Ørsted Shares Under Pressure: Offshore Wind Company Ørsted Increases Earnings and Advances Major Projects
Fredericia (Denmark) – Ørsted has started 2026 with higher offshore electricity production and improved operational performance. While the renewable energy company listed in the RENIXX-World index reported significantly higher EBITDA in the first quarter and progress on several major projects, the stock market reacted cautiously. Ørsted shares fell by around 4% yesterday to €21.86.
Operational performance: EBITDA rises to DKK 9.5 billion
EBITDA excluding new partnerships and cancellation fees increased by 11% in Q1 2026 to DKK 9.5 billion (around €1.27 billion). In the offshore business, Ørsted achieved EBITDA of DKK 7.5 billion (around €1.0 billion), which is DKK 1.2 billion (around €161 million) higher than the previous year.
Net profit, however, fell significantly to DKK 2.6 billion (around €348 million), compared with DKK 4.9 billion (around €656 million) in the same quarter last year. According to the company, the decline was due to non-cash tax effects and impairments resulting from higher long-term US interest rates.
Operating cash flow developed positively in Q1 2026. Cash inflow from operating activities rose to DKK 6.5 billion (around €871 million), compared with DKK 634 million (around €85 million) in the same period last year. At the same time, Ørsted reduced net interest-bearing debt to DKK 21.3 billion (around €2.85 billion).
Offshore wind projects in Europe, the US and Asia progress
In parallel with its results, Ørsted reported progress on several offshore wind projects with a total construction capacity of 8.1 GW.
In the United States, the Revolution Wind project delivered its first electricity to New England. In addition, the first wind turbines of the Sunrise Wind project off New York were installed. In Europe, the company began installing monopile foundations for Hornsea 3 in the UK and Baltica 2 in Poland.
The Greater Changhua 2b and 4 projects in Taiwan are also still on schedule, with commissioning planned for the third quarter of 2026.
Ørsted CEO Rasmus Errboe said: “During the first quarter of 2026, we produced more renewable energy than ever before. As we deliver on our offshore construction projects, we’ll increase our power generation significantly throughout the year.”
Ørsted sees energy transition reinforced by geopolitical situation
In light of developments in the Middle East, Ørsted again emphasized the importance of accelerating the expansion of renewable energy in Europe. According to the company, current geopolitical tensions highlight Europe’s dependence on fossil fuel imports.
Errboe stated: “ Europe is spending billions every week on fossil fuel imports – but it doesn’t have to be that way.” Offshore wind and other renewables could “provide secure and green energy” while also lowering energy costs for households and businesses.
In April, Ørsted presented the study “Fact over Perception: The Real Value of Offshore Wind” at the WindEurope conference in Madrid. According to the study, renewable energy could reduce total European power system costs by up to 30% by 2040. Offshore wind plays a key role due to its scalability.
2026 full-year guidance confirmed
Ørsted confirmed its full-year outlook for 2026. The company continues to expect EBITDA of more than DKK 28 billion (around €3.75 billion), excluding new partnerships and cancellation fees. Gross investments are also unchanged at DKK 50–55 billion (around €6.7–7.4 billion).
Source: IWR Online, 07 May 2026