Orsted Q1 profit beats forecasts as it pivots away from US market

He reiterated that the war in the Middle East underlined the need for Europe's energy transition and independence and bolstered the case for offshore wind farm developments - despite its highly subsidised nature.

Europe, a major importer of fossil fuels, has seen energy prices soar since the US-Israeli strikes on Iran and Teheran's blockage of shipments through the Strait of Hormuz led to a scramble for oil and natural gas.

Orsted's profit before interest, tax, depreciation and amortisation, excluding new partnerships and cancellation fees rose to DKK9.55 billion ($1.50 billion) from a year-earlier DKK8.57 billion, above an average forecast of DKK9.47 billion seen in a company-provided poll.

The company stood by a full-year outlook from February of a core profit above DKK28 billion, and gross investments of between DKK50 billion and DKK55 billion. It reiterated plans to pay dividends for 2026.

(Reporting by Louise Rasmussen, editing by Terje Solsvik)