Interim report
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Interim report First nine months 2026 Management’s review 1/50
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Management’s review 2/50 Interim report First nine months 2026 Contents Management’s review Overview CEO’s review……………..………………………………..…………..………………………3 At a glance .………………………………….…………………………..………………..…..6 Outlook 2026….………….............................................................……….7 Results 9M……….…………………………………………………………………………..…..8 Results Q3………………………..………………………………………..……………….…11 Business units’ Q3 results…………..……………………………………………….13 Performance highlights…………..…..……………………………………………..16 Quarterly overview…………………….……………………………………………….17 Financial statements Consolidated financial statements Consolidated statement of income…………………………………………19 Consolidated statement of comprehensive income…………..19 Consolidated statement of financial position………………….……21 Consolidated statement of shareholders’ equity………………..22 Consolidated statement of cash flows …………………….…….……..23 Notes 1. Basis of reporting ………………...……………………………...…………………24 2. Segment information ……………………...………………………...………...26 3. Revenue ……………………...……………………………...……………………………29 4. Impairments ……………………...……………………………...…………………….31 5. Other operating income and expenses…………………...………..33 6. Financial income and expenses……………………………………………33 7. Gross and net investments……………………………………………………34 8. Reserves…………………………………………………………………………………….34 9. Assets classified as held for sale………………………………………….35 10. Tax on profit (loss) for the period………………………………………36 11. Market risks..…………………………………………………………………………..37 12. Fair value measurement……………………………………………………..38 13. Interest-bearing net debt and FFO…………………………………..40 Earnings call In connection with the presentation of the interim report, an earnings call for investors and analysts will be held on Thursday, 5 November 2026 at 14:00 CET. The earnings call can be followed live here: https://getvisualtv.net/stream/?orsted-q3-2026 Further information Global Media Relations Morten Buttler Tel.: +45 99 55 26 97 Investor Relations Rasmus Keglberg Hærvig Tel.: +45 99 55 90 95 Sustainability statements Basis of reporting…………………………………………………………………......42 Environment Renewable capacity………………………………………………………………..43 Generation capacity…………………………………………………………………44 Energy generation and sales..………………………………………………..45 Energy consumption…………………………………………….………………....46 Greenhouse gas (GHG) emissions………………………………………….47 EU taxonomy for sustainable activities……………………………….48 Social People and safety…………………………………………………………………….49 Management’s statement Statement by the Executive Board and the Board of Directors………………………………………………………………………………......50
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Management’s review 3/50 Interim report First nine months 2026 CEO’s review Ørsted delivers strong earnings with 19 % EBITDA growth and reaches commercial operations for Borkum Riffgrund 3 in Germany and Revolution Wind in the US Selected events Business progress and development Fully commissioned the 913 MW Borkum Riffgrund 3 offshore wind farm in Germany in August. Fully commissioned the 704 MW Revolution Wind offshore wind farm in the US in October. Completed major construction work at the Greater Changhua 2b and 4 offshore wind farms in Taiwan. Completed foundation installation at the Sunrise Wind offshore wind farm in the US. Completed foundation installation and initiated transportation of offshore substations at the Baltica 2 offshore wind farm in Poland. Completed installation of the second and final offshore converter at the Hornsea 3 offshore wind farm in the UK. Received final opinion regarding taxation rights related to the offshore wind farms Walney Extension and Hornsea 1 in line with our long-standing interpretation. Commenced construction of our 200 MW Blackwater Solar farm in the US. Exercised a long-standing buyback right to acquire full ownership of our Gunfleet Sands 1 & 2 offshore wind farm in the UK. Financials and operations Offshore and onshore assets delivered 27.7 TWh of renewable energy in 9M 2026, an increase of 13 % compared to 9M 2025. EBITDA excluding new partnerships and cancellation fees amounted to DKK 20.2 billion in 9M 2026, an increase of 19 % compared to 9M 2025. Full-year guidance on EBITDA is maintained. Strong long-term fundamentals for offshore wind As geopolitical uncertainty and volatility in global energy markets continue, the importance of strengthening European energy independence and industrial competitiveness has become increasingly clear. This is reflected across the broader European energy debate, and it is recognised that renewable energy, including offshore wind, will be critical to deliver on these objectives. Across industry organisations, policymakers, and energy companies, there is growing alignment that accelerating electrification, expanding domestic renewable energy production, and strengthening energy infrastructure are needed. This growing alignment is helping translate policy ambition into the tangible actions that are required to support the build-out of renewable energy and ensure Europe's long-term growth and resilience. This has also been the trajectory for the European offshore wind industry, where the regulatory frameworks for upcoming opportunities continue to improve, strengthening the investment certainty for future projects. We have seen improvements in the frameworks across several of our European core markets, including Denmark, the UK, Poland, and the Netherlands. Most recently, Germany approved a draft amendment of the Offshore Wind Energy Act (WindSeeG), which includes the introduction of contracts for difference (CfDs) in the coming auction. The increasing adoption of CfD-based frameworks reflects a growing political recognition that supportive regulatory conditions are required to realise offshore wind capacity at scale, which can deliver secure, affordable, and home-grown energy. We will continue to be a close partner to governments and industry peers to provide solutions for the acceleration of offshore wind. We will assess the upcoming auction and tenders to ensure we are ready to pursue the most value-creating opportunities. Executing on our strategic priorities During the third quarter, we continued to deliver on our four strategic priorities. Our first priority is to strengthen our capital structure, and we have delivered significant progress on our divestment programme. The closing of the divestment of a 55 % stake in our Greater Changhua 2 offshore wind farm in Taiwan will follow the final commissioning of the Greater Changhua 2b & 4 offshore wind project.
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Management’s review 4/50 Interim report First nine months 2026 We are also maintaining our strong business performance, which is driving our solid operational earnings and supporting our financial foundation. In September, we received a final opinion regarding the taxation rights related to the Walney Extension and Hornsea 1 offshore wind farms in the UK. We are satisfied with the outcome, as it was consistent with our long-standing interpretation of international tax regulations. Our second priority is to deliver on our construction projects, and we have made significant progress and achieved several key milestones. This includes the commissioning of both Borkum Riffgrund 3 in August and Revolution Wind in October. With the commissioning of the two projects, our installed offshore wind capacity has now increased to 11.8 GW. We continue to deliver on our offshore wind construction portfolio according to plan and budget. Our third priority is to ensure a focused and disciplined approach to capital allocation, where our focus going forward primarily will be on offshore wind in Europe and select markets in APAC. We will continue to stay disciplined with a focus on value creation in all our markets. In October, we exercised a long-standing buyback right to acquire the remaining ownership stake in the Gunfleet Sands 1 & 2 offshore wind farm in the UK. This enables us to capture the full value potential of the asset, including assessing the potential value of a future lifetime extension. We also continued to develop our US onshore business. In September, we commenced construction of Blackwater Solar, a 200 MW solar farm in Roosevelt County, New Mexico. The project is planned to deliver power under a long-term corporate power purchase agreement, demonstrating our ability to meet customer demand with reliable, affordable power solutions. The project is expected to achieve commercial operation in the second half of 2027. We continue to see good opportunities to create value within our sizeable development pipeline in the US onshore renewables landscape, based on the current significant demand for electricity offtake and our strong US onshore organisation. Our fourth priority is to improve our competitiveness, and we are continuing to progress as planned on numerous measures within our generation and trading businesses, as well as organisational adjustments to achieve a stronger and more competitive Ørsted. Construction In Germany, we achieved a significant milestone as Borkum Riffgrund 3 entered commercial operation. With an installed capacity of 913 MW, Borkum Riffgrund 3 is one of Germany’s largest offshore wind farms currently in operation. In the US, we completed the installation of the remaining wind turbines on the 704 MW Revolution Wind offshore wind farm and during October, we fully commissioned the project. The project is now delivering power under the project’s offtake contracts to the states of Rhode Island and Connecticut. The commissioning of these two projects are significant milestones in executing our offshore wind construction portfolio. In Taiwan, we continue to progress the commissioning of Greater Changhua 2b and 4. During the third quarter, we completed installation of the export cable related to Greater Changhua 2b. We are working together with key suppliers to commission the final two turbines on Greater Changhua 4 and expect to achieve full commissioning during Q4 2026. During the quarter, the project experienced a thermal and a blade incident at two separate turbines, which had already been commissioned. No injuries occurred, and the project’s remaining wind turbines continue to operate. The turbine supplier is leading thorough investigations of both incidents, and the preliminary analysis has identified the origin of the incidents. It has been confirmed that the blade incident is expected to be a single event, and that the cause of the thermal incident can be mitigated going forward with measures already available as part of the regular maintenance. The affected wind turbines are under supplier warranty and a repair plan for the two affected turbines has been developed and agreed. In the US, Sunrise Wind has also progressed well during the quarter, with the project completing the installation of the turbine foundations. “We continue to deliver on our strategic priorities which is translating into consistent strong financial performance. We have maintained industry leading execution across our construction pipeline, adding 1.8 GW renewable energy capacity in Europe and the US over the past few months supporting energy security, competitiveness and decarbonisation. Our results underline our ability to deliver on our strategic priorities as planned, while continuing to pursue attractive growth opportunities in our core markets. We are well positioned to close the year from a position of strength.
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Management’s review 5/50 Interim report First nine months 2026 Turbine and array cable installation as well as commissioning of the offshore converter station continue to progress according to plan. The project remains on track to start commissioning of the wind turbines around the end of the year and achieve full commissioning in the second half of 2027. In Poland, we are continuing to progress as planned on Baltica 2. The installation of foundations, which commenced in May earlier this year, was completed during the quarter. The manufacturing of the four offshore substations has been completed, and they are in transit ahead of installation during Q4 2026. The project remains on track for full commissioning in the second half of 2027. In the UK, we have made good progress on Hornsea 3. In late September, the initial enabling and reinforcement works at the Norwich Main substation, where Hornsea 3 is due to connect to the UK transmission system, were completed according to schedule. The project also installed its second offshore converter station and thus completed the installation scope of the project’s two offshore converter stations. Foundation and array cable installation continue to progress, and the project is preparing for turbine installation to commence in Q4 2026. The project remains on track for full commissioning in Q4 2027 / Q1 2028. Finally, we have, according to plan and budget, completed the construction of our 300 MW battery energy storage system (BESS) co-located with the Hornsea 3 onshore converter station. The BESS will be one of Europe's largest and will now start the testing phase. Generation In the first nine months of 2026, our offshore and onshore assets delivered 27.7 TWh of renewable energy. As we continue to deliver on our offshore wind construction programme, our contribution will increase significantly in the coming quarters. In our Offshore business, we delivered availability rates of 90 % and generation output of 15.7 TWh in the first nine months of the year, with generation increasing by 22 % compared to the same period last year. In our Onshore business, we maintained solid availability rates of 87 % and 98 %, respectively, across our wind and solar assets and delivered generation output of 12.0 TWh, with generation increasing by 4 % compared to the same period last year. The share of generation from renewable sources was 99 %, which is in line with the same period last year. Financials EBITDA excluding new partnerships and cancellation fees in 9M 2026 amounted to DKK 20.2 billion, which was DKK 3.3 billion higher than in 9M 2025. Earnings from our offshore sites amounted to DKK 17.5 billion in 9M 2026, an increase of 9 % compared to the same period last year, mainly due to higher wind speeds. With the financial performance in 9M 2026, we remain on track to deliver on our 2026 EBITDA guidance. Rasmus Errboe Group President & CEO
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Interim report First nine months 2026 Management’s review 6/50 At a glance Financial highlights Non-financial highlights EBITDA excl. new partnerships and cancellation fees, DKKbn Gross investments, DKKbn Return on capital employed (ROCE)1, % Installed renewable capacity, GW 20.2 Offshore Onshore Bioenergy & Other Profit for the period, DKKbn 2.6 28.5 9M 20269M 2025 Offshore Onshore Bioenergy & Other 7.4 9M 20269M 2025 19.5 Net interest-bearing debt, DKKbn Credit metric (FFO/ interest-bearing net debt), % GHG emission intensity, g CO2e/kWh 9M 20269M 2025 37.7 9M 20269M 2025 37.3 9M 20269M 2025 37.3 13.9 9M 20269M 2025 Offshore Onshore Bioenergy & Other 67 1 Last 12 months, for impairments and cancellation fees. 9M 2025 9M 2026 Scope 1-3 (excl. category 11) Scope 1-2 17.0 20.2 39.9 28.5 18.5 19.5 6.5 2.6 83.2 37.7 70 67 10.2 7.4 9M 2025 9M 2026
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Interim report First nine months 2026 Management’s review 7/50 Outlook 2026 Forward-looking statements The interim report contains forward-looking statements, which include projections of our short- and long-term financial performance and targets as well as our financial policies. 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, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, market volatility and disruptions from geopolitical tensions, and assumptions regarding proceeds from farm-downs, divestments, tax equity, etc. Read more about the risks in our annual report for 2025. Outlook 2026, DKK billion 2025 realised Guidance 6 Feb Guidance 6 May Guidance 13 Aug Guidance 5 Nov EBITDA, excl. new partnerships and cancellation fees 25.1 >28 >28 >28 >28 Offshore 19.6 Higher Higher Higher Higher Onshore 4.2 In line In line In line In line Bioenergy & Other 1.4 In line In line Lower Lower Gross investments 55 50-55 50-55 50-55 45-50 Our EBITDA guidance for the Group is the prevailing guidance, whereas the directional earnings development per business unit serves as a means to support this. Higher/lower indicates the direction of the business unit's earnings relative to the results for 2025. EBITDA Expected EBITDA in 2026 excluding new partnership and cancellation fees is unchanged relative to our guidance from 6 February 2026 and expected to be above DKK 28 billion in 2026. The directional guidance for Offshore, Onshore, and Bioenergy & Other is unchanged relative to our previous guidance. This guidance is based on an assumption of normal wind speeds in the remainder of the year. As always, the guidance is subject to a number of uncertainties (see boxes to the right). Gross investments Gross investments in 2026 are expected to amount to DKK 45-50 billion, which is DKK 5 bn lower relative to our previous guidance. The lowered expected gross investments in 2026 is due to changed timing of payments for certain offshore wind construction projects. The total project investments are not expected to change. Uncertainties in the US We are following developments regarding potential tariffs and other regulatory changes, particularly affecting the US, and are continually assessing any possible financial and wider impacts.
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Interim report First nine months 2026 Management’s review 8/50 Financial results Revenue Power generation from offshore and onshore assets amounted to 27.7 TWh in 9M 2026, an increase of 13 % compared to the same period last year. The increase was mainly due to higher wind speeds across the portfolio. Furthermore, ramp-up generation from our offshore wind farms Borkum Riffgrund 3, Greater Changhua 4, Revolution Wind, and our onshore wind farm Badger Wind contributed positively. Heat generation increased by 11 % in 9M 2026, mainly due to colder weather, whereas thermal power generation increased by 27 %, mainly related to higher condensing power production due to higher spreads prices. Our renewable share of generation was 99 %, which was in line with 9M 2025. Revenue amounted to DKK 69.5 billion, which was 39 % higher than in 9M 2025. The increase was mainly driven by the higher generation, higher prices, and increased revenue from construction agreements. EBITDA EBITDA excluding new partnerships and cancellation fees amounted to DKK 20.2 billion in 9M 2026, an increase of DKK 3.3 billion compared to the same period last year. EBITDA was DKK 20.2 billion, DKK 1.6 billion higher than in 9M 2025. EBITDA from Offshore sites amounted to DKK 17.5 billion, an increase of DKK 1.4 billion compared to 9M 2025, mainly due to higher wind speeds, higher prices, and ramp-up. Additionally, EBITDA was impacted by a lower contribution from our trading activities, in line with expectations. EBITDA from existing partnerships amounted to DKK 1.0 billion in 9M 2026, an increase of DKK 1.5 billion compared to the same period last year, mainly due to construction progress on Hornsea 3 and the non-recurring Greater Changhua 4 array cable installation challenges last year. EBITDA from our Onshore business amounted to DKK 3.4 billion, DKK 0.1 billion lower than in 9M 2025. Adjusted for new partnerships, EBITDA amounted to DKK 3.4 billion, DKK 0.2 billion higher compared to last year, mainly due to the ramp-up of Badger Wind. EBITDA from our CHP plants amounted to DKK 1.0 billion, in line with 9M 2025. EBITDA from our Gas business totalled DKK 0.2 billion in 9M 2026, DKK 0.3 billion lower than in 9M 2025, mainly due to a provision related to our gas storages in 9M 2026. Impairment Impairment losses had a negative effect of DKK 6.0 billion in 9M 2026 and related to our US projects. The projects continue to progress according to plan and remain on budget. The non-cash impairment was due to increases in the long-dated US interest rate. See note 4 ‘Impairments’ for more information. In 9M 2025, we had a net impairment loss of DKK 1.5 billion. The net impairment loss was driven by the 50 % tariff on steel and aluminium, the reciprocal tariffs that were imposed in the US in 2025 (DKK 3.7 billion), and the impact of the order to stop ongoing activities on the Outer Continental Shelf Results 9M Offshore (DKK 3.1bn) Onshore (DKK 0.2bn) Bio & Other (DKK 0.1bn) Exist. partnerships Sites9M 2025 Other incl. DEVEX Sites CHPs Gas & Other 9M 2026 OtherOther incl. DEVEX 17.0 1.4 1.5 0.3 0.1 0.1 0.0 0.1 EBITDA excluding new partnerships and cancellation fees DKKbnFinancial results DKKm 9M 2026 9M 2025 % Revenue 69,451 50,110 39 % EBITDA 20,228 18,579 9 % - New partnerships (12) 3,140 n.a. - Cancellation fees - (1,531) n.a. EBITDA excl. new partnerships and cancellation fees 20,240 16,970 19 % Depreciation and amortisation (7,465) (7,413) 1 % Impairment losses (5,979) (1,505) 297 % Operating profit (loss) (EBIT) 6,784 9,661 (30 %) Gain (loss) on divestment of enterprises (92) 215 n.a. Financial items, net (2,163) (2,325) (7 %) Profit (loss) before tax 4,549 7,575 (40 %) Tax (1,969) (1,039) 90 % Tax rate 43 % 14 % 30 %p Profit (loss) for the period 2,580 6,536 (61 %) 20.2 -0.1
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Interim report First nine months 2026 Management’s review 9/50 related to Revolution Wind (DKK 0.5 billion), partly offset by a decrease in the long-dated interest rate across our US portfolio (DKK 2.7 billion) and positive market price developments (DKK 0.5 billion). In addition to the net impairment loss on our US portfolio, we also recognised an impairment loss in 2025 of DKK 0.5 billion on the Hornsea 4 project, caused by the decision to discontinue the project in its current form. EBIT EBIT amounted to DKK 6.8 billion in 9M 2026, a decrease of DKK 2.9 billion compared to the same period last year. This was mainly due to the higher impairments. Financial income and expenses Net financial income and expenses amounted to DKK -2.2 billion in 9M 2026, DKK 0.2 billion less negative than in 9M 2025. The positive development was mainly due to our rights issue in 2025, a higher level of capitalised interest, and lower interest expense related to tax, offset by exchange rate adjustments. Tax and tax rate Tax on profit for the period amounted to DKK 2.0 billion, DKK 0.9 billion higher than in 9M 2025. The tax rate in 9M 2026 was 43 % and was affected by impairments and deferred tax liabilities as we received initial tax equity contributions for Revolution Wind, the battery storage system at Old 300 BESS, and Badger Wind. The tax rate in 9M 2025 was 14 % and was affected by the impairments, cancellation fees, and the gain from the 50 % farm-downs of West of Duddon Sands, Eleven Mile, and Sparta Solar. The tax rate excluding these effects was 23 % in 9M 2026, compared to 22 % in 9M 2025. Profit for the period Profit for the period amounted to DKK 2.6 billion, DKK 4.0 billion lower than in 9M 2025. This was mainly due to higher impairment losses and higher tax. Cash flow and net debt Cash flows from operating activities Cash flows from operating activities totalled DKK 8.0 billion in 9M 2026 compared to DKK 6.7 billion in 9M 2025. In 9M 2026, we had a net cash outflow from work in progress of DKK 12.0 billion related to the construction of Hornsea 3 and Greater Changhua 4 for partners. In 9M 2025, we had a net cash outflow from work in progress of DKK 3.1 billion, mainly related to the construction of Borkum Riffgrund 3 and Greater Changhua 4 for partners. In 9M 2026, we received initial tax equity contributions for Revolution Wind and Badger Wind, whereas there was no tax equity contribution in 9M 2025. In both periods, ‘Change in tax equity liabilities’ included a reversal of the non-cash recognition of tax credits and benefits through EBITDA. In 9M 2026, we saw a positive development in net trade receivables and payables, whereas we had positive development from gas at storage in 9M 2025. Investments and divestments Gross investments amounted to DKK 28.5 billion in 9M 2026. The main investments were: − offshore wind farms (DKK 26.3 billion), mainly Greater Changhua 2b and 4 in Taiwan, Hornsea 3 and Baltica 2 in Europe, and Sunrise Wind and Revolution Wind in the US − onshore wind and solar PV farms (DKK 1.5 billion), mainly the construction of Badger Wind and Old 300 BESS. − CHP plants (DKK 0.7 billion), mainly our carbon capture and storage facilities in Denmark. Cash flows and net debt DKKm 9M 2026 9M 2025 % Cash flow from operating activities 7,968 6,654 20 % EBITDA 20,228 18,579 9 % Reversal of gain (loss) on sale of assets 563 (3,190) n.a. Change in derivatives, excl. variation margin 1,423 (306) n.a. Change in variation margin 467 (202) n.a. Changes in provision and other items 207 1,264 (84 %) Interest expense, net 278 (1,792) n.a. Paid tax (2,968) (1,597) 86 % Change in work in progress (12,030) (3,116) 286 % Change in tax equity liabilities (1,368) (2,244) (39 %) Change in other working capital 1,168 (742) n.a. Gross investments (28,527) (39,924) (29 %) Divestments 8,019 7,189 12 % Free cash flow (12,540) (26,081) (52 %) Net interest-bearing debt, beginning of period 18,978 58,027 (67 %) Free cash flow 12,540 26,081 (52 %) Dividends and hybrid coupon paid 848 1,667 (49 %) Addition of leasing obligations, net 3,771 761 396 % Exchange rate adjustments, etc. 1,605 (3,382) n.a. Net interest-bearing debt, end of period 37,742 83,154 (55 %)
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Interim report First nine months 2026 Management’s review 10/50 In 9M 2026, ‘Divestments’ amounted to DKK 8.0 billion and was mainly related to the divestment of our European onshore portfolio. In 9M 2025, ‘Divestments’ amounted to DKK 7.2 billion and were mainly related to the 50 % farm-downs of Eleven Mile and Sparta Solar and the partial farm-down of West of Duddon Sands. Net interest-bearing debt Net interest-bearing debt totalled DKK 37.7 billion at the end of 9M 2026 against DKK 19.0 billion at the end of 2025. The increase was mainly due to gross investments, changes in work in progress, and an increase in lease obligations, partly offset by the cash flow from operating activities and divestments. Equity Equity was DKK 149 billion at the end of 9M 2026 against DKK 148.9 billion at the end of 2025. Capital employed Capital employed was DKK 186.8 billion at the end of 9M 2026 against DKK 167.9 billion at the end of 2025, mainly due to new investments, partly offset by the divestment of our European onshore portfolio. Financial ratios Return on capital employed (ROCE) Return on capital employed (ROCE) was 3.2 % in 9M 2026. ROCE for impairment losses and cancellation fees in 9M 2026 was 7.4 % against 10.2 % in 9M 2025. The decrease was mainly due to lower EBITDA LTM and higher capital employed year-over-year as a result of projects under construction. Credit metric (FFO/ interest-bearing net debt) The ‘Credit metric’ was 37.3 % in 9M 2026 against 13.9 % in 9M 2025. The increase was due to the rights issue in Q4 2025 and improved funds from operations. ESG results Renewable share of energy generation The share of generation from renewable sources was 99 % in 9M 2026, in line with last year. Greenhouse gas emissions Greenhouse gas (GHG) emissions from own operations (scope 1) increased by 39 % in 9M 2026 compared to 9M 2025, driven by higher natural gas consumption at our CHP plants during the first quarter of 2026. This increase was mainly driven by colder weather, which resulted in higher heat demand and increased natural gas consumption at our CHP plants. As a result of the increase in natural gas consumption, our scope 1 and 2 GHG intensity rose to 5 g CO2e/kWh in 9M 2026 from 4 g CO2e/kWh in 9M 2025. The increase in scope 1 emissions (numerator) was the main driver, partially offset by higher total heat and power production (denominator) over the same period. Our scope 1–3 GHG emissions intensity (excluding category 11) decreased by 4 % to 67 g CO2e/kWh in 9M 2026 compared with 70 g CO2e/kWh in 9M 2025. Although GHG emissions (excl. gas sales) increased year-on- year, heat and power generation increased at a higher rate, resulting in a lower emissions intensity. Safety Total recordable injuries (TRIs) among own employees increased to 27 in 9M 2026, up 80 % from 9M 2025. While most incidents affecting our own employees were of low severity and had limited consequences, one incident resulted in a permanent disability case for an Ørsted technician. A total of 52 injuries were recorded among contractors in 9M 2026, compared with 56 in the same period last year. The decrease was broadly in line with the 12 % decrease in contractor hours worked. We are strengthening our safety efforts through the implementation of our ‘fair culture’ principles, which focuses on Ørsted’s life-saving rules, enhanced learnings from incidents, as well as increased frontline presence by people leaders, and stronger supervision. The aim is to reverse the development in injuries involving our own employees. Key ratios DKKm, % 9M 2026 9M 2025 % Return on capital employed (ROCE) 1 7.4 10.2 (3 %p) Funds from operations, FFO 19,041 13,003 46 % interest-bearing net debt 51,109 93,559 (45 %) FFO/ interest-bearing net debt 37.3 % 13.9 % 23 %p 1 Last 12 months, for impairments and cancellation fees.
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Interim report First nine months 2026 Management’s review 11/50 Group financial performance EBITDA EBITDA excluding new partnerships and cancellation fees amounted to DKK 5.3 billion, an increase of DKK 2.2 billion compared to the same period last year. Earnings from offshore sites amounted to DKK 4.5 billion, an increase of DKK 0.8 billion compared to Q3 2025. The increase was driven by higher wind speeds, higher power prices, and increased generation from the ramp-up of the offshore wind farms Greater Changhua 2b and 4 and Revolution Wind. EBITDA from existing partnerships increased by DKK 0.6 billion and amounted to DKK 0.2 billion in Q3 2026, and was mainly related to non-recurring Greater Changhua 4 array cable installation challenges last year and construction progress on Hornsea 3 this year. EBITDA from our onshore business amounted to DKK 1.0 billion, DKK 0.2 billion higher than in Q3 2025. The increase was mainly due to the ramp-up of Badger Wind during 2026 and higher generation, partly offset by lower generation capacity following the divestment of our European onshore portfolio in April 2026. EBITDA from our CHP plants amounted to DKK 0.4 billion, DKK 0.3 billion higher than in Q3 2025. The increase was mainly due to higher power prices, partly offset by lower ancillary services. Impairment Impairment losses had a negative non-cash effect of DKK 3.4 billion in Q3 2026 related to our US projects. The projects continue to progress according to plan and remain on budget. The impairment was due to increases in the long-dated US interest rate. See note 4 ‘Impairments’ for more information. EBIT EBIT amounted to DKK -0.5 billion in Q3 2026, an increase of DKK 0.6 billion compared to the same period last year. Profit for the period Profit for the period was DKK -0.7 billion in Q3 2026, an increase of DKK 1.0 billion compared to the same period last year. The increase was mainly due to increased EBITDA, partly offset by higher impairment losses. Results Q3 Offshore (DKK 1.5bn) Onshore (DKK 0.2bn) Bio & Other (DKK 0.5bn) Exist. partnerships SitesQ3 2025 Other incl. DEVEX Sites Other incl. DEVEX CHPs Gas & other Q3 2026 Other 3.1 0.8 0.6 0.1 0.1 0.1 0.3 0.2 0.0 5.3 EBITDA excluding new partnerships and cancellation fees DKKbnFinancial results DKKm Q3 2026 Q3 2025 % Revenue 21,183 12,270 73 % EBITDA 5,260 3,064 72 % EBITDA excl. new partnerships and cancellation fees 5,260 3,064 72 % Depreciation and amortisation (2,361) (2,423) (3 %) Impairment losses (3,442) (1,757) 96 % Operating profit (loss) (EBIT) (543) (1,116) (51 %) Gain (loss) on divestment of enterprises (23) 4 n.a. Financial items, net (823) (427) 93 % Profit (loss) before tax (1,386) (1,533) (10 %) Tax 658 (169) n.a. Tax rate 47 % (11 %) 58 %p Profit (loss) for the period (728) (1,702) (57 %)
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Interim report First nine months 2026 Management’s review 12/50 Cash flows from operating activities Cash flows from operating activities totalled DKK -1.2 billion in Q3 2026 in line with Q3 2025. In Q3 2026, we had a net cash outflow from work in progress of DKK 5.0 billion, mainly related to the construction of Hornsea 3 and Greater Changhua 4 for partners. In Q3 2025, we had a net cash outflow from work in progress of DKK 1.6 billion, mainly related to the construction of Hornsea 3 and Greater Changhua 4 for partners. In Q3 2026, we saw a negative development in other working capital, mainly due to higher prices on gas in storage, partly offset by a positive development in net trade receivables and payables. Investments Gross investments amounted to DKK 10.3 billion in Q3 2026. The main investments were offshore wind farms (DKK 9.6 billion), mainly Greater Changhua 2b and 4 in Taiwan, Hornsea 3 and Baltica 2 in Europe, and Sunrise Wind and Revolution Wind in the US. Cash flows and net debt DKKm Q3 2026 Q3 2025 % Cash flow from operating activities (1,156) (1,166) (1 %) EBITDA 5,260 3,064 72 % Reversal of gain (loss) on sale of assets 733 112 554 % Change in derivatives, excl. variation margin 1,014 460 120 % Change in variation margin (152) (91) 67 % Changes in provision and other items (77) (284) (73 %) Interest expense, net 273 (685) n.a. Paid tax (549) (153) 259 % Change in work in progress (5,033) (1,644) 206 % Change in tax equity liabilities (754) (660) 14 % Change in other working capital (1,870) (1,286) 45 % Gross investments (10,266) (14,971) (31 %) Divestments (1,482) (56) 2,546 % Free cash flow (12,904) (16,193) (20 %) Net interest-bearing debt, beginning of period 21,960 67,137 (67 %) Free cash flow 12,904 16,193 (20 %) Dividends and hybrid coupon paid 187 440 (58 %) Addition of leasing obligations, net 1,722 576 199 % Exchange rate adjustments, etc. 969 (1,192) n.a. Net interest-bearing debt, end of period 37,742 83,154 (55 %)
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Interim report First nine months 2026 Management’s review 13/50 Financial results for Q3 2026 Power generation increased by 19 % to 4.5 TWh in Q3 2026. The increase was due to higher wind speeds and ramp-up of generation at Borkum Riffgrund 3 in Germany, Greater Changhua 2b and 4 in Taiwan, and Revolution Wind in the US. Wind speeds amounted to a portfolio average of 8.5 m/s in Q3 2026, which was higher than in Q3 2025 (8.2 m/s) and higher than the normal wind speeds expected in the third quarter (8.3 m/s). Availability was 89 %, which was 5 percentage points lower than in the same period last year. The decrease was mainly related to lower availability across Europe and ramp-up at Revolution Wind, Greater Changhua 2b and 4, and Borkum Riffgrund 3. Revenue was DKK 6.6 billion higher than in Q3 2025 and amounted to DKK 15.3 billion. Revenue from offshore wind farms in operation increased by 12 % to DKK 5.9 billion, mainly due to higher wind speeds and ramp-up at Greater Changhua 4, Borkum Riffgrund 3, and Revolution Wind. Revenue from power sales increased by DKK 1.9 billion to DKK 4.0 billion due to higher prices, higher power sales volumes, and higher revenue from our power trading activities. Revenue from construction agreements increased by DKK 4.2 billion, mainly related to the construction of Hornsea 3. EBITDA increased by DKK 1.5 billion and amounted to DKK 3.7 billion. EBITDA from ‘Sites, O&M, and PPAs’ increased by DKK 0.8 billion and amounted to DKK 4.5 billion in Q3 2026. The increase was primarily driven by higher revenue and ramp-up at Greater Changhua 2b and 4, and Revolution Wind. EBITDA from ‘Construction agreements and divestment gains’ amounted to DKK 0.2 billion, DKK 0.6 billion less negative than in Q3 2025. The increase was mainly due to construction progress on Hornsea 3 and non-recurring Greater Changhua 4 array cable installation challenges last year. EBITDA from ‘Other incl. project development’ was at the same level as last year. Offshore Results Q3 2026 Q3 2025 % 9M 2026 9M 2025 % Business drivers Decided (FID'ed) and installed capacity GW 18.3 18.3 0 % 18.3 18.3 0 % Installed capacity GW 11.1 10.2 9 % 11.1 10.2 9 % Generation capacity GW 6.5 5.4 19 % 6.5 5.4 19 % Wind speed m/s 8.5 8.2 4 % 9.5 9.0 6 % Load factor % 34 32 2 %p 41 37 4 %p Availability % 89 94 (5 %p) 90 93 (3 %p) Power generation GWh 4,517 3,788 19 % 15,701 12,904 22 % Denmark 458 407 13 % 1,475 1,317 12 % The UK 2,220 2,264 (2 %) 8,220 7,383 11 % Germany 674 551 22 % 2,390 1,591 50 % The Netherlands 228 251 (9 %) 867 797 9 % APAC 697 265 163 % 2,286 1,557 47 % The US 240 50 380 % 463 259 79 % Power sales GWh 4,242 3,979 7 % 14,624 12,481 17 % Power price, LEBA UK GBP/MWh 153 88 74 % 125 102 22 % British pound DKK/GBP 8.7 8.6 1 % 8.7 8.8 (1 %) Financial performance Revenue DKKm 15,337 8,776 75 % 52,621 36,784 43 % Sites 5,888 5,249 12 % 20,092 18,798 7 % Power sales 4,042 2,183 85 % 16,845 12,779 32 % Construction agreements 5,381 1,176 358 % 15,573 4,782 226 % Other 26 168 (85 %) 111 425 (74 %) EBITDA DKKm 3,727 2,215 68 % 15,658 13,826 13 % Sites, O&M, and PPAs 4,468 3,643 23 % 17,499 16,112 9 % Construction agreements and divestment gains 191 (431) n.a. 1,013 2,393 (58 %) Cancellation fees - - n.a. - (1,531) n.a. Other incl. project development (932) (997) (7 %) (2,854) (3,148) (9 %) Depreciation DKKm (1,675) (1,671) 0 % (5,402) (5,135) 5 % Impairment losses DKKm (3,118) (1,883) 66 % (5,520) (2,607) 112 % EBIT DKKm (1,066) (1,339) (20 %) 4,736 6,084 (22 %) Cash flow from operating activities DKKm (1,479) (1,386) 7 % 2,986 110 2,615 % Gross investments DKKm (9,557) (13,715) (30 %) (26,288) (34,940) (25 %) Divestments DKKm (65) (128) (49 %) (212) 3,799 n.a. Free cash flow DKKm (11,101) (15,229) (27 %) (23,514) (31,031) (24 %) Capital employed DKKm 149,263 129,953 15 % 149,263 129,953 15 %
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Interim report First nine months 2026 Management’s review 14/50 Financial results for Q3 2026 Power generation increased by 4 % compared to Q3 2025 and amounted to 3.4 TWh. Onshore generation in the US amounted to 2.2 TWh in Q3 2026, an increase of 17 % from 1.9 TWh in Q3 2025. The increase was mainly due to the commissioning of Badger Wind in the US and higher wind speeds. Generation of solar power in the US amounted to 1.1 TWh in Q3 2026, an increase of 4 % from 1.0 TWh in Q3 2025. In Q3 2026, wind availability decreased to 85 % from 92 % in Q3 2025. The decrease was mainly due to lower availability at Lincoln Land, Western Trail, Willow Springs, and Lockett. Solar PV availability increased to 97 % from 94 % in the same period last year. Revenue was 18 % lower than in Q3 2025 and amounted to DKK 0.6 billion. The decrease was due to the divestment of our European onshore portfolio, offset by higher generation across our US projects. EBITDA amounted to DKK 1.0 billion, an increase of DKK 0.2 billion compared to Q3 2025. EBITDA from ‘Sites incl. tax credits’ amounted to DKK 1.2 billion, an increase of 14 %. The increase was due to ramp-up of Badger Wind and higher generation across wind assets. EBITDA from ‘Other incl. project development’ amounted to DKK -0.1 billion, which was in line with the same period last year. Onshore Results Q3 2026 Q3 2025 % 9M 2026 9M 2025 % Business drivers Decided (FID'ed) and installed capacity GW 6.6 7.1 (6 %) 6.6 7.1 (6 %) Installed capacity GW 6.4 6.3 2 % 6.4 6.3 2 % Generation capacity GW 4.9 5.3 (8 %) 4.9 5.3 (8 %) Wind speed m/s 6.3 6.1 4 % 7.3 7.1 3 % Load factor Wind % 30 26 4 %p 39 35 4 %p Load factor Solar PV % 32 30 2 %p 28 27 1 %p Availability, Wind % 85 92 (7 %p) 87 91 (4 %p) Availability, solar PV % 97 94 3 %p 98 94 4 %p Power generation GWh 3,357 3,223 4 % 11,993 11,519 4 % US, wind 2,241 1,922 17 % 8,624 7,876 9 % US, solar PV 1,116 1,069 4 % 2,907 2,870 1 % Europe - 232 n.a. 462 773 (40 %) US dollar DKK/USD 6.5 6.4 2 % 6.5 6.7 (3 %) Financial performance Revenue DKKm 629 764 (18 %) 2,081 2,214 (6 %) EBITDA DKKm 1,024 828 24 % 3,373 3,515 (4 %) Sites incl. tax credits 1,156 1,010 14 % 3,665 3,530 4 % Divestment gains - - n.a. (12) 304 n.a. Other incl. project development (132) (182) (27 %) (280) (319) (12 %) Depreciation DKKm (434) (515) (16 %) (1,257) (1,573) (20 %) Impairment losses DKKm (324) 126 n.a. (459) 1,102 n.a. EBIT DKKm 266 439 (39 %) 1,657 3,044 (46 %) Cash flow from operating activities DKKm 69 23 200 % 1,785 345 417 % Gross investments DKKm (461) (863) (47 %) (1,522) (3,514) (57 %) Divestments DKKm (1) 50 n.a. 9,655 3,367 187 % Free cash flow DKKm (393) (790) (50 %) 9,918 198 4,904 % Capital employed DKKm 29,196 38,034 (23 %) 29,196 38,034 (23 %)
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Interim report First nine months 2026 Management’s review 15/50 Financial results for Q3 2026 Heat generation increased by 1 % compared to Q3 2025. Power generation increased by 121 %, mainly due to higher market prices resulting in higher condensing power. Gas sales increased by 26 %, driven by our offtake contract with the Danish Underground Consortium (DUC), which is not owned by Ørsted. EBITDA amounted to DKK 0.4 billion compared to DKK -0.1 billion in Q3 2025. EBITDA from ‘CHP plants’ was DKK 0.4 billion, compared to DKK 0.0 billion in Q3 2025. The increase was mainly due to higher market prices, partly offset by lower ancillary services. EBITDA from ‘Gas Markets & Infrastructure’ amounted to DKK 0.1 billion, DKK 0.1 billion lower than in Q3 2025. The decrease was mainly due to negative results from hedges on storages compared to last year. EBITDA from ‘Other incl. project development’ was DKK -0.1 billion, DKK 0.2 billion less negative than last year, mainly due to the costs for the decommissioning of Esbjerg Power Station in Q3 2025. Bioenergy & Other Results Q3 2026 Q3 2025 % 9M 2026 9M 2025 % Business drivers Degree days Number 62 71 (13 %) 1,827 1,670 9 % Heat generation GWh 342 337 1 % 4,719 4,269 11 % Power generation GWh 943 426 121 % 3,037 2,383 27 % Gas sales GWh 6,058 4,809 26 % 18,715 15,887 18 % Power sales GWh 617 617 0 % 1,914 1,834 4 % Gas price, TTF EUR/MWh 63.4 32.4 95 % 49.5 38.3 29 % Power price, DK EUR/MWh 123.5 77.9 59 % 107.9 80.9 33 % Wood pellet spread, DK EUR/MWh 5.6 9.8 (43 %) 6.5 6.9 (6 %) Financial performance Revenue DKKm 5,247 2,862 83 % 14,884 11,542 29 % EBITDA DKKm 360 (127) n.a. 802 708 13 % CHP plants 358 41 773 % 1,005 971 4 % Gas Markets & Infrastructure 99 157 (37 %) 169 435 (61 %) Other incl. project development (97) (325) (70 %) (372) (698) (47 %) Depreciation DKKm (187) (165) 13 % (592) (492) 20 % EBIT DKKm 173 (292) n.a. 210 216 (3 %) Cash flow from operating activities DKKm (984) (1,006) (2 %) 798 203 293 % Gross investments DKKm (224) (374) (40 %) (708) (1,414) (50 %) Divestments DKKm - - n.a. (5) - n.a. Free cash flow DKKm (1,208) (1,380) (12 %) 85 (1,211) n.a. Capital employed DKKm 8,778 7,116 23 % 8,778 7,116 23 %
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Interim report First nine months 2026 Management’s review 16/50 Performance highlights Financials DKKm 9M 2026 9M 2025 FY 2025 Income statement Revenue 69,451 50,110 73,244 EBITDA 20,228 18,579 22,448 Offshore 15,658 13,826 16,276 Sites, O&M, and PPAs 17,499 16,112 24,341 Construction agreements and divestment gains 1,013 2,393 (2,668) Cancellation fees - (1,531) (1,362) Other incl. project development (2,854) (3,148) (4,035) Onshore 3,373 3,515 4,871 Bioenergy & Other 802 708 1,358 Other activities/eliminations 395 530 (57) Depreciation and amortisation (7,465) (7,413) (10,195) Impairment losses (5,979) (1,505) (3,633) Operating profit (loss) (EBIT) 6,784 9,661 8,620 Gain (loss) on divestment of enterprises (92) 215 213 Net financial income and expenses (2,163) (2,325) (2,881) Profit (loss) before tax 4,549 7,575 5,988 Tax (1,969) (1,039) (2,823) Profit (loss) for the period 2,580 6,536 3,165 Balance sheet Assets 377,302 299,075 367,922 Total equity 149,020 93,612 148,941 Shareholders in Ørsted A/S 119,615 63,872 119,718 Hybrid capital 20,955 20,955 20,955 Non-controlling interests 8,450 8,785 8,268 Interest-bearing net debt 37,742 83,154 18,978 Capital employed 186,763 176,766 167,919 Additions to property, plant, and equipment 32,524 40,166 58,464 Cash flow Cash flow from operating activities 7,968 6,654 23,741 Gross investments (28,527) (39,924) (54,976) Divestments 8,019 7,189 12,385 Free cash flow (12,540) (26,081) (18,850) Financial ratios Return on capital employed1 (ROCE), % 3.2 2.0 5.4 FFO/ interest-bearing net debt2, % 37.3 13.9 42.9 Number of outstanding shares, end of period, '000 1,321,062 420,381 1,321,062 Share price, end of period, DKK 136 107 122 Market capitalisation, end of period, DKK billion 179 45 162 Earnings per share (EPS), DKK 1.3 7.7 2.0 1 EBIT last 12 months. 2 FFO last 12 months. As of January 2025, we have included ‘Dividends paid to minority interests’ in ‘Funds from operations’. Business drivers 9M 2026 9M 2025 FY 2025 Offshore Decided (FID'ed) and installed capacity GW 18.3 18.3 18.3 Installed capacity GW 11.1 10.2 10.2 Generation capacity GW 6.5 5.4 5.5 Wind speed m/s 9.5 9.0 9.7 Load factor % 41 37 42 Availability % 90 93 93 Power generation GWh 15,701 12,904 19,687 Power sales GWh 14,624 12,481 19,244 Onshore Decided (FID'ed) and installed capacity GW 6.6 7.1 7.1 Installed capacity GW 6.4 6.3 6.3 Generation capacity GW 4.9 5.3 5.4 Wind speed m/s 7.3 7.1 7.2 Load factor, wind % 39 35 37 Load factor, solar PV % 28 27 25 Availability, wind % 87 91 91 Availability, solar PV % 98 94 92 Power generation GWh 11,993 11,519 15,482 Bioenergy & Other Degree days Number 1,827 1,670 2,501 Heat generation GWh 4,719 4,269 6,414 Power generation GWh 3,037 2,383 3,635 Power sales GWh 1,914 1,834 2,475 Gas sales GWh 18,715 15,887 21,528 Sustainability statements Employees FTE, end of period Number 7,151 8,126 7,896 Total recordable injury rate (TRIR), YTD Number 3.2 2.5 2.5 Fatalities Number - 2 2 Renewable share of energy generation % 99 99 99 GHG emissions (scopes 1 and 2) Mtonnes 0.2 0.1 0.2 GHG intensity (scopes 1 and 2) g CO2e/kWh 5 4 4 GHG intensity (scopes 1-3), (excl. category 11) g CO2e/kWh 67 70 69 GHG emissions (scope 3) Mtonnes 6.5 6.1 8.8
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Interim report First nine months 2026 Management’s review 17/50 Quarterly overview 1 EBIT last 12 months. 2 FFO last 12 months. As of January 2025, we have included ‘Dividends paid to minority interests’ in ‘Funds from operations’. Comparative figures for 2024 are restated. 3 Figures in 2025 and 2024 have been restated to reflect an update to the allocation methodology for scope 3, category 2 ‘capital goods’ (see page 78 in the annual report for 2025 for details). 4 Calculated using market-based scope 2 emissions. Business drivers Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Offshore Decided (FID'ed) and installed capacity,GW 18.3 18.3 18.3 18.3 18.3 18.3 18.3 16.8 Installed capacity, GW 11.1 10.2 10.2 10.2 10.2 10.2 10.2 9.9 Generation capacity, GW 6.5 5.9 5.5 5.5 5.4 5.4 5.5 5.3 Wind speed, m/s 8.5 8.7 11.4 11.7 8.2 8.5 10.4 11.1 Load factor, % 34 34 57 57 32 31 47 51 Availability, % 89 88 93 93 94 90 94 94 Power generation, GWh 4,517 4,264 6,919 6,784 3,788 3,646 5,470 5,740 Power sales, GWh 4,242 4,074 6,308 6,763 3,979 3,686 4,816 5,839 Onshore Decided (FID'ed) and installed capacity, GW 6.6 6.4 7.1 7.1 7.1 7.0 7.0 7.0 Installed capacity, GW 6.4 6.2 6.6 6.3 6.3 6.2 6.2 6.2 Generation capacity, GW 4.9 4.9 5.5 5.4 5.3 5.3 5.3 5.5 Wind speed, m/s 6.3 7.5 8.0 7.7 6.1 7.2 8.0 7.5 Load factor, wind, % 30 42 43 41 26 36 44 40 Load factor,solar PV, % 32 29 23 17 30 30 21 20 Availability, wind, % 85 86 89 92 92 88 91 90 Availability, solar PV, % 97 98 99 86 94 91 98 98 Power generation, GWh 3,357 4,216 4,420 3,963 3,223 4,002 4,294 4,086 Bioenergy & Other Degree days, number 62 411 1,354 831 71 418 1,181 846 Heat generation, GWh 342 867 3,510 2,145 337 707 3,224 2,367 Power generation, GWh 943 704 1,390 1,252 426 477 1,480 1,428 Power sales, GWh 617 611 686 640 617 585 632 635 Gas sales, GWh 6,058 6,358 6,299 5,641 4,809 5,798 5,280 4,016 Sustainability statements Employees (FTE) end of period, number 7,151 7,228 7,675 7,896 8,126 8,203 8,251 8,278 Total recordable injury rate (TRIR) ,YTD 3.2 3.1 2.1 2.5 2.5 2.7 1.9 2.7 Fatalities, number - - - - - - 2 - Renewable share of energy generation, % 100 100 98 99 100 100 99 99 GHG emissions (scopes 1 and 2), Mtonnes4 0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.1 GHG intensity (scopes 1 and 2), g CO2e/kWh4 4 4 6 4 4 4 4 5 GHG intensity (scopes 1 - 3), g CO2e/kWh (excl. cat 11)34 87 65 57 67 85 84 53 73 GHG emissions (scope 3), Mtonnes3 2.1 2.1 2.2 2.7 1.8 2.4 1.9 1.8 Financial results DKKm Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Income statement Revenue 21,183 20,648 27,620 23,134 12,270 17,135 20,705 21,077 EBITDA 5,260 5,423 9,545 3,869 3,064 6,644 8,871 8,353 Offshore 3,727 4,383 7,548 2,450 2,215 5,301 6,310 6,639 Sites, O&M, and PPAs 4,468 4,653 8,378 8,229 3,643 4,814 7,655 8,533 Construction agreements and divestment gains 191 580 242 (5,061) (431) 2,901 (77) (894) Cancellation fees - - - 169 - (1,531) - 926 Other incl. project development (932) (850) (1,072) (887) (997) (883) (1,268) (1,926) Onshore 1,024 978 1,371 1,356 828 1,197 1,490 1,061 Bioenergy & Other 360 12 430 650 (127) 78 757 869 Other activities/eliminations 149 50 196 (587) 148 68 314 (216) Depreciation and amortisation (2,361) (2,633) (2,471) (2,782) (2,423) (2,435) (2,555) (2,571) Impairment (3,442) (1,168) (1,369) (2,128) (1,757) (20) 272 (12,127) Operating profit (loss) (EBIT) (543) 1,622 5,705 (1,041) (1,116) 4,189 6,588 (6,345) Gain (loss) on divestment of enterprises (23) (29) (40) (2) 4 124 87 34 Net financial income and expenses (823) (749) (591) (556) (427) (331) (1,567) (457) Profit (loss) before tax (1,386) 848 5,087 (1,587) (1,533) 3,989 5,119 (6,761) Tax 658 (161) (2,466) (1,784) (169) (638) (232) 677 Profit (loss) for the period (728) 687 2,621 (3,371) (1,702) 3,351 4,887 (6,084) Balance sheet Assets 377,302 359,980 360,332 367,922 299,075 285,112 287,287 298,786 Equity 149,020 152,257 150,798 148,941 93,612 97,419 96,677 93,484 Shareholders in Ørsted A/S 119,615 122,970 121,345 119,718 63,872 67,088 65,665 62,138 Hybrid capital 20,955 20,955 20,955 20,955 20,955 20,955 20,955 20,955 Non-controlling interests 8,450 8,332 8,498 8,268 8,785 9,376 10,057 10,391 Interest-bearing net debt 37,742 21,960 21,289 18,978 83,154 67,137 68,449 58,027 Capital employed 186,763 174,217 172,087 167,919 176,766 164,557 165,126 151,511 Additions to property, plant, and equipment 13,179 10,829 8,516 18,298 14,397 11,554 14,215 19,111 Cash flow Cash flow from operating activities (1,156) 2,587 6,537 17,087 (1,166) 7,186 634 10,306 Gross investments (10,266) (10,085) (8,176) (15,052) (14,971) (11,154) (13,799) (17,114) Divestments (1,482) 8,752 749 5,196 (56) 4,258 2,987 13,317 Free cash flow (12,904) 1,254 (890) 7,231 (16,193) 290 (10,178) 6,509 Financial ratios Return on capital employed1, % 3.2 3.1 4.6 5.4 2.0 7.5 4.6 4.5 FFO/ interest-bearing net debt2, % 37.3 44.6 42.2 42.9 13.9 15.6 13.7 12.7 Number of outstanding shares, end of period, '000 1,321,062 1,321,062 1,321,062 1,321,062 420,381 420,381 420,381 420,381 Share price, end of period, DKK 136 147 156 122 107 272 301 324 Market capitalisation, end of period, DKK billion 179 194 206 162 45 114 127 136 Earnings per share (EPS), DKK (0.7) 0.4 1.6 (5.7) (2.3) 4.1 5.9 (8.8)
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Consolidated statements First nine months 2026 1 January – 30 September
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Interim report First nine months 2026 Consolidated financial statements 19/50 Consolidated statement of income 1 January – 30 September 9M 20259M 2026 Statement of comprehensive income DKKm 6,5362,580Profit (loss) for the period Other comprehensive income: Cash flow hedging: 180(5,643)Value adjustments for the period 9011,015Value adjustments transferred to income statement Exchange rate adjustments: (10,035)3,517Exchange rate adjustments relating to net investments in foreign enterprises 4,775(1,707)Value adjustment of net investment hedges -(10)Value adjustments and hedges transferred to income statement Tax: (276)1,231Tax on hedging instruments (451)125Tax on exchange rate adjustments Other: (6)1Share of other comprehensive income of associated companies, after tax (4,912)(1,471) Other comprehensive income (loss) that may be reclassified to the income statement 1,6241,109Total comprehensive income Comprehensive income for the period is attributable to: 1,388(102)Shareholders in Ørsted A/S 151147Interest payments and costs, hybrid capital owners of Ørsted A/S 851,064Non-controlling interests 1,6241,109Total comprehensive income 9M 20259M 2026 Income statement DKKmNote 50,11069,451Revenue3 (26,967)(40,815)Cost of sales (6,776)(6,372)Other external expenses (4,686)(4,707)Employee costs (62)(73)Share of profit (loss) in associates and joint ventures 7,3254,061Other operating income5 (365)(1,317)Other operating expenses5 18,57920,228 Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) (7,413)(7,465) Amortisation and depreciation of intangible assets and of property, plant, and equipment (1,505)(5,979) Impairment losses on intangible assets and on property, plant, and equipment4 9,6616,784Operating profit (loss) (EBIT) 215(92)Gain (loss) on divestment of enterprises 2420Share of profit (loss) in associates and joint ventures 6,4814,849Financial income6 (8,806)(7,012)Financial expenses6 7,5754,549Profit (loss) before tax (1,039)(1,969)Tax on profit (loss) for the period10 6,5362,580Profit (loss) for the period Profit (loss) for the period is attributable to: 5,7501,731Shareholders in Ørsted A/S 151147Interest payments and costs, hybrid capital owners of Ørsted A/S 635702Non-controlling interests 7.71.3Earnings per share (DKK) 7.71.3Diluted earnings per share (DKK) Consolidated statement of comprehensive income 1 January – 30 September In 9M 2026, ‘Value adjustments for the period for cash flow hedging’ amounting to DKK 5,643 million mainly consist of losses related to hedging of power prices and inflation. ’Exchange rate adjustments relating to net investments in foreign enterprises’ were impacted by an increase in the USD and GBP exchange rates of 3.5 % and 2.2 %, respectively.
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Interim report First nine months 2026 Consolidated financial statements 20/50 Consolidated statement of income 1 July – 30 September Q3 2025Q3 2026 Income statement DKKmNote 12,27021,183Revenue3 (5,669)(12,411)Cost of sales (2,582)(2,080)Other external expenses (1,558)(1,615)Employee costs (89)(10)Share of profit (loss) in associates and joint ventures 1,1241,065Other operating income5 (432)(872)Other operating expenses5 3,0645,260 Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) (2,423)(2,361) Amortisation and depreciation of intangible assets and of property, plant, and equipment (1,757)(3,442) Impairment losses on intangible assets and on property, plant, and equipment4 (1,116)(543)Operating profit (loss) (EBIT) 4(23)Gain (loss) on divestment of enterprises 63Share of profit (loss) in associates and joint ventures 2,0081,699Financial income6 (2,435)(2,522)Financial expenses6 (1,533)(1,386)Profit (loss) before tax (169)658Tax on profit (loss) for the period10 (1,702)(728)Profit (loss) for the period Profit (loss) for the period is attributable to: (1,789)(963)Shareholders in Ørsted A/S --Interest payments and costs, hybrid capital owners of Ørsted A/S 87235Non-controlling interests (2.3)(0.7)Earnings per share (DKK) (2.3)(0.7)Diluted earnings per share (DKK) Consolidated statement of comprehensive income 1 July – 30 September In Q3 2026, ‘Value adjustments for the period for cash flow hedging’ amounting to DKK 3,924 million mainly consist of losses related to hedging of power prices. Q3 2025Q3 2026 Statement of comprehensive income DKKm (1,702)(728)Profit (loss) for the period Other comprehensive income: Cash flow hedging: (617)(3,924)Value adjustments for the period 137599Value adjustments transferred to income statement Exchange rate adjustments: (1,896)791Exchange rate adjustments relating to net investments in foreign enterprises 648(560)Value adjustment of net investment hedges Tax: 2780Tax on hedging instruments 10639Tax on exchange rate adjustments Other: 1(1)Share of other comprehensive income of associated companies, after tax (1,619)(2,276) Other comprehensive income (loss) that may be reclassified to the income statement (3,321)(3,004)Total comprehensive income Comprehensive income for the period is attributable to: (3,193)(3,375)Shareholders in Ørsted A/S (128)371Non-controlling interests (3,321)(3,004)Total comprehensive income
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Interim report First nine months 2026 Consolidated financial statements 21/50 Consolidated statement of financial position 30 September 30 September 2025 31 December 2025 30 September 2026 Equity and liabilities DKKmNote 4,20413,21213,212Share capital (9,495)(9,164)(11,078)Reserves8 69,163115,670117,481Retained earnings 63,872119,718119,615Equity attributable to shareholders in Ørsted A/S 20,95520,95520,955Hybrid capital 8,7858,2688,450Non-controlling interests 93,612148,941149,020Equity 1,5941,9691,398Deferred tax 17,49018,25218,302Provisions 7,5898,12010,334Lease liabilities 88,14487,20487,983Bond and bank debt13 6,7696,0466,511Derivatives12 8,4018,2579,082Contract liabilities 11,32910,72110,083Tax equity liabilities 5,39711,26411,974Other payables 146,713151,833155,667Non-current liabilities 1,2851,5581,387Provisions 7968751,327Lease liabilities 14,80611,65814,762Bond and bank debt13 4,0043,77814,137Derivatives12 4,45913,8474,084Contract liabilities 15,99419,76425,158Trade payables 3,6313,6634,272Tax equity liabilities 7,5415,5034,391Other payables 6,2344,6313,097Income tax10 58,75065,27772,615Current liabilities 205,463217,110228,282Liabilities -1,871- Liabilities relating to assets classified as held for sale9 299,075367,922377,302Equity and liabilities 30 September 2025 31 December 2025 30 September 2026 Assets DKKmNote 2,303755617Intangible assets 7,3077,7907,761Land and buildings 124,641123,545145,942Production assets 2,0672,1794,221Fixtures and fittings, tools, and equipment 79,43777,35276,308Property, plant, and equipment under construction 213,452210,866234,232Property, plant, and equipment4 951434369Investments in associates and joint ventures 22117982Receivables from associates and joint ventures 234235265Other securities and equity investments 1,5241,336540Derivatives12 9,8639,5479,688Deferred tax 2,9427,0606,875Other receivables 15,73518,79117,819Other non-current assets 231,490230,412252,668Non-current assets 17,0869,93818,614Inventories 3,9243,5397,562Derivatives12 --140Contract assets 6,3139,8487,576Trade receivables 9,39810,93713,029Other receivables 13410699Receivables from associates and joint ventures 677768994Income tax10 21,37638,31763,101Securities12 8,67753,44813,519Cash 67,585126,901124,634Current assets -10,609-Assets classified as held for sale9 299,075367,922377,302Assets
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Interim report First nine months 2026 Consolidated financial statements 22/50 Consolidated statement of shareholders’ equity 1 January – 30 September 9M 20259M 2026 Total Group Non-con- trolling interests Hybrid capital Share- holders in Ørsted A/S Retained earnings Reserves1 (note 8) Share capital Total Group Non-con- trolling interests Hybrid capital Share- holders in Ørsted A/S Retained earnings Reserves1 (note 8) Share capitalDKKm 93,48410,39120,95562,13863,098(5,164)4,204148,9418,26820,955119,718115,670(9,164)13,212Equity at 1 January Comprehensive income for the period: 6,5366351515,7505,750--2,5807021471,7311,731--Profit (loss) for the period Other comprehensive income: 1,081162-919-919-(4,628)145-(4,773)-(4,773)-Cash flow hedging (5,260)(712)-(4,548)-(4,548)-1,800217-1,583-1,583-Exchange rate adjustments (727)--(727)-(727)-1,356--1,356-1,356-Tax on other comprehensive income (6)--(6)(6)--1--11-- Share of other comprehensive income of associated companies, after tax 1,624851511,3885,744(4,356)-1,1091,064147(102)1,732(1,834)-Total comprehensive income 25--25-25-(103)--(103)-(103)- Cash flow hedging of property, plant, and equipment under construction (151)-(151)----(147)-(147)----Coupon payments, hybrid capital -------23--23-23-Tax (1,569)(1,569)-----(722)(722)-----Dividends paid 167(122)-289289--(128)(160)-3232--Additions, non-controlling interests 32--3232--47--4747--Other changes 93,6128,78520,95563,87269,163(9,495)4,204149,0208,45020,955119,615117,481(11,078)13,212Equity at 30 September 1 In addition to the total reserves of DKK -11,078 million at 30 September 2026, a loss of DKK 209 million is recognised as part of non-controlling interests. The loss is related to the hedging of revenue attributable to the non-controlling interests.
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Interim report First nine months 2026 Consolidated financial statements 23/50 Consolidated statement of cash flows 1 January – 30 September Q3 2025Q3 20269M 20259M 2026 Statement of cash flows DKKmNote 3,0645,26018,57920,228 Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) 112733(3,190)563 Reversal of gain (loss) on divestment of assets 369862(508)1,890Change in derivatives (284)(77)1,264207Change in provisions and other items (2,176)(6,793)(1,314)(8,532)Change in inventories 20(3,867)1,656(9,692)Change in contract assets and liabilities 719412,5472,295Change in trade receivables (814)(259)(2,201)1,630Change in other receivables (619)3,653(3,859)3,754Change in trade payables (660)(754)(2,244)(1,368)Change in tax equity liabilities (59)321(687)(317)Change in other payables 1,5861,2445,2944,024Interest received and similar items (2,271)(971)(7,086)(3,746)Interest paid and similar items (153)(549)(1,597)(2,968)Income tax paid (1,166)(1,156)6,6547,968Cash flows from operating activities (14,984)(10,305)(39,718)(28,646) Purchase of intangible assets and of property, plant, and equipment (44)-6,964899 Sale of intangible assets and of property, plant, and equipment (2)(1,420)-7,125Divestment of enterprises --(227)7 Sale and purchase of other equity investments (11,546)(14,012)(20,259)(66,183)Purchase of securities 2,90510,67913,47741,156Sale/maturation of securities 233521103Change in other non-current assets (60)4(101)(2) Transactions with associates and joint ventures 19135321 Dividends received and capital reductions (23,689)(15,006)(39,790)(45,520)Cash flows from investing activities Statement of cash flows Our supplementary statement of gross and net investments appears from note 7 ’Gross and net investments’ and free cash flow (FCF) from note 2 ’Segment information’. ’Cash’ according to the balance sheet as at 30 September 2026 includes ’Bank overdrafts that are part of the ongoing cash management’ amounting to DKK 0 million (2025: DKK 2,182 million). Q3 2025Q3 20269M 20259M 2026DKKmNote 18,8816,30321,3206,767Proceeds from raising of loans 7314,864(4,955)(4,054)Instalments on loans (221)(396)(648)(960)Instalments on leases --(151)(147)Coupon payments on hybrid capital (438)(186)(1,462)(760) Transactions with non-controlling interests (80)63(147)70Net proceeds from tax equity partners (3,567)(3,527)(13,008)(13,463) Collateral posted in relation to trading of derivatives 4,2192,09116,31310,014 Collateral released in relation to trading of derivatives 169(95)46(56)Restricted cash and other changes 19,6949,11717,308(2,589)Cash flows from financing activities (5,161)(7,045)(15,828)(40,141) Total net change in cash and cash equivalents 11,88320,50923,12453,448Cash and cash equivalents at the beginning of the period (227)55(801)212Exchange rate adjustments of cash and cash equivalents 6,49513,5196,49513,519 Cash and cash equivalents at 30 September
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Interim report First nine months 2026 Consolidated financial statements 24/50 1. Basis of reporting Ørsted is a public listed company, headquartered in Denmark. This interim report for the first nine months of 2026 comprises the interim financial statements of Ørsted A/S (the parent company) and any subsidiaries controlled by Ørsted A/S. The interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS), IAS 34 ’Interim Financial Reporting’ as adopted by the EU, and further requirements in the Danish Financial Statements Act (Årsregnskabsloven) for the presentation of quarterly interim reports by listed companies. Definitions of non-IFRS financial measures can be found on pages 124, 193, and 194 of the Annual Report 2025. The interim consolidated financial statements for the first nine months of 2026 are a condensed set of financial statements, as they do not include all information and disclosures required by the annual financial statements. The interim consolidated financial statements have been prepared using the same accounting policies as those used in our annual consolidated financial statements as at 31 December 2025 and should be read in conjunction with these. We have disclosed a new key accounting estimate and a new key accounting judgement related to our revenue recognition for our construction agreements: − assumptions for the determination of the expected selling price and expected costs − assumptions for the recognition of revenue from the construction of offshore wind farms over time. For further information, please see page 21 of our interim report for the first quarter of 2026. Implementation of new standards, interpretations, and amendments adopted by the Group The Group has not early adopted any standard, interpretation, or amendment that has been issued but not yet come into effect. Amendments apply for the first time in 2026 but do not have a material impact on our financial statements. Accounting standards issued but not yet effective The IASB has issued new and amended accounting standards and interpretations that are not yet effective and have therefore not been applied in the consolidated financial statements for 2026. Ørsted expects to adopt these standards and interpretations when they become mandatory. IFRS 18 ‘Presentation and Disclosure in Financial Statements’ will replace IAS 1 ‘Presentation of Financial Statements’ and will be effective for annual reporting periods beginning on or after 1 January 2027. IFRS 18 establishes a revised structure for the statement of profit or loss, requiring entities to classify income and expenses into the operating, investing, financing, income tax, and discontinued operations categories. The standard introduces mandatory subtotals and enhanced disaggregation requirements aimed at improving the transparency, consistency, and comparability of financial reporting. Ørsted is currently updating relevant systems and processes and assessing the expected impact of the initial application of IFRS 18 on the consolidated financial statements and related notes. Based on the work performed to date, Ørsted has identified the following expected impacts on the Group’s consolidated statement of profit or loss: − Income and expenses arising from foreign exchange adjustments will be classified in the same category as the income and expenses to which they relate. For example, foreign exchange differences in trade receivables and trade payables will be classified in the operating category. − Fair value adjustments of derivatives that are not designated in hedge accounting relationships will be classified in the operating category. − Interest income and expenses arising from items classified in the operating category, e.g. prepayments or derivatives applied in hedge accounting relationships related to operating items, will be classified in the operating category. − Bank fees, including fees related to non- cancellable credit facilities, will be classified in the operating category. − Interest income and expenses, foreign exchange adjustments, and capital gains or losses related to cash, cash equivalents, and securities will be classified in the investing category, together with the share of profit or loss from associates and joint ventures. − Foreign exchange gains and losses arising from intra-group financing arrangements will be classified in the category in which the related income or expenses from the intra-group financing arrangement would have been classified before elimination on consolidation. Accordingly, foreign exchange gains and losses on inter- company borrowings are expected to be classified in the financing category, while foreign exchange gains and losses on intercompany lending are expected to be classified in the investing category. Management-defined performance measures Ørsted expects to present its guidance measure, ‘EBITDA excluding new partnership agreements and cancellation fees’, as a management-defined performance measure (MPM) under IFRS 18. Ørsted will continue to provide guidance based on this measure, which is currently presented as a non-IFRS financial measure in the annual report.
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Interim report First nine months 2026 Consolidated financial statements 25/50 1. Basis of reporting (continued) Statement of cash flows IFRS 18 introduces consequential amendments to IAS 7 ‘Statement of Cash Flows’, which require the statement of cash flows to start from the operating profit subtotal when the indirect method is applied. Ørsted currently uses EBITDA as the starting point for the reconciliation to cash flows from operating activities. As a result of this change in starting point, certain adjustments included in the reconciliation are expected to change. Ongoing assessment The application of IFRS 18 involves significant professional judgement, and discussions on implementation remain ongoing. Accordingly, the expected impacts of applying the standard may evolve as further guidance becomes available and interpretations are refined. Other new and amended standards and interpretations are not expected to have a significant impact on Ørsted’s consolidated financial statements.
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Interim report First nine months 2026 Consolidated financial statements 26/50 2. Segment information The column ’Other activities/eliminations’ primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level. 1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 3,291 million, which primarily relates to our Shared Functions services as well as our B2B business activities. 2 Last 12 months. Total Other activities/ eliminations Reportable segments Bioenergy & OtherOnshoreOffshore 9M 2026 income statement DKKm 69,451(10)69,46116,0402,07551,346External revenue -1(125)125(1,156)61,275Intra-group revenue 69,451(135)69,58614,8842,08152,621Revenue (40,815)32(40,847)(12,023)(8)(28,816)Cost of sales (11,079)502(11,581)(1,958)(1,638)(7,985)Employee costs and other external expenses (563)(6)(557)(12)226(771)Gain (loss) on disposal of non-current assets 3,30723,305(92)2,716681Additional other operating income and expenses (73)-(73)3(4)(72)Share of profit (loss) in associates and joint ventures 20,22839519,8338023,37315,658EBITDA (7,465)(214)(7,251)(592)(1,257)(5,402)Depreciation and amortisation (5,979)-(5,979)-(459)(5,520)Impairment losses 6,7841816,6032101,6574,736Operating profit (loss) (EBIT) Key ratios 234,849923233,92610,39447,662175,870Intangible assets and property, plant, and equipment 3,3794892,8901521612,577Equity investments and non-current receivables (8,703)-(8,703)(98)(69)(8,536)Net working capital, capital expenditures 3,623-3,623--3,623Net working capital, work in progress (12,084)-(12,084)-(10,990)(1,094)Net working capital, tax equity (865)863(1,728)1,464(305)(2,887)Net working capital, other items (12,546)(612)(11,934)(1,453)(1,570)(8,911)Derivatives, net (15,611)-(15,611)(2,656)(2,181)(10,774)Decommissioning obligations (4,078)(824)(3,254)(798)-(2,456)Other provisions 6,187(809)6,9961,773(3,568)8,791Tax, net (7,388)(504)(6,884)-56(6,940)Other receivables and other payables, net 186,763(474)187,2378,77829,196149,263Capital employed at 30 September 3.2-----Return on capital employed (ROCE) 2, % 7,9682,3995,5697981,7852,986Cash flow from operating activities (28,527)(9)(28,518)(708)(1,522)(26,288)Gross investments 8,019(1,419)9,438(5)9,655(212)Divestments (12,540)971(13,511)859,918(23,514)Free cash flow (FCF)
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Interim report First nine months 2026 Consolidated financial statements 27/50 2. Segment information (continued) The column ’Other activities/eliminations’ primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level. 1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 3,513 million, which primarily relates to our Shared Functions services as well as our B2B business activities. 2 Last 12 months. Total Other activities/ eliminations Reportable segments Bioenergy & OtherOnshoreOffshore 9M 2025 income statement DKKm 50,110(30)50,14012,3102,21835,612External revenue -1(400)400(768)(4)1,172Intra-group revenue 50,110(430)50,54011,5422,21436,784Revenue (26,967)12(26,979)(8,476)(32)(18,471)Cost of sales (11,462)930(12,392)(2,181)(1,829)(8,382)Employee costs and other external expenses 3,190-3,190-6072,583Gain (loss) on disposal of non-current assets 3,770183,752(178)2,5631,367Additional other operating income and expenses (62)-(62)1(8)(55)Share of profit (loss) in associates and joint ventures 18,57953018,0497083,51513,826EBITDA (7,413)(213)(7,200)(492)(1,573)(5,135)Depreciation and amortisation (1,505)-(1,505)-1,102(2,607)Impairment losses 9,6613179,3442163,0446,084Operating profit (loss) (EBIT) Key ratios 215,7551,104214,6519,50159,062146,088Intangible assets and property, plant, and equipment 1,367961,271240629402Equity investments and non-current receivables (6,655)-(6,655)(75)(775)(5,805)Net working capital, capital expenditures 6,947-6,947--6,947Net working capital, work in progress (13,432)-(13,432)-(12,542)(890)Net working capital, tax equity (165)1,122(1,287)74194(1,555)Net working capital, other items (5,325)1,858(7,183)(35)(3,051)(4,097)Derivatives, net (14,102)-(14,102)(2,464)(2,060)(9,578)Decommissioning obligations (4,673)(1,592)(3,081)(331)-(2,750)Other provisions 2,712272,685206(3,398)5,877Tax, net (5,663)(952)(4,711)-(25)(4,686)Other receivables and other payables, net 176,7661,663175,1037,11638,034129,953Capital employed at 30 September 2.0-----Return on capital employed (ROCE) 2, % 6,6545,996658203345110Cash flow from operating activities (39,924)(56)(39,868)(1,414)(3,514)(34,940)Gross investments 7,189237,166-3,3673,799Divestments (26,081)5,963(32,044)(1,211)198(31,031)Free cash flow (FCF)
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Interim report First nine months 2026 Consolidated financial statements 28/50 2. Segment information (continued) The column ’Other activities/eliminations’ primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level. 1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 1,136 million (Q3 2025: 1,119 million), which primarily relates to our Shared Functions services as well as our B2B business activities. Total Other activities/ eliminations Reporting segments Bioenergy & OtherOnshoreOffshore Q3 2026, income statement and FCF DKKm 21,183521,1785,63862614,914External revenue -1(35)35(391)3423Intra-group revenue 21,183(30)21,2135,24762915,337Revenue (12,411)8(12,419)(4,224)9(8,204)Cost of sales (3,695)170(3,865)(703)(457)(2,705)Employee costs and other external expenses (733)(6)(727)(2)12(737)Gain (loss) on disposal of non-current assets 92679193983149Additional other operating income and expenses (10)-(10)3-(13)Share of profit (loss) in associates and joint ventures 5,2601495,1113601,0243,727EBITDA (2,361)(65)(2,296)(187)(434)(1,675)Depreciation and amortisation (3,442)-(3,442)-(324)(3,118)Impairment losses (543)84(627)173266(1,066)Operating profit (loss) (EBIT) (1,156)1,238(2,394)(984)69(1,479)Cash flow from operating activities (10,266)(24)(10,242)(224)(461)(9,557)Gross investments (1,482)(1,416)(66)-(1)(65)Divestments (12,904)(202)(12,702)(1,208)(393)(11,101)Free cash flow (FCF) Q3 2025, income statement and FCF DKKm 12,270612,2643,0787678,419External revenue -1(138)138(216)(3)357Intra-group revenue 12,270(132)12,4022,8627648,776Revenue (5,669)(11)(5,658)(2,044)(9)(3,605)Cost of sales (4,140)270(4,410)(800)(602)(3,008)Employee costs and other external expenses (112)-(112)-8(120)Gain (loss) on disposal of non-current assets 80421783(145)669259Additional other operating income and expenses (89)-(89)-(2)(87)Share of profit (loss) in associates and joint ventures 3,0641482,916(127)8282,215EBITDA (2,423)(72)(2,351)(165)(515)(1,671)Depreciation and amortisation (1,757)-(1,757)-126(1,883)Impairment losses (1,116)76(1,192)(292)439(1,339)Operating profit (loss) (EBIT) (1,166)1,203(2,369)(1,006)23(1,386)Cash flow from operating activities (14,971)(19)(14,952)(374)(863)(13,715)Gross investments (56)22(78)-50(128)Divestments (16,193)1,206(17,399)(1,380)(790)(15,229)Free cash flow (FCF)
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Interim report First nine months 2026 Consolidated financial statements 29/50 3. Revenue Revenue was DKK 69,451 million. The increases in ‘Generation of power’ and ‘Sale of power’ relative to the first nine months of 2025 were primarily driven by the commissioning of new assets and higher wind speeds, which contributed to higher generation. Revenue was further positively impacted by higher power prices in Offshore, partly offset by hedging effects. Higher prices in Offshore during 9M 2026 resulted in lower revenue from ’Government grants’ compared to 9M 2025. Revenue from construction agreements was DKK 15,573 million in 9M 2026 and mainly related to the construction of Hornsea 3 and the Hornsea 3 transmission assets for partners. In 9M 2025, revenue from construction agreements was DKK 4,782 million and mainly related to the construction of Greater Changhua 4 for partners. 9M 2025 total Other activities/ eliminations Bioenergy & OtherOnshoreOffshore 9M 2026 total Other activities/ eliminations Bioenergy & OtherOnshoreOffshore Revenue DKKm 14,441-3,0941,5419,80618,513-3,7871,52413,202Generation of power 12,462(5)2501612,20114,741(67)255514,548Sale of power 4,782---4,78215,573---15,573Revenue from construction of wind farms and transmission assets 2,482-2,482--2,549-2,549--Generation and sale of heat and steam 4,882(3)4,885--7,393187,375--Sale of gas 232(1)233--220(2)222--Distribution and transmission 3,238(421)2762443,1393,613(84)2842253,188O&M and other services 42,519(430)11,2201,80129,92862,602(135)14,4721,75446,511Total revenue from customers 6,487-2251716,0916,127-3221085,697Government grants 1,104-97242765722-90219413Miscellaneous revenue 50,110(430)11,5422,21436,78469,451(135)14,8842,08152,621Total revenue Timing of revenue recognition from customers 19,758(430)2,6001,80115,78725,869(135)4,0301,75420,220At a point in time 22,761-8,620-14,14136,733-10,442-26,291Over time 42,519(430)11,2201,80129,92862,602(135)14,4721,75446,511Total revenue from customers
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Interim report First nine months 2026 Consolidated financial statements 30/50 3. Revenue (continued) Q3 2025 total Other activities/ eliminations Bioenergy & OtherOnshoreOffshore Q3 2026 total Other activities/ eliminations Bioenergy & OtherOnshoreOffshore Revenue DKKm 3,542-7364512,3556,239-1,4955174,227Generation of power 2,3191394102,2023,380(31)105-3,306Sale of power 1,176---1,1765,381---5,381Revenue from construction of wind farms and transmission assets 464-464--476-476--Generation and sale of heat and steam 1,283(3)1,286--3,082123,070--Sale of gas 84-84--85(2)87--Distribution and transmission 1,105(142)77771,0931,092(9)(74)741,101O&M and other services 9,973(132)2,7415386,82619,735(30)5,15959114,015Total revenue from customers 2,094-331491,9121,419-93131,313Government grants 203-88773829-(5)259Miscellaneous revenue 12,270(132)2,8627648,77621,183(30)5,24762915,337Total revenue Timing of revenue recognition from customers 4,620(132)5475383,6679,129(30)1,8055916,763At a point in time 5,353-2,194-3,15910,606-3,354-7,252Over time 9,973(132)2,7415386,82619,735(30)5,15959114,015Total revenue from customers
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Interim report First nine months 2026 Consolidated financial statements 31/50 4. Impairments 30 September 2025 30 September 2026 WACC levels % 5.50 % - 7.25 %6.75 % - 7.75 % Base discount rate applied for the US Estimation uncertainty and sensitivity analyses When estimating the future cash flow for the value-in-use calculations of our cash-generating units (CGUs), management has assessed relevant assumptions and estimates on project level and taken other related risks and inherent uncertainties into consideration. Assumptions with major uncertainty include e.g. investment tax credits, interest rates, imposed tariffs in the US, and the supply chain. The sensitivity analyses presented in the table show related impact on impairment losses when a change in a given assumption increases or decreases the value-in-use for our CGUs. The analyses are performed with all other assumptions unchanged. In the table, we have included sensitivity analyses of impairment effects if WACC levels or assumptions related to ITC bonus credits change. If WACC had increased by 50 basis points in the impairment test of e.g. Revolution Wind as of 30 September 2026, the impairment loss would have been DKK 0.4 billion higher. If we had not included the probability-weighted additional 10 % ITC bonus credits in the impairment test of e.g. Revolution Wind as of 30 September 2026, the impairment loss would have been DKK 1.4 billion higher. The base discount rate after tax applied for the value-in-use calculation is determined per CGU. Q3 2025Q3 20269M 20259M 2026 Impairment losses on segment level DKKm 1,8833,1182,6075,520Offshore (126)324(1,102)459Onshore ----Bioenergy & Other 1,7573,4421,5055,979Total impairment losses Sensitivity impact DKK billion ITC bonus credits assumed in impairment tests 30 September 2025 30 September 2026Q3 2025Q3 20269M 20259M 2026 -50 bps WACC +50 bps WACC 40 % ITC bonus credits, 100 % probability No ITC bonus credits Probability weighting ITC bonus credits Recoverable amount Recoverable amount Impairment losses (reversals) Impairment losses (reversals) Impairment losses (reversals) Impairment losses (reversals) Cash-generating units (CGU) DKKm 1.5 (1.3)0.3 (5.2)95 %10 %11,89224,5852,0362,1912,3253,834Sunrise Wind 0.5 (0.4)0.1 (1.4)95 %10 %9,27011,368(83)685(145)1,198Revolution Wind 0.1 (0.2)n.a.n.a.n.a.n.a.2,8372,662(70)207(132)428South Fork 0.0 (0.0)n.a.n.a.n.a.n.a.1,096985-355960Block Island n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.--500-Hornsea 4 25,09539,6001,8833,1182,6075,520Offshore 0.2 (0.3)n.a.n.a.n.a.n.a.13,6524,818(126)324(1,102)459Onshore US 13,6524,818(126)324(1,102)459Onshore n.a.n.a.----Bioenergy & Other 38,74744,4181,7573,4421,5055,979Total 9M 2026 impairment losses We have updated our impairment tests as of 30 September 2026, which has resulted in an impairment loss of DKK 6.0 billion in 9M 2026 related to our US portfolio. The impairment loss was due to an increase in the long-dated US interest rate and comprised an impairment loss of DKK 5.5 billion on our US offshore projects and an impairment loss of DKK 0.5 billion on our US onshore projects.
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Interim report First nine months 2026 Consolidated financial statements 32/50 4. Impairments (continued) In 9M 2025, we had a net impairment loss of DKK 1.5 billion. The net impairment loss was driven by the 50 % tariff on steel and aluminium, the reciprocal tariffs that were imposed in the US in 2025 (DKK 3.7 billion), and the impact of the order to stop ongoing activities on the Outer Continental Shelf related to Revolution Wind (DKK 0.5 billion), partly offset by a decrease in the long-dated interest rate across our US portfolio (DKK 2.7 billion) and positive market price developments (DKK 0.5 billion). In addition to the net impairment loss on our US portfolio, we also recognised an impairment loss of DKK 0.5 billion on the Hornsea 4 project, caused by the decision to discontinue the project in its current form. Q3 2026 impairment losses We have recognised net impairment losses of DKK 3.4 billion in Q3 2026, primarily related to our US offshore projects. The net impairment loss was due to an increase in the long-dated US interest rate. In the following sections, the main drivers for the net impairment loss are described. Interest rates The US long-dated interest rate increased from 31 December 2025 to 30 September 2026, leading to higher WACC levels of approximately 125 basis points across our US portfolio. Tariffs in the US The US Administration has implemented several tariff measures as part of an ongoing review of its trade policy. Global tariffs In 2025, the US Administration issued global tariffs under the International Economic Emergency Powers Act (IEEPA). In the summer of 2025, the EU and the US announced that they had agreed on a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade. The US implemented its tariff commitments by means of two executive orders in July and September 2025. The European Commission completed its parliamentary process to finalise implementation of the agreement in July 2026. The IEEPA tariffs were deemed unlawful in February 2026 by the US Supreme Court. In response to this decision, the US Administration issued a new global 10 % tariff under section 122 of the Trade Expansion Act, which expired on 24 July 2026. Litigation about the legality of the now expired 10 % tariff under section 122 remains ongoing. On 23 July 2026, the US Administration imposed a 10 % or 12.5 % tariff under section 301 regarding forced labor on 60 trading partners (including the EU). Further investigations by the Administration regarding alleged manufacturing overcapacity are expected to conclude in Q4 2026 – Q1 2027. Sectoral tariffs In 2025, tariffs on metals (steel, copper, and aluminium) were increased by up to 50 %, impacting many imported components used in our construction projects. In April 2026, the US Administration modified how these metal tariffs were calculated, meaning that some components are now tariffed at up to 50 % on the full value of the component rather than the metal content. In October 2026, the President issued a Proclamation in response to the Section 232 investigation into wind turbines and their parts and components, imposing no tariff, but directing negotiations with trading partners within the next 180 days (through April 2027) and reserving the right to take further action. Tariff impacts The estimated impact of these tariffs has not resulted in further impairments in 9M 2026 compared to the assumptions used by 31 December 2025. The impact of tariffs and the above changes involve a number of key estimates and assumptions, which are based on the expected interpretation, final agreements, and practical implementation of the tariffs as well as the ongoing legal challenges to some of the imposed tariffs. Consequently, inherent uncertainties are embedded in the assumptions, which reflect our current best estimate. Investment tax credits The value of our projects depends, in part, on the continued availability of US federal income tax incentives and, specifically for Revolution Wind and Sunrise Wind, investment tax credits (ITCs). We have based our impairment tests on the assumption that our US projects qualify for the 10 % ITC bonus credits. ITC qualification and subsequent monetisation remain uncertain. We have included sensitivity analyses of impairment effects if assumptions related to ITC bonus credits change. Summary of the uncertainties in the US Our value-in-use calculations incorporate continued uncertainties and challenges, including risks related to regulatory uncertainty regarding tariffs, tax incentives, etc., and the continued risk of imposed construction delays outside Ørsted’s control. Changes in the US regulatory environment can materially and further adversely affect the value of our US activities and could potentially lead us to cease development, which would result in further impairments and costs. Potential consequences of further adverse development In addition to the sensitivities described, further adverse developments could lead us to cease development of or reconfigure projects currently under development. Besides impairing the capitalised value of these projects, ceasing to develop projects could lead to compensation to suppliers or other stakeholders for cancelling contracts.
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Interim report First nine months 2026 Consolidated financial statements 33/50 5. Other operating income and expenses In 9M 2026, ‘Interest expenses, net’ was a net income, compared with a net expense in 9M 2025. This change was mainly driven by higher capitalised interest expenses, updates to our uncertain tax positions, and increased income on bonds. The loss in ‘Value adjustments of derivatives, net’ in 9M 2025 was mostly due to losses in NTD interest rate swaps used as economic hedge for Greater Changhua 2, which were closed out in 2025. The loss recognised in ‘Exchange rate adjustments including currency derivatives, net’ in 9M 2026 (compared with a gain in 9M 2025) was mainly driven by movements in the GBP/DKK exchange rate. In 9M 2026, GBP strengthened against DKK, which led to an exchange rate loss in the parent company on intercompany balances with holding companies that have GBP as their functional currency. In 9M 2025, GBP weakened against DKK, resulting in the opposite effect. Other operating income In 9M 2026, ‘Gain on divestment of assets’ primarily related to the sale of onshore development projects and land in the US. In 9M 2025, ’Gain on divestment of assets’ primarily related to the farm-down of West of Duddon Sands. The development in ‘US tax credits and tax attributes’ was driven by completion of additional capacity, which was offset by partial divestments of onshore assets, leading to income from tax attributes being in line with 9M 2025. ‘Compensations’ in 9M 2026 primarily related to availability compensation mechanisms across APAC and the US. ‘Compensations’ in 9M 2025 primarily related to compensation for grid delays related to Borkum Riffgrund 3 from the German transmission system operator. Other operating expenses In 9M 2026, ‘Loss on divestment of assets’ primarily related to subsequent non-cash value adjustments from the Hornsea 3 farm-down due to increased interest rates. 6. Financial income and expenses The table shows net financial income and expenses corresponding to our internal reporting. Exchange rate adjustments and hedging contracts entered into to hedge currency risks are presented net under ‘Exchange rate adjustments including currency derivatives, net’. Q3 2025Q3 20269M 20259M 2026 Other operating income DKKm 38(13)3,476390Gain on divestment of assets 7148312,5972,727US tax credits and tax attributes 3223801,024776Compensations 50(133)228168Miscellaneous operating income 1,1241,0657,3254,061Total other operating income Q3 2025Q3 20269M 20259M 2026 Other operating expenses DKKm (18)7117846Ineffective hedges 150720286953Loss on divestment of assets 30081(99)318Miscellaneous operating expenses 4328723651,317Total other operating expenses Q3 2025Q3 20269M 20259M 2026 Net financial income and expenses DKKm (386)358(1,302)858Interest expenses, net (84)(143)(229)(347)Interest expenses, leasing (316)(435)(1,003)(1,278)Interest element of provisions, etc. (259)(273)(837)(778)Tax equity partners' contractual return 65116(394)127Value adjustments of derivatives, net 24(288)14(138) Capital gains/losses on securities at market value, net 555(165)1,461(621) Exchange rate adjustments including currency derivatives, net (26)7(35)14Other financial income and expenses (427)(823)(2,325)(2,163)Net financial income and expenses
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Interim report First nine months 2026 Consolidated financial statements 34/50 7. Gross and net investments 8. Reserves Q3 2025Q3 20269M 20259M 2026 Gross and net investments DKKm (23,689)(15,006)(39,790)(45,520)Cash flows from investing activities (19)(13)(53)(21) Dividends received and capital reductions reversed 8,6413,3336,78225,027Purchase and sale of securities, reversed 73-12418Loans to associates and joint ventures, reversed 231,420(6,987)(8,031)Sale of non-current assets, reversed (14,971)(10,266)(39,924)(28,527)Gross investments (33)(62)202(12) Transactions with non-controlling interests in connection with divestments and acquisitions (23)(1,420)6,9878,031Sale of non-current assets (56)(1,482)7,1898,019Divestments (15,027)(11,748)(32,735)(20,508)Net investments Total reserves Hedging reserve Foreign currency translation reserve Reserves 2026 DKKm (9,164)(5,028)(4,136)Reserves at 1 January 3,300-3,300Exchange rate adjustments (7,495)(7,495)-Value adjustments Value adjustments transferred to: 841841-Revenue 119129(10)Other operating income - gain on divestment of assets 4646-Other operating expenses (1)(1)-Financial income and expenses Tax: 1,3561,603(247)Tax on hedging and currency adjustments (1,834)(4,877)3,043Movement in comprehensive income for the period (80)(80)- Cash flow hedging of property, plant, and equipment under construction, net tax (11,078)(9,985)(1,093)Total reserves including tax at 30 September (14,348)(12,816)(1,532)Total reserves excluding tax at 30 September Reserves 2025 DKKm (5,164)(9,976)4,812Reserves at 1 January (9,323)-(9,323)Exchange rate adjustments 4,7934,793-Value adjustments Value adjustments transferred to: 764764-Revenue 134134-Other operating expenses 33-Financial income and expenses Tax: (727)(1,327)600Tax on hedging and currency adjustments (4,356)4,367(8,723)Movement in comprehensive income for the period 2525- Cash flow hedging of property, plant, and equipment under construction, net tax (9,495)(5,584)(3,911)Total reserves including tax at 30 September (11,379)(6,857)(4,522)Total reserves excluding tax at 30 September
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Interim report First nine months 2026 Consolidated financial statements 35/50 9. Assets classified as held for sale In April 2026, we completed the divestment of our European onshore business, which was classified as held for sale at 31 December 2025. 30 September 2025 31 December 2025 30 September 2026Assets classified as held for sale, DKKm -418-Intangible assets -9,237-Property, plant, and equipment -497-Investments in associates -45-Deferred tax -(5)-Trade receivables -411-Other receivables -6-Income tax -10,609-Total assets classified as held for sale -798-Deferred tax -115-Provisions -399-Lease liabilities -6-Contract liabilities -425-Trade payables -92-Other payables -36-Income tax -1,871-Total liabilities relating to assets classified as held for sale -8,738-Net assets classified as held for sale
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Consolidated financial statements 36/50 36/50 Interim report First nine months 2026 10. T ax on profit (loss) for the period Accounting policies Effective tax rate The estimated average annual tax rate is separated into five different categories: 1) ordinary business activities, 2) gain (loss) on divestments, 3) impacts from tax equity partnerships in the US, 4) impairments, and 5) other adjustments not related to the current year’s profit (loss). Approach to taxes Tax controversies In September 2026, Ørsted received the final opinion from the advisory commission in the tax controversy between Denmark and the UK regarding taxation rights related to the offshore wind farms Walney Extension and Hornsea 1. According to the opinion, which follows the legal principles for taxation of services applied by Ørsted, the Walney Extension and Hornsea 1 offshore wind farms have a genuine legal and economic purpose. The projects are therefore primarily taxable in the country where they are located, in this case in the UK, and over the projects‘ lifetimes as they generate power and revenue. The financial impact of the opinion is fully covered by our existing provisions for uncertain tax positions. Ørsted has entered into dialogue with the Danish Tax Authorities (DTA) to find a resolution regarding other projects for which the DTA has made similar administrative decisions or issued draft assessments. Similarly, Ørsted has entered into dialogue with the UK tax authority, HM Revenue & Customs (HMRC), regarding the application of the opinion. Please refer to our annual consolidated financial statements as of 31 December 2025 for a further description of the other cases. Tax on profit (loss) for the period Tax on profit (loss) was DKK 1,969 million for the first nine months of 2026 compared to DKK 1,039 million for the first nine months of 2025. Effective tax rate The effective tax rate for the first nine months of 2026 was 43 %. The effective tax rate was primarily affected by: − the recognition of a deferred tax liability in the US related to tax equity contributions for Revolution Wind, the battery storage system at Old 300 BESS, and Badger Wind − the non-recognition of deferred tax assets related to the impairment losses on our US portfolio. Effective tax rate The effective tax rate for the first nine months of 2026 was calculated on the basis of the profit (loss) before tax. ‘Impairment for the period’ includes unrecognised deferred tax assets related to the impairments on our US projects. ‘Other adjustments’ include changes in tax rates, movements in uncertain tax positions, tax concerning previous years, and unrecognised tax losses. 9M 20259M 2026 Tax in %Tax Profit (loss) before taxTax in %Tax Profit (loss) before tax Tax for the period DKKm n.a.72-n.a.(547)-Tax equity, deferred tax liability (20 %)6223,056n.a.-181Gain (loss) on divestment of enterprises and assets 34 %515(1,505)16 %973(5,979)Impairment for the period (24 %)(366)(1,531)n.a.--Cancellation fees for the period n.a.(212)-n.a.134-Other adjustments 22 %(1,670)7,55524 %(2,529)10,347Remaining business 14 %(1,039)7,57543 %(1,969)4,549Effective tax for the period Q3 2025Q3 2026 Tax in %Tax Profit (loss) before taxTax in %Tax Profit (loss) before tax Tax for the period DKKm n.a.(8)-n.a.370-Tax equity, deferred tax liability n.a.-(80)n.a.--Gain (loss) on divestment of enterprises and assets 26 %449(1,757)16 %556(3,442)Impairment for the period n.a.(39)-n.a.--Cancellation fees for the period n.a.(537)-n.a.230-Other adjustments 11 %(34)30424 %(498)2,056Remaining business (11 %)(169)(1,533)47 %658(1,386)Effective tax for the period
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Interim report First nine months 2026 Consolidated financial statements 37/50 11. Market risks Energy exposure 1 October 2026 – 31 December 2028 DKKbn We are exposed to financial and revenue risks in the form of energy price and volume risks, inflation and interest rate risks, commodity price risks, currency risks, credit risks, and liquidity risks as part of our business, hedging, and trading activities. Through our risk management, we monitor and proactively manage the risks according to our risk appetite. The overall objective of our financial risk management is to: − increase the predictability of our short-term income and construction costs − protect our current and future investment capacity by stabilising key rating metrics, such as FFO/adjusted interest-bearing net debt − protect the long-term real value of the shareholders’ investment in Ørsted. For more details on our market risks, please see notes 6.1—6.5 in the annual report for 2025. Currency exposure 1 October 2026 – 30 September 2029 DKKbn ← The exposures are based on market prices as of 30 September 2026. ← We do not deem EUR to constitute a risk, as we expect Denmark to maintain its fixed exchange-rate policy. EBITDA impact from hedges and financial PPAs DKKbn ← As of 30 September 2026, the pre- tax loss of the hedging reserve was DKK 12.8 billion, of which DKK 11.3 billion will be transferred to EBITDA over the coming periods, as shown in the chart. The losses on power hedges will be countered by a higher sales price on our future power production.
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Interim report First nine months 2026 Consolidated financial statements 38/50 12. Fair value measurement the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these PPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices. Further, we have recognised receivables from divestment of assets, mainly related to the divestment of a 50 % share of Hornsea 3. The divestment is structured with an asymmetrical distribution of the future expected cash flows from the operation of the wind farm. For the first few years of operations, the underlying cash flows will be distributed according to the ownership share, and subsequently, the partnership is structured to distribute the projects’ underlying operating cash flows asymmetrically throughout the different stages of operational lifetime between Ørsted and the investor. Under the pre- agreed distribution profile, the investor will receive a higher share of the distributions for the majority of the period when the project is under the contract for difference (CfD) contract, and shortly after, Ørsted will receive an increasingly higher share of the distributions for the remaining lifetime of the project. Estimating as-produced power prices Since our PPAs are normally settled on the actual production, and the power prices We measure our securities, derivatives, and some of our receivables from divestment of assets at fair value. A number of our derivatives, mainly power purchase agreements (PPAs), are measured based on unobservable inputs due to the long duration of the contracts. Valuation principles and process Market values are determined by the Risk Management function. In order to minimise the use of subjective estimates or modifications of parameters and calculation models, it is our policy to determine fair value based on the external information that most accurately reflects the market values. We use external pricing services and benchmark services to increase the data quality of our price curves. Where prices are not available, we model the prices based on our prior experience and best estimates. Where relevant and possible, we validate our price curves against third-party data. Fair value hierarchy Market values based on quoted prices comprise quoted securities and derivatives that are traded in active markets. The market values of derivatives traded in an active market are often settled on a daily basis, thereby minimising the market value presented on the balance sheet. Market values based on observable inputs comprise derivatives where valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term PPAs that lock the All assets and liabilities measured at market value are measured on a recurring basis. 30 September 2025 Non- observable input (level 3) Observable input (level 2) Quoted prices (level 1) 30 September 2026 Non- observable input (level 3) Observable input (level 2) Quoted prices (level 1) Fair value hierarchy of financial instruments DKKm Assets: ----3,7873,787--Receivables from divestment of assets ----3,7873,787--Total other receivables 1,859--1,8593,425--3,425Gas inventory 1,859--1,8593,425--3,425Total inventory 21,376-21,376-63,101-63,101-Bonds 21,376-21,376-63,101-63,101-Total securities 2,5658595471,1596,6547531,0834,818Energy derivatives 2,652-2,652-736-736-Currency derivatives 231-231-712-712-Interest and inflation derivatives 5,4488593,4301,1598,1027532,5314,818Total derivative assets Liabilities: 6,6665,55332179214,8155,4083,0046,403Energy derivatives 987-987-2,369-2,369-Currency derivatives 3,064-3,064-3,464-3,464-Interest and inflation derivatives 56-56-----Commodity derivatives 10,7735,5534,42879220,6485,4088,8376,403Total derivative liabilities
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Interim report First nine months 2026 Consolidated financial statements 39/50 12. Fair value measurement (continued) available in the market are based on constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. For the majority of our markets, the flat profile power price can be observed for a maximum of four to six years in the market, after which an active market no longer exists. Valuation techniques and significant unobservable inputs Power purchase agreements We use a discounted cash flow model for the valuation of power derivatives. The US power purchase agreements give exposure to the long-term US power prices, mainly in the Electricity Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP), and Midcontinent Independent System Operator (MISO) regions. The power price is observable for the first four to six years. For the following four to six years, the power price is estimated based on observable inputs (gas prices and heat rates). For the subsequent period, the power price is non-observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration’s long-term power price forecast, assuming similar seasonality as in previous periods. As the majority of the remaining contract period is within the period when power prices are non-observable, we classify the contracts as based on non- observable input. In Germany and in the US, the power price is observable for up to five years. When power prices are no longer observable in the market, we have estimated the power price by extrapolating the last year with an observable power price, taking expected inflation and seasonality into account. Receivable from divestment of assets We use a discounted cash flow model for the valuation of the asymmetrical cash distribution from the Hornsea 3 divestment. The cash flows are sensitive to change in production volumes and power prices. However, due to the long duration of the cash flow, the only significant non-observable input is the discount rate applied of 7.0 % — 8.7 %. A 1 % increase or decrease in the discount rate would result in a decrease/increase of DKK 1,249 million/DKK 1,328 million, respectively, in the receivable from divestment of assets. Acquired corporate PPAs (CPPAs) The initial negative fair value from long-term PPAs acquired in a business combination is recognised as revenue in future periods to which the market value relates. This effectively increases or decreases the revenue from the contract price to the forward price at the closing date. In 9M 2026, we have recognised an income of DKK 92 million related to the initial fair value from PPAs. The total amount of initial fair value as of 30 September 2026 amounts to a loss of DKK 659 million, which will be recognised as revenue in future periods. The table shows the significant unobservable inputs used in the fair value measurements categorised as level 3 of the fair value hierarchy together with a sensitivity analysis as of 30 September 2026. If intermittency-adjusted power prices in Germany as of 30 September 2026 increased or decreased by 25 %, the market value would decrease or increase by DKK 1,896 million or DKK 1,879 million, respectively. 20252026 Reconciliation of fair value measurement of non-observable inputs DKKm (5,156)(791)Market value at 1 January 169(384)Value adjustments through profit or loss (471)(763)Value adjustments through other comprehensive income 369612Sales/redemptions 275325Purchases/issues 120133Transferred to quoted prices and observable input (4,694)(868)Market value at 30 September 20252026 Non-observable inputs per commodity price DKKm (3,103)(1,918)US ERCOT power prices (1,552)(3,002)German power prices (97)(165)US MISO power prices (43)424Other power prices 1016Gas prices (4,694)(4,655)Total -3,787Receivable from divestment of assets (4,694)(868)Net market value at 30 September Sensitivity (DKK)Power price per MWh (DKK)Overview of significant non-observable inputs and sensitivities for power purchase agreements -25 %+25 % Monthly maximum Monthly minimum Weighted average Intermittency-adjusted power prices 2,127(1,811)92041236US ERCOT (2026-2039) 1,879(1,896)1,101333554Germany (2026-2036) 503(314)676143317US MISO (2026-2041) 820(697)64437260US SPP (2026-2042)
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Interim report First nine months 2026 Consolidated financial statements 40/50 13. Interest-bearing net debt and FFO Interest-bearing net debt totalled DKK 37,742 million at 30 September 2026, an increase of DKK 18,764 million relative to 31 December 2025. The main change in the composition of our net debt compared to 31 December 2025 was an increase in bond and bank debt of DKK 3,883 million, an increase in securities of DKK 24,784 million, and a decrease in cash of DKK 39,929 million. At 30 September 2026, the market values of bond and bank debts were DKK 60.5 billion and DKK 36.1 billion, respectively. 30 September 2025 31 December 2025 30 September 2026 Interest-bearing debt and interest-bearing assets DKKm Interest-bearing debt: 70,43570,32065,955Bond debt 32,51528,54236,790Bank debt 102,95098,862102,745Total bond and bank debt 1,5281,8482,271Tax equity liability 8,3858,99511,661Lease liability Other interest-bearing debt: 2,9342,9793,189Debt in connection with divestments 923650152Debt from receiving collateral under credit support annexes 120370212Other interest-bearing debt 116,840113,704120,230Total interest-bearing debt Interest-bearing assets: 21,37638,31763,101Securities 8,67753,44813,519Cash 300258164Receivables from associates and joint ventures 228219368Cash, not available for use Other receivables: 2,4191,8034,755 Receivables from placing collateral under credit support annexes 686681581Receivables in connection with divestments 33,68694,72682,488Total interest-bearing assets 83,15418,97837,742Total net interest-bearing debt 30 September 2025 31 December 2025 30 September 2026 Funds from operations (FFO) LTM 1 DKKm 26,93222,44824,097EBITDA (256)2,000943Change in provisions and other adjustments (231)(488)1,910Change in derivatives 128215(454)Variation margin (add back) (3,272)9644,717Reversal of gain (loss) on divestment of assets (4,745)(4,899)(6,270)Income tax paid (1,637)(3,247)(1,177)Interest and similar items, received/paid (2,035)(2,378)(3,256)Reversal of interest expenses transferred to assets (320)(357)(354)50 % of coupon payments on hybrid capital (1,621)(2,011)(1,164)Dividends paid to minority interests 608149Dividends received and capital reductions 13,00312,32819,041Funds from operations (FFO) 1 Last 12 months. 30 September 2025 31 December 2025 30 September 2026 Adjusted interest-bearing net debt DKKm 83,15418,97837,742Total interest-bearing net debt 10,47710,47710,47750 % of hybrid capital (3,977)(3,999)(3,553)Other interest-bearing debt, add back 3,1052,4845,336Other interest-bearing receivables, add back 8007911,107 Cash and securities not available for distribution, excluding repo loans 93,55928,73151,109Total adjusted interest-bearing net debt 30 September 2025 31 December 2025 30 September 2026 Funds from operations (FFO)/ adjusted interest-bearing net debt, % 13.9 %42.9 %37.3 % Funds from operations (FFO)/ adjusted interest-bearing net debt
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Interim report First nine months 2026 Sustainability statements First nine months 2026 1 January – 30 September
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Interim report First nine months 2026 Sustainability statements 42/50 Basis of reporting Frameworks and data selection The interim sustainability statements comprise selected data from our annual sustainability statements prepared in compliance with the European Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG). The data selected for the interim sustainability statements are directly related to the understanding of either our interim financial or sustainability performance. All greenhouse gas data (scopes 1–3) is reported based on the Greenhouse Gas Protocol. Measurement basis The sustainability statements have been prepared using the same accounting policies as those applied in our Annual Report 2025. Furthermore, a list of references for our calculation factors can be found in that report. Consolidation The data is consolidated according to the same principles as the financial statements. Accordingly, the consolidated quantitative ESG data comprises the parent company Ørsted A/S and subsidiaries controlled by Ørsted A/S. Joint operations are also included with Ørsted's proportionate share. Associates and joint ventures are not included in the consolidated ESG data. Consolidation of all quantitative ESG data follows the principles above, unless otherwise specified in the relevant accounting policies.
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Sustainability statements 43/50 Interim report First nine months 2026 Renewable capacity MW 9M 2026 H1 2026 Δ 9M 2026 9M 2025 Δ 2025 Installed renewable capacity 19,536 18,373 1,163 19,536 18,500 1,036 18,505 Offshore, wind power 11,069 10,156 913 11,069 10,156 913 10,156 Onshore 6,412 6,162 250 6,412 6,289 123 6,294 Wind power 3,665 3,665 - 3,665 3,793 (128) 3,793 Solar PV power1 2,137 2,137 - 2,137 2,136 1 2,141 Battery storage 610 360 250 610 360 250 360 Bioenergy2 2,055 2,055 - 2,055 2,055 0 2,055 Decided (FID'ed) renewable capacity 7,418 8,381 (963) 7,418 8,874 (1,456) 8,888 Offshore 7,198 8,111 (913) 7,198 8,111 (913) 8,111 Wind power 6,898 7,811 (913) 6,898 7,811 (913) 7,811 Battery storage 300 300 - 300 300 - 300 Onshore 200 250 (50) 200 763 (563) 757 Wind power - - - - 364 (364) 364 Solar PV power1 200 - 200 200 149 51 143 Battery storage - 250 (250) - 250 (250) 250 Bioenergy, battery storage 20 20 - 20 - 20 20 Sum of installed and FID'ed renewable capacity 26,954 26,754 200 26,954 27,374 (420) 27,393 Awarded offshore wind capacity 2,155 2,155 - 2,155 1,255 900 2,155 Renewable capacity In Q3 2026, we added 1,163 MW to our installed renewable capacity. We commissioned the 913 MW offshore wind farm Borkum Riffgrund 3 in Germany and the 250 MW battery energy storage system (BESS) Old 300 in Texas, US. In addition, we took final investment decision (FID) on the 200 MWAC solar farm Blackwater Solar Center in New Mexico, US. 1 Solar PV capacities are measured in megawatts of alternating current (MW AC). 2 Including thermal heat capacity from biomass and battery capacity not in Onshore (<1 MW). Renewable capacity Business drivers
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Sustainability statements Interim report First nine months 2026 44/50 Generation capacity MW 9M 2026 H1 2026 Δ 9M 2026 9M 2025 Δ 2025 Power generation capacity 13,507 12,948 559 13,507 12,879 628 12,911 Offshore wind 6,477 5,918 559 6,477 5,435 1,042 5,462 Denmark 561 561 - 561 561 - 561 The UK 3,005 3,005 - 3,005 3,005 - 3,005 Germany 1,251 871 380 1,251 799 452 799 The Netherlands 376 376 - 376 376 - 376 Taiwan 891 877 14 891 598 293 625 The US 393 228 165 393 96 297 96 Onshore wind 3,347 3,347 - 3,347 3,737 (390) 3,737 The US 3,347 3,347 - 3,347 3,215 132 3,215 Ireland - - - - 351 (351) 351 The UK - - - - 78 (78) 78 Germany - - - - 93 (93) 93 Solar PV 1,586 1,586 - 1,586 1,610 (24) 1,615 The US 1,586 1,586 - 1,586 1,586 - 1,586 Germany - - - - 24 (24) 29 Thermal, Denmark (CHP plants) 2,097 2,097 - 2,097 2,097 - 2,097 Heat generation capacity, thermal 2,864 2,864 - 2,864 2,864 - 2,864 Based on biomass 2,032 2,032 - 2,032 2,032 - 2,032 Based on natural gas 1,574 1,574 - 1,574 1,574 - 1,574 Heat generation capacity, electric 249 249 - 249 249 - 249 Power generation capacity, thermal 2,097 2,097 - 2,097 2,097 - 2,097 Based on biomass 1,232 1,232 - 1,232 1,232 - 1,232 Based on natural gas 882 882 - 882 882 - 882 Based on oil 474 474 - 474 474 - 474 Generation capacity Offshore wind generation capacity increased by 559 MW in Q3 2026 due to ramp-up of capacity at Borkum Riffgrund 3 in Germany and Revolution Wind in the US. 1 Fuel-specific thermal heat and power generation capacities measure the maximum capacity using the specified fuel as primary fuel at the multi -fuel plants. They cannot be added to total thermal capacity, as they are defined individually for each fuel type for our multi-fuel plants. All fuels cannot be used at the same time. Therefore, the total sum amounts to more than 100 %. Generation capacity Business drivers
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Sustainability statements 45/50 Interim report First nine months 2026 Energy generation and sales GWh Q3 2026 Q3 2025 Δ 9M 2026 9M 2025 Δ 2025 Power generation 8,817 7,437 19 % 30,731 26,806 15 % 38,804 Offshore wind 4,517 3,788 19 % 15,701 12,904 22 % 19,687 Denmark 458 407 13 % 1,475 1,317 12 % 1,973 The UK 2,220 2,264 (2 %) 8,220 7,383 11 % 11,131 Germany 674 551 22 % 2,390 1,591 50 % 2,519 The Netherlands 228 251 (9 %) 867 797 9 % 1,234 Taiwan 697 265 163 % 2,286 1,557 47 % 2,471 The US 240 50 380 % 463 259 79 % 359 Onshore wind 2,241 2,149 4 % 9,079 8,638 5 % 11,979 The US 2,241 1,922 17 % 8,624 7,876 9 % 10,874 Europe (divested Q2 2026) - 227 (100 %) 455 762 (40 %) 1,105 Solar PV 1,116 1,074 4 % 2,914 2,881 1 % 3,503 The US 1,116 1,069 4 % 2,907 2,870 1 % 3,489 Europe (divested Q2 2026) - 5 (100 %) 7 11 (36 %) 14 Thermal 943 426 121 % 3,037 2,383 27 % 3,635 Heat generation 342 337 1 % 4,719 4,269 11 % 6,414 Total heat and power generation 9,160 7,774 18 % 35,450 31,075 14 % 45,218 Energy generation from renewable sources, % 100 100 0 %p 99 99 0 %p 99 Gas sales 6,058 4,809 26 % 18,715 15,887 18 % 21,528 Power sales 4,242 3,979 7 % 14,624 12,481 17 % 19,244 Power sold to end customers 617 617 0 % 1,914 1,834 4 % 2,475 Power wholesale 3,625 3,362 8 % 12,710 10,647 19 % 16,769 Renewable share of energy generation The share of generation from renewable sources remained stable at 99 % in 9M 2026. Energy sales Gas sales increased by 18 % in 9M 2026 compared with 9M 2025. This was primarily driven by higher natural gas offtake from the Danish North Sea, resulting in higher volumes sold to wholesale customers, through gas hubs, and to B2B customers. Power sales increased by 17 %, driven by higher wholesale volumes from offshore wind generation. The increase in generation was mainly driven by higher wind speeds and ramp- up of generation at Borkum Riffgrund 3 in Germany. Energy generation Power generation increased by 15 % in 9M 2026 compared with 9M 2025, driven by higher generation across all markets. The increase was primarily attributable to higher wind speeds and increased ramp-up generation at Borkum Riffgrund 3 in Germany, Greater Changhua 4 in Taiwan, and Revolution Wind in the US. Onshore wind generation increased by 5 % in 9M 2026 compared with the same period last year, primarily driven by higher generation from Badger Wind in the US. Thermal power and heat generation increased by 27 % and 11 %, respectively, mainly due to favourable power prices and higher heat demand during 9M 2026 compared with 9M 2025. Energy generation and sales Business drivers
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Sustainability statements 46/50 Interim report First nine months 2026 Energy consumption Climate change Energy consumption MWh Q3 2026 Q3 2025 Δ 9M 2026 9M 2025 Δ 2025 Total energy consumption from non -renewable sources 152,639 114,474 33 % 732,229 503,134 46 % 735,822 Non-renewable fuels used in thermal heat and power generation 90,628 56,576 60 % 564,519 343,409 64 % 532,585 Fuel consumed from natural gas 58,185 31,646 84 % 468,142 226,751 106 % 385,077 Fuel consumed from crude oil and petroleum products 32,443 24,930 30 % 96,377 116,658 (17 %) 147,508 Other fossil sources (oil, gas, and diesel for vessels and vehicles) 61,503 57,440 7 % 164,240 156,299 5 % 198,276 Consumption of purchased or acquired heat from fossil sources 508 458 11 % 3,470 3,426 1 % 4,961 Total energy consumption from renewable sources 2,740,989 1,427,323 92 % 10,471,739 8,573,969 22 % 12,759,783 Renewable fuels used in thermal heat and power generation 2,629,671 1,330,440 98 % 10,097,761 8,264,378 22 % 12,348,871 Consumption of purchased or acquired electricity and heat from renewable sources 111,318 96,883 15 % 373,978 309,591 21 % 410,912 Total energy consumption 2,893,628 1,541,797 88 % 11,203,968 9,077,103 23 % 13,495,605 Share of non-renewable energy consumption, % 5 7 (2 %p) 7 6 1 %p 5 Share of renewable energy consumption, % 95 93 2 %p 93 94 (1 %p) 95 Energy consumption Total energy consumption increased by 23 % in 9M 2026 compared with 9M 2025, primarily due to increased use of biomass in thermal heat and power generation during Q2 and Q3 2026. Total energy consumption from non- renewable sources increased by 46 % in 9M 2026 compared with 9M 2025. The increase was driven by higher natural gas consumption, resulting mainly from colder weather and higher heat demand in Q1 2026 compared with the same period in 2025. The increase in natural gas consumption was partly offset by lower oil consumption for ancillary services. Share of renewable energy consumption The share of renewable energy consumption decreased by 1 percentage point to 93 % in 9M 2026 as a result of higher natural gas consumption in Q1 2026.
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Sustainability statements 47/50 Interim report First nine months 2026 Greenhouse gas (GHG) emissions Climate change GHG emissions and intensities Tonnes CO2e and g CO2e/kWh Q3 2026 Q3 2025 Δ 9M 2026 9M 2025 Δ 2025 Direct GHG emissions (scope 1) 39,764 29,730 34 % 176,332 127,288 39 % 184,732 Indirect GHG emissions (scope 2), location -based 16,262 13,814 18 % 39,113 35,906 9 % 53,100 Indirect GHG emissions (scope 2), market -based 1 109 73 49 % 637 512 24 % 736 Indirect GHG emissions (scope 3) 2,125,061 1,801,337 18 % 6,466,284 6,144,884 5 % 8,812,092 Category 2: capital goods 392,250 227,565 72 % 1,081,794 748,846 44 % 1,194,188 Category 3: fuel- and energy-related activities 288,131 234,248 23 % 826,888 872,537 (5 %) 1,206,785 Category 11: use of sold products 1,369,786 1,173,008 17 % 4,264,186 4,106,702 4 % 5,888,911 Other categories 74,894 166,516 (55 %) 293,416 416,799 (30 %) 522,208 Total GHG emissions (location-based) 2,181,087 1,844,881 18 % 6,681,729 6,308,078 6 % 9,049,924 Total GHG emissions (market-based) 2,164,934 1,831,140 18 % 6,643,253 6,272,684 6 % 8,997,560 Scopes 1, 2, and 3 (excl. category 11) 795,148 658,132 21 % 2,379,067 2,165,982 10 % 3,108,649 Scope 3 (excl. category 11) 755,275 628,329 20 % 2,202,098 2,038,182 8 % 2,923,181 GHG emissions intensity, energy generation GHG emissions intensity (scopes 1 and 2) 2, g CO2e/kWh 4 4 0 % 5 4 25 % 4 GHG emissions intensity (scopes 1, 2, and 3) 2, 3, g CO2e/kWh 87 85 2 % 67 70 (4 %) 69 1 We cover 100 % of our own electricity consumption with unbundled renewable electricity certificates. 2 Calculated using market-based scope 2 emissions. 3 Excludes scope 3 emissions from category 11: use of sold products. GHG emissions (scopes 1–3) Direct scope 1 greenhouse gas (GHG) emissions increased by 39 % in 9M 2026 compared with 9M 2025. The increase was primarily driven by higher natural gas consumption for energy generation at our combined heat and power plants in Q1 2026. Total indirect scope 3 GHG emissions were 5 % higher in 9M 2026 compared with 9M 2025. Emissions from construction activities (category 2) increased by 44 %, reflecting continued construction progress across our offshore wind projects. The increase was partly offset by lower emissions from power sales (category 3), driven by a decline in the annually updated emission factor applied to power sold to end customers without renewable energy certificates. Emissions from the use of sold products (category 11) were 4 % higher compared with 9M 2025. GHG emissions from gas sales increased during the period due to higher natural gas offtake from gas fields in the Danish North Sea. However, the absence of emissions from coal sales following the cessation of coal-fired generation activities largely offset the increase. Emissions from other categories, primarily purchased goods and services (category 1), decreased by 30 %. GHG emissions intensities Our scope 1 and 2 GHG emissions intensity increased to 5 g CO2e/kWh in 9M 2026 from 4 g CO2e/kWh in 9M 2025, driven by higher scope 1 emissions. The effect was partly offset by higher heat and power generation. Our scope 1–3 GHG emissions intensity (excluding category 11) decreased by 4 % to 67 g CO2e/kWh in 9M 2026 compared with 70 g CO2e/kWh in 9M 2025. While GHG emissions increased during the period, heat and power generation increased at a higher rate, resulting in lower emissions intensity. G u i d e
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Sustainability statements 48/50 Interim report First nine months 2026 EU taxonomy for sustainable activities EU taxonomy KPIs % 9M 2026 9M 2025 Δ 2025 Taxonomy-aligned revenue (turnover) 86 88 (2 %p) 88 Electricity generation from solar PV (4.1) and storage of electricity (4.10) 1 2 (1 %p) 1 Electricity generation from wind power (4.3) 76 74 2 %p 75 Cogeneration of heat and power from bioenergy (4.20) 9 12 (3 %p) 12 Taxonomy-eligible but not taxonomy-aligned revenue (turnover) 1 0 1 %p 0 High-efficiency cogeneration of heat and power from fossil gas (4.30) 1 0 1 %p 0 Taxonomy-non-eligible revenue (turnover) 13 12 1 %p 12 Gas (sales) 11 10 1 %p 9 Oil (generation and distribution) 0 0 0 %p 1 Other activities1 2 2 0 %p 2 Taxonomy-aligned CAPEX2 99 99 0 %p 99 Taxonomy-aligned revenue (turnover) Our taxonomy-aligned share of revenue in 9M 2026 was 86 %, down 2 percentage points compared with 9M 2025. The decrease was mainly driven by higher revenue from gas sales, partly offset by increased revenue from wind power generation. Taxonomy-aligned CAPEX Our taxonomy-aligned share of CAPEX in 9M 2026 was 99 %, which is unchanged from 9M 2025. 1 Other activities primarily consist of trading and non -eligible power sales (incl. end customer sales). 2 This ratio is applied to gross investments.
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Sustainability statements 49/50 Interim report First nine months 2026 People 9M 2026 9M 2025 Δ 2025 Total number of employees, headcount 7,236 8,260 (12 %) 8,005 Denmark 3,391 3,765 (10 %) 3,702 The UK 1,166 1,306 (11 %) 1,261 Malaysia 640 800 (20 %) 707 Poland 754 832 (9 %) 827 The US 634 689 (8 %) 645 Germany 308 395 (22 %) 400 Taiwan 197 216 (9 %) 204 The Netherlands 103 107 (4 %) 107 Ireland 9 102 (91 %) 106 Other1 34 48 (29 %) 46 Total number of employees, FTE 7,151 8,126 (12 %) 7,896 Turnover, % Total employee turnover rate 16.4 13.5 2.9 %p 15.3 Voluntary employee turnover rate 6.7 6.2 0.5 %p 6.1 Safety 9M 2026 9M 2025 Δ 2025 Total recordable injuries (TRIs), number 79 71 11 % 96 Own employees 27 15 80 % 20 Contractor employees 52 56 (7 %) 76 Lost-time injuries (LTIs), number 38 43 (12 %) 48 Own employees 13 13 0 % 13 Contractor employees 25 30 (17 %) 35 Hours worked, million hours 25.1 28.2 (11 %) 37.9 Own employees 9.3 10.3 (10 %) 13.6 Contractor employees 15.8 17.9 (12 %) 24.3 Total recordable injury rate, TRIR 3.2 2.5 28 % 2.5 Own employees 2.9 1.5 93 % 1.5 Contractor employees 3.3 3.1 6 % 3.1 Lost-time injury frequency, LTIF 1.5 1.5 0 % 1.3 Own employees 1.4 1.3 8 % 1.0 Contractor employees 1.6 1.7 (6 %) 1.4 TRIR 12M rolling 3.0 2.8 7 % 2.5 LTIF 12M rolling 1.2 1.7 (29 %) 1.3 Fatalities, number 0 2 (2) 2 Own employees 0 0 0 0 Contractor employees 0 2 (2) 2 Permanent disability cases, number 1 1 0 1 People The total number of employees was 12 % lower at the end of 9M 2026 than at the end of 9M 2025, while our total employee turnover rate increased by 2.9 percentage points compared with 9M 2025. The reduction in the number of employees and the increase in the total turnover rate were primarily driven by continued organisational adjustments. Our voluntary employee turnover rate increased by 0.5 percentage points to 6.7 % in 9M 2026. Safety In 9M 2026, our total recordable injury rate (TRIR) increased to 3.2 from 2.5 in 9M 2025. TRIR for own employees increased from 1.5 in 9M 2025 to 2.9 in 9M 2026. This was driven by an 80 % increase in total recordable injuries while hours worked decreased by 10 %. Most incidents involving our own employees had low severity and limited actual consequences. However, one lifting-related incident in Q3 resulted in a permanent disability case following injuries to two fingers sustained by an Ørsted technician. People and safety Own workforce TRIR for contractor employees increased from 3.1 in 9M 2025 to 3.3 in 9M 2026, resulting from a 7% decrease in incidents and a 12 % decrease in hours worked. We are strengthening our safety efforts through an increased focus on Ørsted’s life-saving rules and lessons from incidents following the implementation of fair culture principles, increased frontline presence by people leaders, and stronger supervision. The aim is to reverse the development in injuries involving our own employees. 1 Headcount distribution in other countries in 9M 2026: Korea (17), Vietnam (7), Singapore (4), Sweden (4), and Norway (2).
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Interim report First nine months 2026 Consolidated financial statements 50/50 Statement by the Executive Board and the Board of Directors The Board of Directors and the Executive Board have today considered and approved the interim report of Ørsted A/S for the period 1 January – 30 September 2026. The interim report, which has not been audited or reviewed by the company’s independent auditors, has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU and additional requirements in the Danish Financial Statements Act. The accounting policies remain unchanged from the Annual Report 2025. In our opinion, the interim report gives a true and fair view of the Group's assets, liabilities, and financial position at 30 September 2026 and of the results of the Group's operations and cash flows for the period 1 January – 30 September 2026. In our opinion, the Management’s Review represents a true and fair account of the development in the Group's operations and financial circumstances, of the results for the period, and of the overall financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group. In our opinion, the Sustainability Statements represent a reasonable, fair, and balanced representation of the Group's sustainability performance and are prepared in accordance with the stated accounting policies. Over and above the disclosures in the interim report, no changes in the Group's most significant risks and uncertainties have occurred relative to the disclosures in the Annual Report for 2025. Skærbæk, 5 November 2026 Executive Board: Rasmus Errboe Group President and CEO Trond Westlie CFO :Board of Directors: Lene Skole Chair Karen Dyrskjøt BoesenAndrew Brown Deputy Chair Karl Johnny Hersvik Samuel LeupoldJulia King, the Baroness Brown of Cambridge Julian Waldron Ruchit Majmudar*Benny Gøbel* Pawel Matysiak* *Employee-elected board member
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Ørsted A/S CVR no. 36213728 Kraftværksvej 53 DK-7000 Fredericia Tel.: +45 99 55 11 11 orsted.com Global Media Relations Morten Buttler Tel.: +45 99 55 26 97 Investor Relations Rasmus Keglberg Hærvig Tel.: +45 99 55 90 95 Front page image Hornsea 2, the UK Publication 5 November 2026