Continued expansion in offshore and onshore wind energy

Today, Ørsted’s Board of Directors approved the interim report for the first half year of 2022.

Operating profit (EBITDA) for the first half of the year amounted to DKK 13.0 billion, in line with the same period last year. EBITDA excluding new partnerships increased by 48 % to DKK 11.4 billion.

Net profit amounted to DKK 6.0 billion, and return on capital employed (ROCE) came in at 15 %.

We have increased our EBITDA guidance excluding new partnership agreements by DKK 1.0 billion to DKK 20-22 billion. The increase is primarily due to higher earnings in Bioenergy & Other and in Onshore. Our EBITDA guidance does not include earnings from new partnerships during the year, i.e. it excludes the gain from the 50 % farm-down of Borkum Riffgrund 3 in Q1 2022 and the upcoming farm-down of Hornsea 2.

We have increased our gross investment guidance by DKK 5.0 billion to DKK 43-47 billion. The increase is due to the expected closing of the EUR 689 million acquisition of Ostwind.

Mads Nipper, Group President and CEO of Ørsted, says in a comment to the interim financial report for the first six months of 2022:

“I’m very pleased with the first half of the year. In addition to a strong set of results for the period, including an increase of our full-year EBITDA guidance, we’ve achieved significant strategic milestones.

We were awarded a contract for the world’s single biggest offshore wind farm, Hornsea 3 in the UK, with a capacity of 2,852 MW. With this significant win and maturation of other offshore projects, we’re well on track to achieve our target of 30 GW offshore wind by 2030.

In our Onshore business, we also made strong progress with our entry into the Spanish onshore market and the agreement to acquire Ostwind, a developer, owner, and operator of onshore wind Germany and France.

In general, we’ve seen positive market development during the first half of 2022. Both the EU and the US have presented very ambitious plans to accelerate the build-out of renewable energy, which ensures a strong platform for continued growth within the development of renewable energy.”

Financial key figures for Q2 and H1 2022:

DKK millionQ2 2022Q2 2021%H1 2022H1 2021%
EBITDA3,6158,196(56 %)13,04413,059(0 %)
– New partnerships05,355n.a.1,6105,355(70 %)
– EBITDA excl. New partnerships3,6152,84127 %11,4347,70448 %
Profit (loss) for the period2695,544(95 %)5,9707,142(16 %)
Cash flow from operating activities2,3553,147(25 %)2,31811,234(79 %)
Gross investments(6,372)(12,133)(47 %)(13,204)(18,798)(30 %)
Divestments26710,591(97 %)2,19410,560(79 %)
Free cash flow(3,750)1,605n.a.(8,692)2,996n.a.
Net interest-bearing debt41,44912,067243 %41,44912,067243 %
FFO/adjusted net debt17.6 %62.9 %-45 %p17.6 %62.9 %-45 %p
ROCE14.8 %12.5 %2 %p14.8 %12.5 %2 %p
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Moreover, Ørsted provides energy products to its customers. Ørsted is the only energy company in the world with a science-based net-zero emissions target as validated by the Science Based Targets initiative (SBTi), and Ørsted aims to deliver a net-positive biodiversity impact from all new renewable energy projects it commissions from 2030 at the latest. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights’ 2022 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 7,292 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2021, the group’s revenue was DKK 77.7 billion (EUR 10.4 billion). Visit