Orsted profit falls after US wind writedowns

Danish energy group Orsted reported a fall in quarterly profit after project write-downs linked to its offshore wind business in the United States.

Net profit for April to June was 848 million kroner, or $131 million, down from 3.35 billion a year earlier. Revenue rose 21% to 20.6 billion kroner, driven by offshore wind projects.

Orsted reported impairments totalling 1.2 billion kroner after key offshore projects in the United States were halted. The company linked the pressure to opposition to wind power by the administration of US President Donald Trump.

The group said construction of Hornsea 3 in Britain was on schedule after it sold a 50% stake in the project. It said 30% of Hornsea 3 had been completed.

Orsted also said it planned to resume dividend payments for the 2026 financial year, with a first payout in 2027. The Danish state owns a 50.1% stake in the company, which last paid a dividend in March 2023.