Ørsted's 9-mo earnings rise 19%

The Borkum Riffgrund 2 offshore wind park. (Ørsted/Matthias Ibeler)

Danish energy major Ørsted A/S (CPH:ORSTED) today reported an EBITDA result of DKK 12.9 billion (USD 1.92bn/EUR 1.73bn) for the first nine months of 2019, marking a 19% rise on the year.

The earnings before interest, tax, depreciation and amortisation (EBITDA) result for the period can be attributed to a 23% increase in earnings from operating offshore wind parks, driven by a ramp-up at the Borkum Riffgrund 2, Hornsea 1 and Walney Extension plants, as well as by higher wind speeds.

CEO and president Henrik Poulsen commented that this result aligns with the company’s expectations and keeps it on track to deliver on the full-year forecast of DKK 16 billion to DKK 17 billion, which was revised upwards in September from a prior guidance of DKK 15.5 billion-16.5 billion.

The following table gives more details about Ørsted’s financial performance in the third quarter and first nine months of 2019.

Figures in DKK million	Q3 2019	Q3 2018	9-mo 2019	9-mo 2018
Revenue	15,481	15,018	49,163	53,419
EBITDA	4,116	2,225	12,871	10,823
-- of which Offshore Wind	3,304	1,972	10,604	9,018
-- of which Onshore Wind	312	--	631	--
-- of which Bioenergy	187	(204)	463	164
-- of which Customer Solutions	164	478	1,041	1,814
-- of which Other Activities	149	(21)	132	(173)
EBIT	2,435	788	7,883	6,542
Profit (loss) for the period from continuing operations	1,443	418	5,175	4,326
Profit (loss) for the period	1,477	405	5,148	4,302