Core Insights - Ørsted has completed a DKK 60 billion rights issue and sold a 50% stake in its 2.9 GW Hornsea 3 offshore wind farm, enhancing its balance sheet and supporting its long-term business strategy [1][2] - The company reported a 21% decline in EBITDA for the first nine months of 2025, primarily due to the absence of one-off cancellation fee reversals from the previous year, although net profit increased by 7% [3] - Ørsted plans to cut around 2,000 positions by 2027 to streamline operations and enhance competitiveness as it transitions from a build-out phase to asset operation [5] Financial Performance - For the first nine months of 2025, Ørsted's EBITDA was DKK 18.6 billion, down from the previous year, but excluding one-off effects, it remained stable at DKK 17 billion [3] - Net profit for the same period rose to DKK 6.5 billion, while offshore generation earnings increased by 5% to DKK 16.1 billion, driven by higher turbine availability and new capacity from the Gode Wind 3 project [3] Strategic Moves - The rights issue and Hornsea 3 divestment are part of Ørsted's strategy to reinforce liquidity and fund an 8.1 GW offshore wind construction portfolio [2] - The company is making steady progress on its 8.1 GW under-construction offshore wind portfolio, with expected annual EBITDA run rate contributions of DKK 11–12 billion once operational [4] - Following a challenging 2024, Ørsted is resetting its growth strategy towards core European markets, with the rights issue signaling renewed investor confidence in its offshore wind leadership [6][7]