Ørsted cuts profit forecast after wind doesn’t blow

The lower forecast did not deter shareholders from giving strong backing to the company’s €8 billion capital raise, which was announced in a rights issue.

CEO Rasmus Errboe told shareholders that expected earnings (EBITDA) for 2025 were being lowered by €281 million ‘following lower-than-normal offshore wind speeds during July and August… relative to normalised wind speeds during 2025’.

Another issue affecting the forecast was damage to an export cable at its Greater Changhua 2b offshore wind project in Taiwan, it said, delaying commissioning.

“The rights issue announced today will strengthen Ørsted’s capital structure and provide financial robustness in the years 2025 through 2027, during which we’ll deliver on our 8.1GW offshore wind construction portfolio,” he said.

Offshore wind has not been plain sailing for Ørsted, which scrapped the 8GW Hornsea 4 wind farm off the east coast of northern England in May.

Last week, the company said it would sue the US administration over a stop-work order on its Revolution Wind project in the US, which is 80% complete.

“The above is not expected to impact Ørsted’s medium-term targets,” a company statement said. “The construction of 8.1GW offshore wind projects will almost double the company’s installed capacity, and Ørsted has seen progress on its construction portfolio and achieved several milestones. Ørsted will focus its business more geographically and technologically, with a strategic focus on offshore wind in Europe, and will continue to increase its competitiveness.”