Ørsted A/S

Interim report

First half year 2025

2/49

Interim report

First half year 2025

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 Mon-

day, 11 August 2025 at 11:00 CEST.

The earnings call can be followed live here:

https://getvisualtv.net/stream/?orsted-q2-2025

Further information

Global Media Relations

Tom Christiansen

Tel.: +45 99 55 95 25

Investor Relations

Rasmus Keglberg Hærvig

Tel.: +45 99 55 90 95

Financial statements

Consolidated financial statements

Basis of reporting .............................................................................................. …40

Environment

Renewable capacity....................................................................................... …41

Generation capacity ....................................................................................... …42

Energy generation ........................................................................................... …43

Energy sales and generation by energy source ........................... …44

Energy consumption ....................................................................................... …45

Greenhouse gas (GHG) emissions ........................................................... …46

EU taxonomy for sustainable activities ............................................. .. 47

Social

People and safety ............................................................................................ ....48

Management’s statement

Statement by the Executive Board and the Board of Direc-

tors .............................................................................................................................. ....49

Sustainability statements

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

At a glance ........................................................................................................... …..5

Outlook 2025 ....................................................................................................... …..6

Results H1 ................................................................................................................ …..7

Results Q2 .............................................................................................................. …..10

Business units’ Q2 results ............................................................................ …..12

Performance highlights ................................................................................ .....15

Quarterly overview ......................................................................................... .....16

Consolidated statement of income ..................................................... 18

Consolidated statement of comprehensive income ................ 18

Consolidated statement of financial position ............................. 20

Consolidated statement of shareholders’ equity ....................... 21

Consolidated statement of cash flows ............................................. 22

Notes

1. Basis of reporting .......................................................................................... 23

2. Segment information ................................................................................. 24

3. Revenue .............................................................................................................. 27

4. Impairments ..................................................................................................... 29

5. Other operating income and expenses ......................................... 31

6. Financial income and expenses .......................................................... 31

7. Gross and net investments .................................................................... 32

8. Reserves ............................................................................................................. 32

9. Tax on profit (loss) for the period ...................................................... 33

10. Markets risks .................................................................................................. 34

11. Fair value measurement ......................................................................... 35

12. Interest-bearing net debt and FFO ................................................. 37

13. Subsequent events .................................................................................... 38

3/49

Management’s review

Interim report First half year 2025

positive developments related to the success-

ful farm-down of a 24.5 % stake in West of

Duddon Sands in May as well as the obtained

project financing at Greater Changhua 2a and

2b, we are taking important steps to ensure a

robust capital structure which will enable us to

deliver value-adding projects to our investors.

Firstly, a strengthened capital structure will

enable a more value accretive and flexible

approach to partnerships and divestments,

and provide financial flexibility for future

investments. This will safeguard a larger share

of operational cash flow. We continue to

progress the previously announced farm-down

processes for Hornsea 3 and Greater Chang-

hua 2, and we have launched a sales process

for a potential full divestment of our European

Onshore business, with total expected pro-

ceeds of more than DKK 35 billion in 2025 and

2026.

Secondly, we successfully installed the first

foundations at Sunrise Wind, following com-

pletion of the wind turbine foundation installa-

tion at Revolution Wind. Construction of our

offshore US assets is progressing as expected

and according to plan. Furthermore, we suc-

cessfully reached first power at Greater

Changhua 2b and 4, which is a huge milestone

for the project.

Thirdly, we will continue a focused and disci-

plined approach towards capital allocation,

prioritising value over volume. This is under-

lined by not continuing with Hornsea 4 in its

Extraordinary general meeting

The Board of Directors of Ørsted A/S will call

for an extraordinary general meeting to be

held on 5 September 2025, with the purpose of

proposing that the general meeting authorise

the Board of Directors to increase the share

capital of Ørsted A/S, with pre-emptive rights

for the existing shareholders, by way of a cash

contribution of up to DKK 60 billion. For further

information about the background of the EGM

notification, the notification can be accessed

here, once released: https://orsted.com/en/

media/news. In addition, reference is made to

the related announcement published on 11

August 2025: https://orsted.com/en/investors.

Executing on our business plan

During Q2, we continued to deliver on our four

strategic priorities as set out in connection

with the full year 2024 results.

However, following recent material adverse

developments in the US offshore wind market,

it is not possible for us to complete the partial

divestment and associated non-recourse

project financing of our Sunrise Wind project

on terms which would provide the required

strengthening of our capital structure in order

to support our investment programme and

business plan. Based on these developments,

the Board of Directors today decided to dis-

continue the process for the partial divestment

of our Sunrise Wind project. This means that

that we are required to fund the construction

of the entire project on our balance sheet.

With the contemplated rights issue, and with

CEO’s review

Business progress and development

Extraordinary general meeting announced

to increase the share capital.

Announced a fully underwritten rights issue

with support from the Danish state as major-

ity shareholder.

Secured project financing at Greater

Changhua 2a and 2b.

Successfully closed the farm-down of a

24.5 % stake in West of Duddon Sands.

Launched a sales process for a potential full

divestment of our Europe Onshore business.

Achieved first power at Greater Changhua

2b and 4 in July.

Completed Revolution Wind monopile in-

stallation, and commenced Sunrise Wind

monopile installation, with both projects on

track to reach expected COD in H2 2026

and 2027, respectively.

Operation & financials

Operating profit (EBITDA) amounted to DKK

15.5 billion in H1 2025 compared to DKK 14.1

billion in H1 2024.

EBITDA excluding new partnerships and

cancellation fees amounted to DKK 13.9

billion in H1 2025, up 9 % compared to the

same period last year, mainly due to higher

availability, partly offset by lower wind

speeds throughout our offshore operational

assets.

Our decision to discontinue Hornsea 4 in its

current form led as expected to a negative

EBITDA impact from cancellation fees of

DKK 2.9 billion and impairment losses of

DKK 0.5 billion in the first half year of 2025.

At Ocean Wind 1, we have reversed DKK 1.3

billion of cancellation fees mainly due to

successfully negotiating several contracts.

We maintain our full-year guidance on

EBITDA and gross investments.

Selected events

Operations well above last year and delivering strong H1 2025 results

while announcing an extraordinary general meeting to increase the share

capital to strengthen the capital structure and provide financial flexibil-

ity.

Management’s review

4/49

Interim report

First half year 2025

expected in the first half of 2026.

Our European portfolio also experienced good

progress in H1 2025. At Hornsea 3 in the UK,

construction is progressing according to plan

with the topside of the offshore converter

station having been delivered from Thailand

to Norway in June 2025 for fit-out, monopile

fabricators for the project have started work

and site preparation for the export cables has

commenced. In Poland, our Baltica 2 project is

in its early construction phase following the

recent FID.

Further, the construction of our 300 MW

energy storage project in the UK connected to

the Hornsea zone and our carbon capture

project in Denmark are both progressing

according to plan with expected commission-

ing in 2026.

Strong long-term fundamentals

Although project realisation faces risks from

permitting delays, capital constraints, and the

need for continued cost reductions, the funda-

mental drivers remain clear. Offshore wind is

key to delivering affordable, secure, and clean

energy in a cost-efficient transition in Europe.

The strong fundamentals position offshore

wind for substantial long-term growth, ensur-

ing that it will play a central role in Europe’s

and the world’s clean energy future.

Operation & Financials

Operating profit (EBITDA) for the first half year

amounted to DKK 15.5 billion compared to

DKK 14.1 billion in the same period last year.

EBITDA excluding new partnerships and can-

cellation fees in H1 2025 amounted to DKK

13.9 billion, an underlying increase of DKK 1.1

billion compared to the same period last year.

current form, our strategic decision to not

participate in the Danish CCS tenders in the

immediate future, and having initiated a pro-

cess to divest our European Onshore business.

Lastly, we continue to focus on organisational

efficiency and on increasing competitiveness.

During 2025 and 2026, we will continue to

rightsize our organisation and lower our costs

to become more competitive and flexible as

part of our winning formula for the future.

Construction projects

In our US offshore portfolio, construction of our

Northeast programme is progressing according

to plan, and we continue to work diligently to

manage execution risks. At the first part of the

Northeast programme, our Revolution Wind

project, all wind turbine foundation monopiles

have been installed, and wind turbine installa-

tion is progressing as expected. The overall

degree of completion at Revolution Wind is

now at approx. 80 %. At the second part of the

Northeast programme, our Sunrise Wind pro-

ject, we have successfully installed the first

monopiles, and the degree of completion is

now at approx. 35 %.

We are following developments regarding

potential tariffs and other regulatory changes,

particularly affecting the US, and are continu-

ally assessing any possible financial and wider

impacts.

At Greater Changhua 2b and 4, we have suc-

cessfully installed half of the wind turbines,

and we achieved first power in July. Due to a

delay in wind turbine blade delivery and a slow

start to array cable installation, COD for

Greater Changhua 2b is expected by the end of

2025, and COD for Changhua 4 is currently

Rasmus Errboe

Group President & CEO

Earnings from our offshore sites amounted to

DKK 12.5 billion in H1 2025, up 10 % compared

to the same period last year. The increase was

mainly due to high availability, partly offset by

lower wind speeds.

Our decision to discontinue Hornsea 4 in its

current form led as expected to a negative

EBITDA impact from cancellation fees of DKK

2.9 billion and impairment losses of DKK 0.5

billion in the first half year of 2025. DKK 1.5

billion of the DKK 2.9 billion is related to the

cables from the Ocean Wind 1 project that

were to be reused at Hornsea 4. For Ocean

Wind 1, we had a positive EBITDA impact of

DKK 1.3 billion regarding cancellation fees,

mainly because we have continued to work

through our supplier contracts and finalised

negotiation of several contracts with a better

outcome than assumed.

We maintain our full-year EBITDA guidance of

DKK 25-28 billion excluding earnings from new

partnerships and cancellation fees. Additional-

ly, we maintain our gross investments guid-

ance of DKK 50-54 billion.

5/49

Interim report

First half year 2025

At a glance

Financial highlights

Operating profit (EBITDA)

, DKKbn

14.1

Offshore

Onshore

Profit for the period, DKKbn

Gross investments, DKKbn

Interest-bearing net debt, DKKbn

Return on capital employed (ROCE)

, %

Credit metric (FFO/adjusted interest-bearing

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

15.5

Bioenergy & Other

25.0

Offshore Onshore Bioenergy & Other

15.9

25.0

8.2

49.4

67.1

12.3

7.5

22.0

15.6

18.5

17.5

18.5

Onshore Bioenergy & Other Offshore

140

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

7. 5

13.1

Excl. impairments

and cancellation fees

5/49

Impairment and cancellation fees (after tax)

-12.4

2.5

8.9

6/49

Management’s review

Interim report First half year 2025

EBITDA

EBITDA in 2025 excluding new partnership

agreements and cancellation fees is un-

changed and expected to amount to DKK 25-

28 billion.

We have changed the directional guidance for

Offshore from ‘Higher’ to ‘Neutral’ due to low-

er wind impact in the first months of 2025.

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 below and box to

the right).

Gross investments

Gross investments in 2025 are expected to

amount to DKK 50-54 billion, which is un-

changed relative to the guidance in the annual

report.

Uncertainties in the US

We are following developments regarding

potential tariffs and other regulatory changes,

particularly affecting the US, and are continu-

ally assessing any possible financial and wider

impacts.

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 2025, DKK billion

2024

realised

Guidance

6 Feb

Guidance

13 Aug

EBITDA, excl. new partnerships

and cancellation fees

24.8

25-28

Offshore 19.2

Higher

Neutral

Onshore 4.0 Higher Higher

Bioenergy & Other 1.1 Significantly higher Significantly higher

Gross investments 42.8 50-54 50-54

Guidance

7 May

25-28

Higher

Significantly higher

50-54

Outlook 2025

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 2024 in the chapter

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

7/49

Management’s review

Interim report First half year 2025

Financial results

Revenue

Power generation from offshore and onshore

assets increased by 1 % and totalled 17.4 TWh

in H1 2025. The increase was due to ramp-up of

generation from our offshore wind farm Gode

Wind 3 and our solar PV farms Sparta Solar

(part of Helena Energy Center), Eleven Mile

Solar Center, and Mockingbird. Furthermore,

curtailments at Hornsea 1 and Hornsea 2 and

bad weather in the US led to low availability in

H1 2024, which was not repeated to the same

extent in H1 2025. This was partly offset by

significantly lower wind speeds throughout our

offshore portfolio.

Heat generation decreased by 7 % in H1 2025,

mainly due to warmer weather. Thermal pow-

er generation decreased by 15 % due to lower

cogeneration and lower prices.

Our renewable share of generation amounted

to 99 %, an increase of 2 percentage points

compared to last year.

Revenue amounted to DKK 37.8 billion. The

increase of 11 % relative to H1 2024 was mainly

due to higher power generation and higher gas

and power prices.

EBITDA

Operating profit (EBITDA) for H1 2025 amount-

ed to DKK 15.5 billion, DKK 1.5 billion higher

than in H1 2024.

Earnings from new partnerships related to the

farm-downs of West of Duddon Sands (DKK

2.8 billion) and Eleven Mile and Sparta Solar

(DKK 0.3 billion). Impact from cancellation fees

related to the decision to discontinue Hornsea

4 in its current form (DKK 2.9 billion), partly

offset by effects from Ocean Wind 1 (DKK 1.3

billion).

Adjusted for new partnerships and cancella-

tion fees, EBITDA increased by DKK 1.1 billion

(9 %) to DKK 13.9 billion.

EBITDA from Offshore sites amounted to DKK

12.5 billion, an increase of DKK 1.1 billion com-

pared to H1 2024. The increase was driven by

the ramp-up of generation from Gode Wind 3,

compensations for grid delay at Borkum

Riffgrund 3, higher availability, and higher

revenue from CfDs, ROCs, and green certifi-

cates. Furthermore, our power trading activi-

ties delivered strong earnings in H1 2025. The

increase in earnings was partly offset by lower

wind speeds (DKK 1.9 billion).

EBITDA excluding new partnerships and cancellation fees, DKKbn

Results H1

Financial results, DKKm H1 2025 H1 2024 %

Revenue

37,840 34,191 11 %

EBITDA

15,515 14,058 10 %

- New partnerships

3,140 - n.a.

- Cancellation fees

(1,531) 1,300 n.a.

Depreciation and amortisation

(4,990) (5,106) (2 %)

Impairment (loss)/reversal

252 (3,152) n.a.

Operating profit (loss) (EBIT)

10,777 5,800 86 %

Gain (loss) on divestment of enterprises

211 (59) n.a.

Financial items, net

(1,898) (1,899) (0 %)

Profit (loss) before tax

9,108 3,859 136 %

Tax

(870) (2,928) (70 %)

Tax rate

10 % 76 % (66 %p)

Profit (loss) for the period

8,238 931 785 %

- EBITDA excl new partnerships and cancellation fees

13,906 12,758 9 %

EBITDA from existing partnerships increased

by DKK 0.3 billion and amounted to DKK 0.0

billion in H1 2025.

EBITDA from our Onshore business excl. new

partnerships amounted to DKK 2.3 billion,

DKK 0.6 billion higher than in H1 2024. The

increase was due to the ramp-up of genera-

tion at Sparta Solar, Mockingbird, and Eleven

Mile Solar Center.

EBITDA from our CHP plants amounted to

DKK 0.9 billion in H1 2025, DKK 0.3 billion

higher than in H1 2024. The increase was

mainly due to higher achieved prices and

improved spreads in Q1 2025.

EBITDA from our gas business totalled DKK

0.3 billion in H1 2025, DKK 0.4 billion higher

Offshore

(DKK 0.3 bn)

Onshore

(DKK 0.6 bn)

Bio & Other

(DKK 0.5 bn)

Management’s review

8/49

Interim report

First half year 2025

than in H1 2024. The increase was mainly driv-

en by the ramp-up of volumes from our offtake

contract with DUC due to the ramp up of pro-

duction from the Tyra field. Furthermore, the

negative effect from the revaluation of gas at

storages in H1 2024 was not repeated to the

same extent in H1 2025.

Impairments

Net impairment reversals had a positive effect

in H1 2025 of DKK 0.3 billion. The main contrib-

utors to the net impairment reversals were a

decrease in the long-dated US interest rates

(DKK 1.5 billion) and an increase in long-term

prices for our US onshore assets (DKK 0.5 bil-

lion), which was partly offset by new imposed

tariffs in the US (DKK 1.2 billion) and impair-

ments related to the decision to discontinue

the Hornsea 4 project in its current form (DKK

0.5 billion). See note 4 ‘Impairments’ for more

information.

EBIT

EBIT increased by DKK 5.0 billion to DKK 10.8

billion in H1 2025. This was mainly due to the

higher EBITDA and lower impairments in H1

2025.

Financial income and expenses

Net financial income and expenses amounted

to DKK -1.9 billion, in line with the same period

last year. The negative development was due

to a positive effect from a gain on US interest

rate swaps in H1 2024 not being repeated in H1

2025. This was partly offset by a higher share

of capitalised interests and a positive impact

from exchange rate adjustments, primarily due

to gains from the strengthening of DKK against

GBP and USD in H1 2025, contrasting with the

losses from its weakening against these curren-

cies in Q1 2024. These exchange rate gains

were partly offset by a loss from the substan-

tial decrease in the NTD exchange rate in H1

2025.

Tax and tax rate

Tax on profit for the period amounted to DKK

0.9 billion, DKK 2.1 billion lower than in H1

2024. The tax rate in H1 2025 was 10 % and

was affected by impairments, cancellation

fees, and gain from the 50 % farm-downs of

West of Duddon Sands and Eleven Mile and

Sparta Solar. As part of the onshore transac-

tion, DKK 0.6 billion of previously recognised

deferred tax liabilities related to tax equity

contributions were reversed in the tax line item

(see note 9 ‘Tax on profit (loss) for the period’).

Profit for the period

Profit for the period totalled DKK 8.2 billion,

DKK 7.3 billion higher than in H1 2024. The

increase was mainly due to higher EBITDA,

lower impairments, and lower tax.

Cash flows and net debt

Cash flows from operating activities

Cash flows from operating activities totalled

DKK 7.8 billion in H1 2025 compared to DKK

9.7 billion in H1 2024, with negative year-over-

year contributions from reversal of gain on

sale of assets, variation margin, change in tax

equity, work in progress, and other working

capital. This was partly offset by higher

EBITDA, a positive development in year-over-

year change in provision, and lower paid tax.

In H1 2025, the positive impact from provisions

and other items was mainly related to rever-

sal of the non-cash impact in EBITDA from

cancellation fees, whereas we in H1 2024 had

a net cash outflow of DKK 4.1 billion from pay-

ments regarding the provisions made for can-

cellation fees re. Ocean Wind 1.

In H1 2025, the net release in variation margin

payments on unrealised hedges (‘Change in

variation margin’) and initial margin payments

at clearing houses (part of ‘Change in other

working capital’) was DKK 0.0 billion, whereas

we released DKK 1.9 billion in H1 2024:

–

the variation margin payments were a

cash outflow of DKK 0.1 billion vs a cash

inflow of DKK 1.7 billion in H1 2024

–

the initial margin payments were a cash

inflow of DKK 0.1 billion vs a cash inflow of

DKK 0.2 billion in Q1 2024.

In H1 2025, we had a net cash outflow from

work in progress of DKK 1.5 billion, mainly re-

lated to the construction of the Hornsea 3

offshore transmission asset and the construc-

tion of Borkum Riffgrund 3 for partners. This

was partly offset by a milestone payment

received for Greater Changhua 4. In H1 2024,

we had a cash outflow of DKK 1.1 billion, main-

ly related to the construction of the Hornsea 3

and Hornsea 4 offshore transmission assets,

partly offset by milestone payments received

at Borkum Riffgrund 3 and Greater

Changhua 1.

In H1 2025, we did not receive tax equity con-

tributions whereas we received tax equity

Cash flow and net debt, DKKm H1 2025 H1 2024 %

Cash flows from operating activities

7,820 9,689 (19 %)

EBITDA

15,515 14,058 10 %

Reversal of gain (loss) on divestments of assets

(3,302) (160) 1964 %

Change in derivatives, excl. variation margin

(766) (619) 24 %

Change in variation margin

(111) 1,730 n.a.

Change in provisions and other items

1,548 (4,707) n.a.

Interest expense, net

(1,107) (425) 160 %

Paid tax

(1,444) (2,521) (43 %)

Change in work in progress

(1,473) (1,052) 40 %

Change in tax equity partner liabilities

(1,584) 1,984 n.a.

Change in other working capital

544 1,401 (61 %)

Gross investments

(24,953) (15,914) 57 %

Divestments

7,245 2,255 221 %

Free cash flow

(9,888) (3,970) 149 %

Net interest-bearing debt, beginning of period

58,027 47,379 22 %

Free cash flow

9,888 3,970 149 %

Dividends and hybrid coupon paid

1,227 368 233 %

Addition of lease obligations, net

185 589 (69 %)

Repurchase of hybrid capital, net

- (3,680) n.a.

Exchange rate adjustments, etc.

(2,190) 740 n.a.

Net interest-bearing debt, end of period

67,137 49,366 36 %

Management’s review

9/49

Interim report

First half year 2025

billion at the end of H1 2025 against DKK 58.0

billion at the end of 2024. The increase was

mainly due to a negative free cash flow of

DKK 9.9 billion.

Equity

Equity was DKK 97.4 billion at the end of H1

2025 against DKK 93.5 billion at the end of

2024.

Capital employed

Capital employed was DKK 164.6 billion at the

end of H1 2025 against DKK 151.5 billion at the

end of 2024, mainly due to new investments.

Financial ratios

Return on capital employed (ROCE)

Return on capital employed (ROCE) was 7.5 %

in H1 2025. The increase of 20 percentage

points compared to last year was attributable

to a higher EBIT due to a higher EBITDA and

lower impairment losses. ROCE adjusted for

impairment losses and cancellation fees in H1

2025 was 12.3 % vs 13.1 % in H1 2024. The de-

crease of 0.8 percentage points was mainly

due to higher capital employed for projects

under construction year-over-year.

Credit metric (FFO/adjusted interest-bearing

net debt)

The funds from operations (FFO)/adjusted in-

terest-bearing net debt credit metric was 15.6

% in H1 2025 against 22.0 % in H1 2024. The

decrease was due to higher NIBD, only partly

offset by higher FFO. Adjusted for cancellation

fee payments, the credit metric was 19.2 % in

H1 2025.

In Q1 2025, the Ørsted FFO/NIBD definition

was changed to include adjustment of

contributions for Eleven Mile in H1 2024. In both

periods, ‘Change in tax equity’ included a rever-

sal of the non-cash recognition of tax credits

and benefits through EBITDA.

‘Change in other working capital’ was mainly

related to seasonal changes in net account

receivables and payables.

Investments and divestments

Gross investments amounted to DKK 25.0 bil-

lion in H1 2025. The main investments were:

–

offshore wind farms (DKK 21.2 billion), main-

ly Greater Changhua 2b and 4 in Taiwan,

Hornsea 3 and Baltica 2 in Europe, and Sun-

rise Wind and Revolution Wind in the US

–

onshore wind and solar PV farms (DKK 2.7

billion), mainly the construction of Badger,

the BESS at Old 300, and our portfolio of

European projects

–

CHP plants (DKK 1.0 billion), mainly our

carbon capture and storage facilities in

Denmark.

In H1 2025, ‘Divestments’ amounted to DKK 7.2

billion and were mainly related to the 50 %

farm-down of Eleven Mile and Sparta Solar and

the partial farm-down of West of Duddon

Sands.

In H1 2024, ‘Divestments’ amounted to DKK 2.3

billion and were mainly related to the sale of

the French part of our Onshore Europe portfo-

lio, divestment of an equity ownership stake in

a portfolio consisting of four US onshore wind

farms, and customary compensation to our

partners at Hornsea 1 for wake loss effects.

Interest-bearing net debt

Interest-bearing net debt totalled DKK 67.1

‘Dividends paid to minority interests’ in FFO to

better align with rating agencies. Comparison

numbers for 2024 have been restated.

ESG results

Renewable share of energy generation

The renewable share of energy generation

was 99 % in H1 2025, a 2 percentage point

increase compared to H1 2024. The increase

was mainly driven by the stop of coal-based

generation in H2 2024 and lower natural gas-

based generation at our CHP plants. We re-

main on track to reach our target of 99 %

share of renewable energy for the full year

2025.

Greenhouse gas emissions

Our gas emissions from own operations (scope

1) decreased by 72 % in H1 2025 compared to

H1 2024. The decrease was driven by the ces-

sation of coal-based generation in H2 2024

and lower natural gas-based generation com-

pared to H1 2024. Our scope 1 and 2 green-

house gas intensity decreased to 4 g CO2e/

kWh in H1 2025 compared to 15 g CO2e/kWh

in H1 2024, due to the decrease in scope 1

emissions (numerator) being slightly offset by

a lower total heat and power generation

(denominator). We remain on track to reach

our target of 10 g CO2e/kWh for the scope 1

and 2 intensity for the full year 2025.

Greenhouse gas emissions from our supply

chain and sales activities (scope 3) were 21 %

Key ratios, DKKm, %

H1 2025 H1 2024 %

ROCE

7.5 (12.4) 20 %p

Adjusted interest-bearing net debt 78,459 63,192 24 %

FFO/adjusted interest-bearing net debt

15.6 22.0 (6 %p)

lower in H1 2025 than in H1 2024, mainly due

to 89 % lower scope 3 emissions from capital

goods due to lower commissioned new ca-

pacity. This was partly offset by an increase

in scope 3 from use of sold products

(category 11). Our scope 1-3 greenhouse gas

intensity decreased by 63 % to 52 g CO2e/

kWh in H1 2025 compared to 140 g CO2e/

kWh in H1 2024.

Safety

There were two tragic fatalities among our

contractor employees at the Plum Creek

Onshore Wind Farm in Q1 2025. In H1 2025,

we had 47 total recordable injuries (TRIs), of

which 37 injuries were related to contractors’

employees. This was an increase in TRIs of

57 % from H1 2024 to H1 2025, which can

partly be explained by a 22 % increase in

hours worked, primarily due to increased

contractor hours. Our total recordable injury

rate (TRIR) increased by 29 % from 2.1 in H1

2024 to 2.7 in H1 2025. Consequently, our

‘Quality, Health, Safety & Environment’ team

(QHSE) has initiated a programme called

‘Boost QHSE’ with increased focus on train-

ing, awareness, and management focus, aim-

ing to lower the incident rate again.

In 2025, the Ørsted FFO/NIBD definition was changed to include adjustment of ’Dividends paid to minority

interests’ in FFO to better align with rating agencies. Comparison numbers for 2024 have been restated.

10/49

Management’s review

Interim report First half year 2025

EBITDA

Operating profit (EBITDA) for Q2 2025 amount-

ed to DKK 6.6 billion, DKK 0.1 billion higher

than in Q2 2024. Adjusted for new partnerships

and cancellation fees, EBITDA increased by

DKK 0.1 billion (1 %) to DKK 5.3 billion.

Earnings from Offshore sites amounted to DKK

4.8 billion, an increase of DKK 0.4 billion com-

pared to Q2 2024. The increase was driven by

ramp-up of generation from Gode Wind 3, and

compensation related to Borkum Riffgrund 3,

higher availability, and higher revenue from

CfDs, ROCs, and green certificates. This was

partly offset by lower wind speeds (DKK 0.5

billion).

EBITDA from existing partnerships increased by

DKK 0.1 billion and amounted to DKK 0.1 billion

in Q2 2025.

EBITDA from Onshore amounted to DKK 1.2

billion, DKK 0.2 billion higher than in Q1 2024.

The increase was due to ramp-up of genera-

tion at Mockingbird and Eleven Mile Solar Cen-

ter as well as sale of components. This was

only partly offset by lower availability and

lower wind speeds.

EBITDA from our CHP plants amounted to

DKK 0.2 billion in Q2 2025, DKK 0.1 billion high-

er than in Q2 2024. The increase was mainly

due to higher prices and spreads.

EBITDA from our gas business totalled DKK 0.1

billion in Q2 2025, DKK 0.1 billion higher than in

Q2 2024. The increase was mainly driven by

ramp-up of volumes from our offtake contract

with DUC due to ramp-up of production from

the Tyra field.

Impairments

Impairment losses in Q2 2025 amounted to

DKK 0.0 billion. The contributors to the net

zero impairment loss in the quarter were the

decision to discontinue the Hornsea 4 project

in its current form (DKK 0.5 billion), which was

offset by a positive development on our US

onshore assets from increasing long-term

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

mation

Cash flows from operating activities

Cash flows from operating activities totalled

DKK 7.2 billion in Q2 2025 compared to DKK

6.1 billion in Q2 2024 with positive year-over-

year contributions from change in provisions,

EBITDA excluding new partnerships and cancellation fees, DKKbn

Results Q2

Financial results, DKKm Q2 2025 Q2 2024 %

Revenue

17,135 15,023 14 %

EBITDA

6,644 6,570 1 %

- New partnerships

2,836 - n.a.

- EBITDA excl new partnerships and cancellation fees

5,339 5,270 1 %

Depreciation and amortisation

(2,435) (2,683) (9 %)

Impairment (loss)/reversal

(20) (3,913) (99 %)

Operating profit (loss) (EBIT)

4,189 (26) n.a.

Gain (loss) on divestment of enterprises

124 (7) n.a.

Financial items, net

(331) (552) (40 %)

Profit (loss) before tax

3,989 (575) n.a.

Tax

(638) (1,103) (42 %)

Tax rate

16 % (192 %) 208 %p

Profit (loss) for the period

3,351 (1,678) n.a.

- Cancellation fees

(1,531) 1,300 n.a.

construction contracts, and other net work-

ing capital. This was partly offset by reversal

of the gain related to the farm-down of West

of Duddon Sands, lower change in variation

margin, and change in tax equity.

In Q2 2025, the positive impact from provi-

sions and other items was mainly related to a

reversal of the non-cash impact on EBITDA

from cancellation fees, whereas we had a net

cash outflow of DKK 1.7 billion from pay-

ments regarding the provisions made for can-

cellation fees regarding Ocean Wind 1 in Q2

2024.

In Q2 2025, the net increase in variation mar-

gin payments on unrealised hedges (‘Change

in variation margin’) and initial margin pay-

ments at clearing houses (part of ‘Change in

Offshore

(DKK 0.1 bn)

Onshore

(DKK 0.2 bn)

Bio & Other

(DKK 0.1 bn)

Management’s review

11/49

Interim report

First half year 2025

other working capital’) was DKK 0.2 billion,

whereas we released DKK 0.9 billion in Q2

2024:

–

the variation margin payments were a

cash outflow of DKK 0.1 billion vs a cash

inflow of DKK 1.1 billion in Q2 2024.

–

the initial margin payments were a cash

outflow of DKK 0.1 billion vs a cash outflow

of DKK 0.2 billion in Q2 2024.

In Q2 2025, we had a net cash inflow from

work in progress of DKK 1.6 billion, mainly relat-

ed to the receipt of a milestone payment at

Greater Changhua 4, partly offset by construc-

tion related to the offshore transmission assets

at Hornsea 3. In Q2 2024, we had a cash out-

flow of DKK 0.5 billion, mainly related to the

construction of the Hornsea 3 and Hornsea 4

offshore transmission assets, partly offset by

milestone payments received for Borkum

Riffgrund 3.

In Q2 2025, we did not receive tax equity con-

tributions, whereas we received tax equity

contributions for Eleven Mile in Q2 2024. In

both periods, ‘Change in tax equity’ included a

reversal of the non-cash recognition of tax

credits and benefits through EBITDA.

‘Change in other working capital’ was mainly

related to seasonal changes in net account

receivables and payables.

Cash flow and net debt, DKKm Q2 2025 Q2 2024 %

Cash flows from operating activities

7,186 6,081 18 %

EBITDA

6,644 6,570 1 %

Reversal of gain (loss) on divestments of assets

(3,078) (49) n.a.

Change in derivatives, excl. variation margin

(90) (778) (88 %)

Change in variation margin

(108) 1,126 n.a.

Change in provisions and other items

1,184 (2,611) n.a.

Interest expense, net

(383) (456) (16 %)

Paid tax

(654) (845) (23 %)

Change in work in progress

1,626 (452) n.a.

Change in tax equity partner liabilities

(709) 2,147 n.a.

Change in other working capital

2,754 1,429 93 %

Gross investments

(11,154) (8,292) 35 %

Divestments

4,258 2,993 42 %

Free cash flow

290 782 (63 %)

Net interest-bearing debt, beginning of period

68,449 49,864 37 %

Free cash flow

(290) (782) (63 %)

Dividends and hybrid coupon paid

336 45 647 %

Addition of lease obligations, net

(11) 118 n.a.

Exchange rate adjustments, etc.

(1,347) 121 n.a.

Net interest-bearing debt, end of period

67,137 49,366 36 %

12/49

Management’s review

Interim report First half year 2025

Financial results for Q2 2025

Power generation decreased by 1 % to 3.6

TWh in Q2 2025. The decrease was due to

significantly lower wind speeds in April. This

was partly offset by the ramp-up of genera-

tion at Borkum Riffgrund 3, leading to a 6 %

increase in generation capacity, as well as

outages at Hornsea 1 and 2 in Q2 2024 not

being repeated in Q2 2025.

Wind speeds amounted to a portfolio average

of 8.5 m/s, which was significantly lower than

in Q2 2024 (9.0 m/s) and lower than the nor-

mal wind speeds expected in the second quar-

ter (8.6 m/s).

Availability was 90 %, which was 7 percentage

points higher than in the same period last year

due to more outages in Q2 2024 than in Q2

2025.

Revenue was DKK 1.8 billion higher than in Q2

2024 and amounted to DKK 13.4 billion.

Revenue from offshore wind farms in operation

increased by 11 % to DKK 5.9 billion, mainly

driven by increased revenue from CfD con-

tracts, ROCs, and green certificates, which was

only partly offset by lower generation.

Revenue from power sales increased by DKK

1.4 billion to DKK 5.1 billion due to higher power

prices. Revenue from construction agreements

mainly related to the construction of Greater

Changhua 4 for partners.

EBITDA increased by DKK 0.1 billion and

amounted to DKK 5.3 billion.

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

by DKK 0.4 billion and amounted to DKK 4.8

billion in Q2 2025. The increase was driven by

the ramp-up of generation from Gode Wind 3,

compensations for grid delay at Borkum

Riffgrund 3, higher availability, and higher rev-

enue from CfDs, ROCs, and green certificates.

This was partly offset by lower wind speeds

(DKK 0.5 billion).

EBITDA from ‘Construction agreements and

divestment gains’ amounted to DKK 2.9 billion

in Q2 2025 and was mainly related to the

farm-down of West of Duddon Sands.

EBITDA from cancellation fees amounted to a

net loss of DKK 1.5 billion in Q2 2025. As ex-

pected, the decision to discontinue Hornsea 4

in its current form resulted in a negative

EBITDA impact of DKK 2.9 billion. DKK 1.5 bil-

lion of the DKK 2.9 billion were related to the

cables from the Ocean Wind 1 project that

were to be reused at Hornsea 4. This was part-

ly offset by a positive impact from Ocean

Wind 1 of DKK 1.3 billion following various set-

tlements of contracts.

EBITDA from ‘Other incl. project development’

was DKK 0.4 billion more negative than in Q2

2024, of which DKK 0.2 billion related to cost

reallocations, which had no impact on the

total EBITDA for Offshore.

Results Q2 2025 Q2 2024 %

Business drivers

Decided (FID'ed) and installed capacity GW 18.3 16.8 9 %

Installed capacity

10.2 9.8 4 %

Generation capacity

5.4 5.1 6 %

Wind speed

m/s

8.5 9.0 (6 %)

Load factor

31 33 (2 %p)

Availability

90 83 7 %p

Power generation

GWh

3,646 3,667 (1 %)

Denmark

345 418 (17 %)

United Kingdom

2,100 2,029 4 %

Germany

417 434 (4 %)

The Netherlands

270 269 0 %

APAC

413 447 (8 %)

The US

101 70 44 %

Power sales GWh 3,686 3,854 (4 %)

Power price, LEBA UK

GBP/MWh

90 79 15 %

British pound

DKK/GBP

8.8 8.7 0 %

Financial performance

Revenue

DKKm

13,371 11,526 16 %

Sites, O&M, and PPAs

5,914 5,339 11 %

Power sales

5,122 3,680 39 %

Construction agreements

2,167 2,292 (5 %)

Other

168 215 (22 %)

EBITDA

DKKm

5,301 5,218 2 %

Sites, O&M, and PPAs

4,814 4,400 9 %

Construction agreements and divestment gains 2,901 6 n.a.

Other incl. project development (883) (488) 81 %

Depreciation

DKKm

(1,688) (1,809) (7 %)

Impairment losses

DKKm

(500) (4,149) (88 %)

EBIT

DKKm

3,113 (740) n.a.

Cash flow from operating activities

DKKm

6,370 1,966 224 %

Gross investments

DKKm

(9,489) (6,128) 55 %

Divestments

DKKm

3,822 (7) n.a.

Free cash flow

DKKm

703 (4,169) n.a.

Capital employed

DKKm

119,063 94,610 26 %

H1 2025 H1 2024 %

18.3 16.8 9 %

10.2 9.8 4 %

5.4 5.1 6 %

9.4 10.2 (8 %)

39 43 (4 %p)

92 84 8 %p

9,116 9,337 (2 %)

910 1,108 (18 %)

5,119 5,171 (1 %)

1,040 1,187 (12 %)

546 713 (23 %)

1,293 1,027 26 %

209 131 59 %

8,502 10,118 (16 %)

110 78 41 %

8.9 8.7 1 %

28,008 25,517 10 %

13,549 12,712 7 %

10,596 9,262 14 %

3,606 3,101 16 %

257 442 (42 %)

11,611 11,301 3 %

12,469 11,328 10 %

2,824 (277) n.a.

(2,151) (1,050) 105 %

(3,464) (3,531) (2 %)

(724) (3,086) (77 %)

7,423 4,684 58 %

1,496 2,801 (47 %)

(21,225) (11,117) 91 %

3,927 (809) n.a.

(15,802) (9,125) 73 %

119,063 94,610 26 %

Cancellation fees (1,531) 1,300 n.a. (1,531) 1,300 n.a.

Offshore

At the end of 2024, we reallocated indirect costs from ‘Sites’ to ‘Other incl. project development’ with a

total effect of DKK 0.9 billion. The effect in Q2 2025 was DKK 0.2 billion.

13/49

Management’s review

Interim report First half year 2025

Financial results for Q2 2025

Power generation decreased by 4 % compared

to Q2 2024 and amounted to 4.0 TWh. The

decrease was due to lower wind speeds, lower

availability due to scheduled maintenance at

several of our onshore wind farms in the US,

and lower generation due to the 50 % farm-

downs of Mockingbird in Q4 2024 and Sparta

Solar and Eleven Mile in Q1 2025. This was only

partly offset by ramp-up of generation at

Mockingbird and Eleven Mile. In Q2 2025, the

wind speeds across the portfolio were 7.2 m/s,

below both Q2 2024 and a normal wind year

(7.5 m/s).

Revenue was DKK 0.1 billion lower than in Q2

2024 and amounted to DKK 0.6 billion. The

decrease was mainly due to the lower genera-

tion.

EBITDA increased by DKK 0.2 billion and

amounted to DKK 1.2 billion.

EBITDA from ‘Sites’ amounted to DKK 1.1 billion

in Q2 2025, which was DKK 0.1 billion lower

than in the same period last year. The decrease

was mainly due to the above-mentioned lower

availability and wind speeds. This was only

partly offset by ramp-up of new generation

assets.

EBITDA from ‘Other incl. project development’

was positive and amounted to DKK 0.1 billion,

mainly due to sale of components (mainly high

-voltage breakers and main power transform-

ers) during Q2 2025.

Onshore

Results Q2 2025 Q2 2024 %

Business drivers

Decided (FID'ed) and installed capacity GW 7.0 6.4 10 %

Installed capacity

6.2 5.6 11 %

Wind speed

m/s

7.2 7.4 (3 %)

Load factor, wind

36 41 (5 %p)

Load factor, solar PV

30 29 1 %p

Availability, wind

88 92 (4 %p)

Availability, solar PV

91 97 (6 %p)

Power generation

GWh

4,002 4,187 (4 %)

US, wind

2,746 3,064 (10 %)

US, solar PV

1,034 906 14 %

Europe

222 217 2 %

US dollar

DKK/USD

6.6 6.9 (5 %)

Financial performance

Revenue

DKKm

604 660 (8 %)

EBITDA

DKKm

1,197 995 20 %

Sites, incl. tax credits

1,104 1,175 (6 %)

Divestment gains - - n.a.

Other incl. project development 93 (180) n.a.

Depreciation

DKKm

(512) (641) (20 %)

Impairment losses

DKKm

480 236 103 %

EBIT

DKKm

1,165 590 97 %

Cash flow from operating activities

DKKm

(47) 2,578 n.a.

Gross investments

DKKm

(1,240) (1,690) (27 %)

Divestments

DKKm

434 3,043 (86 %)

Free cash flow DKKm (853) 3,931 n.a.

Capital employed DKKm 37,788 34,022 11 %

H1 2025 H1 2024 %

7.0 6.4 10 %

6.2 5.6 11 %

7.6 7.6 (0 %)

40 41 (1 %p)

25 24 1 %p

91 91 0 %p

94 97 (3 %p)

8,296 7,959 4 %

5,954 6,066 (2 %)

1,801 1,305 38 %

541 588 (8 %)

6.8 6.9 (1 %)

1,450 1,365 6 %

2,687 1,811 48 %

2,520 2,221 13 %

304 - n.a.

(137) (410) (67 %)

(1,058) (1,108) (5 %)

976 (66) n.a.

2,605 637 309 %

322 2,944 (89 %)

(2,651) (3,818) (31 %)

3,317 3,107 7 %

988 2,233 (56 %)

37,788 34,022 11 %

14/49

Management’s review

Interim report First half year 2025

Financial results for Q2 2025

Heat generation decreased by 24 % in Q2

2025, mainly due to the shut-down of our coal-

fired CHPs in Q3 2024, whereas power genera-

tion decreased by 41 % compared to Q2 2024.

Gas sales increased by 43 %, driven by our

offtake contract with DUC due to ramp-up of

production from the Tyra field (not owned by

Ørsted).

EBITDA amounted to DKK 0.1 billion compared

to DKK 0.0 billion in Q2 2024.

EBITDA from ‘CHP plants’ was DKK 0.2 billion,

DKK 0.1 billion higher than in Q2 2024. This was

mainly due to higher achieved prices in the

quarter and heat settlements, which was part-

ly offset by a contractual compensation re-

ceived in Q2 2024 from Energinet for keeping

three of our power stations operational until

August 2024.

EBITDA from ‘Gas Markets & Infrastructure’

increased by DKK 0.1 billion to DKK 0.1 billion in

Q2 2025. The increase was mainly driven by

ramp-up of volumes from our offtake contract

with DUC due to ramp-up of production from

the Tyra field as mentioned above.

EBITDA from ‘Other incl. project development’

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

tive than in Q2 2024.

Bioenergy & Other

Results

Q2 2025 Q2 2024 %

Business drivers

Degree days Number 418 360 16 %

Heat generation

GWh

707 935 (24 %)

Power generation

GWh

477 805 (41 %)

Gas sales

GWh

5,798 4,051 43 %

Power sales

GWh

585 581 1 %

Gas price, TTF

EUR/MWh

35.4 31.5 12 %

Power price, DK

EUR/MWh

65.6 61.1 7 %

Wood pellet spread, DK

EUR/MWh

7.4 5.2 43 %

Financial performance

Revenue

DKKm

3,333 3,005 11 %

EBITDA

DKKm

78 (36) n.a.

CHP plants 196 77 155 %

Gas Markets & Infrastructure 68 (42) n.a.

Other, incl. project development

(186) (71) 162 %

Depreciation DKKm

(163) (164) (1 %)

EBIT

DKKm

(85) (200) (58 %)

Cash flow from operating activities

DKKm

259 281 (8 %)

Gross investments

DKKm

(395) (425) (7 %)

Divestments

DKKm

- - n.a.

Free cash flow

DKKm

(136) (144) (6 %)

Capital employed

DKKm

5,984 2,551 135 %

H1 2025 H1 2024 %

1,599 1,560 3 %

3,931 4,220 (7 %)

1,957 2,290 (15 %)

11,078 9,217 20 %

1,217 1,214 0 %

41.2 29.5 40 %

82.5 63.0 31 %

5.5 4.4 25 %

8,680 7,591 14 %

835 398 110 %

930 664 40 %

278 (121) n.a.

(373) (145) 157 %

(327) (329) (1 %)

508 69 636 %

1,209 3,319 (64 %)

(1,040) (914) 14 %

- - n.a.

169 2,404 (93 %)

5,984 2,551 135 %

15/49

Management’s review

Interim report First half year 2025

Financials, DKKm

H1 2025 H1 2024 2024

Income statement

Revenue

37,840 34,191 71,034

EBITDA

15,515 14,058 31,959

Offshore

11,611 11,301 26,470

Sites, O&M, and PPAs

12,469 11,328 23,819

Construction agreements and divestment gains

2,824 (277) (1,065)

Cancellation fees

(1,531) 1,300 7,335

Other, incl. project development

(2,151) (1,050) (3,619)

Onshore

2,687 1,811

3,863

Bioenergy & Other

835 398 1,082

Other activities/eliminations

382 548 544

Depreciation and amortisation

(4,990) (5,106) (10,225)

Impairment

252 (3,152) (15,563)

Operating profit (loss) (EBIT)

10,777 5,800 6,171

Gain (loss) on divestment of enterprises

211 (59) (11)

Net financial income and expenses

(1,898) (1,899) (3,591)

Profit (loss) before tax

9,108 3,859 2,606

Tax

(870) (2,928) (2,590)

Profit (loss) for the period

8,238 931 16

Balance

Assets 285,112 286,002 298,786

Equity

97,419 83,368 93,484

Shareholders in Ørsted A/S

67,088 56,446 62,138

Hybrid capital

20,955 22,792 20,955

Non-controlling interests

9,376 4,130 10,391

Interest-bearing net debt

67,137 49,366 58,027

Capital employed

164,557 132,734 151,511

Additions to property, plant, and equipment

25,769 16,499 46,985

Cash flow

Cash flow from operating activities 7,820 9,689 18,356

Gross investments

(24,953) (15,914) (42,808)

Divestments

7,245 2,255 15,680

Free cash flow

(9,888) (3,970) (8,772)

Financial ratios

Return on capital employed (ROCE)

, % 7.5 (12.4) 4.5

FFO/adjusted interest-bearing net debt

, % 15.6 22.0 12.7

Number of outstanding shares, end of period, '000

420,381 420,381 420,381

Share price, end of period, DKK

272 371 324

Market capitalisation, end of period, DKK billion

114 156 136

Earnings per share (EPS), DKK

17.9 1.6 (2.2)

Business drivers

H1 2025 H1 2024 2024

Offshore

Decided (FID'ed) and installed capacity, GW

18.3 16.8 16.8

Installed capacity, GW

10.2

9.8 9.9

Generation capacity, GW

5.4

5.1 5.3

Wind speed, m/s

9.4 10.2 10.0

Load factor, %

43 42

Availability, %

84 88

Power generation, GWh

9,116

9,337 18,599

Power sales, GWh

8,502

10,118 19,967

Onshore

Decided (FID'ed) and installed capacity, GW

7.0

6.4 7.0

Installed capacity, GW

6.2

5.6 6.2

Wind speed, m/s

7.6

7.6 7.2

Load factor, wind, %

41 37

Load factor, solar PV, %

24 25

Availability, wind, %

91 90

Availability, solar PV, %

97 98

Power generation, GWh

8,296

7,959 15,315

Bioenergy & Other

Degree days, number

1,599

1,560 2,485

Heat generation, GWh

3,931

4,220 6,919

Power generation, GWh

1,957

2,290 4,522

Power sales, GWh

1,217

1,214 2,426

Gas sales, GWh

11,078 9,217 17,372

Sustainability statements

Employees (FTE), end of period number

8,203

8,411 8,278

Total recordable injury rate (TRIR), YTD

2.7 2.1 2.7

Fatalities, number

2 0 0

Renewable share of energy generation, %

97 97

GHG emission (scope 1 & 2), Mtonnes

0.1

0.4 0.7

GHG intensity (scope 1 & 2), g CO

e/kWh

15 16

GHG emissions (scope 3), Mtonnes

4.0 5.1 9.0

GHG intensity (scope 1-3), g CO

e/kWh (excl. natural gas

sales)

52 140 127

Performance highlights

EBIT last 12 months.

2 FFO last 12 months. As of January 2025, we have included ‘Dividends paid to minority interests’ in Funds from opera-

tions’. Comparative figures for 2024 are restated.

16/49

Management’s review

Interim report First half year 2025

Quarterly overview

Financials, DKKm

2025

2024

2023

Income statement

Revenue 17,135 20,705 21,077 15,766 15,023 19,168 21,530 17,441

EBITDA 6,644 8,871 8,353 9,548 6,570 7,488 (686) 9,173

Offshore 5,301 6,310 6,639 8,530 5,218 6,083 (2,611) 8,037

Sites, O&M, and PPAs 4,814 7,655 8,533 3,958 4,400 6,928 7,164 4,050

Construction agreements and

divestment gains

2,901 (77) (894) 106 6 (283) 676 4,245

Other, incl. project development (883) (1,268) (1,926) (643) (488) (562) (830) (258)

Onshore 1,197 1,490 1,061 991 995 816 525 819

Bioenergy & Other 78 757 869 (185) (36) 434 1,434 155

Other activities/eliminations 68 314 (216) 212 393 155 (34) 162

Depreciation and amortisation (2,435) (2,555) (2,571) (2,548) (2,683) (2,423) (2,366) (2,537)

Impairment (20) 272 (12,127) (284) (3,913) 761 1,647 (28,422)

Operating profit (loss) (EBIT) 4,189 6,588 (6,345) 6,716 (26) 5,826 (1,405) (21,786)

Gain (loss) on divestment of enterprises 124 87 34 14 (7) (52) (44) (50)

Net financial income and expenses (331) (1,567) (457) (1,235) (552) (1,347) 2,001 (128)

Profit (loss) before tax 3,989 5,119 (6,761) 5,508 (575) 4,434 557 (21,955)

Tax (638) (232) 677 (339) (1,103) (1,825) (841) (607)

Profit (loss) for the period 3,351 4,887 (6,084) 5,169 (1,678) 2,609 (284) (22,562)

Balance sheet

Assets 285,112 287,287 298,786 290,341 286,002 290,383 281,136 286,782

Equity 97,419 96,677 93,484 91,127 83,368 83,325 77,791 78,361

Shareholders in Ørsted A/S 67,088 65,665 62,138 65,987 56,446 58,709 56,782 57,304

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

Non-controlling interests 9,376 10,057 10,391 4,185 4,130 1,824 1,906 1,954

Interest-bearing net debt 67,137 68,449 58,027 62,817 49,366 49,864 47,379 42,892

Capital employed 164,557 165,126 151,511 153,944 132,734 133,189 125,170 121,253

Additions to property, plant, equipment 11,554 14,215 19,111 11,375 8,479 8,020 12,064 10,988

Cash flow

Cash flow from operating activities 7,186 634 10,306 (1,639) 6,081 3,608 6,170 9,796

Gross investments (11,154) (13,799) (17,114) (9,780) (8,292) (7,622) (13,039) (9,204)

Divestments 4,258 2,987 13,317 108 2,993 (738) 1,861 1,735

Free cash flow 290 (10,178) 6,509 (11,311) 782 (4,752) (5,008) 2,327

Financial ratios

Return on capital employed (ROCE)

, % 7.5 4.6 4.5 8.1 (12.4) (12.2) (14.2) (13.7)

FFO/adjusted interest-bearing net debt

, % 15.6 13.7 12.7 12.1 22.0 18.0 28.6 20.9

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

272 301 324 445 371 384 374 385

Market capitalisation, end of period, DKK billion 114 127 136 187 156 162 157 162

Earnings per share (EPS), DKK 7.3 10.6 (15.8) 12.0 (4.1) 5.7 (1.6) (53.8)

Cancellation fees (1,531) - 926 5,109 1,300 - (9,621) -

Business drivers

2025

2024

2023

Offshore

Decided (FID'ed) and installed capacity, GW

18.3 16.8 16.8 16.8 16.5 15.5 12.0

Installed capacity, GW

10.2 9.9 9.9 9.8 9.8 8.9 8.9

Generation capacity, GW

5.5 5.3 5.2 5.1 5.1 5.0 5.0

Wind speed, m/s

10.4 11.1 8.4 9.0 11.4 11.5 8.6

Load factor, %

47 51 31 33 52 56 33

Availability, %

94 94 89 83 85 92 93

Power generation, GWh

5,470 5,740 3,522 3,667 5,670 6,011 3,544

Power sales, GWh

4,816 5,839 4,010 3,854 6,264 6,244 3,948

Onshore

Decided (FID'ed) and installed capacity, GW

7.0 7.0 6.4 6.4 6.4 6.4 6.2

Installed capacity, GW

6.2 6.2 5.7 5.6 4.8 4.8 4.8

Wind speed, m/s

8.0 7.5 6.2 7.4 7.9 7.6 6.2

Load factor, wind, %

44 40 26 41 42 36 27

Availability, wind, %

91 90 87 92 89 85 85

Power generation, GWh

4,294 4,086 3,270 4,187 3,772 3,376 2,927

Bioenergy & Other

Degree days, number

1,181 846 79 360 1,200 966 53

Heat generation, GWh

3,224 2,367 332 935 3,285 2,385 234

Power generation, GWh

1,480 1,428 805 805 1,484 1,042 781

Power sales, GWh

632 635 577 581 633 628 566

Gas sales, GWh

5,280 4,016 4,138 4,051 5,167 3,041 5,355

Sustainability statements

Employees (FTE) end of period, number

8,251 8,278 8,377 8,411 8,706 8,905 8,906

Total recordable injury rate (TRIR), YTD

1.9 2.7 2.3 2.1 2.9 2.8 2.9

Fatalities, number

2 0 0 0 0 0 0

Renewable share of energy generation, %

99 99 96 97 97 95 94

GHG intensity (scope 1 & 2), g CO

e/kWh

4 5 40 16 14 25 46

GHG emissions (scope 3), Mtonnes

1.9 1.7 2.2 3.3 1.8 1.2 1.6

2025

18.3

10.2

5.4

8.5

3,646

3,686

7.0

6.2

7.2

4,002

418

707

477

585

5,798

8,203

2.7

100

2.1

Load factor, solar PV, %

30 21 20 31 29 18 17 32

Availability, solar PV, %

91 98 98 97 97 98 98 98

GHG emissions (scope 1 & 2), Mtonnes

0.0 0.1 0.1 0.3 0.2 0.2 0.4 0.3

GHG intensity (scope 1-3), g CO

e/kWh (excl.

natural gas sales)

50 53 65 194 262 57 62 94

1 EBIT last 12 months.

2 FFO last 12 months. As of January 2025, we have included ‘Dividends paid to minority interests’ in Funds from opera-

tions’. Comparative figures for 2024 are restated.

17/49

Management’s review

Interim report First half year 2025

Consolidated

financial statements

First half year 2025

1 January – 30 June

Consolidated financial statements

Interim report First half year 2025

18/49

Consolidated statement of income

1 January – 30 June

In H1 2025, ’Exchange rate adjustments relating to net investments in foreign

enterprises’ was impacted by the decrease in the USD, GBP, and NTD

exchange rates of 11.7 %, 3.4 %, and 1.0 %, respectively.

Note

Income statement

DKKm H1 2025 H1 2024

3 Revenue 37,840 34,191

Cost of sales (21,298) (17,327)

Other external expenses (4,194) (3,470)

Employee costs (3,128) (3,311)

Share of profit (loss) in associates and joint ventures 27 (22)

5 Other operating income 6,201 2,670

5 Other operating expenses 67 1,327

Operating profit (loss) before depreciation, amortisation,

and impairment losses (EBITDA) 15,515 14,058

Amortisation and depreciation of intangible assets, and property,

plant, and equipment (4,990) (5,106)

Impairment losses on intangible assets, and property, plant,

and equipment 252 (3,152)

Operating profit (loss) (EBIT)

10,777 5,800

Gain (loss) on divestment of enterprises 211 (59)

Share of profit (loss) in associates and joint ventures 18 17

6 Financial income 4,473 4,429

6 Financial expenses (6,371) (6,328)

Profit (loss) before tax

9,108 3,859

9 Tax on profit (loss) for the period (870) (2,928)

Profit (loss) for the period

8,238 931

Profit (loss) for the period is attributable to:

Shareholders in Ørsted A/S 7,539 674

Interest payments and costs, hybrid capital owners of Ørsted A/S 151 168

Non-controlling interests 548 89

Earnings per share (DKK) 17.9 1.6

Diluted earnings per share (DKK) 17.9 1.6

Statement of comprehensive income

DKKm H1 2025 H1 2024

Profit (loss) for the period 8,238 931

Other comprehensive income:

Cash flow hedging:

Value adjustments for the period 797 (196)

Value adjustments transferred to income statement 764 (1,190)

Exchange rate adjustments:

Exchange rate adjustments relating to net investments in foreign enterprises (8,139) 1,960

Value adjustment of net investment hedges 4,127 (1,271)

Tax:

Tax on hedging instruments (278) (8)

Tax on exchange rate adjustments (557) (15)

Other:

Share of other comprehensive income of associated companies, after tax (7) 7

Other comprehensive income (loss) that may be reclassified to

the income statement (3,293) (713)

Total comprehensive income 4,945 218

Comprehensive income for the period is attributable to:

Shareholders in Ørsted A/S 4,581 (289)

Interest payments and costs, hybrid capital owners of Ørsted A/S 151 168

Non-controlling interests 213 339

Total comprehensive income 4,945 218

Consolidated statement of comprehensive income

1 January – 30 June

Consolidated financial statements

Interim report First half year 2025

19/49

Consolidated statements of income

1 April – 30 June

In Q2 2025, ’Exchange rate adjustments relating to net investments in foreign

enterprises’ was impacted by the decrease in the USD and GBP exchange

rates of 8.0 % and 2.3 %, respectively. Partly countered by an increase in the

NTD exchange rate of 4.6 %.

Note

Income statement

DKKm Q2 2025 Q2 2024

3 Revenue 17,135 15,023

Cost of sales (11,292) (7,918)

Other external expenses (2,273) (1,908)

Employee costs (1,514) (1,430)

Share of profit (loss) in associates and joint ventures 3 (26)

5 Other operating income 4,337 1,370

5 Other operating expenses 248 1,459

Operating profit (loss) before depreciation, amortisation,

and impairment losses (EBITDA) 6,644 6,570

Amortisation and depreciation of intangible assets, and property,

plant, and equipment (2,435) (2,683)

Impairment losses on intangible assets, and property, plant,

and equipment (20) (3,913)

Operating profit (loss) (EBIT) 4,189 (26)

Gain (loss) on divestment of enterprises 124 (7)

Share of profit (loss) in associates and joint ventures 7 10

6 Financial income 2,654 2,854

6 Financial expenses (2,985) (3,406)

Profit (loss) before tax 3,989 (575)

9 Tax on profit (loss) for the period (638) (1,103)

Profit (loss) for the period 3,351 (1,678)

Profit (loss) for the period is attributable to:

Shareholders in Ørsted A/S 3,096 (1,717)

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

Non-controlling interests 255 39

Earnings per share (DKK) 7.3 (4.1)

Diluted earnings per share (DKK) 7.3 (4.1)

Statement of comprehensive income

DKKm Q2 2025 Q2 2024

Profit (loss) for the period 3,351 (1,678)

Other comprehensive income:

Cash flow hedging:

Value adjustments for the period 279 (781)

Value adjustments transferred to income statement 229 101

Exchange rate adjustments:

Exchange rate adjustments relating to net investments in foreign enterprises (4,653) 734

Value adjustment of net investment hedges 2,443 (508)

Tax:

Tax on hedging instruments (141) 151

Tax on exchange rate adjustments (391) 26

Other:

Share of other comprehensive income of associated companies, after tax (6) 7

Other comprehensive income (loss) that may be reclassified to

the income statement (2,240) (270)

Total comprehensive income 1,111 (1,948)

Comprehensive income for the period is attributable to:

Shareholders in Ørsted A/S 1,299 (2,210)

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

Non-controlling interests (188) 262

Total comprehensive income 1,111 (1,948)

Consolidated statement of comprehensive income

1 April – 30 June

Consolidated financial statements

Interim report First half year 2025

20/49

Consolidated statement of financial position

30 June

Note

Assets

DKKm

30 June

2025

31 December

2024

30 June

2024

Intangible assets 2,305 2,611 2,392

Land and buildings 7,269 7,977 7,663

Production assets 123,322 138,477 136,940

Fixtures and fittings, tools, and equipment 1,930 2,122 2,303

Property, plant, and equipment under construction 73,205 53,118 43,041

4 Property, plant, and equipment 205,726 201,694 189,947

Investments in associates and joint ventures 1,067 870 986

Receivables from associates and joint ventures 245 200 155

Other securities and equity investments 298 344 166

11 Derivatives 1,530 960 336

Deferred tax 9,772 9,250 8,479

Other receivables 2,959 3,218 2,862

Other non-current assets 15,871 14,842 12,984

Non-current assets 223,902 219,147 205,323

Inventories 14,567 17,448 13,184

11 Derivatives 4,285 4,617 8,447

Contract assets - 324 346

Trade receivables 7,055 9,045 7,940

Other receivables 9,801 9,936 9,912

Receivables from associates and joint ventures 62 41 47

9 Income tax 718 570 456

11 Securities 12,718 14,532 30,874

Cash 12,004 23,126 9,473

Current assets 61,210 79,639 80,679

Assets 285,112 298,786 286,002

Note

Equity and liabilities

DKKm

30 June

2025

31 December

2024

30 June

2024

Share capital 4,204 4,204 4,204

8 Reserves (8,057) (5,164) (10,338)

Retained earnings 70,941 63,098 62,580

Equity attributable to shareholders in Ørsted A/S 67,088 62,138 56,446

Hybrid capital 20,955 20,955 22,792

Non-controlling interests 9,376 10,391 4,130

Equity 97,419 93,484 83,368

Deferred tax 1,858 2,433 4,426

Provisions 16,940 17,735 16,929

Lease liabilities 7,358 8,076 7,881

12 Bond and bank debt 77,257 83,607 79,533

11 Derivatives 6,826 8,882 14,038

Contract liabilities 8,505 8,834 3,395

Tax equity liabilities 11,833 16,158 16,303

Other payables 5,400 5,825 5,499

Non-current liabilities 135,977 151,550 148,004

Provisions 2,075 2,800 11,604

Lease liabilities 749 834 885

12 Bond and bank debt 5,491 4,101 2,075

11 Derivatives 4,269 7,009 7,402

Contract liabilities 4,357 2,578 3,335

Trade payables 18,057 20,827 14,149

Tax equity liabilities 3,611 4,320 3,975

Other payables 7,164 7,106 5,300

9 Income tax 5,943 4,177 5,905

Current liabilities 51,716 53,752 54,630

Liabilities 187,693 205,302 202,634

Equity and liabilities 285,112 298,786 286,002

Consolidated financial statements

Interim report First half year 2025

21/49

1 In addition to the total reserves of DKK -8,057 million, a loss of

DKK 228 million is recognised as part of non-controlling interests.

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

non-controlling interests.

Consolidated statement of shareholders’ equity

1 January – 30 June

H1 2025 H1 2024

DKKm

capital

Reserves

(note 8)

Retained

earnings

Share-

holders in

Ørsted A/S

Hybrid

capital

Non-con-

trolling

interests

Total

Group

capital

Reserves

(note 8)

Retained

earnings

Share-

holders in

Ørsted A/S

Hybrid

capital

Non-con-

trolling

interests

Total

Group

Equity at 1 January 4,204 (5,164) 63,098 62,138 20,955 10,391 93,484 4,204 (10,251) 62,829 56,782 19,103 1,906 77,791

Comprehensive income for the period:

Profit (loss) for the period - - 7,539 7,539 151 548 8,238 - - 674 674 168 89 931

Other comprehensive income:

Cash flow hedging - 1,260 - 1,260 - 301 1,561 - (1,595) - (1,595) - 209 (1,386)

Exchange rate adjustments - (3,421) - (3,421) - (591) (4,012) - 631 - 631 - 58 689

Tax on other comprehensive income - (790) - (790) - (45) (835) - (6) - (6) - (17) (23)

Share of other comprehensive income of associated

companies, after tax - - (7) (7) - - (7) - - 7 7 - - 7

Total comprehensive income - (2,951) 7,532 4,581 151 213 4,945 - (970) 681 (289) 168 339 218

Cash flow hedging of property, plant, and equipment

under construction - 71 - 71 - - 71 - - - - - - -

Coupon payments, hybrid capital - - - - (151) - (151) - - - -

(161)

- (161)

Tax - (13) - (13) - - (13) - - - - 2 - 2

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

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

Dividends paid - - - - - (1,110) (1,110) - - - - - (208) (208)

Additions, non-controlling interests - - 289 289 - (118) 171 - 883 (955) (72) - 2,093 2,021

Other changes - - 22 22 - - 22 - - 25 25 - - 25

Equity at 30 June 4,204 (8,057) 70,941 67,088 20,955 9,376 97,419 4,204 (10,338) 62,580 56,446 22,792 4,130 83,368

Consolidated financial statements

Interim report First half year 2025

22/49

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 June 2025 includes ’Bank

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

DKK 121 million (2024: DKK 1 million).

Consolidated statement of cash flows

1 January – 30 June

Note

Statement of cash flows

DKKm H1 2025 H1 2024 Q2 2025 Q2 2024

Operating profit (loss) before

depreciation, amortisation, and

impairment losses (EBITDA) 15,515 14,058 6,644 6,570

Reversal of gain (loss) on divestment

of assets (3,302) (160) (3,078) (49)

Change in derivatives

(877) 1,111 (198) 348

Change in provisions and other items

1,548 (4,707) 1,184 (2,611)

Change in inventories 498 (2,503) 736 (233)

Change in contract assets and liabilities 1,636 1,095 3,021 1,025

Change in trade receivables 1,828 3,192 2,090 1,315

Change in other receivables (1,023) 689 454 681

Change in trade payables (3,240) (855) (1,205) (527)

Change in tax equity liabilities (1,584) 1,984 (709) 2,147

Change in other payables (628) (1,269) (716) (1,284)

Interest received and similar items 3,708 2,961 2,194 1,402

Interest paid and similar items (4,815) (3,386) (2,577) (1,858)

Income tax paid (1,444) (2,521) (654) (845)

Cash flows from operating activities 7,820 9,689 7,186 6,081

Purchase of intangible assets and

property, plant, and equipment (24,734) (15,917) (10,951) (8,203)

Sale of intangible assets and property,

plant, and equipment 7,008 (749) 4,323 (6)

Divestment of enterprises

2 941 2 941

Purchase of associates and joint ventures

(227) (162) (227) (162)

Purchase of securities

(8,713) (6,005) (1,777) (4,097)

Sale/maturation of securities

10,572 4,977 4,188 2,719

Change in other non-current assets

(2) 24 - 82

Transactions with associates and

joint ventures (41) 65 (4) (39)

Dividends received and capital

reductions 34 - 34 -

Cash flows from investing activities (16,101) (16,826) (4,412) (8,765)

Note DKKm H1 2025 H1 2024 Q2 2025 Q2 2024

Proceeds from raising of loans 2,439 4,345

2,387 (4,399)

Instalments on loans (5,686) (2,855) (2,058) (658)

Instalments on leases (427) (345) (153) (97)

Coupon payments on hybrid capital (151) (161) - -

Repurchase of hybrid capital - (1,840) - -

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

Transactions with non-controlling

interests (1,024) 1,809 (468) 1,979

Net proceeds from tax equity partners (67) 147 (30) 121

Collateral posted in relation to trading

of derivatives (9,441) (5,841) (4,865) (2,897)

Collateral released in relation to trading

of derivatives 12,094 5,118 6,781 2,505

Restricted cash and other changes

(123) 275 (107) 505

Cash flows from financing activities (2,386) 6,172 1,487 (2,941)

Total net change in cash and cash

equivalents (10,667) (965) 4,261 (5,625)

Cash and cash equivalents at the

beginning of the period 23,124 10,144 7,831 14,888

Total net change in cash and cash

equivalents (10,667) (965) 4,261 (5,625)

Exchange rate adjustments of cash

and cash equivalents (574) 293 (209) 209

Cash and cash equivalents at 30 June 11,883 9,472 11,883 9,472

Consolidated financial statements

Interim report First half year 2025

23/49

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 2024. 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 2025

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 half year of

2025 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 165, 235, and 236 of the

annual report for 2024.

The interim consolidated financial statements

for the first half year of 2025 are a condensed

set of financial statements, as they do not

include all information and disclosures required

by the annual financial statements. The interim

consolidated financial statements have been

prepared using the same accounting policies

as our annual consolidated financial

statements as of 31 December 2024 and

should be read in conjunction with this.

1. Basis of reporting

Consolidated financial statements

Interim report First half year 2025

24/49

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 2,394 million, which primarily relates to our

Shared Functions services as well as our B2B

business activities.

2 Last 12 months.

2. Segment information

H1 2025 income statement

DKKm Offshore Onshore

Bioenergy

& Other

Reportable

segments

Other

activities/

eliminations Total

External revenue 27,193 1,451 9,232 37,876 (36) 37,840

Intra-group revenue 815 (1) (552) 262 (262)

Revenue 28,008 1,450 8,680 38,138 (298) 37,840

Cost of sales (14,866) (23) (6,432) (21,321) 23 (21,298)

Employee costs and other external expenses (5,374) (1,227) (1,381) (7,982) 660 (7,322)

Gain (loss) on disposal of non-current assets 2,703 599 - 3,302 - 3,302

Additional other operating income and expenses 1,108 1,894 (33) 2,969 (3) 2,966

Share of profit (loss) in associates and joint ventures 32 (6) 1 27 - 27

EBITDA 11,611 2,687 835 15,133 382 15,515

Depreciation and amortisation

(3,464) (1,058) (327)

(4,849)

(141)

(4,990)

Impairment losses (724) 976 - 252 - 252

Operating profit (loss) (EBIT) 7,423 2,605 508 10,536 241 10,777

Key ratios

Intangible assets and property, plant, and equipment 139,509 58,199 9,235 206,943 1,088 208,031

Equity investments and non-current receivables 500 639 248 1,387 158 1,545

Net working capital, capital expenditures (7,599) (396) (16) (8,011) - (8,011)

Net working capital, work in progress 5,404 - - 5,404 - 5,404

Net working capital, tax equity (948) (12,960) - (13,908) - (13,908)

Net working capital, other items (1,690) 254 (1,092) (2,528) 1,244 (1,284)

Derivatives, net (4,608) (2,475) 16 (7,067) 1,787 (5,280)

Decommissioning obligations (9,545) (1,957) (2,229) (13,731) - (13,731)

Other provisions (3,378) - (323) (3,701) (1,583) (5,284)

Tax, net 5,968 (3,503) 145 2,610 79 2,689

Other receivables and other payables, net (4,550) (13) - (4,563) (1,051) (5,614)

Capital employed at 30 June 119,063 37,788 5,984 162,835 1,722 164,557

Return on capital employed (ROCE)

, % - - - - - 7.5

Cash flow from operating activities 1,496 322 1,209 3,027 4,793 7,820

Gross investments (21,225) (2,651) (1,040) (24,916) (37) (24,953)

Divestments 3,927 3,317 - 7,244 1 7,245

Free cash flow (FCF) (15,802) 988 169 (14,645) 4,757 (9,888)

Consolidated financial statements

Interim report First half year 2025

25/49

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 2,437 million, which primarily relates to our

Shared Functions services as well as our B2B

business activities.

2 Last 12 months.

H1 2024 income statement

DKKm Offshore Onshore

Bioenergy

& Other

Reportable

segments

Other

activities/

eliminations Total

External revenue 24,939 1,369 7,756 34,064 127 34,191

Intra-group revenue 578 (4) (165) 409 (409)

Revenue 25,517 1,365 7,591 34,473 (282) 34,191

Cost of sales (11,384) (69) (5,933) (17,386) 59 (17,327)

Employee costs and other external expenses (5,027) (1,229) (1,294) (7,550) 769 (6,781)

Gain (loss) on disposal of non-current assets 122 38 - 160 - 160

Additional other operating income and expenses 2,090 1,712 33 3,835 2 3,837

Share of profit (loss) in associates and joint ventures (17) (6) 1 (22) - (22)

EBITDA 11,301 1,811 398 13,510 548 14,058

Depreciation and amortisation

(3,531) (1,108) (329)

(4,968)

(138)

(5,106)

Impairment losses

(3,086) (66) -

(3,152)

Operating profit (loss) (EBIT) 4,684 637 69 5,390 410 5,800

Key ratios

Intangible assets and property, plant, and equipment 118,213 65,028 7,875 191,116 1,223 192,339

Equity investments and non-current receivables 634 302 77 1,013 176 1,189

Net working capital, capital expenditures (3,986) (514) (85) (4,585) - (4,585)

Net working capital, work in progress 2,861 - - 2,861 - 2,861

Net working capital, tax equity (1,289) (17,449) - (18,738) - (18,738)

Net working capital, other items 4,591 792 (779) 4,604 1,866 6,470

Derivatives, net (4,163) (7,256) (1,751) (13,170) 513 (12,657)

Decommissioning obligations (9,246) (2,068) (2,112) (13,426) - (13,426)

Other provisions (12,664) - (355) (13,019) (2,088) (15,107)

Tax, net 3,014 (4,798) (319) (2,103) 707 (1,396)

Other receivables and other payables, net (3,355) (15) - (3,370) (846) (4,216)

Capital employed at 30 June 94,610 34,022 2,551 131,183 1,551 132,734

Return on capital employed (ROCE)

, % - - - - - (12.4)

Cash flow from operating activities 2,801 2,944 3,319 9,064 625 9,689

Gross investments (11,117) (3,818) (914) (15,849) (65) (15,914)

Divestments (809) 3,107 - 2,298 (43) 2,255

Free cash flow (FCF) (9,125) 2,233 2,405 (4,487) 517 (3,970)

Consolidated financial statements

Interim report First half year 2025

26/49

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 1,163 million (Q2 2024: 1,247million), which

primarily relates to our Shared Functions services as

well as our B2B business activities.

Q2 2025, income statement and FCF

DKKm Offshore Onshore

Bioenergy

& Other

Reporting

segments

Other

activities/

eliminations Total

External revenue 13,053 603 3,476 17,132 3 17,135

Intra-group revenue 318 1 (143) 176 (176)

Revenue 13,371 604 3,333 17,308 (173) 17,135

Cost of sales (8,881) 2 (2,461) (11,340) 48 (11,292)

Employee costs and other external expenses (2,625) (591) (764) (3,980) 193 (3,787)

Gain (loss) on disposal of non-current assets 2,783 295 - 3,078 - 3,078

Additional other operating income and expenses 649 888 (30) 1,507 - 1,507

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

EBITDA 5,301 1,197 78 6,576 68 6,644

Depreciation and amortisation (1,688) (512) (163) (2,363) (72) (2,435)

Impairment losses (500) 480 - (20) - (20)

Operating profit (loss) (EBIT) 3,113 1,165 (85) 4,193 (4) 4,189

Cash flow from operating activities 6,370 (47) 259 6,582 604 7,186

Gross investments (9,489) (1,240) (395) (11,124) (30) (11,154)

Divestments 3,822 434 - 4,256 2 4,258

Free cash flow (FCF) 703 (853) (136) (286) 576 290

Q2 2024, income statement and FCF

DKKm

External revenue 11,245 662 3,088 14,995 28 15,023

Intra-group revenue 281 (2) (83) 196 (196)

Revenue 11,526 660 3,005 15,191 (168) 15,023

Cost of sales (5,564) (19) (2,364) (7,947) 29 (7,918)

Employee costs and other external expenses (2,601) (578) (689) (3,868) 530 (3,338)

Gain (loss) on disposal of non-current assets 41 8 - 49 - 49

Additional other operating income and expenses 1,839 927 12 2,778 2 2,780

Share of profit (loss) in associates and joint ventures (23) (3) - (26) - (26)

EBITDA 5,218 995 (36) 6,177 393 6,570

Depreciation and amortisation (1,809) (641) (164) (2,614) (69) (2,683)

Impairment losses (4,149) 236 - (3,913) - (3,913)

Operating profit (loss) (EBIT) (740) 590 (200) (350) 324 (26)

Cash flow from operating activities 1,966 2,578 281 4,825 1,256 6,081

Gross investments (6,128) (1,690) (425) (8,243) (49) (8,292)

Divestments (7) 3,043 - 3,036 (43) 2,993

Free cash flow (FCF) (4,169) 3,931 (144) (382) 1,164 782

Consolidated financial statements

Interim report First half year 2025

27/49

Revenue was DKK 37,840 million. The

increase of 1 1 % relative to the first half year

of 2024 was primarily driven by continuous

commissioning of new offshore and onshore

assets, contributing to higher generation as

well as higher availability. Further strength-

ened by generally higher prices.

Revenue from construction agreements was

DKK 3,606 million in H1 2025 and mainly

related to the construction of Greater

Changhua 4 for partners. In H1 2024, revenue

from construction agreements was DKK 3,139

million and mainly related to the construction

of Borkum Riffgrund 3 and Gode Wind 3 for

partners.

Income from government grants in Offshore

decreased compared to the first half year of

2024 due to generally higher power prices,

which resulted in a lower subsidy per MWh

produced.

3. Revenue

Revenue

DKKm Offshore Onshore

Bioenergy &

Other

activities/

eliminations

H1 2025

total Offshore Onshore

Bioenergy &

Other

activities/

eliminations

H1 2024

total

Generation of power 7,451 1,090 2,358 - 10,899 5,379 1,323 2,646 - 9,348

Sale of power 9,999 6 156 (18) 10,143 8,575 - 137 (18) 8,694

Revenue from construction of wind farms and transmission assets 3,606 - - - 3,606 3,101 38 - - 3,139

Generation and sale of heat and steam - - 2,018 - 2,018 - - 1,952 - 1,952

Sale of gas - - 3,599 - 3,599 - - 2,111 (23) 2,088

Distribution and transmission - - 149 (1) 148 - - 166 (2) 164

O&M and other services 2,046 167 199 (279) 2,133 1,926 50 241 (239) 1,978

Total revenue from customers 23,102 1,263 8,479 (298) 32,546 18,981 1,411 7,253 (282) 27,363

Government grants 4,179 22 192 - 4,393 5,918 68 212 - 6,198

Miscellaneous revenue 727 165 9 - 901 618 (114) 126 - 630

Total revenue 28,008 1,450 8,680 (298) 37,840 25,517 1,365 7,591 (282) 34,191

Timing of revenue recognition from customers

At a point in time 12,120 1,263 2,053 (298) 15,138 9,833 1,411 3,160 (282) 14,122

Over time 10,982 - 6,426 - 17,408 9,148 - 4,093 - 13,241

Total revenue from customers 23,102 1,263 8,479 (298) 32,546 18,981 1,411 7,253 (282) 27,363

Consolidated financial statements

Interim report First half year 2025

28/49

3. Revenue (continued)

Revenue

DKKm Offshore Onshore

Bioenergy &

Other

activities/

eliminations

Q2 2025

total Offshore Onshore

Bioenergy &

Other

activities/

eliminations

Q2 2024

total

Generation of power 2,793 432 776 - 4,001 1,996 667 1,164 -

3,827

Sale of power 5,012 6 89 (10) 5,097

3,647 - 101 (10) 3,738

Revenue from construction of wind farms and transmission assets 2,167 - - - 2,167

2,292 1 - - 2,293

Generation and sale of heat and steam - - 647 - 647

- - 484 - 484

Sale of gas - - 1,612 (2) 1,610 - - 928 (10) 918

Distribution and transmission - - 81 (1) 80

- - 94 (2) 92

O&M and other services 1,226 77 92 (160) 1,235 1,040 18 160 (146) 1,072

Total revenue from customers 11,198 515 3,297 (173) 14,837 8,975 686 2,931 (168) 12,424

Government grants 2,013 19 56 - 2,088 2,482 24 80 - 2,586

Miscellaneous revenue 160 70 (20) - 210 69 (50) (6) - 13

Total revenue 13,371 604 3,333 (173) 17,135 11,526 660 3,005 (168) 15,023

Timing of revenue recognition from customers

At a point in time 3,568 515 509 (173) 4,419 1,556 686 1,322 (168) 3,396

Over time 7,630 - 2,788 - 10,418 7,419 - 1,609 - 9,028

Total revenue from customers 11,198 515 3,297 (173) 14,837 8,975 686 2,931 (168) 12,424

Consolidated financial statements

Interim report First half year 2025

29/49

4. Impairments

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, imposed tariffs

in the US, and the supply chain.

Impairment losses on segment level

DKKm H1 2025 H1 2024 Q2 2025 Q2 2024

Offshore 724 3,086 500 4,149

Onshore (976) 66 (480) (236)

Bioenergy & Other - - - -

Total impairment losses (252) 3,152 20 3,913

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 June 2025, 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 June 2025, the

impairment loss would have been DKK 1.0 billion

higher.

WACC levels

30 June

2025

30 June

2024

Base discount

rate applied

for the US 5.75 % - 7.50 % 5.75 % - 7.25 %

H1 2025 H1 2024 Q2 2025 Q2 2024

30 June

2025

30 June

2024

ITC bonus credits

assumed in impairment tests

Sensitivity impact

DKK billion

Cash-generating units

DKKm

Impairment

losses

(reversals)

Impairment

losses

(reversals)

Impairment

losses

(reversals)

Impairment

losses

(reversals)

Recoverable

amount

Recoverable

amount

ITC

bonus credits

Probability

weighting

No ITC

bonus credits

40 % ITC

bonus credits,

100 %

probability

+50 bps

WACC

-50 bps

WACC

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

Sunrise Wind 289 (1,426) - - 8,733 4,839 10 % 95 % (3.6) 0.2 (1.4) 1.4

Revolution Wind (62) 2,313 - 2,080 7,968 3,281 10 % 95 % (1.0) 0.1 (0.5) 0.5

South Fork (62) 103 - - 2,680 3,195 n.a. n.a. n.a. n.a. (0.1) 0.1

Block Island 59 (15) - (42) 1,116 1,267 n.a. n.a. n.a. n.a. (0.0) 0.0

Hornsea 4 500 - 500 - n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

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

Offshore 724 3,086 500 4,149 20,497 12,582

Onshore (976) 66 (480) (236) 13,152 2,479 n.a. n.a. n.a. n.a. (0.2) 0.2

Bioenergy & Other - - - - n.a. n.a.

Total (252) 3,152 20 3,913 33,649 15,061

Interim report First half year 2025

30/49

Consolidated financial statements

4. Impairments (continued)

H1 2025 impairment losses (reversals)

In H1 2025, net impairment reversal was

DKK 0.3 billion.

We have updated our impairment tests of our

US portfolio as of 30 June 2025, which has

resulted in a net reversal of impairments

of DKK 0.8 billion in H1 2025.

The net impairment reversal was driven by a

decrease in the long-dated interest rate

across our US portfolio (DKK 1.5 billion) and

positive market price developments (DKK 0.5

billion), partly offset by the 25 % tariff on steel

and aluminium that was imposed in the US in

March 2025 (DKK 1.2 billion).

The net reversal of impairments on our US

portfolio was partly offset by an impairment

loss of DKK 0.5 billion on the Hornsea 4

project, caused by the decision to discontinue

the project in its current form.

Q2 2025 impairment losses (reversals)

We have recognised net impairment losses of

DKK 0.0 million in Q2 2025, comprising an

impairment loss of DKK 0.5 billion on the

Hornsea 4 project and a net reversal of

DKK 0.5 billion on our US onshore portfolio.

The impairment reversal on our US onshore

portfolio was driven by positive market price

updates.

Tariffs in the US

In March 2025, the US Government imposed a

25 % tariff on imports of steel, aluminium, and

certain products containing steel and

aluminium. The estimated impact of this tariff

resulted in impairments of DKK 1.2 billion in Q1

2025 for our offshore projects Sunrise Wind

and Revolution Wind.

Effective from 4 June 2025, the 25 % tariff on

imports of steel, aluminium, and certain

products containing steel and aluminium was

increased to 50 %. In addition, an executive

order was signed in April 2025, imposing a

20 % tariff on imports into the US from the

European Union, of which 10 % was effective,

and the remaining 10 % was postponed. On

27 July 2025, the US entered into a framework

trade deal with the European Union, imposing

a 15 % tariff on most US imports of EU goods.

The 15 % tariff is effective from 7 August 2025.

Based on our current interpretations and

assumptions, we estimate a total potential

further impairment risk of approx. DKK 1.3

billion related to these tariffs. As a conse-

quence of the uncertainty related to the

interpretation, final agreement, and practical

implementation of these tariffs, and

considering the level of contingencies

currently available in our projects, we have

not made any additional impairments in Q2

2025.

The impact from these new tariffs involves a

number of key estimates and assumptions,

which are based on the expected interpreta-

tion. Consequently, inherent uncertainties are

embedded in the assumptions, which reflect

our current best estimate.

Interest rates

The US long-dated interest rate is unchanged

from 31 March 2025 to 30 June 2025. In Q1

2025, the effect from decreasing interest

rates led to an impairment reversal of

DKK 1.5 billion across our US portfolio.

Hornsea 4

On 7 May 2025, we decided to discontinue

development of Hornsea 4 in its current form,

leading to an impairment of DKK 0.5 billion in

Q2 2025.

Potential consequences of further adverse

development

In addition to the sensitivities described,

further adverse developments 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 half year 2025

31/49

5. Other operating income and expenses

Other operating income

In H1 2025, ‘Gain on divestment of assets’

primarily related to the farm-down of West of

Duddon Sands. In H1 2024, ‘Gain on divest-

ments of assets’ mainly related to the farm-

downs completed in prior years.

The increase in ‘US tax credits and tax

attributes’ was driven by continuous commis-

sioning of new onshore assets having full

impact from the second half of 2024.

‘Compensations’ in H1 2025 primarily related

to compensation for grid delays related to

Borkum Riffgrund 3 from the German

transmission system operator.

Other operating expenses

In H1 2025, ‘Cancellation fees’ was a net

income of DKK 0.7 billion and primarily

related to a reversal of provision for onerous

contracts on Ocean Wind (DKK 1.3 billion),

partly offset by the decision to discontinue

our Hornsea 4 project in its current form

(DKK 0.7 billion). The discontinuation of

Hornsea 4 furthermore comprise a DKK 2.2

billion write-down of the offshore transmission

asset recognised as ’Cost of sales’. Thus, total

EBITDA impact related to Hornsea 4 was

DKK 2.9 billion.

In H1 2024, ‘Cancellation fees’ was a net

income of DKK 1.3 billion and related to

Ocean Wind as well as the decision to cease

the execution of FlagshipONE.

6. Financial income and expenses

The table shows net financial income and expenses corresponding to our

internal reporting.

Exchange rate adjustments and hedging contracts entered into to hedge

currency risks are presented net under ‘Exchange rate adjustments, net’.

In the first half year of 2025, we had a gain in

‘Exchange rate adjustments, net’ compared to

a loss in the first half year of 2024. This

development was mostly due to exchange

rate adjustments of intercompany balances in

holding companies denominated in the

subsidiaries’ functional currencies. Intercom-

pany payables in GBP generated a translation

gain in H1 2025 due to the strengthening of

DKK against GBP, contrasting with the losses

from it weakening in H1 2024.

The loss in ‘Value adjustments of derivatives,

net’ in H1 2025 was mostly due to the losses in

NTD interest rate swaps used as economic

hedge for Greater Changhua 2. In H1 2024, we

experienced gains on USD interest rate swaps,

which were not repeated in H1 2025.

Other operating income

DKKm H1 2025 H1 2024 Q2 2025 Q2 2024

Gain on divestment of assets 3,438 172 3,135 55

US tax credits and tax attributes 1,883 1,744 877 939

Compensations 702 642 251 314

Miscellaneous operating income 178 112 74 62

Total other operating income 6,201 2,670 4,337 1,370

Other operating expenses

DKKm H1 2025 H1 2024 Q2 2025 Q2 2024

Cancellation fees (651) (1,300) (651) (1,300)

Ineffective hedges 196 (129) 238 (207)

Loss on divestment of assets 136 12 57 6

Miscellaneous operating expenses 252 90 108 42

Total other operating expenses (67) (1,327) (248) (1,459)

Net financial income and expenses

DKKm H1 2025 H1 2024 Q2 2025 Q2 2024

Interest expenses, net (916) (1,001) (441) (424)

Interest expenses, leasing (145) (132) (72) (74)

Interest element of provisions, etc. (687) (346) (363) (171)

Tax equity partner's contractual return (578) (598) (274) (319)

Value adjustments of derivatives, net (459) 745 (321) 364

Capital gains/losses on securities at market

value, net (10) 13 58 11

Exchange rate adjustments, net 906 (573) 1,079 64

Other financial income and expenses (9) (7) 3 (3)

Net financial income and expenses (1,898) (1,899) (331) (552)

Consolidated financial statements

Interim report First half year 2025

32/49

8. Reserves7. Gross and net investments

Gross and net investments

DKKm H1 2025 H1 2024 Q2 2025 Q2 2024

Cash flows from investing activities (16,101) (16,826) (4,412) (8,765)

Dividends received and capital reductions

reversed (34) - (34) -

Purchase and sale of securities, reversed (1,859) 1,028 (2,411) 1,378

Loans to associates and joint ventures, reversed 51 76 28 30

Sale of non-current assets, reversed (7,010) (192) (4,325) (935)

Gross investments (24,953) (15,914) (11,154) (8,292)

Transactions with non-controlling interests in

connection with divestments and acquisitions 235 2,063 (67) 2,058

Sale of non-current assets 7,010 192 4,325 935

Divestments 7,245 2,255 4,258 2,993

Net investments (17,708) (13,659) (6,896) (5,299)

Reserves 2025

DKKm

Foreign

currency

translation

reserve

Hedging

reserve

Total

reserves

Reserves at 1 January 4,812 (9,976) (5,164)

Exchange rate adjustments (7,548) - (7,548)

Value adjustments - 4,623 4,623

Value adjustments transferred to:

Revenue - 607 607

Other operating expenses - 152 152

Financial income and expenses - 5 5

Tax:

Tax on hedging and currency adjustments 351 (1,141) (790)

Movement in comprehensive income for the period (7,197) 4,246 (2,951)

Cash flow hedging of property, plant, and equipment

under construction, net tax - 58 58

Total reserves including tax at 30 June (2,385) (5,672) (8,057)

Total reserves excluding tax at 30 June (2,751) (7,119) (9,870)

Reserves 2024

DKKm

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

Exchange rate adjustments 1,902 - 1,902

Value adjustments - (1,676) (1,676)

Value adjustments transferred to:

Revenue - (1,037) (1,037)

Other operating income - (129) (129)

Financial income and expenses - (24) (24)

Tax:

Tax on hedging and currency adjustments (295) 289 (6)

Movement in comprehensive income for the period 1,607 (2,577) (970)

Additions, non-controlling interests - 883 883

Total reserves including tax at 30 June 1,223 (11,561) (10,338)

Total reserves excluding tax at 30 June 809 (13,343) (12,534)

Interim report First half year 2025

33/49

Consolidated financial statements

Tax on profit (loss) for the period

Tax on profit (loss) was DKK 870 million for

the first half year of 2025 compared to

DKK 2,928 million for the first half year of

2024.

Effective tax rate

The effective tax rate for the first half year of

2025 was 10 %. The effective tax rate was

Effective tax rate

The effective tax rate for the first half year of 2025 was calculated on the basis of the profit (loss) before tax. ‘Impairment for the period’ includes a net reversal of the

unrecognised deferred tax asset related to the impairments on our US projects and an unrecognised deferred tax asset related to the impairment on our Hornsea 4

project. ‘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

affected by:



the divestment gain from the 24.5 % farm-

down of West of Dudden Sands



the divestment gain from the 50 % farm-

downs of Eleven Mile and Sparta, where

DKK 0.6 billion of previously recognised

deferred tax liabilities related to tax equity

contributions were reversed

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).



the non-recognition of deferred tax assets

related to the impairment of projects and

the reversal of cancellation fees in the US



the non-recognition of deferred tax assets

related to impairment losses and cancella-

tion fees regarding the discontinuation of

the Hornsea 4 project in its current form.

H1 2025 H1 2024

Tax for the period

DKK

Profit (loss)

before tax Tax Tax in %

Profit (loss)

before tax Tax Tax in %

Tax equity, deferred tax liability - 80 n.a. - (1,080) n.a.

Gain (loss) on divestment of enterprises and assets 3,136 622 (20 %) - - n.a.

Impairment for the period 252 66 (26 %) (3,152) 227 7 %

Cancellation fees for the period (1,531) (327) (21 %) 1,300 - n.a.

Other adjustments - 325 n.a. - (454) n.a.

Remaining business 7,251 (1,636) 23 % 5,711 (1,621) 28 %

Effective tax for the period 9,108 (870) 10 % 3,859 (2,928) 76 %

Q2 2025 Q2 2024

Tax for the period

DKK

Profit (loss)

before tax Tax Tax in %

Profit (loss)

before tax Tax Tax in %

Tax equity, deferred tax liability - 47 n.a. - (195) n.a.

Gain (loss) on divestment of enterprises and assets 2,832 - n.a. - - n.a.

Impairment for the period (20) - n.a. (3,913) 162 n.a.

Cancellation fees for the period (1,531) (327) n.a. 1,300 - n.a.

Other adjustments - 248 n.a. - (337) n.a.

Remaining business 2,708 (606) 22 % 2,038 (733) 36 %

Effective tax for the period 3,989 (638) 16 % (575) (1,103) (192 %)

Consolidated financial statements

Interim report First half year 2025

34/49

56.7

24.6

16.4

16.6

7.6

11.7

GBP

USD

NTD

Before hedging After hedging

In Q2 2025, our currency exposure

and hedges have been updated with

our latest view of the expected

proceeds from and timing of our

divestment programme.

We do not deem EUR to constitute a

risk, as we expect Denmark to

maintain its fixed exchange-rate

policy.

24.2

4.2

-4.8

11.8

3.6

-2.0

Power Spread (power) Gas and oil

Before hedging After hedging

The exposures are based on market

prices as of 30 June 2025.

Energy exposure 1 July 2025 – 31 December 2027

DKKbn

Currency exposure 1 July 2025 – 30 June 2030

DKKbn

10. Market risks

As of 30 June 2025, the pre-tax loss

of the hedging reserve was DKK 7.1

billion, of which DKK 6.0 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.

0.0

-0.5

-4.6

Q3-Q4 2025 2026 After 2026

Power Currency

Inflation and interest Initial fair value of financial PPAs

EBITDA impact from hedges and financial PPAs

DKKbn

We are exposed to financial and revenue risks

in the form of energy price and volume risks,

inflation and interest rate risks, commodity

price risks, currency risks, credit risks, 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/adjusted interest-bearing net

debt



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 2024.

Consolidated financial statements

Interim report First half year 2025

35/49

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.

Fair value hierarchy

Market values based on quoted prices

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.

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

determine fair value based on the external

information that most accurately reflects the

market values. We use pricing services and

11. Fair value measurement

comprise quoted securities, gas, 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.

The most significant non-observable inputs are

the long-term US power prices (mainly ERCOT)

and the German power prices.

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 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. 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.

All assets and liabilities measured at market value are measured on a recurring basis.

Fair value hierarchy of financial

instruments

DKKm

Quoted prices

(level 1)

Observable

input

(level 2)

Non-

observable

input

(level 3)

30 June

2025

Quoted prices

(level 1)

Observable

input

(level 2)

Non-

observable

input

(level 3)

30 June

2024

Assets:

Gas inventory 1,348 - - 1,348 1,360 - - 1,360

Total inventory 1,348 - - 1,348 1,360 - - 1,360

Bonds 12,718 12,718 - 30,874 - 30,874

Total securities - 12,718 - 12,718 - 30,874 - 30,874

Energy derivatives 1,566 598 1,099 3,263 3,256 3,398 1,130 7,784

Currency derivatives - 2,316 - 2,316 - 355 - 355

Interest and inflation derivatives - 236 - 236 - 644 - 644

Total derivative assets 1,566 3,150 1,099 5,815 3,256 4,397 1,130 8,783

Liabilities:

Energy derivatives 958 421 5,032 6,411 4,815 2,649 9,171 16,635

Currency derivatives - 1,127 - 1,127 - 1,188 - 1,188

Interest and inflation derivatives - 3,407 3,407 - 3,617 - 3,617

Commodity derivatives - 150 - 150 - - - -

Total derivative liabilities 958 5,105 5,032 11,095 4,815 7,454 9,171 21,440

Consolidated financial statements

Interim report First half year 2025

36/49

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 require

estimation of the long-term US power prices,

mainly in the ERCOT, SPP, and MISO regions.

The power price is observable for the first four

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

the power price is estimated based on

observable inputs (gas prices and heat rates).

For the subsequent period, the power price is

non-observable and estimated by extrapola-

ting the power price towards the U.S. Energy

Information Administration’s long-term power

price forecast, assuming similar seasonality as

in previous periods. As the majority of the

remaining contract period is within the period

when power prices are non-observable, we

classify the contracts as based on non-

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

PPAs 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 H1 2025, we have recognised an income of

DKK 45 million related to the initial fair value

from PPAs. The total amount of initial fair

value as of 30 June 2025 amounts to a loss of

DKK 1,002 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 of 30 June

2025. If intermittency-adjusted power prices in Germany as of 30 June 2025 decreased/increased by

25 %, the market value would increase/decrease by DKK 1,234 million.

Derivatives valued on the basis of non-observable input

DKKm 2025 2024

Market value at 1 January (5,156) (7,528)

Value adjustments through profit or loss 108 79

Value adjustments through other comprehensive income 488 (889)

Sales/redemptions 276 (182)

Purchases/issues 230 479

Transferred to quoted prices and observable input 121 -

Market value at 30 June (3,933) (8,041)

Non-observable input per commodity price input

DKKm 2025 2024

US ERCOT power prices (2,580) (5,662)

German power prices (1,383) (1,273)

US MISO power prices 26 (709)

Other power prices (34) (394)

Gas prices 38 (3)

Total (3,933) (8,041)

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 (2025-2038) 182 66 489 (2,428) 2,745

Germany (2026-2036) 428 339 632 (1,234) 1,234

US MISO (2025-2040) 221 155 295 (357) 536

US SPP (2025-2035) 159 63 338 (341) 505

Ireland (2025-2042) 450 332 847 (199) 199

Consolidated financial statements

Interim report First half year 2025

37/49

Interest-bearing net debt totalled DKK 67,137 million at 30 June 2025, an increase of DKK 9,110

million relative to 31 December 2024. The main changes in the composition of our net debt

compared to 31 December 2024 was a decrease in cash of DKK 11,122 million.

At 30 June 2025, the market values of bond and bank debts were DKK 67.5 billion and

DKK 11.3 billion, respectively.

12. Interest-bearing debt and FFO

As of 1 January 2025, we have included ’Dividends paid to minority interests’ in ’Funds from operations’.

Comparative figures for 2024 have been restated.

Funds from operations (FFO) LTM

DKKm

30 June

2025

31 December

2024

30 June

2024

EBITDA 33,416 31,959 22,545

Change in provisions and other adjustments (6,929) (13,184) 4,104

Change in derivatives (1,340) 648 126

Variation margin (add back) 301 (1,540) (5,007)

Reversal of gain (loss) on divestment of assets (3,491) (348) (4,600)

Income tax paid (5,250) (6,327) (3,742)

Interest and similar items, received/paid (1,157) (477) 1,623

Reversal of interest expenses transferred to assets (1,735) (1,011) (484)

50 % of coupon payments on hybrid capital (338) (343) (260)

Dividends paid to minority interests (1,272) (369) (430)

Dividends received and capital reductions 61 27 19

Funds from operations (FFO) 12,266 9,035 13,894

1 Last 12 months.

Adjusted interest-bearing net debt

DKKm

30 June

2025

31 December

2024

30 June

2024

Total interest-bearing net debt 67,137 58,027 49,366

50 % of hybrid capital 10,477 10,477 11,396

Other interest-bearing debt, add back (3,609) (3,442) (3,251)

Other interest-bearing receivables, add back 3,495 5,620 5,110

Cash and securities not available for distribution,

excluding repo loans 959 710 571

Total adjusted interest-bearing net debt 78,459 71,392 63,192

Funds from operations (FFO)/

adjusted interest-bearing net debt, %

30 June

2025

31 December

2024

30 June

2024

Funds from operations (FFO)/

adjusted interest-bearing net debt 15.6 % 12.7 % 22.0 %

Interest-bearing debt and interest-bearing assets

DKKm

30 June

2025

31 December

2024

30 June

2024

Interest-bearing debt:

Bond debt 71,126 72,028 71,124

Bank debt 11,622 15,680 10,484

Total bond and bank debt 82,748 87,708 81,608

Tax equity liability 1,536 1,764 1,540

Lease liability 8,107 8,910 8,766

Other interest-bearing debt:

Debt in connection with divestments 2,893 3,234 3,058

Debt from receiving collateral under credit support annexes 596 71 61

Other interest-bearing debt 120 137 132

Total interest-bearing debt 96,000 101,824 95,165

Interest-bearing assets:

Securities 12,718 14,532 30,874

Cash 12,004 23,126 9,473

Receivables from associates and joint ventures 248 202 155

Cash, not available for use 398 317 187

Other receivables:

Receivables from placing collateral under credit support

annexes 2,744 4,873 4,352

Receivables in connection with divestments 751 747 758

Total interest-bearing assets 28,863 43,797 45,799

Total net interest-bearing debt 67,137 58,027 49,366

Consolidated financial statements

Interim report First half year 2025

38/49

13. Subsequent events

Extraordinary general meeting

The Board of Directors of Ørsted A/S will call

for an extraordinary general meeting to be

held on 5 September 2025 with the purpose of

proposing that the general meeting authorise

the Board of Directors to increase the share

capital of Ørsted A/S with pre-emptive rights

for the existing shareholders, by way of a cash

contribution of up to DKK 60 billion. For

further information about the background of

the EGM notification, the notification can be

accessed here, once released:

https://orsted.com/en/media/news.

In addition reference is made to the related

announcement published on 11 August 2025:

https://orsted.com/en/investors.

Project financing for Greater Changhua 2

At the beginning of July 2025, Ørsted secured

project financing for Greater Changhua 2 as

part of the financing structure for the project.

With the project finance package with 25

banks and 5 export credit agencies (ECAs) the

project has raised approx. TWD 90 billion

(about DKK 20 billion).

39/49

Sustainability statements

Interim report

First half year 2025

Sustainability statements

First half year 2025

1 January – 30 June

40/49

Sustainability statements

Interim report

First half year 2025

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 consolidated ESG data. Consolidation

of all quantitative ESG data follows the princi-

ples above, unless otherwise specified in the

specific accounting policies.

Frameworks and data selection

The interim sustainability statements are se-

lected data from our annual sustainability

statements prepared in compliance with the

European Sustainability Reporting Standards

(ESRS) issued by the European Financial Re-

porting Advisory Group (EFRAG).

The data selected for the interim report is

directly related to the understanding of either

our interim financial or sustainability perfor-

mance.

All greenhouse gas data (scopes 1-3) is report-

ed based on the Greenhouse Gas Protocol.

Measurement basis

The sustainability statements have been pre-

pared using the same accounting policies as in

our annual report for 2024. Furthermore, a list

of references for our calculation factors can

be found in our annual report for 2024.

Basis of reporting

41/49

Sustainability statements

Interim report

First half year 2025

In Q2 2025, no new assets were commis-

sioned, FID’ed, or awarded.

In H1 2025 (Q1), we commissioned Gode

Wind 3 and Bahren West 1 and took final in-

vestment decision on Baltica 2 and Bahren

West 2.

Renewable capacity

Business drivers

1 Solar PV capacity is measured in megawatts of

alternating current (MW

2 Including thermal heat capacity from biomass and

battery capacity not in Onshore (21 MW).

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

Q3 2024 Q4 2024 Q1 2025 Q2 2025

South Fork, offshore wind (132 MW) Mockingbird, solar PV (471 MW) Baltica 2, offshore wind (1,498 MW)

Old 300, solar PV (73 MW) Badger Wind, onshore wind (259 MW)

Old 300 BESS, battery storage (250 MW) Gode Wind 3, offshore wind (253 MW)

Amberg Süd, solar PV (4 MW) Bahren West 1, onshore wind (50 MW)

Ballinrea Solar Farm, solar PV (55 MW) Bahren West 2, onshore wind (62 MW)

Hornsea 4, offshore wind (2,400 MW)

Renewable capacity

MW H1 2025 Q1 2025

H1 2025 2024

Installed renewable capacity

18,473 18,473 - 18,473 18,170 303

Offshore, wind power

10,156 10,156 - 10,156 9,903 253

Onshore

6,242 6,242 - 6,242 6,192 50

Wind power

3,776 3,776 - 3,776 3,726 50

Solar PV power

2,126 2,126 - 2,126 2,126 -

Battery storage

340

Bioenergy

2,075 2,075 - 2,075 2,075 -

Decided (FID'ed) renewable capacity

8,894 8,894 - 8,894 7,638 1,256

Offshore

8,111 8,111 - 8,111 6,866 1,245

Wind power

7,811 7,811 - 7,811 6,566 1,245

Battery storage

300 300 - 300 300 -

Onshore

783 783 - 783 772 11

Wind power

381 381 - 381 370 11

Solar PV power

152 152 - 152 152 -

Battery storage

250 250 - 250 250 -

Awarded and contracted renewable capacity

3,655 3,655 - 3,655 5,153 (1,498)

Offshore, wind power

3,655 3,655 - 3,655 5,153 (1,498)

Sum of installed and FID'ed renewable capacity

27,367 27,367 - 27,367 25,808 1,559

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

31,022 31,022 - 31,022 30,961 61

No additions

42/49

Sustainability statements

Interim report

First half year 2025

Generation capacity

Total power generation capacity was

12,853 MW at the end of H1 2025.

In Q2 2025, offshore wind generation capaci-

ty decreased by 95 MW to 5,435 MW due to

the farm-down of a 24.5 % stake at

West of Duddon Sands in the UK.

Business drivers

Generation capacity

MW H1 2025 Q1 2025

H1 2025 H1 2024

2024

Power generation capacity

12,853 12,948 (95) 12,853 13,164 (311) 12,899

Offshore wind

5,435 5,530 (95) 5,435 5,134 301 5,260

Denmark

561 561 - 561 561 - 561

The UK

3,005 3,100

(95) 3,005

2,830

175

2,830

Germany

799 799 - 799 673 126 799

The Netherlands

376 376 - 376 376 - 376

Taiwan

598 598 - 598 598 - 598

The US

96 96 - 96 96 - 96

Onshore wind

3,720 3,720 - 3,720 3,666 54 3,666

The US

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

Ireland

351 351 - 351 351 - 351

The UK

78 78

- 78 78

Germany

76 76

- 76 22

Solar PV

1,601 1,601 - 1,601 1,564 37 1,876

The US

1,586 1,586 - 1,586 1,554 32 1,861

Germany

15 15 - 15 10 5 15

Thermal, Denmark (CHP plants)

2,097 2,097 - 2,097 2,800 (703) 2,097

Heat generation capacity, thermal

2,864 2,864 - 2,864 3,353 (489) 3,353

Based on biomass

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

Based on coal

- - - - 1,300 (1,300) 1,300

Based on natural gas

1,574 1,574 - 1,574 1,617 (43) 1,617

Heat generation capacity, electric

249 249 - 249 225 24 225

Power generation capacity, thermal

2,097 2,097 - 2,097 2,800 (703) 2,800

Based on biomass

1,232 1,232 - 1,232 1,232 - 1,232

Based on coal

- - - - 991 (991) 991

Based on natural gas

882 882

- 882 951

(69)

951

Based on oil

474 474 - 474 734 (260) 734

1 Fuel-specific thermal heat and power generation

capacities measure the maximum capacity using the

specified fuel as primary fuel at the multi-fuel plants.

They cannot be added to total thermal capacity, as

they are defined individually for each fuel type for

our multi-fuel plants. All fuels cannot be used at the

same time. Therefore, the total sum amounts to

more than 100 %.

43/49

Sustainability statements

Interim report

First half year 2025

Offshore wind power generation was 2 %

lower in H1 2025 compared to H1 2024, pri-

marily due to lower wind speeds across our

portfolio, except in Taiwan and the US, where

generation as well as wind speeds, was high-

er. This was partly offset by improved availa-

bility across the portfolio, with the exception

of the Netherlands.

Onshore wind power generation was 2 %

lower in H1 2025 compared to H1 2024, pri-

marily due to lower availability across a num-

ber of assets in the US.

Power generation from solar PV increased by

38 %, mainly due to higher generation at

most of our US assets, namely Mockingbird,

commissioned in Q4 2024, Eleven Mile, com-

missioned in Q2 2024 and Old 300, fully com-

missioned in Q3 2024 after being partly com-

missioned in Q1 2023..

Thermal power and heat generation was 15 %

and 7 % lower, respectively, in H1 2025 com-

pared to H1 2024, primarily due to the shut-

down of our coal-based capacity in H2 2024.

In addition, the warmer weather in Q1 2025

resulted in less heat demand and thereby

lower generation.

Energy generation

Business drivers

Energy generation

GWh Q2 2025 Q2 2024

H1 2025 H1 2024

2024

Power generation

8,125 8,659 (6 %) 19,369 19,585 (1 %) 38,436

Offshore wind

3,646 3,667 (1 %) 9,116 9,337 (2 %) 18,599

Denmark

345 418 (17 %) 910 1,108 (18 %) 2,061

The UK

2,100

2,029

3 %

5,119

5,171

(1 %)

10,357

Germany

417 434 (4 %) 1,040 1,187 (12 %) 2,356

The Netherlands

270 269 0 % 546 713 (23 %) 1,333

Taiwan

413 447 (8 %) 1,292 1,027 26 % 2,220

The US

101 70 44 % 209 131 60 % 272

Onshore wind

2,964 3,277 (10 %) 6,489 6,648 (2 %) 11,959

The US

2,746 3,064 (10 %) 5,954 6,066 (2 %) 10,939

Ireland

145 153 (5 %) 390 416 (6 %) 759

France

(100 %)

Germany

200 %

73 %

The UK

18 %

9 %

161

Solar PV

1,038 910 14 % 1,807 1,310 38 % 3,356

The US

1,034 906 14 % 1,801 1,305 38 % 3,346

Germany

4 3 33 % 6 4 50 % 9

France

0 1 (100 %) - 1 (100 %) 1

Thermal

477 805 (41 %) 1,957 2,290 (15 %) 4,522

Heat generation

707 935 (24 %) 3,931 4,220 (7 %) 6,919

Total heat and power generation

8,832 9,594 (8 %) 23,300 23,805 (2 %) 45,355

Of which, thermal heat and power, %

13 % 18 % (5 %p) 25 % 27 % (2 %p) 25 %

44/49

Sustainability statements

Interim report

First half year 2025

Energy sales and generation by energy source

Business drivers

Share of energy generation

In H1 2025, the renewable share of heat and

power generation was 99 %, an increase of 2

percentage points compared to H1 2024.

The main driver for the increased renewable

share of heat and power generation was the

2 percentage point decrease in the share of

coal-based generation. This was due to the

shut-down of the coal-based Esbjerg Power

Station in September 2024 as well as our

other coal-based generation capacity in Q4

2024.

The share of solar PV-based generation in-

creased by 3 percentage points in H1 2025

compared to H1 2024 due to a 38 % increase

in generation, mainly from US solar assets

commissioned in H2 2024.

Energy sales

GWh Q2 2025 Q2 2024

H1 2025 H1 2024

2024

Gas sales

5,798 4,051 43 % 11,078 9,217 20 % 17,372

Power sales

3,686 3,854

(4 %)

8,502 10,118

(16 %)

19,967

Green power to end customers

230 269

(14 %)

466 383

22 %

813

Regular power to end customers

355 320

11 %

751 860

(13 %)

1,639

Power wholesale

3,101 3,265

(5 %)

7,285 8,875

(18 %)

17,515

Energy sales

The 20 % increase in gas sales volumes in H1

2025 compared to H1 2024 was primarily

driven by higher offtake from DUC due to the

ramp-up of production from the Tyra gas field

(not owned by Ørsted).

Power sales in H1 2025 were 16 % lower than

in H1 2024, mainly due to lower wholesale

volumes from offshore wind generation, driv-

en by lower wind speeds.

1 Power sold with renewable energy certificates (certificates ensuring the power has been produced using renewable resources).

2 Power sold without renewable energy certificates.

Share of energy generation

Q2 2025 Q2 2024

H1 2025 H1 2024

2024

From renewable sources

100 97 3 %p 99 97 2 %p 97

From offshore wind

41 38 3 %p 39 39 0 %p 41

From onshore wind

34 34 0 %p 28 28 0 %p 26

From solar PV

12 9 3 %p

8 5 3 %p

From sustainable biomass

12 14 (2 %p)

24 24 0 %p

From other renewable energy sources

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

From non-renewable sources

0 3 (3 %p) 1 3 (2 %p) 3

From coal

- 2 (2 %p) - 2 (2 %p) 2

From natural gas

0 1 (1 %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

100 97 3 % 99 97 2 % 97

45/49

Sustainability statements

Interim report

First half year 2025

Energy consumption

Climate change

decreased by 31 %, driven by the permanent

shut-down of the electric boiler at Esbjerg Po-

wer Station, as well as a temporary shut-down

of the electric boilers at Studstrup Power Stati-

on in H1 2025.

well as a 23 % increase in other fossil sources

due to higher fuel consumption by vessels

associated with O&M work at offshore wind

farms.

Total energy consumption from renewable

sources decreased by 3 % in H1 2025 com-

pared to H1 2024, driven by lower biomass

usage due to overall lower energy generation

at the CHP plants.

In addition, consumption of purchased or ac-

quired electricity from renewable sources

Total energy consumption from non-

renewable sources decreased by 67 % in H1

2025 compared to H1 2024. This reduction

was mainly driven by the discontinuation of

coal usage at our CHP plants during H2 2024.

Additionally, there was lower consumption of

natural gas due to unfavourable spreads and

lower overall generation volumes.

The decrease was partly offset by a 16 %

increase in the consumption of oil at some

power plants to deliver ancillary services, as

Energy consumption Unit Q2 2025 Q2 2024

H1 2025 H1 2024

2024

Total energy consumption from non-renewable sources MWh

131,792 536,210 (75 %) 388,659 1,178,481 (67 %) 2,384,997

Non-renewable fuels used in thermal heat and power generation MWh

76,537 488,181 (84 %) 286,832 1,095,316 (74 %) 2,211,856

Fuel consumed from coal and coal products MWh

282,985 (100 %)

652,822 (100 %) 1,449,425

Fuel consumed from natural gas MWh

29,330 169,141 (83 %) 195,104 363,150 (46 %) 606,373

Fuel consumed from crude oil and petroleum products MWh

47,207 36,055 31 % 91,728 79,344 16 % 156,058

Other fossil sources (oil, gas, and diesel for vessels and vehicles) MWh

54,243 47,199 15 % 98,860 80,306 23 % 168,062

Consumption of purchased or acquired heat from fossil sources MWh

1,012 830 22 % 2,967 2,859 4 % 5,079

Total energy consumption from renewable sources MWh

1,757,923 2,327,004 (24 %) 7,146,646 7,350,095 (3 %) 13,620,470

Renewable fuels used in thermal heat and power generation MWh

1,614,183 2,183,424 (26 %) 6,933,937 7,041,343 (2 %) 13,143,806

Of which, fuel consumed from biomass MWh

1,614,183 2,179,892 (26 %) 6,933,903 7,033,960 (1 %) 13,131,089

Consumption of purchased or acquired electricity and heat from renewable sources MWh

143,740 143,580 0 %

212,709 308,752 (31 %) 476,664

Total energy consumption MWh

1,889,715 2,863,214 (34 %) 7,535,305 8,528,576 (12 %) 16,005,467

Share of non-renewable energy consumption %

7 19 (12 %p) 5 14 (9 %p) 15

Share of renewable energy consumption %

93 81 12 %p 95 86 9 %p 85

46/49

Sustainability statements

Interim report

First half year 2025

1 We cover 100 % of our own electricity consumption with unbundled renewable electricity certificates.

2 Total GHG emissions including scope 2 GHG emissions measured using the location-based and market-based method, respectively.

3 Calculated using market-based scope 2 emissions.

4 Excludes scope 3 emissions from category 11: use of sold products.

to the decrease in the use of fossil fuels,

slightly offset by a lower total heat and pow-

er generation.

Our scope 1, 2, and 3 GHG intensity (excluding

emissions from category 11) decreased by

% compared to H1 2024 for the same rea-

sons as for scope 1 and 2 GHG intensity, in

addition to decreased emissions from capital

goods.

Greenhouse gas (GHG) emissions

Climate change

H1 2025 compared to H1 2024. This was pri-

marily due to significantly lower emissions

from capital goods (category 2) as we did not

commission as many assets during H1 2025 as

we did in H1 2024.

The decrease in scope 3 emissions from capi-

tal goods was partly offset by a 35 % in-

crease in use of sold products (category 11).

This category usually only includes gas sales,

GHG emissions (scopes 1-3)

Scope 1 greenhouse gas (GHG) emissions de-

creased by 72 % from H1 2024 to H1 2025,

driven by the 74 % decrease in the non-

renewable fuels used in the heat and power

generation at our CHP plants, where the pri-

mary driver was the discontinuation of coal

usage in H2 2024.

Scope 3 GHG emissions decreased by 21 % in

but in 2025, as part of the closure of the coal-

based generation capacity, we are selling the

remaining coal that we have in storage. This

extraordinary sale of coal will continue until

all remaining coal is sold.

GHG emissions intensities

Our scope 1 and 2 GHG intensity of energy

generation decreased by 73 % in H1 2025

compared to H1 2024. This was primarily due

GHG emissions and intensities Unit Q2 2025 Q2 2024

H1 2025 H1 2024

2024

Direct GHG emissions (scope 1) tonnes CO

e 35,299 155,359 (77 %) 97,558 350,308 (72 %) 733,299

Indirect GHG emissions (scope 2), location-based tonnes CO

e 15,250 15,059 1 % 22,092 30,179 (27 %) 58,925

Indirect GHG emissions (scope 2), market-based

tonnes CO

e 158 150 5 % 439 492 (11 %) 875

Indirect GHG emissions (scope 3) tonnes CO

e 2,127,050 3,309,798 (36 %) 4,049,183 5,149,388 (21 %) 9,043,386

Category 2: capital goods tonnes CO

e 0 1,984,546 (100 %) 226,918 1,988,381 (89 %) 3,050,022

Category 3: fuel- and energy-related activities tonnes CO

e 262,626 266,973 (2 %) 638,289 725,471 (12 %) 1,390,869

Category 11: use of sold products tonnes CO

e 1,718,862 951,640 81 % 2,933,693 2,171,857 35 % 4,032,177

Other categories tonnes CO

e 145,562 106,639 36 % 250,283 263,679 (5 %) 570,318

Total GHG emissions (location-based)

tonnes CO

e 2,177,599 3,480,216 (37 %) 4,168,833 5,529,875 (25 %) 9,835,610

Total GHG emissions (market-based)

tonnes CO

e 2,162,507 3,465,307 (38 %) 4,147,180 5,500,188 (25 %) 9,777,560

Scopes 1, 2, and 3 (excl. category 11) tonnes CO

e 443,645 2,513,667 (82 %) 1,213,487 3,328,331 (64 %) 5,745,383

Scope 3 (excl. category 11) tonnes CO

e 408,188 2,358,158 (83 %) 1,115,490 2,977,531 (63 %) 5,011,209

GHG emissions intensities, energy generation

GHG emissions intensity (scopes 1 and 2)

g CO

e/kWh 4 16

(75 %) 4 15

(73 %)

GHG emissions intensity (scopes 1, 2,and 3)

3, 4

g CO

e/kWh 50 262 (81 %) 52 140 (63 %) 127

47/49

Sustainability statements

Interim report

First half year 2025

Taxonomy-aligned revenue (turnover)

Our taxonomy-aligned share of revenue in H1

2025 was 88 %, a decrease of 3 percentage

points compared to H1 2024. This was mainly

due to higher non-eligible revenue from gas

sales, partly offset by an increase in taxono-

my-aligned revenue from wind power.

Taxonomy-aligned CAPEX

Our taxonomy-aligned share of CAPEX in

H1 2025 remained at 99 %, primarily related

to offshore wind.

Taxonomy-aligned EBITDA

Our taxonomy-aligned share of EBITDA in H1

2025 was 99 %, an increase of 1 percentage

point compared to H1 2024. This was mainly

due to lower non-eligible EBITDA as well as

an increase in taxonomy-aligned EBITDA from

wind power.

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

2 This ratio is applied to gross investments.

EU taxonomy for sustainable activities

EU taxonomy KPIs

% H1 2025 H1 2024

2024

Taxonomy-aligned revenue (turnover)

88 91 (3 %p) 91

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)

75 77 (2 %p) 78

Cogeneration of heat and power from bioenergy (4.20)

(1 %p)

Taxonomy-eligible but not taxonomy-aligned revenue (turnover)

0 0 0 %p 0

High-efficiency cogeneration of heat and power from fossil gas (4.30)

0 %p

Taxonomy-non-eligible revenue (turnover)

12 9 3 %p 9

Gas (sales)

10 6 4 %p 6

Coal (generation)

- 1 (1 %p) 1

Oil (generation and distribution)

0 1 (1 %p) 1

Other activities

2 1 1 %p 1

Taxonomy-aligned CAPEX

99 99 0 %p 99

Taxonomy-eligible but not taxonomy-aligned CAPEX

0 0 0 %p 0

Taxonomy-non-eligible CAPEX

1 1 0 %p 1

Taxonomy-aligned EBITDA

99 98 1 %p 99

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

4 3 1 %p 4

Electricity generation from wind power (4.3)

89 91 (2 %p) 91

Cogeneration of heat and power from bioenergy (4.20)

6 4

2 %p

Taxonomy-eligible but not taxonomy-aligned EBITDA

0 0

0 %p

High-efficiency cogeneration of heat and power from fossil gas (4.30)

0 0

0 %p

Taxonomy-non-eligible EBITDA

1 2 (1 %p) 1

Gas sales

2 (1) 3 %p 0

Coal- and oil-based generation

0 0 0 %p 0

Other activities

(1) 3 (4 %p) 1

48/49

Sustainability statements

Interim report

First half year 2025

knowledge and competences. The pro-

gramme includes extra training, awareness

efforts, and strong management support.

As a result of the Boost QHSE programme, we

expect that significantly more injuries will be

avoided through stronger risk awareness and

strengthened implementation of lessons

learnt.

formance data to identify areas of concern.

Many of the injuries we currently experience

are in relation to activities which skilled labour

is normally capable of completing safely, for

example using tools, mechanical aids, and

power tools. To increase awareness on safety,

we have launched the programme ‘Boost

QHSE’ to ensure that people who are ac-

countable for safety have the appropriate

H1 2024. The lost-time injury frequency (LTIF)

increased from 0.8 in H1 2024 to 1.7 in H1

2025, an increase of 113 %.

There are several reasons for the increasing

TRIR and LTIF that we have experienced over

the last few months, one of them being the

significantly higher level of contractor activi-

ties currently being performed in connection

with both the construction and operation of

our assets. Total hours worked increased by

22 % in H1 2025, driven by an increase of 49 %

in hours worked by contractor employees.

We are constantly analysing our safety per-

People

The number of employees was 3 % lower at

the end of H1 2025 compared to H1 2024. Our

voluntary employee turnover decreased by

1.3 percentage points, whereas the total turn-

over increased by 1.2 percentage points com-

pared to H1 2024. The reduction in the total

number of employees and increased total

turnover are related to organisational adjust-

ments.

Safety

In H1 2025, our total recordable injury rate

(TRIR) was at 2.7, which is 29 % higher than in

1 Headcount distribution in other countries in H1 2025: Korea (17), Singapore (12), Spain (9), Vietnam (10),

Sweden (5), and Norway (5).

People and safety

Own workforce

People H1 2025 H1 2024

2024

Total number of employees, headcount

8,331 8,563 (3 %) 8,407

Denmark

3,793 4,186 (9 %) 3,984

The UK

1,295 1,288 1 % 1,272

Malaysia

813 753 8 % 792

Poland

814 763 7 % 783

The US

750 712 5 % 720

Germany

389 396 (2 %) 390

Taiwan

206 185 11 % 199

The Netherlands

106 109 (3 %) 105

Ireland

107 103 4 % 100

Other

58 68 (15 %) 62

Total number of employees, FTE

8,203 8,411 (2 %) 8,278

Turnover, %

Total employee turnover rate 13.4 12.2 1.2 %p 14.3

Voluntary employee turnover rate

7.0 8.3 (1.3 %p) 8.7

Safety H1 2025 H1 2024

2024

Total recordable injuries (TRIs), number

47 30 57 % 85

Own employees 10 8 25 % 19

Contractor employees

37 22 68 % 66

Lost-time injuries (LTIs), number

30 12 150 % 45

Own employees 8 3 167 % 11

Contractor employees

22 9 144 % 34

Hours worked, million hours

17.6 14.4 22 % 30.9

Own employees 6.9 7.2 (4 %) 14.1

Contractor employees

10.7 7.2 49 % 16.8

Total recordable injury rate, TRIR

2.7 2.1 29 % 2.7

Own employees 1.5 1.1 36 % 1.3

Contractor employees

3.5 3.1 13 % 3.9

Lost-time injury frequency, LTIF

1.7 0.8 113 % 1.5

Own employees 1.2 0.4 200 % 0.8

Contractor employees

2.1 1.3 62 % 2.0

TRIR 12M rolling

3.0 2.5 20 % 2.7

LTIF 12M rolling

1.8 1.1 64 % 1.5

Fatalities, number

2 0 2 0

Own employees 0 0 0 0

Contractor employees

2 0 2 0

Permanent disability cases, number

0 0 0 0

Consolidated financial statements

Interim report First half year 2025

49/49

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 2024.

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 June 2025.

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 2024.

In our opinion, the interim report gives a true

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

and financial position at 30 June 2025 and of

the results of the Group's operations and cash

flows for the period 1 January – 30 June 2025.

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, 11 August 2025

Rasmus Errboe

Group President and CEO

Trond Westlie

CFO

Lene Skole

Chair

Julia King, the Baroness

Brown of Cambridge

Benny Gøbel*

Anne Cathrine Collet Yde*

Andrew Brown

Deputy Chair

Judith Hartmann

Leticia Francisca Torres

Mandiola*

Annica Bresky

Julian Waldron

Ian McCalder*

*Employee-elected board member

Executive Board:

Board of Directors:

Statement by the Executive Board

and the Board of Directors

Henriette Fenger Ellekrog

Chief HR Officer

18/49

Management’s review

Interim report First half year 2025

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

Borkum Riffgrund 3, Germany

Publication

11 August 2025