Orsted A/S : Q1 Interim report

About this update from Orsted

Interim report First quarter 2026 Contents Management's review Overview CEO's review 3 At a glance 6 Outlook 2026 7 Results Q1 8 Business units' Q1 results 11 Performance highlights 14 Earnings call In connection with the presentation of the interim report, an earnings call for investors and analysts will be held on Wednesday, 6 May 2026 at 14:00 CET. The earnings call can be followed live here: https://getvisualtv.net/stream/?orsted-q1-2026 Further information Global Media Relations Morten Buttler Tel.: +45 99 55 26 97 Investor Relations Rasmus Keglberg Hærvig Tel.: +45 99 55 90 95 Quarterly overview… 15 Financial statements Consolidated financial statements Consolidated statement of income 17 Consolidated statement of comprehensive income 17 Consolidated statement of financial position 18 Consolidated statement of shareholders' equity 19 Consolidated statement of cash flows 20 Notes Basis of reporting 21 Segment information 22 Revenue 24 Impairments 25 Other operating income and expenses 27 Financial income and expenses 27 Gross and net investments 28 Reserves 28 Assets classified as held for sale 29 Tax on profit (loss) for the period 30 Markets risks 31 Fair value measurement 32 Interest-bearing net debt and FFO 34 Subsequent events 35 Sustainability statements Basis of reporting 37 Environment Renewable and generation capacity 38 Energy generation and sales 39 Energy consumption 40 Greenhouse gas (GHG) emissions 41 EU taxonomy for sustainable activities 42 Social People and safety 43 Management's statement Statement by the Executive Board and the Board of Direc-tors… 44 CEO's review Continued strategic progress and strong operational performance across renewable assets despite global uncertainty in energy markets. The real value of offshore wind Selected events Business progress and development Revolution Wind delivered first power to New England. Financials & operations High availability rates of 93 % across our offshore wind portfolio, in line with the level in Q1 2025. Successfully initiated turbine installation at Sunrise Wind. Completed installation of one of Hornsea 3's two offshore substations. Increased the Offshore and Onshore generation output with 1.6 TWh compared to Q1 2025, driven by a 27 % increase in Offshore generation due to higher wind speeds and ramp-up generation. Successfully initiated monopile foundation installation at Hornsea 3 and Baltica 2. Closed the divestment of our European onshore business. EBITDA excluding new partnerships and cancellation fees increased 11% amounted to DKK 9.5 billion in Q1 2026, compared to DKK 8.9 billion in the same period last year. Welcomed three new board members at our Annual General Meeting. Full-year guidance on EBITDA and gross investments maintained. As the world enters its second energy crisis in only five years, it is clear that dependence on imported fossil fuels comes at an unacceptably high price for European consumers and industries. Recent events in the Middle East have increased volatility in global energy markets and led to higher energy prices threatening to affect both growth and disposable income. Energy is increasingly being leveraged for geopolitical gains, and energy security has become crucial to ensure the resilience and sovereignty of nations around the globe. This is particularly the case for Europe, where the vulnerability and costs associated with dependence on fossil energy imports are unsustainable. The solution is at hand: Increase electrification of industry and transport, create a coherent European energy system, and accelerate the build-out of renewable energy - not least offshore wind. At Ørsted, we are proud to be playing our part. In Q1 2026 alone, we generated more than 11 TWh of secure, affordable and green energy for millions of businesses and households on three continents across the globe, and as we deliver on our offshore wind construction programme of 8.1 GW our generation will only increase. Over the past years, we have advocated for strengthened investment certainty for off- shore wind through supportive regulatory frameworks. For that reason, we are encouraged by the commitments made by nine governments to a more predictable investment framework for offshore wind in the North Sea. At the same time, we are seeing positive signals in relation to national offshore auctions. The UK increased the budgets for new offshore wind projects in Allocation Round 7, Denmark introduced contract-for-difference (CfDs) in the upcoming auction, and we are also witnessing a shift towards contract-for-difference in other European countries including Belgium and Netherlands. We also welcome the AccelerateEU initiative presented in April by the European Commission, which underlines the EU's commitment to staying the course with regards to the Emissions Trading System and the Electricity Market Design and accelerating a transition from fossil fuels to renewables. We will continue to work with governments and industry to provide solutions to enable the acceleration of renewable energy. To this end, we launched a white paper titled "Facts over Perception: The Real Value of Offshore Wind" at the recent Wind Europe Conference in Madrid. In the paper we show that renewables - with offshore wind as a significant component - can reduce total European electricity system costs by up to 30 % by 2040, and that a large share of renewables will lower electricity prices for European businesses and households. We see positive signs for our industry moving forward, and we are ready to selectively invest in the most value-creating opportunities over the coming years to remain the global leader in offshore wind. Executing on our strategic priorities During the first quarter, we continued to deliver on our four strategic priorities that was established in 2025 . Our first priority is to strengthen our capital structure, and with the completion of the rights issue in 2025 as well as the signing and closing of the transactions in our partnership and divestment programme during 2025 and early 2026, we have delivered strong progress on this. In April, we closed the divestment of our European Onshore business. The closing of the transaction will be reflected in the interim financial statements for H1 2026. Likewise, we expect the divestment of a 55 % stake in our Greater Changhua 2 project to close in the third quarter of 2026, following the commissioning of the Greater Changhua 2b and 4 project. Our second priority is to deliver on our constru ction projects, and across the portfolio, we have achieved significant milestones during the quarter. Amongst other, this includes initiation of monopile foundation installation at Hornsea 3 and Baltica 2, the delivery of first power at Revolution Wind as well as the successful installation of the first turbine at Sunrise Wind. Our third priority is to ensure a focused and disciplined approach to capital allocation, where our focus going forward primarily will be on offshore wind in Europe and select markets in APAC. With the measures we have taken to strengthen our capital structure and financial foundation, we are in a position to pursue new, value-creating opportunities within offshore wind. Our fourth priority is to improve our competitiveness, and we are continuing to progress as planned on numerous measures across our organisation to achieve a stronger and more competitive Ørsted. Construction In Germany, we are continuing the commissioning of turbines at Borkum Riffgrund 3, with 80 % of the turbines having produced first power. Following adverse weather conditions for commissioning works during the first quarter of 2026 combined with ongoing unplanned TSO grid outages and grid curtailment, the commissioning and testing of the turbines have progressed slightly slower than planned, and the full commissioning of the project is expected in Q3 2026. The project is more than 95 % complete, and the high share of turbines that have delivered first power combined with higher power prices than expected results in only marginal financial implications. In Taiwan, the commissioning of Greater Changhua 2b and 4 remains on track for the third quarter of 2026. The project is approx. 80 % complete, and the commissioning of turbines related to the Greater Changhua 4 continues to ramp up. In the US, Revolution Wind achieved a significant milestone as the project started delivering power to New England. The degree of completion has increased to 94 %, and the project is continuing to ramp up generation and remains on track to commissioning in the second half of 2026. Sunrise Wind has also reached a major milestone, as the project during the quarter successfully installed the first wind turbine. Both " During the first quarter of 2026 we produced more renewable energy than ever delivering home-grown and reliable energy to millions of households and businesses at a time where energy supply is under pressure by the events in the Middle East. the project's single offshore substation and the onshore substation are installed, the export cable has also been laid, and nearly all of the components are manufactured. The project will continue the turbine installation, and following the cessation of seasonal restrictions, the project will as planned resume installation of the remaining turbine foundations. The degree of completion has increased to 47 %, and the project remains on track to deliver first power in the second half of 2026 and commissioning in second half of 2027. In Poland, we are continuing to progress as planned on Baltica 2. All the foundations for the project have been fabricated, and we have commenced the installation of monopile foundations. The project is approx. 30 % complete, and the project remains on track for commissioning in the second half of 2027. In the UK, we have made significant progress on Hornsea 3, and the project team has now pulled the export cable onshore to meet its onshore counterpart and successfully completed installation of the first of the project's two offshore converter stations. The project is approx. 25 % complete, and the installation of turbine foundations was initiated late in April. As we have noted in the past, the project is dependent on timely connection to the transmission grid in circumstances where several renewable energy projects are currently under construction. Following discussions with National Grid and National Energy System Operator regarding delays to the grid connection date for Hornsea 3, we now anticipate first power for the project in Q1 2027 with Commercial Operations Date (COD) in Q4 2027/Q1 2028. The up to two months delay of first power and COD reflects a delay from National Grid resulting from enabling and reinforcement works at the Norwich Main substation, where Hornsea 3 is due to connect to the UK transmission system. We will continue to work with National Grid and National Energy System Operator as they work to minimise the delay. Generation In our Offshore business, we delivered high availability rates of 93 % and generation output of 6.9 TWh in the first quarter, an increase of 27 % compared to the same period last year. This was primarily driven by higher wind speeds and ramp-up generation at both Borkum Riffgrund 3 and Greater Changhua 4. In our Onshore business, we maintained high availability rates across our assets and delivered generation output of 4.4 TWh, an increase of 3 % compared to the same period last year. The increase was mainly due to commissioning of the Badger Wind project in the US and the Bahren West 1 project in Ger- many. The share of generation from renewable sources was 98 %, which is a decrease of one percentage point compared to the same period last year. The decrease was mainly driven by higher use of natural gas for heat production as a result of colder weather in Q1 2026 compared to Q1 2025. Financials EBITDA for the first quarter of 2026 amounted to DKK 9.5 billion compared to DKK 8.9 billion in the same period last year. EBITDA excluding new partnerships and cancellation fees in Q1 2026 amounted to DKK 9.5 billion, which was DKK 1.0 billion higher than Q1 2025. Earnings from our offshore sites amounted to DKK 8.4 billion, an increase of 9 % compared to Q1 2025, primarily driven by higher wind speeds. Changes to the Executive management and Board of Directors In January, we announced the appointment of Simon Ashley as the next Chief HR Officer and member of the Group Executive Team, effective from 1 August 2026. The appointment follows a planned succession process as Henriette Fenger Ellekrog, current Chief HR Officer, has decided to conclude her executive career. In March, the employees in Ørsted elected the employee representatives who will serve on the Board of Directors for the next four years. Benny Gøbel and Pawel Matysiak were re-elected, and Ruchit Majmudar is newly elected. On April 9, we hosted our annual general meeting, and this was a great opportunity to meet and engage with our shareholders and express our sincere appreciation for their support in the rights issue process during the second half of 2025. At the event, we also welcomed three new board members - Karen Dyrskjøt Boesen, Karl Johnny Hersvik, and Samuel Leupold. Rasmus Errboe Group President & CEO Interim report First quarter 2026 At a glance Financial highlights Non-financial highlights Operating profit (EBITDA) 1 , DKKbn Gross investments, DKKbn Return on capital employed (ROCE) 2 , % Installed renewable capacity, GW 9.5 8.9 9.5 8.2 13.8 8.2 4.6 4.6 4.6 18.8 18.5 18.8 Offshore Onshore Bioenergy & Other Offshore Onshore Bioenergy & Other Offshore Onshore Bioenergy & Other Profit for the period, DKKbn Interest-bearing net debt, DKKbn 68.4 Credit metric (FFO/adjusted interest-bearing net debt), % GHG emissions intensity, g CO 2 e/kWh 53 57 2.6 4.9 2.6 21.3 21.3 42.2 13.7 42.2 57 6/44 Scope 1-2 Scope 1-3 (excl. category 11) 1 Includes EBITDA from other activities/eliminations. 2 Last 12 months i.e. including impairments and cancellation fees. 6/44 Outlook 2026 EBITDA EBITDA in 2026 excluding new partnership agreements and cancellation fees is unchanged relative to our guidance from 6 February 2026 and expected to be above DKK 28 billion in 2026. EBITDA, excl. new partnerships and cancellation fees 25.1 >28 >28 Offshore 19.6 Higher Higher Onshore 4.2 In line In line Bioenergy & Other 1.4 In line In line Gross investments 55.8 50-55 50-55 Outlook 2025 , DKK billion 2025 realised Guidance 6 Feb Guidance 6 May This guidance is based on an assumption of normal wind speeds in the remainder of the year. As always, the guidance is subject to a number of uncertainties (see below and box to the right). Gross investments Gross investments in 2026 are expected to amount to DKK 50-54 billion, which is unchanged relative to the guidance in the annual report. Uncertainties in the US We are following developments regarding potential tariffs and other regulatory changes, particularly affecting the US, and are continually assessing any possible financial and wider impacts. Forward-looking statements The interim report contains forward-looking statements, which include projections of our short- and long-term financial performance and targets as well as our financial policies. These statements are by nature uncertain and associated with risk. Many factors may cause the actual development to differ materially from our expectations. These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions, and assumptions regarding proceeds from farm-downs, divestments, tax equity etc. Read more about the risks in our annual report for 2025. Our EBITDA guidance for the Group is the prevailing guidance, whereas the directional earnings development per business unit serves as a means to support this. Higher/lower indicates the direction of the business unit's earnings relative to the results for 2025. Results Q1 Financial results Revenue Power generation from offshore and onshore assets increased by 16 % and totalled 11.3 TWh in Q1 2026. The increase was due to ramp-up of generation from our offshore wind farms Borkum Riffgrund 3 and Greater Changhua 4 and our onshore wind farm Badger. Furthermore, higher wind speeds contributed positively. Heat generation increased by 9 % in Q1 2026, mainly due to colder weather, whereas thermal power generation decreased by 6 % mainly due to lower contribution from ancillary services. Our renewable share of generation amounted to 98 %, which was slightly lower than in the same period last year. Revenue amounted to DKK 27.6 billion, which was 33 % higher than in Q1 2025. The increase was mainly driven by higher activity on our construction contracts as well as higher generation and higher prices. EBITDA EBITDA for Q1 2026 amounted to DKK 9.5 billion, DKK 0.7 billion higher than in Q1 2025. Adjusted for new partnerships, EBITDA increased by DKK 1.0 billion. Earnings from 'Offshore sites' amounted to DKK 8.4 billion, an increase of DKK 0.7 billion compared to Q1 2025. The increase was driven by higher wind speeds (DKK 1.2 billion) as well as higher power and ROC prices. This was partly offset by lower contribution from our trading activities and a step down in subsidy level for some of our older German wind farms. EBITDA from existing partnerships increased by DKK 0.3 billion, amounting to DKK 0.2 billion in Q1 2026, and was mainly related to updates to construction agreements. EBITDA from our Onshore business amounted to DKK 1.4 billion, DKK 0.1 billion lower than in Q1 2025. Adjusted for new partnerships, EBITDA increased by DKK 0.2 billion. The increase was mainly due to the commissioning of Badger in the US, the sale of a development project and the sale and lease back of land in the US. EBITDA from our CHP plants amounted to DKK 0.5 billion, DKK 0.3 billion lower than in Q1 2025, mainly due to lower contribution from ancillary services. EBITDA from our gas business totalled DKK 0.1 billion in Q1 2026, DKK 0.1 billion lower than in Q1 2025 . Impairments Impairment losses had a negative effect of DKK 1.4 billion in Q1 2026. The impairment was caused by an increase in the long-dated US interest rates. In Q1 2025, we had a net impairment reversal. The main net impairment reversals were due to a decrease in the long-dated US interest rates (DKK 1.5 billion) which was partly offset by imposed tariffs (DKK 1.2 billion). See Revenue 27,620 20,705 33 % EBITDA 9,545 8,871 8 % - New partnerships - 304 n.a. - EBITDA excl new partnerships and cancellation fees 9,545 8,567 11 % Depreciation and amortisation (2,471) (2,555) (3 %) Impairment (loss)/reversal (1,369) 272 n.a. Operating profit (loss) (EBIT) 5,705 6,588 (13 %) Gain (loss) on divestment of enterprises (40) 87 n.a. Financial items, net (591) (1,567) (62 %) Profit (loss) before tax 5,087 5,119 (1 %) Tax (2,466) (232) 963 % Tax rate 48 % 5 % 44 %p Profit (loss) for the period 2,621 4,887 (46 %) Financial results , DKKm Q1 2026 Q1 2025 % EBITDA excluding new partnerships and cancellation fees , DKKbn 0.7 0.3 0.2 0.0 0.2 9.5 8.6 -0.3 -0.1 -0.1 Offshore Onshore Bio & Other (DKK 1.3 bn) (DKK 0.2 bn) (DKK -0.3 bn) Q1 2025 Sites Exist. Other incl. Sites Other incl. DEVEX CHPs Gas & partnerships DEVEX other Other Q1 2026 note 4 'Impairments' for more information. EBIT EBIT decreased by DKK 0.9 billion to DKK 5.7 billion in Q1 2026. This was mainly due to the higher impairment and was only partly offset by the higher EBITDA. Financial income and expenses Net financial income and expenses amounted to DKK -0.6 billion, DKK 1.0 billion less negative than in Q1 2025. The positive development compared to Q1 2025 was mainly due to higher capitalised interest expenses and updates to our uncertain tax positions. Tax and tax rate The tax rate of 48 % in Q1 2026 was affected by impairments and deferred tax liability related to tax equity contributions for Revolution Wind and Old 300 BESS The tax rate of 5 % in Q1 2025 was affected by net impairments reversal and reversal of In Q1 2026, the release in variation margin payments on unrealised hedges ('Change in variation margin') and initial margin payments at clearing houses (part of 'Change in other working capital') was DKK 1.1 billion, whereas we released DKK 0.1 billion in Q1 2025. In Q1 2026, we had a net cash outflow from work in progress of DKK 2.7 billion, mainly related to the construction of Hornsea 3 and Greater Changhua 4 for partners. This was partly offset by adjustments related to the Hornsea 3 offshore transmission asset. In Q1 2025, we had a net cash outflow from work in progress of DKK 3.1 billion, mainly related to the construction of Borkum Riffgrund 3 and Greater Changhua 4 for partners. In Q1 2026, we received initial tax equity contribution for Revolution Wind, whereas there was no tax equity contribution in Q1 2025. In both periods, 'Change in tax equity liabilities' included a reversal of the non-cash recognition of tax credits and benefits through EBITDA. Cash flow and net debt , DKKm Q1 2026 Q1 2025 % Cash flows from operating activities 6,537 634 931 % EBITDA 9,545 8,871 8 % Reversal of gain (loss) on divestments of assets (128) (224) (43 %) Change in derivatives, excl. variation margin (36) (676) (95 %) Change in variation margin 788 (3) n.a. Change in provisions and other items 92 364 (75 %) Interest expense, net (83) (723) (89 %) Paid tax (1,673) (790) 112 % Change in work in progress (2,735) (3,099) (12 %) Change in tax equity liabilities (383) (875) (56 %) Change in other working capital 1,150 (2,212) n.a. Gross investments (8,176) (13,799) (41 %) Divestments 749 2,987 (75 %) Free cash flow (890) (10,178) (91 %) Net interest-bearing debt, beginning of period 18,978 58,027 (67 %) Free cash flow 890 10,178 (91 %) Dividends and hybrid coupon paid 237 891 (73 %) Addition of lease obligations, net 836 196 327 % Exchange rate adjustments, etc. 348 (843) n.a. Net interest-bearing debt, end of period 21,289 68,449 (69 %) deferred tax liabilities as part of the 50 % farm-downs of Eleven Mile and Sparta Solar. Profit for the period Profit for the period amounted to DKK 2.6 billion, DKK 2.3 billion lower than in Q1 2025. This was mainly due to the higher tax and higher impairment losses in the quarter. Cash flows and net debt Cash flows from operating activities Cash flows flows from operating activities totalled DKK 6.5 billion in Q1 2026 compared to DKK 0.6 billion in Q1 2025. In Q1 2026, we saw a positive development in net trade receivables and payables, whereas we saw a negative effect in Q1 2025. Investments and divestments Gross investments amounted to DKK 8.2 billion in Q1 2026. The main investments were: - offshore wind farms (DKK 7.4 billion), main- ly Greater Changhua 2b and 4 in Taiwan, Hornsea 3 and Baltica 2 in Europe, and Sunrise Wind and Revolution Wind in the US onshore wind and solar farms (DKK 0.6 billion), mainly the construction of Badger and Old 300 BESS CHP plants (DKK 0.2 billion), mainly our carbon capture and storage facilities in Denmark. In Q1 2026, 'Divestments' amounted to DKK 0.7 billion and were mainly related to the sale of a development project and the sale and lease back of land in the US. In Q1 2025, 'Divestments' amounted to DKK 3.0 billion and were mainly related to the 50 % farm-downs of Eleven Mile and Sparta Solar. Interest-bearing net debt Interest-bearing net debt (NIBD) totalled DKK 21.3 billion at the end of Q1 2026 against DKK 19.0 billion at the end of 2025. The increase was mainly due to a negative free cash flow of DKK 0.9 billion. Equity Equity was DKK 150.8 billion at the end of Q1 2026 against DKK 148.9 billion at the end of 2025. Capital employed Capital employed was DKK 172.1 billion at the end of Q1 2026 against DKK 167.9 billion at the end of 2025, mainly due to new investments. Financial ratios Return on capital employed (ROCE) Return on capital employed (ROCE) was 4.6 % in Q1 2026. ROCE adjusted for impairment losses and cancellation fees in Q1 2026 was 8.6 % compared to 10.2 % in Q1 2025. The decrease was mainly due to a higher capital employed year-over-year. Credit metric (FFO/adjusted interest-bearing net debt) The funds from operations (FFO)/adjusted net debt credit metric was 42.2 % in Q1 2026 against 13.7 % in Q1 2025. The increase was due to the proceeds from the capital raise in Q4 2025 and an improved FFO. ESG results Renewable share of energy generation The share of generation from renewable sources decreased by 1 percentage point in Q1 2026 compared to Q1 2025. The decrease was mainly driven by a higher use of natural gas for heat production as a result of colder weather in Q1 2026 compared to Q1 2025. Greenhouse gas emissions Greenhouse gas emissions from own operations (scope 1) increased by 63 % in Q1 2026 compared to Q1 2025, driven by higher natural gas consumption at our CHP plants. Our scope 1 and 2 GHG intensity rose to 6 g CO2e/kWh in Q1 2026, from 4 g CO2e/kWh in Q1 2025. The increase in scope 1 emissions (numerator) was the main driver, partially off- set by a higher total heat and power production (denominator) over the same period. Greenhouse gas emissions from our supply chain and sales activities (scope 3) were 17 % higher in Q1 2026 than in Q1 2025, mainly due to a 17 % increase in emissions from gas sales (category 11), reflecting higher natural gas offtake from the Danish North Sea with subsequent higher volumes sold to wholesale and B2B customers as well as sales via the gas hubs. Emissions from construction activities (category 2) rose by 55 %, reflecting continued construction progress on our 7major offshore wind projects. Our scope 1-3 GHG intensity increased by 8 % to 57 g CO2e/kWh in Q1 2026, from 53 g CO2e/kWh in Q1 2025. Safety Our total recordable injury rate increased by 11 % to 2.1 in Q1 2026, driven by an increase in the number of recordable injuries among our own employees. Key ratios , DKKm, % Q1 2026 Q1 2025 % ROCE 4.6 4.6 0 %p FFO 13,653 12,328 11 % Adjusted interest-bearing net debt 32,334 81,169 (60 %) FFO/adjusted interest-bearing net debt 42.2 13.7 29 %p Offshore Financial results for Q1 2026 Power generation increased by 27 % to 6.9 TWh in Q1 2026. The increase was due to significantly higher wind speeds and ramp-up of generation at Borkum Riffgrund 3 in Germany and Greater Changhua 4 in Taiwan. Wind speeds amounted to a portfolio average of 11.4 m/s, which was higher than in Q1 2025 (10.4 m/s) and slightly higher than the normal wind speeds expected in the first quarter (11.2 m/s). Availability was 93 %, which was slightly lower than last year. Revenue was DKK 6.6 billion higher than in Q1 2025 and amounted to DKK 21.3 billion. Revenue from offshore wind farms in operation increased by 10 % to DKK 8.4 billion, mainly due to the higher generation. Revenue from power sales increased by DKK 1.1 billion to DKK 6.6 billion due to higher power prices and higher power volume sold. Revenue from construction agreements mainly related to the construction of Greater Changhua 4 and Hornsea 3 for partners. EBITDA increased by DKK 1.2 billion and amounted to DKK 7.5 billion. EBITDA from 'Sites, O&M, and PPAs' increased by DKK 0.7 billion and amounted to DKK 8.4 billion in Q1 2026. The increase was driven by significantly higher wind speeds (DKK 1.2 billion) and higher power and ROC prices. This was partly offset by lower contribution from our trading activities and a step down in subsidies on older German wind farms. EBITDA from 'Construction agreements and divestment gains' amounted to DKK 0.2 billion in Q1 2026 and was mainly related to construction agreements at Borkum Riffgrund 3 and Hornsea 3. EBITDA from 'Other incl. project development' was DKK 0.2 billion less negative than in Q1 2025. The improved result was primarily related to lower fixed costs. Results Q1 2026 Q1 2025 % Business drivers Decided (FID'ed) and installed capacity GW 18.3 18.3 0 % Installed capacity GW 10.2 10.2 0 % Generation capacity GW 5.5 5.5 (0 %) Wind speed m/s 11.4 10.4 10 % Load factor % 59 47 12 %p Availability % 93 94 (1 %p) Power generation GWh 6,919 5,470 27 % Denmark 664 564 18 % United Kingdom 3,711 3,019 23 % Germany 1,109 623 78 % The Netherlands 395 276 43 % APAC 938 880 7 % The US 102 108 (5 %) Power sales GWh 6,308 4,816 31 % Power price, LEBA UK GBP/MWh 106 129 (18 %) British pound DKK/GBP 8.6 8.9 (4 %) Financial performance Revenue DKKm 21,285 14,637 45 % Sites, O&M, and PPAs 8,372 7,635 10 % Power sales 6,583 5,474 20 % Construction agreements 6,297 1,439 338 % Other 33 89 (63 %) EBITDA DKKm 7,548 6,310 20 % Sites, O&M, and PPAs 8,378 7,655 9 % Construction agreements and divestment gains 242 (77) n.a. Other incl. project development (1,072) (1,268) (15 %) Depreciation DKKm (1,808) (1,776) 2 % Impairment losses DKKm (1,215) (224) 442 % EBIT DKKm 4,525 4,310 5 % Cash flow from operating activities DKKm 5,409 (4,874) n.a. Gross investments DKKm (7,429) (11,736) (37 %) Divestments DKKm (117) 105 n.a. Free cash flow DKKm (2,137) (16,505) (87 %) Capital employed DKKm 126,621 120,130 5 % Onshore Financial results for Q1 2026 Power generation increased by 3 % compared to Q1 2025 and amounted to 4.4 TWh. The increase was mainly due to commissioning of Badger Wind in the US and Bahren West 1 in Germany. Revenue was 5 % higher than in Q1 2025 and amounted to DKK 0.9 billion. EBITDA decreased by DKK 0.1 billion and amounted to DKK 1.4 billion. EBITDA from 'Sites incl. tax credits' amounted to DKK 1.4 billion in Q1 2026, which was on level with the same period last year. Divestment gains for Q1 2025 amounted to DKK 0.3 billion and related to the 50% farm-down of Eleven Mile and Sparta Solar. EBITDA from 'Other including project develop-ment' amounted to DKK 0.0 billion, which was an improvement of DKK 0.2 billion compared to Q1 2025. The increase was mainly due to sale of a development project and sale and lease back of land in the US. Results Q1 2026 Q1 2025 % Business drivers Decided (FID'ed) and installed capacity GW Installed capacity GW Wind speed m/s Load factor, wind % Load factor, solar PV % Availability, wind % Availability, solar PV % Power generation GWh US, wind US, solar PV Europe US dollar DKK/USD 7.1 6.6 8.0 43 23 89 99 4,420 3,269 784 367 6.4 7.0 0 % 6.2 5 % 8.0 (0 %) 44 (1 %p) 21 2 %p 91 (2 %p) 98 1 %p 4,294 3 % 3,208 2 % 767 2 % 319 15 % 7.1 (10 %) Financial performance Revenue DKKm EBITDA DKKm Sites, incl. tax credits Divestment gains Other incl. project development Depreciation DKKm Impairment losses DKKm EBIT DKKm Cash flow from operating activities DKKm Gross investments DKKm Divestments DKKm Free cash flow DKKm Capital employed DKKm 886 1,371 1,384 -(13) (402) (154) 815 97 (579) 871 389 38,013 846 5 % 1,490 (8 %) 1,416 (2 %) 304 n.a. (230) (95 %) (546) (26 %) 496 n.a. 1,440 (43 %) 369 (74 %) (1,411) (59 %) 2,883 (70 %) 1,841 (79 %) 38,549 (1 %) Bioenergy & Other Financial results for Q1 2026 Heat generation increased by 9 % compared to Q1 2025, mainly due to colder weather in January and February. Power generation decreased by 6 %, mainly due to lower contribution from ancillary services. Gas sales increased by 19 %, driven by our offtake contract with DUC due to ramp-up of production from the Tyra field (not owned by Ørsted). EBITDA amounted to DKK 0.4 billion compared to DKK 0.8 billion in Q1 2025. EBITDA from 'CHP plants' was DKK 0.5 billion, DKK 0.3 billion lower than in Q1 2025. This was mainly due to lower ancillary services generation due to lower earnings from ancillary services as a result of higher competition, driving prices downward and lowering the volumes sold by Ørsted. EBITDA from 'Gas Markets & Infrastructure' amounted to DKK 0.1 billion, DKK 0.1 billion lower than Q1 2025. The decrease was mainly driven by costs being moved from 'Other incl. project management' to 'Gas markets & infra-structure' EBITDA from 'Other incl. project development' was DKK -0.1 billion, in line with last year. Results Q1 2026 Q1 2025 % Business drivers Degree days Number 1,354 1,181 15 % Heat generation GWh 3,510 3,224 9 % Power generation GWh 1,390 1,480 (6 %) Gas sales GWh 6,299 5,280 19 % Power sales GWh 686 632 9 % Gas price, TTF EUR/MWh 39.5 47.0 (16 %) Power price, DK EUR/MWh 103.3 99.3 4 % Wood pellet spread, DK EUR/MWh 16.7 18.0 (7 %) Financial performance Revenue DKKm 5,512 5,347 3 % EBITDA DKKm 430 757 (43 %) CHP plants 468 734 (36 %) Gas Markets & Infrastructure 104 210 (50 %) Other, incl. project development (142) (187) (24 %) Depreciation DKKm (188) (164) 15 % EBIT DKKm 242 593 (59 %) Cash flow from operating activities DKKm 1,855 950 95 % Gross investments DKKm (163) (645) (75 %) Divestments DKKm (5) - n.a. Free cash flow DKKm 1,687 305 453 % Capital employed DKKm 7,384 5,905 25 % Performance highlights Financials, DKKm Q1 2026 Q1 2025 2025 Business drivers Q1 2026 Q1 2025 2025 Income statement Offshore Revenue 27,620 20,705 73,244 Decided (FID'ed) and installed capacity, GW 18.3 18.3 18.3 EBITDA 9,545 8,871 22,448 Installed capacity, GW 10.2 10.2 10.2 7,548 (1,369) Generation capacity, GW 5.5 5.5 5.5 Wind speed, m/s 11.4 10.4 9.7 Load factor, % 59 47 42 Availability, % 93 94 93 Power generation, GWh 6,919 5,470 19,687 Power sales, GWh 6,308 4,816 19,244 Offshore 6,310 16,276 Sites, O&M, and PPAs 8,378 7,655 24,341 Construction agreements and divestment gains 242 (77) (2,668) Cancellation fees - - (1,362) Other, incl. project development (1,072) (1,268) (4,035) Onshore 1,371 1,490 4,871 Bioenergy & Other 430 757 1,358 0 98 0.1 Other activities/eliminations 196 314 (57) Onshore Depreciation and amortisation (2,471) (2,555) (10,195) Decided (FID'ed) and installed capacity, GW 7.1 7.0 7.1 Installed capacity, GW 6.6 6.2 6.3 Wind speed, m/s 8.0 8.0 7.2 Load factor, wind, % 43 44 37 Load factor, solar PV, % 23 21 25 Availability, wind, % 89 91 91 Availability, solar PV, % 99 98 92 Power generation, GWh Bioenergy & Other 4,420 4,294 15,482 Operating profit (loss) (EBIT) 5,705 6,588 8,620 Gain (loss) on divestment of enterprises (40) 87 213 Net financial income and expenses (591) (1,567) (2,881) Profit (loss) before tax 5,087 5,119 5,988 Tax (2,466) (232) (2,823) Profit (loss) for the period 2,621 4,887 3,165 Balance Assets 360,332 287,287 367,922 Impairment 272 (3,633) Equity 150,798 96,677 148,941 Degree days, number 1,354 1,181 2,501 Shareholders in Ørsted A/S 121,345 65,665 119,718 Heat generation, GWh 3,510 3,224 6,414 Hybrid capital 20,955 20,955 20,955 Power generation, GWh 1,390 1,480 3,635 Non-controlling interests 8,498 10,057 8,268 Power sales, GWh 686 632 2,475 Interest-bearing net debt 21,289 68,449 18,978 Gas sales, GWh 6,299 5,280 21,528 Capital employed 172,087 165,126 167,919 Additions to property, plant, and equipment Cash flow Cash flow from operating activities 8,516 6,537 14,215 634 58,464 23,741 Sustainability statements Employees (FTE), end of period number Total recordable injury rate (TRIR), YTD 7,675 2.1 8,251 1.9 7,896 2.5 Gross investments (8,176) (13,799) (54,976) Divestments 749 2,987 12,385 Free cash flow (890) (10,178) (18,850) Fatalities, number Financial ratios GHG intensity (scope 1 & 2), g CO 2 e/kWh 6 4 4 Return on capital employed (ROCE) 1 , % 4.6 4.6 5.4 GHG intensity (scope 1-3), g CO 2 e/kWh (excl. cat. 11) 57 53 69 FFO/adjusted interest-bearing net debt, % 42.2 13.7 42.9 GHG emissions (scope 3), Mtonnes 2.2 1.9 8.8 Number of outstanding shares, end of period, '000 1,321,062 420,381 1,321,062 Share price, end of period, DKK 156 301 122 1 EBIT last 12 months. Market capitalisation, end of period, DKK billion 206 127 162 Earnings per share (EPS), DKK 1.6 5.9 2.0 Renewable share of energy generation, % GHG emission (scope 1 & 2), Mtonnes 2 2 99 99 0.1 0.2 Quarterly overview Q1 Financials , DKKm 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 Business drivers 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Income statement Offshore Revenue 27,620 23,134 12,270 17,135 20,705 21,077 15,766 15,023 Decided (FID'ed) and installed capacity, GW 18.3 18.3 18.3 18.3 18.3 16.8 16.8 16.8 EBITDA 9,545 3,869 3,064 6,644 8,871 8,353 9,548 6,570 Installed capacity, GW 10.2 10.2 10.2 10.2 10.2 9.9 9.9 9.8 Offshore 7,548 2,450 2,215 5,301 6,310 6,639 8,530 5,218 Generation capacity, GW 5.5 5.5 5.4 5.4 5.5 5.3 5.2 5.1 Wind speed, m/s 11.4 11.7 8.2 8.5 10.4 11.1 8.4 9.0 Load factor, % 59 57 32 31 47 51 31 33 Availability, % 93 93 94 90 94 94 89 83 Sites, O&M, and PPAs 8,378 8,229 3,643 4,814 7,655 8,533 3,958 4,400 Construction agreements and divestment gains 242 (5,061) (431) 2,901 (77) (894) 106 6 Other, incl. project development (1,072) (887) (997) (883) (1,268) (1,926) (643) (488) Power generation, GWh 6,919 6,784 3,788 3,646 5,470 5,740 3,522 3,667 Onshore 1,371 1,356 828 1,197 1,490 1,061 991 995 Power sales, GWh 6,308 6,763 3,979 3,686 4,816 5,839 4,010 3,854 Bioenergy & Other 430 650 (127) 78 757 869 (185) (36) Onshore Other activities/eliminations 196 (587) 148 68 314 (216) 212 393 Depreciation and amortisation (2,471) (2,782) (2,423) (2,435) (2,555) (2,571) (2,548) (2,683) Impairment (1,369) (2,128) (1,757) (20) 272 (12,127) (284) (3,913) Operating profit (loss) (EBIT) 5,705 (1,041) (1,116) 4,189 6,588 (6,345) 6,716 (26) Gain (loss) on divestment of enterprises (40) (2) 4 124 87 34 14 (7) Cancellation fees - 169 - (1,531) - 926 5,109 1,300 Net financial income and expenses (591) (556) (427) (331) (1,567) (457) (1,235) (552) Load factor, solar PV, % 23 17 30 30 21 20 31 29 Profit (loss) before tax 5,087 (1,587) (1,533) 3,989 5,119 (6,761) 5,508 (575) Availability, wind, % 89 92 92 88 91 90 87 92 Tax (2,466) (1,784) (169) (638) (232) 677 (339) (1,103) Availability, solar PV, % 99 86 94 91 98 98 97 97 Profit (loss) for the period 2,621 (3,371) (1,702) 3,351 4,887 (6,084) 5,169 (1,678) Power generation, GWh 4,420 3,963 3,223 4,002 4,294 4,086 3,270 4,187 Balance sheet Equity 150,798 148,941 93,612 97,419 96,677 93,484 91,127 83,368 Shareholders in Ørsted A/S 121,345 119,718 63,872 67,088 65,665 62,138 65,987 56,446 Hybrid capital 20,955 20,955 20,955 20,955 20,955 20,955 20,955 22,792 Non-controlling interests 8,498 8,268 8,785 9,376 10,057 10,391 4,185 4,130 Interest-bearing net debt 21,289 18,978 83,154 67,137 68,449 58,027 62,817 49,366 Assets 360,332 367,922 299,075 285,112 287,287 298,786 290,341 Decided (FID'ed) and installed capacity, GW 7.1 7.1 7.1 7.0 7.0 7.0 6.4 6.4 Installed capacity, GW 6.6 6.3 6.3 6.2 6.2 6.2 5.7 5.6 Wind speed, m/s 8.0 7.7 6.1 7.2 8.0 7.5 6.2 7.4 Load factor, wind, % 43 41 26 36 44 40 26 41 286,00 Bioenergy & Other Degree days, number 1,354 831 71 418 1,181 846 79 360 Heat generation, GWh 3,510 2,145 337 707 3,224 2,367 332 935 Power generation, GWh 1,390 1,252 426 477 1,480 1,428 805 805 Power sales, GWh 686 641 617 585 632 635 577 581 Gas sales, GWh 6,299 5,641 4,809 5,798 5,280 4,016 4,138 4,051 2 Capital employed 172,087 167,919 176,766 164,557 165,126 151,511 153,944 132,734 Sustainability statements Additions to property, plant, equipment 8,516 18,298 14,397 11,554 14,215 19,111 11,375 8,479 Employees (FTE) end of period, number 7,675 7,896 8,126 8,203 8,251 8,278 8,377 8,411 Cash flow Total recordable injury rate (TRIR), YTD 2.1 2.5 2.5 2.7 1.9 2.7 2.3 2.1 Cash flow from operating activities 6,537 17,087 (1,166) 7,186 634 10,306 (1,639) 6,081 Fatalities, number 0 0 0 0 2 0 0 0 Gross investments (8,176) (15,052) (14,971) (11,154) (13,799) (17,114) (9,780) (8,292) Renewable share of energy generation, % 98 99 100 100 99 99 96 97 Divestments 749 5,196 (56) 4,258 2,987 13,317 108 2,993 GHG emissions (scope 1 & 2), Mtonnes 0.1 0.1 0.0 0.0 0.1 0.1 0.3 0.2 Free cash flow (890) 7,231 (16,193) 290 (10,178) 6,509 (11,311) 782 GHG intensity (scope 1 & 2), g CO 2 e/kWh 6 4 4 4 4 5 40 16 Financial ratios GHG intensity (scope 1-3), g CO 2 e/kWh (excl. cat. Return on capital employed (ROCE) 1 , % 4.6 5.4 2.0 7.5 4.6 4.5 8.1 (12.4) 11) 2 57 67 85 84 53 73 144 94 FFO/adjusted interest-bearing net debt, % 42.2 42.9 13.9 15.6 13.7 12.7 12.1 22.0 GHG emissions (scope 3), Mtonnes 2 2.2 2.7 1.8 2.4 1.9 1.8 1.8 1.7 Number of outstanding shares, end of period, '000 1,321,062 1,321,062 420,381 420,381 420,381 420,381 420,381 420,381 1 EBIT last 12 months. Share price, end of period, DKK 156 122 107 272 301 324 445 371 2 Figures in 2025 and 2024 have been restated to reflect an update to the allocation methodology for scope 3, cate- Market capitalisation, end ofperiod, DKK billion 206 162 45 114 127 136 187 156 gory 2 'capital goods' (see page 78 in the annual report for 2025 for details). Earnings per share (EPS), DKK 1.6 5.7 (2.3) 4.1 5.9 (8.8) 6.7 (2.3) Management's review Consolidated financial statements First quarter 2026 1 January - 31 March Consolidated statement of income 1 January - 31 March Consolidated statement of comprehensive income 1 January - 31 March Note Income statement 3 Revenue 27,620 20,705 Cost of sales (15,856) (10,006) Other external expenses (2,097) (1,921) Employee costs (1,550) (1,614) Share of profit (loss) in associates and joint ventures (45) 24 5 Other operating income 1,616 1,864 5 Other operating expenses (143) (181) Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) 9,545 8,871 Amortisation and depreciation of intangible assets and of property, plant, and equipment (2,471) (2,555) 4 Impairment losses on intangible assets and on property, plant, and equipment (1,369) 272 Operating profit (loss) (EBIT) 5,705 6,588 Gain (loss) on divestment of enterprises (40) 87 Share of profit (loss) in associates and joint ventures 13 11 6 Financial income 1,618 1,819 6 Financial expenses (2,209) (3,386) Profit (loss) before tax 5,087 5,119 10 Tax on profit (loss) for the period (2,466) (232) Profit (loss) for the period 2,621 4,887 Profit (loss) for the period is attributable to: Shareholders in Ørsted A/S 2,176 4,443 Interest payments and costs, hybrid capital owners of Ørsted A/S 147 151 Non-controlling interests 298 293 Earnings per share (DKK) 1.6 5.9 Diluted earnings per share (DKK) 1.6 5.9 DKKm Q1 2026 Q1 2025 Statement of comprehensive income DKKm Q1 2026 Q1 2025 Profit (loss) for the period 2,621 4,887 Other comprehensive income: Cash flow hedging: Value adjustments for the period (1,921) 518 Value adjustments transferred to income statement 257 535 Exchange rate adjustments: Exchange rate adjustments relating to net investments in foreign enterprises 1,235 (3,486) Value adjustment of net investment hedges (649) 1,684 Tax: Tax on hedging instruments 489 (137) Tax on exchange rate adjustments 122 (166) Other: Share of other comprehensive income of associated companies, after tax 1 (1) Other comprehensive income (loss) that may be reclassified to the income statement (466) (1,053) Total comprehensive income 2,155 3,834 Comprehensive income for the period is attributable to: Shareholders in Ørsted A/S 1,605 3,282 Interest payments and costs, hybrid capital owners of Ørsted A/S 147 151 Non-controlling interests 403 401 Total comprehensive income 2,155 3,834 In Q1 2026, 'Exchange rate adjustments relating to net investments in foreign enterprises' was impacted by an increase in the USD exchange rate of 2.0 % and a decrease in the PLN exchange rate of -1.7 %. Consolidated statement of financial position 31 March Note Assets DKKm 31 March 2026 31 December 2025 31 March 2025 Note Equity and liabilities DKKm 31 March 2026 31 December 2025 31 March 2025 Intangible assets 763 755 2,606 Land and buildings 7,497 7,790 7,803 Production assets 130,421 123,545 129,989 Fixtures and fittings, tools, and equipment 2,113 2,179 1,960 Property, plant, and equipment under construction 76,410 77,352 63,710 4 Property, plant, and equipment 216,441 210,866 203,462 Investments in associates and joint ventures 390 434 897 Receivables from associates and joint ventures 191 179 221 Other securities and equity investments 239 235 323 12 Derivatives 1,084 1,336 1,167 Deferred tax 7,181 9,547 9,985 Other receivables 6,888 7,060 3,431 Other non-current assets 15,973 18,791 16,024 Non-current assets 233,177 230,412 222,092 Inventories 13,211 9,938 12,339 12 Derivatives 4,817 3,539 3,518 Contract assets - - 307 Trade receivables 7,835 9,848 9,231 Other receivables 10,722 10,937 16,050 Receivables from associates and joint ventures 98 106 63 10 Income tax 756 768 814 12 Securities 50,701 38,317 15,042 Cash 28,036 53,448 7,831 Current assets 116,176 126,901 65,195 9 Assets classified as held for sale 10,979 10,609 - Assets 360,332 367,922 287,287 Share capital 13,212 13,212 4,204 8 Reserves (9,761) (9,164) (6,268) Retained earnings 117,894 115,670 67,729 Equity attributable to shareholders in Ørsted A/S 121,345 119,718 65,665 Hybrid capital 20,955 20,955 20,955 Non-controlling interests 8,498 8,268 10,057 Equity 150,798 148,941 96,677 Deferred tax 183 1,969 2,045 Provisions 18,689 18,252 17,675 Lease liabilities 8,365 8,120 7,799 13 Bond and bank debt 86,803 87,204 75,636 12 Derivatives 6,855 6,046 7,268 Contract liabilities 8,173 8,257 8,497 Tax equity liabilities 10,255 10,721 13,374 Other payables 11,442 11,264 5,675 Non-current liabilities 150,765 151,833 137,969 Provisions 1,501 1,558 2,764 Lease liabilities 841 875 800 13 Bond and bank debt 2,255 11,658 7,540 12 Derivatives 6,800 3,778 4,838 Contract liabilities 10,562 13,847 1,527 Trade payables 21,639 19,764 18,716 Tax equity liabilities 4,161 3,663 3,899 Other payables 4,745 5,503 7,143 10 Income tax 4,073 4,631 5,414 Current liabilities 56,577 65,277 52,641 Liabilities 207,342 217,110 190,610 Liabilities relating to assets classified as 9 held for sale 2,192 1,871 - Equity and liabilities 360,332 367,922 287,287 Consolidated statement of shareholders' equity 1 January - 31 March Q1 2026 Q1 2025 DKKm Share capital Reserves 1 (note 8) Retained earnings Shareholders in Ørsted A/S Hybrid capital Non-con-trolling interests Total Group Share capital Reserves 1 (note 8) Retained earnings Shareholders in Ørsted A/S Hybrid capital Non-con-trolling interests Total Group Equity at 1 January 13,212 (9,164) 115,670 119,718 20,955 8,268 148,941 Comprehensive income for the period: Profit (loss) for the period - - 2,176 2,176 147 298 2,621 Other comprehensive income: Cash flow hedging - (1,720) - (1,720) - 56 (1,664) Exchange rate adjustments - 537 - 537 - 49 586 Tax on other comprehensive income - 611 - 611 - - 611 Share of other comprehensive income of associated companies, after tax - - 1 1 - - 1 Total comprehensive income - (572) 2,177 1,605 147 403 2,155 Cash flow hedging of property, plant, and equipment - (32) - (32) - - (32) under construction Coupon payments, hybrid capital - - - - (147) - (147) Tax - 7 - 7 - - 7 Dividends paid - - - - - (90) (90) Additions, non-controlling interests - - 34 34 - (83) (49) Other changes - - 13 13 - - 13 Equity at 31 March 13,212 (9,761) 117,894 121,345 20,955 8,498 150,798 4,204 (5,164) 63,098 62,138 20,955 10,391 93,484 - - 4,443 4,443 151 293 4,887 - 743 - 743 - 310 1,053 - (1,601) - (1,601) - (201) (1,802) - (302) - (302) - (1) (303) - - (1) (1) - - (1) - (1,160) 4,442 3,282 151 401 3,834 - 68 - 68 - - 68 - - - - (151) - (151) - (12) - (12) - - (12) - - - - - (740) (740) - - 180 180 - 5 185 - - 9 9 - - 9 4,204 (6,268) 67,729 65,665 20,955 10,057 96,677 1 In addition to the total reserves of DKK -9,761 million at 31 March 2026, a loss of DKK 295 million is recognised as part of non-controlling interests. The loss is related to the hedging of revenue attributable to the non-controlling interests. Consolidated statement of cash flows 1 January - 31 March Note Statement of cash flows Operating profit (loss) before depreciation, amortisation, and impairment losses (EBITDA) 9,545 8,871 Reversal of gain (loss) on divestment of assets (128) (224) Change in derivatives 752 (679) Change in provisions and other items 92 364 Change in inventories (3,324) (42) Change in contract assets and liabilities (3,477) (1,385) Change in trade receivables 1,933 (262) Change in other receivables 1,662 (1,673) Change in trade payables 1,679 (2,035) Change in tax equity liabilities (383) (875) Change in other payables (58) 88 Interest received and similar items 1,577 1,514 Interest paid and similar items (1,660) (2,238) Income tax paid (1,673) (790) Cash flows from operating activities 6,537 634 Purchase of intangible assets and of property, plant, and equipment (8,218) (13,783) Sale of intangible assets and of property, plant, and equipment 806 2,685 Sale and purchase of other equity investments 7 - Purchase of securities (31,489) (6,936) Sale/maturation of securities 18,875 6,384 Change in other non-current assets 35 (2) Transactions with associates and joint ventures (5) (37) Cash flows from investing activities (19,989) (11,689) DKKm Q1 2026 Q1 2025 Note DKKm Q1 2026 Q1 2025 Proceeds from raising of loans 71 52 Instalments on loans (10,004) (3,628) Instalments on leases (331) (274) Coupon payments on hybrid capital (147) (151) Transactions with non-controlling interests (154) (556) Net proceeds from tax equity partners (110) (37) Collateral posted in relation to trading of derivatives (6,170) (4,576) Collateral released in relation to trading of derivatives 4,749 5,313 Restricted cash and other changes 49 (16) Cash flows from financing activities (12,047) (3,873) Total net change in cash and cash equivalents (25,499) (14,928) Cash and cash equivalents at the beginning of the period 53,448 23,124 Exchange rate adjustments of cash and cash equivalents 87 (365) Cash and cash equivalents at 31 March 28,036 7,831 Statement of cash flows Our supplementary statement of gross and net investments appears from note 7 'Gross and net investments' and free cash flow (FCF) from note 2 'Segment information'. Interim Report First quarter 2026 Consolidated financial statements Basis of reporting Ørsted is a public listed company, headquar-tered in Denmark. This interim report for the first three months of 2026 comprises the interim financial statements of Ørsted A/S (the parent company) and any subsidiaries controlled by Ørsted A/S. The interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS), IAS 34 'Interim Financial Reporting' as adopted by the EU, and further requirements in the Danish Financial Statements Act (Årsregnskabsloven) for the presentation of quarterly interim reports by listed companies. Definitions of non-IFRS financial measures can be found on pages 124, 193, and 194 of the Annual Report for 2025. The interim consolidated financial statements for the first three months of 2026 are a condensed set of financial statements, as they do not include all information and disclosures required by the annual financial statements. The interim consolidated financial statements have been prepared using the same accounting policies as our annual consolidated financial statements as of 31 December 2025 and should be read in conjunction with this. We have disclosed a new key accounting estimate and a new key accounting judgement related to our revenue recognition for our construction agreements: − assumptions for the determination of the expected selling price and expected costs − assumptions for the recognition of revenue from the construction of offshore wind farms over time. For further information, please see section to the right. Implementation of new standards, interpretations, and amendments adopted by the Group The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of our annual consolidated financial statements for the year, which ended on 31 December 2025. The Group has not early adopted any standard, interpretation, or amendment that has been issued but not yet entered into effect. Amendments apply for the first time in 2026 but do not have a material impact on our financial statements. Key accounting estimates Assumptions for the determination of the expected selling price and expected costs We make estimates when determining the expected selling price of individual construction agreements. These estimates are influenced by our assessment of: − the degree of completion of the individual offshore wind farms and offshore transmission assets − total expected costs for the individual contract − the value of incentive agreements according to which we may be paid a bonus for early delivery or have to pay compensation for late delivery − the guarantee commitments undertaken − the share of total costs associated with transmission assets which are expected to be covered upon handover, etc. Therefore, our determination of profit and the recognition of revenue and related contract assets are subject to significant uncertainty. We believe that our estimates are the most likely outcomes of future events. Key accounting judgements Assumptions for the recognition of revenue from the construction of offshore wind farms over time We construct offshore wind farms with partners where we construct our partner's share of the wind farm. We assess each construction agreement at signing. We regard the partner as gaining control of the offshore wind farm progressively as construction proceeds, supported by: − the approval or rejection of significant variations to the construction − the partner taking over work from subcontractors, transferring risk and legal title to the wind farm on an ongoing basis − the milestone payments from the partner − the wind farm being constructed on a seabed leased by the partnership which limits alternative use − the construction agreement being negotiated in connection with the partner's entry into the project. Therefore, revenue is recognised over time during the construction of the offshore wind farms. 21/42 Segment information Q1 2026 income statement DKKm Offshore Onshore Bioenergy & Other Reportable segments Other activities/ External revenue 20,691 886 6,058 27,635 (15) 27,620 Intra-group revenue 594 - (546) 48 (48) 1 - Revenue 21,285 886 5,512 27,683 (63) 27,620 Cost of sales (11,414) (6) (4,444) (15,864) 8 (15,856) Employee costs and other external expenses (2,692) (643) (568) (3,903) 256 (3,647) Gain (loss) on disposal of non-current assets (58) 191 (5) 128 - 128 Additional other operating income and expenses 468 947 (65) 1,350 (5) 1,345 Share of profit (loss) in associates and joint ventures (41) (4) - (45) - (45) EBITDA 7,548 1,371 430 9,349 196 9,545 Depreciation and amortisation (1,808) (402) (188) (2,398) (73) (2,471) Impairment losses (1,215) (154) - (1,369) - (1,369) Operating profit (loss) (EBIT) 4,525 815 242 5,582 123 5,705 Key ratios Intangible assets and property, plant, and equipment 158,152 47,724 10,351 216,227 977 217,204 Assets classified as held for sale, net - 9,184 - 9,184 - 9,184 Equity investments and non-current receivables 2,979 129 219 3,327 95 3,422 Net working capital, capital expenditures (7,066) (492) (188) (7,746) - (7,746) Net working capital, work in progress (5,435) - - (5,435) - (5,435) Net working capital, tax equity (1,196) (11,361) - (12,557) - (12,557) Net working capital, other items (1,529) 620 (927) (1,836) 1,346 (490) Derivatives, net (6,120) (2,283) (284) (8,687) 933 (7,754) Decommissioning obligations (9,908) (2,099) (2,736) (14,743) - (14,743) Other provisions (2,760) 1 (467) (3,226) (2,221) (5,447) Tax, net 5,820 (3,410) 1,416 3,826 (145) 3,681 Other receivables and other payables, net (6,316) - - (6,316) (916) (7,232) Capital employed at 31 March 126,621 38,013 7,384 172,018 69 172,087 Return on capital employed (ROCE) 2 , % - - - - - 4.6 Cash flow from operating activities 5,409 97 1,855 7,361 (824) 6,537 Gross investments (7,429) (579) (163) (8,171) (5) (8,176) Divestments (117) 871 (5) 749 - 749 Free cash flow (FCF) (2,137) 389 1,687 (61) (829) (890) eliminations Total The column 'Other activities/eliminations' primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level. Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 1,131 million, which primarily relates to our Shared Functions services as well as our B2B business activities. Last 12 months. Segment information (continued) Q1 2025 income statement DKKm Offshore Onshore Bioenergy & Other Reportable segments Other activities/ External revenue 14,140 848 5,756 20,744 (39) 20,705 Intra-group revenue 497 (2) (409) 86 (86) 1 - Revenue 14,637 846 5,347 20,830 (125) 20,705 Cost of sales (5,985) (25) (3,971) (9,981) (25) (10,006) Employee costs and other external expenses (2,749) (636) (617) (4,002) 467 (3,535) Gain (loss) on disposal of non-current assets (80) 304 - 224 - 224 Additional other operating income and expenses 459 1,006 (3) 1,462 (3) 1,459 Share of profit (loss) in associates and joint ventures 28 (5) 1 24 - 24 EBITDA 6,310 1,490 757 8,557 314 8,871 Depreciation and amortisation (1,776) (546) (164) (2,486) (69) (2,555) Impairment losses (224) 496 - 272 - 272 Operating profit (loss) (EBIT) 4,310 1,440 593 6,343 245 6,588 Key ratios Intangible assets and property, plant, and equipment 134,274 61,329 9,332 204,935 1,133 206,068 Equity investments and non-current receivables 528 432 270 1,230 173 1,403 Net working capital, capital expenditures (7,147) (261) (65) (7,473) - (7,473) Net working capital, work in progress 9,236 - - 9,236 - 9,236 Net working capital, tax equity (1,093) (14,558) - (15,651) - (15,651) Net working capital, other items 614 183 (645) 152 1,488 1,640 Derivatives, net (4,534) (2,846) (275) (7,655) 234 (7,421) Decommissioning obligations (9,503) (2,112) (2,218) (13,833) - (13,833) Other provisions (3,996) - (627) (4,623) (1,983) (6,606) Tax, net 6,031 (3,606) 133 2,558 782 3,340 Other receivables and other payables, net (4,280) (12) - (4,292) (1,285) (5,577) Capital employed at 31 March 120,130 38,549 5,905 164,584 542 165,126 Return on capital employed (ROCE) 2 , % - - - - - 4.6 Cash flow from operating activities (4,874) 369 950 (3,555) 4,189 634 Gross investments (11,736) (1,411) (645) (13,792) (7) (13,799) Divestments 105 2,883 - 2,988 (1) 2,987 Free cash flow (FCF) (16,505) 1,841 305 (14,359) 4,181 (10,178) eliminations Total The column 'Other activities/eliminations' primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level. Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK 1,231 million, which primarily relates to our Shared Functions services as well as our B2B business activities. Last 12 months. Revenue Revenue DKKm Offshore Onshore Bioenergy & Other Other activities/ eliminations Q1 2026 total Offshore Onshore Bioenergy & Other Other activities/ eliminations Q1 2025 total Generation of power 5,448 736 1,333 - 7,517 Sale of power 5,283 - 212 (15) 5,480 Revenue from construction of wind farms and transmission assets 6,297 - - - 6,297 Generation and sale of heat and steam - - 1,451 - 1,451 Sale of gas - - 2,128 2 2,130 Distribution and transmission - - 62 - 62 O&M and other services 906 78 185 (50) 1,119 Total revenue from customers 17,934 814 5,371 (63) 24,056 Government grants 2,796 21 140 - 2,957 Miscellaneous revenue 555 51 1 - 607 Total revenue 21,285 886 5,512 (63) 27,620 Timing of revenue recognition from customers At a point in time 8,503 814 1,325 (63) 10,579 Over time 9,431 - 4,046 - 13,477 Total revenue from customers 17,934 814 5,371 (63) 24,056 4,658 658 1,582 - 6,898 4,987 - 67 (8) 5,046 1,439 - - - 1,439 - - 1,371 - 1,371 - - 1,987 2 1,989 - - 68 - 68 820 90 107 (119) 898 11,904 748 5,182 (125) 17,709 2,166 3 136 - 2,305 567 95 29 - 691 14,637 846 5,347 (125) 20,705 8,552 748 1,544 (125) 10,719 3,352 - 3,638 - 6,990 11,904 748 5,182 (125) 17,709 Revenue was DKK 27,620 million. The increases in 'Generation of power' and 'Sale of power' relative to the first three months of 2025 was primarily driven by continuous commissioning of new assets and higher wind speeds, which contributed to higher generation. Higher generation in Offshore also positively resulted in larger revenue from 'Government grants' compared to the first three months of 2025. Revenue from construction agreements was DKK 6,297 million in Q1 2026 and mainly related to the construction of Hornsea 3 for partners. In Q1 2025, revenue from construction agreements was DKK 1,439 million and mainly related to the construction of Borkum Riffgrund 3 and Greater Changhua 4 for partners. Impairments Impairment losses on segment level Offshore 1,215 224 Onshore 154 (496) Bioenergy & Other - - Total impairment losses 1,369 (272) DKKm Q1 2026 Q1 2025 WACC levels % 31 March 2026 31 March 2025 Base discount rate applied for the US 5.75 % - 6.75 % 5.75 % - 7.50 % The base discount rate after tax applied for the value-in-use calculation is determined per CGU. 31 March 31 March ITC bonus credits Sensitivity impact Q1 2026 Q1 2025 2026 2025 assumed in impairment tests DKK billion 40 % ITC Cash-generating units Impairment losses Impairment losses Recoverable Recoverable ITC Probability No ITC bonus credits, 100 % +50 bps -50 bps DKKm (reversals) (reversals) amount amount bonus credits weighting bonus credits probability WACC WACC Sunrise Wind 837 289 18,488 7,589 10 % 95 % (5.1) 0.3 (1.6) 1.7 Revolution Wind 260 (62) 10,695 6,980 10 % 95 % (1.3) 0.1 (0.5) 0.5 South Fork 105 (62) 2,864 2,858 n.a. n.a. n.a. n.a. (0.1) 0.1 Block Island 13 59 1,058 1,257 n.a. n.a. n.a. n.a. (0.0) 0.0 Offshore 1,215 224 33,105 18,684 Onshore US 154 (496) 2,236 13,014 n.a. n.a. n.a. n.a. (0.2) 0.2 Onshore 154 (496) 2,236 13,014 Bioenergy & Other - - n.a. n.a. Total 1,369 (272) 35,341 31,698 Estimation uncertainty and sensitivity analyses When estimating the future cash flow for the value-in-use calculations of our cash-generating units (CGUs), management has assessed relevant assumptions and estimates on project level and taken other related risks and inherent uncertainties into consideration. Assumptions with major uncertainty include e.g. investment tax credits, interest rates, imposed tariffs in the US, and the supply chain. The sensitivity analyses presented in the table show related impact on impairment losses when a change in a given assumption increases or decreases the value-in-use for our CGUs. The analyses are performed with all other assumptions unchanged. In the table, we have included sensitivity analyses of impairment effects if WACC levels or assumptions related to ITC bonus credits change. If WACC had increased by 50 basis points in the impairment test of e.g. Revolution Wind as of 31 March 2026, the impairment loss would have been DKK 0.5 billion higher. If we had not included the probability-weighted additional 10 % ITC bonus credits in the impairment test of e.g. Revolution Wind as of 31 March 2026, the impairment loss would have been DKK 1.3 billion higher. 4. Impairments (continued) We have updated our impairment tests as of 31 March 2026, which has resulted in an impairment loss of DKK 1.4 billion in Q1 2026 related to our US portfolio The impairment loss was driven by an increase in the long-dated US interest rate and comprised an impairment loss of DKK 1.2 billion on our US offshore projects and an impairment loss of DKK 0.2 billion on our US onshore projects. In Q1 2025, we had a net impairment reversal of DKK 0.3 million. The main contributor to the net impairment reversal was a decrease in the long-dated US interest rate (DKK 1.5 billion), which was partly offset by imposed tariffs DKK 1.2 billion). In the following sections, the main drivers for the net impairment loss are described. Interest rates The US long-dated interest rate increased from 31 December 2025 to 31 March 2026, leading to higher WACC levels of approximately 25 basis points across our US portfolio. Tariffs in the US Throughout 2025, the US Administration implemented several tariff measures as part of an ongoing review of its trade policy. So far, this has for metals (steel, copper, and aluminium) resulted in an increase in the tariffs by up to 50 %, impacting many imported components used in our construction projects. In April 2026, the US Administration modified how these metal tariffs were calculated, meaning that some components are now tariffed at up to 50 % on the full value of the component rather than the metal content. In 2025, the US Administration also issued global tariffs under the International Economic Emergency Powers Act (IEEPA), which the US Supreme Court deemed unlawful in February 2026. In response to this decision, the US Administration issued a new global 10 % tariff under section 122 of the Trade Expansion Act, effective from 24 February 2026 and applicable until 24 July 2026. Active litigation about the legality of the 10 % tariff under section 122 is currently ongoing. In the summer of 2025, the EU and the US announced that they had agreed on a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade. The US implemented its tariff commitments by means of two executive orders in July and September 2025. The European Commission is currently completing its parliamentary process to finalise implementation of the deal. The impact of tariffs and the above changes involves a number of key estimates and assumptions, which are based on the expected interpretation, final agreements, and practical implementation of the tariffs as well as the ongoing legal challenges to some of the imposed tariffs. Consequently, inherent uncertainties are embedded in the assumptions, which reflect our current best estimate. The estimated impact of these tariffs has not resulted in further impairments in Q1 2026 compared to the assumptions used by 31 December 2025. Investment tax credits The value of our projects depends, in part, on the continued availability of US federal income tax incentives and, specifically for Revolution Wind and Sunrise Wind, investment tax credits (ITCs). We have based our impairment tests on the assumption that our US projects would qualify for the 10 % ITC bonus credits. ITC qualification and subsequent monetisation remain uncertain. We have included sensitivity analyses of impairment effects if assumptions related to ITC bonus credits change. Summary of the uncertainties in the US Our value-in-use calculations incorporate continued uncertainties and challenges, including risks related to regulatory uncertainty regarding tariffs, tax incentives, etc., and continued risk of imposed construction delays outside of Ørsted's control. Changes in the US regulatory environment can materially and further adversely affect the value of our US activities and could potentially lead us to cease development, which would result in further impairments and costs. Potential consequences of further adverse development In addition to the sensitivities described, further adverse developments could lead us to cease development of or reconfigure projects currently under development. Besides impairing the capitalised value of these projects, ceasing to develop projects could lead to compensation to suppliers or other stakeholders for cancelling contracts. 5. Other operating income and expenses 6. Financial income and expenses Other operating income DKKm Q1 2026 Q1 2025 Gain on divestment of assets 189 303 US tax credits and tax attributes 934 1,006 Compensations 349 451 Miscellaneous operating income 144 104 Total other operating income 1,616 1,864 Other operating expenses DKKm Q1 2026 Q1 2025 Ineffective hedges (46) (42) Loss on divestment of assets 61 79 Miscellaneous operating expenses 128 144 Total other operating expenses 143 181 Net financial income and expenses DKKm Q1 2026 Q1 2025 Interest expenses, net 338 (475) Interest expenses, leasing (93) (73) Interest element of provisions, etc. (312) (324) Tax equity partners' contractual return (249) (304) Value adjustments of derivatives, net 30 (138) Capital gains/losses on securities at market value, net (152) (68) Exchange rate adjustments including currency derivatives, net (149) (173) Other financial income and expenses (4) (12) Net financial income and expenses (591) (1,567) The table shows net financial income and expenses corresponding to our internal reporting. Exchange rate adjustments and hedging contracts entered into to hedge currency risks are presented net under 'Exchange rate adjustments including currency derivatives, net'. Other operating income In Q1 2026, 'Gain on divestment of assets' primarily related to the sale of onshore development projects and land in the US. In Q1 2025, 'Gain on divestment of assets' primarily related to the farm-downs of Sparta Solar and Eleven Mile Solar Center in the US. The development in 'US tax credits and tax attributes' was mainly impacted by partial divestments of onshore assets, leading to lower income from tax credits and tax attributes compared to last year. 'Compensations' in Q1 2026 primarily related to availability compensation mechanisms across Europe and the US. 'Compensations' in Q1 2025 primarily related to compensation for grid delays related to Borkum Riffgrund 3 from the German transmission system operator. In Q1 2026, 'Interest expenses, net' was an income, whereas it was an expense in Q1 2025. This development was primarily driven by updates related to our uncertain tax positions, higher capitalised interest expenses, and higher income on bonds. 7. Gross and net investments 8. Reserves Gross and net investments DKKm Q1 2026 Q1 2025 Reserves 2026 DKKm Foreign currency translation reserve Hedging reserve Total reserves Cash flows from investing activities (19,989) (11,689) Purchase and sale of securities, reversed 12,614 552 Loans to associates and joint ventures, reversed 12 23 Sale of non-current assets, reversed (813) (2,685) Gross investments (8,176) (13,799) Transactions with non-controlling interests in connection with divestments and acquisitions (64) 302 Sale of non-current assets 813 2,685 Divestments 749 2,987 Net investments (7,427) (10,812) Reserves at 1 January (4,136) (5,028) (9,164) Exchange rate adjustments 1,186 - 1,186 Value adjustments - (2,626) (2,626) Value adjustments transferred to: Revenue - 293 293 Other operating expenses - (46) (46) Financial income and expenses - 10 10 Tax: Tax on hedging and currency adjustments (22) 633 611 Movement in comprehensive income for the period 1,164 (1,736) (572) Cash flow hedging of property, plant, and equipment under construction, net tax - (25) (25) Total reserves including tax at 31 March (2,972) (6,789) (9,761) Total reserves excluding tax at 31 March (3,634) (8,631) (12,265) Reserves 2025 DKKm Reserves at 1 January 4,812 (9,976) (5,164) Exchange rate adjustments (3,285) - (3,285) Value adjustments - 1,892 1,892 Value adjustments transferred to: Revenue - 646 646 Other operating expenses - (86) (86) Financial income and expenses - (25) (25) Tax: Tax on hedging and currency adjustments 205 (507) (302) Movement in comprehensive income for the period (3,080) 1,920 (1,160) Cash flow hedging of property, plant, and equipment under construction, net tax - 56 56 Total reserves including tax at 31 March 1,732 (8,000) (6,268) Total reserves excluding tax at 31 March 1,516 (9,996) (8,480) 9. Assets classified as held for sale Assets classified as held for sale, DKKm 31 March 2026 31 December 2025 31 March 2025 Intangible assets 418 418 - Property, plant, and equipment 9,505 9,237 - Investments in associates 497 497 - Deferred tax 45 45 - Trade receivables 101 (5) - Other receivables 407 411 - Income tax 6 6 - Total assets classified as held for sale 10,979 10,609 - Deferred tax 798 798 - Provisions 112 115 - Lease liabilities 396 399 - Contract liabilities 5 6 - Trade payables 589 425 - Other payables 256 92 - Income tax 36 36 - Total liabilities relating to assets classified as held for sale 2,192 1,871 - Net assets classified as held for sale 8,787 8,738 - In February 2026, we signed the divestment agreement to sell our European onshore business, and we closed the transaction in April 2026. Interim Report First quarter 2026 10. Tax on profit (loss) for the period Q1 2026 Q1 2025 Tax for the period Tax equity, deferred tax liability - (863) n.a. Gain (loss) on divestment of enterprises and assets - - n.a. Impairment for the period (1,369) 212 15 % Other adjustments - (277) n.a. Remaining business 6,456 (1,538) 24 % Effective tax for the period 5,087 (2,466) 48 % DKK Profit (loss) before tax Tax Tax in % Profit (loss) before tax Tax Tax in % - 33 n.a. 304 622 (205 %) 5) other adjustments not related to the 272 66 (24 %) current year's profit (loss). - 77 n.a. 4,543 (1,030) 23 % 5,119 (232) 5 % Effective tax rate The effective tax rate for the first three months of 2026 was calculated on the basis of the profit (loss) before tax. 'Impairment for the period' includes unrecognised deferred tax assets related to the impairments on our US projects. 'Other adjustments' include changes in tax rates, movements in uncertain tax positions, tax concerning previous years, and unrecognised tax losses. Tax on profit (loss) for the period Tax on profit (loss) was DKK 2,466 million for the first three months of 2026 compared to DKK 232 million for the first three months of 2025. Effective tax rate The effective tax rate for the first three months of 2026 was 48 %. The effective tax rate was affected by: − the recognition of a deferred tax liability in the US related to tax equity contributions for Revolution Wind and the battery storage system at Old 300 BESS − the non-recognition of deferred tax assets related to the impairment losses on our US portfolio. Consolidated financial statements Accounting policies Effective tax rate The estimated average annual tax rate is separated into five different categories: 1) ordinary business activities, 2) gain (loss) on divestments, 3) impacts from tax equity partnerships in the US, 4) impairments, and 30/44

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