Investor Presentaiton

Inflation and interest rate risks 15% 50% 35% 2023-2032 nominal cashflows from Offshore & Onshore assets 25% 30% 45% Fixed nominal Inflation-indexed Merchant Active use of debt & hedges to mitigate inflation risk 30% 40% Revenue incl. hedges Other EBITDA Objectives of interest rate and inflation risk management EBITDA 1. 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 2. Cost of funding optimized by actively managing debt portfolio 3. Cost of hedging minimised by using natural portfolio synergies between assets, allowing matching of up to 100% of asset value with appropriate debt Debt 30% Hedges of future debt 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 41 See more in note 6.4 in the 2022 Annual Report Orsted

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