Interim report
First quarter 2025
2/45
Interim report
First quarter 2025
Management’s review
Overview
Contents
Earnings call
In connection with the presentation of the interim report, an
earnings call for investors and analysts will be held on
Wednesday, 7 May 2025 at 14:00 CET.
The earnings call can be followed live here:
https://getvisualtv.net/stream/?orsted-q1-2025
Presentation slides will be available prior to the earnings call
and can be downloaded here:
https://orsted.com/financial-reports
Further information
Global Media Relations
Tom Christiansen
Tel.: +45 99 55 60 17
Investor Relations
Rasmus Keglberg Hærvig
Tel.: +45 99 55 90 95
Financial statements
Consolidated financial statements
Basis of reporting .............................................................................................. …36
Environment
Renewable capacity....................................................................................... …37
Generation capacity ....................................................................................... …38
Energy generation and sales ..................................................................... …39
Heat and power generation by source .............................................. …40
Energy consumption ....................................................................................... …41
Greenhouse gas (GHG) emissions ........................................................... …42
EU taxonomy for sustainable activities ............................................. .. 43
Social
People and safety ............................................................................................ ....44
Management’s statement
Statement by the Executive Board and the Board of Direc-
tors .............................................................................................................................. ....45
Sustainability statements
CEO’s review ......................................................................................................... …..3
At a glance ........................................................................................................... …..6
Outlook 2025 ....................................................................................................... …..7
Results Q1 ............................................................................................................... …..8
Business units’ Q1 results ............................................................................. …..11
Performance highlights ................................................................................ .....14
Quarterly overview ......................................................................................... .....15
Consolidated statements of income ................................................... 17
Consolidated balance sheet .................................................................... 18
Consolidated statement of shareholders’ equity ....................... 19
Consolidated statement of cash flows ............................................. 20
Notes
1. Basis of reporting .......................................................................................... 21
2. Segment information ................................................................................. 22
3. Revenue .............................................................................................................. 24
4. Impairments ..................................................................................................... 25
5. Other operating income and expenses ......................................... 27
6. Financial income and expenses .......................................................... 27
7. Gross and net investments .................................................................... 28
8. Reserves ............................................................................................................. 28
9. Tax on profit (loss) for the period ...................................................... 29
10. Markets risks .................................................................................................. 30
11. Fair value measurement ......................................................................... 31
12. Interest-bearing net debt and FFO ................................................. 33
13. Subsequent events .................................................................................... 34
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Management’s review
Interim report First quarter 2025
we now have more than 10 GW of installed
offshore wind capacity, and the remainder of
our offshore wind construction portfolio is
progressing according to plan.
Thirdly, we want to ensure a focused and
disciplined approach towards capital alloca-
tion, prioritising value over volume. This is
underlined by our strategic decision to discon-
tinue the development of Hornsea 4 in its
current form.
Lastly, we continue to focus on organisational
efficiency and on increasing competitiveness.
We have strengthened our Group Executive
Team to reflect the sharpened focus on our
core business.
The progress has been made during a period of
increasing geopolitical tensions and changes in
tariff schemes which are affecting the macroe-
conomic and business environment. The imple-
mentation of steel and aluminium tariffs in the
US as of mid-March has increased the costs for
our two US offshore projects. However, rela-
tive to the overall financial size of our projects,
this does not materially change the project
returns. We follow the developments around
further potential tariffs and other regulatory
changes closely and continuously assess any
potential impact hereof.
Hornsea 4
Supplementing our current construction port-
folio, we are developing a portfolio of projects
Executing on our business plan
The offshore wind industry is challenged in the
short-term with headwinds relating to supply
chain, regulatory, and macroeconomic devel-
opments. However, we fully believe in the
long-term fundamentals for offshore wind due
to the increasing global electricity demand, a
strengthened focus on energy security and
affordability through renewables, and im-
proved framework conditions in several major
markets – even if we continue to see signifi-
cant challenges across certain geographies. In
Ørsted, we aim at solidifying our leading
position in offshore wind towards the end of
the decade supported by the delivery of our
four strategic priorities set out on 6 February
2025 in connection with the publication of our
annual report for 2024.
During Q1, we have focused on the execution
of our four strategic priorities.
Our first strategic priority is to ensure a robust
capital structure. During Q1, we saw solid
operational results, and we continued to
deliver on our farm-down programme by
completing the 50 % farm-downs of two of our
US solar farms, Eleven Mile Solar Center and
Sparta Solar, and we closed the divestment of
a 24.5 % stake of our West of Duddon Sands
Offshore Wind Farm in the UK in April.
Secondly, we continued to deliver on our
construction portfolio with the successful
commissioning of our Gode Wind 3 offshore
wind farm in Germany. With this completion,
CEO’s review
Business progress and development
Finalised Gode Wind 3, thereby reaching
over 10 GW of installed offshore capacity.
Completed the 50 % farm-down of two US
solar farms, Eleven Mile Solar Center and
Sparta Solar.
Closed the divestment of a 24.5 % stake of
our West of Duddon Sands offshore wind
farm in the UK.
Decision to discontinue our Hornsea 4 pro-
ject in the UK in its current form.
Construction of Revolution Wind and Sunrise
Wind progressing according to schedule.
Offshore work at Hornsea 3 and onshore
substation work at Baltica 2 started.
Financials
Operating profit (EBITDA) for the first quar-
ter amounted to DKK 8.9 billion, which was
an increase of DKK 1.4 billion (18 %) com-
pared to the same period last year.
EBITDA excluding new partnerships and
cancellation fees amounted to DKK 8.6 bil-
lion, which was an increase of DKK 1.1 billion
(14 %) compared to the same period last
year.
EBITDA from our offshore sites amounted
to DKK 7.7 billion, which was an increase of
DKK 0.7 billion (10 %) compared to the same
period last year, mainly driven by ramp-up of
generation and higher availability.
We maintain our full-year guidance on
EBITDA and gross investments.
Selected events
Solid operational performance and more than 10 GW of offshore capaci-
ty installed while navigating a challenging short-term business environ-
ment
Management’s review
4/45
Interim report
First quarter 2025
Construction projects
During Q1 2025, we started offshore construc-
tion at Greater Changhua 2b and 4 in Taiwan,
and we are currently on track to complete the
offshore wind farms towards the end of 2025.
In our US offshore portfolio, construction of
our Northeast programme is progressing
according to plan, and we continue to work
diligently to manage execution risks. At the
first part of the Northeast programme, our
Revolution Wind project, 80 % of the mono-
piles have been installed, and wind turbine
installation is progressing as expected. The
overall degree of completion at Revolution
Wind is now at approx. 75 %. At the second
part of the Northeast programme, our Sunrise
Wind project, offshore installation com-
menced in Q1 2025 and the degree of comple-
tion is now at approx. 35 %.
We are following the developments around
further potential tariffs and other regulatory
changes closely and continuously assess any
potential impacts hereof. This includes possi-
ble implementation of any additional tariffs in
the US as well as changes to the regulatory
landscape, both of which may lead to further
financial impacts.
Our European portfolio also experienced
significant progress in Q1 2025. The construc-
tion of Borkum Riffgrund 3 in Germany is now
completed; however, the installation of the
project’s power grid connection has been
delayed by the German TSO. We are being
compensated for this delay. At Hornsea 3 in
the UK, we have started offshore work and
finished the works on converter starters and
cable routes. In Poland, the construction of
Baltica 2 is progressing according to plan,
with a strict focus on value creation. Based on
this, we have made the decision to discontinue
our Hornsea 4 project in the UK in its current
form well ahead of the planned FID later this
year.
In September 2024, we were awarded a con-
tract for difference (CfD) of 2,400 MW for
Hornsea 4. Since the award, the project has
seen several adverse developments relating to
continued increase of supply chain costs, higher
interest rates, and an increase in the risk to
construct and operate Hornsea 4 on the
planned timeline for a project of this scale. In
combination, these developments have deteri-
orated the value creation of the project and
increased the execution risk.
We remain fully committed to being an im-
portant partner to the UK government to help
it achieve its ambitious target for offshore wind
build-out. Our capital allocation is based on a
strict and value-focused approach, to ensure
we only bring forward assets in our portfolio
which we are confident will deliver the value
we need to see. We have taken this decision
early and in line with our revised stage gate
model before significant increases in break
away costs.
The decision to discontinue the project in its
current form, will expectedly lead to a nega-
tive impact on our EBITDA of approx. DKK 3.0-
3.5 billion in Q2 2025. This includes a write-
down of the offshore transmission assets and a
provision for contract cancellation fees. In
addition, we expect to impair capitalised
construction costs of approx. DKK 0.5-1.0
billion.
Installation work at Greater Changhua 2.
Management’s review
5/45
Interim report
First quarter 2025
generation at our German offshore wind farm
Gode Wind 3 and higher availability. This was
partly offset by significantly lower wind
speeds.
We maintain our full-year EBITDA guidance of
DKK 25-28 billion, excluding earnings from new
partnerships and cancellation fees. Impacts
from discontinuing the development of
Hornsea 4 in its current form is excluded from
our EBITDA guidance. Additionally, we main-
tain our gross investments guidance of DKK 50
-54 billion.
Changes to our Board of Directors and Group
Executive Team
At our annual general meeting in April, we
welcomed Judith Hartmann and Julian Wal-
dron as new board members.
In May, we welcomed Amanda Dasch as our
new Chief Development Officer (CDO) and
Godson Njoku as our new Chief Generation
Officer (CGO). Both will be included in our
Group Executive Team where all parts of the
offshore wind value chain (development,
construction, and generation) are now directly
represented.
Lastly, I was appointed Vice-Chair of
WindEurope in March. The association repre-
sents more than 600 members from across
the entire European wind value chain and
engages with EU Institutions, governments,
and other public authorities to try to ensure
that ambitions, policies, and regulations help
drive a sustainable and value-creating growth
of the wind industry. I am excited about the
opportunity to help shape the future of wind in
Europe for the years to come.
where we are in the first phases of the con-
struction including onshore substation work.
Additionally, we have started constructing a
300 MW energy storage project in the UK,
which will help balance the power from the
Hornsea zone. The project is expected to be
operational by the end of 2026. Lastly, we
made good progress on our first carbon cap-
ture project in Denmark, where we are on track
for full commissioning in early 2026.
Fatalities at Plum Creek
In February, a tragic incident involving subcon-
tractors at our US onshore wind farm Plum
Creek resulted in two fatalities. Such a tragic
incident deeply impacts us all, and our deepest
condolences go out to the WindCom techni-
cians’ families. An active investigation is under-
way with the proper authorities, and we will
continue our focus on safety improvement
initiatives.
Operation & Financials
Operating profit (EBITDA) for Q1 2025 amount-
ed to DKK 8.9 billion, DKK 1.4 billion higher than
in Q1 2024. EBITDA excluding new partnerships
amounted to DKK 8.6 billion, a 14 % increase
compared to Q1 2024.
Our offshore operational fleet achieved high
availabilities in the quarter, reaching an aver-
age of 94 %, nine percentage points higher
than last year. We are pleased with this strong
performance across our large global offshore
portfolio.
EBITDA from our offshore sites amounted to
DKK 7.7 billion, which was an increase of DKK
0.7 billion compared to the same period last
year. The increase was due to the ramp-up of
Rasmus Errboe
Group President & CEO
6/45
Interim report
First quarter 2025
At a glance
Financial highlights
Operating profit (EBITDA)
1
, DKKbn
7.5
Offshore
Onshore
Profit for the period, DKKbn
Gross investments, DKKbn
Interest-bearing net debt, DKKbn
Return on capital employed (ROCE)
2
, %
Credit metric (FFO/adjusted net debt), %
Non-financial highlights
Installed renewable capacity, GW
GHG emissions intensity, g CO
2
e/kWh
1 Includes EBITDA from other activities/eliminations.
2 Last 12 months i.e. including impairments and cancellation fees.
8.9
8.9
Bioenergy & Other
13.8
Offshore Onshore Bioenergy & Other
7.6
13.8
4.9
49.9
68.4
68.4
10.2
4.6
18.7
13.7
13.7
18.5
15.7
18.5
Onshore Bioenergy & Other Offshore
53
57
53
Scope 1-3 (excl. gas sales) Scope 1-2
4.6
12.5
Excl. impairments
and cancellation fees
6/45
Impairment and cancellation fees (after tax)
-12.2
2.6
4.9
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Management’s review
Interim report First quarter 2025
EBITDA
EBITDA in 2025 excluding new partnership
agreements and cancellation fees, is un-
changed and expected to amount to DKK 25-
28 billion. Impacts from discontinuing the de-
velopment of Hornsea 4 in its current form is
excluded from our EBITDA guidance.
This guidance is based on an assumption of
normal wind speeds in the remainder of the
year. As always, the guidance is subject to a
number of uncertainties (see below and box to
the right).
Gross investments
Gross investments in 2025 are expected to
amount to DKK 50-54 billion, which is un-
changed relative to the guidance in the annual
report.
Uncertainties in the US
We follow the developments around further
potential tariffs and other regulatory changes
closely and continuously assess any potential
impacts hereof. This includes possible imple-
mentation of any additional tariffs in the US as
well as changes to the regulatory landscape,
both of which may lead to further financial
impacts.
Our EBITDA guidance for the Group is the prevailing guidance, whereas the directional earnings development
per business unit serves as a means to support this. Higher/lower indicates the direction of the business unit's
earnings relative to the results for 2024.
Outlook 2025, DKK billion
2024
realised
Guidance
6 Feb
Guidance
7 May
EBITDA, excl. new partnerships and cancellation
fees
24.8
25-28
25-28
Offshore 19.2
Higher
Higher
Onshore 4.0 Higher Higher
Bioenergy & Other 1.1 Significantly higher Significantly higher
Gross investments 42.8 50-54 50-54
Outlook 2025
Forward-looking statements
The interim report contains forward-looking statements, which include projections of our
short- and long-term financial performance and targets as well as our financial policies.
These statements are by nature uncertain and associated with risk. Many factors may cause
the actual development to differ materially from our expectations. These factors include,
but are not limited to, changes in temperature, wind conditions, wake and blockage effects,
precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation
rates, and interest rate markets, the ability to uphold hedge accounting, changes in legisla-
tion, regulations, or standards, the renegotiation of contracts, changes in the competitive
environment in our markets, reliability of supply, and market volatility and disruptions from
geopolitical tensions. Read more about the risks in our annual report for 2024 in the chapter
‘Risks and risk management’ and in note 6 ‘Risk management’.
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Management’s review
Interim report First quarter 2025
Financial results
Revenue
Power generation from offshore and onshore
assets increased by 3 % and totalled 9.8 TWh
in Q1 2025. The increase was due to the ramp-
up of generation from our offshore wind farms
Gode Wind 3 and our solar PV farms Sparta
Solar (part of Helena Energy Center), Eleven
Mile Solar Center, and Mockingbird Solar Cen-
ter. Furthermore, curtailments of Hornsea 1 and
bad weather in the US leading to low availabil-
ity in Q1 2024 were not repeated in Q1 2025.
This was partly offset by significantly lower
wind speeds throughout our offshore portfolio.
Heat generation decreased by 2 % in Q1 2025,
mainly due to warmer weather in Q1 2025.
Thermal power generation was in line with the
same period last year.
Our renewable share of generation amounted
to 99 %, an increase of 2 percentage points
compared to last year.
Revenue amounted to DKK 20.7 billion. The
increase of 8 % relative to Q1 2024 was mainly
due to higher power generation and higher
power prices.
EBITDA
Operating profit (EBITDA) for Q1 2025 amount-
ed to DKK 8.9 billion, DKK 1.4 billion higher
than in Q1 2024. Adjusted for new partnerships,
EBITDA increased by DKK 1.1 billion (14 %) to
DKK 8.6 billion.
EBITDA from Offshore sites amounted to DKK
7.7 billion, an increase of DKK 0.7 billion com-
pared to Q1 2024. The increase was driven by
the ramp-up of generation from Gode Wind 3,
compensations for grid delay at Borkum
Riffgrund 3, higher availability, and higher reve-
nue from CfDs, ROCs, and green certificates.
Furthermore, our power trading activities deliv-
ered strong earnings for the quarter. The in-
crease in earnings was partly offset by lower
wind speeds (DKK 1.4 billion).
EBITDA from our Onshore business excl. new
partnerships amounted to DKK 1.2 billion, DKK
0.4 billion higher than in Q1 2024. The increase
was due to the ramp-up of generation at Spar-
ta Solar, Mockingbird, and Eleven Mile Solar
Center as well as higher availability and wind
speeds in the US.
EBITDA from our CHP plants amounted to
DKK 0.7 billion in Q1 2025, DKK 0.1 billion high-
EBITDA excluding new partnerships and cancellation fees, DKKbn
Results Q1
Q1 2025 Q1 2024 %
Revenue
20,705 19,168 8 %
EBITDA
8,871 7,488 18 %
- New partnerships
304 - n.a.
- EBITDA excl new partnerships and cancellation fees
8,567 7,488 14 %
Depreciation and amortisation
(2,555) (2,423) 5 %
Impairment (loss)/reversal
272 761 (64 %)
Operating profit (loss) (EBIT)
6,588 5,826 13 %
Gain (loss) on divestment of enterprises
87 (52) n.a.
Financial items, net
(1,567) (1,347) 16 %
Profit (loss) before tax
5,119 4,434 15 %
Tax
(232) (1,825) (87 %)
Tax rate
5 % 41% (37 %p)
Profit (loss) for the period
4,887 2,609 87 %
er than in Q1 2024. The increase was mainly
due to higher prices and improved spreads.
EBITDA from our gas business totalled DKK
0.2 billion in Q1 2025, DKK 0.3 billion higher
than in Q1 2024. The increase was mainly
driven by the ramp-up of volumes from our
offtake contract with DUC due to the ramp-
up of production from the Tyra field. Further-
more, the negative effect from the revalua-
tion of gas at storages in Q1 2024 was not
repeated to the same extent in Q1 2025.
Impairments
Net impairment reversals had a positive ef-
fect in Q1 2025 of DKK 0.3 billion. The main
contributors to the net impairment reversals
were a decrease in the long-dated US interest
rates (DKK 1.5 billion) which was partly offset
Offshore
(DKK 0.2 bn)
Onshore
(DKK 0.4 bn)
Bio & Other
(DKK 0.3 bn)
Management’s review
9/45
Interim report
First quarter 2025
by new imposed tariffs in the US (DKK 1.2 bil-
lion). See note 4 ‘Impairments’ for more infor-
mation.
EBIT
EBIT increased by DKK 0.8 billion to DKK 6.6
billion in Q1 2025.
Financial income and expenses
Net financial income and expenses amounted
to DKK -1.6 billion compared to DKK -1.3 billion
in Q1 2024. The higher net expenses were main-
ly due to a positive effect from a gain on US
interest rate swaps in Q1 2024, not being re-
peated in Q1 2025. This was partly offset by
lower losses from exchange rate adjustments,
primarily due to gains from the strengthening
of DKK against GBP and USD in Q1 2025, con-
trasting with the losses from its weakening
against these currencies in Q1 2024. These ex-
change rate gains were partly offset by a loss
from the substantial decrease in the NTD ex-
change rate in Q1 2025.
Tax and tax rate
Tax on profit for the period amounted to DKK
0.2 billion, DKK 1.6 billion lower than in Q1
2024. The tax rate in Q1 2025 was 5 % and was
affected by the impairments and the gain from
the 50 % farm-down of Eleven Mile and Sparta
Solar. As part of the transaction, DKK 0.6 bil-
lion of previously recognised deferred tax liabil-
ities related to tax equity contributions were
reversed in the tax line item.
Profit for the period
Profit for the period totalled DKK 4.9 billion,
DKK 2.3 billion higher than in Q1 2024. The in-
crease was mainly due to higher EBITDA and
lower tax.
Cash flows and net debt
Cash flows from operating activities
Cash flows from operating activities totalled
DKK 0.6 billion in Q1 2025 compared to DKK
3.6 billion in Q1 2024, with negative year-over-
year contributions from construction con-
tracts, other net working capital, financial
instruments, and tax equity. This was partly
offset by higher EBITDA, positive development
in quarter-over-quarter contributions from
cancellation fee payments, and lower paid
tax.
In Q1 2025, we had limited cash outflow from
payments regarding provisions made for can-
cellation fees for the ceasing of Ocean Wind 1,
whereas we had a net cash outflow of DKK
2.4 billion from payments in Q1 2024.
In Q1 2025, the net release in variation margin
payments on unrealised hedges (‘Change in
variation margin’) and initial margin payments
at clearing houses (part of ‘Change in other
working capital’) was DKK 0.0 billion, whereas
we released DKK 1.0 billion in Q1 2024:
–
the variation margin payments were a
cash outflow of DKK 0.0 billion vs a cash
inflow of DKK 0.6 billion in Q1 2024
–
the initial margin payments were a cash
outflow of DKK 0.0 billion vs a cash inflow
of DKK 0.4 billion in Q1 2024.
In Q1 2025, we had a net cash outflow from
work in progress of DKK 3.1 billion, mainly re-
lated to the construction of the Hornsea 3
offshore transmission asset and the construc-
tion of Greater Changhua 4 for partners. In Q1
2024, we had a cash outflow of DKK 0.6 bil-
lion, mainly related to the construction of the
Hornsea 3 offshore transmission asset and the
construction of Borkum Riffgrund 3 for part-
ners, partly offset by milestone payments
received at Greater Changhua 1.
In Q1 2025, we did not receive tax equity con-
tributions whereas we received initial tax equi-
ty contributions for Eleven Mile in Q1 2024. In
both periods, ‘Change in tax equity’ included a
reversal of the non-cash recognition of tax
credits and benefits through EBITDA.
Change in other working capital was mainly
related to seasonal changes in net account
receivables and payables.
Investments and divestments
Gross investments amounted to DKK 13.8 bil-
lion in Q1 2025. The main investments were:
–
offshore wind farms (DKK 11.7 billion), main-
ly Greater Changhua 2b and 4 in Taiwan,
Hornsea 3 and Baltica 2 in Europe, and
Sunrise Wind and Revolution Wind in the
US
–
onshore wind and solar PV farms (DKK 1.4
billion), mainly the construction of Badger,
the BESS at Old 300, and our portfolio of
European projects
–
CHP plants (DKK 0.6 billion), mainly our
carbon capture and storage facilities in
Denmark.
Cash flow and net debt, DKKm Q1 2025 Q1 2024 %
Cash flows from operating activities
634 3,608 (82 %)
EBITDA
8,871 7,488 18 %
Reversal of gain (loss) on divestments of assets
(224) (111) 102 %
Change in derivatives, excl. variation margin
(676) 159 n.a.
Change in variation margin
(3) 604 n.a.
Change in provisions
29 (2,204) n.a.
Other items
335 108 210 %
Interest expense, net
(723) 31 n.a.
Paid tax
(790) (1,676) (53 %)
Change in work in progress
(3,099) (600) 417 %
Change in tax equity partner liabilities
(875) (163) 437 %
Change in other working capital
(2,212) (28) n.a.
Gross investments
(13,799) (7,622) 81 %
Divestments
2,987 (738) n.a.
Free cash flow
(10,178) (4,752) 114 %
Net interest-bearing debt, beginning of period
58,027 47,379 22 %
Free cash flow
10,178 4,752 114 %
Dividends and hybrid coupon paid
891 323 176 %
Addition of lease obligations, net 196 471 (58 %)
Repurchase of hybrid capital, net
- (3,680) n.a.
Net interest-bearing debt, end of period
68,449 49,864 37 %
Exchange rate adjustments, etc.
(843) 619 n.a.
Management’s review
10/45
Interim report
First quarter 2025
due to a lower FFO and a higher NIBD. Adjust-
ed for cancellation fee payments, the credit
metric was 18.2 % in Q1 2025.
ESG results
Renewable share of energy generation
The renewable share of heat and power gen-
eration reached 99 % in Q1 2025, a 2 % per-
centage points increase compared to Q1 2024.
The increase was mainly driven by the 2 per-
centage points decrease in the share of coal-
based generation due to the cease of coal
consumption in H2 2024.
Greenhouse gas emissions
Our greenhouse gas emissions from heat and
power generation (scope 1 and scope 2
market-based) decreased by 68 % in Q1 2025
compared to Q1 2024. The decrease was
mainly driven by the cease of coal consump-
tion at our CHP plants. Our scope 1 and 2
greenhouse gas emissions intensity decreased
to 4 g CO
2
e/kWh in Q1 2025 compared to
14 g CO
2
e/kWh in Q1 2024. This was primarily
due to the decrease in fossil-based heat and
power generation.
Our scope 1, 2, and 3 greenhouse gas intensity
(excluding gas sales) decreased by 7 % to
53 g CO
2
e/kWh in Q1 2025 compared to Q1
2024. The decrease was mainly driven by low-
er scope 1 and 2 emissions, resulting from re-
duced fossil-based generation, which was
partly offset by higher scope 3 emissions from
capital goods. Overall, heat and power gener-
ation remained stable compared to Q1 2024.
Safety
There were two tragic fatalities among our
contractor employees at the Plum Creek On-
In Q1 2025, ‘Divestments’ amounted to DKK 3.0
billion and were mainly related to the 50 %
farm-downs of Eleven Mile and Sparta Solar.
Interest-bearing net debt
Interest-bearing net debt totalled DKK 68.4
billion at the end of Q1 2025 against DKK 58.0
billion at the end of 2024. The increase was
mainly due to a negative free cash flow of DKK
10.2 billion.
Equity
Equity was DKK 96.7 billion at the end of Q1
2025 against DKK 93.5 billion at the end of
2024.
Capital employed
Capital employed was DKK 165.1 billion at the
end of Q1 2025 against DKK 151.5 billion at the
end of 2024, mainly due to new investments.
Financial ratios
Return on capital employed (ROCE)
Return on capital employed (ROCE) was 4.6 %
in Q1 2025. The increase of 17 percentage
points compared to last year was attributable
to a higher EBIT due to a higher EBITDA and
lower impairment losses. ROCE adjusted for
impairment losses and cancellation fees in Q1
2025 was 10.2 % vs. 12.5 % in Q1 2024. The de-
crease of 2.3 percentage points was mainly
due to a lower EBIT from a lower EBITDA year-
over-year primarily due to the divestment of
London Array in Q3 2023.
Credit metric (FFO/adjusted net debt)
The funds from operations (FFO)/adjusted net
debt credit metric was 13.7 % in Q1 2025
against 18.0 % in Q1 2024. The decrease was
shore Wind Farm in Q1 2025. In Q1 2025, we
had a total of 15 recordable injuries (TRIs), of
which 12 injuries were related to contractors’
employees. This was a decrease of 4 injuries
compared to Q1 2024. The total recordable
injury rate (TRIR) decreased from 2.9 in Q1
2024 to 1.9 in Q1 2025.
Key ratios, DKKm, %
Q1 2025 Q1 2024 %
ROCE
4.6 (12.2) 17 %p
Adjusted interest-bearing net debt 81,169 63,873 27 %
FFO/adjusted interest-bearing net debt
1
13.7 18.0 (4 %p)
Taxonomy-aligned KPIs
Read more about our EU taxonomy-
aligned KPIs on page 43 in the sustainabil-
ity statements.
Revenue 88 %
EBITDA 96 %
Gross investments 99 %
1
In 2025, the FFO/adjusted interest-bearing net debt definition was changed to include adjustment of
’Dividends paid to minority interests’ in FFO to better align with rating agencies. Comparative figures for 2024
have been restated.
11/45
Management’s review
Interim report First quarter 2025
Financial results for Q1 2025
Power generation decreased by 4 % to 5.5
TWh in Q1 2025. The decrease was due to sig-
nificantly lower wind speeds. This was partly
offset by the ramp-up of generation at Gode
Wind 3, leading to a 9 % increase in generation
capacity, as well as outages at Hornsea 1 in Q1
2024 not being repeated in Q1 2025.
Wind speeds amounted to a portfolio average
of 10.4 m/s, which was significantly lower than
in Q1 2024 (11.4 m/s) and the normal wind
speeds expected in the first quarter (11.3 m/s).
Availability was 94 %, which was 9 percentage
points higher than in the same period last year
due to outages in Q1 2024 not being repeated
in Q1 2025.
Revenue was DKK 0.6 billion higher than in Q1
2024 and amounted to DKK 14.6 billion.
Revenue from offshore wind farms in operation
increased by 4 % to DKK 7.6 billion, mainly
driven by increased revenue from CfD con-
tracts, ROCs, and green certificates, which was
only partly offset by lower generation. Reve-
nue from power sales was in line with the same
period last year, as higher prices were offset by
lower power sales volumes. Revenue from
construction agreements mainly related to the
construction of Greater Changhua 4 for part-
ners.
EBITDA increased by DKK 0.2 billion and
amounted to DKK 6.3 billion.
EBITDA from ‘Sites, O&M, and PPAs’ increased
by DKK 0.7 billion and amounted to DKK 7.7
billion in Q1 2025. The increase was driven by
the ramp-up of generation from Gode Wind 3,
compensations for grid delay at Borkum
Riffgrund 3, higher availability, and higher rev-
enue from CfDs, ROCs, and green certificates.
Furthermore, our power trading activities had
a positive effect. This was partly offset by
lower wind speeds (DKK 1.4 billion).
EBITDA from ‘Construction agreements and
divestment gains’ amounted to DKK -0.1 billion
in Q1 2025 and was mainly related to minor
adjustments to previously finalised projects.
EBITDA from ‘Other incl. project development’
was DKK 0.7 billion more negative than in Q1
2024, of which DKK 0.2 billion related to cost
reallocations, which had no impact on the
total EBITDA for Offshore. In addition, further
changes in cost reallocation have had a nega-
tive impact of DKK 0.4 billion, mainly due to
timing during the year.
Results Q1 2025 Q1 2024 %
Business drivers
Decided (FID'ed) and installed capacity GW 18.3 16.5 10 %
Installed capacity
GW
10.2 8.9 14 %
Generation capacity
GW
5.5 5.1 9 %
Wind speed
m/s
10.4 11.4 (9 %)
Load factor
%
47 52 (5 %p)
Availability
%
94 85 9 %p
Power generation
GWh
5,470 5,670 (4 %)
Denmark
564 690 (18 %)
United Kingdom
3,019 3,142 (4 %)
Germany
623 753 (17 %)
The Netherlands
276 444 (38 %)
APAC
880 579 52 %
The US
108 61 77 %
Power sales GWh 4,816 6,264 (23 %)
Power price, LEBA UK
GBP/MWh
129 77 68 %
British pound
DKK/GBP
8.9 8.7 3 %
Financial performance
Revenue
DKKm
14,637 13,991 5 %
Sites, O&M, and PPAs
7,635 7,373 4 %
Power sales
5,474 5,582 (2 %)
Construction agreements
1,439 809 78 %
Other
89 227 (61 %)
EBITDA
1
DKKm
6,310 6,083 4 %
Sites, O&M, and PPAs
7,655 6,928 10 %
Construction agreements and divestment gains (77) (283) (73 %)
Other, incl. project development (1,268) (562) 126 %
Depreciation
DKKm
(1,776) (1,722) 3 %
Impairment losses
DKKm
(224) 1,063 n.a.
EBIT
DKKm
4,310 5,424 (21 %)
Cash flow from operating activities
DKKm
(4,874) 835 n.a.
Gross investments
DKKm
(11,736) (4,989) 135 %
Divestments
DKKm
105 (802) n.a.
Free cash flow
DKKm
(16,505) (4,956) 233 %
Capital employed
DKKm
120,130 92,953 29 %
Offshore
1
At the end of 2024, we reallocated indirect costs from ‘Sites’ to ‘Other incl. project development’ with a
total effect of DKK 0.9 billion. The effect in Q1 2025 was DKK 0.2 billion
12/45
Management’s review
Interim report First quarter 2025
Financial results for Q1 2025
Power generation increased by 14 % compared
to Q1 2024 and amounted to 4.3 TWh. The
increase was due to the ramp-up of generation
at Sunflower, Sparta Solar (part of Helena En-
ergy Center), Mockingbird Solar Center, and
Eleven Mile Solar Center, leading to a 30 %
increase in installed capacity. In Q1 2025, the
wind speeds across the portfolio were 8.0 m/s,
slightly above Q1 2024 and a normal wind year
(7.8 m/s).
Revenue was DKK 0.1 billion above Q1 2024
and amounted to DKK 0.8 billion. The increase
was mainly due to the higher generation.
EBITDA increased by DKK 0.7 billion to DKK 1.5
billion.
EBITDA from ‘Sites’ amounted to DKK 1.4 bil-
lion in Q1 2025, which was DKK 0.4 billion high-
er than the same period last year. The increase
was mainly due to the above-mentioned ramp-
up of generation from new assets in operation.
Divestment gains/losses for Q1 2025 amounted
to DKK 0.3 billion and related to the 50 %
farm-downs of Eleven Mile and Sparta Solar. As
part of the transaction, DKK 0.6 billion of previ-
ously recognised deferred tax liabilities related
to tax equity contributions were reversed in
’Tax on profit (loss) for the period’.
Onshore
Results Q1 2025 Q1 2024 %
Business drivers
Decided (FID'ed) and installed capacity GW 7.0 6.4 10 %
Installed capacity
GW
6.2 4.8 30 %
Wind speed
m/s
8.0 7.9 2 %
Load factor, wind
%
44 42 3 %p
Load factor, solar PV
%
21 18 3 %p
Availability, wind
%
91 89 2 %p
Availability, solar PV
%
98 98 (0 %p)
Power generation
GWh
4,294 3,772 14 %
US, wind
3,208 3,003 7 %
US, solar PV
767 399 92 %
Europe
319 370 (14 %)
US dollar
DKK/USD
7.1 6.9 3 %
Financial performance
Revenue
DKKm
846 705 20 %
EBITDA
DKKm
1,490 816 83 %
Sites, incl. tax credits
1,416 1,046 35 %
Divestment gains 304 - n.a.
Other, incl. project development (230) (230) 0 %
Depreciation
DKKm
(546) (467) 17 %
Impairment losses
DKKm
496 (302) n.a.
EBIT
DKKm
1,440 47 n.a.
Cash flow from operating activities
DKKm
369 366 1 %
Gross investments
DKKm
(1,411) (2,128) (34 %)
Divestments
DKKm
2,883 64 n.a.
Free cash flow DKKm 1,841 (1,698) n.a.
Capital employed DKKm 38,549 35,317 9 %
13/45
Management’s review
Interim report First quarter 2025
Financial results for Q1 2025
Heat generation decreased by 2 % in Q1 2025,
mainly due to warmer weather, whereas pow-
er generation was in line with Q1 2024 as a
higher wood pellet spread led to increased
condensing power generation, which offset the
drop from heat-linked power generation.
Gas sales increased by 2 % driven by our
offtake contract with DUC due to the ramp-up
of production from the Tyra field (not owned
by Ørsted).
EBITDA amounted to DKK 0.8 billion com-
pared to DKK 0.4 billion in Q1 2024.
EBITDA from ‘CHP plants’ was DKK 0.7 billion,
DKK 0.1 billion higher than in Q1 2024. This was
mainly due to increased power prices and
spreads, which was partly offset by lower heat
earnings due to warmer weather.
EBITDA from ‘Gas Markets & Infrastructure’
increased by DKK 0.3 billion to DKK 0.2 billion
in Q1 2025. The increase was mainly driven by
the ramp-up of volumes from our offtake con-
tract with DUC due to the ramp-up of produc-
tion from the Tyra field as mentioned above.
Furthermore, we had a negative effect from
the revaluation of gas at storages in Q1 2024,
which was not repeated to the same extent in
Q1 2025.
EBITDA from ‘Other incl. project development’
was DKK -0.2 billion, DKK 0.1 billion lower than
in Q1 2024.
Bioenergy & Other
Results
Q1 2025 Q1 2024 %
Business drivers
Degree days Number 1,181 1,200 (2 %)
Heat generation
GWh
3,224 3,285 (2 %)
Power generation
GWh
1,480 1,484 (0 %)
Gas sales
GWh
5,280 5,167 2 %
Power sales
GWh
632 633 (0 %)
Gas price, TTF
EUR/MWh
47.0 27.4 71 %
Power price, DK
EUR/MWh
99.3 64.8 53 %
Wood pellet spread, DK
EUR/MWh
18.0 3.4 429 %
Financial performance
Revenue
DKKm
5,347 4,586 17 %
EBITDA
DKKm
757 434 74 %
CHP plants 734 587 25 %
Gas Markets & Infrastructure 210 (79) n.a.
Other, incl. project development
(187) (74) 153 %
Depreciation DKKm
(164) (165) (1 %)
EBIT
DKKm
593 269 120 %
Cash flow from operating activities
DKKm
950 3,038 (69 %)
Gross investments
DKKm
(645) (489) 32 %
Free cash flow
DKKm
305 2,549 (88 %)
Capital employed
DKKm
5,905 2,401 146 %
14/45
Management’s review
Interim report First quarter 2025
Financials, DKKm
Q1 2025 Q1 2024 2024
Income statement
Revenue
20,705 19,168 71,034
EBITDA
8,871 7,488 31,959
Offshore
6,310 6,083 26,470
Sites, O&M, and PPAs
7,655 6,928 23,819
Construction agreements and divestment gains
(77) (283) (1,065)
Cancellation fees
- - 7,335
Other, incl. project development
(1,268) (562) (3,619)
Onshore
1,490 816
3,863
Bioenergy & Other
757 434 1,082
Other activities/eliminations
314 155 544
Depreciation and amortisation
(2,555) (2,423) (10,225)
Impairment
272 761 (15,563)
Operating profit (loss) (EBIT)
6,588 5,826 6,171
Gain (loss) on divestment of enterprises
87 (52) (11)
Net financial income and expenses
(1,567) (1,347) (3,591)
Profit (loss) before tax
5,119 4,434 2,606
Tax
(232) (1,825) (2,590)
Profit (loss) for the period
4,887 2,609 16
Balance
Assets 287,287 290,383 298,786
Equity
96,677 83,325 93,484
Shareholders in Ørsted A/S
65,665 58,709 62,138
Hybrid capital
20,955 22,792 20,955
Non-controlling interests
10,057 1,824 10,391
Interest-bearing net debt
68,449 49,864 58,027
Capital employed
165,126 133,189 151,511
Additions to property, plant, and equipment
14,215 8,020 46,985
Cash flow
Cash flow from operating activities 634 3,608 18,356
Gross investments
(13,799) (7,622) (42,808)
Divestments
2,987 (738) 15,680
Free cash flow
(10,178) (4,752) (8,772)
Financial ratios
Return on capital employed (ROCE)
1
, % 4.6 (12.2) 4.5
FFO/adjusted interest-bearing net debt
2
, % 13.7 18.0 12.7
Number of outstanding shares, end of period, '000
420,381 420,381 420,381
Share price, end of period, DKK
301 384 324
Market capitalisation, end of period, DKK billion
127 162 136
Earnings per share (EPS), DKK
10.6 5.7 (2.2)
Business drivers
Q1 2025 Q1 2024 2024
Offshore
Decided (FID'ed) and installed capacity, GW
18.3 16.5 16.8
Installed capacity, GW
10.2
8.9 9.9
Generation capacity, GW
5.5
5.1 5.3
Wind speed, m/s
10.4 11.4 10.0
Load factor, %
47
52 42
Availability, %
94
85 88
Power generation, GWh
5,470
5,670 18,599
Power sales, GWh
4,816
6,264 19,967
Onshore
Decided (FID'ed) and installed capacity, GW
7.0
6.4 7.0
Installed capacity, GW
6.2
4.8 6.2
Wind speed, m/s
8.0
7.9 7.2
Load factor, wind, %
44
42 37
Load factor, solar PV, %
21
18 25
Availability, wind, %
91
89 90
Availability, solar PV, %
98
98 98
Power generation, GWh
4,294
3,772 15,315
Bioenergy & Other
Degree days, number
1,181
1,200 2,485
Heat generation, GWh
3,224
3,285 6,919
Power generation, GWh
1,480
1,484 4,522
Power sales, GWh
632
633 2,426
Gas sales, GWh
5,280 5,167 17,372
Sustainability statements
Employees (FTE), end of period number
8,251
8,706 8,278
Total recordable injury rate (TRIR), YTD
1.9 2.9 2.7
Fatalities, number
2 0 0
Renewable share of energy generation, %
99
97 97
GHG emission (scope 1 & 2), Mtonnes
0.1
0.2 0.7
GHG intensity (scope 1 & 2), g CO
2
e/kWh
4
14 16
GHG emissions (scope 3), Mtonnes
1.9 1.8 9.0
GHG intensity (scope 1-3), g CO
2
e/kWh (excl. natural gas
sales)
53 57 127
Performance highlights
1
EBIT last 12 months.
2 FFO last 12 months. As of January 2025, we have included ‘Dividends paid to minority interests’ in Funds from opera-
tions’. Comparative figures for 2024 are restated.
15/45
Management’s review
Interim report First quarter 2025
Quarterly overview
Financials, DKKm
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Q2
2023
Income statement
Revenue 20,705 21,077 15,766 15,023 19,168 21,530 17,441 14,565
EBITDA 8,871 8,353 9,548 6,570 7,488 (686) 9,173 3,320
Offshore 6,310 6,639 8,530 5,218 6,083 (2,611) 8,037 2,979
Sites, O&M, and PPAs 7,655 8,533 3,958 4,400 6,928 7,164 4,050 3,135
Construction agreements and
divestment gains
(77) (894) 106 6 (283) 676 4,245 340
Other, incl. project development (1,268) (1,926) (643) (488) (562) (830) (258) (496)
Onshore 1,490 1,061 991 995 816 525 819 792
Bioenergy & Other 757 869 (185) (36) 434 1,434 155 (583)
Other activities/eliminations 314 (216) 212 393 155 (34) 162 132
Depreciation and amortisation (2,555) (2,571) (2,548) (2,683) (2,423) (2,366) (2,537) (2,454)
Impairment 272 (12,127) (284) (3,913) 761 1,647 (28,422) -
Operating profit (loss) (EBIT) 6,588 (6,345) 6,716 (26) 5,826 (1,405) (21,786) 866
Gain (loss) on divestment of enterprises 87 34 14 (7) (52) (44) (50) 159
Net financial income and expenses (1,567) (457) (1,235) (552) (1,347) 2,001 (128) (1,797)
Profit (loss) before tax 5,119 (6,761) 5,508 (575) 4,434 557 (21,955) (763)
Tax (232) 677 (339) (1,103) (1,825) (841) (607) 225
Profit (loss) for the period 4,887 (6,084) 5,169 (1,678) 2,609 (284) (22,562) (538)
Balance sheet
Assets 287,287 298,786 290,341 286,002 290,383 281,136 286,782 296,466
Equity 96,677 93,484 91,127 83,368 83,325 77,791 78,361 103,548
Shareholders in Ørsted A/S 65,665 62,138 65,987 56,446 58,709 56,782 57,304 82,379
Hybrid capital 20,955 20,955 20,955 22,792 22,792 19,103 19,103 19,103
Non-controlling interests 10,057 10,391 4,185 4,130 1,824 1,906 1,954 2,066
Interest-bearing net debt 68,449 58,027 62,817 49,366 49,864 47,379 42,892 43,924
Capital employed 165,126 151,511 153,944 132,734 133,189 125,170 121,253 147,471
Additions to property, plant, equipment 14,215 19,111 11,375 8,479 8,020 12,064 10,988 6,963
Cash flow
Cash flow from operating activities 634 10,306 (1,639) 6,081 3,608 6,170 9,796 2,447
Gross investments (13,799) (17,114) (9,780) (8,292) (7,622) (13,039) (9,204) (7,498)
Divestments 2,987 13,317 108 2,993 (738) 1,861 1,735 (2,038)
Free cash flow (10,178) 6,509 (11,311) 782 (4,752) (5,008) 2,327 (7,089)
Financial ratios
Return on capital employed (ROCE)
1
, % 4.6 4.5 8.1 (12.4) (12.2) (14.2) (13.7) 13.2
FFO/adjusted interest-bearing net debt
2
, % 13.7 12.7 12.1 22.0 18.0 28.6 20.9 17.7
Number of outstanding shares, end of period, '000 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381
Share price, end of period, DKK
301 324 445 371 384 374 385 645
Market capitalisation, end of period, DKK billion 127 136 187 156 162 157 162 271
Earnings per share (EPS), DKK 10.6 (15.8) 12.0 (4.1) 5.7 (1.6) (53.8) (1.4)
Cancellation fees - 926 5,109 1,300 - (9,621) - -
Business drivers
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Q2
2023
Offshore
Decided (FID'ed) and installed capacity, GW
16.8 16.8 16.8 16.5 15.5 12.0 12.0
Installed capacity, GW
9.9 9.9 9.8 8.9 8.9 8.9 8.9
Generation capacity, GW
5.3 5.2 5.1 5.1 5.0 5.0 4.9
Wind speed, m/s
11.1 8.4 9.0 11.4 11.5 8.6 8.1
Load factor, %
51 31 33 52 56 33 29
Availability, %
94 89 83 85 92 93 91
Power generation, GWh
5,740 3,522 3,667 5,670 6,011 3,544 3,044
Power sales, GWh
5,839 4,010 3,854 6,264 6,244 3,948 4,158
Onshore
Decided (FID'ed) and installed capacity, GW
7.0 6.4 6.4 6.4 6.4 6.2 6.2
Installed capacity, GW
6.2 5.7 5.6 4.8 4.8 4.8 4.6
Wind speed, m/s
7.5 6.2 7.4 7.9 7.6 6.2 6.7
Load factor, wind, %
40 26 41 42 36 27 35
Availability, wind, %
90 87 92 89 85 85 92
Power generation, GWh
4,086 3,270 4,187 3,772 3,376 2,927 3,321
Bioenergy & Other
Degree days, number
846 79 360 1,200 966 53 409
Heat generation, GWh
2,367 332 935 3,285 2,385 234 790
Power generation, GWh
1,428 805 805 1,484 1,042 781 917
Power sales, GWh
635 577 581 633 628 566 556
Gas sales, GWh
4,016 4,138 4,051 5,167 3,041 5,355 4,016
Sustainability statements
Employees (FTE) end of period, number
8,278 8,377 8,411 8,706 8,905 8,906 8,661
Total recordable injury rate (TRIR), YTD
2.7 2.3 2.1 2.9 2.8 2.9 2.6
Fatalities, number
0 0 0 0 0 0 0
Renewable share of energy generation, %
99 96 97 97 95 94 97
GHG intensity (scope 1 & 2), g CO
2
e/kWh
5 40 16 14 25 46 24
GHG emissions (scope 3), Mtonnes
1.7 2.2 3.3 1.8 1.2 1.6 1.3
Q1
2025
18.3
10.2
5.5
10.4
47
94
5,470
4,816
7.0
6.2
8.0
44
91
4,294
1,181
3,224
1,480
632
5,280
8,251
1.9
2
99
4
1.9
Load factor, solar PV, %
21 20 31 29 18 17 32 30
Availability, solar PV, %
98 98 97 97 98 98 98 98
GHG emissions (scope 1 & 2), Mtonnes
0.1 0.1 0.3 0.2 0.2 0.4 0.3 0.2
GHG intensity (scope 1-3), g CO
2
e/kWh (excl.
natural gas sales)
53 65 194 262 57 62 94 77
1
EBIT last 12 months.
2 FFO last 12 months. As of January 2025, we have included ‘Dividends paid to minority interests’ in Funds from opera-
tions’. Comparative figures for 2024 are restated.
16/45
Management’s review
Interim report First quarter 2025
Consolidated
financial statements
First quarter 2025
1 January – 31 March
Consolidated financial statements
Interim report
First quarter 2025
17/45
Consolidated statements of income
1 January – 31 March
In Q1 2025, ’Exchange rate adjustments relating to net investments in foreign
enterprises’ was impacted by the decrease in the USD, NTD, and GBP
exchange rate of 4.1 %, 5.3 %, and 1.2 % respectively.
Statement of comprehensive income
DKKm Q1 2025 Q1 2024
Profit (loss) for the period
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period 518 585
Value adjustments transferred to income statement
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises (3,486 ) 1,226
Value adjustment of net investment hedges
Tax:
Tax on hedging instruments (137 ) (159 )
Tax on exchange rate adjustments
(166 ) (41 )
Other:
Share of other comprehensive income of associated companies, after tax (1 ) -
Other comprehensive income
(1,053 ) (443 )
Total comprehensive income
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S 3,282 1,921
Interest payments and costs, hybrid capital owners of Ørsted A/S
Non-controlling interests
Total comprehensive income
Note
Income statement
DKKm Q1 2025 Q1 2024
3 Revenue
Cost of sales (10,006 ) (9,409 )
Other external expenses (1,921 ) (1,562 )
Employee costs (1,614 ) (1,881 )
Share of profit (loss) in associates and joint ventures 24 4
5 Other operating income
5 Other operating expenses
(181 ) (132 )
Operating profit (loss) before depreciation, amortisation,
and impairment losses (EBITDA)
Amortisation and depreciation of intangible assets, and property,
plant, and equipment
(2,555 ) (2,423 )
4
Impairment losses on intangible assets, and property, plant,
and equipment
Operating profit (loss) (EBIT)
Gain (loss) on divestment of enterprises
Share of profit (loss) in associates and joint ventures 11 7
6 Financial income
6 Financial expenses
(3,386 ) (2,922 )
Profit (loss) before tax
9 Tax on profit (loss) for the period
(232 ) (1,825 )
Profit (loss) for the period
Profit (loss) for the period is attributable to:
Shareholders in Ørsted A/S 4,443 2,391
Interest payments and costs, hybrid capital owners of Ørsted A/S 151 168
Non-controlling interests
Earnings per share (DKK)
Diluted earnings per share (DKK)
Consolidated financial statements
Interim report
First quarter 2025
18/45
Consolidated balance sheet
31 March
Note
Assets
DKKm
31 March
2025
31 December
2024
31 March
2024
Intangible assets
Land and buildings
Production assets 129,989 138,477 121,098
Fixtures and fittings, tools, and equipment 1,960 2,122 2,313
Property, plant, and equipment under construction 63,710 53,118 56,641
4 Property, plant, and equipment
Investments in associates and joint ventures
Receivables from associates and joint ventures 221 200 124
Other securities and equity investments 323 344 166
11 Derivatives
Deferred tax 9,985 9,250 8,075
Other receivables 3,431 3,218 3,222
Other non-current assets 16,024 14,842 12,988
Non-current assets
Inventories
11 Derivatives
Contract assets 307 324 348
Trade receivables 9,231 9,045 9,208
Other receivables 10,841 9,936 9,727
Receivables from associates and joint ventures 63 41 87
9 Income tax
11 Securities
Cash 7,831 23,126 14,911
Current assets
Assets
Note
Equity and liabilities
DKKm
31 March
2025
31 December
2024
31 March
2024
Share capital
8 Reserves
(6,268 ) (5,164 ) (10,721 )
Retained earnings 67,729 63,098 65,226
Equity attributable to shareholders in Ørsted A/S
Hybrid capital
Non-controlling interests 10,057 10,391 1,824
Equity
Deferred tax
Provisions 17,675 17,735 17,470
Lease liabilities 7,799 8,076 7,872
12 Bond and bank debt
11 Derivatives
Contract liabilities 8,497 8,834 3,365
Tax equity liabilities 13,374 16,158 14,057
Other payables 5,675 5,825 5,491
Non-current liabilities
Provisions
Lease liabilities 800 834 874
12 Bond and bank debt
11 Derivatives
Contract liabilities 1,527 2,578 2,363
Trade payables 18,716 20,827 14,476
Tax equity liabilities 3,899 4,320 3,493
Other payables 7,143 7,106 5,888
9 Income tax
Current liabilities
Liabilities
Equity and liabilities
Consolidated financial statements
Interim report
First quarter 2025
19/45
1 See note 8 ‘Reserves’ for more information on reserves.
In addition to the total reserves of DKK -6,268 million, a loss of
DKK 187 million is recognised as part of non-controlling interests.
The loss is related to the hedging of revenue attributable to the
non-controlling interests.
Consolidated statement of shareholders’ equity
1 January – 31 March
2025
2024
DKKm
Share
capital Reserves
1
Retained
earnings
Share-
holders in
Ørsted A/S
Hybrid
capital
Non-con-
trolling
interests
Total
Group
Share
capital Reserves
1
Retained
earnings
Share-
holders in
Ørsted A/S
Hybrid
capital
Non-con-
trolling
interests
Total
Group
Equity at 1 January 4,204 (5,164 ) 63,098
Comprehensive income for the period:
Profit (loss) for the period - - 4,443
Other comprehensive income:
Cash flow hedging - 743 -
Exchange rate adjustments - (1,601 ) -
(1,601 ) - (201 ) (1,802 ) - 436 - 436 - 27 463
Tax on other comprehensive income - (302 ) -
(302 ) - (1 ) (303 ) - (200 ) - (200 ) - - (200 )
Share of other comprehensive income of associated
companies, after tax - - (1 )
(1 ) - - (1 ) - - - - - - -
Total comprehensive income - (1,160 ) 4,442
Cash flow hedging of property, plant, and equipment
under construction - 68 -
Coupon payments, hybrid capital - - -
(161 )
Tax - (12 ) -
(12 ) - - (12 ) - - - - 2 - 2
Additions, hybrid capital - - -
Disposals, hybrid capital - - -
Dividends paid - - -
Additions, non-controlling interests - - 180
Other changes - - 9
Equity at 31 March 4,204 (6,268 ) 67,729
Consolidated financial statements
Interim report
First quarter 2025
20/45
Statement of cash flows
Our supplementary statement of gross and net investments appears from
note 7 ’Gross and net investments’ and free cash flow (FCF) from note 2
’Segment information’.
’Cash’ according to the balance sheet as at 31 March 2025 includes ’Bank
overdrafts that are part of the ongoing cash management’, amounting to
DKK 0 million (2024: DKK 23 million).
Consolidated statement of cash flows
1 January – 31 March
Note
Statement of cash flows
DKKm Q1 2025 Q1 2024
Operating profit (loss) before depreciation, amortisation, and
impairment losses (EBITDA)
Reversal of gain (loss) on divestment of assets
(224 ) (111 )
Change in derivatives
(679 ) 763
Change in provisions
Other items
Change in inventories (238 ) (2,270 )
Change in contract assets and liabilities (1,385 ) 70
Change in trade receivables (262 ) 1,877
Change in other receivables (1,477 ) 8
Change in trade payables (2,035 ) (328 )
Change in tax equity liabilities (875 ) (163 )
Change in other payables 88 15
Interest received and similar items 1,514 1,559
Interest paid and similar items (2,238 ) (1,528 )
Income tax paid (790 ) (1,676 )
Cash flows from operating activities
Purchase of intangible assets and property, plant, and equipment
(13,783 ) (7,714 )
Sale of intangible assets and property,plant, and equipment
Purchase of securities
(6,936 ) (1,908 )
Sale/maturation of securities
Change in other non-current assets
(2 ) (58 )
Transactions with associates and joint ventures
(37 ) 104
Cash flows from investing activities
(11,689 ) (8,061 )
Note
DKKm Q1 2025 Q1 2024
Proceeds from raising of loans
Instalments on loans (3,628 ) (2,197 )
Instalments on leases (274 ) (248 )
Coupon payments on hybrid capital (151 ) (161 )
Repurchase of hybrid capital - (1,840 )
Proceeds from issuance of hybrid capital - 5,520
Transactions with non-controlling interests (556 ) (170 )
Net proceeds from tax equity partners (37 ) 26
Collateral posted in relation to trading of derivatives (4,576 ) (2,944 )
Collateral released in relation to trading of derivatives 5,313 2,613
Restricted cash and other changes
(16 ) (230 )
Cash flows from financing activities
(3,873 ) 9,113
Total net change in cash and cash equivalents
(14,928 ) 4,660
Cash and cash equivalents at the beginning of the period
Total net change in cash and cash equivalents (14,928 ) 4,660
Exchange rate adjustments of cash and cash equivalents (365 ) 84
Cash and cash equivalents at 31 March
Consolidated financial statements
Interim report
First quarter 2025
21/45
Implementation of new standards,
interpretations, and amendments adopted
by the Group
The accounting policies adopted in the
preparation of the interim financial statements
are consistent with those followed in the
preparation of our annual consolidated
financial statements for the year, which ended
on 31 December 2024. The Group has not early
adopted any standard, interpretation, or
amendment that has been issued but not yet
entered into effect.
Amendments apply for the first time in 2025
but do not have a material impact on our
financial statements.
Ørsted is a listed public company, headquar-
tered in Denmark.
This interim report for the first three months of
2025 comprises the interim financial
statements of Ørsted A/S (the parent
company) and any subsidiaries controlled by
Ørsted A/S.
The interim report has been prepared in
accordance with the International Financial
Reporting Standards (IFRS), IAS 34 ’Interim
Financial Reporting’ as adopted by the EU, and
further requirements in the Danish Financial
Statements Act (Årsregnskabsloven) for the
presentation of quarterly interim reports by
listed companies.
Definitions of non-IFRS financial measures can
be found on pages 165, 235, and 236 of the
annual report for 2024.
The interim consolidated financial statements
for the first three months of 2025 are a
condensed set of financial statements, as they
do not include all information and disclosures
required by the annual financial statements.
The interim consolidated financial statements
have been prepared using the same accoun-
ting policies as our annual consolidated
financial statements as of 31 December 2024
and should be read in conjunction with this.
1. Basis of reporting
Consolidated financial statements
Interim report
First quarter 2025
22/45
The column ’Other activities/eliminations’ primarily
covers the elimination of inter-segment transactions.
It also includes income and costs, assets and
liabilities, investment activity, taxes, etc., handled at
Group level.
1 Including the elimination of other activities, the total
elimination of intra-group revenue amounts to
DKK 1,231 million, which primarily relates to our
Shared Functions services as well as our B2B
business activities.
2 Last 12 months.
2. Segment information
Q1 2025 income statement
DKKm Offshore Onshore
Bioenergy
& Other
Reportable
segments
Other
activities/
eliminations Total
External revenue 14,140 848 5,756
20,744 (39) 20,705
Intra-group revenue 497 (2) (409)
86 (86)
1
-
Revenue 14,637 846 5,347
20,830 (125) 20,705
Cost of sales (5,985) (25) (3,971)
(9,981) (25) (10,006)
Employee costs and other external expenses (2,749) (636) (617)
(4,002) 467 (3,535)
Gain (loss) on disposal of non-current assets (80) 304 -
224 - 224
Additional other operating income and expenses 459 1,006 (3)
1,462 (3) 1,459
Share of profit (loss) in associates and joint ventures 28 (5) 1
24 - 24
EBITDA 6,310 1,490 757
8,557 314 8,871
Depreciation and amortisation
(1,776)
(546)
(164)
(2,486)
(69)
(2,555)
Impairment losses (224) 496 -
272 - 272
Operating profit (loss) (EBIT) 4,310 1,440 593
6,343 245 6,588
Key ratios
Intangible assets and property, plant, and equipment 134,274 61,329 9,332
204,935 1,133 206,068
Equity investments and non-current receivables 528 432 270
1,230 173 1,403
Net working capital, capital expenditures (7,147) (261) (65)
(7,473) - (7,473)
Net working capital, work in progress 9,236 - -
9,236 - 9,236
Net working capital, tax equity (1,093) (14,558) -
(15,651) - (15,651)
Net working capital, other items 614 183 (645)
152 1,488 1,640
Derivatives, net (4,534) (2,846) (275)
(7,655) 234 (7,421)
Decommissioning obligations (9,503) (2,112) (2,218)
(13,833) - (13,833)
Other provisions (3,996) - (627)
(4,623) (1,983) (6,606)
Tax, net 6,031 (3,606) 133
2,558 782 3,340
Other receivables and other payables, net (4,280) (12) -
(4,292) (1,285) (5,577)
Capital employed at 31 March 120,130 38,549 5,905
164,584 542 165,126
Return on capital employed (ROCE)
2
, % - - - - - 4.6
Cash flow from operating activities (4,874) 369 950
(3,555) 4,189 634
Gross investments (11,736) (1,411) (645)
(13,792) (7) (13,799)
Divestments 105 2,883 -
2,988 (1) 2,987
Free cash flow (FCF) (16,505) 1,841 305
(14,359) 4,181 (10,178)
Consolidated financial statements
Interim report
First quarter 2025
23/45
2. Segment information (continued)
The column ’Other activities/eliminations’ primarily
covers the elimination of inter-segment transactions.
It also includes income and costs, assets and
liabilities, investment activity, taxes, etc., handled at
Group level.
1 Including the elimination of other activities, the total
elimination of intra-group revenue amounts to
DKK 1,190 million, which primarily relates to our
Shared Functions services as well as our B2B
business activities.
2 Last 12 months.
Q1 2024 income statement
DKKm Offshore Onshore
Bioenergy
& Other
Reportable
segments
Other
activities/
eliminations Total
External revenue 13,694 707 4,668
19,069 99 19,168
Intra-group revenue 297 (2) (82)
213 (213)
1
-
Revenue 13,991 705 4,586
19,282 (114) 19,168
Cost of sales (5,820) (50) (3,569)
(9,439) 30 (9,409)
Employee costs and other external expenses (2,426) (651) (605)
(3,682) 239 (3,443)
Gain (loss) on disposal of non-current assets 81 30 -
111 - 111
Additional other operating income and expenses 251 785 21
1,057 - 1,057
Share of profit (loss) in associates and joint ventures 6 (3) 1
4 - 4
EBITDA 6,083 816 434
7,333 155 7,488
Depreciation and amortisation
(1,722)
(467)
(165)
(2,354)
(69)
(2,423)
Impairment losses
1,063
(302)
-
761
-
761
Operating profit (loss) (EBIT) 5,424 47 269
5,740 86 5,826
Key ratios
Intangible assets and property, plant, and equipment 116,922 64,895 8,271
190,088 1,230 191,318
Equity investments and non-current receivables 633 142 87
862 169 1,031
Net working capital, capital expenditures (3,662) (678) (60)
(4,400) - (4,400)
Net working capital, work in progress 2,355 - -
2,355 - 2,355
Net working capital, tax equity (1,343) (14,885) -
(16,228) - (16,228)
Net working capital, other items 5,692 588 (219)
6,061 1,921 7,982
Derivatives, net (2,184) (7,867) (2,042)
(12,093) 428 (11,665)
Decommissioning obligations (8,968) (2,205) (2,098)
(13,271) - (13,271)
Other provisions (15,022) (1) (1,093)
(16,116) (2,035) (18,151)
Tax, net 1,796 (4,656) (445)
(3,305) 1,835 (1,470)
Other receivables and other payables, net (3,266) (16) -
(3,282) (1,030) (4,312)
Capital employed at 31 March 92,953 35,317 2,401
130,671 2,518 133,189
Return on capital employed (ROCE)
2
, % - - - - - (12.2)
Cash flow from operating activities 835 366 3,038
4,239 (631) 3,608
Gross investments (4,989) (2,128) (489)
(7,606) (16) (7,622)
Divestments (802) 64 -
(738) - (738)
Free cash flow (FCF) (4,956) (1,698) 2,549
(4,105) (647) (4,752)
Consolidated financial statements
Interim report
First quarter 2025
24/45
Revenue was DKK 20,705 million. The
increase of 8 % relative to the first three
months of 2024 was primarily driven by
continuous commissioning of new offshore
assets later in 2024, contributing to higher
generation.
Revenue from construction agreements was
DKK 1,439 million in Q1 2025 and mainly
related to the construction of Borkum
Riffgrund 3 and Greater Changhua 4 for
partners. In Q1 2024, revenue from construc-
tion agreements was DKK 846 million and
mainly related to the construction of Borkum
Riffgrund 3 and Gode Wind 3 for partners.
Income from government grants in Offshore
decreased compared to the first three months
of 2024 due to generally higher power prices,
which resulted in a lower subsidy per MWh
produced.
3. Revenue
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
Q1 2025
total
Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
Q1 2024
total
Generation of power 4,658 658 1,582 -
6,898
3,383 656 1,482 - 5,521
Sale of power 4,987 - 67 (8)
5,046 4,928 - 36 (8) 4,956
Revenue from construction of wind farms and transmission assets 1,439 - - -
1,439 809 37 - - 846
Generation and sale of heat and steam - - 1,371 -
1,371 - - 1,468 - 1,468
Sale of gas - - 1,987 2
1,989 - - 1,183 (13) 1,170
Distribution and transmission - - 68 -
68 - - 72 - 72
O&M and other services 820 90 107 (119)
898 886 32 81 (93) 906
Total revenue from customers 11,904 748 5,182 (125)
17,709
10,006 725 4,322 (114) 14,939
Government grants 2,166 3 136 -
2,305
3,436 44 132 - 3,612
Miscellaneous revenue 567 95 29 -
691 549 (64) 132 - 617
Total revenue 14,637 846 5,347 (125)
20,705
13,991 705 4,586 (114) 19,168
Timing of revenue recognition from customers
At a point in time 8,552 748 1,544 (125)
10,719 8,277 725 1,838 (114) 10,726
Over time 3,352 - 3,638 -
6,990 1,729 - 2,484 - 4,213
Total revenue from customers 11,904 748 5,182 (125)
17,709
10,006 725 4,322 (114) 14,939
Consolidated financial statements
Interim report
First quarter 2025
25/45
4. Impairments
We have updated our impairment calculation
of our US portfolio as of 31 March 2025, which
has resulted in a reversal of impairments
of DKK 0.3 billion.
The net impairment reversal was driven by a
decrease in the long-dated interest rate
across our US portfolio (DKK 1.5 billion),
partly offset by new imposed tariffs on steel
and aluminium in the US (DKK 1.2 billion).
Tariffs in the US
In March 2025, the US Government imposed a
25 % tariff on imports of steel, aluminium, and
certain products containing steel and
aluminium. These new tariffs have resulted in
increased costs and contingencies on our
Sunrise Wind and Revolution Wind projects,
leading to additional impairments of DKK 1.2
billion in total.
In addition, an executive order was signed in
April 2025, imposing a 20 % tariff on imports
into the US from the European Union, of which
10 % is effective, and the last 10 % has been
postponed. We have not included estimates
for these additional 10 % plus 10 % tariffs as a
result of uncertainties. In a scenario with a
20 % tariff, we expect this to have less than
half of the effect on Sunrise Wind and
Revolution Wind than the steel and
aluminium tariffs did.
The base discount rate after tax applied for the
value-in-use calculation is determined per CGU.
Estimation uncertainty and sensitivity analyses
Due to the impairments recognised, estimation
uncertainty exists about the assets impaired. The
assumptions with major uncertainty include
investment tax credits, interest rates, imposed tariffs
in the US, and the supply chain.
In the table, we have included sensitivity analyses of
impairment effects if WACC levels or assumptions
related to ITC bonus credits change.
If WACC had increased by 50 basis points in the
impairment test of e.g. Revolution Wind as of
31 March 2025, the impairment loss would have been
DKK 0.5 billion higher.
If we had not included the probability-weighted
additional 10 % ITC bonus credits in the impairment
test of e.g. Revolution Wind as of 31 March 2025, the
impairment loss would have been DKK 1.2 billion
higher.
WACC levels
% Q1 2025
Q1 2024
Base discount
rate
applied for the US 5.75 % - 7.50 % 5.75 % - 7.25 %
Impairment losses on segment level
DKKm Q1 2025 Q1 2024
Offshore
224 (1,063)
Onshore
(496) 302
Bioenergy & Other
- -
Total impairment losses
(272) (761)
Q1 2025
Q1 2024
31 March
2025
ITC bonus credits
assumed in impairment tests
Sensitivity impact
DKK billion
Cash-generating units
DKKm
Impairment
losses
(reversals)
Impairment
losses
(reversals)
Recoverable
amount
ITC
bonus credits
Probability
weighting
No ITC
bonus credits
40 % ITC
bonus credits,
100 % proba-
bility
+50 bps
WACC
-50 bps
WACC
Sunrise Wind
289 (1,426)
7,589
10 % 95 %
(3.9) 0.2 (1.5) 1.5
Revolution Wind
(62) 233
6,980 10 % 95 % (1.2) 0.1 (0.5) 0.5
South Fork
(62) 103
2,858 n.a. n.a.
n.a. n.a.
(0.1)
0.1
Block Island
59 27
1,257 n.a. n.a. n.a. n.a. (0.0) 0.0
Offshore
224 (1,063) 18,684
Onshore
(496) 302 13,014 n.a. n.a. n.a. n.a. (0.5) 0.4
Bioenergy & Other
- - n.a.
Total
(272) (761) 31,698
Interim report First quarter 2025
26/45
Consolidated financial statements
4. Impairments (continued)
The impact from these new tariffs involves a
number of key estimates and assumptions,
which are based on the expected interpreta-
tion of the new legislation. Consequently,
inherent uncertainties are embedded in the
assumptions, which reflect our current best
estimate.
Interest rates
The US long-dated interest rate decreased
from 31 December 2024 to 31 March 2025,
leading to lower WACC levels of approxi-
mately 25 basis points across our US portfolio.
The effect from the decrease in the WACC
was an impairment reversal of DKK 1.5 billion
in Q1 2025 across our US portfolio.
Hornsea 4
On 7 May 2025, we decided to discontinue
development of Hornsea 4 in its current form.
As the decision was not taken as of 31 March
2025, our assessment of the project at the
end of March 2025 was conducted under the
assumption, that it was still to be constructed.
We refer to note 13 ‘Subsequent events’ and
‘CEO’s review’.
Potential consequences of further adverse
development
In addition to the sensitivities described,
further adverse developments may lead us
to cease development of or reconfigure
projects currently under development.
Besides impairing the capitalised value for
these projects, ceasing to develop projects
could lead to compensation to suppliers or
other stakeholders for cancelling contracts.
Costs related to cancelling contracts will be
recognised as ‘Other operating expenses’ in
our financial statements (part of EBITDA)
when the obligation arises, and to the extent
these exceed already recognised onerous
contracts.
Consolidated financial statements
Interim report
First quarter 2025
27/45
5. Other operating income and expenses
Other operating income
In Q1 2025, ‘Gain on divestment of assets’
primarily related to the farm-downs of Sparta
Solar and Eleven Mile Solar Center in the US.
In Q1 2024, ‘Gain on divestments of assets’
mainly related to the farm-downs completed
in prior years.
The increase in ‘US tax credits and tax
attributes’ was driven by continuous commis-
sioning of new onshore assets having full
impact from the second half of 2024.
‘Compensations’ in Q1 2025 primarily related
to compensation for grid delay related to
Borkum Riffgrund 3 from the German
transmission system operator.
6. Financial income and expenses
The table shows net financial income and expenses corresponding to our
internal reporting.
Exchange rate adjustments and hedging contracts entered into to hedge
currency risks are presented net under ‘Exchange rate adjustments, net’.
Other operating income
DKKm Q1 2025 Q1 2024
Gain on divestment of assets
303 117
US tax credits and tax attributes
1,006 805
Compensations
451 328
Miscellaneous operating income
104 50
Total other operating income
1,864 1,300
Other operating expenses
DKKm Q1 2025 Q1 2024
Ineffective hedges
(42) 78
Loss on divestment of assets
79 6
Miscellaneous operating expenses
144 48
Total other operating expenses
181 132
In Q1 2025, the loss in ‘Exchange rate
adjustments, net’ decreased compared to Q1
2024. This development was mostly due to
exchange rate adjustments of intercompany
balances in holding companies denominated
in the subsidiaries’ functional currencies.
Intercompany payables in GBP and USD
generated a translation gain in Q1 2025 due
to the decrease in the GBP and USD exchange
rates in Q1 2025. The gain was partially offset
by a loss from translating intercompany
receivables in NTD due to a significant drop in
the NTD exchange rate. In Q1 2024, the loss
was due to an increase in the GBP and USD
exchange rates.
The ‘Value adjustments of derivatives, net’
was influenced by gains on US interest rate
swaps in Q1 2024, which were not repeated in
Q1 2025.
Net financial income and expenses
DKKm Q1 2025 Q1 2024
Interest expenses, net
(475) (577)
Interest expenses, leasing
(73) (58)
Interest element of provisions, etc.
(324) (175)
Tax equity partner's contractual return
(304) (279)
Value adjustments of derivatives, net
(138) 381
Capital gains/losses on securities at market value, net
(68) 2
Exchange rate adjustments, net
(173) (637)
Other financial income and expenses
(12) (4)
Net financial income and expenses
(1,567) (1,347)
Consolidated financial statements
Interim report
First quarter 2025
28/45
8. Reserves 7. Gross and net investments
Gross and net investments
DKKm Q1 2025 Q1 2024
Cash flows from investing activities
(11,689) (8,061)
Purchase and sale of securities, reversed
552 (350)
Loans to associates and joint ventures, reversed
23 46
Sale of non-current assets, reversed
(2,685) 743
Gross investments
(13,799) (7,622)
Transactions with non-controlling interests in connection with divestments
and acquisitions
302 5
Sale of non-current assets
2,685 (743)
Divestments
2,987 (738)
Net investments
(10,812) (8,360)
Reserves 2025
DKKm
Foreign
currency
translation
reserve
Hedging
reserve
Total
reserves
Reserves at 1 January
4,812 (9,976) (5,164)
Exchange rate adjustments
(3,285) - (3,285)
Value adjustments
- 1,892 1,892
Value adjustments transferred to:
Revenue
- 646 646
Other operating expenses
- (86) (86)
Financial income and expenses
- (25) (25)
Tax:
Tax on hedging and currency adjustments
205 (507) (302)
Movement in comprehensive income for the period
(3,080) 1,920 (1,160)
Value adjustments, net tax
- 56 56
Total reserves including tax at 31 March
1,732 (8,000) (6,268)
Total reserves excluding tax at 31 March
1,516 (9,996) (8,480)
Reserves 2024
DKKm
Reserves at 1 January (384) (9,867) (10,251)
Exchange rate adjustments 1,199 - 1,199
Value adjustments - (178) (178)
Value adjustments transferred to:
Revenue - (1,436) (1,436)
Other operating income - 78 78
Financial income and expenses - 67 67
Tax:
Tax on hedging and currency adjustments (209) 9 (200)
Movement in comprehensive income for the period 990 (1,460) (470)
Total reserves including tax at 31 March 606 (11,327) (10,721)
Total reserves excluding tax at 31 March 104 (12,907) (12,803)
Interim report First quarter 2025
29/45
Consolidated financial statements
Tax on profit (loss) for the period
Tax on profit (loss) was DKK 232 million for
the first three months of 2025 compared to
DKK 1,825 million for the first three months of
2024.
Effective tax rate
The effective tax rate for the first three
months of 2025 was 5 %. The effective tax
rate was affected by:
the divestment gain from 50 % farm-downs
of Eleven Mile and Sparta, where DKK 0.6
billion of previously recognised deferred tax
liabilities related to tax equity contributions
were reversed
the non-recognition of deferred tax assets
related to the impairment of projects in the
US.
Effective tax rate
The effective tax rate for the first three months of 2025 was calculated on the basis of the profit (loss) before tax. ‘Impairment for the period’
includes a net reversal of the unrecognised deferred tax liability related to the impairments on our US projects. ‘Other adjustments’ include
changes in tax rates, movements in uncertain tax positions, tax concerning previous years, and unrecognised tax losses.
9. Tax on profit (loss) for the period
Accounting policies
Effective tax rate
The estimated average annual tax rate is
separated into five different categories:
1) ordinary business activities, 2) gain (loss)
on divestments, 3) impacts from tax equity
partnerships in the US, 4) impairments, and
5) other adjustments not related to the
current year’s profit (loss).
Q1 2025
Q1 2024
Tax for the period
DKK
Profit (loss)
before tax Tax Tax in %
Profit (loss)
before tax Tax Tax in %
Tax equity, deferred tax liability
- 33 n.a.
- (885) n.a.
Gain (loss) on divestment of enterprises and assets
304 622 (205 %) - - n.a.
Impairment for the period
272 66 (24 %) 761 65 (9 %)
Other adjustments
- 77 n.a. - (117) n.a.
Remaining business
4,543 (1,030) 23 % 3,673 (888) 24 %
Effective tax for the period
5,119 (232) 5 %
4,434 (1,825) 41 %
Consolidated financial statements
Interim report
First quarter 2025
30/45
60.7
16.2
18.3
15.9
-4.6
14.0
GBP USD NTD
Before hedging After hedging
←
In Q1 2025, our currency exposure
and hedges have been updated with
our latest view of the expected
proceeds from and timing of our
divestment programme.
For USD, we manage our risk to a
natural time spread between front-
end capital expenditures and long-
term revenue. In the five year
horizon, we are therefore seeing that
our hedges increase our net
exposure, but our hedges reduce the
risk in the longer horizon.
We do not deem EUR to constitute a
risk, as we expect Denmark to
maintain its fixed exchange-rate
policy.
29.1
4.2
-1.5
15.9
3.7
-0.9
Power Spread (power) Gas and oil
Before hedging After hedging
←
The exposures are based on market
prices as of 31 March 2025.
Energy exposure 1 April 2025 – 31 December 2027
DKKbn
Currency exposure 1 April 2025 – 31 March 2030
DKKbn
10. Market risks
←
At 31 March 2025, the pre-tax loss of
the hedging reserve was DKK 10.0
billion, of which DKK 6.6 billion will
be transferred to EBITDA over the
coming periods, as shown in the
table. The losses will be countered
by a higher sales price on our future
power production.
-0.5
-0.9
-4.1
Q2-Q4 2025 2026 After 2026
Power Currency
Inflation and interest Initial fair value of financial PPAs
EBITDA impact from hedges and financial PPAs
DKKbn
We are exposed to financial and revenue risks
in the form of energy price and volume risks,
inflation and interest rate risks, commodity
price risks, currency risks, credit risks, and
liquidity risks as part of our business, hedging,
and trading activities. Through our risk
management, we monitor and proactively
manage the risks according to our risk
appetite.
The overall objective of our financial risk
management is to:
increase the predictability of our short-term
income and construction costs
protect our current and future investment
capacity by stabilising key rating metrics,
such as FFO/adjusted interest-bearing net
debt
protect the long-term real value of the
shareholders’ investment in Ørsted.
For more details on our market risks, please
see notes 6.1-6.5 in the annual report for 2024.
Consolidated financial statements
Interim report
First quarter 2025
31/45
quality. Market values are determined by the
Risk Management function.
We use external price providers to ensure a
high quality in our price curves. Where prices
are not available, we model the prices based
on our prior experience and best estimates.
Where relevant and possible, we validate our
price curves against third-party data.
Fair value hierarchy
Market values based on quoted prices
comprise quoted securities, gas, and
derivatives that are traded in active markets.
We measure our securities and derivatives at
fair value. A number of our derivatives, mainly
power purchase agreements, are measured
based on unobservable inputs due to the long
duration of the contracts.
Valuation principles and process
In order to minimise the use of subjective
estimates or modifications of parameters and
calculation models, it is our policy to
determine fair value based on the external
information that most accurately reflects the
market values. We use pricing services and
benchmark services to increase the data
11. Fair value measurement
The market values of derivatives traded in an
active market are often settled on a daily
basis, thereby minimising the market value
presented on the balance sheet.
Market values based on observable inputs
comprise derivatives where valuation models
with observable inputs are used to measure
fair value.
Market values based on non-observable inputs
mainly comprise long-term power purchase
agreements (PPAs) that lock the power price
of the expected power generation over a
period of up to 10-20 years. Due to the long
duration of these PPAs, power prices are not
observable for a large part of the duration.
The most significant non-observable inputs are
the long-term US power prices (mainly ERCOT)
and the German power prices.
Estimating as-produced power prices
Since our PPAs are normally settled on the
actual production, and the power prices
available in the market are based on constant
production (flat profile), we take into account
that our expected production is not constant,
and thus our PPAs will not be settled against a
flat profile price. For the majority of our
markets, the flat profile power price can be
observed for a maximum of four to six years in
the market, after which an active market no
longer exists.
Fair value hierarchy of financial
instruments
DKKm
Quoted prices
(level 1)
Observable
input
(level 2)
Non-
observable
input
(level 3)
31 March
2025
Quoted prices
(level 1)
Observable
input
(level 2)
Non-
observable
input
(level 3)
31 March
2024
Assets:
Gas inventory 1,146 - -
1,146 769 - - 769
Total inventory 1,146 - -
1,146
769 - - 769
Bonds
15,042
15,042
- 29,518 - 29,518
Total securities - 15,042 -
15,042
- 29,518 - 29,518
Energy derivatives 2,025 568 1,207
3,800
2,902 5,327 435 8,664
Currency derivatives - 561 -
561 - 361 - 361
Interest and inflation derivatives - 324 -
324 - 544 - 544
Total derivative assets 2,025 1,453 1,207
4,685
2,902 6,232 435 9,569
Liabilities:
Energy derivatives 1,504 540 5,372
7,416 4,453 3,464 8,991 16,908
Currency derivatives - 1,441 -
1,441 - 804 - 804
Interest and inflation derivatives - 3,126
3,126 - 3,522 - 3,522
Commodity derivatives - 123 -
123 - - - -
Total derivative liabilities 1,504 5,230 5,372
12,106 4,453 7,790 8,991 21,234
Consolidated financial statements
Interim report
First quarter 2025
32/45
11. Fair value measurement (continued)
Valuation techniques and significant
unobservable inputs
We use a discounted cash flow model for the
valuation of power derivatives.
The US power purchase agreements require
estimation of the long-term US power prices,
mainly in the ERCOT, SPP, and MISO regions.
The power price is observable for the first four
to six years. For the following four to six years,
the power price is estimated based on
observable inputs (gas prices and heat rates).
For the subsequent period, the power price is
non-observable and estimated by extrapola-
ting the power price towards the U.S. Energy
Information Administration’s long-term power
price forecast, assuming similar seasonality as
in previous periods. As the majority of the
remaining contract period is within the period
when power prices are non-observable, we
classify the contracts as based on non-
observable input.
In Germany and other countries where we
have long-term PPA contracts, the power
price is observable for up to five years. When
power prices are no longer observable in the
market, we have estimated the power price by
extrapolating the last year with an observable
power price, taking expected inflation and
seasonality into account.
Acquired CPPAs
The initial negative fair value from long-term
PPAs acquired in a business combination is
recognised as revenue in profit or loss in the
future period to which the market value
relates. This effectively increases or decreases
the revenue from the contract price to the
forward price at the closing date.
In Q1 2025, we have recognised an income of
DKK 38 million related to the initial fair value
from PPAs. The total amount of initial fair
value as of 31 March 2025 amounts to a loss of
DKK 1,081 million, which will be recognised as
revenue in a future period.
The table shows the significant unobservable inputs used in the fair value measurements
categorised as level 3 of the fair value hierarchy together with a sensitivity analysis as at 31 March
2025. If intermittency-adjusted power prices in Germany as of 31 March 2025 decreased/increased by
25 %, the market value would increase/decrease by DKK 1,180 million.
Derivatives valued on the basis of non-observable input
DKKm 2025 2024
Market value at 1 January
(5,156) (7,528)
Value adjustments through profit or loss
76 120
Value adjustments through other comprehensive income
385 (976)
Sales/redemptions
208 (174)
Purchases/issues
201 2
Transferred to quoted prices and observable input
121 -
Market value at 31 March
(4,165) (8,556)
Overview of significant
non-observable inputs and
sensitivities
Power price per MWh (DKK)
Sensitivity (DKKm)
Weight
average
Monthly
minimum
Monthly
maximum
+25 % -25 %
Intermittency-adjusted power prices
US ERCOT (2025-2038) 192 66 488
(2,652) 2,983
Germany (2026-2036) 415 324 626
(1,180) 1,180
US MISO (2025-2040) 239 166 331
(384) 586
US SPP (2025-2034) 171 41 373
(376) 556
Ireland (2025-2042) 470 354 888
(208) 208
Non-observable input per commodity price input
DKKm 2025 2024
US ERCOT power prices
(2,911) (6,579)
German power prices
(1,229) (800)
US MISO power prices
19 (920)
Other power prices
(57) (247)
Gas prices
13 (10)
Total
(4,165) (8,556)
Consolidated financial statements
Interim report
First quarter 2025
33/45
Interest-bearing net debt totalled DKK 68,449 million at 31 March 2025, an increase of DKK 10,422
million relative to 31 December 2024. The main changes in the composition of our net debt
compared to 31 December 2024 was a decrease in cash of DKK 15,295 million.
At 31 March 2025, the market values of bond and bank debts were DKK 67.5 billion and
DKK 11.3 billion, respectively.
12. Interest-bearing debt and FFO
As at 1 January 2025, we have included ’Dividends paid to minority interests’ in ’Funds from operations’.
Comparative figures for 2024 have been restated.
Interest-bearing debt and interest-bearing assets
DKKm
31 March
2025
31 December
2024
31 March
2024
Interest-bearing debt:
Bond debt 71,435 72,028 70,887
Bank debt
11,741 15,680 15,686
Total bond and bank debt
83,176 87,708 86,573
Tax equity liability
1,622 1,764 1,322
Lease liability
8,599 8,910 8,746
Other interest-bearing debt:
Debt in connection with divestments 3,138 3,234 3,000
Debt from receiving collateral under credit support annexes
93 71 134
Other interest-bearing debt
133 137 142
Total interest-bearing debt
96,761 101,824 99,917
Interest-bearing assets:
Securities 15,042 14,532 29,518
Cash
7,831 23,126 14,911
Receivables from associates and joint ventures
223 202 124
Cash, not available for use
319 317 701
Other receivables:
Receivables from placing collateral under credit support
annexes
4,158 4,873 4,032
Receivables in connection with divestments
739 747 760
Other receivables
- - 7
Total interest-bearing assets
28,312 43,797 50,053
Total net interest-bearing debt
68,449 58,027 49,864
Funds from operations (FFO) LTM
1
DKKm
31 March
2025
31 December
2024
31 March
2024
EBITDA 33,342 31,959 19,295
Change in provisions and other adjustments
(10,724) (13,184) 6,803
Change in derivatives
(794) 648 (122)
Variation margin (add back)
(934) (1,540) (5,718)
Reversal of gain (loss) on divestment of assets
(461) (348) (5,732)
Income tax paid
(5,441) (6,327) (3,598)
Interest and similar items, received/paid
(1,231) (477) 1,715
Reversal of interest expenses transferred to assets
(1,382) (1,011) (434)
50 % of coupon payments on hybrid capital
(338) (343) (281)
Dividends paid to minority interests
(947) (369) (429)
Dividends received and capital reductions
27 27 19
Funds from operations (FFO)
11,117 9,035 11,518
1 Last 12 months.
Adjusted interest-bearing net debt
DKKm
31 March
2025
31 December
2024
31 March
2024
Total interest-bearing net debt 68,449 58,027 49,864
50 % of hybrid capital
10,477 10,477 11,396
Other interest-bearing debt, add back
(3,364) (3,442) (3,276)
Other interest-bearing receivables, add back
4,897 5,620 4,799
Cash and securities not available for distribution,
excluding repo loans
710 710 1,090
Total adjusted interest-bearing net debt
81,169 71,392 63,873
Funds from operations (FFO)/
adjusted interest-bearing net debt, %
31 March
2025
31 December
2024
31 March
2024
Funds from operations (FFO)/
adjusted interest-bearing net debt
13.7 % 12.7 % 18.0 %
Consolidated financial statements
Interim report
First quarter 2025
34/45
13. Subsequent events
Hornsea 4
Supplementing our current construction
portfolio, we are developing a portfolio of
projects with a strict focus on value creation.
Based on this, we have made the decision to
discontinue our Hornsea 4 project in the UK in
its current form. This decision will expectedly
lead to a negative EBITDA impact of approx.
DKK 3.0-3.5 billion in Q2 2025. This includes
write-down of the offshore transmission as-
sets and provision for onerous contracts. In
addition, we expect to impair capitalised con-
struction costs of approx. DKK 0.5-1.0 billion.
35/45
Sustainability statements
Interim report
First quarter 2025
Sust
ainability statements
First quarter 2025
1 January – 31 March
36/45
Sustainability statements
Interim report
First quarter 2025
Consolidation
The data is consolidated according to the
same principles as the financial statements.
Thus, the consolidated quantitative ESG data
comprises the parent company Ørsted A/S
and subsidiaries controlled by Ørsted A/S.
Joint operations are also included with
Ørsted's proportionate share.
Associates and joint ventures are not included
in the consolidated ESG data. Consolidation
of all quantitative ESG data follows the princi-
ples above, unless otherwise specified in the
specific accounting policies.
Frameworks and data selection
The interim sustainability statements are se-
lected data from our annual sustainability
statements prepared in compliance with the
European Sustainability Reporting Standards
(ESRS) issued by the European Financial Re-
porting Advisory Group (EFRAG).
The data selected for the interim report is
directly related to the understanding of either
our interim financial or sustainability perfor-
mance.
All greenhouse gas data (scopes 1-3) is report-
ed based on the Greenhouse Gas Protocol.
Measurement basis
The sustainability statements have been pre-
pared using the same accounting policies as in
our annual report for 2024. Furthermore, a list
of references for our calculation factors can
be found in our annual report for 2024.
Basis of reporting
37/45
Sustainability statements
Interim report
First quarter 2025
In Q1 2025, we added 303 MW of installed
renewable capacity.
We reached COD for the offshore windfarms
Gode Wind 3 and the onshore windfarm
Bahren West 1 in Germany.
We took final investment decision (FID) on the
1,498 MW offshore wind farm Baltica 2 in Po-
land, and the 62 MW onshore wind farm
Bahren West 2 in Germany.
Renewable capacity
Business drivers
1 Both the solar PV and the battery storage capaci-
ties are measured in megawatts of alternating
current (MW
AC
).
2 Including thermal heat capacity from biomass and
battery capacity not in Onshore (21 MW).
Additions for the last 12 months Installed capacity Decided (FID'ed) capacity (above 20 MW) Awarded (offshore) and contracted (onshore) capacity (above 20 MW)
Q2 2024 Q3 2024 Q4 2024 Q1 2025
Greater Changhua 1 & 2a, offshore wind (900 MW) South Fork, offshore wind (132 MW) Mockingbird, solar PV (471 MW) Baltica 2, offshore wind (1,498 MW)
Old 300, solar PV (73 MW) Badger Wind, onshore wind (259 MW)
Eleven Mile, solar PV (300 MW) Old 300 BESS, battery storage (250 MW) Gode Wind 3, offshore wind (253 MW)
Eleven Mile, battery storage (300 MW) Amberg Süd, solar PV (4 MW) Bahren West 1, onshore wind (50 MW)
Sparta Solar, solar PV (250 MW) Ballinrea Solar Farm, solar PV (55 MW) Bahren West 2, onshore wind (62 MW)
Hornsea 4, offshore wind (2,400 MW)
Hornsea 3, battery storage (300 MW)
Renewable capacity
MW Q1 2025 Q4 2024
Δ
2024
Installed renewable capacity
18,473 18,170 303 18,170
Offshore, wind power
10,156 9,903 253 9,903
Onshore
6,242 6,192 50 6,192
Wind power
3,776 3,726 50 3,726
Solar PV power
1
2,126 2,126 - 2,126
Battery storage
1
340
340 -
340
Bioenergy
2
2,075 2,075 - 2,075
Decided (FID'ed) renewable capacity
8,894 7,638 1,256 7,638
Offshore
8,111 6,866 1,245 6,866
Wind power
7,811 6,566 1,245 6,566
Battery storage
1
300 300 - 300
Onshore
783 772 11 772
Wind power
381 370 11 370
Solar PV power
1
152 152 - 152
Battery storage
1
250 250 - 250
Awarded and contracted renewable capacity
3,655 5,153 (1,498) 5,153
Offshore, wind power
3,655 5,153 (1,498) 5,153
Sum of installed and FID'ed renewable capacity
27,367 25,808 1,559 25,808
Sum of installed, FID'ed, and awarded/contracted renewable capacity
31,022 30,961 61 30,961
38/45
Sustainability statements
Interim report
First quarter 2025
Generation capacity
Total power generation capacity was
12,948 MW at the end of Q1 2025.
Onshore wind generation capacity increased
by 54 MW in Q1 2025, primarily due to the
commissioning of Bahren West 1 in Germany.
Solar PV generation capacity decreased by
275 MW in Q1 2025, due to the 50 % divest-
ment of Eleven Mile Solar Center and Sparta
Solar in the US.
The residual amount of the total power gen-
eration capacity increase was due to an
accounting change effect, please see the
footnote below for details.
1 The increase in offshore wind generation capacity
by 270 MW in Q1 2025 was due to changed consoli-
dation principles for the UK offshore wind farms
Gunfleet Sands 1 and 2 and Walney 1 and 2. The
consolidation has been changed from ownership
interest to financial consolidation to align with the
rest of the dataset.
Business drivers
Generation capacity
MW Q1 2025 Q4 2024
Δ
Q1 2025 Q1 2024
Δ
Power g
eneration capacity
12,948 12,899 49 12,948 12,601 347
Offshore wind
5,530 5,260 270 5,530 5,067 463
Denmark
561 561 - 561 561 -
The UK
3,100 2,830 270
1
3,100
2,830
270
1
Germany
799 799 - 799 673 126
The Netherlands
376 376 - 376 376 -
Taiwan
598 598 - 598 564 34
The US
96 96 - 96 63 33
Onshore wind
3,720 3,666 54 3,720 3,716 4
The US
3,215 3,215 - 3,215 3,215 -
Ireland
351 351 - 351 351 -
The UK
78 78 - 78 78 -
France
- -
- - 50 (50)
Germany
76 22 54 76 22 54
Solar PV
1,601 1,876 (275) 1,601 1,018 583
The US
1,586 1,861 (275) 1,586 1,004 582
France
- - - - 4 (4)
Germany
15 15 - 15 10 5
Thermal, Denmark (CHP plants)
2,097 2,097 - 2,097 2,800 (703)
Heat generation capacity, thermal
2,864 2,864 - 2,864 3,353 (489)
Based on biomass
2,032 2,032 - 2,032 2,032 -
Based on coal
- - - - 1,300 (1,300)
Based on natural gas
1,574 1,574 - 1,574 1,617 (43)
Heat generation capacity, electric
249 249 - 249 225 24
Power generation capacity, thermal
2,097 2,097 - 2,097 2,800 (703)
Based on biomass
1,232 1,232 - 1,232 1,228 4
Based on coal
- - - - 991 (991)
Based on natural gas
882 882 - 882 951 (69)
Based on oil
474 474 - 474 734 (260)
39/45
Sustainability statements
Interim report
First quarter 2025
Heat generation was 2 % lower in Q1 2025
compared to Q1 2024, mainly driven by war-
mer weather and less heat demand in Q1
2025.
Energy sales
In Q1 2025, gas sales increased by 2 % com-
pared to Q1 2024. This was due to higher vol-
umes from DUC (Tyra field), offset by lower
wholesale volumes following the expiry of
our Equinor contract in Q2 2024.
Power sales in Q1 2025 were 23 % lower than
in Q1 2024, mainly due to lower wholesale
volumes from offshore wind generation, driv-
en by lower wind speeds.
Additionally, the decrease is offset by higher
park availability in Q1 2025 compared to Q1
2024, primarily driven by increased availabil-
ity from our UK offshore wind farms.
Onshore wind power generation was
3.5 TWh in Q1 2025, which was 5 % higher
than in Q1 2024. The increase is mainly due to
increased generation from our US wind farms,
driven by higher wind speeds in Q1 2025 and
extreme weather conditions (ice and snow)
lowering generation in Q1 2024.
Solar PV power generation increased by 92 %
due to higher generation at our US sites, pri-
marily Sparta Solar and Eleven Mile, which
were commissioned in Q2 2024, and
Mockingbird, which was commissioned in Q4
2024.
Thermal power generation was 1.5 TWh in Q1
2025 as in Q1 2024.
1 Power sold with renewable energy certificates (certificates ensuring the power has been produced using
renewable resources).
2 Power sold without renewable energy certificates.
Energy generation and sales
Business drivers
Energy generation
GWh Q1 2025 Q1 2024
Δ
2024
Power generation
11,244 10,927 3 % 38,436
Offshore wind
5,470 5,670 (4 %) 18,599
Denmark
564 691 (18 %) 2,061
The UK
3,019
3,142
(4 %)
10,357
Germany
623 753 (17 %) 2,356
The Netherlands
276 444 (38 %) 1,333
Taiwan
880 579 52 % 2,220
The US
108 61 77 % 272
Onshore wind
3,524 3,371 5 % 11,959
The US
3,208 3,003 7 % 10,939
Ireland
244 262 (7 %) 759
France
-
35
(100 %)
51
Germany
19
19
0 %
49
The UK
53
52
2 %
161
Solar PV
770 402 92 % 3,356
The US
767 399 92 % 3,346
Germany
3 2 50 % 9
France
- 1 (100 %) 1
Thermal
1,480 1,484 (0 %) 4,522
Heat generation
3,224 3,285 (2 %) 6,919
Total heat and power generation
14,468 14,212 2 % 45,355
Of which, thermal heat and power, %
33 34 (1 %p) 25
Energy sales
GWh Q1 2025 Q1 2024
Δ
2024
Gas sales
5,280 5,167 2 % 17,372
Power sales
4,816 6,264 (23 %) 19,967
Green power to end customers
1
236 114 107 % 813
Regular power to end customers
2
396 539 (27 %)
1,639
Power wholesale
4,184 5,611 (25 %) 17,515
speeds across our portfolio, with the excep-
tion of Taiwan and the US, where we had
higher wind speeds and higher generation
from Greater Changhua 1 and 2a in Taiwan
and South Fork in the US. These offshore wind
farms were not fully operational in Q1 2024.
Energy generation
Total power generation increased by 3 % in
Q1 2025 compared to Q1 2024.
Offshore wind power generation decreased
by 4 % in Q1 2025 compared to Q1 2024. The
decrease was primarily driven by lower wind
40/45
Sustainability statements
Interim report
First quarter 2025
generation capacity in Q4 2024.
The share of offshore wind-based generation
declined by 2 percentage points, driven by a
decrease in offshore power generation of 4 %.
The share of both onshore wind and solar PV
increased by 2 percentage points. This was
due to a 5 % and 92 % increase in generation
from onshore wind and solar PV, respectively.
In Q1 2025, the renewable share of heat and
power generation reached 99 %, an increase
of 2 percentage points compared to Q1 2024.
The main driver for the increased renewable
share of heat and power generation com-
pared to Q1 2024 was the 2 percentage point
decrease in the share of coal-based genera-
tion. This was due to the shut-down of the
coal-based Esbjerg Power Station from Sep-
tember 2024 as well as our other coal-based
Heat and power generation by source
Heat and power generation by energy source Share of renewable energy generation
Business drivers
Share of energy generation
%
Q1 2025 Q1 2024
Δ
2024
From renewable sources
99 97 2 %p 97
From offshore wind
38 40 (2 %p) 41
From onshore wind
25 23 2 %p 26
From solar PV
5 3 2 %p 7
From sustainable biomass
31 30 1 %p 22
From other renewable energy sources
0 1 (1 %p) 1
From non-renewable sources
1 3 (2 %p) 3
From coal
- 2 (2 %p) 2
From natural gas
1 1 0 %p 1
From other fossil energy sources
0 0 0 %p 0
Renewable energy generation share, Ørsted
99 97 2 %p 97
Offshore
100 100 0 %p 100
Onshore
100 100 0 %p 100
Bioenergy & Other
96 90 6 %p 89
41/45
Sustainability statements
Interim report
First quarter 2025
Energy consumption
Climate change
favourable spreads on wood pellets, increas-
ing our use of biomass by 10 % compared to
Q1 2024.
Consumption of purchased or acquired elec-
tricity from renewable sources decreased by
58 %, driven by the permanent shut-down of
the electric boiler at Esbjerg Power Station, as
well as a temporary shut-down of two elec-
tric boilers at the Studstrup Power Station.
The temporary shut-down was made to pre-
vent noise pollution to surrounding neighbour-
hoods.
Total energy consumption from non-
r
enewable sources decreased by 60 % in
Q1 2025 compared to Q1 2024, mainly driven
by the cease of coal usage at our CHP plants
in H2 2024.
Fuel consumed from natural gas decreased
by 15 % mainly driven by less favourable
spreads on gas.
Total energy consumption from renewable
sources increased by 7 % in Q1 2025 com-
pared to Q1 2024. The increase was driven by
Share of renewable energy consumption
Energy consumption Unit Q1 2025 Q1 2024
Δ
2024
Total energy consumption from non-renewable sources MWh
256,868 642,270 (60 %) 2,384,997
Non-renewable fuels used in thermal heat and power generation MWh
210,295 607,134 (65 %) 2,211,856
Fuel consumed from coal and coal products MWh
- 369,837 (100 %) 1,449,425
Fuel consumed from natural gas MWh
165,774 194,008 (15 %) 606,373
Fuel consumed from crude oil and petroleum products MWh
44,521 43,289 3 % 156,058
Other fossil sources (oil, gas, and diesel for vessels and vehicles) MWh
44,617 33,107 35 % 168,062
Consumption of purchased or acquired heat from fossil sources MWh
1,956 2,029 (4 %) 5,079
Total energy consumption from renewable sources MWh
5,388,724 5,023,091 7 % 13,620,470
Renewable fuels used in thermal heat and power generation MWh
5,319,755 4,857,919 10 % 13,143,806
Fuel consumed from biomass MWh
5,319,720 4,854,068 10 % 13,131,089
Fuel consumed from biogas MWh
35 3,851 (99 %) 12,717
Consumption of purchased or acquired electricity and heat from renewable sources MWh
68,969 165,172 (58 %) 476,664
Total energy consumption MWh
5,645,592 5,665,361 (0 %) 16,005,467
Share of non-renewable energy consumption %
5 11 (7 %p) 15
Share of renewable energy consumption %
95 89 7 %p 85
42/45
Sustainability statements
Interim report
First quarter 2025
1 We cover 100 % of our own electricity consumption with unbundled renewable electricity certificates.
2 Total GHG emissions including scope 2 GHG emissions measured using the location-based and market-based method, respectively.
3 Excludes scope 3 emissions from gas sales. Calculated using market-based scope 2 emissions.
GHG emissions (scope 1-3)
Scope 1 greenhouse gas (GHG) emissions de-
creased by 68 % from Q1 2024 to Q1 2025,
driven by the 65 % decrease in the non-
renewable fuels used in the heat and power
generation, where the primary driver was the
cease of use of coal in H2 2024.
Scope 3 greenhouse gas emissions increased
by 4 % compared to Q1 2024. This was pri-
marily due to an increase in emissions from
capital goods (category 2), as we commis-
sioned the offshore wind farm Gode Wind 3
and the onshore wind farm Bahren West 1 in
Germany in Q1 2025, whereas we only com-
missioned a smaller onshore wind farm in Q1
2024.
GHG emissions intensities
Our scope 1 and 2 GHG intensity of energy
consumption decreased by 71 % compared to
Q1 2024, primarily due to the decrease in
fossil-based heat and power generation.
Our scope 1, 2, and 3 GHG intensity (excluding
emissions from gas sales) decreased by 7 %
compared to Q1 2024 for the same reasons as
for scope 1 and 2 GHG intensity, partly offset
by increased scope 3 emissions from capital
goods.
Greenhouse gas (GHG) emissions
Climate change
GHG emissions and intensities Unit Q1 2025 Q1 2024
Δ
2024
Direct GHG emissions (scope 1) tonnes CO
2
e 62,259 194,949 (68 %) 733,299
Indirect GHG emissions (scope 2), location-based tonnes CO
2
e 6,842 15,119 (55 %) 58,925
Indirect GHG emissions (scope 2), market-based
1
tonnes CO
2
e 281 342 (18 %) 875
Indirect GHG emissions (scope 3) tonnes CO
2
e 1,922,132 1,839,590 4 % 9,043,386
C2: capital goods tonnes CO
2
e 226,917 3,835 5817 % 3,050,022
C3: fuel- and energy-related activities tonnes CO
2
e 375,663 458,498 (18 %) 1,390,869
C11: use of sold products tonnes CO
2
e 1,214,831 1,220,218 (0 %) 4,032,177
Other categories tonnes CO
2
e 104,721 157,039 (33 %) 570,318
Total GHG emissions (location-based)
2
tonnes CO
2
e 1,991,233 2,049,658 (3 %) 9,835,610
Total GHG emissions (market-based)
2
tonnes CO
2
e 1,984,672 2,034,881 (2 %) 9,777,560
Scope 1, 2, and 3 (excl. gas sales) tonnes CO
2
e 769,841 814,663 (6 %) 5,745,383
Scope 3 (excl. gas sales) tonnes CO
2
e 707,301 619,372 14 % 5,011,209
GHG emissions intensities, energy generation
GHG emissions intensity (scope 1 and 2) g CO
2
e/kWh 4 14 (71 %) 16
Offshore g CO
2
e/kWh 2 1 100 % 2
Onshore g CO
2
e/kWh 0 0 - 0
Bioenergy & Other g CO
2
e/kWh 11 40 (73 %) 61
GHG emissions intensity (scope 1, 2 and 3)
3
g CO
2
e/kWh 53 57 (7 %) 127
43/45
Sustainability statements
Interim report
First quarter 2025
Taxonomy-aligned revenue (turnover)
Our taxonomy-aligned share of revenue in
Q1 2025 was 88 %, a decrease of 3 percent-
age points compared to Q1 2024. This was
mainly due to higher non-eligible revenue
from gas sales.
Taxonomy-aligned CAPEX
Our taxonomy-aligned share of CAPEX in
Q1 2025 remained at 99 % and is primarily
related to our wind and solar farms and our
battery storage systems.
Taxonomy-aligned EBITDA
The taxonomy-aligned share of EBITDA in
Q1 2025 was 97 %, a decrease of 2 percent-
age points compared to Q1 2024. This was
primarily due to an increase in non-eligible
EBITDA from gas sales.
1 Other activities primarily consist of trading and non-eligible power sales (incl. end customer sales).
2 This ratio is applied to gross investments.
EU taxonomy for sustainable activities
EU taxonomy KPIs
% Q1 2025 Q1 2024
Δ
2024
Taxonomy-aligned revenue (turnover)
88 91
(3 %p)
91
Electricity generation from solar PV (4.1) and storage of electricity (4.10)
1 1
0 %p
1
Electricity generation from wind power (4.3)
72 75
(3 %p)
78
Cogeneration of heat and power from bioenergy (4.20)
15
15
0 %p
12
Taxonomy-eligible but not taxonomy-aligned revenue (turnover)
0 0
0 %p
0
High-efficiency cogeneration of heat and power from fossil gas (4.30)
0
0
0 %p
0
Taxonomy-non-eligible revenue (turnover)
11 9
2 %p
9
Gas (sales)
10 6
4 %p
6
Coal (generation)
- 1
(1 %p)
1
Oil (generation and distribution)
0 0
0 %p
1
Other activities
1
1 2
(1 %p)
1
Taxonomy-aligned CAPEX
2
99 99
0 %p
99
Taxonomy-eligible but not taxonomy-aligned CAPEX
0 0
0 %p
0
Taxonomy-non-eligible CAPEX
1 1
0 %p
1
Taxonomy-aligned EBITDA
97 99
(2 %p)
99
Electricity generation from solar PV (4.1) and storage of electricity (4.10)
4 1
3 %p
4
Electricity generation from wind power (4.3)
85 91
(6 %p)
91
Cogeneration of heat and power from bioenergy (4.20)
8 7
1 %p
4
Taxonomy-eligible but not taxonomy-aligned EBITDA
0 0
0 %p
0
High-efficiency cogeneration of heat and power from fossil gas (4.30)
0 0
0 %p
0
Taxonomy-non-eligible EBITDA
3 1
2 %p
1
Gas sales
2 (1)
3 %p
0
Coal- and oil-based generation
0 1
(1 %p)
0
Other activities
1
1 1
0 %p
1
44/45
Sustainability statements
Interim report
First quarter 2025
er offshore wind projects under construction.
In February 2025, we had two tragic fatalities
among our contractor employees at the
Plum Creek onshore windfarm in Nebraska in
the US.
In Q1 2025, our total recordable injury rate
decreased by 34 % and the lost time injury
frequency (LTIF) remained at the same level
as in Q1 2024.
The total recordable injuries decreased by
21 % and total numbers of hours worked in-
creased by 18 %, driven by an increase in hours
worked among contractor employees, mainly
due to increased activity on some of our larg-
The reduction in the total number of employ-
ees and increased total turnover are related
to organisational adjustments, including re-
dundancies, that we have undergone to main-
tain our competitive edge.
The number of employees was 5 % lower at
the end of Q1 2025 compared to Q1 2024.
Our voluntary turnover increased by
0.7 percentage points, whereas the total turn-
over increased by 3.9 percentage points com-
pared to Q1 2024.
1 FTE distribution in other countries in Q1 2025: Korea (16), Singapore (13), Spain (9), Vietnam (9), Sweden (5), and
Norway (4).
People and safety
Own workforce
People Q1 2025 Q1 2024
Δ
2024
Total number of employees, headcount
8,386 8,865 (5 %) 8,407
Denmark
3,903 4,356 (10 %) 3,984
The UK
1,269 1,308 (3 %) 1,272
Malaysia
809 756 7 % 792
Poland
802 772 4 % 783
The US
740 722 2 % 720
Germany
389 398 (2 %) 390
Taiwan
209 186 12 % 199
The Netherlands
105 115 (9 %) 105
Ireland
104 104 0 % 100
Other
1
56 148 (62 %) 62
Total number of employees, FTE
8,251 8,706 (5 %) 8,278
Turnover, %
Total employee turnover rate 14.5 10.6 3.9 %p 14.3
Voluntary employee turnover rate
8.1 7.4 0.7 %p 8.7
Safety Q1 2025 Q1 2024
Δ
2024
Total recordable injuries (TRIs), number
15 19 (21 %) 85
Own employees
3 4 (25 %) 19
Contractor employees
12 15 (20 %) 66
Lost-time injuries (LTIs), number
11 9 22 % 45
Own employees
2 2 0 % 11
Contractor employees
9 7 29 % 34
Hours worked, million hours
7.7 6.5 18 % 30.9
Own employees
3.4 3.7 (8 %) 14.1
Contractor employees
4.3 2.8 54 % 16.8
Total recordable injury rate, TRIR
1.9 2.9 (34 %) 2.7
Own employees
0.9 1.1 (18 %) 1.3
Contractor employees
2.8 5.3 (47 %) 3.9
Lost-time injury frequency, LTIF
1.4 1.4 0 % 1.5
Own employees
0.6 0.5 20 % 0.8
Contractor employees
2.1 2.5 (16 %) 2.0
TRIR 12M rolling
2.5 2.9 (14 %) 2.7
LTIF 12M rolling
1.5 1.3 15 % 1.5
Fatalities, number
2 0 - 0
Permanent disability cases, number
0 0 - 0
Consolidated financial statements
Interim report
First quarter 2025
45/45
*Employee-elected board member
Ex
ecutive Board:
Board of Directors:
Statement by the Executive Board
and the Board of Directors
17/45
Management’s review
Interim report First quarter 2025
CVR no. 362137 28
Tel.: +45 99 55 11 11
Global Media Relations
Tom Christiansen
Tel.: +45 99 55 60 17
Investor Relations
Rasmus Keglberg Hærvig
Tel.: +45 99 55 90 95
Front page image
Blade installation at South Fork Wind, New
York
Publication
7 May 2025