Ørsted's net profit fell by almost five times in the second quarter due to write-downs.

Ørsted saw its net profit fall by 79% in the second quarter of 2026, primarily due to write-downs related to its US operations. The group's net income amounted to 687 million Danish kroner between April and June, compared to 3,35 billion a year earlier.

Depreciations linked to US interest rates

Ørsted recorded 1,17 billion kroner in write-downs in the second quarter, compared to 20 million a year earlier. The group attributes this charge primarily to the rise in long-term US interest rates.

These write-downs weighed on operating profit, which fell to 1,62 billion kroner, a decrease of 61%. Profit before tax reached 848 million kroner, compared to 3,99 billion in the second quarter of 2025.

The group also remains exposed to regulatory and commercial uncertainties in the United States, where several of its offshore wind projects have faced opposition from the Trump administration.

Revenue boosted by offshore wind power

Quarterly revenue increased by 21% to 20,6 billion kroner, or approximately 2,7 billion euros. This rise was driven primarily by electricity sales and construction contracts related to offshore wind projects.

Offshore wind farm production increased by 17%, to 4,3 TWh. Ørsted attributes this growth to more favorable winds and the ramp-up of the Borkum Riffgrund 3 wind farm in Germany and the Greater Changhua 4 wind farm in Taiwan.

Production from land-based activities increased by 5%, to 4,2 TWh, mainly due to the commissioning of the Badger Wind farm in the United States and more favorable wind conditions.

Hornsea 3 completed at approximately 30%

In the UK, Ørsted is continuing construction of the Hornsea 3 offshore wind farm after selling a 50% stake to funds managed by Apollo. The group retains responsibility for the construction under a comprehensive engineering, supply, and construction (EPC) contract.

The project is approximately 30% complete. Land connection work, foundation installation, and the laying of the export cable are progressing according to schedule. Commissioning is still planned between the fourth quarter of 2027 and the first quarter of 2028.

A return of dividends is expected in 2027.

Ørsted plans to reinstate the payment of a dividend for the 2026 financial year, with the first distribution in 2027. Its amount is to be announced when the 2026 annual report is published in February 2027.

The group, 50,1% owned by the Danish state, has not paid an ordinary dividend since March 2023. The new policy is to cover the financial years 2026 to 2028, with an initial amount presented as modest and expected to increase each year.

On the Copenhagen Stock Exchange, Ørsted shares were down 2,53% at 10:30 a.m. on Thursday, in a stable market.