Danish Ørsted has seen a 26% increase in 2026, driven by an upgrade in its credit rating and a court ruling exempting it from paying 712 million crowns.
Ørsted's shares have risen by 26% so far in 2026, establishing it as one of the standout stocks in the European renewable sector. Only the Spanish company Grenergy surpasses it in stock market returns, while the Stoxx Europe 600 index has advanced by 9.5% during the same period. The recovery began after the capital increase in September 2025, when shares rose from 107 Danish crowns to the current 158, without major fluctuations.
Fitch upgrades Ørsted's outlook to stable
The rating agency Fitch changed Ørsted's outlook from negative to stable and confirmed its long-term rating at BBB. The change was justified by the rapid execution of its asset rotation strategy, a solid financial structure, and progress on the Revolution Wind project in the United States, which is nearing completion. Fitch also highlighted the strong asset base, growth in operating cash flow, and significant financial flexibility.
According to the agency, credit indicators are expected to improve gradually and remain within the margins for the current rating. Ørsted continues to have access to sufficient financing and liquidity to support its investment programme. Of all the agencies, only Moody's maintains a negative outlook, pending review since January.
Meetings with analysts reassure the market
Last week, analysts following the stock held closed-door meetings with Ørsted's management to discuss milestones for the second quarter of 2026. The positive reaction of the stock, which rose by 5% between Thursday and Friday, suggests that the comments were reassuring. The company will present its quarterly results on 13 August.
Regarding potential provisions for US assets, analysts believe they will be minimal. The yield on the ten-year US bond has remained at levels similar to those of the second quarter of 2025, reducing the likelihood that Ørsted will lower the discount rate applied to its assets in the US.
Court ruling clears a 712 million litigation
On 25 June, the Danish Maritime and Commercial High Court ruled in favour of Ørsted in six cases where the plaintiffs were claiming compensation of up to 416 million Danish crowns, plus legal interest raising the total to around 712 million. The claim was based on an alleged breach of competition regulations committed by Elsam, a company integrated into Ørsted.
The plaintiffs can appeal to the High Court and, ultimately, to the Supreme Court of Denmark. However, to reach that stage, they would need the High Court to consider that the case justifies proceeding. This would likely add more than 12 months to the process and incur additional costs, making it unlikely that this route will be pursued.
For investors, the combination of financial recovery, credit improvement, and resolution of litigations reinforces confidence in the stock. The next key date will be the second-quarter results on 13 August, which will confirm whether the upward trend continues.
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