Investor Presentaiton

Power-to-X: Renewable hydrogen & e-fuels updates for Q1 2023 Signals for significant market growth IIIII National & cross-national ambition setting 42 countries now have a hydrogen strategy (up from 3 in 2019). The total electrolyser target across these hydrogen strategies is approx. 90 GW by 2030. An additional 36 markets are preparing a hydrogen strategy. Ørsted Power-to-X highlights during Q1 2023 Project development Ørsted Power-to-X continues to mature a pipeline of renewable hydrogen and e-fuels projects, primarily building on a foundation of project opportunities in Northern Europe and North America. Substantial progress in visibility of push and pull policies Critical regulatory success has been achieved in the EU by getting visibility on the definition of renewable hydrogen and with the introduction of binding targets for hydrogen in industry and transport, mandates for e-fuels in shipping and aviation, and by opening up new direct funding instruments. Project announcements & increasing demand Global announced projects indicate significant build- out ambitions of c.290 GW electrolyser capacity toward 2030. Evidence of growing offtake e-fuel demand includes c.110 methanol vessels on order or operating (up from c.80 at the end of 2022). Scalable hubs Ørsted Power-to-X is pursuing synergies from co-locating projects- for example, the SeaH2Land project portfolio in the Netherlands and exploring scaled project phasing at Idomlund in Denmark. FlagshipONE maturation Ørsted's board of directors approved the 50,000 tpa e-methanol Swedish project in December 2022. Construction will start in May 2023 and COD is expected in 2025. Source: BNEF Global Hydrogen Strategy Tracker, S&P/IHS Markit, DNV Alternative Fuels Insight Orsted

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