27256821 2025-01-01 2025-12-31 27256821 2025-01-01 2025-12-31 1 27256821 2025-01-01 2025-12-31 1 27256821 2025-01-01 2025-12-31 2 27256821 2024-01-01 2024-12-31 27256821 2025-12-31 27256821 2024-12-31 27256821 2025-12-31 fsa:OtherShorttermPayablesMember 27256821 2024-12-31 fsa:OtherShorttermPayablesMember 27256821 2024-12-31 fsa:ContributedCapitalMember 27256821 2024-12-31 fsa:RetainedEarningsMember 27256821 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 27256821 2024-12-31 27256821 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 27256821 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 27256821 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 27256821 2025-12-31 fsa:ContributedCapitalMember 27256821 2025-12-31 fsa:RetainedEarningsMember 27256821 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 27256821 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 27256821 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 27256821 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 27256821 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 27256821 2025-01-01 2025-12-31 1 fsa:SubsidiaryMember 27256821 2025-12-31 1 fsa:SubsidiaryMember iso4217:DKK xbrli:pure 36213728 W9NG6WMZIYEU8VEDOG48 Ørsted A/S Ørsted A/S 7000 Fredericia 2024-01-01 2024-12-31 ONESOURCE Statutory Reporting Reporting class C, large enterprise Annual report Auditor's report on audited financial statements Opinion Basis for Opinion 2026-06-29 Jeppe Skov Andersen Ørsted Vind A/S Kraftværksvej 53 Skærbæk 7000 Fredericia 27256821 2025-01-01 2025-12-31 2026-06-29 Kasper Larsen Tolstrup, Executive Board PricewaterhouseCoopers Strandvejen 44 2900 Hellerup Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Ørsted Vind A/S for the financial year 1 January 2025 - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the company financial statements give a true and fair view of the company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January 2025 - 31 December 2025. We recommend that the annual report be approved at the annual general meeting. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Ørsted Vind A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies ("the Financial Statements"). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the Management's Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Copenhagen 2026-06-26 PricewaterhouseCoopers 33771231 Frederik Tvedeskov Jantzen mne47815 Sebastian Pilgård Larsson -138000 -32000 11778545000 9073695000 11716076000 8994406000 14145978000 13446828000 14083602000 13367526000 99600 99400 The company's object is, in Denmark as well as abroad on a commercial basis, directly or indirectly to procure, develop, produce, process, store, transport, and trade in new or renewable energy forms and technologies, with a particular focus on wind energy, as well as products and services in connection therewith. The company's income statement for the year ended 31 December 2025 shows a profit of 11.716.076 TDKK, which includes a dividend of 11,495,082 TDKK received from a subsidiary. (2024: profit of 8.994.406 TDKK), and the balance sheet at 31 December 2025 shows equity of 14.083.602 TDKK (2024: 13.367.526 TDKK). Financial performance for 2025 reflects the company’s planned activities and developments for the year. Profit before taxes for 2026 is expected to be between 300-400 TDKK. We do not expect to receive any dividend next year from the subsidiary. In pursuance of Section 99b of the Danish Financial Statements Act, the Company has omitted information on corporate social responsibility.Reference is made to the Sustainability report, which is part of the Annual report 2025 of the parent company Ørsted A/S: https://orsted.com/en/sustainability/sustainability-report In pursuance of Section 99d of the Danish Financial Statements Act, the Company has omitted information on data ethics. Reference is made to the 2025 Data Ethics statement of Ørsted A/S: https://cdn.orsted.com/-/media/annual-2025/report-on-data-ethics-section-99d-for-2025.pdf? rev=c28130d4a1dd469fb5bba112520f0489&hash=6C0F331EF4CF9683C587F95E4DF93C0” The annual report of Ørsted Vind A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to Reporting class C, large enterprise entities. The company has moved from reporting class B to class C (large) after exceeding the size thresholds for two consecutive years. The accounting policies used in the preparation of the financial statements are consistent with those of last year. The annual report for 2025 is presented in TDKK. Pursuant to section §112, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. Other external expenses include expenses related to administration. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, financial expenses relating to foreign currency transactions and surcharges and allowances under tax payments, etc. Dividend from investments is recognised in the reporting year in which the dividend is declared. The company is subject to the Danish rules on mandatory joint taxation of the Group's Danish subsidiaries. Subsidiaries are included in the joint taxation arrangement from the date when they are included in the consolidated financial statements and up to the date when they are no longer consolidated. The ultimate parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities. On payment of joint taxation contributions, the Danish corporate income tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income. The tax expense for the year, which comprises the year's current tax charge, joint taxation contributions and changes in the deferred tax charge - including changes arising from changes in tax rates - is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Investments in subsidiaries Investment in subsidiaries are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value. Where the parent company has a legal or constructive obligation to cover the companies' negative balances or obligations, such obligation is recognised in liabilities. Impairment of fixed assets The carrying amount of investments in subsidiaries is reviewed for impairment, other than what is reflected through normal amortisation and depreciation, on an annual basis. Where there are indications of impairment, an impairment test is performed for each individual asset or group of assets, respectively. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The value in use is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset orgroup of assets after the end of their useful life. Receivables Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Dividend proposed for the year is recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the year is disclosed as a separate item under equity. Dividend Income tax and deferred tax Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme. Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Corporation tax receivable' or 'Corporation tax payable'. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date. In pursuance of Section 86(4) of the Danish Financial Statements Act, the company has omitted preparing a cash flow statement as the company’s cash flow is included in the consolidated cash flow statement of Ørsted A/S. Financial highlights Definitions of financial ratios. -138000 -32000 0 0 -138000 -32000 11495082000 8713355000 283464000 368861000 -1000 -8519000 11778407000 9073665000 -62331000 -79259000 11716076000 8994406000 1770153000 1770153000 1770153000 1770153000 1770153000 1770153000 12375825000 11676675000 12375825000 11676675000 12375825000 11676675000 14145978000 13446828000 7000000 7000000 12576602000 1500000000 0 14083602000 13367526000 32000 18000 13000 16000 62331000 79268000 62376000 79302000 62376000 79302000 14145978000 13446828000 7000000 2360526000 11000000000 13367526000 0 0 -11000000000 -11000000000 0 10216076000 1500000000 11716076000 7000000 12576602000 1500000000 14083602000 1000 1000 Remuneration to the executive board and board of directors in 2025 was TDKK 14 (2024: TDKK 14). 0 2000 0 8507000 283464000 368861000 0 -8519000 -1000 0 -1000 -8519000 62331000 79268000 0 -9000 11716076000 8994406000 1770153000 1770153000 1770153000 1770153000 1770153000 1770153000 United Kingdom 1.00 10358341000 30474998000 The company's receivables from group companies includes TDKK 12.375.825 in a cash pool scheme with the ultimate parent company Ørsted A/S (2024: TDKK 11.676.675). The share capital consists of 7 shares of a nominal value of TDKK 1.000. No shares carry any special rights. No events have occurred after the balance sheet date which could significantly affect the company's financial position. The group's Danish companies are jointly and severally liable for tax on group jointly taxed income, etc. Reference is made to the annual report for Ørsted A/S, the administration company in relation to joint taxation. The group's Danish companies are also jointly and severally liable for Danish withholding taxes on dividends, royalties and interests within the group of jointly taxed entities. Any subsequent corrections to income and withholding taxes may result in an increase in the entities' liability. The group's danish entities are jointly and severally liable for joint VAT registration. Controlling interest Ørsted VE A/S, Kraftværksvej 53, 7000 Fredericia (parent company) Ørsted A/S (Ultimate parent company)The Danish State represented by the Ministry of FinanceGroup enterprises and associatesBoard of directors, executive board and senior employee In pursuance of Section 96(3) of the Danish Financial Statements Act, the company has omitted providing information on audit fees as the company is fully consolidated in Ørsted A/S's consolidated financial statements, in which the audit fees for the Group as a whole are disclosed.