Ørsted swings to loss in Q3 2025

Core Viewpoint - Ørsted has reported a significant quarterly net loss in Q3 2025, primarily due to policy challenges in the US and substantial impairment costs, contrasting sharply with the profit reported in the same period last year [1][2]. Financial Performance - The quarterly net loss for Q3 2025 was DKr1.7bn ($261.5m), compared to a profit of DKr5.17bn in Q3 2024 [1]. - EBITDA for Q3 2025 was DKr3.06bn, a decrease from DKr9.54bn in Q3 2024 [2]. - Operating profit for the first nine months of 2025 totaled DKr18.6bn, down from DKr23.6bn in the same period of 2024, mainly due to the absence of cancellation fees recognized in 2024 [2]. Year-to-Date Performance - Excluding new partnerships and cancellation fees, EBITDA for the first nine months of 2025 was DKr17bn, reflecting a 1.3% decline compared to the same period last year [3]. - Profit for the first nine months of 2025 was DKr6.5bn, which is DKr400m higher than in the same period of 2024 [3]. - Earnings from Ørsted's offshore sites reached DKr16.1bn in the first nine months of 2025, marking a 5% increase compared to the same period last year [3]. Guidance and Investments - Ørsted has maintained its full-year EBITDA guidance of DKr24-27bn and gross investments guidance of DKr50-54bn [4]. - The company has recently agreed to sell a 50% equity stake in its 2.9GW Hornsea 3 offshore wind farm in the UK to Apollo Global Management for approximately DKr39bn [4]. Operational Highlights - Despite lower wind speeds in Q3 2025, Ørsted increased generation by 8% compared to Q3 2024, attributed to higher availability rates for its offshore portfolio and increased output from Gode Wind 3 in Germany [5]. - The completion of a rights issue and the divestment of a stake in the Hornsea 3 project have strengthened Ørsted's financial position [6].