Ørsted Shifts Course: Danish Offshore Wind Group Returns to Dividend After Capital Increase, First Payout Planned for 2027
Fredericia – Danish offshore wind company Ørsted has published its half-year results and announced a shift in its dividend policy. Following a period of balance-sheet strengthening, the company is returning to regular shareholder payouts while also signaling it is once again able to pursue new growth opportunities in the offshore wind market.
EBITDA Rises 8 Percent to 15.0 Billion Kroner
Ørsted's Board of Directors approved the company's half-year report for 2026 and outlined the framework for its future dividend policy. Adjusted EBITDA, excluding new partnerships and cancellation fees, came in at 15.0 billion Danish kroner (about EUR 2.0 billion) in the first half of 2026, up 8 percent from roughly 13.9 billion kroner (about EUR 1.9 billion) a year earlier.
Adjusted offshore EBITDA rose to 11.9 billion kroner (about EUR 1.6 billion) in the six months from January to June, compared with 10.3 billion kroner (about EUR 1.4 billion) in the prior-year period. According to Ørsted, the growth was driven mainly by stronger wind resources and higher prices.
Net profit fell to 3.3 billion kroner (about EUR 0.4 billion) in the first half, down from 8.2 billion kroner (about EUR 1.1 billion) in the same period last year. Ørsted attributed the decline to divestment gains recorded in the prior-year period as well as higher taxes and non-cash impairments in the current year. Return on capital employed (ROCE) stood at 3.1 percent, well below the prior-year figure of 7.5 percent, which the company attributed primarily to a higher capital base.
For full-year 2026, Ørsted confirmed its guidance of adjusted EBITDA of more than 28 billion kroner (about EUR 3.7 billion) and gross investments of between 50 billion and 55 billion kroner (about EUR 6.7 billion to EUR 7.4 billion).
Ørsted also said a legal dispute related to the former Elsam has been resolved: a Danish court ruled in the company's favor in June in a damages claim over alleged competition-law violations, after which the plaintiffs waived further appeal.
Dividend Policy 2026–2028: Payouts to Start at a Moderate Level
Ørsted plans to resume dividend payments for fiscal year 2026, with the first payout scheduled for 2027. The exact amount will not be disclosed until the 2026 annual report. According to Ørsted, payouts will start at a moderate level and increase gradually through 2028, with the company prioritizing earnings growth over a higher dividend yield.
"With the measures we’ve taken during the last 18 months, we have the necessary robustness to pursue new, value-creating opportunities within offshore wind, while also reinstating a dividend payout to our shareholders as planned," said Rasmus Errboe, Group President and CEO of Ørsted.
Hornsea 3: Construction of Record Offshore Wind Farm on Schedule
Ørsted also reported progress on its current construction portfolio across three continents, saying all projects remain on schedule and within budget. Among them is the record-scale Hornsea 3 offshore wind farm off the UK coast, with a capacity of 2,900 MW. Errboe said he was very satisfied with the construction progress achieved in the past quarter.
Ørsted says it currently has 10.2 gigawatts of installed offshore capacity, with a further 8.1 gigawatts under construction. Across Europe, the Asia-Pacific region and North America, its total installed capacity in wind, solar, storage and bioenergy exceeds 18 gigawatts.
Ørsted Shares Up 14.5 Percent Since Start of Year
Ørsted shares, listed on the RENIXX World renewable energy stock index, were trading at EUR 18.48 in early afternoon trading today (2:32 p.m., August 14, 2026, Stuttgart Stock Exchange), down 3.3 percent from the previous day. The stock is nonetheless up sharply since the turn of the year, gaining about 14.5 percent (closing price on December 30, 2025: EUR 16.14).
Source: IWR Online, 14 Aug 2026
