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].

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]

Core Viewpoint - Orsted, a leading Danish offshore wind company, has stated it has no intentions to acquire the renewables business of Equinor, its second-largest shareholder, despite Equinor's proposal for closer collaboration between the two companies [1] Group 1 - Orsted confirmed its position on not pursuing a takeover of Equinor's renewables business [1] - Equinor is the second-largest shareholder of Orsted, indicating a significant relationship between the two companies [1] - The proposal from Equinor suggests a desire for enhanced cooperation, but Orsted has chosen to maintain its independence [1]

Core Insights - Denmark's Orsted and Vestas are advocating for European nations to expedite permitting processes, enhance auction terms, and invest in power grids to unlock growth potential in the offshore wind sector [1][2] - The offshore wind industry is shifting focus to Europe due to a stagnant U.S. market under President Trump's administration, which has halted several offshore developments [6] Industry Growth Potential - Vestas anticipates global offshore wind capacity to increase by 20-25% annually until 2030, contingent on improved licensing and auction frameworks in Europe [2] - Orsted expresses optimism about the improving terms of auctions across various European markets, particularly regarding contracts for difference that stabilize power prices [5] Auction Challenges - Several European countries, including Denmark, Britain, Germany, and the Netherlands, have struggled to attract bidders for offshore wind permits due to insufficient subsidies and revenue guarantees [3][4] - Vestas' finance chief highlights the recurring mistakes made by European governments in auction designs that place full price risk on developers amid rising costs [4] Company Performance - Orsted reported a third-quarter net loss of 1.70 billion Danish crowns ($265 million), a significant decline from a profit of 5.17 billion crowns the previous year, primarily due to U.S. tariffs and project halts [6] - Vestas' shares rose approximately 13% following a new share buyback announcement and better-than-expected third-quarter earnings, driven by strong performance in its onshore business [7]

Ørsted, the world’s largest offshore wind developer, reported on Wednesday a loss for the third quarter amid soaring impairment charges as the offshore wind industry faces backlash in the United States and rising costs in all geographies. Ørsted, which has recently completed a huge rights issue equal to some $9.35 billion, booked a loss of $262 million (1.7 billion Danish crowns) for the third quarter, compared to a profit of $796 million (5.17 billion crowns) for the same quarter of 2024. Impairment los ...

Core Points - Cadeler has officially opened a new office in Norwich, UK, enhancing its presence in the offshore wind market [1] - The relocation from Great Yarmouth to a larger and more modern workspace aims to support Cadeler's expanding project portfolio in the UK and Europe [1] Company Developments - The new office in Norwich signifies Cadeler's continued growth in the offshore wind installation and services sector [1] - The move to a more spacious location reflects the company's commitment to accommodating its increasing operational needs [1]

Core Insights - Orsted reported a quarterly net loss of 1.7 billion Danish kroner ($261.8 million) for the July-September period, a significant decline from a profit of 5.17 billion Danish kroner in the same period last year [2] - The company flagged third-quarter impairment costs of nearly 1.8 billion Danish kroner [2] - Orsted reiterated its full-year EBITDA guidance of 24-27 billion Danish kroner, excluding earnings from new partnerships and cancellation fees [3] - The company announced a deal to sell a 50% stake in its Hornsea 3 offshore wind farm in the U.K. to Apollo Global Management for $6 billion [3] - Orsted's CEO expressed satisfaction with the progress across the construction portfolio and emphasized the company's focus on maintaining its leadership in offshore wind [4] - Despite the challenges, Orsted's shares rose by 1.2% on Wednesday morning, although the stock price has significantly declined this year due to U.S. government actions against wind developments [5]

Core Insights - The European Investment Bank (EIB) has provided a €500 million ($576.75 million) green loan to support Iberdrola's Windanker offshore wind farm in the German Baltic Sea, marking a significant step in financing green projects led by Spanish companies outside Spain [1][5] Group 1: Project Overview - Windanker is Iberdrola's third large-scale offshore wind project in the German Baltic Sea, contributing 315MW of offshore wind capacity and supplying renewable electricity to approximately 600,000 people annually [2] - The project utilizes 21 Siemens Gamesa SG 14-236 DD turbines, each capable of generating up to 15MW, featuring advanced direct drive technology for enhanced reliability and over 30% greater annual energy production compared to previous models [2][3] Group 2: Construction and Timeline - Construction began with the installation of the first monopile, while turbine installation is scheduled for 2026, with full commissioning expected in Q4 2026 [4] - The majority of the renewable electricity generated will be sold through long-term power purchase agreements in the German market [4] Group 3: Environmental Impact - The project is anticipated to reduce carbon dioxide emissions by an estimated 672,000 tons annually, supporting Germany's goal of achieving an 80% renewable share in electricity by 2030 [6] Group 4: Strategic Importance - The financing aligns with EU climate action and sustainability goals, contributing to Europe's independence from fossil-fuel imports [5] - The project is part of the EIB Group's TechEU program, which aims to mobilize €250 billion in investments by 2027 for innovative companies across Europe [5]

Core Insights - Ørsted A/S has signed an agreement to divest a 50% ownership interest in its 2.9 GW Hornsea 3 Offshore Wind Farm to Apollo Global Management for approximately DKK 39 billion ($5.6 billion), marking a significant step in Ørsted's capital recycling strategy [1][4]. Financial Details - The transaction includes around DKK 20 billion payable at closing, consisting of a DKK 10 billion equity purchase and a DKK 10 billion construction payment, with the remainder linked to future project milestones [3]. - The total project investment remains within Ørsted's DKK 70–75 billion estimate, and the transaction is expected to have a neutral lifetime EBITDA effect, not impacting Ørsted's 2025 earnings or gross investment guidance [3][4]. Strategic Implications - This divestment is part of Ørsted's broader partnership and divestment program aimed at freeing up capital for reinvestment in new renewable projects, following a rights issue earlier this year to support ongoing offshore wind development [4]. - The deal contributes to Ørsted's plan to complete the world's largest contiguous offshore wind zone, Hornsea 1, 2, and 3, totaling over 5 GW of installed capacity off the Yorkshire coast [4]. Market Context - Hornsea 3, located 160 km off northern England, is expected to generate enough clean energy to power more than 3 million UK homes once operational, highlighting the continued institutional investor appetite for large-scale renewable infrastructure [5]. - For Apollo, this acquisition expands its footprint in global clean energy assets amid increasing private equity interest in European offshore wind [5].

Financial Data and Key Metrics Changes - Adjusted operating income was $6.2 billion before tax, while net income was -$0.2 billion, impacted by net impairments mainly due to lower long-term oil price outlook [4] - Cash flow from operations after tax was strong at $14.7 billion year to date, with adjusted earnings per share at $0.37 [5][12] - Cash flow from operations for the quarter was $9.1 billion, with total cash and cash equivalents exceeding $22 billion [12][13] Business Line Data and Key Metrics Changes - Production increased by 7% year-over-year, reaching 2,130,000 barrels per day, with a 9% growth on the Norwegian Continental Shelf (NCS) [9] - E&P Norway adjusted operating income totaled $5.6 billion before tax, while E&P International results reflected lower production but also lower depreciation [10][11] - Renewables business operating costs decreased by around 50% compared to the third quarter last year [6] Market Data and Key Metrics Changes - Liquids prices were lower than the same quarter last year, while average gas prices were higher, particularly in the U.S. [10] - U.S. onshore gas production was up 40%, capturing higher prices, while U.S. offshore production increased by 9% [9] - International production outside the U.S. decreased due to temporary stops and divestments [9] Company Strategy and Development Direction - The company aims to maintain production levels on the NCS until 2035, focusing on smaller discoveries and quicker developments [82] - A more active role in Ørsted is being pursued, with plans to nominate a candidate for the board to enhance collaboration [8][17] - The company is cautious about further capital commitments in offshore wind due to current industry challenges [18] Management Comments on Operating Environment and Future Outlook - The management highlighted the volatility in energy markets due to geopolitical unrest and trade tensions, but expressed confidence in the company's solid balance sheet and strong production [5] - Future capital distribution will prioritize cash dividends and share buybacks, with a competitive approach to capital allocation [61][62] - The outlook for the global gas market remains tight in the short term, with significant LNG projects expected to come online [34][36] Other Important Information - The company reported net impairments of $754 million, primarily due to lower long-term oil price assumptions [12] - A tragic fatality occurred at Munkstad, emphasizing the need for continued focus on safety [8] Q&A Session Summary Question: What is the outlook for unit depreciation charge in Norway? - The unit depreciation charge is up about 13% from Q2, driven by new assets coming online, particularly Johan Castberg, and a gradual reduction is expected going forward [15][16] Question: Can you elaborate on the decision to take a board seat in Ørsted? - The company aims to take a more active role as a shareholder to improve collaboration and create shareholder value, especially during the current downturn in the offshore wind industry [17][24] Question: What factors influenced the change in MMP guidance? - The guidance was changed to around $400 million per quarter due to market conditions and previous divestments of gas infrastructure assets [22][23] Question: What is the status of the Peregrino disposal? - Peregrino is currently producing over 100,000 barrels per day, with a divestment expected to close in two phases, totaling a headline transaction value of $3.5 billion [43][44] Question: What is the latest on the Rosebank approval process? - The permit was taken away due to Scope 3 emissions concerns, and the company has submitted a response that is currently in public consultation [76][78] Question: What is the outlook for the NCS supply chain? - The company is optimistic about maintaining high activity levels on the NCS through smaller discoveries and increased exploration efforts [82]