In This Article:
-
EBITDA (Q3 2024): DKK 4.4 billion, excluding new partnerships and cancellation fees.
-
Reported EBITDA (First 9 Months 2024): DKK 23.6 billion, a 22% increase year-over-year.
-
EBITDA Guidance (2024): Narrowed to DKK 24-26 billion, excluding new partnerships and cancellation fees.
-
Renewable Capacity Commissioned (Q3 2024): 550 megawatts.
-
Total Portfolio Capacity: 18.2 gigawatts.
-
Proceeds from Divestment: DKK 15.7 billion from the sale of a minority stake in UK offshore assets.
-
Net Impairment Loss (Q3 2024): DKK 0.3 billion.
-
Net Profit (Q3 2024): DKK 5.2 billion.
-
Net Debt (End of Q3 2024): Just shy of DKK 63 billion.
-
Gross Investments (Q3 2024): DKK 9.8 billion.
-
Renewable Share of Energy (First 9 Months 2024): 97%.
Release Date: November 05, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Orsted AS (DNNGY) achieved significant milestones, including CFD awards for 3.5 gigawatts in the UK and favorable contract settlements for Ocean Wind One.
-
The company reported strong operational performance and progress on construction projects, with a total portfolio of 18.2 gigawatts.
-
EBITDA excluding new partnerships and cancellation fees increased by 12% to DKK 17.2 billion, reflecting solid financial performance.
-
Orsted AS (DNNGY) successfully divested a minority stake in four UK offshore assets, contributing DKK 15.7 billion to its farm down program.
-
The company shut down its last coal-fueled CHP plant, marking a major step towards its goal of reducing emissions intensity by 98% by 2025.
Negative Points
-
Unexpected challenges impacted the construction of a US offshore project, including issues with the installation of an offshore substation monopile.
-
Orsted AS (DNNGY) recognized a net impairment loss of DKK 0.3 billion due to updated market assumptions and increased costs.
-
The company faces higher than anticipated costs due to the extension of an installation vessel contract.
-
Grid connection delays in Germany are expected to push the commissioning of a project to Q1 2026.
-
The company has a remaining provision of DKK 3 billion for Ocean Wind One, indicating ongoing financial exposure.
Q & A Highlights
Q: What are the risks to the Sunrise and Revolution Wind projects if Trump wins the presidency, particularly regarding the bonus ITC and potential construction delays? A: Mads Nipper, CEO, stated that both projects are fully permitted at the federal level, and they do not anticipate changes in the risk outlook. They do not see a material risk of losing the bonus ITC and expect the energy community credit to be firmed up.