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COPENHAGEN - Danish renewable energy company Ørsted A/S has strengthened its capital structure by completing a DKK 60 billion ($8.9 billion) rights issue and divesting a 50% stake in its 2.9 GW Hornsea 3 Offshore Wind Farm in the UK, the company announced Wednesday.
The company maintained its full-year EBITDA guidance of DKK 24-27 billion, excluding earnings from new partnerships and cancellation fees, as well as its gross investments guidance of DKK 50-54 billion.
Operating profit (EBITDA) for the first nine months of 2025 reached DKK 18.6 billion, down from DKK 23.6 billion in the same period last year. The company attributed this decline primarily to the reversal of cancellation fees in 2024 that were not repeated in 2025.
Earnings from offshore sites increased 5% to DKK 16.1 billion in the first nine months of 2025, driven by higher availability rates despite lower wind speeds. The company reported that its renewable energy generation increased 8% compared to the third quarter of 2024.
Profit for the nine-month period totaled DKK 6.5 billion, slightly higher than the DKK 6.1 billion reported in the same period of 2024. Return on capital employed (ROCE) was 2.0%, while ROCE adjusted for impairment losses and cancellation fees reached 10.2%.
The company also announced an organizational adjustment that will reduce its workforce by approximately 2,000 positions by the end of 2027, which it described as necessary to increase competitiveness and align with its strategic focus on offshore wind in Europe.
Ørsted reported making progress on its 8.1 GW offshore wind construction portfolio, including completing the installation of remaining offshore substations for its Northeast program in the US. According to the company's press release statement, these projects are expected to contribute an annual EBITDA run rate of DKK 11-12 billion once fully commissioned.
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