Ørsted A/S (Nasdaq Copenhagen: ORSTED) — research brief (BMC #064 on gallery, queue id 63)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by Ørsted in its Annual Report 2025 (approved 6 Feb 2026), its 6 Feb 2026 company announcement, its Interim Report for H1 2026 (13 Aug 2026) or the matching company announcement; SECONDARY = third-party reporting (none used for numbers below); INFERENCE = arithmetic or reasoning by this project from company-stated numbers. No invented figures. Fiscal year = calendar year; Ørsted reports in DKK. Euro equivalents on the canvas (revenue ≈ €9.8B, net profit ≈ €0.42B) are INFERENCE at the krone peg of about DKK 7.46/EUR; Ørsted itself gives only one euro figure (EBITDA ex one-offs DKK 25.1B ≈ EUR 3.4B). Interim figures are unaudited.

Sources (accessed 2026-10-11)

Annual Report 2025 (PDF): https://cdn.orsted.com/-/media/annual-2025/annual-report-2025.pdf (also https://orsted.com/annualreport2025)
Company announcement 6 Feb 2026 (full-year 2025 results): https://via.ritzau.dk/announcement/14785310?lang=en&publisherId=13560592
Interim financial report H1 2026 (PDF): https://via.ritzau.dk/ir-files/13560592/15087992/25458/Interim%20financial%20report%20H1%202026.pdf
Company announcement 13 Aug 2026 (H1 2026): https://orsted.com/en/company-announcement-list/2026/08/orsted-continues-its-strategic-progress-delivers-s-150879921
Company: https://orsted.com
Logo: no official mark obtained; the logo is a project monogram ("Ø" on a blue tile), not Ørsted's official mark. Trademark of Ørsted A/S; identification only.
Raw text in /workspace/orsted-src/ (ar25.txt, h1.txt, ca.txt).

Teaching arc

Develop and build offshore wind, sell the power on long-term government-backed contracts, and sell stakes in the big farms to partners who also pay Ørsted to build them — which funds the next build. FY2025 revenue was DKK 73.2B (+3%) but EBITDA was DKK 22.4B (DKK 25.1B excluding new partnerships and cancellation fees) and net profit only DKK 3.2B, with free cash flow of −DKK 18.9B because gross investments (DKK 55.0B) were more than twice operating cash flow (DKK 23.7B). A DKK 60B rights issue and ~DKK 46B of divestment proceeds cut net debt to DKK 19.0B.

Key numbers

FY2025 (Annual Report, FACT unless noted)

Revenue DKK 73,244M (FY24 71,034; FY23 79,255). By type (note 2.2): generation of power 21,121; sale of power 17,246; heat and steam 3,506; sale of gas 6,344; distribution and transmission 326; O&M and other services 4,655; construction agreements 9,036 (Greater Changhua 4 for partners 4,604; partial divestment of Hornsea 3 offshore transmission asset 3,103); government grants 9,638 (FY24 12,201, fell as subsidy contracts for older assets expired); miscellaneous 1,372. Total revenue from customers 62,234.
Segments: Offshore revenue 54,797 / EBITDA 16,276; Onshore 2,886 / 4,871; Bioenergy & Other 16,031 / 1,358. Offshore EBITDA breakdown: sites, O&M and PPAs 24,341; construction agreements and divestment gains (2,668); cancellation fees (1,362); other (4,035).
EBITDA 22,448 (FY24 31,959). Excluding new partnerships (−1,255: Hornsea 3 −4.8B, West of Duddon Sands +2.8B, Badger Wind +0.5B, Eleven Mile and Sparta +0.3B) and cancellation fees (−1,362: Hornsea 4 −2.9B, Ocean Wind 1 reversals +1.3B): 25,065 (+1%), within DKK 24–27B guide; split 78% offshore / 17% onshore / 5% bioenergy & other.
D&A (10,195); impairments (3,633) — main contributors: updated US tariff assumptions, stop-work and lease-suspension orders on Revolution Wind and Sunrise Wind, US regulatory uncertainty, divestment of European onshore, Hornsea 4 decision; partly offset by lower long-dated US rates. EBIT 8,620 (FY24 6,171). Net financial items (2,881). Profit before tax 5,988; tax (2,823), tax rate 47%. Net profit 3,165 (FY24 16). EPS DKK 2.0. ROCE 5.4% (8.4% adjusted).
Costs: cost of sales (38,984); employee costs and other external expenses (16,143), of which employee costs (7,080).
Cash flow: operating 23,741; gross investments (54,976) (offshore 47,724); divestments 12,385; free cash flow (18,850). Net interest-bearing debt 18,978 (FY24 58,027). Rights issue completed 9 Oct 2025, ~DKK 60B gross proceeds. FFO/adjusted net debt 42.9%. Equity 148,941.
Divestment programme: >DKK 35B target, ~DKK 46B expected proceeds. Hornsea 3: 50% to Apollo, total transaction value ~DKK 39B (agreed 3 Nov, completed 30 Dec 2025); Greater Changhua 2: 55% to Cathay Life / Cathay Power (Dec 2025); European onshore business; West of Duddon Sands 24.5%; two US onshore solar farms 50%; Badger Wind 49%. Brookfield non-controlling owner in four UK farms.
Revenue by customer location (DKK): GB 35,810; DK 18,000; TW 7,535; DE 5,814; US 3,057; NL 1,713; Other 733; IE 582. No single customer >10% of revenue in 2025 or 2024. Order backlog on construction agreements DKK 37,831M (49% within a year).
Operations: 35.2 TWh generated (+4%), renewable share 99%; offshore installed capacity 10.2 GW, 8.1 GW under construction (six projects: Greater Changhua 2b and 4, Borkum Riffgrund 3, Hornsea 3, Baltica 2, Sunrise Wind, Revolution Wind); total renewable capacity >18 GW. Employees (FTE) 7,896; ~2,000 positions to be cut by end of 2027. Danish State 50.1%, Equinor 10%.
US: Revolution Wind stop-work order 22 Aug 2025, preliminary injunction 22 Sep; both Revolution Wind and Sunrise Wind received 90-day suspension orders 22 Dec 2025; injunctions granted 12 Jan and 2 Feb 2026; work resumed.
Hornsea 4 discontinued in its current form (seabed lease, grid connection, key permits kept). Tonn Nua (900 MW, Ireland, with ESB) awarded Q4 2025. OSONIC low-noise monopile installation (99% noise reduction per Ørsted) to be licensed to third parties.

H1 2026 (Interim report, FACT, unaudited)

Revenue DKK 48,268M (H1 2025 37,840; +28%); EBITDA 14,968 (−4%); excluding new partnerships and cancellation fees 14,980 (+8%; Q2 5,435 vs 5,339). D&A (5,104); impairments (2,537) (US long-dated interest rates, Hornsea 4). EBIT 7,327; profit before tax 5,935; tax (2,627), 44% rate; profit 3,308 (H1 2025 8,238).
Gross investments 18,261; net interest-bearing debt DKK 22.0B at 30 Jun 2026; FFO/adjusted net debt 44.6%. Offshore generation 11.2 TWh (+23%), availability 91%; offshore + onshore 19.8 TWh.
Progress: Baltica 2 foundations 103 of 111; Sunrise Wind 77 of 84 foundations, ~50% complete, full commissioning H2 2027; three projects (2.5 GW) expected to be commissioned in H2 2026; European onshore divestment closed April 2026; dividend reinstatement targeted for FY2026 (first payment 2027).
Guidance 2026 (unchanged 13 Aug): EBITDA ex new partnerships and cancellation fees above DKK 28B (offshore higher, onshore in line, bioenergy & other lower); gross investments DKK 50–55B. These are company outlook, not results.

What is NOT disclosed (do not invent)

Contract price levels (CfD strike prices, PPA prices) per project are not summarised on the canvas; only that they are fixed or inflation-indexed for most farms.
Customer names for PPAs and the split of revenue between CfD-backed and merchant power.
Euro-denominated revenue or net profit (Ørsted reports in DKK; euro values are conversions).

Block coverage map

Key Partners: Apollo, Cathay, Brookfield, Danish State, Equinor, Siemens Gamesa and other suppliers, governments and grid operators. Key Activities: develop, build, operate, farm-down, trade and optimise, OSONIC. Key Resources: capacity, leases and grid connections, people, balance sheet, know-how. Value propositions: price-certain clean power, delivery of offshore wind, contracted-cash-flow stakes. Customer relationships: long contracts, availability, partner co-ownership, regulators, communities. Channels: auctions and tenders, contracts and PPAs, power exchanges, partner negotiations, B2B. Customer segments: governments and subsidy schemes, wholesale markets, heat customers, co-investors. Cost structure: cost of sales, people, D&A, financing, impairments, capex. Revenue streams: generation, grants, construction agreements, resold power, heat, gas, services; farm-down proceeds as funding.

# Ørsted A/S (Nasdaq Copenhagen: ORSTED) — research brief (BMC #064 on gallery, queue id 63) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by Ørsted in its Annual Report 2025 (approved 6 Feb 2026), its 6 Feb 2026 company announcement, its Interim Report for H1 2026 (13 Aug 2026) or the matching company announcement; **SECONDARY** = third-party reporting (none used for numbers below); **INFERENCE** = arithmetic or reasoning by this project from company-stated numbers. No invented figures. Fiscal year = calendar year; Ørsted reports in **DKK**. Euro equivalents on the canvas (revenue ≈ €9.8B, net profit ≈ €0.42B) are INFERENCE at the krone peg of about DKK 7.46/EUR; Ørsted itself gives only one euro figure (EBITDA ex one-offs DKK 25.1B ≈ EUR 3.4B). Interim figures are unaudited. ## Sources (accessed 2026-10-11) - Annual Report 2025 (PDF): https://cdn.orsted.com/-/media/annual-2025/annual-report-2025.pdf (also https://orsted.com/annualreport2025) - Company announcement 6 Feb 2026 (full-year 2025 results): https://via.ritzau.dk/announcement/14785310?lang=en&publisherId=13560592 - Interim financial report H1 2026 (PDF): https://via.ritzau.dk/ir-files/13560592/15087992/25458/Interim%20financial%20report%20H1%202026.pdf - Company announcement 13 Aug 2026 (H1 2026): https://orsted.com/en/company-announcement-list/2026/08/orsted-continues-its-strategic-progress-delivers-s-150879921 - Company: https://orsted.com - Logo: no official mark obtained; the logo is a project monogram ("Ø" on a blue tile), **not** Ørsted's official mark. Trademark of Ørsted A/S; identification only. - Raw text in /workspace/orsted-src/ (ar25.txt, h1.txt, ca.txt). ## Teaching arc **Develop and build offshore wind, sell the power on long-term government-backed contracts, and sell stakes in the big farms to partners who also pay Ørsted to build them — which funds the next build.** FY2025 revenue was **DKK 73.2B (+3%)** but EBITDA was DKK 22.4B (DKK 25.1B excluding new partnerships and cancellation fees) and net profit only **DKK 3.2B**, with free cash flow of **−DKK 18.9B** because gross investments (DKK 55.0B) were more than twice operating cash flow (DKK 23.7B). A DKK 60B rights issue and ~DKK 46B of divestment proceeds cut net debt to DKK 19.0B. ## Key numbers **FY2025 (Annual Report, FACT unless noted)** - Revenue DKK 73,244M (FY24 71,034; FY23 79,255). By type (note 2.2): generation of power 21,121; sale of power 17,246; heat and steam 3,506; sale of gas 6,344; distribution and transmission 326; O&M and other services 4,655; construction agreements 9,036 (Greater Changhua 4 for partners 4,604; partial divestment of Hornsea 3 offshore transmission asset 3,103); government grants 9,638 (FY24 12,201, fell as subsidy contracts for older assets expired); miscellaneous 1,372. Total revenue from customers 62,234. - Segments: Offshore revenue 54,797 / EBITDA 16,276; Onshore 2,886 / 4,871; Bioenergy & Other 16,031 / 1,358. Offshore EBITDA breakdown: sites, O&M and PPAs 24,341; construction agreements and divestment gains (2,668); cancellation fees (1,362); other (4,035). - EBITDA 22,448 (FY24 31,959). Excluding new partnerships (−1,255: Hornsea 3 −4.8B, West of Duddon Sands +2.8B, Badger Wind +0.5B, Eleven Mile and Sparta +0.3B) and cancellation fees (−1,362: Hornsea 4 −2.9B, Ocean Wind 1 reversals +1.3B): 25,065 (+1%), within DKK 24–27B guide; split 78% offshore / 17% onshore / 5% bioenergy & other. - D&A (10,195); impairments (3,633) — main contributors: updated US tariff assumptions, stop-work and lease-suspension orders on Revolution Wind and Sunrise Wind, US regulatory uncertainty, divestment of European onshore, Hornsea 4 decision; partly offset by lower long-dated US rates. EBIT 8,620 (FY24 6,171). Net financial items (2,881). Profit before tax 5,988; tax (2,823), tax rate 47%. Net profit 3,165 (FY24 16). EPS DKK 2.0. ROCE 5.4% (8.4% adjusted). - Costs: cost of sales (38,984); employee costs and other external expenses (16,143), of which employee costs (7,080). - Cash flow: operating 23,741; gross investments (54,976) (offshore 47,724); divestments 12,385; free cash flow (18,850). Net interest-bearing debt 18,978 (FY24 58,027). Rights issue completed 9 Oct 2025, ~DKK 60B gross proceeds. FFO/adjusted net debt 42.9%. Equity 148,941. - Divestment programme: >DKK 35B target, ~DKK 46B expected proceeds. Hornsea 3: 50% to Apollo, total transaction value ~DKK 39B (agreed 3 Nov, completed 30 Dec 2025); Greater Changhua 2: 55% to Cathay Life / Cathay Power (Dec 2025); European onshore business; West of Duddon Sands 24.5%; two US onshore solar farms 50%; Badger Wind 49%. Brookfield non-controlling owner in four UK farms. - Revenue by customer location (DKK): GB 35,810; DK 18,000; TW 7,535; DE 5,814; US 3,057; NL 1,713; Other 733; IE 582. No single customer >10% of revenue in 2025 or 2024. Order backlog on construction agreements DKK 37,831M (49% within a year). - Operations: 35.2 TWh generated (+4%), renewable share 99%; offshore installed capacity 10.2 GW, 8.1 GW under construction (six projects: Greater Changhua 2b and 4, Borkum Riffgrund 3, Hornsea 3, Baltica 2, Sunrise Wind, Revolution Wind); total renewable capacity >18 GW. Employees (FTE) 7,896; ~2,000 positions to be cut by end of 2027. Danish State 50.1%, Equinor 10%. - US: Revolution Wind stop-work order 22 Aug 2025, preliminary injunction 22 Sep; both Revolution Wind and Sunrise Wind received 90-day suspension orders 22 Dec 2025; injunctions granted 12 Jan and 2 Feb 2026; work resumed. - Hornsea 4 discontinued in its current form (seabed lease, grid connection, key permits kept). Tonn Nua (900 MW, Ireland, with ESB) awarded Q4 2025. OSONIC low-noise monopile installation (99% noise reduction per Ørsted) to be licensed to third parties. **H1 2026 (Interim report, FACT, unaudited)** - Revenue DKK 48,268M (H1 2025 37,840; +28%); EBITDA 14,968 (−4%); excluding new partnerships and cancellation fees 14,980 (+8%; Q2 5,435 vs 5,339). D&A (5,104); impairments (2,537) (US long-dated interest rates, Hornsea 4). EBIT 7,327; profit before tax 5,935; tax (2,627), 44% rate; profit 3,308 (H1 2025 8,238). - Gross investments 18,261; net interest-bearing debt DKK 22.0B at 30 Jun 2026; FFO/adjusted net debt 44.6%. Offshore generation 11.2 TWh (+23%), availability 91%; offshore + onshore 19.8 TWh. - Progress: Baltica 2 foundations 103 of 111; Sunrise Wind 77 of 84 foundations, ~50% complete, full commissioning H2 2027; three projects (2.5 GW) expected to be commissioned in H2 2026; European onshore divestment closed April 2026; dividend reinstatement targeted for FY2026 (first payment 2027). - Guidance 2026 (unchanged 13 Aug): EBITDA ex new partnerships and cancellation fees above DKK 28B (offshore higher, onshore in line, bioenergy & other lower); gross investments DKK 50–55B. These are company outlook, not results. ## What is NOT disclosed (do not invent) - Contract price levels (CfD strike prices, PPA prices) per project are not summarised on the canvas; only that they are fixed or inflation-indexed for most farms. - Customer names for PPAs and the split of revenue between CfD-backed and merchant power. - Euro-denominated revenue or net profit (Ørsted reports in DKK; euro values are conversions). ## Block coverage map Key Partners: Apollo, Cathay, Brookfield, Danish State, Equinor, Siemens Gamesa and other suppliers, governments and grid operators. Key Activities: develop, build, operate, farm-down, trade and optimise, OSONIC. Key Resources: capacity, leases and grid connections, people, balance sheet, know-how. Value propositions: price-certain clean power, delivery of offshore wind, contracted-cash-flow stakes. Customer relationships: long contracts, availability, partner co-ownership, regulators, communities. Channels: auctions and tenders, contracts and PPAs, power exchanges, partner negotiations, B2B. Customer segments: governments and subsidy schemes, wholesale markets, heat customers, co-investors. Cost structure: cost of sales, people, D&A, financing, impairments, capex. Revenue streams: generation, grants, construction agreements, resold power, heat, gas, services; farm-down proceeds as funding.