Slide 1: First quarter 2025
Update picture First quarter 2025 Vestas Wind Systems A/S Copenhagen, May 2025
Slide 2: Key highlights in Q1 2025
Key highlights in Q1 2025 Revenue of EUR 3.5bn Increase of 29 percent YoY driven by higher activity and higher average pricing in Power Solutions EBIT margin of 0.4 percent Positive operating profit in Q1 despite seasonal low activity, driven by revenue growth and higher project profitability Order
Slide 3: Agenda
Orders and markets Financials Outlook Q&A Agenda 3 Q1 2025
Slide 4: 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 significant tariffs would increase costs Ongoing geopolitical and trade volatility leading to regionalisation Global environment
Slide 5: Market shares – 2024
Market shares – 2024 Vestas continues to lead the industry Global onshore and offshore installations (excluding China) Highlights 100% = 37 GW 100% = 40 GW Global installations decreased to 37 GW in 2024 from 40 GW in 2023. Vestas maintains the leading position as we continue to emphasise Vestas 28%
Slide 6: Power Solutions – Q1 2025
Power Solutions – Q1 2025 Higher order intake YoY driven by strong momentum in Offshore and EMEA onshore Firm and unconditional order intake, MW Highlights Onshore -30% Offshore Order intake of 3.1 GW, up 36 percent compared to last 2,300 year. The main reason for the increase is higher order intake
Slide 7: Service – Q1 2025
Service – Q1 2025 One quarter into the Service recovery plan Service order GW under active Average years Highlights backlog service contracts contract duration Service order backlog increased to almost EUR 37bn from 34bn a year ago Service reached 157 GW under service compared to EUR 157 11 149 GW a
Slide 8: Vestas Development – Q1 2025
Vestas Development – Q1 2025 Development continues focus on high quality projects Total project Order intake Highlights pipeline generated In Q1 2025, Vestas’ pipeline of development projects amounted to 27 GW with Australia, USA, Spain and Brazil holding the largest opportunities 27 0 Strategic foc
Slide 9: Sustainability – Q1 2025
Sustainability – Q1 2025 Vestas remains the most sustainable energy company in the world GHG avoided Highlights 393 490 25% Expected GHG avoided Turbines produced and shipped in the last twelve over the lifetime of the capacity produced and months are expected to avoid 490 million shipped during the
Slide 10: Agenda
Orders and markets Financials Outlook Q&A Agenda 10 Q1 2025
Slide 11: Income statement – Q1 2025
Income statement – Q1 2025 Margins continues to improve mEUR Q1 2025 Q1 2024 % change Highlights Revenue 3,468 2,681 29% Revenue increased 29 percent YoY, driven by higher Gross profit 359 244 47% delivery volumes and higher prices on turbine deliveries, and SG&A costs* (345) (312) 11% slight growth
Slide 12: Power Solutions – Q1 2025
Power Solutions – Q1 2025 Positive earnings trend continues despite impact from seasonality and ramp-up 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
Slide 13: Service – Q1 2025
Service – Q1 2025 Stable revenue and an expected decrease in earnings Service revenue and EBIT margin before special items, mEUR and percent Highlights Service EBIT Service revenue EBIT margin 1,197 Service generated EBIT of EUR 166m, corresponding to an EBIT margin of 18.0 percent on 2 percent high
Slide 14: Net working capital – Q1 2025
Net working capital – Q1 2025 Increased NWC in the quarter reflecting seasonality NWC change over the quarter, mEUR Highlights Net working capital increased in Q1 driven by an increase in inventory levels, offset by increasing payables and decreasing receivables Net working capital reflects the typi
Slide 15: Cash flow statement – Q1 2025
Cash flow statement – Q1 2025 Improved cash flow in the quarter Highlights mEUR Q1 2025 Q1 2024 Abs. change Operating cash flow was positive EUR 28m in the quarter, Cash flow from operating activities a major improvement compared to last year. The before change in net working capital 373 (86) 459 im
Slide 16: Total investments – Q1 2025
Total investments – Q1 2025 Investing to ramp up production Total investments*, mEUR Highlights Total investments* Total investments amounted to EUR 307m in Q1 +109 403 We continue to invest into our V236 offshore manufacturing footprint, particularly in Denmark and 307 Poland. The nacelle facility
Slide 17: Provisions and LPF – Q1 2025
Provisions and LPF – Q1 2025 Lost Production Factor increased due to repairs at a few specific sites Lost Production Factor (LPF), Percent Highlights 6 The increase in LPF in Q1 2025 is caused by a few 5 sites, including the previously mentioned offshore sites, 4 that are currently undergoing repair
Slide 18: Capital structure – Q1 2025
Capital structure – Q1 2025 Solid capital structure and investment grade rating Net debt to EBITDA before special items Highlights Net debt to EBITDA, LTM Net debt to EBITDA, financial target Share buyback of EUR 100m completed and dividend 1.1 of DKK 0.55 per share paid in April 0.9 Improved financ
Slide 19: Agenda
Orders and markets Financials Outlook Q&A Agenda 19 Q1 2025
Slide 20: 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 20 Q1 2025
Slide 21: Financial calendar 2025: Q&A
Financial calendar 2025: • Disclosure of Q2 2025 (13th August) Q&A • Disclosure of Q3 2025 (5th November) 21 Q1 2025