Ørsted A/S

Interim report

First half year 2024

2/51

Interim report

First half year 2024

Management’s review

Overview

Contents

Earnings call

In connection with the presentation of the interim report, an

earnings call for investors and analysts will be held on

Thursday, 15 August 2024 at 14:00 CEST.

The earnings call can be followed live here:

https://getvisualtv.net/stream/?orsted-q2-2024

Presentation slides will be available prior to the earnings call

and can be downloaded here:

https://orsted.com/financial-reports

Further information

Global Media Relations

Carsten Birkeland Kjær

Tel.: +45 99 55 77 65

Investor Relations

Rasmus Keglberg Hærvig

Tel.: +45 99 55 90 95

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

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

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

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

Notes

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

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

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

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

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

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

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

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

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

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

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

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

13. Liquidity reserve .......................................................................................... 39

14. Subsequent events .................................................................................... 40

Financial statements

Consolidated financial statements

Basis of reporting .............................................................................................. …42

Environment

Taxonomy-aligned KPIs (incl. voluntary disclosures) ................ …43

Climate change .................................................................................................. .. 44

Social

Own workforce ................................................................................................... ....50

Management’s statement

Statement by the Executive Board and the Board of Direc-

tors .............................................................................................................................. ....51

Sustainability statements

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

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

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

Results H1 ............................................................................................................... …..8

Results Q2.............................................................................................................. …..11

Business units’ Q2 results ........................................................................... …..13

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

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

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Management’s review

Interim report First half year 2024

In addition to the CODs, we are currently

constructing 7.6 GW of renewable capacity

across our offshore and onshore portfolio.

Over the past years, our legacy US offshore

projects (South Fork, Revolution Wind, and

Sunrise Wind) have been materially hit by the

adverse industry conditions, including chal-

lenges with an immature supply chain. While

the construction of South Fork was completed

in the second quarter, we continue to de-risk

the execution of Revolution Wind and Sunrise

Wind. Although we have seen encouraging

progress on several parameters, including

monopile fabrication as well as securing

availability and flexibility of installation ves-

sels, we have also seen project specific risks

materialise for Revolution Wind during the

quarter.

For Revolution Wind, we have progressed the

project as we initiated the foundation and

turbine installation. However, due to a con-

struction delay of the onshore substation, the

commercial operation date of Revolution

Wind will be pushed from 2025 into 2026. The

onshore substation is being built by Eversource

on a military landfill site where permitting and

site preparation have proved to be more

challenging than anticipated. The delayed

construction of the onshore substation will

result in knock-on impacts on the revenue

profile and costs for extending the installation

period. Consequently, an impairment has been

recognised to reflect this. Despite this unsatis-

factory development, the offshore construc-

Executing on our business plan

During Q2 2024, we have made progress on

our business plan. We have commissioned

(COD) around 2 GW of renewable capacity

and achieved several milestones across our

business. At the same time, we continue to

navigate and manage the execution of our

construction programme, where continued

cost inflation and supply chain challenges are

impacting our portfolio. Our legacy US off-

shore wind projects remain challenging. We

remain on track to deliver on our 2024 guid-

ance as well as on our long-term targets.

Construction projects

In Offshore, we have reached COD on our

offshore wind farms Greater Changhua 1 and

2a and South Fork with a capacity of 1.0 GW.

The construction of Gode Wind 3 has been

completed and full commissioning is expected

soon. The wind turbine installation at Borkum

Riffgrund 3 in Germany has commenced, and

we continue to intensively manage the supply

chain challenges relating to monopile fabrica-

tion to ensure the continued execution and de-

risk the project’s installation schedule.

In Onshore, Sparta Solar (part of Helena Ener-

gy Center) and our combined solar and stor-

age project Eleven Mile Solar Center have

reached COD in June. The projects have a

combined capacity of 0.9 GW.

These achievements bring our total installed

renewable capacity to 17.6 GW.

CEO’s review

Business progress and development

Reached commercial operation (COD) of

two offshore wind farms (Greater Changhua

1 and 2a and South Fork) and two onshore

renewable assets (Eleven Mile Solar Center

and Sparta Solar).

Construction of offshore project Gode Wind

3 completed and first wind turbine installed

at Borkum Riffgrund 3 and first foundations

installed on Revolution Wind.

Concluded the divestment of our Onshore

platform in France and a share in four US

onshore projects.

Final investment decision on a 600 MWh

battery storage system, co-located with

Hornsea 3 in the UK.

Decision to cease execution of our liquid e-

fuels project FlagshipONE in Sweden.

Financials

Operating profit (EBITDA) for the first half

year amounted to DKK 14.1 billion compared

to DKK 10.2 billion in the same period last

year, of which DKK 1.3 billion related to a net

reversal of cancellation fees, mainly Ocean

Wind 1.

EBITDA excl. new partnerships and cancella-

tion fees, increased by DKK 2.5 billion to

DKK 12.8 billion.

Earnings from our offshore sites amounted

to DKK 11.3 billion, which was an increase of

DKK 2.3 billion compared to the same period

last year, mainly driven by ramp-up of gen-

eration and higher wind speeds.

Impairments for the first half year amounted

to DKK 3.2 billion, mainly related to Flag-

shipONE and Revolution Wind.

We maintain our full-year EBITDA guidance.

However, we have lowered our gross invest-

ments guidance by DKK 4 billion to DKK 44-

48 billion.

Selected events

Increased earnings from offshore sites, progress on our business

plan, and commissioning of around 2 GW renewable capacity.

Management’s review

4/51

Interim report

First half year 2024

agreement with Microsoft. Under the agree-

ment, we will sell a further one million tonnes

of carbon removal over a ten-year period from

Avedøre Power Station, which is part of our

bioenergy carbon capture and storage

(BECCS) project ‘Ørsted Kalundborg CO

Hub’.

This new agreement builds on an existing

commitment by Microsoft to buy 2.67 million

tonnes carbon dioxide from Asnæs Power

Station.

Since the final investment decision (FID) of the

liquid e-fuel project FlagshipONE in 2022, we

have been maturing and progressing the

project. While we were aware of the substan-

tial uncertainties and risks associated with the

development of a pioneering and immature

liquid e-fuel project and market at the time of

the FID, it was a strategic choice to take a

leading position in shaping the industry. We

continue to believe in the long-term market

for e-fuels, but the industrialisation of the

technology as well as the commercial devel-

opment of the offtake market have pro-

gressed significantly slower than expected.

Furthermore, the business case has deteriorat-

ed during maturation due to the inability to

sign long-term offtake contracts at sustaina-

ble pricing and significantly higher project

costs. Based on the combination of these

developments, we have taken the strategic

decision to cease execution of FlagshipONE

and de-prioritise our immediate efforts within

the liquid e-fuel market. We will continue our

focus and development efforts within renewa-

ble hydrogen as we believe that hydrogen will

be a critical part of the European industrial

economy for decarbonising steel, chemicals,

and refineries and as an input to liquid e-fuels

longer term.

tion activities of Revolution Wind continue to

progress on track.

At Sunrise Wind, we signed the final OREC

agreement and received the final outstanding

federal permit as our construction and opera-

tion plan (COP) was approved by BOEM. As

these were the last outstanding conditions, we

have concluded the acquisition of Eversource’s

share in the project in July. The project has

commenced the onshore construction phase.

Portfolio development

Over the recent months, we have achieved a

number of milestones and continued the

execution of our business plan.

For our divestment programme, we have

concluded the divestment of our Onshore

platform in France to Engie as part of our

strategic prioritisation of other European

markets for onshore renewables. Likewise, we

have concluded the partial divestment of four

US operational assets to Stonepeak.

In June, we took final investment decision on a

battery storage system, co-located with the

Hornsea 3 Offshore Wind Farm. The system will

help bring stability to the UK energy supply

and reduce price volatility. While the business

case on a stand-alone basis satisfies our target

for value creation, the new storage system is

also accretive to the Hornsea 3 business case

and will optimise the earnings potential for our

UK wind farms. The storage system will have a

capacity of 300 MW/600 MWh, equivalent to

the daily energy use of 80,000 UK homes, and

is expected to be operational by the end of

2026.

We signed an additional carbon removal

Ford Ridge Wind Farm, Illinois, the US.

Although it's a tough decision to cease the execution of Flag-

shipONE, it’s the right decision for Ørsted as it reflects the

slower than expected development of the liquid e-fuel market.

We will de-prioritise our immediate efforts within the liquid e-

fuel market, but will continue our efforts on green hydrogen,

which is essential for decarbonising key industries in Europe

”

Management’s review

5/51

Interim report

First half year 2024

Mads Nipper

Group President & CEO

”

In recent months, Ørsted has commissioned around 2 GW of

renewable capacity and achieved significant milestones, re-

flecting our commitment to implementing our business plan.

our supplier contracts, and we have finalised

the negotiation of several contracts and

settled the claim with the state of New Jersey

with a better outcome than assumed. In total,

this has led to a positive EBITDA impact of

DKK 1.6 billion. Valuation indications for the

seabeds have led to an impairment of DKK 0.6

billion. Thus, we have a net positive EBIT

impact of DKK 1.0 billion in Q2 2024 from

Ocean Wind.

The decision to cease the execution of Flag-

shipONE has led to a provision for cancellation

fees of DKK 0.3 billion and impairments of

DKK 1.5 billion. At Revolution Wind, we have

impaired DKK 2.3 billion primarily due to

project delay related to the onshore substa-

tion and additional costs. Total impairments

for the first half of 2024 amounted to DKK 3.2

billion, including the reversals made in Q1

2024.

We maintain our full-year EBITDA guidance of

DKK 23-26 billion, excluding earnings from new

partnerships and impact from cancellation

fees. However, we have increased the direc-

Financials

Operating profit (EBITDA) for the first half year

amounted to DKK 14.1 billion compared to

DKK 10.2 billion in the same period last year, of

which DKK 1.3 billion related to a net reversal

of provisions for cancelled projects. EBITDA

excluding new partnerships and cancellation

fees in H1 2024 amounted to DKK 12.8 billion,

which is an underlying increase of 25 % com-

pared to last year.

Earnings from our offshore sites amounted to

DKK 11.3 billion, which was an increase of DKK

2.3 billion compared to the same period last

year. The increase was driven by the ramp-up

of generation at our offshore wind farms

Greater Changhua 1 and 2a, South Fork, and

Gode Wind 3, higher wind speeds, and higher

prices on the inflation-indexed CfDs and green

certificates. Lower availability dampened the

increase in H1 2024 due to electrical infrastruc-

ture issues in the export transmission cables at

Hornsea 1 and 2, which have now been re-

paired.

At Ocean Wind 1, we continue to work through

tional guidance in Offshore and decreased the

directional guidance in Bioenergy & Other.

We have lowered our gross investments

guidance by DKK 4 billion to DKK 44-48 billion

due to timing effects across our project portfo-

lio.

6/51

Interim report

First half year 2024

At a glance

Financial highlights

Operating profit (EBITDA)

, DKKbn

10.2

Offshore

Onshore

Profit for the period, DKKbn

Gross investments, DKKbn

Interest-bearing net debt, DKKbn

Return on capital employed (ROCE)

, %

Credit metric (FFO/adjusted net debt), %

Non-financial highlights

Installed renewable capacity, GW

GHG emissions intensity, g CO

e/kWh

1 Includes EBITDA from other activities/eliminations.

2 Last 12 months i.e. including impairments and cancellation fees in H2 2023.

14.1

Bioenergy & Other

15.9

Offshore Onshore Bioenergy & Other

16.3

15.9

2.7

2.5

0.9

43.9

49.4

13.1

-12.4

17.7

22.7

17.5

15.5

17.5

Onshore Bioenergy & Other Offshore

140

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

-12.4

13.2

Excl. impairments and

cancellation fees

6/51

-1.6

Impairment and cancellati-

on fees (after tax)

7/51

Management’s review

Interim report First half year 2024

EBITDA

EBITDA in 2024, excluding new partnership

agreements and cancellation fees, is un-

changed and still expected to amount to DKK

23-26 billion.

However, compared to the directional guid-

ance provided in the annual report for 2023,

we now expect earnings from Offshore to be

neutral and earnings from Bioenergy & Other

to be higher.

In Offshore, we have changed our directional

guidance from ‘lower’ to ‘neutral’. The change

is mainly driven by higher earnings from our

power trading activities, certificates, and from

the higher wind speeds in the first half year.

In Bioenergy & Other, we have changed our

directional guidance from ‘significantly higher’

to ‘higher’. The lower earnings expectation is

mainly driven by delayed opening and slower

ramp-up than expected at the Tyra gas-field,

less favourable development in our gas at

storage and lower earnings from our CHP

plants.

This guidance is based on an assumption of

normal wind speeds in the remainder of the

year. As always, the guidance is subject to a

number of uncertainties (see box to the right).

Gross investments

Gross investments in 2024 are now expected

to amount to DKK 44-48 billion, a reduction

of DKK 4 billion from our Q1 report. This is

mainly due to timing effects across our pro-

ject portfolio.

Our EBITDA guidance for the Group is the prevailing guidance, whereas the directional earnings development

per business unit serves as a means to support this. Higher/lower indicates the direction of the business unit's

earnings relative to the results for 2024.

Outlook 2024, DKK billion

2023

realised

Guidance

7 Feb

Guidance

2 May

EBITDA, excl. new partnerships and cancellation fees 24.0

23-26

Offshore 19.1

Lower

Onshore 3.0

Significantly

higher

Significantly

higher

Bioenergy & Other 1.5

Significantly

higher

Significantly

higher

Gross investments 38.5 48-52 48-52

Guidance

15 Aug

23-26

Neutral

Significantly

higher

Higher

44-48

Outlook 2024

Forward-looking statements

The interim report contains forward-looking statements, which include projections of our

short- and long-term financial performance and targets as well as our financial policies.

These statements are by nature uncertain and associated with risk. Many factors may cause

the actual development to differ materially from our expectations. These factors include,

but are not limited to, changes in temperature, wind conditions, wake and blockage effects,

precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation

rates, and interest rate markets, the ability to uphold hedge accounting, changes in legisla-

tion, regulations, or standards, the renegotiation of contracts, changes in the competitive

environment in our markets, reliability of supply, and market volatility and disruptions from

geopolitical tensions. Read more about the risks in our annual report for 2023 in the chapter

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

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Management’s review

Interim report First half year 2024

Financial results

Revenue

Power generation from offshore and onshore

assets increased by 13 % and totalled 17.3 TWh

in H1 2024. The increase was due to ramp-up of

generation from our offshore wind farms

Greater Changhua 1 and 2a, South Fork, and

Gode Wind 3, our onshore wind farm Sunflow-

er, and our solar PV farms Sparta Solar (part of

Helena Energy Center) and Eleven Mile. Fur-

thermore, we had higher wind speeds across

our portfolio. This was partly offset by lower

availability at Hornsea 1 and 2 due to electrical

infrastructure issues with the export transmis-

sion cables, resulting in curtailment of the wind

farms. The issues have been identified and the

cables repaired. Further, bad weather condi-

tions in the US in Q1 2024 affected our onshore

assets, and the divestment of London Array in

Q3 2023 impacted the year-on-year compari-

son.

Heat generation increased by 6 % in H1 2024,

mainly due to colder weather. Thermal power

generation decreased by 12 %, mainly due to

less attractive spreads for power condensing

generation.

Our renewable share of generation amounted

to 97 %, an increase of 5 percentage points

compared to the same period last year.

Revenue amounted to DKK 34.2 billion. The

decrease of 15 % relative to H1 2023 was main-

ly due to lower power and gas sales, which we

primarily source from other producers (limited

impact on EBITDA).

EBITDA

Operating profit (EBITDA) for the first half year

amounted to DKK 14.1 billion, DKK 3.8 billion

higher than in H1 2023. Adjusted for cancella-

tion fees, EBITDA increased by DKK 2.5 billion

to DKK 12.8 billion.

EBITDA from cancellation fees was an income

of DKK 1.3 billion in H1 2024 and related to

Ocean Wind 1 as well as the decision to cease

execution of FlagshipONE. At Ocean Wind 1,

we have finalised the negotiation of several

contracts and settled the claim with the state

of New Jersey with a better outcome than

assumed, leading to a positive EBITDA impact

of DKK 1.6 billion. Costs related to the decision

to cease execution of FlagshipONE, has result-

ed in cancellation fees of DKK 0.3 billion.

EBITDA excluding new partnerships and cancellation fees, DKKbn

Results H1

H1 2024 H1 2023 %

Revenue

34,191 40,284 (15 %)

EBITDA

14,058 10,230 37 %

- New partnerships

- - n.a.

- EBITDA excl new partnerships and cancellation fees

12,758 10,230 25 %

Depreciation and amortisation

(5,106) (4,892) 4 %

Operating profit (loss) (EBIT)

5,800 5,338 9 %

Gain (loss) on divestment of enterprises

(59) 328 n.a.

Financial items, net

(1,899) (3,316) (43 %)

Profit (loss) before tax

3,859 2,372 63 %

Tax

(2,928) 292 n.a.

Tax rate

76 % (12 %) 88 %p

Profit (loss) for the period

931 2,664 (65 %)

Impairment (loss)/reversal

(3,152) - n.a.

- Cancellation fees

1,300 - n.a.

Earnings from Offshore sites amounted to

DKK 11.3 billion, an increase of DKK 2.3 billion

compared to the same period last year. The

increase was due to higher wind speeds (DKK

1.3 billion), ramp-up of generation at Greater

Changhua 1 and 2a, South Fork, and Gode

Wind 3, and higher prices on the inflation-

indexed CfD and ROC wind farms. In addition,

we had a positive effect from higher prices on

green certificates. This was partly offset by

the lower availability mentioned above and

the divestment of London Array in Q3 2023.

EBITDA from existing partnerships amounted

to a loss of DKK 0.3 billion in H1 2024 and

was mainly related to minor adjustments

related to farm-downs completed in prior

years.

Offshore

(DKK 1.6 bn)

Onshore

(DKK 0.2 bn)

Bio & Other

(DKK 0.5 bn)

Management’s review

9/51

Interim report

First half year 2024

EBITDA from our Onshore business amounted

to DKK 1.8 billion, DKK 0.2 billion higher than

the same period last year. The increase was

due to ramp-up of generation at Sunflower,

Sparta, and Eleven Mile and higher wind speeds

in the US. This was partly offset by periods with

bad weather conditions in the US in Q1 2024

resulting in lower availability and generation.

EBITDA from our CHP plants amounted to DKK

0.7 billion in H1 2024, an increase of DKK 0.1

billion compared to the same period last year.

This was due to higher heat generation and a

contractual compensation from Energinet for

keeping three of our power stations operation-

al until August 2024, which was partly offset

by lower condensing power generation and

sale of ancillary services.

EBITDA from our gas business totalled DKK -0.1

billion in H1 2024, DKK 0.4 billion higher than in

the same period last year. The increase was

driven by a temporary negative effect from

revaluation of our gas at storage during H1

2023, which was not repeated to the same

extent in H1 2024.

Impairments

Impairment losses had a negative effect in H1

2024 of DKK 3.2 billion, mainly driven by our

decision to cease execution of FlagshipONE

(DKK -1.5 billion), by a construction delay of the

onshore substation at Revolution Wind (DKK

-2.1 billion), and by an increase in the US long-

dated interest rate (DKK -1.0 billion across our

US portfolio). Furthermore, we have updated

the ‘fair value less costs of disposal’ measure-

ment on our Ocean Wind seabeds, which has

led to a further impairment of DKK 0.6 billion.

In contrast, we have reversed earlier booked

impairment losses at Sunrise Wind, due to it

being selected to negotiate an OREC by the

state of New York (DKK 1.8 billion), and at

Block Island and our onshore assets due to

minor positive price updates. See note 4

‘Impairments’ for more information.

EBIT

EBIT increased by DKK 0.5 billion to DKK 5.8

billion in H1 2024. The higher underlying earn-

ings were partly offset by the negative effect

of impairments and positive effect of cancella-

tion fees (DKK 1.3 billion, net).

Financial income and expenses

Net financial income and expenses amounted

to DKK -1.9 billion compared to DKK -3.3 billion

in H1 2023. The lower net expenses were main-

ly due to gains on interest rate swaps (not

being hedge accounted), driven by increases in

interest rates and lower losses on exchanges

rate adjustments.

Tax and tax rate

Tax on profit for the period amounted to DKK

2.9 billion, DKK 3.2 billion higher than in the

same period last year. The tax rate in H1 2024

was 76 % and was negatively affected by the

recognition of a deferred tax liability related

to tax equity contribution for Eleven Mile (DKK

1.1 billion) and net unrecognised deferred tax

assets, including impairment losses and can-

cellation fees on our US and Swedish portfolio.

In H1 2023, the tax rate of -12 % was positively

affected by a reversal of a recognised de-

ferred tax liability in the US related to Ocean

Wind 1 (DKK 0.8 billion). See note 9 ‘Tax on

profit (loss) for the period’.

Profit for the period

Profit for the period totalled DKK 0.9 billion,

DKK 1.7 billion lower than H1 2023. The de-

crease was mainly due to higher tax expenses

and impairments as described above, which

was partly offset by higher EBITDA.

Cash flows and net debt

Cash flows from operating activities

Cash flows from operating activities totalled

DKK 9.7 billion in H1 2024 compared to DKK

12.6 billion in H1 2023.

During H1 2024, we had a net cash outflow of

DKK 4.1 billion from payments regarding the

provisions made for cancellation fees for the

ceasing of Ocean Wind 1 in Q4 2023 (part of

‘Change in provisions’).

During H1 2024, we released DKK 1.9 billion,

net, in variation margin payments on unreal-

ised hedges (‘Change in variation margin’) and

initial margin payments at clearing houses

(part of ‘Change in other working capital’),

whereas we released DKK 6.1 billion in H1

2023. The changes are specified as follows:

–

the variation margin payments were a

cash inflow of DKK 1.7 billion vs a cash

inflow of DKK 4.3 billion in H1 2023

Cash flow and net debt, DKKm H1 2024 H1 2023 %

Cash flows from operating activities

9,689 12,566 (23 %)

EBITDA

14,058 10,230 37 %

Reversal of gain (loss) on divestments of assets

(160) (1,303) (88 %)

Change in derivatives, excl. variation margin

(619) 962 n.a.

Change in variation margin

1,730 4,296 (60 %)

Change in provisions

(4,573) (25) n.a.

Other items

(134) (45) 200 %

Interest expense, net

(425) (663) (36 %)

Paid tax

(2,521) (1,496) 69 %

Change in work in progress

(1,052) (2,509) (58 %)

Change in tax equity partner liabilities

1,984 (1,152) n.a.

Change in other working capital

1,401 4,271 (67 %)

Gross investments

(15,914) (16,266) (2 %)

Divestments

2,255 (2,054) n.a.

Free cash flow

(3,970) (5,754) (31 %)

Net interest-bearing debt, beginning of period

47,379 30,571 55 %

Free cash flow

3,970 5,754 (31 %)

Dividends and hybrid coupon paid

368 6,051 (94 %)

Addition of lease obligations, net

589 549 7 %

Repurchase of hybrid capital, net

(3,680) 699 n.a.

Net interest-bearing debt, end of period

49,366 43,924 12 %

Exchange rate adjustments, etc.

740 300 147 %

Management’s review

10/51

Interim report

First half year 2024

Interest-bearing net debt

Interest-bearing net debt totalled DKK 49.4

billion at the end of June 2024 against DKK

47.4 billion at the end of 2023. The increase

was mainly due to a negative free cash flow of

DKK 4.0 billion, which was partly offset by net

issuance of hybrid capital in H1 2024.

Equity

Equity was DKK 83.4 billion at the end of June

2024 against DKK 77.8 billion at the end of

2023. The partial divestment of the four US

wind farms contributed DKK 2.0 billion to non-

controlling interests.

Capital employed

Capital employed was DKK 132.7 billion at the

end of June 2024 against DKK 125.2 billion at

the end of 2023, mainly due to new invest-

ments.

Financial ratios

Return on capital employed (ROCE)

Return on capital employed (ROCE) was

-12.4 % in H1 2024. The decrease of 26 percent-

age points compared to last year was at-

tributable to a lower EBIT due to the impair-

ment losses and cancellation fees during the

12-month period and higher capital employed.

ROCE adjusted for impairment losses and can-

cellation fees in H1 2024 was 13.1 %.

Credit metric (FFO/adjusted net debt)

The funds from operations (FFO)/adjusted net

debt credit metric was 22.7 % in H1 2024

against 17.7 % in H1 2023. The increase was

due to higher FFO during the 12-month period,

which was partly offset by higher NIBD. Ad-

justed for cancellation fees, the credit metric

was 30.5 %.

–

the initial margin payments were a cash

inflow of DKK 0.2 billion vs a cash inflow of

DKK 1.8 billion in H1 2023.

In H1 2024, we had a net cash outflow from

work in progress of DKK 1.1 billion, mainly relat-

ed to the construction of the Hornsea 3 and

Hornsea 4 offshore transmission assets, partly

offset by milestone payments received at

Borkum Riffgrund 3. In H1 2023, we had a cash

outflow of DKK 2.5 billion, mainly related to

construction work at Greater Changhua 1 and

the offshore transmission asset at Hornsea 3.

In H1 2024, we received tax equity contribu-

tions for Eleven Mile, while we did not receive

new tax equity contributions in H1 2023.

Investments and divestments

Gross investments amounted to DKK 15.9 bil-

lion in H1 2024. The main investments were:

–

offshore wind farms (DKK 11.1 billion), includ-

ing Greater Changhua 2b and 4 in Taiwan

and our portfolio of US and German pro-

jects

–

onshore wind and solar PV farms (DKK 3.8

billion), including the construction of Eleven

Mile, Mockingbird, and our portfolio of Euro-

pean projects.

In H1 2024, ‘Divestments’ amounted to DKK 2.3

billion and were mainly related to the sale of

the French part of our Onshore Europe portfo-

lio, divestment of an equity ownership stake in

a portfolio consisting of four US onshore wind

farms, and customary compensation to our

partners at Hornsea 1 for wake loss effects. In

H1 2023, ‘Divestments’ was DKK -2.1 billion and

was mainly related to the acquisition of PSEG’s

25 % equity stake in Ocean Wind 1.

ESG results

Renewable share of energy generation

The renewable share of heat and power gen-

eration amounted to 97 % in H1 2024, a 5 per-

centage point increase compared to H1 2023.

The increase was due to a lower share of coal-

based generation at the CHP plants and high-

er share of generation from offshore wind.

Greenhouse gas emissions

Our greenhouse gas emissions from heat and

power generation (scope 1 and 2) decreased by

62 % in H1 2024 compared to H1 2023, mainly

due to a decrease in the use of coal at our

CHP plants, partly offset by an increase in the

use of natural gas. Our scope 1 and 2 green-

house gas intensity decreased to 15 g CO

kWh in H1 2024 against 42 g CO

e/kWh in H1

2023, mainly due to a decrease in scope 1

emissions (numerator) together with an in-

crease in total heat and power generation

(denominator).

Our scope 1-3 greenhouse gas intensity in-

creased to 140 g CO

e/kWh in H1 2024 against

85 g CO

e/kWh in H1 2023, mainly due to

scope 3 emissions from commissioned assets

(capital goods). Greenhouse gas emissions

from our supply chain and sales activities

(scope 3) were 78 % higher than in H1 2023,

mainly driven by an increase in scope 3 emis-

sions from capital goods.

Key ratios, DKKm, %

H1 2024 H1 2023 %

ROCE

(12.4) 13.2 (26 %p)

Adjusted net debt 63,192 55,564 14 %

FFO/adjusted net debt 22.7 17.7 5 %p

Taxonomy-aligned KPIs

Read more about our EU taxonomy-

aligned KPIs on page 43 in the sustainabil-

ity statements.

Revenue 91 %

EBITDA 98 %

Gross investments 99 %

Safety

In H1 2024, we had 30 total recordable inju-

ries (TRIs), of which 22 injuries were related to

contractors’ employees. This was a decrease

of 2 injuries compared to H1 2023. The total

recordable injury rate (TRIR) decreased from

2.6 in H1 2023 to 2.1 in H1 2024.

11/51

Management’s review

Interim report First half year 2024

EBITDA

Operating profit (EBITDA) for the second quar-

ter amounted to DKK 6.6 billion, DKK 3.3 bil-

lion higher than in Q2 2023. Adjusted for can-

cellation fees, EBITDA increased by DKK 2.0

billion to DKK 5.3 billion.

EBITDA from cancellation fees amounted to a

net income of DKK 1.3 billion in Q2 2024 and

related to changes in the provision for Ocean

Wind 1 (DKK 1.6 billion) as well as the decision

to cease execution of FlagshipONE (DKK -0.3

billion).

Earnings from offshore sites amounted to DKK

4.4 billion, an increase of DKK 1.3 billion com-

pared to the same period last year.

EBITDA from our onshore business amounted

to DKK 1.0 billion, DKK 0.2 billion higher than in

the same period last year.

EBITDA from our CHP plants amounted to

DKK 0.1 billion in Q2 2024, an increase of DKK

0.3 billion compared to the same period last

year.

EBITDA from our gas business totalled DKK

0.0 billion in Q2 2024, DKK 0.3 billion higher

than in the same period last year.

Impairments

We had further impairment losses of DKK 3.9

billion in Q2 2024, driven by our decision to

cease execution of FlagshipONE, from a con-

struction delay of the onshore substation at

Revolution Wind, and from updated ‘fair value

less costs of disposal’ measurement on our

Ocean Wind seabeds. This was partly offset by

minor positive price updates at Block Island

and our onshore assets. See note 4

‘Impairments’ for more information.

Tax and tax rate

Tax on profit for the second quarter amounted

to DKK 1.1 billion, DKK 1.3 billion higher than

last year. The tax rate was -192 % and was

affected by the recognition of a deferred tax

liability related to tax equity contribution for

Eleven Mile, and by net unrecognised deferred

tax assets, including impairment losses and

cancellation fees on our US and Swedish port-

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

period’.

EBITDA excluding new partnerships and cancellation fees, DKKbn

Results Q2

Q2 2024 Q2 2023 %

Revenue

15,023 14,565 3 %

EBITDA

6,570 3,320 98 %

- New partnerships

- - n.a.

- EBITDA excl new partnerships and cancellation fees

5,270 3,320 59 %

Depreciation and amortisation

(2,683) (2,454) 9 %

Operating profit (loss) (EBIT)

(26) 866 n.a.

Gain (loss) on divestment of enterprises

(7) 159 n.a.

Financial items, net

(552) (1,797) (69 %)

Profit (loss) before tax

(575) (763) (25 %)

Tax

(1,103) 225 n.a.

Tax rate

(192 %) 29 % (221 %p)

Profit (loss) for the period

(1,678) (538) 212 %

Impairment (loss)/reversal

(3,913) - n.a.

- Cancellation fees

1,300 - n.a.

Cash flows from operating activities

Cash flows from operating activities totalled

DKK 6.1 billion in Q2 2024 compared to DKK

2.4 billion in Q2 2023.

During Q2 2024, we had a net cash outflow

of DKK 1.7 billion from payments regarding

the provisions made for cancellation fees for

the ceasing of Ocean Wind 1 in Q4 2023 (part

of ‘Change in provisions’).

During Q2 2024, we released DKK 0.9 billion,

net, in variation margin payments on unreal-

ised hedges (‘Change in variation margin’) and

initial margin payments at clearing houses

(part of ‘Change in other working capital’),

whereas we released DKK 1.8 billion in Q2

2023. The changes are specified as follows:

–

the variation margin payments were a

cash inflow of DKK 1.1 billion vs a cash

Offshore

(DKK 1.0 bn)

Onshore

(DKK 0.2 bn)

Bio & Other

(DKK 0.5 bn)

Management’s review

12/51

Interim report

First half year 2024

inflow of DKK 2.3 billion in Q2 2023

–

the initial margin payments were a cash

outflow of DKK 0.2 billion vs a cash out-

flow of DKK 0.5 billion in Q2 2023.

In Q2 2024, we had a net cash outflow from

work in progress of DKK 0.5 billion, mainly re-

lated to the construction of the Hornsea 3 and

Hornsea 4 offshore transmission assets, partly

offset by milestone payments received at

Borkum Riffgrund 3. In Q2 2023, we had a net

cash inflow of DKK 0.1 billion.

In Q2 2024, we received the final tax equity

contributions for Eleven Mile, while we did not

receive new tax equity contributions in Q2

2023.

Investments and divestments

Gross investments amounted to DKK 8.3 billion

in Q2 2024. The main investments were:

–

offshore wind farms (DKK 6.1 billion), includ-

ing Greater Changhua 2b and 4 in Taiwan

and our portfolio of US and German pro-

jects

–

onshore wind and solar PV farms (DKK 1.7

billion), including the construction of Eleven

Mile, Mockingbird, and our portfolio of Euro-

pean projects.

In Q2 2024, ‘Divestments’ amounted to DKK

3.0 billion and were mainly related to the sale

of the French part of our Onshore Europe port-

folio and the divestment of an equity owner-

ship stake in a portfolio consisting of four US

onshore wind farms.

Cash flow and net debt, DKKm Q2 2024 Q2 2023 %

Cash flows from operating activities

6,081 2,447 149 %

EBITDA

6,570 3,320 98 %

Reversal of gain (loss) on divestments of assets

(49) (1,180) (96 %)

Change in derivatives, excl. variation margin

(778) (2,224) (65 %)

Change in variation margin

1,126 2,325 (52 %)

Change in provisions

(2,369) (39) n.a.

Other items

(242) 125 n.a.

Interest expense, net

(456) (362) 26 %

Paid tax

(845) (701) 21 %

Change in work in progress

(452) 142 n.a.

Change in tax equity partner liabilities

2,147 (512) n.a.

Change in other working capital

1,429 1,554 (8 %)

Gross investments

(8,292) (7,498) 11 %

Divestments

2,993 (2,038) n.a.

Free cash flow

782 (7,089) n.a.

Net interest-bearing debt, beginning of period

49,864 35,261 41 %

Free cash flow

(782) 7,089 n.a.

Dividends and hybrid coupon paid

45 88 (49 %)

Addition of lease obligations, net

118 521 (77 %)

Repurchase of hybrid capital, net

- 699 n.a.

Net interest-bearing debt, end of period

49,366 43,924 12 %

Exchange rate adjustments, etc.

121 265 (54 %)

13/51

Management’s review

Interim report First half year 2024

Financial results for Q2 2024

Power generation increased by 20 % to 3.7

TWh in Q2 2024. The increase was due to high-

er wind speeds and ramp-up at Greater Chang-

hua 1 and 2a, South Fork, and Gode Wind 3.

Lower availability and the divestment of Lon-

don Array in Q3 2023 dampened the increase.

Wind speeds amounted to a portfolio average

of 9.0 m/s, which was higher than in Q2 2023

(8.1 m/s) and higher than the normal wind

speeds expected in the second quarter (8.7 m/

s).

Availability ended at 83 %, which was 8 per-

centage points lower than in the same period

last year. A big part was due to electrical infra-

structure issues with the export transmission

cables, resulting in curtailment at Hornsea 1

and 2. The issues have been identified and the

cables repaired.

Revenue increased by 20 % and amounted to

DKK 11.5 billion.

Revenue from offshore wind farms in operation

increased by 19 % to DKK 5.3 billion mainly

driven by higher generation. Revenue from

power sales decreased by 25 % to DKK 3.7

billion, due to significantly lower power prices

and 7 % lower volumes sold. Revenue from

construction agreements mainly related to the

construction of Gode Wind 3 and Borkum

Riffgrund 3 for partners.

EBITDA increased by DKK 2.2 billion and

amounted to DKK 5.2 billion.

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

by DKK 1.3 billion and amounted to DKK 4.4

billion in Q2 2024. The increase was due to

higher wind speeds (DKK 0.8 billion), ramp-up

of generation at Greater Changhua 1 and 2a,

South Fork, and Gode Wind 3 as well as higher

prices on green certificates and higher earn-

ings from our power trading activities. This

was partly offset by the divestment of London

Array in Q3 2023 and the lower availability

mentioned above.

EBITDA from cancellation fees amounted to a

net income of DKK 1.3 billion in Q2 2024 and

related to changes in the provision for Ocean

Wind 1 as well as the decision to cease execu-

tion of FlagshipONE. At Ocean Wind 1, we

have finalised the negotiation of several con-

tracts and settled the claim with the state of

New Jersey with a better outcome than as-

sumed, leading to a positive impact of DKK 1.6

billion. This was partly offset by costs provid-

ed for closing our commitments to Flag-

shipONE, resulting in cancellation fees of DKK

0.3 billion.

EBITDA from other activities was at the same

level as last year.

Results H1 2024 H1 2023 %

Business drivers

Decided (FID'ed) and installed capacity GW 16.5 12.0 37 %

Installed capacity

9.8 8.9 10 %

Generation capacity

5.1 4.9 4 %

Wind speed

m/s

10.2 9.5 7 %

Load factor

43 41 2 %p

Availability

84 93 (9 %p)

Power generation

GWh

9,337 8,206 14 %

Denmark

1,108 969 14 %

United Kingdom

5,171 5,195 (0 %)

Germany

1,187 964 23 %

The Netherlands

713 700 2 %

APAC

1,027 332 209 %

The US

131 46 186 %

Power sales GWh 10,118 11,257 (10 %)

Power price, LEBA UK

GBP/MWh

78 125 (38 %)

British pound

DKK/GBP

8.7 8.5 3 %

Financial performance



Revenue

DKKm

25,517 28,104 (9 %)

Sites, O&M, and PPAs

12,712 10,330 23 %

Power sales

9,262 16,788 (45 %)

Construction agreements

3,101 558 456 %

Other

442 428 3 %

EBITDA

DKKm

11,301 8,391 35 %

Sites, O&M, and PPAs

11,328 8,994 26 %

Construction agreements and divestment gains (277) 298 n.a.

Other, incl. project development (1,050) (901) 17 %

Depreciation

DKKm

(3,531) (3,454) 2 %

Impairment losses

DKKm

(3,086) 0 n.a.

EBIT

DKKm

4,684 4,937 (5 %)

Cash flow from operating activities

DKKm

2,801 10,799 (74 %)

Gross investments

DKKm

(11,117) (11,493) (3 %)

Divestments

DKKm

(809) (2,028) (60 %)

Free cash flow

DKKm

(9,125) (2,722) 235 %

Capital employed

DKKm

94,610 106,180 (11 %)

Q2 2024

16.5

9.8

5.1

9.0

3,667

418

2,029

434

269

447

3,854

8.7

11,526

5,339

3,680

2,292

215

5,218

4,400

(488)

(1,809)

(4,149)

(740)

1,966

(6,128)

(7)

(4,169)

94,610

37 %

10 %

4 %

11 %

4 %p

(8 %p)

20 %

13 %

14 %

9 %

(7 %)

135 %

296 %

(7 %)

(25 %)

2 %



20 %

19 %

(25 %)

n.a.

10 %

75 %

40 %

(98 %)

(2 %)

3 %

n.a.

65 %

12 %

(100 %)

(34 %)

(11 %)

Q2 2023

12.0

8.9

4.9

8.1

3,044

371

1,779

398

288

190

4,158

105

8.6

9,610

4,490

4,939

(14)

195

2,979

3,135

340

(496)

(1,761)

1,218

1,193

(5,480)

(2,007)

(6,294)

106,180

Cancellation fees 1,300 - n.a. 1,300 - n.a.

Offshore

14/51

Management’s review

Interim report First half year 2024

Financial results for Q2 2024

Power generation from our operating onshore

assets increased by 26 % compared to Q2

2023 and amounted to 4.2 TWh. The increase

was due to ramp-up of generation at Sunflow-

er, Sparta Solar, and Eleven Mile. In Q2 2024,

the wind speeds across the portfolio were 7.4

m/s, higher than last year (6.7 m/s) but below a

normal wind year (7.6 m/s).

Revenue was marginally above Q2 2023 and

amounted to DKK 0.7 billion. The increase was

mainly due to the higher generation.

EBITDA for Q2 2024 amounted to DKK 1.0 bil-

lion, which was DKK 0.2 billion higher than in

the same period last year. The increase was

mainly due to ramp-up of generation from new

assets in operation and higher wind speeds.

This was partly offset by higher development

costs and the general cost of increasing our

portfolio.

Onshore

Results Q2 2024 Q2 2023 %

Business drivers

Decided (FID'ed) and installed capacity GW 6.4 6.2 3 %

Installed capacity

5.6 4.6 24 %

Wind speed

m/s

7.4 6.7 11 %

Load factor, wind

41 35 6 %p

Load factor, solar PV

29 30 (1 %p)

Availability, wind

92 92 (0 %p)

Availability, solar PV

97 98 (1 %p)

Power generation

GWh

4,187 3,321 26 %

US, wind

3,064 2,454 25 %

US, solar PV

906 668 36 %

Europe

217 199 9 %

US dollar

DKK/USD

6.9 6.8 1 %

Financial performance

Revenue

DKKm

660 625 6 %

EBITDA

DKKm

995 792 26 %

Sites

300 292 3 %

Production tax credits and tax attributes 875 637 37 %

Other, incl. project development (180) (137) 31 %

Depreciation

DKKm

(641) (458) 40 %

Impairment losses

DKKm

236 - n.a.

EBIT

DKKm

590 334 77 %

Cash flow from operating activities

DKKm

2,578 (359) n.a.

Gross investments

DKKm

(1,690) (1,917) (12 %)

Divestments

DKKm

3,043 (1) n.a.

Free cash flow DKKm 3,931 (2,277) n.a.

Capital employed DKKm 34,022 34,308 (1 %)

H1 2024 H1 2023 %

6.4 6.2 3 %

5.6 4.6 24 %

7.6 7.4 3 %

41 40 1 %p

24 24 (0 %p)

91 91 1 %p

97 98 (1 %p)

7,959 7,071 13 %

6,066 5,509 10 %

1,305 1,031 27 %

588 531 11 %

6.9 6.9 0 %

1,365 1,346 1 %

1,811 1,626 11 %

603 616 (2 %)

1,618 1,396 16 %

(410) (386) 6 %

(1,108) (899) 23 %

(66) - n.a.

637 727 (12 %)

2,944 (501) n.a.

(3,818) (4,585) (17 %)

3,107 2 n.a.

2,233 (5,084) n.a.

34,022 34,308 (1 %)

15/51

Management’s review

Interim report First half year 2024

Financial results for Q2 2024

Heat generation increased by 18 % in Q2 2024,

mainly due to a colder June. Power generation

decreased by 12 %, mainly due to less attrac-

tive spreads for power condensing generation.

Gas sales and power sales increased by 1 %

and 4 %, respectively, in Q2 2024.

Revenue decreased by 33 % compared to Q2

2023 and amounted to DKK 3.0 billion. The

decrease was driven by lower power genera-

tion and lower prices.

EBITDA amounted to DKK 0.0 billion com-

pared to DKK -0.6 billion in Q2 2023.

EBITDA from ‘CHP plants’ was DKK 0.1 billion,

DKK 0.3 billion higher than in Q2 2023. This

was mainly due to higher heat generation and

a contractual compensation from Energinet for

keeping three of our power stations operation-

al until August 2024.

EBITDA from ‘Gas Markets & Infrastructure’

increased by DKK 0.2 billion relative to Q2

2023 to DKK 0.0 billion. The increase was driv-

en by a temporary negative effect from revalu-

ation of our gas at storage during Q2 2023, not

repeated to the same extent in Q2 2024.

Bioenergy & Other

Results

Q2 2024 Q2 2023 %

Business drivers 

Degree days Number 360 409 (12 %)

Heat generation

GWh

935 790 18 %

Power generation

GWh

805 917 (12 %)

Gas sales

GWh

4,051 4,016 1 %

Power sales

GWh

581 556 4 %

Gas price, TTF

EUR/MWh

31.5 35.1 (10 %)

Power price, DK

EUR/MWh

61.1 84.0 (27 %)

Green dark spread, DK

EUR/MWh

(37.7) (37.7) (0 %)

Wood pellet spread, DK

EUR/MWh

5.2 (3.3) n.a.

Financial performance

Revenue

DKKm

3,005 4,460 (33 %)

EBITDA

DKKm

(36) (583) (94 %)

CHP plants 77 (244) n.a.

Gas Markets & Infrastructure (42) (279) (85 %)

Other, incl. project development

(71) (60) 18 %

Depreciation DKKm

(164) (170) (3 %)

EBIT

DKKm

(200) (753) (73 %)

Cash flow from operating activities

DKKm

281 984 (71 %)

Gross investments

DKKm

(425) (89) 378 %

Divestments

DKKm

- (3) n.a.

Free cash flow

DKKm

(144) 892 n.a.

Capital employed

DKKm

2,551 5,414 (53 %)

H1 2024 H1 2023 %

1,560 1,566 (0 %)

4,220 3,968 6 %

2,290 2,614 (12 %)

9,217 8,484 9 %

1,214 1,433 (15 %)

29.5 44.6 (34 %)

63.0 93.6 (33 %)

(31.5) (36.4) (14 %)

4.4 4.3 4 %



7,591 11,350 (33 %)

398 (66) n.a.

664 601 10 %

(121) (516) (77 %)

(145) (151) (4 %)

(329) (410) (20 %)

69 (476) n.a.

3,319 62 n.a.

(914) (145) 530 %

- (3) n.a.

2,404 (86) n.a.

2,551 5,414 (53 %)

16/51

Management’s review

Interim report First half year 2024

Financials, DKKm

H1 2024 H1 2023 2023

Income statement

Revenue

34,191 40,284 79,255

EBITDA

14,058 10,230 18,717

Offshore

11,301 8,391 13,817

Sites, O&M, and PPAs

11,328 8,994 20,207

Construction agreements and divestment gains

(277) 298 5,218

Cancellation fees

1,300 - (9,621)

Other, incl. project development

(1,050) (901) (1,987)

Onshore

1,811 1,626

2,970

Bioenergy & Other

398 (66) 1,523

Other activities/eliminations

548 279 407

Depreciation and amortisation

(5,106) (4,892) (9,795)

Impairment

(3,152) - (26,775)

Operating profit (loss) (EBIT)

5,800 5,338 (17,853)

Gain (loss) on divestment of enterprises

(59) 328 234

Net financial income and expenses

(1,899) (3,316) (1,443)

Profit (loss) before tax

3,859 2,372 (19,026)

Tax

(2,928) 292 (1,156)

Profit (loss) for the period

931 2,664 (20,182)

Balance



Assets 286,002 296,466 281,136

Equity

83,368 103,548 77,791

Shareholders in Ørsted A/S

56,446 82,379 56,782

Hybrid capital

22,792 19,103 19,103

Non-controlling interests

4,130 2,066 1,906

Interest-bearing net debt

49,366 43,924 47,379

Capital employed

132,734 147,471 125,170

Additions to property, plant, and equipment

16,499 14,902 37,954

Cash flow



Cash flow from operating activities 9,689 12,566 28,532

Gross investments

(15,914) (16,266) (38,509)

Divestments

2,255 (2,054) 1,542

Free cash flow

(3,970) (5,754) (8,435)

Financial ratios



Return on capital employed (ROCE)

, % (12.4) 13.2 (14.2)

FFO/adjusted net debt

, % 22.7 17.7 28.6

Number of outstanding shares, end of period, '000

420,381 420,381 420,381

Share price, end of period, DKK

371 645 374

Market capitalisation, end of period, DKK billion

156 271 157

Earnings per share (EPS), DKK

3.0 5.3 (50.1)

Business drivers

H1 2024 H1 2023 2023

Offshore

Decided (FID'ed) and installed capacity, GW

16.5 12.0 15.5

Installed capacity, GW

9.8

8.9 8.9

Generation capacity, GW

5.1

4.9 5.0

Wind speed, m/s

10.2 9.5 9.8

Load factor, %

41 43

Availability, %

93 93

Power generation, GWh

9,337

8,206 17,761

Power sales, GWh

10,118

11,257 21,448

Onshore



Decided (FID'ed) and installed capacity, GW

6.4

5.9 6.4

Installed capacity, GW

5.6

4.6 4.8

Wind speed, m/s

7.6

7.4 7.2

Load factor, wind, %

40 36

Load factor, solar PV, %

24 24

Availability, wind, %

91 88

Availability, solar PV, %

98 98

Power generation, GWh

7,959

7,071 13,374

Bioenergy & Other



Degree days, number

1,560

1,566 2,585

Heat generation, GWh

4,220

3,968 6,587

Power generation, GWh

2,290

2,614 4,437

Power sales, GWh

1,214

1,433 2,627

Gas sales, GWh

9,217 8,484 16,880

Sustainability statements

Employees (FTE), end of period number

8,411

8,661 8,905

Total recordable injury rate (TRIR), YTD

2.1 2.6 2.8

Fatalities, number

0 0

Renewable share of energy generation, %

92 93

GHG emission (scope 1 & 2), Mtonnes

0.4

0.9 1.6

GHG intensity (scope 1 & 2), g CO

e/kWh

42 38

GHG emissions (scope 3), Mtonnes

5.1 2.9 5.6

GHG intensity (scope 1-3), g CO

e/kWh (excl. natural gas

sales)

140 85 80

Performance highlights

EBIT last 12 months.

2 FFO last 12 months.

17/51

Management’s review

Interim report First half year 2024

Quarterly overview

Financials, DKKm

2024

2023

2022

Income statement

Revenue 15,023 19,168 21,530 17,441 14,565 25,719 30,256 31,039

EBITDA 6,570 7,488 (686) 9,173 3,320 6,910 6,696 12,317

Offshore 5,218 6,083 (2,611) 8,037 2,979 5,412 2,094 9,652

Sites, O&M, and PPAs 4,400 6,928 7,164 4,050 3,135 5,859 3,746 467

Construction agreements and

divestment gains

6 (283) 676 4,245 340 (42) (715) 9,765

Other, incl. project development (488) (562) (830) (258) (496) (405) (937) (580)

Onshore 995 816 525 819 792 834 852 867

Bioenergy & Other (36) 434 1,434 155 (583) 517 3,609 1,849

Other activities/eliminations 393 155 (34) 162 132 147 141 (51)

Depreciation and amortisation (2,683) (2,423) (2,366) (2,537) (2,454) (2,438) (2,792) (2,530)

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

Operating profit (loss) (EBIT) (26) 5,826 (1,405) (21,786) 866 4,472 1,375 9,787

Gain (loss) on divestment of enterprises (7) (52) (44) (50) 159 169 32 124

Net financial income and expenses (552) (1,347) 2,001 (128) (1,797) (1,519) (985) (217)

Profit (loss) before tax (575) 4,434 557 (21,955) (763) 3,135 460 9,695

Tax (1,103) (1,825) (841) (607) 225 67 (789) (340)

Profit (loss) for the period (1,678) 2,609 (284) (22,562) (538) 3,202 (329) 9,355

Balance sheet



Assets 286,002 290,383 281,136 286,782 296,466 306,644 314,142 359,758

Equity 83,368 83,325 77,791 78,361 103,548 102,826 95,532 53,777

Shareholders in Ørsted A/S 56,446 58,709 56,782 57,304 82,379 78,551 71,743 32,413

Hybrid capital 22,792 22,792 19,103 19,103 19,103 19,793 19,793 17,984

Non-controlling interests 4,130 1,824 1,906 1,954 2,066 4,482 3,996 3,380

Interest-bearing net debt 49,366 49,864 47,379 42,892 43,924 35,261 30,571 45,701

Capital employed 132,734 133,189 125,170 121,253 147,471 138,087 126,103 99,478

Additions to property, plant, equipment 8,479 8,020 12,064 10,988 6,963 7,939 9,912 9,899

Cash flow



Cash flow from operating activities 6,081 3,608 6,170 9,796 2,447 10,119 20,915 (11,309)

Gross investments (8,292) (7,622) (13,039) (9,204) (7,498) (8,768) (9,826) (14,417)

Divestments 2,993 (738) 1,861 1,735 (2,038) (16) 983 22,459

Free cash flow 782 (4,752) (5,008) 2,327 (7,089) 1,335 12,072 (3,267)

Financial ratios



Return on capital employed (ROCE)

, % (12.4) (12.2) (14.2) (13.7) 13.2 13.8 16.8 24.4

FFO/adjusted net debt

, % 22.7 18.7 28.6 20.9 17.7 37.4 42.7 35.3

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

Share price, end of period, DKK

371 384 374 385 645 583 631 608

Market capitalisation, end of period, DKK billion 156 162 157 162 271 245 265 255

Earnings per share (EPS), DKK (4.1) 5.7 (1.6) (53.8) (1.4) 6.7 1.2 22.3

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

Business drivers

2024

2023

2022

Offshore

Decided (FID'ed) and installed capacity, GW

16.5 15.5 12.0 12.0 12.0 11.1 11.1

Installed capacity, GW

8.9 8.9 8.9 8.9 8.9 8.9 8.9

Generation capacity, GW

5.1 5.0 5.0 4.9 4.7 4.7 5.3

Wind speed, m/s

11.4 11.5 8.6 8.1 10.9 10.7 7.7

Load factor, %

52 56 33 29 53 54 28

Availability, %

85 92 93 91 95 95 91

Power generation, GWh

5,670 6,011 3,544 3,044 5,162 5,411 3,246

Power sales, GWh

6,264 6,244 3,948 4,158 7,098 7,645 3,483

Onshore



Decided (FID'ed) and installed capacity, GW

6.4 6.4 6.2 6.2 6.2 6.2 5.1

Installed capacity, GW

4.8 4.8 4.8 4.6 4.5 4.2 4.2

Wind speed, m/s

7.9 7.6 6.2 6.7 8.1 7.7 6.0

Load factor, wind, %

42 36 27 35 45 40 28

Availability, wind, %

89 85 85 92 91 91 92

Power generation, GWh

3,772 3,376 2,927 3,321 3,750 3,425 2,723

Bioenergy & Other



Degree days, number

1,200 966 53 409 1,157 861 98

Heat generation, GWh

3,285 2,385 234 790 3,178 2,064 239

Power generation, GWh

1,484 1,042 781 917 1,697 1,409 1,363

Power sales, GWh

633 628 566 556 877 904 1,339

Gas sales, GWh

5,167 3,041 5,355 4,016 4,468 4,048 5,706

Sustainability statements

Employees (FTE) end of period, number

8,706 8,905 8,906 8,661 8,422 8,027 7,681

Total recordable injury rate (TRIR), YTD

2.9 2.8 2.9 2.6 2.7 3.1 3.3

Fatalities, number

0 0 0 0 0 0 0

Renewable share of energy generation, %

97 95 94 97 89 88 89

GHG intensity (scope 1 & 2), g CO

e/kWh

14 25 46 24 52 62 88

GHG emissions (scope 3), Mtonnes

1.8 1.2 1.6 1.3 1.5 1.5 3.1

2024

16.5

9.8

5.1

9.0

3,667

3,854

6.4

5.6

7.4

4,187

360

935

805

581

4,051

8,411

2.1

3.3

Load factor, solar PV, %

29 18 17 32 30 16 17 32

Availability, solar PV, %

97 98 98 98 98 99 99 96

GHG emissions (scope 1 & 2), Mtonnes

0.2 0.2 0.4 0.3 0.2 0.7 0.8 0.7

GHG intensity (scope 1-3), g CO

e/kWh (excl.

natural gas sales)

262 57 62 94 77 90 110 330

EBIT last 12 months.

2 FFO last 12 months.

18/51

Management’s review

Interim report First half year 2024

Consolidated

financial statements

First half year 2024

1 January – 30 June

Consolidated financial statements

Interim report First half year 2024

19/51

Consolidated statements of income

1 January – 30 June

’Value adjustments for the period’ in the first half year of 2023 are mainly a

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

prices in that period.

Note

Income statement

DKKm H1 2024 H1 2023

3 Revenue 34,191 40,284

Cost of sales (17,327) (26,440)

Other external expenses (3,470) (3,064)

Employee costs (3,311) (3,322)

Share of profit (loss) in associates and joint ventures (22) 37

5 Other operating income 2,670 3,234

5 Other operating expenses 1,327 (499)

Operating profit (loss) before depreciation, amortisation,

and impairment losses (EBITDA) 14,058 10,230

Amortisation and depreciation on intangible assets, and property,

plant, and equipment (5,106) (4,892)

Impairment losses on intangible assets, and property, plant,

and equipment (3,152) -

Operating profit (loss) (EBIT)

5,800 5,338

Gain (loss) on divestment of enterprises (59) 328

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

6 Financial income 4,429 3,921

6 Financial expenses (6,328) (7,237)

Profit (loss) before tax

3,859 2,372

9 Tax on profit (loss) for the period (2,928) 292

Profit (loss) for the period

931 2,664

Profit (loss) for the period is attributable to:

Shareholders in Ørsted A/S 674 2,214

Interests and costs, hybrid capital owners of Ørsted A/S 168 195

Non-controlling interests 89 255

Earnings per share (DKK) 1.6 5.3

Diluted earnings per share (DKK) 1.6 5.3

Statement of comprehensive income

DKKm H1 2024 H1 2023

Profit (loss) for the period 931 2,664

Other comprehensive income:

Cash flow hedging:

Value adjustments for the period (196) 17,756

Value adjustments transferred to income statement (1,190) (251)

Exchange rate adjustments:

Exchange rate adjustments relating to net investments in foreign enterprises 1,960 1,113

Value adjustment of net investment hedges (1,271) (456)

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

Tax:

Tax on hedging instruments (8) (3,662)

Tax on exchange rate adjustments (15) (221)

Other:

Share of other comprehensive income of associated companies, after tax 7 3

Other comprehensive income (713) 14,223

Total comprehensive income 218 16,887

Comprehensive income for the period is attributable to:

Shareholders in Ørsted A/S (289) 16,418

Interest payments and costs, hybrid capital owners of Ørsted A/S 168 195

Non-controlling interests 339 274

Total comprehensive income 218 16,887

Consolidated financial statements

Interim report First half year 2024

20/51

Consolidated statements of income (continued)

1 April – 30 June

’Value adjustments for the period’ in Q2 2024 mainly consist of losses on

inflation and power hedges as a result of increased inflation rates and

increased power prices.

Note

Income statement

DKKm Q2 2024 Q2 2023

3 Revenue 15,023 14,565

Cost of sales (7,918) (9,746)

Other external expenses (1,908) (1,435)

Employee costs (1,430) (1,782)

Share of profit (loss) in associates and joint ventures (26) (25)

5 Other operating income 1,370 2,138

5 Other operating expenses 1,459 (395)

Operating profit (loss) before depreciation, amortisation,

and impairment losses (EBITDA) 6,570 3,320

Amortisation and depreciation on intangible assets, and property,

plant, and equipment (2,683) (2,454)

Impairment losses on intangible assets, and property, plant,

and equipment (3,913) -

Operating profit (loss) (EBIT) (26) 866

Gain (loss) on divestment of enterprises (7) 159

Share of profit (loss) in associates and joint ventures 10 9

6 Financial income 2,854 835

6 Financial expenses (3,406) (2,632)

Profit (loss) before tax (575) (763)

9 Tax on profit (loss) for the period (1,103) 225

Profit (loss) for the period (1,678) (538)

Profit (loss) for the period is attributable to:

Shareholders in Ørsted A/S (1,717) (596)

Interests and costs, hybrid capital owners of Ørsted A/S - 50

Non-controlling interests 39 8

Earnings per share (DKK) (4.1) (1.4)

Diluted earnings per share (DKK) (4.1) (1.4)

Statement of comprehensive income

DKKm Q2 2024 Q2 2023

Profit (loss) for the period (1,678) (538)

Other comprehensive income:

Cash flow hedging:

Value adjustments for the period (781) 4,793

Value adjustments transferred to income statement 101 300

Exchange rate adjustments:

Exchange rate adjustments relating to net investments in foreign enterprises 736 1,042

Value adjustment of net investment hedges (508) (368)

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

Tax:

Tax on hedging instruments 151 (983)

Tax on exchange rate adjustments 26 (153)

Other:

Share of other comprehensive income of associated companies, after tax 7 2

Other comprehensive income (268) 4,574

Total comprehensive income (1,946) 4,036

Comprehensive income for the period is attributable to:

Shareholders in Ørsted A/S (2,208) 3,946

Interest payments and costs after tax, hybrid capital owners of Ørsted A/S - 50

Non-controlling interests 262 40

Total comprehensive income (1,946) 4,036

Consolidated financial statements

Interim report First half year 2024

21/51

Consolidated balance sheet

30 June

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

and simultaneously repurchased EUR 250 million (DKK 1.9 billion) of our

outstanding 3017 hybrid bond.

Note

Assets

DKKm

30 June

2024

31 December

2023

30 June

2023

Intangible assets 2,392 3,426 3,156

Land and buildings 7,663 7,777 8,255

Production assets 136,940 121,643 122,495

Fixtures and fittings, tools, and equipment 2,303 2,042 1,909

Property, plant, and equipment under construction 43,041 48,307 54,538

4 Property, plant, and equipment 189,947 179,769 187,197

Investments in associates and joint ventures 986 960 964

Receivables from associates and joint ventures 155 77 44

Other securities and equity investments 166 167 172

11 Derivatives 336 1,356 1,374

Deferred tax 8,479 8,192 9,881

Other receivables 2,862 3,134 3,370

Other non-current assets 12,984 13,886 15,805

Non-current assets 205,323 197,081 206,158

Inventories 13,184 10,539 12,499

11 Derivatives 8,447 10,473 13,382

Contract assets 346 802 452

Trade receivables 7,940 11,107 6,864

Other receivables 9,912 10,530 13,504

Receivables from associates and joint ventures 47 74 39

9 Income tax 456 483 244

11 Securities 30,874 29,902 31,458

Cash 9,473 10,145 11,866

Current assets 80,679 84,055 90,308

Assets 286,002 281,136 296,466

Note

Equity and liabilities

DKKm

30 June

2024

31 December

2023

30 June

2023

Share capital 4,204 4,204 4,204

8 Reserves (10,338) (10,251) (12,266)

Retained earnings 62,580 62,829 90,441

Equity attributable to shareholders in Ørsted A/S 56,446 56,782 82,379

Hybrid capital 22,792 19,103 19,103

Non-controlling interests 4,130 1,906 2,066

Equity 83,368 77,791 103,548

Deferred tax 4,426 3,439 4,943

Provisions 16,929 16,908 18,320

Lease liabilities 7,881 7,618 7,818

12 Bond and bank debt 79,533 79,236 76,636

11 Derivatives 14,038 13,763 16,673

Contract liabilities 3,395 3,297 3,030

Tax equity liabilities 16,303 13,610 12,445

Other payables 5,499 6,273 6,589

Non-current liabilities 148,004 144,144 146,454

Provisions 11,604 15,955 530

Lease liabilities 885 808 646

12 Bond and bank debt 2,075 384 2,669

11 Derivatives 7,402 8,449 13,950

Contract liabilities 3,335 2,785 2,307

Trade payables 14,149 14,915 12,006

Tax equity liabilities 3,975 3,397 2,865

Other payables 5,300 6,225 5,998

9 Income tax 5,905 6,283 5,493

Current liabilities 54,630 59,201 46,464

Liabilities 202,634 203,345 192,918

Equity and liabilities 286,002 281,136 296,466

Consolidated financial statements

Interim report First half year 2024

22/51

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

Consolidated statement of shareholders’ equity

1 January – 30 June

2024 2023

DKKm

capital Reserves

Retained

earnings

Share-

holders in

Ørsted A/S

Hybrid

capital

Non-con-

trolling

interests

Total

Group

capital Reserves

Retained

earnings

Proposed

dividends

Share-

holders in

Ørsted A/S

Hybrid

capital

Non-con-

trolling

interests

Total

Group

Equity at 1 January 4,204 (10,251) 62,829 56,782 19,103 1,906 77,791 4,204 (26,467) 88,331 5,675 71,743 19,793 3,996 95,532

Comprehensive income

for the period:

Profit (loss) for the period - - 674 674 168 89 931 - - 2,214 - 2,214 195 255 2,664

Other comprehensive income:

Cash flow hedging - (1,595) - (1,595) - 209 (1,386) - 17,505 - - 17,505 - - 17,505

Exchange rate adjustments - 631 - 631 - 58 689 - 579 - - 579 - 19 598

Tax on other comprehensive income - (6) - (6) - (17) (23) - (3,883) - - (3,883) - - (3,883)

Share of other comprehensive income

of associated companies, after tax - - 7 7 - - 7 - - 3 - 3 - - 3

Total comprehensive income - (970) 681 (289) 168 339 218 - 14,201 2,217 - 16,418 195 274 16,887

Coupon payments, hybrid capital - - - - (161) - (161) - - - - - (188) - (188)

Tax, hybrid capital - - - - 2 - 2 - - - - - 2 - 2

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

Disposals, hybrid capital - - - - (1,840) - (1,840) - - - - - (699) - (699)

Dividends paid - - - - - (208) (208) - - 2 (5,675) (5,673) - (189) (5,862)

Additions, non-controlling interests - 883 (955) (72) - 2,093 2,021 - - - - - - 532 532

Disposals, non-controlling interests - - - - - - - - - (119) - (119) - (2,547) (2,666)

Other changes - - 25 25 - - 25 - - 10 - 10 - - 10

Equity at 30 June 4,204 (10,338) 62,580 56,446 22,792 4,130 83,368 4,204 (12,266) 90,441 - 82,379 19,103 2,066 103,548

Consolidated financial statements

Interim report First half year 2024

23/51

Statement of cash flows

Our supplementary statement of gross and net investments appears from

note 7 ’Gross and net investments’ and free cash flow (FCF) from note 2

’Segment information’.

’Cash’ according to the balance sheet as at 30 June 2024 includes ’Bank

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

DKK 1 million.

1 We have repaid short-term repo loans in Q2 2024 raised in Q1 2024 that are

presented net in the cash flow statement.

Consolidated statement of cash flows

1 January – 30 June

Note

Statement of cash flows

DKKm H1 2024 H1 2023 Q2 2024 Q2 2023

Operating profit (loss) before

depreciation, amortisation, and

impairment losses (EBITDA) 14,058 10,230 6,570 3,320

Reversal of gain (loss) on divestment

of assets (160) (1,303) (49) (1,179)

Change in derivatives

1,111 5,258 348 100

Change in provisions

(4,573) (25) (2,369) (37)

Other items

(134) (45) (242) 123

Change in inventories (2,503) 1,857 (233) 716

Change in contract assets and liabilities 1,095 113 1,025 728

Change in trade receivables 3,192 5,800 1,315 1,867

Change in other receivables 689 2,331 681 1,700

Change in trade payables (855) (7,349) (527) (1,750)

Change in tax equity liabilities 1,984 (1,152) 2,147 (512)

Change in other payables (1,269) (990) (1,284) (1,565)

Interest received and similar items 2,961 4,276 1,402 1,235

Interest paid and similar items (3,386) (4,939) (1,858) (1,598)

Income tax paid (2,521) (1,496) (845) (701)

Cash flows from operating activities 9,689 12,566 6,081 2,447

Purchase of intangible assets and

property, plant, and equipment (15,917) (16,077) (8,203) (7,305)

Sale of intangible assets and property,

plant, and equipment (749) 118 (6) 138

Divestment of enterprises

941 (30) 941 (32)

Purchase of associates and joint ventures

(162) (124) (162) (127)

Purchase of securities

(6,005) (12,266) (4,097) (4,355)

Sale/maturation of securities

4,977 5,792 2,719 3,779

Change in other non-current assets

24 (3) 82 10

Transactions with associates and

joint ventures 65 (107) (39) (121)

Cash flows from investing activities (16,826) (22,697) (8,765) (8,013)

Note DKKm H1 2024 H1 2023 Q2 2024 Q2 2023

Proceeds from raising of loans

4,345 16,095

(4,399) 1,241

Instalments on loans (2,855) (606) (658) (57)

Instalments on leases (345) (347) (97) (159)

Coupon payments on hybrid capital (161) (188) - (43)

Repurchase of hybrid capital (1,840) (699) - (699)

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

Dividends paid to shareholders in

Ørsted A/S - (5,673) - -

Transactions with non-controlling

interests 1,809 (2,358) 1,979 (2,216)

Net proceeds from tax equity partners 147 (108) 121 (4)

Collateral posted in relation to trading

of derivatives (5,841) (12,520) (2,897) (4,642)

Collateral released in relation to trading

of derivatives 5,118 10,489 2,505 4,606

Restricted cash and other changes

275 1,558 505 (243)

Cash flows from financing activities 6,172 5,643 (2,941) (2,216)

Total net change in cash

and cash equivalents (965) (4,488) (5,625) (7,782)

Cash and cash equivalents at the

beginning of the period 10,144 16,175 14,888 19,571

Total net change in cash and cash

equivalents (965) (4,488) (5,625) (7,782)

Exchange rate adjustments of cash

and cash equivalents 293 176 209 74

Cash and cash equivalents at 30 June 9,472 11,863 9,472 11,863

Consolidated financial statements

Interim report First half year 2024

24/51

Change in accounting policy 2023

In Q4 2023, we changed our accounting policy

regarding presentation of revenue and related

costs from the settlement of ‘failed own-use

power contracts’. Previously, we recognised

revenue and the cost of sales on a gross basis

when these contracts were settled. As the

gross presentation does not reflect the magni-

tude of the Group’s power trading activities,

we have changed the presentation to a net

presentation of revenue and related costs.

The change only impacted revenue and the

cost of sales in the Offshore segment, and thus

our EBITDA was not impacted.

H1 2023 comparisons have been adjusted

accordingly.

Implementation of new standards,

interpretations, and amendments adopted

by the Group

The accounting policies adopted in the

preparation of the interim financial statements

are consistent with those followed in the

preparation of our annual consolidated

financial statements for the year, which ended

on 31 December 2023. The Group has not early

adopted any standard, interpretation, or

amendment that has been issued but not yet

entered into effect.

Amendments apply for the first time in 2024

but do not have a material impact on our

financial statements.

Ørsted is a listed public company, headquar-

tered in Denmark.

This interim report for the first half year of

2024 comprises the interim financial

statements of Ørsted A/S (the parent

company) and any subsidiaries controlled by

Ørsted A/S.

The interim report has been prepared in

accordance with the International Financial

Reporting Standards (IFRS), IAS 34 ’Interim

Financial Reporting’ as adopted by the EU, and

further requirements in the Danish Financial

Statements Act (Årsregnskabsloven) for the

presentation of quarterly interim reports by

listed companies.

Definitions of non-IFRS financial measures can

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

annual report for 2023.

The interim consolidated financial statements

for the first half year of 2024 are a condensed

set of financial statements, as they do not

include all information and disclosures required

by the annual financial statements. The interim

consolidated financial statements have been

prepared using the same accounting policies

as our annual consolidated financial

statements as of 31 December 2023 and

should be read in conjunction with this.

1. Basis of reporting

Consolidated financial statements

Interim report First half year 2024

25/51

The column ’Other activities/eliminations’ primarily

covers the elimination of inter-segment transactions.

It also includes income and costs, assets and

liabilities, investment activity, taxes, etc., handled at

Group level.

1 Including the elimination of other activities, the total

elimination of intra-group revenue amounts to

DKK 2,437 million, which primarily relates to our

Shared Functions services as well as our B2B

business activities.

2. Segment information

2024 income statement

DKKm Offshore Onshore

Bioenergy

& Other

Reportable

segments

Other

activities/

eliminations Total

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

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

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

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

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

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

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

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

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

Depreciation and amortisation

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

(4,968)

(138)

(5,106)

Impairment losses (3,086) (66) - (3,152) - (3,152)

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

Key ratios

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

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

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

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

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

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

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

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

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

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

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

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

Return on capital employed (ROCE), % - - - - - (12.4)

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

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

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

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

Consolidated financial statements

Interim report First half year 2024

26/51

2. Segment information (continued)

The column ’Other activities/eliminations’ primarily

covers the elimination of inter-segment transactions.

It also includes income and costs, assets and

liabilities, investment activity, taxes, etc., handled at

Group level.

1 Including the elimination of other activities, the total

elimination of intra-group revenue amounts to

DKK 2,623 million, which primarily relates to our

Shared Functions services as well as our B2B

business activities.

2023 income statement

DKKm Offshore Onshore

Bioenergy

& Other

Reportable

segments

Other

activities/

eliminations Total

External revenue 27,499 1,368 11,389 40,256 28 40,284

Intra-group revenue 605 (22) (39) 544 (544)

Revenue 28,104 1,346 11,350 40,800 (516) 40,284

Cost of sales (16,531) (87) (10,045) (26,663) 223 (26,440)

Employee costs and other external expenses (4,518) (1,067) (1,372) (6,957) 571 (6,386)

Gain (loss) on disposal of non-current assets 1,303 - - 1,303 - 1,303

Additional other operating income and expenses (8) 1,437 2 1,431 1 1,432

Share of profit (loss) in associates and joint ventures 41 (3) (1) 37 - 37

EBITDA 8,391 1,626 (66) 9,951 279 10,230

Depreciation and amortisation

(3,454) (899) (410)

(4,763)

(129)

(4,892)

Impairment losses

- - -

Operating profit (loss) (EBIT) 4,937 727 (476) 5,188 150 5,338

Key ratios

Intangible assets and property, plant, and equipment 121,031 60,157 7,859 189,047 1,306 190,353

Equity investments and non-current receivables 779 148 92 1,019 164 1,183

Net working capital, capital expenditures (3,390) (541) (97) (4,028) - (4,028)

Net working capital, work in progress 3,873 - - 3,873 - 3,873

Net working capital, tax equity - (14,105) - (14,105) - (14,105)

Net working capital, other items 4,908 693 931 6,532 1,155 7,687

Derivatives, net (10,845) (6,331) 564 (16,612) 745 (15,867)

Decommissioning obligations (10,645) (1,883) (2,103) (14,631) - (14,631)

Other provisions (1,678) (2) (678) (2,358) (1,861) (4,219)

Tax, net 3,726 (3,823) (1,154) (1,251) 940 (311)

Other receivables and other payables, net (1,579) (5) - (1,584) (880) (2,464)

Capital employed at 30 June 106,180 34,308 5,414 145,902 1,569 147,471

Return on capital employed (ROCE), % - - - - - 13.2

Cash flow from operating activities 10,799 (501) 62 10,360 2,206 12,566

Gross investments (11,493) (4,585) (145) (16,223) (43) (16,266)

Divestments (2,028) 2 (3) (2,029) (25) (2,054)

Free cash flow (FCF) (2,722) (5,084) (86) (7,892) 2,138 (5,754)

Consolidated financial statements

Interim report First half year 2024

27/51

2. Segment information (continued)

The column ’Other activities/eliminations’ primarily

covers the elimination of inter-segment transactions.

It also includes income and costs, assets and

liabilities, investment activity, taxes, etc., handled at

Group level.

1 Including the elimination of other activities, the total

elimination of intra-group revenue amounts to

DKK 1,247 million (Q2 2023: 1,185 million), which

primarily relates to our Shared Functions services as

well as our B2B business activities.

Q2 2024, income statement and FCF

DKKm Offshore Onshore

Bioenergy

& Other

Reporting

segments

Other

activities/

eliminations Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Q2 2023, income statement and FCF

DKKm

External revenue 9,321 647 4,589 14,557 8 14,565

Intra-group revenue 289 (22) (129) 138 (138)

Revenue 9,610 625 4,460 14,695 (130) 14,565

Cost of sales (5,381) (42) (4,299) (9,722) (24) (9,746)

Employee costs and other external expenses (2,336) (426) (741) (3,503) 286 (3,217)

Gain (loss) on disposal of non-current assets 1,179 - - 1,179 - 1,179

Additional other operating income and expenses (73) 638 (1) 564 - 564

Share of profit (loss) in associates and joint ventures (20) (3) (2) (25) - (25)

EBITDA 2,979 792 (583) 3,188 132 3,320

Depreciation and amortisation (1,761) (458) (170) (2,389) (65) (2,454)

Operating profit (loss) (EBIT) 1,218 334 (753) 799 67 866

Cash flow from operating activities 1,193 (359) 984 1,818 629 2,447

Gross investments (5,480) (1,917) (89) (7,486) (12) (7,498)

Divestments (2,007) (1) (3) (2,011) (27) (2,038)

Free cash flow (FCF) (6,294) (2,277) 892 (7,679) 590 (7,089)

Consolidated financial statements

Interim report First half year 2024

28/51

Revenue was DKK 34,191 million. The

decrease of 15 % relative to the first half year

of 2023 was primarily driven by lower power

prices across markets.

Revenue from construction agreements was

DKK 3,139 million in H1 2024 and mainly

related to the construction of Borkum

Riffgrund 3 and Gode Wind 3 for partners.

Income from government grants in Offshore

increased relative to the first half year of 2023

due to lower power prices, which led to a

higher subsidy per MWh produced.

3. Revenue

Revenue

DKKm Offshore Onshore

Bioenergy &

Other

activities/

eliminations

H1 2024

total Offshore Onshore

Bioenergy &

Other

activities/

eliminations

H1 2023

total

Generation of power 5,379 1,323 2,646 - 9,348 4,801 830 3,717 - 9,348

Sale of power 8,575 - 137 (18) 8,694 15,238 1 255 (245) 15,249

Revenue from construction of wind farms and transmission assets 3,101 38 - - 3,139 558 145 - - 703

Generation and sale of heat and steam - - 1,952 - 1,952 - - 1,999 - 1,999

Sale of gas - - 2,111 (23) 2,088 - - 3,560 - 3,560

Distribution and transmission - - 166 (2) 164 - - 123 (1) 122

O&M and other services 1,926 50 241 (239) 1,978 1,909 112 563 (286) 2,298

Total revenue from customers 18,981 1,411 7,253 (282) 27,363 22,506 1,088 10,217 (532) 33,279

Government grants 5,918 68 212 - 6,198 3,990 240 245 - 4,475

Miscellaneous revenue 618 (114) 126 - 630 1,608 18 888 16 2,530

Total revenue 25,517 1,365 7,591 (282) 34,191 28,104 1,346 11,350 (516) 40,284

Timing of revenue recognition from customers

At a point in time 9,833 1,411 3,160 (282) 14,122 16,638 1,088 6,241 (532) 23,435

Over time 9,148 - 4,093 - 13,241 5,868 - 3,976 - 9,844

Total revenue from customers 18,981 1,411 7,253 (282) 27,363 22,506 1,088 10,217 (532) 33,279

Consolidated financial statements

Interim report First half year 2024

29/51

3. Revenue (continued)

Revenue

DKKm Offshore Onshore

Bioenergy &

Other

activities/

eliminations

Q2 2024

total Offshore Onshore

Bioenergy &

Other

activities/

eliminations

Q2 2023

total

Generation of power 1,996 667 1,164 - 3,827 1,805 322 1,202 -

3,329

Sale of power 3,647 - 101 (10) 3,738

4,794 1 106 10 4,911

Revenue from construction of wind farms and transmission assets 2,292 1 - - 2,293

(14) 75 - - 61

Generation and sale of heat and steam - - 484 - 484

- - 516 - 516

Sale of gas - - 928 (10) 918 - - 1,306 - 1,306

Distribution and transmission - - 94 (2) 92

- - 74 (1) 73

O&M and other services 1,040 18 160 (146) 1,072 985 85 280 (147) 1,203

Total revenue from customers 8,975 686 2,931 (168) 12,424 7,570 483 3,484 (138) 11,399

Government grants 2,482 24 80 - 2,586 1,838 80 108 - 2,026

Miscellaneous revenue 69 (50) (6) - 13 202 62 868 8 1,140

Total revenue 11,526 660 3,005 (168) 15,023 9,610 625 4,460 (130) 14,565

Timing of revenue recognition from customers

At a point in time 1,556 686 1,322 (168) 3,396 4,731 483 2,318 (138) 7,394

Over time 7,419 - 1,609 - 9,028 2,839 - 1,166 - 4,005

Total revenue from customers 8,975 686 2,931 (168) 12,424 7,570 483 3,484 (138) 11,399

Consolidated financial statements

Interim report First half year 2024

30/51

4. Impairments

H1 2024 impairment losses (reversals)

We have updated our impairment calcula-

tions for our US portfolio and our FlagshipONE

project as of 30 June 2024, which have

resulted in net impairment losses of DKK 3.2

billion in H1 2024.

The net impairment was caused by the

decision to cease execution of FlagshipONE

(DKK 1.5 billion), a construction delay of the

onshore substation at Revolution Wind

(DKK 2.1 billion), an updated ‘fair value less

costs of disposal’ measurement on our Ocean

Wind seabeds (DKK 0.6 billion), higher WACC

(DKK 1.0 billion across the US portfolio), partly

countered by a higher OREC for Sunrise Wind

(reversal of DKK 1.8 billion) and minor positive

price updates on Block Island and our onshore

assets (reversal of DKK 0.3 billion).

Q2 2024 impairment losses (reversals)

We have recognised net impairments of

DKK 3.9 billion in Q2 2024 related to

FlagshipONE, Revolution Wind, and Ocean

Wind seabeds, which was partly offset by the

positive price updates.

The base discount rate after tax applied for the

value-in-use calculation is determined per CGU.

Estimation uncertainty and sensitivity analyses

Due to the impairments recognised, estimation uncer-

tainty exists on the assets impaired. The assumptions

with major uncertainty include investment tax credits,

interest rates, and the supply chain.

In the table, we have included sensitivity analyses of

impairment effects if WACC levels or assumptions

related to ITC bonus credits change.

If WACC had increased by 50 basis points in the

impairment test of e.g. Revolution Wind as of

30 June 2024, the impairment loss would have been

DKK 0.5 billion higher.

If we had not included the probability-weighted

additional 10 % ITC bonus credits in the impairment

test of e.g. Revolution Wind as of 30 June 2024, the

impairment loss would have been DKK 1.0 billion

higher.

WACC levels, %

Base discount rate applied

for the US 5.75 % - 7.25 %

Impairment losses on segment level

DKKm H1 2024 H1 2023 Q2 2024 Q2 2023

Offshore 3,086 - 4,149 -

Onshore 66 - (236) -

Bioenergy & Other - - - -

Total impairment losses 3,152 - 3,913 -

H1 2024 Q2 2024

30 June

2024

ITC bonus credits

assumed in impairment tests

Sensitivity impact

DKK billion

CGUs

DKKm

Impairment

losses

(reversals)

Impairment

losses

(reversals)

Recoverable

amount

ITC

bonus credits

Probability

weighting

No ITC

bonus credits

40 % ITC

bonus credits,

100 % proba-

bility

+50 bps

WACC

-50 bps

WACC

Sunrise Wind (1,426) - 4,839 10 % 95 % (1.4) 0.1 (0.8) 0.8

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

South Fork 103 - 3,195 10 % 0 % n.a. n.a. (0.1) 0.1

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

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

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

Offshore 3,086 4,149 12,582

Onshore 66 (236) 2,479 n.a. n.a. n.a. n.a. (0.1) 0.1

Bioenergy & Other - - n.a.

Total 3,152 3,913 15,061

Consolidated financial statements

Interim report First half year 2024

31/51

4. Impairments (continued)

Ceasing execution of FlagshipONE

Since the financial investment decision (FID) on

the liquid e-fuels project FlagshipONE in 2022,

we have been maturing and progressing the

project. While we were aware of the

substantial uncertainties and risks associated

with the development of a pioneering and

immature liquid e-fuels project and market at

the time of the FID, it was a strategic decision

to take a leading position in shaping the

industry. We continue to believe in the

long-term market for e-fuels, but the

industrialisation of the technology as well as

the commercial development of the offtake

market have progressed significantly slower

than expected.

Furthermore, the business case has

deteriorated during maturation due to

significantly higher project costs and the

inability to sign long-term offtake contracts

at a sustainable pricing. Based on the

combination of these developments, we have

taken the decision to cease execution of

FlagshipONE and deprioritise our immediate

efforts within the liquid e-fuels market. This

has resulted in impairment losses of DKK 1.5

billion in Q2 2024.

Costs for closing our commitments related to

FlagshipONE have been provided for as

’onerous contracts’ under provisions and

recognised as ’Other operating expenses’ in

Q2 2024 with a total of DKK 0.3 billion. See

note 5 ’Other operating income and

expenses’.

Revolution Wind

The construction of the onshore substation

has been delayed, which has pushed the

commercial operation date (COD) from 2025

into 2026. The onshore substation is being

built on a military landfill site where

permitting and site preparation have proved

to be more challenging than anticipated. The

delayed construction of the onshore

substation will result in knock-on impacts on

costs and progress, including additional costs

for extending the installation period. In total,

this has resulted in a further impairment of

DKK 2.1 billion in Q2 2024.

Ocean Wind seabeds

When estimating the recoverable amount of

the seabeds related to Ocean Wind, we use

the approach ‘fair value less costs of

disposal’ (FVLCD) to determine if the carrying

amount exceed the recoverable amount.

Valuation indications have led to an

impairment of DKK 0.6 billion in Q2 2024.

Other updates

Positive market price development during the

second quarter of 2024 has resulted in a

reversal of impairment losses of DKK 0.3

billion for Block Island and our onshore assets.

Interest rates

The US long-dated interest rate is unchanged

from 31 March 2024 to 30 June 2024, leading

to unchanged WACC levels across our US

portfolio. In Q1 2024, the effect from

increasing interest rates led to an impairment

of DKK 1.0 billion across our US portfolio.

Potential consequences of further adverse

development

In addition to the sensitivities described,

further adverse development may lead us to

cease development of or recon-figure projects

currently under development. Besides impair-

ing the capitalised value for these projects,

ceasing to develop projects could lead to

compensation to suppliers or other stakehold-

ers for cancelling contracts. Costs related to

cancelling contracts will be recognised as

‘Other operating expenses’ in our financial

statements (part of EBITDA) when the obliga-

tion arises, and to the extent these exceed

already recognised onerous contracts.

Consolidated financial statements

Interim report First half year 2024

32/51

5. Other operating income and expenses

Other operating income

In H1 2024, ‘Gain on divestment of

assets’ primarily related to the farm-downs

completed in prior years. In H1 2023, ‘Gain on

divestments of assets’ mainly related to

adjustment of provisions towards partners.

The increase in ‘US tax credits and tax

attributes’ was mainly driven by continuous

commissioning of new onshore assets having

full impact.

Other operating expenses

In H1 2024, ‘Cancellation fees’ amounted to

DKK 1.3 billion and related to Ocean

Wind 1 as well as the decision to cease

execution of FlagshipONE.

For Ocean Wind 1, we have finalised the

negotiation of several contracts and settled

the claim with the state of New Jersey with a

better outcome than assumed, leading to a

positive impact of DKK 1.6 billion. This was

partly offset by costs related to fulfilling and

cancelling contracts at FlagshipONE, resulting

in cancellation fees of DKK 0.3 billion.

6. Financial income and expenses

The table shows net financial income and expenses corresponding to our

internal reporting.

Exchange rate adjustments and hedging contracts entered into to hedge

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

The gain in ‘Value adjustments of derivatives, net’ in the first half year of 2024

mainly consisted of the gains on interest rate swaps, which are not hedge

accounted. The gain was mostly driven by the increase in interest rates.

Negative ‘Exchange rate adjustments, net’ in the first half year of 2024 were

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

Net financial income and expenses

DKKm H1 2024 H1 2023 Q2 2024 Q2 2023

Interest expenses, net (1,001) (869) (424) (468)

Interest expenses, leasing (132) (139) (74) (72)

Interest element of provisions, etc. (346) (352) (171) (175)

Tax equity partner's contractual return (598) (504) (319) (250)

Value adjustments of derivatives, net

745

(170) 364 (68)

Capital gains/losses on securities at market

value, net 13 (141) 11 (60)

Exchange rate adjustments, net (573) (1,183) 64 (730)

Other financial income and expenses (7) 42 (3) 26

Net financial income and expenses (1,899) (3,316) (552) (1,797)

Other operating income

DKKm H1 2024 H1 2023 Q2 2024 Q2 2023

Gain on divestment of assets 172 1,350 55 1,203

Insurance compensation 47 3 18 -

US tax credits and tax attributes 1,744 1,396 939 637

Other compensation 434 275 307 152

Miscellaneous operating income 273 210 51 146

Total other operating income 2,670 3,234 1,370 2,138

Other operating expenses

DKKm H1 2024 H1 2023 Q2 2024 Q2 2023

Cancellation fees (1,300) - (1,300) -

Ineffective hedges (129) 414 (207) 350

Loss on divestment of assets 12 47 6 24

Miscellaneous operating expenses 90 38 42 21

Total other operating expenses (1,327) 499 (1,459) 395

Consolidated financial statements

Interim report First half year 2024

33/51

8. Reserves7. Gross and net investments

Gross and net investments

DKKm H1 2024 H1 2023 Q2 2024 Q2 2023

Cash flows from investing activities (16,826) (22,697) (8,765) (8,013)

Purchase and sale of securities, reversed 1,028 6,474 1,378 576

Loans to associates and joint ventures, reversed 76 45 30 45

Sale of non-current assets, reversed (192) (88) (935) (106)

Gross investments (15,914) (16,266) (8,292) (7,498)

Transactions with non-controlling interests in

connection with divestments and acquisitions 2,063 (2,142) 2,058 (2,144)

Sale of non-current assets 192 88 935 106

Divestments 2,255 (2,054) 2,993 (2,038)

Net investments (13,659) (18,320) (5,299) (9,536)

Reserves 2024

DKKm

Foreign

currency

translation

reserve

Hedging

reserve

Total

reserves

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

Exchange rate adjustments 1,902 - 1,902

Value adjustments of hedging reserve - (1,676) (1,676)

Value adjustments transferred to:

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

Other operating expenses - (129) (129)

Financial income and expenses - (24) (24)

Tax:

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

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

Additions, non-controlling interests - 883 883

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

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

Reserves 2023

DKKm

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

Exchange rate adjustments 1,094 - 1,094

Value adjustments of hedging reserve - 17,300 17,300

Value adjustments transferred to:

Revenue - (712) (712)

Other operating income (80) 21 (59)

Other operating expenses - 414 414

Financial income and expenses - 47 47

Tax:

Tax on hedging and currency adjustments (317) (3,566) (3,883)

Movement in comprehensive income for the period 697 13,504 14,201

Total reserves including tax at 30 June (28) (12,238) (12,266)

Total reserves excluding tax at 30 June (547) (14,683) (15,230)

Interim report First half year 2024

34/51

Consolidated financial statements

Tax on profit (loss) for the period

Tax on profit (loss) was DKK 2,928 million for

the first half year of 2024 compared to

DKK -292 million for the first half year of 2023.

Effective tax rate

The effective tax rate for the first half year of

2024 was 76 %. The effective tax rate was

Effective tax rate

The effective tax rate for the first half year of 2024 was calculated on the basis of the profit (loss) before tax.

‘Impairment for the year’ includes a net unrecognised deferred tax liability related to our impairment on US and Swedish projects.

‘Other adjustments’ include changes in tax rates, movements in uncertain tax positions, tax concerning previous years, and unrecognised tax losses.

9. Tax on profit (loss) for the period

affected by the recognition of a deferred

tax liability in the US related to tax equity

contributions for Eleven Mile, the

unrecognised deferred tax assets related to

the cancellation fees and impairment of

FlagshipONE and Ocean Wind seabeds, and a

non-recognised deferred tax liability related

to reversal of cancellation fees in the US.

Accounting policies

Effective tax rate

The estimated average annual tax rate is

separated into five different categories:

1) ordinary business activities, 2) gain (loss)

on divestments, 3) impacts from tax equity

partnerships in the US, 4) impairments, and

5) other adjustments not related to the

current year’s profit (loss).

H1 2024 H1 2023

Tax for the period

DKK

Profit (loss)

before tax Tax Tax in %

Profit (loss)

before tax Tax Tax in %

Tax equity, deferred tax liability - (1,080) n.a. - 796 n.a.

Impairment for the year (3,152) 227 7 % - - n.a.

Other adjustments - (454) n.a. - (231) n.a.

Remaining business 7,011 (1,621) 23 % 2,372 (273) 12 %

Effective tax for the period 3,859 (2,928) 76 % 2,372 292 (12 %)

Q2 2024 Q2 2023

Tax for the period

DKK

Profit (loss)

before tax

Tax Tax in %

Profit (loss)

before tax

Tax Tax in %

Tax equity, deferred tax liability - (195) n.a. - (130) n.a.

Impairment for the year (3,913) 162 4 % - - n.a.

Other adjustments - (337) n.a. - (79) n.a.

Remaining business 3,338 (733) 22 % (763) 434 57 %

Effective tax for the period (575) (1,103) (192 %) (763) 225 29 %

Consolidated financial statements

Interim report First half year 2024

35/51

60.1

5.3

17.0

24.3

-10.9

15.2

GBP

USD

NTD

Before hedging After hedging

In Q2 2024, our currency exposure

and hedges have been updated with

our latest view of the expected

proceeds from and timing of our

divestment programme.

For USD and NTD, we manage our

risk to a natural time spread bet-

ween front-end capital expenditures

and long-term revenue. In the five

year horizon, we are therefore seeing

that our hedges increase our net

exposure, but our hedges reduce the

risk in the longer horizon..

We do not deem EUR to constitute a

risk, as we expect Denmark to

maintain its fixed exchange-rate

policy.

27.7

3.5

-1.1

11.3

2.9

-0.7

Power Spread (power) Gas and oil

Before hedging After hedging

Our outright power exposure before

and after hedging up until 31 Decem-

ber 2026 has decreased in H1 2024,

mainly due to the time period being

reduced to two and a half years

compared to three years as of

31 December 2023.

The exposures are based on market

prices as of 30 June 2024.

Energy exposure 1 July 2024 - 31 December 2026

DKKbn

Currency exposure 1 July 2024 - 30 June 2029

DKKbn

10. Market risks

At 30 June 2024, the pre-tax loss of

the hedging reserve was DKK 13.3

billion, of which DKK 10.4 billion will

be transferred to EBITDA over the

coming periods, as shown in the

table. The losses will be countered

by a higher sales price on our future

power production.

-0.6

-1.6

-8.2

Q3-Q4 2024 2025 After 2025

Power Gas and oil

Currency Inflation and interest

Initial fair value of CPPAs

EBITDA impact from hedges and financial PPAs

DKKbn

We are exposed to financial risks in the form of

market, credit, and liquidity risks as part of our

business, hedging, and trading activities.

Through our risk management, we monitor

and proactively manage the risks according to

our risk appetite.

The overall objective of our financial risk

management is to:



increase the predictability of our short-term

income and construction costs



protect our current and future investment

capacity by stabilising key rating metrics

such as FFO/NIBD



protect the long-term real value of the

shareholders’ investment in Ørsted.

For more details on our market risks, please

see notes 6.1-6.5 in the annual report for 2023.

Consolidated financial statements

Interim report First half year 2024

36/51

determine fair value based on the external

information that most accurately reflects the

market values. We use pricing services and

benchmark services to increase the data

quality. Market values are determined by the

Risk Management function.

We use external price providers to ensure a

high quality in our price curves. Where prices

are not available, we model the prices based

on our prior experience and best estimates.

Where relevant and possible, we validate our

price curves against third-party data.

We measure our securities and derivatives at

fair value. A number of our derivatives, mainly

power purchase agreements, are measured

based on unobservable inputs due to the long

duration of the contracts.

The most significant non-observable inputs

are the long-term US power prices (mainly

ERCOT) and the German power prices.

Valuation principles and process

In order to minimise the use of subjective

estimates or modifications of parameters and

calculation models, it is our policy to

11. Fair value measurement

Fair value hierarchy

Market values based on quoted prices

comprise quoted securities and derivatives

that are traded in active markets. The market

values of derivatives traded in an active

market is often settled on a daily basis,

thereby minimising the market value

presented on the balance sheet.

Market values based on observable inputs

comprise derivatives where valuation models

with observable inputs are used to measure

fair value.

Market values based on non-observable inputs

mainly comprise long-term power purchase

agreements (PPAs) that lock the power price

of the expected power generation over a

period of up to 10-20 years. Due to the long

duration of these PPAs, power prices are not

observable for a large part of the duration.

Estimating as-produced power prices

Since our PPAs are normally settled on the

actual production, and the power prices

available in the market are based on a

constant production (flat profile), we take into

account that our expected production is not

constant, and thus our PPAs will not be settled

against a flat profile price (see

description of volume risk in note 6.2 ’Energy

price risks’ in the annual report for 2023). For

the majority of our markets, the flat profile

power price can be observed for a maximum of

four to six years in the market, after which an

active market no longer exists.

Fair value hierarchy of financial

instruments

DKKm

Quoted prices

(level 1)

Observable

input

(level 2)

Non-

observable

input

(level 3) 2024

Quoted prices

(level 1)

Observable

input

(level 2)

Non-

observable

input

(level 3) 2023

Assets:

Gas inventory 1,360 - - 1,360 1,395 - - 1,395

Total inventory 1,360 - - 1,360 1,395 - - 1,395

Bonds 30,874 30,874 - 31,458 - 31,458

Total securities - 30,874 - 30,874 - 31,458 - 31,458

Energy derivatives 3,256 3,398 1,130 7,784 7,370 5,040 570 12,980

Currency derivatives - 355 - 355 - 810 - 810

Interest and inflation derivatives - 644 - 644 - 966 - 966

Total derivative assets 3,256 4,397 1,130 8,783 7,370 6,816 570 14,756

Liabilities:

Energy derivatives 4,815 2,649 9,171 16,635 8,278 7,409 9,825 25,512

Currency derivatives - 1,188 - 1,188 - 1,091 - 1,091

Interest and inflation derivatives - 3,617 - 3,617 - 4,020 - 4,020

Total derivative liabilities 4,815 7,454 9,171 21,440 8,278 12,520 9,825 30,623

Consolidated financial statements

Interim report First half year 2024

37/51

11. Fair value measurement (continued)

Valuation techniques and significant

unobservable inputs

We use a discounted cash flow model for the

valuation of power derivatives.

The US power purchase agreements give

exposure to the long-term US power prices,

mainly in the ERCOT, SPP, and MISO regions.

The power price is observable for the first four

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

the power price is estimated based on

observable inputs (gas prices and heat rates).

For the subsequent period, the power price is

non-observable and estimated by extrapola-

ting the power price towards the U.S. Energy

Information Administration’s long-term power

price forecast, assuming similar seasonality as

in previous periods. If only a minor part of the

contract period is within the period when

power prices are non-observable, we classify

the contracts as based on observable input.

In Germany and other countries where we

have long-term PPA contracts, the power

price is observable for up to five years. When

power prices are no longer observable in the

market, we have estimated the power price by

extrapolating the last year with an observable

power price, taking expected inflation and

seasonality into account.

Acquired CPPAs

The initial negative fair value from long-term

CPPAs acquired in a business combination is

recognised as revenue in profit or loss in the

future period to which the market value

relates. This effectively increases or decreases

the revenue from the contract price to the

forward price at the closing date.

In H1 2024, we have recognised an income of

DKK 56 million related to the initial fair value

from CPPAs. The total amount of initial fair

value as of 30 June 2024 amounts to a loss of

DKK 1,219 million, which will be recognised as

revenue in a future period.

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

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

2024. If intermittency-adjusted power prices in Germany as of 30 June 2024 decreased/increased

by 25 %, the market value would have increased/decreased by DKK 862 million.

Derivatives valued on the basis of non-observable input

DKKm 2024 2023

Market value at 1 January (7,528) (14,687)

Value adjustments through profit or loss 79 614

Value adjustments through other comprehensive income (889) 4,399

Sales/redemptions (182) 295

Purchases/issues 479 (3)

Transferred to quoted prices and observable input - 127

Market value at 30 June (8,041) (9,255)

Non-observable input per commodity price input

DKKm 2024 2023

US ERCOT power prices (5,662) (4,985)

US MISO power prices (709) (785)

German power prices (1,273) (2,732)

Other power prices (394) (663)

Gas prices (3) (90)

Total (8,041) (9,255)

Overview of significant

non-observable inputs and

sensitivities

Power price per MWh (DKK) Sensitivity (DKKm)

Weight

average

Monthly

minimum

Monthly

maximum

+25 % -25 %

Intermittency-adjusted power prices

US ERCOT (2024-2033) 270 93 929 (3,809) 4,092

US MISO (2024-2033) 310 241 425 (508) 502

US SPP (2024-2035) 244 141 497 (992) 1,136

Germany (2025-2035) 425 312 663 (862) 862

Ireland (2024-2042) 495 386 809 (222) 222

Consolidated financial statements

Interim report First half year 2024

38/51

Interest-bearing net debt totalled DKK 49,366 million at 30 June 2024, which was an increase of

DKK 1,987 million relative to 31 December 2023. The main changes in the composition of our net

debt compared to 31 December 2023 was an increase in bank debt of DKK 1,453 million, mainly

related to short-term repo loans. In total short-term repo loans amount to DKK 2,016 million as of

30 June 2024.

At 30 June 2024, the market values of bond and bank debts were DKK 67.4 billion and DKK 9.9

billion, respectively.

12. Interest-bearing debt and FFO

We aim to have a long-term FFO/adjusted NIBD above 30 %, in line with the rating agencies. We are

significantly below our long-term target as of 30 June 2024, primarily due to the 12 months rolling FFO

being impacted by payments of cancellation fees regarding the Ocean Wind 1 project.

Interest-bearing debt and interest-bearing assets

DKKm

30 June

2024

31 December

2023

30 June

2023

Interest-bearing debt:

Bond debt 71,124 70,589 70,714

Bank debt 10,484 9,031 8,591

Total bond and bank debt 81,608 79,620 79,305

Tax equity liability 1,540 1,196 1,205

Lease liability 8,766 8,426 8,464

Other interest-bearing debt:

Debt in connection with divestments 3,058 2,900 2,901

Debt from receiving collateral under credit support annexes 61 286 431

Other interest-bearing debt 132 153 166

Total interest-bearing debt 95,165 92,581 92,472

Interest-bearing assets:

Securities 30,874 29,902 31,458

Cash 9,473 10,145 11,866

Receivables from associates and joint ventures 155 77 44

Cash, not available for use 187 481 263

Other receivables:

Receivables from placing collateral under credit support

annexes 4,352 3,854 3,715

Receivables in connection with divestments 758 735 765

Other receivables - 8 437

Total interest-bearing assets 45,799 45,202 48,548

Total net interest-bearing debt 49,366 47,379 43,924

Funds from operations (FFO) LTM

DKKm

30 June

2024

31 December

2023

30 June

2023

EBITDA 22,545 18,717 29,242

Change in provisions and other adjustments 4,104 8,742 (1,174)

Change in derivatives 126 4,274 1,786

Variation margin (add back) (5,007) (7,086) (5,855)

Reversal of gain (loss) on divestment of assets (4,600) (5,745) (10,304)

Income tax paid (3,742) (2,717) (2,240)

Interest and similar items, received/paid 1,623 1,385 (972)

Reversal of interest expenses transferred to assets (484) (453) (472)

50 % of coupon payments on hybrid capital (260) (273) (202)

Dividends received and capital reductions 19 19 1

Funds from operations (FFO) 14,324 16,863 9,810

1 Last 12 months.

Adjusted interest-bearing net debt

DKKm

30 June

2024

31 December

2023

30 June

2023

Total interest-bearing net debt 49,366 47,379 43,924

50 % of hybrid capital 11,396 9,552 9,552

Other interest-bearing debt, add back (3,251) (3,339) (3,498)

Other interest-bearing receivables, add back 5,110 4,597 4,917

Cash and securities not available for distribution,

excluding repo loans 571 867 669

Total adjusted interest-bearing net debt 63,192 59,056 55,564

Funds from operations (FFO)/

adjusted interest-bearing net debt, %

30 June

2024

31 December

2023

30 June

2023

Funds from operations (FFO)/

adjusted interest-bearing net debt 22.7 % 28.6 % 17.7 %

Consolidated financial statements

Interim report First half year 2024

39/51

Dec.

2023

Jun.

2024

Cash Securities, available Undrawn, non-cancellable credit facilities

Liquidity reserve

DKKbn

13. Liquidity reserve

We are trading under both types of

agreements to increase the number of

counterparties with whom we are engaging to

achieve the most optimal prices.

To mitigate and limit the potential negative

impact on our cash position from temporary

fluctuations in market prices, we actively

manage the volumes of trade between trading

with and without collateral arrangements.

As of 30 June 2024, 16 % (2023: 12 %)

of our power and gas trades and 90 %

(2023: 88 %) of our currency, inflation, and

interest rate hedges had daily margin

settlements.

To limit cash impact, we also provide non-cash

collateral as parent company and bank

guarantees, where possible. At the end of

Liquidity reserve

At 30 June 2024, our liquidity reserve

amounted to DKK 76.7 billion (31 December

2023: DKK 90.7 billion). The liquidity reserve

ensures sufficient liquidity to cope with

collateral payments and continuing invest-

ments in the green transformation.

Collateral and margin postings

When we trade in derivatives to execute our

hedging strategy, we have two alternatives:



Trading where the market value is settled

on an ongoing basis through receipt or

placement of collateral.



Trading where we accept the credit risk

that will occur if we gain on the

transaction.

DKK 90.7 billion

DKK 76.7 billion

Dec.

2023

Jun.

2024

Initial margin Variation margin Credit support annex Other collateral

Collateral and margin postings

DKKbn

DKK 7.9 billion

DKK 6.3 billion

Initial margin and variation margin

relate to energy hedges, and the

credit support annex (CSA) relates to

currency, inflation, and interest rate

hedges. Other collateral mainly

relates to insurance liabilities and

escrow accounts. Further securities

can be placed as collateral in repo

transactions as part of our cash

management.

June 2024, we had covered EUR 0.4 billion in

collateral for initial margins and variation

margins on energy hedges through a parent

company guarantee.

Our collateral and margin payments related

to trading with derivatives and our collateral

related to insurance liabilities have decreased

from DKK 7.9 billion at 31 December 2023 to

DKK 6.3 billion at 30 June 2024. The decrease

was primarily driven by the decrease in power

prices and settlement of collateralised trades.

Collateral payments related to initial margins

and variation margins decreased by DKK 0.5

billion and DKK 1.7 billion, respectively, during

the first half year and amounted to DKK 1.6

billion at 30 June 2024.

Consolidated financial statements

Interim report First half year 2024

40/51

14. Subsequent events

In July, Ørsted completed the acquisition of

Eversource’s 50 % share of Sunrise Wind. With

the closing of the transaction, Ørsted

regained the full ownership of the Sunrise

project. The purchase price at closing was

USD 152 million.

41/51

Sustainability statements

Interim report First half year 2024

Sustainability statements

First half year 2024

1 January – 30 June

42/51

Sustainability statements

Interim report First half year 2024

Measurement basis

The sustainability statements have been pre-

pared using the same accounting policies as

the sustainability statements in our annual

report for 2023. Accounting policies and a list

of references for our calculation factors can

be found in our annual report for 2023.



Consolidation

The data is consolidated according to the

same principles as the financial statements.

Thus, the consolidated quantitative ESG data

comprises the parent company Ørsted A/S

and subsidiaries controlled by Ørsted A/S.

Joint operations are also included with

Ørsted's proportionate share. Associates and

joint ventures are not included in the consoli-

dated ESG data points. Consolidation of all

quantitative ESG data follows the principles

above, unless otherwise specified in specific

accounting policies.



Frameworks and data selection

The sustainability statements are selected

interim-relevant parts of the full annual sus-

tainability statements prepared with refer-

ence to the European Sustainability Reporting

Standards (ESRS) issued by the European

Financial Reporting Advisory Group (EFRAG).

The interim-relevant data is selected as being

either directly related to the understanding of

the financial performance and/or our strategic

progress or as selected highlights of our sus-

tainability performance relevant for the read-

ers of the interim report.

The ESG data points in the H1 interim report

are a subset of the full data set in our annual

report for 2023 and are defined as material

according to our double materiality assess-

ment (DMA). For more details about our DMA

methodology, please see the annual report

for 2023.

All greenhouse gas data points (GHG scope 1-

3) are reported based on the Greenhouse Gas

Protocol.

Basis of reporting

43/51

Sustainability statements

Interim report First half year 2024

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

2 This ratio is applied to gross investments.



Taxonomy-aligned KPIs Unit H1 2024 H1 2023

Δ

2023

Revenue (turnover) DKKm

34,191 40,284 (15 %) 79,255

Taxonomy-aligned revenue (turnover) %

91 83 8 %p 86

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

1 1 0 %p 1

Electricity generation from wind power (4.3) %

77 70 7 %p 75

Cogeneration of heat and power from bioenergy (4.20)

1 %p

Taxonomy-non-eligible revenue (turnover) %

9 17 (8 %p) 14

Gas sales %

6 9 (3 %p) 8

Fossil-based generation %

1 4 (3 %p) 3

Other activities

% 2 4 (2 %p) 3

CAPEX DKKm

16,514 14,902 11 % 37,973

Taxonomy-aligned CAPEX %

99 99 0 %p 99

Taxonomy-non-eligible CAPEX %

1 1 (0 %p) 1

EBITDA DKKm

14,058 10,230 37 % 18,717

Taxonomy-aligned EBITDA (voluntary) %

98 102 (4 %p) 95

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

3 3 0 %p 4

Electricity generation from wind power (4.3) %

91 95 (4 %p) 86

Cogeneration of heat and power from bioenergy (4.20) %

4 4

0 %p

Taxonomy-non-eligible EBITDA (voluntary) %

2 (2) 4 %p 5

Gas sales %

(1) (6) 5 %p 3

Fossil-based generation %

0 2 (2 %p) 1

Other activities %

3 2 1 %p 1

Taxonomy-aligned revenue (turnover)

Our taxonomy-aligned share of revenue in H1

2024 was 91 %, an increase of 8 percentage

points compared to H1 2023. This was primari-

ly due to lower non-eligible revenue (part of

the denominator) from gas sales, driven by

lower gas prices. In addition, non-eligible rev-

enue from thermal fossil-based (coal) genera-

tion was also lower.

Taxonomy-aligned CAPEX

Our taxonomy-aligned share of CAPEX in H1

2024 remained at 99 % and is primarily relat-

ed to our wind and solar farms, and to stor-

age facilities.

Taxonomy-aligned EBITDA (voluntary)

The lower share of taxonomy-aligned EBITDA

in H1 2024 compared to H1 2023 was due to

a reduction in losses related to our non-

eligible gas sales and storage activities.

Taxonomy-aligned KPIs (incl. voluntary disclosures)

44/51

Sustainability statements

Interim report First half year 2024

In Q2 2024, we reached commercial opera-

tions (COD) of the offshore wind farm Greater

Changhua 1 and 2a in Taiwan (900 MW),

Sparta Solar in the US (250 MW), and Eleven

Mile, a combined solar and battery storage

facility in the US (300 MW each).

In the UK, we took final investment decision

on the 300 MW battery ICENI, co-located with

the Hornsea 3 offshore wind farm.

In Q2 2024, we removed 70 MW from decided

(FID’ed) P2X capacity, relating to the

FlagshipOne project in Sweden.

In December 2023, we removed our offshore

wind projects Ocean Wind 1, Ocean Wind 2,

and Skipjack Wind in the US from our awarded

capacity. In total, the three US projects

amounted to a capacity of 3.2 GW.

Climate change

Renewable capacity

MW Target H1 2024 H1 2023

Δ

2023

Installed renewable capacity

~35-38 GW (2030)

17,490 15,514 1,976 15,731

Offshore, wind power

~20-22 GW (2030)

9,771 8,871 900 8,871

Onshore

~11-13 GW (2030)

5,644 4,568 1,076 4,785

Wind power

3,726 3,500 226 3,717

Solar PV power

1,578 1,028 550 1,028

Battery storage

340

300

Bioenergy

~2 GW (2030)

2,075 2,075 - 2,075

P2X ~1 GW (2030)

- - - -

Decided (FID'ed) renewable capacity

7,737 4,867 2,870 8,323

Offshore

6,996 3,116 3,880 6,672

Wind power

6,696 3,116 3,580 6,672

Battery storage

300 - 300 -

Onshore

739 1,679 (940) 1,579

Wind power

110 285 (175) 100

Solar PV power

629 1,094 (465) 1,179

Battery storage

300 (300) 300

P2X

2 72 (70) 72

Awarded and contracted renewable capacity

2,753 10,420 (7,667) 3,720

Offshore, wind power

2,753 10,420 (7,667) 3,677

Onshore, wind power

- - 43

Sum of installed and FID'ed renewable capacity

25,227 20,381 4,846 24,054

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

27,980 30,801 (2,821) 27,774

1 Both the solar PV and the battery storage capacities are measured in megawatts of alternating current (MW

2 Including thermal heat capacity from biomass and battery capacity not in Onshore (21 MW).

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

Q3 2023 Q4 2023 Q1 2024 Q2 2024

Sunflower Wind, onshore wind (201 MW) Hornsea 3, offshore wind (2,852 MW) Delta Sevre Argent, onshore wind (9 MW) Greater Changhua 1 and 2a, offshore wind (900 MW)

Ballykeel, onshore wind (16 MW)

Farranrory, onshore wind (43 MW) Sunrise Wind, offshore wind (924 MW) Eleven Mile, solar PV (300 MW)

Garreenleen (Phase 1), solar PV (81 MW) Revolution Wind, offshore wind (704 MW) Eleven Mile, battery storage (300 MW)

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

Garrenleen (Phase 1), solar PV (81 MW)

ICENI (HOW 3), battery storage (300 MW)

45/51

Sustainability statements

Interim report First half year 2024

Climate change (continued)

In Q2 2024, our power generation capacity

increased by 563 MW to 13,164 MW mainly

due to commissioning of Eleven Mile Solar

Center (300 MW) and Sparta Solar (250 MW)

in the US.

In offshore wind, the increase was driven by

ramp-up capacity from South Fork in the US

and Greater Changhua 1 in Taiwan.

In onshore wind and solar PV, we have divest-

ed the French assets.

Generation capacity

MW H1 2024 Q1 2024

Δ

H1 2024 H1 2023

Δ

2023

Power generation capacity

13,164 12,601 563 13,164 11,984 1,180 12,511

Offshore wind

5,134 5,067 67 5,134 4,936 198 4,986

Denmark

561 561 - 561 561 - 561

The UK

2,830 2,830

- 2,830

2,988

(158)

2,830

Germany

673 673 - 673 673 - 673

The Netherlands

376 376 - 376 376 - 376

Taiwan

598 564 34 598 308 290 516

The US

96 63 33 96 30 66 30

Onshore wind

3,666 3,716 (50) 3,666 3,490 176 3,707

The US

3,215 3,215 - 3,215 3,014 201 3,215

Ireland

351 351 - 351 351 - 351

The UK

78 78

- 78 62

France

0 50

(50) 0 41

(41)

Germany

22 22

- 22 22

Solar PV

1,564 1,018 546 1,564 1,018 546 1,018

The US

1,554 1,004 550 1,554 1,004 550 1,004

France

0 4 (4) 0 4 (4) 4

Germany

10 10 - 10 10 - 10

Thermal, Denmark (CHP plants)

2,800 2,800 - 2,800 2,540 260 2,800

Heat generation capacity, thermal

3,353 3,353 - 3,353 3,353 - 3,353

Based on biomass

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

Based on coal

1,300 1,300 - 1,300 1,300 - 1,300

Based on natural gas

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

Heat generation capacity, electric

225 225 - 225 225 - 225

Power generation capacity, thermal

2,800 2,800 - 2,800 2,540 260 2,800

Based on biomass

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

Based on coal

991 991 - 991 991 - 991

Based on natural gas

951 951

- 951 951

951

Based on oil

734 734 - 734 474 260 734

46/51

Sustainability statements

Interim report First half year 2024

Energy generation

Offshore wind power generation increased by

14 % to 9.3 TWh in H1 2024 compared to H1

2023. The increase was primarily due to

ramp-up capacity in Taiwan and the US as

well as increased wind speeds across all re-

gions.

Onshore wind power generation was 6.6 TWh

in H1 2024, an increase of 10 % compared to

2023. The increase was primarily driven by

increased wind speeds and generation at

Sunflower wind (COD in Q3 2023). Solar PV

generation increased by 26 %, driven by ramp

-up generation at Sparta and Eleven Mile.

Thermal power generation decreased by 12 %

in H1 2024 compared to H1 2023, mainly due

to less attractive spreads for condensing

power generation.

Heat generation was 6 % higher in H1 2024

compared to H1 2023, mainly due to the

colder weather in Q1 2024.

Energy sales

In H1 2024, gas sales were 9 % higher com-

pared to H1 2023, mainly driven by offtake of

gas volumes from the North Sea following

the completion of the maintenance work on

Tyra in H1 2024. The increase was partly off-

set by lower volumes sourced due to the

expiry of a wholesale offtake contract with

Equinor in Q1 2024.

Power sales were lower than in H1 2023, part-

ly due to lower production from Hornsea 1

due to outages and curtailments in 2024, and

lower volumes from balancing activities.

Climate change (continued)

Energy generation and sales

GWh Q2 2024 Q2 2023

Δ

H1 2024 H1 2023

Δ

2023

Power generation

8,659 7,282 19 % 19,586 17,891 9 % 35,572

Offshore wind

3,667 3,044 20 % 9,337 8,206 14 % 17,761

Denmark

418 371 13 % 1,108 970 14 % 1,970

The UK

2,029

1,779

14 %

5,171

5,195

(0 %)

10,887

Germany

434 398 9 % 1,187 964 23 % 2,076

The Netherlands

269 288 (7 %) 713 700 2 % 1,449

Taiwan

447 190 135 % 1,027 331 210 % 1,291

The US

70 18 289 % 131 46 185 % 88

Onshore wind

3,277 2,647 24 % 6,648 6,031 10 % 11,228

The US

3,064 2,454 25 % 6,066 5,509 10 % 10,124

Ireland

153 144 6 % 416 389 7 % 809

France

(12 %)

21 %

Germany

0 %

7 %

The UK

62 %

35 %

148

Solar PV

910 674 35 % 1,311 1,040 26 % 2,146

The US

906 668 36 % 1,305 1,031 27 % 2,131

Germany

3 4 (25 %) 4 6 (33 %) 11

France

1 2 (50 %) 2 3 (33 %) 4

Thermal

805 917 (12 %) 2,290 2,614 (12 %) 4,437

Heat generation

935 790 18 % 4,220 3,968 6 % 6,587

Total heat and power generation

9,594 8,072 19 % 23,806 21,859 9 % 42,159

Of which, thermal heat and power, %

18 % 21 % (3 %p) 32 % 30 % 2 %p 26 %

Gas sales

4,051 4,016 1 % 9,217 8,484 9 % 16,880

Power sales

3,854 4,158 (7 %) 10,118 11,257 (10 %) 21,448

Green power to end customers

269 177 52 % 383 360 6 % 881

Regular power to end customers

320 428

(25 %)

860 895

(4 %)

1,567

Power wholesale

3,265 3,553 (8 %) 8,875 10,002 (11 %) 19,000

1 Power sold with renewable certificates.

2 Power sold without renewable certificates.

47/51

Sustainability statements

Interim report First half year 2024

The renewable share of heat and power gener-

ation was 97 % in H1 2024, which was

5 percentage points higher than in H1 2023.

The main driver for the increased renewable

share of heat and power generation compared

to H1 2023 was the 6 percentage point de-

crease in the share of coal-based generation.

The reduced coal-based generation was due

to a combination of lower condensing power

generation at the CHP plants because of un´-

favourable spreads and lower coal-based gen-

eration at Studstrup Power Station due to the

switch back to biomass based generation in H1

2023 after the fire in the wood pellet silo in the

Climate change (continued)

Share of renewable energy generation

autumn of 2022. Subsequently, the share of

sustainable biomass generation increased by

3 percentage points compared to H1 2023.

The 2 percentage point increase in the share

from offshore wind was primarily due to ramp

-up effects from Greater Changhua 1 and 2a,

and higher offshore wind speeds compared to

H1 2023.

Total heat and power generation by energy

source

Share of renewable energy generation

Share of energy generation

Q2 2024 Q2 2023

Δ

H1 2024 H1 2023

Δ

2023

Total heat and power generation

100 100 0 %p 100 100 0 %p 100

From offshore wind

38 38 0 %p 39 37 2 %p 42

From onshore wind

34 33 1 %p 28 28 0 %p 27

From solar PV

9 8 1 %p

5 5 0 %p

From sustainable biomass

14 17 (3 %p)

24 21 3 %p

From other renewable energy sources

2 1 1 %p 1 1 0 %p 1

From coal

2 3 (1 %p) 2 8 (6 %p) 6

From natural gas

1 0 1 %p 1 0 1 %p 1

From other fossil energy sources

0 0 0 %p 0 0 0 %p 0

Share of renewable energy generation

97 97 0 %p 97 92 5 %p 93

Offshore

100 100 0 %p 100 100 0 %p 100

Onshore

100 100 0 %p 100 100 0 %p 100

Bioenergy & Other

86 68 18 %p 89 72 17 %p 73

48/51

Sustainability statements

Interim report First half year 2024

Climate change (continued)

Energy consumption

The consumption of natural gas increased by

63 %, mainly driven by increased heat genera-

tion at the two natural gas-fired plants

Svanemølle Power Station and H.C. Ørsted

Power Station.

The consumption of coal decreased by 73 %,

due to a combination of lower condensing

power generation as a result of lower power

prices resulting in unfavourable spreads, and

resumed biomass consumption replacing

coal consumption at Studstrup Power Station

since April 2023.

The total fuel consumption for thermal heat

and power generation was reduced by 7 % in

H1 2024 compared to H1 2023.

The consumption of sustainable biomass in-

creased by 17 % compared to H1 2023, mainly

driven by increased biomass usage at

Studstrup Power Station due to the fire in the

wood pellet silo leading to lower biomass

usage in H1 2023.

Energy consumption Unit Q2 2024 Q2 2023

Δ

H1 2024 H1 2023

Δ

2023

Direct energy consumption (GHG, scope 1)

GWh

2,719 3,023 (10 %) 8,217 8,852 (7 %) 14,936

Fuels used in thermal heat and power generation

GWh

2,668 2,975 (10 %) 8,129 8,763 (7 %) 14,764

Sustainable biomass

GWh

2,180 2,361 (8 %) 7,034 6,014 17 % 10,074

Coal

GWh

283 460 (38 %) 653 2,447 (73 %) 3,782

Natural gas

GWh

169 107 58 % 363 223 63 % 746

Oil

GWh

36 47 (23 %) 79 79 0 % 162

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

51 48 6 % 88 89 (1 %) 172

Coal used in thermal heat and power generation Thousand tonnes

42 73 (42 %) 100 372 (73 %) 546

Certified sustainable wooden biomass sourced %

100 100 0 %p 100 100 0 %p 100

Indirect energy consumption (GHG, scope 2) GWh

144 185 (22 %) 312 297 5 % 632

Power sourced for own consumption GWh

142 183 (22 %) 303 289 5 % 618

Own power consumption covered by renewable energy certificates %

100 100 0 %p 100 100 0 %p 100

Heat sourced for own consumption GWh

2 2 0 % 9 8 13 % 14

Total direct and indirect energy consumption GWh

2,863 3,208 (11 %) 8,529 9,150 (7 %) 15,568

Green share of total direct and indirect energy consumption %

81 79 2 %p 86 69 17 %p 69

49/51

Sustainability statements

Interim report First half year 2024

Scope 1, 2, and 3 GHG intensity (excluding

emissions from natural gas sales) increased by

65 % compared to H1 2023 ,primarily due to

the increased scope 3 emissions from our

commissioned assets (capital goods) in H1

2024.

In H1 2024, scope 3 greenhouse gas emissions

increased by 78 % compared to H1 2023,

mainly driven by the 2 million tonnes CO

increase in scope 3 emissions from capital

goods. The capital goods emissions are green-

house gas emissions from ‘cradle to operation’

of the new assets commissioned in H1 2024

namely Greater Changhua 1 and 2a, Eleven

GHG emissions (scope 1-3)

Scope 1 greenhouse gas (GHG) emissions de-

creased by 62 % from H1 2023 to H1 2024. The

main driver was the 73 % decrease in

the use of coal at the power stations, partly

offset by a 63 % increase in the use of natural

gas.

Mile (combined solar and battery), and Sparta

Solar.

GHG intensities

Our scope 1 and 2 GHG intensity of energy

consumption decreased by 64 % compared to

H1 2023, primarily due to the decrease in fossil

-based heat and power generation.

Climate change (continued)

Greenhouse gas (GHG) emissions

GHG emissions and intensities Unit Q2 2024 Q2 2023

Δ

H1 2024 H1 2023

Δ

2023

Direct GHG emissions (scope 1) Thousand tonnes CO

e 155 197 (21 %) 350 918 (62 %) 1,585

Indirect GHG emissions (scope 2)



Location-based Thousand tonnes CO

e 15 27 (44 %) 30 43 (30 %) 93

Market-based Thousand tonnes CO

e 0 0 0 % 0 0 0 % 1

Indirect GHG emissions (scope 3) Thousand tonnes CO

e 3,310 1,349 145 % 5,149 2,888 78 % 5,631

C2: capital goods Thousand tonnes CO

e 1,984 10 n.a. 1,988 10 n.a. 91

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

e 267 324 (18 %) 725 765 (5 %) 1,314

C11: use of sold products Thousand tonnes CO

e 952 923 3 % 2,172 1,944 12 % 3,862

Other categories Thousand tonnes CO

e 107 92 16 % 264 169 56 % 364

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

e 3,480 1,573 121 % 5,529 3,849 44 % 7,309

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

e 3,465 1,546 124 % 5,499 3,806 44 % 7,217

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

e 2,513 623 303 % 3,327 1,862 79 % 3,355

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

e 2,358 426 454 % 2,977 944 215 % 1,769

GHG intensity (scope 1 and 2)





GHG intensity, energy generation g CO

e/kWh 16 24

(33 %)

15 42

(64 %)

Offshore g CO

e/kWh 3 3

0 %

2 2

0 %

Onshore g CO

e/kWh 0 0

0 %

0 0

0 %

Bioenergy & Other g CO

e/kWh 83 110

(25 %)

51 137

(63 %)

141

GHG intensity, revenue g CO

e/DKK 10 14

(29 %)

10 23

(57 %)

GHG intensity, EBITDA g CO

e/DKK 24 59 (59 %) 25 90 (72 %) 85

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

e/kWh 262 77 240 % 140 85 65 % 80

50/51

Sustainability statements

Interim report First half year 2024

The lost-time injury frequency (LTIF) was

43 % lower in H1 2024 compared to H1 2023.

The total number of lost-time injuries (LTIs)

decreased by five injuries, mainly driven by

the reduction by four injuries among contrac-

tor employees.

In H1 2024, our total recordable injury rate

(TRIR) was at 2.1, which is 19 % lower than in H1

2023.

In H1 2024, the total number of recordable

injuries (TRIs) decreased by two injuries, which

equals a decrease of 6 % compared to H1

2023. Both own employee and contractor

employee injuries were one injury lower in H1

2024 compared to H1 2023.

The reduction in the total number of employ-

ees and increased total turnover for H1 2024

compared to H1 2023 are both due to redun-

dancies made as part of our work to reduce

our fixed costs and increase our efficiency as

communicated in our annual report 2023.

The number of employees was 3 % lower at

the end of H1 2024 compared to H1 2023.

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

er than in H1 2023.

The voluntary turnover increased slightly by

0.3 percentage points in H1 2024, whereas the

total turnover increased by 1.4 percentage

points.

1 FTE distribution in other countries in H1 2024: the Netherlands (108), Ireland (103), Singapore (20),

Korea (17), Spain (9), Sweden (8), Vietnam (8), Japan (3), and Norway (2).

Own workforce

People and safety

People H1 2024 H1 2023

Δ

2023

Total number of employees, FTEs

8,411 8,661 (3 %) 8,905

Denmark

4,075 4,333 (6 %) 4,354

The UK

1,275

1,284

(1 %)

1,311

The US

711 749 (5 %) 746

Malaysia

753 712 6 % 769

Poland

760 667 14 % 776

Germany

378 368 3 % 385

Taiwan

181 186 (3 %) 193

Other

278 362 (23 %) 371

Sickness absence, %

2.2 2.0 0.2 %p 2.1

Turnover, %



Total employee turnover rate 12.2 10.8 1.4 %p 9.6

Voluntary employee turnover rate

8.3 8.0 0.3 %p 7.2

Safety H1 2024 H1 2023

Δ

2023

Total recordable injuries (TRIs), number

30 32 (6 %) 73

Own employees

8 9 (11 %) 23

Contractor employees

22 23 (4 %) 50

Lost-time injuries (LTIs), number

12 17 (29 %) 36

Own employees

3 4 (25 %) 12

Contractor employees

9 13 (31 %) 24

Hours worked, million hours

14.4 12.2 18 % 25.8

Own employees

7.2 7.1 1 % 14.5

Contractor employees

7.2 5.1 41 % 11.3

Total recordable injury rate, TRIR

2.1 2.6 (19 %) 2.8

Own employees

1.1 1.3 (15 %) 1.6

Contractor employees

3.1 4.5 (31 %) 4.4

Lost-time injury frequency, LTIF

0.8 1.4 (43 %) 1.4

Own employees

0.4 0.6 (33 %) 0.8

Contractor employees

1.3 2.5 (48 %) 2.1

TRIR 12M rolling

2.5 3.1 (19 %) 2.8

LTIF 12M rolling

1.1 1.6 (31 %) 1.4

Fatalities, number

0 0 0 % 0

Permanent disability cases, number

0 0 0 % 0

Consolidated financial statements

Interim report First half year 2024

51/51

In our opinion, the Sustainability statements

represents a reasonable, fair, and balanced

representation of the Groups sustainability

performance and are prepared in accordance

with the stated accounting policies.

Over and above the disclosures in the interim

report, no changes in the Group's most

significant risks and uncertainties have

occurred relative to the disclosures in the

annual report for 2023.

The Board of Directors and the Executive

Board have today considered and approved

the interim report of Ørsted A/S for the period

1 January - 30 June 2024.

The interim report, which has not been

audited or reviewed by the company’s

independent auditors, has been prepared in

accordance with IAS 34 'Interim Financial

Reporting' as adopted by the EU and

additional requirements in the Danish

Financial Statements Act. The accounting

policies remain unchanged from the annual

report for 2023.

In our opinion, the interim report gives a true

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

and financial position at 30 June 2024 and of

the results of the Group's operations and cash

flows for the period 1 January - 30 June 2024.

In our opinion, the Management's review

represents a true and fair account of the

development in the Group's operations and

financial circumstances, of the results for the

period, and of the overall financial position of

the Group as well as a description of the most

significant risks and elements of uncertainty

facing the Group.

Skærbæk, 15 August 2024

Mads Nipper

Group President and CEO

Rasmus Errboe

Deputy CEO and CCO

Lene Skole

Chair

Julia King, the Baroness

Brown of Cambridge

Benny Gøbel*

Anne Cathrine Collet Yde*

Andrew Brown

Deputy Chair

Peter Korsholm

Lara Jewinat*

Annica Bresky

Dieter Wemmer

Ian McCalder*

*Employee-elected board member

Executive Board:

Board of Directors:

Statement by the Executive Board

and the Board of Directors

Trond Westlie

CFO

Henriette Fenger Ellekrog

Chief HR Officer

19/51

Management’s review

Interim report First half year 2024

Ørsted A/S

CVR no. 36213728

Kraftværksvej 53

DK-7000 Fredericia

Tel.: +45 99 55 11 11

orsted.com

Global Media Relations

Carsten Birkeland Kjær

Tel.: +45 99 55 77 65

Investor Relations

Rasmus Keglberg Hærvig

Tel.: +45 99 55 90 95

Front page image

Sparta, the solar part of Helena Energy Cen-

ter, the US

Publication

15 August 2024