Interim report First half year 2024

Management's review

Overview

C E O 's r iew ev	3 …
At lan a g ce	6 . ….
Ou loo k 2 0 2 4 t	7 …
Re lts H1 su	8 …
Re lts Q 2 su	11 …
' Bu sin its Q 2 r lts ess un es u	13 …
for Pe hig hli hts r ma nc e g	16
Qu ly art iew er ov erv	17

Earnings call

In connection with the presentation of the interim report, an earnings call for investors and analysts will be held on Thursday, 15 August 2024 at 14:00 CEST.

The earnings call can be followed live here: https://getvisualtv.net/stream/?orsted-q2-2024

Presentation slides will be available prior to the earnings call and can be downloaded here: https://orsted.com/financial-reports

Further information

Global Media Relations Carsten Birkeland Kjær Tel.: +45 99 55 77 65

Investor Relations Rasmus Keglberg Hærvig Tel.: +45 99 55 90 95

Financial statements

Consolidated financial statements

Co li da d s f in 1 9 te ta te nts nso me o co me
Co li da d ba lan he 21 te et nso ce s
Co f s ' e 2 2 li da d s ha ho l de ity te ta te nt nso me o re rs qu
Co li da d s f c h flo 23 te ta te nt nso me o as ws
No tes
1. Ba f re 2 4 sis rtin o po g
2. Se t in for tio 25 gm en ma n
2 8 3. Re ve nu e
4. Im 3 0 irm ts . pa en
5. Ot he ing in d e 3 2 rat r o pe co me an xp en ses
6. Fin cia l in d e 3 2 an co me an xp en ses
7. Gr nd 3 3 t in stm ts os s a ne ve en
8. Re 3 3 se rve s
9. Ta fit ( los ) for he rio d 3 4 t x o n p ro s pe
0. Ma 1 rke ris ks 3 5 ts
11. Fa lue 3 6 ir v t a m ea su rem en
1 2. Int be ari de bt d FF O . 3 8 st- t ere ng ne an
13. Li idit 3 9 qu y r ese rve
1 4. Su bse 4 0 t e nts qu en ve

Sustainability statements

Ba sis f re rtin 4 2 o po g …
En vir nt on me
Ta lig d KP Is ( inc l. v lun dis los ) 43 ta xo no my -a ne o ry c ure s …
C lim ha 4 4 ate c ng e
So l cia
Ow k for 5 0 n w or ce .

Management's statement

Sta by he Ex uti Bo d a nd he Bo d o f D ire te nt t t me ec ve ar ar c
5 to rs .	1

CEO's review

Increased earnings from offshore sites, progress on our business plan, and commissioning of around 2 GW renewable capacity.

Selected events

Business progress and development

Reached commercial operation (COD) of two offshore wind farms (Greater Changhua 1 and 2a and South Fork) and two onshore renewable assets (Eleven Mile Solar Center and Sparta Solar).

Construction of offshore project Gode Wind 3 completed and first wind turbine installed at Borkum Riffgrund 3 and first foundations installed on Revolution Wind.

Concluded the divestment of our Onshore platform in France and a share in four US onshore projects.

Final investment decision on a 600 MWh battery storage system, co-located with Hornsea 3 in the UK.

Decision to cease execution of our liquid efuels project FlagshipONE in Sweden.

Financials

EBITDA excl. new partnerships and cancellation fees, increased by DKK 2.5 billion to DKK 12.8 billion.

Earnings from our offshore sites amounted to DKK 11.3 billion, which was an increase of DKK 2.3 billion compared to the same period last year, mainly driven by ramp-up of generation and higher wind speeds.

Impairments for the first half year amounted to DKK 3.2 billion, mainly related to FlagshipONE and Revolution Wind.

We maintain our full-year EBITDA guidance. However, we have lowered our gross investments guidance by DKK 4 billion to DKK 44- 48 billion.

Executing on our business plan

During Q2 2024, we have made progress on our business plan. We have commissioned (COD) around 2 GW of renewable capacity and achieved several milestones across our business. At the same time, we continue to navigate and manage the execution of our construction programme, where continued cost inflation and supply chain challenges are impacting our portfolio. Our legacy US off- shore wind projects remain challenging. We remain on track to deliver on our 2024 guid- ance as well as on our long-term targets.

Construction projects

In Offshore, we have reached COD on our offshore wind farms Greater Changhua 1 and 2a and South Fork with a capacity of 1.0 GW. The construction of Gode Wind 3 has been completed and full commissioning is expected soon. The wind turbine installation at Borkum Riffgrund 3 in Germany has commenced, and we continue to intensively manage the supply chain challenges relating to monopile fabrica- tion to ensure the continued execution and de-

risk the project's installation schedule. In Onshore, Sparta Solar (part of Helena Ener- gy Center) and our combined solar and stor- age project Eleven Mile Solar Center have reached COD in June. The projects have a combined capacity of 0.9 GW. These achievements bring our total installed renewable capacity to 17.6 GW.

In addition to the CODs, we are currently constructing 7.6 GW of renewable capacity across our offshore and onshore portfolio.

Over the past years, our legacy US offshore projects (South Fork, Revolution Wind, and Sunrise Wind) have been materially hit by the adverse industry conditions, including challenges with an immature supply chain. While the construction of South Fork was completed in the second quarter, we continue to de-risk the execution of Revolution Wind and Sunrise Wind. Although we have seen encouraging progress on several parameters, including monopile fabrication as well as securing availability and flexibility of installation vessels, we have also seen project specific risks materialise for Revolution Wind during the quarter.

For Revolution Wind, we have progressed the project as we initiated the foundation and turbine installation. However, due to a construction delay of the onshore substation, the commercial operation date of Revolution Wind will be pushed from 2025 into 2026. The onshore substation is being built by Eversource on a military landfill site where permitting and site preparation have proved to be more challenging than anticipated. The delayed construction of the onshore substation will result in knock-on impacts on the revenue profile and costs for extending the installation period. Consequently, an impairment has been recognised to reflect this. Despite this unsatisfactory development, the offshore construction activities of Revolution Wind continue to progress on track.

At Sunrise Wind, we signed the final OREC agreement and received the final outstanding federal permit as our construction and operation plan (COP) was approved by BOEM. As these were the last outstanding conditions, we have concluded the acquisition of Eversource's share in the project in July. The project has commenced the onshore construction phase.

Portfolio development

Over the recent months, we have achieved a number of milestones and continued the execution of our business plan.

For our divestment programme, we have concluded the divestment of our Onshore platform in France to Engie as part of our strategic prioritisation of other European markets for onshore renewables. Likewise, we have concluded the partial divestment of four US operational assets to Stonepeak.

In June, we took final investment decision on a battery storage system, co-located with the Hornsea 3 Offshore Wind Farm. The system will help bring stability to the UK energy supply and reduce price volatility. While the business case on a stand-alone basis satisfies our target for value creation, the new storage system is also accretive to the Hornsea 3 business case and will optimise the earnings potential for our UK wind farms. The storage system will have a capacity of 300 MW/600 MWh, equivalent to the daily energy use of 80,000 UK homes, and is expected to be operational by the end of 2026.

We signed an additional carbon removal agreement with Microsoft. Under the agreement, we will sell a further one million tonnes of carbon removal over a ten-year period from Avedøre Power Station, which is part of our bioenergy carbon capture and storage (BECCS) project 'Ørsted Kalundborg CO2 Hub'. This new agreement builds on an existing commitment by Microsoft to buy 2.67 million tonnes carbon dioxide from Asnæs Power Station.

Since the final investment decision (FID) of the liquid e-fuel project FlagshipONE in 2022, we have been maturing and progressing the project. While we were aware of the substantial uncertainties and risks associated with the development of a pioneering and immature liquid e-fuel project and market at the time of the FID, it was a strategic choice to take a leading position in shaping the industry. We continue to believe in the long-term market for e-fuels, but the industrialisation of the technology as well as the commercial development of the offtake market have progressed significantly slower than expected. Furthermore, the business case has deteriorated during maturation due to the inability to sign long-term offtake contracts at sustainable pricing and significantly higher project costs. Based on the combination of these developments, we have taken the strategic decision to cease execution of FlagshipONE and de-prioritise our immediate efforts within the liquid e-fuel market. We will continue our focus and development efforts within renewable hydrogen as we believe that hydrogen will be a critical part of the European industrial economy for decarbonising steel, chemicals, and refineries and as an input to liquid e-fuels longer term.

"

Although it's a tough decision to cease the execution of FlagshipONE, it's the right decision for Ørsted as it reflects the slower than expected development of the liquid e-fuel market. We will de-prioritise our immediate efforts within the liquid efuel market, but will continue our efforts on green hydrogen, which is essential for decarbonising key industries in Europe

Ford Ridge Wind Farm, Illinois, the US.

"

In recent months, Ørsted has commissioned around 2 GW of renewable capacity and achieved significant milestones, reflecting our commitment to implementing our business plan.

Financials

Operating profit (EBITDA) for the first half year amounted to DKK 14.1 billion compared to DKK 10.2 billion in the same period last year, of which DKK 1.3 billion related to a net reversal of provisions for cancelled projects. EBITDA excluding new partnerships and cancellation fees in H1 2024 amounted to DKK 12.8 billion, which is an underlying increase of 25 % com-

pared to last year. Earnings from our offshore sites amounted to DKK 11.3 billion, which was an increase of DKK 2.3 billion compared to the same period last year. The increase was driven by the ramp-up of generation at our offshore wind farms Greater Changhua 1 and 2a, South Fork, and Gode Wind 3, higher wind speeds, and higher prices on the inflation-indexed CfDs and green certificates. Lower availability dampened the increase in H1 2024 due to electrical infrastruc- ture issues in the export transmission cables at Hornsea 1 and 2, which have now been re- paired. At Ocean Wind 1, we continue to work through tional guidance in Offshore and decreased the directional guidance in Bioenergy & Other. We have lowered our gross investments guidance by DKK 4 billion to DKK 44-48 billion due to timing effects across our project portfo-

our supplier contracts, and we have finalised the negotiation of several contracts and settled the claim with the state of New Jersey with a better outcome than assumed. In total, this has led to a positive EBITDA impact of DKK 1.6 billion. Valuation indications for the seabeds have led to an impairment of DKK 0.6 billion. Thus, we have a net positive EBIT impact of DKK 1.0 billion in Q2 2024 from Ocean Wind.

The decision to cease the execution of FlagshipONE has led to a provision for cancellation fees of DKK 0.3 billion and impairments of DKK 1.5 billion. At Revolution Wind, we have impaired DKK 2.3 billion primarily due to project delay related to the onshore substation and additional costs. Total impairments for the first half of 2024 amounted to DKK 3.2 billion, including the reversals made in Q1 2024.

We maintain our full-year EBITDA guidance of DKK 23-26 billion, excluding earnings from new partnerships and impact from cancellation fees. However, we have increased the direc-

lio.

Mads Nipper Group President & CEO

At a glance

Financial highlights

1 Includes EBITDA from other activities/eliminations. Non-financial highlights

Outlook 2024

EBITDA

EBITDA in 2024, excluding new partnership agreements and cancellation fees, is unchanged and still expected to amount to DKK 23-26 billion.

However, compared to the directional guidance provided in the annual report for 2023, we now expect earnings from Offshore to be neutral and earnings from Bioenergy & Other to be higher.

In Offshore, we have changed our directional guidance from 'lower' to 'neutral'. The change is mainly driven by higher earnings from our power trading activities, certificates, and from the higher wind speeds in the first half year.

In Bioenergy & Other, we have changed our directional guidance from 'significantly higher' to 'higher'. The lower earnings expectation is mainly driven by delayed opening and slower ramp-up than expected at the Tyra gas-field, less favourable development in our gas at storage and lower earnings from our CHP plants.

This guidance is based on an assumption of normal wind speeds in the remainder of the year. As always, the guidance is subject to a number of uncertainties (see box to the right).

Gross investments

Gross investments in 2024 are now expected to amount to DKK 44-48 billion, a reduction of DKK 4 billion from our Q1 report. This is mainly due to timing effects across our project portfolio.

Ou tlo ok 20 24 DK K b illio n ,	20 23 lise d rea	Gu ida nce 7 F eb	Gu ida nce 2 M ay	Gu ida nce 15 A ug
EB ITD A, l. n hip nd cel lat ion fe rtn exc ew pa ers s a can es	24 .0	23- 26	23- 26	23- 26
Off sho re	19.1	Low er	Low er	Ne utr al
On sho re	3.0	Sig nifi tly can hig her	Sig nifi tly can hig her	Sig nifi tly can hig her
Bio & Ot her ene rgy	1.5	Sig nifi tly can hig her	Sig nifi tly can hig her	Hi her g
Gro ss i stm ent nve s	38 .5	48 -52	48 -52	44 -48

Our EBITDA guidance for the Group is the prevailing guidance, whereas the directional earnings development per business unit serves as a means to support this. Higher/lower indicates the direction of the business unit's earnings relative to the results for 2024.

Forward-looking statements

The interim report contains forward-looking statements, which include projections of our short- and long-term financial performance and targets as well as our financial policies. These statements are by nature uncertain and associated with risk. Many factors may cause the actual development to differ materially from our expectations. These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions. Read more about the risks in our annual report for 2023 in the chapter 'Risks and risk management' and in note 6 'Risk management'.

Results H1

Financial results

Revenue

Power generation from offshore and onshore assets increased by 13 % and totalled 17.3 TWh in H1 2024. The increase was due to ramp-up of generation from our offshore wind farms Greater Changhua 1 and 2a, South Fork, and Gode Wind 3, our onshore wind farm Sunflower, and our solar PV farms Sparta Solar (part of Helena Energy Center) and Eleven Mile. Furthermore, we had higher wind speeds across our portfolio. This was partly offset by lower availability at Hornsea 1 and 2 due to electrical infrastructure issues with the export transmission cables, resulting in curtailment of the wind farms. The issues have been identified and the cables repaired. Further, bad weather conditions in the US in Q1 2024 affected our onshore assets, and the divestment of London Array in Q3 2023 impacted the year-on-year compari-

son. Heat generation increased by 6 % in H1 2024, mainly due to colder weather. Thermal power generation decreased by 12 %, mainly due to less attractive spreads for power condensing generation. Our renewable share of generation amounted to 97 %, an increase of 5 percentage points compared to the same period last year. Revenue amounted to DKK 34.2 billion. The decrease of 15 % relative to H1 2023 was main-

ly due to lower power and gas sales, which we primarily source from other producers (limited impact on EBITDA). EBITDA

Operating profit (EBITDA) for the first half year amounted to DKK 14.1 billion, DKK 3.8 billion higher than in H1 2023. Adjusted for cancella-

tion fees, EBITDA increased by DKK 2.5 billion to DKK 12.8 billion. EBITDA from cancellation fees was an income of DKK 1.3 billion in H1 2024 and related to Ocean Wind 1 as well as the decision to cease execution of FlagshipONE. At Ocean Wind 1, we have finalised the negotiation of several contracts and settled the claim with the state of New Jersey with a better outcome than assumed, leading to a positive EBITDA impact of DKK 1.6 billion. Costs related to the decision to cease execution of FlagshipONE, has result- ed in cancellation fees of DKK 0.3 billion.

Earnings from Offshore sites amounted to DKK 11.3 billion, an increase of DKK 2.3 billion compared to the same period last year. The increase was due to higher wind speeds (DKK 1.3 billion), ramp-up of generation at Greater Changhua 1 and 2a, South Fork, and Gode Wind 3, and higher prices on the inflationindexed CfD and ROC wind farms. In addition, we had a positive effect from higher prices on green certificates. This was partly offset by the lower availability mentioned above and the divestment of London Array in Q3 2023.

EBITDA from existing partnerships amounted to a loss of DKK 0.3 billion in H1 2024 and was mainly related to minor adjustments related to farm-downs completed in prior years.

	H1 20 24	H1 20 23	%
Rev enu e	34 19 1 ,	40 28 4 ,	( 15 %)
A EB ITD	14 05 8 ,	10 23 0 ,	% 37
- N hip rtn ew pa ers s	-	-	n.a
- C fe cel lat ion an es	30 0 1,	-	n.a
A e fe - EB ITD xcl shi d c cel lat ion art ne w p ner ps an an es	12 8 75 ,	10 23 0 ,	25 %
De cia tio nd isa tio ort pre n a am n	( 5, 10 6)	( 4, 89 2)	4 %
Imp air ( los s) /re l nt me ve rsa	( 3, 15 2)	-	n.a
Op tin rof it ( los s) ( EB IT) era g p	5, 80 0	5, 33 8	9 %
Ga in ( los s) o n d of ive stm ent ter ise en pr s	( 59 )	32 8	n.a
Fin cia l ite t an ms , ne	( 1, 89 9)	( 3, 31 6)	( 43 %)
Pro fit ( los s) bef ta ore x	3, 85 9	2, 37 2	63 %
Ta x	( 2, 92 8)	29 2	n.a
Ta te x ra	76 %	( 12 %)	88 %p
Pro fit ( los s) for th d erio e p	93 1	2, 66 4	( 65 %)

EBITDA excluding new partnerships and cancellation fees, DKKbn

EBITDA from our Onshore business amounted to DKK 1.8 billion, DKK 0.2 billion higher than the same period last year. The increase was due to ramp-up of generation at Sunflower, Sparta, and Eleven Mile and higher wind speeds in the US. This was partly offset by periods with bad weather conditions in the US in Q1 2024 resulting in lower availability and generation.

EBITDA from our CHP plants amounted to DKK 0.7 billion in H1 2024, an increase of DKK 0.1 billion compared to the same period last year. This was due to higher heat generation and a contractual compensation from Energinet for keeping three of our power stations operational until August 2024, which was partly offset by lower condensing power generation and sale of ancillary services.

EBITDA from our gas business totalled DKK -0.1 billion in H1 2024, DKK 0.4 billion higher than in the same period last year. The increase was driven by a temporary negative effect from revaluation of our gas at storage during H1 2023, which was not repeated to the same extent in H1 2024.

Impairments

Impairment losses had a negative effect in H1 2024 of DKK 3.2 billion, mainly driven by our decision to cease execution of FlagshipONE (DKK -1.5 billion), by a construction delay of the onshore substation at Revolution Wind (DKK -2.1 billion), and by an increase in the US longdated interest rate (DKK -1.0 billion across our US portfolio). Furthermore, we have updated the 'fair value less costs of disposal' measurement on our Ocean Wind seabeds, which has led to a further impairment of DKK 0.6 billion.

In contrast, we have reversed earlier booked impairment losses at Sunrise Wind, due to it being selected to negotiate an OREC by the state of New York (DKK 1.8 billion), and at Block Island and our onshore assets due to minor positive price updates. See note 4 'Impairments' for more information.

EBIT

EBIT increased by DKK 0.5 billion to DKK 5.8 billion in H1 2024. The higher underlying earnings were partly offset by the negative effect of impairments and positive effect of cancellation fees (DKK 1.3 billion, net).

Financial income and expenses

Net financial income and expenses amounted to DKK -1.9 billion compared to DKK -3.3 billion in H1 2023. The lower net expenses were mainly due to gains on interest rate swaps (not being hedge accounted), driven by increases in interest rates and lower losses on exchanges rate adjustments.

Tax and tax rate

Tax on profit for the period amounted to DKK 2.9 billion, DKK 3.2 billion higher than in the same period last year. The tax rate in H1 2024 was 76 % and was negatively affected by the recognition of a deferred tax liability related to tax equity contribution for Eleven Mile (DKK 1.1 billion) and net unrecognised deferred tax assets, including impairment losses and cancellation fees on our US and Swedish portfolio. In H1 2023, the tax rate of -12 % was positively affected by a reversal of a recognised deferred tax liability in the US related to Ocean Wind 1 (DKK 0.8 billion). See note 9 'Tax on profit (loss) for the period'.

Ca sh flo nd de bt, DK Km net w a	H1 20 24	H1 20 23	%
Ca flo fro sh rat ing tiv itie ws m o pe ac s	9, 68 9	12 56 6 ,	23 %) (
EB ITD A	14 05 8 ,	10 23 0 ,	37 %
Re l of in ( los s) o n d ive f a stm ent ts ve rsa ga s o sse	( 16 0)	( 1, 30 3)	( 88 %)
Ch in d cl. eriv ati riat ion in an ge ves , ex va m arg	( 61 9)	96 2	n.a
Ch in v ari ati in an ge on ma rg	1, 73 0	4, 29 6	( 60 %)
Ch in p isio an ge rov ns	( 4, 57 3)	( 25 )	n.a
Ot her ite ms	( 13 4)	( 45 )	20 0 %
Int st e t ere xpe nse , ne	( 42 5)	( 66 3)	( 36 %)
Pa id t ax	( 2, 52 1)	( 1, 49 6)	69 %
Ch ork in w in an ge pro gre ss	( 1, 05 2)	( 2, 50 9)	( 58 %)
Ch in t uity er l iab iliti rtn an ge ax eq pa es	1, 98 4	( 1, 15 2)	n.a
Ch in o the ork ing ita l an ge r w ca p	1, 40 1	4, 27 1	( 67 %)
Gro ss i stm ent nve s	( 15 91 4) ,	( 16 26 6) ,	( 2 % )
Div est nts me	2, 25 5	( 2, 05 4)	n.a
Fre ash flo e c w	( 3, 97 0)	( 5, 75 4)	( 31 %)
Ne -be de bt, beg of riod t in ter est ari inn ing ng pe	47 37 9 ,	30 57 1 ,	55 %
Fre ash flo e c w	3, 97 0	5, 75 4	( 31 %)
Div ide nds d h brid aid an y co upo n p	8 36	05 6, 1	94 ( %)
Ad dit of lea ob liga ion tio net se ns,	58 9	54 9	7 %
Re rch of hy brid ita l, n et pu ase ca p	( 3, 68 0)	69 9	n.a
Exc ha te adj ust nts , et nge ra me c.	74 0	30 0	14 7 %
Ne t in -be ari de bt, d o f p eri od ter est ng en	49 36 6 ,	43 92 4 ,	12 %

Profit for the period

Profit for the period totalled DKK 0.9 billion, DKK 1.7 billion lower than H1 2023. The decrease was mainly due to higher tax expenses and impairments as described above, which was partly offset by higher EBITDA.

Cash flows and net debt

Cash flows from operating activities

Cash flows from operating activities totalled DKK 9.7 billion in H1 2024 compared to DKK 12.6 billion in H1 2023.

During H1 2024, we had a net cash outflow of DKK 4.1 billion from payments regarding the

provisions made for cancellation fees for the ceasing of Ocean Wind 1 in Q4 2023 (part of 'Change in provisions').

During H1 2024, we released DKK 1.9 billion, net, in variation margin payments on unrealised hedges ('Change in variation margin') and initial margin payments at clearing houses (part of 'Change in other working capital'), whereas we released DKK 6.1 billion in H1 2023. The changes are specified as follows: – the variation margin payments were a

cash inflow of DKK 1.7 billion vs a cash inflow of DKK 4.3 billion in H1 2023

– the initial margin payments were a cash inflow of DKK 0.2 billion vs a cash inflow of DKK 1.8 billion in H1 2023.

In H1 2024, we had a net cash outflow from work in progress of DKK 1.1 billion, mainly related to the construction of the Hornsea 3 and Hornsea 4 offshore transmission assets, partly offset by milestone payments received at Borkum Riffgrund 3. In H1 2023, we had a cash outflow of DKK 2.5 billion, mainly related to construction work at Greater Changhua 1 and the offshore transmission asset at Hornsea 3.

In H1 2024, we received tax equity contributions for Eleven Mile, while we did not receive new tax equity contributions in H1 2023.

Investments and divestments

Gross investments amounted to DKK 15.9 billion in H1 2024. The main investments were:

offshore wind farms (DKK 11.1 billion), including Greater Changhua 2b and 4 in Taiwan and our portfolio of US and German projects
onshore wind and solar PV farms (DKK 3.8 billion), including the construction of Eleven Mile, Mockingbird, and our portfolio of European projects.

In H1 2024, 'Divestments' amounted to DKK 2.3 billion and were mainly related to the sale of the French part of our Onshore Europe portfolio, divestment of an equity ownership stake in a portfolio consisting of four US onshore wind farms, and customary compensation to our partners at Hornsea 1 for wake loss effects. In H1 2023, 'Divestments' was DKK -2.1 billion and was mainly related to the acquisition of PSEG's 25 % equity stake in Ocean Wind 1.

Interest-bearing net debt

Interest-bearing net debt totalled DKK 49.4 billion at the end of June 2024 against DKK 47.4 billion at the end of 2023. The increase was mainly due to a negative free cash flow of DKK 4.0 billion, which was partly offset by net issuance of hybrid capital in H1 2024.

Equity

Equity was DKK 83.4 billion at the end of June 2024 against DKK 77.8 billion at the end of 2023. The partial divestment of the four US wind farms contributed DKK 2.0 billion to noncontrolling interests.

Capital employed

Capital employed was DKK 132.7 billion at the end of June 2024 against DKK 125.2 billion at the end of 2023, mainly due to new investments.

Financial ratios Return on capital employed (ROCE)

Return on capital employed (ROCE) was -12.4 % in H1 2024. The decrease of 26 percentage points compared to last year was attributable to a lower EBIT due to the impairment losses and cancellation fees during the 12-month period and higher capital employed. ROCE adjusted for impairment losses and cancellation fees in H1 2024 was 13.1 %.

Credit metric (FFO/adjusted net debt)

The funds from operations (FFO)/adjusted net debt credit metric was 22.7 % in H1 2024 against 17.7 % in H1 2023. The increase was due to higher FFO during the 12-month period, which was partly offset by higher NIBD. Adjusted for cancellation fees, the credit metric was 30.5 %.

ati % Ke DK Km y r os, ,	20 24 H1	20 23 H1	%
RO CE	( 12 .4)	13 .2	( 26 %p )
Ad jus ted t d ebt ne	63 19 2 ,	55 56 4 ,	14 %
FFO /ad jus ted t d ebt ne	22 .7	17 .7	5 % p

ESG results

Renewable share of energy generation

The renewable share of heat and power generation amounted to 97 % in H1 2024, a 5 percentage point increase compared to H1 2023. The increase was due to a lower share of coalbased generation at the CHP plants and higher share of generation from offshore wind.

Greenhouse gas emissions

Our greenhouse gas emissions from heat and power generation (scope 1 and 2) decreased by 62 % in H1 2024 compared to H1 2023, mainly due to a decrease in the use of coal at our CHP plants, partly offset by an increase in the use of natural gas. Our scope 1 and 2 greenhouse gas intensity decreased to 15 g CO2e/ kWh in H1 2024 against 42 g CO2e/kWh in H1 2023, mainly due to a decrease in scope 1 emissions (numerator) together with an increase in total heat and power generation (denominator).

Our scope 1-3 greenhouse gas intensity increased to 140 g CO2e/kWh in H1 2024 against 85 g CO2e/kWh in H1 2023, mainly due to scope 3 emissions from commissioned assets (capital goods). Greenhouse gas emissions from our supply chain and sales activities (scope 3) were 78 % higher than in H1 2023, mainly driven by an increase in scope 3 emissions from capital goods.

Management's review

Safety

In H1 2024, we had 30 total recordable injuries (TRIs), of which 22 injuries were related to contractors' employees. This was a decrease of 2 injuries compared to H1 2023. The total recordable injury rate (TRIR) decreased from 2.6 in H1 2023 to 2.1 in H1 2024.

Ta l ign d KP Is xo no my -a e
Re 91 % ve nue

EBITDA 98 %

Gross investments 99 %

Read more about our EU taxonomyaligned KPIs on page 43 in the sustainability statements.

Results Q2

EBITDA

Operating profit (EBITDA) for the second quarter amounted to DKK 6.6 billion, DKK 3.3 billion higher than in Q2 2023. Adjusted for cancellation fees, EBITDA increased by DKK 2.0 billion to DKK 5.3 billion.

EBITDA from cancellation fees amounted to a net income of DKK 1.3 billion in Q2 2024 and related to changes in the provision for Ocean Wind 1 (DKK 1.6 billion) as well as the decision to cease execution of FlagshipONE (DKK -0.3 billion).

Earnings from offshore sites amounted to DKK 4.4 billion, an increase of DKK 1.3 billion compared to the same period last year.

EBITDA from our onshore business amounted to DKK 1.0 billion, DKK 0.2 billion higher than in the same period last year.

EBITDA from our CHP plants amounted to DKK 0.1 billion in Q2 2024, an increase of DKK 0.3 billion compared to the same period last year.

EBITDA from our gas business totalled DKK 0.0 billion in Q2 2024, DKK 0.3 billion higher than in the same period last year.

Impairments

We had further impairment losses of DKK 3.9 billion in Q2 2024, driven by our decision to cease execution of FlagshipONE, from a construction delay of the onshore substation at Revolution Wind, and from updated 'fair value less costs of disposal' measurement on our Ocean Wind seabeds. This was partly offset by minor positive price updates at Block Island and our onshore assets. See note 4 'Impairments' for more information.

Tax and tax rate

Tax on profit for the second quarter amounted to DKK 1.1 billion, DKK 1.3 billion higher than last year. The tax rate was -192 % and was affected by the recognition of a deferred tax liability related to tax equity contribution for Eleven Mile, and by net unrecognised deferred tax assets, including impairment losses and cancellation fees on our US and Swedish portfolio. See note 9 'Tax on profit (loss) for the period'.

Cash flows from operating activities

Cash flows from operating activities totalled DKK 6.1 billion in Q2 2024 compared to DKK 2.4 billion in Q2 2023.

During Q2 2024, we had a net cash outflow of DKK 1.7 billion from payments regarding the provisions made for cancellation fees for the ceasing of Ocean Wind 1 in Q4 2023 (part of 'Change in provisions').

During Q2 2024, we released DKK 0.9 billion, net, in variation margin payments on unrealised hedges ('Change in variation margin') and initial margin payments at clearing houses (part of 'Change in other working capital'), whereas we released DKK 1.8 billion in Q2 2023. The changes are specified as follows: – the variation margin payments were a

cash inflow of DKK 1.1 billion vs a cash

A e ing EB ITD lu d xc	ne w	ips h rtn pa ers	an	ion d c l lat an ce	fee s,	DK Kb n

	Q2 20 24	Q2 20 23	%
Rev enu e	15 02 3 ,	14 56 5 ,	3 %
EB ITD A	6, 57 0	3, 32 0	98 %
- N hip rtn ew pa ers s	-	-	n.a
- C cel lat ion fe an es	1, 30 0	-	n.a
- EB ITD A e xcl shi d c cel lat ion fe art ne w p ner ps an an es	5, 27 0	3, 32 0	59 %
De cia tio nd isa tio ort pre n a am n	( 2, 68 3)	( 2, 45 4)	9 %
Imp air ( los s) /re l nt me ve rsa	( 3, 91 3)	-	n.a
Op tin rof it ( los s) ( EB IT) era g p	( 26 )	86 6	n.a
Ga of in ( los s) o n d ive stm ent ter ise en pr s	( 7)	9 15	n.a
Fin cia l ite t an ms , ne	( 55 2)	( 1, 79 7)	( 69 %)
Pro fit ( los s) bef ta ore x	( 57 5)	( 76 3)	( 25 %)
Ta x	( 1, 10 3)	22 5	n.a
Ta te x ra	( 19 2 % )	29 %	( 22 1 % ) p
fit for Pro ( los s) th erio d e p	8) ( 1, 67	8) ( 53	21 2 %

inflow of DKK 2.3 billion in Q2 2023

– the initial margin payments were a cash outflow of DKK 0.2 billion vs a cash outflow of DKK 0.5 billion in Q2 2023.

In Q2 2024, we had a net cash outflow from work in progress of DKK 0.5 billion, mainly related to the construction of the Hornsea 3 and Hornsea 4 offshore transmission assets, partly offset by milestone payments received at Borkum Riffgrund 3. In Q2 2023, we had a net cash inflow of DKK 0.1 billion.

In Q2 2024, we received the final tax equity contributions for Eleven Mile, while we did not receive new tax equity contributions in Q2 2023.

Investments and divestments

Gross investments amounted to DKK 8.3 billion in Q2 2024. The main investments were:

offshore wind farms (DKK 6.1 billion), including Greater Changhua 2b and 4 in Taiwan and our portfolio of US and German projects
onshore wind and solar PV farms (DKK 1.7 billion), including the construction of Eleven Mile, Mockingbird, and our portfolio of European projects.

In Q2 2024, 'Divestments' amounted to DKK 3.0 billion and were mainly related to the sale of the French part of our Onshore Europe portfolio and the divestment of an equity ownership stake in a portfolio consisting of four US onshore wind farms.

Ca sh flo nd de bt, DK Km net w a	Q2 20 24	Q2 20 23	%
Ca sh flo fro ing tiv itie rat ws m o pe ac s	6, 08 1	2, 44 7	14 9 %
EB ITD A	6, 57 0	3, 32 0	98 %
Re l of in ( los s) o n d ive f a stm ent ts ve rsa ga s o sse	( 49 )	( 1, 18 0)	( 96 %)
Ch in d eriv ati cl. riat ion in an ge ves , ex va m arg	8) ( 77	2, 22 4) (	%) ( 65
Ch in v ari ati in an ge on ma rg	1, 12 6	2, 32 5	( 52 %)
Ch in p isio an ge rov ns	( 2, 36 9)	( 39 )	n.a
Ot her ite ms	24 2) (	12 5	n.a
Int st e t ere xpe nse , ne	( 45 6)	( 36 2)	26 %
Pa id t ax	( 84 5)	( 70 1)	21 %
Ch in w ork in an ge pro gre ss	45 2) (	14 2	n.a
Ch in t uity er l iab iliti rtn an ge ax eq pa es	2, 14 7	( 51 2)	n.a
Ch in o the ork ing ita l an ge r w ca p	1, 42 9	1, 55 4	( 8 % )
Gro ss i stm ent nve s	( 8, 29 2)	( 7, 49 8)	11 %
Div est nts me	2, 99 3	( 2, 03 8)	n.a
Fre ash flo e c w	78 2	( 7, 08 9)	n.a
Ne of t in ter est -be ari de bt, beg inn ing riod ng pe	49 86 4 ,	26 35 1 ,	41 %
Fre ash flo e c w	( 78 2)	7, 08 9	n.a
Div ide nds d h brid aid an y co upo n p	45	88	( 49 %)
Ad dit of lea ob liga ion tio net se ns,	11 8	52 1	( 77 %)
Re rch of hy brid ita l, n et pu ase ca p	-	69 9	n.a
Exc ha adj te ust nts , et nge ra me c.	12 1	26 5	( 54 %)
Ne t in -be ari de bt, d o f p eri od ter est ng en	49 36 6 ,	43 92 4 ,	12 %

Offshore

Financial results for Q2 2024

Power generation increased by 20 % to 3.7 TWh in Q2 2024. The increase was due to higher wind speeds and ramp-up at Greater Changhua 1 and 2a, South Fork, and Gode Wind 3. Lower availability and the divestment of London Array in Q3 2023 dampened the increase.

Wind speeds amounted to a portfolio average of 9.0 m/s, which was higher than in Q2 2023 (8.1 m/s) and higher than the normal wind speeds expected in the second quarter (8.7 m/ s).

Availability ended at 83 %, which was 8 percentage points lower than in the same period last year. A big part was due to electrical infrastructure issues with the export transmission cables, resulting in curtailment at Hornsea 1 and 2. The issues have been identified and the cables repaired.

Revenue increased by 20 % and amounted to DKK 11.5 billion.

Revenue from offshore wind farms in operation increased by 19 % to DKK 5.3 billion mainly driven by higher generation. Revenue from power sales decreased by 25 % to DKK 3.7 billion, due to significantly lower power prices and 7 % lower volumes sold. Revenue from construction agreements mainly related to the construction of Gode Wind 3 and Borkum Riffgrund 3 for partners.

EBITDA increased by DKK 2.2 billion and amounted to DKK 5.2 billion.

EBITDA from 'Sites, O&M, and PPAs' increased by DKK 1.3 billion and amounted to DKK 4.4 billion in Q2 2024. The increase was due to higher wind speeds (DKK 0.8 billion), ramp-up of generation at Greater Changhua 1 and 2a, South Fork, and Gode Wind 3 as well as higher prices on green certificates and higher earnings from our power trading activities. This was partly offset by the divestment of London Array in Q3 2023 and the lower availability mentioned above.

EBITDA from cancellation fees amounted to a net income of DKK 1.3 billion in Q2 2024 and related to changes in the provision for Ocean Wind 1 as well as the decision to cease execution of FlagshipONE. At Ocean Wind 1, we have finalised the negotiation of several contracts and settled the claim with the state of New Jersey with a better outcome than assumed, leading to a positive impact of DKK 1.6 billion. This was partly offset by costs provided for closing our commitments to FlagshipONE, resulting in cancellation fees of DKK 0.3 billion.

EBITDA from other activities was at the same level as last year.

Re sul ts		Q2 20 24	Q2 20 23	%	H1 202 4	H1 20 23	%
Bu sin dr ive ess rs
De cid ed ( FID 'ed ) an d in lled city sta ca pa	GW	16 .5	12 .0	37 %	16 .5	12 .0	37 %
Ins tal led city ca pa	GW	9.8	8.9	10 %	9.8	8.9	10 %
Ge ati aci ty ner on cap	GW	5.1	4.9	4 %	5.1	4.9	4 %
Wi nd ed spe	m/ s	9.0	8.1	% 11	10 .2	9.5	7 %
Loa d f act or	%	33	29	4 % p	43	41	2 % p
Av aila bili ty	%	83	91	( 8 % ) p	84	93	( 9 % ) p
Po ion rat we r g ene	GW h	3, 66 7	3, 04 4	20 %	9, 33 7	8, 20 6	14 %
D ark enm		41 8	37 1	13 %	1, 10 8	96 9	14 %
U nit ed Kin do g m		2, 02 9	9 1, 77	14 %	5, 17 1	19 5, 5	0 % ( )
G erm any		43 4	39 8	9 %	1, 18 7	96 4	23 %
T he Ne the rla nds		26 9	28 8	( 7 % )	71 3	70 0	2 %
A PA C		44 7	19 0	13 5 %	1, 02 7	33 2	20 9 %
T he US		70	18	29 6 %	13 1	46	18 6 %
Po les we r sa	GW h	85 4 3,	4, 8 15	7 % ( )	10 8 11 ,	25 11 7 ,	10 %) (
Pow LEB A U K ice er pr ,	GB P/M Wh	79	10 5	( 25 %)	78	12 5	( 38 %)
Bri tish und po	DK K/G BP	8.7	8.6	2 %	8.7	8.5	3 %
Fin cia l pe rfo an rm an ce
Re ve nue	DK Km	11 52 6 ,	9, 61 0	20 %	25 51 7 ,	28 10 4 ,	( 9 % )
S ite O& M, d P PA s, an s		5, 33 9	4, 49 0	19 %	12 71 2 ,	10 33 0 ,	23 %
P ale ow er s s		3, 68 0	4, 93 9	( 25 %)	9, 26 2	16 78 8 ,	( 45 %)
C ion str uct nts on ag ree me		2, 29 2	14 ( )	n.a	10 3, 1	8 55	45 6 %
O the r		21 5	19 5	10 %	44 2	42 8	3 %
EB ITD A	DK Km	5, 21 8	2, 97 9	75 %	11 30 1 ,	8, 39 1	35 %
S ite O& M, d P PA s, an s		4, 40 0	3, 13 5	40 %	11 32 8 ,	8, 99 4	26 %
C ion d d ive str uct nts stm on ag ree me an	ins ent ga	6	34 0	( 98 %)	( 27 7)	29 8	n.a
C fe cel lat ion an es		30 0 1,	-	n.a	30 0 1,	-	n.a
O the l. p dev elo inc roje ct ent r, pm		( 48 8)	( 49 6)	( 2 % )	( 1, 05 0)	( 90 1)	17 %
De cia tio pre n	DK Km	( 1, 80 9)	( 1, 76 1)	3 %	( 3, 53 1)	( 3, 45 4)	2 %
Imp air los nt me ses	DK Km	( 4, 14 9)	-	n.a	( 3, 08 6)	0	n.a
EB IT	DK Km	( 74 0)	1, 21 8	n.a	4, 68 4	4, 93 7	( 5 % )
Ca flo w f sh tin ctiv itie rom op era g a s	DK Km	96 1, 6	19 1, 3	65 %	2, 80 1	10 79 9 ,	( 74 %)
Gro ss i stm ent nve s	DK Km	( 6, 12 8)	( 5, 48 0)	12 %	( 11 11 7) ,	( 11 49 3) ,	( 3 % )
Div est nts me	DK Km	( 7)	( 2, 00 7)	( 10 0 % )	( 80 9)	( 2, 02 8)	( 60 %)
Fre ash flo e c w	DK Km	( 4, 16 9)	( 6, 29 4)	( 34 %)	( 9, 12 5)	( 2, 72 2)	23 5 %
Ca ita l em loy ed p p	DK Km	94 61 0 ,	10 6, 18 0	( 11 %)	94 61 ,	0 1 06 18 0 ,	( 11 %)

Financial results for Q2 2024

Power generation from our operating onshore assets increased by 26 % compared to Q2 2023 and amounted to 4.2 TWh. The increase was due to ramp-up of generation at Sunflower, Sparta Solar, and Eleven Mile. In Q2 2024, the wind speeds across the portfolio were 7.4 m/s, higher than last year (6.7 m/s) but below a normal wind year (7.6 m/s).

Revenue was marginally above Q2 2023 and amounted to DKK 0.7 billion. The increase was mainly due to the higher generation.

EBITDA for Q2 2024 amounted to DKK 1.0 billion, which was DKK 0.2 billion higher than in the same period last year. The increase was mainly due to ramp-up of generation from new assets in operation and higher wind speeds. This was partly offset by higher development costs and the general cost of increasing our portfolio.

Re sul ts		Q2 20 24 Q2 20 23		%		H1 202 4 H1 20 23
Bu sin dr ive ess rs							%
De cid ed ( FID 'ed ) an d in lled city sta ca	GW	6.4	6.2	3 %	6.4	6.2	3 %
pa Ins tal led city ca pa	GW	5.6	4.6	24 %	5.6	4.6	24 %
Wi nd ed spe	m/ s	7.4	6.7	11 %	7.6	7.4	3 %
Loa d f win d act or,	%	41	35	6 % p	41	40	1 % p
Loa d f sol PV act or, ar	%	29	30	( 1 % ) p	24	24	( 0 % ) p
Av aila bili d ty, win	%	92	92	( 0 % ) p	91	91	1 % p
Av aila bili sol PV ty, ar	%	97	98	1 % ( ) p	97	98	1 % ( ) p
Po ion rat we r g ene	GW h	4, 18 7	3, 32 1	26 %	7, 95 9	7, 07 1	13 %
U S, w ind		3, 06 4	2, 45 4	25 %	6, 06 6	5, 50 9	10 %
U S, s ola r PV		90 6	66 8	36 %	1, 30 5	1, 03 1	27 %
E uro pe		21 7	19 9	9 %	58 8	53 1	11 %
US do lla r	SD DK K/U	6.9	6.8	1 %	6.9	6.9	0 %
Fin cia l pe rfo an rm an ce
Re ve nue	DK Km	66 0	62 5	6 %	1, 36 5	1, 34 6	1 %
EB ITD A	DK Km	99 5	79 2	26 %	1, 81 1	1, 62 6	11 %
S ite s		30 0	29 2	3 %	60 3	61 6	( 2 % )
P rod red d t rib uct ion ta its att ute x c an ax s		87 5	63 7	37 %	1, 61 8	1, 39 6	16 %
O the inc l. p roj de lop ect nt r, ve me		18 0) (	( 13 7)	31 %	0) ( 41	38 ( 6)	6 %
De cia tio pre n	DK Km	( 64 1)	( 45 8)	40 %	( 1, 10 8)	( 89 9)	23 %
Imp air los nt me ses	DK Km	23 6	-	n.a	( 66 )	-	n.a
EB IT	DK Km	59 0	33 4	77 %	63 7	72 7	( 12 %)
Ca flo w f sh tin ctiv itie rom op era g a s	DK Km	2, 8 57	9) ( 35	n.a	2, 94 4	50 ( 1)	n.a
Gro ss i stm ent nve s	DK Km	( 1, 69 0)	( 1, 91 7)	( 12 %)	( 3, 81 8)	( 4, 58 5)	( 17 %)
Div est nts me	DK Km	3, 04 3	( 1)	n.a	3, 10 7	2	n.a
Fre ash flo e c w	DK Km	3, 93 1	( 2, 27 7)	n.a	2, 23 3	( 5, 08 4)	n.a
Ca l em loy ed ita p p	DK Km	34 02 2 ,	34 30 8 ,	( 1 % )	34 02 2 ,	34 30 8 ,	( 1 % )

Bioenergy & Other

Financial results for Q2 2024

Heat generation increased by 18 % in Q2 2024, mainly due to a colder June. Power generation decreased by 12 %, mainly due to less attractive spreads for power condensing generation.

Gas sales and power sales increased by 1 % and 4 %, respectively, in Q2 2024.

Revenue decreased by 33 % compared to Q2 2023 and amounted to DKK 3.0 billion. The decrease was driven by lower power generation and lower prices.

EBITDA amounted to DKK 0.0 billion compared to DKK -0.6 billion in Q2 2023.

EBITDA from 'CHP plants' was DKK 0.1 billion, DKK 0.3 billion higher than in Q2 2023. This was mainly due to higher heat generation and a contractual compensation from Energinet for keeping three of our power stations operational until August 2024.

EBITDA from 'Gas Markets & Infrastructure' increased by DKK 0.2 billion relative to Q2 2023 to DKK 0.0 billion. The increase was driven by a temporary negative effect from revaluation of our gas at storage during Q2 2023, not repeated to the same extent in Q2 2024.

Re sul ts		Q2 20 24 Q2 20 23		%	H1 202 4	H1 20 23	%
Bu sin dr ive ess rs
De e d gre ays	Nu mb er	36 0	40 9	( 12 %)	1, 56 0	1, 56 6	( 0 % )
He ati at ge ner on	GW h	93 5	79 0	18 %	4, 22 0	3, 96 8	6 %
Po ion rat we r g ene	GW h	80 5	91 7	( 12 %)	2, 29 0	2, 61 4	( 12 %)
Ga les s sa	GW h	4, 05 1	4, 01 6	1 %	9, 21 7	8, 48 4	9 %
Po les we r sa	GW h	58 1	55 6	4 %	21 4 1,	43 1, 3	%) ( 15
Ga rice TT F s p ,	EU R/M Wh	31 .5	35 .1	( 10 %)	29 .5	44 .6	( 34 %)
Pow ice DK er pr ,	EU R/M Wh	61 .1	84 .0	( 27 %)	63 .0	93 .6	( 33 %)
Gre da rk s ad, DK en pre	EU R/M Wh	( 37 .7)	( 37 .7)	( 0 % )	( 31 .5)	( 36 .4)	( 14 %)
Wo od llet d, DK pe sp rea	EU R/M Wh	5.2	( 3.3 )	n.a	4.4	4.3	4 %
Fin cia l pe rfo an rm an ce
Re ve nue	DK Km	3, 00 5	4, 46 0	( 33 %)	7, 59 1	11 35 0 ,	( 33 %)
A EB ITD	DK Km	( 36 )	58 ( 3)	94 %) (	39 8	( 66 )	n.a
C HP lan ts p		77	( 24 4)	n.a	66 4	60 1	10 %
G Ma rke ts & Inf tru ctu as ras re		( 42 )	( 27 9)	( 85 %)	( 12 1)	( 51 6)	( 77 %)
O the inc l. p roje dev elo ct ent r, pm		( 71 )	( 60 )	18 %	( 14 5)	( 15 1)	( 4 % )
De cia tio pre n	DK Km	( 16 4)	( 17 0)	( 3 % )	( 32 9)	( 41 0)	( 20 %)
EB IT	DK Km	( 20 0)	( 75 3)	( 73 %)	69	( 47 6)	n.a
Ca flo w f sh tin ctiv itie rom op era g a s	DK Km	28 1	98 4	%) ( 71	9 3, 31	62	n.a
Gro ss i stm ent nve s	DK Km	( 42 5)	( 89 )	37 8 %	( 91 4)	( 14 5)	53 0 %
Div est nts me	DK Km	-	( 3)	n.a	-	( 3)	n.a
Fre ash flo e c w	DK Km	( 14 4)	89 2	n.a	2, 40 4	( 86 )	n.a
Ca l em loy ed ita p p	DK Km	2, 55 1	5, 41 4	( 53 %)	2, 55 1	5, 41 4	( 53 %)

Performance highlights

Fin cia ls, DK Km an	20 24 H1	20 23 H1	20 23
Inc tat ent om e s em
Re ve nue	34 191 ,	40 284 ,	79, 255
EB ITD A	14, 05 8	10, 230	18, 717
Off sho re	11, 30 1	8, 39 1	13, 817
S O& M, PA ite d P s, an s	328 11,	8, 994	20 20 7 ,
C ion d d ive ins str uct nts stm ent on ag ree me an ga	( 277 )	298	5, 218
C cel lat ion fe an es	1, 30 0	-	( 9, 621 )
O the inc l. p roje dev elo ct ent r, pm	( 1, 05 0)	( 90 1)	( 1, 987 )
On sho re	1, 811	1, 626	2, 970
Bio & Ot her ene rgy	39 8	( 66 )	1, 523
Ot her tiv itie s/e lim ina tio ac ns	54 8	279	40 7
De cia tio nd ort isa tio pre n a am n	106 ( 5, )	4, 89 2) (	9, 795 ( )
Imp air nt me	( 3, 152 )	-	( 26, 775 )
Op tin rof it ( los s) ( EB IT) era g p	5, 80 0	5, 338	( 17, 853 )
Ga in ( los s) o n d ive of ise stm ent ter en pr s	( 59)	328	234
Ne t fi nci al i d e na nco me an xpe nse s	( 1, 89 9)	( 3, 316 )	( 1, 44 3)
Pro fit ( los s) bef ta ore x	3, 85 9	2, 372	( 19, 02 6)
Ta x	( 2, 928 )	292	( 1, 156 )
Pro fit ( los s) for th erio d e p	931	2, 66 4	( 20 182 ) ,
Ba lan ce
As set s	286 00 2	296 46 6	281 136
Equ ity	, 83, 36 8	, 103 54 8	, 77, 791
Sha reh old in Ørs ted A/ S ers	56, 44 6	, 82, 379	56, 782
Hy brid l ita ca p	22, 792	19, 103	19, 103
No rol ling int ont sts n-c ere	4, 130	2, 06 6	90 1, 6
Int bea ring t d ebt st- ere ne	49 36 6 ,	43, 924	47, 379
Ca ita l em loy ed p p	132 734 ,	147 47 1 ,	125 170 ,
Ad dit ion lan nd uip s to ert t, a nt pr op y, p eq me	16, 49 9	14, 90 2	37, 954

Ca sh flo w
Ca flo w f sh tin ctiv itie rom op era g a s	9, 68 9	12, 56 6	28, 532
Gro ss i stm ent nve s	( 15, 914 )	( 16, 266 )	( 38, 50 9)
Div est nts me	2, 255	( 2, 05 4)	1, 54 2
Fre ash flo e c w	( 3, 970 )	( 5, 754 )	( 8, 43 5)
Fin cia l ra tio an s
Re ita l em loy ed ( RO CE ) 1, % tur n o n c ap p	( 12.4 )	13.2	( 14. 2)
FFO /ad ted t d ebt 2, % jus ne	22. 7	17.7	28 .6
Nu f o f p '00 0 mb uts tan din ha d o erio d, er o g s res , en	42 0, 38 1	42 0, 38 1	42 0, 38 1
Sha rice d o f p erio d, DK K re p , en	371	64 5	374
Ma rke ita lisa tio nd of riod DK K b illio t c ap n, e pe n ,	156	271	157
Ear nin r sh ( EPS ), DK K gs pe are	3.0	5.3	( 50 .1)

sin ive Bu dr ess rs	20 24 H1	20 23 H1	20 23
Of fsh ore
'ed GW De cid ed ( FID ) an d in lled city sta ca pa ,	16.5	12.0	15.5
Ins tal led GW city ca pa ,	9.8	8.9	8.9
Ge ati aci GW ty, ner on cap	5.1	4.9	5.0
Wi nd ed, m/ spe s	10. 2	9.5	9.8
Loa d f % act or,	43	41	43
Av aila bili % ty,	84	93	93
Po ion GW h rat we r g ene ,	9, 337	8, 20 6	17, 761
GW Po les h we r sa ,	10, 118	257 11,	21, 8 44
On sho re
De cid ed ( FID 'ed ) an d in lled GW sta city ca pa ,	6.4	5.9	6.4
Ins tal led city GW ca pa ,	5.6	4.6	4.8
Wi nd ed, m/ spe s	7.6	7.4	7.2
d f Loa win d, % act or,	41	40	36
Loa d f sol PV % act or, ar ,	24	24	24
Av aila bili win d, % ty,	91	91	88
Av aila bili sol PV % ty, ar ,	97	98	98
Po GW h rat ion we r g ene ,	7, 959	7, 07 1	13, 374
Bio & Ot her ene rgy
De e d mb gre ays , nu er	1, 56 0	1, 56 6	2, 58 5
He ati GW h at ge ner on,	4, 220	3, 96 8	6, 58 7
GW Po rat ion h we r g ene ,	2, 290	2, 614	4, 43 7
Po les GW h we r sa ,	1, 214	1, 43 3	2, 627
Ga les GW h s sa ,	9, 217	8, 48 4	16, 88 0

Sus tai bili ty sta tem ent na s
Em loy ( FTE ), e nd of riod mb p ees pe nu er	8, 411	8, 66 1	8, 90 5
To tal da ble inj ( TR IR), YT D te re cor ury ra	2.1	2.6	2.8
Fat alit mb ies, nu er	0	0	0
Re ab le sha f e ati % new re o ner gy ge ner on,	97	92	93
GH G e n (s 1 & 2), Mt mis sio co pe on nes	0.4	0.9	1.6
GH G i nsi (sc e 1 & 2 ), g CO /kW h nte ty op 2e	15	42	38
GH G i CO nte nsi ty (sc e 1 -3), /kW h (e xcl tur al g op g 2e . na as
sal es)	140	85	80
GH G e mis sio (sc e 3 ), Mt ns op on nes	5.1	2.9	5.6

2 FFO last 12 months.

Quarterly overview

	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Fin cia ls, DK Km an	202 4	202 4	202 3	202 3	202 3	202 3	202 2	202 2
Inc tat ent om e s em
Re ve nue	15,0 23	19,1 68	21,5 30	17,4 41	14,5 65	25, 719	3 0,2 56	31,0 39
EB ITD A	6,5 70	7,4 88	(68 6)	9,17 3	3,3 20	6,9 10	6,6 96	12,3 17
Off sho re	5,2 18	6,0 83	(2,6 11)	8,0 37	2,9 79	5,4 12	2,0 94	9,6 52
Sit O& M, d P PA es, an s	4,4 00	6,9 28	7,16 4	4,0 50	3,13 5	5,8 59	3,7 46	467
Co tio nd nst ent ruc n a gre em s a
div ins est nt me ga	6	(28 3)	676	4,2 45	340	(42 )	(715 )	9,7 65
Ca llat ion fe nce es	1,30 0	-	(9,6 21)	-	-	-	-	-
Ot her inc l. p roj de lop ect nt ve me ,	(48 8)	(56 2)	(83 0)	(25 8)	(49 6)	(40 5)	(93 7)	(58 0)
On sho re	995	816	525	819	792	834	852	867
Bio & Ot her ene rgy	(36 )	434	1,43 4	155	(58 3)	517	3,6 09	1,84 9
Ot her s/e lim tiv itie ina tio ac ns	393	155	(34 )	162	132	147	141	(51)
De cia tio nd isa tio ort pre n a am n	(2,6 83)	2,4 23) (	(2,3 66)	(2,5 37)	(2,4 54)	(2,4 38)	(2,7 92)	2,5 30) (
Imp air nt me	(3,9 13)	761	1,64 7	(28 ,42 2)	-	-	(2,5 29)	-
Op tin rof it ( los s) ( EB IT) era g p	(26 )	5,8 26	(1,4 05)	(2 1,78 6)	866	4,4 72	1,37 5	9,7 87
Ga in ( los s) o n d ive of ise stm ent ter en pr s	(7)	(52 )	(44 )	(50 )	159	169	32	124
Ne t fi al i d e nci na nco me an xpe nse s	(55 2)	(1,3 47)	2,0 01	(128 )	(1,7 97)	(1,5 19)	(98 5)	(217 )
fit bef Pro ( los s) ta ore x	(57 5)	4,4 34	557	(2 1,95 5)	(76 3)	3,13 5	460	9,6 95
Ta x	(1,10 3)	(1,8 25)	(84 1)	(60 7)	225	67	(78 9)	0) (34
Pro fit ( los s) for th d erio e p	(1,6 78)	2,6 09	(28 4)	(22 ,56 2)	(53 8)	3,2 02	(32 9)	9,3 55
Ba lan she et ce
As set s	286 ,00	2 2 90, 383	2 81,1 36	286 ,78	2 2 96, 466	30 44 6,6	314 ,142	9,7 58 35
Equ ity	83, 368	8 3,3 25	77, 791	78, 361	10 3,5 48	102 ,82 6	95, 532	5 3,7 77
Sha reh old in Ørs ted A/ S	56, 446	5 8,7 09	56, 782	5 7,3 04	82, 379	78, 551	71,7 43	32, 413
ers brid l ita	792	2 92	03	03	03	93	93	84
Hy ca p No rol ont int sts	22, 0	2,7 4	19,1 6	19,1 4	19,1 66	19,7 82	19,7 96	17,9 80
ling n-c ere Int bea t d ebt st-	4,13 366	1,82 4 64	1,90 379	1,95 4 92	2,0 924	4,4 261	3,9 571	3,3 4 01
ring ere ne Ca ita l em ed	49, 132 4	9,8 133	47, 1 170	2,8 1 53	43, 147	35, 1 1 087	30, 1 103	5,7 9 78
loy p p Ad dit ion s to ert lan ent	,73 79	,189 20	25, 64	21,2 88	,47 63	38, 39	26, 12	9,4 99
t, e ipm pr op y, p qu	8,4	8,0	12,0	10,9	6,9	7,9	9,9	9,8
Ca flo sh w
Ca sh flo w f tin ctiv itie rom op era g a s	6,0 81	3,6 08	6,17 0	9,7 96	2,4 47	10,1 19	20, 915	(1 1,30 9)
Gro ss i stm ent nve s	(8,2 92)	( 7,6 22)	(1 3,0 39)	(9,2 04)	(7,4 98)	(8,7 68)	(9,8 26)	(1 4,4 17)
Div est nts me	2,9 93	(73 8)	1,86 1	1,73 5	(2,0 38)	(16)	983	2 2,4 59
Fre ash flo e c w	782	( 4,7 52)	( 5,0 08)	2,3 27	(7,0 89)	1,33 5	12,0 72	(3,2 67)
Fin cia l ra tio an s
Re ita l em loy ed ( RO CE ) 1, % tur n o n c ap p	(12. 4)	(12. 2)	(14. 2)	(13. 7)	13.2	13.8	16.8	24. 4
FFO /ad jus ted t d ebt 2, % ne	22. 7	18.7	28. 6	20. 9	17.7	37. 4	42. 7	35. 3
Nu mb f ou ndin har nd o f pe riod '00 0 tsta er o g s es, e	420 ,38	1 4 20, 381	4 20, 381	4 20, 381	4 20, 381	4 20, 381	4 20, 381	42 0,3 81
, Sha rice d o f p erio d, DK K re p , en	371	384	374	385	645	583	631	608
Ma rke ital isat ion, d o f pe riod DK K b illio t ca p en n	156	162	157	162	271	245	265	255
, Ear r sh ( EPS ), DK K nin	(4.1 )	5.7	(1.6 )	(53 .8)	(1.4 )	6.7	1.2	22. 3

Bu sin dr ive ess rs	Q2 202 4	Q1 202 4	Q4 202 3	Q3 202 3	Q2 202 3	Q1 202 3	Q4 202 2	Q3 202 2
Of fsh ore
De cid ed ( FID 'ed ) an d in lled city GW sta ca pa ,	16 .5	16.5	15.5	12.0	12.0	12.0	11.1	11.1
Ins tal led city GW ca pa ,	9.8	8.9	8.9	8.9	8.9	8.9	8.9	8.9
Ge GW ati aci ty, ner on cap	5.1	5.1	5.0	5.0	4.9	4.7	4.7	5.3
Wi nd ed, m/ spe s	9.0	11.4	11.5	8.6	8.1	10. 9	10. 7	7.7
d f % Loa act or,	34	52	56	33	29	53	54	28
Av aila bili % ty,	83	85	92	93	91	95	95	91
GW Po ion h rat we r g ene ,	3, 66 7	0 5, 67	011 6,	54 4 3 ,	04 4 3,	162 5,	411 5,	24 3 6 ,
GW Po les h we r sa ,	3, 85 4	6, 264	6, 24 4	3, 94 8	4, 158	7 09 8 ,	7, 64 5	3, 48 3
On sho re
De cid ed ( FID 'ed ) an d in lled GW sta city ca pa ,	6.4	6.4	6.4	6.2	6.2	6.2	6.2	5.1
Ins tal led GW city ca pa ,	5.6	4.8	4.8	4.8	4.6	4.5	4.2	4.2
Wi nd ed, m/ spe s	7.4	7.9	7.6	6.2	6.7	8.1	7.7	6.0
Loa d f d, % act win or,	41	42	36	27	35	45	40	28
Loa d f sol PV % act or, ar ,	29	18	17	32	30	16	17	32
Av aila bili d, % ty, win	92	89	85	85	92	91	91	92
Av aila bili sol PV % ty, ar ,	97	98	98	98	98	99	99	96
Po GW h rat ion we r g ene ,	4, 187	3, 772	3, 376	2 927 ,	3, 321	3, 750	3, 42 5	2, 723
Bio & Ot her ene rgy
De e d mb gre ays , nu er	36 0	1, 20 0	96 6	53	40 9	1, 157	86 1	98
He ati GW h at ge ner on,	935	3, 285	2, 38 5	234	79 0	3, 178	2 06 4 ,	239
Po ion GW h rat we r g ene ,	80 5	1, 48 4	1, 04 2	78 1	917	1, 69 7	1, 40 9	1, 363
Po les GW h we r sa ,	58 1	633	628	56 6	556	877	90 4	1, 339
Ga les GW h s sa ,	4, 05 1	5, 167	3, 04 1	5, 355	4, 016	4 46 8 ,	4, 04 8	5, 70 6

Sus tai bili ty sta tem ent na s
Em loy ( FTE ) en d o f p erio d, n be p ees um r	8, 411	8, 70 6	8, 90 5	8, 90 6	8, 66 1	8, 42 2	8, 02 7	7, 68 1
To tal da ble inj te ( TR IR), YT D re cor ury ra	2.1	2.9	2.8	2.9	2.6	2.7	3.1	3.3
Fat alit mb ies, nu er	0	0	0	0	0	0	0	0
Re ab le s har f e % ati new e o ner gy ge ner on,	97	97	95	94	97	89	88	89
GH G e (sc e 1 & 2 ), Mt mis sio ns op on nes	0.2	0.2	0.4	0.3	0.2	0.7	0.8	0.7
GH G i & 2 CO nte nsi ty (sc e 1 ), g 2e/ kW h op	16	14	25	46	24	52	62	88
GH G i (sc e 1 -3), CO 2e/ kW h (e xcl nte nsi ty op g
l ga les ) nat ura s sa	262	57	62	94	77	90	110	33 0
GH G e mis sio (sc e 3 ), Mt ns op on nes	3.3	1.8	1.2	1.6	1.3	1.5	1.5	3.1

1 EBIT last 12 months.

2 FFO last 12 months.

Consolidated financial statements

First half year 2024

1 January – 30 June

Management's review

Consolidated statements of income

1 January – 30 June

Note	Income statement DKKm	H1 2024	H1 2023
3	Revenue	34,191	40,284
	Cost of sales	(17,327)	(26,440)
	Other external expenses	(3,470)	(3,064)
	Employee costs	(3,311)	(3,322)
	Share of profit (loss) in associates and joint ventures	(22)	37
5	Other operating income	2,670	3,234
5	Other operating expenses	1,327	(499)
	Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA)	14,058	10,230
	Amortisation and depreciation on intangible assets, and property, plant, and equipment	(5,106)	(4,892)
4	Impairment losses on intangible assets, and property, plant, and equipment	(3,152)	-
	Operating profit (loss) (EBIT)	5,800	5,338
	Gain (loss) on divestment of enterprises	(59)	328
	Share of profit (loss) in associates and joint ventures	17	22
6	Financial income	4,429	3,921
6	Financial expenses	(6,328)	(7,237)
	Profit (loss) before tax	3,859	2,372
9	Tax on profit (loss) for the period	(2,928)	292
	Profit (loss) for the period	931	2,664
	Profit (loss) for the period is attributable to:
	Shareholders in Ørsted A/S	674	2,214
	Interests and costs, hybrid capital owners of Ørsted A/S	168	195
	Non-controlling interests	89	255
	Earnings per share (DKK)	1.6	5.3
	Diluted earnings per share (DKK)	1.6	5.3

Statement of comprehensive income
DKKm	H1 2024	H1 2023
Profit (loss) for the period	931	2,664
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period	(196)	17,756
Value adjustments transferred to income statement	(1,190)	(251)
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises	1,960	1,113
Value adjustment of net investment hedges	(1,271)	(456)
Value adjustments and hedges transferred to income statement	-	(59)
Tax:
Tax on hedging instruments	(8)	(3,662)
Tax on exchange rate adjustments	(15)	(221)
Other:
Share of other comprehensive income of associated companies, after tax	7	3
Other comprehensive income	(713)	14,223
Total comprehensive income	218	16,887
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S	(289)	16,418
Interest payments and costs, hybrid capital owners of Ørsted A/S	168	195
Non-controlling interests	339	274
Total comprehensive income	218	16,887

'Value adjustments for the period' in the first half year of 2023 are mainly a result of gains on power hedges due to the significant decrease in power prices in that period.

Consolidated statements of income (continued)

1 April – 30 June

	Income statement
Note 3	DKKm Revenue	Q2 2024 15,023	Q2 2023 14,565
	Cost of sales	(7,918)	(9,746)
	Other external expenses	(1,908)	(1,435)
	Employee costs	(1,430)	(1,782)
	Share of profit (loss) in associates and joint ventures	(26)	(25)
5	Other operating income	1,370	2,138
5	Other operating expenses	1,459	(395)
	Operating profit (loss) before depreciation, amortisation,
	and impairment losses (EBITDA)	6,570	3,320
	Amortisation and depreciation on intangible assets, and property, plant, and equipment	(2,683)	(2,454)
	Impairment losses on intangible assets, and property, plant,
4	and equipment	(3,913)	-
	Operating profit (loss) (EBIT)	(26)	866
	Gain (loss) on divestment of enterprises	(7)	159
	Share of profit (loss) in associates and joint ventures	10	9
6	Financial income	2,854	835
6	Financial expenses	(3,406)	(2,632)
	Profit (loss) before tax	(575)	(763)
9	Tax on profit (loss) for the period	(1,103)	225
	Profit (loss) for the period	(1,678)	(538)
	Profit (loss) for the period is attributable to:
	Shareholders in Ørsted A/S	(1,717)	(596)
	Interests and costs, hybrid capital owners of Ørsted A/S	-	50
	Non-controlling interests	39	8
	Earnings per share (DKK)	(4.1)	(1.4)
	Diluted earnings per share (DKK)	(4.1)	(1.4)

Statement of comprehensive income
DKKm	Q2 2024	Q2 2023
Profit (loss) for the period	(1,678)	(538)
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period	(781)	4,793
Value adjustments transferred to income statement	101	300
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises	736	1,042
Value adjustment of net investment hedges	(508)	(368)
Value adjustments and hedges transferred to income statement	-	(59)
Tax:
Tax on hedging instruments	151	(983)
Tax on exchange rate adjustments	26	(153)
Other:
Share of other comprehensive income of associated companies, after tax	7	2
Other comprehensive income	(268)	4,574
Total comprehensive income	(1,946)	4,036
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S	(2,208)	3,946
Interest payments and costs after tax, hybrid capital owners of Ørsted A/S	-	50
Non-controlling interests	262	40
Total comprehensive income	(1,946)	4,036

'Value adjustments for the period' in Q2 2024 mainly consist of losses on inflation and power hedges as a result of increased inflation rates and increased power prices.

Consolidated balance sheet

30 June

Note	Assets DKKm	30 June 2024	31 December 2023	30 June 2023	Note	Equity and liabilities DKKm	30 June 2024	31 December 2023	30 June 2023
	Intangible assets	2,392	3,426	3,156		Share capital	4,204	4,204	4,204
	Land and buildings	7,663	7,777	8,255	8	Reserves	(10,338)	(10,251)	(12,266)
	Production assets	136,940	121,643	122,495		Retained earnings	62,580	62,829	90,441
	Fixtures and fittings, tools, and equipment	2,303	2,042	1,909		Equity attributable to shareholders in Ørsted A/S	56,446	56,782	82,379
	Property, plant, and equipment under construction	43,041	48,307	54,538		Hybrid capital	22,792	19,103	19,103
4	Property, plant, and equipment	189,947	179,769	187,197		Non-controlling interests	4,130	1,906	2,066
	Investments in associates and joint ventures	986	960	964		Equity	83,368	77,791	103,548
	Receivables from associates and joint ventures	155	77	44		Deferred tax	4,426	3,439	4,943
	Other securities and equity investments	166	167	172		Provisions	16,929	16,908	18,320
11	Derivatives	336	1,356	1,374		Lease liabilities	7,881	7,618	7,818
	Deferred tax	8,479	8,192	9,881	12	Bond and bank debt	79,533	79,236	76,636
	Other receivables	2,862	3,134	3,370	11	Derivatives	14,038	13,763	16,673
	Other non-current assets	12,984	13,886	15,805		Contract liabilities	3,395	3,297	3,030
	Non-current assets	205,323	197,081	206,158		Tax equity liabilities	16,303	13,610	12,445
	Inventories	13,184	10,539	12,499		Other payables	5,499	6,273	6,589
11	Derivatives	8,447	10,473	13,382		Non-current liabilities	148,004	144,144	146,454
	Contract assets	346	802	452		Provisions	11,604	15,955	530
	Trade receivables	7,940	11,107	6,864		Lease liabilities		808	646
	Other receivables	9,912	10,530	13,504	12	Bond and bank debt	2,075	384	2,669
	Receivables from associates and joint ventures	47	74	39	11	Derivatives	7,402	8,449	13,950
9	Income tax	456	483	244		Contract liabilities	3,335	2,785	2,307
11	Securities	30,874	29,902	31,458		Trade payables	14,149	14,915	12,006
	Cash	9,473	10,145	11,866		Tax equity liabilities	3,975	3,397	2,865
	Current assets	80,679	84,055	90,308	Other payables		5,300	6,225	5,998
	Assets	286,002	281,136	296,466	9	Income tax	5,905	6,283	5,493

In March 2024, we issued a new EUR 750 million (DKK 5.6 billion) hybrid bond and simultaneously repurchased EUR 250 million (DKK 1.9 billion) of our outstanding 3017 hybrid bond.

Current liabilities 54,630 59,201 46,464 Liabilities 202,634 203,345 192,918 Equity and liabilities 286,002 281,136 296,466

Consolidated statement of shareholders' equity

1 January – 30 June

							2024								2023
				Share		Non-con						Share		Non-con
DKKm	Share	capital Reserves1	Retained earnings	holders in Ørsted A/S	Hybrid capital	trolling interests	Total Group	Share	capital Reserves1	Retained earnings	Proposed dividends	holders in Ørsted A/S	Hybrid capital	trolling interests	Total Group
Equity at 1 January	4,204	(10,251)	62,829	56,782	19,103	1,906	77,791	4,204	(26,467)	88,331	5,675	71,743	19,793	3,996	95,532
Comprehensive income for the period:
Profit (loss) for the period	-	-	674	674	168	89	931	-	-	2,214	-	2,214	195	255	2,664
Other comprehensive income:
Cash flow hedging	-	(1,595)	-	(1,595)	-	209	(1,386)	-	17,505	-	-	17,505	-	-	17,505
Exchange rate adjustments	-	631	-	631	-	58	689	-	579	-	-	579	-	19	598
Tax on other comprehensive income	-	(6)	-	(6)	-	(17)	(23)	-	(3,883)	-	-	(3,883)	-	-	(3,883)
Share of other comprehensive income of associated companies, after tax	-	-	7	7	-	-	7	-	-	3	-	3	-	-	3
Total comprehensive income	-	(970)	681	(289)	168	339	218	-	14,201	2,217	-	16,418	195	274	16,887
Coupon payments, hybrid capital	-	-	-	-	(161)	-	(161)	-	-	-	-	-	(188)	-	(188)
Tax, hybrid capital	-	-	-	-	2	-	2	-	-	-	-	-	2	-	2
Additions, hybrid capital	-	-	-	-	5,520	-	5,520	-	-	-	-	-	-	-	-
Disposals, hybrid capital	-	-	-	-	(1,840)	-	(1,840)	-	-	-	-	-	(699)	-	(699)
Dividends paid	-	-	-	-	-	(208)	(208)	-	-	2	(5,675)	(5,673)	-	(189)	(5,862)
Additions, non-controlling interests	-	883	(955)	(72)	-	2,093	2,021	-	-	-	-	-	-	532	532
Disposals, non-controlling interests	-	-	-	-	-	-	-	-	-	(119)	-	(119)	-	(2,547)	(2,666)
Other changes	-	-	25	25	-	-	25	-	-	10	-	10	-	-	10
Equity at 30 June	4,204	(10,338)	62,580	56,446	22,792	4,130	83,368	4,204	(12,266)	90,441	-	82,379	19,103	2,066	103,548

1 See note 8 'Reserves' for more information on reserves.

Consolidated statement of cash flows

Cash flows from investing activities (16,826) (22,697) (8,765) (8,013)

1 January – 30 June

	Statement of cash flows
Note	DKKm	H1 2024	H1 2023	Q2 2024	Q2 2023	Note DKKm	H1 2024	H1 2023	Q2 2024	Q2 2023
	Operating profit (loss) before					Proceeds from raising of loans1	4,345	16,095	(4,399)	1,241
	depreciation, amortisation, and impairment losses (EBITDA)	14,058	10,230	6,570	3,320	Instalments on loans	(2,855)	(606)	(658)	(57)
	Reversal of gain (loss) on divestment					Instalments on leases	(345)	(347)	(97)	(159)
	of assets	(160)	(1,303)	(49)	(1,179)	Coupon payments on hybrid capital	(161)	(188)	-	(43)
	Change in derivatives	1,111	5,258	348	100	Repurchase of hybrid capital	(1,840)	(699)	-	(699)
	Change in provisions	(4,573)	(25)	(2,369)	(37)	Proceeds from issuance of hybrid capital	5,520	-	-	-
	Other items	(134)	(45)	(242)	123	Dividends paid to shareholders in
	Change in inventories	(2,503)	1,857	(233)	716	Ørsted A/S	-	(5,673)	-	-
	Change in contract assets and liabilities	1,095	113	1,025	728	Transactions with non-controlling
	Change in trade receivables	3,192	5,800	1,315	1,867	interests Net proceeds from tax equity partners	1,809 147	(2,358) (108)	1,979 121	(2,216) (4)
	Change in other receivables	689	2,331	681	1,700	Collateral posted in relation to trading
	Change in trade payables	(855)	(7,349)	(527)	(1,750)	of derivatives	(5,841)	(12,520)	(2,897)	(4,642)
	Change in tax equity liabilities	1,984	(1,152)	2,147	(512)	Collateral released in relation to trading
	Change in other payables	(1,269)	(990)	(1,284)	(1,565)	of derivatives Restricted cash and other changes	5,118	10,489	2,505	4,606
	Interest received and similar items	2,961	4,276	1,402	1,235	Cash flows from financing activities	275 6,172	1,558 5,643	505 (2,941)	(243) (2,216)
	Interest paid and similar items	(3,386)	(4,939)	(1,858)	(1,598)	Total net change in cash
	Income tax paid	(2,521)	(1,496)	(845)	(701)	and cash equivalents	(965)	(4,488)	(5,625)	(7,782)
	Cash flows from operating activities	9,689	12,566	6,081	2,447	Cash and cash equivalents at the
	Purchase of intangible assets and					beginning of the period	10,144	16,175	14,888	19,571
	property, plant, and equipment	(15,917)	(16,077)	(8,203)	(7,305)	Total net change in cash and cash equivalents	(965)	(4,488)	(5,625)	(7,782)
	Sale of intangible assets and property,					Exchange rate adjustments of cash
	plant, and equipment	(749)	118	(6)	138	and cash equivalents	293	176	209	74
	Divestment of enterprises	941	(30)	941	(32)	Cash and cash equivalents at 30 June	9,472	11,863	9,472	11,863
	Purchase of associates and joint ventures	(162)	(124)	(162)	(127)	Statement of cash flows
	Purchase of securities	(6,005)	(12,266)	(4,097)	(4,355)	Our supplementary statement of gross and net investments appears from
	Sale/maturation of securities	4,977	5,792	2,719	3,779	note 7 'Gross and net investments' and free cash flow (FCF) from note 2
	Change in other non-current assets	24	(3)	82	10	'Segment information'.
	Transactions with associates and joint ventures	65	(107)	(39)	(121)	'Cash' according to the balance sheet as at 30 June 2024 includes 'Bank overdrafts that are part of the ongoing cash management', amounting to

DKK 1 million.

1 We have repaid short-term repo loans in Q2 2024 raised in Q1 2024 that are presented net in the cash flow statement.

1. Basis of reporting

Ørsted is a listed public company, headquartered in Denmark.

This interim report for the first half year of 2024 comprises the interim financial statements of Ørsted A/S (the parent company) and any subsidiaries controlled by Ørsted A/S.

The interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS), IAS 34 'Interim Financial Reporting' as adopted by the EU, and further requirements in the Danish Financial Statements Act (Årsregnskabsloven) for the presentation of quarterly interim reports by listed companies.

Definitions of non-IFRS financial measures can be found on pages 151, 228, and 229 of the annual report for 2023.

The interim consolidated financial statements for the first half year of 2024 are a condensed set of financial statements, as they do not include all information and disclosures required by the annual financial statements. The interim consolidated financial statements have been prepared using the same accounting policies as our annual consolidated financial statements as of 31 December 2023 and should be read in conjunction with this.

Change in accounting policy 2023

In Q4 2023, we changed our accounting policy regarding presentation of revenue and related costs from the settlement of 'failed own-use power contracts'. Previously, we recognised revenue and the cost of sales on a gross basis when these contracts were settled. As the gross presentation does not reflect the magnitude of the Group's power trading activities, we have changed the presentation to a net presentation of revenue and related costs.

The change only impacted revenue and the cost of sales in the Offshore segment, and thus our EBITDA was not impacted.

H1 2023 comparisons have been adjusted accordingly.

Implementation of new standards, interpretations, and amendments adopted by the Group

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of our annual consolidated financial statements for the year, which ended on 31 December 2023. The Group has not early adopted any standard, interpretation, or amendment that has been issued but not yet entered into effect.

Amendments apply for the first time in 2024 but do not have a material impact on our financial statements.

2. Segment information

					Other
2024 income statement DKKm	Offshore	Onshore	Bioenergy & Other	Reportable segments	activities/ eliminations	Total
External revenue	24,939	1,369	7,756	34,064	127	34,191
Intra-group revenue	578	(4)	(165)	409	(409)1
Revenue	25,517	1,365	7,591	34,473	(282)	34,191
Cost of sales	(11,384)	(69)	(5,933)	(17,386)	59	(17,327)
Employee costs and other external expenses	(5,027)	(1,229)	(1,294)	(7,550)	769	(6,781)
Gain (loss) on disposal of non-current assets	122	38	-	160	-	160
Additional other operating income and expenses	2,090	1,712	33	3,835	2	3,837
Share of profit (loss) in associates and joint ventures	(17)	(6)	1	(22)	-	(22)
EBITDA	11,301	1,811	398	13,510	548	14,058
Depreciation and amortisation	(3,531)	(1,108)	(329)	(4,968)	(138)	(5,106)
Impairment losses	(3,086)	(66)	-	(3,152)	-	(3,152)
Operating profit (loss) (EBIT)	4,684	637	69	5,390	410	5,800
Key ratios
Intangible assets and property, plant, and equipment	118,213	65,028	7,875	191,116	1,223	192,339
Equity investments and non-current receivables	634	302	77	1,013	176	1,189
Net working capital, capital expenditures	(3,986)	(514)	(85)	(4,585)	-	(4,585)
Net working capital, work in progress	2,861	-	-	2,861	-	2,861
Net working capital, tax equity	(1,289)	(17,449)	-	(18,738)	-	(18,738)
Net working capital, other items	4,591	792	(779)	4,604	1,866	6,470
Derivatives, net	(4,163)	(7,256)	(1,751)	(13,170)	513	(12,657)
Decommissioning obligations	(9,246)	(2,068)	(2,112)	(13,426)	-	(13,426)
Other provisions	(12,664)	-	(355)	(13,019)	(2,088)	(15,107)
Tax, net	3,014	(4,798)	(319)	(2,103)	707	(1,396)
Other receivables and other payables, net	(3,355)	(15)	-	(3,370)	(846)	(4,216)
Capital employed at 30 June	94,610	34,022	2,551	131,183	1,551	132,734
Return on capital employed (ROCE), %	-	-	-	-	-	(12.4)
Cash flow from operating activities	2,801	2,944	3,319	9,064	625	9,689
Gross investments	(11,117)	(3,818)	(914)	(15,849)	(65)	(15,914)
Divestments	(809)	3,107	-	2,298	(43)	2,255
Free cash flow (FCF)	(9,125)	2,233	2,405	(4,487)	517	(3,970)

The column 'Other activities/eliminations' primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.

1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 2,437 million, which primarily relates to our Shared Functions services as well as our B2B business activities.

2. Segment information (continued)

					Other
2023 income statement DKKm	Offshore	Onshore	Bioenergy & Other	Reportable segments	activities/ eliminations	Total
External revenue	27,499	1,368	11,389	40,256	28	40,284
Intra-group revenue	605	(22)	(39)	544	(544)1	-
Revenue	28,104	1,346	11,350	40,800	(516)	40,284
Cost of sales	(16,531)	(87)	(10,045)	(26,663)	223	(26,440)
Employee costs and other external expenses	(4,518)	(1,067)	(1,372)	(6,957)	571	(6,386)
Gain (loss) on disposal of non-current assets	1,303	-	-	1,303	-	1,303
Additional other operating income and expenses	(8)	1,437	2	1,431	1	1,432
Share of profit (loss) in associates and joint ventures	41	(3)	(1)	37	-	37
EBITDA	8,391	1,626	(66)	9,951	279	10,230
Depreciation and amortisation	(3,454)	(899)	(410)	(4,763)	(129)	(4,892)
Impairment losses	-	-	-	-	-	-
Operating profit (loss) (EBIT)	4,937	727	(476)	5,188	150	5,338
Key ratios
Intangible assets and property, plant, and equipment	121,031	60,157	7,859	189,047	1,306	190,353
Equity investments and non-current receivables	779	148	92	1,019	164	1,183
Net working capital, capital expenditures	(3,390)	(541)	(97)	(4,028)	-	(4,028)
Net working capital, work in progress	3,873	-	-	3,873	-	3,873
Net working capital, tax equity	-	(14,105)	-	(14,105)	-	(14,105)
Net working capital, other items	4,908	693	931	6,532	1,155	7,687
Derivatives, net	(10,845)	(6,331)	564	(16,612)	745	(15,867)
Decommissioning obligations	(10,645)	(1,883)	(2,103)	(14,631)	-	(14,631)
Other provisions	(1,678)	(2)	(678)	(2,358)	(1,861)	(4,219)
Tax, net	3,726	(3,823)	(1,154)	(1,251)	940	(311)
Other receivables and other payables, net	(1,579)	(5)	-	(1,584)	(880)	(2,464)
Capital employed at 30 June	106,180	34,308	5,414	145,902	1,569	147,471
Return on capital employed (ROCE), %	-	-	-	-	-	13.2
Cash flow from operating activities	10,799	(501)	62	10,360	2,206	12,566
Gross investments	(11,493)	(4,585)	(145)	(16,223)	(43)	(16,266)
Divestments	(2,028)	2	(3)	(2,029)	(25)	(2,054)
Free cash flow (FCF)	(2,722)	(5,084)	(86)	(7,892)	2,138	(5,754)

1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 2,623 million, which primarily relates to our Shared Functions services as well as our B2B business activities.

2. Segment information (continued)

					Other
Q2 2024, income statement and FCF DKKm	Offshore	Onshore	Bioenergy & Other	Reporting segments	activities/ eliminations	Total
External revenue	11,245	662	3,088	14,995	28	15,023
Intra-group revenue	281	(2)	(83)	196	(196)1	-
Revenue	11,526	660	3,005	15,191	(168)	15,023
Cost of sales	(5,564)	(19)	(2,364)	(7,947)	29	(7,918)
Employee costs and other external expenses	(2,601)	(578)	(689)	(3,868)	530	(3,338)
Gain (loss) on disposal of non-current assets	41	8	-	49	-	49
Additional other operating income and expenses	1,839	927	12	2,778	2	2,780
Share of profit (loss) in associates and joint ventures	(23)	(3)	-	(26)	-	(26)
EBITDA	5,218	995	(36)	6,177	393	6,570
Depreciation and amortisation	(1,809)	(641)	(164)	(2,614)	(69)	(2,683)
Impairment losses	(4,149)	236	-	(3,913)	-	(3,913)
Operating profit (loss) (EBIT)	(740)	590	(200)	(350)	324	(26)
Cash flow from operating activities	1,966	2,578	281	4,825	1,256	6,081
Gross investments	(6,128)	(1,690)	(425)	(8,243)	(49)	(8,292)
Divestments	(7)	3,043	-	3,036	(43)	2,993
Free cash flow (FCF)	(4,169)	3,931	(144)	(382)	1,164	782
Q2 2023, income statement and FCF DKKm
External revenue	9,321	647	4,589	14,557	8	14,565
Intra-group revenue	289	(22)	(129)	138	(138)1	-
Revenue	9,610	625	4,460	14,695	(130)	14,565
Cost of sales	(5,381)	(42)	(4,299)	(9,722)	(24)	(9,746)
Employee costs and other external expenses	(2,336)	(426)	(741)	(3,503)	286	(3,217)
Gain (loss) on disposal of non-current assets	1,179	-	-	1,179	-	1,179
Additional other operating income and expenses	(73)	638	(1)	564	-	564
Share of profit (loss) in associates and joint ventures	(20)	(3)	(2)	(25)	-	(25)
EBITDA	2,979	792	(583)	3,188	132	3,320
Depreciation and amortisation	(1,761)	(458)	(170)	(2,389)	(65)	(2,454)
Operating profit (loss) (EBIT)	1,218	334	(753)	799	67	866
Cash flow from operating activities	1,193	(359)	984	1,818	629	2,447
Gross investments	(5,480)	(1,917)	(89)	(7,486)	(12)	(7,498)
Divestments	(2,007)	(1)	(3)	(2,011)	(27)	(2,038)
Free cash flow (FCF)	(6,294)	(2,277)	892	(7,679)	590	(7,089)

1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 1,247 million (Q2 2023: 1,185 million), which primarily relates to our Shared Functions services as well as our B2B business activities.

3. Revenue

				Other					Other
Revenue DKKm	Offshore	Onshore	Bioenergy & Other	activities/ eliminations	H1 2024 total	Offshore	Onshore	Bioenergy & Other	activities/ eliminations	H1 2023 total
Generation of power	5,379	1,323	2,646	-	9,348	4,801	830	3,717	-	9,348
Sale of power	8,575	-	137	(18)	8,694	15,238	1	255	(245)	15,249
Revenue from construction of wind farms and transmission assets	3,101	38	-	-	3,139	558	145	-	-	703
Generation and sale of heat and steam	-	-	1,952	-	1,952	-	-	1,999	-	1,999
Sale of gas	-	-	2,111	(23)	2,088	-	-	3,560	-	3,560
Distribution and transmission	-	-	166	(2)	164	-	-	123	(1)	122
O&M and other services	1,926	50	241	(239)	1,978	1,909	112	563	(286)	2,298
Total revenue from customers	18,981	1,411	7,253	(282)	27,363	22,506	1,088	10,217	(532)	33,279
Government grants	5,918	68	212	-	6,198	3,990	240	245	-	4,475
Miscellaneous revenue	618	(114)	126	-	630	1,608	18	888	16	2,530
Total revenue	25,517	1,365	7,591	(282)	34,191	28,104	1,346	11,350	(516)	40,284
Timing of revenue recognition from customers
At a point in time	9,833	1,411	3,160	(282)	14,122	16,638	1,088	6,241	(532)	23,435
Over time	9,148	-	4,093	-	13,241	5,868	-	3,976	-	9,844
Total revenue from customers	18,981	1,411	7,253	(282)	27,363	22,506	1,088	10,217	(532)	33,279

Revenue was DKK 34,191 million. The decrease of 15 % relative to the first half year of 2023 was primarily driven by lower power prices across markets.

Revenue from construction agreements was DKK 3,139 million in H1 2024 and mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.

Income from government grants in Offshore increased relative to the first half year of 2023 due to lower power prices, which led to a higher subsidy per MWh produced.

3. Revenue (continued)

				Other					Other
Revenue DKKm	Offshore	Onshore	Bioenergy & Other	activities/ eliminations	Q2 2024 total	Offshore	Onshore	Bioenergy & Other	activities/ eliminations	Q2 2023 total
Generation of power	1,996	667	1,164	-	3,827	1,805	322	1,202	-	3,329
Sale of power	3,647	-	101	(10)	3,738	4,794	1	106	10	4,911
Revenue from construction of wind farms and transmission assets	2,292	1	-	-	2,293	(14)	75	-	-	61
Generation and sale of heat and steam	-	-	484	-	484	-	-	516	-	516
Sale of gas	-	-	928	(10)	918	-	-	1,306	-	1,306
Distribution and transmission	-	-	94	(2)	92	-	-	74	(1)	73
O&M and other services	1,040	18	160	(146)	1,072	985	85	280	(147)	1,203
Total revenue from customers	8,975	686	2,931	(168)	12,424	7,570	483	3,484	(138)	11,399
Government grants	2,482	24	80	-	2,586	1,838	80	108	-	2,026
Miscellaneous revenue	69	(50)	(6)	-	13	202	62	868	8	1,140
Total revenue	11,526	660	3,005	(168)	15,023	9,610	625	4,460	(130)	14,565
Timing of revenue recognition from customers
At a point in time	1,556	686	1,322	(168)	3,396	4,731	483	2,318	(138)	7,394
Over time	7,419	-	1,609	-	9,028	2,839	-	1,166	-	4,005
Total revenue from customers	8,975	686	2,931	(168)	12,424	7,570	483	3,484	(138)	11,399

4. Impairments

Impairment losses on segment level DKKm	H1 2024	H1 2023	Q2 2024	Q2 2023	WACC levels, %
Offshore	3,086	-	4,149	-	Base discount rate applied
Onshore	66	-	(236)	-	for the US 5.75 % - 7.25 %
Bioenergy & Other	-	-	-	-	The base discount rate after tax applied for the
Total impairment losses	3,152	-	3,913	-	value-in-use calculation is determined per CGU.

	H1 2024	Q2 2024	30 June 2024	ITC bonus credits assumed in impairment tests
	Impairment	Impairment					DKK billion 40 % ITC bonus credits,
CGUs DKKm	losses (reversals)	losses (reversals)	Recoverable amount	ITC bonus credits	Probability weighting	No ITC bonus credits	100 % proba bility	+50 bps WACC	-50 bps WACC
Sunrise Wind	(1,426)	-	4,839	10 %	95 %	(1.4)	0.1	(0.8)	0.8
Revolution Wind	2,313	2,080	3,281	10 %	95 %	(1.0)	0.1	(0.5)	0.5
South Fork	103	-	3,195	10 %	0 %	n.a.	n.a.	(0.1)	0.1
Ocean Wind	596	596	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Block Island	(15)	(42)	1,267	n.a.	n.a.	n.a.	n.a.	(0.0)	0.0
FlagshipONE	1,515	1,515	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Offshore	3,086	4,149	12,582
Onshore	66	(236)	2,479	n.a.	n.a.	n.a.	n.a.	(0.1)	0.1
Bioenergy & Other	-	-	n.a.
Total	3,152	3,913	15,061

Estimation uncertainty and sensitivity analyses

Due to the impairments recognised, estimation uncertainty exists on the assets impaired. The assumptions with major uncertainty include investment tax credits, interest rates, and the supply chain.

In the table, we have included sensitivity analyses of impairment effects if WACC levels or assumptions related to ITC bonus credits change.

If WACC had increased by 50 basis points in the impairment test of e.g. Revolution Wind as of
30 June 2024, the impairment loss would have been DKK 0.5 billion higher.
If we had not included the probability-weighted additional 10 % ITC bonus credits in the impairment test of e.g. Revolution Wind as of 30 June 2024, the impairment loss would have been DKK 1.0 billion higher.

H1 2024 impairment losses (reversals)

We have updated our impairment calculations for our US portfolio and our FlagshipONE project as of 30 June 2024, which have resulted in net impairment losses of DKK 3.2 billion in H1 2024.

The net impairment was caused by the decision to cease execution of FlagshipONE (DKK 1.5 billion), a construction delay of the onshore substation at Revolution Wind (DKK 2.1 billion), an updated 'fair value less costs of disposal' measurement on our Ocean Wind seabeds (DKK 0.6 billion), higher WACC (DKK 1.0 billion across the US portfolio), partly countered by a higher OREC for Sunrise Wind (reversal of DKK 1.8 billion) and minor positive price updates on Block Island and our onshore assets (reversal of DKK 0.3 billion).

Q2 2024 impairment losses (reversals)

We have recognised net impairments of DKK 3.9 billion in Q2 2024 related to FlagshipONE, Revolution Wind, and Ocean Wind seabeds, which was partly offset by the positive price updates.

4. Impairments (continued)

Ceasing execution of FlagshipONE

Since the financial investment decision (FID) on the liquid e-fuels project FlagshipONE in 2022, we have been maturing and progressing the project. While we were aware of the substantial uncertainties and risks associated with the development of a pioneering and immature liquid e-fuels project and market at the time of the FID, it was a strategic decision to take a leading position in shaping the industry. We continue to believe in the long-term market for e-fuels, but the industrialisation of the technology as well as the commercial development of the offtake market have progressed significantly slower than expected.

Furthermore, the business case has deteriorated during maturation due to significantly higher project costs and the inability to sign long-term offtake contracts at a sustainable pricing. Based on the combination of these developments, we have taken the decision to cease execution of FlagshipONE and deprioritise our immediate efforts within the liquid e-fuels market. This has resulted in impairment losses of DKK 1.5 billion in Q2 2024.

Costs for closing our commitments related to FlagshipONE have been provided for as 'onerous contracts' under provisions and recognised as 'Other operating expenses' in Q2 2024 with a total of DKK 0.3 billion. See

note 5 'Other operating income and expenses'.

Revolution Wind

The construction of the onshore substation has been delayed, which has pushed the commercial operation date (COD) from 2025 into 2026. The onshore substation is being built on a military landfill site where permitting and site preparation have proved to be more challenging than anticipated. The delayed construction of the onshore substation will result in knock-on impacts on costs and progress, including additional costs for extending the installation period. In total, this has resulted in a further impairment of DKK 2.1 billion in Q2 2024.

Ocean Wind seabeds

When estimating the recoverable amount of the seabeds related to Ocean Wind, we use the approach 'fair value less costs of disposal' (FVLCD) to determine if the carrying amount exceed the recoverable amount. Valuation indications have led to an impairment of DKK 0.6 billion in Q2 2024.

Other updates

Positive market price development during the second quarter of 2024 has resulted in a reversal of impairment losses of DKK 0.3 billion for Block Island and our onshore assets.

Interest rates

The US long-dated interest rate is unchanged

from 31 March 2024 to 30 June 2024, leading to unchanged WACC levels across our US portfolio. In Q1 2024, the effect from increasing interest rates led to an impairment of DKK 1.0 billion across our US portfolio.

Potential consequences of further adverse development

In addition to the sensitivities described, further adverse development may lead us to cease development of or recon-figure projects currently under development. Besides impairing the capitalised value for these projects, ceasing to develop projects could lead to compensation to suppliers or other stakeholders for cancelling contracts. Costs related to cancelling contracts will be recognised as 'Other operating expenses' in our financial statements (part of EBITDA) when the obligation arises, and to the extent these exceed already recognised onerous contracts.

5. Other operating income and expenses

6. Financial income and expenses

Other operating income DKKm	H1 2024	H1 2023	Q2 2024	Q2 2023
Gain on divestment of assets	172	1,350	55	1,203
Insurance compensation	47	3	18	-
US tax credits and tax attributes	1,744	1,396	939	637
Other compensation	434	275	307	152
Miscellaneous operating income	273	210	51	146
Total other operating income	2,670	3,234	1,370	2,138

Other operating expenses

DKKm	H1 2024	H1 2023	Q2 2024	Q2 2023
Cancellation fees	(1,300)	-	(1,300)	-
Ineffective hedges	(129)	414	(207)	350
Loss on divestment of assets	12	47	6	24
Miscellaneous operating expenses	90	38	42	21
Total other operating expenses	(1,327)	499	(1,459)	395

Other operating income

In H1 2024, 'Gain on divestment of assets' primarily related to the farm-downs completed in prior years. In H1 2023, 'Gain on divestments of assets' mainly related to adjustment of provisions towards partners.

The increase in 'US tax credits and tax attributes' was mainly driven by continuous commissioning of new onshore assets having full impact.

Other operating expenses

In H1 2024, 'Cancellation fees' amounted to DKK 1.3 billion and related to Ocean

Wind 1 as well as the decision to cease execution of FlagshipONE.

For Ocean Wind 1, we have finalised the negotiation of several contracts and settled the claim with the state of New Jersey with a better outcome than assumed, leading to a positive impact of DKK 1.6 billion. This was partly offset by costs related to fulfilling and cancelling contracts at FlagshipONE, resulting in cancellation fees of DKK 0.3 billion.

Net financial income and expenses

DKKm	H1 2024	H1 2023	Q2 2024	Q2 2023
Interest expenses, net	(1,001)	(869)	(424)	(468)
Interest expenses, leasing	(132)	(139)	(74)	(72)
Interest element of provisions, etc.	(346)	(352)	(171)	(175)
Tax equity partner's contractual return	(598)	(504)	(319)	(250)
Value adjustments of derivatives, net	745	(170)	364	(68)
Capital gains/losses on securities at market value, net	13	(141)	11	(60)
Exchange rate adjustments, net	(573)	(1,183)	64	(730)
Other financial income and expenses	(7)	42	(3)	26
Net financial income and expenses	(1,899)	(3,316)	(552)	(1,797)

The table shows net financial income and expenses corresponding to our internal reporting.

Exchange rate adjustments and hedging contracts entered into to hedge currency risks are presented net under 'Exchange rate adjustments, net'.

The gain in 'Value adjustments of derivatives, net' in the first half year of 2024 mainly consisted of the gains on interest rate swaps, which are not hedge accounted. The gain was mostly driven by the increase in interest rates.

Negative 'Exchange rate adjustments, net' in the first half year of 2024 were mostly driven by the increase in the GBP/DKK exchange rate.

7. Gross and net investments 8. Reserves

Tax:

Gross and net investments
DKKm	H1 2024	H1 2023	Q2 2024	Q2 2023
Cash flows from investing activities	(16,826)	(22,697)	(8,765)	(8,013)
Purchase and sale of securities, reversed	1,028	6,474	1,378	576
Loans to associates and joint ventures, reversed	76	45	30	45
Sale of non-current assets, reversed	(192)	(88)	(935)	(106)
Gross investments	(15,914)	(16,266)	(8,292)	(7,498)
Transactions with non-controlling interests in
connection with divestments and acquisitions	2,063	(2,142)	2,058	(2,144)
Sale of non-current assets	192	88	935	106
Divestments	2,255	(2,054)	2,993	(2,038)
Net investments	(13,659)	(18,320)	(5,299)	(9,536)

	Foreign
	currency
Reserves 2024	translation	Hedging	Total
DKKm	reserve	reserve	reserves
Reserves at 1 January	(384)	(9,867)	(10,251)
Exchange rate adjustments	1,902	-	1,902
Value adjustments of hedging reserve	-	(1,676)	(1,676)
Value adjustments transferred to:
Revenue	-	(1,037)	(1,037)
Other operating expenses	-	(129)	(129)
Financial income and expenses	-	(24)	(24)
Tax:
Tax on hedging and currency adjustments	(295)	289	(6)
Movement in comprehensive income for the period	1,607	(2,577)	(970)
Additions, non-controlling interests	-	883	883
Total reserves including tax at 30 June	1,223	(11,561)	(10,338)
Total reserves excluding tax at 30 June	809	(13,343)	(12,534)

Reserves 2023 DKKm
Reserves at 1 January	(725)	(25,742)	(26,467)
Exchange rate adjustments	1,094	-	1,094
Value adjustments of hedging reserve	-	17,300	17,300
Value adjustments transferred to:

Revenue - (712) (712) Other operating income (80) 21 (59) Other operating expenses - 414 414 Financial income and expenses - 47 47

Tax on hedging and currency adjustments (317) (3,566) (3,883) Movement in comprehensive income for the period 697 13,504 14,201 Total reserves including tax at 30 June (28) (12,238) (12,266) Total reserves excluding tax at 30 June (547) (14,683) (15,230)

9. Tax on profit (loss) for the period

			H1 2024			H1 2023
Tax for the period DKK	Profit (loss) before tax	Tax	Tax in %	Profit (loss) before tax	Tax	Tax in %
Tax equity, deferred tax liability	-	(1,080)	n.a.	-	796	n.a.
Impairment for the year	(3,152)	227	7 %	-	-	n.a.
Other adjustments	-	(454)	n.a.	-	(231)	n.a.
Remaining business	7,011	(1,621)	23 %	2,372	(273)	12 %
Effective tax for the period	3,859	(2,928)	76 %	2,372	292	(12 %)

	Q2 2024					Q2 2023
Tax for the period DKK	Profit (loss) before tax	Tax	Tax in %	Profit (loss) before tax	Tax	Tax in %
Tax equity, deferred tax liability	-	(195)	n.a.	-	(130)	n.a.
Impairment for the year	(3,913)	162	4 %	-	-	n.a.
Other adjustments	-	(337)	n.a.	-	(79)	n.a.
Remaining business	3,338	(733)	22 %	(763)	434	57 %
Effective tax for the period	(575)	(1,103)	(192 %)	(763)	225	29 %

Effective tax rate

The effective tax rate for the first half year of 2024 was calculated on the basis of the profit (loss) before tax.

'Impairment for the year' includes a net unrecognised deferred tax liability related to our impairment on US and Swedish projects.

'Other adjustments' include changes in tax rates, movements in uncertain tax positions, tax concerning previous years, and unrecognised tax losses.

Tax on profit (loss) for the period

Tax on profit (loss) was DKK 2,928 million for the first half year of 2024 compared to DKK -292 million for the first half year of 2023.

Effective tax rate

The effective tax rate for the first half year of 2024 was 76 %. The effective tax rate was

affected by the recognition of a deferred tax liability in the US related to tax equity contributions for Eleven Mile, the unrecognised deferred tax assets related to the cancellation fees and impairment of FlagshipONE and Ocean Wind seabeds, and a non-recognised deferred tax liability related to reversal of cancellation fees in the US.

Accounting policies

Effective tax rate

The estimated average annual tax rate is separated into five different categories: 1) ordinary business activities, 2) gain (loss) on divestments, 3) impacts from tax equity partnerships in the US, 4) impairments, and 5) other adjustments not related to the current year's profit (loss).

10. Market risks

We are exposed to financial risks in the form of market, credit, and liquidity risks as part of our business, hedging, and trading activities. Through our risk management, we monitor and proactively manage the risks according to our risk appetite.

The overall objective of our financial risk management is to:

increase the predictability of our short-term income and construction costs

protect our current and future investment capacity by stabilising key rating metrics such as FFO/NIBD
protect the long-term real value of the shareholders' investment in Ørsted.

For more details on our market risks, please see notes 6.1-6.5 in the annual report for 2023.

At 30 June 2024, the pre-tax loss of the hedging reserve was DKK 13.3 billion, of which DKK 10.4 billion will be transferred to EBITDA over the coming periods, as shown in the table. The losses will be countered by a higher sales price on our future

power production.

Energy exposure 1 July 2024 - 31 December 2026 DKKbn

Our outright power exposure before and after hedging up until 31 December 2026 has decreased in H1 2024, mainly due to the time period being reduced to two and a half years compared to three years as of 31 December 2023.

The exposures are based on market prices as of 30 June 2024.

EBITDA impact from hedges and financial PPAs DKKbn

Currency exposure 1 July 2024 - 30 June 2029 DKKbn

Ţ

In Q2 2024, our currency exposure and hedges have been updated with our latest view of the expected proceeds from and timing of our divestment programme.

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, but our hedges reduce the risk in the longer horizon..

We do not deem EUR to constitute a risk, as we expect Denmark to maintain its fixed exchange-rate policy.

11. Fair value measurement

Quoted prices	Observable input	Non observable input		Quoted prices	Observable input	Non observable input	2023

1,360	-	-	1,360	1,395	-	-	1,395
1,360	-	-	1,360	1,395	-	-	1,395
	30,874		30,874	-	31,458	-	31,458
-	30,874	-	30,874	-	31,458	-	31,458
3,256	3,398	1,130	7,784	7,370	5,040	570	12,980
-	355	-	355	-	810	-	810
-	644	-	644	-	966	-	966
3,256	4,397	1,130	8,783	7,370	6,816	570	14,756

4,815	2,649	9,171	16,635	8,278	7,409	9,825	25,512
-	1,188	-	1,188	-	1,091	-	1,091
-	3,617	-	3,617	-	4,020	-	4,020
4,815	7,454	9,171	21,440	8,278	12,520	9,825	30,623
	(level 1)	(level 2)	(level 3)	2024	(level 1)	(level 2)	(level 3)

We measure our securities and derivatives at fair value. A number of our derivatives, mainly power purchase agreements, are measured based on unobservable inputs due to the long duration of the contracts.

The most significant non-observable inputs are the long-term US power prices (mainly ERCOT) and the German power prices.

Valuation principles and process

In order to minimise the use of subjective estimates or modifications of parameters and calculation models, it is our policy to

determine fair value based on the external information that most accurately reflects the market values. We use pricing services and benchmark services to increase the data quality. Market values are determined by the Risk Management function.

We use external price providers to ensure a high quality in our price curves. Where prices are not available, we model the prices based on our prior experience and best estimates. Where relevant and possible, we validate our price curves against third-party data.

Fair value hierarchy

Market values based on quoted prices comprise quoted securities and derivatives that are traded in active markets. The market values of derivatives traded in an active market is often settled on a daily basis, thereby minimising the market value presented on the balance sheet.

Market values based on observable inputs comprise derivatives where valuation models with observable inputs are used to measure fair value.

Market values based on non-observable inputs mainly comprise long-term power purchase agreements (PPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these PPAs, power prices are not observable for a large part of the duration.

Estimating as-produced power prices

Since our PPAs are normally settled on the actual production, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price (see description of volume risk in note 6.2 'Energy price risks' in the annual report for 2023). For the majority of our markets, the flat profile power price can be observed for a maximum of four to six years in the market, after which an active market no longer exists.

11. Fair value measurement (continued)

Derivatives valued on the basis of non-observable input

DKKm	2024	2023
Market value at 1 January	(7,528)	(14,687)
Value adjustments through profit or loss	79	614
Value adjustments through other comprehensive income	(889)	4,399
Sales/redemptions	(182)	295
Purchases/issues	479	(3)
Transferred to quoted prices and observable input	-	127
Market value at 30 June	(8,041)	(9,255)

Non-observable input per commodity price input

Total	(8,041)	(9,255)
Gas prices	(3)	(90)
Other power prices	(394)	(663)
German power prices	(1,273)	(2,732)
US MISO power prices	(709)	(785)
US ERCOT power prices	(5,662)	(4,985)
DKKm	2024	2023

Overview of significant non-observable inputs and sensitivities		Power price per MWh (DKK)	Sensitivity (DKKm)
	Weight average	Monthly minimum	Monthly maximum	+25 %	-25 %
Intermittency-adjusted power prices
US ERCOT (2024-2033)	270	93	929	(3,809)	4,092
US MISO (2024-2033)	310	241	425	(508)	502
US SPP (2024-2035)	244	141	497	(992)	1,136
Germany (2025-2035)	425	312	663	(862)	862
Ireland (2024-2042)	495	386	809	(222)	222

The table shows the significant unobservable inputs used in the fair value measurements categorised as level 3 of the fair value hierarchy, together with a sensitivity analysis as at 30 June 2024. If intermittency-adjusted power prices in Germany as of 30 June 2024 decreased/increased by 25 %, the market value would have increased/decreased by DKK 862 million.

Valuation techniques and significant unobservable inputs

We use a discounted cash flow model for the valuation of power derivatives.

The US power purchase agreements give exposure to the long-term US power prices, mainly in the ERCOT, SPP, and MISO regions. The power price is observable for the first four to six years. For the following four to six years, the power price is estimated based on observable inputs (gas prices and heat rates). For the subsequent period, the power price is non-observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration's long-term power price forecast, assuming similar seasonality as in previous periods. If only a minor part of the contract period is within the period when power prices are non-observable, we classify the contracts as based on observable input.

In Germany and other countries where we have long-term PPA contracts, the power price is observable for up to five years. When power prices are no longer observable in the market, we have estimated the power price by extrapolating the last year with an observable power price, taking expected inflation and seasonality into account.

Acquired CPPAs

The initial negative fair value from long-term CPPAs acquired in a business combination is recognised as revenue in profit or loss in the future period to which the market value relates. This effectively increases or decreases the revenue from the contract price to the forward price at the closing date.

In H1 2024, we have recognised an income of DKK 56 million related to the initial fair value from CPPAs. The total amount of initial fair value as of 30 June 2024 amounts to a loss of DKK 1,219 million, which will be recognised as revenue in a future period.

12. Interest-bearing debt and FFO

Total net interest-bearing debt	49,366	47,379	43,924
Total interest-bearing assets	45,799	45,202	48,548
Other receivables	-	8	437
Receivables in connection with divestments	758	735	765
Receivables from placing collateral under credit support annexes	4,352	3,854	3,715
Other receivables:
Cash, not available for use	187	481	263
Receivables from associates and joint ventures	155	77	44
Cash	9,473	10,145	11,866
Securities	30,874	29,902	31,458
Interest-bearing assets:
Total interest-bearing debt	95,165	92,581	92,472
Other interest-bearing debt	132	153	166
Debt from receiving collateral under credit support annexes	61	286	431
Debt in connection with divestments	3,058	2,900	2,901
Other interest-bearing debt:
Lease liability	8,766	8,426	8,464
Tax equity liability	1,540	1,196	1,205
Total bond and bank debt	81,608	79,620	79,305
Bank debt	10,484	9,031	8,591
Bond debt	71,124	70,589	70,714
Interest-bearing debt:
Interest-bearing debt and interest-bearing assets DKKm	30 June 2024	31 December 2023	30 June 2023

Funds from operations (FFO) LTM1	30 June	31 December	30 June
DKKm EBITDA	2024 22,545	2023 18,717	2023 29,242
Change in provisions and other adjustments	4,104	8,742	(1,174)
Change in derivatives	126	4,274	1,786
Variation margin (add back)	(5,007)	(7,086)	(5,855)
Reversal of gain (loss) on divestment of assets	(4,600)	(5,745)	(10,304)
Income tax paid	(3,742)	(2,717)	(2,240)
Interest and similar items, received/paid	1,623	1,385	(972)
Reversal of interest expenses transferred to assets	(484)	(453)	(472)
50 % of coupon payments on hybrid capital	(260)	(273)	(202)
Dividends received and capital reductions	19	19	1
Funds from operations (FFO)	14,324	16,863	9,810

1 Last 12 months.

Adjusted interest-bearing net debt DKKm	30 June 2024	31 December 2023	30 June 2023
Total interest-bearing net debt	49,366	47,379	43,924
50 % of hybrid capital	11,396	9,552	9,552
Other interest-bearing debt, add back	(3,251)	(3,339)	(3,498)
Other interest-bearing receivables, add back	5,110	4,597	4,917
Cash and securities not available for distribution, excluding repo loans	571	867	669
Total adjusted interest-bearing net debt	63,192	59,056	55,564
Funds from operations (FFO)/ adjusted interest-bearing net debt, %	30 June 2024	31 December 2023	30 June 2023
Funds from operations (FFO)/

adjusted interest-bearing net debt 22.7 % 28.6 % 17.7 %

We aim to have a long-term FFO/adjusted NIBD above 30 %, in line with the rating agencies. We are significantly below our long-term target as of 30 June 2024, primarily due to the 12 months rolling FFO being impacted by payments of cancellation fees regarding the Ocean Wind 1 project.

Interest-bearing net debt totalled DKK 49,366 million at 30 June 2024, which was an increase of DKK 1,987 million relative to 31 December 2023. The main changes in the composition of our net debt compared to 31 December 2023 was an increase in bank debt of DKK 1,453 million, mainly related to short-term repo loans. In total short-term repo loans amount to DKK 2,016 million as of 30 June 2024.

At 30 June 2024, the market values of bond and bank debts were DKK 67.4 billion and DKK 9.9 billion, respectively.

13. Liquidity reserve

Collateral and margin postings

Liquidity reserve

At 30 June 2024, our liquidity reserve amounted to DKK 76.7 billion (31 December 2023: DKK 90.7 billion). The liquidity reserve ensures sufficient liquidity to cope with collateral payments and continuing investments in the green transformation.

Collateral and margin postings

When we trade in derivatives to execute our hedging strategy, we have two alternatives:

Trading where the market value is settled on an ongoing basis through receipt or placement of collateral.
Trading where we accept the credit risk that will occur if we gain on the transaction.

We are trading under both types of agreements to increase the number of counterparties with whom we are engaging to achieve the most optimal prices.

To mitigate and limit the potential negative impact on our cash position from temporary fluctuations in market prices, we actively manage the volumes of trade between trading with and without collateral arrangements.

As of 30 June 2024, 16 % (2023: 12 %) of our power and gas trades and 90 % (2023: 88 %) of our currency, inflation, and interest rate hedges had daily margin settlements.

To limit cash impact, we also provide non-cash collateral as parent company and bank guarantees, where possible. At the end of

June 2024, we had covered EUR 0.4 billion in collateral for initial margins and variation margins on energy hedges through a parent company guarantee.

Our collateral and margin payments related to trading with derivatives and our collateral related to insurance liabilities have decreased from DKK 7.9 billion at 31 December 2023 to DKK 6.3 billion at 30 June 2024. The decrease was primarily driven by the decrease in power prices and settlement of collateralised trades. Collateral payments related to initial margins and variation margins decreased by DKK 0.5 billion and DKK 1.7 billion, respectively, during the first half year and amounted to DKK 1.6 billion at 30 June 2024.

Ŝ Initial margin and variation margin relate to energy hedges, and the credit support annex (CSA) relates to currency, inflation, and interest rate hedges. Other collateral mainly relates to insurance liabilities and escrow accounts. Further securities can be placed as collateral in repo transactions as part of our cash management.

14. Subsequent events

In July, Ørsted completed the acquisition of Eversource's 50 % share of Sunrise Wind. With the closing of the transaction, Ørsted regained the full ownership of the Sunrise project. The purchase price at closing was USD 152 million.

Sustainability statements

First half year 2024

1 January – 30 June

Basis of reporting

Frameworks and data selection

The sustainability statements are selected interim-relevant parts of the full annual sustainability statements prepared with reference to the European Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG).

The interim-relevant data is selected as being either directly related to the understanding of the financial performance and/or our strategic progress or as selected highlights of our sustainability performance relevant for the readers of the interim report.

The ESG data points in the H1 interim report are a subset of the full data set in our annual report for 2023 and are defined as material according to our double materiality assessment (DMA). For more details about our DMA methodology, please see the annual report for 2023.

All greenhouse gas data points (GHG scope 1- 3) are reported based on the Greenhouse Gas Protocol.

Measurement basis

The sustainability statements have been prepared using the same accounting policies as the sustainability statements in our annual report for 2023. Accounting policies and a list of references for our calculation factors can be found in our annual report for 2023.

Consolidation

The data is consolidated according to the same principles as the financial statements. Thus, the consolidated quantitative ESG data comprises the parent company Ørsted A/S and subsidiaries controlled by Ørsted A/S. Joint operations are also included with Ørsted's proportionate share. Associates and joint ventures are not included in the consolidated ESG data points. Consolidation of all quantitative ESG data follows the principles above, unless otherwise specified in specific accounting policies.

Taxonomy-aligned KPIs (incl. voluntary disclosures)

Ta -al ign ed KP Is xo no my	Un it	H1 20 24	H1 20 23	Δ	20 23
Re (tu r) ve nue rno ve	DK Km	34 191 ,	40 28 4 ,	( 15 %)	79, 25 5
Ta -al ign ed e (t er) xo no my rev enu urn ov	%	91	83	8 % p	86
E lec tric ity ati fro ola r PV ( 4.1 ) an d s f e lec tric ity ( 4.1 0) tor ge ner on m s ag e o	%	1	1	0 % p	1
E lec tric ity ati fro ind r ( 4.3 ) ge ner on m w po we	%	77	70	7 % p	75
C ion of he d p er f bio ( 4.2 0) rat at og ene an ow rom ene rgy	%	13	12	1 % p	10
Ta lig ible (tu r) xo no my -no n-e re ve nue rno ve	%	9	17	( 8 % ) p	14
G sal as es	%	6	9	( 3 % ) p	8
F il-b d g rat ion oss ase ene	%	1	4	( 3 % ) p	3
O the ctiv itie s1 r a	%	2	4	( 2 % ) p	3
CA PEX	DK Km	16, 514	90 2 14,	11 %	97 37, 3
Ta -al ign ed CA PEX xo no my	%	99	99	0 % p	99
Ta lig ible CA PEX xo no my -no n-e	%	1	1	( 0 % ) p	1
A EB ITD	DK Km	14, 05 8	10, 23 0	37 %	18, 717
Ta -al ign ed EB ITD A ( lun ) tar xo no my vo y	%	98	102	( 4 % ) p	95
E lec tric ity ati fro ola r PV ( 4.1 ) an d s f e lec tric ity ( 4.1 0) tor ge ner on m s ag e o	%	3	3	0 % p	4
E lec tric ity ati fro ind r ( 4.3 ) ge ner on m w po we	%	91	95	( 4 % ) p	86
C ion of he d p er f bio ( 4.2 0) rat at og ene an ow rom ene rgy	%	4	4	0 % p	5
Ta lig ible EB ITD A ( lun ) tar xo no my -no n-e vo y	%	2	( 2)	4 % p	5
G sal as es	%	( 1)	( 6)	5 % p	3
F il-b d g ion rat oss ase ene	%	0	2	( 2 % ) p	1
O the ctiv itie r a s	%	3	2	1 % p	1

1 Other activities primarily consist of non-eligible power sales (incl. end customer sales), oil distribution, and gas trading.

2 This ratio is applied to gross investments.

Taxonomy-aligned revenue (turnover)

Our taxonomy-aligned share of revenue in H1 2024 was 91 %, an increase of 8 percentage points compared to H1 2023. This was primarily due to lower non-eligible revenue (part of the denominator) from gas sales, driven by lower gas prices. In addition, non-eligible revenue from thermal fossil-based (coal) generation was also lower.

Taxonomy-aligned CAPEX

Our taxonomy-aligned share of CAPEX in H1 2024 remained at 99 % and is primarily related to our wind and solar farms, and to storage facilities.

Taxonomy-aligned EBITDA (voluntary)

The lower share of taxonomy-aligned EBITDA in H1 2024 compared to H1 2023 was due to a reduction in losses related to our noneligible gas sales and storage activities.

Climate change

Renewable capacity

Re ab le c aci ty new ap MW	Ta	H1 20 24	H1 20 23		20 23
aci Ins tal led ab le c ty re new ap	t rge ~3 5-3 8 G W 20 30	49 0 17,	15, 514	Δ 97 1, 6	15, 73 1
Off sho win d p re, ow er	( )	9, 771	8, 871	90 0	8, 871
On sho re	~20 -22 GW ( 20 30 )	5, 64 4	4, 56 8	1, 07 6	4, 785
W ind we r	~11 -13 GW ( 20 30 )	3, 726	3, 50 0	226	3, 717
po S ola r PV r1		578	02 8	550	02 8
po we		1,	1,		1,
B e1 att sto ery rag 2		34 0	40	30 0	40
Bio ene rgy	~2 GW 20 30 ( )	2, 07 5	2, 07 5	-	2, 07 5
P2X	~1 GW ( 20 30 )	-	-	-	-
De cid ed ( FID 'ed ) re ab le c aci ty new ap		7, 73 7	4, 86 7	2, 87 0	8, 32 3
Off sho re		6, 99 6	3, 116	3, 88 0	6, 672
W ind po we r		6, 69 6	3, 116	3, 58 0	6, 672
e1 B att sto ery rag		30 0	-	30 0	-
On sho re		739	1, 679	( 94 0)	1, 579
W ind po we r		110	285	( 175 )	100
S ola r PV r1 po we		629	1, 09 4	( 46 5)	1, 179
B e1 att sto ery rag		0	30 0	( 30 0)	30 0
P2X		2	72	( 70 )	72
Aw ard ed d c ted ab le c aci ont ty an rac re new ap		2, 75 3	10, 42 0	( 7, 66 7)	3, 72 0
Off sho win d p re, ow er		2, 753	10, 42 0	( 7, 66 7)	3, 677
On sho win d p re, ow er		-	-		43
Su f in lle d a nd FID 'ed ab le c aci sta ty m o re new ap		25, 22 7	20 38 1 ,	4, 84 6	24 05 4 ,
Su f in lle d, FID 'ed d a rde d/c ted ab le c aci sta ont ty m o , an wa rac re new ap		27, 98 0	30 80 1 ,	( 2, 82 1)	27, 77 4

In Q2 2024, we reached commercial operations (COD) of the offshore wind farm Greater Changhua 1 and 2a in Taiwan (900 MW), Sparta Solar in the US (250 MW), and Eleven Mile, a combined solar and battery storage facility in the US (300 MW each).

In the UK, we took final investment decision on the 300 MW battery ICENI, co-located with the Hornsea 3 offshore wind farm.

In Q2 2024, we removed 70 MW from decided (FID'ed) P2X capacity, relating to the FlagshipOne project in Sweden.

In December 2023, we removed our offshore wind projects Ocean Wind 1, Ocean Wind 2, and Skipjack Wind in the US from our awarded capacity. In total, the three US projects amounted to a capacity of 3.2 GW.

1 Both the solar PV and the battery storage capacities are measured in megawatts of alternating current (MWAC).

2 Including thermal heat capacity from biomass and battery capacity not in Onshore (21 MW).

Additions for the last 12 months Installed capacity Decided (FID'ed) capacity (above 20 MW) Awarded offshore and contracted (onshore) capacity (above 20 MW)

Q3 20 23	Q4 20 23	Q1 20 24	Q2 20 24
Sun flow er W ind, sho ind (20 1 M W) on re w	Hor a 3, off sho ind (2,8 52 MW ) nse re w Bal lyk eel sho ind (16 MW ) , on re w	Del ta S e A hor ind (9 M W) nt, evr rge ons e w	Gre r Ch hua 1 a nd 2a, offs hor ind (90 0 M W) ate ang e w
Far sho ind (43 MW ) ran rory , on re w		Sun rise Wi nd, offs hor ind (92 4 M W) e w	Elev Mile lar PV (30 0 M W) en , so
Ga (81 MW nle en ( Pha se 1 ), so lar PV ) rree	offs (70 4 M Rev olu tion Wi nd, hor ind W) e w		Mile (30 0 M Elev , ba tte tor W) en ry s age
		Far , of fsh win d (4 3 M W) ran rory ore	Spa Sol sola r PV (25 0 M W) rta ar,
	Ga lee n (P has e 1) lar PV (81 MW ) rren , so		ICE NI ( HO W 3 ), ba (30 0 M W) tte tor ry s age

Generation capacity

Ge ati aci ty ner on cap
MW	H1 20 24	Q1 20 24	Δ	H1 20 24	H1 20 23	Δ	20 23
Po ion city rat we r g ene ca pa	13, 164	12, 60 1	56 3	13, 164	11, 98 4	1, 180	12, 511
Off sho ind re w	5, 134	5, 06 7	67	5, 134	4, 936	198	4, 98 6
D ark enm	56 1	56 1	-	56 1	56 1	-	56 1
T he UK	2, 83 0	2, 83 0	-	2, 83 0	2, 98 8	( 158 )	2, 83 0
G erm any	673	673	-	673	673	-	673
T he Ne the rla nds	376	376	-	376	376	-	376
T aiw an	59 8	564	34	59 8	30 8	290	516
T he US	96	63	33	96	30	66	30
On sho ind re w	3, 66 6	3, 716	( 50 )	3, 66 6	3, 49 0	176	3, 70 7
US T he	215 3,	215 3,	-	215 3,	014 3,	20 1	215 3,
Ir ela nd	351	351	-	351	351	-	351
T he UK	78	78	-	78	62	16	78
F ran ce	0	50	( 50 )	0	41	( 41)	41
G erm any	22	22	-	22	22	-	22
So lar PV	1, 56 4	1, 018	54 6	1, 56 4	1, 018	54 6	1, 018
T he US	1, 554	1, 00 4	55 0	1, 554	1, 00 4	55 0	1, 00 4
F ran ce	0	4	4) (	0	4	4) (	4
G erm any	10	10	-	10	10	-	10
Th al, De ark ( CH P p lan ts) erm nm	2, 80 0	2, 80 0	-	2, 80 0	2, 54 0	26 0	2, 80 0
He ati aci th al at ty, ge ner on cap erm	3, 35 3	3, 35 3	-	3, 35 3	3, 35 3	-	3, 35 3
Ba sed bio on ma ss	2, 03 2	2, 03 2	-	2, 03 2	2, 03 2	-	2, 03 2
Ba sed al on co	1, 30 0	1, 30 0	-	1, 30 0	1, 30 0	-	1, 30 0
Ba sed al g tur on na as	1, 617	1, 617	-	1, 617	1, 617	-	1, 617
He ati aci ele ic at ty, ctr ge ner on cap	22 5	22 5	-	22 5	22 5	-	22 5
Po ion city the al rat we r g ene ca pa rm ,	2, 80 0	2, 80 0	-	2, 80 0	2, 54 0	26 0	2, 80 0
Ba sed bio on ma ss	1, 232	1, 228	4	1, 232	1, 228	4	1, 228
Ba sed al on co	99 1	99 1	-	99 1	99 1	-	99 1
Ba sed al g tur on na as	951	951	-	951	951	-	951
Ba sed oil on	734	734	-	734	47 4	26 0	734

In Q2 2024, our power generation capacity increased by 563 MW to 13,164 MW mainly due to commissioning of Eleven Mile Solar Center (300 MW) and Sparta Solar (250 MW) in the US.

In offshore wind, the increase was driven by ramp-up capacity from South Fork in the US and Greater Changhua 1 in Taiwan.

In onshore wind and solar PV, we have divested the French assets.

Energy generation and sales

GW h	Q2 20 24	Q2 20 23	Δ	20 24 H1	20 23 H1	Δ	20 23
Po ion rat we r g ene	8, 65 9	7, 28 2	19 %	19, 58 6	17, 89 1	9 %	35, 57 2
Off sho ind re w	3, 66 7	3, 04 4	20 %	9, 337	8, 20 6	14 %	17, 761
D ark enm	418	371	13 %	1, 108	970	14 %	1, 970
T he UK	2, 02 9	1, 779	14 %	5, 171	5, 195	( 0 % )	10, 88 7
G erm any	43 4	39 8	9 %	1, 187	96 4	23 %	2, 07 6
Ne T he the rla nds	269	288	7 % ( )	713	70 0	2 %	44 9 1,
T aiw an	44 7	190	135 %	1, 02 7	331	210 %	1, 291
T he US	70	18	289 %	131	46	185 %	88
On sho ind re w	3, 277	2, 64 7	24 %	6, 64 8	6, 03 1	10 %	11, 228
T he US	3, 06 4	2, 45 4	25 %	6, 06 6	5, 50 9	10 %	10, 124
Ir ela nd	153	144	6 %	416	38 9	7 %	80 9
F ran ce	15	17	( 12 % )	51	42	21 %	89
G erm any	11	11	0 %	30	28	7 %	58
T he UK	34	21	62 %	85	63	35 %	148
So lar PV	910	674	35 %	1, 311	1, 04 0	26 %	2, 146
T he US	90 6	66 8	36 %	1, 30 5	1, 03 1	27 %	2, 131
G erm any	3	4	( 25 %)	4	6	( 33 %)	11
F ran ce	1	2	( 50 %)	2	3	( 33 %)	4
Th al erm	80 5	917	( 12 % )	2, 290	2, 614	( 12 % )	4, 43 7
He ati at ge ner on	93 5	79 0	18 %	4, 22 0	3, 96 8	6 %	6, 58 7
ati To tal he d p at an ow er ge ner on	9, 59 4	8, 07 2	19 %	23, 80 6	21, 85 9	9 %	42 159 ,
Of % wh ich , t her l he at d p ma an ow er,	18 %	21 %	3 % ( ) p	32 %	30 %	2 % p	26 %
Ga les s sa	4, 05 1	4, 016	1 %	9, 217	8, 48 4	9 %	16, 88 0
Po les we r sa	3, 85 4	4, 158	( 7 % )	10, 118	11, 25 7	( 10 %)	21, 44 8
Gre 1 er t nd tom en pow o e cus ers	269	177	52 %	383	0 36	6 %	88 1
Re lar d c 2 r to ust gu po we en om ers	320	42 8	( 25 %)	86 0	89 5	( 4 % )	1, 56 7
Po hol le we r w esa	3, 265	3, 553	( 8 % )	8, 875	10, 00 2	( 11 % )	19, 00 0

1 Power sold with renewable certificates.

2 Power sold without renewable certificates.

Energy generation

Offshore wind power generation increased by 14 % to 9.3 TWh in H1 2024 compared to H1 2023. The increase was primarily due to ramp-up capacity in Taiwan and the US as well as increased wind speeds across all regions.

Onshore wind power generation was 6.6 TWh in H1 2024, an increase of 10 % compared to 2023. The increase was primarily driven by increased wind speeds and generation at Sunflower wind (COD in Q3 2023). Solar PV generation increased by 26 %, driven by ramp -up generation at Sparta and Eleven Mile.

Thermal power generation decreased by 12 % in H1 2024 compared to H1 2023, mainly due to less attractive spreads for condensing power generation.

Heat generation was 6 % higher in H1 2024 compared to H1 2023, mainly due to the colder weather in Q1 2024.

Energy sales

In H1 2024, gas sales were 9 % higher compared to H1 2023, mainly driven by offtake of gas volumes from the North Sea following the completion of the maintenance work on Tyra in H1 2024. The increase was partly offset by lower volumes sourced due to the expiry of a wholesale offtake contract with Equinor in Q1 2024.

Power sales were lower than in H1 2023, partly due to lower production from Hornsea 1 due to outages and curtailments in 2024, and lower volumes from balancing activities.

Share of renewable energy generation

Sh of ion rat are en erg y g ene
%	Q2 20 24	Q2 20 23	Δ	H1 20 24	H1 20 23	Δ	20 23
ati To tal he at d p an ow er ge ner on	100	100	0 % p	100	100	0 % p	100
Fro ffs ho ind m o re w	38	38	0 % p	39	37	2 % p	42
Fro nsh nd wi m o ore	34	33	1 % p	28	28	0 % p	27
Fro ola r PV m s	9	8	1 % p	5	5	0 % p	5
Fro ab le b ust ain iom m s ass	14	17	( 3 % ) p	24	21	3 % p	18
Fro the ab le e m o r re new ner gy sou rce s	2	1	1 % p	1	1	0 % p	1
Fro l m c oa	2	3	( 1 % ) p	2	8	( 6 % ) p	6
Fro ral atu m n ga s	1	0	1 % p	1	0	1 % p	1
r fo Fro the ssil m o en erg y s ou rce s	0	0	0 % p	0	0	0 % p	0
Sh of ab le e ati are re new ner gy ge ner on	97	97	0 % p	97	92	5 % p	93
Off sho re	100	100	0 % p	100	100	0 % p	100
On sho re	100	100	0 % p	100	100	0 % p	100
& Ot Bio her ene rgy	86	68	18 %p	89	72	%p 17	73

The renewable share of heat and power generation was 97 % in H1 2024, which was 5 percentage points higher than in H1 2023.

The main driver for the increased renewable share of heat and power generation compared to H1 2023 was the 6 percentage point decrease in the share of coal-based generation.

The reduced coal-based generation was due to a combination of lower condensing power generation at the CHP plants because of un´- favourable spreads and lower coal-based generation at Studstrup Power Station due to the switch back to biomass based generation in H1 2023 after the fire in the wood pellet silo in the

autumn of 2022. Subsequently, the share of sustainable biomass generation increased by 3 percentage points compared to H1 2023.

The 2 percentage point increase in the share from offshore wind was primarily due to ramp -up effects from Greater Changhua 1 and 2a, and higher offshore wind speeds compared to H1 2023.

Total heat and power generation by energy source

Energy consumption

Gre sha f to tal dir d in dir tio ect ect en re o an en erg y c on sum p n	%	81	79	2 % p	86	69	17 %p	69
dir d in dir tio To tal ect ect an en erg y c on sum p n	GW h	2, 86 3	20 8 3,	11 % ( )	8, 52 9	9, 150	7 % ( )	8 15, 56
d f He tio at sou rce or ow n c on sum p n	GW h	2	2	0 %	9	8	13 %	14
Ow red by ab le e tifi tio cat n p ow er c on sum p n c ove re new ner gy cer es	%	100	100	0 % p	100	100	0 % p	100
Pow d f tio er s ou rce or ow n c on sum p n	GW h	142	183	( 22 %)	30 3	289	5 %	618
ire tio GH G, 2) Ind ct n ( ene rgy co nsu mp sco pe	GW h	144	185	22 %) (	312	29 7	5 %	2 63
Ce rtif ied ble od bio d sta ina su wo en ma ss s ou rce	%	100	100	0 % p	100	100	0 % p	100
Co al u sed the al h d p in eat rat ion rm an ow er g ene	Th d t ou san on nes	42	73	( 42 %)	100	372	( 73 %)	54 6
Ot her e (o il, g d d ies el f sel nd hic les ) en erg sag as, an or ves s a ve y u	GW h	51	48	6 %	88	89	( 1 % )	172
O il	GW h	36	47	( 23 %)	79	79	0 %	162
N ral atu ga s	GW h	169	107	58 %	363	223	63 %	74 6
C l oa	GW h	283	46 0	( 38 %)	653	2, 44 7	( 73 %)	3, 782
S ain ab le b iom ust ass	GW h	2, 180	2, 36 1	( 8 % )	7, 03 4	6, 014	17 %	10, 07 4
Fue ls u sed in the al h eat d p rat ion rm an ow er g ene	GW h	2, 8 66	2, 975	10 %) (	8, 129	8, 763	7 % ( )	14, 764
Dir tio n ( GH G, 1) ect en erg y c ons um p sco pe	GW h	2, 719	3, 02 3	( 10 %)	8, 217	8, 85 2	( 7 % )	14, 93 6
Ene tio rgy co nsu mp n	Un it	Q2 20 24	Q2 20 23	Δ	H1 20 24	H1 20 23	Δ	20 23

The total fuel consumption for thermal heat and power generation was reduced by 7 % in H1 2024 compared to H1 2023.

The consumption of sustainable biomass increased by 17 % compared to H1 2023, mainly driven by increased biomass usage at Studstrup Power Station due to the fire in the wood pellet silo leading to lower biomass usage in H1 2023.

The consumption of coal decreased by 73 %, due to a combination of lower condensing power generation as a result of lower power prices resulting in unfavourable spreads, and resumed biomass consumption replacing coal consumption at Studstrup Power Station since April 2023.

The consumption of natural gas increased by 63 %, mainly driven by increased heat generation at the two natural gas-fired plants Svanemølle Power Station and H.C. Ørsted Power Station.

Greenhouse gas (GHG) emissions

GH G e mis sio d in siti ten ns an es	Un it	Q2 20 24	Q2 20 23	Δ	H1 20 24	H1 20 23	Δ	20 23
Dir GH G e mis sio (sc e 1) ect ns op	Th d t CO ou san on nes 2e	155	197	( 21 %)	35 0	918	( 62 %)	1, 58 5
ire GH G e mis sio e 2 Ind (sc ) ct ns op
Loc -ba sed ati on	Th d t CO ou san on nes 2e	15	27	( 44 %)	30	43	( 30 %)	93
Ma rke t-b d ase	Th d t CO ou san on nes 2e	0	0	0 %	0	0	0 %	1
Ind ire GH G e mis sio (sc e 3 ) ct ns op	Th d t CO ou san on nes 2e	3, 310	1, 34 9	145 %	5, 149	2, 88 8	78 %	5, 63 1
C 2: c ita l go od ap s	Th d t CO ou san on nes 2e	1, 98 4	10	n.a	1, 98 8	10	n.a	91
C 3: f uel nd lat ed ivit ies act - a ene rgy -re	Th d t CO ou san on nes 2e	267	324	( 18 %)	725	765	( 5 % )	1, 314
C 11: of ld p rod uct use so s	Th d t CO ou san on nes 2e	952	923	3 %	2, 172	1, 94 4	12 %	3, 86 2
O the ori teg r ca es	CO Th d t ou san on nes 2e	107	92	% 16	264	169	% 56	4 36
GH G e mis sio inc e 2 GH G e mis sio ati To tal ( l. s loc -ba sed ) ns cop ns, on	CO Th d t ou san on nes 2e	48 0 3,	1, 57 3	121 %	52 5, 9	84 3, 9	44 %	30 7, 9
To tal GH G e mis sio ( inc l. s e 2 GH G e mis sio rke t-b d) ns cop ns, ma ase	Th d t CO ou san on nes 2e	3, 46 5	1, 54 6	124 %	5, 49 9	3, 80 6	44 %	7, 217
Sco 1, 2, a nd 3 (e xcl al g sal es) tur pe . na as	Th d t CO ou san on nes 2e	2, 513	62 3	30 3 %	3, 32 7	1, 86 2	79 %	3, 35 5
Sco 3 (e xcl al g sal es) tur pe . na as	Th d t CO ou san on nes 2e	2, 35 8	42 6	45 4 %	2, 97 7	94 4	215 %	1, 76 9
GH G i nsi (sc e 1 d 2 ) nte ty op an
GH G i nte nsi ty, ati ene rgy ge ner on	CO /kW h g 2e	16	24	( 33 %)	15	42	( 64 %)	38
O ffs ho re	CO /kW h g 2e	3	3	0 %	2	2	0 %	2
O nsh ore	CO /kW h g 2e	0	0	0 %	0	0	0 %	0
B ioe & O the ner gy r	CO /kW h g 2e	83	110	( 25 %)	51	137	( 63 %)	141
GH G i nsi nte ty, rev enu e	CO /DK K g 2e	10	14	29 ( %)	10	23	( 57 %)	20
GH G i nsi EB ITD A nte ty,	CO /DK K g 2e	24	59	( 59 %)	25	90	( 72 %)	85
GH G i nsi 2, nte ty (sc e 1, d 3 cl. nat l ga les ) op an , ex ura s sa	CO /kW h g 2e	26 2	77	24 0 %	140	85	% 65	80

GHG emissions (scope 1-3)

Scope 1 greenhouse gas (GHG) emissions decreased by 62 % from H1 2023 to H1 2024. The main driver was the 73 % decrease in the use of coal at the power stations, partly offset by a 63 % increase in the use of natural gas.

In H1 2024, scope 3 greenhouse gas emissions increased by 78 % compared to H1 2023, mainly driven by the 2 million tonnes CO2e increase in scope 3 emissions from capital goods. The capital goods emissions are greenhouse gas emissions from 'cradle to operation' of the new assets commissioned in H1 2024 namely Greater Changhua 1 and 2a, Eleven

Mile (combined solar and battery), and Sparta Solar.

GHG intensities

Our scope 1 and 2 GHG intensity of energy consumption decreased by 64 % compared to H1 2023, primarily due to the decrease in fossil -based heat and power generation.

Scope 1, 2, and 3 GHG intensity (excluding emissions from natural gas sales) increased by 65 % compared to H1 2023 ,primarily due to the increased scope 3 emissions from our commissioned assets (capital goods) in H1 2024.

Own workforce

People and safety

Pe le op	H1 20 24	H1 20 23	Δ	20 23
To tal mb f e loy FT Es nu er o mp ees ,	8, 411	8, 66 1	( 3 % )	8, 90 5
D ark enm	4, 07 5	4, 333	6 % ( )	4, 354
T he UK	1, 275	1, 284	( 1 % )	1, 311
T he US	711	74 9	( 5 % )	74 6
M ala ia ys	753	712	6 %	76 9
P ola nd	76 0	66 7	14 %	776
G erm any	378	36 8	3 %	38 5
T aiw an	181	186	( 3 % )	193
O the r1	278	36 2	( 23 %)	371
Sic kne bse % ss a nce ,	2.2	2.0	0.2 %p	2.1
% Tu rno ve r,
To tal loy tur rat em p ee nov er e	12.2	10. 8	1.4 %p	9.6
Vo lun loy tar tur rat y e mp ee nov er e	8.3	8.0	0.3 %p	7.2

1 FTE distribution in other countries in H1 2024: the Netherlands (108), Ireland (103), Singapore (20), Korea (17), Spain (9), Sweden (8), Vietnam (8), Japan (3), and Norway (2).

The number of employees was 3 % lower at the end of H1 2024 compared to H1 2023.

At 2.2 %, the sickness absence was 0.2 % higher than in H1 2023.

The voluntary turnover increased slightly by 0.3 percentage points in H1 2024, whereas the total turnover increased by 1.4 percentage points.

The reduction in the total number of employees and increased total turnover for H1 2024 compared to H1 2023 are both due to redundancies made as part of our work to reduce our fixed costs and increase our efficiency as communicated in our annual report 2023.

Sa fet y	H1 20 24	H1 20 23	Δ	20 23
To tal da ble inj uri ( TR Is), mb re cor es nu er	30	32	( 6 % )	73
O loy wn em p ees	8	9	11 % ( )	23
C loy ont tor rac em p ees	22	23	( 4 % )	50
Los ime inj uri ( LT Is), mb t-t es nu er	12	17	( 29 %)	36
O loy wn em p ees	3	4	( 25 %)	12
C loy ont tor rac em p ees	9	13	( 31 %)	24
Ho rke d, m illio n h urs wo ou rs	14. 4	12. 2	18 %	25 .8
O loy wn em p ees	7.2	7.1	1 %	14. 5
C loy ont tor rac em p ees	7.2	5.1	41 %	11.3
inj To tal da ble TR IR te, re cor ury ra	2.1	2.6	19 %) (	2.8
O loy wn em p ees	1.1	1.3	( 15 %)	1.6
C loy ont tor rac em p ees	3.1	4.5	( 31 %)	4.4
Los ime inj fre LT IF t-t ury qu enc y,	0.8	1.4	( 43 %)	1.4
O loy wn em p ees	0.4	0.6	%) ( 33	0.8
C loy ont tor rac em p ees	1.3	2.5	( 48 %)	2.1
TR IR 1 2M llin ro g	2.5	3.1	( 19 %)	2.8
LT IF 1 2M llin ro g	1.1	1.6	( 31 %)	1.4
Fat alit ies mb , nu er	0	0	0 %	0
Pe dis ab ilit ber ent rm an y c ase s, n um	0	0	0 %	0

In H1 2024, our total recordable injury rate (TRIR) was at 2.1, which is 19 % lower than in H1 2023.

In H1 2024, the total number of recordable injuries (TRIs) decreased by two injuries, which equals a decrease of 6 % compared to H1 2023. Both own employee and contractor employee injuries were one injury lower in H1 2024 compared to H1 2023.

The lost-time injury frequency (LTIF) was 43 % lower in H1 2024 compared to H1 2023.

The total number of lost-time injuries (LTIs) decreased by five injuries, mainly driven by the reduction by four injuries among contractor employees.

Statement by the Executive Board and the Board of Directors

The Board of Directors and the Executive Board have today considered and approved the interim report of Ørsted A/S for the period 1 January - 30 June 2024.

The interim report, which has not been audited or reviewed by the company's independent auditors, has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU and additional requirements in the Danish Financial Statements Act. The accounting policies remain unchanged from the annual report for 2023.

In our opinion, the interim report gives a true and fair view of the Group's assets, liabilities, and financial position at 30 June 2024 and of the results of the Group's operations and cash flows for the period 1 January - 30 June 2024.

In our opinion, the Management's review represents a true and fair account of the development in the Group's operations and financial circumstances, of the results for the period, and of the overall financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group.

In our opinion, the Sustainability statements represents a reasonable, fair, and balanced representation of the Groups sustainability performance and are prepared in accordance with the stated accounting policies.

Over and above the disclosures in the interim report, no changes in the Group's most significant risks and uncertainties have occurred relative to the disclosures in the annual report for 2023.

Skærbæk, 15 August 2024

Executive Board:

Mads Nipper Group President and CEO	Rasmus Errboe Deputy CEO and CCO	Trond Westlie CFO
Henriette Fenger Ellekrog Chief HR Officer
Board of Directors:
Lene Skole Chair	Andrew Brown Deputy Chair	Annica Bresky
Julia King, the Baroness Brown of Cambridge	Peter Korsholm	Dieter Wemmer
Benny Gøbel*	Lara Jewinat*	Ian McCalder*

Anne Cathrine Collet Yde*

*Employee-elected board member

Ørsted A/S CVR no. 36213728 Kraftværksvej 53 DK-7000 Fredericia Tel.: +45 99 55 11 11

orsted.com

Global Media Relations Carsten Birkeland Kjær Tel.: +45 99 55 77 65

Investor Relations Rasmus Keglberg Hærvig Tel.: +45 99 55 90 95

Front page image Sparta, the solar part of Helena Energy Center, the US

Interim report First half year 2024

Publication 15 August 2024

19/51

Management's review

AI assistant

Ørsted — Interim / Quarterly Report 2024

3378_ir_2024-08-15_247991a0-0e6d-43a0-8ddb-d3d8baf3e642.pdf

Interim report First half year 2024

Contents

Management's review

Overview

Earnings call

Further information

Financial statements

Consolidated financial statements

Sustainability statements

Management's statement

CEO's review

Selected events

Business progress and development

Financials

Executing on our business plan

Construction projects

Portfolio development

"

"

Financials

At a glance

Financial highlights

Outlook 2024

EBITDA

Gross investments

Forward-looking statements

Results H1

Financial results

Revenue

EBITDA excluding new partnerships and cancellation fees, DKKbn

Impairments

EBIT

Financial income and expenses

Tax and tax rate

Profit for the period

Cash flows and net debt

Cash flows from operating activities

Investments and divestments

Interest-bearing net debt

Equity

Capital employed

Financial ratios Return on capital employed (ROCE)

Credit metric (FFO/adjusted net debt)

ESG results

Renewable share of energy generation

Greenhouse gas emissions

Management's review

Results Q2

EBITDA

Impairments

Tax and tax rate

Cash flows from operating activities

Investments and divestments

Offshore

Financial results for Q2 2024

Financial results for Q2 2024

Bioenergy & Other

Financial results for Q2 2024

Performance highlights

Quarterly overview

Consolidated financial statements

First half year 2024

Consolidated statements of income

Consolidated statements of income (continued)

Consolidated balance sheet

Consolidated statement of shareholders' equity

Consolidated statement of cash flows

DKK 1 million.

1. Basis of reporting

Change in accounting policy 2023

Implementation of new standards, interpretations, and amendments adopted by the Group

2. Segment information

2. Segment information (continued)

2. Segment information (continued)

3. Revenue

3. Revenue (continued)

4. Impairments

Ørsted Interim / Quarterly Report 2024