Danish renewables company Ørsted reported a net profit of DKr687m ($106m) for the second quarter of 2026 (Q2 2026), down by 79% from DKr3.4bn ($524.5m) in the same period of 2025.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter fell 18% year-on-year to DKr5.4bn, compared with DKr6.6bn a year earlier.

EBITDA excluding new partnerships and cancellation fees grew by 2% to DKr5.4bn, up from DKr5.3bn in the prior-year quarter.

In the second quarter, the offshore business generated EBITDA of DKr4.4bn, marking an increase from DKr4bn in the prior-year period, mainly driven by earnings from the Hornsea 3 construction agreement.

The company has also flagged impairments for Q2 2026 amounting to DKr1.2bn, up from DKr20m in Q2 2025.

Cash flow from operating activities decreased 64% to DKr2.6bn from DKr7.2bn, while gross investments declined 10% to DKr10.1bn.

Free cash flow for the quarter rose sharply to DKr1.3bn from DKr290m a year earlier.

For the first half of 2026 (H1 2026), Ørsted reported net profit of DKr3.3bn, a 60% decrease compared with DKr8.2bn in the same period last year.

EBITDA declined 4% to DKr15bn, from DKr15.5bn in the prior-year period.

EBITDA excluding new partnerships and cancellation fees increased 8% to DKr15bn, compared with DKr13.9bn in H1 2025.

The offshore business contributed EBITDA of DKr11.9bn in the first half, compared with DKr10.3bn a year earlier, mainly due to higher wind speeds and prices.

Return on capital employed (ROCE) for the first half was 3.1%, down from 7.5% last year, due to higher capital employed and slightly lower 12-month earnings.

First-half cash flow from operating activities rose 17% to DKr9.1bn.

Ørsted maintained its 2026 full-year guidance of EBITDA above DKr28bn, excluding new partnerships and cancellation fees, and its gross investment guidance of DKr50-55bn.

Ørsted group president and CEO Rasmus Errboe said: “I’m pleased with our strategic progress in the first half of the year. Our renewable assets have produced more renewable energy in the first half of 2026 than ever before, and we remain on track to deliver on our financial guidance for the year.

“With the measures we’ve taken during the last 18 months, we have the necessary robustness to pursue new, value-creating opportunities within offshore wind, while also reinstating a dividend payout to our shareholders as planned.”