Vestas Wind Systems A/s · OMXCOP:VWS
Vestas Wind Systems A/s — Q2 2025 Earnings Presentation
22 slides from Vestas Wind Systems A/s's earnings presentation, Aug 13, 2025
Slide 1: Second Quarter 2025 Update
Update picture Second Quarter 2025 Vestas Wind Systems A/S Copenhagen, August 2025
Slide 2: Disclaimer and cautionary statement
Disclaimer and cautionary statement This document contains forward-looking statements concerning Vestas’ financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statement
Slide 3: Key highlights in Q2 2025
Key highlights in Q2 2025 Revenue of EUR 3.7bn Increase of 14 percent YoY EBIT margin of 1.5 percent Improved Onshore project performance and lower warranty costs offset by Offshore ramp-up costs Order intake of 2.0 GW Lower order intake YoY as customers have been awaiting policy clarity, particular
Slide 4: Agenda
Orders and markets Financials Outlook Q&A Agenda 4 Q2 2025
Slide 5: Wind energy key to affordability, security and sustainability
Wind energy key to affordability, security and sustainability Our current business environment Global Environment Inflation, raw materials and transport costs stable, but tariffs increase costs over time Ongoing geopolitical and trade volatility leading to regionalisation Global environment Market E
Slide 6: Power Solutions – Q2 2025
Power Solutions – Q2 2025 Lower order intake YoY despite good activity in EMEA Firm and unconditional order intake, MW Highlights Onshore -32% Offshore 2,936 Order intake of 2.0 GW, down 44 percent compared to last Americas 178 year. The decline was mainly driven by a lack of orders in Americas, esp
Slide 7: Service – Q2 2025
Service – Q2 2025 Solid quarter as recovery plan continues Service order GW under active Average years Highlights backlog service contracts contract duration Service order backlog increased to EUR 36bn from 35bn a year ago, but declined compared to Q1 due to foreign currency translation EUR 159 11 S
Slide 8: Service recovery plan
Service recovery plan Getting Service ‘back on track’ Commercial resetting: Drive commercial Service OnePlan excellence with focus on price, scope, billing • Cross-functional and regional collaboration profiles and contract trimming. Wage inflation in mainland Europe settling around 2.5 percent • Gl
Slide 9: Vestas Development – Q2 2025
Vestas Development – Q2 2025 Development continues focus on high quality projects Total project Order intake Highlights pipeline generated In Q2 2025, Vestas’ pipeline of development projects was stable at 27 GW with Australia, USA, Spain and Brazil holding the largest opportunities 27 102 Strategic
Slide 10: Sustainability – Q2 2025
Sustainability – Q2 2025 Vestas remains the most sustainable energy company in the world GHG avoided Highlights 415 480 16% Expected GHG avoided Turbines produced and shipped in the last twelve over the lifetime of the capacity produced and months are expected to avoid 480 million tonnes of shipped
Slide 11: Agenda
Orders and markets Financials Outlook Q&A Agenda 11 Q2 2025
Slide 12: Income statement – Q2 2025
Income statement – Q2 2025 Positive EBIT in a back-end loaded year mEUR Q2 2025 Q2 2024 % change Highlights Revenue 3,745 3,296 14% Revenue increased 14 percent YoY, driven by higher Gross profit 417 156 167% delivery volumes on turbines, and higher revenue in Service. SG&A costs* (360) (341) 6% Not
Slide 13: Power Solutions – Q2 2025
Power Solutions – Q2 2025 Improved Onshore performance offset by Offshore ramp-up costs Power Solutions revenue and EBIT margin before special items, mEUR and percent Highlights Offshore revenue EBIT margin Onshore revenue EBIT margin adj. for sale of technology Revenue increased by 7 percent YoY, p
Slide 14: Service – Q2 2025
Service – Q2 2025 Revenue and EBIT in line with recent quarters Service revenue and EBIT margin before special items, mEUR and percent Highlights Service EBIT Service revenue EBIT margin 1,197 Disregarding the planned cost adjustments made in Q2 last year, Service revenue declined 4 percent YoY, due
Slide 15: Net working capital – Q2 2025
Net working capital – Q2 2025 Working capital slightly decreased in the quarter NWC change over the quarter, mEUR Highlights Net working capital decreased in Q2 due to an increase in the level of customer down- and milestone payments, partly offset by higher inventories, as we prepare for higher act
Slide 16: Cash flow statement – Q2 2025
Cash flow statement – Q2 2025 Dividend payout and share buyback completed Highlights Operating cash flow was positive EUR 120m in the mEUR Q2 2025 Q2 2024 Abs. change quarter, a decline compared to last year. The decrease YoY Cash flow from operating activities was primarily driven by a favorable de
Slide 17: Total investments – Q2 2025
Total investments – Q2 2025 Investing to ramp up production Total investments*, mEUR Highlights Total investments* +19 Total investments amounted to EUR 288m in Q2 403 The investments are primarily related to tangible investments, such as transport equipment and tools, for our 307 V236 offshore ramp
Slide 18: Provisions and LPF – Q2 2025
Provisions and LPF – Q2 2025 Lost Production Factor elevated due to repairs at a few specific sites Lost Production Factor (LPF), Percent Highlights 6 The recent increase in LPF is caused by a few sites, 5 including the previously mentioned offshore sites, that 4 have been undergoing repair. Disrega
Slide 19: Capital structure – Q2 2025
Capital structure – Q2 2025 Highest return on capital employed since 2020 Net debt to EBITDA before special items Highlights Net debt to EBITDA, LTM Net debt to EBITDA, financial target Net debt to EBITDA ended the quarter at 0.0x, compared to 0.7x a year ago. Investment grade rating 0.7 of Baa2 fro
Slide 20: Agenda
Orders and markets Financials Outlook Q&A Agenda 20 Q2 2025
Slide 21: Outlook 2025
Outlook 2025 Outlook Revenue (bnEUR) 18 – 20 EBIT margin before special items (%) 4–7 - Service is expected to generate EBIT b.s.i. of around EUR 700m Total investments (bnEUR) Approx. 1.2 • The 2025 outlook is based on current foreign exchange rates 21 Q2 2025
Slide 22: Financial calendar 2025: Q&A
Financial calendar 2025: • Disclosure of Q3 2025 (5th November) Q&A 22 Q2 2025