Ørsted A/S. (OTCPK:DNNGY) Q3 2024 Earnings Conference Call November 5, 2024 8:00 AM ET
Company Participants
Mads Nipper - President & CEO
Trond Westlie - EVP & CFO
Conference Call Participants
Peter Bisztyga - Bank of America
Jenny Ping - Citigroup
Deepa Venkateswaran - Bernstein
Casper Blom - Danske Bank
Harry Wyburd - BNP Paribas
Alberto Gandolfi - Goldman Sachs
Robert Pulleyn - Morgan Stanley
Mark Freshney - UBS
Dominic Nash - Barclays
Olly Jeffery - Deutsche Bank
Helene Kvilhaug Brondbo - DNB Markets
Meike Becker - HSBC
Ingo Becker - Kepler
David Paz - Wolfe Research
Mark Freshney - UBS
Mads Nipper
Good morning, good afternoon, everyone, and thank you for joining our earnings call. During the third quarter, we continued the progress of our business plan and achieved a number of significant milestones, including CFD awards for three and a half gigawatts in the UK, favorable contract settlements for Ocean Wind 1, and signing of a partnership agreement. We continue to see solid operational performance across our fleet of assets and good overall progress on our construction projects, though we have seen some unexpected challenges impacting the construction of one of our US offshore projects.
Looking at our financials for the third quarter, our underlying business continues to perform well, and our operational portfolio have delivered strong earnings. EBITDA, excluding new partnerships and cancellation fees, totaled DKK 4.4 billion in Q3 of 2024, and earnings from offshore sites amounted to DKK 4 billion. The reported EBITDA for the first nine months amounted to DKK 23.6 billion, an increase of 22% over last year, and EBITDA, excluding new partnership and cancellation fees, increased by 12% to DKK 17.2 billion. Based on these solid nine-month earnings, we have narrowed our 2024 EBITDA guidance to DKK 24 billion to DKK 26 billion, once again excluding new partnerships and cancellation fees.
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