Investor Presentaiton

Significant EBITDA increase driven by operational assets, reversal of CPS provision, and farm-down gain EBITDA of DKK 9.4 bn, up DKK 4.6 bn on Q1 2021 DKKm • Q1 2021 Offshore sites underlying Hornsea 2 delay and overhedging Offshore existing partnerships Offshore DEVEX Onshore CHP plants Remaining Bioenergy & Other Other Q1 2022 excl. new partnerships New partnerships Q1 2022 incl. new partnerships 7 4,863 412 c. -1,600 1,583 -32 622 1,147 745 79 7,819 • . • • • EBITDA excluding new partnerships increased DKK 3.0 bn Wind speeds in Offshore higher than both norm and last year (11.3 m/s in Q1 2022 vs. 10.5 m/s in Q1 2021, and norm of 10.9 m/s). Partly offset by lower generation capacity of Borssele 1 & 2 following 50% farm-down in May 2021, and higher TNUOS and BSUOS costs Later than expected commissioning of Hornsea 2, which combined with very high power prices led to negative effect from being overhedged Reversed DKK 0.5 bn provision relating to cable protection system issues, due to lower expected costs. Updated total impact of DKK 0.3 bn EBITDA and DKK 1.0 bn CAPEX · Significant earnings increase in Onshore, driven by higher generation from ramp-up and higher prices Increased earnings from CHP plants due to higher power prices despite lower heat and power generation driven by warmer weather Gas Markets & Infrastructure benefited from the temporary positive effects of revaluating our gas at storage in Q1 2022 at higher gas prices, as well as optimising the offtake flexibility in some of our sourcing contracts in north- western Europe. Net loss on our Gazprom contract following decision to unwind gas hedges to balance our risk New partnerships DKK 1.6 bn farm-down gain relating to 50% Borkum Riffgrund 3 divestment 1,610 9,429 • Orsted

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