Strong, integrated, and leading domestic position in the Danish energy market, including stable regulated electricity and gas distribution. Heavily subsidized offshore wind production. Recovered profitability in midstream gas operations following renegotiation of unfavorable gas supply contracts. Reduced external price exposure to oil and gas since increasing the share of own oil and gas production. Exposure to adverse industry conditions in northern Europe's power and gas markets. Weakened profitability in thermal electricity generation Geographic concentration in oil and gas exploration and production, mitigated by location in low-risk countries. Significant investment levels, leading to negative free operating cash flows. High taxes related to Norwegian exploration and production activities, which weigh on funds from operations (FFO). Improvements in credit measures from additional new
