Orsted AS (XTER:D2G)

€ 52.74 -0.16 (-0.3%) Market Cap: 22.08 Bil Enterprise Value: 30.57 Bil PE Ratio: 32.80 PB Ratio: 1.90 GF Score: 83/100

Q2 2024 Oersted A/S Earnings Call Transcript

Aug 15, 2024 / 12:00PM GMT

Release Date Price: €53 (-7.08%)

Transcript

Mads Nipper;S;Group President

Oersted A;Chief Executive Officer, Member of the Executive Board

/- -

Thank you very much for joining our earnings call. During the second quarter, we continued to execute on our business plan and our Q2 earnings are supporting our guidance for the year.

We continue to undertake the necessary prioritizations within our business and have seen progress on several risk mitigating initiatives. Furthermore, we see that our operations performed well. Despite continued industry challenges and an unsatisfactory project-specific issue at our legacy US offshore project Revolution Wind, our long-term financial targets remain unchanged, and we have a fully funded business plan.

Looking at our financials for the second quarter. Our underlying business continues to perform well, and our operational portfolio continues to deliver strong earnings. EBITDA, excluding new partnerships and cancellation fees, totaled DKK5.3 billion in Q2, an increase of 59% versus Q2 of 2023. The main driver for this increase was higher earnings from our

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