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Third Quarter 2025 Vestas Wind Systems A/S Copenhagen, 5 November 2025 Update picture
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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 statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning Vestas’ potential exposure to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. A number of factors that affect Vestas’ future operations and could cause Vestas’ results to differ materially from those expressed in the forward-looking statements included in this document, include (without limitation): (a) changes in demand for Vestas’ products; (b) currency and interest rate fluctuations; (c) loss of market share and industry competition; (d) environmental and physical risks, including adverse weather conditions; (e) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (f) economic and financial market conditions in various countries and regions; (g) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, and delays or advancements in the approval of projects; (h) ability to enforce patents; (i) product development risks; (j) cost of commodities; (k) customer credit risks; (l) supply of components; and (m) customer created delays affecting product installation, grid connections and other revenue-recognition factors. All forward-looking statements contained in this document are expressly qualified by the cautionary statements contained or referenced to in this statement. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in Vestas’ annual report for the year ended 31 December 2024 (available at www.vestas.com/en/investor) and these factors also should be considered. Each forward-looking statement speaks only as of the date of this document. Vestas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events other than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document. Q3 20252
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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-up Order intake of 4.6 GW Up 4 percent YoY driven by the USA and Germany, Onshore up more than 60 percent Manufacturing ramp-up driving costs and investments Onshore and Offshore ramp-up is progressing, as we stay focused on delivering a busy fourth quarter Returning value to our shareholders In line with our capital structure strategy, and solid liquidity position, a share buyback of EUR 150m will be initiated 2025 Outlook Outlook narrowed, reflecting lower Service EBIT and stronger Onshore execution Q3 20253
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Agenda Orders and markets Financials Outlook Q&A Q3 20254
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Global environment Market Environment Vestas and project delivery 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 Market Environment Heightened focus on energy security and affordability Grid investment prioritised in key markets Permitting improving in some markets but overall permitting, auctions and market design still challenging Project Level Strong project execution, but regional disruptions to supply chain a risk Q3 20255
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Power Solutions – Q3 2025 Strong quarter across key markets Firm and unconditional order intake, MW Highlights Q3 order intake of 4.6 GW, up 4 percent compared to last year. The increase was mainly driven by strong order intake in the Americas, especially the USA, as well as continued positive momentum in EMEA, especially in Germany. There were no Offshore orders in Q3 ASP declined to EUR 1.01m/MW in Q3 compared to EUR 1.11m/MW in the prior quarter. The decline was driven by a change in order mix with higher share of supply-only orders in the USA The order backlog in Power Solutions increased to EUR 31.6bn, up 3.3bn compared to one year ago, as our energy solutions continue to have good traction with customers across our core markets Q3 20256 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1.10 1.18 1.24 1.11 1.01 ASP total Average selling price of order intake, mEUR per MW 461 Q3 2024 43* Q3 2025 Americas EMEA APAC 2,827 4,606 1,068 1,298 2,454 2,205 +63% 795 810 Q3 2024 Q3 2025 Americas EMEA 1,605 Onshore Offshore No Offshore order intake * Q3 order intake in Asia Pacific reflects an Onshore order of 43 MW, offset by the removal from the backlog of a 5+ year old 96 MW project portfolio terminated in China.
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Service – Q3 2025 Outlook revised, recovery plan is progressing Service order backlogHighlights Service order backlog increased to EUR 36.6bn from 35.1bn a year ago, despite EUR 1.5bn headwind from foreign exchange rate movements Service reached 159 GW under service, flat compared to Q2, as additions were offset by a high level of expiries and deselection in the quarter, as the commercial reset continues The Service recovery plan, which runs until the end of 2026, is progressing, and we are seeing early signs of operational improvements and a reduction in overdue work orders However, earnings in Service are affected by foreign exchange rate headwinds as well as costs related to some specific Offshore sites, which has led to a revision of the 2025 outlook for Service 159 GW (150 Onshore) EUR 36.6bn (31.0 Onshore) 11 Years AMERICAS 64 GW EMEA 79 GW APAC 16 GW 2 GW* 3 GW* 0 GW* GW under active service contracts Average years contract duration Service fleet Q3 20257 *Compared to Q3 2024
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Vestas Development – Q3 2025 Development continues focus on high quality projects Order intake generatedHighlights In Q3 2025, Vestas’ pipeline of development projects was stable at 27 GW with Australia, USA, Spain and Brazil holding the largest opportunities. Strategic focus is on maturing and growing a quality project pipeline as well as conversion of mature projects into project sales and related turbine order intake 0 MW 27 GW AMERICAS 7 GW EMEA 3 GW APAC 17 GW Total project pipeline Development pipeline Q3 20258
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Sustainability – Q3 2025 Vestas is the most sustainable energy company in the world Highlights Turbines produced and shipped in the last twelve months are expected to avoid 461 million tonnes of green house gas emissions over the course of their lifetime. Carbon emissions from our own operations over the last twelve months, increased by less than 1 percent YoY Number of recordable injuries per million working hours (TRIR) was up from 2.8 to 3.3 YoY . Safety remains a top priority for us as we tirelessly work to improve our safety performance across our value chain Carbon emissions GHG avoided Safety Q3 20259 454 461 Q3 2024 (LTM) Q3 2025 (LTM) 2% Q3 2024 (LTM) Q3 2025 (LTM) 0.109 0.110 1% Q3 2024 (LTM) Q3 2025 (LTM) 2.8 3.3 18% Expected GHG avoided over the lifetime of the capacity produced and shipped during the period (million t) Direct and indirect emissions of GHG (scope 1&2)(million t) Total Recordable Injuries per million working hours (TRIR)
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Agenda Orders and markets Financials Outlook Q&A Q3 202510
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Income statement – Q3 2025 Highest ever third quarter gross profit Highlights Revenue increased 3 percent YoY, driven by growth in Power Solutions, offset by slightly lower revenue in Service, primarily as a results of negative foreign exchange rate developments Gross profit increased to EUR 772m in the quarter, the highest ever in a third quarter. The record was achieved by improved profitability in Onshore, lower warranty costs, partly offset by manufacturing ramp-up costs EBIT margin b.s.i. was 7.8 percent in the third quarter. As mentioned throughout the year, 2025 is a backend-loaded year. The third quarter was a strong start to a busy second half, and we expect a better balance between earnings in the third and fourth quarters compared to last year Q3 202511 *R&D, administration, and distribution, including depreciations and amortisations. **Last twelve months (LTM) mEUR Q3 2025 Q3 2024 % change Revenue 5,339 5,177 3% Gross profit 772 544 42% SG&A costs* (356) (310) 15% Income from investments in JVs and associates - 1 EBIT before special items 416 235 77% Special items (2) (4) Positive EBIT 414 231 79% Net profit 304 127 139% Earnings per share** 0.9 0.0 Positive Gross margin 14.5% 10.5% 4.0%-pts EBITDA margin before special items 12.6% 8.6% 4.0%-pts EBIT margin before special items 7.8% 4.5% 3.3%-pts Return on Capital Employed (ROCE) (%)** 13.6% 2.1% 11.5%-pts
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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 Revenue increased by 4 percent YoY, driven by higher MW delivered at stable average selling prices EBIT margin before special items improved by 3.9 percentage points YoY to 8.1 percent The improvement was driven by lower warranty provisions, continued strong Onshore project profitability and execution, partly offset by costs related to the manufacturing ramp-up in Offshore and Onshore USA Q3 202512 418 299 490 425 730 327 401 640 238 Q1 2023 (6.9)(6.9) Q2 2023 (1.1) Q3 2023 179 Q4 2023 116 (9.5) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q3 2025Q2 2025 2,023 2,525 3,415 3,851 1,779 2,625 4,250 4,944 2,548 2,797 (2.7) (9.9) 3.3 0.7 4,439 12.9 (2.4) (0.4) 8.1 4.2 +4% Offshore revenue Onshore revenue EBIT margin EBIT margin adj. for sale of technology
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Service – Q3 2025 Stable profitability amidst currency headwinds Service revenue and EBIT margin before special items, mEUR and percent Highlights Service revenue declined 3 percent YoY, due to lower transactional sales compared to last year while contract revenue was stable. Revenue growth in the quarter was affected by 3 percent currency headwind Service generated EBIT of EUR 153m, corresponding to an EBIT margin of 17.0 percent. The profitability level is in line with recent quarters, but we expect additional costs in Q4 related to some specific Offshore sites The Service recovery plan continues, and it will take time before benefits are visible in the financials Q3 202513 806 904 938 920 902 671 927 920 948 900 1,197 Service revenue 183 198 197 172 192 148 215 166 163 153 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 (15.9) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (107) 22.7 21.9 21.0 18.7 21.3 16.0 18.0 18.0 17.2 17.0 Service EBIT EBIT margin
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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 to Q3 last year, we have seen a EUR 1.4bn improvement in net working capital Q3 202514 (591) NWC end Q2 2025 Receiv- ables Inventories and contract costs Contract assets / liabilities Payables Other receivables and liabilities NWC end Q3 2025 98 32 81 107(2,288) (2,561)
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Cash flow statement – Q3 2025 Share buyback initiated on the back of strong cash flow * Change in net working capital impacted by non-cash adjustments and exchange rate adjustments with a total amount of net EUR 2m. ** Free cash flow adjusted for net acquisitions in businesses/activities, payment of lease liabilities, special items and investments in financial assets Highlights Operating cash flow was EUR 840m in the quarter, a significant improvement compared to last year. The improvement was driven by better profitability, and a favorable development in net working capital Adjusted free cash flow in the quarter amounted to EUR 508m, also a substantial improvement driven by the same reasons as mentioned above We ended the quarter with a net cash position of EUR 0.5bn Q3 202515 mEUR Q3 2025 Q3 2024 Abs. change Cash flow from operating activities before change in net working capital 569 571 (2) Change in net working capital* 271 (482) 753 Cash flow from operating activities 840 89 751 Cash flow from investing activities (302) (373) 71 Free cash flow 538 (284) 822 Adjusted free cash flow** 508 (224) 732 Cash flow from financing activities (63) (143) 80 Interest-bearing position (net) 489 (868) 1,357
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Total net investments – Q3 2025 Investing for growth and competitiveness * Total net investments in intangible assets and property, plant and equipment. Total net investments*, mEUR Highlights Total net investments amounted to EUR 274m in Q3 The spending is primarily related to tangible investments, such as transport equipment and tools, as well as property, plant and equipment across our turbine portfolio, such as the Offshore V236, EnVentus and 4MW platform in the USA We are also pleased to welcome more than 400 new Vestas colleagues at the Onshore blade factory in Poland, which we took over in September from LM Wind Power. The factory will deliver blades for our EnVentus platform, and expand our industrial competitiveness in Europe Q3 202516 272 403 307 288 274 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +2 Total investments*
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Provisions and LPF – Q3 2025 Lost Production Factor showed signs of stabilisation Lost Production Factor (LPF), Percent Highlights The Lost Production Factor showed signs of stabilisation in Q3. The repairs at the sites mentioned in previous quarters are now largely completed. Disregarding these sites the underlying LPF has trended down during 2025 Warranty costs amounted to EUR 160m in the quarter corresponding to 3.0 percent of revenue and an improvement from 6.0 percent in Q3 last year. Warranty consumption was EUR 206m. The higher consumption level in this quarter is related to the above-mentioned repairs 17 Warranty costs, mEUR 313 162 118 115 160 126 142 137 188 206 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Warranty costs Provisions consumed * LPF measures potential energy production not captured by Vestas’ onshore and offshore wind turbines. Q3 2025 0 1 2 3 4 5 6 Dec 2009 Dec 2013 Dec 2017 Dec 2022 Sep 2025
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Capital structure – Q3 2025 Best EPS and RoCE in five years Net debt to EBITDA before special items Highlights Net debt to EBITDA ended the quarter at minus 0.2x, compared to 0.9x a year ago. Investment grade rating of Baa2 from Moody’s with stable outlook Earnings per share, measured on 12-month rolling basis, improved to 0.9 EUR, driven by better profitability Return on Capital Employed improved to 13.6 percent as the earnings recovery continues Our strong financial position and improved key metrics allow us to return cash to shareholders. Thus, we are initiating a share buyback of EUR 150m starting tomorrow Q3 202518 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0.9 (0.5) (0.2) 0.0 (0.2) Net debt to EBITDA, LTM Net debt to EBITDA, financial target Earnings per share (EPS), LTM Return on Capital Employed (RoCE), LTM Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0.0 0.5 0.6 0.8 0.9 +0.9 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2.1 8.0 8.9 11.5 13.6 +11.5
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Agenda Orders and markets Financials Outlook Q&A Q3 202519
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Outlook 2025 Outlook Previous Outlook Revenue (bnEUR) 18.5 – 19.5 18 – 20 EBIT margin before special items (%) - Service is expected to generate EBIT b.s.i. of around EUR 625m 5 – 6 4 – 7 Total investments (bnEUR) Approx. 1.2 Approx. 1.2 • The 2025 outlook is based on current foreign exchange rates Q3 202520
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21 Q&A Financial calendar 2026: • Disclosure of FY 2025 (5th February) • Disclosure of Q1 2026 (6th May) • Disclosure of Q2 2026 (12th August) • Disclosure of Q3 2026 (11th November) 21 Q3 2025