Ørsted (ORSTED) Q1 2026 earnings summary

Executive summary

• Achieved strong operational performance in Q1 2026, with EBITDA (excluding new partnerships and cancellation fees) up 11% year-over-year to DKK 9.5 billion, driven by offshore wind ramp-up, favorable wind conditions, and strategic progress in renewables.

• Offshore wind portfolio maintained high availability at 93%, with renewable share of generation at 98%.

• Divestment of European onshore business completed; 55% stake in Greater Changhua 2 project expected to close in Q3 2026.

• Delivered first power at Revolution Wind, initiated turbine installation at Sunrise Wind, and achieved key milestones at Hornsea 3 and Baltica 2.

• Total recordable injury rate (TRIR) improved to 2.1, down from 2025 levels.

Financial highlights

• Revenue rose 33% year-over-year to DKK 27.6 billion, with EBITDA (excluding new partnerships and cancellation fees) up 11% to DKK 9.5 billion.

• Net profit for Q1 2026 was DKK 2.6 billion, down 46% year-over-year due to DKK 1.4 billion impairment losses and tax effects.

• Net interest-bearing debt increased to DKK 21.3 billion, with a liquidity reserve exceeding DKK 115 billion.

• FFO to adjusted net debt improved to 42%, above the 30% target.

• Adjusted ROCE at 8.6%, reported ROCE at 4.6%.

Outlook and guidance

• Full-year 2026 EBITDA guidance (excluding new partnerships and cancellation fees) maintained at above DKK 28 billion.

• Gross investments for 2026 projected at DKK 50–55 billion.

• Offshore business expected to outperform 2025, with onshore and bioenergy earnings in line with last year.

• Average ROCE guidance: -11% for 2026-2027, >13% for 2028-2030.

• Target to reinstate dividend for the financial year 2026.