31846846 2025-01-01 2025-12-31 31846846 2025-01-01 2025-12-31 1 31846846 2025-01-01 2025-12-31 2 31846846 2025-01-01 2025-12-31 1 31846846 2024-01-01 2024-12-31 31846846 2025-12-31 31846846 2024-12-31 31846846 2025-12-31 fsa:OtherShorttermPayablesMember 31846846 2024-12-31 fsa:OtherShorttermPayablesMember 31846846 2024-12-31 fsa:ContributedCapitalMember 31846846 2024-12-31 fsa:RetainedEarningsMember 31846846 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 31846846 2024-12-31 31846846 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 31846846 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 31846846 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 31846846 2025-12-31 fsa:ContributedCapitalMember 31846846 2025-12-31 fsa:RetainedEarningsMember 31846846 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 31846846 2025-01-01 2025-12-31 SecondaryGeography1 SecondaryOperating1 31846846 2024-01-01 2024-12-31 SecondaryGeography1 SecondaryOperating1 31846846 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 31846846 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 31846846 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 31846846 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 31846846 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 31846846 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 31846846 2025-01-01 2025-12-31 1 fsa:SubsidiaryMember 31846846 2025-12-31 1 fsa:SubsidiaryMember 31846846 2025-01-01 2025-12-31 2 fsa:SubsidiaryMember 31846846 2025-12-31 2 fsa:SubsidiaryMember 31846846 2025-01-01 2025-12-31 3 fsa:SubsidiaryMember 31846846 2025-12-31 3 fsa:SubsidiaryMember 31846846 2025-01-01 2025-12-31 4 fsa:SubsidiaryMember 31846846 2025-12-31 4 fsa:SubsidiaryMember iso4217:DKK xbrli:pure 31846846 W9NG6WMZIYEU8VEDOG48 Ørsted Wind Power Denmark A/S Kraftværksvej 53 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 2026-06-26 Jeppe Skov Andersen Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Ørsted Wind Power Denmark 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. Further, in our opinion, the Management's review provides an accurate account of the matters addressed in the report. 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 Wind Power Denmark 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. Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion. 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. Hellerup 2026-06-19 PricewaterhouseCoopers 33771231 Thomas Wraae Holm mne30141 Frederik Tvedeskov Jantzen mne47815 Ørsted Wind Power Denmark A/S Kraftværksvej 53 Skærbæk 7000 Fredericia 31846846 2025-01-01 2025-12-31 2026-06-26 Niels Falk Davidsen, Director PricewaterhouseCoopers Strandvejen 44 2900 Hellerup 9459000 9386000 41982000 446334000 582000 421023000 3784313000 4099542000 3513393000 3512811000 -512400 -174000 -825600 -445000 92800 85500 The company's objects are to engage in activities in the energy sector and ancillary activities and to hold shares in subsidiaries. The company's income statement for the year ended 31 December 2025 shows a profit of 582 TDKK (2024: profit of 421.023 TDKK), and the balance sheet at 31 December 2025 shows equity of 3.513.393 TDKK (2024: 3.512.811 TDKK). The decrease in profit compared to the previous year was due to lower income from investments in subsidiaries compared to 2024. The profit/loss before financial income and expenses for 2025 is below the level assumed in the previous report, primarily due to lower income from investments in subsidiaries. Profit/loss before financial income and expenses for 2026 is expected to be between 100-250 mDKK. 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 Wind Power Denmark 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 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 sections §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. Fair value adjustments of financial instruments that are designated and qualify as fair value hedges of recognised assets or liabilities are recognised in the income statement together with any fair value adjustments of the hedged asset or liability that can be attributed to the hedged risk. Changes in the fair value of financial instruments that are designated and qualify as hedges of expected future transactions are recognised in equity under retained earnings as regards the effective portion of the hedge. The ineffective portion of the hedge is recognised in the income statement. If the hedged transaction results in an asset or a liability, amounts deferred under equity are transferred to the cost of the asset or liability. If the hedged transaction results in income or expenses, amounts deferred under equity are transferred to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Changes in the fair value of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries, participating interests or associates are recognised directly in equity as regards the effective portion of the hedge, while the ineffective portion is recognised in the income statement. Income from the sale of electricity for resale is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. Operating expenses comprise the expenses incurred by the company to generate the revenue for the year. Such expenses are recognised in the income statement. Other operating expenses comprise items secondary to the entities' activities, including losses on disposal of intangible assets and items of property, plant and equipment. Other external expenses include expenses related to sale, administration, bad debts, etc. 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 finance leases, realised and unrealised capital/exchange gains and losses on securities and foreign currency transactions and surcharges and allowances under tax payments, etc. Financial income and expenses also include realised and unrealised gains and losses relating to derivatives which are not used for hedge accounting. Gain and loss from disposals of subsidiaries is recognised in the reporting year of the divestment. 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. 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 and associates Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities ("the equity method"), calculated on the basis of the group's accounting policies, less or plus unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill made up according to the purchase method. Investments in subsidiaries and associates with negative net asset values are measured at DKK 0 (nil), and any amounts owed by such entities are written down in so far as the amount receivable is considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognised under provisions. Net revaluation of investments in subsidiaries and associates is recognised in the reserve for net revaluation according to the equity method in equity where the carrying amount exceeds cost. Dividends from subsidiaries which are expected to be declared before the annual report of Ørsted Wind Power Denmark A/S is adopted are not taken to the net revaluation reserve. Impairment of fixed assets The carrying amount and investments in subsidiaries and associates 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 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. Provisions, except for deferred tax, are measured at fair value. A provision for onerous contracts is recognised when the expected benefits to be derived from a contract are lower than the unavoidable cost of meeting the obligations existing under the contract. If it is considered unlikely that an outflow from the enterprise of economic resources will be required to settle a liability, or if the liability cannot be measured reliably, the liability is accounted for as a contingent liability that is not recognised in the balance sheet. Material contingent liabilities are disclosed in the notes. 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. 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. Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. 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. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’. 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. On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Positive and negative fair values of derivative financial instruments are included in current receivables from subsidiaries or payables to subsidiaries, respectively. 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. 9459000 9386000 -48468000 -16331000 0 0 -29623000 -25435000 -78091000 -41766000 130668000 478775000 112767000 263326000 -201453000 -295767000 -36109000 404568000 36691000 16455000 582000 421023000 2308616000 3427948000 2308616000 3427948000 2308616000 3427948000 1630000 1269000 304000 0 1437072000 628787000 36691000 41538000 1475697000 671594000 1475697000 671594000 3784313000 4099542000 620000000 620000000 1893393000 1000000000 0 3513393000 3512811000 0 253000000 0 253000000 18655000 10695000 189293000 275400000 62972000 47636000 270920000 333731000 270920000 586731000 3784313000 4099542000 620000000 2892811000 0 3512811000 0 -999418000 1000000000 582000 620000000 1893393000 1000000000 3513393000 9459000 9386000 1000 1000 By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is not disclosed. 0 35000 99833000 210541000 112767000 263326000 -6420000 -103894000 -23000 -96000 -195010000 -191777000 -201453000 -295767000 -36691000 -41538000 0 25212000 0 -239155000 0 239026000 582000 421023000 4043968000 4043968000 4043968000 4043968000 -616020000 -1094795000 -1250000000 0 130668000 478775000 -1735352000 -616020000 2308616000 3427948000 Denmark 1.00 15964000 268039000 Denmark 1.00 -13596000 1247442000 Denmark 0.86 29340000 299379000 Denmark 1.00 137155000 537165000 The company's receivables from group companies includes TDKK 1.378.007 in a cash pool scheme with the ultimate parent company Ørsted A/S (2024: TDKK 581.454). The company's receivables from group companies and payables to group companies includes a net financial instrument payable of TDKK 102.754 (2024:TDKK 202.222). The share capital consists of 620.000 shares of a nominal value of TDKK 1. No shares carry any special rights. 620000000 The group's Danish companies are jointly and severally liable for tax on group jointly taxes 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. The company has on behalf of its subsidiaries entered into contracts to hedge future electricity prices. As these hedges are entered on behalf of the subsidiaries, these are not accounted for as hedge accounting in Ørsted Wind Power Denmark A/S. The market value calculated per 31 December 2025 relating to hedging of electricity prices fall due, assuming unchanged prices, as follows:2026: TDKK -37,1752027: TDKK -65,579Total: TDKK -102,754The total amount of TDKK -102,754 is included in payables to group companies. Controlling interest Ørsted Wind Power Holding A/S, Kraftværksvej 53, 7000 Fredericia (parent company) Other related parties 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.