Ørsted A/S

Interim report

First quarter 2024

2/46

Interim report

First quarter 2024

Management’s review

Overview

Contents

Earnings call

In connection with the presentation of the interim report, an

earnings call for investors and analysts will be held on

Thursday, 2 May 2024 at 14:00 CEST.

The earnings call can be followed live here:

https://getvisualtv.net/stream/?orsted-q1-2024

Presentation slides will be available prior to the earnings call

and can be downloaded here:

https://orsted.com/financial-reports

Further information

Global Media Relations

Carsten Birkeland Kjær

Tel.: +45 99 55 77 65

Investor Relations

Rasmus Keglberg Hærvig

Tel.: +45 99 55 90 95

Consolidated statements of income ................................................... 17

Consolidated balance sheet .................................................................... 18

Consolidated statement of shareholders’ equity ....................... 19

Consolidated statement of cash flows .............................................. 20

Notes

1. Basis of reporting ........................................................................................... 21

2. Segment information ................................................................................. 22

3. Revenue .............................................................................................................. 24

4. Impairments ..................................................................................................... 25

5. Other operating income and expenses ......................................... 27

6. Financial income and expenses .......................................................... 27

7. Gross and net investments .................................................................... 28

8. Reserves ............................................................................................................. 28

9. Tax on profit (loss) for the period ....................................................... 29

10. Markets risks .................................................................................................. 30

11. Fair value measurement ......................................................................... 31

12. Interest-bearing net debt and FFO ................................................. 33

13. Liquidity reserve .......................................................................................... 34

14. Subsequent events .................................................................................... 35

Financial statements

Consolidated financial statements

Basis of reporting .............................................................................................. … 37

Environment

Taxonomy-aligned KPIs (incl. voluntary disclosures) ................ … 38

Climate change .................................................................................................. ... 39

Social

Own workforce ................................................................................................... ....45

Management’s statement

Statement by the Executive Board and the Board of Direc-

tors .............................................................................................................................. ....46

Sustainability statements

CEO’s review ........................................................................................................ …..3

At a glance ........................................................................................................... …..6

Outlook 2024 ...................................................................................................... …..7

Results Q1 .............................................................................................................. …..8

Business units’ Q1 results ............................................................................ ….11

Performance highlights ............................................................................... ...14

Quarterly overview ........................................................................................ ...15

3/46

Management’s review

Interim report First quarter 2024

dial work will be fully completed and that

both wind farms will operate up to full capaci-

ty again in Q2 2024.

We maintain our full-year EBITDA guidance of

DKK 23-26 billion, excluding earnings from new

partnerships during the year and potential

changes in cancellation fees. Additionally, we

maintain our gross investments guidance of

DKK 48-52 billion.

Project execution

We continue our strong focus on project

execution and are working diligently to de-risk

the continued supply chain challenges to

ensure we successfully deliver on our construc-

tion portfolio. Our current emphasis is on

mitigating challenges concerning monopile

manufacturing and securing additional instal-

lation vessel availability, in line with previous

quarters.

During Q1 2024, we have been constructing

7.6 GW of offshore wind across our three

regions. In Taiwan, the Greater Changhua 1 and

2a wind farms are close to being completed,

with all 111 wind turbines successfully installed

in February. Final commissioning (COD) is

expected in Q2 2024. In the US, all turbines

were installed at our offshore wind farm South

Fork in February, and final commissioning is

expected in Q2 2024.

In our German portfolio, installation of founda-

tions has now begun at Borkum Riffgrund 3,

Financials

Operating profit (EBITDA) excluding partner-

ships and cancellation fees for the first quarter

was in line with our expectations and amount-

ed to DKK 7.5 billion, DKK 0.6 billion higher

than in Q1 2023.

Earnings from our offshore sites amounted to

DKK 6.9 billion, which was an increase of

DKK 1.1 billion compared to the same period

last year. The increase was due to higher wind

speeds (DKK 0.6 billion), ramp-up of generation

at our offshore wind farms Greater Changhua 1

and 2a and South Fork, and higher prices on

the inflation-indexed CfDs and green certifi-

cates. This was partly offset by lower availa-

bility in 2024 as well as the divestment of

London Array in Q3 2023. Furthermore, we had

lower earnings from our power trading activi-

ties compared to last year.

In Q1 2024, Hornsea 1 has been experiencing

reduced capacity in the export transmission

cables due to issues with the electrical infra-

structure. This has resulted in curtailment

during periods with high wind speeds. We are in

close collaboration with the owner of the

transmission asset, and as we are the operator,

we have been able to quickly identify the

cause of the issue and have been part of

developing the remedial action.

A similar electrical infrastructure design has

been deployed for Hornsea 2, and we have

periods during Q2 2024 where Hornsea 2 will

be curtailed as well. We anticipate that reme-

CEO’s review

Business progress and development

Finalisation of the offshore wind farms

Greater Changhua 1 and 2a (900 MW) in

Taiwan and South Fork (130 MW) in the US.

Offshore wind project Sunrise Wind

(924 MW) selected to negotiate a 25-year

OREC agreement in New York.

Agreement with Stonepeak to divest part of

four US onshore wind projects (957 MW).

Agreement to divestment our French on-

shore activities due to strategic prioritisation

of other European markets for onshore re-

newables.

Feasibility licences granted by the Australian

government to develop large-scale offshore

wind projects off the coast of Gippsland,

Victoria.

Participation in Taiwanese auction and solic-

itation in New England, US.

MoU agreed with Dillinger to secure access

to lower-emission steel plates.

Agreement signed with Cadeler for new-

built wind farm installation vessel.

Rasmus Errboe appointed Deputy CEO and

Chief Commercial Officer (CCO), Trond

Westlie appointed new CFO, and Patrick

Harnett appointed Chief Operating Officer

(COO).

Financials

Operating profit (EBITDA) excluding partner-

ships and cancellation fees for the first quar-

ter increased by 8 % compared to last year

and amounted to DKK 7.5 billion.

Earnings from offshore sites amounted to

DKK 6.9 billion, which was an increase of

18 % compared to the same period last year.

We maintain our full-year guidance on

EBITDA and gross investments.

Selected events

Executing on our business plan with Sunrise Wind selected for award

in New York’s fourth offshore wind solicitation and finalisation of

Greater Changhua 1 and 2a in Taiwan and South Fork in the US.

Management’s review

4/46

Interim report

First quarter 2024

tained full operational control and will there-

fore fully consolidate the portfolio in our

financial accounts.

Successful award in New York

In February, our offshore wind project Sunrise

Wind (924 MW) was selected for award. The

New York State Energy Research & Develop-

ment Authority (NYSERDA) conditionally

awarded the project the right to negotiate a

25-year offshore wind renewable energy

certificate (OREC). When the final contract is

signed (expectedly in Q2 2024), it will replace

the existing OREC agreement, which was

awarded to Sunrise Wind in 2019.

We will take full ownership of the project from

our current 50/50 joint venture partner Ever-

source, subject to signing of the OREC agree-

ment, receipt of construction and operation

plan (COP) approval, and relevant regulatory

approvals. We received the federal permit,

record of decision, and took FID on Sunrise

Wind in March, and the wind farm is expected

to be completed in 2026.

Securing future pipeline

We continue to bid into auctions where we see

value-creating potential. In Q1 2024, we

submitted a bid in the Taiwanese R3.2 auction

for an award of Greater Changhua 3. Results

are expected during summer. Furthermore, we

submitted a bid in the New England solicita-

tion for our 1.2 GW Starboard project in Rhode

Island and Connecticut with potential COD

expected in early 2030’s. Outcome of the

solicitation is expected in Q3 2024.

In May, we were granted a feasibility licence

by the Australian government to develop a

large-scale offshore wind project off the coast

and at Gode Wind 3, the first of 23 array cables

were installed in March. Borkum Riffgrund 3

continues to be on a compressed schedule, and

our key focus areas remain the progress on

ramp-up of monopile fabrication and the

potential need to secure an extension of the

installation vessel.

Additionally, construction has commenced on

our offshore wind farms Greater Changhua 2b

and 4 in Taiwan, Revolution Wind and Sunrise

Wind in the US, and Hornsea 3 in the UK. We

continue to assess further risk mitigations for

the projects.

In Onshore, our four US construction projects

show good progress. Eleven Mile Solar Center

(600 MW

), a solar and battery energy stor-

age system in Arizona, is conducting final

testing, and commissioning remains on track

for Q2 2024. In Texas, the construction of our

471 MW

Mockingbird Solar Center is progress-

ing as planned, with COD expected in H2 2024.

For the two solar projects Old 300 (430 MW

)

and Sparta Solar (part of Helena Energy Cen-

ter, 250 MW

), all modules are now in the US

and final installations have commenced. We

expect COD on both projects during 2024.

Partnerships and farm-downs

As part of our updated business plan, we

revised our build-out ambitions for onshore

renewables towards 2030 and are concentrat-

ing build-out on the UK, Irish, German, and

Spanish markets. Consequently, we have

agreed to divest our onshore wind and solar

assets in France to ENGIE.

Furthermore, we signed an agreement with

Stonepeak to divest a share of four operational

US onshore assets (957 MW). We have main-

Ford Ridge Wind Farm, Illinois, the US.

Management’s review

5/46

Interim report

First quarter 2024

Mads Nipper

Group President & CEO

”

In February, our offshore wind project Sunrise Wind (924 MW)

was selected to negotiate a 25-year OREC agreement.

new-built wind farm installation vessel. With

this agreement, we have secured vessel ca-

pacity from 2027 to the end of 2030 for

upcoming construction projects.

Changes to our Board of Directors and Group

Executive Team

At our annual general meeting in March, Lene

Skole was elected as Chair of the Board of

Directors. She has served as Deputy Chair

since 2015. Additionally, Andrew Brown was

elected as Deputy Chair.

Effective from April, we have simplified the

structure of the Group Executive Team and

established a new commercial organisation

under Rasmus Errboe, who has been appointed

Deputy CEO and Chief Commercial Officer

(CCO). The Group Executive Team now con-

sists of five members, which, besides the CEO,

CCO, and CHRO, counts Trond Westlie, who

has joined Ørsted as Chief Financial Officer

(CFO), and Patrick Harnett as Chief Operation-

al Officer (COO), formerly Head of European

of Gippsland, Victoria. The feasibility licence

provides us with site exclusivity to further

develop our project. Furthermore, the Australi-

an government intends to grant us a licence

for a second offshore wind project. Combined,

the projects have a potential capacity of up to

4.8 GW of renewable energy.

In Q1, we signed a memorandum of under-

standing (MoU) with Dillinger, the largest

heavy steel plate producer in Europe, to

secure access to lower-emission steel plates

for our future offshore wind foundations. The

agreement builds on our already strong part-

nership. With this agreement, we will secure

the supply of key raw material for our future

projects as well as execute on our ambition to

use lower-emission steel to decarbonise our

supply chain.

Securing long-term capacity with strategic

suppliers is key for us to de-risk our offshore

wind construction projects. In April, we signed

a long-term agreement with Cadeler for a

Execution Programmes at Ørsted.

I welcome the new members, who will bring

strong financial and execution skills to the

Group Executive Team. I am convinced the

updated and simplified structure of our top

management will support the successful

implementation of our strategy and the

development of our new project operating

model. All in all, we are off to an encouraging

start to 2024 and on the way to deliver on the

targets we presented in February.

6/46

Interim report

First quarter 2024

At a glance

Financial highlights

Operating profit (EBITDA)

, DKKbn

6.9

Offshore

Onshore

Profit for the period, DKKbn

Gross investments, DKKbn

Interest-bearing net debt, DKKbn

Q1 2023 Q1 2024

Return on capital employed (ROCE)

, %

Credit metric (FFO/adjusted net debt), %

Non-financial highlights

Installed renewable capacity, GW

GHG emissions intensity, g CO

e/kWh

1 Includes EBITDA from other activities/eliminations.

2 Last 12 months.

7. 5

7.5

Bioenergy & Other

7. 6

Offshore Onshore Bioenergy & Other

8.8

7.6

Impairment reversal

3.2

2.6

35.3

49.9

12.5

-12.2

Q1 2023

Q1 2024

37.4

18.7

15.7

Q1 2023 Q1 2024

15.5

15.7

Onshore Bioenergy & Other Offshore

Q1 2023 Q1 2024

Scope 1-3 (excl. natural gas sales) Scope 1-2

-12.2

13.8

Excl. impairments and

cancellation fees

Q1 2023 Q1 2024

6/46

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Management’s review

Interim report First quarter 2024

EBITDA

EBITDA in 2024 excluding new partnership

agreements and impact from potential chang-

es in cancellation fees relating to ceasing the

development of Ocean Wind 1, is unchanged

and expected to amount to DKK 23-26 billion.

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 box to the right).

Gross investments

Gross investments in 2024 are expected to

amount to DKK 48-52 billion, which is un-

changed relative to the guidance in the annual

report.

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 2024.

Outlook 2024, DKK billion

2023

realised

Guidance

7 Feb

Guidance

2 May

EBITDA, excl. new partnerships and cancellation fees 24.0

23-26

Offshore 19.1

Lower

Onshore 3.0 Significantly higher Significantly higher

Bioenergy & Other 1.5 Significantly higher Significantly higher

Gross investments 38.5 48-52 48-52

Outlook 2024

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 legisla-

tion, 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. Read more about the risks in our annual report for 2023 in the chapter

‘Risks and risk management’ and in note 6 ‘Risk management’.

8/46

Management’s review

Interim report First quarter 2024

Financial results

Revenue

Power generation from offshore and onshore

assets increased by 6 % and totalled 9.4 TWh

in Q1 2024. The increase was due to ramp-up

of generation from our offshore wind farms

Greater Changhua 1 and 2a and South Fork

and our onshore wind farm Sunflower as well

as higher offshore wind speeds. This was partly

offset by lower availability due to issues with

the electrical infrastructure in the export trans-

mission cables, resulting in curtailments at

Hornsea 1, bad weather conditions in the US in

Q1 2024 impacting our onshore assets, and the

divestment of London Array in Q3 2023.

Heat generation increased by 3 % in Q1 2024,

mainly due to colder weather. Thermal power

generation decreased by 13 %, mainly due to

less attractive spreads for power condensing

generation.

Our renewable share of generation amounted

to 97 %, an increase of 8 percentage points

compared to the same period last year.

Revenue amounted to DKK 19.2 billion. The

decrease of 25 % relative to Q1 2023 was pri-

marily due to the significantly lower power

prices across markets.

EBITDA

Operating profit (EBITDA) for the first quarter

amounted to DKK 7.5 billion, DKK 0.6 billion

higher than in Q1 2023.

Earnings from Offshore sites amounted to

DKK 6.9 billion, an increase of DKK 1.1 billion

compared to the same period last year. The

increase was due to higher wind speeds

(DKK 0.6 billion), ramp-up of generation at

Greater Changhua 1 and 2a and South Fork,

and higher prices on the inflation-indexed CfDs

and green certificates. This was partly offset

by the divestment of London Array in Q3 2023

and the curtailments at Hornsea 1. Lastly, we

had lower earnings from our power trading

activities compared to last year.

EBITDA from existing partnerships amounted

to a loss of DKK 0.3 billion in Q1 2024 and was

mainly related to minor adjustments related

to partnership agreements completed in prior

years.

EBITDA from our Onshore business amounted

EBITDA excluding new partnerships and cancellation fees, DKKbn

Results Q1

Q1 2024 Q1 2023 %

Revenue

19,168 25,719 (25 %)

EBITDA

7,488 6,910 8 %

- New partnerships

- - n.a.

- EBITDA excl new partnerships and cancellation fees

7,488 6,910 8 %

Depreciation and amortisation

(2,423) (2,438) (1 %)

Operating profit (loss) (EBIT)

5,826 4,472 30 %

Gain (loss) on divestment of enterprises

(52) 169 n.a.

Financial items, net

(1,347) (1,519) (11 %)

Profit (loss) before tax

4,434 3,135 41 %

Tax

(1,825) 67 n.a.

Tax rate

41 % (2 %) 43 %p

Profit (loss) for the period

2,609 3,202 (19 %)

Impairment (loss)/reversal

761 - n.a.

- Cancellation fees

- - n.a.

to DKK 0.8 billion, in line with the same period

last year. Ramp-up of generation from new

assets in operation was offset by periods with

bad weather conditions in the US in Q1 2024,

resulting in lower availability and generation.

EBITDA from our CHP plants amounted to

DKK 0.6 billion in Q1 2024, a decrease of

DKK 0.3 billion compared to the same period

last year. This was due to lower thermal pow-

er generation and market-based spreads.

EBITDA from our gas business totalled

DKK -0.1 billion in Q1 2024, DKK 0.2 billion

higher than in the same period last year. The

increase was driven by a temporary negative

effect from revaluation of our gas at storage

during Q1 2023, which was not repeated to

the same extent in Q1 2024.

Offshore

(DKK 0.7 bn)

Onshore

(DKK 0.0 bn)

Bio & Other

(DKK -0.1 bn)

Management’s review

9/46

Interim report

First quarter 2024

Impairments

Impact from impairments had a net positive

effect in Q1 2024 of DKK 0.8 billion, driven by a

reversal on our Sunrise Wind project due to its

selection to negotiate an OREC by the State of

New York (impact of DKK 1.8 billion in isola-

tion). This was partly offset by an increase in

the US long-dated interest rate from 31 De-

cember 2023 to 31 March 2024, which in-

creased our WACCs (DKK -1.0 billion).

See note 4 ‘Impairments’ in the financial state-

ments for further information.

EBIT

EBIT increased by DKK 1.4 billion to

DKK 5.8 billion in Q1 2024. This was mainly due

to the higher EBITDA and the impairment re-

versal.

Financial income and expenses

Net financial income and expenses amounted

to DKK -1.3 billion compared to DKK -1.5 billion

in Q1 2023. The lower net expenses were main-

ly due to gains on interest rate swaps, driven

by increases in interest rates and partly coun-

tered by increased loss in exchanges rate ad-

justments, driven by increases in GBP/DKK and

USD/DKK rates.

Tax and tax rate

Tax on profit for the period amounted to

DKK 1.8 billion, DKK 1.9 billion higher than in the

same period last year. The tax rate in Q1 2024

was 41 % and was negatively affected by the

recognition of a deferred tax liability related to

an initial tax equity contribution for Eleven

Mile. In Q1 2023, the tax rate of -2 % was posi-

tively affected by a reversal of a recognised

deferred tax liability in the US related to

Ocean Wind 1.

Profit for the period

Profit for the period totalled DKK 2.6 billion,

DKK 0.6 billion lower than Q1 2023. The de-

crease was mainly due to higher tax expenses

as described above, partly offset by reversal

of impairment losses and higher EBITDA.

Cash flows and net debt

Cash flows from operating activities

Cash flows from operating activities totalled

DKK 3.6 billion in Q1 2024 compared to

DKK 10.1 billion in Q1 2023.

During Q1 2024, we had a net cash outflow of

DKK 2.4 billion from payments regarding the

provisions made for cancellation fees for the

ceasing of Ocean Wind 1 in Q4 2023 (part of

‘Change in provisions’). The assessment of the

provision related to the cancellation fees is

unchanged compared to year-end, and our

negotiations with subcontractors and contrac-

tual partners are going as expected.

During Q1 2024, we released DKK 1.0 billion,

net, in variation margin payments on unreal-

ised hedges (‘Change in variation margin’) and

initial margin payments at clearing houses

(part of ‘Change in other working capital’),

whereas we released DKK 3.3 billion in Q1

2023:

–

The variation margin payments were a

cash inflow of DKK 0.6 billion vs a cash

inflow of DKK 2.0 billion in Q1 2023.

–

The initial margin payments were a cash

inflow of DKK 0.4 billion vs a cash inflow of

DKK 1.3 billion in Q1 2023.

In Q1 2024, we had a net cash outflow from

work in progress of DKK 0.6 billion, mainly

related to the construction of the Hornsea 3

offshore transmission asset and to Borkum

Riffgrund 3, partly offset by milestone pay-

ments received at Greater Changhua 1. In Q1

2023, we had a net cash outflow of

DKK 2.7 billion, mainly related to construction

work at Greater Changhua 1 and the offshore

transmission asset at Hornsea 3.

In Q1 2024, we received initial tax equity con-

tributions for Eleven Mile, while we did not

receive new tax equity contributions in Q1

2023.

Investments and divestments

Gross investments amounted to DKK 7.6 bil-

lion in Q1 2024. The main investments were:

–

offshore wind farms (DKK 5.0 billion), in-

cluding Greater Changhua 2b and 4 in

Taiwan and our portfolio of US and Ger-

man projects

–

onshore wind and solar farms (DKK 2.1

billion), including the construction of Elev-

en Mile, Mockingbird, and our portfolio of

European projects.

In Q1 2024, ‘Divestments’ amounted to

DKK -0.7 billion and were mainly related to

Cash flow and net debt, DKKm Q1 2024 Q1 2023 %

Cash flows from operating activities

3,608 10,119 (64 %)

EBITDA

7,488 6,910 8 %

Reversal of gain (loss) on divestments of assets

(111) (124) (10 %)

Change in derivatives, excl. variation margin

159 3,187 (95 %)

Change in variation margin

604 1,971 (69 %)

Change in provisions

(2,204) 12 n.a.

Other items

108 (168) n.a.

Interest expense, net

31 (300) n.a.

Paid tax

(1,676) (795) 111 %

Change in work in progress

(600) (2,651) (77 %)

Change in tax equity partner liabilities

(163) (640) (75 %)

Change in other working capital

(28) 2,717 n.a.

Gross investments

(7,622) (8,768) (13 %)

Divestments

(738) (16) 4,513 %

Free cash flow

(4,752) 1,335 n.a.

Net interest-bearing debt, beginning of period

47,379 30,571 55 %

Free cash flow

4,752 (1,335) n.a.

Dividends and hybrid coupon paid

323 5,963 (95 %)

Addition of lease obligations, net

471 28 1,582 %

Repurchase of hybrid capital, net

(3,680) - n.a.

Net interest-bearing debt, end of period

49,864 35,261 41 %

Exchange rate adjustments, etc.

619 34 1,721 %

Management’s review

10/46

Interim report

First quarter 2024

due to lower FFO during the 12-month period

and higher NIBD.

ESG results

Renewable share of energy generation

The renewable share of heat and power gen-

eration was 97 % in Q1 2024, which was 8 per-

centage points higher than Q1 2023.

The increase was mainly due to a decrease of

coal-based generation and an increase in sus-

tainable biomass-based generation (no coal

was used in March). Additionally, ramp-up of

Greater Changhua 1 and 2a and higher wind

speeds positively impacted the share.

Greenhouse gas emissions

Our greenhouse gas emissions from heat and

power generation (scope 1 and 2) decreased by

73 % in Q1 2024 compared to Q1 2023. This

was primarily due to the decrease in the use of

coal at our CHP plants.

Our scope 1 and 2 greenhouse gas intensity

decreased to 14 g CO

e/kWh in Q1 2024

against 52 g CO

e/kWh in Q1 2023. The de-

crease was a result of a 73 % decrease in

scope 1 emissions (numerator) in combination

with a 3 % increase in total heat and power

generation (denominator).

Scope 1, 2, and 3 GHG intensity (excluding

emissions from natural gas) decreased by 37 %

compared to Q1 2023 for the same reasons as

for scope 1 and 2, partly offset by increased

scope 3 emissions (excl. natural gas sales).

In Q1 2024, scope 3 greenhouse gas emissions

increased by 20 % compared to Q1 2023,

customary compensation to our partners at

Hornsea 1 for wake loss effects.

Interest-bearing net debt

Interest-bearing net debt totalled

DKK 49.9 billion at the end of March 2024

against DKK 47.4 billion at the end of 2023.

The increase was mainly due to a negative free

cash flow of DKK 4.8 billion, partly offset by

net issuance of hybrid capital in Q1 2024.

Equity

Equity was DKK 83.3 billion at the end of

March 2024 against DKK 77.8 billion at the end

of 2023. The post-tax hedging and currency

translation reserve increased by DKK 0.5 billion

to DKK -10.7 billion at the end of March.

Capital employed

Capital employed was DKK 133.2 billion at the

end of March 2024 against DKK 125.2 billion at

the end of 2023, mainly due to new invest-

ments.

Financial ratios

Return on capital employed (ROCE)

Return on capital employed (ROCE) was

-12.2 % in Q1 2024. The decrease of 26 percent-

age points compared to last year was due to

the impairment losses and cancellation fees

impacting EBIT during the 12-month period and

higher capital employed. ROCE adjusted for

impairment losses and cancellation fees in Q1

2024 was 12.5 %.

Credit metric (FFO/adjusted net debt)

The funds from operations (FFO)/adjusted net

debt credit metric was 18.7 % in Q1 2024

against 37.4 % in Q1 2023. The decrease was

mainly driven by a 20 % increase in scope 3

emissions from natural gas sales. Scope 3

emissions from fuel- and energy-related activi-

ties (category 3) were 4 % higher in Q1 2024

than in Q1 2023, primarily due to a 16 % in-

crease in sale of regular power to end custom-

ers, partly offset by the upstream scope 3

impact of fuel consumption at the power sta-

tions.

Safety

In Q1 2024, we had 19 total recordable injuries

(TRIs), of which 15 injuries were related to con-

tractors’ employees. In total, this was an in-

crease of 4 injuries compared to Q1 2023. The

number of hours worked was 6.5 million hours,

an increase of 18 % compared to Q1 2023. The

total recordable injury rate (TRIR) increased

from 2.7 in Q1 2023 to 2.9 in Q1 2024.

Key ratios, DKKm, %

Q1 2024 Q1 2023 %

ROCE

(12.2) 13.8 (26 %p)

Adjusted net debt 63,873 46,777 37 %

FFO/adjusted net debt 18.7 37.4 (19 %p)

Capital employed

Offshore



Onshore



Bioenergy & Other



DKK 133.2 billion

2 %

27 %

71 %

Taxonomy-aligned KPIs

Read more about our EU taxonomy-

aligned KPIs on page 38 in the sustainabil-

ity statements.

Revenue 91 %

EBITDA 99 %

Gross investments 99 %

11/46

Management’s review

Interim report First quarter 2024

Financial results for Q1 2024

Power generation increased by 10 % to

5.7 TWh in Q1 2024. The increase was due to

higher wind speeds and ramp-up at Greater

Changhua 1 and 2a and South Fork. This was

partly offset by a lower availability in Q1 2024,

primarily on our UK assets, and the divestment

of London Array in Q3 2023.

Wind speeds amounted to a portfolio average

of 11.4 m/s, which was higher than in Q1 2023

(10.9 m/s) and slightly higher than the normal

wind speeds expected in the first quarter

(11.1 m/s).

Availability ended at 85 %, which was 10 per-

centage points lower than in the same period

last year. This was mainly due to electrical

infrastructure issues in the export transmission

cables, resulting in curtailment at Hornsea 1 in

Q1 2024.

Revenue decreased by 24 % and amounted to

DKK 14.0 billion.

Revenue from offshore wind farms in operation

increased by 26 % to DKK 7.4 billion, mainly

driven by higher generation. Revenue from

power sales decreased by 53 % to

DKK 5.6 billion due to significantly lower pow-

er prices and 12 % lower volumes sold. Reve-

nue from construction agreements mainly

related to the construction of Gode Wind 3

and Borkum Riffgrund 3 for partners.

EBITDA increased by DKK 0.7 billion and

amounted to DKK 6.1 billion.

EBITDA from ‘Sites, O&M, and PPAs’ increased

by DKK 1.1 billion and amounted to

DKK 6.9 billion in Q1 2024. The increase was

due to higher wind speeds (DKK 0.6 billion),

ramp-up of generation at Greater Changhua 1

and 2a and South Fork, and higher prices on

the inflation-indexed CfDs and green certifi-

cates. This was partly offset by the divest-

ment of London Array in Q3 2023 and lower

availability. Lastly, we had lower earnings

from our power trading activities compared to

last year.

EBITDA from partnerships amounted to

DKK -0.3 billion in Q1 2024 and was mainly

related to minor adjustments related to part-

nership agreements completed in prior years.

EBITDA from other activities, including project

development, amounted to DKK -0.6 billion, a

further expenditure of DKK 0.2 billion com-

pared to Q1 2023, which among other things

was driven by costs related to the termination

of the Ocean Wind 1 project.

Results Q1 2024 Q1 2023 %

Business drivers

Decided (FID'ed) and installed capacity GW

16.5 12.0 37 %

Installed capacity

8.9 8.9 0 %

Generation capacity

5.1 4.7 7 %

Wind speed

m/s

11.4 10.9 5 %

Load factor

52 53 (1 %p)

Availability

85 95 (10 %p)

Power generation

GWh

5,670 5,162 10 %

Denmark

690 599 15 %

United Kingdom

3,142 3,416 (8 %)

Germany

753 566 33 %

The Netherlands

444 412 8 %

APAC

579 141 312 %

The US

61 28 117 %

Power sales GWh 6,264 7,098 (12 %)

Power price, LEBA UK

GBP/MWh

77 145 (47 %)

British pound

DKK/GBP

8.7 8.4 3 %

Financial performance



Revenue

DKKm

13,991 18,494 (24 %)

Sites, O&M, and PPAs

7,373 5,840 26 %

Power sales

5,582 11,850 (53 %)

Construction agreements

809 572 41 %

Other

227 232 (2 %)

EBITDA

DKKm

6,083 5,412 12 %

Sites, O&M, and PPAs

6,928 5,859 18 %

Construction agreements and divestment gains (283) (42) 574 %

Other, incl. project development (562) (405) 39 %

Depreciation

DKKm

(1,722) (1,693) 2 %

Impairment losses

DKKm

1,063 - n.a.

EBIT

DKKm

5,424 3,719 46 %

Cash flow from operating activities

DKKm

835 9,606 (91 %)

Gross investments

DKKm

(4,989) (6,013) (17 %)

Divestments

DKKm

(802) (21) 3,719 %

Free cash flow DKKm

(4,956) 3,572 n.a.

Capital employed DKKm

92,953 98,666 (6 %)

O&M: Operation and maintenance agreements, PPAs: Power purchase agreements

Offshore

12/46

Management’s review

Interim report First quarter 2024

Financial results for Q1 2024

Power generation from our operating onshore

assets increased by 1 % compared to Q1 2023

and amounted to 3.8 TWh. The increase was

due to ramp-up of generation at Sunflower,

Lisheen 3, and Ballykeel, and from curtailment

at Permian in Q1 2023, which was not repeated

in 2024. This was partly offset by lower availa-

bility in Q1 2024 due to bad weather conditions

in the US in January. In Q1 2024, the wind

speeds across the portfolio were 7.9 m/s, slight-

ly lower than last year (8.1 m/s) but above a

normal wind year (7.8 m/s).

Revenue was marginally below Q1 2023 and

amounted to DKK 0.7 billion. The decrease

was mainly due to lower generation in the US.

EBITDA for Q1 2024 amounted to

DKK 0.8 billion, which was slightly below Q1

2023. The decrease was due to the period with

lower availability and generation, partly offset

by ramp-up of generation from new assets in

operation.

Onshore

Results Q1 2024 Q1 2023 %

Business drivers

Decided (FID'ed) and installed capacity GW 6.4 6.2 3 %

Installed capacity

4.8 4.5 6 %

Wind speed

m/s

7.9 8.1 (3 %)

Load factor, wind

42 45 (3 %p)

Load factor, solar PV

18 16 2 %p

Availability, wind

89 91 (2 %p)

Availability, solar PV

98 99 (1 %p)

Power generation

GWh

3,772 3,750 1 %

US, wind

3,003 3,055 (2 %)

US, solar PV

399 363 10 %

Europe

370 332 12 %

US dollar

DKK/USD

6.9 6.9 (0 %)

Financial performance

Revenue

DKKm

705 721 (2 %)

EBITDA

DKKm

816 834 (2 %)

Sites

303 324 (6 %)

Production tax credits and tax attributes 743 759 (2 %)

Other, incl. project development (230) (249) (8 %)

Depreciation

DKKm

(467) (441) 6 %

Impairment losses

DKKm

(302) - n.a.

EBIT

DKKm

47 393 (88 %)

Cash flow from operating activities

DKKm

366 (142) n.a.

Gross investments

DKKm

(2,128) (2,668) (20 %)

Divestments

DKKm

64 3 2,033 %

Free cash flow DKKm (1,698) (2,807) (40 %)

Capital employed DKKm 35,317 31,473 12 %

13/46

Management’s review

Interim report First quarter 2024

Financial results for Q1 2024

Heat generation increased by 3 % in Q1 2024,

mainly due to colder weather. Power genera-

tion decreased by 13 %, mainly due to less at-

tractive spreads for power condensing genera-

tion.

Gas sales increased by 16 % in Q1 2024, mainly

due to higher B2B sales in Denmark and Swe-

den. Power sales decreased by 28 %, mainly

due to lower volumes from balancing activi-

ties.

Revenue decreased by 33 % compared to Q1

2023 and amounted to DKK 4.6 billion. The

decrease was driven by lower power sales and

power generation as well as lower prices.

EBITDA amounted to DKK 0.4 billion com-

pared to DKK 0.5 billion in Q1 2023.

EBITDA from ‘CHP plants’ was DKK 0.6 billion,

DKK 0.3 billion lower than in Q1 2023. This was

due to the lower power generation and

marked-based spreads mentioned above.

EBITDA from ‘Gas Markets & Infrastructure’

increased by DKK 0.2 billion relative to Q1

2023 to DKK -0.1 billion. The increase was driv-

en by a temporary negative effect from revalu-

ation of our gas at storage during Q1 2023,

which was not repeated to the same extent in

Q1 2024.

Bioenergy & Other

Results

Q1 2024 Q1 2023 %

Business drivers 

Degree days Number 1,200 1,157 4 %

Heat generation

GWh

3,285 3,178 3 %

Power generation

GWh

1,484 1,697 (13 %)

Gas sales

GWh

5,167 4,468 16 %

Power sales

GWh

633 877 (28 %)

Gas price, TTF

EUR/MWh

27.4 54.1 (49 %)

Power price, DK

EUR/MWh

64.8 103.3 (37 %)

Green dark spread, DK

EUR/MWh

(25.3) (25.6) (1 %)

Wood pellet spread, DK

EUR/MWh

3.4 11.8 (71 %)

Financial performance



Revenue

DKKm

4,586 6,890 (33 %)

EBITDA

DKKm

434 517 (16 %)

CHP plants 587 845 (31 %)

Gas Markets & Infrastructure (79) (237) (67 %)

Other, incl. project development

(74) (91) (19 %)

Depreciation DKKm

(165) (240) (31 %)

EBIT

DKKm

269 277 (3 %)

Cash flow from operating activities

DKKm

3,038 (922) n.a.

Gross investments

DKKm

(489) (56) 773 %

Divestments

DKKm

- - n.a.

Free cash flow

DKKm

2,549 (978) n.a.

Capital employed

DKKm

2,401 6,861 (65 %)

14/46

Management’s review

Interim report First quarter 2024

Financials, DKKm

Q1 2024 Q1 2023 2023

Income statement

Revenue

19,168 25,719 79,255

EBITDA

7,488 6,910 18,717

Offshore

6,083 5,412 13,817

Sites, O&M, and PPAs

6,928 5,859 20,207

Construction agreements and divestment gains

(283) (42) 5,218

Cancellation fees

- - (9,621)

Other, incl. project development

(562) (405) (1,987)

Onshore

816 834

2,970

Bioenergy & Other

434 517 1,523

Other activities/eliminations

155 147 407

Depreciation and amortisation

(2,423) (2,438) (9,795)

Impairment

761 - (26,775)

Operating profit (loss) (EBIT)

5,826 4,472 (17,853)

Gain (loss) on divestment of enterprises

(52) 169 234

Net financial income and expenses

(1,347) (1,519) (1,443)

Profit (loss) before tax

4,434 3,135 (19,026)

Tax

(1,825) 67 (1,156)

Profit (loss) for the period

2,609 3,202 (20,182)

Balance



Assets 290,383 306,644 281,136

Equity

83,325 102,826 77,791

Shareholders in Ørsted A/S

58,709 78,551 56,782

Hybrid capital

22,792 19,793 19,103

Non-controlling interests

1,824 4,482 1,906

Interest-bearing net debt

49,864 35,261 47,379

Capital employed

133,189 138,087 125,170

Additions to property, plant, and equipment

8,020 7,939 37,954

Cash flow



Cash flow from operating activities 3,608 10,119 28,532

Gross investments

(7,622) (8,768) (38,509)

Divestments

(738) (16) 1,542

Free cash flow

(4,752) 1,335 (8,435)

Financial ratios



Return on capital employed (ROCE)

, % (12.2) 13.8 (14.2)

FFO/adjusted net debt

, % 18.7 37.4 28.6

Number of outstanding shares, end of period, '000

420,227 420,381 420,381

Share price, end of period, DKK

384 583 374

Market capitalisation, end of period, DKK billion

162 245 157

Earnings per share (EPS), DKK

5.7 6.7 (50.1)

Business drivers

Q1 2024 Q1 2023 2023

Offshore

Decided (FID'ed) and installed capacity, GW

16.5 12.0 15.5

Installed capacity, GW

8.9

8.9 8.9

Generation capacity, GW

5.1

4.7 5.0

Wind speed, m/s

11.4 10.9 9.8

Load factor, %

53 43

Availability, %

95 93

Power generation, GWh

5,670

5,162 17,761

Power sales, GWh

6,264

7,098 21,448

Onshore



Decided (FID'ed) and installed capacity, GW

6.4

6.2 6.4

Installed capacity, GW

4.8

4.5 4.8

Wind speed, m/s

7.9

8.1 7.2

Load factor, wind, %

45 36

Load factor, solar PV, %

16 24

Availability, wind, %

91 88

Availability, solar PV, %

99 98

Power generation, GWh

3,772

3,750 13,374

Bioenergy & Other



Degree days, number

1,200

1,157 2,585

Heat generation, GWh

3,285

3,178 6,587

Power generation, GWh

1,484

1,697 4,437

Power sales, GWh

633

877 2,627

Gas sales, GWh

5,167 4,468 16,880

Sustainability statements

Employees (FTE), end of period number

8,706

8,422 8,905

Total recordable injury rate (TRIR), YTD

2.9 2.7 2.8

Fatalities, number

0 0

Renewable share of energy generation, %

89 93

GHG emission (scope 1 & 2), Mtonnes

0.2

0.7 1.6

GHG intensity (scope 1 & 2), g CO

e/kWh

52 38

GHG emissions (scope 3), Mtonnes

1.8 1.5 5.6

GHG intensity (scope 1-3), g CO

e/kWh (excl. natural gas

sales)

57 90 80

Performance highlights

EBIT last 12 months.

2 FFO last 12 months.

15/46

Management’s review

Interim report First quarter 2024

Quarterly overview

Financials, DKKm

2024

2023

2022

Income statement

Revenue 19,168 21,530 17,441 14,565 25,719 30,256 31,039 23,362

EBITDA 7,488 (686) 9,173 3,320 6,910 6,696 12,317 3,615

Offshore 6,083 (2,611) 8,037 2,979 5,412 2,094 9,652 1,904

Sites, O&M, and PPAs 6,928 7,164 4,050 3,135 5,859 3,746 467 2,031

Construction agreements and

divestment gains

(283) 676 4,245 340 (42) (715) 9,765 601

Other, incl. project development (562) (830) (258) (496) (405) (937) (580) (728)

Onshore 816 525 819 792 834 852 867 1,075

Bioenergy & Other 434 1,434 155 (583) 517 3,609 1,849 647

Other activities/eliminations 155 (34) 162 132 147 141 (51) (11)

Depreciation and amortisation (2,423) (2,366) (2,537) (2,454) (2,438) (2,792) (2,530) (2,304)

Impairment 761 1,647 (28,422) - - (2,529) - -

Operating profit (loss) (EBIT) 5,826 (1,405) (21,786) 866 4,472 1,375 9,787 1,311

Gain (loss) on divestment of enterprises (52) (44) (50) 159 169 32 124 67

Net financial income and expenses (1,347) 2,001 (128) (1,797) (1,519) (985) (217) (486)

Profit (loss) before tax 4,434 557 (21,955) (763) 3,135 460 9,695 893

Tax (1,825) (841) (607) 225 67 (789) (340) (624)

Profit (loss) for the period 2,609 (284) (22,562) (538) 3,202 (329) 9,355 269

Balance sheet



Assets 290,383 281,136 286,782 296,466 306,644 314,142 359,758 320,722

Equity 83,325 77,791 78,361 103,548 102,826 95,532 53,777 61,276

Shareholders in Ørsted A/S 58,709 56,782 57,304 82,379 78,551 71,743 32,413 40,091

Hybrid capital 22,792 19,103 19,103 19,103 19,793 19,793 17,984 17,984

Non-controlling interests 1,824 1,906 1,954 2,066 4,482 3,996 3,380 3,201

Interest-bearing net debt 49,864 47,379 42,892 43,924 35,261 30,571 45,701 41,449

Capital employed 133,189 125,170 121,253 147,471 138,087 126,103 99,478 102,725

Additions to property, plant, equipment 8,020 12,064 10,988 6,963 7,939 9,912 9,899 8,724

Cash flow



Cash flow from operating activities 3,608 6,170 9,796 2,447 10,119 20,915 (11,309) 2,355

Gross investments (7,622) (13,039) (9,204) (7,498) (8,768) (9,826) (14,417) (6,372)

Divestments (738) 1,861 1,735 (2,038) (16) 983 22,459 267

Free cash flow (4,752) (5,008) 2,327 (7,089) 1,335 12,072 (3,267) (3,750)

Financial ratios



Return on capital employed (ROCE)

, % (12.2) (14.2) (13.7) 13.2 13.8 16.8 24.4 14.8

FFO/adjusted net debt

, % 18.7 28.6 20.9 17.7 37.4 42.7 35.3 39.0

Number of outstanding shares, end of period, '000 420,227 420,381 420,381 420,381 420,381 420,381 420,381 420,381

Share price, end of period, DKK

384 374 385 645 583 631 608 742

Market capitalisation, end of period, DKK billion 162 157 162 271 245 265 255 312

Earnings per share (EPS), DKK 5.7 (1.6) (53.8) (1.4) 6.7 1.2 22.3 0.3

Cancellation fees - (9,621) - - - - - -

Business drivers

2023

2022

Offshore

Decided (FID'ed) and installed capacity, GW

15.5 12.0 12.0 12.0 11.1 11.1 11.1

Installed capacity, GW

8.9 8.9 8.9 8.9 8.9 8.9 7.6

Generation capacity, GW

5.0 5.0 4.9 4.7 4.7 5.3 4.8

Wind speed, m/s

11.5 8.6 8.1 10.9 10.7 7.7 8.4

Load factor, %

56 33 29 53 54 28 35

Availability, %

92 93 91 95 95 91 94

Power generation, GWh

6,011 3,544 3,044 5,162 5,411 3,246 3,324

Power sales, GWh

6,244 3,948 4,158 7,098 7,645 3,483 5,258

Onshore

    

Decided (FID'ed) and installed capacity, GW

6.4 6.2 6.2 6.2 6.2 5.1 4.9

Installed capacity, GW

4.8 4.8 4.6 4.5 4.2 4.2 4.0

Wind speed, m/s

7.6 6.2 6.7 8.1 7.7 6.0 7.8

Load factor, wind, %

36 27 35 45 40 28 47

Availability, wind, %

85 85 92 91 91 92 92

Power generation, GWh

3,376 2,927 3,321 3,750 3,425 2,723 3,795

Bioenergy & Other

    

Degree days, number

966 53 409 1,157 861 98 448

Heat generation, GWh

2,385 234 790 3,178 2,064 239 823

Power generation, GWh

1,042 781 917 1,697 1,409 1,363 1,102

Power sales, GWh

628 566 556 877 904 1,339 1,466

Gas sales, GWh

3,041 5,355 4,016 4,468 4,048 5,706 8,891

Sustainability statements

Employees (FTE) end of period, number

8,905 8,906 8,661 8,422 8,027 7,681 7,292

Total recordable injury rate (TRIR), YTD

2.8 2.9 2.6 2.7 3.1 3.3 2.8

Fatalities, number

0 0 0 0 0 0 0

Renewable share of energy generation, %

95 94 97 89 88 89 93

GHG intensity (scope 1 & 2), g CO

e/kWh

25 46 24 52 62 88 49

GHG emissions (scope 3), Mtonnes

1.2 1.6 1.3 1.5 1.5 3.1 2.6

2024

16.5

8.9

5.1

11.4

5,670

6,264

6.4

4.8

7.9

3,772

1,200

3,285

1,484

633

5,167

8,706

2.9

1.8

Load factor, solar PV, %

18 17 32 30 16 17 32 31

Availability, solar PV, %

98 98 98 98 99 99 96 99

GHG emissions (scope 1 & 2), Mtonnes

0.2 0.4 0.3 0.2 0.7 0.8 0.7 0.4

GHG intensity (scope 1-3), g CO

e/kWh (excl.

natural gas sales)

57 62 94 77 90 110 330 112

EBIT last 12 months.

2 FFO last 12 months.

16/46

Management’s review

Interim report First quarter 2024

Consolidated

financial statements

First quarter 2024

1 January – 31 March

Consolidated financial statements

Interim report First quarter 2024

17/46

Consolidated statements of income

1 January – 31 March

’Value adjustments for the period’ in the first three months of 2024 are mainly

a result of gains on interest rate hedges due to an increase in interest rates.

Note

Income statement

DKKm Q1 2024 Q1 2023

3 Revenue 19,168 25,719

Cost of sales (9,409) (16,694)

Other external expenses (1,562) (1,629)

Employee costs (1,881) (1,540)

Share of profit (loss) in associates and joint ventures 4 62

5 Other operating income 1,300 1,096

5 Other operating expenses (132) (104)

Operating profit (loss) before depreciation, amortisation,

and impairment losses (EBITDA) 7,488 6,910

Amortisation and depreciation on intangible assets, and property,

plant, and equipment (2,423) (2,438)

Impairment losses on intangible assets, and property, plant,

and equipment 761 -

Operating profit (loss) (EBIT)

5,826 4,472

Gain (loss) on divestment of enterprises (52) 169

Share of profit (loss) in associates and joint ventures 7 13

6 Financial income 1,575 3,086

6 Financial expenses (2,922) (4,605)

Profit (loss) before tax

4,434 3,135

9 Tax on profit (loss) for the period (1,825) 67

Profit (loss) for the period

2,609 3,202

Profit (loss) for the period is attributable to:

Shareholders in Ørsted A/S 2,391 2,810

Interests and costs, hybrid capital owners of Ørsted A/S 168 145

Non-controlling interests 50 247

Earnings per share (DKK) 5.7 6.7

Diluted earnings per share (DKK) 5.7 6.7

Statement of comprehensive income

DKKm Q1 2024 Q1 2023

Profit (loss) for the period 2,609 3,202

Other comprehensive income:

Cash flow hedging:

Value adjustments for the period 585 12,963

Value adjustments transferred to income statement (1,291) (551)

Exchange rate adjustments:

Exchange rate adjustments relating to net investments in foreign enterprises 1,226 71

Value adjustment of net investment hedges (763) (88)

Tax:

Tax on hedging instruments (159) (2,679)

Tax on exchange rate adjustments (41) (68)

Other:

Share of other comprehensive income of associated companies, after tax - 1

Other comprehensive income (443) 9,649

Total comprehensive income 2,166 12,851

Comprehensive income for the period is attributable to:

Shareholders in Ørsted A/S 1,921 12,472

Interest payments and costs, hybrid capital owners of Ørsted A/S 168 145

Non-controlling interests 77 234

Total comprehensive income 2,166 12,851

Consolidated financial statements

Interim report First quarter 2024

18/46

Consolidated balance sheet

31 March

Note

Assets

DKKm

31 March

2024

31 December

2023

31 March

2023

Intangible assets 3,427 3,426 4,300

Land and buildings 7,839 7,777 8,162

Production assets 121,098 121,643 117,626

Fixtures and fittings, tools, and equipment 2,313 2,042 1,490

Property, plant, and equipment under construction 56,641 48,307 55,221

4 Property, plant, and equipment 187,891 179,769 182,499

Investments in associates and joint ventures 822 960 833

Receivables from associates and joint ventures 124 77 -

Other securities and equity investments 166 167 176

11 Derivatives 579 1,356 1,213

Deferred tax 8,075 8,192 10,114

Other receivables 3,222 3,134 3,408

Other non-current assets 12,988 13,886 15,744

Non-current assets 204,306 197,081 202,543

Inventories 12,883 10,539 13,040

11 Derivatives 8,990 10,473 15,663

Contract assets 348 802 913

Trade receivables 9,208 11,107 8,733

Other receivables 9,727 10,530 15,118

Receivables from associates and joint ventures 87 74 33

9 Income tax 405 483 63

11 Securities 29,518 29,902 30,964

Cash 14,911 10,145 19,574

Current assets 86,077 84,055 104,101

Assets 290,383 281,136 306,644

In March 2024, we issued a new EUR 750 million (DKK 5.6 billion) hybrid bond

and simultaneously repurchased EUR 250 million (DKK 1.9 billion) of our

outstanding 3017 hybrid bond.

Note

Equity and liabilities

DKKm

31 March

2024

31 December

2023

31 March

2023

Share capital 4,204 4,204 4,204

8 Reserves (10,721) (10,251) (16,806)

Retained earnings 65,226 62,829 91,153

Equity attributable to shareholders in Ørsted A/S 58,709 56,782 78,551

Hybrid capital 22,792 19,103 19,793

Non-controlling interests 1,824 1,906 4,482

Equity 83,325 77,791 102,826

Deferred tax 4,015 3,439 5,041

Provisions 17,470 16,908 19,436

Lease liabilities 7,872 7,618 7,541

12 Bond and bank debt 77,573 79,236 75,402

11 Derivatives 14,401 13,763 18,080

Contract liabilities 3,365 3,297 3,043

Tax equity liabilities 14,057 13,610 12,773

Other payables 5,491 6,273 7,265

Non-current liabilities 144,244 144,144 148,581

Provisions 13,952 15,955 603

Lease liabilities 874 808 533

12 Bond and bank debt 9,000 384 2,387

11 Derivatives 6,833 8,449 20,090

Contract liabilities 2,363 2,785 2,305

Trade payables 14,476 14,915 14,450

Tax equity liabilities 3,493 3,397 2,874

Other payables 5,888 6,225 6,604

9 Income tax 5,935 6,283 5,391

Current liabilities 62,814 59,201 55,237

Liabilities 207,058 203,345 203,818

Equity and liabilities 290,383 281,136 306,644

Consolidated financial statements

Interim report First quarter 2024

19/46

1 See note 8 ‘Reserves’ for more information on reserves.

Consolidated statement of shareholders’ equity

1 January – 31 March

2024 2023

DKKm

capital Reserves

Retained

earnings

Proposed

dividends

Share-

holders in

Ørsted A/S

Hybrid

capital

Non-con-

trolling

interests

Total

Group

capital Reserves

Retained

earnings

Proposed

dividends

Share-

holders in

Ørsted A/S

Hybrid

capital

Non-con-

trolling

interests

Total

Group

Equity at 1 January 4,204 (10,251) 62,829 - 56,782 19,103 1,906 77,791 4,204 (26,467) 88,331 5,675 71,743 19,793 3,996 95,532

Comprehensive income

for the period:

Profit (loss) for the period - - 2,391 - 2,391 168 50 2,609 - - 2,810 - 2,810 145 247 3,202

Other comprehensive income:

Cash flow hedging - (706) - - (706) - - (706) - 12,412 - - 12,412 - - 12,412

Exchange rate adjustments - 436 - - 436 - 27 463 - (4) - - (4) - (13) (17)

Tax on other comprehensive income - (200) - - (200) - - (200) - (2,747) - - (2,747) - - (2,747)

Share of other comprehensive income

of associated companies, after tax - - - - - - - - - - 1 - 1 - - 1

Total comprehensive income - (470) 2,391 - 1,921 168 77 2,166 - 9,661 2,811 - 12,472 145 234 12,851

Coupon payments, hybrid capital - - - - - (161) - (161) - - - - - (145) - (145)

Tax, hybrid capital - - - - - 2 - 2 - - - - - - - -

Additions, hybrid capital - - - - - 5,520 - 5,520 - - - - - - - -

Disposals, hybrid capital - - - - - (1,840) - (1,840) - - - - - - - -

Dividends paid - - - - - - (164) (164) - - 2 (5,675) (5,673) - (146) (5,819)

Additions, non-controlling interests - - - - - - 5 5 - - - - - - 398 398

Other changes - - 6 - 6 - - 6 - - 9 - 9 - - 9

Equity at 31 March 4,204 (10,721) 65,226 - 58,709 22,792 1,824 83,325 4,204 (16,806) 91,153 - 78,551 19,793 4,482 102,826

Consolidated financial statements

Interim report First quarter 2024

20/46

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’.

’Cash’ according to the balance sheet as at 31 March 2024 includes ’Bank

overdrafts that are part of the ongoing cash management’, amounting to

DKK 23 million.

Consolidated statement of cash flows

1 January – 31 March

Note

Statement of cash flows

DKKm Q1 2024 Q1 2023

Operating profit (loss) before depreciation, amortisation, and

impairment losses (EBITDA) 7,488 6,910

Reversal of gain (loss) on divestment of assets

(111) (124)

Change in derivatives

763 5,158

Change in provisions

(2,204) 12

Other items

108 (168)

Change in inventories (2,270) 1,141

Change in contract assets and liabilities 70 (615)

Change in trade receivables 1,877 3,933

Change in other receivables 8 631

Change in trade payables (328) (5,599)

Change in tax equity liabilities (163) (640)

Change in other payables 15 575

Interest received and similar items 1,559 3,041

Interest paid and similar items (1,528) (3,341)

Income tax paid (1,676) (795)

Cash flows from operating activities 3,608 10,119

Purchase of intangible assets and property, plant, and equipment (7,714) (8,772)

Sale of intangible assets and property, plant, and equipment

(743) (20)

Divestment of enterprises

- 2

Purchase of associates and joint ventures

- 3

Purchase of securities

(1,908) (7,911)

Sale/maturation of securities

2,258 2,013

Change in other non-current assets

(58) (13)

Transactions with associates and joint ventures

104 14

Cash flows from investing activities (8,061) (14,684)

Note DKKm Q1 2024 Q1 2023

Proceeds from raising of loans 8,744 14,854

Instalments on loans (2,197) (549)

Instalments on leases (248) (188)

Coupon payments on hybrid capital (161) (145)

Repurchase of hybrid capital (1,840) -

Proceeds from issuance of hybrid capital 5,520 -

Dividends paid to shareholders in Ørsted A/S - (5,673)

Transactions with non-controlling interests (170) (142)

Net proceeds from tax equity partners 26 (104)

Collateral posted in relation to trading of derivatives (2,944) (7,878)

Collateral released in relation to trading of derivatives 2,613 5,883

Restricted cash and other changes

(230) 1,801

Cash flows from financing activities 9,113 7,859

Total net change in cash and cash equivalents 4,660 3,294

Cash and cash equivalents at the beginning of the period 10,144 16,175

Total net change in cash and cash equivalents 4,660 3,294

Exchange rate adjustments of cash and cash equivalents 84 102

Cash and cash equivalents at 31 March 14,888 19,571

Consolidated financial statements

Interim report First quarter 2024

21/46

Change in accounting policy 2023

In Q4 2023, we changed our accounting policy

regarding presentation of revenue and related

costs from the settlement of failed own-use

power contracts. Previously, we recognised

revenue and the cost of sales on a gross basis

when these contracts were settled. As the

gross presentation does not reflect the magni-

tude of the Group’s power trading activities,

we have changed the presentation to a net

presentation of revenue and related costs.

The change only impacted revenue and the

cost of sales in the Offshore segment, and thus

our EBITDA was not impacted.

Q1 2023 comparisons have been adjusted

accordingly.

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 2023. The Group has not early

adopted any standard, interpretation, or

amendment that has been issued but not yet

effective.

Amendments apply for the first time in 2024,

but do not have a material impact on our

financial statements.

Ørsted is a listed public company, headquar-

tered in Denmark.

This interim report for the first three months of

2024 comprises the interim financial state-

ments 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 151, 228, and 229 of the

annual report for 2023.

The interim consolidated financial statements

for the first three months of 2024 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 2023

and should be read in conjunction with this.

1. Basis of reporting

Consolidated financial statements

Interim report First quarter 2024

22/46

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.

1 Including the elimination of other activities, the total

elimination of intra-group revenue amounts to

DKK 1,190 million, which primarily relates to our

Shared Functions services as well as our B2B

business activities.

2. Segment information

2024 income statement

DKKm Offshore Onshore

Bioenergy

& Other

Reportable

segments

Other

activities/

eliminations Total

External revenue 13,694 707 4,668 19,069 99 19,168

Intra-group revenue 297 (2) (82) 213 (213)

Revenue 13,991 705 4,586 19,282 (114) 19,168

Cost of sales (5,820) (50) (3,569) (9,439) 30 (9,409)

Employee costs and other external expenses (2,426) (651) (605) (3,682) 239 (3,443)

Gain (loss) on disposal of non-current assets 81 30 - 111 - 111

Additional other operating income and expenses 251 785 21 1,057 - 1,057

Share of profit (loss) in associates and joint ventures 6 (3) 1 4 - 4

EBITDA 6,083 816 434 7,333 155 7,488

Depreciation and amortisation

(1,722) (467) (165)

(2,354)

(69)

(2,423)

Impairment losses 1,063 (302) - 761 - 761

Operating profit (loss) (EBIT) 5,424 47 269 5,740 86 5,826

Key ratios

Intangible assets and property, plant, and equipment 116,922 64,895 8,271 190,088 1,230 191,318

Equity investments and non-current receivables 633 142 87 862 169 1,031

Net working capital, capital expenditures (3,662) (678) (60) (4,400) - (4,400)

Net working capital, work in progress 2,355 - - 2,355 - 2,355

Net working capital, tax equity (1,343) (14,885) - (16,228) - (16,228)

Net working capital, other items 5,692 588 (219) 6,061 1,921 7,982

Derivatives, net (2,184) (7,867) (2,042) (12,093) 428 (11,665)

Decommissioning obligations (8,968) (2,205) (2,098) (13,271) - (13,271)

Other provisions (15,022) (1) (1,093) (16,116) (2,035) (18,151)

Tax, net 1,796 (4,656) (445) (3,305) 1,835 (1,470)

Other receivables and other payables, net (3,266) (16) - (3,282) (1,030) (4,312)

Capital employed at 31 March 92,953 35,317 2,401 130,671 2,518 133,189

Return on capital employed (ROCE), % - - - - - (12.2)

Cash flow from operating activities 835 366 3,038 4,239 (631) 3,608

Gross investments (4,989) (2,128) (489) (7,606) (16) (7,622)

Divestments (802) 64 - (738) - (738)

Free cash flow (FCF) (4,956) (1,698) 2,549 (4,105) (647) (4,752)

Consolidated financial statements

Interim report First quarter 2024

23/46

2. Segment information (continued)

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.

1 Including the elimination of other activities, the total

elimination of intra-group revenue amounts to

DKK 1,438 million, which primarily relates to our

Shared Functions services as well as our B2B

business activities.

2023 income statement

DKKm Offshore Onshore

Bioenergy

& Other

Reportable

segments

Other

activities/

eliminations Total

External revenue 18,178 721 6,800 25,699 20 25,719

Intra-group revenue 316 - 90 406 (406)

Revenue 18,494 721 6,890 26,105 (386) 25,719

Cost of sales (11,150) (45) (5,746) (16,941) 247 (16,694)

Employee costs and other external expenses (2,182) (641) (631) (3,454) 285 (3,169)

Gain (loss) on disposal of non-current assets 124 - - 124 - 124

Additional other operating income and expenses 65 799 3 867 1 868

Share of profit (loss) in associates and joint ventures 61 - 1 62 - 62

EBITDA 5,412 834 517 6,763 147 6,910

Depreciation and amortisation

(1,693) (441) (240)

(2,374)

(64)

(2,438)

Impairment losses

- - -

Operating profit (loss) (EBIT) 3,719 393 277 4,389 83 4,472

Key ratios

Intangible assets and property, plant, and equipment 117,520 58,934 8,978 185,432 1,367 186,799

Equity investments and non-current receivables 685 100 106 891 164 1,055

Net working capital, capital expenditures (4,103) (612) (28) (4,743) - (4,743)

Net working capital, work in progress 3,853 19 - 3,872 - 3,872

Net working capital, tax equity - (14,482) - (14,482) - (14,482)

Net working capital, other items 4,863 166 2,868 7,897 1,161 9,058

Derivatives, net (14,956) (6,824) 179 (21,601) 307 (21,294)

Decommissioning obligations (10,392) (1,788) (2,088) (14,268) - (14,268)

Other provisions (1,928) (3) (1,788) (3,719) (2,052) (5,771)

Tax, net 3,991 (4,032) (1,364) (1,405) 1,150 (255)

Other receivables and other payables, net (867) (5) (2) (874) (1,010) (1,884)

Capital employed at 31 March 98,666 31,473 6,861 137,000 1,087 138,087

Return on capital employed (ROCE), % - - - - - 13.8

Cash flow from operating activities 9,606 (142) (922) 8,542 1,577 10,119

Gross investments (6,013) (2,668) (56) (8,737) (31) (8,768)

Divestments (21) 3 - (18) 2 (16)

Free cash flow (FCF) 3,572 (2,807) (978) (213) 1,548 1,335

Consolidated financial statements

Interim report First quarter 2024

24/46

Revenue was DKK 19,168 million. The

decrease of 25 % relative to the first three

months of 2023 was primarily driven by

lower power prices across markets.

Revenue from construction agreements was

DKK 846 million in Q1 2024 and mainly

related to the construction of Borkum

Riffgrund 3 and Gode Wind 3 for partners.

Income from government grants in Offshore

increased relative to the first three months of

2023 due to lower power prices, which led to a

higher subsidy per MWh produced.

3. Revenue

Revenue

DKKm Offshore Onshore

Bioenergy &

Other

activities/

eliminations

2024

total Offshore Onshore

Bioenergy &

Other

activities/

eliminations

2023

total

Generation of power 3,383 656 1,482 - 5,521 2,996 508 2,515 - 6,019

Sale of power 4,928 - 36 (8) 4,956 10,444 - 149 (255) 10,338

Revenue from construction of wind farms and transmission assets 809 37 - - 846 572 70 - - 642

Generation and sale of heat and steam - - 1,468 - 1,468 - - 1,483 - 1,483

Sale of gas - - 1,183 (13) 1,170 - - 2,254 - 2,254

Distribution and transmission - - 72 - 72 - - 49 - 49

O&M and other services 886 32 81 (93) 906 924 27 283 (139) 1,095

Total revenue from customers 10,006 725 4,322 (114) 14,939 14,936 605 6,733 (394) 21,880

Government grants 3,436 44 132 - 3,612 2,152 160 137 - 2,449

Miscellaneous revenue 549 (64) 132 - 617 1,406 (44) 20 8 1,390

Total revenue 13,991 705 4,586 (114) 19,168 18,494 721 6,890 (386) 25,719

Timing of revenue recognition from customers

At a point in time 8,277 725 1,838 (114) 10,726 11,907 605 3,923 (394) 16,041

Over time 1,729 - 2,484 - 4,213 3,029 - 2,810 - 5,839

Total revenue from customers 10,006 725 4,322 (114) 14,939 14,936 605 6,733 (394) 21,880

Consolidated financial statements

Interim report First quarter 2024

25/46

4. Impairments

We have updated our impairment calcula-

tions on our US portfolio as of 31 March 2024.

Our impairment tests prepared in Q1 2024

have resulted in a reversal of impairment

losses of DKK 0.8 billion, mainly driven by the

successful award in New York for our Sunrise

Wind project, partly offset by an increase in

the US long-dated interest rate from

31 December 2023 to 31 March 2024, which

increased our WACCs.

Sunrise Wind OREC price

In February, the New York State Energy

Research and Development Authority

(NYSERDA) awarded our Sunrise Wind project

the right to negotiate a 25-years offshore

wind renewable energy certificate (OREC)

agreement for an offshore wind farm with a

maximum capacity of 924 MW. In March, we

received the record of decision (RoD) from the

US Department of the Interior’s Bureau of

Ocean Energy Management (BOEM) and took

final investment decision on the project.

In our impairment test for Q4 2023, we

assumed a 75 % probability of achieving the

award and 25 % of having a merchant project.

In isolation, the effect of the project being

awarded the right to negotiate an OREC has

led to an impairment reversal of DKK 1.8

billion in Q1 2024.

The base discount rate after tax applied for the

value-in-use calculation is determined per CGU.

Estimation uncertainty and sensitivity analyses

Due to the impairments recognised, estimation uncer-

tainty exists on the assets impaired. The assumptions

with major uncertainty include investment tax credits,

interest rates, and the supply chain.

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 2024, 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 2024, the

impairment loss would have been DKK 1.0 billion

higher.

Impairment losses on segment level

DKKm Q1 2024 Q1 2023

Offshore (1,063) -

Onshore 302 -

Bioenergy & Other - -

Total impairment losses (761) -

WACC levels, %

Base discount rate applied

for the US 5.75 % - 7.25 %

ITC bonus credits

assumed in impairment tests

Sensitivity impact

DKK billion

CGUs

DKKm

Impairment

losses

(reversals)

Recoverable

amount

ITC

bonus credits

Probability

weighting

No ITC

bonus credits

40 % ITC

bonus credits,

100 % proba-

bility

+50 bps

WACC

-50 bps

WACC

Sunrise Wind (1,426) 4,363 10 % 95 % (1.4) 0.1 (0.8) 0.8

Revolution Wind 233 4,145 10 % 95 % (1.0) 0.1 (0.5) 0.5

South Fork 103 3,373 10 % 0 % n.a. n.a. (0.1) 0.1

Block Island 27 1,280 n.a. n.a. n.a. n.a. (0.0) 0.0

Offshore (1,063) 13,161

Onshore 302 4,554 n.a. n.a. n.a. n.a. (0.3) 0.3

Bioenergy & Other - n.a.

Total (761) 17,715

Consolidated financial statements

Interim report First quarter 2024

26/46

4. Impairments (continued)

Increasing interest rates

The US long-dated interest rate has increased

from 31 December 2023 to 31 March 2024,

leading to an increase in our WACCs by

approx. 25 basis points.

The effect from the increase in the WACC was

an impairment of DKK 1.0 billion in Q1 2024

across our US portfolio.

Potential consequences of further adverse

development

In addition to the sensitivities described,

further adverse developments may

lead us to cease development of or recon-

figure projects currently under development.

Besides impairing the capitalised value for

these projects, ceasing to develop projects

could lead to compensation to suppliers or

other stakeholders for cancelling contracts.

Costs related to cancelling contracts will be

recognised as ‘Other operating expenses’ in

our financial statements (part of EBITDA)

when the obligation arises and to the extent

these exceed already recognised onerous

contracts.

Consolidated financial statements

Interim report First quarter 2024

27/46

5. Other operating income and expenses

Other operating income

In Q1 2024, ‘Gain on divestment of assets’

primarily related to the farm-downs

completed in prior years. In Q1 2023, ‘Gain on

divestments of assets’ mainly related to

adjustments regarding the transfer pricing

cases with the Norwegian Tax Administration

(stemming from the divestment of our

upstream oil and gas business in 2017).

The increase in ‘US tax credits and tax

attributes’ was mainly driven by continuous

commissioning of new onshore assets having

full impact.

6. Financial income and expenses

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, net’.

In Q1 2024, ‘Value adjustments of derivatives, net’ mainly consist of gains on

interest rate swaps driven by the increase in interest rates.

Negative ‘Exchange rate adjustments, net’ in Q1 2024 were mostly driven by

the increase in the GBP/DKK and USD/DKK exchange rates.

Other operating income

DKKm Q1 2024 Q1 2023

Gain on divestment of assets 117 147

Insurance compensation 29 3

US tax credits and tax attributes 805 759

Other compensation 127 123

Miscellaneous operating income 222 64

Total other operating income 1,300 1,096

Other operating expenses

DKKm Q1 2024 Q1 2023

Ineffective hedges 78 64

Loss on divestment of assets 6 23

Miscellaneous operating expenses 48 17

Total other operating expenses 132 104

Net financial income and expenses

DKKm Q1 2024 Q1 2023

Interest expenses, net (577) (401)

Interest expenses, leasing (58) (67)

Interest element of provisions, etc. (175) (177)

Tax equity partner's contractual return (279) (254)

Value adjustments of derivatives, net

381

(102)

Capital gains/losses on securities at market value, net

(81)

Exchange rate adjustments, net (637) (453)

Other financial income and expenses (4) 16

Net financial income and expenses (1,347) (1,519)

Consolidated financial statements

Interim report First quarter 2024

28/46

8. Reserves7. Gross and net investments

Gross and net investments

DKKm Q1 2024 Q1 2023

Cash flows from investing activities (8,061) (14,684)

Purchase and sale of securities, reversed (350) 5,898

Loans to associates and joint ventures, reversed 46 -

Sale of non-current assets, reversed 743 18

Gross investments (7,622) (8,768)

Transactions with non-controlling interests in connection with divestments

and acquisitions 5 2

Sale of non-current assets (743) (18)

Divestments (738) (16)

Net investments (8,360) (8,784)

Reserves 2024

DKKm

Foreign

currency

translation

reserve

Hedging

reserve

Total

reserves

Reserves at 1 January (384) (9,867) (10,251)

Exchange rate adjustments 1,199 - 1,199

Value adjustments of hedging reserve - (178) (178)

Value adjustments transferred to:

Revenue - (1,436) (1,436)

Other operating expenses - 78 78

Financial income and expenses - 67 67

Tax:

Tax on hedging and currency adjustments (209) 9 (200)

Movement in comprehensive income for the period 990 (1,460) (470)

Total reserves including tax at 31 March 606 (11,327) (10,721)

Total reserves excluding tax at 31 March 104 (12,907) (12,803)

Reserves 2023

DKKm

Reserves at 1 January (725) (25,742) (26,467)

Exchange rate adjustments 84 - 84

Value adjustments of hedging reserve - 12,875 12,875

Value adjustments transferred to:

Revenue - (605) (605)

Other operating income - 64 64

Financial income and expenses - (10) (10)

Tax:

Tax on hedging and currency adjustments (88) (2,659) (2,747)

Movement in comprehensive income for the period (4) 9,665 9,661

Total reserves including tax at 31 March (729) (16,077) (16,806)

Total reserves excluding tax at 31 March (1,461) (19,447) (20,908)

Interim report First quarter 2024

29/46

Consolidated financial statements

Tax on profit (loss) for the period

Tax on profit (loss) was DKK 1,825 million for

the first three months of 2024 compared to

DKK -67 million for the first three months of

2023.

Effective tax rate

The effective tax rate for the first three

months of 2024 was 41 %. The effective tax

rate was affected by the recognisition of a

deferred tax liability in the US related to tax

equity contributions for Eleven Mile.

Effective tax rate

The effective tax rate for the first three months of 2024 was calculated on the

basis of the profit (loss) before tax.

‘Impairment’ includes a net unrecognised deferred tax liability related to our

impairment on US projects.

‘Other adjustments’ include changes in tax rates, movements in uncertain tax

positions, tax concerning previous years, and unrecognised tax losses.

9. Tax on profit (loss) for the period

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

5) other adjustments not related to the

current year’s profit (loss).

Q1 2024 Q1 2023

Tax for the period

DKK

Profit (loss)

before tax Tax Tax in %

Profit (loss)

before tax Tax Tax in %

Tax equity, deferred tax liability - (885) n.a. - 926 n.a.

Impairment 761 65 (9 %) - - n.a.

Other adjustments - (117) n.a. - (152) n.a.

Remaining business 3,673 (888) 24 % 3,135 (707) 23 %

Effective tax for the period 4,434 (1,825) 41 % 3,135 67 (2 %)

Consolidated financial statements

Interim report First quarter 2024

30/46

40.2

-3.6

6.5

19.4

-29.0

4.6

GBP

USD

NTD

Before hedging After hedging

For USD and NTD, we manage our

risk to a natural time spread bet-

ween front-end capital expenditures

and long-term revenue. In the five

year horizon, we are therefore seeing

that our hedges increase our net

exposure, but in the longer horizon,

our hedges reduce the risk.

We do not deem EUR to constitute a

risk, as we expect Denmark to

maintain its fixed exchange-rate

policy.

26.8

4.9

-0.3

11.7

4.5

0.0

Power Spread (power) Gas and oil

Before hedging After hedging

Our outright power exposure before

and after hedging has decreased in

Q1 2024 due to the decrease in

power prices.

The exposures are based on market

prices as of 31 March 2024.

Energy exposure 1 April 2024 - 31 December 2026

DKKbn

Currency exposure 1 April 2024 - 31 March 2029

DKKbn

10. Market risks

At 31 March 2024, the pre-tax loss of

the hedging reserve was DKK 12.9

billion, of which DKK 10.9 billion will

be transferred to EBITDA over the

coming periods, as shown in the

table. The losses will be countered

by a higher sales price on our future

power production.

-1.0

-7.8

Q2-Q4 2024 2025 After 2025

Power Gas and oil

Currency Inflation and interest

Initial fair value of CPPAs

EBITDA impact from hedges and financial PPAs

DKKbn

We are exposed to financial risks in the form of

market, credit, and liquidity risks as part of our

business, hedging, and trading activities.

Through our risk management, we monitor

and proactively manage the risks according to

our risk appetite.

The overall objective of our financial risk

management is to:



increase the predictability of our short-term

income and construction costs



protect our current and future investment

capacity by stabilising key rating metrics like

FFO/NIBD



protect the long-term real value of the

shareholders’ investment in Ørsted.

For more details on our market risks, please

see notes 6.1-6.5 in the annual report for 2023.

Consolidated financial statements

Interim report First quarter 2024

31/46

determine fair value based on the external

information that most accurately reflects the

market values. We use pricing services and

benchmark services to increase the data

quality. Market values are determined by the

Risk Management function.

We use external price providers to ensure a

high quality in our price curves. Where prices

are not available, we model the prices based

on our prior experience and best estimates.

Where relevant and possible, we validate our

price curves against third-party data.

We measure our securities and derivatives at

fair value. A number of our derivatives, mainly

power purchase agreements, are measured

based on unobservable inputs due to the long

duration of the contracts.

The most significant non-observable inputs

are the long-term US power prices (mainly

ERCOT) and the German power prices.

Valuation principles and process

In order to minimise the use of subjective

estimates or modifications of parameters and

calculation models, it is our policy to

11. Fair value measurement

Fair value hierarchy

Market values based on quoted prices

comprise quoted securities and derivatives

that are traded in active markets. The market

values of derivatives traded in an active

market is often settled on a daily basis,

thereby minimising the market value

presented on the balance sheet.

Market values based on observable inputs

comprise derivatives where valuation models

with observable inputs are used to measure

fair value.

Market values based on non-observable inputs

mainly comprise long-term power purchase

agreements (CPPAs) that lock the power price

of the expected power generation over a

period of up to 10-20 years. Due to the long

duration of these CPPAs, power prices are not

observable for a large part of the duration.

Estimating as-produced power prices

Since our CPPAs are normally settled on the

actual production, and the power prices

available in the market are based on a

constant production (flat profile), we take into

account that our expected production is not

constant, and thus our CPPAs will not be

settled against a flat profile price (see

description of volume risk in note 6.2 ’Energy

price risks’ in the annual report for 2023). For

the majority of our markets, the flat profile

power price can be observed for a maximum of

four to six years in the market, after which an

active market no longer exists.

Fair value hierarchy of financial

instruments

DKKm

Quoted prices

(level 1)

Observable

input

(level 2)

Non-

observable

input

(level 3) 2024

Quoted prices

(level 1)

Observable

input

(level 2)

Non-

observable

input

(level 3) 2023

Assets:

Gas inventory 769 - - 769 4,659 - - 4,659

Total inventory 769 - - 769 4,659 - - 4,659

Bonds 29,518 29,518 - 30,964 - 30,964

Total securities - 29,518 - 29,518 - 30,964 - 30,964

Energy derivatives 2,902 5,327 435 8,664 8,323 6,124 587 15,034

Currency derivatives - 361 - 361 - 803 - 803

Interest and inflation derivatives - 544 - 544 - 1,039 - 1,039

Total derivative assets 2,902 6,232 435 9,569 8,323 7,966 587 16,876

Liabilities:

Energy derivatives 4,453 3,464 8,991 16,908 9,610 11,873 11,836 33,319

Currency derivatives - 804 - 804 - 1,327 - 1,327

Interest and inflation derivatives - 3,522 - 3,522 - 3,524 - 3,524

Total derivative liabilities 4,453 7,790 8,991 21,234 9,610 16,724 11,836 38,170

Consolidated financial statements

Interim report First quarter 2024

32/46

11. Fair value measurement (continued)

Valuation techniques and significant

unobservable inputs

We use a discounted cash flow model for the

valuation of power derivatives.

The US power purchase agreements give

exposure to the long-term US power prices,

mainly in the ERCOT, SPP, and MISO regions.

The power price is observable for the first four

to six years. For the following four to six years,

the power price is estimated based on

observable inputs (gas prices and heat rates).

For the subsequent period, the power price is

non-observable and estimated by extrapola-

ting the power price towards the U.S. Energy

Information Administration’s long-term power

price forecast, assuming similar seasonality as

in previous periods. As only a minor part of the

contract period is within the period when

power prices are non-observable, we classify

the contracts as based on observable input.

In Germany and other countries where we

have long-term PPA contracts, the power

price is observable for up to five years. When

power prices are no longer observable in the

market, we have estimated the power price by

extrapolating the last year with an observable

power price, taking expected inflation and

seasonaility into account.

Acquired CPPAs

The initial negative fair value from long-term

CPPAs acquired in a business combination is

recognised as revenue in profit or loss in the

future period to which the market value

relates. This effectively increases or decreases

the revenue from the contract price to the

forward price at the closing date.

In Q1 2024, we have recognised an income of

DKK 41 million related to the initial fair value

from CPPAs. The total amount of initial fair

value as of 31 March 2024 amounts to a loss of

DKK 1,225 million, which will be recognised as

revenue in a future period.

The table shows the significant unobservable inputs used in the fair value measurements catego-

rised as level 3 of the fair value hierarchy, together with a sensitivity analysis as at 31 March 2024.

If intermittency-adjusted power prices in Germany as of 31 March 2024 decrease/increase by

25 %, the market value would increase/decrease by DKK 1,094 million.

Derivatives valued on the basis of non-observable input

DKKm 2024 2023

Market value at 1 January (7,528) (14,687)

Value adjustments through profit or loss 120 508

Value adjustments through other comprehensive income (976) 2,962

Sales/redemptions (174) 77

Purchases/issues 2 143

Transferred to quoted prices and observable input - (252)

Market value at 31 March (8,556) (11,249)

Non-observable input per commodity price input

DKKm 2024 2023

US ERCOT power prices (6,579) (5,191)

US MISO power prices (920) (962)

German power prices (800) (3,742)

Other power prices (247) (1,261)

Gas prices (10) (93)

Total (8,556) (11,249)

Overview of significant

non-observable inputs and

sensitivities

Power price per MWh (DKK) Sensitivity (DKKm)

Weight

average

Monthly

minimum

Monthly

maximum

+25 % -25 %

Intermittency-adjusted power price

Germany (2025-2035) 384 303 568 (1,094) 1,094

Ireland (2024-2042) 523 403 693 (91) 91

US ERCOT (2024-2033) 346 75 1,100 (3,585) 3,877

US SPP (2024-2035) 215 89 403 (465) 612

US MISO (2024-2033) 341 171 457 (567) 535

Consolidated financial statements

Interim report First quarter 2024

33/46

Interest-bearing net debt totalled DKK 49,864 million at 31 March 2024, which was an increase of

DKK 2,485 million relative to 31 December 2023. The main changes in the composition of our net

debt compared to 31 December 2023 was an increase in bank debt of DKK 6,655 million, mainly

related to short-term repo loans, partly countered by an increase in cash of DKK 4,766 million. In

total short-term repo loans amount to DKK 8,601 million as of 31 March 2024.

At 31 March 2024, the market values of bond and bank debts were DKK 68.1 billion and DKK 15.3

billion, respectively.

12. Interest-bearing debt and FFO

We aim to have a long-term FFO/adjusted NIBD above 30 %, in line with the rating agencies. We are

significantly below our long-term target as of 31 March 2024, primarily due to the 12 months rolling FFO

being impacted by payments of cancellation fees regarding the Ocean Wind 1 project.

Interest-bearing debt and interest-bearing assets

DKKm

31 March

2024

31 December

2023

31 March

2023

Interest-bearing debt:

Bond debt 70,887 70,589 69,436

Bank debt 15,686 9,031 8,353

Total bond and bank debt 86,573 79,620 77,789

Tax equity liability 1,322 1,196 1,165

Lease liability 8,746 8,426 8,074

Other interest-bearing debt:

Debt in connection with divestments 3,000 2,900 2,880

Debt from receiving collateral under credit support annexes 134 286 541

Other interest-bearing debt 142 153 431

Total interest-bearing debt 99,917 92,581 90,880

Interest-bearing assets:

Securities 29,518 29,902 30,964

Cash 14,911 10,145 19,574

Receivables from associates and joint ventures 124 77 -

Cash, not available for use 701 481 280

Other receivables:

Receivables from placing collateral under credit support

annexes 4,032 3,854 3,789

Receivables in connection with divestments 760 735 721

Other receivables 7 8 291

Total interest-bearing assets 50,053 45,202 55,619

Total net interest-bearing debt 49,864 47,379 35,261

Funds from operations (FFO) LTM

DKKm

31 March

2024

31 December

2023

31 March

2023

EBITDA 19,295 18,717 29,538

Change in provisions and other adjustments 6,803 8,742 (1,538)

Change in derivatives (122) 4,274 434

Variation margin (add back) (5,718) (7,086) 1,419

Reversal of gain (loss) on divestment of assets (5,732) (5,745) (9,146)

Income tax paid (3,598) (2,717) (1,827)

Interest and similar items, received/paid 1,715 1,385 (646)

Reversal of interest expenses transferred to assets (434) (453) (511)

50 % of coupon payments on hybrid capital (281) (273) (262)

Dividends received and capital reductions 19 19 23

Funds from operations (FFO) 11,947 16,863 17,484

1 Last 12 months.

Adjusted interest-bearing net debt

DKKm

31 March

2024

31 December

2023

31 March

2023

Total interest-bearing net debt 49,864 47,379 35,261

50 % of hybrid capital 11,396 9,552 9,897

Other interest-bearing debt, add back (3,276) (3,339) (3,852)

Other interest-bearing receivables, add back 4,799 4,597 4,801

Cash and securities not available for distribution,

excluding repo loans 1,090 867 670

Total adjusted interest-bearing net debt 63,873 59,056 46,777

Funds from operations (FFO)/

adjusted interest-bearing net debt, %

31 March

2024

31 December

2023

31 March

2023

Funds from operations (FFO)/

adjusted interest-bearing net debt 18.7 % 28.6 % 37.4 %

Consolidated financial statements

Interim report First quarter 2024

34/46

Dec.

2023

Mar.

2024

Cash Securities, available Undrawn, non-cancellable credit facilities

Liquidity reserve

DKKbn

13. Liquidity reserve

We are trading under both types of

agreements to increase the number of

counterparties with whom we are engaging to

achieve the most optimal prices.

To mitigate and limit the potential negative

impact on our cash position from temporary

fluctuations in market prices, we actively

manage the volumes of trade between trading

with and without collateral arrangements.

As of 31 March 2024, 28 % (2023: 12 %)

of our power and gas trades and 89 %

(2023: 88 %) of our currency, inflation, and

interest rate hedges had daily margin

settlements.

To limit cash impact, we also provide non-cash

collateral as parent company and bank

guarantees, where possible. At the end of

Liquidity reserve

At 31 March 2024, our liquidity reserve

amounted to DKK 76.0 billion (31 December

2023: DKK 90.7 billion). The liquidity reserve

ensures sufficient liquidity to cope with

collateral payments and continuing invest-

ments in the green transformation.

Collateral and margin postings

When we trade in derivatives to execute our

hedging strategy, we have two alternatives:



Trading where the market value is settled

on an ongoing basis through receipt or

placement of collateral.



Trading where we accept the credit risk

that will occur if we gain on the

transaction.

DKK 90.7 billion

DKK 76.0 billion

Dec.

2023

Mar.

2024

Initial margin Variation margin Credit support annex Other collateral

Collateral and margin postings

DKKbn

DKK 7.9 billion

DKK 7.4 billion

Initial margin and variation margins

relate to energy hedges, and the

credit support annex (CSA) relates to

currency, inflation, and interest rate

hedges. Other collateral mainly

relates to insurance liabilities and

escrow accounts. Further securities

can be placed as collateral in repo

transactions as part of our cash

management.

March 2024, we had covered EUR 0.5 billion in

collateral for initial margins and variation

margins on energy hedges through a parent

company guarantee.

Our collateral and margin payments related

to trading with derivatives and collateral

related to insurance liabilities have decreased

from DKK 7.9 billion at 31 December 2023 to

DKK 7.4 billion at 31 March 2024. The decrease

was primarily driven by the decrease in power

and gas prices. Collateral payments related to

initial margins and variation margins

decreased by DKK 0.2 billion and DKK 0.6

billion, respectively, during the first three

months and amounted to DKK 3.0 billion at

31 March 2024.

Consolidated financial statements

Interim report First quarter 2024

35/46

14. Subsequent events

In April, Ørsted signed an agreement to divest

our onshore wind and solar assets in France to

Engie as part of the strategic prioritisation of

other European markets for onshore

renewables. The transaction is expected to

close during Q2 2024.

Sustainability statements

36/46

Interim report

First quarter 2024

Sustainability statements

First quarter 2024

1 January – 31 March



Sustainability statements

37/46

Interim report

First quarter 2024

Measurement basis

The sustainability statements have been pre-

pared using the same accounting policies as

the sustainability statements in our annual

report for 2023. Accounting policies and a list

of references for our calculation factors can

be found in our annual report for 2023.



Consolidation

The data is consolidated according to the

same principles as the financial statements.

Thus, the consolidated quantitative ESG data

comprises the parent company Ørsted A/S

and subsidiaries controlled by Ørsted A/S.

Joint operations are also included with

Ørsted's proportionate share. Associates and

joint ventures are not included in the consoli-

dated ESG data points. Consolidation of all

quantitative ESG data follows the principles

above, unless otherwise specified in specific

accounting policies.



Frameworks and data selection

The sustainability statements are selected

interim-relevant parts of the full annual sus-

tainability statements prepared with refer-

ence to the European Sustainability Reporting

Standards (ESRS) issued by the European

Financial Reporting Advisory Group (EFRAG).

The interim-relevant data is selected as being

either directly related to the understanding of

the financial performance and/or our strategic

progress or as selected highlights of our sus-

tainability performance relevant for the read-

ers of the interim report .

The ESG data points in the Q1 interim report

are a subset of the full data set in our annual

report for 2023 and are defined as material

according to our double materiality assess-

ment (DMA). For more details about our DMA

methodology, please see annual report for

2023.

All greenhouse gas data points (GHG scope 1-

3) are reported based on the Greenhouse Gas

Protocol.

Basis of reporting

Sustainability statements

38/46

Interim report

First quarter 2024

Taxonomy-aligned revenue (turnover)

Our taxonomy-aligned share of revenue in Q1

2024 was 91 %, an increase of 7 percentage

points compared to Q1 2023. This was primar-

ily due to lower non-eligible revenue from gas

sales, driven by lower gas prices, and lower

revenue from fossil-based (coal) generation at

our combined heat and power (CHP) plants.

Taxonomy-aligned CAPEX

Our taxonomy-aligned share of CAPEX in Q1

2024 remained at 99 % and is primarily relat-

ed to our wind and solar farms, and to stor-

age facilities.

Taxonomy-aligned EBITDA (voluntary)

Our taxonomy-aligned share of EBITDA in Q1

2024 remained at 99 %.

1 Other activities primarily consist of non-eligible power sales (incl. end customer sales), oil distribution, and gas trading.

2 This ratio is applied to gross investments

Taxonomy-aligned KPIs (incl. voluntary disclosures)

Taxonomy-aligned KPIs Unit Q1 2024 Q1 2023

Δ

2023

Revenue (turnover) DKKm

19,168 25,719 (25 %) 79,255

Taxonomy-aligned revenue (turnover) %

91 84 7 %p 86

Electricity generation from solar PV (4.1) and storage of electricity (4.10) %

1 0 1 %p 1

Electricity generation from wind power (4.3) %

75 72 3 %p 75

Cogeneration of heat and power from bioenergy (4.20)

3 %p

Taxonomy-non-eligible revenue (turnover) %

9 16 (7 %p) 14

Gas sales %

6 9 (3 %p) 8

Fossil-based generation %

1 5 (4 %p) 3

Other activities

% 2 2 0 %p 3

CAPEX DKKm

8,030 7,938 1 % 37,973

Taxonomy-aligned CAPEX

% 99 99 0 %p 99

Taxonomy-non-eligible CAPEX %

1 1 (0 %p) 1

EBITDA DKKm

7,488 6,910 8 % 18,717

Taxonomy-aligned EBITDA (voluntary) %

99 99 0 %p 95

Electricity generation from solar PV (4.1) and storage of electricity (4.10) %

1 2 (1 %p) 4

Electricity generation from wind power (4.3) %

91 89 2 %p 86

Cogeneration of heat and power from bioenergy (4.20) %

7 8

(1 %p)

Taxonomy-non-eligible EBITDA (voluntary) %

1 1 0 %p 5

Gas sales %

(1) (4) 3 %p 3

Fossil-based generation %

1 4 (3 %p) 1

Other activities %

1 1 0 %p 1

Sustainability statements

39/46

Interim report

First quarter 2024

In Q1 2024, we commissioned the 9 MW

French onshore wind farm Delta Sèvre-Argent.

In the US, we took final investment decision

on the 924 MW offshore wind farm Sunrise

Wind in the state of New York.

In Ireland, we took final investment decision

on the 43 MW onshore wind farm Farranrory.

In December 2023, we removed our offshore

wind projects Ocean Wind 1, Ocean Wind 2,

and Skipjack Wind in the US from our awarded

capacity. In total, the three US projects

amounted to a capacity of 3.2 GW.

1 Both the solar PV and the battery storage capacities are measured in megawatts of alternating current (MW

2 Including thermal heat capacity from biomass and battery capacity not in Onshore (21 MW).

Climate change

Renewable capacity

MW Target Q1 2024 Q1 2023

Δ

2023

Installed renewable capacity

~35-38 GW (2030)

15,740 15,478 262 15,731

Offshore, wind power

~20-22 GW (2030)

8,871 8,871 - 8,871

Onshore

~11-13 GW (2030)

4,794 4,532 262 4,785

Wind power

3,726 3,464 262 3,717

Solar PV power

1,028 1,028 - 1,028

Battery storage

Bioenergy

~2 GW (2030)

2,075 2,075 - 2,075

P2X ~1 GW (2030)

- - - -

Decided (FID'ed) renewable capacity

9,281 4,903 4,378 8,323

Offshore, wind power

7,596 3,116 4,480 6,672

Onshore

1,613 1,715 (102) 1,579

Wind power

134 321 (187) 100

Solar PV power

1,179 1,094 85 1,179

Battery storage

300

300 - 300

P2X

72 72 - 72

Awarded and contracted renewable capacity

2,753 10,237 (7,484) 3,720

Offshore, wind power

2,753 10,237 (7,484) 3,677

Onshore, wind power

- - - 43

Sum of installed and FID'ed renewable capacity

25,021 20,381 4,640 24,054

Sum of installed, FID'ed, and awarded/contracted renewable capacity

27,774 30,618 (2,844) 27,774

Additions for the last 12 months Installed capacity Decided (FID'ed) capacity (above 20 MW) Awarded offshore and contracted (onshore) capacity (above 20 MW)

Q2 2023 Q3 2023 Q4 2023 Q1 2024

Baltica 2+, offshore wind (210 MW) Sunflower Wind, onshore wind (201 MW) Hornsea 3, offshore wind (2,852 MW) Delta Sèvre-Argent, onshore wind (9 MW)

Lisheen 3, onshore wind (29 MW) Farranrory, onshore wind (43 MW) Ballykeel, onshore wind (16 MW) Sunrise Wind, offshore wind (924 MW)

Les Dix Huit, onshore wind (7 MW) Garreenleen (Phase 1), solar PV (81 MW) Revolution Wind, offshore wind (704 MW) Farranrory, offshore wind (43 MW)

Garrenleen (Phase 1), solar PV (81 MW)

Sustainability statements

40/46

Interim report

First quarter 2024

Climate change (continued)

During Q1 2024, our power generation capaci-

ty increased by 90 MW to 12,601 MW.

In offshore wind, the increase was driven by

ramp-up capacity from Greater Changhua 1 in

Taiwan and South Fork in the US.

Onshore wind generation capacity increased

by 9 MW due to the commissioning of Delta

Sèvre-Argent in France.

Generation capacity

MW Q1 2024 2023

Δ

Q1 2024 Q1 2023

Δ

Power generation capacity

12,601 12,511 90 12,601 11,748 853

Offshore wind

5,067 4,986 81 5,067 4,736 331

Denmark

561 561 - 561 561 -

The UK

2,830 2,830

- 2,830

2,988

(158)

Germany

673 673 - 673 673 -

The Netherlands

376 376 - 376 376 -

Taiwan

564 516 48 564 108 456

The US

63 30 33 63 30 33

Onshore wind

3,716 3,707 9 3,716 3,454 262

The US

3,215 3,215 - 3,215 3,014 201

Ireland

351 351 - 351 322 29

The UK

78 78

- 78 62

France

50 41

9 50 34

Germany

22 22

- 22 22

Solar PV

1,018 1,018 - 1,018 1,018 -

The US

1,004 1,004 - 1,004 1,004 -

France

4 4 - 4 4 -

Germany

10 10 - 10 10 -

Thermal, Denmark (CHP plants)

2,800 2,800 - 2,800 2,540 260

Heat generation capacity, thermal

3,353 3,353 - 3,353 3,353 0

Based on biomass

2,032 2,032 - 2,032 2,032 -

Based on coal

1,300 1,300 - 1,300 1,300 -

Based on natural gas

1,617 1,617 - 1,617 1,617 -

Heat generation capacity, electric

225 225 - 225 225 -

Power generation capacity, thermal

2,800 2,800 - 2,800 2,540 260

Based on biomass

1,228 1,228 - 1,228 1,228 -

Based on coal

991 991 - 991 991 -

Based on natural gas

951 951

- 951 951

Based on oil

734 734 - 734 474 260

Sustainability statements

41/46

Interim report

First quarter 2024

Thermal power generation decreased by 13 %

in Q1 2024 compared to Q1 2023, mainly driv-

en by lower condensing power generation

due to lower power prices resulting in unfa-

vourable spreads.

Heat generation was 3 % higher in Q1 2024

compared to Q1 2023, mainly due to colder

weather in Q1 2024.

Energy sales

In Q1 2024, gas sales were 16 % higher com-

pared to Q1 2023, mainly driven by increased

B2B sales in Denmark and Sweden.

Power sales were 12 % or 0.8 TWh lower than

in Q1 2023, partly due to lower volumes from

balancing activities.

Energy generation

Offshore wind power generation increased by

10 % to 5.7 TWh in Q1 2024 compared to Q1

2023. The increase was primarily due to

ramp-up effects from Greater Changhua 1

and 2a, and higher offshore wind speeds com-

pared to Q1 2023.

Onshore wind power generation was 3.4 TWh

in Q1 2024, as in Q1 2023. The increase in gen-

eration at our European onshore wind farms

was offset by decreased power generation at

several of our US onshore wind farms. Solar

PV power generation increased by 10 % due

to increased generation at our US site Permi-

an Energy Center.

1 Power sold with renewable certificates

2 Power sold without renewable certificates

Climate change (continued)

Energy generation and sales

Energy generation

GWh Q1 2024 Q1 2023

Δ

2023

Power generation

10,927 10,610 3 % 35,572

Offshore wind

5,670 5,162 10 % 17,761

Denmark

691 599 15 % 1,970

The UK

3,142

3,416

(8 %)

10,887

Germany

753 566 33 % 2,076

The Netherlands

444 412 8 % 1,449

Taiwan

579 141 311 % 1,291

The US

61 28 118 % 88

Onshore wind

3,371 3,385 (0 %) 11,228

The US

3,003 3,055 (2 %) 10,124

Ireland

262 245 7 % 809

France

40 %

Germany

6 %

The UK

24 %

148

Solar PV

402 366 10 % 2,146

The US

399 363 10 % 2,131

Germany

2 2 0 % 11

France

1 1 0 % 4

Thermal

1,484 1,697 (13 %) 4,437

Heat generation

3,285 3,178 3 % 6,587

Total heat and power generation

14,212 13,788 3 % 42,159

Of which, wind and solar PV

9,443 8,913 6 % 31,135

Of which, thermal heat and power

4,769 4,875 (2 %) 11,024

Of which, thermal heat and power, %

34 % 35 % (1 %p) 26 %

Energy sales

GWh Q1 2024 Q1 2023

Δ

2023

Gas sales

5,167 4,468 16 % 16,880

Power sales

6,264 7,098 (12 %) 21,448

Green power to end customers

114 183 (38 %) 881

Regular power to end customers

539 466

16 %

1,567

Power wholesale

5,611 6,449 (13 %) 19,000

Sustainability statements

42/46

Interim report

First quarter 2024



The 3 percentage point increase in the share

from offshore wind was primarily due to ramp-

up effects from Greater Changhua 1 and 2a,

and higher offshore wind speeds compared to

Q1 2023.

tion, in Q1 2023, Studstrup Power Station was

running on coal due to a fire in the wood pel-

let silo in the autumn of 2022. Operation on

biomass was partly resumed in April 2023.

The share of sustainable biomass generation

increased by 7 percentage points compared

to Q1 2023, primarily driven by increased ge-

neration on biomass at Studstrup Power Sta-

tion, where in Q1 2023 we were unable to use

biomass due to the fire in the wood pellet silo.

The renewable share of heat and power gen-

eration was 97 % in Q1 2024, which was

8 percentage points higher than in Q1 2023.

The main driver for the increased renewable

share of heat and power generation com-

pared to Q1 2023 was the 8 percentage point

decrease in the share of coal-based genera-

tion, which was mainly driven by reduced coal

condensing power generation at the CHP

plants due to unfavourable spreads. In addi-

Climate change (continued)

Total heat and power generation by energy source Share of renewable energy generation

Share of renewable energy generation

Share of energy generation

Q1 2024 Q1 2023

Δ

2023

Total heat and power generation

100 100 0 %p 100

From offshore wind

40 37 3 %p 42

From onshore wind

23 25 (2 %p) 27

From solar PV

3 3 0 %p

From sustainable biomass

30 23 7 %p

From other renewable energy sources

1 1 0 %p 1

From coal

2 10 (8 %p) 6

From natural gas

1 1 0 %p 1

From other fossil energy sources

0 0 0 %p 0

Share of renewable energy generation

97 89 8 %p 93

Offshore

100 100 0 %p 100

Onshore

100 100 0 %p 100

Bioenergy & Other

90 68 22 %p 73

Sustainability statements

43/46

Interim report

First quarter 2024

Climate change (continued)

Energy consumption

Energy consumption Unit Q1 2024 Q1 2023

Δ

2023

Direct energy consumption (GHG, scope 1)

GWh

5,498 5,829 (6 %) 14,936

Fuels used in thermal heat and power generation

GWh

5,461 5,788 (6 %) 14,764

Sustainable biomass

GWh

4,854 3,654 33 % 10,074

Coal

GWh

370 1,987 (81 %) 3,782

Natural gas

GWh

194 116 67 % 746

Oil

GWh

43 31 39 % 162

Other energy usage (oil, gas, and diesel for vessels and vehicles) GWh

37 41 (10 %) 172

Coal used in thermal heat and power generation Thousand tonnes

58 299 (81 %) 546

Certified sustainable wooden biomass sourced %

100 100 0 %p 100

Indirect energy consumption (GHG, scope 2) GWh

166 112 48 % 632

Power sourced for own consumption GWh

160 106 51 % 618

Own power consumption covered by renewable energy certificates %

100 100 0 %p 100

Heat sourced for own consumption GWh

6 6 0 % 14

Total direct and indirect energy consumption GWh

5,664 5,941 (5 %) 15,568

Green share of total direct and indirect energy consumption %

89 63 26 %p 69

The power sourced for own consumption in-

creased by 51 %, mainly due to an increase in

power purchased for the generation of heat in

boilers at our CHP plants.

mainly driven by lower condensing power

generation due to lower power prices result-

ing in unfavourable spreads, as well as re-

sumed biomass generation at Studstrup

Power Station since April 2023.

The consumption of natural gas increased by

67 %, mainly driven by increased heat genera-

tion at the two natural gas-fired power stati-

ons Svanemølle Heat Plant and H.C. Ørsted

Power Station.

The total fuel consumption for thermal heat

and power generation was reduced by 6 % in

Q1 2024 compared to Q1 2023.

The consumption of sustainable biomass in-

creased by 33 % compared to Q1 2023, main-

ly driven by increased biomass usage at

Studstrup Power Station due to the fire in the

wood pellet silo impacting Q1 2023.

The consumption of coal decreased by 81 %,

Sustainability statements

44/46

Interim report

First quarter 2024

1Total GHG emissions including scope 2 GHG emissions measured using the location-based method.

2 Total GHG emissions including scope 2 GHG emissions measured using the market-based method.

GHG emissions (scope 1-3)

Scope 1 greenhouse gas (GHG) emissions de-

creased by 73 % from Q1 2023 to Q1 2024.

The main driver was the 81 % decrease in the

use of coal at the power stations, partly off-

set by a 67 % increase in the use of natural

gas.

In Q1 2024, scope 3 greenhouse gas emissions

increased by 20 % compared to Q1 2023,

mainly driven by the 20 % increase in scope 3

emissions from natural gas sales.

Scope 3 emissions from fuel- and energy-

related activities (category 3) were 4 % higher

in Q1 2024 than in Q1 2023, primarily due to

the 16 % increase in sale of regular power to

end customers, partly offset by lower up-

stream emissions from the 6 % lower fuel

consumption at the power stations.

GHG intensities

Our scope 1 and 2 GHG intensity of energy

consumption decreased by 73 % compared to

Q1 2023 due to the decease in fossil-based

heat and power generation in combination

with a 3 % increase in total heat and power

generation.

Scope 1, 2, and 3 GHG intensity (excluding

emissions from natural gas sales) decreased

by 37 % compared to Q1 2023 for the same

reasons as for scope 1 and 2 GHG intensity,

partly offset by increased scope 3 emissions

(excl. natural gas sales).

Climate change (continued)

Greenhouse gas (GHG) emissions

GHG emissions and intensities Unit Q1 2024 Q1 2023

Δ

2023

Direct GHG emissions (scope 1) Thousand tonnes CO

e 195 721 (73 %) 1,585

Indirect GHG emissions (scope 2)



Location-based Thousand tonnes CO

e 14 16 (13 %) 93

Market-based Thousand tonnes CO

e 0 0 0 % 1

Indirect GHG emissions (scope 3) Thousand tonnes CO

e 1,840 1,539 20 % 5,631

C2: capital goods Thousand tonnes CO

e 4 0 - 91

C3: fuel- and energy-related activities Thousand tonnes CO

e 459 441 4 % 1,314

C11: use of sold products Thousand tonnes CO

e 1,220 1,020 20 % 3,862

Other categories Thousand tonnes CO

e 157 77 104 % 364

Total GHG emissions (location-based)

Thousand tonnes CO

e 2,049 2,276 (10 %) 7,309

Total GHG emissions (market-based)

Thousand tonnes CO

e 2,035 2,260 (10 %) 7,217

Scope 1, 2, and 3 (excl. natural gas sales) Thousand tonnes CO

e 815 1,240 (34 %) 3,355

Scope 3 (excl. natural gas sales) Thousand tonnes CO

e 620 519 19 % 1,769

GHG intensity (scope 1 and 2)



GHG intensity, energy generation g CO

e/kWh 14 52

(73 %)

Offshore g CO

e/kWh 1 1

0 %

Onshore g CO

e/kWh 0 0

0 %

Bioenergy & Other g CO

e/kWh 40 146

(73 %)

141

GHG intensity, revenue g CO

e/DKK 10 28

(64 %)

GHG intensity, EBITDA g CO

e/DKK 26 104 (75 %) 85

GHG intensity (scope 1, 2, and 3, excl. natural gas sales) g CO

e/kWh 57 90 (37 %) 80

Sustainability statements

45/46

Interim report

First quarter 2024

The lost-time injury frequency (LTIF) was 13 %

lower in Q1 2024 compared to Q1 2023.

The total number of lost-time injuries (LTIs)

was at the same level; however, the number

of hours worked increased by 18 %.

In Q1 2024, our total recordable injury rate

(TRIR) was at 2.9, which is 7 % higher than in

Q1 2023.

In Q1 2024, the total number of recordable

injuries (TRIs) increased by four injuries, which

equals an increase of 27 % compared to Q1

2023. This was driven by an increase of one

injury among our own employees and three

injuries among contractor employees.

Both the total employee turnover rate and

the voluntary employee turnover rate have

increased during Q1 2024, but are lower than

in Q1 2023.

The number of employees was 3 % higher at

the end of Q1 2024 compared to Q1 2023, but

2 % lower than at the end of 2023.

At 2.1 %, sickness absence was at the same

level as in Q1 2023 and the end of 2023.

1 FTE distribution in other countries in Q1 2024: the Netherlands (113), Ireland (104), France (72), Singapore (21),

Korea (17), Japan (12), Sweden (8), Spain (8), Vietnam (7), and Norway (2).

Own workforce

People and safety

People Q1 2024 Q1 2023

Δ

2023

Total number of employees, FTEs

8,706 8,422 3 % 8,905

Denmark

4,237 4,306 (2 %) 4,354

The UK

1,291

1,283

1 %

1,311

The US

721 702 3 % 746

Malaysia

756 667 13 % 769

Poland

769 592 30 % 776

Germany

386 353 9 % 385

Taiwan

182 183 (1 %) 193

Other

364 336 8 % 371

Sickness absence, %

2.1 2.1 0.0 %p 2.1

Turnover, %



Total employee turnover rate 10.6 10.9 (0.3 %p) 9.6

Voluntary employee turnover rate

7.5 8.2 (0.7 %p) 7.2

Safety Q1 2024 Q1 2023

Δ

2023

Total recordable injuries (TRIs), number

19 15 27 % 73

Own employees

4 3 33 % 23

Contractor employees

15 12 25 % 50

Lost-time injuries (LTIs), number

9 9 0 % 36

Own employees

2 2 0 % 12

Contractor employees

7 7 0 % 24

Hours worked, million hours

6.5 5.5 18 % 25.8

Own employees

3.7 3.5 6 % 14.5

Contractor employees

2.8 2.0 40 % 11.3

Total recordable injury rate, TRIR

2.9 2.7 7 % 2.8

Own employees

1.1 0.9 22 % 1.6

Contractor employees

5.3 5.8 (9 %) 4.4

Lost-time injury frequency, LTIF

1.4 1.6 (13 %) 1.4

Own employees

0.5 0.6 (17 %) 0.8

Contractor employees

2.5 3.4 (26 %) 2.1

TRIR 12M rolling

2.9 3.5 (17 %) 2.8

LTIF 12M rolling

1.3 1.8 (28 %) 1.4

Fatalities, number

0 0 0 % 0

Permanent disability cases, number

0 0 0 % 0

Consolidated financial statements

Interim report First quarter 2024

46/46

In our opinion, the Sustainability statements

represents a reasonable, fair and balanced

representation of the Groups sustainability

performance and are prepared in accordance

with the stated accounting policies.

Over and above the disclosures in the interim

report, no changes in the Group's most

significant risks and uncertainties have

occurred relative to the disclosures in the

annual report for 2023.

The Board of Directors and the Executive

Board have today considered and approved

the interim report of Ørsted A/S for the period

1 January - 31 March 2024.

The interim report, which has not been

audited or reviewed by the company’s

independent auditors, has been prepared in

accordance with IAS 34 'Interim Financial

Reporting' as adopted by the EU and

additional requirements in the Danish

Financial Statements Act. The accounting

policies remain unchanged from the annual

report for 2023.

In our opinion, the interim report gives a true

and fair view of the Group's assets, liabilities,

and financial position at 31 March 2024 and of

the results of the Group's operations and cash

flows for the period 1 January - 31 March 2024.

In our opinion, the Management's review

represents a true and fair account of the

development in the Group's operations and

financial circumstances, of the results for the

period, and of the overall financial position of

the Group as well as a description of the most

significant risks and elements of uncertainty

facing the Group.

Skærbæk, 2 May 2024

Mads Nipper

Group President and CEO

Rasmus Errboe

Deputy CEO and CCO

Lene Skole

Chair

Julia King, the Baroness

Brown of Cambridge

Benny Gøbel*

Anne Cathrine Collet Yde*

Andrew Brown

Deputy Chair

Peter Korsholm

Lara Jewinat*

Annica Bresky

Dieter Wemmer

Ian McCalder*

*Employee-elected board member

Executive Board:

Board of Directors:

Statement by the Executive Board

and the Board of Directors

Trond Westlie

CFO

Henriette Fenger Ellekrog

Chief HR Officer

17/46

Management’s review

Interim report First quarter 2024

Ørsted A/S

CVR no. 36213728

Kraftværksvej 53

DK-7000 Fredericia

Tel.: +45 99 55 11 11

orsted.com

Global Media Relations

Carsten Birkeland Kjær

Tel.: +45 99 55 77 65

Investor Relations

Rasmus Keglberg Hærvig

Tel.: +45 99 55 90 95

Front page image

Greater Changhua 1 and 2a, Taiwan

Publication

2 May 2024