Ørsted A/S

Interim report

First nine months 2024

2/50

Interim report

First nine months 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 Tues-

day, 5 November 2024 at 14:00 CET.

The earnings call can be followed live here:

https://getvisualtv.net/stream/?orsted-q3-2024

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

Tom Christiansen

Tel.: +45 99 55 60 17

Investor Relations

Rasmus Keglberg Hærvig

Tel.: +45 99 55 90 95

Consolidated statements of income ................................................... 19

Consolidated balance sheet .................................................................... 21

Consolidated statement of shareholders’ equity ....................... 22

Consolidated statement of cash flows ............................................. 23

Notes

1. Basis of reporting .......................................................................................... 24

2. Segment information ................................................................................. 25

3. Revenue .............................................................................................................. 28

4. Impairments ..................................................................................................... 30

5. Other operating income and expenses ......................................... 32

6. Financial income and expenses .......................................................... 32

7. Gross and net investments .................................................................... 33

8. Reserves ............................................................................................................. 33

9. Tax on profit (loss) for the period ...................................................... 34

10. Markets risks .................................................................................................. 35

11. Fair value measurement ......................................................................... 36

12. Interest-bearing net debt and FFO ................................................. 38

13. Subsequent events .................................................................................... 39

Financial statements

Consolidated financial statements

Basis of reporting .............................................................................................. …41

Environment

Taxonomy-aligned KPIs (incl. voluntary disclosures)................ …42

Climate change .................................................................................................. .. 43

Social

Own workforce .................................................................................................. ....49

Management’s statement

Statement by the Executive Board and the Board of Direc-

tors .............................................................................................................................. ....50

Sustainability statements

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

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

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

Results 9M .............................................................................................................. …..8

Results Q3 .............................................................................................................. …..11

Business units’ Q3 results ............................................................................ …..13

Performance highlights ................................................................................ .....16

Quarterly overview ......................................................................................... .....17

3/50

Management’s review

Interim report First nine months 2024

awarded at inflation-indexed strike prices of

GBP 54.23 and GBP 58.87 per MWh, respec-

tively. Both contracts are in 2012 prices.

When completed, Hornsea 3 will have a ca-

pacity of 2,955 MW, equivalent to delivering

renewable electricity to approx. 3 million UK

households. We expect to take final invest-

ment decision (FID) on Hornsea 4 within the

next 18 months and are currently targeting

commissioning of the project before the end of

2030.

We look forward to delivering these landmark

projects, which will supply renewable power at

large scale to UK consumers and businesses

and help the UK government achieve its

target of quadrupling its offshore wind capaci-

ty to 60 GW by 2030.

With these awards mentioned above, we

move closer to reaching our ambition of 20-22

GW of offshore capacity in 2030.

In September, we were awarded a solar ener-

gy contract in the RESS 4 auction in Ireland for

our 55 MW Ballinrea Solar project with a price

of EUR 105 per MWh.

In October, we took final investment decision

on two onshore projects in the US, with a

combined capacity of 500 MW.

Executing on our business plan

During Q3, we have made good progress on

our business plan, as we were awarded 3.5 GW

of capacity in auctions and have commis-

sioned 0.5 GW of renewable capacity across

our markets. We are on track with our divest-

ment programme, where we have signed an

agreement to divest a share in four UK assets.

Although we are progressing well with deliver-

ing on our strategy and are securing value

creating renewable growth opportunities, we

continue to see risks impacting the construc-

tion for our US offshore portfolio.

At Ocean Wind 1, we have finalised the negoti-

ation of several contracts with a better out-

come than assumed. We have reversed more

than DKK 6 billion of the cancellation fee

provision during the year, which had a positive

impact on reported EBITDA.

In August, we shut down our last coal-fuelled

CHP plant, Esbjerg Power Station, in Denmark.

This marks the end of a chapter and is the last

major step on our journey to meet our target

of 99 % renewable share of energy generation

by 2025. Going forward, our entire energy

generation will essentially be fossil-free.

Growing our renewable portfolio

In September, we were awarded Contract for

Difference (CfDs) for a 1,080 MW share of the

Hornsea 3 project and a 2,400 MW for the

Hornsea 4 project in the UK. The CfDs were

CEO’s review

Business progress and development

Reached commercial operation (COD) of the

two onshore renewable assets Old 300

(remaining 73 MW) and Mockingbird (471

MW).

Award of 2.4 GW capacity for Hornsea 4

and 1.1 GW capacity for Hornsea 3 in the UK

AR6 CfD auction.

Finalised additional large contract negotia-

tions for Ocean Wind 1, with an outcome of

DKK 5.1 billion better than assumed.

Construction of Revolution Wind and Sunrise

Wind progressing according to updated

schedule. However, we have experienced a

challenge with the installation of an off-

shore substation monopile at Revolution

Wind and reassessed the risks related to the

offshore scope of the project.

Signed the divestment of part of our owner-

ship share of four UK offshore wind farms to

Brookfield.

Final investment decision on two onshore

projects with a capacity of 500 MW.

Financials

Operating profit (EBITDA) for the first nine

months amounted to DKK 23.6 billion com-

pared to DKK 19.4 billion in the same period

last year, of which DKK 6.4 billion related to

reversal of cancellation fees in 2024 and

new partnership gains of DKK 4.0 billion in

2023.

EBITDA excluding new partnerships and

cancellation fees, increased by DKK 1.8 bil-

lion (12 %)to DKK 17.2 billion.

Earnings from our offshore sites amounted

to DKK 15.3 billion, which was an increase of

DKK 2.2 billion, mainly driven by ramp-up of

generation and higher wind speeds.

Impairments for the first nine months

amounted to DKK 3.4 billion, net, mainly

related to FlagshipONE and Revolution

Wind, partly offset by a reversal on Sunrise

Wind.

We have narrowed our full-year EBITDA

guidance to DKK 24-26 billion. However, we

have lowered our gross investments guid-

ance by DKK 8 billion to DKK 36-40 billion.

Selected events

Delivering on business plan with CfD awards for Hornsea 3 and 4 in the

UK, a significant divestment, and better than assumed settlements for

Ocean Wind 1. Solid 9M earnings and EBITDA guidance narrowed.

Management’s review

4/50

Interim report

First nine months 2024

Divestment programme progressing accord-

ing to plan

We continue to progress with our divestment

programme and during the quarter we have

signed an agreement with Brookfield to farm

down 25 % of our ownership-share (50 %,

which will be reduced to 37.5 %) in four opera-

tional UK offshore wind farms with CfDs. The

transaction ensures high value retention. The

total proceed from this transaction is ex-

pected to amount to DKK 15.7 billion and will

support our balance sheet and capital struc-

ture in line with our business plan.

Financials

Operating profit (EBITDA) for the first nine

months amounted to DKK 23.6 billion com-

pared to DKK 19.4 billion in the same period

last year. EBITDA excluding new partnerships

and cancellation fees in 9M 2024 amounted to

DKK 17.2 billion, which is an underlying in-

crease of 12 % compared to last year.

Earnings from our offshore sites amounted to

DKK 15.3 billion, which was an increase of DKK

2.2 billion compared to the same period last

year. The increase was driven by the ramp-up

of generation at our offshore wind farms

Greater Changhua 1 and 2a, South Fork, and

Gode Wind 3, higher wind speeds, and a higher

pricing of the inflation-indexed CfDs and green

certificates. Lower availability dampened the

increase in 9M 2024 due to electrical infra-

structure issues in the export transmission

cables at Hornsea 1 and 2, which have now

been repaired.

At Ocean Wind 1, we continue to work through

our supplier contracts, and we have finalised

the negotiation of several contracts with a

better outcome than assumed. Together with

Construction projects

Over the recent months, we reached two COD

milestones. We commissioned the onshore

solar farm Mockingbird and the remaining part

of the solar farm Old 300, both in the US.

These achievements bring our total installed

renewable capacity to 18.2 GW. Furthermore,

we completed the construction of Gode Wind

3 in Germany, where we are now awaiting the

final wind turbines to pass the 240 hour test

before fully commissioning the wind farm.

In our US offshore portfolio, we are working

diligently to manage the execution risks at

Revolution Wind and Sunrise Wind.

At Revolution Wind, we have continued the

offshore construction work and have succesful-

ly installed 52 turbine foundations and 9 tur-

bines. We are progressing with the construction

of the onshore substation according to the

updated schedule. However, we have experi-

enced challenges primarily relating to the

piling of one of the offshore substation mono-

piles, which will expectedly lead to higher

project costs. We have increased our contin-

gencies accordingly.

At Sunrise Wind, construction is progressing on

a tight schedule but in accordance with our

revised plan. We expect to commission the

project at the end of 2026 or early 2027.

The construction of Borkum Riffgrund 3 is

progressing on schedule, with delivery and

installation of all monopiles being completed.

However, as the installation of the project's

power grid connection has been delayed by

the German TSO, the expected COD is moved

from Q4 2025 to Q1 2026. We are being com-

pensated for this delay.

Ford Ridge Wind Farm, Illinois, the US.

In September, we were awarded Contract for Difference (CfDs)

for a 1,080 MW share of the Hornsea 3 project and 2,400 MW

for the Hornsea 4 project in the UK. With these awards, we

move closer to reaching our ambition of 20-22 GW of offshore

capacity in 2030.

”

Management’s review

5/50

Interim report

First nine months 2024

Mads Nipper

Group President & CEO

”

Over the recent months, we reached several COD milestones.

These achievements bring our total installed renewable

capacity to 18.2 GW.

Sustainability

In Q3 2024, we have continued our efforts to

lower our CO

emissions and support biodiver-

sity. We launched a first-of-its-kind biodiversity

measurement framework which will enable us

to define and track our net-positive biodiversi-

ty ambition for all new projects after 2030.

We have also published a new industry stand-

ard for measuring the carbon footprint of

offshore wind farms based on a full lifecycle

assessment in a collective effort with 11 other

developers and the Carbon Trust. These

initiatives underline that delivering on our

business plan goes hand in hand with our

sustainability ambitions.

the provisions for ceasing FlagshipONE, this

has led to a net-positive EBITDA impact of

DKK 6.4 billion.

Total impairments for the first nine months of

2024 amounted to DKK 3.4 billion, net, with

FlagshipONE and Revolution Wind as the main

contributors, partly offset by a reversal on

Sunrise Wind. For specifications of our impair-

ments, please see note 4 ‘Impairments’.

Based on the solid 9M earnings, we have

narrowed our full-year EBITDA guidance to

DKK 24-26 billion from DKK 23-26 billion,

excluding earnings from new partnerships and

impact from cancellation fees.

We have lowered our gross investments

guidance by DKK 8 billion to DKK 36-40 billion

due to timing effects across our project portfo-

lio.

6/50

Interim report

First nine months 2024

At a glance

Financial highlights

Operating profit (EBITDA)

, DKKbn

19.4

Offshore

Onshore

Profit for the period, DKKbn

Gross investments, DKKbn

Interest-bearing net debt, DKKbn

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 i.e. including impairments and cancellation fees

23.6

Bioenergy & Other

25.7

Offshore Onshore Bioenergy & Other

25.5

25.7

3.1

6.1

42.9

62.8

11.5

8.1

20.9

12.6

17.7

15.7

17.7

Onshore Bioenergy & Other Offshore

153

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

8.1

12.6

Excl. impairments

and cancellation fees

6/50

3.0

Impairment and cancellation fees (after tax)

-28.4

8.5

-13.7

-19.9

6.1

7/50

Management’s review

Interim report First nine months 2024

EBITDA

Based on the solid 9M earnings, we have nar-

rowed our 2024 EBITDA-guidance to DKK 24-

26 billion (previously DKK 23-26 billion).

However, compared to the directional guid-

ance provided in the interim report for H1 2024,

we now expect earnings from Bioenergy &

Other to be lower.

In Bioenergy & Other, we have changed our

directional guidance from ‘higher’ to ‘lower’.

The lower earnings expectation continues to

be driven by slower ramp-up than expected at

the Tyra gas-field, less favourable develop-

ment in our gas at storage, and lower earnings

from our CHP plants.

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 now expected

to amount to DKK 36-40 billion, a reduction

of DKK 8 billion from our H1 report. This is

mainly due to timing effects across our con-

struction portfolio, with a large amount of

milestone payments expected to be moved

into next year.

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

Guidance

5 Nov

24-26

Neutral

Significantly

higher

Lower

36-40

Guidance

15 Aug

23-26

Neutral

Significantly

higher

Higher

44-48

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’.

8/50

Management’s review

Interim report First nine months 2024

Financial results

Revenue

Power generation from offshore and onshore

assets increased by 11 % and totalled 24.1 TWh

in 9M 2024. The increase was due to ramp-up

of generation from our offshore wind farms

Greater Changhua 1 and 2a, South Fork Wind,

and Gode Wind 3, our onshore wind farm Sun-

flower Wind, and our solar farms Sparta Solar

(part of Helena Energy Center) and Eleven Mile.

Furthermore, we had higher wind speeds

across our portfolio. This was partly offset by

lower availability at Hornsea 1 and 2 due to

electrical infrastructure issues in the export

transmission cables, resulting in curtailment of

the wind farms. The issues have been identified

and repaired. Further, bad weather conditions

in the US in Q1 2024 affected our onshore as-

sets, and the divestment of London Array in Q3

2023 impacted the year-on-year comparison.

Heat generation increased by 8 % in 9M 2024,

mainly due to colder weather. Thermal power

generation decreased by 9 %, mainly due to

less attractive spreads for power condensing

generation.

Our renewable share of generation amounted

to 97 %, an increase of 5 percentage points

compared to the same period last year.

Revenue amounted to DKK 50.0 billion. The

decrease of 13 % relative to 9M 2023 was

mainly due to lower power and gas sales,

which we primarily source from other produc-

ers, and consequently has limited impact on

EBITDA.

EBITDA

Operating profit (EBITDA) for the first nine

months amounted to DKK 23.6 billion, DKK 4.2

billion higher than in 9M 2023. Adjusted for

cancellation fees and new partnerships,

EBITDA increased by DKK 1.8 billion (12 %) to

DKK 17.2 billion.

The impact on EBITDA from cancellation fees

amounted to an income of DKK 6.4 billion in

9M 2024 and related to Ocean Wind 1 as well

as the decision to cease execution of Flag-

shipONE. As regards Ocean Wind 1, we have

finalised the negotiations of several contracts

with a better outcome than assumed, leading

to a positive EBITDA impact. This was partly

offset by costs related to fulfilling and cancel-

ling contracts for FlagshipONE.

Earnings from Offshore sites amounted to DKK

15.3 billion, an increase of DKK 2.2 billion com-

EBITDA excluding new partnerships and cancellation fees, DKKbn

Results 9M

Financial results, DKKm 9M 2024 9M 2023 %

Revenue

49,957 57,725 (13 %)

EBITDA

23,606 19,403 22 %

- New partnerships

- 4,007 n.a.

- EBITDA excl new partnerships and cancellation fees

17,197 15,396 12 %

Depreciation and amortisation

(7,654) (7,429) 3 %

Operating profit (loss) (EBIT)

12,516 (16,448) n.a.

Gain (loss) on divestment of enterprises

(45) 278 n.a.

Financial items, net

(3,134) (3,444) (9 %)

Profit (loss) before tax

9,367 (19,583) n.a.

Tax

(3,267) (315) 937 %

Tax rate

35 % (2 %) 37 %p

Profit (loss) for the period

6,100 (19,898) n.a.

Impairment (loss)/reversal

(3,436) (28,422) (88 %)

- Cancellation fees

6,409 - n.a.

pared to the same period last year. The in-

crease was due to higher wind speeds (DKK

1.2 billion), ramp-up of generation at Greater

Changhua 1 and 2a, South Fork, and Gode

Wind 3, and higher prices on the inflation-

indexed CfD and ROC wind farms. In addition,

we had a positive effect from higher prices on

green certificates. This was partly offset by

the lower availability mentioned above and

the divestment of London Array in Q3 2023.

EBITDA from existing partnerships amounted

to a loss of DKK 0.2 billion in 9M 2024 and

was mainly related to minor adjustments

related to farm-downs completed in prior

years.

EBITDA from our Onshore business amounted

to DKK 2.8 billion, DKK 0.4 billion higher than

Offshore

(DKK 1.0 bn)

Onshore

(DKK 0.4 bn)

Bio & Other

(DKK 0.1 bn)

Management’s review

9/50

Interim report

First nine months 2024

in the same period last year. The increase was

due to ramp-up of generation at Sunflower

Wind, Sparta, and Eleven Mile. This was partly

offset by periods with bad weather conditions

in the US in Q1 2024, resulting in lower availa-

bility and generation.

EBITDA from our CHP plants amounted to DKK

0.6 billion in 9M 2024, an increase of DKK 0.2

billion compared to the same period last year.

This was due to higher heat generation and a

contractual compensation from Energinet for

keeping three of our power stations operation-

al until August 2024, which was partly offset

by lower condensing power generation and

sale of ancillary services.

EBITDA from our gas business totalled DKK 0.0

billion in 9M 2024, slightly higher than in the

same period last year. The increase was driven

by a temporary negative effect from revalua-

tion of our gas at storage during 9M 2023,

which was not repeated to the same extent in

9M 2024.

Impairments

Impairment losses had a negative effect in 9M

2024 of DKK 3.4 billion. The main contributors

to the net impairment were our decision to

cease execution of FlagshipONE (DKK 1.5 bil-

lion), and from construction delay of the on-

shore substation, installation of an offshore

substation monopile, additional contingency

due to higher risk assessment, and market pric-

es at Revolution Wind (DKK 3.8 billion). This

was partly offset by a reversal on our Sunrise

Wind project (DKK 1.8 billion) due to its award

of a higher OREC by the State of New York.

Furthermore, we saw a positive effect from the

decrease in the US long-dated interest rate

(DKK 1.4 billion) across our US portfolio. Impair-

ments in 9M 2023 amounted to DKK 28.4 bil-

lion, of which DKK 20 billion related to Ocean

Wind 1. See note 4 ‘Impairments’ for more in-

formation.

EBIT

EBIT increased by DKK 29.0 billion to DKK 12.5

billion in 9M 2024. This was mainly due to im-

pairments in Q3 2023 and higher EBITDA.

Financial income and expenses

Net financial income and expenses amounted

to DKK -3.1 billion compared to DKK -3.4 bil-

lion in 9M 2023. The lower net expenses were

mainly due to gains on interest rate swaps (not

being hedge-accounted), and net capital gains

on the bond portfolio, partly offset by losses

on exchanges rate adjustments.

Tax and tax rate

Tax on profit for the period amounted to DKK

3.3 billion, DKK 3.0 billion higher than in the

same period last year. The tax rate in 9M 2024

was 35 %, and it was negatively affected by

the recognition of a deferred tax liability relat-

ed to tax equity contribution for Eleven Mile

(DKK 1.0 billion) and Mockingbird (DKK 0.5

billion) and net unrecognised deferred tax as-

sets, including impairment losses and cancella-

tion fees on our US and Swedish portfolio. In

9M 2023, the tax rate of -2 % was positively

affected by a reversal of a recognised de-

ferred tax liability in the US related to Ocean

Wind 1. See note 9 ‘Tax on profit (loss) for the

period’.

Profit for the period

Profit for the period totalled DKK 6.1 billion,

DKK 26.0 billion higher than in 9M 2023. The

increase was mainly due to impairments in Q3

2023 and higher EBITDA. This was partly off-

set by the higher tax. Adjusted for impairments

and cancellation fees, profit for the period

amounted to DKK 3.0 billion, DKK 5.5 billion

lower than in the same period last year.

Cash flows and net debt

Cash flows from operating activities

Cash flows from operating activities totalled

DKK 8.1 billion in 9M 2024 compared to DKK

22.4 billion in 9M 2023.

During 9M 2024, we had a net cash outflow of

DKK 5.9 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’). Furthermore, we re-

versed DKK 6.4 billion, net, as mentioned

above.

During 9M 2024, we released DKK 1.8 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 6.3 billion in 9M

2023. The changes are specified as follows:

–

the variation margin payments were a

cash inflow of DKK 1.5 billion vs a cash

inflow of DKK 4.4 billion in 9M 2023

Cash flow and net debt, DKKm 9M 2024 9M 2023 %

Cash flows from operating activities

8,050 22,362 (64 %)

EBITDA

23,606 19,403 22 %

Reversal of gain (loss) on divestments of assets

(266) (5,053) (95 %)

Change in derivatives, excl. variation margin

(1,095) 1,390 n.a.

Change in variation margin

1,466 4,396 (67 %)

Change in provisions

(11,591) 124 n.a.

Other items

(73) (67) 9 %

Interest expense, net

(632) (875) (28 %)

Paid tax

(3,180) (2,130) 49 %

Change in work in progress

(3,404) 1,039 n.a.

Change in tax equity partner liabilities

1,303 901 45 %

Change in other working capital

1,916 3,234 (41 %)

Gross investments

(25,694) (25,470) 1 %

Divestments

2,363 (319) n.a.

Free cash flow

(15,281) (3,427) 346 %

Net interest-bearing debt, beginning of period

47,379 30,571 55 %

Free cash flow

15,281 3,427 346 %

Dividends and hybrid coupon paid

493 6,173 (92 %)

Addition of lease obligations, net 1,040 965 8 %

Repurchase of hybrid capital, net

(1,813) 699 n.a.

Net interest-bearing debt, end of period

62,817 42,892 46 %

Exchange rate adjustments, etc.

437 1,057 (59 %)

Management’s review

10/50

Interim report

First nine months 2024

of the French part of our Onshore Europe port-

folio, divestment of an equity ownership stake

in a portfolio consisting of four US onshore

wind farms, and customary compensation to

our partners in Hornsea 1 for wake loss effects.

In 9M 2023, ‘Divestments’ was DKK -0.3 billion

and mainly related to the acquisition of Ever-

source’s 50 % ownership share of Lease Area

500 and PSEG’s 25 % equity stake in Ocean

Wind 1, as well as the divestment of London

Array.

Interest-bearing net debt

Interest-bearing net debt totalled DKK 62.8

billion at the end of September 2024 against

DKK 47.4 billion at the end of 2023. The in-

crease was mainly due to a negative free cash

flow of DKK 15.3 billion, partly offset by the

net issuance of hybrid capital in 9M 2024.

Equity

Equity was DKK 91.1 billion at the end of Sep-

tember 2024 against DKK 77.8 billion at the

end of 2023. The partial divestment of the four

US wind farms contributed DKK 2.0 billion to

non-controlling interests.

Capital employed

Capital employed was DKK 153.9 billion at the

end of September 2024 against DKK 125.2

billion at the end of 2023, mainly due to new

investments.

Financial ratios

Return on capital employed (ROCE)

Return on capital employed (ROCE) was 8.1 %

in 9M 2024. The increase of 22 percentage

points compared to last year was attributable

to a higher EBIT during the 12-month period

–

the initial margin payments were a cash

inflow of DKK 0.3 billion vs a cash inflow of

DKK 1.9 billion in 9M 2023.

In 9M 2024, we had a net cash outflow from

work in progress of DKK 3.4 billion, mainly re-

lated to the construction of the Hornsea 3 and

Hornsea 4 offshore transmission assets and the

construction of Gode Wind 3 for partners, part-

ly offset by milestone payments received at

Borkum Riffgrund 3. In 9M 2023, we had a cash

inflow of DKK 1.0 billion, mainly related to the

sale of the remaining 50 % of the Hornsea 2

offshore transmission assets, only partly offset

by construction of the Hornsea 3 offshore

transmission assets and work at Greater

Changhua 1.

In 9M 2024, we received tax equity contribu-

tions for Eleven Mile, while we received new

tax equity contributions for Sunflower Wind in

Onshore and South Fork in Offshore in 9M 2023.

Investments and divestments

Gross investments amounted to DKK 25.7 bil-

lion in 9M 2024. The main investments were:

–

offshore wind farms (DKK 19.6 billion), in-

cluding Greater Changhua 2b and 4 in Tai-

wan and our portfolio of US and German

projects

–

onshore wind and solar farms (DKK 4.7

billion), including the construction of Eleven

Mile, Mockingbird, and our portfolio of Euro-

pean projects

–

CHP plants (DKK 1.3 billion), including car-

bon capture and storage facilities in Den-

mark.

In 9M 2024, ‘Divestments’ amounted to DKK

2.4 billion and were mainly related to the sale

due to the impairment losses recognised in Q3

2023. ROCE adjusted for impairment losses

and cancellation fees in 9M 2024 was 11.5 %.

Credit metric (FFO/adjusted net debt)

The funds from operations (FFO)/adjusted net

debt credit metric was 12.6 % in 9M 2024

against 20.9 % in 9M 2023. The decrease was

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 amounted to 97 % in 9M 2024, a 5

percentage point increase compared to 9M

2023. The increase was primarily driven by

lower coal-based and higher biomass-based

generation at the CHP plants as well as an

increased share of generation coming from

new solar farms in the US.

Greenhouse gas emissions

Our greenhouse gas emissions from heat and

power generation (scope 1 and 2) decreased by

47 % in 9M 2024 compared to 9M 2023, main-

ly due to a decrease in the use of coal at our

CHP plants. Our scope 1 and 2 greenhouse gas

intensity decreased to 21 g CO2

/kWh in 9M

2024 against 43 g CO2

/kWh in 9M 2023,

mainly due to a decrease in scope 1 emissions

(numerator) together with an increase in total

heat and power generation (denominator).

Key ratios, DKKm, %

9M 2024 9M 2023 %

ROCE

8.1 (13.7) 22 %p

Adjusted net debt 75,756 55,247 37 %

FFO/adjusted net debt 12.6 20.9

(8 %p)

Taxonomy-aligned KPIs

Read more about our EU taxonomy-

aligned KPIs on page 42 in the sustainabil-

ity statements.

Revenue 90 %

EBITDA 98 %

Gross investments 99 %

Our scope 1-3 greenhouse gas intensity in-

creased to 153 g CO2

/kWh in 9M 2024

against 87 g CO2

/kWh in 9M 2023, mainly

due to an increase in scope 3 emissions from

commissioned assets (capital goods).

Greenhouse gas emissions from our supply

chain and sales activities (scope 3) were 63 %

higher than in 9M 2023, driven by an increase

in scope 3 emissions from capital goods.

Safety

In 9M 2024, we had 53 total recordable inju-

ries (TRIs), of which 38 injuries were related to

contractors’ employees. This was a decrease

of 2 injuries compared to 9M 2023. The total

recordable injury rate (TRIR) decreased from

2.9 in 9M 2023 to 2.3 in 9M 2024.

11/50

Management’s review

Interim report First nine months 2024

EBITDA

Operating profit (EBITDA) for the third quarter

amounted to DKK 9.5 billion, DKK 0.4 billion

higher than in Q3 2023. Adjusted for cancella-

tion fees and new partnerships, EBITDA de-

creased by DKK 0.7 billion to DKK 4.4 billion.

The impact on EBITDA from cancellation fees

was an income of DKK 5.1 billion in Q3 2024

and related to changes in the provision for

Ocean Wind 1. New partnerships in Q3 2023

related to the divestment of London Array.

Earnings from offshore sites amounted to DKK

4.0 billion, a decrease of DKK 0.1 billion com-

pared to the same period last year.

EBITDA from our onshore business amounted

to DKK 1.0 billion, DKK 0.2 billion higher than in

the same period last year.

EBITDA from our CHP plants amounted to

DKK -0.1 billion in Q3 2024, an increase of DKK

0.1 billion compared to the same period last

year.

EBITDA from our gas business totalled DKK 0.1

billion in Q3 2024, DKK 0.4 billion lower than in

the same period last year.

Impairments

We had net impairments of DKK 0.3 billion in

Q3 2024 related to our US portfolio. The nega-

tive development was driven by updated as-

sumptions regarding market prices, installation

of an offshore substation monopile, and addi-

tional contingency due to higher risk assess-

ment for Revolution Wind. This was partly

offset by a 50 basis points decrease in the long

-dated interest rate in the US during the quar-

ter. See note 4 ‘Impairments’ for more infor-

mation.

Tax and tax rate

Tax on profit for the third quarter amounted to

DKK 0.3 billion, DKK 0.3 billion lower than last

year. The tax rate was 6 %, and it was affected

by the net reversal of impairment losses and

cancellation fees on our US portfolio, as no or

limited deferred tax assets were originally

recognised on these. See note 9 ‘Tax on profit

(loss) for the period’.

Profit for the period

Profit for Q3 2024 totalled DKK 5.2 billion,

DKK 27.7 billion higher than in Q3 2023. The

EBITDA excluding new partnerships and cancellation fees, DKKbn

Results Q3

Financial results, DKKm Q3 2024 Q3 2023 %

Revenue

15,766 17,441 (10 %)

EBITDA

9,548 9,173 4 %

- New partnerships

- 4,007 n.a.

- EBITDA excl new partnerships and cancellation fees

4,439 5,166 (14 %)

Depreciation and amortisation

(2,548) (2,537) 0 %

Operating profit (loss) (EBIT)

6,716 (21,786) n.a.

Gain (loss) on divestment of enterprises

14 (50) n.a.

Financial items, net

(1,235) (128) 865 %

Profit (loss) before tax

5,508 (21,955) n.a.

Tax

(339) (607) (44 %)

Tax rate

6 % (3 %) 9 %p

Profit (loss) for the period

5,169 (22,562) n.a.

Impairment (loss)/reversal

(284) (28,422) (99 %)

- Cancellation fees

5,109 - n.a.

increase was mainly due to impairments in

Q3 2023 and the positive impact from can-

cellation fees in Q3 2024.

Adjusted for impairments and cancellation

fees, profit for Q3 2024 amounted to DKK 0.4

billion, DKK 5.4 billion lower than the same

period last year. The decrease was mainly

due to the gain from the divestment of Lon-

don Array in Q3 2023, higher exchange rate

adjustments and lower underlying EBITDA as

described above.

Cash flows from operating activities

Cash flows from operating activities totalled

DKK -1.6 billion in Q3 2024 compared to DKK

9.8 billion in Q3 2023.

During Q3 2024, we had a net cash outflow

Offshore

(DKK -0.6 bn)

Onshore

(DKK 0.1 bn)

Bio & Other

(DKK -0.4 bn)

Management’s review

12/50

Interim report

First nine months 2024

of DKK 1.8 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’). Furthermore, we re-

versed DKK 5.1 billion as mentioned above.

During Q3 2024, we tied up an additional DKK

0.2 billion, net, in variation margin payments on

unrealised hedges (‘Change in variation mar-

gin’) and initial margin payments at clearing

houses (part of ‘Change in other working capi-

tal’), whereas we released DKK 0.4 billion in Q3

2023.

In Q3 2024, we had a net cash outflow from

work in progress of DKK 2.4 billion, mainly re-

lated to the construction of the Hornsea 3 off-

shore transmission assets and the construction

of Borkum Riffgrund 3. In Q3 2023, we had a

net cash inflow of DKK 3.5 billion, mainly relat-

ed to the divestment of 50 % of the offshore

transmission assets at Hornsea 2.

In Q3 2024, we did not receive new tax equity

contributions, while we received new tax equi-

ty contributions for Sunflower Wind in Onshore

and South Fork in Offshore in Q3 2023.

Investments and divestments

Gross investments amounted to DKK 9.8 billion

in Q3 2024. The main investments were:

–

offshore wind farms (DKK 8.5 billion), includ-

ing Greater Changhua 2b and 4 in Taiwan

and our portfolio of US and German pro-

jects

–

onshore wind and solar farms (DKK 0.9

billion), including the construction of Eleven

Mile, Mockingbird, and our portfolio of Euro-

pean projects.

In Q3 2023, ‘Divestments’ amounted to DKK

1.7 billion and was mainly related to the di-

vestment of London Array and our acquisition

of Eversource’s ownership share of Lease Area

500 in the US.

Cash flow and net debt, DKKm Q3 2024 Q3 2023 %

Cash flows from operating activities

(1,639) 9,796 n.a.

EBITDA

9,548 9,173 4 %

Reversal of gain (loss) on divestments of assets

(106) (3,750) (97 %)

Change in derivatives, excl. variation margin

(476) 428 n.a.

Change in variation margin

(264) 100 n.a.

Change in provisions

(7,018) 149 n.a.

Other items

61 (22) n.a.

Interest expense, net

(207) (212) (2 %)

Paid tax

(659) (634) 4 %

Change in work in progress

(2,352) 3,548 n.a.

Change in tax equity partner liabilities

(681) 2,053 n.a.

Change in other working capital

515 (1,037) n.a.

Gross investments

(9,780) (9,204) 6 %

Divestments

108 1,735 (94 %)

Free cash flow

(11,311) 2,327 n.a.

Net interest-bearing debt, beginning of period

49,366 43,924 12 %

Free cash flow

11,311 (2,327) n.a.

Dividends and hybrid coupon paid

125 122 2 %

Addition of lease obligations, net

451 416 8 %

Repurchase of hybrid capital, net

1,867 - n.a.

Net interest-bearing debt, end of period

62,817 42,892 46 %

Exchange rate adjustments, etc.

(303) 757 n.a.

13/50

Management’s review

Interim report First nine months 2024

Financial results for Q3 2024

Power generation decreased by 1 % to 3.5 TWh

in Q3 2024. The decrease was due to lower

wind speeds, lower availability of some of our

UK assets, and the divestment of London Ar-

ray during Q3 2023. This was partly offset by

ramp-up at South Fork and Gode Wind 3.

Wind speeds amounted to a portfolio average

of 8.4 m/s, which was lower than in Q3 2023

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

wind speeds expected in the third quarter (8.3

m/s).

Availability was 89 %, which was 4 percentage

points lower than in the same period last year.

This was mainly due to a planned outage at

Hornsea 1 and 2.

Revenue decreased by 15 % and amounted to

DKK 12.1 billion.

Revenue from offshore wind farms in operation

increased by 17 % to DKK 5.3 billion, mainly

driven by increased revenue from CfD con-

tracts, ROCs, and green certificates. Revenue

from power sales decreased by 24 % to DKK

3.0 billion, due to significantly lower power

prices. Revenue from construction agreements

mainly related to the construction of Borkum

Riffgrund 3 for partners.

EBITDA increased by DKK 0.5 billion and

amounted to DKK 8.5 billion.

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

by DKK 0.1 billion and amounted to DKK 4.0

billion in Q3 2024. The decrease was due to

lower wind speeds (DKK 0.1 billion), the divest-

ment of London Array in Q3 2023, and the

lower availability mentioned above. This was

partly offset by ramp-up of generation at

South Fork and Gode Wind 3, and higher prices

on green certificates and higher earnings from

our power trading activities.

EBITDA from ‘Construction agreements and

divestment gains’ amounted to DKK 0.1 billion

in Q3 2024 and mainly related to the con-

struction of Borkum Riffgrund 3 for partners. In

Q3 2023, earnings mainly related to the di-

vestment of London Array.

EBITDA from cancellation fees amounted to a

net income of DKK 5.1 billion in Q3 2024 and

related to changes in the provision for Ocean

Wind 1. As regards Ocean Wind 1, we have

finalised the negotiations of several contracts

with a better outcome than assumed, leading

to a positive impact of DKK 5.1 billion in the

quarter.

EBITDA from other activities was DKK 0.4

billion more negative than in Q3 2023, mainly

due to increased activity in project develop-

ment.

Results 9M 2024 9M 2023 %

Business drivers

Decided (FID'ed) and installed capacity GW 16.8 12.0 39 %

Installed capacity

9.9 8.9 11 %

Generation capacity

5.2 5.0 4 %

Wind speed

m/s

9.5 9.2 3 %

Load factor

39 38 1 %p

Availability

86 93 (7 %p)

Power generation

GWh

12,859 11,750 9 %

Denmark

1,465 1,346 9 %

United Kingdom

7,293 7,454 (2 %)

Germany

1,655 1,343 23 %

The Netherlands

970 959 1 %

APAC

1,297 586 121 %

The US

179 62 189 %

Power sales GWh 14,128 15,204 (7 %)

Power price, LEBA UK

GBP/MWh

79 116 (32 %)

British pound

DKK/GBP

8.8 8.6 2 %

Financial performance



Revenue

DKKm

37,605 42,369 (11 %)

Sites, O&M, and PPAs

18,014 14,879 21 %

Power sales

12,296 20,766 (41 %)

Construction agreements

6,272 5,805 8 %

Other

1,023 919 11 %

EBITDA

DKKm

19,831 16,428 21 %

Sites, O&M, and PPAs

15,286 13,043 17 %

Construction agreements and divestment gains (171) 4,542 n.a.

Other, incl. project development (1,693) (1,157) 46 %

Depreciation

DKKm

(5,283) (5,187) 2 %

Impairment losses

DKKm

(2,887) (26,988) (89 %)

EBIT

DKKm

11,661 (15,747) n.a.

Cash flow from operating activities

DKKm

738 15,204 (95 %)

Gross investments

DKKm

(19,619) (18,923) 4 %

Divestments

DKKm

(854) (290) 194 %

Free cash flow

DKKm

(19,735) (4,009) 392 %

Capital employed

DKKm

111,127 82,978 34 %

Q3 2024

16.8

9.9

5.2

8.4

3,522

356

2,122

467

258

271

4,010

8.8

12,088

5,302

3,034

3,171

581

8,530

3,958

106

(644)

(1,752)

199

6,977

(2,063)

(8,502)

(45)

(10,610)

111,127

39 %

11 %

4 %

(2 %)

(2 %p)

(4 %p)

(1 %)

(6 %)

23 %

0 %

8 %

200 %

2 %

(18 %)

1 %



(15 %)

17 %

(24 %)

(40 %)

18 %

6 %

(2 %)

(98 %)

150 %

1 %

n.a.

14 %

n.a.

724 %

34 %

Q3 2023

12.0

8.9

5.0

8.6

3,544

377

2,259

379

259

254

3,948

8.7

14,265

4,549

3,978

5,247

491

8,037

4,050

4,245

(258)

(1,733)

(26,988)

(20,684)

4,405

(7,430)

1,738

(1,287)

82,978

Cancellation fees 5,109 - n.a. 6,409 - n.a.

Offshore

14/50

Management’s review

Interim report First nine months 2024

Financial results for Q3 2024

Power generation from our operating onshore

assets increased by 12 % compared to Q3 2023

and amounted to 3.3 TWh. The increase was

due to ramp-up of generation at Sunflower,

Sparta Solar (part of Helena Energy Center),

and Eleven Mile. In Q3 2024, the wind speeds

across the portfolio were 6.2 m/s, equal to Q3

2023 but below a normal wind year (6.4 m/s).

Revenue was DKK 0.1 billion above Q3 2023

and amounted to DKK 0.8 billion. The increase

was mainly due to the higher generation.

EBITDA for Q3 2024 amounted to DKK 1.0

billion, which was DKK 0.2 billion higher than in

the same period last year. The increase was

mainly due to the mentioned ramp-up of gen-

eration from new assets in operation. This was

partly offset by higher project development

costs and the general costs of increasing our

portfolio. In Q3 2023, we classified costs relat-

ed to our operating assets from ‘Other includ-

ing project development’ to ‘Sites’ to align with

our methodology in Offshore (no impact on

total Onshore EBITDA in Q3 2023).

Onshore

Results Q3 2024 Q3 2023 %

Business drivers

Decided (FID'ed) and installed capacity GW 6.4 6.2 2 %

Installed capacity

5.7 4.8 20 %

Wind speed

m/s

6.2 6.2 0 %

Load factor, wind

26 27 (1 %p)

Load factor, solar PV

31 32 (1 %p)

Availability, wind

87 85 2 %p

Availability, solar PV

97 98 (1 %p)

Power generation

GWh

3,270 2,927 12 %

US, wind

1,947 1,975 (1 %)

US, solar PV

1,158 708 63 %

Europe

166 244 (32 %)

US dollar

DKK/USD

6.8 6.8 0 %

Financial performance

Revenue

DKKm

801 676 18 %

EBITDA

DKKm

991 819 21 %

Sites

419 246 70 %

Production tax credits and tax attributes 731 581 26 %

Other, incl. project development (159) (8) n.a.

Depreciation

DKKm

(559) (560) (0 %)

Impairment losses

DKKm

(483) (1,434) (66 %)

EBIT

DKKm

(51) (1,175) (96 %)

Cash flow from operating activities

DKKm

95 1,121 (92 %)

Gross investments

DKKm

(875) (1,460) (40 %)

Divestments

DKKm

152 - n.a.

Free cash flow DKKm (628) (339) 85 %

Capital employed DKKm 38,427 33,322 15 %

9M 2024 9M 2023 %

6.4 6.2 2 %

5.7 4.8 20 %

7.2 7.0 2 %

36 35 1 %p

27 27 0 %p

90 90 0 %p

97 98 (1 %p)

11,229 9,999 12 %

8,013 7,484 7 %

2,463 1,740 42 %

753 775 (3 %)

6.9 6.9 0 %

2,166 2,022 7 %

2,802 2,445 15 %

1,022 862 19 %

2,349 1,977 19 %

(569) (394) 45 %

(1,667) (1,459) 14 %

(549) (1,434) (62 %)

586 (448) n.a.

3,039 620 390 %

(4,693) (6,045) (22 %)

3,259 2 n.a.

1,605 (5,423) n.a.

38,427 33,322 15 %

15/50

Management’s review

Interim report First nine months 2024

Financial results for Q3 2024

Heat generation increased by 42 % in Q3 2024,

mainly due to colder weather. Power genera-

tion increased by 3 %.

Gas sales decreased by 23 % due to the expiry

of a wholesale offtake contract in Q1 2024,

whereas power sales increased by 2 %.

EBITDA amounted to DKK -0.2 billion com-

pared to DKK 0.2 billion in Q3 2023.

EBITDA from ‘CHP plants’ was DKK -0.1 billion,

DKK 0.1 billion higher than in Q3 2023. This was

mainly due to higher heat generation and a

contractual compensation from Energinet for

keeping three of our power stations operation-

al until August 2024.

EBITDA from ‘Gas Markets & Infrastructure’

decreased by DKK 0.4 billion relative to Q3

2023 to DKK 0.1 billion. The decrease was driv-

en by a temporary positive effect from revalu-

ation of our gas at storage during Q3 2023,

which was not repeated to the same extent in

Q3 2024.

EBITDA from ‘Other incl. project development’

was DKK -0.2 billion, DKK 0.1 billion more nega-

tive than in Q3 2023. This was mainly due to

provisions made in Q3 2024 related to the

close-down of our Renescience plant.

Bioenergy & Other

Results

Q3 2024 Q3 2023 %

Business drivers 

Degree days Number 79 53 49 %

Heat generation

GWh

332 234 42 %

Power generation

GWh

805 781 3 %

Gas sales

GWh

4,138 5,355 (23 %)

Power sales

GWh

577 566 2 %

Gas price, TTF

EUR/MWh

35.3 33.0 7 %

Power price, DK

EUR/MWh

68.8 78.8 (13 %)

Green dark spread, DK

EUR/MWh

(29.7) (36.4) (18 %)

Wood pellet spread, DK

EUR/MWh

8.3 9.2 (9 %)

Financial performance

Revenue

DKKm

3,058 2,645 16 %

EBITDA

DKKm

(185) 155 n.a.

CHP plants (95) (219) (57 %)

Gas Markets & Infrastructure 125 485 (74 %)

Other, incl. project development

(215) (111) 94 %

Depreciation DKKm

(167) (169) (2 %)

EBIT

DKKm

(352) (14) n.a.

Cash flow from operating activities

DKKm

(286) 2,130 n.a.

Gross investments

DKKm

(386) (208) 85 %

Divestments

DKKm

- - n.a.

Free cash flow

DKKm

(672) 1,922 n.a.

Capital employed

DKKm

3,123 3,857 (19 %)

9M 2024 9M 2023 %

1,639 1,619 1 %

4,551 4,202 8 %

3,094 3,395 (9 %)

13,355 13,839 (3 %)

1,790 1,999 (10 %)

31.4 40.7 (23 %)

64.9 88.7 (27 %)

(30.9) (32.7) (5 %)

5.7 5.9 (3 %)



10,649 13,995 (24 %)

213 89 139 %

569 382 49 %

4 (31) n.a.

(360) (262) 37 %

(496) (579) (15 %)

(283) (490) (42 %)

3,033 2,192 38 %

(1,300) (353) 268 %

- (3) n.a.

1,733 1,836 (6 %)

3,123 3,857 (19 %)

16/50

Management’s review

Interim report First nine months 2024

Financials, DKKm

9M 2024 9M 2023 2023

Income statement

Revenue

49,957 57,725 79,255

EBITDA

23,606 19,403 18,717

Offshore

19,831 16,428 13,817

Sites, O&M, and PPAs

15,286 13,043 20,207

Construction agreements and divestment gains

(171) 4,542 5,218

Cancellation fees

6,409 - (9,621)

Other, incl. project development

(1,693) (1,157) (1,987)

Onshore

2,802 2,445

2,970

Bioenergy & Other

213 89 1,523

Other activities/eliminations

760 441 407

Depreciation and amortisation

(7,654) (7,429) (9,795)

Impairment

(3,436) (28,422) (26,775)

Operating profit (loss) (EBIT)

12,516 (16,448) (17,853)

Gain (loss) on divestment of enterprises

(45) 278 234

Net financial income and expenses

(3,134) (3,444) (1,443)

Profit (loss) before tax

9,367 (19,583) (19,026)

Tax

(3,267) (315) (1,156)

Profit (loss) for the period

6,100 (19,898) (20,182)

Balance



Assets 290,341 286,782 281,136

Equity

91,127 78,361 77,791

Shareholders in Ørsted A/S

65,987 57,304 56,782

Hybrid capital

20,955 19,103 19,103

Non-controlling interests

4,185 1,954 1,906

Interest-bearing net debt

62,817 42,892 47,379

Capital employed

153,944 121,253 125,170

Additions to property, plant, and equipment

27,874 25,890 37,954

Cash flow



Cash flow from operating activities 8,050 22,362 28,532

Gross investments

(25,694) (25,470) (38,509)

Divestments

2,363 (319) 1,542

Free cash flow

(15,281) (3,427) (8,435)

Financial ratios



Return on capital employed (ROCE)

, % 8.1 (13.7) (14.2)

FFO/adjusted net debt

, % 12.6 20.9 28.6

Number of outstanding shares, end of period, '000

420,381 420,381 420,381

Share price, end of period, DKK

445 385 374

Market capitalisation, end of period, DKK billion

187 162 157

Earnings per share (EPS), DKK

13.6 (48.5) (50.1)

Business drivers

9M 2024 9M 2023 2023

Offshore

Decided (FID'ed) and installed capacity, GW

16.8 12.0 15.5

Installed capacity, GW

9.9

8.9 8.9

Generation capacity, GW

5.2

5.0 5.0

Wind speed, m/s

9.5 9.2 9.8

Load factor, %

38 43

Availability, %

93 93

Power generation, GWh

12,859

11,750 17,761

Power sales, GWh

14,128

15,204 21,448

Onshore



Decided (FID'ed) and installed capacity, GW

6.4

6.2 6.4

Installed capacity, GW

5.7

4.8 4.8

Wind speed, m/s

7.2

7.0 7.2

Load factor, wind, %

35 36

Load factor, solar PV, %

27 24

Availability, wind, %

90 88

Availability, solar PV, %

98 98

Power generation, GWh

11,229

9,999 13,374

Bioenergy & Other



Degree days, number

1,639

1,619 2,585

Heat generation, GWh

4,551

4,202 6,587

Power generation, GWh

3,094

3,395 4,437

Power sales, GWh

1,790

1,999 2,627

Gas sales, GWh

13,355 13,839 16,880

Sustainability statements

Employees (FTE), end of period number

8,377

8,906 8,905

Total recordable injury rate (TRIR), YTD

2.3 2.9 2.8

Fatalities, number

0 0 0

Renewable share of energy generation, %

92 93

GHG emission (scope 1 & 2), Mtonnes

0.7

1.3 1.6

GHG intensity (scope 1 & 2), g CO

e/kWh

43 38

GHG emissions (scope 3), Mtonnes

7.3 4.5 5.6

GHG intensity (scope 1-3), g CO

e/kWh (excl. natural gas

sales)

153 87 80

Performance highlights

EBIT last 12 months.

2 FFO last 12 months.

17/50

Management’s review

Interim report First nine months 2024

Quarterly overview

Financials, DKKm

2024

2023

2022

Income statement

Revenue 15,766 15,023 19,168 21,530 17,441 14,565 25,719 30,256

EBITDA 9,548 6,570 7,488 (686) 9,173 3,320 6,910 6,696

Offshore 8,530 5,218 6,083 (2,611) 8,037 2,979 5,412 2,094

Sites, O&M, and PPAs 3,958 4,400 6,928 7,164 4,050 3,135 5,859 3,746

Construction agreements and

divestment gains

106 6 (283) 676 4,245 340 (42) (715)

Other, incl. project development (643) (488) (562) (830) (258) (496) (405) (937)

Onshore 991 995 816 525 819 792 834 852

Bioenergy & Other (185) (36) 434 1,434 155 (583) 517 3,609

Other activities/eliminations 212 393 155 (34) 162 132 147 141

Depreciation and amortisation (2,548) (2,683) (2,423) (2,366) (2,537) (2,454) (2,438) (2,792)

Impairment (284) (3,913) 761 1,647 (28,422) - - (2,529)

Operating profit (loss) (EBIT) 6,716 (26) 5,826 (1,405) (21,786) 866 4,472 1,375

Gain (loss) on divestment of enterprises 14 (7) (52) (44) (50) 159 169 32

Net financial income and expenses (1,235) (552) (1,347) 2,001 (128) (1,797) (1,519) (985)

Profit (loss) before tax 5,508 (575) 4,434 557 (21,955) (763) 3,135 460

Tax (339) (1,103) (1,825) (841) (607) 225 67 (789)

Profit (loss) for the period 5,169 (1,678) 2,609 (284) (22,562) (538) 3,202 (329)

Balance sheet



Assets 290,341 286,002 290,383 281,136 286,782 296,466 306,644 314,142

Equity 91,127 83,368 83,325 77,791 78,361 103,548 102,826 95,532

Shareholders in Ørsted A/S 65,987 56,446 58,709 56,782 57,304 82,379 78,551 71,743

Hybrid capital 20,955 22,792 22,792 19,103 19,103 19,103 19,793 19,793

Non-controlling interests 4,185 4,130 1,824 1,906 1,954 2,066 4,482 3,996

Interest-bearing net debt 62,817 49,366 49,864 47,379 42,892 43,924 35,261 30,571

Capital employed 153,944 132,734 133,189 125,170 121,253 147,471 138,087 126,103

Additions to property, plant, equipment 11,375 8,479 8,020 12,064 10,988 6,963 7,939 9,912

Cash flow



Cash flow from operating activities (1,639) 6,081 3,608 6,170 9,796 2,447 10,119 20,915

Gross investments (9,780) (8,292) (7,622) (13,039) (9,204) (7,498) (8,768) (9,826)

Divestments 108 2,993 (738) 1,861 1,735 (2,038) (16) 983

Free cash flow (11,311) 782 (4,752) (5,008) 2,327 (7,089) 1,335 12,072

Financial ratios



Return on capital employed (ROCE)

, % 8.1 (12.4) (12.2) (14.2) (13.7) 13.2 13.8 16.8

FFO/adjusted net debt

, % 12.6 22.7 18.7 28.6 20.9 17.7 37.4 42.7

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

Share price, end of period, DKK

445 371 384 374 385 645 583 631

Market capitalisation, end of period, DKK billion 187 156 162 157 162 271 245 265

Earnings per share (EPS), DKK 12.0 (4.1) 5.7 (1.6) (53.8) (1.4) 6.7 1.2

Cancellation fees 5,109 1,300 - (9,621) - - - -

Business drivers

2024

2023

2022

Offshore

Decided (FID'ed) and installed capacity, GW

16.8 16.5 15.5 12.0 12.0 12.0 11.1

Installed capacity, GW

9.8 9.8 8.9 8.9 8.9 8.9 8.9

Generation capacity, GW

5.1 5.1 5.0 5.0 4.9 4.7 4.7

Wind speed, m/s

9.0 11.4 11.5 8.6 8.1 10.9 10.7

Load factor, %

33 52 56 33 29 53 54

Availability, %

83 85 92 93 91 95 95

Power generation, GWh

3,667 5,670 6,011 3,544 3,044 5,162 5,411

Power sales, GWh

3,854 6,264 6,244 3,948 4,158 7,098 7,645

Onshore



Decided (FID'ed) and installed capacity, GW

6.4 6.4 6.4 6.2 6.2 6.2 6.2

Installed capacity, GW

5.6 4.8 4.8 4.8 4.6 4.5 4.2

Wind speed, m/s

7.4 7.9 7.6 6.2 6.7 8.1 7.7

Load factor, wind, %

41 42 36 27 35 45 40

Availability, wind, %

92 89 85 85 92 91 91

Power generation, GWh

4,187 3,772 3,376 2,927 3,321 3,750 3,425

Bioenergy & Other



Degree days, number

360 1,200 966 53 409 1,157 861

Heat generation, GWh

935 3,285 2,385 234 790 3,178 2,064

Power generation, GWh

805 1,484 1,042 781 917 1,697 1,409

Power sales, GWh

581 633 628 566 556 877 904

Gas sales, GWh

4,051 5,167 3,041 5,355 4,016 4,468 4,048

Sustainability statements

Employees (FTE) end of period, number

8,411 8,706 8,905 8,906 8,661 8,422 8,027

Total recordable injury rate (TRIR), YTD

2.1 2.9 2.8 2.9 2.6 2.7 3.1

Fatalities, number

0 0 0 0 0 0 0

Renewable share of energy generation, %

97 97 95 94 97 89 88

GHG intensity (scope 1 & 2), g CO

e/kWh

16 14 25 46 24 52 62

GHG emissions (scope 3), Mtonnes

3.3 1.8 1.2 1.6 1.3 1.5 1.5

2024

16.8

9.9

5.2

8.4

3,522

4,010

6.4

5.7

6.2

3,270

332

805

577

4,138

8,377

2.3

2.2

Load factor, solar PV, %

31 29 18 17 32 30 16 17

Availability, solar PV, %

97 97 98 98 98 98 99 99

GHG emissions (scope 1 & 2), Mtonnes

0.3 0.2 0.2 0.4 0.3 0.2 0.7 0.8

GHG intensity (scope 1-3), g CO

e/kWh (excl.

natural gas sales)

194 262 57 62 94 77 90 110

EBIT last 12 months.

2 FFO last 12 months.

18/50

Management’s review

Interim report First nine months 2024

Consolidated

financial statements

First nine months 2024

1 January – 30 September

Consolidated financial statements

Interim report First nine months 2024

19/50

Consolidated statements of income

1 January – 30 September

’Value adjustments for the period’ in the first nine months of 2023 are mainly a

result of gains on power hedges due to the significant decrease in power

prices in that period.

Statement of comprehensive income

DKKm 9M 2024 9M 2023

Profit (loss) for the period 6,100 (19,898)

Other comprehensive income:

Cash flow hedging:

Value adjustments for the period 5,486 21,525

Value adjustments transferred to income statement (1,063) (960)

Exchange rate adjustments:

Exchange rate adjustments relating to net investments in foreign enterprises 1,250 1,088

Value adjustment of net investment hedges (1,443) (977)

Value adjustments and hedges transferred to income statement - (59)

Tax:

Tax on hedging instruments (98) (4,480)

Tax on exchange rate adjustments (143) (50)

Other:

Share of other comprehensive income of associated companies, after tax 6 6

Other comprehensive income 3,995 16,093

Total comprehensive income 10,095 (3,805)

Comprehensive income for the period is attributable to:

Shareholders in Ørsted A/S 9,288 (4,307)

Interest payments and costs, hybrid capital owners of Ørsted A/S 227 195

Non-controlling interests 580 307

Total comprehensive income 10,095 (3,805)

Note

Income statement

DKKm 9M 2024 9M 2023

3 Revenue 49,957 57,725

Cost of sales (25,524) (36,774)

Other external expenses (5,749) (4,670)

Employee costs (4,897) (4,743)

Share of profit (loss) in associates and joint ventures (60) 30

5 Other operating income 3,590 8,183

5 Other operating expenses 6,289 (348)

Operating profit (loss) before depreciation, amortisation,

and impairment losses (EBITDA) 23,606 19,403

Amortisation and depreciation of intangible assets, and property,

plant, and equipment (7,654) (7,429)

Impairment losses on intangible assets, and property, plant,

and equipment (3,436) (28,422)

Operating profit (loss) (EBIT)

12,516 (16,448)

Gain (loss) on divestment of enterprises (45) 278

Share of profit (loss) in associates and joint ventures 30 31

6 Financial income 5,974 5,281

6 Financial expenses (9,108) (8,725)

Profit (loss) before tax

9,367 (19,583)

9 Tax on profit (loss) for the period (3,267) (315)

Profit (loss) for the period

6,100 (19,898)

Profit (loss) for the period is attributable to:

Shareholders in Ørsted A/S 5,729 (20,382)

Interests and costs, hybrid capital owners of Ørsted A/S 227 195

Non-controlling interests 144 289

Earnings per share (DKK) 13.6 (48.5)

Diluted earnings per share (DKK) 13.6 (48.5)

Consolidated financial statements

Interim report First nine months 2024

20/50

Consolidated statements of income (continued)

1 July – 30 September

’Value adjustments for the period’ in Q3 2024 mainly consist of releases of

losses on power hedges and updated market price assumptions on our US

onshore PPAs.

Statement of comprehensive income

DKKm Q3 2024 Q3 2023

Profit (loss) for the period 5,169 (22,562)

Other comprehensive income:

Cash flow hedging:

Value adjustments for the period 5,682 3,769

Value adjustments transferred to income statement 127 (709)

Exchange rate adjustments:

Exchange rate adjustments relating to net investments in foreign enterprises (710) (25)

Value adjustment of net investment hedges (172) (521)

Tax:

Tax on hedging instruments (90) (818)

Tax on exchange rate adjustments (128) 171

Other:

Share of other comprehensive income of associated companies, after tax (1) 3

Other comprehensive income 4,708 1,870

Total comprehensive income 9,877 (20,692)

Comprehensive income for the period is attributable to:

Shareholders in Ørsted A/S 9,577 (20,725)

Interest payments and costs after tax, hybrid capital owners of Ørsted A/S 59 -

Non-controlling interests 241 33

Total comprehensive income 9,877 (20,692)

Note

Income statement

DKKm Q3 2024 Q3 2023

3 Revenue 15,766 17,441

Cost of sales (8,197) (10,334)

Other external expenses (2,279) (1,606)

Employee costs (1,586) (1,421)

Share of profit (loss) in associates and joint ventures (38) (7)

5 Other operating income 920 4,949

5 Other operating expenses 4,962 151

Operating profit (loss) before depreciation, amortisation,

and impairment losses (EBITDA) 9,548 9,173

Amortisation and depreciation of intangible assets, and property,

plant, and equipment (2,548) (2,537)

Impairment losses on intangible assets, and property, plant,

and equipment (284) (28,422)

Operating profit (loss) (EBIT) 6,716 (21,786)

Gain (loss) on divestment of enterprises 14 (50)

Share of profit (loss) in associates and joint ventures 13 9

6 Financial income 1,545 1,360

6 Financial expenses (2,780) (1,488)

Profit (loss) before tax 5,508 (21,955)

9 Tax on profit (loss) for the period (339) (607)

Profit (loss) for the period 5,169 (22,562)

Profit (loss) for the period is attributable to:

Shareholders in Ørsted A/S 5,055 (22,596)

Interests and costs, hybrid capital owners of Ørsted A/S 59 -

Non-controlling interests 55 34

Earnings per share (DKK) 12.0 (53.8)

Diluted earnings per share (DKK) 12.0 (53.8)

Consolidated financial statements

Interim report First nine months 2024

21/50

Consolidated balance sheet

30 September

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

repurchased our 3017 hybrid bond, nominal EUR 500 million (DKK 3.7 billion).

Note

Equity and liabilities

DKKm

30 September

2024

31 December

2023

30 September

2023

Share capital 4,204 4,204 4,204

8 Reserves (6,198) (10,251) (10,398)

Retained earnings 67,981 62,829 63,498

Equity attributable to shareholders in Ørsted A/S 65,987 56,782 57,304

Hybrid capital 20,955 19,103 19,103

Non-controlling interests 4,185 1,906 1,954

Equity 91,127 77,791 78,361

Deferred tax 4,590 3,439 4,665

Provisions 17,371 16,908 18,776

Lease liabilities 8,058 7,618 8,058

12 Bond and bank debt 79,162 79,236 76,585

11 Derivatives 8,212 13,763 16,098

Contract liabilities 3,326 3,297 3,101

Tax equity liabilities 15,276 13,610 14,794

Other payables 5,418 6,273 6,662

Non-current liabilities 141,413 144,144 148,739

Provisions 4,625 15,955 11,937

Lease liabilities 881 808 802

12 Bond and bank debt 14,673 384 4,118

11 Derivatives 5,675 8,449 11,186

Contract liabilities 1,014 2,785 2,739

Trade payables 15,285 14,915 13,810

Tax equity liabilities 3,951 3,397 3,358

Other payables 5,508 6,225 6,478

9 Income tax 6,189 6,283 5,254

Current liabilities 57,801 59,201 59,682

Liabilities 199,214 203,345 208,421

Equity and liabilities 290,341 281,136 286,782

Note

Assets

DKKm

30 September

2024

31 December

2023

30 September

2023

Intangible assets 2,518 3,426 3,342

Land and buildings 7,808 7,777 8,319

Production assets 134,488 121,643 122,922

Fixtures and fittings, tools, and equipment 2,190 2,042 2,136

Property, plant, and equipment under construction 51,257 48,307 44,582

4 Property, plant, and equipment 195,743 179,769 177,959

Investments in associates and joint ventures 897 960 968

Receivables from associates and joint ventures 168 77 54

Other securities and equity investments 155 167 174

11 Derivatives 1,164 1,356 789

Deferred tax 9,178 8,192 8,798

Other receivables 3,010 3,134 3,552

Other non-current assets 14,572 13,886 14,335

Non-current assets 212,833 197,081 195,636

Inventories 14,750 10,539 9,919

11 Derivatives 6,509 10,473 12,994

Contract assets - 802 561

Trade receivables 6,857 11,107 7,240

Other receivables 9,459 10,530 14,346

Receivables from associates and joint ventures 39 74 80

9 Income tax 499 483 333

11 Securities 28,718 29,902 29,988

Cash 10,677 10,145 15,685

Current assets 77,508 84,055 91,146

Assets 290,341 281,136 286,782

Consolidated financial statements

Interim report First nine months 2024

22/50

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

In addition to the total reserves of DKK -6,198 million, a loss of

DKK 95 million is recognised as part of non-controlling interests.

The loss is related to the hedging of revenue belonging to the

non-controlling interests.

Consolidated statement of shareholders’ equity

1 January – 30 September

2024 2023

DKKm

capital Reserves

Retained

earnings

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 - - 5,729 5,729 227 144 6,100 - - (20,382) - (20,382) 195 289 (19,898)

Other comprehensive income:

Cash flow hedging - 3,909 - 3,909 - 514 4,423 - 20,565 - - 20,565 - - 20,565

Exchange rate adjustments - (166) - (166) - (27) (193) - 34 - - 34 - 18 52

Tax on other comprehensive income - (190) - (190) - (51) (241) - (4,530) - - (4,530) - - (4,530)

Share of other comprehensive income

of associated companies, after tax - - 6 6 - - 6 - - 6 - 6 - - 6

Total comprehensive income - 3,553 5,735 9,288 227 580 10,095 - 16,069 (20,376) - (4,307) 195 307 (3,805)

Cash flow hedging of property, plant, and

equipment under construction - (74) - (74) - - (74) - - - - - - - -

Coupon payments, hybrid capital - - - - (197) - (197) - - - - - (188) - (188)

Tax - 16 - 16 9 - 25 - - - - - 2 - 2

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

Disposals, hybrid capital - - - - (3,707) - (3,707) - - - - - (699) - (699)

Dividends paid - - - - - (317) (317) - - 2 (5,675) (5,673) - (322) (5,995)

Additions, non-controlling interests - 558 (614) (56) - 2,016 1,960 - - - - - - 528 528

Disposals, non-controlling interests - - - - - - - - - (4,477) - (4,477) - (2,555) (7,032)

Other changes - - 31 31 - - 31 - - 18 - 18 - - 18

Equity at 30 September 4,204 (6,198) 67,981 65,987 20,955 4,185 91,127 4,204 (10,398) 63,498 - 57,304 19,103 1,954 78,361

Consolidated financial statements

Interim report First nine months 2024

23/50

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 30 September 2024 includes

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

to DKK 1 million.

Consolidated statement of cash flows

1 January – 30 September

Note

Statement of cash flows

DKKm 9M 2024 9M 2023 Q3 2024 Q3 2023

Operating profit (loss) before

depreciation, amortisation, and

impairment losses (EBITDA) 23,606 19,403 9,548 9,173

Reversal of gain (loss) on divestment

of assets (266) (5,053) (106) (3,750)

Change in derivatives

371 5,786 (740) 528

Change in provisions

(11,591) 124 (7,018) 149

Other items

(73) (67) 61 (22)

Change in inventories (3,983) 4,274 (1,480) 2,417

Change in contract assets and liabilities (972) 478 (2,067) 365

Change in trade receivables 4,261 5,385 1,069 (415)

Change in other receivables 812 1,713 123 (618)

Change in trade payables (529) (7,276) 326 73

Change in tax equity liabilities 1,303 901 (681) 2,053

Change in other payables (1,077) (301) 192 689

Interest received and similar items 4,719 7,242 1,758 2,966

Interest paid and similar items (5,351) (8,117) (1,965) (3,178)

Income tax paid (3,180) (2,130) (659) (634)

Cash flows from operating activities 8,050 22,362 (1,639) 9,796

Purchase of intangible assets and

property, plant, and equipment (25,737) (25,270) (9,820) (9,193)

Sale of intangible assets and property,

plant, and equipment (582) 6,222 167 6,104

Divestment of enterprises

942 (33) 1 (3)

Purchase of associates and joint ventures

(163) (124) (1) -

Purchase of securities

(11,023) (17,878) (5,018) (5,612)

Sale/maturation of securities

12,584 12,759 7,607 6,967

Change in other non-current assets

57 (13) 33 (10)

Transactions with associates and

joint ventures 63 (116) (2) (9)

Dividends received and capital

reductions 20 12 20 12

Cash flows from investing activities (23,839) (24,441) (7,013) (1,744)

Note DKKm 9M 2024 9M 2023 Q3 2024 Q3 2023

Proceeds from raising of loans 16,822 17,554

12,477 1,459

Instalments on loans (3,333) (658) (478) (52)

Instalments on leases (511) (446) (166) (99)

Coupon payments on hybrid capital (197) (188) (36) -

Repurchase of hybrid capital (3,707) (699) (1,867) -

Proceeds from issuance of hybrid capital 5,520 - - -

Dividends paid to shareholders in

Ørsted A/S - (5,673) - -

Transactions with non-controlling

interests 1,652 (6,852) (157) (4,494)

Net proceeds from tax equity partners 271 (117) 124 (9)

Collateral posted in relation to trading

of derivatives (8,515) (17,427) (2,674) (4,907)

Collateral released in relation to trading

of derivatives 7,909 14,671 2,791 4,182

Restricted cash and other changes

227 1,151 (48) (407)

Cash flows from financing activities 16,138 1,316 9,966 (4,327)

Total net change in cash

and cash equivalents 349 (763) 1,314 3,725

Cash and cash equivalents at the

beginning of the period 10,144 16,175 9,472 11,863

Total net change in cash and cash

equivalents 349 (763) 1,314 3,725

Exchange rate adjustments of cash

and cash equivalents 183 269 (110) 93

Cash and cash equivalents

at 30 September 10,676 15,681 10,676 15,681

Consolidated financial statements

Interim report First nine months 2024

24/50

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.

9M 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

entered into effect.

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 nine months of

2024 comprises the interim financial

statements of Ørsted A/S (the parent

company) and any subsidiaries controlled by

Ørsted A/S.

The interim report has been prepared in

accordance with the International Financial

Reporting Standards (IFRS), IAS 34 ’Interim

Financial Reporting’ as adopted by the EU, and

further requirements in the Danish Financial

Statements Act (Årsregnskabsloven) for the

presentation of quarterly interim reports by

listed companies.

Definitions of non-IFRS financial measures can

be found on pages 151, 228, and 229 of the

annual report for 2023.

The interim consolidated financial statements

for the first nine 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 accoun-

ting 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 nine months 2024

25/50

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 3,670 million, which primarily relates to our

Shared Functions services as well as our B2B

business activities.

2. Segment information

9M 2024 income statement

DKKm Offshore Onshore

Bioenergy

& Other

Reportable

segments

Other

activities/

eliminations Total

External revenue 36,737 2,174 10,938 49,849 108 49,957

Intra-group revenue 868 (8) (289) 571 (571)

Revenue 37,605 2,166 10,649 50,420 (463) 49,957

Cost of sales (17,259) (69) (8,228) (25,556) 32 (25,524)

Employee costs and other external expenses (7,806) (1,999) (2,114) (11,919) 1,273 (10,646)

Gain (loss) on disposal of non-current assets 105 168 (7) 266 - 266

Additional other operating income and expenses 7,236 2,546 (87) 9,695 (82) 9,613

Share of profit (loss) in associates and joint ventures (50) (10) - (60) - (60)

EBITDA 19,831 2,802 213 22,846 760 23,606

Depreciation and amortisation

(5,283) (1,667) (496)

(7,446)

(208)

(7,654)

Impairment losses (2,887) (549) - (3,436) - (3,436)

Operating profit (loss) (EBIT) 11,661 586 (283) 11,964 552 12,516

Key ratios

Intangible assets and property, plant, and equipment 126,028 62,941 8,102 197,071 1,190 198,261

Equity investments and non-current receivables 537 298 224 1,059 170 1,229

Net working capital, capital expenditures (4,968) (261) (98) (5,327) - (5,327)

Net working capital, work in progress 5,275 - - 5,275 - 5,275

Net working capital, tax equity (1,177) (16,371) - (17,548) - (17,548)

Net working capital, other items 4,175 561 (689) 4,047 1,882 5,929

Derivatives, net (4,013) (1,400) (1,237) (6,650) 436 (6,214)

Decommissioning obligations (9,538) (2,254) (2,175) (13,967) 1 (13,966)

Other provisions (5,311) - (623) (5,934) (2,096) (8,030)

Tax, net 3,811 (5,074) (381) (1,644) 542 (1,102)

Other receivables and other payables, net (3,692) (13) - (3,705) (858) (4,563)

Capital employed at 30 September 111,127 38,427 3,123 152,677 1,267 153,944

Return on capital employed (ROCE), % - - - - - 8.1

Cash flow from operating activities 738 3,039 3,033 6,810 1,240 8,050

Gross investments (19,619) (4,693) (1,300) (25,612) (82) (25,694)

Divestments (854) 3,259 - 2,405 (42) 2,363

Free cash flow (FCF) (19,735) 1,605 1,733 (16,397) 1,116 (15,281)

Consolidated financial statements

Interim report First nine months 2024

26/50

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 3,826 million, which primarily relates to our

Shared Functions services as well as our B2B

business activities.

9M 2023 income statement

DKKm Offshore Onshore

Bioenergy

& Other

Reportable

segments

Other

activities/

eliminations Total

External revenue 41,424 2,045 14,202 57,671 54 57,725

Intra-group revenue 945 (23) (207) 715 (715)

Revenue 42,369 2,022 13,995 58,386 (661) 57,725

Cost of sales (25,016) (105) (11,845) (36,966) 192 (36,774)

Employee costs and other external expenses (6,778) (1,482) (2,061) (10,321) 908 (9,413)

Gain (loss) on disposal of non-current assets 5,053 - - 5,053 - 5,053

Additional other operating income and expenses 764 2,016 - 2,780 2 2,782

Share of profit (loss) in associates and joint ventures 36 (6) - 30 - 30

EBITDA 16,428 2,445 89 18,962 441 19,403

Depreciation and amortisation

(5,187) (1,459) (579)

(7,225)

(204)

(7,429)

Impairment losses

(26,988) (1,434) -

(28,422)

Operating profit (loss) (EBIT) (15,747) (448) (490) (16,685) 237 (16,448)

Key ratios

Intangible assets and property, plant, and equipment 109,536 61,996 8,273 179,805 1,496 181,301

Equity investments and non-current receivables 782 144 93 1,019 170 1,189

Net working capital, capital expenditures (3,873) (1,276) (284) (5,433) - (5,433)

Net working capital, work in progress (22) - - (22) - (22)

Net working capital, tax equity (1,434) (15,424) - (16,858) - (16,858)

Net working capital, other items 6,295 713 784 7,792 998 8,790

Derivatives, net (6,119) (6,944) (1,022) (14,085) 584 (13,501)

Decommissioning obligations (10,603) (2,076) (2,119) (14,798) - (14,798)

Other provisions (13,098) (2) (886) (13,986) (1,929) (15,915)

Tax, net 3,509 (3,963) (982) (1,436) 648 (788)

Other receivables and other payables, net (1,995) 154 - (1,841) (871) (2,712)

Capital employed at 30 September 82,978 33,322 3,857 120,157 1,096 121,253

Return on capital employed (ROCE), % - - - - - (13.7)

Cash flow from operating activities 15,204 620 2,192 18,016 4,346 22,362

Gross investments (18,923) (6,045) (353) (25,321) (149) (25,470)

Divestments (290) 2 (3) (291) (28) (319)

Free cash flow (FCF) (4,009) (5,423) 1,836 (7,596) 4,169 (3,427)

Consolidated financial statements

Interim report First nine months 2024

27/50

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 1,233 million (Q3 2023: 219 million), which

primarily relates to our Shared Functions services as

well as our B2B business activities.

Q3 2024, income statement and FCF

DKKm Offshore Onshore

Bioenergy

& Other

Reporting

segments

Other

activities/

eliminations Total

External revenue 11,798 805 3,182 15,785 (19) 15,766

Intra-group revenue 290 (4) (124) 162 (162)

Revenue 12,088 801 3,058 15,947 (181) 15,766

Cost of sales (5,875) - (2,295) (8,170) (27) (8,197)

Employee costs and other external expenses (2,779) (770) (820) (4,369) 504 (3,865)

Gain (loss) on disposal of non-current assets (17) 130 (7) 106 - 106

Additional other operating income and expenses 5,146 834 (120) 5,860 (84) 5,776

Share of profit (loss) in associates and joint ventures (33) (4) (1) (38) - (38)

EBITDA 8,530 991 (185) 9,336 212 9,548

Depreciation and amortisation (1,752) (559) (167) (2,478) (70) (2,548)

Impairment losses 199 (483) - (284) - (284)

Operating profit (loss) (EBIT) 6,977 (51) (352) 6,574 142 6,716

Cash flow from operating activities (2,063) 95 (286) (2,254) 615 (1,639)

Gross investments (8,502) (875) (386) (9,763) (17) (9,780)

Divestments (45) 152 - 107 1 108

Free cash flow (FCF) (10,610) (628) (672) (11,910) 599 (11,311)

Q3 2023, income statement and FCF

DKKm

External revenue 13,925 677 2,813 17,415 26 17,441

Intra-group revenue 340 (1) (168) 171 (171)

Revenue 14,265 676 2,645 17,586 (145) 17,441

Cost of sales (8,485) (18) (1,800) (10,303) (31) (10,334)

Employee costs and other external expenses (2,260) (415) (689) (3,364) 337 (3,027)

Gain (loss) on disposal of non-current assets 3,750 - - 3,750 - 3,750

Additional other operating income and expenses 772 579 (2) 1,349 1 1,350

Share of profit (loss) in associates and joint ventures (5) (3) 1 (7) - (7)

EBITDA 8,037 819 155 9,011 162 9,173

Depreciation and amortisation (1,733) (560) (169) (2,462) (75) (2,537)

Impairment losses (26,988) (1,434) - (28,422) - (28,422)

Operating profit (loss) (EBIT) (20,684) (1,175) (14) (21,873) 87 (21,786)

Cash flow from operating activities 4,405 1,121 2,130 7,656 2,140 9,796

Gross investments (7,430) (1,460) (208) (9,098) (106) (9,204)

Divestments 1,738 - - 1,738 (3) 1,735

Free cash flow (FCF) (1,287) (339) 1,922 296 2,031 2,327

Consolidated financial statements

Interim report First nine months 2024

28/50

Revenue was DKK 49,957 million. The

decrease of 13 % relative to the first nine

months of 2023 was primarily driven by lower

power prices across markets impacting our

‘Sale of power’.

Revenue from construction agreements was

DKK 6,310 million in 9M 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 nine months of

2023, due to Hornsea 2 entering the UK

subsidy regime (CfD) and generally lower

power prices, which led to a higher subsidy per

MWh produced.

3. Revenue

Revenue

DKKm Offshore Onshore

Bioenergy &

Other

activities/

eliminations

9M 2024

total Offshore Onshore

Bioenergy &

Other

activities/

eliminations

9M 2023

total

Generation of power 7,496 2,039 3,679 - 13,214 6,697 1,562 4,792 - 13,051

Sale of power 11,478 3 231 (11) 11,701 18,966 1 358 (233) 19,092

Revenue from construction of wind farms and transmission assets 6,272 38 - - 6,310 5,805 148 - - 5,953

Generation and sale of heat and steam - - 2,357 - 2,357 - - 2,370 - 2,370

Sale of gas - - 3,183 (28) 3,155 - - 5,114 - 5,114

Distribution and transmission - - 256 (2) 254 - - 199 (1) 198

O&M and other services 3,134 62 275 (422) 3,049 2,961 126 672 (447) 3,312

Total revenue from customers 28,380 2,142 9,981 (463) 40,040 34,429 1,837 13,505 (681) 49,090

Government grants 8,440 90 277 - 8,807 6,073 276 269 - 6,618

Miscellaneous revenue 785 (66) 391 - 1,110 1,867 (91) 221 20 2,017

Total revenue 37,605 2,166 10,649 (463) 49,957 42,369 2,022 13,995 (661) 57,725

Timing of revenue recognition from customers

At a point in time 13,756 2,142 4,452 (463) 19,887 26,516 1,837 8,470 (681) 36,142

Over time 14,624 - 5,529 - 20,153 7,913 - 5,035 - 12,948

Total revenue from customers 28,380 2,142 9,981 (463) 40,040 34,429 1,837 13,505 (681) 49,090

Consolidated financial statements

Interim report First nine months 2024

29/50

3. Revenue (continued)

Revenue

DKKm Offshore Onshore

Bioenergy &

Other

activities/

eliminations

Q3 2024

total Offshore Onshore

Bioenergy &

Other

activities/

eliminations

Q3 2023

total

Generation of power 2,117 716 1,033 - 3,866 1,896 732 1,075 -

3,703

Sale of power 2,903 3 94 7 3,007

3,728 - 103 12 3,843

Revenue from construction of wind farms and transmission assets 3,171 - - - 3,171

5,247 3 - - 5,250

Generation and sale of heat and steam - - 405 - 405

- - 371 - 371

Sale of gas - - 1,072 (5) 1,067 - - 1,554 - 1,554

Distribution and transmission - - 90 - 90

- - 76 - 76

O&M and other services 1,208 12 34 (183) 1,071 1,052 14 109 (161) 1,014

Total revenue from customers 9,399 731 2,728 (181) 12,677 11,923 749 3,288 (149) 15,811

Government grants 2,522 22 65 - 2,609 2,083 36 24 - 2,143

Miscellaneous revenue 167 48 265 - 480 259 (109) (667) 4 (513)

Total revenue 12,088 801 3,058 (181) 15,766 14,265 676 2,645 (145) 17,441

Timing of revenue recognition from customers

At a point in time 3,923 731 1,292 (181) 5,765 9,878 749 2,229 (149) 12,707

Over time 5,476 - 1,436 - 6,912 2,045 - 1,059 - 3,104

Total revenue from customers 9,399 731 2,728 (181) 12,677 11,923 749 3,288 (149) 15,811

Consolidated financial statements

Interim report First nine months 2024

30/50

4. Impairments

9M 2024 impairment losses (reversals)

We have updated our impairment calcula-

tions as of 30 September 2024, which have

resulted in net impairment losses of DKK 3.4

billion in 9M 2024.

The main contributors to the net impairment

were our decision to cease execution of

FlagshipONE (DKK 1.5 billion) and from

construction delay of the onshore substation

and updated assumptions on costs and

market prices at Revolution Wind (DKK 3.8

billion). This was partly offset by a reversal on

our Sunrise Wind project because it was

awarded a higher OREC by the State of New

York (DKK 1.8 billion) and a decrease in the US

long-dated interest rate (DKK 1.4 billion)

across our US portfolio.

Q3 2024 impairment losses (reversals)

We had net impairment losses of DKK 0.3

billion in Q3 2024 related to our US portfolio.

The negative development was driven by

updated assumptions regarding market prices

and costs for our US portfolio. This was partly

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

uncertainty exists about 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

30 September 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 30 September 2024,

the impairment loss would have been DKK 1.4 billion

higher.

WACC levels, %

Base discount rate applied

for the US 5.25 % - 6.75 %

Impairment losses on segment level

DKKm 9M 2024 9M 2023 Q3 2024 Q3 2023

Offshore 2,887 26,988 (199) 26,988

Onshore 549 1,434 483 1,434

Bioenergy & Other - - - -

Total impairment losses 3,436 28,422 284 28,422

9M 2024 Q3 2024

30 September

2024

ITC bonus credits

assumed in impairment tests

Sensitivity impact

DKK billion

Cash generating units

DKKm

Impairment

losses

(reversals)

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 (2,897) (1,471) 8,499 10 % 95 % (3.3) 0.2 (1.5) 1.5

Revolution Wind 3,508 1,195 2,856 10 % 95 % (1.4) 0.1 (0.5) 0.5

South Fork 237 134 2,653 n.a. n.a. n.a. n.a. (0.1) 0.1

Ocean Wind 596 - n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Block Island (72) (57) 1,250 n.a. n.a. n.a. n.a. (0.0) 0.0

FlagshipONE 1,515 - n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Offshore 2,887 (199) 15,258

Onshore 549 483 4,096 n.a. n.a. n.a. n.a. (0.1) 0.0

Bioenergy & Other - - n.a.

Total 3,436 284 19,354

Interim report First nine months 2024

31/50

Consolidated financial statements

4. Impairments (continued)

offset by a 50 basis points decrease in the

long-dated interest rate in the US during the

quarter.

Ceasing execution of FlagshipONE

In Q2 2024, we took the decision to cease

execution of FlagshipONE and deprioritise our

immediate efforts within the liquid e-fuels

market. This resulted in an impairment loss of

DKK 1.5 billion.

Costs for closing our commitments related to

FlagshipONE have been provided for as

’onerous contracts’ under provisions and

recognised as ’Other operating expenses’. See

note 5 ’Other operating income and

expenses’.

Sunrise Wind

In Q1 2024, we were awarded a higher

offshore wind renewable energy certificate

(OREC) for the project, which, in isolation, led

to a DKK 1.8 billion impairment reversal.

In Q3 2024, we updated our assumptions for

the expected market prices and completed

the acquisition of Eversource’s 50 % share of

the project at a price below the recoverable

amount of our 50 % share of the project at

the end of Q2. The impairment test for 100 %

of the project at the end of Q3 2024 was

neutral, exclusive of the impact from the

lower interest rates.

Revolution Wind

The construction of the onshore substation

has been delayed, which has pushed the

commercial operation date (COD) from 2025

into 2026. The onshore substation is being

built on a military landfill site where

permitting and site preparation have proved

to be more challenging than anticipated. The

delayed construction of the onshore

substation will result in knock-on impacts on

costs and progress, including additional costs

for extending the installation period. In total,

this resulted in a further impairment of

DKK 2.1 billion in Q2 2024.

In Q3 2024, we have experienced challenges

relating to the piling of one of the offshore

substation monopiles and reassessed the risks

related to the offshore scope of the project.

We have added additional contingency due

to higher risk assessment. In addition, we have

updated our assumptions for the expected

market prices. In total, this has resulted in a

further impairment of DKK 1.7 billion in the

quarter, exclusive of the positive impact of the

lower interest rates.

Ocean Wind seabeds

When estimating the recoverable amount of

the seabeds related to Ocean Wind, we use

the approach ‘fair value less costs of

disposal’ (FVLCD) to determine if the carrying

amount exceeds the recoverable amount.

Valuation indications have led to an

impairment of DKK 0.6 billion in Q2 2024.

Other updates

Updated market price assumptions on our US

onshore market during the third quarter of

2024 has resulted in impairment losses of

DKK 0.4 billion for Block Island and our

onshore assets.

Interest rates

The US long-dated interest rate decreased

from 30 June to 30 September 2024, leading

to lower WACC levels across our US portfolio.

In Q3 2024, the effect from decreasing

interest rates led to an impairment reversal of

DKK 2.4 billion across our US portfolio.

Potential consequences of further adverse

development

In addition to the sensitivities described,

further adverse development may lead us

to cease development of or reconfigure

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 nine months 2024

32/50

5. Other operating income and expenses

Other operating income

In 9M 2024, ‘Gain on divestment of

assets’ primarily related to effects from farm-

downs completed in prior years. In 9M 2023,

‘Gain on divestments of assets’ mainly related

to the divestment of London Array and to the

adjustment of provisions towards partners.

The increase in ‘US tax credits and tax

attributes’ was driven by continuous commis-

sioning of new onshore assets having full

impact during 2024.

Other operating expenses

In 9M 2024, ‘Cancellation fees’ related to

Ocean Wind 1 as well as the decision to cease

execution of FlagshipONE.

For Ocean Wind 1, we have finalised the

negotiation of several contracts with a better

outcome than assumed. This was partly offset

by costs related to fulfilling and cancelling

contracts at FlagshipONE. In total, this had a

positive impact of DKK 6.4 billion.

In Q3 2024, ‘Cancellation fees’ primarily

related to changes in the provision for Ocean

Wind 1. We have finalised the negotiation of

several contracts with a better outcome than

assumed.

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’.

Negative ‘Exchange rate adjustments, net’ in the first nine months of 2024

were mostly driven by the increase in the GBP/DKK exchange rate.

Net financial income and expenses

DKKm 9M 2024 9M 2023 Q3 2024 Q3 2023

Interest expenses, net (1,274) (1,300) (273) (431)

Interest expenses, leasing (232) (209) (100) (70)

Interest element of provisions, etc. (555) (528) (209) (176)

Tax equity partner's contractual return (916) (768) (318) (264)

Value adjustments of derivatives, net

486

(49) (259) 121

Capital gains/losses on securities at market

value, net 433 (193) 420 (52)

Exchange rate adjustments, net (1,107) (452) (534) 731

Other financial income and expenses 31 55 38 13

Net financial income and expenses (3,134) (3,444) (1,235) (128)

Other operating income

DKKm 9M 2024 9M 2023 Q3 2024 Q3 2023

Gain on divestment of assets 335 5,103 163 3,753

US tax credits and tax attributes 2,538 1,977 794 581

Compensations 570 430 (67) 152

Miscellaneous operating income 147 673 30 463

Total other operating income 3,590 8,183 920 4,949

Other operating expenses

DKKm 9M 2024 9M 2023 Q3 2024 Q3 2023

Cancellation fees (6,409) - (5,109) -

Ineffective hedges (212) 239 (83) (175)

Loss on divestment of assets 69 50 57 3

Miscellaneous operating expenses 263 59 173 21

Total other operating expenses (6,289) 348 (4,962) (151)

Consolidated financial statements

Interim report First nine months 2024

33/50

8. Reserves7. Gross and net investments

Reserves 2024

DKKm

Foreign

currency

translation

reserve

Hedging

reserve

Total

reserves

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

Exchange rate adjustments 1,277 - 1,277

Value adjustments - 3,529 3,529

Value adjustments transferred to:

Revenue - (827) (827)

Other operating expenses - (212) (212)

Financial income and expenses - (24) (24)

Tax:

Tax on hedging and currency adjustments (460) 270 (190)

Movement in comprehensive income for the period 817 2,736 3,553

Value adjustments, net tax - (58) (58)

Additions, non-controlling interests - 558 558

Total reserves including tax at 30 September 433 (6,631) (6,198)

Total reserves excluding tax at 30 September 188 (8,410) (8,222)

Reserves 2023

DKKm

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

Exchange rate adjustments 1,070 - 1,070

Value adjustments - 20,548 20,548

Value adjustments transferred to:

Revenue - (1,196) (1,196)

Other operating income (80) 21 (59)

Other operating expenses - 239 239

Financial income and expenses - (3) (3)

Tax:

Tax on hedging and currency adjustments (260) (4,270) (4,530)

Movement in comprehensive income for the period 730 15,339 16,069

Total reserves including tax at 30 September 5 (10,403) (10,398)

Total reserves excluding tax at 30 September (570) (12,158) (12,728)

Gross and net investments

DKKm 9M 2024 9M 2023 Q3 2024 Q3 2023

Cash flows from investing activities (23,839) (24,441) (7,013) (1,744)

Dividends received and capital reductions

reversed (20) (12) (20) (12)

Purchase and sale of securities, reversed (1,561) 5,119 (2,589) (1,355)

Loans to associates and joint ventures,

reversed 86 53 10 8

Sale of non-current assets, reversed (360) (6,189) (168) (6,101)

Gross investments (25,694) (25,470) (9,780) (9,204)

Transactions with non-controlling interests in

connection with divestments and acquisitions 2,003 (6,508) (60) (4,366)

Sale of non-current assets 360 6,189 168 6,101

Divestments 2,363 (319) 108 1,735

Net investments (23,331) (25,789) (9,672) (7,469)

Interim report First nine months 2024

34/50

Consolidated financial statements

Tax on profit (loss) for the period

Tax on profit (loss) was DKK 3,267 million for

the first nine months of 2024 compared to

DKK 315 million for the first nine months of

2023.

Effective tax rate

The effective tax rate for the first nine months of 2024 was calculated on the basis of the profit (loss) before tax. ‘Impairment for the year’

includes a net unrecognised deferred tax assets related to the impairments on our US and Swedish projects. ‘Cancellation fees for the year’

includes FlagshipONE cancellation fee and reversal of Ocean Wind cancellation fees. ‘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

Effective tax rate

The effective tax rate for the first nine months

of 2024 was 35 %. The effective tax rate was

affected by the recognition of a deferred tax

liability in the US related to tax equity

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).

contributions for Eleven Mile and Mockingbird,

the unrecognised deferred tax assets related

to the impairments of FlagshipONE and the

Ocean Wind seabeds, and a non-recognised

tax gain related to the reversal of cancella-

tion fees in the US.

9M 2024 9M 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 - (1,446) n.a. - 804 n.a.

Gain (loss) on divestment of enterprises and assets - - n.a. 4,359 - n.a.

Impairment for the year (3,436) 143 4 % (28,422) - n.a.

Cancellation fees 6,409 - n.a. - - n.a.

Other adjustments - (427) n.a. - (280) n.a.

Remaining business 6,394 (1,537) 24 % 4,480 (839) 19 %

Effective tax for the period 9,367 (3,267) 35 % (19,583) (315) (2 %)

Q3 2024 Q3 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 - (366) n.a. - 8 n.a.

Gain (loss) on divestment of enterprises and assets - - n.a. 4,359 - n.a.

Impairment for the year (284) (84) (30 %) (28,422) - n.a.

Cancellation fees 5,109 - n.a. - - n.a.

Other adjustments - 361 n.a. - (49) n.a.

Remaining business 683 (250) 37 % 2,108 (566) 27 %

Effective tax for the period 5,508 (339) 6 % (21,955) (607) (3 %)

Consolidated financial statements

Interim report First nine months 2024

35/50

77.0

4.9

26.4

34.3

-14.6

24.6

GBP

USD

NTD

Before hedging After hedging

In Q3 2024, our currency exposure

and hedges have been updated with

our latest view of the expected

proceeds from and timing of our

divestment programme.

For USD and NTD, we manage our

risk to a natural time spread

between front-end capital expen-

ditures and long-term revenue. In the

five year horizon, we are therefore

seeing that our hedges increase our

net exposure, but our hedges reduce

the risk in the longer horizon.

We do not deem EUR to constitute a

risk, as we expect Denmark to

maintain its fixed exchange-rate

policy.

23.6

3.1

-1.3

9.5

2.5

-0.8

Power Spread (power) Gas and oil

Before hedging After hedging

Our outright power exposure before

and after hedging up until 31 Decem-

ber 2026 has decreased in 9M 2024,

mainly due to the time period being

reduced to two years and three

months compared to three years as

of 31 December 2023.

The exposures are based on market

prices as of 30 September 2024.

Energy exposure 1 October 2024 - 31 December 2026

DKKbn

Currency exposure 1 October 2024 - 30 September 2029

DKKbn

10. Market risks

At 30 September 2024, the pre-tax

loss of the hedging reserve was

DKK 8.4 billion, of which DKK 5.5

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.

-0.1

-0.3

-4.1

Q4 2024 2025 After 2025

Power Gas and oil

Currency Inflation and interest

Initial fair value of financial PPAs

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,

such as 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 nine months 2024

36/50

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 are 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 (PPAs) 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 PPAs, power prices are not

observable for a large part of the duration.

Estimating as-produced power prices

Since our PPAs 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 PPAs will not be settled

against a flat profile price (see a description of

the 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 1,771 - - 1,771 1,660 - - 1,660

Total inventory 1,771 - - 1,771 1,660 - - 1,660

Bonds 28,718 28,718 - 29,988 - 29,988

Total securities - 28,718 - 28,718 - 29,988 - 29,988

Energy derivatives 1,882 3,467 1,055 6,404 5,398 6,010 864 12,272

Currency derivatives - 832 - 832 - 511 - 511

Interest and inflation derivatives - 437 - 437 - 1,000 - 1,000

Total derivative assets 1,882 4,736 1,055 7,673 5,398 7,521 864 13,783

Liabilities:

Energy derivatives 3,096 2,160 3,288 8,544 5,541 6,743 10,112 22,396

Currency derivatives - 1,716 - 1,716 - 1,155 - 1,155

Interest and inflation derivatives - 3,627 - 3,627 - 3,733 - 3,733

Total derivative liabilities 3,096 7,503 3,288 13,887 5,541 11,631 10,112 27,284

Consolidated financial statements

Interim report First nine months 2024

37/50

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. If 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

seasonality 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 the period January to September 2024, we

have recognised an income of DKK 136 million

related to the initial fair value from CPPAs.

The total amount of initial fair value as of

30 September 2024 amounts to a loss of

DKK 1,098 million, which will be recognised as

revenue in a future period.

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

categorised as level 3 of the fair value hierarchy together with a sensitivity analysis as at 30 Septem-

ber 2024. If intermittency-adjusted power prices in Germany as of 30 September 2024 decreased/

increased by 25 %, the market value would have increased/decreased by DKK 1,173 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 56 813

Value adjustments through other comprehensive income 4,950 2,418

Sales/redemptions (180) 1,186

Purchases/issues 469 610

Transferred to quoted prices and observable input - 412

Market value at 30 September (2,233) (9,248)

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 prices

US ERCOT (2024-2033) 165 58 433 (2,311) 2,595

US MISO (2024-2033) 234 204 374 (406) 442

US SPP (2024-2035) 194 72 393 (438) 614

Germany (2026-2035) 412 307 590 (1,173) 1,173

Ireland (2024-2042) 489 387 766 (224) 224

Non-observable input per commodity price input

DKKm 2024 2023

US ERCOT power prices (944) (5,455)

US MISO power prices (282) (815)

German power prices (1,197) (2,615)

Other power prices 191 (355)

Gas prices (1) (8)

Total (2,233) (9,248)

Consolidated financial statements

Interim report First nine months 2024

38/50

Interest-bearing net debt totalled DKK 62,817 million at 30 September 2024, which was an increase

of DKK 15,438 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 13,250 million, mainly

related to short-term repo loans. In total, short-term repo loans amount to DKK 14,615 million as of

30 September 2024.

At 30 September 2024, the market values of bond and bank debts were DKK 69.1 billion and

DKK 21.9 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 30 September 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

30 September

2024

31 December

2023

30 September

2023

Interest-bearing debt:

Bond debt 71,554 70,589 70,497

Bank debt 22,281 9,031 10,206

Total bond and bank debt 93,835 79,620 80,703

Tax equity liability 1,679 1,196 1,294

Lease liability 8,939 8,426 8,860

Other interest-bearing debt:

Debt in connection with divestments 2,956 2,900 2,999

Debt from receiving collateral under credit support annexes 32 286 358

Other interest-bearing debt 129 153 169

Total interest-bearing debt 107,570 92,581 94,383

Interest-bearing assets:

Securities 28,718 29,902 29,988

Cash 10,677 10,145 15,526

Receivables from associates and joint ventures 168 77 54

Cash, not available for use 228 481 236

Other receivables:

Receivables from placing collateral under credit support

annexes 4,205 3,854 4,367

Receivables in connection with divestments 757 735 751

Other receivables - 8 569

Total interest-bearing assets 44,753 45,202 51,491

Total net interest-bearing debt 62,817 47,379 42,892

Funds from operations (FFO) LTM

DKKm

30 September

2024

31 December

2023

30 September

2023

EBITDA 22,920 18,717 26,099

Change in provisions and other adjustments (2,979) 8,742 (710)

Change in derivatives (1,140) 4,274 7,900

Variation margin (add back) (5,170) (7,086) (13,056)

Reversal of gain (loss) on divestment of assets (958) (5,745) (4,995)

Income tax paid (3,767) (2,717) (2,158)

Interest and similar items, received/paid 1,627 1,385 (928)

Reversal of interest expenses transferred to assets (711) (453) (446)

50 % of coupon payments on hybrid capital (277) (273) (202)

Dividends received and capital reductions 27 19 19

Funds from operations (FFO) 9,572 16,863 11,523

1 Last 12 months.

Adjusted interest-bearing net debt

DKKm

30 September

2024

31 December

2023

30 September

2023

Total interest-bearing net debt 62,817 47,379 42,892

50 % of hybrid capital 10,476 9,552 9,552

Other interest-bearing debt, add back (3,117) (3,339) (3,526)

Other interest-bearing receivables, add back 4,962 4,597 5,687

Cash and securities not available for distribution,

excluding repo loans 618 867 642

Total adjusted interest-bearing net debt 75,756 59,056 55,247

Funds from operations (FFO)/

adjusted interest-bearing net debt, %

30 September

2024

31 December

2023

30 September

2023

Funds from operations (FFO)/

adjusted interest-bearing net debt 12.6 % 28.6 % 20.9 %

Consolidated financial statements

Interim report First nine months 2024

39/50

13. Subsequent events

Divestment of a share of four UK offshore

wind farms

In October, Ørsted signed a partnership

agreement with Brookfield to farm down

25 % of our ownership-share of 50 % in four

operational UK offshore wind farms. Ørsted

will retain a 37.5 % ownership interest in the

four assets and will continue to exercise a

similar level of control and governance as

before the transaction. All four assets are fully

operational under long-term inflation-linked

contracts for difference (CfDs). The total

proceed from this transaction is expected to

amount to DKK 15.7 billion.

40/50

Sustainability statements

Interim report First nine months 2024

Sustainability statements

First nine months 2024

1 January – 30 September

41/50

Sustainability statements

Interim report First nine months 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 9M 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 the annual report

for 2023.

All greenhouse gas data points (GHG scope 1-

3) are reported based on the Greenhouse Gas

Protocol.

Basis of reporting

42/50

Sustainability statements

Interim report First nine months 2024

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 revenue (turnover)

Our taxonomy-aligned share of revenue in 9M

2024 was 90 %, an increase of 5 percentage

points compared to 9M 2023. This was pri-

marily due to the decrease in non-eligible

revenue from gas sales and fossil fuel-based

generation at the CHP plants. The taxonomy-

aligned revenue, however, also decreased

compared to 9M 2023 due to lower revenue

from wind power.

Taxonomy-aligned CAPEX

Our taxonomy-aligned share of CAPEX in 9M

2024 increased by 1 percentage point com-

pared to 9M 2023 and is primarily related to

our wind and storage facilities.

Taxonomy-aligned EBITDA (voluntary)

The slightly lower percentage of taxonomy-

aligned EBITDA in 9M 2024 compared to

9M2023 was driven by a higher relative in-

crease in non-eligible activities, partly due to

a decrease in losses from gas sales. Concur-

rently, operating profit from wind increased

significantly in absolute terms.

Taxonomy-aligned KPIs (incl. voluntary disclosures)

Taxonomy-aligned KPIs Unit 9M 2024 9M 2023

Δ

2023

Revenue (turnover) DKKm

49,957 57,725 (13 %) 79,255

Taxonomy-aligned revenue (turnover) %

90 85 5 %p 86

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

1 1 0 %p 1

Electricity generation from wind power (4.3) %

78 74 4 %p 75

Cogeneration of heat and power from bioenergy (4.20)

1 %p

Taxonomy-non-eligible revenue (turnover) %

10 15 (5 %p) 14

Gas sales %

6 9 (3 %p) 8

Fossil-based generation %

2 4 (2 %p) 3

Other activities

% 2 2 0 %p 3

CAPEX DKKm

27,897 25,900 8 % 37,973

Taxonomy-aligned CAPEX

% 99 98 0 %p 99

Taxonomy-non-eligible CAPEX %

1 2 (0 %p) 1

EBITDA DKKm

23,606 19,403 22 % 18,717

Taxonomy-aligned EBITDA (voluntary) %

98 99 (1 %p) 95

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

3 3 0 %p 4

Electricity generation from wind power (4.3) %

93 95 (2 %p) 86

Cogeneration of heat and power from bioenergy (4.20) %

2 1

1 %p

Taxonomy-non-eligible EBITDA (voluntary) %

2 1 1 %p 5

Gas sales %

0 0 0 %p 3

Fossil-based generation %

0 0 0 %p 1

Other activities

% 2 1 1 %p 1

43/50

Sustainability statements

Interim report First nine months 2024

In Q3 2024, we reached commercial operation

(COD) of the offshore wind farm South Fork

(132 MW) and of the last 73 MW of the 430

MW solar park Old 300 in the US (~ 80 % of

capacity recognised as installed in Q1 2023). In

Germany, the solar park Amberg Süd (4 MW)

reached COD.

In 9M 2024, Hornsea 4 was awarded a 2.4 GW

CfD as part of UK allocation round 6.

Hornsea 3 was also awarded 1.1 GW CfD. This,

however, replaces a similar, previously award-

ed capacity, and therefore does not affect the

awarded capacity.

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.

Climate change

Renewable capacity

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).

Renewable capacity

MW Target 9M 2024 9M 2023

Δ

2023

Installed renewable capacity

~35-38 GW (2030)

17,700 15,715 1,985 15,731

Offshore, wind power

~20-22 GW (2030)

9,903 8,871 1,032 8,871

Onshore

~11-13 GW (2030)

5,722 4,769 953 4,785

Wind power

3,726 3,701 25 3,717

Solar PV power

1,656 1,028 628 1,028

Battery storage

340

300

Bioenergy

~2 GW (2030)

2,075 2,075 - 2,075

P2X ~1 GW (2030)

- - - -

Decided (FID'ed) renewable capacity

7,528 4,666 2,862 8,323

Offshore

6,866 3,116 3,750 6,672

Wind power

6,566 3,116 3,450 6,672

Battery storage

300 - 300 -

Onshore

662 1,478 (816) 1,579

Wind power

110 84 26 100

Solar PV power

552 1,094 (542) 1,179

Battery storage

300 (300) 300

P2X

- 72 (72) 72

Awarded and contracted renewable capacity

5,223 10,544 (5,321) 3,720

Offshore, wind power

5,153 10,420 (5,267) 3,677

Onshore, wind power

- 43 (43) 43

Onshore, solar PV power

70 81 (11) -

Sum of installed and FID'ed renewable capacity

25,228 20,381 4,847 24,054

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

30,451 30,925 (474) 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)

Q4 2023 Q1 2024 Q2 2024 Q3 2024

Hornsea 3, offshore wind (2,852 MW)

Delta Sévre-Argent, onshore wind (9 MW) Greater Changhua 1 & 2a, offshore wind (900 MW) South Fork, offshore wind (132 MW)

Ballykeel, onshore wind (16 MW) Old 300, solar PV (430 MW)

Sunrise Wind, offshore wind (924 MW) Eleven Mile, solar PV (300 MW)

Revolution Wind, offshore wind (704 MW) Eleven Mile, battery storage (300 MW) Amberg Süd, solar PV (4 MW)

Farranrory, offshore wind (43 MW) Sparta Solar, solar PV (250 MW)

Garreenleen (Phase 1), solar PV (81 MW) Hornsea 4, offshore wind (2,400 MW)

Name plate capacity 2,758 MW ICENI (Hornsea 3), battery storage (300 MW)

44/50

Sustainability statements

Interim report First nine months 2024

Climate change (continued)

In Q3 2024, our power generation capacity

decreased by 461 MW to 12,703 MW.

We have shut down the 373 MW power gen-

eration capacity (based on coal) at Esbjerg

Power Station. We have also taken the

260 MW unit at Kyndby Peak Load Plant

(based on oil) out of operation, which was

temporarily put back into operation in Q4

2023.

The decrease in thermal power generation

capacity was partly offset by ramp-up of

power generation capacity at the offshore

wind farm Gode Wind 3 in Germany and an

increase in solar PV generation capacity in

the US (Old 300) and Germany (Amberg Süd).

The reduced thermal and electric heat gener-

ation capacity was also due to the shut down

of the Esbjerg Power Station in Q3 2024.

Generation capacity

MW 9M 2024 H1 2024

Δ

9M 2024 9M 2023

Δ

2023

Power generation capacity

12,703 13,164 (461) 12,703 12,199 504 12,511

Offshore wind

5,228 5,134 94 5,228 4,950 278 4,986

Denmark

561 561 - 561 561 - 561

The UK

2,830 2,830

- 2,830

2,830

Germany

767 673 94 767 673 94 673

The Netherlands

376 376 - 376 376 - 376

Taiwan

598 598 - 598 480 118 516

The US

96 96 - 96 30 66 30

Onshore wind

3,666 3,666 - 3,666 3,691 (25) 3,707

The US

3,215 3,215 - 3,215 3,215 - 3,215

Ireland

351 351 - 351 351 - 351

The UK

78 78

- 78 62

France

0 0

- 0 41

(41)

Germany

22 22

- 22 22

Solar PV

1,642 1,564 78 1,642 1,018 624 1,018

The US

1,627 1,554 73 1,627 1,004 623 1,004

France

0 0 - 0 4 (4) 4

Germany

15 10 5 15 10 5 10

Thermal, Denmark (CHP plants)

2,167 2,800 (633) 2,167 2,540 (373) 2,800

Heat generation capacity, thermal

2,909 3,353 (444) 2,909 3,353 (444) 3,353

Based on biomass

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

Based on coal

856 1,300 (444) 856 1,300 (444) 1,300

Based on natural gas

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

Heat generation capacity, electric

200 225 (25) 200 225 (25) 225

Power generation capacity, thermal

2,167 2,800 (633) 2,167 2,540 (373) 2,800

Based on biomass

1,232 1,232 - 1,232 1,228 4 1,228

Based on coal

618 991 (373) 618 991 (373) 991

Based on natural gas

951 951

- 951 951

951

Based on oil

474 734 (260) 474 474 - 734

45/50

Sustainability statements

Interim report First nine months 2024

Energy generation

Offshore wind power generation increased by

9 % to 12.9 TWh in 9M 2024 compared to 9M

2023. The increase was primarily due to

ramp-up of capacity in Taiwan, the US, and

Germany as well as increased wind speeds

across all regions.

Onshore wind power generation was

8.8 TWh, an increase of 6 % compared to 9M

2023, primarily driven by higher generation at

Sunflower Wind (passed COD in Q3 2023).

Solar PV generation increased by 41 %, mainly

driven by generation at Sparta Solar and

Eleven Mile in the US, which became opera-

tional in 2024.

Thermal power generation decreased by 9 %

in 9M 2024 compared to 9M 2023, mainly due

to less attractive spreads for condensing

power generation together with prolonged

maintenance at Avedøre Power Station.

Heat generation was 8 % higher in 9M 2024

compared to 9M 2023, mainly due to the col-

der weather in 2024.

Energy sales

Gas sales were 3 % lower compared to 9M

2023, mainly due to the expiry of the whole-

sale offtake contract with Equinor in Q1 2024.

This was partly offset by higher offtake vol-

umes from the North Sea, following the com-

pletion of the maintenance work on Tyra

earlier this year.

Power sales were 7 % lower than in 9M 2023,

partly due to lower volumes from ending

third-party contracts for balancing activities.

Climate change (continued)

Energy generation and sales

1 Power sold with renewable certificates.

2 Power sold without renewable certificates.

Energy generation and sales

GWh Q3 2024 Q3 2023

Δ

9M 2024 9M 2023

Δ

2023

Power generation

7,597 7,252 5 % 27,182 25,144 8 % 35,572

Offshore wind

3,522 3,544 (1 %) 12,859 11,750 9 % 17,761

Denmark

356 377 (6 %) 1,465 1,346 9 % 1,970

The UK

2,122

2,259

(6 %)

7,293

7,454

(2 %)

10,887

Germany

467 379 23 % 1,655 1,343 23 % 2,076

The Netherlands

258 259 (0 %) 970 959 1 % 1,449

Taiwan

271 254 7 % 1,297 586 121 % 1,291

The US

48 16 200 % 179 62 189 % 88

Onshore wind

2,109 2,214 (5 %) 8,757 8,246 6 % 11,228

The US

1,947 1,975 (1 %) 8,013 7,484 7 % 10,124

Ireland

139 178 (22 %) 554 568 (2 %) 809

France

(100 %)

(11 %)

Germany

(20 %)

3 %

The UK

(58 %)

100

1 %

148

Solar PV

1,161 713 63 % 2,472 1,753 41 % 2,146

The US

1,158 708 64 % 2,463 1,740 42 % 2,131

Germany

3 4 (25 %) 8 10 (20 %) 11

France

0 1 (100 %) 1 3 (67 %) 4

Thermal

805 781 3 % 3,094 3,395 (9 %) 4,437

Heat generation

332 234 42 % 4,551 4,202 8 % 6,587

Total heat and power generation

7,929 7,486 6 % 31,733 29,346 8 % 42,159

Of which, thermal heat and power, %

14 % 14 % 1 %p 24 % 26 % (2 %p) 26 %

Gas sales

4,138 5,355 (23 %) 13,355 13,839 (3 %) 16,880

Power sales

4,010 3,948 2 % 14,128 15,204 (7 %) 21,448

Green power to end customers

189 330 (43 %) 572 690 (17 %) 881

Regular power to end customers

386 233

66 %

1,245 1,127

10 %

1,567

Power wholesale

3,435 3,385 1 % 12,311 13,387 (8 %) 19,000

46/50

Sustainability statements

Interim report First nine months 2024

The renewable share of heat and power gener-

ation was 97 % in 9M 2024, which was

5 percentage points higher than in 9M 2023.

The main driver for the increased renewable

share of heat and power generation compared

to 9M 2023 was the 5 percentage point de-

crease in the share of coal-based generation.

The reduced coal-based generation was due

to a combination of lower condensing power

generation at the CHP plants because of un-

favourable spreads and lower coal-based gen-

eration at Studstrup Power Station due to the

gradual switch back to biomass-based genera-

tion in 2023 after the fire in the wood pellet

Climate change (continued)

Share of renewable energy generation

silo in the autumn of 2022. Subsequently, the

share of sustainable biomass generation incre-

ased by 3 percentage points compared to 9M

2023.

The 2 percentage point increase in the share

of generation coming from solar PV was pri-

marily due to ramp-up effects from the US

solar farms Sparta Solar and Eleven Mile.

Total heat and power generation by energy

source

Share of renewable energy generation

Share of energy generation

Q3 2024 Q3 2023

Δ

9M 2024 9M 2023

Δ

2023

Total heat and power generation

100 100 0 %p 100 100 0 %p 100

From offshore wind

44 47 (3 %p) 40 40 0 %p 42

From onshore wind

27 30 (3 %p) 28 28 0 %p 27

From solar PV

15 9 6 %p

8 6 2 %p

From sustainable biomass

9 8 1 %p

20 17 3 %p

From other renewable energy sources

1 0 1 %p 1 1 0 %p 1

From coal

4 4 0 %p 2 7 (5 %p) 6

From natural gas

0 2 (2 %p) 1 1 0 %p 1

From other fossil energy sources

0 0 0 %p 0 0 0 %p 0

Share of renewable energy generation

96 94 2 %p 97 92 5 %p 93

Offshore

100 100 0 %p 100 100 0 %p 100

Onshore

100 100 0 %p 100 100 0 %p 100

Bioenergy & Other

69 59 10 %p 86 71 15 %p 73

47/50

Sustainability statements

Interim report First nine months 2024

Climate change (continued)

Energy consumption

The consumption of coal decreased by 53 %,

due to a combination of lower condensing

power generation as a result of lower power

prices resulting in unfavourable spreads and

resumed biomass consumption, replacing

coal consumption at Studstrup Power Station

since April 2023.

The total fuel consumption for thermal heat

and power generation was reduced by 4 % in

9M 2024 compared to 9M 2023.

The consumption of sustainable biomass in-

creased by 18 % compared to 9M 2023, main-

ly driven by increased biomass usage at

Studstrup Power Station due to the fire in the

wood pellet silo leading to lower biomass

usage in 9M 2023.

Energy consumption Unit Q3 2024 Q3 2023

Δ

9M 2024 9M 2023

Δ

2023

Direct energy consumption (GHG, scope 1)

GWh

2,370 2,138 11 % 10,588 10,991 (4 %) 14,936

Fuels used in thermal heat and power generation

GWh

2,318 2,094 11 % 10,448 10,857 (4 %) 14,764

Sustainable biomass

GWh

1,423 1,158 23 % 8,457 7,172 18 % 10,074

Coal

GWh

797 628 27 % 1,450 3,075 (53 %) 3,782

Natural gas

GWh

61 274 (78 %) 424 498 (15 %) 746

Oil

GWh

37 34 9 % 117 112 4 % 162

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

52 44 18 % 140 134 4 % 172

Coal used in thermal heat and power generation Thousand tonnes

128 65 97 % 228 437 (48 %) 546

Certified sustainable wooden biomass sourced %

100 100 0 %p 100 100 0 %p 100

Indirect energy consumption (GHG, scope 2) GWh

97 79 23 % 408 376 9 % 632

Power sourced for own consumption GWh

96 78 23 % 398 367 8 % 618

Own power consumption covered by renewable energy certificates %

100 100 0 %p 100 100 0 %p 100

Heat sourced for own consumption GWh

1 1 0 % 10 9 11 % 14

Total direct and indirect energy consumption GWh

2,467 2,217 11 % 10,996 11,367 (3 %) 15,568

Green share of total direct and indirect energy consumption %

62 56 6 %p 81 66 15 %p 69

48/50

Sustainability statements

Interim report First nine months 2024

consumption decreased by 51 % compared to

9M 2023, primarily due to the decrease in

fossil-based heat and power generation.

Scope 1, 2, and 3 GHG intensity (excluding

emissions from natural gas sales) increased by

76 % compared to 9M 2023, primarily due to

the increased scope 3 emissions from capital

goods.

mainly driven by the 2.7 million tonnes CO

increase in scope 3 emissions from capital

goods. The capital goods emissions are green-

house gas emissions from ‘cradle to operation’

of the new assets commissioned in 9M 2024.

In 9M 2024, the main contributors to the emis-

sions in the capital goods category are the

offshore wind farms Greater Changhua 1 and

GHG emissions (scope 1-3)

Scope 1 greenhouse gas (GHG) emissions de-

creased by 47 % from 9M 2023 to 9M 2024.

The main driver was the 53 % decrease in

the use of coal at the power stations.

In 9M 2024, scope 3 greenhouse gas emissions

increased by 63 % compared to 9M 2023,

2a, in Taiwan, South Fork in the US, and the

three US solar and battery sites Old 300,

Eleven Mile (combined solar and battery), and

Sparta Solar.

GHG intensities

Our scope 1 and 2 GHG intensity of energy

Climate change (continued)

Greenhouse gas (GHG) emissions

GHG emissions and intensities Unit Q3 2024 Q3 2023

Δ

9M 2024 9M 2023

Δ

2023

Direct GHG emissions (scope 1) Thousand tonnes CO

e 313 345 (9 %) 664 1,263 (47 %) 1,585

Indirect GHG emissions (scope 2)



Location-based Thousand tonnes CO

e 17 13 31 % 47 57 (18 %) 93

Market-based Thousand tonnes CO

e 0 0 0 % 1 0 0 % 1

Indirect GHG emissions (scope 3) Thousand tonnes CO

e 2,165 1,600 35 % 7,314 4,487 63 % 5,631

C2: capital goods Thousand tonnes CO

e 757 75 909 % 2,745 84 3168 % 91

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

e 316 191 65 % 1,041 956 9 % 1,314

C11: use of sold products Thousand tonnes CO

e 944 1,241 (24 %) 3,116 3,185 (2 %) 3,862

Other categories Thousand tonnes CO

e 148 93 59 % 412 262 57 % 364

Total GHG emissions (incl. scope 2 GHG emissions, location-based) Thousand tonnes CO

e 2,495 1,958 27 % 8,025 5,807 38 % 7,309

Total GHG emissions (incl. scope 2 GHG emissions, market-based) Thousand tonnes CO

e 2,478 1,945 27 % 7,979 5,750 39 % 7,217

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

e 1,534 704 118 % 4,863 2,565 90 % 3,355

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

e 1,221 359 240 % 4,198 1,302 222 % 1,769

GHG intensity (scope 1 and 2)





GHG intensity, energy generation g CO

e/kWh 40 46

(13 %)

21 43

(51 %)

Offshore g CO

e/kWh 3 2

50 %

2 2

0 %

Onshore g CO

e/kWh 0 0

0 %

0 0

0 %

Bioenergy & Other g CO

e/kWh 266 331

(20 %)

83 163

(49 %)

141

GHG intensity, revenue g CO

e/DKK 20 20

0 %

13 22

(41 %)

GHG intensity, EBITDA g CO

e/DKK 33 38 (13 %) 28 65 (57 %) 85

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

e/kWh 194 94 106 % 153 87 76 % 80

49/50

Sustainability statements

Interim report First nine months 2024

compared to 9M 2023, due to increased

hours worked by contractors.

The lost-time injury frequency (LTIF) was

14 % lower in 9M 2024 compared to 9M 2023.

The total number of lost-time injuries (LTIs)

increased by one injury among own employ-

ees.

In 9M 2024, our total recordable injury rate

(TRIR) was at 2.3, which is 21 % lower than in

9M 2023.

In 9M 2024, the total number of recordable

injuries (TRIs) decreased by two injuries, which

equals a decrease of 4 % compared to 9M

2023.

Hours worked were 22 % higher in 9M 2024

The reduction in the total number of employ-

ees and increased total turnover for 9M 2024

compared to 9M 2023 are both due to redun-

dancies made as part of our work to reduce

our fixed costs and increase our efficiency as

communicated in our annual report for 2023.

The number of employees was 6 % lower at

the end of 9M 2024 compared to 9M 2023.

At 2.2 %, the sickness absence was 0.2 % high-

er than in 9M 2023.

The voluntary turnover increased by 1.5 per-

centage points in 9M 2024, whereas the total

turnover increased by 3.5 percentage points.

1 FTE distribution in other countries in 9M 2024: the Netherlands (107), Ireland (102), Singapore (19),

Korea (16), Spain (9), Sweden (8), Vietnam (8), Japan (2), and Norway (3).

Own workforce

People and safety

People 9M 2024 9M 2023

Δ

2023

Total number of employees, FTEs

8,377 8,906 (6 %) 8,905

Denmark

3,965 4,383 (10 %) 4,354

The UK

1,290

1,327

(3 %)

1,311

The US

725 754 (4 %) 746

Malaysia

782 745 5 % 769

Poland

772 750 3 % 776

Germany

383 384 (0 %) 385

Taiwan

186 193 (4 %) 193

Other

274 370 (26 %) 371

Sickness absence, %

2.2 2.0 0.2 %p 2.1

Turnover, %



Total employee turnover rate 13.4 9.9 3.5 %p 9.6

Voluntary employee turnover rate

8.8 7.3 1.5 %p 7.2

Safety 9M 2024 9M 2023

Δ

2023

Total recordable injuries (TRIs), number

53 55 (4 %) 73

Own employees

15 13 15 % 23

Contractor employees

38 42 (10 %) 50

Lost-time injuries (LTIs), number

28 27 4 % 36

Own employees

8 7 14 % 12

Contractor employees

20 20 0 % 24

Hours worked, million hours

22.9 18.8 22 % 25.8

Own employees

10.7 10.7 0 % 14.5

Contractor employees

12.2 8.1 51 % 11.3

Total recordable injury rate, TRIR

2.3 2.9 (21 %) 2.8

Own employees

1.4 1.2 17 % 1.6

Contractor employees

3.1 5.2 (40 %) 4.4

Lost-time injury frequency, LTIF

1.2 1.4 (14 %) 1.4

Own employees

0.7 0.7 0 % 0.8

Contractor employees

1.6 2.5 (36 %) 2.1

TRIR 12M rolling

2.4 2.9 (17 %) 2.8

LTIF 12M rolling

1.2 1.6 (25 %) 1.4

Fatalities, number

0 0 0 % 0

Permanent disability cases, number

0 0 0 % 0

Consolidated financial statements

Interim report First nine months 2024

50/50

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 - 30 September 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 30 September 2024

and of the results of the Group's operations

and cash flows for the period 1 January - 30

September 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, 5 November 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

Leticia Francisca Torres

Mandiola*

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

19/50

Management’s review

Interim report First nine months 2024

Ørsted A/S

CVR no. 36213728

Kraftværksvej 53

DK-7000 Fredericia

Tel.: +45 99 55 11 11

orsted.com

Global Media Relations

Tom Christiansen

Tel.: +45 99 55 60 17

Investor Relations

Rasmus Keglberg Hærvig

Tel.: +45 99 55 90 95

Front page image

Blade installation at South Fork Wind, New

York

Publication

5 November 2024