Ørsted reported an 8% year-on-year increase in EBITDA excluding new partnerships and cancellation fees to DKK 15.0 billion for the first half of 2026, compared with DKK 13.9 billion in H1 2025, supported by stronger performance from its offshore wind business.
The company generated 11.2 TWh of electricity from its offshore business during H1 2026, an increase of 23% compared with the same period last year. Ørsted said higher wind speeds and higher electricity prices contributed to the increase in offshore earnings.
EBITDA from the offshore business rose to DKK 11.9 billion in H1 2026 from DKK 10.3 billion in H1 2025. The increase was primarily driven by higher wind speeds, higher prices and earnings from the construction agreement for the Hornsea 3 offshore wind farm in the UK.
Hornsea 3 and Construction Portfolio Progress
Ørsted said its construction portfolio continues to progress according to schedule and within planned costs. This includes Hornsea 3, which the company describes as the world’s largest offshore wind farm.
The company said the progress across its construction projects remains a key priority as it continues to execute its updated strategy and expand its offshore wind portfolio.
Rasmus Errboe, Group President and CEO of Ørsted, said the company made significant strategic progress during the first half of the year and that its renewable assets generated more electricity than ever before during the period.
He added that the company remains on track to meet its financial guidance and is in a stronger position to pursue new value-creating offshore wind opportunities.
Net Profit Declines 60%
Despite the improvement in underlying EBITDA, Ørsted’s net profit fell 60% to DKK 3.3 billion in H1 2026, compared with DKK 8.2 billion in the same period last year.
The company attributed the decline primarily to divestment gains recorded in the previous year, as well as higher taxes and non-cash impairment losses in H1 2026.
Return on capital employed (ROCE) stood at 3.1%, compared with 7.5% in H1 2025. Ørsted said it remains on track to achieve an average ROCE of around 11% for 2026–2027 and above 13% for 2028–2030.
Investment and Financial Position
Ørsted’s gross investments stood at DKK 18.3 billion during H1 2026, down from DKK 25.0 billion in the corresponding period last year. Divestments increased 31% to DKK 9.5 billion.
Free cash flow stood at DKK 364 million, compared with negative DKK 9.9 billion in H1 2025. Net interest-bearing debt declined significantly to DKK 22.0 billion, compared with DKK 67.1 billion a year earlier.
The company maintained its full-year 2026 guidance, targeting EBITDA above DKK 28 billion, excluding new partnerships and cancellation fees. Ørsted also maintained its gross investment guidance of DKK 50–55 billion for the year.
Ørsted to Reinstate Dividend
Ørsted has announced a new dividend framework for the financial years 2026–2028, with plans to reinstate dividend distributions for FY2026. The first distribution is expected in 2027, with the proposed dividend level to be announced in the company’s Annual Report 2026.
The company said the dividend policy will initially start at a modest level and is expected to increase annually, while maintaining focus on earnings growth and a strong capital structure.
Ørsted said the updated approach considers its ongoing construction programme through 2027, regulatory risks and potential new growth opportunities in offshore wind.
Elsam Competition Case Concluded
In June 2026, the Danish Maritime and Commercial High Court ruled in favour of Ørsted in cases concerning former Elsam, in which plaintiffs had sought damages over alleged competition law infringements.
The plaintiffs have subsequently decided not to appeal the ruling, bringing the case to a close.
Ørsted said the continued volatility in global energy markets reinforces the need for Europe to accelerate electrification and renewable energy deployment, while recent European Union legislative proposals indicate greater focus on accelerating electrification across sectors.
