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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUTILITIES: Orsted (ORSTED Baa1[N]/BBB/BBB+): 2Q24 Results
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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.