Ørsted reported an operating profit (EBITDA) of DKK 32.0 billion for 2024, an increase from DKK 18.7 billion in 2023. This included a net reversal of provisions for cancelled projects amounting to DKK 7.3 billion. When excluding new partnership agreements and cancellation fees, EBITDA reached DKK 24.8 billion, which represented a DKK 0.7 billion increase from the previous year and aligned with the company’s expectations of DKK 24-26 billion.
Offshore wind operations contributed DKK 23.8 billion to earnings, reflecting an increase of DKK 3.6 billion compared to 2023. This growth was attributed to the ramp-up of power generation at the Greater Changhua 1 and 2a, South Fork, and Gode Wind 3 offshore wind farms. Favourable wind conditions and higher prices on inflation-indexed Contracts for Difference (CfDs) and green certificates also contributed to the improvement.
During 2024, impairments of DKK 15.6 billion were recorded, with DKK 14.1 billion related to Ørsted’s US projects. These impairments were primarily linked to an increase in long-term US interest rates, a lower valuation of offshore lease areas, construction delays, and rising expected costs for the Revolution Wind and Sunrise Wind projects. A further DKK 1.5 billion impairment was recorded following the decision to discontinue construction of FlagshipONE.
The company reported a net profit of DKK 0.0 billion for the year. Excluding impairment losses (after tax) and cancellation fees, profit stood at DKK 6.4 billion.
For 2025, Ørsted expects EBITDA, excluding new partnerships and cancellation fees, to be in the range of DKK 25-28 billion. Planned gross investments are estimated at DKK 50-54 billion.
