Ørsted provides preview of main points at today’s extraordinary general meeting and adjusts full-year EBITDA guidance for 2025

5.9.2025 07:44:04 CEST | Ørsted A/S | Investor News

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EGM business update
At Ørsted's extraordinary general meeting today, Lene Skole, Chair of the Board of Directors, will give a business update, which will include the following main points.

Adjusted 2025 EBITDA guidance primarily driven by lower-than-normal offshore wind speeds
Following lower-than-normal offshore wind speeds during July and August, Ørsted has adjusted its full-year 2025 EBITDA guidance excluding new partnerships and cancellation fees of DKK 24 billion to DKK 27 billion, compared to its previous guidance of DKK 25 billion to DKK 28 billion. Gross investments guidance for the full-year 2025 of DKK 50 billion to DKK 54 billion is reiterated.

The primary driver for the adjustment to the EBITDA guidance is the impact from the lower-than-normal offshore wind speeds across the offshore portfolio, which has had an adverse EBITDA impact of approximately DKK 1.2 billion relative to normalised wind speeds during 2025. A delay of the Greater Changhua 2b construction project will also adversely impact EBITDA in 2025 by approximately DKK 0.3 billion.

The above is not expected to impact Ørsted’s medium-term targets.

Proposal and strong support for conducting a rights issue
At the extraordinary general meeting, the shareholders are asked to grant authorisation to the Board of Directors to issue new shares with pre-emptive rights for the existing shareholders (the ‘Rights Issue’). The background for this proposal is the recent material adverse development in the US offshore wind market.

Ørsted appreciates the support for the proposal already given by a larger group of shareholders prior to the extraordinary general meeting, including the company's majority shareholder, the Danish State.

Background for proposed Rights Issue
As previously communicated on 11 August 2025 (company announcement no. 12/2025), the proceeds from the Rights Issue will be used to strengthen Ørsted’s capital structure and provide financial flexibility to ensure an appropriate capitalisation in the years 2025 through 2027, during which Ørsted will deliver its 8.1 GW offshore wind construction portfolio.

Specifically, the Rights Issue is intended to enhance the value of Ørsted’s portfolio by:

• covering the incremental funding requirements from the full ownership of Sunrise Wind
• strengthening the capital structure to preserve and optimise the value of its operational and construction portfolio
• enabling a more value-accretive and flexible approach to the timing of partnerships and divestments related to offshore wind farms
• reinforcing Ørsted’s position as a global leader in offshore wind by increasing the company’s financial robustness and flexibility, positioning Ørsted to pursue the most value-accretive investment opportunities in core offshore wind markets in Europe and select markets in APAC going forward.

Legal proceedings against stop-work order for Revolution Wind
On 4 September 2025, Revolution Wind LLC, a joint venture between Ørsted and a consortium led by Skyborn Renewables (a Global Infrastructure Partners platform company), filed a complaint in the U.S. District Court for the District of Columbia, challenging the stop-work order from the U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM), to be followed by a request for a Preliminary Injunction.

Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders towards a prompt resolution.

Revolution Wind secured all required federal and state permits in 2023, following reviews that began more than nine years ago. Federal reviews and approvals included the U.S. Department of Defence, U.S. Coast Guard, U.S. Army Corps of Engineers, National Marine Fisheries Service, and several other agencies. Revolution Wind has spent and committed billions of dollars in reliance upon this fulsome review process.

Read more in the announcement from Revolution Wind.

Update on Greater Changhua 2b in Taiwan
At the end of August 2025, Ørsted was informed by its supplier that the export cable at the 0.3 GW Greater Changhua 2b offshore wind project in Taiwan had been damaged. As a result, the expected commissioning of Greater Changhua 2b has been delayed from late 2025 to Q3 2026, which will lower the expected revenue from ramp-up generation during 2025. This does not affect operations at Greater Changhua 2a nor planned COD for Greater Changhua 4, and the installation of the remaining wind turbines at Greater Changhua 2b and 4 will continue as planned.  Despite the delay, the process towards signing the partial divestment of Greater Changhua 2b continues as planned, with expected signing during 2025. Closing of the transaction is subject to full commissioning of Greater Changhua 2b.

Continued focus on delivery of the business plan
Ørsted has continued to deliver on its business plan and four strategic priorities for the past six months. The construction of 8.1 GW offshore wind projects will almost double the company’s installed capacity, and Ørsted has seen progress on its construction portfolio and achieved several milestones. Ørsted will focus its business more geographically and technologically, with a strategic focus on offshore wind in Europe, and will continue to increase its competitiveness.

Important notice
This announcement does not constitute an offering memorandum or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017, as amended (the ’Prospectus Regulation‘), and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in the Company, except on the basis of information in any prospectus published by the Company in connection with a potential offering and admission of such securities to trading and official listing on Nasdaq Copenhagen A/S. Copies of any such prospectus will, following publication, be available from the Company’s registered office and on the website of the Company.

This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by Ørsted A/S in any jurisdiction where such offer or sale would be unlawful, and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions.

This announcement and the information contained herein are not for distribution or redistribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States of America and the District of Columbia) (the ’United States‘), Canada, Australia, Japan, or South Africa or in any other jurisdiction in which distribution or redistribution would be unlawful. This document does not constitute, or form part of, and should not be construed as an offer to sell, or a solicitation of an offer to subscribe, sell, or purchase, any securities in the United States. The securities of Ørsted A/S have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the ’Securities Act‘), or the securities laws of any state or other jurisdiction of the United States and may not be offered, pledged, sold, delivered, taken up, exercised, resold, renounced, or otherwise transferred, directly or indirectly, in or into the United States absent registration under or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, and in each case, in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There is no intention to conduct a public offering of securities in the United States. In any member state of the European Economic Area (‘EEA Member State‘) other than Denmark, this announcement is only addressed to, and is only directed at, investors in that EEA Member State who fulfil the criteria for exemption from the obligation to publish a prospectus, including qualified investors, within the meaning of the Prospectus Regulation.

In the United Kingdom, this announcement is only being distributed to and is only directed at: (A) qualified investors, as such term is defined in Article 2 of the UK version of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended from time to time; and who are also (B)(i) investment professionals falling within Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ’Order‘) or (ii) high net worth entities falling within Article 49(2)(a)–(d) of the Order, or (iii) such other persons to whom such communication may be lawfully communicated (the persons described in (A) and (B)(i) through (iii) above together being referred to as ’relevant persons‘). Any person who is not a relevant person should not act or rely on this document or any of its contents.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as ’believe‘, ’expect‘, ’anticipate‘, ’intends‘, ’estimate‘, ’will‘, ’may‘, ’continue‘, ’should‘, and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors, which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to the forward-looking statements set forth herein. Accordingly, the Company urges readers not to place undue reliance on any of the forward-looking statements set forth herein. The information, opinions, and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.

This announcement does not constitute an investment recommendation. The price and value of securities and any income from them can go down as well as up, and you could lose your entire investment. Past performance is not a guide to future performance. Information in this announcement cannot be relied upon as a guide to future performance. Morgan Stanley & Co. International, BNP PARIBAS, Danske Bank A/S,  J.P. Morgan SE, BofA Securities Europe SA and Goldman Sachs International  (the ‘Banks‘) are acting exclusively for the Company and no one else in connection with the planned Rights Issue and will not regard any other person (whether or not a recipient of this announcement) as their client in relation thereto and will not be responsible to anyone other than the Company for providing the protections afforded to their clients or for providing advice in relation to the planned Rights Issue referred to in this announcement or any other transaction, arrangement or matter referred to in this announcement.

Further, none of the Banks or any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

For further information, please contact:

Global Media Relations
Tom Christiansen
+45 99 55 95 52
tomlc@orsted.com

Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
IR@orsted.com

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, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,200 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2024, the group’s revenue was DKK 71.0 billion (EUR 9.5 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and X.

Attachments

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• EGM main points investor news.pdf