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UTILITIES: Orsted (ORSTED Baa1[N]/BBB/BBB+): 2Q24 Results

UTILITIES

Largely credit neutral despite equity disappointment on impairments.

  • Orsted reported EBITDA 13% better than expected (excluding cancellation fee provisions, a positive adjustment this quarter. Strong YoY growth with 2GW of new renewable capacity commissioned.
  • Positive FCF at DKK782mn; this includes divestments however. Net debt little changed QoQ. FFO/ND improved to 23% from 18% YoY, with 30% targeted by 2026.
  • FY24 EBITDA guidance confirmed. Within that, offshore wind is upgraded while bioenergy is lowered. Investment guidance reduced 8% due to timing effects; the US offshore project Revolution Wind is delayed. E-Methanol development will be stopped with development of the e-fuel market in Europe disappointing.
  • Webcast 13.00 BST https://getvisualtv.net/stream/?orsted-q2-2024.
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