Ørsted’s Board of Directors has approved the interim report for the first quarter of 2026. Earnings were supported by a 27% increase in offshore generation compared to the same period in 2025, driven by ramp-up at Borkum Riffgrund 3 and Greater Changhua 4, as well as slightly higher than normal wind speeds.
Ørsted continued to advance its 8.1 GW offshore wind construction portfolio across three continents. In the USA, this included first power from the Revolution Wind project to New England and installation of the first turbines at Sunrise Wind offshore New York. In Europe, installation of monopile foundations has started at Hornsea 3 in the UK and Baltica 2 in Poland. In Taiwan, commissioning of Greater Changhua 2b and 4 remains on track for the third quarter of 2026.
The company reported EBITDA of DKK 9.5 billion, excluding new partnerships and cancellation fees, reflecting strong operational performance. EBITDA increased by 11% year-on-year, with offshore operations contributing DKK 7.5 billion, up DKK 1.2 billion compared to the same period last year. Net profit totalled DKK 2.6 billion, impacted by non-cash tax effects and impairments linked to higher long-term USA interest rates.
Ørsted also published the paper ‘Fact over Perception: The Real Value of Offshore Wind’, which finds that renewables, including offshore wind, could reduce total European electricity system costs by up to 30% by 2040. The analysis indicates that integration costs for wind and solar are relatively low compared to savings from reduced fossil fuel use, and that higher shares of renewables are expected to lower electricity prices for households and businesses.
The company maintains its full-year EBITDA guidance at above DKK 28 billion, excluding new partnerships and cancellation fees, and confirms gross investment guidance of DKK 50–55 billion.
