Consensus estimates

Last data input: Oct 24, 2025

Median / actual (MDKK)	2025Q3e	2025e	2026e	2027e
EBITDA incl. new partnership agrmts.	3,989	25,681	29,240	32,445
- New partnership agreements	0	2,751	125	0
- Cancellation fees	0	-1,531	0	0
EBITDA excl. new partnership agrmts.	3,996	25,801	28,403	32,440
- Offshore	2,921	18,702	22,543	25,839
Sites, O&Ms and PPAs	3,876	23,645	25,014	27,860
Construction contracts	0	2,600	762	52
Cancellation fees	0	-1,531	0	0
Other incl. Project dev.	-992	-4,381	-2,909	-2,500
- Onshore	983	4,674	4,538	4,571
Sites, incl. tax credits	1,151	5,018	5,290	5,414
Divestment gains	0	304	0	0
Other incl. Project dev.	-195	-600	-800	-780
- Bioenergy & Other	76	1,599	1,554	1,541
CHP Plants	92	1,580	1,399	1,380
Gas Markets & Infrastructure	100	478	439	418
Other incl. Project dev.	-111	-523	-279	-326
Depreciation	-2,662	-10,777	-11,211	-12,611
Impairments	-2,600	-1,048	0	0
EBIT	-795	12,814	17,270	19,874
Net financial expenses	-876	-3,504	-2,302	-2,750
Profit before tax	-1,692	9,073	15,379	16,571
Tax expense	-38	-2,093	-3,383	-3,847
Profit after tax	-1,946	6,534	12,280	12,791

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Contributors

ABG Sundal Collier	Barclays Capital
Berenberg	Bernstein
Citigroup	Danske Bank
DNB Carnegie	Fearnley Securities
Jefferies International	Morgan Stanley
Oddo BHF	RBC
Redburn	Santander
SEB	Sydbank
UBS	Wolfe Research
Anonymous estimates (1)

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Consensus estimates

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