13 Aug Ørsted delivers solid operational performance in first half year 2026
(Oilandgaspress) 13/08/26 – Ørsted’s Board of Directors approved the interim financial report for the first half year 2026. Ørsted continued its strategic progress and made significant progress on construction projects across three continents.
Ørsted is on track with its updated strategy and continues to deliver solid operational performance. EBITDA (excluding new partnerships and cancellation fees) in H1 2026 amounted to DKK 15.0 billion, DKK 1.1 billion higher than in the same period last year. In the first six months of the year, Ørsted generated 11.2 TWh of electricity in its offshore business, 23 % more than in the same period last year.
Ørsted made significant progress on the construction portfolio, where all projects, including construction of the world’s largest offshore wind farm, Hornsea 3 in the UK, are progressing according to schedule and within planned costs.
Results for H1 and Q2 2026
EBITDA excluding new partnerships and cancellation fees for the first half of 2026 was DKK 15.0 billion, 8 % higher than in the same period last year. For the second quarter of 2026, it was DKK 5.4 billion, compared with DKK 5.3 billion in the same quarter last year.
EBITDA excluding new partnerships and cancellation fees in our offshore business amounted to DKK 11.9 billion in the first half of 2026, compared with DKK 10.3 billion last year, primarily driven by higher wind speeds and higher prices. In Q2 2026, it was DKK 4.4 billion, compared with DKK 4.0 billion in the same quarter last year. The increase was primarily driven by earnings from the construction agreement for Hornsea 3.
Net profit for the first half of the year totalled DKK 3.3 billion, compared with DKK 8.2 billion last year, mainly due to divestment gains last year and higher tax and non-cash impairment losses this year. Net profit for Q2 was DKK 0.7 billion, compared with DKK 3.4 billion in the same quarter last year.
Return on capital employed (ROCE) in the first half of 2026 was 3.1 %, compared with 7.5 % in the same period last year. The decrease was mainly due to higher capital employed and slightly lower earnings for the 12-month period. We remain on track to deliver on an average ROCE of ~11 % for 2026–2027 and above 13 % for 2028–2030.
| DKKm | Q2 2026 | Q2 2025 | % | H1 2026 | H1 2025 | % |
| EBITDA | 5.423 | 6.644 | (18 %) | 14.968 | 15.515 | (4 %) |
| – New partnerships | (12) | 2.836 | n.a. | (12) | 3.140 | n.a. |
| – Cancellation fees | 0 | (1.531) | n.a. | 0 | (1.531) | n.a. |
| – EBITDA excl. new partnerships and cancellation fees | 5.435 | 5.339 | 2 % | 14.980 | 13.906 | 8 % |
| Impairments | (1.168) | (20) | n.a. | (2.537) | 252 | n.a. |
| Profit (loss) for the period | 687 | 3.351 | (79 %) | 3.308 | 8.238 | (60 %) |
| Cash flow from operating activities | 2.587 | 7.186 | (64 %) | 9.124 | 7.820 | 17 % |
| Gross investments | (10.085) | (11.154) | (10 %) | (18.261) | (24.953) | (27 %) |
| Divestments | 8.752 | 4.258 | 106 % | 9.501 | 7.245 | 31 % |
| Free cash flow | 1.254 | 290 | 332 % | 364 | (9.888) | n.a. |
| Net interest-bearing debt | 21.960 | 67.137 | (67 %) | 21.960 | 67.137 | (67 %) |
| FFO/adjusted net debt | 44,6 | 15,6 | 29 %p | 44,6 | 15,6 | 29 %p |
| ROCE | 3,1 | 7,5 | (4 %p) | 3,1 | 7,5 | (4 %p) |
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