Slides
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Investor presentation Q4 2025 6 February 2026
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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 2025 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.
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Rasmus Errboe Business update Chief Executive Officer
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4 Four strategic priorities Progress during 2025 In 2025, we progressed on our strategic priorities and delivered solid operational performance with earnings in line with our guidance Strengthening of the capital structure 2 Delivering on the construction programme 3 Focused and disciplined approach to capital allocation 1 Efficiency measures and rightsizing of the organisation ongoing to reflect reduced buildout. Revenue and Generation excellence programmes in place Reconfiguration of Hornsea 4 to ensure right level of value creation and secured rights to develop early-stage opportunity for offshore wind farm Tonn Nua Fully commissioned Gode Wind 3 and delivered first power at both Greater Changhua 2b & 4 and Borkum Riffgrund 3 Completed rights issue and finalised our partnership and divestment programme, with signing of transactions securing around DKK 46 bn in proceeds across 2025 and 2026 4 Improving competitiveness4 Improving competitiveness
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5 Solid operational performance and high availability rates during FY 2025 FY 2025 EBITDA of DKK 25.1 bn excluding new partnerships and cancellation fees, with higher earnings for Offshore Sites Availability of 93 % in our offshore portfolio a significant increase compared to last year Renewable share of generation at 99 % in line with 2025 target for the renewables share of generation Total recordable injury rate (TRIR) at 2.5 a decrease from 2024, in line with target for 2025. Continued efforts to reduce further Reduced scope 1-2 emissions intensity by > 98 % first energy company to complete green transformation of its own energy production Net profit for FY 2025 of DKK 3.2 bn driven by solid operational performance
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6 Dedicated focus on executing our offshore wind construction portfolio 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 contracts, Ørsted has assumed responsibility and risk. For the purposes of the calculation, works activities are weighted based on their relative CAPEX cost. 3. Degree of Completion as per legal filings submitted by Revolution Wind LLC on 2 Jan 2026 and Sunrise Wind LLC on 6 Jan 2026 in the United States District Court for the District of Columbia. 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 Q3 2026 H2 2026 H2 2027 H2 2027 H2 2027 DoC2 >95 % ~75 % ~87 %3 ~45 %3 ~10 % ~25 % Status All foundations and turbines installed TSO driven delay to grid connection, which Ørsted is financially compensated for. Grid connection announced ready for first feed in early Q4 2025 First power delivered in December 2025, with commissioning of remaining turbines ongoing Completed installation of all turbines Out of 66 positions, 17 turbines are producing power, and 57 array cables are installed Installation of remaining array cable work ongoing Resumed offshore activities following grant of preliminary injunction against lease suspension order Remaining array cables installed and 58 of the 65 turbines installed Commissioning works on onshore substation progressing, with first power expected in the coming weeks Resumed offshore activities following grant of preliminary injunction against lease suspension order 44 of the 84 turbine foundations installed Continues work to maintain installation schedule for first power and commissioning Onshore converter stations and cable routes progressing to schedule Fabrication of the two offshore converter stations is on track The first turbine foundations have been fabricated Structural completion of offshore substations Foundation monopiles progressing well, with 48 of 111 completed Progressing site preparation for installation in Q2 2026
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7 Greater Changhua 2b and 4 Location Taiwan Capacity 920 MW Offtake contract Fully secured with TSMC through CPPA Commercial operation date Q3 2026 Degree of completion ~75 % up from 65 % at Q3 2025. Of the total 66 positions, all turbines are installed, and 57 array cables are installed In the coming period, the installation and energization of remaining array cables will continue as well as commissioning of turbines Project focus continues to be installation of remaining scopes, including the installation of array cables as well as replacement of the export cable for the Greater Changhua 2b section During Q4, the turbine installations were completed, and installation of remaining array cables progressed under challenging weather conditions
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8 Revolution Wind Location US Capacity 704 MW Offtake contract Nominal offtake with state of Rhode Island and Connecticut Commercial operation date H2 2026 Degree of completion ~87 %, up from 85 % at Q3 2025. All foundations and array cables installed, and 59 of the 65 turbines installed In the coming period, the project is expected to deliver first power, with planned commissioning in H2 2026 Focus on installation of remaining turbines installations and ongoing onshore and offshore commissioning works During Q4, all remaining array cables have been installed. Both export cables, the interlink cable, and both offshore substations have been energized
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9 Sunrise Wind Location US Capacity 924 MW Offtake contract Nominal offtake with state of New York Commercial operation date H2 2027 Degree of completion ~45 %, up from 40 % at Q3 2025 The project continues work towards delivering first power during H2 2026 and commissioning of the project in H2 2027 Project focus is on resuming halted activities, with safety as a top priority, including installation of mid – and far-shore section of export cable During Q4, completed first installation campaign of the turbine foundations, with 44 of the 84 positions installed at this stage
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10 Maintain high availability rates across operational portfolio Maintain strong operational performance to further strengthen financial foundation In 2026, we will continue to focus on the delivery of our strategic priorities Commission Borkum Riffgrund 3, Greater Changhua 2b & 4, and Revolution Wind Progress Sunrise Wind, Hornsea 3 and Baltica 2 according to schedules Commission 2.5 GW of offshore capacity and progress remaining offshore construction portfolio Auctions and tenders for 2026 in Denmark, Netherlands, Belgium, UK, Taiwan, Korea, and Australia Joint Offshore Wind Investment Pact for the North Seas with coordinated buildout of up to 15 GW per year towards 2040 supported by CfDs Assess upcoming auctions and opportunities within bottom-fixed offshore wind in our core markets Initiatives within Trading & Revenue, Generation and OPEX optimisation Adjustments to organisation to be more efficient and flexible Progress on measures to improve competitiveness
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Trond Westlie Financial update Chief Financial Officer
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12 Operational earnings in line with guidance for 2025 Solid operational performance in 2025 EBITDA excl. new partnerships and cancellation fees, DKKbn Sites Other Existing partnerships Sites 2024 Other CHP plants Gas & Other 2025 Other Total EBITDA for 2025 New partnerships and cancellation fees Wind speeds 24.8 1.5 -1.0 0.3 -0.4 0.0 0.2 0.3 0.0 -0.6 -2.7 25.1 Offshore sites delivered strong earnings driven by: • Ramp-up generation at Gode Wind 3, compensation at Borkum Riffgrund 3 and higher availability rates throughout the year, partly offset by step down in subsidy level for older assets, and lower power trading • Lower wind speeds than 2024 Existing partnerships increased compared to last year, as negative effects in 2024 were not repeated in 2025 Lower overhead costs and lower cost base compared to 2024 Other costs in offshore increased driven by changes in cost allocation methodology with no impact on total EBITDA Onshore earnings increased slightly driven by ramp-up generation from new assets, offset by lower wind speeds and 50 % farm-down of US onshore assets Earnings from CHP plants and gas business increased mainly driven by higher achieved prices and improved spreads, only partly offset by lower generation Negative effect from ‘Other’ mainly related to rightsizing in Q4 2025 22.4
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1313 We expect to deliver EBITDA excluding new partnerships and cancellations fees of DKK >28 bn in 2026 EBITDA excl. new partnerships and cancellation fees expected to be DKK >28 bn and Gross investments to be DKK 50-55 bn in 2026 Offshore – Higher • Ramp-up of generation from Greater Changhua 2b and 4 and Revolution Wind • Wind speeds to be in line with historical averages while 2025 was below historical averages • Step down in subsidy level for Borkum Riffgrund 2, and Gode Wind 1 and 2 stepping out of subsidy • Lower market prices and lower earnings from trading activities • Earnings from existing partnerships to increase compared to 2025 driven by construction agreement at Hornsea 3 • ‘Other’ expected to increase from lower expensed project development costs and fixed costs Onshore – In line • Ramp-up of generation from Badger Wind and Old 300 BESS • Offset by European Onshore divestment in Q2 2026 Bioenergy & Other – In line • Segment expected to be in line with 2025 Guidance on 2026 EBITDA excl. new partnerships and cancellation fees, DKKbn 202320222021 2024 2025 2026 guidance 24.0 21.1 15.8 24.8 25.1 >28
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14 EBITDA , Net profit and ROCE Notes: 1. Adjusted ROCE excludes impairments and cancellation fees. EBITDA excl. new partnerships and cancellation fees DKKbn Net profit DKKbn Net profit of DKK -3.4 bn • Impacted by non-cash effect from divestment of stake in Hornsea 3 and impairments from lease suspension orders (DKK 0.6 bn) and sale of European Onshore business (DKK 1.6 bn) Adjusted ROCE1 %, last 12 months Adjusted ROCE1 of 8.4 % • Decrease driven by higher capital employed into assets under construction • Reported ROCE of 5.4 % in 2025, below expected level primarily due to impairments • Expected average ROCE for 2026-2027 of ~11 % and for 2028-2030 of >13 % EBITDA of DKK 8.1 bn • Offshore increased from higher wind speeds and ramp-up generation • Onshore decreased from lower production • Bioenergy & Other decreased from less heat generation due to warm weather Q4 2025Q4 2024 -3.4 -6.1 Q4 2025Q4 2024 8.4 % 10.1 % Q4 2025Q4 2024 8.17.6
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15 Net interest-bearing debt and credit metric Notes: 1. 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. Net interest-bearing debt DKKbn, End of quarter FFO / Adjusted NIBD1 %, End of quarter Credit metric at 43 % • Increase in credit metric mainly due to lower net debt as a result of the rights issue and divestments in 2025 • Target to be above 30 % Net interest-bearing debt of DKK 19.0 bn, down DKK 64.2 bn • Net proceeds of DKK 59.4 bn from rights issue received in Q4 2025 • Cash flow contribution from operational earnings, 50% farm-down of Hornsea 3 with related working capital improvements from transmission asset • Divestments proceeds from partial stakes divested in Hornsea 3 and Badger Wind • Gross investments into construction of our renewable portfolio • Other relates to exchange rate adjustments, to lease obligations as well as payments of minority interest and coupon payments. Q4 2025Q3 2025 43 % 14% DivestmentsCFORights issue proceeds Q3 2025 Gross investments Q4 2025Other 83.2 -59.4 -17.1 -5.2 15.1 19.02.4
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16 Successfully delivered on targeted divestments for 2025 and 2026 with proceeds significantly above target 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. As announced on 18 December 2024, Ørsted divested 50 % US onshore projects, Sparta Solar and Eleven Mile Solar Center that closed in Q1 2025. 3. 49 % of Badger Wind was divested in Q4 2025 with proceeds of DKK 1.8 bn. Hornsea 3 (50 %) Greater Changhua 2 (55 %), incl. project finance1 European Onshore business (100 %) West of Duddon Sands (24.5 %) US onshore assets2 (50 %) and Badger Wind3 (49 %) Signed all transactions announced within the partnership and divestment programme DKK ~46 billion of proceeds secured, ensuring meaningful progress on strengthening of the balance sheet Strong delivery in securing proceeds of more than DKK 35 billion in 2025-2026 Together with the completion of the rights issue, this progress has strengthened the balance sheet and increased financial robustness Upon closing of remaining transactions, expected during 2026, proceeds within the partnership and divestment programme will total DKK ~46 billion
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17 Q&A
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Appendix
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19 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 not a hurdle rate, and consequently, there could be projects that deviate from the targeted range. 2. FFO to adjusted net debt reflecting Ørsted definition. 3. The project finance proceeds related to Greater Changhua 2 will contribute to the overall proceeds target once the equity farm-down is completed. 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 2027 DKK >32 bn Average return on capital employed (ROCE) in the period 2026 -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 2026 EBITDA excl. new partnerships and cancellation fees DKK >28 bn 2026 Gross investments DKK 50-55 bn 2026
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20 Group – Financial highlights Financial highlights Q4 2025 Q4 2024 2025 2024 EBITDA DKKm 3,869 8,353 (54 %) 22,448 31,959 (30 %) - New partnerships (4,395) (127) 3,361 % (1,255) (127) 888 % - Cancellation fees 169 926 (82 %) (1,362) 7,335 n.a. EBITDA excl. new partnerships and cancellation fees 8,095 7,554 7 % 25,065 24,751 1 % • Offshore 2,450 6,639 (63 %) 16,276 26,470 (39 %) • Onshore 1,356 1,061 28 % 4,871 3,863 26 % • Bioenergy & Other 650 869 (25 %) 1,358 1,082 26 % Impairment (2,128) (12,127) (82 %) (3,633) (15,563) (77 %) Operating profit (EBIT) (1,041) (6,345) (84 %) 8,620 6,171 40 % Total net profit (3,371) (6,084) (45 %) 3,165 16 n.a. Operating cash flow 17,087 10,306 66 % 23,741 18,356 29 % Gross investments (15,052) (17,114) (12 %) (54,976) (42,808) 28 % Divestments 5,196 13,317 (61 %) 12,385 15,680 (21 %) Free cash flow 7,231 6,509 11 % (18,850) (8,772) 115 % Net interest-bearing debt 18,978 58,027 (67 %) 18,978 58,027 (67 %) FFO/Adjusted net debt1 % 42.9 12.7 30 %p 42.9 12.7 30 %p ROCE % 5.4 4.5 1 %p 5.4 4.5 1 %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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21 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 Q4 2025 Q4 2024 2025 2024 EBITDA1 DKKm 2,450 6,639 (63 %) 16,276 26,470 (39 %) • Sites, O&Ms and PPAs 8,229 8,533 (4 %) 24,341 23,819 2 % • Construction agreements and divestment gains (5,061) (894) 466 % (2,668) (1,065) 151 % • Cancellation fees 169 926 (82 %) (1,362) 7,335 n.a. • Other, incl. project development (887) (1,926) (54 %) (4,035) (3,619) 11 % Key business drivers Power generation GWh 6,784 5,740 18 % 19,687 18,599 6 % Wind speed m/s 11.7 11.1 6 % 9.7 10.0 (3 %) Availability % 93 94 (0 %p) 93 88 5 %p Load factor % 57 51 6 %p 42 42 (0 %p) Decided (FID) and installed capacity2 GW 18.3 16.8 9 % 18.3 16.8 9 % Installed capacity2 GW 10.2 9.9 3 % 10.2 9.9 3 % Generation capacity GW 5.5 5.3 4 % 5.5 5.3 4 % Q1 Q2 Q3 Q4 FY 11.4 10.4 9.0 8.5 8.4 11.1 10.0 8.2 2024 2025 ‘Normal wind year’ Financials 11.7 9.7
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22 Onshore – Financial highlights Financial highlights Q4 2025 Q4 2024 2025 2024 EBITDA DKKm 1,356 1,061 28 % 4,871 3,863 26 % • Sites, incl. tax credits 1,107 1,278 (13 %) 4,637 4,648 (0 %) • Divestment gains / (loss) 399 (88) n.a. 703 (88) n.a. • Other, incl. project development (150) (129) 16 % (469) (697) (33 %) Key business drivers Power generation GWh 3,963 4,086 (3 %) 15,482 15,315 1 % Wind speed m/s 7.7 7.5 2 % 7.2 7.2 (0 %) Availability, wind % 92 90 2 %p 91 90 1 %p Availability, solar PV % 86 98 (13 %p) 92 98 (5 %p) Load factor, wind % 41 40 1 %p 37 37 (0 %p) Load factor, solar PV % 17 20 (3 %p) 25 25 (0 %p) Installed capacity GW 6.3 6.2 2 % 6.3 6.2 2 % Q1 Q2 Q3 Q4 FY 7.9 8.0 7.4 7.2 6.2 7.5 7.2 6.1 ‘Normal wind year’ 2024 2025 Financials Wind speeds, m/s 7.7 7.2
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23 Bioenergy & Other – Financial highlights Financial highlights Q4 2025 Q4 2024 2025 2024 EBITDA DKKm 650 869 (25 %) 1,358 1,082 26 % • CHP plants 602 679 (11 %) 1,573 1,248 26 % • Gas Markets & Infrastructure 158 245 (36 %) 593 249 138 % • Other, incl. project development (110) (55) 100 % (808) (415) 95 % Key business drivers Heat generation GWh 2,145 2,367 (9 %) 6,414 6,919 (7 %) Power generation GWh 1,252 1,428 (12 %) 3,635 4,522 (20 %) Degree days # 831 846 (2 %) 2,501 2,485 1 % Financials
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24 Impairments Notes: 1. CGU = Cash generating units. 2. Probability weighting of 100 %. Q4 2025, DKKm 2025, DKKm Sensitivity impact, DKKbn CGUs1 Impairment losses Impairment losses Recoverable amount No 10 % ITC bonus credits 10 % ITC bonus credits2 + 50 bps WACC - 50 bps WACC Sunrise Wind 503 2,828 16,418 (4.8) 0.3 (1.7) 1.6 Revolution Wind 64 (81) 10,029 (1.2) 0.1 (0.5) 0.6 South Fork - (132) 2,876 n.a. n.a. (0.1) 0.1 Block Island - 59 1,074 n.a. n.a. (0.0) 0.0 Hornsea 4 - 500 n.a. n.a. n.a. n.a. n.a. Offshore 567 3,174 30,397 n.a. n.a. n.a. n.a. Onshore US (13) (1,115) 11,959 n.a. n.a. (0.2) 0.2 Onshore Europe 1,574 1,574 8,829 n.a. n.a. n.a. n.a. Total 2,128 3,633 51,185 Please see note 3.2 in the Annual Report 2025 for further details Net impairment loses of DKK 3.6 bn Impairment losses in 2025 mainly driven by: • 50 % tariff on steel and aluminium and the reciprocal tariffs that were imposed in the US in 2025 (DKK 3.7 billion) • Impact from the stop-work order on Revolution Wind in August 2025 (DKK 0.5 billion) in Q3 2025 • Impact from the lease suspension orders issued in December 2025 to Revolution Wind and Sunrise Wind (DKK 0.6 billion) in Q4 2025 • Signed agreement to divest European Onshore business. This has resulted in an impairment loss (DKK 1.6 billion) in Q4 2025 on goodwill • Based on decision to discontinue Hornsea 4 in its current form, an impairment (DKK 0.5 billion) was recognised in Q2 2025 • Partly offset by a decrease in interest rate across our US portfolio (DKK -2.7 billion) and positive market price developments (DKK -0.5 billion) Financials
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2525 Capital employed and liquidity reserve Capital employed, DKKm 2025 2024 Intangible assets, and property and equipment 212,113 204,305 Assets classified as held for sale, net 9,138 - Equity investments and non-current receivables 3,496 1,395 Net working capital, capital expenditures (7,373) (7,454) Net working capital, work in progress (8,419) 5,798 Net working capital, tax equity (12,536) (18,714) Net working capital, other items 667 (691) Derivatives, net (4,949) (10,314) Decommissioning obligations (14,502) (13,844) Other provisions (5,308) (6,691) Tax, net 3,715 (3,210) Other receivables and other payables, net (7,631) (5,489) TOTAL CAPITAL EMPLOYED 167,919 151,511 Capital employed DKKbn Liquidity reserve 31 Dec 202531 Dec 2024 130.91 78.0 Undrawn, non-cancellable credit facilities Securities, available Cash, available Notes: 1. The liquidity reserve of DKK 130.9 bn excludes additional undrawn, committed credit facilities of DKK 8 bn which mature in October 2026. Financials
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26 FFO/Adjusted net debt calculation Notes: As of 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 31 Dec 2025 31 Dec 2024 EBITDA 22,448 31,959 Change in provisions and other adjustments 2,000 (13,184) Change in derivatives (488) 648 Variation margin (add back) 215 (1,540) Reversal of gain (loss) on divestment of assets 964 (348) Income tax paid (4,899) (6,327) Interests and similar items, received/paid (3,247) (477) Reversal of interest expenses transferred to assets (2,378) (1,011) 50 % of coupon payments on hybrid capital (357) (343) Dividend paid to minority interests (2,011) (369) Dividends received and capital reductions 81 27 FUNDS FROM OPERATIONS (FFO) 12,328 9,035 Adjusted interest-bearing net debt, DKKm 31 Dec 2025 31 Dec 2024 Total interest-bearing net debt 18,978 58,027 50 % of hybrid capital 10,477 10,477 Other interest-bearing debt (add back) (3,999) (3,442) Other receivables (add back) 2,484 5,620 Cash and securities, not available for distribution, excl. repo loans 791 710 ADJUSTED INTEREST-BEARING NET DEBT 28,731 71,392 FFO / ADJUSTED INTEREST-BEARING NET DEBT 42.9 % 12.7 % Financials
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27 EU T axonomy KPIs Notes: For further details, please see page 84 in the Annual Report 2025. 1. Other activities primarily consist of trading and non-eligible power sales incl. end costumer sales. Unit 2025 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 78 (3 %p) - Cogeneration of heat and power from bioenergy % 12 12 0 %p Taxonomy-non-eligible revenue (turnover) % 12 9 3 %p - Gas sales % 9 6 2 %p - Fossil-based generation % 1 1 0 %p - Other activities1 % 2 1 1 %p CAPEX Taxonomy-aligned CAPEX % 99 99 0 %p Taxonomy-non-eligible CAPEX % 80 69 11 %p EBITDA Taxonomy-aligned EBITDA (voluntary) % 100 99 1 %p Financials
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28 Key financial exposures from revenues in 2026-2030 Notes: Split of revenue, including hedges, from FID’ed offshore and onshore assets, 2026-2030. 1. See more in note 6 in the 2025 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 % 40 % 10 % Fixed nominal revenue Merchant revenue Financials
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2929 Risk management of interest rate- and inflation risk Inflation-linked revenues, 2026-20302 Inflation-linked operational costs, 2026-20302 ~55% 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 2026- 2030 protect against cost inflation Financials Present value of lifetime fixed nominal cash flows1 Fixed-rate debt, hybrids & hedges ~60% matched Notes: 1. Lifetime present value of fixed nominal cash flows excl. CAPEX, from FID’ed offshore and onshore assets. 2. Nominal inflation-linked cash flows in 2026-2030 from FID’ed offshore and onshore assets. Operational costs include mainly OPEX and CoGS.
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3030 Energy and currency exposure Notes: 1. Assuming linear exposure. GBP USD NTD Before hedging After hedging Risk after hedging, DKKbn Effect of price +10 % Effect of price -10 % GBP: 35.5 sales position +1.7 -1.7 USD: 17.8 sales position +1.1 -1.1 NTD: 6.3 sales position +0.7 -0.7 Currency exposure Q1 2026 – Q4 2030 DKKbn Merchant exposure 2026-2028 DKKbn 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: 15.2 sales position +1.5 -1.5 Gas: 0.2 sales position +0.0 -0.0 Oil: 0.3 purchase position -0.0 +0.0 Spread (power): 4.1 sales position +0.4 -0.4 53 17 28 11 13 7 Financials SpreadOilGasPower 30.1 15.2 0.2 0.2 -0.6 -0.3 4.6 4.1
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31 Debt and hybrids overview 2036+2031- 2035 20302029202820272026 16.6 39.7 7.5 10.2 6.47.57.5 Bond debt Bank debt 1 Maturity profile of notional gross debt 31 Dec 2025, DKKbn 21% 61% 18% Bank debt1 Bond debt Hybrid securities DKK 115.7bn Total gross debt and hybrids 31 Dec 2025, DKKbn 93% of gross debt (bond and bank debt 1) has fixed interest rate. Remainder has floating or inflation-linked Q4 2025 Q3 2025 Q2 2025 Q1 2025 2024202320222021 3.3%3.3% 2.7% 3.2%3.3%3.3%3.4%3.3% 94.896.5 83.581.584.180.0 63,7 37.0 Gross debt (bank and bond debt 1) (DKKbn) Average effective interest rate of gross debt Effective funding costs – Gross debt Notes: 1. Excluding DKK 4.1bn short-term repo Financials
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32 Ørsted’s outstanding senior bonds Notes: 1. Ørsted applies green proceeds exclusively for the financing of eligible projects, currently offshore wind project, onshore wind project, solar PV project, in each case including any integrated power storage systems, and stand-alone battery energy storage system (BESS), in according with Ørsted’s Green Finance Framework. 2. All outstanding Notes will be redeemed on 2 February 2026. (Refer to the Redemption notice issued on 14 January 2026 on Ørsted’s website) ISIN Bond Type Issue date Maturity Face Value Outstanding amount Fixed/Floating rate Coupon Coupon payments Green bond1 Allocated to green projects (DKKm) Avoided emissions (thousand tons CO2/year) XS1721760541 Senior Unsecured Nov. 2017 26 Nov. 2029 EUR 750m EUR 750m Fixed 1.5% Every 26 Nov. Yes 5,499 245 XS2490471807 Senior Unsecured Jun. 2022 14 Jun. 2028 EUR 600m EUR 600m Fixed 2.25% Every 14 Jun. Yes 4,430 336 XS2490472102 Senior Unsecured Jun. 2022 14 Jun. 2033 EUR 750m EUR 750m Fixed 2.875% Every 14 Jun. Yes 5,553 230 XS2531569965 Senior Unsecured Sep. 2022 13 Sep. 2031 EUR 900m EUR 900m Fixed 3.25% Every 13 Sep. Yes 6,668 442 XS25910268562 Senior Unsecured Mar. 2023 1 Mar. 2026 EUR 700m EUR 700m Fixed 3.625% Every 1 Mar. Yes 5,187 323 XS2591029876 Senior Unsecured Mar. 2023 1 Mar. 2030 EUR 600m EUR 600m Fixed 3.75% Every 1 Mar. Yes 4,414 261 XS2591032235 Senior Unsecured Mar. 2023 1 Mar. 2035 EUR 700m EUR 700m Fixed 4.125% Every 1 Mar. Yes 5,146 136 XS2635408599 Senior Unsecured Jun. 2023 8 Jun. 2028 EUR 100m EUR 100m Fixed 3.625% Every 8 Jun. Blue n/a n/a XS0499449261 Senior Unsecured Apr. 2010 9 Apr. 2040 GBP 500m GBP 500m Fixed 5.75% Every 9 Apr. No n/a n/a XS0730243150 Senior Unsecured Jan. 2012 12 Jan. 2032 GBP 750m GBP 750m Fixed 4.875% Every 12 Jan. No n/a n/a XS1997070781 Senior Unsecured May 2019 17 May 2027 GBP 350m GBP 350m Fixed 2.125% Every 17 May Yes 2,968 140 XS1997070864 Senior Unsecured May 2019 16 May 2033 GBP 300m GBP 300m Fixed 2.5% Every 16 May Yes 2,518 113 XS1997071086 Senior Unsecured/CPI- linked May 2019 16 May 2034 GBP 250m GBP 326m Inflation- linked 0.375% Every 16 May & 16 Nov. Yes 2,128 100 XS2531570039 Senior Unsecured Sep. 2022 13 Sep. 2034 GBP 375m GBP 375m Fixed 5.125% Every 13 Sep. Yes 3,193 128 XS2531570112 Senior Unsecured Sep. 2022 13 Sep. 2042 GBP 575m GBP 575m Fixed 5.375% Every 13 Sep. Yes 4,890 291 TW000F156013 Senior Unsecured Nov. 2019 19 Nov. 2026 TWD 4,000m TWD 4,000m Fixed 0.92% Every 19 Nov. Yes 882 69 TW000F156021 Senior Unsecured Nov. 2019 19 Nov. 2034 TWD 8,000m TWD 8,000m Fixed 1.5% Every 19 Nov. Yes 1,765 137 TW000F156039 Senior Unsecured Nov. 2020 13 Nov. 2027 TWD 4,000m TWD 4,000m Fixed 0.6% Every 13 Nov. Yes 882 69 TW000F156047 Senior Unsecured Nov. 2020 13 Nov. 2030 TWD 3,000m TWD 3,000m Fixed 0.7% Every 13 Nov. Yes 661 51 TW000F156054 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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33 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. Callable at par at or 1-3 months prior to First Reset 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 2025 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 50% 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 since 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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34 Renewable capacity as of 31 December 2025 Notes: 1. Solar PV capacities are measured in megawatts of alternating current (MWac). Indicator, MW 2025 2024 Δ Installed renewable capacity 18,505 18,170 335 Offshore, wind power 10,156 9,903 253 Onshore 6,294 6,193 102 - Wind power 3,793 3,726 67 - Solar PV power1 2,141 2,127 9 - Battery storage1 360 340 20 Bioenergy 2,055 2,075 (20) Decided (FID’ed) renewable capacity 8,888 7,638 1,250 Offshore, wind power 8,111 6,866 1,245 - Wind power 7,811 6,566 1,245 - Battery storage1 300 300 - Onshore 757 772 (15) - Onshore wind power 364 370 (6) - Solar PV power1 143 152 (9) - Battery storage1 250 250 - Bioenergy, battery storage 20 - 20 Sum of installed and FID’ed renewable capacity 27,393 25,808 1,585 Awarded offshore wind capacity 2,155 5,153 (2,998) 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 offshore wind capacity The awarded offshore wind capacity is the offshore wind capacities awarded to Ørsted in auctions and tenders Build-out & market development
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35 Offshore wind build-out plan as per 31 December 2025 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. Installed capacity build-up MW Country Germany Taiwan US UK US UK Poland Poland Ireland Expected completion Q1 2026 Q3 2026 H2 2026 2026 H2 2027 H2 2027 H2 2027 Pending FID Pending FID Construction status On track Delayed Delayed On track Delayed On track On track Pending FID Pending FID Turbine 83 x 11 MW Siemens Gamesa 66 x 14 MW Siemens Gamesa 65 x 11 MW Siemens Gamesa 84 x 11 MW Siemens Gamesa 197 x 14 MW Siemens Gamesa 107 X 14 MW Siemens Gamesa Build-out & market development Installed capacity Q4 2025 Borkum Riffgrund 3 Greater Changhua 2b and 4 Revolution Wind Hornsea 3 BESS1 Sunrise Wind Hornsea 32 Decided (FID'ed) and installed capacity Baltica 2 Baltica 33 Tonn Nua Awarded, decided (FID'ed) and installed capacity 10,156 913 920 704 300 924 2,852 1,498 18,267 1,255 900 20,422 Awarded Under construction
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36 Onshore build-out plan as per 31 December 2025 Notes: 1. Bahren West II 61.6 MW, Wildgatter-Sötern 7MWAC. 2. Garreenleen Phase 1 81 MWAC, Farranrory 43.2 MW and Ballinrea 55 MWAC. 3. Badger Wind officially reached COD in January 2026. Installed capacity build-up MW Region Germany Ireland MISO, ND ERCOT, TX Expected completion 2026-2027 2026 Q1 2026 2026 Status On track On track On track On track Platform Wind / Solar PV Wind / Solar PV Wind BESS Offtake Solution Government contract Government contract Two CPPAs and one utility PPA Merchant Build-out & market development 577 825 Badger Wind3Irish portfolio2German porfolio1 Installed capacity Q4 2025 Old 300 BESS Decided (FID'ed) and installed capacity 5,717 6,226 6,294 69 179 259 250 7,051 US Onshore European Onshore Under construction
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37 Significant offshore wind capacity expected to be auctioned in 2026/2027 Notes: 1. All auction and tender are for fixed bottom offshore wind farms whose timelines and capacities based on current expectations and subject to change. Timeline reflects bid submission deadline, not time of award (unless specifically stated). 2. Tender volume in Korea might change to accommodate new auction roadmap to be announced in H1 2026. 3. Volumes and terms are awaiting regulatory announcements. Upcoming auctions and tenders1 Build-out & market development 2026 Danish tender 1,800 MW 2026 Australian tender 2,000 MW 2026 Korean Tender 1,000-1,500 MW2 2026 Belgian tender 700 MW 2027 German tender3 2027 Polish tender 4,500 MW 2026 CfD AR8 2026 Taiwan tender 3,600 MW 2026 Dutch tender 1,000 MW 2027 CfD AR9 2027 Dutch tender3
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38 ESG Performance Notes: 1. Science-based 2040 net-zero target validated by SBTi. 2. Restated from 127 g CO2e/KWh in 2024 per updated methodology. 99 % Renewable share of energy generation, 2025 Total workforce People leaders Greenhouse gas emissions intensity g CO2e/kWh Gender balance %, women/men Total heat and power generation, 2025 Energy source, % ESG 2024220232018 2025 2030 2040 -77% -99% 9180 322 75 <2.9 69 Scope 1-2 Scope 1-3 (excl. gas sales) Science- based targets1 2025 2030 2024 25/75 40/60 24/76 Senior directors and above 2025 2030 2024 34/66 40/60 33/67 2025 2030 2024 34/66 40/60 34/66 Solar PV Onshore wind Offshore wind Thermal Heat 8% 26% 44% 8% 14%
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39 Sustainability as a key enabler for the renewable energy transition 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 enable project delivery Bring tangible benefits to local communities to help enhance local well-being and build support for renewable energy • 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 impact on biodiversity from projects commissioned from 2030 Own Workforce, incl. D&I 40:60 gender balance in workforce by 2030 (female:male) Health & Safety Total recordable injury rate (TRIR) of 2.5 per million hours worked Annual Report 2025, incl. sustainability statements Green Finance Impact Report 2025 Notes: 1. Commitment to not landfill any waste from wind turbine blades or solar PV panels. 2. From a 2018 base year, corresponding 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 2025 GLOBALLY RECOGNISED SUSTAINABILITY LEADER Our strategic aspiration is to continue to be a global leader within offshore wind. 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), biodiversity, and community impact. Summarised Blue Bond Impacts 2024 Pollution and Water Prevent and minimse pollution and water use
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40 Rating agency Recent score Benchmark Climate: A Forests: A- Water: B Received the highest possible CDP Climate rating for the sixth consecutive year for 2024. Our 2025 score will be released in early 20261. AAA Achieved the highest possible rating in the MSCI ESG Ratings assessment. 24.5 of 100 Classified as medium-risk in Sustainalytics' ESG Risk Rating, where a lower score reflects stronger risk management. B+ Ranked in the top decile among electric utilities and retained our Prime status in the ISS ESG Rating for 2025. 80 of 100 Received a Gold medal in 2025, placing us among the top 5 % of companies assessed by EcoVadis. T aking action for a resilient renewable energy transition Industry-leading sustainability initiatives ESG rating performance Ørsted has been ranked a global sustainability leader in Corporate Knights’ 2026 Global 100 index , placing 9th out of 100 companies. Decarbonisation We continue working towards our 2040 science-based net-zero target (scope 1-3). Key initiatives include: • Following the phase-out of coal in 2024, achieving our 2025 targets of a 98 % reduction in scope 1-2 emissions intensity (from 2006) and a 99 % renewable energy share. • Strengthening 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. • Continuing supply chain collaboration for lower-emission solutions, including our partnership with Dillinger to secure access to its first batches of lower-emission steel. Biodiversity We continue working towards our ambition that all new renewable energy projects commissioned from 2030 will have a net-positive biodiversity impact. Key initiatives include: • Continuing biodiversity efforts, including ReCoral and seabird habitat restoration in Taiwan, while developing the first initiatives for projects commissioned after 2030. • Demonstrating the positive biodiversity impacts from our blue bond through the publication of our first public Summarised Blue Bond Impacts • Completing Step 1 (Assess) of SBTN’s five-step process for setting science-based targets for nature by submitting our preliminary assessment for validation. Community impact We are committed to providing tangible benefits to local communities. Key initiatives include: • Expanding workforce development efforts by signing a Memorandum of Understanding with TAFE Gippsland and Federation University to support the growth of Australia’s offshore wind workforce. • Extending the Choczewo Community Benefit Fund in Poland for two years to support local projects focused on community development and environmental protection. • Advancing community investments in the UK through a partnership with Horizon Youth Zone in Grimsby and our Community Benefit Funds, supporting nearly 900 community-led projects. ESG Notes: 1. Ørsted’s CDP scores for 2025 have been delayed and will be published once CDP has completed its assessment.
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41 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