Ørsted reports first-half profit rise driven by Hornsea 3 progress

Danish renewable energy developer Ørsted has reported continued profit growth for the first half of 2026, supported by a construction agreement at its major Hornsea 3 offshore wind project in the United Kingdom. The company recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of 15 billion Danish kroner (£1.7bn), representing an increase of 1.1bn kroner (£125.6m) compared with the same period last year.

For the second quarter alone, EBITDA stood at 5.4bn kroner (£616.8m), a slight rise from the 5.3bn kroner (£605.4m) recorded in the corresponding quarter of the previous year. However, this figure was lower than the 9.5bn kroner (£1bn) generated in the first quarter. Ørsted attributed the overall increase primarily to earnings from the Hornsea 3 construction agreement, alongside favourable wind speeds and higher energy prices. The group confirmed that Hornsea 3, which is set to become the largest single offshore wind farm upon completion, is progressing according to schedule and within planned costs.

During the reporting period, Ørsted generated 11.2 terawatt-hours of electricity from its offshore projects, a 23 per cent increase year on year. Chief Executive Rasmus Errboe stated that the company’s renewable assets had produced more energy in the first half of 2026 than ever before. He added that measures implemented over the past 18 months have provided the necessary robustness to pursue new value-creating opportunities in offshore wind while reinstating dividend payouts as planned.

Ørsted confirmed it remains on track to meet its full-year financial guidance of above 28bn kroner (£3.2bn). The company intends to reinstate dividend distributions for the 2026 financial year, with the first payment scheduled for 2027. This performance marks a recovery from the impairments that affected the business in 2023 and 2024. Errboe noted that recent volatility in global energy markets underscores the need for Europe to accelerate electrification and renewable energy deployment, a priority he said is now being recognised at the European political level through recent legislative proposals.