Q3 2023 Financial Highlights & Renewable Capacity Update

Total impairment of DKK 28.4 billion Supply chain . Adverse impacts relating to supply chains ⚫ Further supplier delays impacting Ocean Wind 1 project schedule and leading to an additional significant delay of the project . Assume a new installation approach with a longer timeline for Revolution Wind and Sunrise Wind ITC qualification • Ocean Wind 1: 30% ITC, with 15 % probability of 10% additional ITC (previously expected a 95% probability) • Sunrise Wind: 40% ITC, based on 95 % probability for energy community • Revolution Wind: 40% ITC, based on 95% probability for energy community Unsuccessful outcome of OREC petition Probability-weight of higher OREC reduced to 50% from previous 75% Interest rates • Significant increase in longer-dated US yields Total impairments Q3 2023, DKKbn 2.8 19.9 Upside to business cases from USD interest rate hedges, amounting to DKK ~ 4.5 bn¹ not reflected in impairment value 1.4 28.4 0.6 0.4 3.3 6.2 Interest rates 0.7 OREC petition 4.7 ITC qualification 16.9 Supply chain 50 bps change in WACC will lead to change in impairments of DKK ~2.0 billion Ocean Wind 1 Wind Sunrise Revolution South Wind Fork Block Onshore Total Island impairment 4 1. Value of USD interest rate hedges is based on long-dated USD yields increasing more than 300 bps. Total notional of interest rate swaps is USD 2.25 bn. Orsted

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