Orsted (D2G1) Q2 2026 Earnings Report

The call highlights substantial operational progress across Ørsted's major offshore construction projects, solid H1 earnings growth (DKK 15bn EBITDA ex-partnerships), strong liquidity (>DKK 115bn) and healthy credit metrics (FFO/adjusted net debt ~45%), together with a disciplined capital allocation framework and reinstatement of a modest dividend. Offsetting these positives are a DKK 1.2bn non-cash impairment (U.S.), lower adjusted quarterly profit (DKK 1.9bn vs DKK 2.1bn), softer onshore/bioenergy contributions, some project-specific commissioning dependencies (export cable repair, grid works) and U.S. policy/regulatory uncertainties. Overall, the operational momentum, guidance maintenance, and balance sheet strength outweigh the setbacks, but investors should monitor execution risks and U.S. regulatory developments.

Ørsted reaffirmed full‑year EBITDA guidance (excluding new partnerships and cancellation fees) of >DKK 28 billion (H1 EBITDA DKK 15 billion, up >DKK 1 billion y/y; Q2 EBITDA DKK 5.4 billion), Q2 net profit DKK 700 million (adjusted DKK 1.9 billion vs DKK 2.1 billion LY) after a DKK 1.2 billion non‑cash impairment; gross CapEx guidance for 2026 is maintained at DKK 50–55 billion (Q2 gross investments DKK 10.1 billion) and DKK 90 billion of capital is committed through 2026–27 to fund an 8.1 GW offshore construction portfolio (3 projects / 2.5 GW expected to commission in 2026). Net interest‑bearing debt was DKK 22 billion (up DKK 0.7 billion q/q), FFO to adjusted net debt ≈45% (target >30%), liquidity reserve >DKK 115 billion, adjusted ROCE 6.6% (reported 3.1%); operationally offshore is expected higher than 2025, onshore in line, bioenergy & other now guided lower, and management intends to reinstate a dividend for FY2026 with first payout in 2027 (anticipating a starting level in the lower part of the DKK 2–5 per share analyst range).