Orsted A S (ORSTED.CO) Downgrading to Neutral

Equity Research 13 October 2026 | 6:01AM CEST

Orsted A/S (ORSTED.CO) Downgrading to Neutral

ORSTED.CO 12m Price Target: Dkr155.00 Price: Dkr133.45 Upside: 16.1% NEUTRAL Alberto Gandolfi What was our Buy thesis previously? In April, we upgraded Orsted | Goldman Sachs Bank Europe SE - Milan branch to Buy (from Neutral), following what appeared to be a shift in the Mafalda Pombeiro US administration’s stance towards offshore wind and, in turn, a | Goldman Sachs International higher probability of completion for its US projects. Cash flows from Revolution and Sunrise were expected to create meaningful B/S Dhwani Khenwar | Goldman Sachs India SPL headroom by 2028, allowing Orsted to step up investments and continue growing. Key Data _____________________________________ What’s still positive: potential mid-term election upside and B/S Market cap: Dkr176.3bn / $26.3bn Enterprise value: Dkr217.7bn / $32.6bn headroom. While we do not take a view on the outcome of the US 3m ADTV: Dkr206.2mn / $31.8mn Denmark mid-term elections, a change in control of Congress or the Senate Europe Utilities could further increase the likelihood that the US projects come M&A Rank: 3 Leases incl. in net debt & EV?: Yes online. Combined with capacity additions across Europe and Taiwan, GS Forecast __________________________________ this could support +c.30% cumulative EBITDA growth over 2026-28 12/25 12/26E 12/27E 12/28E

(our current base case). In the absence of meaningful incremental EBITDA (Dkr mn) New EBITDA (Dkr mn) Old 25,065.0 25,065.0 27,785.0 28,617.7 30,851.1 31,025.0 36,058.5 36,765.2 investments, Net Debt/EBITDA would fall below 1x, leaving around EBIT (Dkr mn) 8,620.0 17,412.0 18,363.5 22,307.7 EPS (Dkr) New ( DKK 70 bn of B/S headroom (equivalent to c.40% of the market EPS (Dkr) Old ( cap). If deployed effectively, this could create value and support the EV/EBITDA (X) 6.2 7.7 7.3 5.3 P/E (X) NM share price. Dividend yield (%) 0.0 1.6 1.8 2.5 FCF yield (%) ( What has changed and why are we downgrading to Neutral? Our 3/26 6/26 9/26E 12/26E rating change reflects three key factors: (1) sovereign rates across EPS (Dkr)

Europe and the US have risen by +c.50-65 bp since late August GS Factor Profile ______________________________ (+c.100 bp YTD); we note that Orsted features among the most Growth

capital-intensive companies in the industry; (2) when compared to Financial Returns

the rest of the sector, we expect Q3 results to be somewhat Multiple underwhelming, which could lead to negative consensus earnings revisions; and (3) although our new DKK 155 PT still implies +c.15% Integrated

upside, this is now below the sector average and no longer sufficient Percentile 20th 40th 60th 80th 100th to support a Buy rating. ORSTED.CO relative to Europe Coverage ORSTED.CO relative to Europe Utilities

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Orsted A/S (ORSTED.CO)

Orsted A/S (ORSTED.CO) Balance Sheet (Dkr mn) _____________________________________ NEUTRAL Rating since Oct 13, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 53,448.0 53,448.0 53,448.0 53,448.0 Accounts receivable 20,785.0 20,785.0 20,785.0 20,785.0 Inventory 9,938.0 9,938.0 9,938.0 9,938.0 Ratios & Valuation __________________________________________ Other current assets 42,730.0 42,730.0 42,730.0 42,730.0 12/25 12/26E 12/27E 12/28E Total current assets 126,901.0 126,901.0 126,901.0 126,901.0 EV/EBITDAR (X) 6.2 7.7 7.3 5.3 Net PP&E 210,111.0 228,891.5 244,155.8 217,897.6 EV/EBIT (X) Net intangibles P/E (X) NM Total investments Dividend yield (%) 0.0 1.6 1.8 2.5 Other long-term assets 29,486.0 32,216.5 34,987.5…