Interim report
First half year 2026
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Interim report
First half-year 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, 13 August 2026 at 14:00 CET.
The earnings call can be followed live here:
https://getvisualtv.net/stream/?orsted-q2-2026
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 ........................................................................... …42
Environment
Renewable capacity..................................................................... …43
Generation capacity ..................................................................... …44
Energy generation and sales ..................................................... …45
Energy consumption ..................................................................... …46
Greenhouse gas (GHG) emissions .............................................. …47
EU taxonomy for sustainable activities ................................... .. 48
Social
People and safety ......................................................................... ...49
Management’s statement
Statement by the Executive Board and the Board of Direc-
tors………………………………………………………………………………………………..…...50
Sustainability statements
CEO’s review ................................................................................... …..3
At a glance ..................................................................................... …..6
Outlook 2026 ................................................................................. …..7
Results H1 ........................................................................................ …..8
Results Q2 ....................................................................................... …11
Business units’ Q2 results ………………………………………………………...…..13
Performance highlights ………………………………………………………………...16
Quarterly overview…………………………………………………………………........17
Consolidated statement of income ......................................... 19
Consolidated statement of comprehensive income ............ 19
Consolidated statement of financial position ....................... 21
Consolidated statement of shareholders’ equity ................. 22
Consolidated statement of cash flows ................................... 23
Notes
1. Basis of reporting ...................................................................... 24
2. Segment information ............................................................... 26
3. Revenue ...................................................................................... 29
4. Impairments ............................................................................... 31
5. Other operating income and expenses ............................... 33
6. Financial income and expenses ............................................. 33
7. Gross and net investments ..................................................... 34
8. Reserves ...................................................................................... 34
9. Assets classified as held for sale ........................................... 35
10. Tax on profit (loss) for the period ........................................ 36
11. Markets risks ............................................................................ 37
12. Fair value measurement ....................................................... 38
13. Interest-bearing net debt and FFO .................................... 40
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Management’s review
Interim report First half-year 2026
electricity network charges reinforce the
Commission's focus on accelerating electrifica-
tion across sectors to strengthen Europe's
competitiveness, energy security and decar-
bonisation, highlighting the need for continued
investment in renewable generation, stronger
electricity grids and greater system flexibility.
In the offshore wind industry, the regulatory
frameworks for upcoming opportunities con-
tinue to improve, strengthening the invest-
ment certainty for future projects. We have
seen improvements in the frameworks across
several markets in Europe, including Denmark,
UK, Poland, and most recently, the budget for
the upcoming CfD tender round in Netherlands
was increased. We will continue to be a close
partner to governments and industry peers to
provide solutions for the acceleration of
offshore wind. We are encouraged with the
continued positive signs for our industry, and
we will assess the upcoming auction and
tenders, as we are ready to pursue the most
value-creating opportunities to remain the
global leader in offshore wind.
In the long-term, we see that the investment
level and buildout of renewables, with off-
shore wind as a significant component of the
energy mix, outlined in the Joint Offshore
Investment Pact at the North Sea Summit can
reduce total electricity system costs in Europe
by up to 30 % by 2040. It is evident that Euro-
pean countries with higher share of renewable
energy in their energy mix are already benefit-
ing from more stable and lower electricity
prices, and the right and continued buildout of
renewable energy can provide the same
Strong long-term fundamentals for offshore
wind
The first half of 2026 once again reminded us
all how quickly geopolitical tensions can
impact global energy markets. Events in the
Middle East remain a challenge to people in
the region and societies beyond the conflict,
as they continue to lead to higher energy
prices affecting both economic growth and
disposable income.
The volatility has underlined the importance of
European energy independence, which cannot
be taken for granted. But these challenges
also represent an opportunity for Europe to
strengthen competitiveness for businesses
through electrification and lowering energy
costs. An opportunity to ramp up production
of home-grown, affordable, and reliable
energy, so global shocks to energy markets do
not limit prosperity. Renewable energy is
central to this necessary transition and can
additionally address the effects of the contin-
ued real climate change, most recently exem-
plified with the rising temperatures and wild-
fires across Southern Europe this Summer,
further underscoring the need for a rapid
energy transition acceleration.
The need for an acceleration of the energy
transition is also recognised at European
political level. While the recently proposed
review of the EU Emissions Trading System
remains subject to political negotiations, it
reflects the EU's continued reliance on a rules-
based carbon market as its central climate
policy instrument. At the same time, the
Electrification Action Plan and the proposal on
CEO’s review
Business progress and development
Foundation installation progressed well at
Baltica 2, with 103 out of 111 positions in-
stalled since start in May earlier this year.
Near completion of turbine foundation in-
stallation at Sunrise Wind, with 77 of the 84
positions installed.
Offshore work significantly progressed at
Hornsea 3, with 43 monopiles installed dur-
ing H1 2026, and onshore grid connection
work progressing according to schedule.
The Danish Maritime and Commercial High
Court ruled in favour of Ørsted in cases con-
cerning the former Elsam.
Announced dividend policy for the financial
years 2026 – 2028.
Launched our ‘Next Zero’ paper, outlining
our decarbonisation efforts in the offshore
wind value chain towards 2040.
Financials & operations
Availability rates of 91 % across our offshore
wind portfolio, in line with the level in H1
2025.
Increased Offshore and Onshore generation
output by 2.4 TWh compared to H1 2025,
driven by a 23 % increase in Offshore gener-
ation due to higher wind speeds and ramp-
up generation.
EBITDA excluding new partnerships and
cancellation fees amounted to DKK 15.0
billion in H1 2026, compared to DKK 13.9
billion in H1 2025.
Full-year guidance on EBITDA and gross
investments maintained.
Selected events
Continued strategic progress and operational performance across re-
newable assets supporting full-year financial guidance
Management’s review
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Interim report
First half-year 2026
The updated dividend will be reinstated at a
level that considers our commitment to a
strong capital structure, the ongoing construc-
tion programme through 2027, continued
regulatory risks and uncertainties as well as
potential for new value-creating growth
opportunities. The dividend policy is expected
to start at a modest level, will apply for the
financial years 2026-2028, and the amount is
expected to increase annually.
Our second priority is to deliver on our con-
struction projects, and we are delivering
according to plan and continuing to make
good progress across our 8.1 GW offshore
wind construction portfolio. Already in second
half of this year, we expect to commission
three offshore wind projects across three
continents, with an accumulated installed
capacity of 2.5 GW.
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, and we will continue to stay
disciplined with a focus on value creation in all
our markets.
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.
As part of improving our competitiveness, we
recently outlined our decarbonisation efforts
towards 2040 in our ‘Next zero’ paper, which
describes how we structurally will work to-
wards reducing key emissions hotspots – steel,
maritime fuel, and copper - across the offshore
benefits for even more European businesses
and households.
Executing on our strategic priorities
During the second quarter, we continued to
deliver on our four strategic priorities that were
established in 2025.
Our first priority is to strengthen our capital
structure, and with the closing of the divest-
ment of our European onshore business in April,
we have made further progress on this. Also,
the divestment of a 55 % stake in our Greater
Changhua 2 project is still expected to close
later this year according to plan, following the
commissioning of the Greater Changhua 2b
and 4 project. Lastly, our continued strong
business performance is driving our solid opera-
tional earnings, which is supportive of our
financial foundation.
With the measures we have taken to strength-
en our capital structure and financial founda-
tion, we are in a position to pursue new, value-
creating opportunities within offshore wind,
while also reinstating a dividend payout in line
with our previous commitments.
As previously announced, we target to rein-
state the dividend as part of the financial year
2026, with the first distribution in 2027. The
dividend level will be announced in the 2026
Annual Report in February 2027 and the
previous dividend policy will be replaced by
the new policy. Within total shareholder
returns, our focus is on creating value through
earnings growth rather than a higher dividend
yield, reflecting the strong fundamentals and
outlook for offshore wind across our core
markets.
”
The geopolitical uncertainty also represents an opportunity
for Europe to strengthen competitiveness for businesses
through electrification and lowering energy costs. An oppor-
tunity to ramp up production of home-grown, affordable, and
reliable energy, so global shocks to energy markets do not lim-
it prosperity.
wind value chain, the challenges associated
with decarbonising them, and the actions and
partnerships needed to accelerate progress.
Reducing value chain emissions will improve
our value proposition in future offshore wind
auctions, as decarbonisation requirements are
increasingly becoming a part of new tender
frameworks.
On June 25, the Danish Maritime and Commer-
cial High Court ruled in favour of Ørsted in
cases concerning the former Elsam, where the
plaintiffs have claimed damages from Ørsted
due to an alleged infringement of competition
law by the former Elsam (now part of Ørsted).
Subsequently the plaintiffs have decided not
to appeal the ruling.
Construction
In Germany, we are continuing the commission-
ing of turbines at Borkum Riffgrund 3, with
nearly all turbines commissioned. The project is
more than 99 % complete and is expected to
be commissioned in the third quarter of 2026.
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Interim report
First half-year 2026
In the UK, we have made good progress on
Hornsea 3. We have continued to work closely
with the grid operator on their reinforcement
work at the onshore grid connection, and the
work is progressing according to plan. Further,
the installation of turbine foundations and
export cable has continued to progress well.
With this, the project is approx. 30 % complete
and remains on track for commissioning in Q4
2027 / Q1 2028.
In early August, we commissioned the Old 300
Storage project in Needville, Texas. The 250
MW/500 MWh battery energy storage system
has reached commercial operations and is
fully integrated into the ERCOT grid. The
project is a further expansion into battery
energy storage and adds to our 6 GW portfo-
lio of operating U.S. onshore energy projects.
Generation
In the first half of 2026, our offshore and
onshore assets delivered 19.8 TWh of renewa-
ble energy, and as we continue to deliver on
our offshore wind construction programme of
8.1 GW, our contribution will increase signifi-
cantly in the coming quarters.
In our Offshore business, we delivered availa-
bility rates of 91 % and generation output of
11.2 TWh in the first half year, an increase of
23 % 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 solid
availability rates of respectively 89 % and 98
% across our wind and solar assets and deliv-
ered generation output of 8.6 TWh, an in-
crease of 4 % compared to the same period
In Taiwan, Greater Changhua 2b and 4 contin-
ues to progress according to plan. All turbines
related to the Greater Changhua 4 have been
commissioned, and the installation of export
cable for Greater Changhua 2b is planned to
be completed in the coming period. The pro-
ject is approx. 85 % complete, and the commis-
sioning of Greater Changhua 2b and 4 remains
on track for the third quarter of 2026.
In the US, Revolution Wind continues the
commissioning of turbines, and the project is
more than 95 % complete. The project has
already installed 61 of the 65 turbines and is
continuing to ramp up generation and remains
on track to commissioning in the second half of
2026.
Sunrise Wind has progressed well during the
quarter, with 20 turbines installed at this stage,
out of the total 84 positions. As planned, the
project has resumed installation of the remain-
ing turbine foundations, with 77 positions
installed. The degree of completion has in-
creased to 50 %, and the project remains on
track to start commissioning of turbines in the
second half of 2026 and reach full commission-
ing in second half of 2027.
In Poland, we are continuing to progress as
planned on Baltica 2. The foundation installa-
tion has progressed really well, with 103 out of
111 positions installed, since the start in May
earlier this year. The installation of the mono-
pile foundation for the offshore substations is
complete, and the manufacturing of the four
offshore substations is progressing well. With
this, the project is approx. 40 % complete and
remains on track for commissioning in the
second half of 2027.
Rasmus Errboe
Group President & CEO
last year. The increase was mainly due to
commissioning of the Badger Wind project in
the US.
The share of generation from renewable
sources was 99 %, which was the same last
year.
Financials
EBITDA excluding new partnerships and can-
cellation fees in H1 2026 amounted to DKK
15.0 billion, which was DKK 1.1 billion higher
than in H1 2025.
Earnings from our offshore sites amounted to
DKK 13.0 billion, an increase of 5 % compared
to H1 2025, primarily driven by higher wind
speeds.
With the financial performance in H1 2026, we
remain on track to deliver our 2026 financial
guidance.
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Interim report
First half-year 2026
At a glance
Financial highlights
EBITDA excl. new partnerships and cancella-
tion fees
1
, DKKbn
13.9
Offshore
Onshore
Profit for the period, DKKbn
Gross investments, DKKbn
Net interest-bearing debt, DKKbn
Return on capital employed (ROCE)
2
, %
Credit metric (FFO/adjusted net interest-
bearing 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.
15.0
15.0
Bioenergy & Other
18.3
Offshore Onshore Bioenergy & Other
25.0
18.3
3.3
67.1
22.0
22.0
3.1
15.6
44.6
44.6
18.4
18.5
18.4
Onshore Bioenergy & Other Offshore
60
65
60
Scope 1-3 (excl. category 11) Scope 1-2
3.1
7.5
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3.3
8.2
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Management’s review
Interim report First half-year 2026
EBITDA
Expected EBITDA in 2026 excluding new part-
nership agreements and cancellation fees is
unchanged relative to our guidance from 6
February 2026 and expected to be above DKK
28 billion in 2026.
We have changed the directional guidance for
Bioenergy & Other from ‘In line’ to ‘Lower’ due
to lower contribution from ancillary services
and a provision related to our gas storages in
Q2 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 50-55 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 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 incentives etc. Read more about the risks in our annual report for 2025.
Outlook 2026, 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
Guidance
13 Aug
>28
Higher
In line
Lower
50-55
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Management’s review
Interim report First half-year 2026
Financial results
Revenue
Power generation from offshore and onshore
assets increased by 14 % and totalled 19.8
TWh in H1 2026. The increase was due to
ramp-up of generation from our offshore wind
farm Borkum Riffgrund 3 and Greater Chang-
hua 4, and our onshore wind farm Badger. Fur-
thermore, higher wind speeds across the port-
folio contributed positively.
Heat generation increased by 11 % in H1 2026
mainly due to colder weather, whereas ther-
mal power generation increased by 7 % mainly
due to better spreads.
Our renewable share of generation amounted
to 99 %, which was on level with the same
period last year.
Revenue amounted to DKK 48.3 billion which
was 28 % higher than in H1 2025. The in-
crease was mainly driven by the higher gen-
eration and higher prices.
EBITDA
EBITDA adjusted for new partnerships and
cancellation fees, increased by DKK 1.1 bil-
lion and amounted to DKK 15.0 billion in H1
2026. EBITDA was DKK 15.0 billion, DKK 0.5
billion lower than in H1 2025.
Earnings from Offshore sites amounted to
DKK 13.0 billion, an increase of DKK 0.6 bil-
lion compared to H1 2025. The increase was
driven by significantly higher wind speeds
(DKK 1.5 billion) and higher power and ROC
prices. This was partly offset by lower contri-
bution from our trading activities in line with
expectations, and compensation received at
Borkum Riffgrund 3 in H1 2025 not repeated in
H1 2026.
EBITDA from existing partnerships increased
by DKK 0.8 billion and amounted to DKK 0.8
billion in H1 2026 and was mainly related to
subsidies related to our Noiseless technology
at Borkum Riffgrund 3 and construction pro-
gress at Hornsea 3.
EBITDA from our Onshore business amounted
to DKK 2.3 billion, DKK 0.3 billion lower than in
H1 2025. Adjusted for new partnerships,
EBITDA was in line with H1 2025.
EBITDA excluding new partnerships and cancellation fees, DKKbn
Results H1
Financial results, DKKm H1 2026 H1 2025 %
Revenue
48,268 37,840 28 %
EBITDA
14,968 15,515 (4 %)
- New partnerships
(12) 3,140 n.a.
- EBITDA excl new partnerships and cancellation fees
14,980 13,906 8 %
Depreciation and amortisation
(5,104) (4,990) 2 %
Impairment (loss)/reversal
(2,537) 252 n.a.
Operating profit (loss) (EBIT)
7,327 10,777 (32 %)
Gain (loss) on divestment of enterprises
(69) 211 n.a.
Financial items, net
(1,340) (1,898) (29 %)
Profit (loss) before tax
5,935 9,108 (35 %)
Tax
(2,627) (870) 202 %
Tax rate
44 % 10 % 34 %p
Profit (loss) for the period
3,308 8,238 (60 %)
- Cancellation fees
- (1,531) n.a.
EBITDA from our CHP plants amounted to
DKK 0.6 billion, DKK 0.3 billion lower than in
H1 2025 mainly due to lower contribution
from ancillary services.
EBITDA from our gas business totalled DKK
0.1 billion in H1 2026, DKK 0.2 billion lower
than in H1 2025. The decrease was mainly
due to a provision related to our gas storages
in H1 2026.
Impairments
Impairment losses had a negative effect of
DKK 2.5 billion in H1 2026. The impairment
was due to increases in the long-dated US
interest rates. See note 4 ‘Impairments’ for
more information.
In H1 2025, we had a net impairment reversal
Offshore
(DKK 1.6 bn)
Onshore
(DKK 0.0 bn)
Bio & Other
(DKK -0.4 bn)
Management’s review
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Interim report
First half-year 2026
of DKK 0.3 billion. The main contributors to the
net impairment reversals were a decrease in
the long-dated US interest rates (DKK 1.5 bil-
lion) and an increase in long-term prices for our
US onshore assets (DKK 0.5 billion), which was
partly offset by new imposed tariffs in the US
(DKK 1.2 billion) and impairments related to
the decision to discontinue the Hornsea 4 pro-
ject (DKK 0.5 billion).
EBIT
EBIT decreased by DKK 3.5 billion to DKK 7.3
billion in H1 2026. This was mainly due to the
higher impairment and lower EBITDA.
Financial income and expenses
Net financial income and expenses amounted
to DKK -1.3 billion, DKK 0.6 billion less nega-
tive than in H1 2025. The positive develop-
ment compared to H1 2025 was mainly due to
higher level of capitalised interests and posi-
tive development on interests on tax, which
was an income in H1 2026 vs an expense in H1
2025.
Tax and tax rate
Tax on profit for the period amounted to DKK
2.6 billion, DKK 1.8 billion higher than in H1
2025. The tax rate in H1 2026 was 44 % and
was affected by impairments and deferred tax
liability at Revolution Wind as we received
initial tax equity contribution in H1 2026.
The tax rate in H1 2025 was 10 % and was
affected by the impairments, cancellation fees
and the gains from the 50 % farm-downs of
West of Duddon Sands, Eleven Mile and Sparta
Solar.
Profit for the period
Profit for the period amounted to DKK 3.3
billion, DKK 4.9 billion lower than in H1 2025.
This was mainly due to higher earnings from
new partnerships in H1 2025, and higher tax
and higher impairment losses in H1 2026.
Cash flows and net debt
Cash flows from operating activities
Cash flows from operating activities totalled
DKK 9.1 billion in H1 2026 compared to DKK
7.8 billion in H1 2025.
In H1 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 1.0 billion, whereas
we tied up an additional DKK 0.1 billion in H1
2025.
In H1 2026, we had a net cash outflow from
work in progress of DKK 7.0 billion, mainly
related to the construction of Hornsea 3 and
Greater Changhua 4 for partners. In H1 2025,
we had a net cash outflow from work in pro-
gress of DKK 1.5 billion, mainly related to the
construction of Borkum Riffgrund 3 and Great-
er Changhua 4 for partners.
In H1 2026, we received initial tax equity con-
tribution for Revolution Wind and Badger
Wind whereas there was no tax equity contri-
bution in H1 2025. In both periods, ‘Change in
tax equity liabilities’ included a reversal of the
non-cash recognition of tax credits and bene-
fits through EBITDA.
In H1 2026, we saw a positive development in
net trade receivables and payables, whereas
we had positive development from gas at
storage in H1 2025.
Investments and divestments
Gross investments amounted to DKK 18.3
billion in H1 2026. The main investments were:
–
offshore wind farms (DKK 16.7 billion),
mainly Greater Changhua 2b & 4 in Tai-
wan, Hornsea 3 and Baltica 2 in Europe,
and Sunrise Wind and Revolution Wind in
the US
–
onshore wind and solar PV farms (DKK 1.1
billion), mainly the construction of Badger
Wind and the BESS at Old 300
–
CHP plants (DKK 0.5 billion), mainly our
carbon capture and storage facilities in
Denmark.
In H1 2026, ‘Divestments’ amounted to DKK
9.5 billion and were mainly related to the di-
vestment of our European onshore portfolio
and the sale of a development project and
sale and lease back of land in the US.
In H1 2025, ‘Divestments’ amounted to DKK
7.2 billion and were mainly related to the
50 % farm-downs of Eleven Mile and Sparta
Solar and the partial farm-down of West of
Duddon Sands.
Cash flow and net debt, DKKm H1 2026 H1 2025 %
Cash flows from operating activities
9,124 7,820 17 %
EBITDA
14,968 15,515 (4 %)
Reversal of gain (loss) on divestments of assets
(170) (3,302) (95 %)
Change in derivatives, excl. variation margin
409 (766) n.a.
Change in variation margin
619 (111) n.a.
Change in provisions and other items
284 1,548 (82 %)
Interest expense, net
5 (1,107) n.a.
Paid tax
(2,419) (1,444) 68 %
Change in work in progress
(6,996) (1,473) 375 %
Change in tax equity liabilities
(614) (1,584) (61 %)
Change in other working capital
3,038 544 459 %
Gross investments
(18,261) (24,953) (27 %)
Divestments
9,501 7,245 31 %
Free cash flow
364 (9,888) n.a.
Net interest-bearing debt, beginning of period
18,978 58,027 (67 %)
Free cash flow
(364) 9,888 n.a.
Dividends and hybrid coupon paid
661 1,227 (46 %)
Addition of lease obligations, net
2,049 185 n.a.
Exchange rate adjustments, etc.
636 (2,190) n.a.
Net interest-bearing debt, end of period
21,960 67,137 (67 %)
Management’s review
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Interim report
First half-year 2026
ESG results
Renewable share of energy generation
The share of generation from renewable
sources was 99 % in H1 2026, which is un-
changed compared to H1 2025.
Greenhouse gas emissions
Greenhouse gas (GHG) emissions from own
operations (scope 1) increased by 40 % in H1
2026 compared to H1 2025, driven by higher
natural gas consumption at our CHP plants
during the first quarter of 2026.
As a result of the increase in natural gas con-
sumption, our scope 1 and 2 GHG intensity
rose to 5 g CO
2
e/kWh in H1 2026 from 4 g
CO
2
e/kWh in H1 2025. The increase in scope 1
emissions (numerator) was the main driver,
partially offset by higher total heat and power
production (denominator) over the same peri-
od.
Greenhouse gas emissions from our supply
chain and sales activities (scope 3) were on the
same level in H1 2026 as in H1 2025. Emis-
sions from construction activities (category 2)
increased by 32 %, reflecting continued con-
struction progress on our offshore wind pro-
jects. The increase was partly offset by lower
emissions from upstream fuel and energy-
related activities (category 3), driven mainly
by a decline in the annually updated emission
factor applied to power sales. Emissions from
the use of sold products (category 11) re-
mained on the same level as in H1 2025. Our
scope 1-3 GHG emissions intensity (excluding
category 11) decreased by 8 % to 60 g CO
2
e/
kWh in H1 2026 compared to 65 g CO
2
e/kWh
in H1 2025 .
Net interest-bearing debt
Net interest-bearing debt totalled DKK 22.0
billion at the end of H1 2026 against DKK 19.0
billion at the end of 2025. The increase was
mainly due to new investments and an in-
crease in lease obligations partly offset by the
cash flow from operating activities and divest-
ments.
Equity
Equity was DKK 152.3 billion at the end of H1
2026 against DKK 148.9 billion at the end of
2025.
Capital employed
Capital employed was DKK 174.2 billion at the
end of H1 2026 against DKK 168.0 billion at
the end of 2025, mainly due to new invest-
ments and partly offset by the divestment of
our European onshore portfolio.
Financial ratios
Return on capital employed (ROCE)
Return on capital employed (ROCE) was 3.1 %
in H1 2026. ROCE adjusted for impairment
losses and cancellation fees in H1 2026 was
6.6 % vs. 12.3 % in H1 2025. The decrease was
mainly due to lower EBITDA for the twelve-
month period and 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 44.6 % in H1 2026
against 15.6 % in H1 2025. The increase was
due to the capital injection in Q4 2025 and an
improved FFO.
Safety
Total recordable injuries (TRIs) among own
employees increased to 20 in H1 2026, up
100 % from H1 2025. Five of the incidents
were linked to a single Norovirus outbreak
caused by food at one of our power plants. In
addition, organisational adjustments reduced
the number of office employees, increasing
the share of frontline workers.
Key ratios, DKKm, %
H1 2026 H1 2025 %
ROCE 3.1 % 7.5 % (4 %p)
Adjusted interest-bearing net debt 33,931 78,459 (57 %)
FFO/adjusted net interest-bearing debt 44.6 % 15.6 % 29 %p
FFO 15,127 12,266 23 %
11/50
Management’s review
Interim report First half-year 2026
Group financial performance
EBITDA
EBITDA adjusted for new partnerships and
cancellation fees increased by DKK 0.1 and
amounted to DKK 5.4 billion in Q2 2026.
Earnings from Offshore sites amounted to DKK
4.7 billion, a decrease of DKK 0.2 billion com-
pared to Q2 2025. The decrease was driven by
lower contributions from our trading activities
and maintenance outage at Hornsea 1, both in
line with expectations. This was only partly
offset by higher wind speeds (DKK 0.3 billion)
and higher power and ROC prices.
EBITDA from existing partnerships increased
by DKK 0.5 billion and amounted to DKK 0.6
billion in Q2 2026 and was mainly related to
construction progress at Hornsea 3 and up-
dates to construction agreements.
EBITDA from our Onshore business amounted
to DKK 1.0 billion, DKK 0.2 billion lower than in
Q2 2025. The decrease was mainly due to sale
of components in Q2 2025 not repeated in Q2
2026. This was only partly offset by ramp-up
of generation at Badger in Q2 2026.
EBITDA from our CHP plants amounted to
DKK 0.2 billion, in line with Q2 2025.
EBITDA from our gas business totalled DKK
0.0 billion in Q2 2026, DKK 0.1 billion lower
than in Q2 2025.
Impairments
Impairment losses had a negative effect of
DKK 1.2 billion in Q2 2026. The impairment
was due to an increase in the long-dated US
interest rates. See note 4 ‘Impairments’ for
more information.
EBITDA excluding new partnerships and cancellation fees, DKKbn
Results Q2
Financial results, DKKm Q2 2026 Q2 2025 %
Revenue
20,648 17,135 21 %
EBITDA
5,423 6,644 (18 %)
- New partnerships
(12) 2,836 n.a.
- Cancellation fees
- (1,531) n.a.
- EBITDA excl new partnerships and cancellation fees
5,435 5,339 2 %
Depreciation and amortisation
(2,633) (2,435) 8 %
Impairment (loss)/reversal
(1,168) (20) n.a.
Operating profit (loss) (EBIT)
1,622 4,189 (61 %)
Gain (loss) on divestment of enterprises
(29) 124 n.a.
Financial items, net
(749) (331) 126 %
Profit (loss) before tax
848 3,989 (79 %)
Tax
(161) (638) (75 %)
Tax rate
19 % 16 % 3 %p
Profit (loss) for the period
687 3,351 (79 %)
Offshore
(DKK 0.4 bn)
Onshore
(DKK -0.2 bn)
Bio & Other
(DKK -0.1 bn)
Management’s review
12/50
Interim report
First half-year 2026
Cash flows from operating activities
Cash flows from operating activities totalled
DKK 2.6 billion in Q2 2026 compared to DKK
7.2 billion in Q2 2025.
In Q2 2026, we tied up an additional DKK 0.2
billion in variation margin payments on unreal-
ised hedges (‘Change in variation margin’) and
initial margin payments at clearing houses
(part of ‘Change in other working capital’),
whereas the figure was DKK 0.1 billion in Q2
2025.
In Q2 2026, we had a net cash outflow from
work in progress of DKK 4.3 billion, mainly re-
lated to the construction of Hornsea 3 and
Greater Changhua 4 for partners, as well as
construction of the Hornsea 3 transmission
asset. In Q2 2025, we had a net cash inflow
from work in progress of DKK 1.6 billion, main-
ly related to a milestone received at Greater
Changhua 4 for construction progress, only
partly offset by construction of the Hornsea 3
transmission asset.
In Q2 2026, we received initial tax equity con-
tribution for Badger Wind whereas there was
no tax equity contribution in Q2 2025. In both
periods, ‘Change in tax equity’ included a rever-
sal of the non-cash recognition of tax credits
and benefits through EBITDA.
In Q2 2026, we saw a negative development in
net trade receivables and payables, whereas
we had positive effect in Q2 2025.
Cash flow and net debt, DKKm Q2 2026 Q2 2025 %
Cash flows from operating activities
2,587 7,186 (64 %)
EBITDA
5,423 6,644 (18 %)
Reversal of gain (loss) on divestments of assets
(42) (3,078) (99 %)
Change in derivatives, excl. variation margin
445 (90) n.a.
Change in variation margin
(169) (108) 56 %
Change in provisions and other items
192 1,184 (84 %)
Interest expense, net
88 (383) n.a.
Paid tax
(746) (654) 14 %
Change in work in progress
(4,261) 1,626 n.a.
Change in tax equity liabilities
(231) (709) (67 %)
Change in other working capital
1,888 2,754 (31 %)
Gross investments
(10,085) (11,154) (10 %)
Divestments
8,752 4,258 106 %
Free cash flow
1,254 290 332 %
Net interest-bearing debt, beginning of period
21,289 68,449 (69 %)
Free cash flow
(1,254) (290) 332 %
Dividends and hybrid coupon paid
424 336 26 %
Addition of lease obligations, net
1,213 (11) n.a.
Exchange rate adjustments, etc.
288 (1,347) n.a.
Net interest-bearing debt, end of period
21,960 67,137 (67 %)
13/50
Management’s review
Interim report First half-year 2026
Financial results for Q2 2026
Power generation increased by 17 % to 4.3
TWh in Q2 2026. The increase was due to
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 8.7 m/s, which was higher than in Q2 2025
(8.5 m/s) and higher than the normal wind
speeds expected in the second quarter (8.6 m/
s).
Availability was 88 %, which was 2 percentage
points lower than in Q2 2025. The decrease
was mainly due to a planned maintenance
outage at Hornsea 1.
Revenue was DKK 2.6 billion higher than in Q2
2025 and amounted to DKK 16.0 billion.
Revenue from offshore wind farms in operation
decreased by 1 % to DKK 5.8 billion. Revenue
from power sales increased by DKK 1.1 billion
to DKK 6.2 billion due to higher power prices
and higher power volume sold. Revenue from
construction agreements mainly related to the
construction of Greater Changhua 4 and
Hornsea 3 for partners.
EBITDA decreased by DKK 0.9 billion and
amounted to DKK 4.4 billion.
EBITDA from ‘Sites, O&M, and PPAs’ decreased
by DKK 0.2 billion and amounted to DKK 4.7
billion in Q2 2026. The decrease was driven by
lower contributions from our trading activities
and maintenance shutdown at Hornsea 1,
both in line with expectations. This was only
partly offset by higher wind speeds (DKK 0.3
billion) and higher power and ROC prices.
EBITDA from ‘Construction agreements and
divestment gains’ amounted to DKK 0.6 billion
in Q2 2026 and was mainly related to con-
struction progress at Hornsea 3 and updates
to construction agreements.
EBITDA from ‘Other incl. project development’
was at the same level as last year.
Offshore
Results Q2 2026 Q2 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
5.9 5.4 9 %
Wind speed
m/s
8.7 8.5 3 %
Load factor
%
34 31 3 %p
Availability
%
88 90 (2 %p)
Power generation
GWh
4,264 3,646 17 %
Denmark
353 345 2 %
United Kingdom
2,289 2,100 9 %
Germany
607 417 46 %
The Netherlands
243 270 (10 %)
APAC
651 413 58 %
The US
121 101 20 %
Power sales GWh 4,074 3,686 11 %
Power price, LEBA UK
GBP/MWh
115 90 28 %
British pound
DKK/GBP
8.6 8.8 (2 %)
Financial performance
Revenue
DKKm
15,999 13,371 20 %
Sites, O&M, and PPAs
5,832 5,914 (1 %)
Power sales
6,220 5,122 21 %
Construction agreements
3,895 2,167 80 %
Other
52 168 (69 %)
EBITDA
DKKm
4,383 5,301 (17 %)
Sites, O&M, and PPAs
4,653 4,814 (3 %)
Construction agreements and divestment gains 580 2,901 (80 %)
Other incl. project development (850) (883) (4 %)
Depreciation
DKKm
(1,919) (1,688) 14 %
Impairment losses
DKKm
(1,187) (500) 137 %
EBIT
DKKm
1,277 3,113 (59 %)
Cash flow from operating activities
DKKm
(944) 6,370 n.a.
Gross investments
DKKm
(9,302) (9,489) (2 %)
Divestments
DKKm
(30) 3,822 n.a.
Free cash flow
DKKm
(10,276) 703 n.a.
Capital employed
DKKm
139,705 119,063 17 %
H1 2026 H1 2025 %
18.3 18.3 0 %
10.2 10.2 0 %
5.9 5.4 9 %
10.1 9.4 7 %
45 39 6 %p
91 92 (1 %p)
11,183 9,116 23 %
1,017 910 12 %
5,999 5,119 17 %
1,716 1,040 65 %
639 546 17 %
1,589 1,292 23 %
223 209 7 %
10,383 8,502 22 %
111 110 1 %
8.6 8.9 (3 %)
37,284 28,008 33 %
14,204 13,549 5 %
12,803 10,596 21 %
10,192 3,606 183 %
85 257 (67 %)
11,931 11,611 3 %
13,031 12,469 5 %
822 2,824 (71 %)
(1,922) (2,151) (11 %)
(3,727) (3,464) 8 %
(2,402) (724) 232 %
5,802 7,423 (22 %)
4,465 1,496 198 %
(16,731) (21,225) (21 %)
(147) 3,927 n.a.
(12,413) (15,802) (21 %)
139,705 119,063 17 %
Cancellation fees - (1,531) n.a. - (1,531) n.a.
14/50
Management’s review
Interim report First half-year 2026
Financial results for Q2 2026
Power generation increased by 5 % compared
to Q2 2025 and amounted to 4.2 TWh. The
increase was mainly due to commissioning of
Badger Wind in the US and higher wind speeds.
Revenue was 6 % lower than in Q2 2025 and
amounted to DKK 0.6 billion.
EBITDA decreased by DKK 0.2 billion and
amounted to DKK 1.0 billion.
EBITDA from ‘Sites incl. tax credits’ amounted
to DKK 1.1 billion in Q2 2026, which was on
level with the same period last year. The high-
er generation was mostly offset by a worsen-
ing of the USD/DKK rate.
In Q2 2026, we divested our European onshore
portfolio with a gain of DKK 0.0 billion.
EBITDA from ‘Other incl. project development’
amounted to DKK -0.1 billion, which was DKK
0.2 billion lower than in Q2 2025. The decrease
was mainly due to sale of components in Q2
2025 not repeated in Q2 2026.
Onshore
Results Q2 2026 Q2 2025 %
Business drivers
Decided (FID'ed) and installed capacity GW 6.4 7.0 (9 %)
Installed capacity
GW
6.2 6.2 (1 %)
Wind speed
m/s
7.5 7.2 4 %
Load factor, wind
%
42 36 5 %p
Load factor, solar PV
%
29 30 (1 %p)
Availability, wind
%
86 88 (2 %p)
Availability, solar PV
%
98 91 6 %p
Power generation
GWh
4,216 4,002 5 %
US, wind
3,114 2,746 13 %
US, solar PV
1,007 1,034 (3 %)
Europe
95 222 (57 %)
US dollar
DKK/USD
6.4 6.6 (2 %)
Financial performance
Revenue
DKKm
566 604 (6 %)
EBITDA
DKKm
978 1,197 (18 %)
Sites, incl. tax credits
1,126 1,104 2 %
Divestment gains (12) - n.a.
Other incl. project development (136) 93 n.a.
Depreciation
DKKm
(421) (512) (18 %)
Impairment losses
DKKm
19 480 (96 %)
EBIT
DKKm
576 1,165 (51 %)
Cash flow from operating activities
DKKm
1,619 (47) n.a.
Gross investments
DKKm
(482) (1,240) (61 %)
Divestments
DKKm
8,785 434 1924 %
Free cash flow DKKm 9,922 (853) n.a.
Capital employed DKKm 28,094 37,788 (26 %)
H1 2026 H1 2025 %
6.4 7.0 (9 %)
6.2 6.2 (1 %)
7.8 7.6 2 %
42 40 2 %p
26 25 1 %p
88 90 (2 %p)
98 94 4 %p
8,636 8,296 4 %
6,383 5,954 7 %
1,791 1,801 (1 %)
462 541 (15 %)
6.4 6.8 (6 %)
1,452 1,450 0 %
2,349 2,687 (13 %)
2,509 2,520 (0 %)
(12) 304 n.a.
(148) (137) 8 %
(823) (1,058) (22 %)
(135) 976 n.a.
1,391 2,605 (47 %)
1,716 322 433 %
(1,061) (2,651) (60 %)
9,656 3,317 191 %
10,311 988 944 %
28,094 37,788 (26 %)
15/50
Management’s review
Interim report First half-year 2026
Financial results for Q2 2026
Heat generation increased by 23 % compared
to Q2 2025, mainly due to colder weather in
April and May. Power generation increased by
47 %, mainly due to better prices.
Gas sales increased by 10 %, driven by our
offtake contract with DUC (not owned by Ør-
sted).
EBITDA amounted to DKK 0.0 billion com-
pared to DKK 0.1 billion in Q2 2025.
EBITDA from ‘CHP plants’ was DKK 0.2 billion,
which was on the same level as in Q2 2025.
The higher generation and prices were offset
by lower contribution from ancillary services.
EBITDA from ‘Gas Markets & Infrastructure’
amounted to DKK 0.0 billion, DKK 0.1 billion
lower than Q2 2025. The decrease was mainly
driven by a provision related to our gas storag-
es in Q2 2026.
EBITDA from ‘Other incl. project development’
was DKK -0.1 billion, DKK 0.1 billion less nega-
tive than last year.
Bioenergy & Other
Results
Q2 2026 Q2 2025 %
Business drivers
Degree days Number 411 418 (2 %)
Heat generation
GWh
867 707 23 %
Power generation
GWh
704 477 47 %
Gas sales
GWh
6,358 5,798 10 %
Power sales
GWh
611 585 4 %
Gas price, TTF
EUR/MWh
45.6 35.4 29 %
Power price, DK
EUR/MWh
96.9 65.6 48 %
Wood pellet spread, DK
EUR/MWh
0.0 7.4 n.a.
Financial performance
Revenue
DKKm
4,125 3,333 24 %
EBITDA
DKKm
12 78 (85 %)
CHP plants 178 196 (10 %)
Gas Markets & Infrastructure (47) 68 n.a.
Other, incl. project development
(119) (186) (36 %)
Depreciation DKKm
(217) (163) 33 %
EBIT
DKKm
(205) (85) 141 %
Cash flow from operating activities
DKKm
(73) 259 n.a.
Gross investments
DKKm
(321) (395) (19 %)
Divestments
DKKm
- - n.a.
Free cash flow
DKKm
(394) (136) 190 %
Capital employed
DKKm
7,646 5,984 28 %
H1 2026 H1 2025 %
1,765 1,599 10 %
4,377 3,931 11 %
2,094 1,957 7 %
12,657 11,078 14 %
1,297 1,217 7 %
42.5 41.2 3 %
100.1 82.5 21 %
8.4 5.5 51 %
9,637 8,680 11 %
442 835 (47 %)
646 930 (31 %)
57 278 (79 %)
(261) (373) (30 %)
(405) (327) 24 %
37 508 (93 %)
1,782 1,209 47 %
(484) (1,040) (53 %)
(5) - n.a.
1,293 169 665 %
7,646 5,984 28 %
16/50
Management’s review
Interim report First half-year 2026
Financials, DKKm
H1 2026 H1 2025 2025
Income statement
Revenue
48,268 37,840 73,244
EBITDA
14,968 15,515 22,448
Offshore
11,931 11,611 16,276
Sites, O&M, and PPAs
13,031 12,469 24,341
Construction agreements and divestment gains
822 2,824 (2,668)
Cancellation fees
- (1,531) (1,362)
Other, incl. project development
(1,922) (2,151) (4,035)
Onshore
2,349 2,687
4,871
Bioenergy & Other
442 835 1,358
Other activities/eliminations
246 382 (57)
Depreciation and amortisation
(5,104) (4,990) (10,195)
Impairment
(2,537) 252 (3,633)
Operating profit (loss) (EBIT)
7,327 10,777 8,620
Gain (loss) on divestment of enterprises
(69) 211 213
Net financial income and expenses
(1,340) (1,898) (2,881)
Profit (loss) before tax
5,935 9,108 5,988
Tax
(2,627) (870) (2,823)
Profit (loss) for the period
3,308 8,238 3,165
Balance
Assets
359,980 285,112 367,922
Equity
152,257 97,419 148,941
Shareholders in Ørsted A/S
122,970 67,088 119,718
Hybrid capital
20,955 20,955 20,955
Non-controlling interests
8,332 9,376 8,268
Interest-bearing net debt
21,960 67,137 18,978
Capital employed
174,217 164,557 167,919
Additions to property, plant, and equipment
19,345 25,769 58,464
Cash flow
Cash flow from operating activities
9,124 7,820 23,741
Gross investments
(18,261) (24,953) (54,976)
Divestments
9,501 7,245 12,385
Free cash flow
364 (9,888) (18,850)
Financial ratios
Return on capital employed (ROCE)
1
, %
3.1 7.5 5.4
FFO/adjusted interest-bearing net debt, %
44.6 15.6 42.9
Number of outstanding shares, end of period, '000
1,321,062 420,381 1,321,062
Share price, end of period, DKK
147 272 122
Market capitalisation, end of period, DKK billion
194 114 162
Earnings per share (EPS), DKK
2.0 10.0 2.0
Business drivers
H1 2026 H1 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
5.9
5.4 5.5
Wind speed, m/s
10.1 9.4 9.7
Load factor, %
45
39 42
Availability, %
91
92 93
Power generation, GWh
11,183
9,116 19,687
Power sales, GWh
10,383
8,502 19,244
Onshore
Decided (FID'ed) and installed capacity, GW
6.4
7.0 7.1
Installed capacity, GW
6.2
6.2 6.3
Wind speed, m/s
7.8
7.6 7.2
Load factor, wind, %
42
40 37
Load factor, solar PV, %
26
25 25
Availability, wind, %
88
90 91
Availability, solar PV, %
98
94 92
Power generation, GWh
8,636
8,296 15,482
Bioenergy & Other
Degree days, number
1,765
1,599 2,501
Heat generation, GWh
4,377
3,931 6,414
Power generation, GWh
2,094
1,957 3,635
Power sales, GWh
1,297
1,217 2,475
Gas sales, GWh
12,657 11,078 21,528
Sustainability statements
Employees (FTE), end of period number
7,228 8,203 7,896
Total recordable injury rate (TRIR), YTD
3.1 2.7 2.5
Fatalities, number
0 2 2
Renewable share of energy generation, %
99
99 99
GHG emission (scope 1 & 2), Mtonnes
0.1
0.1 0.2
GHG intensity (scope 1 & 2), g CO
2
e/kWh
5
4 4
GHG emissions (scope 3), Mtonnes
4.3 4.3 8.8
GHG intensity (scope 1-3), g CO
2
e/kWh (excl. cat. 11)
60 65 69
Performance highlights
1
EBIT last 12 months.
17/50
Management’s review
Interim report First half-year 2026
Quarterly overview
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).
Financials, DKKm
Q2
2026
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Income statement
Revenue
20,648 27,620 23,134 12,270 17,135 20,705 21,077 15,766
EBITDA
5,423 9,545 3,869 3,064 6,644 8,871 8,353 9,548
Offshore
4,383 7,548 2,450 2,215 5,301 6,310 6,639 8,530
Sites, O&M, and PPAs
4,653 8,378 8,229 3,643 4,814 7,655 8,533 3,958
Construction agreements and
divestment gains
580 242 (5,061) (431) 2,901 (77) (894) 106
Other, incl. project development
(850) (1,072) (887) (997) (883) (1,268) (1,926) (643)
Onshore
978 1,371 1,356 828 1,197 1,490 1,061 991
Bioenergy & Other
12 430 650 (127) 78 757 869 (185)
Other activities/eliminations
50 196 (587) 148 68 314 (216) 212
Depreciation and amortisation
(2,633) (2,471) (2,782) (2,423) (2,435) (2,555) (2,571) (2,548)
Impairment
(1,168) (1,369) (2,128) (1,757) (20) 272 (12,127) (284)
Operating profit (loss) (EBIT)
1,622 5,705 (1,041) (1,116) 4,189 6,588 (6,345) 6,716
Gain (loss) on divestment of enterprises
(29) (40) (2) 4 124 87 34 14
Net financial income and expenses
(749) (591) (556) (427) (331) (1,567) (457) (1,235)
Profit (loss) before tax
848 5,087 (1,587) (1,533) 3,989 5,119 (6,761) 5,508
Tax
(161) (2,466) (1,784) (169) (638) (232) 677 (339)
Profit (loss) for the period
687 2,621 (3,371) (1,702) 3,351 4,887 (6,084) 5,169
Balance sheet
Assets
359,980 360,332 367,922 299,075 285,112 287,287 298,786 290,341
Equity
152,257 150,798 148,941 93,612 97,419 96,677 93,484 91,127
Shareholders in Ørsted A/S
122,970 121,345 119,718 63,872 67,088 65,665 62,138 65,987
Hybrid capital
20,955 20,955 20,955 20,955 20,955 20,955 20,955 20,955
Non-controlling interests
8,332 8,498 8,268 8,785 9,376 10,057 10,391 4,185
Interest-bearing net debt
21,960 21,289 18,978 83,154 67,137 68,449 58,027 62,817
Capital employed
174,217 172,087 167,919 176,766 164,557 165,126 151,511 153,944
Additions to property, plant, equipment
10,829 8,516 18,298 14,397 11,554 14,215 19,111 11,375
Cash flow
Cash flow from operating activities
2,587 6,537 17,087 (1,166) 7,186 634 10,306 (1,639)
Gross investments
(10,085) (8,176) (15,052) (14,971) (11,154) (13,799) (17,114) (9,780)
Divestments
8,752 749 5,196 (56) 4,258 2,987 13,317 108
Free cash flow
1,254 (890) 7,231 (16,193) 290 (10,178) 6,509 (11,311)
Financial ratios
Return on capital employed (ROCE)
1
, % 3.1 4.6 5.4 2.0 7.5 4.6 4.5 8.1
FFO/adjusted interest-bearing net debt, %
44.6 42.2 42.9 13.9 15.6 13.7 12.7 12.1
Number of outstanding shares, end of period, '000
1,321,062 1,321,062 1,321,062 420,381 420,381 420,381 420,381 420,381
Share price, end of period, DKK
147 156 122 107 272 301 324 445
Market capitalisation, end of period, DKK billion
194 206 162 45 114 127 136 187
Earnings per share (EPS), DKK
0.4 1.6 5.7 (2.3) 4.1 5.9 (8.8) 6.7
Cancellation fees
- - 169 - (1,531) - 926 5,109
Business drivers
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Offshore
Decided (FID'ed) and installed capacity, GW
18.3 18.3 18.3 18.3 18.3 16.8 16.8
Installed capacity, GW
10.2 10.2 10.2 10.2 10.2 9.9 9.9
Generation capacity, GW
5.5 5.5 5.4 5.4 5.5 5.3 5.2
Wind speed, m/s
11.4 11.7 8.2 8.5 10.4 11.1 8.4
Load factor, %
57 57 32 31 47 51 31
Availability, %
93 93 94 90 94 94 89
Power generation, GWh
6,919 6,784 3,788 3,646 5,470 5,740 3,522
Power sales, GWh
6,308 6,763 3,979 3,686 4,816 5,839 4,010
Onshore
Decided (FID'ed) and installed capacity, GW
7.1 7.1 7.1 7.0 7.0 7.0 6.4
Installed capacity, GW
6.6 6.3 6.3 6.2 6.2 6.2 5.7
Wind speed, m/s
8.0 7.7 6.1 7.2 8.0 7.5 6.2
Load factor, wind, %
43 41 26 36 44 40 26
Availability, wind, %
89 92 92 88 91 90 87
Power generation, GWh
4,420 3,963 3,223 4,002 4,294 4,086 3,270
Bioenergy & Other
Degree days, number
1,354 831 71 418 1,181 846 79
Heat generation, GWh
3,510 2,145 337 707 3,224 2,367 332
Power generation, GWh
1,390 1,252 426 477 1,480 1,428 805
Power sales, GWh
686 641 617 585 632 635 577
Gas sales, GWh
6,299 5,641 4,809 5,798 5,280 4,016 4,138
Sustainability statements
Employees (FTE) end of period, number
7,675 7,896 8,126 8,203 8,251 8,278 8,377
Total recordable injury rate (TRIR), YTD
2.1 2.5 2.5 2.7 1.9 2.7 2.3
Fatalities, number
0 0 0 0 2 0 0
Renewable share of energy generation, %
98 99 100 100 99 99 96
GHG intensity (scope 1 & 2), g CO
2
e/kWh
6 4 4 4 4 5 40
GHG emissions (scope 3), Mtonnes
2
2.2 2.7 1.8 2.4 1.9 1.8 1.8
Q2
2026
18.3
10.2
5.9
8.7
34
88
4,264
4,074
6.4
6.2
7.5
42
86
4,216
411
867
704
611
6,358
7,228
3.1
0
100
4
2.1
Load factor, solar PV, %
29 23 17 30 30 21 20 31
Availability, solar PV, %
98 99 86 94 91 98 98 97
GHG emissions (scope 1 & 2), Mtonnes
0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.3
GHG intensity (scope 1-3), g CO
2
e/kWh (excl. cat.
11)
2
65 57 67 85 84 53 73 144
18/50
Management’s review
Interim report First half-year 2026
Consolidated
financial statements
First half-year 2026
1 January – 30 June
Consolidated financial statements
Interim Report First half-year 2026
19/50
Consolidated statement of income
1 January – 30 June
In H1 2026, ’Exchange rate adjustments relating to net investments in foreign
enterprises’ were impacted by an increase in the USD and GBP exchange
rates of 2.8 % and 1.4 %, respectively.
Consolidated statement of comprehensive income
1 January – 30 June
Note
Income statement
DKKm H1 2026 H1 2025
3 Revenue 48,268 37,840
Cost of sales (28,404 ) (21,298 )
Other external expenses (4,292 ) (4,194 )
Employee costs (3,092 ) (3,128 )
Share of profit (loss) in associates and joint ventures (63 ) 27
5 Other operating income 2,996 6,201
5 Other operating expenses (445 ) 67
Operating profit (loss) before depreciation, amortisation,
and impairment losses (EBITDA) 14,968 15,515
Amortisation and depreciation of intangible assets and of property,
plant, and equipment (5,104 ) (4,990 )
4
Impairment losses on intangible assets and on property, plant,
and equipment (2,537 ) 252
Operating profit (loss) (EBIT) 7,327 10,777
Gain (loss) on divestment of enterprises (69 ) 211
Share of profit (loss) in associates and joint ventures 17 18
6 Financial income 3,150 4,473
6 Financial expenses (4,490 ) (6,371 )
Profit (loss) before tax 5,935 9,108
10 Tax on profit (loss) for the period (2,627 ) (870 )
Profit (loss) for the period 3,308 8,238
Profit (loss) for the period is attributable to:
Shareholders in Ørsted A/S 2,694 7,539
Interest payments and costs, hybrid capital owners of Ørsted A/S 147 151
Non-controlling interests 467 548
Earnings per share (DKK) 2.0 10.0
Diluted earnings per share (DKK) 2.0 10.0
Statement of comprehensive income
DKKm H1 2026 H1 2025
Profit (loss) for the period 3,308 8,238
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period (1,719 ) 797
Value adjustments transferred to income statement 416 764
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises 2,726 (8,139 )
Value adjustment of net investment hedges (1,147 ) 4,127
Value adjustments and hedges transferred to income statement (10 ) -
Tax:
Tax on hedging instruments 451 (278 )
Tax on exchange rate adjustments 86 (557 )
Other:
Share of other comprehensive income of associated companies, after tax 2 (7 )
Other comprehensive income (loss) that may be reclassified to
the income statement 805 (3,293 )
Total comprehensive income 4,113 4,945
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S 3,273 4,581
Interest payments and costs, hybrid capital owners of Ørsted A/S 147 151
Non-controlling interests 693 213
Total comprehensive income 4,113 4,945
Consolidated financial statements
Interim Report First half-year 2026
20/50
Consolidated statement of income
1 April – 30 June
In Q2 2026, ’Exchange rate adjustments relating to net investments in foreign
enterprises’ were impacted by the decrease in the GBP and USD exchange
rates of 1.5 % and 0.8 %, respectively.
Consolidated statement of comprehensive income
1 April – 30 June
Note
Income statement
DKKm Q2 2026 Q2 2025
3 Revenue 20,648 17,135
Cost of sales (12,548 ) (11,292 )
Other external expenses (2,195 ) (2,273 )
Employee costs (1,542 ) (1,514 )
Share of profit (loss) in associates and joint ventures (18 ) 3
5 Other operating income 1,380 4,337
5 Other operating expenses (302 ) 248
Operating profit (loss) before depreciation, amortisation,
and impairment losses (EBITDA) 5,423 6,644
Amortisation and depreciation of intangible assets and of property,
plant, and equipment (2,633 ) (2,435 )
4
Impairment losses on intangible assets and on property, plant,
and equipment (1,168 ) (20 )
Operating profit (loss) (EBIT) 1,622 4,189
Gain (loss) on divestment of enterprises (29 ) 124
Share of profit (loss) in associates and joint ventures 4 7
6 Financial income 1,532 2,654
6 Financial expenses (2,281 ) (2,985 )
Profit (loss) before tax 848 3,989
10 Tax on profit (loss) for the period (161 ) (638 )
Profit (loss) for the period 687 3,351
Profit (loss) for the period is attributable to:
Shareholders in Ørsted A/S 518 3,096
Interest payments and costs, hybrid capital owners of Ørsted A/S - -
Non-controlling interests 169 255
Earnings per share (DKK) 0.4 4.1
Diluted earnings per share (DKK) 0.4 4.1
Statement of comprehensive income
DKKm Q2 2026 Q2 2025
Profit (loss) for the period 687 3,351
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period 202 279
Value adjustments transferred to income statement 159 229
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises 1,491 (4,653 )
Value adjustment of net investment hedges (498 ) 2,443
Value adjustments and hedges transferred to income statement (10 ) -
Tax:
Tax on hedging instruments (38 ) (141 )
Tax on exchange rate adjustments (36 ) (391 )
Other:
Share of other comprehensive income of associated companies, after tax 1 (6 )
Other comprehensive income (loss) that may be reclassified to
the income statement 1,271 (2,240 )
Total comprehensive income 1,958 1,111
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S 1,668 1,299
Interest payments and costs, hybrid capital owners of Ørsted A/S - -
Non-controlling interests 290 (188 )
Total comprehensive income 1,958 1,111
Consolidated financial statements
Interim Report First half-year 2026
21/50
Consolidated statement of financial position
30 June
Note
Assets
DKKm
30 June
2026
31 December
2025
30 June
2025
Intangible assets 606 755 2,305
Land and buildings 7,543 7,790 7,269
Production assets 138,800 123,545 123,322
Fixtures and fittings, tools, and equipment 2,884 2,179 1,930
Property, plant, and equipment under construction 76,339 77,352 73,205
4 Property, plant, and equipment 225,566 210,866 205,726
Investments in associates and joint ventures 379 434 1,067
Receivables from associates and joint ventures 83 179 245
Other securities and equity investments 241 235 298
12 Derivatives 969 1,336 1,530
Deferred tax 9,556 9,547 9,772
Other receivables 7,397 7,060 2,959
Other non-current assets 18,625 18,791 15,871
Non-current assets 244,797 230,412 223,902
Inventories 11,746 9,938 9,310
12 Derivatives 3,110 3,539 4,285
Trade receivables 7,601 9,848 7,055
Other receivables 11,296 10,937 15,058
Receivables from associates and joint ventures 98 106 62
10 Income tax 717 768 718
12 Securities 60,105 38,317 12,718
Cash 20,510 53,448 12,004
Current assets 115,183 126,901 61,210
9 Assets classified as held for sale - 10,609 -
Assets 359,980 367,922 285,112
Note
Equity and liabilities
DKKm
30 June
2026
31 December
2025
30 June
2025
Share capital 13,212 13,212 4,204
8 Reserves (8,671 ) (9,164 ) (8,057 )
Retained earnings 118,429 115,670 70,941
Equity attributable to shareholders in Ørsted A/S 122,970 119,718 67,088
Hybrid capital 20,955 20,955 20,955
Non-controlling interests 8,332 8,268 9,376
Equity 152,257 148,941 97,419
Deferred tax 2,136 1,969 1,858
Provisions 19,395 18,252 16,940
Lease liabilities 9,258 8,120 7,358
13 Bond and bank debt 84,387 87,204 77,257
12 Derivatives 6,683 6,046 6,826
Contract liabilities 9,110 8,257 8,505
Tax equity liabilities 10,454 10,721 11,833
Other payables 11,676 11,264 5,400
Non-current liabilities 153,099 151,833 135,977
Provisions 1,464 1,558 2,075
Lease liabilities 1,015 875 749
13 Bond and bank debt 6,746 11,658 5,491
12 Derivatives 5,407 3,778 4,269
Contract liabilities 7,568 13,847 4,357
Trade payables 20,034 19,764 18,057
Tax equity liabilities 4,227 3,663 3,611
Other payables 4,167 5,503 7,164
10 Income tax 3,996 4,631 5,943
Current liabilities 54,624 65,277 51,716
Liabilities 207,723 217,110 187,693
9
Liabilities relating to assets classified as
held for sale - 1,871 -
Equity and liabilities 359,980 367,922 285,112
Consolidated financial statements
Interim Report First half-year 2026
22/50
1 In addition to the total reserves of DKK -8,671 million at 30 June
2026, a loss of DKK 284 million is recognised as part of
non-controlling interests. The loss is related to the hedging of
revenue attributable to the non-controlling interests.
Consolidated statement of shareholders’ equity
1 January – 30 June
H1 2026 H1 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 ) 115,670 119,718 20,955 8,268 148,941 4,204 (5,164 ) 63,098 62,138 20,955 10,391 93,484
Comprehensive income for the period:
Profit (loss) for the period - - 2,694 2,694 147 467 3,308 - - 7,539 7,539 151 548 8,238
Other comprehensive income:
Cash flow hedging - (1,373 ) - (1,373 ) - 70 (1,303 ) - 1,260 - 1,260 - 301 1,561
Exchange rate adjustments - 1,413 - 1,413 - 156 1,569 - (3,421 ) - (3,421 ) - (591 ) (4,012 )
Tax on other comprehensive income - 537 - 537 - - 537 - (790 ) - (790 ) - (45 ) (835 )
Share of other comprehensive income of associated
companies, after tax - - 2 2 - - 2 - - (7 ) (7 ) - - (7 )
Total comprehensive income - 577 2,696 3,273 147 693 4,113 - (2,951 ) 7,532 4,581 151 213 4,945
Cash flow hedging of property, plant, and equipment
under construction - (112 ) - (112 ) - - (112 ) - 71 - 71 - - 71
Coupon payments, hybrid capital - - - - (147 ) - (147 ) - - - - (151 ) - (151 )
Tax - 28 - 28 - - 28 - (13 ) - (13 ) - - (13 )
Dividends paid - - - - - (522 ) (522 ) - - - - - (1,110 ) (1,110 )
Additions, non-controlling interests - - 32 32 - (107 ) (75 ) - - 289 289 - (118 ) 171
Other changes - - 31 31 - - 31 - - 22 22 - - 22
Equity at 30 June 13,212 (8,671 ) 118,429 122,970 20,955 8,332 152,257 4,204 (8,057 ) 70,941 67,088 20,955 9,376 97,419
Consolidated financial statements
Interim Report First half-year 2026
23/50
Statement of cash flows
Our supplementary statement of gross and net investments appears from
note 7 ’Gross and net investments’ and free cash flow (FCF) from note 2
’Segment information’.
’Cash’ according to the balance sheet as at 30 June 2026 includes ’Bank
overdrafts that are part of the ongoing cash management’, amounting to
DKK 1 million (2025: DKK 121 million).
Consolidated statement of cash flows
1 January – 30 June
Note
Statement of cash flows
DKKm H1 2026 H1 2025 Q2 2026 Q2 2025
Operating profit (loss) before
depreciation, amortisation, and
impairment losses (EBITDA) 14,968 15,515 5,423 6,644
Reversal of gain (loss) on divestment
of assets (170 ) (3,302 ) (42 ) (3,078 )
Change in derivatives 1,028 (877 ) 276 (198 )
Change in provisions and other items 284 1,548 192 1,184
Change in inventories (1,739 ) 862 1,585 904
Change in contract assets and liabilities (5,825 ) 1,636 (2,348 ) 3,021
Change in trade receivables 2,254 1,828 321 2,090
Change in other receivables 1,889 (1,387 ) 227 286
Change in trade payables 101 (3,240 ) (1,578 ) (1,205 )
Change in tax equity liabilities (614 ) (1,584 ) (231 ) (709 )
Change in other payables (638 ) (628 ) (580 ) (716 )
Interest received and similar items 2,780 3,708 1,203 2,194
Interest paid and similar items (2,775 ) (4,815 ) (1,115 ) (2,577 )
Income tax paid (2,419 ) (1,444 ) (746 ) (654 )
Cash flows from operating activities 9,124 7,820 2,587 7,186
Purchase of intangible assets and of
property, plant, and equipment (18,341 ) (24,734 ) (10,123 ) (10,951 )
Sale of intangible assets and of
property, plant, and equipment 899 7,008 93 4,323
Divestment of enterprises 8,545 2 8,545 2
Sale and purchase of other equity
investments 7 (227 ) - (227 )
Purchase of securities (52,171 ) (8,713 ) (20,682 ) (1,777 )
Sale/maturation of securities 30,477 10,572 11,602 4,188
Change in other non-current assets 68 (2 ) 33 -
Transactions with associates and
joint ventures (6 ) (41 ) (1 ) (4 )
Dividends received and capital
reductions 8 34 8 34
Cash flows from investing activities (30,514 ) (16,101 ) (10,525 ) (4,412 )
Note DKKm H1 2026 H1 2025 Q2 2026 Q2 2025
Proceeds from raising of loans 464 2,439 393 2,387
Instalments on loans (8,918 ) (5,686 ) 1,086 (2,058 )
Instalments on leases (564 ) (427 ) (233 ) (153 )
Coupon payments on hybrid capital (147 ) (151 ) - -
Transactions with non-controlling
interests (574 ) (1,024 ) (420 ) (468 )
Net proceeds from tax equity partners 7 (67 ) 117 (30 )
Collateral posted in relation to trading
of derivatives (9,936 ) (9,441 ) (3,766 ) (4,865 )
Collateral released in relation to trading
of derivatives 7,923 12,094 3,174 6,781
Restricted cash and other changes 39 (123 ) (10 ) (107 )
Cash flows from financing activities (11,706 ) (2,386 ) 341 1,487
Total net change in cash and cash
equivalents (33,096 ) (10,667 ) (7,597 ) 4,261
Cash and cash equivalents at the
beginning of the period
Exchange rate adjustments of cash
and cash equivalents
Cash and cash equivalents at 30 June 20,509 11,883 20,509 11,883
Consolidated financial statements
Interim Report First half-year 2026
24/50
-
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 page 21 of
our interim report for the first quarter of 2026.
Implementation of new standards,
interpretations, and amendments adopted
by the Group
The Group has not early adopted any
standard, interpretation, or amendment that
has been issued but not yet come into effect.
Amendments apply for the first time in 2026
but do not have a material impact on our
financial statements.
Accounting standards issued but not yet
effective
The IASB has issued new and amended
accounting standards and interpretations that
are not yet effective and have therefore not
been applied in the consolidated financial
statements for 2026. Ørsted expects to adopt
these standards and interpretations when they
become mandatory.
IFRS 18 ‘Presentation and Disclosure in
Financial Statements’ will replace IAS 1
‘Presentation of Financial Statements’ and is
effective for annual reporting periods
beginning on or after 1 January 2027.
IFRS 18 establishes a revised structure for the
Ørsted is a public listed company, headquar-
tered in Denmark.
This interim report for the first half 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 2025.
The interim consolidated financial statements
for the first half 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 accounting policies
as those used in our annual consolidated
financial statements as of 31 December 2025
and should be read in conjunction with these.
We have disclosed a new key accounting
estimate and a new key accounting judge-
ment related to our revenue recognition for
our construction agreements:
1. Basis of reporting
statement of profit or loss, requiring
entities to classify income and expenses into
the operating, investing, financing, income
tax, and discontinued operations categories.
The standard introduces mandatory
subtotals and enhanced disaggregation
requirements aimed at improving the trans-
parency, consistency, and comparability of
financial reporting.
Ørsted is currently updating relevant
systems and processes and assessing the
expected impact of the initial application of
IFRS 18 on the consolidated financial
statements and related notes.
Based on the work performed to date,
Ørsted has identified the following expected
impacts on the Group’s consolidated
statement of profit or loss:
-
Income and expenses arising from foreign
exchange adjustments will be classified in
the same category as the income and
expenses to which they relate. For
example, foreign exchange differences in
trade receivables and trade payables will
be classified in the operating category.
-
Fair value adjustments of derivatives that
are not designated in hedge accounting
relationships will be classified in the
operating category.
-
Interest income and expenses arising from
items classified in the operating category,
e.g. prepayments or derivatives applied in
hedge accounting relationships related to
operating items, will be classified in the
operating category.
-
Bank fees, including fees related to non-
cancellable credit facilities, will be
classified in the operating category.
-
Interest income and expenses, foreign
exchange adjustments, and capital gains
or losses related to cash, cash equivalents,
and securities will be classified in the
investing category, together with the
share of profit or loss from associates and
joint ventures.
-
Foreign exchange gains and losses arising
from intragroup financing arrangements
will be classified in the category in which
the related income or expenses from the
intragroup financing arrangement would
have been classified before elimination on
consolidation. Accordingly, foreign
exchange gains and losses on inter-
company borrowings are expected to be
classified in the financing category, while
foreign gains and losses on intercompany
lending are expected to be classified in the
investing category.
Management-defined performance
measures
Ørsted expects to present its guidance
measure, ‘EBITDA excluding new partnership
agreements and cancellation fees’, as a
management-defined performance measure
Consolidated financial statements
Interim Report First half-year 2026
25/50
(MPM) under IFRS 18. Ørsted will continue to
provide guidance based on this measure, which
is currently presented as a non-IFRS financial
measure in the annual report.
Statement of cash flows
IFRS 18 introduces consequential amendments
to IAS 7 ‘Statement of Cash Flows’, which
require the statement of cash flows to start
from the operating profit subtotal when the
indirect method is applied. Ørsted currently
uses EBITDA as the starting point for the
reconciliation to cash flows from operating
activities. As a result of the new starting point,
certain adjustments included in the reconcilia-
tion are expected to change.
Ongoing assessment
The application of IFRS 18 involves significant
professional judgement, and discussions on
implementation remain ongoing. Accordingly,
the expected impacts of applying the standard
may evolve as further guidance becomes
available and interpretations are refined.
Other new and amended standards and
interpretations are not expected to have a
significant impact on Ørsted’s consolidated
financial statements.
1. Basis of reporting (continued)
Consolidated financial statements
Interim Report First half-year 2026
26/50
The column ’Other activities/eliminations’ primarily
covers the elimination of inter-segment transactions.
It also includes income and costs, assets and
liabilities, investment activity, taxes, etc., handled at
Group level.
1 Including the elimination of other activities, the
total elimination of intra-group revenue amounts to
DKK 2,155 million, which primarily relates to our
Shared Functions services as well as our B2B
business activities.
2 Last 12 months.
2. Segment information
H1 2026 income statement
DKKm Offshore Onshore
Bioenergy
& Other
Reportable
segments
Other
activities/
eliminations Total
External revenue 36,432 1,449 10,402 48,283 (15) 48,268
Intra-group revenue 852 3 (765) 90 (90)
1
-
Revenue 37,284 1,452 9,637 48,373 (105) 48,268
Cost of sales (20,612) (17) (7,799) (28,428) 24 (28,404)
Employee costs and other external expenses (5,280) (1,181) (1,255) (7,716) 332 (7,384)
Gain (loss) on disposal of non-current assets (34) 214 (10) 170 - 170
Additional other operating income and expenses 632 1,885 (131) 2,386 (5) 2,381
Share of profit (loss) in associates and joint ventures (59) (4) - (63) - (63)
EBITDA 11,931 2,349 442 14,722 246 14,968
Depreciation and amortisation
(3,727) (823) (405)
(4,955)
(149)
(5,104)
Impairment losses (2,402) (135) - (2,537) - (2,537)
Operating profit (loss) (EBIT) 5,802 1,391 37 7,230 97 7,327
Key ratios
Intangible assets and property, plant, and equipment 167,032 47,880 10,301 225,213 959 226,172
Equity investments and non-current receivables 2,909 131 186 3,226 513 3,739
Net working capital, capital expenditures (7,069) (318) (87) (7,474) - (7,474)
Net working capital, work in progress (1,239) - - (1,239) - (1,239)
Net working capital, tax equity (1,147) (11,446) - (12,593) - (12,593)
Net working capital, other items (2,017) (406) (956) (3,379) 881 (2,498)
Derivatives, net (5,986) (1,983) (108) (8,077) 66 (8,011)
Decommissioning obligations (10,435) (2,142) (2,684) (15,261) - (15,261)
Other provisions (2,604) - (756) (3,360) (2,238) (5,598)
Tax, net 6,819 (3,677) 1,750 4,892 (751) 4,141
Other receivables and other payables, net (6,558) 55 - (6,503) (658) (7,161)
Capital employed at 30 June 139,705 28,094 7,646 175,445 (1,228) 174,217
Return on capital employed (ROCE)
2
, % - - - - - 3.1
Cash flow from operating activities 4,465 1,716 1,782 7,963 1,161 9,124
Gross investments (16,731) (1,061) (484) (18,276) 15 (18,261)
Divestments (147) 9,656 (5) 9,504 (3) 9,501
Free cash flow (FCF) (12,413) 10,311 1,293 (809) 1,173 364
Consolidated financial statements
Interim Report First half-year 2026
27/50
2. Segment information (continued)
The column ’Other activities/eliminations’ primarily
covers the elimination of inter-segment transactions.
It also includes income and costs, assets and
liabilities, investment activity, taxes, etc., handled at
Group level.
1 Including the elimination of other activities, the
total elimination of intra-group revenue amounts to
DKK 2,394 million, which primarily relates to our
Shared Functions services as well as our B2B
business activities.
2 Last 12 months.
H1 2025 income statement
DKKm Offshore Onshore
Bioenergy
& Other
Reportable
segments
Other
activities/
eliminations Total
External revenue 27,193 1,451 9,232 37,876 (36) 37,840
Intra-group revenue 815 (1) (552) 262 (262)
1
-
Revenue 28,008 1,450 8,680 38,138 (298) 37,840
Cost of sales (14,866) (23) (6,432) (21,321) 23 (21,298)
Employee costs and other external expenses (5,374) (1,227) (1,381) (7,982) 660 (7,322)
Gain (loss) on disposal of non-current assets 2,703 599 - 3,302 - 3,302
Additional other operating income and expenses 1,108 1,894 (33) 2,969 (3) 2,966
Share of profit (loss) in associates and joint ventures 32 (6) 1 27 - 27
EBITDA 11,611 2,687 835 15,133 382 15,515
Depreciation and amortisation
(3,464) (1,058) (327)
(4,849)
(141)
(4,990)
Impairment losses
(724) 976 -
252
-
252
Operating profit (loss) (EBIT) 7,423 2,605 508 10,536 241 10,777
Key ratios
Intangible assets and property, plant, and equipment 139,509 58,199 9,235 206,943 1,088 208,031
Equity investments and non-current receivables 500 639 248 1,387 158 1,545
Net working capital, capital expenditures (7,599) (396) (16) (8,011) - (8,011)
Net working capital, work in progress 5,404 - - 5,404 - 5,404
Net working capital, tax equity (948) (12,960) - (13,908) - (13,908)
Net working capital, other items (1,690) 254 (1,092) (2,528) 1,244 (1,284)
Derivatives, net (4,608) (2,475) 16 (7,067) 1,787 (5,280)
Decommissioning obligations (9,545) (1,957) (2,229) (13,731) - (13,731)
Other provisions (3,378) - (323) (3,701) (1,583) (5,284)
Tax, net 5,968 (3,503) 145 2,610 79 2,689
Other receivables and other payables, net (4,550) (13) - (4,563) (1,051) (5,614)
Capital employed at 30 June 119,063 37,788 5,984 162,835 1,722 164,557
Return on capital employed (ROCE)
2
, % - - - - - 7.5
Cash flow from operating activities 1,496 322 1,209 3,027 4,793 7,820
Gross investments (21,225) (2,651) (1,040) (24,916) (37) (24,953)
Divestments 3,927 3,317 - 7,244 1 7,245
Free cash flow (FCF) (15,802) 988 169 (14,645) 4,757 (9,888)
Consolidated financial statements
Interim Report First half-year 2026
28/50
2. Segment information (continued)
The column ’Other activities/eliminations’ primarily
covers the elimination of inter-segment transactions.
It also includes income and costs, assets and
liabilities, investment activity, taxes, etc., handled at
Group level.
1 Including the elimination of other activities, the
total elimination of intra-group revenue amounts to
DKK 1,024 million (Q2 2025: 1,163 million), which
primarily relates to our Shared Functions services as
well as our B2B business activities.
Q2 2026, income statement and FCF
DKKm Offshore Onshore
Bioenergy
& Other
Reporting
segments
Other
activities/
eliminations Total
External revenue 15,741 563 4,344 20,648 - 20,648
Intra-group revenue 258 3 (219) 42 (42)
1
-
Revenue 15,999 566 4,125 20,690 (42) 20,648
Cost of sales (9,198) (11) (3,355) (12,564) 16 (12,548)
Employee costs and other external expenses (2,588) (538) (687) (3,813) 76 (3,737)
Gain (loss) on disposal of non-current assets 24 23 (5) 42 - 42
Additional other operating income and expenses 164 938 (66) 1,036 - 1,036
Share of profit (loss) in associates and joint ventures (18) - - (18) - (18)
EBITDA 4,383 978 12 5,373 50 5,423
Depreciation and amortisation (1,919) (421) (217) (2,557) (76) (2,633)
Impairment losses (1,187) 19 - (1,168) - (1,168)
Operating profit (loss) (EBIT) 1,277 576 (205) 1,648 (26) 1,622
Cash flow from operating activities (944) 1,619 (73) 602 1,985 2,587
Gross investments (9,302) (482) (321) (10,105) 20 (10,085)
Divestments (30) 8,785 - 8,755 (3) 8,752
Free cash flow (FCF) (10,276) 9,922 (394) (748) 2,002 1,254
Q2 2025, income statement and FCF
DKKm
External revenue 13,053 603 3,476 17,132 3 17,135
Intra-group revenue 318 1 (143) 176 (176)
1
-
Revenue 13,371 604 3,333 17,308 (173) 17,135
Cost of sales (8,881) 2 (2,461) (11,340) 48 (11,292)
Employee costs and other external expenses (2,625) (591) (764) (3,980) 193 (3,787)
Gain (loss) on disposal of non-current assets 2,783 295 - 3,078 - 3,078
Additional other operating income and expenses 649 888 (30) 1,507 - 1,507
Share of profit (loss) in associates and joint ventures 4 (1) - 3 - 3
EBITDA 5,301 1,197 78 6,576 68 6,644
Depreciation and amortisation (1,688) (512) (163) (2,363) (72) (2,435)
Impairment losses (500) 480 - (20) - (20)
Operating profit (loss) (EBIT) 3,113 1,165 (85) 4,193 (4) 4,189
Cash flow from operating activities 6,370 (47) 259 6,582 604 7,186
Gross investments (9,489) (1,240) (395) (11,124) (30) (11,154)
Divestments 3,822 434 - 4,256 2 4,258
Free cash flow (FCF) 703 (853) (136) (286) 576 290
Consolidated financial statements
Interim Report First half-year 2026
29/50
Revenue was DKK 48,268 million. The
increases in ‘Generation of power’ and ‘Sale of
power’ relative to the first half of 2025 were
primarily driven by commissioning of new
assets and higher wind speeds, which
contributed to higher generation. Higher
generation in Offshore also positively resulted
in higher revenue from ’Government grants’
compared to the first half of 2025.
Revenue from construction agreements was
DKK 10,192 million in H1 2026 and mainly
related to the construction of Hornsea 3 and
Greater Changhua 4 for partners. In H1 2025,
revenue from construction agreements was
DKK 3,606 million and mainly related to the
construction of Greater Changhua 4 for
partners.
3. Revenue
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
H1 2026
total Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
H1 2025
total
Generation of power 8,975 1,007 2,292 - 12,274 7,451 1,090 2,358 - 10,899
Sale of power 11,242 5 150 (36) 11,361 9,999 6 156 (18) 10,143
Revenue from construction of wind farms and transmission assets 10,192 - - - 10,192 3,606 - - - 3,606
Generation and sale of heat and steam - - 2,073 - 2,073 - - 2,018 - 2,018
Sale of gas - - 4,305 6 4,311 - - 3,599 - 3,599
Distribution and transmission - - 135 - 135 - - 149 (1) 148
O&M and other services 2,087 151 358 (75) 2,521 2,046 167 199 (279) 2,133
Total revenue from customers 32,496 1,163 9,313 (105) 42,867 23,102 1,263 8,479 (298) 32,546
Government grants 4,384 95 229 - 4,708 4,179 22 192 - 4,393
Miscellaneous revenue 404 194 95 - 693 727 165 9 - 901
Total revenue 37,284 1,452 9,637 (105) 48,268 28,008 1,450 8,680 (298) 37,840
Timing of revenue recognition from customers
At a point in time 13,457 1,163 2,225 (105) 16,740 12,120 1,263 2,053 (298) 15,138
Over time 19,039 - 7,088 - 26,127 10,982 - 6,426 - 17,408
Total revenue from customers 32,496 1,163 9,313 (105) 42,867 23,102 1,263 8,479 (298) 32,546
Consolidated financial statements
Interim Report First half-year 2026
30/50
3. Revenue (continued)
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
Q2 2026
total Offshore Onshore
Bioenergy &
Other
Other
activities/
eliminations
Q2 2025
total
Generation of power 3,527 271 959 - 4,757 2,793 432 776 -
4,001
Sale of power 5,959 5 (62) (21) 5,881
5,012 6 89 (10) 5,097
Revenue from construction of wind farms and transmission assets 3,895 - - - 3,895
2,167 - - - 2,167
Generation and sale of heat and steam - - 622 - 622
- - 647 - 647
Sale of gas - - 2,177 4 2,181 - - 1,612 (2) 1,610
Distribution and transmission - - 73 - 73
- - 81 (1) 80
O&M and other services 1,181 73 173 (25) 1,402 1,226 77 92 (160) 1,235
Total revenue from customers 14,562 349 3,942 (42) 18,811 11,198 515 3,297 (173) 14,837
Government grants 1,588 74 89 - 1,751 2,013 19 56 - 2,088
Miscellaneous revenue (151) 143 94 - 86 160 70 (20) - 210
Total revenue 15,999 566 4,125 (42) 20,648 13,371 604 3,333 (173) 17,135
Timing of revenue recognition from customers
At a point in time 4,954 349 900 (42) 6,161 3,568 515 509 (173) 4,419
Over time 9,608 - 3,042 - 12,650 7,630 - 2,788 - 10,418
Total revenue from customers 14,562 349 3,942 (42) 18,811 11,198 515 3,297 (173) 14,837
Consolidated financial statements
Interim Report First half-year 2026
31/50
4. Impairments
The base discount rate after tax applied for the
value-in-use calculation is determined per CGU.
Estimation uncertainty and sensitivity analyses
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
30 June 2026, the impairment loss would have been
DKK 0.5 billion higher.
Impairment losses on segment level
DKKm H1 2026 H1 2025 Q2 2026 Q2 2025
Offshore 2,402 724 1,187 500
Onshore 135 (976) (19) (480)
Bioenergy & Other - - - -
Total impairment losses 2,537 (252) 1,168 20
WACC levels
%
30 June
2026
30 June
2025
Base discount
rate applied
for the US 6.00 % - 7.00 % 5.75 % - 7.50 %
H1 2026 H1 2025 Q2 2026 Q2 2025
30 June
2026
30 June
2025
ITC bonus credits
assumed in impairment tests
Sensitivity impact
DKK billion
Cash-generating units
DKKm
Impairment
losses
(reversals)
Impairment
losses
(reversals)
Impairment
losses
(reversals)
Impairment
losses
(reversals)
Recoverable
amount
Recoverable
amount
ITC
bonus credits
Probability
weighting
No ITC
bonus credits
40 % ITC
bonus credits,
100 %
probability
+50 bps
WACC
-50 bps
WACC
Sunrise Wind 1,643 289 806 - 21,874 8,733 10 % 95 % (5.1) 0.3 (1.5) 1.7
Revolution Wind 513 (62) 253 - 11,333 7,968 10 % 95 % (1.4) 0.1 (0.5) 0.5
South Fork 221 (62) 116 - 2,817 2,680 n.a. n.a. n.a. n.a. (0.1) 0.1
Block Island 25 59 12 - 1,049 1,116 n.a. n.a. n.a. n.a. (0.0) 0.0
Hornsea 4 - 500 - 500 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Offshore 2,402 724 1,187 500 37,073 20,497
Onshore US 135 (976) (19) (480) 2,214 13,152 n.a. n.a. n.a. n.a. (0.2) 0.2
Onshore 135 (976) (19) (480) 2,214 13,152
Bioenergy & Other - - - - n.a. n.a.
Total 2,537 (252) 1,168 20 39,287 33,649
If we had not included the probability-weighted
additional 10 % ITC bonus credits in the impairment
test of e.g. Revolution Wind as of 30 June 2026, the
impairment loss would have been DKK 1.4 billion
higher.
Consolidated financial statements
Interim Report First half-year 2026
32/50
4. Impairments (continued)
H1 2026 impairment losses
In H1 2026, net impairment losses were
DKK 2.5 billion.
We have updated our impairment tests as of
30 June 2026, which has resulted in an
impairment loss of DKK 2.5 billion in H1 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 2.4
billion on our US offshore projects and an
impairment loss of DKK 0.1 billion on our US
onshore projects.
In H1 2025, we had a net impairment reversal
of DKK 0.3 billion. 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). The net reversal of
impairments on our US portfolio was partly
offset by an impairment loss of DKK 0.5
billion on the Hornsea 4 project, caused by
the decision to discontinue the project in its
current form.
Q2 2026 impairment losses
We have recognised net impairment losses of
DKK 1.2 billion in Q2 2026, primarily related
to our US offshore projects.
The net impairment loss was driven by an
increase in the long-dated US interest rate.
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 30 June 2026,
leading to higher WACC levels of approxi-
mately 50 basis points across our US portfo-
lio.
Tariffs in the US
The US Administration has implemented
several tariff measures as part of an ongoing
review of its trade policy.
Global tariffs
In 2025, the US Administration issued global
tariffs under the International Economic
Emergency Powers Act (IEEPA).
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 completed its
parliamentary process to finalise implementa-
tion of the agreement in July 2026.
The IEEPA tariffs were deemed unlawful in
February 2026 by the US Supreme Court. In
response to this decision, the US Administra-
tion issued a new global 10 % tariff under
section 122 of the Trade Expansion Act, which
expired on 24 July 2026. Litigation about the
legality of the now expired 10 % tariff under
section 122 remains ongoing.
On 23 July 2026, the US Administration
imposed a 10 % or 12.5 % tariff under section
301 regarding forced labor on 60 trading
partners (including EU). Further investigations
by the Administration regarding alleged
manufacturing overcapacity are expected to
conclude in Q4 2026.
Metal tariffs
In 2025, tariffs on metals (steel, copper, and
aluminium) were increased 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.
Tariff impacts
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 H1 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 qualify for the 10 % ITC bonus
credits. ITC qualification and subsequent
monetisation remain uncertain. We have
included sensitivity analyses of impairment
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 half-year 2026
33/50
5. Other operating income and expenses
Other operating income
In H1 2026, ‘Gain on divestment of assets’
primarily related to the sale of onshore
development projects and land in the US. In
H1 2025, ’Gain on divestment of assets’
primarily related to the farm-down of West of
Duddon Sands.
The development in ‘US tax credits and tax
attributes’ was driven by completion of addi-
tional capacity, which was offset by partial
divestments of onshore assets, leading to
income from tax attributes being in line with
H1 2025.
‘Compensations’ in H1 2026 primarily related
to availability compensation mechanisms
across APAC and the US. ‘Compensations’ in
H1 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 H1 2026, ‘Interest expenses, net’ was a net
income, compared with a net expense in
H1 2025. This change was mainly driven by
updates to our uncertain tax positions, higher
capitalised interest expenses, and increased
income on bonds.
The loss in ‘Value adjustments of derivatives,
net’ in H1 2025 was mostly due to losses in
NTD interest rate swaps used as economic
hedge for Greater Changhua 2, which were
closed out in 2025.
The loss recognised in ‘Exchange rate
adjustments including currency derivatives,
net’ in H1 2026 (compared with a gain in
H1 2025) was mainly driven by movements in
the GBP/DKK exchange rate.
In H1 2026, GBP strengthened against DKK,
which led to an exchange rate loss in the
parent company on intercompany balances
with holding companies that have GBP as
their functional currency. In H1 2025, GBP
weakened against DKK, resulting in the
opposite effect.
Other operating income
DKKm H1 2026 H1 2025 Q2 2026 Q2 2025
Gain on divestment of assets 403 3,438 214 3,135
US tax credits and tax attributes 1,896 1,883 962 877
Compensations 396 702 47 251
Miscellaneous operating income 301 178 157 74
Total other operating income 2,996 6,201 1,380 4,337
Other operating expenses
DKKm H1 2026 H1 2025 Q2 2026 Q2 2025
Ineffective hedges (25) 196 21 238
Loss on divestment of assets 233 136 172 57
Miscellaneous operating expenses 237 (399) 109 (543)
Total other operating expenses 445 (67) 302 (248)
Net financial income and expenses
DKKm H1 2026 H1 2025 Q2 2026 Q2 2025
Interest expenses, net 500 (916) 162 (441)
Interest expenses, leasing (204) (145) (111) (72)
Interest element of provisions, etc. (843) (687) (531) (363)
Tax equity partners' contractual return (505) (578) (256) (274)
Value adjustments of derivatives, net 11 (459) (19) (321)
Capital gains/losses on securities at market
value, net 150 (10) 302 58
Exchange rate adjustments including currency
derivatives, net (456) 906 (307) 1,079
Other financial income and expenses 7 (9) 11 3
Net financial income and expenses (1,340) (1,898) (749) (331)
Consolidated financial statements
Interim Report First half-year 2026
34/50
8. Reserves7. 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 2,570 - 2,570
Value adjustments - (2,936) (2,936)
Value adjustments transferred to:
Revenue - 303 303
Other operating income - gain on divestment of assets (10) 129 119
Other operating expenses - (25) (25)
Financial income and expenses - 9 9
Tax:
Tax on hedging and currency adjustments (166) 703 537
Movement in comprehensive income for the period 2,394 (1,817) 577
Cash flow hedging of property, plant, and equipment
under construction, net tax - (84) (84)
Total reserves including tax at 30 June (1,742) (6,929) (8,671)
Total reserves excluding tax at 30 June (2,261) (8,861) (11,122)
Reserves 2025
DKKm
Reserves at 1 January 4,812 (9,976) (5,164)
Exchange rate adjustments (7,548) - (7,548)
Value adjustments - 4,623 4,623
Value adjustments transferred to:
Revenue - 607 607
Other operating expenses - 152 152
Financial income and expenses - 5 5
Tax:
Tax on hedging and currency adjustments 351 (1,141) (790)
Movement in comprehensive income for the period (7,197) 4,246 (2,951)
Cash flow hedging of property, plant, and equipment
under construction, net tax - 58 58
Total reserves including tax at 30 June (2,385) (5,672) (8,057)
Total reserves excluding tax at 30 June (2,751) (7,119) (9,870)
Gross and net investments
DKKm H1 2026 H1 2025 Q2 2026 Q2 2025
Cash flows from investing activities (30,514) (16,101) (10,525) (4,412)
Dividends received and capital reductions
reversed (8) (34) (8) (34)
Purchase and sale of securities, reversed 21,694 (1,859) 9,080 (2,411)
Loans to associates and joint ventures, reversed 18 51 6 28
Sale of non-current assets, reversed (9,451) (7,010) (8,638) (4,325)
Gross investments (18,261) (24,953) (10,085) (11,154)
Transactions with non-controlling interests in
connection with divestments and acquisitions 50 235 114 (67)
Sale of non-current assets 9,451 7,010 8,638 4,325
Divestments 9,501 7,245 8,752 4,258
Net investments (8,760) (17,708) (1,333) (6,896)
Consolidated financial statements
Interim Report First half-year 2026
35/50
9. Assets classified as held for sale
In April 2026, we completed the divestment
of our European onshore business, which was
classified as held for sale at 31 December
2025.
Assets classified as held for sale, DKKm
30 June
2026
31 December
2025
30 June
2025
Intangible assets - 418 -
Property, plant, and equipment - 9,237 -
Investments in associates - 497 -
Deferred tax - 45 -
Trade receivables - (5) -
Other receivables - 411 -
Income tax - 6 -
Total assets classified as held for sale - 10,609 -
Deferred tax - 798 -
Provisions - 115 -
Lease liabilities - 399 -
Contract liabilities - 6 -
Trade payables - 425 -
Other payables - 92 -
Income tax - 36 -
Total liabilities relating to assets classified as held for sale - 1,871 -
Net assets classified as held for sale - 8,738 -
Interim Report First half-year 2026
36/50
Consolidated financial statements
Tax on profit (loss) for the period
Tax on profit (loss) was DKK 2,627 million for
the first half of 2026 compared to DKK 870
million for the first half of 2025.
Effective tax rate
The effective tax rate for the first half 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
Effective tax rate
The effective tax rate for the first half of 2026
was 44 %. The effective tax rate was primari-
ly affected by:
-
the recognition of a deferred tax liability in
the US related to tax equity contributions
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).
Approach to taxes
Tax controversies
In accordance with our annual consolidated
financial statements as of 31 December
2025, we expect the disputes concerning
Hornsea 1 and Walney Extension to be
resolved through arbitration during 2026.
for Revolution Wind and the battery
storage system at Old 300 BESS and
Badger Wind
-
the non-recognition of deferred tax assets
related to the impairment losses on our US
portfolio.
H1 2026 H1 2025
Tax for the period
DKKm
Profit (loss)
before tax Tax Tax in %
Profit (loss)
before tax Tax Tax in %
Tax equity, deferred tax liability - (917) n.a. - 80 n.a.
Gain (loss) on divestment of enterprises and assets 181 - n.a. 3,136 622 (20 %)
Impairment for the period (2,537) 417 16 % 252 66 (26 %)
Cancellation fees for the period - - n.a. (1,531) (327) (21 %)
Other adjustments - (96) n.a. - 325 n.a.
Remaining business 8,291 (2,031) 24 % 7,251 (1,636) 23 %
Effective tax for the period 5,935 (2,627) 44 % 9,108 (870) 10 %
Q2 2026 Q2 2025
Tax for the period
DKKm
Profit (loss)
before tax Tax Tax in %
Profit (loss)
before tax Tax Tax in %
Tax equity, deferred tax liability - (54) n.a. - 47 n.a.
Gain (loss) on divestment of enterprises and assets 181 - n.a. 2,832 - n.a.
Impairment for the period (1,168) 205 18 % (20) - n.a.
Cancellation fees for the period - - n.a. (1,531) (327) (21 %)
Other adjustments - 181 n.a. - 248 n.a.
Remaining business 1,835 (493) 27 % 2,708 (606) 22 %
Effective tax for the period 848 (161) 19 % 3,989 (638) 16 %
Consolidated financial statements
Interim Report First half-year 2026
37/50
41.0
24.5
10.0
10.5
8.7
2.9
GBP
USD
NTD
Before hedging After hedging
←
In Q2 2026, we have adjusted our
active risk management horizon for
currency exposures from five to
three years.
We do not deem EUR to constitute a
risk, as we expect Denmark to
maintain its fixed exchange-rate
policy.
36.8
1.9
-1.1
14.3
1.7
-0.1
Power Spread (power) Gas and oil
Before hedging After hedging
←
The exposures are based on market
prices as of 30 June 2026.
Energy exposure 1 July 2026 – 31 December 2028
DKKbn
Currency exposure 1 July 2026 – 30 June 2029
DKKbn
11. Market risks
←
As of 30 June 2026, the pre-tax loss
of the hedging reserve was DKK 8.9
billion, of which DKK 7.8 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.
-1.0
-1.2
-4.8
Q3-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 half-year 2026
38/50
tions of parameters and calculation models, it
is our policy to determine fair value based on
the external information that most accurately
reflects the market values. We use 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-
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 distribute the
projects’ underlying operating cash flows
asymmetrically throughout the different
stages of operational lifetime 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
All assets and liabilities measured at market value are measured on a recurring basis.
Fair value hierarchy of financial
instruments
DKKm
Quoted prices
(level 1)
Observable
input
(level 2)
Non-
observable
input
(level 3)
30 June
2026
Quoted prices
(level 1)
Observable
input
(level 2)
Non-
observable
input
(level 3)
30 June
2025
Assets:
Receivables from divestment of assets - - 3,961 3,961 - - - -
Total other receivables - - 3,961 3,961 - - - -
Gas inventory 1,267 - - 1,267 1,348 - - 1,348
Total inventory 1,267 - - 1,267 1,348 - - 1,348
Bonds - 60,105 - 60,105 - 12,718 - 12,718
Total securities - 60,105 - 60,105 - 12,718 - 12,718
Energy derivatives 1,432 472 847 2,751 1,566 598 1,099 3,263
Currency derivatives - 966 - 966 - 2,316 - 2,316
Interest and inflation derivatives - 362 - 362 - 236 - 236
Total derivative assets 1,432 1,800 847 4,079 1,566 3,150 1,099 5,815
Liabilities:
Energy derivatives 1,734 1,050 4,869 7,653 958 421 5,032 6,411
Currency derivatives - 1,665 - 1,665 - 1,127 - 1,127
Interest and inflation derivatives - 2,772 - 2,772 - 3,407 - 3,407
Commodity derivatives - - - - - 150 - 150
Total derivative liabilities 1,734 5,487 4,869 12,090 958 5,105 5,032 11,095
Consolidated financial statements
Interim Report First half-year 2026
39/50
12. Fair value measurement (continued)
actual production, and the power prices
available in the market are based on constant
production (flat profile), we take into account
that our expected production is not constant,
and thus our PPAs will not be settled against a
flat profile price. For the majority of our
markets, the flat profile power price can be
observed for a maximum of four to six years in
the market, after which an active market no
longer exists.
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
flows are 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
or decrease in the discount rate would result in
a decrease/increase of DKK 1,354 million/
DKK 1,458 million, respectively, 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 future periods to
which the market value relates. This effecti-
vely increases or decreases the revenue from
the contract price to the forward price at the
closing date.
In H1 2026, we have recognised an income of
DKK 34 million related to the initial fair value
from PPAs. The total amount of initial fair
value as of 30 June 2026 amounts to a loss of
DKK 712 million, which will be recognised as
revenue in future periods.
The table shows the significant unobservable inputs used in the fair value measurements categorised
as level 3 of the fair value hierarchy together with a sensitivity analysis as of 30 June 2026.
If intermittency-adjusted power prices in Germany as of 30 June 2026 decreased or increased by 25 %,
the market value would increase or decrease by DKK 1,657 million or DKK 1,661 million, respectively.
Derivatives valued on the basis of non-observable inputs
DKKm 2026 2025
Market value at 1 January (791) (5,156)
Value adjustments through profit or loss 18 108
Value adjustments through other comprehensive income 204 488
Sales/redemptions 270 276
Purchases/issues 105 230
Transferred to quoted prices and observable input 133 121
Market value at 30 June (61) (3,933)
Non-observable inputs per commodity price
DKKm 2026 2025
US ERCOT power prices (1,929) (2,580)
German power prices (2,052) (1,383)
US MISO power prices (171) 26
Other power prices 136 (34)
Gas prices (6) 38
Total (4,022) (3,933)
Receivable from divestment of assets 3,961 -
Net market value at 30 June (61) (3,933)
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) 233 44 879 (1,965) 2,291
Germany (2026—2036) 470 318 763 (1,661) 1,657
US MISO (2026—2041) 292 151 638 (321) 504
US SPP (2026—2035) 293 53 838 (729) 874
Consolidated financial statements
Interim Report First half-year 2026
40/50
Interest-bearing net debt totalled DKK 21,960 million at 30 June 2026, an increase of DKK 2,982
million relative to 31 December 2025. The main changes in the composition of our net debt
compared to 31 December 2025 was decrease in bond and bank debt of DKK 7,729 million, an
increase in securities of DKK 21,788 million, and a decrease in cash of DKK 32,938 million.
At 30 June 2026, the market values of bond and bank debts were DKK 61.9 billion and
DKK 24.5 billion, respectively.
13. Interest-bearing debt and FFO
Interest-bearing debt and interest-bearing assets
DKKm
30 June
2026
31 December
2025
30 June
2025
Interest-bearing debt:
Bond debt 65,665 70,320 71,126
Bank debt 25,468 28,542 11,622
Total bond and bank debt 91,133 98,862 82,748
Tax equity liability 2,088 1,848 1,536
Lease liability 10,273 8,995 8,107
Other interest-bearing debt:
Debt in connection with divestments 3,123 2,979 2,893
Debt from receiving collateral under credit support annexes 241 650 596
Other interest-bearing debt 172 370 120
Total interest-bearing debt 107,030 113,704 96,000
Interest-bearing assets:
Securities 60,105 38,317 12,718
Cash 20,510 53,448 12,004
Receivables from associates and joint ventures 164 258 248
Cash, not available for use 233 219 398
Other receivables:
Receivables from placing collateral under credit support
annexes 3,406 1,803 2,744
Receivables in connection with divestments 652 681 751
Total interest-bearing assets 85,070 94,726 28,863
Total net interest-bearing debt 21,960 18,978 67,137
Funds from operations (FFO) LTM
1
DKKm
30 June
2026
31 December
2025
30 June
2025
EBITDA 21,901 22,448 33,416
Change in provisions and other adjustments 736 2,000 (6,929)
Change in derivatives 1,417 (488) (1,340)
Variation margin (add back) (515) 215 301
Reversal of gain (loss) on divestment of assets 4,096 964 (3,491)
Income tax paid (5,875) (4,899) (5,250)
Interest and similar items, received/paid (2,134) (3,247) (1,157)
Reversal of interest expenses transferred to assets (2,776) (2,378) (1,735)
50 % of coupon payments on hybrid capital (354) (357) (338)
Dividends paid to minority interests (1,423) (2,011) (1,272)
Dividends received and capital reductions 54 81 61
Funds from operations (FFO) 15,127 12,328 12,266
1 Last 12 months.
Adjusted interest-bearing net debt
DKKm
30 June
2026
31 December
2025
30 June
2025
Total interest-bearing net debt 21,960 18,978 67,137
50 % of hybrid capital 10,477 10,477 10,477
Other interest-bearing debt, add back (3,536) (3,999) (3,609)
Other interest-bearing receivables, add back 4,058 2,484 3,495
Cash and securities not available for distribution,
excluding repo loans 972 791 959
Total adjusted interest-bearing net debt 33,931 28,731 78,459
Funds from operations (FFO)/
adjusted interest-bearing net debt, %
30 June
2026
31 December
2025
30 June
2025
Funds from operations (FFO)/
adjusted interest-bearing net debt 44.6 % 42.9 % 15.6 %
41/50
Sustainability statements
Interim Report
First half-year 2026
Sustainability statements
First half-year 2026
1 January – 30 June
42/50
Sustainability statements
Interim Report
First half-year 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
understanding of either our interim financial or
sustainability performance.
All greenhouse gas data (scopes 1–3) is re-
ported based on the Greenhouse Gas Proto-
col.
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
43/50
Sustainability statements
Interim Report
First half-year 2026
Renewable capacity
Business drivers
Renewable capacity
In Q2 2026, our installed renewable capacity
and decided (FID’ed) renewable capacity de-
creased by 392 MW and 248 MW, respective-
ly, due to the divestment of our European
onshore business.
Installed capacity decreased by 392 MW due
to the divestment of our European onshore
business. Part of the divested portfolio con-
sisted of assets that were already operation-
al when we acquired them. As these were not
commissioned by us, they are removed from
installed capacity upon divestment. Assets
we developed and commissioned ourselves
remain included, ensuring installed capacity
continues to reflect the capacity we have
brought into operation.
The 248 MW reduction in decided (FID’ed)
onshore capacity was also the result of the
divestment of our European onshore business,
as the capacity does not continue as part of
our pipeline after divestment.
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).
Renewable capacity
MW
H1 2026 Q1 2026
Δ
H1 2026 H1 2025
Δ
2025
Installed renewable capacity
18,373 18,765 (392) 18,373 18,473 (100) 18,505
Offshore, wind power
10,156 10,156 - 10,156 10,156 - 10,156
Onshore
6,162 6,554 (392) 6,162 6,242 (80) 6,294
Wind power
3,665 4,053 (388) 3,665 3,776 (111) 3,793
Solar PV power
1
2,137 2,141 (4) 2,137 2,126 11 2,141
Battery storage
360 360 - 360 340 20 360
Bioenergy
2
2,055 2,055 - 2,055 2,075 (20) 2,055
Decided (FID'ed) renewable capacity
8,381 8,629 (248) 8,381 8,894 (513) 8,888
Offshore
8,111 8,111 - 8,111 8,111 - 8,111
Wind power
7,811 7,811 - 7,811 7,811 - 7,811
Battery storage
300 300 - 300 300 - 300
Onshore
250 498 (248) 250 783 (533) 757
Wind power
- 105 (105) - 381 (381) 364
Solar PV power
1
- 143 (143) - 152 (152) 143
Battery storage
250 250 - 250 250 - 250
Bioenergy, battery storage
20 20 - 20 - 20 20
Sum of installed and FID'ed renewable capacity
26,754 27,394 (640) 26,754 27,367 (613) 27,393
Awarded offshore wind capacity
2,155 2,155 - 2,155 3,655 (1,500) 2,155
44/50
Sustainability statements
Interim Report
First half-year 2026
Generation capacity
Business drivers
Generation capacity
Offshore wind generation capacity increased
by 396 MW in Q2 2026 due to ramp-up of
capacity at our offshore wind farms Greater
Changhua 4 in Taiwan, Revolution Wind in
the US, and Borkum Riffgrund 3 in Germany.
The divestment of our European onshore busi-
ness reduced onshore wind and solar PV ge-
neration capacity by 522 MW and 29 MW,
respectively, in Q2 2026.
Generation capacity
MW H1 2026 Q1 2026
Δ
H1 2026 H1 2025
Δ
2025
Power generation capacity
12,948 13,103 (155) 12,948 12,853 95 12,911
Offshore wind
5,918 5,522 396 5,918 5,435 483 5,462
Denmark
561 561 - 561 561 - 561
The UK
3,005 3,005 - 3,005 3,005 - 3,005
Germany
871 810 61 871 799 72 799
The Netherlands
376 376 - 376 376 - 376
Taiwan
877 674 203 877 598 279 625
The US
228 96 132 228 96 132 96
Onshore wind
3,347 3,869 (522) 3,347 3,720 (373) 3,737
The US
3,347 3,347 - 3,347 3,215 132 3,215
Ireland
- 351 (351) - 351 (351) 351
The UK
- 78 (78) - 78 (78) 78
Germany
- 93 (93) - 76 (76) 93
Solar PV
1,586 1,615 (29) 1,586 1,601 (15) 1,615
The US
1,586 1,586 - 1,586 1,586 - 1,586
Germany
- 29 (29) - 15 (15) 29
Thermal, Denmark (CHP plants)
2,097 2,097 - 2,097 2,097 - 2,097
Heat generation capacity, thermal
2,864 2,864 - 2,864 2,864 - 2,864
Based on biomass
2,032 2,032 - 2,032 2,032 - 2,032
Based on natural gas
1,574 1,574 - 1,574 1,574 - 1,574
Heat generation capacity, electric
249 249 - 249 249 - 249
Power generation capacity, thermal
2,097 2,097 - 2,097 2,097 - 2,097
Based on biomass
1,232 1,232 - 1,232 1,232 - 1,232
Based on natural gas
882 882 - 882 882 - 882
Based on oil
474 474 - 474 474 - 474
1 Fuel-specific thermal heat and power generation
capacities measure the maximum capacity using the
specified fuel as primary fuel at the multi-fuel plants.
They cannot be added to total thermal capacity, as
they are defined individually for each fuel type for
our multi-fuel plants. All fuels cannot be used at the
same time. Therefore, the total sum amounts to
more than 100 %.
45/50
Sustainability statements
Interim Report
First half-year 2026
Energy generation and sales
Business drivers
Energy sales
Gas sales increased by 14 % in H1 2026
compared to H1 2025. This was primarily
driven by higher natural gas offtake from the
Danish North Sea, with subsequent higher
volumes sold to wholesale customers, on
gas hubs, and to B2B customers.
Power sales in H1 2026 were 22 % higher
than in H1 2025, driven by higher wholesale
volumes from offshore wind generation. The
higher generation was mainly driven by a
combination of higher wind speeds and
ramp-up of generation from our German
wind farm Borkum Riffgrund 3.
due to higher heat demand during H1 2026
compared to H1 2025.
The share of generation from renewable
sources remained at 99 % in H1 2026.
speeds. Additionally, ramp-up of generation
from our offshore wind farms Borkum
Riffgrund 3 in Germany and Greater Chang-
hua 4 in Taiwan contributed to the increase in
H1 2026.
Heat generation increased by 11 %, mainly
Energy generation
Power generation increased by 13 % in H1
2026 compared to H1 2025. The increase
was primarily driven by higher generation
from our offshore wind farms in the UK and
Germany, resulting mainly from higher wind
Energy generation and sales
GWh Q2 2026 Q2 2025
Δ
H1 2026 H1 2025
Δ
2025
Power generation
9,184 8,125 13 % 21,913 19,369 13 % 38,804
Offshore wind
4,264 3,646 17 % 11,183 9,116 23 % 19,687
Denmark
353 345 2 % 1,017 910 12 % 1,973
The UK
2,289 2,100 9 % 5,999 5,119 17 % 11,131
Germany
607 417 46 % 1,716 1,040 65 % 2,519
The Netherlands
243 270 (10 %) 639 546 17 % 1,234
Taiwan
651 413 58 % 1,589 1,292 23 % 2,471
The US
121 101 20 % 223 209 7 % 359
Onshore wind
3,207 2,964 8 % 6,838 6,489 5 % 11,979
The US
3,114 2,746 13 % 6,383 5,954 7 % 10,874
Europe (divested Q2 2026)
93 218 (57 %) 455 535 (15 %) 1,105
Solar PV
1,009 1,038 (3 %) 1,798 1,807 (0 %) 3,503
The US
1,007 1,034 (3 %) 1,791 1,801 (1 %) 3,489
Europe (divested Q2 2026)
2 4 (50 %) 7 6 17 % 14
Thermal
704 477 48 % 2,094 1,957 7 % 3,635
Heat generation
867 707 23 % 4,377 3,931 11 % 6,414
Total heat and power generation
10,051 8,832 14 % 26,290 23,300 13 % 45,218
Energy generation from renewable sources, %
100 100 0 %p 99 99 0 %p 99
Gas sales
6,358 5,798 10 % 12,657 11,078 14 % 21,528
Power sales
4,074 3,686 11 % 10,383 8,502 22 % 19,244
Power sold to end customers
611 585 4 % 1,297 1,217 7 % 2,475
Power wholesale
3,463 3,101 12 % 9,086 7,285 25 % 16,769
46/50
Sustainability statements
Interim Report
First half-year 2026
Energy consumption
Climate change
The share of renewable energy consumption
decreased by 2 percentage points to 93 % in
H1 2026 as a result of the increased fuel con-
sumed from natural gas in Q1 2026.
TT
Total energy consumption from non-
renewable sources increased by 49 % in H1
2026 compared to H1 2025. The increase
was driven by higher consumption of natural
gas, mainly resulting from cold weather and
higher heat demand during the first quarter of
2026 compared to the same period last year.
The increase in the consumption of natural
gas was slightly offset by lower consumption
of oil to deliver ancillary services.
Energy consumption
Total energy consumption increased by 10 %
in H1 2026 compared to H1 2025, mainly
driven by an increase in consumption from
renewable sources.
The 8 % increase in renewable energy con-
sumption was primarily due to higher use of
biomass in thermal heat and power genera-
tion in Q2 2026, resulting from favourable
power sale prices and overall higher power
generation.
Energy consumption
MWh Q2 2026 Q2 2025
Δ
H1 2026 H1 2025
Δ
2025
Total energy consumption from non-renewable sources
134,148 131,792 2 % 579,589 388,659 49 % 735,822
Non-renewable fuels used in thermal heat and power generation
77,711 76,537 2 % 473,890 286,832 65 % 532,585
Fuel consumed from natural gas
50,028 29,330 71 % 409,957 195,104 110 % 385,077
Fuel consumed from crude oil and petroleum products
27,683 47,207 (41 %) 63,933 91,728 (30 %) 147,508
Other fossil sources (oil, gas, and diesel for vessels and vehicles)
55,283 54,243 2 % 102,737 98,860 4 % 198,276
Consumption of purchased or acquired heat from fossil sources
1,154 1,012 14 % 2,962 2,967 (0 %) 4,961
Total energy consumption from renewable sources
2,426,580 1,757,923 38 % 7,730,750 7,146,646 8 % 12,759,783
Renewable fuels used in thermal heat and power generation
2,316,358 1,614,183 44 % 7,468,090 6,933,937 8 % 12,348,871
Consumption of purchased or acquired electricity and heat from renewable sources
110,222 143,740 (23 %) 262,660 212,709 23 % 410,912
Total energy consumption
2,560,728 1,889,715 36 % 8,310,339 7,535,305 10 % 13,495,605
Share of non-renewable energy consumption, %
5 7 (2 %p) 7 5 2 %p 5
Share of renewable energy consumption, %
95 93 2 %p 93 95 (2 %p) 95
47/50
Sustainability statements
Interim Report
First half-year 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.
60 g CO
2
e/kWh in H1 2026 compared to 65 g
CO
2
e/kWh in H1 2025.
Greenhouse gas (GHG) emissions
Climate change
continued construction progress on our off-
shore wind projects. The increase was partly
offset by lower emissions from power sales
(category 3), driven by a decline in the annu-
ally updated emission factor applied to pow-
er sold to end customers without renewable
energy certificates.
Emissions from the use of sold products
(category 11) remained at a similar level as in
H1 2025, as higher emissions from natural gas
sales were offset by the absence of emissions
GHG emissions (scopes 1–3)
Direct scope 1 greenhouse gas (GHG) emis-
sions increased by 40 % in H1 2026 compared
to H1 2025. The increase was mainly driven
by higher natural gas consumption for energy
generation at our power stations during Q1
2026.
Total indirect scope 3 GHG emissions were on
the same level in H1 2026 as in H1 2025.
Emissions from construction activities
(category 2) increased by 32 %, reflecting
from coal sales following the cessation of
coal-fired generation activities.
GHG emissions intensities
Our scope 1 and 2 greenhouse gas intensity
increased to 5 g CO
2
e/kWh in H1 2026 from
4 g CO
2
e/kWh in H1 2025, driven by higher
scope 1 emissions. The effect was partly off-
set by higher heat and power generation.
Our scope 1–3 GHG emissions intensity
(excluding category 11) decreased by 8 % to
GHG emissions and intensities Q2 2026 Q2 2025
Δ
H1 2026 H1 2025
Δ
2025
Direct GHG emissions (scope 1)
35,394 35,299 0 % 136,569 97,558 40 % 184,732
Indirect GHG emissions (scope 2), location-based
11,278 15,250 (26 %) 22,851 22,092 3 % 53,100
Indirect GHG emissions (scope 2), market-based
1
240 158 52 % 528 439 20 % 736
Indirect GHG emissions (scope 3)
2,095,295 2,421,916 (13 %) 4,341,224 4,343,546 (0 %) 8,812,092
Category 2: capital goods
338,947 294,866 15 % 689,544 521,281 32 % 1,194,188
Category 3: fuel- and energy-related activities
161,457 262,626 (39 %) 538,757 638,289 (16 %) 1,206,785
Category 11: use of sold products
1,474,550 1,718,862 (14 %) 2,894,401 2,933,693 (1 %) 5,888,911
Other categories
120,341 145,562 (17 %) 218,522 250,283 (13 %) 522,208
Total GHG emissions (location-based)
2,141,967 2,472,465 (13 %) 4,500,644 4,463,196 1 % 9,049,924
Total GHG emissions (market-based)
2,130,929 2,457,373 (13 %) 4,478,321 4,441,543 1 % 8,997,560
Scopes 1, 2, and 3 (excl. category 11)
656,379 738,511 (11 %) 1,583,920 1,507,850 5 % 3,108,649
Scope 3 (excl. category 11)
620,745 703,054 (12 %) 1,446,823 1,409,853 3 % 2,923,181
GHG emissions intensity, energy generation
GHG emissions intensity (scopes 1 and 2)
2
, g CO
2
e/kWh 4 4
0 % 5 4
25 %
4
GHG emissions intensity (scopes 1, 2, and 3)
2, 3
, g CO
2
e/kWh 65 84 (23 %) 60 65 (8 %) 69
48/50
Sustainability statements
Interim Report
First half-year 2026
Taxonomy-aligned revenue (turnover)
Our taxonomy-aligned share of revenue in H1
2026 remained at 88 %.
Taxonomy-aligned CAPEX
Our taxonomy-aligned share of CAPEX in H1
2026 was 99 %, which is unchanged from H1
2025.
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
% H1 2026 H1 2025
Δ
2025
Taxonomy-aligned revenue (turnover)
88 88 0 %p 88
Electricity generation from solar PV (4.1) and storage of electricity (4.10)
1.0 1 0 %p 1
Electricity generation from wind power (4.3)
77 75 2 %p 75
Cogeneration of heat and power from bioenergy (4.20)
10
12
(2 %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)
11 12 (1 %p) 12
Gas (sales)
9 10 (1 %p) 9
Oil (generation and distribution)
0 0 0 %p 1
Other activities
1
2 2 0 %p 2
Taxonomy-aligned CAPEX
2
99 99 0 %p 99
49/50
Sustainability statements
Interim Report
First half-year 2026
We continue to focus strongly on safety, par-
ticularly on compliance with Ørsted’s life-
saving rules, to reduce the number of inci-
dents, especially those with high-risk poten-
tial.
catering supplier at one of our power stations.
In addition, the reduction of office employees
following our organisational adjustments
impacts TRIR for own employees as the share
of frontline activities with increased risk of
incidents in comparison to office work increas-
es.
Safety
In H1 2026, our total recordable injury rate
(TRIR) increased by 15 % to 3.1 compared to
H1 2025. The lost-time injury frequency (LTIF)
increased from 1.7 to 1.9 in H1 2026 com-
pared to H1 2025.
The number of total recordable injuries (TRIs)
for own employees increased by 100 % to
20 TRIs in H1 2026 compared to H1 2025;
however, five of the ten TRIs occurred in rela-
tion to the same case of Norovirus food poi-
soning from salad delivered from an external
People
The total number of employees was 12 %
lower at the end of H1 2026 compared to H1
2025, and our total employee turnover in-
creased by 3.5 percentage points compared
to H1 2025. The reduction in the number of
employees and the increase in total turnover
rate was related to continued organisational
adjustments.
Our voluntary employee turnover rate re-
mains at the low level of 6.5 % in H1 2026,
which reflects global employment trends.
1 Headcount distribution in other countries in H1 2026: Korea (19), Vietnam (7), Singapore (5),
Sweden (3), and Norway (2).
People and safety
Own workforce
People H1 2026 H1 2025
Δ
2025
Total number of employees, head count
7,322 8,331 (12 %) 8,005
Denmark
3,444 3,793 (9 %) 3,702
The UK
1,151 1,295 (11 %) 1,261
Malaysia
658 813 (19 %) 707
Poland
764 814 (6 %) 827
The US
636 750 (15 %) 645
Germany
312 389 (20 %) 400
Taiwan
207 206 0 % 204
The Netherlands
105 106 (1 %) 107
Ireland
9 107 (92 %) 106
Other
1
36 58 (38 %) 46
Total number of employees, FTE
7,228 8,203 (12 %) 7,896
Turnover, %
Total employee turnover rate 16.9 13.4 3.5 %p 15.3
Voluntary employee turnover rate
6.5 7.0 (0.5 %p) 6.1
Safety H1 2026 H1 2025
Δ
2025
Total recordable injuries (TRIs), number
52 47 11 % 96
Own employees
20 10 100 % 20
Contractor employees
32 37 (14 %) 76
Lost-time injuries (LTIs), number
32 30 7 % 48
Own employees
11 8 38 % 13
Contractor employees
21 22 (5 %) 35
Hours worked, million hours
16.9 17.6 (4 %) 37.9
Own employees
6.3 6.9 (9 %) 13.6
Contractor employees
10.6 10.7 (1 %) 24.3
Total recordable injury rate, TRIR
3.1 2.7 15 % 2.5
Own employees
3.2 1.5 113 % 1.5
Contractor employees
3.0 3.5 (14 %) 3.1
Lost-time injury frequency, LTIF
1.9 1.7 12 % 1.3
Own employees
1.7 1.2 42 % 1.0
Contractor employees
2.0 2.1 (5 %) 1.4
TRIR 12M rolling
2.7 3.0 (10 %) 2.5
LTIF 12M rolling
1.3 1.8 (28 %) 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
Consolidated financial statements
Interim report First half-year 2026
50/50
*Employee-elected board member
Executive Board:
Board of Directors:
Statement by the Executive Board
and the Board of Directors
19/50
Management’s review
Interim report First half-year 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
Borkum Riffgrund 3, Germany
Publication
13 August 2026