Interim report

First half year 2025

Management's review

Overview

C E O 's r iew ev …	3
At lan a g ce ….	5
Ou loo k 2 0 25 t ….	6
Re lts H1 su …	7
Re lts Q 2 su	1 0 …
' Bu sin its Q 2 r lts ess un es u	1 2 …
for Pe hig hli hts r ma nc e g	15
Qu ly art iew er ov erv	16 .

Earnings call

In connection with the presentation of the interim report, an earnings call for investors and analysts will be held on Monday, 11 August 2025 at 11:00 CEST.

The earnings call can be followed live here: https://getvisualtv.net/stream/?orsted-q2-2025

Further information

Global Media Relations Tom Christiansen Tel.: +45 99 55 95 25

Investor Relations

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

Financial statements

Consolidated financial statements

Co li da d s f in te ta te nt nso me o co me	1 8
Co li da d s f c he nsi in te ta te nt nso me o om pre ve co me	1 8
Co li da d s f fin cia l p itio te ta te nt nso me o an os n .	2 0
Co f s ' e li da d s ha ho l de ity te ta te nt nso me o re rs qu	21
Co li da d s f c h flo te ta te nt nso me o as ws	2 2

Notes

1. Ba f re sis rtin o po g	23
2. Se t in for tio gm en ma n	2 4
3. Re ve nu e	27
4. Im irm ts . pa en	2 9
5. Ot he d e rat ing in r o pe co me an xp en ses	3 1
6. Fin cia l in d e an co me an xp en ses	3 1
Gr 7. nd t in stm ts . os s a ne ve en	2 3
8. Re se rve s	3 2
9. Ta fit ( los ) for he rio d t x o n p ro s pe	3 3
1 0. Ma rke ris ks . ts	3 4
11. Fa lue ir v t a m ea su rem en	3 5
1 2. Int be ari de bt d FF O . st- t ere ng ne an	3 7
13. Su bse t e nts qu en ve	3 8

Sustainability statements

Ba sis f re rtin 4 0 o po g …
En vir nt on me
Re b le cit 41 ne wa ca pa y …
Ge 4 2 ion cit rat ne ca pa y . …
En 43 tio erg y g en era n …
En les d g tio n b 4 4 erg y s a an en era y e ne rgy so urc e . …
En tio 45 erg y c on su mp n . …
Gr nh ( G H G ) e 46 mi ssi ee ou se ga s on s …
EU for ina b le tiv itie 47 ta sta xo no my su ac s
So cia l
Pe le d s fet 4 8 op an a y

Management's statement

Sta by he Ex Bo d a nd he Bo d o f D te nt t uti t ire me ec ve ar ar c
to rs .	4 9

CEO's review

Operations well above last year and delivering strong H1 2025 results while announcing an extraordinary general meeting to increase the share capital to strengthen the capital structure and provide financial flexibility.

Selected events

Business progress and development

Extraordinary general meeting announced to increase the share capital.

Announced a fully underwritten rights issue with support from the Danish state as majority shareholder.

Secured project financing at Greater Changhua 2a and 2b.

Successfully closed the farm-down of a 24.5 % stake in West of Duddon Sands.

Launched a sales process for a potential full divestment of our Europe Onshore business.

Achieved first power at Greater Changhua 2b and 4 in July.

Completed Revolution Wind monopile installation, and commenced Sunrise Wind monopile installation, with both projects on track to reach expected COD in H2 2026 and 2027, respectively.

Operation & financials

Operating profit (EBITDA) amounted to DKK 15.5 billion in H1 2025 compared to DKK 14.1 billion in H1 2024.

EBITDA excluding new partnerships and cancellation fees amounted to DKK 13.9 billion in H1 2025, up 9 % compared to the same period last year, mainly due to higher availability, partly offset by lower wind speeds throughout our offshore operational assets.

At Ocean Wind 1, we have reversed DKK 1.3 billion of cancellation fees mainly due to successfully negotiating several contracts.

We maintain our full-year guidance on EBITDA and gross investments.

Extraordinary general meeting

The Board of Directors of Ørsted A/S will call for an extraordinary general meeting to be held on 5 September 2025, with the purpose of proposing that the general meeting authorise the Board of Directors to increase the share capital of Ørsted A/S, with pre-emptive rights for the existing shareholders, by way of a cash contribution of up to DKK 60 billion. For further information about the background of the EGM notification, the notification can be accessed here, once released: https://orsted.com/en/ media/news. In addition, reference is made to the related announcement published on 11 August 2025: https://orsted.com/en/investors.

Executing on our business plan

During Q2, we continued to deliver on our four strategic priorities as set out in connection with the full year 2024 results.

However, following recent material adverse developments in the US offshore wind market, it is not possible for us to complete the partial divestment and associated non-recourse project financing of our Sunrise Wind project on terms which would provide the required strengthening of our capital structure in order to support our investment programme and business plan. Based on these developments, the Board of Directors today decided to discontinue the process for the partial divestment of our Sunrise Wind project. This means that that we are required to fund the construction of the entire project on our balance sheet. With the contemplated rights issue, and with

positive developments related to the successful farm-down of a 24.5 % stake in West of Duddon Sands in May as well as the obtained project financing at Greater Changhua 2a and 2b, we are taking important steps to ensure a robust capital structure which will enable us to deliver value-adding projects to our investors.

Firstly, a strengthened capital structure will enable a more value accretive and flexible approach to partnerships and divestments, and provide financial flexibility for future investments. This will safeguard a larger share of operational cash flow. We continue to progress the previously announced farm-down processes for Hornsea 3 and Greater Changhua 2, and we have launched a sales process for a potential full divestment of our European Onshore business, with total expected proceeds of more than DKK 35 billion in 2025 and 2026.

Secondly, we successfully installed the first foundations at Sunrise Wind, following completion of the wind turbine foundation installation at Revolution Wind. Construction of our offshore US assets is progressing as expected and according to plan. Furthermore, we successfully reached first power at Greater Changhua 2b and 4, which is a huge milestone for the project.

Thirdly, we will continue a focused and disciplined approach towards capital allocation, prioritising value over volume. This is underlined by not continuing with Hornsea 4 in its

current form, our strategic decision to not participate in the Danish CCS tenders in the immediate future, and having initiated a process to divest our European Onshore business.

Lastly, we continue to focus on organisational efficiency and on increasing competitiveness. During 2025 and 2026, we will continue to rightsize our organisation and lower our costs to become more competitive and flexible as part of our winning formula for the future.

Construction projects

In our US offshore portfolio, construction of our Northeast programme is progressing according to plan, and we continue to work diligently to manage execution risks. At the first part of the Northeast programme, our Revolution Wind project, all wind turbine foundation monopiles have been installed, and wind turbine installation is progressing as expected. The overall degree of completion at Revolution Wind is now at approx. 80 %. At the second part of the Northeast programme, our Sunrise Wind project, we have successfully installed the first monopiles, and the degree of completion is now at approx. 35 %.

We are following developments regarding potential tariffs and other regulatory changes, particularly affecting the US, and are continually assessing any possible financial and wider impacts.

At Greater Changhua 2b and 4, we have successfully installed half of the wind turbines, and we achieved first power in July. Due to a delay in wind turbine blade delivery and a slow start to array cable installation, COD for Greater Changhua 2b is expected by the end of 2025, and COD for Changhua 4 is currently

expected in the first half of 2026.

Our European portfolio also experienced good progress in H1 2025. At Hornsea 3 in the UK, construction is progressing according to plan with the topside of the offshore converter station having been delivered from Thailand to Norway in June 2025 for fit-out, monopile fabricators for the project have started work and site preparation for the export cables has commenced. In Poland, our Baltica 2 project is in its early construction phase following the recent FID.

Further, the construction of our 300 MW energy storage project in the UK connected to the Hornsea zone and our carbon capture project in Denmark are both progressing according to plan with expected commissioning in 2026.

Strong long-term fundamentals

Although project realisation faces risks from permitting delays, capital constraints, and the need for continued cost reductions, the fundamental drivers remain clear. Offshore wind is key to delivering affordable, secure, and clean energy in a cost-efficient transition in Europe. The strong fundamentals position offshore wind for substantial long-term growth, ensuring that it will play a central role in Europe's and the world's clean energy future.

Operation & Financials

Operating profit (EBITDA) for the first half year amounted to DKK 15.5 billion compared to DKK 14.1 billion in the same period last year. EBITDA excluding new partnerships and cancellation fees in H1 2025 amounted to DKK 13.9 billion, an underlying increase of DKK 1.1 billion compared to the same period last year.

Earnings from our offshore sites amounted to DKK 12.5 billion in H1 2025, up 10 % compared to the same period last year. The increase was mainly due to high availability, partly offset by lower wind speeds.

Our decision to discontinue Hornsea 4 in its current form led as expected to a negative EBITDA impact from cancellation fees of DKK 2.9 billion and impairment losses of DKK 0.5 billion in the first half year of 2025. DKK 1.5 billion of the DKK 2.9 billion is related to the cables from the Ocean Wind 1 project that were to be reused at Hornsea 4. For Ocean Wind 1, we had a positive EBITDA impact of DKK 1.3 billion regarding cancellation fees, mainly because we have continued to work through our supplier contracts and finalised negotiation of several contracts with a better outcome than assumed.

We maintain our full-year EBITDA guidance of DKK 25-28 billion excluding earnings from new partnerships and cancellation fees. Additionally, we maintain our gross investments guidance of DKK 50-54 billion.

Rasmus Errboe Group President & CEO

At a glance

Financial highlights

Return on capital employed (ROCE)2, %

Credit metric (FFO/adjusted interest-bearing net debt), %

Non-financial highlights

Installed renewable capacity, GW

Offshore Onshore Bioenergy & Other

GHG emissions intensity, g CO2e/kWh

Scope 1-2 Scope 1-3 (excl. gas sales)

Impairment and cancellation fees (after tax)

1 Includes EBITDA from other activities/eliminations.

2 Last 12 months i.e. including impairments and cancellation fees

Outlook 2025

EBITDA

EBITDA in 2025 excluding new partnership agreements and cancellation fees is unchanged and expected to amount to DKK 25- 28 billion.

We have changed the directional guidance for Offshore from 'Higher' to 'Neutral' due to lower wind impact in the first months of 2025.

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 below and box to the right).

Gross investments

Gross investments in 2025 are expected to amount to DKK 50-54 billion, which is unchanged relative to the guidance in the annual report.

Uncertainties in the US

We are following developments regarding potential tariffs and other regulatory changes, particularly affecting the US, and are continually assessing any possible financial and wider impacts.

Ou tlo ok 20 25, DK K b illio n	20 24 lise d rea	Gu ida nce 6 F eb	Gu ida nce 7 M ay	Gu ida nce 13 A ug
EB ITD A, l. n hip rtn exc ew pa ers s d c cel lat ion fe an an es	24 .8	25- 28	25- 28	25- 28
Off sho re	19.2	Hig her	Hig her	Ne al utr
On sho re	4.0	Hig her	Hig her	Hig her
Bio & Ot her ene rgy	1.1	Sig nifi tly hig her can	Sig nifi tly hig her can	Sig nifi tly hig her can
Gro ss i stm ent nve s	42 .8	50 -54	50 -54	50 -54

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 2024 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 1 % and totalled 17.4 TWh in H1 2025. The increase was due to ramp-up of generation from our offshore wind farm Gode Wind 3 and our solar PV farms Sparta Solar (part of Helena Energy Center), Eleven Mile Solar Center, and Mockingbird. Furthermore, curtailments at Hornsea 1 and Hornsea 2 and bad weather in the US led to low availability in H1 2024, which was not repeated to the same extent in H1 2025. This was partly offset by significantly lower wind speeds throughout our offshore portfolio.

Heat generation decreased by 7 % in H1 2025, mainly due to warmer weather. Thermal power generation decreased by 15 % due to lower cogeneration and lower prices.

Our renewable share of generation amounted to 99 %, an increase of 2 percentage points compared to last year.

Revenue amounted to DKK 37.8 billion. The increase of 11 % relative to H1 2024 was mainly due to higher power generation and higher gas and power prices.

EBITDA

Operating profit (EBITDA) for H1 2025 amounted to DKK 15.5 billion, DKK 1.5 billion higher than in H1 2024.

Earnings from new partnerships related to the farm-downs of West of Duddon Sands (DKK 2.8 billion) and Eleven Mile and Sparta Solar (DKK 0.3 billion). Impact from cancellation fees related to the decision to discontinue Hornsea

Fin cia l re sul DK Km ts, an	H1 20 25	H1 20 24	%
Rev enu e	37 84 0 ,	34 19 1 ,	11 %
EB ITD A	15 51 5 ,	14 05 8 ,	10 %
- N hip rtn ew pa ers s	3, 14 0	-	n.a
- C cel lat ion fe an es	( 1, 53 1)	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	13 90 6 ,	12 75 8 ,	9 %
De nd cia tio ort isa tio pre n a am n	( 4, 99 0)	( 5, 10 6)	( 2 % )
Imp ( los s) /re l air nt me ve rsa	25 2	( 3, 15 2)	n.a
Op rof tin it ( los s) ( EB IT) era g p	10 77 7 ,	80 0 5,	86 %
Ga in ( los s) o n d ive of ise stm ent ter en pr s	21 1	( 59 )	n.a
Fin l ite cia t an ms , ne	( 1, 89 8)	( 1, 89 9)	( 0 % )
fit bef Pro ( los s) ta ore x	9, 10 8	85 9 3,	6 % 13
Ta x	( 87 0)	( 2, 92 8)	( 70 %)
Ta te x ra	10 %	76 %	( 66 %p )
Pro fit ( los s) for th erio d e p	8, 23 8	93 1	78 5 %

4 in its current form (DKK 2.9 billion), partly offset by effects from Ocean Wind 1 (DKK 1.3 billion).

Adjusted for new partnerships and cancellation fees, EBITDA increased by DKK 1.1 billion (9 %) to DKK 13.9 billion.

EBITDA from Offshore sites amounted to DKK 12.5 billion, an increase of DKK 1.1 billion compared to H1 2024. The increase was driven by the ramp-up of generation from Gode Wind 3, compensations for grid delay at Borkum Riffgrund 3, higher availability, and higher revenue from CfDs, ROCs, and green certificates. Furthermore, our power trading activities delivered strong earnings in H1 2025. The increase in earnings was partly offset by lower wind speeds (DKK 1.9 billion).

EBITDA from existing partnerships increased by DKK 0.3 billion and amounted to DKK 0.0 billion in H1 2025.

EBITDA from our Onshore business excl. new partnerships amounted to DKK 2.3 billion, DKK 0.6 billion higher than in H1 2024. The increase was due to the ramp-up of generation at Sparta Solar, Mockingbird, and Eleven Mile Solar Center.

EBITDA from our CHP plants amounted to DKK 0.9 billion in H1 2025, DKK 0.3 billion higher than in H1 2024. The increase was mainly due to higher achieved prices and improved spreads in Q1 2025.

EBITDA from our gas business totalled DKK 0.3 billion in H1 2025, DKK 0.4 billion higher

EBITDA excluding new partnerships and cancellation fees, DKKbn

than in H1 2024. The increase was mainly driven by the ramp-up of volumes from our offtake contract with DUC due to the ramp up of production from the Tyra field. Furthermore, the negative effect from the revaluation of gas at storages in H1 2024 was not repeated to the same extent in H1 2025.

Impairments

Net impairment reversals had a positive effect in H1 2025 of DKK 0.3 billion. The main contributors to the net impairment reversals were a decrease in the long-dated US interest rates (DKK 1.5 billion) and an increase in long-term prices for our US onshore assets (DKK 0.5 billion), which was partly offset by new imposed tariffs in the US (DKK 1.2 billion) and impairments related to the decision to discontinue the Hornsea 4 project in its current form (DKK 0.5 billion). See note 4 'Impairments' for more information.

EBIT

EBIT increased by DKK 5.0 billion to DKK 10.8 billion in H1 2025. This was mainly due to the higher EBITDA and lower impairments in H1 2025.

Financial income and expenses

Net financial income and expenses amounted to DKK -1.9 billion, in line with the same period last year. The negative development was due to a positive effect from a gain on US interest rate swaps in H1 2024 not being repeated in H1 2025. This was partly offset by a higher share of capitalised interests and a positive impact from exchange rate adjustments, primarily due to gains from the strengthening of DKK against GBP and USD in H1 2025, contrasting with the losses from its weakening against these currencies in Q1 2024. These exchange rate gains were partly offset by a loss from the substan- tial decrease in the NTD exchange rate in H1 2025.

Tax and tax rate

Tax on profit for the period amounted to DKK 0.9 billion, DKK 2.1 billion lower than in H1 2024. The tax rate in H1 2025 was 10 % and was affected by impairments, cancellation fees, and gain from the 50 % farm-downs of West of Duddon Sands and Eleven Mile and Sparta Solar. As part of the onshore transac- tion, DKK 0.6 billion of previously recognised deferred tax liabilities related to tax equity contributions were reversed in the tax line item (see note 9 'Tax on profit (loss) for the period').

Profit for the period

Profit for the period totalled DKK 8.2 billion, DKK 7.3 billion higher than in H1 2024. The increase was mainly due to higher EBITDA, lower impairments, and lower tax.

Cash flows and net debt

Cash flows from operating activities

Cash flows from operating activities totalled DKK 7.8 billion in H1 2025 compared to DKK 9.7 billion in H1 2024, with negative year-over- year contributions from reversal of gain on sale of assets, variation margin, change in tax equity, work in progress, and other working capital. This was partly offset by higher EBITDA, a positive development in year-over- year change in provision, and lower paid tax. In H1 2025, the positive impact from provisions and other items was mainly related to rever- sal of the non-cash impact in EBITDA from cancellation fees, whereas we in H1 2024 had a net cash outflow of DKK 4.1 billion from pay-

Ca flo sh nd de bt, DK Km net w a	20 25 H1	20 24 H1	%
Ca sh flo fro ing tiv itie rat ws m o pe ac s	7, 82 0	9, 68 9	( 19 %)
EB ITD A	15 51 5 ,	14 05 8 ,	10 %
Re l of in ( los s) o n d ive f a stm ent ts ve rsa ga s o sse	( 3, 30 2)	( 16 0)	19 64 %
Ch in d eriv ati cl. riat ion in an ge ves , ex va m arg	( 76 6)	( 61 9)	24 %
Ch in v ari ati in an ge on ma rg	( 11 1)	1, 73 0	n.a
Ch in p isio d o the r it an ge rov ns an em s	1, 54 8	( 4, 70 7)	n.a
Int st e t ere xpe nse , ne	( 1, 10 7)	( 42 5)	16 0 %
Pa id t ax	( 1, 44 4)	( 2, 52 1)	( 43 %)
Ch in w ork in an ge pro gre ss	( 1, 47 3)	( 1, 05 2)	40 %
Ch in t uity er l iab iliti rtn an ge ax eq pa es	58 ( 1, 4)	98 1, 4	n.a
Ch the ork l in o ing ita an ge r w ca p	54 4	1, 40 1	( 61 %)
Gro ss i stm ent nve s	( 24 95 3) ,	( 15 91 4) ,	57 %
Div est nts me	7, 24 5	2, 25 5	22 1 %
Fre ash flo e c w	( 9, 88 8)	( 3, 97 0)	14 9 %
Ne t in -be ari de bt, beg inn ing of riod ter est ng pe	58 02 7 ,	47 37 9 ,	22 %
flo Fre ash e c w	9, 88 8	97 0 3,	14 9 %
Div ide nds d h brid aid an y co upo n p	1, 22 7	36 8	23 3 %
Ad dit of lea ob liga ion tio net se ns,	18 5	58 9	( 69 %)
Re rch of hy brid ita l, n et pu ase ca p	-	( 3, 68 0)	n.a
Exc ha te adj ust nts , et nge ra me c.	2, 19 0) (	74 0	n.a
Ne t in -be ari de bt, d o f p eri od ter est ng en	67 13 7 ,	49 36 6 ,	36 %

ments regarding the provisions made for can-

cellation fees re. Ocean Wind 1. In H1 2025, the net release 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') was DKK 0.0 billion, whereas we released DKK 1.9 billion in H1 2024:

- the variation margin payments were a cash outflow of DKK 0.1 billion vs a cash inflow of DKK 1.7 billion in H1 2024

– the initial margin payments were a cash inflow of DKK 0.1 billion vs a cash inflow of DKK 0.2 billion in Q1 2024. In H1 2025, we had a net cash outflow from work in progress of DKK 1.5 billion, mainly re- lated to the construction of the Hornsea 3 offshore transmission asset and the construc- tion of Borkum Riffgrund 3 for partners. This was partly offset by a milestone payment received for Greater Changhua 4. In H1 2024, we had a cash outflow of DKK 1.1 billion, main- ly related to the construction of the Hornsea 3 and Hornsea 4 offshore transmission assets, partly offset by milestone payments received at Borkum Riffgrund 3 and Greater Changhua 1. In H1 2025, we did not receive tax equity con-

tributions whereas we received tax equity contributions for Eleven Mile in H1 2024. In both periods, 'Change in tax equity' included a reversal of the non-cash recognition of tax credits and benefits through EBITDA.

'Change in other working capital' was mainly related to seasonal changes in net account receivables and payables.

Investments and divestments

Gross investments amounted to DKK 25.0 billion in H1 2025. The main investments were:

offshore wind farms (DKK 21.2 billion), mainly Greater Changhua 2b and 4 in Taiwan, Hornsea 3 and Baltica 2 in Europe, and Sunrise Wind and Revolution Wind in the US
onshore wind and solar PV farms (DKK 2.7 billion), mainly the construction of Badger, the BESS at Old 300, and our portfolio of European projects
CHP plants (DKK 1.0 billion), mainly our carbon capture and storage facilities in Denmark.

In H1 2025, 'Divestments' amounted to DKK 7.2 billion and were mainly related to the 50 % farm-down of Eleven Mile and Sparta Solar and the partial farm-down of West of Duddon Sands.

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.

Interest-bearing net debt

Interest-bearing net debt totalled DKK 67.1 billion at the end of H1 2025 against DKK 58.0 billion at the end of 2024. The increase was mainly due to a negative free cash flow of DKK 9.9 billion.

Equity

Equity was DKK 97.4 billion at the end of H1 2025 against DKK 93.5 billion at the end of 2024.

Capital employed

Capital employed was DKK 164.6 billion at the end of H1 2025 against DKK 151.5 billion at the end of 2024, mainly due to new investments.

Financial ratios Return on capital employed (ROCE)

Return on capital employed (ROCE) was 7.5 % in H1 2025. The increase of 20 percentage points compared to last year was attributable to a higher EBIT due to a higher EBITDA and lower impairment losses. ROCE adjusted for impairment losses and cancellation fees in H1 2025 was 12.3 % vs 13.1 % in H1 2024. The decrease of 0.8 percentage points was mainly due to higher capital employed for projects under construction year-over-year.

Credit metric (FFO/adjusted interest-bearing net debt)

The funds from operations (FFO)/adjusted interest-bearing net debt credit metric was 15.6 % in H1 2025 against 22.0 % in H1 2024. The decrease was due to higher NIBD, only partly offset by higher FFO. Adjusted for cancellation fee payments, the credit metric was 19.2 % in H1 2025.

In Q1 2025, the Ørsted FFO/NIBD definition was changed to include adjustment of

Ke ati DK Km % y r os, ,	H1 20 25	H1 20 24	%
RO CE	7.5	( 12 .4)	20 %p
Ad jus ted int bea ring t d ebt st- ere ne	78 45 9 ,	63 19 2 ,	24 %
FFO /ad jus ted int bea ring t d ebt 1 st- ere ne	15 .6	22 .0	( 6 % ) p

1 In 2025, the Ørsted FFO/NIBD definition was changed to include adjustment of 'Dividends paid to minority interests' in FFO to better align with rating agencies. Comparison numbers for 2024 have been restated.

'Dividends paid to minority interests' in FFO to better align with rating agencies. Comparison numbers for 2024 have been restated.

ESG results

Renewable share of energy generation

The renewable share of energy generation was 99 % in H1 2025, a 2 percentage point increase compared to H1 2024. The increase was mainly driven by the stop of coal-based generation in H2 2024 and lower natural gasbased generation at our CHP plants. We remain on track to reach our target of 99 % share of renewable energy for the full year 2025.

Greenhouse gas emissions

Our gas emissions from own operations (scope 1) decreased by 72 % in H1 2025 compared to H1 2024. The decrease was driven by the cessation of coal-based generation in H2 2024 and lower natural gas-based generation compared to H1 2024. Our scope 1 and 2 greenhouse gas intensity decreased to 4 g CO2e/ kWh in H1 2025 compared to 15 g CO2e/kWh in H1 2024, due to the decrease in scope 1 emissions (numerator) being slightly offset by a lower total heat and power generation (denominator). We remain on track to reach our target of 10 g CO2e/kWh for the scope 1 and 2 intensity for the full year 2025.

Greenhouse gas emissions from our supply chain and sales activities (scope 3) were 21 % lower in H1 2025 than in H1 2024, mainly due to 89 % lower scope 3 emissions from capital goods due to lower commissioned new capacity. This was partly offset by an increase in scope 3 from use of sold products (category 11). Our scope 1-3 greenhouse gas intensity decreased by 63 % to 52 g CO2e/ kWh in H1 2025 compared to 140 g CO2e/ kWh in H1 2024.

Safety

There were two tragic fatalities among our contractor employees at the Plum Creek Onshore Wind Farm in Q1 2025. In H1 2025, we had 47 total recordable injuries (TRIs), of which 37 injuries were related to contractors' employees. This was an increase in TRIs of 57 % from H1 2024 to H1 2025, which can partly be explained by a 22 % increase in hours worked, primarily due to increased contractor hours. Our total recordable injury rate (TRIR) increased by 29 % from 2.1 in H1 2024 to 2.7 in H1 2025. Consequently, our 'Quality, Health, Safety & Environment' team (QHSE) has initiated a programme called 'Boost QHSE' with increased focus on training, awareness, and management focus, aiming to lower the incident rate again.

Results Q2

EBITDA

Operating profit (EBITDA) for Q2 2025 amounted to DKK 6.6 billion, DKK 0.1 billion higher than in Q2 2024. Adjusted for new partnerships and cancellation fees, EBITDA increased by DKK 0.1 billion (1 %) to DKK 5.3 billion.

Earnings from Offshore sites amounted to DKK 4.8 billion, an increase of DKK 0.4 billion compared to Q2 2024. The increase was driven by ramp-up of generation from Gode Wind 3, and compensation related to Borkum Riffgrund 3, higher availability, and higher revenue from CfDs, ROCs, and green certificates. This was partly offset by lower wind speeds (DKK 0.5 billion).

EBITDA from existing partnerships increased by

DKK 0.1 billion and amounted to DKK 0.1 billion

in Q2 2025.

EBITDA from Onshore amounted to DKK 1.2 billion, DKK 0.2 billion higher than in Q1 2024. The increase was due to ramp-up of generation at Mockingbird and Eleven Mile Solar Center as well as sale of components. This was only partly offset by lower availability and lower wind speeds.

EBITDA from our CHP plants amounted to DKK 0.2 billion in Q2 2025, DKK 0.1 billion higher than in Q2 2024. The increase was mainly due to higher prices and spreads.

EBITDA from our gas business totalled DKK 0.1 billion in Q2 2025, DKK 0.1 billion higher than in Q2 2024. The increase was mainly driven by ramp-up of volumes from our offtake contract

Fin cia l re sul DK Km ts, an	Q2 20 25	Q2 20 24	%
Rev enu e	17 13 5 ,	15 02 3 ,	14 %

A EB ITD	64 4 6,	0 6, 57	1 %
- N hip rtn ew pa ers s	2, 83 6	-	n.a
- C cel lat ion fe an es	( 1, 53 1)	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, 33 9	5, 27 0	1 %
De cia tio nd isa tio ort pre n a am n	( 2, 43 5)	( 2, 68 3)	( 9 % )
Imp air ( los s) /re l nt me ve rsa	( 20 )	( 3, 91 3)	( 99 %)
Op tin rof it ( los s) ( EB IT) era g p	4, 18 9	( 26 )	n.a
Ga in ( los s) o n d of ive stm ent ter ise en pr s	12 4	( 7)	n.a
Fin cia l ite t an ms , ne	( 33 1)	( 55 2)	( 40 %)
Pro fit ( los s) bef ta ore x	3, 98 9	( 57 5)	n.a
Ta x	( 63 8)	( 1, 10 3)	( 42 %)
Ta te x ra	16 %	( 19 2 % )	20 8 % p
fit for Pro ( los s) th erio d e p	3, 35 1	8) ( 1, 67	n.a

with DUC due to ramp-up of production from the Tyra field.

Impairments

Impairment losses in Q2 2025 amounted to DKK 0.0 billion. The contributors to the net zero impairment loss in the quarter were the decision to discontinue the Hornsea 4 project in its current form (DKK 0.5 billion), which was offset by a positive development on our US onshore assets from increasing long-term prices. See note 4 'Impairments' for more information

Cash flows from operating activities

Cash flows from operating activities totalled DKK 7.2 billion in Q2 2025 compared to DKK 6.1 billion in Q2 2024 with positive year-overyear contributions from change in provisions,

construction contracts, and other net working capital. This was partly offset by reversal of the gain related to the farm-down of West of Duddon Sands, lower change in variation margin, and change in tax equity.

In Q2 2025, the positive impact from provisions and other items was mainly related to a reversal of the non-cash impact on EBITDA from cancellation fees, whereas we had a net cash outflow of DKK 1.7 billion from payments regarding the provisions made for cancellation fees regarding Ocean Wind 1 in Q2 2024.

In Q2 2025, the net increase in variation margin payments on unrealised hedges ('Change in variation margin') and initial margin payments at clearing houses (part of 'Change in

EBITDA excluding new partnerships and cancellation fees, DKKbn

other working capital') was DKK 0.2 billion, whereas we released DKK 0.9 billion in Q2 2024:

the variation margin payments were a cash outflow of DKK 0.1 billion vs a cash inflow of DKK 1.1 billion in Q2 2024.
the initial margin payments were a cash outflow of DKK 0.1 billion vs a cash outflow of DKK 0.2 billion in Q2 2024.

In Q2 2025, we had a net cash inflow from work in progress of DKK 1.6 billion, mainly related to the receipt of a milestone payment at Greater Changhua 4, partly offset by construction related to the offshore transmission assets at Hornsea 3. In Q2 2024, we had a cash outflow 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 for Borkum Riffgrund 3.

In Q2 2025, we did not receive tax equity contributions, whereas we received tax equity contributions for Eleven Mile in Q2 2024. In both periods, 'Change in tax equity' included a reversal of the non-cash recognition of tax credits and benefits through EBITDA.

'Change in other working capital' was mainly related to seasonal changes in net account receivables and payables.

Ca flo sh nd net de bt, DK Km w a	Q2 20 25	Q2 20 24	%
Ca sh flo fro ing tiv itie rat ws m o pe ac s	7, 18 6	6, 08 1	18 %
EB ITD A	6, 64 4	6, 57 0	1 %
Re l of in ( los s) o n d ive f a stm ent ts ve rsa ga s o sse	( 3, 07 8)	( 49 )	n.a
Ch in d eriv ati cl. riat ion in an ge ves , ex va m arg	( 90 )	( 77 8)	( 88 %)
Ch in v ari ati in an ge on ma rg	( 10 8)	1, 12 6	n.a
Ch in p isio d o the r it an ge rov ns an em s	1, 18 4	( 2, 61 1)	n.a
Int st e t ere xpe nse , ne	( 38 3)	( 45 6)	( 16 %)
Pa id t ax	( 65 4)	( 84 5)	( 23 %)
Ch in w ork in an ge pro gre ss	1, 62 6	( 45 2)	n.a
Ch in t uity er l iab iliti rtn an ge ax eq pa es	70 9) (	2, 14 7	n.a
Ch the ork l in o ing ita an ge r w ca p	2, 75 4	1, 42 9	93 %
Gro ss i stm ent nve s	( 11 15 4) ,	( 8, 29 2)	35 %
Div est nts me	4, 25 8	2, 99 3	42 %
Fre ash flo e c w	29 0	78 2	( 63 %)
Ne t in -be ari de bt, beg inn ing of riod ter est ng pe	68 44 9 ,	49 86 4 ,	37 %
flo Fre ash e c w	29 0) (	78 2) (	%) ( 63
Div ide nds d h brid aid an y co upo n p	33 6	45	64 7 %
Ad dit of lea ob liga ion tio net se ns,	( 11 )	11 8	n.a
Exc ha adj te ust nts , et nge ra me c.	( 1, 34 7)	12 1	n.a
Ne t in ari f p eri ter est -be de bt, d o od ng en	67 13 7 ,	49 36 6 ,	% 36

Offshore

Financial results for Q2 2025

Power generation decreased by 1 % to 3.6 TWh in Q2 2025. The decrease was due to significantly lower wind speeds in April. This was partly offset by the ramp-up of generation at Borkum Riffgrund 3, leading to a 6 % increase in generation capacity, as well as outages at Hornsea 1 and 2 in Q2 2024 not being repeated in Q2 2025.

Wind speeds amounted to a portfolio average of 8.5 m/s, which was significantly lower than in Q2 2024 (9.0 m/s) and lower than the normal wind speeds expected in the second quarter (8.6 m/s).

Availability was 90 %, which was 7 percentage points higher than in the same period last year due to more outages in Q2 2024 than in Q2 2025.

Revenue was DKK 1.8 billion higher than in Q2 2024 and amounted to DKK 13.4 billion.

Revenue from offshore wind farms in operation increased by 11 % to DKK 5.9 billion, mainly driven by increased revenue from CfD contracts, ROCs, and green certificates, which was only partly offset by lower generation. Revenue from power sales increased by DKK 1.4 billion to DKK 5.1 billion due to higher power prices. Revenue from construction agreements mainly related to the construction of Greater Changhua 4 for partners.

EBITDA increased by DKK 0.1 billion and amounted to DKK 5.3 billion.

EBITDA from 'Sites, O&M, and PPAs' increased by DKK 0.4 billion and amounted to DKK 4.8 billion in Q2 2025. The increase was driven by the ramp-up of generation from Gode Wind 3, compensations for grid delay at Borkum Riffgrund 3, higher availability, and higher revenue from CfDs, ROCs, and green certificates. This was partly offset by lower wind speeds (DKK 0.5 billion).

EBITDA from 'Construction agreements and divestment gains' amounted to DKK 2.9 billion in Q2 2025 and was mainly related to the farm-down of West of Duddon Sands.

EBITDA from cancellation fees amounted to a net loss of DKK 1.5 billion in Q2 2025. As expected, the decision to discontinue Hornsea 4 in its current form resulted in a negative EBITDA impact of DKK 2.9 billion. DKK 1.5 billion of the DKK 2.9 billion were related to the cables from the Ocean Wind 1 project that were to be reused at Hornsea 4. This was partly offset by a positive impact from Ocean Wind 1 of DKK 1.3 billion following various settlements of contracts.

EBITDA from 'Other incl. project development' was DKK 0.4 billion more negative than in Q2 2024, of which DKK 0.2 billion related to cost reallocations, which had no impact on the total EBITDA for Offshore.

Re sul ts		Q2 20 25 Q2 20 24		%	202 20 24 H1 5 H1		%
Bu sin dr ive ess rs
'ed De cid ed ( FID ) an d in lled city sta ca pa	GW	18 .3	16 .8	9 %	18 .3	16 .8	9 %
Ins tal led city ca pa	GW	10 .2	9.8	4 %	10 .2	9.8	4 %
Ge ati aci ty ner on cap	GW	5.4	5.1	6 %	5.4	5.1	6 %
Wi nd ed spe	m/ s	8.5	9.0	( 6 % )	9.4	10 .2	( 8 % )
Loa d f act or	%	31	33	( 2 % ) p	39	43	( 4 % ) p
Av aila bili ty	%	90	83	7 % p	92	84	8 % p
Po rat ion we r g ene	GW h	64 3, 6	3, 66 7	1 % ( )	9, 11 6	9, 33 7	2 % ( )
D ark enm		34 5	41 8	( 17 %)	91 0	1, 10 8	( 18 %)
U nit ed Kin do g m		2, 10 0	2, 02 9	4 %	5, 11 9	5, 17 1	( 1 % )
G erm any		41 7	43 4	( 4 % )	1, 04 0	1, 18 7	( 12 %)
T he Ne the rla nds		27 0	26 9	0 %	54 6	71 3	( 23 %)
A PA C		41 3	44 7	8 % ( )	29 1, 3	02 1, 7	26 %
T he US		10 1	70	44 %	20 9	13 1	59 %
Po les we r sa	GW h	3, 68 6	3, 85 4	( 4 % )	8, 50 2	10 11 8 ,	( 16 %)
Pow ice LEB A U K er pr ,	GB P/M Wh	90	79	15 %	11 0	78	41 %
Bri tish und po	DK K/G BP	8.8	8.7	0 %	8.9	8.7	1 %
Fin cia l pe rfo an rm an ce
Re ve nue	DK Km	13 37 1 ,	11 52 6 ,	16 %	28 00 8 ,	25 51 7 ,	10 %
S ite O& M, d P PA s, an s		5, 91 4	5, 33 9	11 %	13 54 9 ,	12 71 2 ,	7 %
P ale ow er s s		5, 12 2	3, 68 0	39 %	10 59 6 ,	9, 26 2	14 %
C str uct ion nts on ag ree me		2, 16 7	2, 29 2	( 5 % )	3, 60 6	3, 10 1	16 %
O the r		16 8	21 5	( 22 %)	25 7	44 2	( 42 %)
EB ITD A1	DK Km	5, 30 1	5, 21 8	2 %	11 61 1 ,	11 30 1 ,	3 %
S ite O& M, d P PA s, an s		4, 81 4	4, 40 0	9 %	12 46 9 ,	11 32 8 ,	10 %
C ion d d ive str uct nts stm on ag ree me an	ins ent ga	2, 90 1	6	n.a	2, 82 4	27 ( 7)	n.a
C cel lat fe ion an es		( 1, 53 1)	1, 30 0	n.a	( 1, 53 1)	1, 30 0	n.a
O the r in cl. jec t d lop nt pro eve me		( 88 3)	( 48 8)	81 %	( 2, 15 1)	( 1, 05 0)	10 5 %
De cia tio pre n	DK Km	( 1, 68 8)	( 1, 80 9)	( 7 % )	( 3, 46 4)	( 3, 53 1)	( 2 % )
Imp air los nt me ses	DK Km	( 50 0)	( 4, 14 9)	( 88 %)	( 72 4)	( 3, 08 6)	( 77 %)
EB IT	DK Km	3, 11 3	74 0) (	n.a	42 7, 3	4, 68 4	58 %
Ca sh flo w f tin ctiv itie rom op era g a s	DK Km	6, 37 0	1, 96 6	22 4 %	1, 49 6	2, 80 1	( 47 %)
Gro ss i stm ent nve s	DK Km	( 9, 48 9)	( 6, 12 8)	55 %	( 21 22 5) ,	( 11 11 7) ,	91 %
Div est nts me	DK Km	3, 82 2	( 7)	n.a	3, 92 7	( 80 9)	n.a
Fre ash flo e c w	DK Km	70 3	( 4, 16 9)	n.a	( 15 80 2) ,	( 9, 12 5)	73 %
Ca l em loy ed ita p p	DK Km	1 19 06 3 ,	94 61 0 ,	26 %	11 9, 06 3	94 61 0 ,	26 %

1 At the end of 2024, we reallocated indirect costs from 'Sites' to 'Other incl. project development' with a total effect of DKK 0.9 billion. The effect in Q2 2025 was DKK 0.2 billion.

Onshore

Financial results for Q2 2025

Power generation decreased by 4 % compared to Q2 2024 and amounted to 4.0 TWh. The decrease was due to lower wind speeds, lower availability due to scheduled maintenance at several of our onshore wind farms in the US, and lower generation due to the 50 % farmdowns of Mockingbird in Q4 2024 and Sparta Solar and Eleven Mile in Q1 2025. This was only partly offset by ramp-up of generation at Mockingbird and Eleven Mile. In Q2 2025, the wind speeds across the portfolio were 7.2 m/s, below both Q2 2024 and a normal wind year (7.5 m/s).

Revenue was DKK 0.1 billion lower than in Q2 2024 and amounted to DKK 0.6 billion. The decrease was mainly due to the lower generation.

EBITDA increased by DKK 0.2 billion and amounted to DKK 1.2 billion.

EBITDA from 'Sites' amounted to DKK 1.1 billion in Q2 2025, which was DKK 0.1 billion lower than in the same period last year. The decrease was mainly due to the above-mentioned lower availability and wind speeds. This was only partly offset by ramp-up of new generation assets.

EBITDA from 'Other incl. project development' was positive and amounted to DKK 0.1 billion, mainly due to sale of components (mainly high -voltage breakers and main power transformers) during Q2 2025.

Re sul ts		Q2 20 25 Q2 20 24		%	202 1 2 02 4 H1 5 H		%
Bu sin dr ive ess rs
'ed De cid ed ( FID ) an d in lled city sta ca pa	GW	7.0	6.4	10 %	7.0	6.4	10 %
Ins tal led city ca pa	GW	6.2	5.6	11 %	6.2	5.6	11 %
Wi nd ed spe	m/ s	7.2	7.4	( 3 % )	7.6	7.6	( 0 % )
d f Loa win d act or,	%	36	41	( 5 % ) p	40	41	( 1 % ) p
Loa d f sol PV act or, ar	%	30	29	1 % p	25	24	1 % p
Av aila bili win d ty,	%	88	92	( 4 % ) p	91	91	0 % p
Av aila bili sol PV ty, ar	%	91	97	( 6 % ) p	94	97	( 3 % ) p
Po rat ion we r g ene	GW h	4, 00 2	4, 18 7	4 % ( )	8, 29 6	95 9 7,	4 %
U S, w ind		2, 74 6	3, 06 4	( 10 %)	5, 95 4	6, 06 6	( 2 % )
U S, s ola r PV		1, 03 4	90 6	14 %	1, 80 1	1, 30 5	38 %
E uro pe		22 2	21 7	2 %	54 1	58 8	( 8 % )
US do lla r	DK K/U SD	6.6	6.9	( 5 % )	6.8	6.9	( 1 % )
Fin cia l pe rfo an rm an ce
Re ve nue	DK Km	60 4	66 0	( 8 % )	1, 45 0	1, 36 5	6 %
A EB ITD	DK Km	1, 19 7	99 5	20 %	2, 68 7	1, 81 1	48 %
S ite inc l. ta red its s, x c		1, 10 4	1, 17 5	( 6 % )	2, 52 0	2, 22 1	13 %
D ive ins stm ent ga		-	-	n.a	30 4	-	n.a
O the cl. t d lop r in jec nt pro eve me		93	( 18 0)	n.a	( 13 7)	( 41 0)	( 67 %)
De cia tio pre n	DK Km	2) ( 51	64 ( 1)	20 %) (	05 8) ( 1,	10 8) ( 1,	5 % ( )
Imp los air nt me ses	DK Km	48 0	23 6	10 3 %	97 6	( 66 )	n.a
EB IT	DK Km	1, 16 5	59 0	97 %	2, 60 5	63 7	30 9 %
Ca sh flo w f tin ctiv itie rom op era g a s	DK Km	( 47 )	2, 57 8	n.a	32 2	2, 94 4	( 89 %)
Gro ss i stm ent nve s	DK Km	( 1, 24 0)	( 1, 69 0)	( 27 %)	( 2, 65 1)	( 3, 81 8)	( 31 %)
Div est nts me	DK Km	43 4	3, 04 3	( 86 %)	3, 31 7	3, 10 7	7 %
flo Fre ash e c w	DK Km	85 ( 3)	93 3, 1	n.a	98 8	2, 23 3	%) ( 56
Ca ita l em loy ed p p	DK Km	78 8 37 ,	34 02 2 ,	% 11	78 8 37 ,	34 02 2 ,	% 11

Bioenergy & Other

Financial results for Q2 2025

Heat generation decreased by 24 % in Q2 2025, mainly due to the shut-down of our coalfired CHPs in Q3 2024, whereas power generation decreased by 41 % compared to Q2 2024.

Gas sales increased by 43 %, driven by our offtake contract with DUC due to ramp-up of production from the Tyra field (not owned by Ørsted).

EBITDA amounted to DKK 0.1 billion compared to DKK 0.0 billion in Q2 2024.

EBITDA from 'CHP plants' was DKK 0.2 billion, DKK 0.1 billion higher than in Q2 2024. This was mainly due to higher achieved prices in the quarter and heat settlements, which was partly offset by a contractual compensation received in Q2 2024 from Energinet for keeping three of our power stations operational until August 2024.

EBITDA from 'Gas Markets & Infrastructure' increased by DKK 0.1 billion to DKK 0.1 billion in Q2 2025. The increase was mainly driven by ramp-up of volumes from our offtake contract with DUC due to ramp-up of production from the Tyra field as mentioned above.

EBITDA from 'Other incl. project development' was DKK -0.2 billion, DKK 0.1 billion more negative than in Q2 2024.

Re sul ts		Q2 20 25	Q2 20 24	%	H1 202	5 H 1 2 02 4	%
Bu sin dr ive ess rs
De e d gre ays	Nu mb er	41 8	36 0	16 %	1, 59 9	1, 56 0	3 %
He ati at ge ner on	GW h	70 7	93 5	( 24 %)	3, 93 1	4, 22 0	( 7 % )
Po ion rat we r g ene	GW h	47 7	80 5	( 41 %)	1, 95 7	2, 29 0	( 15 %)
Ga les s sa	GW h	5, 79 8	4, 05 1	43 %	11 07 8 ,	9, 21 7	20 %
Po les we r sa	GW h	58 5	58 1	1 %	1, 21 7	1, 21 4	0 %
Ga rice TT F s p ,	R/M EU Wh	.4 35	31 .5	12 %	41 .2	29 .5	40 %
Pow ice DK er pr ,	EU R/M Wh	65 .6	61 .1	7 %	82 .5	63 .0	31 %
Wo od llet d, DK pe sp rea	EU R/M Wh	7.4	5.2	43 %	5.5	4.4	25 %
Fin cia l pe rfo an rm an ce
Re ve nue	DK Km	3, 33 3	3, 00 5	11 %	8, 68 0	7, 59 1	14 %
EB ITD A	DK Km	78	( 36 )	n.a	83 5	39 8	11 0 %
C HP lan ts p		19 6	77	15 5 %	93 0	66 4	40 %
G Ma rke ts & Inf tru ctu as ras re		68	( 42 )	n.a	27 8	( 12 1)	n.a
O the inc l. p roje dev elo ct ent r, pm		( 18 6)	( 71 )	16 2 %	( 37 3)	( 14 5)	15 7 %
De cia tio pre n	DK Km	( 16 3)	( 16 4)	( 1 % )	( 32 7)	( 32 9)	( 1 % )
EB IT	DK Km	( 85 )	( 20 0)	( 58 %)	50 8	69	63 6 %
Ca sh flo w f tin ctiv itie rom op era g a s	DK Km	25 9	28 1	( 8 % )	1, 20 9	3, 31 9	( 64 %)
Gro ss i stm ent nve s	DK Km	( 39 5)	( 42 5)	( 7 % )	( 1, 04 0)	( 91 4)	14 %
Div est nts me	DK Km	-	-	n.a	-	-	n.a
Fre ash flo e c w	DK Km	( 13 6)	( 14 4)	( 6 % )	16 9	2, 40 4	( 93 %)
Ca ita l em loy ed p p	DK Km	5, 98 4	2, 55 1	13 5 %	5, 98 4	2, 55 1	13 5 %

Performance highlights

Fin cia ls, DK Km an	H1 20 25	H1 20 24	20 24
Inc tat ent om e s em
Re ve nue	37, 84 0	34 191 ,	71, 03 4
EB ITD A	15, 515	14, 05 8	31, 959
Off sho re	11, 611	11, 30 1	26, 47 0
S O& M, d P PA ite s, an s	12, 46 9	11, 328	23, 819
C ion d d ive ins str uct nts stm ent on ag ree me an ga	2, 824	277 ( )	06 ( 1, 5)
C cel lat ion fe an es	( 1, 531 )	1, 30 0	7, 335
O the inc l. p roje dev elo ct ent r, pm	( 2, 151 )	( 1, 05 0)	( 3, 619 )
On sho re	2, 68 7	1, 811	3, 86 3
Bio & Ot her ene rgy	835	39 8	1, 08 2
Ot her tiv itie s/e lim ina tio ac ns	38 2	54 8	54 4
De nd cia tio ort isa tio pre n a am n	( 4, 99 0)	( 5, 106 )	( 10, 225 )
Imp air nt me	252	( 3, 152 )	( 15, 563 )
Op rof tin it ( los s) ( EB IT) era g p	10, 777	80 0 5,	6, 171
Ga in ( los s) o n d ive of ise stm ent ter en pr s	211	( 59)	( 11)
Ne t fi nci al i d e na nco me an xpe nse s	( 1, 89 8)	( 1, 89 9)	( 3, 591 )
Pro fit ( los s) bef ta ore x	9, 108	3, 85 9	2, 60 6
Ta x	( 87 0)	( 2, 928 )	( 2, 59 0)
Pro fit ( los s) for th erio d e p	8, 238	931	16
Ba lan ce
As set s	285 112	2 86, 00 2	298 78 6
Equ ity	, 97, 419	83, 36 8	, 93, 48 4
Sha reh old in Ørs ted A/ S ers	67, 08 8	56, 44 6	62, 138
Hy brid ita l ca p	20 955	22, 792	20 955
No rol ling ont int sts n-c ere	, 9, 376	4, 130	, 10, 39 1
Int bea ring t d ebt st- ere ne	67, 137	49 36 6 ,	58, 02 7
Ca ita l em loy ed p p	164 557 ,	1 32, 734	151 511 ,
Ad dit ion lan nd uip s to ert t, a nt pr op y, p eq me	25, 76 9	16, 49 9	46 98 5
			,
Ca sh flo w
Ca sh flo w f tin ctiv itie rom op era g a s	7, 820	9, 68 9	18, 356
Gro ss i stm ent nve s	24, 953 ( )	914 ( 15, )	42, 80 8) (
Div est nts me	7, 24 5	2, 255	15, 68 0
Fre ash flo e c w	( 9, 88 8)	( 3, 970 )	( 8, 772 )
Fin cia l ra tio an s
Re ita l em loy ed ( RO CE ) 1, % tur n o n c ap p	7.5	( 12.4 )	4.5
FFO /ad jus ted int bea ring t d ebt 2, % st- ere ne	15.6	22. 0	12.7
Nu mb f o din ha d o f p d, '00 0 uts tan erio er o g s res , en	42 0, 38 1	42 0, 38 1	42 0, 38 1
Sha f p rice d o erio d, DK K re p , en	272	371	324
Ma rke ita lisa tio nd of riod DK K b illio t c ap n, e pe n ,	114	156	136
Ear nin r sh ( EPS ), DK K gs pe are	17.9	1.6	( 2.2 )

Bu sin dr ive ess rs	H1 20 25	H1 20 24	20 24
Of fsh ore
'ed De cid ed ( FID ) an d in lled city GW sta ca pa	18.3	16.8	16.8
, GW Ins tal led city ca pa	10. 2	9.8	9.9
, Ge GW ati aci ty, ner on cap	5.4	5.1	5.3
Wi nd ed, m/ spe s	9.4	10. 2	10. 0
Loa d f % act or,	39	43	42
Av aila bili % ty,	92	84	88
Po ion GW h rat we r g ene	9, 116	9, 337	18, 599
, Po les GW h we r sa ,	8, 50 2	10, 118	19, 96 7
On sho re
'ed GW De cid ed ( FID ) an d in lled city sta ca pa ,	7.0	6.4	7.0
Ins tal led GW city ca pa ,	6.2	5.6	6.2
Wi nd ed, m/ spe s	7.6	7.6	7.2
Loa d f win d, % act or,	40	41	37
d f % Loa act sol PV or, ar ,	25	24	25
Av aila bili win d, % ty,	91	91	90
Av aila bili sol PV % ty, ar ,	94	97	98
Po ion GW h rat we r g ene ,	8, 296	7, 959	15, 315
Bio & Ot her ene rgy
De e d mb gre ays , nu er	1, 599	1, 56 0	2, 48 5
He ati GW h at ge ner on,	3, 931	4, 220	6, 919
Po ion GW h rat we r g ene ,	957 1,	2, 290	4, 522
GW Po les h we r sa ,	1, 217	214 1,	2, 42 6
Ga les GW h s sa ,	11, 07 8	9, 217	17, 372
Sus tai bili ty sta tem ent na s
Em loy ( FTE ), e nd of riod mb p ees pe nu er	8, 20 3	8, 411	8, 278
To tal da ble inj ( TR IR), YT D te re cor ury ra	2.7	2.1	2.7
Fat alit ies, mb nu er	2	0	0
Re ab le sha f e ati % new re o ner gy ge ner on,	99	97	97
GH G e mis sio n (s 1 & 2), Mt co pe on nes	0.1	0.4	0.7
GH G i (sc e 1 & 2 ), g CO /kW h nte nsi ty op 2e	4	15	16
GH G i nsi (sc e 1 -3), CO /kW h (e xcl al g nte ty tur op g 2e . na as
sal es)	52	140	127
GH G e (sc e 3 ), Mt mis sio ns op on nes	4.0	5.1	9.0

1 EBIT last 12 months.

2 FFO last 12 months. As of January 2025, we have included 'Dividends paid to minority interests' in Funds from operations'. Comparative figures for 2024 are restated.

Quarterly overview

	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Fin cia ls, DK Km an	202 5	202 5	202 4	202 4	202 4	202 4	202 3	202 3
Inc tat ent om e s em
Re ve nue	17,1 35	20, 705	21,0 77	15,7 66	15,0 23	19,1 68	21,5 30	17,4 41
EB ITD A	6,6 44	8,8 71	8,3 53	9,5 48	6,5 70	7,4 88	(68 6)	9,17 3
Off sho re	5,3 01	6,3 10	6,6 39	8,5 30	5,2 18	6,0 83	(2,6 11)	8,0 37
Sit O& M, PA d P es, an s	4,8 14	7,6 55	8,5 33	3,9 58	4,4 00	6,9 28	7,16 4	4,0 50
Co tio nd nst ent ruc n a gre em s a
div ins est nt me ga	2,9 01	(77 )	(89 4)	106	6	(28 3)	676	4,2 45
Ca llat ion fe nce es	(1,5 31)	-	926	5,10 9	1,30 0	-	(9,6 21)	-
Ot her inc l. p roj de lop ect nt ve me ,	(88 3)	(1,2 68)	(1,9 26)	(64 3)	(48 8)	(56 2)	(83 0)	(25 8)
On sho re	1,19 7	1,49 0	1,06 1	991	995	816	525	819
Bio & Ot her ene rgy	78	757	869	(185 )	(36 )	434	1,43 4	155
Ot her tiv itie s/e lim ina tio ac ns	68	314	(216 )	212	393	155	(34 )	162
De cia tio nd isa tio ort pre n a am n	(2,4 35)	2,5 ( 55)	(2,5 71)	(2,5 48)	(2,6 83)	(2,4 23)	(2,3 66)	2,5 ( 37)
Imp air nt me	(20 )	272	( 12,1 27)	(28 4)	(3,9 13)	761	1,64 7 (	28, 422 )
Op tin rof it ( los s) ( EB IT) era g p	4,18 9	6,5 88	(6,3 45)	6,7 16	(26 )	5,8 26	(1,4 05)	(2 1,78 6)
Ga in ( los s) o n d of ive stm ent ter ise en pr s	124	87	34	14	(7)	(52 )	(44 )	(50 )
Ne t fi nci al i d e na nco me an xpe nse s	(33 1)	(1,5 67)	(45 7)	(1,2 35)	(55 2)	(1,3 47)	2,0 01	(128 )
Pro fit ( los s) bef ta ore x	3,9 89	9 5,11	(6,7 61)	08 5,5	(57 5)	4,4 34	557	(2 1,95 5)
Ta x	(63 8)	(23 2)	677	(33 9)	(1,10 3)	(1,8 25)	(84 1)	(60 7)
fit for Pro ( los s) th erio d e p	3,3 51	4,8 87	(6,0 84)	5,16 9	(1,6 78)	2,6 09	(28 4)	(22 ,56 2)
Ba lan she et ce
As set s	285 ,112	28 7,2 87	298 ,78 6	290 ,34	1 2 86, 00 2 2	90, 383	2 81,1 36	286 ,78 2
Equ ity	97, 419	9 6,6 77	93, 484	91,1 27	83, 368	83, 325	77, 791	7 8,3 61
Sha reh old in Ørs ted A/ S ers	67, 088	6 5,6 65	62, 138	65, 987	5 6,4 46	58, 709	56, 782	5 7,3 04
Hy brid l ita ca p	20, 955	2 0,9 55	20, 955	2 0,9 55	22, 792	22, 792	19,1 03	19,1 03
No rol ling int ont sts n-c ere	9,3 76	10,0 57	10,3 91	4,18 5	4,13 0	1,82 4	1,90 6	1,95 4
Int bea ring t d ebt st- ere ne	67, 137	8,4 49 6	58, 027	62, 817	9,3 4 66	49, 864	379 47,	2,8 92 4
Ca ita l em loy ed p p	164 ,55 7	165 ,126	151 ,511	15 3,9 44	132 ,73 4	133 ,189	1 25, 170	1 21,2 53
Ad dit ion lan ipm s to ert t, e ent pr op y, p qu	11,5 54	14,2 15	19,1 11	11,3 75	8,4 79	8,0 20	12,0 64	10,9 88

Ca sh flo w
Ca sh flo w f tin ctiv itie rom op era g a s	7,18 6	634	10,3 06	(1,6 39)	6,0 81	3,6 08	6,17 0	9,7 96
Gro ss i stm ent nve s	(11,1 54)	(1 3,7 99)	(17, 114 )	(9,7 80)	(8,2 92)	(7,6 22)	(1 3,0 39)	(9 ,20 4)
Div est nts me	4,2 58	2,9 87	13,3 17	108	2,9 93	(73 8)	1,86 1	1,73 5
Fre ash flo e c w	290	(1 0,17 8)	6,5 09	(11,3 11)	782	(4,7 52)	( 5,0 08)	2,3 27
Fin cia l ra tio an s
Re ita l em loy ed ( RO CE ) 1, % tur n o n c ap p	7.5	4.6	4.5	8.1	(12. 4)	(12. 2)	(14. 2)	(13. 7)
FFO /ad ted bea t d ebt 2, % jus int st- ring ere ne	15.6	13.7	12.7	12.1	22. 0	18.0	28. 6	20. 9
Nu f ou f pe '00 0 mb tsta ndin har nd o riod 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	272	301	324	445	371	384	374	385
Ma rke ital isat ion, d o f pe riod DK K b illio t ca p en n ,	114	127	136	187	156	162	157	162
Ear r sh ( EPS ), DK K nin gs pe are	7.3	10.6	(15. 8)	12.0	(4.1 )	5.7	(1.6 )	(53 .8)

Bu sin dr ive ess rs	Q2 202 5	Q1 202 5	Q4 202 4	Q3 202 4	Q2 202 4	Q1 202 4	Q4 202 3	Q3 202 3
Of fsh ore
'ed De cid ed ( FID ) an d in lled city GW sta ca pa ,	18 .3	18.3	16.8	16.8	16.8	16.5	15.5	12.0
Ins tal led city GW ca pa ,	10 .2	10. 2	9.9	9.9	9.8	9.8	8.9	8.9
Ge GW ati aci ty, ner on cap	5.4	5.5	5.3	5.2	5.1	5.1	5.0	5.0
Wi nd ed, m/ spe s	8.5	10. 4	11.1	8.4	9.0	11.4	11.5	8.6
Loa d f % act or,	31	47	51	31	33	52	56	33
Av aila bili % ty,	90	94	94	89	83	85	92	93
Po GW h rat ion we r g ene ,	3, 64 6	5, 47 0	5, 74 0	3, 522	3, 66 7	5, 67 0	6, 011	3 54 4 ,
GW Po les h we r sa ,	3, 68 6	4, 816	5, 839	4 010 ,	3, 854	6, 264	6, 24 4	3, 94 8
On sho re
De cid ed ( FID 'ed ) an d in lled city GW sta ca pa ,	7.0	7.0	7.0	6.4	6.4	6.4	6.4	6.2
Ins tal led city GW ca pa ,	6.2	6.2	6.2	5.7	5.6	4.8	4.8	4.8
Wi nd ed, m/ spe s	7.2	8.0	7.5	6.2	7.4	7.9	7.6	6.2
Loa d f win d, % act or,	36	44	40	26	41	42	36	27
Loa d f sol PV % act or, ar ,	30	21	20	31	29	18	17	32
Av aila bili win d, % ty,	88	91	90	87	92	89	85	85
Av aila bili sol PV % ty, ar ,	91	98	98	97	97	98	98	98
Po ion GW h rat we r g ene ,	4, 00 2	4, 294	4, 08 6	3, 270	4, 187	3, 772	3, 376	2, 927
Bio & Ot her ene rgy
De e d mb gre ays , nu er	418	1, 181	84 6	79	36 0	1, 20 0	96 6	53
He ati GW h at ge ner on,	70 7	3, 224	2, 36 7	332	935	3, 285	2, 38 5	234
Po ion GW h rat we r g ene ,	47 7	1, 48 0	1, 42 8	80 5	80 5	1, 48 4	1, 04 2	78 1
Po les GW h we r sa ,	58 5	632	635	577	58 1	633	628	56 6
Ga GW les h s sa ,	5, 798	5, 28 0	4, 016	4, 138	4, 05 1	5, 167	3, 04 1	5, 355
Sus tai bili ty sta tem ent na s
Em loy ( FTE ) en d o f p d, n be erio p ees um r	8, 20 3	8, 251	8, 278	8 377	8, 411	8 70 6	8, 90 5	8, 90 6
To tal da ble ( TR IR), YT D inj te re cor ury ra	2.7	1.9	2.7	, 2.3	2.1	, 2.9	2.8	2.9
Fat alit mb ies, nu er	0	2	0	0	0	0	0	0
Re ab le s har f e % ati new e o ner gy ge ner on,	100	99	99	96	97	97	95	94
GH G e (sc e 1 & 2 ), Mt mis sio ns op on nes	0.0	0.1	0.1	0.3	0.2	0.2	0.4	0.3
GH G i (sc e 1 & 2 ), g CO 2e/ kW h nte nsi ty op	4	4	5	40	16	14	25	46
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	50	53	65	194	262	57	62	94
GH G e Mt mis sio (sc e 3 ), ns op on nes	2.1	1.9	1.7	2.2	3.3	1.8	1.2	1.6

1 EBIT last 12 months.

2 FFO last 12 months. As of January 2025, we have included 'Dividends paid to minority interests' in Funds from operations'. Comparative figures for 2024 are restated.

Consolidated financial statements

First half year 2025

1 January – 30 June

Management's review

Consolidated statement of income

1 January – 30 June

Note	Income statement DKKm	H1 2025	H1 2024
3	Revenue	37,840	34,191
	Cost of sales	(21,298)	(17,327)
	Other external expenses	(4,194)	(3,470)
	Employee costs	(3,128)	(3,311)
	Share of profit (loss) in associates and joint ventures	27	(22)
5	Other operating income	6,201	2,670
5	Other operating expenses	67	1,327
	Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA)	15,515	14,058
	Amortisation and depreciation of intangible assets, and property, plant, and equipment	(4,990)	(5,106)
4	Impairment losses on intangible assets, and property, plant, and equipment	252	(3,152)
	Operating profit (loss) (EBIT)	10,777	5,800
	Gain (loss) on divestment of enterprises	211	(59)
	Share of profit (loss) in associates and joint ventures	18	17
6	Financial income	4,473	4,429
6	Financial expenses	(6,371)	(6,328)
	Profit (loss) before tax	9,108	3,859
9	Tax on profit (loss) for the period	(870)	(2,928)
	Profit (loss) for the period	8,238	931
	Profit (loss) for the period is attributable to:
	Shareholders in Ørsted A/S	7,539	674
	Interest payments and costs, hybrid capital owners of Ørsted A/S	151	168
	Non-controlling interests	548	89
	Earnings per share (DKK)	17.9	1.6
	Diluted earnings per share (DKK)	17.9	1.6

Consolidated statement of comprehensive income

1 January – 30 June

Statement of comprehensive income
DKKm	H1 2025	H1 2024
Profit (loss) for the period	8,238	931
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period	797	(196)
Value adjustments transferred to income statement	764	(1,190)
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises	(8,139)	1,960
Value adjustment of net investment hedges	4,127	(1,271)
Tax:
Tax on hedging instruments	(278)	(8)
Tax on exchange rate adjustments	(557)	(15)
Other:
Share of other comprehensive income of associated companies, after tax	(7)	7
Other comprehensive income (loss) that may be reclassified to
the income statement	(3,293)	(713)
Total comprehensive income	4,945	218
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S	4,581	(289)
Interest payments and costs, hybrid capital owners of Ørsted A/S	151	168
Non-controlling interests	213	339
Total comprehensive income	4,945	218

In H1 2025, 'Exchange rate adjustments relating to net investments in foreign enterprises' was impacted by the decrease in the USD, GBP, and NTD exchange rates of 11.7 %, 3.4 %, and 1.0 %, respectively.

Consolidated statements of income

1 April – 30 June

Note	Income statement DKKm	Q2 2025	Q2 2024
3	Revenue	17,135	15,023
	Cost of sales	(11,292)	(7,918)
	Other external expenses	(2,273)	(1,908)
	Employee costs	(1,514)	(1,430)
	Share of profit (loss) in associates and joint ventures	3	(26)
5	Other operating income	4,337	1,370
5	Other operating expenses	248	1,459
	Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA)	6,644	6,570
	Amortisation and depreciation of intangible assets, and property, plant, and equipment	(2,435)	(2,683)
4	Impairment losses on intangible assets, and property, plant, and equipment	(20)	(3,913)
	Operating profit (loss) (EBIT)	4,189	(26)
	Gain (loss) on divestment of enterprises	124	(7)
	Share of profit (loss) in associates and joint ventures	7	10
6	Financial income	2,654	2,854
6	Financial expenses	(2,985)	(3,406)
	Profit (loss) before tax	3,989	(575)
9	Tax on profit (loss) for the period	(638)	(1,103)
	Profit (loss) for the period	3,351	(1,678)
	Profit (loss) for the period is attributable to:
	Shareholders in Ørsted A/S	3,096	(1,717)
	Interest payments and costs, hybrid capital owners of Ørsted A/S	-	-
	Non-controlling interests	255	39
	Earnings per share (DKK)	7.3	(4.1)
	Diluted earnings per share (DKK)	7.3	(4.1)

Consolidated statement of comprehensive income

1 April – 30 June

Statement of comprehensive income
DKKm	Q2 2025	Q2 2024
Profit (loss) for the period	3,351	(1,678)
Other comprehensive income:
Cash flow hedging:
Value adjustments for the period	279	(781)
Value adjustments transferred to income statement	229	101
Exchange rate adjustments:
Exchange rate adjustments relating to net investments in foreign enterprises	(4,653)	734
Value adjustment of net investment hedges	2,443	(508)
Tax:
Tax on hedging instruments	(141)	151
Tax on exchange rate adjustments	(391)	26
Other:
Share of other comprehensive income of associated companies, after tax	(6)	7
Other comprehensive income (loss) that may be reclassified to
the income statement	(2,240)	(270)
Total comprehensive income	1,111	(1,948)
Comprehensive income for the period is attributable to:
Shareholders in Ørsted A/S	1,299	(2,210)
Interest payments and costs after tax, hybrid capital owners of Ørsted A/S	-	-
Non-controlling interests	(188)	262
Total comprehensive income	1,111	(1,948)

In Q2 2025, 'Exchange rate adjustments relating to net investments in foreign enterprises' was impacted by the decrease in the USD and GBP exchange rates of 8.0 % and 2.3 %, respectively. Partly countered by an increase in the NTD exchange rate of 4.6 %.

Consolidated statement of financial position

30 June

Note	Assets DKKm	30 June 2025	31 December 2024	30 June 2024	Note	Equity and liabilities DKKm	30 June 2025	31 December 2024	30 June 2024
	Intangible assets	2,305	2,611	2,392		Share capital	4,204	4,204	4,204
	Land and buildings	7,269	7,977	7,663	8	Reserves	(8,057)	(5,164)	(10,338)
	Production assets	123,322	138,477	136,940		Retained earnings	70,941	63,098	62,580
	Fixtures and fittings, tools, and equipment	1,930	2,122	2,303		Equity attributable to shareholders in Ørsted A/S	67,088	62,138	56,446
	Property, plant, and equipment under construction	73,205	53,118	43,041		Hybrid capital	20,955	20,955	22,792
4	Property, plant, and equipment	205,726	201,694	189,947		Non-controlling interests	9,376	10,391	4,130
	Investments in associates and joint ventures	1,067	870	986		Equity	97,419	93,484	83,368
	Receivables from associates and joint ventures	245	200	155		Deferred tax	1,858	2,433	4,426
	Other securities and equity investments	298	344	166		Provisions	16,940	17,735	16,929
11	Derivatives	1,530	960	336		Lease liabilities	7,358	8,076	7,881
	Deferred tax	9,772	9,250	8,479	12	Bond and bank debt	77,257	83,607	79,533
	Other receivables	2,959	3,218	2,862	11	Derivatives	6,826	8,882	14,038
	Other non-current assets	15,871	14,842	12,984		Contract liabilities	8,505	8,834	3,395
	Non-current assets	223,902	219,147	205,323		Tax equity liabilities	11,833	16,158	16,303
	Inventories	14,567	17,448	13,184		Other payables	5,400	5,825	5,499
11	Derivatives	4,285	4,617	8,447		Non-current liabilities	135,977	151,550	148,004
	Contract assets	-	324	346		Provisions	2,075	2,800	11,604
	Trade receivables	7,055	9,045	7,940		Lease liabilities	749	834	885
	Other receivables	9,801	9,936	9,912	12	Bond and bank debt	5,491	4,101	2,075
	Receivables from associates and joint ventures	62	41	47	11	Derivatives	4,269	7,009	7,402
9	Income tax	718	570	456		Contract liabilities	4,357	2,578	3,335
11	Securities	12,718	14,532	30,874		Trade payables	18,057	20,827	14,149
	Cash	12,004	23,126	9,473		Tax equity liabilities	3,611	4,320	3,975
	Current assets	61,210	79,639	80,679		Other payables	7,164	7,106	5,300
	Assets	285,112	298,786	286,002	9	Income tax	5,943	4,177	5,905
						Current liabilities	51,716	53,752	54,630

Liabilities 187,693 205,302 202,634 Equity and liabilities 285,112 298,786 286,002

Consolidated statement of shareholders' equity

1 January – 30 June

							H1 2025							H1 2024
DKKm	Share capital	Reserves1 (note 8)	Retained earnings	Share holders in Ørsted A/S	Hybrid capital	Non-con trolling interests	Total Group	Share capital	Reserves1 (note 8)	Retained earnings	Share holders in Ørsted A/S	Hybrid capital	Non-con trolling interests	Total Group
Equity at 1 January	4,204	(5,164)	63,098	62,138	20,955	10,391	93,484	4,204	(10,251)	62,829	56,782	19,103	1,906	77,791
Comprehensive income for the period:
Profit (loss) for the period	-	-	7,539	7,539	151	548	8,238	-	-	674	674	168	89	931
Other comprehensive income:
Cash flow hedging	-	1,260	-	1,260	-	301	1,561	-	(1,595)	-	(1,595)	-	209	(1,386)
Exchange rate adjustments	-	(3,421)	-	(3,421)	-	(591)	(4,012)	-	631	-	631	-	58	689
Tax on other comprehensive income	-	(790)	-	(790)	-	(45)	(835)	-	(6)	-	(6)	-	(17)	(23)
Share of other comprehensive income of associated companies, after tax	-	-	(7)	(7)	-	-	(7)	-	-	7	7	-	-	7
Total comprehensive income	-	(2,951)	7,532	4,581	151	213	4,945	-	(970)	681	(289)	168	339	218
Cash flow hedging of property, plant, and equipment under construction	-	71	-	71	-	-	71	-	-	-	-	-	-	-
Coupon payments, hybrid capital	-	-	-	-	(151)	-	(151)	-	-	-	-	(161)	-	(161)
Tax	-	(13)	-	(13)	-	-	(13)	-	-	-	-	2	-	2
Additions, hybrid capital	-	-	-	-	-	-	-	-	-	-	-	5,520	-	5,520
Disposals, hybrid capital	-	-	-	-	-	-	-	-	-	-	-	(1,840)	-	(1,840)
Dividends paid	-	-	-	-	-	(1,110)	(1,110)	-	-	-	-	-	(208)	(208)
Additions, non-controlling interests	-	-	289	289	-	(118)	171	-	883	(955)	(72)	-	2,093	2,021
Other changes	-	-	22	22	-	-	22	-	-	25	25	-	-	25
Equity at 30 June	4,204	(8,057)	70,941	67,088	20,955	9,376	97,419	4,204	(10,338)	62,580	56,446	22,792	4,130	83,368

1 In addition to the total reserves of DKK -8,057 million, a loss of DKK 228 million is recognised as part of non-controlling interests. The loss is related to the hedging of revenue attributable to the non-controlling interests.

Consolidated statement of cash flows

1 January – 30 June

	Statement of cash flows
Note	DKKm	H1 2025	H1 2024	Q2 2025	Q2 2024	Note DKKm	H1 2025	H1 2024	Q2 2025	Q2 2024
	Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA)	15,515	14,058	6,644	6,570	Proceeds from raising of loans Instalments on loans	2,439 (5,686)	4,345 (2,855)	2,387 (2,058)	(4,399) (658)
	Reversal of gain (loss) on divestment					Instalments on leases	(427)	(345)	(153)	(97)
	of assets	(3,302)	(160)	(3,078)	(49)	Coupon payments on hybrid capital	(151)	(161)	-	-
	Change in derivatives	(877)	1,111	(198)	348	Repurchase of hybrid capital	-	(1,840)	-	-
	Change in provisions and other items	1,548	(4,707)	1,184	(2,611)	Proceeds from issuance of hybrid capital	-	5,520	-	-
	Change in inventories	498	(2,503)	736	(233)	Transactions with non-controlling
	Change in contract assets and liabilities	1,636	1,095	3,021	1,025	interests	(1,024)	1,809	(468)	1,979
	Change in trade receivables	1,828	3,192	2,090	1,315	Net proceeds from tax equity partners	(67)	147	(30)	121
	Change in other receivables	(1,023)	689	454	681	Collateral posted in relation to trading of derivatives	(9,441)	(5,841)	(4,865)	(2,897)
	Change in trade payables	(3,240)	(855)	(1,205)	(527)	Collateral released in relation to trading
	Change in tax equity liabilities	(1,584)	1,984	(709)	2,147	of derivatives	12,094	5,118	6,781	2,505
	Change in other payables	(628)	(1,269)	(716)	(1,284)	Restricted cash and other changes	(123)	275	(107)	505
	Interest received and similar items	3,708	2,961	2,194	1,402	Cash flows from financing activities	(2,386)	6,172	1,487	(2,941)
	Interest paid and similar items	(4,815)	(3,386)	(2,577)	(1,858)	Total net change in cash and cash equivalents	(10,667)	(965)	4,261	(5,625)
	Income tax paid	(1,444)	(2,521)	(654)	(845)	Cash and cash equivalents at the
	Cash flows from operating activities	7,820	9,689	7,186	6,081	beginning of the period	23,124	10,144	7,831	14,888
	Purchase of intangible assets and property, plant, and equipment	(24,734)	(15,917)	(10,951)	(8,203)	Total net change in cash and cash equivalents	(10,667)	(965)	4,261	(5,625)
	Sale of intangible assets and property,					Exchange rate adjustments of cash and cash equivalents	(574)	293	(209)	209
	plant, and equipment	7,008	(749)	4,323	(6)	Cash and cash equivalents at 30 June	11,883	9,472	11,883	9,472
	Divestment of enterprises	2	941	2	941
	Purchase of associates and joint ventures	(227)	(162)	(227)	(162)	Statement of cash flows
	Purchase of securities	(8,713)	(6,005)	(1,777)	(4,097)	Our supplementary statement of gross and net investments appears from
	Sale/maturation of securities	10,572	4,977	4,188	2,719	note 7 'Gross and net investments' and free cash flow (FCF) from note 2 'Segment information'.
	Change in other non-current assets	(2)	24	-	82
	Transactions with associates and joint ventures	(41)	65	(4)	(39)	'Cash' according to the balance sheet as at 30 June 2025 includes 'Bank overdrafts that are part of the ongoing cash management', amounting to
	Dividends received and capital reductions	34	-	34	-	DKK 121 million (2024: DKK 1 million).
	Cash flows from investing activities	(16,101)	(16,826)	(4,412)	(8,765)

1. Basis of reporting

Ørsted is a listed public company, headquartered in Denmark.

This interim report for the first half year of 2025 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 165, 235, and 236 of the annual report for 2024.

The interim consolidated financial statements for the first half year of 2025 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 2024 and should be read in conjunction with this.

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 2024. 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 2025 but do not have a material impact on our financial statements.

2. Segment information

					Other
H1 2025 income statement DKKm	Offshore	Onshore	Bioenergy & Other	Reportable segments	activities/ eliminations	Total
External revenue	27,193	1,451	9,232	37,876	(36)	37,840
Intra-group revenue	815	(1)	(552)	262	(262)1	-
Revenue	28,008	1,450	8,680	38,138	(298)	37,840
Cost of sales	(14,866)	(23)	(6,432)	(21,321)	23	(21,298)
Employee costs and other external expenses	(5,374)	(1,227)	(1,381)	(7,982)	660	(7,322)
Gain (loss) on disposal of non-current assets	2,703	599	-	3,302	-	3,302
Additional other operating income and expenses	1,108	1,894	(33)	2,969	(3)	2,966
Share of profit (loss) in associates and joint ventures	32	(6)	1	27	-	27
EBITDA	11,611	2,687	835	15,133	382	15,515
Depreciation and amortisation	(3,464)	(1,058)	(327)	(4,849)	(141)	(4,990)
Impairment losses	(724)	976	-	252	-	252
Operating profit (loss) (EBIT)	7,423	2,605	508	10,536	241	10,777
Key ratios
Intangible assets and property, plant, and equipment	139,509	58,199	9,235	206,943	1,088	208,031
Equity investments and non-current receivables	500	639	248	1,387	158	1,545
Net working capital, capital expenditures	(7,599)	(396)	(16)	(8,011)	-	(8,011)
Net working capital, work in progress	5,404	-	-	5,404	-	5,404
Net working capital, tax equity	(948)	(12,960)	-	(13,908)	-	(13,908)
Net working capital, other items	(1,690)	254	(1,092)	(2,528)	1,244	(1,284)
Derivatives, net	(4,608)	(2,475)	16	(7,067)	1,787	(5,280)
Decommissioning obligations	(9,545)	(1,957)	(2,229)	(13,731)	-	(13,731)
Other provisions	(3,378)	-	(323)	(3,701)	(1,583)	(5,284)
Tax, net	5,968	(3,503)	145	2,610	79	2,689
Other receivables and other payables, net	(4,550)	(13)	-	(4,563)	(1,051)	(5,614)
Capital employed at 30 June	119,063	37,788	5,984	162,835	1,722	164,557
Return on capital employed (ROCE)2 , %	-	-	-	-	-	7.5
Cash flow from operating activities	1,496	322	1,209	3,027	4,793	7,820
Gross investments	(21,225)	(2,651)	(1,040)	(24,916)	(37)	(24,953)
Divestments	3,927	3,317	-	7,244	1	7,245
Free cash flow (FCF)	(15,802)	988	169	(14,645)	4,757	(9,888)

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 2,394 million, which primarily relates to our Shared Functions services as well as our B2B business activities.

2 Last 12 months.

2. Segment information (continued)

					Other
H1 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)2 , %	-	-	-	-	-	(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)

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 Last 12 months.

2. Segment information (continued)

Q2 2025, income statement and FCF			Bioenergy	Reporting	Other activities/
DKKm	Offshore	Onshore	& Other	segments	eliminations	Total
External revenue	13,053	603	3,476	17,132	3	17,135
Intra-group revenue	318	1	(143)	176	(176)1
Revenue	13,371	604	3,333	17,308	(173)	17,135
Cost of sales	(8,881)	2	(2,461)	(11,340)	48	(11,292)
Employee costs and other external expenses	(2,625)	(591)	(764)	(3,980)	193	(3,787)
Gain (loss) on disposal of non-current assets	2,783	295	-	3,078	-	3,078
Additional other operating income and expenses	649	888	(30)	1,507	-	1,507
Share of profit (loss) in associates and joint ventures	4	(1)	-	3	-	3
EBITDA	5,301	1,197	78	6,576	68	6,644
Depreciation and amortisation	(1,688)	(512)	(163)	(2,363)	(72)	(2,435)
Impairment losses	(500)	480	-	(20)	-	(20)
Operating profit (loss) (EBIT)	3,113	1,165	(85)	4,193	(4)	4,189
Cash flow from operating activities	6,370	(47)	259	6,582	604	7,186
Gross investments	(9,489)	(1,240)	(395)	(11,124)	(30)	(11,154)
Divestments	3,822	434	-	4,256	2	4,258
Free cash flow (FCF)	703	(853)	(136)	(286)	576	290
Q2 2024, income statement and FCF DKKm
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

1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 1,163 million (Q2 2024: 1,247million), which primarily relates to our Shared Functions services as well as our B2B business activities.

3. Revenue

Revenue DKKm	Offshore	Onshore	Bioenergy & Other	Other activities/ eliminations	H1 2025 total	Offshore	Onshore	Bioenergy & Other	Other activities/ eliminations	H1 2024 total
Generation of power	7,451	1,090	2,358	-	10,899	5,379	1,323	2,646	-	9,348
Sale of power	9,999	6	156	(18)	10,143	8,575	-	137	(18)	8,694
Revenue from construction of wind farms and transmission assets	3,606	-	-	-	3,606	3,101	38	-	-	3,139
Generation and sale of heat and steam	-	-	2,018	-	2,018	-	-	1,952	-	1,952
Sale of gas	-	-	3,599	-	3,599	-	-	2,111	(23)	2,088
Distribution and transmission	-	-	149	(1)	148	-	-	166	(2)	164
O&M and other services	2,046	167	199	(279)	2,133	1,926	50	241	(239)	1,978
Total revenue from customers	23,102	1,263	8,479	(298)	32,546	18,981	1,411	7,253	(282)	27,363
Government grants	4,179	22	192	-	4,393	5,918	68	212	-	6,198
Miscellaneous revenue	727	165	9	-	901	618	(114)	126	-	630
Total revenue	28,008	1,450	8,680	(298)	37,840	25,517	1,365	7,591	(282)	34,191
Timing of revenue recognition from customers
At a point in time	12,120	1,263	2,053	(298)	15,138	9,833	1,411	3,160	(282)	14,122
Over time	10,982	-	6,426	-	17,408	9,148	-	4,093	-	13,241
Total revenue from customers	23,102	1,263	8,479	(298)	32,546	18,981	1,411	7,253	(282)	27,363

Revenue was DKK 37,840 million. The increase of 1 1 % relative to the first half year of 2024 was primarily driven by continuous commissioning of new offshore and onshore assets, contributing to higher generation as well as higher availability. Further strengthened by generally higher prices.

Revenue from construction agreements was DKK 3,606 million in H1 2025 and mainly related to the construction of Greater

Changhua 4 for partners. In H1 2024, revenue from construction agreements was DKK 3,139 million and mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.

Income from government grants in Offshore decreased compared to the first half year of 2024 due to generally higher power prices, which resulted in a lower subsidy per MWh produced.

3. Revenue (continued)

Revenue DKKm	Offshore	Onshore	Bioenergy & Other	Other activities/ eliminations	Q2 2025 total	Offshore	Onshore	Bioenergy & Other	Other activities/ eliminations	Q2 2024 total
Generation of power	2,793	432	776	-	4,001	1,996	667	1,164	-	3,827
Sale of power	5,012	6	89	(10)	5,097	3,647	-	101	(10)	3,738
Revenue from construction of wind farms and transmission assets	2,167	-	-	-	2,167	2,292	1	-	-	2,293
Generation and sale of heat and steam	-	-	647	-	647	-	-	484	-	484
Sale of gas	-	-	1,612	(2)	1,610	-	-	928	(10)	918
Distribution and transmission	-	-	81	(1)	80	-	-	94	(2)	92
O&M and other services	1,226	77	92	(160)	1,235	1,040	18	160	(146)	1,072
Total revenue from customers	11,198	515	3,297	(173)	14,837	8,975	686	2,931	(168)	12,424
Government grants	2,013	19	56	-	2,088	2,482	24	80	-	2,586
Miscellaneous revenue	160	70	(20)	-	210	69	(50)	(6)	-	13
Total revenue	13,371	604	3,333	(173)	17,135	11,526	660	3,005	(168)	15,023
Timing of revenue recognition from customers
At a point in time	3,568	515	509	(173)	4,419	1,556	686	1,322	(168)	3,396
Over time	7,630	-	2,788	-	10,418	7,419	-	1,609	-	9,028
Total revenue from customers	11,198	515	3,297	(173)	14,837	8,975	686	2,931	(168)	12,424

4. Impairments

Impairment losses on segment level DKKm	H1 2025	H1 2024	Q2 2025	Q2 2024	WACC levels %	30 June 2025
Offshore	724	3,086	500	4,149	Base discount
Onshore	(976)	66	(480)	(236)	rate applied for the US	5.75 % - 7.50 % 5.75 % - 7.25 %
Bioenergy & Other	-	-	-	-
Total impairment losses	(252)	3,152	20	3,913	The base discount rate after tax applied for the value-in-use calculation is determined per CGU.

	H1 2025	H1 2024	Q2 2025	Q2 2024	30 June 2025	30 June 2024	ITC bonus credits assumed in impairment tests			Sensitivity impact DKK billion
Cash-generating units DKKm	Impairment losses (reversals)	Impairment losses (reversals)	Impairment losses (reversals)	Impairment losses (reversals)	Recoverable amount	Recoverable amount	ITC bonus credits	Probability weighting	No ITC bonus credits	40 % ITC bonus credits, 100 % probability	+50 bps WACC	-50 bps WACC
Ocean Wind seabeds	-	596	-	596	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Sunrise Wind	289	(1,426)	-	-	8,733	4,839	10 %	95 %	(3.6)	0.2	(1.4)	1.4
Revolution Wind	(62)	2,313	-	2,080	7,968	3,281	10 %	95 %	(1.0)	0.1	(0.5)	0.5
South Fork	(62)	103	-	-	2,680	3,195	n.a.	n.a.	n.a.	n.a.	(0.1)	0.1
Block Island	59	(15)	-	(42)	1,116	1,267	n.a.	n.a.	n.a.	n.a.	(0.0)	0.0
Hornsea 4	500	-	500	-	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
FlagshipONE	-	1,515	-	1,515	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Offshore	724	3,086	500	4,149	20,497	12,582
Onshore	(976)	66	(480)	(236)	13,152	2,479	n.a.	n.a.	n.a.	n.a.	(0.2)	0.2
Bioenergy & Other	-	-	-	-	n.a.	n.a.
Total	(252)	3,152	20	3,913	33,649	15,061

Estimation uncertainty and sensitivity analyses

Due to the impairments recognised, estimation uncertainty exists about the assets impaired. The assumptions with major uncertainty include investment tax credits, interest rates, imposed tariffs in the US, 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 2025, 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 2025, the impairment loss would have been DKK 1.0 billion higher.

4. Impairments (continued)

H1 2025 impairment losses (reversals)

In H1 2025, net impairment reversal was DKK 0.3 billion.

We have updated our impairment tests of our US portfolio as of 30 June 2025, which has resulted in a net reversal of impairments of DKK 0.8 billion in H1 2025.

The net impairment reversal was driven by a decrease in the long-dated interest rate across our US portfolio (DKK 1.5 billion) and positive market price developments (DKK 0.5 billion), partly offset by the 25 % tariff on steel and aluminium that was imposed in the US in March 2025 (DKK 1.2 billion).

The net reversal of impairments on our US portfolio was partly offset by an impairment loss of DKK 0.5 billion on the Hornsea 4 project, caused by the decision to discontinue the project in its current form.

Q2 2025 impairment losses (reversals)

We have recognised net impairment losses of DKK 0.0 million in Q2 2025, comprising an impairment loss of DKK 0.5 billion on the Hornsea 4 project and a net reversal of DKK 0.5 billion on our US onshore portfolio.

The impairment reversal on our US onshore portfolio was driven by positive market price updates.

Tariffs in the US

In March 2025, the US Government imposed a 25 % tariff on imports of steel, aluminium, and certain products containing steel and aluminium. The estimated impact of this tariff resulted in impairments of DKK 1.2 billion in Q1 2025 for our offshore projects Sunrise Wind and Revolution Wind.

Effective from 4 June 2025, the 25 % tariff on imports of steel, aluminium, and certain products containing steel and aluminium was increased to 50 %. In addition, an executive order was signed in April 2025, imposing a 20 % tariff on imports into the US from the European Union, of which 10 % was effective, and the remaining 10 % was postponed. On 27 July 2025, the US entered into a framework trade deal with the European Union, imposing a 15 % tariff on most US imports of EU goods. The 15 % tariff is effective from 7 August 2025.

Based on our current interpretations and assumptions, we estimate a total potential further impairment risk of approx. DKK 1.3 billion related to these tariffs. As a consequence of the uncertainty related to the interpretation, final agreement, and practical implementation of these tariffs, and considering the level of contingencies currently available in our projects, we have not made any additional impairments in Q2 2025.

The impact from these new tariffs involves a number of key estimates and assumptions, which are based on the expected interpretation. Consequently, inherent uncertainties are embedded in the assumptions, which reflect our current best estimate.

Interest rates

The US long-dated interest rate is unchanged from 31 March 2025 to 30 June 2025. In Q1 2025, the effect from decreasing interest rates led to an impairment reversal of DKK 1.5 billion across our US portfolio.

Hornsea 4

On 7 May 2025, we decided to discontinue development of Hornsea 4 in its current form, leading to an impairment of DKK 0.5 billion in Q2 2025.

Potential consequences of further adverse development

In addition to the sensitivities described, further adverse developments may lead us to cease development of or reconfigure 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 2025	H1 2024	Q2 2025	Q2 2024
Gain on divestment of assets	3,438	172	3,135	55
US tax credits and tax attributes	1,883	1,744	877	939
Compensations	702	642	251	314
Miscellaneous operating income	178	112	74	62
Total other operating income	6,201	2,670	4,337	1,370

Other operating expenses DKKm	H1 2025	H1 2024	Q2 2025	Q2 2024
Cancellation fees	(651)	(1,300)	(651)	(1,300)
Ineffective hedges	196	(129)	238	(207)
Loss on divestment of assets	136	12	57	6
Miscellaneous operating expenses	252	90	108	42
Total other operating expenses	(67)	(1,327)	(248)	(1,459)

Other operating income

In H1 2025, 'Gain on divestment of assets' primarily related to the farm-down of West of Duddon Sands. In H1 2024, 'Gain on divestments of assets' mainly related to the farmdowns completed in prior years.

The increase in 'US tax credits and tax attributes' was driven by continuous commissioning of new onshore assets having full impact from the second half of 2024.

'Compensations' in H1 2025 primarily related to compensation for grid delays related to Borkum Riffgrund 3 from the German transmission system operator.

Other operating expenses

In H1 2025, 'Cancellation fees' was a net income of DKK 0.7 billion and primarily related to a reversal of provision for onerous contracts on Ocean Wind (DKK 1.3 billion), partly offset by the decision to discontinue our Hornsea 4 project in its current form (DKK 0.7 billion). The discontinuation of Hornsea 4 furthermore comprise a DKK 2.2 billion write-down of the offshore transmission asset recognised as 'Cost of sales'. Thus, total EBITDA impact related to Hornsea 4 was DKK 2.9 billion.

In H1 2024, 'Cancellation fees' was a net income of DKK 1.3 billion and related to Ocean Wind as well as the decision to cease the execution of FlagshipONE.

Net financial income and expenses

DKKm	H1 2025	H1 2024	Q2 2025	Q2 2024
Interest expenses, net	(916)	(1,001)	(441)	(424)
Interest expenses, leasing	(145)	(132)	(72)	(74)
Interest element of provisions, etc.	(687)	(346)	(363)	(171)
Tax equity partner's contractual return	(578)	(598)	(274)	(319)
Value adjustments of derivatives, net	(459)	745	(321)	364
Capital gains/losses on securities at market value, net	(10)	13	58	11
Exchange rate adjustments, net	906	(573)	1,079	64
Other financial income and expenses	(9)	(7)	3	(3)
Net financial income and expenses	(1,898)	(1,899)	(331)	(552)

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'.

In the first half year of 2025, we had a gain in 'Exchange rate adjustments, net' compared to a loss in the first half year of 2024. This development was mostly due to exchange rate adjustments of intercompany balances in holding companies denominated in the subsidiaries' functional currencies. Intercompany payables in GBP generated a translation gain in H1 2025 due to the strengthening of DKK against GBP, contrasting with the losses from it weakening in H1 2024.

The loss in 'Value adjustments of derivatives, net' in H1 2025 was mostly due to the losses in NTD interest rate swaps used as economic hedge for Greater Changhua 2. In H1 2024, we

experienced gains on USD interest rate swaps, which were not repeated in H1 2025.

7. Gross and net investments 8. Reserves

Gross and net investments
DKKm	H1 2025	H1 2024	Q2 2025	Q2 2024
Cash flows from investing activities	(16,101)	(16,826)	(4,412)	(8,765)
Dividends received and capital reductions reversed	(34)	-	(34)	-
Purchase and sale of securities, reversed	(1,859)	1,028	(2,411)	1,378
Loans to associates and joint ventures, reversed	51	76	28	30
Sale of non-current assets, reversed	(7,010)	(192)	(4,325)	(935)
Gross investments	(24,953)	(15,914)	(11,154)	(8,292)
Transactions with non-controlling interests in connection with divestments and acquisitions	235	2,063	(67)	2,058
Sale of non-current assets	7,010	192	4,325	935
Divestments	7,245	2,255	4,258	2,993
Net investments	(17,708)	(13,659)	(6,896)	(5,299)

	Foreign
Reserves 2025	currency translation	Hedging	Total
DKKm	reserve	reserve	reserves
Reserves at 1 January	4,812	(9,976)	(5,164)
Exchange rate adjustments	(7,548)	-	(7,548)
Value adjustments	-	4,623	4,623
Value adjustments transferred to:
Revenue	-	607	607
Other operating expenses	-	152	152
Financial income and expenses	-	5	5
Tax:
Tax on hedging and currency adjustments	351	(1,141)	(790)
Movement in comprehensive income for the period	(7,197)	4,246	(2,951)
Cash flow hedging of property, plant, and equipment under construction, net tax	-	58	58
Total reserves including tax at 30 June	(2,385)	(5,672)	(8,057)
Total reserves excluding tax at 30 June	(2,751)	(7,119)	(9,870)
Reserves 2024 DKKm
Reserves at 1 January	(384)	(9,867)	(10,251)
Exchange rate adjustments	1,902	-	1,902
Value adjustments	-	(1,676)	(1,676)
Value adjustments transferred to:
Revenue	-	(1,037)	(1,037)
Other operating income	-	(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)

9. Tax on profit (loss) for the period

			H1 2025			H1 2024
Tax for the period DKK	Profit (loss) before tax	Tax	Tax in %	Profit (loss) before tax	Tax	Tax in %
Tax equity, deferred tax liability	-	80	n.a.	-	(1,080)	n.a.
Gain (loss) on divestment of enterprises and assets	3,136	622	(20 %)	-	-	n.a.
Impairment for the period	252	66	(26 %)	(3,152)	227	7 %
Cancellation fees for the period	(1,531)	(327)	(21 %)	1,300	-	n.a.
Other adjustments	-	325	n.a.	-	(454)	n.a.
Remaining business	7,251	(1,636)	23 %	5,711	(1,621)	28 %
Effective tax for the period	9,108	(870)	10 %	3,859	(2,928)	76 %

			Q2 2025			Q2 2024
Tax for the period DKK	Profit (loss) before tax	Tax	Tax in %	Profit (loss) before tax	Tax	Tax in %
Tax equity, deferred tax liability	-	47	n.a.	-	(195)	n.a.
Gain (loss) on divestment of enterprises and assets	2,832	-	n.a.	-	-	n.a.
Impairment for the period	(20)	-	n.a.	(3,913)	162	n.a.
Cancellation fees for the period	(1,531)	(327)	n.a.	1,300	-	n.a.
Other adjustments	-	248	n.a.	-	(337)	n.a.
Remaining business	2,708	(606)	22 %	2,038	(733)	36 %
Effective tax for the period	3,989	(638)	16 %	(575)	(1,103)	(192 %)

Effective tax rate

The effective tax rate for the first half year of 2025 was calculated on the basis of the profit (loss) before tax. 'Impairment for the period' includes a net reversal of the unrecognised deferred tax asset related to the impairments on our US projects and an unrecognised deferred tax asset related to the impairment on our Hornsea 4 project. '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 870 million for the first half year of 2025 compared to DKK 2,928 million for the first half year of 2024.

Effective tax rate

The effective tax rate for the first half year of 2025 was 10 %. The effective tax rate was

affected by:

the divestment gain from the 24.5 % farmdown of West of Dudden Sands
the divestment gain from the 50 % farmdowns of Eleven Mile and Sparta, where DKK 0.6 billion of previously recognised deferred tax liabilities related to tax equity contributions were reversed
the non-recognition of deferred tax assets related to the impairment of projects and the reversal of cancellation fees in the US
the non-recognition of deferred tax assets related to impairment losses and cancellation fees regarding the discontinuation of the Hornsea 4 project in its current form.

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 and revenue risks in the form of energy price and volume risks, inflation and interest rate risks, commodity price risks, currency risks, credit risks, 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/adjusted interest-bearing net debt
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 2024.

Energy exposure 1 July 2025 – 31 December 2027

DKKbn

The exposures are based on market prices as of 30 June 2025.

EBITDA impact from hedges and financial PPAs DKKbn

Currency exposure 1 July 2025 – 30 June 2030 DKKbn

56.7 Before hedging After hedging

In Q2 2025, our currency exposure and hedges have been updated with our latest view of the expected proceeds from and timing of our divestment programme.

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

11. Fair value measurement

Fair value hierarchy of financial		Observable	Non observable			Observable	Non observable
instruments	Quoted prices	input	input	30 June	Quoted prices	input	input	30 June
DKKm	(level 1)	(level 2)	(level 3)	2025	(level 1)	(level 2)	(level 3)	2024
Assets:
Gas inventory	1,348	-	-	1,348	1,360	-	-	1,360
Total inventory	1,348	-	-	1,348	1,360	-	-	1,360
Bonds		12,718		12,718	-	30,874	-	30,874
Total securities	-	12,718	-	12,718	-	30,874	-	30,874
Energy derivatives	1,566	598	1,099	3,263	3,256	3,398	1,130	7,784
Currency derivatives	-	2,316	-	2,316	-	355	-	355
Interest and inflation derivatives	-	236	-	236	-	644	-	644
Total derivative assets	1,566	3,150	1,099	5,815	3,256	4,397	1,130	8,783
Liabilities:
Energy derivatives	958	421	5,032	6,411	4,815	2,649	9,171	16,635
Currency derivatives	-	1,127	-	1,127	-	1,188	-	1,188
Interest and inflation derivatives	-	3,407		3,407	-	3,617	-	3,617
Commodity derivatives	-	150	-	150	-	-	-	-
Total derivative liabilities	958	5,105	5,032	11,095	4,815	7,454	9,171	21,440

All assets and liabilities measured at market value are measured on a recurring basis.

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.

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, gas, and derivatives that are traded in active markets. The market values of derivatives traded in an active market are 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. The most significant non-observable inputs are the long-term US power prices (mainly ERCOT) and the German power prices.

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 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. 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	2025	2024
Market value at 1 January	(5,156)	(7,528)
Value adjustments through profit or loss	108	79
Value adjustments through other comprehensive income	488	(889)
Sales/redemptions	276	(182)
Purchases/issues	230	479
Transferred to quoted prices and observable input	121	-
Market value at 30 June	(3,933)	(8,041)

Non-observable input per commodity price input

Total	(3,933)	(8,041)
Gas prices	38	(3)
Other power prices	(34)	(394)
US MISO power prices	26	(709)
German power prices	(1,383)	(1,273)
US ERCOT power prices	(2,580)	(5,662)
DKKm	2025	2024

Overview of significant		Power price per MWh (DKK)	Sensitivity (DKKm)
non-observable inputs and sensitivities	Weight average	Monthly minimum	Monthly maximum	+25 %	-25 %
Intermittency-adjusted power prices
US ERCOT (2025-2038)	182	66	489	(2,428)	2,745
Germany (2026-2036)	428	339	632	(1,234)	1,234
US MISO (2025-2040)	221	155	295	(357)	536
US SPP (2025-2035)	159	63	338	(341)	505
Ireland (2025-2042)	450	332	847	(199)	199

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 of 30 June 2025. If intermittency-adjusted power prices in Germany as of 30 June 2025 decreased/increased by 25 %, the market value would increase/decrease by DKK 1,234 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 require estimation of 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. As the majority of the remaining contract period is within the period when power prices are non-observable, we classify the contracts as based on nonobservable 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 PPAs 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 2025, we have recognised an income of DKK 45 million related to the initial fair value from PPAs. The total amount of initial fair value as of 30 June 2025 amounts to a loss of DKK 1,002 million, which will be recognised as revenue in a future period.

12. Interest-bearing debt and FFO

Total net interest-bearing debt	67,137	58,027	49,366
Total interest-bearing assets	28,863	43,797	45,799
Receivables in connection with divestments	751	747	758
Receivables from placing collateral under credit support annexes	2,744	4,873	4,352
Other receivables:
Cash, not available for use	398	317	187
Receivables from associates and joint ventures	248	202	155
Cash	12,004	23,126	9,473
Securities	12,718	14,532	30,874
Interest-bearing assets:
Total interest-bearing debt	96,000	101,824	95,165
Other interest-bearing debt	120	137	132
Debt from receiving collateral under credit support annexes	596	71	61
Debt in connection with divestments	2,893	3,234	3,058
Other interest-bearing debt:
Lease liability	8,107	8,910	8,766
Tax equity liability	1,536	1,764	1,540
Total bond and bank debt	82,748	87,708	81,608
Bank debt	11,622	15,680	10,484
Bond debt	71,126	72,028	71,124
Interest-bearing debt:
DKKm	2025	2024	2024
Interest-bearing debt and interest-bearing assets	30 June	31 December	30 June

Funds from operations (FFO) LTM1 DKKm	30 June 2025	31 December 2024	30 June 2024
EBITDA	33,416	31,959	22,545
Change in provisions and other adjustments	(6,929)	(13,184)	4,104
Change in derivatives	(1,340)	648	126
Variation margin (add back)	301	(1,540)	(5,007)
Reversal of gain (loss) on divestment of assets	(3,491)	(348)	(4,600)
Income tax paid	(5,250)	(6,327)	(3,742)
Interest and similar items, received/paid	(1,157)	(477)	1,623
Reversal of interest expenses transferred to assets	(1,735)	(1,011)	(484)
50 % of coupon payments on hybrid capital	(338)	(343)	(260)
Dividends paid to minority interests	(1,272)	(369)	(430)
Dividends received and capital reductions	61	27	19
Funds from operations (FFO)	12,266	9,035	13,894

1 Last 12 months.

Funds from operations (FFO) LTM¹

Adjusted interest-bearing net debt DKKm	30 June 2025	31 December 2024	30 June 2024
Total interest-bearing net debt	67,137	58,027	49,366
50 % of hybrid capital	10,477	10,477	11,396
Other interest-bearing debt, add back	(3,609)	(3,442)	(3,251)
Other interest-bearing receivables, add back	3,495	5,620	5,110
Cash and securities not available for distribution, excluding repo loans Total adjusted interest-bearing net debt	959 78,459	710 71,392	571 63,192

Funds from operations (FFO)/ adjusted interest-bearing net debt, %	30 June 2025	31 December 2024	30 June 2024
Funds from operations (FFO)/ adjusted interest-bearing net debt	15.6 %	12.7 %	22.0 %

Interest-bearing net debt totalled DKK 67,137 million at 30 June 2025, an increase of DKK 9,110 million relative to 31 December 2024. The main changes in the composition of our net debt compared to 31 December 2024 was a decrease in cash of DKK 11,122 million.

At 30 June 2025, the market values of bond and bank debts were DKK 67.5 billion and DKK 11.3 billion, respectively.

As of 1 January 2025, we have included 'Dividends paid to minority interests' in 'Funds from operations'. Comparative figures for 2024 have been restated.

13. Subsequent events

Extraordinary general meeting

The Board of Directors of Ørsted A/S will call for an extraordinary general meeting to be held on 5 September 2025 with the purpose of proposing that the general meeting authorise the Board of Directors to increase the share capital of Ørsted A/S with pre-emptive rights for the existing shareholders, by way of a cash contribution of up to DKK 60 billion. For further information about the background of the EGM notification, the notification can be accessed here, once released: https://orsted.com/en/media/news. In addition reference is made to the related announcement published on 11 August 2025: https://orsted.com/en/investors.

Project financing for Greater Changhua 2

At the beginning of July 2025, Ørsted secured project financing for Greater Changhua 2 as part of the financing structure for the project. With the project finance package with 25 banks and 5 export credit agencies (ECAs) the project has raised approx. TWD 90 billion (about DKK 20 billion).

Sustainability statements

First half year 2025

1 January – 30 June

Sustainability statements

Basis of reporting

Frameworks and data selection

The interim sustainability statements are selected data from our annual sustainability statements prepared in compliance with the European Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG).

The data selected for the interim report is directly related to the understanding of either our interim financial or sustainability performance.

All greenhouse gas data (scopes 1-3) is reported based on the Greenhouse Gas Protocol.

Measurement basis

The sustainability statements have been prepared using the same accounting policies as in our annual report for 2024. Furthermore, a list of references for our calculation factors can be found in our annual report for 2024.

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. Consolidation of all quantitative ESG data follows the principles above, unless otherwise specified in the specific accounting policies.

Renewable capacity

Business drivers

Re ab le c aci ty new ap MW	H1 20 25	Q1 20 25	Δ	H1 20 25	20 24	Δ
Ins tal led ab le c aci ty re new ap	18, 47 3	18, 47 3	-	18, 47 3	18, 170	30 3
Off sho win d p re, ow er	10, 156	10, 156	-	10, 156	9, 90 3	253
On sho re	6, 24 2	6, 24 2	-	6, 24 2	6, 192	50
W ind po we r	3, 776	3, 776	-	3, 776	3, 726	50
S ola r PV r1 po we	2, 126	2, 126	-	2, 126	2, 126	-
B att sto ery rag e	34 0	34 0	-	34 0	34 0	-
Bio 2 ene rgy	2, 07 5	2, 07 5	-	2, 07 5	2, 07 5	-
De cid ed ( FID 'ed ) re ab le c aci ty new ap	8, 89 4	8, 89 4	-	8, 89 4	7, 63 8	1, 25 6
Off sho re	8, 111	8, 111	-	8, 111	86 6, 6	24 1, 5
W ind po we r	7, 811	7, 811	-	7, 811	6, 56 6	1, 24 5
B e1 att sto ery rag	30 0	30 0	-	30 0	30 0	-
On sho re	783	783	-	783	772	11
W ind po we r	38 1	38 1	-	38 1	370	11
S r1 ola r PV po we	152	152	-	152	152	-
B att sto ery rag e	250	250	-	250	250	-
Aw ard ed d c ted ab le c aci ont ty an rac re new ap	3, 65 5	3, 65 5	-	3, 65 5	5, 153	( 1, 49 8)
Off sho win d p re, ow er	3, 655	3, 655	-	3, 655	5, 153	( 1, 49 8)
'ed Su f in lle d a nd FID ab le c aci sta ty m o re new ap	27, 36 7	27, 36 7	-	27, 36 7	25, 80 8	1, 55 9
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	31, 02 2	31, 02 2	-	31, 02 2	30 96 1 ,	61

In Q2 2025, no new assets were commissioned, FID'ed, or awarded.

In H1 2025 (Q1), we commissioned Gode Wind 3 and Bahren West 1 and took final investment decision on Baltica 2 and Bahren West 2.

1 Solar PV capacity is 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 2024 Q4 2024 Q1 2025 Q2 2025 South Fork, offshore wind (132 MW) Mockingbird, solar PV (471 MW) Baltica 2, offshore wind (1,498 MW) Old 300, solar PV (73 MW) Badger Wind, onshore wind (259 MW) Old 300 BESS, battery storage (250 MW) Gode Wind 3, offshore wind (253 MW) Amberg Süd, solar PV (4 MW) Bahren West 1, onshore wind (50 MW) Ballinrea Solar Farm, solar PV (55 MW) Bahren West 2, onshore wind (62 MW) Hornsea 4, offshore wind (2,400 MW) No additions

Generation capacity

Business drivers

Ge ati aci ty ner on cap MW	20 25 H1	Q1 20 25	Δ	20 25 H1	20 24 H1	Δ	20 24
Po ion city rat we r g ene ca pa	12, 85 3	12, 94 8	( 95 )	12, 85 3	13, 164	( 311 )	12, 89 9
Off sho ind re w	5, 43 5	5, 530	( 95)	5, 43 5	5, 134	30 1	5, 26 0
D ark enm	56 1	56 1	-	56 1	56 1	-	56 1
T he UK	3, 00 5	3, 100	( 95)	3, 00 5	2, 83 0	175	2, 83 0
G erm any	799	799	-	799	673	126	799
Ne T he the rla nds	376	376	-	376	376	-	376
T aiw an	59 8	59 8	-	59 8	59 8	-	59 8
T he US	96	96	-	96	96	-	96
On sho ind re w	3, 720	3, 720	-	3, 720	3, 66 6	54	3, 66 6
T he US	3, 215	3, 215	-	3, 215	3, 215	-	3, 215
Ir ela nd	351	351	-	351	351	-	351
T he UK	78	78	-	78	78	-	78
G erm any	76	76	-	76	22	54	22
So lar PV	1, 60 1	1, 60 1	-	1, 60 1	1, 56 4	37	1, 876
T he US	1, 58 6	1, 58 6	-	1, 58 6	1, 554	32	1, 86 1
G erm any	15	15	-	15	10	5	15
Th al, De ark ( CH P p lan ts) erm nm	2, 09 7	2, 09 7	-	2, 09 7	2, 80 0	( 70 3)	2, 09 7
ati aci al1 He th at ty, ge ner on cap erm	2, 86 4	2, 86 4	-	2, 86 4	3, 35 3	48 9) (	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
Ba sed al g tur on na as	1, 574	1, 574	-	1, 574	1, 617	( 43 )	1, 617
He ati aci ele ic at ty, ctr ge ner on cap	24 9	24 9	-	24 9	22 5	24	22 5
Po ion city the al1 rat we r g ene ca pa rm ,	2, 09 7	2, 09 7	-	2, 09 7	2, 80 0	( 70 3)	2, 80 0
Ba sed bio on ma ss	1, 232	1, 232	-	1, 232	1, 232	-	1, 232
Ba sed al on co	-	-	-	-	99 1	991 ( )	99 1
Ba sed al g tur on na as	88 2	88 2	-	88 2	951	( 69 )	951
Ba sed oil on	47 4	47 4	-	47 4	734	( 26 0)	734

Sustainability statements

Total power generation capacity was 12,853 MW at the end of H1 2025.

In Q2 2025, offshore wind generation capacity decreased by 95 MW to 5,435 MW due to the farm-down of a 24.5 % stake at West of Duddon Sands in the UK.

1 Fuel-specific thermal heat and power generation capacities measure the maximum capacity using the specified fuel as primary fuel at the multi-fuel plants. They cannot be added to total thermal capacity, as they are defined individually for each fuel type for our multi-fuel plants. All fuels cannot be used at the same time. Therefore, the total sum amounts to more than 100 %.

Energy generation

Business drivers

Ene ati rgy ge ner on GW h	Q2 20 25	Q2 20 24	Δ	H1 20 25	H1 20 24	Δ	20 24
Po ion rat we r g ene	8, 125	8, 65 9	( 6 % )	19, 36 9	19, 58 5	( 1 % )	38 43 6 ,
Off sho ind re w	64 3, 6	3, 66 7	1 % ( )	9, 116	9, 337	2 % ( )	18, 599
D ark enm	34 5	418	( 17 % )	910	1, 108	( 18 %)	2, 06 1
T he UK	2, 100	2, 02 9	3 %	5, 119	5, 171	( 1 % )	10, 357
G erm any	417	43 4	( 4 % )	1, 04 0	1, 187	( 12 % )	2, 356
T he Ne the rla nds	270	269	0 %	54 6	713	( 23 %)	1, 333
T aiw an	413	44 7	( 8 % )	1, 292	1, 02 7	26 %	2, 220
T he US	101	70	44 %	20 9	131	60 %	272
On sho ind re w	2, 96 4	277 3,	10 %) (	48 9 6,	64 8 6,	2 % ( )	959 11,
T he US	2, 74 6	3, 06 4	( 10 %)	5, 954	6, 06 6	( 2 % )	10, 939
Ir ela nd	145	153	( 5 % )	39 0	416	( 6 % )	759
F ran ce	0	15	( 100 %)	-	51	( 100 %)	51
G erm any	33	11	20 0 %	52	30	73 %	49
T he UK	40	34	18 %	93	85	9 %	161
So lar PV	1, 03 8	910	14 %	1, 80 7	1, 310	38 %	3, 356
T he US	1, 03 4	90 6	14 %	1, 80 1	1, 30 5	38 %	3, 34 6
G erm any	4	3	33 %	6	4	50 %	9
F ran ce	0	1	( 100 %)	-	1	( 100 %)	1
Th al erm	47 7	80 5	( 41 %)	1, 957	2, 290	( 15 %)	4, 522
He ati at ge ner on	70 7	93 5	( 24 %)	3, 93 1	4, 22 0	( 7 % )	6, 919
To tal he d p ati at an ow er ge ner on	8, 83 2	9, 59 4	( 8 % )	23, 30 0	23, 80 5	( 2 % )	45 35 5 ,
Of wh ich her l he d p % , t at ma an ow er,	13 %	18 %	( 5 % ) p	25 %	27 %	2 % ( ) p	25 %

Offshore wind power generation was 2 % lower in H1 2025 compared to H1 2024, primarily due to lower wind speeds across our portfolio, except in Taiwan and the US, where generation as well as wind speeds, was higher. This was partly offset by improved availability across the portfolio, with the exception of the Netherlands.

Onshore wind power generation was 2 % lower in H1 2025 compared to H1 2024, primarily due to lower availability across a number of assets in the US.

Power generation from solar PV increased by 38 %, mainly due to higher generation at most of our US assets, namely Mockingbird, commissioned in Q4 2024, Eleven Mile, commissioned in Q2 2024 and Old 300, fully commissioned in Q3 2024 after being partly commissioned in Q1 2023..

Thermal power and heat generation was 15 % and 7 % lower, respectively, in H1 2025 compared to H1 2024, primarily due to the shutdown of our coal-based capacity in H2 2024. In addition, the warmer weather in Q1 2025 resulted in less heat demand and thereby lower generation.

Energy sales and generation by energy source

Business drivers

Ene les rgy sa
GW h	Q2 20 25	Q2 20 24	Δ	20 25 H1	20 24 H1	Δ	20 24
Ga les s sa	5, 79 8	4, 05 1	43 %	11, 07 8	9, 217	20 %	17, 37 2
Po les we r sa	68 3, 6	85 3, 4	( 4 % )	8, 50 2	10, 118	( 16 %)	19, 96 7
Gre nd 1 er t tom en pow o e cus ers	230	269	( 14 %)	46 6	383	22 %	813
2 Re lar r to d c ust gu po we en om ers	355	320	11 %	751	86 0	( 13 %)	9 1, 63
Po hol le we r w esa	101 3,	265 3,	( 5 % )	285 7,	8, 875	( 18 %)	17, 515

1 Power sold with renewable energy certificates (certificates ensuring the power has been produced using renewable resources). 2 Power sold without renewable energy certificates.

Sh of ion rat are en erg y g ene
%	Q2 20 25	Q2 20 24	Δ	H1 20 25	H1 20 24	Δ	20 24
Fro ble m r ene wa so urc es	100	97	3 % p	99	97	2 % p	97
Fro ffs ho ind m o re w	41	38	3 % p	39	39	0 % p	41
Fro nsh nd wi m o ore	34	34	0 % p	28	28	0 % p	26
Fro ola r PV m s	12	9	3 % p	8	5	3 % p	7
Fro ain ab le b iom ust m s ass	12	14	2 % ( ) p	24	24	0 % p	22
Fro the ab le e m o r re new ner gy sou rce s	1	2	( 1 % ) p	0	1	( 1 % ) p	1
Fro ab le s m n on -re new ou rce s	0	3	( 3 % ) p	1	3	( 2 % ) p	3
Fro l m c oa	-	2	( 2 % ) p	-	2	( 2 % ) p	2
Fro ral atu m n ga s	0	1	( 1 % ) p	1	1	0 % p	1
Fro the r fo 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	100	97	3 %	99	97	2 %	97

Energy sales

The 20 % increase in gas sales volumes in H1 2025 compared to H1 2024 was primarily driven by higher offtake from DUC due to the ramp-up of production from the Tyra gas field (not owned by Ørsted).

Power sales in H1 2025 were 16 % lower than in H1 2024, mainly due to lower wholesale volumes from offshore wind generation, driven by lower wind speeds.

Share of energy generation

In H1 2025, the renewable share of heat and power generation was 99 %, an increase of 2 percentage points compared to H1 2024.

The main driver for the increased renewable share of heat and power generation was the 2 percentage point decrease in the share of coal-based generation. This was due to the shut-down of the coal-based Esbjerg Power Station in September 2024 as well as our other coal-based generation capacity in Q4 2024.

The share of solar PV-based generation increased by 3 percentage points in H1 2025 compared to H1 2024 due to a 38 % increase in generation, mainly from US solar assets commissioned in H2 2024.

Energy consumption

Climate change

Ene tio rgy co nsu mp n	Un it	Q2 20 25	Q2 20 24	Δ	H1 20 25	H1 20 24	Δ	20 24
To tal tio n f ble en erg y c on sum p rom no n-r ene wa so urc es	MW h	131 79 2 ,	53 6, 210	( 75 %)	38 8, 65 9	1, 178 48 1 ,	( 67 %)	2, 38 4, 99 7
No ble fu els ed in t her l he d p ion at rat n-r ene wa us ma an ow er g ene	MW h	76, 537	48 8, 181	( 84 %)	286 832 ,	1, 09 5, 316	( 74 %)	2, 211 856 ,
F uel d f al a nd l pr od uct co nsu me rom co coa s	MW h	-	282 98 5 ,	( 100 %)	-	652 822 ,	( 100 %)	1, 44 9, 42 5
F uel d f al g tur co nsu me rom na as	MW h	29, 33 0	169 141 ,	( 83 %)	195 104 ,	363 150 ,	( 46 %)	60 6, 373
d f F uel ude oil d p ole od etr uct co nsu me rom cr an um pr s	MW h	47, 20 7	05 36, 5	% 31	91, 728	79, 34 4	% 16	05 8 156 ,
Ot her fo ssil (oi l, g d d ies el f sel nd hic les ) so urc es as, an or ves s a ve	MW h	54 24 3 ,	47, 199	15 %	98, 86 0	80 30 6 ,	23 %	168 06 2 ,
Co tio f p has ed uire d h fro m f il s eat nsu mp n o urc or acq oss ou rce s	MW h	1, 012	83 0	22 %	2, 96 7	2, 859	4 %	5, 07 9
To tal tio n f ab le s en erg y c on sum p rom re new ou rce s	MW h	1, 75 7, 92 3	2, 32 7, 00 4	( 24 %)	7, 146 64 6 ,	7, 35 0, 09 5	( 3 % )	13, 62 0, 47 0
Re ab le f uel sed in the al h d p ion eat rat new s u rm an ow er g ene	MW h	1, 614 183 ,	2, 183 42 4 ,	( 26 %)	6, 933 937 ,	7, 04 1, 34 3	( 2 % )	13, 143 80 6 ,
O f w fue d f hic h, l co bio nsu me rom ma ss	MW h	1, 614 183 ,	2, 179 89 2 ,	( 26 %)	6, 933 90 3 ,	7, 03 3, 96 0	( 1 % )	13, 131 08 9 ,
Co f p fro tio has ed uire d e lec tric ity d h ble eat nsu mp n o urc or acq an m r ene wa so urc es	MW h	143 74 0 ,	143 58 0 ,	0 %	212 70 9 ,	30 8, 752	%) ( 31	47 4 6, 66
tio To tal en erg y c on sum p n	MW h	1, 88 9, 715	2, 86 3, 214	( 34 %)	7, 53 5, 30 5	8, 52 8, 57 6	( 12 %)	16, 00 5, 46 7
S ha f n ab le e tio re o on -re new ner gy con sum p n	%	7	19	( 12 % ) p	5	14	( 9 % ) p	15
S ha f re ab le e tio re o new ner gy con sum p n	%	93	81	12 %p	95	86	9 % p	85

Total energy consumption from nonrenewable sources decreased by 67 % in H1 2025 compared to H1 2024. This reduction was mainly driven by the discontinuation of coal usage at our CHP plants during H2 2024. Additionally, there was lower consumption of natural gas due to unfavourable spreads and lower overall generation volumes.

The decrease was partly offset by a 16 % increase in the consumption of oil at some power plants to deliver ancillary services, as well as a 23 % increase in other fossil sources due to higher fuel consumption by vessels associated with O&M work at offshore wind farms.

Total energy consumption from renewable sources decreased by 3 % in H1 2025 compared to H1 2024, driven by lower biomass usage due to overall lower energy generation at the CHP plants.

In addition, consumption of purchased or acquired electricity from renewable sources

decreased by 31 %, driven by the permanent shut-down of the electric boiler at Esbjerg Power Station, as well as a temporary shut-down of the electric boilers at Studstrup Power Station in H1 2025.

Greenhouse gas (GHG) emissions

Climate change

mis sio d in siti GH G e ten ns an es	Un it	Q2 20 25	Q2 20 24	Δ	H1 20 25	H1 20 24	Δ	20 24
Dir GH G e mis sio (sc e 1) ect ns op	CO ton nes 2e	35, 29 9	155 35 9 ,	( 77 %)	97, 55 8	35 0, 30 8	( 72 %)	73 3, 29 9
ire GH G e mis sio e 2 ati Ind (sc ), loc -ba sed ct ns op on	CO ton nes 2e	25 0 15,	05 15, 9	1 %	22, 09 2	30 179 ,	27 ( %)	58, 92 5
Ind ire GH G e mis sio (sc e 2 ), m ark ba sed 1 ct et- ns op	CO ton nes 2e	158	150	5 %	43 9	49 2	( 11 % )	87 5
Ind ire GH G e mis sio (sc e 3 ) ct ns op	CO ton nes 2e	2, 127 05 0 ,	3, 30 9, 79 8	( 36 %)	4, 04 9, 183	5, 149 38 8 ,	( 21 %)	9, 04 3, 38 6
C 2: c ita l go od ate go ry ap s	CO ton nes 2e	0	1, 98 4, 54 6	( 100 %)	226 918 ,	1, 98 8, 38 1	( 89 %)	3, 05 0, 02 2
C 3: f uel nd lat ed ivit ies ate act go ry - a ene rgy -re	CO ton nes 2e	262 626 ,	266 973 ,	( 2 % )	638 289 ,	725 47 1 ,	( 12 % )	1, 39 0, 86 9
C 11: of ld p rod ate uct go ry use so s	CO ton nes 2e	1, 718 86 2 ,	951 64 0 ,	81 %	2, 933 693 ,	2, 171 857 ,	35 %	4, 03 2, 177
O the ori teg r ca es	CO ton nes 2e	145 2 56 ,	106 639 ,	% 36	250 283 ,	263 679 ,	5 % ( )	570 318 ,
mis sio ati 2 To tal GH G e ( loc -ba sed ) ns on	CO ton nes 2e	2, 177 59 9 ,	3, 48 0, 216	( 37 %)	4, 168 83 3 ,	5, 52 9, 87 5	( 25 %)	9, 83 5, 610
To tal GH G e mis sio (m ark ba sed ) 2 et- ns	CO ton nes 2e	2, 162 50 7 ,	3, 46 5, 30 7	( 38 %)	4, 147 180 ,	5, 50 0, 188	( 25 %)	9, 77 7, 56 0
Sco 1, 2, a nd 3 (e xcl 11) teg pes . ca ory	CO ton nes 2e	44 3, 64 5	2, 513 66 7 ,	( 82 %)	1, 213 48 7 ,	3, 32 8, 33 1	( 64 %)	5, 74 5, 38 3
Sco 3 (e xcl 11) teg pe . ca ory	CO ton nes 2e	40 8, 188	2, 35 8, 158	( 83 %)	1, 115 49 0 ,	2, 97 7, 53 1	( 63 %)	5, 011 20 9 ,
GH G e mis sio int itie ati ns ens s, e ner gy ge ner on
GH G e (sc 1 a nd 2) 3 mis sio int ity ns ens op es	CO /kW h g 2e	4	16	( 75 %)	4	15	( 73 %)	16
GH G e (sc 1, 2,a nd 3) 3, 4 mis sio int ity ns ens op es	CO /kW h g 2e	50	262	( 81 %)	52	140	( 63 %)	127

1 We cover 100 % of our own electricity consumption with unbundled renewable electricity certificates.

2 Total GHG emissions including scope 2 GHG emissions measured using the location-based and market-based method, respectively.

3 Calculated using market-based scope 2 emissions.

4 Excludes scope 3 emissions from category 11: use of sold products.

GHG emissions (scopes 1-3)

Scope 1 greenhouse gas (GHG) emissions decreased by 72 % from H1 2024 to H1 2025, driven by the 74 % decrease in the nonrenewable fuels used in the heat and power generation at our CHP plants, where the primary driver was the discontinuation of coal usage in H2 2024.

Scope 3 GHG emissions decreased by 21 % in H1 2025 compared to H1 2024. This was primarily due to significantly lower emissions from capital goods (category 2) as we did not commission as many assets during H1 2025 as we did in H1 2024.

The decrease in scope 3 emissions from capital goods was partly offset by a 35 % increase in use of sold products (category 11). This category usually only includes gas sales,

but in 2025, as part of the closure of the coalbased generation capacity, we are selling the remaining coal that we have in storage. This extraordinary sale of coal will continue until all remaining coal is sold.

GHG emissions intensities

Our scope 1 and 2 GHG intensity of energy generation decreased by 73 % in H1 2025 compared to H1 2024. This was primarily due to the decrease in the use of fossil fuels, slightly offset by a lower total heat and power generation.

Our scope 1, 2, and 3 GHG intensity (excluding emissions from category 11) decreased by 63 % compared to H1 2024 for the same reasons as for scope 1 and 2 GHG intensity, in addition to decreased emissions from capital goods.

EU taxonomy for sustainable activities

EU KP Is ta xo no my
%	H1 20 25	H1 20 24	Δ	20 24
ign Ta -al ed e (t er) xo no my rev enu urn ov	88	91	( 3 % ) p	91
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
fro 4.3 E lec tric ity ati ind r ( ) ge ner on m w po we	75	77	2 % ( ) p	78
C ion of he d p er f bio ( 4.2 0) rat at og ene an ow rom ene rgy	12	13	( 1 % ) p	12
Ta -el ig ible bu lig ned (tu r) t n ot tax xo no my on om y-a re ve nue rno ve	0	0	0 % p	0
H h-e ffic of he d p er f fo ssil s ( 4.3 0) ig ien rat ion at cy cog ene an ow rom ga	0	0	0 % p	0
Ta lig ible (tu r) xo no my -no n-e re ve nue rno ve	12	9	3 % p	9
G (sa les ) as	10	6	4 % p	6
C l (g ion ) rat oa ene	-	1	( 1 % ) p	1
O il (g ion d d istr ibu tio n) rat ene an	0	1	( 1 % ) p	1
O the ctiv itie s1 r a	2	1	1 % p	1
Ta -al ign ed CA PEX 2 xo no my	99	99	0 % p	99
Ta -el ig ible bu lig ned CA PEX t n ot tax xo no my on om y-a	0	0	0 % p	0
lig ible CA Ta PEX xo no my -no n-e	1	1	0 % p	1
Ta -al ign ed EB ITD A xo no my	99	98	1 % p	99
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	4	3	1 % p	4
E lec tric ity ati fro ind r ( 4.3 ) ge ner on m w po we	89	91	( 2 % ) p	91
C ion of he d p er f bio ( 4.2 0) rat at og ene an ow rom ene rgy	6	4	2 % p	4
Ta -el ig ible bu lig ned EB ITD A t n ot tax xo no my on om y-a	0	0	0 % p	0
H h-e ffic of he d p er f fo ssil s ( 4.3 0) ig ien rat ion at cy cog ene an ow rom ga	0	0	0 % p	0
Ta lig ible EB ITD A xo no my -no n-e	1	2	( 1 % ) p	1
G sal as es	2	( 1)	3 % p	0
C l- a nd oil- ba sed ati oa ge ner on	0	0	0 % p	0
O the ctiv itie s1 r a	( 1)	3	( 4 % ) p	1

Taxonomy-aligned revenue (turnover)

Our taxonomy-aligned share of revenue in H1 2025 was 88 %, a decrease of 3 percentage points compared to H1 2024. This was mainly due to higher non-eligible revenue from gas sales, partly offset by an increase in taxonomy-aligned revenue from wind power.

Taxonomy-aligned CAPEX

Our taxonomy-aligned share of CAPEX in H1 2025 remained at 99 %, primarily related to offshore wind.

Taxonomy-aligned EBITDA

Our taxonomy-aligned share of EBITDA in H1 2025 was 99 %, an increase of 1 percentage point compared to H1 2024. This was mainly due to lower non-eligible EBITDA as well as an increase in taxonomy-aligned EBITDA from wind power.

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

2 This ratio is applied to gross investments.

People and safety

Own workforce

Pe le op	H1 20 25	H1 20 24	Δ	20 24
To tal mb f e loy hea dco unt nu er o mp ees ,	8, 33 1	8, 56 3	( 3 % )	8, 40 7
D ark enm	3, 793	4, 186	( 9 % )	3, 98 4
T he UK	1, 295	1, 288	1 %	1, 272
M ala ia ys	813	753	8 %	792
P ola nd	814	763	7 %	783
T he US	750	712	5 %	720
G erm any	38 9	39 6	2 % ( )	39 0
T aiw an	20 6	185	11 %	199
T he Ne the rla nds	106	109	( 3 % )	105
Ir ela nd	107	103	4 %	100
O the r1	58	68	( 15 %)	62
f e To tal mb loy FTE nu er o mp ees ,	8, 20 3	8, 411	2 % ( )	8, 278
Tu % rno ve r,
To tal loy tur rat em p ee nov er e	13.4	12.2	1.2 %p	14. 3
Vo lun loy tar tur rat y e mp ee nov er e	7.0	8.3	( 1.3 %p )	8.7

1 Headcount distribution in other countries in H1 2025: Korea (17), Singapore (12), Spain (9), Vietnam (10), Sweden (5), and Norway (5).

People

The number of employees was 3 % lower at the end of H1 2025 compared to H1 2024. Our voluntary employee turnover decreased by 1.3 percentage points, whereas the total turn- over increased by 1.2 percentage points com- pared to H1 2024. The reduction in the total number of employees and increased total turnover are related to organisational adjust- ments.

Safety

In H1 2025, our total recordable injury rate (TRIR) was at 2.7, which is 29 % higher than in H1 2024. The lost-time injury frequency (LTIF) increased from 0.8 in H1 2024 to 1.7 in H1 2025, an increase of 113 %.

There are several reasons for the increasing TRIR and LTIF that we have experienced over the last few months, one of them being the significantly higher level of contractor activities currently being performed in connection with both the construction and operation of our assets. Total hours worked increased by 22 % in H1 2025, driven by an increase of 49 % in hours worked by contractor employees.

We are constantly analysing our safety per-

Sa fet y	20 25 H1	20 24 H1	Δ	20 24
To tal da ble inj uri ( TR Is), mb re cor es nu er	47	30	57 %	85
O loy wn em p ees	10	8	25 %	19
C loy ont tor rac em p ees	37	22	68 %	66
ime inj uri Los ( LT Is), mb t-t es nu er	30	12	150 %	45
O loy wn em p ees	8	3	167 %	11
C loy ont tor rac em p ees	22	9	144 %	34
Ho rke d, m illio n h urs wo ou rs	17. 6	14. 4	22 %	30 .9
O loy wn em p ees	6.9	7.2	( 4 % )	14. 1
C loy ont tor rac em p ees	10. 7	7.2	49 %	16.8
To tal da ble inj TR IR te, re cor ury ra	2.7	2.1	29 %	2.7
O loy wn em p ees	1.5	1.1	36 %	1.3
C loy ont tor rac em p ees	3.5	3.1	13 %	3.9
Los ime inj fre LT IF t-t ury qu enc y,	1.7	0.8	113 %	1.5
O loy wn em p ees	1.2	0.4	20 0 %	0.8
C ont tor loy rac em p ees	2.1	1.3	62 %	2.0
TR IR 1 2M llin ro g	3.0	2.5	20 %	2.7
LT IF 1 2M llin ro g	1.8	1.1	64 %	1.5
Fa tal itie ber s, n um	2	0	2	0
O loy wn em p ees	0	0	0	0
C loy ont tor rac em p ees	2	0	2	0
Pe dis ab ilit ber ent rm an y c ase s, n um	0	0	0	0

formance data to identify areas of concern. Many of the injuries we currently experience are in relation to activities which skilled labour is normally capable of completing safely, for example using tools, mechanical aids, and power tools. To increase awareness on safety, we have launched the programme 'Boost QHSE' to ensure that people who are accountable for safety have the appropriate

knowledge and competences. The programme includes extra training, awareness efforts, and strong management support.

As a result of the Boost QHSE programme, we expect that significantly more injuries will be avoided through stronger risk awareness and strengthened implementation of lessons learnt.

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 2025.

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 2024.

In our opinion, the interim report gives a true and fair view of the Group's assets, liabilities, and financial position at 30 June 2025 and of the results of the Group's operations and cash flows for the period 1 January – 30 June 2025.

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 2024.

Skærbæk, 11 August 2025

Executive Board:

Rasmus Errboe Group President and CEO	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	Judith Hartmann	Julian Waldron
Benny Gøbel*	Leticia Francisca Torres Mandiola*	Ian McCalder*
Anne Cathrine Collet Yde*		*Employee-elected board member

49/49

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

Interim report First half year 2025

orsted.com

Global Media Relations

Tom Christiansen Tel.: +45 99 55 60 17

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

Front page image Borkum Riffgrund 3, Germany

Publication 11 August 2025

18/49

Management's review

AI assistant

Ørsted — Interim / Quarterly Report 2025

3378_ir_2025-08-11_56858d50-a1ab-4796-bb13-321d0b0febb2.pdf

Interim report

Contents

Management's review

Overview

Earnings call

Investor Relations

Financial statements

Consolidated financial statements

Notes

Sustainability statements

Management's statement

CEO's review

Selected events

Business progress and development

Operation & financials

Extraordinary general meeting

Executing on our business plan

Construction projects

expected in the first half of 2026.

Strong long-term fundamentals

Operation & Financials

At a glance

Financial highlights

Non-financial highlights

Outlook 2025

EBITDA

Gross investments

Uncertainties in the US

Forward-looking statements

Results H1

Financial results

Revenue

EBITDA

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

- the variation margin payments were a cash outflow of DKK 0.1 billion vs a cash inflow of DKK 1.7 billion in H1 2024

Investments and divestments

Interest-bearing net debt

Equity

Capital employed

Financial ratios Return on capital employed (ROCE)

Credit metric (FFO/adjusted interest-bearing net debt)

ESG results

Renewable share of energy generation

Greenhouse gas emissions

Safety

Results Q2

EBITDA

in Q2 2025.

Impairments

Cash flows from operating activities

EBITDA excluding new partnerships and cancellation fees, DKKbn

Offshore

Financial results for Q2 2025

Onshore

Financial results for Q2 2025

Bioenergy & Other

Financial results for Q2 2025

Performance highlights

Quarterly overview

Consolidated financial statements

First half year 2025

Consolidated statement of income

Consolidated statement of comprehensive income

Consolidated statements of income

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of shareholders' equity

Consolidated statement of cash flows

1. Basis of reporting

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

Ørsted Interim / Quarterly Report 2025