Ørsted (ORSTED) Pre-Close Call Presentation summary

Financial performance and outlook

• Group EBITDA excluding new partnerships and cancellation fees expected to exceed DKK 28 bn in 2026, with gross investments of DKK 50-55 bn planned for the year.

• Average return on capital employed (ROCE) projected at -11% for 2026-2027, improving to over 13% for 2028-2030.

• Target to reinstate dividend for the financial year 2026 and maintain a solid investment-grade credit rating.

• Divestment proceeds expected to exceed DKK 35 bn for 2025-2026.

Segment performance and operational highlights

• Offshore EBITDA for 2026 projected higher, with Q1 2025 generation capacity at 5.5 GW and new capacity additions and divestments noted.

• Onshore EBITDA in line with expectations; Badger Wind reached COD in January 2026, and a significant divestment gain recorded in Q1 2025.

• Bioenergy & Other EBITDA structurally higher in Q1 and Q4 due to seasonality, with CHP plants and Gas Markets & Infrastructure contributing.

• Signed agreement to divest European Onshore business, expected to close in Q2 2026.

Impairments and risk factors

• Net impairment losses of DKK 3.6 bn in 2025, mainly due to US tariffs, project suspensions, and European Onshore divestment.

• Impairments partly offset by lower US interest rates and positive market price developments.

• Forward-looking statements subject to risks including market volatility, regulatory changes, and geopolitical tensions.