Orsted

Strategic intent

Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and sells renewable electricity globally.

Key market signals

• 2026-10: Ørsted completed construction of the 600 MWh Iceni Battery Energy Storage System (BESS) in the UK, its first large-scale battery project, to support the Hornsea 3 Offshore Wind Farm.
• 2026-10: Ørsted announced the acquisition of the remaining 49.9% stake in the 172 MW Gunfleet Sands 1 & 2 Offshore Wind Farm in the UK for GBP 15 million, taking full ownership to maximize asset performance.
• 2026-01: Ørsted initiated major legal actions against the U.S. Bureau of Ocean Energy Management, successfully securing federal injunctions in early 2026 to resume construction on its suspended Revolution Wind and Sunrise Wind projects.
• 2025-02: Ørsted executed a major leadership transition and strategic pivot, appointing Rasmus Errboe as CEO to refocus on core European offshore wind markets and capital discipline.
• 2025-09: Ørsted and Nuveen Infrastructure inaugurated the 913 MW Borkum Riffgrund 3 offshore wind farm in Germany, marking a major milestone in Ørsted's European build-out program.

Financial health

• EBITDA excluding new partnerships and cancellation fees for H1 2026 was DKK 15.0 billion, an 8% increase year-on-year (https://orsted.com/en/news/2026/08/results-for-h1-and-q2-2026).
• Net profit for H1 2026 was DKK 3.3 billion, down 60% from DKK 8.2 billion in H1 2025 due to higher tax and non-cash impairment losses (https://orsted.com/en/news/2026/08/results-for-h1-and-q2-2026).
• Operating profit (EBITDA) excluding new partnerships and cancellation fees for FY 2025 was DKK 25.1 billion, ending within the guidance of DKK 24-27 billion (https://orsted.com/en/news/2026/02/annual-report-2025).

Impact & compliance

Legal & risks

In April 2026, the UK Supreme Court unanimously ruled in Orsted West of Duddon Sands (UK) Ltd and others v HMRC that nearly £50 million spent on pre-construction environmental and technical surveys did not qualify for capital allowances because they were too remote from the physical provision […]

Forensic audit — 2 findings

• ⚠ In January 2026, a U.S. District Court granted Orsted a preliminary injunction to resume work on the Revolution Wind pro...
• ⚠ In May 2024, Orsted reached a $125 million settlement with the state of New Jersey over the company's cancellation of th...

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