Ørsted has reported a net loss of DKK 1.7 billion (€227 million) for the third quarter of 2025, compared with a profit of DKK 5.2 billion during the same period in 2024. The result was driven by weaker offshore wind performance.

Earnings from offshore operations reached DKK 3.6 billion, down DKK 0.3 billion year on year. The company said the decline was mainly due to lower wind speeds (DKK 0.2 billion), reduced subsidy levels at older wind farms, and the absence of trading income that had contributed positively in Q3 2024.

These impacts were partly offset by the ramp-up of generation from Gode Wind 3, compensation related to grid delays at Borkum Riffgrund 3, and higher availability across its offshore fleet.

Ørsted’s EBITDA excluding new partnerships and cancellation fees declined to DKK 3.1 billion, from DKK 4.4 billion a year earlier. Total EBITDA was DKK 3.1 billion, compared with DKK 9.5 billion in Q3 2024, reflecting the one-off cancellation income recorded last year.

Gross investments increased to DKK 15.0 billion, up from DKK 9.8 billion, while free cash flow stood at negative DKK 16.2 billion, compared with negative DKK 11.3 billion in the prior-year quarter.

Group President and CEO Rasmus Errboe said Ørsted’s generation grew 8% year on year, supported by improved turbine availability and production ramp-up from Gode Wind 3 in Germany.

He added that the company had strengthened its financial position through the completion of a rights issue and the sale of a 50% stake in the Hornsea 3 Offshore Wind Farm in the UK. Errboe said Ørsted remains focused on executing its business plan to support long-term stability in the offshore wind market.