Orsted unveils massive rights issue alongside first-half results
By Josh White
Date: Monday 11 Aug 2025
(Sharecast News) - Danish renewable energy giant Ørsted announced strong first-half profits for 2025 on Monday, and simultaneously revealed plans for a DKK 60bn (£6.96bn) rights issue to strengthen its finances.
The move came after adverse market conditions in the US forced the company to scrap a planned partial sale of its Sunrise Wind project, requiring it to secure alternative funding.
It said the capital increase, which would be proposed to shareholders at a September 5 meeting, was designed to ensure financial stability through 2027.
During the period, Ørsted said it planned to complete its ambitious 8.1 GW offshore wind construction portfolio.
The company confirmed that the Danish state, its majority shareholder with a 50.1% stake, had committed to participating in the rights issue.
It said the remaining shares would be fully underwritten by Morgan Stanley, guaranteeing the full amount is raised.
Despite the financing challenges, Ørsted reported a solid operational performance for the first half of the year.
EBITDA, excluding new partnerships, rose 9% year-on-year to DKK 13.9bn.
The company's total profit for the period was DKK 8.2bn - a significant jump from the prior year.
While Ørsted maintained its full-year EBITDA guidance of DKK 25bn to 28bn, it did lower its outlook for the Offshore division from 'Higher' to 'Neutral' due to lower-than-average wind speeds early in the year.
Alongside the rights issue, the company said it was implementing several strategic measures to improve capital discipline.
It said it had decided not to proceed with the Hornsea 4 project in the UK in its current form and had launched a process to potentially sell its entire European Onshore wind business.
Operationally, Ørsted reported significant construction progress across its portfolio.
Key milestones include the installation of nearly 70% of turbines at the Revolution Wind project and the first foundations at the Sunrise Wind project, both in the US.
Additionally, its Greater Changhua 2b and 4 project in Taiwan had successfully produced its first power.
At 1225 CEST (1125 BST), shares in Orsted were down 27.09% in Copenhagen at DKK 225.
Reporting by Josh White for Sharecast.com.
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