Orsted · OMXCOP:ORSTED
Orsted — Ørsted — IPO Roadshow (September 2025)
52 slides from Orsted's IPO roadshow presentation, September 2025
Slide 1: Investor presentation September 2025
Investor presentation September 2025
Slide 2: Disclaimer (1/2)
DISCLAIMER (1/2) THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, OR SOUTH AFRICA, OR ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
Slide 3: Disclaimer (2/2)
DISCLAIMER (2/2) In the United Kingdom, the Information is being distributed only to, and is directed only at, persons who are “qualified investors” (as defined in Article 2(e) of the UK Prospectus Regulation) and who are: (i) persons having professional experience in matters relating to investments
Slide 4: Business update
Business update Rasmus Errboe Chief Executive Officer
Slide 5: Ørsted executes rights issue with support from the Danish State as majority shareholder
Ørsted executes rights issue with support from the Danish State as majority shareholder and proceeds of DKK ~60 billion Incremental funding requirement Enhancing value of portfolio and Delivering shareholder value in the strengthening capital structure coming years3 Material adverse developments in
Slide 6: Solid operational performance during H1 2025
Solid operational performance during H1 2025 H1 2025 EBITDA of DKK 13.9 billion excluding new partnerships and cancellation fees Continued progress in our construction portfolio including achieving first power on Changhua 2b & 4, finalised turbine foundation installation at Revolution Wind, and turb
Slide 7: We continue to focus on our four strategic priorities set out at FY 2024
We continue to focus on our four strategic priorities set out at FY 2024 Four strategic priorities Progress on the priorities during H1 2025 Stepped away from long-term buildout ambitions, and strong focus on value over volume, including a reduced 1 Strengthening of the capital structure investment
Slide 8: We continue to focus on delivering on our 8.1 GW offshore wind construction programme
We continue to focus on delivering on our 8.1 GW offshore wind construction programme Borkum Changhua Revolution Sunrise Hornsea 3 / Baltica 2 Riffgrund 3 2b and 4 Wind Wind BESS 2,852 MW / Capacity1 913 MW 920 MW 704 MW 924 MW 1,498 MW 300 MW COD Q1 2026 Q3 2026 H2 2026 H2 2027 H2 2027 H2 2027 DoC2
Slide 9: The proceeds from the rights issue will strengthen Ørsted's foundation
The proceeds from the rights issue will strengthen Ørsted’s foundation, provide required financial flexibility, and support future positioning The rights issue follows a comprehensive assessment of all options. The rights issue format treats all shareholders equally, and it is the best path forward
Slide 10: Full ownership of Sunrise Wind | Covering funding requirements
While construction progress has continued according to plan, unprecedented adverse regulatory developments in the US outside our control increased the perceived risk of the US offshore wind market Full ownership of This impacted the farm-down and associated non-recourse project finance process relat
Slide 11: Strengthening the foundation | Stronger capital structure
A robust capital structure with a targeted solid investment grade credit rating is essential to the Ørsted business model focusing on the full lifecycle of an offshore wind farm, and preserves and optimises the value of the operational and construction portfolio Increasing the attractiveness towards
Slide 12: Financial flexibility | Rights issue to enable a more value-accretive approach
Strengthened capital structure will enable a more value accretive and flexible approach to timing of partnerships and divestments Financial flexibility | Rights issue to Reduced dependency on divestment below 50 % ownership of operational assets. Higher retention of operational cash flows enable a m
Slide 13: Future positioning | Increasing financial robustness to pursue attractive offshore wind projects
Future positioning | Increasing financial robustness to pursue attractive offshore wind projects Offshore wind installed in Europe1 The long-term outlook is strong within our core markets, particularly in 2024-2050 projection, GW Europe, where electricity demand is expected to nearly double by 2050
Slide 14: We will be disciplined in our capital allocation and continue to enhance our competitiveness
We will be disciplined in our capital allocation and continue to enhance our competitiveness Focused, disciplined, and patient capital allocation Increasing our competitiveness and cost-efficiency Value creation target across all investments Trading & Revenue • Continued target of a 150-300-basis po
Slide 15: Capital allocation principles to govern how we utilise financial headroom
Capital allocation principles to govern how we utilise financial headroom Capital allocation principles Illustrative credit metric incl. planned rights issue FFO/NIBD1,2, %, 2025-2028+ ILLUSTRATIVE Robust capital structure with targeted FFO / Adjusted Net Debt1 above 30% Projected financial headroom
Slide 16: Financial update
Financial update Trond Westlie Chief Financial Officer
Slide 17: Strong operational earnings despite low wind speeds in second quarter
Strong operational earnings despite low wind speeds in second quarter EBITDA of DKK 6.6 billion in Q2 2025, up 1 % vs. last year EBITDA excluding new partnerships and cancellation fees DKKm Offshore sites increased earnings, despite lower wind speeds, driven by: Q2 2024 EBITDA • Ramp-up of power gen
Slide 18: Rights issue supports the investments into the construction portfolio
Rights issue supports the investments into the construction portfolio Gross investments through 2027 Projects within the investment Ørsted share of committed CAPEX, excl. partner’s share of CAPEX, 2025-2027, DKKbn program ~145 Capacity DoC1 Borkum Riffgrund 3 0.9 GW ~95 % Greater Changhua 2b & 4 0.9
Slide 19: Continue to progress transactions, while discontinuing Sunrise Wind farm-down process
Continue to progress transactions, while discontinuing Sunrise Wind farm-down process Strategic objectives for partnerships and divestments Progressing with transactions as part of strengthening of the capital structure Value creation Hornsea 3 (50 %) Maximise proceeds and enhance project and/or por
Slide 20: Towards 2027, we target significant EBITDA growth, with ROCE reflecting high investment level
Towards 2027, we target to deliver significant EBITDA growth, with ROCE reflecting a high investment level Group EBITDA2 Average Return on Capital Employed2 Excl. new partnerships and cancellation fees, DKKbn For periods 2025 - 2027 and 2028 - 2030 >32 >13 % >28 ~11 % 24.8 24-27 2024 2025E 2026E 202
Slide 21: Rights issue is intended to solidify business plan
Rights issue is intended to solidify business plan Sources and uses, 2025 to 2027 Key highlights DKKbn • As of 31 August 2025, the total DKK 160 bn DKK 160 bn available liquidity reserve was Hybrid coupon/Dividends1 DKK ~74.4 billion ~15 Partnerships & divestments >35 • Upon completion of the rights
Slide 22: Beyond 2027, we expect to be in a financially robust position to maximise value
Beyond 2027, we expect to be in a financially robust position to maximise value for shareholders Full earnings benefit from completion of current buildout when current offshore wind construction portfolio of 8.1 GW3 is fully commissioned, these projects are expected to annually contribute with DKK 1
Slide 23: Executing on our business plan delivers strong value for our shareholders
Executing on our business plan delivers strong value for our shareholders Renewable capacity3 EBITDA3 ROCE3 Installed renewable capacity, gross GW Group EBITDA excl. new partnerships & Average ROCE, % cancellation fees, DKKbn 27 >32 >13 % 22 24-27 >28 ~11 % 19 2025E 2026E 2027E 2025E 2026E 2027E 202
Slide 24: Transaction overview
Key terms of the rights issue Format: Rights issue with pre-emptive subscription rights for existing shareholders1 Gross proceeds: DKK ~60 billion Subscription price: DKK 66.60 Pre-emptive rights allocation: 15 pre-emptive rights for each 1 existing share Subscription ratio: 7 pre-emptive rights for
Slide 25: Summary
Summary Rasmus Errboe Chief Executive Officer
Slide 26: A robust, focused, and financially stronger Ørsted
A robust, focused, and financially stronger Ørsted A leader in offshore wind, with 10 GW in operation and more than 8 GW under construction High-quality operational asset portfolio with predictable cash flows and further upsides in generation excellence and revenue optimisation High certainty growth
Slide 27: Thank you
Thank you 27
Slide 28: Appendix
He we il == Orsted
Slide 29: Revolution Wind stop work order
Revolution Wind stop work order • On 22 August 2025, Ørsted’s subsidiary Revolution Wind LLC, a 50/50 joint venture with Global Infrastructure Partner’s Skyborn Renewables, received an order instructing the project to stop activities on the outer continental shelf related to the Revolution Wind proj
Slide 30: Disclosure summary
Disclosure summary Strategic ambition and financial targets4 Additional disclosure4 Year Fully loaded unlevered lifecycle spread to WACC at the time of bid/FID1 150-300 bps Gross investments DKK ~145 bn 2025-2027 Group EBITDA excl. new partnerships and cancellation fees in 2026 DKK >28 bn Divestment
Slide 31: Group – Financial highlights
Financials Group – Financial highlights Financial highlights Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA DKKm 6,644 6,570 1% 15,515 14,058 10 % - New partnerships 2,836 - n.a. 3,140 - n.a. - Cancellation fees (1,531) 1,300 n.a. (1,531) 1,300 n.a. EBITDA excl. new partnerships and 5,339 5,270 1% 13,90
Slide 32: Offshore – Financial highlights
Financials Offshore – Financial highlights Financial highlights Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA1 DKKm 5,301 5,218 2% 11,611 11,301 3% • Sites, O&Ms and PPAs 4,814 4,400 9% 12,469 11,328 10 % • Construction agreements and divestment gains 2,901 6 n.a. 2,824 (277) n.a. Wind speeds, m/s • Ca
Slide 33: Onshore – Financial highlights
Financials Onshore – Financial highlights Financial highlights Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA DKKm 1,197 995 20 % 2,687 1,811 48 % • Sites, incl. tax credits 1,104 1,175 (6 %) 2,520 2,221 13 % • Divestment gains / (loss) - - n.a. 304 - n.a. Wind speeds, m/s • Other, incl. project develop
Slide 34: Bioenergy & Other – Financial highlights
Financials Bioenergy & Other – Financial highlights Financial highlights Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA DKKm 78 (36) n.a. 835 398 110 % • CHP plants 196 77 155 % 930 664 40 % • Gas Markets & Infrastructure 68 (42) n.a. 278 (121) n.a. • Other, incl. project development (186) (71) 162 % (3
Slide 35: Impairments
Financials Impairments H1 2025, DKKm Sensitivity impact, DKKbn Net impairment reversal of DKK 0.3bn Impairment No 10 % 10 % ITC losses Recoverable ITC bonus bonus + 50 bps - 50 bps • CGUs1 (reversals) amount credits2 credits2 WACC WACC Sunrise Wind 289 8,733 (3.6) 0.2 (1.4) 1.4 Revolution (62) 7,968
Slide 36: Capital employed and liquidity reserve
Financials Capital employed and liquidity reserve Capital employed Liquidity reserve Capital employed, DKKm DKKbn H1 2025 H1 2024 Intangible assets, and property and equipment 208,031 192,339 76.7 76.5 Equity investments and non-current receivables 1,545 1,189 Net working capital, capital expenditur
Slide 37: FFO/Adjusted net debt calculation
Financials FFO/Adjusted net debt calculation Funds from operations (FFO) LTM, DKKm 30 June 2025 30 June 2024 EBITDA 33,416 22,545 Change in provisions and other adjustments (6,929) 4,104 Change in derivatives (1,340) 126 Variation margin (add back) 301 (5,007) Reversal of gain (loss) on divestment o
Slide 38: EU Taxonomy KPIs
Financials EU Taxonomy KPIs Unit H1 2025 H1 2024 Revenue (turnover) Taxonomy-aligned revenue (turnover) % 88 91 (3 %p) - Electricity generation from solar PV and storage of electricity % 1 1 0 %p - Electricity generation from wind power % 75 77 (2 %p) - Cogeneration of heat and power from bioenerg
Slide 39: Key financial exposures from revenues in 2025-2030
Financials Key financial exposures from revenues in 2025-2030 Inflation-indexed revenue Fixed nominal revenue Merchant revenue 15% 35% 50% • Prioritize inflation-indexed revenue • Fixed-rate debt used to de-risk fixed • Remaining short-term merchant to protect against cost inflation and nominal reve
Slide 40: Risk management of interest rate- and inflation risk
Financials Risk management of interest rate- and inflation risk Fixed-rate debt and hedges used to protect fixed Net inflation-linked operational cash flows in the period nominal cash flows against interest rate increases 2025-2030 protect against cost inflation ~60% matched ~50% matched Present val
Slide 41: Energy and currency exposure
Financials Energy and currency exposure Merchant exposure 2025-2027 Currency exposure Q3 2025 – Q2 2030 DKKbn DKKbn Before hedging Before hedging After hedging via as-produced PPAs and traded markets After hedging 24.2 56.7 11.8 4.2 3.6 24.6 0.0 16.6 16.4 7.6 11.7 -2.3 -2.5 -2.0 Power Gas Oil Spread
Slide 42: Debt and hybrids overview
Financials Debt and hybrids overview Total gross debt and hybrids Effective funding costs – Gross debt Maturity profile of notionals of gross debt 30. June 2025, DKKbn 30. June 2025, DKKbn >90 % of gross debt1 (bond and bank debt) fixed interest rate. Remainder floating or inflation-linked 17.2 Bank
Slide 43: Ørsted's outstanding senior bonds
Financials Ørsted’s outstanding senior bonds Outstanding Fixed/Floating Green Allocated to green Avoided emissions (thousand Bond Type Issue date Maturity Face Value Coupon Coupon payments amount rate bond projects (DKKm) tons CO2/year) Senior Unsecured Nov. 2017 26 Nov. 2029 EUR 750m EUR 750m Fixed
Slide 44: Hybrid capital in short
Financials Hybrid capital in short Hybrid capital can broadly be defined as funding Due to hybrid’s equity-like features, rating Accounting treatment instruments that combine features of debt and agencies assign equity content to the hybrids equity in a cost-efficient manner: when calculating centra
Slide 45: Renewable capacity as of 30 June 2025
Build-out & market development Renewable capacity as of 30 June 2025 Installed renewable capacity Indicator, MW H1 2025 Q1 2025 Δ 2024 The installed renewable capacity is calculated as renewable capacity installed by Ørsted accumulated Installed renewable capacity over time. We include all capacitie
Slide 46: Installed capacity build-up
Installed capacity build-up Notes: 1. 600 MWh for BESS (battery energy storage system). 2. Hornsea 3 capacity is 2,955 MW if including power boost 3. Includes Baltica 3 (1,045 MW) and the 46 awarded lease capacity for Baltica 2+ (210 MW). Baltica 2+ has not received a CfD. 4. By end of July 2025, Ør
Slide 47: Installed capacity build-up
Installed capacity build-up Badger Wind Notes: 1. Bahren West II 61.6 MW, St. Wendel 17 MW, Rottenegg 6.3 MW and Hatzenhof 9.5 MW. 2. Garreenleen Phase 1 81 MWAC, Farranrory 43.2 MW and 47 Ballinrea 55 MWAC.
Slide 48: Auction and tender timeline notes
Notes: 1. All auction and tender are for fixed bottom offshore wind farms whose timelines and capacities based on current expectations and subject to change. 48 Timeline reflects bid submission deadline, not time of award (unless specifically stated). Korean 2025 tender split between offshore wind a
Slide 49: ESG Performance
ESG ESG Performance Total heat and power generation, H1 2025 Greenhouse gas emissions intensity Gender balance Energy source, % CO2e/kWh %, women/men Scope 1-3 (excl. natural gas sales) Total workforce Scope 1-2 2030 40/60 Offshore wind 39 Science- based 2024 34/66 targets1 Onshore wind 28 2023 35/6
Slide 50: Industry-leading sustainability initiatives, ESG rating performance, decarbonisation
ESG Ørsted has been ranked the most sustainable energy company in the world by Corporate Knights’ 2025 Global 100 index. Industry-leading sustainability initiatives ESG rating performance Decarbonisation We continue working towards our science-based 2040 net-zero target (scope 1-3). Key initiatives
Slide 51: Globally recognised sustainability leader
ESG GLOBALLY RECOGNISED SUSTAINABILITY LEADER Ørsted’s strategic aspiration is STRATEGIC PRIORITIES to be the world’s leading green energy major. A key pillar in this aspiration is to be DECARBONISATION BIODIVERSITY COMMUNITY IMPACT a globally recognised sustainability leader. Reduce all GHG emissio
Slide 52: Investor Relations contacts
Rasmus Hærvig Henriette Stenderup Head of Investor Relations Investor Relations Coordinator rakol@orsted.com hnste@orsted.com Valdemar Høgh Andersen Christopher Glaf Stenhammer Associate Lead IRO Senior IRO vehan@orsted.com chgst@orsted.com 52