Danish energy company Ørsted reported increased revenue in the fourth quarter compared to the same period the previous year. The adjusted operating profit before depreciation, EBITDA, was higher.
Revenue rose by 9.8 percent to 23,134 billion Danish kroner (21,077).
The EBITDA result amounted to 3,869 billion Danish kroner (8,353), with expectations at 4,210, resulting in an EBITDA margin of 16.7 percent (39.6).
The adjusted EBITDA result reached 8,095 billion Danish kroner (7,554), with an adjusted EBITDA margin of 35.0 percent (35.8).
Operating profit was -1,041 billion Danish kroner (-6,345).
Profit before tax stood at -1,587 billion Danish kroner (-6,761).
Net profit after tax was -3,371 billion Danish kroner (-6,084).
The guidance for 2026 is for an adjusted EBITDA of over 28 billion Danish kroner (25.1).
For adjusted EBITDA in offshore, this is expected to be higher than last year's outcome of 19.6 billion Danish kroner, while onshore is expected to be in line with last year's outcome of 4.2 billion Danish kroner.
Furthermore, the company aims to make gross investments of 50-55 billion Danish kroner in 2026 (55).
Ørsted also has the goal of reintroducing dividends based on the current fiscal year.
Orsted A/S is one of the leading Danish energy groups. Net sales break down by activity as follows:
- development, construction and operation of offshore wind farms (72.6%): 18.7 TWh of wind energy produced in 2025. At the end of 2025, the group had an installed capacity of 10.2 GW;
- production and distribution of electricity, gas and bioenergy (23.3%): electricity (2.5 TWh sold in 2025), gas (21.5 TWh sold) and thermal energy (6.4 TWh produced). In addition, the group is developing an oil transport activity;
- development, construction and operation of onshore wind and solar PV farms (3.9%): operation of onshore wind and solar farms with an installed capacity of 6.3 GW;
- other (0.2%).
Net sales are distributed geographically as follows: Denmark (24.6%), the United Kingdom (48.9%), Taiwan (10.3%), Germany (7.9%), the United States (4.2%), the Netherlands (2.3%), Ireland (0.8%) and other (1%).
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