Orsted said its operating profit (EBITDA) for the first quarter amounted to DKK 8.9 billion compared to DKK 7.5 billion in the same period last year. EBITDA excluding new partnerships and cancellation fees in Q1 2025 reached DKK 8.6 billion, reflecting a 14 percent increase from the same period last year.
Earnings from offshore sites totaled DKK 7.7 billion, an increase of DKK 0.7 billion, primarily driven by the ramp-up of generation at the German offshore wind farm Gode Wind 3 and improved availability, though this was partially offset by lower wind speeds during the quarter.
Profit for the period stood at DKK 4.9 billion, representing an increase of DKK 2.3 billion from Q1 2024. Return on capital employed (ROCE) was 4.6 percent, with the adjusted ROCE, excluding impairment losses and cancellation fees, reaching 10.2 percent.
In Q1 2025, Orsted’s strategic focus remained on executing its four key priorities aimed at consolidating its leadership position in offshore wind towards the end of the decade. Orsted remains optimistic about the long-term potential of the sector, driven by growing global electricity demand, enhanced energy security, and favorable policy frameworks in key markets.
The Group continued to deliver on its farm-down program by completing both offshore and onshore farm-downs and successfully commissioning Gode Wind 3, increasing its installed offshore capacity to over 10 GW.
Orsted announced the discontinuation of its Hornsea 4 project due to increased supply chain costs, higher interest rates, and heightened execution risk, which negatively impacted the project’s value proposition. The Group also strengthened its executive leadership team with the addition of Amanda Dasch and Godson Njoku, both bringing decades of experience in the energy sector.
The company has maintained its full-year EBITDA guidance of DKK 25-28 billion, excluding potential earnings from new partnership agreements and cancellation fees, and its gross investment guidance of DKK 50-54 billion.
GreentechLead.com News Desk