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COPENHAGEN - Danish renewable energy company Ørsted A/S (CPH:ORSTED) reported first-half 2025 operating profit (EBITDA) of DKK 15.5 billion ($2.3 billion), up 10% from DKK 14.1 billion in the same period last year, according to a press release statement issued Monday.
The company announced plans to seek shareholder approval for a rights issue of up to DKK 60 billion ($8.9 billion) at an extraordinary general meeting scheduled for September 5. The capital raise aims to strengthen Ørsted’s financial position as it executes its 8.1 GW offshore wind construction portfolio through 2027.
EBITDA excluding new partnerships and cancellation fees reached DKK 13.9 billion in H1 2025, representing a 9% increase compared to H1 2024. Profit for the period totaled DKK 8.2 billion, up significantly from DKK 931 million a year earlier.
Earnings from offshore sites increased by DKK 1.1 billion to DKK 12.5 billion, primarily due to generation ramp-up at Gode Wind 3, compensations for grid delay at Borkum Riffgrund 3, and higher availability, partially offset by lower wind speeds.
The company maintained its full-year EBITDA guidance of DKK 25-28 billion, excluding earnings from new partnership agreements and cancellation fees. However, Ørsted revised its directional guidance for the Offshore segment from "Higher" to "Neutral" due to lower wind speeds in early 2025.
Ørsted reported progress across its construction portfolio, with nearly 70% of offshore wind turbines installed at Revolution Wind and first foundations installed at Sunrise Wind in the U.S. The company also achieved first power at Greater Changhua 2b and 4.
The company’s strategic initiatives included the farm-down of a 24.5% stake in West of Duddon Sands in May and securing project financing for Greater Changhua 2a and 2b. Ørsted also announced it would not continue with the Hornsea 4 project in its current form and has launched a sales process for a potential full divestment of its European Onshore business.
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