Q3 2023 Financial Highlights & Renewable Capacity Update

Offshore 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

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