Core Viewpoint - Orsted ADR is a global leader in renewable energy, focusing on offshore and onshore wind farms, solar power, energy storage, green hydrogen, and bioenergy solutions, driving the energy transition through large-scale projects that provide clean power to millions [1] Company Overview - Founded in 1973, Orsted is headquartered in Fredericia, Denmark, with operations across Europe, North America, and Asia-Pacific [2] Stock Performance - Orsted's stock trades just above its 52-week low of approximately $5.75 and significantly below its $33 high, reflecting a substantial de-rating following capital raises and guidance cuts [3] - The stock has declined by roughly 12.8% over the past five days, approximately 4.63% lower over the last month, and down nearly 51.38% over the last three months, resulting in a year-to-date loss of close to 59% [3] Sector Comparison - European utilities benchmarks have remained roughly flat to modestly positive over the past year, indicating that Orsted has sharply underperformed its sector peers due to project delays, dilutive equity issuance, and weaker EBITDA guidance [4] Financial Results - Orsted reported Q3 2025 EBITDA of DKK 3.1 billion, down DKK 6.5 billion from Q3 2024, with a net loss of DKK 1.7 billion (around USD $260 million), contrasting with a net profit of DKK 5.2 billion a year earlier [5] - Underlying operating trends were mixed, with offshore EBITDA falling due to lower wind speeds, subsidy reductions at older projects, and the absence of last year's strong power trading, partially offset by ramp-up at Gode Wind 3 and grid-delay compensation at Borkum Riffgrund 3 [6] - For the first nine months, EBITDA (excluding partnerships and cancellation fees) was DKK 17.0 billion, roughly in line with the prior year, but impairments and higher capital employed pushed reported ROCE down to 2.0% [7]