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Investor Presentaiton

Net interest-bearing debt and credit metric Net interest-bearing debt DKKbn 30.6 -10.1 6.0 0.1 35.3 8.8 FFO / Adj. net debt %1 37 38 30 31 Dec 2022 CFO Capex Dividends & hybrids Other 31 Mar 2023 Net interest-bearing debt of DKK 35.3 bn, up DKK 4.7 bn • Positive operating cash flow from EBITDA and release of collateral (net DKK 3.3 bn during Q1) 31 Mar 2022 31 Mar 2023 FFO / Adj. net debt of 38 % • Higher adj. NIBD was offset by higher FFO • Gross investments relating to construction of offshore and onshore assets • Distribution of dividends to shareholders in March 2023 8 1: See appendix p. 38 for detailed calculation of the FFO / Adj. net debt ratio • Remain committed to our target of 25% Orsted

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