#1Orsted Investor presentation Q3 2023#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#3• We have ceased the development of Ocean Wind 1 and Ocean Wind 2 as part of ongoing review of US offshore wind portfolio . Ceased the development of Ocean Wind 1 (1,100 MW) and Ocean Wind 2 (1,148 MW) Impairment of DKK 19.9 bn as part of Q3 2023 Currently estimated provision of approximately DKK 8-11 bn as part of Q4 2023 EBITDA to account for potential contract cancellation fees not already covered by the impairment Positive FID for Revolution Wind (704 MW) • . Final investment decision with an attractive forward-looking return • Expected COD in 2025 Potential rebid Sunrise Wind (924 MW) Awaiting the updated RfP framework for an accelerated solicitation Ongoing reconfiguration of Skipjack (966 MW) Significant OREC adjustment needed to allow for further project development 3 Orsted#4Total impairment of DKK 28.4 billion Supply chain . Adverse impacts relating to supply chains ⚫ Further supplier delays impacting Ocean Wind 1 project schedule and leading to an additional significant delay of the project . Assume a new installation approach with a longer timeline for Revolution Wind and Sunrise Wind ITC qualification • Ocean Wind 1: 30% ITC, with 15 % probability of 10% additional ITC (previously expected a 95% probability) • Sunrise Wind: 40% ITC, based on 95 % probability for energy community • Revolution Wind: 40% ITC, based on 95% probability for energy community Unsuccessful outcome of OREC petition Probability-weight of higher OREC reduced to 50% from previous 75% Interest rates • Significant increase in longer-dated US yields Total impairments Q3 2023, DKKbn 2.8 19.9 Upside to business cases from USD interest rate hedges, amounting to DKK ~ 4.5 bn¹ not reflected in impairment value 1.4 28.4 0.6 0.4 3.3 6.2 Interest rates 0.7 OREC petition 4.7 ITC qualification 16.9 Supply chain 50 bps change in WACC will lead to change in impairments of DKK ~2.0 billion Ocean Wind 1 Wind Sunrise Revolution South Wind Fork Block Onshore Total Island impairment 4 1. Value of USD interest rate hedges is based on long-dated USD yields increasing more than 300 bps. Total notional of interest rate swaps is USD 2.25 bn. Orsted#55 We are taking actions to improve our capital structure Capital structure significantly challenged by adverse developments Short-term negative impact from ceased project developments Continued higher interest rate level assumed to negatively affect future divestment proceeds Updated forward power price curves leading to lower expected revenue Supply chain constraints and capex increases Levers to support long-term rating commitment of BBB+/Baal • . . Organisational efficiencies including cost saving initiatives Working capital improvements such as supply chain financing Prioritisation of development activities . JV partnerships and farm-downs Assessment of potential implications for current long-term strategic build-out ambition and financial targets FFO/adjusted net debt 43% 21% Long-term commitment 25% 2022 9M 2023 Orsted#6Strong operations and underlying earnings in Q3 2023 Financials Q3 2023 earnings composition reflects the strength of our operational portfolio, with underlying EBITDA up by more than 70% Strong performance for the 9M 2023 driven by strong Offshore sites performance, which is up by more than 110% Continued strong farm-down track record • Closed the divestment of remaining 25% minority interest in UK offshore wind farm, London Array, at an attractive valuation • Announced the divestment of 50% ownership share in Gode Wind 3 at a transaction value of DKK 3.5 bn • Cathay Life Insurance selected as preferred bidder for 50% ownership share in Greater Changhua 4 Significant progress in Onshore and P2X • • • Commissioning of our 201 MW Sunflower Wind project in Kansas, US Awarded a combined 124 MW in the Irish RESS 3 auction Development of 400 MW portfolio of solar projects in Ireland in partnership with Terra Solar Partnership with PS Renewables to develop 740 MW solar project in the UK HyVelocity Hub, including Ørsted project, selected by US Department of Energy to receive funding of USD 1.8 bn Orsted#7Ørsted construction programme and pipeline - as of 30 September Gross renewable capacity MW Offshore Onshore Other (incl. biomass & PtX) 1,478 72 12 920 1,166 130 900 15,715 2,075 4,769 8,871 Once fully commissioned, projects will annually contribute to EBITDA (current Ørsted share) with DKK-10-11 bn 2,825 124 30,925 2,147 1,255 1,498 3,214 Recent FID 6,371 924 704 21,085 2,147 6,247 12,691 22,407 Installed Greater German capacity Changhua Portfolio¹ 1 & 2a South Greater Onshore P2X Fork Changhua 2b & 4 Revolution Installed Wind and under construction Sunrise Wind US Mid- Atlantic cluster² Baltica 2 Baltica 33 Hornsea 3 Onshore4 Firm capacity UNDER CONSTRUCTION AWARDED & CONTRACTED 7 1.German Portfolio: Gode Wind 3 (253 MW) and Borkum Riffgrund 3 (913 MW). 2. Ocean Wind 1 (1,100 MW), Ocean Wind 2 (1,148 MW), Skipjack 1 (120 MW) and Skipjack 2 (846 MW). 3. Includes both Baltica 3 (1,045 MW) and the awarded lease capacity for Baltica 2+ (210 MW). 4. Farranrory Wind Farm (43 MW) and Gareenleen Solar Farm (81 MW phase 1) Onshore firm capacity (6,371 MW) consist of 3,828 MW wind, 2203 MW solar PV, and 340 MW storage. Orsted#8EBITDA increase of more than 70% driven by strong Offshore performance EBITDA excl. new partnerships of DKK 5.2 bn in Q3 2023 DKKm Q3 2022, excl. new partnerships Offshore sites Existing partnerships Other incl. DEVEX Onshore CHP plants Gas & Other Other Q3 2023, excl. new partnerships London Array farm-down Q3 2023, incl. new partnerships Offshore - & Other Bioenergy 2,971 -1,875 -166 -49 3,583 322 EBITDA excluding new partnerships . Offshore sites delivered strong results due to: . 200 5,166 4,007 9,173 • • . - - - Wind speeds slightly above norm (8.6 m/s in Q3 2023 vs. norm of 8.4 m/s), and above last year (7.7 m/s in Q3 2022) Ramp-up generation at Greater Changhua 1 & 2a, higher prices on inflation-indexed CfD and ROC wind farms as well as lower balancing costs and BSUOS costs Negative impact from hedges in Q3 2022 not repeated in Q3 2023 Earnings from existing partnerships in line with Q3 2022 Onshore earnings on par with Q3 2022 as higher generation from new assets was offset by significantly lower power prices Negative earnings from CHP plants driven by unfavourable spreads due to the significantly lower power prices, lower generation and higher accounting fuel costs Higher earnings from our gas activities mainly driven by a positive effect from revaluation of gas at storage New partnerships in Q3 2023 ⚫ DKK 4 bn farm-down gain related to the divestment of 25% stake in London Array 180 8 Orsted#9Net profit, ROCE, and Equity Adjusted net profit¹ Farm-down gains Adjusted ROCE² DKKm %, last 12 months Equity DKKbn Equity excl. hedging reserves Hedging reserves 9,355 5,860 9,346 4,007 1,853 Q3 2023 24.4 53.8 91.5 120.1 12.6 101.8 -66.3 -10.3 Q3 2022 Adjusted net profit of DKK 5.9 bn • Increase driven by higher underlying EBITDA Significant tax-exempt farm-down gains Reported 'Profit (loss) for the period' of DKK -22.6 bn reflecting impairment charge of DKK 28.4 bn 30 Sep 2022 Adjusted ROCE of 12.6 % 30 Sep 2023 Adjusted ROCE is lower due to higher capital employed for the period Reported ROCE of -13.7 % negatively impacted by approx. 26 %-points from impairment charge 30 Sep 2022 Equity of DKK 91.5 bn 30 Sep 2023 Lower equity driven by impairment losses • Reduced hedge reserve driven by large decrease in power and gas prices 9 1. 'Adjusted net profit' excludes impairment 2. 'Adjusted ROCE' excludes impairment Orsted#10Net interest-bearing debt and credit metric Net interest-bearing debt DKKbn 43.9 -9.8 9.2 -6.1 1.3 42.9 4.4 FFO / Adj. net debt % 35 21 24 • 30 Jun 2023 CFO Capex London Array divestment Lease area 500 acquisition Other 30 Sep 2023 Net interest-bearing debt of DKK 42.9 bn, down DKK 1.0 bn Positive operating cash flow from EBITDA as well as cash inflow from remaining 50% of the Hornsea 2 OFTO, and release of collateral (net DKK 0.2 bn during Q3) ⚫ Gross investments relating to construction of offshore and onshore assets • Divestments of remaining 25% minority interest in London Array Acquisition of Eversource's ownership share of Lease Area 5002 30 Sep 2022 30 Sep 2023 FFO / Adj. net debt of 21 %¹ • Driven by lower FFO • Committed to our long-term threshold of -25% 10 1: See appendix p. 40 for detailed calculation of the FFO / Adj. net debt ratio. 2. As this acquisition is with a non-controlling shareholder, it is not included in 'gross investments', but as part of 'Divestments'. Orsted#11Non-financial ratios Taxonomy-eligible KPIs %, YTD Revenue OPEX Green share of energy generation %, YTD 92 92 87 72 EBITDA CAPEX 99 98 oo 11 30 Sep 2022 30 Sep 2023 Safety Total recordable injury rate, YTD 3.3 2.9 30 Sep 2022 30 Sep 2023 Green share of energy at 92% Higher generation from our wind and solar assets ⚫ Offset by decrease in sustainable biomass- based generation TRIR of 2.9 • Improvement in safety performance for own employees • TRIR reduction plans from 2022 continue, and additional actions targeted at areas with safety performance issues Orsted#122023 guidance EBITDA excluding new partnerships and provision Ørsted's previously guided EBITDA for 2023, excluding new partnership agreements, of DKK 20-23 billion remains unchanged, when excluding the provision of approximately DKK 8-11 billion related to Ocean Wind 1 Gross investments Due to a later timing across its project portfolio and the termination of investments on Ocean Wind 1, Ørsted's gross investment for 2023 is now expected to amount to DKK 40-44 billion, a reduction of DKK 4 billion 12 12 0 B Orsted#13Q&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#14Appendix Orsted#15Total impairments of DKK 28.4 bn consists of four components Anticipated impairments announced on 29 August 2023 Supply chain - DKK 5 bn adverse impacts relating to supply chains • ITC guidance - up to DKK 6 bn in the event of 30% ITC for both Sunrise Wind and Ocean Wind 1 Total impairments Q3 2023, DKKbn 28.4 6.2 Interest rates • Interest rates - around DKK 5 bn reflecting interest levels at the time of the announcement 0.7 OREC petition 4.7 ITC guidance Actual impairments in Q3 2023 • Supply chain - DKK 16.9 bn increase mainly relates to Ocean Wind 1 due to continuing supplier delays further impacting our project schedule and leading to an additional significant project delay. Updated view on certain assumptions, including tax credit monetization and the timing and likelihood of final construction 16 5 permits. Assume a new installation approach with a longer timeline for Revolution Wind and Sunrise Wind • ITC guidance - DKK 4.7 bn based on 40% ITC level for Sunrise Wind and 30% ITC level for Ocean Wind 16.9 6 Supply chain ⚫ Unsuccessful outcome of OREC petition - DKK 0.7 bn due to unsuccessful outcome of OREC petition for Sunrise Wind • Interest rates - DKK 6.2 bn driven by further increase in long-dated US interest rates 15 5 Anticipated impairments Actual impairments Orsted#16Rapidly growing addressable market for Ørsted Offshore wind Onshore renewables Power-to-X (P2X) Installed capacity (excl. China), GW Installed capacity (excl. China), GW Electrolyser capacity, GW4 ~205 -33 APAC -30 Americas1 x3 x6 -3,840 ~1,000 ROW³ ~260 130 RoW3,5 ~800 APAC ~1,120 -870 US 52 Americas ~141 Europe² -300 ~32 ~0–~2- -30 -290 -300 ~1,160 Europe 78 Europe ~440 <1 2022 2030 2022 2030 2022 2030 1. US Biden administration's target of 30 GW by 2030. 2. Based on the Ostend Declaration target (120 GW in the North Sea), the Marienborg Declaration target (19.6 GW in the Baltic Sea), and BNEF data for European countries not participating in these declarations (Portugal, Italy, Greece, and Spain). 3. Rest of world. 4. Estimated electrolyser capacity required to meet forecasted renewable H₂ demand of 21 mtpa, based on IEA's Announced Pledges Scenario (APS) H2 balance. Regional split indicates location of expected demand (which may differ from supply) and is based on internal estimates applied to IEA data. 5. Incl. APAC. 16 Sources: BNEF (2022), Ostend Declaration, Marienborg Declaration, The White House, IEA (2022). Orsted#17Renewable capacity as of 30 September 2023 Indicator, MW, gross Installed renewable capacity Offshore, wind power Onshore - Wind power -Solar PV power - Battery storage 2,054 9M 2023 9M 2022 A FY 2022 15,714 15,106 608 15,121 8,871 8,871 8,871 4,768 4,160 608 3,700 3,459 241 1,028 661 367 4,175 3,464 671 40 40 Other (incl. P2X) 2,075 2,075 40 2,075 - Biomass, thermal heat 2,054 2,054 - Battery storage 21 21 21 Decided (FID) renewable capacity 4,666 3,131 1,535 4,340 Offshore, wind power 3,116 2,196 920 2,196 Onshore 1,478 933 545 2,072 - Onshore wind power 84 253 (169) 321 -Solar PV power 1,094 680 414 1,451 - Battery storage 300 300 300 72 2 70 72 10,544 11,157 (613) 11,157 10,420 11,157 43 81 (737) 43 81 11,157 65 65 20,381 30,924 18,237 29,394 2,143 1,530 19,461 30,618 Other (incl. P2X) Awarded/contracted renewable capacity (no FID yet) Offshore, wind power Onshore, wind power Onshore, solar PV power Sum of installed and FID capacity Sum of installed, FID, and awarded/contracted capacity 17 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). 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#18Offshore wind build-out plan Installed capacity MW Under construction Awarded 2,822 22,406 1,255 1,498 3,214 924 704 920 12,693 1,166 132 900 8,871 Installed capacity Q3 2023 Greater Changhua 1 & 2a German Portfolio¹ South Fork Wind Greater Changhua 2b & 4 Revolution Wind² Decided Sunrise Wind (FID'ed) and installed capacity US Mid- Atlantic cluster³ Baltica 2 Baltica 35 Hornsea 3 Decided (FID'ed), installed and awarded capacity US US Poland Poland UK Country Taiwan Germany US Taiwan US St Expected completion 2023 2024/2025 2023 2025 2025 2025 20264/20294 2027 By 2029 2027 Construction status Delayed On track On track On track On track Pending FID Pending FID Pending FID Pending FID Pending FID Turbine 111 x 8 MW Siemens Gamesa 106 x 11 MW Siemens Gamesa 18 12 x 11 MW Siemens Gamesa 66 x 14 MW Siemens Gamesa 107 x 14 MW Siemens Gamesa 1. German Portfolio: Gode Wind 3 (253 MW) and Borkum Riffgrund 3 (913 MW). 2. FID announced at Q3 2023 earnings release. 3. Ocean Wind 1 (1,100 MW), Ocean Wind 2 (1,148 MW), Skipjack 1 (120 MW) and Skipjack 2 (846 MW). 4. COD is subject to possible reconfiguring to accommodate potential schedule adjustments due to ongoing implementation of regulatory reforms to interconnection processes, and to ensure sufficient value creation. 5. Includes both Baltica 3 (1,045 MW) and the awarded lease capacity for Baltica 2+ (210 MW) Orsted#19Onshore build-out plan Installed capacity MW Under construction 4,785 471 67 40 600 250 73 33 33 6,279 Installed capacity Old 3001 Helena Energy Center2 Eleven Mile Mockingbird Q3 2023 German portfolio4 French portfolio 5 Decided (FID'ed) and installed capacity Region ERCOT, TX ERCOT, TX WECC, AZ ERCOT, TX Germany France Expected completion H1 2024 HI 2024 H1 2024 H2 2024 2024/2025 2023/2024 Status Partly commissioned Delayed On track On track On track On track Platform Solar PV Solar PV Solar PV and BESS³ Solar PV Wind Wind Offtake Solution PPA with Microsoft PPAs signed Utility Contract PPAs with DSM and Covestro Government contract Government contract 19 1. Full park capacity of 430 MW 2. Solar PV phase of Helena Energy Center 3.1,200 MWh for BESS 4. Bahren West 1 50 MW, St. Wendel 17 MW 5. Gatineau 9 MW, Delta Sèvre- Argent 9 MW, Les Ramonières 15 MW Orsted#20Offshore market development - Europe (1/2) United Kingdom Ireland Isle of Man • Ambition of 50 GW by 2030 for offshore wind, including 5 GW of floating, was reiterated 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 held annually; Allocation Round 5 in 2023 had no bids for offshore wind due to administrative strike price (ASP) deemed too low by all developers ⚫ Ørsted is conducting strong engagement towards government to influence the auction framework to enable successful outcome in Allocation Round 6 and future auctions Government programme in place to tackle barriers to deployment (grid, planning etc.) and ongoing fundamental review of the electricity market (REMA) ⚫ Ørsted is engaging with the Labour Party who have published the Mission-Climate report, with ambitious 2030 aspirations for renewables including 55 GW for offshore wind ⚫ UK Government implemented the levy targeting exceptional electricity generation receipts with effect from 1 January 2023 . Details on Lease Round 5 (Celtic Sea) for 4.5 GW of floating projects for delivery by 2035 to be released in 2023. Process to begin in 2024 for pre-defined, pre-investigated sites Binding targets of 51% reduction in GHG emissions by 2030 and net-zero emissions by 2050 Target of 80% of electricity from renewables and 5 GW grid-connected offshore wind by 2030 ORESS 1 awarded 4 projects totalling 3.1 GW of offshore wind capacity at weighted average EUR 86.05/MWh ⚫ Irish Government published its "Phase Two Policy Statement" in March 2023 towards the 5 GW of grid-connected projects by 2030 • • A state-selected 900 MW site will be made available to participate in the ORESS 2.1 auction expected in 2024 Target for 100% carbon neutral electricity by 2030 and at least 20 MW of local renewable energy generation on the Island by 2026 The Isle of Man is a Crown Dependency and energy projects in its territorial waters are not currently eligible to participate in UK CfD auctions Ørsted was successful in being awarded the first and so-far only Agreement for Lease in 2015 Ørsted continues to engage regularly with key stakeholders, including the Isle of Man Government, to deliver a large-scale offshore wind farm off the east coast of the Island • A new Energy Strategy was published in June 2023 with a stated policy principle to work with Ørsted to maximise the benefits of the Agreement for Lease Plan to begin work scoping future licensing rounds for offshore wind • • Target of 80% renewables in the energy mix by 2030 and GHG-neutrality by 2045 • Ambition to increase offshore wind targets to 30 GW by 2030, 40 GW by 2035 and 70 GW by 2045 In July BP and Total were awarded 7 GW seabed for a total payment of EUR 12,6 bn Germany will tender 8 GW of offshore wind in 2024 in the North Sea in a Track 1 (price + on price factors) and in a Track 2 (dynamic price auction) - In the moment the auction design is no different to the regulations in the WindSeeG this year, but has a degree of uncertainty - with the final auction guideline first available March 2024 Narrow-scope projects with the transmission owned by TSO with a maximum lifetime of up to 35 years Germany • 20 20 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#21Offshore market development - Europe (2/2) ⚫ The government on firm trajectory to deliver 21 GW by 2030 Netherlands Denmark Poland • Belgium Sweden • Next tender is IJmuiden Ver (2 x 2 GW) in H1 2024 - government has opted for a tender design that includes a capped payment and qualitative criteria focused on ecology and system integration ⚫ Political agreement reached for centralised tenders of 9 GW, with potential of overplanting for an additional 5 GW. The mechanism will be price-only with the Danish state requiring 20% ownership of 6 out of the 9 GW offshore wind farms • The tender process for the North Sea Energy Island has been temporarily suspended • Government increased capacity targets for CfD auctions from 5 GW to 12 GW towards 2031 ⚫ Seabed auctions of total capacity of 11-13 GW offshore wind have finalised - all sites have been awarded, with Ørsted and PGE being successful for the 210 MW Baltica 2+ site. 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 before 2030. First tender of 700 MW expected H2 2025 . • 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 forecasts electricity demand could double by 2035 TSO planning grid reinforcement of SEK 100 bn to support increased electricity demand • Target of awarding 30 GW of offshore wind by 2040 Norway Iberia Non-price tender for 3 x 500 MW seabed lease with bids due 1 Nov. 2023 and award Q1 2024 ("Utsira Nord tender") • Price auction for 1.5 GW fixed bottom Sørlige Nordsjø II site due Q1 2024 • Spain: Target of up to 3 GW floating offshore wind by 2030. Pending draft framework on offshore wind is not expected until after a new government takes office • Portugal: Target of up to 2 GW installed and 10 GW auctioned capacity by 2030. Prequalification for the first round of up to 3.5 GW expected to start in late 2023 21 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#22Offshore market development - US New York Massachusetts . Target 9 GW offshore wind by 2035. 4.3 GW awarded in total • Price adjustments for RD1 and RD2 were rejected by state PSC, potential of exit for awarded projects under the schemes. State exploring options for accelerated re-bid process for impacted projects. This possible solution is still in development . Ongoing NY-3 RFP for 2.0-4.6 GW with estimated timeline for award in Q4 2023 (announcement expected in November) Target of 5.6 GW offshore wind by 2027 of which 3.2 GW has already been awarded. Up to 2.0 GW have been "withdrawn" (Commonwealth Wind & South Coast Wind) • Next OSW procurement for up to 3.6 GW released, with bid submission by 31 January 2024; solicitation in coordination with Connecticut and Rhode Island • Target of up to 2.3 GW of offshore wind capacity by 2030, of which 1.2 GW remains available Connecticut • Avangrid terminated its Park City project due to inability to renegotiate project pricing to mitigate macroeconomic challenges • Next OSW procurement for remaining capacity in 2024; solicitation in coordination with Massachusetts and Rhode Island ⚫ Legislation signed to power the state with 100% renewable energy by 2033 Rhode Island • Next OSW procurement for 1.2 GW in 2024; solicitation in coordination with Massachusetts Connecticut New Jersey • Target of 11 GW of offshore wind capacity by 2040 • Award in third round solicitation of between 1.2 GW and 4 GW expected Q1 2024; Orsted not participating Legislation setting 8.5 GW OSW goal by 2031 passed in April 2023 Maryland • Under provision of new law, State could issue RFP for a PPA in Q3 2024 California 22 Other 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 auction completed in Gulf of Mexico; additional auctions for Central Atlantic, Oregon, and Gulf of Maine expected in 2024 Oregon's governor and members of the state Congressional delegation asked BOEM in June 2023 to slow down the leasing process All auction and tender timelines and capacities based on current expectations and subject to change Orsted#23Offshore market development - APAC • Taiwan has met its target of awarding 5.5 GW to be commissioned by 2025. Target of 20.6 GW offshore wind by 2035 ⚫ Third round auction announced with 15 GW offshore wind target to be constructed from 2026-2035 Taiwan • Auction round 3.2 bid submission deadline expected H1 2024 with award announced 3-6 months later • Taiwan demo floating projects expected to be announced in H1 2024. It will be a beauty contest with known FiT • Ørsted has more than 3 GW of developing pipeline in preparation to participate in future auctions including floating options • Target of 10 GW offshore wind towards 2030 and 30-45 GW by 2040 Japan South Korea Australia ⚫ 18 sites have been designated as potentially suitable for the development of offshore wind for upcoming auctions onwards with a capacity of ~7 GW Target of 12 GW offshore wind by 2030 ⚫ The previous administration's NDC pledge for 40 % GHG reduction by 2030 against 2018 levels is set to be maintained by President Yoon • 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 ⚫ Ørsted submitted application for Electricity Business License "EBL" for Incheon 1.2 GW. Approval expected within 2023 • Target of 2 GW offshore wind by 2032 and 9 GW by 2040 in Victoria, Australia has also declared an offshore wind zone in New South Wales • Australian federal government has released its secondary offshore energy legislation, outlining guidelines for application requirements/assessment criteria and recovery costs ⚫ Deadline for application for feasibility license with seabed exclusivity for sites in Victoria was 27 April 2023 with award announcement expected in Q4 2023 Q1 2024 number of licenses available for award has not been disclosed though 5.6 GW of projects were submitted ⚫ Victoria's first CfD auction round has initially been proposed to open in 2025 23 All auction and tender timelines and capacities based on current expectations and subject to change Orsted#24Up to 50 GW offshore wind capacity expected to be auctioned in 2023-2024 Upcoming auctions and tenders 24 24 Q1 20241 Rhode Island Approx 1,200 MW Q1 2024¹ Connecticut 3 Approx 1,200 MW H1 2024 Sørlige Nordsjø ll site 1 1,500 MW H1 2024 Taiwan auction 3,000 MW 2024 German tender Up to 8 GW 2024 ORESS 2.1 900 MW Q1 20241 Massachusetts 4 Up to 3,600 MW H1 2024 IJmuiden Ver 4 GW Q3 2024 (tentative RFP issue) Maryland 2024 Danish tender 7-14 GW 2024 CfD AR6 1. Massachusetts, Connecticut, and Rhode Island plan to coordinate their selection of offshore wind projects and consider multi-state proposals in their respective procurements, based on the benefits to each state and the region. 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) Orsted#25Offshore seabed competition 25 Q1 2024 Utsira Nord (floating) 3 x 500 MW Q2 2024 Central Atlantic 4-8 GW (BOEM estimate) 2024 Oregon ~3 GW 2024 Gulf of Maine TBD Significant leasing activity expected in US in 2024; outlook for 2025 is unclear at this time. 2024 Celtic Sea (floating) 4 GW All timelines and capacities based on authorities communication and subject to change. Timeline reflects bid submission deadline, not time of award Orsted#26Power-to-X: Renewable hydrogen & e-fuels updates for Q3 2023 Signals for significant market growth STO Critical regulatory developments in the EU 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 introducing new direct funding instruments. Ørsted Power-to-X (P2X) highlights during Q3 2023 FlagshipONE (FS1) maturation Ground broken at the 50,000tpa e-methanol Swedish project in May 2023. Once operational in 2025, FS1 will be one of the largest commercial-scale electrofuel facilities in the world. 血 26 Increasing ambitions at a national level 44 countries now have a hydrogen strategy with a combined electrolyser target of approx. 115 GW by 2030. Germany updated its national hydrogen strategy with ambitious plans to double the electrolyser target to 10 GW by 2030 and establish Germany as a hydrogen technology provider. Tangible signs of hydrogen & e-fuels demand Continued tangible signs of demand in shipping and steel sectors (incl. steel majors taking FID on green steel production equipment and >150 new dual-fuel methanol fuelled container vessels on order); however, rate of green hydrogen FIDs indicates caution on supply side. Ørsted-P2X ambition and strategy Announced our ambition to deliver +2 GW gross electrolyser installed capacity by 2030 from a project pipeline of approximately 4 GW across priority markets. 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. Source: BNEF Global Hydrogen Strategy Tracker, S&P/IHS Markit, DNV Alternative Fuels Insight Orsted#27ESG Performance Total heat and power generation 9M 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 7 Solar PV 6 Natural gas 1 Other 1 17 28 Green share of energy generation, 9M 2023 27 1. 2018 is adjusted base year 40 -87% -98% ୮ -50% all scope 3 -90% gas products 462 29.2 11.0 9.5 14.6 60 60 4.5 59 43 <2.4 10 2006 2022 9M 2022 9M 2023 2025 <1 2040 20181 2022 9M 2022 9M 2023 2032 2040 92% SCIENCE BASED TARGETS SCIENCE BASED TARGETS Orsted#28Sustainability leadership in Ørsted ESG rating performance SCIENCE Rating agency Score Benchmark BASED TARGETS CDP A LIST A 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) 2022 CLIMATE CDP B B °CLIMATE GROUP STEELZERO 2022 WATER MSCI AAA SUSTAINALYTICS ESG INDUSTRY TOP RATED 17.6 (low risk) 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: 1) 2) Five-year global partnership with WWF to improve ocean biodiversity 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 Decom Blades Read about our net-positive biodiversity projects here Working together Corporate ESG Performance A- WWF for ocean biodiversity 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 Our reporting 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 1. Scotland Innovation and Targeted Oil & Gas Decarbonisation 28 All timelines and capacities based on authorities communication and subject to change. Timeline reflects bid submission deadline, not time of award Orsted#29Our 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 that revives Aspiration nature 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 Today: Zero solar panel 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 29 29 Orsted#30Group - Financial highlights Financial highlights EBITDA Q3 2023 Q3 2022 A 9M 2023 9M 2022 A FY 2022 FY 2021 A DKKm 9,173 12,317 (26%) 19,403 25,361 (23%) 32,057 24,296 32% - New partnerships 4,007 9,346 (57%) 4,007 10,916 (63%) 10,993 8,507 29% - EBITDA excl. new partnerships 5,166 2,971 74% 15,396 14,445 7% 21,064 15,789 33% ⚫ Offshore 4,030 293 n.a. 12,421 6,559 89% 8,576 9,514 (10%) Onshore 819 867 (6%) 2,445 2,792 (12%) 3,644 1,349 170% Bioenergy & Other 155 1,849 (92%) 89 5,010 (98%) 8,619 4,747 82% Operating profit (EBIT) (21,786) 9,787 n.a. (16,448) Total net profit (22,562) 9,355 n.a. (19,898) 18,399 15,325 n.a. 19,774 16,195 22% n.a. 14,996 10,887 38% Operating cash flow 9,796 (11,309) n.a. 22,362 (8,991) n.a. 11,924 12,148 (2%) Gross investments (9,204) (14,417) Divestments Free cash flow Net interest-bearing debt 42,892 1,735 22,459 (2,327) (3,267) 45,701 (36%) (92%) n.a. (319) 3,427 (25,470) (27,621) 24,653 (8%) (37,447) (39,307) (5%) n.a. 25,636 21,519 19% 11,959 (71%) 113 (5,640) n.a. (6%) 42,892 45,701 (6%) 30,571 24,280 26% FFO/Adjusted net debt¹ % 20.9 35.3 (14 %p) 20.9 35.3 (14 %p) 42.7 26.3 16%p ROCE % (13.7) 24.4 (38%p) (13.7) 24.4 (38%p) 16.8 14.8 2%p 30 Orsted#31Offshore - Financial Highlights Financial highlights Q3 2023 Q3 2022 A 9M 2023 9M 2022 A FY 2022 FY 2021 A EBITDA DKKm 8,037 9,652 (17%) 16,428 17,475 (6%) 19,569 18,021 9% Sites, O&Ms and PPAs 4,050 467 767% 13,043 6,194 111% 9,940 13,059 (24%) • Construction agreements and divestment gains 4,245 9,765 (57%) 4,542 12,992 (65%) 12,277 7,535 63% • Other, incl. project development (258) (580) (56%) (1,157) (1,711) (32%) (2,648) (2,573) 3% Key business drivers Power generation GWh 3,544 3,246 9% 11,750 11,072 6% 16,483 13,808 19% Wind speed m/s 8.6 7.7 12% 9.2 9.0 2% 9.5 9.1 4% Availability % 93 91 2%p 93 93 (0%p) 94 94 (0%p) Load factor % 33 28 5%p 38 38 0%p 42 39 3%p Decided (FID) and installed GW 12.0 11.1 8% 12.0 11.1 8% 11.1 10.9 1% capacity¹ Installed capacity¹ GW 8.9 8.9 0% 8.9 8.9 0% 8.9 7.6 17% Generation capacity2 GW 5.0 5.3 الله (6%) 5.0 5.3 (6%) 4.7 4.0 17% 31 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. Orsted#32Onshore - Financial Highlights Financial highlights EBITDA Q3 2023 Q3 2022 A 9M 2023 9M 2022 A FY 2022 FY 2021 A DKKm 819 867 (6%) 2,445 2,792 (12%) 3,644 1,349 170% ⚫ Sites 246 610 (60%) 862 1,677 (49%) 2,097 535 292% • Production tax credits and tax attributes 581 597 (3%) 1,977 1,844 7% 2,556 1,382 85% • Other, incl. project development (8) (340) (98%) (394) (729) (46%) (1,009) (568) 78% Key business drivers Power generation GWh 2,927 2,723 7% 9,999 9,721 3% 13,146 8,352 57% Wind speed¹ m/s 6.2 Availability, wind¹ % 895 6.0 3% 7.0 7.2 (3%) 7.4 7.4 (0%) 85 92 (6%p) 90 94 (4%p) 35 93 96 (3%p) Availability, solar PV1 % 98 96 2%p 98 98 Load factor, wind¹ % 27 28 (0%p) 35 460 0%p 98 96 2%p 40 (5 %p) 40 42 (2%p) Load factor, solar PV1 % 32 32 Installed capacity GW 4.8 4.2 22 0%p 27 28 (1%p) 25 24 1%p 15% 4.8 4.2 15% 4.2 3.4 25% 32 1. For 2021, these business drivers are for US only, whereas they are for the entire portfolio in 2022 Orsted#33Bioenergy & Other - Financial Highlights Financial highlights EBITDA Q3 2023 Q3 2022 A 9M 2023 9M 2022 A FY 2022 FY 2021 A DKKm 155 1,849 (92%) 89 5,010 (98%) 8,619 4,747 82% ⚫ CHP plants (219) 1,691 n.a. 382 4,133 (91%) 5,851 3,202 83% • Gas Markets & Infrastructure 485 253 92% (31) 1,044 n.a. 3,117 1,829 70% Other, incl. project development (111) (95) 17% (262) (167) 57% (349) (284) 23% Key business drivers Heat generation Power generation Degree days GWh 234 239 (2%) 4,202 4,305 (2%) 6,368 7,907 (19%) GWh 781 1,363 (43%) 3,395 4,603 (26%) 6,012 6,890 (13%) # 53 98 (46%) 1,619 1,687 (4%) 2,548 2,820 (10%) 33 Orsted#34Liquidity reserve remains significantly above target Collateral and margin postings, DKKbn 34 30.6 0.4 18.4 14.1 1.3 10.6 9.7 4.0 11.8 5.3 3.1 1.3 Sep 2022 Dec 2022 Sep 2023 Initial margin Variation margin Treasury collateral Liquidity reserve DKKbn 88.0 97.8 89.2 Sep 2022 Dec 2022 Sep 2023 Cash, available Securities, available Undrawn, non-cancellable credit facilities Orsted#35Debt and hybrids overview Total gross debt and hybrids 30 September 2023, DKKbn >90% of gross debt (bond and bank loans) fixed interest rate. Remainder floating or inflation-linked 10% 19% DKK 99.8 bn 71% Bank loans Bond loans Effective funding costs - Gross debt 3.4% 3.4% 3.3% 3.4% 78.4 79.9 81.3 3.1% 2.8% 2.7% 63.7 37.2 36.8 37.0 Hybrid securities 2019 2020 2021 2022 Q1 Q2 2023 2023 Q3 2023 Gross debt (bank and bond loans) (DKKbn) Average effective interest rate of gross debt Ørsted will continue to proactively assess its liquidity and funding opportunities on a regular basis, and may consider a hybrid refinancing ahead of the next EUR 500m hybrid call date in August 2024 35 Maturity profile of notionals of gross debt 30 September 2023, DKKbn 4.3 0.1 0.1 6.6 5.2 3.9 9.5 6.5 34.2 11.0 2023 2024 2025 2026 2027 2028 2029 2030 2031-2036+ 2035 Bank loans Bonds Orsted#36Currency and energy exposure Currency exposure Q4 2023 - Q3 2028 DKKbn Before hedging After hedging 46.9 GBP 21.3 8.5 Risk after hedging, DKKbn GBP: 21.3 sales position USD: 13.1 purchase position NTD: 3.1 purchase position Merchant exposure Q4 2023 - Q3 2028* DKKbn Before hedging After hedging via as-produced PPAs and traded markets 65.9 32.6 -2.0 -3.1 -13.1 6.9 5.9 -0.5 0.0 -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% +2.1 -2.1 Power: 32.6 sales position +3.3 -3.3 -1.3 +1.3 Gas: 0.0 purchase position -0.0 +0.0 -0.3 +0.3 Oil: 0.1 purchase position -0.0 +0.0 Spread (power): 5.9 sales position +0.6 -0.6 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. 2. Assuming linear exposure. 36 * Bioenergy (spread) exposure risk horizon is from Q4 2023 to Q1 2026 (both quarters included). Orsted#37Hedge levels for merchant exposure¹ As of September 30th, 2023 New hedging framework for is better suited for the characteristics of our portfolio Hedge level of merchant exposure between 0-70% in Y1 & Y2 when using fixed volume contracts Hedging framework only applies to merchant exposure, e.g. revenue that is not already contracted with subsidies, as-generated PPAs etc. Offshore Merchant exposure covered with 'as produced' PPA contracts Merchant exposure covered with fixed volume obligations³ 74% 69% 1% 50% 9% 74% 69% 19% 19% 41% 17% 17% -2% 2% 2023 2024 2025 2026 2027 • Hedge level depends on portfolio composition, e.g. low share of merchant power exposure leads to low hedges levels and vice versa Onshore 68% 67% Illustrative 61% 61% 6.1% 0-70% 0-70% 28% 34% 42% 41% 41% 40% 33% 19% 20% 20% 2023 2024 2025 2026 2027 Bioenergy 37% 6% 37% 0% 6% 0% 2023 2024 2025 Y1 Y2 Y3 Y4 Y5 Group² 74% 64% 3% Calendar years (Y1 current year) 6% 50% 14% 32% 32% 71% 57% 37% 23% 26% Regulated Hedge level range of Additional activities & contracted merchant exposure will be commercially driven -9% -6%. 2023 2024 2025 2026 2027 37 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. 3. Fixed volume hedges over merchant exposure after as-produced PPA contracts. Orsted#38Capital employed Capital employed, DKKm Q3 2023 FY 2022 Q3 2022 FY 2021 Intangible assets, and property and equipment Assets classified as held for sale, net 181,301 181,694 179,660 162,939 747 860 Capital employed by segment %, Q3 2023 Offshore Onshore Bioenergy & Other Equity investments and non-current receivables 1,189 996 1,300 828 Net working capital, capital expenditures (5,433) (5,665) (6,368) (8,913) 3% Net working capital, work in progress (22) Net working capital, tax equity (16,858) Net working capital, other items 8,790 Derivatives, net (13,501) 1,471 (15,157) 11,928 (32,322) 3,251 5,948 (16,007) (13,268) 22,399 10,820 (83,323) (32,995) 28% Decommissioning obligations (14,798) (14,076) (8,796) (8,851) 121.3 DKKbn Other provisions (15,915) (5,630) (5,970) (7,037) 69% Tax, net (788) 1,609 8,831 3,844 Other receivables and other payables, net (2,712) 1,255 3,754 (4,759) TOTAL CAPITAL EMPLOYED 121,253 126,103 99,478 109,416 38 Orsted#39Taxonomy-aligned KPIs Unit 9M 2023 9M 2022 A FY 2022 Revenue DKKm 64,869 96,598 (33%) 132,227 Taxonomy-aligned revenue % 87 71 16%p 73 - Electricity generation from solar PV and storage electricity % 1 0 1%p о - Electricity generation from wind power % 77 63 14%p 65 - Cogeneration of heat and power from bioenergy % 9 8 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 29 (16%p) 27 % 8 18 (10%p) 16 % 3 4 (1%p) 4 % 2 7 (5%p) 7 DKKm 25,900 26,264 (1%) 35,595 % 98 99 (1%p) 99 % 2 1 1%p 1 DKKm E 4,671 4,625 8% 7,049 % 72 80 (8%p) 80 Taxonomy-non-eligible OPEX % 28 20 8%p 20 EBITDA DKKm 19,403 25,361 (22%) 32,057 Taxonomy-aligned EBITDA (voluntary) % 99 91 8%p 85 - Electricity generation from solar PV and storage electricity % 3 2 1%p 2 - Electricity generation from wind power % 95 78 17%p 71 - Cogeneration of heat and power from bioenergy % 1 11 (10%p) 12 Taxonomy-non-eligible EBITDA (voluntary) % 1 9 (8%p) 15 39 For further details, please see p. 7 in the Interim ESG performance report 9M 2023 Orsted#40FFO/Adjusted net debt calculation Funds from operations (FFO), DKKm¹ EBITDA 30 Sep 2023 31 Dec 2022 30 Sep 2022 26,099 32,057 33,614 Change in provisions and other adjustments Change in derivatives (710) (2,213) (1,002) 7,900 (8,687) (13,406) Variation margin (add back) (13,056) 10,332 17,140 Reversal of gain (loss) on divestment of assets (4,995) (10,885) (13,236) Income tax paid (2,158) (1,263) (1,260) Interests and similar items, received/paid (928) (563) (380) Reversal of interest expenses transferred to assets (446) (586) (756) 50% of coupon payments on hybrid capital (202) (264) (237) Dividends received and capital reductions FUNDS FROM OPERATION (FFO) 19 23 17 11,523 17,951 20,494 Adjusted interest-bearing net debt, DKKm 30 Sep 2023 Total interest-bearing net debt 42,892 31 Dec 2022 30,571 50% of hybrid capital 9,552 9,897 30 Sep 2022 45,701 8,992 Other interest-bearing debt (add back) (3,526) (4,924) (3,056) Orsted Other receivables (add back) 5,687 3,290 3,500 Cash and securities, not available for distribution, excl. repo loans 642 3,241 2,910 ADJUSTED INTEREST-BEARING NET DEBT 55,247 42,075 58,047 FFO/ADJUSTED INTEREST-BEARING NET DEBT 20.9% 42.7% 35.3% 40 1. Last 12 months. Orsted#41Hybrid 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 • 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 Accounting treatment² 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 Rating treatment 50% equity, 50% debt 50% equity, 50% debt 50% equity, 50% debt 50% equity, 50% debt 50% equity, 50% debt Ørsted A/S¹ Outstanding amount Type First Reset Date³ Coupon 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 41 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 Orsted#42Ørsted'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 Senior Unsecured Sep. 2022 13 Sep. 2031 EUR 900m EUR 900m Fixed 3.25% Every 13 Sep.. Yes o o ○ O ° Senior Unsecured Mar. 2023 1 Mar. 2026 EUR 700m EUR 700m Fixed 3.625% Every 1 Mar. Yes 0 O 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 Jun. 2023 8 Jun. 2028 EUR 100m EUR 100m Fixed 3.625% Every 8 Jun. Blue n/a n/a Senior Unsecured Apr. 2010 9 Apr. 2040 GBP 500m GBP 500m Fixed 5.75% Every 9 Apr. No n/a n/a Senior Unsecured Jan. 2012 12 Jan. 2032 GBP 750m GBP 750m Fixed 4.875% Every 12 Jan. No n/a n/a Senior Unsecured May 2019 17 May 2027 GBP 350m GBP 350m Fixed 2.125% Every 17 May Yes 2,968 311 Senior Unsecured May 2019 16 May 2033 GBP 300m GBP 300m Fixed 2.5% Every 16 May Yes 2,518 257 Senior Unsecured/CPI-linked May 2019 16 May 2034 GBP 250m GBP 306m Inflation-linked 0.375% Every 16 May & 16 Nov. Yes 2,128 223 Senior Unsecured Sep. 2022 Senior Unsecured Sep. 2022 Senior Unsecured Nov. 2019 13 Sep. 2034 13 Sep. 2042 19 Nov. 2026 Senior Unsecured Senior Unsecured Nov. 2019 Nov. 2020 19 Nov. 2034 13 Nov. 2027 Senior Unsecured Senior Unsecured Nov. 2020 Nov. 2020 13 Nov. 2030 13 Nov. 2040 GBP 375m GBP 575m TWD 4,000m TWD 8,000m TWD 4,000m TWD 3,000m TWD 8,000m GBP 375m GBP 575m Fixed 5.125% Every 13 Sep. Yes 0 0 Fixed 5.375% Every 13 Sep. Yes о о TWD 4,000m Fixed 0.92% Every 19 Nov. Yes 882 69 TWD 8,000m Fixed 1.5% Every 19 Nov. Yes 1,765 138 TWD 4,000m Fixed 0.6% Every 13 Nov. Yes 882 69 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 42 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#43Inflation and interest rate risks 15% 50% 35% 2024-2033 nominal cashflows from Offshore & Onshore assets 15% 35% 50% Fixed nominal Inflation-indexed Merchant Active use of debt & hedges to mitigate interest rate and inflation risk 25% 45% Revenue incl. hedges Other EBITDA Objectives of interest rate and inflation risk management EBITDA 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 • Cost of funding optimised by actively managing debt portfolio • Cost of hedging minimised by using natural portfolio synergies between assets, allowing matching of up to 100% of asset value with appropriate debt Debt Hedges of future debt 30% 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 43 See more in note 6.4 in the 2022 Annual Report Orsted#44Love 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 Senior Investor Relations Officer [email protected] Christopher Glaf Stenhammer Finance Graduate [email protected] Orsted