Slide 1: Investor presentation Second quarter 2026
Investor presentation Second quarter 2026
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: Offshore wind can deliver secure, affordable, and home-grown energy
Offshore wind can deliver secure, affordable, and home-grown energy With the right investment level, offshore wind can1 … Strong outlook for new offshore wind opportunities Significantly reduce annual European fossil Updated frameworks for several new fuel imports by more than 30 % offshore wind opp
Slide 5: We continued to progress on our strategic priorities and delivered strong operational performance
We continued to progress on our strategic priorities and delivered strong operational performance across our renewable assets Four strategic priorities Highlights from H1 2026 H1 2026 EBITDA of DKK 15.0 bn excluding new 1 Strengthening of the capital structure partnerships and cancellation fees, wit
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 Baltica 2 Hornsea 3 / BESS Capacity1 913 MW 920 MW 704 MW 924 MW 1,498 MW 2,852 MW / 300 MW COD Q3 2026 Q3 2026 H2 2026 H2 2027 H2 2027 Q4 2027 / Q1 2028 DoC2 >99 %
Slide 7: Baltica 2
Baltica 2 Degree of completion is ~40%, up from ~30% at Q1 2026. Of the total 111 positions, 103 monopile foundations have been installed since commencement in May Location Poland Capacity 1,498 MW During Q2, there was significant progress on the installation of Offtake contract foundations for turb
Slide 8: Sunrise Wind
Sunrise Wind Degree of completion ~50 %, up from 47 % in Q1 2026 Location US The project has continued installation of foundations, turbines, and Capacity 924 MW array cables. Of 84 positions, 77 turbine foundations have been installed, 20 turbines, and 20 sets of array cables Offtake contract Nomin
Slide 9: Hornsea 3
Hornsea 3 Degree of completion ~30 %, up from 25 % in Q1 2026 Location UK Of the total 197 positions, the project has installed 43 turbine Capacity 2,852 MW foundations, and the installation of the export cable has progressed well Offtake contract Inflation-indexed CfD offtake contract The focus of
Slide 10: Financial update
Financial update Trond Westlie Chief Financial Officer
Slide 11: Operational performance in line with expectations during the quarter
Operational performance in line with expectations during the quarter EBITDA1 of DKK 5.4 billion in Q2 2026 EBITDA excluding new partnerships and cancellation fees DKKbn Offshore site earnings development driven by: Q2 2025 5.3 • Higher wind speeds and higher power and ROC prices Sites -0.2 • Lower c
Slide 12: Impairment, Net profit, and ROCE
Impairment, Net profit, and ROCE Impairment losses (reversals) Offshore Net profit Adjusted ROCE1 DKKbn Onshore DKKbn %, last 12 months 3.4 12.3 % 0.0 0.5 -1.2 0.0 6.6 % -0.5 -1.2 0.7 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 1 Impairment loss of DKK 1.2 bn Net profit of DKK 0.7 bn Adjusted RO
Slide 13: Net interest-bearing debt and credit metric
Net interest-bearing debt and credit metric Net interest-bearing debt FFO / Adjusted NIBD DKKbn, end of quarter %, end of quarter 45% 21.3 2.0 22.0 10.1 -2.6 16% -8.8 Q1 2026 CFO Divestments Gross Other Q2 2026 Q2 2025 Q2 2026 investments Net interest-bearing debt of DKK 22.0 bn, up DKK 0.7 bn Credi
Slide 14: Introducing dividend policy within our capital allocation principles
Introducing dividend policy within our capital allocation principles Capital allocation principles remain unchanged Dividend policy Target to reinstate dividend payout for financial Strong balance sheet with solid year 2026, with the first payout in 2027 investment-grade credit rating Dividend amoun
Slide 15: 2026 guidance maintained
2026 guidance maintained EBITDA EBITDA in 2026 excluding new partnership agreements and cancellation fees is expected to be above DKK 28 billion The directional guidance for Bioenergy & Other has been changed from ‘In line’ to ‘Lower’ due to lower contribution from ancillary services and a provision
Slide 16: Q&A
Q&A 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 EBITDA excl. new partnerships and cancellation fees in 2027 DKK >32 bn Divestment proceed
Slide 19: Group – Financial highlights
Financials Group – Financial highlights Financial highlights Q2 2026 Q2 2025 2025 2024 EBITDA DKKm 5,423 6,644 (18 %) 22,448 31,959 (30 %) - New partnerships (12) 2,836 n.a. (1,255) (127) 888 % - Cancellation fees - (1,531) n.a. (1,362) 7,335 n.a. EBITDA excl. new partnerships and 5,435 5,339 2%
Slide 20: Offshore – Financial highlights
Financials Offshore – Financial highlights Financial highlights Q2 2026 Q2 2025 2025 2024 EBITDA DKKm 4,383 5,301 (17 %) 16,276 26,470 (39 %) • Sites, O&Ms and PPAs 4,653 4,814 (3 %) 24,341 23,819 2% • Construction agreements and divestment gains 580 2,901 (80 %) (2,668) (1,065) 151 % Wind speed
Slide 21: Onshore – Financial highlights
Financials Onshore – Financial highlights Financial highlights Q2 2026 Q2 2025 2025 2024 EBITDA DKKm 978 1,197 (18 %) 4,871 3,863 26 % • Sites, incl. tax credits 1,126 1,104 2% 4,637 4,648 (0 %) • Divestment gains / (loss) (12) - n.a. 703 (88) n.a. Wind speeds, m/s • Other, incl. project develop
Slide 22: Bioenergy & Other – Financial highlights
Financials Bioenergy & Other – Financial highlights Financial highlights Q2 2026 Q2 2025 2025 2024 EBITDA DKKm 12 78 (85 %) 1,358 1,082 26 % • CHP plants 178 196 (10 %) 1,573 1,248 26 % • Gas Markets & Infrastructure (47) 68 n.a. 593 249 138 % • Other, incl. project development (119) (186) (36 %
Slide 23: Impairments
Financials Impairments Q2 2026, DKKm Q2 2025, DKKm Sensitivity impact, DKKbn Net impairment losses of DKK 1.2 bn Non-cash impairment losses are mainly driven by: No 10 10 % Impairment Impairment % ITC ITC2 + 50 - 50 • Increase in the long-dated US interest rates, losses Recoverable losses Recoverabl
Slide 24: Capital employed and liquidity reserve
Financials Capital employed and liquidity reserve Capital employed Liquidity reserve DKKbn Capital employed, DKKm H1 2026 H1 2025 Intangible assets, and property and equipment 226,172 208,031 116.81 Equity investments and non-current receivables 3,739 1,545 Net working capital, capital expenditures
Slide 25: FFO/Adjusted net debt calculation
Financials FFO/Adjusted net debt calculation Funds from operations (FFO) LTM1, DKKm 30 June 2026 30 June 2025 EBITDA 21,901 33,416 Change in provisions and other adjustments 736 (6,929) Change in derivatives 1,417 (1,340) Variation margin (add back) (515) 301 Reversal of gain (loss) on divestment of
Slide 26: EU Taxonomy KPIs
Financials EU Taxonomy KPIs Unit H1 2026 H1 2025 Revenue (turnover) Taxonomy-aligned revenue (turnover) % 88 88 0 %p - Electricity generation from solar PV and storage of electricity % 1 1 0 %p - Electricity generation from wind power % 77 75 2 %p - Cogeneration of heat and power from bioenergy %
Slide 27: Key financial exposures from revenues in 2026-2030
Financials Key financial exposures from revenues in 2026-2030 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 r
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 nominal Net inflation-linked operational cash flows in the period 2026- cash flows against interest rate increases 2030 protect against cost inflation ~60 % matched ~55 % matched Present
Slide 29: Energy and currency exposure
Financials Energy and currency exposure Merchant exposure 2026-2028 Currency exposure Q3 2026 – Q2 2029 DKKbn DKKbn Before hedging Before hedging After hedging via as-produced PPAs and traded markets After hedging 36.8 41 25 14.3 10 9 10 1.9 1.7 3 -1.1 -0.1 Power Gas and oil Spread (power) GBP USD N
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 June 2026, DKKbn 30 June 2026 30 June 2026, DKKbn 93% of gross debt (bond and bank debt 1) has fixed interest rate. Remainder has floating rate or is infl
Slide 31: Ørsted's outstanding senior bonds
Financials Ørsted’s outstanding senior bonds Allocated to Avoided emissions Outstanding Fixed/Floating Green ISIN Bond Type Issue date Maturity Face Value Coupon Coupon payments green projects (thousand tons amount rate bond1 (DKKm) CO2/year) XS1721760541 Senior Unsecured Nov. 2017 26 Nov. 2029 EUR
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 50% equity content to the hybrids equity in a cost-efficient manner: when calculating ce
Slide 33: Renewable capacity as of 30 June 2026
Build-out & market development Renewable capacity as of 30 June 2026 Installed renewable capacity Indicator, MW H1 2026 H1 2025 Δ 2025 The installed renewable capacity is calculated as renewable capacity installed by Ørsted accumulated over time. We include all capacities after commercial Installed
Slide 34: Offshore and Onshore build-out plan as per 30 June 2026
Build-out & market development Offshore and Onshore build-out plan as per 30 June 2026 Installed capacity build-up MW Offshore Onshore 1,255 900 26,834 2,852 250 24,679 Under construction Awarded 1,498 6,412 300 924 6,412 920 704 16,318 913 6,162 20,422 18,267 10,156 Installed Borkum Greater Revolut
Slide 35: Significant offshore wind capacity expected to be auctioned in 2026/2027
Build-out & market development Significant offshore wind capacity expected to be auctioned in 2026/2027 Upcoming auctions and tenders1 2026 2026 2026 2026 Korean tender Belgian tender Taiwan tender CfD AR8 Up to 2,000 MW2 700 MW 3,600 MW 2026 2026 2027 2027 Australian tender Dutch tender Seabed auct
Slide 36: ESG Performance
ESG ESG Performance Total heat and power generation, H1 2026 Greenhouse gas emissions intensity Gender balance Energy source, % g CO2e/kWh %, women/men Total workforce Scope 1-3 (excl. gas sales) Scope 1-2 Science- 2030 40/60 Offshore wind 43% based targets1 2025 34/66 Onshore wind 26% 322 2024 34/6
Slide 37: Sustainability is a key enabler for the renewable energy transition
ESG Sustainability is a key enabler for the renewable energy transition GLOBALLY RECOGNISED SUSTAINABILITY LEADER Our strategic aspiration is to continue to be a global leader within offshore wind. A key pillar in this aspiration DECARBONISATION BIODIVERSITY COMMUNITY IMPACT is to be a globally reco
Slide 38: Taking action for a resilient renewable energy transition
ESG Taking action for a resilient renewable energy Ørsted has been ranked a global sustainability transition leader in Corporate Knights’ 2026 Global 100 index, placing 9th out of 100 companies. Industry-leading sustainability initiatives ESG rating performance Decarbonisation We continue working to
Slide 39: 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 39