Vestas Wind Systems A/s · OMXCOP:VWS
Vestas Wind Systems A/s — Shareholder Meeting (April 2026)
56 slides from Vestas Wind Systems A/s's shareholder meeting presentation, Apr 8, 2026
Slide 1: Vestas Wind Systems A/S Annual General Meeting 2026
. Vestas Wind Systems A/S Annual General Meeting 2026 8 April 2026
Slide 2: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 3: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 4: The Board of Directors' report on the Company's activities during the past year
The Board of Directors’ report on the Company’s activities during the past year Anders Runevad Chair
Slide 5: Generating value amidst growing uncertainty
Generating value amidst growing uncertainty
Slide 6: Our current business environment
Our current business environment Strong fundamental drivers of wind power deployment despite geopolitical uncertainty Global Environment Inflation, raw materials and transport costs stable, but tariffs increase costs over time Ongoing geopolitical and trade volatility leading to regionalisation Mark
Slide 7: European competitiveness is highly challenged
European competitiveness is highly challenged Wind energy key to strengthening competitiveness High energy prices Unnecessary bureaucracy Lack of industrial policy 7 Q2 2025
Slide 8: Vestas positioned at the intersection of global megatrends
Vestas positioned at the intersection of global megatrends Wind energy value drivers: geopolitical uncertainty and energy crisis strenghten value of wind Energy affordability Energy security Energy sustainability 8 Vestas annual general meeting 2026
Slide 9: Market outlook: Substantial growth expected in key Vestas markets
Market outlook: Substantial growth expected in key Vestas markets But further acceleration needed to meet energy demand and build energy independence 9 Vestas annual general meeting 2026
Slide 10: Vestas in 2025
Update picture Vestas in 2025
Slide 11: Vestas is the energy industry's global partner on sustainable energy solutions
Vestas is the energy industry’s global partner on sustainable energy solutions +35,000 +56,000 +200 GW 463m employees turbines under service installed wind turbine capacity tonnes CO2e displaced Every day, our employees help Our service technicians keep We have installed more wind Expected over the
Slide 12: Key highlights for full year 2025
Key highlights for full year 2025 Vestas achieved all-time high revenue, and profitability in the upper end of outlook, continuing the positive earnings trajectory in 2025 The first year of the recovery plan for Service has been completed 2025 ended with a record high order backlog driven by continu
Slide 13: Long-term ambitions
Long-term ambitions Revised ESG targets while our financial ambitions remain unchanged REVENUE EBIT ROCE FCF ESG Grow faster than the Best-in class 20% return on Free cash flow 50% emission market and be earnings, at least investment over the positive reduction across our market leader in 10% EBIT m
Slide 14: Revised capital structure strategy
Revised capital structure strategy Net interest-bearing debt to EBITDA before special items Highlights NIBD/EBITDA, upper and lower bound (+1x to -1x NIBD/EBITDA) N.A Our strong balance sheet has led us to update our capital allocation priorities: (0.9) 0.0 • Reinvest in the business to deliver on o
Slide 15: Board activities 2025 and remuneration
Board activities 2025 and remuneration
Slide 16: Board activity and evaluation 2025
Board activity and evaluation 2025 The 2025 Board evaluation was conducted in October to November and concluded: • All members are engaged and passionate about the business. They invest the time required for preparation and participation in meetings, as also reflected in a high participation rate, w
Slide 17: Board of Directors: New member
Board of Directors: New member The Board of Directors proposes the following to join the Board: Anders Boyer-Søgaard Born: 1970 Nationality: Danish Resident: Denmark Position: Executive Vice President & CFO Pandora A/S Management duties: Member of the board of SAS AB 17
Slide 18: Board of Directors: Remuneration
Board of Directors: Remuneration Board of Directors Remuneration in 2025 • The Board of Directors received a total remuneration of EUR 1,554,245. • This was in accordance with the remuneration level approved by the shareholders at the Annual General Meeting in 2025, as well as with the Remuneration
Slide 19: Slide 19
Slide 20: Presentation and adoption of the Annual Report
Presentation and adoption of the Annual Report Henrik Andersen Group President & CEO
Slide 21: Key financials
Update picture Key financials
Slide 22: Achievements and challenges in 2025
Achievements and challenges in 2025 Generating value amidst growing uncertainty Achievements Challenges Strong momentum in Onshore and Offshore, Geopolitical uncertainty and legislative leading to a record high backlog of EUR 33bn changes in some of our key markets Progress made on our manufacturing
Slide 23: Financial highlights
Financial highlights In 2025 Vestas continued the positive trajectory Revenue EBIT margin Free Cash Flow Investments Backlog, Backlog, bnEUR % mEUR mEUR turbines bnEUR Service bnEUR 18.8 5.7 1,251 38.7 1,122 36.8 17.3 1,142 33.2 34.1 991 15.4 31.6 14.5 4.3 30.4 835 26.0 771 19.1 1.5 245 -8.0 -874 20
Slide 24: Power solutions has achieved significant turnaround
Power solutions has achieved significant turnaround Record high average selling prices, backlog and revenue +179% 15,052 1.14 33.2 13,582 31.6 13,103 1.06 1.07 12,764 11,814 11,331 1.01 26.0 10,276 8,465 19.0 19.1 18.1 0.83 16.0 8.9 7.2 4.9 5.4 0.77 11.9 3.1 1.5 0.75 0.74 -1.2 10 April 2026 -13.3 20
Slide 25: Global Service business with 161 GW under management
Global Service business with 161 GW under management Delivering reliable, long-term value through a growing global Service footprint Vestas Service Track Record1 Service Revenue (EURm) and EBIT margin (%) +126% 3,697 3,770 161 GW of wind turbines under service 3,568 3,155 11-yr average duration on e
Slide 26: Service recovery plan
Service recovery plan Entering second year of the Service recovery plan Strategic priorities for Service Challenge Description Deliver operational recovery, commercial reset Unit costs Wage inflation, rising material costs, indexation, etc. and ensure delivery of OnePlan initiatives Operational inef
Slide 27: Provisions and LPF – Full year 2025
Provisions and LPF – Full year 2025 LPF reduced as repairs are finalised Lost Production Factor (LPF), LTM, Percent Highlights 4 The Lost Production Factor improved now that repairs 3 at the sites mentioned in recent quarters have been completed. Note that, as the LPF is measured over the last twelv
Slide 28: Sustainability highlights in 2025
Sustainability highlights in 2025 CO2e avoided Suppliers • 463 million tonnes of CO2e displaced in 2025. Equivalent to about 88 million • We strengthened our supplier due diligence process through automation, US homes' electricity consumption for one year. ensuring a stronger level of control and da
Slide 29: Business environment, strategy and outlook
Update picture Business environment, strategy and outlook
Slide 30: 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 31: Our current business environment
Our current business environment Strong fundamental drivers of wind power deployment despite geopolitical uncertainty Global Environment v Ongoing geopolitical and trade volatility leading to regionalisation Global environment Market Environment v Permitting improving in some markets but overall per
Slide 32: Companies with global HQ in Denmark need supportive framework conditions
Companies with global HQ in Denmark need supportive framework conditions Framework conditions must reflect companies today operate in a different and very volatile world Secure and competitive energy supply No bureaucratic mess Supportive tax structures and no boiling the frog! 32 Vestas annual gene
Slide 33: Towards 2030: Global strategic priorities
Global strategic priorities “Value through performance” to guide Vestas to double-digit profitability 2025-2026 Towards 2030 Value through Performance Sustained Value Creation Global Leader in Sustainable Energy Onshore Offshore Service Solutions Lead with EnVentus Succeed with ramp up Deliver opera
Slide 34: Operating Model Reset
Operating Model Reset Towards a simpler and more customer-focused Vestas Anchored in Four focus areas Three workstreams Vestas Strategy steering outcomes facilitate change Onshore Offshore Service Quality Cash Efficiency People
Slide 35: Drivers to long-term financial ambition
Drivers to long-term financial ambition Drivers to achieve 10 percent EBIT margin Drivers • Offshore: Ramp-up, cost-out and extend competitiveness as we add volume to the platform 2026e Ambition • Quality: Drive operational performance, lower warranty costs and reduce the cost of poor quality throug
Slide 36: Share price development relative to market
Share price development relative to market 220 195 +79% 170 145 120 +15% 95 -8% 70 OMX25 MSCI World Vestas Wind Systems A/S 36 Vestas annual general meeting 2026
Slide 37: 10 year EPS development
10 year EPS development Based on Consensus estimates +40% 1.1 +118% 0.9 0.8 0.8 0.8 0.7 0.7 0.6 0.5 0.4 0.1 0.1 10 April 2026 -1.6 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Earnings per share (EUR) 3
Slide 38: Outlook 2026
Outlook 2026 Outlook Revenue (bnEUR) 20 – 22 EBIT margin before special items (%) 6–8 - Service is expected to generate EBIT margin b.s.i. of 15.5 – 17.5 percent Total investments (bnEUR) Approx. 1.2 • The 2026 outlook is based on current foreign exchange rates 38 Vestas annual general meeting 2026
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Slide 40: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 41: Agenda item 3
Agenda item 3 Resolution for the allocation of the result of the year according to the adopted Annual Report The Board of Directors proposes that a dividend of DKK 0.74 per share be paid out for 2025. The proposed dividend distribution is in accordance with the Company’s capital structure strategy..
Slide 42: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 43: Agenda item 4
Agenda item 4 Presentation of and advisory vote on the Remuneration Report The Board of Directors proposes that the Annual General Meeting approves the Remuneration Report 2025 by advisory vote. The Remuneration Report 2025 has been prepared in accordance with section 139b of the Danish Companies Ac
Slide 44: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 45: Agenda item 5
Agenda item 5 Approval of the Board of Directors’ remuneration The Board of Directors proposes that the remuneration for 2026 be based upon a basic fee of DKK 526,590 per board member – an increase of 8 percent compared to 2025. The Chair receives three times the basic fee and the Deputy Chair recei
Slide 46: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 47: Agenda item 6
Agenda item 6 Election of members to the Board of Directors All board members elected by the general meeting are up for election. The Board of Directors proposes re-election of: The Board of Directors proposes that Anders Runevad Bruno Stéphane Claudio Facchin Eva Merete Søfelde Berneke - Anders Boy
Slide 48: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 49: Agenda item 7
Agenda item 7 Appointment of auditor The Board of Directors proposes that Deloitte Statsautoriseret Revisionspartnerselskab (CVR no. 33963556) be re-appointed as the Company’s auditor in accordance with the Audit Committee’s recommendation in respect of statutory financial and sustainability reporti
Slide 50: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 51: Agenda item 8.1
Agenda item 8.1 Reduction of the Company’s share capital The Board of Directors proposes that the Company’s share capital be reduced from nominally DKK 201,973,452.00 to nominally DKK If the capital reduction is adopted and completed, article 2(1) of the 199,112,292.00 through cancellation of treasu
Slide 52: Agenda item 8.2
Agenda item 8.2 Amendment of the name of the region in which the General Meeting may be conducted The Board of Directors proposes to amend article 4(2) of the Articles of Association. Article 4(2) of the Articles of Association will hereafter read as follows: The proposed amendment reflects the esta
Slide 53: Agenda item 8.3
Agenda item 8.3 Renewal of the authorisation to acquire treasury shares The Board of Directors proposes, pursuant to section 198 of the Danish Companies Act, that the Board of Directors be granted an authorisation to allow the Company to acquire treasury shares in the period until 31 December 2027 u
Slide 54: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 55: Agenda
Agenda 1. The Board of Directors’ report on the Company’s activities during the past year 2. Presentation and adoption of the Annual Report 3. Resolution for the allocation of the result of the year according to the adopted Annual Report 4. Presentation of and advisory vote on the Remuneration Repor
Slide 56: Aina |
Aina | Meeting
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