Orsted A/S (DOGEF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and thank you for joining today's presentation. In connection with the release of our result for the second quarter this morning, we are announcing the plan for a fully underwritten rights issue, which is expected to amount to $60 billion in gross proceeds, and that is supported by our majority shareholder, the Danish state. The rights issue is intended to fulfill an incremental funding requirement which has arisen following our decision to discontinue the divestment and associated non-recourse project financing process related to our Sunrise Wind project in the U.S. With the rights issue, we will strengthen our capital structure to cover for the full ownership of Sunrise Wind, and provide the needed financial robustness and flexibility for the execution of our strategic plan as announced in February and position us for future growth. While we do not take this decision lightly, it is based on a comprehensive assessment of our options, and we have no doubt that this is the right decision for us and our shareholders and puts us on the path to maximize shareholder value going forward. We are very pleased with the support from our majority shareholders. Before going through the details of the planned rights issue, let me turn to slide five, where I will talk you through some of the operational highlights for the first half of 2025. First, we are pleased with the operational performance for the first half of the year, where our EBITDA, excluding new partnerships and cancellation fees, amounts to $13.9 billion. We remain on track to deliver our full-year EBITDA guidance of 25 to 28 billion, despite the lower wind speeds in the first half of the year. During 2025, we have made solid progress within our construction portfolio. I will cover the progress in mo...