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 ongoing renegotiation of unfavorable gas supply contracts. Exposure to adverse industry conditions in power, oil, and gas markets. Weakened profitability in thermal electricity generation. Geographic concentration in oil and gas exploration and production, partly 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. Recent improvements in credit measures from additional new assets in wind power, and oil and gas production, an equity injection, asset disposals, cost reductions, and
