Q3 2023 Financial Highlights & Renewable Capacity Update

Offshore 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

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