Orsted keeps guidance after solid Q1 profit growth

6th May 2026 10:20

(Sharecast News) - Ørsted kept its full-year guidance as it managed to grow first-quarter profits more than expected, though shares in the Danish wind farm developer dropped on Wednesday following a solid recovery so far this year.

The company said it delivered a "strong operational performance" over the first three months of 2026 and also made significant progress on its construction projects across three continents.

Adjusted EBITDA grew to DKK9.55bn from DKK8.57bn a year earlier, topping the DKK9.47bn consensus forecast, helped by a 27% increase in offshore generation compared with last year.

The higher output followed a ramp-up at both the Borkum Riffgrund 3 and Greater Changhua 4 projects, and slightly higher wind speeds than normal.

Ørsted also said it reached major milestones during the period in delivering on its 8.1 GW offshore wind construction portfolio.

They included the delivery of first power from the Revolution Wind project to New England, the installation of the first wind turbines at Sunrise Wind outside New York, the installation of monopile foundations at Hornsea 3 in the UK and at Baltica 2 in Poland, while the commissioning of the Taiwanese offshore wind farms Greater Changhua 2b and 4 remains on track towards the third quarter.

However, net profits for the quarter were down 46% over last year at DKK2.62bn, affected by non-cash tax effects and impairments due to the higher long-dated US interest rates.

"During the first quarter of 2026, we produced more renewable energy than ever before, delivering secure, affordable, and green power to millions of households and businesses. As we deliver on our offshore construction projects, we'll increase our power generation significantly throughout the year, at a time when energy supply is under pressure by the events in the Middle East," said chief executive and president Rasmus Errboe.

Looking ahead, the company still expects to achieve its full-year EBITDA target of DKK28bn.

The stock, down 4% at DKK161.25 by 1057 BST, was retreating after a 30% surge over the year-to-date as the shares continued to recover following a crash last August to an all-time low of DKK96.38 after the Trump administration halted key wind-farm projects.