Orsted A/S Q3 2026 Earnings Recap

Ørsted shares rose 4.7% after earnings, with investors likely responding to progress commissioning 1.6 GW of offshore wind and nine-month EBITDA growth. The update also flagged a higher employee-related injury rate and attributed EBITDA growth partly to favorable wind speeds and higher power prices.

Key Takeaways

• EBITDA excluding new partnerships and cancellation fees exceeded DKK 20 billion for the first nine months, up nearly 20% year over year.
• The increase was driven by ramp-up generation in offshore, slightly higher-than-normal wind speeds and higher power prices.
• Borkum Riffgrund 3 in Germany and Revolution Wind in the U.S. have completed commissioning, together adding 1.6 GW.
• Ørsted said its construction projects are progressing according to plan and budget; it also expects to close the sale of a 55% stake in Greater Changhua 2 after final commissioning of the project.
• The total recordable injury rate increased versus the first nine months of 2025, primarily due to incidents involving Ørsted employees.