Danish renewables company Ørsted has reported net profit of DKr2.62bn in the first quarter of 2026 (Q1 2026), a 46% decrease compared to DKr4.88bn in Q1 2025.
The Q1 2026 net profit was influenced by non-cash tax effects and impairments due to elevated long-dated US interest rates.
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The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 8% to DKr9.54bn from DKr8.87bn in the same period last year.
EBITDA excluding new partnerships and cancellation fees increased by 11% to DKr9.54bn from DKr8.56bn.
The higher earnings were primarily driven by a 27% increase in offshore generation compared to Q1 2025 following ramp-up at the Borkum Riffgrund 3 and Greater Changhua 4 wind farms and slightly higher wind speeds than normal.
EBITDA from the offshore business reached DKr7.5bn, an increase of DKr1.2bn from the corresponding period last year.
Cash flow from operating activities reached DKr6.53bn, compared to DKr634m in the previous year.
Return on capital employed, adjusted for impairment losses and cancellation fees, stood at 8.6%, down from 10.2% in the previous year’s first quarter, mainly due to increased capital employed.
Geographically, the company has achieved key milestones in its 8.1GW offshore wind construction portfolio.
In the US, first power has been delivered from the Revolution Wind project to the New England region, and the initial wind turbines have been successfully installed at Sunrise Wind near New York.
In Europe, Ørsted has begun installing monopile foundations at the Hornsea 3 site in the UK and at Baltica 2 wind project in Poland.
In Taiwan, commissioning of the Greater Changhua 2b and 4 offshore wind farms is progressing as planned for Q3 2026.
Ørsted’s full-year EBITDA guidance remains more than DKr28bn, excluding new partnerships and cancellation fees, with gross investment guidance maintained at DKr50bn–55bn.
Ørsted group president and CEO Rasmus Errboe said: “I am pleased with the strong operational performance. During Q1 2026, we produced more renewable energy than ever before, delivering secure, affordable and green power to millions of households and businesses.
“As we deliver on our offshore construction projects, we will increase our power generation significantly throughout the year, at a time when energy supply is under pressure by the events in the Middle East.”
