Ørsted Announces Solid Operational Performance & Reached More Than 10 Gw Of Offshore Capacity

Ørsted’s Board of Directors approved the interim report for the first quarter of 2025. In Q1 2025, we have focused on the execution of our four strategic priorities, which aim at solidifying Ørsted's leading position in offshore wind towards the end of the decade.

The offshore wind industry is challenged in the short term with headwinds relating to supply chain, regulatory, and macroeconomic developments. We are following the developments in the regulatory landscape closely and continuously assess any potential impacts hereof. The long-term fundamentals for offshore wind are strong due to the increasing global electricity demand, a strengthened focus on energy security and affordability through renewables, and improved framework conditions in several major markets.

Rasmus Errboe, Group President and CEO of Ørsted, says in a comment to the interim report for the first quarter of 2025:

“I’m pleased with our operational performance and earnings in Q1 2025, and we remain fully focused on the execution of our four strategic priorities. During the quarter, we had solid operational earnings supporting our full-year guidance, and we continued to deliver on our farm-down programme by completing offshore and onshore farm-downs. We also continued to deliver on our construction portfolio as we commissioned our offshore wind farm Gode Wind 3 in Germany, reaching more than 10 GW of installed offshore capacity.”

“After careful consideration, we’ve decided to discontinue the development of our Hornsea 4 project in its current form, well ahead of the planned FID later this year. The combination of increased supply chain costs, higher interest rates, and increased execution risk have deteriorated the expected value creation of the project.”

“We expanded and strengthened our Group Executive Team and welcomed two strong profiles in Amanda Dasch and Godson Njoku, who’ll add valuable competences and bring decades of senior leadership experience from the energy industry.”

Guidance

We maintain our full-year EBITDA guidance of DKK 25-28 billion excluding earnings from new partnership agreements and impacts from cancellation fees. Furthermore, we maintain our gross investment guidance of DKK 50-54 billion.

Results for Q1 2025

Operating profit (EBITDA) for the first quarter amounted to DKK 8.9 billion compared to DKK 7.5 billion in the same period last year. EBITDA excluding new partnerships and cancellation fees in Q1 2025 amounted to DKK 8.6 billion, an increase of 14 % compared to the same period last year.

Earnings from our offshore sites amounted to DKK 7.7 billion, which was an increase of DKK 0.7 billion compared to the same period last year. The increase was due to the ramp-up of generation at our German offshore wind farm Gode Wind 3 and higher availability. This was partly offset by significantly lower wind speeds in the quarter.

Profit for the period totalled DKK 4.9 billion, an increase of DKK 2.3 billion compared with Q1 2024. Return on capital employed (ROCE) came in at 4.6 %. ROCE adjusted for impairment losses and cancellation fees in Q1 2025 was 10.2 %.

EBITDA

Q1 2025: 8,871

Q1 2024: 7,488

18 %

- New partnerships

Q1 2025: 304

Q1 2024: -

n.a.

- Cancellation fees

Q1 2025: -

Q1 2024: -

n.a.

- EBITDA excl. new partnerships

and cancellation fees

Q1 2025: 8,567

Q1 2024: 7,488

14 %

Impairments

Q1 2025: 272

Q1 2024: 761

(64 %)

Profit (loss) for the period

Q1 2025: 4,887

Q1 2024: 2,609

87 %

Cash flow from operating activities

Q1 2025: 634

Q1 2024: 3,608

(82 %)

Gross investments

Q1 2025: (13,799)

Q1 2024: (7,622)

81 %

Divestments

Q1 2025: 2,987

Q1 2024: (738)

n.a.

Free cash flow

Q1 2025: (10,178)

Q1 2024: (4,752)

114 %

Net interest-bearing debt

Q1 2025: 68,449

Q1 2024: 49,864

37 %

FFO/adjusted net debt

Q1 2025: 13.7

Q1 2024: 18.0

(4 %p)

ROCE

Q1 2025: 4.6

Q1 2024: (12.2)

17 %p