Danish offshore wind farm developer Orsted reported on Thursday a second-quarter core profit above forecast and maintained its financial outlook for the year.
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 President Donald Trump has sought to halt developments.
Profit before interest, tax, depreciation and amortisation (EBITDA), excluding new partnerships and cancellation fees for the second quarter rose to 5.44 billion Danish crowns ($838.74 million) from a year-earlier 5.34 billion, above an average forecast of 5.1 billion crowns seen in a company-provided poll.
"With the measures we've taken during the last 18 months, we have the necessary robustness to pursue new, value-creating opportunities within offshore wind, while also reinstating a dividend payout to our shareholders as planned," CEO Rasmus Errboe said in a statement.
He added that Orsted continued progress on its projects according to schedule and within planned costs.
Orsted also flagged impairment losses of 1.2 billion crowns, primarily related to its U.S. offshore projects, due to an increase in long-dated U.S. interest rates.
Orsted reiterated its full-year outlook from February of a core profit above 28 billion crowns, and gross investments of between 50 billion and 55 billion. It reiterated plans to pay dividends for 2026.
($1 = 6.4859 Danish crowns)
(Reuters)