Ørsted (ORSTED) investor relations material

Financial performance and outlook

• Group EBITDA excluding new partnerships and cancellation fees is expected to exceed DKK 28 billion in 2026, with a target of over DKK 32 billion in gross investments for 2026 and DKK 50-55 billion for the year overall.

• Average return on capital employed (ROCE) is projected at -11% for 2026-2027, improving to above 13% for 2028-2030.

• Divestment proceeds are targeted at over DKK 35 billion for 2025-2026, with a commitment to reinstating dividends for the 2026 financial year.

• Financial policy aims to maintain a solid investment-grade credit rating and FFO to adjusted net debt above 30%.

Operational highlights and project updates

• Offshore generation capacity reached 5.4 GW in Q2 2025 and 5.5 GW in Q1 2026, with ramp-up from Revolution Wind and Greater Changhua 2b & 4.

• Onshore installed capacity increased from 6.2 GW in Q2 2025 to 6.6 GW in Q1 2026, including the ramp-up of Old 300 BESS.

• Completed DKK 10.7 billion sale of EU onshore platform (0.6 GW) in April 2026.

• Seasonality impacts bioenergy earnings, with higher results in Q1 and Q4.

Impairments and market environment

• Net impairment losses of DKK 1.4 billion in Q1 2026, mainly due to increased long-dated US interest rates affecting US offshore and onshore projects.

• US tariffs on metals increased up to 50%, impacting imported components, but no further impairments in Q1 2026.

• Sensitivity analysis shows significant impact of WACC changes on project valuations.