Ørsted reported a solid first quarter in 2026, with EBITDA excluding new partnerships and cancellation fees of DKK 9.5 billion (US$1.5 billion), up 11% year on year. The result was mainly driven by a 27% increase in offshore generation as Borkum Riffgrund 3 and Greater Changhua 4 ramped up, alongside slightly stronger-than-normal wind speeds.
The company also said it made progress across its 8.1 GW offshore construction portfolio on three continents. In the US, it delivered first power from Revolution Wind to New England and installed the first turbines at Sunrise Wind off New York. In Europe, Ørsted began installing monopile foundations at Hornsea 3 in the UK and Baltica 2 in Poland, while in Taiwan commissioning of Greater Changhua 2b and 4 remains on track for the third quarter of 2026.
Net profit for the period came in at DKK 2.6 billion, down from DKK 4.9 billion a year earlier, with the fall reflecting non-cash tax effects and impairments linked to higher long-dated US interest rates. Return on capital employed, adjusted for impairments and cancellation fees, was 8.6%, compared with 10.2% in Q1 2025, mainly because of higher capital employed.
CEO Rasmus Errboe said the company’s operational performance shows it has “firm ground under our feet” and highlighted the role offshore wind can play in delivering secure, affordable power at a time of geopolitical pressure. Ørsted kept its full-year EBITDA guidance above DKK 28 billion and maintained gross investment guidance of DKK 50–55 billion, while saying it remains ready to invest in value-creating opportunities in Europe and selected APAC markets.
