Published by Global Banking & Finance Review®
Posted on February 6, 2026
2 min readLast updated: February 6, 2026
Add as preferred source on GoogleOrsted's Q4 profit slightly misses expectations, with a 2026 forecast above 28 billion Danish crowns. Future partnerships and fees are key focus areas.
COPENHAGEN, Feb 6 (Reuters) - Denmark's Orsted reported sharply higher fourth-quarter cash flow and a bigger-than-expected reduction in debt, as the group boosts its balance sheet to navigate U.S. President Donald Trump's clampdown on offshore wind.
Orsted expanded rapidly over the past decade, but more recently faced higher costs from supply chain disruption and inflation, and faces regulatory challenges in the United States, where Trump has sought to halt several ongoing developments.
A rights issue last autumn along with divestments helped reduce net debt to 19 billion Danish crowns ($3.0 billion) at the end of 2025, down from 58 billion crowns a year ago and below the 31 billion crowns expected by analysts in a company-provided poll.
Stakes in the Greater Changhua 2 offshore wind farm in Taiwan and Britain's Hornsea 3 offshore wind farm were among those sold.
"There is a clear indication that the balance sheet is in a stronger position following the divestment programme," broker RBC said in a separate note.
Shares in the company were up 1.97% at 1056 GMT, after rising as much as 4% in morning trade. They are down nearly 20% since Trump took office in January 2025.
The company's operating cash flow for the fourth quarter rose by 66% to 17.09 billion Danish crowns ($2.70 billion), a bigger than expected increase, brokers Berenberg said in a note to clients following the company's annual report.
The world's biggest developer and operator of offshore wind farms reiterated guidance that core earnings for 2026 would be higher than 28 billion Danish crowns and maintained its intention to reinstate dividends from the fiscal year of 2026.
Orsted is currently building two U.S. offshore projects, Revolution Wind and Sunrise Wind, following court decisions that suspended the Trump administration's stop-work orders.
Revolution Wind is 87% complete with commissioning works expected to be finalised in the second half of this year, while Sunrise Wind is 45% complete with commissioning planned for the second half of 2027.
"No negative surprises and unchanged U.S. construction timeline is a positive for Orsted," brokerage Jefferies said in a note.
($1 = 6.3285 Danish crowns)
(Reporting by Louise Rasmussen and Stine Jacobsen, editing by Anna Ringstrom, Terje Solsvik and Elaine Hardcastle)
Core profit refers to the earnings generated from a company's primary business operations, excluding any income from non-operational activities such as investments or asset sales.
Depreciation is the reduction in value of tangible assets over time, while amortization refers to the gradual write-off of intangible assets. Both are used to allocate costs over the useful life of an asset.
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