Strengthened Capital Structure and Exceeded Divestment Target
Completed a rights issue and delivered on the partnership/divestment program, signing transactions amounting to ~DKK 46 billion (target was >DKK 35 billion), supporting a stronger balance sheet and the target of an investment-grade rating.
Solid Full-Year EBITDA in Line with Guidance
Delivered full-year EBITDA (excluding new partnerships and cancellation fees) of DKK 25.1 billion, in line with guidance; company guides 2026 EBITDA of more than DKK 28 billion.
Improved Operational Availability
Offshore portfolio availability of 93% for the full year, an increase of 5 percentage points versus prior year, driving higher site earnings despite below-normal wind speeds.
Progress on Construction Portfolio and Major Milestones
Significant project milestones in 2025: commissioning of Gode Wind 3; first power at Borkum Riffgrund 3; turbine installation and first power at Greater Changhua 2b & 4. Degree of completion: Greater Changhua 75% (from 65%), Revolution Wind ~87% (from 85%), Sunrise Wind 45% (from 40%); Baltica 2 completion rose to 25% from 15%.
Renewables and Decarbonization Achievements
Reached target of 99% renewables in generation for 2025 (driven by prior coal CHP closure). Reduced Scope 1 and 2 emissions intensity by more than 98% since 2006.
Safety Improvement
Total recordable injury rate reduced to 2.5 in 2025, reflecting improved safety performance and targeted initiatives with suppliers.
Strengthened Liquidity and Credit Metrics
Net debt at Q4'25 of DKK 19 billion, a decrease of ~DKK 64 billion during the quarter (primarily from rights issue proceeds). FFO to adjusted net debt ~43%, well above the 30% target, increasing financial headroom.
Committed Investment Program and 2026 CapEx Outlook
Committed capital of approximately DKK 145 billion for 2025-27 remains unchanged; gross investments for 2026 expected at DKK 50-55 billion. Plan to commission >2.5 GW offshore across three continents in 2026.