COPENHAGEN — Orsted (ORSTED.CO), the world’s largest offshore wind developer, reported a third-quarter net loss of 1.70 billion Danish crowns ($265.5 million) on Wednesday, citing the negative impact of U.S. trade policies and regulatory pushback under President Donald Trump.

The loss compares with a 5.17 billion crown profit during the same period last year and reflects ongoing struggles in the U.S. market, where Trump’s administration has halted several offshore wind projects and suspended new federal licensing.

Orsted’s shares have plunged 85% since their 2021 peak, weighed down by rising costs, supply chain disruptions, and growing uncertainty over its American expansion plans.

---

U.S. Tariffs and Project Delays Bite

The Danish renewable energy company booked impairment losses of 1.8 billion crowns in the quarter.

“The negative development was driven by increased tariffs in the U.S. and the stop-work order on Revolution Wind, partly offset by lower interest rates,”
Orsted said in a statement.

The company’s quarterly net loss was slightly better than analysts’ forecasts for a 1.95 billion crown deficit, according to a company-compiled survey.

However, core earnings (EBITDA)—excluding partnership income and cancellation fees—came in at 3.06 billion crowns, missing the average market estimate of 4.0 billion crowns.

---

Despite the setback, Orsted continues to stress its long-term commitment to offshore wind expansion and ongoing cost reductions. The company faces a challenging global environment marked by higher tariffs, policy uncertainty, and infrastructure bottlenecks—but also sees improving conditions as interest rates begin to decline.

(1 U.S. dollar = 6.4029 Danish crowns)