Ørsted

Ørsted (Nasdaq Copenhagen: ORSTED) builds offshore wind farms, keeps about half of the equity in the biggest ones, and sells the power under long-term government-backed contracts. It also sells slices of finished or half-built farms to partners and builds them for those partners for a fee. FY2025 revenue was DKK 73.2B (+3%): DKK 21.1B generated power, DKK 17.2B power bought and resold, DKK 9.6B government subsidies, DKK 9.0B construction work for partners and the rest heat, gas and services. Earnings are far smaller than revenue: FY2025 EBITDA was DKK 22.4B (DKK 25.1B before one-off partnership effects and cancellation fees), operating profit (EBIT) DKK 8.6B and net profit DKK 3.2B after DKK 3.6B of impairments. Building is the cash drain: FY2025 gross investments were DKK 55.0B against operating cash flow of DKK 23.7B, so free cash flow was −DKK 18.9B; a DKK 60B rights issue (Oct 2025) and about DKK 46B of farm-down and divestment proceeds cut net debt from DKK 58.0B to DKK 19.0B. The risks are visible in the filings: US stop-work and lease-suspension orders on Revolution Wind and Sunrise Wind (both resumed after court injunctions), Hornsea 4 stopped in its current form, and a 2026 guide of EBITDA above DKK 28B that is a goal, not a result. H1 2026 revenue was DKK 48.3B (+28%), EBITDA DKK 15.0B (DKK 15.0B before one-offs, +8%) and profit DKK 3.3B after DKK 2.5B of impairments and a 44% tax rate.

Click any of the 9 blocks below for a plain-language story of how that part of the model works for Ørsted — and how it connects to the others.