ORSTED
Ørsted A/S (Denmark)
Is ORSTED Halal?
Renewable power is generally permissible, but disclosed financial income exceeds the FTSE-style income limit and gas, trading and project-finance exposure remain qualitative.
What You Should Know
Ørsted's December 31, 2025 Annual Report reports DKK 367,922 million of assets, DKK 98,862 million of bond and bank debt, DKK 53,448 million of cash, DKK 38,317 million of securities, DKK 20,891 million of current receivables and DKK 73,244 million of revenue. Debt/assets is 26.87%, liquidity/assets is 24.94%, receivables plus cash/assets is 20.21% and financial income is 16.11% of revenue. Renewable generation remains generally permissible, but gas sales, energy trading and financing require review.
⚠️ Concerns
- •Financial income is 16.11% of revenue and fails the examined FTSE income limit
- •Gas sales and fossil-fuel-related trading
- •High project debt and financing mix
- •Derivatives and energy-trading exposures
- •No universal prohibited-revenue numerator is disclosed
Current quantitative Sharia screen
Based on annual-report figures for the period ended 2025-12-31; calculated 2026-07-15.
98,862 / 367,922
91,765 / 367,922
74,339 / 367,922
11,797 / 73,244
- Financial
- Fails
- Overall
- Fails
Disclosed financial income is 16.11% of revenue, above the examined 5% income limit; debt/assets is 26.87%, liquidity/assets is 24.94% and receivables-plus-cash/assets is 20.21%.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI limits; activity and the treatment of financial income remain qualitative.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets pass the examined ratios; this is a ZakatInvest calculation, not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; filing-based methods are shown separately.
Business-activity disclosure
Ørsted develops and operates offshore wind and other energy assets, with trading and limited gas-related activity. Renewable generation is generally permissible, while gas sales, energy trading, derivatives and project financing require school-specific review.
Limitation: The filing does not allocate every revenue and financial-income line into a universal prohibited-activity numerator for gas, trading and derivatives.
Purification
Ørsted discloses DKK 11,797 million of financial income, but no scholar-approved prohibited-income percentage or universal activity numerator is provided.
Inputs, assumptions and primary sources
- Amounts are DKK millions from Ørsted's Annual Report 2025.
- Bond and bank debt of DKK 87,204 million non-current and DKK 11,658 million current are tracked as interest-bearing debt; lease liabilities are excluded.
- Cash is DKK 53,448 million and securities are DKK 38,317 million of current bonds; current trade and other receivables are DKK 20,891 million.
- Revenue is DKK 73,244 million and disclosed financial income is DKK 11,797 million.
- Renewable power generation is generally permissible, but gas sales, energy trading, project finance and complex derivatives require continuing qualitative review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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