Ørsted A/S (DNNGY) Q2 2025 Earnings Call Transcript

2025-08-13 08:56:23 ET

Ørsted A/S (DNNGY)

Q2 2025 Earnings Call

August 11, 2025 08:00 A.M. ET

Company Participants

Rasmus Errboe - CEO, Chief Commercial Officer & Group President

Trond Odegard Westlie - Executive VP, CFO & Member of Executive Board

Conference Call Participants

Ahmed Farman - Jefferies LLC, Research Division

Alberto Gandolfi - Goldman Sachs Group, Inc., Research Division

Casper Blom - Danske Bank A/S, Research Division

Dominic Charles Nash - Barclays Bank PLC, Research Division

Harry Peter Wyburd - BNP Paribas Exane, Research Division

Jenny Ping - Citigroup Inc., Research Division

Kristian Tornøe Johansen - SEB, Research Division

Lars Heindorff - Nordea Markets, Research Division

Mark Freshney - UBS Investment Bank, Research Division

Peter Andrew Bisztyga - BofA Securities, Research Division

Robert John Pulleyn - Morgan Stanley, Research Division

Presentation

Operator

Please go ahead, sir.

Rasmus Errboe

Hello, everyone, and thank you for joining today's presentation. In connection with the release of our results for the second quarter this morning, we are announcing the plan for a fully underwritten rights issue, which is expected to amount to DKK 60 billion in gross proceeds, and that is supported by our majority shareholder, the Danish State. The rights issue is intended to fulfill an incremental funding requirement, which has arisen following our decision to discontinue the divestment and associated nonrecourse project financing process related to our Sunrise Wind project in the U.S.

With the rights issue, we will strengthen our capital structure to cover for the full ownership of Sunrise Wind and provide the needed financial robustness and flexibility for the execution of our strategic plan as announced in February and position us for future growth? While we do not take this decision lightly, it is based on a comprehensive assessment of our options, and we have no doubt that this is the right decision for Ørsted and our shareholders and puts us on the path to maximize shareholder value going forward. We are very pleased with the support from our majority shareholder.

Before going through the details of the planned rights issue, let me turn to Slide 5, where I will talk you through some of the operational highlights for the first half of 2025. First, we are pleased with the operational performance for the first half of the year, where our EBITDA, excluding new partnerships and cancellation fees amounts to DKK 13.9 billion. We remain on track to deliver our full year EBITDA guidance of DKK 25 billion to DKK 28 billion despite the lower wind speeds in the first half of the year....

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