Orsted (D2G) Q2 2026 Earnings Report

The call conveyed overall operational and strategic progress: strong project execution across a large 8.1 GW construction program, solid H1 EBITDA performance (DKK 15 billion) and robust liquidity and credit metrics (FFO/adjusted net debt ~45%, liquidity >DKK 115 billion). Management maintained full-year EBITDA guidance (>DKK 28 billion) and set a clear capital allocation framework including reinstating a modest dividend starting in 2027. Offsetting these positives were a DKK 1.2 billion noncash impairment in the U.S., lower adjusted quarterly net profit (down ~9.5% YoY), a weaker ROCE, a safety incident increase, and some segmental weakness in bioenergy and other. Management emphasized disciplined bidding, regulatory improvements in Europe and long-term optimism for offshore wind. Given the breadth of operational achievements and the strength in liquidity and credit metrics outweighing the financial and operational headwinds highlighted, the sentiment is positive.

Ørsted reiterated FY‑2026 EBITDA guidance (excluding new partnerships and cancellation fees) of > DKK 28 billion — Q2 EBITDA was DKK 5.4bn and H1 EBITDA DKK 15bn (up >DKK 1bn YoY) — and expects to commission three projects totalling 2.5 GW in 2026 as part of an 8.1 GW construction portfolio (project completion: Borkum Riffgrund 3 >99%; Greater Changhua 2b/4 85%; Revolution Wind >95% (61/65 turbines); Baltica 2 ~40%; Sunrise ~50%; Hornsea 3 ~30%). Financial position metrics: net interest‑bearing debt DKK 22bn (up DKK 0.7bn q/q), Q2 gross investments DKK 10.1bn, FY gross investment guidance DKK 50–55bn, DKK 90bn of capital committed through 2026–27, liquidity reserve > DKK 115bn, and FFO to adjusted net debt ~45% (target >30%). Profitability and capital‑allocation figures include Q2 net profit DKK 700m (adjusted net profit DKK 1.9bn), a non‑cash impairment of DKK 1.2bn, adjusted ROCE 6.6% (reported 3.1%), and a dividend policy to reinstate a 2026 dividend with first payout in 2027 (initial level expected in the lower part of the DKK 2–5/share consensus and to rise annually); directional guidance: offshore > 2025, onshore in line with 2025, and bioenergy & other now expected lower.