Investor Presentaiton

Offshore market development - Continental Europe Germany Netherlands Denmark Poland Belgium Sweden Norway Iberia Baltic States 19 • • New government has ambitions to increase offshore wind targets to 30 GW by 2030, 40 GW by 2035 and 70 GW by 2045, necessary to achieve the countries target of GHG- neutrality by 2045 with 80% renewables in the energy mix by 2030 ⚫ Tender volumes for 2023 increased to 9 GW and are expected to be allocated in auctions including both price and qualitative elements. 7 GW to be tendered through a price- only mechanism with deadline by 1 June 2023. Remaining 2GW to be tendered through a combined price and non-price process with deadline by 1 August 2023. Volumes for 2024 expected to be 8 GW • The government doubled its 10.7 GW by 2030 capacity target to more than 21 GW The government has published an updated auction calendar: 4 GW in H2 2023, 4 GW in H1 2025, 4 GW in 2026 and 4.7 GW in 2027 • Next tender is IJmuiden Ver (2 x 2GW) in H2 2023 - government has opted for a tender design that includes a capped payment and qualitative criteria focused on ecology and system integration ⚫The Danish State has paused the Open-Door applications for offshore wind farms due to state aid concerns. Final outcome is still being assessed ⚫ Political agreement on conditions for the tendering of 9 GW new offshore wind with additional opportunity for overplanting and open-door projects ⚫ The tender process for the North Sea Energy Island has still not been initiated. Latest expectation is for the process to begin in mid-2023, deadline in 2025, with completion by 2033 ⚫ Draft regulation published for new CfD subsidy scheme with increased capacity targets from 5 GW to 12 GW towards 2031 • Seabed auctions of total capacity of 11-13 GW offshore wind has commenced - 5 of 11 sites have been awarded, with remaining 6 to follow over coming months. Winners of awarded seabed can participate in auctions for a CfD subsidy scheme Capacity will grow from current 2.2 GW in operation to 5.8 GW in total before 2030. Tenders expected in 2025 with exact timings driven by onshore grid reinforcement First tender 700 MW expected H2 2025 - tenders for remaining volumes in new Princess Elisabeth zone are expected for 2026-2028 MoU signed with Denmark for large scale offshore wind power imports ⚫ 100% fossil free electricity target by 2040 and carbon neutrality by 2045. Energy Agency tasked to find areas for another 90 TWh offshore for the next version of MSP Energy Agency forecasts electricity demand could double by 2035, TSO planning grid reinforcement of SEK 100 bn to support increased electricity demand • • Government has announced plans to simplify permitting process for wind, solar and nuclear, with concrete initiatives to come throughout 2023 • Target of awarding 30 GW of offshore wind by 2040. Tenders for Utsira Nord (UN) and Sørlige Nordsjø II (SNII) launched for conclusion in 2023 with total of 3 GW capacity ⚫ UN consists of 3 x 500 MW leases areas allocated through a qualitative competition with bids due 1 September and award in December. Subsidy auction will run later ⚫ SNII is a bottom-fixed 1.5 GW project radially connected to Norway with price auction and allocation in December 2023 • Spain: Target of up to 3 GW floating offshore wind by 2030 supported by planned investment of EUR 200m in research and innovation with first auction 2023/24 • Portugal: An ambition of 10 GW auctioned capacity by 2030 with a potential first auction starting in 2023 • Estonia: Confirmed seabed auction in September 2023 and work started to explore design of offshore wind framework • Lithuania: Auction for first 700 MW project opened with bid in May 2023. Auction for second 700 MW project expected to start in September 2023 All auction and tender timelines and capacities based on current expectations and subject to change Orsted

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