Offshore wind developer Ørsted has reported a 8% increase in EBITDA, excluding new partnerships and cancellation fees, in the first half of its financial year, adding that it remains ‘on track’ to deliver its 2026 financial guidance.
The Danish firm generated DKK 11.9 billion (€1.59 billion) in EBITDA, excluding new partnerships and cancellation fees, during the first half, up from DKK 10.3 billion in the same period a year earlier, primarily due to ‘higher wind speeds and higher prices’, it said in a statement.
In the second quarter specifically, increased EBITDA of DKK 4.4 billion was largely driven by earnings from the construction agreement for Hornsea 3 in the UK, which when completed will be the world’s largest offshore wind farm.
‘Necessary robustness’
“I’m pleased with our strategic progress in the first half of the year,” commented Rasmus Errboe, group president and CEO of Ørsted. “Our renewable assets have produced more renewable energy in the first half of 2026 than ever before, and we remain on track to deliver on our financial guidance for the year. With the measures we’ve taken during the last 18 months, we have the necessary robustness to pursue new, value-creating opportunities within offshore wind, while also reinstating a dividend payout to our shareholders as planned.”
In the first half of the year, Ørsted generated 11.2 TWh worth of electricity from its offshore business, close to a quarter (23%) more than in the same period last year.
In addition, it reported ‘significant progress’ across its construction portfolio, with Hornsea 3 in particular progressing according to schedule.
‘Key priority’
“It continues to be a key priority for us to deliver on our construction portfolio, and we’re very pleased with the milestones we’ve reached this past quarter,” Errboe added.
“The recent volatility in global energy markets reinforces the need for Europe to accelerate electrification and the build-out of renewable energy. We’re encouraged to see this recognised at European political level, where recent legislative proposals in the EU focus on accelerating electrification across sectors.”
Despite the increase in underlying EBITDA, reported net profit fell 60% to DKK 3.3 billion, from DKK 8.2 billion in corresponding period last year. This was largely attributed to divestment gains recorded last year, alongside higher tax and non-cash impairment losses in 2026.
The company added that based on its financial performance in the first half, it is maintaining its guidance of full-year EBITDA above DKK28 billion excluding new partnerships and cancellation fees, as well as its gross investment guidance of DKK 50-55 billion.
In January, Ørsted launched a legal challenge against the Trump administration’s suspension of its Revolution Wind offshore project off Rhode Island in the US. Read more here.
Read more: Wind turbine manufacturer Vestas sees revenue up 26.1% in second quarter
