Investor Presentaiton

Currency and energy exposure Currency exposure Q2 2023 - Q1 2028 DKKbn Before hedging After hedging 46.2 GBP 14.6 4.1 Risk after hedging, DKKbn GBP: 14.6 sales position USD: 15.3 purchase position NTD: 7.5 purchase position Energy exposure Q2 2023 - Q1 2028* DKKbn Before hedging After hedging via traded markets 82.1 37.9 -6.6 -7.5 -15.3 5.3 4.7 0.0 -1.0 -0.1 -0.1 Power Gas Oil Spread USD1 NTD1 Effect of price +10% Effect of price -10% Risk after hedging DKKbn Effect of price +10% Effect of price -10% +1.5 -1.5 -0.8 -1.5 Power: 37.9 sales position +1.5 Gas: 0.0 position +0.8 Oil: -0.1 purchase position Spread (power): 4.7 sales position +3.8 -3.8 -0.0 +0.0 -0.0 +0.0 +0.5 -0.5 1. For USD and NTD, we manage our risk to a natural time spread between front-end capital expenditures and long-term revenue. In the five-year horizon, we are therefore seeing that our hedges increase our net exposure to USD, but in the longer horizon, our hedges reduce the USD risk. 33 * Bioenergy exposure excluded from Q4 2025 Orsted

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