Denmark's Ørsted Q2 2026 Net Profit Falls 79% to $106 Million

en.Wedoany.com Reported - Danish renewable energy company Ørsted reported its financial results for the second quarter of 2026, with net profit of DKK 687 million ($106 million) for the quarter, down 79% from DKK 3.4 billion ($524.5 million) in the same period of 2025.

Quarterly EBITDA was DKK 5.4 billion, down 18% year-on-year, compared with DKK 6.6 billion in the same period last year. Excluding new partnerships and cancellation fees, EBITDA rose 2% year-on-year to DKK 5.4 billion from DKK 5.3 billion in the prior-year period.

Offshore wind EBITDA for the second quarter was DKK 4.4 billion, up from DKK 4.0 billion in the same period last year, mainly benefiting from gains related to the Hornsea 3 construction agreement. The company recognized impairment losses of DKK 1.2 billion in the quarter, up from DKK 20 million in Q2 2025.

Cash flow from operating activities fell 64% to DKK 2.6 billion from DKK 7.2 billion; total capital expenditure was DKK 10.1 billion, down 10% year-on-year. Free cash flow rose to DKK 1.3 billion from DKK 290 million in the prior-year period.

In the first half of 2026, Ørsted's net profit was DKK 3.3 billion, down 60% from DKK 8.2 billion in the same period last year. First-half EBITDA was DKK 15.0 billion, down 4% year-on-year; excluding new partnerships and cancellation fees, EBITDA rose 8% year-on-year to DKK 15.0 billion, compared with DKK 13.9 billion in the prior-year period.

First-half offshore wind EBITDA was DKK 11.9 billion, compared with DKK 10.3 billion in the prior-year period, mainly driven by higher wind speeds and higher power prices. First-half return on capital employed (ROCE) was 3.1%, down from 7.5% last year, which the company attributed to increased capital employed and a slight decline in trailing twelve-month earnings.

First-half cash flow from operating activities was DKK 9.1 billion, up 17% year-on-year.

Ørsted maintained its full-year 2026 guidance: EBITDA excluding new partnerships and cancellation fees is expected to exceed DKK 28 billion, with total capital expenditure guidance of DKK 50 billion to DKK 55 billion.

Ørsted Group President and CEO Rasmus Errboe said he is satisfied with the strategic progress made in the first half of the year, noting that the company's renewable energy assets generated more power than ever before in the first half of 2026, and the company remains on track to deliver on its full-year financial guidance. He also noted that the measures taken over the past 18 months have positioned the company with the resilience needed to pursue new value creation opportunities in offshore wind, while resuming dividend payments to shareholders as planned.