Investor Presentaiton

FFO/Adjusted net debt calculation Funds from operations (FFO), DKKm² EBITDA Change in provisions and other adjustments Change in derivatives Variation margin (add back) 31 Mar 2023 31 Dec 2022 31 Mar 2022 29,538 32,057 28,862 (1,538) (2,213) (1,820) 434 (8,687) (5,203) 1,419 10,332 6,447 Reversal of gain (loss) on divestment of assets (9,146) (10,885) (9,563) Income tax paid (1,827) (1,263) (737) Interests and similar items, received/paid (646) (563) (430) Reversal of interest expenses transferred to assets (511) (586) (851) 50% of coupon payments on hybrid capital (262) (264) (237) Dividends received and capital reductions FUNDS FROM OPERATION (FFO) 23 23 29 17,484 17,951 16,497 Adjusted interest-bearing net debt, DKKm 31 Mar 2023 31 Dec 2022 Total interest-bearing net debt 35,261 30,571 31 Mar 2022 30,026 50% of hybrid capital 9,897 9,897 8,992 Other interest-bearing debt (add back) (3,852) (4,924) (1,411) Other receivables (add back) 4,801 3,290 5,243 Orsted Cash and securities, not available for distribution, excl. repo loans 670 3,241 1,114 ADJUSTED INTEREST-BEARING NET DEBT 46,777 42,075 43,964 FFO / ADJUSTED INTEREST-BEARING NET DEBT 37.4% 42.7% 37.5% 38 1. Last 12 months. Orsted

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