Ørsted, the world’s largest renewable energy company, announced a quarterly net loss of DKr1.7 billion ($261.5 million). This $14 billion-plus loss was recorded in the third quarter of 2025. This figure is a marked difference from the DKr5.17 billion profit posted during the same period last year. The company’s stock price and company performance overall have been undermined by disappointing results, especially in terms of impairment costs, and significant decline in EBITDA.
In the third quarter of 2025, Ørsted announced EBITDA of DKr3.06 billion. This figure marks a dramatic drop-off from DKr9.54 billion in Q3 2024. This decline in EBITDA occurs as a result of us reversing the 2024 cancellation fees that had been recognized. These fees didn’t come back this year, thankfully. Furthermore, Ørsted called out impairment charges of almost DKr1.75 billion in that same quarter alone.
Operational Performance Amid Challenges
Even with lower wind speeds, Ørsted still generated 8% more than in Q3 2024. This milestone is driven primarily by the increased availability rates seen in the offshore portfolio. The ramp-up of Gode Wind 3 generation over in Germany was a big contributor! Rasmus Errboe, Ørsted’s group president and CEO, expressed satisfaction with the company’s operational performance.
“Despite lower wind speeds in the quarter, we have increased the generation by 8% compared to Q3 2024 through a combination of higher availability rates for our offshore portfolio and ramping up generation from Gode Wind 3 in Germany.” – Rasmus Errboe
Errboe similarly wished to emphasize Ørsted’s broader trends excepting Ørsted’s construction portfolio. Ørsted said it had an earnings before interest and tax (EBIT) of DKr18.6bn for the first nine months of 2025. That’s down from DKr23.6 billion over the same time last year. The firm’s EBITDA for the three-quarter period grew to DKr17 billion. This looming figure is a 1.3% decrease from the same period in 2024.
Financial Moves and Future Outlook
Given its disappointing stock-market performance in recent years, Ørsted has moved judiciously to strengthen its financial hand. The Kenya based company recently completed a successful rights issue. They countered with plans to sell a 50% stake in their Hornsea 3 UK project to raise cash. These moves are part of efforts to improve Ørsted’s financial strength.
“We’ve significantly strengthened Ørsted’s financial robustness with the completion of the rights issue and the agreement to divest a 50% stake in our Hornsea 3 project in the UK. I’m pleased with the strong support from our shareholders.” – Rasmus Errboe
Ørsted is surely pleased to reaffirm its full-year EBITDA guidance of DKr24-27 billion. This is happening despite the company encountering policy headwinds in the U.S. Despite the challenges ahead, the company’s leadership is still confident about its active pipeline of projects in progress and financial health.