195;rsted A/S Interim Report For The First Nine Months Of 2020 -- Strong Financial Results. Portfolio Transformation Completed.

TIDMORSTED

Today, Ørsted's Board of Directors approved the interim report for
the first nine months (9M) of 2020. Our operating profit (EBITDA)
amounted to DKK 13.1 billion, a 2% increase compared to the same period
last year.

Earnings from offshore and onshore wind farms in operation increased by
16% to DKK 11.6 billion driven by the ramp-up of power generation from
Hornsea 1, Borssele 1 & 2, Lockett, Sage Draw, and Plum Creek.

In August, we closed the divestment of our Danish power distribution,
residential customer, and city light businesses. The transaction
resulted in a gain of DKK 11.1 billion. As a result, net profit amounted
to DKK 14.6 billion.

Return on capital employed (ROCE) came in at 9%.

The green share of our heat and power generation increased from 83% to
89%.

Our EBITDA guidance is unchanged relative to the guidance in our interim
financial report for H1 2020, and thus we reiterate our EBITDA guidance
of DKK 16-17 billion in 2020. We maintain our expectations for gross
investments of DKK 28-30 billion in 2020.

Henrik Poulsen, CEO and President of Ørsted, says:

"Despite the tenacious COVID-19 pandemic, our operations and financial
performance in Q3 remain stable and fully in line with our expectations
from the beginning of the year.

In Q3 2020, we reached an important strategic milestone for Ørsted
as we completed our portfolio transformation into a global renewable
energy company with the divestment of our Danish power distribution
(Radius), residential customer, and city light businesses to the Danish
energy company SEAS-NVE.

The construction of offshore wind, onshore wind, and solar PV assets
across the globe is progressing satisfactorily, despite the challenges
caused by the COVID-19 pandemic. In Q3, we commissioned our onshore wind
farm Willow Creek in Nebraska, US, and installed the last wind turbine
at our offshore wind farm Borssele 1 & 2 in the Netherlands.

We took final investment decision on the onshore wind farm Western Trail
in Texas in September. The greenfield project has a capacity of 367MW,
is eligible for 100% PTC, and is expected to be commissioned during Q3
2021.

In addition, we acquired Haystack, a 298MW onshore wind development
project in Nebraska, in October. The late-stage project further expands
our portfolio in the SPP region. Haystack is expected to be commissioned
during Q4 2021 and is also eligible for 100% PTC.

In October, we have submitted bids in the up to 2.5GW auction in New
York. We expect to receive the outcome of the auction before year end.

Together with Yara, the world's leading fertilizer company, we have
launched a joint renewable hydrogen project in the Netherlands. The
project will include a 100MW electrolyser plant generating renewable
hydrogen based on Ørsted's offshore wind farms. The renewable
hydrogen will replace fossil-based hydrogen in the production of green
ammonia at Yara's ammonia manufacturing facility with the potential to
abate more than 100,000 tonnes of carbon emissions per year.

In mid-October, the Renescience plant in Northwich, UK, was successfully
commissioned after passing the final performance test. With the
commissioning of Renescience, we reached an important milestone, and we
will now continue to monitor the plant's performance, while exploring
the broader commercial potential of the waste treatment technology.

In September, the Board of Directors appointed Mads Nipper my successor
as CEO of Ørsted. Mads is a highly accomplished leader, and with
his visionary thinking and strategic skills, Ørsted's continued
global expansion is in very good hands. It has been an exceptional
privilege to be part of the Ørsted team over the past eight years.
This will be my last report as CEO, and therefore I will conclude by
expressing my deepest gratitude to Ørsted's shareholders, the Board
of Directors, the management team and not least Ørsted's employees
for their relentless pursuit of our vision and their confidence and
support during my tenure."

Financial key figures for Q3 2020 and 9M 2020:

DKK million Q3 2020 Q3 2019 % 9M 2020 9M 2019%
------------------------ ------- ------- ------ -------- -------- -----
EBITDA 3,360 4,116 (18%) 13,121 12,871 2%
Profit (loss) for the
period from cont.
operations 12,016 1,443 n.a. 14,553 5,175 181%
Profit (loss) for the
period from discont.
operations 18 34 (47%) (26) (27) (4%)
Profit (loss) for the
period 12,034 1,477 n.a. 14,527 5,148 182%
Cash flows from
operating activities 1,941 871 123% 9,710 8,263 18%
Gross investments (9,263) (7,222) 28% (18,328) (14,489) 26%
Divestments 20,506 260 n.a. 20,558 2,927 n.a.
Free cash flow 13,184 (6,091) n.a. 11,940 (3,299) n.a.
Net interest-bearing
debt 8,216 12,082 (32%) 8,216 12,082 (32%)
FFO/adjusted net debt 36% 47% (11%p) 36% 47% (11%p)
ROCE 9% 29% (20%p) 9% 29% (20%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, 28 October
2020 at 14:00 CEST.

Denmark: +45 82 33 31 94

International: +44 333 300 9274

USA: +1 833 526 8398

The earnings call can be followed live at:

https://www.globenewswire.com/Tracker?data=YXdDA5IH8Ta3ELFvSBqD59RmuSlCuV5KQcqLHWFMAgMZY7WwXA6hnfbbT2qAqhOECPz6ju5Xoo_s_5S3SBVEi7630HmskubTn7_iffLk-MCS-azaJk59HK8Zfli2KQjIJBe_TY3qUT7T1wKjiew8KBZRdyDItZDqXms3DAQ5EMfOfGtV5BqXyCqe4RnyiOlivELPWQTfNYVX0wmF1JoCBXUEX01--txTboZ3kjn8-hEthTgxh5tvgsD0IVxrUoIy0qqEXAF7DdlqVp14JfsUbcJYzAriwNuoT7RoPW0Oq-hFyWsk6vpxnc1HbWJigy0YywkEo7PSISBrlQxNwBwTQQcFK_65HZvFfDNNkHgGF-8=
https://edge.media-server.com/mmc/p/79p2v9ea

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=QtQO82iUcayluMfcDuHCErnYhla6D2dZMXvyAi_qBLF0vRsN8g3tgiucE-5nCR8Gyeoh5ZjuzpPTSs6BlhCApwVPM8aqOk4iKWXDEiOUiBf43bG4Z6es9lyUng4Kp4i3xr_dUf4DqqiGY40V0CT-MnjQOcz3KwhDZ3phVpK11bS3rwiJRMEr-aqrUPZH8PqaFx-QgjKPnlOaTtAR-aCk8kVl8lSB6MRLyeqSjWoUwmMKm0VBE1VSHQi62OeocTuP
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0

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 6,120 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

-- 28OCT2020_Company announcement_Ørsted financial results_9M2020
https://ml-eu.globenewswire.com/Resource/Download/d38f006e-f5d6-4c72-b844-cd03384e1a36

-- Ørsted Interim financial report_9M2020
https://ml-eu.globenewswire.com/Resource/Download/eb09f0ce-729b-49a8-b662-e74a9876bc00

-- Ørsted - Q3 2020 - Investor presentation - 20201028
https://ml-eu.globenewswire.com/Resource/Download/383cb5e0-b84f-46ff-a867-5f0db8625ae6

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