195;rsted A/S Interim Report For The First Half Year 2020

TIDMORSTED

Today, Ørsted's Board of Directors approved the interim report for
the first half-year (H1) of 2020. Our operating profit (EBITDA) amounted
to DKK 9.8 billion, an 11% increase compared to the same period last
year.

Earnings from offshore and onshore wind farms in operation increased by
17% to DKK 8.2 billion driven by ramp-up of power generation from
Hornsea 1, Lockett, and Sage Draw together with high wind speeds.

Net profit amounted to DKK 2.5 billion and return on capital employed
(ROCE) came in at 11%.

The green share of our heat and power generation increased from 82% to
88%.

Our EBITDA guidance is unchanged relative to the guidance in our interim
financial report for Q1 2020, and thus we re-iterate our EBITDA guidance
of DKK 16-17 billion in 2020. We lower our expectation to gross
investments by DKK 2 billion to DKK 28-30 billion in 2020 due to changed
timing of payments.

Henrik Poulsen, CEO and President of Ørsted, says:

"Despite the comprehensive health, social, and economic consequences of
COVID-19, Ørsted has maintained stable operations and strong
earnings during 2020. Our asset base has continued to be fully
operational and we have maintained normal availability rates on our
offshore and onshore wind farms.

We have however seen negative COVID-19 related effects on European power
markets, especially in the UK, driven by lower demand for electricity.
The negative impact on our Q2 earnings was approx. DKK 150 million. A
contained impact which does not change our full-year expectations.

Our construction projects have largely progressed according to plans,
both in Europe, Asia, and the US. The part of our portfolio most
affected by COVID-19 is the construction of offshore substations for
Hornsea 2 and Greater Changhua 1 & 2a. These are being constructed at
two shipyards in Singapore, which were closed down for two months due to
COVID-19. The shipyards have now begun to slowly ramp-up again. Although
we still expect to be able to complete both projects within our budget
and time schedule, we see increased risk of delays; especially at
Hornsea 2. We expect any delays to have a limited overall impact on
project economics.

During the second quarter we achieved significant strategic results.

We signed the largest ever renewable corporate power purchase agreement
(CPPA) with Taiwan-based TSMC, the world's largest semiconductor
foundry. TSMC will offtake the full generation from our 920MW Greater
Changhua 2b & 4 offshore wind farm.

In the US, the Bureau of Ocean Energy Management (BOEM) released a draft
of their Supplemental Environmental Impact Statement (SEIS) in June. The
SEIS provides an evaluation of the foreseeable cumulative impacts of
offshore wind projects on the US East Coast and provides a framework for
future development of the industry. We are still awaiting the timeline
for the approval process for our US projects. We expect to have more
clarity during the second half of the year.

At the 12MW Coastal Virginia demonstration project in the US, which we
are constructing for Dominion Energy, we successfully installed both
monopile foundations and turbines in June. The wind farm is the first
ever in US federal waters.

We commissioned the 230MW onshore wind farm Plum Creek in Nebraska ahead
of schedule and on budget, and we received tax equity funding from our
partners.

We acquired the 227MW(ac) solar PV project Muscle Shoals, located in
Alabama. When completed, expectedly in Q3 2021, it will be the largest
solar farm in south-eastern US.

Together with Copenhagen Airport, A.P. Moller - Maersk, DSV Panalpina
and SAS, we have founded the partnership - 'Green fuels for Denmark' -
to develop an industrial-scale production facility to produce
sustainable fuels for road, maritime and air transport in the Copenhagen
area. The partnership brings together the demand and supply side of
sustainable fuels with a vision to realise what could become one of the
world's largest electrolyser and sustainable fuel production facilities.

Together with nine partners, we secured funding for the renewable
hydrogen project WESTKÜSTE 100 as the first large-scale hydrogen
project in Germany within the Reallabor framework. WESTKÜSTE 100 is
our third hydrogen project found eligible for public funding, and we are
very excited about the prospects of supporting heavy industries and
heavy transport with clean alternatives based on renewable hydrogen.

The world continues to navigate a health crisis which has a severe
impact on the lives and livelihoods of people across the globe as well
as on global and local economies. In this challenging situation,
Ørsted continues to focus on the health and well-being of its
employees and their families while supporting a stable power supply in
the markets where we operate. Our business model and organisation have
proven very resilient, and we remain confident about the company's
ability to deliver on both its short-term and long-term performance
targets. We continue to see strong political and public support for an
accelerated transition to green energy and Ørsted's long-term
growth prospects are as strong as ever."

Financial key figures for Q2 2020 and H1 2020:

DKK million Q2 2020 Q2 2019 % H1 2020 H1 2019 %
---------------------- ------- ------- ------ ------- ------- ------
EBITDA 2,956 3,625 (18%) 9,761 8,755 11%
Profit (loss) for the
period from cont.
operations (809) 1,093 n.a. 2,537 3,732 (32%)
Profit (loss) for the
period from discont.
operations (16) (18) (11%) (44) (61) (28%)
Profit (loss) for the
period (825) 1,075 n.a. 2,493 3,671 (32%)
Cash flows from
operating activities 8,197 7,510 9% 7,769 7,392 5%
Gross investments (3,757) (3,368) 12% (9,065) (7,267) 25%
Divestments 45 (11) n.a. 52 2,667 (98%)
Free cash flow 4,485 4,131 9% (1,244) 2,792 n.a.
Net interest-bearing
debt 22,272 4,980 347% 22,272 4,980 347%
FFO/adjusted net debt 23% 58% (35%p) 23% 58% (35%p)
ROCE 11% 29% (18%p) 11% 29% (18%p)
---------------------- ------- ------- ------ ------- ------- ------

For further information, please contact:

Media Relations Investor Relations

Martin Barlebo Allan Bødskov Andersen

+45 99 55 95 52 +45 99 55 79 96

Earnings call

In connection with the presentation of the interim report, an earnings
call for investors and analysts will be held on Wednesday, 12 August
2020 at 14:00 CEST.

Denmark: + 45 78 15 01 10

UK: + 44 333 300 9035

US: + 1 844 625 1570

The earnings call can be followed live at:

https://www.globenewswire.com/Tracker?data=-MMHkJrYR1rxJ-D2hbC6ZitgFzsA7R-OhCN5xBEzNjioL7GYsIIqjW4c2l9m06dkdTQMJFN4PgGG2OJ4gxCPGUn0hjn_9ihGxxjgnpSrZ9PZUvTS_pz01t0FkqH5lk_ie3r4yJlfGa0sNYQag8ASQfvA5EBS7twuU9nWXFDQYDI=
https://edge.media-server.com/mmc/p/fm7kbt6i

Presentation slides will be available prior to the earnings call at:

www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0

The interim report is available for download at:

https://www.globenewswire.com/Tracker?data=4C-f14MAq--LAaeCkdYxYBTNLXEdnsIameHFjNIxvovX1QBZo5i3PrYTUmQHNLIxs3nLM6b94sl_Za3DtxWXzdYQa_KT1jNM5WCTJfN2GyXl6EKgTWIXJzL3-RipIV1fnmpIsm6aidV6hGacirjhjVNgn9sQexsnDtm0FGeCn2aT9yOkyL13iCmyMgRv1io-xTvlndU8s1M0Stla3YSHkL-sQbEqNBPQrN6igqqHr1a45OvzRr0ojczk5RtmVf6A
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0

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, and bioenergy plants, and
provides energy products to its customers. Ørsted ranks #1 in
Corporate Knights' 2020 index of the Global 100 most sustainable
corporations in the world and is recognised on the CDP Climate Change A
List as a global leader on climate action. Headquartered in Denmark,
Ørsted employs 6,700 people. Ørsted's shares are listed on
Nasdaq Copenhagen (Orsted). In 2019, the group's revenue was DKK 67.8
billion (EUR 9.1 billion). Visit orsted.com or follow us on Facebook,
LinkedIn, Instagram and Twitter.

Attachments

-- Ørsted_Company announcement_Interim report_H12020
https://ml-eu.globenewswire.com/Resource/Download/68a83241-6971-44f6-925c-40a4e4e7ce38

-- Ørsted_H1 2020_Interim financial report
https://ml-eu.globenewswire.com/Resource/Download/948fe7da-8dd1-4843-beb9-cdbfa60d833f

-- Ørsted_Q2 2020_Investor presentation
https://ml-eu.globenewswire.com/Resource/Download/7b8b3106-bf47-4916-8271-32dd807c5ecc

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