Investor Presentaiton

Currency and energy exposure Currency exposure Q2 2022 - Q1 2027 DKKbn Before hedging After hedging 81.8 Energy exposure Q2 2022 - Q1 2027 DKKbn Before hedging After hedging 100.8 21.4 29.8 10.3 9.5 2.7 3.3 0.0 -7.2 -1.0 -0.2 GBP1 Risk after hedging, DKKbn USD2 NTD2 Power Gas Oil -2.0 -1.2 Spread (power) Effect of price +10% Effect of price -10% Risk after hedging DKKbn Effect of price +10% Effect of price -10% GBP: 21.4 sales position +2.1 -2.1 Power: 29.8 sales position +3.0 -3.0 USD: 7.2 purchase position NTD: 9.5 sales position -0.7 +1.0 +0.7 Gas: 3.3 sales position +0.3 -0.3 -1.0 Oil: 0.0 sales position +0.0 -0.0 Spread: 1.2 purchase position -0.1 +0.1 30 1. The GBP exchange rate for hedges impacting EBITDA in 2022 and 2023 is on average DKK/GBP 8.7 and 8.3 respectively. 2. 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. Orsted

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