - | - | 5,520 - | 5,520 | |
- | - | - | - | (3,707) - | (3,707) | |
- | - | - | - | - (317) | (317) | |
- | 558 | (614) | (56) | - 2,016 | 1,960 | |
- | - | 31 | 31 | - - | 31 | |
4,204 | (6,198) | 67,981 | 65,987 | 20,955 4,185 | 91,127 | |
1 In addition to the total reserves of DKK -9,495 million, a loss of DKK 323 million is recognised as part of non-controlling interests. The loss is related to the hedging of revenue attributable to the
non-controlling interests.
Consolidated statement of cash flows
1 January - 30 September
Note
Statement of cash flows
Operating profit (loss) before | ||||
depreciation, amortisation, and | ||||
18,579 | 23,606 | 3,064 | 9,548 | |
impairment losses (EBITDA) | ||||
Reversal of gain (loss) on divestment | ||||
of assets | (3,190) | (266) | 112 | (106) |
Change in derivatives | (508) | 371 | 369 | (740) |
Change in provisions and other items | 1,264 | (11,664) | (284) | (6,957) |
Change in inventories | (2,250) | (3,983) | (2,748) | (1,480) |
Change in contract assets and liabilities | 1,656 | (972) | 20 | (2,067) |
Change in trade receivables | 2,547 | 4,261 | 719 | 1,069 |
Change in other receivables | (1,265) | 812 | (242) | 123 |
Change in trade payables | (3,859) | (529) | (619) | 326 |
Change in tax equity liabilities | (2,244) | 1,303 | (660) | (681) |
Change in other payables | (687) | (1,077) | (59) | 192 |
Interest received and similar items | 5,294 | 4,719 | 1,586 | 1,758 |
Interest paid and similar items | (7,086) | (5,351) | (2,271) | (1,965) |
Income tax paid | (1,597) | (3,180) | (153) | (659) |
Cash flows from operating activities | 6,654 | 8,050 | (1,166) | (1,639) |
Purchase of intangible assets and | ||||
(39,718) | (25,737) | (14,984) | (9,820) | |
property, plant, and equipment | ||||
Sale of intangible assets and property, | ||||
plant, and equipment | 6,964 | (582) | (44) | 167 |
Divestment of enterprises | - | 942 | (2) | 1 |
Purchase of associates and joint ventures | (227) | (163) | - | (1) |
Purchase of securities | (20,259) | (11,023) | (11,546) | (5,018) |
Sale/maturation of securities | 13,477 | 12,584 | 2,905 | 7,607 |
Change in other non-current assets | 21 | 57 | 23 | 33 |
Transactions with associates and | ||||
joint ventures | (101) | 63 | (60) | (2) |
Dividends received and capital | ||||
reductions | 53 | 20 | 19 | 20 |
Cash flows from investing activities | (39,790) | (23,839) | (23,689) | (7,013) |
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Note DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Proceeds from raising of loans | 21,320 | 16,822 | 18,881 | 12,477 |
Instalments on loans | (4,955) | (3,333) | 731 | (478) |
Instalments on leases | (648) | (511) | (221) | (166) |
Coupon payments on hybrid capital | (151) | (197) | - | (36) |
Repurchase of hybrid capital | - | (3,707) | - | (1,867) |
Proceeds from issuance of hybrid capital | - | 5,520 | - | - |
Transactions with non-controlling interests | (1,462) | 1,652 | (438) | (157) |
Net proceeds from tax equity partners | (147) | 271 | (80) | 124 |
Collateral posted in relation to trading of derivatives | (13,008) | (8,515) | (3,567) | (2,674) |
Collateral released in relation to trading of derivatives | 16,313 | 7,909 | 4,219 | 2,791 |
Restricted cash and other changes | 46 | 227 | 169 | (48) |
Cash flows from financing activities | 17,308 | 16,138 | 19,694 | 9,966 |
Total net change in cash and cash | ||||
(15,828) | 349 | (5,161) | 1,314 | |
equivalents | ||||
Cash and cash equivalents at the beginning of the period | 23,124 | 10,144 | 11,883 | 9,472 |
Exchange rate adjustments of cash and cash equivalents | (801) | 183 | (227) | (110) |
Cash and cash equivalents at 30 September | 6,495 | 10,676 | 6,495 | 10,676 |
Statement of cash flows
Our supplementary statement of gross and net investments appears from note 7 'Gross and net investments' and free cash flow (FCF) from note 2
'Segment information'.
'Cash' according to the balance sheet as at 30 September 2025 includes 'Bank overdrafts that are part of the ongoing cash management', amounting to DKK 2,182 million (2024: DKK 1 million).
Basis of reporting
Ørsted is a listed public company, headquar-tered in Denmark.
This interim report for the first nine months of 2025 comprises the interim financial statements of Ørsted A/S (the parent company) and any subsidiaries controlled by Ørsted A/S.
The interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS), IAS 34 'Interim Financial Reporting' as adopted by the EU, and further requirements in the Danish Financial Statements Act (Årsregnskabsloven) for the presentation of quarterly interim reports by listed companies.
Definitions of non-IFRS financial measures can be found on pages 165, 235, and 236 of the annual report for 2024.
The interim consolidated financial statements for the first nine months of 2025 are a condensed set of financial statements, as they do not include all information and disclosures required by the annual financial statements. The interim consolidated financial statements have been prepared using the same accounting policies as our annual consolidated financial statements as of 31 December 2024 and should be read in conjunction with this.
Implementation of new standards, interpretations, and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of our annual consolidated financial statements for the year, which ended on 31 December 2024. The Group has not early adopted any standard, interpretation, or amendment that has been issued but not yet entered into effect.
Amendments apply for the first time in 2025 but do not have a material impact on our financial statements.
Segment information
9M 2025 income statement
DKKm Offshore Onshore
Bioenergy & Other
Reportable segments
Other activities/
External revenue | 35,612 | 2,218 | 12,310 | 50,140 | (30) | 50,110 |
Intra-group revenue | 1,172 | (4) | (768) | 400 | (400)1 | - |
Revenue | 36,784 | 2,214 | 11,542 | 50,540 | (430) | 50,110 |
Cost of sales | (18,471) | (32) | (8,476) | (26,979) | 12 | (26,967) |
Employee costs and other external expenses | (8,382) | (1,829) | (2,181) | (12,392) | 930 | (11,462) |
Gain (loss) on disposal of non-current assets | 2,583 | 607 | - | 3,190 | - | 3,190 |
Additional other operating income and expenses | 1,367 | 2,563 | (178) | 3,752 | 18 | 3,770 |
Share of profit (loss) in associates and joint ventures | (55) | (8) | 1 | (62) | - | (62) |
EBITDA | 13,826 | 3,515 | 708 | 18,049 | 530 | 18,579 |
Depreciation and amortisation | (5,135) | (1,573) | (492) | (7,200) | (213) | (7,413) |
Impairment losses | (2,607) | 1,102 | - | (1,505) | - | (1,505) |
Operating profit (loss) (EBIT) | 6,084 | 3,044 | 216 | 9,344 | 317 | 9,661 |
Key ratios | ||||||
Intangible assets and property, plant, and equipment | 146,088 | 59,062 | 9,501 | 214,651 | 1,104 | 215,755 |
Equity investments and non-current receivables | 402 | 629 | 240 | 1,271 | 96 | 1,367 |
Net working capital, capital expenditures | (5,805) | (775) | (75) | (6,655) | - | (6,655) |
Net working capital, work in progress | 6,947 | - | - | 6,947 | - | 6,947 |
Net working capital, tax equity | (890) | (12,542) | - | (13,432) | - | (13,432) |
Net working capital, other items | (1,555) | 194 | 74 | (1,287) | 1,122 | (165) |
Derivatives, net | (4,097) | (3,051) | (35) | (7,183) | 1,858 | (5,325) |
Decommissioning obligations | (9,578) | (2,060) | (2,464) | (14,102) | - | (14,102) |
Other provisions | (2,750) | - | (331) | (3,081) | (1,592) | (4,673) |
Tax, net | 5,877 | (3,398) | 206 | 2,685 | 27 | 2,712 |
Other receivables and other payables, net | (4,686) | (25) | - | (4,711) | (952) | (5,663) |
Capital employed at 30 September | 129,953 | 38,034 | 7,116 | 175,103 | 1,663 | 176,766 |
Return on capital employed (ROCE)2, % | - | - | - | - | - | 2.0 |
Cash flow from operating activities | 110 | 345 | 203 | 658 | 5,996 | 6,654 |
Gross investments | (34,940) | (3,514) | (1,414) | (39,868) | (56) | (39,924) |
Divestments | 3,799 | 3,367 | - | 7,166 | 23 | 7,189 |
Free cash flow (FCF) | (31,031) | 198 | (1,211) | (32,044) | 5,963 | (26,081) |
eliminations Total
The column 'Other activities/eliminations' primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.
1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to
DKK 3,513 million, which primarily relates to our Shared Functions services as well as our B2B business activities.
2 Last 12 months.
2. Segment information (continued)
9M 2024 income statement
DKKm Offshore Onshore
Bioenergy & Other
Reportable segments
Other activities/
External revenue | 36,737 | 2,174 | 10,938 | 49,849 | 108 | 49,957 |
Intra-group revenue | 868 | (8) | (289) | 571 | (571)1 | - |
Revenue | 37,605 | 2,166 | 10,649 | 50,420 | (463) | 49,957 |
Cost of sales | (17,259) | (69) | (8,228) | (25,556) | 32 | (25,524) |
Employee costs and other external expenses | (7,806) | (1,999) | (2,114) | (11,919) | 1,273 | (10,646) |
Gain (loss) on disposal of non-current assets | 105 | 168 | (7) | 266 | - | 266 |
Additional other operating income and expenses | 7,236 | 2,546 | (87) | 9,695 | (82) | 9,613 |
Share of profit (loss) in associates and joint ventures | (50) | (10) | - | (60) | - | (60) |
EBITDA | 19,831 | 2,802 | 213 | 22,846 | 760 | 23,606 |
Depreciation and amortisation | (5,283) | (1,667) | (496) | (7,446) | (208) | (7,654) |
Impairment losses | (2,887) | (549) | - | (3,436) | - | (3,436) |
Operating profit (loss) (EBIT) | 11,661 | 586 | (283) | 11,964 | 552 | 12,516 |
Key ratios | ||||||
Intangible assets and property, plant, and equipment | 126,028 | 62,941 | 8,102 | 197,071 | 1,190 | 198,261 |
Equity investments and non-current receivables | 537 | 298 | 224 | 1,059 | 170 | 1,229 |
Net working capital, capital expenditures | (4,968) | (261) | (98) | (5,327) | - | (5,327) |
Net working capital, work in progress | 5,275 | - | - | 5,275 | - | 5,275 |
Net working capital, tax equity | (1,177) | (16,371) | - | (17,548) | - | (17,548) |
Net working capital, other items | 4,175 | 561 | (689) | 4,047 | 1,882 | 5,929 |
Derivatives, net | (4,013) | (1,400) | (1,237) | (6,650) | 436 | (6,214) |
Decommissioning obligations | (9,538) | (2,254) | (2,175) | (13,967) | 1 | (13,966) |
Other provisions | (5,311) | - | (623) | (5,934) | (2,096) | (8,030) |
Tax, net | 3,811 | (5,074) | (381) | (1,644) | 542 | (1,102) |
Other receivables and other payables, net | (3,692) | (13) | - | (3,705) | (858) | (4,563) |
Capital employed at 30 September | 111,127 | 38,427 | 3,123 | 152,677 | 1,267 | 153,944 |
Return on capital employed (ROCE)2, % | - | - | - | - | - | 8.1 |
Cash flow from operating activities | 738 | 3,039 | 3,033 | 6,810 | 1,240 | 8,050 |
Gross investments | (19,619) | (4,693) | (1,300) | (25,612) | (82) | (25,694) |
Divestments | (854) | 3,259 | - | 2,405 | (42) | 2,363 |
Free cash flow (FCF) | (19,735) | 1,605 | 1,733 | (16,397) | 1,116 | (15,281) |
eliminations Total
The column 'Other activities/eliminations' primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.
Including the elimination of other activities, the total elimination of intra-group revenue amounts to
DKK 3,670 million, which primarily relates to our Shared Functions services as well as our B2B business activities.
Last 12 months.
Segment information (continued)
Q3 2025, income statement and FCF
DKKm Offshore Onshore
Bioenergy & Other
Reporting segments
Other activities/
External revenue
8,419
767
3,078
12,264
6
12,270
Intra-group revenue
357
(3)
(216)
138
(138)1
-
Revenue
8,776
764
2,862
12,402
(132)
12,270
Cost of sales
(3,605)
(9)
(2,044)
(5,658)
(11)
(5,669)
Employee costs and other external expenses
(3,008)
(602)
(800)
(4,410)
270
(4,140)
Gain (loss) on disposal of non-current assets
(120)
8
-
(112)
-
(112)
Additional other operating income and expenses
259
669
(145)
783
21
804
Share of profit (loss) in associates and joint ventures
(87)
(2)
-
(89)
-
(89)
EBITDA
2,215
828
(127)
2,916
148
3,064
Depreciation and amortisation
(1,671)
(515)
(165)
(2,351)
(72)
(2,423)
Impairment losses
(1,883)
126
-
(1,757)
-
(1,757)
Operating profit (loss) (EBIT)
(1,339)
439
(292)
(1,192)
76
(1,116)
Cash flow from operating activities
(1,386)
23
(1,006)
(2,369)
1,203
(1,166)
Gross investments
(13,715)
(863)
(374)
(14,952)
(19)
(14,971)
Divestments
(128)
50
-
(78)
22
(56)
Free cash flow (FCF)
(15,229)
(790)
(1,380)
(17,399)
1,206
(16,193)
eliminations Total
The column 'Other activities/eliminations' primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.
1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to
DKK 1,119 million (Q3 2024: 1,233 million), which primarily relates to our Shared Functions services as well as our B2B business activities.
Q3 2024, income statement and FCF
DKKm
External revenue
11,798
805
3,182
15,785
(19)
15,766
Intra-group revenue
290
(4)
(124)
162
(162)1
-
Revenue
12,088
801
3,058
15,947
(181)
15,766
Cost of sales
(5,875)
-
(2,295)
(8,170)
(27)
(8,197)
Employee costs and other external expenses
(2,779)
(770)
(820)
(4,369)
504
(3,865)
Gain (loss) on disposal of non-current assets
(17)
130
(7)
106
-
106
Additional other operating income and expenses
5,146
834
(120)
5,860
(84)
5,776
Share of profit (loss) in associates and joint ventures
(33)
(4)
(1)
(38)
-
(38)
EBITDA
8,530
991
(185)
9,336
212
9,548
Depreciation and amortisation
(1,752)
(559)
(167)
(2,478)
(70)
(2,548)
Impairment losses
199
(483)
-
(284)
-
(284)
Operating profit (loss) (EBIT)
6,977
(51)
(352)
6,574
142
6,716
Cash flow from operating activities
(2,063)
95
(286)
(2,254)
615
(1,639)
Gross investments
(8,502)
(875)
(386)
(9,763)
(17)
(9,780)
Divestments
(45)
152
-
107
1
108
Free cash flow (FCF)
(10,610)
(628)
(672)
(11,910)
599
(11,311)
Revenue
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other activities/ eliminations
9M 2025
total Offshore Onshore
Bioenergy &
Other
Other activities/ eliminations
9M 2024
total
Generation of power | 9,806 | 1,541 | 3,094 | - | 14,441 |
Sale of power | 12,201 | 16 | 250 | (5) | 12,462 |
Revenue from construction of wind farms and transmission assets | 4,782 | - | - | - | 4,782 |
Generation and sale of heat and steam | - | - | 2,482 | - | 2,482 |
Sale of gas | - | - | 4,885 | (3) | 4,882 |
Distribution and transmission | - | - | 233 | (1) | 232 |
O&M and other services | 3,139 | 244 | 276 | (421) | 3,238 |
Total revenue from customers | 29,928 | 1,801 | 11,220 | (430) | 42,519 |
Government grants | 6,091 | 171 | 225 | - | 6,487 |
Miscellaneous revenue | 765 | 242 | 97 | - | 1,104 |
Total revenue | 36,784 | 2,214 | 11,542 | (430) | 50,110 |
Timing of revenue recognition from customers | |||||
At a point in time | 15,787 | 1,801 | 2,600 | (430) | 19,758 |
Over time | 14,141 | - | 8,620 | - | 22,761 |
Total revenue from customers | 29,928 | 1,801 | 11,220 | (430) | 42,519 |
7,496 | 2,039 | 3,679 | - | 13,214 |
11,478 | 3 | 231 | (11) | 11,701 |
6,272 | 38 | - | - | 6,310 |
- | - | 2,357 | - | 2,357 |
- | - | 3,183 | (28) | 3,155 |
- | - | 256 | (2) | 254 |
3,134 | 62 | 275 | (422) | 3,049 |
28,380 | 2,142 | 9,981 | (463) | 40,040 |
8,440 | 90 | 277 | - | 8,807 |
785 | (66) | 391 | - | 1,110 |
37,605 | 2,166 | 10,649 | (463) | 49,957 |
13,756 | 2,142 | 4,452 | (463) | 19,887 |
14,624 | - | 5,529 | - | 20,153 |
28,380 | 2,142 | 9,981 | (463) | 40,040 |
Revenue was DKK 50,110 million. The increases in 'Generation of power' and 'Sale of power' relative to the first nine months of 2024 was primarily driven by continuous commissioning of new offshore assets and higher availability, contributing to higher generation. Further strengthened by generally higher power prices, which adversely resulted in lower subsidy per MWh produced compared to the first nine months of 2024.
Revenue from construction agreements was DKK 4,782 million in 9M 2025 and mainly related to the construction of Greater Changhua 4 for partners. In 9M 2024, revenue from construction agreements was DKK 6,310 million and mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.
Revenue (continued)
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other activities/ eliminations
Q3 2025
total Offshore Onshore
Bioenergy &
Other
Other activities/ eliminations
Q3 2024
total
Generation of power
2,355
451
736
-
3,542
Sale of power
2,202
10
94
13
2,319
Revenue from construction of wind farms and transmission assets
1,176
-
-
-
1,176
Generation and sale of heat and steam
-
-
464
-
464
Sale of gas
-
-
1,286
(3)
1,283
Distribution and transmission
-
-
84
-
84
O&M and other services
1,093
77
77
(142)
1,105
Total revenue from customers
6,826
538
2,741
(132)
9,973
Government grants
1,912
149
33
-
2,094
Miscellaneous revenue
38
77
88
-
203
Total revenue
8,776
764
2,862
(132)
12,270
Timing of revenue recognition from customers
At a point in time
3,667
538
547
(132)
4,620
Over time
3,159
-
2,194
-
5,353
Total revenue from customers
6,826
538
2,741
(132)
9,973
2,117
716
1,033
-
3,866
2,903
3
94
7
3,007
3,171
-
-
-
3,171
-
-
405
-
405
-
-
1,072
(5)
1,067
-
-
90
-
90
1,208
12
34
(183)
1,071
9,399
731
2,728
(181)
12,677
2,522
22
65
-
2,609
167
48
265
-
480
12,088
801
3,058
(181)
15,766
3,923
731
1,292
(181)
5,765
5,476
-
1,436
-
6,912
9,399
731
2,728
(181)
12,677
Impairments
Impairment losses on segment level
Offshore | 2,607 | 2,887 | 1,883 | (199) |
Onshore | (1,102) | 549 | (126) | 483 |
Bioenergy & Other | - | - | - | - |
Total impairment losses | 1,505 | 3,436 | 1,757 | 284 |
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
WACC levels
%
30 September
2025
30 September
2024
Base discount rate applied for the US | 5.50 % - 7.25 % | 5.25 % - 6.75 % |
The base discount rate after tax applied for the value-in-use calculation is determined per CGU.
30 September 30 September
ITC bonus credits
Sensitivity impact
9M 2025 9M 2024 Q3 2025 Q3 2024 2025 2024 assumed in impairment tests DKK billion
40 % ITC
Cash-generating units
Impairment
losses
Impairment
losses
Impairment
losses
Impairment
losses
Recoverable
Recoverable
ITC
Probability
No ITC
bonus credits,
100 %
+50 bps
-50 bps
DKKm
(reversals)
(reversals)
(reversals)
(reversals)
amount amount bonus credits weighting bonus credits probability WACC WACC
Ocean Wind seabeds | - | 596 | - | - | n.a. | n.a. n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Sunrise Wind | 2,325 | (2,897) | 2,036 | (1,471) | 11,892 | 8,499 10 % | 95 % | (4.8) | 0.3 | (1.6) | 1.6 |
Revolution Wind | (145) | 3,508 | (83) | 1,195 | 9,270 | 2,856 10 % | 95 % | (1.2) | 0.1 | (0.5) | 0.5 |
South Fork | (132) | 237 | (70) | 134 | 2,837 | 2,653 n.a. | n.a. | n.a. | n.a. | (0.1) | 0.1 |
Block Island | 59 | (72) | - | (57) | 1,096 | 1,250 n.a. | n.a. | n.a. | n.a. | (0.0) | 0.0 |
Hornsea 4 | 500 | - | - | - | n.a. | n.a. n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
FlagshipONE | - | 1,515 | - | - | n.a. | n.a. n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Offshore | 2,607 | 2,887 | 1,883 | (199) | 25,095 | 15,258 | |||||
Onshore | (1,102) | 549 | (126) | 483 | 13,652 | 4,096 n.a. | n.a. | n.a. | n.a. | (0.2) | 0.2 |
Bioenergy & Other | - | - | - | - | n.a. | n.a. | |||||
Total | 1,505 | 3,436 | 1,757 | 284 | 38,747 | 19,354 | |||||
Estimation uncertainty and sensitivity analyses Due to the impairments recognised, the impaired assets give rise to estimation uncertainty. The assumptions with major uncertainty include investment tax credits, interest rates, imposed tariffs in the US, and the supply chain.
In the table, we have included sensitivity analyses of impairment effects if WACC levels or assumptions related to ITC bonus credits change.
If WACC had increased by 50 basis points in the impairment test of e.g. Revolution Wind as of
30 September 2025, the impairment loss would have been DKK 0.5 billion higher.
If we had not included the probability-weighted additional 10 % ITC bonus credits in the impairment test of e.g. Revolution Wind as of 30 September 2025, the impairment loss would have been DKK 1.2 billion higher.
4. Impairments (continued)
Q3 2025 impairment losses (reversals)
We have recognised net impairment losses of DKK 1.8 billion in Q3 2025 related to our US portfolio. Impairments on our US offshore projects were driven by tariffs in the US
(DKK 2.5 billion) and impact from the
stop-work order on Revolution Wind (DKK 0.5 billion), partly offset by decreasing interest rates (DKK 1.1 billion). The impairment reversal on our US onshore portfolio was driven by decreasing interest rates (DKK 0.1 billion).
9M 2025 impairment losses (reversals)
In 9M 2025, net impairment loss amounted to DKK 1.5 billion.
We have updated the impairment tests of our US portfolio as of 30 September 2025, which has resulted in a net impairment loss of
DKK 1.0 billion in 9M 2025.
The net impairment loss was driven by the 50 % tariff on steel and aluminium, the reciprocal tariffs that were imposed in the US
in 2025 (DKK 3.7 billion), and the impact of the order to stop ongoing activities on the Outer Continental Shelf related to Revolution Wind (DKK 0.5 billion), partly offset by a decrease in the long-dated interest rate across our US portfolio (DKK 2.7 billion) and positive market price developments (DKK 0.5 billion).
In addition to the net impairment loss on our US portfolio, we also recognised an impair-
ment loss of DKK 0.5 billion in Q2 2025 on the Hornsea 4 project, caused by the decision to discontinue the project in its current form.
Tariffs in the US
Throughout 2025, the US administration has implemented several tariff measures as part of an ongoing review of its trade policy.
In March 2025, the US Government imposed a 25 % tariff on all imports of steel and aluminium, removed prior exemptions for some countries, and expanded the tariffs to also cower downstream steel products, such as nuts, bolts and structural components, instead of only raw steel. The estimated impact of this tariff resulted in impairments of DKK 1.2 billion in Q1 2025 for our offshore projects Sunrise Wind and Revolution Wind.
Effective from 4 June 2025, the 25 % tariff on imports of steel, aluminium, and certain products containing steel and aluminium was increased to 50 %. In addition to this, the U.S. Department of Commerce on 19 August 2025 announced a derivative inclusion decision, whereby 407 items were added to the steel and aluminium tariff lists, effective as of the announcement. Amongst these items are certain components for wind turbines that will now expectedly receive a 50 % tariff on their steel and aluminium derivative elements.
Further, on 21 August 2025, the U.S. Department of Commence announced an inquiry into
the effects of specific imports a so-called Section 232 investigation for wind turbines and associated parts. The outcome of the inquiry is not yet known but could potentially lead to an increase in tariffs for the entire value chain of wind turbine components, including turbine blades.
In addition to the tariff on steel and aluminium, an executive order was signed in April 2025, imposing a 20 % tariff on imports into the US from the European Union, of which 10 % was effective, and the remaining 10 % was postponed. On 27 July 2025, the US
entered into a framework trade deal with the European Union, imposing a 15 % tariff on most US imports of EU goods. The 15 % tariff is effective from 7 August 2025.
There are inherent uncertainties connected to the development of tariffs, including the development of tariffs on steel, the proposed metals alliance between the US and the European Union, and any related effects.
Based on our current interpretations and assumptions, we recognised an additional impairment loss of DKK 2.5 billion in Q3 2025 related to these tariffs.
The impact from these new tariffs involves a number of key estimates and assumptions, which are based on the expected interpretation, final agreements, and practical implementation of tariffs as well as the ongoing
legal challenges to certain of the imposed tariffs. Consequently, inherent uncertainties are embedded in the assumptions, which reflect our current best estimate.
Stop-work order on Revolution Wind
On 22 August 2025, our project Revolution Wind received an order instructing it to stop activities on the Outer Continental Shelf.
On 3 September 2025, the project submitted a notice of intention to sue the US federal government, including the U.S. Department of the Interior and Bureau of Ocean Energy Management (BOEM), challenging the Revolution Wind order. Following this, on
4 September 2025, the project filed a complaint in the U.S. District court for the District of Columbia, challenging the Order as unlawful and alleging claims against the federal agencies for violating US federal law. The project is seeking relief, including the lifting of the order, and filed a motion for preliminary injunction with this US federal district court on 5 September 2025.
On 22 September 2025, the U.S. District Court for the District of Columbia granted the preliminary injunction, allowing the Revolution Wind project to resume construction activities while the underlying lawsuit progresses.
The stop-work order has resulted in increased costs due to the extension of contract for
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Ørsted A/S published this content on November 05, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 05, 2025 at 07:09 UTC.
