Orsted reported a 28 percent increase in first-half 2026 revenue to DKK 48.268 billion, supported by higher renewable-energy generation, rising power prices and rapid growth in revenue from offshore wind construction agreements.
The Danish renewable-energy company invested DKK 18.261 billion during the first six months of 2026, including DKK 16.7 billion in offshore wind projects. Orsted is executing an 8.1 GW offshore wind construction programme and expects three projects with combined installed capacity of 2.5 GW to be commissioned across three continents during the second half of 2026.
Second-quarter revenue increased 21 percent to DKK 20.648 billion from DKK 17.135 billion. Orsted maintained its 2026 guidance for EBITDA above DKK 28 billion and gross investment of between DKK 50 billion and DKK 55 billion.
The report did not disclose a new-order figure or total order backlog. However, revenue from construction agreements, which reflects work performed for project partners, surged 183 percent to DKK 10.192 billion from DKK 3.606 billion.
Offshore Wind Drives Orsted Revenue Growth
Offshore division revenue increased 33 percent to DKK 37.284 billion in the first half of 2026 from DKK 28.008 billion a year earlier. Second-quarter Offshore revenue rose 20 percent to DKK 15.999 billion from DKK 13.371 billion.
First-half offshore revenue included DKK 14.204 billion from operating sites, operations and maintenance services and power purchase agreements, up 5 percent from DKK 13.549 billion. Power-sales revenue increased 21 percent to DKK 12.803 billion from DKK 10.596 billion.
Revenue from offshore construction agreements climbed to DKK 10.192 billion from DKK 3.606 billion, mainly reflecting construction activity at Hornsea 3 and Greater Changhua 4 for project partners. Construction-agreement revenue reached DKK 3.895 billion in the second quarter, up 80 percent from DKK 2.167 billion.
Other offshore revenue declined 67 percent to DKK 85 million from DKK 257 million.
Offshore EBITDA increased 3 percent to DKK 11.931 billion from DKK 11.611 billion. Earnings from sites, O&M agreements and PPAs rose 5 percent to DKK 13.031 billion. Construction agreements and divestment gains contributed DKK 822 million, down 71 percent from DKK 2.824 billion.
Orsted Invests DKK 16.7 Billion in Offshore Projects
Offshore wind represented DKK 16.7 billion of Orsted’s DKK 18.3 billion gross investment during the first half. Investment was concentrated on Greater Changhua 2b and 4 in Taiwan, Hornsea 3 and Baltica 2 in Europe, and Sunrise Wind and Revolution Wind in the United States.
Onshore wind, solar and battery projects received DKK 1.1 billion, mainly for Badger Wind and the Old 300 battery-storage system. Orsted invested another DKK 0.5 billion in combined heat and power plants, primarily carbon-capture and storage facilities in Denmark.
Total gross investment declined 27 percent from DKK 24.953 billion to DKK 18.261 billion. Offshore investment decreased 21 percent to DKK 16.731 billion, Onshore investment fell 60 percent to DKK 1.061 billion, and Bioenergy and Other investment declined 53 percent to DKK 484 million.
Orsted generated DKK 9.501 billion from divestments, up 31 percent from DKK 7.245 billion. The proceeds mainly came from the sale of its European onshore portfolio, a US development project and a sale-and-leaseback transaction involving land in the United States.
The company expects to complete the sale of a 55 percent stake in Greater Changhua 2 later in 2026.
Offshore Construction Portfolio Reaches 8.1 GW
Orsted had 18.3 GW of combined offshore capacity that was either installed or had reached a final investment decision. Installed offshore capacity stood at 10.2 GW, while its construction portfolio totalled approximately 8.1 GW.
Borkum Riffgrund 3 in Germany was more than 99 percent complete, with almost all turbines commissioned. Full commissioning is scheduled for the third quarter of 2026.
Greater Changhua 2b and 4 in Taiwan was approximately 85 percent complete. All Greater Changhua 4 turbines had been commissioned, while completion of the Greater Changhua 2b export cable was expected shortly. The combined project remained on schedule for commissioning in the third quarter of 2026.
Revolution Wind in the United States was more than 95 percent complete. Orsted had installed 61 of its 65 turbines and expects commissioning during the second half of 2026.
Sunrise Wind reached 50 percent completion. The company had installed 20 turbines, while foundations were in place at 77 of the project’s 84 positions. Turbine commissioning is scheduled to begin during the second half of 2026, with full commissioning expected in the second half of 2027.
At Baltica 2 in Poland, Orsted installed foundations at 103 of 111 positions after beginning work in May 2026. The project was approximately 40 percent complete and remained on schedule for commissioning in the second half of 2027.
Orsted installed 43 monopiles at Hornsea 3 during the first half. The project was approximately 30 percent complete and remained on track for commissioning in the fourth quarter of 2027 or first quarter of 2028.
Orsted Adds 250 MW Battery Storage Project
Orsted commissioned its Old 300 Storage project in Needville, Texas, in early August 2026. The 250 MW/500 MWh battery energy-storage system is fully integrated into the ERCOT electricity grid.
The project expands Orsted’s US operating portfolio, which includes 6 GW of onshore renewable-energy assets.
Orsted’s installed renewable capacity stood at 18.373 GW at the end of the first half, comprising 10.156 GW of offshore wind, 6.162 GW of onshore assets and 2.055 GW of bioenergy capacity.
Onshore capacity included 3.665 GW of wind, 2.137 GW of solar and 360 MW of battery storage. Decided renewable capacity that had reached a final investment decision totalled 8.381 GW, including 8.111 GW offshore, 250 MW onshore battery storage and 20 MW of bioenergy battery storage.
Combined installed and final-investment-decision capacity reached 26.754 GW. Orsted also held 2.155 GW of awarded offshore wind capacity.
The sale of the European onshore business reduced installed renewable capacity by 392 MW and decided capacity by 248 MW during the second quarter.
Power Generation Capacity Reaches 12.95 GW
Orsted’s power-generation capacity reached 12.948 GW, increasing by 95 MW from 12.853 GW a year earlier. Offshore generation capacity rose by 483 MW to 5.918 GW.
Offshore capacity included 3.005 GW in the UK, 877 MW in Taiwan, 871 MW in Germany, 561 MW in Denmark, 376 MW in the Netherlands and 228 MW in the United States.
Onshore wind generation capacity stood at 3.347 GW, while solar capacity reached 1.586 GW. Thermal power-generation capacity was 2.097 GW. Orsted also operated 2.864 GW of thermal heat capacity and 249 MW of electric heat-generation capacity.
Renewable Generation Rises 14%
Orsted’s offshore and onshore renewable assets generated 19.8 TWh in the first half, an increase of 14 percent. Total power generation rose 13 percent to 21.913 TWh from 19.369 TWh.
Offshore wind generation increased 23 percent to 11.183 TWh, while onshore generation rose 4 percent to 8.636 TWh. Total heat and power generation increased 13 percent to 26.290 TWh. Renewables represented 99 percent of generation.
Offshore availability was 91 percent, compared with 92 percent a year earlier. Offshore generation capacity increased 9 percent to 5.9 GW, while the portfolio’s average wind speed rose 7 percent to 10.1 metres per second.
Power sales increased 22 percent to 10.383 TWh. Wholesale power sales rose 25 percent to 9.086 TWh, while sales to end customers increased 7 percent to 1.297 TWh. Gas sales expanded 14 percent to 12.657 TWh, supported by higher natural-gas offtake from the Danish North Sea.
Onshore Revenue Remains Flat
Onshore revenue was broadly unchanged at DKK 1.452 billion, compared with DKK 1.450 billion. Onshore EBITDA declined 13 percent to DKK 2.349 billion from DKK 2.687 billion.
Installed onshore capacity stood at 6.2 GW, while decided and installed capacity totalled 6.4 GW. Wind availability was 88 percent and solar availability reached 98 percent.
US wind generation increased 7 percent to 6.383 TWh, supported by the commissioning of Badger Wind. US solar generation declined 1 percent to 1.791 TWh.
Bioenergy and Other Revenue Rises 11%
Bioenergy and Other revenue increased 11 percent to DKK 9.637 billion from DKK 8.680 billion. Revenue reached DKK 4.125 billion in the second quarter, rising 24 percent from DKK 3.333 billion.
First-half gas-sale revenue increased to DKK 4.305 billion from DKK 3.599 billion, while heat and steam revenue rose to DKK 2.073 billion from DKK 2.018 billion.
Orsted lowered the division’s 2026 directional guidance from “in line” to “lower” because of reduced ancillary-services earnings and a provision related to gas-storage operations.
Operating profit fell 32 percent to DKK 7.327 billion, partly due to DKK 2.537 billion of impairment losses linked primarily to higher long-term US interest rates. Profit for the period declined 60 percent to DKK 3.308 billion from DKK 8.238 billion.
BABURAJAN KIZHAKEDATH