Orsted A/S Q3 2026 Earnings Recap

Ørsted’s shares rose 3.5% after earnings, as investors appeared to respond positively to the commissioning of 1.6 GW of offshore wind capacity and EBITDA growth of nearly 20% in the first nine months. Management also said its construction portfolio remains on plan and on budget, though higher wind speeds and power prices contributed to the EBITDA increase.

Key Takeaways

• First-nine-month EBITDA, excluding new partnerships and cancellation fees, exceeded DKK 20 billion, up nearly 20% year over year.
• The increase was driven by ramp-up in offshore generation, slightly higher-than-normal wind speeds, and higher power prices.
• Borkum Riffgrund 3 and Revolution Wind, with a combined 1.6 GW, were commissioned in recent months; the remaining construction portfolio was reported on plan and on budget.
• The company said the only outstanding item in its divestment program is closing the sale of a 55% stake in Greater Changhua 2, expected after final commissioning of Greater Changhua 2b & 4.
• Ørsted reported an increase in its total recordable injury rate versus the first nine months of 2025, primarily driven by incidents involving its own employees.