Interim report for the first quarter of 2024 – Operating profit in line with expectations, with offshore site earnings increasing 18 %. Business plan progressing with Sunrise Wind award and completion of two offshore wind farms - Seite 2

Guidance
We reiterate our 2024 guidance for EBITDA excluding new partnership agreements and cancellation fees of DKK 23-26 billion, as well as gross investment of DKK 48-52 billion.

Results for Q1 2024
Operating profit (EBITDA) excluding new partnerships and cancellation fees for the first quarter amounted to DKK 7.5 billion, DKK 0.6 billion higher than in the same period last year, and in line with our expectations.

Earnings from offshore sites amounted to DKK 6.9 billion, which was DKK 1.1 billion higher than in the same period last year. The increase was due to higher wind, ramp-up of Greater Changhua 1 and 2a and South Fork, and higher prices on the inflation-indexed CfDs and green certificates. This was partly offset by reduced capacity in the export transmission cables at Hornsea 1 due to an issue with the electrical infrastructure, which is being resolved during the second quarter.

Net profit amounted to DKK 2.6 billion, which was below the same period last year. While net profit was positively impacted by higher EBITDA and an impairment reversal on our Sunrise Wind project, our tax expenses were affected by the recognition of a deferred tax liability related to an initial tax equity contribution for our US onshore project, Eleven Mile.

Return on capital employed (ROCE) came in at -12 %, primarily due to the impairment losses and cancellation fees impacting EBIT during the 12-month period. ROCE adjusted for impairment losses and cancellation fees in Q1 2024 was 12.5 %.

DKK million	Q1 2024	Q1 2023	%
EBITDA	7,488	6,910	8 %
- New partnerships	-