Orsted, the leading renewable energy company, reported a 39 percent increase in revenue to DKK 69.45 billion during the first nine months of 2026, compared with DKK 50.11 billion in the corresponding period of 2025, supported by higher offshore wind revenue, power sales and construction agreements.
In the third quarter of 2026, Orsted generated revenue of DKK 21.18 billion, representing a 73 percent increase from DKK 12.27 billion a year earlier. The company benefited from expanding offshore wind projects in Europe, Taiwan and the United States, alongside increased revenue from construction contracts.
Orsted invested DKK 28.53 billion during the first nine months of 2026, including DKK 26.29 billion in offshore wind projects. The company has revised its full-year gross investment guidance to DKK 45–50 billion, compared with its previous forecast of DKK 50–55 billion, reflecting changes in the timing of payments for construction projects rather than reductions in total project investment.
Orsted Offshore Wind Revenue Rises 43 Percent
Orsted’s Offshore business generated revenue of DKK 52.62 billion during January–September 2026, an increase of 43 percent from DKK 36.78 billion in the previous year.
Offshore revenue reached DKK 15.34 billion in Q3 2026, representing 75 percent annual growth from DKK 8.78 billion.
Revenue from offshore wind sites increased 12 percent to DKK 5.89 billion during the quarter, supported by the expansion of Borkum Riffgrund 3 in Germany, Greater Changhua 4 in Taiwan and Revolution Wind in the United States.
Revenue from power sales increased 85 percent to DKK 4.04 billion in Q3 2026, compared with DKK 2.18 billion in the previous year.
Revenue from construction agreements surged 358 percent to DKK 5.38 billion, compared with DKK 1.18 billion in Q3 2025, primarily reflecting construction activities associated with Hornsea 3.
For the first nine months, construction agreement revenue increased 226 percent to DKK 15.57 billion, compared with DKK 4.78 billion in 2025.
Orsted Onshore Revenue Declines Following European Asset Sales
Orsted’s Onshore business reported revenue of DKK 2.08 billion during the first nine months of 2026, compared with DKK 2.21 billion in the previous year, representing a 6 percent decline.
Third-quarter Onshore revenue declined 18 percent to DKK 629 million from DKK 764 million.
The decrease was primarily associated with the divestment of Orsted’s European onshore renewable energy portfolio, partly offset by contributions from its US renewable energy projects.
The company continues to develop its US onshore renewable energy business, including new solar investments supported by long-term electricity purchase agreements.
Orsted Capex and Investments Reach DKK 28.5 Billion
Orsted recorded gross investments of DKK 28.53 billion during the first nine months of 2026, compared with DKK 39.92 billion in the corresponding period of 2025, representing a decline of 29 percent.
The company’s investment spending was concentrated on offshore wind construction across Europe, Asia and the United States.
Investment allocation during January–September 2026 included:
Offshore wind projects: DKK 26.29 billion, primarily Greater Changhua 2b and 4, Hornsea 3, Baltica 2, Sunrise Wind and Revolution Wind.
Onshore wind and solar projects: DKK 1.52 billion, mainly Badger Wind and the Old 300 battery energy storage project.
Combined heat and power facilities: Approximately DKK 0.7 billion, mainly carbon capture and storage projects in Denmark.
During Q3 2026, Orsted invested DKK 10.27 billion, compared with DKK 14.97 billion in Q3 2025, a decline of 31 percent. Offshore wind projects accounted for approximately DKK 9.56 billion of quarterly investments.
Orsted expects gross investments of DKK 45–50 billion for the full year, with spending continuing across its major offshore wind construction portfolio.
Orsted Offshore Wind Projects Advance Across Europe, US and Taiwan
Orsted achieved several construction and commissioning milestones during 2026, supporting its strategy of prioritising offshore wind investments in European markets and selected Asia-Pacific opportunities.
Borkum Riffgrund 3, Germany: Orsted completed commissioning of the 913 MW offshore wind farm in August 2026. The project represents one of the company’s major recent investments in Germany and has entered commercial operation.
Revolution Wind, United States: The 704 MW offshore wind farm was fully commissioned in October 2026. The project is supplying electricity under existing offtake agreements with Rhode Island and Connecticut, strengthening Orsted’s contracted customer business in the US.
Greater Changhua 2b and 4, Taiwan: Orsted completed major construction activities and continued commissioning work. The company expects full commissioning during Q4 2026. The project is also linked to the planned divestment of a 55 percent stake in Greater Changhua 2 following final commissioning.
Sunrise Wind, United States: Orsted completed turbine foundation installation during the third quarter. Turbine installation, array cable work and offshore converter commissioning are progressing, with full project commissioning targeted for the second half of 2027.
Baltica 2, Poland: Foundation installation was completed during Q3 2026. Manufacturing of four offshore substations was also completed, with installation scheduled during Q4 2026. Full commissioning remains targeted for the second half of 2027.
Hornsea 3, United Kingdom: Orsted completed installation of the second offshore converter station and progressed foundation and array cable installation. Turbine installation is scheduled to begin in Q4 2026, with full commissioning targeted for Q4 2027 or Q1 2028.
These projects represent the principal destinations for Orsted’s offshore wind investment spending and its construction-related revenue.
Orsted Expands US Solar Projects and Corporate Customer Agreements
Orsted started construction of its 200 MW Blackwater Solar project in Roosevelt County, New Mexico, in September 2026.
The project is expected to achieve commercial operation during the second half of 2027 and will supply electricity under a long-term corporate power purchase agreement.
The investment supports Orsted’s strategy of developing renewable energy projects backed by contracted electricity demand from corporate customers.
Orsted also continues to evaluate additional opportunities in its US onshore renewable energy development pipeline, where long-term electricity offtake arrangements are central to project investment decisions.
The company did not disclose the corporate customer’s identity or the financial value of the Blackwater Solar power purchase agreement in the interim report.
Orsted Divestments Generate DKK 8 Billion
Orsted reported DKK 8.02 billion in divestments during the first nine months of 2026, compared with DKK 7.19 billion in the corresponding period of 2025.
The proceeds were primarily associated with the sale of its European onshore renewable energy portfolio, reflecting the company’s strategy of concentrating future investment on offshore wind.
Orsted also exercised a long-standing buyback right in October to acquire the remaining ownership interest in the Gunfleet Sands 1 and 2 offshore wind farms in the United Kingdom.
The transaction will provide Orsted with full ownership of the assets and the opportunity to evaluate additional investment, including a potential extension of their operating lifetime.
The planned sale of a 55 percent interest in Greater Changhua 2 in Taiwan represents another important component of the company’s investment and divestment strategy.
Orsted Orders, Customers and Future Investment Opportunities
Orsted’s reported commercial activity was concentrated on construction agreements, long-term electricity offtake contracts and existing project partnerships.
Revenue from construction agreements reached DKK 15.57 billion during the first nine months of 2026, compared with DKK 4.78 billion a year earlier.
The company continues to serve government-backed electricity purchasers in the United States through Revolution Wind’s contracts with Rhode Island and Connecticut, while the Blackwater Solar project expands its corporate power purchase agreement business.
Orsted is also evaluating future offshore wind auctions and tenders in Europe, particularly in Denmark, the United Kingdom, Poland, the Netherlands and Germany.
Germany’s proposed introduction of contracts for difference in upcoming offshore wind auctions could create additional opportunities for long-term contracted renewable energy projects.
However, Orsted did not disclose a consolidated new-order intake, order backlog, customer count or new-customer additions in its first-nine-months 2026 report. Construction agreement revenue should therefore not be interpreted as the value of new orders.
Orsted Investment Outlook for 2026 and Beyond
Orsted’s investment strategy is increasingly focused on completing its existing offshore wind construction portfolio while maintaining selective exposure to new renewable energy projects.
The company expects to spend DKK 45–50 billion during 2026, with Hornsea 3, Baltica 2, Sunrise Wind and Greater Changhua among its major investment commitments.
BABURAJAN KIZHAKEDATH
