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(Sharecast News) - Denmark's Orsted posted a modest uptick in earnings on Friday following a "defining" year which saw it hit hard by Donald Trump's bitter opposition to wind power.
Excluding new partnership agreements and cancellation fees, fourth-quarter earnings before interest, tax, depreciation and amortisation rose to DKK8.1bn (0.94bn) at the wind power developer, from DKK7.6bn a year previously.
That was just below forecasts for around DKK8.24bn. However, in the year to December earnings nudged up 1% at DKK25.1bn, in line with internal guidance for between DKK24bn and DKK27bn.
Rasmus Errboe, chief executive, called 2025 a "defining" year.
He continued: "I'm satisfied with the large steps we've taken to create a stronger, more focused and more competitive Orsted, even if we still have a lot of work ahead of us.
"We strengthened our financial foundation and focused on our business on offshore wind, and we now have financial flexibility to pursue attractive offshore wind opportunities in Europe and select markets in Asia Pacific."
Orsted currently expects to grow installed capacity within offshore wind to more than 18GW by the end of 2027.
Initially an oil producer, Orsted transformed itself to become a major player in offshore wind. However, the once-booming sector has been rocked by numerous headwinds in recent years, including supply chain issues, soaring inflation and higher interest rates.
Trump is also bitterly opposed to wind power, with Orsted's US schemes Sunrise Wind and Revolution Wind both affected as a result.
However, looking to the current year and Orsted forecast EBITDA excluding new partnership agreements and cancellation fees to come in above DKK28bn, with gross investments of between DKK50 and DKK55bn.
As at 1030 GMT, the Copenhagen-listed stock was trading 2% higher.
Berenberg said: "Overall, the fourth-quarter numbers look disappointing versus consensus, but we note that guidance is in line and the balance sheet appears in much better shape following completion of the rights issue."
Orsted raised nearly 7bn through a heavily discounted rights issue last autumn.