Orsted A/S (DOGEF) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.137 Hello, everyone, and thank you for joining today's presentation. 00:00:05.402 -- 00:00:10.151 In connection with the release of our result for the second quarter this morning, we 00:00:10.151 -- 00:00:15.242 are announcing the plan for a fully underwritten rights issue, which is expected 00:00:15.242 -- 00:00:20.392 to amount to $60 billion in gross proceeds, and that is supported by our majority shareholder, 00:00:20.392 -- 00:00:26.247 the Danish state. The rights issue is intended to fulfill an incremental funding requirement 00:00:26.247 -- 00:00:31.858 which has arisen following our decision to discontinue the divestment and associated 00:00:31.858 -- 00:00:38.572 non-recourse project financing process related to our Sunrise Wind project in the U.S. 00:00:38.572 -- 00:00:42.760 With the rights issue, we will strengthen our capital structure to cover for the full 00:00:42.760 -- 00:00:48.425 ownership of Sunrise Wind, and provide the needed financial robustness and flexibility 00:00:48.425 -- 00:00:53.832 for the execution of our strategic plan as announced in February and position 00:00:53.832 -- 00:00:56.733 us for future growth. 00:00:57.216 -- 00:01:02.003 While we do not take this decision lightly, it is based on a comprehensive assessment 00:01:02.003 -- 00:01:07.129 of our options, and we have no doubt that this is the right decision for us and our 00:01:07.129 -- 00:01:12.316 shareholders and puts us on the path to maximize shareholder value 00:01:12.316 -- 00:01:14.483 going forward. 00:01:14.483 -- 00:01:19.446 We are very pleased with the support from our majority shareholders. 00:01:20.729 -- 00:01:26.074 Before going through the details of the planned rights issue, let me turn to slide five, 00:01:26.074 -- 00:01:3...