#1Orsted Investor presentation Q1 2022 29 April 2022 WIND OF HOPE 180 -Orsted-#2DISCLAIMER This presentation contains certain forward-looking statements which include projections of our short- and long-term financial performance and targets as well as our financial policies, including but not limited to, the statements and expectations contained in the "Financial Outlook" section of this presentation. Statements herein, other than statements of historical fact, regarding our future results of operations, financial condition, cash flows, business strategy, plans and future objectives are forward-looking statements. Words such as "targets", "believe", "expect", "aim", "intend", "plan", "seek", "will", "may", "should", "anticipate", "continue", "predict" or variations of these words, as well as other statements regarding matters that are not historical facts or regarding future events or prospects, constitute forward-looking statements. These forward-looking statements are based on current views with respect to future events and financial performance. These statements are by nature uncertain and associated with risk. Many factors may cause the actual development to differ materially from our expectations. These factors, include, but are not limited to changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, interest rate markets, inflation rates, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions. As a result, you should not rely on these forward-looking statements. Please read more about the risks in the chapter 'Our risks and risk management' on p. 70 and in note 6 of the 2021 annual report, available at www.orsted.com. Unless required by law, Ørsted is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise. Orsted#3Strong operational and financial results and continued strategic progress with full-year EBITDA guidance unchanged Strategic highlights - Q1 2022 • Completed 50 % farm-down of Borkum Riffgrund 3 to Glennmont Partners Signed agreement to farm-down 50% of Hornsea 2 to AXA IM Alts and Crédit Agricole Assurances Orsted • Final investment decision on the 130 MW offshore wind project, South Fork, USA . Seabed lease applications submitted in the Baltic Sea in Poland with our partner, ZE PAK . First power at Greater Changhua 1 & 2a Significantly lower costs of reinstating integrity of cable protection system • Acquisition of majority stake in Scottish floating wind development project, Salamander • Agreement signed with Repsol to identify and develop floating offshore wind projects in Spain . • Commissioned the 298 MW onshore wind project, Haystack, USA . Final investment decision on the 201 MW onshore wind project, Sunflower Wind, USA • Signed landmark Lol with Maersk to develop e-methanol facility on the US Gulf Coast • Decision to bring forward part of Green Fuel for Denmark project 3 Orsted -#4Potential of +60 GW offshore wind by 2035 in Europe with new accelerated societal value-approach Operational capacity¹ GW Accelerated build-out Current build-out targets Operational 30 170 230 30 +35% additional capacity 25 75 70 Operational 2020 Current policy Indicative net- targets by zero scenario 2030 2035 by 2035 Accelerated (on-top) build out until 2030 Accelerated 2035 (on-top) build- accelerated scenario out until 2030-2035 Increased offshore wind ambitions 30 GW by 2030 (up from 20 GW) Up to 50 GW by 2030 (up from 40 GW) 21 GW by 2030 (up from 11 GW) Minister of Energy called to raise OSW target to 8 GW by 2030 (up from 5.7 GW) Proposal of additional 1-4 GW OSW by 2030 (On top of 7.2 GW) 4 1. Current European 2030-targets of 60 GW (EU27) and 40 GW for UK. Projected build-out from 2030-2035 of 70 GW based on Ørsted analysis of nine European markets and Wind Europe 'Our Energy - Our future' (2019). Orsted#5Ørsted construction programme and pipeline Gross renewable capacity¹ MW Offshore Onshore Other (incl. biomass and PtX) 1,498 26,156 1,045 2,080 920 3,214 4,704 1,628 680 2 17,851 375 1,166 130 900 2,080 1,320 13,278 4,704 2,078 3,649 7,551 11,067 Installed Hornsea 2 Greater capacity German Changhua Portfolio² 1 & 2a South Fork Onshore wind Solar PV Hydrogen Installed US North- US Mid- and under East construction cluster³ Atlantic cluster4 Greater Changhua Baltica 3 Baltica 2 2b & 4 UNDER CONSTRUCTION AWARDED 5 1. 201 MW Sunflower Wind not including in Q1 2022 numbers 2. German Portfolio: Gode Wind 3 (253 MW) and Borkum Riffgrund 3 (913 MW) 3. US North-East cluster: Revolution Wind (704 MW) and Sunrise Wind (924 MW) 4. US Mid-Atlantic cluster: Skipjack 1 (120 MW), Skipjack 2 (846 MW), Ocean Wind 1 (1,100 MW) and Ocean Wind 2 (1,148 MW) 19,372 Firm capacity Orsted#6A significant number of offshore wind auctions and tenders will come in 2022/2023 6 Outcome in 2022 New Jersey offshore wind transmission H2 20222 Floating 3,000 4,000 MW H2 2022 ORESS 1 1,900 2,500MW 2023 German tender¹ 8,000 9,000 MW 2023 CFD AR 5 TBA H1 2022 CFD AR 4 ~6,000-10,500 MW H2 2022 Taiwan auction 3,000 MW H2 2022 H1 2023 Japan auctions ~4,000 MW 2023 Hesselø 800 1,000 MW 2023 Round 1 700 MW Q2 2022 Holland Coast West 1,520 MW H2 2022 Rhode Island ~600 MW H2 2022 New York 3 2,000 4,600 MW H2 2022 German tender -900 MW H1 2023 New Jersey 3 ~2,400 MW 2023 Connecticut 4 TBA H2 2023 ljumuiden Ver 2,000 MW 2023 Taiwan auction 2 3,000 MW All auction and tender timelines and capacities based on current expectations and subject to change. Timeline reflects bid submission deadline, not time of award. 1. According to draft Wind-See-Gesetz, sites will be allocated through two different auction mechanisms. 2. High uncertainty regarding timing. Orsted#7Significant EBITDA increase driven by operational assets, reversal of CPS provision, and farm-down gain EBITDA of DKK 9.4 bn, up DKK 4.6 bn on Q1 2021 DKKm • Q1 2021 Offshore sites underlying Hornsea 2 delay and overhedging Offshore existing partnerships Offshore DEVEX Onshore CHP plants Remaining Bioenergy & Other Other Q1 2022 excl. new partnerships New partnerships Q1 2022 incl. new partnerships 7 4,863 412 c. -1,600 1,583 -32 622 1,147 745 79 7,819 • . • • • EBITDA excluding new partnerships increased DKK 3.0 bn Wind speeds in Offshore higher than both norm and last year (11.3 m/s in Q1 2022 vs. 10.5 m/s in Q1 2021, and norm of 10.9 m/s). Partly offset by lower generation capacity of Borssele 1 & 2 following 50% farm-down in May 2021, and higher TNUOS and BSUOS costs Later than expected commissioning of Hornsea 2, which combined with very high power prices led to negative effect from being overhedged Reversed DKK 0.5 bn provision relating to cable protection system issues, due to lower expected costs. Updated total impact of DKK 0.3 bn EBITDA and DKK 1.0 bn CAPEX · Significant earnings increase in Onshore, driven by higher generation from ramp-up and higher prices Increased earnings from CHP plants due to higher power prices despite lower heat and power generation driven by warmer weather Gas Markets & Infrastructure benefited from the temporary positive effects of revaluating our gas at storage in Q1 2022 at higher gas prices, as well as optimising the offtake flexibility in some of our sourcing contracts in north- western Europe. Net loss on our Gazprom contract following decision to unwind gas hedges to balance our risk New partnerships DKK 1.6 bn farm-down gain relating to 50% Borkum Riffgrund 3 divestment 1,610 9,429 • Orsted#8Net profit, net interest-bearing debt, and credit metric Net profit DKKm 1,598 Q1 2021 5,701 Cash flow and net debt DKKm 6,832 281 24,280 37 -1,927 553 470 30,026 FFO / Adj. net debt % 59 25 Q1 2022 31 Dec CFO CAPEX 2021 Divest- ments Hybrid Lease Exchange 31 Mar coupon obligations rate adj. 2022 31 Mar 2021 31 Mar 2022 Net profit of DKK 5.7 bn • Higher EBITDA in Q1 2022 8 Net interest-bearing debt of DKK 30.0 bn, up DKK 5.7 bn • • . Operating cash flow including EBITDA offset by temporary margin payments of DKK 4.8 bn and a net cash outflow from work in progress Gross investments related to our Offshore and Onshore portfolio Divestment proceeds from Borkum Riffgrund 3 farm-down FFO / Adj. net debt of 25% • Credit metric in line with our target of around 25% • Decrease mainly due to lower FFO from variation margin payments, and higher net interest-bearing debt Orsted#9Financial and non-financial ratios ROCE %, last 12 months 7.5 Taxonomy-eligible KPIs %, YTD Green share of energy generation, %, YTD 19.0 92 31 Mar 2021 31 Mar 2022 ROCE of 19 % • Increase driven by higher EBIT over the 12-month period • On track to achieve average ROCE of 11-12 % in 2020-2027 9 Revenue OPEX 79 EBITDA 87 CAPEX 87 Safety Total recordable injury rate, YTD 3.0 1.3 31 Mar 2021 31 Mar 2022 31 Mar 2021 31 Mar 2022 Green share of energy at 92% • More wind and solar farms in operation • Higher wind speeds • Lower CHP generation on coal due to warmer weather • TRIR of 1.3 47% reduction in injuries and 23% increase in hours worked leading to a decline in the total recordable injury rate (TRIR) Orsted#102022 guidance, strategic ambition and financial guidance 2022 guidance EBITDA (without new partnerships) Gross investments DKKbn 19-21 Strategic ambition and financial guidance Ambition for installed renewable capacity by 2030 38-42 - Offshore - Onshore Direction Significantly higher Significantly higher Business unit EBITDA FY 2022 vs. FY 2021 Offshore (without new partnerships) Onshore Bioenergy & Other 110 Lower Total CAPEX spend, 2020-2027 - Offshore & Hydrogen - Onshore ~50 GW ~30 GW ~17.5 GW DKK 350 bn -80% -20% 11-12% Average ROCE, 2020-2027 Average share of EBITDA from regulated and contracted activities, 2020-2027 Average yearly increase in EBITDA from offshore and onshore assets in operation, 2020-2027 Rating (Moody's/S&P/Fitch) FFO/Adjusted net debt threshold -90% -12% Baal/BBB+/BBB+ -25% Ambition to increase the dividend paid by a high single-digit rate compared to the dividend for the previous year up until 2025 Orsted#11Q&A Earnings call DK: +45 78 15 01 10 UK: +44 333 300 9261 US: +1 646 722 4956 For questions, please press 01 O Orsted#12Appendix Orsted#13Renewable capacity as of 31 March 2022 Indicator, MW, gross Q1 2022 Q1 2021 A 2021 Installed renewable capacity 13,278 11,318 1,960 12,980 Offshore, wind power Onshore - Wind power -Solar PV power - Battery storage 7,551 7,572 (21) 3,649 1,668 1,981 2,952 1,658 1,294 657 10 647 40 40 Other (incl. PtX) 2,078 2,078 - Biomass, thermal heat 2,054 2,054 7,551 3,351 2,654 657 40 2,078 2,054 - Biogas, power 3 3 3 - Battery storage 21 21 21 Decided (FID) renewable capacity 4,573 4,588 (15) 4,725 Offshore, wind power 3,516 2,286 1,230 3,386 Onshore 1,055 2,300 (1,245) 1,337 -Onshore wind power 375 933 (558) 657 -Solar PV power 680 1,327 (647) 680 - Battery storage 40 (40) Other (incl. PtX), hydrogen 2 2 2 Awarded/contracted renewable capacity (no FID yet) 8,305 4,996 3,309 8,435 Offshore, wind power 8,305 4,996 3,309 8,435 Sum of installed and FID capacity 17,851 15,906 1,945 17,705 Sum of installed, FID, and awarded/contracted capacity 26,156 20,902 5,254 26,140 13 Note: In Q2 2021, we aligned our definition of installed capacity, hence all assets (installed or FID'ed) are reported using nameplate capacity. Previously a few wind farms were reported using 'power optimised capacity' or 'export cable limit capacity'. Installed renewable capacity The installed renewable capacity is calculated as the cumulative renewable gross capacity installed by Ørsted before divestments. For installed renewable thermal capacity, we use the heat capacity, as heat is the primary outcome of thermal energy generation, and as bioconversions of the combined heat and power plants are driven by heat contracts. Decided (FID) renewable capacity Decided (FID) capacity is the renewable capacity for which a final investment decision (FID) has been made. Awarded and contracted renewable capacity The awarded renewable capacity is based on the capacities which have been awarded to Ørsted in auctions and tenders. The contracted capacity is the capacity for which Ørsted has signed a contract or power purchase agreement (PPA) concerning a new renewable energy plant. Typically, offshore wind farms are awarded, whereas onshore wind farms are contracted. We include the full capacity if more than 50% of PPAs/offtake are secured. Installed storage capacity The battery storage capacity is included after commercial operation date (COD) has been achieved. The capacity is presented as megawatts of alternating current (MW ac). Orsted#14Forecasted renewable capacity build-out Global renewable energy capacity by technology¹ GW installed CAGR ⚫2% biomass 32% Batteries 20% Offshore wind 13% Small-scale PV • 11% Large-scale PV 9% Onshore wind +11 %/year 4,542 183 176 230 823 Global offshore wind capacity excl. mainland China GW installed Americas Asia Pacific Europe +26 GW/year North American renewable capacity by technology² GW installed Biomass Batteries +8 %/year Offshore wind 290 Small-scale PV 547 Large-scale PV 16 53 28 53 Onshore wind 303 420 94 +20 GW/year 24 13 65 66 161 152 1,559 303 242 120 16 1,641 +7 GW/year 2 33 33 143 11 36 236 +3 GW/year 171 132 40 57 59 536 12 227 1,571 10 97 17 199 24 134 679 2020 11 00 43 86 24 2030 (Post-COVID-19) 2015 2020 2025 2030 2035 2015 2020 2025 2030 14 1. Excludes solar thermal, geothermal, marine, tidal, and others which combined account for less than 1% of capacity 2. North America includes the United States and Canada. Excludes solar thermal, geothermal, marine, and tidal which combined account for less than 1% of capacity 3. Considering 30 GW offshore wind capacity target announced by US administration Source: BNEF New Energy Outlook 2021 for capacity of all technologies except offshore wind. Offshore wind figures from BNEF Offshore Wind Market Outlook H2 2021 Orsted#15Offshore wind build-out plan Installed capacity MW Under construction Awarded 1,498 19,372 1,045 920 3,214 1,628 1,166 130 11,067 900 1,320 7,551 Installed capacity Hornsea 2 Q1 2022 Greater Changhua 1 & 2a German Portfolio¹ South Fork Decided (FID'ed) and installed capacity US North- East cluster2 US Mid-Atlantic cluster³ Greater Changhua 2b & 4 Baltica 3 Baltica 2 Decided (FID'ed), installed and awarded capacity Country UK Taiwan Germany US US US Taiwan Poland Poland Expected completion H1 2022 H2 2022 2024/2025 2023 2025 2025/2026/ 2029 2025/2026 2026 2027 Construction status On track On track On track On track Pending FID Pending FID Pending FID Pending FID Pending FID Turbine 165 x 8 MW Siemens Gamesa 111 x 8 MW Siemens Gamesa 106 x 11 MW Siemens Gamesa 12 x 11 MW Siemens Gamesa 15 1. German Portfolio: Gode Wind 3 (253 MW) and Borkum Riffgrund 3 (913 MW) 2. Revolution Wind (704 MW) and Sunrise Wind (924 MW) 3. Skipjack 1 (120 MW), Skipjack 2 (846 MW), Ocean Wind 1 (1,100MW) and Ocean Wind 2 (1,148 MW) Orsted#16Offshore market development - UK & Ireland United Kingdom ⚫ UK Government target annual build-out of 3 GW to reach 40 GW capacity by 2030 (including 1 GW of floating wind by 2030) • Commitment to decarbonise electricity system by 2035 and binding target to reach net zero emissions by 2050 ⚫ CFD auctions to be held annually in an effort to speed up the deployment of renewable energy projects ⚫ CFD Allocation Round 4 auction opened December 2021 with an allocated pot of GBP 200 m for bottom-fixed, but no capacity cap. Floating Wind will compete for a different allocated pot of GBP 75 m (pot 2) with other immature technologies; pot 2 includes a minimum (or ringfenced) spend of GBP 24 m for floating; results will be announced in summer ⚫17 sites were awarded in ScotWind leasing round in January, the first large-scale seabed lease auction for both bottom-fixed and floating projects launched by Crown Estate Scotland; clearing process for unsuccessful applicants expected to open in Q2 2022 • Innovation and Targeted Oil & Gas (INTOG) offshore leasing round announced by Crown Estate Scotland targeting up to 500 MW of Innovation projects and up to 5.7 GW of Targeted Oil & Gas Decarbonisation projects; the application window is anticipated to open in June 2022 ⚫ Celtic Sea Leasing round announced by The Crown Estate for total of 4 GW of floating projects. The first leases are to be awarded in 2023 with both small scale (300 MW projects pre-2030) and utility scale (1 GW projects 2030-35). Details of auction model and available sites to be clarified through 2022 Ireland • Climate Action Plan published in Nov 2021 providing a plan to achieve 51 % reduction in overall greenhouse gas emissions by 2030 and to reach net zero emissions by 2050; also includes target of 80% of electricity demand from renewables by 2030 and 5 GW offshore wind by 2030 ⚫In Dec 2021, the Maritime Area Planning (MAP) Act 2021 was enacted providing for the establishment of the Maritime Area Regulatory Authority (MARA) - a dedicated maritime area agency ⚫ The Maritime Area Consent (MAC) regime opened for applications in March, with the first MACs expected to be issued in the second half of 2022 for potentially seven qualified projects ahead of the first Offshore Renewable Energy Support Scheme (ORESS) expected to open in Q4 2022 16 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#17Offshore market development - Continental Europe Germany Netherlands Denmark Poland • New Government has ambitions to increase offshore wind targets to 30 GW by 2030, 40 GW by 2035 and 70 GW by 2045. New tender design currently in parliamentary process and expected to be formalized in H2 2022 ⚫ Tender volumes for 2023 have been increased to 5-7 GW and are expected to be allocated in auctions including both price and qualitative elements ⚫ On 18 March the government doubled its 10.7 GW by 2030 capacity target to more than 21 GW • The government is expected to publish an updated roadmap - including size and timing of tenders for the additional 10.7 GW, by the end of Q2 • Next tender of 1,520 MW for Holland Coast West with bid deadline Q2 2022 ⚫ Political agreement on 2 GW new offshore wind before 2030 and potential 1 GW extra dedicated for PtX. Proposal of additional 1-4 GW offshore wind before 2030 • Hesselø tender (0.8-1.0 GW) uncertain due to seabed conditions, if the location is dropped by the authorities there will most likely be a replacement Tender material for an artificial island in the North Sea as hub for up to 10 GW offshore wind expected in H2 2023. Bid likely 1-1,5 years later • Tenders for 5 GW of offshore wind farms in total connected to the Bornholm and North Sea Energy Hubs towards 2033 and political indications for 7 GW more towards 2040 • Seabed auctions of 11-13 GW offshore wind started, 11 sites have been released by the PL government, results are expected in Q4 2022 • Winners of awarded seabed can participate in auctions for a CFD subsidy scheme in 2025 and 2027 with an expected award of 5 GW offshore wind capacity Capacity will grow from current 2.2 GW in operation to 5.8 GW in total before 2030. Tenders expected in 2024/2025 Belgium • First tender 700 MW expected H1 2024 - tenders for remaining volumes in new Princess Elisabeth zone are expected for 2025 MoU signed with Denmark for large scale offshore wind power imports Baltic States Sweden Norway Iberia ⚫ Lithuania: Target of 1.4 GW by 2030. First 700 MW to be tendered in 2023 with second tender of 700 MW planned for 2025 • 100% renewable electricity target by 2040 and carbon neutrality by 2045 ⚫ National electrification and hydrogen strategies were presented in spring 2022. Energy Agency tasked to find areas for another 90 TWh offshore for the next version of MSP Proposed Offshore transmission scheme was decided upon in October 2021 and TSO tasked to present clarifications in June 2022 • Two areas opened with a max capacity of 3 GW. Tender procedures expected to start in Q4 2022 with allocation in 2023 • Utsira Nord consists of 3 x 500 MW floating projects allocated through a qualitative competition • Sørlige Nordsjø Il is a bottom-fixed 1.5 GW project radially connected to Norway and allocated through an auction (format TBD) Spain: Target of up to 3 GW floating offshore wind by 2030 supported by planned investment of EUR 200 m in research and innovation Portugal: Plans to auction 3-4 GW of floating offshore wind projects in H2 2022 with expected operation by 2026 17 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#18Offshore market development - US • Massachusetts Target of 5.6 GW offshore wind by 2027, of which 3.2 GW has already been awarded, through and including December 2021 awards ⚫ Next auction expected in late 2023 • Connecticut Target of 2 GW of offshore wind capacity by 2030, of which 1.2 GW remains available • Next auction expected in 2023 • 2.5 GW awarded in Q1 2021 and 4.3 GW in total. Target 9 GW offshore wind by 2035 New York • Next auction expected in H2 2022 New Jersey Maryland Rhode Island California North Carolina ⚫ BOEM completed a sale of 6 new seabed lease areas in the New York Bight, all leases can serve both New York and New Jersey markets Target of 7.5 GW offshore wind capacity by 2035, of which 3.7 GW remains available following recent awards to Ocean Wind 2 and Atlantic Shores Next auction of at least 1.2 GW expected in H1 2023 ⚫ NJ Board of Public Utilities and PJM currently evaluating 2021 bids for offshore wind shared transmission. Outcome is expected in H2 2022 • Awarded 1.6 GW across two projects in December 2021, meeting its solicitation target and therefore closing future solicitation rounds • No firm targets for offshore wind beyond awarded projects Executive order signed to power the state with 100% renewable energy by 2030 • Next auction, currently envisioned as up to 600 MW, is expected in H2 2022 ⚫ First BOEM auction of up to 5 seabed leases expected in late 2022. Sites are in deep waters off California's central and northern coasts • New law requires state energy agency to set non-binding offshore wind goal in summer 2022. Previous state modeling indicates goal could be as big as 10+ GW ⚫ BOEM lease auction expected in 2022 ⚫ Legislation requires electric sector to reach 70% decarbonisation by 2030 and 100% by 2050. Executive Order targets 2.8GW of offshore wind by 2030 and 8GW by 2040 18 Other BOEM lease auctions expected in Gulf of Mexico, Central Atlantic, Oregon, and Gulf of Maine between 2022 and 2024 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#19Offshore market development - APAC Taiwan has met its target of awarding 5.5 GW to be commissioned by 2025 • 600 MW Greater Changhua 3 project ready for future auctions Taiwan Japan South Korea Vietnam • Third round auction announced with 15 GW offshore wind target to be constructed from 2026-2035, up from 10 GW previously • The third round auction of around 3 GW is expected to take place in H2 2022 ⚫ Authorities announced the 1st Offshore Wind Vision confirming 10 GW offshore wind target towards 2030 and 30-45 GW by 2040 ⚫ 18 sites have been designated as potentially suitable for the development of offshore wind for upcoming auctions onwards with a capacity of ~7 GW •After 1.5 GW was awarded in December 2021, 8 sites are expected to be auctioned towards H2 2022 or H1 2023 Other markets • • Postponement of Happo bid has been announced by Japanese government in March 2022 to revise the auction evaluation system and is expected to kick off again alongside other promising sites .12 GW offshore wind build-out by 2030 has been targeted by South Korea under its 'Green New Deal'. Special Act for Promotion of Wind Power Distribution is now being drafted which could potentially streamline offshore wind planning and consenting under a 'one-stop shop' system • In the wider electricity sector, a 35 % renewable mix towards 2030 and up to 42 % by 2034 is targeted under the 9th Basic Plan on Supply and Demand of Electricity. The plan also confirms renewable energy will be 77.8 GW to towards 2034 this equals 62.3 GW new renewable capacity and of those 25 GW is expected from wind power. The Carbon Neutrality Framework Act passed in 2021 also formally legislates for net-zero by 2050, and targets 40% GHG emissions reductions from 2018 levels by 2030 • The baseline of OSW REC multiplier is increased from 2.0 to 2.5 and REC mandate has been reformed from 10% by 2022 to 25% by 2026 Electricity Business License "EBL" submitted for Incheon 1.6 GW. Approval expected in 2022 ⚫ Hydrogen Act announced in February 2021 setting targets for 15GW of hydrogen fuel cells for power generation and production of 6.2 million hydrogen FCEVs by 2040 ⚫ The 8th Power Development Plan ('PDP8') is expected to be finalized and approved in H2 2022. Current targets are 7GW in 2030 & 45 GW in 2035 for offshore wind Offshore Wind is officially stated to be a technology of strategic importance for VN to achieve 2050 net zero target . . Strategic MOU on offshore wind with Vietnamese conglomerate T&T Group, combining a multi-GW pipeline in the four provinces of the South and North of Vietnam with best offshore wind resources. The project proposed in the North of Vietnam will help meet strong government demand for large renewable development in the North Australia's Victorian government has announced a preliminary target of 9 GW by 2040, preceded by 2 GW by 2032 and 5 GW by 2035 Australian federal government has released its secondary offshore energy legislation, outlining guidelines for application requirements/assessment criteria and recovery costs Indian authorities have raised their desire to revive their 30 GW by 2030 ambition, with an immediate 1 GW auction in July 2022 (Gujarat) and proposed 2 GW auction in 2024 (Tamil Nadu) 19 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#20Upcoming offshore seabed competition 2022/2023 Ongoing Poland H1 2022 North Carolina ~ 12 GW > 1.3GW 米 H2 2022 H1 2023 Sørlige Nordsjø II site 1 1.5 GW Q2/Q3 20231 Central Atlantic TBC 2023 Utsira Nord 1.5 GW Scotland INTOG2 H2 2022 California ~ 4.5 GW Q4 2022/Q1 20231 Gulf of Mexico TBC H2 2023 1 Oregon TBC 2023 Celtic Sea floating < 4 GW 1. Timing is highly uncertain 20 2. Scotland Innovation and Targeted Oil & Gas Decarbonisation All timelines and capacities based on authorities communication and subject to change. Timeline reflects bid submission deadline, not time of award Orsted#21Power-to-X: Hydrogen & green fuels project pipeline of +3GW Heavy transport Maximum o Refineries potential (MW) Chemicals & fertilizers Steel H₂ Green Hydrogen MeOH eMethanol eKerosene Country Application Product(s) Partners H₂ Everfuel, DSV, GHS, +more Maersk, SAS, CPH Airport, Project 1 H2RES 2 2 Green Fuels for Denmark 1,300 H₂ MeOH MeOH 3 FlagshipONE 70 MeOH 4 Project Star 675 5 Sluiskil 100 H₂ 6 SeaH2Land 1,000 A H₂ Westküste 100/ 7 700-2,100 О H₂ MeOH HYSCALE100 8 Lingen Green Hydrogen 600 О 9 Gigastack 100 R&D project for H₂ 10 Oyster 1 Offshore H2 21 DFDS, DSV, +more Liquid Wind Maersk Yara North Sea Port and a range of regional offtakers Raffinerie Heide, Hynamics, Holchim, +more H₂ bp H₂ Philips 66, ITM Power, +more ITM Power, Siemens Gamesa, Element Energy Orsted#22Overview of US offshore wind federal permitting process Planning & Analysis 2 years BOEM conducts a process of area identification, environmental reviews, etc. Leasing 1-2 years BOEM conducts auctions and issues leases Federal permitting overview² Site Assessment Up to 5 years BOEM grants developer up to five years (not all time must be taken) to complete requirements Requirements include conducting site characterization surveys and submitting a Site Assessment Plan (SAP) BOEM must approve the SAP BOEM oversees a four-step process: Planning & Analysis, Leasing, Site Assessment, and Construction & Operations. It can take up to roughly a decade in total We highlight key milestones within each step This is a new process for BOEM, who have yet to permit any Projects under this federal process Submit COP for NOI 6 months Developer submits a Construction and Operations Plan (COP) before the five-year site assessment period expires BOEM issues a Notice of Intent (NOI) once it deems the developer's COP submission as Complete and Sufficient BOEM may issue an Initiation of Action Notice (IAN) -2-3 months before issuing its NOI. This can provide an indication on timing Construction & Operations - 2 years Construction and Operations Plan (COP) ~ 2 years BOEM's issuance of the NOI starts the ~2-year clock for BOEM to approve the COP, disapprove it, or approve it with modifications. If the COP is approved, then the developer has its final federal permitting needed to start construction Environmental Impact Statement (EIS) < 2 years BOEM prepares a Draft Environmental Impact Statement (EIS) and a Final EIS. BOEM explores alternatives to the proposed COP A Record of Decision (ROD) is issued at the end of this process. This is not the final approval but is a framework for any further required reviews, site-specific actions, or broad regional mandates Final Permit Approvals < 2 years BOEM coordinates inter-agency approval. Approval timing varies per agency, but the last approval deadline is 90 days after the ROD. This generally coincides with the COP approval Approvals come from: NOAA,3 The US Army Corps of Engineers, the Fish and Wildlife Service, and the Environmental Protection Agency 222 22 1. BOEM stands for the Bureau of Ocean Energy Management 2. State-level permitting processes vary across states and typically run concurrent with the federal process 3. NOAA stands for National Oceanic and Atmospheric Administration Orsted#23Onshore build-out plan Installed capacity MW Under construction 3,649 518 29 29 430 62 16 4,704 Installed Kennoxhead 1 Old 300 capacity Helena Energy Center¹ Lisheen 3 Ballykeel Decided (FID'ed) and Q1 2022 installed capacity Region Scotland, UK ERCOT, TX ERCOT, TX Ireland Northern Ireland Expected completion H2 2022 H1 2022 HI 2023 H2 2022 2023 & 2023 Status On track Delayed Solar part delayed On track On track Platform Wind Solar PV Wind & Solar PV Wind Wind Offtake solution PPA signed PPA with Microsoft PPAs with Henkel & Target PPA with Meta² PPA with Amazon 23 1. Helena Energy Center consists of 268 MW onshore wind and 250 MW AC solar PV 2. Meta was previously known as Facebook Orsted#24Sustainability and ESG at Ørsted Green leadership In Q1 2022, 92% of our energy generation was green. We target 99% green energy generation by 2025. . By 2025, we aim to be carbon neutral (scope 1-2) by reducing ≥ 98 % of our carbon emissions vs. 2006, and by eliminating or covering the remaining <2% with offset projects certified to remove atmospheric carbon. • By 2040, we aim to reach net-zero emissions across our entire carbon footprint (scope 1-3), with a midway target to reduce our scope 3 emissions by 50% in 2018-2032. • In 2021, we have placed a ban on landfilling of wind turbine blades. ⚫ No later than 2030, all projects commissioned must have net positive biodiversity impact. Scope 1 & 2 GHG intensity (g CO₂e/kWh) Contributing to the global goals THE GLOBAL COMPACT WE SUPPORT Ørsted is a LEAD participant of the UN Global Compact and adheres to its ten principles for responsible business behaviour. First and only energy company in the world SCIENCE with an approved science-based net-zero BASED TARGETS target for the full value chain (scopes 1-3) to help limit global warming to <1.5 °C. Catalysing the green energy transformation As a renewable energy company, we aspire to have a transformative impact on SDGs 7 - Affordable & Clean Energy, and 13 - Climate Action, while contributing to several others. ESG ratings of Ørsted Rating agency Score Benchmark CDP A A LIST 2020 CLIMATE MSCI AAA SUSTAINALYTICS 16.2 (low risk) Highest possible rating for three consecutive years and recognised as a global leader on climate action Highest possible rating for five consecutive ratings 500 450 400 350 300 250 200 150 100 50. о 2005 24 2010 2015 Ørsted actual AFFORDABLE AND CLEAN ENERGY Ørsted carbon neutral target Q1 2022 2020 48 2025 Ensure access to affordable, reliable, sustainable and modern energy for all Corporate ESG Performance RATED BY ISS ESG CLIMATE 13 ACTION Take urgent action to combat climate change and its impacts PLATINUM B+ Prime 2021 ecovadis Sustainability 80 Assessed as "low risk" and placed as no. 1 among direct utility peers measured by market cap Ranked in 1st decile among electric utilities and awarded highest possible 'Prime' status Platinum Medal for being among top 1% of companies assessed by EcoVadis Orsted#25ESG Performance Total heat and power generation Q1 2022 Energy source, % Sustainable biomass Offshore wind Onshore wind Coal Solar PV Natural gas 1% 7% Greenhouse gas emission intensity g CO₂e/kWh Scope 3 greenhouse gas emissions, million tonnes CO₂e Other scope 3 emissions Natural gas sales Scope 3 Scope 1-2 --99% Scope 1-3 Total scope 3 -50% all scope 3 -98% scope 1-2 -90% gas products 462 34.6 29.2 33% 25 Green share 92% 35% 322 100 25.3 3.7 14.6 <2.4 <20 <10 <2.9 2% 22% 2006 2018 Q1 2022 2023 2025 2040 20181 2019 2020 Q1 2022 2032 SCIENCE BASED TARGETS 2040 SCIENCE BASED TARGETS 1. 2018 is adjusted base year Orsted#26Group - Financial highlights FINANCIAL HIGHLIGHTS EBITDA - New partnerships - EBITDA excl. new partnerships Q1 2022 Q1 2021 A FY 2021 FY 2020 A DKKm 9,429 4,863 94% 24,296 18,124 34% 1,610 n.a. 8,507 n.a. 7,819 4,863 61% 15,789 18,124 (13%) Offshore 5,919 3,946 50% 18,021 14,750 22% ⚫ Onshore 850 228 273% 1,349 1,131 19% Bioenergy & Other 2,514 622 304% 4,747 2,136 122 % Operating profit (EBIT) 7,301 2,933 149% 16,195 10,536 54% Total net profit 5,701 1,598 257% 10,887 16,716 (35%) Operating cash flow (37) 8,087 n.a. 12,148 16,466 (26%) Gross investments (6,832) (6,665) 3% (39,307) (26,967) 46% Divestments 1,927 (31) n.a. 21,159 19,039 13% Free cash flow - continuing operations (4,942) 1,391 n.a. (5,640) 8,538 n.a. Net interest-bearing debt 30,026 13,190 128 % 24,280 12,343 97% FFO/Adjusted net debt¹ % 25.0 59.4 (34%p) 31.3 65.0 (34 %p) ROCE¹ % 19.0 7.5 12%p 14.8 9.7 26 1. Last 12 months 5%p Orsted#27Offshore - Financial highlights FINANCIAL HIGHLIGHTS EBITDA Q1 2022 Q1 2021 A FY 2021 FY 2020 A Wind speed (m/s), offshore wind farms DKKm 5,919 3,946 50% 18,021 14,750 22% 11.3 • Sites, O&Ms and PPAs 3,698 4,886 (24%) 13,059 15,476 (16%) 10.5 7.8 • Construction agreements and 7.6 2,620 divestment gains (573) n.a. 7,535 1,593 373% • Other, incl. project development KEY BUSINESS DRIVERS (399) (367) 8% (2,573) (2,319) 11% 10.6 10.0* 9.1 Q1 Q2 Q3 Q4 FY Power generation GWh 4,502 4,549 (1%) 13,808 15,248 (9%) 2021 2022 "Normal wind year" Wind speed m/s 11.3 10.5 8% 9.1 10.0 (9%) Availability % 95 95 0%p 94 94 0%p The wind speed indicates how many metres per second the wind has blown in the areas where we have offshore wind farms. The weighting is based on our generation capacity Load factor % 54 50 4%p 39 45 (6%p) Decided (FID) and installed GW 11.1 9.9 12% 10.9 9.9 10% capacity* Installed capacity* GW 7.6 7.6 0%p 7.6 7.6 0% Generation capacity** GW 4.2 4.4 (5%) 4.0 4.4 (9%) In Q2 2021, we aligned our definition of installed capacity, hence all assets (installed or FID'ed) are reported using nameplate capacity. Previously a few wind farms were using 'power optimised capacity' or 'export cable limit capacity' We have improved the accuracy of our offshore wind speed calculations in 2021 and restated 2020 wind speed data to support comparison. In 2021 we have used an improved input data set for calculating wind speeds for offshore wind farms. Previously individual wind speed measuring points covered several wind farms and were reported for an average hub height. Now each offshore wind farm has its own specific wind speed measuring point for the actual wind farm height. For comparison reasons we have also updated the actual and normal wind speed data reported for 2020 using the new more detailed wind speed datasets. * Installed capacity: Gross offshore wind capacity installed by Ørsted before divestments 27 ** Generation capacity: Gunfleet Sands and Walney 1 & 2 are consolidated according to ownership interest. Other wind farms are financially consolidated Orsted#28Onshore - Financial highlights FINANCIAL HIGHLIGHTS Q1 2022 Q1 2021 A FY 2021 FY 2020 A Wind speed (m/s), US onshore wind farms EBITDA DKKm 85'0 228 273% 1,349 1,131 19% ⚫ Sites 496 44 1,027% 535 451 19% • Production tax credits and tax attributes 568 283 101% 1,382 1,004 38% 7.7 7.7 7.3 7.9 7.4 7.3* 6.4 Other, incl. project development (214) (99) 116% (568) (324) 75% KEY BUSINESS DRIVERS Power generation GWh 3,203 1,647 94% 8,352 5,738 46% Q1 Q2 Q3 Q4 FY Wind speed, US m/s 7.7 7.7 о 7.4 7.6 (3%) ■■2021 2022 "Normal wind year" Availability, US wind % 96 93 3%p 96 96 96 0% Availability, US solar PV % 99 n.a. 96 Load factor, US wind do % 49 45 155 4%p 42 45 45 n.a. The wind speed indicates how many metres per second the wind has blown in the areas where we have onshore wind farms. The weighting is based on our generation capacity (3%p) Load factor, US solar PV % 21 n.a. 24 n.a. Installed capacity GW 3.6 1.7 112% 3.4 1.7 100% 28 Orsted#29Bioenergy & Other - Financial highlights FINANCIAL HIGHLIGHTS EBITDA Q1 2022 Q1 2021 A FY 2021 FY 2020 A DKKm 2,514 622 304% 4,747 2,136 122% • CHP plants 1,823 676 170% 3,202 1,111 188% • Gas Markets & Infrastructure 725 19 n.a. 1,829 411 345% Other, incl. project development (34) (73) (53%) (284) (312) (9%) KEY BUSINESS DRIVERS Heat generation Power generation Degree days GWh 3,243 3,890 (17%) 7,907 6,671 19% GWh 2,138 2,259 (5%) 6,890 4,438 55% # 1,141 1,325 (14%) 2,820 2,432 16% 29 Orsted#30Currency and energy exposure Currency exposure Q2 2022 - Q1 2027 DKKbn Before hedging After hedging 81.8 Energy exposure Q2 2022 - Q1 2027 DKKbn Before hedging After hedging 100.8 21.4 29.8 10.3 9.5 2.7 3.3 0.0 -7.2 -1.0 -0.2 GBP1 Risk after hedging, DKKbn USD2 NTD2 Power Gas Oil -2.0 -1.2 Spread (power) Effect of price +10% Effect of price -10% Risk after hedging DKKbn Effect of price +10% Effect of price -10% GBP: 21.4 sales position +2.1 -2.1 Power: 29.8 sales position +3.0 -3.0 USD: 7.2 purchase position NTD: 9.5 sales position -0.7 +1.0 +0.7 Gas: 3.3 sales position +0.3 -0.3 -1.0 Oil: 0.0 sales position +0.0 -0.0 Spread: 1.2 purchase position -0.1 +0.1 30 1. The GBP exchange rate for hedges impacting EBITDA in 2022 and 2023 is on average DKK/GBP 8.7 and 8.3 respectively. 2. For USD and NTD, we manage our risk to a natural time spread between front-end capital expenditures and long-term revenue. In the five-year horizon, we are therefore seeing that our hedges increase our net exposure to USD, but in the longer horizon, our hedges reduce the USD risk. Orsted#31Hedging levels Hedging level of total exposures for each BU, as of 31/12/2021 Offshore 100% 95% 67% 51% 26% Year 1 Year 2 Year 3 Year 4 Year 5 Onshore 79% 80% 77% 78% 78% Year 1 Year 2 Year 3 Year 4 Year 5 Bioenergy 31 31% 13% 4% Year 1 Year 2 Year 3 Exposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years Orsted#32Capital employed Capital employed, DKKm Q1 2022 FY 2021 Q1 2021 FY 2020 Intangible assets, and property and equipment 166,727 162,939 131,008 122,249 Assets classified as held for sale, net 684 860 657 Equity investments and non-current receivables 923 828 838 777 793 Capital employed by segment %, Q1 2022 Offshore Onshore Bioenergy & Other Net working capital, capital expenditures (7,101) (8,913) (3,691) (4,040) Net working capital, work in progress 6,821 5,948 5,648 9,775 0% Net working capital, tax equity (13,262) (13,268) (7,403) (7,246) 21% Net working capital, other items 11,965 10,820 1,922 2,228 Derivatives, net (46,202) (32,995) (4,268) (209) Decommissioning obligations (9,039) (8,851) (7,392) (7,003) Other provisions (6,527) (7,037) (7,561) (6,860) Tax, net 6,454 3,844 (175) (771) 107 DKKbn Other receivables and other payables, net (4,698) (4,759) 148 (21) TOTAL CAPITAL EMPLOYED 106,745 109,416 109,731 109,672 32 32 79% Orsted#33FFO/Adjusted net debt calculation Funds from operations (FFO), DKKm EBITDA (Business performance for 2020) Change in provisions and other adjustments 28,862 (1,820) 31 Mar 2022 31 Dec 2021 31 Mar 2021 24,296 16,182 (265) (422) Change in derivatives (5,203) (2,050) 795 Reversal of gain (loss) on divestment of assets (9,563) (7,920) 192 Income tax paid (737) (1,380) (724) Interests and similar items, received/paid (430) (467) (1,554) Reversal of interest expenses transferred to assets (851) (782) (481) (237) (215) (297) 29 10,050 29 18 11,089 13,866 50% of coupon payments on hybrid capital Dividends received and capital reductions FUNDS FROM OPERATION (FFO) Adjusted interest-bearing net debt, DKKm Total interest-bearing net debt 50% of hybrid capital Cash and securities, not available for distribution ADJUSTED INTEREST-BEARING NET DEBT 31 Mar 2022 31 Dec 2021 31 Mar 2021 Orsted 30,026 24,280 13,190 8,992 8,992 8,992 1,114 2,130 1,159 40,132 35,402 23,341 FFO / ADJUSTED INTEREST-BEARING NET DEBT 25.0% 31.3% 59.4% 33 We have adjusted our definition of FFO and adjusted NIBD to better align with the rating agencies. Generally, we are now adjusting FFO for the cash flow effects instead of the profit and loss effects. Further, adjusted NIBD no longer includes the decommissioning obligation. Comparative figures for 2020 are restated Orsted#34Debt and hybrids overview Maturity profile DKKbn Total gross debt and hybrids 31 March 2022, DKKbn Effective funding costs Gross debt Cost of debt (%) Modified duration (%) Avg. time to maturity (years) Bond loans 2.8 8.1 9.7 18.2 68.8 Bank loans 1.9 3.9 4.7 Total 2.6 7.2 8.7 13.9 27% 7.2 3.8% 11% 3.1% 43.3 2.8% 2.8% 2.8% 2.8% 8.5 12% 2.7% 2.6% 34.8 43.3 37.2 38.1 39.0 38.4 36.8 37.0 27.5 51% Gross debt Repo loans 2018 2019 2020 Hybrids Total Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 Gross debt (DKKbn) Bank Loans Bond loans 34 Average effective interest rate (excl. hybrid) 2022 0.1 0.1 0.1 1.5 Repo loans 4.0 2028 9.2 Bank loans Bond loan's 15.5 Orsted 6.3#35Hybrid capital in short Hybrid capital can broadly be defined as funding instruments that combine features of debt and equity in a cost-efficient manner: • • • Hybrid capital encompasses the credit- supportive features of equity and improves rating ratios Perpetual or long-dated final maturity (1,000 years for Ørsted) Absolute discretion to defer coupon payments and such deferrals do not constitute default nor trigger cross-default Deeply subordinated and only senior to common equity Without being dilutive to equity holders (no ownership and voting rights, no right to dividend) Hybrids issued by Due to hybrid's equity-like features, rating agencies assign equity content to the hybrids when calculating central rating ratios (e.g. FFO/NIBD). The hybrid capital increases Ørsted's investment capacity and supports our growth strategy and rating target. Ørsted has made use of hybrid capital to maintain our ratings at target level in connection with the merger with Danish power distribution and production companies back in 2006 and in recent years to support our growth in the offshore wind sector. Accounting treatment • • • Accounting treatment² Hybrid bonds are classified as equity Coupon payments are recognised in equity and do not have any effect on profit (loss) for the year Coupon payments are recognised in the statement of cash flows in the same way as dividend payments For further information see note 5.3 in the 2021 Annual Report Tax Ørsted A/S¹ Principal amount 6.25% hybrid due 3013 EUR 350 m Type Hybrid capital (subordinated) First Reset Date³ Coupon Jun. 2023 Fixed during the first 10 years, first 25bp step-up in Jun. 2023 100% equity 2.25% Green hybrid due 3017 EUR 500 m Hybrid capital (subordinated) Nov. 2024 Fixed during the first 7 years, first 25bp step-up in Nov. 2029 100% equity 1.75% Green hybrid due 3019 EUR 600 m Hybrid capital (subordinated) Dec. 2027 Fixed during the first 8 years, first 25bp step-up in Dec. 2032 100% equity Debt tax-deductible coupon payments 1.50% Green hybrid due 3021 EUR 500 m Hybrid capital (subordinated) Feb. 2031 Fixed during the first 10 years, first 25bp step-up in Feb. 2031 100% equity 2.50% Green hybrid due 3021 GBP 425 m Hybrid capital (subordinated) Feb. 2033 Fixed during the first 12 years, first 25bp step-up in Feb. 2033 Debt-tax-deductible coupon payments Debt tax-deductible 100% equity coupon payments 35 1. All listed on Luxembourg Stock Exchange and rated Baa3 (Moody's), BB+ (S&P) and BBB- (Fitch). The four Green hybrids are furthermore listed on the Luxembourg Green Exchange (LGX) 2. Due to the 1,000-year structure treatment Debt tax-deductible coupon payments Debt tax-deductible coupon payments Rating treatment 50% equity, 50% debt 50% equity, 50% debt 50% equity, 50% debt 50% equity, 50% debt 50% equity, 50% debt Orsted 3. First Par Call Date#36Ørsted's outstanding bonds Bond Type Issue date Maturity Face Value Principal amount Coupon Coupon payments Green bond Allocated to green projects (DKKm) Avoided emissions (t CO2/year) attributable to the bonds Senior Unsecured Sep. 2012 19 Sep. 2022 EUR 750m EUR 517m 2.625% Every 19 Sep. No n/a n/a Senior Unsecured Nov. 2017 26 Nov. 2029 EUR 750m EUR 750m 1.5% Every 26 Nov. Yes 5,499 551,000 Senior Unsecured Apr. 2010 9 Apr. 2040 GBP 500m GBP 500m 5.750% Every 9 Apr. No n/a n/a Senior Unsecured Jan. 2012 12 Jan. 2032 GBP 750m GBP 750m 4.875% Every 12 Jan. No n/a n/a Senior Unsecured May 2019 17 May 2027 GBP 350m GBP 350m 2.125% Every 17 May Yes 2,968 318,000 Senior Unsecured May 2019 16 May 2033 GBP 300m GBP 300m 2.5% Every 16 May Yes 2,518 258,000 Senior Unsecured/CPI-linked May 2019 16 May 2034 GBP 250m GBP 250m 0.375% Every 16 May & 16 Nov. Yes 2,128 227,000 Senior Unsecured Nov. 2019 19 Nov. 2026 TWD 4,000m Senior Unsecured Nov. 2019 19 Nov. 2034 TWD 8,000m Senior Unsecured Nov. 2020 13 Nov. 2027 TWD 4,000m TWD 4,000m TWD 8,000m TWD 4,000m 0.92% Every 19 Nov. Yes 882 69,000 1.5% Every 19 Nov. Yes 1,765 139,000 0.6% Every 13 Nov. Yes 882 69,000 Senior Unsecured Nov. 2020 13 Nov. 2030 TWD 3,000m TWD 3,000m 0.7% Every 13 Nov. Yes 661 52,000 Senior Unsecured Nov. 2020. 13 Nov. 2040 TWD 8,000m TWD 8,000m 0.98% Every 13 Nov. Yes 1,763 139,000 Hybrid capital Jun. 2013 26 Jun. 3013 EUR 700m EUR 350m 6.25% Every 26 Jun. No n/a n/a Hybrid capital Nov. 2017 24 Nov. 3017 EUR 500m EUR 500m 2.25% Every 24 Nov. Yes 3,674 370,000 Hybrid capital Dec. 2019 9 Dec. 3019 EUR 600m EUR 600m 1.75% Every 9 Dec. Yes 4,424 528,000 Hybrid capital Feb. 2021 18 Feb. 3021 EUR 500m EUR 500m 1.50% Every 18 Feb. Yes 0 0 Hybrid capital Feb. 2021 18 Feb. 3021 GBP425m GBP425m 2.50% Every 18 Feb. Yes 3,630 526,000 36 Ørsted's Green Finance Framework, allocated the dark green shading in the Second Opinion from CICERO Shades of Green, includes Green Bonds, Green Loans and other types of green financing instruments. Ørsted applies green proceeds exclusively for the financing of eligible projects, currently offshore wind projects. Besides the outstanding Green Bonds, Ørsted additionally has a TWD 25bn Green RCF to finance the construction of the offshore wind projects in Taiwan. Orsted#37Financing strategy 37 At Ørsted, we have a centralised financing strategy utilising our strong balance sheet and diverse portfolio. The strategy supports: • • • . • • A capital structure supportive of our BBB+ rating ambition Concentration of and scale in financing activities Cost efficient financing based on a strong parent rating Optimal terms and conditions and uniform documentation Transparent and simple debt structure No financial covenants and restrictions on operating arrangements Corporate market more stable and predictable than project finance market Avoidance of structural subordination The financing strategy optimizes the effect of a fully integrated cash pool where cash at practically all of the company's more than 200 subsidiaries is made available for the company's financing and liquidity purposes. Financing of activities at subsidiary level is provided by Ørsted A/S in a standardised and cost-efficient setup. Widespread use of project financing is not considered cost-efficient and dilutes the creditworthiness of the company. Orsted#38Currency risk management General principles . Highly certain cash flows are hedged Cost-of-hedging is minimized by netting of exposures in the portfolio of projects, as well as use of construction contracts and debt in local currencies. Managing outright long risk • • Operations: 5-year minimum hedging staircase mandate by the Board of Directors with 100% in year 1 - declining to 20% in year 5. The hedging staircase is a compromise between stabilizing cash flows in the front-end and ensuring a balanced FFO/NIBD. Beyond the 5-year horizon the currency exposures are to some extent hedged with foreign-currency debt. Managing time-spread risk (new markets) • Construction period: Hedge 100 % of year 1 currency cash flow risk by swapping the exposure to a year with the same currency revenue. In new markets the capital expenditures beyond year 1 are netted with future revenue in the same currency. 38 Orsted#39Inflation and interest rate risks 2022-2031 revenue from assets in operation, under construction, and awarded before debt, % 100 -55 -10 -35 Total revenue Contracts: Inflation-indexed Merchant UK ROC and CfD, awarded Unhedged and CfD projects in Poland and unsubsidised power Heat contracts Risk management: Passed to shareholders revenue Open exposure Fixed nominal cash flows from assets Subsidised and hedged power, PPAs in Continental Europe, United states and Taiwan Matched with fixed nominal debt and derivatives. Passed to debt and derivative holders. Objectives of interest rate and inflation risk management 1. Protect long-term real value of equity by offsetting interest and inflation risk exposure embedded in assets by allocating debt with similar, but opposite risk exposure 2. Cost of funding optimized by actively managing debt portfolio 3. Cost of hedging minimised by using natural portfolio synergies between assets, allowing matching of up to 100% of asset value with appropriate debt 39 See more in note 6.4 in the 2021 Annual Report -35 -20 Fixed nominal cash flows from assets Duration-matched debt and hybrids Derivatives1 Net inflation risk Framework for risk management • . • Assets divided into risk categories based on nature of inflation and interest rate risk exposure Simple risk metrics are used to match assets with appropriate debt within each category Fixed nominal-category has first priority for debt allocation to protect shareholders against inflation Inflation-indexed revenues reserved to service equity return for shareholders thereby to a large extent protecting the real value of equity against fluctuations in inflation Orsted#40Love your home Orsted Rasmus Hærvig Head of Investor Relations [email protected] Alex Morgan Lead Investor Relations Officer [email protected] Henriette Stenderup IR Coordinator [email protected] Sabine Lohse Senior Investor Relations Officer [email protected] Orsted