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Ørsted

Four priorities for offshore wind, From February 2025

Remain the global leader in offshore wind
Rasmus Errboe, Group President and CEO, on the second quarter of 2026

Four priorities for offshore wind

Ørsted spent 2025 repairing its balance sheet: a rights issue of about DKK 60 billion and around DKK 46 billion from selling stakes in Hornsea 3 and Greater Changhua 2 and its European onshore business. In the first half of 2026 its EBITDA was DKK 15.0 billion, its 8.1 GW offshore construction portfolio was on schedule and on budget, and it plans to reinstate a dividend for 2026.

Strengthen the capital structure

  1. 1Rights issueComplete a rights issue of about DKK 60 billion in gross proceeds.
  2. 2DivestmentsDeliver a divestment programme of more than DKK 35 billion: 50% of Hornsea 3, 55% of Greater Changhua 2, and the European onshore business.
  3. 3Credit metricKeep funds from operations at more than 30% of adjusted net debt, in line with a solid investment-grade rating.

Ørsted had secured about DKK 46 billion of divestment proceeds by early 2026, more than the target.

The European onshore sale closed in April 2026, and the Greater Changhua 2 stake is expected to close later in 2026.

At the end of the second quarter FFO to adjusted net debt was about 45%, net debt DKK 22 billion, and the liquidity reserve more than DKK 115 billion.

Ørsted says all six projects are on schedule

Ørsted’s second priority is to deliver the 8.1 GW it is building, and to commission three projects of 2.5 GW in total in 2026. On the second-quarter call it gave how far each has come, and said all are within planned costs.

Borkum Riffgrund 3

Germany

More than 99% complete; commissioning in the third quarter

>99%

Revolution Wind

United States

More than 95% complete; 61 of 65 turbines installed

>95%

Greater Changhua 2b and 4

Taiwan

All Changhua 4 turbines producing power; 2b awaits its export cable

85%

+5 points in the quarter

Sunrise Wind

United States

77 of 84 foundations and 20 turbines installed

50%

+3 points in the quarter

Baltica 2

Poland

103 of 111 monopile foundations installed

40%

+10 points in the quarter

Hornsea 3

United Kingdom

43 of 197 foundation positions installed

30%

+5 points in the quarter

Ørsted gives each project’s degree of completion; a tenth of a project is drawn as one turbine, whatever the project’s real number of turbines. Borkum Riffgrund 3 and Revolution Wind are given as more than 99% and more than 95%, with no first-quarter figure.

Ørsted raised more than it has committed to construction

Ørsted’s first priority was to strengthen its capital structure before finishing what it had started. It raised about DKK 60 billion from shareholders and sold stakes for around DKK 46 billion, against DKK 90 billion committed to construction in 2026 and 2027.,

Money in

DKK 0bn

Rights issue, 60
Stake sales, 46

The mark is where the stake sales would have ended at the target of more than DKK 35 billion.

Capital committed to construction, 2026 and 2027

DKK 90bn

Funds from operations to adjusted net debt

Floor, 30%

0%

About 45% at the end of June 2026, above the 30% that fits a solid investment-grade rating.

Ørsted ranks how it will use its cash

Ørsted’s capital allocation principles are in a ranked order: a strong balance sheet first, then the dividend it has committed to reinstate, then disciplined growth, and only last any further returns to shareholders.

“Rebalancing is number 4 of the 4.”
Rasmus Errboe, Group President and CEO, on when Ørsted would return more cash
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  1. 1A strong balance sheet

    Funds from operations above 30% of adjusted net debt, in line with a solid investment-grade rating.

  2. 2The dividend

    Reinstated for the financial year 2026 and first paid in 2027, starting at a modest level and rising each year.

  3. 3Disciplined growth

    Value-creating opportunities in offshore wind, in Europe and select markets in Asia-Pacific.

  4. 4More for shareholders

    Considered only if Ørsted is overcapitalised after 2027.

A return on capital above 13% for 2028 to 2030

Return on capital employed was 8.4% in 2025, adjusted, and 6.6% adjusted in the twelve months to June 2026, or 3.1% as reported. Ørsted targets about 11% on average for 2026 and 2027, and above 13% for 2028 to 2030.,,

8.4%Adjusted20253.1% as reported6.6%Adjustedlast twelve months to June 2026~11%Target2026 and 2027>13%Target2028 to 2030

The 8.4% and the 6.6% are adjusted for impairment losses and cancellation fees; the 3.1% is the reported figure. Ørsted says its net profit for the quarter was reduced by a non-cash impairment of DKK 1.2 billion on a U.S. offshore project after long-dated U.S. interest rates rose.

  1. Rank the priorities and number them.

    Ørsted lists four priorities, and says its capital allocation principles are in ranked order, a strong balance sheet first, a dividend second, disciplined growth third, and extra returns last. Asked when it would return cash, its CEO answered that rebalancing is number four of four. We recommend ranking what a plan asks for, so that a question in a hard quarter has an answer already.

  2. Report progress by project, and by the same measure.

    Every quarter Ørsted gives each project’s degree of completion against the last one: Hornsea 3 at 30% from 25%, Baltica 2 at 40% from 30%, Sunrise Wind at 50% from 47%, and Greater Changhua 2b and 4 at 85% from 80%. We recommend one progress measure for every piece of work in a programme, given each time in the same words, so that a slow one cannot hide behind a fast one.

  3. Say what a good half is not.

    Ørsted’s first half was slightly better than it expected, mostly on wind and price. Its finance chief said guidance is set on average wind, and the company kept it at more than DKK 28 billion, with uncertainty in development and percentage-of-completion timing. We recommend saying which part of a strong result was luck, and holding the target, so the plan is not credited with the weather.

Sources

  1. 1. Ørsted (2026). Q2 2026 earnings call, transcription. orsted.com, 13 August 2026. cdn.orsted.com
  2. 2. Ørsted (2026). Ørsted continues its strategic progress, delivers solid operational performance, and is on track to deliver on its 2026 financial guidance. Company announcement, August 2026. orsted.com
  3. 3. Ørsted (2026). A stronger and more competitive Ørsted after a defining year with earnings of DKK 25.1 billion within guidance. Company announcement, February 2026. orsted.com

Headwater is not connected with Ørsted A/S. Ørsted and the names of its wind farms are trade marks of their owners. Updated 28 September 2026.

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