Slide 1: Investor presentation Q4 2025
Investor presentation Q4 2025 6 February 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: In 2025, we progressed on our strategic priorities and delivered solid operational performance
In 2025, we progressed on our strategic priorities and delivered solid operational performance with earnings in line with our guidance Four strategic priorities Progress during 2025 Completed rights issue and finalised our partnership and 1 Strengthening of the capital structure divestment programme
Slide 5: Solid operational performance and high availability rates during FY 2025
Solid operational performance and high availability rates during FY 2025 FY 2025 EBITDA of DKK 25.1 bn excluding new partnerships and cancellation fees, with higher earnings for Offshore Sites Net profit for FY 2025 of DKK 3.2 bn driven by solid operational performance Availability of 93 % in our of
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 % ~75 % ~87
Slide 7: Greater Changhua 2b and 4
Greater Changhua Degree of completion ~75 % up from 65 % at Q3 2025. Of the total 2b and 4 66 positions, all turbines are installed, and 57 array cables are installed Location Taiwan During Q4, the turbine installations were completed, and Capacity installation of remaining array cables progressed u
Slide 8: Revolution Wind
Revolution Wind Degree of completion ~87 %, up from 85 % at Q3 2025. All foundations and array cables installed, and 59 of the 65 turbines installed Location US During Q4, all remaining array cables have been installed. Both export Capacity cables, the interlink cable, and both offshore substations
Slide 9: Sunrise Wind
Sunrise Wind Degree of completion ~45 %, up from 40 % at Q3 2025 Location US During Q4, completed first installation campaign of the turbine Capacity foundations, with 44 of the 84 positions installed at this stage 924 MW Offtake contract Nominal offtake with state of New York Project focus is on re
Slide 10: In 2026, we will continue to focus on the delivery of our strategic priorities
In 2026, we will continue to focus on the delivery of our strategic priorities Maintain strong operational Commission 2.5 GW of offshore Assess upcoming auctions and Progress on measures to performance to further capacity and progress remaining opportunities within bottom-fixed improve competitivene
Slide 11: Financial update
Financial update Trond Westlie Chief Financial Officer
Slide 12: Operational earnings in line with guidance for 2025
Operational earnings in line with guidance for 2025 Solid operational performance in 2025 EBITDA excl. new partnerships and cancellation fees, DKKbn Offshore sites delivered strong earnings driven by: • Ramp-up generation at Gode Wind 3, compensation at Borkum 2024 24.8 Riffgrund 3 and higher availa
Slide 13: We expect to deliver EBITDA excluding new partnerships and cancellation fees of DKK >28 bn in 2026
We expect to deliver EBITDA excluding new partnerships and cancellations fees of DKK >28 bn in 2026 EBITDA excl. new partnerships and cancellation fees expected Guidance on 2026 EBITDA excl. new partnerships and to be DKK >28 bn and Gross investments to be DKK 50-55 bn in cancellation fees, 2026 DKK
Slide 14: EBITDA, Net profit and ROCE
EBITDA, Net profit and ROCE EBITDA excl. new partnerships and Net profit Adjusted ROCE1 cancellation fees DKKbn %, last 12 months DKKbn 10.1 % 7.6 8.1 8.4 % Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 -3.4 -6.1 1 EBITDA of DKK 8.1 bn Net profit of DKK -3.4 bn Adjusted ROCE of 8.4 % • Offshore in
Slide 15: Net interest-bearing debt and credit metric
Net interest-bearing debt and credit metric Net interest-bearing debt FFO / Adjusted NIBD1 DKKbn, End of quarter %, End of quarter 43 % 83.2 14% -17.1 2.4 19.0 15.1 -59.4 -5.2 Q3 2025 Rights issue CFO Divestments Gross Other Q4 2025 Q3 2025 Q4 2025 proceeds investments Net interest-bearing debt of D
Slide 16: Successfully delivered on targeted divestments for 2025 and 2026 with proceeds significantly above target
Successfully delivered on targeted divestments for 2025 and 2026 with proceeds significantly above target DKK ~46 billion of proceeds secured, ensuring meaningful Signed all transactions announced within the partnership progress on strengthening of the balance sheet and divestment programme Hornsea
Slide 17: Q&A
Q&A 17
Slide 18: Appendix
Appendix
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 ~145 bn 2025-2027 Group EBITDA excl. new partnerships and cancellation fees in 2027 DKK >32 bn Divestment p
Slide 20: Group – Financial highlights
Financials Group – Financial highlights Financial highlights Q4 2025 Q4 2024 2025 2024 EBITDA DKKm 3,869 8,353 (54 %) 22,448 31,959 (30 %) - New partnerships (4,395) (127) 3,361 % (1,255) (127) 888 % - Cancellation fees 169 926 (82 %) (1,362) 7,335 n.a. EBITDA excl. new partnerships and 8,095 7,
Slide 21: Offshore – Financial highlights
Financials Offshore – Financial highlights Financial highlights Q4 2025 Q4 2024 2025 2024 EBITDA1 DKKm 2,450 6,639 (63 %) 16,276 26,470 (39 %) • Sites, O&Ms and PPAs 8,229 8,533 (4 %) 24,341 23,819 2% • Construction agreements and divestment gains (5,061) (894) 466 % (2,668) (1,065) 151 % Wind s
Slide 22: Onshore – Financial highlights
Financials Onshore – Financial highlights Financial highlights Q4 2025 Q4 2024 2025 2024 EBITDA DKKm 1,356 1,061 28 % 4,871 3,863 26 % • Sites, incl. tax credits 1,107 1,278 (13 %) 4,637 4,648 (0 %) • Divestment gains / (loss) 399 (88) n.a. 703 (88) n.a. Wind speeds, m/s • Other, incl. project d
Slide 23: Bioenergy & Other – Financial highlights
Financials Bioenergy & Other – Financial highlights Financial highlights Q4 2025 Q4 2024 2025 2024 EBITDA DKKm 650 869 (25 %) 1,358 1,082 26 % • CHP plants 602 679 (11 %) 1,573 1,248 26 % • Gas Markets & Infrastructure 158 245 (36 %) 593 249 138 % • Other, incl. project development (110) (55) 10
Slide 24: Impairments
Financials Impairments Q4 2025, DKKm 2025, DKKm Sensitivity impact, DKKbn Net impairment loses of DKK 3.6 bn No 10 % 10 % Impairment losses in 2025 mainly driven by: ITC ITC Impairment Impairment Recoverable bonus bonus + 50 bps - 50 bps • 50 % tariff on steel and aluminium and the CGUs1 losses loss
Slide 25: Capital employed and liquidity reserve
Financials Capital employed and liquidity reserve Capital employed Liquidity reserve DKKbn Capital employed, DKKm 2025 2024 130.91 Intangible assets, and property and equipment 212,113 204,305 Assets classified as held for sale, net 9,138 - Equity investments and non-current receivables 3,496 1,395
Slide 26: FFO/Adjusted net debt calculation
Financials FFO/Adjusted net debt calculation Funds from operations (FFO) LTM, DKKm 31 Dec 2025 31 Dec 2024 EBITDA 22,448 31,959 Change in provisions and other adjustments 2,000 (13,184) Change in derivatives (488) 648 Variation margin (add back) 215 (1,540) Reversal of gain (loss) on divestment of a
Slide 27: EU Taxonomy KPIs
Financials EU Taxonomy KPIs Unit 2025 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 78 (3 %p) - Cogeneration of heat and power from bioenergy % 12
Slide 28: 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 10 % 40 % 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 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 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 va
Slide 30: Energy and currency exposure
Financials Energy and currency exposure Merchant exposure 2026-2028 Currency exposure Q1 2026 – Q4 2030 DKKbn DKKbn Before hedging Before hedging After hedging via as-produced PPAs and traded markets After hedging 53 30.1 15.2 28 17 13 4.6 4.1 11 7 0.2 0.2 -0.6 -0.3 Power Gas Oil Spread GBP USD NTD
Slide 31: 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 31 Dec 2025, DKKbn 31 Dec 2025, DKKbn 93% of gross debt (bond and bank debt 1) has fixed interest rate. Remainder has floating or inflation-linked 39.7 3.3%
Slide 32: 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 33: 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 34: Renewable capacity as of 31 December 2025
Build-out & market development Renewable capacity as of 31 December 2025 Installed renewable capacity Indicator, MW 2025 2024 Δ The installed renewable capacity is calculated as renewable capacity installed by Ørsted accumulated over time. We include all capacities after commercial Installed renewab
Slide 35: Offshore wind build-out plan as per 31 December 2025
Build-out & market development Offshore wind build-out plan as per 31 December 2025 Installed capacity build-up MW Under construction 1,255 900 20,422 Awarded 1,498 18,267 2,852 300 924 920 704 10,156 913 Installed Borkum Greater Revolution Hornsea 3 Sunrise Wind Hornsea 32 Baltica 2 Decided Baltica
Slide 36: Onshore build-out plan as per 31 December 2025
Build-out & market development Onshore build-out plan as per 31 December 2025 Installed capacity build-up MW 259 250 7,051 European Onshore 6,294 69 179 825 US Onshore 577 Under construction 5,717 6,226 Installed German Irish portfolio2 Badger Wind3 Old 300 BESS Decided (FID'ed) capacity porfolio1 a
Slide 37: 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 Danish tender Korean Tender Belgian tender Taiwan tender 1,800 MW 1,000-1,500 MW2 700 MW 3,600 MW 2026 2026 2026 Australian tender CfD AR8 Dutch
Slide 38: ESG Performance
ESG ESG Performance Total heat and power generation, 2025 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 44% based targets1 2025 34/66 Onshore wind 26% 322 2024 34/66 P
Slide 39: Sustainability as a key enabler for the renewable energy transition
ESG Sustainability as 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 40: 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 41: 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 41