Orsted A/S (DOGEF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to this Orsted Q3 2025 earnings call. For the first part of this call, all participants will be in listen-only mode and afterwards there will be a question and answer session. Today's speakers are Group President and CEO Rasmus Erbo and CFO Trond Wesley. Speakers, please begin. Hello everyone. During the third quarter of the year, we have continued our focus on the execution of the four strategic priorities that we presented in February. These will continue to be the core focus as we execute on our strategy. Let me start by going through our progress across the four priorities. Our first priority is to strengthen our capital structure, and with the completion of the rights issue in early October, we have taken a significant step on this priority. The rights issue strengthens our financial foundation, allows us to focus on delivering our six offshore wind farms under construction, provides the financial robustness to manage the ongoing challenges and uncertainty, as well as the financial strength to pursue upcoming attractive opportunities within offshore wind. I am very pleased and grateful for the strong support that we received from our shareholders in the rights issue, including from our majority shareholder, the Danish state. Also, we announced on November 3 that we have entered into an agreement with Apollo to divest a 50% ownership share in both the project and associated transmission asset for our 2.9 gigawatt Horn C3 project in the UK. The total value of the transaction is approximately 39 billion, and the transaction supports a further strengthening of our capital structure and marks a significant milestone in our partnership and divestment program. Another important element in supporting our capital structure is the continued performance of our oper...