Ørsted (ORSTED) Q2 2026 earnings summary

Executive summary

• Strong operational performance and strategic progress in offshore wind, with 91% availability and 11.2 TWh generated in H1 2026, a 23% year-over-year increase, supporting full-year financial guidance.

• Strategic priorities include strengthening capital structure, delivering on an 8.1 GW offshore wind construction portfolio, disciplined capital allocation, and improving competitiveness.

• Major construction milestones reached at Borkum Riffgrund 3, Greater Changhua 2b/4, Sunrise Wind, Hornsea 3, and Baltica 2.

• Divestment of European onshore business completed; 50–55% stake in Greater Changhua 2 project expected to close post-commissioning.

• Announced new dividend policy for 2026–2028, with reinstatement planned for 2027 and annual increases expected.

Financial highlights

• Revenue rose 28% year-over-year to DKK 48.3 billion in H1 2026, driven by higher generation and prices.

• H1 2026 EBITDA, excluding new partnerships and cancellation fees, reached DKK 15.0 billion, up over DKK 1 billion year-over-year.

• Q2 2026 EBITDA (excluding new partnerships and cancellation fees) was DKK 5.4 billion, up 2% year-over-year.

• Net profit for Q2 2026 was DKK 700 million, down from DKK 3.4 billion in Q2 2025, impacted by impairments and lower partnership earnings.

• Gross investments totaled DKK 18.3 billion in H1 2026, mainly in offshore wind projects.

Outlook and guidance

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

• Gross investment guidance for 2026 remains DKK 50–55 billion.

• Offshore business expected to outperform 2025, onshore to be in line, while bioenergy and other revised to lower due to reduced ancillary services and gas storage provisions.

• Dividend policy reinstated for FY 2026, with first payout in 2027 and expected annual increases through 2028.

• Guidance assumes normal wind speeds and is subject to market, regulatory, and geopolitical uncertainties.