Interim report
First quarter 2026
2/44
Interim report
First quarter 2026
Management’s review
Overview
Contents
Earnings call
In connection with the presentation of the interim report, an
earnings call for investors and analysts will be held on
Wednesday, 6 May 2026 at 14:00 CET.
The earnings call can be followed live here:
https://getvisualtv.net/stream/?orsted-q1-2026
Further information
Global Media Relations
Morten Buttler
Tel.: +45 99 55 26 97
Investor Relations
Rasmus Keglberg Hærvig
Tel.: +45 99 55 90 95
Financial statements
Consolidated financial statements
Basis of reporting ........................................................................... …37
Environment
Renewable and generation capacity ....................................... …38
Energy generation and sales ..................................................... …39
Energy consumption ..................................................................... …40
Greenhouse gas (GHG) emissions .............................................. …41
EU taxonomy for sustainable activities ................................... .. 42
Social
People and safety ......................................................................... ...43
Management’s statement
Statement by the Executive Board and the Board of Direc-
tors………………………………………………………………………………………………..…...44
Sustainability statements
CEO’s review ................................................................................... …..3
At a glance ..................................................................................... …..6
Outlook 2026 ................................................................................. …..7
Results Q1 ....................................................................................... …..8
Business units’ Q1 results ………………………………………………………...…..11
Performance highlights ………………………………………………………………...14
Quarterly overview…………………………………………………………………........15
Consolidated statement of income ......................................... 17
Consolidated statement of comprehensive income ............ 17
Consolidated statement of financial position ....................... 18
Consolidated statement of shareholders’ equity ................. 19
Consolidated statement of cash flows ................................... 20
Notes
1. Basis of reporting ...................................................................... 21
2. Segment information ............................................................... 22
3. Revenue ...................................................................................... 24
4. Impairments ............................................................................... 25
5. Other operating income and expenses ............................... 27
6. Financial income and expenses ............................................. 27
7. Gross and net investments ..................................................... 28
8. Reserves ...................................................................................... 28
9. Assets classified as held for sale ........................................... 29
10. Tax on profit (loss) for the period ........................................ 30
11. Markets risks ............................................................................ 31
12. Fair value measurement ....................................................... 32
13. Interest-bearing net debt and FFO .................................... 34
14. Subsequent events ................................................................. 35
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Management’s review
Interim report First quarter 2026
shore wind through supportive regulatory
frameworks. For that reason, we are encour-
aged by the commitments made by nine
governments to a more predictable invest-
ment framework for offshore wind in the North
Sea. At the same time, we are seeing positive
signals in relation to national offshore auc-
tions. The UK increased the budgets for new
offshore wind projects in Allocation Round 7,
Denmark introduced contract-for-difference
(CfDs) in the upcoming auction, and we are
also witnessing a shift towards contract-for-
difference in other European countries includ-
ing Belgium and Netherlands. We also wel-
come the AccelerateEU initiative presented in
April by the European Commission, which
underlines the EU’s commitment to staying the
course with regards to the Emissions Trading
System and the Electricity Market Design and
accelerating a transition from fossil fuels to
renewables.
We will continue to work with governments
and industry to provide solutions to enable the
acceleration of renewable energy. To this end,
we launched a white paper titled “Facts over
Perception: The Real Value of Offshore Wind”
at the recent Wind Europe Conference in
Madrid. In the paper we show that renewables
– with offshore wind as a significant compo-
nent – can reduce total European electricity
system costs by up to 30 % by 2040, and that
a large share of renewables will lower electric-
ity prices for European businesses and house-
holds.
We see positive signs for our industry moving
forward, and we are ready to selectively
invest in the most value-creating opportunities
The real value of offshore wind
As the world enters its second energy crisis in
only five years, it is clear that dependence on
imported fossil fuels comes at an unaccepta-
bly high price for European consumers and
industries. Recent events in the Middle East
have increased volatility in global energy
markets and led to higher energy prices
threatening to affect both growth and dispos-
able income.
Energy is increasingly being leveraged for
geopolitical gains, and energy security has
become crucial to ensure the resilience and
sovereignty of nations around the globe. This
is particularly the case for Europe, where the
vulnerability and costs associated with de-
pendence on fossil energy imports are unsus-
tainable.
The solution is at hand: Increase electrification
of industry and transport, create a coherent
European energy system, and accelerate the
build-out of renewable energy – not least
offshore wind.
At Ørsted, we are proud to be playing our
part. In Q1 2026 alone, we generated more
than 11 TWh of secure, affordable and green
energy for millions of businesses and house-
holds on three continents across the globe,
and as we deliver on our offshore wind con-
struction programme of 8.1 GW our genera-
tion will only increase.
Over the past years, we have advocated for
strengthened investment certainty for off-
CEO’s review
Business progress and development
Revolution Wind delivered first power to
New England.
Successfully initiated turbine installation at
Sunrise Wind.
Completed installation of one of Hornsea
3’s two offshore substations.
Successfully initiated monopile foundation
installation at Hornsea 3 and Baltica 2.
Closed the divestment of our European on-
shore business.
Welcomed three new board members at our
Annual General Meeting.
Financials & operations
High availability rates of 93 % across our
offshore wind portfolio, in line with the level
in Q1 2025.
Increased the Offshore and Onshore genera-
tion output with 1.6 TWh compared to Q1
2025, driven by a 27 % increase in Offshore
generation due to higher wind speeds and
ramp-up generation.
EBITDA excluding new partnerships and
cancellation fees increased 11% amounted
to DKK 9.5 billion in Q1 2026, compared to
DKK 8.9 billion in the same period last year.
Full-year guidance on EBITDA and gross
investments maintained.
Selected events
Continued strategic progress and strong operational performance
across renewable assets despite global uncertainty in energy markets.
Management’s review
4/44
Interim report
First quarter 2026
Our fourth priority is to improve our competi-
tiveness, and we are continuing to progress as
planned on numerous measures across our
organisation to achieve a stronger and more
competitive Ørsted.
Construction
In Germany, we are continuing the commis-
sioning of turbines at Borkum Riffgrund 3, with
80 % of the turbines having produced first
power. Following adverse weather conditions
for commissioning works during the first quar-
ter of 2026 combined with ongoing unplanned
TSO grid outages and grid curtailment, the
commissioning and testing of the turbines
have progressed slightly slower than planned,
and the full commissioning of the project is
expected in Q3 2026. The project is more than
95 % complete, and the high share of turbines
that have delivered first power combined with
higher power prices than expected results in
only marginal financial implications.
In Taiwan, the commissioning of Greater
Changhua 2b and 4 remains on track for the
third quarter of 2026. The project is approx. 80
% complete, and the commissioning of tur-
bines related to the Greater Changhua 4
continues to ramp up.
In the US, Revolution Wind achieved a signifi-
cant milestone as the project started deliver-
ing power to New England. The degree of
completion has increased to 94 %, and the
project is continuing to ramp up generation
and remains on track to commissioning in the
second half of 2026.
Sunrise Wind has also reached a major mile-
stone, as the project during the quarter suc-
cessfully installed the first wind turbine. Both
over the coming years to remain the global
leader in offshore wind.
Executing on our strategic priorities
During the first quarter, we continued to deliv-
er on our four strategic priorities that was
established in 2025.
Our first priority is to strengthen our capital
structure, and with the completion of the rights
issue in 2025 as well as the signing and closing
of the transactions in our partnership and
divestment programme during 2025 and early
2026, we have delivered strong progress on
this. In April, we closed the divestment of our
European Onshore business. The closing of the
transaction will be reflected in the interim
financial statements for H1 2026. Likewise, we
expect the divestment of a 55 % stake in our
Greater Changhua 2 project to close in the
third quarter of 2026, following the commis-
sioning of the Greater Changhua 2b and 4
project.
Our second priority is to deliver on our con-
struction projects, and across the portfolio, we
have achieved significant milestones during the
quarter. Amongst other, this includes initiation
of monopile foundation installation at Hornsea
3 and Baltica 2, the delivery of first power at
Revolution Wind as well as the successful
installation of the first turbine at Sunrise Wind.
Our third priority is to ensure a focused and
disciplined approach to capital allocation,
where our focus going forward primarily will be
on offshore wind in Europe and select markets
in APAC. With the measures we have taken to
strengthen our capital structure and financial
foundation, we are in a position to pursue new,
value-creating opportunities within offshore
wind.
”
During the first quarter of 2026 we produced more renewable
energy than ever delivering home-grown and reliable energy
to millions of households and businesses at a time where ener-
gy supply is under pressure by the events in the Middle East.
the project’s single offshore substation and the
onshore substation are installed, the export
cable has also been laid, and nearly all of the
components are manufactured. The project
will continue the turbine installation, and
following the cessation of seasonal re-
strictions, the project will as planned resume
installation of the remaining turbine founda-
tions. The degree of completion has increased
to 47 %, and the project remains on track to
deliver first power in the second half of 2026
and commissioning in second half of 2027.
In Poland, we are continuing to progress as
planned on Baltica 2. All the foundations for
the project have been fabricated, and we have
commenced the installation of monopile
foundations. The project is approx. 30 % com-
plete, and the project remains on track for
commissioning in the second half of 2027.
In the UK, we have made significant progress
on Hornsea 3, and the project team has now
pulled the export cable onshore to meet its
onshore counterpart and successfully complet-
ed installation of the first of the project’s two
offshore converter stations. The project is
approx. 25 % complete, and the installation of
Management’s review
5/44
Interim report
First quarter 2026
many.
The share of generation from renewable
sources was 98 %, which is a decrease of one
percentage point compared to the same
period last year. The decrease was mainly
driven by higher use of natural gas for heat
production as a result of colder weather in Q1
2026 compared to Q1 2025.
Financials
EBITDA for the first quarter of 2026 amounted
to DKK 9.5 billion compared to DKK 8.9 billion
in the same period last year. EBITDA excluding
new partnerships and cancellation fees in Q1
2026 amounted to DKK 9.5 billion, which was
DKK 1.0 billion higher than Q1 2025.
Earnings from our offshore sites amounted to
DKK 8.4 billion, an increase of 9 % compared
to Q1 2025, primarily driven by higher wind
speeds.
Changes to the Executive management and
Board of Directors
In January, we announced the appointment of
Simon Ashley as the next Chief HR Officer and
member of the Group Executive Team, effec-
tive from 1 August 2026. The appointment
follows a planned succession process as
Henriette Fenger Ellekrog, current Chief HR
Officer, has decided to conclude her executive
career.
In March, the employees in Ørsted elected the
employee representatives who will serve on
the Board of Directors for the next four years.
Benny Gøbel and Pawel Matysiak were re-
elected, and Ruchit Majmudar is newly elect-
ed.
turbine foundations was initiated late in April.
As we have noted in the past, the project is
dependent on timely connection to the trans-
mission grid in circumstances where several
renewable energy projects are currently under
construction.
Following discussions with National Grid and
National Energy System Operator regarding
delays to the grid connection date for Hornsea
3, we now anticipate first power for the project
in Q1 2027 with Commercial Operations Date
(COD) in Q4 2027/Q1 2028.
The up to two months delay of first power and
COD reflects a delay from National Grid
resulting from enabling and reinforcement
works at the Norwich Main substation, where
Hornsea 3 is due to connect to the UK trans-
mission system. We will continue to work with
National Grid and National Energy System
Operator as they work to minimise the delay.
Generation
In our Offshore business, we delivered high
availability rates of 93 % and generation
output of 6.9 TWh in the first quarter, an
increase of 27 % compared to the same period
last year. This was primarily driven by higher
wind speeds and ramp-up generation at both
Borkum Riffgrund 3 and Greater Changhua 4.
In our Onshore business, we maintained high
availability rates across our assets and deliv-
ered generation output of 4.4 TWh, an in-
crease of 3 % compared to the same period
last year. The increase was mainly due to
commissioning of the Badger Wind project in
the US and the Bahren West 1 project in Ger-
Rasmus Errboe
Group President & CEO
On April 9, we hosted our annual general
meeting, and this was a great opportunity to
meet and engage with our shareholders and
express our sincere appreciation for their
support in the rights issue process during the
second half of 2025. At the event, we also
welcomed three new board members – Karen
Dyrskjøt Boesen, Karl Johnny Hersvik, and
Samuel Leupold.
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Interim report
First quarter 2026
At a glance
Financial highlights
Operating profit (EBITDA)
1
, DKKbn
8.9
Offshore
Onshore
Profit for the period, DKKbn
Gross investments, DKKbn
Interest-bearing net debt, DKKbn
Return on capital employed (ROCE)
2
, %
Credit metric (FFO/adjusted interest-bearing
net debt), %
Non-financial highlights
Installed renewable capacity, GW
GHG emissions intensity, g CO
2
e/kWh
1 Includes EBITDA from other activities/eliminations.
2 Last 12 months i.e. including impairments and cancellation fees.
9.5
9.5
Bioenergy & Other
8.2
Offshore Onshore Bioenergy & Other
13.8
8.2
2.6
68.4
21.3
21.3
4.6
13.7
42.2
42.2
18.8
18.5
18.8
Onshore Bioenergy & Other Offshore
57
53
57
Scope 1-3 (excl. category 11) Scope 1-2
4.6
4.6
6/44
2.6
4.9
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Management’s review
Interim report First quarter 2026
EBITDA
EBITDA in 2026 excluding new partnership
agreements and cancellation fees is un-
changed relative to our guidance from 6 Feb-
ruary 2026 and expected to be above DKK 28
billion in 2026.
This guidance is based on an assumption of
normal wind speeds in the remainder of the
year. As always, the guidance is subject to a
number of uncertainties (see below and box to
the right).
Gross investments
Gross investments in 2026 are expected to
amount to DKK 50-54 billion, which is un-
changed relative to the guidance in the annual
report.
Uncertainties in the US
We are following developments regarding
potential tariffs and other regulatory changes,
particularly affecting the US, and are continu-
ally assessing any possible financial and wider
impacts.
Our EBITDA guidance for the Group is the prevailing guidance, whereas the directional earnings development
per business unit serves as a means to support this. Higher/lower indicates the direction of the business unit's
earnings relative to the results for 2025.
Outlook 2025, DKK billion
2025
realised
Guidance
6 Feb
Guidance
6 May
EBITDA, excl. new partnerships and cancellation fees 25.1
>28
>28
Offshore 19.6
Higher
Higher
Onshore 4.2 In line In line
Bioenergy & Other 1.4 In line In line
Gross investments 55.8 50-55 50-55
Outlook 2026
Forward-looking statements
The interim report contains forward-looking statements, which include projections of our
short- and long-term financial performance and targets as well as our financial policies.
These statements are by nature uncertain and associated with risk. Many factors may cause
the actual development to differ materially from our expectations. These factors include,
but are not limited to, changes in temperature, wind conditions, wake and blockage effects,
precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation
rates, and interest rate markets, the ability to uphold hedge accounting, changes in legisla-
tion, regulations, or standards, the renegotiation of contracts, changes in the competitive
environment in our markets, reliability of supply, and market volatility and disruptions from
geopolitical tensions, and assumptions regarding proceeds from farm-downs, divestments,
tax equity etc. Read more about the risks in our annual report for 2025.
8/44
Management’s review
Interim report First quarter 2026
Financial results
Revenue
Power generation from offshore and onshore
assets increased by 16 % and totalled 11.3
TWh in Q1 2026. The increase was due to
ramp-up of generation from our offshore wind
farms Borkum Riffgrund 3 and Greater Chang-
hua 4 and our onshore wind farm Badger. Fur-
thermore, higher wind speeds contributed posi-
tively.
Heat generation increased by 9 % in Q1 2026,
mainly due to colder weather, whereas ther-
mal power generation decreased by 6 % main-
ly due to lower contribution from ancillary
services.
Our renewable share of generation amounted
to 98 %, which was slightly lower than in the
same period last year.
Revenue amounted to DKK 27.6 billion, which
was 33 % higher than in Q1 2025. The increase
was mainly driven by higher activity on our
construction contracts as well as higher gener-
ation and higher prices.
EBITDA
EBITDA for Q1 2026 amounted to DKK 9.5
billion, DKK 0.7 billion higher than in Q1 2025.
Adjusted for new partnerships, EBITDA in-
creased by DKK 1.0 billion.
Earnings from ‘Offshore sites’ amounted to
DKK 8.4 billion, an increase of DKK 0.7 billion
compared to Q1 2025. The increase was driv-
en by higher wind speeds (DKK 1.2 billion) as
well as higher power and ROC prices. This was
partly offset by lower contribution from our
trading activities and a step down in subsidy
level for some of our older German wind farms.
EBITDA from existing partnerships increased
by DKK 0.3 billion, amounting to DKK 0.2 bil-
lion in Q1 2026, and was mainly related to
updates to construction agreements.
EBITDA from our Onshore business amounted
to DKK 1.4 billion, DKK 0.1 billion lower than in
Q1 2025. Adjusted for new partnerships,
EBITDA increased by DKK 0.2 billion. The in-
crease was mainly due to the commissioning
of Badger in the US, the sale of a development
project and the sale and lease back of land in
the US.
EBITDA from our CHP plants amounted to
EBITDA excluding new partnerships and cancellation fees, DKKbn
Results Q1
Financial results, DKKm Q1 2026 Q1 2025 %
Revenue
27,620 20,705 33 %
EBITDA
9,545 8,871 8 %
- New partnerships
- 304 n.a.
- EBITDA excl new partnerships and cancellation fees
9,545 8,567 11 %
Depreciation and amortisation
(2,471) (2,555) (3 %)
Impairment (loss)/reversal
(1,369) 272 n.a.
Operating profit (loss) (EBIT)
5,705 6,588 (13 %)
Gain (loss) on divestment of enterprises
(40) 87 n.a.
Financial items, net
(591) (1,567) (62 %)
Profit (loss) before tax
5,087 5,119 (1 %)
Tax
(2,466) (232) 963 %
Tax rate
48 % 5 % 44 %p
Profit (loss) for the period
2,621 4,887 (46 %)
DKK 0.5 billion, DKK 0.3 billion lower than in
Q1 2025, mainly due to lower contribution
from ancillary services.
EBITDA from our gas business totalled DKK
0.1 billion in Q1 2026, DKK 0.1 billion lower
than in Q1 2025 .
Impairments
Impairment losses had a negative effect of
DKK 1.4 billion in Q1 2026. The impairment
was caused by an increase in the long-dated
US interest rates.
In Q1 2025, we had a net impairment rever-
sal. The main net impairment reversals were
due to a decrease in the long-dated US inter-
est rates (DKK 1.5 billion) which was partly
offset by imposed tariffs (DKK 1.2 billion). See
8.6
9.5
0.7
0.3
0.2
0.2
Q1 2025 Sites Exist.
partnerships
Other incl.
DEVEX
Sites Other incl.
DEVEX
CHPs Gas &
other
Other Q1 2026
0.0
-0.1
-0.1
-0.3
Offshore
(DKK 1.3 bn)
Onshore
(DKK 0.2 bn)
Bio & Other
(DKK -0.3 bn)
Management’s review
9/44
Interim report
First quarter 2026
note 4 ‘Impairments’ for more information.
EBIT
EBIT decreased by DKK 0.9 billion to DKK 5.7
billion in Q1 2026. This was mainly due to the
higher impairment and was only partly offset
by the higher EBITDA.
Financial income and expenses
Net financial income and expenses amounted
to DKK -0.6 billion, DKK 1.0 billion less nega-
tive than in Q1 2025. The positive develop-
ment compared to Q1 2025 was mainly due to
higher capitalised interest expenses and up-
dates to our uncertain tax positions.
Tax and tax rate
The tax rate of 48 % in Q1 2026 was affected
by impairments and deferred tax liability relat-
ed to tax equity contributions for Revolution
Wind and Old 300 BESS
The tax rate of 5 % in Q1 2025 was affected
by net impairments reversal and reversal of
deferred tax liabilities as part of the 50 % farm-
downs of Eleven Mile and Sparta Solar.
Profit for the period
Profit for the period amounted to DKK 2.6
billion, DKK 2.3 billion lower than in Q1 2025.
This was mainly due to the higher tax and high-
er impairment losses in the quarter.
Cash flows and net debt
Cash flows from operating activities
Cash flows flows from operating activities to-
talled DKK 6.5 billion in Q1 2026 compared to
DKK 0.6 billion in Q1 2025.
In Q1 2026, the release in variation margin
payments on unrealised hedges (‘Change in
variation margin’) and initial margin payments
at clearing houses (part of ‘Change in other
working capital’) was DKK 1.1 billion, whereas
we released DKK 0.1 billion in Q1 2025.
In Q1 2026, we had a net cash outflow from
work in progress of DKK 2.7 billion, mainly
related to the construction of Hornsea 3 and
Greater Changhua 4 for partners. This was
partly offset by adjustments related to the
Hornsea 3 offshore transmission asset. In Q1
2025, we had a net cash outflow from work in
progress of DKK 3.1 billion, mainly related to
the construction of Borkum Riffgrund 3 and
Greater Changhua 4 for partners.
In Q1 2026, we received initial tax equity con-
tribution for Revolution Wind, whereas there
was no tax equity contribution in Q1 2025. In
both periods, ‘Change in tax equity liabilities’
included a reversal of the non-cash recogni-
tion of tax credits and benefits through
EBITDA.
In Q1 2026, we saw a positive development in
net trade receivables and payables, whereas
we saw a negative effect in Q1 2025.
Investments and divestments
Gross investments amounted to DKK 8.2 bil-
lion in Q1 2026. The main investments were:
–
offshore wind farms (DKK 7.4 billion), main-
ly Greater Changhua 2b and 4 in Taiwan,
Hornsea 3 and Baltica 2 in Europe, and
Sunrise Wind and Revolution Wind in the
US
–
onshore wind and solar farms (DKK 0.6
billion), mainly the construction of Badger
and Old 300 BESS
–
CHP plants (DKK 0.2 billion), mainly our
carbon capture and storage facilities in
Denmark.
In Q1 2026, ‘Divestments’ amounted to DKK
0.7 billion and were mainly related to the sale
of a development project and the sale and
lease back of land in the US.
In Q1 2025, ‘Divestments’ amounted to DKK
3.0 billion and were mainly related to the 50
% farm-downs of Eleven Mile and Sparta So-
lar.
Interest-bearing net debt
Interest-bearing net debt (NIBD) totalled DKK
21.3 billion at the end of Q1 2026 against
DKK 19.0 billion at the end of 2025. The in-
crease was mainly due to a negative free cash
flow of DKK 0.9 billion.
Equity
Equity was DKK 150.8 billion at the end of Q1
2026 against DKK 148.9 billion at the end of
2025.
Capital employed
Capital employed was DKK 172.1 billion at
Cash flow and net debt, DKKm Q1 2026 Q1 2025 %
Cash flows from operating activities
6,537 634 931 %
EBITDA
9,545 8,871 8 %
Rev
ersal of gain (loss) on divestments of assets
(128) (224) (43 %)
Change in derivatives, excl. variation margin
(36) (676) (95 %)
Change in variation margin
788 (3) n.a.
Change in provisions and other items
92 364 (75 %)
Interest expense, net
(83) (723) (89 %)
Paid tax
(1,673) (790) 112 %
Change in work in progress
(2,735) (3,099) (12 %)
Change in tax equity liabilities
(383) (875) (56 %)
Change in other working capital
1,150 (2,212) n.a.
Gross investments
(8,176) (13,799) (41 %)
Divestments
749 2,987 (75 %)
Free cash flow
(890) (10,178) (91 %)
Net interest-bearing debt, beginning of period
18,978 58,027 (67 %)
Free cash flow
890 10,178 (91 %)
Dividends and hybrid coupon paid
237 891 (73 %)
Addition of lease obligations, net
836 196 327 %
Exchange rate adjustments, etc.
348 (843) n.a.
Net interest-bearing debt, end of period
21,289 68,449 (69 %)
Management’s review
10/44
Interim report
First quarter 2026
set by a higher total heat and power produc-
tion (denominator) over the same period.
Greenhouse gas emissions from our supply
chain and sales activities (scope 3) were 17 %
higher in Q1 2026 than in Q1 2025, mainly due
to a 17 % increase in emissions from gas sales
(category 11), reflecting higher natural gas
offtake from the Danish North Sea with subse-
quent higher volumes sold to wholesale and
B2B customers as well as sales via the gas
hubs. Emissions from construction activities
(category 2) rose by 55 %, reflecting continued
construction progress on our 7major offshore
wind projects. Our scope 1-3 GHG intensity
increased by 8 % to 57 g CO2e/kWh in Q1
2026, from 53 g CO2e/kWh in Q1 2025.
Safety
Our total recordable injury rate increased by
11 % to 2.1 in Q1 2026, driven by an increase
in the number of recordable injuries among our
own employees.
the end of Q1 2026 against DKK 167.9 billion
at the end of 2025, mainly due to new invest-
ments.
Financial ratios
Return on capital employed (ROCE)
Return on capital employed (ROCE) was 4.6 %
in Q1 2026. ROCE adjusted for impairment
losses and cancellation fees in Q1 2026 was
8.6 % compared to 10.2 % in Q1 2025. The
decrease was mainly due to a higher capital
employed year-over-year.
Credit metric (FFO/adjusted interest-bearing
net debt)
The funds from operations (FFO)/adjusted net
debt credit metric was 42.2 % in Q1 2026
against 13.7 % in Q1 2025. The increase was
due to the proceeds from the capital raise in
Q4 2025 and an improved FFO.
ESG results
Renewable share of energy generation
The share of generation from renewable
sources decreased by 1 percentage point in Q1
2026 compared to Q1 2025. The decrease
was mainly driven by a higher use of natural
gas for heat production as a result of colder
weather in Q1 2026 compared to Q1 2025.
Greenhouse gas emissions
Greenhouse gas emissions from own opera-
tions (scope 1) increased by 63 % in Q1 2026
compared to Q1 2025, driven by higher natural
gas consumption at our CHP plants.
Our scope 1 and 2 GHG intensity rose to 6 g
CO2e/kWh in Q1 2026, from 4 g CO2e/kWh in
Q1 2025. The increase in scope 1 emissions
(numerator) was the main driver, partially off-
Key ratios, DKKm, %
Q1 2026 Q1 2025 %
ROCE 4.6 4.6 0 %p
Adjusted interest-bearing net debt 32,334 81,169 (60 %)
FFO/adjusted interest-bearing net debt 42.2 13.7 29 %p
FFO 13,653 12,328 11 %
11/44
Management’s review
Interim report First quarter 2026
Financial results for Q1 2026
Power generation increased by 27 % to 6.9
TWh in Q1 2026. The increase was due to sig-
nificantly higher wind speeds and ramp-up of
generation at Borkum Riffgrund 3 in Germany
and Greater Changhua 4 in Taiwan.
Wind speeds amounted to a portfolio average
of 11.4 m/s, which was higher than in Q1 2025
(10.4 m/s) and slightly higher than the normal
wind speeds expected in the first quarter (11.2
m/s).
Availability was 93 %, which was slightly lower
than last year.
Revenue was DKK 6.6 billion higher than in Q1
2025 and amounted to DKK 21.3 billion.
Revenue from offshore wind farms in operation
increased by 10 % to DKK 8.4 billion, mainly
due to the higher generation. Revenue from
power sales increased by DKK 1.1 billion to
DKK 6.6 billion due to higher power prices and
higher power volume sold. Revenue from con-
struction agreements mainly related to the
construction of Greater Changhua 4 and
Hornsea 3 for partners.
EBITDA increased by DKK 1.2 billion and
amounted to DKK 7.5 billion.
EBITDA from ‘Sites, O&M, and PPAs’ increased
by DKK 0.7 billion and amounted to DKK 8.4
billion in Q1 2026. The increase was driven by
significantly higher wind speeds (DKK 1.2 bil-
lion) and higher power and ROC prices. This
was partly offset by lower contribution from
our trading activities and a step down in subsi-
dies on older German wind farms.
EBITDA from ‘Construction agreements and
divestment gains’ amounted to DKK 0.2 billion
in Q1 2026 and was mainly related to con-
struction agreements at Borkum Riffgrund 3
and Hornsea 3.
EBITDA from ‘Other incl. project development’
was DKK 0.2 billion less negative than in Q1
2025. The improved result was primarily relat-
ed to lower fixed costs.
Results Q1 2026 Q1 2025 %
Business drivers
Decided (FID'ed) and installed capacity GW 18.3 18.3 0 %
Installed capacity
GW
10.2 10.2 0 %
Generation capacity
GW
5.5 5.5 (0 %)
Wind speed
m/s
11.4 10.4 10 %
Load factor
%
59 47 12 %p
Availability
%
93 94 (1 %p)
Power generation
GWh
6,919 5,470 27 %
Denmark
664 564 18 %
United Kingdom
3,711 3,019 23 %
Germany
1,109 623 78 %
The Netherlands
395 276 43 %
APAC
938 880 7 %
The US
102 108 (5 %)
Power sales GWh 6,308 4,816 31 %
Power price, LEBA UK
GBP/MWh
106 129 (18 %)
British pound
DKK/GBP
8.6 8.9 (4 %)
Financial performance
Revenue
DKKm
21,285 14,637 45 %
Sites, O&M, and PPAs
8,372 7,635 10 %
Power sales
6,583 5,474 20 %
Construction agreements
6,297 1,439 338 %
Other
33 89 (63 %)
EBITDA
DKKm
7,548 6,310 20 %
Sites, O&M, and PPAs
8,378 7,655 9 %
Construction agreements and divestment gains 242 (77) n.a.
Other incl. project development (1,072) (1,268) (15 %)
Depreciation
DKKm
(1,808) (1,776) 2 %
Impairment losses
DKKm
(1,215) (224) 442 %
EBIT
DKKm
4,525 4,310 5 %
Cash flow from operating activities
DKKm
5,409 (4,874) n.a.
Gross investments
DKKm
(7,429) (11,736) (37 %)
Divestments
DKKm
(117) 105 n.a.
Free cash flow
DKKm
(2,137) (16,505) (87 %)
Capital employed
DKKm
126,621 120,130 5 %
Offshore
12/44
Management’s review
Interim report First quarter 2026
Financial results for Q1 2026
Power generation increased by 3 % compared
to Q1 2025 and amounted to 4.4 TWh. The
increase was mainly due to commissioning of
Badger Wind in the US and Bahren West 1 in
Germany.
Revenue was 5 % higher than in Q1 2025 and
amounted to DKK 0.9 billion.
EBITDA decreased by DKK 0.1 billion and
amounted to DKK 1.4 billion.
EBITDA from ‘Sites incl. tax credits’ amounted
to DKK 1.4 billion in Q1 2026, which was on
level with the same period last year.
Divestment gains for Q1 2025 amounted to
DKK 0.3 billion and related to the 50% farm-
down of Eleven Mile and Sparta Solar.
EBITDA from ‘Other including project develop-
ment’ amounted to DKK 0.0 billion, which was
an improvement of DKK 0.2 billion compared
to Q1 2025. The increase was mainly due to
sale of a development project and sale and
lease back of land in the US.
Onshore
Results Q1 2026 Q1 2025 %
Business drivers
Decided (FID'ed) and installed capacity GW 7.1 7.0 0 %
Installed capacity
GW
6.6 6.2 5 %
Wind speed
m/s
8.0 8.0 (0 %)
Load factor, wind
%
43 44 (1 %p)
Load factor, solar PV
%
23 21 2 %p
Availability, wind
%
89 91 (2 %p)
Availability, solar PV
%
99 98 1 %p
Power generation
GWh
4,420 4,294 3 %
US, wind
3,269 3,208 2 %
US, solar PV
784 767 2 %
Europe
367 319 15 %
US dollar
DKK/USD
6.4 7.1 (10 %)
Financial performance
Revenue
DKKm
886 846 5 %
EBITDA
DKKm
1,371 1,490 (8 %)
Sites, incl. tax credits
1,384 1,416 (2 %)
Divestment gains - 304 n.a.
Other incl. project development (13) (230) (95 %)
Depreciation
DKKm
(402) (546) (26 %)
Impairment losses
DKKm
(154) 496 n.a.
EBIT
DKKm
815 1,440 (43 %)
Cash flow from operating activities
DKKm
97 369 (74 %)
Gross investments
DKKm
(579) (1,411) (59 %)
Divestments
DKKm
871 2,883 (70 %)
Free cash flow DKKm 389 1,841 (79 %)
Capital employed DKKm 38,013 38,549 (1 %)
13/44
Management’s review
Interim report First quarter 2026
Financial results for Q1 2026
Heat generation increased by 9 % compared
to Q1 2025, mainly due to colder weather in
January and February. Power generation de-
creased by 6 %, mainly due to lower contribu-
tion from ancillary services.
Gas sales increased by 19 %, 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 0.4 billion com-
pared to DKK 0.8 billion in Q1 2025.
EBITDA from ‘CHP plants’ was DKK 0.5 billion,
DKK 0.3 billion lower than in Q1 2025. This
was mainly due to lower ancillary services
generation due to lower earnings from ancil-
lary services as a result of higher competition,
driving prices downward and lowering the vol-
umes sold by Ørsted.
EBITDA from ‘Gas Markets & Infrastructure’
amounted to DKK 0.1 billion, DKK 0.1 billion
lower than Q1 2025. The decrease was mainly
driven by costs being moved from ‘Other incl.
project management’ to ‘Gas markets & infra-
structure’
EBITDA from ‘Other incl. project development’
was DKK -0.1 billion, in line with last year.
Bioenergy & Other
Results
Q1 2026 Q1 2025 %
Business drivers
Degree days Number 1,354 1,181 15 %
Heat generation
GWh
3,510 3,224 9 %
Power generation
GWh
1,390 1,480 (6 %)
Gas sales
GWh
6,299 5,280 19 %
Power sales
GWh
686 632 9 %
Gas price, TTF
EUR/MWh
39.5 47.0 (16 %)
Power price, DK
EUR/MWh
103.3 99.3 4 %
Wood pellet spread, DK
EUR/MWh
16.7 18.0 (7 %)
Financial performance
Revenue
DKKm
5,512 5,347 3 %
EBITDA
DKKm
430 757 (43 %)
CHP plants 468 734 (36 %)
Gas Markets & Infrastructure 104 210 (50 %)
Other, incl. project development
(142) (187) (24 %)
Depreciation DKKm
(188) (164) 15 %
EBIT
DKKm
242 593 (59 %)
Cash flow from operating activities
DKKm
1,855 950 95 %
Gross investments
DKKm
(163) (645) (75 %)
Divestments
DKKm
(5) - n.a.
Free cash flow
DKKm
1,687 305 453 %
Capital employed
DKKm
7,384 5,905 25 %
14/44
Management’s review
Interim report First quarter 2026
Financials, DKKm
Q1 2026 Q1 2025 2025
Income statement
Revenue
27,620 20,705 73,244
EBITDA
9,545 8,871 22,448
Offshore
7,548 6,310 16,276
Sites, O&M, and PPAs
8,378 7,655 24,341
Construction agreements and divestment gains
242 (77) (2,668)
Cancellation fees
- - (1,362)
Other, incl. project development
(1,072) (1,268) (4,035)
Onshore
1,371 1,490
4,871
Bioenergy & Other
430 757 1,358
Other activities/eliminations
196 314 (57)
Depreciation and amortisation
(2,471) (2,555) (10,195)
Impairment
(1,369) 272 (3,633)
Operating profit (loss) (EBIT)
5,705 6,588 8,620
Gain (loss) on divestment of enterprises
(40) 87 213
Net financial income and expenses
(591) (1,567) (2,881)
Profit (loss) before tax
5,087 5,119 5,988
Tax
(2,466) (232) (2,823)
Profit (loss) for the period
2,621 4,887 3,165
Balance
Assets
360,332 287,287 367,922
Equity
150,798 96,677 148,941
Shareholders in Ørsted A/S
121,345 65,665 119,718
Hybrid capital
20,955 20,955 20,955
Non-controlling interests
8,498 10,057 8,268
Interest-bearing net debt
21,289 68,449 18,978
Capital employed
172,087 165,126 167,919
Additions to property, plant, and equipment
8,516 14,215 58,464
Cash flow
Cash flow from operating activities
6,537 634 23,741
Gross investments
(8,176) (13,799) (54,976)
Divestments
749 2,987 12,385
Free cash flow
(890) (10,178) (18,850)
Financial ratios
Return on capital employed (ROCE)
1
, %
4.6 4.6 5.4
FFO/adjusted interest-bearing net debt, %
42.2 13.7 42.9
Number of outstanding shares, end of period, '000
1,321,062 420,381 1,321,062
Share price, end of period, DKK
156 301 122
Market capitalisation, end of period, DKK billion
206 127 162
Earnings per share (EPS), DKK
1.6 5.9 2.0
Business drivers
Q1 2026 Q1 2025 2025
Offshore
Decided (FID'ed) and installed capacity, GW
18.3 18.3 18.3
Installed capacity, GW
10.2
10.2 10.2
Generation capacity, GW
5.5
5.5 5.5
Wind speed, m/s
11.4 10.4 9.7
Load factor, %
59
47 42
Availability, %
93
94 93
Power generation, GWh
6,919
5,470 19,687
Power sales, GWh
6,308
4,816 19,244
Onshore
Decided (FID'ed) and installed capacity, GW
7.1
7.0 7.1
Installed capacity, GW
6.6
6.2 6.3
Wind speed, m/s
8.0
8.0 7.2
Load factor, wind, %
43
44 37
Load factor, solar PV, %
23
21 25
Availability, wind, %
89
91 91
Availability, solar PV, %
99
98 92
Power generation, GWh
4,420
4,294 15,482
Bioenergy & Other
Degree days, number
1,354
1,181 2,501
Heat generation, GWh
3,510
3,224 6,414
Power generation, GWh
1,390
1,480 3,635
Power sales, GWh
686
632 2,475
Gas sales, GWh
6,299 5,280 21,528
Sustainability statements
Employees (FTE), end of period number
7,675 8,251 7,896
Total recordable injury rate (TRIR), YTD
2.1 1.9 2.5
Fatalities, number
0 2 2
Renewable share of energy generation, %
98
99 99
GHG emission (scope 1 & 2), Mtonnes
0.1
0.1 0.2
GHG intensity (scope 1 & 2), g CO
2
e/kWh
6
4 4
GHG emissions (scope 3), Mtonnes
2.2 1.9 8.8
GHG intensity (scope 1-3), g CO
2
e/kWh (excl. cat. 11)
57 53 69
Performance highlights
1
EBIT last 12 months.
15/44
Management’s review
Interim report First quarter 2026
Quarterly overview
Financials, DKKm
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Income statement
Revenue
27,620 23,134 12,270 17,135 20,705 21,077 15,766 15,023
EBITDA
9,545 3,869 3,064 6,644 8,871 8,353 9,548 6,570
Offshore
7,548 2,450 2,215 5,301 6,310 6,639 8,530 5,218
Sites, O&M, and PPAs
8,378 8,229 3,643 4,814 7,655 8,533 3,958 4,400
Construction agreements and
divestment gains
242 (5,061) (431) 2,901 (77) (894) 106 6
Other, incl. project development
(1,072) (887) (997) (883) (1,268) (1,926) (643) (488)
Onshore
1,371 1,356 828 1,197 1,490 1,061 991 995
Bioenergy & Other
430 650 (127) 78 757 869 (185) (36)
Other activities/eliminations
196 (587) 148 68 314 (216) 212 393
Depreciation and amortisation
(2,471) (2,782) (2,423) (2,435) (2,555) (2,571) (2,548) (2,683)
Impairment
(1,369) (2,128) (1,757) (20) 272 (12,127) (284) (3,913)
Operating profit (loss) (EBIT)
5,705 (1,041) (1,116) 4,189 6,588 (6,345) 6,716 (26)
Gain (loss) on divestment of enterprises
(40) (2) 4 124 87 34 14 (7)
Net financial income and expenses
(591) (556) (427) (331) (1,567) (457) (1,235) (552)
Profit (loss) before tax
5,087 (1,587) (1,533) 3,989 5,119 (6,761) 5,508 (575)
Tax
(2,466) (1,784) (169) (638) (232) 677 (339) (1,103)
Profit (loss) for the period
2,621 (3,371) (1,702) 3,351 4,887 (6,084) 5,169 (1,678)
Balance sheet
Assets
360,332 367,922 299,075 285,112 287,287 298,786 290,341
286,00
2
Equity
150,798 148,941 93,612 97,419 96,677 93,484 91,127 83,368
Shareholders in Ørsted A/S
121,345 119,718 63,872 67,088 65,665 62,138 65,987 56,446
Hybrid capital
20,955 20,955 20,955 20,955 20,955 20,955 20,955 22,792
Non-controlling interests
8,498 8,268 8,785 9,376 10,057 10,391 4,185 4,130
Interest-bearing net debt
21,289 18,978 83,154 67,137 68,449 58,027 62,817 49,366
Capital employed
172,087 167,919 176,766 164,557 165,126 151,511 153,944 132,734
Additions to property, plant, equipment
8,516 18,298 14,397 11,554 14,215 19,111 11,375 8,479
Cash flow
Cash flow from operating activities
6,537 17,087 (1,166) 7,186 634 10,306 (1,639) 6,081
Gross investments
(8,176) (15,052) (14,971) (11,154) (13,799) (17,114) (9,780) (8,292)
Divestments
749 5,196 (56) 4,258 2,987 13,317 108 2,993
Free cash flow
(890) 7,231 (16,193) 290 (10,178) 6,509 (11,311) 782
Financial ratios
Return on capital employed (ROCE)
1
, % 4.6 5.4 2.0 7.5 4.6 4.5 8.1 (12.4)
FFO/adjusted interest-bearing net debt, %
42.2 42.9 13.9 15.6 13.7 12.7 12.1 22.0
Number of outstanding shares, end of period, '000
1,321,062 1,321,062 420,381 420,381 420,381 420,381 420,381 420,381
Share price, end of period, DKK
156 122 107 272 301 324 445 371
Market capitalisation, end of period, DKK billion
206 162 45 114 127 136 187 156
Earnings per share (EPS), DKK
1.6 5.7 (2.3) 4.1 5.9 (8.8) 6.7 (2.3)
Cancellation fees
- 169 - (1,531) - 926 5,109 1,300
Business drivers
Q4
2025
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Offshore
Decided (FID'ed) and installed capacity, GW
18.3 18.3 18.3 18.3 16.8 16.8 16.8
Installed capacity, GW
10.2 10.2 10.2 10.2 9.9 9.9 9.8
Generation capacity, GW
5.5 5.4 5.4 5.5 5.3 5.2 5.1
Wind speed, m/s
11.7 8.2 8.5 10.4 11.1 8.4 9.0
Load factor, %
57 32 31 47 51 31 33
Availability, %
93 94 90 94 94 89 83
Power generation, GWh
6,784 3,788 3,646 5,470 5,740 3,522 3,667
Power sales, GWh
6,763 3,979 3,686 4,816 5,839 4,010 3,854
Onshore
Decided (FID'ed) and installed capacity, GW
7.1 7.1 7.0 7.0 7.0 6.4 6.4
Installed capacity, GW
6.3 6.3 6.2 6.2 6.2 5.7 5.6
Wind speed, m/s
7.7 6.1 7.2 8.0 7.5 6.2 7.4
Load factor, wind, %
41 26 36 44 40 26 41
Availability, wind, %
92 92 88 91 90 87 92
Power generation, GWh
3,963 3,223 4,002 4,294 4,086 3,270 4,187
Bioenergy & Other
Degree days, number
831 71 418 1,181 846 79 360
Heat generation, GWh
2,145 337 707 3,224 2,367 332 935
Power generation, GWh
1,252 426 477 1,480 1,428 805 805
Power sales, GWh
641 617 585 632 635 577 581
Gas sales, GWh
5,641 4,809 5,798 5,280 4,016 4,138 4,051
Sustainability statements
Employees (FTE) end of period, number
7,896 8,126 8,203 8,251 8,278 8,377 8,411
Total recordable injury rate (TRIR), YTD
2.5 2.5 2.7 1.9 2.7 2.3 2.1
Fatalities, number
0 0 0 2 0 0 0
Renewable share of energy generation, %
99 100 100 99 99 96 97
GHG intensity (scope 1 & 2), g CO
2
e/kWh
4 4 4 4 5 40 16
GHG emissions (scope 3), Mtonnes
2
2.7 1.8 2.4 1.9 1.8 1.8 1.7
Q1
2026
18.3
10.2
5.5
11.4
59
93
6,919
6,308
7.1
6.6
8.0
43
89
4,420
1,354
3,510
1,390
686
6,299
7,675
2.1
0
98
6
2.2
Load factor, solar PV, %
23 17 30 30 21 20 31 29
Availability, solar PV, %
99 86 94 91 98 98 97 97
GHG emissions (scope 1 & 2), Mtonnes
0.1 0.1 0.0 0.0 0.1 0.1 0.3 0.2
GHG intensity (scope 1-3), g CO
2
e/kWh (excl. cat.
11)
2
57 67 85 84 53 73 144 94
1 EBIT last 12 months.
2 Figures in 2025 and 2024 have been restated to reflect an update to the allocation methodology for scope 3, cate-
gory 2 ‘capital goods’ (see page 78 in the annual report for 2025 for details).
16/44
Management’s review
Interim report First quarter 2026
Consolidated
financial statements
First quarter 2026
1 January – 31 March
Consolidated financial statements
Interim Report
First quarter 2026
17/44
Consolidated statement of income
1 January – 31 March
In Q1 2026, ’Exchange rate adjustments relating to net investments in foreign
enterprises’ was impacted by an increase in the USD exchange rate of 2.0 %
and a decrease in the PLN exchange rate of -1.7 %.
Consolidated statement of comprehensive income
1 January – 31 March
Note
Income statement
DKKm Q1 2026 Q1 2025
3 Revenue
Cost of sales (15,856 ) (10,006 )
Other external expenses (2,097 ) (1,921 )
Employee costs (1,550 ) (1,614 )
Share of profit (loss) in associates and joint ventures (45 ) 24
5 Other operating income
5 Other operating expenses
(143 ) (181 )
Operating profit (loss) before depreciation, amortisation,
and impairment losses (EBITDA)
Amortisation and depreciation of intangible assets and of property,
plant, and equipment
(2,471 ) (2,555 )
4
Impairment losses on intangible assets and on property, plant,
and equipment
(1,369 ) 272
Operating profit (loss) (EBIT)
Gain (loss) on divestment of enterprises
(40 ) 87
Share of profit (loss) in associates and joint ventures 13 11
6 Financial income
6 Financial expenses
(2,209 ) (3,386 )
Profit (loss) before tax
10 Tax on profit (loss) for the period
(2,466 ) (232 )
Profit (loss) for the period
Profit (loss) for the period is attributable to:
Shareholders in Ørsted A/S 2,176 4,443
Interest payments and costs, hybrid capital owners of Ørsted A/S 147 151
Non-controlling interests
Earnings per share (DKK)
Diluted earnings per share (DKK)
Statement of comprehensive income
DKKm Q1 2026 Q1 2025
Profit (loss) for the period
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period (1,921 ) 518
Value adjustments transferred to income statement
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises 1,235 (3,486 )
Value adjustment of net investment hedges
(649 ) 1,684
Tax:
Tax on hedging instruments 489 (137 )
Tax on exchange rate adjustments
Other:
Share of other comprehensive income of associated companies, after tax 1 (1 )
Other comprehensive income (loss) that may be reclassified to
the income statement
(466 ) (1,053 )
Total comprehensive income
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S 1,605 3,282
Interest payments and costs, hybrid capital owners of Ørsted A/S
Non-controlling interests
Total comprehensive income
Consolidated financial statements
Interim Report
First quarter 2026
18/44
Consolidated statement of financial position
31 March
Note
Assets
DKKm
31 March
2026
31 December
2025
31 March
2025
Intangible assets
Land and buildings
Production assets 130,421 123,545 129,989
Fixtures and fittings, tools, and equipment 2,113 2,179 1,960
Property, plant, and equipment under construction 76,410 77,352 63,710
4 Property, plant, and equipment
Investments in associates and joint ventures
Receivables from associates and joint ventures 191 179 221
Other securities and equity investments 239 235 323
12 Derivatives
Deferred tax 7,181 9,547 9,985
Other receivables 6,888 7,060 3,431
Other non-current assets 15,973 18,791 16,024
Non-current assets
Inventories
12 Derivatives
Contract assets - - 307
Trade receivables 7,835 9,848 9,231
Other receivables 10,722 10,937 16,050
Receivables from associates and joint ventures 98 106 63
10 Income tax
12 Securities
Cash 28,036 53,448 7,831
Current assets
9 Assets classified as held for sale
Assets
Note
Equity and liabilities
DKKm
31 March
2026
31 December
2025
31 March
2025
Share capital
8 Reserves
(9,761 ) (9,164 ) (6,268 )
Retained earnings 117,894 115,670 67,729
Equity attributable to shareholders in Ørsted A/S
Hybrid capital
Non-controlling interests 8,498 8,268 10,057
Equity
Deferred tax
Provisions 18,689 18,252 17,675
Lease liabilities 8,365 8,120 7,799
13 Bond and bank debt
12 Derivatives
Contract liabilities 8,173 8,257 8,497
Tax equity liabilities 10,255 10,721 13,374
Other payables 11,442 11,264 5,675
Non-current liabilities
Provisions
Lease liabilities 841 875 800
13 Bond and bank debt
12 Derivatives
Contract liabilities 10,562 13,847 1,527
Trade payables 21,639 19,764 18,716
Tax equity liabilities 4,161 3,663 3,899
Other payables 4,745 5,503 7,143
10 Income tax
Current liabilities
Liabilities
9
Liabilities relating to assets classified as
held for sale
Equity and liabilities
Consolidated financial statements
Interim Report
First quarter 2026
19/44
1 In addition to the total reserves of DKK -9,761 million at 31 March
2026, a loss of DKK 295 million is recognised as part of
non-controlling interests. The loss is related to the hedging of
revenue attributable to the non-controlling interests.
Consolidated statement of shareholders’ equity
1 January – 31 March
Q1 2026
Q1 2025
DKKm
Share
capital
Reserves
1
(note 8)
Retained
earnings
Share-
holders in
Ørsted A/S
Hybrid
capital
Non-con-
trolling
interests
Total
Group
Share
capital
Reserves
1
(note 8)
Retained
earnings
Share-
holders in
Ørsted A/S
Hybrid
capital
Non-con-
trolling
interests
Total
Group
Equity at 1 January 13,212 (9,164 ) 115,670
Comprehensive income for the period:
Profit (loss) for the period - - 2,176
Other comprehensive income:
Cash flow hedging - (1,720 ) -
(1,720 ) - 56 (1,664 ) - 743 - 743 - 310 1,053
Exchange rate adjustments - 537 -
Tax on other comprehensive income - 611 -
Share of other comprehensive income of associated
companies, after tax - - 1
Total comprehensive income - (572 ) 2,177
Cash flow hedging of property, plant, and equipment
under construction - (32 ) -
(32 ) - - (32 ) - 68 - 68 - - 68
Coupon payments, hybrid capital - - -
Tax - 7 -
Dividends paid - - -
Additions, non-controlling interests - - 34
Other changes - - 13
Equity at 31 March 13,212 (9,761 ) 117,894
Consolidated financial statements
Interim Report
First quarter 2026
20/44
Statement of cash flows
Our supplementary statement of gross and net investments appears from
note 7 ’Gross and net investments’ and free cash flow (FCF) from note 2
’Segment information’.
Consolidated statement of cash flows
1 January – 31 March
Note
Statement of cash flows
DKKm Q1 2026 Q1 2025
Operating profit (loss) before depreciation, amortisation, and
impairment losses (EBITDA)
Reversal of gain (loss) on divestment of assets (128 ) (224 )
Change in derivatives 752 (679 )
Change in provisions and other items 92 364
Change in inventories (3,324 ) (42 )
Change in contract assets and liabilities (3,477 ) (1,385 )
Change in trade receivables 1,933 (262 )
Change in other receivables 1,662 (1,673 )
Change in trade payables 1,679 (2,035 )
Change in tax equity liabilities (383 ) (875 )
Change in other payables (58 ) 88
Interest received and similar items 1,577 1,514
Interest paid and similar items (1,660 ) (2,238 )
Income tax paid (1,673 ) (790 )
Cash flows from operating activities
Purchase of intangible assets and of property, plant, and equipment
(8,218 ) (13,783 )
Sale of intangible assets and of property, plant, and equipment 806 2,685
Sale and purchase of other equity investments 7 -
Purchase of securities (31,489 ) (6,936 )
Sale/maturation of securities 18,875 6,384
Change in other non-current assets 35 (2 )
Transactions with associates and joint ventures (5 ) (37 )
Cash flows from investing activities
(19,989 ) (11,689 )
Note
DKKm Q1 2026 Q1 2025
Proceeds from raising of loans
Instalments on loans (10,004 ) (3,628 )
Instalments on leases (331 ) (274 )
Coupon payments on hybrid capital (147 ) (151 )
Transactions with non-controlling interests (154 ) (556 )
Net proceeds from tax equity partners (110 ) (37 )
Collateral posted in relation to trading of derivatives (6,170 ) (4,576 )
Collateral released in relation to trading of derivatives 4,749 5,313
Restricted cash and other changes 49 (16 )
Cash flows from financing activities
(12,047 ) (3,873 )
Total net change in cash and cash equivalents
(25,499 ) (14,928 )
Cash and cash equivalents at the beginning of the period 53,448 23,124
Exchange rate adjustments of cash and cash equivalents 87 (365 )
Cash and cash equivalents at 31 March
Interim Report First quarter 2026
21/42
Consolidated financial statements
construction agreements:
−
assumptions for the determination of the
expected selling price and expected costs
−
assumptions for the recognition of revenue
from the construction of offshore wind farms
over time.
For further information, please see section to
the right.
Implementation of new standards,
interpretations, and amendments adopted
by the Group
The accounting policies adopted in the
preparation of the interim financial statements
are consistent with those followed in the
preparation of our annual consolidated
financial statements for the year, which ended
on 31 December 2025. The Group has not early
adopted any standard, interpretation, or
amendment that has been issued but not yet
entered into effect.
Amendments apply for the first time in 2026
but do not have a material impact on our
financial statements.
Ørsted is a public listed company, headquar-
tered in Denmark.
This interim report for the first three months of
2026 comprises the interim financial
statements of Ørsted A/S (the parent
company) and any subsidiaries controlled by
Ørsted A/S.
The interim report has been prepared in
accordance with the International Financial
Reporting Standards (IFRS), IAS 34 ’Interim
Financial Reporting’ as adopted by the EU, and
further requirements in the Danish Financial
Statements Act (Årsregnskabsloven) for the
presentation of quarterly interim reports by
listed companies.
Definitions of non-IFRS financial measures can
be found on pages 124, 193, and 194 of the
Annual Report for 2025.
The interim consolidated financial statements
for the first three months of 2026 are a
condensed set of financial statements, as they
do not include all information and disclosures
required by the annual financial statements.
The interim consolidated financial statements
have been prepared using the same accoun-
ting policies as our annual consolidated
financial statements as of 31 December 2025
and should be read in conjunction with this.
We have disclosed a new key accounting
estimate and a new key accounting judgement
related to our revenue recognition for our
1. Basis of reporting
Key accounting estimates
Assumptions for the determination of the
expected selling price and expected costs
We make estimates when determining the
expected selling price of individual construction
agreements. These estimates are influenced by our
assessment of:
− the degree of completion of the individual
offshore wind farms and offshore transmission
assets
− total expected costs for the individual contract
− the value of incentive agreements according to
which we may be paid a bonus for early delivery
or have to pay compensation for late delivery
− the guarantee commitments undertaken
− the share of total costs associated with transmis-
sion assets which are expected to be covered
upon handover, etc.
Therefore, our determination of profit and the
recognition of revenue and related contract assets
are subject to significant uncertainty. We believe
that our estimates are the most likely outcomes of
future events.
Key accounting judgements
Assumptions for the recognition of revenue from
the construction of offshore wind farms over time
We construct offshore wind farms with partners
where we construct our partner’s share of the wind
farm. We assess each construction agreement at
signing.
We regard the partner as gaining control of the
offshore wind farm progressively as construction
proceeds, supported by:
− the approval or rejection of significant variations
to the construction
− the partner taking over work from subcontrac-
tors, transferring risk and legal title to the wind
farm on an ongoing basis
− the milestone payments from the partner
− the wind farm being constructed on a seabed
leased by the partnership which limits alternative
use
− the construction agreement being negotiated in
connection with the partner’s entry into the
project.
Therefore, revenue is recognised over time during
the construction of the offshore wind farms.
Consolidated financial statements
Interim Report
First quarter 2026
22/44
The column ’Other activities/eliminations’ primarily
covers the elimination of inter-segment transactions.
It also includes income and costs, assets and
liabilities, investment activity, taxes, etc., handled at
Group level.
1 Including the elimination of other activities, the total
elimination of intra-group revenue amounts to
DKK 1,131 million, which primarily relates to our
Shared Functions services as well as our B2B
business activities.
2 Last 12 months.
2. Segment information
Q1 2026 income statement
DKKm Offshore Onshore
Bioenergy
& Other
Reportable
segments
Other
activities/
eliminations Total
External revenue 20,691 886 6,058
27,635 (15) 27,620
Intra-group revenue 594 - (546)
48 (48)
1
-
Revenue 21,285 886 5,512
27,683 (63) 27,620
Cost of sales (11,414) (6) (4,444)
(15,864) 8 (15,856)
Employee costs and other external expenses (2,692) (643) (568)
(3,903) 256 (3,647)
Gain (loss) on disposal of non-current assets (58) 191 (5)
128 - 128
Additional other operating income and expenses 468 947 (65)
1,350 (5) 1,345
Share of profit (loss) in associates and joint ventures (41) (4) -
(45) - (45)
EBITDA 7,548 1,371 430
9,349 196 9,545
Depreciation and amortisation
(1,808)
(402)
(188)
(2,398)
(73)
(2,471)
Impairment losses (1,215) (154) -
(1,369) - (1,369)
Operating profit (loss) (EBIT) 4,525 815 242
5,582 123 5,705
Key ratios
Intangible assets and property, plant, and equipment 158,152 47,724 10,351
216,227 977 217,204
Assets classified as held for sale, net - 9,184 -
9,184 - 9,184
Equity investments and non-current receivables 2,979 129 219
3,327 95 3,422
Net working capital, capital expenditures (7,066) (492) (188)
(7,746) - (7,746)
Net working capital, work in progress (5,435) - -
(5,435) - (5,435)
Net working capital, tax equity (1,196) (11,361) -
(12,557) - (12,557)
Net working capital, other items (1,529) 620 (927)
(1,836) 1,346 (490)
Derivatives, net (6,120) (2,283) (284)
(8,687) 933 (7,754)
Decommissioning obligations (9,908) (2,099) (2,736)
(14,743) - (14,743)
Other provisions (2,760) 1 (467)
(3,226) (2,221) (5,447)
Tax, net 5,820 (3,410) 1,416
3,826 (145) 3,681
Other receivables and other payables, net (6,316) - -
(6,316) (916) (7,232)
Capital employed at 31 March 126,621 38,013 7,384
172,018 69 172,087
Return on capital employed (ROCE)
2
, % - - - - - 4.6
Cash flow from operating activities 5,409 97 1,855
7,361 (824) 6,537
Gross investments (7,429) (579) (163)
(8,171) (5) (8,176)
Divestments (117) 871 (5)
749 - 749
Free cash flow (FCF) (2,137) 389 1,687
(61) (829) (890)
Consolidated financial statements
Interim Report
First quarter 2026
23/44
2. Segment information (continued)
The column ’Other activities/eliminations’ primarily
covers the elimination of inter-segment transactions.
It also includes income and costs, assets and
liabilities, investment activity, taxes, etc., handled at
Group level.
1 Including the elimination of other activities, the total
elimination of intra-group revenue amounts to
DKK 1,231 million, which primarily relates to our
Shared Functions services as well as our B2B
business activities.
2 Last 12 months.
Q1 2025 income statement
DKKm Offshore Onshore
Bioenergy
& Other
Reportable
segments
Other
activities/
eliminations Total
External revenue 14,140 848 5,756
20,744 (39) 20,705
Intra-group revenue 497 (2) (409)
86 (86)
1
-
Revenue 14,637 846 5,347
20,830 (125) 20,705
Cost of sales (5,985) (25) (3,971)
(9,981) (25) (10,006)
Employee costs and other external expenses (2,749) (636) (617)
(4,002) 467 (3,535)
Gain (loss) on disposal of non-current assets (80) 304 -
224 - 224
Additional other operating income and expenses 459 1,006 (3)
1,462 (3) 1,459
Share of profit (loss) in associates and joint ventures 28 (5) 1
24 - 24
EBITDA 6,310 1,490 757
8,557 314 8,871
Depreciation and amortisation
(1,776)
(546)
(164)
(2,486)
(69)
(2,555)
Impairment losses
(224)
496
-
272
-
272
Operating profit (loss) (EBIT) 4,310 1,440 593
6,343 245 6,588
Key ratios
Intangible assets and property, plant, and equipment 134,274 61,329 9,332
204,935 1,133 206,068
Equity investments and non-current receivables 528 432 270
1,230 173 1,403
Net working capital, capital expenditures (7,147) (261) (65)
(7,473) - (7,473)
Net working capital, work in progress 9,236 - -
9,236 - 9,236
Net working capital, tax equity (1,093) (14,558) -
(15,651) - (15,651)
Net working capital, other items 614 183 (645)
152 1,488 1,640
Derivatives, net (4,534) (2,846) (275)
(7,655) 234 (7,421)
Decommissioning obligations (9,503) (2,112) (2,218)
(13,833) - (13,833)
Other provisions (3,996) - (627)
(4,623) (1,983) (6,606)
Tax, net 6,031 (3,606) 133
2,558 782 3,340
Other receivables and other payables, net (4,280) (12) -
(4,292) (1,285) (5,577)
Capital employed at 31 March 120,130 38,549 5,905
164,584 542 165,126
Return on capital employed (ROCE)
2
, % - - - - - 4.6
Cash flow from operating activities (4,874) 369 950
(3,555) 4,189 634
Gross investments (11,736) (1,411) (645)
(13,792) (7) (13,799)
Divestments 105 2,883 -
2,988 (1) 2,987
Free cash flow (FCF) (16,505) 1,841 305
(14,359) 4,181 (10,178)
Consolidated financial statements
Interim Report
First quarter 2026
24/44
Revenue was DKK 27,620 million. The
increases in ‘Generation of power’ and ‘Sale of
power’ relative to the first three months of
2025 was primarily driven by continuous
commissioning of new assets and higher wind
speeds, which contributed to higher genera-
tion. Higher generation in Offshore also posi-
tively resulted in larger revenue from
’Government grants’ compared to the first
three months of 2025.
Revenue from construction agreements was
DKK 6,297 million in Q1 2026 and mainly
related to the construction of Hornsea 3 for
partners. In Q1 2025, revenue from construc-
tion agreements was DKK 1,439 million and
mainly related to the construction of Borkum
Riffgrund 3 and Greater Changhua 4 for
partners.
3. Revenue
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
Q1 2026
total
Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
Q1 2025
total
Generation of power 5,448 736 1,333 -
7,517
4,658 658 1,582 - 6,898
Sale of power 5,283 - 212 (15)
5,480 4,987 - 67 (8) 5,046
Revenue from construction of wind farms and transmission assets 6,297 - - -
6,297 1,439 - - - 1,439
Generation and sale of heat and steam - - 1,451 -
1,451 - - 1,371 - 1,371
Sale of gas - - 2,128 2
2,130 - - 1,987 2 1,989
Distribution and transmission - - 62 -
62 - - 68 - 68
O&M and other services 906 78 185 (50)
1,119 820 90 107 (119) 898
Total revenue from customers 17,934 814 5,371 (63)
24,056
11,904 748 5,182 (125) 17,709
Government grants 2,796 21 140 -
2,957
2,166 3 136 - 2,305
Miscellaneous revenue 555 51 1 -
607 567 95 29 - 691
Total revenue 21,285 886 5,512 (63)
27,620
14,637 846 5,347 (125) 20,705
Timing of revenue recognition from customers
At a point in time 8,503 814 1,325 (63)
10,579 8,552 748 1,544 (125) 10,719
Over time 9,431 - 4,046 -
13,477 3,352 - 3,638 - 6,990
Total revenue from customers 17,934 814 5,371 (63)
24,056
11,904 748 5,182 (125) 17,709
Consolidated financial statements
Interim Report
First quarter 2026
25/44
4. Impairments
The base discount rate after tax applied for the
value-in-use calculation is determined per CGU.
Estimation uncertainty and sensitivity analyses
When estimating the future cash flow for the
value-in-use calculations of our cash-generating
units (CGUs), management has assessed relevant
assumptions and estimates on project level and
taken other related risks and inherent uncertainties
into consideration. Assumptions with major
uncertainty include e.g. investment tax credits,
interest rates, imposed tariffs in the US, and the
supply chain.
The sensitivity analyses presented in the table show
related impact on impairment losses when a change
in a given assumption increases or decreases the
value-in-use for our CGUs. The analyses are
performed with all other assumptions unchanged.
In the table, we have included sensitivity analyses of
impairment effects if WACC levels or assumptions
related to ITC bonus credits change.
If WACC had increased by 50 basis points in the
impairment test of e.g. Revolution Wind as of
31 March 2026, the impairment loss would have been
DKK 0.5 billion higher.
If we had not included the probability-weighted
additional 10 % ITC bonus credits in the impairment
test of e.g. Revolution Wind as of 31 March 2026, the
impairment loss would have been DKK 1.3 billion
higher.
Impairment losses on segment level
DKKm Q1 2026 Q1 2025
Offshore
1,215 224
Onshore
154 (496)
Bioenergy & Other
- -
Total impairment losses
1,369 (272)
Q1 2026
Q1 2025
31 March
2026
31 March
2025
ITC bonus credits
assumed in impairment tests
Sensitivity impact
DKK billion
Cash-generating units
DKKm
Impairment
losses
(reversals)
Impairment
losses
(reversals)
Recoverable
amount
Recoverable
amount
ITC
bonus credits
Probability
weighting
No ITC
bonus credits
40 % ITC
bonus credits,
100 %
probability
+50 bps
WACC
-50 bps
WACC
Sunrise Wind
837 289 18,488
7,589
10 % 95 %
(5.1) 0.3 (1.6) 1.7
Revolution Wind
260 (62) 10,695 6,980 10 % 95 % (1.3) 0.1 (0.5) 0.5
South Fork
105 (62) 2,864 2,858 n.a. n.a.
n.a. n.a.
(0.1)
0.1
Block Island
13 59 1,058 1,257 n.a. n.a. n.a. n.a. (0.0) 0.0
Offshore
1,215 224 33,105 18,684
Onshore US
154 (496) 2,236 13,014 n.a. n.a. n.a. n.a. (0.2) 0.2
Onshore
154 (496) 2,236 13,014
Bioenergy & Other
- - n.a. n.a.
Total
1,369 (272) 35,341 31,698
WACC levels
%
31 March
2026
31 March
2025
Base discount
rate applied
for the US
5.75 % - 6.75 % 5.75 % - 7.50 %
Consolidated financial statements
Interim Report
First quarter 2026
26/44
4. Impairments (continued)
We have updated our impairment tests as of
31 March 2026, which has resulted in an
impairment loss of DKK 1.4 billion in Q1 2026
related to our US portfolio
The impairment loss was driven by an
increase in the long-dated US interest rate
and comprised an impairment loss of DKK 1.2
billion on our US offshore projects and an
impairment loss of DKK 0.2 billion on our US
onshore projects.
In Q1 2025, we had a net impairment reversal
of DKK 0.3 million. The main contributor to
the net impairment reversal was a decrease in
the long-dated US interest rate (DKK 1.5
billion), which was partly offset by imposed
tariffs DKK 1.2 billion).
In the following sections, the main drivers for
the net impairment loss are described.
Interest rates
The US long-dated interest rate increased
from 31 December 2025 to 31 March 2026,
leading to higher WACC levels of approxi-
mately 25 basis points across our US portfolio.
Tariffs in the US
Throughout 2025, the US Administration
implemented several tariff measures as part
of an ongoing review of its trade policy.
So far, this has for metals (steel, copper, and
aluminium) resulted in an increase in the tariffs
by up to 50 %, impacting many imported
components used in our construction projects.
In April 2026, the US Administration modified
how these metal tariffs were calculated,
meaning that some components are now
tariffed at up to 50 % on the full value of the
component rather than the metal content.
In 2025, the US Administration also issued
global tariffs under the International
Economic Emergency Powers Act (IEEPA),
which the US Supreme Court deemed
unlawful in February 2026. In response to this
decision, the US Administration issued a new
global 10 % tariff under section 122 of the
Trade Expansion Act, effective from
24 February 2026 and applicable until 24 July
2026. Active litigation about the legality of
the 10 % tariff under section 122 is currently
ongoing.
In the summer of 2025, the EU and the US
announced that they had agreed on a Frame-
work on an Agreement on Reciprocal, Fair,
and Balanced Trade. The US implemented its
tariff commitments by means of two
executive orders in July and September 2025.
The European Commission is currently
completing its parliamentary process to
finalise implementation of the deal.
The impact of tariffs and the above changes
involves a number of key estimates and
assumptions, which are based on the
expected interpretation, final agreements,
and practical implementation of the tariffs as
well as the ongoing legal challenges to some
of the imposed tariffs. Consequently, inherent
uncertainties are embedded in the assump-
tions, which reflect our current best estimate.
The estimated impact of these tariffs has not
resulted in further impairments in Q1 2026
compared to the assumptions used by
31 December 2025.
Investment tax credits
The value of our projects depends, in part, on
the continued availability of US federal
income tax incentives and, specifically for
Revolution Wind and Sunrise Wind, invest-
ment tax credits (ITCs). We have based our
impairment tests on the assumption that our
US projects would qualify for the 10 % ITC
bonus credits. ITC qualification and subse-
quent monetisation remain uncertain. We
have included sensitivity analyses of impair-
ment effects if assumptions related to ITC
bonus credits change.
Summary of the uncertainties in the US
Our value-in-use calculations incorporate
continued uncertainties and challenges,
including risks related to regulatory uncertain-
ty regarding tariffs, tax incentives, etc., and
continued risk of imposed construction delays
outside of Ørsted’s control.
Changes in the US regulatory environment
can materially and further adversely affect
the value of our US activities and could
potentially lead us to cease development,
which would result in further impairments and
costs.
Potential consequences of further adverse
development
In addition to the sensitivities described,
further adverse developments could lead us
to cease development of or reconfigure
projects currently under development.
Besides impairing the capitalised value of
these projects, ceasing to develop projects
could lead to compensation to suppliers or
other stakeholders for cancelling contracts.
Consolidated financial statements
Interim Report
First quarter 2026
27/44
5. Other operating income and expenses
Other operating income
In Q1 2026, ‘Gain on divestment of assets’
primarily related to the sale of onshore
development projects and land in the US. In
Q1 2025, ’Gain on divestment of assets’
primarily related to the farm-downs of Sparta
Solar and Eleven Mile Solar Center in the US.
The development in ‘US tax credits and tax
attributes’ was mainly impacted by partial
divestments of onshore assets, leading to
lower income from tax credits and tax
attributes compared to last year.
‘Compensations’ in Q1 2026 primarily related
to availability compensation mechanisms
across Europe and the US. ‘Compensations’ in
Q1 2025 primarily related to compensation
for grid delays related to Borkum Riffgrund 3
from the German transmission system
operator.
6. Financial income and expenses
The table shows net financial income and expenses corresponding to our internal reporting.
Exchange rate adjustments and hedging contracts entered into to hedge currency risks are
presented net under ‘Exchange rate adjustments including currency derivatives, net’.
In Q1 2026, ‘Interest expenses, net’ was an
income, whereas it was an expense in Q1 2025.
This development was primarily driven by
updates related to our uncertain tax positions,
higher capitalised interest expenses, and
higher income on bonds.
Other operating income
DKKm Q1 2026 Q1 2025
Gain on divestment of assets
189 303
US tax credits and tax attributes
934 1,006
Compensations
349 451
Miscellaneous operating income
144 104
Total other operating income
1,616 1,864
Other operating expenses
DKKm Q1 2026 Q1 2025
Ineffective hedges
(46) (42)
Loss on divestment of assets
61 79
Miscellaneous operating expenses
128 144
Total other operating expenses
143 181
Net financial income and expenses
DKKm Q1 2026 Q1 2025
Interest expenses, net
338 (475)
Interest expenses, leasing
(93) (73)
Interest element of provisions, etc.
(312) (324)
Tax equity partners' contractual return
(249) (304)
Value adjustments of derivatives, net
30 (138)
Capital gains/losses on securities at market value, net
(152) (68)
Exchange rate adjustments including currency derivatives, net
(149) (173)
Other financial income and expenses
(4) (12)
Net financial income and expenses
(591) (1,567)
Consolidated financial statements
Interim Report
First quarter 2026
28/44
8. Reserves 7. Gross and net investments
Reserves 2026
DKKm
Foreign
currency
translation
reserve
Hedging
reserve
Total
reserves
Reserves at 1 January
(4,136) (5,028) (9,164)
Exchange rate adjustments
1,186 - 1,186
Value adjustments
- (2,626) (2,626)
Value adjustments transferred to:
Revenue
- 293 293
Other operating expenses
- (46) (46)
Financial income and expenses
- 10 10
Tax:
Tax on hedging and currency adjustments
(22) 633 611
Movement in comprehensive income for the period
1,164 (1,736) (572)
Cash flow hedging of property, plant, and equipment
under construction, net tax
- (25) (25)
Total reserves including tax at 31 March
(2,972) (6,789) (9,761)
Total reserves excluding tax at 31 March
(3,634) (8,631) (12,265)
Reserves 2025
DKKm
Reserves at 1 January 4,812 (9,976) (5,164)
Exchange rate adjustments (3,285) - (3,285)
Value adjustments - 1,892 1,892
Value adjustments transferred to:
Revenue - 646 646
Other operating expenses - (86) (86)
Financial income and expenses - (25) (25)
Tax:
Tax on hedging and currency adjustments 205 (507) (302)
Movement in comprehensive income for the period (3,080) 1,920 (1,160)
Cash flow hedging of property, plant, and equipment
under construction, net tax - 56 56
Total reserves including tax at 31 March 1,732 (8,000) (6,268)
Total reserves excluding tax at 31 March 1,516 (9,996) (8,480)
Gross and net investments
DKKm Q1 2026 Q1 2025
Cash flows from investing activities
(19,989) (11,689)
Purchase and sale of securities, reversed
12,614 552
Loans to associates and joint ventures, reversed
12 23
Sale of non-current assets, reversed
(813) (2,685)
Gross investments
(8,176) (13,799)
Transactions with non-controlling interests in connection with divestments
and acquisitions
(64) 302
Sale of non-current assets
813 2,685
Divestments
749 2,987
Net investments
(7,427) (10,812)
Consolidated financial statements
Interim Report
First quarter 2026
29/44
9. Assets classified as held for sale
In February 2026, we signed the divestment
agreement to sell our European onshore
business, and we closed the transaction in
April 2026.
Assets classified as held for sale, DKKm
31 March
2026
31 December
2025
31 March
2025
Intangible assets
418 418 -
Property, plant, and equipment
9,505 9,237 -
Investments in associates
497 497 -
Deferred tax
45 45 -
Trade receivables
101 (5) -
Other receivables
407 411 -
Income tax
6 6 -
Total assets classified as held for sale
10,979 10,609 -
Deferred tax
798 798 -
Provisions
112 115 -
Lease liabilities
396 399 -
Contract liabilities
5 6 -
Trade payables
589 425 -
Other payables
256 92 -
Income tax
36 36 -
Total liabilities relating to assets classified as held for sale
2,192 1,871 -
Net assets classified as held for sale
8,787 8,738 -
Interim Report First quarter 2026
30/44
Consolidated financial statements
Tax on profit (loss) for the period
Tax on profit (loss) was DKK 2,466 million for
the first three months of 2026 compared to
DKK 232 million for the first three months of
2025.
Effective tax rate
The effective tax rate for the first three
months of 2026 was 48 %. The effective tax
rate was affected by:
−
the recognition of a deferred tax liability in
the US related to tax equity contributions
for Revolution Wind and the battery
storage system at Old 300 BESS
−
the non-recognition of deferred tax assets
related to the impairment losses on our US
portfolio.
Effective tax rate
The effective tax rate for the first three months of 2026 was calculated on the basis of the profit (loss) before tax. ‘Impairment for the period’ includes unrecognised
deferred tax assets related to the impairments on our US projects. ‘Other adjustments’ include changes in tax rates, movements in uncertain tax positions, tax
concerning previous years, and unrecognised tax losses.
10. Tax on profit (loss) for the period
Accounting policies
Effective tax rate
The estimated average annual tax rate is
separated into five different categories:
1) ordinary business activities, 2) gain (loss)
on divestments, 3) impacts from tax equity
partnerships in the US, 4) impairments, and
5) other adjustments not related to the
current year’s profit (loss).
Q1 2026
Q1 2025
Tax for the period
DKK
Profit (loss)
before tax Tax Tax in %
Profit (loss)
before tax Tax Tax in %
Tax equity, deferred tax liability
- (863) n.a.
- 33 n.a.
Gain (loss) on divestment of enterprises and assets
- - n.a. 304 622 (205 %)
Impairment for the period
(1,369) 212 15 % 272 66 (24 %)
Other adjustments
- (277) n.a. - 77 n.a.
Remaining business
6,456 (1,538) 24 % 4,543 (1,030) 23 %
Effective tax for the period
5,087 (2,466) 48 %
5,119 (232) 5 %
Consolidated financial statements
Interim Report
First quarter 2026
31/44
56.3
25.3
14.0
21.4
4.5
8.2
GBP USD NTD
Before hedging After hedging
←
In Q1 2026, our currency exposure
and hedges have been updated with
our latest view of the expected
proceeds from and timing of our
divestment programme.
We do not deem EUR to constitute a
risk, as we expect Denmark to
maintain its fixed exchange-rate
policy.
32.8
2.0
0.1
10.6
1.8
0.1
Power Spread (power) Gas and oil
Before hedging After hedging
←
The exposures are based on market
prices as of 31 March 2026.
Energy exposure 1 April 2026 – 31 December 2028
DKKbn
Currency exposure 1 April 2026 – 31 March 2031
DKKbn
11. Market risks
←
As of 31 March 2026, the pre-tax loss
of the hedging reserve was DKK 8.6
billion, of which DKK 8.3 billion will
be transferred to EBITDA over the
coming periods, as shown in the
table. The losses will be countered
by a higher sales price on our future
power production.
-0.9
-1.1
-5.3
Q2-Q4 2026 2027 After 2027
Power Currency
Inflation and interest Initial fair value of financial PPAs
EBITDA impact from hedges and financial PPAs
DKKbn
We are exposed to financial and revenue risks
in the form of energy price and volume risks,
inflation and interest rate risks, commodity
price risks, currency risks, credit risks, and
liquidity risks as part of our business, hedging,
and trading activities. Through our risk
management, we monitor and proactively
manage the risks according to our risk
appetite.
The overall objective of our financial risk
management is to:
−
increase the predictability of our short-term
income and construction costs
−
protect our current and future investment
capacity by stabilising key rating metrics,
such as FFO/adjusted interest-bearing net
debt
−
protect the long-term real value of the
shareholders’ investment in Ørsted.
For more details on our market risks, please
see notes 6.1-6.5 in the annual report for 2025.
Consolidated financial statements
Interim Report
First quarter 2026
32/44
is our policy to determine fair value based on
the external information that most accurately
reflects the market values. We use external
pricing services and benchmark services to
increase the data quality of our price curves.
Where prices are not available, we model the
prices based on our prior experience and best
estimates. Where relevant and possible, we
validate our price curves against third-party
data.
We measure our securities, derivatives, and
some of our receivables from divestment of
assets at fair value. A number of our derivati-
ves, mainly power purchase agreements, are
measured based on unobservable inputs due
to the long duration of the contracts.
Valuation principles and process
Market values are determined by the Risk
Management function. In order to minimise
the use of subjective estimates or modifica-
tions of parameters and calculation models, it
12. Fair value measurement
Fair value hierarchy
Market values based on quoted prices
comprise quoted securities and derivatives
that are traded in active markets. The market
values of derivatives traded in an active
market are often settled on a daily basis,
thereby minimising the market value
presented on the balance sheet.
Market values based on observable inputs
comprise derivatives where valuation models
with observable inputs are used to measure
fair value.
Market values based on non-observable inputs
mainly comprise long-term power purchase
agreements (PPAs) that lock the power price
of the expected power generation over a
period of up to 10-20 years. Due to the long
duration of these PPAs, power prices are not
observable for a large part of the duration.
The most significant non-observable inputs are
based on US power prices (mainly ERCOT) and
German power prices.
Further, we have recognised receivables from
divestment of assets, mainly related to the
divestment of a 50 % share of Hornsea 3. The
divestment is structured with an asymmetrical
distribution of the future expected cash flows
from the operation of the wind farm. For the
first few years of operations, the underlying
cash flows will be distributed according to the
ownership share, and subsequently, the
partnership is structured to asymmetrically
distribute the projects’ underlying operating
cash flows throughout the different stages of
operational liftetime between Ørsted and the
investor. Under the pre-agreed distribution
profile, the investor will receive a higher share
of the distributions for the majority of the
period when the project is under the CfD
contract, and shortly after, Ørsted will receive
an increasingly higher share of the distributions
for the remaining lifetime of the project.
Estimating as-produced power prices
Since our PPAs are normally settled on the
actual production, and the power prices
All assets and liabilities measured at market value are measured on a recurring basis.
Fair value hierarchy of financial
instruments
DKKm
Quoted prices
(level 1)
Observable
input
(level 2)
Non-
observable
input
(level 3)
31 March
2026
Quoted prices
(level 1)
Observable
input
(level 2)
Non-
observable
input
(level 3)
31 March
2025
Assets:
Receivables from divestment of assets - - 3,823
3,823 - - - -
Total other receivables - - 3,823
3,823
- - - -
Gas inventory 1,074 - -
1,074
1,146 - - 1,146
Total inventory 1,074 - -
1,074
1,146 - - 1,146
Bonds - 50,701 -
50,701
- 15,042 - 15,042
Total securities - 50,701 -
50,701
- 15,042 - 15,042
Energy derivatives 2,275 625 741
3,641
2,025 568 1,207 3,800
Currency derivatives - 1,701 -
1,701 - 561 - 561
Interest and inflation derivatives - 559 -
559 - 324 - 324
Total derivative assets 2,275 2,885 741
5,901
2,025 1,453 1,207 4,685
Liabilities:
Energy derivatives 2,967 1,270 5,186
9,423 1,504 540 5,372 7,416
Currency derivatives - 1,102 -
1,102 - 1,441 - 1,441
Interest and inflation derivatives - 3,087 -
3,087 - 3,126 - 3,126
Commodity derivatives - 43 -
43 - 123 - 123
Total derivative liabilities 2,967 5,502 5,186
13,655 1,504 5,230 5,372 12,106
Consolidated financial statements
Interim Report
First quarter 2026
33/44
12. Fair value measurement (continued)
available in the market are based on constant
production (flat profile), we take into account
that our expected production is not constant,
and thus our PPAs will not be settled against a
flat profile price. For the majority of our
markets, the flat profile power price can be
observed for a maximum of four to six years in
the market, after which an active market no
longer exists.
Valuation techniques and significant
unobservable inputs
Power purchase agreements
We use a discounted cash flow model for the
valuation of power derivatives.
The US power purchase agreements give
exposure to the long-term US power prices,
mainly in the Electricity Reliability Council of
Texas (ERCOT), Southwest Power Pool (SPP),
and Midcontinent Independent System
Operator (MISO) regions. The power price is
observable for the first four to six years. For the
following four to six years, the power price is
estimated based on observable inputs (gas
prices and heat rates). For the subsequent
period, the power price is non-observable and
estimated by extrapolating the power price
towards the U.S. Energy Information Admini-
stration’s long-term power price forecast,
assuming similar seasonality as in previous
periods. As the majority of the remaining
contract period is within the period when
power prices are non-observable, we classify
the contracts as based on non-observable
input.
In Germany and other countries where we
have long-term PPA contracts, the power
price is observable for up to five years. When
power prices are no longer observable in the
market, we have estimated the power price by
extrapolating the last year with an observable
power price, taking expected inflation and
seasonality into account.
Receivable from divestment of assets
We use a discounted cash flow model for the
valuation of the asymmetrical cash distributi-
on from the Hornsea 3 divestment. The cash
flow is sensitive to change in production
volumes and power prices. However, due to
the long duration of the cash flow, the only
significant non-observable input is the discount
rate applied of 6.5 % - 8.2 %. A 1 % increase/
decrease will result in a decrease/increase of
DKK 1,326 million/DKK 1,428 million in the
receivable from divestment of assets.
Acquired CPPAs
The initial negative fair value from long-term
PPAs acquired in a business combination is
recognised as revenue in profit or loss in the
future period to which the market value
relates. This effectively increases or decreases
the revenue from the contract price to the
forward price at the closing date.
In Q1 2026, we have recognised an income of
DKK 31 million related to the initial fair value
from PPAs. The total amount of initial fair
value as of 31 March 2026 amounts to a loss of
DKK 915 million, which will be recognised as
revenue in a future period.
The table shows the significant unobservable inputs used in the fair value measurements
categorised as level 3 of the fair value hierarchy together with a sensitivity analysis as of 31 March
2026. If intermittency-adjusted power prices in Germany as of 31 March 2026 decreased or increased
by 25 %, the market value would increase/decrease by DKK 1,609 million / 1,621 million, respectively.
Derivatives valued on the basis of non-observable input
DKKm 2026 2025
Market value at 1 January
(791) (5,156)
Value adjustments through profit or loss
(120) 76
Value adjustments through other comprehensive income
78 385
Sales/redemptions
155 208
Purchases/issues
(12) 201
Transferred to quoted prices and observable input
68 121
Market value at 31 March
(622) (4,165)
Overview of significant
non-observable inputs and
sensitivities for power
purchase agreements
Power price per MWh (DKK)
Sensitivity (DKKm)
Weight
average
Monthly
minimum
Monthly
maximum
+25 % -25 %
Intermittency-adjusted power prices
US ERCOT (2026-2039) 236 46 814
(2,013) 2,399
Germany (2026-2036) 468 333 778
(1,621) 1,609
US MISO (2026-2041) 286 147 636
(308) 522
US SPP (2026-2035) 204 57 534
(280) 436
Ireland (2026-2042) 566 423 1,035
(235) 235
Non-observable inputs per commodity price
DKKm 2026 2025
US ERCOT power prices
(1,971) (2,911)
German power prices
(2,160) (1,229)
US MISO power prices
(136) 19
Other power prices
(172) (57)
Gas prices
(6) 13
Total
(4,445) (4,165)
Receivable from divestment of assets
3,823 -
Net market value at 31 March
(622) (4,165)
Consolidated financial statements
Interim Report
First quarter 2026
34/44
Interest-bearing net debt totalled DKK 21,289 million at 31 March 2026, an increase of
DKK 2,311 million relative to 31 December 2025. The main changes in the composition of our net debt
compared to 31 December 2025 was an increase in bond and bank debt of DKK 9,804 million, an
increase in securities of DKK 12,384 and a decrease in cash of DKK 25,412 million.
At 31 March 2026, the market values of bond and bank debts were DKK 60.2 billion and
DKK 23.9 billion, respectively.
13. Interest-bearing debt and FFO
Interest-bearing debt and interest-bearing assets
DKKm
31 March
2026
31 December
2025
31 March
2025
Interest-bearing debt:
Bond debt 65,132 70,320 71,435
Bank debt
23,926 28,542 11,741
Total bond and bank debt
89,058 98,862 83,176
Tax equity liability
1,859 1,848 1,622
Lease liability
9,206 8,995 8,599
Other interest-bearing debt:
Debt in connection with divestments 3,082 2,979 3,138
Debt from receiving collateral under credit support annexes
283 650 93
Other interest-bearing debt
576 370 133
Total interest-bearing debt
104,064 113,704 96,761
Interest-bearing assets:
Securities 50,701 38,317 15,042
Cash
28,036 53,448 7,831
Receivables from associates and joint ventures
271 258 223
Cash, not available for use
230 219 319
Other receivables:
Receivables from placing collateral under credit support
annexes
2,855 1,803 4,158
Receivables in connection with divestments
681 681 739
Total interest-bearing assets
82,775 94,726 28,312
Total net interest-bearing debt
21,289 18,978 68,449
Funds from operations (FFO) LTM
1
DKKm
31 March
2026
31 December
2025
31 March
2025
EBITDA 23,121 22,448 33,342
Change in provisions and other adjustments
1,727 2,000 (10,724)
Change in derivatives
943 (488) (794)
Variation margin (add back)
(576) 215 (934)
Reversal of gain (loss) on divestment of assets
1,060 964 (461)
Income tax paid
(5,783) (4,899) (5,441)
Interest and similar items, received/paid
(2,604) (3,247) (1,231)
Reversal of interest expenses transferred to assets
(2,601) (2,378) (1,382)
50 % of coupon payments on hybrid capital
(354) (357) (338)
Dividends paid to minority interests
(1,361) (2,011) (947)
Dividends received and capital reductions
81 81 27
Funds from operations (FFO)
13,653 12,328 11,117
1 Last 12 months.
Adjusted interest-bearing net debt
DKKm
31 March
2026
31 December
2025
31 March
2025
Total interest-bearing net debt 21,289 18,978 68,449
50 % of hybrid capital
10,477 10,477 10,477
Other interest-bearing debt, add back
(3,941) (3,999) (3,364)
Other interest-bearing receivables, add back
3,537 2,484 4,897
Cash and securities not available for distribution,
excluding repo loans
972 791 710
Total adjusted interest-bearing net debt
32,334 28,731 81,169
Funds from operations (FFO)/
adjusted interest-bearing net debt, %
31 March
2026
31 December
2025
31 March
2025
Funds from operations (FFO)/
adjusted interest-bearing net debt
42.2 % 42.9 % 13.7 %
Consolidated financial statements
Interim Report
First quarter 2026
35/44
14. Subsequent events
Divestment of European onshore business
In February 2026, we signed the divestment
agreement to sell our European onshore
business, and we closed the transaction in
April 2026.
36/44
Sustainability statements
Interim Report
First quarter 2026
Sustainability statements
First quarter 2026
1 January – 31 March
37/44
Sustainability statements
Interim Report
First quarter 2026
Consolidation
The data is consolidated according to the
same principles as the financial statements.
Thus, the consolidated quantitative ESG data
comprises the parent company Ørsted A/S
and subsidiaries controlled by Ørsted A/S.
Joint operations are also included with
Ørsted's proportionate share.
Associates and joint ventures are not included
in the consolidated ESG data. Consolidation
of all quantitative ESG data follows the princi-
ples above, unless otherwise specified in the
specific accounting policies.
Frameworks and data selection
The interim sustainability statements com-
prise selected data from our annual sustaina-
bility statements prepared in compliance with
the European Sustainability Reporting Stand-
ards (ESRS) issued by the European Financial
Reporting Advisory Group (EFRAG).
The data selected for the interim sustainabil-
ity statements are directly related to the un-
derstanding of either our interim financial or
sustainability performance.
All greenhouse gas data (scopes 1-3) is report-
ed based on the Greenhouse Gas Protocol.
Measurement basis
The sustainability statements have been pre-
pared using the same accounting policies as in
our Annual Report 2025. Furthermore, a list of
references for our calculation factors can be
found in the same report.
Basis of reporting
38/44
Sustainability statements
Interim Report
First quarter 2026
Renewable and generation capacity
Business drivers
Renewable capacity
In Q1 2026, we added 260 MW of installed
renewable capacity as we commissioned our
onshore wind farm Badger Wind in the US.
1 Solar PV capacities are measured in megawatts of alternating current (MW
AC
).
2 Including thermal heat capacity from biomass and battery capacity not in Onshore (<1 MW).
Generation capacity
Offshore wind generation capacity increased
by 60 MW in Q1 2026 due to ramp-up of ca-
pacity at our wind farms Greater Changhua 4
in Taiwan and Borkum Riffgrund 3 in
Germany.
Onshore wind generation capacity increased
by 132 MW due to the commissioning of
Badger Wind in the US (51 % owned by
Ørsted).
Generation capacity
MW Q1 2026 2025
Δ
Power generation capacity
13,103 12,911 192
Offshore wind
5,522 5,462 60
Denmark
561 561 -
The UK
3,005 3,005
-
Germany
810 799 11
The Netherlands
376 376 -
Taiwan
674 625 49
The US
96 96 -
Onshore wind
3,869 3,737 132
The US
3,347 3,215 132
Ireland
351 351 -
The UK
78 78
-
Germany
93 93
-
Solar PV
1,615 1,615 -
The US
1,586 1,586 -
Germany
29 29 -
Thermal, Denmark (CHP plants)
2,097 2,097 -
Heat generation capacity, thermal
2,864 2,864 -
Heat generation capacity, electric
249 249 -
Renewable capacity
MW Q1 2026 2025
Δ
Installed renewable capacity
18,765 18,505 260
Offshore, wind power
10,156 10,156 -
Onshore
6,554 6,294 260
Wind power
4,053 3,793 260
Solar PV power
1
2,141 2,141 -
Battery storage
360
360
-
Bioenergy
2
2,055 2,055 -
Decided (FID'ed) renewable capacity
8,628 8,888 (260)
Offshore
8,111 8,111 -
Wind power
7,811 7,811 -
Battery storage
300 300 -
Onshore
497 757 (260)
Wind power
104 364 (260)
Solar PV power
1
143 143 -
Battery storage
250 250 -
Bioenergy, battery storage
20 20 -
Sum of installed and FID'ed renewable capacity
27,393 27,393 -
Awarded offshore wind capacity
2,155 2,155 -
39/44
Sustainability statements
Interim Report
First quarter 2026
Energy generation and sales
Business drivers
Energy generation
Power generation increased by 13 % in Q1
2026 compared to Q1 2025. The increase
was primarily driven by higher generation
from our offshore wind farms in the UK and
Germany, resulting mainly from higher wind
speeds compared to Q1 2025. Additionally,
ramp-up generation from our offshore wind
farms Borkum Riffgrund 3 in Germany and
Greater Changhua 4 in Taiwan contributed
to the increase in Q1 2026.
Heat generation increased by 9 %, mainly
due to colder weather driving higher heat
demand during Q1 2026 compared to Q1
2025.
The share of generation from renewable
sources decreased by 1 percentage point
compared to Q1 2025, driven mainly by high-
er natural gas usage at the power stations.
Energy sales
Gas sales increased by 19 % in Q1 2026 com-
pared to Q1 2025. This was primarily driven
by higher natural gas offtake from the Dan-
ish North Sea, with subsequent higher vol-
umes sold to wholesale customers, sales on
gas hubs, and to B2B customers.
Power sales in Q1 2026 were 31 % higher
than in Q1 2025, mainly due to higher whole-
sale volumes from offshore wind generation,
driven by higher wind speeds and the sale of
ramp-up generation from our German wind-
farm Borkum Riffgrund 3.
Energy generation and sales
GWh Q1 2026 Q1 2025
Δ
2025
Power generation
12,729 11,244 13 % 38,804
Offshore wind
6,919 5,470 26 % 19,687
Denmark
664 564 18 % 1,973
The UK
3,711
3,019
23 %
11,131
Germany
1,109 623 78 % 2,519
The Netherlands
395 276 43 % 1,234
The US
102 108 (6 %) 359
Taiwan
938 880 7 % 2,471
Onshore wind
3,631 3,524 3 % 11,979
The US
3,269 3,208 2 % 10,874
Ireland
242 244 (1 %) 775
Germany
51
19
168 %
147
The UK
69
53
30 %
183
Solar PV
789 770 2 % 3,503
The US
784 767 2 % 3,489
Germany
5 3 67 % 14
Thermal
1,390 1,480 (6 %) 3,635
Heat generation
3,510 3,224 9 % 6,414
Total heat and power generation
16,239 14,468 12 % 45,218
Energy generation from renewable sources, %
98 99 (1 %p) 99
Gas sales
6,299 5,280 19 % 21,528
Power sales
6,308 4,816 31 % 19,244
Power sold to end customers
686 632 9 % 2,475
Power wholesale
5,622 4,184 34 % 16,769
40/44
Sustainability statements
Interim Report
First quarter 2026
Energy consumption
Climate change
The decrease in fuel consumption from bio-
mass was mainly driven by technical limita-
tions at our Avedøre Power Station, reducing
our biomass consumption in Q1 2026 com-
pared to Q1 2025. The decrease was slightly
offset by higher consumption of purchased
electricity from renewable sources, driven by
higher heat generation from electric boilers in
Q1 2026 compared to Q1 2025.
Total energy consumption increased by 2 % in
Q1 2026 compared to Q1 2025. The increase
was driven by 73 % higher consumption of
energy from non-renewable sources, and in
particular from natural gas, resulting mainly
from colder weather driving higher heat de-
mand in Q1 2026 compared to Q1 2025.
The increase in total energy consumption
from non-renewable sources was partly off-
set by a decrease in fuel consumption from
biomass.
Energy consumption
MWh Q1 2026 Q1 2025
Δ
2025
Total energy consumption from non-renewable sources
445,441 256,868 73 % 735,822
Non-renewable fuels used in thermal heat and power generation
396,179 210,295 88 % 532,585
Fuel consumed from natural gas
359,929 165,774 117 % 385,077
Fuel consumed from crude oil and petroleum products
36,250 44,521 (19 %) 147,508
Consumption of other fossil sources (oil, gas, and diesel for vessels and vehicles)
47,454 44,617 6 % 198,276
Consumption of purchased or acquired heat from fossil sources
1,808 1,956 (8 %) 4,961
Total energy consumption from renewable sources
5,304,172 5,388,724 (2 %) 12,759,783
Renewable fuels used in thermal heat and power generation
5,151,733 5,319,755 (3 %) 12,348,871
Fuel consumed from biomass
5,151,733 5,319,720 (3 %) 12,348,836
Fuel consumed from biogas
0 35 (100 %) 35
Consumption of purchased or acquired electricity and heat from renewable sources
152,439 68,969 121 %
410,912
Total energy consumption
5,749,613 5,645,592 2 % 13,495,605
Share of non-renewable energy consumption, %
8 5 3 %p 5
Share of renewable energy consumption, %
92 95 (3 %p) 95
41/44
Sustainability statements
Interim Report
First quarter 2026
1 We cover 100 % of our own electricity consumption with unbundled renewable electricity certificates.
2 Calculated using market-based scope 2 emissions.
3 Excludes scope 3 emissions from category 11: use of sold products.
Greenhouse gas (GHG) emissions
Climate change
Indirect scope 3 GHG emissions were 17 %
higher in Q1 2026 than in Q1 2025, mainly due
to a 17 % increase in emissions from gas sales
(category 11), reflecting higher natural gas
offtake from the Danish North Sea, with sub-
sequent higher volumes sold to wholesale
customers, sales on gas hubs, and to B2B
customers. Emissions from construction activi-
ties (category 2) increased by 55 %, reflecting
continued construction progress on our off-
shore wind projects.
GHG emissions (scopes 1-3)
Direct scope 1 greenhouse gas (GHG) emis-
sions increased by 63 % in Q1 2026 compared
to Q1 2025. The increase was driven by higher
natural gas consumption for energy genera-
tion at our power stations during Q1 2026.
Indirect scope 2 GHG emissions (location-
based) increased by 69 % compared to Q1
2025, mainly driven by higher electricity con-
sumption for heat generation at our electric
boilers.
GHG emissions intensities
Our scope 1 and 2 greenhouse gas intensity
increased to 6 g CO
2
e/kWh in Q1 2026 com-
pared to 4 g CO
2
e/kWh in Q1 2025, driven by
the increase in scope 1 emissions (numerator).
The increase was partly offset by higher total
heat and power generation (denominator) in
Q1 2026 compared to Q1 2025.
Our scope 1-3 greenhouse gas intensity in-
creased by 8 % to 57 g CO
2
e/kWh in Q1 2026
compared to 53 g CO
2
e/kWh in Q1 2025.
GHG emissions and intensities
tonnes CO
2
e and g CO
2
e/kWh Q1 2026 Q1 2025
Δ
2025
Direct GHG emissions (scope 1)
101,175 62,259 63 % 184,732
Indirect GHG emissions (scope 2), location-based
11,572 6,842 69 % 53,100
Indirect GHG emissions (scope 2), market-based
1
288 281 2 % 736
Indirect GHG emissions (scope 3)
2,245,930 1,921,630 17 % 8,812,092
Category 2: capital goods
350,598 226,415 55 % 1,194,188
Category 3: fuel- and energy-related activities
377,301 375,663 0 % 1,206,785
Category 11: use of sold products
1,419,851 1,214,831 17 % 5,888,911
Other categories
98,181 104,721 (6 %) 522,208
Total GHG emissions (location-based)
2,358,677 1,990,731 18 % 9,049,924
Total GHG emissions (market-based)
2,347,393 1,984,170 18 % 8,997,560
Scopes 1, 2, and 3 (excl. category 11)
927,542 769,339 21 % 3,108,649
Scope 3 (excl. category 11)
826,079 706,799 17 % 2,923,181
GHG emissions intensities, energy generation
GHG emissions intensity (scopes 1 and 2)
2
, g CO
2
e/kWh 6 4
50 %
4
GHG emissions intensity (scopes 1, 2, and 3)
2,3
, g CO
2
e/kWh 57 53 8 % 69
42/44
Sustainability statements
Interim Report
First quarter 2026
Taxonomy-aligned revenue (turnover)
Our taxonomy-aligned share of revenue in Q1
2026 was 89 %, an increase of 1 percentage
point compared to Q1 2025. The increase was
primarily due to higher aligned revenue from
the construction of offshore wind farms for
our partners.
Taxonomy-aligned CAPEX
Our taxonomy-aligned share of CAPEX in Q1
2026 was 100 %.
1 Other activities primarily consist of trading and non-eligible power sales (incl. end customer sales).
2 This ratio is applied to gross investments.
EU taxonomy for sustainable activities
EU taxonomy KPIs
% Q1 2026 Q1 2025
Δ
2025
Taxonomy-aligned revenue (turnover)
89 88 1 %p 91
Electricity generation from solar PV (4.1) and storage of electricity (4.10)
1 1 0 %p 1
Electricity generation from wind power (4.3)
78 72 6 %p 78
Cogeneration of heat and power from bioenergy (4.20)
10
15
(5 %p)
12
Taxonomy-eligible but not taxonomy-aligned revenue (turnover)
1 0 1 %p 0
High-efficiency cogeneration of heat and power from fossil gas (4.30)
1
0
1 %p
0
Taxonomy-non-eligible revenue (turnover)
10 11 (1 %p) 9
Gas (sales)
8 10 (2 %p) 6
Coal (generation)
- - 0 %p 1
Oil (generation and distribution)
0 0 0 %p 1
Other activities
1
2 1 1 %p 1
Taxonomy-aligned CAPEX
2
100 99 1 %p 99
43/44
Sustainability statements
Interim Report
First quarter 2026
Safety
In Q1 2026, our total recordable injury rate
(TRIR) was 2.1, which was 11 % higher than in
Q1 2025.
The lost-time injury frequency (LTIF) de-
creased from 1.4 in Q1 2025 to 1.2 in Q1 2026, a
decrease of 14 %.
The decrease in voluntary turnover reflects
global employment trends, where industries
in general have seen decreasing voluntary
turnover due to layoffs driven by macroeco-
nomic uncertainty.
People
The number of employees was 7 % lower at
the end of Q1 2026 compared to Q1 2025.
Our voluntary employee turnover decreased
by 1.7 percentage points, whereas the total
turnover increased by 1.2 percentage points
compared to Q1 2025.
The reduction in the total number of employ-
ees and the increase in total turnover were
related to organisational adjustments.
1 Headcount distribution in other countries in Q1 2026: Korea (18), Spain (8), Vietnam (8), Singapore (6),
Sweden (4), and Norway (3).
People and safety
Own workforce
Safety Q1 2026 Q1 2025
Δ
2025
Total recordable injuries (TRIs), number
17 15 13 % 96
Own employees
8 3 167 % 20
Contractor employees
9 12 (25 %) 76
Lost-time injuries (LTIs), number
10 11 (9 %) 48
Own employees
4 2 100 % 13
Contractor employees
6 9 (33 %) 35
Hours worked, million hours
8.1 7.7 5 % 37.9
Own employees
3.2 3.4 (6 %) 13.6
Contractor employees
4.9 4.3 14 % 24.3
Total recordable injury rate, TRIR
2.1 1.9 11 % 2.5
Own employees
2.5 0.9 178 % 1.5
Contractor employees
1.8 2.8 (36 %) 3.1
Lost-time injury frequency, LTIF
1.2 1.4 (14 %) 1.3
Own employees
1.2 0.6 100 % 1.0
Contractor employees
1.2 2.1 (43 %) 1.4
TRIR 12M rolling
2.6 2.5 4 % 2.5
LTIF 12M rolling
1.2 1.5 (20 %) 1.3
Fatalities, number
0 2 (2) 2
Own employees
0 0 0 0
Contractor employees
0 2 (2) 2
Permanent disability cases, number
0 0 0 1
People Q1 2026 Q1 2025
Δ
2025
Total number of employees, headcount
7,784 8,386 (7 %) 8,005
Denmark
3,610 3,903 (8 %) 3,702
The UK
1,209 1,269 (5 %) 1,261
Malaysia
679 809 (16 %) 707
Poland
766 802 (4 %) 827
The US
647 740 (13 %) 645
Germany
400 389 3 % 400
Taiwan
206 209 (1 %) 204
The Netherlands
106 105 1 % 107
Ireland
114 104 10 % 106
Other
1
47 56 (16 %) 46
Total number of employees, FTE
7,675 8,251 (7 %) 7,896
Turnover, %
Total employee turnover rate 15.7 14.5 1.2 %p 15.3
Voluntary employee turnover rate
6.4 8.1 (1.7 %p) 6.1
Consolidated financial statements
Interim report
First nine months 2025
44/44
*Employee-elected board member
Executive Board:
Board of Directors:
Statement by the Executive Board
and the Board of Directors
17/44
Management’s review
Interim report First quarter 2026
CVR no. 36213728
Tel.: +45 99 55 11 11
Global Media Relations
Morten Buttler
Tel.: +45 99 55 26 97
Investor Relations
Rasmus Keglberg Hærvig
Tel.: +45 99 55 90 95
Front page image
Greater Changhua 4, Taiwan
Publication
6 May 2026