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Ørsted’s Board of Directors has approved the interim financial report for the first quarter of 2025, highlighting solid operational performance and progress on strategic priorities designed to reinforce the company’s leadership in offshore wind by the end of the decade.
While the offshore wind sector continues to face near-term pressures from supply chain constraints, regulatory uncertainties, and broader macroeconomic challenges, Ørsted remains confident in the industry’s long-term potential. Rising global electricity demand, greater emphasis on energy security and affordability through renewable sources, and more supportive policy frameworks in key markets are expected to drive future growth.
Group President and CEO Rasmus Errboe commented: “We’re pleased with our operational and financial performance in Q1 2025. Our strong earnings align with our full-year outlook, and we’ve continued executing on our strategic priorities, including completing both onshore and offshore farm-downs. A key milestone this quarter was the commissioning of our Gode Wind 3 offshore wind farm in Germany, pushing our total installed offshore capacity past 10 GW.”
Errboe also noted a strategic shift, announcing the decision to halt development of the Hornsea 4 project in its current configuration. “Following a thorough evaluation, we have chosen to discontinue the Hornsea 4 project in its current form, well ahead of the planned final investment decision. Escalating supply chain costs, increased interest rates, and higher execution risks have negatively impacted the project’s anticipated returns,” he said.
In addition, Ørsted strengthened its leadership team with the appointments of Amanda Dasch and Godson Njoku to the Group Executive Team, both bringing extensive experience from the energy sector.
Financial Guidance
Ørsted is maintaining its full-year EBITDA outlook of DKK 25–28 billion, excluding contributions from new partnerships and cancellation-related impacts. The company also upholds its gross investment forecast of DKK 50–54 billion for the year.
Q1 2025 Financial Highlights
- EBITDA for Q1 2025 stood at DKK 8.9 billion, up from DKK 7.5 billion in Q1 2024.
- EBITDA excluding partnerships and cancellation fees was DKK 8.6 billion, a 14% year-over-year increase.
- Offshore site earnings rose to DKK 7.7 billion, driven by increased output from Gode Wind 3 and improved asset availability, though partly offset by lower wind speeds.
- Net profit for the quarter was DKK 4.9 billion, up DKK 2.3 billion from the previous year.
- ROCE reached 4.6%, and adjusted ROCE (excluding impairments and cancellation fees) was 10.2%.
| Q1 2025 | Q1 2024 | % | |
| EBITDA | 8,871 | 7,488 | 18 % |
| – New partnerships | 304 | – | n.a. |
| – Cancellation fees | – | – | n.a. |
| – EBITDA excl. new partnerships and cancellation fees | 8,567 | 7,488 | 14 % |
| Impairments | 272 | 761 | (64 %) |
| Profit (loss) for the period | 4,887 | 2,609 | 87 % |
| Cash flow from operating activities | 634 | 3,608 | (82 %) |
| Gross investments | (13,799) | (7,622) | 81 % |
| Divestments | 2,987 | (738) | n.a. |
| Free cash flow | (10,178) | (4,752) | 114 % |
| Net interest-bearing debt | 68,449 | 49,864 | 37 % |
| FFO/adjusted net debt | 13.7 | 18.0 | (4 %p) |
| ROCE | 4.6 | (12.2) | 17 %p |
Ørsted continues to closely monitor industry dynamics and regulatory shifts while pursuing long-term value creation through strategic investments in renewable energy infrastructure.
