Ørsted — Company directory

Danish offshore wind developer and operator that builds, owns and runs wind, solar, storage and bioenergy plants in Europe, North America and Asia Pacific.

Ørsted A/S is a Danish energy company headquartered at Kraftværksvej 53 in Skærbæk, Fredericia, and listed on Nasdaq Copenhagen under the ticker Orsted. The Danish State is the majority shareholder with 50.1% of the capital and votes; the other large holders recorded at 31 December 2025 were Equinor ASA with 10%, Andel A.M.B.A with 5.01%, Danish retail investors with 1.5%, other Danish owners with 5.4%, and institutional holders in the UK (8.4%), the US (7.3%) and elsewhere (12.3%). The group employed 7,322 people at the end of the first half of 2026, down 12% year on year after continued organisational adjustments, with voluntary turnover of 6.5%. It describes itself as the largest energy company in Denmark.

From DONG Energy to Ørsted

The company took its present name on 6 November 2017, having previously traded as DONG Energy; it is named after Hans Christian Ørsted, the Danish physicist who discovered electromagnetism. Its corporate history runs from the oil and gas business built up after the 1970s oil crisis to the offshore wind platform it operates today, and the former Danish utility Elsam is now part of the group. Ørsted says it has 35 years of experience in offshore wind and in November 2025 stated that it had completed a green transformation with a 98% reduction in carbon emissions, which it described as a first for an energy company.

An 18 GW operating portfolio

Installed renewable capacity stood at 18,373 MW at the end of June 2026, made up of 10,156 MW of offshore wind, 6,162 MW onshore (3,665 MW wind, 2,137 MW AC solar PV and 360 MW of batteries) and 2,055 MW of bioenergy. A further 8,381 MW had reached final investment decision, 8,111 MW of it offshore. The group also operates combined heat and power plants, gas storage and carbon capture facilities in Denmark, and in early August 2026 it commissioned the Old 300 battery project at Needville, Texas, a 250 MW/500 MWh system integrated into the ERCOT grid that adds to a 6 GW portfolio of operating US onshore assets. In the first half of 2026 the offshore and onshore fleet generated 19.8 TWh, 99% of it renewable: 11.2 TWh from offshore wind, up 23%, and 8.6 TWh from onshore wind and solar, up 4%, at 91% and 89/98% availability respectively.

The 8.1 GW construction programme

Borkum Riffgrund 3, Germany — more than 99% complete, with nearly all turbines commissioned and handover expected in the third quarter of 2026.
Greater Changhua 2b and 4, Taiwan — about 85% complete, all Greater Changhua 4 turbines commissioned, commissioning targeted for the third quarter of 2026.
Revolution Wind, United States — more than 95% complete with 61 of 65 turbines installed, on track for commissioning in the second half of 2026.
Sunrise Wind, United States — 50% complete with 77 of 84 foundation positions and 20 turbines installed; turbine commissioning starts in the second half of 2026 and full commissioning is expected in the second half of 2027.
Hornsea 3, United Kingdom — roughly 30% complete after 43 monopiles were installed in the first half of 2026, with commissioning planned for the fourth quarter of 2027 or first quarter of 2028.
Baltica 2, Poland — about 40% complete with 103 of 111 foundation positions installed since May 2026 and commissioning expected in the second half of 2027.

Three projects with a combined 2.5 GW are expected to be commissioned during the second half of 2026 across three continents.

First-half 2026 results and guidance

Revenue for the six months to 30 June 2026 was DKK 48.3 billion, 28% higher than a year earlier, on increased generation and higher prices. EBITDA excluding new partnerships and cancellation fees rose DKK 1.1 billion to DKK 15.0 billion, while reported EBITDA of DKK 14,968 million was DKK 0.5 billion below the prior-year figure because the 2025 period included a DKK 3.1 billion partnership gain. Impairment losses of DKK 2,537 million were booked in the half, and operating profit fell 32% to DKK 7,327 million. Offshore earnings of DKK 13.0 billion were DKK 0.6 billion higher, helped by wind speeds and power prices, and onshore EBITDA was DKK 2.3 billion. Guidance for 2026 is unchanged at EBITDA above DKK 28 billion and gross investments of DKK 50-55 billion, against realised 2025 EBITDA of DKK 25.1 billion and investments of DKK 55.8 billion.

Capital structure, divestments and dividends

After a difficult 2025 for US offshore wind, when the Bureau of Ocean Energy Management issued stop-work and later lease suspension orders for Revolution Wind and Sunrise Wind, the group moved to strengthen its balance sheet. A rights issue of about DKK 60 billion, announced on 23 August 2025 with the support of the Danish State as majority shareholder, was completed in October 2025. Ørsted agreed on 3 November 2025 to divest a 50% stake in Hornsea 3 to Apollo and completed that transaction on 30 December 2025, and on 23 December 2025 it brought in Cathay as an investor in the Greater Changhua 2 wind farm. The sale of the European onshore business closed in April 2026, and the divestment of a 55% stake in Greater Changhua 2 is expected to close later in 2026. The board has announced a dividend policy for the financial years 2026 to 2028, with payout to be reinstated for 2026 and a first distribution in 2027 at a modest starting level.

Policy, litigation and decarbonisation

Ørsted works within support schemes in its core markets and noted in its half-year report that frameworks have improved in Denmark, the UK, Poland and, most recently, the Netherlands, where the budget for the next contracts for difference round was increased. On 25 June 2026 the Danish Maritime and Commercial High Court ruled in its favour in cases brought over the former Elsam, and the plaintiffs decided not to appeal. The group published a paper called Next Zero setting out how it intends to cut emissions hotspots in steel, maritime fuel and copper across the offshore wind supply chain towards 2040, arguing that lower value-chain emissions will help it in auctions where decarbonisation requirements are increasingly written into tender rules. It also continues to monitor potential US tariffs and regulatory changes, and points to the Joint Offshore Investment Pact agreed at the North Sea Summit as a route to lower European electricity system costs.