Ørsted’s Board of Directors approved the annual report for 2025 on 6 February 2026, outlining progress against the group’s business plan and a 2026 earnings outlook.
For 2025, Ørsted reported EBITDA excluding new partnership agreements and cancellation fees of DKK 25.1 billion, within guidance of DKK 24–27 billion. Net profit for the year totalled DKK 3.2 billion. The company said it delivered a strong operational performance and increased offshore generation by 6% versus 2024 despite wind speeds below the norm, citing higher availability across offshore wind farms and ramp-up from Gode Wind 3 in Germany.
A key step during the year was the completion of a rights issue of approximately DKK 60 billion in gross proceeds. Ørsted also stated it effectively finalised its 2025–2026 partnership and divestment programme earlier than planned and with higher proceeds than expected, including the divestment of a 50% equity stake in the 2.9 GW Hornsea 3 Offshore Wind Farm in the UK, a 55% stake in the 632 MW Greater Changhua 2 Offshore Wind Farms in Taiwan, and the divestment of its European onshore business. Total proceeds from the divestment programme were around DKK 46 billion, exceeding the announced target of more than DKK 35 billion.
On construction, Ørsted reiterated delivery of its 8.1 GW offshore wind construction portfolio across six projects on three continents. It noted that Revolution Wind, LLC and Sunrise Wind LLC each received suspension orders from the US Department of the Interior’s Bureau of Ocean Energy Management on 22 December, and that motions for preliminary injunctions were granted on 12 January and 2 February, respectively, allowing impacted activities to restart while lawsuits proceed.
For capital allocation, Ørsted said it is reconfiguring Hornsea 4 for potential future development and continues to hold the seabed lease, grid connection, and key permits. In Q4 2025, the company and ESB were awarded the rights to develop the 900 MW Tonn Nua offshore wind site off the Irish coast, which it described as an early-stage opportunity to be assessed against value criteria. To improve competitiveness, Ørsted stated it has initiated measures across the business, including plans to reduce its organisation by approximately 2,000 positions towards the end of 2027.
Guidance for 2026 includes expected EBITDA excluding new partnership agreements and cancellation fees of above DKK 28 billion, and gross investments of DKK 50–55 billion.
