Vestas Wind A/S : Tax Report 2025

About this update from Vestas Wind Systems A/s

Tax Sustainability Report 2025 Published April 2026 Vestas Wind Systems A/S - Company reg. no.: 10403782 Hedeager 42, 8200 Aarhus N, Denmark Contents Introduction 3 Message from our Global Head of Tax 4 Our business 5 Environmental, Social and Governance (ESG) - Tax 6 Approach to tax 7 Our tax principles 8 Tax governance 9 Tax risk management 10 Tax control framework 10 Our approach to responsible tax planning 11 Our advocacy on tax 12 Transfer pricing 13 DAC6 13 Our transfer pricing business model 14 Our relationship with stakeholders 15 BEPS 2.0: potential implications for Vestas 16 Tax incentives 17 Effective tax rate communicated in our Annual Report 1 8 Vestas worldwide 19 Total Tax Contribution 20 Clarifying key concepts 21 Overall review of Total Tax Contribution 22 Total Tax Contribution by region 23 Tax payment trends from 2024 to 2025 in taxes paid 24 Total Tax Contribution figures 2025 25 Main country analysis 28 Key tax takeaways in 2025 29 Taxes collected by country 31 Taxes borne by country 31 Our total tax footprint Australia 32 Brazil 33 Denmark 34 France 35 Germany 36 Italy 37 Poland 38 Spain 39 United Kingdom 40 United States 41 Country-by-Country Report 42 Clarifying key concepts 43 Country-by-Country Report 2025 44 Appendix 47 GRI 207 Tax Standard 48 GRI 207: tax 49 Audit statement 50 Independent auditor's limited assurance report on selected disclosures in the Tax Sustainability Report 2025 51 ↑ Vestas V163-4.5MW wind tubines are produced at the Vestas manufacturing facility in Daimiel; before being transported by road across the countryside and installed at an onshore site in the hills near Valladolid, Spain. ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit Statement Introduction ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Message from our Global Head of Tax I am pleased to present the latest edition of Vestas' Tax Sustainability Report. Now in its third year, this report reflects our continued dedication to transparency, responsible tax management, and the creation of sustainable value across the societies in which we operate. We are proud to share our contribution once again, and to provide a clear view of our tax practices and the principles that guide our approach to taxation. This year, Vestas' Total Tax Contribution amounts to EUR 3,010m. Through these contributions, we support the public systems and social infrastructures in the communities where we operate. We view taxation not only as a legal requirement, but as a fundamental component of our commitment to responsible business conduct and to strengthening the societies that enable our activities. The current global environment is defined by volatility, economic uncertainty, and rapidly shifting market conditions, which increases the importance of transparency to maintain trust with stakeholders, policymakers, and society at large. At Vestas, sustainability is embedded in every aspect of our business, and transparent communication about how we manage our tax affairs forms a key part of our broader sustainability strategy. In a year marked by geopolitical and macroeconomic shifts-including debates around the future of globalisation, market fragmentation, shifting trade flows, and rising societal frictions-resilient tax systems, responsible corporate conduct, and transparency have become essential foundations for sustained economic stability and inclusive growth. In 2025, Vestas also reached an important milestone: 200 GW of installed wind power capacity worldwide. This achievement underscores both the expanding role of wind energy in the global energy system and our continued commitment to enabling secure, affordable, and sustainable energy solutions. As we look to the future, Vestas remains firmly committed to contributing positively to the communities where we operate-through our renewable energy solutions, our investments, and our responsible tax practices. In an evolving and uncertain global context, we believe that transparency, accountability, and sustainability must remain central to how we operate. Our tax contributions form a critical part of the value we create, supporting public services, enabling social development, and reinforcing the foundations of the many societies that depend on stable, well-functioning systems. We will continue to strengthen our tax governance framework, evolve our reporting practices, and ensure that our approach to taxation aligns with our broader sustainability ambitions. Thank you for taking the time to explore this year's Tax Sustainability Report. Hjalte Volqvartz Global Head of Tax Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Our business We aim to set the global standard in sustainable energy solutions. By advancing our expertise across Onshore, Offshore, Service, and Development, we will play a leading role in accelerating the energy transition. Power solutions Service Onshore Vestas is the market leader with more than 40 years of experience in Onshore wind. Based on our own onshore wind turbine product design and development, we offer customers wind power solutions, and we take care of everything from siting, manufacturing, construction, and installation to final commissioning in cooperation with our partners. Offshore Vestas is becoming a leading player in Offshore wind with almost 30 years of experience. Based on our own offshore wind turbine product design and development, we offer customers wind power solutions, and we take care of all stages from siting through final commissioning. Development Development helps our customers grow their business, which in turn generates order intake for Vestas. More than 118 employees across 15 countries secure land rights and permits, design sites, ensure grid connection, and secure project offtake agreements to create quality projects for our partners' investments. Service Vestas is the global market leader in Service within wind power with around 16,000 employees across 65 countries. Our people service 161 GW for our customers on long-term subscription-based contracts, making their assets operate more effectively. Taxes borne / Taxes collected mEUR Revenue mEUR / FTE Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Environmental, Social and Governance (ESG) - Tax At Vestas, tax contributes to the value we create for the societies in which we operate and is linked to the scale and composition of our global activities. As our business expands, the taxes we collect and the taxes we pay evolve in line with our operational footprint. Social From a social perspective, our tax contribution reflects the growth in our organisation. In 2025, Vestas generated revenue of EUR 18,822m and employed more than 37,000 employees globally, underlining our presence across key markets and the activities that support this presence. The continued increase in business activity is mirrored in our tax contribution, with taxes collected reaching EUR 2,066m and taxes borne amounting to EUR 944m. These developments are driven by a larger workforce, expanded service operations and increased manufacturing activity, all of which contribute to public finances in the countries where we operate. Environmental From an environmental perspective, Vestas' business model supports the global transition towards renewable energy systems. Our activities across Onshore, Offshore and Service, all of which contributed to performance in 2025, enable the reduction of CO₂ emissions by expanding access to Power Solutions and Services. Relationship between Taxes / Revenue / FTE Governance From a governance perspective, responsible tax conduct forms part of our broader commitment to integrity, transparency and compliance. In 2025, Vestas delivered solid operational results, including a 5.7 percent Earnings Before Interest and Taxes (EBIT) margin, 16.3 GW of order intake and a record combined order backlog of EUR 71.9bn, reinforcing the need for robust governance As reflected in the chart, our tax footprint is aligned with our operational presence: regions with higher revenue and workforce contribution are also those where Vestas bears and collects the largest share of taxes. FTE Revenue Taxes borne Taxes collected Europe - Africa Americas Asia Pacific 0 0 5,000 6,653 5,00 10,000 2,071 7,695 1,000 15,000 6,828 20,000 1,500 25,000 22,625 2,000 30,000 35,000 9,923 2,500 processes as our operational footprint grows. Our approach to tax continues to be guided by clear principles and internal controls that support compliance with both the letter and the spirit of tax legislation across jurisdictions. Responsible Tax is not included in the Sustainability Statement of the Annual Report 2025, as the topic was deemed not material in our Double Materiality Assessment process (see page 69 in Vestas Annual Report 2025). ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit Statement Approach to tax ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit Statement Our tax principles Simplicity We strive to simplify our solutions. Therefore, we only establish branches and subsidiaries in jurisdictions where we operate and invest. Collaboration We work in a collaborative and respectful way in all jurisdictions. Accountability We act in a constructive way, understanding the importance of taxation for the sustainable development of the communities in countries where we operate. Passion We are dedicated to our planet, our people, and Vestas. Our strong team of tax professionals are evidence of this commitment. Vestas' principles of Simplicity, Collaboration, Accountability and Passion drive our actions and guide everything we do within Vestas' Global Tax Organisation. Our Tax Policy is publicly available here. We consider a sustainable, socially responsible and compliant tax practice to be a cornerstone of our efforts to contribute positively to the communities we are part of. Tax Sustainability Report 2025 ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Vestas' Code of Conduct helps ensure integrity and compliance in our corporate decisions, while our Values of Simplicity, Collaboration, Accountability, and Passion provide further guidance. Tax governance Our tax governance framework is implemented through our Global Tax Policy and applied consistently across jurisdictions, ensuring taxes are paid where value is created. Vestas' tax practice is governed by a global organisation in which roles have been defined to secure an efficient structure, ensuring: The Global Tax Policy and strategy are centralised in Group Tax along with the global controlling function. The Regional Tax Directors oversee regional tax positions and ensure compliance with the global tax policy, general tax compliance and tax filing in their respective regions. The Global Tax Business Partner function collaborates with global business units, providing tax advice for decision-making, planning, and execution. In order to execute in accordance with the policy, Vestas retains the necessary level of trained tax professionals to adequately ensure understanding of Vestas' business model; comply with tax filing requirements in a sufficient and timely manner; and develop and maintain the information necessary to explain how Vestas' business decisions have affected individual tax filings. In addition, responsible tax planning and tax practices contribute to the UN Sustainable Development Goals (SDGs) and are part of our sustainability strategy, Sustainability in Everything We Do. Our tax policy that contains our tax strategy, principles and our approach to tax is subject to an annual review and approval by the Board of Directors of Vestas Wind Systems A/S. This review process is anchored in the Audit Committee. 1 Besides this process being executed at the top governance level within Vestas, our financial control processes are designed to ensure that our operations and activities are in line with our tax policy. Vestas is committed to high ethical standards, and through our whistle-blower system, EthicsLine, inappropriate behaviour or incidents -including tax-related issues- can be brought forward and handled in a fair and timely manner. 1 Vestas - Corporate Governance Report 2025 ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Tax risk management Vestas recognises the complexity of a global tax policy and the need for a clear strategy in managing risk. Our approach is supported by robust tax risk management principles: Identification of tax risk: local management identifies tax risks, which are then assessed and consolidated centrally. This ensures that risks are recognised at source and evaluated comprehensively. Centralised evaluation: we conduct a centralised evaluation of systemic risks associated with operating a global business model. This allows us to understand and manage the broader implications of our tax practices. Tax risks are consolidated on a quarterly basis and prioritised based on their likelihood and impact. This systematic approach ensures that we focus on the most significant risks and allocate resources effectively to mitigate them. Actions are planned to effectively mitigate and prevent identified tax risks. This proactive stance helps us address potential issues before they escalate, safeguarding our operations and financial stability. The Vestas Material Risk Policy is a central element of our tax and VAT governance, particularly concerning project activities and corporate structure. Decisions with a material impact on our tax risk profile are made by management, based on recommendations from the Corporate Structure Committe and Group Tax. This ensures that our tax strategies are aligned with our overall business objectives and risk management framework. We perform annual compliance checks where local management confirms that they have fulfilled statutory filing requirements in their respective jurisdictions. This process ensures ongoing compliance with local tax laws and regulations. Tax risks are included in our tax risk management reporting and communicated to management on a quarterly basis. This reporting includes assurances that sufficient contingencies are in place to address potential risks. By maintaining this rigorous reporting and assurance process, we ensure that our tax risk management remains effective and responsive to changing conditions. Tax control framework The Board of Directors ultimately plays a key role in overseeing our tax controls and other key tax-related matters which is mainly exercised by the Audit Committee. This includes the final review and approval of Vestas annual Tax Sustainability Report before approval by the Board of Directors. Our commitment to transparency is further demonstrated by subjecting the figures in our Total Tax Contribution statement to limited assurance by our external auditor. Local Tax Team Identify tax risk Local Tax Team Report tax risk Group Tax Evaluate the risk based on a global business model ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Vestas considers aggressive tax planning inconsistent with our values and with the long-term sustainability of the industry. Our approach to responsible tax planning Vestas applies responsible, transparent and sustainable tax practices that support our long-term business strategy and safeguard our global and local licence to operate. Our tax planning is grounded in commercially driven decisions, sound legal structures and full alignment with the operational footprint of our business. We do not engage in aggressive tax planning. All tax decisions must be supported by real economic substance, ensuring that people, functions and decision-making authority are located where value is genuinely created. This principle guides the design of our tax structures and ensures that local operations are proportionally matched by the activities conducted in each jurisdiction. We therefore do not establish subsidiaries or branches unless supported by genuine business operations, in line with our Group Tax Policy. Our governance framework ensures consistency and discipline in our tax practices. Global Tax maintains a global tax framework, oversees risk reporting, coordinates legal structures and supports complex cross-border matters, while regional tax teams ensure compliance and day-to-day interaction with local tax authorities. As part of our risk management processes, we regularly assess relevant international standards -including the EU list of non-cooperative jurisdictions- to confirm that our presence in each country is aligned with our principles of transparency, compliance and responsible business conduct. This review forms part of our commitment to meeting industry standards and maintaining a footprint grounded in real commercial needs. We also expect our partners, customers and suppliers to uphold responsible tax behaviour. Through open collaboration across the value chain, we promote transparency, accountability and sustainable practices that support the long-term viability of the renewable energy sector. Our activities in specific jurisdictions reflect operational requirements. In Panama, for example, our presence supports regional service operations for the wind industry, including installation, maintenance and spare-parts functions. These activities demonstrate clear commercial substance and are fully aligned with our responsible tax principles. Our advocacy on tax Vestas supports transparent and responsible tax practices as part of its broader commitment to sustainable and accountable business conduct. As a company operating across multiple jurisdictions, we closely follow developments in tax policy and proactively participate in relevant industry fora that promote fair and effective tax systems. Through this positive engagement, Vestas contributes to the wider conversation on how well-designed tax frameworks can support long-term investment, innovation, and the green transition. As part of our commitment to transparency, Vestas shares insights and information with stakeholders such as the European Business Tax Forum (EBTF), helping to advance understanding of responsible tax behaviour and the evolving landscape of tax transparency standards. We also make our Country-by-Country information available to support informed assessments and strengthen trust through openness and accountability. Our approach continues to be recognised externally. In 2025, Vestas ranked 16th out of 113 companies in the EU Tax Transparency Benchmark conducted by The Dutch Association of Investors for Sustainable Development (VBDO). This reflects our ongoing commitment to responsible tax conduct and the role we seek to play in advancing transparent and sustainable tax practices across our industry. ‌Transfer pricing The OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (OECD Guidelines) are widely accepted by both tax administrations and multinationals. The OECD Guidelines and the OECD Model Convention establish the arm's length principle as the chief guide for tax purposes and pricing of cross-border transactions between associated entities. Agreed by the OECD member countries, the arm's length principle constitutes an international standard that is recognised and accepted globally. We follow the advice of the OECD Guidelines and structure our daily operations and transfer pricing management to adhere to the arm's length principle. We have also adopted the three-tiered approach to transfer pricing documentation, comprising a Master File, Local Files and a Country-by-Country Report (CbCR), as suggested by the OECD Guidelines. We strive to ensure transfer pricing compliance in all jurisdictions where the Group is represented by either a legal entity or a permanent establishment. As such, transfer pricing documentation packages are prepared in accordance with local regulations following the standards set by the OECD Guidelines. DAC6 In addition to the three-tiered approach proposed by the OECD, Vestas follows the 2018 EU Directive, DAC6. This covers the disclosure of certain international transactions, establishing the mandatory exchange of information in relation to cross-border arrangements by intermediaries or taxpayers to tax authorities. As a Group, we have developed an internal platform where we assess tax positions against the DAC6 directive. The process we have launched requires function from all regions to report any transactions that might fall within the scope of DAC6. Internally, the Group tax team analyses such transactions and determines whether it is necessary to report them to the tax authorities. This process is repeated on a monthly basis. ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Transportation & Installation Sales business units Our transfer pricing business model In Power Solutions, our largest segment, Vestas operates a centralised business model in which the Group parent entity, Vestas Wind Systems A/S, is the entrepreneurial entity owning all intellectual property and being responsible for strategic management. With a presence in more than 80 countries, Vestas' related party transactions are driven by our business operations and global commercial strategy. These intercompany transactions are guided by the OECD guidelines and the Vestas transfer pricing policy is applied consistently around the world. Vestas' subsidiaries are assigned specific tasks, and are considered either production entities or project sales and service entities. In addition, we operate a few entities focusing on contract R&D and the provision of shared internal services. Subsidiaries within the Vestas Group are regarded as low-risk entities. The Vestas Group applies an activity-based remuneration model, in accordance with which our subsidiaries are remunerated in line with value creation. As such, remuneration of subsidiaries within the core power solution business is carried out using the transactional net margin method (TNMM), with a cost-based profit level indicator (PLI). All intercompany transactions within the group support our goal of helping customers implement industry-leading sustainable power plants. Within this context, Vestas Wind Systems plays a decisive role in providing business units with the knowledge they need to develop best-in-class power solutions. For financial transactions, the Vestas Group follows a generally accepted approach applying the comparable uncontrolled price (CUP) method. Vestas Wind System A/S IP ownership R&D management Strategic management Supply chain management Manufacturing management Distribution management Development of business processes Partnering with key stakeholders Production business units Final customer Tax Sustainability Report 2025 14 ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Our relationship with stakeholders At Vestas, we believe that maintaining a sustainable, socially responsible, and compliant tax practice is fundamental to our mission. Vestas' tax policy builds on a responsible approach towards tax governance and tax authorities. Occasionally, there might be disagreements in judgment. These disagreements can be a result of differences of scale and perspective between local and global operations. Such situations most commonly relate to transfer pricing, where judgments often lead to different opinions. Vestas is committed to open and honest collaboration with tax administrations during transfer pricing controversy. We actively support tax administrations in carrying out the appropriate controls and assessment of the Vestas Group's operations. We aim to adopt a transparent and collaborative approach with our partner institutions. We believe that a fair tax system is essential to the growth of local communities. In this regard, Vestas supports public debate around taxes and a fair tax system. To mitigate risk and prevent the escalation of conflicts, we pursue active collaboration with the tax authorities through Mutual Agreements Procedures (MAPs) and Advance Pricing Agreements (APAs). This approach helps to eliminate misunderstandings around our operation and the way we organise our activities and transactions. In 2025, multiple MAP cases with Italy (FY 2016-2017), Germany (FY 2007-2016), Portugal (FY 2013- 2016), and India (FY 2020-2021) were closed, whereas APA applications between Denmark and France (FY 2026-2030) and India (FY 2022/23-2030/31), respectively, were submitted. By proactively seeking APAs, we demonstrate our commitment to transparency and responsible tax management. ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement In recent years, we have seen a change in mentality around international taxation and the mechanisms for fighting tax evasion and aggressive tax planning. BEPS 2.0: potential implications for Vestas The emergence of new information and communication technologies has presented challenges for OECD tax regimes, leading to a reduction in tax payments from companies in certain countries. To combat these scenarios, the OECD has launched a series of measures known as BEPS 2.0 Pillar One and Pillar Two. At Vestas, we support these efforts, which have been developed in cooperation with responsible companies to increase efficiency and avoid unnecessary administration. It is important that regulations are clear and practical to implement in order to create trust and legal certainty among taxpayers. Pillar Two (Global Minimum Tax) was presented by the OECD on 20 December 2021. The project developed the Global Anti- base Erosion (GLoBE) Model Rules, which provide a framework for the calculation of the minimum payment of 15 percent tax. The objective of this regulation is for large multinational enterprises (MNEs) to bear a minimum tax rate of 15 percent or higher, referred to as Effective Tax Rate (ETR) in all the jurisdictions where they operate. Membership countries of the EU were obligated to implement it for the year 2024. Vestas is within the scope of the OECD Pillar Two model rules. The GloBE Rules came into effect on 1 January 2024. Under the Pillar Two legislation, Vestas is liable to pay a top-up tax for jurisdictions where its GloBE effective tax rate is below the 15 percent minimum rate. In addition to the GloBE rules, transitional Safe Harbour rules were enacted. Based on the Safe Harbour assessment, Vestas identified that four jurisdictions did not meet any of the Safe Harbour tests. For these jurisdictions, Vestas calculated a total top-up tax of EUR 13m, which is recognised as a current tax expense for the year impacting the effective tax rate with an increase of 1 percent. We are broadly aligned with the policy intention behind the minimum tax requirement, but we consider the increased complexity introduced through Pillar Two to be a development that could add operational and compliance burdens without proportionally contributing to a clearer or more predictable international tax framework. Vestas applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Tax incentives Governments are looking to implement tax incentives to encourage decarbonisation and investment in areas like R&D and the energy transition. Vestas, as part of the energy industry, could benefit in some countries that offer tax incentives or subsidies that may have a direct or indirect effect on our projects. As a company, we strive to use tax incentives responsibly, aligning them with our commercial activities and complementing our demand. In keeping with our commitment to transparency, the page sets out some of the tax incentives from which Vestas benefits. The USA The Inflation Reduction Act (IRA) aims to, in part, invest in domestic energy production while promoting clean energy. The Act offers numerous business incentives that encourage sustainable action, from creating new opportunities in green industries to fostering a competitive edge in domestic manufacturing. Brazil The Brazilian Government has implemented a series of incentives, including tax exemptions or reductions, for companies that establish themselves in specified regions within Brazil, primarily in the north and northeast. These incentives are intended to accelerate the development of certain less-developed regions and industries that are considered important to the economy. Some of those benefits are the Industrial Development Fund (FDI) in the form of a VAT on Sales and Services (ICMS) exemption on the acquisition or import of equipment and components specifically used for solar and wind power generation. Additionally, the SUDENE (Lucro da Exploração) is a tax incentive aimed at promoting productive activities in the northeast. This incentive can result in a reduction of the statutory tax rate from 34 percent up to 20 percent. Tax incentivised donations in Brazil allow us to redirect part of our tax obligations to high-impact social projects, strengthening our ESG performance, enhancing our corporate reputation, and supporting local communities all without additional financial costs or tax risks. The UK The UK Government has an ambitious target to increase total investment in research and development (R&D). R&D tax incentives play a key role in supporting this investment by supplementing the costs of innovation. One such incentive is the Research and Development Expenditure Credit (RDEC), which gives a taxable credit on the amount of qualifying R&D expenditure, payable as cash or as an offset against the company's corporation tax liabilities. R&D activities are eligible for tax credits when a project seeks to achieve an advance in science or technology, and under the UK's merged R&D expenditure credit scheme, companies can claim a taxable credit of 20 percent on qualifying R&D costs. Portugal The Portuguese Government has created a list of tax incentives to promote investments in the country in order to increase its competitiveness. One of them is the SIFIDE II, which is an incentive regime for research and development. It consists of a deduction of the amount designated to R&D expenditures. To apply for these tax incentives, companies must meet the requirements covered in the IRC Code. Denmark In 2018, the Danish Government introduced a variety of tax incentives by allowing a tax deduction of R&D expenses exceeding actual costs, with the aim of promoting R&D activities and encouraging innovation and growth in the country. According to Danish tax regulation, expenses for the purchase of assets used for experimental and research activities may be deducted immediately in the year of acquisition. The deduction is gradually increased from 100 percent to 110 percent as follows: income years 2018-19 = 101.5 percent; income year 2020 = 103 percent; income years 2021-22 = 105 percent; income years 2023-25 = 108 percent; income year 2026=114 percent; income year 2027=116 percent; and income year 2028 and onward=120percent. The taxpayer may choose to take tax depreciation in the same year and the following four years on a straight-line basis. Costs incurred in connection with the exploration for raw materials may also be fully deducted in the same year. Italy Italy offers several regional tax incentives aimed at promoting economic development in less-favoured areas. One of the most relevant measures is the Tax Credit for Investments in Southern Italy, which grants companies a tax credit for the acquisition of new capital goods allocated to production facilities located in eligible regions such as Campania, Puglia, Basilicata, Calabria, Sicilia, Molise, Sardegna and Abruzzo. The incentive supports initial investment projects, including the creation of new facilities, expansion of existing plants or major upgrades of production processes. ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Our Global ETR represents the total tax expenses according to International Financial Reporting Standards (IFRS) and is included in our Annual Report 2025. The calculation of this rate is the result of dividing the income tax provision by the profit before tax. Effective Tax Rate Taxes withheld at source Global minimum tax Change in write down of deferred tax assets Non Change in deductible tax expenses provision Non -taxable income and incentives Income tax Deviation in rate in foreign Denmark subsidiaries tax rates 10% 5% 0% -1% -6% -8% 15% 1% 20% 5% 22% 25% 10% 2% 30% 25% Effective tax rate communicated in our Annual Report The chart on the right represents the reconciliation between the Danish statutory tax rate and our final calculated Effective Tax Rate (ETR). The main reasons for these differences are as follows: Deviation in foreign subsidiaries' tax rates, which represents the difference in tax rates between foreign jurisdictions where we operate and Denmark. This represented an addition of 2 percentage points, mainly due to deviations in Brazil, the US, and Germany. Non-taxable income and incentives had an impact of -8 percentage points mainly related to tax incentives in the US and Denmark as well as interest income related to tax cases. Due to local tax regulations, non-deductible expenses had an additional impact of 5 percentage points. Change in tax provisions mainly relates to reduction of provision for uncertain tax positions resulting in a reduction of ETR by 6 percentage points. Change in the write-down of deferred tax assets reduces the ETR by 1 percentage point. Global minimum tax resulted in 1 percentage point and is further described on page 16. Taxes withheld at source resulted in 10 percentage points, mostly related to withholding taxes in Brazil. The ETR that we recognised in our Annual Report 2025 was as expected for the year. ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit statement Vestas has a unique global reach in manufacturing, sales, and installation. Vestas worldwide Over the past 40 years, Vestas has continuously pioneered new technologies, challenged conventions and developed emerging solutions, thus planting the seeds of the modern wind industry. From wind energy insight to wind park development, construction and operation, Vestas has the knowledge and capabilities to help any organisation or company successfully invest in wind energy. Markets Vestas has pioneered ‌Introduction Approach to tax Total Tax Contribution Main country analysis Country-by-Country Report Appendix Audit Statement Total Tax Contribution

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