Ørsted Q2 2026 Earnings: EBITDA Beat, Offshore Wind Surge, and $185 Million US Impairment Hit

Ørsted's Q2 2026 operating performance beat analyst expectations on the key EBITDA metric, while revenue grew thanks to a sharp 23% jump in offshore wind output. However, net profit collapsed by about 83% to just DKK 518 million, hammered by 1.2 billion Danish crowns (~$185 million) in non-cash U.S. impairment losses tied to rising long-dated interest rates, higher taxes, and unfavorable year-over-year comparisons to prior gains on asset sales.

Key Results vs. Analyst Expectations

Metric	Q2 2026 Actual	Q2 2025	vs. Consensus
EBITDA (excl. partnerships)	DKK 5.44B	DKK 5.34B	Beat (Consensus: DKK 5.1B)
Reported EBITDA	DKK 5.42B	DKK 6.64B	Miss (dragged by no partnership income)
Revenue (Q2 consensus)	Not specified vs. avg. of DKK 15.94B	~DKK 24.66B (H1)	Mixed signals
Net Profit	DKK 518M (~$79.9M)	DKK 3.10B	Collapse (-83%)
EPS	~DKK 0.07	DKK 0.21	In line with estimate

What Drove Revenue and Offshore Wind Generation Growth

• Offshore wind output surged 23% year-over-year, with Ørsted's generation fleet running on 99% renewables . This was the primary volume driver behind higher operating revenue.
• Higher earnings from operations lifted the EBITDA excluding partnership items .

What Drove the EBITDA Beat

The beat on EBITDA (5.44B actual vs. 5.1B consensus) was powered by stronger-than-expected operational performance from the offshore wind fleet, as higher generation volumes translated into higher core earnings before the below-the-line charges were applied .

What Drove the Sharp Decline in Net Profit

• U.S. impairment losses of DKK 1.2 billion (~$185 million): Non-cash write-downs primarily on U.S. offshore wind projects, caused by an increase in long-dated U.S. interest rates, which raised discount rates and lowered project valuations . This follows a similar DKK 1.4 billion impairment already recorded in Q1 2026 .
• Higher taxation: A significantly higher tax burden (including deferred tax liability effects) amplified the profit drop .
• Absence of prior-year gains: The year-ago quarter benefited from gains on asset sales that did not recur .

Full-Year Outlook

Ørsted confirmed it is on track to deliver on its 2026 financial guidance, with group EBITDA (excl. new partnerships and cancellation fees) expected to exceed DKK 28 billion for the full year . This suggests management sees the impairment issue as a one-time, non-cash hit that does not change the underlying operational momentum of the business.