Ørsted’s board of directors has approved the company’s annual report for 2025, outlining progress on strategic priorities including offshore wind development, capital structure improvements and organisational changes. The company reported continued advancement across its offshore wind construction portfolio and confirmed ongoing adjustments to its project pipeline and operations. Operationally, offshore wind generation increased by 6% compared with 2024 despite lower wind speeds, supported by higher availability rates and the ramp-up of generation at Gode Wind 3 in Germany.
Litigation related to US stop-work orders affecting Revolution Wind and Sunrise Wind resulted in preliminary injunctions granted in January and February 2026, allowing construction activities to resume while legal proceedings continue.
EBITDA excluding new partnership agreements and cancellation fees reached DKK 25.1 billion, within the guided range of DKK 24–27 billion, while net profit for the year totalled DKK 3.2 billion. The company completed a rights issue generating approximately DKK 60 billion in gross proceeds and secured around DKK 46 billion from divestments, including stakes in Hornsea 3 in the UK and Greater Changhua 2 in Taiwan, alongside the sale of its European onshore business.
Ørsted continued work on its 8.1 GW offshore wind construction portfolio across multiple regions. The company was also awarded rights to develop the 900 MW Tonn Nua offshore wind site in Ireland with ESB, while reconfiguring Hornsea 4 for potential future development. Organisational restructuring and efficiency measures include plans to reduce approximately 2,000 positions by the end of 2027.
For 2026, Ørsted expects EBITDA excluding new partnership agreements and cancellation fees to exceed DKK 28 billion, with gross investments forecast at DKK 50–55 billion.
