EarningsQ2 2026 Earnings Report
MX:ORSTEDN Q2 2026 EPS Results
Actual EPS$1.05
Consensus EPS$3.08
Beat/MissMissed by -$2.03
One Year Ago EPS$10.69
MX:ORSTEDN Q2 2026 Revenue Results
Actual Revenue$49.79B
Expected Revenue$43.72B
Beat/MissBeat by +$6.07B
YoY Revenue Growth+25.59%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
MX:ORSTEDN Upcoming Earnings
Orsted's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ORSTEDN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
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.Company Guidance
Strong H1 EBITDA and YoY Improvement
EBITDA excluding new partnerships and cancellation fees for H1 2026 was DKK 15 billion, an increase of more than DKK 1 billion versus H1 2025.
Q2 Operational EBITDA in line with expectations
EBITDA excluding new partnerships and cancellation fees in Q2 2026 was DKK 5.4 billion; offshore sites earnings (excluding trading) were approximately 5% higher year-over-year.
Large, Executing Offshore Construction Portfolio
8.1 GW offshore wind construction portfolio with expectation to commission 3 projects totaling 2.5 GW in 2026. Key project progress: Borkum Riffgrund 3 >99% complete (Q3 commissioning); Revolution Wind >95% complete with 61/65 turbines installed and on track to full commercial operations in H2 2026.
Significant Progress on Multiple Major Projects
Greater Changhua 2b & 4 degree of completion 85% (up from 80% in Q1); Baltica 2 degree of completion ~40% (up from 30% in Q1) with 103 of 111 monopiles installed; Sunrise Wind ~50% complete (up from 47% in Q1) with 77 of 84 foundations installed; Hornsea 3 ~30% complete (up from 25% in Q1) with 43 of 197 foundation positions installed.
Strong Liquidity and Improved Credit Metrics
Total liquidity reserve of more than DKK 115 billion at quarter-end. FFO to adjusted net debt stood at ~45%, well above the target of >30%.
Disciplined Capital Allocation and Dividend Reinstatement Plan
Capital allocation priorities clarified: (1) maintain strong balance sheet, (2) reinstate dividend for FY2026 with first payout in 2027. Management expects the initial dividend to be in the lower part of analyst range (DKK 2–5 per share) and to increase annually thereafter.
CapEx Guidance and Committed Capital
Maintained 2026 gross investment guidance of DKK 50–55 billion and noted DKK 90 billion of capital committed through 2026–2027 for the construction program.
Balance Sheet Deleveraging Actions & Portfolio Simplification
Divestment of European onshore business closed in April; expected closing of 50/50 farm-down on Greater Changhua 2 later this year. Company discontinued S&P rating to reduce administrative burden while retaining Moody's and Fitch coverage.
Operational drivers: wind and availability
H1 performance was aided by ramped-up generation, slightly higher than normal wind speeds and good offshore availability, supporting earnings versus prior year.
Positive Industry Outlook and Policy Developments
Management highlighted improved regulatory frameworks across key European markets (Denmark, U.K., Poland, Netherlands) and referenced the Hamburg 300 GW offshore wind ambition; reiterated long-term optimism for offshore wind demand and value creation.
MX:ORSTEDN Earnings History
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