Ørsted

“Nearly half of global electricity generation is expected to come from renewable energy sources in 2030, primarily from wind and solar. Offshore wind generation alone is expected to more than double in the next five years.”

Annual report 2025A · The company itself

“The pact will turn the North Sea into the green power plant of Europe, reaffirming 300 GW of offshore wind capacity by 2050, and charting a path of a more evenly distributed offshore build-out between 2031 and 2040 with up to 15 GW installed capacity per year in Europe.”

Annual report 2025A · The company itself

“Ørsted is dependent on continued governmental support for power produced by renewable energy sources such as contracts for difference (CfDs) and other support schemes. ‘Revenue risk’ (power price and volume risk) is our third-largest risk, moving up from sixth place last year. Ørsted’s main revenue risk stems from our intermittent power generation from wind and solar PV assets.”

Annual report 2025A · The company itself

“Wind speeds amounted to a portfolio average of 11.7 m/s, which was significantly higher than in Q4 2024 (11.1 m/s) and slightly higher than the normal wind speeds expected in the fourth quarter (11.6 m/s).”

Annual report 2025A · The company itself

“Our third priority is to ensure a focused and disciplined approach to capital allocation, with a strategic emphasis on offshore wind opportunities in Europe and select markets in APAC.”

Annual report 2025A · The company itself

“In 2025, we defined four key strategic priorities to deliver on our business plan. Throughout the year, we have progressed and delivered on these priorities. During the year, we reached 10 GW of installed offshore wind capacity with the commissioning of our German offshore wind farm Gode Wind 3.”

Annual report 2025A · The company itself

“Additionally, we closed the divestment of a 24.5 % stake in our West of Duddon Sands Offshore Wind Farm, and in February 2026, we signed a divestment agreement on our European onshore business. In the US, we completed the 50 % farm-downs of two solar farms, Eleven Mile Solar Center and Sparta Solar, and divested a 49 % stake in our Badger Wind project.”

Annual report 2025A · The company itself

“Applying a focused and disciplined approach to capital allocation guided by a value-over-volume principle To ensure a focused and disciplined capital allocation, we will mainly focus on offshore wind in Europe and select markets in APAC. As part of these efforts, we will move towards a more flexible partnership and financing approach to ensure value creation and risk diversification.”

Annual report 2025A · The company itself

“This is underlined by discontinuing Hornsea 4 in its current form, our strategic decision not to participate in the Danish CCS tenders in the immediate future, and having signed a divestment agreement on our European onshore business.”

Annual report 2025A · The company itself

“In Q4 2025, we were awarded the rights under the Irish Offshore Renewable Electricity Support Scheme (ORESS) to develop the 900 MW fixed-bottom offshore wind farm Tonn Nua site with our partner ESB.”

Annual report 2025A · The company itself

“An example of this is the establishment of our low-noise monopile installation technology platform, OSONIC, which reduces installation noise by 99 % while also enabling cost savings. Going forward, we will offer licensing of the technology and related services to third-party developers for European offshore wind projects.”

Annual report 2025A · The company itself

“We’re focusing on offshore wind in Europe and select markets in APAC where we’ll continue to build on our position as the global leader in offshore wind.”

Annual report 2025A · The company itself

“We create value by developing, construc ting, operating, and owning renewable assets and by providing sustainable energy products to our customers. Our portfolio includes offshore and onshore wind farms, solar farms, energy storage, and combined heat and power plants.”

Annual report 2025A · The company itself

“Installed renewable capacity increased by 2 % to 18.5 GW in 2025, mainly due to the commissioning of the German offshore wind farm Gode Wind 3.”

Annual report 2025A · The company itself

“The delivery of our current offshore construction programme will ensure that we grow our installed capacity of offshore wind from currently 10.2 GW to more than 18 GW by the end of 2027.”

Annual report 2025A · The company itself

“During the year, we reached 10 GW of installed offshore wind capacity with the commissioning of our German offshore wind farm Gode Wind 3.”

Annual report 2025A · The company itself

“Power generation increased by 18 % to 6.8 TWh in Q4 2025. The increase was due to significantly higher wind speeds and ramp-up of generation at Gode Wind 3 in Germany.”

Annual report 2025A · The company itself

“Revenue was DKK 1.8 billion higher than in Q4 2024 and amounted to DKK 18.0 billion. Revenue from offshore wind farms in operation increased by 3 % to DKK 8.8 billion, mainly due to higher generation, partly offset by a step down in subsidy level for our older German assets and Anholt Offshore Wind Farm (DK) stepping out of subsidy.”

Annual report 2025A · The company itself

“First transition wave: Shift from fossil fuels to renewable energy generation In 2025, we reached a defining milestone in our journey towards net zero by meeting our science-based scope 1-2 GHG emissions intensity target of 10 g CO e/kWh – a 93 % reduction from a 2018 baseline (98 % from a 2006 level). This progress reflects the core achievement of wave one: the structural shift in our own energy production from predominantly fossil fuels to predominantly renewable sources. This shift continues to be characterised by the following: · Growth in renewable capacity: In 2025, we continued to expand our renewable energy portfolio, reaching a total of 18.5 GW of installed capacity, with a pipeline of 8.9 GW of decided (FID’ed) capacity.”

Annual report 2025A · The company itself

“In 2025, we continued to expand our renewable energy portfolio, reaching a total of 18.5 GW of installed capacity, with a pipeline of 8.9 GW of decided (FID’ed) capacity. Together, these projects are expected to increase the supply of renewable electricity and support the growing demand for renewable energy.”

Annual report 2025A · The company itself

“· Natural resources, such as wind and sun. · Minerals and metals, such as steel and copper, and critical raw materials.”

Annual report 2025A · The company itself

“To mitigate cost inflation risks, we carry out hedging for steel and other commodities on an asset project basis.”

Annual report 2025A · The company itself

“Supply chain collaboration for lower-emissions solutions Continued to work with key suppliers to advance and secure access to loweremissions materials (e.g. lower-emissions steel via our partnership with Dillinger).”

Annual report 2025A · The company itself

“Geopolitical tensions could affect project economics and timelines through increased component costs, supply chain disruptions, or reduced access to international production capacity.”

Annual report 2025A · The company itself

“First transition wave: Shift from fossil fuels to renewable energy generation In 2025, we reached a defining milestone in our journey towards net zero by meeting our science-based scope 1-2 GHG emissions intensity target of 10 g CO e/kWh – a 93 % reduction from a 2018 baseline (98 % from a 2006 level).”

Annual report 2025A · The company itself

“Each asset in our portfolio requires virgin materials such as steel, copper, rare earth elements, and composite materials, contributing to resource depletion and increasing material scarcity across sectors.”

Annual report 2025A · The company itself

“Our dependence on critical raw materials required for the energy transition exposes us to potential supply availability and price volatility risks. This exposure is shaped by growing demand for renewable-energy technologies and arises from highly centralised and vulnerable supply chains for the extraction, refinement, and processing of critical minerals, intensifying cross-sector demand for transition-critical materials, and commodity price and geopolitical volatility in regions with often elevated sustainability risk profiles.”

Annual report 2025A · The company itself

“We have a partnership with Dillinger, Europe’s largest manufacturer of heavy steel plates. Through this partner ship, we have access to Dillinger’s first batches of lower-emissions steel, subject to availability and commercial terms. Steel plates are a critical component of offshore wind monopile foundations.”

Annual report 2025A · The company itself

“To create a world that runs entirely on green energy. · Supply chain collaboration and partnerships: Beyond supplier engagement, we pursue long-term collaborations with strategic suppliers to develop and scale lower-emissions solutions across products and services. This includes advancing green technologies and pathways to decarbonise key components and manufacturing processes, and supporting the availability of lower-emissions materials and offerings for Ørsted and the wider offshore wind industry. · Tracking and measuring: Our internally developed and maintained life cycle analysis (LCA) approach gives us a reliable view of the emissions profile of our projects, enabling better-informed commercial and procurement decisions towards our net-zero pathway, and providing the basis for calculating and reporting the emissions associated with our buildout.”

Annual report 2025A · The company itself

“By working with suppliers on Action: Electric vehicle fleet lower-emissions alternatives and emerging solutions such as circular practices, we can reduce emissions while contributing to broader sustainability goals. In 2025, we strengthened the governance of our company-wide decarbonisation road map to support our target to reach net zero by 2040.”

Annual report 2025A · The company itself

“Our focus remains on high-impact suppliers, representing more than half of our total procurement spend and the most carbon-intensive parts of our supply chain. We set clear expectations for adopting science-based targets (through the SBTi), providing transparent climate reporting (through the Carbon Disclosure Project (CDP)), and transitioning to renewable electricity. Climate requirements are now included in standard contracts and tenders for selected high-impact categories.”

Annual report 2025A · The company itself

“In 2025, we continued our collaboration with industry peers and the Carbon Trust through the Offshore Wind Sustainability Joint Industry Programme (SUSJIP). The work focuses on developing a standardised carbon footprint measurement methodology for offshore wind assets. The methodology was further refined in 2025 and is expected to be launched in 2026.”

Annual report 2025A · The company itself

“The government subsidies will expire for one more of our Danish assets in 2026 and for two more of our UK assets in 2027.”

Annual report 2025A · The company itself

“This wave is characterised by the following key actions: · Net-zero road map: Our net-zero road map outlines our immediate priorities and actions for decarbonising our value chain and remaining operational emissions. We revise this company-wide road map on an ongoing basis to stay aligned with the latest developments and support informed decision-making. · Supplier engagement: We engage key suppliers to drive decarbonisation in their strategies and operations through three levers: science-based targets, covering electricity consumption with renewable electricity, and reporting to the Carbon Disclosure Project (CDP).”

Annual report 2025A · The company itself

“Achieving our vision depends not only on our own actions but also on external conditions, including the strength and reliability of climate and energy policies, timely grid and infrastructure development, and supply chains able to scale lower-emissions technologies. These dependencies introduce uncertainties that could slow our transition.”

Annual report 2025A · The company itself

“As part of our DMA’s financial materiality assessment, we have evaluated uncertainties in the energy transition policy and regulatory landscape. Transition risks are particularly relevant in markets where changes to investment conditions, subsidy schemes, or policy priorities can affect the viability of existing projects and the development of new ones.”

Annual report 2025A · The company itself

“We recognise that sustained political support for expanding renewable energy remains vital to the global energy transition, and uncertainty in that support poses a risk for the wider industry.”

Annual report 2025A · The company itself

“We prioritise three strategic sustainability areas to drive business value through sustainability and deliver on our aspiration – decarbonisation, biodiversity, and community impact. On decarbonisation, we focus on reducing our upstream and downstream carbon emissions to progress towards our long-term target to reach net zero by 2040, mitigate upcoming regulatory costs, and drive demand for the solutions needed to create a resilient, decarbonised energy supply.”

Annual report 2025A · The company itself

“In 2025, we became the first energy company to complete a transformation from fossil fuels to renewable energy. We have reduced scope 1-2 emissions intensity by more than 98 % since the beginning of our transformation in 2006, thereby building green energy and delivering on our decarbonisation target in parallel.”

Annual report 2025A · The company itself

“Active engagement with policymakers, industry stakeholders, and communities to support the renewable energy transition. Advocacy aligned with the 1.5 °C goal of the Paris Agreement.”

Annual report 2025A · The company itself

“Progress in this wave requires alignment and cooperation across suppliers, business partners, regulators, and industry peers to drive lower-emissions solutions forward.”

Annual report 2025A · The company itself

“Development, construction, and operation of offshore wind and adjacent technologies aligned with global-, regional-, and national- level decarbonisation goals and a 1.5 °C pathway.”

Annual report 2025A · The company itself

“· Natural resources, such as wind and sun. · Minerals and metals, such as steel and copper, and critical raw materials.”

Annual report 2025A · The company itself

“We have introduced a broader ‘Political risk’ including the ‘US regulatory risks’ from 2024 but now reflecting the geopolitical uncertainty across our core markets in general (EU/UK, US, and APAC), and we have seen changes in the relative importance of our top risks from last year. ‘Supply chain risk’ is still assessed to be our largest risk. Supply-demand bottleneck risks appear to be easing in the short term, however, there are longer term supply chain risks which may threaten Ørsted’s strategic ambitions if not resolved, including concentration of risk on few European suppliers.”

Annual report 2025A · The company itself

“Ørsted’s and the key suppliers’ dependencies on copper and rare earths for production increases risk exposure due to supply availability and price volatility.”

Annual report 2025A · The company itself

“Each asset in our portfolio requires virgin materials such as steel, copper, rare earth elements, and composite materials, contributing to resource depletion and increasing material scarcity across sectors.”

Annual report 2025A · The company itself

“Our dependence on critical raw materials required for the energy transition exposes us to potential supply availability and price volatility risks. This exposure is shaped by growing demand for renewable-energy technologies and arises from highly centralised and vulnerable supply chains for the extraction, refinement, and processing of critical minerals, intensifying cross-sector demand for transition-critical materials, and commodity price and geopolitical volatility in regions with often elevated sustainability risk profiles.”

Annual report 2025A · The company itself

“To create a world that runs entirely on green energy. · Supply chain collaboration and partnerships: Beyond supplier engagement, we pursue long-term collaborations with strategic suppliers to develop and scale lower-emissions solutions across products and services. This includes advancing green technologies and pathways to decarbonise key components and manufacturing processes, and supporting the availability of lower-emissions materials and offerings for Ørsted and the wider offshore wind industry. · Tracking and measuring: Our internally developed and maintained life cycle analysis (LCA) approach gives us a reliable view of the emissions profile of our projects, enabling better-informed commercial and procurement decisions towards our net-zero pathway, and providing the basis for calculating and reporting the emissions associated with our buildout.”

Annual report 2025A · The company itself

“By working with suppliers on Action: Electric vehicle fleet lower-emissions alternatives and emerging solutions such as circular practices, we can reduce emissions while contributing to broader sustainability goals. In 2025, we strengthened the governance of our company-wide decarbonisation road map to support our target to reach net zero by 2040.”

Annual report 2025A · The company itself

“Our focus remains on high-impact suppliers, representing more than half of our total procurement spend and the most carbon-intensive parts of our supply chain. We set clear expectations for adopting science-based targets (through the SBTi), providing transparent climate reporting (through the Carbon Disclosure Project (CDP)), and transitioning to renewable electricity. Climate requirements are now included in standard contracts and tenders for selected high-impact categories.”

Annual report 2025A · The company itself

“In 2025, we continued our collaboration with industry peers and the Carbon Trust through the Offshore Wind Sustainability Joint Industry Programme (SUSJIP). The work focuses on developing a standardised carbon footprint measurement methodology for offshore wind assets. The methodology was further refined in 2025 and is expected to be launched in 2026.”

Annual report 2025A · The company itself

“Meanwhile, geopolitical conflicts, reliance on gas imports, and increasing global competition underscore the need for energy security and independence.”

Annual report 2025A · The company itself

“On 22 August, Revolution Wind, LLC received a stopwork order from the Bureau of Ocean Energy Management (BOEM), instructing the project to halt offshore activities pending completion of the U.S. Department of Interior’s review required by the executive order dated 20 January 2025.”

Annual report 2025A · The company itself

“In recent months, supply chain disruption risks have intensified, driven by regulatory uncertainty, the introduction of new trade barriers (including tariffs, sanctions, and export controls), and escalating trade conflicts across key markets.”

Annual report 2025A · The company itself

“Ørsted operates in a geopolitical environment characterised by strategic competition, evolving trade relationships, and shifting energy security priorities. The risks that we are exposed to include volatility in key drivers affecting our projects, trade barriers, and tariffs, supply chain factors, political instability, and policy responses to these developments across our markets (EU/UK, US, and APAC).”

Annual report 2025A · The company itself

“Construction risk Description Offshore wind projects are large and complex in nature and may encounter obstacles, both from internal and external factors, leading to installation challenges impacting project execution, delays to construction schedules, and cost overruns. The risk remains high in the US due to the uncertainty about executive actions on permitting and tariffs.”

Annual report 2025A · The company itself

“Our dependence on critical raw materials required for the energy transition exposes us to potential supply availability and price volatility risks. This exposure is shaped by growing demand for renewable-energy technologies and arises from highly centralised and vulnerable supply chains for the extraction, refinement, and processing of critical minerals, intensifying cross-sector demand for transition-critical materials, and commodity price and geopolitical volatility in regions with often elevated sustainability risk profiles.”

Annual report 2025A · The company itself

“Active engagement with policymakers, industry stakeholders, and communities to support the renewable energy transition. Advocacy aligned with the 1.5 °C goal of the Paris Agreement.”

Annual report 2025A · The company itself

“We have seen recently that political decisions in US impact our asset projects in construction, our ability to qualify for tax credits or tariffs on key components such as steel and wind turbine components that could lead to significant adverse financial impacts.”

Annual report 2025A · The company itself

“Construction risk Description Offshore wind projects are large and complex in nature and may encounter obstacles, both from internal and external factors, leading to installation challenges impacting project execution, delays to construction schedules, and cost overruns. The risk remains high in the US due to the uncertainty about executive actions on permitting and tariffs.”

Annual report 2025A · The company itself

“The main contributors to the net impairment were updated tariff assumptions in the US, the stop-work order on Revolution Wind and the lease suspension orders on Revolution Wind and Sunrise Wind, regulatory uncertainty in the US, the divestment of our European onshore business, and impairments related to the decision to discontinue the Hornsea 4 project in its current form.”

Annual report 2025A · The company itself

“Strengthening our capital structure to maintain a solid investment-grade rating By completing the rights issue in October, we raised DKK 60 billion in gross proceeds, which will cover the incremental funding requirement from retaining full ownership of Sunrise Wind in the US. Additionally, the proceeds will contribute to an appropriate capitalisation in the years from 2025 through 2027 when we will complete the construction of our 8.1 GW offshore wind construction portfolio.”

Annual report 2025A · The company itself

“European markets such as the United Kingdom, Germany, the Netherlands, Poland, and Denmark are characterised by high energy demand, mature frameworks, ambitious offshore wind targets, and a willingness to support the build-out of offshore wind.”

Annual report 2025A · The company itself

“Delivering on the current 8.1 GW construction programme In the US, we have continued to progress across our Northeast Program. Sunrise Wind is ~45 % complete, with more than half of the turbine foundations installed and commissioning planned for H2 2027.”

Annual report 2025A · The company itself

“Revolution Wind is ~87 % complete, and the commissioning works are ongoing and expected to be finalised in H2 2026.”

Annual report 2025A · The company itself

“Nearly half of global electricity generation is expected to come from renewable energy sources in 2030, primarily from wind and solar.”

Annual report 2025A · The company itself

“Ørsted is dependent on continued governmental support for power produced by renewable energy sources such as contracts for difference (CfDs) and other support schemes. ‘Revenue risk’ (power price and volume risk) is our third-largest risk, moving up from sixth place last year. Ørsted’s main revenue risk stems from our intermittent power generation from wind and solar PV assets.”

Annual report 2025A · The company itself

“Additionally, we closed the divestment of a 24.5 % stake in our West of Duddon Sands Offshore Wind Farm, and in February 2026, we signed a divestment agreement on our European onshore business. In the US, we completed the 50 % farm-downs of two solar farms, Eleven Mile Solar Center and Sparta Solar, and divested a 49 % stake in our Badger Wind project.”

Annual report 2025A · The company itself

“We create value by developing, construc ting, operating, and owning renewable assets and by providing sustainable energy products to our customers.”

Annual report 2025A · The company itself

“The increase was due to the ramp-up of generation at Sparta Solar, Eleven Mile, and Mockingbird. This was partly offset by the 50 % farm-downs of the same projects.”

Annual report 2025A · The company itself

“EBITDA from our onshore business excl. new partnerships amounted to DKK 4.2 billion, DKK 0.2 billion higher than in 2024. The increase was due to the ramp-up of generation at Sparta Solar, Eleven Mile, and Mockingbird.”

Annual report 2025A · The company itself

“In 2025, we enhanced the robustness of our business case impact analysis of physical climate risks for offshore wind, building on prior assessments. Specifically, we updated the analysis by incorporating more granular climate model data (six-hourly time series) and adapting our engineering and financial tools to Classification of climate-related hazards Cf. the TCFD classification and the EU taxonomy’s Climate Delegated Act ✓ Hazard included in assessment × Hazard not relevant to include due to geographical location of assets simulate projected future climate conditions alongside historical observations.”

Annual report 2025A · The company itself

“From a business case perspective, the most significant climate risks for our portfolio are changes in wind patterns and, to a lesser extent, density and air temperature.”

Annual report 2025A · The company itself

“Based on our design safeguards evaluation, the structural risk to our assets has not increased relative to original design assumptions. The structural integrity of our assets is achieved through a combination of design safety factors and mitigation measures, including active collaboration with wind turbine manufacturers to tailor designs to local conditions and stress testing for extreme scenarios during the design process.”

Annual report 2025A · The company itself

“In 2021, we set the ambition to achieve a net-positive biodiversity impact from all new renewable energy projects we commission from 2030 onwards.”

Annual report 2025A · The company itself

“Our continued and relentless focus on safety has continued, and it remains a top priority for us that all our employees and contractors can return home safely from work every day. In February, a tragic incident involving a subcontractor at our US onshore wind farm Plum Creek Wind resulted in two fatalities, and in response to this, we have implemented several safety improvement measures.”

Annual report 2025A · The company itself

“Flexible working conditions and entitlements, such as support for family and caregiving needs Women / men Gender balance in our total workforce by 2030 Workers in the value chain The renewable energy transition impacts the lives of many, including people working across renewable energy supply chains. At Ørsted, we want to support a just transition by promoting jobs that offer decent wages, secure employment, safe working conditions, and a working environment where workers are free to express concerns and exercise their right to organise.”

Annual report 2025A · The company itself

“Inadequate working conditions leading to health, safety, and work-life balance issues Forced labour impacting value chain workers’ rights, well-being, and livelihoods Actions Supply chain transparency Continued our efforts to increase supply chain transparency, with a focus on the origin of key materials.”

Annual report 2025A · The company itself

“In October, we announced that we will be reducing our organisation by approximately 2,000 positions towards the end of 2027. While this means many skilled and valuable colleagues will leave the company, it is a necessary adjustment as it will improve our cost efficiency and make our organisation more flexible going forward.”

Annual report 2025A · The company itself

“The pact will turn the North Sea into the green power plant of Europe, reaffirming 300 GW of offshore wind capacity by 2050, and charting a path of a more evenly distributed offshore build-out between 2031 and 2040 with up to 15 GW installed capacity per year in Europe.”

Annual report 2025A · The company itself

“In 2025, we defined four key strategic priorities to deliver on our business plan. Throughout the year, we have progressed and delivered on these priorities. During the year, we reached 10 GW of installed offshore wind capacity with the commissioning of our German offshore wind farm Gode Wind 3.”

Annual report 2025A · The company itself

“Applying a focused and disciplined approach to capital allocation guided by a value-over-volume principle To ensure a focused and disciplined capital allocation, we will mainly focus on offshore wind in Europe and select markets in APAC. As part of these efforts, we will move towards a more flexible partnership and financing approach to ensure value creation and risk diversification.”

Annual report 2025A · The company itself

“In Q4 2025, we were awarded the rights under the Irish Offshore Renewable Electricity Support Scheme (ORESS) to develop the 900 MW fixed-bottom offshore wind farm Tonn Nua site with our partner ESB.”

Annual report 2025A · The company itself

“In 2021, we set the ambition to achieve a net-positive biodiversity impact from all new renewable energy projects we commission from 2030 onwards.”

Annual report 2025A · The company itself

“We’re focusing on offshore wind in Europe and select markets in APAC where we’ll continue to build on our position as the global leader in offshore wind.”

Annual report 2025A · The company itself

“European markets such as the United Kingdom, Germany, the Netherlands, Poland, and Denmark are characterised by high energy demand, mature frameworks, ambitious offshore wind targets, and a willingness to support the build-out of offshore wind.”

Annual report 2025A · The company itself

“Revenue from offshore wind farms in operation increased by 3 % to DKK 8.8 billion, mainly due to higher generation, partly offset by a step down in subsidy level for our older German assets and Anholt Offshore Wind Farm (DK) stepping out of subsidy.”

Annual report 2025A · The company itself

“In the UK, the offshore and onshore construction activities for our Hornsea 3 project are progressing according to plan.”

Annual report 2025A · The company itself

“In Poland, our Baltica 2 project continues to make progress on both offshore and onshore activities. The seabed and landfall connection points for the export cables are being prepared, and fabrication of foundation monopiles is progressing well.”

Annual report 2025A · The company itself

“In addition to our current construction portfolio, we started off 2025 by completing two German offshore wind farms. In the first quarter, we successfully commissioned Gode Wind 3, thereby reaching more than 10 GW of installed offshore wind capacity.”

Annual report 2025A · The company itself

“Decided (FID’ed) renewable capacity (7.6 GW in 2024) ActionsPerformanceCommitments Reducing reliance on virgin materials is essential for a resilient renewable energy transition and our continued decarbonisation efforts. We have worked for several years to improve how materials are sourced, used, and recovered, and we continue to build collaborations that help us do so across the value chain.”

Annual report 2025A · The company itself

“Achieved a refurbishment rate above 80 % for main component exchanges across our offshore portfolio, adding to our existing work on minor components.”

Annual report 2025A · The company itself

“Completed a recyclability assessment of our offshore wind farm Hornsea 3 in collaboration with ReWind, identifying key recyclability challenges associated with the materials used.”

Annual report 2025A · The company itself

“Objective: Ensure sustainable use of resources Scope: All Ørsted activities and locations Accountability: Senior Vice President, QHSE Availability: Resource Management Policy Waste Management Policy Objective: Ensure proper waste management Scope: All Ørsted activities and locations Accountability: Senior Vice President, QHSE Availability: On our intranet Forest Biomass Policy Objective: Enhance transparency and showcase the principles and standards we follow when purchasing forest biomass Scope: All sourced forest biomass Accountability: Senior Vice President, Bioenergy & Infrastructure Assets Availability: Forest Biomass Policy Key action: Supplier engagement on circularity In 2025, we took further steps to formalise our supplier engagement on circularity. This is best exemplified by standardisation of our circularity communication material and approach towards suppliers.”

Annual report 2025A · The company itself

“To support our supplier engagements, we integrated circularity considerations into our project operating model for offshore wind in 2025. The model is used to coordinate and deliver the project management around our offshore asset construction, and the integration of circularity in the model will allow us to identify products with more recycled content, as well as design-related opportunities that facilitate reuse, refurbishment, or improved recycling from the early phases of project development.”

Annual report 2025A · The company itself

“Key action: Repairing and refurbishing spare parts In 2024, we initiated a refurbishment programme for minor offshore wind components in the UK. The programme focuses on smaller components with longer lead times, allowing us to minimise lost production. We expect to have fully commercial, technically approved refurbishment loops in place for more than 100 of our key minor components by 2030.”

Annual report 2025A · The company itself

“In 2025, following successful pilots in 2024 that tested the feasibility of TP covers, we started construction of Hornsea 3, which will use recyclable TP covers during its construction period. Approximately 200 TP covers will be sourced from our supplier for installation between 2025 and 2027, replacing conventional single-use PVC covers. We estimate that this will avoid more than 150 tonnes of PVC waste at Hornsea 3 alone.”

Annual report 2025A · The company itself

“In 2025, we installed more than 500 marking poles and posts next to our onshore wind farm Farranrory in Ireland. The poles have been manufactured using material from our onshore wind farm Owenreagh 1, which we decommissioned in 2024 after more than 25 years of operation. As part of the decommissioning process, and Ørsted’s commitment to the circular economy, the blades from the wind turbines were taken to a recycling facility, Plaswire, in Northern Ireland.”

Annual report 2025A · The company itself

“Following the closure of Esbjerg Power Station in 2024, our last coal-fired CHP plant, we initiated the demolition of the plant, located at the Port of Esbjerg, in 2025. In line with our waste management principles, the project contractor expects to send up to 97 % Key action: Transition piece (TP) covers for offshore wind farms Key action: End-of-life management of decommissioned assets of the materials to reuse or recycling.”

Annual report 2025A · The company itself

“This is underlined by discontinuing Hornsea 4 in its current form, our strategic decision not to participate in the Danish CCS tenders in the immediate future, and having signed a divestment agreement on our European onshore business.”

Annual report 2025A · The company itself

“EBITDA from our gas business totalled DKK 0.6 billion in 2025, DKK 0.3 billion higher than in 2024. The increase was mainly driven by the ramp-up of volumes from our offtake contract with the Danish Underground Consortium (DUC) due to the ramp-up of production from the Tyra field.”

Annual report 2025A · The company itself

“Gas sales increased by 40 %, driven by our offtake contract with DUC due to ramp-up of production from the Tyra field (not owned by Ørsted).”

Annual report 2025A · The company itself

“We also delivered biodiversity pilots and community impact initiatives across relevant parts of the development, construction, and generation phases to help de-risk project delivery and secure our social license to operate. For example, we delivered good results on our biodiversity pilot with ARK to rewild the Dutch North Sea, and we laid the groundwork for collaboration with TAFE Gippsland and Federation University in Australia to build a skilled local workforce for the offshore wind industry.”

Annual report 2025A · The company itself

“European markets such as the United Kingdom, Germany, the Netherlands, Poland, and Denmark are characterised by high energy demand, mature frameworks, ambitious offshore wind targets, and a willingness to support the build-out of offshore wind.”

Annual report 2025A · The company itself

“Applying a focused and disciplined approach to capital allocation guided by a value-over-volume principle To ensure a focused and disciplined capital allocation, we will mainly focus on offshore wind in Europe and select markets in APAC. As part of these efforts, we will move towards a more flexible partnership and financing approach to ensure value creation and risk diversification.”

Annual report 2025A · The company itself

“We’re focusing on offshore wind in Europe and select markets in APAC where we’ll continue to build on our position as the global leader in offshore wind.”

Annual report 2025A · The company itself

“Geographically, we will concentrate on our core European markets (the United Kingdom, Ireland, the Netherlands, Germany, Poland, and Denmark), continue to grow and operate in APAC (Taiwan, Our strategy Korea, and Australia), and maintain our presence in the United States.”

Annual report 2025A · The company itself

“In APAC, offshore wind development is progressing at varying speeds, but the long-term growth outlook remains strong, with a capacity growth of >30 GW expected towards 2035 (excl. China). Taiwan has advanced its round 3 framework, reinforcing its role as a leading APAC offshore market with clear visibility on build-out into the 2030s.”

Annual report 2025A · The company itself

“These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions.”

Annual report 2025A · The company itself

“High gas and power price volatility could impact earnings for the year through optimisation possibilities of our gas storage and sourcing contracts as well as higher balancing and intermittency costs.”

Annual report 2025A · The company itself

“EBITDA from our CHP plants amounted to DKK 1.6 billion in 2025, DKK 0.3 billion higher than in 2024. The increase was mainly due to higher achieved prices and improved spreads, only partly offset by lower generation.”

Annual report 2025A · The company itself

“EBITDA from our gas business totalled DKK 0.6 billion in 2025, DKK 0.3 billion higher than in 2024. The increase was mainly driven by the ramp-up of volumes from our offtake contract with the Danish Underground Consortium (DUC) due to the ramp-up of production from the Tyra field.”

Annual report 2025A · The company itself

“These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions.”

Annual report 2025A · The company itself

“We are exposed to inflation, both directly through the real return but also indirectly through cost inflation and higher interest rates. Approx. 50 % of our revenue in 2026-2030 is inflation-indexed and expected to follow the development in consumer prices, thereby protecting the real value of our assets and equity.”

Annual report 2025A · The company itself

“We prefer investing in assets and entering into contracts with inflation-indexed revenue streams to mitigate cost inflation, and we match our debt with our assets per currency and the same payment structures (modified duration).”

Annual report 2025A · The company itself

“Our first priority is to strengthen our capital structure, and we have taken substantial steps to deliver on this. A key element was the completion of the rights issue, and we are thankful for the strong support we received from our shareholders.”

Annual report 2025A · The company itself

“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. As part of the updated targets presented in connection with the rights issue, we planned to secure more than DKK 35 billion in proceeds through our partnership and divestment programme across 2025 and 2026.”

Annual report 2025A · The company itself

“In addition, higher financing costs, grid constraints, and pressures on critical materials and supply chains require system-level solutions to avoid project delays and cost increases.”

Annual report 2025A · The company itself

“We strategically diversify our supply chain, developing relationships with suppliers across multiple regions to reduce dependency on any single export market.”

Annual report 2025A · The company itself

“An example of this is the establishment of our low-noise monopile installation technology platform, OSONIC, which reduces installation noise by 99 % while also enabling cost savings. Going forward, we will offer licensing of the technology and related services to third-party developers for European offshore wind projects.”

Annual report 2025A · The company itself

“In October, we announced that we will rightsize our organisation further by reducing approx. 2,000 positions towards the end of 2027. The adjustment of the organisation increases our competitiveness and is a natural consequence of our strategic focus on offshore wind in Europe and select markets in APAC and the completion of our construction programme.”

Annual report 2025A · The company itself

“Our portfolio includes offshore and onshore wind farms, solar farms, energy storage, and combined heat and power plants.”

Annual report 2025A · The company itself

“Development, construction, and operation of offshore wind and adjacent technologies aligned with global-, regional-, and national- level decarbonisation goals and a 1.5 °C pathway.”

Annual report 2025A · The company itself

“Throughout the year, we have continued to strengthen the risk management activities during the construction phase for offshore asset projects through the new operating model. A new contingency management framework has been rolled out, and we have introduced stronger portfolio steering to identify bottlenecks and knock-on effects in the portfolio of asset projects under construction.”

Annual report 2025A · The company itself

“Our Trading & Revenue function is being scaled up by integrating structured products and advancing digital capabilities.”

Annual report 2025A · The company itself

“To create a world that runs entirely on green energy. · Supply chain collaboration and partnerships: Beyond supplier engagement, we pursue long-term collaborations with strategic suppliers to develop and scale lower-emissions solutions across products and services. This includes advancing green technologies and pathways to decarbonise key components and manufacturing processes, and supporting the availability of lower-emissions materials and offerings for Ørsted and the wider offshore wind industry. · Tracking and measuring: Our internally developed and maintained life cycle analysis (LCA) approach gives us a reliable view of the emissions profile of our projects, enabling better-informed commercial and procurement decisions towards our net-zero pathway, and providing the basis for calculating and reporting the emissions associated with our buildout.”

Annual report 2025A · The company itself

“Our wind and solar PV assets are largely subject to prices that are indexed to inflation or are fixed nominal, implying a high degree of revenue certainty, setting aside the above-mentioned volume risk. This means that we know the price (or minimum price) per generated MWh for most wind farms in the Netherlands, the US, and Germany and for the CfD wind farms in the UK.”

Annual report 2025A · The company itself

“In 2025, following successful pilots in 2024 that tested the feasibility of TP covers, we started construction of Hornsea 3, which will use recyclable TP covers during its construction period. Approximately 200 TP covers will be sourced from our supplier for installation between 2025 and 2027, replacing conventional single-use PVC covers. We estimate that this will avoid more than 150 tonnes of PVC waste at Hornsea 3 alone.”

Annual report 2025A · The company itself

“These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions.”

Annual report 2025A · The company itself

“The development is driven by: · ramp-up of generation from Greater Changhua 2b and 4 and Revolution Wind · wind speeds expected to be in line with historical average, while 2025 was below · the positive effect from construction agreement at Hornsea 3 · lower expensed project development costs and fixed costs · partly offset by a step down in subsidy level for Borkum Riffgrund 2, and Gode Wind 1 and 2 stepping out of subsidy · lower expected power prices and lower earnings from trading activities.”

Annual report 2025A · The company itself

“Despite wind speeds being lower than last year, earnings from our offshore sites amounted to DKK 24.3 billion, representing an increase of approx. DKK 0.5 billion compared with last year, which in part was driven by higher availability rates, ramp-up generation at Gode Wind 3, and compensation for grid delay at Borkum Riffgrund 3.”

Annual report 2025A · The company itself

“Around 10 % of Ørsted’s revenue from 2026-2030 is exposed to power price risk.”

Annual report 2025A · The company itself

“Revenue risk primarily comes from our intermittent power generation from wind and solar PV assets in the UK, the US, and north-western Europe. The largest risk factors are production volume and energy prices.”

Annual report 2025A · The company itself

“We are also exposed to secondorder risks arising from power price hedges not fully matching our actual revenue exposure (position and intermittency risks).”

Annual report 2025A · The company itself

“Revenue from power sales decreased by DKK 1.3 billion to DKK 4.8 billion due to lower power prices and lower revenue from our power trading activities, only partly offset by the higher power volumes sold.”

Annual report 2025A · The company itself

“In addition, higher financing costs, grid constraints, and pressures on critical materials and supply chains require system-level solutions to avoid project delays and cost increases.”

Annual report 2025A · The company itself

“· Natural resources, such as wind and sun. · Minerals and metals, such as steel and copper, and critical raw materials.”

Annual report 2025A · The company itself

“We have introduced a broader ‘Political risk’ including the ‘US regulatory risks’ from 2024 but now reflecting the geopolitical uncertainty across our core markets in general (EU/UK, US, and APAC), and we have seen changes in the relative importance of our top risks from last year. ‘Supply chain risk’ is still assessed to be our largest risk. Supply-demand bottleneck risks appear to be easing in the short term, however, there are longer term supply chain risks which may threaten Ørsted’s strategic ambitions if not resolved, including concentration of risk on few European suppliers.”

Annual report 2025A · The company itself

“Ørsted’s and the key suppliers’ dependencies on copper and rare earths for production increases risk exposure due to supply availability and price volatility.”

Annual report 2025A · The company itself

“Each asset in our portfolio requires virgin materials such as steel, copper, rare earth elements, and composite materials, contributing to resource depletion and increasing material scarcity across sectors.”

Annual report 2025A · The company itself

“Our dependence on critical raw materials required for the energy transition exposes us to potential supply availability and price volatility risks. This exposure is shaped by growing demand for renewable-energy technologies and arises from highly centralised and vulnerable supply chains for the extraction, refinement, and processing of critical minerals, intensifying cross-sector demand for transition-critical materials, and commodity price and geopolitical volatility in regions with often elevated sustainability risk profiles.”

Annual report 2025A · The company itself

“We are following developments regarding potential tariffs and other regulatory changes, particularly affecting the US and are continually assessing any possible financial and wider impacts.”

Annual report 2025A · The company itself

“In recent months, supply chain disruption risks have intensified, driven by regulatory uncertainty, the introduction of new trade barriers (including tariffs, sanctions, and export controls), and escalating trade conflicts across key markets.”

Annual report 2025A · The company itself

“We have seen recently that political decisions in US impact our asset projects in construction, our ability to qualify for tax credits or tariffs on key components such as steel and wind turbine components that could lead to significant adverse financial impacts.”

Annual report 2025A · The company itself

“The main contributors to the net impairment were updated tariff assumptions in the US, the stop-work order on Revolution Wind and the lease suspension orders on Revolution Wind and Sunrise Wind, regulatory uncertainty in the US, the divestment of our European onshore business, and impairments related to the decision to discontinue the Hornsea 4 project in its current form.”

Annual report 2025A · The company itself

“Approx. 90 % of our expected revenue from generation of power from renewable offshore and onshore assets in 2026-2030 have no exposure to power price risk as the price is either regulated through subsidies or contracted through CPPAs.”

Annual report 2025A · The company itself

“Achieving our vision depends not only on our own actions but also on external conditions, including the strength and reliability of climate and energy policies, timely grid and infrastructure development, and supply chains able to scale lower-emissions technologies. These dependencies introduce uncertainties that could slow our transition.”

Annual report 2025A · The company itself

“As part of our DMA’s financial materiality assessment, we have evaluated uncertainties in the energy transition policy and regulatory landscape. Transition risks are particularly relevant in markets where changes to investment conditions, subsidy schemes, or policy priorities can affect the viability of existing projects and the development of new ones.”

Annual report 2025A · The company itself

“Sustaining and accelerating the momentum of offshore wind demands greater visibility on capacity auctions and predictable frameworks. We have recently seen the willingness to this at the North Sea Summit 2026, where governments in our core markets, alongside the wind industry and transmission system operators, signed the Joint Offshore Wind Investment Pact for the North Seas.”

Annual report 2025A · The company itself

“This wave is characterised by the following key actions: · Net-zero road map: Our net-zero road map outlines our immediate priorities and actions for decarbonising our value chain and remaining operational emissions. We revise this company-wide road map on an ongoing basis to stay aligned with the latest developments and support informed decision-making. · Supplier engagement: We engage key suppliers to drive decarbonisation in their strategies and operations through three levers: science-based targets, covering electricity consumption with renewable electricity, and reporting to the Carbon Disclosure Project (CDP).”

Annual report 2025A · The company itself

“Revenue risk primarily comes from our intermittent power generation from wind and solar PV assets in the UK, the US, and north-western Europe. The largest risk factors are production volume and energy prices.”

Annual report 2025A · The company itself

“The threat level against Ørsted is high across all regions. The likelihood of espionage targeting Ørsted’s plants and projects grows. Threat actors seek competitive advantages in green energy and access to information on critical infrastructure.”

Annual report 2025A · The company itself

“Ørsted’s core business area, offshore wind, remains crucial for meeting electrification and industrial policy objectives, as it delivers reliable renewable energy at scale, with low lifetime emissions and can create a lasting, positive impact on biodiversity and local communities.Offshore wind continues to display attractive fundamentals, especially in Europe and APAC, and the scaling of the technology is a cornerstone of future clean energy systems in these regions.”

Annual report 2025A · The company itself

“The build-out of modern transmission grids remains a gating factor for ramping up annual connections.”

Annual report 2025A · The company itself

“This year, we took full control of servicing and maintaining the wind farm, after the service warranty agreement with manufacturer Siemens Gamesa Renewable Energy concluded.”

Annual report 2025A · The company itself

“We enter into volume agreements and source wind turbines from key suppliers in a timely manner to reduce uncertainty, and we have entered into long-term vessel supply contracts.”

Annual report 2025A · The company itself

“Geopolitical tensions could affect project economics and timelines through increased component costs, supply chain disruptions, or reduced access to international production capacity.”

Annual report 2025A · The company itself

“First transition wave: Shift from fossil fuels to renewable energy generation In 2025, we reached a defining milestone in our journey towards net zero by meeting our science-based scope 1-2 GHG emissions intensity target of 10 g CO e/kWh – a 93 % reduction from a 2018 baseline (98 % from a 2006 level).”

Annual report 2025A · The company itself

“These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions.”

Annual report 2025A · The company itself

“Fluctuations in interest rates, inflation, and foreign exchange rates may adversely impact our earnings and the value of our assets.”

Annual report 2025A · The company itself

“In addition, supply chain disruption risks have intensified recently driven by regulatory uncertainty, the introduction of new trade barriers, and escalating trade conflicts across key markets. The inability of our suppliers to deliver on agreed schedules, lack of available production capacity or transportation and installations vessels, and sudden inflation in key materials could result in project delays and budget overruns as well as cancellation of projects.”

Annual report 2025A · The company itself

“As part of our strengthened operating model, we pro-actively secure additional capacity for restricted supply chain sources to have more flexibility and alternatives in our project plans and installation schedules.”

Annual report 2025A · The company itself

“Supply chain collaboration for lower-emissions solutions Continued to work with key suppliers to advance and secure access to loweremissions materials (e.g. lower-emissions steel via our partnership with Dillinger).”

Annual report 2025A · The company itself

“Attracting and retaining top talent is also deeply connected to our Our strategic aspiration is to be: the global leader in offshore wind the leading workplace for talent in offshore wind a globally recognised sustainability leader sustainability profile as today’s workforce increasingly seeks to contribute to organisations that demonstrate a genuine environmental and social responsibility.”

Annual report 2025A · The company itself

“Fluctuations in interest rates, inflation, and foreign exchange rates may adversely impact our earnings and the value of our assets.”

Annual report 2025A · The company itself

“Meanwhile, geopolitical conflicts, reliance on gas imports, and increasing global competition underscore the need for energy security and independence.”

Annual report 2025A · The company itself

“These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions.”

Annual report 2025A · The company itself

“These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions.”

Annual report 2025A · The company itself