Ørsted has increased underlying EBITDA by 19% in the first nine months of 2026, while bringing two major offshore wind projects into commercial operation and advancing construction across Europe, the US and Taiwan.
The Danish developer reported EBITDA of DKK20.2bn for the period, excluding new partnerships and cancellation fees, compared with DKK17.0bn a year earlier. The improvement was driven by stronger wind conditions, higher power prices and increased generation from newer offshore assets.
The results, published today, come as Ørsted works through an 8.1 GW construction programme. Borkum Riffgrund 3, a 913 MW project in Germany, was fully commissioned in August, while the 704 MW Revolution Wind project in the US reached commercial operation in October.
Construction has also moved forward at several projects. Ørsted has completed foundation installation at Sunrise Wind in the US and Baltica 2 in Poland, while at Hornsea 3 in the UK it has installed the second and final offshore converter.
The company added 1.8 GW of installed renewable capacity during the third quarter, taking its total to 19.5 GW. Its renewable assets generated 27.7 TWh during the first nine months, 13% more than in the same period last year.
“We continue to deliver on our strategic priorities, which is translating into consistent strong financial performance,” said CEO Rasmus Errboe. “We’ve maintained industry-leading execution across our construction pipeline.”
There is, however, a less positive side to the figures. Profit fell to DKK2.6bn, compared with DKK6.5bn a year earlier, largely because of non-cash impairments linked to higher interest rates on US projects. Gross investment was also lower, at DKK28.5bn versus DKK39.9bn.
Ørsted has kept its full-year EBITDA guidance above DKK28bn. Expected 2026 gross investment has been cut by DKK5bn to DKK45-50bn, reflecting payment timing rather than a reduction in planned project investment.
