Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	367922000000	dkk
ifrs-full:Assets	2024-12-31	298786000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	73244000000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	71034000000	dkk

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   <mrv:CorporateGovernanceReport contextRef="ctx-1" id="f1__s9__9__5" xml:lang="en">Governance frameworkAs a publicly listed company, Ørsted is subject to the recommendations on corporate governance issued by the Danish Committee on Corporate Governance, which is available here.Compliance with corporate governance  recommendationsWe comply with all the Danish corporate governance recommendations. A separate overview describing our compliance with each of the recommendations can be found here.Governance structureOur shareholders exercise their rights at the general meeting, which is the supreme governingbody of the company. The Danish State is our majority shareholder with a 50.1 % ownership share. The Danish State exercises its ownership interest in Ørsted in accordance with the standard governance set-up in Danish compa-nies. The Danish State’s ownership policy (only in Danish) is available on: www.fm.dk/arbejdsomraader/statens-selskaber/ejerskabsvaretagelse/.At the general meeting, our shareholders exercise their voting rights under a one-share-one-vote principle. Resolutions at the general meeting can generally be passed by a simple majority. Due to the majority owner-ship by the Danish State, we have a bespoke quorum requirement as proposals to amend our articles of association or dissolve the company require that the Danish State participates in the general meeting and supports the proposals.Ørsted has a two-tier management structure  consisting of the Board of Directors and the Executive Board. The Board of Directors and Executive Board are  separate bodies, and none serve as a member of both. All members of the Executive Board are also part of the Group Executive Team.Board of Directors The Board of Directors is responsible for the company’s overall and strategic management and the supervision of the Executive Board. You can see the most important tasks dealt with by the Board of Directors in 2025 on the following page.At the annual general meeting, the shareholders elect six to eight board members, including a chair and a vice chair. They serve for a one-year term and may be re-elected. In addition, our employees may elect a number of board members equal to half the number elected by the general meeting. //  ESRS 2, GOV-1Our Board of Directors comprises ten non-executive members. // Six re-elected or elected by the general meeting in 2025 and four members elected by the employees in 2024. A global election for employee- elected board members will be held in the beginning of 2026, and the elected members will join the Board of Directors immediately after the annual general meeting in April 2026. The employee-elected board members have the same rights, duties, and responsibil-ities as the members elected by the general meeting and may be re-elected.Nomination &amp;  Audit &amp; Risk Asset  Meeting attendance  Board of DirectorsRemuneration CommitteeCommitteeProject CommitteeBoard members Ordinary Extraordinary Ordinary Extraordinary Ordinary Ordinary ExtraordinaryLene Skole 8/0 8/0 3/0Andrew Brown 8/0 8/0 3/0 7/0 1/0Annica Bresky 8/0 6/2 7/1 7/0 1/0Julia King 8/0 8/0 3/0 7/0 1/0Judith Hartmann 1  7/0 5/1 8/0Julian Waldron 1  7/0 6/0 8/0Benny Gøbel 8/0 8/0Leticia Francisca Torres Mandiola 18/0 8/0Anne Cathrine Collet Yde 8/0 8/0Pawel Matysiak 11/1 0/0The numbers indicate how many meetings in 2025 the members have attended or not attended, respectively, during the year.1   Judith Hartmann and Julian Waldron joined the Board of Directors on 3 April 2025. Leticia Francisca Torres Mandiola stepped down from the Board of Directors on 31 January 2026. Pawel Matysiak joined the Board of Directors on 22 November 2025.// ESRS 2, GOV-1Five of the six board members (83 %) elected by 1the general meeting are considered independent.The four employee-elected board members are not 1 considered independent.//// ESRS 2, GOV-1 and GOV-2The Board of Directors is the highest governing body for sustainability. ESG and sustainability priorities are an integral part of the decision-making governance of the Board of Directors. The Board ultimately approves the sustainability strategy and targets and oversees our performance on material sustainability impacts, risks, and opportunities (IROs). The Board is presented with an annual progress update across material IROs, strategic sustainability priorities, and targets and has deep dives on sustainability topics, when needed. //// ESRS 2, GOV-1As a whole, the Board possesses expertise across our material sustainability IROs. Based on the seven ESRS topics that have been assessed as material to Ørsted through our DMA, we have mapped the Board’s sus-tainability competences to ensure that they have the relevant expertise to oversee material sustainability matters. For more details, see pages 43-45. The Board of Directors reviews the required  competences for its composition annually.  The list of required competences can be found at orsted.com/competences-overview.By the end of 2025, Ørsted had equal representa-tion (as defined by the Gender Balance Act, Danish Financial Statements Act § 107f) among members of 1   As defined in section 3.2.1 in the Danish Recommendations  on Corporate Governance of 2 December 2020.Important tasks 2025  — managed by the Board of DirectorsInvestments, acquisitions, and divestmentsDecision to bid in the Tonn Nua offshore wind action in Ireland, together with a partner (ESB). Final investment decision on the Baltica 2 Off-shore Wind Farm.Decision to enter into an agreement with Apollo- managed funds for a 50 % equity ownership share in the Hornsea 3 Offshore Wind Farm in the UK.Decision to enter into an agreement with Cathay Life Insurance for a 55 % equity ownership share in the Greater Changhua 2 Offshore Wind Farm in Taiwan.Decision to establish an asset-level project financing package for the 632 MW offshore wind farm Greater Changhua 2. Decision to discontinue the Hornsea 4 wind pro-ject in the UK in its current form. Decision to discontinue the process for a partial divestment of the Sunrise Wind offshore wind project in the US.Other tasksDecision to adjust the business plan and the mid-term financial targets.Decision to strengthen Ørsted’s capital structure by launching and completing a rights issue with pre-emptive rights for existing shareholders amounting to DKK 60 billion in gross proceeds. Decision to appoint Rasmus Errboe as new Group President and CEO. Decision to expand the Group Executive Team by appointing a Chief Development Officer (CDO) and a Chief Generation Officer (CGO).Decision to implement organisational transfor-mation initiatives, including cost and FTE targets.Decision to implement a new enterprise risk management framework.Decision to implement an indemnification scheme covering the Board of Directors and the Executive Board.Oversight of recurring portfolio reviews, enter-prise risks, and rolling business priorities.Oversight of the stop-work order (Revolution Wind offshore wind project) and lease suspen-sion orders (Revolution Wind and Sunrise Wind offshore wind projects) from the U.S. Depart-ment of the Interior’s Bureau of Ocean Energy Management.Oversight of financial results and guidance, including impairments.Oversight of sustainability performance and reporting, including double materiality results.the Board of Directors elected by the general meeting. The Board of Directors consisted of six members elected by the general meeting, four women (67 %) and two men (33 %). By the end of 2025, Ørsted also had equal representation (as defined by the Gender Balance Act, Danish Financial Statements Act § 107f) among board members elected by the employees of the Ørsted group pursuant to Danish mandatory rules. The Board of Directors consisted of four members elected by the employees of the Ørsted Group, two women and two men corresponding to 50 % of each gender. //Seven nationalities are represented in the Board of Directors. The members elected by the general meeting range in age from 50 to 71 years, while those elected by the employees range from 38 to 58 years. Our board members bring varied expertise in finance, economics, geophysics, and engineering and have  professional expe-rience across industries, private equity, and academia. Information about each board member, including other managerial positions, independence, and their contribution to the required board competences, can be found on the following pages. Their meeting attend-ance during 2025 can be found on the previous page.The Board of Directors evaluates its performance annually. In 2025, the board evaluation was conducted with the assistance of an external advisor through a customised online survey distributed to all members of the Board of Directors and the Group Executive Team, supplemented by individual interviews and a joint board discussion. The rating of the board evaluation categories in the online survey was generally on par with a benchmark provided by the external advisor. The board discussion did, among other things, include a discussion on i) how to best structure board agendas and material, and ii) how the feedback culture could be further strengthened, both within board member inter-actions and in board-executive interactions, to further elevate leadership. As part of the evaluation, the Board of Directors agreed on various improvement initiatives, including enhanced onboarding of new board members and succession planning, and other topics to be further discussed by the board during 2026.The general meeting determines the remuneration for the members of the Board of Directors for the financial year in which the general meeting is held. In the sepa-rate remuneration report, you can read more about the remuneration of the Board of Directors. Below, you can find a link to the remuneration report and a link to our statutory report on data ethics, prepared in accordance with the Danish Financial Statements Act, section 99 d.orsted.com/remuneration2025 orsted.com/data-ethics2025Board of DirectorsLene Skole*1959, Denmark, femaleElected by the general meeting Independent2015   Joined as Deputy Chair 2024   Elected  Chair 2025  Most recently reelected2026   Current election period expires// ESRS 2, GOV-1ExperienceHighly experienced in managing listed companies from her former position as CFO of Coloplast and current position as CEO of Lundbeckfonden where she also serves as a non-executive director of port-folio companies of Lundbeckfonden.Managerial functions in other enterprisesCEO  Lundbeckfonden and Lundbeckfond Invest A/S 1  Deputy Chair  ALK-Abelló A/SChair LFI Equity A/S, 1, Falck A/S H. Lundbeck A/S, and Nordea Bank Abp.Board committee memberships in other enterprisesMember of the Remuneration Committee of Falck A/S, member of the Nomination &amp; Remuneration Committee and the Scientific Committee of ALK-Abelló A/S, member of the Nomination &amp; Remuner-ation Committee and the Scientific Committee of H. Lundbeck A/S, and member of the Audit Committee of Nordea Bank Abp. //Management competencesGeneral · Financial · Risk · Stakeholder // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity   Social  People management, diversity &amp; inclusion · Health &amp; safety  Governance  Business conduct //Other competencesInvestor and capital market relationships  1   Board positions included in the position as  CEO of Lundbeckfonden.Andrew Brown*1962, United Kingdom, maleElected by the general meeting Not considered independent due to former position as interim COO of Ørsted2023  Joined as board member2024  Elected Deputy Chair2025  Most recently reelected2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive international executive experience from leading positions in large global organisations, within operations, and projects with both Shell (ExCom) and Galp Energia (CEO) and from his former position as interim COO of Ørsted. Also, non- executive experience as Vice Chair of SBM Offshore.Other positionsAdvisor to ZeroAvia Inc. and President of the Energy Institute (EI). //Management competencesGeneral · Project · Stakeholder // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment Decarbonisation  Social   People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact   Governance   Business  conduct //Other competencesInvestor and capital market relationshipsAnnica Bresky*1975, Sweden, femaleElected by the general meeting Independent2023 Joined2025   Most recently re-elected2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive industrial and leadership experience from global listed companies within the forestry, paper, and packaging industry from her former positions as President and CEO of Stora Enso and as CEO of Holmen Iggesund Paperboard. A deep knowledge of sustainability transformation and policy develop-ment in the EU and globally.Managerial functions in other enterprisesChair  Permascand Top Holding AB  Member Alfa Laval AB, Vaisala Oyj, Fagerhult Group AB (publ), and Nordstjernan AB CEO  Bresky Invest AB.Board committee memberships in other enterprisesMember of the Nomination Committee and the People and Sustainability Committee of Vaisala Other positionsMember of the Royal Swedish Academy of  Engineering Sciences (IVA). //Management competencesGeneral · Financial · Risk · Project · Stakeholder // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity ·  Circularity  Social  People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact  Governance   Business conduct //Other competencesIT, digitalisation, AI &amp; cybersecurity · Investor and capital market relationships · Innovation Julia King The Baroness Brown of Cambridge*1954, the United Kingdom, femaleElected by the general meeting Independent2021 Joined2025  Most recently re-elected2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive international background within engi-neering in both industry and academia, including Rolls-Royce plc, Cambridge University, and Imperial College. A deep knowledge of renewable energy and government policy perspectives from positions, among others, as member of the Committee on Climate Change and non-executive director of the Green Investment Bank.Managerial functions in other enterprisesChair  Frontier IP Group Plc.Non-executive director  Ceres Power Holdings Plc (Senior Independent Director).Board committee memberships in other enterprisesChair of the ESG Committee and member of the  Remuneration and Nomination Committee of Ceres Power Holdings Plc, member of the Audit, Remuneration and Nomination Committees of Frontier IP Group Plc.Other positionsCrossbench Peer in the UK House of Lords, Chair of the Adaptation Committee of the Committee on Climate Change, and member of the Intelligence and Security Committee of Parliament. // Management competencesGeneral · Financial · Project · Stakeholder // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity · Circularity · Social  People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact  Governance  Business conduct //Other competencesIT, digitalisation, AI &amp; cybersecurity · InnovationJudith Hartmann*1969, Austria, femaleElected by the general meeting Independent2025 Joined2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive international executive experience in both operational and financial roles in global complex listed and private companies, including ENGIE (CFO, Deputy CEO, and member of Collegial Manage-ment Committee, Bertelsmann (CFO), General Electric and Unilever PLC (non-executive director), and from her current role as Operating Partner with Sandbrook Capital. Deep knowledge of energy markets and the renewables industry.Managerial functions in other enterprisesOperating Partner  Sandbrook Capital Manage-ment. Non-Executive Director  Marsh &amp; McLennan Companies Inc. and Suez SA Member  NXWind Unus 1Limited. Board committee memberships in other enterprisesMember of the Audit Committee, Finance Com-mittee, and Business Responsibility Committee of Marsh &amp; McLennan Companies Inc. //Management competencesGeneral · Financial · Risk // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity · Circularity  Social  People management, diversity &amp; inclusion · Health &amp; safety · Human rights Governance  Business conduct //Other competencesInvestor and capital market relationships 1   Board position included in the position as Operating Partner of Sandbrook Capital Management LP.Julian Waldron *1964, France/the United Kingdom, maleElected by the general meeting Independent2025 Joined2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive international executive experience from leading finance and operational roles in a variety of large global organisations, including at Suez,  Technip, and Thomson (CFO), Albea and Thomson (CEO), and Technip-FMC (COO). Particular knowl-edge of project management and project risks from Technip and Suez. Non-executive experience in both listed and non-listed companies.Managerial functions in other enterprisesChair   Albea SA Member  Syensqo SA and Carbon Clean Limited President  J Waldron Consulting SARL. //Board committee memberships in other enterprisesChair of the Audit and Risk Committee of Syensqo SA, Chair of the Finance, Risk and Investment Committee of Carbon Clean Limited, and member of the Audit Committee of Albea SA. //Management competencesGeneral · Financial · Risk · Project · Stakeholder// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation  · Biodiversity · Circularity  Social  Health &amp; safety · Human rights Governance  Business conduct //Other competencesIT, digitalisation, AI &amp; cybersecurity · Investor and capital market relationshipsBenny Gøbel*1967, Denmark, maleElected by the employees Not independent2011 Joined2024  Most recently re-elected2026  Current election period expires// ESRS 2, GOV-1ExperienceBenny Gøbel has worked at Ørsted since 2005.PositionSenior Mechanical Specialist, Generation. //Anne Cathrine Collet Yde*1983, Denmark, femaleElected by the employees Not independent2022 Joined2024  Most recently re-elected2026  Current election period expires// ESRS 2, GOV-1ExperienceAnne Cathrine Collet Yde has worked at Ørsted  since 2017.PositionHead of Global Business Partnering,  People &amp; Culture. //Management competencesProject · Stakeholder// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesSocial  People management, diversity  &amp; inclusion · Health &amp; safety · Human rights ·  Governance Community impact //Pawel Matysiak *1983, Poland, maleElected by the employees Not independent2025 Joined2026  Current election period expires// ESRS 2, GOV-1ExperiencePawel Matysiak has worked at Ørsted since 2013.PositionSolutions Manager, IT. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesSocial  People management, diversity &amp; inclusion //Other competencesIT, digitalisation, AI, and cybersecurityArul Gynasegaran*1987, Malaysia, maleElected by the employees Not independent2026 Joined2026  Current election period expires// ESRS 2, GOV-1ExperienceArul Gynasegaran has worked at Ørsted since 2022.PositionSenior Project Lead, EPC. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment Decarbonisation Social People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Governance  Community impact //Board  committeesThe Board of Directors has established three commit-tees, consisting of members appointed by and among the members of the Board of Directors: The Audit &amp; Risk Committee, the Nomination &amp; Remuneration  Committee, and the Asset Project Committee.Audit &amp; Risk Committee Judith Hartmann (Chair), Annica Bresky, and Julian Waldron are the members of this committee.The tasks of the committee include monitoring Ørsted’s financial and sustainability reporting, overseeing the policies and procedures for control, monitoring, and mitigation of financial and sustainability risks across Ørsted, and review of regulatory compliance, Ørsted’s enterprise risk management system, market price fore-cast, and WACC. Moreover, the committee is responsi-ble for the supervision of Ørsted’s external and internal auditors (including limits for non-audit services), evaluation of the external auditors’ independence and monitoring of the company’s whistleblower scheme.In 2025, the committee reviewed impairments on our property, plant, and equipment with a high atten-tion to our US offshore wind projects, monitored the development in provisions for onerous contracts and cancellation fees and oversaw the implementation of the new Enterprise Risk Management Framework. Furthermore, the committee performed oversight on the strengthening of the internal control framework, continuation of assessment of the claim made by the Danish Tax Agency requiring double Danish taxation of certain of our British off shore wind farms, and lastly, reviewed the progress in IT and cybersecurity. Our Internal Audit function reports to the committee and is independent of our administrative management structures. Internal Audit enhances and protects the organisational value by providing risk-based and objective assurance, advice, and insight. The focus for Internal Audit is to audit and advise on our core processes, governance, risk management, control processes, and IT security.// ESRS G1, GOV-1The Chair of the Audit &amp; Risk Committee is responsible for managing our whistleblower scheme. Internal Audit receives and handles any reports submitted. //Our employees and external other associates may report serious offences, such as cases of bribery, fraud, and other inappropriate or illegal conduct, to our whistle blower scheme or through our management system. In 2025, 24 substantiated cases of inappropri-ate or unlawful behaviour were reported through our whistleblower scheme. A total of twelve cases related to good business conduct policy violations, nine cases were classified as discrimination and harassment, and three cases concerned the workplace environment. None of the reported cases were critical to our busi-ness, nor did they cause adjustments to our financial results. Additionally, no cases reported through the whistleblower hotline required reporting to the police.Whistleblower cases are taken very seriously, and we continuously enhance the awareness of good business conduct through education and awareness campaigns for our employees to minimise future similar cases.You can read more about the Audit &amp; Risk Committee and the terms of reference for the committee at  orsted.com/audit-risk-committee.Nomination &amp; Remuneration CommitteeLene Skole (Chair), Andrew Brown, and Julia King are the members of this committee.The committee assists the Board of Directors in matters regarding the composition, remuneration, and performance of the Board of Directors and the Group Executive Team.In 2025, the committee reviewed the executive man-agement structure and discussed the appointment of Rasmus Errboe as Group President and CEO. The com-mittee also considered the recruitment and appoint-ment of Chief Development Officer (CDO) Amanda Dasch and Chief Generating Officer (CGO) Godson Njoku as new members of the Group Executive Team. In addition, the committee reviewed the structure and KPIs governing variable pay for the Executive Board and prepared an update of the Remuneration Policy, which was subsequently approved by the shareholders at the annual general meeting. You can read more about the Nomination &amp; Remuneration Committee and the terms of reference for the committee at  orsted.com/nomination-remuneration-committee.Asset Project CommitteeAndrew Brown (Chair), Julia King, and Annica Bresky are the members of this committee.The committee assists the Board of Directors with overseeing the planning, execution, and delivery of asset projects to ensure they meet the company’s strategic objectives, budget, and timelines.In 2025, the committee reviewed and discussed several updates on our asset projects. These updates included our project organisation, project top risks, portfolio risks, risk management, supply chain status, bid  submissions, project-specific costs and schedule updates, and final investment decisions. You can read more about the Asset Project Committee and the terms of reference for the committee at  orsted.com/asset-project-committee.Group Executive TeamThe Executive Board is appointed by the Board of Directors and is in charge of the day-to-day management of Ørsted through the Group Executive Team in accordance with the guidelines and instructions given by the Board of Directors.Rasmus ErrboeGroup President and CEOTrond WestlieCFOHenriette Fenger EllekrogCHROPatrick HarnettCCOAmanda DaschCDOGodson NjokuCGOThe Executive Board is appointed by the Board of Directors and is in charge of the day-to-day manage-ment of Ørsted through the Group Executive Team in accordance with the guidelines and instructions given by the Board of Directors.// ESRS 2, GOV-1Our Group Executive Team comprises three executive and three non-executive members. Rasmus Errboe (Group President and CEO), Trond Westlie (CFO), and Henriette Fenger Ellekrog (Chief HR Officer) are  members of the Executive Board and registered as executives with the Danish Business Authority. All members of the Executive Board are also part of the Group Executive Team, which in addition consists of Patrick Harnett (Chief Construction Officer), Amanda Dasch (Chief Development Officer), and Godson Njoku (Chief Generation Officer).By the end of 2025, Ørsted had equal representation (as defined by the Gender Balance Act, Danish Finan-cial Statements Act § 107f) on its Executive Board. The Executive Board consisted of three members, of which one (33 %) was a woman. //Ørsted had equal representation (as defined by the Gender Balance Act, Danish Financial Statements Act § 107f) on its ‘other managerial levels’, i.e. among members of the Executive Board and managers reporting to the Executive Board who are employed by Ørsted A/S. The other managerial levels of Ørsted A/S consisted of four managers, of which two were women (50 %) and two were men (50 %). Consequently, Ørsted has not set a target to increase gender diversity among its other managerial levels of Ørsted.We describe the remuneration of the Executive Board in the separate remuneration report. You can also find information about the members of the Group Executive Team on pages 50-51.Management committeesThe Group Executive Team is supported by committees whose members are appointed by the Group Executive Team. The committees are the QHSE Committee, the Compliance Committee, and the Cybersecurity Committee. More information about the management committees can be found on page 49.// ESRS 2, GOV-1Accountability of material sustainability areas are delegated to individual members of the Group Exec-utive Team in alignment with the sustainability topics defined in the ESRS standards. Ørsted has established three sustainability decision forums to support the Group Executive Team on priority sustainability areas. More information about these forums can be found on page 49. //// ESRS 2, GOV-1 and GOV-2Sustainability The Group Executive Team sets the strategic direc-tion and targets on sustainability, including how this  supports us in delivering on our business plan. They present proposals for sustainability targets to the Board of Directors for approval. The Group Executive Team is accountable for our performance ambitions on sustainability topics and for oversight and performance on sustainability impacts, risks, and opportunities (IROs). The Group Executive Team discusses material sustainability IROs and discusses and approves the double materiality assessment and performance on material sustainability matters and progress towards targets. In 2025, we re-established the responsibilities of the Group Executive Team as part of our new sustainability governance approved in 2024. The group met once in the second half of the year, and from 2026, they will meet twice a year.The Group Executive Team has always considered material sustainability matters when overseeing our strategy, and going forward, the IROs resulting from our double materiality assessment will further inform their decision-making and support that the IROs are consistently considered in decisions, ranging from what we source to how we develop, construct, operate, and decommission our assets. To ensure a focused set-up with a strong mandate to execute on sustainability, each member of the Group Executive Team has been assigned accountability for material sustainability areas relevant to their line of business in alignment with ESRS, and they approved a new annual wheel commencing in January 2026 to support execution. They are accountable for driving progress on the assigned sustainability topics accord-ing to road maps, including defining key actions and allocating resources to secure progress on targets and commitments. The material IROs addressed during the year are described in the topical ESRS chapters in the sustainability statements. // // ESRS 2, GOV-1As a whole, the Group Executive Team possesses expertise across our material sustainability IROs. For more details, see pages 50-51. //Internal controls environment// ESRS 2, GOV-5We have established a unified governance for financial and sustainability reporting. The Audit &amp; Risk Committee oversees our processes, including review of the risk assessment, improvement plans, internal controls, and their operating effectiveness.We have established internal control systems to identify and mitigate risks in financial and sustaina-bility reporting, supported by clearly defined targets, policies, manuals, procedures, and control activities with assigned ownership and accountability.We conduct an annual risk assessment to identify risks of material misstatements in financial reporting, considering materiality, process complexity, and the probability of errors and omissions. In 2025, we designed and formalised a corresponding risk assessment process to identify risks of material misstatements in sustaina-bility reporting. This process will be applied from 2026 and will be used to identify control gaps and prioritise remediation actions.In 2025, we have completed walkthroughs of quan-titative data points across our material sustainability topics, focusing on risks associated with the complete-ness, accuracy, and timeliness of the data as well as estimations and calculations. Based on these reviews, we reassessed existing controls and integrated addi-tional controls into our internal control framework for sustainability reporting. All formalised financial and sustainability reporting controls are scheduled with clear ownership and responsibilities and supported by evidence retention and issue/remediation tracking in a centralised soft-ware platform. The Internal Control Assurance function monitors these controls and performs periodic testing of both design and operating effectiveness. //We are committed to ensuring the accuracy of our finan-cial and sustainability reporting. Our financial reporting is audited by an independent audit firm elected at the annual general meeting. Our sustainability data is sub-ject to limited assurance by the same independent audi-tor. All observations in the external auditor’s long-form report and management letter are addressed by action plans with allocation of responsibilities and deadlines, and we regularly follow up on and review them.Management committees appointed  by the Group Executive TeamQHSE Committee This committee oversees that we live up to our QHSE (quality, health, safety, and  environment) priorities, and it reviews our QHSE strategy and policy. In addition, the committee reviews our integrated management system, ‘way we work’, conducts the management review as required by our ISO certifications, and monitors the performance of our QHSE programmes to ensure  compliance with rules and regulations as well as agreed international standards.The committee consists of the Chief Construction Officer, the Chief Generation Officer, the Chief Devel-opment Officer, and the Head of QHSE. The Ørsted QHSE Committee, chaired by the Chief Construction Officer, meets six times a year.Compliance CommitteeThis committee oversees our group-wide legal com-pliance programmes. It provides instructions to our Chief Legal Compliance Officer and the compliance officers for each of the group-wide legal compliance programmes on management’s risk tolerance, reviews recommendations regarding the legal compliance programmes, and appoints the compliance officers.The committee’s members are the CEO, the CFO, the Chief HR Officer, the Chief Legal Compliance Officer, and the Head of Internal Audit. The Compliance  Committee, chaired by the CEO, meets at least twice a year.Cybersecurity CommitteeThis committee oversees and guides our strategy, our global risk tolerance, and our investment choices within cybersecurity and information security. It supports significant global initiatives and oversees the compliance with cybersecurity and information security laws and regulations, including the European Network &amp; Information Security 2 Directive.The committee is cross-functional and consists of the CFO, the Chief Information Officer, the Chief Informa-tion Security Officer, the Chief Construction Officer, the Chief Generation Officer, and the Head of Legal. The Cybersecurity Committee, chaired by the CFO, meets four times a year.// ESRS 2, GOV-1 and GOV-2 Sustainability decision forums The core groups and task force are cross-functional and consist of the accountable Group Executive Team (GET) member and senior leaders from functional areas with a clear role in delivering on sustainability matters.The Decarbonisation Core Group and the Biodiversity &amp; Community Impact Core Group both kicked off in 2025 as part of the implementation of our new governance structure approved at the end of 2024. From 2026, they will meet twice a year ahead of the GET meeting cycle. The groups support the GET members accountable for our strategic sustainability priorities and have a tactical responsibility for driving the implementation of road maps to deliver progress on targets and commitments. In 2025, we established our Human Rights Task Force to drive implementation of our human rights road map, strengthening our due diligence systems, and to ensure compliance with the upcoming Corporate Sustainability Due Diligence Directive (CSDDD). From 2026, the task force will meet twice a year. //Management committees and decision forums for sustainabilityESRS topic Accountable Group Executive Team member  |  Name of groupE1  Climate change CCO |  Decarbonisation Core GroupE2 Pollution1CCO |  QHSE CommitteeE3  Water and marine resources 1  CCO |  QHSE CommitteeE4  Biodiversity and ecosystems CDO |  Biodiversity &amp; Community Impact Core GroupE5  Resource use and circular economy CCO |  Decarbonisation Core GroupS1  Own workforce (excl. safety) CHRO |  People &amp; Culture LeadershipS1  Own workforce (safety) CCO |  QHSE CommitteeS2  Workers in the value chain CCO |  Human Rights Task ForceS3  Affected communities CDO |  Biodiversity &amp; Community Impact Core GroupG1  Business conduct Head of Legal 2 | Compliance Committee1  The ESRS topics E2 and E3 are below our materiality according to our DMA results in 2025.2   Responsibility delegated to group management team level as ‘Business conduct’ overlaps with  existing mandate in the department Group Legal.Rasmus Errboe*1979, Denmark, maleGroup President and Chief Executive Officer (CEO)Member of the Executive Board and registered  as an executive of Ørsted A/S with the Danish  Business AuthorityEducationMA (Law), University of Copenhagen (2006),  International Master of Business Administration, University of San Diego (2011)// ESRS 2, GOV-1Professional experience2025: Ørsted, Group President and CEO 2024: Ørsted, Deputy CEO and Chief Commercial  Officer (CCO)2023: Ørsted, interim Chief Financial Officer (CFO)  and member of the Executive Board2022: Ørsted, Executive Vice President and CEO  of Region Europe (member of Ørsted’s Group  Executive Team)2012  – 2022: Ørsted, most recently Senior Vice President,  Head of Continental Europe, Offshore2006-2012: Kromann Reumert, law firm, most recently as Attorney-at-LawManagerial functions in other enterprisesVice Chair WindEurope asbl/vzw (Chair of the  Management Committee)Board committee memberships in other enterprisesMember of the main board for business politics of the Confederation of Danish Industries (DI) //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity   Social  People management, diversity  &amp; inclusion · Health &amp; safety · Community impact   Governance  Business conduct //Trond Westlie*1961, Norway, maleExecutive Vice President and Group Chief Financial Officer (CFO)Member of the Executive Board and registered as an executive of Ørsted A/S with the Danish Business AuthorityEducationMSc in Auditing and Chartered Accountant, Norges Handelshøyskole (1987)// ESRS 2, GOV-1Professional experience2024:  Ørsted, Executive Vice President and Group Chief Financial Officer (CFO)2017-2019:  VEON, Group CFO2010-2016:  A.P. Moller-Maersk, Group CFO and member of  the Executive Board2004-2009:  Telenor, Group CFO and Executive Vice President1997-2004:  Aker Group, most recently as Group CFO and Executive Vice President in Aker KvaernerManagerial functions in other enterprisesChair Arendals Fossekompani ASA and Shama AS //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Circularity · Water · Pollution  Social  People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Commu-nity impact Governance  Business conduct //Henriette Fenger Ellekrog*1966, Denmark, femaleExecutive Vice President and Chief HR Officer (CHRO)Member of the Executive Board and registered as an executive of Ørsted A/S with the Danish Business AuthorityEducationMA in Business Languages (cand.ling.merc),  Copenhagen Business School (1992)// ESRS 2, GOV-1Professional experience2022: Ørsted, member of the Executive Board 2019: Ørsted, Executive Vice President and Chief HR Officer (CHRO) 2014 – 2019: Danske Bank A/S, most recently as Chief HR Officer2007 – 2014: SAS AB, most recently as Deputy CEO, Executive Vice President, HR &amp; Communication1998 – 2007: TDC A/S, most recently as Senior Executive Vice President, Chief of Staff, member of the Executive Management Team1992  – 1998: Peptech (Europe) A/S and Mercuri Urval A/S:  Various positionsManagerial positions in other enterprisesBoard member: NV Bekaert SA (member of the Nomination &amp; Remuneration Committee) and SAS AB (Chair of the Remuneration Committee). //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity  Social   People management, diversity &amp; inclusion · Health &amp; safety · Human Rights  Governance Business conduct //Patrick Harnett*1976, the United Kingdom, maleExecutive Vice President and Chief Construction Officer (COO), Head of EPCMember of the Group Executive TeamEducationMSc in Electromechanical Engineering, Durham University (1999) and Master of Business Administration (MBA), University of Hull (2004)// ESRS 2, GOV-1Professional experience2025: Ørsted, Chief Construction Officer (CCO)2024: Ørsted, Chief Operating Officer (COO) and member of the Group Executive Team, Head of EPC2016-2024: Ørsted, most recently as Head of European Execution Programmes 2012-2016: Centrica, most recently as Head of Solar and Managing Director of the British gas solar business2005-2011: EDF Energy, most recently as Electrical Systems Project Manager //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity ·  Circularity · Water · Pollution  Social People management, diversity &amp; inclusion · Health &amp;  safety · Human rights · Community impact   Governance  Business conduct //Amanda Dasch*1975, the United States, femaleChief Development Officer (CDO)Member of the Group Executive TeamEducationPhD (Geological and Earth Sciences/Geosciences), University of Michigan (2006) and BA (Geology), Amherst College (1997)// ESRS 2, GOV-1Professional experience2025: Ørsted, Chief Development Officer (CDO)  and member of the Group Executive Team2025: Ørsted, CEO of Region Americas2006-2025: Shell, most recently as Vice President,  Renewable Generation Americas2001-2006: University of Michigan, most recently as Teaching and Research Assistant, Paleontology, Paleoclimate &amp; Biogeochemistry1997-2001: Smithsonian Institution in Washington, DC, most recently as a Paleobotany Collections ManagerManagerial functions in other enterprises:Board member American Clean Power (member of the Finance Committee) Member of the National Advisory Board for the Smithsonian Science Education Center// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity  ·  Circularity · Water · Pollution Social People  management, diversity &amp; inclusion · Health &amp;  safety · Human rights · Community impact   Governance  Business conduct //Godson Njoku*1973, France/Nigeria, maleExecutive Vice President and Chief Generation Officer (CGO)Member of the Group Executive TeamEducationMaster of Business Administration (MBA), Warwick Business School, the United Kingdom (2002) and BA International Business and Marketing (First Class), London Metropolitan University (2001)// ESRS 2, GOV-1Professional experience2025: Ørsted, Executive Vice President and Chief  Generation Officer (CGO)2023-2024: Arrow Energy Holdings Pty, Chief Executive Officer2002-2023: Shell Plc., most recently as Managing Director of Queensland Curtis LNG Australia Pty Ltd. (QCLNG) and Senior Vice President of East Australia (Shell Plc). Previous executive positions within upstream in The Netherlands and Gabon, and multiple business development, asset commercial, and marketing roles in Europe and Africa.// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity ·  Circularity · Water · Pollution  Social People  management, diversity &amp; inclusion · Health &amp;  safety · Human rights · Community impact   Governance  Business conduct //The overall objective of the Remuneration Policy is to attract and retain qualified members of the Board of Directors and the Executive Board. The policy includes remuneration elements that support our strategy, long-term interests, and sustainability. Remuneration Policy (extract)The overall objective of our Remuneration Policy is  to support the Ørsted Group’s strategy, long-term  interests, and sustainability.To attain this objective, the policy is designed to attract and retain qualified members of the Board of Directors and the Executive Board and to guide the priorities of the Executive Board. The remuneration should be competitive but not  market-leading compared to the remuneration in other major listed Danish companies with international activities. The full Remuneration Policy is  available at orsted.com/remuneration2025.Remuneration of the Board of DirectorsThe members of the Board of Directors receive a fixed fee each year. The Chair, the Deputy Chair, and the members of the committees also receive a multiple of the fixed fee for the extra work performed in these roles. The members’ travel costs are covered by the company. The members are not entitled to severance payments. The fees did not increase in 2025. Remuneration of the Executive BoardBesides a fixed salary, the Executive Board participates in a variable short-term incentive scheme (STI), which consists of 80 % shared financial and 20 % ESG targets aligned with our strategic targets:· Financial: EBITDA and capital plan.· ESG: Relative scope 1 and 2 GHG emissions,    employee satisfaction, and safety.Furthermore, the Executive Board is eligible to partici-pate in a long-term share-based incentive scheme (LTI), which consists of 80 % total shareholder return (TSR) benchmarked against peers in the energy industry and 20 % ESG targets (scope 1-3 emission (15 %) and gender mix (5 %)) Remuneration in 2025The remuneration awarded to our Executive Board in 2025 was in line with our Remuneration Policy. The Executive Board’s shared STI score ended at 45.9 %. In the LTI, which vested in April 2025, Ørsted was ranked as number 10 when benchmarked on TSR against ten comparable energy companies. As a result, 20 % of shares vesting were settled at the end of the performance and vesting period.For more information, please see the full  Remuneration Report 2025.Remuneration awarded (DKK ‘000) 2025 2024Board of DirectorsFixed annual fee 16,531 6,430Executive Board: 2Fixed remunerationFixed base salary 29,872 37,557Benefits, incl. social security 1,100 1,116Variable remunerationCash-based incentive scheme (STI) 4,088 4,676Share-based incentive scheme (LTI) 38,748 5,066Ordinary remuneration 43,807 48,415Garden leave period 16,280 -Severance pay 16,550 -Total remuneration 50,338 54,845Remuneration awardedThe table shows the total remuneration awarded to members of the Board of Directors and the Executive Board in aggregate from 2024 to 2025. For remuneration expensed, see note 2.7 ‘Employee costs’ in the consolidated financial statements.1   Based on an ordinary board fee of DKK 0.4 million, equal to last year’s fee.2   Sum for CEO, Former CEO, CFO, CHRO, and CCO for 2025.3   The remuneration from the share-based incentive programme (LTI) reflects the market value of the scheme in the  year when it was granted.Summary of our remuneration reportThe Ørsted share closed 2025 at DKK 122.35, corre-sponding to a market value of DKK 162 billion at the end of the year. Price development for the Ørsted share in 2025The Ørsted share price decreased by 32 % in 2025. The share price of comparable European utility com-panies increased by 29 % (34 % total return), and the OMX C25 cap increased by 3 % (6 % total return) in 2025. The highest traded share price of the year was DKK 193.70 on 3 January, while the year’s lowest traded price of DKK 99.54 was on 25 August. The Ørsted share closed 2025 at DKK 122.35, corre-sponding to a market value of DKK 162 billion at the end of the year.The average daily turnover on Nasdaq Copenhagen was 1,484,554 shares in 2025. The trading volume increased by 151 % compared to 2024.Share capital Ørsted’s share capital is divided into 1,321 million shares, enjoying the same voting and dividend rights. The company’s share capital increased in 2025 as the company completed a rights issue in October 2025. The rights issue was approved at the extraordinary general meeting on 5 September. The company’s share capital increased by DKK 9,008,166,000 and amounts to DKK 13,211,976,800, divided into 1,321,197,680 shares with a nominal value of DKK 10 each. At the end of 2025, the company held a total of 138,525 thousand treasury shares, which will be used to cover incentive schemes.Composition of shareholdersAt the end of the year, the number of shareholders had increased by 10 % to 134,272 and the majority (62 %) is held by Danish owners. The figure on the next page shows the composition of our shareholders by country. Approx. 1.5 % of the share capital is owned by Danish retail investors.Share data 2025 2024 2023 2022 2021 Earnings per share, DKK 12.0 (1.2) (27.8) 19.2 13.5Proposed dividend per share, DKK - - - 13.5 12.5Dividend yield, % - - - 2.1 1.5Share price, year-end, DKK 122 324 374 631 835Share price, high, DKK 194 455 704 898 1,400Share price, low, DKK 100 324 253 575 790Market capitalisation, year-end, DKKbn 162 136 157 265 351Average trading per day, thousands of shares 1,484,554 592,236 671,952 496,899 549,778Share informationISIN DK 0060094928220Share classes 1Nominal value DKK 10 per shareExchange Nasdaq OMX CopenhagenTicker ORSTEDRegistered share 99.2 %Number of shares 1,321,197,680 sharesNumber of treasury shares 138,525 sharesShareholder information1   Due to the rights issue in October 2025 at a price below market price, the average number of shares and the diluted average number of shares for 2021-2024 have been restated using the calculated bonus ratio (1.8).Annual general meeting and dividendsThe annual general meeting will be held on 9 April 2026. The Board of Directors has set a target to resume dividend payments for the financial year 2026.Investor relationsTo achieve a fair pricing of our shares and corporate bonds, we seek to ensure a high level of transparency and stability in our financial communication. In addition, our management and our Investor Relations function engage in regular dialogues with investors and analysts. The dialogues take the form of quarterly conference calls, roadshows, conferences, capital markets days, and regular meetings with individuals or groups of investors and analysts. The dialogues are subject to certain restrictions prior to the publication of our financial reporting. In 2025, we had more than 444 meetings with the financial market and participated in more than 30 investor events.Ørsted is covered by 35 equity analysts and 8 bond analysts. Their recommendations and consensus estimates for Ørsted’s future financial performance are available at orsted.com/en/investors. On this site, you can also download our annual and interim reports, our remuneration report, our investor presentations, and a wide range of other data.</mrv:CorporateGovernanceReport>
   <mrv:SustainabilityReport contextRef="ctx-1" id="f1__s9__9__6-1" xml:lang="en">//  ESRS 2, GOV-1Our Board of Directors comprises ten non-executive members. //// ESRS 2, GOV-1Five of the six board members (83 %) elected by 1the general meeting are considered independent.The four employee-elected board members are not 1 considered independent.//// ESRS 2, GOV-1 and GOV-2The Board of Directors is the highest governing body for sustainability. ESG and sustainability priorities are an integral part of the decision-making governance of the Board of Directors. The Board ultimately approves the sustainability strategy and targets and oversees our performance on material sustainability impacts, risks, and opportunities (IROs). The Board is presented with an annual progress update across material IROs, strategic sustainability priorities, and targets and has deep dives on sustainability topics, when needed. //// ESRS 2, GOV-1As a whole, the Board possesses expertise across our material sustainability IROs. Based on the seven ESRS topics that have been assessed as material to Ørsted through our DMA, we have mapped the Board’s sus-tainability competences to ensure that they have the relevant expertise to oversee material sustainability matters. For more details, see pages 43-45. The Board of Directors reviews the required  competences for its composition annually.  The list of required competences can be found at orsted.com/competences-overview.By the end of 2025, Ørsted had equal representa-tion (as defined by the Gender Balance Act, Danish Financial Statements Act § 107f) among members of 1   As defined in section 3.2.1 in the Danish Recommendations  on Corporate Governance of 2 December 2020.Board of DirectorsLene Skole*1959, Denmark, femaleElected by the general meeting Independent2015   Joined as Deputy Chair 2024   Elected  Chair 2025  Most recently reelected2026   Current election period expires// ESRS 2, GOV-1ExperienceHighly experienced in managing listed companies from her former position as CFO of Coloplast and current position as CEO of Lundbeckfonden where she also serves as a non-executive director of port-folio companies of Lundbeckfonden.Managerial functions in other enterprisesCEO  Lundbeckfonden and Lundbeckfond Invest A/S 1  Deputy Chair  ALK-Abelló A/SChair LFI Equity A/S, 1, Falck A/S H. Lundbeck A/S, and Nordea Bank Abp.Board committee memberships in other enterprisesMember of the Remuneration Committee of Falck A/S, member of the Nomination &amp; Remuneration Committee and the Scientific Committee of ALK-Abelló A/S, member of the Nomination &amp; Remuner-ation Committee and the Scientific Committee of H. Lundbeck A/S, and member of the Audit Committee of Nordea Bank Abp. //Management competencesGeneral · Financial · Risk · Stakeholder // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity   Social  People management, diversity &amp; inclusion · Health &amp; safety  Governance  Business conduct //Other competencesInvestor and capital market relationships  1   Board positions included in the position as  CEO of Lundbeckfonden.Andrew Brown*1962, United Kingdom, maleElected by the general meeting Not considered independent due to former position as interim COO of Ørsted2023  Joined as board member2024  Elected Deputy Chair2025  Most recently reelected2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive international executive experience from leading positions in large global organisations, within operations, and projects with both Shell (ExCom) and Galp Energia (CEO) and from his former position as interim COO of Ørsted. Also, non- executive experience as Vice Chair of SBM Offshore.Other positionsAdvisor to ZeroAvia Inc. and President of the Energy Institute (EI). //Management competencesGeneral · Project · Stakeholder // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment Decarbonisation  Social   People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact   Governance   Business  conduct //Other competencesInvestor and capital market relationshipsAnnica Bresky*1975, Sweden, femaleElected by the general meeting Independent2023 Joined2025   Most recently re-elected2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive industrial and leadership experience from global listed companies within the forestry, paper, and packaging industry from her former positions as President and CEO of Stora Enso and as CEO of Holmen Iggesund Paperboard. A deep knowledge of sustainability transformation and policy develop-ment in the EU and globally.Managerial functions in other enterprisesChair  Permascand Top Holding AB  Member Alfa Laval AB, Vaisala Oyj, Fagerhult Group AB (publ), and Nordstjernan AB CEO  Bresky Invest AB.Board committee memberships in other enterprisesMember of the Nomination Committee and the People and Sustainability Committee of Vaisala Other positionsMember of the Royal Swedish Academy of  Engineering Sciences (IVA). //Management competencesGeneral · Financial · Risk · Project · Stakeholder // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity ·  Circularity  Social  People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact  Governance   Business conduct //Other competencesIT, digitalisation, AI &amp; cybersecurity · Investor and capital market relationships · Innovation Julia King The Baroness Brown of Cambridge*1954, the United Kingdom, femaleElected by the general meeting Independent2021 Joined2025  Most recently re-elected2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive international background within engi-neering in both industry and academia, including Rolls-Royce plc, Cambridge University, and Imperial College. A deep knowledge of renewable energy and government policy perspectives from positions, among others, as member of the Committee on Climate Change and non-executive director of the Green Investment Bank.Managerial functions in other enterprisesChair  Frontier IP Group Plc.Non-executive director  Ceres Power Holdings Plc (Senior Independent Director).Board committee memberships in other enterprisesChair of the ESG Committee and member of the  Remuneration and Nomination Committee of Ceres Power Holdings Plc, member of the Audit, Remuneration and Nomination Committees of Frontier IP Group Plc.Other positionsCrossbench Peer in the UK House of Lords, Chair of the Adaptation Committee of the Committee on Climate Change, and member of the Intelligence and Security Committee of Parliament. // Management competencesGeneral · Financial · Project · Stakeholder // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity · Circularity · Social  People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Community impact  Governance  Business conduct //Other competencesIT, digitalisation, AI &amp; cybersecurity · InnovationJudith Hartmann*1969, Austria, femaleElected by the general meeting Independent2025 Joined2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive international executive experience in both operational and financial roles in global complex listed and private companies, including ENGIE (CFO, Deputy CEO, and member of Collegial Manage-ment Committee, Bertelsmann (CFO), General Electric and Unilever PLC (non-executive director), and from her current role as Operating Partner with Sandbrook Capital. Deep knowledge of energy markets and the renewables industry.Managerial functions in other enterprisesOperating Partner  Sandbrook Capital Manage-ment. Non-Executive Director  Marsh &amp; McLennan Companies Inc. and Suez SA Member  NXWind Unus 1Limited. Board committee memberships in other enterprisesMember of the Audit Committee, Finance Com-mittee, and Business Responsibility Committee of Marsh &amp; McLennan Companies Inc. //Management competencesGeneral · Financial · Risk // ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity · Circularity  Social  People management, diversity &amp; inclusion · Health &amp; safety · Human rights Governance  Business conduct //Other competencesInvestor and capital market relationships 1   Board position included in the position as Operating Partner of Sandbrook Capital Management LP.Julian Waldron *1964, France/the United Kingdom, maleElected by the general meeting Independent2025 Joined2026  Current election period expires// ESRS 2, GOV-1ExperienceExtensive international executive experience from leading finance and operational roles in a variety of large global organisations, including at Suez,  Technip, and Thomson (CFO), Albea and Thomson (CEO), and Technip-FMC (COO). Particular knowl-edge of project management and project risks from Technip and Suez. Non-executive experience in both listed and non-listed companies.Managerial functions in other enterprisesChair   Albea SA Member  Syensqo SA and Carbon Clean Limited President  J Waldron Consulting SARL. //Board committee memberships in other enterprisesChair of the Audit and Risk Committee of Syensqo SA, Chair of the Finance, Risk and Investment Committee of Carbon Clean Limited, and member of the Audit Committee of Albea SA. //Management competencesGeneral · Financial · Risk · Project · Stakeholder// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation  · Biodiversity · Circularity  Social  Health &amp; safety · Human rights Governance  Business conduct //Other competencesIT, digitalisation, AI &amp; cybersecurity · Investor and capital market relationshipsBenny Gøbel*1967, Denmark, maleElected by the employees Not independent2011 Joined2024  Most recently re-elected2026  Current election period expires// ESRS 2, GOV-1ExperienceBenny Gøbel has worked at Ørsted since 2005.PositionSenior Mechanical Specialist, Generation. //Anne Cathrine Collet Yde*1983, Denmark, femaleElected by the employees Not independent2022 Joined2024  Most recently re-elected2026  Current election period expires// ESRS 2, GOV-1ExperienceAnne Cathrine Collet Yde has worked at Ørsted  since 2017.PositionHead of Global Business Partnering,  People &amp; Culture. //Management competencesProject · Stakeholder// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesSocial  People management, diversity  &amp; inclusion · Health &amp; safety · Human rights ·  Governance Community impact //Pawel Matysiak *1983, Poland, maleElected by the employees Not independent2025 Joined2026  Current election period expires// ESRS 2, GOV-1ExperiencePawel Matysiak has worked at Ørsted since 2013.PositionSolutions Manager, IT. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesSocial  People management, diversity &amp; inclusion //Other competencesIT, digitalisation, AI, and cybersecurityArul Gynasegaran*1987, Malaysia, maleElected by the employees Not independent2026 Joined2026  Current election period expires// ESRS 2, GOV-1ExperienceArul Gynasegaran has worked at Ørsted since 2022.PositionSenior Project Lead, EPC. //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment Decarbonisation Social People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Governance  Community impact //Board  committeesThe Board of Directors has established three commit-tees, consisting of members appointed by and among the members of the Board of Directors: The Audit &amp; Risk Committee, the Nomination &amp; Remuneration  Committee, and the Asset Project Committee.Audit &amp; Risk Committee Judith Hartmann (Chair), Annica Bresky, and Julian Waldron are the members of this committee.The tasks of the committee include monitoring Ørsted’s financial and sustainability reporting, overseeing the policies and procedures for control, monitoring, and mitigation of financial and sustainability risks across Ørsted, and review of regulatory compliance, Ørsted’s enterprise risk management system, market price fore-cast, and WACC. Moreover, the committee is responsi-ble for the supervision of Ørsted’s external and internal auditors (including limits for non-audit services), evaluation of the external auditors’ independence and monitoring of the company’s whistleblower scheme.In 2025, the committee reviewed impairments on our property, plant, and equipment with a high atten-tion to our US offshore wind projects, monitored the development in provisions for onerous contracts and cancellation fees and oversaw the implementation of the new Enterprise Risk Management Framework. Furthermore, the committee performed oversight on the strengthening of the internal control framework, continuation of assessment of the claim made by the Danish Tax Agency requiring double Danish taxation of certain of our British off shore wind farms, and lastly, reviewed the progress in IT and cybersecurity. Our Internal Audit function reports to the committee and is independent of our administrative management structures. Internal Audit enhances and protects the organisational value by providing risk-based and objective assurance, advice, and insight. The focus for Internal Audit is to audit and advise on our core processes, governance, risk management, control processes, and IT security.// ESRS G1, GOV-1The Chair of the Audit &amp; Risk Committee is responsible for managing our whistleblower scheme. Internal Audit receives and handles any reports submitted. //Our employees and external other associates may report serious offences, such as cases of bribery, fraud, and other inappropriate or illegal conduct, to our whistle blower scheme or through our management system. In 2025, 24 substantiated cases of inappropri-ate or unlawful behaviour were reported through our whistleblower scheme. A total of twelve cases related to good business conduct policy violations, nine cases were classified as discrimination and harassment, and three cases concerned the workplace environment. None of the reported cases were critical to our busi-ness, nor did they cause adjustments to our financial results. Additionally, no cases reported through the whistleblower hotline required reporting to the police.Whistleblower cases are taken very seriously, and we continuously enhance the awareness of good business conduct through education and awareness campaigns for our employees to minimise future similar cases.You can read more about the Audit &amp; Risk Committee and the terms of reference for the committee at  orsted.com/audit-risk-committee.Nomination &amp; Remuneration CommitteeLene Skole (Chair), Andrew Brown, and Julia King are the members of this committee.The committee assists the Board of Directors in matters regarding the composition, remuneration, and performance of the Board of Directors and the Group Executive Team.In 2025, the committee reviewed the executive man-agement structure and discussed the appointment of Rasmus Errboe as Group President and CEO. The com-mittee also considered the recruitment and appoint-ment of Chief Development Officer (CDO) Amanda Dasch and Chief Generating Officer (CGO) Godson Njoku as new members of the Group Executive Team. In addition, the committee reviewed the structure and KPIs governing variable pay for the Executive Board and prepared an update of the Remuneration Policy, which was subsequently approved by the shareholders at the annual general meeting. You can read more about the Nomination &amp; Remuneration Committee and the terms of reference for the committee at  orsted.com/nomination-remuneration-committee.Asset Project CommitteeAndrew Brown (Chair), Julia King, and Annica Bresky are the members of this committee.The committee assists the Board of Directors with overseeing the planning, execution, and delivery of asset projects to ensure they meet the company’s strategic objectives, budget, and timelines.In 2025, the committee reviewed and discussed several updates on our asset projects. These updates included our project organisation, project top risks, portfolio risks, risk management, supply chain status, bid  submissions, project-specific costs and schedule updates, and final investment decisions. You can read more about the Asset Project Committee and the terms of reference for the committee at  orsted.com/asset-project-committee.Group Executive TeamThe Executive Board is appointed by the Board of Directors and is in charge of the day-to-day management of Ørsted through the Group Executive Team in accordance with the guidelines and instructions given by the Board of Directors.Rasmus ErrboeGroup President and CEOTrond WestlieCFOHenriette Fenger EllekrogCHROPatrick HarnettCCOAmanda DaschCDOGodson NjokuCGOThe Executive Board is appointed by the Board of Directors and is in charge of the day-to-day manage-ment of Ørsted through the Group Executive Team in accordance with the guidelines and instructions given by the Board of Directors.// ESRS 2, GOV-1Our Group Executive Team comprises three executive and three non-executive members. Rasmus Errboe (Group President and CEO), Trond Westlie (CFO), and Henriette Fenger Ellekrog (Chief HR Officer) are  members of the Executive Board and registered as executives with the Danish Business Authority. All members of the Executive Board are also part of the Group Executive Team, which in addition consists of Patrick Harnett (Chief Construction Officer), Amanda Dasch (Chief Development Officer), and Godson Njoku (Chief Generation Officer).By the end of 2025, Ørsted had equal representation (as defined by the Gender Balance Act, Danish Finan-cial Statements Act § 107f) on its Executive Board. The Executive Board consisted of three members, of which one (33 %) was a woman. //Ørsted had equal representation (as defined by the Gender Balance Act, Danish Financial Statements Act § 107f) on its ‘other managerial levels’, i.e. among members of the Executive Board and managers reporting to the Executive Board who are employed by Ørsted A/S. The other managerial levels of Ørsted A/S consisted of four managers, of which two were women (50 %) and two were men (50 %). Consequently, Ørsted has not set a target to increase gender diversity among its other managerial levels of Ørsted.We describe the remuneration of the Executive Board in the separate remuneration report. You can also find information about the members of the Group Executive Team on pages 50-51.Management committeesThe Group Executive Team is supported by committees whose members are appointed by the Group Executive Team. The committees are the QHSE Committee, the Compliance Committee, and the Cybersecurity Committee. More information about the management committees can be found on page 49.// ESRS 2, GOV-1Accountability of material sustainability areas are delegated to individual members of the Group Exec-utive Team in alignment with the sustainability topics defined in the ESRS standards. Ørsted has established three sustainability decision forums to support the Group Executive Team on priority sustainability areas. More information about these forums can be found on page 49. //// ESRS 2, GOV-1 and GOV-2Sustainability The Group Executive Team sets the strategic direc-tion and targets on sustainability, including how this  supports us in delivering on our business plan. They present proposals for sustainability targets to the Board of Directors for approval. The Group Executive Team is accountable for our performance ambitions on sustainability topics and for oversight and performance on sustainability impacts, risks, and opportunities (IROs). The Group Executive Team discusses material sustainability IROs and discusses and approves the double materiality assessment and performance on material sustainability matters and progress towards targets. In 2025, we re-established the responsibilities of the Group Executive Team as part of our new sustainability governance approved in 2024. The group met once in the second half of the year, and from 2026, they will meet twice a year.The Group Executive Team has always considered material sustainability matters when overseeing our strategy, and going forward, the IROs resulting from our double materiality assessment will further inform their decision-making and support that the IROs are consistently considered in decisions, ranging from what we source to how we develop, construct, operate, and decommission our assets. To ensure a focused set-up with a strong mandate to execute on sustainability, each member of the Group Executive Team has been assigned accountability for material sustainability areas relevant to their line of business in alignment with ESRS, and they approved a new annual wheel commencing in January 2026 to support execution. They are accountable for driving progress on the assigned sustainability topics accord-ing to road maps, including defining key actions and allocating resources to secure progress on targets and commitments. The material IROs addressed during the year are described in the topical ESRS chapters in the sustainability statements. // // ESRS 2, GOV-1As a whole, the Group Executive Team possesses expertise across our material sustainability IROs. For more details, see pages 50-51. //Internal controls environment// ESRS 2, GOV-5We have established a unified governance for financial and sustainability reporting. The Audit &amp; Risk Committee oversees our processes, including review of the risk assessment, improvement plans, internal controls, and their operating effectiveness.We have established internal control systems to identify and mitigate risks in financial and sustaina-bility reporting, supported by clearly defined targets, policies, manuals, procedures, and control activities with assigned ownership and accountability.We conduct an annual risk assessment to identify risks of material misstatements in financial reporting, considering materiality, process complexity, and the probability of errors and omissions. In 2025, we designed and formalised a corresponding risk assessment process to identify risks of material misstatements in sustaina-bility reporting. This process will be applied from 2026 and will be used to identify control gaps and prioritise remediation actions.In 2025, we have completed walkthroughs of quan-titative data points across our material sustainability topics, focusing on risks associated with the complete-ness, accuracy, and timeliness of the data as well as estimations and calculations. Based on these reviews, we reassessed existing controls and integrated addi-tional controls into our internal control framework for sustainability reporting. All formalised financial and sustainability reporting controls are scheduled with clear ownership and responsibilities and supported by evidence retention and issue/remediation tracking in a centralised soft-ware platform. The Internal Control Assurance function monitors these controls and performs periodic testing of both design and operating effectiveness. //We are committed to ensuring the accuracy of our finan-cial and sustainability reporting. Our financial reporting is audited by an independent audit firm elected at the annual general meeting. Our sustainability data is sub-ject to limited assurance by the same independent audi-tor. All observations in the external auditor’s long-form report and management letter are addressed by action plans with allocation of responsibilities and deadlines, and we regularly follow up on and review them.Management committees appointed  by the Group Executive TeamQHSE Committee This committee oversees that we live up to our QHSE (quality, health, safety, and  environment) priorities, and it reviews our QHSE strategy and policy. In addition, the committee reviews our integrated management system, ‘way we work’, conducts the management review as required by our ISO certifications, and monitors the performance of our QHSE programmes to ensure  compliance with rules and regulations as well as agreed international standards.The committee consists of the Chief Construction Officer, the Chief Generation Officer, the Chief Devel-opment Officer, and the Head of QHSE. The Ørsted QHSE Committee, chaired by the Chief Construction Officer, meets six times a year.Compliance CommitteeThis committee oversees our group-wide legal com-pliance programmes. It provides instructions to our Chief Legal Compliance Officer and the compliance officers for each of the group-wide legal compliance programmes on management’s risk tolerance, reviews recommendations regarding the legal compliance programmes, and appoints the compliance officers.The committee’s members are the CEO, the CFO, the Chief HR Officer, the Chief Legal Compliance Officer, and the Head of Internal Audit. The Compliance  Committee, chaired by the CEO, meets at least twice a year.Cybersecurity CommitteeThis committee oversees and guides our strategy, our global risk tolerance, and our investment choices within cybersecurity and information security. It supports significant global initiatives and oversees the compliance with cybersecurity and information security laws and regulations, including the European Network &amp; Information Security 2 Directive.The committee is cross-functional and consists of the CFO, the Chief Information Officer, the Chief Informa-tion Security Officer, the Chief Construction Officer, the Chief Generation Officer, and the Head of Legal. The Cybersecurity Committee, chaired by the CFO, meets four times a year.// ESRS 2, GOV-1 and GOV-2 Sustainability decision forums The core groups and task force are cross-functional and consist of the accountable Group Executive Team (GET) member and senior leaders from functional areas with a clear role in delivering on sustainability matters.The Decarbonisation Core Group and the Biodiversity &amp; Community Impact Core Group both kicked off in 2025 as part of the implementation of our new governance structure approved at the end of 2024. From 2026, they will meet twice a year ahead of the GET meeting cycle. The groups support the GET members accountable for our strategic sustainability priorities and have a tactical responsibility for driving the implementation of road maps to deliver progress on targets and commitments. In 2025, we established our Human Rights Task Force to drive implementation of our human rights road map, strengthening our due diligence systems, and to ensure compliance with the upcoming Corporate Sustainability Due Diligence Directive (CSDDD). From 2026, the task force will meet twice a year. //Management committees and decision forums for sustainabilityESRS topic Accountable Group Executive Team member  |  Name of groupE1  Climate change CCO |  Decarbonisation Core GroupE2 Pollution1CCO |  QHSE CommitteeE3  Water and marine resources 1  CCO |  QHSE CommitteeE4  Biodiversity and ecosystems CDO |  Biodiversity &amp; Community Impact Core GroupE5  Resource use and circular economy CCO |  Decarbonisation Core GroupS1  Own workforce (excl. safety) CHRO |  People &amp; Culture LeadershipS1  Own workforce (safety) CCO |  QHSE CommitteeS2  Workers in the value chain CCO |  Human Rights Task ForceS3  Affected communities CDO |  Biodiversity &amp; Community Impact Core GroupG1  Business conduct Head of Legal 2 | Compliance Committee1  The ESRS topics E2 and E3 are below our materiality according to our DMA results in 2025.2   Responsibility delegated to group management team level as ‘Business conduct’ overlaps with  existing mandate in the department Group Legal.Rasmus Errboe*1979, Denmark, maleGroup President and Chief Executive Officer (CEO)Member of the Executive Board and registered  as an executive of Ørsted A/S with the Danish  Business AuthorityEducationMA (Law), University of Copenhagen (2006),  International Master of Business Administration, University of San Diego (2011)// ESRS 2, GOV-1Professional experience2025: Ørsted, Group President and CEO 2024: Ørsted, Deputy CEO and Chief Commercial  Officer (CCO)2023: Ørsted, interim Chief Financial Officer (CFO)  and member of the Executive Board2022: Ørsted, Executive Vice President and CEO  of Region Europe (member of Ørsted’s Group  Executive Team)2012  – 2022: Ørsted, most recently Senior Vice President,  Head of Continental Europe, Offshore2006-2012: Kromann Reumert, law firm, most recently as Attorney-at-LawManagerial functions in other enterprisesVice Chair WindEurope asbl/vzw (Chair of the  Management Committee)Board committee memberships in other enterprisesMember of the main board for business politics of the Confederation of Danish Industries (DI) //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity   Social  People management, diversity  &amp; inclusion · Health &amp; safety · Community impact   Governance  Business conduct //Trond Westlie*1961, Norway, maleExecutive Vice President and Group Chief Financial Officer (CFO)Member of the Executive Board and registered as an executive of Ørsted A/S with the Danish Business AuthorityEducationMSc in Auditing and Chartered Accountant, Norges Handelshøyskole (1987)// ESRS 2, GOV-1Professional experience2024:  Ørsted, Executive Vice President and Group Chief Financial Officer (CFO)2017-2019:  VEON, Group CFO2010-2016:  A.P. Moller-Maersk, Group CFO and member of  the Executive Board2004-2009:  Telenor, Group CFO and Executive Vice President1997-2004:  Aker Group, most recently as Group CFO and Executive Vice President in Aker KvaernerManagerial functions in other enterprisesChair Arendals Fossekompani ASA and Shama AS //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Circularity · Water · Pollution  Social  People management, diversity &amp; inclusion · Health &amp; safety · Human rights · Commu-nity impact Governance  Business conduct //Henriette Fenger Ellekrog*1966, Denmark, femaleExecutive Vice President and Chief HR Officer (CHRO)Member of the Executive Board and registered as an executive of Ørsted A/S with the Danish Business AuthorityEducationMA in Business Languages (cand.ling.merc),  Copenhagen Business School (1992)// ESRS 2, GOV-1Professional experience2022: Ørsted, member of the Executive Board 2019: Ørsted, Executive Vice President and Chief HR Officer (CHRO) 2014 – 2019: Danske Bank A/S, most recently as Chief HR Officer2007 – 2014: SAS AB, most recently as Deputy CEO, Executive Vice President, HR &amp; Communication1998 – 2007: TDC A/S, most recently as Senior Executive Vice President, Chief of Staff, member of the Executive Management Team1992  – 1998: Peptech (Europe) A/S and Mercuri Urval A/S:  Various positionsManagerial positions in other enterprisesBoard member: NV Bekaert SA (member of the Nomination &amp; Remuneration Committee) and SAS AB (Chair of the Remuneration Committee). //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity  Social   People management, diversity &amp; inclusion · Health &amp; safety · Human Rights  Governance Business conduct //Patrick Harnett*1976, the United Kingdom, maleExecutive Vice President and Chief Construction Officer (COO), Head of EPCMember of the Group Executive TeamEducationMSc in Electromechanical Engineering, Durham University (1999) and Master of Business Administration (MBA), University of Hull (2004)// ESRS 2, GOV-1Professional experience2025: Ørsted, Chief Construction Officer (CCO)2024: Ørsted, Chief Operating Officer (COO) and member of the Group Executive Team, Head of EPC2016-2024: Ørsted, most recently as Head of European Execution Programmes 2012-2016: Centrica, most recently as Head of Solar and Managing Director of the British gas solar business2005-2011: EDF Energy, most recently as Electrical Systems Project Manager //// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity ·  Circularity · Water · Pollution  Social People management, diversity &amp; inclusion · Health &amp;  safety · Human rights · Community impact   Governance  Business conduct //Amanda Dasch*1975, the United States, femaleChief Development Officer (CDO)Member of the Group Executive TeamEducationPhD (Geological and Earth Sciences/Geosciences), University of Michigan (2006) and BA (Geology), Amherst College (1997)// ESRS 2, GOV-1Professional experience2025: Ørsted, Chief Development Officer (CDO)  and member of the Group Executive Team2025: Ørsted, CEO of Region Americas2006-2025: Shell, most recently as Vice President,  Renewable Generation Americas2001-2006: University of Michigan, most recently as Teaching and Research Assistant, Paleontology, Paleoclimate &amp; Biogeochemistry1997-2001: Smithsonian Institution in Washington, DC, most recently as a Paleobotany Collections ManagerManagerial functions in other enterprises:Board member American Clean Power (member of the Finance Committee) Member of the National Advisory Board for the Smithsonian Science Education Center// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity  ·  Circularity · Water · Pollution Social People  management, diversity &amp; inclusion · Health &amp;  safety · Human rights · Community impact   Governance  Business conduct //Godson Njoku*1973, France/Nigeria, maleExecutive Vice President and Chief Generation Officer (CGO)Member of the Group Executive TeamEducationMaster of Business Administration (MBA), Warwick Business School, the United Kingdom (2002) and BA International Business and Marketing (First Class), London Metropolitan University (2001)// ESRS 2, GOV-1Professional experience2025: Ørsted, Executive Vice President and Chief  Generation Officer (CGO)2023-2024: Arrow Energy Holdings Pty, Chief Executive Officer2002-2023: Shell Plc., most recently as Managing Director of Queensland Curtis LNG Australia Pty Ltd. (QCLNG) and Senior Vice President of East Australia (Shell Plc). Previous executive positions within upstream in The Netherlands and Gabon, and multiple business development, asset commercial, and marketing roles in Europe and Africa.// ESRS 2, GOV-1; ESRS G1, GOV-1ESG competencesEnvironment  Decarbonisation · Biodiversity ·  Circularity · Water · Pollution  Social People  management, diversity &amp; inclusion · Health &amp;  safety · Human rights · Community impact   Governance  Business conduct //Our strategy and  sustainability mattersWe develop, construct, and operate offshore wind and other renewable assets at scale in an environmentally and socially sustainable way.We have three strategic sustainability priorities – decarbonisation, biodiversity, and community impact – driving value for our business and society. We continuously integrate sustainability into our strategy and business model through concrete actions. We also acknowledge that our upstream value chain involves sustainability trade-offs, including impacts linked to materials and manufacturing, which we work to reduce through supplier engagements and collaboration.Our three strategic sustainability priorities ensure we respond to our main sustainability challenges and  enable us to pursue opportunities in our industry.  These priorities are aligned with the results of our  double materiality assessment (DMA).Through targeted action, we work to mitigate climate change impacts, protect nature and biodiversity, and engage with communities to secure their support.  We also work with sustainability areas foundational  to running a responsible business and protecting  people in our workforce and supply chain, such as human rights and health and safety. Climate changeStrategic sustainability priority: Decarbonisation Ørsted has undergone a fundamental transformation from a fossil-fuel-based utility to a global leader in offshore wind. In 2025, we met our science-based scope 1-2 GHG emissions intensity reduction target of 10 g CO2e/kWh, making Ørsted the first energy company to complete a green transformation of its own energy production. Going forward, we will continue to collaborate with partners to advance efforts to reduce emissions across the full value chain (scopes 1-3) in line with our science-based target to reach net zero by 2040.PerformanceTargets18.5 GWInstalled renewable capacity(18.2 GW in 2024)8.9 GWDecided (FID’ed) renewable capacity(7.6 GW in 2024)99 %EU taxonomy-aligned CAPEX(99 % in 2024)99 %Share of renewable energy generation (97 % in 2024)In 2025, we achieved our target of a 99 % share of renewable energy generation4 GHG intensity, scopes 1 and 2, g CO2e/kWh (16 g CO2e/kWh in 2024)In 2025, we achieved our target of a scope 1-2 GHG intensity of 10 g CO2e/kWh8.8Scope 3 emissions, million tonnes CO2e  (7.4 million tonnes CO2e in 2024)ActionsSelected actions we have taken  in 2025 to address our IROs. For more details, see p. 73.Installed and decided renewable capacityContinued to expand our renewable  capacity portfolio.Decarbonisation road mapStrengthened governance and execution  of our decarbonisation road map by  establishing senior-level accountability and rolling 2-3-year work plans with clear deliverables, accelerating progress towards our target to reach net zero by 2040.Supply chain collaboration for lower-emissions solutionsContinued to work with key suppliers  to advance and secure access to lower- emissions materials (e.g. lower-emissions steel via our partnership with Dillinger).Supplier engagementExpanded our supplier engagement to  additional suppliers, reflecting the  development of our supply chain. Nature-based (NbS) projectsContinued to advance NbS projects that generate carbon credits for remaining  scope 1-2 emissions. To date, mangroves have been planted across 6,000 hectares  in The Gambia.Our material impacts, risks, and opportunities (IROs)Upstream value chain Scope 3 GHG emissions  from the renewable energy supply chainNegative impactScope 3 GHG emissions  from regular power sales  and gas salesNegative impactOwn operations Development, construction,  and operation of renewable  energy assetsPositive impactOpportunityCarbon removal through nature-based projectsPositive impactEnergy consumption,  mainly at our CHP plantsNegative impactScope 1 and 2 GHG emis-sions from our operationsNegative impactUncertainty in the energy transition policy andregulatory landscapeRiskClimate-related physical  risks to assets (chronic and accute)RiskDownstream value chain Scope 3 GHG emissions  from regular power sales  and gas salesNegative impactResource use and  circular economyStrategic sustainability priority: DecarbonisationReducing reliance on virgin materials is essential for a resilient renewable energy transition and our  continued decarbonisation efforts. We have worked for several years to improve how materials are sourced, used, and recovered, and we continue to build  collaborations that help us do so across the value chain.  Strengthening circular practices reduces pressure on natural resources and enables a more robust lower- emissions energy system.PoliciesResource Management PolicyForest Biomass PolicyCommitmentsWe ensure our forest biomass is sustainability-certifiedNo landfilling of wind turbine blades or solar panelsIn 2021, we made a commitment not to send  any of our retired blades to landfill, and in 2023, this was extended to solar panels. 97 %Total waste diverted from disposal(88 % in 2024)3,279Non-recycled waste, tonnes  (14,944 tonnes in 2024) ActionsSelected actions we have taken  in 2025 to address our IROs.For more details, see p. 88.Supplier engagementIntegrated circularity considerations into our operating model for offshore wind, allowing us to identify design-related opportunities and inform future supplier engagements.Component refurbishmentAchieved a refurbishment rate above 80 % for main component exchanges across our offshore portfolio, adding to our existing work on minor components.Wind farm recyclabilityCompleted a recyclability assessment of our offshore wind farm Hornsea 3 in collaboration with ReWind, identifying key recyclability challenges associated with  the materials used.Preventing waste generationDecided to use recyclable transition piece (TP) covers at our offshore wind farm  Hornsea 3, replacing conventional single- use covers. End-of-life managementInitiated the demolition of Esbjerg Power Station following its shutdown in 2024,  from which we expect to either reuse or recycle up to 97 % of the total materials in collaboration with the project contractor. Our material impacts, risks, and opportunities (IROs)Upstream value chainUse of virgin materials in renewable energy infrastructure adds to resource depletion and increased material scarcityNegative impactOwn operationsDependence on critical  raw materials needed for  the energy transitionNegative impactWaste generation during  construction, operation,  and decommissioningNegative impactBiodiversity  and ecosystemsStrategic sustainability priority: BiodiversityTransitioning away from fossil fuels to renewable energy is fundamental to tackling the biodiversity crisis. The space needed for the renewable energy transition is significant, and with nature in crisis, we must ensure that our projects benefit local biodiversity and ecosystems. In 2025, we continued taking action to deliver on our ambition of achieving a net-positive biodiversity impact from all new renewable energy projects we commission from 2030 onwards.PoliciesBiodiversity PolicyAmbitionsNet-positive  biodiversity impactIn 2021, we set the ambition to achieve  a net-positive biodiversity impact from  all new renewable energy projects we  commission from 2030 onwards.Performance2Construction sites overlapping  with key biodiversity areas (same as in 2024)7Construction sites overlapping  with protected areas  (same as in 2024)ActionsSelected actions we have taken  in 2025 to address our IROs. For more details, see p. 86.ReCoral by Ørsted™Reached a milestone in our coral restoration initiative at our Greater Changhua offshorewind farms, supporting natural coral growth.Seabird habitat restorationInitiated efforts to improve coastal habitats in Taiwan for protected migratory bird species which use the coastline for foraging and roosting.Tracking biodiversity growthExpanded the scope of 3D modelling of marine growth to monitor how our assets in the UK interact with marine ecosystems.3D-printed reefs at AnholtConducted an inspection confirming that our artificial reefs at Anholt Offshore Wind Farm now provide valuable space, shelter, and food for sea bass, sea squirts, crabs,  and starfish.Innovative seagrass plantingContinued to make successful progress on our restoration project in the Humber Estuary (UK), including seagrass planting, salt marsh restoration, and rebuilding native oyster beds.Supply chain mappingConducted an analysis focusing on  material commodities related to offshore wind  turbines to support discussions about nature- related financial risks in our supply chain.Our material impacts, risks, and opportunities (IROs)Upstream value chain Ecosystem degradation and habitat and species loss from ecosystem use change, pollution, and resource extractionNegative impactOwn operations Attract investments and  improve financial terms  through biodiversity effortsOpportunityBiodiversity gains from  restoration and innovation projectsPositive impactTemporary habitat and  species disturbance during construction activitiesNegative impactAffected communitiesStrategic sustainability priority: Community impactWe are committed to creating meaningful opportuni-ties and long-term value for the communities where we develop, construct, and operate renewable energy assets. This includes not only avoiding or mitigating negative impacts but also seeking ways to deliver lasting positive impacts that ensure the benefits of the green transition are shared equitably. We are  committed to respecting human rights, promoting an inclusive and diverse industry, and generating economic and social value for those affected by our projects.PoliciesGlobal Human Rights PolicyStakeholder Engagement PolicyJust Transition PolicyCode of Conduct for Business PartnersActionsSelected actions we have taken  in 2025 to address our IROs. For more details, see p. 104. Workforce development training programmesAdvanced our efforts to build offshore  wind skills by signing a memorandum  of understanding with TAFE Gippsland  and Federation University to support  the development of Australia’s offshore  wind workforce.Engagement with Indigenous PeoplesProvided funding for coastal resilience and local habitat restoration projects in the US, as well as scholarships for Tribal members.Formalised our partnership with the  Gunaikurnai people in Australia, the Traditional Owners of much of Gippsland, where our offshore wind farms are to be constructed.Community investmentsFormed a long-term partnership to help deliver Horizon Youth Zone in Grimsby, supporting local youth and improving well-being in the community near our  UK East Coast Hub.Continued to support local community  and environmental projects through our Hornsea 3 Community Benefit Fund.Extended our Choczewo Community Benefit Fund, ‘Powered by Wind’, for another two years, supporting local development near our offshore wind farm Baltica 2 in Poland.Our material impacts, risks, and opportunities (IROs)Upstream value chain Community health impacts from pollutionlinked to raw material extraction Negative impact Indigenous Peoples’ rights  and livelihoods disrespected in our supply chain of raw materialsNegative impact Own operations Improved community  socio-economic well-being through local value creationPositive impactIndigenous Peoples’ rightsand livelihoods disrespectedduring development and constructionNegative impact Increasing emphasis on local content within social impact requirements in tender processes RiskLocal community resistance and stakeholder concerns towards renewable energy projects RiskFailure to secure free, prior,  and informed consent (FPIC) with Indigenous communities RiskOwn workforceFoundational sustainability areaAt Ørsted, we actively work to ensure a safe and  inclusive workplace where all employees can thrive.  We engage with our employees through various  channels and have an open and transparent culture.  We focus on developing employees’ skills and com-petences and follow up on the general well-being of employees through inidividual performance dialogues and other measures.PoliciesGlobal Human Rights PolicyStakeholder Engagement PolicyJust Transition PolicyGlobal Policy for Quality, Health, Safety &amp; EnvironmentGlobal Diversity &amp; Inclusion PolicyGlobal Bullying, Discrimination &amp; Harassment PolicyGlobal Labour &amp; Employment Rights PolicyGlobal Working Hour Commitment Employee satisfaction2025 was a transition year, during which we assessed  new metrics and a new target for reporting in 2026.  In the meantime, leadership teams have used the  standard employee Net Promoter Score to assess employee sentiment.Targets 2.3Total recordable injury rate  (TRIR) in 202640 / 60Women / men Gender balance in our total  workforce by 2030Performance2.5Total recordable injury rate (TRIR)  (2.7 in 2024) In 2025, we achieved our target of 2.5 34 / 66Women / men  Our gender balance remained unchanged compared to 2024ActionSelected actions we have taken  in 2025 to address our IROs. For more details, see p. 95.Preventing and addressing injuries and fatalitiesTrained 96 selected senior managers appointed as accountable persons for health and safety through our ‘Boost QHSE’ programme. Implemented improvements for technicians working with blade repair.Managing stress among employeesHeld global mandatory safety days focused on mental health and psychological safety and equipped people leaders with tools to support psychological safety in their teams.Inclusive culture and leadershipEstablished a global ED&amp;I task force to monitor the geopolitical landscape and advise management about our gender balance target.Equipped leaders to build and lead inclusive, high-performing teams. Started embedding equity into the architec-ture of our people processes, including train-ing for all hiring managers and interviewers.Developing our employeesContinued to invest in leadership develop-ment, strengthen talent pipelines, and foster a high-performance culture.Our material impacts, risks, and opportunities (IROs)Own operationsWork-related injuries  and fatalitiesNegative impactEmployees leaving the  organisation due to perceived internal risks or uncertainties RiskWork-related stressNegative impactUnequal gender distribution  in managementNegative impactFlexible working conditions and  entitlements, such as support for family and caregiving needs Positive impactWorkers in  the value chainFoundational sustainability areaThe renewable energy transition impacts the  lives of many, including people working across renewable energy supply chains. At Ørsted,  we want to support a just transition by promoting jobs that offer decent wages, secure employment, safe working conditions, and a working environment where workers are free to express concerns and exercise their right to organise.PoliciesGlobal Human Rights PolicyStakeholder Engagement PolicyJust Transition PolicyCode of Conduct for Business PartnersPerformance 311Risk screenings conducted(344 in 2024)39Extended risk  screenings conducted  (42 in 2024)ActionsSelected actions we have taken  in 2025 to address our IROs. For more details, see p. 101.Supply chain transparencyContinued our efforts to increase supply chain transparency, with a focus on the origin of key materials. Partnership with the  Worker Welfare GroupThe Worker Welfare Group launched a  pilot programme focused on delivering supervisor behaviour training to advance worker welfare in Singapore’s marine  construction sector.Initiative for Responsible Mining Assurance (IRMA)IRMA audits increasingly focused on metals essential for renewable energy technologies.International Responsible Business Conduct (IRBC) AgreementOur score from the annual maturity assessment against the OECD guidelines reaffirmed our position as an industry leader driving responsible business conduct. Supplier engagementImplemented our code of conduct due  diligence process in our procurement pre-qualification process and piloted a  new worker survey tool. Business conductFoundational sustainability areaAt Ørsted, our approach to business conduct is steered by integrity, one of our key guiding principles. We uphold  high ethical standards across our business and operate in compliance with laws and regulations, fostering trust and respect among our employees and other stake-holders. To support our corporate culture, we have several policies which present the rules to be adhered to by our employees and business partners.Policies Good Business Conduct PolicyCode of Conduct for Business PartnersPerformanceDKK 53 million  Political influence (DKK 46 million in 2024)Our material impacts, risks, and opportunities (IROs)Own operationsPolitical engagement practicesensuring transparency, integrity, and accountabilityPositive impactOur material impacts, risks, and opportunities (IROs)Upstream value chainForced labour allegations or misconduct in our renewable energy supply chain resulting in e.g. reputational damageRiskInadequate working conditions leading to health, safety, and work-life balance issuesNegative impactForced labour impacting value chain workers’ rights, well-being, and livelihoodsNegative impactDouble materiality assessmentIn 2025, we conducted a double materiality assess-ment (DMA), in which we identified and assessed 31 material impacts, risks, and opportunities (IROs) comprised of 6 positive impacts, 15 negative impacts, 8 risks, and 2 opportunities. Our material ESRS topicsWe identified and assessed our positive and negative impacts on the environment and society (impact mate-riality) as well as the sustainability-related financial risks that we are exposed to and the opportunities we leverage (financial materiality). ‘E1 Climate change’, ‘E4 Biodiversity and ecosystems’, ‘E5 Resource use and circular economy’, and ‘S3 Affected communities’ were assessed as material topics and are aligned with our three strategic sustainability priorities. In addition,  ‘S1 Own workforce’, ‘S2 Workers in the value chain’,  and ‘G1 Business conduct’ were assessed as material.Material impacts, risks, and opportunitiesBuilding on our DMA from last year, we refined our methodology to incorporate learnings and develop-ments. In ‘Our value chain’ on page 57, we list all IROs that were assessed as material in our DMA. More infor-mation on each IRO, including how we manage them, can be found in the topical chapters. Inherent risks and impactsOur DMA is based on inherent risks and impacts but also accounts for actions that have been fully inte-grated into our governance, management, and daily operations to reduce or mitigate their effects.// ESRS 2, SBM-3Main changes compared to last yearWhile the same material ESRS topics were reaffirmed in our 2025 DMA, we merged some IROs that were similar in nature and management, reducing the num-ber of IROs from 40 to 31. Our materiality threshold is unchanged, and even though some topics have IROs scored differently, this did not change the overall outcome of which topics are above and below our materiality threshold. //// E2, IRO-1 and E3, IRO-1ESRS topics below materialityWe have omitted the disclosure requirements in the topical standards ‘E2 Pollution’, ‘E3 Water and marine resources’, and ‘S4 Consumers and end users’ from our reporting. For ‘E2 Pollution’ and ‘E3 Water and marine resources’, we identified and assessed IROs following our DMA methodology. This was informed by environmental impact assessments, risk registers, reported data, and other documentation, such as asset-specific conditions for management of pollution and water imposed by local authorities, which are particularly relevant for our combined heat and power (CHP) plants. However, these IROs were below our materiality threshold due to the high minimum environmental requirements imposed by authorities in the countries where we operate. For ‘S4 Consumers and end users’, we did not identify  any IROs. // // ESRS 2, IRO-1 DMA methodologyIn our double materiality assessment (DMA), we con sidered all the sub-sub-topics listed in ESRS 1 when identifying our impacts, risks, and opportunities (IROs). For our impact assessment on people and the environment (inside-out), we considered both positive and negative impacts, which can be both actual and potential. In our financial assessment (outside-in), we assessed potential sustainability-related risks that could  trigger a negative financial effect on our business and opportunities that could create value for our business. Our DMA process has not changed compared to 2024 but is  revisited and verified on an annual basis. Stakeholder engagementWe used our in-house subject-matter experts as a valid proxy for bringing the interests and views of our stakeholders into the DMA. They used their profes-sional judgement when applying the scoring criteria, often informed by publicly available evidence of circumstances. In addition, our continuous engagement activities in the communities where we are present provided a solid basis for our assessment. Furthermore, our value chain assessment mainly focused on our first-tier suppliers, and beyond that, we relied on industry- wide value chain assessments, industry knowledge, and internal knowledge based on our engagement in various forums.ImpactsWhen identifying and assessing our impacts, we consid-ered activities within our own operations, our business relationships, and our value chain. We had particular focus on the upstream value chain, focusing on sourcing of materials and exposure to certain geographies that might give rise to a heightened risk of adverse human and labour rights impacts and of environmental impacts due to the nature of our industry.Scoring negative impactsThe ‘severity’ of an impact was scored through three parameters:1.  Scale: How great the impact is or could be on the environment or people. For actual negative impacts, mitigation actions were considered, including the ‘licence to operate’ conditions required by authorities.2.  Scope: How widespread the impact is, e.g. the  number of sites it relates to. 3.  Irremediable character: How difficult it is to reverse the damage in terms of cost and time horizon.For potential negative impacts, an additional parameter of ‘likelihood’ was scored, weighted evenly with ‘ severity’. However, for a human rights-related potential negative impact, ‘severity’ took precedence over ‘likelihood’. Scoring positive impactsFor actual positive impacts, ‘severity’ was scored through the two parameters ‘scale’ and ‘scope’. For potential positive impacts, ‘likelihood’ was also scored and weighted evenly with ‘severity’.Risks and opportunitiesWe used our impact assessment as a foundation for identifying risks and opportunities that are connected to our impacts and dependencies.Scoring risks and opportunitiesWhen scoring sustainability risks and opportunities, we assessed the potential ‘magnitude’ of possible financial effects and the ‘likelihood of occurrence’. The possible financial effects of the individual risks and  opportunities were assessed through sustainability-matter- specific scenarios, operationalised through stress tests.  Mitigation measures put in place are reflected in either the magnitude or likelihood of the assessed scenarios. In cases where a quantitative assessment was not possible or insufficient, qualitative assessments were used to supplement or inform the magnitude of the risk or opportunity. Time horizonsPotential IROs were assessed across three time  horizons: short-term (covering the current reporting year and the next year), medium-term (from the end of the short-term period to five years), and long-term (more than five years). //// ESRS 2, IRO-1 and IRO-2ThresholdsIROs were evaluated using score-based assessments for impact and financial materiality. The resulting scores were mapped to materiality levels, and a  materiality threshold was defined by selecting a cut-off on the scoring scale corresponding to the highest levels of materiality. IROs meeting or exceeding this threshold were considered material for reporting, including their associated ESRS disclosures. //// ESRS 2, IRO-1 DMA processWe defined five steps for conducting the DMA: 1  Engagement of stakeholders2  Scoping of IROs3  Assessment of IROs4  Validation of results and calibration5  Final review and approval In addition, a fundamental preliminary step was to understand the context. Our DMA builds on the approach we have used for over a decade for assessing the materiality of sustainability-related matters, in which we use benchmark reports, studies, and internal projects, including regulatory landscape  understanding, media monitoring, peer analysis, etc., to determine what our sustainability-related impacts and risks are. Step 1: Engagement of stakeholdersWe identified internal subject-matter experts (SMEs) with extensive insights and knowledge about each ESRS topic. Step 2: Scoping of IROsWe used our DMA results from last year as a  starting point to scope this year’s IROs and consulted relevant internal sources, including internal impact reports, inter-nal risk reports, and stakeholder findings. This formed the gross IRO list for assessment.Step 3: Assessment of IROsThe SMEs reviewed the identified IROs and added or removed IROs, where necessary. They then scored each IRO using our scoring methodology. The resulting degree of materiality for each IRO was calculated using our internal scoring tool.Step 4: Validation of results and calibrationThe SMEs were consulted again for validation of the preliminary results, and any necessary adjustments were made. In addition, risks were aligned with our ‘Enterprise risk framework’. These results were further validated through a managerial calibration group that brought further insights from external stakeholders, including investors.Step 5: Final review and approvalIn the final step, the results were reviewed and approved by relevant managers. After their approval, the DMA results were presented to and approved by the Group Executive Team. //Interests and views  of our stakeholders// ESRS 2, SBM-2Stakeholder engagementOur Stakeholder Engagement Policy reflects our commitment to maintaining an open and continuous dialogue with stakeholders. Through these interactions, we seek to understand their perspectives, concerns, and expectations – ensuring that their voices inform our decisions. Insights from stakeholder dialogues feed into our due diligence process and double materiality assessment. This helps us align our sustainability priorities, initiatives, and processes with stakeholder interests and views. Guided by principles of openness, transparency, and integrity, our Stakeholder Engagement Policy adheres to leading international standards, including the UN Declaration on the Rights of Indigenous Peoples and the IFC Performance Standards on Environmental and Social Sustainability. We ensure that the interests and views of affected stakeholders regarding our sustainability-related impacts, risks, and opportunities are regularly  communicated to accountable members of the Group Executive Team through periodic meetings.For more information on our sustainability governance, please see pages 47-49 in the management’s review. //// S1, SBM-2EmployeesHow engagement is organised·   Employment and health and safety representatives ·   Inclusion and social networks·   Employee-elected board members·   Development dialogues and reviews·   Surveys, workplace assessments,  and town halls Purpose of engagement·   Understanding employee experiences, challenges, and suggestions ·   Raising awareness of policies and  organisational changes·   Fostering a healthy, safe, and sustainable working environment·   Supporting employee retention  and attraction Engagement outcomes·   Updates or development of policies,  e.g. our Global Mental Health Policy·   Initiatives promoting well-being InvestorsHow engagement is organised·   ESG ratings and assessments·   One-on-one meetings, questionnaires,  and inquiries·   Quarterly earnings calls·   Annual general meetingsPurpose of engagement·   Understanding expectations and  addressing questions·   Building trust and demonstrating  long-term value of renewable energy ·   Discussing performance, risk  management, and strategic directionEngagement outcomes·   Action plans to enhance performance·   Increased transparency through  disclosure to rating agencies·   Alignment of investment activities  with sustainable finance frameworks,  e.g. the EU taxonomy// S2, SBM-2SuppliersHow engagement is organised·   Due diligence assessments·   Workshops and industry collaborations, e.g. the Offshore Wind Sustainability Joint Industry Programme (SUSJIP)Purpose of engagement·   Code of conduct compliance ·   Responsible sourcing, including minerals and metals·   Safeguarding human and labour rights·   Fostering a safe and respectful working environment in our value chain·   Driving value chain decarbonisation  and circular resource use·   Understanding supplier challenges Engagement outcomes·   Clearer supplier guidance·   Due diligence improvement plans ·   Informed procurement decisions·   Sourcing of low-carbon solutionsGovernments, policymakers, and regulatorsHow engagement is organised·   Public hearings, consultations,  and roundtables·   Publication of white papers, studies,  and thought leadership contentPurpose of engagement·   Compliance with regulatory frameworks ·   Supporting a sustainable build-out of  renewable energy·   Addressing climate-related transition  risks and opportunitiesEngagement outcomes·   Operational adjustments to maintain compliance·   Informed decisions on renewable  energy deployment and financing// S3, SBM-2Local comunitiesHow engagement is organised·   Consultations, public meetings,  and information sessions·   Dialogue through project staff and  community liaison officers·   Interviews during environmental and  social impact assessments·   Our Whistleblower Hotline and other  grievance mechanismsPurpose of engagement·   Addressing concerns and questions ·   Building trust and relationships ·   Ensuring community benefits and  maintaining our social licence to operateEngagement outcomes·   Tailored community benefit initiatives·   Local projects promoting job creation, growth, and environmental protectionCivic and non-profit organisationsHow engagement is organised·   Collaboration on community projects  and impact assessments·   Contributions to research and  knowledge-sharing initiativesPurpose of engagement·   Supporting local initiatives ·   Understanding local expectations·   Addressing shared challenges, e.g.  decarbonisation and human rights in  the supply chainEngagement outcomes·   Improved project planning and  site-specific initiatives, e.g. biodiversity  conservation and community  development·   Alignment of projects with best practice  for community engagementCorporate customersHow engagement is organised·   Customer support interactions ·   Regular reviews and meetings with account managers·   Business partner due diligence assessments Purpose of engagement·   Understanding customer needs and expectations·   Strengthening trust through transparency ·   Enabling customers to achieve their  renewable energy targetsEngagement outcomes·   Enhancements of products and services,  e.g. power purchase agreements (PPAs)·   Adjustment of marketing approaches,  e.g. providing ESG rating scorecards Industry and sustainability associationsHow engagement is organised·   Workshops, knowledge-sharing sessions, and conferences·   Initiatives and research on e.g.  biodiversity impacts and life cycle analyses (LCAs)·   Consultations with trade unions on worker welfare and rightsPurpose of engagement·   Promoting the build-out of renewable energy ·   Developing industry standards ·   Decarbonising hard-to-abate sectors ·   Understanding perspectives of workers’ representatives across the value chainEngagement outcomes·   Industry-developed LCA methodology  for offshore wind farms·   Launching the Responsible  Renewables Infrastructure Initiative with World  Economic Forum (WEF)·   Tailored initiatives for value chain workers Basis for  preparation// ESRS 2, BP-1 and BP-2General basis for preparation Frameworks and data selectionThe sustainability statements are prepared in accor-dance with the ESRS standards adopted by the EU Commission. All the disclosures have either been assessed as material according to our double materi-ality assessment (DMA) or are mandatory according to the ESRS standards. All GHG emissions (scopes  1-3)  are reported in accordance with ‘E1 Climate change’ and calculated based on the GHG Protocol as referenced in E1.ConsolidationThe sustainability statements have been prepared on  a consolidated basis. The data is consolidated according to the same principles as the financial statements and thus comprises the parent company Ørsted A/S and subsidiaries controlled by Ørsted A/S. Joint operations are included with Ørsted’s proportionate share. Associates and joint ventures are not included in the consolidated data.For the reporting of absolute scope 1 and 2 GHG emissions, we report the difference between total scope 1 and 2 GHG emissions using operational control of the sites we operate as consolidation principle compared to scope 1 and 2 totals using our standard financial consolidation of the entities, as per ESRS disclosure requirement E1-6, data point 50. Metrics for biodiversity (E4-5) include full construction sites under operational control. Consolidation of all data follows the principles above, unless otherwise specified in the accounting policies.Value chainThe sustainability statements cover our full value chain, from upstream to downstream, as the related impacts, risks, and opportunities have been identified and assessed in our DMA. Selected policies, actions, and tar-gets extend beyond our own operations where relevant.Measurement basisThe accounting policies have been applied consistently in the financial year and for comparative figures.  Calculation factors used are listed on the pages with the relevant metrics, together with references.External reviewOur auditor, PwC, has performed limited assurance of our sustainability statements (please see the independ-ent auditor’s limited assurance report on page 215). //// ESRS 2, BP-2Disclosures related to specific  circumstancesEstimates and uncertaintiesWe make assessments and estimates for the reporting of some data points using indirect sources, including sector-average data and proxies. These include our resource inflow metrics and EU taxonomy KPIs. For scope 3 GHG emissions, we primarily use activity data combined with emission factors. Where accu-rate supplier-specific data or emission factors are not  available, we apply broader, more generic activity data or emission factors and extrapolate where necessary to address data gaps. We describe the basis for prepa-ration of these estimates and associated outcome uncertainties in our accounting policies. We regularly reassess our use of estimates and judgements based on experience, the development of ESG reporting, and several other factors. Changes in estimates are recognised in the period in which the  estimate in question is revised.Changes in preparation or presentation of data We have a policy for adjustments to ESG metrics to support our assessment as to whether we should restate previously reported numbers in case we discover an error or change the accounting policy. If we assess that a restatement is necessary based on materiality, we clearly indicate what the restatement is in the relevant table with the metric. Changes in 2025We made the following changes in 2025:·   Introduced the sections ‘At a glance’ and ‘Additional disclosures‘ to improve readability.·   Updated our methodology for allocating emissions from our build-out, resulting in a restatement of the 2024 figures for scope 3, category 2; total scope 3 GHG emissions; total GHG emissions; and related intensities. To ensure methodological consistency, we also updated our approach to the reporting of materials under resource inflows and have restated the 2024 figures accordingly.·   Reintroduced calculated avoided emissions follow-ing stakeholder requests.·   Updated our taxonomy reporting based on the amendments adopted by the EU in January 2026.·   Discontinued our employee satisfaction survey results metrics and target due to our new engagement  survey concept. We are assessing potential new  metrics and a new target for reporting in 2026; for 2025, we qualitatively disclose our results and actions. ·   Discontinued know-your-counterparty (KYC) screenings as we have assessed that the metric does not sufficiently add to the understanding of our supply chain business conduct risks and their management.//Climate changeØrsted has undergone a fundamental transformation from a fossil-fuel-based utility to a global leader in offshore wind. In 2025, we met our science-based scope 1-2 GHG emissions intensity reduction target of 10 g CO2e/kWh, making Ørsted the first energy company to complete a green transformation of its own energy production. Going forward, we will continue to collaborate with partners to advance efforts to reduce emissions across the full value chain (scopes 1-3) in line with our science-based target to reach net zero by 2040.// ESRS 2, SBM-3 and E1, SBM-3Material impacts, risks,  and opportunitiesAs part of our double materiality assessment (DMA), we have identified two positive impacts, three negative impacts, two risks, and one opportunity related to climate change. Each of these is directly linked to our business model. The material climate-related impacts, risks, and oppor-tunity inform our strategic priorities and transition planning. We use these insights to shape investment decisions, strengthen supply chain engagement, and accelerate our progress towards our climate targets.Opportunity · Own operationsDevelopment, construction, and operation of renewable  energy assets creating long-term business valuePositive impact · Actual · Own operationsDevelopment, construction, and operation of renewable  energy assets contributing to the decarbonisation of the energy systemThis opportunity stems directly from our business model, which positions us to capture long-term demand for renewable energy and benefit from supportive  policy frameworks. By decarbonising the energy system, our activities deliver a positive impact that is central to how we create value and support the transition. Positive impact · Potential · Own operationsCarbon removal through nature-based projectsHigh-quality nature-based projects can deliver verified carbon removals and ecosystem benefits that com-plement our decarbonisation efforts, making carbon removal through nature-based solutions a potential positive impact. Negative impacts · Actual · Own operations &amp; value chain·  Scope 1 and 2 GHG emissions from our operations·  Energy consumption, mainly at our CHP plants·   Scope 3 GHG emissions from the renewable energy supply chain·   Scope 3 GHG emissions from regular power sales and gas salesDeploying renewable energy is essential to a sustain-able energy system, and we recognise the associ-ated greenhouse gas (GHG) emissions. These arise from activities across our value chain, including the operation of combined heat and power (CHP) plants, resource extraction and manufacturing of components, maintenance operations, and upstream and down-stream emissions from regular power and gas sales. Risks · Own operations &amp; value chain·  Uncertainty in the energy transition policy and regulatory landscape potentially challenging the viability of renewable energy projects (transition risk)·  Climate-related physical risks to assets (chronic and acute)These risks reflect existing and potential threats to project economics, construction timelines, asset availability, and operational resilience. Our approach to addressing these climate risks is described in the ‘Resilience analysis’ section of this chapter. //// E1-1Transition plan Ørsted’s transition plan outlines our pathway to net-zero emissions by 2040, aligned with the 1.5 °C target of the Paris Agreement. The plan is substantiated by science-based targets and structured around key decarbonisation levers. It sets out strategic actions that have transformed our business model towards renewables and will guide the next phase of our  transition. It also supports broader policy priorities, including the European Union’s 2050 climate  neutrality goals formalised in the European Green Deal and  associated regulations such as the EU taxonomy and the EU Green Bond Standard. These priorities present both an opportunity and a responsibility to align our business strategy with global decarbonisation efforts, contributing to the renewable energy transition and broader sustainability objectives.First transition wave:Shift from fossil fuels to renewable energy generationIn 2025, we reached a defining milestone in our journey towards net zero by meeting our science-based scope 1-2 GHG emissions intensity target of 10 g CO2e/kWh – a 93 % reduction from a 2018 baseline (98 % from a 2006 level). This progress reflects the core achieve-ment of wave one: the structural shift in our own energy production from predominantly fossil fuels to predominantly renewable sources.This shift continues to be characterised by the following:·   Growth in renewable capacity: In 2025, we continued to expand our renewable energy portfolio, reaching a total of 18.5 GW of installed capacity, with a pipeline of 8.9 GW of decided (FID’ed) capacity. ·   Increase in renewable energy generation and  phase-out of coal: Following the cessation of  coal-based generation in 2024, we achieved our 2025 target of generating 99 % of our energy from renewable sources.·   Alignment of capital with climate goals: Since the EU Climate Delegated Act came into effect, 99 % of Ørsted’s capital expenditures (CAPEX) have been allocated to activities classified as sustainable. In 2025, these expenditures included DKK 53,653  million for the expansion of offshore and onshore wind capacity, DKK 2,673 million for solar PV and battery energy storage technologies, and DKK 1,881 million for cogeneration of heat and power from bioenergy activities (including carbon capture and storage).·   Measurable performance: We report on our climate performance through a suite of climate targets val-idated by the Science Based Targets initiative (SBTi), including near-term targets for 2030 and long-term targets for 2040. All our SBTi-validated climate tar-gets have 2018 as a base year. In addition to inten-sity metrics, we report on absolute emissions reduc-tions to provide a clear view of our progress across both our operations and the value chain.  Having met our 2025 scope 1-2 GHG emissions intensity target of 10 g CO2e/kWh, we are now progressing towards a 96 % reduction by 2030. Complementing this, our interim scope 1-3 GHG emissions intensity target outlines a reduction trajectory of ~77 % by 2030. We have also set science-based absolute reduction targets for scope 3 total emissions and scope 3, cat-egory 11 emissions. Together, these interim targets provide a clear and measurable pathway towards our long-term target to reach net zero by 2040, aligned with the 1.5 °C goal of the Paris Agreement.·   Climate advocacy: To advance policies that accel-erate the shift to renewable energy, we work with national and international associations to engage in dialogue with policymakers. We report transparently on these activities in our Climate Advocacy Report, published every three years (next edition in 2026).  Addressing transition risks from locked-in emissionsLocked-in emissions refer to future GHG emissions arising from infrastructure or assets planned or already in place. For Ørsted, these emissions are tied to our gas sales activities, driven by binding contractual  obligations for offtake volumes of natural gas from gas fields in the Danish North Sea – mainly the Tyra gas field (not owned by Ørsted).Currently, we assess that our legacy activities do not jeopardise the delivery of our transition plan. We  recognise that accounting for locked-in emissions is essential to maintaining a credible and comprehen-sive decarbonisation pathway.To manage potential transition risks related to locked-in emissions, we focus on:·   Measurable performance: We have set an absolute emissions reductions target for scope 3 emissions from gas sales, aiming for a reduction of ~67 % by 2030 (base year 2018) and ~90 % by 2040.·   Transparent reporting: We track and disclose progress towards our absolute emissions reductions targets for gas sales.As of 31 December 2025, we are not excluded from the Paris-Aligned Benchmark (PAB), providing  further evidence of our successful transition away from fossil fuels.Second transition wave:  Decarbonising our supply chainsWith the transformation of our operational foot-print well advanced, a second, broader wave of our transition is already underway. This wave focuses on reducing upstream emissions in our value chain and contributing to system-wide decarbonisation across materials, manufacturing, and transport. Although offshore wind power already delivers ~99 % lower GHG emissions than coal-based generation, achieving net zero by 2040 requires addressing hard-to-abate areas, such as steel and aluminium production, cement and concrete, maritime and heavy transport, and compo-nent manufacturing. Progress in this wave requires alignment and cooper-ation across suppliers, business partners, regulators, and industry peers to drive lower-emissions solutions forward. This wave is characterised by the following key actions:·   Net-zero road map: Our net-zero road map outlines our immediate priorities and actions for decarbonising our value chain and remaining operational emis-sions. We revise this company-wide road map on an  ongoing basis to stay aligned with the latest develop-ments and support informed decision-making.·   Supplier  engagement:  We engage key suppliers to drive decarbonisation in their strategies and  operations through three levers: science-based  targets, covering electricity consumption with renewable electricity, and reporting to the Carbon Disclosure Project (CDP). We help suppliers adopt the three levers through targeted dialogue and guidance. We follow up when progress or disclosures are lacking, and where gaps are identified, we agree on actions and timelines with suppliers.·   Supply chain collaboration and partnerships:  Beyond supplier engagement, we pursue long-term collaborations with strategic suppliers to develop and scale lower-emissions solutions across products  and services. This includes advancing green technolo-gies and pathways to decarbonise key components and manufacturing processes, and supporting the availability of lower-emissions materials and offer-ings for Ørsted and the wider offshore wind industry.·   Tracking and measuring: Our internally developed and maintained life cycle analysis (LCA) approach gives us a reliable view of the emissions profile of our projects, enabling better-informed commercial and procurement decisions towards our net-zero pathway, and providing the basis for calculating and reporting the emissions associated with our build-out. We maintain detailed emissions reporting both internally and externally, with external disclosures subject to limited assurance.Governance and oversightMatters related to the transition plan are addressed within our Sustainability Governance Framework. The elements of the plan are disclosed in our annual report, which is presented to shareholders for approval at the annual general meeting (AGM), providing them with an opportunity to offer feedback.System dynamics shaping our transitionAchieving our vision depends not only on our own actions but also on external conditions, including the strength and reliability of climate and energy policies, timely grid and infrastructure development, and supply chains able to scale lower-emissions technologies. These dependencies introduce uncertainties that could slow our transition. In addition, higher financing costs, grid constraints, and pressures on critical materials and supply chains require system-level solutions to avoid project delays and cost increases. As the links between rising global temperatures, biodiversity loss, resource scarcity, and affected com-munities become more pronounced, they drive shifts in demand, investment priorities, and expectations for corporate action. Managing these dynamics, alongside our own execution risks, is essential to maintaining our leadership in the energy transition and securing our organisation’s adaptability in a transforming market.Guided by our Just Transition Policy, we are committed to safeguarding workers, supporting communities, and protecting ecosystems. We collaborate closely with local communities to create opportunities, foster socio-economic growth, and deliver a fair transition with meaningful benefits for everyone involved. Through innovation, advocacy, and a focus on equity, we lead this transition responsibly. //// ESRS 2, SBM-3 and E1, SBM-3, IRO-1Resilience analysisScope of the resilience analysisWe take a comprehensive approach to assessing and managing climate-related transition and physical risks, ensuring not only alignment with evolving regulatory requirements but also the resilience of our business model and strategy. Our approach consists of two main components:1.  Transition risks and opportunities: Assessing and managing transition risks and opportunities associ-ated with the global shift to a low-carbon economy, which include macroeconomic, political, technologi-cal, and market developments.2.  Physical climate risks: Conducting physical climate risk assessments to evaluate the potential impacts of climate- related hazards, such as extreme weather events and long-term climate changes, on our activities.Transition risks and opportunitiesTransition risks arise from the shift to a low-carbon economy and include new regulations, technological innovation, changing market dynamics, and shifting consumer preferences. We have mitigated these risks by transforming our business model from fossil fuels to renewable energy, aligning our operations with a 1.5 °C climate trajectory. This proactive shift has positioned us to capitalise on the growing demand for renewable energy. We recognise that sustained political support for expanding renewable energy remains vital to the global energy transition, and uncertainty in that support poses a risk for the wider industry.As part of our DMA’s financial materiality assessment, we have evaluated uncertainties in the energy transi-tion policy and regulatory landscape. Transition risks are particularly relevant in markets where changes to investment conditions, subsidy schemes, or policy  priorities can affect the viability of existing projects and the development of new ones. Our approach to risk management ensures that global trends, such as macroeconomic conditions, supply chain disruptions, and geopolitical uncertainty, are monitored and factored into both strategic planning and day-to-day operations. For details on how global trends affect our most  material enterprise risks for 2025, please see the  ‘Enterprise risk management’ section on pages 23-26.Physical climate risksPhysical climate risks refer to the potential impacts of climate-related changes on assets, operations, and infrastructure, arising from both long-term shifts in climate conditions and short-duration extreme events. For Ørsted, physical climate risks include chronic risks, such as the dependence of renewable energy generation on natural resources like wind patterns, and acute risks, such as the increasing severity and frequency of extreme weather events. Chronic risks may lead to changes in, or greater uncertainty around, production estimates over time, while acute risks can result in prolonged shutdowns and increased mainte-nance and repair needs. We therefore assess the resilience of our assets to climate-related hazards. Our climate risk assessment directly supports alignment with the ‘do no significant harm’ (DNSH) requirements of the EU taxonomy for  climate change adaptation, while also focusing on design safeguards and business case risks.Results of the resilience analysisTransition risks and opportunitiesTransition risks and opportunities are integral to the business cases for our investments in new assets, tech-nologies, and activities. We actively monitor market developments and regularly update our business cases to ensure alignment of mitigation actions with evolving conditions, while maintaining our focus on delivering value to our investors.In particular, we recognise the potential for politicalshifts impacting the prioritisation of renewable energy policies. A federal stop-work order affecting the offshore wind projects Revolution Wind and Sunrise Wind in the US resulted in current financial effects from transition risks recognised in the period, including an impairment recognised in the financial statements. Please see note 3.2 ‘Impairments’ in the financial statements.The recent incidents underscore how abrupt policy or regulatory actions can disrupt project delivery and create financial impacts, highlighting the importance of a stable and predictable policy environment for long-term investments in renewable energy. Methodology of the  resilience analysisTransition risks and opportunities Transition risks, including macroeconomic, business, and geopolitical risks, are managed through our  Enterprise Risk Management (ERM) Framework, supported by dedicated teams. The ERM Framework provides a high-level, principles-based structure for addressing all risks to which Ørsted may be exposed. It sets standards for individual risk frameworks across the organisation and ensures that risks are identified and managed in line with the defined risk appetite. Emerging risks, such as political shifts, are integrated into our ERM Framework and monitored by regional teams.Physical climate risksWe assessed physical risks from two perspectives: design safeguards and business case impacts. Our design safeguards evaluation ensures the struc-tural integrity and resilience of assets against climate  hazards, while our business case impact quantifies possible financial impacts.The design safeguards assessment used region-specific climate projection data for the Shared Socio-economic Pathway (SSP) 5-8.5 scenario – widely accepted as a worst-case future. It covered offshore, onshore, and bioenergy assets that have reached final investment decision (FID). The design safeguards assessment directly supports alignment with the ‘do no significant harm’ (DNSH) requirements of the EU taxonomy for climate change adaptation.In 2025, we enhanced the robustness of our business case impact analysis of physical climate risks for off-shore wind, building on prior assessments.  Specifically, we updated the analysis by incorporating more granular climate model data (six-hourly time series) and adapting our engineering and financial tools to simulate projected future climate conditions alongside historical observations. Using higher-resolution climate data and wind direction inputs, we retained our standard modelling approach for outputs such as energy yield and power prices, while replacing historical climate inputs via a statistical approach with forward-looking climate projections. This enabled us to generate climate-adjusted outputs directly comparable to our standard portfolio financials. We developed the methodology during 2024-2025 in dialogue with climate scientists, ensuring alignment with best practice across industry and academia. In 2025, we applied this method to produce climate- adjusted net present values (NPVs) at asset and port-folio levels. We continued to use climate model data from the Coupled Model Intercomparison Project Phase 6 (CMIP6) ensemble, which underpins the Sixth Assess-ment Report of the Intergovernmental Panel on Climate Change (IPCC). CMIP ensembles are updated only every few years, and CMIP7 is expected to be fully available in 2027-2028. Until then, improvements to the climate model data will focus on improvements to the resolution and processing of the CMIP6 dataset.We conducted the business case impact assessment at a high-resolution, asset-by-asset level across four IPCC scenarios for offshore wind: SSP1-2.6, SSP2-4.5, SSP3-7.0, and SSP5-8.5. For onshore assets, we applied only the worstcase SSP5-8.5 scenario. This approach ensured that resilience measures address severe climate risks across several possible futures and protects long-term operational and financial stability.Our physical climate risk assessment covered the remaining operational lifetimes of our production assets – up to 35 years. For most of the portfolio, this fell within the short- to medium-term horizon of available climate projections (towards 2040 and 2060, respectively), though certain assets extend into the long-term horizon (towards 2080).Classification of climate-related hazardsCf. the TCFD classification and the EU taxonomy’s Climate Delegated Act✓  Hazard included in assessment ×  Hazard not relevant to include due to geographical location of assetsRelation Chronic AcuteTemperature✓   Changing  temperature   ✓ Heatwave(air, freshwater, marine water)✓ Coldwave/frost✓ Wildfire✓  Heat stress✓  Temperature variability×  Permafrost thawingWater✓   Changing precipitation patterns  ✓   Droughtand types (rain, hail, snow/ice)✓   Heavy precipitation (rain, hail, snow/ice)✓   Flood (coastal, fluvial, pluvial, groundwater)✓  Precipitation or hydrological variability×  Glacial lake outburst✓  Ocean acidification✓  Saline intrusion✓  Sea level rise✓  Water stressWind✓  Changing wind patterns✓   Cyclone, hurricane, typhoon ✓   Storm (including blizzards, dust, and sandstorms)✓ TornadoSolid mass✓  Coastal erosion×   Avalanche✓  Soil degradation✓ Landslide✓  Soil erosion✓ Subsidence✓ SolifluctionTherefore, close monitoring of political and regulatory developments, supported by the capacity to take immediate action when required, is essential to our long-term planning and investment decisions.Physical climate risksBased on our design safeguards evaluation, the  structural risk to our assets has not increased relative to original design assumptions.The structural integrity of our assets is achieved through a combination of design safety factors and mitigation measures, including active collaboration with wind turbine manufacturers to tailor designs to local conditions and stress testing for extreme scenarios during the design process. These measures are particularly effective in addressing acute physical risks such as heatwaves, coldwaves, frost, cyclones, and typhoons.From a business case perspective, the most significant climate risks for our portfolio are changes in wind patterns and, to a lesser extent, density and air tempera-ture. On a portfolio level, our analysis indicates only minor deviations in asset values compared to projec-tions based on historical climate data. We observe this across all scenarios explored. Notably, the uncertainty bands around our results remain wide, primarily due to limitations in the underlying CMIP6 data. Despite the minor impacts observed, we recognise the materiality of climate change risks due to their unique nature. These risks may develop gradually over time, with impacts that can compound, and are often characterised by inherent uncertainties. We therefore acknowledge the need for further and continuous investigation as we strive to reduce uncertainties  associated with our assessments.In addition to mitigating risks through design safeguards and business case considerations, our risk management strategy incorporates estimated maximum loss (EML) assessments to quantify potential financial exposures and ensure sufficient insurance protection and financial resilience against unforeseen extreme events.Balancing progress and challengesOur strategy and business model have shown resilience  to climate change, reflected in consistently high EU  taxonomy alignment, with 99 % of our CAPEX qualifying  as sustainable activities. This demonstrates that our investment profile is well positioned for a low-carbon economy and supports continued access to sustainable financing.We recognise that global transition developments may shift the assumptions behind our plans. As the  renewable energy market evolves, we monitor political, legal, technological, market, and reputational develop-ments, including changing stakeholder expectations and public sentiment, that may influence how our decar-bonisation strategy is perceived. We have strengthened the integration of identified sustainability risks into our enterprise risk management processes and will continue to reinforce organisational ownership of these risks.We remain committed to a just transition while recog-nising that macroeconomic and technological factors may affect the pace of renewable energy deployment. To manage these uncertainties and seize opportunities, we engage in policy advocacy for stable and predicta-ble frameworks that enable long-term investment. //// E1-2PoliciesClimate change mitigation has been at the core of our business for many years, eliminating the necessity for a stand-alone climate policy. Instead, our approach to climate-related impacts, risks, and opportunities is embedded across our strategy, targets, and govern-ance mechanisms.Although we do not have a stand-alone climate policy, our commitment to reducing greenhouse gas emissions and expanding renewable energy is embedded in our Sustainability Commitment. Introduced in 2016, this commitment reflects a systems-based approach to addressing climate change, recognising that social and governance factors are critical to delivering reliable and modern energy systems for society. It applies across our organisation and is also reflected in our Code of  Conduct for Business Partners. Oversight of the  Sustainability Commitment rests with the Group  Executive Team under our Sustainability Governance Model. //// E1, GOV-3Climate-related executive remunerationClimate-related considerations are integrated into executive remuneration to ensure alignment between incentives, financial performance, and our climate objectives. As a renewable energy company, our finan-cial performance is inherently linked to climate change mitigation. Our EBITDA is almost entirely attributable to EU taxonomy-aligned activities contributing to climate change mitigation. This reinforces the link between executive remuneration, renewable energy growth, and our long-term decarbonisation ambition.To maintain alignment with our strategy and long-term vision, climate-related KPIs are embedded in the short- and long-term incentive schemes for Group  Executive  Team  members.In 2025, the Short-Term Incentive Scheme included a climate metric covering scope 1 and 2 GHG emissions intensity reduction. We also introduced a climate KPI into the Long-Term Incentive (LTI) Scheme for the first time, linked to achieving our 2030 scope 1-3 GHG emissions intensity target of 75 g CO2e/kWh (excluding category 11, ‘Use of sold products’). For 2025, this KPI measured progress towards this interim target. The impact on remuneration will be reflected in 2028, when the 2025 LTI grant vests.The defined share of executive remuneration tied to these climate KPIs in 2025 was 2.3 % of recognised remuneration for the CEO, 2.2 % for the CFO, 2.1 % for the Chief HR Officer, 2.0 % for the Chief Construction Officer, 2.2 % for the Chief Development Officer, and 1.4 % for the Chief Generation Officer. Further details on the structure and methodology are provided in our Remuneration Report 2025. //// E1-3ActionsOur actions reflect our continued focus on advancing offshore wind as our core business, alongside other renewable energy solutions, and on directing capital towards economic activities classified as sustainable under the EU taxonomy. In 2025, we allocated DKK 58,698 million in capital expenditures to taxonomy- aligned activities (representing 99 % of total CAPEX) and took final investment decisions on 1.6 GW of new projects, of which 1.5 GW relate to offshore wind.We structure our climate-related actions around a set of key decarbonisation levers.Decarbonisation lever 1 Development, construction,  and operation of renewable  energy assetsThis lever supports our core business model by  enabling continued investment in renewable energy projects while maximising our positive impact on  climate change mitigation by increasing the avail-ability of renewable energy.Key action: Installed and decided renewable capacityIn 2025, we continued to expand our renewable energy portfolio, reaching a total of 18.5 GW of installed capacity, with a pipeline of 8.9 GW of decided (FID’ed) capacity. Together, these projects are expected to increase the supply of renewable electricity and  support the growing demand for renewable energy.Our build-out ambition continues to be a central  component of our transition plan, reinforcing our contribution to climate change mitigation through the expansion of renewable energy. Action: Optimising generation through substituting vessel logistics with heavy-lift cargo dronesIn addition to expanding renewable energy capacity, we continue to improve the operational performance of our offshore wind farms to maximise generation. We began piloting heavy-lift cargo drones in 2022, completed a first trial at Hornsea 1 in 2023, and carried out our first commercial campaign at Borssele 1 &amp; 2 in 2024, demonstrating the potential to improve logistics while maintaining wind turbine operations. In 2025, we expanded the use of heavy-lift cargo drones to Hornsea 1 and 2 and Walney 1 &amp; 2, completing significantly more deliveries than in earlier campaigns and demonstrating that the logistics can be carried out without turbine shutdowns. This innova-tive use of drone technology supports higher turbine availability and overall productivity. Building on this progress, a 2026 pilot campaign will test direct service operation vessel (SOV)-to-turbine logistics to prepare for commercialisation in 2027. This approach can increase renewable electricity  output and lower operational emissions by reducing vessel fuel usage as drone operations mature.Decarbonisation lever 2Reducing emissions  from operationsOur second decarbonisation lever consists of actions that address the actual negative impacts on climate change from our own operations. Action: Emissions from energy (fuel) usage at CHP plantsWith our phase-out of coal in 2024, we completed a key transition milestone, allowing us to meet our SBTi-validated 2025 climate target for scope 1-2 GHG emissions intensity of 10 g CO2e/kWh. We use oil and natural gas only in rare instances, and as supporting fuels for start-up, peak load, and ancillary services. Action: Emissions from fuel usage in offshore logisticsIn 2025, we continued to explore the use of helicop-ters as an alternative to marine vessels during O&amp;M activities to improve site accessibility, reduce power loss from transit delays, and support more efficient maintenance.Building on long-standing experience with helicopter crew transport, we currently deploy helicopters for troubleshooting activities in Germany, the UK, and,increasingly, Taiwan and the US. Results from a study conducted in 2023 show that scheduled maintenance can be carried out by helicopter rather than by crew transfer vessels (CTVs) and SOVs. Based on our internal campaign data, helicopter logistics used less fuel and generated lower carbon emissions per transported technician than CTVs on equivalent routes.Action: Electric vehicle fleetAs part of our efforts to reduce operational emissions, we continued transitioning fossil-fuel-powered vehicles to electric alternatives in 2025. This transition is under-pinned by a decision to discontinue the acquisition or leasing of fossil-fuel-powered vehicles, ensuring align-ment with our decarbonisation objectives. While our company vehicles represent a small source of Ørsted’s overall emissions, the shift to electric vehicles is a tangible example of how we drive electrification and decarbonisation.Decarbonisation lever 3 Reducing emissions from  our supply chainsOur third decarbonisation lever focuses on actions that address the negative climate impacts associated with our upstream activities. While it will require broad  systemic and regulatory progress to substantially reduce value chain emissions, we remain committed to driving steady, incremental improvements. Decarbonising the value chain helps manage risks related to resource availability and potential supply chain disruptions. By working with suppliers on  lower-emissions alternatives and emerging solutions such as circular practices, we can reduce emissions while contributing to broader sustainability goals.Key action: Decarbonisation road map to net-zero by 2040In 2025, we strengthened the governance of our company-wide decarbonisation road map to support our target to reach net zero by 2040. The road map is managed by a core group of senior leaders from across the business, with overall accountability resting with the Chief Construction Officer.In 2025, we also strengthened our short-term strat-egy by establishing 2-3-year work plans with clear deliver ables across all organisational areas, creating a structured and accountable framework to accelerate progress towards net zero. Key action: Supply chain collaboration for  lower-emissions solutionsDecarbonising our value chain requires close collab-oration with key partners. We work with suppliers to advance lower-emissions technologies and support their deployment at commercial scale, securing access to the lower-emissions materials needed for our future build-out. We have a partnership with Dillinger, Europe’s largest manufacturer of heavy steel plates. Through this partner ship, we have access to Dillinger’s first batches of lower-emissions steel, subject to availability and commercial terms. Steel plates are a critical component of offshore wind monopile foundations. Since last year, the expected timeline for Dillinger’s lower- emissions production has shifted, with supply now anticipated from 2029.Key action: Supplier engagementWe continue to work closely with suppliers to integrate decarbonisation into their strategies and operations. Our focus remains on high-impact suppliers, represent-ing more than half of our total procurement spend and the most carbon-intensive parts of our supply chain. We set clear expectations for adopting science-based targets (through the SBTi), providing transparent  climate reporting (through the Carbon Disclosure Project (CDP)), and transitioning to renewable electricity. Climate requirements are now included in standard contracts and tenders for selected high-impact categories.In 2025, we expanded our supplier engagement to cover additional suppliers, reflecting the continued development of our supply chain. We strengthened the integration of sustainability in our category strategies, translating our net-zero target into category-specific targets and action plans. Our supplier engagement and procurement strategy is an ongoing initiative with no fixed end date. This ensures that new suppliers in high-impact segments are systematically included in our sustainability efforts as our portfolio grows. Action: Product carbon footprint (PCF) uniform  methodology developmentIn 2025, we continued our collaboration with  industry peers and the Carbon Trust through the Offshore Wind Sustainability Joint Industry Programme (SUSJIP). The work focuses on developing a standardised carbon footprint measurement methodology for offshore wind assets. The methodology was further refined in 2025 and is expected to be launched in 2026. This collabo-ration aims to enhance consistency, transparency, and decarbonisation efforts across the industry. Action: Refined our life cycle assessment (LCA)  methodology and calculation toolIn 2025, we focused on increasing the reliability, consist-ency, and scalability of our in-house LCA methodology and calculation tool by improving our data infrastructure and extending LCA coverage beyond offshore wind to battery storage technology.Decarbonisation lever 4 Taking responsibility for our  remaining emissionsSince 2025, we have taken responsibility for all our remaining operational emissions (scopes 1-2). We do this by investing in nature-based projects that remove carbon and restore ecosystems. By the end of 2025, we had established a portfolio of tangible projects which, over their lifetimes, will generate a volume of carbon credits corresponding to our remaining scope 1-2 GHG emissions. These projects complement our ongoing emissions reductions and ensure that our remaining operational emissions are matched by meaningful climate action.The impact and extent of this approach are aligned with best practice as defined by the Science Based Targets initiative’s Corporate Net-Zero Standard.Key action: Nature-based projects in IndonesiaØrsted partners with the companies PT Pagatan Usaha Makmur and Hutan Synergy on a peatland and man-grove conservation and restoration project located in Central Kalimantan, Indonesia. The project stops the conversion of peatland to oil palm plantations, pro-tects the forest from fire, and applies natural regenera-tion and rewetting activities to rehabilitate the forest. The project is being certified under Verra’s Verified Carbon Standard (VCS) Program and the Climate,  Community &amp; Biodiversity (CCB) Standards.Key action: Nature-based projects in The GambiaSince 2022, Ørsted has partnered with The Gambia and three NGOs to restore the country’s mangrove ecosystem through a carbon project under Verra’s VCS Program. Through this mechanism, Ørsted has financed the planting of mangroves to generate carbon credits and collaborated with local partners to ensure that the project is stakeholder-driven and scientifically robust. To date, the project has collaborated with 136 commu-nities and planted mangroves across 6,000 hectares.To ensure carbon credits deliver meaningful climate impact, the project must meet the principles of addi-tionality (the project would not occur without financial support) and permanence (the restored mangroves remain intact). We actively support the Gambia project with a dedicated team and financial backing. Though resource-intensive and time-consuming as man-groves mature, this approach ensures project integrity. //// E1-4TargetsSBTi-validated climate targetsIn 2021, we became the first energy company to set a science-based net-zero target for 2040 covering scope 1-3 GHG emissions.To provide a detailed decarbonisation trajectory, in 2024 we established SBTi-validated near-term targets for 2030, using the same KPIs as our 2040 targets. The SBTi target validation team classified the ambi-tion of these targets across scopes 1-3 as consistent with a 1.5 °C trajectory under the Paris Agreement. This validation confirms the robustness of our targets and supports the credibility of our decarbonisation pathway.In 2025, we met our science-based scope 1-2 GHG emissions intensity target of 10 g CO2e/kWh, represent-ing a 93 % reduction from a 2018 baseline.Other climate targetsWe also met our 2025 targets of a 99 % share of renewable energy generation (up from 75 % in 2018) and 0 kt coal usage in thermal heat and power production.We made significant progress in electrifying our company vehicle fleet. By the end of 2025, 92 % of our company vehicles were electric. While we did not fully meet our EV100 target in 2025 (our commitment to transition 100 % of company vehicles to electric  vehicles), only a small remaining share (8 %) of vehicles that could feasibly be electrified are still powered by fossil fuels. Some of these vehicles have substantial remaining useful life, and based on our assessment, replacing fully functional vehicles midway through their lives would not be a responsible use of resources.We will continue our efforts to electrify the remaining vehicles as viable options become available and as vehicles approach end of life.Next steps Going forward, Ørsted will collaborate with partners and continue to systematically reduce emissions across the full value chain (scopes 1-3) towards our science- based target to reach net zero by 2040. Our portfolio of climate targets outlines a clear pathway for reducing emissions across our value chain. It also includes a cap on emissions from natural gas sales, building on the reductions we have already achieved. //Climate targetsSBTi ESRS reference Climate targets Unit Scope Target valuetarget value Target year Baseline year 2025 Baseline value ΔSBTi-validated climate targets// E1-4, 34(a-e) Scope 1-2 GHG emissions intensity 1g CO2e/kWh Own operations  10  93 % 22025 2018 4 136 (97 %)// E1-4, 34(a-e) Scope 1-2 GHG emissions intensity 1g CO2e/kWh Own operations  6  96 % 2030 2018 4 136 (97 %)// E1-4, 34(a-e) Scope 1-2 GHG emissions intensity 1g CO2e/kWh Own operations  1  99 % 2040 2018 4 136 (97 %)// E1-4, 34(a-e) Scope 1-3 GHG emissions intensity (excl. category 11, ‘Use of sold products’) g CO2e/kWh Own operations and value chain  75  77 % 2030 2018 69 322 (79 %)// E1-4, 34(a-e) Scope 1-3 GHG emissions intensity (excl. category 11, ‘Use of sold products’) g CO2e/kWh Own operations and value chain  &lt;2.9  99 % 2040 2018 69 322 (79 %)// E1-4, 34(a-e) Scope 1-3 GHG emissions intensity (sold electricity) g CO2e/kWh Own operations and value chain  24 90 % 2030 2018 24 244 (90 %)// E1-4, 34(a-e) Scope 3 GHG emissions from category 11, ‘Use of sold products’ Mt CO2e Value chain  8  67 % 2030 2018 6 24 (75 %)// E1-4, 34(a-e) Scope 3 GHG emissions from category 11, ‘Use of sold products’ Mt CO2e Value chain  &lt;2.4  90 %  2040 2018 6 24 (75 %)// E1-4, 34(a-e) Scope 3 GHG emissions Mt CO2e Value chain  14  50 % 2030 2018 9 29 (69 %)Other climate targetsEntity-specific Share of renewable energy generation % Own operations  99 - 2025 2018 99 75 24 %pEntity-specific Coal used as fuel in thermal heat and power generation kt Own operations  0  - 2025 2019 0 588 (100 %)Entity-specific Share of electric vehicles in company vehicle fleet % Own operations  100  - 2025 2019 92 21 71 %p1   As part of the SBTi validation process of our interim targets in 2024, we updated the baseline year for our scope 1-2 emissions intensity target from 2006 to 2018.2   Reduction of 98 % from 2006 historical level.Energy consumptionESRS reference Energy consumption Unit 2025 2024 Δ// E1-5, 37(a) Total energy consumption from non-renewable sources MWh 735,822 2,384,997 (69 %)Entity-specific Non-renewable fuels used in thermal heat and power generation MWh 532,585 2,211,856 (76 %)// E1-5, 38(a) Fuel consumed from coal and coal products MWh - 1,449,425 (100 %)// E1-5, 38(c) Fuel consumed from natural gas MWh 385,077 606,373 (36 %)// E1-5, 38(b) Fuel consumed from crude oil and petroleum products MWh 147,508 156,058 (5 %)Entity-specific Consumption of other fossil sources (oil, gas, and diesel for vessels and vehicles) MWh 198,276 168,062 18 %// E1-5, 38(e) Consumption of purchased or acquired heat from fossil sources MWh 4,961 5,079 (2 %)// E1-5, 37(c) Total energy consumption from renewable sources MWh 12,759,783 13,620,470 (6 %)Entity-specific Renewable fuels used in thermal heat and power generation MWh 12,348,871 13,143,806 (6 %) // E1-5, 37(c)(i) Fuel consumed from biomass MWh 12,348,836 13,131,089 (6 %) // E1-5, 37(c)(i) Fuel consumed from biogas MWh 35 12,717 (100 %)// E1-5, 37(c)(ii) Consumption of purchased or acquired electricity and heat from renewable sources MWh 410,912 476,664 (14 %)// E1-5, 37  Total energy consumption MWh 13,495,605 16,005,467 (16 %)// E1-5, AR34 Share of non-renewable energy consumption % 5 15 (10 %p)// E1-5, AR34 Share of renewable energy consumption % 95 85 10 %p// E1-5, 40 Energy intensity from activities in high climate-impact sectors MWh/DKKm 184 225 (18   %) Entity-specific Electric vehicles in company vehicle fleet % 92 73 19 %pTotal energy consumption decreased by 16 % in 2025 compared to 2024. The decrease was driven by a 69 % reduction in consumption of non-renewable sources, primarily due to the closure of our coal-based generation in H2 2024. This was further supported by lower usage of natural gas, driven by lower production and unfavourable spreads.Total energy consumption from renewable sources decreased by 6 % in 2025 compared to 2024. This was due to the 6 % lower biomass fuel consumption at our  CHP plants. Biomass fuel consumption accounts for 97 % of the total energy consumption from renewable sources. In addition, consumption of purchased or acquired electricity from renewable sources decreased by 14 %, driven by lower heat generation from electric boilers. Energy intensity from activities in high climate-impact sectors decreased by 18 % in 2025 compared to 2024. This was primarily due to a 16 % decrease in total energy consumption, combined with a 3 % increase in revenue compared to 2024 levels. Accounting policiesEnergy consumption from non-renewable sourcesEnergy consumption from non-renewable sources includes all fossil fuels used at combined heat and power (CHP) plants (lower calorific values), oil, gas, and diesel for  vessels and vehicles as well as consumption of purchased or acquired heat from fossil sources.Energy consumption from renewable sources Energy consumption from renewable sources includes all renewable fuels used at CHP plants (lower calorific values) as well as purchased and consumed electricity and heat from renewable sources (electricity used at CHP plants, other facilities, and administrative buildings). For consumption related to administration and other processes, we calculate direct consump-tion on the basis of invoices. Our own electricity consumption is 100 % covered by renewable energy certificates.Heat consumption is split between renewable and non-renewable sources based on a cal-culation using data from Danish heat sources (we only use district heating in Denmark).Energy consumption from high climate-impact sectors The total energy consumption of Ørsted falls under NACE code D35, ‘Electricity, gas, steam and air-conditioning supply’, as defined in  Commission Delegated Regulation (EU) 2022/1288. Similarly, the revenue figure used to derive the intensity shown is the total Group revenue, given that all revenue is deemed to be derived from activities under NACE code D35.Electric vehicles in the company vehicle fleetØrsted is a member of the Climate Group’s EV100 initiative. The statement is prepared on the basis of the EV100 guidelines.Scope 1, 2, and 3 greenhouse gas (GHG) emissionsESRS reference GHG emissions, tonnes CO2e  2025 2024 Δ// E1-6, 48(a), 50(a) Direct GHG emissions (scope 1) 184,732 733,299 (75 %)// E1-6, 48(b) Covered by the EU Emissions Trading System, % 71 92 (21 %p)// E1-6, 44(b), 49(a), 50(a) Indirect GHG emissions (scope 2), location-based 53,100 58,925 (10 %)// E1-6, 44(b), 49(b), 50(a) Indirect GHG emissions (scope 2), market-based 1736 875 (16 %)// E1-6, 44(c) Indirect GHG emissions (scope 3) 8,812,092 7,405,6354  19 %// E1-6, 51 C1: purchased goods and services 485,705 528,954 (8 %)// E1-6, 51 C2: capital goods 21,194,188 31,412,2714(15 %) // E1-6, 51 C3: fuel- and energy-related activities 1,206,785 1,390,869 (13 %)// E1-6, 51 C4: upstream transportation and distribution 805 630 28 %// E1-6, 51 C5: waste generated in operations 1,030 2,841 (64 %)520,571 22,972 (10 %)// E1-6, 51 C6: business travel // E1-6, 51 C7: employee commuting 11,822 12,330 (4 %)// E1-6, 51 C9: downstream transportation and distribution 2,275 2,591 (12 %)// E1-6, 51 C11: use of sold products 5,888,911 4,032,177 46 %// E1-6, 52(a) Total GHG emissions (location-based)  9,049,924 8,197,8594 10 %// E1-6, 52(b) Total GHG emissions (market-based)  8,997,560 8,139,809411 %Entity-specific Scope 1-3 (excl. C11, ‘Use of sold products’) 3,108,649 4,107,6324(24 %)Entity-specific Scope 3 (excl. C11, ‘Use of sold products’) 2,923,181 3,373,4584(13 %)1   We cover 100 % of our own electricity consumption with unbundled renewable energy certificates.2   In 2025, we updated our accounting policy for category 2, ‘Capital goods’, and restated figures for 2024. Please find all details in the ‘Scope 3, category 2 – capital goods allocation methodology change’ description on this page.3   Under the previous methodology, whereby emissions from capital goods were recognised in full at commercial operation date (COD), the corresponding figure would have been 266,426 t CO2e.4   Figures have been restated to reflect the methodology update implemented in 2025. Previously reported figures from our Annual Report 2024: ‘Indirect GHG emisssions (scope 3)’: 9,043,386 t CO2e; ‘C2: capital goods’: 3,050,022 t CO2e; ‘Total GHG emissions (location-based)’: 9,835,610 t CO2e; ‘Total GHG emissions (market- based)’: 9,777,560 t CO2e; ‘Scope 1-3 (excl. C11, ‘Use of sold products’)’: 5,745,383 t CO2e; and ‘Scope 3 (excl. C11, ‘Use of sold products)’: 5,011,209 t CO2e.5    We  obtained  CO2e emissions data directly from our air travel  suppliers, covering 0.2 % of total scope 3 emissions.Scope 1Scope 1 greenhouse gas (GHG) emissions decreased by 75 % from 2024 to 2025, primarily due to the cessation of coal use in H2 2024.In 2025, 71 % of our scope 1 GHG emissions were  covered by the EU Emissions Trading System (ETS). The 21 percent-age point reduction from 2024 was mainly due to the reduction in carbon dioxide emissions from coal-based generation, which is 100 % covered by the EU ETS.Scope 2Location-based scope 2 GHG emissions decreased by 10 % from 2024 to 2025, primarily driven by less pur-chased power for the electric boilers at our CHP plants. Market-based scope 2 GHG emissions decreased by 16 % in 2025 compared to 2024. All electricity purchased and consumed by Ørsted is covered by certificates confirming renewable production, resulting in zero market-based scope 2 GHG emissions from power consumption. The reported 736 tonnes of carbon dioxide equivalents come from the purchased and  consumed heat.Scope 3Scope 3 GHG emissions increased by 19 % from 2024 to 2025. The increase was mainly driven by higher emissions from ‘use of sold products’ (category 11), reflecting higher natural gas offtake from the Danish North Sea following the ramp-up of production from the Tyra gas field, and by the recognition of emissions from the extraordinary sale of stored coal after the closure of our coal-based generation in 2024. The increase was partly offset by lower emissions from asset construction activities (category 2), lower upstream emissions from the fuels used at our CHP plants, and lower sales of power without renewable certificates (category 3) compared to 2024.Scope 3, category 2 – capital goods allocation methodology changeIn 2025, we changed our accounting policy for the allocation of scope 3, category 2 emissions from capital goods. We have refined our approach to allocating greenhouse gas emissions from our build-out activities. Previously, emissions from cradle to operation were recognised in full at commercial operation date (COD), i.e. all emissions from the years of construction for a single site were reported at the time of COD. With the new approach, emissions are allocated and reported monthly, from final investment decision (FID) through construc-tion to COD, reflecting the economic and physical progression of projects and aligning emissions reporting more closely with capi-tal deployment and project execution. Figures for 2024 have been restated to reflect the updated methodology, while figures for years prior to 2024 remain unchanged. As part of the transition to this methodology,  a one-off adjustment of 2,876,516 t CO2e has been recognised to reflect emissions that would have been allocated to periods prior to 2024 under the updated methodol-ogy for projects under construction in 2024 and 2025.Greenhouse gas (GHG) emissions intensity and other GHG emissionsESRS reference GHG emissions intensity, per energy generation Unit 2025 2024 ΔEntity-specific Scope 1 and scope 2 (market-based) g CO2e/kWh 4 16 (75 %)Entity-specific Scope 1, scope 2 (market-based), and scope 3 (excl. C11, ‘Use of sold products’) g CO2e/kWh 69 913(24 %)Entity-specific Scope 1, scope 2 (market-based), and scope 3 (all sold electricity)  g CO2e/kWh 24 38  (37%)ESRS reference GHG emissions intensity, per revenue Unit 2025 2024 ΔEntity-specific Scope 1 and scope 2 (market-based)  g CO2e/DKK 3 10 (70 %)// E1-6, 53 Scope 1, scope 2 (location-based), and scope 3 g CO2e/DKK 124 11538 %// E1-6, 53 Scope 1, scope 2 (market-based), and scope 3  g CO2e/DKK 123 11537 %ESRS reference Other GHG emissions Unit 2025 2024 Δ// E1-6, AR43(c), 45(e) Biogenic carbon emissions outside of scopes 1-3 1tonnes CO2e 4,347,346 4,626,264 (6 %)// E1-6, AR43(c) Direct biogenic carbon emissions  tonnes CO2e 4,322,099 4,598,412 (6 %)// E1-6, AR45(e) Indirect biogenic carbon emissions  tonnes CO2e 25,247 27,852 (9 %)GHG emissions not accounted for under the consolidated Group // E1-6, 50(b) Scope 1 emissions tonnes CO2e 35,768 30,635 17 %// E1-6, 50(b) Scope 2 emissions (location-based) tonnes CO2e 12,745 10,063 27 %// E1-6, 50(b) Scope 2 emissions (market-based) 2tonnes CO2e 12,745 10,063 27 %Entity-specific Calculated avoided GHG emissions tonnes CO2e 11,786,408 11,312,625 4 %1   According to the GHG Protocol, emissions data for direct carbon  emissions from biologically sequestered carbon (e.g. CO2 from burning  biomass) must be reported separately from scopes 1-3.2   Renewable energy certificates are purchased for scope 2 emissions that fall within our financial consolidation boundary.3   Figures have been restated to reflect the methodology update implemented in 2025 (see page 78). Previously reported figures for our Annual Report 2024: ‘Scope 1, scope 2 (market-based), and scope 3 (excl. C11, ‘Use of sold products’)’: 127 g CO2e/kWh;  ‘Scope 1, scope 2 (location-based), and scope 3’: 138 g CO2e/DKK; ‘Scope 1, scope 2 (market-based), and scope 3’: 138 g CO2e/DKK.GHG emissions intensity (scopes 1 and 2)Our scope 1 and 2 GHG emissions intensities for energy generation and revenue decreased by 75 % and 70 %, respectively, in 2025 compared to 2024. The reduced emissions intensities were the direct result of the 75 % reduction in absolute scope 1 emissions due to the cessation of coal use in H2 2024 as well as reduced natural gas consumption in 2025 for thermal heat and power generation. GHG emissions intensity (scopes 1, 2, and 3)Our scope 1-3 GHG emissions intensity (excluding  category 11, ‘Use of sold products’) per energy GHG emissions not accounted for under  the consolidated GroupGHG emissions (scopes 1 and 2) from operating activities that are not accounted for under the consolidated Group include emissions associated with our operation of assets over which we have no or partial ownership. In 2025, non-consolidated scope 1 emissions increased by 17 %, driven by higher marine diesel consumption in offshore operations and maintenance. Calculated avoided GHG emissionsThe calculated avoided greenhouse gas emissions  from wind- and solar-based power generation increased by 4 % in 2025 compared to 2024 due to  an increase in power generation from offshore wind and solar PV.generation decreased by 24 % from 2024 to 2025. This reduction was primarily driven by a 75 % decrease in scope 1 emissions following the cessation of coal use as well as a 13 % decrease in scope 3 GHG emissions (excluding category 11, ‘Use of sold products’). Biogenic carbon emissions outside of scopes 1-3Direct biogenic carbon emissions were 6 % lower in 2025 than in 2024 due to the 6 % decrease in the use of biomass as fuel. Indirect biogenic carbon emis-sions decreased by 9 % in 2025 compared to 2024, driven by the reduction in purchased electricity from biogenic sources.Accounting policiesDirect GHG emissions (scope 1)Scope 1 emissions are reported in accordance with ESRS requirements and are calculated following the GHG Protocol. They cover all direct emissions of the greenhouse gases: carbon  dioxide, methane, nitrous oxide, and sulphur hexa fluoride. The direct carbon emissions from our combined heat and power plants are determined based on the fuel quantities used in accordance with the EU Emissions Trading System (ETS). Carbon dioxide and other greenhouse gas emissions outside the EU ETS scheme are primarily calculated as energy  consumption multiplied by emission factors.Emission factors:·   Global warming potential of greenhouse gases: CH426, NO, SF. Intergovernmental Panel on Climate Change (IPCC): Climate Change 2021, The Physical Science Basis·   Carbon emissions from fossil fuels at CHP plants: Coal, oil, natural gas. Danish Energy Agency:  Standardfaktorer for brændværdier og CO2- emissioner (Standard factors for calorific value  and carbon emissions), 2024·   Carbon emissions from fossil fuels outside CHP plants: Diesel, petrol, fuel oil, jet fuel. American Petroleum Institute (API): Compendium of green-house gas emissions methodologies for the natural gas and oil industry, 2021Indirect GHG emissions (scope 2)Scope 2 emissions are reported in accordance with ESRS requirements and are calculated following the GHG Protocol. They include indirect GHG emissions from the generation of power, heat, and steam purchased and consumed by Ørsted. Scope 2 emis-sions are primarily calculated as the power volumes purchased multiplied by country-specific emission factors. Location-based emissions are calculated based on average country-specific emission factors.  Market-based emissions take into account renewable power purchased and assume that regular power is delivered as residual power.Emission factors:·   Carbon emissions from power purchased (in Denmark). EnerginetDK: Generel deklaration og Miljødeklaration (General declaration and environ-mental declaration), 2023·   Carbon emissions from power purchased (in other European countries). Association of Issuing Bodies (AIB): European Residual Mixes, 2024 (2023 data)·   Carbon emissions from power purchased (in coun-tries outside Europe). Institute for Global Environ-mental Strategies (IGES): List of grid emission factors, 2024; U.S. Environmental Protection Agency (EPA): U.S. EPA 2024 (eGRID2023 data)Indirect GHG emissions (scope 3)Scope 3 emissions are reported in accordance with ESRS requirements and are calculated following the GHG Protocol, which classifies emissions into 15  categories (C1 to C15): C1 is categorised spend data multiplied by relevant spend-category-specific emission factors.C2 includes upstream GHG emissions (cradle to operations) from acquired and installed wind, solar, and storage assets. Emissions from asset construction activities are calculated and allocated from final investment decision (FID) to commercial operation date (COD).C3 is calculated based on actual fuel consumption  and power sales to end customers multiplied by  relevant emission factors. We use separate emission factors for green and regular power sales.C4 only includes fuel for helicopter transport.  Emissions from other transport types are included in the emission factors we use for  purchased goods and services.C5 is calculated based on actual waste data multi-plied by relevant emission factors.C6 is calculated based on mileage allowances for employee travel in own cars and GHG emissions from plane travel provided by our travel agent.C7 is calculated based on estimates of the distancetravelled and travel type (e.g. car or train).C9 is calculated based on volumes of residualproducts, estimated distances transported, and rele-vant emission factors for transport.C11 is calculated based on actual sales of gas to both end customers and wholesalers as reported in our ESG consolidation system. The different types of gas sold have specific upstream and downstream emission factors.The subcategories C8, C10, and C12-C15 are not relevant for Ørsted.Emission factors:·   Purchased goods and services, category 1 (supply chain emission factors depending on product categories). U.S. Environmental Protection Agency (EPA): Supply Chain Greenhouse Gas Emission  Factors, USD 2018·   Capital goods, category 2 (wind farms, offshore). The model is based on the ISO 14040 life cycle assessment standard (1) and applied in the openLCA software. The modelling is conducted using the Environmental Footprint 3.0 LCIA (life cycle impact assessment) method and the impacts of each activity·   Capital goods, category 2 (wind farms, onshore). Vestas, Life cycle assessment of electricity produc-tion from an onshore EnVentus V150-6.0 MW wind plant – cradle-to-grave study. Vestas Wind Systems A/S, January 2023·   Capital goods, category 2 (solar PV). CdTe: First Solar, Environmental Product Declaration: Series 6 Photovoltaic Module, NEPD-2993-1671. EPD-Norge, 2021; Mono-si: NREL, An Updated Life Cycle Assess-ment of Utility-Scale Solar Photovoltaic Systems. National Renewable Energy Laboratory, 2021·   Capital goods, category 2 (battery energy storage system). Life cycle assessment report of ICENI and Old 300. The assessment is based on the ISO 14040 life cycle assessment standard and applied in the openLCA software. The modelling is conducted using the Environmental Footprint 3.1 method and the ecoinvent 3.11 database; Peralta, M., &amp; Barron, J.: Carbon footprint and energy payback of photovoltaic technologies: A review of trends and gaps, Journal of Cleaner Production, Vol. 426, 2024·   Fuel and energy-related activities, category 3 (emissions from regular power sales and upstream supply chain for fuels). Association of Issuing Bodies (AIB): European Residual Mixes, 2024 (2023 data); UK Department for Environment, Food &amp; Rural Affairs (DEFRA): UK government GHG conversion factors for company reporting, 2024·   Business travel, category 6 (assumptions: ‘average car’, ‘unknown fuel type’). UK Department for Environ-ment, Food &amp; Rural Affairs (DEFRA): UK government GHG conversion factors for company reporting, 2024·   Use of sold products, category 11 (emissions from end-use of gas). UK Department for Environment, Food &amp; Rural Affairs (DEFRA): UK government GHG conversion factors for company reporting, 2024GHG emissions intensity (scopes 1, 2, and 3),  energy generation and net revenueGHG intensity based on energy generation is calcu-lated as the total scope 1, scope 2 (market-based), and scope 3 (excluding gas sales) emissions divided by total heat and power generation. The calculation of GHG intensity based on net revenue divides the total scope 1-3 GHG emissions (numerator) with the total net revenue.Biogenic carbon emissions outside of scopes 1-3Direct carbon emissions from burning biomass is reported outside of scopes 1-3, as per the GHG Protocol. The direct biogenic carbon emissions are calculated by multiplying the volume of used biomass with the corresponding carbon emission factors. The  indirect biogenic emissions have been estimated based on our consumption of electricity and heat produced using biomass. Emission factors:·   Biogenic emissions from combustion of biomass (GHG emissions outside of scopes 1-3, biomass and biogas). UK Department for Environment, Food &amp; Rural Affairs (DEFRA): UK government GHG conver-sion factors for company reporting, 2024GHG emissions not accounted for under  the consolidated GroupAs per the ESRS, we include scope 1 and 2 emis-sions from assets where we have no or only partial  ownership, but maintain full operational control. The GHG emissions include emissions associated with fuel usage (scope 1) and electricity consumption (scope 2) when operating renewable assets.Calculated avoided emissionsAvoided emissions are calculated as the difference between the annualised life cycle emissions asso-ciated with our renewable power generation in the reporting period, and the emissions associated with an equivalent amount of power generated from the average power grid mix in the countries where our power was generated.Emission factors:·   Grid mix emission factors (country-specific factors which include life cycle emissions and trade adjust-ments). International Energy Agency (IEA), 2023·   Annualised indirect emissions from our renewable energy generation (technology-specific life cycle factors). International Panel for Climate Change (IPCC): Fifth Assessment Report, 2018Entity-specificBusiness driversRenewable and generation capacityRenewable capacity Unit 2025 2024 ΔInstalled renewable capacity  MW 18,505 18,170 335Offshore, wind power  MW 10,156 9,903 253Onshore MW 6,294 6,192 102Wind power MW 3,793 3,726 67Solar PV power  MWAC2,141 2,126 15Battery storage  MW 360 340 20Bioenergy 1MW 2,055 2,075 (20)Decided (FID’ed) renewable capacity  MW 8,888 7,638 1,250Offshore  MW 8,111 6,866 1,245Wind power MW 7,811 6,566 1,245Battery storage  MW 300 300 -Onshore  MW 757 772 (15)Wind power MW 364 370 (6)Solar PV power  MWAC143 152 (9)Battery storage  MW 250 250 -Bioenergy, battery storage MW 20 - 20Sum of installed and FID’ed renewable capacity MW 27,393 25,808 1,585Awarded offshore wind capacity MW 2,155 5,153 (2,998)1  Including thermal heat capacity from biomass and battery capacity not in Onshore (&lt;1 MW).Renewable capacityIn 2025, we added 335 MW of installed renewable capac-ity, all in Germany. We comissioned the offshore wind farm Gode Wind 3 (253 MW), the onshore wind farms Bahren West 1 (50 MW) and St. Wendel (17 MW), and the solar farms Hatzenhof (9 MWACAC) and Rottenegg (6 MW).Awarded capacity decreased by 2,998 MW in 2025, reflecting the cancellation of the contract for differ-ence (CfD) for Hornsea 4 (2,400 MW) and the transition of Baltica 2 (1,498 MW) from awarded to decided capacity following final investment decision, partially offset by the award for the Irish offshore wind farm Tonn Nua (900 MW). Hornsea 4 remains in the pipeline, as we continue to hold seabed rights, a grid connection agreement, and a development consent order.Additions in 2025COD Installed capacityFID   Decided (FID’ed) capacityQ1 2025   FID Baltica 2, offshore wind (1,498 MW)  COD Gode Wind 3, offshore wind (253 MW)   COD Bahren West 1, onshore wind (50 MW)   FID Bahren West 2, onshore wind (62 MW)Q3-Q4 2025   COD St. Wendel, onshore wind (17 MW)   COD Hatzenhof, solar PV (9 MWAC)   COD Rottenegg, solar PV (6 MWAC)  FID Avedøre Power Station BESS, battery storage (20 MW)Generation capacity Unit 2025 2024 ΔPower generation capacity  MW 12,911 12,899 12Offshore wind  MW 5,462 5,260 202Denmark MW 561 561 -The UK MW 3,005 2,830 175Germany MW 799 799 -The Netherlands MW 376 376 -Taiwan MW 625 598 27The US MW 96 96 -Onshore wind MW 3,737 3,666 71The US MW 3,215 3,215 -Ireland MW 351 351 -The UK MW 78 78 -Germany MW 93 22 71Solar PV MWAC1,615 1,876 (261)The US MWAC1,586 1,861 (275)Germany MWAC29 15 14Thermal, Denmark (CHP plants) MW 2,097 2,097 -Heat generation capacity, thermal MW 2,864 2,864 -Based on biomass  MW 2,032 2,032 -Based on natural gas MW 1,574 1,574 -Heat generation capacity, electric MW 249 249 -Power generation capacity, thermal MW 2,097 2,097 -Based on biomass MW 1,232 1,232 -Based on natural gas MW 882 882 -Based on oil MW 474 474 -Generation capacityOffshore wind power generation capacity increased by 202 MW, primarily due to a 175 MW increase in the UK. The UK increase was driven by an accounting change effect for Walney 1 &amp; 2 and Gunfleet Sands 1 &amp; 2, as we changed from ownership interest-based consolidation to financial consolidation. The increase in generation capacity from this effect was partly offset by the divestment of a 24.5 % stake at West of Duddon Sands. The 27 MW increase in Taiwan was due to the ramp-up of production at Greater Changhua 4.Onshore wind generation capacity increased by71 MW in 2025, mainly due to the commissioning of Bahren West 1 and St. Wendel in Germany.Solar PV generation capacity decreased by 261 MW  in 2025 due to the 50 % divestment of Eleven Mile Solar Center (150 MWACAC) and Sparta Solar (125 MW) in the US.Entity-specificBusiness drivers Energy generation, sales, and business driversEnergy generation Unit 2025 2024 ΔPower generation GWh 38,804 38,436 1 %Offshore wind GWh 19,687 18,599 6 %Denmark  GWh 1,973 2,061 (4 %)The UK  GWh 11,131 10,357 7 %Germany  GWh 2,519 2,356 7 %The Netherlands  GWh 1,234 1,333 (7 %)The US  GWh 359 272 32 %Taiwan GWh 2,471 2,220 11 %Onshore wind GWh 11,979 11,959 0 %The US  GWh 10,874 10,939 (1 %)Ireland GWh 775 759 2 %France  GWh - 51 (100 %)Germany GWh 147 49 200 %The UK GWh 183 161 14 %Solar PV GWh 3,503 3,356 4 %The US GWh 3,489 3,346 4 %Germany GWh 14 9 56 %France GWh - 1 (100 %)Thermal GWh 3,635 4,522 (20 %)Heat generation  GWh 6,414 6,919 (7 %)Total heat and power generation  GWh 45,218 45,355 (0 %)// E1-5 Energy generation from renewable sources MWh 44,843,858 44,141,989 2 %// E1-5 Energy generation from non-renewable sources MWh 373,781 1,212,856 (69 %)Share of energy generation from renewable sources  % 99 97 2 %pEnergy sales Unit 2025 2024 ΔGas sales GWh 21,528 17,372 24 %Power sales GWh 19,244 19,967 (4 %)Power sold with renewable energy certificates to end customers GWh 1,023 813 26 %Power sold without renewable energy certificates to end customers GWh 1,452 1,639 (11 %)Power wholesale GWh 16,769 17,515 (4 %)Energy business drivers Technology Unit 2025 2024 ΔWind speed Offshore wind m/s 9.7 10.0 (3 %)Wind speed, normal wind year Offshore wind m/s 9.9 9.9 0 %Availability  Offshore wind % 93 88 5 %pLoad factor Offshore wind % 42 42 0 %pWind speed Onshore wind m/s 7.2 7.2 0 %Wind speed, normal wind year Onshore wind m/s 7.4 7.4 0 %Availability  Onshore wind % 91 90 1 %pLoad factor  Onshore wind % 37 37 0 %pAvailability Solar PV % 92 98 (6 %p)Load factor  Solar PV % 25 25 0 %pDegree days, Denmark Other Number 2,501 2,485 1 %Energy generationOffshore wind power generation increased by 6 % to 19.7 TWh in 2025, mainly driven by improved availabil-ity compared to 2024 and the full ramp-up of produc-tion at Gode Wind 3 in Q4 2024. This was partly offset by lower wind speeds and the divestment of a 24.5 % stake at West of Duddon Sands in Q2 2025. In addition, there was an increase in generation due to the effect of an accounting change for Walney 1 &amp; 2 and Gunfleet Sands 1 &amp; 2 in the UK. Power generation from solar PV increased by 4 % mainly due to the ramp-up of production at our US assets Sparta Solar, Eleven Mile Solar Center, and Mockingbird, partly offset by 50 % farm-downs of the same assets. Thermal power and heat generation decreased by 20 % and 7 %, respectively, in 2025 compared to 2024, primarily driven by the shutdown of our coal-based capacity in H2 2024, as well as prolonged revision and outages at our Avedøre and Studstrup power stations throughout the year. As a result of the cessation of coal use in H2 2024, our share of energy generation from renewable sources increased to 99 % in 2025, compared to 97 % in 2024.Energy salesGas sales increased by 24 % in 2025, mainly driven by higher natural gas offtake from the Danish North Sea due to the ramp-up of production from the Tyra gas field. The 4 % decrease in power sales was mainly due to the decrease in power wholesale volumes, reflecting the accounting change effect for Walney 1 &amp; 2 and Gunfleet Sands 1 &amp; 2 in the UK. Energy business driversOffshore wind speeds in 2025 were 3 % lower than in 2024 and 0.2 m/s lower than in a normal wind year. Availability was 5 percentage points higher in 2025 compared to 2024. The load factor was unchanged at 42 % in 2025 compared to 2024.Onshore wind speeds in 2025 were at the same level as in 2024 and 0.2 m/s lower than in a normal wind year. Avail-ability was 1 percentage point higher in 2025 compared to 2024, while the load factor was unchanged from 2024.Solar PV availability in 2025 was 6 percentage points lower compared to 2024, while the load factor was at the same level in 2025 as in 2024. The number of degree days in 2025 was 1 % higher than in 2024, indicating that the weather in 2025 was slightly colder than in 2024. Accounting policiesInstalled renewable capacityThe installed renewable capacity is calculated as renewable capacity installed by Ørsted accumulated over time. We include all capacities after commercial operation date (COD) has been reached, and where we had an ownership share and an EPC (engineering, procurement, and construction) role in the project. Capacities from acquisitions are added to the installed capacity. For installed renewable thermal capacity, we use the heat capacity, as heat is the primary outcome of thermal energy generation, and as bioconversions of our combined heat and power plants are driven by heat contracts.Decided (FID’ed) renewable capacityDecided (FID’ed) capacity is renewable  capacity where a final investment decision (FID) has been made. Awarded offshore wind capacityThe awarded offshore wind capacity is the offshore wind capacities awarded to Ørsted in auctions and tenders.Power generation capacityPower generation capacity for an offshore wind farm is calculated and included from TOC of the individual wind turbines. TOC stands for ‘takeover certificate’, which is the document signifying transfer of owner-ship from the contractor to the owner or operator of the asset. Power generation capacities for onshore wind and solar farms are included after commercial operation date (COD) has been reached. Generation capacity is financially consolidated.Heat and power generation capacity, thermalThermal heat and power generation  capacity is a measure of the maximum capability to  generate heat and power. The capacity may change over time with plant modifications. For each CHP plant, the  capacity is given for  generation with the primary fuel mix. Overload is not included. CHP plants which have been taken out of primary operation and put on standby or into conservation are not included.Fuel-specific thermal heat and power generation capacities measure the maximum  capacity using the specified fuel as primary fuel at the multi-fuel plants. They cannot be added to total thermal capacity, as they are defined individually for each fuel type for our multi- fuel plants. All fuels cannot be used at the same time. Therefore, the total sum amounts to more than  100 %.Power generationPower generation from wind and solar farms is deter-mined as generation sold. Thermal power generation is determined as net generation sold, based on settle-ments from the official Danish production database. Heat generationHeat (including steam) generation is measured as net output sold to heat customers.Share of energy generation from renewable sourcesThe renewable energy share of our heat and power generation is calculated on the basis of the energy sources used and the energy  generated by the differ-ent assets.For combined heat and power (CHP) plants, the share of the specific fuel (e.g. biomass) is calculated for a given plant or unit within a given time period. The specific fuel share is then multiplied by the total heat and power generation for the specific plant or unit in the specific period. The result is the fuel-based genera-tion for the individual plant or unit, for example the biomass-based generation of heat and power from the CHP plant’s unit within a given time period.The following energy sources and fuels are  considered to be renewable energy: wind, solar PV, biomass, bio-gas, and power sourced with renewable energy certi f-icates. The following energy sources are  considered to be fossil energy sources: coal, natural gas, and oil.Gas and power salesGas and power sales are calculated as physical sales to retail and wholesale customers and exchanges. Sales are based on readings from Ørsted’s trading  systems. Internal sales to our combined heat and power (CHP) plants are not included in the statement.Wind speedsWind speeds for the areas where Ørsted’s offshore and onshore wind farms are located are provided to Ørsted by an external supplier. Wind speeds are weighted on the basis of the capacity of the  individual wind farms and consolidated into an Ørsted total for offshore and onshore, respectively. ‘Normal wind speed’ is a historical wind speed average (over a period of at least 20 years).AvailabilityAvailability is calculated as the ratio of actual pro-duction to the possible production, which is the sum of lost production and actual production in a given period. The production-based availability (PBA) is impacted by grid and wind turbine outages, which are technical production losses. PBA is not impacted by market- requested shutdowns and wind farm curtail-ments as these are due to external factors.Load factorThe load factor is calculated as the ratio between actual generation over a period  relative to potential generation, which is possible by continuously exploit-ing the maximum capacity over the same period. The load factor is commercially adjusted. This means that the offshore wind farm has been financially com-pensated by the transmission system operators when it is available for generation, but the output cannot be supplied to the grid due to  maintenance or grid interruptions. New  offshore wind turbines are included in the calculations of availability and load factor once the ‘takeover certificate’ (TOC) is issued. Onshore wind turbines are included once they have passed commer-cial operation date (COD).Degree daysThe number of degree days expresses the difference between an average indoor temperature of 17 °C and the outside mean temperature for a given period. It helps compare the heat demand for a given year with a normal year. Biodiversity  and ecosystemsTransitioning away from fossil fuels to renewable energy is fundamental to tackling the biodiversity crisis. The space needed for the renewable energy transition is significant, and with nature in crisis, we must ensure that our projects benefit local biodiversity and ecosystems. In 2025, we continued taking action to deliver on our ambition of achieving a net-positive biodiversity impact from all new renewable energy projects we commission from 2030 onwards.At Ørsted, we believe that transitioning to renewable energy is part of a solution to the biodiversity crisis, provided it is done correctly. As we continue our renewable energy build-out, we are determined to leave nature in a better state than we found it, and we have an ambition of achieving a net-positive biodiversity impact from all new renewable energy projects we commission from 2030 onwards. As an important step towards realising this ambition, we launched our Biodiversity Measurement Framework in 2024, further aligning our efforts with global public policy targets, such as the Kunming-Montreal Global Biodiversity Framework (GBF), and with international initiatives, including the Nature Positive Initiative (NPI), the Science Based Targets Network (SBTN), and the Taskforce on Nature-related Financial Disclosures (TNFD). In 2025, we further integrated our measurement framework and practices into our project operating model for renewable projects, ensuring that we are prepared for projects commissioned from 2030. We advanced pilot and innovation studies to build further experience and evidence in how to best deliver biodiversity actions. // E4, SBM-3 Material impacts and opportunities Management and mitigation hierarchyWe are committed to developing, constructing, operating, and owning our renewable energy assets in an environmentally and socially sustainable way. The expansion of our operations places greater pressure on natural ecosystems, which is why we must  protect and restore them. By following our Biodiversity Policy and the steps laid out in our Biodiversity Measurement Framework, and by conducting environmental impact assessments and risk screenings, we ensure that biodiversity management is integrated into our business and decision- making processes throughout the life cycle of our projects. We apply the mitigation hierarchy by first seeking to avoid harmful impacts. In the early stages of project development, we screen for vulnerable species and critical habitats and design projects to avoid impacts wherever feasible. Where this is not possible, we take steps to minimise and mitigate – for example by routing and installing cables to either avoid or minimise impacts on sensitive areas. Following construction, any residual impacts that cannot be fully avoided or mitigated are addressed through species-specific initiatives or habitat restoration, with the aim of restoring biodiversity and ecosystem functioning to at least pre-construction baseline levels. Where residual impacts remain, we implement ecological compen-sation or offsetting measures, while recognising that certain environmental features are irreplaceable and cannot be offset.// E4, IRO-1Process for identification and assessmentOur ongoing work to identify and mitigate both actual and potential impacts of our assets on biodiversity and ecosystems continues to inform our double material-ity assessment. In this process, we identify and score impacts, risks, and opportunities (IROs) using knowledge gathered across all offshore and onshore assets, enabling a Group-wide assessment of IROs and dependencies. //Negative impact · Actual · Own operationsTemporary habitat and species disturbance during  construction activitiesSome of our sites are located in or near biodiversity- sensitive areas. Our activities at these sites generally cause temporary negative impacts during the con-struction phase, with no material impacts during oper-ations due to the extensive avoidance, reduction, and mitigation measures we build into project design and operation. Whenever overlaps with threatened species are identified, including those listed by the IUCN Red List, we develop action or mitigation plans to ensure no significant harm occurs, both during construction and throughout operations.Site locations with temporary material impactsAt our offshore wind construction sites, impacts are  primarily associated with noise pollution during pile driving, cable laying that disrupts benthic and intertidal habitats, e.g. by causing sedimentation, and increased vessel traffic, which contributes to noise and air pol-lution. At our onshore construction sites, impacts are mainly due to land clearing, cable laying, and machinery operation, causing temporary habitat disruption, species displacement, and noise pollution. All of these impacts are appropriately managed and mitigated through measures defined in the environmental impact assess-ments and permitting processes.In 2025, nine of our assets under construction were identified as sites with temporary material impacts on biodiversity-sensitive areas. These sites are listed in the table below. The data is sourced from the Integrated Biodiversity Assessment Tool (IBAT). The tool provides a report of the number of key biodiversity areas (KBAs) and protected areas that have overlaps with our sites under construction. This number represents any over-laps that should occur within the project site itself and cable routes within the buffer zone. For offshore wind farms, a buffer zone of 25 km is applied. For onshore sites, the buffer zone is 10 km. These are based on best practice, recognising relevant interactions with protected areas for nature conserva-tion or KBAs. Data is recognised from the date of the final investment decision (FID), and the area is for the asset in its entirety (in hectares).// E4-5  Area  Overlap with KBAs Overlap with protected  Site locations with temporary material impacts Asset type(hectare)(number)areas (number)Borkum Riffgrund 3 (DE) Offshore wind  7,500  0 4Hornsea 3 (UK) Offshore wind  80,500 0 8Baltica 2 (PL) Offshore wind  19,000  2 5Greater Changhua 2b (TW) Offshore wind  6,700  0 0Greater Changhua 4 (TW) Offshore wind  11,700  0 0Revolution Wind (US) Offshore wind  33,500  1 52Sunrise Wind (US) Offshore wind  43,000  0 3Old 300 BESS (US) Onshore storage 800 0 8Badger Wind (US) Onshore wind  12,600  0 10Site locations without material impacts Across our portfolio, 67 operational sites currently overlap with or are adjacent to protected areas or KBAs, as identified through the IBAT. This is largely due to the application of the buffer zones (25 km offshore and 10 km onshore) to ensure we capture all actual and potential impacts on at-risk species or habitats at or near our assets. Through extensive mitigation and restoration measures, we have not identified material negative impacts on biodiversity at these sites. During operations, impacts are very limited and are managed through environmental impact assessments and permitting processes, with mitigation measures planned as required. An example is the risk of collision with wind turbine blades for avian species (e.g. bats and birds), which is appropriately planned for and managed. Where such impacts cannot be fully mitigated through siting or design changes, operational management plans are implemented, such as enhanced monitoring campaigns, which are often conducted in collaboration with local stakeholders.Negative impact  ·  Actual  ·  Value chainEcosystem degradation and habitat and species loss from ecosystem use change, pollution, and resource extraction in the supply chainWe have identified material negative impacts in our upstream value chain, primarily driven by natural resource extraction and mining activities. These activities can degrade ecosystems, alter habitats, and reduce species diversity. We have mapped the key biodiversity impacts from our upstream value chain as well as core nature- related financial risks, dependencies, and opportunities, and this mapping informs our approach to addressing these issues. Our industry relies on the mining of metals and minerals to expand the capacity of renewable energy. We acknowledge the trade-offs associated with these activities, and we actively work towards greater transparency and collaboration in our supply chain. One way we are doing that is by engaging with some of our first-tier suppliers to understand our joint impacts on biodiversity and continue to mitigate these.Positive impact · Actual · Own operationsBiodiversity gains from restoration and innovation projectsWe continuously work on habitat and ecosystem restoration, including the protection and restoration of wider supportive ecosystems, such as salt marshes. Our efforts include species-specific restoration, research on habitats and species, and innovative approaches to monitoring and tracking biodiversity. These initiatives contribute positively to the environ-ment by restoring species, ecosystems, and habitats. From 2030, all projects we commission will have a net-positive impact on biodiversity.Opportunity · Own operationsAttract investments and improve financial terms through leadership in biodiversity effortsOur biodiversity initiatives have also attracted growing interest from the financial community, presenting opportunities to attract investments and mobilise capital for ocean biodiversity initiatives, for example through our blue bond. Building credibility through our biodiversity work strengthens our position and  relationships with investors and partners. //// E4-2PoliciesOur Biodiversity Policy applies to all locations owned and operated by Ørsted, offshore and onshore, including those in or near biodiversity-sensitive areas. The policy addresses direct impacts from our activities on biodiversity, ecosystem protection, and sustain-able ocean practices. The policy includes our initial approach to managing biodiversity impacts and dependencies in our value chain. It also outlines how we will work to deliver on our net-positive biodiversity ambition for future projects. //Biodiversity PolicyObjective: To outline the steps we take to protect bio- diversity across the full life cycle of our assets and thereby how we approach our net-positive biodiversity ambitionScope: All offshore and onshore sites owned and  operated by ØrstedAccountability: Chief Development OfficerAvailability: Biodiversity Policy// E4-3Actions In 2025, we took several steps towards meeting our ambition of net-positive renewable energy projects from 2030. Key action: ReCoral by Ørsted™ in TaiwanTMWe reached a key milestone in our ReCoral by Ørstedproject in Taiwan, which aims to support natural coral growth at our Greater Changhua offshore wind farms using a non-invasive method developed in partner-ship with the Penghu Fishery Research Center under  Taiwan’s Ministry of Agriculture. After three years of laboratory cultivation and refinement, the project team successfully deployed corals placed at a depth of 30 metres – comprising multiple species and age groups – at the Greater Changhua 1 Offshore Wind Farm in August 2025. We will now monitor the site to assess coral adaptation and growth, sharing results with research partners and the public. Key action: Seabird habitat restoration in TaiwanIn 2025, we initiated seabird habitat restoration efforts along Taiwan’s western coastline to enhance condi-tions for protected migratory bird species. The initiative focuses on improving coastal habitats used by seabirds for foraging and roosting. We also started working with local authorities, NGOs, and academic partners to restore wetlands and sandbar areas through targeted habitat improvements, such as vegetation manage-ment, reduced human and feral dog disruptions, and installation of artificial nesting structures. Baseline habitat data has been collected, and long-term moni-toring will track progress in supporting seabird diversity and population recovery during the migration seasons. Key action: Tracking biodiversity growth at our assetsIn 2022, we began a workstream exploring the methods for identifying and monitoring biodiversity growth at our assets in the UK. In 2025, we expanded the scope to become global, and we expanded the project with a sprint focused on testing photogrammetry, which we used to generate 3D models of marine growth based on existing subsea asset video footage at nine of our wind farms. This resulted in successful model development and estimation of marine species growth as a proof of concept. Another key outcome was a set of recommen-dations to improve how we collect, store, and analyse our subsea video data using photogrammetry. This workstream remains central to tracking and monitoring biodiversity growth at our assets, helping us understand how our assets interact with local marine ecosystems. Key action: Commercialising our low-noise installation technologyIn 2024, we announced the development of a low-noise monopile installation technology, Osonic, which successfully reduced underwater noise levels by 99 % during a trial at our offshore wind farm Gode Wind 3. In 2025, Osonic moved into a commercial phase, with Ørsted offering licencing of the technology and related services to third-party developers for European offshore wind projects. Key action: 3D-printed reefs at Anholt Offshore Wind FarmBetween 2022 and 2025, we conducted biodiversity mapping, both spatial and aerial, at our Danish off-shore wind farm Anholt. A variety of natural and artifi-cial reef structures were sampled, including 3D-printed reefs, natural boulder reefs, foundation structures, and biohuts in the Port of Grenaa. We conducted a visual inspection which showed that the 12 3D-printed reefs we installed in 2022 are now fully covered with algae, providing valuable space, shelter, food, and fruitful ground for further floral overgrowth. Species such as sea bass, sea squirts, crabs, and starfish were detected at the reefs. The reefs’ hard surfaces have been covered with beautiful red algae, with sugar kelp growing on some reefs. eDNA results from the wind farm are not yet finalised but are expected to be ready during 2026. Key action: Innovative seagrass planting at the  Humber EstuaryOur work with the Yorkshire Wildlife Trust and  Lincolnshire Wildlife Trust, initiated in 2022, to restore the Humber Estuary continues to progress successfully. The aim of the restoration project, Wilder Humber, is to restore the threatened salt marshes and includes seagrass planting, salt marsh restoration, and rebuild-ing native oyster beds. In 2025, we trialled a new innovative seagrass seed planting technique where seagrass ‘plugs’ are transplanted from an area with good coverage to an area with less coverage. This had a success rate of over 90 %.In addition to these new planting techniques, we are now using AI to count the number of seeds we collect (up to 200,000 each season) to save time in the field. For native oysters, we have successfully completed a trial in the UK using remote setting, where oyster larvae are set and grown on rock and scallop shells – the first-ever trial using this method in the UK. This combination of novel approaches has already greatly increased the speed, efficiency, and success of our restoration work. Key action: Mapping our nature-related risksIn 2024, we completed an assessment of nature- related risks, impacts, and dependencies across a sam-ple of our sites, both offshore and onshore. We also began exploring selected material commodities in our upstream supply chain. In 2025, we conducted a more in-depth risk analysis focusing on material commodities related to an offshore wind turbine within our offshore wind supply chain, building on our initial 2024 assessment. We will use the findings to support discussions across teams, peers, and suppliers about nature-related risks in our supply chain – and to better understand how our sourcing decisions can balance commercial considerations with long-term benefits for nature. Going forward, we will conduct an impact study on certain geographical hotspots across our  supply chain and aim to work with suppliers on  specific high-impact commodities in our supply chain. //// E4-4Targets Delivering on our biodiversity ambition Currently, we have not adopted any quantitative targets. However, we have an ambition to achieve a net- positive biodiversity impact from all new renewable energy  projects that we commission from 2030 onwards. //Alignment with TNFD recommendations Recommended disclosuresGovernancea)  Board oversight of nature-related dependencies, impacts, risks, and opportunitiesMR · pages 40-51b)  Management’s role in managing nature-related dependencies, impacts, risks, and opportunities MR · pages 40-51c)  Human rights policies,  stakeholder engagement, and board and management oversight related to Indigenous Peoples, local commu-nities, affected stakeholders, and other stakeholders in addressing nature-related dependencies, impacts, risks, and opportunities SS · pages 67, 85-91, 93, 103-105Risk and impact management a)  i.  Processes for identifying, assess-ing, and prioritising nature-related dependencies, impacts, risks, and opportunities in direct operations ii.  Processes for identifying, assess-ing, and prioritising nature-related dependencies, impacts, risks, and opportunities in the value chain MR · pages 23-26SS · pages 65-66b)  Processes for monitoring nature-related dependencies, impacts, risks, and opportunities MR · pages 23-26SS · pages 65-66, 85-91c)  How nature-related risks are integrated into overall risk management MR · pages 23-26SS · pages 65-66Strategy a)  Identified nature-related depen- dencies, impacts, risks, and oppor-tunities in the short, medium, and long term SS · pages 65-66, 85-91b)  Effects of nature-related depen- dencies, impacts, risks, and oppor-tunities on the business model, value chain, strategy, financial planning, and any transition plans or analyses MR · page 10  SS · pages 58, 85, 88c)  Resilience of the strategy to nature-related risks and opportunities MR · pages 23-26SS · pages 85-91d)  Locations of assets and activities in direct operations and, where possible, upstream and down-stream value chains MR · page 11SS · pages 85-91Metrics and targets a)  Metrics used to manage ma-terial nature-related risks and opportunities MR · page 22SS · pages 85-91b)  Metrics used to assess nature- related dependencies and impacts MR · page 22SS · pages 85-91c)  Targets, goals, and performance for managing nature-related dependencies, impacts, risks, and opportunities MR · page 22SS · pages 85-91MR  Management’s reviewSS  Sustainability statements Resource use and  circular economyReducing reliance on virgin materials is essential  for a resilient renewable energy transition and our continued decarbonisation efforts. We have worked for several years to improve how materials are sourced, used, and recovered, and we continue to build  collaborations that help us do so across the value chain.  Strengthening circular practices reduces pressure on natural resources and enables a more robust lower- emissions energy system. // E5, IRO-1Material impacts and risks As part of our double materiality assessment (DMA), we have identified two negative impacts associated with resource inflows and outflows (waste), respec-tively. Due to our dependence on certain minerals and materials, we have also identified a material financial risk. Each of these is directly linked to our business model and the industry we operate in, both of which inherently rely on large quantities of materials to  construct renewable energy assets.Our ongoing work to identify and mitigate both actual and potential impacts related to the materials we procure and the waste generated from our activities continues to inform our DMA. We screen both new and existing assets using different tools and methodologies. One such tool is our proprietary life cycle analysis (LCA), from which we can quantify, and thus better understand, the scale and scope of the key materials in our assets. These materials are further detailed under ‘Resource inflows’ on page 90.Negative impact · Actual · Value chainUse of virgin materials in renewable energy infrastructure adds to resource depletion and increased material scarcityEach asset in our portfolio requires virgin materials such as steel, copper, rare earth elements, and composite materials, contributing to resource depletion and increasing material scarcity across sectors.Negative impact · Actual · Own operationsWaste generation during construction, operation,  and decommissioningWe also recognise the direct impacts arising from the generation of different types of waste. Whether it is ash from the combustion of biomass at our combined heat and power plants or defective components in our renewable energy assets, we generate waste as part of our operations.Risk · Value chainDependence on critical materials needed for the energy transitionOur dependence on critical raw materials required for the energy transition exposes us to potential supply availability and price volatility risks. This exposure is shaped by growing demand for renewable-energy technologies and arises from highly centralised and vulnerable supply chains for the extraction, refine-ment, and processing of critical minerals, intensifying cross-sector demand for transition-critical materials, and commodity price and geopolitical volatility in regions with often elevated sustainability risk profiles. //// E5-1PoliciesOur negative impacts from resource use and waste management are addressed through two policies: our Resource Management Policy and our Waste Management Policy. Our Resource Management Policy specifically outlines how we strive to develop  processes that facilitate sustainable sourcing together with relevant suppliers. // Resource Management PolicyObjective: Ensure sustainable use of resources Scope: All Ørsted activities and locations Accountability: Senior Vice President, QHSE Availability: Resource Management Policy Waste Management PolicyObjective: Ensure proper waste management Scope: All Ørsted activities and locations Accountability: Senior Vice President, QHSE Availability: On our intranetForest Biomass PolicyObjective: Enhance transparency and showcase the principles and standards we follow when purchasing forest biomass Scope: All sourced forest biomass Accountability: Senior Vice President, Bioenergy &amp;  Infrastructure Assets Availability: Forest Biomass Policy// E5 -2Actions for resource inflowsTo support the objectives of our policies, we continue to pursue actions to gradually mitigate the impacts identified. In the following, we detail some of these actions, as undertaken in 2025.Key action: Supplier engagement on circularityIn 2025, we took further steps to formalise our supplier engagement on circularity. This is best exemplified by standardisation of our circularity  communication material and approach towards suppliers. The intended outcome of these efforts is to have a firm set of circularity- related supplier requirements within the next three to four years. To support our supplier engagements, we integrated circularity considerations into our project operating model for offshore wind in 2025. The model is used to coordinate and deliver the project management around our offshore asset construction, and the integration of circularity in the model will allow us to identify products with more recycled content, as well as design-related opportunities that facilitate reuse, refurbishment, or improved recycling from the early phases of project development. Our updated decarbonisation road map to net zero by 2040 supports our ongoing work to better understand where circularity may have the greatest impact across key materials and suppliers, including steel, fuels, and copper, helping to inform our future approach. Key action: Repairing and refurbishing spare partsOur focus on refurbishment is shaped by our  industry’s rapid evolution over the past two decades, with wind turbine types changing frequently and trending towards larger models. This environment demands continuous innovation and resource optimisation in maintenance practices as production lines for aging turbines are discontinued or greatly reduced. By extending the life of existing components – including older turbine parts – we reduce turbine downtime, shorten component lead times, and improve cost-efficiency. This approach enables our assets to produce more renewable energy over their lifetimes while supporting more circular use of materials.In 2024, we initiated a refurbishment programme for minor offshore wind components in the UK. The pro-gramme focuses on smaller components with longer lead times, allowing us to minimise lost production. We expect to have fully commercial, technically approved refurbishment loops in place for more than 100 of our key minor components by 2030. In 2025, responsibility for identifying and establishing new refurbishment loops was passed to our regional hubs, decentralising the process to ensure better alignment with local needs and operational timelines. In 2025, in addition to minor components, we started tracking the refurbishment rate for main components, such as generators and gearboxes, across our offshore portfolio. Our current assessment suggests a refurbish-ment rate above 80 %, meaning that at least four out of five exchanges are made with refurbished rather than new components. As next steps, refurbishment data will be integrated into our asset-level life cycle assessments to enhance our understanding of both carbon footprint and material circularity.Action: Factoring carbon emissions into our wind farm designsIn 2025, as part of our 2040 net-zero road map, we launched a workstream to integrate lower-emissions and resource-efficient technologies into our engineering technology road maps across all component categories. The workstream focuses on identifying technologies and designs that reduce the use of virgin materials, increase recycled content, or extend asset lifetimes. In 2026, this will expand to include quantification of abatement potential and assessment of how resource and carbon emission performance can be incorporated into investment and design decisions.Action: Circular furniture strategy for our workplaces Although renewable energy assets are our primary focus, we also apply resource and circularity principles in other parts of our business. In 2025, we advanced circularity in our offices through a strategic partnership with  Holmris B8. Together, we completed a baseline assessment covering the environmental footprint of Ørsted’s global furniture portfolio, including associ-ated carbon emissions, recycled content, and furniture sustainability certification. By 2030, we expect to increase the percentage of recycled materials in new furniture to 65 %, which is naturally associated with a decrease in the use of virgin materials. The decrease will be achieved through the procurement of sec-ondary  materials, refurbishment of existing furniture, and enhanced certified sourcing. Actions for resource outflowsWe are pursuing two complementary pathways to address our negative impact related to waste: 1)  avoiding waste through design – enabling better recycling at end of life, and 2) improving waste treatment  operations – minimising disposal across the portfolio.Key action: Calculating wind farm recyclabilityAs part of our updated project operating model for offshore wind, we will carry out recyclability assess-ments of all new offshore wind projects, with the aim of identifying potential material hotspots during the early stages of project development. Identifying such hotspots is a key element in under-standing how we can avoid waste through design, and ultimately increase the degree of recyclability upon decommissioning. In 2025, we completed a wind farm recyclability assessment of our UK offshore wind farm Hornsea 3. The results show that approximately 91 % of the total material weight is currently recyclable, while blades and polymer-based components in cables remain key challenges. The assessment was conducted in collaboration with ReWind, a long-term collaboration partner helping us refine recyclability methodologies and benchmarking. Key action: Transition piece (TP) covers for offshore wind farmsIn 2025, following successful pilots in 2024 that tested the feasibility of TP covers, we started construction of Hornsea 3, which will use recyclable TP covers during its construction period. Approximately 200 TP covers will be sourced from our supplier for installation between 2025 and 2027, replacing conventional single-use PVC covers. We  estimate that this will avoid more than 150 tonnes of PVC waste at Hornsea 3 alone. After use, the covers will be returned to the supplier for recycling and reuse in the manufacturing of new TP covers. Key action: End-of-life management of decommissioned assetsIn 2025, we installed more than 500 marking poles and posts next to our onshore wind farm Farranrory in  Ireland. The poles have been manufactured using mate-rial from our onshore wind farm Owenreagh 1, which we decommissioned in 2024 after more than 25 years of operation. As part of the  decommissioning process, and Ørsted’s commitment to the circular  economy, the blades from the wind turbines were taken to a recycling facility, Plaswire, in  Northern  Ireland. Plaswire has manu-factured a total of 1,000 posts from the 15 turbine blades taken down. Following the closure of Esbjerg Power Station in 2024, our last coal-fired CHP plant, we initiated the demo- lition of the plant, located at the Port of Esbjerg, in 2025. In line with our waste management principles, the project contractor expects to send up to 97 % of the materials to reuse or recycling. The project is scheduled to be completed by the end of 2027, where 2we need to deliver a fully restored area of 150,000 mback to the Port of Esbjerg. // // E5-3Targets We have currently not set any formal targets related to our resource use and circularity efforts. However, we are tracking several resource-related indicators, each linked to policy objectives and associated actions.Prohibiting landfilling of blades and panelsSince 2023, we have been committed to ensuring that no wind turbine blades or solar panels from our assets end up as landfill. Therefore, we monitor the handling of decommissioned blades and panels that have been retired to ensure that these are sent for proper treat-ment with trusted waste management partners. In 2025, five blades were taken down and either sent to proper treatment or put on temporary storage until treatment. Monitoring our use of forest and straw biomassOur Forest Biomass Policy mandates compliance with EU and national biomass sustainability criteria. These criteria were further strengthened in 2025 to ensure sus-tainable production of biomass. We closely monitor the biomass used at our CHP plants to ensure that 100 % of the biomass we use complies with the sustainability criteria and is certified by the certification schemes we adhere to under our policy. Ørsted undergoes an annual biomass audit conducted by an independent third party, and our biomass consumption is approved by the Danish authorities. In addition to forest biomass, we use Danish straw at our CHP plants in Studstrup and Avedøre. This straw is a residue of cereal production and complies with EU and national sustainability criteria addressing soil quality, soil carbon storage, and biodiversity. //Resource inflowsESRS reference Resource inflows, tonnes 12025 2024 2ΔTechnical materials for construction of new assets // E5-4, 31(a)  Steel 193,000 188,000 3 %// E5-4, 31(a)  Copper 8,000 6,000 33 %// E5-4, 31(a)  Aluminium 2,000 5,000 (60 %)// E5-4, 31(a)  Plastics 8,000 8,000 0 %// E5-4, 31(a)  Glass fibre 6,000 5,000 20 %// E5-4, 31(a)  Rare earth elements 400 300 33 %// E5-4, 31(a)  Concrete 116,000 91,000 27 %// E5-4, 31(a) Glass - 24,000 (100 %)// E5-4, 31(c) Scrap steel used in steel production 39,000 - 68,000 38,000 - 66,000// E5-4, 31(c) Scrap steel used in steel production, % 20 - 35 20 - 351   Figures are presented rounded to the nearest thousand, except for rare earth elements, which are rounded to the nearest hundred. 2   The 2024 figures have been restated to ensure consistency with the updated resource inflows methodology implemented in 2025.Understanding our use of resourcesWe have identified the key materials fundamental to the construction of our global portfolio of renewable energy projects across offshore and onshore wind, solar, and battery energy storage systems (BESS). To enhance our understanding and management of resource inflows, we are actively working with  suppliers to explore lower-emissions alternatives and aim to establish closer collaboration for obtaining data on the composition of their products, including the share of reused or recycled materials. Steel remains our primary focus, given its central role in renewable energy infra-structure and its strong potential for circularity.The use of scrap steel is standard practice in steel pro-duction, with its content varying across  geographies and reflecting established industry practices. The majority of the steel we source for the production of steel plates for foundations comes from Europe, where supplier data indicates that, on average, 35 % of the material used in these plates is derived from scrap. While we account for geographic variability in our reporting, reflected in a range of 20-35 %, our current estimates place us at the upper end of that range.Lower-emissions steel provides dual benefits:  reducing greenhouse gas emissions and, depending on  production routes, lowering dependence on virgin iron ore. Steel produced via electric arc furnaces (EAFs), which use scrap as feedstock, substantially decreases the need for virgin materials compared to conventional blast furnace-basic oxygen furnace (BF-BOF) production. Despite the widespread use of recycled inputs, lower- emissions steel remains limited in market availability. Expanding supply is therefore critical to reducing  emissions, decreasing reliance on virgin materials, and supporting a more circular steel value chain. Accordingly, sourcing lower-emissions steel remains an impactful lever for reducing the environmental  footprint of our projects.Beyond steel, critical raw materials such as copper, aluminium, and rare earth elements are essential to renewable energy technologies but are associated with supply risks and pressure on the availability of virgin resources. We are also prioritising improved recyclability of plastics, glass fibres, and composite materials, including those used in wind turbine blades, to reduce dependence on finite resources. Addressing these challenges involves optimising design to improve material efficiency, increasing the use of recycled and recyclable inputs where  feasible, and extending the lifetime of existing assets and  components wherever possible.Accounting policiesIn 2025, we updated the methodology for resource inflows to align with changes to the scope 3, category 2 emissions allocation methodology.Technical materials for construction  of new assetsThe technical materials used in the construction of new assets are tracked to provide a detailed understanding of material use and composition for offshore and onshore renewable energy  projects (offshore wind, onshore wind, solar PV, and battery energy storage systems) above 100 MW. Our in-house LCA analysis forms the foundation of the methodology, with the highest level of maturity for offshore assets. Externally verified  studies supplement the project-specific data for  battery energy storage systems, solar PV, and onshore wind. For offshore wind projects, material accounting covers key asset components, including wind turbines, foundations, substations, and array and export cables (including spares). It excludes wind turbine generator (WTG) parts replaced during operations and materials in electrical andmechanical components for substations.For onshore wind projects, material accounting covers wind turbines, foundations, site cables, switchgear, and transformers. For solar assets, material accounting covers photovoltaic (PV) modules, piles, racking systems, transformers, substations, and array cables.For battery energy storage systems, material accounting covers battery modules and cells, racks, inverters, transformers, cables, foundations, and supporting facilities.Resource outflowsESRS reference Waste, tonnes 2025 2024 Δ// E5-5, 37(b), 39 Hazardous waste 3,301 2,283 45 %// E5-5, 37(b) Diverted from disposal 1,896 526 260 %// E5-5, 37(b)(i) Preparation for reuse 16 2 700 %// E5-5, 37(b)(ii) Recycling 1,769 476 272 %// E5-5, 37(b)(iii) Other recovery operations 1111 48 131 %// E5-5, 37(c) Directed to disposal by waste treatment type 1,405 1,757 (20 %)// E5-5, 37(c)(i) Incineration 1,190 1,527 (22 %)// E5-5, 37(c)(ii) Landfill - - 0 %2215 230 (7%)// E5-5, 37(c)(iii) Other disposal operations // E5-5, 37(b) Non-hazardous waste 101,216 123,821 (18 %)// E5-5, 37(b) Diverted from disposal  99,342 110,634 (10 %)// E5-5, 37(b)(i) Preparation for reuse 94,337 107,180 (12 %)// E5-5, 37(b)(ii) Recycling 4,568 2,806 63 %1437 648 (33 %)// E5-5, 37(b)(iii) Other recovery operations // E5-5, 37(c) Directed to disposal by waste treatment type 1,874 13,187 (86 %)// E5-5, 37(c)(i) Incineration 128 63 103 %// E5-5, 37(c)(ii) Landfill 701 317 121 %21,045 12,807 (92 %)// E5-5, 37(c)(iii) Other disposal operations // E5-5, 37(a) Total waste 104,517 126,104 (17 %)// E5-5, 37(d) Diverted from disposal 101,238 111,160 (9 %)// E5-5, 37(d) Directed to disposal (non-recycled waste) 3,279 14,944 (78 %)// E5-5, 37(d) Diverted from disposal, % 97 88 9 %p// E5-5, 37(d) Directed to disposal (non-recycled waste), % 3 12 (9 %p)1   Composting and recovery.2   Energy  recovery.Our total waste decreased by 17 % in 2025 compared to 2024, driven by an 18 % reduction in non-hazardous waste. This reduction in non-hazardous waste was partly due to lower ash volumes at our CHP plants and the cessation of operations at our Renescience waste treatment plant in 2025.Our hazardous waste increased by 45 % in 2025 compared to 2024 as a result of the emptying of oil tanks, pipes, and catalytic components at our Avedøre Power Station. Our non-hazardous waste is comprised of various materials, with ash residues from incineration processes representing a significant share. Ash is included in our overall waste volume; however, ash residues are reused for other industrial purposes. As a result, while changes in ash volumes influence reported totals, these materials are diverted from disposal to beneficial reuse. Additionally, our non-hazardous waste streams include ferrous and non-ferrous metals, rubble, cables, and plastics associated with the maintenance of our renewable assets.Our hazardous waste includes, among other materials, oil residues from power stations, mixed chemicals, and certain electronic components classified as hazardous.Accounting policiesWaste by type, disposal method, and treatment typeThe Global Reporting Initiative (GRI) Standards, disclosures 306-3, 306-4, and 306-5, have been used as guidance in developing the reported data points.Waste is generally reported on the basis of invoices and associated waste breakdowns, including treatment types, received from waste recipients. Part of the oil-contaminated wastewater from the North Sea oil pipeline has been treated as waste and therefore reported as waste and not wastewater.Residual products, e.g. gypsum from the CHP plants, which are not handled as waste but sold as products are not included. Soil from excavation projects is not included.Own workforceAt Ørsted, we actively work to ensure a safe and inclusive workplace where all employees can thrive. We engage with our employees through various channels and have an open and transparent culture. We focus on developing employees’ skills and com-petences and follow up on the general well-being of employees through inidividual performance dialogues and other measures.// S1, SBM-3Material impacts and risksAt Ørsted, we actively work to ensure that all employ-ees are part of a safe working environment where impacts and risks, including impacts of physical injury, are identified and managed, and where employee well-being is a key priority.Negative impact · Actual &amp; potential · Own operationsWork-related injuries and fatalitiesDue to the nature of our industry, we recognise that our employees may be exposed to potential injuries and fatalities, primarily during the construction and operation of our assets. We have a strong safety  culture at Ørsted, monitoring safety performance monthly and including safety targets in bonus schemes. Unfortunately, a tragic incident involving a subcon-tractor at our US onshore wind farm Plum Creek Wind resulted in two fatalities in February 2025. The activities that led to the two fatalities occurred within Ørsted’s area of responsibility. Negative impact · Actual · Own operationsWork-related stressWe also acknowledge that work-related stress and anxiety affect some employees across our global work-force. At the individual level, stress can lead to reduced well-being, fatigue, sleep disruption, anxiety symptoms, decreased productivity, and periods of absence. At the organisational level, it can negatively affect productivity, absenteeism, retention, and safety. We continuously monitor stress indicators and have measures in place to mitigate and manage these impacts.Negative impact · Actual · Own operationsUnequal gender distribution in managementØrsted has a target of reaching a gender balance of 40 % women and 60 % men across the company by 2030. This is tracked at three levels: senior directors and above, people leaders, and all employees. The  target is operationalised through individual targets for each organisational area, enabling focused actions and tracking of each area’s contribution to the Group target. If we successfully integrate inclusion into our succession planning and organisational rightsizing and remove gender-based barriers to leadership positions, we will achieve our 2030 gender target.Positive impact · Actual · Own operationsFlexible working conditions and entitlements, such as support for family and caregiving needsTransparent, fair, and flexible working conditions are rooted in our company values and help make Ørsted an attractive place to work – with fair and adequate rewards and employment terms as foundational factors. Our flexible working culture delivers added benefits across our markets globally, especially in the US and APAC region, where our offerings – particularly within family and caregiving needs – often exceed industry norms and statutory requirements.In both new and established markets, local employee handbooks, policies, and terms and conditions comply with legal requirements and generally align with  market standards, often exceeding them. This is  notable in areas such as workplace flexibility and work-life balance and is reflected in our employment terms regarding parental leave, sickness leave, annual leave, and child sickness leave. Furthermore, we support flexibility and work-life  balance by promoting ongoing dialogue between people leaders and employees, fostering solutions that work best for the employee, the people leader, and the team.Risk · Own operationsEmployees leaving the organisation due to perceived internal risks or uncertaintiesIn October, we announced that we will be reducing our organisation by approximately 2,000 positions towards the end of 2027. This has created uncertainty for many skilled and valued colleagues, and we therefore con-tinue to monitor the risks of involuntary and voluntary employee turnover and reduced employee engage-ment; if left unmitigated, these risks could undermine key competences and operational continuity.To address these challenges and maintain motivation among our employees, we are focused on providing clarity from management via frequent updates and Q&amp;A sessions. This strengthens our commitment to strong leadership and open, transparent dialogue. We also support employees through mental health support systems and reassure them that Ørsted is going to be a more agile organisation that is easier to navigate. //// S1-1PoliciesOur commitments to our own workforce and our obligations as an employer are described and shared transparently in both global and country-specific employee policies and handbooks. We see respect for labour and employment rights as core to protecting our employees’ human rights and as foundational to our company culture. We actively work to ensure a sustainable, responsible, and inclusive working environ-ment with fair labour and employment standards across all the markets where we operate.An overview of our global policies can be found on the next page.Policies relevant for all our stakeholdersOur commitments to our own workforce, as well as workers in the value chain and affected communities, are outlined in our Global Human Rights Policy, Stake-holder Engagement Policy, and Just Transition Policy. These policies have been adopted to ensure ethical practices, respect human rights, and promote sustaina-ble employment conditions across our own operations and value chain. Within our Global Human Rights  Policy, there are several human rights commitments that are relevant to our own employees. These include: ·   eliminating discrimination in respect of employment and occupation·   ensuring the payment of decent wages that enable employees to meet their basic needs and provide adequate welfare protection·   ensuring freedom of association and the effective recognition of the right to collective bargaining·   eliminating all forms of forced or compulsory labour·   ensuring the effective abolition of child labour.Our global policies Policies relevant for all our stakeholders Global Human Rights PolicyObjective  To define the way we respect human rightsScope  Our employees; workers employed by our suppliers, contractors, and business part-ners; communities affected by our activitiesAccountability  Chief Construction OfficerAlignment with third-party standards or frameworks·    UN Guiding Principles on Business and  Human Rights (UNGPs)·   OECD Guidelines for Multinational Enterprises·   International Bill of Human Rights·   The International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at WorkAvailability Global Human Rights PolicyStakeholder Engagement PolicyObjective To define how to act in stakeholder dialogues and engagementScope  Our employees; workers employed by our suppliers, contractors, and business part-ners; communities affected by our activitiesAccountability  Chief Development OfficerAlignment with third-party standards or frameworks·   UN Guiding Principles on Business and  Human Rights (UNGPs)·   UN Declaration on the Rights of Indigenous Peoples (including the principle of free, prior, and informed consent)·   IFC Performance StandardsAvailability Stakeholder Engagement PolicyJust Transition PolicyObjective To define what a ‘just transition’ to renewable energy involvesScope  Our employees; workers employed by our suppliers, contractors, and business part-ners; communities affected by our activitiesAccountability  Chief Construction OfficerAlignment with third-party standards or frameworks·   UN Guiding Principles on Business and  Human Rights (UNGPs)·   OECD Guidelines for Multinational Enterprises·   International Bill of Human Rights·   International Labour Organization’s (ILO) Declaration on Fundamental Principles  and Rights at WorkAvailability Just Transition PolicyPolicies specific to our employeesGlobal Policy for QHSE and Global Mental Health Policy Objective  To set the standards for how  we protect and ensure the well-being of our employees and the sustainability of our operationsScope  Our employees and facilitiesAccountability  Head of QHSEAvailability Global Policy for Quality,Health, Safety &amp; Environment (QHSE)  and on our intranet for the Global Mental Health PolicyGlobal Diversity &amp; Inclusion PolicyObjective  To promote equal opportunities in an environment where all employees can thrive, perform, and growScope  Our employeesAccountability  Chief HR OfficerAvailability Global Diversity &amp; InclusionPolicyGlobal Bullying, Discrimination &amp; Harassment PolicyObjective  To create an inclusive culture with proactive measures to prevent bullying, discrimination, and harassmentScope  Our employeesAccountability  Chief HR OfficerAvailability Global Bullying, Discrimination &amp; Harassment PolicyPolicies specific to our employeeGlobal Labour &amp; Employment Rights PolicyObjective  To enhance transparency on our commitments to actively safeguard labour and employment rights, including social dia-logue and collective bargaining agreementsScope  Our employeesAccountability  Chief HR OfficerAlignment with third-party standards or frameworks·   International Bill of Human Rights·   The International Labour Organization’s (ILO) Declaration on Fundamental Principles and Rights at WorkAvailability Global Labour &amp; Employment Rights PolicyGlobal Guidelines on Flexible WorkplaceObjective  To power a flexible working  environment where everyone can thrive, perform, and growScope  Our employeesAccountability  Chief HR OfficerAvailability On our intranetGlobal Working Hour CommitmentObjective  To describe maximum working hours across jurisdictions, including overtime and overtime paymentScope  Our employeesAccountability  Chief HR OfficerAlignment with third-party standards or frameworksUN Global Compact guidelinesAvailability Global Working Hour CommitmentGlobal Policy on Parental LeaveObjective  To define minimum standards  for parental leave entitlement. Our policy  is 18 weeks for primary caregivers and  12 weeks for secondary caregiversScope  Our employeesAccountability  Chief HR OfficerAvailability On our intranetPolicies specific to our employeesWe have several other global policies that are specific to our own employees. Health and safetyAt Ørsted, we prioritise and protect the physical, social, and psychological safety of everyone in the workplace. We have a Global Policy for Quality, Health, Safety &amp; Environment (QHSE), and we have implemented  workplace accident-prevention procedures to ensure the safety and well-being of our employees. We comply with various ISO standards, including ISO 9001 (quality management system), 14001 (environ-mental management system), and 45001 (occupational health and safety management system), to maintain a robust integrated management system that aligns with international best practices, which is  fundamental to our operations and to securing a safe system of work. All (100 %) of Ørsted’s workforce is covered by our health and safety management system,  including our employees, contractors, and subcontractors  working under Ørsted’s supervision and control. In addition to our QHSE policy, we have a Global Mental Health Policy supporting the mental well- being of our workforce, mitigating mental strain, such as work-related stress and anxiety, and providing guid-ance to employees and leaders on addressing these concerns. To operationalise the Global Mental Health Policy, we provide an organisation-wide support system that includes leadership tools and training ( including on psychological safety), targeted stress- mitigation processes for teams with higher stress levels, and comprehensive health programmes and insurance with access to psychologists, crisis counsellors, and other mental health professionals. In addition, we provide a wide range of learning resources and practical tools for employees. //// S1-1 and Danish FSA §107dDiversity and inclusionEquity, diversity, and inclusion are integral to our culture and the way we do business. We work to ensure that all employees thrive in a fair and inclusive workplace where they are respected for who they are and valued for the unique perspectives they bring. To support this, we have adopted two policies: a Global Diversity &amp; Inclusion Policy and a Global Bullying, Discrimination &amp; Harassment Policy.Our Global Diversity &amp; Inclusion Policy sets out four focus areas: ‘Women in management’: increasing the share of women in executive and managerial positions; ‘Sexual orientation and gender identity’: welcoming and including people of all sexual orientations and gender identities; ‘Nationality’: creating an inclusiveenvironment that attracts and retains talented peoplefrom all backgrounds and cultures; and ‘Recruitment’: equipping people leaders with non-discriminatorytools and guidelines to mitigate unconscious bias.Bullying, discrimination, and harassmentOur Global Bullying, Discrimination &amp; Harassment Policy, supplemented by country-specific guidelines, prohibits all forms of bullying, discrimination, and harassment in the workplace on grounds such as sex, race, nationality, sexual orientation, gender identity, religion, size, ability status, pregnancy status, age, ethnic origin, belief, and marital status. The policy also includes a non-retaliation statement to ensure employees can speak up without fear of retaliation. //// S1-2Engagement activitiesAt Ørsted, we believe in open communication and in the importance of gaining direct insights and perspec-tives from our own workforce on a wide variety of matters. We view these insights as key aspects when outlining decisions and strategies. Our Chief HR Officer has overall responsibility for engagement activities with our employees.Engagement with our own employeesUpdated employee engagement survey conceptTo enable us to strengthen employee engagement, we launched a new set-up in 2025 designed to foster a more continuous and responsive framework for listening to our people. This initiative places employee voices at the forefront, ensuring they are heard system-atically each quarter and underscoring our dedication to a positive and inclusive working environment. The framework includes comprehensive onboarding and clear communication for people leaders, HR business partners, and employees, ensuring everyone is well equipped to benefit from the new approach.As part of this enhanced approach, we have part-nered with a new survey provider with deep expertise in behavioural science and a focus on translating insights into action. Through interactive, personalised dashboards and AI-driven tools, people leaders are empowered to conduct in-depth analysis, develop action plans, and carry out ongoing follow-ups.Annual and quarterly engagement surveys In September 2025, we ran our first pulse survey: a  concise, 20-question survey focused on core engage-ment topics. With an 81 % response rate, the survey enabled effective and targeted measurement of employee sentiment across the organisation,  covering key themes such as satisfaction and motivation, inclusion, trust in leadership, change management, and communication. The insights equipped the Group  Executive Team with valuable information for setting the strategic direction and company-wide focus areas, while also enabling people leaders to identify local focus areas within their teams.Going forward, pulse surveys will be run three times a year, providing regular opportunities for employee feedback in addition to our annual engagement survey, People Matter, which consists of 90-100 questions, enabling a comprehensive review of employee experi-ence and engagement. Employee communitiesWe continue to invest in our employee resource groups (ERGs), collectively known as ‘Ørsted IN’, which advocate for the inclusion of different groups across our organisation, e.g. within race and ethnicity, gender, LGBTQ+, age, and disability. All employees are encour-aged to join these networks. We activate and support the networks as strategic partners in building a thriving culture. In 2025, we introduced summits for the chairs of the ERGs to further shape our inclusion efforts across the company. Online engagement channelsViva Engage channels provide a platform for  employees to engage in informal, global discussions on workforce-related topics. Employees can openly comment and ask questions to management via the CEO channel or other channels hosted by leaders and colleagues.Engagement with vulnerable employeesTo gain deeper insights into the perspectives of employees who may be particularly vulnerable or  marginalised, we are taking two significant steps. First, we are collecting more comprehensive data across various identity dimensions. In the US, this work has allowed us to better understand the experiences of specific racial and ethnic communities, as well as those related to gender, disability, and caregiving status, with the goal of expanding this data collection capacity globally.Second, our focus on building an inclusive workplace extends beyond our organisation. In a global com-pany like ours, removing unfair barriers to accessing significant roles creates social benefits by ensuring that diverse voices are present in decision- making  processes, particularly in areas that influence com-munities worldwide, such as renewable energy. We  consider this in our recruitment, organisational review, and people review processes to ensure that our actions create both internal and external value. Effectiveness of engagement activitiesOur annual engagement survey is an effective tool with a high response rate – typically around 90 %. The survey is supported by follow-up activities led by people leaders and by sessions with HR business partners and local HR colleagues throughout the year, aimed at actively following up on matters which received particularly low scores.Together with the quarterly pulse surveys, our annual engagement survey will allow us to monitor engage-ment more closely throughout Ørsted and respond proactively to emerging trends. //// S1-3Grievance and remedy For information regarding our grievance mechanisms and remedy for our own workforce, please see our grievance and remedy overview on page 106. //// S1-4Actions for health and safetyKey action: Preventing and addressing injuries and fatalitiesFollowing last year’s Ørsted Safety Days campaign, we have concluded that the expected outcomes have been achieved. Despite unprecedented construction activity, we continue to see a decrease in the ‘high-risk exposure frequency’, which is the number of incidents that could have caused irreversible injuries or  fatalities per hours worked. The implementation of the Ørsted life-saving rules through the campaign has  undoubtedly contributed to this improvement.In 2025, we initiated a programme called ‘Boost QHSE’ with the objective of training and educating leaders and people in supervisory roles. The programme combines professional IOSH training (Institution of Occupational Safety and Health), site-adapted training, and Ørsted- specific training. QHSE specialists have been upskilled to take on coaching roles as part of their existing roles, and 96 selected senior managers with organisational, asset, project, or location responsibilities have been appointed accountable persons for health and safety. All appointed accountable persons have received relevant guidance, including access to a toolbox. The effectiveness of the programme will be measured via our annual People Matter survey and quarterly pulse surveys. In response to the fatalities at our US onshore wind farm Plum Creek Wind, we have implemented several improvements. These include frequent site inspections and checks by Ørsted of contractors and subcon-tractors, focusing on how they induct, onboard, and supervise staff on site to ensure they are aware of all risks associated with their respective tasks and the  preventative measures that must be applied before work is initiated. In addition, the contractor we work with at Plum Creek Wind has introduced enhanced supervision and dialogues with all staff and devel-oped a software application that helps to verify and document correct use of safety equipment. Technicians working with blade repair from crane-hoisted baskets or platforms must now wear an independent lifeline. This means that, apart from the primary and secondary wires of the basket, the technicians wear a personal lifeline anchored to the nacelle.Key action: Managing stress among employeesDuring 2025, we implemented several measures to address work-related stress and support employee mental well-being.We held global mandatory safety days focused on mental health and psychological safety. The objectives for this event were for employees to be able to: 1) define the link between mental health and psychological safety and explain why both are critical to a thriving workplace; 2) identify opportunities and actions to foster psychological safety and support mental health at both individual and team levels; and 3) recall Ørsted’s approach to psychological safety and its importance in the organisational culture. All employees and contrac-tors at our sites were asked to join one of the safety day sessions, which were facilitated by different leaders, including all Group Executive Team members. After the event, people leaders were equipped with tools to support psychological safety in their teams, and  on- demand learning was made available to all.Furthermore, we ran a centrally led stress-mitigation support process for teams identified as having elevated stress in survey results. This included facilitated root cause analysis and agreed action plans that people leaders are accountable for executing with their teams. In 2025, 101 teams were in scope and received support. Our updated employee engagement survey concept enables more frequent measurement and faster action on emerging stress trends.Action: Enhanced leadership attention on stress causesIn 2025, we introduced ‘Mental health and work- related stress’ as a quarterly standing agenda item at Group Executive Team meetings and Group Manage-ment Team meetings. The objective is to present the systemic causes of stress that need to be addressed at the organisational level.Action: Monitoring sustainable working hoursTo prevent employees from being asked to work beyond their contractual hours, we launched activities last year to provide people leaders with enhanced and more easily accessible data and analytics. This has been done to promote ongoing monitoring of sustainable working hours in compliance with individual employ-ment terms, local laws, and our Global Working Hour Commitment. All our locations now track recorded time using analytics tools, allowing people leaders to manage their teams effectively and highlight where employees may be overstretched. These analytics tools are used to monitor our compliance with our Global Working Hour Commitment and our local policies. Action: Stress-related remediationDuring 2025, we provided remedy for employees who have been on stress-related sickness leave. Our people leader guide details the steps to support employees during stress-related sickness leave and to enable a sustainable, caring return to work. Resources include rehabilitation, support and return-to-work accommodations (e.g. phased schedules, flexible location, adjusted hours, clarified priorities, and collaboration or relationship support). //// S1-4 and Danish FSA §107dActions for equity, diversity, and inclusionTo mitigate the negative impacts of unequal gender distribution in leadership roles and to create an inclu-sive, equitable workplace for all, we are implementing several key actions. Alongside these, our approach remains focused on equitable and transparent talent processes, such as hiring, promotions, and rightsizing, to create a more inclusive environment that supports retention and career development for everyone.Key action: Inclusive culture and leadershipWe have established a global equity, diversity, and inclusion (ED&amp;I) task force to assess legal and reputa-tional risks related to our gender balance target and to our inclusive culture. The task force will continue its work in 2026, with quarterly meetings to continuously monitor the geopolitical landscape and any impacts on our efforts that require attention or decision-making. The task force consists of experts from various teams across the business and provides advice to the Group Executive Team.Inclusive leadership is essential to achieving ED&amp;I outcomes. In 2025, we explored ways to develop and activate inclusive leadership across the organi-sation, equipping leaders to build and lead inclusive, high- performing teams. We introduced equity reviews – structured assessments to help ensure fairness and reduce bias in decisions – alongside bias training as part of our rightsizing process, and we are working on embedding inclusive leadership behaviours in new leadership programmes commencing in 2026.We are embedding equity in the architecture of our people processes. In 2025, we continued to place inclusion at the centre of our organisational review process, aiming to mitigate bias in succession planning decisions. We have integrated inclusion concepts into training for all hiring managers and interviewers. Lastly, we have redeveloped our accessibility toolbox, adding key guides, technical resources, and workplace tools to help employees and leaders promote inclusion and create a workplace that is accessible to everyone, regardless of ability or needs.Action: Transparency through data We measure inclusion, in addition to diversity, through a dashboard covering gender and other demographic dimensions, which enables leaders to monitor hiring and exit trends to inform targeted actions and drive accountability. The KPIs and metrics we started work-ing on last year to adopt a multi-faceted approach to our data were implemented in 2025. This helps us to consider factors such as gender and age in both promotions and restructuring efforts. //// S1-4Actions for employee-related risksKey action: Developing our employeesIn October 2025, we announced that we will be reduc-ing our organisation by approximately 2,000 positions towards the end of 2027. The adjustment of the organ-isation increases our competitiveness and is a natural consequence of our strategic focus on offshore wind in Europe and the ongoing execution of our current 8.1 GW construction programme towards the end of 2027. Amid increased uncertainty, our focus has been to provide our leaders with clarity about our situation and to ask them to take a very active role in communicating with their teams. We also undertook a process to identify employees who are essential to retain and ensured that they have been made explicitly aware of their importance to the company. One of our three strategic aspirations is to be the  leading workplace for talent in offshore wind. We will continue to invest in leadership development, strengthen talent pipelines, and foster a high-performance culture built on collaboration and performance management. //// S1-5TargetsSafetyWe use the total recordable injury rate (TRIR), which means incidents requiring medical treatment per 1,000,000 hours worked, as a metric to monitor safety performance for employees and contractor employees working at our sites. TRIR is monitored and reported monthly. This includes safety presentations on con-struction projects to the Group Executive Team, the QHSE Committee, and the Board of Directors. In 2025, we met our TRIR target of 2.5, and we continue our efforts towards a target of 2.3 for 2026. Updated TRIR targets are established every year in Q4, based on past performance, expected impact of improvement initia-tives, and expected level and complexity of activities.The TRIR targets are proposed by the different organisa-tional areas, validated by the QHSE department, and then discussed and approved by the Group Executive Team.Senior management is consequently fully involved in monitoring safety performance and establishing future targets. If safety performance for a specific entity dete-riorates, the Group Executive Team is very clear and visible in formulating its expectations for improvement and allocating relevant and competent resources.Gender balanceWe have a gender target of a 40:60 (women:men)  balance across Ørsted by 2030. The target ensures that we carefully consider gender balance and mitigate bias when we hire and promote talent, and when we review data on those leaving the organisation. We track our employee demographics, including gender, through a dedicated dashboard available to all employees. Additionally, we consistently review talent management and talent acquisition processes, such as hiring, promotions, and redundancies, against our gender targets to ensure alignment and progress. Standardised gender diversity KPIs (and analytics tools to track them) introduced in 2025 are used across the business during quarterly business review meetings with leadership teams. These efforts allow us to continuously monitor and advance our gender targets across the organisation. SatisfactionDue to our updated employee engagement survey concept, including a change of survey provider, we are unable to maintain continuity between previous and updated satisfaction and motivation metrics. While we still measure satisfaction and motivation (on a quar-terly basis), we need to build a baseline for these new metrics before setting new targets. Therefore, 2025 was a transition year, during which we assessed new metrics and a new target for reporting in 2026.In the absence of benchmarkable satisfaction and moti-vation scores, leadership teams have used the standard employee Net Promoter Score (eNPS) to assess employee sentiment. Unfortunately, we saw a significant drop in eNPS across the company in 2025. Anonymous comments in the 2025 pulse survey indicate that employee sentiment is affected by industry headwinds and uncertainty caused by the changes Ørsted has undergone throughout 2024 and into 2025. It is the responsibility of our people leaders to create action plans that focus on increasing employee sentiment so it returns to the desired level. //PeopleESRS reference Number of employees Unit 2025 2024 Δ// S1-6, 50(a); SBM-1, 40(a)(iii) Total number of employees (as of 31 December) Head count 8,005 8,407 (5 %)// S1-6, 50(a); SBM-1, 40(a)(iii)Denmark Head count 3,7023,984(7 %)// S1-6, 50(a); SBM-1, 40(a)(iii)The UKHead count 1,2611,272(1 %)// S1-6, 50(a); SBM-1, 40(a)(iii)MalaysiaHead count 707792(11 %)// S1-6, 50(a); SBM-1, 40(a)(iii)PolandHead count 8277836 %// S1-6, 50(a); SBM-1, 40(a)(iii)The USHead count 645720(10 %)// S1-6, 50(a); SBM-1, 40(a)(iii)GermanyHead count 4003903 %// S1-6, 50(a); SBM-1, 40(a)(iii)TaiwanHead count 2041993 %// S1-6, 50(a); SBM-1, 40(a)(iii)The NetherlandsHead count 1071052 %// S1-6, 50(a); SBM-1, 40(a)(iii)IrelandHead count 1061006 %1Head count 4662(26 %)// S1-6, 50(a); SBM-1, 40(a)(iii)OtherEntity-specific Number of employees (as of 31 December) FTE 7,896 8,278 (5 %)Entity-specific Average number of employees during the year FTE 8,146 8,496 (4 %)Entity-specific Sickness absence % 2.1 2.1 0.0 %pTurnover// S1-6, 50(c) Number of employees who left the company Head count 1,221 1,190 3 %// S1-6, 50(c) Employee turnover rate % 15.3 14.3 1.0 %pEntity-specific Number of employees who left the company voluntarily Head count 485 723 (33 %)Entity-specific Voluntary employee turnover rate % 6.1 8.7 (2.6 %p)1   Distribution in other countries in 2025:  Korea (16), Vietnam (9), Spain (8), Singapore (6), Sweden (5), Norway (2).The number of employees was 5 % lower at the end of 2025 than at the end of 2024.Ørsted’s voluntary employee turnover decreased by 2.6 percentage points in 2025, whereas the total  turn-over increased by 1.0 percentage point. The reduction in the total number of employees and increase in total turnover for 2025 were related to organisational adjustments, including redundancies, aimed at increasing our competitiveness and are a natural consequence of our strategic focus on offshore wind in Europe and the ongoing execution of our current 8.1 GW construction programme towards the end of 2027.The decrease in voluntary turnover reflects global employment trends. Industries in general have seen decreasing voluntary turnover due to layoffs driven by macroeconomic uncertainty and the adoption of AI, which has reduced the need for entry-level positions, increasing the supply of experienced talent in the market. In such a tight labour market, employees are much less likely to leave their current positions without an alternative.Accounting policiesNumber of employeesThe reporting covers contractually employed employees in all Ørsted companies.Employee data is recognised based on records from the Group’s ordinary registration systems and is determined as the number of employees at the end of the reporting period. Employees who have been made redundant are recognised until the expiry of their notice period, regardless of whether they have been released from all or some of their duties during their notice period.The number of FTEs is determined as the number of employees converted to full-time equivalents.Sickness absenceSickness absence is calculated as the ratio between the number of sick days and the planned number of annual working days.TurnoverThe employee turnover rate is calculated as the number of permanent employees who have left the company (excl. divestments) relative to the average number of permanent employees in the financial year.Diversity and remunerationESRS reference Diversity, head count 2025 2024 Δ// S1-9, 66(a) Group Executive Team, members 6 5 20 %// S1-9, 66(a) Gender with lowest representation (female), %  33 20 13 %pEntity-specific Senior directors and above 182 187 (3 %)Entity-specific Gender with lowest representation (female), % 25 24 1 %pEntity-specific People leaders 1,026 1,032 (1 %)Entity-specific Gender with lowest representation (female), %  34 33 1 %p// S1-6, 50(a) Female employees 2,696 2,854 (6 %)// S1-6, 50(a) Male employees 5,309 5,553 (4 %)// S1-6, 50(a) Gender with lowest representation (female), % 34 34 (0 %p)// S1-9, 66(b) Employees under 30 years 1,105 1,183 (7 %)// S1-9, 66(b) Employees between 30-50 years 5,394 5,624 (4 %)// S1-9, 66(b) Employees above 50 years 1,506 1,600 (6%)ESRS reference Contract type1, head count// S1-6, 50(b)(i) Permanent employees 7,796 8,212 (5 %)// S1-6, 50(b)(i) Female 2,593 2,760 (6 %)// S1-6, 50(b)(i) Male 5,203 5,452 (5 %)// S1-6, 50(b)(ii) Temporary employees 209 195 7 %// S1-6, 50(b)(ii) Female 103 94 10 %// S1-6, 50(b)(ii) Male 106 101 5 %// S1-6, 50(b)(iii) Non-guaranteed hours employees 0 0 0 %ESRS reference Remuneration metrics// S1-16, 97(a) Gender pay gap, %  11 14 (3 %p)// S1-16, 97(b) CEO pay ratio 30 28 7 %1   The gender data reflects the binary options of ‘male’ and ‘female’ as captured by our data systems. Many of these options are based on sex as recorded in official documents and do not fully represent the diversity of gender identities.The changes made to the Group Executive Team in 2025 brought its size to six members, resulting in an increased female representation of 33 %.We have a gender diversity target of 40 % women across Ørsted by 2030. The target is tracked at three levels: senior directors and above, people leaders, and all employees. While we continue to hire women at a proportionally higher rate than their current representation, the overall impact on our target was limited in 2025, with 37 % of new hires being women. In 2025, 97 % of our employees were employed on a  permanent basis.We are committed to fair and equal pay and have a constant focus on ensuring equal pay for equal positions and competences in relation to all aspects of the salary- relevant processes from hiring to promotion. In 2025, our gender pay gap decreased by 3 percent-age points compared to 2024. The decrease was driven by a small increase in the share of women in higher-level positions in 2025 compared to 2024, as well as our continued focus on ensuring fair and equal pay. The gender pay gap percentage describes the average difference in pay between men and women irrespective of country, position type, and career level. The share of women in higher-level leadership positions is significantly lower than in the remaining part of the organisation, resulting in average pay for women being lower than average pay for men in most countries.Accounting policiesSenior directors and aboveConsists of the Group Executive Team, our senior vice presidents, our vice presidents, and our senior directors.People leadersPeople leaders are defined as all people with direct reports (responsibilities for staff).Contract typeEmployees on permanent contracts include all employees on permanent, non-time-bound contracts. Employees on temporary contracts include all employees on time-bound contracts. No employees within Ørsted are employed on a non-guaranteed hour basis.Gender pay gapThe gender pay gap is calculated based on individual gender pay gaps in countries with at least 50 employees. For each country, the difference of average pay levels between female and male employees is expressed as the percentage of the average pay level of male employees. Employees who have been employed for for the full reporting year are included in the calculation. Gender pay gaps per country have been indexed to represent the average gender pay gap for the Group. The metric excludes other factors impacting pay levels (e.g. career level and work experience).CEO pay ratioThe CEO pay ratio is calculated as the ratio between the CEO’s total awarded remuneration (fixed salary, including personal benefits, such as a company car, free telephone, etc., variable salary, and share-based payment at grant value) and the median annual base remuneration for all employees who were employed at the end of the reporting period.SafetyESRS reference Safety Unit 2025 2024 Δ// S1-14, 88(c) Total recordable injuries (TRIs) Number 96 85 13 %// S1-14, 88(c) Own employees Number 20 19 5 %// S1-14, 88(c) Contractor employees Number 76 66 15 %Entity-specific Lost-time injuries (LTIs) Number 48 45 7 %Entity-specific Own employees Number 13 11 18 %Entity-specific Contractor employees Number 35 34 3 %// S1-14, 88(c) Hours worked Million hours worked 37.9 30.9 23 %// S1-14, 88(c) Own employees Million hours worked 13.6 14.1 (4 %)// S1-14, 88(c) Contractor employees Million hours worked 24.3 16.8 45 %// S1-14, 88(c) Total recordable injury rate (TRIR) Injuries per million hours worked 2.5 2.7 (7 %)// S1-14, 88(c) Own employees Injuries per million hours worked 1.5 1.3 15 %// S1-14, 88(c) Contractor employees Injuries per million hours worked 3.1 3.9 (21 %)Entity-specific Lost-time injury frequency (LTIF) Injuries per million hours worked 1.3 1.5 (13 %)Entity-specific Own employees Injuries per million hours worked 1.0 0.8 25 %Entity-specific Contractor employees Injuries per million hours worked 1.4 2.0 (30 %)// S1-14, 88(b) Fatalities Number 2 0 2// S1-14, 88(b) Own employees Number 0 0 0// S1-14, 88(b) Contractor employees Number 2 0 2Entity-specific Permanent disability cases Number 1 0 1The total recordable injury rate (TRIR) decreased by 7 %, while the lost time injury frequency (LTIF) decreased by 13 %. In 2025, our total number of recordable injuries increased by 11 injuries (13 %), driven by 10 additional injuries (15 %) recorded among contractor employees compared to 2024. The increase in recordable injuries among contractor employees was associated with the 45 % increase in the number of hours worked among contractor employees in 2025.The total number of lost-time injuries (LTIs) increased by three, as the number of LTIs increased by two among our own employees, while it increased by one for our contractor employees. The total amount of hours worked in 2025 was 23 % higher than in 2024, with an increase of 45 % in con-tractor working hours driven by higher project activity compared to 2024.Unfortunately, a tragic incident involving a subcon-tractor at our US onshore wind farm Plum Creek Wind resulted in two fatalities in February 2025. In response to the fatalities, we implemented several safety improvements during 2025.Accounting policiesThe scoping and consolidation of safety dataentails that we include 100 % of injuries, hoursworked, etc. from all operations with employees, contractors, and subcontractors working under Ørsteds’ supervision and control.The lost-time injury frequency (LTIF) is calcu-lated as the number of lost-time injuries per one  million hours worked. The number of hours worked is based on 1,667 working hours annu-ally per full-time equivalent and monthly records of the number of employees converted into full-time equivalents. For contractors and sub-contractors (combined contractor employees), the actual number of hours worked is recognised on the basis of data provided by them, access control systems at locations, or estimates. LTIF includes lost-time injuries defined as  injuries that result in an incapacity to work for one or more calendar days in addition to the day of the incident.Total recordable injury rate (TRIR) is calculated in the same way as LTIF, but in addition to lost-time injuries, TRIR also includes injuries where the injured person is able to perform restricted work the day after the accident as well as injuries where the injured person has received medical treatment.Permanent disability cases are injuries resulting in irreversible damage with permanent impair-ment which is not expected to improve. Fatalities are the number of employees and  contractor employees who lost their lives as a result of a work-related incident. Fatalities are included in both LTIs and TRIs.Workers in the  value chainThe renewable energy transition impacts the lives of many, including people working across renewable energy supply chains. At Ørsted, we want to support a just transition by promoting jobs that offer decent wages, secure employment, safe working conditions, and a working environment where workers are free to express concerns and exercise their right to organise.// S2, SBM-3Material impacts and risksWe have assessed impacts and risks related to workers in our value chain, focusing primarily on first-tier suppliers but also considering workers further out in our supply chain. Our assessment draws on both industry insights and internal knowledge gained through our engage-ment in various forums, such as Ethical Trade  Denmark, SolarPower Europe, and the Dutch International Responsible Business Conduct (IRBC) Agreement for the Renewable Energy Sector. Types of impacted value chain workersOur projects involve a diverse range of workers across the value chain, including those involved in upstream activities, such as the extraction of minerals and metals, refining, manufacturing, logistics, and transportation, as well as workers in on-site construction, particularly offshore. This group also includes workers at project sites who are not part of our own workforce, such as subcontracted and temporary workers. Within these categories, some workers may face heightened vulnerability, including migrant workers, women, young workers, members of minority ethnic groups, and  workers exposed to unsafe working conditions.As part of our due diligence approach, we conduct detailed assessments, including interviews, to better understand how vulnerable worker groups may be at greater risk of harm within our value chain. Through our impact assessment processes, we have identified that workers in high-risk sectors such as fabrication, logistics, maritime operations, and mining –  especially those working under unsafe conditions – are more likely to experience issues related to inadequate employment practices.Our material negative impacts on value chain workers are linked to the transition to renewable energy, as our value chain is dependent on sourcing and  manufacturing in less regulated markets. These impacts are often wide-spread and systemic across commodity supply chains in Africa, Asia, and Latin America, particularly for essential materials and components used in renewable energy projects, including minerals and metals used in wind turbines, cables, and solar panels.Negative impact  ·  Actual &amp; potential  ·  Value chainInadequate working conditions leading to health, safety,  and work-life balance issues for supply chain workersMaterial negative impacts on our suppliers’ workers primarily relate to inadequate working conditions and working hours exceeding contractual limits. Such con-ditions can lead to fatigue, stress, and an increased risk of injuries. Over time, this may undermine both physical and mental health, disrupt work-life balance, and, in severe cases, cause long-term health issues that impair the ability to work. Negative impact  ·  Actual &amp; potential  ·  Value chainForced labour impacting value chain workers’ rights,  well-being, and livelihoodsFurthermore, workers in global supply