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"value": "\u2018Cash flows from operating activities\u2019 are determined using the indirect method as operating profit (loss) before depreciation, amortisation, and impairment losses adjusted for changes in operating items without cash flow effect. Trade payables relating to purchases of intangible assets and of property, plant, and equipment are not recognised in \u2018Change in trade payables\u2019 but in \u2018Purchase of intangible assets and of property, plant, and equipment\u2019 under \u2018Cash flows from investing activities\u2019.\u2018Change in tax equity liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs), investment tax credits (ITCs), and other tax attributes to tax equity partners. See also note 3.8 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection with the purchase and sale of non-current assets and enterprises as well as the purchase and sale of securities that are not recognised as cash and cash equivalents.\u2018Cash flows from financing activities\u2019 comprise changes in the size or composition of equity and loans, including instalments on leases, proceeds from issuing of shares, transactions with non-controlling interests, and net proceeds related to interest-bearing tax equity liabilities. Proceeds from the raising of short-term repo loans are presented net.Cash flows in currencies other than the func-tional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__58-1": {
"value": "\u2018Cash flows from operating activities\u2019 are determined using the indirect method as operating profit (loss) before depreciation, amortisation, and impairment losses adjusted for changes in operating items without cash flow effect. Trade payables relating to purchases of intangible assets and of property, plant, and equipment are not recognised in \u2018Change in trade payables\u2019 but in \u2018Purchase of intangible assets and of property, plant, and equipment\u2019 under \u2018Cash flows from investing activities\u2019.\u2018Change in tax equity liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs), investment tax credits (ITCs), and other tax attributes to tax equity partners. See also note 3.8 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection with the purchase and sale of non-current assets and enterprises as well as the purchase and sale of securities that are not recognised as cash and cash equivalents.\u2018Cash flows from financing activities\u2019 comprise changes in the size or composition of equity and loans, including instalments on leases, proceeds from issuing of shares, transactions with non-controlling interests, and net proceeds related to interest-bearing tax equity liabilities. Proceeds from the raising of short-term repo loans are presented net.Cash flows in currencies other than the func-tional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction date.Note 1.2Basis of preparationThis section provides an overall description of the accounting policies applied in our consolidated financial statements as well as the European Single Electronic Format (ESEF) reporting requirements. We provide a more detailed description of the accounting policies applied in the specific notes. Key accounting estimates and judgements as well as new and amended IFRS standards and interpretations are discussed in detail later in this note.Accounting policiesThe consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and further require-ments in the Danish Financial Statements Act (\u00c5rsregnskabsloven).The accounting policies have been applied consistently in the financial year and for comparative figures. Measurement basisThe consolidated financial statements have been pre-pared on historical cost basis, except for derivatives, receivable from divestment of assets, gas storage facil-ities, financial instruments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are measured at market value.ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent com-pany) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been pre-pared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting from transactions with associates and joint ventures are eliminated to the extent of our ownership interest.Entities are accounted for as associates if we hold or have the ability to exercise, directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Entities that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint operations is eliminated.Foreign currency translationThe financial statements are presented in million Danish kroner (DKKm), unless otherwise stated.Exchange differences arising between the exchange rate on the transaction date and on the date of payment are recognised in profit (loss) for the year as financial income or expenses.Foreign currency transactions are translated into the functional currency defined for each entity, using the exchange rates prevailing at the transaction date. Receivables, payables, and other monetary items in foreign currencies are translated at the exchange rates on the balance sheet date. The difference between the exchange rate on the balance sheet date and on the date at which the receivable or payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint ventures are trans-lated into DKK at monthly average exchange rates insofar as these do not deviate materially from the actual exchange rates at the transaction dates. Balance sheet items are translated at the exchange rates on the balance sheet date. All exchange differences are recognised in profit (loss) for the year, except for exchange differences arising on: \u00b7 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u00b7 translation of the statements of comprehensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u00b7 translation of balances accounted for as part of the total net investment\u00b7 translation of the portion of loans and derivatives that has been entered into to hedge the net invest-ment in an enterprise, and that provides an effective hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recog-nised in \u2018Other comprehensive income\u2019. Such exchange rate adjustments are divided between the equity of the parent company and the equity of the non- controlling interests.On full or partial divestment of the net investment, the accumulated exchange rate adjustments are recognised as follows:\u00b7 Disposal resulting in loss of control: The accumulated exchange rate adjustments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) is realised by the selling entity. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not trans-ferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority shareholders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not constitute a partial disposal of the subsidiary. Key accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements.Given the uncertainties inherent in our business activ-ities, we make a number of estimates and judge-ments. The estimates and judgements are based on assumptions concerning future developments, which affect our application of accounting policies and the reported amounts of our assets, liabilities, sales, costs, cash flows, hedge reserves, and related disclosures. Actual amounts may differ from the amounts estimated and judgements made, as more detailed information becomes available.We regularly reassess these estimates and judgements based on, among other things, historical experience, the current situation in the financial markets, and a number of other relevant factors, e.g. the updates on annual estimated production. Changes in estimates are recognised in the period in which the estimate in question is revised.Accounting estimates, judgements, and assumptions which may entail a risk of material adjustments in subsequent years are listed in the table above. In addition, we make judgements when we apply the accounting policies. Reference is made to the specific notes for further information on the key accounting estimates and judgements as well as the assumptions applied.Potential impact Estimate/ from accounting estimates Note Key accounting estimates and judgements judgementand judgements2.4 Government grants Classification of contract for difference (CfD) agreements Judgement2.6 Other operating income and expenses Variable selling prices related to divestments of offshore wind farms and offshore transmission assets Estimate Consolidation method for partnerships Judgement3.2 Impairments Key assumptions in impairment tests Estimate 3.8 Tax equity liabilities Recognition of tax equity partnerships Judgement 3.9 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate 6.1 Risk framework Valuation of long-term power purchase agreements and receivables from divestment of assets Estimate/judgement Hedge accounting Estimate/judgement Key accounting estimates and judgements and their level of potential impact on the consolidated financial statements. The impact relates to objectivity and business practice. Very objective/market-conforming Objective/partially conforming Partially subjective/partially distinctive Subjective/distinctive to \u00d8rstedOur operating segments are consistent with our internal reporting to our chief operating decision-maker, the Group Executive Team.The operating segments are managed primarily on the basis of EBITDA and investments. Financial income, financial expenses, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expenses are those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a reliable basis.Revenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentives for on-time completion of deliv-erables, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced since this is when delivery to the customers occurs. Fees for having CHP plants on standby or ready to increase or decrease the generation of power to balance the demand and supply in the system are considered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerSale of power includes revenue from the sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agree-ments, third-party balancing contracts, exchanges, and other sales contracts. The sale is recognised when the power is delivered to the grid.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from failed own-use power contracts is recognised on a net basis. These are contracts settled with delivery of physical power where the purpose of entering into them is hedging or optimisation of our revenue.Revenue from construction of wind farmsRevenue from construction of wind farms includes development and construction. The construction agreements cover the construction phase from design to delivery of an operational asset. The agreement consists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the trans-action price will be allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a sub-sequent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recognised when the heat is delivered to our customer. The individual heat customer has made a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in steps matching the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a financial return. The consideration is due when delivered.Sale of gasSale of gas is gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a var-iable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil and gas are recognised when the product is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other services Revenue from providing services is recognised over time as our customers simultaneously receive and consume the benefits provided. For fixed-price contracts, revenue is recognised based on the actual service rendered by the end of the reporting period as a pro portion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.\u00d8rsted constructs offshore transmission assets in the UK, which are required to be divested to third parties due to EU unbundling regulations. The construction costs are presented as inven-tories and transferred to cost of sales when the asset is divested to either a farm-down partner or to the buyer appointed by Ofgem.Government grants comprise grants for environmentally sustainable power generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a com-pensation for the price of power, we systematically recognise the grants under revenue in line with the power generation and thus the related revenue.When we enter into contracts for difference (CfD) with governments, we assess the appropriate classification at inception as either a government grant or a deriva-tive (within the scope of IFRS 9). In the assessment, we consider e.g. other price levels, duration, flexibility in the start date, and credit terms, etc. In this assessment, we put significant emphasis on the price levels being sufficiently attractive, making it unlikely that the con-tract would result in us becoming a net payer under the contract. If the contract is deemed to be on market terms, we classify the contract as a financial instrument.If the contracts are more attractive than the market terms, we classify the contracts as a government grant. To the extent the CfD contains embedded derivatives, we apply the same assessment to these as described above for the host contract.The settlement payment for the CfD is recognised as a government grant, which is presented as revenue.Research costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations and optimising the blade stability and performance of wind farms).Research costs are recognised in the income statement as incurred.Development costs primarly comprise salaries (presented in note 2.7 \u2018Employee costs\u2019) as well as internal and external costs, which can be directly or indirectly attributed to the design and development of offshore and onshore wind farms, solar farms, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018 Property, plant, and equipment under construc-tion\u2019 (see line \u2018Additions\u2019 in note 3.1 \u2018Intangible assets and property, plant and equipment\u2019).Gains from farm-downs of ownership interests in wind farms are recognised on the divestment date as other operating income. Gains from future construction of the partner\u2019s share of the wind farm are recognised over time in the income statement as revenue in step with construction. Divestment of ownership interests in our offshore wind farmsWhen we divest an ownership interest in an offshore wind farm to a partner, we typically also enter into agreements on the construction and future operation of the offshore wind farm. Contracts in connection with a divestment are typically agreements on:\u00b7 the sale of shares (divestment of assets), referred to as a share purchase agreement (SPA)\u00b7 the future construction of the offshore wind farm (construction agreements or construction management agreements, if not in operation) and transmission asset \u00b7 the future operation of the offshore wind farm (O&M agreements)\u00b7 a potential future re-purchase agreement of the divested ownership interest (buy-back option).The partnerships are typically established as joint operations with shared control. If an investor obtains a non-controlling interest in our joint operation controlled by \u00d8rsted, this is classified as a transaction with a non-controlling interest. If such a transaction comprises both an equity investment and other arrangements, such as power purchase agreements, proceeds are allocated between these elements on a relative fair value basis. The share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are measured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compen-sated for any dividend payments by receiving additional PSUs.Intangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acqui-sition over the fair value of the identi fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acqui-sition date. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives. Property, plant, and equipmentProperty, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our older offshore wind farms.The residual values, useful lives, and methods of depreciation of property, plant, and equipment are reviewed at the end of each financial year and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, com-ponents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs dur-ing the construction period. Costs are increased by the present value of the estimated obligations for demoli-tion and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene fits will flow to the Group from the expenses incurred. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease pay-ments for the use of a lease asset. If, at inception of the lease, we are reasonably certain that we will exer-cise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset at the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and pay-ment of interests are classified as cash flows from operating activities.For the purpose of assessing impairment losses, \u2018Intan-gible assets\u2019 and \u2018Property, plant, and equipment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs including goodwill are assessed for impairment yearly or whenever events or circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If any indication of impairment exists, an esti-mate of the asset\u2019s or CGU\u2019s recoverable amount is made. The value of a CGU is impaired if the carrying amount exceeds the recoverable amount, which is the higher of the estimated value-in-use and the fair value less costs of disposal. Value-in-use calculations are based on management\u2019s expectations to future cash flows from financial forecasts and business plans and include a number of assumptions and estimates. Fair value less costs of disposal is used for seabeds and is based on multiple analyses and discounted cash flow models, if a business case is available. Estimating expected cash flows involves a number of assumptions and estimates. In the US, key estimates and assumptions for the forecast periods are CAPEX (including knock-on effects from supplier delays and tariffs on imports into the US, etc.), inflation, terms of conditions in new power purchase agreements, eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs and PTCs. All these key estimates and assumptions are deter-mined specifically for each CGU and are based on current legislation and administrative practices effec-tive by the end of the reporting period. The discount rate applied when calculating value-in-use takes general risks into account and is based on the post-tax nominal weighted average cost of capital (WACC), whereas the estimated future cash flows are adjusted for risks specific to the asset. Impairment losses are recognised in the income state ment and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss had been recognised for the CGUOffshore transmission assets are recognised as inventory until divestment and measured at cost. The costs comprise costs of materials used in construction, site labour costs, costs of renting equipment, and indirect production costs, such as employee costs. Renewable certificates, which we earn by gener-ating power using renewable energy sources, are recognised in inventories in step with our genera-tion. We measure renewable certificates (earned and bought) at cost using the first-in, first-out (FIFO) principle. Gas inventories are carried either at fair value or at cost depending on the nature of the inventory. For gas storage facilities managed on a fair value basis, the gas is recognised at fair value less costs to sell. Changes in the fair value less costs to sell are recognised in \u2018Cost of sales\u2019 in the period of the change. Purchased carbon emission allowances are measured at market value. Other inventories are measured at cost, deter-mined on a first-in, first-out basis (e.g. biomass) or by net realisable value, if net realisable value is lower. Inventories are written down to the lower of net realisable value and cost price. For offshore transmission assets, it is the expected final transfer value announced by Ofgem. The net realisable value is the sum (discounted) which the inventories are expected to generate through a normal sale.We recognise a contract asset when we per-form a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is unconditional, and the goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the trans-action price of the goods delivered or services performed less invoicing on account. We recognise a contract liability when the invoicing on account or expected losses exceed the transaction price of the goods or services transferred to our customer.Prepayments from power and heat sales are recognised as a contract liability until delivery.We keep our receivables until maturity, and therefore, they are measured at amortised cost. Write-downs are carried out from initial recognition of our receivables. The write-down is calculated as the difference between the carrying amount of the receivable and the net present value of expected future cash flows from the receivable. The discount rate used is the effective interest rate for the individual receivable or the individual portfolio. We apply the simplified approach to the write-down of trade receivables, which permits calculating the write-down as the full loss during the entire term of the receivable.Due to the operational and financial nature of the tax equity partnerships, we normally have the power to affect relevant activites and make decisions for the projects as the managing partner in the agreements. Therefore, we normally fully consolidate companies that have tax equity partners.The tax equity contribution generally has the charac-teristics of a liability as the initial contribution is repaid, including an agreed return, and the partner does not share in the risks of the project in the same way as a shareholder. As such, the contribution is accounted for as a liability and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u00b7 a net working capital element to be repaid through PTCs or ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs, ITCs, and other tax attributes transferred to the tax equity partner are recognised as other operating income. PTCs are recognised in the periods earned, while ITCs and other tax attributes are recognised on a straight-line basis over the estimated contractual length of the partnership. In addition to the above, we recognise a liability for the expected purchase price for the partner\u2019s post-flip rights to cash distributions. This liability is recog-nised at fair value, and adjustments are expensed as a financial item. This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the financial costs of the arrangement.Provisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of a past event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at the present value of the expected future decommissioning liability as of the balance sheet date. The present value of the provision, together with any changes in estimates, is recognised as part of the cost of property, plant, and equipment and depreciated with the asso-ciated asset. Any interest that builds up on discounted provisions is recorded in the income statement as a financial expense.For onerous contracts, a provision is made when the expected income to be derived from a contract is lower than the unavoidable cost of meeting our obligations under the contract. We record a provision if we emit more carbon than the allowances we have.Transactions with non-controlling interests are accounted for as transactions with the shareholder base. Gains and losses on the divestment of equity investments to non-controlling interests are recognised in equity when the divestment does not result in a loss of control. See \u2018Consolidated statement of shareholders\u2019 equity\u2019 and note 5.2 \u2018Equity\u2019.For a description of our \u2018Key accounting judgements\u2019 on \u2018Consolidated method for partnerships\u2019, see note 2.6 \u2018Other operating income and expenses\u2019.Assets classified as held for sale comprise assets and liabilities, which are highly probable to be recovered through a sale within 12 months rather than through continued use. Assets and liabilities classified as held for sale are measured at the carrying amount at the time of classification as \u2018held for sale\u2019 or at market value less selling costs, whichever is lower. The carrying amount is measured in accordance with the Group\u2019s accounting policies. No depreciation or amortisation is charged on intangible assets and prop er ty, plant, and equipment from the time of classification as \u2018held for sale\u2019.When we divest a share of an offshore wind farm, the retaining interest typically represents a joint operation. Since we retain a direct interest in the underlying assets and liabilities after the disposal, the assets and liabilities disposed off are not classified as held for sale.Tax for the year consists of current tax, changes in deferred tax, and adjustments in respect of previous years. Tax on profit (loss) for the year is recognised in the income statement. Tax relating to other items is recognised in other comprehen-sive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to better predict the resolution of the uncertainty:\u00b7 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u00b7 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recognised under \u2018Income tax\u2019 or \u2018Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.Deferred tax liabilites are recognised in respect of all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of temporary differences relating to: \u00b7 the acquisition of joint operations, including licence interests\u00b7 other items where differences arise at the time of acquisition, affecting neither the profit (loss) for the year nor the taxable income. However, this does not include differences arising in connection with company acquisitions, except for right-of-use assets, lease liabilities, decommissioning, restoration, and similar liabilities where the corresponding amounts are recognised as part of the costs of the related assets.Differences arising in connection with company acquisitions are recognised.Deferred tax is measured depending on how we plan to use the assets and settle the liabilities. We offset tax assets and liabilities when the tax assets can be offset against tax liabilities in the year in which the deferred tax assets are expected to be used. Intragroup gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibil-ity is feasible, the deferred tax is included in the gross amount on a company-by-company level.We recognise tax loss carryforwards in jurisdictions with a history of losses only when our forecast model provides convincing evidence of future profitability.Adjustments to unrecognised tax assets are recog-nised in profit (loss) or other comprehensive income, depending on the underlying source of the adjustment.Deferred tax is measured based on the expected tax rules and rates applying when the deferred tax becomes current tax. Changes in deferred tax because of changes in tax rates are recognised in profit (loss) for the year. Deferred tax (net liabilities) related to tax equity structures are recognised as a tax expense in the income statement when the tax equity partnership agreement is effective. The liability recognised is the amount that we expect to take over once the contribution from the equity partner is repaid, and the tax equity structure flips.We have adopted the narrow-scope amendments to IAS 12 \u2018Income taxes\u2019, which provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar 2 model rules.US tax equity partnershipsWe have entered into several tax equity partnership agreements in the US. The expected value of the deferred tax liability related to property, plant, and equipment at the flip date in the tax equity partnership agreement is included in our accounts when the tax equity partner-ship agreement is effective. The deferred tax liability from existing tax equity partnerships will gradually be reduced based on accounting depreciation after the flip date. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.Bond debt, bank debt, and other payables are recognised at inception at market value ( typically proceeds received) net of transaction costs incurred. In subsequent periods, the liabili-ties are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified as current, unless the Group has an unconditional right to defer settlement of the liability to at least one year after the balance sheet dateHybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nominal value in 1,000 years. Coupon payments are accounted for as divi-dends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the differ-ence between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.Hedge accountingWe apply hedge accounting to our energy, commodity, currency, interest rate, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, ana- lyses of the expected effectiveness of the hedging instrument are performed before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may devi-ate from the one-to-one principle and will be deter-mined as the ratio which most effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. If the hedged cash flows are no longer expected to be realised, the in-full or partially accumulated value change is transferred to profit (loss) for the year. Ineffective hedges related to energy and commodity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recog-nised in the same item as the hedged item. However, on interest rate and currency hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Exposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Hedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.When the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA.Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Note 7.3Non-IFRS financial measuresWe present financial measures in the consolidated financial statements to describe the Group\u2019s financial performance and cash flows. We use these financial measures as we believe they provide valuable information to our stakeholders and management.The financial measures should not be considered a replacement for the performance measures as defined under IFRS but rather as supplementary information. The financial ratios are an overview of our financial performance and operational efficiency based on common ratio types relevant to \u00d8rsted.Our definitions of the financial measures and reasoning for using them are shown in the table.Description Reason for the use of the measurementEBITDA Reflecting \u2018Earnings before interest, taxes, depreciation, amortisation, and Measurement for our core operational performance. Given our capital-impairments\u2019. intensitive portfolio of assets, our primary operations are best measured by excluding depreciation and financing costs. EBITDA adjusted for new partnerships EBITDA exclusive of the impact from changes in provisions for cancellation fees Because cancellation fees related to ceased development or construction of and cancellation feesrelated to ceased development or construction of projects, and exclusive of the projects are extraordinary by nature, and because the impact from partial or impact from partial or full divestment of ownership interests in assets in the full divestment of ownership interests in our assets is uncertain and fluctuate year a transaction closes, covering both the initial gain/loss on the divestment between periods, we use this measure to track the underlying operational and any subsequent earnings under a construction (management) agreement.performance. \u00d8rsted guides externally on this non-IFRS measure. Gross investments Gross investments reflect our total investments in assets and enterprises. Measurement used to monitor the net interest-bearing debt impact of our It comprises cash flows from investing activities, excluding dividends received investment activities in assets and enterprises. from associates, joint ventures, and equity investments, purchase and sale \u00d8rsted guides externally on this non-IFRS measure. of securities, loans to joint ventures and joint operations, and divestments of assets and enterprises. To this is added acquired debt and restricted cash in connection with acquisitions.Net investments Net investments are gross investments less divestments of assets and Measurement to monitor the net interest-bearing debt impact of our enterprises, the selling price for non-controlling interests, and subsequent investment activities in assets and enterprises, net of divestments.capital injections from non-controlling interests. Furthermore, interest-bearing debt transferred in connection with a divestment is deducted.Funds from operations (FFO) FFO is EBITDA adjusted for gain (loss) on divestment of assets; variation margin, Measurement used to monitor our funds, directly and indirectly, generated change in provisions and other adjustments; income tax paid; interest and from our operations.similar items, received or paid, including capitalised interest expenses; 50 % of Funds from operations is the numerator in our rating metric.coupon payments on hybrid capital; dividends received; and capital reductions. Net interest-bearing debt (NIBD) Equals interest-bearing debt to be repaid in cash, including issued bonds, bank Measurement of the sum of our interest-bearing assets and liabilites. debt, and lease liabilities, less securities, cash, and other interest-bearing assets.Thus, important for mangement to monitor in order to ensure adequate debt levels.Adjusted interest-bearing net debt Adjusted interest-bearing net debt is interest-bearing net debt plus: Measurement used as an indicator of our interest-bearing net debt in a \u00b7 cash and securities not available for distribution (excluding repo loans)format comparable to the ones used by rating agencies. \u00b7 50 % of hybrid capital Net interest-bearing debt is the denominator in our rating metric.\u00b7 other interest-bearing debt (add back)\u00b7 other interest-bearing receivables (add back)FFO to adjusted interest-bearing FFOMeasurement used to monitor our ability to generate funds from our net debtoperations which can serve our interest-bearing debt. Adjusted interest-bearing net debtThis metric is used by rating agencies to assess \u00d8rsted\u2019s rating.Free cash flow Free cash flows are cash flows from operating activities and divestments less Measurement used as an indicator to see if we can self-fund our growth. (FCF)gross investments.Description Reason for the use of the measurementsReturn on capital employed (ROCE)EBITCommon measurement to monitor the return generated on the capital invested within the company over the duration of the past year.Average capital employedProposed dividend per share (DPS)Total proposed dividendCommon formula to monitor the proposed dividend per share issued.Number of shares at year endDividend yieldDividend per share (proposed)Measurement to indicate the return obtained solely from dividends.Share price on the last trading day of the yearAverage number of shares1\u00d7 Number of days= X1 Common formula to calculate the average number of shares issued during the year.Number of days\u2211i=1Net working capital Net working capital is inventories, contract assets (net), trade receivables, and Common measurement to monitor the capital invested in short-term other current operating assets, less trade payables, other current operating operating facilities.liabilities, and working capital elements of tax equity balances.Capital employed Capital employed are all assets and liabilities, except for equity and interest- Measurement used to monitor the capital tied within the business which is bearing net debt.utilised for the primary activity of generating profits.Other definitions(IFRS financial measure)Profit (loss) per shareShareholder\u2019s share of the profit (loss) for the periodCommon measurement to indicate the profit to which each share is entitled.Average number of sharesDiluted profit (loss) per shareShareholder\u2019s share of the profit (loss) for the periodCommon measurement to indicate the profit to which each share is entitled, including any dilutive effects arising from free shares.Average number of shares, including dilutive effect of free shares",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__57": {
"value": "\u2018Cash flows from operating activities\u2019 are determined using the indirect method as operating profit (loss) before depreciation, amortisation, and impairment losses adjusted for changes in operating items without cash flow effect. Trade payables relating to purchases of intangible assets and of property, plant, and equipment are not recognised in \u2018Change in trade payables\u2019 but in \u2018Purchase of intangible assets and of property, plant, and equipment\u2019 under \u2018Cash flows from investing activities\u2019.\u2018Change in tax equity liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs), investment tax credits (ITCs), and other tax attributes to tax equity partners. See also note 3.8 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection with the purchase and sale of non-current assets and enterprises as well as the purchase and sale of securities that are not recognised as cash and cash equivalents.\u2018Cash flows from financing activities\u2019 comprise changes in the size or composition of equity and loans, including instalments on leases, proceeds from issuing of shares, transactions with non-controlling interests, and net proceeds related to interest-bearing tax equity liabilities. Proceeds from the raising of short-term repo loans are presented net.Cash flows in currencies other than the func-tional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction date.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__17": {
"value": "Note 1.1Significant changes and eventsThe financial position and performance of \u00d8rsted was particularly affected by the following events and transactions during 2025.Rights issue In October 2025, \u00d8rsted completed a rights issue of new shares with pre-emptive rights for existing shareholders. The share capital increased by DKK 9 billion with a net proceed of DKK 59.4 billion. The completion of the rights issue supports our target of a solid investment-grade credit rating, and it has reinforced our ability to realise the full value potential of our existing portfolio and capture future value-creating offshore wind opportunities. See note 5.2 \u2018Equity\u2019.Impairments US portfolioDuring 2025, we recognised a net impairment loss of DKK 1.6 billion on our US portfolio, comprising an impairment loss of DKK 2.7 billion on our US offshore projects and an impairment reversal of DKK 1.1 billion on our US onshore projects. See note 3.2 \u2018Impairments\u2019.European Onshore business classified as held for sale In late 2025, we advanced the sales process for our European onshore business, and we signed a divestment agreement in February 2026. On 31 December 2025, we recorded an impairment loss of DKK 1.6 billion on goodwill related to our European onshore business and classified the related assets and liabilities as held for sale. See notes 3.2 \u2018Impairments\u2019 and 3.11 \u2018Assets held for sale\u2019. Hornsea 4 In Q2 2025, we decided to discontinue our offshore wind project Hornsea 4 in its current form. The decision led to a negative EBITDA impact of DKK 3 billion. This included a write-down of the transmission assets (DKK 1.9 billion) and cancellation fees related to contracts (DKK 1.1 billion). Further, we recognised an impairment loss of DKK 0.5 billion related to capitalised development costs. See notes 3.2 \u2018Impairment\u2019 and 3.3 \u2018Inventories\u2019.Our divestments Hornsea 3In December 2025, we completed the farm-down of a 50 % ownership stake of our Hornsea 3 Offshore Wind Farm and transmission asset in the UK. As part of the divestment, we also entered into a construction agreement with the partner. The transaction resulted in total proceeds of DKK 39 billion, of which DKK 20 billion was paid upon closing. The remaining amount is expected to be paid under the construction agreement upon achievement of certain construction milestones.\u00d8rsted retained a 50 % proportionate consolidated interest in Hornsea 3 Offshore Wind Farm and transmission asset.See notes 2.2 \u2018Revenue\u2019, 2.6 \u2018Other operating income and expenses\u2019, 3.1 \u2018Intangible assets and property, plant and equipments\u2019 and 3.3 \u2018Inventories\u2019. West of Duddon SandsIn April 2025, we completed the farm-down of a 24.5 % ownership stake of our offshore wind farm West of Duddon Sands in the UK. The transaction resulted in proceeds of DKK 3.9 billion in 2025.\u00d8rsted retained a 25.5 % proportionate con-solidated interest in West of Duddon Sands. See notes 2.6 \u2018Other operating income and expenses\u2019 and 3.1 \u2018Intangible assets and property, plant and equipment\u2019. Eleven Mile and Sparta Solar \u00d8rsted completed a divestment of 50 % of the cash equity in an operational solar and battery storage portfolio, which includes a solar and four-hour duration battery storage facility in Arizona (Eleven Mile) and a solar farm in Texas (Sparta). The transaction resulted in proceeds of DKK 2.9 billion in 2025. \u00d8rsted retained a 50 % proportionate consolidated interest in Eleven Mile and Sparta Solar.See notes 2.6 \u2018Other operating income and expenses\u2019 and 3.1 \u2018Intangible assets and property, plant and equipment\u2019. Badger \u00d8rsted completed a divestment of a 49 % ownership share of our onshore wind farm facility Badger Wind. In addition to this, a right for the partner to receive a 49 % proportionate share of elec-tric generation capacity and energy output from the facility was agreed. The transaction resulted in proceeds of DKK 1.8 billion in 2025. See notes 2.6 \u2018Other operating income and expenses\u2019 and 3.1 \u2018Intangible assets, and property, plant and equipment\u2019. For a detailed discussion on \u00d8rsted\u2019s performance and financial position, please refer to the \u2018Management\u2019s review\u2019.",
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"f1__s9__9__23": {
"value": "The consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and further require-ments in the Danish Financial Statements Act (\u00c5rsregnskabsloven).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
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"f1__s9__9__24": {
"value": "The consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent com-pany) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been pre-pared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting from transactions with associates and joint ventures are eliminated to the extent of our ownership interest.Entities are accounted for as associates if we hold or have the ability to exercise, directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Entities that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint operations is eliminated.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__27": {
"value": "Entities are accounted for as associates if we hold or have the ability to exercise, directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Entities that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint operations is eliminated.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__26": {
"value": "Entities are accounted for as associates if we hold or have the ability to exercise, directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Entities that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint operations is eliminated.",
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"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
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"f1__s9__9__25": {
"value": "Entities are accounted for as associates if we hold or have the ability to exercise, directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Entities that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint operations is eliminated.",
"dimensions": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__28-1": {
"value": "The financial statements are presented in million Danish kroner (DKKm), unless otherwise stated.Exchange differences arising between the exchange rate on the transaction date and on the date of payment are recognised in profit (loss) for the year as financial income or expenses.Foreign currency transactions are translated into the functional currency defined for each entity, using the exchange rates prevailing at the transaction date. Receivables, payables, and other monetary items in foreign currencies are translated at the exchange rates on the balance sheet date. The difference between the exchange rate on the balance sheet date and on the date at which the receivable or payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint ventures are trans-lated into DKK at monthly average exchange rates insofar as these do not deviate materially from the actual exchange rates at the transaction dates. Balance sheet items are translated at the exchange rates on the balance sheet date. All exchange differences are recognised in profit (loss) for the year, except for exchange differences arising on: \u00b7 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u00b7 translation of the statements of comprehensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u00b7 translation of balances accounted for as part of the total net investment\u00b7 translation of the portion of loans and derivatives that has been entered into to hedge the net invest-ment in an enterprise, and that provides an effective hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recog-nised in \u2018Other comprehensive income\u2019. Such exchange rate adjustments are divided between the equity of the parent company and the equity of the non- controlling interests.On full or partial divestment of the net investment, the accumulated exchange rate adjustments are recognised as follows:\u00b7 Disposal resulting in loss of control: The accumulated exchange rate adjustments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) is realised by the selling entity. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not trans-ferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority shareholders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not constitute a partial disposal of the subsidiary.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__29": {
"value": "Foreign currency transactions are translated into the functional currency defined for each entity, using the exchange rates prevailing at the transaction date. Receivables, payables, and other monetary items in foreign currencies are translated at the exchange rates on the balance sheet date. The difference between the exchange rate on the balance sheet date and on the date at which the receivable or payable arose is recognised in profit (loss) for the year as financial income or expenses.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__21-1": {
"value": "Note 1.2Basis of preparationThis section provides an overall description of the accounting policies applied in our consolidated financial statements as well as the European Single Electronic Format (ESEF) reporting requirements. We provide a more detailed description of the accounting policies applied in the specific notes. Key accounting estimates and judgements as well as new and amended IFRS standards and interpretations are discussed in detail later in this note.Accounting policiesThe consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and further require-ments in the Danish Financial Statements Act (\u00c5rsregnskabsloven).The accounting policies have been applied consistently in the financial year and for comparative figures. Measurement basisThe consolidated financial statements have been pre-pared on historical cost basis, except for derivatives, receivable from divestment of assets, gas storage facil-ities, financial instruments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are measured at market value.ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent com-pany) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been pre-pared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting from transactions with associates and joint ventures are eliminated to the extent of our ownership interest.Entities are accounted for as associates if we hold or have the ability to exercise, directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Entities that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint operations is eliminated.Foreign currency translationThe financial statements are presented in million Danish kroner (DKKm), unless otherwise stated.Exchange differences arising between the exchange rate on the transaction date and on the date of payment are recognised in profit (loss) for the year as financial income or expenses.Foreign currency transactions are translated into the functional currency defined for each entity, using the exchange rates prevailing at the transaction date. Receivables, payables, and other monetary items in foreign currencies are translated at the exchange rates on the balance sheet date. The difference between the exchange rate on the balance sheet date and on the date at which the receivable or payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint ventures are trans-lated into DKK at monthly average exchange rates insofar as these do not deviate materially from the actual exchange rates at the transaction dates. Balance sheet items are translated at the exchange rates on the balance sheet date. All exchange differences are recognised in profit (loss) for the year, except for exchange differences arising on: \u00b7 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u00b7 translation of the statements of comprehensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u00b7 translation of balances accounted for as part of the total net investment\u00b7 translation of the portion of loans and derivatives that has been entered into to hedge the net invest-ment in an enterprise, and that provides an effective hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recog-nised in \u2018Other comprehensive income\u2019. Such exchange rate adjustments are divided between the equity of the parent company and the equity of the non- controlling interests.On full or partial divestment of the net investment, the accumulated exchange rate adjustments are recognised as follows:\u00b7 Disposal resulting in loss of control: The accumulated exchange rate adjustments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) is realised by the selling entity. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not trans-ferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority shareholders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not constitute a partial disposal of the subsidiary. Key accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements.Given the uncertainties inherent in our business activ-ities, we make a number of estimates and judge-ments. The estimates and judgements are based on assumptions concerning future developments, which affect our application of accounting policies and the reported amounts of our assets, liabilities, sales, costs, cash flows, hedge reserves, and related disclosures. Actual amounts may differ from the amounts estimated and judgements made, as more detailed information becomes available.We regularly reassess these estimates and judgements based on, among other things, historical experience, the current situation in the financial markets, and a number of other relevant factors, e.g. the updates on annual estimated production. Changes in estimates are recognised in the period in which the estimate in question is revised.Accounting estimates, judgements, and assumptions which may entail a risk of material adjustments in subsequent years are listed in the table above. In addition, we make judgements when we apply the accounting policies. Reference is made to the specific notes for further information on the key accounting estimates and judgements as well as the assumptions applied.Potential impact Estimate/ from accounting estimates Note Key accounting estimates and judgements judgementand judgements2.4 Government grants Classification of contract for difference (CfD) agreements Judgement2.6 Other operating income and expenses Variable selling prices related to divestments of offshore wind farms and offshore transmission assets Estimate Consolidation method for partnerships Judgement3.2 Impairments Key assumptions in impairment tests Estimate 3.8 Tax equity liabilities Recognition of tax equity partnerships Judgement 3.9 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate 6.1 Risk framework Valuation of long-term power purchase agreements and receivables from divestment of assets Estimate/judgement Hedge accounting Estimate/judgement Key accounting estimates and judgements and their level of potential impact on the consolidated financial statements. The impact relates to objectivity and business practice. Very objective/market-conforming Objective/partially conforming Partially subjective/partially distinctive Subjective/distinctive to \u00d8rsted",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__31-1": {
"value": "Key accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements.Given the uncertainties inherent in our business activ-ities, we make a number of estimates and judge-ments. The estimates and judgements are based on assumptions concerning future developments, which affect our application of accounting policies and the reported amounts of our assets, liabilities, sales, costs, cash flows, hedge reserves, and related disclosures. Actual amounts may differ from the amounts estimated and judgements made, as more detailed information becomes available.We regularly reassess these estimates and judgements based on, among other things, historical experience, the current situation in the financial markets, and a number of other relevant factors, e.g. the updates on annual estimated production. Changes in estimates are recognised in the period in which the estimate in question is revised.Accounting estimates, judgements, and assumptions which may entail a risk of material adjustments in subsequent years are listed in the table above. In addition, we make judgements when we apply the accounting policies. Reference is made to the specific notes for further information on the key accounting estimates and judgements as well as the assumptions applied.Potential impact Estimate/ from accounting estimates Note Key accounting estimates and judgements judgementand judgements2.4 Government grants Classification of contract for difference (CfD) agreements Judgement2.6 Other operating income and expenses Variable selling prices related to divestments of offshore wind farms and offshore transmission assets Estimate Consolidation method for partnerships Judgement3.2 Impairments Key assumptions in impairment tests Estimate 3.8 Tax equity liabilities Recognition of tax equity partnerships Judgement 3.9 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate 6.1 Risk framework Valuation of long-term power purchase agreements and receivables from divestment of assets Estimate/judgement Hedge accounting Estimate/judgement Key accounting estimates and judgements and their level of potential impact on the consolidated financial statements. The impact relates to objectivity and business practice. Very objective/market-conforming Objective/partially conforming Partially subjective/partially distinctive Subjective/distinctive to \u00d8rstedClassification of contract for difference (CfD) agreements When we enter into contract for difference (CfD) agreements with governments whose purpose it is to support the build-out of renewable energy, we assess the appropriate accounting standards to be applied. To determine the appropriate classification of the CfD as either a government grant or a derivative, we consider all the relevant facts and circumstances, including price levels, duration, flexibility in the start date, production requirements, credit terms, etc. If the host contract is considered a government grant arrangement, we apply the same judgement to each individual derivative embedded in the CfD. If the embedded derivatives, which would otherwise require separation, are assessed to provide an addi-tional upside, they are considered part of the govern-ment grant host contract.Variable selling prices related to divest ments of offshore wind farms and offshore transmission assetsWhen we divest an ownership interest in an offshore wind farm and an offshore transmission asset to a partner, we consider all terms and activities in the contracts in order to determine the trans action price.If the consideration includes a variable amount, we estimate the consideration to which we are entitled in exchange for transferring the asset, the wind farm, and the transmission asset to our partner.The variable considerations are estimated at contract inception based on future outcome of events, e.g.: \u00b7 the divestment price of the offshore transmission asset through a competitive tender process\u00b7 the winning bid of the tender revenue stream through a competitive tender process for offshore transmission assets. The winning bid size is highly sensitive to interest rate trends\u00b7 the impact on production from future wind farms\u00b7 the impact from expected cash flows generated during periods with asymmetric dividend payments between us and the investor.We consider \u2018the most likely amount\u2019 to provide the most appropriate estimate of the expected variable consideration. Key accounting judgementsConsolidation method for partnershipsOn establishment of partnerships and in connection with any restructuring of existing partnerships, we perform an assessment to determine whether we control the investee. Significant judgements are applied to determine who controls the economically and operationally significant decisions in the partnership, and whether arrangements with partnerships are considered a non-controlling interest or a financial liability. Relevant items to consider typically involve decisions related to budget approval, sale of power, and decommissioning and repowering.For joint arrangements, we subsequently assess whether they are joint ventures or joint operations. In assessing joint operations, we consider: \u00b7 the corporate form of the operation\u00b7 whether we are only entitled to the net profit (loss) or to income and expenses resulting from the operation.In addition, the fact that the parties buy or are assigned all output, for example the power generated, will lead to the structure being considered a joint operation if we have joint control.The assessment of the consolidation method deter-mines the recognition of gain or loss on divestments as either operating income in the income statement or as transactions with a non- controlling interest in equity.Key assumptions in impairment testsValue-in-use calculations are based on management\u2019s expectations about future cash flows from financial budgets and forecasts and include a number of assumptions and estimates. These assumptions include construction schedules, estimates of future market conditions, CAPEX including tariffs on imports into the US, impacts from the stop-work order and lease suspension orders on CAPEX and the construction schedule for US offshore projects, market prices of energy and commodities, inflation, discount rates, useful lives of the projects, tax incentives, including the ability to qualify for tax credits from the US Inflation Reduction Act, etc.The market prices applied are based on available forward prices for a period of up to five years and our best estimate of long-term prices for the remainder of the period. While there are inherent uncertainties in the assump-tions, the assumptions reflect management\u2019s best estimate over the lives of the Group\u2019s CGUs.Recognition of tax equity partnershipsOn formation of a tax equity partnership, we assess the appropriate recognition of the partner\u2019s contribution as well as the method of recognition for the elements used to repay the partner, such as PTCs, ITCs, and tax attributes. When assessing the recognition of the partner\u2019s contri-bution, we look at: \u00b7 the expected flows of PTCs/ITCs, tax attributes, and cash payments to the partner \u00b7 the rights and obligations of both us and the tax equity partner. The deferral of the income related to tax attributes and the recognition of the contribution as working capital or interest-bearing debt are affected by our expectations about the size, method, and timing of repayments.Assumptions for provisionsWe continually assess our provisions recognised to cover contractual obligations and claims raised against \u00d8rsted. Assumptions regarding timing, probabilities, amounts, and other relevant factors that affect our provision estimates are updated quarterly to reflect our latest expectations.Estimates of provisions are e.g. based on our expectations of:\u00b7 timing and scope of obligation\u00b7 future cost level\u00b7 contractual terms and obligations\u00b7 negotiations with subcontractors and contractual partners\u00b7 legal assessment. If material, non-current provisions are discounted using either the structural risk-free interest rate or the incremental borrowing rate. The structural risk-free interest rate is used for decommissioning liabilities and onerous contracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and inflation premium for other risks. Separate struc-tural risk-free interest rates are calculated for the UK, the rest of Europe, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature.Recognition of income taxesWe are subject to income taxes in all the coun-tries where we operate. Significant judgements and estimates are required in determining the worldwide income taxes and income tax assets and liabilities, including provisions for uncertain tax positions.While conducting business around the world, tax and transfer pricing disputes with tax authorities may occur due to the complex nature of the tax rules related to the business. Judgement is applied to assess the possible outcome of such disputes. We apply the methods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treat-ments\u2019 when making provisions for uncertain tax positions, and the provisions made are based on different scenarios with possible outcomes. We consider the provisions made to be ade-quate. The actual obligation may deviate and might lead to tax in excess of the uncertain tax provisions included. This depends on the result of litigations and settlements with the relevant tax authorities. Ongoing tax disputes, primarily related to transfer pricing cases, are included as part of \u2018Income tax\u2019 and \u2018Deferred tax\u2019. Estimates in respect of transfer pricing cases depend, among others, on whether corresponding adjustments can be obtained in the relevant jurisdictions, and, in terms of disputes regarding project compa-nies with partners, whether compensation can be obtained from these partners. Any expected compensation from partners is included as part of \u2018Other receivables\u2019Valuation of long-term power purchase agreements and receivables from divestment of assetsWhen we measure our power purchase agreements and some receivables at fair value, we use estimates of non- observable inputs, such as:\u00b7 production forecasts\u00b7 forecasted long-term power prices and exchange rates\u00b7 forecasted inflation expectations\u00b7 discount rates.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices, intermittency, interest, currency, and inflation. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialise, which will lead to recognition of ineffectiveness.Key accounting judgementsValuation of long-term power purchase agreements and receivables from divestment of assets We measure our power purchase agreements and some receivables at fair value, but they cannot always be measured using quoted prices in active markets due to the long duration and complexity of the con-tracts. We therefore use elements of judgement when measuring the fair value, and we aim to limit the use of subjective estimates and base the fair values on external information, including external pricing and benchmark services.Hedge accountingJudgements are used to consider whether forecasted transactions are highly probable exposures as hedged items in a hedge relationship, e.g. expected produc-tion from wind farms, and judgement is applied as to whether the hedge instruments applied in the hedge relationships identified are effective.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__33": {
"value": "Implementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2025. None of them required a change in our accounting policies or had any material impact on our consolidated financial statetements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__32": {
"value": "Implementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2025. None of them required a change in our accounting policies or had any material impact on our consolidated financial statetements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__34": {
"value": "New standards and interpretationsIASB has issued new or amended accounting standards and interpretations that have not yet become effec-tive and have consequently not been implemented in the consolidated financial statements for 2025. \u00d8rsted expects to adopt the accounting standards and interpretations as they become mandatory. In 2024, IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 \u2018Presentation of Financial Statements\u2019. We are currently working to identify which impacts the amendments will have on the consolidated finan-cial statements and related notes. With the introduction of specified categories and defined subtotals in the consolidated statement of profit and loss, we have initially identified the follow-ing expected impact on the Group\u2019s consolidated financial statements:\u00b7 Income and expenses from foreign exchange adjust-ments will be classified in the same category as the related income and expense arises. For example, for-eign exchange differences on accounts payable or receivable will be classfied in the operating category within the statement of profit and loss.\u00b7 Value adjustments of derivatives not applied for hedging purpose will be classified in the operating category.\u00b7 Interests from e.g, prepayments or derivatives applied to hedge accounting of items within the operating category will be classified in the operating category.\u00b7 Bank fees, e.g. fees related to the non-cancellable credit facilities, will be classified in the operating category.\u00b7 Interests and foreign exchange adjustments from cash and securities as well as capital gains or losses on securities will be classified in the investing category together with the share of profit (loss) from associates and joint ventures.Additionally, \u00d8rsted will introduce EBITDA as a management defined performance measure (MPM) and continue to guide on \u2018EBITDA excluding new partnership agreements and cancellation fees\u2019. Currently, \u00d8rsted uses EBITDA as a non-IFRS measure in the annual report. The application of IFRS 18 requires significant profes-sional judgment, and there remains ongoing discussion regarding its implementation. As a result, our expected impact to applying the standard may evolve over time as further guidance becomes available and interpreta-tions are refined.Besides that, the new or amended standards or interpre-tations are not expected to have a significant impact on our consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__42": {
"value": "Our operating segments are consistent with our internal reporting to our chief operating decision-maker, the Group Executive Team.The operating segments are managed primarily on the basis of EBITDA and investments. Financial income, financial expenses, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expenses are those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a reliable basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__38-1": {
"value": "Development, construction, ownership, and operation of offshore wind farms in Europe, the US, and the Asia-Pacific region.Development, construction, ownership, and operation of onshore wind and solar farms in the US, including integrated storage.Generation of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, and management of our Danish and Swedish B2B business.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__41": {
"value": "Europe, the US, and the Asia-Pacific region",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__37": {
"value": "Note 2.1Segment informationOffshore DKKmPrimary activitiesDevelopment, construction, ownership, and operation of offshore wind farms in Europe, the US, and the Asia-Pacific region.2025Revenue 54,797EBITDA 16,276Gross investments 47,724 Onshore DKKmPrimary activitiesDevelopment, construction, ownership, and operation of onshore wind and solar farms in the US, including integrated storage.2025Revenue 2,886EBITDA 4,871Gross investments 5,122 Bioenergy & Other DKKmPrimary activitiesGeneration of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, and management of our Danish and Swedish B2B business.2025Revenue 16,031EBITDA 1,358Gross investments 2,047Geographical distributionGeographical revenue is broken down, as far as possible, by the customer\u2019s geographical location based on supply point. A significant part of our sales takes place via power exchanges and gas hubs in Europe, whose physical locations do not reflect the geographical locations of our customers. When breaking down these sales by geographical location, we use the physical locations of the exchange or hub since we do not know the physical location of our customers in all cases. No single customer accounted for more than 10 % of our consolidated revenue in 2025 or 2024.Non-current assets are broken down geographically, based on the physical locations of the assets.Accounting policiesOur operating segments are consistent with our internal reporting to our chief operating decision-maker, the Group Executive Team.The operating segments are managed primarily on the basis of EBITDA and investments. Financial income, financial expenses, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expenses are those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a reliable basis.2025 income statementBioenergyReportableOther activities/DKKm Offshore Onshore& Othersegmentseliminations To talExternal revenue 53,207 2,886 17,086 73,179 65 73,244Intra-group revenue 1,590 - (1,055) 535 (535) 1-Revenue 54,797 2,886 16,031 73,714 (470) 73,244Cost of sales (27,360) (36) (11,566) (38,962) (22) (38,984)Employee costs and other external expenses (11,251) (2,393) (2,951) (16,595) 452 (16,143)Gain (loss) on disposal of non-current assets (2,009) 979 67 (963) (1) (964)Additional other operating income and expenses 2,190 3,444 (225) 5,409 (16) 5,393Share of profit (loss) in associates and joint ventures (91) (9) 2 (98) - (98)EBITDA 16,276 4,871 1,358 22,505 (57) 22,448Depreciation and amortisation (7,024) (2,089) (770) (9,883) (312) (10,195)Impairment losses (3,174) (459) - (3,633) - (3,633)Operating profit (loss) (EBIT) 6,078 2,323 588 8,989 (369) 8,620Key ratiosIntangible assets and property, plant, and equipment 152,965 47,414 10,206 210,585 1,036 211,621Assets classified as held for sale, net - 9,138 - 9,138 - 9,138Equity investments and non-current receivables 3,024 127 251 3,402 94 3,496Net working capital, capital expenditures (6,753) (545) (75) (7,373) - (7,373)Net working capital, work in progress (8,419) - - (8,419) - (8,419)Net working capital, tax equity (833) (11,703) - (12,536) - (12,536)Net working capital, other items (782) 521 299 38 629 667Derivatives, net (3,627) (2,873) (98) (6,598) 1,649 (4,949)Decommissioning obligations (9,735) (2,033) (2,734) (14,502) - (14,502)Other provisions (2,822) 1 (362) (3,183) (2,125) (5,308)Tax, net 6,791 (3,172) 1,485 5,104 (1,389) 3,715Other receivables and other payables, net (6,389) (27) - (6,416) (1,215) (7,631)Capital employed at 31 December 123,420 36,848 8,972 169,240 (1,321) 167,919Return on capital employed (ROCE), % 5.4Cash flows from operating activities 14,905 361 (815) 14,451 9,290 23,741Gross investments (47,724) (5,122) (2,047) (54,893) (83) (54,976)Divestments 7,162 5,192 8 12,362 23 12,385Free cash flow (FCF) (25,657) 431 (2,854) (28,080) 9,230 (18,850)The column \u2018Other activities/eliminations\u2019 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 -4,628 million, which primarily relates to our Shared Functions services and our B2B business activities. 2024 income statementBioenergyReportableOther activities/DKKm Offshore Onshore& Othersegmentseliminations To talExternal revenue 52,528 2,732 15,642 70,902 132 71,034Intra-group revenue 1,280 (12) (537) 731 (731) 1-Revenue 53,808 2,720 15,105 71,633 (599) 71,034Cost of sales (24,628) (97) (11,316) (36,041) 78 (35,963)Employee costs and other external expenses (11,287) (2,432) (2,656) (16,375) 1,146 (15,229)Gain (loss) on disposal of non-current assets 215 141 (7) 349 - 349Additional other operating income and expenses 8,421 3,541 (45) 11,917 (81) 11,836Share of profit (loss) in associates and joint ventures (59) (10) 1 (68) - (68)EBITDA 26,470 3,863 1,082 31,415 544 31,959Depreciation and amortisation (7,091) (2,190) (667) (9,948) (277) (10,225)Impairment losses (14,242) (1,321) - (15,563) - (15,563)Operating profit (loss) (EBIT) 5,137 352 415 5,904 267 6,171Key ratiosIntangible assets and property, plant, and equipment 127,821 66,359 8,919 203,099 1,206 204,305Equity investments and non-current receivables 507 444 264 1,215 180 1,395Net working capital, capital expenditures (7,005) (297) (148) (7,450) (4) (7,454)Net working capital, work in progress 5,798 - - 5,798 - 5,798Net working capital, tax equity (1,205) (17,509) - (18,714) - (18,714)Net working capital, other items (5,783) 389 40 (5,354) 4,663 (691)Derivatives, net (5,470) (3,325) (858) (9,653) (661) (10,314)Decommissioning obligations (9,347) (2,293) (2,204) (13,844) - (13,844)Other provisions (4,037) - (619) (4,656) (2,035) (6,691)Tax, net 6,286 (4,295) 285 2,276 934 3,210Other receivables and other payables, net (3,966) (30) - (3,996) (1,493) (5,489)Capital employed at 31 December 103,599 39,443 5,679 148,721 2,790 151,511Return on capital employed (ROCE), % 4.5Cash flows from operating activities 12,931 4,459 1,939 19,329 (973) 18,356Gross investments (33,023) (7,391) (2,250) (42,664) (144) (42,808)Divestments 11,293 4,430 - 15,723 (43) 15,680Free cash flow (FCF) (8,799) 1,498 (311) (7,612) (1,160) (8,772)The column \u2018Other activities/eliminations\u2019 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 -4,538 million, which primarily relates to our Shared Functions services and our B2B business activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
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"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__44-1": {
"value": "Note 2.2RevenueRevenueBioenergyOther activities/BioenergyOther activities/DKKm Offshore Onshore& Othereliminations 2025 Offshore Onshore& Othereliminations 2024 Generation of power 14,422 2,213 4,486 - 21,121 11,935 2,275 5,315 - 19,525Sale of power 16,975 28 326 (83) 17,246 17,832 3 225 (18) 18,042Revenue from construction of wind farms and transmission assets 9,036 - - - 9,036 6,991 38 - - 7,029Generation and sale of heat and steam - - 3,506 - 3,506 - - 3,380 - 3,380Sale of gas - - 6,352 (8) 6,344 - - 4,520 (30) 4,490Distribution and transmission - - 328 (2) 326 - - 373 (2) 371O&M and other services 4,303 324 405 (377) 4,655 4,464 324 378 (549) 4,617Total revenue from customers 44,736 2,565 15,403 (470) 62,234 41,222 2,640 14,191 (599) 57,454Government grants 9,172 61 405 - 9,638 11,637 103 461 - 12,201Miscellaneous revenue 889 260 223 - 1,372 949 (23) 453 - 1,379Total revenue 54,797 2,886 16,031 (470) 73,244 53,808 2,720 15,105 (599) 71,034Timing of revenue recognition from customersAt a point in time 26,489 2,565 3,576 (470) 32,160 21,900 2,640 6,204 (599) 30,145Over time 18,247 - 11,827 - 30,074 19,322 - 7,987 - 27,309Total revenue from customers 44,736 2,565 15,403 (470) 62,234 41,222 2,640 14,191 (599) 57,454Revenue from sale of goods and servicesRevenue from sale of goods 50,760 2,854 15,422 (91) 68,945 49,777 2,691 14,609 (72) 67,005Revenue from sale of services 4,037 32 609 (379) 4,299 4,031 29 496 (527) 4,029Total revenue 54,797 2,886 16,031 (470) 73,244 53,808 2,720 15,105 (599) 71,034RevenueThe timing of transfer of goods or services to customers is categorised as follows:\u2018At a point in time\u2019 mainly comprises:\u00b7 sale of power or gas in the market, e.g. Nord Pool, TTF, NBP, and ERCOT\u00b7 sale of transmission assets from offshore wind farms. \u2018Over time\u2019 mainly comprises:\u00b7 construction agreements for wind farms and transmission assets\u00b7 long-term contracts with customers to deliver power, heat, or gas.Order backlogDKKm 2025 202431 December 37,831 8,643Within one year 49 % 100 %In more than one year 51 % 0 %BacklogOrder backlog for the construction of wind farms and offshore transmission assets is remaining revenue on construction agreements to be recognised in future years. The overview does not include revenue from contracts with customers to deliver gas, heat, and power or our operations and maintenance agreements. For these types of goods and services, we recognise the revenue that corresponds directly to the value transferred to the customer.Revenue for the year increased by 3 % to DKK 73,244 million in 2025. The increase was mainly due to partial divestment of the Hornsea 3 offshore transmission asset to partners and higher activity from construction agreements. \u2018Generation of power\u2019 increased by 8 % and was driven by higher availability and new installed capacity in 2025. \u2018Sale of power\u2019 decreased by 4 % due to lower power prices across markets.The increase in \u2018Sale of gas\u2019 was primarily driven by higher gas volumes due to Tyra ramp-up.Revenue from construction agreements was DKK 9,036 million and mainly related to the construction of Greater Changhua 4 for partners (DKK 4,604 million) and the partial divestment of the Hornsea 3 offshore transmission asset to partners (DKK 3,103 million).In 2024, revenue from construction agreements mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.Income from government grants decreased in 2025 due to the expiration of subsidy contracts for older assets.Accounting policiesRevenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentives for on-time completion of deliv-erables, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced since this is when delivery to the customers occurs. Fees for having CHP plants on standby or ready to increase or decrease the generation of power to balance the demand and supply in the system are considered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerSale of power includes revenue from the sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agree-ments, third-party balancing contracts, exchanges, and other sales contracts. The sale is recognised when the power is delivered to the grid.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from failed own-use power contracts is recognised on a net basis. These are contracts settled with delivery of physical power where the purpose of entering into them is hedging or optimisation of our revenue.Revenue from construction of wind farmsRevenue from construction of wind farms includes development and construction. The construction agreements cover the construction phase from design to delivery of an operational asset. The agreement consists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the trans-action price will be allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a sub-sequent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recognised when the heat is delivered to our customer. The individual heat customer has made a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in steps matching the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a financial return. The consideration is due when delivered.Sale of gasSale of gas is gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a var-iable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil and gas are recognised when the product is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other services Revenue from providing services is recognised over time as our customers simultaneously receive and consume the benefits provided. For fixed-price contracts, revenue is recognised based on the actual service rendered by the end of the reporting period as a pro portion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.Note 3.4 Contract assets and liabilitiesRevenue from contracts with customers DKKm 2025 2024Revenue included in contract liabilities at the beginning of the year 4 (6)Revenue from performance obligations satisfied in previous years - (21)Contract balancesDKKmContract assetsCurrent contract assets - 324Total contract assets - 324Contract liabilitiesNon-current contract liabilities 8,257 8,834Current contract liabilities 13,847 2,578Total contract liabilities 22,104 11,412The first table shows the amount of our revenue relating to contract liabilities carried forward (as prepayments and deferred revenue) and the amount relating to performance obligations satisfied in a prior year (e.g. re- negotiations or constraints on variable considerations that are not recognised until they are highly probable). Please refer to note 2.2 \u2018Revenue\u2019 for order backlog.Contract assets and contract liabilities primarily related to: \u00b7 the construction of offshore wind farms with partners, with each party typically owning 50 % of the offshore wind farm \u00b7 prepayments from heat customers.At the end of 2025, we had not recognised any current contract assets. At the end of 2025, current contract liabilities primarily related to the farm-downs of Hornsea 3 and Greater Changhua 4. At the end of 2024, current contract liabilities related to the construction of Greater Changhua 4. Non-current contract liabilities related to pre-payment of power related to the divestment of an equity ownership share in a portfolio of four UK offshore wind farms and prepayments from heat customers.Accounting policiesWe recognise a contract asset when we per-form a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is unconditional, and the goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the trans-action price of the goods delivered or services performed less invoicing on account. We recognise a contract liability when the invoicing on account or expected losses exceed the transaction price of the goods or services transferred to our customer.Prepayments from power and heat sales are recognised as a contract liability until delivery.",
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"f1__s9__9__43": {
"value": "Note 2.2RevenueRevenueBioenergyOther activities/BioenergyOther activities/DKKm Offshore Onshore& Othereliminations 2025 Offshore Onshore& Othereliminations 2024 Generation of power 14,422 2,213 4,486 - 21,121 11,935 2,275 5,315 - 19,525Sale of power 16,975 28 326 (83) 17,246 17,832 3 225 (18) 18,042Revenue from construction of wind farms and transmission assets 9,036 - - - 9,036 6,991 38 - - 7,029Generation and sale of heat and steam - - 3,506 - 3,506 - - 3,380 - 3,380Sale of gas - - 6,352 (8) 6,344 - - 4,520 (30) 4,490Distribution and transmission - - 328 (2) 326 - - 373 (2) 371O&M and other services 4,303 324 405 (377) 4,655 4,464 324 378 (549) 4,617Total revenue from customers 44,736 2,565 15,403 (470) 62,234 41,222 2,640 14,191 (599) 57,454Government grants 9,172 61 405 - 9,638 11,637 103 461 - 12,201Miscellaneous revenue 889 260 223 - 1,372 949 (23) 453 - 1,379Total revenue 54,797 2,886 16,031 (470) 73,244 53,808 2,720 15,105 (599) 71,034Timing of revenue recognition from customersAt a point in time 26,489 2,565 3,576 (470) 32,160 21,900 2,640 6,204 (599) 30,145Over time 18,247 - 11,827 - 30,074 19,322 - 7,987 - 27,309Total revenue from customers 44,736 2,565 15,403 (470) 62,234 41,222 2,640 14,191 (599) 57,454Revenue from sale of goods and servicesRevenue from sale of goods 50,760 2,854 15,422 (91) 68,945 49,777 2,691 14,609 (72) 67,005Revenue from sale of services 4,037 32 609 (379) 4,299 4,031 29 496 (527) 4,029Total revenue 54,797 2,886 16,031 (470) 73,244 53,808 2,720 15,105 (599) 71,034RevenueThe timing of transfer of goods or services to customers is categorised as follows:\u2018At a point in time\u2019 mainly comprises:\u00b7 sale of power or gas in the market, e.g. Nord Pool, TTF, NBP, and ERCOT\u00b7 sale of transmission assets from offshore wind farms. \u2018Over time\u2019 mainly comprises:\u00b7 construction agreements for wind farms and transmission assets\u00b7 long-term contracts with customers to deliver power, heat, or gas.Order backlogDKKm 2025 202431 December 37,831 8,643Within one year 49 % 100 %In more than one year 51 % 0 %BacklogOrder backlog for the construction of wind farms and offshore transmission assets is remaining revenue on construction agreements to be recognised in future years. The overview does not include revenue from contracts with customers to deliver gas, heat, and power or our operations and maintenance agreements. For these types of goods and services, we recognise the revenue that corresponds directly to the value transferred to the customer.Revenue for the year increased by 3 % to DKK 73,244 million in 2025. The increase was mainly due to partial divestment of the Hornsea 3 offshore transmission asset to partners and higher activity from construction agreements. \u2018Generation of power\u2019 increased by 8 % and was driven by higher availability and new installed capacity in 2025. \u2018Sale of power\u2019 decreased by 4 % due to lower power prices across markets.The increase in \u2018Sale of gas\u2019 was primarily driven by higher gas volumes due to Tyra ramp-up.Revenue from construction agreements was DKK 9,036 million and mainly related to the construction of Greater Changhua 4 for partners (DKK 4,604 million) and the partial divestment of the Hornsea 3 offshore transmission asset to partners (DKK 3,103 million).In 2024, revenue from construction agreements mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.Income from government grants decreased in 2025 due to the expiration of subsidy contracts for older assets.Accounting policiesRevenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentives for on-time completion of deliv-erables, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced since this is when delivery to the customers occurs. Fees for having CHP plants on standby or ready to increase or decrease the generation of power to balance the demand and supply in the system are considered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerSale of power includes revenue from the sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agree-ments, third-party balancing contracts, exchanges, and other sales contracts. The sale is recognised when the power is delivered to the grid.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from failed own-use power contracts is recognised on a net basis. These are contracts settled with delivery of physical power where the purpose of entering into them is hedging or optimisation of our revenue.Revenue from construction of wind farmsRevenue from construction of wind farms includes development and construction. The construction agreements cover the construction phase from design to delivery of an operational asset. The agreement consists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the trans-action price will be allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a sub-sequent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recognised when the heat is delivered to our customer. The individual heat customer has made a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in steps matching the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a financial return. The consideration is due when delivered.Sale of gasSale of gas is gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a var-iable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil and gas are recognised when the product is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other services Revenue from providing services is recognised over time as our customers simultaneously receive and consume the benefits provided. For fixed-price contracts, revenue is recognised based on the actual service rendered by the end of the reporting period as a pro portion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.",
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"f1__s9__9__45-1": {
"value": "Revenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentives for on-time completion of deliv-erables, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced since this is when delivery to the customers occurs. Fees for having CHP plants on standby or ready to increase or decrease the generation of power to balance the demand and supply in the system are considered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerSale of power includes revenue from the sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agree-ments, third-party balancing contracts, exchanges, and other sales contracts. The sale is recognised when the power is delivered to the grid.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from failed own-use power contracts is recognised on a net basis. These are contracts settled with delivery of physical power where the purpose of entering into them is hedging or optimisation of our revenue.Revenue from construction of wind farmsRevenue from construction of wind farms includes development and construction. The construction agreements cover the construction phase from design to delivery of an operational asset. The agreement consists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the trans-action price will be allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a sub-sequent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recognised when the heat is delivered to our customer. The individual heat customer has made a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in steps matching the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a financial return. The consideration is due when delivered.Sale of gasSale of gas is gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a var-iable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil and gas are recognised when the product is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other services Revenue from providing services is recognised over time as our customers simultaneously receive and consume the benefits provided. For fixed-price contracts, revenue is recognised based on the actual service rendered by the end of the reporting period as a pro portion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.We recognise a contract asset when we per-form a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is unconditional, and the goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the trans-action price of the goods delivered or services performed less invoicing on account. We recognise a contract liability when the invoicing on account or expected losses exceed the transaction price of the goods or services transferred to our customer.Prepayments from power and heat sales are recognised as a contract liability until delivery.",
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},
"f1__s9__9__47-1": {
"value": "Note 2.3Cost of salesCost of salesBioenergyOther activities/BioenergyOther activities/DKKm Offshore Onshore& Othereliminations 2025 Offshore Onshore& Othereliminations 2024 Power including certificates 15,197 - 884 (19) 16,062 15,901 5 463 3 16,372Costs of constructing wind farms and transmission assets 10,625 - - - 10,625 6,971 35 - - 7,006Gas - - 5,604 - 5,604 - - 4,361 (5) 4,356Biomass - - 3,740 - 3,740 - - 4,386 - 4,386Coal - - 52 - 52 - - 585 - 585Distribution and transmission costs 1,445 28 473 (15) 1,931 1,501 33 795 (2) 2,327Other cost of sales 93 8 813 56 970 255 24 726 (74) 931To tal 27,360 36 11,566 22 38,984 24,628 97 11,316 (78) 35,963Cost of sales increased by 8 % to DKK 38,984 million in 2025. The increase was primarily driven by \u2018Cost of constructing wind farms and transmission assets\u2019 due to the partial divestment of the Hornsea 3 transmission asset to partners, the construction of Greater Changhua 4 for partners, and the write-down of the transmission assets of Hornsea 4.In 2024, \u2018Costs of constructing wind farms and trans-mission assets\u2019 was DKK 7,006 million and mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners. Accounting policies\u00d8rsted constructs offshore transmission assets in the UK, which are required to be divested to third parties due to EU unbundling regulations. The construction costs are presented as inven-tories and transferred to cost of sales when the asset is divested to either a farm-down partner or to the buyer appointed by Ofgem.Note 2.5Research and development expendituresExpensed research and development expenditures 2025Bioenergy DKKm Offshore Onshore& Other To talResearch 84 - 37 121Development 843 307 - 1,150To tal 927 307 37 1,271Expensed research and development expenditures 2024DKKmResearch 130 - - 130Development 995 430 - 1,425To tal 1,125 430 - 1,555Accounting policiesResearch costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations and optimising the blade stability and performance of wind farms).Research costs are recognised in the income statement as incurred.Development costs primarly comprise salaries (presented in note 2.7 \u2018Employee costs\u2019) as well as internal and external costs, which can be directly or indirectly attributed to the design and development of offshore and onshore wind farms, solar farms, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018 Property, plant, and equipment under construc-tion\u2019 (see line \u2018Additions\u2019 in note 3.1 \u2018Intangible assets and property, plant and equipment\u2019).Other operating expensesDKKm 2025 2024Loss on divestment of assets 5,026 256Cancellation fees (820) (7,335)Ineffective hedges, etc. (138) (137)Miscellaneous operating expenses 815 329To tal 4,883 (6,887)Other operating expensesIn 2025, \u2018Loss on divestment of assets\u2019 was a loss of DKK 5 billion, of which DKK 4.8 billion related to the farm-down of Hornsea 3 to partners.In 2025, \u2018Cancellation fees\u2019 was a net income of DKK 0.8 billion in \u2018Other operating expenses\u2019 and primarily related to a reversal of provisions 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). In 2024, \u2018Cancellation fees\u2019 was an income of DKK 7.3 billion and primarily related to adjustments to the provision for onerous contracts for Ocean Wind (DKK 7.9 billion), partly offset by the decision to cease execution of FlagshipONE (DKK 0.6 billion).Note 2.7Employee costsEmployee costsDKKm 2025 2024Wages, salaries, and remuneration 7,301 6,707Pensions 575 563Other social security costs 318 286Share-based payment 47 43Other employee costs 178 174Employee costs before transfer to assets 8,419 7,773Transfer to assets (1,339) (1,241)Total employee costs 7,080 6,532The increase in employee costs in 2025 is impacted by the provision for severance costs related to organisational rightsizing.Salaries and remuneration for the Group Executive Team Other members of theand the Board of Directors Executive Board 1Group Executive Team 2Board of Directors Tota lDKK 000 2025 2024 2025 2024 2025 2024 2025 2024Fixed salary 30,414 37,969 14,394 12,136 6,531 6,430 51,339 56,535Short-Term Cash-Based Incentive Scheme 4,088 4,676 3,146 1,729 - - 7,234 6,405Share-based payment 4,569 2,787 2,225 1,110 - - 6,794 3,897Pension, social security, and benefits 558 704 3,780 2,890 - - 4,338 3,594One-time payments 3- - 3,842 - - - 3,842 -Salary in notice period 16,280 - - - - - 16,280 -Severance payment 16,550 - - - - - 16,550 -To tal 72,459 46,136 27,387 17,865 6,531 6,430 106,377 70,4311 In 2025, the Executive Board consisted of Rasmus Errboe, Trond Westlie, Henriette Fenger Ellekrog, and Mads Nipper (left on 31 January 2025).2 Other members of the Group Executive Team are Patrick Harnett and, from 1 May 2025, Amanda Dasch and Godson Njoku. 3 The one-time payments relate to recruitment of new GET members, e.g. sign-on bonus, temporary accommodation, and relocation costs. Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2025, our average number of employees (FTE) was 8,146 (2024: 8,496). Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, personal benefits, such as a company car, free telephone, etc., a variable salary, and share-based payment. Non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are only paid a fixed remuneration for their work in \u00d8rsted. In addition, \u00d8rsted reimburses travel expenses. For more details on the remuneration of the Executive Board and Board of Directors, please refer to our Remuneration Report 2025: orsted.com/remuneration2025.",
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"f1__s9__9__46": {
"value": "Note 2.3Cost of salesCost of salesBioenergyOther activities/BioenergyOther activities/DKKm Offshore Onshore& Othereliminations 2025 Offshore Onshore& Othereliminations 2024 Power including certificates 15,197 - 884 (19) 16,062 15,901 5 463 3 16,372Costs of constructing wind farms and transmission assets 10,625 - - - 10,625 6,971 35 - - 7,006Gas - - 5,604 - 5,604 - - 4,361 (5) 4,356Biomass - - 3,740 - 3,740 - - 4,386 - 4,386Coal - - 52 - 52 - - 585 - 585Distribution and transmission costs 1,445 28 473 (15) 1,931 1,501 33 795 (2) 2,327Other cost of sales 93 8 813 56 970 255 24 726 (74) 931To tal 27,360 36 11,566 22 38,984 24,628 97 11,316 (78) 35,963Cost of sales increased by 8 % to DKK 38,984 million in 2025. The increase was primarily driven by \u2018Cost of constructing wind farms and transmission assets\u2019 due to the partial divestment of the Hornsea 3 transmission asset to partners, the construction of Greater Changhua 4 for partners, and the write-down of the transmission assets of Hornsea 4.In 2024, \u2018Costs of constructing wind farms and trans-mission assets\u2019 was DKK 7,006 million and mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners. Accounting policies\u00d8rsted constructs offshore transmission assets in the UK, which are required to be divested to third parties due to EU unbundling regulations. The construction costs are presented as inven-tories and transferred to cost of sales when the asset is divested to either a farm-down partner or to the buyer appointed by Ofgem.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__49": {
"value": "Government grants comprise grants for environmentally sustainable power generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a com-pensation for the price of power, we systematically recognise the grants under revenue in line with the power generation and thus the related revenue.When we enter into contracts for difference (CfD) with governments, we assess the appropriate classification at inception as either a government grant or a deriva-tive (within the scope of IFRS 9). In the assessment, we consider e.g. other price levels, duration, flexibility in the start date, and credit terms, etc. In this assessment, we put significant emphasis on the price levels being sufficiently attractive, making it unlikely that the con-tract would result in us becoming a net payer under the contract. If the contract is deemed to be on market terms, we classify the contract as a financial instrument.If the contracts are more attractive than the market terms, we classify the contracts as a government grant. To the extent the CfD contains embedded derivatives, we apply the same assessment to these as described above for the host contract.The settlement payment for the CfD is recognised as a government grant, which is presented as revenue.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__48": {
"value": "Note 2.4Government grantsGovernment grants DKKm 2025 2024Government grants recognised in profit (loss) for the year under revenue 9,638 12,201Government grants recognised in profit (loss) for the year under other operating income 29 23Government grants recognised in the balance sheet (29) (23)Government grants recognised for the year 9,638 12,201Energinet, the transmission system operator in Denmark, administers subsidies for environmentally sustainable power generation, including biomass and offshore wind farms. We treat the subsidies as a government grant, as it is paid by the Danish state.In the UK, we receive subsidies under two schemes: contracts for difference (CfD) and the Renewable Obligation scheme (renewable obligation certificate (ROC) regime). We treat the payments from the schemes as government grants. Feed-in tariffs from our Irish, Dutch, and German wind farms are also recognised as government grants. For subsidies in the US, see note 3.8 \u2018Tax equity liabilities\u2019. Income from government grants decreased in 2025 compared to 2024 primarily due to: \u00b7 the subsidy period for Anholt Offshore wind farm expired at the end of 2024\u00b7 the subsidy periods for Gode Wind 1 and Borkum Riffgrund 1 are nearing expiry, and the subsidised feed-in tariffs decline towards the end of the scheme, resulting in a lower subsidy per MWh produced.Accounting policiesGovernment grants comprise grants for environmentally sustainable power generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a com-pensation for the price of power, we systematically recognise the grants under revenue in line with the power generation and thus the related revenue.When we enter into contracts for difference (CfD) with governments, we assess the appropriate classification at inception as either a government grant or a deriva-tive (within the scope of IFRS 9). In the assessment, we consider e.g. other price levels, duration, flexibility in the start date, and credit terms, etc. In this assessment, we put significant emphasis on the price levels being sufficiently attractive, making it unlikely that the con-tract would result in us becoming a net payer under the contract. If the contract is deemed to be on market terms, we classify the contract as a financial instrument.If the contracts are more attractive than the market terms, we classify the contracts as a government grant. To the extent the CfD contains embedded derivatives, we apply the same assessment to these as described above for the host contract.The settlement payment for the CfD is recognised as a government grant, which is presented as revenue.Key accounting judgementClassification of contract for difference (CfD) agreements When we enter into contract for difference (CfD) agreements with governments whose purpose it is to support the build-out of renewable energy, we assess the appropriate accounting standards to be applied. To determine the appropriate classification of the CfD as either a government grant or a derivative, we consider all the relevant facts and circumstances, including price levels, duration, flexibility in the start date, production requirements, credit terms, etc. If the host contract is considered a government grant arrangement, we apply the same judgement to each individual derivative embedded in the CfD. If the embedded derivatives, which would otherwise require separation, are assessed to provide an addi-tional upside, they are considered part of the govern-ment grant host contract.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__51": {
"value": "Research costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations and optimising the blade stability and performance of wind farms).Research costs are recognised in the income statement as incurred.Development costs primarly comprise salaries (presented in note 2.7 \u2018Employee costs\u2019) as well as internal and external costs, which can be directly or indirectly attributed to the design and development of offshore and onshore wind farms, solar farms, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018 Property, plant, and equipment under construc-tion\u2019 (see line \u2018Additions\u2019 in note 3.1 \u2018Intangible assets and property, plant and equipment\u2019).",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__50": {
"value": "Note 2.5Research and development expendituresExpensed research and development expenditures 2025Bioenergy DKKm Offshore Onshore& Other To talResearch 84 - 37 121Development 843 307 - 1,150To tal 927 307 37 1,271Expensed research and development expenditures 2024DKKmResearch 130 - - 130Development 995 430 - 1,425To tal 1,125 430 - 1,555Accounting policiesResearch costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations and optimising the blade stability and performance of wind farms).Research costs are recognised in the income statement as incurred.Development costs primarly comprise salaries (presented in note 2.7 \u2018Employee costs\u2019) as well as internal and external costs, which can be directly or indirectly attributed to the design and development of offshore and onshore wind farms, solar farms, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018 Property, plant, and equipment under construc-tion\u2019 (see line \u2018Additions\u2019 in note 3.1 \u2018Intangible assets and property, plant and equipment\u2019).",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__54-1": {
"value": "Other operating incomeDKKm 2025 2024Gain on divestment of assets 4,062 605US tax credits and tax attributes 3,443 3,547Compensations 1,327 847Miscellaneous operating income 480 299To tal 9,312 5,298Other operating incomeIn 2025, \u2018Other operating income\u2019 was DKK 9.3 billion, which was DKK 4 billion higher than in 2024. In 2025, \u2018Gain on divestment of assets\u2019 primarily related to the farm-downs of the UK offshore wind farm West of Duddon Sands and the US onshore assets: Badger, Eleven Mile, and Sparta.In 2024, \u2018Gain on divestment of assets\u2019 primarily related to effects from minor adjustments from farm-downs completed in prior years. The development in \u2018US tax credits and tax attributes\u2019 was mainly driven by partial divestments of onshore assets, leading to lower income from tax credits and tax attributes compared to last year.\u2018Compensations\u2019 were primarily compensations regarding outages and curtailments from TenneT, the German grid operator.Gains from farm-downs of ownership interests in wind farms are recognised on the divestment date as other operating income. Gains from future construction of the partner\u2019s share of the wind farm are recognised over time in the income statement as revenue in step with construction. Divestment of ownership interests in our offshore wind farmsWhen we divest an ownership interest in an offshore wind farm to a partner, we typically also enter into agreements on the construction and future operation of the offshore wind farm. Contracts in connection with a divestment are typically agreements on:\u00b7 the sale of shares (divestment of assets), referred to as a share purchase agreement (SPA)\u00b7 the future construction of the offshore wind farm (construction agreements or construction management agreements, if not in operation) and transmission asset \u00b7 the future operation of the offshore wind farm (O&M agreements)\u00b7 a potential future re-purchase agreement of the divested ownership interest (buy-back option).The partnerships are typically established as joint operations with shared control. If an investor obtains a non-controlling interest in our joint operation controlled by \u00d8rsted, this is classified as a transaction with a non-controlling interest. If such a transaction comprises both an equity investment and other arrangements, such as power purchase agreements, proceeds are allocated between these elements on a relative fair value basis. ",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__55": {
"value": "Other operating expensesDKKm 2025 2024Loss on divestment of assets 5,026 256Cancellation fees (820) (7,335)Ineffective hedges, etc. (138) (137)Miscellaneous operating expenses 815 329To tal 4,883 (6,887)Other operating expensesIn 2025, \u2018Loss on divestment of assets\u2019 was a loss of DKK 5 billion, of which DKK 4.8 billion related to the farm-down of Hornsea 3 to partners.In 2025, \u2018Cancellation fees\u2019 was a net income of DKK 0.8 billion in \u2018Other operating expenses\u2019 and primarily related to a reversal of provisions 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). In 2024, \u2018Cancellation fees\u2019 was an income of DKK 7.3 billion and primarily related to adjustments to the provision for onerous contracts for Ocean Wind (DKK 7.9 billion), partly offset by the decision to cease execution of FlagshipONE (DKK 0.6 billion).",
"dimensions": {
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"f1__s9__9__53": {
"value": "Note 2.6Other operating income and expensesOther operating incomeDKKm 2025 2024Gain on divestment of assets 4,062 605US tax credits and tax attributes 3,443 3,547Compensations 1,327 847Miscellaneous operating income 480 299To tal 9,312 5,298Other operating incomeIn 2025, \u2018Other operating income\u2019 was DKK 9.3 billion, which was DKK 4 billion higher than in 2024. In 2025, \u2018Gain on divestment of assets\u2019 primarily related to the farm-downs of the UK offshore wind farm West of Duddon Sands and the US onshore assets: Badger, Eleven Mile, and Sparta.In 2024, \u2018Gain on divestment of assets\u2019 primarily related to effects from minor adjustments from farm-downs completed in prior years. The development in \u2018US tax credits and tax attributes\u2019 was mainly driven by partial divestments of onshore assets, leading to lower income from tax credits and tax attributes compared to last year.\u2018Compensations\u2019 were primarily compensations regarding outages and curtailments from TenneT, the German grid operator.Other operating expensesDKKm 2025 2024Loss on divestment of assets 5,026 256Cancellation fees (820) (7,335)Ineffective hedges, etc. (138) (137)Miscellaneous operating expenses 815 329To tal 4,883 (6,887)Other operating expensesIn 2025, \u2018Loss on divestment of assets\u2019 was a loss of DKK 5 billion, of which DKK 4.8 billion related to the farm-down of Hornsea 3 to partners.In 2025, \u2018Cancellation fees\u2019 was a net income of DKK 0.8 billion in \u2018Other operating expenses\u2019 and primarily related to a reversal of provisions 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). In 2024, \u2018Cancellation fees\u2019 was an income of DKK 7.3 billion and primarily related to adjustments to the provision for onerous contracts for Ocean Wind (DKK 7.9 billion), partly offset by the decision to cease execution of FlagshipONE (DKK 0.6 billion). Accounting policiesGains from farm-downs of ownership interests in wind farms are recognised on the divestment date as other operating income. Gains from future construction of the partner\u2019s share of the wind farm are recognised over time in the income statement as revenue in step with construction. Divestment of ownership interests in our offshore wind farmsWhen we divest an ownership interest in an offshore wind farm to a partner, we typically also enter into agreements on the construction and future operation of the offshore wind farm. Contracts in connection with a divestment are typically agreements on:\u00b7 the sale of shares (divestment of assets), referred to as a share purchase agreement (SPA)\u00b7 the future construction of the offshore wind farm (construction agreements or construction management agreements, if not in operation) and transmission asset \u00b7 the future operation of the offshore wind farm (O&M agreements)\u00b7 a potential future re-purchase agreement of the divested ownership interest (buy-back option).The partnerships are typically established as joint operations with shared control. If an investor obtains a non-controlling interest in our joint operation controlled by \u00d8rsted, this is classified as a transaction with a non-controlling interest. If such a transaction comprises both an equity investment and other arrangements, such as power purchase agreements, proceeds are allocated between these elements on a relative fair value basis. Key accounting estimatesVariable selling prices related to divest ments of offshore wind farms and offshore transmission assetsWhen we divest an ownership interest in an offshore wind farm and an offshore transmission asset to a partner, we consider all terms and activities in the contracts in order to determine the trans action price.If the consideration includes a variable amount, we estimate the consideration to which we are entitled in exchange for transferring the asset, the wind farm, and the transmission asset to our partner.The variable considerations are estimated at contract inception based on future outcome of events, e.g.: \u00b7 the divestment price of the offshore transmission asset through a competitive tender process\u00b7 the winning bid of the tender revenue stream through a competitive tender process for offshore transmission assets. The winning bid size is highly sensitive to interest rate trends\u00b7 the impact on production from future wind farms\u00b7 the impact from expected cash flows generated during periods with asymmetric dividend payments between us and the investor.We consider \u2018the most likely amount\u2019 to provide the most appropriate estimate of the expected variable consideration. Key accounting judgementsConsolidation method for partnershipsOn establishment of partnerships and in connection with any restructuring of existing partnerships, we perform an assessment to determine whether we control the investee. Significant judgements are applied to determine who controls the economically and operationally significant decisions in the partnership, and whether arrangements with partnerships are considered a non-controlling interest or a financial liability. Relevant items to consider typically involve decisions related to budget approval, sale of power, and decommissioning and repowering.For joint arrangements, we subsequently assess whether they are joint ventures or joint operations. In assessing joint operations, we consider: \u00b7 the corporate form of the operation\u00b7 whether we are only entitled to the net profit (loss) or to income and expenses resulting from the operation.In addition, the fact that the parties buy or are assigned all output, for example the power generated, will lead to the structure being considered a joint operation if we have joint control.The assessment of the consolidation method deter-mines the recognition of gain or loss on divestments as either operating income in the income statement or as transactions with a non- controlling interest in equity.",
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"f1__s9__9__58": {
"value": "In 2025, our average number of employees (FTE) was 8,146 (2024: 8,496).",
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"f1__s9__9__62-1": {
"value": "Salaries and remuneration for the Group Executive Team Other members of theand the Board of Directors Executive Board 1Group Executive Team 2Board of Directors Tota lDKK 000 2025 2024 2025 2024 2025 2024 2025 2024Fixed salary 30,414 37,969 14,394 12,136 6,531 6,430 51,339 56,535Short-Term Cash-Based Incentive Scheme 4,088 4,676 3,146 1,729 - - 7,234 6,405Share-based payment 4,569 2,787 2,225 1,110 - - 6,794 3,897Pension, social security, and benefits 558 704 3,780 2,890 - - 4,338 3,594One-time payments 3- - 3,842 - - - 3,842 -Salary in notice period 16,280 - - - - - 16,280 -Severance payment 16,550 - - - - - 16,550 -To tal 72,459 46,136 27,387 17,865 6,531 6,430 106,377 70,4311 In 2025, the Executive Board consisted of Rasmus Errboe, Trond Westlie, Henriette Fenger Ellekrog, and Mads Nipper (left on 31 January 2025).2 Other members of the Group Executive Team are Patrick Harnett and, from 1 May 2025, Amanda Dasch and Godson Njoku. 3 The one-time payments relate to recruitment of new GET members, e.g. sign-on bonus, temporary accommodation, and relocation costsRemuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, personal benefits, such as a company car, free telephone, etc., a variable salary, and share-based payment. Non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are only paid a fixed remuneration for their work in \u00d8rsted. In addition, \u00d8rsted reimburses travel expenses. For more details on the remuneration of the Executive Board and Board of Directors, please refer to our Remuneration Report 2025: orsted.com/remuneration2025.Note 2.8Share-based paymentMarket value of performance share units (PSUs) and key assumptions for valuation in executive Original grant Compensation Original grant Compensation Original grant Compensation share programme as of the date of granting2025grant 20252024grant 20242023grant 2023Market value of 1 PSU 385 66 487 20 729 1Key assumptionsShare price 301 113 384 113 583 113Average volatility rate, peers 25.8 % 23.5 % 25.9 % 23.5 % 30.6 % 23.5 %Volatility rate, \u00d8rsted 38.3 % 42.6 % 38.4 % 42.6 % 36.2 % 42.6 %Risk-free interest rate 2.1 % 2.0 % 2.3 % 2.0 % 2.5 % 2.0 %Expected term at time of granting 3 years 2 years 5 months 3 years 1 year 5 months 3 years 5 monthsThe compensation PSUs were granted on identical terms to the original awards. At the grant date (4 November 2025), the Company ranked last in the relevant peer group for all three performance comparisons, which materially reduced the grant-date fair value of the compensation PSUs relative to the original grants. Accordingly, as at the valuation date, the compensation PSUs were expected to vest into only a limited number of shares.Required number of locked-up shares relative to fixed salaryCEO, CFO, CGO, CCO, CDO, and CHRO 25 % of fixed salaryOther participants 0 % \u2013 15 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed. In addition to the 25 % shareholding requirement for the Group Executive Team members, there is a lock-up period of two years for 40 % of the vested shares starting from the 2025 grant.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 180). As a condition for receiving performance share units (PSUs), participants must hold \u00d8rsted shares equal to a portion of their annual fixed salary. For Group Executive Team members, the required shareholding equals 25 % of their annual fixed salary. See the table above for more information on the shareholding requirements.Participants who are subject to a shareholding require-ment must invest in \u00d8rsted shares before their first grant and have up to five years to reach the required holding. If the particip ants fulfil the shareholding requirement at the grant date, they will receive a number of PSUs, representing a value of 15-20 % of the annual fixed salary (15-40 % in the US) at the time of granting.The granted PSUs have a vesting period of approxi-mately three years. Then, each PSU entitles a holder, without payment, to receive a number of shares cor-responding to 0-200 % of the number of PSUs granted. Assuming no share price development since the grant, the value would correspond to 0-40 % (0-80 % in the US) of the fixed salary on the grant date. The final number of shares each participant receives is based on the basis of \u00d8rsted\u2019s total shareholder return, benchmarked against ten comparable European energy companies, i.e. 200 % if \u00d8rsted ranks first, 100 % if sixth, and no shares if we rank last.The vesting is conditional upon participants not voluntarily resigning from \u00d8rsted.Vesting conditions for 2025 grant to Group Executive TeamStarting with the 2025 grant, vesting for Group Executive Team members will be determined by two measures: \u00d8rsted\u2019s total shareholder return relative to peers (80 %) and selected ESG targets (20 %), and 40 % of vested shares are subject to a two-year lock-up period. Retention share programmeThe target group for the share-based retention agree-ments will typically be employees responsible for vital, long-term projects. The use of these share-based retention agreements will be limited to 25 concurrent agreements with an individual time frame of up to five years. Executive Board members are not eligible for these retention agreements. The number of retention share units (RSUs) to be granted will be determined on the basis of the price of \u00d8rsted\u2019s shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months\u2019 base pay for the employee in question. At vesting, each RSU will entitle the employee to one \u00d8rsted share free of charge. However, the total value of the shares to be received at vesting will be capped at a maximum of twelve months\u2019 base pay for the employee in question.Compensation grantsIn connection with the capital increase in 2025, new shares were issued at a discount. Existing shareholders were compensated for this discount through the allocation of cost-free rights. However, participants in the company\u2019s share programmes were not entitled to an equivalent compensation. Therefore, on 4 November 2025, the Board of Directors resolved to provide compensation to programme participants by granting additional performance share units (PSUs) equivalent to the compensation to shareholders. The compensation PSUs carry terms and conditions identical to the original awards. As participants had no pre-existing right to such compensation, the additional PSUs are accounted for as three new grants.Maximum number of outstanding shares at 31 DecemberMarket value \u2018000Other members2025 in of shares at Years Executiveof the Group Senior% of share granting until expiry as Time of granting BoardExecutive Teamexecutives 2025 2024capitalDKKmof 20251 April 2022 - - - - 79 - - -1 April 2023 7 1 108 116 121 0.01 % 85 0.31 April 2024 21 2 207 230 241 0.02 % 112 1.31 April 2025 39 24 295 358 - 0.03 % 138 2.34 November 2025 56 23 513 592 - 0.04 % 24 0.3-.2.3Share retention programme - 19 27 46 15 0.00 % 11Maximum number of outstanding shares at 31 December 123 69 1,150 1,342 456Development in maximum number of outstanding shares \u2018000Maximum number of outstanding shares at 1 January 32 2 422 456 280Vested (2022 and 2021 programmes) 1 (4) (1) (72) (77) (45)Granted (original grants for 2025 and 2024 programmes) 39 26 343 408 285Granted (compensation grants for 2023, 2024, and 2025 programmes) 56 23 513 592 -Cancelled (2021, 2022, 2023, 2024, and 2025 programmes) - - (68) (68) (71)Development in share retention programme - 19 12 31 7Maximum number of outstanding shares at 31 December 123 69 1,150 1,342 456DKKmMarket value of share programme at the time of granting 33 16 320 369 284Maximum market value of share programme at 31 December 15 8 141 164 1481 At vesting in 2025, \u00d8rsted ranked 10th among the ten competitors, accordingly, participants were granted shares corresponding to 20 % of PSUs. At vesting in 2024, \u00d8rsted did not outperform any of the competitors, and the participants did not receive any shares.The maximum market value of the share programme at 31 December is based on the assumption that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies, and to outperform the ESG targets set.Accounting policiesThe share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are measured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compen-sated for any dividend payments by receiving additional PSUs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__61-1": {
"value": "Note 2.7Employee costsEmployee costsDKKm 2025 2024Wages, salaries, and remuneration 7,301 6,707Pensions 575 563Other social security costs 318 286Share-based payment 47 43Other employee costs 178 174Employee costs before transfer to assets 8,419 7,773Transfer to assets (1,339) (1,241)Total employee costs 7,080 6,532The increase in employee costs in 2025 is impacted by the provision for severance costs related to organisational rightsizing.Salaries and remuneration for the Group Executive Team Other members of theand the Board of Directors Executive Board 1Group Executive Team 2Board of Directors Tota lDKK 000 2025 2024 2025 2024 2025 2024 2025 2024Fixed salary 30,414 37,969 14,394 12,136 6,531 6,430 51,339 56,535Short-Term Cash-Based Incentive Scheme 4,088 4,676 3,146 1,729 - - 7,234 6,405Share-based payment 4,569 2,787 2,225 1,110 - - 6,794 3,897Pension, social security, and benefits 558 704 3,780 2,890 - - 4,338 3,594One-time payments 3- - 3,842 - - - 3,842 -Salary in notice period 16,280 - - - - - 16,280 -Severance payment 16,550 - - - - - 16,550 -To tal 72,459 46,136 27,387 17,865 6,531 6,430 106,377 70,4311 In 2025, the Executive Board consisted of Rasmus Errboe, Trond Westlie, Henriette Fenger Ellekrog, and Mads Nipper (left on 31 January 2025).2 Other members of the Group Executive Team are Patrick Harnett and, from 1 May 2025, Amanda Dasch and Godson Njoku. 3 The one-time payments relate to recruitment of new GET members, e.g. sign-on bonus, temporary accommodation, and relocation costs. Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2025, our average number of employees (FTE) was 8,146 (2024: 8,496). Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, personal benefits, such as a company car, free telephone, etc., a variable salary, and share-based payment. Non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are only paid a fixed remuneration for their work in \u00d8rsted. In addition, \u00d8rsted reimburses travel expenses. For more details on the remuneration of the Executive Board and Board of Directors, please refer to our Remuneration Report 2025: orsted.com/remuneration2025.Note 2.8Share-based paymentMarket value of performance share units (PSUs) and key assumptions for valuation in executive Original grant Compensation Original grant Compensation Original grant Compensation share programme as of the date of granting2025grant 20252024grant 20242023grant 2023Market value of 1 PSU 385 66 487 20 729 1Key assumptionsShare price 301 113 384 113 583 113Average volatility rate, peers 25.8 % 23.5 % 25.9 % 23.5 % 30.6 % 23.5 %Volatility rate, \u00d8rsted 38.3 % 42.6 % 38.4 % 42.6 % 36.2 % 42.6 %Risk-free interest rate 2.1 % 2.0 % 2.3 % 2.0 % 2.5 % 2.0 %Expected term at time of granting 3 years 2 years 5 months 3 years 1 year 5 months 3 years 5 monthsThe compensation PSUs were granted on identical terms to the original awards. At the grant date (4 November 2025), the Company ranked last in the relevant peer group for all three performance comparisons, which materially reduced the grant-date fair value of the compensation PSUs relative to the original grants. Accordingly, as at the valuation date, the compensation PSUs were expected to vest into only a limited number of shares.Required number of locked-up shares relative to fixed salaryCEO, CFO, CGO, CCO, CDO, and CHRO 25 % of fixed salaryOther participants 0 % \u2013 15 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed. In addition to the 25 % shareholding requirement for the Group Executive Team members, there is a lock-up period of two years for 40 % of the vested shares starting from the 2025 grant.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 180). As a condition for receiving performance share units (PSUs), participants must hold \u00d8rsted shares equal to a portion of their annual fixed salary. For Group Executive Team members, the required shareholding equals 25 % of their annual fixed salary. See the table above for more information on the shareholding requirements.Participants who are subject to a shareholding require-ment must invest in \u00d8rsted shares before their first grant and have up to five years to reach the required holding. If the particip ants fulfil the shareholding requirement at the grant date, they will receive a number of PSUs, representing a value of 15-20 % of the annual fixed salary (15-40 % in the US) at the time of granting.The granted PSUs have a vesting period of approxi-mately three years. Then, each PSU entitles a holder, without payment, to receive a number of shares cor-responding to 0-200 % of the number of PSUs granted. Assuming no share price development since the grant, the value would correspond to 0-40 % (0-80 % in the US) of the fixed salary on the grant date. The final number of shares each participant receives is based on the basis of \u00d8rsted\u2019s total shareholder return, benchmarked against ten comparable European energy companies, i.e. 200 % if \u00d8rsted ranks first, 100 % if sixth, and no shares if we rank last.The vesting is conditional upon participants not voluntarily resigning from \u00d8rsted.Vesting conditions for 2025 grant to Group Executive TeamStarting with the 2025 grant, vesting for Group Executive Team members will be determined by two measures: \u00d8rsted\u2019s total shareholder return relative to peers (80 %) and selected ESG targets (20 %), and 40 % of vested shares are subject to a two-year lock-up period. Retention share programmeThe target group for the share-based retention agree-ments will typically be employees responsible for vital, long-term projects. The use of these share-based retention agreements will be limited to 25 concurrent agreements with an individual time frame of up to five years. Executive Board members are not eligible for these retention agreements. The number of retention share units (RSUs) to be granted will be determined on the basis of the price of \u00d8rsted\u2019s shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months\u2019 base pay for the employee in question. At vesting, each RSU will entitle the employee to one \u00d8rsted share free of charge. However, the total value of the shares to be received at vesting will be capped at a maximum of twelve months\u2019 base pay for the employee in question.Compensation grantsIn connection with the capital increase in 2025, new shares were issued at a discount. Existing shareholders were compensated for this discount through the allocation of cost-free rights. However, participants in the company\u2019s share programmes were not entitled to an equivalent compensation. Therefore, on 4 November 2025, the Board of Directors resolved to provide compensation to programme participants by granting additional performance share units (PSUs) equivalent to the compensation to shareholders. The compensation PSUs carry terms and conditions identical to the original awards. As participants had no pre-existing right to such compensation, the additional PSUs are accounted for as three new grants.Maximum number of outstanding shares at 31 DecemberMarket value \u2018000Other members2025 in of shares at Years Executiveof the Group Senior% of share granting until expiry as Time of granting BoardExecutive Teamexecutives 2025 2024capitalDKKmof 20251 April 2022 - - - - 79 - - -1 April 2023 7 1 108 116 121 0.01 % 85 0.31 April 2024 21 2 207 230 241 0.02 % 112 1.31 April 2025 39 24 295 358 - 0.03 % 138 2.34 November 2025 56 23 513 592 - 0.04 % 24 0.3-.2.3Share retention programme - 19 27 46 15 0.00 % 11Maximum number of outstanding shares at 31 December 123 69 1,150 1,342 456Development in maximum number of outstanding shares \u2018000Maximum number of outstanding shares at 1 January 32 2 422 456 280Vested (2022 and 2021 programmes) 1 (4) (1) (72) (77) (45)Granted (original grants for 2025 and 2024 programmes) 39 26 343 408 285Granted (compensation grants for 2023, 2024, and 2025 programmes) 56 23 513 592 -Cancelled (2021, 2022, 2023, 2024, and 2025 programmes) - - (68) (68) (71)Development in share retention programme - 19 12 31 7Maximum number of outstanding shares at 31 December 123 69 1,150 1,342 456DKKmMarket value of share programme at the time of granting 33 16 320 369 284Maximum market value of share programme at 31 December 15 8 141 164 1481 At vesting in 2025, \u00d8rsted ranked 10th among the ten competitors, accordingly, participants were granted shares corresponding to 20 % of PSUs. At vesting in 2024, \u00d8rsted did not outperform any of the competitors, and the participants did not receive any shares.The maximum market value of the share programme at 31 December is based on the assumption that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies, and to outperform the ESG targets set.Accounting policiesThe share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are measured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compen-sated for any dividend payments by receiving additional PSUs.Note 7.1 Related-party transactionsJoint venturesDKKm 2025 2024Dividends received 62 99Capital transactions, net (19) 94Sales of goods and services 5 26Receivables 65 109AssociatesDKKm 2025 2024Capital transactions, net 49 47Sale of goods and services 3 6Purchase of goods and services 129 181Payables (13) (20)The Danish government, represented by the Ministry of Finance, is the Group\u2019s controlling related party.Other related parties are the Group\u2019s associates and joint ventures, members of the Board of Directors and the Executive Board, and other senior executives. See note 7.4 \u2018Company overview\u2019 for an overview of our joint ventures and associates.Related-party transactions are made on arm\u2019s length terms. Intra-group transactions have been eliminated in the consolidated financial statements. The remuneration and share programmes for the Group Executive Team and the Board of Directors are described in notes 2.7 \u2018Employee costs\u2019 and 2.8 \u2018 Share-based payment\u2019.We apply the exemption in IAS 24.25 for entities in which the Danish state is a related party; accordingly, transactions with government-related entities are not disclosed.No other related-party transactions occurred during the period.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__59-1": {
"value": "Note 2.7Employee costsEmployee costsDKKm 2025 2024Wages, salaries, and remuneration 7,301 6,707Pensions 575 563Other social security costs 318 286Share-based payment 47 43Other employee costs 178 174Employee costs before transfer to assets 8,419 7,773Transfer to assets (1,339) (1,241)Total employee costs 7,080 6,532The increase in employee costs in 2025 is impacted by the provision for severance costs related to organisational rightsizing.Salaries and remuneration for the Group Executive Team Other members of theand the Board of Directors Executive Board 1Group Executive Team 2Board of Directors Tota lDKK 000 2025 2024 2025 2024 2025 2024 2025 2024Fixed salary 30,414 37,969 14,394 12,136 6,531 6,430 51,339 56,535Short-Term Cash-Based Incentive Scheme 4,088 4,676 3,146 1,729 - - 7,234 6,405Share-based payment 4,569 2,787 2,225 1,110 - - 6,794 3,897Pension, social security, and benefits 558 704 3,780 2,890 - - 4,338 3,594One-time payments 3- - 3,842 - - - 3,842 -Salary in notice period 16,280 - - - - - 16,280 -Severance payment 16,550 - - - - - 16,550 -To tal 72,459 46,136 27,387 17,865 6,531 6,430 106,377 70,4311 In 2025, the Executive Board consisted of Rasmus Errboe, Trond Westlie, Henriette Fenger Ellekrog, and Mads Nipper (left on 31 January 2025).2 Other members of the Group Executive Team are Patrick Harnett and, from 1 May 2025, Amanda Dasch and Godson Njoku. 3 The one-time payments relate to recruitment of new GET members, e.g. sign-on bonus, temporary accommodation, and relocation costs. Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2025, our average number of employees (FTE) was 8,146 (2024: 8,496). Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, personal benefits, such as a company car, free telephone, etc., a variable salary, and share-based payment. Non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are only paid a fixed remuneration for their work in \u00d8rsted. In addition, \u00d8rsted reimburses travel expenses. For more details on the remuneration of the Executive Board and Board of Directors, please refer to our Remuneration Report 2025: orsted.com/remuneration2025.Note 2.8Share-based paymentMarket value of performance share units (PSUs) and key assumptions for valuation in executive Original grant Compensation Original grant Compensation Original grant Compensation share programme as of the date of granting2025grant 20252024grant 20242023grant 2023Market value of 1 PSU 385 66 487 20 729 1Key assumptionsShare price 301 113 384 113 583 113Average volatility rate, peers 25.8 % 23.5 % 25.9 % 23.5 % 30.6 % 23.5 %Volatility rate, \u00d8rsted 38.3 % 42.6 % 38.4 % 42.6 % 36.2 % 42.6 %Risk-free interest rate 2.1 % 2.0 % 2.3 % 2.0 % 2.5 % 2.0 %Expected term at time of granting 3 years 2 years 5 months 3 years 1 year 5 months 3 years 5 monthsThe compensation PSUs were granted on identical terms to the original awards. At the grant date (4 November 2025), the Company ranked last in the relevant peer group for all three performance comparisons, which materially reduced the grant-date fair value of the compensation PSUs relative to the original grants. Accordingly, as at the valuation date, the compensation PSUs were expected to vest into only a limited number of shares.Required number of locked-up shares relative to fixed salaryCEO, CFO, CGO, CCO, CDO, and CHRO 25 % of fixed salaryOther participants 0 % \u2013 15 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed. In addition to the 25 % shareholding requirement for the Group Executive Team members, there is a lock-up period of two years for 40 % of the vested shares starting from the 2025 grant.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 180). As a condition for receiving performance share units (PSUs), participants must hold \u00d8rsted shares equal to a portion of their annual fixed salary. For Group Executive Team members, the required shareholding equals 25 % of their annual fixed salary. See the table above for more information on the shareholding requirements.Participants who are subject to a shareholding require-ment must invest in \u00d8rsted shares before their first grant and have up to five years to reach the required holding. If the particip ants fulfil the shareholding requirement at the grant date, they will receive a number of PSUs, representing a value of 15-20 % of the annual fixed salary (15-40 % in the US) at the time of granting.The granted PSUs have a vesting period of approxi-mately three years. Then, each PSU entitles a holder, without payment, to receive a number of shares cor-responding to 0-200 % of the number of PSUs granted. Assuming no share price development since the grant, the value would correspond to 0-40 % (0-80 % in the US) of the fixed salary on the grant date. The final number of shares each participant receives is based on the basis of \u00d8rsted\u2019s total shareholder return, benchmarked against ten comparable European energy companies, i.e. 200 % if \u00d8rsted ranks first, 100 % if sixth, and no shares if we rank last.The vesting is conditional upon participants not voluntarily resigning from \u00d8rsted.Vesting conditions for 2025 grant to Group Executive TeamStarting with the 2025 grant, vesting for Group Executive Team members will be determined by two measures: \u00d8rsted\u2019s total shareholder return relative to peers (80 %) and selected ESG targets (20 %), and 40 % of vested shares are subject to a two-year lock-up period. Retention share programmeThe target group for the share-based retention agree-ments will typically be employees responsible for vital, long-term projects. The use of these share-based retention agreements will be limited to 25 concurrent agreements with an individual time frame of up to five years. Executive Board members are not eligible for these retention agreements. The number of retention share units (RSUs) to be granted will be determined on the basis of the price of \u00d8rsted\u2019s shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months\u2019 base pay for the employee in question. At vesting, each RSU will entitle the employee to one \u00d8rsted share free of charge. However, the total value of the shares to be received at vesting will be capped at a maximum of twelve months\u2019 base pay for the employee in question.Compensation grantsIn connection with the capital increase in 2025, new shares were issued at a discount. Existing shareholders were compensated for this discount through the allocation of cost-free rights. However, participants in the company\u2019s share programmes were not entitled to an equivalent compensation. Therefore, on 4 November 2025, the Board of Directors resolved to provide compensation to programme participants by granting additional performance share units (PSUs) equivalent to the compensation to shareholders. The compensation PSUs carry terms and conditions identical to the original awards. As participants had no pre-existing right to such compensation, the additional PSUs are accounted for as three new grants.Maximum number of outstanding shares at 31 DecemberMarket value \u2018000Other members2025 in of shares at Years Executiveof the Group Senior% of share granting until expiry as Time of granting BoardExecutive Teamexecutives 2025 2024capitalDKKmof 20251 April 2022 - - - - 79 - - -1 April 2023 7 1 108 116 121 0.01 % 85 0.31 April 2024 21 2 207 230 241 0.02 % 112 1.31 April 2025 39 24 295 358 - 0.03 % 138 2.34 November 2025 56 23 513 592 - 0.04 % 24 0.3-.2.3Share retention programme - 19 27 46 15 0.00 % 11Maximum number of outstanding shares at 31 December 123 69 1,150 1,342 456Development in maximum number of outstanding shares \u2018000Maximum number of outstanding shares at 1 January 32 2 422 456 280Vested (2022 and 2021 programmes) 1 (4) (1) (72) (77) (45)Granted (original grants for 2025 and 2024 programmes) 39 26 343 408 285Granted (compensation grants for 2023, 2024, and 2025 programmes) 56 23 513 592 -Cancelled (2021, 2022, 2023, 2024, and 2025 programmes) - - (68) (68) (71)Development in share retention programme - 19 12 31 7Maximum number of outstanding shares at 31 December 123 69 1,150 1,342 456DKKmMarket value of share programme at the time of granting 33 16 320 369 284Maximum market value of share programme at 31 December 15 8 141 164 1481 At vesting in 2025, \u00d8rsted ranked 10th among the ten competitors, accordingly, participants were granted shares corresponding to 20 % of PSUs. At vesting in 2024, \u00d8rsted did not outperform any of the competitors, and the participants did not receive any shares.The maximum market value of the share programme at 31 December is based on the assumption that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies, and to outperform the ESG targets set.Accounting policiesThe share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are measured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compen-sated for any dividend payments by receiving additional PSUs.",
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"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__67": {
"value": "Note 2.8Share-based paymentMarket value of performance share units (PSUs) and key assumptions for valuation in executive Original grant Compensation Original grant Compensation Original grant Compensation share programme as of the date of granting2025grant 20252024grant 20242023grant 2023Market value of 1 PSU 385 66 487 20 729 1Key assumptionsShare price 301 113 384 113 583 113Average volatility rate, peers 25.8 % 23.5 % 25.9 % 23.5 % 30.6 % 23.5 %Volatility rate, \u00d8rsted 38.3 % 42.6 % 38.4 % 42.6 % 36.2 % 42.6 %Risk-free interest rate 2.1 % 2.0 % 2.3 % 2.0 % 2.5 % 2.0 %Expected term at time of granting 3 years 2 years 5 months 3 years 1 year 5 months 3 years 5 monthsThe compensation PSUs were granted on identical terms to the original awards. At the grant date (4 November 2025), the Company ranked last in the relevant peer group for all three performance comparisons, which materially reduced the grant-date fair value of the compensation PSUs relative to the original grants. Accordingly, as at the valuation date, the compensation PSUs were expected to vest into only a limited number of shares.Required number of locked-up shares relative to fixed salaryCEO, CFO, CGO, CCO, CDO, and CHRO 25 % of fixed salaryOther participants 0 % \u2013 15 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed. In addition to the 25 % shareholding requirement for the Group Executive Team members, there is a lock-up period of two years for 40 % of the vested shares starting from the 2025 grant.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 180). As a condition for receiving performance share units (PSUs), participants must hold \u00d8rsted shares equal to a portion of their annual fixed salary. For Group Executive Team members, the required shareholding equals 25 % of their annual fixed salary. See the table above for more information on the shareholding requirements.Participants who are subject to a shareholding require-ment must invest in \u00d8rsted shares before their first grant and have up to five years to reach the required holding. If the particip ants fulfil the shareholding requirement at the grant date, they will receive a number of PSUs, representing a value of 15-20 % of the annual fixed salary (15-40 % in the US) at the time of granting.The granted PSUs have a vesting period of approxi-mately three years. Then, each PSU entitles a holder, without payment, to receive a number of shares cor-responding to 0-200 % of the number of PSUs granted. Assuming no share price development since the grant, the value would correspond to 0-40 % (0-80 % in the US) of the fixed salary on the grant date. The final number of shares each participant receives is based on the basis of \u00d8rsted\u2019s total shareholder return, benchmarked against ten comparable European energy companies, i.e. 200 % if \u00d8rsted ranks first, 100 % if sixth, and no shares if we rank last.The vesting is conditional upon participants not voluntarily resigning from \u00d8rsted.Vesting conditions for 2025 grant to Group Executive TeamStarting with the 2025 grant, vesting for Group Executive Team members will be determined by two measures: \u00d8rsted\u2019s total shareholder return relative to peers (80 %) and selected ESG targets (20 %), and 40 % of vested shares are subject to a two-year lock-up period. Retention share programmeThe target group for the share-based retention agree-ments will typically be employees responsible for vital, long-term projects. The use of these share-based retention agreements will be limited to 25 concurrent agreements with an individual time frame of up to five years. Executive Board members are not eligible for these retention agreements. The number of retention share units (RSUs) to be granted will be determined on the basis of the price of \u00d8rsted\u2019s shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months\u2019 base pay for the employee in question. At vesting, each RSU will entitle the employee to one \u00d8rsted share free of charge. However, the total value of the shares to be received at vesting will be capped at a maximum of twelve months\u2019 base pay for the employee in question.Compensation grantsIn connection with the capital increase in 2025, new shares were issued at a discount. Existing shareholders were compensated for this discount through the allocation of cost-free rights. However, participants in the company\u2019s share programmes were not entitled to an equivalent compensation. Therefore, on 4 November 2025, the Board of Directors resolved to provide compensation to programme participants by granting additional performance share units (PSUs) equivalent to the compensation to shareholders. The compensation PSUs carry terms and conditions identical to the original awards. As participants had no pre-existing right to such compensation, the additional PSUs are accounted for as three new grants.Maximum number of outstanding shares at 31 DecemberMarket value \u2018000Other members2025 in of shares at Years Executiveof the Group Senior% of share granting until expiry as Time of granting BoardExecutive Teamexecutives 2025 2024capitalDKKmof 20251 April 2022 - - - - 79 - - -1 April 2023 7 1 108 116 121 0.01 % 85 0.31 April 2024 21 2 207 230 241 0.02 % 112 1.31 April 2025 39 24 295 358 - 0.03 % 138 2.34 November 2025 56 23 513 592 - 0.04 % 24 0.3-.2.3Share retention programme - 19 27 46 15 0.00 % 11Maximum number of outstanding shares at 31 December 123 69 1,150 1,342 456Development in maximum number of outstanding shares \u2018000Maximum number of outstanding shares at 1 January 32 2 422 456 280Vested (2022 and 2021 programmes) 1 (4) (1) (72) (77) (45)Granted (original grants for 2025 and 2024 programmes) 39 26 343 408 285Granted (compensation grants for 2023, 2024, and 2025 programmes) 56 23 513 592 -Cancelled (2021, 2022, 2023, 2024, and 2025 programmes) - - (68) (68) (71)Development in share retention programme - 19 12 31 7Maximum number of outstanding shares at 31 December 123 69 1,150 1,342 456DKKmMarket value of share programme at the time of granting 33 16 320 369 284Maximum market value of share programme at 31 December 15 8 141 164 1481 At vesting in 2025, \u00d8rsted ranked 10th among the ten competitors, accordingly, participants were granted shares corresponding to 20 % of PSUs. At vesting in 2024, \u00d8rsted did not outperform any of the competitors, and the participants did not receive any shares.The maximum market value of the share programme at 31 December is based on the assumption that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies, and to outperform the ESG targets set.Accounting policiesThe share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are measured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compen-sated for any dividend payments by receiving additional PSUs.",
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"f1__s9__9__68": {
"value": "The share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are measured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compen-sated for any dividend payments by receiving additional PSUs.",
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"language": "en",
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},
"f1__s9__9__98-1": {
"value": "Reclassification of assets held for saleIn late 2025, we advanced the sales process for our European onshore business, and we signed a divestment agreement in February 2026. On 31 December 2025, we recognised an impairment loss of DKK 1.6 billion on goodwill related to our European onshore business and classified the related assets and liabilities as assets held for sale. For more information, see notes 3.11 \u2018Assets clas-sified as held for sale\u2019 and 3.2 \u2018Impairments\u2019.Note 3.11Assets classified as held for sale Assets classified as held for saleDKKm 2025 2024Intangible assets 418 -Property, plant, and equipment 9,237 -Investments in associates 497 -Deferred tax 45 -Inventories - -Trade receivables (5) -Other receivables 411 -Income tax 6 -Total assets classified as held for sale 10,609 -Deferred tax 798 -Provisions 115 -Lease liabilities 399 -Contract liabilities 6 -Trade payables 425 -Other payables 92 -Income tax 36 -Total liabilities relating to assets classified as held for sale 1,871 -Net assets classified as held for sale 8,738 -In late 2025, we advanced the sales process for our European onshore business, and we signed the divestment agreement in February 2026. The related assets and liabilities are classified as held for sale at 31 December 2025. This has resulted in an impairment loss of DKK 1.6 billion related to goodwill. See note 3.2 \u2018Impairments\u2019 for further details. Accounting policiesAssets classified as held for sale comprise assets and liabilities, which are highly probable to be recovered through a sale within 12 months rather than through continued use. Assets and liabilities classified as held for sale are measured at the carrying amount at the time of classification as \u2018held for sale\u2019 or at market value less selling costs, whichever is lower. The carrying amount is measured in accordance with the Group\u2019s accounting policies. No depreciation or amortisation is charged on intangible assets and prop er ty, plant, and equipment from the time of classification as \u2018held for sale\u2019.When we divest a share of an offshore wind farm, the retaining interest typically represents a joint operation. Since we retain a direct interest in the underlying assets and liabilities after the disposal, the assets and liabilities disposed off are not classified as held for sale.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__99-1": {
"value": "Note 3.1 Intangible assets and property, plant, and equipmentFixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2025 4,410 12,090 218,632 4,654 88,829 324,205Exchange rate adjustments (20) (771) (12,524) (109) (8,637) (22,041)Additions 98 2,678 8,209 726 46,851 58,464Disposals 1(306) (1,198) (7,759) (18) (20,014) (28,989)Adjustment of decommissioning obligations - - 614 - 358 972Reclassified assets 399 (12) 3,399 124 (3,910) (399)Reclassified to assets classified as held for sale (2,072) (571) (6,056) (105) (4,997) (11,729)Cost at 31 December 2025 2,509 12,216 204,515 5,272 98,480 320,483Depreciation and amortisation at 1 January 2025 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Exchange rate adjustments 2 156 2,513 37 (54) 2,652Depreciation and amortisation (45) (673) (8,857) (620) - (10,150)Disposals 11 77 1,775 17 (7) 1,862Reclassified to assets classified as held for sale 80 66 1,850 5 - 1,921Depreciation and amortisation at 31 December 2025 (1,054) (4,426) (78,635) (3,089) (7) (86,157)Impairment losses at 1 January 2025 (707) (61) (4,239) (4) (35,765) (40,069)Exchange rate adjustments 7 - 340 - 3,870 4,210Impairment losses and reversals (1,574) - 1,185 - (3,244) (2,059)Disposals 1- 61 313 - 13,513 13,887Reclassified to assets classified as held for sale 1,574 - 66 - 505 571Impairment losses at 31 December 2025 (700) - (2,335) (4) (21,121) (23,460)Carrying amount at 31 December 2025 755 7,790 123,545 2,179 77,352 210,8661 'Disposals' mainly related to divestments of assets and assets related to the Ocean Wind 1 project.Fixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsPower plants 20-25 yearsSolar PV farms 25-35 yearsGoodwill IndefiniteIntangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acqui-sition over the fair value of the identi fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acqui-sition date. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives. Property, plant, and equipmentProperty, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our older offshore wind farms.The residual values, useful lives, and methods of depreciation of property, plant, and equipment are reviewed at the end of each financial year and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, com-ponents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs dur-ing the construction period. Costs are increased by the present value of the estimated obligations for demoli-tion and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene fits will flow to the Group from the expenses incurred. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease pay-ments for the use of a lease asset. If, at inception of the lease, we are reasonably certain that we will exer-cise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset at the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and pay-ment of interests are classified as cash flows from operating activities.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__82-1": {
"value": "Note 3.1 Intangible assets and property, plant, and equipmentFixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2025 4,410 12,090 218,632 4,654 88,829 324,205Exchange rate adjustments (20) (771) (12,524) (109) (8,637) (22,041)Additions 98 2,678 8,209 726 46,851 58,464Disposals 1(306) (1,198) (7,759) (18) (20,014) (28,989)Adjustment of decommissioning obligations - - 614 - 358 972Reclassified assets 399 (12) 3,399 124 (3,910) (399)Reclassified to assets classified as held for sale (2,072) (571) (6,056) (105) (4,997) (11,729)Cost at 31 December 2025 2,509 12,216 204,515 5,272 98,480 320,483Depreciation and amortisation at 1 January 2025 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Exchange rate adjustments 2 156 2,513 37 (54) 2,652Depreciation and amortisation (45) (673) (8,857) (620) - (10,150)Disposals 11 77 1,775 17 (7) 1,862Reclassified to assets classified as held for sale 80 66 1,850 5 - 1,921Depreciation and amortisation at 31 December 2025 (1,054) (4,426) (78,635) (3,089) (7) (86,157)Impairment losses at 1 January 2025 (707) (61) (4,239) (4) (35,765) (40,069)Exchange rate adjustments 7 - 340 - 3,870 4,210Impairment losses and reversals (1,574) - 1,185 - (3,244) (2,059)Disposals 1- 61 313 - 13,513 13,887Reclassified to assets classified as held for sale 1,574 - 66 - 505 571Impairment losses at 31 December 2025 (700) - (2,335) (4) (21,121) (23,460)Carrying amount at 31 December 2025 755 7,790 123,545 2,179 77,352 210,8661 'Disposals' mainly related to divestments of assets and assets related to the Ocean Wind 1 project.Reclassification of assets held for saleIn late 2025, we advanced the sales process for our European onshore business, and we signed a divestment agreement in February 2026. On 31 December 2025, we recognised an impairment loss of DKK 1.6 billion on goodwill related to our European onshore business and classified the related assets and liabilities as assets held for sale. For more information, see notes 3.11 \u2018Assets clas-sified as held for sale\u2019 and 3.2 \u2018Impairments\u2019.Fixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Fixtures and Property, Lease assets fittings, tools, plant, and DKKm Land and buildingsand equipmentequipmentCarrying amount at 1 January 2025 6,174 1,647 7,821Exchange rate adjustments (895) (59) (954)Additions 2,608 719 3,327Disposals (1,061) - (1,061)Impairment - - -Depreciation (589) (518) (1,107)Carrying amount at 31 December 2025 6,237 1,789 8,026Lease assetsDKKmCarrying amount at 1 January 2024 5,881 1,594 7,475Exchange rate adjustments 496 19 515Additions 584 514 1,098Disposals (217) (24) (241)Impairment (30) - (30)Depreciation (540) (456) (996)Carrying amount at 31 December 2024 6,174 1,647 7,821Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2025 2024Offshore 34,059 26,372 5 60,436 90,584Onshore 8,189 25 2 8,216 11,646Bioenergy & Other 1,062 99 - 1,161 1,695To tal 43,310 26,496 7 69,813 103,925Overview of contracts entered into where delivery had not taken place at 31 December 2025. The obligations are measured at nominal value.Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsPower plants 20-25 yearsSolar PV farms 25-35 yearsGoodwill IndefiniteLeasesWe mainly lease office buildings, service and installa-tion vessels, seabeds related to offshore wind farms, and plots of land related to onshore wind farms, solar PV farms, and battery storage facilities. Seabed leases include variable lease payments, which depend on the number of megawatt hours generated. However, we have typically agreed on minimum lease payments for the seabeds, and these minimum pay-ments are included in the lease liabilities. Expenses for the year relating to variable lease payments not included in lease liabilities were DKK 1,162 million in 2025 (2024: DKK 1,132 million). Total cash outflow for leases were DKK 2,704 million in 2025 (2024: DKK 2,171 million). For a maturity analysis of lease liabilities, we refer to note 5.5 \u2018Maturity analysis of financial liabilities\u2019.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2025 mainly related to wind turbines, foundations, and cables, etc., for the construction of offshore wind farms (primarily Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, Sunrise Wind, and Baltica 2).The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules in the US.Property, plant, and equipmentProperty, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our older offshore wind farms.The residual values, useful lives, and methods of depreciation of property, plant, and equipment are reviewed at the end of each financial year and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, com-ponents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs dur-ing the construction period. Costs are increased by the present value of the estimated obligations for demoli-tion and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene fits will flow to the Group from the expenses incurred. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease pay-ments for the use of a lease asset. If, at inception of the lease, we are reasonably certain that we will exer-cise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset at the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and pay-ment of interests are classified as cash flows from operating activities.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__72-1": {
"value": "Note 3.1 Intangible assets and property, plant, and equipmentFixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2025 4,410 12,090 218,632 4,654 88,829 324,205Exchange rate adjustments (20) (771) (12,524) (109) (8,637) (22,041)Additions 98 2,678 8,209 726 46,851 58,464Disposals 1(306) (1,198) (7,759) (18) (20,014) (28,989)Adjustment of decommissioning obligations - - 614 - 358 972Reclassified assets 399 (12) 3,399 124 (3,910) (399)Reclassified to assets classified as held for sale (2,072) (571) (6,056) (105) (4,997) (11,729)Cost at 31 December 2025 2,509 12,216 204,515 5,272 98,480 320,483Depreciation and amortisation at 1 January 2025 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Exchange rate adjustments 2 156 2,513 37 (54) 2,652Depreciation and amortisation (45) (673) (8,857) (620) - (10,150)Disposals 11 77 1,775 17 (7) 1,862Reclassified to assets classified as held for sale 80 66 1,850 5 - 1,921Depreciation and amortisation at 31 December 2025 (1,054) (4,426) (78,635) (3,089) (7) (86,157)Impairment losses at 1 January 2025 (707) (61) (4,239) (4) (35,765) (40,069)Exchange rate adjustments 7 - 340 - 3,870 4,210Impairment losses and reversals (1,574) - 1,185 - (3,244) (2,059)Disposals 1- 61 313 - 13,513 13,887Reclassified to assets classified as held for sale 1,574 - 66 - 505 571Impairment losses at 31 December 2025 (700) - (2,335) (4) (21,121) (23,460)Carrying amount at 31 December 2025 755 7,790 123,545 2,179 77,352 210,8661 'Disposals' mainly related to divestments of assets and assets related to the Ocean Wind 1 project.Reclassification of assets held for saleIn late 2025, we advanced the sales process for our European onshore business, and we signed a divestment agreement in February 2026. On 31 December 2025, we recognised an impairment loss of DKK 1.6 billion on goodwill related to our European onshore business and classified the related assets and liabilities as assets held for sale. For more information, see notes 3.11 \u2018Assets clas-sified as held for sale\u2019 and 3.2 \u2018Impairments\u2019.Intangible assetsIntangible assets consist of goodwill of DKK 125 million (2024: DKK 1,713 million), carbon emission allowances of DKK 58 million (2024: DKK 306 million), other rights of DKK 433 million (2024: DKK 463 million), completed development projects of DKK 26 million (2024: DKK 41 million), and development projects in progress of DKK 113 million (2024: DKK 88 million).Fixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsPower plants 20-25 yearsSolar PV farms 25-35 yearsGoodwill IndefiniteIntangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acqui-sition over the fair value of the identi fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acqui-sition date. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful livesEuropean onshore businessIn late 2025, we advanced the sales process for our European onshore business, and we signed the divest-ment agreement in February 2026. We have updated our impairment test as of 31 December 2025 to be based on the sales price in the signed agreement (fair value less costs of disposal approach). This has resulted in an impairment loss of DKK 1.6 billion in Q4 2025 on goodwill related to the European onshore business.In late 2025, we advanced the sales process for our European onshore business, and we signed the divestment agreement in February 2026. The related assets and liabilities are classified as held for sale at 31 December 2025. This has resulted in an impairment loss of DKK 1.6 billion related to goodwill. See note 3.2 \u2018Impairments\u2019 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__71-1": {
"value": "Note 3.1 Intangible assets and property, plant, and equipmentFixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2025 4,410 12,090 218,632 4,654 88,829 324,205Exchange rate adjustments (20) (771) (12,524) (109) (8,637) (22,041)Additions 98 2,678 8,209 726 46,851 58,464Disposals 1(306) (1,198) (7,759) (18) (20,014) (28,989)Adjustment of decommissioning obligations - - 614 - 358 972Reclassified assets 399 (12) 3,399 124 (3,910) (399)Reclassified to assets classified as held for sale (2,072) (571) (6,056) (105) (4,997) (11,729)Cost at 31 December 2025 2,509 12,216 204,515 5,272 98,480 320,483Depreciation and amortisation at 1 January 2025 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Exchange rate adjustments 2 156 2,513 37 (54) 2,652Depreciation and amortisation (45) (673) (8,857) (620) - (10,150)Disposals 11 77 1,775 17 (7) 1,862Reclassified to assets classified as held for sale 80 66 1,850 5 - 1,921Depreciation and amortisation at 31 December 2025 (1,054) (4,426) (78,635) (3,089) (7) (86,157)Impairment losses at 1 January 2025 (707) (61) (4,239) (4) (35,765) (40,069)Exchange rate adjustments 7 - 340 - 3,870 4,210Impairment losses and reversals (1,574) - 1,185 - (3,244) (2,059)Disposals 1- 61 313 - 13,513 13,887Reclassified to assets classified as held for sale 1,574 - 66 - 505 571Impairment losses at 31 December 2025 (700) - (2,335) (4) (21,121) (23,460)Carrying amount at 31 December 2025 755 7,790 123,545 2,179 77,352 210,8661 'Disposals' mainly related to divestments of assets and assets related to the Ocean Wind 1 project.Reclassification of assets held for saleIn late 2025, we advanced the sales process for our European onshore business, and we signed a divestment agreement in February 2026. On 31 December 2025, we recognised an impairment loss of DKK 1.6 billion on goodwill related to our European onshore business and classified the related assets and liabilities as assets held for sale. For more information, see notes 3.11 \u2018Assets clas-sified as held for sale\u2019 and 3.2 \u2018Impairments\u2019.Intangible assetsIntangible assets consist of goodwill of DKK 125 million (2024: DKK 1,713 million), carbon emission allowances of DKK 58 million (2024: DKK 306 million), other rights of DKK 433 million (2024: DKK 463 million), completed development projects of DKK 26 million (2024: DKK 41 million), and development projects in progress of DKK 113 million (2024: DKK 88 million).Fixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsPower plants 20-25 yearsSolar PV farms 25-35 yearsGoodwill IndefiniteIntangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acqui-sition over the fair value of the identi fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acqui-sition date. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful livesEuropean onshore businessIn late 2025, we advanced the sales process for our European onshore business, and we signed the divest-ment agreement in February 2026. We have updated our impairment test as of 31 December 2025 to be based on the sales price in the signed agreement (fair value less costs of disposal approach). This has resulted in an impairment loss of DKK 1.6 billion in Q4 2025 on goodwill related to the European onshore business.In late 2025, we advanced the sales process for our European onshore business, and we signed the divestment agreement in February 2026. The related assets and liabilities are classified as held for sale at 31 December 2025. This has resulted in an impairment loss of DKK 1.6 billion related to goodwill. See note 3.2 \u2018Impairments\u2019 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__70-1": {
"value": "Note 3.1 Intangible assets and property, plant, and equipmentFixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2025 4,410 12,090 218,632 4,654 88,829 324,205Exchange rate adjustments (20) (771) (12,524) (109) (8,637) (22,041)Additions 98 2,678 8,209 726 46,851 58,464Disposals 1(306) (1,198) (7,759) (18) (20,014) (28,989)Adjustment of decommissioning obligations - - 614 - 358 972Reclassified assets 399 (12) 3,399 124 (3,910) (399)Reclassified to assets classified as held for sale (2,072) (571) (6,056) (105) (4,997) (11,729)Cost at 31 December 2025 2,509 12,216 204,515 5,272 98,480 320,483Depreciation and amortisation at 1 January 2025 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Exchange rate adjustments 2 156 2,513 37 (54) 2,652Depreciation and amortisation (45) (673) (8,857) (620) - (10,150)Disposals 11 77 1,775 17 (7) 1,862Reclassified to assets classified as held for sale 80 66 1,850 5 - 1,921Depreciation and amortisation at 31 December 2025 (1,054) (4,426) (78,635) (3,089) (7) (86,157)Impairment losses at 1 January 2025 (707) (61) (4,239) (4) (35,765) (40,069)Exchange rate adjustments 7 - 340 - 3,870 4,210Impairment losses and reversals (1,574) - 1,185 - (3,244) (2,059)Disposals 1- 61 313 - 13,513 13,887Reclassified to assets classified as held for sale 1,574 - 66 - 505 571Impairment losses at 31 December 2025 (700) - (2,335) (4) (21,121) (23,460)Carrying amount at 31 December 2025 755 7,790 123,545 2,179 77,352 210,8661 'Disposals' mainly related to divestments of assets and assets related to the Ocean Wind 1 project.Reclassification of assets held for saleIn late 2025, we advanced the sales process for our European onshore business, and we signed a divestment agreement in February 2026. On 31 December 2025, we recognised an impairment loss of DKK 1.6 billion on goodwill related to our European onshore business and classified the related assets and liabilities as assets held for sale. For more information, see notes 3.11 \u2018Assets clas-sified as held for sale\u2019 and 3.2 \u2018Impairments\u2019.Intangible assetsIntangible assets consist of goodwill of DKK 125 million (2024: DKK 1,713 million), carbon emission allowances of DKK 58 million (2024: DKK 306 million), other rights of DKK 433 million (2024: DKK 463 million), completed development projects of DKK 26 million (2024: DKK 41 million), and development projects in progress of DKK 113 million (2024: DKK 88 million).Fixtures and Property, Intangible assets and property, plant, and equipmentIntangible Land and Production fittings, tools, Production assets plant, and DKKmassetsbuildingsassetsand equipmentunder constructionequipmentCost at 1 January 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsPower plants 20-25 yearsSolar PV farms 25-35 yearsGoodwill IndefiniteIntangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acqui-sition over the fair value of the identi fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acqui-sition date. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful livesEuropean onshore businessIn late 2025, we advanced the sales process for our European onshore business, and we signed the divest-ment agreement in February 2026. We have updated our impairment test as of 31 December 2025 to be based on the sales price in the signed agreement (fair value less costs of disposal approach). This has resulted in an impairment loss of DKK 1.6 billion in Q4 2025 on goodwill related to the European onshore business.In late 2025, we advanced the sales process for our European onshore business, and we signed the divestment agreement in February 2026. The related assets and liabilities are classified as held for sale at 31 December 2025. This has resulted in an impairment loss of DKK 1.6 billion related to goodwill. See note 3.2 \u2018Impairments\u2019 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__90-1": {
"value": "Fixtures and Property, Lease assets fittings, tools, plant, and DKKm Land and buildingsand equipmentequipmentCarrying amount at 1 January 2025 6,174 1,647 7,821Exchange rate adjustments (895) (59) (954)Additions 2,608 719 3,327Disposals (1,061) - (1,061)Impairment - - -Depreciation (589) (518) (1,107)Carrying amount at 31 December 2025 6,237 1,789 8,026Lease assetsDKKmCarrying amount at 1 January 2024 5,881 1,594 7,475Exchange rate adjustments 496 19 515Additions 584 514 1,098Disposals (217) (24) (241)Impairment (30) - (30)Depreciation (540) (456) (996)Carrying amount at 31 December 2024 6,174 1,647 7,821LeasesWe mainly lease office buildings, service and installa-tion vessels, seabeds related to offshore wind farms, and plots of land related to onshore wind farms, solar PV farms, and battery storage facilities. Seabed leases include variable lease payments, which depend on the number of megawatt hours generated. However, we have typically agreed on minimum lease payments for the seabeds, and these minimum pay-ments are included in the lease liabilities. Expenses for the year relating to variable lease payments not included in lease liabilities were DKK 1,162 million in 2025 (2024: DKK 1,132 million). Total cash outflow for leases were DKK 2,704 million in 2025 (2024: DKK 2,171 million). For a maturity analysis of lease liabilities, we refer to note 5.5 \u2018Maturity analysis of financial liabilities\u2019.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease pay-ments for the use of a lease asset. If, at inception of the lease, we are reasonably certain that we will exer-cise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset at the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and pay-ment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__95-1": {
"value": "Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2025 2024Offshore 34,059 26,372 5 60,436 90,584Onshore 8,189 25 2 8,216 11,646Bioenergy & Other 1,062 99 - 1,161 1,695To tal 43,310 26,496 7 69,813 103,925Overview of contracts entered into where delivery had not taken place at 31 December 2025. The obligations are measured at nominal value.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2025 mainly related to wind turbines, foundations, and cables, etc., for the construction of offshore wind farms (primarily Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, Sunrise Wind, and Baltica 2).The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules in the US.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__94-1": {
"value": "Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2025 2024Offshore 34,059 26,372 5 60,436 90,584Onshore 8,189 25 2 8,216 11,646Bioenergy & Other 1,062 99 - 1,161 1,695To tal 43,310 26,496 7 69,813 103,925Overview of contracts entered into where delivery had not taken place at 31 December 2025. The obligations are measured at nominal value.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2025 mainly related to wind turbines, foundations, and cables, etc., for the construction of offshore wind farms (primarily Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, Sunrise Wind, and Baltica 2).The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules in the US.Contingent liabilitiesLiability to pay compensation In case of any environmental accidents or other types of damage caused by our gas and oil trans-port, the companies \u00d8rsted Salg & Service A/S and Danish Oil Pipe A/S are liable to pay compensation according to legislation. This also applies if there is no proof of negligence (strict liability). We have taken out insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations. LitigationWe are on an ongoing basis party to court and arbitra-tion cases, some of which are subject to confidentiality. To the extent possible, we have mentioned some of the most significant cases below.The Bureau of Ocean Energy Management (BOEM) has in August 2025 issued a stop-work order and in December 2025 a lease suspension order to Revolution Wind, LLC. The lease suspension order is based on classified national security information. Revolution Wind, LLC challenged both orders in federal court, and preliminary injunctions were granted against both orders. BOEM can still appeal the latest preliminary injunction, and the legal case over both orders will continue notwithstanding the preliminary injunctions, but Revolution Wind, LLC can continue the construction work while the lawsuit progresses, assuming the preliminary injunctions remain in effect.BOEM also issued a lease suspension order to Sunrise Wind LLC in December 2025, again based on classified national security information. Sunrise Wind LLC chal-lenged the order in federal court and a preliminary injunction was granted against the order. The Bureau of Ocean Energy Management (BOEM) can still appeal the preliminary injunction, and the legal case over the order will continue notwithstanding the preliminary injunctions, but Sunrise Wind LLC can resume the con-struction while the lawsuit progresses, assuming the preliminary injunctions remain in effect.We have been party to cases relating to the Danish com-petition authorities\u2019 claim that the former Elsam A/S and Elsam Kraft A/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Western Danish wholesale power market in the period 1 July 2003 to 31 December 2006. These cases have been resolved in \u00d8rsted\u2019s favour. However, the cases with the Danish competition authorities led to claims for damages from certain energy trading companies, some of their customers, and other parties, which remain pending. The largest claim was filed in 2007 with the Maritime and Commer-cial Court in Copenhagen, amounting to approximately DKK 4.4 billion, plus litigation interest, on behalf of about 1,100 claimants. Judgments in six cases selected as representative of all claims are expected in the summer 2026. These judgements can be appealed.\u00d8rsted is party to proceedings before the UK Supreme Court concerning the UK tax authorities\u2019 denial of tax depreciation on certain development expenditure incurred by four UK offshore wind farm companies. The most recent court decision was in \u00d8rsted\u2019s favour. Our view, which is supported by our lawyers and King\u2019s Counsel, is that the Supreme Court, which is the final court, will not rule substantially differently.\u00d8rsted is involved in ongoing transfer pricing disputes. For further information, we refer to section 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to consents, permits, and licences granted by public authorities. We may be faced with a claim for acceptance of any transfer, possibly with additional terms and conditions, if the Danish state holds less than 50 % of the share capital or voting rights in \u00d8rsted A/S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__103-1": {
"value": "Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsPower plants 20-25 yearsSolar PV farms 25-35 yearsGoodwill IndefiniteProperty, plant, and equipmentProperty, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our older offshore wind farms.The residual values, useful lives, and methods of depreciation of property, plant, and equipment are reviewed at the end of each financial year and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, com-ponents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs dur-ing the construction period. Costs are increased by the present value of the estimated obligations for demoli-tion and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene fits will flow to the Group from the expenses incurred. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease pay-ments for the use of a lease asset. If, at inception of the lease, we are reasonably certain that we will exer-cise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset at the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and pay-ment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__84-1": {
"value": "Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsPower plants 20-25 yearsSolar PV farms 25-35 yearsGoodwill IndefiniteProperty, plant, and equipmentProperty, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our older offshore wind farms.The residual values, useful lives, and methods of depreciation of property, plant, and equipment are reviewed at the end of each financial year and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, com-ponents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs dur-ing the construction period. Costs are increased by the present value of the estimated obligations for demoli-tion and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene fits will flow to the Group from the expenses incurred. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__75": {
"value": "Intangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acqui-sition over the fair value of the identi fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acqui-sition date. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__74": {
"value": "Intangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acqui-sition over the fair value of the identi fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acqui-sition date. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__73": {
"value": "Intangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acqui-sition over the fair value of the identi fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acqui-sition date. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__87": {
"value": "Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, com-ponents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs dur-ing the construction period. Costs are increased by the present value of the estimated obligations for demoli-tion and decommissioning of assets to the extent that the obligations are recognised as provisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__86-1": {
"value": "Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, com-ponents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs dur-ing the construction period. Costs are increased by the present value of the estimated obligations for demoli-tion and decommissioning of assets to the extent that the obligations are recognised as provisions.Note 5.6Financial income and expensesNet financial income and expenses 1DKKm 2025 2024Interest expenses, net (1,284) (1,739)Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual return (1,092) (1,275)Value adjustments of derivatives, net (270) 541Capital gains/losses on securities at market value, net (23) 434Exchange rate adjustments including currency derivatives, net 1,475 (750)Other financial income and expenses (34) 1Net financial income and expenses (2,881) (3,591)Financial income and expenses 2DKKm 2025 2024Interest income from cash, etc. 751 843Interest income from securities at market value 427 710Capital gains on securities at market value 124 783Foreign exchange gains 6,229 3,854Value adjustments of derivatives 4,245 2,372Other financial income 21 28Total financial income 11,797 8,590Interest expenses relating to loans and borrowings, etc. 3(4,840) (4,303)Interest expenses transferred to assets 2,378 1,011Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual returns (1,092) (1,275)Capital losses on securities at market value (147) (349)Foreign exchange losses (5,082) (4,538)Value adjustments of derivatives (4,187) (1,897)Other financial expenses (55) (27)Total financial expenses (14,678) (12,181)Net financial income and expenses (2,881) (3,591)1 The table shows net financial income and expenses, corresponding to our internal reporting. 2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 483 million (2024: a loss of DKK 569 million).3 Including interest expense from financial liabilities measured at amortised cost amounting to DKK 3,472 million (2024 : DKK 3,513 million).The \u2018Interest element of provisions, etc.\u2019 is higher in 2025 than in 2024, primarily due to interest accrued on the prepayment for power related to the December 2024 divestment of four operational offshore assets.The loss in \u2018Value adjustments of derivatives, net\u2019 in 2025 is mostly due to the losses in NTD interest rate swaps used as economic hedges for Greater Changhua 2. In 2024, we experienced gains on USD interest rate swaps, which were not repeated in 2025.In 2025, we had a gain in \u2019Exchange rate adjustments including currency derivatives, net\u2019, compared to a loss in 2024. This development was due to exchange rate adjustments of both external loans and intercompany balances in holding companies denominated in the subsidiaries\u2019 functional currencies. Loans and payables in GBP and NTD generated a translation gain in 2025 due to the strengthening of DKK against the currencies of 5.2 % and 7.9 %, respectively, contrasting with the losses from its weakening against GBP in 2024. Interest expenses transferred to assets are calculated at the weighted average effective interest rate for general borrowings. The rate amounted to 3.3 % in 2025 (2024: 3.4 %).",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__88": {
"value": "Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene fits will flow to the Group from the expenses incurred. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__92": {
"value": "LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease pay-ments for the use of a lease asset. If, at inception of the lease, we are reasonably certain that we will exer-cise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset at the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and pay-ment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__105-1": {
"value": "Note 3.2ImpairmentsImpairment losses on segment levelDKKm 2025 2024Offshore 3,174 14,242Onshore 459 1,321Bioenergy & Other - -Total impairment losses 3,633 15,563WACC levels% 2025 2024Discount rate applied for the US 5.50 \u2013 6.75 % 6.00 \u2013 7.75 %The discount rate after tax applied for the value-in-use calculation is determined per CGU.We have updated our impairment tests as of 31 December 2025, which has resulted in a net impairment loss of DKK 3.6 billion in 2025. On our US portfolio, we recognised a net impairment loss of DKK 1.6 billion, comprising an impairment loss of DKK 2.7 billion on our US offshore projects and an impairment reversal of DKK 1.1 billion on our US onshore projects.The net impairment loss on our US portfolio was driven by the 50 % tariff on steel and aluminium, the reciprocal tariffs that were imposed in the US (DKK 3.7 billion), the impact of the stop-work order issued to Revolution Wind in August 2025 (DKK 0.5 billion), the impact of the lease suspension orders issued in December 2025 to Revolution Wind and Sunrise Wind (DKK 0.6 billion), partly offset by a decrease in the long-dated interest rate across our US portfolio (DKK 2.7 billion) and positive market price developments (DKK 0.5 billion). In addition to the net impairment loss on our US portfolio, we also recognised an impairment loss of DKK 0.5 billion on the Hornsea 4 project and an impairment loss of DKK 1.6 billion on our European onshore business. The impairment losses were caused by the decision to discontinue Hornsea 4 in its current form and the expected divestment of our European onshore business.In 2024, we recognised impairment losses of DKK 15.6 billion, mainly related to our US offshore portfolio. In the following sections, the main drivers for the net impairment loss are described. Tariffs in the USThroughout 2025, the US Administration has implemented several tariff measures as part of an ongoing review of its trade policy. So far, this has for steel and aluminium resulted in an increase in the tariffs by up to 50 %, covering an increased range of products used in our construction projects. Additionally, wind turbines and associated parts are currently being further considered by the authorities in a so-called section 232 investigation, potentially resulting in products being subject to increased tariffs. In the summer of 2025, the trade policy review of the US Administration also resulted in a draft trade agreement between the European Union and the US. The estimated impact of these tariffs resulted in impairments of DKK 3.7 billion in 2025 for our offshore projects Sunrise Wind and Revolution Wind.The impact from these new tariffs involves a number of key estimates and assumptions, which are based on the expected interpretation, final agreements, and practical implementation of the tariffs as well CGUs in OffshoreThe cash-generating units (CGUs) are made up of individual offshore wind farms or seabeds, each generating cash flows for the segment independently of each other.Significant CGUsEurope: Baltica 2, Borkum Riffgrund 1, Borkum Riffgrund 2, Borkum Riffgrund 3, Borssele 1 & 2, Gode Wind 1, Gode Wind 2, Gode Wind 3, Hornsea 1, Hornsea 2, Hornsea 3, Race Bank, Walney, and Walney Extension.The US: Block Island, Revolution Wind, South Fork, and Sunrise Wind. APAC: Greater Changhua 1 and 2a and Greater Changhua 2b and 4. CGUs in OnshoreThe CGUs are made up of individual onshore wind and solar farms, each generating cash flows for the segment independently of each other.Significant CGUsThe US: Amazon, Badger, Eleven Mile, Ford Ridge, Haystack, Helena, Lincoln Land Wind, Lockett, Mockingbird, Muscle Shoals, Old 300, Old 300 BESS, Permian Energy Center, Sage Draw Wind, Sparta Solar, Sunflower Wind, Tahoka Wind, Western Trail, and Willow Springs Wind. Europe: Portfolio of projects (including goodwill).CGUs in Bioenergy & OtherThe Danish CHP plants constitute a single CGU, as overall production planning is for the entire Danish portfolio. In addition, the Danish offshore gas pipeline system is deemed to constitute an independent CGU.Significant CGUsCentral CHP plants and the offshore gas pipeline system.as the ongoing legal challenges to some of the imposed tariffs. Consequently, inherent uncertainties are embedded in the assumptions, which reflect our current best estimate. Stop-work order on Revolution WindOn 22 August 2025, our US offshore wind project Revolution Wind, LLC received an order requiring it to stop activities on the outer continental shelf. The project company filed a lawsuit in the U.S. District Court for the District of Columbia, challenging the stop-work order as unlawful. On 22 September 2025, Revolution Wind, LLC was granted a preliminary injunction against the stop-work order, allowing the project to resume construction activities while the lawsuit progresses. The stop-work order resulted in increased costs due to the extension of contracts for both the Revolution Wind and the Sunrise Wind projects, which resulted in an impairment loss of DKK 0.5 billion in Q3 2025. Lease suspension orders on Revolution Wind and Sunrise WindOn 22 December 2025, Revolution Wind, LLC and Sunrise Wind LLC received orders requiring them to suspend all ongoing activities on the outer continental shelf for 90 days for national security reasons and with the possibility of extension of the suspension periods. Revolution Wind, LLC filed a second motion for a preliminary injunction in its existing lawsuit, this time against the lease suspension order. On 12 January 2026, the court granted a preliminary injunction, allowing construction to resume while the lawsuit progresses.Sunrise Wind filed a lawsuit in the U.S District Court for the District of Columbia, challenging its lease suspension order, including a motion for a preliminary injunction against the order. On 2 February 2026, the court granted a preliminary injunction, allowing construction to resume while the lawsuit progresses.The lease suspension orders have resulted in schedule impacts for both our Revolution Wind and Sunrise Wind projects, which has resulted in an impairment loss of DKK 0.6 billion in Q4 2025.Investment tax creditsThe value of our US projects depends, in part, on the continued availability of US federal income tax incentives and, specifically for Revolution Wind and Sunrise Wind, investment tax credits (ITCs). We have based our impairment tests on our US projects qualify-ing for the 10 % ITC bonus credits. ITC qualification and subsequent monetisation remain uncertain. We have included sensitivity analyses of impairment effects if assumptions related to ITC bonus credits change. ITC bonus credits Sensitivity impact2025 2024assumed in impairment testsDKK billion40 % ITC CGUsImpairment Recoverable Impairment Recoverable ITC bonus Probability No ITC bonus credits, +50 bps -50 bps DKKmlossesamountlossesamountcreditsweightingbonus credits100 % probabilityWACCWACCOcean Wind seabeds - n.a. 2,584 n.a. n.a. n.a. n.a. n.a. n.a. n.a.Skipjack Wind seabed - n.a. 1,502 n.a. n.a. n.a. n.a n.a. n.a. n.a.Sunrise Wind 2,828 16,418 3,787 6,511 10 % 95 % (4.8) 0.3 (1.7) 1.6Revolution Wind (81) 10,029 4,463 5,579 10 % 95 % (1.2) 0.1 (0.5) 0.6South Fork (132) 2,876 437 2,871 n.a. n.a. n.a. n.a. (0.1) 0.1Block Island 59 1,074 (46) 1,384 n.a. n.a. n.a. n.a. 0.0 0.0Hornsea 4 500 n.a. - n.a. n.a. n.a. n.a. n.a. n.a. n.a.FlagshipONE - n.a. 1,515 n.a. n.a. n.a. n.a. n.a. n.a. n.a.Offshore 3,174 30,397 14,242 16,345Onshore US (1,115) 11,959 1,321 11,501 n.a. n.a. n.a. n.a. (0.2) 0.2Onshore Europe 1,574 8.829 - - n.a. n.a. n.a. n.a. n.a. n.a.Onshore 459 20,788 1,321 11,501Bioenergy & Other - - - -To tal 3,633 51,185 15,563 27,846 Estimation uncertainty and sensitivity analysesWhen estimating the future cash flow for the value-in-use calculations of our cash-generating units (CGUs), management has assessed relevant assumptions and estimates on project level and taken other related risks and inherent uncertainties into consideration. Assumptions with major uncertainties include e.g. investment tax credits, interest rates, imposed tariffs in the US, and the supply chain. The sensitivity analyses presented in the table show the related impact on impairment losses when a change in a given assumption increases or decreases the \u2018value-in-use\u2019 for our CGUs. The analyses are performed with all other assumptions unchanged. In the overview, we have included sensitivity analyses of impairment effects if the WACC levels or assumptions related to ITC bonus credits change. If WACC had increased by 50 basis points in the impairment test of e.g. Revolution Wind as of 31 December 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 31 December 2025, the impairment loss would have been DKK 1.2 billion higher. Summary of the uncertainties in the USLitigation over the stop-work order issued to Revolution Wind as well as the lease suspension orders issued to Revolution Wind and Sunrise Wind are ongoing, and we cannot rule out the possibility of a negative outcome or an appeal by the US government. Our value-in-use calculations incorporate continued uncertainties and challenges, including risks related to regulatory uncertainty regarding tariffs, tax incentives, etc., and continued risk of imposed construction delays outside of \u00d8rsted\u2019s control.Changes in the US regulatory environment can materially and further adversely affect the value of our US activities and could potentially lead us to cease development which would result in further impairments and costs. Interest ratesThe long-dated US interest rate decreased from 31 December 2024 to 31 December 2025, leading to lower WACC levels. The effect of the decrease in interest rates led to an impairment reversal of DKK 1.3 billion across our US portfolio.Hornsea 4In 2025, we decided to discontinue the development of Hornsea 4 in its current form, leading to an impairment loss of DKK 0.5 billion in 2025. European onshore businessIn late 2025, we advanced the sales process for our European onshore business, and we signed the divest-ment agreement in February 2026. We have updated our impairment test as of 31 December 2025 to be based on the sales price in the signed agreement (fair value less costs of disposal approach). This has resulted in an impairment loss of DKK 1.6 billion in Q4 2025 on goodwill related to the European onshore business. The related assets and liabilities are classified as held for sale at 31 December 2025. Potential consequences of further adverse developmentIn addition to the sensitivities described, further adverse developments could lead us to cease development of or reconfigure projects currently under development. Besides impairing the capitalised value of these projects, ceasing to develop projects could lead to compensation to suppliers or other stakeholders for cancelling contracts. Accounting policiesFor the purpose of assessing impairment losses, \u2018Intan-gible assets\u2019 and \u2018Property, plant, and equipment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs including goodwill are assessed for impairment yearly or whenever events or circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If any indication of impairment exists, an esti-mate of the asset\u2019s or CGU\u2019s recoverable amount is made. The value of a CGU is impaired if the carrying amount exceeds the recoverable amount, which is the higher of the estimated value-in-use and the fair value less costs of disposal. Value-in-use calculations are based on management\u2019s expectations to future cash flows from financial forecasts and business plans and include a number of assumptions and estimates. Fair value less costs of disposal is used for seabeds and is based on multiple analyses and discounted cash flow models, if a business case is available. Estimating expected cash flows involves a number of assumptions and estimates. In the US, key estimates and assumptions for the forecast periods are CAPEX (including knock-on effects from supplier delays and tariffs on imports into the US, etc.), inflation, terms of conditions in new power purchase agreements, eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs and PTCs. All these key estimates and assumptions are deter-mined specifically for each CGU and are based on current legislation and administrative practices effec-tive by the end of the reporting period. The discount rate applied when calculating value-in-use takes general risks into account and is based on the post-tax nominal weighted average cost of capital (WACC), whereas the estimated future cash flows are adjusted for risks specific to the asset. Impairment losses are recognised in the income state ment and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss had been recognised for the CGU. Key accounting estimatesKey assumptions in impairment testsValue-in-use calculations are based on management\u2019s expectations about future cash flows from financial budgets and forecasts and include a number of assumptions and estimates. These assumptions include construction schedules, estimates of future market conditions, CAPEX including tariffs on imports into the US, impacts from the stop-work order and lease suspension orders on CAPEX and the construction schedule for US offshore projects, market prices of energy and commodities, inflation, discount rates, useful lives of the projects, tax incentives, including the ability to qualify for tax credits from the US Inflation Reduction Act, etc.The market prices applied are based on available forward prices for a period of up to five years and our best estimate of long-term prices for the remainder of the period. While there are inherent uncertainties in the assump-tions, the assumptions reflect management\u2019s best estimate over the lives of the Group\u2019s CGUs.In late 2025, we advanced the sales process for our European onshore business, and we signed the divestment agreement in February 2026. The related assets and liabilities are classified as held for sale at 31 December 2025. This has resulted in an impairment loss of DKK 1.6 billion related to goodwill. See note 3.2 \u2018Impairments\u2019 for further details.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__107": {
"value": "For the purpose of assessing impairment losses, \u2018Intan-gible assets\u2019 and \u2018Property, plant, and equipment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs including goodwill are assessed for impairment yearly or whenever events or circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If any indication of impairment exists, an esti-mate of the asset\u2019s or CGU\u2019s recoverable amount is made. The value of a CGU is impaired if the carrying amount exceeds the recoverable amount, which is the higher of the estimated value-in-use and the fair value less costs of disposal. Value-in-use calculations are based on management\u2019s expectations to future cash flows from financial forecasts and business plans and include a number of assumptions and estimates. Fair value less costs of disposal is used for seabeds and is based on multiple analyses and discounted cash flow models, if a business case is available. Estimating expected cash flows involves a number of assumptions and estimates. In the US, key estimates and assumptions for the forecast periods are CAPEX (including knock-on effects from supplier delays and tariffs on imports into the US, etc.), inflation, terms of conditions in new power purchase agreements, eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs and PTCs. All these key estimates and assumptions are deter-mined specifically for each CGU and are based on current legislation and administrative practices effec-tive by the end of the reporting period. The discount rate applied when calculating value-in-use takes general risks into account and is based on the post-tax nominal weighted average cost of capital (WACC), whereas the estimated future cash flows are adjusted for risks specific to the asset. Impairment losses are recognised in the income state ment and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss had been recognised for the CGU",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__106": {
"value": "For the purpose of assessing impairment losses, \u2018Intan-gible assets\u2019 and \u2018Property, plant, and equipment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs including goodwill are assessed for impairment yearly or whenever events or circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If any indication of impairment exists, an esti-mate of the asset\u2019s or CGU\u2019s recoverable amount is made. The value of a CGU is impaired if the carrying amount exceeds the recoverable amount, which is the higher of the estimated value-in-use and the fair value less costs of disposal. Value-in-use calculations are based on management\u2019s expectations to future cash flows from financial forecasts and business plans and include a number of assumptions and estimates. Fair value less costs of disposal is used for seabeds and is based on multiple analyses and discounted cash flow models, if a business case is available. Estimating expected cash flows involves a number of assumptions and estimates. In the US, key estimates and assumptions for the forecast periods are CAPEX (including knock-on effects from supplier delays and tariffs on imports into the US, etc.), inflation, terms of conditions in new power purchase agreements, eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs and PTCs. All these key estimates and assumptions are deter-mined specifically for each CGU and are based on current legislation and administrative practices effec-tive by the end of the reporting period. The discount rate applied when calculating value-in-use takes general risks into account and is based on the post-tax nominal weighted average cost of capital (WACC), whereas the estimated future cash flows are adjusted for risks specific to the asset. Impairment losses are recognised in the income state ment and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss had been recognised for the CGU",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__111": {
"value": "Note 3.3 InventoriesInventories DKKm 2025 2024Renewable certificates 3,520 2,775Offshore transmission assets 3,461 5,407Gas 1,814 2,915Biomass 665 581Other 478 701Total inventories 9,938 12,379Inventories recognised as an expense in \u2018Cost of sales\u2019 during the year 17,245 16,152Of which recognised as a write-down 1,879 -Inventories measured at fair value are disclosed in note 6.6 \u2018Fair value measurement\u2019.\u2018Renewable certificates\u2019 are primarily renewable obligation certificates (ROCs), which are issued to renewable energy power generators in the UK. In 2025, the \u2018Offshore transmission assets\u2019 related to the Hornsea 3 transmission assets, of which half was divested to partners. In 2024, \u2018Offshore transmission assets\u2019 related to transmission assets of both Hornsea 3 and Hornsea 4.In 2025, we discontinued Hornsea 4 in its current form. Consequently, the value of the transmission asset was written down by DKK 1.9 billion through \u2018Cost of sales\u2019.\u2018Gas\u2019 primarily relates to our gas trade activities. Accounting policiesOffshore transmission assets are recognised as inventory until divestment and measured at cost. The costs comprise costs of materials used in construction, site labour costs, costs of renting equipment, and indirect production costs, such as employee costs. Renewable certificates, which we earn by gener-ating power using renewable energy sources, are recognised in inventories in step with our genera-tion. We measure renewable certificates (earned and bought) at cost using the first-in, first-out (FIFO) principle. Gas inventories are carried either at fair value or at cost depending on the nature of the inventory. For gas storage facilities managed on a fair value basis, the gas is recognised at fair value less costs to sell. Changes in the fair value less costs to sell are recognised in \u2018Cost of sales\u2019 in the period of the change. Purchased carbon emission allowances are measured at market value. Other inventories are measured at cost, deter-mined on a first-in, first-out basis (e.g. biomass) or by net realisable value, if net realisable value is lower. Inventories are written down to the lower of net realisable value and cost price. For offshore transmission assets, it is the expected final transfer value announced by Ofgem. The net realisable value is the sum (discounted) which the inventories are expected to generate through a normal sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__113-1": {
"value": "Offshore transmission assets are recognised as inventory until divestment and measured at cost. The costs comprise costs of materials used in construction, site labour costs, costs of renting equipment, and indirect production costs, such as employee costs. Renewable certificates, which we earn by gener-ating power using renewable energy sources, are recognised in inventories in step with our genera-tion. We measure renewable certificates (earned and bought) at cost using the first-in, first-out (FIFO) principle. Gas inventories are carried either at fair value or at cost depending on the nature of the inventory. For gas storage facilities managed on a fair value basis, the gas is recognised at fair value less costs to sell. Changes in the fair value less costs to sell are recognised in \u2018Cost of sales\u2019 in the period of the change. Purchased carbon emission allowances are measured at market value. Other inventories are measured at cost, deter-mined on a first-in, first-out basis (e.g. biomass) or by net realisable value, if net realisable value is lower. Inventories are written down to the lower of net realisable value and cost price. For offshore transmission assets, it is the expected final transfer value announced by Ofgem. The net realisable value is the sum (discounted) which the inventories are expected to generate through a normal sale.Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__112": {
"value": "Offshore transmission assets are recognised as inventory until divestment and measured at cost. The costs comprise costs of materials used in construction, site labour costs, costs of renting equipment, and indirect production costs, such as employee costs. Renewable certificates, which we earn by gener-ating power using renewable energy sources, are recognised in inventories in step with our genera-tion. We measure renewable certificates (earned and bought) at cost using the first-in, first-out (FIFO) principle. Gas inventories are carried either at fair value or at cost depending on the nature of the inventory. For gas storage facilities managed on a fair value basis, the gas is recognised at fair value less costs to sell. Changes in the fair value less costs to sell are recognised in \u2018Cost of sales\u2019 in the period of the change. Purchased carbon emission allowances are measured at market value. Other inventories are measured at cost, deter-mined on a first-in, first-out basis (e.g. biomass) or by net realisable value, if net realisable value is lower. Inventories are written down to the lower of net realisable value and cost price. For offshore transmission assets, it is the expected final transfer value announced by Ofgem. The net realisable value is the sum (discounted) which the inventories are expected to generate through a normal sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__117": {
"value": "We keep our receivables until maturity, and therefore, they are measured at amortised cost. Write-downs are carried out from initial recognition of our receivables. The write-down is calculated as the difference between the carrying amount of the receivable and the net present value of expected future cash flows from the receivable. The discount rate used is the effective interest rate for the individual receivable or the individual portfolio. We apply the simplified approach to the write-down of trade receivables, which permits calculating the write-down as the full loss during the entire term of the receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__118": {
"value": "Note 3.5 Trade receivablesTrade receivables DKKm 2025 2024Trade receivables, not due 8,836 7,848Trade receivables, 1-30 days overdue 691 563Trade receivables, more than 30 days overdue 335 647Trade receivables, write-downs (14) (13)Total trade receivables 9,848 9,045We continuously monitor and manage the credit risk of our customers. For customers with a general credit risk, a write-down of 0-1 % is carried out on initial recognition. We have not made any significant write-downs of receivables in 2025 or 2024.Reversal of write-downs was DKK 2 million.Accounting policiesWe keep our receivables until maturity, and therefore, they are measured at amortised cost. Write-downs are carried out from initial recognition of our receivables. The write-down is calculated as the difference between the carrying amount of the receivable and the net present value of expected future cash flows from the receivable. The discount rate used is the effective interest rate for the individual receivable or the individual portfolio. We apply the simplified approach to the write-down of trade receivables, which permits calculating the write-down as the full loss during the entire term of the receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__116-1": {
"value": "Note 3.5 Trade receivablesTrade receivables DKKm 2025 2024Trade receivables, not due 8,836 7,848Trade receivables, 1-30 days overdue 691 563Trade receivables, more than 30 days overdue 335 647Trade receivables, write-downs (14) (13)Total trade receivables 9,848 9,045We continuously monitor and manage the credit risk of our customers. For customers with a general credit risk, a write-down of 0-1 % is carried out on initial recognition. We have not made any significant write-downs of receivables in 2025 or 2024.Reversal of write-downs was DKK 2 million.Accounting policiesWe keep our receivables until maturity, and therefore, they are measured at amortised cost. Write-downs are carried out from initial recognition of our receivables. The write-down is calculated as the difference between the carrying amount of the receivable and the net present value of expected future cash flows from the receivable. The discount rate used is the effective interest rate for the individual receivable or the individual portfolio. We apply the simplified approach to the write-down of trade receivables, which permits calculating the write-down as the full loss during the entire term of the receivable.Other receivablesDKKm 2025 2024Prepayments 5,670 6,498Receivables from the divestment of assets and enterprises 14,620 513Collateral provided in connection with hedging activities (receivable from banks) 2,253 5,533VAT and other indirect tax receivables 837 1,580Receivables from the divestment of equity investments to non-controlling interests 681 747Cash, not available for use 219 317Deposits 178 215Other 3,539 2,820Total other receivables 17,997 18,223Of which, working capital 10,204 11,469Of which, other capital employed 5,091 817Of which, interest-bearing net debt 2,702 5,9371 Mainly related to assymetric cash flow distribution from the divestment of the Hornsea 3 project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__119-1": {
"value": "Note 3.6Supply chain financeSupply chain finance \u2013 liabilities paid by supplier finance banksDKKm20252024Of which, paid Of which, paid Recognised in by supplier Recognised in by supplier balance sheetfinance banksbalance sheetfinance banksTrade payables 3,581 3,322 3,256 2,985\u00d8rsted\u2019s supply chain finance programme is available to all suppliers who wish to join. Participation gives the suppliers the option to discount their receivables and obtain payment from the participating banks prior to the invoice due date.Payables enrolled in the programme are due 30\u2013180 days from the invoice date, while compa-rable payables outside the programme are due up to 90 days from the invoice date. \u2018Trade payables\u2019 covered by the supplier finance programme are included in \u2018Trade payables\u2019 in our balance sheet.Other payablesDKKmM&A related liabilities18,156 2,477Payables related to the divestment of assets 22,979 3,234Accrued interest 1,691 3,589Salary-related items, payable 872 905Collateral received in connection with hedging activities (payable to banks) 638 76VAT and other indirect taxes, payable 608 501Other deferred income 347 361Other 1,476 1,788Total other payables 16,767 12,931Of which, working capital 3,272 3,364Of which, other capital employed 9,896 6,126Of which, interest-bearing net debt 3,599 3,4412 Mainly related to the divestment of a portfolio of four onshore projects in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__124": {
"value": "Note 3.8 Tax equity liabilitiesTax equity liabilitiesDKKm 2025 2024Balance at 1 January 20,478 17,007Contribution received from tax equity partners 350 5,200Disposal related to divestment (1,841) (587)Tax attributes and PTCs/ITCs recognised in other operating income (3,370) (3,434)Cash paid to tax equity partners (222) (230)Tax equity partners\u2019 contractual return 1,092 1,275Exchange rate adjustments (2,103) 1,247Balance at 31 December 14,384 20,478Of which, working capital 12,536 18,714Of which, interest-bearing debt 1,848 1,764In January 2025, we divested a 50 % ownership share of our solar PV farm and battery storage facility Eleven Mile and our solar farm Sparta.Accounting policiesDue to the operational and financial nature of the tax equity partnerships, we normally have the power to affect relevant activites and make decisions for the projects as the managing partner in the agreements. Therefore, we normally fully consolidate companies that have tax equity partners.The tax equity contribution generally has the charac-teristics of a liability as the initial contribution is repaid, including an agreed return, and the partner does not share in the risks of the project in the same way as a shareholder. As such, the contribution is accounted for as a liability and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u00b7 a net working capital element to be repaid through PTCs or ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs, ITCs, and other tax attributes transferred to the tax equity partner are recognised as other operating income. PTCs are recognised in the periods earned, while ITCs and other tax attributes are recognised on a straight-line basis over the estimated contractual length of the partnership. In addition to the above, we recognise a liability for the expected purchase price for the partner\u2019s post-flip rights to cash distributions. This liability is recog-nised at fair value, and adjustments are expensed as a financial item. This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the financial costs of the arrangement.Key accounting judgementsRecognition of tax equity partnershipsOn formation of a tax equity partnership, we assess the appropriate recognition of the partner\u2019s contribution as well as the method of recognition for the elements used to repay the partner, such as PTCs, ITCs, and tax attributes. When assessing the recognition of the partner\u2019s contri-bution, we look at: \u00b7 the expected flows of PTCs/ITCs, tax attributes, and cash payments to the partner \u00b7 the rights and obligations of both us and the tax equity partner. The deferral of the income related to tax attributes and the recognition of the contribution as working capital or interest-bearing debt are affected by our expectations about the size, method, and timing of repayments.Government support in the USIn the US, PTCs, ITCs, and other tax attributes are used to incentivise investment in renewable energy assets \u2013 similar to subsidies in other countries.Description of tax equity partnerships Tax equity partnerships are characterised by a tax equity partner, who contributes an upfront payment as part of the initial project investment and generally does not have an operational role in the project. The partner receives a contractually agreed return on the contri-bution. In order to \u2018repay\u2019 the initial contribution and the return, a disproportionate share of the production tax credits (PTCs) or the investment tax credits (ITCs) and other tax attributes (accelerated tax depreciation and other taxable results) are allocated to the partner during the first part of the project\u2019s lifetime. The partner also receives some cash-payment-based percentages specified in the partnership agreements. Once the partner receives the agreed return, the agreement flips, and the partner is typically entitled to a minor part of the cash distributions from the project, unless we repurchase this right from them, which is highly likely.",
"dimensions": {
"concept": "ORS:DisclosureOfTaxEquityLiabilities",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__125": {
"value": "Due to the operational and financial nature of the tax equity partnerships, we normally have the power to affect relevant activites and make decisions for the projects as the managing partner in the agreements. Therefore, we normally fully consolidate companies that have tax equity partners.The tax equity contribution generally has the charac-teristics of a liability as the initial contribution is repaid, including an agreed return, and the partner does not share in the risks of the project in the same way as a shareholder. As such, the contribution is accounted for as a liability and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u00b7 a net working capital element to be repaid through PTCs or ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs, ITCs, and other tax attributes transferred to the tax equity partner are recognised as other operating income. PTCs are recognised in the periods earned, while ITCs and other tax attributes are recognised on a straight-line basis over the estimated contractual length of the partnership. In addition to the above, we recognise a liability for the expected purchase price for the partner\u2019s post-flip rights to cash distributions. This liability is recog-nised at fair value, and adjustments are expensed as a financial item. This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the financial costs of the arrangement.",
"dimensions": {
"concept": "ORS:DescriptionOfAccountingPolicyForTaxEquityLiabilities",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__131": {
"value": "Contingent liabilitiesLiability to pay compensation In case of any environmental accidents or other types of damage caused by our gas and oil trans-port, the companies \u00d8rsted Salg & Service A/S and Danish Oil Pipe A/S are liable to pay compensation according to legislation. This also applies if there is no proof of negligence (strict liability). We have taken out insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations. LitigationWe are on an ongoing basis party to court and arbitra-tion cases, some of which are subject to confidentiality. To the extent possible, we have mentioned some of the most significant cases below.The Bureau of Ocean Energy Management (BOEM) has in August 2025 issued a stop-work order and in December 2025 a lease suspension order to Revolution Wind, LLC. The lease suspension order is based on classified national security information. Revolution Wind, LLC challenged both orders in federal court, and preliminary injunctions were granted against both orders. BOEM can still appeal the latest preliminary injunction, and the legal case over both orders will continue notwithstanding the preliminary injunctions, but Revolution Wind, LLC can continue the construction work while the lawsuit progresses, assuming the preliminary injunctions remain in effect.BOEM also issued a lease suspension order to Sunrise Wind LLC in December 2025, again based on classified national security information. Sunrise Wind LLC chal-lenged the order in federal court and a preliminary injunction was granted against the order. The Bureau of Ocean Energy Management (BOEM) can still appeal the preliminary injunction, and the legal case over the order will continue notwithstanding the preliminary injunctions, but Sunrise Wind LLC can resume the con-struction while the lawsuit progresses, assuming the preliminary injunctions remain in effect.We have been party to cases relating to the Danish com-petition authorities\u2019 claim that the former Elsam A/S and Elsam Kraft A/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Western Danish wholesale power market in the period 1 July 2003 to 31 December 2006. These cases have been resolved in \u00d8rsted\u2019s favour. However, the cases with the Danish competition authorities led to claims for damages from certain energy trading companies, some of their customers, and other parties, which remain pending. The largest claim was filed in 2007 with the Maritime and Commer-cial Court in Copenhagen, amounting to approximately DKK 4.4 billion, plus litigation interest, on behalf of about 1,100 claimants. Judgments in six cases selected as representative of all claims are expected in the summer 2026. These judgements can be appealed.\u00d8rsted is party to proceedings before the UK Supreme Court concerning the UK tax authorities\u2019 denial of tax depreciation on certain development expenditure incurred by four UK offshore wind farm companies. The most recent court decision was in \u00d8rsted\u2019s favour. Our view, which is supported by our lawyers and King\u2019s Counsel, is that the Supreme Court, which is the final court, will not rule substantially differently.\u00d8rsted is involved in ongoing transfer pricing disputes. For further information, we refer to section 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to consents, permits, and licences granted by public authorities. We may be faced with a claim for acceptance of any transfer, possibly with additional terms and conditions, if the Danish state holds less than 50 % of the share capital or voting rights in \u00d8rsted A/S.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__126": {
"value": "Note 3.9 Provisions and contingent liabilities2025 2024ProvisionsDecommissioningOnerous OtherDecommissioningOnerous OtherDKKmobligationscontractsprovisions To talobligationscontractsprovisions To talProvisions at 1 January 13,844 2,674 4,017 20,535 12,977 15,654 4,232 32,863Exchange rate adjustments (585) (150) (64) (799) 382 214 12 608Used during the year (110) (1,582) (429) (2,121) (34) (8,074) (1,036) (9,144)Provisions reversed during the year (28) (1,234) (178) (1,440) (88) (7,663) (260) (8,011)Provisions made during the year 996 1,569 1,124 3,689 504 2,531 1,070 4,105Disposals (358) - - (358) (86) - - (86)Divestment of enterprises (14) - (463) (477) (7) - (1) (8)Change in estimates 271 - - 271 (125) - - (125)Transfer to assets classified as held for sale (114) - (1) (115) - - - -Interest element of provisions 600 25 - 625 321 12 - 333Total provisions at 31 December 14,502 1,302 4,006 19,810 13,844 2,674 4,017 20,535Falling due as followsIn 0-1 year 390 390 778 1,558 344 2,031 425 2,800In 1-5 years 968 209 2,848 4,025 634 266 3,282 4,182After 5 years 13,144 703 380 14,227 12,866 377 310 13,553Decommissioning obligations by segmentDKKm 0-5 years 5-10 years 10-20 years After 20 years 2025 2024Offshore 879 1,565 4,937 2,354 9,735 9,347Onshore - - 63 1,970 2,033 2,293Bioenergy & Other 479 132 1,814 309 2,734 2,204To tal 1,358 1,697 6,814 4,633 14,502 13,844Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to the decommissioning and disposal of our offshore wind farms, onshore wind farms, solar PV farms, battery storage facilities, the restoration of seabeds, the decommissioning of CHP plants, the Nybro Gas Treatment Plant, and oil and gas pipes.When we construct offshore wind farms in cooper-ation with partners, they are liable for their share of the decommissioning costs. Therefore, we have only included the decommissioning obligations associated with our ownership interest in the offshore wind farms. We provide guarantees towards authorities to cover the decommissioning obligations. Either \u00d8rsted provides a guarantee towards the authorities for the full decommissioning obligation, and the JV partner provides a countersecurity to \u00d8rsted for their pro-portional share, or \u00d8rsted and the JV partner provide separate securities towards the authorities.Onerous contractsAt the end of 2025, \u2018Onerous contracts\u2019 primarily related to operations and maintenance contracts for offshore transmission assets in the UK. \u2018Used during the year\u2019 primarily related to payments to fulfilling and cancelling contracts for the Hornsea 4 project.\u2018Provisions reversed during the year\u2019 primarily related to Ocean Wind 1, where we have finalised the negotiation of several contracts with a better outcome than assumed.\u2018Provisions made during the year\u2019 primarily related to our Hornsea 4 project, which we decided to discon-tinue in its current form (DKK 1.1 billion).In 2024, \u2018Onerous contracts\u2019 primarily related to ceas-ing the development of Ocean Wind 1 (DKK 1.6 billion) as well as onerous contracts related to our decision to cease the execution of Flagship ONE. Other provisionsOther provisions comprise primarily: \u00b7 offshore partnership provisions, including warranty obligations \u00b7 obligations in relation to the divestment of our oil and gas business in 2017 \u00b7 provision for severance cost related to organisational rightsizing\u00b7 other contractual obligations.Contingent liabilitiesLiability to pay compensation In case of any environmental accidents or other types of damage caused by our gas and oil trans-port, the companies \u00d8rsted Salg & Service A/S and Danish Oil Pipe A/S are liable to pay compensation according to legislation. This also applies if there is no proof of negligence (strict liability). We have taken out insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations. LitigationWe are on an ongoing basis party to court and arbitra-tion cases, some of which are subject to confidentiality. To the extent possible, we have mentioned some of the most significant cases below.The Bureau of Ocean Energy Management (BOEM) has in August 2025 issued a stop-work order and in December 2025 a lease suspension order to Revolution Wind, LLC. The lease suspension order is based on classified national security information. Revolution Wind, LLC challenged both orders in federal court, and preliminary injunctions were granted against both orders. BOEM can still appeal the latest preliminary injunction, and the legal case over both orders will continue notwithstanding the preliminary injunctions, but Revolution Wind, LLC can continue the construction work while the lawsuit progresses, assuming the preliminary injunctions remain in effect.BOEM also issued a lease suspension order to Sunrise Wind LLC in December 2025, again based on classified national security information. Sunrise Wind LLC chal-lenged the order in federal court and a preliminary injunction was granted against the order. The Bureau of Ocean Energy Management (BOEM) can still appeal the preliminary injunction, and the legal case over the order will continue notwithstanding the preliminary injunctions, but Sunrise Wind LLC can resume the con-struction while the lawsuit progresses, assuming the preliminary injunctions remain in effect.We have been party to cases relating to the Danish com-petition authorities\u2019 claim that the former Elsam A/S and Elsam Kraft A/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Western Danish wholesale power market in the period 1 July 2003 to 31 December 2006. These cases have been resolved in \u00d8rsted\u2019s favour. However, the cases with the Danish competition authorities led to claims for damages from certain energy trading companies, some of their customers, and other parties, which remain pending. The largest claim was filed in 2007 with the Maritime and Commer-cial Court in Copenhagen, amounting to approximately DKK 4.4 billion, plus litigation interest, on behalf of about 1,100 claimants. Judgments in six cases selected as representative of all claims are expected in the summer 2026. These judgements can be appealed.\u00d8rsted is party to proceedings before the UK Supreme Court concerning the UK tax authorities\u2019 denial of tax depreciation on certain development expenditure incurred by four UK offshore wind farm companies. The most recent court decision was in \u00d8rsted\u2019s favour. Our view, which is supported by our lawyers and King\u2019s Counsel, is that the Supreme Court, which is the final court, will not rule substantially differently.\u00d8rsted is involved in ongoing transfer pricing disputes. For further information, we refer to section 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to consents, permits, and licences granted by public authorities. We may be faced with a claim for acceptance of any transfer, possibly with additional terms and conditions, if the Danish state holds less than 50 % of the share capital or voting rights in \u00d8rsted A/S.Accounting policiesProvisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of a past event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at the present value of the expected future decommissioning liability as of the balance sheet date. The present value of the provision, together with any changes in estimates, is recognised as part of the cost of property, plant, and equipment and depreciated with the asso-ciated asset. Any interest that builds up on discounted provisions is recorded in the income statement as a financial expense.For onerous contracts, a provision is made when the expected income to be derived from a contract is lower than the unavoidable cost of meeting our obligations under the contract. We record a provision if we emit more carbon than the allowances we have.Key accounting estimatesAssumptions for provisionsWe continually assess our provisions recognised to cover contractual obligations and claims raised against \u00d8rsted. Assumptions regarding timing, probabilities, amounts, and other relevant factors that affect our provision estimates are updated quarterly to reflect our latest expectations.Estimates of provisions are e.g. based on our expectations of:\u00b7 timing and scope of obligation\u00b7 future cost level\u00b7 contractual terms and obligations\u00b7 negotiations with subcontractors and contractual partners\u00b7 legal assessment. If material, non-current provisions are discounted using either the structural risk-free interest rate or the incremental borrowing rate. The structural risk-free interest rate is used for decommissioning liabilities and onerous contracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and inflation premium for other risks. Separate struc-tural risk-free interest rates are calculated for the UK, the rest of Europe, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature.",
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"value": " Provisions and contingent liabilities2025 2024ProvisionsDecommissioningOnerous OtherDecommissioningOnerous OtherDKKmobligationscontractsprovisions To talobligationscontractsprovisions To talProvisions at 1 January 13,844 2,674 4,017 20,535 12,977 15,654 4,232 32,863Exchange rate adjustments (585) (150) (64) (799) 382 214 12 608Used during the year (110) (1,582) (429) (2,121) (34) (8,074) (1,036) (9,144)Provisions reversed during the year (28) (1,234) (178) (1,440) (88) (7,663) (260) (8,011)Provisions made during the year 996 1,569 1,124 3,689 504 2,531 1,070 4,105Disposals (358) - - (358) (86) - - (86)Divestment of enterprises (14) - (463) (477) (7) - (1) (8)Change in estimates 271 - - 271 (125) - - (125)Transfer to assets classified as held for sale (114) - (1) (115) - - - -Interest element of provisions 600 25 - 625 321 12 - 333Total provisions at 31 December 14,502 1,302 4,006 19,810 13,844 2,674 4,017 20,535Falling due as followsIn 0-1 year 390 390 778 1,558 344 2,031 425 2,800In 1-5 years 968 209 2,848 4,025 634 266 3,282 4,182After 5 years 13,144 703 380 14,227 12,866 377 310 13,553Decommissioning obligations by segmentDKKm 0-5 years 5-10 years 10-20 years After 20 years 2025 2024Offshore 879 1,565 4,937 2,354 9,735 9,347Onshore - - 63 1,970 2,033 2,293Bioenergy & Other 479 132 1,814 309 2,734 2,204To tal 1,358 1,697 6,814 4,633 14,502 13,844Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to the decommissioning and disposal of our offshore wind farms, onshore wind farms, solar PV farms, battery storage facilities, the restoration of seabeds, the decommissioning of CHP plants, the Nybro Gas Treatment Plant, and oil and gas pipes.When we construct offshore wind farms in cooper-ation with partners, they are liable for their share of the decommissioning costs. Therefore, we have only included the decommissioning obligations associated with our ownership interest in the offshore wind farms. We provide guarantees towards authorities to cover the decommissioning obligations. Either \u00d8rsted provides a guarantee towards the authorities for the full decommissioning obligation, and the JV partner provides a countersecurity to \u00d8rsted for their pro-portional share, or \u00d8rsted and the JV partner provide separate securities towards the authorities.Onerous contractsAt the end of 2025, \u2018Onerous contracts\u2019 primarily related to operations and maintenance contracts for offshore transmission assets in the UK. \u2018Used during the year\u2019 primarily related to payments to fulfilling and cancelling contracts for the Hornsea 4 project.\u2018Provisions reversed during the year\u2019 primarily related to Ocean Wind 1, where we have finalised the negotiation of several contracts with a better outcome than assumed.\u2018Provisions made during the year\u2019 primarily related to our Hornsea 4 project, which we decided to discon-tinue in its current form (DKK 1.1 billion).In 2024, \u2018Onerous contracts\u2019 primarily related to ceas-ing the development of Ocean Wind 1 (DKK 1.6 billion) as well as onerous contracts related to our decision to cease the execution of Flagship ONE. Other provisionsOther provisions comprise primarily: \u00b7 offshore partnership provisions, including warranty obligations \u00b7 obligations in relation to the divestment of our oil and gas business in 2017 \u00b7 provision for severance cost related to organisational rightsizing\u00b7 other contractual obligations.",
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"value": "Provisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of a past event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at the present value of the expected future decommissioning liability as of the balance sheet date. The present value of the provision, together with any changes in estimates, is recognised as part of the cost of property, plant, and equipment and depreciated with the asso-ciated asset. Any interest that builds up on discounted provisions is recorded in the income statement as a financial expense.",
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"value": "Provisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of a past event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at the present value of the expected future decommissioning liability as of the balance sheet date. The present value of the provision, together with any changes in estimates, is recognised as part of the cost of property, plant, and equipment and depreciated with the asso-ciated asset. Any interest that builds up on discounted provisions is recorded in the income statement as a financial expense.For onerous contracts, a provision is made when the expected income to be derived from a contract is lower than the unavoidable cost of meeting our obligations under the contract. We record a provision if we emit more carbon than the allowances we have.",
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"value": "Note 3.10Non-controlling interestsBrookfield partnership, the UKOONA Energy Partners, the USOffshore 1Onshore 2Other 3Non-controlling interests 4DKKm2025 2024 2025 2024 2025 2024Statement of comprehensive incomeRevenue 5,943 8,733 432 418 2,325 2,241EBITDA 3,908 6,694 982 935 1,312 1,247Profit (loss) for the year 1,185 1,799 378 226 361 403Total comprehensive income 26 1,817 135 514 188 573Profit (loss) for the year attributable to non-controlling interests 295 - 302 181 128 191Balance sheetNon-current assets 19,440 22,919 8,547 9,878 4,098 4,782Current assets 2,656 4,572 450 415 1,104 1,008Non-current liabilities 2,014 1,677 4,294 5,250 1,691 1,581Current liabilities 2,430 1,205 1,757 1,920 317 526Carrying amount of non-controlling interests 4,395 6,128 2,357 2,498 1,515 1,765Statement of cash flowsCash flows from operating activities 5,000 4,982 229 121 999 950Cash flows from investing activities 2,099 6,903 3 (60) (360) (175)Cash flows from financing activities (6,826) (12,011) (347) (20) (657) (821)\u2013 of which, dividends paid to non-controlling interests (1,682) - (160) - (169) (369)Transactions with non-controlling interestsDKKm 2025 2024Transactions with non-controlling interestsDividends paid to non-controlling interests (2,011) (369)Acquisition of non-controlling interests - -Divestment of equity investments to non-controlling interests - 10,347Other capital transactions with non-controlling interests (44) (115)Total transactions, cf. statement of cash flows (2,055) 9,863Divestment of equity investments to non-controlling interestsChanges in receivables relating to the acquisition and divestment of non-controlling interests - 10,347Cash selling price, total - 10,347In the table, we provide financial information for subsidiaries with significant non-controlling interests. The amounts stated are the consolidated accounting figures of the individual enterprises or groups, determined according to our accounting policies. Amounts are stated before intra-group eliminations.1 In 2024, we divested a 24.9 % equity stake of our 50 % share (equivalent to a 12.45 % share) in four UK offshore assets: Hornsea 1, Hornsea 2, Burbo Bank Extension, and Walney Extension, each represented by an individual holding company taking in Brookfield as non-controlling owner. We retain a 37.55 % equity ownership stake in these wind farms.2 In 2024, we divested an 80 % equity stake in four of our US onshore assets: Ford Ridge Wind, Sunflower Wind, Helena Wind, and Western Trail Wind to Stonepeak. We retain a 20 % equity ownership stake.3 Primarily related to UK assets: Walney and Gunfleet Sands. 4 A complete list of all non-controlling interests, their company legal names, and country of registration can be found here: orsted.com/company-overviewAccounting policiesTransactions with non-controlling interests are accounted for as transactions with the shareholder base. Gains and losses on the divestment of equity investments to non-controlling interests are recognised in equity when the divestment does not result in a loss of control. See \u2018Consolidated statement of shareholders\u2019 equity\u2019 and note 5.2 \u2018Equity\u2019.For a description of our \u2018Key accounting judgements\u2019 on \u2018Consolidated method for partnerships\u2019, see note 2.6 \u2018Other operating income and expenses\u2019.",
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"value": "Transactions with non-controlling interests are accounted for as transactions with the shareholder base. Gains and losses on the divestment of equity investments to non-controlling interests are recognised in equity when the divestment does not result in a loss of control. See \u2018Consolidated statement of shareholders\u2019 equity\u2019 and note 5.2 \u2018Equity\u2019.For a description of our \u2018Key accounting judgements\u2019 on \u2018Consolidated method for partnerships\u2019, see note 2.6 \u2018Other operating income and expenses\u2019.",
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"value": "Note 3.11Assets classified as held for sale Assets classified as held for saleDKKm 2025 2024Intangible assets 418 -Property, plant, and equipment 9,237 -Investments in associates 497 -Deferred tax 45 -Inventories - -Trade receivables (5) -Other receivables 411 -Income tax 6 -Total assets classified as held for sale 10,609 -Deferred tax 798 -Provisions 115 -Lease liabilities 399 -Contract liabilities 6 -Trade payables 425 -Other payables 92 -Income tax 36 -Total liabilities relating to assets classified as held for sale 1,871 -Net assets classified as held for sale 8,738 -In late 2025, we advanced the sales process for our European onshore business, and we signed the divestment agreement in February 2026. The related assets and liabilities are classified as held for sale at 31 December 2025. This has resulted in an impairment loss of DKK 1.6 billion related to goodwill. See note 3.2 \u2018Impairments\u2019 for further details. Accounting policiesAssets classified as held for sale comprise assets and liabilities, which are highly probable to be recovered through a sale within 12 months rather than through continued use. Assets and liabilities classified as held for sale are measured at the carrying amount at the time of classification as \u2018held for sale\u2019 or at market value less selling costs, whichever is lower. The carrying amount is measured in accordance with the Group\u2019s accounting policies. No depreciation or amortisation is charged on intangible assets and prop er ty, plant, and equipment from the time of classification as \u2018held for sale\u2019.When we divest a share of an offshore wind farm, the retaining interest typically represents a joint operation. Since we retain a direct interest in the underlying assets and liabilities after the disposal, the assets and liabilities disposed off are not classified as held for sale.",
"dimensions": {
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Assets classified as held for sale comprise assets and liabilities, which are highly probable to be recovered through a sale within 12 months rather than through continued use. Assets and liabilities classified as held for sale are measured at the carrying amount at the time of classification as \u2018held for sale\u2019 or at market value less selling costs, whichever is lower. The carrying amount is measured in accordance with the Group\u2019s accounting policies. No depreciation or amortisation is charged on intangible assets and prop er ty, plant, and equipment from the time of classification as \u2018held for sale\u2019.When we divest a share of an offshore wind farm, the retaining interest typically represents a joint operation. Since we retain a direct interest in the underlying assets and liabilities after the disposal, the assets and liabilities disposed off are not classified as held for sale.",
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"value": "Assets classified as held for sale comprise assets and liabilities, which are highly probable to be recovered through a sale within 12 months rather than through continued use. Assets and liabilities classified as held for sale are measured at the carrying amount at the time of classification as \u2018held for sale\u2019 or at market value less selling costs, whichever is lower. The carrying amount is measured in accordance with the Group\u2019s accounting policies. No depreciation or amortisation is charged on intangible assets and prop er ty, plant, and equipment from the time of classification as \u2018held for sale\u2019.When we divest a share of an offshore wind farm, the retaining interest typically represents a joint operation. Since we retain a direct interest in the underlying assets and liabilities after the disposal, the assets and liabilities disposed off are not classified as held for sale.",
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"value": "Note 4.1Approach to taxesAt \u00d8rsted, we provide user-friendly and transparent information about our global tax positions.We are committed to paying the right amount of tax, at the right time, in the right place, and in accordance with the tax laws of the countries where we operate. We seek to comply not only with the letter of the law but also with the underlying tax policy intent.We believe that taxes are a core part of our corporate social responsibility.For more details on our approach to taxes, we refer to our tax policy, which can be found here: orsted.com/tax-policy.Transparency and sustainabilityWe believe that by providing user-friendly information about our tax positions, we contribute to promoting public trust in the corporate tax system.We continue to report our key tax figures with inspiration from the Global Reporting Initiative (GRI) 207: Tax standard when presenting our approach to and reporting of tax.The purpose of our transparency initiatives is to create certainty about our tax positions for our stakeholders, such as our investors and the local communities where we pay our taxes, and where we operate.Our tax reporting according to our transparency initiatives includes country-by-country key figures and total tax contribution figures, which can be found here: orsted.com/tax-transparency.In line with our tax policy, we engage constructively in national and international dialogue with govern-ments, business groups, and civil society to support the development of effective tax systems, legislation, and administration. We believe that by providing relevant and constructive input, we can contribute to an informed discussion on taxes and tax policy. The purpose of our engagement is to promote the development of tax legislation and practice that supports the green transformation while encouraging simplicity and clarity in tax rules to ensure they are accessible and easy to implement.During 2025, we have provided our responses to a public consultation in the United Kingdom, we have engaged in dialogue with the Danish Ministry of Taxation, and we have been part of a consultation process with the tax authorities on Isle of Man. To promote responsible tax practices, we are continuously engaging with B Team, Fair Tax Foundation, and CSR Europe.Pillar 2 \u2013 minimum effective tax rate of 15 %In December 2021, OECD released the Pillar 2 model rules which aim to ensure a minimum effective tax rate of 15 % in all countries where a multinational enterprise operates. The rules have now been implemented in most of the countries where we operate. Generally, the local statutory tax rate is above 15 % in the countries where we are present, which means that no additional Pillar 2 tax will be payable. Based on our analyses, we expect very limited, if any, additional tax payments as a result of the Pillar 2 rules.Tax governanceTaxes are overseen by the Board of Directors, and within the Board, the Chair of the Audit & Risk Committee is accountable for our tax policy. The responsibility for tax risk management lies with the CFO and is overseen by the Audit & Risk Committee. The day-to-day tax management is handled by a centralised global tax team.Our tax function is involved in the planning, implement-ation, and documentation of all significant business decisions and processes to ensure a coordinated assessment of all tax compliance and risks. The tax function also monitors and regularly updates tax risks and related controls.Complying with tax rules can be complex, as the inter-pretation of legislation and case law may not always be clear-cut and may change over time, giving rise to tax risks. Our tax governance and control framework ensures appropriate processes and organisational structures to identify, assess, monitor, and manage tax risks at different levels of the Group. We manage our tax risks by seeking to prevent disputes, which we strive to achieve through strong technical positions, thorough documentation and explanations of our positions and robust compliance procedures, and by engaging in up-front dialogues with tax authorities.We define a tax risk as related to \u00d8rsted\u2019s tax affairs with a main focus on any adverse impact on \u00d8rsted\u2019s current or future tax position relating to our day-to-day operations in the form of non-compliance, financial statement errors or misstatement, cash liability inclu-ding interests and penalties, reputational damage, We endorse the B Team Responsible Tax Principles. The B Team is a group of business leaders working to create new norms of corporate leadership that can build a better world, grounded in sustainability, equality, and accountability for companies, communities, and future generations.The Fair Tax Mark accreditation scheme seeks to encourage and recognise businesses that pay the right amount of corporation tax at the right time and in the right place. We seek to pay tax responsibly and transparently and are proud to have qualified for the Fair Tax Mark since 2022 with annual re-accreditation.or license to operate. We continuously update our tax governance and control framework to ensure that we are aligned with business objectives and stakeholder expectations.We have a standardised review process in place, and our controls are continuously reviewed, assessed, and, where applicable, substituted by automated processes. Tax decisions in relation to matters which are subject to approval by the Group Executive Team or the Board of Directors are pre-approved by the Head of Tax.Our tax risk management work includes considering uncertain tax positions, e.g. positions where the inter-pretation of tax rules may reasonably be questioned. Uncertainty can arise from misalignment between statutory wording and stated policy intent or from inconsistent, evolving, or divergent application by tax authorities and courts in the countries where we operate.Occasionally, a multinational enterprise like \u00d8rsted faces potential double taxation. This occurs when two or more tax jurisdictions seek to tax the same business income. We believe that profit should only be taxed once and where the value is created, in line with the position of the OECD.In response to the tax risks connected to our activities, including the controversies described in this section, we have made tax-related provisions in accordance with IAS 12, IAS 37, and relevant interpretation, such as IFRIC 23. The provisions have been calculated based on differences in tax rates and statistical risks of suffering economic or legal double taxation.Tax planning and use of tax incentivesTo remain competitive, we make use of incentives and tax relief implemented by governments where we have commercial substance, and our business activi-ties are the intended beneficiaries of such incentives and relief. We only use business structures that are driven by commercial considerations and aligned with our business activities. We do not use so-called secrecy jurisdictions or tax havens to avoid taxes. If we establish an entity in a low or nil-rate jurisdiction, it will be for substantive and commercial reasons.Tax controversiesDuring 2025, no further enquires have been opened by the Danish Tax Agency regarding development services in relation to non-Danish wind farms.To date, \u00d8rsted Wind Power A/S has received final administrative decisions from the Danish Tax Agency in relation to the development services for the offshore wind farms Hornsea 1, Walney Extension, Race Bank, Borssele 1 & 2, and Hornsea 2. We have also received a draft assessment in relation to the development services provided for the offshore wind farms Greater Changhua 1 and 2a. In all its decisions and draft assessments, the Danish Tax Agency claims that \u00d8rsted Wind Power A/S has not acted at arm\u2019s length terms when charging fees for development services provided to the project companies. The Danish Tax Agency claims that the full value of expected future cash flows related to the offshore wind farms should be taxed in Denmark.Up until 31 December 2025, the Danish Tax Agency has increased \u00d8rsted Wind Power A/S\u2019s tax payments to Denmark by DKK 10.8 billion for the income years 2015-2018. If the draft assessment related to the income year 2019 is upheld in the final administrative decision, the Danish Tax Agency would increase \u00d8rsted Wind Power A/S\u2019s tax payments to Denmark by a further DKK 3.2 billion. The total amounts are detailed per wind farm in the table below.If the Danish Tax Agency\u2019s position prevails, the table illustrates both the payable tax to Denmark per wind farm, the estimated interest up to 31 December 2025, and the expected corresponding adjustments. The Danish tax, plus interests, would be payable upfront, and the corresponding adjustments would crystalise over the remaining lifetimes of the wind farms.As described in our key accounting estimates in note 4.2 'Tax on profit (loss) for the year', we have made provisions for uncertain tax positions according to IFRIC 23. In relation to these transfer pricing disputes, we have applied a weighted average of several different scenarios, where the base case is that we win the cases, along with a number of scenarios that include different adjustments resulting in increased tax payable to Denmark. The scenarios with additional tax payable to Denmark assume corresponding adjustments.Decisions and draft assessments made by the Danish Tax AgencyWalney Borssele Greater Greater DKKmExtension Hornsea 1 Race Bank1 & 2 Hornsea 2Changhua 1Changhua 2a Tota lPotential additional Danish tax payment excluding any interest (2,949) (2,337) (2,488) (1,088) (1,950) (2,131) (1,039) (13,982)Estimated interests on additional Danish tax payment until 31 December 2025 (2,803) (2,222) (2,628) (932) (1,361) (1,303) (635) (11,884)Tax value of potential receivable corresponding adjustment 2,651 2,294 2,236 1,180 1,681 1,860 907 12,8092nd half 2nd half Likely timing of settlement of potential tax in Denmark, if the Danish Tax Agency prevailsof 2026of 2026 TBD 1TBD 1TBD 1TBD 1TBD 11 Timing of settlement is likely to follow the same process and timeline as for Walney Extension and Hornsea 1.Tax controversies timelineTax controversies related to the development services provided from Danish entities to our pro-jects outside of Denmark take multiple years to settle. The dis-pute concerning Hornsea 1 and Walney Extension has currently been ongoing for more than ten years from application for an advanced pricing agreement, which failed when the Danish Tax Agency chose to terminate negotiations with the British tax authorities (HMRC) and instead initiated an audit. The next step is for the cases to be settled in arbitration, which we currently expect to happen during 2026 due to delays in the arbitration process. Above, we have summarised the timeline for Hornsea 1 and Walney Extension. Also, we have included a status of the other projects where a transfer pricing case has started.Race BankWe have appealed the adminis-trative decision to the Danish Tax Tribunal and submitted a MAP application in November 2024. We continue to consider our fur-ther options in light of the ongo-ing arbitration case regarding Hornsea 1 and Walney Extension, including an elaborated appeal to the Danish Tax Tribunal, a direct appeal to the court system, or the pursuit of a MAP under the double tax treaty between Denmark and the UK.Borssele 1 & 2We have appealed the adminis-trative decision to the Danish Tax Tribunal. We continue to consider our further options, including an elaborated appeal to the Danish Tax Tribunal, a direct appeal to the court system, or a request for a MAP under the double tax treaty between Denmark, the Netherlands, and the EU Arbitra-tion Convention.Hornsea 2We have appealed the adminis-trative decision to the Danish Tax Tribunal, who put the case on hold until the arbitration case regarding Hornsea 1 and Walney Extension has been solved. We continue to consider our further options, including an elaborated appeal to the Danish Tax Tribunal, a direct appeal to the court sys-tem, or a request for a MAP under the double tax treaty between Denmark and the UK.Greater Changhua 1 and 2aThe Danish Tax Agency issued a preliminary assessment in April 2025. Due to the arbitration case related to Hornsea 1 and Walney Extension, we have asked for, and received, an extension of the deadline for providing our comments to the preliminary assessment until 1 June 2026. If we are to receive a final adminis-trative decision, we currently expect this to happen before 1 September 2026. We expect to be granted a further exten-sion to reflect the delay in the arbitration process.Closed auditsThe Danish Tax Agency has closed the audits of Burbo Bank Extension and Borkum Riffgrund 2 without adjustments.Note 4.2Tax on profit (loss) for the year2025 2024Effective tax rate DKKm, %DKK million % DKK million %Tax on profit (loss) for the year can be explained as follows:Calculated 22 % tax on profit (loss) before tax (1,317) 22 (573) 22Adjustments of calculated tax in foreign subsidiaries in relation to 22 % (122) 2 (257) 10Tax effect of:Non-taxable income and non-deductible costs, net (245) 4 202 (8)Unrecognised tax assets (581) 10 (858) 33Tax equity contributions (18) - (1,013) 39Movements in uncertain tax positions (299) 5 (31) 1Changes in tax rates (63) 1 178 (7)Adjustment of tax concerning previous years (178) 3 (238) 9Effective tax for the year (2,823) 47 (2,590) 99Income tax Tax on profit (loss) was DKK 2,823 million in 2025 against DKK 2,590 million in 2024. The effective tax rate was 47 % in 2025 against 99 % in 2024.The effective tax rate in 2025 was primarily affected by:\u00b7 the non-recognition of deferred tax liabilities in connection with the reversal of the Ocean Wind 1 and FlagshipOne cancellations fees \u00b7 the non-recognition of a deferred tax asset in connection with the cancellation of Hornsea 4 in its current form \u00b7 the non-recognition of deferred tax liabilities in connection with the net reversal of impairment of projects in the US \u00b7 the non-recognition of deferred tax assets in connection with the impairment of Hornsea 4 and Onshore Europe\u00b7 the non-deductible loss in connection with the divestment of the offshore wind farm Hornsea 3\u00b7 the non-taxable gains in connection with the divestments of the offshore wind farm West of Duddon Sands, the combined solar and storage facility of Eleven mile, and the solar farm Sparta\u00b7 changes in tax rates related to state tax rates in the US\u00b7 adjustment of tax concerning previous years, primarily related to expensed withholding where credit is not possible in Denmark.The effective tax rate in 2024 was primarily affected by the non-recognition of a deferred tax liability in connection with the reversal of the Ocean Wind 1 cancellation fee, the non-recognition of deferred tax assets in connection with the cancellation of FlagshipONE, the non-recognition of deferred tax assets in connection with the impairment of FlagshipONE and projects in the US, the recognition of deferred tax liabilities in connection with the capitalisation of project costs in the US where we had entered into tax equity agreements on the combined solar and storage facility of Eleven Mile and the solar farms Mockingbird and Sparta Solar.Accounting policiesTax for the year consists of current tax, changes in deferred tax, and adjustments in respect of previous years. Tax on profit (loss) for the year is recognised in the income statement. Tax relating to other items is recognised in other comprehen-sive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to better predict the resolution of the uncertainty:\u00b7 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u00b7 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recognised under \u2018Income tax\u2019 or \u2018Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.See more regarding our tax equity partner-ships in notes 3.8 \u2018Tax equity liabilities\u2019 and 4.3 \u2018Deferred tax\u2019.Income taxDKKm 2025 2024Tax on profit (loss) for the year (2,823) (2,590)Tax on other comprehensive income (656) 407Tax on cash flow hedging of property, plant, and equipment under construction (43) 40Tax related to rights issue 135 -Tax on hybrid capital related to equity - 9Total tax for the year (3,387) (2,134)Tax on profit (loss) for the year can be broken down as follows:Current tax (3,827) (5,990)Deferred tax 1,406 4,355Changes in tax rates (63) 178Uncertain tax positions (299) (31)Tax on hybrid capital 156 149Tax equity (18) (1,013)Adjustment of tax concerning previous years (178) (238)Tax on profit (loss) for the year (2,823) (2,590)Tax on other comprehensive income can be broken down as follows:Current tax (604) 1,104Deferred tax 40 (657)Tax on other comprehensive income (564) 447Tax on profit (loss) for the year and other comprehensive incomeIn 2025, total tax for the year was DKK 3,387 million, consisting of tax on profit (loss) for the year, tax on other comprehensive income, and tax on cash flow hedging of property, plant, and equipment under construction.Current taxCurrent tax is the tax incurred by \u00d8rsted on profit for the year. This differs from taxes paid because of pay-ments or refunds regarding prior years and residual payments for the current year.Because of the high level of investments and the subsequent deferrals of payable tax as a consequence of accelerated tax depreciation, our current tax is generally lower than the statutory corporate tax rates during construction and the initial years after first power from a wind farm.However, as we use the realisation principle on certain financial instruments and exchange rate adjustments on bonds, losses on these are deferred.Pillar 2We expect very limited, if any, additional tax cost as a result of the Pillar 2 rules.Key accounting estimatesRecognition of income taxesWe are subject to income taxes in all the coun-tries where we operate. Significant judgements and estimates are required in determining the worldwide income taxes and income tax assets and liabilities, including provisions for uncertain tax positions.While conducting business around the world, tax and transfer pricing disputes with tax authorities may occur due to the complex nature of the tax rules related to the business. Judgement is applied to assess the possible outcome of such disputes. We apply the methods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treat-ments\u2019 when making provisions for uncertain tax positions, and the provisions made are based on different scenarios with possible outcomes. We consider the provisions made to be ade-quate. The actual obligation may deviate and might lead to tax in excess of the uncertain tax provisions included. This depends on the result of litigations and settlements with the relevant tax authorities. Ongoing tax disputes, primarily related to transfer pricing cases, are included as part of \u2018Income tax\u2019 and \u2018Deferred tax\u2019. Estimates in respect of transfer pricing cases depend, among others, on whether corresponding adjustments can be obtained in the relevant jurisdictions, and, in terms of disputes regarding project compa-nies with partners, whether compensation can be obtained from these partners. Any expected compensation from partners is included as part of \u2018Other receivables\u2019.Note 4.4Our tax footprintOur tax footprint is an effect of how and where we conduct our business.Local corporate taxes paidWe are continuously making significant investments in offshore wind farms in the UK, Germany, the Netherlands, the US, Taiwan, and Poland (see also our global footprint in the \u2018Management\u2019s review\u2019), resulting in the accumulation of large tax assets in recent years and a deferral in paid tax until our assets are commissioned and put into operation. Once the deferral ends, the taxable income related to our assets will exceed the accounting profit.For this reason, the applicable corporate tax rate and the cash tax paid will always differ, but accumulated over the lifetime of the wind farm, they will generally be similar.Compared to a few years ago, we have an accelerated volume of assets being commissioned and put into operation, and positive taxable income is generated. Even in jurisdictions with large tax loss carry forwards, the application of tax loss carryforward limitation rules, e.g. where a minimum share of any positive taxable income will always be taxed as well as limitations in joint taxation, may result in payable taxes.The US is the exception to this development in corporate taxes, due to the tax equity set-up in the US and the significant amount of tax assets not recognised in connection with the termination of the Ocean Wind 1 project. The funding in the US is carried out applying the US tax equity set-up, which effectively means that tax attributes are transferred to the tax equity partner as repayment and return on investment. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.More information regarding our tax footprint can be found here: orsted.com/tax-transparency.",
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"value": "Tax for the year consists of current tax, changes in deferred tax, and adjustments in respect of previous years. Tax on profit (loss) for the year is recognised in the income statement. Tax relating to other items is recognised in other comprehen-sive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to better predict the resolution of the uncertainty:\u00b7 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u00b7 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recognised under \u2018Income tax\u2019 or \u2018Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.",
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"value": "Note 4.3Deferred taxBioenergyOther activities/ Net deferred tax for 2025 primarily consists of Offshore Onshore& Othereliminations AssetsRecognition of impairments and tax loss carryforwardsFinancial instrumentsLiabilitiesTax equity structuresAccelerated tax depreciation compared to accounting depreciationDeferred tax 2025BioenergyOther activities/ Deferred tax DKKm Offshore Onshore& Othereliminations at 31 DecemberDeferred tax, assets 10,635 14 918 (2,020) 9,547Deferred tax, liabilities 971 3,702 146 (2,850) 1,969Unrecognised tax assets 10,552 251 766 - 11,569Deferred tax 2024DKKmDeferred tax, assets 9,935 44 792 (1,521) 9,250Deferred tax, liabilities - 4,396 193 (2,156) 2,433Unrecognised tax assets 11,374 426 833 385 13,018The table shows the reconciliation of deferred tax to the balance sheet by segment. The unrecognised tax asset is primarily due to ring-fenced tax losses and other losses not meeting the criteria for recognition under IAS 12. These primarily relate to losses in connection with the termination of the Ocean Wind 1 project. There is no expiry of our unrecognised tax assets. No provision for withholding tax on dividends has been included as the amounts where a concrete dividend distribution is planned are considered immaterial in 2025. \u2018Other activities/eliminations\u2019 primarily consist of eliminations between segments.Significant movements in deferred tax assets and liabilitiesAssets\u2191 Impairment of assets in the US. \u2193 Net movement of financial instruments. \u2193 Derecognition and utilisation of tax loss carryforwards.Liabilities\u2193 Assets classified as held for sale. \u2193 Adjustments related to our tax equity liabilities in the US.Deferred tax Deferred tax Development in deferred tax assets balances at balances at and liabilities, 20251 January, 31 December, DKKmnet Movementsnet Assets LiabilitiesIntangible assets (1) (84) (85) 15 100Property, plant, and equipment (1,338) 1,256 (82) 4,318 4,400Other non-current assets (28) 9 (19) 1 20Current assets 8 (8) - 1 1Decommissioning obligations 2,397 (8) 2,389 2,389 -Other non-current liabilities 1,494 131 1,625 1,635 10Current liabilities 87 210 297 297 -Tax loss carryforwards 4,198 (745) 3,453 3,453 -Offset (2,562) (2,562)To tal 6,817 761 7,578 9,547 1,969Development in deferred tax assets and liabilities, 2024DKKmIntangible assets (188) 187 (1) 16 17Property, plant, and equipment (1,649) 311 (1,338) 5,135 6,473Other non-current assets (302) 274 (28) - 28Current assets (1) 9 8 8 -Decommissioning obligations 2,206 191 2,397 2,544 147Other non-current liabilities 381 1,113 1,494 1,734 240Current liabilities (369) 456 87 87 -Tax loss carryforwards 4,675 (477) 4,198 4,198 -Offset (4,472) (4,472)To tal 4,753 2,064 6,817 9,250 2,433The difference in tax and accounting treatment on:\u00b7 provisions, decommissioning, impairment, depreciations, and our tax equity partnerships impact the development of the deferred tax balance on property, plant, and equipment\u00b7 financial instruments and exchange rate adjustments impact the development in non-current liabilities.Excluded in the above are net deferred tax liabilities of DKK 753 million included in assets classified as held for sale as of 31 December 2025. See also note 3.11 \u2018Assets classified as held for sale\u2019.Accounting policiesDeferred tax liabilites are recognised in respect of all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of temporary differences relating to: \u00b7 the acquisition of joint operations, including licence interests\u00b7 other items where differences arise at the time of acquisition, affecting neither the profit (loss) for the year nor the taxable income. However, this does not include differences arising in connection with company acquisitions, except for right-of-use assets, lease liabilities, decommissioning, restoration, and similar liabilities where the corresponding amounts are recognised as part of the costs of the related assets.Differences arising in connection with company acquisitions are recognised.Deferred tax is measured depending on how we plan to use the assets and settle the liabilities. We offset tax assets and liabilities when the tax assets can be offset against tax liabilities in the year in which the deferred tax assets are expected to be used. Intragroup gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibil-ity is feasible, the deferred tax is included in the gross amount on a company-by-company level.We recognise tax loss carryforwards in jurisdictions with a history of losses only when our forecast model provides convincing evidence of future profitability.Adjustments to unrecognised tax assets are recog-nised in profit (loss) or other comprehensive income, depending on the underlying source of the adjustment.Deferred tax is measured based on the expected tax rules and rates applying when the deferred tax becomes current tax. Changes in deferred tax because of changes in tax rates are recognised in profit (loss) for the year. Deferred tax (net liabilities) related to tax equity structures are recognised as a tax expense in the income statement when the tax equity partnership agreement is effective. The liability recognised is the amount that we expect to take over once the contribution from the equity partner is repaid, and the tax equity structure flips.We have adopted the narrow-scope amendments to IAS 12 \u2018Income taxes\u2019, which provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar 2 model rules.US tax equity partnershipsWe have entered into several tax equity partnership agreements in the US. The expected value of the deferred tax liability related to property, plant, and equipment at the flip date in the tax equity partnership agreement is included in our accounts when the tax equity partner-ship agreement is effective. The deferred tax liability from existing tax equity partnerships will gradually be reduced based on accounting depreciation after the flip date. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.",
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"value": "Deferred tax liabilites are recognised in respect of all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of temporary differences relating to: \u00b7 the acquisition of joint operations, including licence interests\u00b7 other items where differences arise at the time of acquisition, affecting neither the profit (loss) for the year nor the taxable income. However, this does not include differences arising in connection with company acquisitions, except for right-of-use assets, lease liabilities, decommissioning, restoration, and similar liabilities where the corresponding amounts are recognised as part of the costs of the related assets.Differences arising in connection with company acquisitions are recognised.Deferred tax is measured depending on how we plan to use the assets and settle the liabilities. We offset tax assets and liabilities when the tax assets can be offset against tax liabilities in the year in which the deferred tax assets are expected to be used. Intragroup gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibil-ity is feasible, the deferred tax is included in the gross amount on a company-by-company level.We recognise tax loss carryforwards in jurisdictions with a history of losses only when our forecast model provides convincing evidence of future profitability.Adjustments to unrecognised tax assets are recog-nised in profit (loss) or other comprehensive income, depending on the underlying source of the adjustment.Deferred tax is measured based on the expected tax rules and rates applying when the deferred tax becomes current tax. Changes in deferred tax because of changes in tax rates are recognised in profit (loss) for the year. Deferred tax (net liabilities) related to tax equity structures are recognised as a tax expense in the income statement when the tax equity partnership agreement is effective. The liability recognised is the amount that we expect to take over once the contribution from the equity partner is repaid, and the tax equity structure flips.We have adopted the narrow-scope amendments to IAS 12 \u2018Income taxes\u2019, which provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar 2 model rules.US tax equity partnershipsWe have entered into several tax equity partnership agreements in the US. The expected value of the deferred tax liability related to property, plant, and equipment at the flip date in the tax equity partnership agreement is included in our accounts when the tax equity partner-ship agreement is effective. The deferred tax liability from existing tax equity partnerships will gradually be reduced based on accounting depreciation after the flip date. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.",
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"value": "Note 5Capital structureA solid capital structure is important to ensure we have the ability to raise new debt on attractive terms. A sig-nificant part of our key strategic priorities has been the strengthening of the capital structure. In October, we raised DKK 60 billion by issuing new shares. The com-pletion of the rights issue supports our target of a solid investment-grade credit rating, and it has reinforced our ability to realise the full value potential of our existing portfolio and capture future value-creating offshore wind opportunities.In addition to the rights issue, we have made significant progress on our partnership and divestment programme during 2025, latest with the divestment of a 50 % stake in Hornsea 3. With this progress, we will reduce depend-ency on divestments of operational assets going for-ward and instead undertake a more value-accretive and flexible approach to partnerships and farm-downs.In July 2025, we secured approximately NTD 90 billion (DKK 20 billion) in project financing from 25 banks and 5 export credit agencies for our Greater Changhua 2 Offshore Wind Farm. During 2025, we have been downgraded to BBB- by Standard & Poors, Baa2 by Moody\u2019s, and BBB by Fitch. In addition, Standard & Poors and Moody\u2019s have changed their outlook to stable. If our ratings are downgraded by one notch, it will not have any material impact on \u00d8rsted\u2019s business activities.Capital structure A robust capital structure with a targeted solid invest-ment-grade credit rating is essential to \u00d8rsted\u2019s business model. This includes an FFO/adjusted interest- bearing net debt credit metric target above 30 %. We have significantly strengthened our capital structure with the completion of the rights issue in October 2025, amounting to DKK 60 billion in gross proceeds. Further, we will not pay dividends for the financial year 2025, but it is our target to reinstate dividends for the financial year 2026.Financing policyThe aim of our financing policy is to minimise liquidity and refinancing risks while minimising financing costs. We also seek to match the currency composition of our debt with our revenue. We obtain funding in different markets and with different maturities. Our debt is primarily raised in the parent company, where cash resources are made available to Group companies via an internal bank. However, approximately 15 % of our interest-bearing debt is raised in the subsidiaries mainly related to project financing of the Greater Changhua 2 Offshore Wind Farm in Taiwan. Cash management and liquidity reserveA group-wide cash management set-up ensures optimal allocation of cash in relation to our day-to-day operations and investment programme. We target a liquidity reserve that ensures adequate coverage of our use of liquidity on a rolling 12 months forward-looking basis to limit the company\u2019s sensitivity to unforeseen developments, including unrest in the financial markets and delays in our construction projects.Note 5.4Liquidity reserveCash and cash equivalents, securitiesDKKm 2025 2024Cash, cf. balance sheet 53,448 23,126Bank overdrafts that are part of the ongoing cash management - (2)Total cash and cash equivalents at 31 December, cf. statement of cash flows 53,448 23,124Cash can be specified as followsCash, cf. balance sheet 53,448 23,126Cash, not available for use 219 317Securities can be specified as followsSecurities, available 33,635 10,129Securities, not available for use 4,682 4,403Total securities at 31 December 38,317 14,532The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.Overview of securitiesDKKm Fixed rate Floating rate 2025 Fixed rate Floating rate 2024Maturities0-2 years 4,829 9,981 14,810 (376) 13,383 3,0072-5 years 2,555 16,275 18,830 710 4,734 5,444After 5 years 4,434 243 4,677 5,511 570 6,081Total carrying amount 11,818 26,499 38,317 5,845 8,687 14,532The table shows our securities split into maturities and fixed or floating interest rates. The overview includes the interest rate swaps used to manage the interest rate risk of the securities.1 For securities maturing within two years, the negative value of the interest rate swaps exceeds the value of the securities.Liquidity reserveOur liquidity reserve at 31 December 2025 amounted to DKK 130.9 billion (31 December 2024: DKK 78.0 billion), excluding non-cancellable credit facilities of DKK 8 billion, which mature in October 2026. Collateral and margin postingsWhen we trade derivatives to execute our hedging strategy, we can trade with daily settlement of the market value or with settlement at maturity.To reduce the risk of having to pay large amounts for negative market values, we actively manage the share of trading with daily settlement. As of 31 December 2025, 22 % (2024: 12 %) of our power and gas trades and 94 % (2024: 92 %) of our currency, inflation, and interest rate hedges were settled daily.Cash, cash equivalents, and securitiesSecurities are a key element in our liquidity reserve, and therefore, investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent, in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.\u2018Securities not available for use\u2019 comprises securities pledged as collateral for: \u00b7 short-term repo loans: DKK 4,111 million at 31 December 2025 (2024: DKK 4,011 million)\u00b7 insurance-related provisions: DKK 571 million at 31 December 2025 (2024: DKK 392 million).At 31 December 2025, we had received cash collateral in the amount of DKK 645 million (2024: DKK 70 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 196 million (2024: DKK 269 million)\u00b7 collateral for insurance-related provisions: DKK 23 million (2024: DKK 45 million)\u00b7 collateral for other transactions: none (2024: DKK 3 million).Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.Note 5.5Maturity analysis of financial liabilitiesMaturity analysis of financial liabilities 2025DKKm 2026 2027 2028-2029 After 2029 To talBank loans and issued bonds Notional amount 11,658 7,543 16,694 63,852 99,747 Interest payments 2,967 2,705 5,048 15,797 26,517Trade payables 19,764 - - - 19,764Lease liabilities 1,190 1,016 1,671 10,234 14,111Tax equity debt 202 217 476 1,037 1,932Other non-derivative payables 9,610 1,062 746 10,162 21,580Derivatives 2,468 1,829 2,082 4,077 10,456Liabilities relating to assets classified as held for sale 445 20 51 308 824Total payment obligations 48,304 14,392 26,768 105,467 194,931Maturity analysis of financial liabilities 2024DKKm 2025 2026 2027-2028 After 2028 To talBank loans and issued bonds Notional amount 4,260 10,122 9,543 64,225 88,150 Interest payments 2,611 2,604 4,731 13,931 23,877Trade payables 20,827 - - - 20,827Lease liabilities 1,163 975 1,787 11,903 15,828Tax equity debt 234 259 519 968 1,980Other non-derivative payables 3,222 1,871 1,206 11,498 17,797Derivatives 6,531 2,848 4,327 5,775 19,481Total payment obligations 38,848 18,679 22,113 108,300 187,940The Group\u2019s cash needs in respect of its financial loans and borrowings are shown in the table. The maturity analysis was determined on 31 December. The maturity analysis is based on undiscounted cash flows, including estimated interest payments. Interest payments are based on market conditions and interest rate hedging entered into as of 31 December. The maturity analysis does not include hybrid capital classified as equity. At 31 December 2025, we had issued hybrid capital with a notional amount totalling DKK 21,188 million due after 2029.",
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"value": "Note 5Capital structureA solid capital structure is important to ensure we have the ability to raise new debt on attractive terms. A sig-nificant part of our key strategic priorities has been the strengthening of the capital structure. In October, we raised DKK 60 billion by issuing new shares. The com-pletion of the rights issue supports our target of a solid investment-grade credit rating, and it has reinforced our ability to realise the full value potential of our existing portfolio and capture future value-creating offshore wind opportunities.In addition to the rights issue, we have made significant progress on our partnership and divestment programme during 2025, latest with the divestment of a 50 % stake in Hornsea 3. With this progress, we will reduce depend-ency on divestments of operational assets going for-ward and instead undertake a more value-accretive and flexible approach to partnerships and farm-downs.In July 2025, we secured approximately NTD 90 billion (DKK 20 billion) in project financing from 25 banks and 5 export credit agencies for our Greater Changhua 2 Offshore Wind Farm. During 2025, we have been downgraded to BBB- by Standard & Poors, Baa2 by Moody\u2019s, and BBB by Fitch. In addition, Standard & Poors and Moody\u2019s have changed their outlook to stable. If our ratings are downgraded by one notch, it will not have any material impact on \u00d8rsted\u2019s business activities.Capital structure A robust capital structure with a targeted solid invest-ment-grade credit rating is essential to \u00d8rsted\u2019s business model. This includes an FFO/adjusted interest- bearing net debt credit metric target above 30 %. We have significantly strengthened our capital structure with the completion of the rights issue in October 2025, amounting to DKK 60 billion in gross proceeds. Further, we will not pay dividends for the financial year 2025, but it is our target to reinstate dividends for the financial year 2026.Financing policyThe aim of our financing policy is to minimise liquidity and refinancing risks while minimising financing costs. We also seek to match the currency composition of our debt with our revenue. We obtain funding in different markets and with different maturities. Our debt is primarily raised in the parent company, where cash resources are made available to Group companies via an internal bank. However, approximately 15 % of our interest-bearing debt is raised in the subsidiaries mainly related to project financing of the Greater Changhua 2 Offshore Wind Farm in Taiwan. Cash management and liquidity reserveA group-wide cash management set-up ensures optimal allocation of cash in relation to our day-to-day operations and investment programme. We target a liquidity reserve that ensures adequate coverage of our use of liquidity on a rolling 12 months forward-looking basis to limit the company\u2019s sensitivity to unforeseen developments, including unrest in the financial markets and delays in our construction projects.",
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"value": "Interest-bearing debt and interest-bearing assetsDKKm 2025 2024Interest-bearing debtBond debt 70,320 72,028Bank debt 28,542 15,680Total bond and bank debt 98,862 87,708Tax equity liability (see note 3.8) 1,848 1,764Lease liability 8,995 8,910Other interest-bearing debtDebt in connection with divestments 2,979 3,234Debt from receiving collateral under credit support annexes 650 71Other interest-bearing debt 370 137Total interest-bearing debt 113,704 101,824Interest-bearing assetsSecurities 38,317 14,532Cash 53,448 23,126Receivables from associates and joint ventures 258 202Cash, not available for use 219 317Other interest-bearing receivablesReceivables from placing collateral under credit support annexes 1,803 4,873Receivables in connection with divestments 681 747Total interest-bearing assets 94,726 43,797Total interest-bearing net debt at 31 December 18,978 58,02750 % of hybrid capital 10,477 10,477Other interest-bearing debt, add back (3,999) (3,442)Other interest-bearing receivables, add back 2,484 5,620Cash and securities not available for distribution, excluding repo loans 791 710Total adjusted interest-bearing net debt 28,731 71,392Note 5.3Hybrid capitalHybrid bonds Green due in 3019 Green due in 3021 Green due in 3022 Green due in 3024 Green due in 3021Type Subordinated Subordinated Subordinated Subordinated SubordinatedCarrying amount DKK 4,416 million DKK 3,697 million DKK 3,692 million DKK 5,520 million DKK 3,630 millionFinancial classification Equity Equity Equity Equity EquityNotional amount EUR 600 million EUR 500 milllion EUR 500 milllion EUR 750 million GBP 425 million (DKK 4,481 million)(DKK 3,735 million) (DKK 3,735 million) (DKK 5,602 million)(DKK 3,635 million)Issued December 2019 February 2021 December 2022 March 2024 February 2021Maturing December 3019 February 3021 December 3022 March 3024 February 3021Quoted in Luxembourg Luxembourg Luxembourg Luxembourg LuxembourgFirst reset date 19 December 2027 18 February 2031 8 December 2028 14 December 2029 18 February 2033Coupon for the first Eight years fixed at 1.750 % p.a. Ten years fixed at 1.500 % p.a. Six years fixed at 5.250 % p.a. 5 years and 9 months fixed at 12 years fixed at 2.500 % p.a.5.125 % p.a.Coupon in subsequent period is +1.952 % points from 2027, +1.860 % points from 2031 and +2.619 % points from 2028, +2.590 % points from 2029, Adjusted every five years with adjusted every five years with +2.020 % points from 2032, and +2.610 % points from 2051+2.869 % points from 2033, and + 2.840 % points from 2034, and the five-year benchmark gilt the five-year euro swap+2.952 % points from 2047+3.619 % points from 2048+3.590 % points from 2049+2.136 % points from 2033 and +2.886 % points from 2053Deferral of interest payment Optional Optional Optional Optional Optional1 Callable at par.We have issued hybrid capital which is subordinate to our other creditors. The purpose of issuing hybrid capital is to strengthen our capital base and fund our investments. We have issued EUR hybrid bonds with a total nominal value of EUR 2,350 million and GBP 425 million, respectively, equivalent to DKK 21,188 million (2024: EUR 2,350 million and GBP 425 million, respectively, equivalent to DKK 21,358 million). For all our hybrid bonds, we have the right to defer coupon payments and ultimately decide not to pay them at maturity. Deferred coupon payments become payable, however, if we decide to pay dividends to our shareholders or pay coupon payments on other hybrid bonds. As a consequence of these terms, the hybrid bonds are classified as equity, and therefore coupon payments are recognised in equity.Accounting policiesHybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nominal value in 1,000 years. Coupon payments are accounted for as divi-dends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the differ-ence between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.Note 5.4Liquidity reserveCash and cash equivalents, securitiesDKKm 2025 2024Cash, cf. balance sheet 53,448 23,126Bank overdrafts that are part of the ongoing cash management - (2)Total cash and cash equivalents at 31 December, cf. statement of cash flows 53,448 23,124Cash can be specified as followsCash, cf. balance sheet 53,448 23,126Cash, not available for use 219 317Securities can be specified as followsSecurities, available 33,635 10,129Securities, not available for use 4,682 4,403Total securities at 31 December 38,317 14,532The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.Overview of securitiesDKKm Fixed rate Floating rate 2025 Fixed rate Floating rate 2024Maturities0-2 years 4,829 9,981 14,810 (376) 13,383 3,0072-5 years 2,555 16,275 18,830 710 4,734 5,444After 5 years 4,434 243 4,677 5,511 570 6,081Total carrying amount 11,818 26,499 38,317 5,845 8,687 14,532The table shows our securities split into maturities and fixed or floating interest rates. The overview includes the interest rate swaps used to manage the interest rate risk of the securities.1 For securities maturing within two years, the negative value of the interest rate swaps exceeds the value of the securities.Liquidity reserveOur liquidity reserve at 31 December 2025 amounted to DKK 130.9 billion (31 December 2024: DKK 78.0 billion), excluding non-cancellable credit facilities of DKK 8 billion, which mature in October 2026. Collateral and margin postingsWhen we trade derivatives to execute our hedging strategy, we can trade with daily settlement of the market value or with settlement at maturity.To reduce the risk of having to pay large amounts for negative market values, we actively manage the share of trading with daily settlement. As of 31 December 2025, 22 % (2024: 12 %) of our power and gas trades and 94 % (2024: 92 %) of our currency, inflation, and interest rate hedges were settled daily.Cash, cash equivalents, and securitiesSecurities are a key element in our liquidity reserve, and therefore, investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent, in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.\u2018Securities not available for use\u2019 comprises securities pledged as collateral for: \u00b7 short-term repo loans: DKK 4,111 million at 31 December 2025 (2024: DKK 4,011 million)\u00b7 insurance-related provisions: DKK 571 million at 31 December 2025 (2024: DKK 392 million).At 31 December 2025, we had received cash collateral in the amount of DKK 645 million (2024: DKK 70 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 196 million (2024: DKK 269 million)\u00b7 collateral for insurance-related provisions: DKK 23 million (2024: DKK 45 million)\u00b7 collateral for other transactions: none (2024: DKK 3 million).Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.Note 6.6Fair value measurementFair value hierarchy of financial instrumentsNon- Non- DKKmQuoted Observable observable Quoted Observable observable prices input input prices input input Assets(level 1)(level 2)(level 3) 2025(level 1)(level 2)(level 3) 2024Receivable from divestment of assets - - 3,943 3,943 - - - -Total other receivables - - 3,943 3,943 - - - -Gas inventory 1,634 - - 1,634 2,735 - - 2,735Total inventory 1,634 - - 1,634 2,735 - - 2,735Bonds - 38,317 - 38,317 - 14,532 - 14,532Total securities - 38,317 - 38,317 - 14,532 - 14,532Energy derivatives 1,169 638 836 2,643 2,943 559 1,243 4,745Currency derivatives - 1,831 - 1,831 - 361 - 361Interest and inflation derivatives - 401 - 401 - 471 - 471Total derivative assets 1,169 2,870 836 4,875 2,943 1,391 1,243 5,577LiabilitiesEnergy derivatives 912 481 5,570 6,963 2,784 752 6,399 9,935Currency derivatives - 641 - 641 - 2,506 - 2,506Interest and inflation derivatives - 2,181 - 2,181 - 3,269 - 3,269Commodity derivatives - 39 39 - 181 - 181Total derivative liabilities 912 3,342 5,570 9,824 2,784 6,708 6,399 15,891All assets and liabilities measured at market value are measured on a recurring basis.We measure our securities, derivatives and some of our receivables from divestment of assets 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 processMarket values are determined by the Risk Manage-ment function. In order to minimise the use of subjec-tive 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 external pricing services and benchmark services to increase the data quality of 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 comprise quoted securities and derivatives that are traded in active markets. The market values of derivatives traded in an active market are often settled on a daily basis, thereby minimising the market value presented on the balance sheet. Market values based on observable inputs comprise derivatives where valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term power purchase agreements (PPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these PPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices.Further, we have recognised receivables from divest-ment of assets, mainly related to the divestment of a 50 % share of Hornsea 3. The divestment is structured with an asymmetrical distribution of the future expected cash flows from the operation of the wind farm. For the first few years of operations, the underlying cash flows will be distributed according to the ownership share, and subsequently, the partnership is structured to asymmetrically distribute the projects\u2019 underlying operating cash flows throughout different stages of operational lifetime between \u00d8rsted and the investor. Under the pre-agreed distribution profile, the investor will receive a higher share of the distributions for the majority of the period under which the project is under the CfD contract, and shortly after, \u00d8rsted will receive an increasingly higher share of the distributions for the remaining lifetime of the project.Estimating as-produced power pricesSince our PPAs are normally settled on the actual pro-duction, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. 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.Derivatives valued on the basis of non-observable inputDKKm 2025 2024Market value at 1 January (5,156) (7,528)Value adjustments through profit or loss 50 (4)Value adjustments through other comprehensive income (638) 3,501Sales/redemptions 655 (516)Purchases/issues 4,209 (294)Transferred from quoted prices and observable input - (35)Transferred to quoted prices and observable input 89 (280)Net market value at 31 December (791) (5,156)Specification of non-observable inputsDKKmUS ERCOT power prices (2,689) (2,375)German power prices (1,781) (1,406)US MISO power prices (177) (487)Other power prices (219) (735)Gas prices 132 (153)Total power prices (4,734) (5,156)Receivable from divestment of assets 3,943 -Net market value at 31 December (791) (5,156)Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant non-observable inputs WeightedMonthlyMonthlyand sensitivities for power purchase agreementsaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2026-2038) 230 52 858 (2,273) 2,586Germany (2026-2036) 434 328 609 (1,583) 1,571US MISO (2026-2040) 279 145 669 (334) 520US SPP (2026-2035) 213 53 490 (307) 458Ireland (2026-2042) 437 341 742 (187) 187The table shows the significant non-observable inputs used in the fair value measurements categorised as level 3 of the fair value hierarchy, together with a sensitivity analysis as at 31 December 2025. The asymmetric sensitivity of the US price areas is due to some US PPAs being structured with a minimum price per MWh and a mecha-nism where we retain most of the upside from high power prices.If intermittency-adjusted power prices in Germany as of 31 December 2025 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,583/1,571 million. Valuation techniques and significant non-observable inputs Power purchase agreementsWe use a discounted cash flow model for the valuation of power derivatives. The US power purchase agreements give exposure to the long-term US power prices, mainly in the Electricity Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP), and Midcontinent Independent System Operator (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 observ-able inputs (gas prices and heat rates). For the subse-quent period, the power price is non- observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration\u2019s 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.Receivable from divestment of assetsWe use a discounted cash flow model for the valuation of the asymmetrical cash distribution from the Hornsea 3 divestment. The cash flow is sensitive to changes in production volumes and power prices. However, due to the long duration of the cash flow, the only significant non-observable input is the discount rate applied of approximately 6.5 % \u2013 8.0 %. A 1 % increase/decrease will result in a decrease/increase of DKK 1,309 million / DKK 1,403 million in the receivable from divestment of assets.Acquired CPPAsThe 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 2025, we have recognised an income of DKK 111 million (2024: income of DKK 148 million) related to the initial fair value from PPAs. The total amount of initial fair value as of 31 December 2025 amounts to a negative value of DKK 930 million (2024: negative value of DKK 1,157 million), which will be recognised as revenue in a future period.Accounting policiesWhen the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA.Note 6.8Categories of financial instrumentsCategories of financial instrumentsDKKm 2025 2024Energy, currency, and interest derivatives 1,551 3,360Receivable from divestment of asset 3,943 -Securities 38,317 14,532Financial assets measured at fair value via the income statement 43,811 17,892Energy derivatives 1,087 1,851Currency derivatives 1,966 340Interest and inflation derivatives 232 26Commodity derivatives 39 -Derivatives (assets) measured at fair value through \u2018Other comprehensive income\u2018 3,324 2,217Trade receivables 9,848 9,045Other accounts receivable 3,580 8,321Cash 53,448 23,126Financial assets measured at amortised cost 66,876 40,492Energy, currency, and interest derivatives 1,464 3,426Financial liabilities measured at fair value via the income statement 1,464 3,426Energy derivatives 5,504 6,774Currency derivatives 707 2,486Interest and inflation derivatives 2,116 3,024Commodity derivatives 33 181Derivatives (liabilities) measured at fair value through \u2018Other comprehensive income\u2018 8,360 12,465Bank loans and issued bonds 98,862 87,708Trade payables 19,764 20,827Other accounts payable 14,099 8,380Financial liabilities measured at amortised cost 132,725 116,915The table shows our financial instruments divided into categories. The categories indicate how the financial instruments are recognised in the consolidated financial statements.Financial instruments are used for various purposes. The purpose determines the category, and whether the value adjustment of the instrument should be recognised in the profit (loss) for the year or as part of the hedging reserve in equity. The fair value of financial instruments measured at amortised cost is identical to the carrying amount with the exception of bank loans and issued bonds where the market value is stated in note 5.1 \u2018Interest -bearing net debt and FFO\u2019.Note 6.9Sensitivity analysis of financial instruments31 December 2025 31 December 2024 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower +25 % 287 (5,030) (187) (6,736)-25 % (193) 5,815 438 7,247Gas +25 % (506) 123 (741) 152-25 % 506 (123) 741 (152)Oil +25 % - 85 (112) --25 % - (85) 112 -GBP +10 % (1,604) (2,995) (541) (2,636)-10 % 1,604 2,995 541 2,636USD +10 % (1,088) (212) (1,279) (259)-10 % 1,088 212 1,279 259NTD +10 % (2,087) (40) 155 --10 % 2,087 40 (155) -EUR +1 % (136) 86 11 (13)-1 % 136 (86) (11) 13Inflation +1 %p - (1,504) - (1,795)Interest +1 %p (2,856) 990 266 258The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises financial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 5,388 million (2024: DKK 8,430 million).",
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"value": "Note 5.1Interest-bearing net debt and FFOInterest-bearing debt and interest-bearing assetsDKKm 2025 2024Interest-bearing debtBond debt 70,320 72,028Bank debt 28,542 15,680Total bond and bank debt 98,862 87,708Tax equity liability (see note 3.8) 1,848 1,764Lease liability 8,995 8,910Other interest-bearing debtDebt in connection with divestments 2,979 3,234Debt from receiving collateral under credit support annexes 650 71Other interest-bearing debt 370 137Total interest-bearing debt 113,704 101,824Interest-bearing assetsSecurities 38,317 14,532Cash 53,448 23,126Receivables from associates and joint ventures 258 202Cash, not available for use 219 317Other interest-bearing receivablesReceivables from placing collateral under credit support annexes 1,803 4,873Receivables in connection with divestments 681 747Total interest-bearing assets 94,726 43,797Total interest-bearing net debt at 31 December 18,978 58,02750 % of hybrid capital 10,477 10,477Other interest-bearing debt, add back (3,999) (3,442)Other interest-bearing receivables, add back 2,484 5,620Cash and securities not available for distribution, excluding repo loans 791 710Total adjusted interest-bearing net debt 28,731 71,392Funds from operations (FFO)DKKm 2025 2024EBITDA 22,448 31,959Change in provisions and other adjustments 2,000 (13,184)Change in derivatives (488) 648Variation margin, add back 215 (1,540)Reversal of gain (loss) on divestment of assets 964 (348)Income tax paid (4,899) (6,327)Interest and similar items, received/paid (3,247) (477)Reversal of interest expenses transferred to assets (2,378) (1,011)50 % of coupon payments on hybrid capital (357) (343)Dividends paid to minority interests (2,011) (369)Dividends received and capital reductions 81 27Funds from operations (FFO) 12,328 9,035Funds from operations (FFO)/adjusted interest-bearing net debtDKKm 2025 2024Funds from operations (FFO) 12,328 9,035Total adjusted interest-bearing net debt 28,731 71,392Funds from operations (FFO)/adjusted interest-bearing net debt 42.9 % 12.7 %FFO/adjusted interest-bearing net debt was 42.9 %. The increase compared to last year was mainly driven by the rights issue in October 2025 and the farm-down of Hornsea 3 in December 2025. \u2018Interest-bearing net debt\u2019 totalled DKK 18,978 million compared with DKK 58,027 million in 2024.As of 1 January 2025, we have included \u2018Dividends paid to minority interests\u2019 in \u2018Funds from operations\u2019. Comparative figures for 2024 have been restated. Interest-bearing net debtInterest-bearing net debt totalled DKK 18,978 million at the end of 2025, a decrease of DKK 39,049 million relative to 2024. The decrease in interest-bearing net debt has been significantly impacted by the capital raise in October 2025. The decrease in interest- bearing net debt consists of an increase in interest-bearing debt of DKK 11,880 million and an increase in interest- bearing assets of DKK 50,929 million. In July 2025, we secured approximately NTD 90 billion (DKK 20 billion) in project financing from 25 banks and 5 export credit agencies for Greater Changhua 2 Offshore Wind Farm. By December 2025, NTD 67 billion (DKK 14 billion) had been drawn, with the remainder still undrawn.In July 2025, we obtained a second loan drawdown in the amount of GBP 206 million (DKK 1,784 million) from Eksfin, the Norwegian export credit agency.RatingWe have a corporate credit rating from all major rating agencies.Rating OutlookStandard & Poor\u2019s BBB- Stable Moody\u2019s Baa2 1Stable 2FItch BBB 1Negative 1 Baa2 and BBB are the same rating.2 Outlook changed to negative on 12 January 2026. Covenants and impact from a rating downgradeWe do not have financial covenants related to our issued senior bonds.At 31 December 2025, we had bank loan obligations to the European Investment Bank, Nordic Investment Bank, and Eksfin totalling DKK 8,423 million (2024: DKK 7,533 million) and undrawn loan agreements with the European Investment Bank for an aggregate amount of DKK 5,378 million (2024: DKK 7,117 million). The loans offered by these multilateral financial institutions cofund specific energy projects with maturities exceeding those normally available in the commercial banking market. In the event of downgrading of our rating to a level below investment grade by two of our three rating agencies, we may be met with demands for cancellation and repayment of these loans.In connection with the above loan agreements and our credit facilities, we may be met with demands for cancellation and repayment in case a third party other than the Danish State obtains control of \u00d8rsted.In case of an one notch downgrade from our current rating across all rating agencies, we may be met with demands for cancellation and repayment of any drawn amount on our NTD 25 billion credit facility in Taiwan as well as demands for replacing existing parent company guarantees of an estimated range of up to DKK 10-15 billion by either bank guarantees or cash collateral.Credit facilitiesIn addition to the undrawn loan agreements with the European Investment Bank, we had non-cancellable credit facilities of DKK 38,394 million at 31 December 2025 (2024: DKK 37,619 million) with a maturity of at least one year. In addition, we have non-cancellable credit facilities of DKK 8,000 million, which mature in October 2026. The credit facilities are entered into with a number of Scandinavian and international banks. See note 5.4 \u2018Liquidity reserve\u2019 for further details.Market value of bond and bank debtThe market value of our bond and bank debt amounted to DKK 67,143 million and DKK 28,677 million, respec-tively, at 31 December 2025 (2024: DKK 69,104 million and DKK 14,890 million, respectively). The market value of issued bonds has been determined as the market value at 31 December (level 1 \u2013 quoted prices).The market value of bank loans has been deter-mined as the present value of expected future instalments and interest payments using the Group\u2019s current interest rate on loans as the discount rate (level 2 \u2013 observable inputs).Due to the level of interest rates on average being lower at the time of issuance, the market value of our bond and bank debt is below the carrying amount.Changes in interest-bearing debtDKKm 2025 2024Interest-bearing debt at 1 January 101,824 92,581Cash transactionsProceeds from raising loans 19,550 9,990Instalments on loans (4,497) (3,407)Instalments on leases (1,207) (736)Change in other interest-bearing debt and tax equity liability 641 671Non-cash transactionsRaising lease debt, etc. 1,292 1,220Foreign exchange adjustments, amortisation, etc. (3,899) 1,505Interest-bearing debt at 31 December 113,704 101,824Senior bonds issued Outstanding amount at 31 December 2025Type of Million, currencyfinancingCoupon (%) Time of issue Maturing Quoted inCurrency DKK EUR Green 600 4,481 2.250 June 2022 June 2028 LuxembourgEUR Green 750 5,602 1.500 Nov. 2017 Nov. 2029 LondonEUR Green 900 6,722 3.250 Sep. 2022 Sep. 2031 LuxembourgEUR Green 750 5,602 2.875 June 2022 June 2033 LuxembourgEUR Green 700 5,228 3.625 Feb. 2023 March 2026 LuxembourgEUR Blue 100 747 3.625 June 2023 June 2028 LuxembourgEUR Green 600 4,481 3.750 Feb. 2023 March 2030 LuxembourgEUR Green 700 5,228 4.125 Feb. 2023 March 2035 LuxembourgGBP Green 350 2,994 2.125 May 2019 May 2027 LuxembourgGBP - 750 6,415 4.875 Jan. 2012 Jan. 2032 LondonGBP Green 300 2,566 2.500 May 2019 May 2033 LuxembourgGBP Green 250 12,138 CPI+0.375 May 2019 May 2034 LuxembourgGBP Green 375 3,208 5.125 Sep. 2022 Sep. 2034 LuxembourgGBP - 500 4,277 5.750 Apr. 2010 Apr. 2040 LondonGBP Green 575 4,919 5.375 Sep. 2022 Sep. 2042 LuxembourgNTD Green 4,000 810 0.920 Nov. 2019 Nov. 2026 TaipeiNTD Green 4,000 810 0.600 Nov. 2020 Nov. 2027 TaipeiNTD Green 3,000 607 0.700 Nov. 2020 Nov. 2030 TaipeiNTD Green 8,000 1,619 1.500 Nov. 2019 Nov. 2034 TaipeiNTD Green 8,000 1,619 0.980 Nov. 2020 Nov. 2040 Taipei1 Issued principal is indexed to an outstanding amount of GBP 326 million, corresponding to DKK 2,792 million at 31 December 2025. In addition to senior bonds, we have issued a number of hybrid bonds accounted for as equity, see note 5.3 \u2018Hybrid capital\u2019.Accounting policiesBond debt, bank debt, and other payables are recognised at inception at market value ( typically proceeds received) net of transaction costs incurred. In subsequent periods, the liabili-ties are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified as current, unless the Group has an unconditional right to defer settlement of the liability to at least one year after the balance sheet date",
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},
"f1__s9__9__153-1": {
"value": "Bond debt, bank debt, and other payables are recognised at inception at market value ( typically proceeds received) net of transaction costs incurred. In subsequent periods, the liabili-ties are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified as current, unless the Group has an unconditional right to defer settlement of the liability to at least one year after the balance sheet dateHybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nominal value in 1,000 years. Coupon payments are accounted for as divi-dends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the differ-ence between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.When the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__151": {
"value": "Bond debt, bank debt, and other payables are recognised at inception at market value ( typically proceeds received) net of transaction costs incurred. In subsequent periods, the liabili-ties are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified as current, unless the Group has an unconditional right to defer settlement of the liability to at least one year after the balance sheet date",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__156": {
"value": "Share capital In October 2025, we issued 900,816,600 new shares with gross proceeds of DKK 59,994 million. Total costs related to the capital raise amounts to DKK 616 million, resulting in net proceeds of DKK 59,378 million. After the issuance of new shares, \u00d8rsted\u2019s share capital amounts to DKK 13,211,976,800 (2024: 4,204 million), divided into shares of DKK 10. No shares are subject to special rights or restrictions on voting rights. All shares are fully paid up.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__157": {
"value": "Treasury sharesTo secure our share programme, we have acquired treasury shares in accordance with the authorisation approved by the general meeting. The total portfolio of treasury shares consists of 138,525 shares at 31 December 2025 (2024: 146,317), corresponding to less than 0.1 % of the share capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__158": {
"value": "Dividends \u00d8rsted has paused dividends for the financial years 2023-2025. Consequently, the Board of Directors proposes that no dividend be paid out to the share-holders for the financial year 2025.We target to reinstate dividend for the financial year 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__155": {
"value": "Earnings per shareDKKm 2025 2024Profit (loss) for the year 3,165 16Interest and costs, hybrid capital owners of \u00d8rsted A/S (713) (717)Non-controlling interests (725) (222)\u00d8rsted\u2019s share of profit (loss) for the year 1,727 (923)(\u2018000)Average number of outstanding shares 884,788 756,075Dilutive effect of share programme 1,342 714Average number of outstanding shares, diluted 886,130 756,789(DKK)Earnings per share 2.0 (1.2)Diluted earnings per share 1.9 (1.2)Due to the rights issue in October 2025 at a price below market price, the average number of shares and the diluted average number of shares for 2024 have been restated using the calculated bonus ratio (1.8). As a consequence, the earnings per share numbers for 2024 have been restated from -2.2 to -1.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__154": {
"value": "Note 5.2EquityEarnings per shareDKKm 2025 2024Profit (loss) for the year 3,165 16Interest and costs, hybrid capital owners of \u00d8rsted A/S (713) (717)Non-controlling interests (725) (222)\u00d8rsted\u2019s share of profit (loss) for the year 1,727 (923)(\u2018000)Average number of outstanding shares 884,788 756,075Dilutive effect of share programme 1,342 714Average number of outstanding shares, diluted 886,130 756,789(DKK)Earnings per share 2.0 (1.2)Diluted earnings per share 1.9 (1.2)Due to the rights issue in October 2025 at a price below market price, the average number of shares and the diluted average number of shares for 2024 have been restated using the calculated bonus ratio (1.8). As a consequence, the earnings per share numbers for 2024 have been restated from -2.2 to -1.2.Share capital In October 2025, we issued 900,816,600 new shares with gross proceeds of DKK 59,994 million. Total costs related to the capital raise amounts to DKK 616 million, resulting in net proceeds of DKK 59,378 million. After the issuance of new shares, \u00d8rsted\u2019s share capital amounts to DKK 13,211,976,800 (2024: 4,204 million), divided into shares of DKK 10. No shares are subject to special rights or restrictions on voting rights. All shares are fully paid up.Treasury sharesTo secure our share programme, we have acquired treasury shares in accordance with the authorisation approved by the general meeting. The total portfolio of treasury shares consists of 138,525 shares at 31 December 2025 (2024: 146,317), corresponding to less than 0.1 % of the share capital.Dividends \u00d8rsted has paused dividends for the financial years 2023-2025. Consequently, the Board of Directors proposes that no dividend be paid out to the share-holders for the financial year 2025.We target to reinstate dividend for the financial year 2026.Profit (loss) for the year\u00d8rsted\u2019s share of profit (loss) in 2025 is allocated to retained earnings.Owners of \u00d8rstedThe Danish state is the principal shareholder with an ownership interest of 50.1 %. In addition, Equinor and Andel have an ownership interest of 10.0 % and 5.0 %, respectively. See note 15 \u2018Owner ship information\u2019 in the parent company\u2019s financial statements.Hedging reserve 1Hedging of property, plant, and Reserves 2025Foreign currency Hedging of net Hedging of Hedging of Hedging of equipment under Tota l DKKmtranslation reserveinvestmentsrevenuedivestmentsinterestconstructionreservesReserves at 1 January 4,812 (4,485) (5,972) - 622 (141) (5,164)Exchange rate adjustments (9,905) - - - - - (9,905)Value adjustments of hedging - 5,070 103 13 148 (46) 5,288Value adjustments transferred to:Revenue - - 1,325 - - - 1,325Other operating income (9) - - - - - (9)Other operating expenses 297 (188) (182) (13) - - (86)Financial income and expenses - - - - (79) - (79)Property, plant, and equipment - - - - - 194 194Ta xTax on hedging and currency adjustments 669 (1,076) (269) - (20) (32) (728)Movements for the year (8,948) 3,806 977 - 49 116 (4,000)Additions, non-controlling interestsTotal reserves including tax at 31 December (4,136) (679) (4,995) - 671 (25) (9,164)Total reserves excluding tax at 31 December (4,820) (874) (6,184) - 867 (33) (11,044)Reserves 2024DKKmReserves at 1 January (384) (1,601) (8,615) (65) 414 - (10,251)Exchange rate adjustments 5,867 - - - - - 5,867Value adjustments of hedging - (3,698) 2,821 284 293 (181) (481)Value adjustments transferred to:Revenue - - (403) - - - (403)Other operating income 5 - - (199) - - (194)Other operating expenses 7 - (642) - - - (635)Financial income and expenses - - - - (25) - (25)Ta xTax on hedging and currency adjustments (683) 814 309 (20) (60) 40 400Movements for the year 5,196 (2,884) 2,085 65 208 (141) 4,529Additions, non-controlling interests - - 558 - - - 558Total reserves including tax at 31 December 4,812 (4,485) (5,972) - 622 (141) (5,164)Total reserves excluding tax at 31 December 4,795 (5,753) (7,358) - 798 (181) (7,699)Foreign currency translation reserve The foreign currency translation reserve comprises:\u00b7 exchange rate adjustments arising on translation of the financial statements of foreign entities with a currency that is not the Group\u2019s presentation currency\u00b7 exchange rate adjustments relating to loans that form part of our net investment in such entities \u00b7 exchange rate adjustments relating to hedging transactions on our net investment in such entities. On realisation or partial realisation of the net investment, the exchange rate adjustments are recognised in profit (loss) for the year if a foreign exchange gain (loss) is realised by the divested entity. The foreign exchange gain (loss) is transferred to the item where the gain (loss) is recognised.Hedging of revenueHedging of revenue includes hedging of energy, currency, and inflation risks associated with revenue.Share premium reserveRetained earnings include the share premium reserve of DKK 71,649 million (2024: 21,279 million), representing the excess amount of subscribed-for share capital over the nominal value of these shares in connection with capital injections.1 Costs of hedging related to the time value of option elements in Onshore CPPAs and basis spread on currency swaps included in the hedging reserve amount to a gain of DKK 42 million (2024: DKK 239 million). The change from last year primarily relates to value adjustments of Onshore CPPAs, which are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__161": {
"value": "Hedging reserve 1Hedging of property, plant, and Reserves 2025Foreign currency Hedging of net Hedging of Hedging of Hedging of equipment under Tota l DKKmtranslation reserveinvestmentsrevenuedivestmentsinterestconstructionreservesReserves at 1 January 4,812 (4,485) (5,972) - 622 (141) (5,164)Exchange rate adjustments (9,905) - - - - - (9,905)Value adjustments of hedging - 5,070 103 13 148 (46) 5,288Value adjustments transferred to:Revenue - - 1,325 - - - 1,325Other operating income (9) - - - - - (9)Other operating expenses 297 (188) (182) (13) - - (86)Financial income and expenses - - - - (79) - (79)Property, plant, and equipment - - - - - 194 194Ta xTax on hedging and currency adjustments 669 (1,076) (269) - (20) (32) (728)Movements for the year (8,948) 3,806 977 - 49 116 (4,000)Additions, non-controlling interestsTotal reserves including tax at 31 December (4,136) (679) (4,995) - 671 (25) (9,164)Total reserves excluding tax at 31 December (4,820) (874) (6,184) - 867 (33) (11,044)Reserves 2024DKKmReserves at 1 January (384) (1,601) (8,615) (65) 414 - (10,251)Exchange rate adjustments 5,867 - - - - - 5,867Value adjustments of hedging - (3,698) 2,821 284 293 (181) (481)Value adjustments transferred to:Revenue - - (403) - - - (403)Other operating income 5 - - (199) - - (194)Other operating expenses 7 - (642) - - - (635)Financial income and expenses - - - - (25) - (25)Ta xTax on hedging and currency adjustments (683) 814 309 (20) (60) 40 400Movements for the year 5,196 (2,884) 2,085 65 208 (141) 4,529Additions, non-controlling interests - - 558 - - - 558Total reserves including tax at 31 December 4,812 (4,485) (5,972) - 622 (141) (5,164)Total reserves excluding tax at 31 December 4,795 (5,753) (7,358) - 798 (181) (7,699)Foreign currency translation reserve The foreign currency translation reserve comprises:\u00b7 exchange rate adjustments arising on translation of the financial statements of foreign entities with a currency that is not the Group\u2019s presentation currency\u00b7 exchange rate adjustments relating to loans that form part of our net investment in such entities \u00b7 exchange rate adjustments relating to hedging transactions on our net investment in such entities. On realisation or partial realisation of the net investment, the exchange rate adjustments are recognised in profit (loss) for the year if a foreign exchange gain (loss) is realised by the divested entity. The foreign exchange gain (loss) is transferred to the item where the gain (loss) is recognised.Hedging of revenueHedging of revenue includes hedging of energy, currency, and inflation risks associated with revenue.Share premium reserveRetained earnings include the share premium reserve of DKK 71,649 million (2024: 21,279 million), representing the excess amount of subscribed-for share capital over the nominal value of these shares in connection with capital injections.1 Costs of hedging related to the time value of option elements in Onshore CPPAs and basis spread on currency swaps included in the hedging reserve amount to a gain of DKK 42 million (2024: DKK 239 million). The change from last year primarily relates to value adjustments of Onshore CPPAs, which are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__166": {
"value": "Note 5.3Hybrid capitalHybrid bonds Green due in 3019 Green due in 3021 Green due in 3022 Green due in 3024 Green due in 3021Type Subordinated Subordinated Subordinated Subordinated SubordinatedCarrying amount DKK 4,416 million DKK 3,697 million DKK 3,692 million DKK 5,520 million DKK 3,630 millionFinancial classification Equity Equity Equity Equity EquityNotional amount EUR 600 million EUR 500 milllion EUR 500 milllion EUR 750 million GBP 425 million (DKK 4,481 million)(DKK 3,735 million) (DKK 3,735 million) (DKK 5,602 million)(DKK 3,635 million)Issued December 2019 February 2021 December 2022 March 2024 February 2021Maturing December 3019 February 3021 December 3022 March 3024 February 3021Quoted in Luxembourg Luxembourg Luxembourg Luxembourg LuxembourgFirst reset date 19 December 2027 18 February 2031 8 December 2028 14 December 2029 18 February 2033Coupon for the first Eight years fixed at 1.750 % p.a. Ten years fixed at 1.500 % p.a. Six years fixed at 5.250 % p.a. 5 years and 9 months fixed at 12 years fixed at 2.500 % p.a.5.125 % p.a.Coupon in subsequent period is +1.952 % points from 2027, +1.860 % points from 2031 and +2.619 % points from 2028, +2.590 % points from 2029, Adjusted every five years with adjusted every five years with +2.020 % points from 2032, and +2.610 % points from 2051+2.869 % points from 2033, and + 2.840 % points from 2034, and the five-year benchmark gilt the five-year euro swap+2.952 % points from 2047+3.619 % points from 2048+3.590 % points from 2049+2.136 % points from 2033 and +2.886 % points from 2053Deferral of interest payment Optional Optional Optional Optional Optional1 Callable at par.We have issued hybrid capital which is subordinate to our other creditors. The purpose of issuing hybrid capital is to strengthen our capital base and fund our investments. We have issued EUR hybrid bonds with a total nominal value of EUR 2,350 million and GBP 425 million, respectively, equivalent to DKK 21,188 million (2024: EUR 2,350 million and GBP 425 million, respectively, equivalent to DKK 21,358 million). For all our hybrid bonds, we have the right to defer coupon payments and ultimately decide not to pay them at maturity. Deferred coupon payments become payable, however, if we decide to pay dividends to our shareholders or pay coupon payments on other hybrid bonds. As a consequence of these terms, the hybrid bonds are classified as equity, and therefore coupon payments are recognised in equity.Accounting policiesHybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nominal value in 1,000 years. Coupon payments are accounted for as divi-dends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the differ-ence between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.",
"dimensions": {
"concept": "ORS:DisclosureOfHybridCapital",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__167": {
"value": "Hybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nominal value in 1,000 years. Coupon payments are accounted for as divi-dends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the differ-ence between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.",
"dimensions": {
"concept": "ORS:DescriptionOfAccountingPolicyForHybridCapital",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__170-1": {
"value": "Collateral and margin postingsWhen we trade derivatives to execute our hedging strategy, we can trade with daily settlement of the market value or with settlement at maturity.To reduce the risk of having to pay large amounts for negative market values, we actively manage the share of trading with daily settlement. As of 31 December 2025, 22 % (2024: 12 %) of our power and gas trades and 94 % (2024: 92 %) of our currency, inflation, and interest rate hedges were settled daily.\u2018Securities not available for use\u2019 comprises securities pledged as collateral for: \u00b7 short-term repo loans: DKK 4,111 million at 31 December 2025 (2024: DKK 4,011 million)\u00b7 insurance-related provisions: DKK 571 million at 31 December 2025 (2024: DKK 392 million).At 31 December 2025, we had received cash collateral in the amount of DKK 645 million (2024: DKK 70 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 196 million (2024: DKK 269 million)\u00b7 collateral for insurance-related provisions: DKK 23 million (2024: DKK 45 million)\u00b7 collateral for other transactions: none (2024: DKK 3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__178": {
"value": "Cash, cash equivalents, and securitiesSecurities are a key element in our liquidity reserve, and therefore, investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent, in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.\u2018Securities not available for use\u2019 comprises securities pledged as collateral for: \u00b7 short-term repo loans: DKK 4,111 million at 31 December 2025 (2024: DKK 4,011 million)\u00b7 insurance-related provisions: DKK 571 million at 31 December 2025 (2024: DKK 392 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__172-1": {
"value": "Cash and cash equivalents, securitiesDKKm 2025 2024Cash, cf. balance sheet 53,448 23,126Bank overdrafts that are part of the ongoing cash management - (2)Total cash and cash equivalents at 31 December, cf. statement of cash flows 53,448 23,124Cash can be specified as followsCash, cf. balance sheet 53,448 23,126Cash, not available for use 219 317Securities can be specified as followsSecurities, available 33,635 10,129Securities, not available for use 4,682 4,403Total securities at 31 December 38,317 14,532The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.At 31 December 2025, we had received cash collateral in the amount of DKK 645 million (2024: DKK 70 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 196 million (2024: DKK 269 million)\u00b7 collateral for insurance-related provisions: DKK 23 million (2024: DKK 45 million)\u00b7 collateral for other transactions: none (2024: DKK 3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__171-1": {
"value": "Cash and cash equivalents, securitiesDKKm 2025 2024Cash, cf. balance sheet 53,448 23,126Bank overdrafts that are part of the ongoing cash management - (2)Total cash and cash equivalents at 31 December, cf. statement of cash flows 53,448 23,124Cash can be specified as followsCash, cf. balance sheet 53,448 23,126Cash, not available for use 219 317Securities can be specified as followsSecurities, available 33,635 10,129Securities, not available for use 4,682 4,403Total securities at 31 December 38,317 14,532The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.Cash, cash equivalents, and securitiesSecurities are a key element in our liquidity reserve, and therefore, investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent, in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.\u2018Securities not available for use\u2019 comprises securities pledged as collateral for: \u00b7 short-term repo loans: DKK 4,111 million at 31 December 2025 (2024: DKK 4,011 million)\u00b7 insurance-related provisions: DKK 571 million at 31 December 2025 (2024: DKK 392 million).At 31 December 2025, we had received cash collateral in the amount of DKK 645 million (2024: DKK 70 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 196 million (2024: DKK 269 million)\u00b7 collateral for insurance-related provisions: DKK 23 million (2024: DKK 45 million)\u00b7 collateral for other transactions: none (2024: DKK 3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__174-1": {
"value": "Overview of securitiesDKKm Fixed rate Floating rate 2025 Fixed rate Floating rate 2024Maturities0-2 years 4,829 9,981 14,810 (376) 13,383 3,0072-5 years 2,555 16,275 18,830 710 4,734 5,444After 5 years 4,434 243 4,677 5,511 570 6,081Total carrying amount 11,818 26,499 38,317 5,845 8,687 14,532The table shows our securities split into maturities and fixed or floating interest rates. The overview includes the interest rate swaps used to manage the interest rate risk of the securities.1 For securities maturing within two years, the negative value of the interest rate swaps exceeds the value of the securities.Cash, cash equivalents, and securitiesSecurities are a key element in our liquidity reserve, and therefore, investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent, in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.\u2018Securities not available for use\u2019 comprises securities pledged as collateral for: \u00b7 short-term repo loans: DKK 4,111 million at 31 December 2025 (2024: DKK 4,011 million)\u00b7 insurance-related provisions: DKK 571 million at 31 December 2025 (2024: DKK 392 million).Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Note 5.4Liquidity reserveCash and cash equivalents, securitiesDKKm 2025 2024Cash, cf. balance sheet 53,448 23,126Bank overdrafts that are part of the ongoing cash management - (2)Total cash and cash equivalents at 31 December, cf. statement of cash flows 53,448 23,124Cash can be specified as followsCash, cf. balance sheet 53,448 23,126Cash, not available for use 219 317Securities can be specified as followsSecurities, available 33,635 10,129Securities, not available for use 4,682 4,403Total securities at 31 December 38,317 14,532The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.Overview of securitiesDKKm Fixed rate Floating rate 2025 Fixed rate Floating rate 2024Maturities0-2 years 4,829 9,981 14,810 (376) 13,383 3,0072-5 years 2,555 16,275 18,830 710 4,734 5,444After 5 years 4,434 243 4,677 5,511 570 6,081Total carrying amount 11,818 26,499 38,317 5,845 8,687 14,532The table shows our securities split into maturities and fixed or floating interest rates. The overview includes the interest rate swaps used to manage the interest rate risk of the securities.1 For securities maturing within two years, the negative value of the interest rate swaps exceeds the value of the securities.Liquidity reserveOur liquidity reserve at 31 December 2025 amounted to DKK 130.9 billion (31 December 2024: DKK 78.0 billion), excluding non-cancellable credit facilities of DKK 8 billion, which mature in October 2026. Collateral and margin postingsWhen we trade derivatives to execute our hedging strategy, we can trade with daily settlement of the market value or with settlement at maturity.To reduce the risk of having to pay large amounts for negative market values, we actively manage the share of trading with daily settlement. As of 31 December 2025, 22 % (2024: 12 %) of our power and gas trades and 94 % (2024: 92 %) of our currency, inflation, and interest rate hedges were settled daily.Cash, cash equivalents, and securitiesSecurities are a key element in our liquidity reserve, and therefore, investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent, in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.\u2018Securities not available for use\u2019 comprises securities pledged as collateral for: \u00b7 short-term repo loans: DKK 4,111 million at 31 December 2025 (2024: DKK 4,011 million)\u00b7 insurance-related provisions: DKK 571 million at 31 December 2025 (2024: DKK 392 million).At 31 December 2025, we had received cash collateral in the amount of DKK 645 million (2024: DKK 70 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 196 million (2024: DKK 269 million)\u00b7 collateral for insurance-related provisions: DKK 23 million (2024: DKK 45 million)\u00b7 collateral for other transactions: none (2024: DKK 3 million).Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.2025 2024Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Power swaps (sell position (2024: buy position)) 1,145 (138) 3,071 (409)Power options (sell position) 262 - 830 (23)Power purchase agreements (sell position) 393 12 237 (94)Gas swaps and options (sell position) 1,307 178 2,734 406Oil swaps and options (buy position) - - 169 (147)Other (sell position (2024: buy position)) 270 - 740 -We use a number of different hedging instruments to hedge the revenue from our power production and sale of power sourced with a power price risk. For both these exposures, the revenue is linked to the production from wind and solar assets. Hedge ratioWe apply a hedge ratio of 1:1 when all critical terms match, which is normally the case when we enter into power purchase agreements where the settlement is linked to the actual power production. We also use fixed volume hedges characterised by the settlement of a constant volume 24/7. These hedges do not always match the timing of our actual production which is dependent on wind speeds and sunny weather. To take this into account, we adjust the hedge ratio.To some extent, we use gas hedges as a proxy for our power exposure when it is not possible to trade power hedges due to lack of liquidity or unattractive prices. As approximately half of the energy in gas is lost in the conversion to power, we apply a hedge ratio of 2:1 (2 gas to 1 power).Dynamic hedgingPart of the power swaps and futures hedge is managed with a dynamic hedge percentage. This relates to power sales sourced from purchase agreements with price caps and floors. The risk management objective is to protect the margin from price changes.Ineffective hedgesIn 2025, we recognised ineffective hedges with a gain of DKK 138 million (2024: a gain of DKK 137 million) in other operating expenses. The ineffectiveness is mainly related to proxy hedging.2025 2024Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 9,284 104 13,822 200Interest rate swaps are used to adjust the maturity of our bond portfolio. We hedge our UK inflation risk related to inflation-indexed revenue from ROC and CfD subsidies at an average fixed rate of 3.4 %. Furthermore, we hedge the interest and inflation risk related to divestments. All the inflation risks that we hedge are separately identifiable in the underlying contract.We have recognised ineffectiveness of DKK 90 million (gain) (2024: ineffectiveness gain of DKK 25 million in financial income).2025 2024Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts (sell position) 14,317 (69) 21,180 1The table shows cash management positions which are not hedge accounted.Note 6.7Energy trading portfolio2025 2024 Overview of the Group\u2019s energy trading portfolio 1 Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 1,409 307 4,389 229Power options (buy position) 1,490 28 3,778 972Gas swaps and options (sell position) 1,814 134 3,477 (704)Other (sell position) 271 17 572 (8)Trading mandate 2VaR limit in 2025: DKK 100 million Stress limit in 2025: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gason data for the past 45 trading days, with Stress is based on data from 1 January \u00b7 Max. 1 million BoEthe heaviest weighting being assigned to 2006 to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsthe most recent trading days.\u00b7 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The unrealised gain/loss consists of both the received exposure from our assets with settlement at maturity and the external trades settled on a daily basis, including the settled margin.2 Trading activities are carried out under a value-at-risk (VaR) man-date and a stress mandate as well as a limit for the maximum posi-tions measured in energy units per product (power, gas, etc.).Trading portfolioThe purpose of our trading portfolio is to: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the limits shown above. The overview of the Group\u2019s energy trading portfolio above is the net of the internal exposures received from the assets and the external trades.The trading portfolio primarily consists of positions in power and gas.The energy trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Note 6.8Categories of financial instrumentsCategories of financial instrumentsDKKm 2025 2024Energy, currency, and interest derivatives 1,551 3,360Receivable from divestment of asset 3,943 -Securities 38,317 14,532Financial assets measured at fair value via the income statement 43,811 17,892Energy derivatives 1,087 1,851Currency derivatives 1,966 340Interest and inflation derivatives 232 26Commodity derivatives 39 -Derivatives (assets) measured at fair value through \u2018Other comprehensive income\u2018 3,324 2,217Trade receivables 9,848 9,045Other accounts receivable 3,580 8,321Cash 53,448 23,126Financial assets measured at amortised cost 66,876 40,492Energy, currency, and interest derivatives 1,464 3,426Financial liabilities measured at fair value via the income statement 1,464 3,426Energy derivatives 5,504 6,774Currency derivatives 707 2,486Interest and inflation derivatives 2,116 3,024Commodity derivatives 33 181Derivatives (liabilities) measured at fair value through \u2018Other comprehensive income\u2018 8,360 12,465Bank loans and issued bonds 98,862 87,708Trade payables 19,764 20,827Other accounts payable 14,099 8,380Financial liabilities measured at amortised cost 132,725 116,915The table shows our financial instruments divided into categories. The categories indicate how the financial instruments are recognised in the consolidated financial statements.Financial instruments are used for various purposes. The purpose determines the category, and whether the value adjustment of the instrument should be recognised in the profit (loss) for the year or as part of the hedging reserve in equity. The fair value of financial instruments measured at amortised cost is identical to the carrying amount with the exception of bank loans and issued bonds where the market value is stated in note 5.1 \u2018Interest -bearing net debt and FFO\u2019.Note 6.9Sensitivity analysis of financial instruments31 December 2025 31 December 2024 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower +25 % 287 (5,030) (187) (6,736)-25 % (193) 5,815 438 7,247Gas +25 % (506) 123 (741) 152-25 % 506 (123) 741 (152)Oil +25 % - 85 (112) --25 % - (85) 112 -GBP +10 % (1,604) (2,995) (541) (2,636)-10 % 1,604 2,995 541 2,636USD +10 % (1,088) (212) (1,279) (259)-10 % 1,088 212 1,279 259NTD +10 % (2,087) (40) 155 --10 % 2,087 40 (155) -EUR +1 % (136) 86 11 (13)-1 % 136 (86) (11) 13Inflation +1 %p - (1,504) - (1,795)Interest +1 %p (2,856) 990 266 258The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises financial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 5,388 million (2024: DKK 8,430 million).",
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"f1__s9__9__180": {
"value": "Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.",
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"f1__s9__9__169-1": {
"value": "Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
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"value": "Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Note 5.6Financial income and expensesNet financial income and expenses 1DKKm 2025 2024Interest expenses, net (1,284) (1,739)Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual return (1,092) (1,275)Value adjustments of derivatives, net (270) 541Capital gains/losses on securities at market value, net (23) 434Exchange rate adjustments including currency derivatives, net 1,475 (750)Other financial income and expenses (34) 1Net financial income and expenses (2,881) (3,591)Financial income and expenses 2DKKm 2025 2024Interest income from cash, etc. 751 843Interest income from securities at market value 427 710Capital gains on securities at market value 124 783Foreign exchange gains 6,229 3,854Value adjustments of derivatives 4,245 2,372Other financial income 21 28Total financial income 11,797 8,590Interest expenses relating to loans and borrowings, etc. 3(4,840) (4,303)Interest expenses transferred to assets 2,378 1,011Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual returns (1,092) (1,275)Capital losses on securities at market value (147) (349)Foreign exchange losses (5,082) (4,538)Value adjustments of derivatives (4,187) (1,897)Other financial expenses (55) (27)Total financial expenses (14,678) (12,181)Net financial income and expenses (2,881) (3,591)1 The table shows net financial income and expenses, corresponding to our internal reporting. 2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 483 million (2024: a loss of DKK 569 million).3 Including interest expense from financial liabilities measured at amortised cost amounting to DKK 3,472 million (2024 : DKK 3,513 million).The \u2018Interest element of provisions, etc.\u2019 is higher in 2025 than in 2024, primarily due to interest accrued on the prepayment for power related to the December 2024 divestment of four operational offshore assets.The loss in \u2018Value adjustments of derivatives, net\u2019 in 2025 is mostly due to the losses in NTD interest rate swaps used as economic hedges for Greater Changhua 2. In 2024, we experienced gains on USD interest rate swaps, which were not repeated in 2025.In 2025, we had a gain in \u2019Exchange rate adjustments including currency derivatives, net\u2019, compared to a loss in 2024. This development was due to exchange rate adjustments of both external loans and intercompany balances in holding companies denominated in the subsidiaries\u2019 functional currencies. Loans and payables in GBP and NTD generated a translation gain in 2025 due to the strengthening of DKK against the currencies of 5.2 % and 7.9 %, respectively, contrasting with the losses from its weakening against GBP in 2024. Interest expenses transferred to assets are calculated at the weighted average effective interest rate for general borrowings. The rate amounted to 3.3 % in 2025 (2024: 3.4 %). Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__189": {
"value": "Note 5.6Financial income and expensesNet financial income and expenses 1DKKm 2025 2024Interest expenses, net (1,284) (1,739)Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual return (1,092) (1,275)Value adjustments of derivatives, net (270) 541Capital gains/losses on securities at market value, net (23) 434Exchange rate adjustments including currency derivatives, net 1,475 (750)Other financial income and expenses (34) 1Net financial income and expenses (2,881) (3,591)Financial income and expenses 2DKKm 2025 2024Interest income from cash, etc. 751 843Interest income from securities at market value 427 710Capital gains on securities at market value 124 783Foreign exchange gains 6,229 3,854Value adjustments of derivatives 4,245 2,372Other financial income 21 28Total financial income 11,797 8,590Interest expenses relating to loans and borrowings, etc. 3(4,840) (4,303)Interest expenses transferred to assets 2,378 1,011Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual returns (1,092) (1,275)Capital losses on securities at market value (147) (349)Foreign exchange losses (5,082) (4,538)Value adjustments of derivatives (4,187) (1,897)Other financial expenses (55) (27)Total financial expenses (14,678) (12,181)Net financial income and expenses (2,881) (3,591)1 The table shows net financial income and expenses, corresponding to our internal reporting. 2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 483 million (2024: a loss of DKK 569 million).3 Including interest expense from financial liabilities measured at amortised cost amounting to DKK 3,472 million (2024 : DKK 3,513 million).The \u2018Interest element of provisions, etc.\u2019 is higher in 2025 than in 2024, primarily due to interest accrued on the prepayment for power related to the December 2024 divestment of four operational offshore assets.The loss in \u2018Value adjustments of derivatives, net\u2019 in 2025 is mostly due to the losses in NTD interest rate swaps used as economic hedges for Greater Changhua 2. In 2024, we experienced gains on USD interest rate swaps, which were not repeated in 2025.In 2025, we had a gain in \u2019Exchange rate adjustments including currency derivatives, net\u2019, compared to a loss in 2024. This development was due to exchange rate adjustments of both external loans and intercompany balances in holding companies denominated in the subsidiaries\u2019 functional currencies. Loans and payables in GBP and NTD generated a translation gain in 2025 due to the strengthening of DKK against the currencies of 5.2 % and 7.9 %, respectively, contrasting with the losses from its weakening against GBP in 2024. Interest expenses transferred to assets are calculated at the weighted average effective interest rate for general borrowings. The rate amounted to 3.3 % in 2025 (2024: 3.4 %). Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
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"f1__s9__9__188": {
"value": "Note 5.6Financial income and expensesNet financial income and expenses 1DKKm 2025 2024Interest expenses, net (1,284) (1,739)Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual return (1,092) (1,275)Value adjustments of derivatives, net (270) 541Capital gains/losses on securities at market value, net (23) 434Exchange rate adjustments including currency derivatives, net 1,475 (750)Other financial income and expenses (34) 1Net financial income and expenses (2,881) (3,591)Financial income and expenses 2DKKm 2025 2024Interest income from cash, etc. 751 843Interest income from securities at market value 427 710Capital gains on securities at market value 124 783Foreign exchange gains 6,229 3,854Value adjustments of derivatives 4,245 2,372Other financial income 21 28Total financial income 11,797 8,590Interest expenses relating to loans and borrowings, etc. 3(4,840) (4,303)Interest expenses transferred to assets 2,378 1,011Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual returns (1,092) (1,275)Capital losses on securities at market value (147) (349)Foreign exchange losses (5,082) (4,538)Value adjustments of derivatives (4,187) (1,897)Other financial expenses (55) (27)Total financial expenses (14,678) (12,181)Net financial income and expenses (2,881) (3,591)1 The table shows net financial income and expenses, corresponding to our internal reporting. 2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 483 million (2024: a loss of DKK 569 million).3 Including interest expense from financial liabilities measured at amortised cost amounting to DKK 3,472 million (2024 : DKK 3,513 million).The \u2018Interest element of provisions, etc.\u2019 is higher in 2025 than in 2024, primarily due to interest accrued on the prepayment for power related to the December 2024 divestment of four operational offshore assets.The loss in \u2018Value adjustments of derivatives, net\u2019 in 2025 is mostly due to the losses in NTD interest rate swaps used as economic hedges for Greater Changhua 2. In 2024, we experienced gains on USD interest rate swaps, which were not repeated in 2025.In 2025, we had a gain in \u2019Exchange rate adjustments including currency derivatives, net\u2019, compared to a loss in 2024. This development was due to exchange rate adjustments of both external loans and intercompany balances in holding companies denominated in the subsidiaries\u2019 functional currencies. Loans and payables in GBP and NTD generated a translation gain in 2025 due to the strengthening of DKK against the currencies of 5.2 % and 7.9 %, respectively, contrasting with the losses from its weakening against GBP in 2024. Interest expenses transferred to assets are calculated at the weighted average effective interest rate for general borrowings. The rate amounted to 3.3 % in 2025 (2024: 3.4 %). Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__186": {
"value": "Note 5.6Financial income and expensesNet financial income and expenses 1DKKm 2025 2024Interest expenses, net (1,284) (1,739)Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual return (1,092) (1,275)Value adjustments of derivatives, net (270) 541Capital gains/losses on securities at market value, net (23) 434Exchange rate adjustments including currency derivatives, net 1,475 (750)Other financial income and expenses (34) 1Net financial income and expenses (2,881) (3,591)Financial income and expenses 2DKKm 2025 2024Interest income from cash, etc. 751 843Interest income from securities at market value 427 710Capital gains on securities at market value 124 783Foreign exchange gains 6,229 3,854Value adjustments of derivatives 4,245 2,372Other financial income 21 28Total financial income 11,797 8,590Interest expenses relating to loans and borrowings, etc. 3(4,840) (4,303)Interest expenses transferred to assets 2,378 1,011Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual returns (1,092) (1,275)Capital losses on securities at market value (147) (349)Foreign exchange losses (5,082) (4,538)Value adjustments of derivatives (4,187) (1,897)Other financial expenses (55) (27)Total financial expenses (14,678) (12,181)Net financial income and expenses (2,881) (3,591)1 The table shows net financial income and expenses, corresponding to our internal reporting. 2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 483 million (2024: a loss of DKK 569 million).3 Including interest expense from financial liabilities measured at amortised cost amounting to DKK 3,472 million (2024 : DKK 3,513 million).The \u2018Interest element of provisions, etc.\u2019 is higher in 2025 than in 2024, primarily due to interest accrued on the prepayment for power related to the December 2024 divestment of four operational offshore assets.The loss in \u2018Value adjustments of derivatives, net\u2019 in 2025 is mostly due to the losses in NTD interest rate swaps used as economic hedges for Greater Changhua 2. In 2024, we experienced gains on USD interest rate swaps, which were not repeated in 2025.In 2025, we had a gain in \u2019Exchange rate adjustments including currency derivatives, net\u2019, compared to a loss in 2024. This development was due to exchange rate adjustments of both external loans and intercompany balances in holding companies denominated in the subsidiaries\u2019 functional currencies. Loans and payables in GBP and NTD generated a translation gain in 2025 due to the strengthening of DKK against the currencies of 5.2 % and 7.9 %, respectively, contrasting with the losses from its weakening against GBP in 2024. Interest expenses transferred to assets are calculated at the weighted average effective interest rate for general borrowings. The rate amounted to 3.3 % in 2025 (2024: 3.4 %). Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__185": {
"value": "Note 5.6Financial income and expensesNet financial income and expenses 1DKKm 2025 2024Interest expenses, net (1,284) (1,739)Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual return (1,092) (1,275)Value adjustments of derivatives, net (270) 541Capital gains/losses on securities at market value, net (23) 434Exchange rate adjustments including currency derivatives, net 1,475 (750)Other financial income and expenses (34) 1Net financial income and expenses (2,881) (3,591)Financial income and expenses 2DKKm 2025 2024Interest income from cash, etc. 751 843Interest income from securities at market value 427 710Capital gains on securities at market value 124 783Foreign exchange gains 6,229 3,854Value adjustments of derivatives 4,245 2,372Other financial income 21 28Total financial income 11,797 8,590Interest expenses relating to loans and borrowings, etc. 3(4,840) (4,303)Interest expenses transferred to assets 2,378 1,011Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual returns (1,092) (1,275)Capital losses on securities at market value (147) (349)Foreign exchange losses (5,082) (4,538)Value adjustments of derivatives (4,187) (1,897)Other financial expenses (55) (27)Total financial expenses (14,678) (12,181)Net financial income and expenses (2,881) (3,591)1 The table shows net financial income and expenses, corresponding to our internal reporting. 2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 483 million (2024: a loss of DKK 569 million).3 Including interest expense from financial liabilities measured at amortised cost amounting to DKK 3,472 million (2024 : DKK 3,513 million).The \u2018Interest element of provisions, etc.\u2019 is higher in 2025 than in 2024, primarily due to interest accrued on the prepayment for power related to the December 2024 divestment of four operational offshore assets.The loss in \u2018Value adjustments of derivatives, net\u2019 in 2025 is mostly due to the losses in NTD interest rate swaps used as economic hedges for Greater Changhua 2. In 2024, we experienced gains on USD interest rate swaps, which were not repeated in 2025.In 2025, we had a gain in \u2019Exchange rate adjustments including currency derivatives, net\u2019, compared to a loss in 2024. This development was due to exchange rate adjustments of both external loans and intercompany balances in holding companies denominated in the subsidiaries\u2019 functional currencies. Loans and payables in GBP and NTD generated a translation gain in 2025 due to the strengthening of DKK against the currencies of 5.2 % and 7.9 %, respectively, contrasting with the losses from its weakening against GBP in 2024. Interest expenses transferred to assets are calculated at the weighted average effective interest rate for general borrowings. The rate amounted to 3.3 % in 2025 (2024: 3.4 %). Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Note 5.6Financial income and expensesNet financial income and expenses 1DKKm 2025 2024Interest expenses, net (1,284) (1,739)Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual return (1,092) (1,275)Value adjustments of derivatives, net (270) 541Capital gains/losses on securities at market value, net (23) 434Exchange rate adjustments including currency derivatives, net 1,475 (750)Other financial income and expenses (34) 1Net financial income and expenses (2,881) (3,591)Financial income and expenses 2DKKm 2025 2024Interest income from cash, etc. 751 843Interest income from securities at market value 427 710Capital gains on securities at market value 124 783Foreign exchange gains 6,229 3,854Value adjustments of derivatives 4,245 2,372Other financial income 21 28Total financial income 11,797 8,590Interest expenses relating to loans and borrowings, etc. 3(4,840) (4,303)Interest expenses transferred to assets 2,378 1,011Interest expenses, leasing (335) (301)Interest element of provisions, etc. (1,318) (502)Tax equity partner\u2019s contractual returns (1,092) (1,275)Capital losses on securities at market value (147) (349)Foreign exchange losses (5,082) (4,538)Value adjustments of derivatives (4,187) (1,897)Other financial expenses (55) (27)Total financial expenses (14,678) (12,181)Net financial income and expenses (2,881) (3,591)1 The table shows net financial income and expenses, corresponding to our internal reporting. 2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 483 million (2024: a loss of DKK 569 million).3 Including interest expense from financial liabilities measured at amortised cost amounting to DKK 3,472 million (2024 : DKK 3,513 million).The \u2018Interest element of provisions, etc.\u2019 is higher in 2025 than in 2024, primarily due to interest accrued on the prepayment for power related to the December 2024 divestment of four operational offshore assets.The loss in \u2018Value adjustments of derivatives, net\u2019 in 2025 is mostly due to the losses in NTD interest rate swaps used as economic hedges for Greater Changhua 2. In 2024, we experienced gains on USD interest rate swaps, which were not repeated in 2025.In 2025, we had a gain in \u2019Exchange rate adjustments including currency derivatives, net\u2019, compared to a loss in 2024. This development was due to exchange rate adjustments of both external loans and intercompany balances in holding companies denominated in the subsidiaries\u2019 functional currencies. Loans and payables in GBP and NTD generated a translation gain in 2025 due to the strengthening of DKK against the currencies of 5.2 % and 7.9 %, respectively, contrasting with the losses from its weakening against GBP in 2024. Interest expenses transferred to assets are calculated at the weighted average effective interest rate for general borrowings. The rate amounted to 3.3 % in 2025 (2024: 3.4 %). Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__187": {
"value": "Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
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"value": "Note 6Risk managementWe 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. In this note, we describe the origination as well as our governance and management of all these financial and revenue risks, excluding liquidity risks, which are covered in note 5.For the period 2026-2030, approximately 90 % of our expected revenue from our wind, solar PV, and battery storage assets are fixed-price inflation-indexed or fixed nominal. The remaining approximately 10 % is exposed to fluctuations in power prices.Furthermore, our cash flows denominated in foreign currencies are exposed to changes in the value of foreign currencies against Danish kroner.Note 6.1Risk frameworkThe overall objective of our financial and revenue risk management is to:\u00b7 increase the predictability of our short-term income and construction costs\u00b7 protect our current and future investment capacity by stabilising key rating metrics, such as FFO/adjusted interest-bearing net debt\u00b7 protect the long-term real value of the shareholders\u2019 investment in \u00d8rsted.The governance for managing market, credit, and liquidity risks are based on the three-lines-of-defence model:\u00b7 The first line of defence is responsible for our ongoing risk management and control, including necessary mitigating actions for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Group Risk, which is responsible for challenging decisions made by the first line of defence, including providing independent risk views and advice, as well as monitoring and controlling that risks are being managed appropriately.\u00b7 The third line of defence is Internal Audit.The limits for first line of defence are established during the business planning processes and evaluated according to our risk appetite. An example is deciding on the target hedge level for price exposures from power generation as described in note 6.2 \u2018Energy price risks\u2018. In our risk management processes, financial and revenue risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our most material enter prise risks and associated risk mitigation measures are presented in the \u2018Enterprise risk management\u2019 section in the \u2018 Management\u2019s review\u2019. The Board of Directors oversees our risk management through the Audit & Risk Committee and approves the Enterprise Risk Management Framework. See the \u2018Corporate governance\u2019 section in the \u2018Management\u2019s review\u2019 for governance regarding our committees.We govern the accounting treatment and effectiveness of hedges by applying hedge accounting on energy, commodity, currency, interest rate, and inflation hedging. Accounting policiesHedge accountingWe apply hedge accounting to our energy, commodity, currency, interest rate, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, ana- lyses of the expected effectiveness of the hedging instrument are performed before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may devi-ate from the one-to-one principle and will be deter-mined as the ratio which most effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. If the hedged cash flows are no longer expected to be realised, the in-full or partially accumulated value change is transferred to profit (loss) for the year. Ineffective hedges related to energy and commodity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recog-nised in the same item as the hedged item. However, on interest rate and currency hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Key accounting estimatesValuation of long-term power purchase agreements and receivables from divestment of assetsWhen we measure our power purchase agreements and some receivables at fair value, we use estimates of non- observable inputs, such as:\u00b7 production forecasts\u00b7 forecasted long-term power prices and exchange rates\u00b7 forecasted inflation expectations\u00b7 discount rates.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices, intermittency, interest, currency, and inflation. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialise, which will lead to recognition of ineffectiveness.Key accounting judgementsValuation of long-term power purchase agreements and receivables from divestment of assets We measure our power purchase agreements and some receivables at fair value, but they cannot always be measured using quoted prices in active markets due to the long duration and complexity of the con-tracts. We therefore use elements of judgement when measuring the fair value, and we aim to limit the use of subjective estimates and base the fair values on external information, including external pricing and benchmark services.Hedge accountingJudgements are used to consider whether forecasted transactions are highly probable exposures as hedged items in a hedge relationship, e.g. expected produc-tion from wind farms, and judgement is applied as to whether the hedge instruments applied in the hedge relationships identified are effective.Note 6.2Energy price risksOur main energy price risk stems from our power generation from wind and solar PV assets. By nature, this generation is exposed to volume uncertainty, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy price risks through our combined heat and power plants.Offshore and onshore power generationOnly approximately 10 % of the revenue from our power generation in Offshore and Onshore in 2026-2030 is exposed to power price uncertainty.Most of our offshore assets receive government subsi-dies, which provide a high degree of revenue certainty for pre-determined periods of time. The majority of the offshore subsidies that we receive in the UK, Central Europe, the US, and Taiwan provide us with either floor prices or fixed prices per MWh for the power produced. Our UK assets with renevables obligation certificates (ROCs) receive a fixed subsidy per MWh in addition to the revenue generated from selling the power gener-ation in the market. We manage some of the revenue risks in Offshore using corporate power purchase agree-ments (CPPAs), which have fixed prices and floor prices.A large part of our income in Onshore comes from production tax credits (PTCs) or investment tax credits (ITCs) related to power generation or investments in the US (see note 3.8 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a power price risk. However, a price risk is associated with the power produced by these assets. In Europe, we have a mixture of subsidised and subsidy-free onshore assets. As in Offshore, we manage some of the Onshore revenue risks using CPPAs. In general, these CPPAs are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.To mitigate our residual exposure to revenue risks, we use fixed-volume hedges. There can be mismatches between these hedges and the production profiles of our assets. In addition, a negative correlation tends to exist between power prices and generation volumes, which is driven by the periods when solar and wind generation exceeds demand. These risks are accounted for in our hedging strategy. For example, the maximum hedge ratio is 70 % when using fixed-volume hedges. This maximum hedging level ensures a low probability for not having physical power generation behind fixed-volume hedges while also providing an adequate level of risk reduction.Power generation at our CHP plantsOur portfolio of CHP plants primarily consists of biomass-fuelled units in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of biomass. The total net price risk associated with power from CHP generation for the period 2026-2028 is DKK 4.1 billion after hedging, covering both heat-bound and condensing-based generation. We are not exposed to price risks related to heat generation.Risk after hedgingOur energy exposure after hedging for the years 2026-2028 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 15.2 sell position +1.5 -1.5Spread (power): 4.1 +0.4 -0.4A 10 % increase in the power price will result in a gain of DKK 1.5 billion over the period 2026-2028, all else remaining unchanged.Principles for estimating exposuresExposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Maturity analysis Market value Expected transfers to EBITDARecognised in Power price cash flow hedge accounting 2025Contractual comprehensive DKKmprincipal amount 2026 2027 After 2027 Asset Liabilityincome 2026 2027 After 2027Hedging revenue from power sales/production (EBITDA impact)Power purchase agreements (sell position) 9,321 1,198 1,444 6,679 657 (5,307) (4,116) (424) (592) (3,100)Power swaps and futures (sell position) 3,018 1,710 1,146 162 411 (194) 341 412 (67) (4)Gas swaps and options (sell position) 496 173 228 95 19 (3) (81) (73) (6) (2)Power price cash flow hedge accounting 2024DKKm2025 2026 After 2026 2025 2026 After 2026Hedging revenue from power sales/production (EBITDA impact)Power purchase agreements (sell position) 9,771 2,001 2,022 5,748 867 (5,413) (3,795) (72) (427) (3,296)Power swaps and futures (sell position) 3,750 2,277 1,473 - 897 (1,155) 287 79 208 -Gas swaps and options (sell position) 768 723 45 - 87 (206) 128 98 30 -2025 2024Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Power swaps (sell position (2024: buy position)) 1,145 (138) 3,071 (409)Power options (sell position) 262 - 830 (23)Power purchase agreements (sell position) 393 12 237 (94)Gas swaps and options (sell position) 1,307 178 2,734 406Oil swaps and options (buy position) - - 169 (147)Other (sell position (2024: buy position)) 270 - 740 -We use a number of different hedging instruments to hedge the revenue from our power production and sale of power sourced with a power price risk. For both these exposures, the revenue is linked to the production from wind and solar assets. Hedge ratioWe apply a hedge ratio of 1:1 when all critical terms match, which is normally the case when we enter into power purchase agreements where the settlement is linked to the actual power production. We also use fixed volume hedges characterised by the settlement of a constant volume 24/7. These hedges do not always match the timing of our actual production which is dependent on wind speeds and sunny weather. To take this into account, we adjust the hedge ratio.To some extent, we use gas hedges as a proxy for our power exposure when it is not possible to trade power hedges due to lack of liquidity or unattractive prices. As approximately half of the energy in gas is lost in the conversion to power, we apply a hedge ratio of 2:1 (2 gas to 1 power).Dynamic hedgingPart of the power swaps and futures hedge is managed with a dynamic hedge percentage. This relates to power sales sourced from purchase agreements with price caps and floors. The risk management objective is to protect the margin from price changes.Ineffective hedgesIn 2025, we recognised ineffective hedges with a gain of DKK 138 million (2024: a gain of DKK 137 million) in other operating expenses. The ineffectiveness is mainly related to proxy hedging.Note 6.3Inflation and interest rate risksApproximately 90 % of our revenue from offshore and onshore assets for the period 2026-2030 stems from either fixed nominal or inflation-indexed contracts. The long duration of these cash flows exposes us to changes in interest rates and inflation, particularly for assets where the fixed nominal price received is con-stant regardless of interest rate, inflation, or merchant price level. Our risk management builds on the assumption that shareholders prefer exposure to inflation-indexed cash flows over nominal cash flows, as this protects the real value of their investment. We apply an asset and liability management principle for handling interest rate and inflation risks. Inflation riskWe prefer to invest in assets with inflation-linked revenue to mitigate our cost inflation risks. Our cost inflation mainly stems from OPEX, cost of sales, devel-opment expenses, and CAPEX, which, to a large extent increase with inflation. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel and copper for wind turbines, foundations, and cable. Commodity price risks are first and foremost reduced by negotiating fixed-price CAPEX contracts and secondly by negotiating CAPEX price-linked to indexes or similar that can be hedged in the financial markets. The net commodity risk in CAPEX is hedged asset by asset following project final investment decision (FID).Interest rate risksWe actively match our debt with our assets per currency and modified duration. Modified duration of both assets and debt is the change in value in response to a one percentage point change in interest rates. As a rule of thumb, modified duration is matched within \u00b12 percentage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 6.9 % in modified duration are matched with fixed-rate NTD debt with roughly 6.9 % modified duration.For assets in operation and under construction, 60 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, are matched with corresponding fixed-rate senior and hybrid debt. Part of this matching has been done by entering into inflation swaps on our inflation-indexed CfD and ROC revenue in the UK to match our GBP fixed-rate debt. As our portfolio of awarded assets mature, we actively consider executing interest rate swaps to lock in interest rates before funding is secured. Finally, when we farm down part of an asset, we normally hedge part of the interest and inflation risks related to the divestment proceeds.Maturity analysis Market value Expected transfers to income statementRecognised in Cash flow hedge accounting 2025 Contractual comprehensive DKKmprincipal amount 2026-29 2030-35 After 2035 Asset Liabilityincome 2026 2027 After 2027EBITDA impactInflation swap (pay variable/receive fixed \u2013 the UK), hedging revenue 30,198 8,158 18,789 3,251 - (2,061) (2,619) (232) (206) (2,181)Inflation swap (receive variable/pay fixed \u2013 EURO), hedging cost of sales 4,212 1,094 1,783 1,335 4 (14) (10) (1) (1) (8)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), hedging future loan issuance 2,862 - 2,862 - - (41) 638 16 64 558Interest rate swap (pay fixed/receive variable \u2013 NTD), hedging future loan issuance 12,718 3,198 4,731 4,789 228 - 228 (22) 5 245Property, plant, and equipment under constructionBunker fuel for vessels 471 471 - - 39 (33) n/a n/a n/a n/aCash flow hedge accounting 2024 DKKm2025-28 2029-34 After 2034 2025 2026 After 2026EBITDA impactInflation swap (pay variable/receive fixed \u2013 the UK), hedging revenue 32,017 8,317 19,156 4,544 - (3,024) (3,513) (216) (221) (3,076)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 2,989 - - 2,989 26 - 702 - 70 632Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance - - - - - - 96 5 10 81Property, plant, and equipment under constructionMetals 1,456 1,456 - - - (181) n/a n/a n/a n/a2025 2024Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 9,284 104 13,822 200Interest rate swaps are used to adjust the maturity of our bond portfolio. We hedge our UK inflation risk related to inflation-indexed revenue from ROC and CfD subsidies at an average fixed rate of 3.4 %. Furthermore, we hedge the interest and inflation risk related to divestments. All the inflation risks that we hedge are separately identifiable in the underlying contract.We have recognised ineffectiveness of DKK 90 million (gain) (2024: ineffectiveness gain of DKK 25 million in financial income).Note 6.4Currency risksOur cash flows consist of multiple different currencies, which expose us to fluctuations in currency exchange rates against DKK. Our main currency exposures are GBP, USD, and NTD. We are net positively exposed to all three main currencies, and thus a drop in the GBP, USD or NTD against DKK would result in a loss over a five-year horizon. While our exposure to EUR is also significant, we deem EUR an insignificant risk as we expect Denmark to maintain its fixed exchange-rate policy. As the subsidy on our Baltica 2 project in Poland includes a fixed EUR/PLN rate, we have limited risk towards PLN.We primarily manage currency risk by using structural risk management tools, such as using local currency sourcing contracts, netting income and expenses in the same currency, and issuing local currency debt to naturally balance our portfolio. More specifically, the currency denomination of new debt issuances is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/adjusted interest-bearing net debt against adverse movements in exchange rates. Debt can be particularly effective in new markets to mitigate the time-spread risk since the proceeds from the debt issuance can be used to fund and hedge construction costs, while the debt repayment profile can be sculpted to match future revenue. The residual currency risk after debt and netting of exposures are managed via financial derivatives according to our desired risk appetite. Our overall hedge horizon is five years, covering only highly certain cash flows to reduce the risk of hedge ineffectiveness. For energy price risks in foreign currencies, we do not hedge the exchange rate risk until the energy exposure has been hedged. For cash flows that relate to subsidised GBP income from our UK offshore wind farms less operating expenses, we hedge on a declining level over a five-year rolling horizon. Our currency exposure after hedging for the years 2026-2030 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 17.0 sell position +1.7 -1.7USD: 10.5 sell position +1.1 -1.1NTD: 7.1 sell position +0.7 -0.7Maturity analysis Market value Expected transfers to income statementRecognised in Currency cash flow hedge accounting 2025 Contractual comprehensive DKKmprincipal amount 2026 2027 After 2027 Asset Liabilityincome 2026 2027 After 2027EBITDA impactGBP forwards and cross-currency swaps, edging revenue (sell position) 16,629 4,174 3,943 8,512 185 (205) (175) (76) (84) (15)GBP forwards and cross-currency swaps, edging cost of sale (sell position) 9,904 4,117 5,095 692 - (71) (71) (28) (38) (5)NTD forwards and cross-currency swaps, edging cost of sale (sell position) 627 627 - - 18 - 18 18 - -Currency cash flow hedge accounting 2024 DKKm2025 2026 After 2026 2025 2026 After 2026EBITDA impactGBP forwards and cross-currency swaps, edging revenue (sell position) 22,864 5,980 5,691 11,193 - (885) (942) (387) (235) (320)The GBP exchange rates for hedges impacting EBITDA in 2026 and 2027 are hedged at an average of GBP/DKK 8.4 and 8.2, respectively. Ineffectiveness from currency cash flow hedges in 2025 amounts to a gain of DKK 67 million (2024: DKK a loss of -82 million), recognised in financial items.2025 2024Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts (sell position) 14,317 (69) 21,180 1The table shows cash management positions which are not hedge accounted. Hedging of net investments in foreign subsidiaries Accumulated Of which, Hedged exchange rate DKKm Net non-controlling amount adjustments Currency 2025investmentinterestsin currency Net positionin equityGBP 62,089 (5,863) (19,021) 37,205 (2,727)EUR 30,050 - - 30,050 103USD 60,681 (2,357) (23,120) 35,204 (2,199)NTD 24,085 - (11,739) 12,346 (1,081)Other 8,876 - - 8,876 209To tal 185,781 (8,220) (53,880) 123,681 (5,695)Currency 2024GBP 62,675 (7,859) (46,688) 8,128 (1,877)EUR 31,702 - - 31,702 30USD 43,840 (2,498) (27,282) 14,060 619NTD 27,821 - (10,324) 17,497 102Other 5,704 - - 5,704 154To tal 171,742 (10,357) (84,294) 77,091 (972)Maturity analysis Market valueNet investment hedges 2025Contractual DKKmprincipal amount2026 2027 After 2027 Asset LiabilityGBP issued senior bonds 13,186 - 2,994 10,192 - -GBP forwards and cross-currency swaps 5,835 (1,978) 5,430 2,383 269 (293)USD bank loans 4,740 - - 4,740 - -USD forwards and cross-currency swaps 18,380 (5,914) 19,524 4,770 1,200 (138)NTD issued senior bonds 5,465 810 810 3,845 - -NTD forwards and cross-currency swaps 6,274 6,274 - - 294 -Net investment hedges 2024DKKm2025 2026 After 2026GBP issued senior bonds 27,960 - - 27,960 - -GBP forwards and cross-currency swaps 18,728 4,162 3,247 11,319 142 (604)USD bank loans 5,368 - - 5,368 - -USD forwards and cross-currency swaps 21,914 4,919 10,370 6,625 194 (997)NTD issued senior bonds 5,931 - 879 5,052 - -NTD forwards and cross-currency swaps 4,393 4,393 - - 4 -No ineffectiveness from net investment hedges in 2025 or 2024. The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2025, equity would have increased by DKK 3,720 million, corresponding to 10 % of DKK 37,205 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign curren-cies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2025, the accumulated exchange rate adjustments totalled DKK -5,695 million (2024: DKK -972 million), divided between the exchange rate adjustment of the net investment of DKK -4,821 million (2024: DKK 4,791 million) and the hedging thereof of DKK -874 million (2024: DKK -5,763 million).Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.Note 6.5Credit risks Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2025 Derivativesreceivables 2024Financial assets 4,494 6,025 10,519 6,795 9,614 16,409Financial liabilities, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial assets in the balance sheet 3,734 4,132 7,866 4,393 4,698 9,091Amounts not offset in the balance sheetLiabilities with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral received (645) - (645) (139) - (139)Net 1,166 4,132 5,298 2,711 4,698 7,409 Offsetting of financial liabilitiesDKKmFinancial liabilities 4,860 6,062 10,922 11,153 9,246 20,399Financial assets, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial liabilities in the balance sheet 4,100 4,169 8,269 8,751 4,330 13,081Amounts not offset in the balance sheetAssets with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral provided (1,912) - (1,912) (5,082) - (5,082)Net 265 4,169 4,434 2,126 4,330 6,456A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold between a limited number of energy market participants. Credit quality of the Group\u2019s counterparties 1 DKKm 2025 2024AAA/Aaa 40,164 12,485AA/Aa 13,478 17,623A/A 41,550 10,262BBB/Baa 2,865 4,583Other 12,196 13,031Total credit exposure 110,253 57,9841 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. At 31 December 2025, \u00d8rsted considered its maximum credit risk to be DKK 110,253 million (2024: DKK 57,984 million).We are exposed to credit risks from our construction activities, hedging and trading activities, and all other activities where a counterparty\u2019s failure to meet their obligations may cause a loss. A large part of our credit risk is towards major international energy companies, suppliers, and banks. Our key credit risk management objective is to secure that credit decisions are well informed, to take into consideration potential future changes to relevant risk factors, and to monitor our counterparties closely. Our credit policy is to accept unsecured credit expo-sures to investment grade counterparties while we have limited or no credit appetite to lower rating classes. For construction suppliers, non-investment grade counterparties can be opted if deemed the best choice, also taking into consideration other para meters than financial strength. Some of our main methods for mitigating the credit risks are to have minimum rating requirements in our contracts, to monitor credit worthiness indicators closely to be able to react in due time, and to require guarantees or other credit-risk- reducing measures if needed and deemed necessary. Where mitigation in accordance with our policies and principle is not commercially possible, credit risk can be accepted if deemed necessary and balanced.For the most significant counterparties, an internal rating is assigned when establishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses. We have not experienced any losses from a major counterparty in 2025 or 2024.Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.Note 6.7Energy trading portfolio2025 2024 Overview of the Group\u2019s energy trading portfolio 1 Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 1,409 307 4,389 229Power options (buy position) 1,490 28 3,778 972Gas swaps and options (sell position) 1,814 134 3,477 (704)Other (sell position) 271 17 572 (8)Trading mandate 2VaR limit in 2025: DKK 100 million Stress limit in 2025: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gason data for the past 45 trading days, with Stress is based on data from 1 January \u00b7 Max. 1 million BoEthe heaviest weighting being assigned to 2006 to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsthe most recent trading days.\u00b7 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The unrealised gain/loss consists of both the received exposure from our assets with settlement at maturity and the external trades settled on a daily basis, including the settled margin.2 Trading activities are carried out under a value-at-risk (VaR) man-date and a stress mandate as well as a limit for the maximum posi-tions measured in energy units per product (power, gas, etc.).Trading portfolioThe purpose of our trading portfolio is to: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the limits shown above. The overview of the Group\u2019s energy trading portfolio above is the net of the internal exposures received from the assets and the external trades.The trading portfolio primarily consists of positions in power and gas.The energy trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Note 6.9Sensitivity analysis of financial instruments31 December 2025 31 December 2024 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower +25 % 287 (5,030) (187) (6,736)-25 % (193) 5,815 438 7,247Gas +25 % (506) 123 (741) 152-25 % 506 (123) 741 (152)Oil +25 % - 85 (112) --25 % - (85) 112 -GBP +10 % (1,604) (2,995) (541) (2,636)-10 % 1,604 2,995 541 2,636USD +10 % (1,088) (212) (1,279) (259)-10 % 1,088 212 1,279 259NTD +10 % (2,087) (40) 155 --10 % 2,087 40 (155) -EUR +1 % (136) 86 11 (13)-1 % 136 (86) (11) 13Inflation +1 %p - (1,504) - (1,795)Interest +1 %p (2,856) 990 266 258The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises financial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 5,388 million (2024: DKK 8,430 million).",
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"value": "Note 6.1Risk frameworkThe overall objective of our financial and revenue risk management is to:\u00b7 increase the predictability of our short-term income and construction costs\u00b7 protect our current and future investment capacity by stabilising key rating metrics, such as FFO/adjusted interest-bearing net debt\u00b7 protect the long-term real value of the shareholders\u2019 investment in \u00d8rsted.The governance for managing market, credit, and liquidity risks are based on the three-lines-of-defence model:\u00b7 The first line of defence is responsible for our ongoing risk management and control, including necessary mitigating actions for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Group Risk, which is responsible for challenging decisions made by the first line of defence, including providing independent risk views and advice, as well as monitoring and controlling that risks are being managed appropriately.\u00b7 The third line of defence is Internal Audit.The limits for first line of defence are established during the business planning processes and evaluated according to our risk appetite. An example is deciding on the target hedge level for price exposures from power generation as described in note 6.2 \u2018Energy price risks\u2018. In our risk management processes, financial and revenue risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our most material enter prise risks and associated risk mitigation measures are presented in the \u2018Enterprise risk management\u2019 section in the \u2018 Management\u2019s review\u2019. The Board of Directors oversees our risk management through the Audit & Risk Committee and approves the Enterprise Risk Management Framework. See the \u2018Corporate governance\u2019 section in the \u2018Management\u2019s review\u2019 for governance regarding our committees.We govern the accounting treatment and effectiveness of hedges by applying hedge accounting on energy, commodity, currency, interest rate, and inflation hedging. Accounting policiesHedge accountingWe apply hedge accounting to our energy, commodity, currency, interest rate, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, ana- lyses of the expected effectiveness of the hedging instrument are performed before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may devi-ate from the one-to-one principle and will be deter-mined as the ratio which most effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. If the hedged cash flows are no longer expected to be realised, the in-full or partially accumulated value change is transferred to profit (loss) for the year. Ineffective hedges related to energy and commodity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recog-nised in the same item as the hedged item. However, on interest rate and currency hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Key accounting estimatesValuation of long-term power purchase agreements and receivables from divestment of assetsWhen we measure our power purchase agreements and some receivables at fair value, we use estimates of non- observable inputs, such as:\u00b7 production forecasts\u00b7 forecasted long-term power prices and exchange rates\u00b7 forecasted inflation expectations\u00b7 discount rates.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices, intermittency, interest, currency, and inflation. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialise, which will lead to recognition of ineffectiveness.Key accounting judgementsValuation of long-term power purchase agreements and receivables from divestment of assets We measure our power purchase agreements and some receivables at fair value, but they cannot always be measured using quoted prices in active markets due to the long duration and complexity of the con-tracts. We therefore use elements of judgement when measuring the fair value, and we aim to limit the use of subjective estimates and base the fair values on external information, including external pricing and benchmark services.Hedge accountingJudgements are used to consider whether forecasted transactions are highly probable exposures as hedged items in a hedge relationship, e.g. expected produc-tion from wind farms, and judgement is applied as to whether the hedge instruments applied in the hedge relationships identified are effective.Note 6.2Energy price risksOur main energy price risk stems from our power generation from wind and solar PV assets. By nature, this generation is exposed to volume uncertainty, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy price risks through our combined heat and power plants.Offshore and onshore power generationOnly approximately 10 % of the revenue from our power generation in Offshore and Onshore in 2026-2030 is exposed to power price uncertainty.Most of our offshore assets receive government subsi-dies, which provide a high degree of revenue certainty for pre-determined periods of time. The majority of the offshore subsidies that we receive in the UK, Central Europe, the US, and Taiwan provide us with either floor prices or fixed prices per MWh for the power produced. Our UK assets with renevables obligation certificates (ROCs) receive a fixed subsidy per MWh in addition to the revenue generated from selling the power gener-ation in the market. We manage some of the revenue risks in Offshore using corporate power purchase agree-ments (CPPAs), which have fixed prices and floor prices.A large part of our income in Onshore comes from production tax credits (PTCs) or investment tax credits (ITCs) related to power generation or investments in the US (see note 3.8 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a power price risk. However, a price risk is associated with the power produced by these assets. In Europe, we have a mixture of subsidised and subsidy-free onshore assets. As in Offshore, we manage some of the Onshore revenue risks using CPPAs. In general, these CPPAs are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.To mitigate our residual exposure to revenue risks, we use fixed-volume hedges. There can be mismatches between these hedges and the production profiles of our assets. In addition, a negative correlation tends to exist between power prices and generation volumes, which is driven by the periods when solar and wind generation exceeds demand. These risks are accounted for in our hedging strategy. For example, the maximum hedge ratio is 70 % when using fixed-volume hedges. This maximum hedging level ensures a low probability for not having physical power generation behind fixed-volume hedges while also providing an adequate level of risk reduction.Power generation at our CHP plantsOur portfolio of CHP plants primarily consists of biomass-fuelled units in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of biomass. The total net price risk associated with power from CHP generation for the period 2026-2028 is DKK 4.1 billion after hedging, covering both heat-bound and condensing-based generation. We are not exposed to price risks related to heat generation.Risk after hedgingOur energy exposure after hedging for the years 2026-2028 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 15.2 sell position +1.5 -1.5Spread (power): 4.1 +0.4 -0.4A 10 % increase in the power price will result in a gain of DKK 1.5 billion over the period 2026-2028, all else remaining unchanged.Principles for estimating exposuresExposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Maturity analysis Market value Expected transfers to EBITDARecognised in Power price cash flow hedge accounting 2025Contractual comprehensive DKKmprincipal amount 2026 2027 After 2027 Asset Liabilityincome 2026 2027 After 2027Hedging revenue from power sales/production (EBITDA impact)Power purchase agreements (sell position) 9,321 1,198 1,444 6,679 657 (5,307) (4,116) (424) (592) (3,100)Power swaps and futures (sell position) 3,018 1,710 1,146 162 411 (194) 341 412 (67) (4)Gas swaps and options (sell position) 496 173 228 95 19 (3) (81) (73) (6) (2)Power price cash flow hedge accounting 2024DKKm2025 2026 After 2026 2025 2026 After 2026Hedging revenue from power sales/production (EBITDA impact)Power purchase agreements (sell position) 9,771 2,001 2,022 5,748 867 (5,413) (3,795) (72) (427) (3,296)Power swaps and futures (sell position) 3,750 2,277 1,473 - 897 (1,155) 287 79 208 -Gas swaps and options (sell position) 768 723 45 - 87 (206) 128 98 30 -2025 2024Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Power swaps (sell position (2024: buy position)) 1,145 (138) 3,071 (409)Power options (sell position) 262 - 830 (23)Power purchase agreements (sell position) 393 12 237 (94)Gas swaps and options (sell position) 1,307 178 2,734 406Oil swaps and options (buy position) - - 169 (147)Other (sell position (2024: buy position)) 270 - 740 -We use a number of different hedging instruments to hedge the revenue from our power production and sale of power sourced with a power price risk. For both these exposures, the revenue is linked to the production from wind and solar assets. Hedge ratioWe apply a hedge ratio of 1:1 when all critical terms match, which is normally the case when we enter into power purchase agreements where the settlement is linked to the actual power production. We also use fixed volume hedges characterised by the settlement of a constant volume 24/7. These hedges do not always match the timing of our actual production which is dependent on wind speeds and sunny weather. To take this into account, we adjust the hedge ratio.To some extent, we use gas hedges as a proxy for our power exposure when it is not possible to trade power hedges due to lack of liquidity or unattractive prices. As approximately half of the energy in gas is lost in the conversion to power, we apply a hedge ratio of 2:1 (2 gas to 1 power).Dynamic hedgingPart of the power swaps and futures hedge is managed with a dynamic hedge percentage. This relates to power sales sourced from purchase agreements with price caps and floors. The risk management objective is to protect the margin from price changes.Ineffective hedgesIn 2025, we recognised ineffective hedges with a gain of DKK 138 million (2024: a gain of DKK 137 million) in other operating expenses. The ineffectiveness is mainly related to proxy hedging.Note 6.3Inflation and interest rate risksApproximately 90 % of our revenue from offshore and onshore assets for the period 2026-2030 stems from either fixed nominal or inflation-indexed contracts. The long duration of these cash flows exposes us to changes in interest rates and inflation, particularly for assets where the fixed nominal price received is con-stant regardless of interest rate, inflation, or merchant price level. Our risk management builds on the assumption that shareholders prefer exposure to inflation-indexed cash flows over nominal cash flows, as this protects the real value of their investment. We apply an asset and liability management principle for handling interest rate and inflation risks. Inflation riskWe prefer to invest in assets with inflation-linked revenue to mitigate our cost inflation risks. Our cost inflation mainly stems from OPEX, cost of sales, devel-opment expenses, and CAPEX, which, to a large extent increase with inflation. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel and copper for wind turbines, foundations, and cable. Commodity price risks are first and foremost reduced by negotiating fixed-price CAPEX contracts and secondly by negotiating CAPEX price-linked to indexes or similar that can be hedged in the financial markets. The net commodity risk in CAPEX is hedged asset by asset following project final investment decision (FID).Interest rate risksWe actively match our debt with our assets per currency and modified duration. Modified duration of both assets and debt is the change in value in response to a one percentage point change in interest rates. As a rule of thumb, modified duration is matched within \u00b12 percentage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 6.9 % in modified duration are matched with fixed-rate NTD debt with roughly 6.9 % modified duration.For assets in operation and under construction, 60 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, are matched with corresponding fixed-rate senior and hybrid debt. Part of this matching has been done by entering into inflation swaps on our inflation-indexed CfD and ROC revenue in the UK to match our GBP fixed-rate debt. As our portfolio of awarded assets mature, we actively consider executing interest rate swaps to lock in interest rates before funding is secured. Finally, when we farm down part of an asset, we normally hedge part of the interest and inflation risks related to the divestment proceeds.Maturity analysis Market value Expected transfers to income statementRecognised in Cash flow hedge accounting 2025 Contractual comprehensive DKKmprincipal amount 2026-29 2030-35 After 2035 Asset Liabilityincome 2026 2027 After 2027EBITDA impactInflation swap (pay variable/receive fixed \u2013 the UK), hedging revenue 30,198 8,158 18,789 3,251 - (2,061) (2,619) (232) (206) (2,181)Inflation swap (receive variable/pay fixed \u2013 EURO), hedging cost of sales 4,212 1,094 1,783 1,335 4 (14) (10) (1) (1) (8)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), hedging future loan issuance 2,862 - 2,862 - - (41) 638 16 64 558Interest rate swap (pay fixed/receive variable \u2013 NTD), hedging future loan issuance 12,718 3,198 4,731 4,789 228 - 228 (22) 5 245Property, plant, and equipment under constructionBunker fuel for vessels 471 471 - - 39 (33) n/a n/a n/a n/aCash flow hedge accounting 2024 DKKm2025-28 2029-34 After 2034 2025 2026 After 2026EBITDA impactInflation swap (pay variable/receive fixed \u2013 the UK), hedging revenue 32,017 8,317 19,156 4,544 - (3,024) (3,513) (216) (221) (3,076)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 2,989 - - 2,989 26 - 702 - 70 632Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance - - - - - - 96 5 10 81Property, plant, and equipment under constructionMetals 1,456 1,456 - - - (181) n/a n/a n/a n/a2025 2024Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 9,284 104 13,822 200Interest rate swaps are used to adjust the maturity of our bond portfolio. We hedge our UK inflation risk related to inflation-indexed revenue from ROC and CfD subsidies at an average fixed rate of 3.4 %. Furthermore, we hedge the interest and inflation risk related to divestments. All the inflation risks that we hedge are separately identifiable in the underlying contract.We have recognised ineffectiveness of DKK 90 million (gain) (2024: ineffectiveness gain of DKK 25 million in financial income).Note 6.4Currency risksOur cash flows consist of multiple different currencies, which expose us to fluctuations in currency exchange rates against DKK. Our main currency exposures are GBP, USD, and NTD. We are net positively exposed to all three main currencies, and thus a drop in the GBP, USD or NTD against DKK would result in a loss over a five-year horizon. While our exposure to EUR is also significant, we deem EUR an insignificant risk as we expect Denmark to maintain its fixed exchange-rate policy. As the subsidy on our Baltica 2 project in Poland includes a fixed EUR/PLN rate, we have limited risk towards PLN.We primarily manage currency risk by using structural risk management tools, such as using local currency sourcing contracts, netting income and expenses in the same currency, and issuing local currency debt to naturally balance our portfolio. More specifically, the currency denomination of new debt issuances is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/adjusted interest-bearing net debt against adverse movements in exchange rates. Debt can be particularly effective in new markets to mitigate the time-spread risk since the proceeds from the debt issuance can be used to fund and hedge construction costs, while the debt repayment profile can be sculpted to match future revenue. The residual currency risk after debt and netting of exposures are managed via financial derivatives according to our desired risk appetite. Our overall hedge horizon is five years, covering only highly certain cash flows to reduce the risk of hedge ineffectiveness. For energy price risks in foreign currencies, we do not hedge the exchange rate risk until the energy exposure has been hedged. For cash flows that relate to subsidised GBP income from our UK offshore wind farms less operating expenses, we hedge on a declining level over a five-year rolling horizon. Our currency exposure after hedging for the years 2026-2030 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 17.0 sell position +1.7 -1.7USD: 10.5 sell position +1.1 -1.1NTD: 7.1 sell position +0.7 -0.7Maturity analysis Market value Expected transfers to income statementRecognised in Currency cash flow hedge accounting 2025 Contractual comprehensive DKKmprincipal amount 2026 2027 After 2027 Asset Liabilityincome 2026 2027 After 2027EBITDA impactGBP forwards and cross-currency swaps, edging revenue (sell position) 16,629 4,174 3,943 8,512 185 (205) (175) (76) (84) (15)GBP forwards and cross-currency swaps, edging cost of sale (sell position) 9,904 4,117 5,095 692 - (71) (71) (28) (38) (5)NTD forwards and cross-currency swaps, edging cost of sale (sell position) 627 627 - - 18 - 18 18 - -Currency cash flow hedge accounting 2024 DKKm2025 2026 After 2026 2025 2026 After 2026EBITDA impactGBP forwards and cross-currency swaps, edging revenue (sell position) 22,864 5,980 5,691 11,193 - (885) (942) (387) (235) (320)The GBP exchange rates for hedges impacting EBITDA in 2026 and 2027 are hedged at an average of GBP/DKK 8.4 and 8.2, respectively. Ineffectiveness from currency cash flow hedges in 2025 amounts to a gain of DKK 67 million (2024: DKK a loss of -82 million), recognised in financial items.2025 2024Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts (sell position) 14,317 (69) 21,180 1The table shows cash management positions which are not hedge accounted. Hedging of net investments in foreign subsidiaries Accumulated Of which, Hedged exchange rate DKKm Net non-controlling amount adjustments Currency 2025investmentinterestsin currency Net positionin equityGBP 62,089 (5,863) (19,021) 37,205 (2,727)EUR 30,050 - - 30,050 103USD 60,681 (2,357) (23,120) 35,204 (2,199)NTD 24,085 - (11,739) 12,346 (1,081)Other 8,876 - - 8,876 209To tal 185,781 (8,220) (53,880) 123,681 (5,695)Currency 2024GBP 62,675 (7,859) (46,688) 8,128 (1,877)EUR 31,702 - - 31,702 30USD 43,840 (2,498) (27,282) 14,060 619NTD 27,821 - (10,324) 17,497 102Other 5,704 - - 5,704 154To tal 171,742 (10,357) (84,294) 77,091 (972)Maturity analysis Market valueNet investment hedges 2025Contractual DKKmprincipal amount2026 2027 After 2027 Asset LiabilityGBP issued senior bonds 13,186 - 2,994 10,192 - -GBP forwards and cross-currency swaps 5,835 (1,978) 5,430 2,383 269 (293)USD bank loans 4,740 - - 4,740 - -USD forwards and cross-currency swaps 18,380 (5,914) 19,524 4,770 1,200 (138)NTD issued senior bonds 5,465 810 810 3,845 - -NTD forwards and cross-currency swaps 6,274 6,274 - - 294 -Net investment hedges 2024DKKm2025 2026 After 2026GBP issued senior bonds 27,960 - - 27,960 - -GBP forwards and cross-currency swaps 18,728 4,162 3,247 11,319 142 (604)USD bank loans 5,368 - - 5,368 - -USD forwards and cross-currency swaps 21,914 4,919 10,370 6,625 194 (997)NTD issued senior bonds 5,931 - 879 5,052 - -NTD forwards and cross-currency swaps 4,393 4,393 - - 4 -No ineffectiveness from net investment hedges in 2025 or 2024. The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2025, equity would have increased by DKK 3,720 million, corresponding to 10 % of DKK 37,205 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign curren-cies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2025, the accumulated exchange rate adjustments totalled DKK -5,695 million (2024: DKK -972 million), divided between the exchange rate adjustment of the net investment of DKK -4,821 million (2024: DKK 4,791 million) and the hedging thereof of DKK -874 million (2024: DKK -5,763 million).Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.Note 6.7Energy trading portfolio2025 2024 Overview of the Group\u2019s energy trading portfolio 1 Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 1,409 307 4,389 229Power options (buy position) 1,490 28 3,778 972Gas swaps and options (sell position) 1,814 134 3,477 (704)Other (sell position) 271 17 572 (8)Trading mandate 2VaR limit in 2025: DKK 100 million Stress limit in 2025: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gason data for the past 45 trading days, with Stress is based on data from 1 January \u00b7 Max. 1 million BoEthe heaviest weighting being assigned to 2006 to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsthe most recent trading days.\u00b7 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The unrealised gain/loss consists of both the received exposure from our assets with settlement at maturity and the external trades settled on a daily basis, including the settled margin.2 Trading activities are carried out under a value-at-risk (VaR) man-date and a stress mandate as well as a limit for the maximum posi-tions measured in energy units per product (power, gas, etc.).Trading portfolioThe purpose of our trading portfolio is to: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the limits shown above. The overview of the Group\u2019s energy trading portfolio above is the net of the internal exposures received from the assets and the external trades.The trading portfolio primarily consists of positions in power and gas.The energy trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Note 6.9Sensitivity analysis of financial instruments31 December 2025 31 December 2024 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower +25 % 287 (5,030) (187) (6,736)-25 % (193) 5,815 438 7,247Gas +25 % (506) 123 (741) 152-25 % 506 (123) 741 (152)Oil +25 % - 85 (112) --25 % - (85) 112 -GBP +10 % (1,604) (2,995) (541) (2,636)-10 % 1,604 2,995 541 2,636USD +10 % (1,088) (212) (1,279) (259)-10 % 1,088 212 1,279 259NTD +10 % (2,087) (40) 155 --10 % 2,087 40 (155) -EUR +1 % (136) 86 11 (13)-1 % 136 (86) (11) 13Inflation +1 %p - (1,504) - (1,795)Interest +1 %p (2,856) 990 266 258The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises financial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 5,388 million (2024: DKK 8,430 million).",
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"value": "Note 6.1Risk frameworkThe overall objective of our financial and revenue risk management is to:\u00b7 increase the predictability of our short-term income and construction costs\u00b7 protect our current and future investment capacity by stabilising key rating metrics, such as FFO/adjusted interest-bearing net debt\u00b7 protect the long-term real value of the shareholders\u2019 investment in \u00d8rsted.The governance for managing market, credit, and liquidity risks are based on the three-lines-of-defence model:\u00b7 The first line of defence is responsible for our ongoing risk management and control, including necessary mitigating actions for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Group Risk, which is responsible for challenging decisions made by the first line of defence, including providing independent risk views and advice, as well as monitoring and controlling that risks are being managed appropriately.\u00b7 The third line of defence is Internal Audit.The limits for first line of defence are established during the business planning processes and evaluated according to our risk appetite. An example is deciding on the target hedge level for price exposures from power generation as described in note 6.2 \u2018Energy price risks\u2018. In our risk management processes, financial and revenue risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our most material enter prise risks and associated risk mitigation measures are presented in the \u2018Enterprise risk management\u2019 section in the \u2018 Management\u2019s review\u2019. The Board of Directors oversees our risk management through the Audit & Risk Committee and approves the Enterprise Risk Management Framework. See the \u2018Corporate governance\u2019 section in the \u2018Management\u2019s review\u2019 for governance regarding our committees.We govern the accounting treatment and effectiveness of hedges by applying hedge accounting on energy, commodity, currency, interest rate, and inflation hedging. Accounting policiesHedge accountingWe apply hedge accounting to our energy, commodity, currency, interest rate, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, ana- lyses of the expected effectiveness of the hedging instrument are performed before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may devi-ate from the one-to-one principle and will be deter-mined as the ratio which most effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. If the hedged cash flows are no longer expected to be realised, the in-full or partially accumulated value change is transferred to profit (loss) for the year. Ineffective hedges related to energy and commodity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recog-nised in the same item as the hedged item. However, on interest rate and currency hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Key accounting estimatesValuation of long-term power purchase agreements and receivables from divestment of assetsWhen we measure our power purchase agreements and some receivables at fair value, we use estimates of non- observable inputs, such as:\u00b7 production forecasts\u00b7 forecasted long-term power prices and exchange rates\u00b7 forecasted inflation expectations\u00b7 discount rates.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices, intermittency, interest, currency, and inflation. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialise, which will lead to recognition of ineffectiveness.Key accounting judgementsValuation of long-term power purchase agreements and receivables from divestment of assets We measure our power purchase agreements and some receivables at fair value, but they cannot always be measured using quoted prices in active markets due to the long duration and complexity of the con-tracts. We therefore use elements of judgement when measuring the fair value, and we aim to limit the use of subjective estimates and base the fair values on external information, including external pricing and benchmark services.Hedge accountingJudgements are used to consider whether forecasted transactions are highly probable exposures as hedged items in a hedge relationship, e.g. expected produc-tion from wind farms, and judgement is applied as to whether the hedge instruments applied in the hedge relationships identified are effective.Note 6.2Energy price risksOur main energy price risk stems from our power generation from wind and solar PV assets. By nature, this generation is exposed to volume uncertainty, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy price risks through our combined heat and power plants.Offshore and onshore power generationOnly approximately 10 % of the revenue from our power generation in Offshore and Onshore in 2026-2030 is exposed to power price uncertainty.Most of our offshore assets receive government subsi-dies, which provide a high degree of revenue certainty for pre-determined periods of time. The majority of the offshore subsidies that we receive in the UK, Central Europe, the US, and Taiwan provide us with either floor prices or fixed prices per MWh for the power produced. Our UK assets with renevables obligation certificates (ROCs) receive a fixed subsidy per MWh in addition to the revenue generated from selling the power gener-ation in the market. We manage some of the revenue risks in Offshore using corporate power purchase agree-ments (CPPAs), which have fixed prices and floor prices.A large part of our income in Onshore comes from production tax credits (PTCs) or investment tax credits (ITCs) related to power generation or investments in the US (see note 3.8 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a power price risk. However, a price risk is associated with the power produced by these assets. In Europe, we have a mixture of subsidised and subsidy-free onshore assets. As in Offshore, we manage some of the Onshore revenue risks using CPPAs. In general, these CPPAs are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.To mitigate our residual exposure to revenue risks, we use fixed-volume hedges. There can be mismatches between these hedges and the production profiles of our assets. In addition, a negative correlation tends to exist between power prices and generation volumes, which is driven by the periods when solar and wind generation exceeds demand. These risks are accounted for in our hedging strategy. For example, the maximum hedge ratio is 70 % when using fixed-volume hedges. This maximum hedging level ensures a low probability for not having physical power generation behind fixed-volume hedges while also providing an adequate level of risk reduction.Power generation at our CHP plantsOur portfolio of CHP plants primarily consists of biomass-fuelled units in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of biomass. The total net price risk associated with power from CHP generation for the period 2026-2028 is DKK 4.1 billion after hedging, covering both heat-bound and condensing-based generation. We are not exposed to price risks related to heat generation.Risk after hedgingOur energy exposure after hedging for the years 2026-2028 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 15.2 sell position +1.5 -1.5Spread (power): 4.1 +0.4 -0.4A 10 % increase in the power price will result in a gain of DKK 1.5 billion over the period 2026-2028, all else remaining unchanged.Principles for estimating exposuresExposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Maturity analysis Market value Expected transfers to EBITDARecognised in Power price cash flow hedge accounting 2025Contractual comprehensive DKKmprincipal amount 2026 2027 After 2027 Asset Liabilityincome 2026 2027 After 2027Hedging revenue from power sales/production (EBITDA impact)Power purchase agreements (sell position) 9,321 1,198 1,444 6,679 657 (5,307) (4,116) (424) (592) (3,100)Power swaps and futures (sell position) 3,018 1,710 1,146 162 411 (194) 341 412 (67) (4)Gas swaps and options (sell position) 496 173 228 95 19 (3) (81) (73) (6) (2)Power price cash flow hedge accounting 2024DKKm2025 2026 After 2026 2025 2026 After 2026Hedging revenue from power sales/production (EBITDA impact)Power purchase agreements (sell position) 9,771 2,001 2,022 5,748 867 (5,413) (3,795) (72) (427) (3,296)Power swaps and futures (sell position) 3,750 2,277 1,473 - 897 (1,155) 287 79 208 -Gas swaps and options (sell position) 768 723 45 - 87 (206) 128 98 30 -2025 2024Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Power swaps (sell position (2024: buy position)) 1,145 (138) 3,071 (409)Power options (sell position) 262 - 830 (23)Power purchase agreements (sell position) 393 12 237 (94)Gas swaps and options (sell position) 1,307 178 2,734 406Oil swaps and options (buy position) - - 169 (147)Other (sell position (2024: buy position)) 270 - 740 -We use a number of different hedging instruments to hedge the revenue from our power production and sale of power sourced with a power price risk. For both these exposures, the revenue is linked to the production from wind and solar assets. Hedge ratioWe apply a hedge ratio of 1:1 when all critical terms match, which is normally the case when we enter into power purchase agreements where the settlement is linked to the actual power production. We also use fixed volume hedges characterised by the settlement of a constant volume 24/7. These hedges do not always match the timing of our actual production which is dependent on wind speeds and sunny weather. To take this into account, we adjust the hedge ratio.To some extent, we use gas hedges as a proxy for our power exposure when it is not possible to trade power hedges due to lack of liquidity or unattractive prices. As approximately half of the energy in gas is lost in the conversion to power, we apply a hedge ratio of 2:1 (2 gas to 1 power).Dynamic hedgingPart of the power swaps and futures hedge is managed with a dynamic hedge percentage. This relates to power sales sourced from purchase agreements with price caps and floors. The risk management objective is to protect the margin from price changes.Ineffective hedgesIn 2025, we recognised ineffective hedges with a gain of DKK 138 million (2024: a gain of DKK 137 million) in other operating expenses. The ineffectiveness is mainly related to proxy hedging.Note 6.3Inflation and interest rate risksApproximately 90 % of our revenue from offshore and onshore assets for the period 2026-2030 stems from either fixed nominal or inflation-indexed contracts. The long duration of these cash flows exposes us to changes in interest rates and inflation, particularly for assets where the fixed nominal price received is con-stant regardless of interest rate, inflation, or merchant price level. Our risk management builds on the assumption that shareholders prefer exposure to inflation-indexed cash flows over nominal cash flows, as this protects the real value of their investment. We apply an asset and liability management principle for handling interest rate and inflation risks. Inflation riskWe prefer to invest in assets with inflation-linked revenue to mitigate our cost inflation risks. Our cost inflation mainly stems from OPEX, cost of sales, devel-opment expenses, and CAPEX, which, to a large extent increase with inflation. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel and copper for wind turbines, foundations, and cable. Commodity price risks are first and foremost reduced by negotiating fixed-price CAPEX contracts and secondly by negotiating CAPEX price-linked to indexes or similar that can be hedged in the financial markets. The net commodity risk in CAPEX is hedged asset by asset following project final investment decision (FID).Interest rate risksWe actively match our debt with our assets per currency and modified duration. Modified duration of both assets and debt is the change in value in response to a one percentage point change in interest rates. As a rule of thumb, modified duration is matched within \u00b12 percentage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 6.9 % in modified duration are matched with fixed-rate NTD debt with roughly 6.9 % modified duration.For assets in operation and under construction, 60 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, are matched with corresponding fixed-rate senior and hybrid debt. Part of this matching has been done by entering into inflation swaps on our inflation-indexed CfD and ROC revenue in the UK to match our GBP fixed-rate debt. As our portfolio of awarded assets mature, we actively consider executing interest rate swaps to lock in interest rates before funding is secured. Finally, when we farm down part of an asset, we normally hedge part of the interest and inflation risks related to the divestment proceeds.Maturity analysis Market value Expected transfers to income statementRecognised in Cash flow hedge accounting 2025 Contractual comprehensive DKKmprincipal amount 2026-29 2030-35 After 2035 Asset Liabilityincome 2026 2027 After 2027EBITDA impactInflation swap (pay variable/receive fixed \u2013 the UK), hedging revenue 30,198 8,158 18,789 3,251 - (2,061) (2,619) (232) (206) (2,181)Inflation swap (receive variable/pay fixed \u2013 EURO), hedging cost of sales 4,212 1,094 1,783 1,335 4 (14) (10) (1) (1) (8)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), hedging future loan issuance 2,862 - 2,862 - - (41) 638 16 64 558Interest rate swap (pay fixed/receive variable \u2013 NTD), hedging future loan issuance 12,718 3,198 4,731 4,789 228 - 228 (22) 5 245Property, plant, and equipment under constructionBunker fuel for vessels 471 471 - - 39 (33) n/a n/a n/a n/aCash flow hedge accounting 2024 DKKm2025-28 2029-34 After 2034 2025 2026 After 2026EBITDA impactInflation swap (pay variable/receive fixed \u2013 the UK), hedging revenue 32,017 8,317 19,156 4,544 - (3,024) (3,513) (216) (221) (3,076)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 2,989 - - 2,989 26 - 702 - 70 632Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance - - - - - - 96 5 10 81Property, plant, and equipment under constructionMetals 1,456 1,456 - - - (181) n/a n/a n/a n/a2025 2024Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 9,284 104 13,822 200Interest rate swaps are used to adjust the maturity of our bond portfolio. We hedge our UK inflation risk related to inflation-indexed revenue from ROC and CfD subsidies at an average fixed rate of 3.4 %. Furthermore, we hedge the interest and inflation risk related to divestments. All the inflation risks that we hedge are separately identifiable in the underlying contract.We have recognised ineffectiveness of DKK 90 million (gain) (2024: ineffectiveness gain of DKK 25 million in financial income).Note 6.4Currency risksOur cash flows consist of multiple different currencies, which expose us to fluctuations in currency exchange rates against DKK. Our main currency exposures are GBP, USD, and NTD. We are net positively exposed to all three main currencies, and thus a drop in the GBP, USD or NTD against DKK would result in a loss over a five-year horizon. While our exposure to EUR is also significant, we deem EUR an insignificant risk as we expect Denmark to maintain its fixed exchange-rate policy. As the subsidy on our Baltica 2 project in Poland includes a fixed EUR/PLN rate, we have limited risk towards PLN.We primarily manage currency risk by using structural risk management tools, such as using local currency sourcing contracts, netting income and expenses in the same currency, and issuing local currency debt to naturally balance our portfolio. More specifically, the currency denomination of new debt issuances is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/adjusted interest-bearing net debt against adverse movements in exchange rates. Debt can be particularly effective in new markets to mitigate the time-spread risk since the proceeds from the debt issuance can be used to fund and hedge construction costs, while the debt repayment profile can be sculpted to match future revenue. The residual currency risk after debt and netting of exposures are managed via financial derivatives according to our desired risk appetite. Our overall hedge horizon is five years, covering only highly certain cash flows to reduce the risk of hedge ineffectiveness. For energy price risks in foreign currencies, we do not hedge the exchange rate risk until the energy exposure has been hedged. For cash flows that relate to subsidised GBP income from our UK offshore wind farms less operating expenses, we hedge on a declining level over a five-year rolling horizon. Our currency exposure after hedging for the years 2026-2030 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 17.0 sell position +1.7 -1.7USD: 10.5 sell position +1.1 -1.1NTD: 7.1 sell position +0.7 -0.7Maturity analysis Market value Expected transfers to income statementRecognised in Currency cash flow hedge accounting 2025 Contractual comprehensive DKKmprincipal amount 2026 2027 After 2027 Asset Liabilityincome 2026 2027 After 2027EBITDA impactGBP forwards and cross-currency swaps, edging revenue (sell position) 16,629 4,174 3,943 8,512 185 (205) (175) (76) (84) (15)GBP forwards and cross-currency swaps, edging cost of sale (sell position) 9,904 4,117 5,095 692 - (71) (71) (28) (38) (5)NTD forwards and cross-currency swaps, edging cost of sale (sell position) 627 627 - - 18 - 18 18 - -Currency cash flow hedge accounting 2024 DKKm2025 2026 After 2026 2025 2026 After 2026EBITDA impactGBP forwards and cross-currency swaps, edging revenue (sell position) 22,864 5,980 5,691 11,193 - (885) (942) (387) (235) (320)The GBP exchange rates for hedges impacting EBITDA in 2026 and 2027 are hedged at an average of GBP/DKK 8.4 and 8.2, respectively. Ineffectiveness from currency cash flow hedges in 2025 amounts to a gain of DKK 67 million (2024: DKK a loss of -82 million), recognised in financial items.2025 2024Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts (sell position) 14,317 (69) 21,180 1The table shows cash management positions which are not hedge accounted. Hedging of net investments in foreign subsidiaries Accumulated Of which, Hedged exchange rate DKKm Net non-controlling amount adjustments Currency 2025investmentinterestsin currency Net positionin equityGBP 62,089 (5,863) (19,021) 37,205 (2,727)EUR 30,050 - - 30,050 103USD 60,681 (2,357) (23,120) 35,204 (2,199)NTD 24,085 - (11,739) 12,346 (1,081)Other 8,876 - - 8,876 209To tal 185,781 (8,220) (53,880) 123,681 (5,695)Currency 2024GBP 62,675 (7,859) (46,688) 8,128 (1,877)EUR 31,702 - - 31,702 30USD 43,840 (2,498) (27,282) 14,060 619NTD 27,821 - (10,324) 17,497 102Other 5,704 - - 5,704 154To tal 171,742 (10,357) (84,294) 77,091 (972)Maturity analysis Market valueNet investment hedges 2025Contractual DKKmprincipal amount2026 2027 After 2027 Asset LiabilityGBP issued senior bonds 13,186 - 2,994 10,192 - -GBP forwards and cross-currency swaps 5,835 (1,978) 5,430 2,383 269 (293)USD bank loans 4,740 - - 4,740 - -USD forwards and cross-currency swaps 18,380 (5,914) 19,524 4,770 1,200 (138)NTD issued senior bonds 5,465 810 810 3,845 - -NTD forwards and cross-currency swaps 6,274 6,274 - - 294 -Net investment hedges 2024DKKm2025 2026 After 2026GBP issued senior bonds 27,960 - - 27,960 - -GBP forwards and cross-currency swaps 18,728 4,162 3,247 11,319 142 (604)USD bank loans 5,368 - - 5,368 - -USD forwards and cross-currency swaps 21,914 4,919 10,370 6,625 194 (997)NTD issued senior bonds 5,931 - 879 5,052 - -NTD forwards and cross-currency swaps 4,393 4,393 - - 4 -No ineffectiveness from net investment hedges in 2025 or 2024. The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2025, equity would have increased by DKK 3,720 million, corresponding to 10 % of DKK 37,205 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign curren-cies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2025, the accumulated exchange rate adjustments totalled DKK -5,695 million (2024: DKK -972 million), divided between the exchange rate adjustment of the net investment of DKK -4,821 million (2024: DKK 4,791 million) and the hedging thereof of DKK -874 million (2024: DKK -5,763 million).Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.Note 6.5Credit risks Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2025 Derivativesreceivables 2024Financial assets 4,494 6,025 10,519 6,795 9,614 16,409Financial liabilities, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial assets in the balance sheet 3,734 4,132 7,866 4,393 4,698 9,091Amounts not offset in the balance sheetLiabilities with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral received (645) - (645) (139) - (139)Net 1,166 4,132 5,298 2,711 4,698 7,409 Offsetting of financial liabilitiesDKKmFinancial liabilities 4,860 6,062 10,922 11,153 9,246 20,399Financial assets, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial liabilities in the balance sheet 4,100 4,169 8,269 8,751 4,330 13,081Amounts not offset in the balance sheetAssets with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral provided (1,912) - (1,912) (5,082) - (5,082)Net 265 4,169 4,434 2,126 4,330 6,456A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold between a limited number of energy market participants. Credit quality of the Group\u2019s counterparties 1 DKKm 2025 2024AAA/Aaa 40,164 12,485AA/Aa 13,478 17,623A/A 41,550 10,262BBB/Baa 2,865 4,583Other 12,196 13,031Total credit exposure 110,253 57,9841 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. At 31 December 2025, \u00d8rsted considered its maximum credit risk to be DKK 110,253 million (2024: DKK 57,984 million).We are exposed to credit risks from our construction activities, hedging and trading activities, and all other activities where a counterparty\u2019s failure to meet their obligations may cause a loss. A large part of our credit risk is towards major international energy companies, suppliers, and banks. Our key credit risk management objective is to secure that credit decisions are well informed, to take into consideration potential future changes to relevant risk factors, and to monitor our counterparties closely. Our credit policy is to accept unsecured credit expo-sures to investment grade counterparties while we have limited or no credit appetite to lower rating classes. For construction suppliers, non-investment grade counterparties can be opted if deemed the best choice, also taking into consideration other para meters than financial strength. Some of our main methods for mitigating the credit risks are to have minimum rating requirements in our contracts, to monitor credit worthiness indicators closely to be able to react in due time, and to require guarantees or other credit-risk- reducing measures if needed and deemed necessary. Where mitigation in accordance with our policies and principle is not commercially possible, credit risk can be accepted if deemed necessary and balanced.For the most significant counterparties, an internal rating is assigned when establishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses. We have not experienced any losses from a major counterparty in 2025 or 2024.Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.Note 6.6Fair value measurementFair value hierarchy of financial instrumentsNon- Non- DKKmQuoted Observable observable Quoted Observable observable prices input input prices input input Assets(level 1)(level 2)(level 3) 2025(level 1)(level 2)(level 3) 2024Receivable from divestment of assets - - 3,943 3,943 - - - -Total other receivables - - 3,943 3,943 - - - -Gas inventory 1,634 - - 1,634 2,735 - - 2,735Total inventory 1,634 - - 1,634 2,735 - - 2,735Bonds - 38,317 - 38,317 - 14,532 - 14,532Total securities - 38,317 - 38,317 - 14,532 - 14,532Energy derivatives 1,169 638 836 2,643 2,943 559 1,243 4,745Currency derivatives - 1,831 - 1,831 - 361 - 361Interest and inflation derivatives - 401 - 401 - 471 - 471Total derivative assets 1,169 2,870 836 4,875 2,943 1,391 1,243 5,577LiabilitiesEnergy derivatives 912 481 5,570 6,963 2,784 752 6,399 9,935Currency derivatives - 641 - 641 - 2,506 - 2,506Interest and inflation derivatives - 2,181 - 2,181 - 3,269 - 3,269Commodity derivatives - 39 39 - 181 - 181Total derivative liabilities 912 3,342 5,570 9,824 2,784 6,708 6,399 15,891All assets and liabilities measured at market value are measured on a recurring basis.We measure our securities, derivatives and some of our receivables from divestment of assets 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 processMarket values are determined by the Risk Manage-ment function. In order to minimise the use of subjec-tive 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 external pricing services and benchmark services to increase the data quality of 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 comprise quoted securities and derivatives that are traded in active markets. The market values of derivatives traded in an active market are often settled on a daily basis, thereby minimising the market value presented on the balance sheet. Market values based on observable inputs comprise derivatives where valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term power purchase agreements (PPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these PPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices.Further, we have recognised receivables from divest-ment of assets, mainly related to the divestment of a 50 % share of Hornsea 3. The divestment is structured with an asymmetrical distribution of the future expected cash flows from the operation of the wind farm. For the first few years of operations, the underlying cash flows will be distributed according to the ownership share, and subsequently, the partnership is structured to asymmetrically distribute the projects\u2019 underlying operating cash flows throughout different stages of operational lifetime between \u00d8rsted and the investor. Under the pre-agreed distribution profile, the investor will receive a higher share of the distributions for the majority of the period under which the project is under the CfD contract, and shortly after, \u00d8rsted will receive an increasingly higher share of the distributions for the remaining lifetime of the project.Estimating as-produced power pricesSince our PPAs are normally settled on the actual pro-duction, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. 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.Derivatives valued on the basis of non-observable inputDKKm 2025 2024Market value at 1 January (5,156) (7,528)Value adjustments through profit or loss 50 (4)Value adjustments through other comprehensive income (638) 3,501Sales/redemptions 655 (516)Purchases/issues 4,209 (294)Transferred from quoted prices and observable input - (35)Transferred to quoted prices and observable input 89 (280)Net market value at 31 December (791) (5,156)Specification of non-observable inputsDKKmUS ERCOT power prices (2,689) (2,375)German power prices (1,781) (1,406)US MISO power prices (177) (487)Other power prices (219) (735)Gas prices 132 (153)Total power prices (4,734) (5,156)Receivable from divestment of assets 3,943 -Net market value at 31 December (791) (5,156)Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant non-observable inputs WeightedMonthlyMonthlyand sensitivities for power purchase agreementsaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2026-2038) 230 52 858 (2,273) 2,586Germany (2026-2036) 434 328 609 (1,583) 1,571US MISO (2026-2040) 279 145 669 (334) 520US SPP (2026-2035) 213 53 490 (307) 458Ireland (2026-2042) 437 341 742 (187) 187The table shows the significant non-observable inputs used in the fair value measurements categorised as level 3 of the fair value hierarchy, together with a sensitivity analysis as at 31 December 2025. The asymmetric sensitivity of the US price areas is due to some US PPAs being structured with a minimum price per MWh and a mecha-nism where we retain most of the upside from high power prices.If intermittency-adjusted power prices in Germany as of 31 December 2025 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,583/1,571 million. Valuation techniques and significant non-observable inputs Power purchase agreementsWe use a discounted cash flow model for the valuation of power derivatives. The US power purchase agreements give exposure to the long-term US power prices, mainly in the Electricity Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP), and Midcontinent Independent System Operator (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 observ-able inputs (gas prices and heat rates). For the subse-quent period, the power price is non- observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration\u2019s 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.Receivable from divestment of assetsWe use a discounted cash flow model for the valuation of the asymmetrical cash distribution from the Hornsea 3 divestment. The cash flow is sensitive to changes in production volumes and power prices. However, due to the long duration of the cash flow, the only significant non-observable input is the discount rate applied of approximately 6.5 % \u2013 8.0 %. A 1 % increase/decrease will result in a decrease/increase of DKK 1,309 million / DKK 1,403 million in the receivable from divestment of assets.Acquired CPPAsThe 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 2025, we have recognised an income of DKK 111 million (2024: income of DKK 148 million) related to the initial fair value from PPAs. The total amount of initial fair value as of 31 December 2025 amounts to a negative value of DKK 930 million (2024: negative value of DKK 1,157 million), which will be recognised as revenue in a future period.Accounting policiesWhen the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA. Note 6.7Energy trading portfolio2025 2024 Overview of the Group\u2019s energy trading portfolio 1 Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 1,409 307 4,389 229Power options (buy position) 1,490 28 3,778 972Gas swaps and options (sell position) 1,814 134 3,477 (704)Other (sell position) 271 17 572 (8)Trading mandate 2VaR limit in 2025: DKK 100 million Stress limit in 2025: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gason data for the past 45 trading days, with Stress is based on data from 1 January \u00b7 Max. 1 million BoEthe heaviest weighting being assigned to 2006 to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsthe most recent trading days.\u00b7 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The unrealised gain/loss consists of both the received exposure from our assets with settlement at maturity and the external trades settled on a daily basis, including the settled margin.2 Trading activities are carried out under a value-at-risk (VaR) man-date and a stress mandate as well as a limit for the maximum posi-tions measured in energy units per product (power, gas, etc.).Trading portfolioThe purpose of our trading portfolio is to: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the limits shown above. The overview of the Group\u2019s energy trading portfolio above is the net of the internal exposures received from the assets and the external trades.The trading portfolio primarily consists of positions in power and gas.The energy trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Note 6.8Categories of financial instrumentsCategories of financial instrumentsDKKm 2025 2024Energy, currency, and interest derivatives 1,551 3,360Receivable from divestment of asset 3,943 -Securities 38,317 14,532Financial assets measured at fair value via the income statement 43,811 17,892Energy derivatives 1,087 1,851Currency derivatives 1,966 340Interest and inflation derivatives 232 26Commodity derivatives 39 -Derivatives (assets) measured at fair value through \u2018Other comprehensive income\u2018 3,324 2,217Trade receivables 9,848 9,045Other accounts receivable 3,580 8,321Cash 53,448 23,126Financial assets measured at amortised cost 66,876 40,492Energy, currency, and interest derivatives 1,464 3,426Financial liabilities measured at fair value via the income statement 1,464 3,426Energy derivatives 5,504 6,774Currency derivatives 707 2,486Interest and inflation derivatives 2,116 3,024Commodity derivatives 33 181Derivatives (liabilities) measured at fair value through \u2018Other comprehensive income\u2018 8,360 12,465Bank loans and issued bonds 98,862 87,708Trade payables 19,764 20,827Other accounts payable 14,099 8,380Financial liabilities measured at amortised cost 132,725 116,915The table shows our financial instruments divided into categories. The categories indicate how the financial instruments are recognised in the consolidated financial statements.Financial instruments are used for various purposes. The purpose determines the category, and whether the value adjustment of the instrument should be recognised in the profit (loss) for the year or as part of the hedging reserve in equity. The fair value of financial instruments measured at amortised cost is identical to the carrying amount with the exception of bank loans and issued bonds where the market value is stated in note 5.1 \u2018Interest -bearing net debt and FFO\u2019.Note 6.9Sensitivity analysis of financial instruments31 December 2025 31 December 2024 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower +25 % 287 (5,030) (187) (6,736)-25 % (193) 5,815 438 7,247Gas +25 % (506) 123 (741) 152-25 % 506 (123) 741 (152)Oil +25 % - 85 (112) --25 % - (85) 112 -GBP +10 % (1,604) (2,995) (541) (2,636)-10 % 1,604 2,995 541 2,636USD +10 % (1,088) (212) (1,279) (259)-10 % 1,088 212 1,279 259NTD +10 % (2,087) (40) 155 --10 % 2,087 40 (155) -EUR +1 % (136) 86 11 (13)-1 % 136 (86) (11) 13Inflation +1 %p - (1,504) - (1,795)Interest +1 %p (2,856) 990 266 258The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises financial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 5,388 million (2024: DKK 8,430 million).",
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"value": "Hedge accountingWe apply hedge accounting to our energy, commodity, currency, interest rate, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, ana- lyses of the expected effectiveness of the hedging instrument are performed before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may devi-ate from the one-to-one principle and will be deter-mined as the ratio which most effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. If the hedged cash flows are no longer expected to be realised, the in-full or partially accumulated value change is transferred to profit (loss) for the year. Ineffective hedges related to energy and commodity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recog-nised in the same item as the hedged item. However, on interest rate and currency hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.",
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"value": "Hedge accountingWe apply hedge accounting to our energy, commodity, currency, interest rate, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, ana- lyses of the expected effectiveness of the hedging instrument are performed before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may devi-ate from the one-to-one principle and will be deter-mined as the ratio which most effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. If the hedged cash flows are no longer expected to be realised, the in-full or partially accumulated value change is transferred to profit (loss) for the year. Ineffective hedges related to energy and commodity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recog-nised in the same item as the hedged item. However, on interest rate and currency hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Exposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Hedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.When the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA.Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
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"value": "Hedge accountingWe apply hedge accounting to our energy, commodity, currency, interest rate, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, ana- lyses of the expected effectiveness of the hedging instrument are performed before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may devi-ate from the one-to-one principle and will be deter-mined as the ratio which most effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. If the hedged cash flows are no longer expected to be realised, the in-full or partially accumulated value change is transferred to profit (loss) for the year. Ineffective hedges related to energy and commodity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recog-nised in the same item as the hedged item. However, on interest rate and currency hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Exposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Hedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.When the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA.Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
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"value": "Note 6.4Currency risksOur cash flows consist of multiple different currencies, which expose us to fluctuations in currency exchange rates against DKK. Our main currency exposures are GBP, USD, and NTD. We are net positively exposed to all three main currencies, and thus a drop in the GBP, USD or NTD against DKK would result in a loss over a five-year horizon. While our exposure to EUR is also significant, we deem EUR an insignificant risk as we expect Denmark to maintain its fixed exchange-rate policy. As the subsidy on our Baltica 2 project in Poland includes a fixed EUR/PLN rate, we have limited risk towards PLN.We primarily manage currency risk by using structural risk management tools, such as using local currency sourcing contracts, netting income and expenses in the same currency, and issuing local currency debt to naturally balance our portfolio. More specifically, the currency denomination of new debt issuances is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/adjusted interest-bearing net debt against adverse movements in exchange rates. Debt can be particularly effective in new markets to mitigate the time-spread risk since the proceeds from the debt issuance can be used to fund and hedge construction costs, while the debt repayment profile can be sculpted to match future revenue. The residual currency risk after debt and netting of exposures are managed via financial derivatives according to our desired risk appetite. Our overall hedge horizon is five years, covering only highly certain cash flows to reduce the risk of hedge ineffectiveness. For energy price risks in foreign currencies, we do not hedge the exchange rate risk until the energy exposure has been hedged. For cash flows that relate to subsidised GBP income from our UK offshore wind farms less operating expenses, we hedge on a declining level over a five-year rolling horizon. Our currency exposure after hedging for the years 2026-2030 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 17.0 sell position +1.7 -1.7USD: 10.5 sell position +1.1 -1.1NTD: 7.1 sell position +0.7 -0.7Maturity analysis Market value Expected transfers to income statementRecognised in Currency cash flow hedge accounting 2025 Contractual comprehensive DKKmprincipal amount 2026 2027 After 2027 Asset Liabilityincome 2026 2027 After 2027EBITDA impactGBP forwards and cross-currency swaps, edging revenue (sell position) 16,629 4,174 3,943 8,512 185 (205) (175) (76) (84) (15)GBP forwards and cross-currency swaps, edging cost of sale (sell position) 9,904 4,117 5,095 692 - (71) (71) (28) (38) (5)NTD forwards and cross-currency swaps, edging cost of sale (sell position) 627 627 - - 18 - 18 18 - -Currency cash flow hedge accounting 2024 DKKm2025 2026 After 2026 2025 2026 After 2026EBITDA impactGBP forwards and cross-currency swaps, edging revenue (sell position) 22,864 5,980 5,691 11,193 - (885) (942) (387) (235) (320)The GBP exchange rates for hedges impacting EBITDA in 2026 and 2027 are hedged at an average of GBP/DKK 8.4 and 8.2, respectively. Ineffectiveness from currency cash flow hedges in 2025 amounts to a gain of DKK 67 million (2024: DKK a loss of -82 million), recognised in financial items.2025 2024Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts (sell position) 14,317 (69) 21,180 1The table shows cash management positions which are not hedge accounted. Hedging of net investments in foreign subsidiaries Accumulated Of which, Hedged exchange rate DKKm Net non-controlling amount adjustments Currency 2025investmentinterestsin currency Net positionin equityGBP 62,089 (5,863) (19,021) 37,205 (2,727)EUR 30,050 - - 30,050 103USD 60,681 (2,357) (23,120) 35,204 (2,199)NTD 24,085 - (11,739) 12,346 (1,081)Other 8,876 - - 8,876 209To tal 185,781 (8,220) (53,880) 123,681 (5,695)Currency 2024GBP 62,675 (7,859) (46,688) 8,128 (1,877)EUR 31,702 - - 31,702 30USD 43,840 (2,498) (27,282) 14,060 619NTD 27,821 - (10,324) 17,497 102Other 5,704 - - 5,704 154To tal 171,742 (10,357) (84,294) 77,091 (972)Maturity analysis Market valueNet investment hedges 2025Contractual DKKmprincipal amount2026 2027 After 2027 Asset LiabilityGBP issued senior bonds 13,186 - 2,994 10,192 - -GBP forwards and cross-currency swaps 5,835 (1,978) 5,430 2,383 269 (293)USD bank loans 4,740 - - 4,740 - -USD forwards and cross-currency swaps 18,380 (5,914) 19,524 4,770 1,200 (138)NTD issued senior bonds 5,465 810 810 3,845 - -NTD forwards and cross-currency swaps 6,274 6,274 - - 294 -Net investment hedges 2024DKKm2025 2026 After 2026GBP issued senior bonds 27,960 - - 27,960 - -GBP forwards and cross-currency swaps 18,728 4,162 3,247 11,319 142 (604)USD bank loans 5,368 - - 5,368 - -USD forwards and cross-currency swaps 21,914 4,919 10,370 6,625 194 (997)NTD issued senior bonds 5,931 - 879 5,052 - -NTD forwards and cross-currency swaps 4,393 4,393 - - 4 -No ineffectiveness from net investment hedges in 2025 or 2024. The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2025, equity would have increased by DKK 3,720 million, corresponding to 10 % of DKK 37,205 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign curren-cies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2025, the accumulated exchange rate adjustments totalled DKK -5,695 million (2024: DKK -972 million), divided between the exchange rate adjustment of the net investment of DKK -4,821 million (2024: DKK 4,791 million) and the hedging thereof of DKK -874 million (2024: DKK -5,763 million).Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.Note 6.9Sensitivity analysis of financial instruments31 December 2025 31 December 2024 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower +25 % 287 (5,030) (187) (6,736)-25 % (193) 5,815 438 7,247Gas +25 % (506) 123 (741) 152-25 % 506 (123) 741 (152)Oil +25 % - 85 (112) --25 % - (85) 112 -GBP +10 % (1,604) (2,995) (541) (2,636)-10 % 1,604 2,995 541 2,636USD +10 % (1,088) (212) (1,279) (259)-10 % 1,088 212 1,279 259NTD +10 % (2,087) (40) 155 --10 % 2,087 40 (155) -EUR +1 % (136) 86 11 (13)-1 % 136 (86) (11) 13Inflation +1 %p - (1,504) - (1,795)Interest +1 %p (2,856) 990 266 258The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises financial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 5,388 million (2024: DKK 8,430 million).",
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"value": " Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2025 Derivativesreceivables 2024Financial assets 4,494 6,025 10,519 6,795 9,614 16,409Financial liabilities, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial assets in the balance sheet 3,734 4,132 7,866 4,393 4,698 9,091Amounts not offset in the balance sheetLiabilities with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral received (645) - (645) (139) - (139)Net 1,166 4,132 5,298 2,711 4,698 7,409A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold between a limited number of energy market participants.",
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"value": " Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2025 Derivativesreceivables 2024Financial assets 4,494 6,025 10,519 6,795 9,614 16,409Financial liabilities, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial assets in the balance sheet 3,734 4,132 7,866 4,393 4,698 9,091Amounts not offset in the balance sheetLiabilities with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral received (645) - (645) (139) - (139)Net 1,166 4,132 5,298 2,711 4,698 7,409 Offsetting of financial liabilitiesDKKmFinancial liabilities 4,860 6,062 10,922 11,153 9,246 20,399Financial assets, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial liabilities in the balance sheet 4,100 4,169 8,269 8,751 4,330 13,081Amounts not offset in the balance sheetAssets with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral provided (1,912) - (1,912) (5,082) - (5,082)Net 265 4,169 4,434 2,126 4,330 6,456A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold between a limited number of energy market participants.We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.",
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"value": " Offsetting of financial liabilitiesDKKmFinancial liabilities 4,860 6,062 10,922 11,153 9,246 20,399Financial assets, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial liabilities in the balance sheet 4,100 4,169 8,269 8,751 4,330 13,081Amounts not offset in the balance sheetAssets with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral provided (1,912) - (1,912) (5,082) - (5,082)Net 265 4,169 4,434 2,126 4,330 6,456A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold between a limited number of energy market participants.",
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"f1__s9__9__230": {
"value": "Note 6.5Credit risks Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2025 Derivativesreceivables 2024Financial assets 4,494 6,025 10,519 6,795 9,614 16,409Financial liabilities, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial assets in the balance sheet 3,734 4,132 7,866 4,393 4,698 9,091Amounts not offset in the balance sheetLiabilities with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral received (645) - (645) (139) - (139)Net 1,166 4,132 5,298 2,711 4,698 7,409 Offsetting of financial liabilitiesDKKmFinancial liabilities 4,860 6,062 10,922 11,153 9,246 20,399Financial assets, offset (760) (1,893) (2,653) (2,402) (4,916) (7,318)Financial liabilities in the balance sheet 4,100 4,169 8,269 8,751 4,330 13,081Amounts not offset in the balance sheetAssets with offsetting rights (1,923) - (1,923) (1,543) - (1,543)Collateral provided (1,912) - (1,912) (5,082) - (5,082)Net 265 4,169 4,434 2,126 4,330 6,456A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold between a limited number of energy market participants. Credit quality of the Group\u2019s counterparties 1 DKKm 2025 2024AAA/Aaa 40,164 12,485AA/Aa 13,478 17,623A/A 41,550 10,262BBB/Baa 2,865 4,583Other 12,196 13,031Total credit exposure 110,253 57,9841 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. At 31 December 2025, \u00d8rsted considered its maximum credit risk to be DKK 110,253 million (2024: DKK 57,984 million).We are exposed to credit risks from our construction activities, hedging and trading activities, and all other activities where a counterparty\u2019s failure to meet their obligations may cause a loss. A large part of our credit risk is towards major international energy companies, suppliers, and banks. Our key credit risk management objective is to secure that credit decisions are well informed, to take into consideration potential future changes to relevant risk factors, and to monitor our counterparties closely. Our credit policy is to accept unsecured credit expo-sures to investment grade counterparties while we have limited or no credit appetite to lower rating classes. For construction suppliers, non-investment grade counterparties can be opted if deemed the best choice, also taking into consideration other para meters than financial strength. Some of our main methods for mitigating the credit risks are to have minimum rating requirements in our contracts, to monitor credit worthiness indicators closely to be able to react in due time, and to require guarantees or other credit-risk- reducing measures if needed and deemed necessary. Where mitigation in accordance with our policies and principle is not commercially possible, credit risk can be accepted if deemed necessary and balanced.For the most significant counterparties, an internal rating is assigned when establishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses. We have not experienced any losses from a major counterparty in 2025 or 2024.Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.",
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"value": "We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.",
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"value": "Note 6.6Fair value measurementFair value hierarchy of financial instrumentsNon- Non- DKKmQuoted Observable observable Quoted Observable observable prices input input prices input input Assets(level 1)(level 2)(level 3) 2025(level 1)(level 2)(level 3) 2024Receivable from divestment of assets - - 3,943 3,943 - - - -Total other receivables - - 3,943 3,943 - - - -Gas inventory 1,634 - - 1,634 2,735 - - 2,735Total inventory 1,634 - - 1,634 2,735 - - 2,735Bonds - 38,317 - 38,317 - 14,532 - 14,532Total securities - 38,317 - 38,317 - 14,532 - 14,532Energy derivatives 1,169 638 836 2,643 2,943 559 1,243 4,745Currency derivatives - 1,831 - 1,831 - 361 - 361Interest and inflation derivatives - 401 - 401 - 471 - 471Total derivative assets 1,169 2,870 836 4,875 2,943 1,391 1,243 5,577LiabilitiesEnergy derivatives 912 481 5,570 6,963 2,784 752 6,399 9,935Currency derivatives - 641 - 641 - 2,506 - 2,506Interest and inflation derivatives - 2,181 - 2,181 - 3,269 - 3,269Commodity derivatives - 39 39 - 181 - 181Total derivative liabilities 912 3,342 5,570 9,824 2,784 6,708 6,399 15,891All assets and liabilities measured at market value are measured on a recurring basis.We measure our securities, derivatives and some of our receivables from divestment of assets 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 processMarket values are determined by the Risk Manage-ment function. In order to minimise the use of subjec-tive 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 external pricing services and benchmark services to increase the data quality of 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 comprise quoted securities and derivatives that are traded in active markets. The market values of derivatives traded in an active market are often settled on a daily basis, thereby minimising the market value presented on the balance sheet. Market values based on observable inputs comprise derivatives where valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term power purchase agreements (PPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these PPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices.Further, we have recognised receivables from divest-ment of assets, mainly related to the divestment of a 50 % share of Hornsea 3. The divestment is structured with an asymmetrical distribution of the future expected cash flows from the operation of the wind farm. For the first few years of operations, the underlying cash flows will be distributed according to the ownership share, and subsequently, the partnership is structured to asymmetrically distribute the projects\u2019 underlying operating cash flows throughout different stages of operational lifetime between \u00d8rsted and the investor. Under the pre-agreed distribution profile, the investor will receive a higher share of the distributions for the majority of the period under which the project is under the CfD contract, and shortly after, \u00d8rsted will receive an increasingly higher share of the distributions for the remaining lifetime of the project.Estimating as-produced power pricesSince our PPAs are normally settled on the actual pro-duction, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. 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.Derivatives valued on the basis of non-observable inputDKKm 2025 2024Market value at 1 January (5,156) (7,528)Value adjustments through profit or loss 50 (4)Value adjustments through other comprehensive income (638) 3,501Sales/redemptions 655 (516)Purchases/issues 4,209 (294)Transferred from quoted prices and observable input - (35)Transferred to quoted prices and observable input 89 (280)Net market value at 31 December (791) (5,156)Specification of non-observable inputsDKKmUS ERCOT power prices (2,689) (2,375)German power prices (1,781) (1,406)US MISO power prices (177) (487)Other power prices (219) (735)Gas prices 132 (153)Total power prices (4,734) (5,156)Receivable from divestment of assets 3,943 -Net market value at 31 December (791) (5,156)Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant non-observable inputs WeightedMonthlyMonthlyand sensitivities for power purchase agreementsaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2026-2038) 230 52 858 (2,273) 2,586Germany (2026-2036) 434 328 609 (1,583) 1,571US MISO (2026-2040) 279 145 669 (334) 520US SPP (2026-2035) 213 53 490 (307) 458Ireland (2026-2042) 437 341 742 (187) 187The table shows the significant non-observable inputs used in the fair value measurements categorised as level 3 of the fair value hierarchy, together with a sensitivity analysis as at 31 December 2025. The asymmetric sensitivity of the US price areas is due to some US PPAs being structured with a minimum price per MWh and a mecha-nism where we retain most of the upside from high power prices.If intermittency-adjusted power prices in Germany as of 31 December 2025 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,583/1,571 million. Valuation techniques and significant non-observable inputs Power purchase agreementsWe use a discounted cash flow model for the valuation of power derivatives. The US power purchase agreements give exposure to the long-term US power prices, mainly in the Electricity Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP), and Midcontinent Independent System Operator (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 observ-able inputs (gas prices and heat rates). For the subse-quent period, the power price is non- observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration\u2019s 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.Receivable from divestment of assetsWe use a discounted cash flow model for the valuation of the asymmetrical cash distribution from the Hornsea 3 divestment. The cash flow is sensitive to changes in production volumes and power prices. However, due to the long duration of the cash flow, the only significant non-observable input is the discount rate applied of approximately 6.5 % \u2013 8.0 %. A 1 % increase/decrease will result in a decrease/increase of DKK 1,309 million / DKK 1,403 million in the receivable from divestment of assets.Acquired CPPAsThe 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 2025, we have recognised an income of DKK 111 million (2024: income of DKK 148 million) related to the initial fair value from PPAs. The total amount of initial fair value as of 31 December 2025 amounts to a negative value of DKK 930 million (2024: negative value of DKK 1,157 million), which will be recognised as revenue in a future period.Accounting policiesWhen the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA.",
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"f1__s9__9__237": {
"value": "Note 6.6Fair value measurementFair value hierarchy of financial instrumentsNon- Non- DKKmQuoted Observable observable Quoted Observable observable prices input input prices input input Assets(level 1)(level 2)(level 3) 2025(level 1)(level 2)(level 3) 2024Receivable from divestment of assets - - 3,943 3,943 - - - -Total other receivables - - 3,943 3,943 - - - -Gas inventory 1,634 - - 1,634 2,735 - - 2,735Total inventory 1,634 - - 1,634 2,735 - - 2,735Bonds - 38,317 - 38,317 - 14,532 - 14,532Total securities - 38,317 - 38,317 - 14,532 - 14,532Energy derivatives 1,169 638 836 2,643 2,943 559 1,243 4,745Currency derivatives - 1,831 - 1,831 - 361 - 361Interest and inflation derivatives - 401 - 401 - 471 - 471Total derivative assets 1,169 2,870 836 4,875 2,943 1,391 1,243 5,577LiabilitiesEnergy derivatives 912 481 5,570 6,963 2,784 752 6,399 9,935Currency derivatives - 641 - 641 - 2,506 - 2,506Interest and inflation derivatives - 2,181 - 2,181 - 3,269 - 3,269Commodity derivatives - 39 39 - 181 - 181Total derivative liabilities 912 3,342 5,570 9,824 2,784 6,708 6,399 15,891All assets and liabilities measured at market value are measured on a recurring basis.We measure our securities, derivatives and some of our receivables from divestment of assets 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 processMarket values are determined by the Risk Manage-ment function. In order to minimise the use of subjec-tive 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 external pricing services and benchmark services to increase the data quality of 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 comprise quoted securities and derivatives that are traded in active markets. The market values of derivatives traded in an active market are often settled on a daily basis, thereby minimising the market value presented on the balance sheet. Market values based on observable inputs comprise derivatives where valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term power purchase agreements (PPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these PPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices.Further, we have recognised receivables from divest-ment of assets, mainly related to the divestment of a 50 % share of Hornsea 3. The divestment is structured with an asymmetrical distribution of the future expected cash flows from the operation of the wind farm. For the first few years of operations, the underlying cash flows will be distributed according to the ownership share, and subsequently, the partnership is structured to asymmetrically distribute the projects\u2019 underlying operating cash flows throughout different stages of operational lifetime between \u00d8rsted and the investor. Under the pre-agreed distribution profile, the investor will receive a higher share of the distributions for the majority of the period under which the project is under the CfD contract, and shortly after, \u00d8rsted will receive an increasingly higher share of the distributions for the remaining lifetime of the project.Estimating as-produced power pricesSince our PPAs are normally settled on the actual pro-duction, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. 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.Derivatives valued on the basis of non-observable inputDKKm 2025 2024Market value at 1 January (5,156) (7,528)Value adjustments through profit or loss 50 (4)Value adjustments through other comprehensive income (638) 3,501Sales/redemptions 655 (516)Purchases/issues 4,209 (294)Transferred from quoted prices and observable input - (35)Transferred to quoted prices and observable input 89 (280)Net market value at 31 December (791) (5,156)Specification of non-observable inputsDKKmUS ERCOT power prices (2,689) (2,375)German power prices (1,781) (1,406)US MISO power prices (177) (487)Other power prices (219) (735)Gas prices 132 (153)Total power prices (4,734) (5,156)Receivable from divestment of assets 3,943 -Net market value at 31 December (791) (5,156)Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant non-observable inputs WeightedMonthlyMonthlyand sensitivities for power purchase agreementsaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2026-2038) 230 52 858 (2,273) 2,586Germany (2026-2036) 434 328 609 (1,583) 1,571US MISO (2026-2040) 279 145 669 (334) 520US SPP (2026-2035) 213 53 490 (307) 458Ireland (2026-2042) 437 341 742 (187) 187The table shows the significant non-observable inputs used in the fair value measurements categorised as level 3 of the fair value hierarchy, together with a sensitivity analysis as at 31 December 2025. The asymmetric sensitivity of the US price areas is due to some US PPAs being structured with a minimum price per MWh and a mecha-nism where we retain most of the upside from high power prices.If intermittency-adjusted power prices in Germany as of 31 December 2025 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,583/1,571 million. Valuation techniques and significant non-observable inputs Power purchase agreementsWe use a discounted cash flow model for the valuation of power derivatives. The US power purchase agreements give exposure to the long-term US power prices, mainly in the Electricity Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP), and Midcontinent Independent System Operator (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 observ-able inputs (gas prices and heat rates). For the subse-quent period, the power price is non- observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration\u2019s 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.Receivable from divestment of assetsWe use a discounted cash flow model for the valuation of the asymmetrical cash distribution from the Hornsea 3 divestment. The cash flow is sensitive to changes in production volumes and power prices. However, due to the long duration of the cash flow, the only significant non-observable input is the discount rate applied of approximately 6.5 % \u2013 8.0 %. A 1 % increase/decrease will result in a decrease/increase of DKK 1,309 million / DKK 1,403 million in the receivable from divestment of assets.Acquired CPPAsThe 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 2025, we have recognised an income of DKK 111 million (2024: income of DKK 148 million) related to the initial fair value from PPAs. The total amount of initial fair value as of 31 December 2025 amounts to a negative value of DKK 930 million (2024: negative value of DKK 1,157 million), which will be recognised as revenue in a future period.Accounting policiesWhen the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA.",
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"f1__s9__9__239": {
"value": "When the fair value at \u2018initial recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA.",
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"f1__s9__9__241": {
"value": "Note 6.7Energy trading portfolio2025 2024 Overview of the Group\u2019s energy trading portfolio 1 Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 1,409 307 4,389 229Power options (buy position) 1,490 28 3,778 972Gas swaps and options (sell position) 1,814 134 3,477 (704)Other (sell position) 271 17 572 (8)Trading mandate 2VaR limit in 2025: DKK 100 million Stress limit in 2025: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gason data for the past 45 trading days, with Stress is based on data from 1 January \u00b7 Max. 1 million BoEthe heaviest weighting being assigned to 2006 to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsthe most recent trading days.\u00b7 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The unrealised gain/loss consists of both the received exposure from our assets with settlement at maturity and the external trades settled on a daily basis, including the settled margin.2 Trading activities are carried out under a value-at-risk (VaR) man-date and a stress mandate as well as a limit for the maximum posi-tions measured in energy units per product (power, gas, etc.).Trading portfolioThe purpose of our trading portfolio is to: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the limits shown above. The overview of the Group\u2019s energy trading portfolio above is the net of the internal exposures received from the assets and the external trades.The trading portfolio primarily consists of positions in power and gas.The energy trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__240": {
"value": "Note 6.7Energy trading portfolio2025 2024 Overview of the Group\u2019s energy trading portfolio 1 Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 1,409 307 4,389 229Power options (buy position) 1,490 28 3,778 972Gas swaps and options (sell position) 1,814 134 3,477 (704)Other (sell position) 271 17 572 (8)Trading mandate 2VaR limit in 2025: DKK 100 million Stress limit in 2025: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gason data for the past 45 trading days, with Stress is based on data from 1 January \u00b7 Max. 1 million BoEthe heaviest weighting being assigned to 2006 to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsthe most recent trading days.\u00b7 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The unrealised gain/loss consists of both the received exposure from our assets with settlement at maturity and the external trades settled on a daily basis, including the settled margin.2 Trading activities are carried out under a value-at-risk (VaR) man-date and a stress mandate as well as a limit for the maximum posi-tions measured in energy units per product (power, gas, etc.).Trading portfolioThe purpose of our trading portfolio is to: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the limits shown above. The overview of the Group\u2019s energy trading portfolio above is the net of the internal exposures received from the assets and the external trades.The trading portfolio primarily consists of positions in power and gas.The energy trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__242": {
"value": "Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__249-1": {
"value": "Joint venturesDKKm 2025 2024Dividends received 62 99Capital transactions, net (19) 94Sales of goods and services 5 26Receivables 65 109Other related parties are the Group\u2019s associates and joint ventures, members of the Board of Directors and the Executive Board, and other senior executives. See note 7.4 \u2018Company overview\u2019 for an overview of our joint ventures and associates.Note 7.4 Company overviewSegment/company Country Type 1Ownership interestParent company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/S 4Denmark JO 50 %Borkum Riffgrund I Offshore Windpark A/S GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 3 GmbH & Co. oHG Germany JO 50 %Borssele Wind Farm C.V. 2The Netherlands JO 50 %Breesea Limited 2The UK JO 38 %Burbo Extension PSC Limited The UK S 75 %Elektrownia Wiatrowa Baltica 2 sp. z o.o Poland JO 50 %Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Gode Wind 2 Offshore Wind Farm P/S GmbH & Co. oHG Germany JO 50 %Gode Wind 3 GmbH & Co. oHG Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd. 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SE Ltd. 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd. Taiwan S 100 %Hornsea 1 Limited 2The UK JO 38 %Hornsea 1 PSC Limited The UK S 75 %Hornsea Two PSC Limited The UK S 75 %Ocean Wind LLC The US S 100 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Greater Changhua SE Holdings Ltd. Taiwan S 100 %Orsted Hornsea Project Three (UK) Limited 2The UK JO 50 %Orsted Hornsea Three Holdings Limited The UK S 100 %Orsted North America II, LLC The US S 100 %Orsted North America Inc. The US S 100 %Orsted Orion Holdings Limited The UK S 100 %Orsted Power (UK) Limited The UK S 100 %Orsted Race Bank (Holding) Ltd. The UK S 100 %Orsted Schroders Greencoat WODS Holdco Limited The UK JO 51 %Orsted Taiwan Ltd. Taiwan S 100 %Orsted UK HOW01 Holdings Limited The UK S 100 %Orsted UK HOW02 Holdings Limited The UK S 100 %Orsted UK WalExt Holdings Limited The UK S 100 %\u00d8rsted VE A/S Denmark S 100 %\u00d8rsted Vind A/S Denmark S 100 %Race Bank Wind Farm Limited 2The UK JO 50 %Revolution Wind, LLC 2The US JO 50 %Sonningmay Wind Limited 2The UK JO 38 %Soundmark Wind Limited 2The UK JO 38 %South Fork Wind, LLC 2The US JO 50 %Segment/company Country Type 1Ownership interestSunrise Wind LLC The US S 100 %Walney (UK) Offshore Windfarms LimitedThe UK S 50 %Walney Extension Limited 2The UK JO 38 %Walney Extension PSC Limited The UK S 75 %West of Duddon Sands 2The UK JO 26 %\u00d8rsted Horns Rev 2 A/S Denmark S 100 %\u00d8rsted Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S 3Denmark S 100 %Onshore2W Permian Solar, LLC The US S 100 %Badger Wind, LLC The US S 100 %Eleven Mile Solar Center, LLC 2The US JO 50 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC 2The US S 20 %Lincoln Land Wind, LLC The US S 100 %Mockingbird Solar Center, LLC 2The US JO 50 %Muscle Shoals Solar, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Ireland Green Energy Limited Ireland S 100 %Plum Creek Wind, LLC The US S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC 2The US JO 50 %Sunflower Energy Center, LLC 2The US S 20 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC 2The US S 20 %\u00d8rsted Onshore Holding A/S 3Denmark S 100 %Bioenergy & Other\u00d8rsted Bioenergy & Thermal Power A/S 3Denmark S 100 %\u00d8rsted Salg & Service A/S 3Denmark S 100 %Shared Functions\u00d8rsted Insurance A/S 3Denmark S 100 %\u00d8rsted North America Holding A/S Denmark S 100 %\u00d8rsted Wind Power TW Holding A/S Denmark S 100 %1 S = subsidiary, JO = joint operation.2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted\u2019s ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.4 The company applies the provisions in sections 5 or 6 of the Danish Financial Statements Act to omit presenting a separate annual report.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: orsted.com/company-overview.",
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"f1__s9__9__251-1": {
"value": "AssociatesDKKm 2025 2024Capital transactions, net 49 47Sale of goods and services 3 6Purchase of goods and services 129 181Payables (13) (20)Other related parties are the Group\u2019s associates and joint ventures, members of the Board of Directors and the Executive Board, and other senior executives. See note 7.4 \u2018Company overview\u2019 for an overview of our joint ventures and associates.",
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"f1__s9__9__327": {
"value": "The Danish government, represented by the Ministry of Finance",
"dimensions": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__326": {
"value": "The Danish government, represented by the Ministry of Finance",
"dimensions": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
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"f1__s9__9__253": {
"value": "Note 7.2 Auditor\u2019s feesAuditor\u2019s feesDKKm 2025 2024Audit and audit-related feesStatutory audit 41 43Other assurance engagements 11 5Non-audit servicesTax and VAT advice 1 1Other services 8 7Total fees to PwC 61 56Fee for non-audit services in percent of statutory audit fee 41 % 17 %PwC Denmark non-audit service ratio 93 % 55 %The non-audit services provided by the Group auditor in Denmark cannot exceed 70 %. The \u2018PwC Denmark non-audit service ratio\u2019 includes an assurance service related to the rights issue completed during the year for which we have received an exemption from the Danish Business Authorities. The \u2018PwC Denmark non-audit service ratio\u2019, excluding this exempted service, constitues 48 % for 2025.PwC is \u00d8rsted\u2019s auditor appointed by the annual general meeting. PwC audits the consolidated financial statements of \u00d8rsted and our subsidiaries\u2019 statutory financial statements in the vast majority of the countries where we are represented and required to have an audit. It is our policy that the annual fee for non-audit services provided by our statutory auditor cannot exceed the annual fee for statutory audit services measured at Group level. The cap may be exceeded subject to approval by the Audit & Risk Committee.The services provided by our statutory auditor and related network in 2025 comprise:\u00b7 \u2018Other assurance engagements\u2019, which primarily included limited assurance over the sustainability statements, assurance services related to the issuance of bonds, audit of special regulatory financial statements, assurance services related to other reporting to third parties, and assurance services related to the rights issue completed in the year\u00b7 \u2018Tax and VAT advice\u2019, which primarily included advice in application of tax rules, transfer pricing advice, and advice in connection with the preparation and review of tax returns\u00b7 \u2018Other services\u2019, which primarily related to vendor due diligence, risk and performance management advice, other advisory services in connection with the rights issue as well as interest benchmark studies. Fees for services other than the statutory audit sup-plied by PwC Denmark to \u00d8rsted amounted to DKK 19 million (2024: DKK 12 million) and consisted of assurance services related to the issuance of bonds, due diligence, risk and performance management advice, limited assurance of the sustainability state-ments, assurance services and other advisory services related to the rights issue completed during the year, and other minor general accounting, tax, and transfer pricing advice.",
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"f1__s9__9__255": {
"value": "Note 7.4 Company overviewSegment/company Country Type 1Ownership interestParent company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/S 4Denmark JO 50 %Borkum Riffgrund I Offshore Windpark A/S GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 3 GmbH & Co. oHG Germany JO 50 %Borssele Wind Farm C.V. 2The Netherlands JO 50 %Breesea Limited 2The UK JO 38 %Burbo Extension PSC Limited The UK S 75 %Elektrownia Wiatrowa Baltica 2 sp. z o.o Poland JO 50 %Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Gode Wind 2 Offshore Wind Farm P/S GmbH & Co. oHG Germany JO 50 %Gode Wind 3 GmbH & Co. oHG Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd. 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SE Ltd. 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd. Taiwan S 100 %Hornsea 1 Limited 2The UK JO 38 %Hornsea 1 PSC Limited The UK S 75 %Hornsea Two PSC Limited The UK S 75 %Ocean Wind LLC The US S 100 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Greater Changhua SE Holdings Ltd. Taiwan S 100 %Orsted Hornsea Project Three (UK) Limited 2The UK JO 50 %Orsted Hornsea Three Holdings Limited The UK S 100 %Orsted North America II, LLC The US S 100 %Orsted North America Inc. The US S 100 %Orsted Orion Holdings Limited The UK S 100 %Orsted Power (UK) Limited The UK S 100 %Orsted Race Bank (Holding) Ltd. The UK S 100 %Orsted Schroders Greencoat WODS Holdco Limited The UK JO 51 %Orsted Taiwan Ltd. Taiwan S 100 %Orsted UK HOW01 Holdings Limited The UK S 100 %Orsted UK HOW02 Holdings Limited The UK S 100 %Orsted UK WalExt Holdings Limited The UK S 100 %\u00d8rsted VE A/S Denmark S 100 %\u00d8rsted Vind A/S Denmark S 100 %Race Bank Wind Farm Limited 2The UK JO 50 %Revolution Wind, LLC 2The US JO 50 %Sonningmay Wind Limited 2The UK JO 38 %Soundmark Wind Limited 2The UK JO 38 %South Fork Wind, LLC 2The US JO 50 %Segment/company Country Type 1Ownership interestSunrise Wind LLC The US S 100 %Walney (UK) Offshore Windfarms LimitedThe UK S 50 %Walney Extension Limited 2The UK JO 38 %Walney Extension PSC Limited The UK S 75 %West of Duddon Sands 2The UK JO 26 %\u00d8rsted Horns Rev 2 A/S Denmark S 100 %\u00d8rsted Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S 3Denmark S 100 %Onshore2W Permian Solar, LLC The US S 100 %Badger Wind, LLC The US S 100 %Eleven Mile Solar Center, LLC 2The US JO 50 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC 2The US S 20 %Lincoln Land Wind, LLC The US S 100 %Mockingbird Solar Center, LLC 2The US JO 50 %Muscle Shoals Solar, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Ireland Green Energy Limited Ireland S 100 %Plum Creek Wind, LLC The US S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC 2The US JO 50 %Sunflower Energy Center, LLC 2The US S 20 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC 2The US S 20 %\u00d8rsted Onshore Holding A/S 3Denmark S 100 %Bioenergy & Other\u00d8rsted Bioenergy & Thermal Power A/S 3Denmark S 100 %\u00d8rsted Salg & Service A/S 3Denmark S 100 %Shared Functions\u00d8rsted Insurance A/S 3Denmark S 100 %\u00d8rsted North America Holding A/S Denmark S 100 %\u00d8rsted Wind Power TW Holding A/S Denmark S 100 %1 S = subsidiary, JO = joint operation.2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted\u2019s ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.4 The company applies the provisions in sections 5 or 6 of the Danish Financial Statements Act to omit presenting a separate annual report.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: orsted.com/company-overview.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__9__254": {
"value": "Note 7.4 Company overviewSegment/company Country Type 1Ownership interestParent company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/S 4Denmark JO 50 %Borkum Riffgrund I Offshore Windpark A/S GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 3 GmbH & Co. oHG Germany JO 50 %Borssele Wind Farm C.V. 2The Netherlands JO 50 %Breesea Limited 2The UK JO 38 %Burbo Extension PSC Limited The UK S 75 %Elektrownia Wiatrowa Baltica 2 sp. z o.o Poland JO 50 %Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Gode Wind 2 Offshore Wind Farm P/S GmbH & Co. oHG Germany JO 50 %Gode Wind 3 GmbH & Co. oHG Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd. 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SE Ltd. 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd. Taiwan S 100 %Hornsea 1 Limited 2The UK JO 38 %Hornsea 1 PSC Limited The UK S 75 %Hornsea Two PSC Limited The UK S 75 %Ocean Wind LLC The US S 100 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Greater Changhua SE Holdings Ltd. Taiwan S 100 %Orsted Hornsea Project Three (UK) Limited 2The UK JO 50 %Orsted Hornsea Three Holdings Limited The UK S 100 %Orsted North America II, LLC The US S 100 %Orsted North America Inc. The US S 100 %Orsted Orion Holdings Limited The UK S 100 %Orsted Power (UK) Limited The UK S 100 %Orsted Race Bank (Holding) Ltd. The UK S 100 %Orsted Schroders Greencoat WODS Holdco Limited The UK JO 51 %Orsted Taiwan Ltd. Taiwan S 100 %Orsted UK HOW01 Holdings Limited The UK S 100 %Orsted UK HOW02 Holdings Limited The UK S 100 %Orsted UK WalExt Holdings Limited The UK S 100 %\u00d8rsted VE A/S Denmark S 100 %\u00d8rsted Vind A/S Denmark S 100 %Race Bank Wind Farm Limited 2The UK JO 50 %Revolution Wind, LLC 2The US JO 50 %Sonningmay Wind Limited 2The UK JO 38 %Soundmark Wind Limited 2The UK JO 38 %South Fork Wind, LLC 2The US JO 50 %Segment/company Country Type 1Ownership interestSunrise Wind LLC The US S 100 %Walney (UK) Offshore Windfarms LimitedThe UK S 50 %Walney Extension Limited 2The UK JO 38 %Walney Extension PSC Limited The UK S 75 %West of Duddon Sands 2The UK JO 26 %\u00d8rsted Horns Rev 2 A/S Denmark S 100 %\u00d8rsted Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S 3Denmark S 100 %Onshore2W Permian Solar, LLC The US S 100 %Badger Wind, LLC The US S 100 %Eleven Mile Solar Center, LLC 2The US JO 50 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC 2The US S 20 %Lincoln Land Wind, LLC The US S 100 %Mockingbird Solar Center, LLC 2The US JO 50 %Muscle Shoals Solar, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Ireland Green Energy Limited Ireland S 100 %Plum Creek Wind, LLC The US S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC 2The US JO 50 %Sunflower Energy Center, LLC 2The US S 20 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC 2The US S 20 %\u00d8rsted Onshore Holding A/S 3Denmark S 100 %Bioenergy & Other\u00d8rsted Bioenergy & Thermal Power A/S 3Denmark S 100 %\u00d8rsted Salg & Service A/S 3Denmark S 100 %Shared Functions\u00d8rsted Insurance A/S 3Denmark S 100 %\u00d8rsted North America Holding A/S Denmark S 100 %\u00d8rsted Wind Power TW Holding A/S Denmark S 100 %1 S = subsidiary, JO = joint operation.2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted\u2019s ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.4 The company applies the provisions in sections 5 or 6 of the Danish Financial Statements Act to omit presenting a separate annual report.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: orsted.com/company-overview.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__9__257": {
"value": "Note 7.5Events after the reporting periodEuropean onshore businessIn February 2026, \u00d8rsted signed a divestment agree-ment on our European onshore business. The divest-ment is subject to regulatory approval. Closing is expected in Q2 2026.Revolution WindOn 12 January 2026, the U.S. District Court for the District of Columbia granted the preliminary injunction sought by Revolution Wind, LLC regarding the lease suspension order issued on 22 December 2025 by the Department of the Interior\u2019s Bureau of Ocean Energy Management (BOEM). The court\u2019s action allowed the construction to resume while the lawsuit progresses.Sunrise WindOn 2 February 2026, the U.S. District Court for the District of Columbia granted the preliminary injunction sought by Sunrise Wind LLC regarding the lease suspension order issued on 22 December 2025 by the Department of the Interior\u2019s Bureau of Ocean Energy Management (BOEM). The court\u2019s action allowed the construction to resume while the lawsuit progresses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__330": {
"value": "\u00d8rsted A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__331": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__9__333": {
"value": "Kraftv\u00e6rksvej 53DK-7000 Fredericia",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"tfn-1": {
"value": "1 Due to the rights issue in October 2025 at a price below market price, the earning per share figures have been restated using the calculated bonus ratio (1.8).",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-1",
"language": "en"
}
},
"tfn-2": {
"value": "Value adjustments for the year for cash flow hedging amounting to DKK 327 million mainly consist of gains related to the hedging of inflation and GBP, partly offset by losses related to the hedging of power. In 2024, gains related to the hedging of power was primarily attributable to value adjustments amounting to DKK 3,426 million. The loss of DKK 1,051 million transferred to the income statement mainly consists of losses related to the hedging of power and GBP",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-2",
"language": "en"
}
},
"tfn-3": {
"value": "In 2025, foreign exchange losses relating to net investments in foreign enterprises amounting to DKK 10,612 million were primarily attributable to a decrease in the USD, GBP, and NTD exchange rate of 11.7 %, 5.2 %, and 7.9 %, respectively. A part of the net investment was hedged, resulting in gains of DKK 5,070 million.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-3",
"language": "en"
}
},
"tfn-4": {
"value": "1 In addition to the total reserves of DKK -9,164 million, a loss of DKK 344 million (2024: DKK 513 million) is recognised as part of non-controlling interests. The loss is related to the hedging of revenue belonging to the non-controlling interests.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-4",
"language": "en"
}
}
}
}