Ørsted reported an increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first nine months of 2026, while making progress on its offshore wind construction programme across Europe, the United States and Asia. The company remains on track to meet its full-year financial guidance.
EBITDA excluding new partnerships and cancellation fees increased by 19 per cent to DKK 20.2 billion, compared with DKK 17.0 billion in the same period last year. The increase was mainly driven by higher wind speeds across the portfolio, higher prices and increased generation from newly commissioned offshore wind farms.
Gross investments amounted to DKK 28.5 billion, down from DKK 39.9 billion in the first nine months of 2025. Of this amount, DKK 26.3 billion was invested in offshore wind projects under construction. Profit for the period was DKK 2.6 billion, a decrease of DKK 3.9 billion, mainly due to non-cash impairments related to interest rate increases on the company's US projects.
During the third quarter, Ørsted added 1.8 GW to its installed renewable capacity, bringing the total to 19.5 GW at the end of September, compared with 18.5 GW a year earlier. The increase was mainly due to the start of commercial operations at Borkum Riffgrund 3 in Germany and the commissioning of the Old 300 battery energy storage system in the United States. Offshore assets generated 15.7 TWh of renewable electricity during the first nine months, an increase of 22 per cent year on year.
Ørsted reached commercial operations at the Borkum Riffgrund 3 offshore wind farm in Germany and Revolution Wind in the United States. At Revolution Wind, the installation of all 704 MW of wind turbines was completed. The project entered commercial operation under its offtake contracts with utilities in Connecticut and Rhode Island in October.
Construction also progressed at several other offshore wind projects. In Taiwan, major construction work was completed at the Greater Changhua 2b and 4 offshore wind farms. At Baltica 2 in Poland, foundation installation was completed and transportation of the offshore substations began. In the United Kingdom, the second and final offshore converter for Hornsea 3 was installed, while all wind turbine foundations were installed at Sunrise Wind in the United States.
Ørsted also started construction of the 200 MW Blackwater Solar project in the United States. Construction of the 300 MW battery energy storage system co-located with the Hornsea 3 onshore converter station was completed. The facility will now enter the testing phase.
Ørsted maintains its full-year 2026 EBITDA guidance of more than DKK 28 billion, excluding new partnerships and cancellation fees. Expected gross investments have been reduced by DKK 5 billion to DKK 45–50 billion. This change reflects revised payment schedules for certain offshore wind construction projects and does not affect the expected total investment in these projects.
