DONG Energy targets an average ROCE up to 2023 of 12-14% for the Group, 13-15% for Wind Power and 9-11% for Distribution & Customer Solutions.

Test: did the average annual ROCE for the target period up to 2023 fall in each of three ranges: 12–14% for the Group, 13–15% for Wind Power (Offshore) and 9–11% for Distribution & Customer Solutions? Use the period as defined by the company, starting from 2017 or 2018. Use the successor segment if one is reported; if no successor is reported, treat that part as unresolvable. True: all three averages are within their ranges. Mostly true: all are met except one that misses its range by at most 0.5 percentage points. Mixed: about half of the resolvable parts are met. Mostly false: only one of three is met, or all miss narrowly. False: none is met, or the targets were withdrawn. Averages must be computed from reported annual ROCE.

Set before the research began.

1. E1 Hornsea Project Three Orsted (UK) Ltd, reproducing Ørsted Annual report 2017 · May 2018 Own record

   “We expect that more than 85% of our gross investments will be within offshore wind, and yield an average return on capital employed of 13-15% in the years up to and including 2023.”

2. E2 Hornsea Project Three Orsted (UK) Ltd, reproducing Ørsted Annual report 2017 · May 2018 Own record

   “Our return on capital employed (ROCE) increased to 25% in 2017 from 17% in 2016, when adjusting for lump-sum payments related to gas purchase contracts amounting to DKK 4.3 billion in 2016.”

3. E3 orstedcdn.azureedge.net · - · mediaInvestor presentation Q3 2022 - orstedcdn.azureedge.net Ørsted · 3 November 2022 Own record

   “On track to achieve average ROCE of 11 – 12 % between 2020 – 2027”

The evidence restates the 2017 targets (E1) and gives a Group ROCE of 25% for 2017 (E2), but it contains no reported annual ROCE for 2018–2023 for the Group, Wind Power/Offshore or Distribution & Customer Solutions, so the required averages cannot be computed. E4 shows that by November 2022 guidance had moved to an average ROCE of 11–12% for 2020–2027, reported across different segments. This suggests the targets were superseded, but it does not explicitly show them withdrawn. With no annual figures and no successor segment for Distribution & Customer Solutions, the claim cannot be resolved under the criteria.