Orsted, a global leader in offshore wind and renewable power generation, reported steady financial performance for the first nine months of 2025, supported by increased generation output and high offshore wind availability.
Earnings from offshore sites amounted to DKK 16.1 billion, marking a 5 percent increase compared to the same period in 2024. The growth was primarily driven by stronger production efficiency and asset uptime, partially offset by lower average wind speeds across European sites.
Operating profit (EBITDA) for the period stood at DKK 18.6 billion, compared to DKK 23.6 billion in the previous year. Excluding earnings from new partnerships and cancellation fees, EBITDA reached DKK 17.0 billion, roughly in line with last year’s results.
Orsted maintained its full-year EBITDA guidance of DKK 24–27 billion (excluding partnerships and cancellation earnings) and continued to guide gross investments between DKK 50–54 billion for 2025. The reaffirmed outlook reflects stable operational performance and disciplined capital management amid market volatility.
Offshore Wind Output Up 8 Percent in Q3 2025
Orsted’s Offshore business delivered strong growth in power generation, producing 3.8 TWh in the third quarter of 2025 compared to 3.5 TWh in the same period last year — an increase of 8 percent. The improvement was fueled by a high availability rate of 94 percent and the full commissioning of the Gode Wind 3 offshore wind farm in Germany.
The company’s offshore assets continued to play a central role in driving global green energy transition, solidifying Orsted’s leadership in the global offshore wind energy sector.
Onshore Output Impacted by Divestments
In contrast, generation from the Onshore segment declined slightly in Q3 2025. The dip was attributed to reduced output from partially divested U.S. solar farms, including Sparta, Eleven Mile, and Mockingbird projects. Despite this, Orsted’s overall renewables generation share reached 100 percent in the quarter, marking a significant step toward achieving its full-year target of 99 percent renewable generation in 2025.
Orsted continues to optimize its onshore portfolio, balancing asset divestments with strategic investments aimed at advancing renewable energy development in key markets.
Sustaining Momentum in the Energy Transition
Orsted’s stable performance reflects its operational resilience and strategic positioning in the global renewable energy industry. The company’s focus on long-term partnerships, efficient asset performance, and disciplined investments underscores its role in delivering clean, reliable, and sustainable energy solutions worldwide.
By maintaining a 100 percent renewable generation mix and expanding offshore capacity, Orsted continues to lead the global shift toward carbon-neutral power systems and green infrastructure.
Key 9M 2025 Highlights
Offshore earnings: DKK 16.1 billion, up 5 percent year-on-year
EBITDA: DKK 18.6 billion (DKK 17.0 billion excluding partnerships and fees)
Offshore generation: 3.8 TWh, up 8 percent from Q3 2024
Offshore availability: 94 percent
Onshore generation: Slightly lower due to partial solar farm divestments in the US
Renewable share: 100 percent in Q3 2025
Full-year guidance: EBITDA DKK 24–27 billion; gross investments DKK 50–54 billion
Projects update
In the United States, the Northeast Program — including Revolution Wind and Sunrise Wind — advanced according to schedule. At Revolution Wind, installation of the second offshore substation was completed, bringing overall project completion to around 85 percent. Sunrise Wind reached approximately 40 percent completion, with all offshore substations for the Northeast Program now installed.
In Taiwan, construction of the Greater Changhua 2b and 4 projects is progressing steadily. Despite earlier export cable damage at Greater Changhua 2b, Orsted expects commissioning in the third quarter of 2026. The Greater Changhua 4 project remains on track for commercial operation in the first half of 2026.
In the UK, the Hornsea 3 offshore wind project is advancing well, with the main construction of its two offshore converter stations completed. Fabrication of monopiles has begun, and site preparation for export cable installation is underway.
In Poland, the Baltica 2 project continues to move forward with seabed preparation, landfall connection work, and fabrication of the first turbine foundations. Additionally, Orsted’s 300 MW energy storage project in the UK, linked to the Hornsea zone, is progressing as planned.
Baburajan Kizhakedath