Our Management Report consists of the Management’s Review and the
Sustainability Statements. We have prepared the Sustainability Statements
in accordance with the Corporate Sustainability Reporting Directive (CSRD)
and the mandatory European Sustainability Reporting Standards (ESRS).
Get an overview of all of our reporting material by downloading our
reports and investor presentations.
See all our reports at orsted.com
Contents
Management’s review 3
Sustainability statements 55
Financial statements 115
2
Management’s review
�rstedAnnual Report 2025
Management’s
review
Performance highlights � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5
Sustainability highlights � � � � � � � � � � � � � � � � � � � � � � � � � � � � 6
Letter to our stakeholders � � � � � � � � � � � � � � � � � � � � � � � � � � 7
Our business model � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 10
Our footprint � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 11
Outlook
Financial outlook 2026 � � � � � � � � � � � � � � � � � � � � � � � � � � � 13
Financial ambition and policies � � � � � � � � � � � � � � � � � � � � � � 15
Strategy and business
The renewable energy market � � � � � � � � � � � � � � � � � � � � � � 17
Our strategy � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 18
Executing our strategy � � � � � � � � � � � � � � � � � � � � � � � � � � � � 20
Strategic ambitions � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 22
Enterprise risk management � � � � � � � � � � � � � � � � � � � � � � � � 23
Performance
Full-year results � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 28
Five-year summary � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 32
Fourth quarter � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 33
Quarterly summary, 2024-2025 � � � � � � � � � � � � � � � � � � � � � 38
Corporate governance
Governance framework � � � � � � � � � � � � � � � � � � � � � � � � � � � 40
Board of Directors � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 43
Group Executive Team � � � � � � � � � � � � � � � � � � � � � � � � � � � � 47
Summary of our remuneration report � � � � � � � � � � � � � � � � � � 52
Shareholder information � � � � � � � � � � � � � � � � � � � � � � � � � � 53
3
Management’s review
�rstedAnnual Report 2025
55.0
25.1
Return on capital employed (ROCE)
%
ROCE was 5.4 % for the year. Adjusted for impairments and cancellation fees,
ROCE amounted to 8.4 % in 2025.
Interest-bearing net debt
DKKbn
Our interest-bearing net debt decreased to DKK 19.0 billion.
Profits and return
Operating profit (EBITDA)
DKKbn
EBITDA totalled DKK 22.4 billion. EBITDA excluding cancellation fees (DKK -1.4
billion) and new partnerships (DKK -1.3 billion) amounted to DKK 25.1 billion.
Cash flow and balance sheet
Gross investments
DKKbn
Our gross investments reached DKK 55.0 billion and was mainly driven
by our construction of wind and solar assets.
Follow up on outlook announced for 2025
EBITDA realised
DKKbn
Investments realised
DKKbn
19.0
58.0
47.4
2025
2024
2023
2025
2024
2023
55.0
42.8
38.5
Profit for the year
DKKbn
Profit for the year was DKK 3.2 billion. Profit for the year excluding cancellation
fees after tax (DKK -1.7 billion) and impairments after tax (DKK -2.9 billion)
amounted to DKK 7.8 billion.
Credit metric (FFO/adjusted interest-bearing net debt)
%
The credit metric funds from operations (FFO) relative to adjusted interest-
bearing net debt amounted to 43 % in 2025.
2025
2024
2023
43 %
13 %
29 %
2025
2024
2023
22.4
32.0
18.7
2025
2024
2023
5.4 %
4.5 %
-14.2 %
2025
2024
2023
3.2
-20.2
0.0
Excl. new partnerships and cancellation fees
New partnerships Cancellation fees
Performance highlights
Guidance (DKKbn) (6 Feb.): 25-28,
(5 Sep.): 24-27
With EBITDA excluding new partnerships
and cancellation fees totalling DKK 25.1
billion, earnings ended within our guidance
of DKK 24-27 billion.
Guidance (DKKbn) (6 Feb.): 50-54
Investments totalled DKK 55.0 billion and
thus ended slightly above our guidance
range of DKK 50-54 billion.
The increase was due to timing effects
across our construction portfolio, with a
larger amount of milestone payments being
paid in 2025.
5
Management’s review
�rstedAnnual Report 2025
Sustainability highlights
E Greenhouse gas emissions intensity
CO
2
e/kWh
The greenhouse gas intensity from our heat and power
generation and other operating activities (scopes 1 and 2)
was 4 g CO
2
e/kWh. Including scope 3 (excl. category 11
‘Use of sold products’), the greenhouse gas intensity was
69 g CO
2
e/kWh. The decrease in GHG intensities was due
to shutdown of coal-fired CHPs in 2024.
S Employee satisfaction
New employee engagement survey concept
2025 was a transition year, during which we assessed
new metrics and a new target for reporting in 2026.
In the meantime, leadership teams have used the standard
employee Net Promoter Score (eNPS) to assess employee
sentiment. For more details, see p. 96.
E Installed renewable capacity
GW
Installed renewable capacity increased by 2 % to
18.5 GW in 2025, mainly due to the commissioning of
the German offshore wind farm Gode Wind 3.
S Safety
Total recordable injury rate (TRIR)
We saw a further improvement in our safety
performance in 2025.
2.7 in 2024 / 2.8 in 2023.
G Gender
Diversity in the Board of Directors and the
Group Executive Team (all 16 members).
2025
2024
2023
18.5
18.2
15.7
2025
2024
2023
4 / 69
16 / 91
38 / 80
8.8
34 / 66
2.5
E Greenhouse gas emissions
(Scope 3), million tonnes, CO
2
e
7.4 in 2024 / 5.6 in 2023.
Our scope 3 greenhouse gas emissions were 8.8 million
tonnes CO
2
e. The increase was a result of higher gas sales
following the ramp-up of the Tyra gas field (not owned by
Ørsted) and sale of coal from storage after the shutdown
of coal-fired CHPs in 2024.
S Gender balance
Women/men
Our gender balance remained unchanged as the
impact was limited in 2025 with 37 % of all new hires
being women.
34:66 in 2024 / 35:65 in 2023.
Lower
GHG emissions intensity realised
(scopes 1 and 2)
4 g CO
2
e/kWh
Guidance (6 Feb.): Lower
The decrease in scope 1-2 emissions was
primarily due to the reduction in absolute
scope 1 emissions due to the cease of coal
usage in 2024.
GHG emissions intensity realised
(scopes 1-3, excl. category 11 ‘Use of
sold products’)
69 g CO
2
e/kWh
Guidance (6 Feb.): Lower
The decrease was driven by lower scope 1
emissions following the cessation of coal
usage and lower scope 3 emissions from
asset construction activity.
Higher
GHG emissions from category 11 realised
(scope 3)
8.8 million tonnes CO
2
e
Guidance (6 Feb.): Higher
The increase was driven by higher emissions
from gas sales due to the ramp-up of
the Tyra gas field and the sale of coal on
storage due to the shutdown of coal-based
generation in 2024.
In line
Gender balance
Gender with lowest representation: Women
Guidance (6 Feb.): Higher
The gender balance was in line with last year.
37 % of new hires were women in 2025.
44 % women
56 % men
Warsaw office, Poland.
Follow up on outlook announced for 2025
6
Management’s review
�rstedAnnual Report 2025
Strong
progress in
a defining
year
Letter to our stakeholders
The global outlook for renewable energy remains strong,
as nearly half of global electricity generation is expected
to come from renewables by 2030, and offshore wind
is expected to be a key contributor in the energy mix,
particularly in Europe, given the strong fundamentals and
the ability to ensure energy independence, affordability,
and decarbonisation of energy systems.
Sustaining and accelerating the momentum of offshore
wind demands greater visibility on capacity auctions
and predictable frameworks. We have recently seen the
willingness to this at the North Sea Summit 2026, where
governments in our core markets, alongside the wind
industry and transmission system operators, signed the
Joint Offshore Wind Investment Pact for the North Seas.
The pact will turn the North Sea into the green power
plant of Europe, reaffirming 300 GW of offshore wind
capacity by 2050, and charting a path of a more evenly
distributed offshore build-out between 2031 and 2040
with up to 15 GW installed capacity per year in Europe.
We are already seeing constructive changes to auction
frameworks that are supportive of the future build-out,
illustrated by updated tender frameworks in the UK
and the introduction of contracts for difference (CfDs)
for the upcoming tender in Denmark.
In Ørsted, we have sharpened our strategy to focus on
maintaining our global leadership position within offshore
wind, with an emphasis on our core markets in Europe
and select markets in APAC, where we have a distinct
competitive advantage and can leverage our unique off-
shore capabilities. As the global leader in offshore wind,
we will continue to work with governments, industry,
and investors to strengthen the conditions required to
support future offshore wind deployment.
Executing on our strategic priorities
2025 has been a defining year for Ørsted. We have
taken significant steps to solidify our financial
foundation and improve the robustness of our business.
We delivered DKK 25.1 billion of EBITDA, excl. new
partnerships and cancellation fees, in line with our
full-year earnings guidance, which was driven by a solid
operational performance.
At the outset of the year, we stepped away from our
long-term capacity ambitions and established four
strategic priorities to secure a more robust and focused
Ørsted. The four strategic priorities are a strengthening
of our capital structure, delivery of our 8.1 GW offshore
wind construction portfolio, a focused and disciplined
approach to capital allocation, and an improvement
of our competitiveness. We have made significant
progress across all four strategic priorities in 2025, and
continuing to deliver in the coming years will secure
our position as the global leader in offshore wind.
Our first priority is to strengthen our capital structure,
and we have taken substantial steps to deliver on this.
A key element was the completion of the rights issue,
and we are thankful for the strong support we received
from our shareholders. The completion of the rights issue
supports our target of a solid investment-grade credit
rating, and it has reinforced our ability to realise the full
value potential of our existing portfolio and capture
future value-creating offshore wind opportunities.
As part of the updated targets presented in connection
with the rights issue, we planned to secure more than
DKK 35 billion in proceeds through our partnership and
divestment programme across 2025 and 2026. With
the transactions signed during 2025 and the beginning
of 2026, where total proceeds are expected to amount
to around DKK 46 billion, we have ensured strong
delivery of this programme. This includes the divest-
ments of a 50 % stake in Hornsea 3, a 55 % stake in
Greater Changhua 2, the divestment of our European
onshore business, a 24.5 % stake in West of Duddon
Sands, a 50 % stake in two US onshore solar farms,
7
Management’s review
�rstedAnnual Report 2025
Revolution Wind,
Rhode Island, the US.
and a 49 % stake in our Badger Wind project. In addi-
tion, we reached financial close of a project financing
package for Greater Changhua 2. Going forward, we
will reduce dependency on divestments of operational
assets and instead undertake a more value-accretive
and flexible approach to partnerships and farm-downs.
Our second priority is to deliver on our 8.1 GW offshore
wind construction portfolio, and we have made solid
progress across our six construction projects spanning
three continents.
In Taiwan, we have installed all foundations and
tur bines at our Greater Changhua 2b and 4 project.
Ramp-up generation has started, and the commission-
ing of turbines is progressing, with full commissioning
expected in Q3 2026.
In Germany, we commissioned Gode Wind 3 in February
and also completed the installation of all foundations
and turbines for Borkum Riffgrund 3, which produced
first power in December and is expected to be commis-
sioned in Q1 2026.
In the UK, we have continued to progress the fabrica-
tion of key components for Hornsea 3 and prepare the
seabed for offshore installation, which will commence
during 2026.
In Poland, we have made significant progress on the
fabrication of both the foundations and the offshore
substations for Baltica 2 and continued to make pro-
gress on the onshore substation.
In the US, we have continued to make solid progress
across our Northeast Program. Sunrise Wind is ~45 %
complete, with more than half of the foundations
installed, and commissioning is planned for H2 2027.
At Revolution Wind, all foundations and array cables
have been installed, and the project is ~87 % complete.
The commissioning works are ongoing and expected to
be finalised in H2 2026.
On 22 August, Revolution Wind, LLC received a stop-
work order from the Bureau of Ocean Energy Manage-
ment (BOEM), instructing the project to halt offshore
activities pending completion of the U.S. Department
of Interior’s review required by the executive order
dated 20 January 2025. The project company filed
a lawsuit in the U.S. District Court for the District of
Columbia, challenging the stop-work order as unlaw-
ful. On 22 September 2025, Revolution Wind, LLC was
granted a preliminary injunction against the stop-work
order, allowing the project to resume construction
activities while the lawsuit progresses. The halted
offshore activities subsequently resumed.
On 22 December, Revolution Wind, LLC and Sunrise
Wind LLC each received orders requiring them to
suspend all ongoing activities on the outer continen-
tal shelf for 90 days for national security reasons and
with the possibility for extension of the suspension
period. Revolution Wind, LLC filed a second motion for
preliminary injunction in its existing lawsuit, this time
against the lease suspension order. On 12 January 2026,
the court granted a preliminary injunction, allowing
construction to resume while the lawsuit progresses.
Sunrise Wind LLC filed a lawsuit in the U.S District
Court for the District of Columbia, challenging its lease
suspension order, including a motion for a preliminary
injunction against the order. On 2 February 2026,
the court granted a preliminary injunction, allowing
construction to resume while the lawsuit progresses.
Both projects have subsequently resumed work on
the halted activities, and we are determining how it
may be possible to work with the US Administration
to achieve an expeditious and durable solution.
Our third priority is to ensure a focused and disciplined
approach to capital allocation, with a strategic empha-
sis on offshore wind opportunities in Europe and select
markets in APAC. During the year, we demonstrated
this disciplined capital allocation approach as we dis-
continued the development of Hornsea 4 in its current
form, well ahead of final investment decision (FID) and
thus avoided significant breakaway costs. We continue
to hold the seabed lease, grid connection, and key per-
mits, and we are reconfiguring the project for potential
future development.
In Q4 2025, we were awarded the rights under the
Irish Offshore Renewable Electricity Support Scheme
(ORESS) to develop the 900 MW fixed-bottom offshore
wind farm site Tonn Nua with our partner ESB. As a
potential final investment decision will not be until in
the early 2030s, this is an early-stage opportunity, and
the project needs to be assessed and matured through
our stage-gate process, including whether it meets our
value creation criteria.
Our fourth priority is to improve our competitiveness.
Our first efforts on this were to establish a new organ-
isational structure and adjust the Group Executive
Team to reflect the full offshore wind value chain with
development, construction, and generation reporting
directly to the CEO. In October, we announced that
we will be reducing our organisation by approximately
2,000 positions towards the end of 2027. While this
means many skilled and valuable colleagues will leave
the company, it is a necessary adjustment as it will
improve our cost efficiency and make our organisa-
tion more flexible going forward. It is also a natural
consequence of our strategic focus on offshore wind
in Europe and the completion of our current 8.1 GW
construction programme towards the end of 2027.
8
Management’s review
�rstedAnnual Report 2025
“
In 2025, we made significant
progress on our four strategic priorities,
strengthening Ørsted’s financial and
operational foundation as the leading
global developer and operator of
offshore wind.
Rasmus Errboe
Group President and CEO
Rasmus Errboe
Group President and CEO
Lene Skole
Ørsted Chair
In addition to this, we have initiated numerous measures
that are expected to enhance our competitiveness
within our business model. As we will have an installed
offshore wind capacity of more than 18 GW by the end
of 2027, our Generation organisation is taking several
measures to improve our output and to lower our cost
base through portfolio and operational efficiencies.
We are likewise progressing our value-enhancing activ-
ities within our Trading & Revenue function. Finally, we
are focusing on our unique capabilities in our Engineering,
Procurement & Construction (EPC) organisation.
Generation
In our offshore business, we delivered a total of 19.7 TWh
in 2025, which represent an increase of 6 % compared
to last year, despite the slightly lower wind speeds.
The increase was primarily driven by higher availability
rates, which stood at 93 % for the full year, up from 88 %
in 2024, and full contribution from Gode Wind 3.
In our onshore business, we delivered a total of 15.5 TWh
in 2025, which was in line with the production last year.
Our renewable share of generation reached 99 %,
which represents an increase of two percentage points
compared with last year. With this, we have achieved our
target of a 99 % share of renewable energy for 2025.
Financials
Our EBITDA excluding new partnerships and cancel-
lation fees amounted to DKK 25.1 billion, in line with
our full-year guidance of DKK 24-27 billion, and was
driven by solid operational performance across our
renewable assets. Across all of our three business areas,
we delivered earnings growth in 2025.
Despite wind speeds being lower than last year, earn-
ings from our offshore sites amounted to DKK 24.3
billion, representing an increase of approx. DKK 0.5
billion compared with last year, which in part was
driven by higher availability rates, ramp-up generation
at Gode Wind 3, and compensation for grid delay at
Borkum Riffgrund 3.
Our gross investments amounted to DKK 55.0 billion,
slightly above our full-year guidance of DKK 50-54 billion,
due to the timing of payments at the end of the year.
Safety
Our continued and relentless focus on safety has
continued, and it remains a top priority for us that all
our employees and contractors can return home safely
from work every day. In February, a tragic incident
involving a subcontractor at our US onshore wind
farm Plum Creek Wind resulted in two fatalities, and in
response to this, we have implemented several safety
improvement measures. We continue to strengthen
our safety commitments through targeted initiatives,
sharing of ‘best practices’ with suppliers, and direct
appointments of members in senior management that
are accountable for driving and improving health and
safety initiatives across the organisation. We reduced
the total recordable injury rate (TRIR) from 2.7 last year
to 2.5 this year.
Sustainability
We have continued to build on our leading sustainability
profile supporting our core business. Our three strategic
sustainability priorities – decarbonisation, biodiversity,
and community impact – are contributing to our com-
petitiveness and long-term resilience.
In 2025, we reached a significant milestone within
our decarbonisation journey as we became the first
energy company to complete a green transforma-
tion of its own energy production. We have reduced
our scope 1-2 emissions intensity by more than 98 %
since the beginning of our transformation in 2006,
building renewable energy and delivering on our
decarbonisation target in parallel. We will continue
our decarbonisation journey, focusing on reducing our
upstream and downstream carbon emissions to deliver
on our net-zero by 2040 target.
During 2025, we also delivered biodiversity pilots and
community impact initiatives across relevant parts of
development, construction, and generation phases
to help de-risk project delivery and secure our social
license to operate.
Strengthened foundation to pursue future opportunities
2025 has been an eventful and defining year for Ørsted,
as we have taken significant steps towards delivering
our four strategic priorities, especially with the strength-
ening of our financial foundation and our sharp focus on
value over volume. The delivery of our current offshore
construction programme will ensure that we grow
our installed capacity of offshore wind from currently
10.2 GW to more than 18 GW by the end of 2027.
By continuing to deliver on our strategic priorities, we
will be in a strong position to pursue new offshore wind
opportunities which meet our value creation criteria.
Finally, we would like to express our sincere gratitude
to our skilled colleagues, who, throughout a year
with global uncertainty as well as a new strategic
direction and organisational changes at Ørsted, have
once again demonstrated their resilience, willingness,
and unwavering commitment to drive Ørsted and the
energy transition forward.
9
Management’s review
�rstedAnnual Report 2025
Our business model
// ESRS 2, SBM-1
We create value by developing, construc ting, oper-
ating, and owning renewable assets and by providing
sustainable energy products to our customers.
Our portfolio includes offshore and onshore wind
farms, solar farms, energy storage, and combined
heat and power plants.
What we depend on
Resources
· Natural resources, such as wind and sun.
· Minerals and metals, such as steel and
copper, and critical raw materials.
Human capital
· Our talented employees work to
create value every day while adhering
to our core values.
Financial capital
· We have a flexible approach to partner-
ships and financing, tailored to project
and portfolio needs.
Stakeholder relationships
· We depend on political support for the
continued renewable energy build-out
and rely on a constructive dialogue
with authorities, suppliers, investors,
and joint venture partners.
What benefits we deliver
Customers
· Enter into long-term agreements to give
customers certainty about the costs and
origin of their renewable power supply.
· Help countries and companies meet their
climate targets and provide energy security
and independence to them.
Communities
· Ensure people in the regions where we
operate benefit from and support the
build-out of renewable energy.
Shareholders
· Invest in value-creating growth opportunities
and operate our portfolio in a cost-effective
way to create value for our shareholders.
Employees
· Ensure a safe and inclusive workplace
focused on employee skills development
and well-being.
Operate
Ensure high availability
and balance power to the grid.
Own
Manage and optimise our asset
portfolio and partnerships.
Develop
Secure pipeline through land and
project rights, grid access, and permits.
Construct
Build our assets through thorough supplier
selection and local content adherence.
10
Management’s review
�rstedAnnual Report 2025
Our footprint
Capacity
GW
In operation Under construction Awarded
The US
29.6 GW
Renewable capacity
Consisting of 18.5 GW in operation (installed), 8.9 GW
under construction (FID’ed), and 2.2 GW awarded.
8.0 GW
The US
Offshore
Onshore
Solar PV
Storage
1.9 GW
Taiwan
Offshore
2.8 GW
Poland
Offshore
2.7 GW
Germany
Offshore
Onshore
Solar PV
3.1 GW
Denmark
Offshore
CHP plants
Sales of energy
1.4 GW
Ireland
Offshore
Onshore
Solar PV
Spain
Onshore
8.9 GW
The UK
Offshore
Onshore
Storage
0.8 GW
The Netherlands
Offshore
Australia
Offshore
Sweden
Sales of energy
Korea
Offshore
Offshore wind
APAC
Offshore wind
Onshore wind
Solar PV
Storage
Offshore wind
The UK and Ireland
Onshore wind
Solar PV
Storage
Offshore wind
Continental Europe
Onshore wind
CHP, power
CHP, heat
1.9
1.8
3.5
2.1
0.6
9.4
0.5
0.1
0.3
7.0
0.2
2.1
2.9
11
Management’s review
�rstedAnnual Report 2025
Outlook
Hornsea 2
United Kingdom
Grimsby Dock Tower stands at 94 m tall, overlooking
Ørsted’s East Coast Hub in the Lincolnshire port town
in the UK. 89 km offshore, the 165 wind turbines of
the Hornsea 2 Offshore Wind Farm rise, each stand-
ing more than twice this height.
This year, we took full control of servicing and
maintaining the wind farm, after the service warranty
agreement with manufacturer Siemens Gamesa
Renewable Energy concluded. This means that we
now fully manage our entire UK offshore wind fleet.
12
Management’s review
Outlook
�rstedAnnual Report 2025
Financial outlook 2026
Our EBITDA guidance for the Group is the
prevailing guidance, whereas the directional
earnings development per business segment
(and component) serves as a means to support
this. Higher and lower indicate the direction
of the business unit’s earnings relative to the
results for 2025.
> 28 DKKbn
EBITDA (excluding new partnerships
and cancellation fees)
Realised 2025: DKK 25.1 billion
Higher
Offshore EBITDA (excluding new
partnerships and cancellation fees)
Realised 2025: DKK 19.6 billion
In line
Onshore EBITDA (excluding new
partnerships and cancellation fees)
Realised 2025: DKK 4.2 billion
50 - 55 DKKbn
Gross investments
Realised 2025: DKK 55.0 billion
In line
Bioenergy & Other EBITDA
Realised 2025: DKK 1.4 billion
Financial outlook
Guidance 2026
Forward looking statement
The annual report contains forward-looking
statements, which include projections of our
short- and long-term financial performance and
targets as well as our financial policies.
These statements are by nature uncertain and
associated with risk. Many factors may cause the
actual development to differ materially from our
expectations.
These factors include, but are not limited to,
changes in temperature, wind conditions,
wake and blockage effects, precipitation
levels, the development in power, coal, carbon,
gas, oil, currency, inflation rates, and interest
rate markets, the ability to uphold hedge
accounting, changes in legislation, regulations,
or standards, the renegotiation of contracts,
changes in the competitive environment in our
markets, reliability of supply, and market volatility
and disruptions from geopolitical tensions.
Read more about the risks in the chapter on
‘Enterprise risk management’ and in note 6
‘Risk management’ in the financial statements.
Furthermore, the proceeds we can realise from
our anticipated farm-downs and divestments as
part of the measures we take to support a robust
capital structure are subject to uncertainty.
Our EBITDA guidance does not include new partnership
agreements and impact from potential changes in
cancellation fees relating to ceasing development or
construction of projects.
Operating profit (EBITDA) excluding new partnership
agreements and cancellation fees is expected to be
above DKK 28 billion in 2026. As in previous years,
offsetting effects between the business units compared
to our directional guidance might occur.
13
Management’s review
Outlook
�rstedAnnual Report 2025
Offshore – higher
EBITDA excluding new partnerships and cancellation
fees is expected to be higher than 2025.
The development is driven by:
· ramp-up of generation from Greater Changhua 2b
and 4 and Revolution Wind
· wind speeds expected to be in line with historical
average, while 2025 was below
· the positive effect from construction agreement
at Hornsea 3
· lower expensed project development costs and
fixed costs
· partly offset by a step down in subsidy level for
Borkum Riffgrund 2, and Gode Wind 1 and 2 step-
ping out of subsidy
· lower expected power prices and lower earnings
from trading activities.
Onshore – in line
EBITDA excluding new partnerships and cancellation
fees from Onshore is expected to be in line with 2025.
The development is driven by:
· ramp-up of generation from Badger Wind Farm and
COD of Old 300 BESS
· divestment of our European onshore business.
Bioenergy & Other – in line
EBITDA excluding new partnerships and cancellation
fees is expected to be in line with 2025.
Gross investments
Gross investments for 2026 are expected to amount
to DKK 50-55 billion, mainly driven by:
· Offshore (Sunrise Wind, Greater Changhua 2b and 4,
Revolution Wind, Hornsea 3, Baltica 2)
· Onshore (Badger Wind, Old 300 BESS, and our
portfolio of development projects).
Uncertainties, prices, and hedges
The most significant uncertainty to the operating profit
in 2026 is the power generation, which depends on
wind and solar conditions, ramp-up of new assets, asset
availability, timing of possible farm-downs, and the
attractiveness of spreads on our CHP plants.
Our wind and solar PV assets are largely subject to
prices that are indexed to inflation or are fixed nominal,
implying a high degree of revenue certainty, setting
aside the above-mentioned volume risk. This means
that we know the price (or minimum price) per gener-
ated MWh for most wind farms in the Netherlands, the
US, and Germany and for the CfD wind farms in the
UK. For our British ROC wind farms, we also know the
subsidy per generated MWh, which we will receive in
addition to the market price.
High gas and power price volatility could impact
earnings for the year through optimisation possibilities
of our gas storage and sourcing contracts as well as
higher balancing and intermittency costs.
EBITDA from existing partnerships is highly sensitive
to development in construction activities and cost.
We are following developments regarding potential
tariffs and other regulatory changes, particularly
affecting the US and are continually assessing any
possible financial and wider impacts.
Gross investments guidance is particularly sensitive
to timing changes in our divestment programme and
payment schedules.
Greater Changhua 2b and 4,
Taiwan.
14
Management’s review
Outlook
�rstedAnnual Report 2025
Financial ambition and policies
Strategic priorities
During 2025, we introduced four new strategic priorities
to secure the delivery of our strategy. Firstly, strength-
ening our capital structure. Secondly, delivering on our
construction programme. Thirdly, ensuring a focused
and disciplined approach to capital allocation. And
lastly, improving our competitiveness. Throughout the
year, we have made good progress on each strategic
priority, which means we remain on track to deliver on
our financial targets and policies.
Financial targets
We have three key financial targets to support our build-
out. The financial targets cover (see details to the right):
· spread to WACC on investments
· EBITDA
· ROCE.
Financial policies and capital allocation
The Board of Directors intends to reinstate dividend
payments for the financial year 2026.
To ensure we have the financial robustness and the
strength to operate in the international energy and
financial markets, we target a solid investment- grade
rating with all three major rating agencies. This includes
an FFO/adjusted interest-bearing net debt credit metric
above 30 %.
1
Targeted range for spread to WACC at time
of bid/FID (whichever comes first) for individual
projects. The targeted range is not a hurdle
rate, and consequently, projects might deviate
from the targeted range.
Forward-looking statements are described
on page 13.
150-300 bps
Spread to WACC on investments
Fully loaded unlevered life cycle spread
to WACC at the time of bid/FID
1
Rating
Solid investment grade
with Moody’s/S&P/Fitch.
Capital structure
FFO/adjusted interest-
bearing net debt above
30 %.
1
Dividend policy
Target to reinstate
dividend from the financial
year 2026.
EBITDA
Group EBITDA excluding new partnerships
and cancellation fees
Continuous
>32 DKKbn
2027
~11 %
ROCE
Average return on capital employed
2026 – 2027
>13 %
2028 – 2030
Financial targets Financial policies
Anholt Offshore Wind Farm,
Denmark.
1
FFO to adjusted net debt reflecting
Ørsted definition.
15
Management’s review
Outlook
�rstedAnnual Report 2025
Strategy
and business
Greater Changhua
Taiwan
Cathy is the first woman to become an Ørsted
offshore wind technician in Taiwan, working on
the Greater Changhua Offshore Wind Farms.
The project has already created more than
8,300 jobs across the supply chain. Cathy hopes
to inspire more women to join her in working
directly on the wind turbines, out at sea.
16
Management’s review
Strategy and business
�rstedAnnual Report 2025
The outlook for renewable energy is strong. Nearly half
of global electricity generation is expected to come
from renewable energy sources in 2030, primarily
from wind and solar. Offshore wind generation alone
is expected to more than double in the next five
years. The need to decarbonise our energy systems
and strengthen energy security and independence is
clear and urgent. Achieving this requires predictable
frameworks and large-scale public and private
investments today.
The need for renewable energy
Global power demand continues to increase rapidly.
The impacts of climate change are evident, and they
have made the need for a sustainable energy transition
clear. Meanwhile, geopolitical conflicts, reliance on gas
imports, and increasing global competition underscore
the need for energy security and independence. The
renewable energy transition addresses these pressing
challenges while fostering local job creation and helping
protect nature. Renewable energy is becoming not only
a climate necessity but also an economic, industrial,
and security imperative.
Globally, the renewable energy market is expected to
double over the next five years, mainly driven by further
deployment of solar and wind. Europe is expected to
add over 600 GW in renewable capacity in this period.
Growth in renewable capacity requires supportive
policy frameworks and technology maturation.
The build-out of modern transmission grids remains
a gating factor for ramping up annual connections.
Predictable frameworks which reflect industry
conditions will increase competitiveness and enable
ramp-up of offshore wind. Recent decisions by equip-
ment manufacturers to pause or re-sequence new
European factories show the importance of predictable
frameworks and infrastructure investment to sustain a
healthy supply chain. Addressing key structural barriers
such as complex permitting, supply chain constraints,
and inadequate grid infrastructure will be essential to
sustain growth.
Offshore wind
Ørsted’s core business area, offshore wind, remains
crucial for meeting electrification and industrial policy
objectives, as it delivers reliable renewable energy at
scale, with low lifetime emissions and can create a
lasting, positive impact on biodiversity and local com-
munities.Offshore wind continues to display attractive
fundamentals, especially in Europe and APAC, and the
scaling of the technology is a cornerstone of future
clean energy systems in these regions. Developers with
strong execution capabilities, integrated supply chain
partnerships, and strong technical and integration
expertise will be positioned to drive progress as the
offshore wind market scales. In Ørsted’s core market,
Europe, offshore wind has established itself as the
backbone of the region’s future energy mix, a key lever
to reaching ambitious European climate milestones.
European markets such as the United Kingdom, Germany,
the Netherlands, Poland, and Denmark are charac-
terised by high energy demand, mature frameworks,
ambitious offshore wind targets, and a willingness
to support the build-out of offshore wind. National
energy strategies and cross-border grid initiatives are
laying the groundwork for a multi-gigawatt build-out
across European waters.
Several European markets have adjusted their tender
frameworks to reflect updated cost levels, signal-
ling a more nuanced approach to balancing price
competition with long-term industrial sustainability.
For instance, Denmark has signalled a shift towards
CfDs, reflecting a broader European move to de-risk
revenues and align auctions with industrial policy
goals. These developments highlight a maturing
market that increasingly values stability, innovation,
and long-term supply chain health.
In APAC, offshore wind development is progressing
at varying speeds, but the long-term growth outlook
remains strong, with a capacity growth of >30 GW
expected towards 2035 (excl. China). Taiwan has
advanced its round 3 framework, reinforcing its role as
a leading APAC offshore market with clear visibility on
build-out into the 2030s. Emerging offshore wind markets
such as South Korea and Australia announced clearer
regulatory pathways and early-stage capacity targets.
The region’s diverse market structures, combined with
increasing regional collaboration and grid investment,
are laying the foundation for steady growth.
Onshore renewables
Onshore technologies are the largest contributors of
renewable energy globally, with continued technology
improvements driving higher capacity factors and
lower costs. Onshore wind and solar deployment,
along with battery storage projects, continue to be key
enablers of increasing renewable penetration and grid
flexibility. The US remains one of the leading markets in
onshore solar and wind deployment, driven by significant
growth in key regions such as the Midwest, Texas, and
California. Supported by state-level clean-energy man-
dates and growing corporate demand, the US market
for onshore renewables continues to show strong long-
term fundamentals.
Overcoming the obstacles
While the medium- and long-term outlook for
renewables remains strong, difficult macroeconomic
conditions continue to challenge the industry and
The renewable
energy market
create uncertainty, especially for offshore wind in the
near term. However, with improved cost conditions and
targeted public investment, industry constraints can
be eased over the next few years to leverage the full
potential of offshore wind.
At the North Sea Summit in January 2026, a group of
European governments took a major leap towards this
shared goal by committing to a coordinated build-out
plan of up to 15 GW installed offshore wind capacity per
year in Europe from 2031 to 2040. The group, consist-
ing of the governments of Belgium, Denmark, France,
Germany, Ireland, Luxembourg, the Netherlands, Norway,
and the UK, will work towards a sound investment frame-
work for offshore renewables through mechanisms such
as two-sided contracts for difference and power purchase
agreements. With more investment predictability and
a de-risked investment framework, Ørsted and the rest
of the industry are committed to powering Europe with
cost-competitive, renewable, and reliable electricity.
Installed capacity outlook
GW
2025 ~40
2025
2025
2035 ~170
~6
~40
~1,100
~4,300
2035
2035
Europe
Asia Pacific (excl. China)
The US
X4
X7
X4
Offshore wind
1
Onshore wind, utility-scale solar PV and battery Storage
Source: BNEF (2025)
Onshore renewables
1
17
Management’s review
Strategy and business
�rstedAnnual Report 2025
Ørsted’s vision is to create a world that runs entirely
on green energy.
We are contributing towards this vision in our daily
work by developing, constructing, and operating
offshore wind and other renewable assets at scale and
by leading the way for an energy build-out that drives
positive change beyond green electrons.
Our strategic aspiration
Following an update to our strategy, our strategic
aspiration has changed from being the world’s leading
green energy major to focus on sustaining and enhanc-
ing our global leadership in offshore wind while also
being the leading workplace for talent in offshore wind
and a globally recognised sustainability leader.
The first part of our aspiration is to sharpen our focus
on offshore wind and pursue only markets with strong,
long-term fundamentals. We have more than 10 GW
of installed offshore wind capacity, and with the
completion of our 8.1 GW construction programme
over the coming years, we will further strengthen this
leadership position.
Our geographic focus will be narrowed to concen-
trate on markets where we have, or can build, a clear
competitive advantage. Specifically, we will prioritise
seabed-fixed offshore wind and only pursue adjacent
technologies that support offshore wind.
Geographically, we will concentrate on our core
European markets (the United Kingdom, Ireland,
the Netherlands, Germany, Poland, and Denmark),
continue to grow and operate in APAC (Taiwan,
Our strategy
Korea, and Australia), and maintain our presence in
the United States.
We will remain a focused, disciplined, and competi-
tive industry leader, well positioned to pursue future
value-accretive investments. Alongside the execution
of our offshore wind construction programme, we
will continue to advance our development pipeline
and carefully evaluate new growth opportunities
– with a disciplined and value-focused approach to
capital allocation.
We have separated our US onshore business to make
it stand-alone and autonomous, and we will continu-
ously optimise our combined heat and power plants in
Denmark without pursuing new carbon capture projects.
Additionally, we will scale back further offshore wind
development projects in the US.
The second part of our aspiration is to be the leading
workplace for talent in offshore wind. Over the past
several years, talent and culture have been placed
at the core of our strategy. Competing successfully
in a more focused and competitive market demands
a workforce with the right capabilities, mindset, and
agility. Our renewed strategy reaffirms this com-
mitment, and attracting, developing, and retaining
exceptional talent remain essential to sustaining our
competitive advantage.
To achieve this, we will continue to invest in leader-
ship development, strengthen talent pipelines, and
foster a high-performance culture built on collabora-
tion and performance management. Attracting and
retaining top talent is also deeply connected to our
Our strategic aspiration is to be:
the global leader in
offshore wind
the leading workplace
for talent in offshore wind
a globally recognised
sustainability leader
sustainability profile as today’s workforce increasingly
seeks to contribute to organisations that demonstrate
a genuine environmental and social responsibility.
The final strategic aspiration is to be a globally recog-
nised sustainability leader. Sustainability is embedded in
how we run our business, and for the last 15 years, we
have built a strong position as a climate leader. Going
forward, sustainability continues to support our com-
petitiveness and cost-effectiveness in priority markets.
We prioritise three strategic sustainability areas to
drive business value through sustainability and deliver
on our aspiration – decarbonisation, biodiversity, and
community impact. On decarbonisation, we focus
on reducing our upstream and downstream carbon
emissions to progress towards our long-term target to
reach net zero by 2040, mitigate upcoming regulatory
costs, and drive demand for the solutions needed
to create a resilient, decarbonised energy supply.
On biodiversity, we will deliver a net-positive biodiver-
sity impact from projects commissioned from 2030
to help restore nature and enable project delivery.
On community impact, we deliver positive, lasting
impact that enhance local well-being and strengthen
support for renewable energy projects. We also work
systematically with human rights in our supply chain to
mitigate adverse impacts and enable reliable access
to responsibly sourced materials. With these priority
areas, we lead the way for building a resilient business
and society.
With this new strategic aspiration, we will lead the
way in the industry and remain a global, competitive,
and focused leader in offshore wind.
Our vision
A world that runs entirely
on green energy
Hornsea 2 Offshore Wind Farm, the UK.
18
Management’s review
Strategy and business
�rstedAnnual Report 2025
Our rolling business priorities
As part of our strategy update, we have defined six
rolling business priorities that represent a strategic shift
in our business model and are designed to enhance
our competitiveness and reinforce our position as the
market leader in offshore wind.
We aim to strengthen our portfolio management by
adopting a more strategic top-down approach. This
will ensure a stronger alignment between our invest-
ment and long-term priorities, enabling more informed
decision-making. In parallel, we will expand our focus
to include brownfield opportunities, which are existing
assets or projects that can be upgraded, expanded,
or repurposed. Together, these initiatives will support
investment decisions that strike an effective balance
between risk and opportunity.
Our business platform
Technology and markets
Prioritise offshore wind in core
European markets alongside
a growth option in APAC and
production in the US
Scale back further offshore
wind development in the US
Offshore wind, fixed-bottom
Pursue adjacent technologies in
support of offshore
Continuously optimise
Bioenergy without pursuing
new carbon capture projects
in the immediate future
Bioenergy and carbon capture and storage
Separate US onshore
business to become stand-
alone and autonomous
Onshore wind, solar and storage
Our strategic priorities
In February 2025, four key strategic priorities
were presented that have been designed to
achieve our business plan:
1.
Strengthening the
capital structure
The first strategic priority is to strengthen
our capital structure to maintain a solid
investment-grade rating. A robust capital
structure is essential to our business model,
which focuses on the full lifecycle of off-
shore wind farms.
2.
Delivering on the
construction programme
Our second priority focuses on execution
of our construction programme which
includes 8.1 GW offshore wind capacity
under construction across three continents.
3.
Focused capital allocation
Our third priority is a focused and disciplined
approach to capital allocation guided
by a value-over-volume principle. We will
prioritise capital allocation towards offshore
wind activities, where we hold the most
differentiated capabilities.
4.
Increasing competitiveness
and cost efficiency
Our final priority is to increase competitive-
ness and cost-efficiency through continued
rightsizing of our organisation.
We will reinforce our commercial advantage by build-
ing on ongoing initiatives within revenue and offshore
wind development. Our Trading & Revenue function
is being scaled up by integrating structured products
and advancing digital capabilities. At the same time,
we will adopt a structured approach to innovation to
strengthen our competitiveness and establish innova-
tion as a key value driver across the business.
We will redefine our approach to partnerships and
financing by introducing a more flexible approach that
is tailored to project and portfolio needs. This redefined
model will ensure that partnership and financing consid-
erations are integrated from the outset of each project,
enabling more optimal structures and outcomes.
Our EPC organisation will be adjusted to enhance com-
petitiveness. With the changes, our EPC organisation
will be more flexible and focus on true differentiating
capabilities and on enhancing competitive advantages.
Capabilities that are assessed to be non-core or non-
differentiated will be targeted for outsourcing.
We will maximise cash flow from our generation
activities through standardisation, operational and
portfolio efficiencies, technological innovation, and
stronger integration across operating assets and within
and between operations hubs. These initiatives will
drive value creation, improve safety, and position us to
capture additional synergies and economies of scale
as we seek to scale our operating portfolio over the
coming years.
Finally, we will enhance organisational efficiency by
aligning our structure with our strategic priorities –
creating a leaner, more cost-competitive organisation
focused on core capabilities. This will ensure the
organisation reflects our value-accretive opportunities
while maintaining greater flexibility.
Gentofte office, Denmark.
19
Management’s review
Strategy and business
�rstedAnnual Report 2025
Executing
our strategy
In 2025, we defined four key strategic priorities to
deliver on our business plan. Throughout the year, we
have progressed and delivered on these priorities.
During the year, we reached 10 GW of installed
offshore wind capacity with the commissioning of our
German offshore wind farm Gode Wind 3.
Strengthening our capital structure to maintain a
solid investment-grade rating
By completing the rights issue in October, we raised
DKK 60 billion in gross proceeds, which will cover the
incremental funding requirement from retaining full
ownership of Sunrise Wind in the US. Additionally, the
proceeds will contribute to an appropriate capitali-
sation in the years from 2025 through 2027 when we
will complete the construction of our 8.1 GW offshore
wind construction portfolio. Finally, it will increase our
financial robustness and flexibility.
In addition to the rights issue, we have taken further
steps to ensure a robust capital structure.
In the UK, we closed an agreement with Apollo
to divest a 50 % ownership share in our Hornsea 3
project. The total value of the transaction is approx-
imately DKK 39 billion. It represents a key milestone
in our funding plan, and the transaction will further
strengthen our capital structure.
In Taiwan, we obtained project financing for our off-
shore wind project Greater Changhua 2, raising approx.
TWD 90 billion (~DKK 20 billion). In December, we
signed an agreement with Cathay Life Insurance and
its affiliate Cathay Power to divest a 55 % ownership
share of Greater Changhua 2. The total value of the
transaction is approximately DKK 5 billion and takes
into consideration the existing project financing
arrangements.
Additionally, we closed the divestment of a 24.5 %
stake in our West of Duddon Sands Offshore Wind
Farm, and in February 2026, we signed a divestment
agreement on our European onshore business. In the
US, we completed the 50 % farm-downs of two solar
farms, Eleven Mile Solar Center and Sparta Solar, and
divested a 49 % stake in our Badger Wind project.
All of these initiatives will strengthen our capital
structure, which is essential to our business model.
Delivering on the current 8.1 GW
construction programme
In the US, we have continued to progress across our
Northeast Program. Sunrise Wind is ~45 % complete,
with more than half of the turbine foundations installed
and commissioning planned for H2 2027. Revolution
Wind is ~87 % complete, and the commissioning works
are ongoing and expected to be finalised in H2 2026.
On 22 August, Revolution Wind, LLC received a
stop-work order from the Bureau of Ocean Energy
Management (BOEM), instructing the project to
halt offshore activities pending completion of the
U.S. Department of Interior’s review required by the
executive order dated 20 January 2025. The project
company filed a lawsuit in the U.S. District Court for
the District of Columbia, challenging the stop-work
order as unlawful. On 22 September 2025, Revolution
Wind, LLC was granted a preliminary injunction against
the stop-work order, allowing the project to resume
construction activities while the lawsuit progresses.
The halted offshore activities subsequently resumed.
Construction programme
2025 → 2027
8.1 GW
913
MW 2,852 / 300 MW
Borkum Riffgrund 3
Commercial operation date: Q1 2026
All foundations and wind turbines are installed.
TSO-driven delay to grid connection, which
Ørsted is financially compensated for.
First power delivered in December 2025.
Hornsea 3 / storage (BESS)
Commercial operation date: H2 2027
Onshore converter stations and cable routes
progressing according to schedule. Fabrication of
the two offshore converter stations on schedule.
Manufacturing of wind turbine foundations
commenced.
920 MW 924 MW
Greater Changhua 2b and 4
Commercial operation date: Q3 2026
All wind turbines and foundations are installed.
Installation of remaining array cable work is
ongoing. First power reached in July 2025.
Sunrise Wind
Commercial operation date: H2 2027
Resumed offshore activities following grant of
preliminary injunction against lease suspension
order. 44 of the 84 wind turbine foundations
installed. Continues work to maintain installation
schedule for first power and commissioning.
1,498 MW704 MW
Baltica 2
Commercial operation date: H2 2027
Installation of onshore export cables commenced
in October. Commenced fabrication of wind
turbine foundations. Installation of wind turbine
foundations planned to begin in 2026.
Revolution Wind
Commercial operation date: H2 2026
Resumed offshore activities following grant
of preliminary injunction against lease
suspension order. Commissioning works on
onshore substation progressing.
20
Management’s review
Strategy and business
�rstedAnnual Report 2025
On 22 December, Revolution Wind, LLC and Sunrise
Wind LLC each received orders requiring them to
suspend all ongoing activities on the outer continental
shelf for 90 days for national security reasons and with
the possibility for extension of the suspension period.
Revolution Wind, LLC filed a second motion for prelim-
inary injunction in its existing lawsuit, this time against
the lease suspension order. On 12 January 2026,
the court granted a preliminary injunction, allowing
construction to resume while the lawsuit progresses.
Sunrise Wind LLC filed a lawsuit in the U.S District
Court for the District of Columbia, challenging its lease
suspension order, including a motion for a preliminary
injunction against the order. On 2 February 2026,
the court granted a preliminary injunction, allowing
construction to resume while the lawsuit progresses.
Both projects have subsequently resumed work on
the halted activities, and we are determining how it
may be possible to work with the US Administration
to achieve an expeditious and durable solution.
Our offshore construction portfolio across Europe and
APAC is also progressing well and within schedule.
In Taiwan, the construction of Greater Changhua 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 schedule and expect commissioning
of the project in Q3 2026.
In the UK, the offshore and onshore construction activi-
ties for our Hornsea 3 project are progressing according
to plan. The main construction of the project’s two
offshore converter stations has been completed, and
the first monopiles have been fabricated. In addition,
site preparation for the export cables has commenced.
Furthermore, the construction of our 300 MW energy
storage project connected to the Hornsea zone.
In Poland, our Baltica 2 project continues to make
progress on both offshore and onshore activities.
The seabed and landfall connection points for the
export cables are being prepared, and fabrication of
foundation monopiles is progressing well.
In addition to our current construction portfolio, we
started off 2025 by completing two German offshore
wind farms. In the first quarter, we successfully commis-
sioned Gode Wind 3, thereby reaching more than 10 GW
of installed offshore wind capacity. The construction
of Borkum Riffgrund 3 was also completed in the first
quarter. However, the installation of the project’s power
grid connection has been delayed by the German TSO,
and we now expect to reach commissioning in Q1 2026.
We are being compensated for this delay.
Applying a focused and disciplined approach to capi-
tal allocation guided by a value-over-volume principle
To ensure a focused and disciplined capital alloca-
tion, we will mainly focus on offshore wind in Europe
and select markets in APAC. As part of these efforts,
we will move towards a more flexible partnership
and financing approach to ensure value creation and
risk diversification.
This is underlined by discontinuing Hornsea 4 in its
current form, our strategic decision not to participate
in the Danish CCS tenders in the immediate future,
and having signed a divestment agreement on our
European onshore business.
In Q4 2025, we were awarded the rights under the
Irish Offshore Renewable Electricity Support Scheme
(ORESS) to develop the 900 MW fixed-bottom offshore
wind farm Tonn Nua site with our partner ESB. This is an
early-stage opportunity, and the project needs to be
assessed and matured through our stage-gate process,
including meeting our value creation criteria before
potential final investment decision in the early 2030s.
With this focus in mind, we also entered into a memo-
randum of understanding with Korea South-East Power
Company (KOEN) and POSCO for our Incheon offshore
wind project. The aim is to explore cooperation on joint
development, construction, and operations, including
potential equity participation.
Increasing cost competitiveness and cost-efficiency
In October, we announced that we will rightsize our
organisation further by reducing approx. 2,000 posi-
tions towards the end of 2027. The adjustment of the
organisation increases our competitiveness and is a
natural consequence of our strategic focus on offshore
wind in Europe and select markets in APAC and the
completion of our construction programme.
Borkum Riffgrund 3,
Germany.
Besides cost reductions, we also increase our compet-
itiveness through innovative solutions. An example of
this is the establishment of our low-noise monopile
installation technology platform, OSONIC, which
reduces installation noise by 99 % while also enabling
cost savings. Going forward, we will offer licensing
of the technology and related services to third-party
developers for European offshore wind projects.
The creation of the platform aligns with our focused
approach to capital allocation, as the technology
will strengthen the value creation potential of future
offshore wind projects and improve the competitive-
ness of offshore wind as an energy source. Recently, we
have entered into a preferred supplier agreement on
OSONIC with Luxcara, a German energy infrastructure
asset manager.
We continue to deliver sustainability action, con-
tributing to building Ørsted’s competitiveness and
delivering on our business plan. In 2025, we became
the first energy company to complete a transforma-
tion from fossil fuels to renewable energy. We have
reduced scope 1-2 emissions intensity by more than
98 % since the beginning of our transformation in
2006, thereby building green energy and delivering
on our decarbonisation target in parallel. We also
delivered biodiversity pilots and community impact
initiatives across relevant parts of the development,
construction, and generation phases to help de-risk
project delivery and secure our social license to
operate. For example, we delivered good results on
our biodiversity pilot with ARK to rewild the Dutch
North Sea, and we laid the groundwork for collabo-
ration with TAFE Gippsland and Federation University
in Australia to build a skilled local workforce for the
offshore wind industry. Read more about sustainability
in our Sustainability statements.
21
Management’s review
Strategy and business
�rstedAnnual Report 2025
Strategic ambitions
Installed renewable capacity
Gross capacity, GW
Offshore Onshore Bioenergy
Average ROCE Science-based target to reach net zero by 2040
GHG emissions intensity, g CO
2
e/kWh
Scope 1-3 GHG intensity (excl. category 11 ‘Use of sold products’)
2025
2027
2018
2025
//
//
2030
2040 <2.9
18.5
Group EBITDA
(excl. new partnerships and cancellation fees)
DKKbn
2025
2027
25
>3227
322
69
75
Science-based
targets
1
150-300 bps
Spread-to-WACC target
Fully loaded unlevered lifecycle spread to WACC at the time of bid/FID
2
1
See page 69 in the ‘E1 Climate change’ chapter for details on our SBTi-validated
climate targets.
2
Targeted range for spread to WACC at time of bid/FID (whichever comes first)
for individual projects. The targeted range is not a hurdle rate, and consequently,
some projects may deviate from the targeted range.
Net-positive biodiversity
impact from all new renewable
energy projects we commission
from 2030 onwards
We exclusively use
green and sustainable long-
term financing, and all projects
are taxonomy-aligned.
Women
Men
Gender balance in our total
workforce by 2030.
40
60
-77 %
-99 %
~11 %
>13 %
2026-2027 2028-2030
// //
22
Management’s review
Strategy and business
�rstedAnnual Report 2025
changing geopolitical priorities in key markets may
affect regulatory regimes and the pace of decarbonisa-
tion commitments. Ørsted is dependent on continued
governmental support for power produced by renew-
able energy sources such as contracts for difference
(CfDs) and other support schemes.
‘Revenue risk’ (power price and volume risk) is our
third-largest risk, moving up from sixth place last year.
Ørsted’s main revenue risk stems from our intermit-
tent power generation from wind and solar PV assets.
Around 10 % of Ørsted’s revenue from 2026-2030 is
exposed to power price risk. The government subsidies
will expire for one more of our Danish assets in 2026 and
for two more of our UK assets in 2027. Our exposure to
this risk is expected to significantly increase in line with
Risks are a natural and integral part of our business
activities, and our risk profile changes continuously.
We aim to mitigate our risks and reduce them to an
acceptable level through risk management.
How we manage risk
The Board of Directors (together with the Executive
Board) is responsible for the risk management of
the company. The Audit and Risk Committee, which
has been established as a preparatory committee
to support the Board of Directors, prepares recom-
mendations on audit and risk issues for the Board
of Directors. In addition, the Board Asset Project
Committee assists the Board of Directors in their
supervision of risks associated with asset projects.
Our Enterprise Risk Framework sets out the general
principles, the roles and responsibilities, and the
main processes by which all risks must be identified,
assessed, managed, monitored, and communicated
throughout the Group. This framework continues to be
strengthened to support consistent processes for man-
aging risks at Ørsted and to enable informed decisions
on risk-taking to be made. Targeted initiatives are being
run in the context of the Enterprise Risk Framework,
strengthening the risk management set-up across our
value chain to increase our resilience to the global
economic and geopolitical uncertainties and indus-
try-wide renewable energy challenges.
We have continued to strengthen risk management in
relation to the development and construction of assets
during 2025, where we have seen substantial adverse
impacts on our business in recent years. This includes
continuing to strengthen risk management through
our asset project operating model, which was revised
in 2024, rolling out a new contingency management
framework, supply chain contingency planning (includ-
ing more proactive contracting for back-up supply
chain capacity), monitoring suppliers (including from
site visits to tracking manufacturing progress), and
strengthening portfolio steering to identify bottle-
necks and knock-on effects in the portfolio of projects.
We pro-actively monitor the execution progress and
status of risks to our construction portfolio, and we
regularly report on this to the Board Asset Project
Committee. This will remain a high focus area for 2026
and 2027 given the plans to complete several major
asset projects over this time period, which will substan-
tially increase installed offshore wind capacity.
How we assess risk
Risk assessment is carried out on an ongoing basis in
all business segments and regions as part of our daily
business operations.
In addition, we have performed an annual risk assess-
ment with the overall objective of identifying and
reporting on our most significant risks. This is carried
out through an assessment of the main risks across
all stages of the value chain, technologies, regions,
and central functions. An assessment is made of the
likelihood and potential financial impact of the main
risks post risk mitigation over the business planning
period using scenario analysis, and the risks are ranked
using our Enterprise Risk Assessment Matrix. Overall
ownership for all mitigating actions for individual risks
identified as part of the annual risk assessment rests
with a member of the Group Executive Team.
The top six enterprise risks identified are shown on the
next page in our Enterprise Risk Assessment Matrix.
You can read more about these risks, and how we
mitigate them on the following pages.
Development in enterprise risks in 2025
All the top risks identified in 2025 are impacted by
an overarching strategic execution risk related to our
four key strategic priorities: strengthening the capital
structure, delivering on the construction programme,
ensuring a focused capital allocation, and increasing
competitiveness and cost efficiency. See the strategy
section for more information on our strategic priorities.
We have introduced a broader ‘Political risk’ including
the ‘US regulatory risks’ from 2024 but now reflecting
the geopolitical uncertainty across our core markets
in general (EU/UK, US, and APAC), and we have seen
changes in the relative importance of our top risks
from last year.
‘Supply chain risk’ is still assessed to be our largest risk.
Supply-demand bottleneck risks appear to be easing in
the short term, however, there are longer term supply
chain risks which may threaten Ørsted’s strategic ambi-
tions if not resolved, including concentration of risk on
few European suppliers. In recent months, supply chain
disruption risks have intensified, driven by regulatory
uncertainty, the introduction of new trade barriers
(including tariffs, sanctions, and export controls), and
escalating trade conflicts across key markets. Supply
chain risk is a key driver of a lower levelised cost of
energy (LCOE), and a resilient supply chain must be in
place to support this.
‘Political risk’ are placed as our second-largest risk.
Ørsted operates in a geopolitical environment charac-
terised by strategic competition, evolving trade rela-
tionships, and shifting energy security priorities. The risks
that we are exposed to include volatility in key drivers
affecting our projects, trade barriers, and tariffs, supply
chain factors, political instability, and policy responses
to these developments across our markets (EU/UK, US,
and APAC). We have seen increased uncertainty in the
geopolitical situation recently in the US. Additionally,
Enterprise risk
management
Kuala Lumpur office, Malaysia.
23
Management’s review
Strategy and business
�rstedAnnual Report 2025
1
2
46 3
5
Minor Serious Very serious Major
Rare Unlikely Likely Very Likely
Impact
Likelihood
Ørsted’s revenue targets, and as our asset projects are
constructed and our generating fleet increases.
‘Cybersecurity risk’ remains our fourth-largest risk.
The threat level against Ørsted is high across all regions.
The likelihood of espionage targeting Ørsted’s plants
and projects grows. Threat actors seek competitive
advantages in green energy and access to information
on critical infrastructure. Ørsted experiences frequent
intrusions, and we have measures and cyber defenses in
place to limit the impact of these. Having a large num-
ber of vendors exposes us to supply chain compromise,
increasing the likelihood of cyber risks materialising.
We assess ‘Construction risk’ to be our fifth-largest
risk. Wind projects are large and complex in nature
and may encounter obstacles, from both internal and
external factors, causing delays and cost overruns.
All projects have completion deadlines, and failure to
meet these may result in partial or full loss of subsidies,
grid connections, and/or project rights. Ongoing initia-
tives to strengthen project risk management highlight
the importance of managing this core risk to Ørsted’s
business and enabling future growth.
‘Financial market risk’ (Inflation, interest rate, and
currency risks) has moved down to be our sixth largest
risk as the divestments planned for 2025 have been
completed, leaving residual currency exposure as
the main financial risk. The long duration of Ørsted’s
cash flows exposes us towards changes in interest
rates and inflation, particularly for assets where the
fixed nominal price received is constant regardless of
interest rate, inflation, or merchant price level. This risk
is expected to reduce in future years.
// ESRS 2, IRO-1
Sustainability-related risks
Our double materiality assessment (DMA) is aligned
with our Enterprise Risk Framework. The DMA identifies
sustainability matters that are material both from an
impact perspective and from a financial perspective.
Sustainability risks are managed as part of the business
within the Enterprise Risk Framework to support clear
ownership.
From a financial materiality perspective, the sustain-
ability topics of climate change, resource use and
circular economy, own workforce, workers in the value
chain, and affected communities triggered materiality
in our DMA. Two of the identified sustainability-related
risks directly map to this year’s top enterprise risks:
supply chain risk and political risk.
A description of our DMA results and methodology can
be found in the ‘Sustainability statements’ on pages
65-66.
//
Top 6 enterprise risks
Enterprise Risk Assessment Matrix
1 Supply chain risk
(no. 1 in 2024)
2 Political risk (new in 2025)
3 Revenue risk (no. 6 in 2024)
4 Cybersecurity risk (no. 4 in 2024)
5 Construction risk (no. 3 in 2024)
6 Financial market risk
(no. 5 in 2024)
24
Management’s review
Strategy and business
�rstedAnnual Report 2025
3. Revenue risk
Description
Revenue risk primarily comes from our intermittent
power generation from wind and solar PV assets
in the UK, the US, and north-western Europe.
The largest risk factors are production volume and
energy prices. Other risk factors can also have a
significant impact including our CHP plants which
constitute a spread risk due to the difference
between the prices of the power generated and
the fuel consumed (i.e. biomass, gas, and carbon
dioxide allowances). We are also exposed to second-
order risks arising from power price hedges not fully
matching our actual revenue exposure (position
and intermittency risks).
Potential impact
Energy prices are volatile and can impact both
earnings and liquidity.
Mitigating actions
Approx. 90 % of our expected revenue from
generation of power from renewable offshore and
onshore assets in 2026-2030 have no exposure
to power price risk as the price is either regulated
through subsidies or contracted through CPPAs.
This significantly reduces our exposure towards
volatility in power prices.
We manage our overall exposure to risk through
our risk appetite limits, which are operationalised
into business level limits.
Read more about our risk framework and energy
price risks in notes 6.1 ‘Risk framework’ and
6.2 ‘Energy price risks’.
2. Political risk
Description
Ørsted operates in a geopolitical environment character-
ised by strategic competition, evolving trade relation-
ships, and shifting energy security priorities. The geopolit-
ical risks that we are exposed to include volatility in key
drivers affecting our projects, trade barriers, and tariffs,
supply chain factors and diplomatic instability, and policy
responses to these developments. Regulatory diver-
gence across our markets (EU/UK, US, and APAC) creates
compliance complexity, while sanctions regimes and
export controls may constrain sourcing or partnership
opportunities. Security concerns around critical infrastruc-
ture have increased, including for offshore installations
and grid connections. Additionally, changing geopolitical
priorities in key markets may affect regulatory regimes
and the pace of decarbonisation commitments.
Potential impact
Geopolitical tensions could affect project economics
and timelines through increased component costs,
supply chain disruptions, or reduced access to interna-
tional production capacity. Regulatory fragmentation
across jurisdictions increases compliance costs and
may challenge project timelines through inconsistent
standards and requirements. Changes in government
priorities or incentive structures could affect project
viability, particularly for developments in earlier stages.
We have seen recently that political decisions in US
impact our asset projects in construction, our ability to
qualify for tax credits or tariffs on key components such
as steel and wind turbine components that could lead
to significant adverse financial impacts.
Mitigating actions
Ørsted maintains a diversified geographic portfolio
to reduce concentration risk in any single geopolitical
jurisdiction. We strategically diversify our supply chain,
developing relationships with suppliers across multiple
regions to reduce dependency on any single export
market. We maintain close engagement with policy-
makers, industry associations, and security officials in
our markets to anticipate regulatory changes, advo-
cate for stable policy frameworks, and co- implement
strategic security measures. We monitor developments,
assess the risk through including sensitivities to assump-
tions in our business and maintain flexibility to shift
toward more value-accretive opportunities as market
conditions change. Ørsted is aligned with Europe’s
energy security objectives and prevailing policy prioritie
while our international diversification provides flexibility
to adapt to region-specific disruptions.
1. Supply chain risk
Description
As a global renewable energy developer, we
continue to face significant risks related to our
supply chain. While supply-demand bottleneck risks
are easing, the market continues to face elevated
supply chain costs due to price volatility driven by
suppliers’ assumptions of strong global demand
and opportunistic pricing. Ørsted’s and the key
suppliers’ dependencies on copper and rare earths
for production increases risk exposure due to supply
availability and price volatility. In addition, supply
chain disruption risks have intensified recently
driven by regulatory uncertainty, the introduction
of new trade barriers, and escalating trade conflicts
across key markets.
Potential impact
The inability of our suppliers to deliver on agreed
schedules, lack of available production capacity or
transportation and installations vessels, and sudden
inflation in key materials could result in project
delays and budget overruns as well as cancellation
of projects.
Mitigating actions
We enter into volume agreements and source
wind turbines from key suppliers in a timely manner
to reduce uncertainty, and we have entered into
long-term vessel supply contracts. As part of our
strengthened operating model, we pro-actively
secure additional capacity for restricted supply
chain sources to have more flexibility and alterna-
tives in our project plans and installation schedules.
We thoroughly vet new suppliers and monitor
suppliers, e.g. by tracking manufacturing progress.
To mitigate cost inflation risks, we carry out hedg-
ing for steel and other commodities on an asset
project basis.
4. Cybersecurity risk
Description
We face significant cybersecurity risks from individ-
uals, groups, and nations, aiming to harm or profit
from the company or the society it serves. Being
considered at the forefront of the green energy
transition and designated as critical infrastructure
in several markets profiles Ørsted as a potential
target for cyberattacks. Cyberthreats can range
from compromising a single asset to disrupting entire
operations and societies by leveraging technical or
human vulnerabilities in conjunction with process and
procedural failures, within Ørsted or our suppliers, to
degrade our digital systems and processes. Across our
operating markets, escalating cybersecurity regula-
tions present additional compliance risks.
Potential impact
Minor digital risk events, such as viruses and
attempted break-ins, are everyday risks without
significant impact. However, a ransomware attack or
direct sabotage of our digital systems and processes
could severely impact trading activities, financial
settlements, maintenance, construction, and contract
negotiations. Dependence on the enterprise environ-
ment means energy production would be affected,
with the impact increasing the longer the disruption
continues with significant financial and reputational
penalties for non-compliance.
Mitigating actions
We face different types of cyber risks. Some are
related to our assets and some to our systems.
Thus, we mitigate cyber risks with several different
initiatives, which are continuously assessed and
prioritised based on our strategic cybersecurity
risk assessment with the aim of lowering our risk
exposure.
At our operating assets, we have deployed
production cyber defences to enhance protection
against onsite and offsite attacks. In addition, we
have a top-level information and cybersecurity
management system and framework, supported
by our global governance model. We have regular
trainings and roll-out of new security measures as
they are approved. We also carry out selected crisis
response and preparedness testing and training.
This way, our cyber capability is continuously
improved to identify, protect, detect, respond, and
recover across the enterprise and production sites.
25
Management’s review
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�rstedAnnual Report 2025
6. Financial market risk
Description
Our inflation, interest rate, and currency risks are
related to volatility in the macroeconomic environ-
ment where we operate.
We are exposed to inflation, both directly through
the real return but also indirectly through cost
inflation and higher interest rates. Approx. 50 % of
our revenue in 2026-2030 is inflation-indexed and
expected to follow the development in consumer
prices, thereby protecting the real value of our
assets and equity. However, for assets and in
markets where we do not have inflation-indexed
PPAs or subsidies, we are exposed to inflation risks,
where an increase in inflation will adversely impact
the expected real value of our revenue.
Potential impact
Fluctuations in interest rates, inflation, and foreign
exchange rates may adversely impact our earnings
and the value of our assets.
Mitigating actions
We prefer investing in assets and entering into
contracts with inflation-indexed revenue streams to
mitigate cost inflation, and we match our debt with
our assets per currency and the same payment
structures (modified duration). Hence, our European
fixed nominal subsidies are being offset by EUR-
denominated fixed-rate debt. In contrast, we have
entered into inflation swaps for part of our inflation-
indexed revenue in the UK to match our nominal
GBP debt. In new markets, we may execute interest
rate swaps to lock in interest rates before financing
is secured. Our currency exposure is managed by
hedging more in the near years and less in the later
years over a five-year horizon.
We manage our overall exposure to risk through our
risk appetite limits, which are operationalised into
business level limits.
Read more about inflation and interest rate risks in
note 6.3 ‘Inflation and interest rate risks’ and about
currency risks in note 6.4 ‘Currency risks’.
5. Construction risk
Description
Offshore wind projects are large and complex in
nature and may encounter obstacles, both from
internal and external factors, leading to installation
challenges impacting project execution, delays to
construction schedules, and cost overruns. The risk
remains high in the US due to the uncertainty about
executive actions on permitting and tariffs. The risk
is expected to remain at an elevated level during
the intense construction programme planned for
2026 and 2027, where several major asset projects
are expected to become operational.
Potential impact
All projects have completion deadlines, and failure
to meet these may result in partial or full loss of
subsidies, grid connections, and/or project rights,
leading to adverse impacts on financial metrics.
Delays and technical challenges can lead to cost
overruns during the project execution phase. In the
worst case, this risk may lead to impairments or
projects being cancelled and subsequently incurring
high breakaway costs.
Mitigation initiatives
Throughout the year, we have continued to
strengthen the risk management activities during
the construction phase for offshore asset projects
through the new operating model. A new contin-
gency management framework has been rolled
out, and we have introduced stronger portfolio
steering to identify bottlenecks and knock-on
effects in the portfolio of asset projects under
construction. We pro-actively monitor the execution
progress and status of risks to our construction
portfolio, and we regularly report on this to the
Board Asset Project Committee.
26
Management’s review
Strategy and business
�rstedAnnual Report 2025
Performance
Hornsea 3
The United Kingdom
The AW139 helicopter can carry up to 12 construction
workers as they change shifts while building Hornsea 3
in the UK.
The aircraft is one transportation vehicle among ten
chosen this year to work on the construction phase of
what will become the world’s largest single offshore
wind farm. Others include guard vessels, crew transfer
vessels, jack-up vessels, an uncrewed service vessel, and
a brand new service operating vessel (SOV), which is
currently under construction. The new SOV will provide
jobs for at least 44 people on board.
27
Management’s review
Performance
�rstedAnnual Report 2025
Full-year results Financial results
Revenue
Power generation from offshore and onshore assets
increased by 4 % and totalled 35.2 TWh in 2025.
The increase was due to new projects coming online,
mainly our offshore wind farm Gode Wind 3 and our
solar PV farms Sparta Solar (part of Helena Energy
Center), Eleven Mile Solar Center, and Mockingbird.
Furthermore, curtailments at Hornsea 1 and Hornsea 2
led to low availability in the first half of 2024 and were
not repeated in 2025. This was partly offset by lower
wind speeds throughout our offshore portfolio and the
farm-downs of three onshore assets.
Heat generation decreased by 7 % in 2025, whereas
thermal power generation decreased by 20 %,
mainly due to the shutdown of coal-fired CHP plants
during 2024.
Our renewable share of generation amounted to
99 %, an increase of 2 percentage points compared
to last year.
Revenue amounted to DKK 73.2 billion, which was 3 %
higher than in 2024. The increase was mainly driven by
the sale of the Hornsea 3 offshore transmission assets in
relation to the 50 % farm-down of the wind farm.
EBITDA
Operating profit (EBITDA) for 2025 amounted to
DKK 22.4 billion, DKK 9.5 billion lower than in 2024.
Adjusted for new partnerships and cancellation fees,
EBITDA increased by DKK 0.3 billion and amounted
to DKK 25.1 billion.
Earnings from new partnerships totalled DKK -1.3
billion and related to the farm-down of Hornsea 3
(DKK -4.8 billion), West of Duddon Sands (DKK 2.8
billion), Badger Wind (DKK 0.5 billion), and Eleven Mile
and Sparta Solar (DKK 0.3 billion). The negative impact
from Hornsea 3 was mainly driven by the accounting
treatment of the net-present-value effect of asymmetric
cash flow distributions. Our partner will receive a larger
share of the distribution while the project is under the
CfD contract, and we will receive a larger distribution
post CfD.
Impact from cancellation fees amounted to DKK -1.4
billion and related to the decision to discontinue
Hornsea 4 in its current form (DKK -2.9 billion), partly
offset by Ocean Wind 1 reversals (DKK 1.3 billion) and
various minor corrections.
EBITDA from offshore sites amounted to DKK 24.3 billion,
an increase of DKK 0.5 billion compared to 2024. The
increase was driven by the ramp-up of generation from
Gode Wind 3, compensation for grid delay at Borkum
Riffgrund 3, higher availability, and higher revenue from
CfDs, ROCs, and green certificates. The increase in earnings
was partly offset by lower wind speeds (DKK 1.0 billion)
and a step down in subsidy levels for older wind farms.
Operation and maintenance
at Greater Changhua, Taiwan.
EBITDA excl. new partnerships and cancellation fees
78 % Offshore, 17 % Onshore, 5 % Bioenergy & Other
25.1 DKKbn
EBITDA from existing partnerships
1
increased by
DKK 0.3 billion and amounted to DKK -0.7 billion
in 2025. The negative effect in 2025 was mainly
related to Greater Changhua 4 where array cable
installation challenges led to negative impact on the
construction agreement.
1
Measurement for current-year impacts from prior years’ partial or
full divestment of ownership interests or construction agreements.
28
Management’s review
Performance
�rstedAnnual Report 2025
EBITDA from our onshore business excl. new partner-
ships amounted to DKK 4.2 billion, DKK 0.2 billion higher
than in 2024. The increase was due to the ramp-up of
generation at Sparta Solar, Eleven Mile, and Mocking-
bird. This was partly offset by the 50 % farm-downs of
the same projects.
EBITDA from our CHP plants amounted to DKK 1.6
billion in 2025, DKK 0.3 billion higher than in 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 0.6 billion in
2025, DKK 0.3 billion higher than in 2024. The increase
was mainly driven by the ramp-up of volumes from
our offtake contract with the Danish Underground
Consortium (DUC) due to the ramp-up of production
from the Tyra field.
The negative effect from ‘Other’ was mainly related to
the rightsizing of the organisation.
Impairment
Impairment losses had a negative effect of DKK 3.6
billion in 2025. The main contributors to the net impair-
ment were updated tariff assumptions in the US, the
stop-work order on Revolution Wind and the lease sus-
pension orders on Revolution Wind and Sunrise Wind,
regulatory uncertainty in the US, the divestment of our
European onshore business, 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 rates and an increase in
long-term prices for our US onshore assets. See note
3.2 ‘Impairments’ for more information.
In 2024, impairments had a negative effect of
DKK 15.6 billion. The main contributors to the net
impairment were construction delays and increased
costs for Sunrise Wind and Revolution Wind, lower
valuation of our seabed leases, an increase in the US
long-dated interest rate, and our decision to cease
construction of FlagshipONE. This was partly offset by
a reversal on our Sunrise Wind project due to its award
of a higher OREC by the State of New York.
EBIT
EBIT increased by DKK 2.4 billion to DKK 8.6 billion in
2025. This was mainly due to lower impairments, partly
offset by lower EBITDA.
Financial income and expenses
Net financial income and expenses amounted to
DKK -2.9 billion, DKK 0.7 billion less negative than last
year, mainly driven by a positive impact from exchange
rate adjustments, primarily due to gains from the
strengthening of DKK against GBP and TWD in 2025,
and by a higher share of capitalised interests. In 2024,
we had a positive effect from a gain on US interest rate
swaps, which was not repeated in 2025.
Tax and tax rate
Tax on profit for the year amounted to DKK 2.8 billion,
DKK 0.2 billion higher than last year. The tax rate in
2025 was 47 % and was negatively affected by net
unrecognised deferred tax assets, including effects
related to impairment losses and cancellation fees.
See note 4 ‘Tax’ for more information.
In 2024, the tax rate of 99 % was negatively affected
by the recognition of deferred tax liabilities related
to tax equity contributions for US projects and net
unrecognised deferred tax assets, including effects
related to impairment losses and cancellation fees.
Profit for the year
Profit for the year totalled DKK 3.2 billion, DKK 3.2 billion
higher than in 2024. The increase was mainly due to the
higher EBIT.
2024
Sites
Sites
CHP plants
Existing partnerships
1
Other
Other
Other
2025
Gas & Other
EBITDA excluding new partnerships and cancellation fees
DKKbn
Financial results
DKKm 2025 2024 %
Revenue 73,244 71,034 3 %
EBITDA 22,448 31,959 (30 %)
New partnerships (1,255) (127) 888 %
Cancellation fees (1,362) 7,335 n.a.
EBITDA excl. new partnerships and cancellation fees 25,065 24,751 1 %
Depreciation and amortisation (10,195) (10,225) (0 %)
Impairment (loss)/reversal (3,633) (15,563) (77 %)
Operating profit (loss) (EBIT) 8,620 6,171 40 %
Gain (loss) on divestment of enterprises 213 (11) n.a.
Financial items, net (2,881) (3,591) (20 %)
Profit before tax 5,988 2,606 130 %
Tax on profit (loss) for the year (2,823) (2,590) 9 %
Tax rate 47 % 99 % (52 %p)
Profit (loss) for the year 3,165 16 n.a.
24.8
0.5
0.0
0.3
0.3
-0.4
0.2
-0.6
25.1
0.0
Offshore
Onshore
Bio & Other
1
Measurement for current-year impacts from prior years’ partial or full divestment of ownership interests or construction agreements.
29
Management’s review
Performance
�rstedAnnual Report 2025
Cash flows and net debt
Cash flows from operating activities
Cash flows from operating activities totalled DKK 23.7
billion in 2025 compared to DKK 18.4 billion in 2024.
In 2025, the positive impact from provisions and other
items was mainly related to a reversal of the non-cash
impact in EBITDA from cancellation fees, whereas we
had a net cash outflow in 2024 of DKK 6.3 billion from
payments regarding the provisions made for cancel-
lation fees regarding Ocean Wind 1 in addition to a
reversal of DKK 7.3 billion.
In 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 2.0 billion in 2024.
In 2025, we had a net cash inflow from work in pro-
gress of DKK 11.5 billion, mainly related to the 50 %
farm-down of Hornsea 3 and the related offshore
transmission asset. This was partly offset by construc-
tion of Borkum Riffgrund 3 and Greater Changhua
4 for partners. In 2024, we had a cash outflow of
DKK 3.8 billion, mainly related to the construction of
the Hornsea 3 and Hornsea 4 offshore transmission
assets and the construction of Gode Wind 3 for part-
ners, partly offset by milestone payments received at
Borkum Riffgrund 3 and Greater Changhua 4.
In 2025, we did not receive tax equity contributions
whereas we received tax equity contributions for Eleven
Mile and Mockingbird in 2024. In both periods, ‘Change
in tax equity’ included a reversal of the non-cash
recognition of tax credits and benefits through EBITDA.
In 2024, ‘Change in other working capital’ was positively
affected by a DKK 6.2 billion prepayment of power
related to the divestment of an equity ownership stake
in a portfolio consisting of four UK offshore wind farms.
In addition, seasonal change in net trade receivables
and payables had a negative effect in 2025.
Investments and divestments
Gross investments amounted to DKK 55.0 billion in
2025. The main investments were:
· offshore wind farms (DKK 47.7 billion), mainly
Greater Changhua 2b and 4 in Taiwan, Hornsea 3
and Baltica 2 in Europe as well as Sunrise Wind and
Revolution Wind in the US
· onshore wind and solar PV farms (DKK 5.1 billion),
mainly the construction of Badger, the battery
energy storage system (BESS) at Old 300, and our
portfolio of European projects
· CHP plants (DKK 2.0 billion), mainly our carbon cap-
ture and storage facilities in Denmark.
In 2025, ‘Divestments’ amounted to DKK 12.4 billion and
mainly related to the 50 % farm-downs of Hornsea 3,
Eleven Mile, and Sparta Solar and the partial farm-down
of West of Duddon Sands.
In 2024, ‘Divestments’ amounted to DKK 15.7 billion
and were mainly related to the divestment of an equity
ownership stake in a portfolio consisting of four UK
offshore wind farms and a portfolio of four US onshore
wind farms, the farm-downs of Greater Changhua 4
and Mockingbird, the sale of the French part of our
European onshore portfolio, and customary compensa-
tion to our partners in Hornsea 1 for wake loss effects.
Cash flow and net debt
DKKm 2025 2024 %
Cash flows from operating activities 23,741 18,356 29 %
EBITDA 22,448 31,959 (30 %)
Reversal of gain (loss) on divestment of assets 964 (349) n.a.
Change in derivatives, excl. variation margin (274) (892) (69 %)
Change in variation margin (215) 1,540 n.a.
Change in provisions and other items 2,001 (13,186) n.a.
Interest expense, net (3,248) (474) 585 %
Paid tax (4,899) (6,327) (23 %)
Change in work in progress 11,536 (3,803) n.a.
Change in tax equity liabilities (3,027) 1,458 n.a.
Change in other working capital (1,545) 8,430 n.a.
Gross investments (54,976) (42,808) 28 %
Divestments 12,385 15,680 (21 %)
Free cash flow (18,850) (8,772) 115 %
Net interest-bearing debt at 1 January 58,027 47,379 22 %
Free cash flow 18,850 8,772 115 %
Dividends and hybrid coupons paid 2,643 1,028 157 %
Addition of leasing obligations, net 3,315 1,076 208 %
Issuance of hybrid capital, net - (1,813) n.a.
Capital transactions, principal shareholder (59,378) - n.a.
Exchange rate adjustments, etc. (4,479) 1,585 n.a.
Net interest-bearing debt at 31 December 18,978 58,027 (67 %)
Gain (loss) on sale of assets is part of EBITDA but is presented as part of the ‘divestment’ cash flow.
The EBITDA effect is thus reversed in the specification of cash flows from operating activities.
Key ratios
DKKm, % 2025 2024 %
ROCE, % 5.4 4.5 1 %p
Adjusted interest-bearing net debt, DKKm 28,731 71,392 (60 %)
FFO/adjusted interest-bearing net debt, % 42.9 12.7 30 %p
ROCE and FFO/adjusted interest-bearing net debt is specified in notes 2 ‘Return on capital employed’
and 5.1 ‘Interest- bearing net debt and FFO’.
30
Management’s review
Performance
�rstedAnnual Report 2025
Interest-bearing net debt
Interest-bearing net debt totalled DKK 19.0 billion at
the end of 2025 against DKK 58.0 billion at the end of
2024. The decrease was mainly due to the rights issue,
which was completed in 2025.
Equity and capital employed
Equity
Equity was DKK 148.9 billion at the end of 2025 against
DKK 93.5 billion at the end of 2024. The increase was
mainly due to the rights issue, which was completed in
2025 with net proceeds of DKK 59.4 billion.
Capital employed
Capital employed was DKK 167.9 billion at the end
of 2025 against DKK 151.5 billion at the end of
2024, mainly due to new investments, partly offset
by farm-downs.
Financial ratios
Return on capital employed (ROCE)
Return on capital employed (ROCE) was 5.4 % in
2025. The increase of 1 percentage point compared
to last year was attributable to a higher EBIT due
to lower impairment losses in 2024. ROCE adjusted
for impairment losses and cancellation fees in 2025
was 8.4 % versus 10.1 % in 2024 mainly due to higher
capital employed.
Credit metric (FFO/adjusted interest-bearing net debt)
The funds from operations (FFO)/adjusted interest-
bearing net debt credit metric was 42.9 % in 2025
against 12.7 % in 2024. The increase was mainly due to
lower net debt as a result of the rights issue in 2025.
ESG results
Renewable share of heat and power generation
The renewable share of energy generation was 99 %
in 2025, a 2 percentage point increase compared to
2024, and we thereby reached our 2025 target of 99 %
share or renewable energy generation from a baseline
value of 75 % in 2018. The increase was mainly driven
by the shut-down of coal-based generation in H2 2024.
Greenhouse gas emissions
Greenhouse gas emissions from own operations (scope
1) decreased by 75 % in 2025 compared to 2024. The
decrease was primarily due to the cessation of coal-
based generation in H2 2024 and a lower natural gas-
based generation compared to 2024. Our scope 1 and
2 greenhouse gas intensity decreased to 4 g CO
2
e/kWh
in 2025 compared to 16 g CO
2
e/kWh in 2024. We have
reached 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 19 % higher in 2025
compared to 2024. The increase was mainly driven
by higher emissions from sold products (category 11),
reflecting higher natural gas offtake from the Danish
North Sea following the ramp-up of the Tyra gas
field as well as the recognition of emissions from the
extraordinary sale of stored coal after the shutdown of
our coal-based generation in 2024. The increase was
partly offset by lower emissions from asset construction
activities (category 2) and lower upstream emissions
from fuels used in CHP plants as well as lower regular
power sales (category 3) compared to 2024.
Our scope 1-3 greenhouse gas intensity (excl.
category 11) decreased by 24 % to 69 g CO
2
e/kWh
in 2025 compared to 91 g CO
2
e/kWh in 2024.
Revenue 88 %
EBITDA 100 %
Gross investments 99 %
OPEX 82 %
Hornsea 2, UK.
Taxonomy-aligned KPIs
Read more about our EU taxonomy-aligned
KPIs in our ‘Sustainability statements’.
Safety
Unfortunately, a tragic incident involving a subcon-
tractor at our US onshore wind farm Plum Creek Wind
resulted in two fatalities in February 2025. During 2025,
we implemented several improvements in response
to the fatalities. In 2025, we had 96 total recordable
injuries (TRIs). This was an increase of 13 % from 2024
to 2025. The total amount of hours worked in 2025
was 23 % higher than in 2024 with an increase of
45 % in contractor working hours. This brings our total
recordable injury rate (TRIR) to 2.5 in 2025, a decrease
of 7 % compared to 2024 and in line with our target
value of 2.5 in 2025.
31
Management’s review
Performance
�rstedAnnual Report 2025
Five-year summary
Financial statements
DKKm 2025 2024 2023 2022 2021
Income statement
Revenue
1
73,244 71,034 79,255 114,417 77,673
EBITDA 22,448 31,959 18,717 32,057 24,296
Offshore 16,276 26,470 13,817 19,569 18,021
Sites, O&M, and PPAs 24,341 23,819 20,207 9,940 13,059
Construction agreements and divestment gains (2,668) (1,065) 5,218 12,277 7,535
Cancellation fees (1,362) 7,335 (9,621) - -
Other (4,035) (3,619) (1,987) (2,648) (2,573)
Onshore 4,871 3,863 2,970 3,644 1,349
Bioenergy & Other 1,358 1,082 1,523 8,619 4,747
Other activities (57) 544 407 225 179
Depreciation and amortisation (10,195) (10,225) (9,795) (9,754) (7,972)
Impairment (3,633) (15,563) (26,775) (2,529) (129)
Operating profit (loss) (EBIT) 8,620 6,171 (17,853) 19,774 16,195
Gain (loss) on divestment of enterprises 213 (11) 234 331 (742)
Net financial income and expenses (2,881) (3,591) (1,443) (2,536) (2,166)
Profit (loss) before tax 5,988 2,606 (19,026) 17,609 13,277
Ta x (2,823) (2,590) (1,156) (2,613) (2,390)
Profit (loss) for the year 3,165 16 (20,182) 14,996 10,887
Balance sheet
Assets 367,922 298,786 281,136 314,142 270,385
Equity 148,941 93,484 77,791 95,532 85,137
Shareholders in Ørsted A/S 119,718 62,138 56,782 71,743 64,072
Hybrid capital 20,955 20,955 19,103 19,793 17,984
Non-controlling interests 8,268 10,391 1,906 3,996 3,081
Interest-bearing net debt 18,978 58,027 47,379 30,571 24,280
Capital employed 167,919 151,511 125,170 126,103 109,416
Additions to property, plant, and equipment 58,464 46,985 37,954 33,662 43,941
Cash flow
Cash flows from operating activities 23,741 18,356 28,532 11,924 12,148
Gross investments (54,976) (42,808) (38,509) (37,447) (39,307)
Divestments 12,385 15,680 1,542 25,636 21,519
Free cash flow (18,850) (8,772) (8,435) 113 (5,640)
Financial ratios
Return on capital employed (ROCE), % 5.4 4.5 (14.2) 16.8 14.8
FFO/adjusted net debt, %
2
42.9 12.7 28.6 42.7 26.3
Number of outstanding shares, 31 December, ‘000 1,321,062 420,381 420,381 420,209 420,175
Share price, 31 December, DKK 122 324 374 631 835
Market capitalisation, 31 December, DKKbn 162 136 157 265 351
Earnings per share (EPS), DKK
3
2.0 (1.2) (27.8) 19.2 13.5
Dividend yield, % - - - 2.1 1.5
Business drivers 2025 2024 2023 2022 2021
Offshore
Decided (FID’ed) and installed capacity, GW 18.3 16.8 15.5 11.1 10.9
Installed capacity, GW 10.2 9.9 8.9 8.9 7.6
Generation capacity, GW 5.5 5.3 5.0 4.7 4.0
Wind speed, m/s 9.7 10.0 9.8 9.5 9.1
Load factor, % 42 42 43 42 39
Availability, % 93 88 93 94 94
Power generation, GWh 19,687 18,599 17,761 16,483 13,808
Power sales
1
, GWh 19,244 19,967 21,448 23,194 25,020
Onshore
Decided (FID’ed) and installed capacity, GW 7.1 7.0 6.4 6.2 4.7
Installed capacity, GW 6.3 6.2 4.8 4.2 3.4
Wind speed
4
, m/s 7.2 7.2 7.2 7.4 7.4
Load factor
4
, wind, % 37 37 36 40 42
Load factor
4
, solar PV, % 25 25 24 25 24
Availability
4
wind, % 91 90 88 93 96
Availability
4
, solar PV, % 92 98 98 98 96
Power generation, GWh 15,482 15,315 13,374 13,146 8,352
Bioenergy & Other
Degree days, number 2,501 2,485 2,585 2,548 2,820
Heat generation, GWh 6,414 6,919 6,587 6,368 7,907
Power generation, GWh 3,635 4,522 4,437 6,012 6,890
Power sales, GWh 2,475 2,426 2,627 5,399 8,797
Gas sales, GWh 21,528 17,372 16,880 31,637 61,349
Sustainability statements
Employees (FTE), end of year, number 7,896 8,278 8,905 8,027 6,836
Total recordable injury rate (TRIR) 2.5 2.7 2.8 3.1 3.0
Fatalities, number 2 0 0 0 0
Renewable share of energy generation, % 99 97 93 91 90
GHG emission (scopes 1 & 2), million tonnes 0.2 0.7 1.6 2.5 2.1
GHG intensity (scopes 1 & 2), g CO
2
e/kWh 4 16 38 60 58
GHG intensity (scopes 1-3 excl. category 11), g
CO
2
e/kWh
5
69 91 80 147 165
GHG emissions (scope 3), million tonnes
5
8.8 7.4 5.6 11.0 18.2
1
In 2023, we changed our accounting policy on recognition of
revenue from the settlement of failed own-use contracts related to
power. The change only impacts revenue and cost of sales with no
impact on EBITDA. The comparisons for 2022 have been adjusted,
but 2021 numbers have not been adjusted. The related power
volumes in 2022 and 2023 have consequently been netted.
2
FFO last 12 months. As of January 2025, we have included
‘Dividends paid to minority interests’ in ‘Funds from operations’.
Comparative figures for 2024 are restated.
3
Due to the rights issue in October 2025 at a price below market
price, the average number of shares and the diluted average
number of shares for 2021-2024 have been restated using the
calculated bonus ratio (1.8).
4
For 2021, these business drivers are for US only.
5
Figures for 2024 have been restated to reflect an update to the
allocation methodology for scope 3, category 2 capital goods
(see page 78 for details). Figures for periods prior to 2024 have
not been restated.
32
Management’s review
Performance
�rstedAnnual Report 2025
Fourth quarter
Group financial performance
EBITDA
Operating profit (EBITDA) for Q4 2025 amounted to
DKK 3.9 billion, DKK 4.5 billion lower than in Q4 2024,
mainly due to the loss related to the 50 % farm-down of
Hornsea 3 mentioned in the full-year results. Adjusted
for new partnerships and cancellation fees, EBITDA
increased by DKK 0.5 billion to DKK 8.1 billion.
Earnings from Offshore sites amounted to DKK 8.2
billion, a decrease of DKK 0.3 billion compared to Q4
2024. The decrease was driven by a step down in sub-
sidy levels for older wind farms, the farm-down of 24.5 %
of West of Duddon Sands in Q2 2025, high earnings
from our power trading activities in Q4 2024 not being
repeated in Q4 2025, and a positive effect related to
moving costs from sites to other in Q4 2024 not being
repeated to the same extent in Q4 2025. This was only
partly offset by higher wind speeds (DKK 1.0 billion).
EBITDA from existing partnerships
1
increased by
DKK 0.6 billion and amounted to DKK -0.3 billion in
Q4 2025 and was mainly related to various smaller
updates on construction agreements.
EBITDA from our Onshore sites amounted to DKK 1.1
billion, DKK 0.2 billion lower than in Q4 2024. The
decrease was mainly attributable to lower generation
due to the 50 % farm-downs of Mockingbird in Q4 2024
and Sparta Solar and Eleven Mile in Q1 2025.
EBITDA from our CHP plants amounted to DKK 0.6
billion, DKK 0.1 billion lower than in Q4 2024, mainly
due to lower generation.
EBITDA from our gas business totalled DKK 0.2 billion
in Q4 2025, slightly below Q4 2024.
The negative effect from ‘Other’ was mainly related
to rightsizing in Q4 2025.
Impairment losses
Impairment losses in Q4 2025 amounted to DKK 2.1
billion and related to our US portfolio and the divest-
ment of our European onshore business. The negative
development in the US was driven by the stop-work
order on Revolution Wind and lease suspension orders
on Revolution Wind and Sunrise Wind. The divestment
of our European onshore business led to an impair-
ment loss of DKK 1.6 billion on goodwill, and the
related assets and liabilities are classified as held for
sale. See notes 3.2 ‘Impairments’ and 3.11 ‘Assets held
for sale’.
EBITDA excluding new partnerships and cancellation fees
DKKbn
Financial results
DKKm Q4 2025 Q4 2024 %
Revenue 23,134 21,077 10 %
EBITDA 3,869 8,353 (54 %)
New partnerships (4,395) (127) 3,361 %
Cancellation fees 169 926 (82 %)
EBITDA excl. new partnerships and cancellation fees 8,095 7,554 7 %
Depreciation and amortisation (2,782) (2,571) 8 %
Impairment (loss)/reversal (2,128) (12,127) (82 %)
Operating profit (loss) (EBIT) (1,041) (6,345) (84 %)
Gain (loss) on divestment of enterprises (2) 34 n.a.
Financial items, net (556) (457) 22 %
Profit (loss) before tax (1,587) (6,761) (77 %)
Ta x (1,784) 677 n.a.
Tax rate (112 %) 10 % (122 %p)
Profit (loss) for the period (3,371) (6,084) (45 %)
Q4 2024
Sites
Sites
CHP plants
Existing partnerships
1
Other
Other
Other
Q4 2025
Gas & Other
7.6
-0.3
-0.2
-0.1
0.6
1.1
0.0
-0.4
8.1
-0.1
Offshore
Onshore
Bio & Other
1
Measurement for current-year impacts from prior years’ partial or full divestment of ownership interests or construction agreements.
33
Management’s review
Performance
�rstedAnnual Report 2025
Cash flows from operating activities
Cash flows from operating activities totalled
DKK 17.1 billion in Q4 2025 compared to DKK 10.3
billion in Q4 2024.
In Q4 2025, we had a net cash inflow from work in
progress of DKK 14.7 billion, mainly related to the
farm-down of 50 % of Hornsea 3 and the related
offshore transmission asset. This was partly offset by
construction progress on Greater Changhua 4. In Q4
2024, we had a cash outflow of DKK 0.4 billion, mainly
related to the construction of the Hornsea 3 offshore
transmission assets and the construction of Borkum
Riffgrund 3 and Greater Changhua 1. This was partly
offset by milestone payments from partners in Greater
Changhua 4.
In Q4 2025, we did not receive any new tax equity con-
tributions, whereas we received a tax equity contribu-
tion for Mockingbird in Q4 2024.
Change in ‘Other working capital’ was positively
affected in Q4 2024 by a DKK 6.2 billion prepayment
of power related to the divestment of an equity owner-
ship stake in a portfolio consisting of four UK offshore
wind farms.
Cash flow and net debt
DKKm Q4 2025 Q4 2024 %
Cash flows from operating activities 17,087 10,306 66 %
EBITDA 3,869 8,353 (54 %)
Reversal of gain (loss) on divestment of assets 4,154 (83) n.a.
Change in derivatives, excl. variation margin 32 203 (84 %)
Change in variation margin (13) 74 n.a.
Change in provisions and other items 737 (1,522) n.a.
Interest expenses, net (1,456) 158 n.a.
Paid tax (3,302) (3,147) 5 %
Change in work in progress 14,653 (399) n.a.
Change in tax equity partner liabilities (783) 155 n.a.
Change in other working capital (804) 6,514 n.a.
Gross investments (15,052) (17,114) (12 %)
Divestments 5,196 13,317 (61 %)
Free cash flow 7,231 6,509 11 %
Net interest-bearing debt, beginning of period 83,154 62,817 32 %
Free cash flow (7,231) (6,509) 11 %
Dividends and hybrid coupon paid 976 535 82 %
Addition to lease obligations, net 2,554 36 n.a.
Capital transactions principal shareholder (59,378) - n.a.
Exchange rate adjustments, etc. (1,110) 1,148 n.a.
Net interest-bearing debt, end of period 18,978 58,027 (67 %)
Borkum Riffgrund 3,
Germany.
34
Management’s review
Performance
�rstedAnnual Report 2025
Offshore
Financial results for Q4 2025
Power generation increased by 18 % to 6.8 TWh in Q4
2025. The increase was due to significantly higher wind
speeds and ramp-up of generation at Gode Wind 3 in
Germany.
Wind speeds amounted to a portfolio average of
11.7 m/s, which was significantly higher than in Q4 2024
(11.1 m/s) and slightly higher than the normal wind
speeds expected in the fourth quarter (11.6 m/s).
Availability was 93 %, which was on the same level as
last year.
Revenue was DKK 1.8 billion higher than in Q4 2024
and amounted to DKK 18.0 billion.
Revenue from offshore wind farms in operation
increased by 3 % to DKK 8.8 billion, mainly due to
higher generation, partly offset by a step down in
subsidy level for our older German assets and Anholt
Offshore Wind Farm (DK) stepping out of subsidy.
Revenue from power sales decreased by DKK 1.3 billion
to DKK 4.8 billion due to lower power prices and lower
revenue from our power trading activities, only partly
offset by the higher power volumes sold. Revenue
from construction agreements mainly related to the
construction of Greater Changhua 4 for partners.
EBITDA decreased by DKK 4.2 billion and amounted
to DKK 2.5 billion.
EBITDA from ‘Sites, O&M, and PPAs’ decreased by
DKK 0.3 billion and amounted to DKK 8.2 billion in
Q4 2025. The decrease was driven by a step down in
subsidy levels for older wind farms, the 24.5 % farm-
down of West of Duddon Sands, high earnings from our
power trading activities in Q4 2024 not being repeated
in Q4 2025, and a positive effect related to moving
costs from sites to ‘Other’ in Q4 2024 (DKK 0.9 billion
in Q4 2024) not being repeated to the same extent in
Q4 2025. This was only partly offset by higher wind
speeds (DKK 1.0 billion).
EBITDA from ‘Construction agreements and divest-
ment gains’ amounted to DKK -5.1 billion in Q4 2025
and was mainly related to the loss on the 50 % farm-
down of Hornsea 3 mentioned earlier.
EBITDA from cancellation fees amounted to a net
income of DKK 0.2 billion in Q4 2025 and related to
changes in the provision for onerous contracts for
FlagshipONE. In Q4 2024, cancellation fees amounted
to DKK 0.9 billion and related to changes in the provi-
sion for onerous contracts for Ocean Wind 1.
EBITDA from ‘Other’ was DKK 1.1 billion less negative
than in Q4 2024, of which DKK 0.5 billion related to
cost reallocations, which had no impact on the total
EBITDA for Offshore. In addition, we spent less on
project development and had a lower level of fixed
costs in Q4 2024.
Results Q4 2025 Q4 2024 % 2025 2024 %
Business drivers
Decided (FID’ed) and installed
capacity, GW 18.3 16.8 9 % 18.3 16.8 9 %
Installed capacity, GW 10.2 9.9 3 % 10.2 9.9 3 %
Generation capacity, GW 5.5 5.3 4 % 5.5 5.3 4 %
Wind speed, m/s 11.7 11.1 6 % 9.7 10.0 (3 %)
Load factor, % 57 51 6 %p 42 42 (0 %p)
Availability, % 93 94 (0 %p) 93 88 5 %p
Power generation, GWh 6,784 5,740 18 % 19,687 18,599 6 %
Denmark 657 596 10 % 1,974 2,061 (4 %)
The UK 3,748 3,064 22 % 11,131 10,357 7 %
Germany 928 701 32 % 2,519 2,356 7 %
The Netherlands 437 362 21 % 1,234 1,333 (7 %)
APAC 914 923 (1 %) 2,471 2,220 11 %
The US 100 93 8 % 359 272 32 %
Power sales, GWh 6,763 5,839 16 % 19,244 19,967 (4 %)
Power price, LEBA UK 89 117 (24 %) 99 88 12 %
British pound 8.6 9.0 (5 %) 8.7 8.8 (1 %)
Financial performance, DKKm
Revenue 18,013 16,203 11 % 54,797 53,808 2 %
Sites, O&M, and PPAs 8,840 8,613 3 % 27,638 26,627 4 %
Power sales 4,845 6,190 (22 %) 17,624 18,486 (5 %)
Construction agreements 4,254 719 492 % 9,036 6,991 29 %
Other 74 681 (89 %) 499 1,704 (71 %)
EBITDA 2,450 6,639 (63 %) 16,276 26,470 (39 %)
Sites, O&M, and PPAs 8,229 8,533 (4 %) 24,341 23,819 2 %
Construction agreements
and divestment gains (5,061) (894) 466 % (2,668) (1,065) 151 %
Cancellation fees 169 926 (82 %) (1,362) 7,335 n.a.
Other (887) (1,926) (54 %) (4,035) (3,619) 11 %
Depreciation (1,889) (1,808) 4 % (7,024) (7,091) (1 %)
Impairment losses (567) (11,355) (95 %) (3,174) (14,242) (78 %)
EBIT (6) (6,524) (100 %) 6,078 5,137 18 %
Cash flow from operating activities 14,795 12,193 21 % 14,905 12,931 15 %
Gross investments (12,784) (13,404) (5 %) (47,724) (33,023) 45 %
Divestments 3,363 12,147 (72 %) 7,162 11,293 (37 %)
Free cash flow 5,374 10,936 (51 %) (25,657) (8,799) 192 %
Capital employed 123,420 103,599 19 % 123,420 103,599 19 %
The business unit pages only include comments on significant events for select business drivers and within EBITDA. For comments on
significant events for other items, please see full-year results and fourth quarter results on pages 28-34.
35
Management’s review
Performance
�rstedAnnual Report 2025
Onshore
Financial results for Q4 2025
Power generation decreased by 3 % compared to Q4
2024 and amounted to 4.0 TWh. The decrease was due
to the 50 % farm-downs of Mockingbird in Q4 2024 and
Sparta Solar and Eleven Mile in Q1 2025 and a planned
shutdown of Old 300 to connect to our Old 300 battery
energy storage system (BESS). This was only partly
offset by higher wind speeds and higher availability for
our US wind assets. In Q4 2025, the wind speeds across
the portfolio were 7.7 m/s, above Q4 2024 (7.5 m/s) and
in line with a normal wind year (7.7 m/s).
Revenue was DKK 0.1 billion higher than in Q4 2024
and amounted to DKK 0.7 billion.
EBITDA increased by DKK 0.3 billion and amounted
to DKK 1.4 billion.
EBITDA from Sites amounted to DKK 1.1 billion in
Q4 2025, which was DKK 0.2 billion lower than the
same period last year. The decrease was mainly due
to the above-mentioned farm-downs.
The divestment gain for Q4 2025 amounted to
DKK 0.5 billion and related to the 49 % farm-down
of the onshore wind farm Badger Wind.
EBITDA from ‘Other’ amounted to DKK - 0.1 billion,
which was on the same level as in Q4 2024.
Results Q4 2025 Q4 2024 % 2025 2024 %
Business drivers
Decided (FID’ed) and installed
capacity, GW 7.1 7.0 1 % 7.1 7.0 1 %
Installed capacity, GW 6.3 6.2 2 % 6.3 6.2 2 %
Wind speed, m/s 7.7 7.5 2 % 7.2 7.2 (0 %)
Load factor, wind, % 41 40 1 %p 37 37 (0 %p)
Load factor, solar PV, % 17 20 (3 %p) 25 25 (0 %p)
Availability, wind, % 92 90 2 %p 91 90 1 %p
Availability, solar PV, % 86 98 (13 %p) 92 98 (5 %p)
Power generation, GWh 3,963 4,086 (3 %) 15,482 15,315 1 %
The US, wind 2,998 2,925 2 % 10,874 10,939 (1 %)
The US, solar PV 619 883 (30 %) 3,489 3,346 4 %
Europe, wind and solar PV 346 278 25 % 1,118 1,030 9 %
US dollar 6.4 7.0 (8 %) 6.6 6.9 (4 %)
Financial performance, DKKm
Revenue 672 554 21 % 2,886 2,720 6 %
EBITDA 1,356 1,061 28 % 4,871 3,863 26 %
Sites 1,107 1,278 (13 %) 4,637 4,649 (0 %)
Divestment gains/(loss) 399 (88) n.a. 703 (88) n.a.
Other (150) (129) 16 % (469) (697) (33 %)
Depreciation (516) (523) (2 %) (2,089) (2,190) (5 %)
Impairment losses (1,561) (772) 102 % (459) (1,321) (65 %)
EBIT (721) (234) 208 % 2,323 352 560 %
Cash flow from operating activities 16 1,420 (99 %) 361 4,459 (92 %)
Gross investments (1,608) (2,698) (40 %) (5,122) (7,391) (31 %)
Divestments 1,825 1,171 56 % 5,192 4,430 17 %
Free cash flow 233 (107) n.a. 431 1,498 (71 %)
Capital employed 36,848 39,443 (7 %) 36,848 39,443 (7 %)
Helena Energy Center,
Bee County, Texas, the US.
The business unit pages only include comments on significant events for select business drivers and within EBITDA. For comments on
significant events for other items, please see full-year results and fourth quarter results on pages 28-34.
36 Management’s review
Performance
�rstedAnnual Report 2025
Bioenergy & Other
Financial results for Q4 2025
Heat generation decreased by 9 %, and power genera-
tion decreased by 12 % compared to Q4 2024, mainly
due to warmer weather and less attractive pricing.
Gas sales increased by 40 %, 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 0.7 billion compared to
DKK 0.9 billion in Q4 2024.
EBITDA from ‘CHP plants’ was DKK 0.6 billion, DKK 0.1
billion lower than in Q4 2024. This was mainly due to
the lower generation and lower spreads.
EBITDA from ‘Gas Markets & Infrastructure’ decreased
by DKK 0.1 billion and amounted to DKK 0.2 billion in
Q4 2025. The decrease was mainly driven by correc-
tions to our B2B business in Q4 2024 not being repeated
in Q4 2025, only partly offset by higher volumes as
mentioned above.
EBITDA from ‘Other’ was DKK -0.1 billion, DKK 0.1
billion more negative than in Q4 2024. The decrease
was mainly related to costs concerning the delay of
our carbon capture project in Denmark.
Results Q4 2025 Q4 2024 % 2025 2024 %
Business drivers
Degree days 831 846 (2 %) 2,501 2,485 1 %
Heat generation, GWh 2,145 2,367 (9 %) 6,414 6,919 (7 %)
Power generation, GWh 1,252 1,428 (12 %) 3,635 4,522 (20 %)
Gas sales, GWh 5,641 4,016 40 % 21,528 17,372 24 %
Power sales, GWh 641 635 1 % 2,475 2,426 2 %
Gas price, TTF, EUR/MWh 31.2 42.8 (27 %) 36.5 34.3 6 %
Power price, DK, EUR/MWh 87.8 88.1 (0 %) 82.8 70.7 17 %
Wood pellet spread, DK, EUR/MWh 4.2 8.4 (50 %) 6.2 6.4 (2 %)
Financial performance, DKKm
Revenue 4,489 4,456 1 % 16,031 15,105 6 %
EBITDA 650 869 (25 %) 1,358 1,082 26 %
CHP plants 602 679 (11 %) 1,573 1,248 26 %
Gas Markets & Infrastructure 158 245 (36 %) 593 249 138 %
Other (110) (55) 100 % (808) (415) 95 %
Depreciation (278) (171) 63 % (770) (667) 15 %
EBIT 372 698 (47 %) 588 415 42 %
Cash flow from operating activities (1,018) (1,094) (7 %) (815) 1,939 n.a.
Gross investments (633) (950) (33 %) (2,047) (2,250) (9 %)
Divestments 8 - n.a. 8 - n.a.
Free cash flow (1,643) (2,044) (20 %) (2,854) (311) 818 %
Capital employed 8,972 5,679 58 % 8,972 5,679 58 %
Wood chips,
Denmark.
The business unit pages only include comments on significant events for select business drivers and within EBITDA. For comments on
significant events for other items, please see full-year results and fourth quarter results on pages 28-34.
37
Management’s review
Performance
�rstedAnnual Report 2025
Quarterly summary
2024–2025
Financial statements
DKKm
2025 2024
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Income statement
Revenue 23,134 12,270 17,135 20,705 21,077 15,766 15,023 19,168
EBITDA 3,869 3,064 6,644 8,871 8,353 9,548 6,570 7,488
Offshore 2,450 2,215 5,301 6,310 6,639 8,530 5,218 6,083
Sites, O&M, and PPAs 8,229 3,643 4,814 7,655 8,533 3,958 4,400 6,928
Construction agreements
and divestment gains (5,061) (431) 2,901 (77) (894) 106 6 (283)
Cancellation fees 169 - (1,531) - 926 5,109 1,300 -
Other (887) (997) (883) (1,268) (1,926) (643) (488) (562)
Onshore 1,356 828 1,197 1,490 1,061 991 995 816
Bioenergy & Other 650 (127) 78 757 869 (185) (36) 434
Other activities/eliminations (587) 148 68 314 (216) 212 393 155
Depreciation and amortisation (2,782) (2,423) (2,435) (2,555) (2,571) (2,548) (2,683) (2,423)
Impairment (2,128) (1,757) (20) 272 (12,127) (284) (3,913) 761
Operating profit (loss) (EBIT) (1,041) (1,116) 4,189 6,588 (6,345) 6,716 (26) 5,826
Gain (loss) on divestment of enterprises (2) 4 124 87 34 14 (7) (52)
Net financial income and expenses (556) (427) (331) (1,567) (457) (1,235) (552) (1,347)
Profit (loss) before tax (1,587) (1,533) 3,989 5,119 (6,761) 5,508 (575) 4,434
Ta x (1,784) (169) (638) (232) 677 (339) (1,103) (1,825)
Profit (loss) for the period (3,371) (1,702) 3,351 4,887 (6,084) 5,169 (1,678) 2,609
Balance sheet
Assets 367,922 299,075 285,112 287,287 298,786 290,341 286,002 290,383
Equity 148,941 93,612 97,419 96,677 93,484 91,127 83,368 83,325
Shareholders in Ørsted A/S 119,718 63,872 67,088 65,665 62,138 65,987 56,446 58,709
Hybrid capital 20,955 20,955 20,955 20,955 20,955 20,955 22,792 22,792
Non-controlling interests 8,268 8,785 9,376 10,057 10,391 4,185 4,130 1,824
Interest-bearing net debt 18,978 83,154 67,137 68,449 58,027 62,817 49,366 49,864
Capital employed 167,919 176,766 164,557 165,126 151,511 153,944 132,734 133,189
Additions to property, plant, and equipment 18,298 14,397 11,554 14,215 19,111 11,375 8,479 8,020
Cash flows
Cash flows from operating activities 17,087 (1,166) 7,186 634 10,306 (1,639) 6,081 3,608
Gross investments (15,052) (14,971) (11,154) (13,799) (17,114) (9,780) (8,292) (7,622)
Divestments 5,196 (56) 4,258 2,987 13,317 108 2,993 (738)
Free cash flow 7,231 (16,193) 290 (10,178) 6,509 (11,311) 782 (4,752)
Financial ratios
Return on capital employed (ROCE), % LTM 5.4 2.0 7.5 4.6 4.5 8.1 (12.4) (12.2)
FFO/adjusted net debt, % LTM
2
42.9 13.9 15.6 13.7 12.7 12.1 22.0 18.0
Number of outstanding shares, end of period,
‘000 1,321,062 420,381 420,381 420,381 420,381 420,381 420,381 420,381
Share price, end of period, DKK 122 107 272 301 324 445 371 384
Market capitalisation, end of period, DKKbn 162 45 114 127 136 187 156 162
Earnings per share (EPS), DKK
1
(5.7) (2.3) 4.1 5.9 (8.8) 6.7 (2.3) 3.2
Business drivers
2025 2024
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Offshore
Decided (FID’ed) and installed capacity, GW 18.3 18.3 18.3 18.3 16.8 16.8 16.8 16.5
Installed capacity, GW 10.2 10.2 10.2 10.2 9.9 9.9 9.8 8.9
Generation capacity, GW 5.5 5.4 5.4 5.5 5.3 5.2 5.1 5.1
Wind speed, m/s 11.7 8.2 8.5 10.4 11.1 8.4 9.0 11.4
Load factor, % 57 32 31 47 51 31 33 52
Availability, % 93 94 90 94 94 89 83 85
Power generation, GWh 6,784 3,788 3,646 5,470 5,740 3,522 3,667 5,670
Power sales, GWh 6,763 3,979 3,686 4,816 5,839 4,010 3,854 6,264
Onshore
Decided (FID’ed) and installed capacity, GW 7.1 7.1 7.0 7.0 7.0 6.4 6.4 6.4
Installed capacity, GW 6.3 6.3 6.2 6.2 6.2 5.7 5.6 4.8
Wind speed, m/s 7.7 6.1 7.2 8.0 7.5 6.2 7.4 7.9
Load factor, wind, % 41 26 36 44 40 26 41 42
Load factor, solar PV, % 17 30 30 21 20 31 29 18
Availability, wind, % 92 92 88 91 90 87 92 89
Availability, solar PV, % 86 94 91 98 98 97 97 98
Power generation, GWh 3,963 3,223 4,002 4,294 4,086 3,270 4,187 3,772
Bioenergy & Other
Degree days, number 831 71 418 1,181 846 79 360 1,200
Heat generation, GWh 2,145 337 707 3,224 2,367 332 935 3,285
Power generation, GWh 1,252 426 477 1,480 1,428 805 805 1,484
Power sales, GWh 641 617 585 632 635 577 581 633
Gas sales, GWh 5,641 4,809 5,798 5,280 4,016 4,138 4,051 5,167
Sustainability statements
Employees (FTE), end of period, number 7,896 8,126 8,203 8,251 8,278 8,377 8,411 8,706
Total recordable injury rate (TRIR) 2.5 2.5 2.7 1.9 2.7 2.3 2.1 2.9
Fatalities, number 0 0 0 2 0 0 0 0
Renewable share of energy generation, % 99 100 100 99 99 96 97 97
GHG emissions (scopes 1 & 2), million tonnes 0.1 0.0 0.0 0.1 0.1 0.3 0.2 0.2
GHG intensity (scopes 1 & 2), g CO
2
e/kWh 4 4 4 4 5 40 16 14
GHG intensity (scopes 1-3, excl. category 11),
g CO
2
e/kWh
3
67 85 84 53 73 144 94 76
GHG emissions (scope 3), million tonnes
3
2.7 1.8 2.4 1.9 1.8 1.8 1.7 2.1
1
Due to the rights issue in October 2025 at a price below market price, the average number of shares and the diluted average
number of shares for 2021-2024 have been restated using the calculated bonus ratio (1.8).
2
FFO last 12 months. As of January 2025, we have included ‘Dividends paid to minority interests’ in ‘Funds from operations’.
Comparative figures for 2024 are restated.
3
Figures for 2024 have been restated to reflect an update to the allocation methodology for scope 3, category 2 capital goods
(see page 78 for details).
38
Management’s review
Performance
�rstedAnnual Report 2025
Corporate
governance
Gode Wind 3
Germany
The equivalent of 250,000 German households
are now powered by Gode Wind 3 Offshore Wind
Farm, which entered into commercial operation
in February 2025.
The offshore wind farm is our fifth in Germany
and is jointly owned with Nuveen Infrastructure.
In total, our offshore wind farms now generate
enough electricity to power the equivalent of
1.6 million German homes.
39
Management’s review
Corporate governance
�rstedAnnual Report 2025
Shareholders and general meeting
Board of Directors
Group Executive Team
QHSE Committee
Compliance Committee
Cybersecurity Committee
Sustainability decision forums
Nomination &
Remuneration Committee
Asset Project Committee
Audit & Risk Committee
Internal Audit
Our governance model
40
Management’s review
Corporate governance
�rstedAnnual Report 2025
41
Management’s review
Corporate governance
�rstedAnnual Report 2025
Gentofte office in Copenhagen, Denmark.
42
Management’s review
Corporate governance
�rstedAnnual Report 2025
1
1
43
Management’s review
Corporate governance
�rstedAnnual Report 2025
44
Management’s review
Corporate governance
�rstedAnnual Report 2025
45
Management’s review
Corporate governance
�rstedAnnual Report 2025
46
Management’s review
Corporate governance
�rstedAnnual Report 2025
47
Management’s review
Corporate governance
�rstedAnnual Report 2025
The Group Executive Team.
48
Management’s review
Corporate governance
�rstedAnnual Report 2025
Low-noise monopile installation at Gode Wind 3, Germany.
49
Management’s review
Corporate governance
�rstedAnnual Report 2025
50
Management’s review
Corporate governance
�rstedAnnual Report 2025
51
Management’s review
Corporate governance
�rstedAnnual Report 2025
80 % financial
20 % ESG
80 % financial
20 % ESG
STI
Short-term incentive scheme, components
LTI
Long-term incentive scheme, components
52
Management’s review
Corporate governance
�rstedAnnual Report 2025
600
500
400
300
200
100
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
Share price Volumes
100
200
300
400
500
600
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
Share price development 2025
Ørsted share price compared to peers (indexed)
OMXC25 Index rebased Ørsted MSCI EU Utilities Index rebased PX volume
Borkum Riffgrund 3, Germany
53
Management’s review
Corporate governance
�rstedAnnual Report 2025
Shareholders as of 31 December 2025
Share capital and/or voting share, %
Danish State (majority shareholder) 50.1 %
Equinor ASA 10 %
Andel A.M.B.A 5.01 %
Danish retail investors 1.5 %
Remaining Danish owners 5.4 %
The UK 8.4 %
The US 7.3 %
Other 12.3 %
Selected company announcements
2025
Financial calendar
2026
Interim reports
23 April
Ørsted expands Group Executive Team and
appoints two new members
7 May
Ørsted to discontinue the Hornsea 4 off-
shore wind project in its current form
11 August
Ørsted announces plan for a rights issue
with support from the Danish State as
majority shareholder and gross proceeds
of DKK 60 billion
23 August
Revolution Wind receives offshore stop-work
order from U.S. Department of the Interior’s
Bureau of Ocean Energy Management
22 September
Court issues preliminary injunction allowing
Revolution Wind impacted construction to
resume
9 October
Ørsted completes rights issue
3 November
Ørsted signs agreement to divest 50 %
stake in Hornsea 3 to Apollo
12 November
Ørsted will be the first energy company
in the world to complete a green transfor-
mation with a 98 % reduction in carbon
emissions
22 December
Revolution Wind and Sunrise Wind receive
lease suspension orders from U.S. Depart-
ment of the Interior’s Bureau of Ocean
Energy Management
23 December
Ørsted brings in Cathay as investor in
Greater Changhua 2 Offshore Wind Farm
in Taiwan
30 December
Ørsted completes divestment of 50 % stake
in Hornsea 3
6 February
Annual Report 2025
9 April
Annual general meeting
Anholt Offshore Wind Farm, Denmark
6 May
The first quarter of 2026
13 August
The first half-year of 2026
5 November
The first nine months of 2026
54
Management’s review
Corporate governance
�rstedAnnual Report 2025
Sustainability
statements
At a glance
Our value chain � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 57
Our strategy and sustainability matters � � � � � � � � � � � � � � � 58
Executive summaries: ESRS topics � � � � � � � � � � � � � � � � � � � 59
General
Double materiality assessment � � � � � � � � � � � � � � � � � � � � 65
Interests and views of our stakeholders � � � � � � � � � � � � � � � 67
Basis for preparation � � � � � � � � � � � � � � � � � � � � � � � � � � � 68
Environment
E1 Climate change � � � � � � � � � � � � � � � � � � � � � � � � � � � � 69
· Business drivers � � � � � � � � � � � � � � � � � � � � � � � � � � � 81
· EU taxonomy: Summary KPIs � � � � � � � � � � � � � � � � � � 84
E4 Biodiversity and ecosystems � � � � � � � � � � � � � � � � � � � � 85
E5 Resource use and circular economy � � � � � � � � � � � � � � � 88
Social
S1 Own workforce � � � � � � � � � � � � � � � � � � � � � � � � � � � � 92
S2 Workers in the value chain � � � � � � � � � � � � � � � � � � � � 100
S3 Affected communities � � � � � � � � � � � � � � � � � � � � � � � 103
Grievance and remedy � � � � � � � � � � � � � � � � � � � � � � � � � 106
Governance
G1 Business conduct � � � � � � � � � � � � � � � � � � � � � � � � � � 108
Additional disclosures
Sustainability due diligence � � � � � � � � � � � � � � � � � � � � � � 110
ESRS disclosure requirements � � � � � � � � � � � � � � � � � � � � � 111
ESRS data points from other EU legislation � � � � � � � � � � � � 112
EU taxonomy: Activity breakdown � � � � � � � � � � � � � � � � � 113
56
Sustainability statementsAnnual Report 2025 �rsted
11
1
4
4
44 10
13
2
2
2
8
5
5
14
7
3
2 3
3
119
87
6
1
6
6
12
15
�
Upstream Own operations Downstream
Mining of
minerals and
metals
Resource
extraction and
processing
Animal
habitats
Supply
chain workers
Onshore wind farms
and onshore renewables
construction
Offshore
wind farms
Biodiversity
restoration
Offshore
wind farm
construction
Employees
Ørsted
workplaces
Energy
storage
Solar
farms
Power
stations
Carbon
removal
Governance
Gas and
power sales
Farm-
downs
Society
Affected
communities
// ESRS 2, SBM-1 and SBM-3
Our material impacts, risks and opportunities (IROs)
Positive impacts
1 E1 Decarbonisation of the energy system
2 E1 Carbon removal through nature-based projects
3 E4 Biodiversity gains from restoration and innovation
4 S1 Flexible working conditions
5 S3 Improved community socio-economic well-being
6 G1 Transparent political engagement practices
Negative impacts
1 E1 GHG emissions from our operations
2 E1 Energy consumption
3 E1 GHG emissions from our supply chain
4 E1 GHG emissions from regular power and gas sales
5 E4 Ecosystem degradation due to resource extraction
6 E4 Temporary habitat and species disturbance
7 E5 Use and depletion of virgin materials
8 E5 Waste generation
9 S1 Work-related injuries and fatalities
10 S1 Work-related stress
11 S1 Unequal gender distribution in management
12 S2 Inadequate working conditions in our supply chain
13 S2 Forced labour impacting value chain workers
14 S3 Health impacts from raw material extraction
15 S3 Disrespect of Indigenous Peoples’ rights
Risks
1 E1 Energy policy and regulatory uncertainties
2 E1 Climate-related physical risks (chronic and acute)
3 E5 Dependence on critical raw materials
4 S1 Employees leaving due to perceived uncertainties
5 S2 Forced labour allegations in our supply chain
6 S3 Inadequate free, prior, and informed consent (FPIC)
7 S3 Local communities’ resistance and concerns
8 S3 S ocial impact requirements in tender processes
Opportunities
1 E1 Business value created from our renewable assets
2 E4 Biodiversity leadership attracting investments
Our value chain
We identified 31 material impacts, risks, and opportunities
(IROs) through our 2025 double materiality assessment (DMA).
The illustration shows where they are located in our value chain.
At a glance
57
Sustainability statements
At a glance
Annual Report 2025 �rsted
// ESRS 2, SBM-1 and SBM-3
Sustainability matters linked to our strategy
Our main sustainability impacts and risks
Strategic sustainability priorities
Foundational sustainability areas
Resources and energy use
· Energy policy uncertainty (risk)
1
· Dependence on materials (risk)
1
· Climate-related physical risks to our
assets (risk)
· Use of virgin materials in our supply chain
(impact)
· GHG emissions from our renewable energy
supply chain (impact)
Decarbonisation (E1 and E5)
Ambition
Achieve net-zero GHG emissions by 2040
while driving demand for our renewable
energy solutions
Selected actions
· Collaboration with suppliers to
decarbonise materials, especially steel
· Decarbonisation road map
· Partnerships to enhance recycling
· Climate risk assessments
Land use and ecosystem impacts
· Ecosystem degradation and habitat
and species loss from ecosystem use
change, pollution, and resource extraction
in our upstream value chain (impact)
· Temporary habitat and species disturbance
during our construction activities (impact)
Biodiversity (E4)
Ambition
Deliver a net-positive biodiversity impact for
projects we commission from 2030 onwards
to help protect nature and enable project
delivery
Selected actions
· Environmental monitoring and biodiversity
action plans at our sites
· Protection and restoration of species
and habitats at our sites
Public support and societal impacts
· Local community resistance to
renewable projects (risk)
· Inadequate free, prior, and informed
consent (FPIC) process with Indigenous
communities (risk)
· Increased local content in tender
processes (risk)
· Community health impacts from raw
material extraction in our upstream
value chain (impact)
Community impact (S3)
Ambition
Bring tangible benefits to local communities
to help enhance local well-being and build
support for the renewable energy build-out
Selected actions
· Engagement and ongoing dialogue with
affected communities
· Integration of affected communities’
perspectives in the project planning phase
Human rights (S1, S2, S3) Health and safety (S1, S2) People management, diversity, and inclusion (S1) Business conduct (G1)
1
Management of risks related to resources and energy use is
elaborated on in the ‘Enterprise risk management’ section on
page 25 under ‘Supply chain risk’ and ‘Political risk’.
Our response
58
Sustainability statements
At a glance
Annual Report 2025 �rsted
Science-based target to reach net zero
by 2040, validated by the SBTi
GHG emissions intensity, scopes 1-3
(excl. category 11), g CO
2
e/kWh
2018
2025
2030
2040 <2.9
322
69
75
Science-based targets
59
Sustainability statements
At a glance
Annual Report 2025 �rsted
60
Sustainability statements
At a glance
Annual Report 2025 �rsted
61
Sustainability statements
At a glance
Annual Report 2025 �rsted
62
Sustainability statements
At a glance
Annual Report 2025 �rsted
63
Sustainability statements
At a glance
Annual Report 2025 �rsted
64
Sustainability statements
At a glance
Annual Report 2025 �rsted
E2 Pollution
E3 Water
S4 Consumers
G1 Business conduct
E1 Climate change
E4 Biodiversity
E5 Resource use
S1 Own workforce
S2 Workers in the value chain
S3 Affected communities
Non-material
Material Material
Material
Financial materiality
Impact materiality
Our material IROs within each ESRS topic
Positive impact Negative impact Risk Opportunity
Each circle corresponds to one IRO
E1 Climate change
E4 Biodiversity
E5 Resource use
S1 Own workforce
S2 Workers in the value chain
S3 Affected communities
G1 Business conduct
Our material ESRS topics
General
65
Sustainability statements
General
Annual Report 2025 �rsted
66
Sustainability statements
General
Annual Report 2025 �rsted
67
Sustainability statements
General
Annual Report 2025 �rsted
ESRS 2, GOV-1
· All DPs
MR · Governance framework · pages 40-42
MR · Board of Directors · pages 43-45
MR · Group Executive Team · pages 47-51
ESRS 2, GOV-2 · All DPs
MR · Governance framework · page 41
MR · Group Executive Team · pages 47-49
ESRS 2, GOV-3 · All DPs
Remuneration report · page 7
ESRS 2, GOV-4 · All DPs
SS · Additional disclosures · page 110
ESRS 2, GOV-5 · All DPs
MR · Group Executive Team · page 48
ESRS 2, SBM-1 · 40(g), 42(a), 42(b), and 42(c)
MR · Our business model · page 10
SS · At a glance · pages 57-58
ESRS 2, SBM-3 · 48(a), 48(b), 48(c)(ii), and 49
SS · At a glance · pages 57-58
ESRS 2, IRO-1 · 53(c)(iii) and 53(e)
MR · Enterprise risk management · page 24
ESRS 2, IRO-2 · 56
SS · Additional disclosures · pages 111-112
ESRS E1, GOV-3 · All DPs
Remuneration report · page 7
ESRS G1, GOV-1 · All DPs
MR · Board of Directors · pages 43-46
MR · Group Executive Team · pages 50-51
//
// ESRS 2, BP-2
Information incorporated by reference
Below are the disclosure requirements (DRs)
and data points (DPs) reported outside of the
four mandated sections of the sustainability
statements. A full overview of all DRs can be
found on page 111.
MR Management’s review
SS Sustainability statements
GOV Governance
SBM Strategy and business model
IRO Impacts, risks, and opportunities
68
Sustainability statements
General
Annual Report 2025 �rsted
E1
69
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
Transition plan highlights
Governance
Board-level oversight of transition efforts.
Executive incentives linked to climate
performance indicators.
Financial planning
Capital alignment with climate goals
and a 1.5 °C world – 99 % of CAPEX allo-
cated in 2025 was classified as sustainable.
Strategy
Development, construction, and operation
of offshore wind and adjacent technolo-
gies aligned with global-, regional-, and
national- level decarbonisation goals and
a 1.5 °C pathway.
Targets
Comprehensive suite of SBTi-validated
near-term and long-term climate targets
(intensity and absolute), supported by
Ørsted-specific climate targets.
Scenario analysis
Addressing climate-related physical and
transition risks, such as extreme weather
events and climate variability, and regula-
tory and political shifts, respectively.
Externally assured GHG emissions
Detailed greenhouse gas emissions
reporting subject to limited assurance.
Risks and opportunities
We monitor climate-related risks, such
as changes in the regulatory and political
landscape, and assess design safeguards
and business case impacts.
Renewable energy deployment as a busi-
ness model to mitigate climate change.
Policy engagement
Active engagement with policymakers,
industry stakeholders, and communities to
support the renewable energy transition.
Advocacy aligned with the 1.5 °C goal of
the Paris Agreement.
Supplier engagement and
partnerships
Engaging key suppliers on climate,
representing 50 % of procurement spend.
Vision
To create a world that runs entirely
on green energy.
70
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
71
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
72
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
73
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
74
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
75
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
2018
322
80
91
1
-99 %
-77 %
69
75
<2.9
// 2025 2030
Science-based
targets
20402023 2024
Scope 1-3 greenhouse gas emissions intensity
(excl. category 11, ‘Use of sold products’) g CO
2
e/kWh
Selected SBTi-validated climate targets 2018-2040
Scope 1-2 greenhouse gas emissions intensity
g CO
2
e/kWh
2018
136
38
16
4
10
6
<1
// 2025 20302025
Science-based
targets
20402023 2024
-99 %
-96 %
-93 %
-90 %
-67 %
Scope 3 greenhouse gas emissions from category 11
Mt CO
2
e
Other climate targets
24
4 4
6
8
<2.4
2018 // 2025 2030
Science-based
targets
20402023 2024 2006 // 2025 20252023 2024
9999
17
97
93
Share of renewable energy generation
%
1
This figure has been restated following the 2025 methodology update (see page 78). The 2024 reported figure was 127 g CO
2
e/kWh.
Target
76
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
Share of renewable energy consumption
%
2025
2024 85
95
77
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
78
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
79
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
80
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
81
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
82
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
83
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
84
Sustainability statements
Environment / E1 Climate change
Annual Report 2025 �rsted
E4
85
Sustainability statements
Environment / E4 Biodiversity and ecosystems
Annual Report 2025 �rsted
86
Sustainability statements
Environment / E4 Biodiversity and ecosystems
Annual Report 2025 �rsted
87
Sustainability statements
Environment / E4 Biodiversity and ecosystems
Annual Report 2025 �rsted
E5
88
Sustainability statements
Environment / E5 resource use and circular economy
Annual Report 2025 �rsted
89
Sustainability statements
Environment / E5 resource use and circular economy
Annual Report 2025 �rsted
90
Sustainability statements
Environment / E5 resource use and circular economy
Annual Report 2025 �rsted
Total waste diverted from disposal
%
2025
2024
97
88
91
Sustainability statements
Environment / E5 resource use and circular economy
Annual Report 2025 �rsted
S1
92
Sustainability statements
Social / S1 Own workforce
Annual Report 2025 �rsted
// S1-1, S2-1, S3 -1
93
Sustainability statements
Social / S1 Own workforce
Annual Report 2025 �rsted
94
Sustainability statements
Social / S1 Own workforce
Annual Report 2025 �rsted
95
Sustainability statements
Social / S1 Own workforce
Annual Report 2025 �rsted
96
Sustainability statements
Social / S1 Own workforce
Annual Report 2025 �rsted
97
Sustainability statements
Social / S1 Own workforce
Annual Report 2025 �rsted
98
Sustainability statements
Social / S1 Own workforce
Annual Report 2025 �rsted
99
Sustainability statements
Social / S1 Own workforce
Annual Report 2025 �rsted
S2
100
Sustainability statements
Social / S2 Workers in the value chain
Annual Report 2025 �rsted
101
Sustainability statements
Social / S2 Workers in the value chain
Annual Report 2025 �rsted
102
Sustainability statements
Social / S2 Workers in the value chain
Annual Report 2025 �rsted
S3
103
Sustainability statements
Social / S3 Affected communities
Annual Report 2025 �rsted
104
Sustainability statements
Social / S3 Affected communities
Annual Report 2025 �rsted
105
Sustainability statements
Social / S3 Affected communities
Annual Report 2025 �rsted
S1 · S2 · S3 · G1
106
Sustainability statements
Social / Grievance and remedy (S1 · S2 · S3 · G1)
Annual Report 2025 �rsted
107
Sustainability statements
Social / Grievance and remedy (S1 · S2 · S3 · G1)
Annual Report 2025 �rsted
G1
108
Annual Report 2025 Sustainability statements
Governance / G1 Business conduct
�rsted
109
Annual Report 2025 Sustainability statements
Governance / G1 Business conduct
�rsted
110
Annual Report 2025 Sustainability statements �rsted
Additional disclosures
111
Annual Report 2025 Sustainability statements
Additional disclosures
�rsted
112
Annual Report 2025 Sustainability statements
Additional disclosures
�rsted
113
Annual Report 2025 Sustainability statements
Additional disclosures
�rsted
114
Annual Report 2025 Sustainability statements
Additional disclosures
�rsted
Financial
statements
Consolidated financial statements
Consolidated statement of income . . . . . . . . . . . . . . . . . . 117
Consolidated statement of comprehensive income . . . . . . . 117
Consolidated statement of financial position . . . . . . . . . . . . 118
Consolidated statement of shareholders’ equity . . . . . . . . . 119
Consolidated statement of cash flows . . . . . . . . . . . . . . . . 120
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
Parent company financial statements
Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198
Statement of financial position . . . . . . . . . . . . . . . . . . . . . 199
Statement of changes in equity . . . . . . . . . . . . . . . . . . . . . 200
Notes to parent company financial statements . . . . . . . . . . 201
Management’s statement, auditor’s reports, glossary
Statement by the Executive Board and the Board of Directors . 209
Independent Auditor’s Reports . . . . . . . . . . . . . . . . . . . . . 210
Independent Auditor’s Limited Assurance Report on
the Sustainability Statements . . . . . . . . . . . . . . . . . . . . . . 215
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217
Notes
1. Basis of reporting
1.1 Significant changes and events . . . . . . . . . . . . . . . . . . . . 121
1.2 Basis of preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
2. Return on capital employed
2.1 Segment information . . . . . . . . . . . . . . . . . . . . . . . . . . 126
2.2 Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
2.3 Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
2.4 Government grants . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
2.5 Research and development expenditures . . . . . . . . . . . . . 133
2.6 Other operating income and expenses . . . . . . . . . . . . . . . 134
2.7 Employee costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
2.8 Share-based payment . . . . . . . . . . . . . . . . . . . . . . . . . . 136
3. Capital employed
3.1 Intangible assets and property, plant, and equipment . . . . . 139
3.2 Impairments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
3.3 Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
3.4 Contract assets and liabilities . . . . . . . . . . . . . . . . . . . . . 147
3.5 Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
3.6 Supply chain finance . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
3.7 Other receivables and other payables . . . . . . . . . . . . . . . 149
3.8 Tax equity liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
3.9 Provisions and contingent liabilities . . . . . . . . . . . . . . . . . 151
3.10 Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . 153
3.11 Assets classified as held for sale . . . . . . . . . . . . . . . . . . . 154
4. Tax
4.1 Approach to taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156
4.2 Tax on profit (loss) for the year . . . . . . . . . . . . . . . . . . . . 159
4.3 Deferred tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
4.4 Our tax footprint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163
5. Capital structure
5.1 Interest-bearing net debt and FFO . . . . . . . . . . . . . . . . . . 165
5.2 Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
5.3 Hybrid capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170
5.4 Liquidity reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
5.5 Maturity analysis of financial liabilities . . . . . . . . . . . . . . . 172
5.6 Financial income and expenses . . . . . . . . . . . . . . . . . . . . 173
6. Risk management
6.1 Risk framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
6.2 Energy price risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
6.3 Inflation and interest rate risks . . . . . . . . . . . . . . . . . . . . 179
6.4 Currency risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
6.5 Credit risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185
6.6 Fair value measurement . . . . . . . . . . . . . . . . . . . . . . . . 186
6.7 Energy trading portfolio . . . . . . . . . . . . . . . . . . . . . . . . 188
6.8 Categories of financial instruments . . . . . . . . . . . . . . . . . 189
6.9 Sensitivity analysis of financial instruments . . . . . . . . . . . . 190
7. Other notes
7.1 Related-party transactions . . . . . . . . . . . . . . . . . . . . . . 191
7.2 Auditor’s fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
7.3 Non-IFRS financial measures . . . . . . . . . . . . . . . . . . . . . 193
7.4 Company overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
7.5 Events after the reporting period . . . . . . . . . . . . . . . . . . . 196
116
Financial statements
Annual Report 2025
�rsted
Note DKKm 2025 2024
2.2, 2.4 Revenue 73,244 71,034
2.3 Cost of sales (38,984 ) (35,963 )
Other external expenses (9,063 ) (8,697 )
2.7, 2.8 Employee costs (7,080 ) (6,532 )
Share of profit (loss) in associates and joint ventures (98 ) (68 )
2.6 Other operating income 9,312 5,298
2.6 Other operating expenses (4,883 ) 6,887
Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) 22,448 31,959
3.1 Amortisation and depreciation on intangible assets and on property, plant, and equipment (10,195 ) (10,225 )
3.1, 3.2 Impairment losses on intangible assets and on property, plant, and equipment (3,633 ) (15,563 )
Operating profit (loss) (EBIT) 8,620 6,171
Gain (loss) on divestment of enterprises 213 (11 )
Share of profit (loss) in associates and joint ventures 36 37
5.6 Financial income 11,797 8,590
5.6 Financial expenses (14,678 ) (12,181 )
Profit (loss) before tax 5,988 2,606
4.2 Tax on profit (loss) for the year (2,823 ) (2,590 )
Profit (loss) for the year 3,165 16
Profit (loss) for the year is attributable to
Shareholders in Ørsted A/S 1,727 (923 )
Interests and costs, hybrid capital owners of Ørsted A/S 713 717
Non-controlling interests 725 222
5.2 Earnings per share (DKK) 2.0 (1.2 )
1
5.2 Diluted earnings per share (DKK) 1.9 (1.2 )
1
Note DKKm 2025 2024
Profit (loss) for the year 3,165 16
Other comprehensive income
Cash flow hedging
6 Value adjustments for the year 327 3,426
5.2 Value adjustments transferred to income statement 1,051 (1,269 )
Exchange rate adjustments
Exchange rate adjustments relating to net investments in foreign enterprises (10,612 ) 6,041
6.4 Value adjustment of net investment hedges 5,070 (3,698 )
5.2 Value adjustments and hedges transferred to income statement 100 12
Ta x
Tax on hedging instruments (249 ) 276
Tax on exchange rate adjustments (407 ) 131
Other
Share of other comprehensive income from associated companies, after tax (4 ) 5
Other comprehensive income (loss) that may be reclassified to the income statement (4,724 ) 4,924
Total comprehensive income (1,559 ) 4,940
Comprehensive income for the year is attributable to
Shareholders in Ørsted A/S (2,428 ) 3,752
Interest payments and costs, hybrid capital owners of Ørsted A/S 713 717
Non-controlling interests 156 471
Total comprehensive income (1,559 ) 4,940
Other comprehensive income
All items in ‘Other comprehensive income’ may be recycled to the
income statement.
Cash flow hedging
Exchange rate adjustments
Consolidated statement of income
1 January – 31 December
Consolidated statement of comprehensive income
1 January – 31 December
117
Financial statements
Annual Report 2025
�rsted
Note
Assets
DKKm 2025 2024
3.1 Intangible assets 755 2,611
3.1 Land and buildings 7,790 7,977
3.1 Production assets 123,545 138,477
3.1 Fixtures and fittings, tools, and equipment 2,179 2,122
3.1 Production assets under construction 77,352 53,118
3.1 Property, plant, and equipment 210,866 201,694
Investments in associates and joint ventures 434 870
Receivables from associates and joint ventures 179 200
Other securities and equity investments 235 344
6 Derivatives 1,336 960
4.3 Deferred tax 9,547 9,250
3.7 Other receivables 7,060 3,218
Other non-current assets 18,791 14,842
Non-current assets 230,412 219,147
3.3 Inventories 9,938 12,379
6 Derivatives 3,539 4,617
3.4 Contract assets - 324
3.5 Trade receivables 9,848 9,045
3.7 Other receivables 10,937 15,005
Receivables from associates and joint ventures 106 41
Income tax 768 570
5.4 Securities 38,317 14,532
5.4 Cash 53,448 23,126
Current assets 126,901 79,639
3.11 Assets classified as held for sale 10,609 -
Assets 367,922 298,786
Note
Equity and liabilities
DKKm 2025 2024
5.2 Share capital 13,212 4,204
5.2 Reserves (9,164 ) (5,164 )
Retained earnings 115,670 63,098
5.2 Equity attributable to shareholders in Ørsted A/S 119,718 62,138
5.3 Hybrid capital 20,955 20,955
3.10 Non-controlling interests 8,268 10,391
Equity 148,941 93,484
4.3 Deferred tax 1,969 2,433
3.9 Provisions 18,252 17,735
5.5 Lease liabilities 8,120 8,076
5.1 Bond and bank debt 87,204 83,607
6 Derivatives 6,046 8,882
3.4 Contract liabilities 8,257 8,834
3.8 Tax equity liabilities 10,721 16,158
3.7 Other payables 11,264 5,825
Non-current liabilities 151,833 151,550
3.9 Provisions 1,558 2,800
5.5 Lease liabilities 875 834
5.1 Bond and bank debt 11,658 4,101
6 Derivatives 3,778 7,009
3.4 Contract liabilities 13,847 2,578
Trade payables 19,764 20,827
3.8 Tax equity liabilities 3,663 4,320
3.7 Other payables 5,503 7,106
Income tax 4,631 4,177
Current liabilities 65,277 53,752
Liabilities 217,110 205,302
3.11 Liabilities relating to assets classified as held for sale 1,871 -
Equity and liabilities 367,922 298,786
Consolidated statement of financial position
31 December
118
Financial statements
Annual Report 2025
�rsted
DKKm
2025 2024
Share
capital Reserves
1
Retained
earnings
Proposed
dividends
Shareholders
in Ørsted A/S
Hybrid
capital
Non-
controlling
interests
Tota l
Group
Share
capital Reserves
1
Retained
earnings
Proposed
dividends
Shareholders
in Ørsted A/S
Hybrid
capital
Non-
controlling
interests
Tota l
Group
Equity at 1 January 4,204 (5,164 ) 63,098 - 62,138 20,955 10,391 93,484 4,204 (10,251 ) 62,829 - 56,782 19,103 1,906 77,791
Comprehensive income for the year:
Profit (loss) for the year - - 1,727 - 1,727 713 725 3,165 - - (923 ) - (923 ) 717 222 16
Other comprehensive income:
Cash flow hedging - 1,269 - - 1,269 - 109 1,378 - 2,129 - - 2,129 - 28 2,157
Exchange rate adjustments - (4,735 ) - - (4,735 ) - (707 ) (5,442 ) - 2,181 - - 2,181 - 174 2,355
Tax on other comprehensive income - (685 ) - - (685 ) - 29 (656 ) - 360 - - 360 - 47 407
Share of other comprehensive income
of associated companies, after tax - - (4 ) - (4 ) - - (4 ) - - 5 - 5 - - 5
Total comprehensive income - (4,151 ) 1,723 - (2,428 ) 713 156 (1,559 ) - 4,670 (918 ) - 3,752 717 471 4,940
Cash flow hedging of property, plant,
and equipment under construction - 194 - - 194 - - 194 - (181 ) - - (181 ) - - (181 )
Coupon payments, hybrid capital - - - - - (713 ) - (713 ) - - - - - (687 ) - (687 )
Ta x - (43 ) 135 - 92 - - 92 - 40 - - 40 9 - 49
Additions, share capital 9,008 - 50,370 - 59,378 - - 59,378 - - - - - - - -
Additions, hybrid capital - - - - - - - - - - - - - 5,520 - 5,520
Disposals, hybrid capital - - - - - - - - - - - - - (3,707 ) - (3,707 )
Dividends paid - - - - - - (2,011 ) (2,011 ) - - - - - - (369 ) (369 )
Additions, non-controlling interests - - 289 - 289 - (268 ) 21 - 558 1,143 - 1,701 - 8,383 10,084
Other changes - - 55 - 55 - - 55 - - 44 - 44 - - 44
Equity at 31 December 13,212 (9,164 ) 115,670 - 119,718 20,955 8,268 148,941 4,204 (5,164 ) 63,098 - 62,138 20,955 10,391 93,484
Note 5.2 5.2 5.3 3.10 5.2 5.2 5.3 3.10
Consolidated statement of shareholders’ equity
1 January – 31 December
119
Financial statements
Annual Report 2025
�rsted
Note DKKm 2025 2024
Operating profit (loss) before depreciation, amortisation,
and impairment losses (EBITDA)
Reversal of gain (loss) on divestment of assets 964 (349 )
Change in derivatives (489 ) 648
Change in provisions and other items 2,001 (13,186 )
Change in inventories (6 ) (4,680 )
Change in contract assets and liabilities 10,877 6,154
Change in trade receivables (969 ) 2,142
Change in other receivables 1,263 (846 )
Change in trade payables (1,160 ) 2,821
Change in tax equity liabilities (3,027 ) 1,458
Change in other payables (14 ) (964 )
Interest received and similar items 5,827 6,820
Interest paid and similar items (9,075 ) (7,294 )
4.4 Income tax paid (4,899 ) (6,327 )
Cash flows from operating activities 23,741 18,356
Purchase of intangible assets and of property, plant,
and equipment (54,776 ) (42,654 )
Sale of intangible assets and of property, plant,
and equipment 12,278 4,471
Divestment of enterprises 8 942
Sale and purchase of other equity investments (208 ) (163 )
Purchase of securities (44,198 ) (11,588 )
Sale/maturation of securities 20,419 27,318
Change in other non-current assets 21 (134 )
Transactions with associates and joint ventures (96 ) 22
Dividends received and capital reductions 81 27
Cash flows from investing activities (66,471 ) (21,759 )
Note DKKm 2025 2024
Proceeds from capital increase 59,378 -
Proceeds from raising loans 19,550 9,990
Instalments on loans (4,497 ) (3,407 )
Instalments on leases (1,207 ) (736 )
Coupon payments on hybrid capital (713 ) (687 )
Repurchase of hybrid capital - (3,707 )
Proceeds from issuance of hybrid capital - 5,520
3.10 Transactions with non-controlling interests (2,055 ) 9,863
Net proceeds from tax equity partners (215 ) 78
Collateral posted in relation to trading of derivatives (16,622 ) (13,400 )
Collateral released in relation to trading of derivatives 20,272 12,166
Restricted cash and other changes (82 ) 163
Cash flows from financing activities 73,809 15,843
Total net change in cash and cash equivalents 31,079 12,440
5.4 Cash and cash equivalents at 1 January 23,124 10,144
Exchange rate adjustments of cash and cash equivalents (755 ) 540
5.4 Cash and cash equivalents at 31 December 53,448 23,124
Supplementary statements
Our supplementary statements of gross and net investment
appear from note 3.0 ‘Capital employed’ and free cash flows (FCF)
from note 2.1 ‘Segment information’.
Accounting policies
Consolidated statement of cash flows
1 January – 31 December
120
Financial statements
Annual Report 2025
�rsted
Note 1
Basis of
reporting
121
Financial statements Notes
Annual Report 2025
�rsted
122
Financial statements Notes
Annual Report 2025
�rsted
iXBRL reporting
We are required to file our annual report in the
European Single Electronic Format (‘ESEF’) using the
XHTML format and to tag the consolidated financial
statements, including notes, using the Inline eXtensible
Business Reporting Language (iXBRL). TheiXBRL tags
comply with the ESEF taxonomy. Where a financial
statement line item is not defined in the ESEF taxonomy,
an extension to the taxonomy has been created.
The annual report submitted to the Danish Financial
Supervisory Authority consists of the XHTML document
together with certain technical files, all included in a
ZIP file named Orsted-2025-12-31-en.zip.
Note 1.2 – Continued
Basis of preparation
123
Financial statements Notes
Annual Report 2025
�rsted
Non-IFRS financial measures
We present financial measures in the consolidated
financial statements to describe the Group’s financial
performance, financial position, and cash flows.
We use these financial measures as we believe they
provide valuable information to our stakeholders
and management.
The financial measures should not be considered a
replacement for the performance measures as defined
under IFRS but rather as supplementary information.
The financial measures may not be comparable to
similar titled measures presented by other companies,
as the definitions and calculations may be different.
The financial measures most commonly presented in
the Ørsted annual report are:
· EBITDA and EBITDA excluding new partnerships
and cancellation fees
· funds from operations (FFO)
· FFO/adjusted interest-bearing net debt
· net interest-bearing debt (NIBD)
· adjusted interest-bearing net debt
· free cash flow (FCF)
· return on capital employed ( ROCE)
· capital employed
· g ross investments
· net investments.
Our definitions of the financial measures are included
in note 7.3 ‘Non-IFRS financial measures’.
Note 1.2 – Continued
Basis of preparation
124
Financial statements Notes
Annual Report 2025
�rsted
5.4 %
2025
2024
2023
4.5
-14.2
16.8
2022
2021 14.8
5.4
EBITDA 22.4
EBIT 8.6
32.1
32.0
18.7
-17.9
24.3
19.8
6.2
16.2
20252021 20232022 2024
Return on capital employed (ROCE) is a key ratio,
showing how profitable our business activities are.
Our target is an average ROCE of approx. 11 % for
the Group for the 2026-2027 period.
ROCE was 5.4 % in 2025. Adjusted for impairment
losses and cancellation fees, ROCE amounted to
8.4 % in 2025.
See note 2.1 ‘Segment information’.
Impairment losses DKK -3,633 million Remaining EBIT DKK 11,433 millionCancellation fees DKK 820 million
Return on capital employed
%
Return on capital employed was
5.4 % in 2025 against 4.5 % in 2024.
EBITDA and EBIT
DKKbn
Note 2
Return on capital employed
EBIT
DKKm
EBIT of DKK 8,620 million in 2025
125
Financial statements Notes
Annual Report 2025
�rsted
GB 35,810 (32,468)
NL 1,713 (2,555)
IE 582 (541)
US 3,057 (2,958)
DK 18,000 (17,108)
TW 7,535 (3,079)
DE 5,814 (11,534)
Other 733 (791)
US 83,988 (77,474)
DK 13,615 (11,749)
TW 41,181 (33,175)
NL 3,587 (3,978)
GB 38,720 (45,450)
IE 194 (4,693)
Other 43 (87)
DE 18,951 (23,465)
PL 11,342 (4,234)
Revenue, intangible assets, and property, plant, and equipment
are presented based on the locations of our customers and assets
as well as the exchanges on which we trade.
73,244 (71,034) 211,621 (204,305)
Revenue
DKKm 2025 (2024)
Intangible assets and property, plant, and equipment
DKKm 2025 (2024)
126
Financial statements Notes
Annual Report 2025
�rsted
Note 2.1 – Continued
Segment information
127
Financial statements Notes
Annual Report 2025
�rsted
Note 2.1 – Continued
Segment information
128
Financial statements Notes
Annual Report 2025
�rsted
129
Financial statements Notes
Annual Report 2025
�rsted
Note 2.2 – Continued
Revenue
130
Financial statements Notes
Annual Report 2025
�rsted
131
Financial statements Notes
Annual Report 2025
�rsted
132
Financial statements Notes
Annual Report 2025
�rsted
133
Financial statements Notes
Annual Report 2025
�rsted
134
Financial statements Notes
Annual Report 2025
�rsted
135
Financial statements Notes
Annual Report 2025
�rsted
136
Financial statements Notes
Annual Report 2025
�rsted
Note 2.8 – Continued
Share-based payment
137
Financial statements Notes
Annual Report 2025
�rsted
Offshore 73 % Onshore 22 % Bioenergy & Other 5 %
Offshore 87 % Onshore 9 % Bioenergy & Other 4 %
Capital employed
DKKm 2025 2024
Intangible assets and property, plant, and equipment 211,621 204,305
Assets classified as held for sale, net 9,138 -
Equity investments and non-current receivables 3,496 1,395
Net working capital, capital expenditures (7,373) (7,454)
Net working capital, work in progress
3
(8,419) 5,798
Net working capital, tax equity (12,536) (18,714)
Net working capital, other items 667 (691)
Derivatives, net (4,949) (10,314)
Decommissioning obligations (14,502) (13,844)
Other provisions (5,308) (6,691)
Tax, net 3,715 3,210
Other receivables and other payables, net (7,631) (5,489)
Total capital employed 167,919 151,511
Gross and net investments
DKKm 2025 2024
Cash flows from investing activities (66,471) (21,759)
Dividends received and capital reductions reversed (81) (27)
Purchase and sale of securities, reversed 23,779 (15,730)
Loans to associates and joint ventures, reversed 125 121
Sale of non-current assets, reversed (12,328) (5,413)
Gross investments (54,976) (42,808)
Transactions with non-controlling
interests in connection with divestments and
acquisitions 57 10,267
Sale of non-current assets 12,328 5,413
Divestments 12,385 15,680
Net investments (42,591) (27,128)
1
Capital employed by segment is based on capital employed
for reportable segments of DKK 169,240 million.
2
Gross investments by segment is based on gross investments
for reportable segments of DKK 54,893 million.
3
‘Net working capital, work in progress’ consists of inventories
related to transmission assets, construction agreements, and
construction management agreements in connection with the
construction of transmission assets and offshore wind farms
for partners as well as related trade payables.
Our capital employed primarily relates to production
assets, including assets under construction.
We monitor investment projects closely, as a large
part of our value is created in the development and
construction phases.
Note 3
Capital employed
Capital employed by segment
1
2025
Gross investments by segment
2
2025
138
Financial statements Notes
Annual Report 2025
�rsted
Offshore 64 %
Offshore 88 %
Onshore 32 %
Onshore 6 %
Bioenergy & Other 4 %
Bioenergy & Other 6 %
Production assets by segment
2025
DKK 123,545 million
Production assets
under construction by segment
2025
DKK 77,352 million
139
Financial statements Notes
Annual Report 2025
�rsted
Offshore 58 %
Offshore 80 %
Onshore 38 %
Onshore 14 %
Bioenergy & Other 4 %
Bioenergy & Other 6 %
Note 3.1 – continued
Intangible assets and property, plant, and equipment
Production assets by segment
2024
DKK 138,477 million
Production assets
under construction by segment
2024
DKK 53,118 million
140
Financial statements Notes
Annual Report 2025
�rsted
Note 3.1 – continued
Intangible assets and property, plant, and equipment
141
Financial statements Notes
Annual Report 2025
�rsted
Accounting policies
Note 3.1 – continued
Intangible assets, and property, plant, and equipment
142
Financial statements Notes
Annual Report 2025
�rsted
143
Financial statements Notes
Annual Report 2025
�rsted
Note 3.2 – continued
Impairments
144
Financial statements Notes
Annual Report 2025
�rsted
Note 3.2 – continued
Impairments
145
Financial statements Notes
Annual Report 2025
�rsted
146
Financial statements Notes
Annual Report 2025
�rsted
147
Financial statements Notes
Annual Report 2025
�rsted
148
Financial statements Notes
Annual Report 2025
�rsted
Note 3.7
Other receivables and other payables
149
Financial statements Notes
Annual Report 2025
�rsted
150
Financial statements Notes
Annual Report 2025
�rsted
151
Financial statements Notes
Annual Report 2025
�rsted
Note 3.9 – continued
Provisions and contingent liabilities
152
Financial statements Notes
Annual Report 2025
�rsted
153
Financial statements Notes
Annual Report 2025
�rsted
154
Financial statements Notes
Annual Report 2025
�rsted
Offshore
Tax, net 2024
Ørsted A/S and other activities
Corporate taxes paid
Onshore
Tax on profit (loss) for the year
Total
Other effects
Tax, net 2025
Bioenergy & Other
Tax on other comprehensive income
3,210
(2,823)
4,899
(698)
4,318
(73)
(660)
1,314
4,899
(873)
3,715
Note 4
Ta x
The Group’s taxes reflect our business operations
and applicable tax legislation in the countries where
we operate.
2025, DKKm Profit (loss) before tax Tax Tax in %
Tax equity, deferred tax liability - (18) n.a.
Gain (loss) on divestment of enterprises and assets (1,700) 622 37 %
Impairment for the year (3,633) 702 19 %
Cancellation fees (1,366) (378) (28) %
Other adjustments - (722) n.a.
Remaining business 12,687 (3,029) 24 %
Effective tax for the year 5,988 (2,823) 47 %
Corporate income tax paid by segment
DKKm
Development in current and deferred tax asset and liabilities (tax, net)
DKKm
Corporate income tax paid by the Group
Corporate income tax paid by the Group in 2025 totalled
DKK 4,899 million against DKK 6,327 million in 2024.
4.9 bn
Current corporate income tax
Current corporate income tax in 2025 totalled
DKK 3,827 million against DKK 5,990 million in 2024.
3.8 bn
Effective tax rate for the Group
Effective tax rate for the Group for 2025 was 47 %
against 99 % in 2024.
47 %
‘Other adjustments’ include changes in tax rates, movements in uncertain tax positions, tax concerning
previous years, and unrecognised tax losses. See more regarding impairments in note 3.2 ‘Impairments’.
155
Financial statements Notes
Annual Report 2025
�rsted
156
Financial statements Notes
Annual Report 2025
�rsted
Note 4.1 – Continued
Approach to taxes
157
Financial statements Notes
Annual Report 2025
�rsted
2016 2017 2019 202220212015
2018
2020 2023 2024 2025 2026
Discussion
on double taxation
Final assessment
from Danish
Tax Agency
Mutual agreement
procedures
initiation (MAP)
Appeal to the
Danish National
Tax Tribunal
Advance pricing
agreement (APA)
application
Danish Tax Agency
terminates APA and
initiates transfer
pricing audit
Status of one
Danish Competent
Authority panel
member being
discussed between
Danish Tax Agency
and HMRC
Panel’s first
meeting
Expected decision
by the arbitration
panel
Note 4.1 – Continued
Approach to taxes
EU
arbitration
start
Hornsea 1 and Walney Extension tax audit timeline
158
Financial statements Notes
Annual Report 2025
�rsted
159
Financial statements Notes
Annual Report 2025
�rsted
Note 4.2 – continued
Tax on profit (loss) for the year
160
Financial statements Notes
Annual Report 2025
�rsted
161
Financial statements Notes
Annual Report 2025
�rsted
Note 4.3 – continued
Deferred tax
162
Financial statements Notes
Annual Report 2025
�rsted
2,811
20
1,467
42
208
67
27
14 4,899
DK MYGB TW PLDE NLUS Other Tota l
243
As our business matures, we start to incur corporate taxes in the countries where we operate.
Income tax paid during 2025
DKKm
163
Financial statements Notes
Annual Report 2025
�rsted
Funds from operations (FFO)
Funds from operations (FFO) relative to adjusted
interest-bearing net debt amounted to 42.9 % at
31 December 2025 against 12.7 % at
31 December 2024.
Interest-bearing net debt
Our interest-bearing net debt totalled DKK 19.0 billion
at 31 December 2025 against DKK 58.0 billion at
31 December 2024.
Liquidity reserve
Our liquidity reserve totalled DKK 130.9 billion at
31 December 2025 against DKK 78.0 billion at
31 December 2024.
42.9 %
19.0 bn
130.9 bn
19.0
58.0
21.0
21.0
119.7
62.1
8.3
10.4
167.9 bn
151.3 bn
Interest-bearing net debt
Equity attributable to shareholders in Ørsted A/S
Hybrid capital
Non-controlling interests
Equity and interest-bearing net debt
DKKbn
2025 2024
164
Financial statements Notes
Annual Report 2025
�rsted
165
Financial statements Notes
Annual Report 2025
�rsted
Note 5.1 – continued
Interest-bearing net debt and FFO
166
Financial statements Notes
Annual Report 2025
�rsted
6.4
11.6
7.5
8.0
7.7
9.3
8.6
6.2
16.7
10.2
7.5
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036+
Note 5.1 – continued
Interest-bearing net debt and FFO
Maturity profile of issued senior bonds and bank debt
DKKbn
Issued bonds
Bank debt
167
Financial statements Notes
Annual Report 2025
�rsted
168
Financial statements Notes
Annual Report 2025
�rsted
Note 5.2 – continued
Equity
169
Financial statements Notes
Annual Report 2025
�rsted
170
Financial statements Notes
Annual Report 2025
�rsted
Dec. 2025
Dec. 2024
130.9
78.0
In 2025, proceeds from the rights issue, farm-down
of Hornsea 3, and project financing for the offshore
wind farm Greater Changhua 2 led to a substantial
increase in the liquidity reserve. Cash increased by
DKK 30.3 billion compared to 2024, and the balance
of available securities increased by DKK 24.5 billion.
Liquidity reserve
DKKbn
Cash Securities, available
Undrawn, non-cancellable credit facilities >1 year maturity
171
Financial statements Notes
Annual Report 2025
�rsted
172
Financial statements Notes
Annual Report 2025
�rsted
173
Financial statements Notes
Annual Report 2025
�rsted
Revenue composition of offshore and onshore assets 2026-2030
1
Currency exposure 2026-2030
2
Before hedging After hedging, DKKbn
Inflation-indexed revenue
The value of our hedging instruments
Fixed nominal revenue
~40 % of our revenue from offshore and onshore assets
are fixed in nominal terms, mainly from fixed-price
subsidies and CPPAs in Continental Europe, Taiwan, and
the US as well as hedges swapping inflation- indexed
cash flows to fixed cash flows (2024: ~35 %).
Merchant revenue
~10 % of our revenue from offshore and onshore assets
are exposed to merchant power prices (2024: ~15 %).
50 %
~50 % of our revenue from offshore and onshore assets
are fixed-price-indexed to inflation, mainly from ROC
and CfD subsidies in the UK and Poland.
(2024: ~50 %).
-6.2 bn
The value of our hedging instruments (mainly inflation
and power) impacting EBITDA in the future amounts to
a loss of DKK 6.2 billion at 31 December 2025.
(2024: DKK 7.6 billion).
~10 %
Merchant revenue
~40 %
Fixed nominal revenue
~50 %
Inflation-indexed revenue
GBP
USD
52.5
17.0
28.3
10.5
13.4
7.1
NTD
Energy exposure 2026-2028
3
Before hedging After hedging, DKKbn
Outright power 30.1
15.2
4.6
4.1
Spread (power)
-0.5
-0.1
Gas and oil
1
For the period 2026-2030, approximately 90 % of our expected
revenue from our wind, solar PV, and battery storage assets are
fixed-price inflation- indexed or fixed nominal. The remaining 10 %
is exposed to fluctuations in power prices.
2
We deem EUR to constitute an insignificant risk as we expect
Denmark to maintain its fixed exchange-rate policy.
3
Energy exposure before hedging does not include revenue from
inflation-indexed and fixed nominal prices as these do not contain
any energy exposure.
174
Financial statements Notes
Annual Report 2025
�rsted
175
Financial statements Notes
Annual Report 2025
�rsted
0
500
1,000
1,500
2023 2024 2025 2026
Forward ratesHistorical rates
2027
The graph shows the historic development in monthly average spot power prices for
the past three years and the forward rates for 2026 and 2027 as of 31 December 2025.
The graph covers our main markets where we are exposed to power prices.
1
Average of DK1 and DK2.
2
Average of north and west.
Development in power prices
DKK/MWh
DK
1
UK US (ERCOT)
2
176
Financial statements Notes
Annual Report 2025
�rsted
The UK 11.5
The US 9.5
Other 9.1
The graph shows our power exposure towards
power prices in different markets before hedges
for the period 2026-2028.
Note 6.2 – continued
Power price risks
Power price exposure before hedging for 2026-2028, split on markets
DKKbn
177
Financial statements Notes
Annual Report 2025
�rsted
Note 6.2 – continued
Power price risks
178
Financial statements Notes
Annual Report 2025
�rsted
0
2
4
6
8
10
12
2023 2024 2025
Inflation-indexed
revenue and hedges
Operational costs
1
~55 % matched
1
Operational costs comprise of OPEX, cost of sales, and development
expenses after deduction of income from PTCs and ITCs.
The graph shows the historic development in interest and inflation rates for the past three years.
The graph covers our main markets where we are exposed to interest and inflation.
Development in inflation and interest rates
%
USD 10-year interest rate EUR 10-year interest rate UK CPI annual rate
NTD 10-year interest rate GBP 10-year interest rate
Inflation-indexed revenue in 2026-2030 is partly offset
by inflation-indexed operational costs
179
Financial statements Notes
Annual Report 2025
�rsted
Fixed-rate debt and hedges
Assets in operation and under construction
1
~60 %
matched
For assets in operation and under construction, approximately 60 % of the fixed nominal
cash flows are matched with a fixed interest rate on our debt and hedge portfolio.
1
Lifetime present value of fixed nominal cash flows, excluding CAPEX. Assets under
construction include the Hornsea 3, Borkum Riffgrund 3, Revolution Wind, Sunrise
Wind, Baltica 2, and Greater Changhua 2b and 4 offshore wind farms.
Note 6.3 – continued
Inflation and interest rate risks
Fixed-rate debt and hedges used to protect fixed nominal cash flows
against interest rate increases
180
Financial statements Notes
Annual Report 2025
�rsted
Note 6.3 – continued
Inflation and interest rate risks
181
Financial statements Notes
Annual Report 2025
�rsted
600
700
800
900
20
25
Forward ratesHistorical rates
2023 2024 2025 2026 2027
1
The graph shows the historic development in
spot currency rates for the past three years
and the forward rates for 2026 and 2027 as
of 31 December 2025.
Development in currency rates
1
GBP/DKK USD/DKK NTD/DKK
182
Financial statements Notes
Annual Report 2025
�rsted
h
h
h
h
Note 6.4 – continued
Currency risks
183
Financial statements Notes
Annual Report 2025
�rsted
Note 6.4 – continued
Currency risks
184
Financial statements Notes
Annual Report 2025
�rsted
185
Financial statements Notes
Annual Report 2025
�rsted
186
Financial statements Notes
Annual Report 2025
�rsted
Note 6.6 – continued
Fair value measurement
187
Financial statements Notes
Annual Report 2025
�rsted
0
20
40
60
80
100
2024 2025
120
Daily positions in the trading portfolio, market trading mandates
DKKm
Value at risk (VaR) Risk Limit
The combined VaR limit is set according to the overall risk appetite for power price risk.
188
Financial statements Notes
Annual Report 2025
�rsted
189
Financial statements Notes
Annual Report 2025
�rsted
190
Financial statements Notes
Annual Report 2025
�rsted
Note 7
Other notes
191
Financial statements Notes
Annual Report 2025
�rsted
192
Financial statements Notes
Annual Report 2025
�rsted
193
Financial statements Notes
Annual Report 2025
�rsted
Note 7.3 – continued
Non-IFRS financial measures
194
Financial statements Notes
Annual Report 2025
�rsted
195
Financial statements Notes
Annual Report 2025
�rsted
196
Financial statements Notes
Annual Report 2025
�rsted
Parent company
financial statements
Hornsea 1 and 2
The United Kingdom
Heavy-lifting cargo drones delivered critical
safety evacuation equipment to wind turbines at
Hornsea 1 and 2 in the UK this summer.
Normally, lifting 70 kg to the nacelle of a wind turbine
100 m above sea level would involve two cranes,
three wind turbine technicians, and six hours of wind
turbine downtime. With drones, no technicians need to
leave their scheduled work, the wind turbine can keep
spinning, and the whole operation takes around five
minutes, with hundreds possible within one shift.
197
Financial statements Parent company financial statements
Annual Report 2025
�rsted
Note
Statement of income
DKKm 2025 2024
Revenue 220 311
2 Employee costs (89) (52)
External expenses (234) (282)
Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) (103) (23)
Amortisation, depreciation, and impairment losses on property, plant, and equipment (114) (110)
Operating profit (loss) (EBIT) (217) (133)
Gain (loss) on divestment of enterprises 463 (66)
3 Financial income 21,059 21,300
3 Financial expenses (15,702) (17,505)
Profit (loss) before tax 5,603 3,596
4 Tax on profit (loss) for the year (1,201) (318)
Profit (loss) for the year 4,402 3,278
Profit (loss) for the year is attributable to
Shareholders in Ørsted A/S, proposed dividends for the financial year - -
Shareholders in Ørsted A/S, retained earnings 3,689 2,561
Interest and costs, hybrid capital owners of Ørsted A/S 713 717
Profit (loss) for the year 4,402 3,278
Statement of income
1 January – 31 December
Notes
1 Basis of reporting
2 Employee costs
3 Financial income and expenses
4 Tax on profit (loss) for the year and deferred tax
5 Property, plant, and equipment
6 Investments in subsidiaries
7 Receivables from subsidiaries
8 Derivatives
9 Securities
10 Loans and borrowings
11 Other provisions
12 Related-party transactions
13 Contingent liabilities
14 Auditor’s fees
15 Ownership information
198
Financial statements Parent company financial statements
Annual Report 2025
�rsted
Note
Assets
DKKm 2025 2024
5 Land and buildings 386 459
5 Property, plant, and equipment 386 459
6 Investments in subsidiaries 106,637 100,813
7 Receivables from subsidiaries 113,991 124,228
4 Deferred tax 155 579
Other receivables 13 13
Financial assets 220,796 225,633
Non-current assets 221,182 226,092
Receivables from subsidiaries 34,431 23,064
8 Derivatives 4,726 6,600
Other receivables 2,309 5,176
Income tax 107 1,352
Receivables 41,573 36,192
9 Securities 37,746 14,140
Cash 23,424 1,318
Current assets 102,743 51,650
Assets 323,925 277,742
Note
Equity and liabilities
DKKm 2025 2024
Share capital 13,212 4,204
Reserves 497 622
Retained earnings 108,375 54,161
Proposed dividends - -
Equity attributable to shareholders in Ørsted A/S 122,084 58,987
10 Hybrid capital 20,955 20,955
Equity 143,039 79,942
11 Other provisions 1,351 1,808
10 Lease liabilities 300 396
10 Bond and bank debt 67,786 73,641
Non-current liabilities 69,437 75,845
Lease liabilities 132 118
Bond and bank debt 10,695 7,141
8 Derivatives 3,151 7,260
Trade payables 247 50
Payables to subsidiaries 94,981 105,703
Other payables 2,243 1,683
Current liabilities 111,449 121,955
Liabilities 180,886 197,800
Equity and liabilities 323,925 277,742
Statement of financial position
31 December
199
Financial statements Parent company financial statements
Annual Report 2025
�rsted
Statement of changes in equity
DKKm Share capital
Hedging
reserve
Retained
earnings
Proposed
dividends
Shareholders
in Ørsted A/S Hybrid capital To ta l
Equity at 1 January 2025 4,204 622 54,161 - 58,987 20,955 79,942
Profit (loss) for the year - - 3,689 - 3,689 713 4,402
Dividends paid - - - - - - -
Value adjustments of hedging instruments - (70) - - (70) - (70)
Value adjustments transferred to financial income
and expenses - (90) - - (90) - (90)
Tax on changes in equity - 35 135 - 170 - 170
Additions, share capital 9,008 - 50,370 - 59,378 - 59,378
Sale of own shares - - 15 - 15 - 15
Coupon payments, hybrid capital - - - - - (713) (713)
Share-based payments - - 5 - 5 - 5
Changes in equity in 2025 9,008 (125) 54,214 - 63,097 - 63,097
Equity at 31 December 2025 13,212 497 108,375 - 122,084 20,955 143,039
Equity at 1 January 2024 4,204 414 51,597 - 56,215 19,103 75,318
Profit (loss) for the year - - 2,561 - 2,561 717 3,278
Dividends paid - - - - - - -
Value adjustments of hedging instruments - 293 - - 293 - 293
Value adjustments transferred to financial income
and expenses - (25) - - (25) - (25)
Tax on changes in equity - (60) - - (60) 9 (51)
Coupon payments, hybrid capital - - - - - (687) (687)
Additions, hybrid capital - - - - - 5,520 5,520
Disposals, hybrid capital - - - - - (3,707) (3,707)
Share-based payments - - 3 - 3 - 3
Changes in equity in 2024 - 208 2,564 - 2,772 1,852 4,624
Equity at 31 December 2024 4,204 622 54,161 - 58,987 20,955 79,942
For informaton on the rights issue, see note 5.2
‘Equity’ in the consolidated financial statements.
Statement of changes in equity
1 January – 31 December
200
Financial statements Parent company financial statements
Annual Report 2025
�rsted
Note 1
Basis of reporting
Accounting policies
The parent company financial statements have been
prepared in accordance with the provisions of the
Danish Financial Statements Act (‘Årsregnskabsloven’)
(reporting class D).
The accounting policies remain unchanged from the
previous year.
Unless otherwise stated, the financial statements
are presented in Danish kroner (DKK).
The parent company accounting policies are
consistent with the accounting policies described
for the consolidated financial statements, with the
following exceptions.
Foreign currency translation
We recognise exchange rate adjustments of receivables
from and payables to subsidiaries as financial income
and expenses in the income statement when the
balances are accounted for as part of the total net
investment in foreign enterprises. Likewise, we rec-
ognise foreign exchange gains and losses on loans
and derivatives in the income statement as financial
income and expenses when they have been entered
into to hedge net investment in foreign enterprises.
Revenue
Rental income comprises income from commercial
leases and is recognised over the term of the lease.
Income from services is recognised when delivery
has taken place.
Dividends from investments
Dividends from subsidiaries and associates are
recognised in the income statement for the financial
year in which the dividends are approved at the
annual general meeting. If the dividends exceed
the total income after acquisition, the dividends are
recognised as a reduction of the cost of the invest-
ment under assets.
Investments
We measure our investments in subsidiaries and
associates at cost. If there is any indication that the
value of a company is lower than our future earnings
in the company, impairment testing of the company is
carried out as described in the consolidated financial
statements. The carrying amount is written down
to the recoverable amount whenever the carrying
amount exceeds the future earnings in the company
(recoverable amount).
If we have a legal or constructive obligation to cover
a deficit in subsidiaries and associates, we recognise
a provision for this.
Ta x
Ørsted A/S is taxed jointly with its Danish subsidiaries.
The jointly taxed companies are part of joint taxation
with the parent company as the management company.
Subsidiaries are included in the joint taxation from the
date they are consolidated in the consolidated financial
statements and up to the date on which they are no
longer consolidated.
Current tax for 2025 is recognised by the individual,
jointly taxed companies.
Statement of cash flows
We do not prepare a separate statement of cash flows
for the parent company. Reference is made to the
consolidated statement of cash flows on page 120.
Key accounting estimates
In connection with the preparation of the
financial statements, a number of accounting
estimates have been made that affect the profit
(loss) and balance sheet. Estimates are regularly
reassessed by the management on the basis of
historical experience and other relevant factors.
Impairment test
If there is any indication that the carrying
amount is lower than our future earnings
in a company, we test for impairment as
described in the consolidated financial state-
ments. The future earnings of the company
(recoverable amount) are calculated based on
assumptions concerning significant estimates.
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�rsted
Notes 2.7 ‘Employee costs’ and 2.8 ‘Share-based
payment’ to the consolidated financial statements
describe the remuneration of the Executive Board
and the Board of Directors as well as the share-based
payment, termination, and bonus scheme for the
Executive Board and details on the remuneration of
the Board of Directors.
The parent company had an average of ten employees
in 2025 (2024: eleven employees).
Remuneration of the Board of Directors totals
DKK 6 million (2024: DKK 6 million).
Employee costs
DKKm 2025 2024
Wages and salaries 77 43
Share-based payment 5 2
Pensions and social costs 1 1
Remuneration 6 6
Total employee costs 89 52
Salaries and remuneration of the Executive Board
DKK ‘000
Fixed salary 30,414 37,969
Cash-based incentive scheme 4,088 4,676
Share-based payment 4,569 2,787
Pension, incl. social security and benefits 558 704
Salary in notice period 16,280 -
Severance payment 16,550 -
To tal 72,459 46,136
Financial income and expenses
DKKm 2025 2024
Interest income from cash, etc. 455 395
Interest income from subsidiaries 6,770 11,486
Interest income from securities at market value 419 702
Foreign exchange gains 2,712 2,216
Value adjustments of derivatives 8,019 4,837
Dividends received 2,684 1,664
Total financial income 21,059 21,300
Interest expenses relating to loans and borrowings (2,964) (3,066)
Interest expenses, leases (12) (14)
Interest expenses to subsidiaries (2,322) (6,469)
Impairment of investments in subsidiaries (3,491) (18)
Capital losses on securities at market value (149) (356)
Foreign exchange losses (2,185) (1,819)
Value adjustments of derivatives (4,375) (5,636)
Other financial expenses (204) (127)
Total financial expenses (15,702) (17,505)
Net financial income and expenses 5,357 3,795
Note 2
Employee costs
Note 3
Financial income and expenses
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Income tax
DKKm 2025 2024
Tax on profit (loss) for the year (1,201) (318)
Tax on changes in equity 170 (51)
Total tax for the year (1,031) (369)
Tax on profit (loss) for the year can be broken down as follows
Current tax (725) (680)
Adjustments to deferred tax (434) 383
Adjustments to current tax in respect of prior years (52) 29
Adjustments to deferred tax in respect of prior years 10 (50)
Tax on profit (loss) for the year (1,201) (318)
Development in deferred tax
DKKm
Deferred tax at 1 January (579) (246)
Adjustments for the year recognised in profit (loss) for the year 434 (383)
Adjustments to deferred tax in respect of prior years (10) 50
Deferred tax at 31 December (155) (579)
Specification of deferred tax
DKKm
Property, plant, and equipment 85 101
Other current assets - -
Current liabilities (12) (2)
Non-current liabilities (228) (678)
Tax loss carryforwards - -
Deferred tax, asset 155 579
Deferred tax, liability - -
We have entered into leases for office premises, primarily
in Gentofte, Denmark (expiring in 2028).
We have entered into operating leases with subsidiaries
for sublease of office premises.
In 2025, an amount of DKK 137 million was recognised
(2024: DKK 133 million) in profit (loss) for the year in
respect of rental income.
Property, plant, and equipment: Land and buildings
DKKm 2025 2024
Cost at 1 January 1,114 1,114
Additions 40 -
Disposals - -
Cost at 31 December 1,154 1,114
Depreciation and amortisation at 1 January (655) (545)
Depreciation and amortisation (113) (110)
Disposals - -
Depreciation and amortisation at 31 December (768) (655)
Carrying amount at 31 December 386 459
Value of leased assets 386 459
Note 4
Tax on profit (loss) for the year and deferred tax
Note 5
Property, plant, and equipment
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We have tested investments in subsidiaries for impair-
ment by comparing the expected future income from
the individual subsidiaries with their carrying amounts.
Based on the impairment test in 2025, an impairment
has been recognised on the investment in Ørsted
Ventures Europe A/S and Ørsted Onshore Holding A/S.
In 2025, ‘Additions’ mainly related to capital injections in
Ørsted Wind Power Holding A/S and Ørsted Services A/S.
In 2025, Ørsted A/S received dividend from Ørsted Salg
& Service A/S. The dividends exceeded the total income
after acquisition, and therefore the cost of the invest-
ment has been reduced.
Investments in subsidiaries
DKKm 2025 2024
Cost at 1 January 101,364 51,397
Reductions (9,338) (8,356)
Additions 18,653 58,323
Disposals - -
Cost at 31 December 110,679 101,364
Value adjustments at 1 January (551) (533)
Impairment losses/reversals (3,491) (18)
Value adjustments at 31 December (4,042) (551)
Carrying amount at 31 December 106,637 100,813
Note 7.4 ‘Company overview' of the consolidated financial statements contains an overview of subsidiaries, etc.
Non-current receivables from subsidiaries
DKKm 2025 2024
Cost at 1 January 124,228 194,064
Additions 18,006 28,533
Disposals (28,243) (98,369)
Cost at 31 December 113,991 124,228
Note 6
Investments in subsidiaries
Note 7
Receivables from subsidiaries
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Ørsted A/S has assumed the subsidiaries’ currency
risks via forward exchange contracts, which have
subsequently been hedged in the market. Furthermore,
hedging contracts have been concluded to hedge the
currency risk associated with investments in subsidiaries
in foreign currencies.
We have also entered into a number of interest rate
swaps to manage our interest rate risk.
Derivatives at the end of December 2025 mature
as follows: 2026: DKK 1,045 million, 2027: DKK 306
million, after 2027: DKK 224 million (2024: 2025:
DKK -344 million, 2026: DKK -389 million, after 2026:
DKK 73 million).
All derivatives are classified based on observable
inputs in the fair value hierarchy.
Overview of derivative positions
DKKm 2025 2024
Contractual
principal amount Market value
Contractual
principal amount Market value
Interest derivatives 12,146 63 12,696 238
Currency derivatives 108,526 1,512 61,205 (898)
To tal 120,672 1,575 73,901 (660)
Assets 4,726 6,600
Equity and liabilities (3,151) (7,260)
See note 6.1 ‘Risk framework’ to the consolidated financial statements and the chapter on ‘Enterprise risk management' in
the ‘Management’s review’ on pages 23-26 for more details on risk and risk management.
As of 31 December 2025, we had issued hybrid capital
with a total notional amount of DKK 21,188 million
(2024: DKK 21,358 million). The hybrid bonds have a
1,000-year term and expire as follows: DKK 4,481 million
in 3019, DKK 7,370 million in 3021, DKK 3,735 million
in 3022, and DKK 5,602 million in 3024, respectively.
For further information, see note 5.3 ‘Hybrid capital’ to
the consolidated financial statements.
The long-term portion of lease debt amounted to
DKK 300 million at 31 December 2025 (2024: DKK 396
million), of which DKK 21 million (2024: DKK 24 million)
fall due in more than five years.
The long-term portion of bank loans and issued bonds
amounted to DKK 67,786 million at 31 December
2025 (2024: DKK 73,641 million), of which DKK 44,061
million (2024: DKK 50,377 million) fall due in more than
five years
Securities are a key element in our financial resources,
and therefore, investments are primarily made in liquid
AAA-rated Danish mortgage bonds and, to a lesser
extent, in other bonds. Most of the securities qualify
for repo transactions with the Danish central bank,
‘ Danmarks Nationalbank’.
All securities are classified based on observable inputs
in the fair value hierarchy.
Securities
DKKm 2025 2024
Securities, available for use 37,746 14,140
Total securities 37,746 14,140
Note 8
Derivatives
Note 9
Securities
Note 10
Loans and borrowings
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We have made provisions for non-current liabilities
totalling DKK 1,351 million (2024: DKK 1,808 million),
of which DKK 1,351 million fall due in 1-5 years.
The provisions concern the divestment of our oil and
gas business in 2017.
Related parties are the Board of Directors, the
Executive Board, Ørsted A/S’s subsidiaries, and the
Danish state.
Remuneration of the Board of Directors and the
Executive Board is disclosed in notes 2.7 ‘Employee
costs’ and 2.8 ‘Share-based payment’ in the consoli-
dated financial statements.
Our related-party transactions are made on arm’s
length terms.
Guarantees
Ørsted A/S has provided guarantees (DKK 66,130 million)
in connection with participation by subsidiaries and
subsidiaries’ joint operations and joint ventures in the
construction and operation of offshore wind farms
and natural gas installations as well as guarantees in
respect of leases, energy trading activities, purchase,
sale, and supply agreements, decommissioning
obligations, farm-downs and other M&A transactions
as well as secondary liability on decommissioning of
offshore installations related to the divestment of the
oil and gas business, etc.
Ørsted A/S acts as guarantor or surety provider
with primary liability for bank liabilities in certain
subsidiaries, including guarantees in favour of banks
and investors covering credit facilities established
and bonds issued in Taiwan.
Furthermore, in support of the ratings of Ørsted Salg
& Service A/S by Moody’s and Ørsted Wind Power TW
Holding A/S by Taiwan Ratings, Ørsted A/S has provided
general guarantees covering all obligations and
liabilities undertaken in the ordinary course of business
by these two entities.
Indemnities
Ørsted A/S is taxed jointly with the Danish companies
in the Ørsted Group. As management company,
Ørsted A/S has unlimited as well as joint and several
liability together with the other jointly taxed com-
panies for Danish income taxes and withholding taxes
on dividends, interest, and royalties related to the
jointly taxed companies.
Litigation
Ørsted is involved in ongoing transfer pricing disputes.
For further information, see section 4.1 ‘Approach
to taxes’ to the consolidated financial statements.
Ørsted A/S is not a party to any litigation proceedings
or legal disputes that could have an effect on the
company’s financial position, either individually or
collectively.
Note 13
Contingent liabilities
Note 11
Other provisions
Note 12
Related-party transactions
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‘Other assurance engagements’ primarily included
assurance services related to the issuance of bonds
and the rights issue completed in the year.
Auditor’s fees
DKKm 2025 2024
Statutory audit 5 5
Other assurance engagements 8 1
Total fees to PwC 13 6
Ownership information at 31 December 2025 (as per latest notification) Registered office
Ownership
interests
Voting
share
The Danish state represented by the Danish Ministry of Finance Copenhagen K, Denmark 50.12 % 50.13 %
Equinor ASA Stavanger, Norway 10.00 % 10.00 %
Andel A.M.B.A. Svinninge, Denmark 5.01 % 5.01 %
The table shows the shareholders with ownership interests and voting shares of at least 5 %. The difference between ownership interests
and voting shares is because voting rights of Ørsted’s treasury shares cannot be exercised.
Note 15
Ownership information
Note 14
Auditor’s fees
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�rsted
Borkum Riffgrund 1
Germany
Borkum Riffgrund 1 Offshore Wind Farm
celebrated its 10th birthday in September.
When it was built, the 312 MW project
pioneered groundbreaking new innovations
that are now commonplace, such as suction
buck jacket foundations.
Today, the wind farm is an integral part of
Germany’s energy supply, generating enough
clean energy to power the equivalent of
around 320,000 German homes.
Management’s statement
Auditor’s reports
Glossary
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Executive Board:
Board of Directors:
* Employee-elected board member
Statement by the Executive Board and the Board of Directors
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�rsted
Report on the audit of the Financial Statements
Our opinion
Basis for opinion
Key audit matters
Independent Auditor’s Reports
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Annual Report 2025
�rsted
211
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Statement on Management’s Report
Management’s responsibilities for the
Financial Statements
Auditor’s responsibilities for the audit of the
Financial Statements
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Report on compliance with the ESEF Regulation
CVR No. 33 77 12 31
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�rsted
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CVR no. 3377 1231
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Availability
Availability is calculated as the ratio of actual production to
the possible production, which is the sum of lost production
and actual production in a given period. The production-
based availability (PBA) is impacted by grid and wind turbine
outages, which are technical production losses. PBA is not
impacted by market- requested shutdowns and wind farm
curtailments, as this is deemed not to be reflective of site
performance but due to external factors.
Awarded capacity
Offshore capacity that we have been awarded in auctions
and tenders, but where we have yet to sign a PPA and take
final investment decision.
Blockage effect
The blockage effect arises from the wind slowing down as
it approaches the wind turbines.
Carbon emission allowances
Carbon emission allowances subject to the European Union
Emissions Trading Scheme (EU ETS).
CfD
A contract for difference is a subsidy that guarantees the
difference between the market reference price and the
exercise price won.
Commissioning/COD
When our assets are in operation, and legal liability has been
transferred from the supplier to us.
CSRD
Corporate Sustainability Reporting Directive.
Decided (FID) and installed capacity
Installed generation capacity plus capacity for assets where
a final investment decision has been made.
Degree days
Number of degrees in absolute figures in difference between
the average temperature and the official Danish indoor
temperature of 17 °C.
DMA
Double materiality assessment.
EPC
Engineering, procurement, and construction. The part of
our business which handles the construction and installation
of assets.
ESRS
European Sustainability Reporting Standards.
FID
Final investment decision. When the Board of Directors
approves major investments for construction assets.
Generation capacity
Capacity to generate power or heat. Generation capacity
for an offshore wind farm is calculated and included from
TOC of the individual wind turbines. TOC stands for ‘take
over certificate’, which is the document signifying transfer of
ownership from the contractor to the owner or operator of
the asset. Onshore capacities are included after COD of the
entire asset.Generation capacity is financially consolidated.
Green certificates
Certificate awarded to producers of environment-friendly
power as a supplement to the market price of power in the
given price area.
Wood pellet spread (WPS)
Represents the contribution margin per MWh of power
generated at a wood-pellet-fired CHP plant with a given
efficiency. It is determined as the difference between the
market price of power and the cost of the wood pellets
(including associated freight costs).
Ineffective hedges
When we hedge our exposure with an instrument that is not
100 % correlated with the exposure, we may see ineffective-
ness in our hedging. The value of ineffective hedges should
be recognised in profit and loss immediately.
Installed capacity
Installed capacity where the asset has been completed and
has passed a final test.
Investment tax credits (ITCs)
US federal tax credit based on qualifying renew able
investment costs.
Load factor
The load factor is calculated as the ratio between actual
generation over a period relative to potential generation,
which is possible by continuously exploiting the maximum
capacity over the same period. The load factor is
commercially adjusted.
Offshore transmission assets
Connect offshore generation to the onshore grid and
typically include the offshore power transmission
infrastructure, an onshore substation, and the electrical
equipment relating to the operation of the substation.
OREC
Offshore renewable energy certificates are issued on state
level in the US. For every MWh that an offshore wind farm
produces, the developer earns one OREC. Offshore wind
developers sell the ORECs to utilities or other companies.
The income from these sales helps fund the construction
and operation of the wind farms.
Partnership income
Income originating from our partners’ purchase of ownership
interests in renewable assets. Includes both the gain in
connection with the farm-down and the subsequent
construction of the wind farm.
Power purchase agreement (PPA)
An agreement between us and a buyer/seller to purchase/sell
the power we generate, which includes all commercial terms
(price, delivery, volumes, etc.).
Production tax credit (PTC)
US federal tax credit based on eligible power generation in
the US.
ROCs
Renewable obligation certificates issued by Ofgem in the UK
to operators of accredited generating stations for the eligible
renewable energy they generate. Operators can trade ROCs
with other parties.
Tax equity
An arrangement where an investor obtains rights to federal
tax credits and other tax attributes in exchange for a cash
contribution.
TCFD
Task Force on Climate-Related Financial Disclosures.
Transmission network system of use (TNUoS) tariffs
Costs related to the use of the transmission networks in the
UK based on maximum contractual level of transmission
access in MW (TEC).
TRIR
In addition to lost-time injuries, the total recordable injury rate
(TRIR) also includes injuries where the injured person is able
to perform restricted work the day after the accident as well
as accidents where the injured person has received medical
treatment.
Wake effect
Wake within wind farms and between neighbouring wind
farms. There is a wake after each wind turbine where the wind
slows down. As the wind flow continues, the wake spreads,
and the wind speed recovers.
Wind speed
Shows the wind speed at Ørsted’s wind farms. The wind
measurements are weighted on the basis of our generation
capacity and can be compared to a normal wind period.
Glossary
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�rsted
Tel.: +45 99 55 11 11
CVR no. 36213728
Global Media Relations
Michael Korsgaard Nielsen
Tel.: +45 99 55 95 52
Investor Relations
Rasmus Keglberg Hærvig
Tel.: +45 99 55 90 95
Design and layout
eTypes with Global Marketing, Ørsted
Images
All images by Ørsted
Publication
6 February 2026