COPENHAGEN (Reuters) -Orsted, the world’s biggest offshore wind power developer, said on Thursday it expected core profit this year to be equal to, or above 2024, a day after cutting investment plans for coming years, sending its shares higher.

After the market close on Wednesday, Orsted said it had decided to scale back the total amount it planned to invest for the years through 2030 by about 25% to shore up its finances in a challenging market.

It also said it saw no need to raise new cash, and that the revised plan would allow the group to keep cutting costs given it would construct at a slower pace than previously planned.

Shares in the Danish company were up 6% in early trade, trimming a year-to-date fall to 8%. Sydbank analyst Jacob Pedersen said many investors had feared the company would announce a capital increase.

Offshore wind companies have faced challenges including rising costs, supply chain issues and planning delays. President Donald Trump created further uncertainty by suspending offshore wind leases on his first day in office last month.

“Our ambition is to solidify our position as the undisputed leader in offshore wind,” Rasmus Errboe, the company’s CEO since Feb. 1, told journalists in a media call. He said the company expected market challenges to continue in 2025.

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Source : https://www.globalbankingandfinance.com/ORSTED-RESULTS-d266d280-244f-47c5-81c5-f47b6599b5ac