Vestas Wind Systems A/s · OMXCOP:VWS
Vestas Wind Systems A/s — Q3 2025 Earnings Presentation
21 slides from Vestas Wind Systems A/s's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Update
Update picture Third Quarter 2025 Vestas Wind Systems A/S Copenhagen, 5 November 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 Q3 2025
Key highlights in Q3 2025 Revenue of EUR 5.3bn Increase of 3 percent YoY driven by higher deliveries despite negative foreign exchange developments EBIT margin of 7.8 percent Earnings achieved through improved Onshore project execution and lower warranty costs; offset by costs of manufacturing ramp-
Slide 4: Agenda
Orders and markets Financials Outlook Q&A Agenda 4 Q3 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 – Q3 2025
Power Solutions – Q3 2025 Strong quarter across key markets Firm and unconditional order intake, MW Highlights Onshore +63% Offshore Q3 order intake of 4.6 GW, up 4 percent compared to last 4,606 year. The increase was mainly driven by strong order intake in the Americas, especially the USA, as well
Slide 7: Service – Q3 2025
Service – Q3 2025 Outlook revised, recovery plan is progressing Service order GW under active Average years Highlights backlog service contracts contract duration Service order backlog increased to EUR 36.6bn from 35.1bn a year ago, despite EUR 1.5bn headwind from foreign exchange rate movements EUR
Slide 8: Vestas Development – Q3 2025
Vestas Development – Q3 2025 Development continues focus on high quality projects Total project Order intake Highlights pipeline generated In Q3 2025, Vestas’ pipeline of development projects was stable at 27 GW with Australia, USA, Spain and Brazil holding the largest opportunities. 27 0 Strategic
Slide 9: Sustainability – Q3 2025
Sustainability – Q3 2025 Vestas is the most sustainable energy company in the world GHG avoided Highlights 454 461 2% Expected GHG avoided Turbines produced and shipped in the last twelve over the lifetime of the capacity produced and months are expected to avoid 461 million tonnes of shipped during
Slide 10: Agenda
Orders and markets Financials Outlook Q&A Agenda 10 Q3 2025
Slide 11: Income statement – Q3 2025
Income statement – Q3 2025 Highest ever third quarter gross profit mEUR Q3 2025 Q3 2024 % change Highlights Revenue 5,339 5,177 3% Revenue increased 3 percent YoY, driven by growth in Gross profit 772 544 42% Power Solutions, offset by slightly lower revenue in Service, SG&A costs* (356) (310) 15% p
Slide 12: Power Solutions – Q3 2025
Power Solutions – Q3 2025 Strong execution and lower warranty costs drives profitability 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 4 percent YoY,
Slide 13: Service – Q3 2025
Service – Q3 2025 Stable profitability amidst currency headwinds Service revenue and EBIT margin before special items, mEUR and percent Highlights Service EBIT Service revenue EBIT margin 1,197 Service revenue declined 3 percent YoY, due to lower transactional sales compared to last year while contr
Slide 14: Net working capital – Q3 2025
Net working capital – Q3 2025 Working capital slightly decreased in the quarter NWC change over the quarter, mEUR Highlights Net working capital decreased in Q3 mainly due to a reduction in inventories as a result of high project deliveries and continued focus on working capital management Compared
Slide 15: Cash flow statement – Q3 2025
Cash flow statement – Q3 2025 Share buyback initiated on the back of strong cash flow Highlights Operating cash flow was EUR 840m in the quarter, a mEUR Q3 2025 Q3 2024 Abs. change significant improvement compared to last year. The Cash flow from operating activities improvement was driven by better
Slide 16: Total net investments – Q3 2025
Total net investments – Q3 2025 Investing for growth and competitiveness Total net investments*, mEUR Highlights Total investments* Total net investments amounted to EUR 274m in Q3 +2 403 The spending is primarily related to tangible investments, such as transport equipment and tools, as well as pro
Slide 17: Provisions and LPF – Q3 2025
Provisions and LPF – Q3 2025 Lost Production Factor showed signs of stabilisation Lost Production Factor (LPF), Percent Highlights 6 The Lost Production Factor showed signs of 5 stabilisation in Q3. The repairs at the sites mentioned in 4 previous quarters are now largely completed. 3 Disregarding t
Slide 18: Capital structure – Q3 2025
Capital structure – Q3 2025 Best EPS and RoCE in five years 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 minus 0.2x, 0.9 compared to 0.9x a year ago. Investment grade rating of Baa2 from Moody’
Slide 19: Agenda
Orders and markets Financials Outlook Q&A Agenda 19 Q3 2025
Slide 20: Outlook 2025
Outlook 2025 Outlook Previous Outlook Revenue (bnEUR) 18.5 – 19.5 18 – 20 EBIT margin before special items (%) 5–6 4–7 - Service is expected to generate EBIT b.s.i. of around EUR 625m Total investments (bnEUR) Approx. 1.2 Approx. 1.2 • The 2025 outlook is based on current foreign exchange rates 20 Q
Slide 21: Financial calendar 2026: Q&A
Financial calendar 2026: • Disclosure of FY 2025 (5th February) Q&A • Disclosure of Q1 2026 (6th May) • Disclosure of Q2 2026 (12th August) • Disclosure of Q3 2026 (11th November) 21 Q3 2025