Slide 1: Investor presentation Q3 2025
Investor presentation Q3 2025 5 November 2025
Slide 2: Disclaimer
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. Statements herein, other than statements of historical fact, regarding our future results of operations,
Slide 3: Business update
Business update Rasmus Errboe Chief Executive Officer
Slide 4: We continue the execution of our four strategic priorities
We continue the execution of our four strategic priorities Strengthening the capital structure supported by the completion of the rights issue, the divestment of 50 % of Hornsea 3 and the solid operational performance in 9M 2025 Deliver our 8.1 GW offshore construction portfolio which upon completio
Slide 5: Solid operational performance and high availability rates during 9M 2025
Solid operational performance and high availability rates during 9M 2025 5
Slide 6: Dedicated focus on executing our offshore wind construction portfolio
Dedicated focus on executing our offshore wind construction portfolio Borkum Riffgrund 3 Changhua 2b and 4 Revolution Wind Sunrise Wind Hornsea 3 / BESS Baltica 2 Capacity1 913 MW 920 MW 704 MW 924 MW 2,852 MW / 300 MW 1,498 MW COD Q1 2026 Q3 2026 H2 2026 H2 2027 H2 2027 H2 2027 DoC2 >95 % ~65 % ~85
Slide 7: Greater Changhua 2b and 4
Greater Changhua Degree of completion ~65 %; of the 66 positions, 58 turbines are 2b and 4 installed, and 50 array cables are installed Location Taiwan During Q3, additional vessels have been mobilised to strengthen Capacity array cable installation. Delivering on updated schedule following 920 MW d
Slide 8: Revolution Wind
Revolution Wind Degree of completion ~85 %, with all foundations for turbines and offshore substations installed and 52 of the 65 turbines installed Location US During Q3, installation of the replacement monopile and second Capacity offshore substation has been completed. Installation of turbines ha
Slide 9: Sunrise Wind
Sunrise Wind Degree of completion ~40%, with onshore construction complete and offshore installation of turbine foundations progressing Location US During Q3, completed installation of the project’s single offshore Capacity converter station, and reached installation of 44 of the 84 turbine 924MW fo
Slide 10: Financial update
Financial update Trond Westlie Chief Financial Officer
Slide 11: Signed agreement to divest 50 % stake in Hornsea 3 to Apollo
Signed agreement to divest 50 % stake in Hornsea 3 to Apollo 11
Slide 12: EBITDA of DKK 3.1 billion in Q3 2025
Solid operational performance during quarter with low wind speeds EBITDA of DKK 3.1 billion in Q3 2025 DKKm Q3 2024 4,439 • Offshore sites -315 • Existing Offshore -537 partnerships Other -355 incl. DEVEX Onshore -163 Bioenergy 58 & Other Other -63 Q3 2025 3,064 12
Slide 13: Impairment losses, net profit and adjusted ROCE
Impairment losses (reversals) Net profit Adjusted ROCE1 DKKbn DKKbn %, last 12 months Offshore 5.2 11.5 Onshore 10.2 1.8 1.9 0.3 0.5 -0.2 -0.1 -1.7 Q3 2024 Q3 2025 Q3 2024 Q3 2025 30 Sep 2024 30 Sep 2025 1 Net impairment loss of DKK 1.8 bn Net profit of DKK -1.7 bn Adjusted ROCE of 10.2 % • Updated
Slide 14: Net interest-bearing debt and FFO / Adjusted NIBD
Net interest-bearing debt FFO / Adjusted NIBD1 DKKbn % 15.0 83.2 16 -0.1 14 67.1 1.2 30 Jun 2025 CFO Gross investments Other 30 Sep 2025 30 Jun 2025 30 Sep 2025 Net interest-bearing debt of DKK 83.2 bn, up DKK 16.0 bn Credit metric at 14 % • Cash flow contribution from operational earnings offset by
Slide 15: 2025 guidance re-iterated
2025 guidance re-iterated EBITDA Pr EBITDA in 2025 excluding new partnership agreements and cancellation fees is expected to amount to DKK 24-27 billion which is unchanged relative to updated guidance from 5 September 2025. Gross investments Gross investments in 2025 are expected to amount to DKK 50
Slide 16: Thank you
Thank you 16
Slide 17: Appendix
Appendix
Slide 18: Disclosure summary
Disclosure summary Strategic ambition and financial targets Additional disclosure 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 p
Slide 19: Group – Financial highlights
Financials Group – Financial highlights Financial highlights Q3 2025 Q3 2024 9M 2025 9M 2024 EBITDA DKKm 3,064 9,548 (68 %) 18,579 23,606 (21 %) - New partnerships - - n.a. 3,140 - n.a. - Cancellation fees - 5,109 n.a. (1,531) 6,409 n.a. EBITDA excl. new partnerships and 3,064 4,439 (31 %) 16,97
Slide 20: Offshore – Financial highlights
Financials Offshore – Financial highlights Financial highlights Q3 2025 Q3 2024 9M 2025 9M 2024 EBITDA1 DKKm 2,215 8,530 (74 %) 13,826 19,831 (30 %) • Sites, O&Ms and PPAs 3,643 3,958 (8 %) 16,112 15,286 5% • Construction agreements and divestment gains (431) 106 n.a. 2,393 (171) n.a. Wind speed
Slide 21: Onshore – Financial highlights
Financials Onshore – Financial highlights Financial highlights Q3 2025 Q3 2024 9M 2025 9M 2024 EBITDA DKKm 828 991 (16 %) 3,515 2,802 25 % • Sites, incl. tax credits 1,010 1,150 (12 %) 3,530 3,371 5% • Divestment gains / (loss) - - n.a. 304 - n.a. Wind speeds, m/s • Other, incl. project developm
Slide 22: Bioenergy & Other – Financial highlights
Financials Bioenergy & Other – Financial highlights Financial highlights Q3 2025 Q3 2024 9M 2025 9M 2024 EBITDA DKKm (127) (185) (31 %) 708 213 232 % • CHP plants 41 (95) n.a. 971 569 71 % • Gas Markets & Infrastructure 157 125 26 % 435 4 n.a. • Other, incl. project development (325) (215) 51 %
Slide 23: Impairments
Financials Impairments Q3 2025, DKKm Sensitivity impact, DKKbn Net impairment loses of DKK 1.8 bn Impairment losses in Q3 2025 driven by: Impairment No 10 % 10 % ITC losses Recoverable ITC bonus bonus + 50 bps - 50 bps • 50 % tariff on steel and aluminium and the so- CGUs1 (reversals) amount credits
Slide 24: Capital employed and liquidity reserve
Financials Capital employed and liquidity reserve Capital employed Liquidity reserve Capital employed, DKKm DKKbn 9M 2025 9M 2024 Intangible assets, and property and equipment 215,755 198,261 76.0 Equity investments and non-current receivables 1,367 1,229 Net working capital, capital expenditures (6
Slide 25: FFO/Adjusted net debt calculation
Financials FFO/Adjusted net debt calculation Funds from operations (FFO) LTM, DKKm 30 Sep 2025 30 Sep 2024 EBITDA 26,932 22,920 Change in provisions and other adjustments (256) (2,979) Change in derivatives (231) (1,140) Variation margin (add back) 128 (5,170) Reversal of gain (loss) on divestment o
Slide 26: EU Taxonomy KPIs
Financials EU Taxonomy KPIs Unit 9M 2025 9M 2024 Revenue (turnover) Taxonomy-aligned revenue (turnover) % 88 90 (3 %p) - Electricity generation from solar PV and storage of electricity % 2 1 0 %p - Electricity generation from wind power % 74 78 (4 %p) - Cogeneration of heat and power from bioenerg
Slide 27: 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 28: 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 29: Energy and currency exposure
Financials Energy and currency exposure Merchant exposure 2025-2027 Currency exposure Q4 2025 – Q3 2030 DKKbn DKKbn Before hedging Before hedging After hedging via as-produced PPAs and traded markets After hedging 62.6 23.3 11.8 26.2 4.0 3.4 20.0 0.1 12.1 11.5 7.8 -0.5 -0.7 -0.4 Power Gas Oil Spread
Slide 30: Debt and hybrids overview
Financials Debt and hybrids overview Total gross debt and hybrids Effective funding costs – Gross debt Maturity profile of notional gross debt 30 September 2025, DKKbn 30 September 2025, DKKbn 90 % of gross debt (bond and bank debt 1) has fixed interest rate. Remainder has floating or inflation-link
Slide 31: 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 32: 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 33: Renewable capacity as of 30 September 2025
Build-out & market development Renewable capacity as of 30 September 2025 Installed renewable capacity Indicator, MW 9M 2025 H1 2025 Δ 2024 The installed renewable capacity is calculated as renewable capacity installed by Ørsted accumulated Installed renewable capacity over time. We include all capa
Slide 34: 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 awarded lease capacity for 34 Baltica 2+ (210 MW). Baltica 2+ has not received a CfD.
Slide 35: Installed capacity build-up
Installed capacity build-up Installed capacity German Irish Portfolio2 Badger Wind Old 300 BESS Decided (FID’ed) Q3 2025 portfolio1 and installed capacity 35 Notes: 1. Rottenegg 6.4MWAC, Bahren West II 61.6 MW, Wildgatter-Sötern 7MWAC. 2. Garreenleen Phase 1 81 MWAC , Farranrory 43.2 MW and Ballinre
Slide 36: Auction and tender timelines
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. Timeline reflects bid submission deadline, not time of award (unless specifically stated). 2. Tender volume in Korea might change to accommoda
Slide 37: ESG Performance
ESG ESG Performance Total heat and power generation, 9M 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 41 Science- based 2024 34/66 targets1 Onshore wind 28 2023 35/6
Slide 38: Taking action for a resilient renewable energy build-out
ESG Taking action for a resilient renewable energy Ørsted has been ranked the most sustainable energy build-out 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
Slide 39: Sustainability as a key enabler for the renewable energy build-out
ESG Sustainability as a key enabler for the renewable energy build-out GLOBALLY RECOGNISED SUSTAINABILITY LEADER Our strategic aspiration is to continue to be a global leader STRATEGIC PRIORITIES within offshore wind. A key pillar in this aspiration is to be a globally recognised DECARBONISATION BIO
Slide 40: 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 40