Q3 2023 Financial Highlights & Renewable Capacity Update

Hedge levels for merchant exposure¹ As of September 30th, 2023 New hedging framework for is better suited for the characteristics of our portfolio Hedge level of merchant exposure between 0-70% in Y1 & Y2 when using fixed volume contracts Hedging framework only applies to merchant exposure, e.g. revenue that is not already contracted with subsidies, as-generated PPAs etc. Offshore Merchant exposure covered with 'as produced' PPA contracts Merchant exposure covered with fixed volume obligations³ 74% 69% 1% 50% 9% 74% 69% 19% 19% 41% 17% 17% -2% 2% 2023 2024 2025 2026 2027 • Hedge level depends on portfolio composition, e.g. low share of merchant power exposure leads to low hedges levels and vice versa Onshore 68% 67% Illustrative 61% 61% 6.1% 0-70% 0-70% 28% 34% 42% 41% 41% 40% 33% 19% 20% 20% 2023 2024 2025 2026 2027 Bioenergy 37% 6% 37% 0% 6% 0% 2023 2024 2025 Y1 Y2 Y3 Y4 Y5 Group² 74% 64% 3% Calendar years (Y1 current year) 6% 50% 14% 32% 32% 71% 57% 37% 23% 26% Regulated Hedge level range of Additional activities & contracted merchant exposure will be commercially driven -9% -6%. 2023 2024 2025 2026 2027 37 1. Exposure is calculated as the expected production times the forward price. The total hedge level is expressed as merchant volumes that are covered either by 'as produced' PPAs or fixed volume obligations traded in the market 2. Group hedge level include exposure from offshore, onshore, contract exposure from IPPAs and Bioenergy. 3. Fixed volume hedges over merchant exposure after as-produced PPA contracts. Orsted

View entire presentation