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Wind . It means the world to us . ™ Second Quarter 2026 Vestas Wind Systems A / S Copenhagen , 12 August 2026 Vestas®
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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 2025 (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. Q2 20262
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Key highlights for Q2 2026 Revenue of EUR 4.7bn Increase of 26 percent YoY driven by strong growth in Power Solutions EBIT margin of 9.4 percent Strong profitability improvement driven by both Onshore and Offshore EPS of EUR 1.11 Earnings per share grew 46 percent YoY Order intake of 3.3 GW Increase of 67 percent YoY driven by commercial traction in both EMEA and the Americas Returning cash to shareholders New share buyback of EUR 400m will begin 13 August and run until the end of the calendar year Outlook for 2026 Guidance raised, reflecting performance in the second quarter and improved visibility Q2 20263
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Agenda Orders and markets Financials Outlook Q&A Q2 20264
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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 and blockages increase costs over time Ongoing geopolitical, trade volatility and energy crisis 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 Q2 20265
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Drivers • Offshore: Ramp-up, cost-out and extend competitiveness as we add volume to the platform • Service: Deliver operational recovery and commercial reset with the ambition to achieve 25 percent EBIT margin • Quality: Drive operational performance, lower warranty costs and reduce the cost of poor quality through close collaboration throughout the full value chain • Onshore: Operational leverage, cost-out and retain strong commercial culture ~8.0% +10% 2026e Ambition Drivers to achieve 10 percent EBIT margin Drivers to long-term financial ambition 6
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Power Solutions – Q2 2026 Strong onshore order intake Firm and unconditional order intake, MW Highlights Order intake of 3.3 GW in the quarter driven by strong Onshore order intake, especially in the US and Germany. There were no Offshore orders in Q2 ASP on new orders was EUR 1.00m/MW for the quarter. The ASP reflects a good mix of project scope and geography – the overall pricing environment remains stable The Power Solutions order backlog was EUR 36.0bn at the end of the quarter We continue to see progress in our Offshore ramp-up, with reduced takt times, better efficiency in manufacturing and improved installation times Q2 20267 Average selling price of order intake, mEUR per MW Q2 2025 Q2 2026 0 0 <% out of 0> Onshore Offshore 227 1,706 Q2 2025 1,759 1,522 Q2 2026 Americas EMEA APAC 2,009 3,349 76 68 +67% 1.11 Q2 2025 1.01 Q3 2025 1.01 Q4 2025 1.16 Q1 2026 1.00 Q2 2026 ASP total No Offshore order intake
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Service – Q2 2026 Recovery plan progressing Service order backlog 166 GW (156 Onshore) EUR 40.9bn (35.0 Onshore) 11 Years AMERICAS 67 GW EMEA 82 GW APAC 17 GW 2 GW* 5 GW* 1 GW* GW under active service contracts Average years contract duration Service fleet Q2 20268 *Compared to Q2 2025 Highlights The Service order backlog increased to EUR 40.9bn, an increase of EUR 5bn compared to a year ago, including EUR 1.3bn uplift from indexation and EUR 0.2bn headwind from foreign exchange rate movements Service reached 166 GW under active service, an increase of 2 GW compared to last quarter, as strong contract renewals and new additions more than offset expiries and customer deselection The Service recovery plan is progressing well, and we continue to see the operational improvements drive down cost levels while the commercial reset is improving backlog health
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Sustainability – Q2 2026 Sustainability in everything we do Highlights Turbines produced and shipped in the last twelve months are expected to avoid 535 million tonnes of green house gas emissions over the course of their lifetime Carbon emissions from our own operations increased by 7 percent compared to last year, mainly due to vessel emissions from increased activity in Offshore Number of total recordable injuries per million working hours (TRIR) increased to 2.9 compared to 2.6 last year. Safety remains a top priority for us, and we are committed to addressing the identified hotspots Q2 20269 Carbon emissions GHG avoided Safety 480 535 Q2 2025 (LTM) Q2 2026 (LTM) +11% Q2 2025 (LTM) Q2 2026 (LTM) 2.6 2.9 +12% 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) Q2 2025 (LTM) Q2 2026 (LTM) 0.110 0.118 +7%
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Agenda Orders and markets Financials Outlook Q&A Q2 202610
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Income statement – Q2 2026 Earnings per share up 46 percent Highlights Revenue increased by 26 percent, compared to Q2 last year. The increase was driven by Power Solutions, while Service revenue was slightly lower EBIT margin before special items was 9.4 percent, an increase of almost 8 percentage points YoY . The development was driven by improved profitability in Power Solutions from both Onshore and Offshore We incurred EUR 27m of special items in the quarter, mostly related to the Operating Model Reset including staff severance provisions Q2 202611 *R&D, administration, and distribution, including depreciations and amortisations. **Last twelve months (LTM) mEUR Q2 2026 Q2 2025 % change Revenue 4,723 3,745 +26% Gross profit 801 417 +92% SG&A costs* (356) (360) (1)% Income from investments in JVs and associates 1 - EBIT before special items 446 57 >600% Special items (27) - EBIT 419 57 >600% Net profit 285 34 >700% Earnings per share** 1.11 0.76 +46% Gross margin 17.0% 11.1% 5.9%-pts EBITDA margin before special items 15.8% 8.4% 7.4%-pts EBIT margin before special items 9.4% 1.5% 7.9%-pts Return on Capital Employed (ROCE) (%)** 16.5% 11.5% 5.0%-pts
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Power Solutions – Q2 2026 Strong second quarter Power Solutions revenue and EBIT margin before special items, mEUR and percent Highlights In Power Solutions, revenue increased by 37 percent YoY , driven mainly by higher MW delivered in both Onshore and Offshore and to a lesser degree by higher average selling prices on MW delivered EBIT margin of 10.4 percent in Q2 was strong, up more than 10 percentage points YoY . Positive benefits in both Onshore and Offshore from operating leverage, outstanding project execution, and lower than expected project costs. All contributed to the strong profitability this quarter Note that Onshore revenue is expected to follow a backend- loaded profile during the year, while Offshore revenue is more evenly spread across the quarters Q2 202612 490 425 730 327 401 640 989 (9.5) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 4,250 1,779 2,625 116 4,944 2,548 2,797 4,439 5,268 3,131 3,827 0.7 4.2 12.9 (2.4) (0.4) 8.1 1,058 10.0 1,046 2.7 10.4 +37% Offshore revenue Onshore revenue EBIT margin 2024 2025 2026
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Service – Q2 2026 Cost-out and commercial reset continues to progress Service revenue and EBIT margin before special items, mEUR and percent Highlights Service revenue decreased by 5 percent YoY , including a 1 percent currency headwind. The ongoing recovery plan is working and driving lower cost levels, leading to a decrease in contract revenue. Transactional sales were slightly lower than last year Service generated EBIT of EUR 149m in the quarter, equivalent to an EBIT margin of 16.6 percent, in line with our expectations Q2 202613 902 671 927 920 948 900 835 896 1,197 1,002 Service revenue 192 148 215 166 163 153 144 136 149 21.3 Q1 (15.9) Q2 16.0 Q3 18.0 Q4 18.0 Q1 17.2 Q2 17.0 Q3 14.4 Q4 16.3 Q1 16.6 Q2 (107) Service EBIT EBIT margin 2024 2025 2026
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SG&A costs – Q2 2026 Improvement in SG&A costs *R&D, administration, and distribution, including depreciations and amortisations on a last twelve months basis SG&A costs (LTM)*, mEUR and percent Highlights SG&A costs amounted to 7.0 percent of revenue on a last 12-month basis, an improvement of 0.4 percentage points compared to a year ago driven by higher revenue We continue to work with, and improve our SG&A costs through the Operating Model Reset program Q2 202614 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1,289 8.2 1,255 8.5 Q1 8.2 1,304 7.6 1,318 7.5 1,351 7.4 1,370 7.6 1,416 7.6 1,430 7.4 1,429 7.0 1,425 -0.4%-pts SG&A costs % of revenue 2024 2025 2026
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Net working capital – Q2 2026 Working capital increased slightly in the quarter NWC change over the quarter, mEUR Highlights Net working capital increased in Q2 to negative EUR 2.3bn mainly driven by an increase in inventories and contract costs As a percentage of last twelve months revenue, net working capital in the second quarter amounted to negative 11.1 percent Q2 202615 (182) (168) NWC end Q1 2026 Receiv- ables Inventories and contract costs Contract assets / liabilities Payables Other receivables and liabilities NWC end Q2 2026 (2,375) 120 260 92 (2,253)
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Cash flow statement – Q2 2026 Better profitability benefiting cash flow * Change in net working capital impacted by non-cash adjustments and exchange rate adjustments with a total amount of net EUR (10)m. ** Total net investments in intangible assets and property, plant and equipment *** 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 positive EUR 419m in the quarter, a significant improvement compared to Q2 in the prior year, driven by higher profitability Total investments amounted to EUR 278m in Q2, stable compared to EUR 288m last year Adjusted free cash flow in the quarter amounted to EUR 94m, an improvement compared to last year, driven by the reasons mentioned above Cash flow from financing activities in the quarter, was driven mainly by the repayment of the bond, as well as dividend payments and share buybacks We ended the quarter with a net cash position of EUR 92m Q2 202616 mEUR Q2 2026 Q2 2025 Abs. change Cash flow from operating activities before change in net working capital 531 24 507 Change in net working capital* (112) 96 (208) Cash flow from operating activities 419 120 299 Total investments** (278) (288) 10 Free cash flow 56 (171) 227 Adjusted free cash flow*** 94 (227) 321 Cash flow from financing activities (808) (171) (637) Interest-bearing position (net) 92 (7) 99
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Provisions and LPF – Q2 2026 LPF continues to come down Lost Production Factor (LPF), LTM, Percent Highlights The Lost Production Factor slightly improved in Q2 reflecting better fleet performance and operational improvements across our serviced assets Warranty costs amounted to EUR 141m in the quarter, corresponding to 3.0 percent of revenue. Warranty consumption in Q2 was EUR 218m 17 Warranty costs, mEUR 115 160 207 119 141 188 206 251 149 218 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Warranty costs Provisions consumed * LPF measures potential energy production not captured by Vestas’ onshore and offshore wind turbines. Q2 2026 1 2 3 4 Dec 2013 Dec 2017 Dec 2022 June 2026
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150 100 100 150 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 400 Q2 Q3 Q4 174 150 250 100 74 100 400 Q2 202618 Capital structure and shareholder distribution – Q2 2026 Buyback of EUR 400m announced Highlights Net debt to EBITDA ended the quarter at 0x, stable compared to last year, and within our targeted range of -1x to +1x. We maintain a solid investment grade rating Baa2 from Moody’s with a stable outlook Given our performance and visibility at this point of the year, combined with a healthy capital structure, a new share buyback of EUR 400m will be initiated, in line with our intention to return at least 40 percent of net profit to shareholders. The buyback will begin tomorrow and run until the end of the calendar year Dividend Share Buyback 2024 2025 2026 Payouts to shareholders in forms of dividend and share buyback, EURm EUR 400m (51% payout) > 40% payoutEUR 174m (35% payout) Buyback evaluated each quarter 1.1 Q1 0.7 Q2 0.9 Q3 (0.5) Q4 (0.2) Q1 0.0 Q2 (0.2) Q3 (0.6) Q4 (0.2) Q1 0.0 Q2 NIBD/EBITDA, last twelve months upper and lower bound (+1x to -1x NIBD/EBITDA) Net interest-bearing debt to EBITDA before special items 2024 2025 2026 400
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Long-term shareholder value – Q2 2026 Value through performance Q2 202619 Earnings per share (EPS), EUR Return on Capital Employed (RoCE), % 2021 2022 2023 2024 2025 Q2 2026 (LTM) 0.13 (1.56) 0.08 0.50 0.78 1.11 +0.98 2021 2022 2023 2024 2025 Q2 2026 (LTM) (18.5) 4.5 2.9 8.0 11.8 16.5 +12.0 EBIT Margin before special items, % Adjusted free cash flow, EURm 155 (51) 830 943 2021 2022 2023 2024 2025 Q2 2026 (LTM) (1,134) 1,095 +788 2021 2022 2023 2024 2025 Q2 2026 (LTM) (8.0) 2.8 1.5 4.3 5.7 7.7 +4.9Highlights • EBIT margin b.s.i. of 7.7 percent (LTM) • Earnings per share of EUR 1.11 (LTM) • Adj. free cash flow of EUR 943m (LTM) • Return on Capital Employed at 16.5 percent (LTM)
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Agenda Orders and markets Financials Outlook Q&A Q2 202620
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Outlook 2026 Outlook Prev. Outlook Revenue (bnEUR) 20 – 22 20 – 22 EBIT margin before special items (%) - Service is expected to generate EBIT margin b.s.i. of 15.5 – 17.5 percent 7 – 9 6 – 8 Total investments (bnEUR) Approx. 1.2 Approx. 1.2 • The 2026 outlook is based on current foreign exchange rates Q2 202621
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22 Q&A Financial calendar 2026: • Disclosure of Q3 2026 (11th November) 22 Q2 2026