Slides
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Investor presentation Q2 2025 11 August 2025
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DISCLAIMER This presentation contains certain forward-looking statements which include projections of our short- and long-term financial performance and targets as well as our financial policies. Statements herein, other than statements of historical fact, regarding our future results of operations, financial condition, cash flows, business strategy, plans and future objectives are forward-looking statements. Words such as “targets”, “believe”, “expect”, “aim”, “intend”, “plan”, “seek”, “will”, “may”, “should”, ”anticipate”, “continue”, “predict” or variations of these words, as well as other statements regarding matters that are not historical facts or regarding future events or prospects, constitute forward-looking statements. These forward-looking statements are based on current views with respect to future events and financial performance. These statements are by nature uncertain and associated with risk. Many factors may cause the actual development to differ materially from our expectations. These factors, include, but are not limited to changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, interest rate markets, the ability to uphold hedge accounting, inflation rates, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions. As a result, you should not rely on these forward-looking statements. Please read more about the risks in the chapter ‘Enterprise risk management’ and in note 6 of the 2024 annual report, available at www.orsted.com. Unless required by law, Ørsted is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise. This document is not, and should not be construed as, a prospectus or offering document, and has not been reviewed or approved by any regulatory or supervisory authority. The document does not constitute or form part of, and should not be construed as an offer for sale or subscription of or a solicitation or invitation of any offer to subscribe for or purchase any loans or securities of Ørsted or any other entity in any jurisdiction, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, in particular, it must not be used in making any investment decision. None of Morgan Stanley & Co. International plc, any of its affiliates or any of their respective directors, officers, employees or agents accepts any responsibility or liability for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this document (or whether any information has been omitted from this document) or for any loss arising from this document. On the proposed rights offering mentioned herein, Ørsted has not decided finally whether to proceed with a transaction. Such a decision would be taken only after assessing a number of criteria, including feedback and prevailing market conditions. No orders are being taken at this time. Orders could only be placed and accepted during a formal offering period and only after a prospectus or offering circular had been made available. Any decision to purchase ordinary shares in any offering should be made solely on the basis of information contained in any prospectus or offering circular that may be published by Ørsted in final form in relation to any proposed offering and which would supersede the Information in its entirety. If published, any such prospectus or offering circular would include a description of risk factors in relation to an investment in Ørsted. You should conduct your own independent analysis of all relevant data provided in any prospectus or offering circular and you are advised to obtain independent expert advice as to the legal, tax, accounting, financial, credit and other related aspects before making any investment decision.
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Rasmus Errboe Business update Chief Executive Officer
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Ørsted announces plan for a rights issue with support from the Danish State as majority shareholder and expected proceeds of DKK 60 billion 4 Notes: 1. Divestment and non-recourse project financing currently not possible on terms which would provide the required strengt hening of Ørsted’s capital structure to support the company’s investment program and business plan. 2. EBITDA excluding earnings new partnerships and cancellation fees. Material adverse developments in US regulatory landscape significantly increased perceived risk of offshore wind These unexpected developments outside our control have led to partial divestment and non-recourse project financing of Sunrise Wind not being possible1 Resulting incremental funding requirement of around DKK 40 billion from lack of proceeds, non-recourse project financing, and higher CAPEX contribution following full ownership of Sunrise Wind Additional funding of around DKK 20 billion to strengthen capital structure and provide the required financial flexibility going forward Incremental funding requirement Enhancing value of portfolio and strengthening capital structure Rights issue and stronger capital structure is intended to enhance value of Ørsted’s portfolio by: • Covering incremental funding requirements from full ownership of Sunrise Wind • Preserving and optimising value of the operational and construction portfolio • Enabling a more value-accretive and flexible approach to timing of farm- downs • Positioning Ørsted to pursue the most value-accretive investment opportunities in select core offshore wind markets Delivering shareholder value in the coming years Maintain full-year 2025 EBITDA2 guidance of DKK 25-28 billion Group EBITDA2 of DKK >28 billion in 2026 and of DKK >32 billion in 2027 Avg. ROCE of ~11 % during 2025-2027 and >13 % during 2028-2030 Installed capacity of 27 GW by 2027 Gross investments of DKK ~145 billion during 2025-2027
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5 Solid operational performance during H1 2025 H1 2025 EBITDA of DKK 13.9 billion excluding new partnerships and cancellation fees, on track to deliver full-year 2025 guidance of DKK 25-28 billion Availability of 92 % across offshore portfolio a significant increase compared to H1 2024 Renewable share of generation at 99 % in line with 2025 target for the renewables share of generation Total recordable injury rate (TRIR) at 2.7 increase from 2.1 in H1 2024. Two tragic fatalities at Plum Creek in the US Continued progress in our construction portfolio including achieving first power on Changhua 2b & 4, finalised turbine foundation installation at Revolution Wind, and turbine foundation installation started at Sunrise Wind Delivery on partnership and divestment programme with DKK 7.2 billion closed during H1 2025 and secured Greater Changhua 2 project financing (DKK ~ 20 billion)
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We continue to deliver on our four strategic priorities set out at FY 2024 Four strategic priorities Progress on the priorities during 2025 Stepped away from long-term buildout ambitions, and strong focus on value over volume, including a reduced investment programme Fully commissioned Gode Wind 3 in Germany and achieved first power at Greater Changhua 2b & 4 in Taiwan On track delivery of partnership and divestment programme outside of US offshore wind, with DKK 7.2 billion secured during H1 2025 Efficiency measures and rightsizing of the organisation ongoing to reflect reduced buildout. Revenue and Generation excellence programmes in place Strengthening of the capital structure 2 Delivering on the construction programme 3 Focused and disciplined approach to capital allocation 4 Improving competitiveness 1 6 Decision to discontinue Hornsea 4 in the UK in its current form. Will seek to develop project later in a more value- creating way Reached financial close on DKK ~20 bn project finance for our offshore wind farm Greater Changhua 2
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7 Notes: 1. Gross capacity of project. 2. The degree of completion metric represents the approximate proportion of all works required for the construction, installation and commissioning of the relevant project that have been completed and for which, under the terms of any relevant supply contract s, Ørsted has assumed responsibility and risk. For the purposes of the calculation, works activities are weighted based on their relative CAPEX cost. 3. Remaining CAPEX into offshore construction projects, incl. CAPEX for Hornsea 3 BESS, is DKK ~ 110 bn and included in the guidance of committed capex of DKK ~145 bn, which reflect realised gross investments for H1 2025 (DKK 25 bn) and incremental investments into Onshore and CCS projects under construction. 4. Amount reflects assumed ownership share and only CAPEX for generation . We continue to deliver on our 8.1 GW offshore wind construction programme as set out at full-year 2024 results Borkum Riffgrund 3 Changhua 2b and 4 Revolution Wind Sunrise Wind Hornsea 3 / BESS Baltica 2 Capacity1 913 MW 920 MW 704 MW 924 MW 2,852 MW / 300 MW 1,498 MW COD Q1 2026 H1 2026 H2 2026 H2 2027 H2 2027 H2 2027 DoC2 ~95 % ~55 % ~80 % ~35 % ~10 % ~10 % Status All foundations and turbines installed TSO driven delay to grid connection, which Ørsted is financially compensated for First power achieved in July 2025 Installed all turbine foundations and more than half of the turbines Successful energisation of onshore substation Onshore substation and offshore installation progressing according to updated schedule All turbine foundations installed; nearly 70 % of the turbines installed Onshore construction nearly complete Offshore installation underway, with more than ten turbine foundations installed Onshore works on converter stations and cable routes progressing to schedule Construction of offshore convertor stations on track First offshore activities underway Offshore boulder relocation has started Construction and fabrication on schedule Proactive actions related to fabrication of onshore and offshore substations Ørsted share of remaining CAPEX3 < 1 DKKbn ~15 DKKbn ~5 DKKbn ~40 DKKbn ~25 DKKbn4 ~20 DKKbn
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8 The proceeds from the rights issue will strengthen Ørsted’s foundation, provide required financial flexibility, and support future positioning Full ownership of Sunrise Wind Offshore wind expected to play a crucial role in the energy mix given strong long-term fundamentals Committed to a focused, patient, and disciplined growth Enabling a more value accretive and flexible approach to timing of farm-downs Discontinuation of Sunrise Wind divestment leading to significant incremental funding requirement Covering lack of proceeds from both a partial divestment and non- recourse project financing Capex requirement following full ownership of project Reduced dependency on divestments below 50 % ownership of operational assets Safeguards larger share of operational cash flows, supporting higher value retention and capital structure in the long-term Increasing financial robustness to pursue attractive offshore wind projects Stronger capital structure needed to unfold business model Preserve and optimise value of operational and construction portfolio through key value-drivers such as partnerships, EPC services, trading activities, and access to funding Financial flexibility Future positioning Strengthening the foundation Covering funding requirements for Sunrise Wind project The planned rights issue follows a comprehensive assessment of all options. The rights issue format treats all shareholders equally, and it is the best path forward for the company and will be the foundation for generating long-term value from Ørsted’s platform and capabilities for the benefit of our shareholders and other stakeholders
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9 The combined effect of these developments have led to an incremental funding requirement of around DKK 40 billion in the period 2025 - 2027 While construction progress has continued according to plan, unprecedented adverse regulatory developments in the US outside our control increased the perceived risk of the US offshore wind market This impacted the farm-down and associated non-recourse project finance process related to Sunrise Wind which was an integral part of the fully- funded business plan Ultimately, the divestment of an equity stake in Sunrise Wind and associated non-recourse project financing were not possible in the current market1 Consequently, significant additional incremental funding needed to cover for the lack of proceeds from both a partial divestment and non-recourse project finance process as well as incremental capex requirement following full ownership of project over a longer period Full ownership of Sunrise Wind | Covering funding requirements for the Sunrise Wind project Notes: 1. Divestment and non-recourse project financing currently not possible on terms which would provide the required strengthening of Ørsted’s capital structure to support the company’s investment program and business plan.
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Strengthening the foundation | Stronger capital structure needed to unfold business model 10 Enabling value-enhancing trading and energy management activities in the power markets Increasing the attractiveness towards incoming asset partners Providing access to favourable terms related to debt, hybrids, and other funding activities Supporting our position as a leading offshore wind EPC provider towards suppliers A robust capital structure with a targeted solid investment grade credit rating is essential to the Ørsted business model focusing on the full lifecycle of an offshore wind farm, and preserves and optimises the value of the operational and construction portfolio
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Notes: 1. The project finance proceeds related to Greater Changhua 2 will contribute to the overall proceeds target once the equity farm-down is completed. Includes transactions during H1 2025. Financial flexibility | Rights issue to enable a more value-accretive and flexible approach to timing of partnership and divestments 11 Reduced dependency on divestment below 50 % ownership of operational assets. Higher retention of operational cash flows supports capital structure in the long-term Strengthened capital structure will enable a more value accretive and flexible approach to timing of partnerships and divestments Continuing to progress processes related to Hornsea 3 and Greater Changhua 2 as planned. Launched sales process for potential full divestment of Europe Onshore business Expected proceeds from divestments of more than DKK 35 billion during 2025-20261
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12 Notes: 1: Including the United Kingdom Sources: According to EMBER, WoodMackenzie, Wind Europe offshore wind could grow to ~290 to 340 GW by 2050s. According to Net Zero scenario from IEA World Energy Outlook 2024, offshore wind capacity could reach up to 500 GW by 2050. Offshore wind installed in Europe1 2024-2050 projection, GW Future positioning | Increasing financial robustness to pursue attractive offshore wind projects 12 Ørsted remains firmly committed to our role in offshore wind, as a focused, disciplined and competitive leader of the industry and is well positioned for future value-accretive opportunities Across projections for future energy mix in Europe, offshore wind is expected to deliver between 20 % and 25 % of future electricity generation, equal to 300-500 GW of offshore wind capacity by 2050 Offshore wind is expected to play a crucial role in the energy mix given strong fundamentals: energy independence, affordability, and decarbonisation The long-term outlook is strong within our core markets, particularly in Europe, where electricity demand is expected to more than double by 2050 37 2024 2050 300-500 ~10-15 GW per year
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We will be disciplined in our capital allocation and continue to enhance our competitiveness Focused, disciplined, and patient capital allocation Increasing our competitiveness and cost-efficiency Trading & Revenue Investments in further capabilities to maximise value from growing operational portfolio with expected incremental EBITDA impact of DKK 0.5 to 1.0 billion in 2027 onwards Generation and OPEX optimisation OPEX optimisation through operational - and portfolio efficiencies as well as technological innovation with expected incremental yearly cash flow improvements of DKK 2.0 to 2.5 billion2 from 2027 onwards Cost reductions and organisational efficiencies During 2025 and 2026, we will continue to right-size our organisation and lower our cost base to become more competitive. Organisation designed to become more flexible going forward • Focus on core markets in Europe and select markets in APAC • Scaled back further US development projects • Launched sales process for potential full divestment of Europe onshore business • US onshore business to become standalone and autonomous • Will not pursue further carbon capture tenders in the immediate future 13 Notes: 1. Targeted range for spread to WACC at time of bid/FID (whichever comes first) for individual projects. The targeted range is n ot a hurdle rate, and consequently, there could be projects that deviate from the targeted range 2. Approximately half of the cash flow impact will be EBITDA improvement. Value creation target across all investments • Continued target of a 150-300-basis point spread to WACC1 Offshore wind Onshore renewables Bioenergy
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2025 2026 2027 2028+ 30% Capital allocation principles to govern how we utilise financial headroom Capital allocation principles Illustrative credit metric incl. planned rights issue FFO/NIBD1, %, 2025-2028+ 14 Notes: 1. FFO/adjusted net debt reflecting Ørsted definition 2. Corresponding to no dividend paid out in year 2026 and a reinstated payout in year 2027. ILLUSTRATIVE Robust capital structure with targeted FFO / Adjusted Net Debt1 above 30% Commitment to reinstate dividend for the financial year 20262 Disciplined capital allocation with a strict value creation target Projected financial headroom positions Ørsted for value creating offshore wind investment opportunities, or alternatively shareholder remuneration
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Trond Westlie Financial update Chief Financial Officer
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16 Strong operational earnings despite low wind speeds in second quarter EBITDA of DKK 6.6 billion in Q2 2025, up 1 % vs. last year DKKm EBITDA excluding new partnerships and cancellation fees 414 65 197 116 Offshore sites Existing partnerships Other incl. DEVEX Onshore Bioenergy & Other Other activities Q2 2025 EBITDA excl. new partnerships and cancellation fees New partnerships and cancellation fees Q2 2025 EBITDA 5,270 -394 -329 5,339 1,305 6,644 Q2 2024 EBITDA excl. new partnerships and cancellation fees Offshore Offshore sites increased earnings, despite lower wind speeds, driven by: • Ramp-up of power generation from Gode Wind 3, compensation at Borkum Riffgrund 3 as well as higher availability rates. • Higher prices on green certificates and inflation-indexed subsidies Decrease in “Offshore Other & incl. DEVEX” mainly related to cost reallocations with no impact on total EBITDA for offshore segment Onshore earnings increase driven by ramp-up generation from new assets and sale of components Earnings from CHP plants and gas business increased mainly driven by higher power prices and higher offtake volumes Other activities positively impacted in Q2 2024 fromtiming of costs, which were recognised in H2 2024 and H1 2025 New partnerships and cancellation fees in Q2 2025 DKK 2.8 bn earnings from new partnerships related to the farm-down of 24.5 % stake in West of Duddon Sands Cancellation fees relating to Hornsea 4 (DKK 2.9 billion). Positive impact from Ocean Wind 1 (DKK 1.3 billion) following various settlements of contracts
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17 Notes: 1. The degree of completion metric represents the approximate proportion of all works required for the construction, installation and commissioning of the relevant project that have been completed and for which, under the terms of any relevant supply contracts, Ørsted has assumed responsibility and risk. For the purposes of the calculation, works activities are weighted based on their relative CAPEX cost. Gross investments through 2027 Ørsted share of committed CAPEX, excl. partner’s share of CAPEX, 2025-2027, DKKbn Projects within the investment program Rights issue supports the investments into the construction portfolio 25 2025 2026 2027 Committed CAPEX 2025-2027 50-54 ~145 H1 2025 realised Borkum Riffgrund 3 0.9 GW Greater Changhua 2b & 4 0.9 GW Hornsea 3 2.9 GW Revolution Wind 0.7 GW Sunrise Wind 0.9 GW Baltica 2 1.5 GW Onshore 0.3 GW Onshore 0.5 GW ~95 % ~55 % ~10 % ~80 % ~35 % ~10 % Capacity DoC1 Hornsea 3 - BESS 0.3 GW -
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18 Continue to progress transactions, while discontinuing Sunrise Wind farm-down process Notes: 1. The project finance proceeds related to Greater Changhua 2 will contribute to the overall proceeds target once the equity farm-down is completed. 2. The project finance proceeds related to Greater Changhua 2 will contribute to the overall proceeds target once the equity farm-down is completed. Includes transactions closed during H1 2025. Strategic objectives for partnerships and divestments Progressing with transactions as part of strengthening of the capital structure Value creation Maximise proceeds and enhance project and/or portfolio economics Risk diversification Mitigate and optimise portfolio and project level risk exposure Capital management Free up investment capacity and provide financial flexibility Hornsea 3 (50 %) Greater Changhua 2 (50 % or more), incl. project finance1 Launched sales process for potential full divestment of Europe Onshore business (100 %) DKK > 35 billion of proceeds In 2025-2026, we expect to raise more than DKK 35 billion of proceeds2 Rights issue will allow for more value accretive and flexible approach to timing of farm-downs, and reduces dependency on divestment below 50 % ownership of operational assets
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19 Group EBITDA Excl. new partnerships and cancellation fees, DKKbn Average Return on Capital Employed For periods 2025 - 2027 and 2028 - 2030 Towards 2027, we target to deliver significant EBITDA growth, with ROCE reflecting a high investment level 2024 2025E 2026E 2027E 24.8 25-28 >28 >32 • Compared to ROCE for the same period under previous guidance, the impact from higher investments following full ownership of Sunrise Wind lowers ROCE during 2025 to 2027 • Average ROCE for the period 2025 to 2027 would be ~13 %, excluding the incremental capital employed following the full ownership of Sunrise Wind1 • Through the period 2025 to 2027, the average capital employed of construction projects during the period is expected to be approximately DKK 50 billion • EBITDA increase driven by commissioning of new projects towards end of 2027. Benefit from trading and revenue initiatives, optimisation of generation and OPEX, as well as organisational cost reductions • 2026 earnings expectations slightly lowered, driven by no construction agreement earnings from Sunrise Wind farm-down and earlier expected closing of Greater Changhua 2 divestment Notes: 1. Given that full EBITDA contribution from Sunrise Wind is not expected before 2028 Avg. 2025 - 2027 Avg. 2028 - 2030 ~11 % >13 %
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20 Notes: 1. Includes coupon payment for hybrid securities, dividends to minority shareholders in assets and as a planning assumption an estimate of dividend capacity. 2. Liquidity reserve consist of end-of-year 2024 liquidity reserve and bilateral facilities signed during 2025 Sources and uses, 2025 to 2027 DKKbn Key highlights Rights issue is intended to solidify business plan Liquidity ~60 Cash flow from operations ~50 Tax equity & debt ~15 Partnerships & divestments >35 Sources Committed capex ~145 Hybrid coupon/Dividends1 ~15 Uses DKK 160 bn DKK 160 bn • Combined with liquidity reserve2, the rights issue will increase total liquidity reserve to DKK ~145 billion • Liquidity reserve can cover committed capex, and potential changes in timing of events and ongoing operational needs • We can fund the current construction portfolio while having flexibility in terms of timing of divestments, tax equity, and new debt issuance
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21 Notes: 1. This reflects our assumed ownership shares in the projects as well as anticipated accounting treatment of financing structures. 2. Above 13 % refers to average ROCE for the period 2028 -2030. Exact level beyond 2027 will depend on utilisation of projected financial headroom. Beyond 2027, we will be in a financially robust position to maximise value for shareholders Increased financial headroom providing flexibility to pursue the most value-accretive investment opportunities under a disciplined approach, alternatively shareholder remuneration may be considered Return on Capital Employed to increase above 13 % either through investments into higher-return projects or from a lower capital employed due to a lower investment level2 Full earnings benefit from completion of current buildout when current offshore wind construction portfolio of 8.1 GW is fully commissioned, these projects are expected to annually contribute with DKK 11-12 billion of EBITDA1 (Ørsted share)
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22 Notes: 1. Targeted range for spread to WACC at time of bid/FID (whichever comes first) for individual projects. The targeted range is not a hurdle rate, and consequently, there could be projects that deviate from the targeted range. 2. Science-based 2040 net-zero target validated by SBTi. Executing on our business plan delivers strong value for our shareholders EBITDA Group EBITDA excl. new partnerships & cancellation fees, DKKbn Renewable capacity Installed renewable capacity, gross GW 2025E 2026E 2027E 25-28 >28 >32 Greenhouse gas emissions intensity CO2e/kWh, Scope 1-3 (excl. natural gas sales) 2025E 2026E 2027E 19 22 27 ROCE Average ROCE, % Spread-to-WACC target Dividend 150 – 300 bps Reaffirm intention to reinstate the dividend for the financial year 2026 Fully loaded unlevered lifecycle spread to WACC at the time of bid/FID1 322 127 75 2018 2024 2030 2040 <2.9 Science-based targets2 -77 % -99 % 2025 - 2027 2028 - 2030 ~11 % >13 %
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23 Notes: 1. Subject to transfer and selling restrictions in certain jurisdictions. Transaction overview Key rights issue parameters Format: Rights issue with pre-emptive subscription rights for existing shareholders1 Targeted gross proceeds: DKK 60 billion Use of proceeds: Strengthen capital structure, cover funding of offshore wind construction portfolio, including full ownership of Sunrise Wind, and enhance financial flexibility Shareholder commitments to date: 50.1% committed by the Danish State Underwriting: Morgan Stanley & Co. International plc committed to underwrite remaining Next steps EGM to authorise Board to conduct rights issue: 5 September 2025 Prospectus publication and announcement of rights issue terms: 1st half of September followed by rights trading and subscription period Closing: Expected 1st half of October
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Rasmus Errboe Summary Chief Executive Officer
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25 A robust, focused, and financially stronger Ørsted A leader in offshore wind, with 10 GW in operation and more than 8 GW under construction High-quality operational asset portfolio with predictable cash flows and further upsides in generation excellence and revenue optimisation High certainty growth from assets under construction that are moving ahead according to plan to deliver significant incremental earnings Sharpened growth platform focused on core markets in Europe and select opportunities in Asia where fundamentals support value-accretive growth with a strategic emphasis on offshore wind Enhanced financial robustness and flexibility following rights issue supporting higher value retention in partnerships and divestments Disciplined capital allocation with strict value over volume prioritisation. Projected financial headroom to be used for value creating offshore wind growth or alternatively shareholder remuneration
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Q&A
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27 Thank you
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Appendix
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29 Disclosure summary Notes: 1. Targeted range for spread to WACC at time of bid/FID (whichever comes first) for individual projects. The targeted range is n ot a hurdle rate, and consequently, there could be projects that deviate from the targeted range. 2. FFO to adjusted net debt reflecting Ørsted def inition. 3. The project finance proceeds related to Greater Changhua 2 will contribute to the overall proceeds target once the equity farm -down is completed. Includes transactions closed during H1 2025. Strategic ambition and financial targets Fully loaded unlevered lifecycle spread to WACC at the time of bid/FID1 150-300 bps Group EBITDA excl. new partnerships and cancellation fees in 2026 DKK >28 bn Group EBITDA excl. new partnerships and cancellation fees in 2027 DKK >32 bn Average return on capital employed (ROCE) in the period 2025 -2027 ~11 % Average return on capital employed (ROCE) in the period 2028 -2030 >13 % Financial policies Committed to a solid investment-grade credit rating FFO to adjusted net debt above 30 % 2 Target to reinstate dividend for the financial year 2026 Additional disclosure Year Gross investments DKK ~145 bn 2025-2027 Divestment proceeds3 DKK >35 bn 2025-2026 Financial outlook 2025 EBITDA excl. new partnerships and cancellation fees DKK 25-28 bn 2025 Gross investments DKK 50-54 bn 2025
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30 Group – Financial highlights Financial highlights Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA DKKm 6,644 6,570 1 % 15,515 14,058 10 % - New partnerships 2,836 - n.a. 3,140 - n.a. - Cancellation fees (1,531) 1,300 n.a. (1,531) 1,300 n.a. EBITDA excl. new partnerships and cancellation fees 5,339 5,270 1 % 13,906 12,758 9 % • Offshore 5,301 5,218 2 % 11,611 11,301 3 % • Onshore 1,197 995 20 % 2,687 1,811 48 % • Bioenergy & Other 78 (36) n.a. 835 398 110 % Impairment (20) (3,913) (99 %) 252 (3,152) n.a. Operating profit (EBIT) 4,189 (26) n.a. 10,777 5,800 86 % Total net profit 3,351 (1,678) n.a. 8,238 931 785 % Operating cash flow 7,186 6,081 18 % 7,820 9,689 (19 %) Gross investments (11,154) (8,292) 35 % (24,953) (15,914) 57 % Divestments 4,258 2,993 42 % 7,245 2,255 221 % Free cash flow 290 782 (63 %) (9,888) (3,970) 149 % Net interest-bearing debt 67,137 49,366 36 % 67,137 49,366 36 % FFO/Adjusted net debt1 % 15.6 22.0 (6 %p) 15.6 22.0 (6 %p) ROCE % 7.5 (12.4) 20 %p 7.5 (12.4) 20 %p Financials Notes: In 2025, the Ørsted FFO/NIBD definition was changed to include adjustment of ’Dividends paid to minority interests’ in FFO to better align with rating agencies. Comparison numbers for 2024 have been restated.
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31 Offshore – Financial highlights Notes: 1. At the end of 2024, we reallocated indirect costs from ‘Sites’ to ‘Other incl. project development’ with a total effect of DKK 0.9 billion. The effect in Q1 2025 was DKK 0.2 billion. 2. Installed capacity: Gross offshore wind capacity installed by Ørsted before divestments. Wind speeds, m/s Financial highlights Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA1 DKKm 5,301 5,218 2 % 11,611 11,301 3 % • Sites, O&Ms and PPAs 4,814 4,400 9 % 12,469 11,328 10 % • Construction agreements and divestment gains 2,901 6 n.a. 2,824 (277) n.a. • Cancellation fees (1,531) 1,300 n.a. (1,531) 1,300 n.a. • Other, incl. project development (883) (488) 81 % (2,151) (1,050) 105 % Key business drivers Power generation GWh 3,646 3,667 (1 %) 9,116 9,337 (2 %) Wind speed m/s 8.5 9.0 (6 %) 9.4 10.2 (8 %) Availability % 90 83 7 %p 92 84 8 %p Load factor % 31 33 (2 %p) 39 43 (4 %p) Decided (FID) and installed capacity2 GW 18.3 16.8 9 % 18.3 16.8 9 % Installed capacity2 GW 10.2 9.8 4 % 10.2 9.8 4 % Generation capacity GW 5.4 5.1 6 % 5.4 5.1 6 % Q1 Q2 Q3 Q4 FY 11.4 10.4 9.0 8.4 11.1 10.0 8.5 2024 2025 ‘Normal wind year’ Financials
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32 Onshore – Financial highlights Financial highlights Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA DKKm 1,197 995 20 % 2,687 1,811 48 % • Sites, incl. tax credits 1,104 1,175 (6 %) 2,520 2,221 13 % • Divestment gains / (loss) - - n.a. 304 - n.a. • Other, incl. project development 93 (180) n.a. (137) (410) (67 %) Key business drivers Power generation GWh 4,002 4,187 (4 %) 8,296 7,959 4 % Wind speed m/s 7.2 7.4 (3 %) 6.2 5.6 11 % Availability, wind % 88 92 (4 %p) 91 91 0 %p Availability, solar PV % 91 97 (6 %p) 94 97 (3 %p) Load factor, wind % 36 41 (5 %p) 40 41 (1 %p) Load factor, solar PV % 30 29 1 %p 25 24 1 %p Installed capacity GW 6.2 5.6 11 % 6.2 5.6 11 % Q1 Q2 Q3 Q4 FY 7.9 8.0 7.4 6.2 7.5 7.27.2 ‘Normal wind year’ 2024 2025 Financials Wind speeds, m/s
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33 Bioenergy & Other – Financial highlights Financial highlights Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA DKKm 78 (36) n.a. 835 398 110 % • CHP plants 196 77 155 % 930 664 40 % • Gas Markets & Infrastructure 68 (42) n.a. 278 (121) n.a. • Other, incl. project development (186) (71) 162 % (373) (145) 157 % Key business drivers Heat generation GWh 707 935 (24 %) 3,931 4,220 (7 %) Power generation GWh 477 805 (41 %) 1,957 2,290 (15 %) Degree days # 418 360 16 % 1,599 1,560 3 % Financials
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34 Impairments Notes: 1. CGU = Cash generating units. 2. Probability weighting of 95 %. H1 2025, DKKm Sensitivity impact, DKKbn CGUs1 Impairment losses (reversals) Recoverable amount No 10 % ITC bonus credits2 10 % ITC bonus credits2 + 50 bps WACC - 50 bps WACC Sunrise Wind 289 8,733 (3.6) 0.2 (1.4) 1.4 Revolution Wind (62) 7,968 (1.0) 0.1 (0.5) 0.5 South Fork (62) 2,680 n.a. n.a. (0.1) 0.1 Block Island 59 1,116 n.a. n.a. (0.0) 0.0 Hornsea 4 500 n.a. n.a. n.a. n.a. n.a. Offshore 724 20,497 Onshore (976) 13,152 n.a. n.a. (0.2) 0.2 Total (252) 33,649 Please see note 4 on page 29 and 30 in the Interim Q2 2025 report for further details Net impairment reversal of DKK 0.3bn • • Financials
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35 Capital employed and liquidity reserve Capital employed, DKKm H1 2025 H1 2024 Intangible assets, and property and equipment 208,031 192,339 Equity investments and non-current receivables 1,545 1,189 Net working capital, capital expenditures (8,011) (4,585) Net working capital, work in progress 5,404 2,861 Net working capital, tax equity (13,908) (18,738) Net working capital, other items (1,284) 6,470 Derivatives, net (5,280) (12,657) Decommissioning obligations (13,731) (13,426) Other provisions (5,284) (15,107) Tax, net 2,689 (1,396) Other receivables and other payables, net (5,614) (4,216) TOTAL CAPITAL EMPLOYED 164,557 132,734 Financials June 2024 June 2025 76.7 76.5 Cash, available Securities, available Undrawn, non-cancellable credit facilities Capital employed DKKbn Liquidity reserve
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36 FFO/Adjusted net debt calculation Notes: As at 1 January 2025, we have included ‘Dividends paid to minority interests’ in ‘Funds from operations’. Comparative figures for 2024 have been restated. Funds from operations (FFO) LTM, DKKm 30 June 2025 30 June 2024 EBITDA 33,416 22,545 Change in provisions and other adjustments (6,929) 4,104 Change in derivatives (1,340) 126 Variation margin (add back) 301 (5,007) Reversal of gain (loss) on divestment of assets (3,491) (4,600) Income tax paid (5,250) (3,742) Interests and similar items, received/paid (1,157) 1,623 Reversal of interest expenses transferred to assets (1,735) (484) 50 % of coupon payments on hybrid capital (338) (260) Dividend paid to minority interests (1,272) (430) Dividends received and capital reductions 61 19 FUNDS FROM OPERATION (FFO) 12,266 13,894 Adjusted interest-bearing net debt, DKKm 30 June 2025 30 June 2024 Total interest-bearing net debt 67,137 49,366 50 % of hybrid capital 10,477 11,396 Other interest-bearing debt (add back) (3,609) (3,251) Other receivables (add back) 3,495 5,110 Cash and securities, not available for distribution, excl. repo loans 959 571 ADJUSTED INTEREST-BEARING NET DEBT 78,459 63,192 FFO / ADJUSTED INTEREST-BEARING NET DEBT 15.6 % 22.0 % Financials
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37 EU Taxonomy KPIs Notes: For further details, please see 103 in the Annual Report 2024. 1. Other activities primarily consist of non-eligible power sales (incl. end customer sales), oil distribution, and gas trading. Unit H1 2025 H1 2024 Revenue (turnover) Taxonomy-aligned revenue (turnover) % 88 91 (3 %p) - Electricity generation from solar PV and storage of electricity % 1 1 0 %p - Electricity generation from wind power % 75 77 (2 %p) - Cogeneration of heat and power from bioenergy % 12 13 (1 %p) Taxonomy-non-eligible revenue (turnover) % 12 9 3 %p - Gas sales % 10 6 4 %p - Fossil-based generation % 0 1 (1 %p) - Other activities % 2 1 1 %p CAPEX Taxonomy-aligned CAPEX % 99 99 0 %p Taxonomy-non-eligible CAPEX % 1 1 0 %p EBITDA Taxonomy-aligned EBITDA (voluntary) % 99 98 1 %p - Electricity generation from solar PV and storage electricity % 4 3 1 %p - Electricity generation from wind power % 89 91 (2 %p) - Cogeneration of heat and power from bioenergy % 6 4 2 %p Taxonomy-non-eligible EBITDA (voluntary) % 1 2 (1 %p) - Gas sales % 2 (1) 3 %p - Coal- and oil-based generation % 0 0 (0 %p) - Other activities1 % (1) 3 (4 %p) Financials
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38 Key financial exposures from revenues in 2025-2030 Notes: Split of revenue, including hedges, from operational, FID’ed, and awarded offshore and onshore assets, 2025 -2030. 1. See more in note 6 in the 2024 Annual Report. Inflation-indexed revenue • Fixed-rate debt used to de-risk fixed nominal revenue from assets in operation and under construction • Interest rate swaps used to lock in interest rates in advance of issuing fixed-rate debt • Prioritize inflation-indexed revenue to protect against cost inflation and higher cost of capital • Inflation-indexed revenue more than covers the operational expenditures subject to inflation risk1 • Remaining short-term merchant exposure after derisking through PPAs and fixed volume hedges 50% 35% 15% Fixed nominal revenue Merchant revenue Financials
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39 Risk management of interest rate- and inflation risk 1. Lifetime present value of fixed nominal cash flows excl. CAPEX, from operational, FID’ed, and awarded offshore and onshore assets. Inflation-linked revenues, 2025-20302 Inflation-linked operational costs, 2025-20302 ~50% matched Fixed-rate debt and hedges used to protect fixed nominal cash flows against interest rate increases Net inflation-linked operational cash flows in the period 2025-2030 protect against cost inflation Financials Present value of lifetime fixed nominal cash flows1 Fixed-rate debt, hybrids & hedges ~60% matched 2. Nominal inflation-linked cash flows in 2025-2030 from operational, FID’ed, and awarded offshore and onshore assets. Operational costs include mainly OPEX and CoGS.
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40 Energy and currency exposure 1. Assuming linear exposure. 2. For USD, we manage our risk to a natural time spread between front -end capital expenditures and long -term revenue. Financials GBP USD2 NTD 56.7 16.6 24.6 7.6 16.4 11.7 Before hedging After hedging Risk after hedging, DKKbn Effect of price +10 % Effect of price -10 % GBP: 16.6 sales position +1.7 -1.7 USD: 7.6 sales position +0.8 -0.8 NTD: 11.7 sales position +1.2 -1.2 DKKbn Currency exposure Q3 2025 – Q2 2030 Merchant exposure 2025-2027 DKKbn Power Gas Oil Spread 0.0 24.2 11.8 -2.3 -2.5 -2.0 4.2 3.6 Before hedging After hedging via as -produced PPAs and traded markets Risk after hedging, DKKbn Effect of price +10 %1 Effect of price -10 %1 Power: 11.8 sales position +1.2 -1.2 Gas: 0.0 purchase position -0.0 +0.0 Oil: 2.0 purchase position -0.2 +0.2 Spread (power): 3.6 sales position +0.4 -0.4
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41 Debt and hybrids overview Total gross debt and hybrids Gross debt (bank and bond debt) (DKKbn) Average effective interest rate of gross debt >90 % of gross debt1 (bond and bank debt) fixed interest rate. Remainder floating or inflation-linked 11% 69% 20% Bank debt Bond debt Hybrid securities 2020 2.7% 2021 3.3% 2022 3.3% 2023 3.3% 2024 3.4% Q1 2025 3.3% Q2 2025 84.1 83.5 2.8 36.8 37.0 63.7 80.0 81.5 Ørsted will continue to proactively assess its liquidity and funding opportunities on a regular basis. 2025 2026 2027 2028 2029 2030 2031 2032 2033 20342035+ 0.1 10.5 4.2 5.4 9.2 6.5 6.9 6.7 8.4 8.0 17.2 Bank debt Bond debt DKK 103.9bn 30. June 2025, DKKbn Effective funding costs – Gross debt Maturity profile of notionals of gross debt 30. June 2025, DKKbn Financials
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42 Ørsted’s outstanding senior bonds Notes: Ørsted’s green finance framework, allocated the dark green shading in the second -party opinion from CICERO Shades of Green, incl udes green bonds, green loans and other types of green financing instruments. Ørsted applies green proceeds exclusively for the financing of eligible projects, currently offshore wind projects, onshore wind projects and solar PV projects, including any integrated power storage units. Bond Type Issue date Maturity Face Value Outstanding amount Fixed/Floating rate Coupon Coupon payments Green bond Allocated to green projects (DKKm) Avoided emissions (thousand tons CO2/year) Senior Unsecured Nov. 2017 26 Nov. 2029 EUR 750m EUR 750m Fixed 1.5% Every 26 Nov. Yes 5,499 567 Senior Unsecured Jun. 2022 14 Jun. 2028 EUR 600m EUR 600m Fixed 2.25% Every 14 Jun. Yes 4,430 651 Senior Unsecured Jun. 2022 14 Jun. 2033 EUR 750m EUR 750m Fixed 2.875% Every 14 Jun. Yes 5,553 348 Senior Unsecured Sep. 2022 13 Sep. 2031 EUR 900m EUR 900m Fixed 3.25% Every 13 Sep. Yes 6,668 790 Senior Unsecured Mar. 2023 1 Mar. 2026 EUR 700m EUR 700m Fixed 3.625% Every 1 Mar. Yes 5,187 388 Senior Unsecured Mar. 2023 1 Mar. 2030 EUR 600m EUR 600m Fixed 3.75% Every 1 Mar. Yes 4,414 407 Senior Unsecured Mar. 2023 1 Mar. 2035 EUR 700m EUR 700m Fixed 4.125% Every 1 Mar. Yes 100 30 Senior Unsecured Jun. 2023 8 Jun. 2028 EUR 100m EUR 100m Fixed 3.625% Every 8 Jun. Blue n/a n/a Senior Unsecured Apr. 2010 9 Apr. 2040 GBP 500m GBP 500m Fixed 5.75% Every 9 Apr. No n/a n/a Senior Unsecured Jan. 2012 12 Jan. 2032 GBP 750m GBP 750m Fixed 4.875% Every 12 Jan. No n/a n/a Senior Unsecured May 2019 17 May 2027 GBP 350m GBP 350m Fixed 2.125% Every 17 May Yes 2,968 317 Senior Unsecured May 2019 16 May 2033 GBP 300m GBP 300m Fixed 2.5% Every 16 May Yes 2,518 258 Senior Unsecured/CPI-linked May 2019 16 May 2034 GBP 250m GBP 323m Inflation-linked 0.375% Every 16 May & 16 Nov. Yes 2,128 226 Senior Unsecured Sep. 2022 13 Sep. 2034 GBP 375m GBP 375m Fixed 5.125% Every 13 Sep. Yes 3,193 298 Senior Unsecured Sep. 2022 13 Sep. 2042 GBP 575m GBP 575m Fixed 5.375% Every 13 Sep. Yes 3,355 335 Senior Unsecured Nov. 2019 19 Nov. 2026 TWD 4,000m TWD 4,000m Fixed 0.92% Every 19 Nov. Yes 882 68 Senior Unsecured Nov. 2019 19 Nov. 2034 TWD 8,000m TWD 8,000m Fixed 1.5% Every 19 Nov. Yes 1,765 137 Senior Unsecured Nov. 2020 13 Nov. 2027 TWD 4,000m TWD 4,000m Fixed 0.6% Every 13 Nov. Yes 882 68 Senior Unsecured Nov. 2020 13 Nov. 2030 TWD 3,000m TWD 3,000m Fixed 0.7% Every 13 Nov. Yes 661 51 Senior Unsecured Nov. 2020 13 Nov. 2040 TWD 8,000m TWD 8,000m Fixed 0.98% Every 13 Nov. Yes 1,763 137 Financials
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43 Hybrid capital in short Notes: 1. All listed on Luxembourg Stock Exchange and the Luxembourg Green Exchange (LGX); 2. Due to the 1,000 -year structure; 3. First Par Call Date. Accounting treatment • Hybrid bonds are classified as equity • Coupon payments are recognised in equity and do not have any effect on profit (loss) for the year • Coupon payments are recognised in the statement of cash flows in the same way as dividend payments • For further information see note 5.3 in the 2024 Annual Report Hybrid capital can broadly be defined as funding instruments that combine features of debt and equity in a cost-efficient manner: • Hybrid capital encompasses the credit- supportive features of equity and improves rating ratios • Perpetual or long-dated final maturity (1,000 years for Ørsted) • Absolute discretion to defer coupon payments and such deferrals do not constitute default nor trigger cross-default • Deeply subordinated and only senior to common equity • Without being dilutive to equity holders (no ownership and voting rights, no right to dividend) Hybrids issued by Ørsted A/S1 Outstanding amount Type First Reset Date3 Coupon Accounting treatment2 Tax treatment Rating treatment 1.75 % Green hybrid due 3019 EUR 600 m Hybrid capital (subordinated) Dec. 2027 Fixed during the first 8 years, first 25bp step-up in Dec. 2032 100 % equity Debt – tax-deductible coupon payments 50 % equity, 50 % debt 1.50 % Green hybrid due 3021 EUR 500 m Hybrid capital (subordinated) Feb. 2031 Fixed during the first 10 years, first 25bp step-up in Feb. 2031 100 % equity Debt – tax-deductible coupon payments 50 % equity, 50 % debt 2.50 % Green hybrid due 3021 GBP 425 m Hybrid capital (subordinated) Feb. 2033 Fixed during the first 12 years, first 25bp step-up in Feb. 2033 100 % equity Debt – tax-deductible coupon payments 50 % equity, 50 % debt 5.25 % Green hybrid due 3022 EUR 500 m Hybrid capital (subordinated) Dec. 2028 Fixed during the first 6 years, first 25bp step-up in Dec. 2033 100 % equity Debt – tax-deductible coupon payments 50 % equity, 50 % debt 5.125 % Green hybrid due 3024 EUR 750 m Hybrid capital (subordinated) Dec. 2029 Fixed during the first 5.75 years, first 25bp step-up in Dec. 2034 100 % equity Debt – tax-deductible coupon payments 50 % equity, 50 % debt Due to hybrid’s equity-like features, rating agencies assign equity content to the hybrids when calculating central rating ratios (e.g. FFO/NIBD). The hybrid capital increases Ørsted’s investment capacity and supports our growth strategy and rating target. Ørsted has made use of hybrid capital to maintain our ratings at target level in connection with the merger with Danish power distribution and production companies back in 2006 and in recent years to support our growth in the offshore wind sector. Financials
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44 Renewable capacity as of 30 June 2025 Notes: 1 Both the solar PV and battery storage capacities are measured in megawatts of alternating current (MWAC). 2 Including the rmal heat capacity from biomass and battery capacity not in Onshore (21 MW). Indicator, MW H1 2025 Q1 2025 Δ 2024 Installed renewable capacity 18,473 18,473 - 18,170 Offshore, wind power 10,156 10,156 - 9,903 Onshore 6,242 6,242 - 6,192 - Wind power 3,776 3,776 - 3,726 - Solar PV power1 2,126 2,126 - 2,126 - Battery storage1 340 340 - 340 Bioenergy2 2,075 2,075 - 2,075 Decided (FID’ed) renewable capacity 8,894 8,894 - 7,638 Offshore, wind power 8,111 8,111 - 6,866 - Wind power 7,811 7,811 - 6,566 - Battery storage1 300 300 - 300 Onshore 783 783 - 772 - Onshore wind power 381 381 - 370 - Solar PV power1 152 152 - 152 - Battery storage1 250 250 - 250 Awarded and contracted renewable capacity (no FID yet) 3,655 3,655 - 5,153 Offshore, wind power 3,655 3,655 - 5,153 Sum of installed and FID’ed capacity 27,367 27,367 - 25,808 Sum of installed, FID’ed, and awarded/contracted capacity 31,022 31,022 - 30,961 Installed renewable capacity The installed renewable capacity is calculated as renewable capacity installed by Ørsted accumulated over time. We include all capacities after commercial operation date (COD) has been reached, and where we had an ownership share and an EPC (engineering, procurement, and construction) role in the project. Capacities from acquisitions are added to the installed capacity. For installed renewable thermal capacity, we use the heat capacity, as heat is the primary outcome of thermal energy generation, and as bioconversions of the combined heat and power plants are driven by heat contracts. Decided (FID’ed) renewable capacity Decided (FID’ed) capacity is renewable capacity where a final investment decision (FID) has been made. Awarded and contracted renewable capacity The awarded renewable capacity is based on the capacities which have been awarded to Ørsted in auctions and tenders. The contracted renewable capacity is the capacity for which Ørsted has signed a contract or power purchase agreement (PPA) concerning a new renewable energy asset. We only include awarded/contracted capacity for projects we expect to develop. Build-out & market development
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45 Notes: 1. 600 MWh for BESS (battery energy storage system) . 2. Hornsea 3 capacity is 2,955 MW if including power boost 3. Includes Baltica 3 (1,045 MW) and the awarded lease capacity for Baltica 2+ (210 MW). Baltica 2+ has not received a CfD. 4. By end of July 2025, Ørsted made an agreement with LCCC to cancel the CfD Installed capacity build-up
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46 Notes: 1. Bahren West II 61.6 MW, St. Wendel 17 MW, Rottenegg 6.3 MW and Hatzenhof 9.5 MW. 2. Garreenleen Phase 1 81 MWAC, Farranrory 43.2 MW and Ballinrea 55 MWAC. Installed capacity build-up Badger Wind
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47 Notes: 1. All auction and tender are for fixed bottom offshore wind farms whose timelines and capacities based on current expectatio ns and subject to change. Timeline reflects bid submission deadline, not time of award (unless specifically stated) . Korean 2025 tender split between offshore wind and solar
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48 ESG Performance Notes: 1. Science-based 2040 net-zero target validated by SBTi. 322 75 2018 2023 2024 2030 2040 80 127 <2.9 39 28 24 8 1 Offshore wind Onshore wind Solar PV Natural gas Other renewable energy sources 0 Sustainable biomass 99 % Renewable share of energy generation, H1 2025 Scope 1-3 (excl. natural gas sales) Scope 1-2 Science- based targets1 -77 % -99 % 2030 2024 2023 40/60 34/66 35/65 Total workforce 2030 2024 2023 40/60 33/67 33/67 People leaders 2030 2024 2023 40/60 24/76 22/78 Senior directors and above Greenhouse gas emissions intensity CO2e/kWh Gender balance %, women/men Total heat and power generation, H1 2025 Energy source, % ESG
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49 Rating agency Recent score Benchmark Climate: A Forests: A- Water: B Highest possible climate rating for the sixth consecutive year AAA Highest rating in the MSCI ESG Ratings assessment for 2024 19.2 (low risk) Classified as a 'low risk' company in Sustainalytics' ESG Risk Rating for 2024. B+ Ranked in top decile among electric utilities and retained our 'Prime' status in the ISS ESG Rating for 2025. 80 Scored 80 out of 100 in the EcoVadis rating, placing us in the top 2 % globally in 2025. Industry-leading sustainability initiatives ESG rating performance Ørsted has been ranked the most sustainable energy company in the world by Corporate Knights’ 2025 Global 100 index. Decarbonisation We continue working towards our science-based 2040 net-zero target (scope 1-3). Key initiatives include: • Updated our internal net-zero roadmap and climate governance, outlining responsibilities and actions to be taken prior to 2030 to make progress towards delivering on our 2040 target. • Shutting down our last coal-fired heat and power plant in 2024 as a key milestone to meet our scope 1-2 emissions intensity reduction target of 98 % by 2025 (from 2006). • Collaborating with Siemens Gamesa to produce wind turbine blades using recycled glass fibers from decommissioned blades – the industry's first successful reuse of such materials. Biodiversity We continue working towards our ambition that all new renewable energy projects commissioned from 2030 must have a net-positive biodiversity impact. Key initiatives include: • Demonstrating the positive biodiversity impacts from our blue bond through the publication of our first public Summarised Blue Bond Impacts for 2024. • Launching a new framework for holistically measuring our impact on biodiversity. • Developing a lower-noise method for installing offshore wind foundations, successfully tested in Germany, reducing construction noise by up to 99% to better protect marine life. Community impact We are committed to supporting a just transition through socio-economic growth and thriving communities. Key initiatives include: • Delivering a US workforce programme in 2024 that provided 335 union workers in Rhode Island, New York and Connecticut with necessary credentials to work offshore, thereby supporting local workforce development in renewable energy. • Announcing the second Hornsea 3 Community Benefit Fund awards in February 2025, supporting initiatives to enhance local community well-being and resilience. • Developing a company-wide method for addressing community grievances and finalised internal guidelines for ‘free, prior, and informed consent’ (FPIC) in 2024 to guide engagement with Indigenous communities. ESG
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50 Relevant publications ESG Ørsted’s Biodiversity Measurement Framework COMMUNITY IMPACTDECARBONISATION BIODIVERSITY Reduce all GHG emissions to net- zero by 2040 while driving demand for our renewable energy solutions Deliver net-positive biodiversity impact to help protect nature and ensure access to land and sea Bring tangible benefits to local communities to help enhance local wellbeing and build support for the renewable energy build-out STRATEGIC PRIORITIES FOUNDATIONAL AREAS • Today: No landfill of blades and solar PVs1 • 2025: 93% emissions reduction (scope 1-2)2 • 2030: 77% emissions reduction (scope 1-3)3 • 2040: Net-zero emissions (scope 1-3) • 2030: Net-positive biodiversity impact on all renewable energy projects commissioned from 2030, at the latest Equity, Diversity & Inclusion 40:60 gender balance in workforce (women:men) Health & Safety Total recordable injury rate (TRIR) of 2.5 per million hours worked Annual Report 2024, incl. sustainability statements Green Finance Impact Report 2024 Notes: 1. Commitment to not landfill any waste from wind turbine blades or solar PV panels. 2. From a 2018 base year, corresp onding to a 98% reduction from 2006. Emissions intensity (CO2e/kWh). 3. From a 2018 base year. Emissions intensity (CO2e/kWh), excluding gas sales. Human Rights Integrate human rights management system across value chain Business Conduct Zero tolerance on corruption and unethical behaviour Remuneration Report 2024 GLOBALLY RECOGNISED SUSTAINABILITY LEADER Ørsted’s strategic aspiration is to be the world’s leading green energy major. A key pillar in this aspiration is to be a globally recognised sustainability leader. We are committed to develop, construct, and operate our assets in a sustainable way. This enables us to mitigate risks and deliver more resilient energy projects that also drive a positive change for society and nature. To drive this, we have three strategic sustainability priorities: decarbonisation (incl. circularity and responsible sourcing of raw materials), biodiversity, and community impact. Summarised Blue Bond Impacts 2024
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51 Rasmus Hærvig Head of Investor Relations rakol@orsted.com Valdemar Høgh Andersen Associate Lead IRO vehan@orsted.com Henriette Stenderup Investor Relations Coordinator hnste@orsted.com Christopher Glaf Stenhammer Senior IRO chgst@orsted.com