Slide 1: Full year 2025
Update picture Full year 2025 Vestas Wind Systems A/S Copenhagen, 5 February 2026
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 for full year 2025
Key highlights for full year 2025 Revenue of EUR 18.8bn and an EBIT margin of 5.7 percent All-time high revenue from growth in both segments, and profitability achieved in upper end of Outlook Service EBIT of EUR 626m Delivered on the revised Service EBIT guidance, however, the outcome fell short of
Slide 4: Agenda
Orders and markets Financials Strategy Update Outlook Agenda Q&A 4 FY 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 – Q4 2025
Power Solutions – Q4 2025 Strong finish to 2025 Firm and unconditional order intake, MW Highlights Onshore +31% Offshore Order intake of 6.5 GW, in the quarter, driven by strong 5,492 momentum in Onshore across all regions, and good activity 4,191 2,066 in Offshore, such as the 390 MW Shinan-Ui proj
Slide 7: Service – Q4 2025
Service – Q4 2025 Halfway through our Service recovery plan Service order GW under active Average years Highlights backlog service contracts contract duration Service order backlog increased to EUR 38.7bn from 36.8bn a year ago, despite EUR 1.9bn headwind from foreign exchange rate movements EUR 161
Slide 8: Vestas Development – Q4 2025
Vestas Development – Q4 2025 Revised organisational structure as part of Operating Model Reset Total project Order intake Highlights pipeline generated In Q4 2025 Vestas Development generated 102 MW of order intake from Argentina At the end of Q4 Vestas’ pipeline of development projects 28 102 amoun
Slide 9: Sustainability – Q4 2025
Sustainability – Q4 2025 Record high GHG emissions avoided GHG avoided 455 463 Highlights Expected GHG avoided 2% over the lifetime of the Vestas turbines produced in 2025 are expected to avoid capacity produced and a record 463 million tonnes of green house gas shipped during the period emissions o
Slide 10: Agenda
Orders and markets Financials Strategy Update Outlook Agenda Q&A 10 FY 2025
Slide 11: Income statement – Full year 2025
Income statement – Full year 2025 Revenue and EBIT within Outlook range mEUR 2025 2024 % change Highlights Revenue 18,822 17,295 +9% Gross profit 2,497 2,057 +21% In 2025, revenue increased 9 percent YoY to a record high SG&A costs* (1,430) (1,318) +8% EUR 18.8bn. The increase was primarily driven b
Slide 12: Income statement – Q4 2025
Income statement – Q4 2025 Strong project execution in Onshore, offset by ramp-up costs and Service mEUR Q4 2025 Q4 2024 % change Highlights Revenue 6,270 6,141 +2% Gross profit 949 1,113 (15)% Revenue in the fourth quarter increased by 2 percent, SG&A costs* (369) (355) +4% compared to Q4 last year
Slide 13: Power Solutions – Q4 2025
Power Solutions – Q4 2025 Double-digit profitability Power Solutions revenue and EBIT margin before special items, mEUR and percent Highlights Offshore revenue Onshore revenue EBIT margin In Power Solutions, fourth quarter revenue increased by 7 +7% percent YoY, driven by higher MW delivered in Offs
Slide 14: Service – Q4 2025
Service – Q4 2025 First year of the Service recovery plan completed Service revenue and EBIT margin before special items, mEUR and percent Highlights Service EBIT Service revenue EBIT margin 1,197 In Service, revenue decreased by 16 percent YoY, driven by a decrease in contract revenue, and a lower
Slide 15: Net working capital – Q4 2025
Net working capital – Q4 2025 Working capital decreased in the quarter NWC change over the quarter, mEUR Highlights Net working capital improved to negative EUR 3.1bn in Q4 mainly due to an improvement in accounts payables, and a continued focus on working capital management Compared to Q4 last year
Slide 16: Cash flow statement – Q4 2025
Cash flow statement – Q4 2025 Good cash flows lead further strengthened cash position Highlights Operating cash flow was EUR 1.3bn in the quarter, a mEUR Q4 2025 Q4 2024 Abs. change decline compared to Q4 in the prior year, mainly due to Cash flow from operating activities higher warranty consumptio
Slide 17: Total net investments – Q4 2025
Total net investments – Q4 2025 Investing for growth and competitiveness Total net investments*, mEUR Highlights Total investments* -5% Total net investments amounted to EUR 382m in Q4, as 403 expected, slightly down from Q4 last year 382 Compared to last year, investments have focused less on 307 i
Slide 18: Provisions and LPF – Q4 2025
Provisions and LPF – Q4 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 twelve month
Slide 19: Capital structure – Q4 2025
Capital structure – Q4 2025 Paying back our shareholders Net interest-bearing debt to EBITDA before special items Highlights NIBD/EBITDA, last twelve months upper and lower bound (+1x to -1x NIBD/EBITDA) It is important that Vestas remains resilient to economic fluctuations, respecting the volatilit
Slide 20: Agenda
Orders and markets Financials Strategy Update Outlook Agenda Q&A 20 FY 2025
Slide 21: Wind energy value drivers
Wind energy value drivers Sustainable energy systems of the future must be both affordable and secure Energy affordability. Wind energy is a cost-competitive and a fast-to-deploy power source, consistently outperforming fossil fuel-based electricity on cost, being one of the most affordable options
Slide 22: Towards 2030
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 23: 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 23 FY 2025
Slide 24: 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 25: 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 26: 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% GHG emission market and be earnings, at least investment over the positive reduction across our market leader in 10% EB
Slide 27: 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 28: Agenda
Orders and markets Financials Strategy Update Outlook Agenda Q&A 28 FY 2025
Slide 29: 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 29 FY 2025
Slide 30: Financial calendar 2026: Q&A
Financial calendar 2026: • Annual General Meeting (8th April) Q&A • Disclosure of Q1 2026 (6th May) • Disclosure of Q2 2026 (12th August) • Disclosure of Q3 2026 (11th November) 30 FY 2025