Orsted(DE:D2G1)
€5.95+0.05 (+0.85%)
DE:D2G1
Orsted earnings date
€5.95
At close:+0.05 (+0.85%)
Orsted (D2G1) Q3 2026 Earnings Report
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DE:D2G1 Q3 2026 EPS Results
- Actual EPS
- -EUR 0.03
- Consensus EPS
- EUR 0.09
- Beat/Miss
- Missed by -EUR 0.13
- One Year Ago EPS
- -EUR 0.19
DE:D2G1 Q3 2026 Revenue Results
- Actual Revenue
- EUR 2.72B
- Expected Revenue
- EUR 2.10B
- Beat/Miss
- Beat by +EUR 624.34M
- YoY Revenue Growth
- +90.91%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
DE:D2G1 Upcoming Earnings
Orsted's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:D2G1 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, supported by nearly 20% nine-month EBITDA growth, strong quarterly segment performance, major offshore wind commissioning milestones, construction progress across the portfolio, robust liquidity and credit metrics, and maintained full-year EBITDA guidance. The principal negative factors were a DKK 3.4 billion noncash impairment, a quarterly net loss, higher net debt, a decline in return on capital employed, an increased employee injury rate and two turbine incidents in Taiwan. Highlights significantly outweighed the lowlights.
Company Guidance
Ørsted maintained full year 2026 EBITDA guidance, excluding new partnerships and cancellation fees, of more than DKK 28 billion; it expects gross investments of DKK 45 billion to DKK 50 billion, DKK 5 billion lower than previous guidance, while total projects investments are not expected to change, and has guided on above DKK 32 billion for the year after. The company expects full commissioning of Greater Changhua 2b & 4 during Q4, commercial operations for Blackwater Solar in the second half of 2027, array-cable installation at Baltica 2 during the first quarter of 2027, and full commissioning of Sunrise Wind in the second half of 2027. It also cited more than 15 gigawatts of new capacity auctions in 2027 and a minimum spread to WACC of 150 to 300 basis points.
- Nine-Month EBITDA Increased Nearly 20%EBITDA excluding new partnerships and cancellation fees exceeded DKK 20 billion for the first nine months of 2026, an increase of nearly 20% compared with the first nine months of 2025. The increase was driven by ramp-up generation in offshore, slightly higher-than-normal wind speeds and higher power prices.
- Q3 EBITDA in Line With ExpectationsThird-quarter EBITDA excluding new partnerships and cancellation fees was DKK 5.3 billion, in line with expectations.
- Offshore Earnings Rose 68%Offshore earnings increased 68% year over year to DKK 3.7 billion, with improvements across all subsegments. Sites earnings benefited from the ramp-up of Greater Changhua 2b & 4 and Revolution Wind, higher wind speeds, higher power prices and higher trading contributions.
- Onshore Earnings Increased 24%Onshore earnings increased 24% year over year to DKK 1 billion, mainly due to new generation from Badger Wind and higher wind speeds.
- Bioenergy and Other Returned to Positive EarningsBioenergy and Other earnings increased to DKK 400 million from negative DKK 100 million in the prior-year quarter, driven by higher power prices that resulted in higher condensing power generation within the combined heat and power plants.
- Borkum Riffgrund 3 Entered Commercial OperationsThe 913-megawatt Borkum Riffgrund 3 offshore wind project in Germany entered commercial operations in August. It is one of Germany's largest offshore wind farms in operation and Ørsted's sixth wind farm operating in the German North Sea.
- Revolution Wind Began Commercial OperationsØrsted completed installation of the remaining turbines at Revolution Wind during the quarter, and the project began commercial operations under its power purchase agreements with Rhode Island and Connecticut. The project is expected to supply enough electricity to power more than 350,000 homes and businesses.
- 1.6 Gigawatts of Offshore Wind CommissionedThe company commissioned 1.6 gigawatts from Borkum Riffgrund 3 in Germany and Revolution Wind in the U.S. in recent months, marking significant progress in delivering its offshore wind construction portfolio.
- Greater Changhua 2b & 4 Advanced Toward CompletionAll 66 turbines at Greater Changhua 2b & 4 in Taiwan have delivered first power, and all but two turbines have been commissioned. The export cable related to Greater Changhua 2b was completed, and the project began delivering power from installed turbines. Full commissioning is expected during the fourth quarter.
- Baltica 2 Reached Approximately 45% CompletionAt Baltica 2 in Poland, installation of all 111 monopile foundations was completed, including the four offshore-substation foundations. Manufacturing of the four offshore substations was completed, and project completion increased to approximately 45% from 40% in the prior quarter.
- Sunrise Wind Reached Approximately 60% CompletionSunrise Wind reached approximately 60% completion, up from 50% in the second quarter. Turbine foundation installation was completed, 31 of 84 turbines and 78 array cables had been installed, and the project remained on track for full commissioning in the second half of 2027.
- Hornsea 3 Progressed to Approximately 40% CompletionHornsea 3 reached approximately 40% completion, up from 30% in the second quarter. The second offshore converter station was installed, 95 of 197 turbine foundations were installed, and the project obtained an initial grid connection. The 300-megawatt battery energy storage system co-located with the onshore converter station was also completed and entered testing.
- Capital Structure Derisking ProgressedWithin the divestment program, the only outstanding item is the closing of the divestment of a 55% stake in Greater Changhua 2 in Taiwan. The company also received a favorable final opinion on taxation rights related to the Walney Extension and Hornsea 1 offshore wind farms, consistent with its long-standing interpretation of international tax regulations, following the successful Elsam case outcome.
- Credit Metrics and Liquidity Remained StrongFFO to adjusted net debt was approximately 37%, above the target of more than 30%. Ørsted had a liquidity reserve of more than DKK 105 billion, and more than 90% of outstanding gross debt was fixed-rate with an average modified duration of around five years.
- Expected Greater Changhua Transaction ProceedsUpon closing the announced divestment of a 55% stake in Greater Changhua 2, expected around year-end following final commissioning of Greater Changhua 2b & 4, net debt is expected to be reduced by approximately DKK 25 billion.
- U.S. Onshore Business Continued to Perform WellØrsted said its U.S. onshore business continued to perform well and benefit from strong fundamentals. The company commenced construction of the 200-megawatt Blackwater Solar project in New Mexico, which is expected to reach commercial operations in the second half of 2027, and has more than 6 gigawatts of safe-harbored equipment for tax credits.
- U.S. Onshore and Offshore Tax Credit ProgressTax credit monetization for Revolution Wind was described as slightly more positive than at the beginning of the year, with companies signing up as planned. The additional 10% community element was confirmed. Sunrise Wind tax-equity structuring was progressing, with equity investors being assembled.
- Gunfleet Sands Ownership IncreasedØrsted exercised its buyback right to acquire the remaining ownership stake in the U.K.'s Gunfleet Sands 1 & 2 projects for approximately GBP 15 million. Full ownership is expected to provide greater flexibility when assessing potential lifetime extension opportunities.
- Large Offshore Wind Auction Opportunity SetMore than 15 gigawatts of new capacity auctions are expected in Ørsted's core markets in Europe and Asia Pacific during 2027. From 2028 to 2030, nearly all countries in its core markets have committed to additional auction rounds, including Germany, the Netherlands, Denmark and the U.K.
- Full-Year EBITDA Guidance MaintainedØrsted maintained its 2026 full-year EBITDA guidance, excluding new partnerships and cancellation fees, at more than DKK 28 billion.
- Gross Investment Guidance ReducedExpected 2026 gross investments were revised to DKK 45 billion to DKK 50 billion, which is DKK 5 billion lower than previous guidance due to changed payment timing for certain offshore wind construction projects. Total project investments are not expected to change.
- Disciplined Investment and Construction ApproachThe company reiterated a minimum spread to WACC of 150 to 300 basis points for investments and said it was focused on value over volume. Management stated that all construction projects were on time and on budget over the last 20 months and that future partnerships and project-level financing would be used to manage capital allocation and farm-down risk.
DE:D2G1 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 0.20- | -0.07 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.09-0.03 | -0.19 | 83.72% (+0.16) | |
| Aug 13, 2026 | 2026 (Q2) | 0.050.02 | 0.19 | -90.00% (-0.17) | |
| May 06, 2026 | 2026 (Q1) | 0.150.08 | 0.27 | -71.91% (-0.19) | |
| Feb 06, 2026 | 2025 (Q4) | 0.02-0.07 | -0.37 | 81.86% (+0.30) | |
| Nov 05, 2025 | 2025 (Q3) | -0.01-0.19 | 0.29 | -166.15% (-0.48) | |
| Aug 11, 2025 | 2025 (Q2) | -0.120.19 | -0.1 | 287.50% (+0.29) | |
| May 07, 2025 | 2025 (Q1) | 0.260.27 | 0.14 | 98.01% (+0.13) | |
| Feb 06, 2025 | 2024 (Q4) | 0.23-0.37 | -0.04 | -848.84% (-0.33) | |
| Nov 05, 2024 | 2024 (Q3) | 0.090.29 | -1.26 | 123.10% (+1.55) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
