Orsted · OMXCOP:ORSTED
Orsted — Ørsted — Q1 2026 Earnings Presentation
38 slides from Orsted's earnings presentation, 2026
Slide 1: Investor presentation First quarter 2026
Investor presentation First 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: The Real Value of Offshore Wind
The Real Value of Offshore Wind With the right investment level in Europe, offshore wind can secure … European tenders in 2026 with CfDs in the framework Reduction of annual fossil fuel imports in Europe by more than 1.8 GW 2 GW 30 % of 2024 import level1 Independence AR 8 0.7 GW Reduction of total
Slide 5: Progress on strategic priorities and 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 Q1 2026 Q1 2026 EBITDA of DKK 9.5 bn excluding new partnerships 1 Strengthening of the capital structure and cancellation fees, with
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 >95 %
Slide 7: Greater Changhua 2b and 4
Greater Changhua Degree of completion is ~80%, up from ~75 % at Q4 2025. Of the 2b and 4 total 66 positions, all array cables and turbines are installed, with 38 turbines generating power Location Taiwan During Q1, turbines commissioning continued and the array cable Capacity 920 MW installations we
Slide 8: Revolution Wind
Revolution Wind Degree of completion ~94 %, up from 87 % in January 2026. Out of 65 positions, 60 turbines are now installed Location US During Q1, the project has delivered first power, with more turbines Capacity 704 MW ramping up Offtake contract Nominal offtake with state of Rhode Island and Con
Slide 9: Sunrise Wind
Sunrise Wind Degree of completion ~47 %, up from 45 % in January 2026 Location US During Q1, the project commenced installation of turbines, with a Capacity 924 MW total of five installed at this stage Offtake contract Nominal offtake with state of New York Project focus is on progressing installati
Slide 10: Financial update
Financial update Trond Westlie Chief Financial Officer
Slide 11: Strong operational performance during quarter and higher wind speeds than Q1 2025
Strong operational performance during quarter and higher wind speeds than Q1 2025 EBITDA1 of DKK 9.5 billion in Q1 2026 EBITDA excluding new partnerships and cancellation fees DKKbn Offshore site earnings increase driven by: Q1 2025 8.6 • Higher wind speeds as well as higher power and ROC prices Sit
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 0.3 4.9 10.2% 8.6% 0.5 -0.2 -0.2 2.6 -1.2 -1.4 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 1 Impairment loss of DKK 1.4 bn Net profit of DKK 2.6 bn Adjusted ROC
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 42% 1.5 21.3 19.0 8.2 -6.4 -0.9 14% Q4 2025 CFO Divestments Gross Other Q1 2026 Q1 2025 Q1 2026 investments Net interest-bearing debt of DKK 21.3 bn, up DKK 2.3 bn Credit
Slide 14: 2026 guidance maintained
2026 guidance maintained EBITDA EBITDA in 2026 excluding new partnership agreements and cancellation fees is expected to amount more than DKK 28 billion Gross investments Gross investments in 2026 are expected to amount to DKK 50-55 billion 14
Slide 15: Q&A
Q&A 15
Slide 16: Appendix
Appendix
Slide 17: 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 18: Group – Financial highlights
Financials Group – Financial highlights Financial highlights Q1 2026 Q1 2025 2025 2024 EBITDA DKKm 9,545 8,871 8% 22,448 31,959 (30 %) - New partnerships - 304 n.a. (1,255) (127) 888 % - Cancellation fees - - n.a. (1,362) 7,335 n.a. EBITDA excl. new partnerships and 9,545 8,567 11 % 25,065 24,75
Slide 19: Offshore – Financial highlights
Financials Offshore – Financial highlights Financial highlights Q1 2026 Q1 2025 2025 2024 EBITDA1 DKKm 7,548 6,310 20 % 16,276 26,470 (39 %) • Sites, O&Ms and PPAs 8,378 7,655 9% 24,341 23,819 2% • Construction agreements and divestment gains 242 (77) n.a. (2,668) (1,065) 151 % Wind speeds, m/s
Slide 20: Onshore – Financial highlights
Financials Onshore – Financial highlights Financial highlights Q1 2026 Q1 2025 2025 2024 EBITDA DKKm 1,371 1,490 (8 %) 4,871 3,863 26 % • Sites, incl. tax credits 1,384 1,416 (2 %) 4,637 4,648 (0 %) • Divestment gains / (loss) - 304 n.a. 703 (88) n.a. Wind speeds, m/s • Other, incl. project deve
Slide 21: Bioenergy & Other – Financial highlights
Financials Bioenergy & Other – Financial highlights Financial highlights Q1 2026 Q1 2025 2025 2024 EBITDA DKKm 430 757 (43 %) 1,358 1,082 26 % • CHP plants 468 734 (36 %) 1,573 1,248 26 % • Gas Markets & Infrastructure 104 210 (50 %) 593 249 138 % • Other, incl. project development (142) (187) (
Slide 22: Impairments
Financials Impairments Q1 2026, DKKm Q1 2025, DKKm Sensitivity impact, DKKbn Net impairment losses of DKK 1.4 bn Non-cash impairment losses of are mainly driven by: No 10 10 % • Increase in the long-dated US interest rate and Impairment Impairment % ITC ITC2 + 50 - 50 comprised an impairment loss of
Slide 23: Capital employed and liquidity reserve
Financials Capital employed and liquidity reserve Capital employed Liquidity reserve DKKbn Capital employed, DKKm Q1 2026 Q1 2025 Intangible assets, and property and equipment 217,204 206,068 116.61 Assets classified as held for sale, net 9,184 - Equity investments and non-current receivables 3,422
Slide 24: FFO/Adjusted net debt calculation
Financials FFO/Adjusted net debt calculation Funds from operations (FFO) LTM1, DKKm 31 Mar 2026 31 Mar 2025 EBITDA 23,121 33,342 Change in provisions and other adjustments 1,727 (10,724) Change in derivatives 943 (794) Variation margin (add back) (576) (934) Reversal of gain (loss) on divestment of
Slide 25: EU Taxonomy KPIs
Financials EU Taxonomy KPIs Unit Q1 2026 Q1 2025 Revenue (turnover) Taxonomy-aligned revenue (turnover) % 89 88 1 %p - Electricity generation from solar PV and storage of electricity % 1 1 0 %p - Electricity generation from wind power % 78 72 6 %p - Cogeneration of heat and power from bioenergy %
Slide 26: 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 27: 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 28: Energy and currency exposure
Financials Energy and currency exposure Merchant exposure 2026-2028 Currency exposure Q2 2026 – Q1 2031 DKKbn DKKbn Before hedging Before hedging After hedging via as-produced PPAs and traded markets After hedging 32.8 56 10.6 25 21 14 2.0 1.8 4 8 0.0 -0.7 -0.9 -0.4 Power Gas Oil Spread GBP USD NTD
Slide 29: 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 March 2026, DKKbn 31 March 2026 31 March 2026, DKKbn 93% of gross debt (bond and bank debt 1) has fixed interest rate. Remainder has floating rate or is i
Slide 30: 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 31: 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 32: Renewable capacity as of 31 March 2026
Build-out & market development Renewable capacity as of 31 March 2026 Installed renewable capacity Indicator, MW Q1 2026 2025 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 33: Offshore and Onshore build-out plan as per 31 March 2026
Build-out & market development Offshore and Onshore build-out plan as per 31 March 2026 Installed capacity build-up MW 1,255 900 27,474 Offshore Onshore 2,852 498 25,319 Under construction Awarded 1,498 7,052 300 924 7,052 920 704 16,710 913 6,554 20,422 18,267 10,156 Installed Borkum Greater Revolu
Slide 34: 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 1,800 MW2 700 MW 3,600 MW 2026 2026 2026 2027 Australian tender CfD AR8 Dutch t
Slide 35: ESG Performance
ESG ESG Performance Total heat and power generation, Q1 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 22% 322 2024 34/6
Slide 36: 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 37: 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 38: 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 38