Our tax footprint

At Ørsted, we want to provide user-friendly and transparent information about our global tax positions.

On this page

Our tax footprint

Country-by-country

Current tax explanation

Wind farm lifecycle

Our approach to taxes

We are committed to paying the right amount of tax, at the right time, in the right place – in accordance with the tax laws of the countries in which we operate. We seek to comply not only with the letter of the law but also with the underlying tax policy intent. We believe that taxes are a core part of our corporate social responsibility.

Read more about responsible tax practices

Our tax footprint

At Ørsted, we’re transparent in our tax reporting and voluntarily use the GRI 207 standard as a basis for disclosure. This includes disclosing financial, economic, and tax-related information for each jurisdiction.

The map shows our total tax contribution in the countries in which we operate.

We specify tax in two categories:

We also differentiate four tax types:

Total tax contribution by year

2025
2024
2023
. . .

Our total tax contribution was DKK 9,728 million in 2025 against DKK 10,094 million in 2024. The decrease primarily relates to corporate income taxes paid in Denmark, the Netherlands, Taiwan, and Germany. This was offset by newly introduced custom duties primarily related to the construction of our offshore wind farms in the US, which increased our product taxes.

Our total tax contribution was DKK 10,094 million in 2024 against DKK 7,887 million in 2023. The increase primarily relates to corporate income tax for Denmark regarding current and previous years, and also increased withholding taxes borne in Taiwan.

We also saw a decrease in collected profit taxes due to the pause in dividends from Ørsted A/S and a decrease in collected product taxes, due to VAT refunds related to ceased activities in the US.

Our total tax contribution in 2023 was DKK 7,887 million against DKK 6,500 million in 2022. The increase primarily relates to profit taxes regarding previous years in the Netherlands and France as well as profit taxes from increased activities, primarily in Europe and Taiwan. Product taxes decreased due the discontinuation of our B2B business in the UK and refunds received in relation to investments in Germany, Taiwan, and other countries as well.

A Wind Farm Life Cycle – Tax Implications Across Jurisdictions

Ørsted operates in multiple jurisdictions. The structure of each country’s tax regime significantly affects both the timing and the amount of tax payments throughout the life cycle of our investments.

Lifecycle Overview

The wind farm lifecycle begins with the development phase. If the development phase results in a positive investment decision, construction commences. Once commissioned, the wind farm enters the operational phase.

Tax incentives’ effect on paid tax

Country-by-country

The numbers reflect that some of our development and construction activities have been based in Denmark, and that our operations in the coming years are beginning to ramp up in developed markets.

2025

2024

2023

Country DKKm	Number of employees Head count	Total employee remuneration	Revenues from third-party sales	Revenues from intra-group transactions with other tax jurisdictions	Property, plant, and equipment, and inventory	Balance of intra-company debt	Corporate income tax paid on a cash basis	Applied tax incentives
Denmark	3 702	4 486	50 000	6 858	20 010	50 028	2 811	Read more Denmark offers several incentives to encourage research and development activities. We are applying the enhanced tax deductions. In 2023 - 2025 the rate is 108%.
The UK	1 261	1 310	10 613	13 223	43 382	50 078	1 467
Isle of Man	0	0	0	0	0	0	0
Poland	827	480	60	651	11 339	2 752	42	Read more Poland offers several incentives to support research and development activities. We are applying the R&D tax relief, where eligible employee expenses can be deducted with 200%
Malaysia	707	270	2	385	39	0	20
The US	645	1 099	2 897	141	83 988	13 100	27	Read more A major initiative focuses on addressing the climate crisis by promoting cleaner energy and reducing emissions. As part of the initiative companies can qualify for federal tax credits, which can be used to offset federal tax liabilities. Ørsted qualifies both for R&D tax credits and Investment Tax Credits or Production Tax Credits. Instead of offsetting tax credits against tax liabilities, Investment Tax Credits and Production Tax Credits in the US can be monetised on a regulated market and can also be part of a tax equity partnership as described in our annual report section 3.8 'Tax equity liabilities'
Germany	400	338	1 215	2 176	17 282	19 643	208
Taiwan	204	160	7 535	69	41 181	21 089	243	Read more Taiwan has implemented a regulation allowing deductions for undistributed earnings tax associated with substantial investments made by Taiwanese companies. complex documentation requirements.
The Netherlands	107	100	5	870	3 587	3 079	67
Ireland	106	85	582	34	-31	81	-4
France	0	0	0	0	0	0	0
Singapore	6	19	3	39	3	0	10
Korea	16	20	-1	17	0	0	3
Japan	0	0	0	0	0	0	0
Sweden	5	6	327	6	1	0	0
Spain	8	7	0	0	23	139	1
Vietnam	9	12	0	11	0	16	1
Belgium	0	14	0	22	0	0	0
Norway	2	4	0	12	0	8	2
Australia	0	5	0	0	0	0	1
Latvia	0	0	0	0	0	0	0
China	0	4	6	0	0	0	0
Estonia	0	0	0	0	0	0	0

Total	8 005	8 419	73 244	24 514	220 804	160 013	4 899

Country DKKm	Number of employees Head count	Total employee remuneration	Revenues from third-party sales	Revenues from intra-group transactions with other tax jurisdictions	Property, plant, and equipment, and inventory	Balance of intra-company debt	Corporate income tax paid on a cash basis	Applied tax incentives
Denmark	3,984	4,113	55,787	6,564	19,387	31,462	3,451	Read more Denmark offers several incentives to encourage research and development activities. We are applying the enhanced tax deductions. In 2023 - 2025 the rate is 108%.
The UK	1,272	1,234	6,387	13,804	56,793	45,428	1,571	No tax incentives are used or available
Isle of Man	0	0	0	0	2	0	0	No tax incentives are used or available
Poland	783	406	64	488	4,234	93	25	Read more Poland offers several incentives to support research and development activities. We are applying the R&D tax relief, where eligible employee expenses can be deducted with 200%
Malaysia	792	239	-31	216	39	0	51	No tax incentives are used or available
The US	720	1,050	2,899	136	77,466	6,607	-19	Read more The Inflation Reduction Act is an initiative aimed at combating the climate crisis. As part of the initiative companies can qualify for tax credits, which can be used to offset payable tax. Ørsted qualifies both for R&D tax credits and Investment Tax Credits or Production Tax Credits. Instead of offsetting tax credits against payable tax, Investment Tax Credits and Production Tax Credits in the US can be monetised on a regulated market and can also be part of a tax equity partnership as described in our annual report section 3.9 'Tax equity liabilities'
Germany	390	311	1,698	1,776	19,566	20,645	421	No tax incentives are used or available
Taiwan	199	138	3,079	58	33,175	21,353	428	Read more Taiwan has implemented a regulation allowing deductions for undistributed earnings tax associated with substantial investments made by Taiwanese companies. complex documentation requirements.
The Netherlands	105	102	93	808	3,978	4,284	289	No tax incentives are used or available
Ireland	100	81	541	73	4,484	547	57	No tax incentives are used or available
France	0	22	65	0	0	0	33	No tax incentives are used or available
Singapore	18	31	31	95	2	0	15	No tax incentives are used or available
Korea	14	-2	0	27	0	414	1	No tax incentives are used or available
Japan	1	7	0	15	0	0	1	No tax incentives are used or available
Sweden	7	9	421	9	1	5	0	No tax incentives are used or available
Spain	9	7	0	2	15	117	3	No tax incentives are used or available
Vietnam	9	10	0	11	0	31	2	No tax incentives are used or available
Belgium	0	12	0	0	0	0	0	No tax incentives are used or available
Norway	4	3	0	7	0	2	0	No tax incentives are used or available
Australia	0	0	0	0	0	0	-2	No tax incentives are used or available
Latvia	0	0	0	0	0	0	0	No tax incentives are used or available
China	0	0	0	0	0	0	0	No tax incentives are used or available
Estonia	0	0	0	0	0	0	0	No tax incentives are used or available

Total	8,407	7,773	71,034	24,089	219,142	130,988	6,327

Country DKKm	Number of employees FTEs	Total employee remuneration	Revenues from third-party sales	Revenues from intra-group transactions with other tax jurisdictions	Property, plant, and equipment, and inventory	Balance of intra-company debt	Corporate income tax paid on a cash basis
Denmark	4,354	4,094	62,884	6,361	15,898	65,249	59
The UK	1,311	1,106	10,169	16,784	48,072	56,535	1,466
Poland	776	321	47	625	2,297	0	29
Malaysia	769	221	11	528	11	0	34
The US	746	1,051	2,027	139	69,139	31,678	23
Germany	385	308	1,721	1,827	15,953	17,371	428
Taiwan	193	139	1,042	36	28,755	23,218	134
The Netherlands	114	86	32	1,035	4,335	4,616	331
Ireland	105	93	659	39	4,219	1,023	11
France	70	33	209	0	895	0	190
Singapore	22	27	40	81	4	0	4
Korea	21	33	0	31	0	154	3
Japan	19	30	0	21	0	77	2
Sweden	11	7	413	3	716	14	2
Spain	9	6	1	0	14	94	1
Vietnam	0	5	0	2	0	9	0
Belgium	0	10	0	0	0	0	0
Norway	0	1	0	2	0	0	0
Australia	0	0	0	0	0	0	0

Total	8,905	7,571	79,255	27,514	190,308	200,038	2,717

Current tax explanation

The table shows our profit (loss) before tax across various tax jurisdictions and the progression to the current tax.

Read more about responsible tax practices

2025

2024

2023

Country	Profit (loss) before tax	Calculated local corporate tax on profit (loss) before tax	Non-taxable income and non-deductible costs, net	Unrecognized tax assets	Deferred tax	Current tax	Current tax on hybrid capital
Denmark	2 774	-611	-695	0	78	-1 384	156
The UK	3 217	-849	290	-1 226	-161	-1 946	0
Isle of Man	0	0	0	0	0	0	0
Poland	120	-12	-3	-10	2	-23	0
Malaysia	32	-8	0	0	-1	-9	0
The US	1 173	-299	690	736	-1 128	-1	0
Germany	-950	286	-525	0	-54	-293	0
Taiwan	151	-22	0	-8	-84	-114	0
The Netherlands	-14	4	0	-1	-17	-14	0
Ireland	-73	9	0	-1	-40	-32	0
France	0	0	0	0	0	0	0
Singapore	1	0	-1	0	0	-1	0
Korea	-385	36	0	-40	-1	-5	0
Japan	0	0	0	0	0	0	0
Sweden	150	-31	0	29	0	-2	0
Spain	-40	9	0	-9	0	0	0
Vietnam	-6	1	0	-1	0	0	0
Belgium	-10	3	-1	-4	0	-2	0
Norway	-7	2	0	-3	0	-1	0
Australia	-145	43	0	-43	0	0	0
Latvia	0	0	0	0	0	0	0
China	0	0	0	0	0	0	0
Estonia	0	0	0	0	0	0	0

Total	5 988	- 1 439	-245	-581	-1 406	-3 827	156

Country DKKm	Profit (loss) before tax	Calculated local corporate tax on profit (loss) before tax	Non-taxable income and non-deductible costs, net	Unrecognized tax assets	Deferred tax	Current tax	Current tax on hybrid capital
Denmark	4,482	-986	3	0	-2,046	-3,178	149
The UK	5,472	-1,394	0	-63	-451	-1,908	0
Isle of Man	-157	0	0	0	0	0	0
Poland	-19	0	-16	-1	-3	-20	0
Malaysia	-136	33	0	0	-33	0	0
The US	-7,186	1,685	290	-261	-1,719	-5	0
Germany	648	-186	-92	-8	26	-260	0
Taiwan	2,134	-491	22	-14	-23	-506	0
The Netherlands	157	-39	0	0	-31	-70	0
Ireland	-165	15	0	0	-35	-20	0
France	-128	32	0	0	-40	-8	0
Singapore	10	-2	0	0	0	-2	0
Korea	-179	14	0	-21	0	-7	0
Japan	-10	2	0	-1	0	1	0
Sweden	-2,126	438	0	-438	0	0	0
Spain	-66	16	-3	-16	0	-3	0
Vietnam	-17	3	-2	-4	0	-3	0
Belgium	-17	4	0	-4	0	0	0
Norway	-7	1	0	-2	0	-1	0
Australia	-84	25	0	-25	0	0	0
Latvia	0	0	0	0	0	0	0
China	0	0	0	0	0	0	0
Estonia	0	0	0	0	0	0	0

Total	2,606	-830	202	-858	-4,355	-5,990	149

Country DKKm	Profit (loss) before tax	Calculated local corporate tax on profit (loss) before tax	Non-taxable income and non-deductible costs, net	Unrecognized tax assets	Deferred tax	Current tax	Current tax on hybrid capital and other adjustments
Denmark	7,785	-1,648	253	0	1,743	233	115
The UK	10,758	-2,521	1,058	-123	-587	-2,173	0
Poland	97	-28	0	-1	1	-28	0
Malaysia	177	-42	0	0	0	-42	0
The US	-37,530	9,382	73	-7,947	-1,508	0	0
Germany	1,165	-349	30	79	-93	-333	0
Taiwan	-997	276	19	0	-594	-299	0
The Netherlands	395	-99	0	0	-48	-147	0
Ireland	-495	-26	86	0	-101	-41	0
France	79	-20	0	0	-14	-34	0
Singapore	30	-5	0	0	0	-5	0
Korea	-191	18	0	-20	0	-2	0
Japan	-35	16	0	-21	0	-5	0
Sweden	-112	23	0	-17	-6	0	0
Spain	-73	16	0	-16	0	0	0
Vietnam	-6	1	0	-1	0	0	0
Belgium	-12	3	0	-3	0	0	0
Norway	-54	12	0	-12	0	0	0
Australia	-7	2	0	-2	0	0	0

Total	-19,026	5,011	1,519	-8,084	-1,207	-2,876	115

financial reporting

Annual report 2025 Find a comprehensive range of information about Ørsted – including our performance highlights and strategy, as well as our financial and sustainability performance.

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