Q3 2023 Financial Highlights & Renewable Capacity Update

Currency and energy exposure Currency exposure Q4 2023 - Q3 2028 DKKbn Before hedging After hedging 46.9 GBP 21.3 8.5 Risk after hedging, DKKbn GBP: 21.3 sales position USD: 13.1 purchase position NTD: 3.1 purchase position Merchant exposure Q4 2023 - Q3 2028* DKKbn Before hedging After hedging via as-produced PPAs and traded markets 65.9 32.6 -2.0 -3.1 -13.1 6.9 5.9 -0.5 0.0 -0.1 -0.1 Power Gas Oil Spread USD1 NTD1 Effect of price +10% Effect of price -10% Risk after hedging DKKbn Effect of price +10% Effect of price -10% +2.1 -2.1 Power: 32.6 sales position +3.3 -3.3 -1.3 +1.3 Gas: 0.0 purchase position -0.0 +0.0 -0.3 +0.3 Oil: 0.1 purchase position -0.0 +0.0 Spread (power): 5.9 sales position +0.6 -0.6 1. For USD and NTD, we manage our risk to a natural time spread between front-end capital expenditures and long-term revenue. In the five-year horizon, we are therefore seeing that our hedges increase our net exposure to USD, but in the longer horizon, our hedges reduce the USD risk. 2. Assuming linear exposure. 36 * Bioenergy (spread) exposure risk horizon is from Q4 2023 to Q1 2026 (both quarters included). Orsted

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