Ørsted Raises Operating Earnings by 19 Percent – US Wind Farms Weigh on Balance Sheet with Multi-Billion Impairments
Fredericia – Danish energy group Ørsted significantly increased its operating earnings in the first nine months of 2026 and completed or commissioned further offshore wind farms in Germany and the US. Despite the positive business performance, high impairments on US projects continue to weigh on the group’s earnings.
Ørsted Raises Quarterly EBITDA by 72 Percent – Nine-Month Profit Falls
In the third quarter of 2026, Ørsted increased earnings before interest, taxes, depreciation and amortisation (EBITDA) by 72 percent from DKK 3.06 billion (EUR 0.41 billion) to DKK 5.26 billion (EUR 0.70 billion) year on year. In the first nine months, EBITDA adjusted for new partnerships and cancellation fees rose from DKK 16.97 billion (EUR 2.27 billion) to DKK 20.24 billion (EUR 2.71 billion). According to the company, higher wind speeds, higher prices and additional generation from new offshore wind farms contributed to the growth.
This was offset by substantial balance sheet charges. In the third quarter, Ørsted booked impairments of DKK 3.44 billion (EUR 0.46 billion), which, according to the company, were mainly due to higher interest rates affecting US onshore and offshore projects. The company closed the quarter with a net loss of DKK 728 million (EUR 97 million), compared with a loss of DKK 1.70 billion (EUR 230 million) in the same quarter a year earlier. In the first nine months, impairments totalled DKK 5.98 billion (EUR 0.80 billion). Profit for the period fell from DKK 6.54 billion (EUR 0.87 billion) in the year-earlier period to DKK 2.58 billion (EUR 0.35 billion).
For the full year 2026, Ørsted continues to expect EBITDA of more than DKK 28 billion (EUR 3.75 billion), excluding new partnerships and cancellation fees. The gross investment guidance was lowered by DKK 5 billion (EUR 0.67 billion) to DKK 45–50 billion (EUR 6.02–6.69 billion). The reason is postponed payments for offshore projects. According to the company, total project investments are to remain unchanged.
Ørsted shares, which are listed in the RENIXX World renewable energy stock index, gained 12.6 percent over the past week to EUR 19.80 amid a favourable market environment following the US midterm elections. Compared with the price at the turn of the year (December 30, 2025), the shares are now up 22.7 percent.
New Offshore Wind Farms Start Operations – Construction Programme on Schedule
The positive operating performance is also supported by the expansion of generation capacity. Ørsted brought the Borkum Riffgrund 3 offshore wind farm in Germany and the Revolution Wind offshore wind farm off the US East Coast into commercial operation. Revolution Wind has a capacity of 704 MW. The group’s installed renewable capacity reached 19.5 GW at the end of the quarter.
Ørsted also reported progress on other construction projects. In Taiwan, major works at Greater Changhua 2b and 4 were completed, and all foundations were installed at the Polish Baltica 2 project. At Hornsea 3 in the UK, the second offshore converter station was installed; at the US Sunrise Wind project, all turbine foundations are in place. According to the company, the 8.1 GW construction programme is on schedule and on budget. Offshore power generation rose by 22 percent to 15.7 TWh in the first nine months.
US Offshore Wind Market: Permitting Risks Remain
The US offshore wind market remains under political pressure. Since 2025, the Trump administration has restricted new permits and temporarily halted work on projects that had already been approved. Ørsted’s Revolution Wind and Sunrise Wind projects were also affected. Court rulings allowed construction to continue but did not eliminate all regulatory risks.
In October 2026, the US government asked a federal court to remand the construction and operations approval for Revolution Wind to the authorities for renewed review. This did not involve a revocation of the approval. The move illustrates that even approved and well-advanced offshore wind projects remain exposed to regulatory risks.
For Ørsted, two developments therefore stand side by side: the commissioning of new assets increases power generation and supports the operating business. At the same time, interest rates and permitting risks can significantly affect the valuation and planning of offshore investments. Progress on the ongoing construction programme therefore does not mean the all-clear for future US projects.
Source: IWR Online, 09 Nov 2026
