Ørsted’s Board of Directors has approved the interim financial report for the first quarter of 2025. While the offshore wind sector continues to face short-term challenges due to supply chain disruptions, regulatory uncertainty and broader macroeconomic pressures, the company maintains that the long-term outlook for offshore wind remains positive. This is supported by rising global electricity demand, growing emphasis on energy security and affordability, and improved policy frameworks in several key markets.
Ørsted has reaffirmed its full-year 2025 earnings guidance, with operating profit (EBITDA) expected to range between DKK 25 billion and DKK 28 billion, excluding contributions from new partnership agreements and the impact of cancellation costs. The company also maintains its gross investment guidance of DKK 50 billion to DKK 54 billion for the year.
In the first quarter of 2025, Ørsted reported EBITDA of DKK 8.9 billion, up from DKK 7.5 billion in the same period last year. EBITDA excluding new partnerships and cancellation fees reached DKK 8.6 billion, reflecting a 14% year-on-year increase.
Earnings from offshore operations totalled DKK 7.7 billion, representing a DKK 0.7 billion increase compared with the first quarter of 2024. This growth was primarily driven by the ramp-up of production at the Gode Wind 3 offshore wind farm in Germany and improved asset availability. However, gains were partially offset by significantly lower wind speeds during the quarter.
Profit for the period rose to DKK 4.9 billion, an increase of DKK 2.3 billion year on year. Return on capital employed (ROCE) was 4.6%, rising to 10.2% when adjusted for impairment losses and cancellation fees.
