Neutral
Informational - no clear directional impact
Medium Impact
Significant progress or notable issue
Q1 2026 construction update — as-built 2026-05-06. Progress: monopile foundation installation underway (started April 2026); export-cable pull-in to Weybourne transition joint bays completed late February 2026; OCS1 (Link 01) jacket-and-topside fully installed by 31 March 2026; OCS2 jacket fabrication ongoing at Heerema Vlissingen, completion targeted August 2026; first six XXL monopiles delivered Bilbao→Teesside February 2026, China→UK shipments via Dajin King One from March 2026. This period: Hornsea 3 construction reported as a flagship Q1 2026 milestone in Ørsted's interim financial report — "commenced installation of monopile foundations at Hornsea 3 in the UK" — alongside Baltica 2 (Poland), Revolution Wind first power (US) and Sunrise Wind first turbines (US). Forecast: COD pushed back from H2 2027 to Q4 2027 / Q1 2028 (cautious end Q1 2028) — National Grid notified Ørsted of a two-month delay on the onshore connection. CEO Rasmus Errboe stated on the analyst call that "we have to be cautious" with the COD projection but added there will be "no meaningful financial impact for the project". Full-year EBITDA guidance maintained at >DKK 28 bn excluding new partnerships and cancellation fees; gross investment guidance maintained at DKK 50–55 bn. Source: Ørsted Q1 2026 interim financial report and Group CEO analyst call (2026-05-06).