Q3 2023 Financial Highlights & Renewable Capacity Update

Offshore market development - Europe (2/2) ⚫ The government on firm trajectory to deliver 21 GW by 2030 Netherlands Denmark Poland • Belgium Sweden • Next tender is IJmuiden Ver (2 x 2 GW) in H1 2024 - government has opted for a tender design that includes a capped payment and qualitative criteria focused on ecology and system integration ⚫ Political agreement reached for centralised tenders of 9 GW, with potential of overplanting for an additional 5 GW. The mechanism will be price-only with the Danish state requiring 20% ownership of 6 out of the 9 GW offshore wind farms • The tender process for the North Sea Energy Island has been temporarily suspended • Government increased capacity targets for CfD auctions from 5 GW to 12 GW towards 2031 ⚫ Seabed auctions of total capacity of 11-13 GW offshore wind have finalised - all sites have been awarded, with Ørsted and PGE being successful for the 210 MW Baltica 2+ site. Winners of awarded seabed can participate in auctions for a CfD subsidy scheme Capacity will grow from current 2.2 GW in operation to 5.8 GW before 2030. First tender of 700 MW expected H2 2025 . • MoU signed with Denmark for large scale offshore wind power imports 100% fossil free electricity target by 2040 and carbon neutrality by 2045 Energy Agency forecasts electricity demand could double by 2035 TSO planning grid reinforcement of SEK 100 bn to support increased electricity demand • Target of awarding 30 GW of offshore wind by 2040 Norway Iberia Non-price tender for 3 x 500 MW seabed lease with bids due 1 Nov. 2023 and award Q1 2024 ("Utsira Nord tender") • Price auction for 1.5 GW fixed bottom Sørlige Nordsjø II site due Q1 2024 • Spain: Target of up to 3 GW floating offshore wind by 2030. Pending draft framework on offshore wind is not expected until after a new government takes office • Portugal: Target of up to 2 GW installed and 10 GW auctioned capacity by 2030. Prequalification for the first round of up to 3.5 GW expected to start in late 2023 21 All auction and tender timelines and capacities based on current expectations and subject to change Orsted

View entire presentation