#1Orsted Investor presentation Q1 2023 3 May 2023 Orsted 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, the ability to uphold hedge accounting, inflation rates, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions. As a result, you should not rely on these forward-looking statements. Please read more about the risks in the chapter 'Risks and risk management' on p. 38 and in note 6 of the 2022 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#3All time high earnings in offshore sites and FID on Greater Changhua 2b & 4 Strategic highlights - Q1 2023 • Final investment decision on the 920 MW offshore wind farms Greater Changhua 2b & 4 in Taiwan • 884 MW proposal submitted to Rhode Island's offshore wind solicitation together with JV partner, Eversource . • • Floating wind lease awarded for the 100 MW Scottish Salamander Project MoU signed with Acciona to explore options for floating offshore wind foundations in Spain 150 MW corporate power purchase agreement signed with Google from the 268 MW onshore project Helena Wind, US • Acquisition of the 160 MW Irish solar project, Garrenleen ⚫ EU legislation introducing binding targets for green hydrogen in industry, transport, shipping and aviation • Submitted bid to the Danish Energy Agency for our carbon capture and storage project, Kalundborg Hub 3 W Orsted#4Continued acceleration of annual tendering of offshore wind > 25 GW expected to be auctioned in 2023 Bids submitted Upcoming auctions and tenders 4 Award Q2 2023 New York 3 2,000 4,600 MW Q2 2023 New Jersey 3 1,200 4,000 MW H1 2023 Germany 9 GW Award Q2 2023 Rhode Island 600 - 1,000 MW 米 H1 2023 CfD R5 TBD H2 2023 Taiwan auction 3,000 MW H1 2023 Japan auctions >1,500 MW H1 2023 ORESS 1 1,900 2,500 MW H2 2023 IJmuiden Ver 4 GW 2023 Connecticut Up to 1,200 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 (unless specifically stated) 噩 2023 Sørlige Nordsjø ll site 1 1,500 MW Q1 2024 Massachusetts 4 Up to 3,600 MW Orsted#5Ørsted construction programme and pipeline Gross renewable capacity MW 2,852 65 30,683 Offshore Onshore Other (incl. biomass & PtX) 2,147 1,045 1,498 3,214 6,312 1,628 Recent FID 1,394 72 20,381 920 321 1,166 130 2,147 900 15,478 6,247 2,075 4,532 8,871 11,987 22,224 Installed Greater German capacity Changhua Portfolio¹ South Fork 1 & 2a Greater Onshore Changhua wind 2b & 4 Solar PV PtX Installed US North- and under East construction cluster² US Mid- Atlantic cluster³ Baltica 2 Baltica 3 Hornsea 3 Onshore4 Firm capacity UNDER CONSTRUCTION- AWARDED & CONTRACTED 5 1.German Portfolio: Gode Wind 3 (253 MW) and Borkum Riffgrund 3 (913 MW), 2.US North-East cluster: Revolution Wind (704 MW) and Sunrise Wind (924 MW), 3.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), 4. Ballinrea Solar Farm Onshore firm capacity (6,312 MW) consist of 3,785 MW wind, 2,187 MW solar PV, and 340 MW storage Orsted#6Offshore sites earnings increased by 58 % EBITDA of DKK 6.9 in Q1 2023¹ DKKm Q1 2022 Wind Hedges Sites, other Existing partnerships Other incl. DEVEX Onshore CHP plants Gas & Other Offshore Q1 2023 6 & other Bioenergy -300 7,819 -1,052 -6 -16 2,100 300 • . EBITDA excluding new partnerships Offshore wind speeds marginally below norm (10.9 m/s in Q1 2023 vs. norm of 11.0 m/s), and below last year (11.3 m/s in Q1 2022) Positive hedge impact of DKK 2.1 bn, driven by negative effects in Q1 2022 from overhedging and ineffective hedges related to delayed ramp- up of Hornsea 2 (DKK 1.6 bn), as well as a partial reversal of the ineffective IFRS 9-related hedges recognized in 2022 (DKK 0.5 bn) • Positive impact on sites earnings mainly from ramp-up generation at Hornsea 2 and Greater Changhua 1 & 2a • No material earnings from existing partnerships in Q1 2023. Positive effect in Q1 2022 from partial reversal of the cable protection system provision (DKK -0.5), as well as earnings related to construction progress at Greater Changhua 1 & 2a • Onshore earnings in line with Q1 2022, generation up 17 % due to ramp- up from new assets, offset by lower prices • Lower earnings from CHP plants mainly due to unfavourable spreads for power condensing generation • Lower earnings from our gas activities mainly driven by positive revaluation of gas storage facilities in Q1 2022 -1,018 -978 6,910 1. Q1 2022 EBITDA of DKK 9.4 bn, incl. farm-down gain of DKK 1.6 bn related to 50% divestment of Borkum Riffgrund 3 Orsted#7Net profit, ROCE and Equity Net profit DKKbn Borkum Riffgrund 3 farm-down ROCE %, last 12 months 5.7 1.6 3.2 4.1 19.0 13.8 Q1 2022 Q1 2023 31 Mar 2022 31 Mar 2023 Equity DKKbn Equity excl. hedging reserves Hedging reserves 95.5 102.8 122.0 119.6 -26.5 -16.8 31 Mar 2023 Net profit of DKK 3.2 bn ⚫ Lower EBITDA as well as higher depreciations from assets in operation • Increased financial expenses driven by exchange rate adjustments and higher interest expense ROCE of 13.8 % Decrease driven by lower EBIT and higher capital employed • On track to achieve average ROCE of 11-12% between 2020-2027 31 Dec 2022 Equity of DKK 102.8 bn Reduced hedge reserve driven by hedge run off and lower forward power prices 7 Orsted#8Net interest-bearing debt and credit metric Net interest-bearing debt DKKbn 30.6 -10.1 6.0 0.1 35.3 8.8 FFO / Adj. net debt %1 37 38 30 31 Dec 2022 CFO Capex Dividends & hybrids Other 31 Mar 2023 Net interest-bearing debt of DKK 35.3 bn, up DKK 4.7 bn • Positive operating cash flow from EBITDA and release of collateral (net DKK 3.3 bn during Q1) 31 Mar 2022 31 Mar 2023 FFO / Adj. net debt of 38 % • Higher adj. NIBD was offset by higher FFO • Gross investments relating to construction of offshore and onshore assets • Distribution of dividends to shareholders in March 2023 8 1: See appendix p. 38 for detailed calculation of the FFO / Adj. net debt ratio • Remain committed to our target of 25% Orsted#9Non-financial ratios Taxonomy-eligible KPIs %, YTD 9 Revenue OPEX Green share of energy generation %, YTD 92 89 87 72 EBITDA CAPEX 99 31 Mar 2022 31 Mar 2023 Green share of energy at 89% • Decrease driven by switch from biomass to coal-based generation at Studstrup Power Station, following the silo fire in September 2022 ⚫ Partly offset by higher generation from our wind and solar farms Safety Total recordable injury rate, YTD 1.3 2.7 31 Mar 2022 31 Mar 2023 TRIR of 2.7 • • Increase in number of injuries driven by contractor related incidents Several initiatives implemented to improve safety performance Orsted#102023 guidance & financial estimates 2023 guidance EBITDA (excluding new partnerships) Gross investments DKKbn 20-23 50-54 Financial estimates Fully loaded unlevered lifecycle spread to WACC at the time of bid/FID¹ Average yearly increase in EBITDA from offshore and onshore assets in operation Average return on capital employed (ROCE) Average share of EBITDA from long-term regulated and contracted activities Target Year 150-300 bps Continuous -12% 2020-2027 11-12% 2020-2027 -90% 2020-2027 10 1. Targeted range for spread to WACC at time of bid/FID (whichever comes first) for individual projects Orsted#11Capital Markets Day 2023 Date 8 June 2023 Venue Science Museum, London Registration www.orsted.com/capital-markets-day 11 Programme (UTC+1) 09.00 10.00 10.00-14.00 14.00-16.00 Registration and breakfast Presentations incl. Q&A Lunch and networking Orsted#12Q&A DK: +45 78 76 84 90 UK: +44 203 769 6819 US: +1 646 787 0157 PIN: 994005 For questions, please press 5* Orsted#13Appendix Orsted#14Forecasted renewable capacity build-out Global renewable energy capacity by technology¹ GW installed CAGR 2% Biomass Global offshore wind capacity excl. mainland China GW installed Americas Asia Pacific +26 GW/year North American renewable capacity by technology2 GW installed Biomass Batteries 32% Batteries +11 %/year 20% Offshore wind 4,542 13 % Small-scale PV 183 11% Utility-scale PV 176 9% Onshore wind 230 823 +8 %/year Offshore wind Europe 290 Small-scale PV 547 Large-scale PV 16 53 28 Onshore wind 53 303 420 94 +20 GW/year 13 65 66 161 152 1,559 303 242 120 1,641 +7 GW/year 16 2 33 33 143 11 36 236 +3 GW/year 171 132 40 57 59 536 12 227 199 1,571 10 97 24 134 679 11 43 86 24 2020 2030 2015 2020 2025 2030 2035 2015 2020 2025 2030 (Post-COVID-19) 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#15Renewable capacity as of 31 March 2023 Indicator, MW, gross Installed renewable capacity Offshore, wind power Onshore - Wind power -Solar PV power - Battery storage Q1 2023 Q1 2022 A FY 2022 15,478 13,275 2,203 15,121 8,871 7,551 1,320 8,871 4,532 3,649 883 3,464 2,952 512 1,028 657 371 4,175 3,464 671 40 40 Other (incl. P2X) 2,075 2,075 - Biomass, thermal heat 2,054 2,054 40 2,075 2,054 - Battery storage 21 21 21 Decided (FID) renewable capacity 4,903 4,573 330 4,340 Offshore, wind power 3,116 3,516 (400) 2,196 Onshore 1,715 1,055 660 2,072 - Onshore wind power 321 375 (54) 321 -Solar PV power 1,094 680 414 1,451 - Battery storage 300 300 300 Other (incl. P2X) 72 2 70 72 Awarded/contracted renewable capacity (no FID yet) 10,562 8,305 2,257 11,222 Offshore, wind power 10,337 8,305 Onshore, solar PV power 225 Sum of installed and FID capacity 20,381 17,848 Sum of installed, FID, and awarded/contracted capacity 30,943 26,153 2,032 225 2,533 4,790 11,157 65 19,461 30,683 15 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). Note: In Q4 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' Orsted#16Offshore wind build-out plan Installed capacity MW Under construction Awarded 2,852 22,224 1,045 1,498 3,214 1,628 920 11,987 1,166 130 900 8,871 Installed capacity Q1 2023 Greater Changhua German Portfolio¹ South Fork Wind 1 & 2a Greater Changhua 2b & 4 Country Taiwan Germany US Taiwan Expected completion 2023 2024/2025 2023 2025 Construction status Decided (FID'ed) and US North- East cluster2 US Mid-Atlantic cluster³ Baltica 2 Baltica 3 Hornsea 3 Decided (FID'ed), installed installed and capacity awarded capacity US US Poland Poland UK 2025 2025/2026/ 2029 2027 By 2029 2027 Pending FID Pending FID Pending FID Pending FID Pending FID Delayed On track On track On track Turbine 111 x 8 MW Siemens Gamesa 106 x 11 MW Siemens Gamesa 66 x 14 MW 16 12 x 11 MW Siemens Gamesa 107 x 14 MW Siemens Gamesa 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. Ocean Wind 1 (1,100 MW), Skipjack 1 (120 MW), Skipjack 2 (846 MW) and Ocean Wind 2 (1,148 MW) Orsted#17Onshore build-out plan Installed capacity MW Under construction 4,532 471 600 250 201 73 50 25 29 20 16 46 6,247 Installed capacity Q1 2023 Old 3001 Sparta² Sunflower Eleven Mile Mockingbird German portfolio4 French portfolio 5 Irish portfolio6 UK portfolio Decided (FID'ed) and installed capacity Region ERCOT, TX ERCOT, TX SPP, KS WECC, AZ ERCOT, TX Germany France Ireland Northern Ireland Expected completion 2024 2024 H2 2023 HI 2024 H2 2024 H2 2024 2023/2024 H2 2023 H1 2023 Status Partly commissioned Delayed On track On track On track On track On track On track On track Platform Solar PV Solar PV Wind Solar PV and BESS³ Solar PV Wind Wind Wind PPA with PPA with PPA signed Microsoft Target AZ state contract Offtake Solution 17 Expected with Government contract 1. Full park capacity of 430 MW; 2. Solar PV phase of Helena Energy Center; 3. 1,200 MWh for BESS; 3. Bahren West 1 50 MW; 3. Les Dix-Huit 7 MW, Gatineau 9 MW, Delta Sèvre- Argent 9 MW; 3. Lisheen 3 29 MW; 7. Ballykeel 16 MW PPA with DSM Government contract PPA with Meta Wind PPA with Amazon Orsted#18Offshore market development - UK, Ireland and Isle of Man United Kingdom Ireland Isle of Man ⚫ In April 2021 the UK Government increased its ambition for offshore wind to 50 GW by 2030, including 5 GW of floating offshore wind, to reduce reliance on imports and improve energy security. This ambition was reiterated in the Government's Powering Up Britain report in March 2023 ⚫ Commitment to decarbonise electricity system by 2035 and binding target to reach net zero emissions across the whole economy by 2050 ⚫ CfD allocation rounds to be held annually in an effort to speed up the deployment of renewable energy projects. Allocation Round 5 (AR5) is currently open ⚫ UK Government programme in place to tackle barriers to accelerated deployment (grid, planning etc.) as well as a fundamental review of the electricity market in support of decarbonising the electricity system (REMA) and targeted support for offshore wind supply chain investment ⚫ UK Government has introduced a new tax targeting exceptional electricity generation receipts with effect from 1 January 2023 ⚫ Ørsted and its partner Simply Blue Energy have been offered seabed exclusivity for the 100MW Salamander 'steppingstone' floating project in Scotland following the conclusion of Crown Estate Scotland's competitive INTOG leasing process. This was one of five successful bids in the Innovation element of the leasing round • The Information Memorandum for the Celtic Sea Leasing round announced by The Crown Estate for total of 4 GW of floating projects for delivery by 2035 will be released in Spring 2023. The tender process will begin in mid-2023 for pre-defined sites ⚫ 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 an aspiration for 7 GW offshore wind by 2030 • The Maritime Area Regulatory Authority is expected to be established in mid-2023 and its responsibilities will include granting seabed exclusivity by way of a Maritime Area Consent (MAC) • The first MACs were awarded to seven qualified projects in December 2022 ahead of the first Offshore Renewable Energy Support Scheme (ORESS) which is expected to open in H1 2023 and conclude before end of June for approximately 2.5GW with a capped price of EUR 150/MWh ⚫ In March 2023, the Irish Government published its "Phase Two Policy Statement", which signalled an unexpected acceleration from a developer-led approach to a plan-led approach to seabed leasing, which will allow for a total of 5GW of grid-connected projects by 2030. There are currently expected to be 2x 400MW sites made available in 2023. Further policy is awaited from the Irish Government, including the creation of Designated Maritime Area Plans which will pre-define zones of seabed areas • The Isle of Man is a Crown Dependency and, as it is not part of the United Kingdom, energy projects in its territorial waters are not eligible to participate in UK CfD auctions •In 2014 the Isle of Man Government ran a formal tender for offshore wind and Ørsted was successful in being awarded the first and only Agreement for Lease in 2015 The Island has now introduced its own Climate Change Act and set out its pathway to net zero by 2050 and the framework for setting 5 year rolling plans and interim carbon emission reduction plans ⚫ In October 2022, Tynwald (parliament) in the Isle of Man approved the first Climate Change Action Plan 2022-2027. This sets a target for 100% carbon neutral electricity by 2030 and at least 20 MW of local renewable energy generation on the Island by 2026 ⚫ Ørsted continues to engage with key stakeholders, including the Isle of Man Government, regularly and we continue to be excited the opportunity to deliver a large scale offshore wind farm off the east coast of the Island 18 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#19Offshore market development - Continental Europe Germany Netherlands Denmark Poland Belgium Sweden Norway Iberia Baltic States 19 • • New government has ambitions to increase offshore wind targets to 30 GW by 2030, 40 GW by 2035 and 70 GW by 2045, necessary to achieve the countries target of GHG- neutrality by 2045 with 80% renewables in the energy mix by 2030 ⚫ Tender volumes for 2023 increased to 9 GW and are expected to be allocated in auctions including both price and qualitative elements. 7 GW to be tendered through a price- only mechanism with deadline by 1 June 2023. Remaining 2GW to be tendered through a combined price and non-price process with deadline by 1 August 2023. Volumes for 2024 expected to be 8 GW • The government doubled its 10.7 GW by 2030 capacity target to more than 21 GW The government has published an updated auction calendar: 4 GW in H2 2023, 4 GW in H1 2025, 4 GW in 2026 and 4.7 GW in 2027 • Next tender is IJmuiden Ver (2 x 2GW) in H2 2023 - government has opted for a tender design that includes a capped payment and qualitative criteria focused on ecology and system integration ⚫The Danish State has paused the Open-Door applications for offshore wind farms due to state aid concerns. Final outcome is still being assessed ⚫ Political agreement on conditions for the tendering of 9 GW new offshore wind with additional opportunity for overplanting and open-door projects ⚫ The tender process for the North Sea Energy Island has still not been initiated. Latest expectation is for the process to begin in mid-2023, deadline in 2025, with completion by 2033 ⚫ Draft regulation published for new CfD subsidy scheme with increased capacity targets from 5 GW to 12 GW towards 2031 • Seabed auctions of total capacity of 11-13 GW offshore wind has commenced - 5 of 11 sites have been awarded, with remaining 6 to follow over coming months. Winners of awarded seabed can participate in auctions for a CfD subsidy scheme Capacity will grow from current 2.2 GW in operation to 5.8 GW in total before 2030. Tenders expected in 2025 with exact timings driven by onshore grid reinforcement First tender 700 MW expected H2 2025 - tenders for remaining volumes in new Princess Elisabeth zone are expected for 2026-2028 MoU signed with Denmark for large scale offshore wind power imports ⚫ 100% fossil free electricity target by 2040 and carbon neutrality by 2045. Energy Agency tasked to find areas for another 90 TWh offshore for the next version of MSP Energy Agency forecasts electricity demand could double by 2035, TSO planning grid reinforcement of SEK 100 bn to support increased electricity demand • • Government has announced plans to simplify permitting process for wind, solar and nuclear, with concrete initiatives to come throughout 2023 • Target of awarding 30 GW of offshore wind by 2040. Tenders for Utsira Nord (UN) and Sørlige Nordsjø II (SNII) launched for conclusion in 2023 with total of 3 GW capacity ⚫ UN consists of 3 x 500 MW leases areas allocated through a qualitative competition with bids due 1 September and award in December. Subsidy auction will run later ⚫ SNII is a bottom-fixed 1.5 GW project radially connected to Norway with price auction and allocation in December 2023 • Spain: Target of up to 3 GW floating offshore wind by 2030 supported by planned investment of EUR 200m in research and innovation with first auction 2023/24 • Portugal: An ambition of 10 GW auctioned capacity by 2030 with a potential first auction starting in 2023 • Estonia: Confirmed seabed auction in September 2023 and work started to explore design of offshore wind framework • Lithuania: Auction for first 700 MW project opened with bid in May 2023. Auction for second 700 MW project expected to start in September 2023 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#20Offshore market development - US Massachusetts Connecticut Target of 5.6 GW offshore wind by 2027 of which 3.2 GW has already been awarded Next OSW procurement for up to 3.6 GW released, with bid submission by January 2024 Target of up to 2.3 GW of offshore wind capacity by 2030, of which 1.2 GW remains available •CT targeting OSW procurement for up to 1.2 GW in 2023, potentially in coordination with Massachusetts Round 4 New York • Target 9 GW offshore wind by 2035. 4.3 GW awarded in total New Jersey Ongoing NY-3 RFP for 2.0-4.6 GW with estimated timeline for award in Q2 2023 21 September 2022, Governor Murphy announced an increase in the state's offshore wind goal to 11 GW by 2040 Third solicitation of between 1.2 GW and 4 GW with bids due in Q2 2023 and anticipated decision by the end of 2023 Maryland ⚫ Legislation setting 8.5 GW goal passed in April 2023 Rhode Island • California 20 20 Other Executive order signed to power the state with 100% renewable energy by 2030 Current OSW procurement for 0.6 - 1.0 GW with award expected in Q2 2023. Revolution Wind 2 is only bidder ⚫ In 2022 BOEM completed a sale of five seabed leases located in deep waters off California's central and northern coasts Preliminary planning target updated to 25 GW by 2045 ⚫ Louisiana's first ever Climate Action Plan outlined a 5 GW by 2035 offshore wind goal BOEM lease auctions expected in Gulf of Mexico, Central Atlantic, Oregon, and Gulf of Maine between 2023 and 2024 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#21Offshore market development - APAC • Taiwan has met its target of awarding 5.5 GW to be commissioned by 2025 ⚫ Ørsted has more than 3 GW of developing pipeline in preparation to participate future auctions Taiwan Japan • Third round auction announced with 15 GW offshore wind target to be constructed from 2026-2035 • Auction round 3.2 bid submission deadline expected in Q4 2023/Q1 2024 Target of 10 GW offshore wind 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 • Auction round 2 was released in December 2022 with bid submission deadline in June 2023 and expected award announcement in Q4 2023 • • The previous administration's NDC pledge for 40 % GHG reduction by 2030 against 2018 levels is set to be maintained by President Yoon Electricity Business License "EBL" submitted for Incheon 1.6 GW. Approval expected within 2023 South Korea Vietnam • Hydrogen Act announced in February 2021 setting targets for 15 GW of hydrogen fuel cells for power generation and production of 6.2 million hydrogen FCEVS by 2040 ⚫ 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 The adoption of the 2030 energy policy including finalization of the master plan (PDP8) remains delayed. The adoption of the policy is required to put the relevant secondary legislation in place • Offshore Wind is officially stated to be a technology of strategic importance for VN to achieve its 2050 net zero target Australia ⚫ Australian federal government has released its secondary offshore energy legislation, outlining guidelines for application requirements/assessment criteria and recovery costs • The feasibility license application process to grant seabed exclusivity for sites in Victoria has now been launched with submissions due by 27 April 2023 with results known by Q4 2023. Total number of licenses available for award has not been disclosed • 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 21 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#22Offshore seabed competition 222 22 Ongoing Poland 11-13 GW H2 2023 Gulf of Mexico ~8 GW 2023 2024 Gippsland TBA Central Atlantic TBD 2023 Utsira Nord (floating) 1.5 GW 2023 Celtic Sea (floating) 4 GW 2024 Oregon ~3 GW 2024 Gulf of Maine TBD All timelines and capacities based on authorities communication and subject to change. Timeline reflects bid submission deadline, not time of award Orsted#23Power-to-X: Renewable hydrogen & e-fuels updates for Q1 2023 Signals for significant market growth IIIII National & cross-national ambition setting 42 countries now have a hydrogen strategy (up from 3 in 2019). The total electrolyser target across these hydrogen strategies is approx. 90 GW by 2030. An additional 36 markets are preparing a hydrogen strategy. Ørsted Power-to-X highlights during Q1 2023 Project development Ørsted Power-to-X continues to mature a pipeline of renewable hydrogen and e-fuels projects, primarily building on a foundation of project opportunities in Northern Europe and North America. Substantial progress in visibility of push and pull policies Critical regulatory success has been achieved in the EU by getting visibility on the definition of renewable hydrogen and with the introduction of binding targets for hydrogen in industry and transport, mandates for e-fuels in shipping and aviation, and by opening up new direct funding instruments. Project announcements & increasing demand Global announced projects indicate significant build- out ambitions of c.290 GW electrolyser capacity toward 2030. Evidence of growing offtake e-fuel demand includes c.110 methanol vessels on order or operating (up from c.80 at the end of 2022). Scalable hubs Ørsted Power-to-X is pursuing synergies from co-locating projects- for example, the SeaH2Land project portfolio in the Netherlands and exploring scaled project phasing at Idomlund in Denmark. FlagshipONE maturation Ørsted's board of directors approved the 50,000 tpa e-methanol Swedish project in December 2022. Construction will start in May 2023 and COD is expected in 2025. Source: BNEF Global Hydrogen Strategy Tracker, S&P/IHS Markit, DNV Alternative Fuels Insight Orsted#24ESG Performance Total heat and power generation Q1 2023 Energy source, % Scope 1 and 2 GHG intensity g CO₂e/kWh Scope 3 greenhouse gas emissions, million tonnes CO₂e Other scope 3 emissions Natural gas sales Total scope 3 Offshore wind Onshore wind Sustainable biomass Coal Solar PV 3 Natural gas 1 Other O 10 23 25 Green share of energy generation, Q1 2023 24 1. 2018 is adjusted base year 37 -90% gas -87% -98% -50% all scope 3 ୮ products 29.2 462 11.0 14.6 60 48 52 3.7 <2.4 1.5 10 <1 2006 2022 Q1 2022 Q1 2023 2025 2040 20181 2022 Q1 2022 Q1 2023 2032 2040 89% SCIENCE SCIENCE BASED BASED TARGETS TARGETS Orsted#25Sustainability leadership in Ørsted Globally recognised sustainability leadership Net-zero in 2040 across scope 1-3 First energy company in the world with an approved science-based net-zero target for the full value chain (scope 1-3) to help limit global warming to <1.5 °C. Industry leading supply chain decarbonisation programme We work strategically with our suppliers to decarbonise our supply chain. Key initiatives to meet our ambition include: First Movers Coalition 1) 2) Expect all tier 1 suppliers to cover their electricity consumption with 100% renewable electricity by 2025 Signed an agreement on the world's first service operation vessel that can run on 100% green fuels 3) ESG rating performance Our reporting SCIENCE Rating agency Score Benchmark BASED TARGETS CDP A LIST A 2022 CLIMATE CDP B B °CLIMATE GROUP STEELZERO 2022 WATER MSCI AAA SUSTAINALYTICS ESG INDUSTRY TOP RATED 16.4 (low risk) Corporate ESG Performance A- Prime RATED BY ISS ESG PLATINUM 2021 ecovadis 78 Sustainability DecomBlades Climate: Highest possible rating for four conse- cutive years and recog- nised as a global leader on climate action Water: awarded the score 'B' in 2022 Highest possible rating for six consecutive ratings 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 Annual report 2022 Read more about our sustainability journey ESG performance report 2022 Read more about Ørsted's ESG indicators Sustainability report 2022 Read more in detail about Ørsted's sustainability priorities and programmes Green bond impact report 2022 Read more about Ørsted's green bond portfolio and its' sustainability impacts Orsted Annual report 2022 Orsted El performance report 2022 Grive Vergy to power positive Impact Orsted Green bond mpact report 2022 Committed to procure at least 10% 'near-zero' concrete per year by 2030 as part of the First Movers Coalition Net-positive biodiversity impact from all new renewable energy projects commissioned from 2030 at the latest Key initiatives launched to meet our ambition include: Five-year global partnership with WWF to improve ocean biodiversity Read about our net-positive biodiversity projects here Working together 1) WWF for ocean biodiversity 2) Launched five new biodiversity pilot projects with the aim of scaling successful solutions Ban on landfilling of wind turbine blades We work actively to develop industry solutions to recycle wind turbine blades, e.g. through cross-industry project DecomBlades 1. Scotland Innovation and Targeted Oil & Gas Decarbonisation 25 All timelines and capacities based on authorities communication and subject to change. Timeline reflects bid submission deadline, not time of award Orsted#26Our strategic sustainability priorities & targets Orsted AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION Science-aligned climate Aspiration action We scale our green energy business while delivering science-aligned emissions reductions, thereby enabling our customers to also take climate action. Key sustainability targets • • 2025: 98% reduction in scope 1-2 emissions intensity (from 2006) 2032: 50% absolute reduction in scope 3 emissions (from 2018) 2040: Net-zero emissions in scope 1-3 and 90% reduction in absolute emissions (scope 3, from gas sales) Green energy in that revives nature Aspiration We work to ensure that each of our energy projects contributes positively to a thriving nature. Key sustainability targets 2025: 40% reduction in freshwater withdrawal intensity (m3 per GWh) 2030: Net-positive biodiversity impact from all new renewable energy projects commissioned from 2030 at the latest Today: Zero wind turbine blade waste directed to landfill A green transformation that works for people Aspiration We focus our efforts on making the green energy transition just and inclusive. Key sustainability targets 2023: Develop external human rights reporting and track our most salient human rights risks 2025: Achieve a total recordable injury rate (TRIR) of 2.5 per million hours worked 2030: Reach a 40:60 gender balance in our total workforce (women:men) Employee satisfaction: Be in the top 10% among benchmarking companies Governance that enables the right decisions Aspiration To deliver on our sustainability goals, we continuously work to integrate sustainability and integrity into processes and decision-making across our organisation. Key sustainability targets Sustainability embedded consistently across relevant steps of our operating model All future projects are EU taxonomy-aligned Code of conduct risk screenings on all sourcing contracts above DKK 3 million 26 Orsted#27Group - Financial highlights Financial highlights EBITDA Q1 2023 Q1 2022 A FY 2022 FY 2021 A DKKm 6,910 9,429 (27%) 32,057 24,296 32% - New partnerships 1,610 n.a. 10,993 8,507 29% - EBITDA excl. new partnerships 6,910 7,819 (12%) 21,064 15,789 33% ⚫ Offshore 5,412 5,919 (9%) 19,569 18,021 9% Onshore 834 850 (2%) 3,644 1,349 170% Bioenergy & Other 517 2,514 (79%) 8,619 4,747 82% Operating profit (EBIT) 4,472 7,301 (39%) 19,774 16,195 22% Total net profit 3,202 5,701 (44%) 14,996 10,887 38 % Operating cash flow 10,119 (37) n.a. 11,924 12,148 (2%) Gross investments (8,768) (6,832) 28% Divestments Free cash flow (16) 1,335 1,927 n.a. 25,636 (37,447) (39,307) 21,519 (5%) 19% (4,942) n.a. 113 (5,640) n.a. Net interest-bearing debt 35,261 30,026 17% 30,571 24,280 26% FFO/Adjusted net debt¹ % 37.4 37.5 0%p 42.7 26.3 16%p ROCE¹ % 13.8 19.0 (5%p) 16.8 14.8 2%p 27 Orsted#28Offshore - Financial Highlights Financial highlights Q1 2023 Q1 2022 A FY 2022 FY 2021 A EBITDA DKKm 5,412 5,919 (9%) 19,569 18,021 9% Sites, O&Ms and PPAs 5,859 3,698 58% 9,940 13,059 (24%) • Construction agreements and divestment gains (42) 2,620 n.a. 12,277 7,535 63% 11.3 10.9 10.7 • Other, incl. project development (405) (399) 2% (2,648) (2,573) 3% 9.5 9.8* 8.4 7.7 Key business drivers Power generation GWh 5,162 4,502 15% 16,483 13,808 19% Wind speed m/s 10.9 11.3 (3%) 9.5 9.1 4% Availability % 95 95 0%p 94 94 (0%p) Q1 Q2 Q3 Q4 FY Load factor % 53 54 (1%p) 42 39 3%p ■2022 2023 "Normal wind year" Decided (FID) and installed GW 12.0 11.1 8% 11.1 10.9 1% capacity¹ Installed capacity¹ GW 8.9 7.6 17% 8.9 7.6 17% Generation capacity2 GW 4.7 4.2 12% 4.7 4.0 17% 28 1. Installed capacity: Gross offshore wind capacity installed by Ørsted before divestments. 2. Generation capacity: Gunfleet Sands and Walney 1 & 2 are consolidated according to ownership interest. Other wind farms are financially consolidated. * Indicates m/s for full year 2023 (if Q2, Q3 and Q4 follow the normal wind year) Orsted#29Onshore - Financial Highlights Financial highlights EBITDA Q1 2023 Q1 2022 A FY 2022 FY 2021 A DKKm 834 850 (2%) 3,644 1,349 170% ⚫ Sites 324 496 (35%) 2,097 535 292% • Production tax credits and tax attributes 759 568 34% 2,556 1,382 85% • Other, incl. project development (249) (214) 16% (1,009) (568) 77% 7.9 7.9 7.7 7.5 7.3 7.3* 6.0 Key business drivers Power generation GWh 3,751 3,203 17% 13,146 8,352 57% Wind speed¹ m/s 8.1 7.9 3% 7.4 7.4 (0%) Availability, wind¹ % 91 96 (5%p) 95 93 96 (3%p) Availability, solar PV1 % 99 Load factor, wind¹ % 45 249 99 (0%p) 98 906 Q1 Q2 96 2%p 47 (2%p) 40 42 (2%p) Load factor, solar PV1 % 16 21 (5 %p) 25 24 1%p Installed capacity GW 4.5 3.6 25% 4.2 3.4 25% 1. For 2021, these business drivers are for US only, whereas they are for the entire portfolio in 2022 29 * Indicates m/s for full year 2023 (if Q2, Q3 and Q4 follow the normal wind year) Q3 Q4 FY ■2022 2023 -"Normal wind year" Orsted#30Bioenergy & Other - Financial Highlights Financial highlights EBITDA Q1 2023 Q1 2022 A FY 2022 FY 2021 A DKKm 517 2,514 (79%) 8,619 4,747 82% ⚫ CHP plants 845 1,823 (54%) 5,851 3,202 83% • Gas Markets & Infrastructure (237) 725 n.a. 3,117 1,829 70% Other, incl. project development (91) (34) 168 % (349) (284) 23% Key business drivers Heat generation Power generation Degree days GWh 3,178 3,243 (2%) 6,368 7,907 (19%) GWh 1,697 2,138 (21%) 6,012 6,890 (13%) # 1,157 1,141 1% 2,548 2,820 (10%) 30 Orsted#31Liquidity reserve significantly above target Collateral and margin postings, DKKbn 31 30.6 0.4 18.4 14.1 12.7 1.3 3.2 9.7 11.8 7.7 3.1 1.8 Sep 2022 Dec 2022 Mar 2023 Initial margin Variation margin Treasury collateral Liquidity reserve DKKbn 97.8 98.8 88.0 Sep 2022 Dec 2022 Mar 2023 Cash, available Securities, available Undrawn, non-cancellable credit facilities Orsted#32Debt and hybrids overview Total gross debt and hybrids 31 March 2023, DKKbn >95% of gross debt (bond and bank loans) fixed interest rate. Remainder floating or inflation-linked 8% 20% DKK 98.3 bn Bank loans Bond loans Hybrid securities 42 32 71% Effective funding costs - Gross debt Maturity profile of gross debt DKKbn 3.8% 3.1% 2.8% 3.4% 3.3% 78.4 2.7% 2.6% 63.7 37.2 36.8 37.0 27.5 2018 2019 2020 2021 2022 Q1 2023 Gross debt (bank and bond loans) (DKKbn) Average effective interest rate of gross debt 2.6 0.1 0.1 9.3 6.6 6.5 4.5 3.9 33.9 10.9 2023 2024 2025 2026 2027 2028 2029 2030 20312036+ 2035 Bank loans Bond loans Orsted#33Currency and energy exposure Currency exposure Q2 2023 - Q1 2028 DKKbn Before hedging After hedging 46.2 GBP 14.6 4.1 Risk after hedging, DKKbn GBP: 14.6 sales position USD: 15.3 purchase position NTD: 7.5 purchase position Energy exposure Q2 2023 - Q1 2028* DKKbn Before hedging After hedging via traded markets 82.1 37.9 -6.6 -7.5 -15.3 5.3 4.7 0.0 -1.0 -0.1 -0.1 Power Gas Oil Spread USD1 NTD1 Effect of price +10% Effect of price -10% Risk after hedging DKKbn Effect of price +10% Effect of price -10% +1.5 -1.5 -0.8 -1.5 Power: 37.9 sales position +1.5 Gas: 0.0 position +0.8 Oil: -0.1 purchase position Spread (power): 4.7 sales position +3.8 -3.8 -0.0 +0.0 -0.0 +0.0 +0.5 -0.5 1. 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. 33 * Bioenergy exposure excluded from Q4 2025 Orsted#34Hedge levels for merchant exposure¹ As of 31 March 2023 Offshore Merchant exposure covered with 'as produced' PPA contracts Merchant exposure covered with fixed volume obligations 79% 69% 1% 49% 8% 79% 68% 17% 17% 41% 15% 15% 2% -2%- 2023 2024 2025 2026 2027 Onshore 73% 67% 59% 60% 60% 29% 37% 42% 41% 41% 44% 30% 17% 19% 19% 2023 2024 2025 2026 2027 Bioenergy 27% 11% 1% 27% 11% -1%- 2023 2024 2025 Group2 76% 64% 3% 54% 5% 5% 12% 29% 24% 73% 59% 42% 17% 24% -7%- 5% 2023 2024 2025 2026 2027 34 1. Exposure is calculated as the expected production times the forward price. The total hedge level is expressed as merchant volumes that are covered either by 'as produced' PPAs or fixed volume obligations traded in the market 2. Group hedge level include exposure from offshore, onshore, contract exposure from IPPAs and Bioenergy#3535 New approach better suited for the characteristics of our portfolio Lower hedge level and shorter time horizon. Hedge level of merchant exposure between 0-70% in Y1 & Y2 . . • Risk of overhedging and IFRS 9 ineffective hedges significantly reduced Hedging no more than 70% will lead to overhedged volumes in 1 out of 20 months, instead of 1 out of 3 months with previous approach Reduction in liquidity and counterparty risk Hedge level will depend on portfolio composition . . Leveraging portfolio diversification as natural hedge between price and production variability Desired year-to-year level will account for portfolio effects Low share of merchant power exposure in front years leads to low hedges levels and vice versa 0-70% 0-70% Y1 Y2 Y3 Illustrative Y4 Y5 Calendar years (Y1 current year) Regulated & contracted Hedge level range of merchant exposure Additional activities will be commercially driven Portfolio revenue uncertainty Hedge level will depend on portfolio composition - Portfolio with 40% merchant exposure - Portfolio with 10% merchant exposure Hedging is risk increasing Hedging is risk reducing to a certain level 0% 10% 20% 30% 40% 50% 60% Hedge level 70% 80% 90% 100% Note: Program for hedging open (non-regulated, non-contracted) power price exposure from offshore wind, onshore wind, and solar PV only. Illustration of hedging program is simplified for illustrative purposes Orsted#36Capital employed Capital employed, DKKm Q1 2023 FY 2022 Q1 2022 FY 2021 Intangible assets, and property and equipment 186,799 181,694 166,727 162,939 Assets classified as held for sale, net 684 860 Capital employed by segment %, Q1 2023 Offshore Onshore Bioenergy & Other Equity investments and non-current receivables 1,055 996 923 828 Net working capital, capital expenditures (4,743) (5,665) (7,101) (8,913) 5% Net working capital, work in progress Net working capital, tax equity Net working capital, other items 3,872 (14,482) 9,058 Derivatives, net (21,294) 1,471 (15,157) 11,928 (32,322) 6,821 5,948 (13,262) (13,268) 11,965 10,820 (46,202) (32,995) 23% Decommissioning obligations (14,268) (14,076) (9,039) (8,851) 138.1 DKKbn Other provisions (5,771) (5,630) (6,527) (7,037) Tax, net (255) 1,609 6,454 3,844 72% Other receivables and other payables, net (1,884) 1,255 (4,698) (4,759) TOTAL CAPITAL EMPLOYED 138,087 126,103 106,745 109,416 36 Orsted#37Taxonomy-aligned KPIs Unit Q1 2023 Q1 2022 A FY 2022 Revenue DKKm 29,369 33,762 (13%) 132,227 Taxonomy-aligned revenue % 87 68 19%p 73 - Electricity generation from solar PV and storage electricity - Electricity generation from wind power % 0 0 0%p о % 76 58 18%p 65 - Cogeneration of heat and power from bioenergy % 11 10 1%p 8 Taxonomy-non-eligible revenue - Gas sale - Coal-based activities - Other activities CAPEX Taxonomy-aligned CAPEX Taxonomy-non-eligible CAPEX OPEX Taxonomy-aligned OPEX % 13 32 (19 %p) 27 % 8 22 (14%p) 16 % 4 2 2%p 4 % 1 18 (7%p) 7 DKKm 7,938 5,129 55% 35,595 % 99 99 0%p 99 % 1 1 0%p 1 DKKm 1,629 1,175 39% 7,049 % 72 79 (7 %p) 80 Taxonomy-non-eligible OPEX % 28 21 7%p 20 EBITDA DKKm 6,910 9,429 (27%) 32,057 Taxonomy-aligned EBITDA (voluntary) % 99 87 12%p 85 - Electricity generation from solar PV and storage electricity % 2 1 1%p 2 - Electricity generation from wind power % 89 71 18%p 71 - Cogeneration of heat and power from bioenergy % 8 15 (7%p) 12 Taxonomy-non-eligible EBITDA (voluntary) % 1 13 (12%p) 15 37 For further details, please see p. 7 in the Interim ESG performance report Q1 2023 Orsted#38FFO/Adjusted net debt calculation Funds from operations (FFO), DKKm² EBITDA Change in provisions and other adjustments Change in derivatives Variation margin (add back) 31 Mar 2023 31 Dec 2022 31 Mar 2022 29,538 32,057 28,862 (1,538) (2,213) (1,820) 434 (8,687) (5,203) 1,419 10,332 6,447 Reversal of gain (loss) on divestment of assets (9,146) (10,885) (9,563) Income tax paid (1,827) (1,263) (737) Interests and similar items, received/paid (646) (563) (430) Reversal of interest expenses transferred to assets (511) (586) (851) 50% of coupon payments on hybrid capital (262) (264) (237) Dividends received and capital reductions FUNDS FROM OPERATION (FFO) 23 23 29 17,484 17,951 16,497 Adjusted interest-bearing net debt, DKKm 31 Mar 2023 31 Dec 2022 Total interest-bearing net debt 35,261 30,571 31 Mar 2022 30,026 50% of hybrid capital 9,897 9,897 8,992 Other interest-bearing debt (add back) (3,852) (4,924) (1,411) Other receivables (add back) 4,801 3,290 5,243 Orsted Cash and securities, not available for distribution, excl. repo loans 670 3,241 1,114 ADJUSTED INTEREST-BEARING NET DEBT 46,777 42,075 43,964 FFO / ADJUSTED INTEREST-BEARING NET DEBT 37.4% 42.7% 37.5% 38 1. Last 12 months. Orsted#39Hybrid 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)' 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 • • • 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 2022 Annual Report Hybrids issued by Ørsted A/S¹ Outstanding amount 6.25% hybrid due 3013 EUR 93.9 m Type Hybrid capital (subordinated) First Reset Date³ Coupon Accounting treatment² 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 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 100% equity 5.25% Green hybrid due 3022 EUR 500 m Hybrid capital (subordinated) Dec. 2028 Fixed during the first 6 years, first 25bp step-up in Dec. 2028 100% equity 39 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; 3. First Par Call Date Tax treatment Debt tax-deductible coupon payments Debt - tax-deductible coupon payments Debt tax-deductible coupon payments Debt tax-deductible coupon payments 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 50% equity, 50% debt Orsted#40Ørsted's outstanding senior bonds Bond Type Issue date Maturity Face Value Outstanding amount Fixed/Floating Green Allocated to green Avoided emissions (thousand Coupon Coupon payments rate bond projects (DKKm) tons CO2/year) Senior Unsecured Nov. 2017 26 Nov. 2029 EUR 750m EUR 750m Fixed 1.5% Every 26 Nov. Yes 5,499 545 Senior Unsecured Jun. 2022 14 Jun. 2028 EUR 600m EUR 600m Fixed 2.25% Every 14 Jun. Yes 4,260 684 Senior Unsecured Jun. 2022 14 Jun. 2033 EUR 750m EUR 750m Fixed 2.875% Every 14 Jun. Yes O ○ Senior Unsecured Sep. 2022 13 Sep. 2031 EUR 900m EUR 900m Fixed 3.25% Every 13 Sep.. Yes O ° Senior Unsecured Mar. 2023 1 Mar. 2026 EUR 700m EUR 700m Fixed 3.625% Every 1 Mar. Yes 0 Senior Unsecured Mar. 2023 1 Mar. 2030 EUR 600m EUR 600m Fixed 3.75% Every 1 Mar. Yes 0 0 Senior Unsecured Mar. 2023 1 Mar. 2035 EUR 700m EUR 700m Fixed 4.125% Every 1 Mar. Yes 0 о Senior Unsecured Apr. 2010 9 Apr. 2040 GBP 500m GBP 500m Fixed 5.75% Every 9 Apr. No n/a n/a Senior Unsecured Jan. 2012 12 Jan. 2032 GBP 750m GBP 750m Fixed 4.875% Every 12 Jan. No n/a n/a Senior Unsecured May 2019 17 May 2027 GBP 350m GBP 350m. Fixed 2.125% Every 17 May Yes 2,968 311 Senior Unsecured May 2019 16 May 2033 GBP 300m GBP 300m Fixed Senior Unsecured/CPI-linked May 2019 16 May 2034 GBP 250m GBP 295m Inflation-linked 2.5% 0.375% Every 16 May Yes 2,518 257 Every 16 May & 16 Nov. Yes 2,128 223 Senior Unsecured Sep. 2022 13 Sep. 2034 GBP 375m Senior Unsecured Sep. 2022 Senior Unsecured Nov. 2019 13 Sep. 2042 19 Nov. 2026 GBP 575m GBP 375m GBP 575m Fixed 5.125% Every 13 Sep. Yes о 0 Fixed 5.375% Every 13 Sep. Yes 0 о TWD 4,000m TWD 4,000m Fixed 0.92% Every 19 Nov. Yes 882 69 Senior Unsecured Nov. 2019 19 Nov. 2034 TWD 8,000m TWD 8,000m Fixed 1.5% Every 19 Nov. Yes 1,765 138 Senior Unsecured Senior Unsecured Senior Unsecured Nov. 2020 13 Nov. 2027 TWD 4,000m TWD 4,000m Fixed 0.6% Every 13 Nov. Yes 882 69 Nov. 2020 Nov. 2020 13 Nov. 2030 13 Nov. 2040 TWD 3,000m TWD 8,000m TWD 3,000m TWD 8,000m Fixed Fixed 0.7% Every 13 Nov. Yes 661 52 0.98% Every 13 Nov. Yes 1,763 138 40 Ørsted's green finance framework, allocated the dark green shading in the second-party 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, onshore wind projects and solar PV projects. Orsted#41Inflation and interest rate risks 15% 50% 35% 2023-2032 nominal cashflows from Offshore & Onshore assets 25% 30% 45% Fixed nominal Inflation-indexed Merchant Active use of debt & hedges to mitigate inflation risk 30% 40% Revenue incl. hedges Other EBITDA Objectives of interest rate and inflation risk management EBITDA 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 Debt 30% Hedges of future debt EBITDA net debt & hedges Framework for risk management . • Asset cash flows divided into risk categories based on nature of inflation, fixed nominal or merchant exposure Fixed nominal revenue service fixed costs and has first priority for debt allocation to protect shareholders against inflation Inflation-indexed revenues service inflation-linked costs and protect the real value of equity return for shareholders 41 See more in note 6.4 in the 2022 Annual Report Orsted#42Glossary Balancing costs The cost of settling intraday differences between expected (day- ahead) and actual (real-time) production Intermittency costs As hedges are settled against a fixed baseload production (volume x market price), this is the cost associated with when our actual production is either above or below the baseload production. When approaching the delivery period, some costs can be proactively addressed by shaping baseload hedges from a P50 volume profile to the expected actual volume profile, minimising profile risk (i.e. real-time pricing impacted by volume of renewables generating at that time) Overhedging Misalignment between volume of actual production versus volume that was hedged. Potential causes include delayed ramp-up and low wind Ineffective hedges Expected overhedging of future periods, which we, according to IFRS, have to recognise already in the quarter where we report Price-ineffective hedges under IFRS 9 In 2021, we started reporting according to IFRS 9 instead of the previous 'Business Performance' principle, as it had become easier to apply IFRS hedge accounting for our energy hedges. However, as we hedge up to five years ahead and within markets with low liquidity, we often use proxy hedging in addition to hedges that directly matches our exposures. In periods with 'normal' price levels and volatility, the impact of proxy hedging is insignificant. However, due to the very high energy prices and volatility in 2022, this has led to a larger part of our trades being deemed ineffective under IFRS 9 (if value of proxy hedge is larger than the change in the exposure), compared to the former business performance principle. Consequently, we have recognised the negative market value of these ineffective hedges in EBITDA in our Offshore and Bioenergy segments. Compared with the former business performance principle we have therefore included a higher loss on hedges in the current period at the benefit of a lower loss in future periods. 42 Orsted#43Love your home Orsted Rasmus Hærvig Head of Investor Relations [email protected] Sabine Lohse Lead Investor Relations Officer [email protected] Henriette Stenderup Investor Relations Coordinator [email protected] Valdemar Høgh Andersen Investor Relations Officer [email protected] Christopher Glaf Stenhammer Finance Graduate [email protected] Orsted