Interim report
First quarter 2026
Contents
Management's review
Overview
CEO's review 3
At a glance 6
Outlook 2026 7
Results Q1 8
Business units' Q1 results 11
Performance highlights 14
Earnings call
In connection with the presentation of the interim report, an earnings call for investors and analysts will be held on Wednesday, 6 May 2026 at 14:00 CET.
The earnings call can be followed live here: https://getvisualtv.net/stream/?orsted-q1-2026
Further information Global Media Relations
Morten Buttler
Tel.: +45 99 55 26 97
Investor Relations Rasmus Keglberg Hærvig Tel.: +45 99 55 90 95
Quarterly overview… 15
Financial statements
Consolidated financial statements
Consolidated statement of income 17
Consolidated statement of comprehensive income 17
Consolidated statement of financial position 18
Consolidated statement of shareholders' equity 19
Consolidated statement of cash flows 20
Notes
Basis of reporting 21
Segment information 22
Revenue 24
Impairments 25
Other operating income and expenses 27
Financial income and expenses 27
Gross and net investments 28
Reserves 28
Assets classified as held for sale 29
Tax on profit (loss) for the period 30
Markets risks 31
Fair value measurement 32
Interest-bearing net debt and FFO 34
Subsequent events 35
Sustainability statements
Basis of reporting 37
Environment
Renewable and generation capacity 38
Energy generation and sales 39
Energy consumption 40
Greenhouse gas (GHG) emissions 41
EU taxonomy for sustainable activities 42
Social
People and safety 43
Management's statement
Statement by the Executive Board and the Board of Direc-tors… 44
CEO's reviewContinued strategic progress and strong operational performance across renewable assets despite global uncertainty in energy markets.
The real value of offshore wind
Selected events
Business progress and development
Revolution Wind delivered first power to New England.
Financials & operations
High availability rates of 93 % across our offshore wind portfolio, in line with the level in Q1 2025.
Successfully initiated turbine installation at Sunrise Wind.
Completed installation of one of Hornsea 3's two offshore substations.
Increased the Offshore and Onshore generation output with 1.6 TWh compared to Q1 2025, driven by a 27 % increase in Offshore generation due to higher wind speeds and ramp-up generation.
Successfully initiated monopile foundation installation at Hornsea 3 and Baltica 2.
Closed the divestment of our European onshore business.
EBITDA excluding new partnerships and cancellation fees increased 11% amounted to DKK 9.5 billion in Q1 2026, compared to DKK 8.9 billion in the same period last year.
Welcomed three new board members at our Annual General Meeting.
Full-year guidance on EBITDA and gross investments maintained.
As the world enters its second energy crisis in only five years, it is clear that dependence on imported fossil fuels comes at an unacceptably high price for European consumers and industries. Recent events in the Middle East have increased volatility in global energy markets and led to higher energy prices threatening to affect both growth and disposable income.
Energy is increasingly being leveraged for geopolitical gains, and energy security has become crucial to ensure the resilience and sovereignty of nations around the globe. This is particularly the case for Europe, where the vulnerability and costs associated with dependence on fossil energy imports are unsustainable.
The solution is at hand: Increase electrification of industry and transport, create a coherent European energy system, and accelerate the build-out of renewable energy - not least offshore wind.
At Ørsted, we are proud to be playing our part. In Q1 2026 alone, we generated more than 11 TWh of secure, affordable and green energy for millions of businesses and households on three continents across the globe, and as we deliver on our offshore wind construction programme of 8.1 GW our generation will only increase.
Over the past years, we have advocated for strengthened investment certainty for off-
shore wind through supportive regulatory frameworks. For that reason, we are encouraged by the commitments made by nine governments to a more predictable investment framework for offshore wind in the North Sea. At the same time, we are seeing positive signals in relation to national offshore auctions. The UK increased the budgets for new offshore wind projects in Allocation Round 7, Denmark introduced contract-for-difference (CfDs) in the upcoming auction, and we are also witnessing a shift towards contract-for-difference in other European countries including Belgium and Netherlands. We also welcome the AccelerateEU initiative presented in April by the European Commission, which underlines the EU's commitment to staying the course with regards to the Emissions Trading System and the Electricity Market Design and accelerating a transition from fossil fuels to renewables.
We will continue to work with governments and industry to provide solutions to enable the acceleration of renewable energy. To this end, we launched a white paper titled "Facts over Perception: The Real Value of Offshore Wind" at the recent Wind Europe Conference in Madrid. In the paper we show that renewables - with offshore wind as a significant component - can reduce total European electricity system costs by up to 30 % by 2040, and that a large share of renewables will lower electricity prices for European businesses and households.
We see positive signs for our industry moving forward, and we are ready to selectively invest in the most value-creating opportunities
over the coming years to remain the global leader in offshore wind.
Executing on our strategic priorities
During the first quarter, we continued to deliver on our four strategic priorities that was established in 2025.
Our first priority is to strengthen our capital structure, and with the completion of the rights issue in 2025 as well as the signing and closing of the transactions in our partnership and divestment programme during 2025 and early 2026, we have delivered strong progress on this. In April, we closed the divestment of our European Onshore business. The closing of the transaction will be reflected in the interim financial statements for H1 2026. Likewise, we expect the divestment of a 55 % stake in our Greater Changhua 2 project to close in the third quarter of 2026, following the commissioning of the Greater Changhua 2b and 4 project.
Our second priority is to deliver on our construction projects, and across the portfolio, we have achieved significant milestones during the quarter. Amongst other, this includes initiation of monopile foundation installation at Hornsea 3 and Baltica 2, the delivery of first power at Revolution Wind as well as the successful installation of the first turbine at Sunrise Wind.
Our third priority is to ensure a focused and disciplined approach to capital allocation, where our focus going forward primarily will be on offshore wind in Europe and select markets in APAC. With the measures we have taken to strengthen our capital structure and financial foundation, we are in a position to pursue new, value-creating opportunities within offshore wind.
Our fourth priority is to improve our competitiveness, and we are continuing to progress as planned on numerous measures across our organisation to achieve a stronger and more competitive Ørsted.
Construction
In Germany, we are continuing the commissioning of turbines at Borkum Riffgrund 3, with 80 % of the turbines having produced first power. Following adverse weather conditions for commissioning works during the first quarter of 2026 combined with ongoing unplanned TSO grid outages and grid curtailment, the commissioning and testing of the turbines have progressed slightly slower than planned, and the full commissioning of the project is expected in Q3 2026. The project is more than 95 % complete, and the high share of turbines that have delivered first power combined with higher power prices than expected results in only marginal financial implications.
In Taiwan, the commissioning of Greater Changhua 2b and 4 remains on track for the third quarter of 2026. The project is approx. 80
% complete, and the commissioning of turbines related to the Greater Changhua 4 continues to ramp up.
In the US, Revolution Wind achieved a significant milestone as the project started delivering power to New England. The degree of completion has increased to 94 %, and the project is continuing to ramp up generation and remains on track to commissioning in the second half of 2026.
Sunrise Wind has also reached a major milestone, as the project during the quarter successfully installed the first wind turbine. Both
"
During the first quarter of 2026 we produced more renewable energy than ever delivering home-grown and reliable energy to millions of households and businesses at a time where energy supply is under pressure by the events in the Middle East.
the project's single offshore substation and the onshore substation are installed, the export cable has also been laid, and nearly all of the components are manufactured. The project will continue the turbine installation, and following the cessation of seasonal restrictions, the project will as planned resume installation of the remaining turbine foundations. The degree of completion has increased to 47 %, and the project remains on track to deliver first power in the second half of 2026 and commissioning in second half of 2027.
In Poland, we are continuing to progress as planned on Baltica 2. All the foundations for the project have been fabricated, and we have commenced the installation of monopile foundations. The project is approx. 30 % complete, and the project remains on track for commissioning in the second half of 2027.
In the UK, we have made significant progress on Hornsea 3, and the project team has now pulled the export cable onshore to meet its onshore counterpart and successfully completed installation of the first of the project's two offshore converter stations. The project is approx. 25 % complete, and the installation of
turbine foundations was initiated late in April.
As we have noted in the past, the project is dependent on timely connection to the transmission grid in circumstances where several renewable energy projects are currently under construction.
Following discussions with National Grid and National Energy System Operator regarding delays to the grid connection date for Hornsea 3, we now anticipate first power for the project in Q1 2027 with Commercial Operations Date (COD) in Q4 2027/Q1 2028.
The up to two months delay of first power and COD reflects a delay from National Grid resulting from enabling and reinforcement works at the Norwich Main substation, where Hornsea 3 is due to connect to the UK transmission system. We will continue to work with National Grid and National Energy System Operator as they work to minimise the delay.
Generation
In our Offshore business, we delivered high availability rates of 93 % and generation output of 6.9 TWh in the first quarter, an increase of 27 % compared to the same period last year. This was primarily driven by higher wind speeds and ramp-up generation at both Borkum Riffgrund 3 and Greater Changhua 4.
In our Onshore business, we maintained high availability rates across our assets and delivered generation output of 4.4 TWh, an increase of 3 % compared to the same period last year. The increase was mainly due to commissioning of the Badger Wind project in the US and the Bahren West 1 project in Ger-
many.
The share of generation from renewable sources was 98 %, which is a decrease of one percentage point compared to the same period last year. The decrease was mainly driven by higher use of natural gas for heat production as a result of colder weather in Q1 2026 compared to Q1 2025.
Financials
EBITDA for the first quarter of 2026 amounted to DKK 9.5 billion compared to DKK 8.9 billion in the same period last year. EBITDA excluding new partnerships and cancellation fees in Q1 2026 amounted to DKK 9.5 billion, which was DKK 1.0 billion higher than Q1 2025.
Earnings from our offshore sites amounted to DKK 8.4 billion, an increase of 9 % compared to Q1 2025, primarily driven by higher wind speeds.
Changes to the Executive management and Board of Directors
In January, we announced the appointment of Simon Ashley as the next Chief HR Officer and member of the Group Executive Team, effective from 1 August 2026. The appointment follows a planned succession process as Henriette Fenger Ellekrog, current Chief HR Officer, has decided to conclude her executive career.
In March, the employees in Ørsted elected the employee representatives who will serve on the Board of Directors for the next four years. Benny Gøbel and Pawel Matysiak were re-elected, and Ruchit Majmudar is newly elected.
On April 9, we hosted our annual general meeting, and this was a great opportunity to meet and engage with our shareholders and express our sincere appreciation for their support in the rights issue process during the second half of 2025. At the event, we also welcomed three new board members - Karen Dyrskjøt Boesen, Karl Johnny Hersvik, and Samuel Leupold.
Rasmus Errboe
Group President & CEO
Interim report First quarter 2026
At a glanceFinancial highlights Non-financial highlights
Operating profit (EBITDA)1, DKKbn
Gross investments, DKKbn
Return on capital employed (ROCE)2, %
Installed renewable capacity, GW
9.58.9
9.5
8.213.8
8.2
4.64.6
4.6
18.818.5 18.8
Offshore Onshore
Bioenergy & Other
Offshore Onshore Bioenergy & Other
Offshore
Onshore Bioenergy & Other
Profit for the period, DKKbn
Interest-bearing net debt, DKKbn
68.4
Credit metric (FFO/adjusted interest-bearing net debt), %
GHG emissions intensity, g CO2e/kWh
53 57
2.64.9
2.6
21.321.3
42.213.7
42.2
576/44
Scope 1-2 Scope 1-3 (excl. category 11)
1 Includes EBITDA from other activities/eliminations.
2 Last 12 months i.e. including impairments and cancellation fees.
6/44
Outlook 2026
EBITDA
EBITDA in 2026 excluding new partnership agreements and cancellation fees is unchanged relative to our guidance from 6 February 2026 and expected to be above DKK 28 billion in 2026.
EBITDA, excl. new partnerships and cancellation fees | 25.1 | >28 | >28 |
Offshore | 19.6 | Higher | Higher |
Onshore | 4.2 | In line | In line |
Bioenergy & Other | 1.4 | In line | In line |
Gross investments | 55.8 | 50-55 | 50-55 |
Outlook 2025, DKK billion
2025
realised
Guidance
6 Feb
Guidance
6 May
This guidance is based on an assumption of normal wind speeds in the remainder of the year. As always, the guidance is subject to a number of uncertainties (see below and box to the right).
Gross investments
Gross investments in 2026 are expected to amount to DKK 50-54 billion, which is unchanged relative to the guidance in the annual report.
Uncertainties in the US
We are following developments regarding potential tariffs and other regulatory changes, particularly affecting the US, and are continually assessing any possible financial and wider impacts.
Forward-looking statements
The interim report contains forward-looking statements, which include projections of our short- and long-term financial performance and targets as well as our financial policies. These statements are by nature uncertain and associated with risk. Many factors may cause the actual development to differ materially from our expectations. These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions, and assumptions regarding proceeds from farm-downs, divestments, tax equity etc. Read more about the risks in our annual report for 2025.
Our EBITDA guidance for the Group is the prevailing guidance, whereas the directional earnings development per business unit serves as a means to support this. Higher/lower indicates the direction of the business unit's earnings relative to the results for 2025.
Results Q1
Financial results
Revenue
Power generation from offshore and onshore assets increased by 16 % and totalled 11.3 TWh in Q1 2026. The increase was due to ramp-up of generation from our offshore wind farms Borkum Riffgrund 3 and Greater Changhua 4 and our onshore wind farm Badger. Furthermore, higher wind speeds contributed positively.
Heat generation increased by 9 % in Q1 2026, mainly due to colder weather, whereas thermal power generation decreased by 6 % mainly due to lower contribution from ancillary services.
Our renewable share of generation amounted to 98 %, which was slightly lower than in the
same period last year.
Revenue amounted to DKK 27.6 billion, which was 33 % higher than in Q1 2025. The increase was mainly driven by higher activity on our construction contracts as well as higher generation and higher prices.
EBITDA
EBITDA for Q1 2026 amounted to DKK 9.5 billion, DKK 0.7 billion higher than in Q1 2025. Adjusted for new partnerships, EBITDA increased by DKK 1.0 billion.
Earnings from 'Offshore sites' amounted to DKK 8.4 billion, an increase of DKK 0.7 billion compared to Q1 2025. The increase was driven by higher wind speeds (DKK 1.2 billion) as well as higher power and ROC prices. This was
partly offset by lower contribution from our trading activities and a step down in subsidy level for some of our older German wind farms.
EBITDA from existing partnerships increased by DKK 0.3 billion, amounting to DKK 0.2 billion in Q1 2026, and was mainly related to updates to construction agreements.
EBITDA from our Onshore business amounted to DKK 1.4 billion, DKK 0.1 billion lower than in Q1 2025. Adjusted for new partnerships, EBITDA increased by DKK 0.2 billion. The increase was mainly due to the commissioning of Badger in the US, the sale of a development project and the sale and lease back of land in the US.
EBITDA from our CHP plants amounted to
DKK 0.5 billion, DKK 0.3 billion lower than in Q1 2025, mainly due to lower contribution from ancillary services.
EBITDA from our gas business totalled DKK
0.1 billion in Q1 2026, DKK 0.1 billion lower than in Q1 2025 .
Impairments
Impairment losses had a negative effect of DKK 1.4 billion in Q1 2026. The impairment was caused by an increase in the long-dated US interest rates.
In Q1 2025, we had a net impairment reversal. The main net impairment reversals were due to a decrease in the long-dated US interest rates (DKK 1.5 billion) which was partly offset by imposed tariffs (DKK 1.2 billion). See
Revenue | 27,620 | 20,705 33 % |
EBITDA | 9,545 | 8,871 8 % |
- New partnerships | - | 304 n.a. |
- EBITDA excl new partnerships and cancellation fees | 9,545 | 8,567 11 % |
Depreciation and amortisation | (2,471) | (2,555) (3 %) |
Impairment (loss)/reversal | (1,369) | 272 n.a. |
Operating profit (loss) (EBIT) | 5,705 | 6,588 (13 %) |
Gain (loss) on divestment of enterprises | (40) | 87 n.a. |
Financial items, net | (591) | (1,567) (62 %) |
Profit (loss) before tax | 5,087 | 5,119 (1 %) |
Tax | (2,466) | (232) 963 % |
Tax rate | 48 % | 5 % 44 %p |
Profit (loss) for the period | 2,621 | 4,887 (46 %) |
Financial results, DKKm Q1 2026 Q1 2025 %
EBITDA excluding new partnerships and cancellation fees, DKKbn
0.7 | 0.3 0.2 | 0.0 | 0.2 | 9.5 | ||||
8.6 | -0.3 -0.1 | -0.1 | ||||||
Offshore | Onshore | Bio & Other | ||||||
(DKK 1.3 bn) | (DKK 0.2 bn) | (DKK -0.3 bn) | ||||||
Q1 2025 | Sites | Exist. | Other incl. | Sites | Other incl. DEVEX | CHPs | Gas & | |
partnerships | DEVEX | other | ||||||
Other Q1 2026
note 4 'Impairments' for more information.
EBIT
EBIT decreased by DKK 0.9 billion to DKK 5.7 billion in Q1 2026. This was mainly due to the higher impairment and was only partly offset by the higher EBITDA.
Financial income and expenses
Net financial income and expenses amounted to DKK -0.6 billion, DKK 1.0 billion less negative than in Q1 2025. The positive development compared to Q1 2025 was mainly due to higher capitalised interest expenses and updates to our uncertain tax positions.
Tax and tax rate
The tax rate of 48 % in Q1 2026 was affected by impairments and deferred tax liability related to tax equity contributions for Revolution Wind and Old 300 BESS
The tax rate of 5 % in Q1 2025 was affected by net impairments reversal and reversal of
In Q1 2026, the release in variation margin payments on unrealised hedges ('Change in variation margin') and initial margin payments at clearing houses (part of 'Change in other working capital') was DKK 1.1 billion, whereas we released DKK 0.1 billion in Q1 2025.
In Q1 2026, we had a net cash outflow from work in progress of DKK 2.7 billion, mainly related to the construction of Hornsea 3 and Greater Changhua 4 for partners. This was partly offset by adjustments related to the Hornsea 3 offshore transmission asset. In Q1 2025, we had a net cash outflow from work in progress of DKK 3.1 billion, mainly related to the construction of Borkum Riffgrund 3 and Greater Changhua 4 for partners.
In Q1 2026, we received initial tax equity contribution for Revolution Wind, whereas there was no tax equity contribution in Q1 2025. In both periods, 'Change in tax equity liabilities' included a reversal of the non-cash recognition of tax credits and benefits through EBITDA.
Cash flow and net debt, DKKm Q1 2026 Q1 2025 %
Cash flows from operating activities | 6,537 | 634 931 % |
EBITDA | 9,545 | 8,871 8 % |
Reversal of gain (loss) on divestments of assets | (128) | (224) (43 %) |
Change in derivatives, excl. variation margin | (36) | (676) (95 %) |
Change in variation margin | 788 | (3) n.a. |
Change in provisions and other items | 92 | 364 (75 %) |
Interest expense, net | (83) | (723) (89 %) |
Paid tax | (1,673) | (790) 112 % |
Change in work in progress | (2,735) | (3,099) (12 %) |
Change in tax equity liabilities | (383) | (875) (56 %) |
Change in other working capital | 1,150 | (2,212) n.a. |
Gross investments | (8,176) | (13,799) (41 %) |
Divestments | 749 | 2,987 (75 %) |
Free cash flow | (890) | (10,178) (91 %) |
Net interest-bearing debt, beginning of period | 18,978 | 58,027 (67 %) |
Free cash flow | 890 | 10,178 (91 %) |
Dividends and hybrid coupon paid | 237 | 891 (73 %) |
Addition of lease obligations, net | 836 | 196 327 % |
Exchange rate adjustments, etc. | 348 | (843) n.a. |
Net interest-bearing debt, end of period | 21,289 | 68,449 (69 %) |
deferred tax liabilities as part of the 50 % farm-downs of Eleven Mile and Sparta Solar.
Profit for the period
Profit for the period amounted to DKK 2.6 billion, DKK 2.3 billion lower than in Q1 2025. This was mainly due to the higher tax and higher impairment losses in the quarter.
Cash flows and net debt
Cash flows from operating activities
Cash flows flows from operating activities totalled DKK 6.5 billion in Q1 2026 compared to DKK 0.6 billion in Q1 2025.
In Q1 2026, we saw a positive development in net trade receivables and payables, whereas we saw a negative effect in Q1 2025.
Investments and divestments
Gross investments amounted to DKK 8.2 billion in Q1 2026. The main investments were: - offshore wind farms (DKK 7.4 billion), main-
ly Greater Changhua 2b and 4 in Taiwan,
Hornsea 3 and Baltica 2 in Europe, and Sunrise Wind and Revolution Wind in the US
onshore wind and solar farms (DKK 0.6 billion), mainly the construction of Badger and Old 300 BESS
CHP plants (DKK 0.2 billion), mainly our carbon capture and storage facilities in
Denmark.
In Q1 2026, 'Divestments' amounted to DKK
0.7 billion and were mainly related to the sale of a development project and the sale and lease back of land in the US.
In Q1 2025, 'Divestments' amounted to DKK
3.0 billion and were mainly related to the 50
% farm-downs of Eleven Mile and Sparta Solar.
Interest-bearing net debt
Interest-bearing net debt (NIBD) totalled DKK
21.3 billion at the end of Q1 2026 against DKK 19.0 billion at the end of 2025. The increase was mainly due to a negative free cash flow of DKK 0.9 billion.
Equity
Equity was DKK 150.8 billion at the end of Q1 2026 against DKK 148.9 billion at the end of 2025.
Capital employed
Capital employed was DKK 172.1 billion at
the end of Q1 2026 against DKK 167.9 billion at the end of 2025, mainly due to new investments.
Financial ratios
Return on capital employed (ROCE)
Return on capital employed (ROCE) was 4.6 % in Q1 2026. ROCE adjusted for impairment losses and cancellation fees in Q1 2026 was
8.6 % compared to 10.2 % in Q1 2025. The decrease was mainly due to a higher capital employed year-over-year.
Credit metric (FFO/adjusted interest-bearing net debt)
The funds from operations (FFO)/adjusted net debt credit metric was 42.2 % in Q1 2026 against 13.7 % in Q1 2025. The increase was due to the proceeds from the capital raise in Q4 2025 and an improved FFO.
ESG results
Renewable share of energy generation
The share of generation from renewable sources decreased by 1 percentage point in Q1 2026 compared to Q1 2025. The decrease was mainly driven by a higher use of natural gas for heat production as a result of colder weather in Q1 2026 compared to Q1 2025.
Greenhouse gas emissions
Greenhouse gas emissions from own operations (scope 1) increased by 63 % in Q1 2026 compared to Q1 2025, driven by higher natural gas consumption at our CHP plants.
Our scope 1 and 2 GHG intensity rose to 6 g CO2e/kWh in Q1 2026, from 4 g CO2e/kWh in Q1 2025. The increase in scope 1 emissions (numerator) was the main driver, partially off-
set by a higher total heat and power production (denominator) over the same period.
Greenhouse gas emissions from our supply chain and sales activities (scope 3) were 17 % higher in Q1 2026 than in Q1 2025, mainly due to a 17 % increase in emissions from gas sales (category 11), reflecting higher natural gas offtake from the Danish North Sea with subsequent higher volumes sold to wholesale and B2B customers as well as sales via the gas hubs. Emissions from construction activities (category 2) rose by 55 %, reflecting continued construction progress on our 7major offshore wind projects. Our scope 1-3 GHG intensity increased by 8 % to 57 g CO2e/kWh in Q1 2026, from 53 g CO2e/kWh in Q1 2025.
Safety
Our total recordable injury rate increased by 11 % to 2.1 in Q1 2026, driven by an increase in the number of recordable injuries among our own employees.
Key ratios, DKKm, % Q1 2026 Q1 2025 %
ROCE | 4.6 | 4.6 0 %p |
FFO | 13,653 | 12,328 11 % |
Adjusted interest-bearing net debt | 32,334 | 81,169 (60 %) |
FFO/adjusted interest-bearing net debt | 42.2 | 13.7 29 %p |
Financial results for Q1 2026
Power generation increased by 27 % to 6.9 TWh in Q1 2026. The increase was due to significantly higher wind speeds and ramp-up of generation at Borkum Riffgrund 3 in Germany and Greater Changhua 4 in Taiwan.
Wind speeds amounted to a portfolio average of 11.4 m/s, which was higher than in Q1 2025 (10.4 m/s) and slightly higher than the normal wind speeds expected in the first quarter (11.2 m/s).
Availability was 93 %, which was slightly lower than last year.
Revenue was DKK 6.6 billion higher than in Q1 2025 and amounted to DKK 21.3 billion.
Revenue from offshore wind farms in operation increased by 10 % to DKK 8.4 billion, mainly due to the higher generation. Revenue from power sales increased by DKK 1.1 billion to DKK 6.6 billion due to higher power prices and higher power volume sold. Revenue from construction agreements mainly related to the construction of Greater Changhua 4 and Hornsea 3 for partners.
EBITDA increased by DKK 1.2 billion and amounted to DKK 7.5 billion.
EBITDA from 'Sites, O&M, and PPAs' increased by DKK 0.7 billion and amounted to DKK 8.4
billion in Q1 2026. The increase was driven by significantly higher wind speeds (DKK 1.2 billion) and higher power and ROC prices. This was partly offset by lower contribution from our trading activities and a step down in subsidies on older German wind farms.
EBITDA from 'Construction agreements and divestment gains' amounted to DKK 0.2 billion in Q1 2026 and was mainly related to construction agreements at Borkum Riffgrund 3 and Hornsea 3.
EBITDA from 'Other incl. project development' was DKK 0.2 billion less negative than in Q1 2025. The improved result was primarily related to lower fixed costs.
Results Q1 2026 Q1 2025 %
Business drivers | ||
Decided (FID'ed) and installed capacity GW | 18.3 | 18.3 0 % |
Installed capacity GW | 10.2 | 10.2 0 % |
Generation capacity GW | 5.5 | 5.5 (0 %) |
Wind speed m/s | 11.4 | 10.4 10 % |
Load factor % | 59 | 47 12 %p |
Availability % | 93 | 94 (1 %p) |
Power generation GWh | 6,919 | 5,470 27 % |
Denmark | 664 | 564 18 % |
United Kingdom | 3,711 | 3,019 23 % |
Germany | 1,109 | 623 78 % |
The Netherlands | 395 | 276 43 % |
APAC | 938 | 880 7 % |
The US | 102 | 108 (5 %) |
Power sales GWh | 6,308 | 4,816 31 % |
Power price, LEBA UK GBP/MWh | 106 | 129 (18 %) |
British pound DKK/GBP | 8.6 | 8.9 (4 %) |
Financial performance | ||
Revenue DKKm | 21,285 | 14,637 45 % |
Sites, O&M, and PPAs | 8,372 | 7,635 10 % |
Power sales | 6,583 | 5,474 20 % |
Construction agreements | 6,297 | 1,439 338 % |
Other | 33 | 89 (63 %) |
EBITDA DKKm | 7,548 | 6,310 20 % |
Sites, O&M, and PPAs | 8,378 | 7,655 9 % |
Construction agreements and divestment gains | 242 | (77) n.a. |
Other incl. project development | (1,072) | (1,268) (15 %) |
Depreciation DKKm | (1,808) | (1,776) 2 % |
Impairment losses DKKm | (1,215) | (224) 442 % |
EBIT DKKm | 4,525 | 4,310 5 % |
Cash flow from operating activities DKKm | 5,409 | (4,874) n.a. |
Gross investments DKKm | (7,429) | (11,736) (37 %) |
Divestments DKKm | (117) | 105 n.a. |
Free cash flow DKKm | (2,137) | (16,505) (87 %) |
Capital employed DKKm | 126,621 | 120,130 5 % |
Financial results for Q1 2026
Power generation increased by 3 % compared to Q1 2025 and amounted to 4.4 TWh. The increase was mainly due to commissioning of Badger Wind in the US and Bahren West 1 in Germany.
Revenue was 5 % higher than in Q1 2025 and amounted to DKK 0.9 billion.
EBITDA decreased by DKK 0.1 billion and amounted to DKK 1.4 billion.
EBITDA from 'Sites incl. tax credits' amounted to DKK 1.4 billion in Q1 2026, which was on level with the same period last year.
Divestment gains for Q1 2025 amounted to DKK 0.3 billion and related to the 50% farm-down of Eleven Mile and Sparta Solar.
EBITDA from 'Other including project develop-ment' amounted to DKK 0.0 billion, which was an improvement of DKK 0.2 billion compared to Q1 2025. The increase was mainly due to sale of a development project and sale and lease back of land in the US.
Results Q1 2026 Q1 2025 %
Business drivers Decided (FID'ed) and installed capacity GW Installed capacity GW Wind speed m/s Load factor, wind % Load factor, solar PV % Availability, wind % Availability, solar PV % Power generation GWh US, wind US, solar PV Europe US dollar DKK/USD | 7.1 6.6 8.0 43 23 89 99 4,420 3,269 784 367 6.4 | 7.0 0 % 6.2 5 % 8.0 (0 %) 44 (1 %p) 21 2 %p 91 (2 %p) 98 1 %p 4,294 3 % 3,208 2 % 767 2 % 319 15 % 7.1 (10 %) |
Financial performance Revenue DKKm EBITDA DKKm Sites, incl. tax credits Divestment gains Other incl. project development Depreciation DKKm Impairment losses DKKm EBIT DKKm Cash flow from operating activities DKKm Gross investments DKKm Divestments DKKm Free cash flow DKKm Capital employed DKKm | 886 1,371 1,384 -(13) (402) (154) 815 97 (579) 871 389 38,013 | 846 5 % 1,490 (8 %) 1,416 (2 %) 304 n.a. (230) (95 %) (546) (26 %) 496 n.a. 1,440 (43 %) 369 (74 %) (1,411) (59 %) 2,883 (70 %) 1,841 (79 %) 38,549 (1 %) |
Financial results for Q1 2026
Heat generation increased by 9 % compared to Q1 2025, mainly due to colder weather in January and February. Power generation decreased by 6 %, mainly due to lower contribution from ancillary services.
Gas sales increased by 19 %, driven by our offtake contract with DUC due to ramp-up of production from the Tyra field (not owned by Ørsted).
EBITDA amounted to DKK 0.4 billion compared to DKK 0.8 billion in Q1 2025.
EBITDA from 'CHP plants' was DKK 0.5 billion, DKK 0.3 billion lower than in Q1 2025. This was mainly due to lower ancillary services generation due to lower earnings from ancillary services as a result of higher competition, driving prices downward and lowering the volumes sold by Ørsted.
EBITDA from 'Gas Markets & Infrastructure' amounted to DKK 0.1 billion, DKK 0.1 billion lower than Q1 2025. The decrease was mainly driven by costs being moved from 'Other incl. project management' to 'Gas markets & infra-structure'
EBITDA from 'Other incl. project development' was DKK -0.1 billion, in line with last year.
Results Q1 2026 Q1 2025 %
Business drivers | |||
Degree days | Number | 1,354 | 1,181 15 % |
Heat generation | GWh | 3,510 | 3,224 9 % |
Power generation | GWh | 1,390 | 1,480 (6 %) |
Gas sales | GWh | 6,299 | 5,280 19 % |
Power sales | GWh | 686 | 632 9 % |
Gas price, TTF | EUR/MWh | 39.5 | 47.0 (16 %) |
Power price, DK | EUR/MWh | 103.3 | 99.3 4 % |
Wood pellet spread, DK | EUR/MWh | 16.7 | 18.0 (7 %) |
Financial performance | |||
Revenue | DKKm | 5,512 | 5,347 3 % |
EBITDA | DKKm | 430 | 757 (43 %) |
CHP plants | 468 | 734 (36 %) | |
Gas Markets & Infrastructure | 104 | 210 (50 %) | |
Other, incl. project development | (142) | (187) (24 %) | |
Depreciation | DKKm | (188) | (164) 15 % |
EBIT | DKKm | 242 | 593 (59 %) |
Cash flow from operating activities | DKKm | 1,855 | 950 95 % |
Gross investments | DKKm | (163) | (645) (75 %) |
Divestments | DKKm | (5) | - n.a. |
Free cash flow | DKKm | 1,687 | 305 453 % |
Capital employed | DKKm | 7,384 | 5,905 25 % |
Financials, DKKm | Q1 2026 | Q1 2025 | 2025 | Business drivers | Q1 2026 | Q1 2025 | 2025 | |
Income statement | Offshore | |||||||
Revenue | 27,620 | 20,705 | 73,244 | Decided (FID'ed) and installed capacity, GW | 18.3 | 18.3 | 18.3 | |
EBITDA | 9,545 | 8,871 | 22,448 | Installed capacity, GW | 10.2 | 10.2 | 10.2 |
7,548
(1,369)
Generation capacity, GW | 5.5 | 5.5 | 5.5 |
Wind speed, m/s | 11.4 | 10.4 | 9.7 |
Load factor, % | 59 | 47 | 42 |
Availability, % | 93 | 94 | 93 |
Power generation, GWh | 6,919 | 5,470 | 19,687 |
Power sales, GWh | 6,308 | 4,816 | 19,244 |
Offshore 6,310 16,276
Sites, O&M, and PPAs | 8,378 | 7,655 | 24,341 |
Construction agreements and divestment gains | 242 | (77) | (2,668) |
Cancellation fees | - | - | (1,362) |
Other, incl. project development | (1,072) | (1,268) | (4,035) |
Onshore | 1,371 | 1,490 | 4,871 |
Bioenergy & Other | 430 | 757 | 1,358 |
0
98
0.1
Other activities/eliminations | 196 | 314 | (57) | Onshore | |||
Depreciation and amortisation | (2,471) | (2,555) | (10,195) | Decided (FID'ed) and installed capacity, GW | 7.1 | 7.0 | 7.1 |
Installed capacity, GW | 6.6 | 6.2 | 6.3 |
Wind speed, m/s | 8.0 | 8.0 | 7.2 |
Load factor, wind, % | 43 | 44 | 37 |
Load factor, solar PV, % | 23 | 21 | 25 |
Availability, wind, % | 89 | 91 | 91 |
Availability, solar PV, % | 99 | 98 | 92 |
Power generation, GWh Bioenergy & Other | 4,420 | 4,294 | 15,482 |
Operating profit (loss) (EBIT) | 5,705 | 6,588 | 8,620 |
Gain (loss) on divestment of enterprises | (40) | 87 | 213 |
Net financial income and expenses | (591) | (1,567) | (2,881) |
Profit (loss) before tax | 5,087 | 5,119 | 5,988 |
Tax | (2,466) | (232) | (2,823) |
Profit (loss) for the period | 2,621 | 4,887 | 3,165 |
Balance | |||
Assets | 360,332 | 287,287 | 367,922 |
Impairment 272 (3,633)
Equity | 150,798 | 96,677 | 148,941 | Degree days, number | 1,354 | 1,181 | 2,501 |
Shareholders in Ørsted A/S | 121,345 | 65,665 | 119,718 | Heat generation, GWh | 3,510 | 3,224 | 6,414 |
Hybrid capital | 20,955 | 20,955 | 20,955 | Power generation, GWh | 1,390 | 1,480 | 3,635 |
Non-controlling interests | 8,498 | 10,057 | 8,268 | Power sales, GWh | 686 | 632 | 2,475 |
Interest-bearing net debt | 21,289 | 68,449 | 18,978 | Gas sales, GWh | 6,299 | 5,280 | 21,528 |
Capital employed | 172,087 | 165,126 | 167,919 | ||||
Additions to property, plant, and equipment Cash flow Cash flow from operating activities | 8,516 6,537 | 14,215 634 | 58,464 23,741 | Sustainability statements Employees (FTE), end of period number Total recordable injury rate (TRIR), YTD | 7,675 2.1 | 8,251 1.9 | 7,896 2.5 |
Gross investments | (8,176) | (13,799) | (54,976) |
Divestments | 749 | 2,987 | 12,385 |
Free cash flow | (890) | (10,178) | (18,850) |
Fatalities, number
Financial ratios | GHG intensity (scope 1 & 2), g CO2e/kWh | 6 | 4 | 4 | |
Return on capital employed (ROCE)1, % | 4.6 4.6 5.4 | GHG intensity (scope 1-3), g CO2e/kWh (excl. cat. 11) | 57 | 53 | 69 |
FFO/adjusted interest-bearing net debt, % | 42.2 13.7 42.9 | GHG emissions (scope 3), Mtonnes | 2.2 | 1.9 | 8.8 |
Number of outstanding shares, end of period, '000 | 1,321,062 420,381 1,321,062 | ||||
Share price, end of period, DKK | 156 301 122 | 1 EBIT last 12 months. | |||
Market capitalisation, end of period, DKK billion | 206 127 162 | ||||
Earnings per share (EPS), DKK | 1.6 5.9 2.0 | ||||
Renewable share of energy generation, % GHG emission (scope 1 & 2), Mtonnes
2 2
99 99
0.1 0.2
Quarterly overviewQ1 Financials, DKKm 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 Business drivers 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | ||
Income statement | Offshore | ||||||||||||||||
Revenue | 27,620 | 23,134 | 12,270 | 17,135 | 20,705 | 21,077 | 15,766 | 15,023 | Decided (FID'ed) and installed capacity, GW | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 16.8 | 16.8 | 16.8 |
EBITDA | 9,545 | 3,869 | 3,064 | 6,644 | 8,871 | 8,353 | 9,548 | 6,570 | Installed capacity, GW | 10.2 | 10.2 | 10.2 | 10.2 | 10.2 | 9.9 | 9.9 | 9.8 |
Offshore | 7,548 | 2,450 | 2,215 | 5,301 | 6,310 | 6,639 | 8,530 | 5,218 | Generation capacity, GW | 5.5 | 5.5 | 5.4 | 5.4 | 5.5 | 5.3 | 5.2 | 5.1 |
Wind speed, m/s | 11.4 | 11.7 | 8.2 | 8.5 | 10.4 | 11.1 | 8.4 | 9.0 |
Load factor, % | 59 | 57 | 32 | 31 | 47 | 51 | 31 | 33 |
Availability, % | 93 | 93 | 94 | 90 | 94 | 94 | 89 | 83 |
Sites, O&M, and PPAs 8,378 8,229 3,643 4,814 7,655 8,533 3,958 4,400
Construction agreements and
divestment gains 242 (5,061) (431) 2,901 (77) (894) 106 6
Other, incl. project development | (1,072) | (887) | (997) | (883) | (1,268) | (1,926) | (643) | (488) | Power generation, GWh | 6,919 | 6,784 | 3,788 | 3,646 | 5,470 | 5,740 | 3,522 | 3,667 |
Onshore | 1,371 | 1,356 | 828 | 1,197 | 1,490 | 1,061 | 991 | 995 | Power sales, GWh | 6,308 | 6,763 | 3,979 | 3,686 | 4,816 | 5,839 | 4,010 | 3,854 |
Bioenergy & Other | 430 | 650 | (127) | 78 | 757 | 869 | (185) | (36) | Onshore |
Other activities/eliminations | 196 | (587) | 148 | 68 | 314 | (216) | 212 | 393 |
Depreciation and amortisation | (2,471) | (2,782) | (2,423) | (2,435) | (2,555) | (2,571) | (2,548) | (2,683) |
Impairment | (1,369) | (2,128) | (1,757) | (20) | 272 | (12,127) | (284) | (3,913) |
Operating profit (loss) (EBIT) | 5,705 | (1,041) | (1,116) | 4,189 | 6,588 | (6,345) | 6,716 | (26) |
Gain (loss) on divestment of enterprises | (40) | (2) | 4 | 124 | 87 | 34 | 14 | (7) |
Cancellation fees - 169 - (1,531) - 926 5,109 1,300
Net financial income and expenses | (591) | (556) | (427) | (331) | (1,567) | (457) | (1,235) | (552) | Load factor, solar PV, % | 23 | 17 | 30 | 30 | 21 | 20 | 31 | 29 |
Profit (loss) before tax | 5,087 | (1,587) | (1,533) | 3,989 | 5,119 | (6,761) | 5,508 | (575) | Availability, wind, % | 89 | 92 | 92 | 88 | 91 | 90 | 87 | 92 |
Tax | (2,466) | (1,784) | (169) | (638) | (232) | 677 | (339) | (1,103) | Availability, solar PV, % | 99 | 86 | 94 | 91 | 98 | 98 | 97 | 97 |
Profit (loss) for the period | 2,621 | (3,371) | (1,702) | 3,351 | 4,887 | (6,084) | 5,169 | (1,678) | Power generation, GWh | 4,420 | 3,963 | 3,223 | 4,002 | 4,294 | 4,086 | 3,270 | 4,187 |
Balance sheet
Equity | 150,798 148,941 | 93,612 | 97,419 | 96,677 | 93,484 | 91,127 | 83,368 |
Shareholders in Ørsted A/S | 121,345 119,718 | 63,872 | 67,088 | 65,665 | 62,138 | 65,987 | 56,446 |
Hybrid capital | 20,955 20,955 | 20,955 | 20,955 | 20,955 | 20,955 | 20,955 | 22,792 |
Non-controlling interests | 8,498 8,268 | 8,785 | 9,376 | 10,057 | 10,391 | 4,185 | 4,130 |
Interest-bearing net debt | 21,289 18,978 | 83,154 | 67,137 | 68,449 | 58,027 | 62,817 | 49,366 |
Assets 360,332 367,922 299,075 285,112 287,287 298,786 290,341
Decided (FID'ed) and installed capacity, GW | 7.1 | 7.1 | 7.1 | 7.0 | 7.0 | 7.0 | 6.4 | 6.4 |
Installed capacity, GW | 6.6 | 6.3 | 6.3 | 6.2 | 6.2 | 6.2 | 5.7 | 5.6 |
Wind speed, m/s | 8.0 | 7.7 | 6.1 | 7.2 | 8.0 | 7.5 | 6.2 | 7.4 |
Load factor, wind, % | 43 | 41 | 26 | 36 | 44 | 40 | 26 | 41 |
286,00
Bioenergy & Other | ||||||||
Degree days, number | 1,354 | 831 | 71 | 418 | 1,181 | 846 | 79 | 360 |
Heat generation, GWh | 3,510 | 2,145 | 337 | 707 | 3,224 | 2,367 | 332 | 935 |
Power generation, GWh | 1,390 | 1,252 | 426 | 477 | 1,480 | 1,428 | 805 | 805 |
Power sales, GWh | 686 | 641 | 617 | 585 | 632 | 635 | 577 | 581 |
Gas sales, GWh | 6,299 | 5,641 | 4,809 | 5,798 | 5,280 | 4,016 | 4,138 | 4,051 |
2
Capital employed | 172,087 167,919 176,766 164,557 | 165,126 | 151,511 153,944 132,734 | Sustainability statements | ||||||||||||||
Additions to property, plant, equipment | 8,516 18,298 14,397 11,554 | 14,215 | 19,111 11,375 8,479 | Employees (FTE) end of period, number | 7,675 | 7,896 | 8,126 | 8,203 | 8,251 | 8,278 | 8,377 | 8,411 | ||||||
Cash flow | Total recordable injury rate (TRIR), YTD | 2.1 | 2.5 | 2.5 | 2.7 | 1.9 | 2.7 | 2.3 | 2.1 | |||||||||
Cash flow from operating activities | 6,537 17,087 | (1,166) | 7,186 | 634 | 10,306 | (1,639) | 6,081 | Fatalities, number | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | ||
Gross investments | (8,176) (15,052) | (14,971) | (11,154) | (13,799) | (17,114) | (9,780) | (8,292) | Renewable share of energy generation, % | 98 | 99 | 100 | 100 | 99 | 99 | 96 | 97 | ||
Divestments | 749 5,196 | (56) | 4,258 | 2,987 | 13,317 | 108 | 2,993 | GHG emissions (scope 1 & 2), Mtonnes | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.3 | 0.2 | ||
Free cash flow | (890) 7,231 | (16,193) | 290 | (10,178) | 6,509 | (11,311) | 782 | GHG intensity (scope 1 & 2), g CO2e/kWh | 6 | 4 | 4 | 4 | 4 | 5 | 40 | 16 | ||
Financial ratios GHG intensity (scope 1-3), g CO2e/kWh (excl. cat. | ||||||||||||||||||
Return on capital employed (ROCE)1, % | 4.6 | 5.4 | 2.0 | 7.5 | 4.6 | 4.5 | 8.1 | (12.4) | 11)2 | 57 | 67 | 85 | 84 | 53 | 73 | 144 | 94 | |
FFO/adjusted interest-bearing net debt, % | 42.2 | 42.9 | 13.9 | 15.6 | 13.7 | 12.7 | 12.1 | 22.0 | GHG emissions (scope 3), Mtonnes2 | 2.2 | 2.7 | 1.8 | 2.4 | 1.9 | 1.8 | 1.8 | 1.7 | |
Number of outstanding shares, end of period, '000 1,321,062 1,321,062 420,381 420,381 420,381 420,381 420,381 420,381 1 EBIT last 12 months. Share price, end of period, DKK 156 122 107 272 301 324 445 371 2 Figures in 2025 and 2024 have been restated to reflect an update to the allocation methodology for scope 3, cate- | ||||||||||||||||||
Market capitalisation, end ofperiod, DKK billion | 206 | 162 | 45 114 127 | 136 187 | 156 | gory 2 'capital goods' (see page 78 in the annual report for 2025 for details). | ||||||||||||
Earnings per share (EPS), DKK | 1.6 | 5.7 | (2.3) 4.1 5.9 | (8.8) 6.7 | (2.3) | |||||||||||||
Management's review
Consolidated financial statements First quarter 2026
1 January - 31 March
Consolidated statement of income
1 January - 31 March
Consolidated statement of comprehensive income
1 January - 31 March
Note
Income statement
3 | Revenue | 27,620 | 20,705 |
Cost of sales | (15,856) | (10,006) | |
Other external expenses | (2,097) | (1,921) | |
Employee costs | (1,550) | (1,614) | |
Share of profit (loss) in associates and joint ventures | (45) | 24 | |
5 | Other operating income | 1,616 | 1,864 |
5 | Other operating expenses | (143) | (181) |
Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) | 9,545 | 8,871 | |
Amortisation and depreciation of intangible assets and of property, plant, and equipment | (2,471) | (2,555) | |
4 | Impairment losses on intangible assets and on property, plant, and equipment | (1,369) | 272 |
Operating profit (loss) (EBIT) | 5,705 | 6,588 | |
Gain (loss) on divestment of enterprises | (40) | 87 | |
Share of profit (loss) in associates and joint ventures | 13 | 11 | |
6 | Financial income | 1,618 | 1,819 |
6 | Financial expenses | (2,209) | (3,386) |
Profit (loss) before tax | 5,087 | 5,119 | |
10 | Tax on profit (loss) for the period | (2,466) | (232) |
Profit (loss) for the period | 2,621 | 4,887 | |
Profit (loss) for the period is attributable to: | |||
Shareholders in Ørsted A/S | 2,176 | 4,443 | |
Interest payments and costs, hybrid capital owners of Ørsted A/S | 147 | 151 | |
Non-controlling interests | 298 | 293 | |
Earnings per share (DKK) | 1.6 | 5.9 | |
Diluted earnings per share (DKK) | 1.6 | 5.9 | |
DKKm Q1 2026 Q1 2025
Statement of comprehensive income
DKKm Q1 2026 Q1 2025
Profit (loss) for the period | 2,621 | 4,887 |
Other comprehensive income: | ||
Cash flow hedging: | ||
Value adjustments for the period | (1,921) | 518 |
Value adjustments transferred to income statement | 257 | 535 |
Exchange rate adjustments: | ||
Exchange rate adjustments relating to net investments in foreign enterprises | 1,235 | (3,486) |
Value adjustment of net investment hedges | (649) | 1,684 |
Tax: | ||
Tax on hedging instruments | 489 | (137) |
Tax on exchange rate adjustments | 122 | (166) |
Other: | ||
Share of other comprehensive income of associated companies, after tax | 1 | (1) |
Other comprehensive income (loss) that may be reclassified to the income statement | (466) | (1,053) |
Total comprehensive income | 2,155 | 3,834 |
Comprehensive income for the period is attributable to: | ||
Shareholders in Ørsted A/S | 1,605 | 3,282 |
Interest payments and costs, hybrid capital owners of Ørsted A/S | 147 | 151 |
Non-controlling interests | 403 | 401 |
Total comprehensive income | 2,155 | 3,834 |
In Q1 2026, 'Exchange rate adjustments relating to net investments in foreign enterprises' was impacted by an increase in the USD exchange rate of 2.0 % and a decrease in the PLN exchange rate of -1.7 %.
Consolidated statement of financial position
31 March
Note
Assets
DKKm
31 March
2026
31 December
2025
31 March
2025
Note
Equity and liabilities
DKKm
31 March
2026
31 December
2025
31 March
2025
Intangible assets | 763 | 755 | 2,606 | |
Land and buildings | 7,497 | 7,790 | 7,803 | |
Production assets | 130,421 | 123,545 | 129,989 | |
Fixtures and fittings, tools, and equipment | 2,113 | 2,179 | 1,960 | |
Property, plant, and equipment under construction | 76,410 | 77,352 | 63,710 | |
4 | Property, plant, and equipment | 216,441 | 210,866 | 203,462 |
Investments in associates and joint ventures | 390 | 434 | 897 | |
Receivables from associates and joint ventures | 191 | 179 | 221 | |
Other securities and equity investments | 239 | 235 | 323 | |
12 | Derivatives | 1,084 | 1,336 | 1,167 |
Deferred tax | 7,181 | 9,547 | 9,985 | |
Other receivables | 6,888 | 7,060 | 3,431 | |
Other non-current assets | 15,973 | 18,791 | 16,024 | |
Non-current assets | 233,177 | 230,412 | 222,092 | |
Inventories | 13,211 | 9,938 | 12,339 | |
12 | Derivatives | 4,817 | 3,539 | 3,518 |
Contract assets | - | - | 307 | |
Trade receivables | 7,835 | 9,848 | 9,231 | |
Other receivables | 10,722 | 10,937 | 16,050 | |
Receivables from associates and joint ventures | 98 | 106 | 63 | |
10 | Income tax | 756 | 768 | 814 |
12 | Securities | 50,701 | 38,317 | 15,042 |
Cash | 28,036 | 53,448 | 7,831 | |
Current assets | 116,176 | 126,901 | 65,195 | |
9 Assets classified as held for sale | 10,979 | 10,609 | - | |
Assets | 360,332 | 367,922 | 287,287 | |
Share capital | 13,212 | 13,212 | 4,204 | |
8 | Reserves | (9,761) | (9,164) | (6,268) |
Retained earnings | 117,894 | 115,670 | 67,729 | |
Equity attributable to shareholders in Ørsted A/S | 121,345 | 119,718 | 65,665 | |
Hybrid capital | 20,955 | 20,955 | 20,955 | |
Non-controlling interests | 8,498 | 8,268 | 10,057 | |
Equity | 150,798 | 148,941 | 96,677 | |
Deferred tax | 183 | 1,969 | 2,045 | |
Provisions | 18,689 | 18,252 | 17,675 | |
Lease liabilities | 8,365 | 8,120 | 7,799 | |
13 | Bond and bank debt | 86,803 | 87,204 | 75,636 |
12 | Derivatives | 6,855 | 6,046 | 7,268 |
Contract liabilities | 8,173 | 8,257 | 8,497 | |
Tax equity liabilities | 10,255 | 10,721 | 13,374 | |
Other payables | 11,442 | 11,264 | 5,675 | |
Non-current liabilities | 150,765 | 151,833 | 137,969 | |
Provisions | 1,501 | 1,558 | 2,764 | |
Lease liabilities | 841 | 875 | 800 | |
13 | Bond and bank debt | 2,255 | 11,658 | 7,540 |
12 | Derivatives | 6,800 | 3,778 | 4,838 |
Contract liabilities | 10,562 | 13,847 | 1,527 | |
Trade payables | 21,639 | 19,764 | 18,716 | |
Tax equity liabilities | 4,161 | 3,663 | 3,899 | |
Other payables | 4,745 | 5,503 | 7,143 | |
10 | Income tax | 4,073 | 4,631 | 5,414 |
Current liabilities | 56,577 | 65,277 | 52,641 | |
Liabilities | 207,342 | 217,110 | 190,610 | |
Liabilities relating to assets classified as 9 held for sale | 2,192 | 1,871 | - | |
Equity and liabilities | 360,332 | 367,922 | 287,287 | |
Consolidated statement of shareholders' equity
1 January - 31 March
Q1 2026 Q1 2025
DKKm
Share capital
Reserves1 (note 8)
Retained earnings
Shareholders in Ørsted A/S
Hybrid capital
Non-con-trolling interests
Total Group
Share capital
Reserves1 (note 8)
Retained earnings
Shareholders in Ørsted A/S
Hybrid capital
Non-con-trolling interests
Total Group
Equity at 1 January | 13,212 | (9,164) | 115,670 | 119,718 | 20,955 | 8,268 | 148,941 |
Comprehensive income for the period: | |||||||
Profit (loss) for the period | - | - | 2,176 | 2,176 | 147 | 298 | 2,621 |
Other comprehensive income: | |||||||
Cash flow hedging | - | (1,720) | - | (1,720) | - | 56 | (1,664) |
Exchange rate adjustments | - | 537 | - | 537 | - | 49 | 586 |
Tax on other comprehensive income | - | 611 | - | 611 | - | - | 611 |
Share of other comprehensive income of associated companies, after tax | - | - | 1 | 1 | - | - | 1 |
Total comprehensive income | - | (572) | 2,177 | 1,605 | 147 | 403 | 2,155 |
Cash flow hedging of property, plant, and equipment | |||||||
- | (32) | - | (32) | - - | (32) | ||
under construction | |||||||
Coupon payments, hybrid capital | - | - | - | - | (147) - | (147) | |
Tax | - | 7 | - | 7 | - - | 7 | |
Dividends paid | - | - | - | - | - (90) | (90) | |
Additions, non-controlling interests | - | - | 34 | 34 | - (83) | (49) | |
Other changes | - | - | 13 | 13 | - - | 13 | |
Equity at 31 March | 13,212 | (9,761) | 117,894 | 121,345 | 20,955 8,498 | 150,798 | |
4,204 | (5,164) | 63,098 | 62,138 | 20,955 | 10,391 | 93,484 |
- | - | 4,443 | 4,443 | 151 | 293 | 4,887 |
- | 743 | - | 743 | - | 310 | 1,053 |
- | (1,601) | - | (1,601) | - | (201) | (1,802) |
- | (302) | - | (302) | - | (1) | (303) |
- | - | (1) | (1) | - | - | (1) |
- | (1,160) | 4,442 | 3,282 | 151 | 401 | 3,834 |
- | 68 | - | 68 | - - | 68 | |
- | - | - | - | (151) - | (151) | |
- | (12) | - | (12) | - - | (12) | |
- | - | - | - | - (740) | (740) | |
- | - | 180 | 180 | - 5 | 185 | |
- | - | 9 | 9 | - - | 9 | |
4,204 | (6,268) | 67,729 | 65,665 | 20,955 10,057 | 96,677 | |
1 In addition to the total reserves of DKK -9,761 million at 31 March 2026, a loss of DKK 295 million is recognised as part of
non-controlling interests. The loss is related to the hedging of revenue attributable to the non-controlling interests.
Consolidated statement of cash flows
1 January - 31 March
Note
Statement of cash flows
Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) | 9,545 | 8,871 |
Reversal of gain (loss) on divestment of assets | (128) | (224) |
Change in derivatives | 752 | (679) |
Change in provisions and other items | 92 | 364 |
Change in inventories | (3,324) | (42) |
Change in contract assets and liabilities | (3,477) | (1,385) |
Change in trade receivables | 1,933 | (262) |
Change in other receivables | 1,662 | (1,673) |
Change in trade payables | 1,679 | (2,035) |
Change in tax equity liabilities | (383) | (875) |
Change in other payables | (58) | 88 |
Interest received and similar items | 1,577 | 1,514 |
Interest paid and similar items | (1,660) | (2,238) |
Income tax paid | (1,673) | (790) |
Cash flows from operating activities | 6,537 | 634 |
Purchase of intangible assets and of property, plant, and equipment | (8,218) | (13,783) |
Sale of intangible assets and of property, plant, and equipment | 806 | 2,685 |
Sale and purchase of other equity investments | 7 | - |
Purchase of securities | (31,489) | (6,936) |
Sale/maturation of securities | 18,875 | 6,384 |
Change in other non-current assets | 35 | (2) |
Transactions with associates and joint ventures | (5) | (37) |
Cash flows from investing activities | (19,989) | (11,689) |
DKKm Q1 2026 Q1 2025
Note DKKm Q1 2026 Q1 2025
Proceeds from raising of loans | 71 | 52 |
Instalments on loans | (10,004) | (3,628) |
Instalments on leases | (331) | (274) |
Coupon payments on hybrid capital | (147) | (151) |
Transactions with non-controlling interests | (154) | (556) |
Net proceeds from tax equity partners | (110) | (37) |
Collateral posted in relation to trading of derivatives | (6,170) | (4,576) |
Collateral released in relation to trading of derivatives | 4,749 | 5,313 |
Restricted cash and other changes | 49 | (16) |
Cash flows from financing activities | (12,047) | (3,873) |
Total net change in cash and cash equivalents | (25,499) | (14,928) |
Cash and cash equivalents at the beginning of the period | 53,448 | 23,124 |
Exchange rate adjustments of cash and cash equivalents | 87 | (365) |
Cash and cash equivalents at 31 March | 28,036 | 7,831 |
Statement of cash flows
Our supplementary statement of gross and net investments appears from note 7 'Gross and net investments' and free cash flow (FCF) from note 2 'Segment information'.
Interim Report First quarter 2026 Consolidated financial statementsBasis of reporting
Ørsted is a public listed company, headquar-tered in Denmark.
This interim report for the first three months of 2026 comprises the interim financial statements of Ørsted A/S (the parent company) and any subsidiaries controlled by Ørsted A/S.
The interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS), IAS 34 'Interim Financial Reporting' as adopted by the EU, and further requirements in the Danish Financial Statements Act (Årsregnskabsloven) for the presentation of quarterly interim reports by listed companies.
Definitions of non-IFRS financial measures can be found on pages 124, 193, and 194 of the Annual Report for 2025.
The interim consolidated financial statements for the first three months of 2026 are a condensed set of financial statements, as they do not include all information and disclosures required by the annual financial statements. The interim consolidated financial statements have been prepared using the same accounting policies as our annual consolidated financial statements as of 31 December 2025 and should be read in conjunction with this.
We have disclosed a new key accounting estimate and a new key accounting judgement related to our revenue recognition for our
construction agreements:
− assumptions for the determination of the expected selling price and expected costs
− assumptions for the recognition of revenue
from the construction of offshore wind farms over time.
For further information, please see section to the right.
Implementation of new standards, interpretations, and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of our annual consolidated financial statements for the year, which ended on 31 December 2025. The Group has not early adopted any standard, interpretation, or amendment that has been issued but not yet entered into effect.
Amendments apply for the first time in 2026 but do not have a material impact on our financial statements.
Key accounting estimates
Assumptions for the determination of the expected selling price and expected costs
We make estimates when determining the expected selling price of individual construction agreements. These estimates are influenced by our assessment of:
− the degree of completion of the individual offshore wind farms and offshore transmission assets
− total expected costs for the individual contract
− the value of incentive agreements according to which we may be paid a bonus for early delivery or have to pay compensation for late delivery
− the guarantee commitments undertaken
− the share of total costs associated with transmission assets which are expected to be covered upon handover, etc.
Therefore, our determination of profit and the recognition of revenue and related contract assets are subject to significant uncertainty. We believe that our estimates are the most likely outcomes of future events.
Key accounting judgements
Assumptions for the recognition of revenue from the construction of offshore wind farms over time
We construct offshore wind farms with partners where we construct our partner's share of the wind farm. We assess each construction agreement at signing.
We regard the partner as gaining control of the offshore wind farm progressively as construction proceeds, supported by:
− the approval or rejection of significant variations to the construction
− the partner taking over work from subcontractors, transferring risk and legal title to the wind farm on an ongoing basis
− the milestone payments from the partner
− the wind farm being constructed on a seabed leased by the partnership which limits alternative use
− the construction agreement being negotiated in connection with the partner's entry into the project.
Therefore, revenue is recognised over time during the construction of the offshore wind farms.
21/42
Segment information
Q1 2026 income statement
DKKm Offshore Onshore
Bioenergy & Other
Reportable segments
Other activities/
External revenue | 20,691 | 886 | 6,058 | 27,635 | (15) | 27,620 |
Intra-group revenue | 594 | - | (546) | 48 | (48)1 | - |
Revenue | 21,285 | 886 | 5,512 | 27,683 | (63) | 27,620 |
Cost of sales | (11,414) | (6) | (4,444) | (15,864) | 8 | (15,856) |
Employee costs and other external expenses | (2,692) | (643) | (568) | (3,903) | 256 | (3,647) |
Gain (loss) on disposal of non-current assets | (58) | 191 | (5) | 128 | - | 128 |
Additional other operating income and expenses | 468 | 947 | (65) | 1,350 | (5) | 1,345 |
Share of profit (loss) in associates and joint ventures | (41) | (4) | - | (45) | - | (45) |
EBITDA | 7,548 | 1,371 | 430 | 9,349 | 196 | 9,545 |
Depreciation and amortisation | (1,808) | (402) | (188) | (2,398) | (73) | (2,471) |
Impairment losses | (1,215) | (154) | - | (1,369) | - | (1,369) |
Operating profit (loss) (EBIT) | 4,525 | 815 | 242 | 5,582 | 123 | 5,705 |
Key ratios | ||||||
Intangible assets and property, plant, and equipment | 158,152 | 47,724 | 10,351 | 216,227 | 977 | 217,204 |
Assets classified as held for sale, net | - | 9,184 | - | 9,184 | - | 9,184 |
Equity investments and non-current receivables | 2,979 | 129 | 219 | 3,327 | 95 | 3,422 |
Net working capital, capital expenditures | (7,066) | (492) | (188) | (7,746) | - | (7,746) |
Net working capital, work in progress | (5,435) | - | - | (5,435) | - | (5,435) |
Net working capital, tax equity | (1,196) | (11,361) | - | (12,557) | - | (12,557) |
Net working capital, other items | (1,529) | 620 | (927) | (1,836) | 1,346 | (490) |
Derivatives, net | (6,120) | (2,283) | (284) | (8,687) | 933 | (7,754) |
Decommissioning obligations | (9,908) | (2,099) | (2,736) | (14,743) | - | (14,743) |
Other provisions | (2,760) | 1 | (467) | (3,226) | (2,221) | (5,447) |
Tax, net | 5,820 | (3,410) | 1,416 | 3,826 | (145) | 3,681 |
Other receivables and other payables, net | (6,316) | - | - | (6,316) | (916) | (7,232) |
Capital employed at 31 March | 126,621 | 38,013 | 7,384 | 172,018 | 69 | 172,087 |
Return on capital employed (ROCE)2, % | - | - | - | - | - | 4.6 |
Cash flow from operating activities | 5,409 | 97 | 1,855 | 7,361 | (824) | 6,537 |
Gross investments | (7,429) | (579) | (163) | (8,171) | (5) | (8,176) |
Divestments | (117) | 871 | (5) | 749 | - | 749 |
Free cash flow (FCF) | (2,137) | 389 | 1,687 | (61) | (829) | (890) |
eliminations Total
The column 'Other activities/eliminations' primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.
Including the elimination of other activities, the total elimination of intra-group revenue amounts to
DKK 1,131 million, which primarily relates to our Shared Functions services as well as our B2B business activities.
Last 12 months.
Segment information (continued)
Q1 2025 income statement
DKKm Offshore Onshore
Bioenergy & Other
Reportable segments
Other activities/
External revenue
14,140
848
5,756
20,744
(39)
20,705
Intra-group revenue
497
(2)
(409)
86
(86)1
-
Revenue
14,637
846
5,347
20,830
(125)
20,705
Cost of sales
(5,985)
(25)
(3,971)
(9,981)
(25)
(10,006)
Employee costs and other external expenses
(2,749)
(636)
(617)
(4,002)
467
(3,535)
Gain (loss) on disposal of non-current assets
(80)
304
-
224
-
224
Additional other operating income and expenses
459
1,006
(3)
1,462
(3)
1,459
Share of profit (loss) in associates and joint ventures
28
(5)
1
24
-
24
EBITDA
6,310
1,490
757
8,557
314
8,871
Depreciation and amortisation
(1,776)
(546)
(164)
(2,486)
(69)
(2,555)
Impairment losses
(224)
496
-
272
-
272
Operating profit (loss) (EBIT)
4,310
1,440
593
6,343
245
6,588
Key ratios
Intangible assets and property, plant, and equipment
134,274
61,329
9,332
204,935
1,133
206,068
Equity investments and non-current receivables
528
432
270
1,230
173
1,403
Net working capital, capital expenditures
(7,147)
(261)
(65)
(7,473)
-
(7,473)
Net working capital, work in progress
9,236
-
-
9,236
-
9,236
Net working capital, tax equity
(1,093)
(14,558)
-
(15,651)
-
(15,651)
Net working capital, other items
614
183
(645)
152
1,488
1,640
Derivatives, net
(4,534)
(2,846)
(275)
(7,655)
234
(7,421)
Decommissioning obligations
(9,503)
(2,112)
(2,218)
(13,833)
-
(13,833)
Other provisions
(3,996)
-
(627)
(4,623)
(1,983)
(6,606)
Tax, net
6,031
(3,606)
133
2,558
782
3,340
Other receivables and other payables, net
(4,280)
(12)
-
(4,292)
(1,285)
(5,577)
Capital employed at 31 March
120,130
38,549
5,905
164,584
542
165,126
Return on capital employed (ROCE)2, %
-
-
-
-
-
4.6
Cash flow from operating activities
(4,874)
369
950
(3,555)
4,189
634
Gross investments
(11,736)
(1,411)
(645)
(13,792)
(7)
(13,799)
Divestments
105
2,883
-
2,988
(1)
2,987
Free cash flow (FCF)
(16,505)
1,841
305
(14,359)
4,181
(10,178)
eliminations Total
The column 'Other activities/eliminations' primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.
Including the elimination of other activities, the total elimination of intra-group revenue amounts to
DKK 1,231 million, which primarily relates to our Shared Functions services as well as our B2B business activities.
Last 12 months.
Revenue
Revenue
DKKm Offshore Onshore
Bioenergy &
Other
Other activities/ eliminations
Q1 2026
total Offshore Onshore
Bioenergy &
Other
Other activities/ eliminations
Q1 2025
total
Generation of power
5,448
736
1,333
-
7,517
Sale of power
5,283
-
212
(15)
5,480
Revenue from construction of wind farms and transmission assets
6,297
-
-
-
6,297
Generation and sale of heat and steam
-
-
1,451
-
1,451
Sale of gas
-
-
2,128
2
2,130
Distribution and transmission
-
-
62
-
62
O&M and other services
906
78
185
(50)
1,119
Total revenue from customers
17,934
814
5,371
(63)
24,056
Government grants
2,796
21
140
-
2,957
Miscellaneous revenue
555
51
1
-
607
Total revenue
21,285
886
5,512
(63)
27,620
Timing of revenue recognition from customers
At a point in time
8,503
814
1,325
(63)
10,579
Over time
9,431
-
4,046
-
13,477
Total revenue from customers
17,934
814
5,371
(63)
24,056
4,658
658
1,582
-
6,898
4,987
-
67
(8)
5,046
1,439
-
-
-
1,439
-
-
1,371
-
1,371
-
-
1,987
2
1,989
-
-
68
-
68
820
90
107
(119)
898
11,904
748
5,182
(125)
17,709
2,166
3
136
-
2,305
567
95
29
-
691
14,637
846
5,347
(125)
20,705
8,552
748
1,544
(125)
10,719
3,352
-
3,638
-
6,990
11,904
748
5,182
(125)
17,709
Revenue was DKK 27,620 million. The increases in 'Generation of power' and 'Sale of power' relative to the first three months of 2025 was primarily driven by continuous commissioning of new assets and higher wind speeds, which contributed to higher generation. Higher generation in Offshore also positively resulted in larger revenue from 'Government grants' compared to the first three months of 2025.
Revenue from construction agreements was DKK 6,297 million in Q1 2026 and mainly related to the construction of Hornsea 3 for partners. In Q1 2025, revenue from construction agreements was DKK 1,439 million and mainly related to the construction of Borkum Riffgrund 3 and Greater Changhua 4 for partners.
Impairments
Impairment losses on segment level
Offshore | 1,215 | 224 |
Onshore | 154 | (496) |
Bioenergy & Other | - | - |
Total impairment losses | 1,369 | (272) |
DKKm Q1 2026 Q1 2025
WACC levels
%
31 March
2026
31 March
2025
Base discount rate applied for the US | 5.75 % - 6.75 % | 5.75 % - 7.50 % |
The base discount rate after tax applied for the value-in-use calculation is determined per CGU.
31 March
31 March
ITC bonus credits
Sensitivity impact
Q1 2026 Q1 2025 2026 2025 assumed in impairment tests DKK billion
40 % ITC
Cash-generating units
Impairment
losses
Impairment
losses
Recoverable
Recoverable
ITC
Probability
No ITC
bonus credits,
100 %
+50 bps
-50 bps
DKKm
(reversals)
(reversals)
amount amount bonus credits weighting bonus credits probability WACC WACC
Sunrise Wind | 837 | 289 | 18,488 | 7,589 | 10 % | 95 % | (5.1) | 0.3 | (1.6) | 1.7 |
Revolution Wind | 260 | (62) | 10,695 | 6,980 | 10 % | 95 % | (1.3) | 0.1 | (0.5) | 0.5 |
South Fork | 105 | (62) | 2,864 | 2,858 | n.a. | n.a. | n.a. | n.a. | (0.1) | 0.1 |
Block Island | 13 | 59 | 1,058 | 1,257 | n.a. | n.a. | n.a. | n.a. | (0.0) | 0.0 |
Offshore | 1,215 | 224 | 33,105 | 18,684 | ||||||
Onshore US | 154 | (496) | 2,236 | 13,014 | n.a. | n.a. | n.a. | n.a. | (0.2) | 0.2 |
Onshore | 154 | (496) | 2,236 | 13,014 | ||||||
Bioenergy & Other | - | - | n.a. | n.a. | ||||||
Total | 1,369 | (272) | 35,341 | 31,698 | ||||||
Estimation uncertainty and sensitivity analyses When estimating the future cash flow for the value-in-use calculations of our cash-generating units (CGUs), management has assessed relevant assumptions and estimates on project level and
taken other related risks and inherent uncertainties into consideration. Assumptions with major
uncertainty include e.g. investment tax credits, interest rates, imposed tariffs in the US, and the supply chain.
The sensitivity analyses presented in the table show related impact on impairment losses when a change in a given assumption increases or decreases the value-in-use for our CGUs. The analyses are
performed with all other assumptions unchanged.
In the table, we have included sensitivity analyses of impairment effects if WACC levels or assumptions related to ITC bonus credits change.
If WACC had increased by 50 basis points in the impairment test of e.g. Revolution Wind as of
31 March 2026, the impairment loss would have been DKK 0.5 billion higher.
If we had not included the probability-weighted additional 10 % ITC bonus credits in the impairment test of e.g. Revolution Wind as of 31 March 2026, the impairment loss would have been DKK 1.3 billion higher.
4. Impairments (continued)
We have updated our impairment tests as of 31 March 2026, which has resulted in an impairment loss of DKK 1.4 billion in Q1 2026 related to our US portfolio
The impairment loss was driven by an increase in the long-dated US interest rate and comprised an impairment loss of DKK 1.2 billion on our US offshore projects and an impairment loss of DKK 0.2 billion on our US onshore projects.
In Q1 2025, we had a net impairment reversal of DKK 0.3 million. The main contributor to the net impairment reversal was a decrease in the long-dated US interest rate (DKK 1.5 billion), which was partly offset by imposed tariffs DKK 1.2 billion).
In the following sections, the main drivers for the net impairment loss are described.
Interest rates
The US long-dated interest rate increased from 31 December 2025 to 31 March 2026, leading to higher WACC levels of approximately 25 basis points across our US portfolio.
Tariffs in the US
Throughout 2025, the US Administration implemented several tariff measures as part of an ongoing review of its trade policy.
So far, this has for metals (steel, copper, and aluminium) resulted in an increase in the tariffs by up to 50 %, impacting many imported
components used in our construction projects.
In April 2026, the US Administration modified how these metal tariffs were calculated, meaning that some components are now tariffed at up to 50 % on the full value of the component rather than the metal content.
In 2025, the US Administration also issued global tariffs under the International Economic Emergency Powers Act (IEEPA), which the US Supreme Court deemed unlawful in February 2026. In response to this decision, the US Administration issued a new global 10 % tariff under section 122 of the Trade Expansion Act, effective from
24 February 2026 and applicable until 24 July 2026. Active litigation about the legality of the 10 % tariff under section 122 is currently ongoing.
In the summer of 2025, the EU and the US announced that they had agreed on a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade. The US implemented its tariff commitments by means of two executive orders in July and September 2025. The European Commission is currently completing its parliamentary process to finalise implementation of the deal.
The impact of tariffs and the above changes involves a number of key estimates and assumptions, which are based on the expected interpretation, final agreements,
and practical implementation of the tariffs as well as the ongoing legal challenges to some of the imposed tariffs. Consequently, inherent uncertainties are embedded in the assumptions, which reflect our current best estimate.
The estimated impact of these tariffs has not resulted in further impairments in Q1 2026 compared to the assumptions used by
31 December 2025.
Investment tax credits
The value of our projects depends, in part, on the continued availability of US federal income tax incentives and, specifically for Revolution Wind and Sunrise Wind, investment tax credits (ITCs). We have based our impairment tests on the assumption that our US projects would qualify for the 10 % ITC bonus credits. ITC qualification and subsequent monetisation remain uncertain. We have included sensitivity analyses of impairment effects if assumptions related to ITC bonus credits change.
Summary of the uncertainties in the US Our value-in-use calculations incorporate continued uncertainties and challenges,
including risks related to regulatory uncertainty regarding tariffs, tax incentives, etc., and continued risk of imposed construction delays outside of Ørsted's control.
Changes in the US regulatory environment can materially and further adversely affect
the value of our US activities and could potentially lead us to cease development, which would result in further impairments and costs.
Potential consequences of further adverse development
In addition to the sensitivities described, further adverse developments could lead us to cease development of or reconfigure projects currently under development.
Besides impairing the capitalised value of these projects, ceasing to develop projects could lead to compensation to suppliers or other stakeholders for cancelling contracts.
5. Other operating income and expenses 6. Financial income and expenses
Other operating income
DKKm Q1 2026 Q1 2025
Gain on divestment of assets | 189 | 303 |
US tax credits and tax attributes | 934 | 1,006 |
Compensations | 349 | 451 |
Miscellaneous operating income | 144 | 104 |
Total other operating income | 1,616 | 1,864 |
Other operating expenses
DKKm Q1 2026 Q1 2025
Ineffective hedges | (46) | (42) |
Loss on divestment of assets | 61 | 79 |
Miscellaneous operating expenses | 128 | 144 |
Total other operating expenses | 143 | 181 |
Net financial income and expenses
DKKm Q1 2026 Q1 2025
Interest expenses, net | 338 | (475) |
Interest expenses, leasing | (93) | (73) |
Interest element of provisions, etc. | (312) | (324) |
Tax equity partners' contractual return | (249) | (304) |
Value adjustments of derivatives, net | 30 | (138) |
Capital gains/losses on securities at market value, net | (152) | (68) |
Exchange rate adjustments including currency derivatives, net | (149) | (173) |
Other financial income and expenses | (4) | (12) |
Net financial income and expenses | (591) | (1,567) |
The table shows net financial income and expenses corresponding to our internal reporting.
Exchange rate adjustments and hedging contracts entered into to hedge currency risks are presented net under 'Exchange rate adjustments including currency derivatives, net'.
Other operating income
In Q1 2026, 'Gain on divestment of assets' primarily related to the sale of onshore development projects and land in the US. In Q1 2025, 'Gain on divestment of assets' primarily related to the farm-downs of Sparta Solar and Eleven Mile Solar Center in the US.
The development in 'US tax credits and tax attributes' was mainly impacted by partial divestments of onshore assets, leading to
lower income from tax credits and tax attributes compared to last year.
'Compensations' in Q1 2026 primarily related to availability compensation mechanisms across Europe and the US. 'Compensations' in Q1 2025 primarily related to compensation for grid delays related to Borkum Riffgrund 3 from the German transmission system operator.
In Q1 2026, 'Interest expenses, net' was an income, whereas it was an expense in Q1 2025. This development was primarily driven by updates related to our uncertain tax positions, higher capitalised interest expenses, and higher income on bonds.
7. Gross and net investments 8. Reserves
Gross and net investments
DKKm Q1 2026 Q1 2025
Reserves 2026
DKKm
Foreign currency translation
reserve
Hedging reserve
Total reserves
Cash flows from investing activities | (19,989) | (11,689) |
Purchase and sale of securities, reversed | 12,614 | 552 |
Loans to associates and joint ventures, reversed | 12 | 23 |
Sale of non-current assets, reversed | (813) | (2,685) |
Gross investments | (8,176) | (13,799) |
Transactions with non-controlling interests in connection with divestments and acquisitions | (64) | 302 |
Sale of non-current assets | 813 | 2,685 |
Divestments | 749 | 2,987 |
Net investments | (7,427) | (10,812) |
Reserves at 1 January | (4,136) | (5,028) | (9,164) |
Exchange rate adjustments | 1,186 | - | 1,186 |
Value adjustments | - | (2,626) | (2,626) |
Value adjustments transferred to: | |||
Revenue | - | 293 | 293 |
Other operating expenses | - | (46) | (46) |
Financial income and expenses | - | 10 | 10 |
Tax: | |||
Tax on hedging and currency adjustments | (22) | 633 | 611 |
Movement in comprehensive income for the period | 1,164 | (1,736) | (572) |
Cash flow hedging of property, plant, and equipment | |||
under construction, net tax | - | (25) | (25) |
Total reserves including tax at 31 March | (2,972) | (6,789) | (9,761) |
Total reserves excluding tax at 31 March | (3,634) | (8,631) | (12,265) |
Reserves 2025
DKKm
Reserves at 1 January | 4,812 | (9,976) | (5,164) |
Exchange rate adjustments | (3,285) | - | (3,285) |
Value adjustments | - | 1,892 | 1,892 |
Value adjustments transferred to: | |||
Revenue | - | 646 | 646 |
Other operating expenses | - | (86) | (86) |
Financial income and expenses | - | (25) | (25) |
Tax: | |||
Tax on hedging and currency adjustments | 205 | (507) | (302) |
Movement in comprehensive income for the period | (3,080) | 1,920 | (1,160) |
Cash flow hedging of property, plant, and equipment under construction, net tax | - | 56 | 56 |
Total reserves including tax at 31 March | 1,732 | (8,000) | (6,268) |
Total reserves excluding tax at 31 March | 1,516 | (9,996) | (8,480) |
9. Assets classified as held for sale
Assets classified as held for sale, DKKm
31 March
2026
31 December
2025
31 March
2025
Intangible assets | 418 | 418 - | |
Property, plant, and equipment | 9,505 | 9,237 - | |
Investments in associates | 497 | 497 - | |
Deferred tax | 45 | 45 - | |
Trade receivables | 101 | (5) - | |
Other receivables | 407 | 411 - | |
Income tax | 6 | 6 - | |
Total assets classified as held for sale | 10,979 | 10,609 - | |
Deferred tax | 798 | 798 | - |
Provisions | 112 | 115 | - |
Lease liabilities | 396 | 399 | - |
Contract liabilities | 5 | 6 | - |
Trade payables | 589 | 425 | - |
Other payables | 256 | 92 | - |
Income tax | 36 | 36 | - |
Total liabilities relating to assets classified as held for sale | 2,192 | 1,871 | - |
Net assets classified as held for sale | 8,787 | 8,738 | - |
In February 2026, we signed the divestment agreement to sell our European onshore business, and we closed the transaction in April 2026.
Interim Report First quarter 202610. Tax on profit (loss) for the period
Q1 2026 Q1 2025
Tax for the period
Tax equity, deferred tax liability | - | (863) | n.a. |
Gain (loss) on divestment of enterprises and assets | - | - | n.a. |
Impairment for the period | (1,369) | 212 | 15 % |
Other adjustments | - | (277) | n.a. |
Remaining business | 6,456 | (1,538) | 24 % |
Effective tax for the period | 5,087 | (2,466) | 48 % |
DKK
Profit (loss)
before tax Tax Tax in %
Profit (loss)
before tax Tax Tax in %
- 33 n.a.
304 | 622 | (205 %) | 5) other adjustments not related to the |
272 | 66 | (24 %) | current year's profit (loss). |
- | 77 | n.a. | |
4,543 | (1,030) | 23 % | |
5,119 | (232) | 5 % |
Effective tax rate
The effective tax rate for the first three months of 2026 was calculated on the basis of the profit (loss) before tax. 'Impairment for the period' includes unrecognised deferred tax assets related to the impairments on our US projects. 'Other adjustments' include changes in tax rates, movements in uncertain tax positions, tax concerning previous years, and unrecognised tax losses.
Tax on profit (loss) for the period
Tax on profit (loss) was DKK 2,466 million for the first three months of 2026 compared to DKK 232 million for the first three months of 2025.
Effective tax rate
The effective tax rate for the first three months of 2026 was 48 %. The effective tax rate was affected by:
− the recognition of a deferred tax liability in the US related to tax equity contributions for Revolution Wind and the battery storage system at Old 300 BESS
− the non-recognition of deferred tax assets related to the impairment losses on our US portfolio.
Consolidated financial statements
Accounting policies
Effective tax rate
The estimated average annual tax rate is separated into five different categories:
1) ordinary business activities, 2) gain (loss) on divestments, 3) impacts from tax equity partnerships in the US, 4) impairments, and
30/44