Ørsted A/S (OTCPK:DNNGY) Q2 2025 Earnings Call August 11, 2025 8:00 AM ET
Company Participants
Rasmus Errboe – CEO, Chief Commercial Officer & Group President
Trond Odegard Westlie – Executive VP, CFO & Member of Executive Board
Conference Call Participants
Ahmed Farman – Jefferies LLC, Research Division
Alberto Gandolfi – Goldman Sachs Group, Inc., Research Division
Casper Blom – Danske Bank A/S, Research Division
Dominic Charles Nash – Barclays Bank PLC, Research Division
Harry Peter Wyburd – BNP Paribas Exane, Research Division
Jenny Ping – Citigroup Inc., Research Division
Kristian Tornøe Johansen – SEB, Research Division
Lars Heindorff – Nordea Markets, Research Division
Mark Freshney – UBS Investment Bank, Research Division
Peter Andrew Bisztyga – BofA Securities, Research Division
Robert John Pulleyn – Morgan Stanley, Research Division
Operator
Please go ahead, sir.
Rasmus Errboe
Hello, everyone, and thank you for joining today’s presentation. In connection with the release of our results for the second quarter this morning, we are announcing the plan for a fully underwritten rights issue, which is expected to amount to DKK 60 billion in gross proceeds, and that is supported by our majority shareholder, the Danish State. The rights issue is intended to fulfill an incremental funding requirement, which has arisen following our decision to discontinue the divestment and associated nonrecourse project financing process related to our Sunrise Wind project in the U.S.
With the rights issue, we will strengthen our capital structure to cover for the full ownership of Sunrise Wind and provide the needed financial robustness and flexibility for the execution of our strategic plan as announced in February and position us for future growth? While we do not take this decision lightly, it is based on a comprehensive assessment of our options, and we have no doubt that this is the right decision for Ørsted and our
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