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Ørsted’s operating profit (EBITDA) for the first quarter of the year amounted to DKK 4.9 billion, a DKK 1.9 billion decrease compared to the same period last year.
 
The decrease was mainly due to high earnings from the construction agreement related to the Hornsea 1 transmission assets in Q1 2020 not being repeated in Q1 2021, very strong wind speeds in Q1 2020 and the divested distribution, residential customer, and city light businesses last year. Furthermore, Q1 2021 was impacted by a DKK 0.8 billion warranty provision related to cable protection system issues at some of its offshore wind farms. Earnings from its offshore and onshore wind farms in operation were in line with the same period last year. More wind farms in operation were offset by significantly lower wind speeds across our offshore portfolio.

Ørsted maintains its full-year EBITDA guidance of DKK 15-16 billion and also reiterate its current full-year gross investment expectation of DKK 32-34 billion. However, once the Brookfield Renewable Ireland acquisition closes, the purchase price will be added to the current guidance. Net profit in Q1 2021 amounted to DKK 1.6 billion.
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