REG-Ørsted A/S Interim report for the first quarter of 2023 – strong start to the year with all-time high earnings from offshore sites and final investment decision on Greater Changhua 2b and 4

Oersted A/SAnnouncement

03/05/2023 07:15

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   Ørsted A/S (Orsted)
   Interim report for the first quarter of 2023 – strong start to the year
   with all-time high earnings from offshore sites and final investment
   decision on Greater Changhua 2b and 4

   03-May-2023 / 08:00 CET/CEST

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   3.5.2023 08:00:10 CEST | Ørsted A/S | Interim report (Q1 and Q3)

   Today, Ørsted’s Board of Directors approved the interim report for the
   first quarter of 2023.

   Operating profit (EBITDA) for the first quarter was in line with our
   expectations and amounted to DKK 6.9 billion.

   Earnings from our wind and solar assets in operation amounted to DKK 6.9
   billion, which was an increase of DKK 2.2 billion compared to the same
   period last year.

   Net profit amounted to DKK 3.2 billion, and return on capital employed
   (ROCE) came in at 14 %.

   We maintain our EBITDA guidance of DKK 20-23 billion excluding earnings
   from new partnerships during the year. We also maintain our gross
   investment guidance of DKK 50-54 billion.

   Mads Nipper, Group President and CEO of Ørsted, says in a comment to the
   interim financial report for the first quarter of 2023:
   “We're pleased with the Q1 2023 results where our offshore sites earnings
   are back on track as the key EBITDA driver. Furthermore, the construction
   of our current wind and solar assets is progressing according to plan.

   Among significant strategic milestones during the quarter, we took FID on
   our Greater Changhua 2b and 4 offshore wind farms in Taiwan with a total
   capacity of 920 MW. We expect to start onshore construction this year with
   commissioning by the end of 2025. Greater Changhua 2b and 4 have a robust
   business case, which will create long-term value for Ørsted.

   Our 100 MW Salamander project, a joint venture between Simply Blue Group,
   Subsea 7, and Ørsted, won a Scottish floating wind lease and is a tangible
   step to making floating wind a reality. We also acquired the 160 MW
   early-stage Irish solar development project Garreenleen, which will bring
   our Irish portfolio to a total capacity of 576 MW.”

   Financial key figures for Q1 2023:

   DKK million                         Q1 2023 Q1 2022 %
   EBITDA                              6,910   9,429   (27 %)
   - New partnerships                  0       1,610   n.a.
   - EBITDA excl. new partnerships     6,910   7,819   (12 %)
   Profit (loss) for the period        (2,438) (2,128) 15 %
   Cash flow from operating activities 10,119  (37)    n.a.
   Gross investments                   (8,768) (6,832) 28 %
   Divestments                         (16)    1,927   n.a.
   Free cash flow                      1,335   (4,942) n.a.
   Net interest-bearing debt           35,261  30,026  17 %
   FFO/adjusted net debt               37.4 %  37.5 %  0 %
   ROCE                                13.8 %  19.0 %  (5 %p)

   Earnings call
   In connection with the presentation of the interim report for the first
   quarter, an earnings call for investors and analysts will be held on
   Wednesday, 3 May 2023 at 14:00 CEST.

   Denmark: +45 78 76 84 90 
   International: +44 203 769 6819 
   USA: +1 646 787 0157 

   PIN: 994005

   The earnings call can be followed live at:
    1 https://orsted-events.eventcdn.net/events/interim-report-Q1-2023

   Presentation slides will be available prior to the earnings call at:
    2 Investors | Ørsted (orsted.com)

   The interim report is available for download at:
    3 https://orsted.com/financial-reports

   For further information, please contact:

   Media Relations
   Martin Barlebo
   +45 99 55 95 52

   Investor Relations
   Rasmus Keglberg Hærvig
   +45 99 55 90 95
    4 ir@orsted.com  

   About Ørsted
   The Ørsted vision is a world that runs entirely on green energy. Ørsted
   develops, constructs, and operates offshore and onshore wind farms, solar
   farms, energy storage facilities, renewable hydrogen and green fuels
   facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate
   Change A List as a global leader on climate action and was the first
   energy company in the world to have its science-based net-zero emissions
   target validated by the Science Based Targets initiative (SBTi).
   Headquartered in Denmark, Ørsted employs approx. 8,000 people. Ørsted's
   shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group's
   revenue was DKK 132.3 billion (EUR 17.8 billion). Visit  5 orsted.com or
   follow us on Facebook, LinkedIn, Instagram, and Twitter.

       Attachments

     •  6 Interim financial report Q1 2023.pdf
     •  7 Company announcement Interim report for the first quarter of
       2023.pdf
     •  8 Ørsted - Investor presentation Q1 2023.pdf

   News Source: Ritzau

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          DK0060094928
   Category Code: QRF
   TIDM:          Orsted
   Sequence No.:  240863
   EQS News ID:   1622727


    
   End of Announcement EQS News Service

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