Danish wind farm developer Ørsted has reported a 6.79% decline in EBITDA in the third quarter of its financial year, as well as reporting an overall loss for the period of DKK 1.7 billion.
This compares to a DKK 5.17 billion profit in the corresponding period a year earlier.
Over the first nine months of the year, EBITDA was down 21.3%, however profits were 7.1% higher, the company noted.
In its interim report, Ørsted said that it had ‘taken significant steps in delivering on its strategic priorities’ during the quarter, including strengthening its capital structure and divesting a 50% equity stake in the 2.9 GW Hornsea 3 Offshore Wind Farm in the UK.
Operational performance
The company has reiterated its full-year guidance, adding that operational performance has been ‘solid’.
“I’m satisfied with the good progress across our entire construction portfolio,” commented Rasmus Errboe, group president and CEO of Ørsted. “Despite lower wind speeds in the quarter, we have increased generation by 8% compared to Q3 2024 through a combination of higher availability rates for our offshore portfolio and ramping up generation from Gode Wind 3 in Germany.”
Errboe added that the company “significantly strengthened [its] financial robustness” with the completion of the rights issue and the UK divestment, measures which earned the support of its shareholders.
“I see this as a strong indication that our investors see significant potential in Ørsted and in the offshore wind industry,” he added. “Our key focus is to continue delivering on our business plan, which will enable Ørsted to remain a global leader of offshore wind with a strong foothold in Europe.”
Offshore wind
The company said that it has made ‘good progress’ on its 8.1 GW offshore wind construction portfolio, adding that once these are completed, they will contribute DKK 11–12 billion in annual EBITDA when operational.
It also plans to reduce its workforce by around 2,000 positions by 2027, as part of broader operational changes aligned with its strategic focus on offshore wind in Europe, along with the completion of its construction portfolio during 2026 and 2027.
Ørsted operates 10.2 GW of installed offshore capacity and more than 18 GW of total renewable energy assets around the world. Read more here.
