Danish renewables company Ørsted has reported a quarterly net loss as it continues to navigate policy headwinds in the US.
Ørsted’s quarterly net loss for the July-September period/third quarter (Q3 2025) stood at DKr1.7bn ($261.5m).
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This reported net loss contrasts with a profit of DKr5.17bn in the same period of last year.
The company has also flagged impairment costs of nearly DKr1.75bn in Q3 2025.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q3 2025 amounted to DKr3.06bn in comparison to DKr9.54bn in Q3 2024.
Operating profit for the first nine months (9M) of 2025 totalled Dkr18.6bn, down from Dkr23.6bn in the same period of the previous year. This decrease was primarily due to the reversal of cancellation fees recognised in 2024, which did not recur in 2025.
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By GlobalDataExcluding the impact of new partnerships and cancellation fees, EBITDA for 9M 2025 was Dkr17bn, a 1.3% drop compared to the corresponding period last year.
Profit for the 9M period totalled Dkr6.5bn, Dkr400m higher than in 9M 2024.
Earnings from Ørsted’s offshore sites reached DKr16.1bn in 9M 2025, marking a 5% increase compared to the same period last year, mainly due to the reversal of cancellation fees in 2024 not being repeated in 2025.
Ørsted has maintained its full-year EBITDA guidance of DKr24-27bn.
This excludes earnings from new partnerships and cancellation fees.
Additionally, it maintains its gross investments guidance of Dkr50-54bn.
The results come soon after Ørsted agreed to sell a 50% equity stake in its 2.9GW Hornsea 3 offshore wind farm in the UK to funds managed by Apollo Global Management.
The deal, valued around DKr39bn, will see Apollo acquire 50% of the project and commit to funding for the remaining construction expenses.
Ørsted group president and CEO Rasmus Errboe said: “I’m satisfied with the good progress across our entire construction portfolio and our solid operational performance.
“Despite lower wind speeds in the quarter, we have increased the 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.
“We’ve significantly strengthened Ørsted’s financial robustness with the completion of the rights issue and the agreement to divest a 50% stake in our Hornsea 3 project in the UK. I’m pleased with the strong support from our shareholders.”
