Q3 2023 Financial Highlights & Renewable Capacity Update

Inflation 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

View entire presentation