Orsted (DNNGY) is signaling a potential shift back toward shareholder returns as it looks to restart dividends and lift capital spending, even as its turnaround remains shaped by lingering US challenges. The renewables developer said it plans to raise annual investments to as much as 55 billion Danish kroner by 2026 and resume cash returns for the first time since 2023. That stance follows a period of balance-sheet repair, including a large rights offering last year and an agreement to sell its European onshore wind business, steps that have completed a broader divestment plan and helped restore financial flexibility.
The earnings backdrop remains uneven. Orsted reported fourth-quarter earnings before interest, taxes, depreciation and amortization of 3.87 billion kroner, missing expectations, alongside 2.13 billion kroner of impairments that were largely tied to legal costs related to suspended US projects. The company said wind developers in the US have been operating under a hostile policy environment, after work on two Orsted projects was halted in 2025 before court rulings allowed construction to resume. Those stoppages added to pressures from rising costs, supply-chain bottlenecks and earlier writedowns, while full-year Ebitda reached 22.4 billion kroner, landing at the lower end of company guidance.
Management now appears to be recalibrating its growth focus. Chief Executive Officer Rasmus Errboe said the capital raise and divestments have allowed Orsted to factor in regulatory uncertainty in the US while maintaining the financial strength to invest in Europe, where the company sees stronger prospects. Orsted said it remains focused on completing its US projects and reaffirmed its earnings forecast for 2026. Investors appeared to respond positively, with shares rising as much as 5.6% on Friday and extending gains for the year, even as the broader outlook for the renewables sector remains uncertain.