- EBITDA excl. new partnerships and cancellation fees Q1: DKK 9.5bn; full-year EBITDA guidance > DKK 28bn; gross investment guidance DKK 50–55bn.
- Offshore generation +27% y/y; 8.1 GW under construction and 10.2 GW installed offshore capacity.
- Project milestones: first power from Revolution Wind; first turbines installed at Sunrise Wind; monopile installation started at Hornsea 3 and Baltica 2; Greater Changhua 2b/4 commissioning on track for Q3 2026.
- Q1 net profit DKK 2.6bn after DKK 1.369bn impairments; operating cash flow DKK 6.537bn; net interest-bearing debt DKK 21.289bn (vs DKK 68.449bn).
Operational performance
EBITDA excluding new partnerships and cancellation fees Q1 2026: DKK 9.5bn (11% y/y); offshore EBITDA DKK 7.5bn (+DKK 1.2bn). Offshore generation rose 27% y/y driven by ramp-ups at Borkum Riffgrund 3 and Greater Changhua 4 and slightly higher wind speeds.
Project progress
8.1 GW offshore under construction; first power delivered from Revolution Wind (US); first turbines installed at Sunrise Wind (US); monopile installation started at Hornsea 3 (UK) and Baltica 2 (Poland); Greater Changhua 2b and 4 commissioning on track for Q3 2026.
Financial items
Net profit Q1: DKK 2.6bn after DKK 1.369bn impairments linked to higher long-dated US interest rates and non-cash tax effects; cash flow from operations DKK 6.537bn; gross investments DKK 8.176bn; free cash flow (DKK 0.89bn); net interest-bearing debt DKK 21.289bn (vs DKK 68.449bn).
Guidance and next steps
Maintained full-year EBITDA guidance above DKK 28bn (excl. new partnerships and cancellation fees) and gross investment guidance DKK 50–55bn; an earnings call for investors and analysts is scheduled for 6 May 2026 at 14:00 CEST.
