Interim report for the first nine months of 2022 – full-year EBITDA guidance increased and strategic milestones achieved with new partnerships and acquisitions

Today, Ørsted’s Board of Directors approved the interim report for the first nine months of 2022.

Our operating profit (EBITDA) for the first nine months of the year amounted to DKK 25.4 billion, of which DKK 10.9 billion related to the 50 % farm-downs of Hornsea 2 and Borkum Riffgrund 3.

EBITDA excluding new partnerships increased by 3.8 billion and amounted to DKK 14.4 billion.

Net profit amounted to DKK 15.3 billion, and return on capital employed (ROCE) came in at 24 %.

We have increased our full-year EBITDA guidance with DKK 1 billion to DKK 21-23 billion excluding earnings from new partnerships during the year, i.e. excluding the gains from the 50 % farm-downs of Borkum Riffgrund 3 and Hornsea 2. The increase is primarily due to higher earnings from our CHP plants.

We have lowered our gross investments guidance by DKK 5.0 billion to DKK 38-42 billion, mainly due to timing effects on projects, with lower spend in 2022 than originally planned.

Mads Nipper, Group President and CEO of Ørsted, says in a comment to the interim financial report for the first nine months of 2022:
“Despite the highly unusual and volatile period with war, high inflation, and increasing interest rates Ørsted has continued the build-out of renewable energy and the delivery of power and heat to our communities. Most of the power delivered was under fixed-price agreements or hedged.

In these unprecedented times, I am very pleased that we have been able to increase our EBITDA guidance to DKK 21-23 billion for the year.

We reached several strategic milestones in the build-out of renewable energy during the quarter, including the acquisition of Ostwind, which expands our European onshore portfolio into Germany and France with more than 1.5 GW of development pipeline projects, and a pioneering partnership with Copenhagen Infrastructure Partners (CIP) with the aim to develop approx. 5.2 GW of offshore wind in Denmark.

I am also proud that we just entered into a new five-year global partnership with WWF to unite action on climate and ocean biodiversity. The partnership aims to drive a fundamental change in the approach to integrating action on climate and biodiversity by advancing offshore wind that strives to achieve a net-positive biodiversity impact.”

Financial key figures for Q3 and 9M 2022:

DKK million

Q3 2022

Q3 2021


9M 2022

9M 2021





313 %



58 %

- New partnerships






106 %

- EBITDA excl. New partnerships



(2 %)



34 %

Profit (loss) for the period



1821 %



101 %

Cash flow from operating activities







Gross investments



65 %



0 %







133 %

Free cash flow



(62 %)



117 %

Net interest-bearing debt



115 %



115 %

FFO/adjusted net debt

35.3 %

42.5 %

(7 %)

35.3 %

42.5 %

(7 %)


24.4 %

12.9 %

12 %p

24.4 %

12.9 %

12 %p

For further information, please contact:

Media Relations
Martin Barlebo
+45 99 55 95 52

Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95

Earnings call
In connection with the presentation of the interim report for the first nine months, an earnings call for investors and analysts will be held on Thursday, 3 November 2022 at 14:00 CET.

Denmark: +45 82 33 31 94
The UK: +44 333 300 9266
The US: +1 646 722 4902

The earnings call can be followed live at:

Presentation slides will be available prior to the earnings call at: Investors | Ørsted (

The interim report is available for download at:

About Ørsted:

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Moreover, Ørsted provides energy products to its customers. Ørsted is the only energy company in the world with a science-based net-zero emissions target as validated by the Science Based Targets initiative (SBTi). Ørsted ranks as the world’s most sustainable energy company in Corporate Knights' 2022 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 7,292 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2021, the group's revenue was DKK 77.7 billion (EUR 10.4 billion). Visit or follow us on Facebook, LinkedIn, Instagram, and Twitter.