Ørsted — Investor Presentation 2022

Feb 2, 2022

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Investor presentation Q4 2021

2 February 2022

DISCLAIMER

This presentation contains certain forward-looking statements which include projections of our short- and long-term financial performance and targets as well as our financial policies, including but not limited to, the statements and expectations contained in the “Financial Outlook” section of this presentation. Statements herein, other than statements of historical fact, regarding our future results of operations, financial condition, cash flows, business strategy, plans and future objectives are forward-looking statements. Words such as “targets”, “believe”, “expect”, “aim”, “intend”, “plan”, “seek”, “will”, “may”, “should”, ”anticipate”, “continue”, “predict” or variations of these words, as well as other statements regarding matters that are not historical facts or regarding future events or prospects, constitute forward-looking statements.

These forward-looking statements are based on current views with respect to future events and financial performance. 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, interest rate markets, inflation rates, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, and reliability of supply. As a result, you should not rely on these forward-looking statements. Please read more about the risks in the chapter ‘Our risks and risk management’ on p. 70 and in note 6 of the 2021 annual report, available at www.orsted.com.

Unless required by law, Ørsted is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events or otherwise.

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2021 guidance delivered with very different composition of EBITDA due to extraordinary market conditions

Group EBITDA

Achieved guidance in 2021

DKKbn

Offshore new partnerships Existing activities

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30.0
2021 guidance
DKK 15-16 bn
24.3
22.5
15.1
8.5
18.1
17.5
9.8
17.5 18.1
15.0 15.8
12.7
2017 2018 2019 2020 2021
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• Group EBITDA without new partnerships amounted to DKK 15.8 bn, in line with our expectations

• Results demonstrated strength of diversification as EBITDA was supported by very strong performance from our CHP plants and gas business and offset the impact from unusual low wind speeds and the energy crunch in Offshore

• High availability rates maintained despite COVID-19

• Return on capital employed was 15 %

• The Board of Directors recommend a dividend of DKK 12.5 per share, an increase of 8.7 %

Demonstrated proven partnership model

• Closed 50 % farm-downs of Borssele 1 & 2 and Greater Changhua 1

• Signed 50 % farm-down of Borkum Riffgrund 3, to be closed in 2022

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3

Note: 2017-2020 used business performance accounting, while 2021 use IFRS-9

Grew firm capacity by 28 % in 2021 in a competitive environment

Firm renewable capacity

MW, gross

Offshore Onshore Bioenergy & Other (incl. PtX)

Firm capacity milestones

Offshore

• Demonstrated proven partnership approach through JV with PGE in Poland as partner, adding 2.5 GW to firm capacity

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+28%
1,254 2 26,156
846
1,148 2,080
1,498
1,045
20,382 4,704
2,078
3,450
19,372
14,854
2020 Baltica 3 Baltica 2 Ocean Skipjack Onshore [1] Hydrogen 2021
Wind 2 2
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• Successful at competitive auctions with awards of 1,148 MW in New Jersey and 846 MW in Maryland

Onshore

• Diversified our footprint with the acquisition of Brookfield Renewable Ireland (BRI) in the UK and Ireland with 327 MW operating assets, 62 MW under construction, and other pipeline projects. Since acquisition, brought another 45 MW to FID

• Acquired 302 MW Lincoln Land in MISO (US)

• Continued strong greenfield development with FID on 518 MW wind and solar PV Helena Energy Center

Renewable Hydrogen

• Reached FID and started construction on the 2 MW H2RES project in Denmark

• Reached FID on Helena Energy Center (518 MW), acquired Brookfield Renewable Ireland and reached FID on pipeline projects (327 MW operating, 107 MW under construction), and Lincoln Land acquisition (302 MW)

Note: 2021 firm capacity includes 16 MW Ballykeel (FID on 13 Jan 2022), but not in final accounting numbers that reflect Q4 2021

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4

Accomplishing strategic milestones and building out pipeline to meet ~50 GW 2030 ambition

Strong pipeline to realise the 2030 ambition GW, gross

Offshore Onshore Bioenergy & Other (incl. PtX)

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Opportunity ~43 GW
pipeline
Substantiated
~12.5 GW ~11.5 GW
pipeline
~13 ~50 GW
~11
17.5
26.2
4.7
30.0
19.4
2021 Capacity to be added 2030
ambition
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Progress continues on market development

Offshore

• Scotland: Awarded a 1 GW floating lease site in ScotWind auction

• Korea: Signed MoUs with KOSCO and KOMIPO to develop 1.6 GW near Incheon City

• Vietnam: Signed MoU with T&T bringing together a multi-GW pipeline near Binh Thuan and Ninh Thuan provinces

• Baltics: Signed MoU with Enefit, outlining offshore development vision

• Norway: Joined consortium with Fred. Olsen Renewables and Hafslund Eco for long-term development and upcoming seabed auctions

Onshore

• Onshore business expansion into the UK, Ireland, and MISO (US) can be leveraged for future opportunities

Renewable Hydrogen

• 10-project pipeline of +3 GW where funding progresses

• Sweden: Partnership with Liquid Wind for 45 % ownership of FlagshipONE sustainable e-methanol project

• A number of MoUs with Salzgitter, POSCO, Uniper, Williams, and the Edinburgh Airport provide future project opportunities

Offshore substantiated pipeline: Projects that have reached a certain level of maturity in a market with a regulatory framework such as secured consent, exclusivity through lease, secured EIA or established partnership. Onshore substantiated pipeline: Combination of land control/options and or interconnection studies/positions. Offshore opportunity pipeline: Less mature projects that we are actively working on, where we have not secured exclusivity yet, where the regulatory regime is immature or where there are centralised tenders with no exclusivity options

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5

Ørsted awarded 846 MW offshore wind contract in Maryland and received final COP for the 130 MW South Fork project

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846 MW Skipjack 2 project

• Awarded a 20-year Offshore Renewable Energy Certificate (OREC) following a competitive solicitation

• The 20-year OREC price is USD 83.9 per MWh from 2026, with a 3% annual escalator (corresponding to a levelised 2017 price of USD 75.8 per MWh)

• Subject to final investment decision, Skipjack 2 and the previouslyawarded Skipjack 1 (120 MW) will be built as one project, with expected commissioning in 2026

• Ørsted has been awarded a total of c. 5 GW offshore wind projects in the US, which unlocks significant synergies in procurement, construction, and operations

• In addition to the awarded capacity, Ørsted and our partners have rights to c. 3 GW of seabed leases on the US East Coast

130 MW South Fork project

• Received the final Construction and Operations Plan (COP) on 18 January 2022

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6

Ørsted construction programme and pipeline

Gross renewable capacity

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MW
1,498 26,156
Offshore 1,045 2,080
Onshore 920
3,214
Bioenergy & Other (incl. PtX)
4,704
Recent FIDs 1,758
680 2 17,721
673
1,166
2,080
900
1,320
12,980
4,704
2,078
19,372
3,351
10,937
7,551
Installed Hornsea 2 Greater German Onshore Solar PV Hydrogen Installed US North- US Mid- Greater Baltica 3 Baltica 2 Firm
capacity Changhua Portfolio [2] wind [1] and under East Atlantic Changhua capacity
1 & 2a construction cluster [3] cluster [4] 2b & 4
UNDER CONSTRUCTION AWARDED
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1. Ballykeel (16 MW) FID on 13 Jan 2022 is included on this slide but not in final accounting numbers that reflect Q4 2021

2. German Portfolio: Gode Wind 3 (253 MW) and Borkum Riffgrund 3 (913 MW)

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1. US North-East cluster: South Fork (130 MW), Revolution Wind (704 MW) and Sunrise Wind (924 MW)

2. US Mid-Atlantic cluster: Skipjack 1 (120 MW), Skipjack 2 (846 MW), Ocean Wind 1 (1,100 MW) and Ocean Wind 2 (1,148 MW)

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Secured 25 % of awarded capacity in 2021 with significant number of offshore wind auctions and tenders yet to come

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Awarded gross capacity 2021 [1] Upcoming auctions and tenders
GW
Ørsted and partners
Other Outcome in 2022 H2 2022 2022 H1 2023 H2 2023
New Jersey offshore German tender Japan auction New Jersey 3 NL – IJumuiden
wind transmission ~900 MW <1,400 MW ~2,400 MW 2,000 MW
H1 2022 H2 2022 2022 2023 H2 2023
UK CfD 4 Taiwan auction Rhode Island Bornholm Energy Hub German tender
~6,000-10,500 MW 3,000 MW ~600 MW 1,000-3,000 MW 900 MW
18.0
GW
H1 2022 H2 2022 2022 / 23 2023 2023
Holland Coast West NL Open door NL Wadden Islands North Sea Energy Hub Japanese round 3
1,520 MW Offshore and PtX 700 MW Artificial Island <2,000 MW
800-2,000 MW
H1 2022 H2 2022 2022 / 23 2023 2023
New York 3 Connecticut 4 Ireland Hesselø tender Taiwan auction 2
~2,500 MW >400 MW TBC 800-1,000 MW 3,000MW
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1. We present gross capacity as our 30 GW offshore wind 2030 ambition and our market share expectation are based on gross capacity. Accounting for partners in Poland and the US, net capacity awarded is 3.3 GW (18 %). Projects secured include 2.5 GW in Poland (50 % partnership with PGE), 1.1 GW in New Jersey, and 846 MW in Maryland All auction and tender timelines and capacities based on current expectations and subject to change. Timeline reflects bid submission deadline, not time of award

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EBITDA impacted by energy crunch, exceptional performance from CHP plants and farm-down gain

EBITDA of DKK 8.3 bn, up DKK 3.3bn on Q4 2020 DKKm

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Q4 2020 5,003
Effects expected at the ~ 200
beginning of the year
Net 5,225
Wind effect
~ -100
Q4 2021 in Offshore
Energy crunch ~ -1,000
Offshore existing -593
partnerships
Offshore DEVEX -535
Onshore 206
CHP plants 1,369
Remaining 404
Bioenergy & Other
Other 155
Q4 2021 excl.
5,042
new partnerships
New partnerships 3,211
Q4 2021 incl.
8,253
new partnerships
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Effects expected at the beginning of the year

• Wind impact 2020 in Offshore (DKK -0.1 bn), ceasing business performance (DKK 0.3 bn), higher TNUoS tariffs (DKK -0.1 bn), ramp-up sites (DKK 0.3 bn), and Borssele 1 & 2 farm-down (DKK -0.2 bn)

Q4 effects

• Slightly lower than normal wind speeds in Offshore in Q4 2021

• Negative impact in Offshore sites due to energy crunch, leading to higher balancing and intermittency costs, and costs related to buy back of hedges

• Existing partnerships negatively impacted by further wake provisions (DKK 0.5bn)

• Offshore project development expenses increased due to the continued expansion of our footprint

• Significant increase in Onshore generation driven by ramp-up partly offset by higher costs relating to continued expansion of business

• Increased earnings from CHP plants due to high power and heat generation, higher power prices, and high sale of ancillary services

• Gas Market & Infrastructure benefited from optimised purchase from our long-term gas contracts

New partnerships

• New partnership effect from DKK 3.5 bn farm-down gain relating to 50 % Greater Changhua 1 divestment partly offset by adjustment to Borssele 1 & 2 farm-down gain

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9

Net profit, net interest-bearing debt, and credit metric

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Net profit Cash flow and net debt
DKKm DKKm
3,258 11,751
1,704 1,021 24,280
2,189 21,211 212
-668 -10,951
30 Sep CFO CAPEX Divest- Hybrid Lease Exchange 31 Dec
Q4 2020 Q4 2021 2021 ments coupon obligation rate adj. 2021
add.
Net profit of DKK 3.3 bn Net interest-bearing debt of DKK 24.3 bn, up DKK 3.1 bn
• Higher EBITDA in Q4 2021 • Operating cash flow including EBITDA and tax equity contribution from
partner at Haystack offset by margin payments of DKK 8.8 bn
• Gross investments related to our Offshore and Onshore portfolio
• Divestment proceeds from Greater Changhua 1 farm-down
• Negative effect from exchange rate adjustments driven by appreciation
of GBP
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FFO / Adj. net debt %

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65
31
31 Dec 2020 31 Dec 2021
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FFO / Adj. net debt of 31 %

• Credit metric above our target of around 25 %

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Financial and non-financial ratios

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ROCE
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%
14.8
9.7
31 Dec 2020 31 Dec 2021
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ROCE of 15 %

• Increase driven by higher EBIT

• On track to achieve average ROCE of 11-12 % in 2020-2027

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Taxonomy-eligible KPIs
YTD
Revenue 66%
EBITDA 90%
CAPEX 99%
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Greenhouse gas emissions
(scope 1 & 2) , g CO2e/kWh, YTD
58 58
31 Dec 2020 31 Dec 2021
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Continued focus on emissions

• Emissions from our heat and power generation (scope 1 and 2) at same level as 2020

• Emissions from our supply chain and sales activities (scope 3) decreased by 28 %

Safety

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Total recordable injury rate, YTD
3.6
3.0
31 Dec 2020 31 Dec 2021
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TRIR of 3.0

• 4 % reduction in injuries and 15 % increase in hours worked leading to a decline in the total recordable injury rate (TRIR)

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11

Outlook – Guidance for 2022

2022 EBITDA without new partnerships of DKK 19 – 21 bn

Directional earnings development per business unit

• Offshore (without new partnerships) expected to be significantly higher than in 2021

• Onshore expected to be significantly higher than in 2021

• Bioenergy & Other expected to be significantly lower than in 2021

New partnerships in 2022

• Expect to close the farm-down of Borkum Riffgrund 3 and Hornsea 2 during 2022

• Including the expected farm-down gains, 2022 EBITDA will be significantly higher than 2021 EBITDA including new partnerships of DKK 24.3bn

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Guidance on 2022 EBITDA without new partnerships
DKKbn
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Offshore Onshore Bioenergy
expected expected & Other
to be to be expected
significantly significantly to be
higher higher significantly
lower
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2022 gross investments expected to be DKK 38 – 42 bn

• Reflecting a high level of activity in Offshore and Onshore

Ramp-up, wind speeds, and energy crunch brings uncertainty to key earnings drivers

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12

2022 guidance, strategic ambition and financial guidance

2022guidance	DKKbn
EBITDA (without new partnerships)	19 – 21
Gross investments	38 – 42
Business unit EBITDA FY 2022 vs.	FY 2021 Direction
Offshore (without new partnerships)	Significantly higher
Onshore	Significantly higher
Bioenergy & Other	Significantly lower

		Strategic ambition and financialguidance
		Ambition for installed renewable capacity by 2030	~50 GW
		- Offshore	~30 GW
		- Onshore	~17.5 GW
		Total CAPEX spend, 2020-2027	DKK 350 bn
		- Offshore & Hydrogen	~80 %
		- Onshore	~20 %
		Average ROCE, 2020-2027	11-12 %
		Average share of EBITDA from regulated and contracted
		activities, 2020-2027	~90 %
		Average yearly increase in EBITDA from offshore and
		onshore assets in operation, 2020-2027	~12 %
		Rating (Moody’s/S&P/Fitch)	Baa1/BBB+/BBB+
		FFO/Adjusted net debt threshold	~25 %
		Ambition to increase the dividend paid by a high single-digit rate compared
		to the dividend for the previous year up until 2025

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13

Q&A

Earnings call DK: +45 78 72 32 50 UK: +44 333 300 9031 US: +1 833 249 8404 For questions, please press 01

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Appendix

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Outlook – Directional business unit EBITDA FY 2022 vs. FY 2021

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16

Renewable capacity as of 31 December 2021

Indicator, MW, gross	FY 2021	FY 2020	Δ
Installed renewable capacity	12,980	11,318 7,572 1,668 1,658 10 - 2,078 2,054 3 21	1,662 (21) 1,683 996 647 40 - - - -
Offshore, wind power	7,551
Onshore	3,351
- Wind power	2,654
- Solar PV power	657
- Batterystorage	40
Other (incl. PtX)	2,078
- Biomass, thermal heat	2,054
- Biogas, power	3
- Batterystorage	21
Decided (FID) renewable capacity	4,725	4,068 2,286 1,782 665 1,077 40 -	657 1,100 (445) (8) (397) (40) 2
Offshore, wind power	3,386
Onshore	1,337
- Onshore wind power	657
- Solar PV power	680
- Batterystorage	-
Other (incl. PtX), hydrogen	2
Awarded/contracted renewable capacity (no FIDyet)	8,435	4,996 4,996	3,439 3,439
Offshore, wind power	8,435
Sum of installed and FID capacity 17,705 15,386 2,319
Sum of installed, FID, and awarded/contracted capacity	26,140	20,382	5,758

Installed renewable capacity

The installed renewable capacity is calculated as the cumulative renewable gross capacity installed by Ørsted before divestments.

For installed renewable thermal capacity, we use the heat capacity, as heat is the primary outcome of thermal energy generation, and as bioconversions of the combined heat and power plants are driven by heat contracts.

Decided (FID) renewable capacity

Decided (FID) capacity is the renewable capacity for which a final investment decision (FID) has been made.

Awarded and contracted renewable capacity

The awarded renewable capacity is based on the capacities which have been awarded to Ørsted in auctions and tenders. The contracted capacity is the capacity for which Ørsted has signed a contract or power purchase agreement (PPA) concerning a new renewable energy plant. Typically, offshore wind farms are awarded, whereas onshore wind farms are contracted. We include the full capacity if more than 50 % of PPAs/offtake are secured.

Installed storage capacity

The battery storage capacity is included after commercial operation date (COD) has been achieved. The capacity is presented as megawatts of alternating current (MWac).

Note: In Q2 2021, we aligned our definition of installed capacity, hence all assets (installed or FID’ed) are reported using nameplate capacity. Previously a few wind farms were reported using ‘power optimised capacity’ or ‘export cable limit capacity’.

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17

Forecasted renewable capacity build-out

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Global renewable energy capacity Global offshore wind capacity North American renewable capacity
by technology [[1]] excl. mainland China by technology [2]
GW installed GW installed GW installed
2 % biomass Americas Biomass
32% Batteries Asia Pacific + 26 GW/ye ar Batteries
20 % Offshore wind +11 %/year +8 %/year
13 % Small-scale PV Europe Offshore wind
11 % Large-scale PV9 % Onshore wind 4,542 290 Small-scale PV 547
183 Large-scale PV 16
230 176 53 Onshore wind 2830 [3]
420
823 94
+2 0 GW/ye ar 65 166 13
66
161
152
1,559 30 [3]
242 120
1,641 + 7 GW/yea r 33 1633 2
143 11 36
236 + 3 GW/yea r 171 132 57
59
536 1,571 10 6 97 1717 12 199 227
24 134
679 11 0 0 43 86
24
2020 2030 2015 2020 2025 2030 2035 2015 2020 2025 2030
(Post-COVID-19)
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Global renewable energy capacity by technology[[1]] GW installed

CAGR

1. Excludes solar thermal, geothermal, marine, tidal, and others which combined account for less than 1 % of capacity

2. North America includes the United States and Canada. Excludes solar thermal, geothermal, marine, and tidal which combined account for less than 1 % of capacity

3. Considering 30 GW offshore wind capacity target announced by US administration

Source: BNEF New Energy Outlook 2021 for capacity of all technologies except offshore wind. Offshore wind figures from BNEF Offshore Wind Market Outlook H2 2021

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18

Offshore wind build-out plan

Installed capacity

MW

7,551 Under co Awarded	1,320 nstruction	900	1,166	10,937 1,758	10,937 1,758	3,214	920	1,045	1,498	19,372
Country UK Taiwan Germany US US Taiwan Poland Poland Expected completion H1 2022 H2 2022 2024/2025 2023, 2025, 2025 2025, 2026, 2029 2025/2026 2026 2027 Construction status On track On track Reached FID 1 Dec 2021 Pending FID Pending FID Pending FID Pending FID Pending FID Turbine 165 x 8 MW Siemens Gamesa 111 x 8 MW Siemens Gamesa 106 x 11 MW Siemens Gamesa US Mid- Atlantic cluster3 Hornsea 2 Installed capacity Q4 2021 Greater Changhua 1 & 2a Decided (FID’ed) and installed capacity German Portfolio1 US North- East cluster2 Greater Changhua 2b & 4 Baltica 3 Baltica 2 Decided (FID’ed), installed and awarded capacity

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1. German Portfolio: Gode Wind 3 (253 MW) and Borkum Riffgrund 3 (913 MW)

2. US North-East cluster: South Fork (130 MW), Revolution Wind (704 MW) and Sunrise Wind (924 MW)

3. US Mid-Atlantic cluster: Skipjack 1 (120 MW), Skipjack 2 (846 MW), Ocean Wind 1 (1,100 MW) and Ocean Wind 2 (1,148 MW)

19

Offshore market development – UK and Continental Europe

United Kingdom	• UK Government target annual build-out of 3 GW to reach 40 GW capacity by 2030, including 1 GW of floating wind by 2030 • CfD auction opened December 2021 with an allocated pot of GBP 200 m for bottom-fixed, but no capacity cap. Floating Wind will compete for a different allocated pot of GBP 75 m (pot 2) with other immature technologies; pot 2 includes a minimum (or ringfenced) spend of GBP 24 m for floating • 17 sites awarded in first large-scale seabed lease auction for both bottom-fixed and floating projects launched by Crown Estate Scotland in 2021 • Innovation and Oil & Gas Transition (INTOG) offshore leasing round announced by Crown Estate Scotland, further details expected to be announced around H1 2022 • Celtic Sea Leasing round announced for total of 4GW of floating projects. The first leases are to be awarded in 2023 with both small scale (300MW projects pre-2030) and utility scale (1GW projects 2030-35). Details of auction model and available sites to be clarified through 2022
Germany	• New Government has ambitions to increase offshore wind targets to 30 GW by 2030, 40 GW by 2035 and 70 GW by 2045. Targets are subject to legal formalisation • First centralised tender launched in February 2021. 900 MW was awarded in September 2021
Netherlands	• New government to increase current 11 GW by 2030 target to ~21 GW by 2030 • For the additional ~10 GW by 2030, additional OFW zones and export cable trajectories are designated. Updated roadmap incl. timing of tenders expected in Q2 2022 • Next tender of 1,520 MW for Holland Coast West with bid deadline H1 2022
Denmark	• Political agreement on 2 GW new offshore wind before 2030 and potential 1 GW extra dedicated for PtX • Hesselø tender (0.8-1.0 GW) uncertain due to seabed conditions, if the location is dropped by the authorities there will most likely be a replacement • Tender award for designing, building and co-owning an artificial island in the North Sea as hub for up to 10 GW offshore wind in H1 2024 • Tenders for 5 GW of offshore wind farms in total connected to the Bornholm and North Sea Energy Hubs towards 2033 and political indications for 7 GW more towards 2040
Poland	• Upcoming seabed auctions of 11-13 GW offshore wind expected to progress in 2022 • Winners of awarded seabed can participate in auctions for a CFD subsidy scheme in 2025 and 2027 with an expected award of 5 GW offshore wind capacity
Belgium	• Allocation of ~3.8 GW towards total capacity target of ~5.8 GW by 2030. Tenders expected in 2024/2025 • MoU signed with Denmark for large scale offshore wind power imports
Baltic States	• Lithuania: Draft laws for 700 MW 2024 offshore wind tender under review by Lithuanian parliament. Second tender of 700 MW planned for 2025 • Latvia and Estonia: MoU between Latvia and Estonia in place for the development of a joint offshore wind project of up to 1 GW
Sweden	• 100% renewable electricity target by 2040 and carbon neutrality by 2045 • National electrification and hydrogen strategies being developed. Government proposal to ease wind farm environmental permitting • Proposed Offshore transmission scheme has been decided upon be designed before June 2022
Norway	• Norwegian authorities have opened two areas for offshore wind projects (bottom-fixed and floating) with a max capacity of 4.5 GW to be allocated through competitive process in 2022. Details of auction model to be clarified and announced during H1 2022

All auction and tender timelines and capacities based on current expectations and subject to change

20

Offshore market development – US

Massachusetts	• Target of 5.6 GW offshore wind by 2027, of which 3.2 GW has already been awarded, through and including December 2021 awards • Next auction expected in late 2023
Connecticut	• Target of 2 GW of offshore wind capacity by 2030, of which 1.2 GW remains available • Next auction expected in 2022
New York	• Target 9 GW offshore wind by 2035 • 2.5 GW awarded in Q1 2021 and 4.2 GW in total • BOEM opened a sale of 6 new seabed lease areas representing up to 7 GW of capacity through New York Bight
New Jersey	• Target of 7.5 GW offshore wind capacity by 2035, of which 3.7 GW remains available following recent awards to Ocean Wind 2 and Atlantic Shores • Next auction of at least 1.2 GW expected in early 2023 • NJ Board of Public Utilities and PJM currently evaluating 2021 bids for offshore wind shared transmission. Outcome is expected in H2 2022
Maryland	• Awarded 1.6 GW across two projects in December 2021, meeting its solicitation target and therefore closing future solicitation rounds • No firm targets for offshore wind beyond awarded projects
Rhode Island	• Executive order signed to power the state with 100 % renewable energy by 2030 • Next auction of up to 600 MW expected in 2022
California	• First BOEM auction of up to 5 seabed leases expected in late 2022. Sites are in deep waters off California’s central and northern coasts • New law requires state energy agency to set non-binding offshore wind goal in summer 2022. Previous state modeling indicates goal could be as big as 10+ GW
North Carolina	• BOEM lease auction expected in 2022 • Legislation requires electric sector to reach 70% decarbonisation by 2030 and 100% by 2050. Executive Order targets 2.8GW of offshore wind by 2030 and 8GW by 2040
Other	• BOEM lease auctions expected in Gulf of Mexico, Central Atlantic, Oregon, and Gulf of Maine between 2022 and 2024

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21

All auction and tender timelines and capacities based on current expectations and subject to change

Offshore market development – APAC

Taiwan

• Taiwan has met its target of awarding 5.5 GW to be commissioned by 2025

• • 600 MW Greater Changhua 3 project ready for future auctions • Third round auction announced with 15 GW offshore wind target to be constructed from 2026-2035, up from 10 GW previously • The third round auction is expected to take place in H2 2022

• Authorities announced the 1st Offshore Wind Vision confirming 10 GW offshore wind target towards 2030 and 30-45 GW by 2040

Japan

• 11 areas have been designated as potentially suitable for the development of offshore wind for upcoming auctions onwards with a capacity of ~7 GW

• • After 1.5 GW was awarded in December 2021, awards for the next auction are expected to be communicated around December 2022. The Happo zone will be included in the next auction – this zone has already commenced the auction process. Tsugaru North and Isumi have also been selected as potential promotional zones for the next auction

• 12 GW offshore wind build-out by 2030 has been targeted by South Korea under its ‘Green New Deal’. A Wind Power Special Act is now being drafted which could potentially streamline offshore wind planning and consenting under a ‘one-stop shop’ system

• • In the wider electricity sector, a 35 % renewable mix towards 2030 and up to 42 % by 2034 is targeted under the 9th Basic Plan on Supply and Demand of Electricity. The plan also confirms renewable energy will be 77.8 GW to towards 2034 this equals 62.3 GW new renewable capacity and of those 25 GW is expected from wind power. The

• South Korea Carbon Neutrality Framework Act passed in 2021 also formally legislates for net-zero by 2050, and targets at least 35% GHG emissions reductions from 2018 levels by 2030 • The baseline of OSW REC multiplier is increased from 2.0 to 2.5 and REC mandate has been reformed from 10% by 2022 to 25% by 2026 • Electricity Business License “EBL” submitted for Incheon 1.6 GW. Approval expected Q2 2022 • Hydrogen Act announced in February 2021 setting targets for 15GW of hydrogen fuel cells for power generation and production of 6.2 million hydrogen FCEVs by 2040

Vietnam	• Vietnamese government expected to finalise & release 8th Power Development Plan (‘PDP8’) by H1 2022. Current targets are 5GW in 2030 & 10 GW in 2035 for offshore wind • Offshore Wind officially stated to be a technology of strategic importance for VN to achieve 2050 net zero target • Strategic MOU on offshore wind with Vietnamese conglomerate T&T Group, combining a multi-GW pipeline in the two provinces with Vietnam’s best offshore wind resources • Ørsted submits site application for a GW-sized project in the North of Vietnam to help meet strong government demand for large renewable development in the North
Other markets	• Australia’s federal government approved the Offshore Energy Bill into parliament, which establishes a licensing system for developing offshore wind projects and allows the federal minister to declare offshore wind zones. State governments are also developing state-level legislation, some of which is expected to be introduced beginning of 2022

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22

All auction and tender timelines and capacities based on current expectations and subject to change

Upcoming offshore seabed competition

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----- Start of picture text -----

2022 H1 2022 2022 Q4 2022 / Q1 2023 [1] H2 2023 [1] 2023
Poland New York Bight Norway Gulf of Mexico Oregon Celtic Sea floating
~ 12 GW ~ 7 GW ~ 4.5 GW TBC TBC < 4 GW
H1 2022 H1 2022 H2 2022 Q2 / Q3 2023 [1] H2 2024 [1]
Scotland INTOG [2] North Carolina California Central Atlantic Gulf of Maine
TBC ~ 4.5 GW TBC TBC
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1. Timing is highly uncertain

2. Scotland Innovation and Targeted Oil & Gas Decarbonisation All timelines and capacities based on authorities communication and subject to change. Timeline reflects bid submission deadline, not time of award

23

Hydrogen and green fuels project pipeline of +3GW

1 2 3 6 5 7 8 9 4 10	Project Partners Country Current potential(MW) Application Westküste 100 / HySCALE100 700-2,100 Raffinerie Heide, Hynamics, Holchim,+more
	Lingen Green Hydrogen 550 bp
	Yara Sluiskil 100 Yara
	SeaH2Land 1,000 Yara, ArcelorMittal, Dow, Zeeland Refinery, North Sea Port, +more
	H2RES 2 Everfuel, DSV, GHS, +more
	Green Fuels for Denmark 1,300 Maersk, SAS, CPH Airport, DFDS,DSV,+more
	DFDS Europe Seaways TBD DFDS, Ballard, Lloyd’s Register,+more
	Gigastack 100 Philips 66, ITM Power, +more
	Offshore H2 Oyster 1 ITM Power, Siemens Gamesa, Element Energy
	Liquid Wind 70 FlagshipONE

Additional announced development partnerships

• POSCO : MoU expands relationship, involving conducting feasibility studies on potential renewable hydrogen collaboration

• Uniper : MoU establishes strategic partnership with the goal of largescale hydrogen production from Wilhelmshaven offshore wind on the German North Sea coast

• Williams : MOU explores potential jointly-developed Power-to-X projects in Wyoming, USA

• Edinburgh Airport : MOU explores decarbonising the airport, vehicles, and aircrafts

• Salzgitter : MoU aiming to establish closed value chains in their business relationships

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24

Overview of US offshore wind federal permitting process

Planning & Analysis Leasing Site Assessment Construction & Operations BOEM[1] conducts a BOEM conducts BOEM grants developer Submit COP for NOI Construction and Operations Plan (COP) process of area auctions and up to five years (not all identification, issues leases time must be taken) to environmental complete requirements Developer submits reviews, etc. Requirements include a Construction and disapprove it, or approve it with modifications. If the COP is approved, then the conducting site Operations Plan developer has its final federal permitting needed to start construction characterization surveys (COP) before the and submitting a Site five-year site Environmental Impact Statement (EIS) Assessment Plan (SAP) assessment period expires BOEM must approve the SAP BOEM issues a BOEM prepares a Draft Environmental Impact Statement (EIS) and a Notice of Intent Final EIS. BOEM explores alternatives to the proposed COP (NOI) once it deems the A Record of Decision (ROD) is issued at the end of this process. This developer’s COP is not the final approval but is a framework for any further required submission as reviews, site-specific actions, or broad regional mandates Complete and Sufficient

BOEM’s issuance of the NOI starts the ~2-year clock for BOEM to approve the COP, disapprove it, or approve it with modifications. If the COP is approved, then the developer has its final federal permitting needed to start construction

BOEM prepares a Draft Environmental Impact Statement (EIS) and a Final EIS. BOEM explores alternatives to the proposed COP

A Record of Decision (ROD) is issued at the end of this process. This is not the final approval but is a framework for any further required reviews, site-specific actions, or broad regional mandates

Final Permit Approvals

Federal permitting overview[2]

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BOEM may issue an Initiation of Action Notice (IAN) ~2-3 months before issuing its NOI. This can provide an indication on timing

BOEM oversees a four-step process: Planning & Analysis, Leasing, Site Assessment, and Construction & Operations. It can take up to roughly a decade in total

BOEM coordinates inter-agency approval. Approval timing varies per agency, but the last approval deadline is 90 days after the ROD. This generally coincides with the COP approval

We highlight key milestones within each step This is a new process for BOEM, who have yet to permit any Projects under this federal process

Approvals come from: NOAA,[3] The US Army Corps of Engineers, the Fish and Wildlife Service, and the Environmental Protection Agency

• 1: BOEM stands for the Bureau of Ocean Energy Management

• 2: State-level permitting processes vary across states and typically run concurrent with the federal process

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25

3: NOAA stands for National Oceanic and Atmospheric Administration

Onshore build-out plan

Installed capacity

MW 3,351 Under const	298 ruction		62	430	518		4,704 29 16
Region SPP, NE Scotland, UK ERCOT, TX ERCOT, TX Expected completion Near completion H1 2022 H2 2022 H2 2022 Status On track On track Delayed Delayed Platform Wind Wind Solar PV Wind & Solar PV Offtake solution PPAs with PepsiCo Target & Hormel Foods PPA signed PPA with Microsoft PPAs with Henkel & Target Haystack Installed capacity Q4 2021 Kennoxhead 1 Old 300 Helena Energy Center1							Ireland Northern Ireland H2 2022 2023 On track On track Wind Wind PPA with Meta2 PPA with Amazon Lisheen 3 Ballykeel Decided (FID’ed) and installed capacity

1. Helena Energy Center consists of 268 MW onshore wind and 250 MWAC solar PV

2. 26 2. Meta was previously known as Facebook

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Sustainability and ESG at Ørsted

Green leadership

• In 2021, 90 % of our energy generation was green. We target 99 % green energy generation by 2025.

• By 2025, we aim to be carbon neutral (scope 1-2) by reducing ≥ 98 % of our carbon emissions vs. 2006, and by eliminating or covering the remaining < 2 % with offset projects certified to remove atmospheric carbon.

• By 2040, we aim to reach net-zero emissions across our entire carbon footprint (scope 1-3), with a midway target to reduce our scope 3 emissions by 50 % in 2018-2032.

• In 2021, we have placed a ban on landfilling of wind turbine blades.

• No later than 2030, all projects commissioned must have net positive biodiversity impact.

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g CO2e/kWh
500
450 Ørsted actual
400 Ørsted carbon neutral target
350
300
250
200
150
100
50
0
2005 2010 2015 2020 2025
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Contributing to the global goals

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Ørsted is a LEAD participant of the UN Global Compact and adheres to its ten principles for responsible business behaviour.

First and only energy company in the world with an approved science-based net-zero target for the full value chain (scopes 1-3) to help limit global warming to <1.5 ºC.

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Catalysing the green energy transformation

With our core business, we aspire to have a transformational impact on SDG 7 on affordable and clean energy and SDG 13 on climate action:

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Ensure access to affordable, reliable, sustainable and modern energy for all

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Take urgent action to combat climate change and its impacts

ESG ratings of Ørsted

	Rating	agency	Score	Benchmark
			A	Highest possible rating for three consecutive years and recognised as a global
				leader on climate action
			AAA	Highest possible rating for five consecutive ratings No. 1 and only company
			16.3 (low risk)	assessed as “low risk” among direct utility peers measured by market cap
				Ranked in 1st decile among
			B+	electric utilities and awarded highest possible ‘Prime’ status
			80	Platinum Medal for being among top 1 % of companies assessed by EcoVadis

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27

ESG Performance

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----- Start of picture text -----

Total heat and power generation FY 2021 Greenhouse gas emission intensity Scope 3 greenhouse gas emissions,
Energy source, % g CO2e/kWh million tonnes CO2e
Offshore wind Biomass Scope 3 Other scope 3 emissions
Onshore wind Coal Scope 1-2 Natural gas sales
Solar PV Natural gas -99 % Scope 1-3 Total scope 3
-90 % gas
-50 % all scope 3
-98% scope 1-2 products
2%
8% 462 34.6
29.2
25.3
37% 322
Green share 18.2
30%
90% 14.6
165
<2.4
<20 <10 <2.9
3%
20% 2006 2018 2021 2023 2025 2040 2018 [1] 2019 2020 2021 2032 2040
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28

1) 2018 is adjusted base year

Group – Financial highlights

FINANCIAL HIGHLIGHTS		Q4 2021	Q4 2020	D	FY 2021	FY 2020	D
EBITDA	DKKm	8,253	5,003	65 %	24,296	18,124	34 %
- New partnerships		3,211	-	n.a.	8,507	-	n.a.
- EBITDA excl. new partnerships		5,042	5,003	1 %	15,789	18,124	(13 %)
• Offshore		5,244	4,128	27 %	18,021	14,750	22 %
• Onshore		530	324	64 %	1,349	1,131	19 %
• Bioenergy & Other		2,416	643	276 %	4,747	2,136	122 %
Operating profit (EBIT)		4,361	2,343	104 %	16,195	10,536	54 %
Total net profit		3,258	2,189	49 %	10,887	16,716	(35 %)
Operating cash flow		688	6,756	(90 %)	12,148	16,466	(26 %)
Gross investments		(11,752)	(8,639)	36 %	(39,307)	(26,967)	46 %
Divestments		10,952	(1,519)	n.a.	21,159	19,039	13 %
Free cash flow – continuing operations		(132)	(3,402)	(96 %)	(5,640)	8,538	n.a.
Net interest-bearing debt		24,280	12,343	97 %	24,280	12,343	97 %
FFO/Adjusted net debt1	%	31.3	65.0	(34 %p)	31.3	65.0	(34 %p)
ROCE1	%	14.8	9.7	5 %p	14.8	9.7	5 %p

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29 1) Last 12 months

Offshore – Financial highlights

FINANCIAL HIGHLIGHTS Q4 2021 Q4 2020 D FY 2021 FY 2020 D	FINANCIAL HIGHLIGHTS Q4 2021 Q4 2020 D FY 2021 FY 2020 D
EBITDA DKKm 5,244 4,128 27 % 18,021 14,750 22 % • Sites, O&Ms and PPAs 3,983 4,950 (20 %) 13,059 15,476 (16 %) • Construction agreements and divestment gains 2,469 (149) n.a. 7,535 1,593 373 % • Other, incl. project development (1,208) (673) 79 % (2,573) (2,319) 11 %
KEY BUSINESS DRIVERS
Power generation GWh 4,452 4,912 (9 %) 13,808 15,248 (9 %) Wind speed m/s 10.6 10.6 0 %p 9.1 10.0 (9 %) Availability % 95 94 1 %p 94 94 0 %p Load factor % 53 53 0 %p 39 45 (6 %p) Decided (FID) and installed capacity GW 10.9 9.9 10 % 10.9 9.9 10 % Installed capacity GW 7.6 7.6 0 % 7.6 7.6 0 % Generation capacity** GW 4.0 4.4 (9 %) 4.0 4.4 (9 %)

Wind speed

(m/s), offshore wind farms

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12.5
10.5 10.6 10.6 10.0
9.1
8.4 7.8 8.6 7.6
Q1 Q2 Q3 Q4 FY
2020 2021 "Normal wind year"
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The wind speed indicates how many metres per second the wind has blown in the areas where we have offshore wind farms. The weighting is based on our generation capacity

In Q2 2021, we aligned our definition of installed capacity, hence all assets (installed or FID’ed) are reported using nameplate capacity. Previously a few wind farms were using ‘power optimised capacity’ or ‘export cable limit capacity’ We have improved the accuracy of our offshore wind speed calculations in 2021 and restated 2020 wind speed data to support comparison. In 2021 we have used an improved input data set for calculating wind speeds for offshore wind farms. Previously individual wind speed measuring points covered several wind farms and were reported for an average hub height. Now each offshore wind farm has its own specific wind speed measuring point for the actual wind farm height. For comparison reasons we have also updated the actual and normal wind speed data reported for 2020 using the new more detailed wind speed datasets.

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• Installed capacity: Gross offshore wind capacity installed by Ørsted before divestments

30

** Generation capacity: Gunfleet Sands and Walney 1 & 2 are consolidated according to ownership interest. Other wind farms are financially consolidated

Onshore – Financial highlights

FINANCIAL HIGHLIGHTS Q4 2021 Q4 2020 D FY 2021 FY 2020 D	FINANCIAL HIGHLIGHTS Q4 2021 Q4 2020 D FY 2021 FY 2020 D
EBITDA DKKm 530 324 64 % 1,349 1,131 19 % • Sites 211 99 113 % 535 451 19 % • Production tax credits and tax attributes 480 314 53 % 1,382 1,004 38 % • Other, incl. project development (161) (89) 81 % (568) (324) 75 %
KEY BUSINESS DRIVERS
Power generation GWh 2,818 1,817 55 % 8,352 5,738 46 % Wind speed, US m/s 7.9 8.0 (1 %) 7.4 7.6 (3 %) Availability, US wind % 96 95 1 %p 96 96 0 % Availability, US solar PV % 99 - n.a. 96 - n.a. Load factor, US wind % 47 50 (3 %p) 42 45 (3 %p) Load factor, US solar PV % 19 - n.a. 24 - n.a. Installed capacity GW 3.4 1.7 100 % 3.4 1.7 100 %

Wind speed

(m/s), US onshore wind farms

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7.5 7.7 8.0 7.3 6.7 6.4 8.0 7.9 7.6 7.4
Q1 Q2 Q3 Q4 FY
2020 2021 "Normal wind year"
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The wind speed indicates how many metres per second the wind has blown in the areas where we have onshore wind farms. The weighting is based on our generation capacity

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31

Bioenergy & Other – Financial highlights

FINANCIAL HIGHLIGHTS Q4 2021 Q4 2020 D FY 2021 FY 2020 D	FINANCIAL HIGHLIGHTS Q4 2021 Q4 2020 D FY 2021 FY 2020 D
EBITDA DKKm 2,416 643 276 % 4,747 2,136 122 % • CHP plants 1,715 346 396 % 3,202 1,111 188 % • Gas Markets & Infrastructure 770 389 98 % 1,829 411 345 % • Distribution, B2C, and city light - - n.a. - 926 n.a • Other, incl. project development (69) (92) (25 %) (284) (312) (9 %)
KEY BUSINESS DRIVERS
Heat generation GWh 2,467 2,230 11 % 7,907 6,671 19 % Power generation GWh 2,096 1,291 62 % 6,890 4,438 55 % Degree days # 927 825 12 % 2,820 2,432 16 %

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32

Currency and energy exposure

	70.8 5.0 12.3 21.9 -8.4 12.3 NTD2 GBP1 USD2 Before hedging After hedging Risk after hedging, DKKbn Effect of price +10 % Effect of price -10 % GBP: 21.9 sales position +2.2 -2.2 USD: 8.4 purchase position -0.8 +0.8 NTD: 12.3 sales position +1.2 -1.2 Currency exposure Q1 2022 – Q4 2026 DKKbn

	67.6 -1.6 -0.2 -1.2 14.9 1.0 -0.3 Power Gas Spread (power) Oil 0.0 Before hedging After hedging Risk after hedging DKKbn Effect of price +10 % Effect of price -10 % Power: 14.9 sales position +1.5 -1.5 Gas: 1.0 sales position +0.1 -0.1 Oil: 0.0 sales position +0.0 -0.0 Spread: 0.3 purchase position -0.0 +0.0 Energy exposure Q1 2022 – Q4 2026 DKKbn

1. The GBP exchange rate for hedges impacting EBITDA in 2022 and 2023 is hedged at an average exchange rate of DKK/GBP 8.5 and 8.3.

2. For USD and NTD, we manage our risk to a natural time spread between front-end capital expenditures and long-term revenue. In the five year horizon, we are therefore seeing that our hedges increase our net exposure to USD, but in the longer horizon, our hedges reduce the USD risk.

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33

Hedging levels

Hedging level of total exposures for each BU, as of 31/12/2021

Offshore

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100% 95%
67%
51%
26%
Year 1 Year 2 Year 3 Year 4 Year 5
Onshore
79% 80% 77% 78% 78%
Year 1 Year 2 Year 3 Year 4 Year 5
Bioenergy
31%
13%
4%
Year 1 Year 2 Year 3
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34

Exposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years

Capital employed

Capital employed, DKKm	FY 2021	FY 2020
Intangible assets, and property and equipment	162,939	122,249
Assets classified as held for sale, net	860	793
Equity investments and non-current receivables	828	777
Net working capital, capital expenditures	(8,913)	(4,040)
Net working capital, work in progress	5,948	9,775
Net working capital, tax equity	(13,268)	(7,246)
Net working capital, other items	10,820	2,228
Derivatives, net	(32,995)	(209)
Decommissioning obligations	(8,851)	(7,003)
Other provisions	(7,037)	(6,860)
Tax, net	3,844	(771)
Other receivables and other payables, net	(4,759)	(21)
TOTAL CAPITAL EMPLOYED	109,416	109,672

Capital employed by segment %, FY 2021

Offshore Onshore Bioenergy & Other

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2%
20%
109.4
DKKbn
78%
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35

FFO/Adjusted net debt calculation

Funds from operations (FFO), DKKm FY 2021 FY 2020 EBITDA (Business performance for 2020) 24,296 18,124 Change in provisions and other adjustments (2,472) (403) Reversal of gain (loss) on divestment of assets (7,920) (805) Income tax paid (1,380) (1,118) Interests and similar items, received/paid (467) (1,829) Reversal of interest expenses transferred to assets (782) (449) 50 % of coupon payments on hybrid capital (215) (245) Dividends received and capital reductions 29 18 FUNDS FROM OPERATION (FFO) 11,089 13,293 Adjusted interest-bearing net debt, DKKm FY 2021 FY 2020 Total interest-bearing net debt 24,280 12,343 50 % of hybrid capital 8,992 6,616 Cash and securities, not available for distribution 2,130 1,485 ADJUSTED INTEREST-BEARING NET DEBT 35,402 20,444 FFO / ADJUSTED INTEREST-BEARING NET DEBT 31.3 % 65.0 %

We have adjusted our definition of FFO and adjusted NIBD to better align with the rating agencies. Generally, we are now adjusting FFO for the cash flow effects instead of the profit and loss effects. Further, adjusted NIBD no longer includes the decommissioning obligation. Comparative figures for 2020 are restated

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36

Debt and hybrids overview

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Total gross debt and hybrids Effective funding costs – Gross debt Maturity profile
31 December 2021, DKKbn DKKbn
Cost of Modified Avg. time to
debt (%) duration (%) maturity (years)
Bond loans 2.8 8.4 9.9
18.3 69.5 Bank loans 0.5 0.4 2.0 19.6 19.8
Total 2.7 7.9 9.5
26%
14.2 3.8%
20% 3.1%
37.0 2.8% 2.8% 2.8% 2.8% 2.7%
2.0 3%
37.2 36.8 38.1 39.0 38.4 37.0
5.6
27.5
35.0 50% 4.0
1.5
0.7
0.1 0.1 0.1 0.0
Gross debt Repo loans Hybrids Total 2018 2019 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
Gross debt (DKKbn)
Bank Loans Bond loans
Average effective interest rate (excl. hybrid) Bank loans Bond loans
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031+
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37

Hybrid capital in short

Hybrid capital can broadly be defined as funding instruments that combine features of debt and equity in a cost-efficient manner:

• Hybrid capital encompasses the creditsupportive features of equity and improves rating ratios

• Perpetual or long-dated final maturity (1,000 years for Ørsted)

• Absolute discretion to defer coupon payments and such deferrals do not constitute default nor trigger cross-default

• Deeply subordinated and only senior to common equity

Due to hybrid’s equity-like features, rating agencies assign equity content to the hybrids when calculating central rating ratios (e.g. FFO/NIBD).

The hybrid capital increases Ørsted’s investment capacity and supports our growth strategy and rating target.

Ørsted has made use of hybrid capital to maintain our ratings at target level in connection with the merger with Danish power distribution and production companies back in 2006 and in recent years to support our growth in the offshore wind sector.

Accounting treatment

• Hybrid bonds are classified as equity

• Coupon payments are recognised in equity and do not have any effect on profit (loss) for the year

• Coupon payments are recognised in the statement of cash flows in the same way as dividend payments

• For further information see note 5.3 in the 2021 Annual Report

• Without being dilutive to equity holders (no ownership and voting rights, no right to dividend)

Hybrids issued by	Principal		First Reset		Accounting	Tax	Rating
Ørsted A/S1	amount	Type	Date3	Coupon	treatment2	treatment	treatment
6.25 % hybrid due 3013	EUR 350 m	Hybrid capital (subordinated)	Jun. 2023	Fixed during the first 10 years, first 25bp step-up in Jun. 2023	100 % equity	Debt – tax-deductible coupon payments	50 % equity, 50 % debt
2.25 % Green hybrid due 3017	EUR 500 m	Hybrid capital (subordinated)	Nov. 2024	Fixed during the first 7 years, first 25bp step-up in Nov. 2029	100 % equity	Debt – tax-deductible coupon payments	50 % equity, 50 % debt
1.75 % Green hybrid due 3019	EUR 600 m	Hybrid capital (subordinated)	Dec. 2027	Fixed during the first 8 years, first 25bp step-up in Dec. 2032	100 % equity	Debt – tax-deductible coupon payments	50 % equity, 50 % debt
1.50 % Green hybrid due 3021	EUR 500 m	Hybrid capital (subordinated)	Feb. 2031	Fixed during the first 10 years, first 25bp step-up in Feb. 2031	100 % equity	Debt – tax-deductible coupon payments	50 % equity, 50 % debt
2.50 % Green hybrid due 3021	GBP 425 m	Hybrid capital (subordinated)	Feb. 2033	Fixed during the first 12 years, first 25bp step-up in Feb. 2033	100 % equity	Debt – tax-deductible coupon payments	50 % equity, 50 % debt

1. All listed on Luxembourg Stock Exchange and rated Baa3 (Moody’s), BB+ (S&P) and BBB- (Fitch). The four Green hybrids are furthermore listed on the Luxembourg Green Exchange (LGX)

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1. First Par Call Date

38 2. Due to the 1,000-year structure

Ørsted’s outstanding bonds

Bond Type	Issue date	Maturity	Face Value	Principal amount	Coupon	Coupon payments	Green bond	Allocated to green projects (DKKm)	Avoided emissions (t CO2/year) attributable to the bonds
Senior Unsecured	Sep. 2012	19 Sep. 2022	EUR 750m	EUR 517m	2.625%	Every 19 Sep.	No	n/a	n/a
Senior Unsecured	Nov. 2017	26 Nov. 2029	EUR 750m	EUR 750m	1.5%	Every 26 Nov.	Yes	5,499	551,000
Senior Unsecured	Apr. 2010	9 Apr. 2040	GBP 500m	GBP 500m	5.750%	Every 9 Apr.	No	n/a	n/a
Senior Unsecured	Jan. 2012	12 Jan. 2032	GBP 750m	GBP 750m	4.875%	Every 12 Jan.	No	n/a	n/a
Senior Unsecured	May 2019	17 May 2027	GBP 350m	GBP 350m	2.125%	Every 17 May	Yes	2,968	318,000
Senior Unsecured	May 2019	16 May 2033	GBP 300m	GBP 300m	2.5%	Every 16 May	Yes	2,518	258,000
Senior Unsecured/CPI-linked	May 2019	16 May 2034	GBP 250m	GBP 250m	0.375%	Every 16 May & 16 Nov.	Yes	2,128	227,000
Senior Unsecured	Nov. 2019	19 Nov. 2026	TWD 4,000m	TWD 4,000m	0.92%	Every 19 Nov.	Yes	882	69,000
Senior Unsecured	Nov. 2019	19 Nov. 2034	TWD 8,000m	TWD 8,000m	1.5%	Every 19 Nov.	Yes	1,765	139,000
Senior Unsecured	Nov. 2020	13 Nov. 2027	TWD 4,000m	TWD 4,000m	0.6%	Every 13 Nov.	Yes	882	69,000
Senior Unsecured	Nov. 2020	13 Nov. 2030	TWD 3,000m	TWD 3,000m	0.7%	Every 13 Nov.	Yes	661	52,000
Senior Unsecured	Nov. 2020	13 Nov. 2040	TWD 8,000m	TWD 8,000m	0.98%	Every 13 Nov.	Yes	1,763	139,000
Hybrid capital	Jun. 2013	26 Jun. 3013	EUR 700m	EUR 350m	6.25%	Every 26 Jun.	No	n/a	n/a
Hybrid capital	Nov. 2017	24 Nov. 3017	EUR 500m	EUR 500m	2.25%	Every 24 Nov.	Yes	3,674	370,000
Hybrid capital	Dec. 2019	9 Dec. 3019	EUR 600m	EUR 600m	1.75%	Every 9 Dec.	Yes	4,424	528,000
Hybrid capital	Feb. 2021	18 Feb. 3021	EUR 500m	EUR 500m	1.50%	Every 18 Feb.	Yes	0	0
Hybrid capital	Feb. 2021	18 Feb. 3021	GBP425m	GBP425m	2.50%	Every 18 Feb.	Yes	3,630	526,000

Ørsted’s Green Finance Framework, allocated the dark green shading in the Second Opinion from CICERO Shades of Green, includes Green Bonds, Green Loans and other types of green financing instruments. Ørsted applies green proceeds exclusively for the financing of eligible projects, currently offshore wind projects. Besides the outstanding Green Bonds, Ørsted additionally has a TWD 25bn Green RCF to finance the construction of the offshore wind projects in Taiwan.

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39

Financing strategy

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At Ørsted, we have a centralised financing strategy utilizing our strong balance sheet and diverse portfolio.

The strategy supports:

• A capital structure supportive of our BBB+ rating ambition

• Concentration of and scale in financing activities

• Cost efficient financing based on a strong parent rating

• Optimal terms and conditions and uniform documentation

• Transparent and simple debt structure

• No financial covenants and restrictions on operating arrangements

• Corporate market more stable and predictable than project finance market

• Avoidance of structural subordination

The financing strategy optimizes the effect of a fully integrated cash pool where cash at practically all of the company’s more than 200 subsidiaries is made available for the company’s financing and liquidity purposes.

Financing of activities at subsidiary level is provided by Ørsted A/S in a standardised and cost-efficient setup.

Widespread use of project financing is not considered cost-efficient and dilutes the creditworthiness of the company.

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40

Currency risk management

General principles

• Highly certain cash flows are hedged

• Cost-of-hedging is minimized by netting of exposures in the portfolio of projects, as well as use of construction contracts and debt in local currencies.

Managing outright long risk

• Operations: 5-year minimum hedging staircase mandate by the Board of Directors with 100 % in year 1 – declining to 20 % in year 5. The hedging staircase is a compromise between stabilizing cash flows in the front-end and ensuring a balanced FFO/NIBD.

• Beyond the 5-year horizon the currency exposures are to some extent hedged with foreign-currency debt.

Managing time-spread risk (new markets)

• Construction period: Hedge 100 % of year 1 currency cash flow risk by swapping the exposure to a year with the same currency revenue.

• In new markets the capital expenditures beyond year 1 are netted with future revenue in the same currency.

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41

Inflation and interest rate risks

2022-2031 revenue from assets in operation, under construction, and awarded before debt , %

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----- Start of picture text -----

100 ~55 ~35
~ 20
~10
~35
Total revenue Inflation-indexed Merchant Fixed nominal cash Fixed nominal cash Duration-matched Derivatives1 Net inflation risk
flows from assets flows from assets debt and hybrids
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Contracts: UK ROC and CfD, awarded Unhedged and CfD projects in Poland and unsubsidised power Heat contracts revenue Risk management: Passed to Open exposure shareholders

Risk management:

Subsidised and hedged power, PPAs in Continental Europe, United states and Taiwan

Matched with fixed nominal debt and derivatives. Passed to debt and derivative holders.

Objectives of interest rate and inflation risk management

1. Protect long-term real value of equity by offsetting interest and inflation risk exposure embedded in assets by allocating debt with similar, but opposite risk exposure

2. Cost of funding optimized by actively managing debt portfolio

3. Cost of hedging minimised by using natural portfolio synergies between assets, allowing matching of up to 100 % of asset value with appropriate debt

Framework for risk management

• Assets divided into risk categories based on nature of inflation and interest rate risk exposure

• Simple risk metrics are used to match assets with appropriate debt within each category

• Fixed nominal-category has first priority for debt allocation to protect shareholders against inflation

• Inflation-indexed revenues reserved to service equity return for shareholders thereby to a large extent protecting the real value of equity against fluctuations in inflation

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42

See more in note 6.4 in the 2021 Annual Report

Allan Bødskov Andersen Head of Investor Relations alban@orsted.com

Alex Morgan Lead Investor Relations Officer alxmo@orsted.com

Rasmus Hærvig Senior Manager rakol@orsted.com

Sabine Lohse

Senior Investor Relations Officer sablo@orsted.com

Henriette Stenderup IR Coordinator hnste@orsted.com

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