Slide 1: Q4 & FY 2024 Investor presentation
S| ~ ~ ame — Q4&FY2024 { Investor presentation 6 February 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: Rasmus Errboe
Rasmus Errboe
Slide 4: Solid operational results in 2024 with EBITDA in line with guidance
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 guidance of DKK 24-26 bn DKK 7.3 bnnet reversal of cancellation fees Related to c
Slide 5: Stepping away from 2030 GW ambition
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 Focused capital allocation Disciplined and focused approach to capital allocation | Cost e
Slide 6: Prioritising future capex on the most value-accretive projects
We have visibility on near-term investments and are prioritising future capex on the most value-accretive projects Gross investments @rsted share of CAPEX, excl. partner's share of CAPEX, 2024-2030, DKKbn ~10% ~300 ~~ “ 210-230 210-230 MASc ~25% Previous Cost increases Like-for-like Reduction in Upd
Slide 7: Significant expansion of capacity through projects under construction
We have line of sight on significant expansion of capacity through projects currently under construction Installed renewable capacity buildout 7
Slide 8: Significant EBITDA growth towards 2026 and strong ROCE to 2030
We expect to deliver significant EBITDA growth towards 2026 and strong return on capital employed to 2030 Group EBITDA Average return on capital employed excl. new partnerships and cancellation fees, DKKbn ROCE, % ILLUSTRATIVE a ~B% 25-26 [x QC 2 0 IEE —----— 24.8 2024 2025E 2026E CMU 2024 CAPEX sav
Slide 9: Progress on projects under construction
While the market remains challenging, we continue to progress with our projects under construction Offshore (8.4 GW). ‘Onshore (0.8 GW)———* German Changhua Revolution Sunrise Hornsea 3/ Fi programme 2band4 Wind Wind BESS Peake Alfa} we Capacity! 1,166MW2 920 MW 704 MW 924 MW een L498 MW 262 MW 509 M
Slide 10: Focus on execution and ability to deliver strong returns
Focus on execution and ability to deliver strong returns Spread to WACC ROCE Renewable capacity EBITDA Targeted range at time of Average ROCE, % Installed renewable capacity, Group EBITDA excl. new partnerships gross GW and cancellation fees, DKKbn bid/FID!, basis points 29-33 ~13% Py) 25-28 19.7 24
Slide 11: Financial update
Financial update Trond Westlie Chief Financial Officer
Slide 12: Solid operational earnings in 2024 in line with guidance
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 c
Slide 13: Expected EBITDA of DKK 25-28 bn in 2025
We expect to deliver EBITDA of DKK 25 — 28 bnin 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, God
Slide 14: Adjusted business plan is fully self-funded
Our adjusted business plan is fully self-funded Funding programme 2024-2030 Tax equity & Approx. evenly split 5 between the two sources Debt Ge! DY rids = oO Partnership and divestments! ~30% Cash flow from operations Sources Notes: 1. Partnerships and divestments refers to any transaction where Ors
Slide 15: Progress on partnership and divestment program
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 year! + Minority stake in four UK of
Slide 16: Fully committed to a solid investment grade rating
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 fixe
Slide 17: Q&A
QEA
Slide 18: Appendix
Appendix Orsted
Slide 19: 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 210 - 230 bn 2024-2030 Group EBITDA excl. new partnerships and cancellation fees in 2026 DKK 29-33 bn Dives
Slide 20: Group – Financial highlights
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 7,554 8,618
Slide 21: Offshore – Financial highlights
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. Wind speed
Slide 22: Onshore – Financial highlights
Financials 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 % Wind speeds, m/s • Divestment gains / (loss
Slide 23: Bioenergy & Other – Financial highlights
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)
Slide 24: Impairments
Financials Impairments FY 2024 Sensitivity impact, DKKbn Impairment losses No 10 % ITC 10 % ITC bonus CGUs1, DKKm (reversals) Recoverable amount + 50 bps WACC - 50 bps WACC bonus credits 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 Wi
Slide 25: Capital employed
Financials Capital employed Capital employed, DKKm FY 2024 FY 2023 Capital employed by segment %, FY 2024 Intangible assets, and property and equipment 204,305 183,195 Offshore Onshore Equity investments and non-current receivables 1,395 1,172 Bioenergy & Other Net working capital, capital expenditu
Slide 26: FFO/Adjusted net debt calculation
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
Slide 27: EU Taxonomy KPIs
Financials 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
Slide 28: 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 29: 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 cash flows against interest rate increases p55% matched Present value of Fixed-rate debt, lifetime fixed nominal hybrids & hedges cash flows! lifetime present value of fixed nom
Slide 30: Energy and currency exposure
| Financials Energy and currency exposure Merchant exposure 2025-2027 DKKbn I Before hedging Il After hedging via as-produced PPAs and traded markets 33.3 16.5 54 48 Sas 07 01 09 09 Power Gas Oil Spread Risk after hedging, Effect of price +10 %! Effect of price -10 %! DKKbn Power: 16.5 sales positio
Slide 31: Debt and hybrids overview
| Financials Debt and hybrids overview Total gross debt! and hybrids 31. December 2024, DKKbn >90 % of gross debt! (bond and bank debt) fixed interest rate. Remainder floating or inflation-linked Bank debt! Hybrid securities 20% DKK 104.7bn Bond debt Orsted will continue to proactively assess its li
Slide 32: Hybrid capital in short
| 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 gapital encompasses the credit- supportive eatures of equity and improves rating ratios a) ' fi ity (1 Perpetual or long dat
Slide 33: Orsted's outstanding senior bonds
| Financials @rsted’s outstanding senior bonds Outstanding —_Fixed/Floating Green Allocated to green Avoided emissions (thousand Bond Type Issuedate Maturity Face Value Qutstan a Coupon Coupon payments fond projects [DKIGn)’ tons COy/year) Senior Unsecured Nov.2017 26Nov.2029 EUR750m — EUR750m _—Fix
Slide 34: Renewable capacity as of 31 December 2024
Build-out & market development Renewable capacity as of 31 December 2024 Indicator, MW FY 2024 FY 2023 Δ Installed renewable capacity Installed renewable capacity The installed renewable capacity is calculated as 18,170 15,713 2,439 renewable capacity installed by Ørsted accumulated Offshore, wind p
Slide 35: Offshore wind build-out plan
| Build-out & market development Offshore wind build-out plan as per 31 December 2024 Installed capacity build-up MW 2,400 22,025 I Under construction 1498 — Awarded 2,955 16,872 me Installed German Greater Revolution Hornsea = Sunrise Wind Hornsea 3 Decided Baltica 2 Baltica 35 Hornsea 4 Decided ca
Slide 36: Onshore build-out plan
| Build-out & market development Onshore build-out plan as per 31 December 2024 Installed capacity build-up MW 1 Under construction 259 6,193 8&3 V9. 250 Installed capacity German Irish Portfolio? Old 300 BESS Badger Wind Decided (FID’ed) and 4 2024 portfolio! installed capacity Region ' Germany Ire
Slide 37: Significant offshore wind capacity expected to be auctioned in 2025/2026
| Build-out & market development Significant offshore wind capacity expected to be auctioned in 2025/2026 Upcoming auctions and tenders Awards expected H2 2025 Q2 2025 Massachusetts 5 New York 5 Under review Danish tender Sey aims Q2 2025 CfD ART Q2 2025 ORESS 2.1 900 MW Q3 2025 Umuiden Ver Gamma +
Slide 38: ESG Performance
ESG ESG Performance Total heat and power generation, Q3 2024 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 Onshore wind 26 targets2 2023 35/6
Slide 39: Industry-leading sustainability initiatives, ESG ratings, 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 net-zero target by 2040 (scope 1-3). Key initiativ
Slide 40: 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 41: Investor Relations contacts
Rasmus Hærvig Valdemar Høgh Andersen Henriette Stenderup Head of Investor Relations Senior Investor Relations Officer Investor Relations Coordinator rakol@orsted.com vehan@orsted.com hnste@orsted.com