Orsted Beats EBITDA Expectations Despite US Project Losses

Orsted reported third-quarter EBITDA of DKK 5.26 billion, a 72% increase from the previous year that exceeded analyst expectations of DKK 4.42 billion. The Danish offshore wind developer attributed this growth to increased prices, higher wind speeds, and generation ramp-ups from new wind farms.

Despite the operational beat, the company posted a net loss of DKK 728 million for the period. This result included a DKK 3.44 billion non-cash impairment loss tied to rising long-dated interest rates and offshore projects in the United States.

Orsted maintained its full-year EBITDA guidance above DKK 28 billion but reduced its 2026 gross investment guidance to DKK 45-50 billion, citing changes in payment timing for construction projects. Following the report and a Democratic sweep in U.S. midterm elections, which improved the outlook for the clean energy sector, the company's shares rose nearly 5%.