Ørsted Q4-25: The recapitalization is complete. Now, execution.

Accounting noise fades as the 8.1 GW pipeline advances. The thesis now hinges on flawless delivery, not restructuring headlines.

Following the painful balance sheet reset and a DKK 60 billion rights issue and the Apollo farm-down deal in Q3, Fjord Alpha issued a BUY rating for Ørsted. The balance sheet had been sufficiently de-risked and valuation was hitting all-time-lows. The pain is now mostly in the rear-view window. The stock price has handsomely increased by 26% since my BUY rating, despite a recent tumble following the turbulence from the Iran/Israel/US conflict.

Let’s have a look at what the Q4 report tells us.