Ørsted A/S (0RHE), the Denmark-headquartered global offshore wind developer, reported strong financial results for the first nine months of 2026, with EBITDA excluding new partnerships and cancellation fees rising 19% to DKK 20.2 billion. The company confirmed that two major offshore wind projects — Borkum Riffgrund 3 in Germany and the 704 MW Revolution Wind in the United States — have reached commercial operations. Ørsted also maintained its full-year 2026 EBITDA guidance of above DKK 28 billion, while revising gross investment expectations down by DKK 5 billion to DKK 45–50 billion due to changes in payment timing.

Key Points

  • Ørsted A/S (0RHE), listed on Nasdaq Copenhagen as Orsted, operates across Europe, Asia Pacific, and North America
  • EBITDA excluding new partnerships and cancellation fees grew 19% to DKK 20.2 billion for the nine months ended September 2026
  • Borkum Riffgrund 3 (Germany) and Revolution Wind (US, 704 MW) both achieved commercial operations during the period
  • Investors should watch the Q4 delivery against the maintained full-year EBITDA guidance of above DKK 28 billion

EBITDA Rises to DKK 20.2 Billion as Higher Wind Speeds and New Capacity Drive Nine-Month Performance

Ørsted's EBITDA excluding new partnerships and cancellation fees increased from DKK 17.0 billion in the first nine months of 2025 to DKK 20.2 billion in the equivalent 2026 period, representing 19% growth. The company attributed this improvement primarily to higher wind speeds across the portfolio, higher prices, and ramp-up generation from newly commissioned offshore wind farms. Offshore assets delivered 15.7 TWh of renewable energy in the nine-month period, 22% more than in the same period last year. Profit for the period was DKK 2.6 billion, down DKK 3.9 billion year-on-year, mainly due to non-cash impairments linked to interest rate increases on US projects.

Borkum Riffgrund 3 and Revolution Wind Commissioned as Installed Capacity Reaches 19.5 GW

Ørsted added 1.8 GW to its installed renewable capacity during the third quarter, bringing the total to 19.5 GW at the end of the period. The commissioning of Borkum Riffgrund 3 in Germany and the 704 MW Revolution Wind farm in the US — which achieved commercial operations under offtake contracts with utilities in Connecticut and Rhode Island — were the principal contributors. The company also completed major construction work at Greater Changhua 2b and 4 in Taiwan, completed the second offshore converter installation at Hornsea 3 in the UK, and completed all wind turbine foundation installations at Sunrise Wind in the US.

Gross Investment Guidance Cut by DKK 5 Billion Amid Payment Timing Changes, Not Project Scope Reductions

Ørsted revised its gross investment guidance for full-year 2026 to DKK 45–50 billion, DKK 5 billion lower than the previous guidance. The company stated this reduction reflects changes in the timing of payments for certain offshore wind construction projects, and that total project investments are not expected to change. Gross investments for the nine months amounted to DKK 28.5 billion, down from DKK 39.9 billion in the prior-year period, with DKK 26.3 billion directed towards offshore wind projects under construction. Return on capital employed adjusted for impairments and cancellation fees was 7.4%, down from 10.2%, reflecting higher capital employed as construction portfolios expanded.

UK Tax Opinion and 300 MW BESS Completion Among Additional Strategic Milestones

Ørsted received a final opinion on taxation rights for its UK offshore wind farms Walney Extension and Hornsea 1, in line with the company's longstanding interpretation — a resolution that removes a source of regulatory uncertainty for those assets. The company also completed construction of a 300 MW battery energy storage system co-located with the Hornsea 3 onshore converter station, which the announcement describes as set to be one of Europe's largest, now entering a testing phase. Construction commenced on the 200 MW Blackwater Solar project in the US, further broadening Ørsted's multi-technology renewable portfolio across its three operating regions.