Ørsted Completes $8.8B Recap as CEO Shifts Focus Toward Europe Amid U.S. Headwinds

Danish offshore wind giant Ørsted has completed a major financial restructuring in the third quarter of 2025, raising DKK 60 billion ($8.8 billion) through a rights issue and divesting a 50% stake in its massive Hornsea 3 project in the UK, as the company repositions itself amid challenging market conditions.

The capital strengthening comes as Ørsted reported a 68% decline in Q3 EBITDA to DKK 3.1 billion compared to the same period in 2024, though the company maintained its full-year guidance of DKK 24-27 billion.

CEO Signals European Focus Amid U.S. Uncertainties

“I’m pleased with the strong support from our shareholders. I see this as a strong indication that our investors see significant potential in Ørsted and in the offshore wind industry,” said Rasmus Errboe, Group President and CEO.

“Our key focus is to continue delivering on our business plan, which will enable Ørsted to remain a global leader of offshore wind with a strong foothold in Europe,” he said.

The CEO’s comments come as Ørsted navigates ongoing challenges in the U.S. market. In September, Ørsted resumed work on its Revolution Wind project off Rhode Island after the Trump Administration issued a federal stop-work order in August. The project was 80% complete at the time, with 45 of 65 wind turbines already installed.

While noting that “the construction of Revolution Wind is on track,” Errboe acknowledged that the company is “still in dialogue to find a permanent solution with the U.S. administration on the Revolution Wind project”.

European Market Shows Promise

Despite headwinds, Errboe expressed optimism about European opportunities: “We are seeing that the tender conditions for offshore wind are improving in Europe,” adding that “there will be plenty of tenders from 2027 onwards in the UK, the Netherlands, and Germany, so there will be many opportunities for us”.

The company is also reviving previously shelved projects. “We have moved Hornsea 4 back into development,” Errboe confirmed, though he cautioned that “we will only move it forward if the value is there”.

Operational Performance and Cost Reductions

Operationally, Ørsted reported an 8% increase in generation compared to Q3 2024, despite lower wind speeds. “We have increased the generation by 8% compared to Q3 2024 through a combination of higher availability rates for our offshore portfolio and ramping up generation from Gode Wind 3 in Germany,” Errboe said.

The company is also implementing significant cost reductions, announcing approximately 2,000 job cuts by the end of 2027. Ørsted stated this move “increases our competitiveness and is a natural consequence of our strategic focus on offshore wind in Europe and the completion of our construction portfolio during 2026 and 2027”.

With 10.2 GW of installed offshore capacity and 8.1 GW under construction, Ørsted projects its current construction portfolio will contribute an annual EBITDA run rate of DKK 11-12 billion once fully commissioned.

The company’s net interest-bearing debt stood at DKK 83.2 billion at the end of Q3, up 32% from the previous year.

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