Q2 2021 Financial Highlights and Offshore Wind Build-Out Plan

FFO/Adjusted net debt calculation Funds from operations (FFO), DKKm EBITDA* H1 2021 FY 2020 H1 2020 21,423 18,124 18,489 Change in provisions and other adjustments 606 (403) (1,003) Reversal of gain (loss) on divestment of assets (5,196) (805) (878) Income tax paid (952) (1,118) (1,296) Interests and similar items, received/paid (1,301) (1,829) (1,439) Reversal of interest expenses transferred to assets (545) (449) (377) 50% of coupon payments on hybrid capital (215) (245) (278) Dividends received and capital reductions FUNDS FROM OPERATION (FFO) 46 18 15 13,866 13,293 13,233 Adjusted interest-bearing net debt, DKKm H1 2021 FY 2020 H1 2020 Total interest-bearing net debt 12,067 12,343 22,272 Orsted 50% of hybrid capital 8,992 6,616 6,616 Cash and securities, not available for distribution 977 1,485 1,628 ADJUSTED INTEREST-BEARING NET DEBT 22,036 20,444 30,516 FFO / ADJUSTED INTEREST-BEARING NET DEBT 62.9% 65.0% 43.4% *Last 12 months - EBITDA according to business performance up until end of 2020 33 Orsted

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