Investor Presentaiton

2023 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

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