Ørsted — Investor Presentation 2025

Feb 6, 2025

Orsted

Q4 & FY 2024

Investor presentation

DISCLAIMER

This presentation contains certain for ward-looking stations of our short- and long-term financial performance and targets cs well as our financial policies Statements of historical fort, regarding our future results of operations, financial condition, cash flows, business strategy plans and forward-looking statements. Words such as "target", "believe", "expect", "aim", "intend", "seek", "wil", "may", "should", "antinue", "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 for ward-looking statements.

These for ward-looking statements are based on currents and financial performance. These statements are by nature uncertain and associated with risk Many cause the actual development to differ materially from our expectations. These factors, include, but are not linited to changes in temperature, wind conditions, wake and blockage effects, precipitation levels, cod, carbon, gas, oil, currency, interest rate mority to uphold hedge accounting, inflation rotes, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the environment in our markets, eliability of supply, and market volcilly and disuptions from geopolitical tensions As a result, you should not rely on these for ward-looking statements. Please in the chapter Enterprise risk management' and in note 6 of the 2024 annual report, available at www.orsted.com.

Unless required by low, Ørsted is undertakes no obligation to update or revise any forward-coking statement ofter the cistibution of this presentation, whether as a result of new information, future events or otherwise.

Business update

Rasmus Errboe Chief Executive Officer

Solid operational results in 2024 with EBITDA in line with guidance and several important milestones achieved

Performance highlights for 2024

DKK 24.8 bn EBITDA excl. new partnerships and cancellation fees in line with quidance of DKK 24-26 bn

DKK 7.3 bn net reversal of cancellation fees

Related to contract settlements for Ocean Wind 1 & FlagshipONE

DKK 15.6 bn impairments Majority relating to US offshore wind portfolio

10.1 % ROCE Adjusted for impairment losses and cancellation fees

2.7 TRIR Total recordable iniurv rate reduced for the second vear in a row

Strategic milestones achieved

1.0 GW offshore capacity commissioned

1.4 GW onshore capacity commissioned

Recent FID of 1.5 GW Baltica 2 offshore wind project

3.5 GW of awarded offshore wind capacity in UK AR 6

Significant progress on divestment program with proceeds of DKK 22 bn across five divestments

Closure of last coal-based heat and power plant

Successful pilot of new low-noise monopile installation, potentially revolutionising foundation installation

Awarded licenses for large-scale offshore development in Australia

We are adapting to market developments with a focused business plan

Changes to business plan

Stepping away from 2030 GW ambition

Commitment to prioritise value creation over growth

Reduction of investment programme

Improve capital structure and full commitment to a solid investment grade credit rating

Increased focus and efficiency

Focused capital allocation

Disciplined and focused approach to capital allocation

Cost efficiencies

Advance additional organisational cost efficiency initiatives. Adapting cost and organisation to reduced capacity ambition

We have visibility on near-term investments and are prioritising future capex on the most value-accretive projects

Gross investments

Ørsted share of CAPEX, excl. partner's share of CAPEX, 2024-2030, DKKbn

We have line of sight on significant expansion of capacity through projects currently under construction

We expect to deliver significant EBITDA growth towards 2026 and strong return on capital employed to 2030

Group EBITDA

excl. new partnerships and cancellation fees, DKKbn

Average return on capital employed ROCE, %

ILLUSTRATIVE

While the market remains challenging, we continue to progress with our projects under construction

			Onshore (0.8 GW)-
	German programme	Changhua 2b and 4	Revolution Wind	Sunrise Wind	Hornsea 3 / BESS	Baltica 2	Europe	US
Capacity	1,166 MW2	920 MW	704 MW	924 MW	2,955 MW / 300 MW	1,498 MW	262 MW	509 MW
COD	Q 2025 / Q1 20263	H2 2025	H2 2026	H2 2027	H2 2027	H2 2027	2024-2026	2025-2026
Stotus	Gode Wind 3: Producing at full capacity Borkum Riffgrund 3: All foundations and turbines installed as planned TSO driven delay to grid connection, which is financially compensated	Offshore substation jacket and topside completed Continued progress on production of array cables and foundations First power expected over the summer	Onshore substation and piling of monopile for offshore substation progressing according to updated schedule ~80% of the monopiles installed; turbine installation progressing Export cable lay near complete	Onshore construction and preparation works progress Offshore installation commencing Q1 '25 Updated installation expectations for turbine rate and offshore HVDC system	Onshore works on converter stations and cable routes progressing according to schedule First offshore activities to commence in 2025 BESS construction to commence Q2 2025	FID decision in January 2025	Construction on track	Construction on track

Focus on execution and ability to deliver strong returns

Notes: 1. Our targeted range for the fully loaded unlevel lifecycle spread to weighted average cost of capital (WACC), at the time of bidfinal investment decision (FID) whichever comes frst, for our offshore projects will be 150-300 boss points. The targeted range is not a hurdle rate and, consequently, there could be projects that deviate from the targeted range.

10

Financial update

Trond Westlie Chief Financial Officer

Solid operational earnings in 2024 in line with guidance

Strong underlying performance in 2024

Offshore sites delivered strong earnings growth driven by:

• · Ramp-up of power generation from Greater Changhua 1 and 2a, South Fork, and Gode Wind 3
• Higher wind speeds vs. 2023
• · Higher prices on green certificates and inflation-indexed subsidies

Existing partnerships decreased driven by higher expected costs related to operations of transmission assets as well as lower earnings for construction agreements

Other costs higher vs. last year primarily driven by change in cost allocation methodology, with no impact on overall earnings

Onshore earnings increased driven by ramp-up generation

Earnings from CHP plants in line with last year

Lower earnings from gas activities as positive revaluation of our gas storage was not repeated to the same extent

EBITDA excl. new partnerships and cancellation fees

DKKbn, FY 2024

We expect to deliver EBITDA of DKK 25 - 28 bn in 2025

EBITDA excl. new partnerships and cancellation fees is expected to be DKK 25 - 28 bn in 2025

Offshore sites earnings expected to increase driven by:

• · Ramp-up of generation from Greater Changhua 1 and 2a, Greater Changhua 2b and 4, South Fork, Gode Wind 3, and compensation from grid delay related to Borkum Riffgrund 3
• Higher expected availability
• · Inflation adjustments on ROC and CfD farms, partly offset by lower prices on merchant assets and a step down in subsidy level for Anholt (DK) and older German assets

Earnings from existing partnerships to increase, as negative effects from 2024 are not expected to be repeated in 2025

Increase in costs driven by higher share of development costs being expensed as well as higher fixed costs

Onshore generation capacity increased and higher expected availability, partly offset by impact from divestment of US onshore portfolio to ECP

Higher expected earnings from Bioenergy & Other driven by higher expected gas volumes from third party gas field (Tyra)

Guidance on 2025 EBITDA excl. new partnerships and cancellation fees

DKKbn

Our adjusted business plan is fully self-funded

] A

Notes: 1. Partnerships and divestments refers to any transation when asset project specific partnership with another party of filly divest one or more assets. The terminology thereby covers both full divestments, strategic joint operations and farm-downs. 2. Includes coupon payment for hybrids to minority shareholders in assets and as a planning assumption an estimate of dividend copacity.

We have progressed our partnership and divestment program and remain on track to deliver on the target

Partnership and divestment program progressing according to plan

Significant progress on our divestment program, with proceeds of DKK 22 bn announced during the year1

• • Minority stake in four UK offshore assets
• · Greater Changhua 4
• · US onshore assets
• French onshore platform

Numerous transactions in progress, where the most attractive ones will be executed.

Majority of proceeds will expectedly come from 50% farm-downs and partnership.

Continue to evaluate transactions based on three, non-prioritized objectives, each of which support our credit metric:

• · Value creation
• · Capital recycling
• · Risk diversification

Total expected SPA proceeds over the period 2024-2026 DKKbn

We are fully committed to a solid investment grade rating

Measures already taken and implemented

DKK 7.3 bn net reversal of cancellation fees delivered related to better-than-assumed outcomes for contract settlements

DKK ~3 bn DEVEX reductions implemented through market prioritisation

DKK 1 bn fixed costs reduction implemented by 2026 compared to 2023, on a like-for-like basis, by simplifying our organisation and increasing our efficiency

DKK 22 bn of divestment proceeds executed in 2024 expecting further proceeds in the range of DKK 50 - 60 bn across 2025 and 2026

Additional measures to strengthen capital structure

Investment programme reduced by approx. 25 % compared to previous ambition

Cost efficiency measures

including rightsizing cost and organisation to reduced capacity ambition

Uplift from leveraging value of operational assets including generation optimisation and trading capabilities

Metric recovery on track despite headwinds

• · Excl. cancellation fees in FFO for 2024, credit metric would be ~22 %
• Recent adverse developments from higher costs and delay in rampup generation impacts credit metric in the short-term
• · While improvement of credit metric will be slower-than-anticipated, trajectory towards targeted FFO/adj. NIBD above 30 % remains on track

Notes: 1. Numbers on CAPEX, investment proceeds, and DEVEX are compared to Capital Markets Day June 2023. 2. Funds from operations for 2024 reflects Ørsted definition, which includes minority dividend poyments. For 2026, FFO excludes minority dividends 3. Adjusted net interest-bearing debt; Reflecting Ørsted definition.

Appendix

Disclosure summary

Strategic ambition and financial targets

Target to reinstate dividend for the financial year 2026

at the time of bid/FID1 Fully loaded unlevered lifecycle spread to WACC	150-300 bps
Group EBITDA excl. new partnerships and cancellation fees in 2026	DKK 29-33 bn
Average return on capital employed (ROCE) in the period 2024-2030	~13 %
Financial policies
Target a solid investment grade rating with Moody's/S&P/Fitch
FFO to adjusted net debt above 30 %

Gross investments DKK 210 - 230 bn 2024-2030 Divestment proceeds DKK ~70-80 bn 2024-2026 Financial outlook 2025 EBITDA excl. new partnerships and cancellation fees DKK 25-28 bn 2025

Additional disclosure Year

Gross investments DKK 50-54 bn 2025

Financials

Group – Financial highlights

Financial highlights	Q4 2024	Q4 2023		FY 2024	FY 2023	
EBITDA DKKm	8,353	(686)	n. a.	31,959	18,717	71 %
- New partnerships	(127)	317	n. a.	(127)	4,324	n.a.
- Cancellation fees	926	(9,621)	n.a.	7,335	(9,621)	n.a.
EBITDA excl. new partnerships and cancellation fees	7,554	8,618	(12 %)	24,751	24,014	3 %
Offshore •	6,639	(2,611)	19 %	26,470	13,817	92 %
Onshore •	1,061	525	102 %	3,863	2.970	30 %
Bioenergy & Other •	869	1,434	(39 %)	1,082	1,523	(29 %)
Impairment	(12,127)	1,647	n.a.	(15,563)	(26,775)	(42 %)
Operating profit (EBIT)	(6,345)	(1,405)	352 %	6,171	(17,853)	n.a.
Total net profit	(6,084)	(284)	n.a.	16	(20,182)	n.a.
Operating cash flow	10,306	(6,170)	67 %	18,356	28,532	(36 %)
Gross investments	(17,114)	(13,039)	31 %	(42,808)	(38,509)	11 %
Divestments	13,317	1,861	616 %	15,680	1,542	917 %
Free cash flow	6,509	(5,008)	n.a.	(8,772)	(8,435)	4 %
Net interest-bearing debt	58,027	47,379	22 %	58,027	47,379	22 %
FFO/Adjusted net debt	% 13.2	28.6	(15 %p)	13.2	28.6	(15 %p)
ROCE	% 4.5	(14.2)	19 %p	4.5	(14.2)	19 %p

Financials

Offshore – Financial highlights

Financial highlights		Q4 2024	Q4 2023		FY 2024	FY 2023	
EBITDA	DKKm	6,639	(2,611)	n.a.	26,470	13,817	92 %
• Sites, O&Ms and PPAs		8,533	7,164	19 %	23,819	20,207	18 %
• Construction agreements and divestment gains		(894)	676	n.a.	(1,065)	5,218	n.a.
• Cancellation fees		926	(9,621)	n.a.	7,335	(9,621)	n.a.
• Other, incl. project development		(1,926)	(830)	132 %	(3,619)	(1,987)	82 %
Key business drivers
Power generation	GWh	5,740	6,011	(5 %)	18,599	17,761	5 %
Wind speed	m/s	11.1	11.5	(3 %)	10.0	9.8	2 %
Availability	%	94	92	2 %p	88	93	(5 %p)
Load factor	%	51	56	(4 %p)	42	43	(1 %p)
Decided (FID) and installed capacity1	GW	16.8	15.5	7 %	16.8	15.5	7 %
Installed capacity1	GW	9.9	8.9	12 %	9.9	8.9	12 %
Generation capacity2	GW	5.3	5.0	5 %	5.3	5.0	5 %

Wind speeds, m/s

Onshore – Financial highlights

Financial highlights		Q4 2024	Q4 2023		FY 2024	FY 2023	
EBITDA	DKKm	1,061	525	102 %	3,863	2,970	30 %
• Sites		374	394	(5 %)	1,396	1,256	11 %
• Production tax credits and tax attributes		904	590	53 %	3,253	2,567	27 %
• Divestment gains / (loss)		(88)	-	n.a.	(88)	-	n.a.
• Other, incl. project development		(129)	(460)	(72 %)	(697)	(854)	(18 %)
Key business drivers
Power generation	GWh	4,086	3,376	21 %	15,315	13,374	15 %
Wind speed	m/s	7.5	7.6	(1 %)	7.2	7.2	0 %
Availability, wind	%	90	85	6 %p	90	88	2 %p
Availability, solar PV %		98	98	0 %p	98	98	(0 %p)
Load factor, wind %		40	36	3 %p	37	36	1 %p
Load factor, solar PV	%	20	17	4 %p	25	24	1 %p
Installed capacity	GW	6.2	4.8	29 %	6.2	4.8	29 %

Wind speeds, m/s

Financials

Bioenergy & Other – Financial highlights

Financial highlights		Q4 2024	Q4 2023		FY 2024	FY 2023	
EBITDA	DKKm	869	1,434	(39 %)	1,082	1,523	(29 %)
• CHP plants		679	836	(19 %)	1,248	1,218	2 %
• Gas Markets & Infrastructure		245	589	(58 %)	249	558	(55 %)
• Other, incl. project development		(55)	9	n.a.	(415)	(253)	64 %
Key business drivers
Heat generation	GWh	2,367	2,385	(1 %)	6,919	6,587	5 %
Power generation	GWh	1,428	1,042	37 %	4,522	4,437	2 %
Degree days	#	846	966	(12 %)	2,485	2,585	(4 %)

Impairments

	FY 2024		Sensitivity impact, DKKbn
CGUs1, DKKm	Impairment losses (reversals)	Recoverable amount	+ 50 bps WACC	- 50 bps WACC	No 10 % ITC bonus credits	10 % ITC bonus credits
Ocean Wind seabeds	2,584	n.a.	n.a.	1.5	n.a.	n.a.
Skipjack seabed	1,502	n.a.	n.a.	0.5	n.a.	n.a.
Sunrise Wind	3,787	6,511	(1.4)	1.4	(4.0)	0.2
Revolution Wind	4,463	5,579	(0.5)	0.5	(1.3)	0.1
South Fork	437	2,871	(0.1)	0.1	n.a.	n.a.
Block Island	(46)	1,384	n.a.	n.a.	n.a.	n.a.
FlagshipONE	1,515	n.a.	n.a.	n.a.	n.a.	n.a.
Offshore	14,242	16,345
Onshore	1,321	11,501	(0.7)	0.5
Total	15,563	27,846

Please see note 3.2 in the Annual Report 2024 for further details

Capital employed

Capital employed, DKKm	FY 2024	FY 2023
Intangible assets, and property and equipment	204,305	183,195
Equity investments and non-current receivables	1,395	1,172
Net working capital, capital expenditures	(7,454)	(4,542)
Net working capital, work in progress	5,798	1,705
Net working capital, tax equity	(18,714)	(15,811)
Net working capital, other items	(691)	7,794
Derivatives, net	(10,314)	(10,383)
Decommissioning obligations	(13,844)	(12,977)
Other provisions	(6,691)	(19,886)
Tax, net	3,210	(1,047)
Other receivables and other payables, net	(5,489)	(4,050)
TOTAL CAPITAL EMPLOYED	151,511	125,170

26% 4% Capital employed by segment %, FY 2024 Offshore Onshore Bioenergy & Other 151.5 DKKbn

70%

Financials

FFO/Adjusted net debt calculation

Funds from operations (FFO) LTM, DKKm	31 Dec 2024	31 Dec 2023
EBITDA	31,959	18,717
Change in provisions and other adjustments	(13,184)	8,742
Change in derivatives	648	4,274
Variation margin (add back)	(1,540)	(7,086)
Reversal of gain (loss) on divestment of assets	(348)	(5,745)
Income tax paid	(6,327)	(2,717)
Interests and similar items, received/paid	(477)	1,385
Reversal of interest expenses transferred to assets	(1,011)	(453)
50 % of coupon payments on hybrid capital	(343)	(273)
Dividends received and capital reductions	27	19
FUNDS FROM OPERATION (FFO)	9,404	16,863
Adjusted interest-bearing net debt, DKKm	31 Dec 2024	31 Dec 2023
Total interest-bearing net debt	58,027	47,379
50 % of hybrid capital	10,477	9,552
Other interest-bearing debt (add back)	(3,442)	(3,339)
Other receivables (add back)	5,620	4,597
Cash and securities, not available for distribution, excl. repo loans	710	867
ADJUSTED INTEREST-BEARING NET DEBT	71,392	59,056
FFO / ADJUSTED INTEREST-BEARING NET DEBT	13.2 %	28.6 %

EU Taxonomy KPIs

	Unit	2024	2023	
Revenue (turnover)
Taxonomy-aligned revenue (turnover)	%	91	86	5 %p
- Electricity generation from solar PV and storage of electricity	%	1	1	0 %p
- Electricity generation from wind power	%	78	75	3 %p
- Cogeneration of heat and power from bioenergy	%	12	10	2 %p
Taxonomy-non-eligible revenue (turnover)	%	9	13	(4 %p)
- Gas sales	%	6	8	(2 %p)
- Fossil-based generation	%	2	3	(2 %p)
- Other activities	%	1	2	(1 %p)
CAPEX
Taxonomy-aligned CAPEX	%	99	99	0 %p
Taxonomy-non-eligible CAPEX	%	1	1	0 %p
EBITDA
Taxonomy-aligned EBITDA (voluntary)	%	99	95	4 %p
- Electricity generation from solar PV and storage electricity	%	4	4	0 %p
- Electricity generation from wind power	%	91	86	5 %p
- Cogeneration of heat and power from bioenergy	%	4	5	(1 %p)
Taxonomy-non-eligible EBITDA (voluntary)	%	1	5	(4 %p)
- Gas sales	%	0	3	(3 %p)
- Fossil-based generation	%	0	1	(1 %p)
- Other activities1	%	1	1	1 %p

Financials

Key financial exposures from revenues in 2025-2030

• Prioritize inflation-indexed revenue to protect against cost inflation and higher cost of capital
• Inflation-indexed revenue more than covers the operational expenditures subject to inflation risk¹
• Fixed-rate debt used to de-risk fixed nominal revenue from assets in operation and under construction
• Interest rate swaps used to lock in interest rates in advance of issuing fixed-rate debt

• Remaining short-term merchant exposure after derisking through PPAs and fixed volume hedges

Risk management of interest rate- and inflation risk

Fixed-rate debt and hedges used to protect fixed nominal cash flows against interest rate increases Net inflation-linked operational cash flows in the period 2025-2030 protect against cost inflation

· 1Lifetime present value of fixed nominal cash flows excl. CAPEX, from operational, FID'ed, and awarded offshore and onshore assets.

2Nominal inflation-linked cash flows in 2025-2030 from operational, FID'ed, and awarded offshore and onshore assets. Operational costs include mainly OPEX and CoGS.

Energy and currency exposure

Merchant exposure 2025-2027 DKKbn

Risk after hedging, DKKbn	Effect of price +10 %'
Power: 16.5 sales position	+ 7	- 7
Gas: 0.1 sales position	+0.0	-0.0
Oil: 0.9 purchase position	-0.1	+0.1
Spread (power): 4.8 sales position	+0.5	-0.5

Currency exposure Q1 2025- Q4 2029

DKKbn

30 Notes: 1.Assuming linea

| Financials

Debt and hybrids overview

Total gross debt1 and hybrids

31. December 2024, DKKbn

90 % of gross debt¹ (bond and bank debt) fixed interest rate. Remainder floating or inflation-linked

Ørsted will continue to proactively assess its liquidity and funding opportunities on a regular basis.

Effective funding costs — Gross debt1

Maturity profile of notionals of gross debt1

1. December 2024, DKKbn

Orsted

___ Gross debt] (bank and bond debt) (DKKbn)

— Average effective interest rate of gross debtl

Financials

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
• Without being dilutive to equity holders (no ommership and in o to ogally motion ownership and voting right to dividend)

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 2024 Annual Report

Hybrids issued by Ørsted A/S1	Outstanding amount	Type	First Reset Date3	Coupon	Accounting treatment2	lax treatment	Rating treatment
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
5.25 % Green hybrid due 3022	EUR 500 m	Hybrid capital (subordinated)	Dec. 2028	Fixed during the first 6 years, first 25bp step-up in Dec. 2033	100 % equity	Debt - tax-deductible coupon payments	50 % equity, 50 % debt
5.125 % Green hybrid due 3024	EUR 750 m	Hybrid capital (subordinated)	Dec. 2029	Fixed during the first 5.75 years, first 25bp step-up in Dec. 2034	100 % equity	Debt - tax-deductible coupon payments	50 % equity, 50 % debt

| Financials

Ørsted's outstanding senior bonds

Bond Type	ssue date	Maturity	Face Value	Outstanding amount	Fixed/Floating rate	Coupon	Coupon payments	Green bond	projects (DKKm)	Allocated to green Avoided emissions (thousand tons CO2/year)
Senior Unsecured	Nov. 2017	26 Nov. 2029	EUR 750m	EUR 750m	Fixed	1.5%	Every 26 Nov.	Yes	5,499	541
Senior Unsecured	Jun. 2022	14 Jun. 2028	EUR 600m	EUR 600m	Fixed	2.25%	Every 14 Jun.	Yes	4,430	757
Senior Unsecured	Jun. 2022	14 Jun. 2033	EUR 750m	EUR 750m	Fixed	2.875%	Every 14 Jun.	Yes	5,553	356
Senior Unsecured	Sep. 2022	13 Sep. 2031	EUR 900m	EUR 900m	Fixed	3.25%	Every 13 Sep.	Yes	1,705	400
Senior Unsecured	Mar. 2023	1 Mar. 2026	EUR 700m	EUR 700m	Fixed	3.625%	Every 1 Mar.	Yes	5,187	405
Senior Unsecured	Mar. 2023	1 Mar. 2030	EUR 600m	EUR 600m	Fixed	3.75%	Every 1 Mar.	Yes	O	O
Senior Unsecured	Mar. 2023	1 Mar. 2035	EUR 700m	EUR 700m	Fixed	4.125%	Every 1 Mar.	Yes	O	O
Senior Unsecured	Jun. 2023	8 Jun. 2028	EUR 100m	EUR 100m	Fixed	3.625%	Every 8 Jun.	Blue	n/a	n/a
Senior Unsecured	Apr. 2010	9 Apr. 2040	GBP 500m	GBP 500m	Fixed	5.75%	Every 9 Apr.	No	n/a	n/a
Senior Unsecured	Jan. 2012	12 Jan. 2032	GBP 750m	GBP 750m	Fixed	4.875%	Every 12 Jan.	No	n/a	n/a
Senior Unsecured	May 2019	17 May 2027	GBP 350m	GBP 350m	Fixed	2.125%	Every 17 May	Yes	2,968	303
Senior Unsecured	May 2019	16 May 2033	GBP 300m	GBP 300m	Fixed	2.5%	Every 16 May	Yes	2,518	252
Senior Unsecured/CPI-linked	May 2019	16 May 2034	GBP 250m	GBP 316m	Inflation-linked	0.375%	Every 16 May & 16 Nov.	Yes	2,128	217
Senior Unsecured	Sep. 2022	13 Sep. 2034	GBP 375m	GBP 375m	Fixed	5.125%	Every 13 Sep.	Yes	1,100	100
Senior Unsecured	Sep. 2022	13 Sep. 2042	GBP 575m	GBP 575m	Fixed	5.375%	Every 13 Sep.	Yes	1,340	160
Senior Unsecured	Nov. 2019	19 Nov. 2026	TWD 4,000m	TWD 4,000m	Fixed	0.92%	Every 19 Nov.	Yes	882	69
Senior Unsecured	Nov. 2019	19 Nov. 2034	TWD 8,000m	TWD 8,000m	Fixed	1.5%	Every 19 Nov.	Yes	1,765	139
Senior Unsecured	Nov. 2020	13 Nov. 2027	TWD 4,000m	TWD 4,000m	Fixed	0.6%	Every 13 Nov.	Yes	882	69
Senior Unsecured	Nov. 2020	13 Nov. 2030	TWD 3,000m	TWD 3,000m	Fixed	0.7%	Every 13 Nov.	Yes	661	52
Senior Unsecured	Nov. 2020	13 Nov. 2040	TWD 8,000m	TWD 8,000m	Fixed	0.98%	Every 13 Nov.	Yes	1,763	139

Notes: Ørsted's green finance framework, allocated the dark graty opinion from CCERO Shades of Green, includes green bonds, green loans and other types of green financing instruments. Ørsted applies green proceeds exclusively for the financing of the rest and 33 projects, onshore wind projects and solar PV projects, including any integrated power storage units.

Renewable capacity as of 31 December 2024

Indicator, MW	FY 2024	FY 2023	Δ
Installed renewable capacity	18,170	15,713	2,439
Offshore, wind power	9,903	8,871	1,032
Onshore	6,193	4,785	1,407
- Wind power	3,726	3,717	9
Solar PV power1 -	2,127	1,028	1,098
- Battery storage1	340	40	300
Bioenergy2	2,075	2,075	-
Decided (FID'ed) renewable capacity	7,638	8,323	(685)
Offshore, wind power	6,866	6,672	194
- Wind power	6,566	6,672	(106)
- Battery storage1	300	-	300
Onshore	772	1,579	(807)
- Onshore wind power	370	100	270
- Solar PV power1	97	1,179	(1,082)
- Battery storage1	305	300	5
Other (incl. P2X)	-	72	(72)
Awarded and contracted renewable capacity (no FID yet)	5,153	3,720	1,433
Offshore, wind power	5,153	3,677	1,476
Onshore, wind power	-	43	(43)
Sum of installed and FID'ed capacity	25,808	24,054	1,754
Sum of installed, FID'ed, and awarded/contracted capacity	30,961	27,774	3,187

Installed renewable capacity

The installed renewable capacity is calculated as renewable capacity installed by Ørsted accumulated over time. We include all capacities after commercial operation date (COD) has been reached, and where we had an ownership share and an EPC (engineering, procurement, and construction) role in the project. Capacities from acquisitions are added to the installed capacity. 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'ed) renewable capacity

Decided (FID'ed) capacity is renewable capacity where 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 renewable capacity is the capacity for which Ørsted has signed a contract or power purchase agreement (PPA) concerning a new renewable energy asset. We only include awarded/contracted capacity for projects we expect to develop.

Offshore wind build-out plan as per 31 December 2024

Installed capacity build-up

MW

Onshore build-out plan as per 31 December 2024

Installed capacity build-up

MW

Under construction

		179	250	259	6,964
6,193	83
Installed capacity Q4 2024	German portfolio1	Irish Portfolio2	Old 300 BESS	Badger Wind	Decided (FID'ed) and installed capacity
Region	Germany	Ireland	ERCOT, TX	MISO, ND
Expected completion	2024/2025	2026	2026	2025
Status	On track	On track	On track	On track
Platform	Wind / Solar PV	Wind / Solar PV	BESS	Wind
Offtake	Government	Government	Merchant
Solution	contract	contract		¦ Two CPPAs and one utility

Significant offshore wind capacity expected to be auctioned in 2025/2026

Upcoming auctions and tenders

ESG Performance

Total heat and power generation, Q3 2024 Energy source, %

Greenhouse gas emissions intensity CO2e/kWh

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

Gender balance

%, women/men

People leaders

2030		40/60
2024		33/67
2023		33/67

Senior directors and above

Industry-leading sustainability initiatives ESG rating performance

Decarbonisation

We continue working towards our science-based net-zero target by 2040 (scope 1-3). Key initiatives include:

• Shutting down our last coal-fired heat and power plant as a key milestone to meet our scope 1-2 emissions intensity reduction target of 98 % by 2025 (from 2006)
• Signing a large-scale supply agreement with Dillinger, which in part enables Dillinger to invest in a low emission steel production route, reducing their company emissions by 55 % in 2030
• Collaborated with Siemens Gamesa to produce wind turbine blades using recycled glass fibers from decommissioned blades – the industry's first successful reuse of such materials.

Biodiversity

We continue working towards our ambition that all new renewable energy projects commissioned from 2030 must have a net-positive biodiversity impact. Key initiatives include:

• Launching a new framework for holistically measuring our impact on biodiversity
• Developed a lower-noise method for installing offshore wind foundations, successfully tested in Germany, reducing construction noise by up to 99% to better protect marine life.
• Partnered with the World Economic Forum to launch the Responsible Renewables Infrastructure initiative, uniting the renewable energy industry to address impacts on biodiversity and local communities.

Community impact

We are committed to supporting a just transition through decent jobs and thriving communities. Key initiatives include:

• Developed a US workforce program certifying 335 union workers in New York, Rhode Island, and Connecticut for offshore work, supporting local jobs and education in renewable energy.
• Announced the first Hornsea 3 Community Benefit Fund awards, supporting initiatives to enhance local community well-being and resilience.
• Developed a company-wide method for addressing community grievances and finalised internal guidelines for 'free, prior, and informed consent' (FPIC) to ensure respectful engagement with Indigenous communities.

Ørsted has been ranked the most sustainable energy company in the world by Corporate Knights' 2025 Global 100 index.

Rating agency	Score	Benchmark
	Climate: A Forests: A Water: B	Highest possible climate rating for the sixth consecutive year
	AAA	Highest rating in the MSCI ESG Ratings assessment for 2024
	19.97 (low risk)	Classified as a 'low risk' company in Sustainalytics' ESG Risk Rating for 2024
	A	Ranked in top decile among electric utilities and retained our 'Prime' status in the ISS ESG Rating for 2024.
	78	Received a Platinum medal in 2023, placing us among the top 1% of companies assessed by EcoVadis1

GLOBALLY RECOGNISED SUSTAINABILITY LEADER

Ørsted's strategic aspiration is to be the world's leading green energy major. A key pillar in this aspiration is to be a globally recognised sustainability leader.

We are committed to develop, construct, and operate our assets in a sustainable way.

This enables us to mitigate risks and deliver more resilient energy projects that also drive a positive change for society and nature.

To drive this, we have three strategic sustainability priorities: decarbonisation (incl. circularity and responsible sourcing of raw materials), biodiversity, and community impact.

Relevant publications

Reduce all GHG emissions to netzero by 2040 while driving demand for our renewable energy solutions • Today: No landfill of blades and solar PVs¹ • 2025: 93% emissions reduction (scope 1-2)²

• 2030: 77% emissions reduction (scope 1-3)³
• 2040: Net-zero emissions (scope 1-3)

STRATEGIC PRIORITIES

Deliver net-positive biodiversity impact to help protect nature and ensure access to land and sea

• 2030: Net-positive biodiversity impact on all renewable energy projects commissioned from 2030, at the latest

DECARBONISATION BIODIVERSITY COMMUNITY IMPACT

Bring tangible benefits to local communities to help enhance local wellbeing and build support for the renewable energy build-out

FOUNDATIONAL AREAS

	Human Rights	Supplier Due Diligence	Equity, Diversity & Inclusion	Health & Safety	Business Conduct
	Integrate human rights management system across value chain	Code of conduct compliance by all suppliers	40:60 gender balance in workforce (women:men)	Total recordable injury rate (TRIR) of 2.5 per million hours worked	Zero tolerance on corruption and unethical behaviour
Annual report 2024, incl. sustainability statements	Green finance impact report 2024		Remuneration report 2024	Climate advocacy report 2023	Ørsted's biodiversity measurement framework

40 1. Commitment to not landfill any waste from wind turbine blades or solar PV panels.

1. From a 2018 base year, corresponding to a 98% reduction from 2006. Emissions intensity (CO2e/kWh), excluding gas sales.

2. From a 2018 base year. Emissions intensity (CO2e/kWh), excluding gas sales.

Rasmus Hærvig Head of Investor Relations rakol@orsted.com

Valdemar Høgh Andersen Senior Investor Relations Officer vehan@orsted.com

Henriette Stenderup Investor Relations Coordinator hnste@orsted.com