Ørsted (ORSTED) Pre-Close Call Presentation summary

Q3 2026 performance reminders

• FY 2026 EBITDA guidance, excluding new partnerships and cancellation fees, remains above DKK 28bn; segment outlook is higher for Offshore, in line for Onshore and lower for Bioenergy & Other.

• Offshore generation capacity was 5.9 GW in Q2 2026; Revolution Wind and Greater Changhua 2b & 4 were expected to ramp up in Q3, while subsidy step-downs affected 517 MW.

• Q3 2026 offshore and US onshore wind speeds were around portfolio norms; European onshore transactions reduced installed capacity by ~0.6 GW, while Badger Wind and Old 300 BESS added 509 MW during 2026.

• Bioenergy & Other earnings are structurally higher in Q1 and Q4 than in Q2 and Q3 due to seasonality.

Impairments and sensitivities

• The 10-year US Treasury yield rose ~75 bps in Q3 2026; using disclosed Q2 sensitivity, this would imply DKK 3.5bn of additional non-cash impairments, all else equal.

• Q2 2026 net impairment losses were DKK 1.2bn, mainly from higher long-dated US interest rates affecting US offshore projects.

• US metal tariffs reached up to 50% on some components; tariff estimates caused no further impairments in H1 2026 versus assumptions at 31 December 2025.

Targets and financial policies

• Financial outlook for 2026: EBITDA excluding new partnerships and cancellation fees above DKK 28bn; gross investments of DKK 50–55bn.

• Strategic targets include 150–300 bps fully loaded unlevered lifecycle spread to WACC and EBITDA above DKK 32bn in 2027.

• Gross investments target is DKK 145bn for 2025–2027; divestment proceeds target is above DKK 35bn for 2025–2026.

• Average ROCE targets are -11% in 2026–2027 and above 13% in 2028–2030; financial policies include FFO to adjusted net debt above 30% and dividend reinstatement for FY 2026.