Net profit, however, fell 60% year over year to 3.3bn DKK. The sharp decline was mainly due to disposal gains booked the prior year, as well as higher taxes and non-cash impairments this year.

Over the first six months of 2026, revenue at the wind energy specialist accelerated to 48.27bn DKK from 37.84bn DKK a year earlier over the same period. The increase posted in the 'Power generation' and 'Power sale' segments versus the first half of 2025 primarily reflects the commissioning of new assets and more favorable winds, which lifted output. In the offshore wind segment (Offshore), this higher generation also drove an increase in revenue from public subsidies year over year.

At the same time, revenue from construction contracts on behalf of third parties reached 10.19bn DKK in the first half of 2026, mainly supported by construction of the Hornsea 3 (United Kingdom) and Greater Changhua 4 (Taiwan) wind farms. In the first half of 2025, it totaled 3.606bn DKK and primarily related to the Greater Changhua 4 project.

Cash flows from operating activities followed this positive momentum and came in at 9.1bn DKK in the first half of 2026, versus 7.8bn DKK a year earlier.

ROCE temporarily under pressure

Return on capital employed (ROCE) narrowed to 3.1% in the first half, compared with 7.5% over the same period a year earlier. The decline mainly stems from an increase in capital employed and slightly lower operating profit over the last 12 months on a trailing basis. Orsted nonetheless maintains a path toward high medium-term profitability, targeting an average ROCE of around 11% for 2026-2027 and above 13% for 2028-2030'.

'Recent volatility in global energy markets underscores the need for Europe to accelerate electrification and the rollout of renewable energy. We can see that this priority is recognized at the European political level, where recent EU legislative proposals are specifically aimed at accelerating electrification across all sectors,' said Rasmus Errboe, Orsted's chief executive officer.

Guidance maintained, dividend returns

Despite its mixed results in the first half of 2026, Orsted is reaffirming its financial targets for 2026. EBITDA excluding new partnerships and cancellation fees is still expected to exceed 28bn DKK. Gross investments are maintained at between 50bn and 55bn DKK.

Building on a strengthened financial structure, the Danish company will pursue new growth opportunities in offshore wind and plans to reinstate dividend payments. To reward shareholders, it is prioritizing value creation through earnings growth rather than a high dividend yield.

The reinstated dividend will take into account the strength of its financial structure, the construction program under way through 2027, and persistent regulatory risks and uncertainties. This dividend policy is expected to begin at a modest level as of fiscal 2026 (for a first payment in 2027), then increase each year through 2028.