Ørsted (ORSTED) investor relations material

Opening remarks and agenda

• AGM was lawfully convened with 86.5% of share capital represented; agenda included financial review, board elections, remuneration, and shareholder proposals.

• Chair outlined procedures for debate, voting, and practicalities, including live broadcast and safety instructions.

Financial performance review

• EBITDA for 2025 was DKK 22.4 billion, lower than 2024 due to absence of cancellation fees; adjusted EBITDA was DKK 25.1 billion, slightly higher than prior year.

• Net profit reached DKK 3.1 billion, a significant improvement over 2024, with return on capital employed at 5.4%.

• Gross investments totaled DKK 55 billion, mainly in offshore wind projects in Europe, the U.S., and Taiwan; net debt reduced to DKK 19 billion.

• Rights issue of DKK 60 billion completed to strengthen capital structure and maintain investment-grade rating.

Board and executive committee updates

• Rasmus Errboe appointed CEO in February 2025; board established an asset project committee for risk monitoring.

• Remuneration report reflected executive changes; executive board's STI score was 45.9% of maximum, LTI score 20%.

• Board remuneration for 2026 remains unchanged; new board members elected, including Karen Boesen, Karl Johnny Hersvik, and Samuel Leupold.