Interim report
First nine months 2025
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Interim report
First nine months 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, 5 November 2025 at 14:00 CET.
The earnings call can be followed live here:
https://getvisualtv.net/stream/?orsted-q3-2025
Further information
Global Media Relations
Michael Korsgaard Nielsen
Tel.: +45 99 55 94 25
Investor Relations
Valdemar Hoegh Andersen
Tel.: +45 99 55 56 71
Financial statements
Consolidated financial statements
Basis of reporting ........................................................................... …41
Environment
Renewable capacity..................................................................... …42
Generation capacity ..................................................................... …43
Energy generation ........................................................................ …44
Energy sales and generation by energy source ..................... …45
Energy consumption ..................................................................... …46
Greenhouse gas (GHG) emissions .............................................. …47
EU taxonomy for sustainable activities ................................... .. 48
Social
People and safety ......................................................................... ...49
Management’s statement
Statement by the Executive Board and the Board of Direc-
tors………………………………………………………………………………………………..…...50
Sustainability statements
CEO’s review ................................................................................... …..3
At a glance ..................................................................................... …..5
Outlook 2025 ................................................................................. …..6
Results 9M ....................................................................................... …..7
Results Q3.…………………………………………………………………………………..…..10
Business units’ Q3 results ………………………………………………………...…..12
Performance highlights ………………………………………………………………...15
Quarterly overview…………………………………………………………………........16
Consolidated statement of income ......................................... 18
Consolidated statement of comprehensive income ............ 18
Consolidated statement of financial position ....................... 20
Consolidated statement of shareholders’ equity ................. 21
Consolidated statement of cash flows ................................... 22
Notes
1. Basis of reporting ...................................................................... 23
2. Segment information ............................................................... 24
3. Revenue ...................................................................................... 27
4. Impairments ............................................................................... 29
5. Other operating income and expenses ............................... 32
6. Financial income and expenses ............................................. 32
7. Gross and net investments ..................................................... 33
8. Reserves ...................................................................................... 33
9. Tax on profit (loss) for the period .......................................... 34
10. Markets risks ............................................................................ 35
11. Fair value measurement ....................................................... 36
12. Interest-bearing net debt and FFO .................................... 38
13. Subsequent events ................................................................. 39
3/50
Management’s review
Interim report First nine months 2025
Our second priority is to deliver on our 8.1 GW
offshore wind construction portfolio, which
upon completion will contribute with an
annual EBITDA-run rate of DKK 11 to 12
billion, and we continue to make good pro-
gress. During the third quarter, Revolution
Wind in the US received a stop-work order
from the Bureau of Ocean Energy Manage-
ment, instructing the project to halt offshore
activities pending completion of the U.S.
Department of the Interior’s review required
by the executive order dated 20 January 2025.
Revolution Wind is seeking a complete resolu-
tion, both by engaging with the US Administra-
tion and other stakeholders as well as through
legal proceedings. As part of the legal track,
the project filed a lawsuit that includes a
motion for a preliminary injunction, which was
granted on 22 September by the U.S. District
Court for the District of Columbia while the
underlying lawsuit challenging the stop-work
order progresses. The halted offshore activi-
ties have resumed.
Our third priority is to ensure a focused and
disciplined capital allocation, where our focus
going forward primarily will be on offshore
wind in Europe and selected markets in APAC.
As part of these efforts, we will move towards
a more flexible partnership and financing
approach in order to ensure value creation and
risk diversification. On this basis, we recently
entered into memorandum of understanding
with Korea South-East Power Company
(KOEN) and POSCO for our Incheon offshore
wind project. The aim is to explore coopera-
Executing on our business plan
During Q3 2025, we continued to deliver on
the four strategic priorities in our business plan.
Our first priority is to strengthen our capital
structure. In October, we completed the rights
issue, raising DKK 60 billion in gross proceeds.
The proceeds will cover the incremental
funding requirement from retaining full owner-
ship of Sunrise Wind. In addition, the proceeds
will contribute to an appropriate capitalisation
in the years from 2025 through 2027, during
which we will complete the construction of our
8.1 GW offshore wind construction portfolio.
Finally, the proceeds will reinforce our position
as a global leader in offshore wind, as it will
increase our financial robustness and flexibility,
positioning us to pursue the most value accre-
tive investment opportunities in core offshore
wind markets in Europe and select markets in
the Asia-Pacific region (APAC) going forward.
Additionally, we announced on 3 November
2025 that we have entered into an agreement
with Apollo to divest a 50 % stake in our
Hornsea 3 Offshore Wind Farm in the UK. The
total value of the transaction is approximately
DKK 39 billion. The transaction represents a
key milestone in our funding plan and balances
the key objectives for partnerships and divest-
ments with an emphasis on capital manage-
ment. The transaction supports a further
strengthening of our capital structure and
ensures significant progress on our partnership
and divestment programme.
CEO’s review
Business progress and development
Completed the rights issue, raising DKK 60
billion in gross proceeds, significantly
strengthening our capital structure.
Entered into an agreement with Apollo to
divest a 50 % stake in our Hornsea 3 Off-
shore Wind Farm in the UK.
Preliminary injunction granted regarding
stop-work order for Revolution Wind, allow-
ing the project to resume impacted activities
while the underlying lawsuit challenging the
stop-work order progresses.
Installed all offshore substations for our US
offshore projects.
Entered into memorandum of understanding
with Korea South-East Power Co. and
POSCO to explore partnerships in Ørsted’s
1.4 GW Incheon offshore wind project.
Announced a further rightsizing of our organ-
isation to strengthen our competitiveness.
Financials & operations
High availability rate of 94 % across our
offshore portfolio in the quarter.
Increased our offshore generation by 8 %,
from 3.5 TWh in Q3 2024 to 3.8 TWh in Q3
2025, despite lower wind speeds.
Operating profit (EBITDA) amounted to DKK
18.6 billion compared to DKK 23.6 billion in
9M 2024, mainly due to the reversal of can-
cellation fees in 2024 not being repeated in
2025.
EBITDA excluding new partnerships and
cancellation fees amounted to DKK 17.0
billion in 9M 2025, roughly in line with the
same period last year, mainly due to lower
wind speeds throughout our offshore opera-
tional assets, partly offset by higher availa-
bility.
Full-year guidance on EBITDA and gross
investments maintained.
Selected events
Completion of rights issue and strong execution of business plan.
Management’s review
4/50
Interim report
First nine months 2025
Sunrise Wind has increased and is now approx.
40 %, and the project remains on schedule.
In Taiwan, the construction of Greater Chang-
hua 2b and 4 continues to progress. Following
the previously communicated damage to the
export cable for Greater Changhua 2b, we are
progressing according to the updated sched-
ule and expect commissioning of the project in
Q3 2026. At Greater Changhua 4, we are
delivering on the updated installation sched-
ule and are progressing the section as planned
towards COD in H1 2026.
In the UK, the offshore and onshore construc-
tion activities for our Hornsea 3 project are
progressing according to plan. The main
construction of the project’s two offshore
converter stations has been completed. The
first monopiles have been fabricated, and
site preparation for the export cables has
commenced.
In Poland, our Baltica 2 project continues to
make progress on both offshore and onshore
activities, including preparation of both the
seabed and the landfall connection points for
the export cables. Also, the first turbine foun-
dations for the project have been fabricated.
Additionally, the construction of our 300 MW
energy storage project in the UK connected to
the Hornsea zone is progressing according to
plan.
Generation
In our Offshore business, we increased our
generation output by 8 %, from 3.5 TWh in Q3
2024 to 3.8 TWh in Q3 2025, despite lower
wind speeds. This was driven by a high availa-
tion on joint development, construction, and
operations, including potential equity partici-
pation.
Our fourth priority is to improve our competi-
tiveness. In October, we announced a further
rightsizing of our organisation through a reduc-
tion of approx. 2,000 positions towards the end
of 2027. This means that many skilled and
valued colleagues will leave the company.
However, the adjustment of the organisation is
necessary as it increases our competitiveness
and is a natural consequence of our strategic
focus on offshore wind in Europe and the
completion of our current 8.1 GW construction
programme during 2026 and 2027. All related
efficiency measures are expected to be imple-
mented by 2028, and the annual cost savings
are by then expected to amount to approx.
DKK 2 billion.
Construction projects
In the US, the construction of our Northeast
Program, including Revolution Wind and Sun-
rise Wind, is progressing, and we continue to
work diligently to manage execution. Follow-
ing resumed work on Revolution Wind on the
basis of the granted preliminary injunction, the
project has completed the installation of the
second offshore substation. The overall degree
of completion of Revolution Wind has in-
creased and is now approx. 85 %, and the
project remains on track.
Sunrise Wind has continued the installation of
monopiles for wind turbine foundations and
finalised the installation of the offshore con-
verter station. With that, we have now in-
stalled all offshore substations for our North-
east program. The degree of completion of
Rasmus Errboe
Group President & CEO
bility rate of 94 % in the quarter and full
contribution from Gode Wind 3.
In our Onshore business, generation decreased
slightly in Q3 2025 compared to the same
period last year, mainly due to lower genera-
tion from the onshore solar farms in the US
that were partially divested (Sparta, Eleven
Mile, and Mockingbird), leading to lower
generation.
Our renewable share of generation reached
100 % in Q3 2025, and we are well on our way
to reaching our target of 99 % renewable
generation for 2025.
Financials
Operating profit (EBITDA) for the first nine
months of 2025 amounted to DKK 18.6 billion
compared to DKK 23.6 billion in the same
period last year. EBITDA excluding new part-
nerships and cancellation fees in 9M 2025
amounted to DKK 17.0 billion, which is rough-
ly on par with the same period last year.
Earnings from our offshore sites amounted to
DKK 16.1 billion in 9M 2025, up 5 % compared
to the same period last year. The increase was
mainly due to higher availability, which was
partly offset by lower wind speeds.
We maintain our full-year EBITDA guidance of
DKK 24-27 billion excluding earnings from new
partnerships and cancellation fees. Additional-
ly, we maintain our gross investments guid-
ance of DKK 50-54 billion.
We are building a competitive and financially
robust Ørsted
With the completion of our rights issue and our
construction progress, capital discipline, and
efforts to increase our competitiveness, we are
building a competitive and financially robust
Ørsted. Continuing to deliver on our strategic
priorities will enable us to remain a global
leader of offshore wind with a strong foothold
in Europe.
5/50
Interim report
First nine months 2025
At a glance
Financial highlights
Operating profit (EBITDA)
1
, DKKbn
23.6
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 interest-bearing
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.
18.6
18.6
Bioenergy & Other
39.9
Offshore Onshore Bioenergy & Other
25.7
39.9
6.5
62.8
83.2
83.2
10.2
2.0
12.1
13.9
13.9
18.5
17.7
18.5
Onshore Bioenergy & Other Offshore
54
153
54
Scope 1-3 (excl. cat. 11) Scope 1-2
2.0
11.5
Excl. impairments
and cancellation fees
5/49
6.5
8.1
6.1
6/50
Management’s review
Interim report First nine months 2025
EBITDA
EBITDA in 2025 excluding new partnership
agreements and cancellation fees is un-
changed relative to our updated guidance
from 5 September 2025 and expected to
amount to DKK 24-27 billion.
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.
The gross investment guidance is sensitive to
milestone payments being moved between
years and the level of tariffs.
Uncertainties in the US
We are following developments regarding
potential tariffs and other regulatory changes,
particularly affecting the US, and are continu-
ally assessing any possible financial and wider
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
13 Aug
EBITDA, excl. new partner-
ships and cancellation fees
24.8
25-28 25-28
Offshore 19.2
Higher Neutral
Onshore 4.0 Higher Higher
Bioenergy & Other 1.1
Significantly
higher
Significantly
higher
Gross investments 42.8 50-54 50-54
Guidance
7 May
25-28
Higher
Higher
Significantly
higher
50-54
Guidance
5 Sep
24-27
Lower
Higher
Significantly
higher
50-54
Guidance
5 Nov
24-27
Lower
Higher
Significantly
higher
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 block-
age 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 legislation, regulations, or standards, the renegotiation of contracts, changes in the com-
petitive environment in our markets, reliability of supply, and market volatility and disrup-
tions 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’.
7/50
Management’s review
Interim report First nine months 2025
Financial results
Revenue
Power generation from offshore and onshore
assets increased by 1 % and totalled 24.4
TWh in 9M 2025. The increase was due to
ramp-up of generation from our offshore wind
farm Gode Wind 3 and from our solar farms
Sparta (part of Helena Energy Center), Eleven
Mile, Old 300 and Mockingbird. Furthermore,
curtailments at Hornsea 1 and Hornsea 2 led
to low availability in 9M 2024, which were not
repeated in 9M 2025. This was partly offset by
significantly lower wind speeds throughout our
offshore portfolio and farm-downs of three
onshore assets.
Heat generation decreased by 6 % in 9M 2025,
whereas thermal power generation decreased
by 23 %, mainly due to the shut-down of coal-
fired CHPs in 2024.
Our renewable share of generation amounted
to 99 %, an increase of 2 percentage points
compared to last year.
Revenue amounted to DKK 50.1 billion, which
was in line with the same period last year.
EBITDA
Operating profit (EBITDA) for 9M 2025
amounted to DKK 18.6 billion, DKK 5.0 billion
lower than in 9M 2024.
Earnings from new partnerships related to the
farm downs of West of Duddon Sands (DKK
2.8 billion), and Eleven Mile and Sparta (DKK
0.3 billion). Impact from cancellation fees re-
lated to the decision to discontinue Hornsea 4
in its current form (DKK 2.9 billion) and was
partly offset by Ocean Wind 1 reversals (DKK
1.3 billion). Adjusted for new partnerships and
cancellation fees, EBITDA decreased by DKK
0.2 billion (1 %) to DKK 17.0 billion.
EBITDA from offshore sites amounted to DKK
16.1 billion, an increase of DKK 0.8 billion com-
pared to 9M 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 rev-
enue from CfDs, ROCs, and green certificates.
The increase in earnings was partly offset by
lower wind speeds (DKK 2.0 billion) and a step-
down in subsidy levels for older wind farms.
EBITDA from existing partnerships decreased
by DKK 0.3 billion and amounted to DKK -0.4
billion in 9M 2025. The negative effect in 9M
2025 was mainly related to Greater Changhua
4 where array cable installation challenges
EBITDA excluding new partnerships and cancellation fees, DKKbn
Results 9M
Financial results, DKKm 9M 2025 9M 2024 %
Revenue
50,110 49,957 0 %
EBITDA
18,579 23,606 (21 %)
- New partnerships
3,140 - n.a.
- Cancellation fees
(1,531) 6,409 n.a.
Depreciation and amortisation
(7,413) (7,654) (3 %)
Impairment (loss)/reversal
(1,505) (3,436) (56 %)
Operating profit (loss) (EBIT)
9,661 12,516 (23 %)
Gain (loss) on divestment of enterprises
215 (45) n.a.
Financial items, net
(2,325) (3,134) (26 %)
Profit (loss) before tax
7,575 9,367 (19 %)
Tax
(1,039) (3,267) (68 %)
Tax rate
14 % 35 % (21 %p)
Profit (loss) for the period
6,536 6,100 7 %
- EBITDA excl new partnerships and cancellation fees
16,970 17,197 (1 %)
had led to a negative impact on the construc-
tion agreement.
EBITDA from our Onshore business excl. new
partnerships amounted to DKK 3.2 billion,
DKK 0.4 billion higher than in 9M 2024. The
increase was due to the ramp-up of genera-
tion at Sparta, Mockingbird, and Eleven Mile.
This was partly offset by the 50 % farm-
downs of the same projects.
EBITDA from our CHP plants amounted to
DKK 1.0 billion in 9M 2025, DKK 0.4 billion
higher than in 9M 2024. The increase was
mainly due to higher achieved prices and
improved spreads, only partly offset by lower
generation.
EBITDA from our gas business totalled DKK
Offshore
(DKK -0.9 bn)
Onshore
(DKK 0.4 bn)
Bio & Other
(DKK 0.5 bn)
Management’s review
8/50
Interim report
First nine months 2025
0.4 billion in 9M 2025, DKK 0.4 billion higher
than in 9M 2024. The increase was mainly driv-
en by the ramp-up of volumes from our offtake
contract with DUC due to the ramp up of pro-
duction from the Tyra field.
Impairments
Net impairment losses had a negative effect in
9M 2025 of DKK 1.5 billion. The main contribu-
tors to the net impairment were increased
tariffs in the US, the stop-work order on Revo-
lution Wind, and impairments related to the
decision to discontinue the Hornsea 4 project in
its current form. This was partly offset by a
decrease in the long-dated US interest rate
and an increase in long-term prices for our US
onshore assets. See note 4 ‘Impairments’ for
more information.
EBIT
EBIT decreased by DKK 2.9 billion to DKK 9.7
billion in 9M 2025. This was mainly due to the
lower EBITDA and partly offset by lower im-
pairments in 9M 2025.
Financial income and expenses
Net financial income and expenses amounted
to DKK -2.3 billion, DKK 0.8 billion lower than
last year, mainly driven by a positive impact
from exchange rate adjustments, primarily due
to gains from the strengthening of DKK against
GBP, USD, and TWD in 9M 2025 and by a high-
er share of capitalised interests. This was part-
ly offset by a positive effect from a gain on US
interest rate swaps in 9M 2024 not being re-
peated in 9M 2025.
Tax and tax rate
Tax on profit for the period amounted to DKK
1.0 billion, DKK 2.2 billion lower than in 9M
2024. The tax rate in 9M 2025 was 14 % and
was affected by impairments, cancellation
fees, and gain from the 50 % farm-downs of
West of Duddon Sands, Eleven Mile, and Spar-
ta. As part of the onshore transaction, DKK
0.6 billion of previously recognised deferred
tax liabilities related to tax equity contribu-
tions were reversed in ‘Tax on profit (loss) for
the period’. See note 9 ‘Tax on profit (loss) for
the period’ for more information.
Profit for the period
Profit for the period totalled DKK 6.5 billion,
DKK 0.4 billion higher than in 9M 2024. The
increase was mainly due to lower impairments
and lower tax, partly offset by lower EBITDA.
Cash flows and net debt
Cash flows from operating activities
Cash flows from operating activities totalled
DKK 6.7 billion in 9M 2025 compared to DKK
8.1 billion in 9M 2024, with negative year-over
-year contributions from EBITDA, the reversal
of gain on sale of assets, variation margin, the
change in tax equity, higher net interest ex-
penses, and other working capital. This was
partly offset by a positive development in the
year-over-year change in derivatives, provi-
sions, lower paid tax, and lower negative ef-
fect from change in work in progress.
In 9M 2025, the positive impact from provi-
sions and other items was mainly related to
the reversal of the non-cash impact on EBITDA
from cancellation fees, whereas we had a net
cash outflow of DKK 5.9 billion in 9M 2024
from payments regarding the provisions made
for cancellation fees for Ocean Wind 1, in ad-
dition to a reversal of DKK 6.4 billion.
In 9M 2025, the increase 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 0.2 billion, whereas
we released DKK 1.9 billion in 9M 2024:
–
The variation margin payments were a
cash outflow of DKK 0.2 billion vs. a cash
inflow of DKK 1.5 billion in 9M 2024.
–
The initial margin payments were a cash
inflow of DKK 0.0 billion vs. a cash inflow
of DKK 0.4 billion in 9M 2024.
In 9M 2025, we had a net cash outflow from
work in progress of DKK 3.1 billion, mainly
related to the construction of the Hornsea 3
offshore transmission asset and the construc-
tion of Borkum Riffgrund 3 for partners. This
was partly offset by a milestone payment
received for Greater Changhua 4. In 9M 2024,
we had a cash outflow of DKK 3.4 billion,
mainly related to the construction of the
Hornsea 3 and Hornsea 4 offshore transmis-
sion assets and the construction of Gode Wind
3 for partners, partly offset by milestone pay-
ments received for Borkum Riffgrund 3.
In 9M 2025, we did not receive tax equity con-
tributions, whereas we received tax equity
contributions for Eleven Mile in 9M 2024. In
both periods, ‘Change in tax equity’ included a
Cash flow and net debt, DKKm 9M 2025 9M 2024 %
Cash flows from operating activities
6,654 8,050 (17 %)
EBITDA
18,579 23,606 (21 %)
Reversal of gain (loss) on divestments of assets
(3,190) (266) n.a.
Change in derivatives, excl. variation margin
(306) (1,095) (72 %)
Change in variation margin
(202) 1,466 n.a.
Change in provisions and other items
1,264 (11,664) n.a.
Interest expense, net
(1,792) (632) 184 %
Paid tax
(1,597) (3,180) (50 %)
Change in work in progress
(3,116) (3,404) (8 %)
Change in tax equity partner liabilities
(2,244) 1,303 n.a.
Change in other working capital
(742) 1,916 n.a.
Gross investments
(39,924) (25,694) 55 %
Divestments
7,189 2,363 204 %
Free cash flow
(26,081) (15,281) 71 %
Net interest-bearing debt, beginning of period
58,027 47,379 22 %
Free cash flow
26,081 15,281 71 %
Dividends and hybrid coupon paid
1,667 493 238 %
Addition of lease obligations, net
761 1,040 (27 %)
Repurchase of hybrid capital, net
- (1,813) n.a.
Exchange rate adjustments, etc.
(3,382) 437 n.a.
Net interest-bearing debt, end of period
83,154 62,817 32 %
Management’s review
9/50
Interim report
First nine months 2025
58.0 billion at the end of 2024. The increase
was mainly due to a negative free cash flow
of DKK 26.1 billion.
Equity
Equity was DKK 93.6 billion at the end of 9M
2025 against DKK 93.5 billion at the end of
2024.
Capital employed
Capital employed was DKK 176.8 billion at
the end of 9M 2025 against DKK 151.5 billion
at the end of 2024, mainly due to new invest-
ments.
Financial ratios
Return on capital employed (ROCE)
Return on capital employed (ROCE) was 2.0 %
in 9M 2025. The decrease of 6 percentage
points compared to last year was attributable
to a lower EBIT due to higher impairment loss-
es in the period, only partly offset by higher
EBITDA, as well as a higher capital employed.
ROCE adjusted for impairment losses and can-
cellation fees in 9M 2025 was 10.2 % vs. 11.5
% in 9M 2024. The decrease was mainly due
to a higher capital employed year-over-year.
Credit metric (FFO/adjusted interest-bearing
net debt)
The funds from operations (FFO)/adjusted net
debt credit metric was 13.9 % in 9M 2025
against 12.1 % in 9M 2024. The increase was
due to a higher FFO, partly offset by a higher
NIBD. Adjusted for cancellation fee payments,
the credit metric was 15.8 % in 9M 2025.
In Q1 2025, the Ørsted FFO/NIBD definition
was changed to include adjustments of ‘paid
dividends to minority interests’ in FFO to bet-
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 trade re-
ceivables and payables.
Investments and divestments
Gross investments amounted to DKK 39.9 bil-
lion in 9M 2025. The main investments were:
–
offshore wind farms (DKK 34.9 billion),
mainly Greater Changhua 2b and 4 in Tai-
wan, Hornsea 3 and Baltica 2 in Europe,
and Sunrise Wind and Revolution Wind in
the US
–
onshore wind and solar farms (DKK 3.5
billion), mainly the construction of Badger,
the BESS at Old 300, and our portfolio of
European projects
–
CHP plants (DKK 1.2 billion), mainly our
carbon capture and storage facilities in
Denmark.
In 9M 2025, ‘Divestments’ amounted to DKK
7.2 billion and were mainly related to the 50 %
farm downs of Eleven Mile and Sparta and the
partial farm-down of West of Duddon Sands.
In 9M 2024, ‘Divestments’ amounted to DKK
2.4 billion and were mainly related to the sale
of the French part of our Onshore Europe port-
folio, divestment of an equity ownership stake
in a portfolio consisting of four US onshore
wind farms, and customary compensation to
our partners at Hornsea 1 for wake loss ef-
fects.
Interest-bearing net debt
Interest-bearing net debt (NIBD) totalled DKK
83.2 billion at the end of 9M 2025 against DKK
ter align with rating agencies. Comparison
numbers for 2024 have been restated.
ESG results
Renewable share of energy generation
The renewable share of energy generation
was 99 % in 9M 2025, a 2 percentage point
increase compared to 9M 2024. The increase
was mainly driven by the shut-down of coal-
based generation in H2 2024. We remain on
track to reach our target of 99 % share of
renewable energy for the full year 2025.
Greenhouse gas emissions
Greenhouse gas emissions from own opera-
tions (scope 1) decreased by 81 % in 9M 2025
compared to 9M 2024. The decrease was
driven by the cease of coal-based generation
in H2 2024 and lower natural gas-based gen-
eration compared to 9M 2024. Our scope 1
and 2 greenhouse gas intensity decreased to 4
g CO
2
e/kWh in 9M 2025 compared to 21 g
CO2
e
/kWh in 9M 2024 due to the decrease in
scope 1 emissions (numerator), slightly offset
by a lower total heat and power generation
(denominator). We remain on track to reach
our target of 10 g CO
2
e/kWh for the scope 1
and 2 intensity for the full year 2025.
Greenhouse gas emissions from our supply
chain and sales activities (scope 3) were 23 %
lower in 9M 2025 than in 9M 2024, mainly due
to a decrease of 91 % in scope 3 emissions
Key ratios, DKKm, %
9M 2025 9M 2024 %
ROCE 2.0 8.1 (6 %p)
Adjusted interest-bearing net debt 93,559 75,756 24 %
FFO/adjusted interest-bearing net debt
1
13.9 12.1 2 %p
from capital goods resulting from a reduction
in commissioned new capacity. This was
partly offset by an increase in scope 3 emis-
sions from the use of sold products (category
11). The use of sold products increased due
to a combination of a 19 % increase in gas
sales as well as an extraordinary sale of ex-
cess coal following the shut-down of our last
coal-based CHP plant in H2 2024. Our scope
1-3 greenhouse gas intensity (excl. category
11) decreased by 65 % to 54 g CO
2
e/kWh in
9M 2025 compared to 153 g CO
2
e/kWh in
9M 2024.
Safety
In 9M 2025, we had 71 total recordable inju-
ries (TRIs), of which 56 injuries were related to
contractors’ employees. This was an increase
in TRIs of 34 % from 9M 2024 to 9M 2025,
which can partly be explained by a 23 % in-
crease in hours worked due to increased con-
tractor hours. Our total recordable injury rate
(TRIR) increased by 9 % from 2.3 in 9M 2024
to 2.5 in 9M 2025.
1
In 2025, the Ørsted FFO/NIBD definition was changed to include adjustment of ’Dividends paid to minority
interests’ in FFO to better align with rating agencies. Comparison numbers for 2024 have been restated.
10/50
Management’s review
Interim report First nine months 2025
EBITDA
Operating profit (EBITDA) for Q3 2025
amounted to DKK 3.1 billion, DKK 6.5 billion
lower than in Q3 2024. Adjusted for new part-
nerships and cancellation fees, EBITDA de-
creased by DKK 1.4 billion to DKK 3.1 billion.
Earnings from offshore sites amounted to DKK
3.6 billion, a decrease of DKK 0.3 billion com-
pared to Q3 2024. The decrease was driven by
lower wind speeds (DKK 0.2 billion), a step-
down in subsidy levels for older wind farms,
and high earnings from our power trading ac-
tivities in Q3 2024 not being repeated in Q3
2025. This was partly offset by the ramp-up of
generation from Gode Wind 3, compensations
for grid delay at Borkum Riffgrund 3, and high-
er availability in Q3 2025.
EBITDA from existing partnerships decreased
by DKK 0.5 billion, amounting to DKK -0.4
billion in Q3 2025, and was mainly related to
Greater Changhua 4 where array cable instal-
lation challenges led to a negative impact on
the construction agreement.
EBITDA from our Onshore business amounted
to DKK 0.8 billion, DKK 0.2 billion lower than in
Q3 2024 due to lower wind speeds and lower
generation due to the 50 % farm-downs of
Mockingbird in Q4 2024 and Sparta and Eleven
Mile in Q1 2025.
EBITDA from our CHP plants amounted to
DKK 0.0 billion, DKK 0.1 billion higher than in
Q3 2024.
EBITDA from our gas business totalled DKK
0.2 billion in Q3 2025, which was on a level
with Q3 2024.
Impairments
Impairment losses in Q3 2025 amounted to
DKK 1.8 billion and related to our US portfolio.
The negative development was driven by in-
creased tariffs in the US and negative impact
from the stop-work order on Revolution Wind,
partly offset by decreasing interest rates. See
note 4 ‘Impairments’ for more information.
Cash flows from operating activities
Cash flows from operating activities totalled
DKK -1.2 billion in Q3 2025 compared to
DKK -1.6 billion in Q3 2024 with positive year-
over-year contributions from changes in deriv-
atives, provisions, variation margin and less
negative change in work in progress. This was
EBITDA excluding new partnerships and cancellation fees, DKKbn
Results Q3
Financial results, DKKm Q3 2025 Q3 2024 %
Revenue
12,270 15,766 (22 %)
EBITDA
3,064 9,548 (68 %)
- New partnerships
- - n.a.
- EBITDA excl new partnerships and cancellation fees
3,064 4,439 (31 %)
Depreciation and amortisation
(2,423) (2,548) (5 %)
Impairment (loss)/reversal
(1,757) (284) 519 %
Operating profit (loss) (EBIT)
(1,116) 6,716 n.a.
Gain (loss) on divestment of enterprises
4 14 (71 %)
Financial items, net
(427) (1,235) (65 %)
Profit (loss) before tax
(1,533) 5,508 n.a.
Tax
(169) (339) (50 %)
Tax rate
(11 %) 6 % (17 %p)
Profit (loss) for the period
(1,702) 5,169 n.a.
- Cancellation fees
- 5,109 n.a.
partly offset by lower EBITDA, change in
other working capital, and interest expenses.
In Q3 2024, we had a net cash outflow of
DKK 6.9 billion from payments and adjust-
ments regarding the provisions made for can-
cellation fees for Ocean Wind 1, whereas we
only had limited payments in Q3 2025.
In Q3 2025, the net increase in variation mar-
gin payments on unrealised hedges (‘Change
in variation margin’) and initial margin pay-
ments at clearing houses (part of ‘Change in
other working capital’) was DKK 0.1 billion,
whereas we saw an increase of DKK 0.2 bil-
lion in Q3 2024:
–
The variation margin payments were a
cash outflow of DKK 0.1 billion vs. a cash
Offshore
(DKK -1.2 bn)
Onshore
(DKK -0.1 bn)
Bio & Other
(DKK 0.0 bn)
Management’s review
11/50
Interim report
First nine months 2025
outflow of DKK 0.3 billion in Q3 2024.
–
The initial margin payments were a cash
outflow of DKK 0.0 billion vs. a cash inflow
of DKK 0.1 billion in Q3 2024.
In Q3 2025, we had a net cash outflow from
work in progress of DKK 1.6 billion, mainly re-
lated to the construction of the offshore trans-
mission assets at Hornsea 3 and the construc-
tion of Greater Changhua 4 for partners. In Q3
2024, we had a cash outflow of DKK 2.4 bil-
lion, mainly related to the construction of the
Hornsea 3 offshore transmission assets, and
the construction of Borkum Riffgrund 3 for
partners.
‘Change in other working capital’ was mainly
related to seasonal changes in net trade re-
ceivables and payables.
Cash flow and net debt, DKKm Q3 2025 Q3 2024 %
Cash flows from operating activities
(1,166) (1,639) (29 %)
EBITDA
3,064 9,548 (68 %)
Reversal of gain (loss) on divestments of assets
112 (106) n.a.
Change in derivatives, excl. variation margin
460 (476) n.a.
Change in variation margin
(91) (264) (66 %)
Change in provisions and other items
(284) (6,957) (96 %)
Interest expense, net
(685) (207) 231 %
Paid tax
(153) (659) (77 %)
Change in work in progress
(1,644) (2,352) (30 %)
Change in tax equity partner liabilities
(660) (681) (3 %)
Change in other working capital
(1,286) 515 n.a.
Gross investments
(14,971) (9,780) 53 %
Divestments
(56) 108 n.a.
Free cash flow
(16,193) (11,311) 43 %
Net interest-bearing debt, beginning of period
67,137 49,366 36 %
Free cash flow
16,193 11,311 43 %
Dividends and hybrid coupon paid
440 125 252 %
Addition of lease obligations, net
576 451 28 %
Issuance of hybrid capital, net
- 1,867 n.a.
Exchange rate adjustments, etc.
(1,192) (303) 293 %
Net interest-bearing debt, end of period
83,154 62,817 32 %
12/50
Management’s review
Interim report First nine months 2025
Financial results for Q3 2025
Power generation increased by 8 % to 3.8
TWh in Q3 2025. The increase was due to the
ramp-up of generation at Gode Wind 3 in Ger-
many and higher availability across the portfo-
lio, especially in the UK due to outages in Q3
2024 not being repeated in Q3 2025. This was
only partly offset by lower wind speeds.
Wind speeds amounted to a portfolio average
of 8.2 m/s, which was lower than in Q3 2024
(8.4 m/s) and lower than the normal wind
speeds expected in the third quarter (8.3 m/s).
Availability was 94 %, which was 5 percentage
points higher than in the same period last year
due to outages in Q3 2024 not being repeated
in Q3 2025.
Revenue was DKK 3.3 billion lower than in Q3
2024 and amounted to DKK 8.8 billion.
Revenue from offshore wind farms in operation
decreased by 1 % to DKK 5.9 billion, mainly
due to a step-down in subsidy level for our
older German assets, and Anholt in Denmark
stepping out of subsidy. Revenue from power
sales decreased by DKK 0.9 billion to DKK 2.2
billion due to lower power sales volumes, low-
er power prices, and lower revenue from our
power trading activities. Revenue from con-
struction agreements mainly related to the
construction of Greater Changhua 4 for part-
ners.
EBITDA decreased by DKK 6.3 billion and
amounted to DKK 2.2 billion.
EBITDA from ‘Sites, O&M, and PPAs’ de-
creased by DKK 0.3 billion and amounted to
DKK 3.6 billion in Q3 2025. The decrease was
driven by lower wind speeds (DKK 0.2 billion),
a step-down in subsidy levels for older wind
farms, and extraordinary high earnings from
our power trading activities in Q3 2024 not
being repeated in Q3 2025. This was partly
offset by the ramp-up of generation from
Gode Wind 3, compensations for grid delay at
Borkum Riffgrund 3, and higher availability in
Q3 2025.
EBITDA from ‘Construction agreements and
divestment gains’ amounted to DKK -0.4 bil-
lion in Q3 2025 and was mainly related to
Greater Changhua 4 where array cable instal-
lation challenges led to a negative impact on
the construction agreement.
EBITDA from cancellation fees in Q3 2024
amounted to DKK 5.1 billion and related to
changes in the provision for Ocean Wind 1.
There were no impact from cancellation fees
in Q3 2025.
EBITDA from ‘Other incl. project development’
was DKK 0.4 billion more negative than in Q3
2024, of which DKK 0.2 billion related to cost
reallocations which had no impact on the to-
tal EBITDA for Offshore.
Results Q3 2025 Q3 2024 %
Business drivers
Decided (FID'ed) and installed capacity GW 18.3 16.8 9 %
Installed capacity
GW
10.2 9.9 3 %
Generation capacity
GW
5.4 5.2 4 %
Wind speed
m/s
8.2 8.4 (2 %)
Load factor
%
32 31 1 %p
Availability
%
94 89 5 %p
Power generation
GWh
3,788 3,522 8 %
Denmark
407 356 14 %
United Kingdom
2,264 2,122 7 %
Germany
551 467 18 %
The Netherlands
251 258 (3 %)
APAC
265 271 (2 %)
The US
50 48 4 %
Power sales GWh 3,979 4,010 (1 %)
Power price, LEBA UK
GBP/MWh
88 80 10 %
British pound
DKK/GBP
8.6 8.8 (2 %)
Financial performance
Revenue
DKKm
8,776 12,088 (27 %)
Sites, O&M, and PPAs
5,249 5,302 (1 %)
Power sales
2,183 3,034 (28 %)
Construction agreements
1,176 3,171 (63 %)
Other
168 581 (71 %)
EBITDA
1
DKKm
2,215 8,530 (74 %)
Sites, O&M, and PPAs
3,643 3,958 (8 %)
Construction agreements and divestment gains (431) 106 n.a.
Other incl. project development (997) (643) 55 %
Depreciation
DKKm
(1,671) (1,752) (5 %)
Impairment losses
DKKm
(1,883) 199 n.a.
EBIT
DKKm
(1,339) 6,977 n.a.
Cash flow from operating activities
DKKm
(1,386) (2,063) (33 %)
Gross investments
DKKm
(13,715) (8,502) 61 %
Divestments
DKKm
(128) (45) 182 %
Free cash flow
DKKm
(15,229) (10,610) 44 %
Capital employed
DKKm
129,953 111,127 17 %
9M 2025 9M 2024 %
18.3 16.8 9 %
10.2 9.9 3 %
5.4 5.2 4 %
9.0 9.5 (5 %)
37 39 (2 %p)
93 86 7 %p
12,904 12,859 0 %
1,317 1,465 (10 %)
7,383 7,293 1 %
1,591 1,655 (4 %)
797 970 (18 %)
1,557 1,297 20 %
259 179 45 %
12,481 14,128 (12 %)
102 79 30 %
8.8 8.8 0 %
36,784 37,605 (2 %)
18,798 18,014 4 %
12,779 12,296 4 %
4,782 6,272 (24 %)
425 1,023 (58 %)
13,826 19,831 (30 %)
16,112 15,286 5 %
2,393 (171) n.a.
(3,148) (1,693) 86 %
(5,135) (5,283) (3 %)
(2,607) (2,887) (10 %)
6,084 11,661 (48 %)
110 738 (85 %)
(34,940) (19,619) 78 %
3,799 (854) n.a.
(31,031) (19,735) 57 %
129,953 111,127 17 %
Cancellation fees - 5,109 n.a. (1,531) 6,409 n.a.
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 Q3 2025 was DKK 0.2 billion.
13/50
Management’s review
Interim report First nine months 2025
Financial results for Q3 2025
Power generation decreased by 1 % compared
to Q3 2024 and amounted to 3.2 TWh. The
decrease was due to lower wind speeds and
lower generation resulting from the 50 % farm-
downs of Mockingbird in Q4 2024 and Sparta
and Eleven Mile in Q1 2025. This was only part-
ly offset by ramp-up of generation at Mocking-
bird. In Q3 2025, the wind speeds across the
portfolio were 6.1 m/s, below both Q3 2024
and a normal wind year (6.4 m/s).
Revenue was slightly lower than in Q3 2024
due to the lower generation.
EBITDA decreased by DKK 0.2 billion and
amounted to DKK 0.8 billion.
EBITDA from ‘Sites, incl. tax credits’ amounted
to DKK 1.0 billion in Q3 2025, which was DKK
0.2 billion lower than the same period last
year. The decrease was mainly due to the
above-mentioned lower wind speeds and farm-
downs. This was only partly offset by ramp-up
at Mockingbird.
EBITDA from ‘Other incl. project development’
amounted to DKK -0.2 billion, which was on
the same level as in Q3 2024.
Onshore
Results Q3 2025 Q3 2024 %
Business drivers
Decided (FID'ed) and installed capacity GW 7.1 6.4 10 %
Installed capacity
GW
6.3 5.7 10 %
Wind speed
m/s
6.1 6.2 (1 %)
Load factor, wind
%
26 26 0 %p
Load factor, solar PV
%
30 31 (0 %p)
Availability, wind
%
92 87 6 %p
Availability, solar PV
%
94 97 (3 %p)
Power generation
GWh
3,223 3,270 (1 %)
US, wind
1,922 1,947 (1 %)
US, solar PV
1,069 1,158 (8 %)
Europe
231 166 40 %
US dollar
DKK/USD
6.4 6.8 (6 %)
Financial performance
Revenue
DKKm
764 801 (5 %)
EBITDA
DKKm
828 991 (16 %)
Sites, incl. tax credits
1,010 1,150 (12 %)
Divestment gains - - n.a.
Other incl. project development (182) (159) 14 %
Depreciation
DKKm
(515) (559) (8 %)
Impairment losses
DKKm
126 (483) n.a.
EBIT
DKKm
439 (51) n.a.
Cash flow from operating activities
DKKm
23 95 (76 %)
Gross investments
DKKm
(863) (875) (1 %)
Divestments
DKKm
50 152 (67 %)
Free cash flow DKKm (790) (628) 26 %
Capital employed DKKm 38,034 38,427 (1 %)
9M 2025 9M 2024 %
7.1 6.4 10 %
6.3 5.7 10 %
7.1 7.2 (1 %)
35 36 (1 %p)
27 27 0 %p
91 90 1 %p
94 97 (3 %p)
11,519 11,229 3 %
7,876 8,013 (2 %)
2,870 2,463 17 %
773 753 3 %
6.7 6.9 (3 %)
2,214 2,166 2 %
3,515 2,802 25 %
3,530 3,371 5 %
304 - n.a.
(319) (569) (44 %)
(1,573) (1,667) (6 %)
1,102 (549) n.a.
3,044 586 419 %
345 3,039 (89 %)
(3,514) (4,693) (25 %)
3,367 3,259 3 %
198 1,605 (88 %)
38,034 38,427 (1 %)
14/50
Management’s review
Interim report First nine months 2025
Financial results for Q3 2025
Heat generation increased slightly in Q3 2025,
whereas power generation decreased by 47 %
compared to Q3 2024, mainly due to the shut-
down of coal-fired CHPs in 2024.
Gas sales increased by 16 %, driven by our
offtake contract with DUC due to ramp-up of
production from the Tyra field (not owned by
Ørsted).
EBITDA amounted to DKK -0.1 billion com-
pared to DKK -0.2 billion in Q1 2024.
EBITDA from ‘CHP plants’ was DKK 0.0 billion,
DKK 0.1 billion higher than in Q3 2024. This
was mainly due to higher achieved prices in the
quarter, partly offset by the lower generation.
EBITDA from ‘Gas Markets & Infrastructure’
increased slightly to DKK 0.2 billion in Q3
2025. The increase was mainly driven by ramp-
up of volumes from our offtake contract with
DUC due to the ramp-up of production from
the Tyra field mentioned above.
EBITDA from ‘Other incl. project development’
was DKK -0.3 billion, DKK 0.1 billion more neg-
ative than in Q3 2024. The decrease was main-
ly related to decommissioning costs at the
Esbjerg Power Station.
Bioenergy & Other
Results
Q3 2025 Q3 2024 %
Business drivers
Degree days Number 71 79 (10 %)
Heat generation
GWh
337 332 2 %
Power generation
GWh
426 805 (47 %)
Gas sales
GWh
4,809 4,138 16 %
Power sales
GWh
617 577 7 %
Gas price, TTF
EUR/MWh
32.4 35.3 (8 %)
Power price, DK
EUR/MWh
77.9 68.8 13 %
Wood pellet spread, DK
EUR/MWh
9.8 8.3 17 %
Financial performance
Revenue
DKKm
2,862 3,058 (6 %)
EBITDA
DKKm
(127) (185) (31 %)
CHP plants 41 (95) n.a.
Gas Markets & Infrastructure 157 125 26 %
Other, incl. project development
(325) (215) 51 %
Depreciation DKKm
(165) (167) (2 %)
EBIT
DKKm
(292) (352) (17 %)
Cash flow from operating activities
DKKm
(1,006) (286) 252 %
Gross investments
DKKm
(374) (386) (3 %)
Divestments
DKKm
- - n.a.
Free cash flow
DKKm
(1,380) (672) 105 %
Capital employed
DKKm
7,116 3,123 128 %
9M 2025 9M2024 %
1,670 1,639 2 %
4,269 4,551 (6 %)
2,383 3,094 (23 %)
15,887 13,355 19 %
1,834 1,790 2 %
38.3 31.4 22 %
80.9 64.9 25 %
6.9 5.7 21 %
11,542 10,649 8 %
708 213 232 %
971 569 71 %
435 4 n.a.
(698) (360) 94 %
(492) (496) (1 %)
216 (283) n.a.
203 3,033 (93 %)
(1,414) (1,300) 9 %
- - n.a.
(1,211) 1,733 n.a.
7,116 3,123 128 %
15/50
Management’s review
Interim report First nine months 2025
Financials, DKKm
9M 2025 9M 2024 2024
Income statement
Revenue
50,110 49,957 71,034
EBITDA
18,579 23,606 31,959
Offshore
13,826 19,831 26,470
Sites, O&M, and PPAs
16,112 15,286 23,819
Construction agreements and divestment gains
2,393 (171) (1,065)
Cancellation fees
(1,531) 6,409 7,335
Other, incl. project development
(3,148) (1,693) (3,619)
Onshore
3,515 2,802
3,863
Bioenergy & Other
708 213 1,082
Other activities/eliminations
530 760 544
Depreciation and amortisation
(7,413) (7,654) (10,225)
Impairment
(1,505) (3,436) (15,563)
Operating profit (loss) (EBIT)
9,661 12,516 6,171
Gain (loss) on divestment of enterprises
215 (45) (11)
Net financial income and expenses
(2,325) (3,134) (3,591)
Profit (loss) before tax
7,575 9,367 2,606
Tax
(1,039) (3,267) (2,590)
Profit (loss) for the period
6,536 6,100 16
Balance
Assets 299,075 290,341 298,786
Equity
93,612 91,127 93,484
Shareholders in Ørsted A/S
63,872 65,987 62,138
Hybrid capital
20,955 20,955 20,955
Non-controlling interests
8,785 4,185 10,391
Interest-bearing net debt
83,154 62,817 58,027
Capital employed
176,766 153,944 151,511
Additions to property, plant, and equipment
40,166 27,874 46,985
Cash flow
Cash flow from operating activities 6,654 8,050 18,356
Gross investments
(39,924) (25,694) (42,808)
Divestments
7,189 2,363 15,680
Free cash flow
(26,081) (15,281) (8,772)
Financial ratios
Return on capital employed (ROCE)
1
, % 2.0 8.1 4.5
FFO/adjusted interest-bearing net debt
2
, % 13.9 12.1 12.7
Number of outstanding shares, end of period, '000
420,381 420,381 420,381
Share price, end of period, DKK
107 445 324
Market capitalisation, end of period, DKK billion
45 187 136
Earnings per share (EPS), DKK
13.7 13.6 (2.2)
Business drivers
9M 2025 9M 2024 2024
Offshore
Decided (FID'ed) and installed capacity, GW
18.3 16.8 16.8
Installed capacity, GW
10.2
9.9 9.9
Generation capacity, GW
5.4
5.2 5.3
Wind speed, m/s
9.0 9.5 10.0
Load factor, %
37
39 42
Availability, %
93
86 88
Power generation, GWh
12,904
12,859 18,599
Power sales, GWh
12,481
14,128 19,967
Onshore
Decided (FID'ed) and installed capacity, GW
7.1
6.4 7.0
Installed capacity, GW
6.3
5.7 6.2
Wind speed, m/s
7.1
7.2 7.2
Load factor, wind, %
35
36 37
Load factor, solar PV, %
27
27 25
Availability, wind, %
91
90 90
Availability, solar PV, %
94
97 98
Power generation, GWh
11,519
11,229 15,315
Bioenergy & Other
Degree days, number
1,670
1,639 2,485
Heat generation, GWh
4,269
4,551 6,919
Power generation, GWh
2,383
3,094 4,522
Power sales, GWh
1,834
1,790 2,426
Gas sales, GWh
15,887 13,355 17,372
Sustainability statements
Employees (FTE), end of period number
8,126 8,377 8,278
Total recordable injury rate (TRIR), YTD
2.5 2.3 2.7
Fatalities, number
2 0 0
Renewable share of energy generation, %
99
97 97
GHG emission (scope 1 & 2), Mtonnes
0.1
0.7 0.7
GHG intensity (scope 1 & 2), g CO
2
e/kWh
4
21 16
GHG emissions (scope 3), Mtonnes
5.6 7.3 9.0
GHG intensity (scope 1-3), g CO
2
e/kWh (excl. cat. 11)
54 153 127
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.
16/50
Management’s review
Interim report First nine months 2025
Quarterly overview
Financials, DKKm
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Income statement
Revenue 12,270 17,135 20,705 21,077 15,766 15,023 19,168 21,530
EBITDA 3,064 6,644 8,871 8,353 9,548 6,570 7,488 (686)
Offshore 2,215 5,301 6,310 6,639 8,530 5,218 6,083 (2,611)
Sites, O&M, and PPAs 3,643 4,814 7,655 8,533 3,958 4,400 6,928 7,164
Construction agreements and
divestment gains
(431) 2,901 (77) (894) 106 6 (283) 676
Other, incl. project development (997) (883) (1,268) (1,926) (643) (488) (562) (830)
Onshore 828 1,197 1,490 1,061 991 995 816 525
Bioenergy & Other (127) 78 757 869 (185) (36) 434 1,434
Other activities/eliminations 148 68 314 (216) 212 393 155 (34)
Depreciation and amortisation (2,423) (2,435) (2,555) (2,571) (2,548) (2,683) (2,423) (2,366)
Impairment (1,757) (20) 272 (12,127) (284) (3,913) 761 1,647
Operating profit (loss) (EBIT) (1,116) 4,189 6,588 (6,345) 6,716 (26) 5,826 (1,405)
Gain (loss) on divestment of enterprises 4 124 87 34 14 (7) (52) (44)
Net financial income and expenses (427) (331) (1,567) (457) (1,235) (552) (1,347) 2,001
Profit (loss) before tax (1,533) 3,989 5,119 (6,761) 5,508 (575) 4,434 557
Tax (169) (638) (232) 677 (339) (1,103) (1,825) (841)
Profit (loss) for the period (1,702) 3,351 4,887 (6,084) 5,169 (1,678) 2,609 (284)
Balance sheet
Assets 299,075 285,112 287,287 298,786 290,341 286,002 290,383 281,136
Equity 93,612 97,419 96,677 93,484 91,127 83,368 83,325 77,791
Shareholders in Ørsted A/S 63,872 67,088 65,665 62,138 65,987 56,446 58,709 56,782
Hybrid capital 20,955 20,955 20,955 20,955 20,955 22,792 22,792 19,103
Non-controlling interests 8,785 9,376 10,057 10,391 4,185 4,130 1,824 1,906
Interest-bearing net debt 83,154 67,137 68,449 58,027 62,817 49,366 49,864 47,379
Capital employed 176,766 164,557 165,126 151,511 153,944 132,734 133,189 125,170
Additions to property, plant, equipment 14,397 11,554 14,215 19,111 11,375 8,479 8,020 12,064
Cash flow
Cash flow from operating activities (1,166) 7,186 634 10,306 (1,639) 6,081 3,608 6,170
Gross investments (14,971) (11,154) (13,799) (17,114) (9,780) (8,292) (7,622) (13,039)
Divestments (56) 4,258 2,987 13,317 108 2,993 (738) 1,861
Free cash flow (16,193) 290 (10,178) 6,509 (11,311) 782 (4,752) (5,008)
Financial ratios
Return on capital employed (ROCE)
1
, % 2.0 7.5 4.6 4.5 8.1 (12.4) (12.2) (14.2)
FFO/adjusted interest-bearing net debt
2
, % 13.9 15.6 13.7 12.7 12.1 22.0 18.0 28.6
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
107 272 301 324 445 371 384 374
Market capitalisation, end of period, DKK billion 45 114 127 136 187 156 162 157
Earnings per share (EPS), DKK (4.2) 7.3 10.6 (15.8) 12.0 (4.1) 5.7 (1.6)
Cancellation fees - (1,531) - 926 5,109 1,300 - (9,621)
Business drivers
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Offshore
Decided (FID'ed) and installed capacity, GW
18.3 18.3 16.8 16.8 16.8 16.5 15.5
Installed capacity, GW
10.2 10.2 9.9 9.9 9.8 9.8 8.9
Generation capacity, GW
5.4 5.5 5.3 5.2 5.1 5.1 5.0
Wind speed, m/s
8.5 10.4 11.1 8.4 9.0 11.4 11.5
Load factor, %
31 47 51 31 33 52 56
Availability, %
90 94 94 89 83 85 92
Power generation, GWh
3,646 5,470 5,740 3,522 3,667 5,670 6,011
Power sales, GWh
3,686 4,816 5,839 4,010 3,854 6,264 6,244
Onshore
Decided (FID'ed) and installed capacity, GW
7.0 7.0 7.0 6.4 6.4 6.4 6.4
Installed capacity, GW
6.2 6.2 6.2 5.7 5.6 4.8 4.8
Wind speed, m/s
7.2 8.0 7.5 6.2 7.4 7.9 7.6
Load factor, wind, %
36 44 40 26 41 42 36
Availability, wind, %
88 91 90 87 92 89 85
Power generation, GWh
4,002 4,294 4,086 3,270 4,187 3,772 3,376
Bioenergy & Other
Degree days, number
418 1,181 846 79 360 1,200 966
Heat generation, GWh
707 3,224 2,367 332 935 3,285 2,385
Power generation, GWh
477 1,480 1,428 805 805 1,484 1,042
Power sales, GWh
585 632 635 577 581 633 628
Gas sales, GWh
5,798 5,280 4,016 4,138 4,051 5,167 3,041
Sustainability statements
Employees (FTE) end of period, number
8,203 8,251 8,278 8,377 8,411 8,706 8,905
Total recordable injury rate (TRIR), YTD
2.7 1.9 2.7 2.3 2.1 2.9 2.8
Fatalities, number
0 2 0 0 0 0 0
Renewable share of energy generation, %
100 99 99 96 97 97 95
GHG intensity (scope 1 & 2), g CO
2
e/kWh
4 4 5 40 16 14 25
GHG emissions (scope 3), Mtonnes
2.1 1.9 1.7 2.2 3.3 1.8 1.2
Q3
2025
18.3
10.2
5.4
8.2
32
94
3,788
3,979
7.1
6.3
6.1
26
92
3,223
71
337
426
617
4,809
8,126
2.5
0
100
4
1.6
Load factor, solar PV, %
30 30 21 20 31 29 18 17
Availability, solar PV, %
94 91 98 98 97 97 98 98
GHG emissions (scope 1 & 2), Mtonnes
0.0 0.0 0.1 0.1 0.3 0.2 0.2 0.4
GHG intensity (scope 1-3), g CO
2
e/kWh (excl.
cat. 11)
58 50 53 65 194 262 57 62
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.
17/50
Management’s review
Interim report First nine months 2025
Consolidated
financial statements
First nine months 2025
1 January – 30 September
Consolidated financial statements
Interim report
First nine months 2025
18/50
Consolidated statement of income
1 January – 30 September
In 9M 2025, ’Exchange rate adjustments relating to net investments in foreign
enterprises’ was impacted by the decrease in the USD, GBP, and NTD
exchange rates of 11.8 %, 5.2 %, and 5.1 %, respectively.
Consolidated statement of comprehensive income
1 January – 30 September
Note
Income statement
DKKm 9M 2025 9M 2024
3 Revenue
Cost of sales (26,967 ) (25,524 )
Other external expenses (6,776 ) (5,749 )
Employee costs (4,686 ) (4,897 )
Share of profit (loss) in associates and joint ventures (62 ) (60 )
5 Other operating income
5 Other operating expenses
(365 ) 6,289
Operating profit (loss) before depreciation, amortisation,
and impairment losses (EBITDA)
Amortisation and depreciation of intangible assets, and property,
plant, and equipment
(7,413 ) (7,654 )
4
Impairment losses on intangible assets, and property, plant,
and equipment
(1,505 ) (3,436 )
Operating profit (loss) (EBIT)
Gain (loss) on divestment of enterprises
Share of profit (loss) in associates and joint ventures 24 30
6 Financial income
6 Financial expenses
(8,806 ) (9,108 )
Profit (loss) before tax
9 Tax on profit (loss) for the period
(1,039 ) (3,267 )
Profit (loss) for the period
Profit (loss) for the period is attributable to:
Shareholders in Ørsted A/S 5,750 5,729
Interest payments and costs, hybrid capital owners of Ørsted A/S 151 227
Non-controlling interests
Earnings per share (DKK)
Diluted earnings per share (DKK)
Statement of comprehensive income
DKKm 9M 2025 9M 2024
Profit (loss) for the period
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period 180 5,486
Value adjustments transferred to income statement
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises (10,035 ) 1,250
Value adjustment of net investment hedges
Tax:
Tax on hedging instruments (276 ) (98 )
Tax on exchange rate adjustments
(451 ) (143 )
Other:
Share of other comprehensive income of associated companies, after tax (6 ) 6
Other comprehensive income (loss) that may be reclassified to
the income statement
(4,912 ) 3,995
Total comprehensive income
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S 1,388 9,288
Interest payments and costs, hybrid capital owners of Ørsted A/S
Non-controlling interests
Total comprehensive income
Consolidated financial statements
Interim report
First nine months 2025
19/50
Consolidated statement of income
1 July – 30 September
In Q3 2025, ’Exchange rate adjustments relating to net investments in foreign
enterprises’ was impacted by the decrease in the NTD and GBP exchange
rates of 4.2 % and 1.8 %, respectively.
Consolidated statement of comprehensive income
1 July – 30 September
Note
Income statement
DKKm Q3 2025 Q3 2024
3 Revenue
Cost of sales (5,669 ) (8,197 )
Other external expenses (2,582 ) (2,279 )
Employee costs (1,558 ) (1,586 )
Share of profit (loss) in associates and joint ventures (89 ) (38 )
5 Other operating income
5 Other operating expenses
(432 ) 4,962
Operating profit (loss) before depreciation, amortisation,
and impairment losses (EBITDA)
Amortisation and depreciation of intangible assets, and property,
plant, and equipment
(2,423 ) (2,548 )
4
Impairment losses on intangible assets, and property, plant,
and equipment
(1,757 ) (284 )
Operating profit (loss) (EBIT)
(1,116 ) 6,716
Gain (loss) on divestment of enterprises
Share of profit (loss) in associates and joint ventures 6 13
6 Financial income
6 Financial expenses
(2,435 ) (2,780 )
Profit (loss) before tax
(1,533 ) 5,508
9 Tax on profit (loss) for the period
(169 ) (339 )
Profit (loss) for the period
(1,702 ) 5,169
Profit (loss) for the period is attributable to:
Shareholders in Ørsted A/S (1,789 ) 5,055
Interest payments and costs, hybrid capital owners of Ørsted A/S - 59
Non-controlling interests
Earnings per share (DKK)
(4.2 )
Diluted earnings per share (DKK)
(4.2 ) 12.0
Statement of comprehensive income
DKKm Q3 2025 Q3 2024
Profit (loss) for the period
(1,702 ) 5,169
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period (617 ) 5,682
Value adjustments transferred to income statement
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises (1,896 ) (710 )
Value adjustment of net investment hedges
Tax:
Tax on hedging instruments 2 (90 )
Tax on exchange rate adjustments
Other:
Share of other comprehensive income of associated companies, after tax 1 (1 )
Other comprehensive income (loss) that may be reclassified to
the income statement
(1,619 ) 4,708
Total comprehensive income
(3,321 ) 9,877
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S (3,193 ) 9,577
Interest payments and costs after tax, hybrid capital owners of Ørsted A/S
Non-controlling interests
(128 ) 241
Total comprehensive income
(3,321 ) 9,877
Consolidated financial statements
Interim report
First nine months 2025
20/50
Consolidated statement of financial position
30 September
Note
Assets
DKKm
30 September
2025
31 December
2024
30 September
2024
Intangible assets
Land and buildings
Production assets 124,641 138,477 134,488
Fixtures and fittings, tools, and equipment 2,067 2,122 2,190
Property, plant, and equipment under construction 79,437 53,118 51,257
4 Property, plant, and equipment
Investments in associates and joint ventures
Receivables from associates and joint ventures 221 200 168
Other securities and equity investments 234 344 155
11 Derivatives
Deferred tax 9,863 9,250 9,178
Other receivables 2,942 3,218 3,010
Other non-current assets 15,735 14,842 14,572
Non-current assets
Inventories
11 Derivatives
Contract assets - 324 -
Trade receivables 6,313 9,045 6,857
Other receivables 9,398 9,936 9,459
Receivables from associates and joint ventures 134 41 39
9 Income tax
11 Securities
Cash 8,677 23,126 10,677
Current assets
Assets
Note
Equity and liabilities
DKKm
30 September
2025
31 December
2024
30 September
2024
Share capital
8 Reserves
(9,495 ) (5,164 ) (6,198 )
Retained earnings 69,163 63,098 67,981
Equity attributable to shareholders in Ørsted A/S
Hybrid capital
Non-controlling interests 8,785 10,391 4,185
Equity
Deferred tax
Provisions 17,490 17,735 17,371
Lease liabilities 7,589 8,076 8,058
12 Bond and bank debt
11 Derivatives
Contract liabilities 8,401 8,834 3,326
Tax equity liabilities 11,329 16,158 15,276
Other payables 5,397 5,825 5,418
Non-current liabilities
Provisions
Lease liabilities 796 834 881
12 Bond and bank debt
11 Derivatives
Contract liabilities 4,459 2,578 1,014
Trade payables 15,994 20,827 15,285
Tax equity liabilities 3,631 4,320 3,951
Other payables 7,541 7,106 5,508
9 Income tax
Current liabilities
Liabilities
Equity and liabilities
Consolidated financial statements
Interim report
First nine months 2025
21/50
1 In addition to the total reserves of DKK -9,495 million, a loss of
DKK 323 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 – 30 September
9M 2025
9M 2024
DKKm
Share
capital
Reserves
1
(note 8)
Retained
earnings
Share-
holders in
Ørsted A/S
Hybrid
capital
Non-con-
trolling
interests
Total
Group
Share
capital
Reserves
1
(note 8)
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:
Prof
it (loss) for the period - - 5,750
Other comprehensive income:
Cash flow hedgi
ng - 919 -
Exchange rate adjustments
(4,548 )
(4,548 ) - (712 ) (5,260 ) - (166 ) - (166 ) - (27 ) (193 )
Tax on other comprehensive income - (727 ) -
(727 ) - - (727 ) - (190 ) - (190 ) - (51 ) (241 )
Share of other comprehensive income of associated
companies, after tax - - (6 )
(6 ) - - (6 ) - - 6 6 - - 6
Total comprehensive income - (4,356 ) 5,744
Cash flow hedging of property, plant, and equipment
under construction
Coupon payments, hybrid capital - - -
Tax
Add
itions, hybrid capital - - -
Dispos
als, hybrid capital - - -
Di
vidends paid
Add
itions, non-controlling interests - - 289
Other
changes
Equity at 30 September
(9,495 ) 69,163
Consolidated financial statements
Interim report
First nine months 2025
22/50
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 30 September 2025 includes
’Bank overdrafts that are part of the ongoing cash management’, amounting
to DKK 2,182 million (2024: DKK 1 million).
Consolidated statement of cash flows
1 January – 30 September
Note
Statement of cash flows
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Operating profit (loss) before
depreciation, amortisation, and
impairment losses (EBITDA)
Reversal of gain (loss) on divestment
of assets
(3,190 ) (266 ) 112 (106 )
Change in derivatives
(508 ) 371
(740 )
Change in provisions and other items
(284 )
(6,957 )
Change in inventories (2,250 ) (3,983 ) (2,748 ) (1,480 )
Change in contract assets and liabilities 1,656 (972 ) 20 (2,067 )
Change in trade receivables 2,547 4,261 719 1,069
Change in other receivables (1,265 ) 812 (242 ) 123
Change in trade payables (3,859 ) (529 ) (619 ) 326
Change in tax equity liabilities (2,244 ) 1,303 (660 ) (681 )
Change in other payables (687 ) (1,077 ) (59 ) 192
Interest received and similar items 5,294 4,719 1,586 1,758
Interest paid and similar items (7,086 ) (5,351 ) (2,271 ) (1,965 )
Income tax paid (1,597 ) (3,180 ) (153 ) (659 )
Cash flows from operating activities
Purchase of intangible assets and
property, plant, and equipment
(39,718 ) (25,737 ) (14,984 ) (9,820 )
Sale of intangible assets and property,
plant, and equipment
Divestment of enterprises
(2 ) 1
Purchase of associates and joint ventures
(227 ) (163 )
Purchase of securities
(20,259 ) (11,023 )
(11,546 ) (5,018 )
Sale/maturation of securities
Change in other non-current assets
Transactions with associates and
joint ventures
(101 ) 63 (60 ) (2 )
Dividends received and capital
reductions
Cash flows from investing activities
(39,790 ) (23,839 ) (23,689 ) (7,013 )
Note
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Proceeds from raising of loans
Instalments on loans (4,955 ) (3,333 ) 731 (478 )
Instalments on leases (648 ) (511 ) (221 ) (166 )
Coupon payments on hybrid capital (151 ) (197 ) - (36 )
Repurchase of hybrid capital - (3,707 ) - (1,867 )
Proceeds from issuance of hybrid capital - 5,520 - -
Transactions with non-controlling
interests
(1,462 ) 1,652 (438 ) (157 )
Net proceeds from tax equity partners (147 ) 271 (80 ) 124
Collateral posted in relation to trading
of derivatives
(13,008 ) (8,515 ) (3,567 ) (2,674 )
Collateral released in relation to trading
of derivatives
Restricted cash and other changes
Cash flows from financing activities
Total net change in cash and cash
equivalents
(15,828 ) 349 (5,161 ) 1,314
Cash and cash equivalents at the
beginning of the period
Exchange rate adjustments of cash
and cash equivalents
(801 ) 183 (227 ) (110 )
Cash and cash equivalents at
30 September
Consolidated financial statements
Interim report
First nine months 2025
23/50
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 nine 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 nine 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 nine months 2025
24/50
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 3,513 million, which primarily relates to our
Shared Functions services as well as our B2B
business activities.
2 Last 12 months.
2. Segment information
9M 2025 income statement
DKKm Offshore Onshore
Bioenergy
& Other
Reportable
segments
Other
activities/
eliminations Total
External revenue 35,612 2,218 12,310
50,140 (30) 50,110
Intra-group revenue 1,172 (4) (768)
400 (400)
1
-
Revenue 36,784 2,214 11,542
50,540 (430) 50,110
Cost of sales (18,471) (32) (8,476)
(26,979) 12 (26,967)
Employee costs and other external expenses (8,382) (1,829) (2,181)
(12,392) 930 (11,462)
Gain (loss) on disposal of non-current assets 2,583 607 -
3,190 - 3,190
Additional other operating income and expenses 1,367 2,563 (178)
3,752 18 3,770
Share of profit (loss) in associates and joint ventures (55) (8) 1
(62) - (62)
EBITDA 13,826 3,515 708
18,049 530 18,579
Depreciation and amortisation
(5,135)
(1,573)
(492)
(7,200)
(213)
(7,413)
Impairment losses (2,607) 1,102 -
(1,505) - (1,505)
Operating profit (loss) (EBIT) 6,084 3,044 216
9,344 317 9,661
Key ratios
Intangible assets and property, plant, and equipment 146,088 59,062 9,501
214,651 1,104 215,755
Equity investments and non-current receivables 402 629 240
1,271 96 1,367
Net working capital, capital expenditures (5,805) (775) (75)
(6,655) - (6,655)
Net working capital, work in progress 6,947 - -
6,947 - 6,947
Net working capital, tax equity (890) (12,542) -
(13,432) - (13,432)
Net working capital, other items (1,555) 194 74
(1,287) 1,122 (165)
Derivatives, net (4,097) (3,051) (35)
(7,183) 1,858 (5,325)
Decommissioning obligations (9,578) (2,060) (2,464)
(14,102) - (14,102)
Other provisions (2,750) - (331)
(3,081) (1,592) (4,673)
Tax, net 5,877 (3,398) 206
2,685 27 2,712
Other receivables and other payables, net (4,686) (25) -
(4,711) (952) (5,663)
Capital employed at 30 September 129,953 38,034 7,116
175,103 1,663 176,766
Return on capital employed (ROCE)
2
, % - - - - - 2.0
Cash flow from operating activities 110 345 203
658 5,996 6,654
Gross investments (34,940) (3,514) (1,414)
(39,868) (56) (39,924)
Divestments 3,799 3,367 -
7,166 23 7,189
Free cash flow (FCF) (31,031) 198 (1,211)
(32,044) 5,963 (26,081)
Consolidated financial statements
Interim report
First nine months 2025
25/50
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 3,670 million, which primarily relates to our
Shared Functions services as well as our B2B
business activities.
2 Last 12 months.
9M 2024 income statement
DKKm Offshore Onshore
Bioenergy
& Other
Reportable
segments
Other
activities/
eliminations Total
External revenue 36,737 2,174 10,938
49,849 108 49,957
Intra-group revenue 868 (8) (289)
571 (571)
1
-
Revenue 37,605 2,166 10,649
50,420 (463) 49,957
Cost of sales (17,259) (69) (8,228)
(25,556) 32 (25,524)
Employee costs and other external expenses (7,806) (1,999) (2,114)
(11,919) 1,273 (10,646)
Gain (loss) on disposal of non-current assets 105 168 (7)
266 - 266
Additional other operating income and expenses 7,236 2,546 (87)
9,695 (82) 9,613
Share of profit (loss) in associates and joint ventures (50) (10) -
(60) - (60)
EBITDA 19,831 2,802 213
22,846 760 23,606
Depreciation and amortisation
(5,283)
(1,667)
(496)
(7,446)
(208)
(7,654)
Impairment losses
(2,887)
(549)
-
(3,436)
-
(3,436)
Operating profit (loss) (EBIT) 11,661 586 (283)
11,964 552 12,516
Key ratios
Intangible assets and property, plant, and equipment 126,028 62,941 8,102
197,071 1,190 198,261
Equity investments and non-current receivables 537 298 224
1,059 170 1,229
Net working capital, capital expenditures (4,968) (261) (98)
(5,327) - (5,327)
Net working capital, work in progress 5,275 - -
5,275 - 5,275
Net working capital, tax equity (1,177) (16,371) -
(17,548) - (17,548)
Net working capital, other items 4,175 561 (689)
4,047 1,882 5,929
Derivatives, net (4,013) (1,400) (1,237)
(6,650) 436 (6,214)
Decommissioning obligations (9,538) (2,254) (2,175)
(13,967) 1 (13,966)
Other provisions (5,311) - (623)
(5,934) (2,096) (8,030)
Tax, net 3,811 (5,074) (381)
(1,644) 542 (1,102)
Other receivables and other payables, net (3,692) (13) -
(3,705) (858) (4,563)
Capital employed at 30 September 111,127 38,427 3,123
152,677 1,267 153,944
Return on capital employed (ROCE)
2
, % - - - - - 8.1
Cash flow from operating activities 738 3,039 3,033
6,810 1,240 8,050
Gross investments (19,619) (4,693) (1,300)
(25,612) (82) (25,694)
Divestments (854) 3,259 -
2,405 (42) 2,363
Free cash flow (FCF) (19,735) 1,605 1,733
(16,397) 1,116 (15,281)
Consolidated financial statements
Interim report
First nine months 2025
26/50
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 1,119 million (Q3 2024: 1,233 million), which
primarily relates to our Shared Functions services as
well as our B2B business activities.
Q3 2025, income statement and FCF
DKKm Offshore Onshore
Bioenergy
& Other
Reporting
segments
Other
activities/
eliminations Total
External revenue 8,419 767 3,078
12,264 6 12,270
Intra-group revenue 357 (3) (216)
138 (138)
1
-
Revenue 8,776 764 2,862
12,402 (132) 12,270
Cost of sales (3,605) (9) (2,044)
(5,658) (11) (5,669)
Employee costs and other external expenses (3,008) (602) (800)
(4,410) 270 (4,140)
Gain (loss) on disposal of non-current assets (120) 8 -
(112) - (112)
Additional other operating income and expenses 259 669 (145)
783 21 804
Share of profit (loss) in associates and joint ventures (87) (2) -
(89) - (89)
EBITDA 2,215 828 (127)
2,916 148 3,064
Depreciation and amortisation (1,671) (515) (165)
(2,351) (72) (2,423)
Impairment losses (1,883) 126 -
(1,757) - (1,757)
Operating profit (loss) (EBIT) (1,339) 439 (292)
(1,192) 76 (1,116)
Cash flow from operating activities (1,386) 23 (1,006)
(2,369) 1,203 (1,166)
Gross investments (13,715) (863) (374)
(14,952) (19) (14,971)
Divestments (128) 50 -
(78) 22 (56)
Free cash flow (FCF) (15,229) (790) (1,380)
(17,399) 1,206 (16,193)
Q3 2024, income statement and FCF
DKKm
External revenue 11,798 805 3,182
15,785 (19) 15,766
Intra-group revenue 290 (4) (124)
162 (162)
1
-
Revenue 12,088 801 3,058
15,947 (181) 15,766
Cost of sales (5,875) - (2,295)
(8,170) (27) (8,197)
Employee costs and other external expenses (2,779) (770) (820)
(4,369) 504 (3,865)
Gain (loss) on disposal of non-current assets (17) 130 (7)
106 - 106
Additional other operating income and expenses 5,146 834 (120)
5,860 (84) 5,776
Share of profit (loss) in associates and joint ventures (33) (4) (1)
(38) - (38)
EBITDA 8,530 991 (185)
9,336 212 9,548
Depreciation and amortisation (1,752) (559) (167)
(2,478) (70) (2,548)
Impairment losses 199 (483) -
(284) - (284)
Operating profit (loss) (EBIT) 6,977 (51) (352)
6,574 142 6,716
Cash flow from operating activities (2,063) 95 (286)
(2,254) 615 (1,639)
Gross investments (8,502) (875) (386)
(9,763) (17) (9,780)
Divestments (45) 152 -
107 1 108
Free cash flow (FCF) (10,610) (628) (672)
(11,910) 599 (11,311)
Consolidated financial statements
Interim report
First nine months 2025
27/50
Revenue was DKK 50,110 million. The
increases in ‘Generation of power’ and ‘Sale of
power’ relative to the first nine months of
2024 was primarily driven by continuous
commissioning of new offshore assets and
higher availability, contributing to higher
generation. Further strengthened by generally
higher power prices, which adversely resulted
in lower subsidy per MWh produced
compared to the first nine months of 2024.
Revenue from construction agreements was
DKK 4,782 million in 9M 2025 and mainly
related to the construction of Greater
Changhua 4 for partners. In 9M 2024, revenue
from construction agreements was DKK 6,310
million and mainly related to the construction
of Borkum Riffgrund 3 and Gode Wind 3 for
partners.
3. Revenue
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
9M 2025
total
Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
9M 2024
total
Generation of power 9,806 1,541 3,094 -
14,441
7,496 2,039 3,679 - 13,214
Sale of power 12,201 16 250 (5)
12,462 11,478 3 231 (11) 11,701
Revenue from construction of wind farms and transmission assets 4,782 - - -
4,782 6,272 38 - - 6,310
Generation and sale of heat and steam - - 2,482 -
2,482 - - 2,357 - 2,357
Sale of gas - - 4,885 (3)
4,882 - - 3,183 (28) 3,155
Distribution and transmission - - 233 (1)
232 - - 256 (2) 254
O&M and other services 3,139 244 276 (421)
3,238 3,134 62 275 (422) 3,049
Total revenue from customers 29,928 1,801 11,220 (430)
42,519
28,380 2,142 9,981 (463) 40,040
Government grants 6,091 171 225 -
6,487
8,440 90 277 - 8,807
Miscellaneous revenue 765 242 97 -
1,104 785 (66) 391 - 1,110
Total revenue 36,784 2,214 11,542 (430)
50,110
37,605 2,166 10,649 (463) 49,957
Timing of revenue recognition from customers
At a point in time 15,787 1,801 2,600 (430)
19,758 13,756 2,142 4,452 (463) 19,887
Over time 14,141 - 8,620 -
22,761 14,624 - 5,529 - 20,153
Total revenue from customers 29,928 1,801 11,220 (430)
42,519
28,380 2,142 9,981 (463) 40,040
Consolidated financial statements
Interim report
First nine months 2025
28/50
3. Revenue (continued)
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
Q3 2025
total
Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
Q3 2024
total
Generation of power 2,355 451 736 -
3,542
2,117 716 1,033 -
3,866
Sale of power 2,202 10 94 13
2,319
2,903 3 94 7
3,007
Revenue from construction of wind farms and transmission assets 1,176 - - -
1,176
3,171 - - -
3,171
Generation and sale of heat and steam - - 464 -
464
- - 405 -
405
Sale of gas - - 1,286 (3)
1,283 - - 1,072 (5) 1,067
Distribution and transmission - - 84 -
84
- - 90 -
90
O&M and other services 1,093 77 77 (142)
1,105 1,208 12 34 (183) 1,071
Total revenue from customers 6,826 538 2,741 (132)
9,973
9,399 731 2,728 (181) 12,677
Government grants 1,912 149 33 -
2,094
2,522 22 65 - 2,609
Miscellaneous revenue 38 77 88 -
203 167 48 265 - 480
Total revenue 8,776 764 2,862 (132)
12,270
12,088 801 3,058 (181) 15,766
Timing of revenue recognition from customers
At a point in time 3,667 538 547 (132)
4,620 3,923 731 1,292 (181) 5,765
Over time 3,159 - 2,194 -
5,353 5,476 - 1,436 - 6,912
Total revenue from customers 6,826 538 2,741 (132)
9,973
9,399 731 2,728 (181) 12,677
Consolidated financial statements
Interim report
First nine months 2025
29/50
4. Impairments
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, the impaired
assets give rise to estimation uncertainty. 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
30 September 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 30 September 2025,
the impairment loss would have been DKK 1.2 billion
higher.
Impairment losses on segment level
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Offshore
2,607 2,887 1,883 (199)
Onshore
(1,102) 549 (126) 483
Bioenergy & Other
- - - -
Total impairment losses
1,505 3,436 1,757 284
WACC levels
%
30 September
2025
30 September
2024
Base discount
rate applied
for the US
5.50 % - 7.25 % 5.25 % - 6.75 %
9M 2025
9M 2024
Q3 2025
Q3 2024
30 September
2025
30 September
2024
ITC bonus credits
assumed in impairment tests
Sensitivity impact
DKK billion
Cash-generating units
DKKm
Impairment
losses
(reversals)
Impairment
losses
(reversals)
Impairment
losses
(reversals)
Impairment
losses
(reversals)
Recoverable
amount
Recoverable
amount
ITC
bonus credits
Probability
weighting
No ITC
bonus credits
40 % ITC
bonus credits,
100 %
probability
+50 bps
WACC
-50 bps
WACC
Ocean Wind seabeds
- 596 - - n.a.
n.a.
n.a. n.a.
n.a. n.a.
n.a.
n.a.
Sunrise Wind
2,325 (2,897) 2,036 (1,471) 11,892 8,499 10 % 95 % (4.8) 0.3 (1.6) 1.6
Revolution Wind
(145) 3,508 (83) 1,195 9,270 2,856 10 % 95 % (1.2) 0.1 (0.5) 0.5
South Fork
(132) 237 (70) 134 2,837 2,653 n.a. n.a.
n.a. n.a.
(0.1)
0.1
Block Island
59 (72) - (57) 1,096 1,250 n.a. n.a. n.a. n.a. (0.0) 0.0
Hornsea 4
500 - - - n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
FlagshipONE
- 1,515 - - n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Offshore
2,607 2,887 1,883 (199) 25,095 15,258
Onshore
(1,102) 549 (126) 483 13,652 4,096 n.a. n.a. n.a. n.a. (0.2) 0.2
Bioenergy & Other
- - - - n.a. n.a.
Total
1,505 3,436 1,757 284 38,747 19,354
Consolidated financial statements
Interim report
First nine months 2025
30/50
4. Impairments (continued)
Q3 2025 impairment losses (reversals)
We have recognised net impairment losses of
DKK 1.8 billion in Q3 2025 related to our US
portfolio. Impairments on our US offshore
projects were driven by tariffs in the US
(DKK 2.5 billion) and impact from the
stop-work order on Revolution Wind (DKK 0.5
billion), partly offset by decreasing interest
rates (DKK 1.1 billion). The impairment reversal
on our US onshore portfolio was driven by
decreasing interest rates (DKK 0.1 billion).
9M 2025 impairment losses (reversals)
In 9M 2025, net impairment loss amounted to
DKK 1.5 billion.
We have updated the impairment tests of our
US portfolio as of 30 September 2025, which
has resulted in a net impairment loss of
DKK 1.0 billion in 9M 2025.
The net impairment loss was driven by the
50 % tariff on steel and aluminium, the
reciprocal tariffs that were imposed in the US
in 2025 (DKK 3.7 billion), and the impact of the
order to stop ongoing activities on the Outer
Continental Shelf related to Revolution Wind
(DKK 0.5 billion), partly offset by a decrease in
the long-dated interest rate across our US
portfolio (DKK 2.7 billion) and positive market
price developments (DKK 0.5 billion).
In addition to the net impairment loss on our
US portfolio, we also recognised an impair-
ment loss of DKK 0.5 billion in Q2 2025 on the
Hornsea 4 project, caused by the decision to
discontinue the project in its current form.
Tariffs in the US
Throughout 2025, the US administration has
implemented several tariff measures as part
of an ongoing review of its trade policy.
In March 2025, the US Government imposed a
25 % tariff on all imports of steel and alumini-
um, removed prior exemptions for some
countries, and expanded the tariffs to also
cower downstream steel products, such as
nuts, bolts and structural components,
instead of only raw steel. The estimated
impact of this tariff resulted in impairments of
DKK 1.2 billion in Q1 2025 for our offshore
projects Sunrise Wind and Revolution Wind.
Effective from 4 June 2025, the 25 % tariff on
imports of steel, aluminium, and certain
products containing steel and aluminium was
increased to 50 %. In addition to this, the U.S.
Department of Commerce on 19 August 2025
announced a derivative inclusion decision,
whereby 407 items were added to the steel
and aluminium tariff lists, effective as of the
announcement. Amongst these items are
certain components for wind turbines that will
now expectedly receive a 50 % tariff on their
steel and aluminium derivative elements.
Further, on 21 August 2025, the U.S. Depart-
ment of Commence announced an inquiry into
the effects of specific imports a so-called
Section 232 investigation for wind turbines
and associated parts. The outcome of the
inquiry is not yet known but could potentially
lead to an increase in tariffs for the entire
value chain of wind turbine components,
including turbine blades.
In addition to the tariff on steel and alumini-
um, an executive order was signed in April
2025, imposing a 20 % tariff on imports into
the US from the European Union, of which
10 % was effective, and the remaining 10 %
was postponed. On 27 July 2025, the US
entered into a framework trade deal with the
European Union, imposing a 15 % tariff on
most US imports of EU goods. The 15 % tariff is
effective from 7 August 2025.
There are inherent uncertainties connected to
the development of tariffs, including the
development of tariffs on steel, the proposed
metals alliance between the US and the
European Union, and any related effects.
Based on our current interpretations and
assumptions, we recognised an additional
impairment loss of DKK 2.5 billion in Q3 2025
related to these tariffs.
The impact from these new tariffs involves a
number of key estimates and assumptions,
which are based on the expected interpreta-
tion, final agreements, and practical imple-
mentation of tariffs as well as the ongoing
legal challenges to certain of the imposed
tariffs. Consequently, inherent uncertainties
are embedded in the assumptions, which
reflect our current best estimate.
Stop-work order on Revolution Wind
On 22 August 2025, our project Revolution
Wind received an order instructing it to stop
activities on the Outer Continental Shelf.
On 3 September 2025, the project submitted
a notice of intention to sue the US federal
government, including the U.S. Department of
the Interior and Bureau of Ocean Energy
Management (BOEM), challenging the
Revolution Wind order. Following this, on
4 September 2025, the project filed a
complaint in the U.S. District court for the
District of Columbia, challenging the Order as
unlawful and alleging claims against the
federal agencies for violating US federal law.
The project is seeking relief, including the
lifting of the order, and filed a motion for
preliminary injunction with this US federal
district court on 5 September 2025.
On 22 September 2025, the U.S. District Court
for the District of Columbia granted the
preliminary injunction, allowing the
Revolution Wind project to resume construc-
tion activities while the underlying lawsuit
progresses.
The stop-work order has resulted in increased
costs due to the extension of contract for
Interim report First nine months 2025
31/50
Consolidated financial statements
4. Impairments (continued)
both our Revolution Wind and Sunrise Wind
projects, which has resulted in an impairment
loss of DKK 0.5 billion in Q3 2025.
Interest rates
The US long-dated interest rate decreased
from 30 June 2025 to 30 September 2025,
leading to lower WACC levels across our US
portfolio. In Q3 2025, the effect from
decreasing interest rates led to an impairment
reversal of DKK 1.3 billion across our US
portfolio.
Hornsea 4
On 7 May 2025, we decided to discontinue
development of Hornsea 4 in its current form,
leading to an impairment of DKK 0.5 billion in
Q2 2025.
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 nine months 2025
32/50
5. Other operating income and expenses
Other operating income
In 9M 2025, ‘Gain on divestment of assets’
primarily related to the farm-down of West of
Duddon Sands. In 9M 2024, ‘Gain on divest-
ments of assets’ mainly related to the farm-
downs completed in prior years.
‘Compensations’ in 9M 2025 primarily related
to compensation for grid delays related to
Borkum Riffgrund 3 from the German
transmission system operator.
Other operating expenses
In 9M 2025, ‘Cancellation fees’ was a net
income of DKK 0.7 billion and primarily
related to a reversal of provisions for onerous
contracts on Ocean Wind (DKK 1.3 billion),
partly offset by the decision to discontinue
our Hornsea 4 project in its current form
(DKK 0.7 billion).
The discontinuation of Hornsea 4 furthermore
comprises a DKK 2.2 billion write-down of the
offshore transmission asset recognised as
’Cost of sales’. Thus, total EBITDA impact
related to Hornsea 4 was DKK 2.9 billion.
In 9M 2024, ‘Cancellation fees’ was a net
income of DKK 6.4 billion and related to
Ocean Wind, partly offset by the decision to
cease the execution of FlagshipONE.
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’.
In the first nine months of 2025, we had a gain
in ‘Exchange rate adjustments, net’ compared
to a loss in the first nine months of 2024. This
development was due to exchange rate
adjustments of both external loans and
intercompany balances in holding companies
denominated in the subsidiaries’ functional
currencies. Loans and payables in GBP, USD,
and NTD generated a translation gain in 9M
2025 due to the strengthening of DKK against
the currencies of 5.2 %, 11.8 %, and 5.1 %
respectively, contrasting with the losses from
its weakening in 9M 2024.
The loss in ‘Value adjustments of derivatives,
net’ in 9M 2025 was mostly due to the losses
in NTD interest rate swaps used as economic
hedges for Greater Changhua 2. In 9M 2024,
we experienced gains on USD interest rate
swaps, which were not repeated in 9M 2025.
Net financial income and expenses
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Interest expenses, net
(1,302) (1,274) (386) (273)
Interest expenses, leasing
(229) (232) (84) (100)
Interest element of provisions, etc.
(1,003) (555) (316) (209)
Tax equity partners' contractual return
(837) (916) (259) (318)
Value adjustments of derivatives, net
(394) 486 65 (259)
Capital gains/losses on securities at market
value, net
14 433 24 420
Exchange rate adjustments, net
1,461 (1,107) 555 (534)
Other financial income and expenses
(35) 31 (26) 38
Net financial income and expenses
(2,325) (3,134) (427) (1,235)
Other operating income
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Gain on divestment of assets
3,476 335 38 163
US tax credits and tax attributes
2,597 2,538 714 794
Compensations
1,024 570 322 (72)
Miscellaneous operating income
228 147 50 35
Total other operating income
7,325 3,590 1,124 920
Other operating expenses
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Cancellation fees
(651) (6,409) - (5,109)
Ineffective hedges
178 (212) (18) (83)
Loss on divestment of assets
286 69 150 57
Miscellaneous operating expenses
552 263 300 173
Total other operating expenses
365 (6,289) 432 (4,962)
Consolidated financial statements
Interim report
First nine months 2025
33/50
8. Reserves 7. Gross and net investments
Gross and net investments
DKKm 9M 2025 9M 2024 Q3 2025 Q3 2024
Cash flows from investing activities
(39,790) (23,839) (23,689) (7,013)
Dividends received and capital reductions
reversed
(53) (20) (19) (20)
Purchase and sale of securities, reversed
6,782 (1,561) 8,641 (2,589)
Loans to associates and joint ventures, reversed
124 86 73 10
Sale of non-current assets, reversed
(6,987) (360) 23 (168)
Gross investments
(39,924) (25,694) (14,971) (9,780)
Transactions with non-controlling interests in
connection with divestments and acquisitions
202 2,003 (33) (60)
Sale of non-current assets
6,987 360 (23) 168
Divestments
7,189 2,363 (56) 108
Net investments
(32,735) (23,331) (15,027) (9,672)
Reserves 2025
DKKm
Foreign
currency
translation
reserve
Hedging
reserve
Total
reserves
Reserves at 1 January
4,812 (9,976) (5,164)
Exchange rate adjustments
(9,323) - (9,323)
Value adjustments
- 4,793 4,793
Value adjustments transferred to:
Revenue
- 764 764
Other operating expenses
- 134 134
Financial income and expenses
- 3 3
Tax:
Tax on hedging and currency adjustments
600 (1,327) (727)
Movement in comprehensive income for the period
(8,723) 4,367 (4,356)
Cash flow hedging of property, plant, and equipment
under construction, net tax
- 25 25
Total reserves including tax at 30 September
(3,911) (5,584) (9,495)
Total reserves excluding tax at 30 September
(4,522) (6,857) (11,379)
Reserves 2024
DKKm
Reserves at 1 January (384) (9,867) (10,251)
Exchange rate adjustments 1,277 - 1,277
Value adjustments - 3,529 3,529
Value adjustments transferred to:
Revenue - (827) (827)
Other operating expenses - (212) (212)
Financial income and expenses - (24) (24)
Tax:
Tax on hedging and currency adjustments (460) 270 (190)
Movement in comprehensive income for the period 817 2,736 3,553
Cash flow hedging of property, plant, and equipment
under construction, net tax - (58) (58)
Additions, non-controlling interests - 558 558
Total reserves including tax at 30 September 433 (6,631) (6,198)
Total reserves excluding tax at 30 September 188 (8,410) (8,222)
Interim report First nine months 2025
34/50
Consolidated financial statements
Tax on profit (loss) for the period
Tax on profit (loss) was DKK 1,039 million for
the first nine months of 2025 compared to
DKK 3,267 million for the first nine months of
2024.
Effective tax rate
The effective tax rate for the first nine months
of 2025 was 14 %. The effective tax rate was
Effective tax rate
The effective tax rate for the first nine 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 asset related to the impairments on our US projects and an unrecognised deferred tax asset related to the impairment on our Hornsea 4
project. ‘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
affected by:
the divestment gain from the 24.5 % farm-
down of West of Dudden Sands
the divestment gain from the 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
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).
the non-recognition of deferred tax assets
related to the impairment of projects and
the reversal of cancellation fees in the US
the non-recognition of deferred tax assets
related to impairment losses and cancella-
tion fees regarding the discontinuation of
the Hornsea 4 project in its current form.
9M 2025
9M 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
- 72 n.a.
- (1,446) n.a.
Gain (loss) on divestment of enterprises and assets
3,056 622 (20 %) - - n.a.
Impairment for the period
(1,505) 515 34 % (3,436) 143 4 %
Cancellation fees for the period
(1,531) (366) (24 %) 6,409 - n.a.
Other adjustments
- (212) n.a. - (427) n.a.
Remaining business
7,555 (1,670) 22 % 6,394 (1,537) 24 %
Effective tax for the period
7,575 (1,039) 14 %
9,367 (3,267) 35 %
Q3 2025
Q3 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
- (8) n.a.
- (366) n.a.
Gain (loss) on divestment of enterprises and assets
(80) - n.a. - - n.a.
Impairment for the period
(1,757) 449 26 % (284) (84) 30 %
Cancellation fees for the period
- (39) n.a. 5,109 - n.a.
Other adjustments
- (537) n.a. - 27 n.a.
Remaining business
304 (34) 11 % 683 84 (12 %)
Effective tax for the period
(1,533) (169) (11 %) 5,508 (339) 6 %
Consolidated financial statements
Interim report
First nine months 2025
35/50
62.6
26.2
12.1
20.0
11.5
7.8
GBP USD NTD
Before hedging After hedging
←
In Q3 2025, our currency exposure
and hedges have been updated with
our latest view of the expected
proceeds from and timing of our
divestment programme.
We do not deem EUR to constitute a
risk, as we expect Denmark to
maintain its fixed exchange-rate
policy.
23.3
4.0
-1.2
11.8
3.4
-0.3
Power Spread (power) Gas and oil
Before hedging After hedging
←
The exposures are based on market
prices as of 30 September 2025.
Energy exposure 1 October 2025 – 31 December 2027
DKKbn
Currency exposure 1 October 2025 – 30 September 2030
DKKbn
10. Market risks
←
As of 30 September 2025, the pre-
tax loss of the hedging reserve was
DKK 6.9 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 coun-
tered by a higher sales price on our
future power production.
0.1
-0.5
-5.3
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 nine months 2025
36/50
benchmark services to increase the data
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
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
11. Fair value measurement
comprise quoted securities, gas, and
derivatives that are traded in active markets.
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.
All assets and liabilities measured at market value are measured on a recurring basis.
Fair value hierarchy of financial
instruments
DKKm
Quoted prices
(level 1)
Observable
input
(level 2)
Non-
observable
input
(level 3)
30 September
2025
Quoted prices
(level 1)
Observable
input
(level 2)
Non-
observable
input
(level 3)
30 September
2024
Assets:
Gas inventory 1,859 - -
1,859 1,771 - - 1,771
Total inventory 1,859 - -
1,859
1,771 - - 1,771
Bonds - 21,376 -
21,376
- 28,718 - 28,718
Total securities - 21,376 -
21,376
- 28,718 - 28,718
Energy derivatives 1,159 547 859
2,565
1,882 3,467 1,055 6,404
Currency derivatives - 2,652 -
2,652 - 832 - 832
Interest and inflation derivatives - 231 -
231 - 437 - 437
Total derivative assets 1,159 3,430 859
5,448
1,882 4,736 1,055 7,673
Liabilities:
Energy derivatives 792 321 5,553
6,666 3,096 2,160 3,288 8,544
Currency derivatives - 987 -
987 - 1,716 - 1,716
Interest and inflation derivatives - 3,064 -
3,064 - 3,627 - 3,627
Commodity derivatives - 56 -
56 - - - -
Total derivative liabilities 792 4,428 5,553
10,773 3,096 7,503 3,288 13,887
Consolidated financial statements
Interim report
First nine months 2025
37/50
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 (PPAs)
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
extrapolating 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 9M 2025, we have recognised an income of
DKK 103 million related to the initial fair value
from PPAs. The total amount of initial fair
value as of 30 September 2025 amounts to a
loss of DKK 944 million, which will be recogni-
sed 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 of 30 Septem-
ber 2025. If intermittency-adjusted power prices in Germany as of 30 September 2025 decreased or
increased by 25 %, the market value would increase/decrease by DKK 1,446 million.
Non-observable input per commodity price input
DKKm 2025 2024
US ERCOT power prices
(3,103) (944)
German power prices
(1,552) (1,197)
US MISO power prices
(97) (282)
Other power prices
(43) 191
Gas prices
101 (1)
Total
(4,694) (2,233)
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) 205 62 486
(2,613) 2,921
Germany (2026-2036) 429 317 612
(1,446) 1,446
US MISO (2025-2040) 252 122 601
(359) 544
US SPP (2025-2035) 188 53 476
(327) 495
Ireland (2025-2042) 450 342 766
(195) 195
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
169 56
Value adjustments through other comprehensive income
(471) 4,950
Sales/redemptions
369 (180)
Purchases/issues
275 469
Transferred to quoted prices and observable input
120 -
Market value at 30 September
(4,694) (2,233)
Consolidated financial statements
Interim report
First nine months 2025
38/50
Interest-bearing net debt totalled DKK 83,154 million at 30 September 2025, an increase of
DKK 25,127 million relative to 31 December 2024. The main changes in the composition of our net
debt compared to 31 December 2024 was an increase in bank debt of DKK 16,835 million and a
decrease in cash of DKK 14,449 million.
At 30 September 2025, the market values of bond and bank debts were DKK 66.5 billion and
DKK 32.3 billion, respectively.
12. Interest-bearing debt and FFO
As of 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
30 September
2025
31 December
2024
30 September
2024
Interest-bearing debt:
Bond debt 70,435 72,028 71,554
Bank debt
32,515 15,680 22,281
Total bond and bank debt
102,950 87,708 93,835
Tax equity liability
1,528 1,764 1,679
Lease liability
8,385 8,910 8,939
Other interest-bearing debt:
Debt in connection with divestments 2,934 3,234 2,956
Debt from receiving collateral under credit support annexes
923 71 32
Other interest-bearing debt
120 137 129
Total interest-bearing debt
116,840 101,824 107,570
Interest-bearing assets:
Securities 21,376 14,532 28,718
Cash
8,677 23,126 10,677
Receivables from associates and joint ventures
300 202 168
Cash, not available for use
228 317 228
Other receivables:
Receivables from placing collateral under credit support
annexes
2,419 4,873 4,205
Receivables in connection with divestments
686 747 757
Total interest-bearing assets
33,686 43,797 44,753
Total net interest-bearing debt
83,154 58,027 62,817
Funds from operations (FFO) LTM
1
DKKm
30 September
2025
31 December
2024
30 September
2024
EBITDA 26,932 31,959 22,920
Change in provisions and other adjustments
(256) (13,184) (2,979)
Change in derivatives
(231) 648 (1,140)
Variation margin (add back)
128 (1,540) (5,170)
Reversal of gain (loss) on divestment of assets
(3,272) (348) (958)
Income tax paid
(4,745) (6,327) (3,767)
Interest and similar items, received/paid
(1,637) (477) 1,627
Reversal of interest expenses transferred to assets
(2,035) (1,011) (711)
50 % of coupon payments on hybrid capital
(320) (343) (277)
Dividends paid to minority interests
(1,621) (369) (406)
Dividends received and capital reductions
60 27 27
Funds from operations (FFO)
13,003 9,035 9,166
1 Last 12 months.
Adjusted interest-bearing net debt
DKKm
30 September
2025
31 December
2024
30 September
2024
Total interest-bearing net debt 83,154 58,027 62,817
50 % of hybrid capital
10,477 10,477 10,476
Other interest-bearing debt, add back
(3,977) (3,442) (3,117)
Other interest-bearing receivables, add back
3,105 5,620 4,962
Cash and securities not available for distribution,
excluding repo loans
800 710 618
Total adjusted interest-bearing net debt
93,559 71,392 75,756
Funds from operations (FFO)/
adjusted interest-bearing net debt, %
30 September
2025
31 December
2024
30 September
2024
Funds from operations (FFO)/
adjusted interest-bearing net debt
13.9% 12.7% 12.1%
Consolidated financial statements
Interim report
First nine months 2025
39/50
Agreement to divest a 50 % ownership
share in Hornsea 3
On 3 November 2025, Ørsted entered into an
agreement with Apollo-managed funds for a
50 % equity ownership share in Ørsted’s 2.9
GW Hornsea 3 Offshore Wind Farm in the UK.
The transaction represents a key milestone in
Ørsted’s funding plan and balances the key
objectives for partnerships and divestments
with an emphasis on capital management.
The transaction supports a further
strengthening of Ørsted’s capital structure
and ensures significant progress on its partner-
ship and divestment programme.
The transaction covers the acquisition of a
50 % equity ownership share and the
commitment from Apollo to fund 50 % of the
payments under the EPC contract for the
wind farm and the offshore transmission
asset. The total value of the transaction is
approx. DKK 39 billion.
Subject to customary regulatory approvals,
the transaction is expected to close before
the end of the year.
13. Subsequent events
Completion of rights issue
On 9 October 2025, Ørsted completed the
rights issue of new shares with a nominal
value of DKK 10 each pursuant to the
prospectus dated 15 September 2025. The
new shares were registered with the Danish
Business Authority on 9 October 2025.
On 10 October 2025, the 900,816,600 new
shares subscribed for in the offering were
admitted to trading and official listing on
Nasdaq Copenhagen A/S under the ISIN code
for the Company’s existing shares,
DKK0060094928.
As a result of the completion of the rights
issue, Ørsteds share capital increased by
DKK 9,008,166,000, and the share capital
hereafter amounts to DKK 13,211,976,800
divided into 1,321,197,680 shares with a
nominal value of DKK 10 each. The total
number of voting rights in the company is
1,321,197,680.
The rights issue has raised net proceeds of
DKK 59.4 billion after deduction of costs and
expenses payable by Ørsted in connection
with the offering.
40/50
Sustainability statements
Interim report
First nine months 2025
Sustainability statements
First nine months 2025
1 January – 30 September
41/50
Sustainability statements
Interim report
First nine months 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
42/50
Sustainability statements
Interim report
First nine months 2025
In Q3 2025, we commissioned the onshore
wind farm St. Wendel (17 MW) and the solar
farm ‘Hatzenhof Solarpark’ (9 MW
AC
), both in
Germany.
Following an agreement earlier this year to
cancel the project’s CfD, we have sent back
Hornsea 4 to early development and re-
moved 2,400 MW from our awarded capacity.
Hornsea 4 remains in the pipeline, as we con-
tinue to hold the seabed rights, grid connec-
tion agreement, and development consent
order for the project.
Renewable capacity
Business drivers
1 Solar PV capacity is measured in megawatts of
alternating current (MW
AC
).
2 Including thermal heat capacity from biomass and
battery capacity not in Onshore (1 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)
Q4 2024 Q1 2025 Q2 2025 Q3 2025
Mockingbird, solar PV (471 MW
AC
) Baltica 2, offshore wind (1,498 MW) No additions St. Wendel, onshore wind (17 MW)
Badger Wind, onshore wind (259 MW)
Hatzenhof Solarpark, solar PV (9 MW
AC
)
Old 300 BESS, battery storage (250 MW/500 MWh) Gode Wind 3, offshore wind (253 MW)
Bahren West 1, onshore wind (50 MW)
Ballinrea Solar Farm, solar PV (55 MW
AC
) Bahren West 2, onshore wind (62 MW)
Renewable capacity
MW 9M 2025 H1 2025
Δ
9M 2025 2024
Δ
Installed renewable capacity
18,500 18,473 27 18,500 18,170 330
Offshore, wind power
10,156 10,156 - 10,156 9,903 253
Onshore
6,289 6,242 47 6,289 6,192 97
Wind power
3,793 3,776 17 3,793 3,726 67
Solar PV power
1
2,136 2,126 9 2,136 2,126 10
Battery storage
360
340
20
360
340
20
Bioenergy
2
2,055 2,075 (20) 2,055 2,075 (20)
Decided (FID'ed) renewable capacity
8,874 8,894 (20) 8,874 7,638 1,236
Offshore
8,111 8,111 - 8,111 6,866 1,245
Wind power
7,811 7,811 - 7,811 6,566 1,245
Battery storage
300 300 - 300 300 -
Onshore
763 783 (20) 763 772 (9)
Wind power
364 381 (17) 364 370 (6)
Solar PV power
1
149 152 (3) 149 152 (3)
Battery storage
250 250 - 250 250 -
Awarded and contracted renewable capacity
1,255 3,655 (2,400) 1,255 5,153 (3,898)
Offshore, wind power
1,255 3,655 (2,400) 1,255 5,153 (3,898)
Sum of installed and FID'ed renewable capacity
27,374 27,367 7 27,374 25,808 1,566
Sum of installed, FID'ed, and awarded/contracted renewable capacity
28,629 31,022 (2,393) 28,629 30,961 (2,332)
43/50
Sustainability statements
Interim report
First nine months 2025
Generation capacity
Total power generation capacity was
12,879 MW at the end of 9M 2025, an increase
of 26 MW in Q3 2025, which was due to new
onshore wind and solar PV capacities in Ger-
many.
Business drivers
1 Fuel-specific thermal heat and power generation
capacities measure the maximum capacity using the
specified fuel as primary fuel at the multi-fuel plants.
They cannot be added to total thermal capacity, as
they are defined individually for each fuel type for
our multi-fuel plants. All fuels cannot be used at the
same time. Therefore, the total sum amounts to
more than 100 %.
Generation capacity
MW 9M 2025 H1 2025
Δ
9M 2025 9M 2024
Δ
2024
Power generation capacity
12,879 12,853 26 12,879 12,703 176 12,899
Offshore wind
5,435 5,435 - 5,435 5,228 207 5,260
Denmark
561 561 - 561 561 - 561
The UK
3,005 3,005
- 3,005 2,830
175
2,830
Germany
799 799 - 799 767 32 799
The Netherlands
376 376 - 376 376 - 376
Taiwan
598 598 - 598 598 - 598
The US
96 96 - 96 96 - 96
Onshore wind
3,737 3,720 17 3,737 3,666 71 3,666
The US
3,215 3,215 - 3,215 3,215 - 3,215
Ireland
351 351 - 351 351 - 351
The UK
78 78
- 78 78
-
78
Germany
93 76
17 93 22
71
22
Solar PV
1,610 1,601 9 1,610 1,642 (32) 1,876
The US
1,586 1,586 - 1,586 1,627 (41) 1,861
Germany
24 15 9 24 15 9 15
Thermal, Denmark (CHP plants)
2,097 2,097 - 2,097 2,167 (70) 2,097
Heat generation capacity, thermal
1
2,864 2,864 - 2,864 2,909 (45) 2,864
Based on biomass
2,032 2,032 - 2,032 2,032 - 2,032
Based on coal
- - - - 856 (856) -
Based on natural gas
1,574 1,574 - 1,574 1,617 (43) 1,574
Heat generation capacity, electric
249 249 - 249 200 49 249
Power generation capacity, thermal
1
2,097 2,097 - 2,097 2,167 (70) 2,097
Based on biomass
1,232 1,232 - 1,232 1,232 - 1,232
Based on coal
- - - - 618 (618) -
Based on natural gas
882 882
- 882 951
(69)
882
Based on oil
474 474 - 474 474 - 474
44/50
Sustainability statements
Interim report
First nine months 2025
Energy generation from offshore wind power
for 9M 2025 was at a similar level as for 9M
2024. Generation increased in Taiwan (due to
the commissioning of Changhua 1 and 2a in
Q2 2024) and in the UK and the US, and there
was increased availability across most of our
portfolio. However, this increase in generation
was offset by lower generation across most
of our portfolio due to lower wind speeds
compared to 9M 2024.
Onshore wind power generation was 1 % low-
er in 9M 2025 compared to 9M 2024, primarily
due to lower generation in the US as well as
the divestment of the French portfolio. This
was partly offset by increased generation in
Germany (primarily due to the commissioning
of Bahren West 1 in Q1 2025) and in the UK.
Power generation from solar PV increased by
17 % due to higher generation at most of our
US assets, primarily Mockingbird
(commissioned in Q4 2024) and Old 300 (fully
commissioned in Q3 2024 after being partly
commissioned in Q1 2023), partly offset by
lower generation at Sparta Solar due to the
divestment in Q1 2025.
Thermal power and heat generation was
23 % and 6 % lower, respectively, in 9M 2025
compared to 9M 2024, primarily due to the
shut-down of our coal-based capacity in H2
2024. In addition, the warmer weather in Q1
2025 resulted in less heat demand and there-
by lower generation.
Energy generation
Business drivers
Energy generation
GWh Q3 2025 Q3 2024
Δ
9M 2025 9M 2024
Δ
2024
Power generation
7,437 7,597 (2 %) 26,806 27,182 (1 %) 38,436
Offshore wind
3,788 3,522 8 % 12,904 12,859 0 % 18,599
Denmark
407 356 14 % 1,317 1,465 (10 %) 2,061
The UK
2,264
2,122
7 %
7,383
7,293
1 %
10,357
Germany
551 467 18 % 1,591 1,655 (4 %) 2,356
The Netherlands
251 258 (3 %) 797 970 (18 %) 1,333
Taiwan
265 271 (2 %) 1,557 1,297 20 % 2,220
The US
50 48 4 % 259 179 45 % 272
Onshore wind
2,149 2,109 2 % 8,638 8,757 (1 %) 11,959
The US
1,922 1,947 (1 %) 7,876 8,013 (2 %) 10,939
Ireland
156 139 12 % 546 554 (1 %) 759
France
-
-
-
-
51
(100 %)
51
Germany
35
8
338 %
87
39
123 %
49
The UK
36
15
140 %
129
100
29 %
161
Solar PV
1,074 1,161 (7 %) 2,881 2,472 17 % 3,356
The US
1,069 1,158 (8 %) 2,870 2,463 17 % 3,346
Germany
5 3 67 % 11 8 38 % 9
France
- - - - 1 (100 %) 1
Thermal
426 805 (47 %) 2,383 3,094 (23 %) 4,522
Heat generation
337 332 2 % 4,269 4,551 (6 %) 6,919
Total heat and power generation
7,774 7,929 (2 %) 31,075 31,733 (2 %) 45,355
Of which, thermal heat and power, %
10 14 (5 %p) 21 24 (3 %p) 25
45/50
Sustainability statements
Interim report
First nine months 2025
Energy sales and generation by energy source
Business drivers
Share of energy generation
In 9M 2025, the renewable share of heat and
power generation was 99 %, an increase of 2
percentage points compared to 9M 2024.
The driver for the increased renewable share
of heat and power generation was the 2 per-
centage point decrease in the share of coal-
based generation. This was due to the shut-
down of the coal-based Esbjerg Power Sta-
tion in September 2024 as well as our other
coal-based generation capacity in Q4 2024.
Energy sales
The 19 % increase in gas sales volumes in 9M
2025 compared to 9M 2024 was primarily
driven by higher offtake from DUC due to the
ramp-up of production at the Tyra gas field
(not owned by Ørsted).
Power sales in 9M 2025 were 12 % lower than
in 9M 2024, mainly due to lower wholesale
volumes from offshore wind generation, driv-
en by lower wind speeds.
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 sales
GWh Q3 2025 Q3 2024
Δ
9M 2025 9M 2024
Δ
2024
Gas sales
4,809 4,138 16 % 15,887 13,355 19 % 17,372
Power sales
3,979 4,010
(1 %)
12,481 14,128
(12 %)
19,967
Green power to end customers
1
289 189
53 %
755 572
32 %
813
Regular power to end customers
2
328 386
(15 %)
1,079 1,245
(13 %)
1,639
Power wholesale
3,362 3,435
(2 %)
10,647 12,311
(14 %)
17,515
Share of energy generation
%
Q3 2025 Q3 2024
Δ
9M 2025 9M 2024
Δ
2024
From renewable sources
100 96 4 %p 99 97 2 %p 97
Offshore wind
49 44 5 %p 41 40 1 %p 41
Onshore wind
27 27 0 %p 28 28 0 %p 26
Solar PV
14 15 (1 %p)
9 8 1 %p
7
Sustainable biomass
9 9 0 %p
20 20 0 %p
22
Other renewable energy sources
1 1 0 %p 1 1 0 %p 1
From non-renewable sources
0 4 (4 %p) 1 3 (2 %p) 3
Coal
- 4 (4 %p) - 2 (2 %p) 2
Natural gas
0 0 0 %p 1 1 0 %p 1
Other fossil energy sources
0 0 0 %p 0 0 0 %p 0
Share of renewable energy generation
100 96 4 %p 99 97 2 %p 97
46/50
Sustainability statements
Interim report
First nine months 2025
Energy consumption
Climate change
usage due to overall lower energy generation
at the CHP plants.
In addition, consumption of purchased or ac-
quired electricity from renewable sources
decreased by 24 %, driven by lower heat ge-
neration from electric boilers.
Total energy consumption from non-
renewable sources decreased by 76 % in 9M
2025 compared to 9M 2024. This reduction
was mainly driven by the discontinuation of
coal usage at our CHP plants during H2 2024.
Additionally, there was lower consumption of
natural gas due to unfavourable spreads and
lower overall generation volumes.
Total energy consumption from renewable
sources decreased by 3 % in 9M 2025 com-
pared to 9M 2024, driven by lower biomass
Energy consumption Unit Q3 2025 Q3 2024
Δ
9M 2025 9M 2024
Δ
2024
Total energy consumption from non-renewable sources MWh
114,474 944,224 (88 %) 503,133 2,122,704 (76 %) 2,384,997
Non-renewable fuels used in thermal heat and power generation MWh
56,576 894,981 (94 %) 343,409 1,990,297 (83 %) 2,211,856
Fuel consumed from coal and coal products MWh
-
796,911 (100 %)
-
1,449,733 (100 %) 1,449,425
Fuel consumed from natural gas MWh
31,646 60,884 (48 %) 226,751 424,034 (47 %) 606,373
Fuel consumed from crude oil and petroleum products MWh
24,940 37,186 (33 %) 116,658 116,530 0 % 156,058
Other fossil sources (oil, gas, and diesel for vessels and vehicles) MWh
57,430 48,906 17 % 156,299 129,212 21 % 168,062
Consumption of purchased or acquired heat from fossil sources MWh
458 337 36 % 3,425 3,195 7 % 5,079
Total energy consumption from renewable sources MWh
1,427,323 1,522,658 (6 %) 8,573,970 8,872,753 (3 %) 13,620,470
Renewable fuels used in thermal heat and power generation MWh
1,330,440 1,426,024 (7 %) 8,264,378 8,467,367 (2 %) 13,143,806
Of which, fuel consumed from biomass MWh
1,330,440 1,422,571 (6 %) 8,264,343 8,456,532 (2 %) 13,131,089
Consumption of purchased or acquired electricity and heat from renewable sources MWh
96,883 96,634 0 %
309,592 405,386 (24 %) 476,664
Total energy consumption MWh
1,541,797 2,466,882 (38 %) 9,077,103 10,995,457 (17 %) 16,005,467
Share of non-renewable energy consumption %
7 38 (31 %p) 6 19 (14 %p) 15
Share of renewable energy consumption %
93 62 31 %p 94 81 14 %p 85
47/50
Sustainability statements
Interim report
First nine months 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 Calculated using market-based scope 2 emissions.
4 Excludes scope 3 emissions from category 11: use of sold products.
slightly offset by a lower total heat and pow-
er generation.
Our scope 1-3 GHG intensity (excl. category 11)
decreased by 65 % compared to the same
period last year, reflecting the same factors
for scope 1-2 GHG intensity described above,
along with lower emissions from capital
goods.
Greenhouse gas (GHG) emissions
Climate change
in emissions from capital goods (asset build-
out) compared to 9M 2024 was due to fewer
assets being commissioned in the period.
The decrease in scope 3 emissions from capi-
tal goods was partly offset by a 32 % in-
crease in the use of sold products (category
11). The increase was primarily driven by an
increase in emissions from our natural gas
sales activities. In 2025, category 11 contains
coal sales in addition to gas sales. As part of
GHG emissions (scopes 1-3)
Scope 1 greenhouse gas (GHG) emissions de-
creased by 81 % from 9M 2024 to 9M 2025,
driven by the 83 % decrease in the non-
renewable fuels used in the heat and power
generation at our CHP plants, where the pri-
mary driver was the discontinuation of coal
usage in H2 2024.
Scope 3 GHG emissions decreased by 23 % in
9M 2025 compared to 9M 2024. The decrease
the closure of the coal-based generation ca-
pacity, we are selling the remaining coal that
we have in storage. This extraordinary sale of
coal will continue until all remaining coal is
sold.
GHG emissions intensities
Our scope 1 and 2 GHG intensity of energy
generation decreased by 81 % in 9M 2025
compared to H1 2024. This was primarily due
to the decrease in the use of fossil fuels,
GHG emissions and intensities Unit Q3 2025 Q3 2024
Δ
9M 2025 9M 2024
Δ
2024
Direct GHG emissions (scope 1) tonnes CO
2
e 29,730 313,326 (91 %) 127,288 663,634 (81 %) 733,299
Indirect GHG emissions (scope 2), location-based tonnes CO
2
e 13,814 17,318 (20 %) 35,906 47,497 (24 %) 58,925
Indirect GHG emissions (scope 2), market-based
1
tonnes CO
2
e 73 58 26 % 512 550 (7 %) 875
Indirect GHG emissions (scope 3) tonnes CO
2
e 1,593,603 2,165,060 (26 %) 5,642,786 7,314,448 (23 %) 9,043,386
Category 2: capital goods tonnes CO
2
e 19,831 756,433 (97 %) 246,748 2,744,814 (91 %) 3,050,022
Category 3: fuel- and energy-related activities tonnes CO
2
e 234,248 316,224 (26 %) 872,537 1,041,695 (16 %) 1,390,869
Category 11: use of sold products tonnes CO
2
e 1,173,008 944,247 24 % 4,106,702 3,116,105 32 % 4,032,177
Other categories tonnes CO
2
e 166,516 148,156 12 % 416,799 411,834 1 % 570,318
Total GHG emissions (location-based)
2
tonnes CO
2
e 1,637,147 2,495,704 (34 %) 5,805,980 8,025,579 (28 %) 9,835,610
Total GHG emissions (market-based)
2
tonnes CO
2
e 1,623,406 2,478,444 (34 %) 5,770,586 7,978,632 (28 %) 9,777,560
Scopes 1, 2, and 3 (excl. category 11) tonnes CO
2
e 450,398 1,534,197 (71 %) 1,663,884 4,862,527 (66 %) 5,745,383
Scope 3 (excl. category 11) tonnes CO
2
e 420,595 1,220,813 (66 %) 1,536,084 4,198,343 (63 %) 5,011,209
GHG emissions intensities, energy generation
GHG emissions intensity (scopes 1 and 2)
3
g CO
2
e/kWh 4 40
(90 %) 4 21
(81 %)
16
GHG emissions intensity (scopes 1, 2, and 3)
34
g CO
2
e/kWh 58 194 (70 %) 54 153 (65 %) 127
48/50
Sustainability statements
Interim report
First nine months 2025
Taxonomy-aligned revenue (turnover)
Our taxonomy-aligned share of revenue in 9M
2025 was 88 %, a decrease of 2 percentage
points compared to 9M 2024. This was mainly
due to higher non-eligible revenue from gas
sales.
Taxonomy-aligned CAPEX
Our taxonomy-aligned share of CAPEX in 9M
2025 remained at 99 % and is primarily relat-
ed to our wind and solar farms and our bat-
tery storage systems.
Taxonomy-aligned EBITDA
Our taxonomy-aligned share of EBITDA in 9M
2025 was 99 %, an increase of 1 percentage
point compared to 9M 2024. This was mainly
due to lower non-eligible EBITDA from other
activities.
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
% 9M 2025 9M 2024
Δ
2024
Taxonomy-aligned revenue (turnover)
88 90 (2 %p) 91
Electricity generation from solar PV (4.1) and storage of electricity (4.10)
2 1 1 %p 1
Electricity generation from wind power (4.3)
74 78 (4 %p) 78
Cogeneration of heat and power from bioenergy (4.20)
12
11
1 %p
12
Taxonomy-eligible but not taxonomy-aligned revenue (turnover)
0 1 (1 %p) 0
High-efficiency cogeneration of heat and power from fossil gas (4.30)
0
1
(1 %p)
0
Taxonomy-non-eligible revenue (turnover)
12 9 3 %p 9
Gas (sales)
10 6 4 %p 6
Coal (generation)
- 1 (1 %p) 1
Oil (generation and distribution)
0 1 (1 %p) 1
Other activities
1
2 1 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
99 98 1 %p 99
Electricity generation from solar PV (4.1) and storage of electricity (4.10)
6 3 3 %p 4
Electricity generation from wind power (4.3)
88 93 (5 %p) 91
Cogeneration of heat and power from bioenergy (4.20)
5 2
3 %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
1 2 (1 %p) 1
Gas sales
2 0 2 %p 0
Coal- and oil-based generation
0 0 0 %p 0
Other activities
1
(1) 2 (3 %p) 1
49/50
Sustainability statements
Interim report
First nine months 2025
ed to both construction and operation of our
assets.
Total hours worked increased by 23 % in 9M
2025, driven by an increase of 47 % in hours
worked by contractor employees, slightly
offset by a decrease of 4 % in the number of
hours worked by our own employees.
In Q3 2025, we recorded a case of permanent
disability after a contractor sustained a
fingertip amputation.
Safety
In 9M 2025, our total recordable injury rate
(TRIR) was at 2.5, which was 9 % higher than in
9M 2024. The lost-time injury frequency (LTIF)
increased from 1.2 in 9M 2024 to 1.5 in 9M
2025, an increase of 25 %.
The main driver of the increased number of
injuries and injury rates was the increased
number of contractor working hours in 9M
2025, relative to hours worked by our own
employees. The contractor hours were relat-
People
The number of employees was 3 % lower at
the end of 9M 2025 compared to 9M 2024.
Our voluntary employee turnover decreased
by 2.6 percentage points, whereas the total
turnover increased by 0.2 percentage points
compared to 9M 2024.
The reduction in the total number of employ-
ees and increased total turnover were related
to organisational adjustments.
1 Headcount distribution in other countries in 9M 2025: Korea (17), Spain (9), Vietnam (9), Singapore (7),
Sweden (5), and Norway (1).
People and safety
Own workforce
People 9M 2025 9M 2024
Δ
2024
Total number of employees, headcount
8,260 8,506 (3 %) 8,407
Denmark
3,765 4,053 (7 %) 3,984
The UK
1,306 1,303 0 % 1,272
Malaysia
800 782 2 % 792
Poland
832 774 7 % 783
The US
689 727 (5 %) 720
Germany
395 400 (1 %) 390
Taiwan
216 190 14 % 199
The Netherlands
107 109 (2 %) 105
Ireland
102 102 0 % 100
Other
1
48 66 (27 %) 62
Total number of employees, FTE
8,126 8,377 (3 %) 8,278
Turnover, %
Total employee turnover rate 13.5 13.3 0.2 %p 14.3
Voluntary employee turnover rate
6.2 8.8 (2.6 %p) 8.7
Safety 9M 2025 9M 2024
Δ
2024
Total recordable injuries (TRIs), number
71 53 34 % 85
Own employees 15 15 0 % 19
Contractor employees
56 38 47 % 66
Lost-time injuries (LTIs), number
43 28 54 % 45
Own employees 13 8 63 % 11
Contractor employees
30 20 50 % 34
Hours worked, million hours
28.2 22.9 23 % 30.9
Own employees 10.3 10.7 (4 %) 14.1
Contractor employees
17.9 12.2 47 % 16.8
Total recordable injury rate, TRIR
2.5 2.3 9 % 2.7
Own employees 1.5 1.4 7 % 1.3
Contractor employees
3.1 3.1 0 % 3.9
Lost-time injury frequency, LTIF
1.5 1.2 25 % 1.5
Own employees 1.3 0.7 86 % 0.8
Contractor employees
1.7 1.6 6 % 2.0
TRIR 12M rolling
2.8 2.4 17 % 2.7
LTIF 12M rolling
1.7 1.2 42 % 1.5
Fatalities, number
2 0 2 0
Own employees 0 0 0 0
Contractor employees
2 0 2 0
Permanent disability cases, number
1 0 1 0
Consolidated financial statements
Interim report
First nine months 2025
50/50
*Employee-elected board member
Executive Board:
Board of Directors:
Statement by the Executive Board
and the Board of Directors
18/50
Management’s review
Interim report First nine months 2025
CVR no. 36213728
Tel.: +45 99 55 11 11
Global Media Relations
Michael Korsgaard Nielsen
Tel.: +45 99 55 94 25
Investor Relations
Valdemar Hoegh Andersen
Tel.: +45 99 55 56 71
Front page image
Borkum Riffgrund 3, Germany
Publication
5 November 2025