Orsted ( (DOGEF) ) has released its Q3 earnings. Here is a breakdown of the information Orsted presented to its investors.
Orsted, a leading renewable energy company in the offshore wind sector, is making significant strides in expanding its renewable energy portfolio and transitioning away from fossil fuels. The company is known for its ambitious goals in increasing offshore wind capacity and reducing carbon emissions.
In its latest earnings report for the first nine months of 2024, Orsted highlighted a solid financial performance with an operating profit (EBITDA) of DKK 23.6 billion, marking a significant increase from the previous year. The company achieved this despite facing challenges in its US offshore projects and impairments related to certain projects.
Key financial metrics showed positive growth, with EBITDA excluding new partnerships and cancellation fees increasing by 12% to DKK 17.2 billion. Notable achievements included the commercial operation of new renewable assets and securing significant capacity awards at auctions in the UK. However, impairments of DKK 3.4 billion and challenges in the US offshore portfolio were also reported.
Looking forward, Orsted has narrowed its full-year EBITDA guidance to DKK 24-26 billion, while adjusting its gross investments guidance due to timing effects across its project portfolio. The company remains committed to its long-term goals of expanding renewable capacity and achieving a high renewable energy share in its portfolio.
