Ørsted (CPH: ORSTED) said it has completed a DKK 60 billion rights issue and finalized the sale of a 50% stake in its 2.9 GW Hornsea 3 offshore wind farm in the UK, strengthening its balance sheet and supporting its long-term business plan.
The Danish renewable energy major confirmed solid operational performance despite weaker wind conditions, reiterating its full-year 2025 EBITDA guidance of DKK 24–27 billion, excluding partnership earnings and cancellation fees.
Ørsted’s capital raise and Hornsea 3 divestment were central to its strategy to reinforce liquidity and fund an 8.1 GW offshore wind construction portfolio. The company said the rights issue generated DKK 60 billion in gross proceeds, while the Hornsea 3 deal provided an additional liquidity boost, contributing to a stronger financial structure amid elevated investment activity.
For the first nine months of 2025, Ørsted reported EBITDA of DKK 18.6 billion, down 21% from the previous year, mainly due to the absence of one-off cancellation fee reversals booked in 2024. Excluding those effects, EBITDA remained largely stable at DKK 17 billion. Net profit rose 7% year-over-year to DKK 6.5 billion.
Offshore generation earnings increased 5% to DKK 16.1 billion, driven by higher turbine availability and new capacity from Germany’s Gode Wind 3 project, offsetting lower average wind speeds.
The company highlighted steady progress across its 8.1 GW under-construction offshore wind portfolio, including completion of offshore substations for its U.S. Northeast projects. Once operational, these assets are expected to add an annual EBITDA run rate of DKK 11–12 billion.
To enhance competitiveness and align operations with its European offshore focus, Ørsted announced plans to cut around 2,000 positions by 2027. The restructuring is part of a broader effort to streamline operations as the company transitions from a build-out phase to asset operation.
The latest actions follow a challenging 2024 marked by U.S. project cancellations and impairments exceeding DKK 28 billion, prompting Ørsted to reset its growth strategy toward core European markets. The successful rights issue—one of the largest ever in Denmark—signals renewed investor confidence in Ørsted’s offshore wind leadership amid continued global demand for renewable energy.
CEO Rasmus Errboe said the strong shareholder support reflects “significant potential in Ørsted and in the offshore wind industry,” reaffirming the company’s commitment to maintaining its position as a global leader in renewables.
Ørsted’s net interest-bearing debt stood at DKK 83 billion at the end of September, up 32% year-over-year, with a funds-from-operations-to-net-debt ratio improving to 13.9%. The company maintained its investment guidance of DKK 50–54 billion for 2025.
By Charles Kennedy for Oilprice.com
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