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Orsted (ORSTEDN) Q3 2026 Earnings Report

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MX:ORSTEDN Q3 2026 EPS Results

Actual EPS
-MXN 1.94
Consensus EPS
MXN 5.73
Beat/Miss
Missed by -MXN 7.67
One Year Ago EPS
-MXN 11.67

MX:ORSTEDN Q3 2026 Revenue Results

Actual Revenue
MXN 54.91B
Expected Revenue
MXN 43.13B
Beat/Miss
Beat by +MXN 11.78B
YoY Revenue Growth
+94.22%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/05/2026
Time
Before Open
Conference Call
Thursday, November 5, 2026
MX:ORSTEDN Upcoming Earnings

Orsted's next earnings date is estimated for February 3, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

MX:ORSTEDN Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 05, 2026|% Change Since:0.00%|
Earnings Call Sentiment|Positive

The call was predominantly positive. Management reported strong EBITDA growth, progress across the offshore construction portfolio, improving regulatory frameworks, strong liquidity and credit metrics, and maintained guidance. These positives were partly offset by the DKK 3.4 billion noncash impairment, higher net debt, a lower return on capital employed, increased employee-related injury rates, incidents at Greater Changhua 2b & 4, and some outstanding transaction and tax-equity steps.

Company Guidance

Ørsted maintained its full year EBITDA guidance, excluding new partnerships and cancellation fees, of more than DKK 28 billion, and expects gross investments to amount to DKK 45 billion to DKK 50 billion, which is DKK 5 billion lower than previous guidance, while total project investments are not expected to change; it has guided on above DKK 32 billion for the year after, expects full commissioning of Greater Changhua 2b & 4 during Q4, Sunrise Wind to reach full commissioning in the second half of 2027, and Blackwater Solar to reach commercial operations in the second half of 2027, while its external guidance is a minimum spread to WACC of 150 to 300 basis points and more than 15 gigawatts of new capacity auctions are coming in 2027 in its core markets in Europe and Asia Pacific.

  • European Offshore Wind Regulatory Frameworks ImprovingManagement said regulatory frameworks for upcoming offshore wind opportunities continue to improve across Denmark, the U.K., Poland, Belgium and the Netherlands. Germany approved a draft amendment introducing contracts for difference (CfDs) in an upcoming auction.
  • Significant Offshore Wind Auction PipelineMore than 15 gigawatts of new capacity auctions are expected in core markets in 2027, with almost all core markets having committed to additional auction rounds from 2028 to 2030.
  • 1.6 Gigawatts of Offshore Wind Capacity CommissionedBorkum Riffgrund 3 in Germany and Revolution Wind in the U.S. have entered commercial operations, representing 1.6 gigawatts of commissioned offshore wind capacity.
  • Strategic Priorities ProgressingØrsted reported significant progress on its priorities to strengthen its capital structure, deliver its offshore wind construction portfolio, maintain disciplined capital allocation and improve competitiveness. All construction projects were described as progressing according to plan and budget.
  • Divestment and Tax Matters Reduce Balance-Sheet RiskThe divestment program has only the closing of the 55% stake in Greater Changhua 2 in Taiwan outstanding. The final tax opinion relating to Walney Extension and Hornsea 1 was consistent with Ørsted's long-standing interpretation, and together with the successful Elsam case, was described as a significant step in further derisking the balance sheet.
  • U.S. Onshore Business and Blackwater Solar ProgressThe U.S. onshore business continues to perform well and benefit from strong fundamentals. Construction began on the 200-megawatt Blackwater Solar project in New Mexico, which is expected to reach commercial operations in the second half of 2027. The U.S. onshore pipeline includes more than 6 gigawatts of safe-harbored equipment for tax credits.
  • 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, providing full project ownership and greater flexibility when assessing lifetime-extension possibilities.
  • Nine-Month EBITDA Increased Nearly 20%EBITDA excluding new partnerships and cancellation fees exceeded DKK 20 billion in 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.
  • Borkum Riffgrund 3 Reached Commercial OperationsThe 913-megawatt Borkum Riffgrund 3 offshore wind farm entered commercial operations in August and is one of Germany's largest offshore wind farms in operation. Ørsted now has six operational wind farms in the German North Sea.
  • Revolution Wind Began Commercial OperationsRevolution Wind completed installation of its remaining turbines and 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.
  • Greater Changhua 2b & 4 Commissioning Nears CompletionAll 66 turbines at Greater Changhua 2b & 4 have delivered first power, and all but two turbines have been commissioned. The export cable for Greater Changhua 2b was completed and the project began delivering power from installed turbines. Full commissioning is expected during Q4.
  • Baltica 2 Construction AdvancedAt Baltica 2 in Poland, installation of all 111 monopile foundations was completed, including the four offshore-substation foundations. The project reached approximately 45% completion, up from 40% in the prior quarter, and two of four export cables were complete and being transported to site.
  • Sunrise Wind Construction AdvancedSunrise Wind reached approximately 60% completion, up from 50% in the second quarter. Turbine foundation installation was completed, while 31 of 84 turbines and 78 array cables had been installed. The project remains on track for full commissioning in the second half of 2027.
  • Hornsea 3 Construction and Grid Connection ProgressedHornsea 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 project continues to track toward planned first power and commissioning.
  • Hornsea 3 Battery System CompletedØrsted completed construction of the 300-megawatt battery energy storage system co-located with the Hornsea 3 onshore converter station. The system, described as one of Europe's largest, is entering the testing phase.
  • Third-Quarter EBITDA Increased 68% in OffshoreThird-quarter offshore earnings were DKK 3.7 billion, up 68% year over year, with improvements across all subsegments. The increase was driven by ramp-up at Greater Changhua 2b & 4 and Revolution Wind, higher wind speeds, higher power prices and higher trading contributions.
  • Onshore and Bioenergy Earnings ImprovedOnshore earnings increased to DKK 1 billion, up 24% from the prior year, mainly due to new generation from Badger Wind and higher wind speeds. Bioenergy and Other earnings increased to DKK 400 million from negative DKK 100 million, driven by higher power prices and higher condensing power generation.
  • Adjusted Quarterly Profit ImprovedNet profit adjusted for impairments, new partnership fees and cancellation fees was DKK 2.2 billion in the third quarter, compared with negative DKK 400 million in the same quarter last year.
  • Credit Metrics and Liquidity Remained StrongFFO to adjusted net debt was approximately 37%, above the target of more than 30%. Ørsted had more than DKK 105 billion of liquidity reserves, and more than 90% of outstanding gross debt was fixed-rate with an average modified duration of around five years.
  • 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 was reduced by DKK 5 billion to DKK 45 billion to DKK 50 billion because of changed payment timing, while total project investments were not expected to change.
  • Tax Credit Monetization ProgressingThe Revolution Wind tax-credit process was described as slightly more positive than at the beginning of the year, with companies signing up. The additional 10% community-element tax credit was confirmed. Sunrise Wind tax-equity structuring was also progressing as expected.
  • Disciplined Growth and Project Returns FrameworkManagement reiterated a focus on value over volume, with external guidance of a minimum 150 to 300 basis-point spread to WACC for investments. Ørsted said it is using partnerships, project-level financing and other measures to manage future project and farm-down risks.
  • Growth Outlook Remains PositiveManagement cited EBITDA of around DKK 25 billion last year, guidance of more than DKK 28 billion for 2026 and guidance of above DKK 32 billion for the following year. Management said growth would slow from 2028 to 2030 but that Ørsted remains a net growth company in the 2030s.

MX:ORSTEDN Earnings History

MX:ORSTEDN earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 03, 20272026 (Q4)12.26--3.9――
Nov 05, 20262026 (Q3)5.73-1.94-11.6783.33% (+9.72)
Aug 13, 20262026 (Q2)3.251.1111.27-90.14% (-10.16)
May 06, 20262026 (Q1)8.594.4516.37-72.84% (-11.92)
Feb 06, 20262025 (Q4)0.96-3.90-23.5283.43% (+19.62)
Nov 05, 20252025 (Q3)-0.69-11.6718.53-162.97% (-30.20)
Aug 11, 20252025 (Q2)-7.0011.27-6.33278.02% (+17.60)
May 07, 20252025 (Q1)16.4516.378.885.95% (+7.57)
Feb 06, 20252024 (Q4)15.24-23.52-2.48-848.99% (-21.04)
Nov 05, 20242024 (Q3)5.8218.53-83.08122.31% (+101.61)

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