Interim report
Page 1
Company Announcement No. 45/2026 Interim Report Second Quarter 2026 Vestas Wind Systems A / S Hedeager 42 , 8200 Aarhus N , Denmark Company Reg . No .: 10403782 Wind . It means the world to us.TM Vestas
Page 2
Vestas Wind Systems A/S Page 2 of 26 Interim Report – Second Quarter 2026 Contents Summary ............................................................................................................................................................................ 3 Key figures ......................................................................................................................................................................... 4 Financial and operational performance .......................................................................................................................... 6 Sustainability performance ............................................................................................................................................ 11 Strategy, and financial and capital structure targets ................................................................................................... 12 Outlook 2026 .................................................................................................................................................................... 13 Consolidated financial statements 1 January – 30 June ............................................................................................. 14 Management’s statement ............................................................................................................................................... 25 Conference call (audiocast) On Wednesday 12 August 2026 at 10 am CE ST (9 am BST), Vestas will host a conference call with a presentation on the results. The presentation will be audiocast and can be viewed live or replayed via vestas.com. The presentation will be held in English and will conclude with a Q&A. Details on how to register for the Q&A are to be found at vestas.com/en/investor. Contact details Vestas Wind Systems A/S, Denmark Investors/analysts: Daniel Patterson, Vice President Investor Relations Tel: +45 2669 2725 Frederik Holm Jacobsen, Senior Specialist Investor Relations Tel: +45 2835 3365 Media: Anders Riis, Vice President Communications Tel: +45 4181 3922
Page 3
Vestas Wind Systems A/S Page 3 of 26 Interim Report – Second Quarter 2026 Summary Quarterly revenue of EUR 4 .7bn with an EBIT margin before special items of 9 .4 percent. Order intake of EUR 3.4bn and combined order backlog of EUR 76.9bn. Full- year outlook raised. In the second quarter of 2026, Vestas generated revenue of EUR 4,723m – an increase of 26.1 percent compared to the second quarter of 2025. EBIT before special items amounted to EUR 446m, resulting in an EBIT margin before special items of 9 .4 percent, compared to 1.5 percent in the second quarter of 2025. Adjusted free cash flow amounted to EUR 94m compared to negative EUR 227m in the second quarter of 2025. The quarterly intake of firm and unconditional wind turbine orders amounted to 3 ,349 MW, a 67 percent increase from second quarter 2025. The value of the wind turbine order backlog was EUR 36.0bn as at 30 June 2026. In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 40. 9bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 76.9bn – an increase of EUR 9.6bn compared to the year -earlier period. In line with Vestas’ capital structure strategy, the Board has decided to initiate a new share buy -back of EUR 400m, in accordance with the authorisation granted at the Annual General Meeting in April 2026. The full-year 2026 outlook is raised : Revenue is still expected to range between EUR 20bn and 22bn, EBIT margin before special items is now expected between 7- 9 percent (previously 6-8 percent), and total investments 1) are still expected to amount to approx. EUR 1.2bn. Group President & CEO Henrik Andersen said: “In the second quarter of 2026, Vestas achieved 26 percent revenue growth to EUR 4.7bn and an EBIT margin of 9.4 percent, which corresponds to an improvement of 7.9 pp year-on-year. The improvement was driven by Power Solutions, both Onshore and Offshore, while order intake grew 67 p ercent year-on-year to 3.3 GW and Service performed according to plan. Based on our performance in the second quarter and visibility towards the end of the year, we raise the 2026 outlook on profitability and return further cash to shareholders through a new share buyback of EUR 400m that will run until the end of the calendar year. Demand for wind energy solutions remains strong due to the growing need for secure, affordable, and sustainable energy, and we want to thank our customers, partners and colleagues for their continued engagement and support.” Key highlights 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. 1) Total cash flows from the purchase of intangible assets and property, plant, and equipment, net of proceeds from the sale of intangible assets and property, plant, and equipment.
Page 4
Vestas Wind Systems A/S Page 4 of 26 Interim Report – Second Quarter 2026 Key figures Financial and operational key figures mEUR Q2 2026 Q2) 2025 H1 2026 H1 2025 FY) 2025 Financial key figures Income statement Revenue 4,723 3,745 8,689 7,213 18,822 Gross profit 801 417 1,272 776 2,497 EBITDA before special items 744 315 1,144 557 2,105 EBITDA 717 315 1,082 563 2,053 Operating profit/(loss) (EBIT) before special items 446 57 573 71 1,067 Operating profit/(loss) (EBIT) 419 57 511 77 1,015 Net financial items (48) (9) (50) (23) 17 Profit/(loss) for the period 285 34 355 39 780 Balance sheet Balance sheet total 26,715 25,549 26,715 25,549 25,732 Equity 3,965 3,120 3,965 3,120 3,881 Investments in property, plant, and equipment 198 187 316 366 821 Net working capital (2,253) (2,288) (2,253) (2,288) (3,127) Capital employed 7,500 6,478 7,500 6,478 7,255 Interest-bearing position (net) 92 (7) 92 (7) 1,174 Interest-bearing debt 3,535 3,358 3,535 3,358 3,374 Cash flow statement Cash flow from operating activities 419 120 130 148 2,286 Total investments (278) (288) (476) (595) (1,251) Free cash flow 56 (171) (424) (462) 1,122 Adjusted free cash flow1) 94 (227) (439) (552) 830 Financial ratios2) Financial ratios Gross margin (%) 17.0 11.1 14.6 10.8 13.3 EBITDA margin (%) before special items 15.8 8.4 13.2 7.7 11.2 EBITDA margin (%) 15.2 8.4 12.5 7.8 10.9 EBIT margin (%) before special items 9.4 1.5 6.6 1.0 5.7 EBIT margin (%) 8.9 1.5 5.9 1.1 5.4 Return on capital employed (ROCE)3) (%) before special items 16.5 11.5 16.5 11.5 11.8 Interest-bearing position (net)/ EBITDA3) before special items 0.0 0.0 0.0 0.0 (0.6) Solvency ratio (%) 14.8 12.2 14.8 12.2 15.1 Return on equity3) (%) 30.1 24.1 30.1 24.1 22.5 Share ratios Earnings per share,4) basic (EUR) 1.11 0.76 1.11 0.76 0.78 Earnings per share,4) diluted (EUR) 1.11 0.76 1.11 0.76 0.77 Dividend per share (EUR) - - - - 0.1 Dividend pay-out ratio (%) - - - - 12.9 Share price, end of period (DKK) 184.6 95.0 184.6 95.0 173.4 Number of shares, end of period (million) 996 1,010 996 1,010 1,010 Number of shares outstanding, end of period (million) 983 998 983 998 990 Operational key figures Order intake (bnEUR) 3.4 2.2 8.6 6.1 17.4 Order intake (MW) 3,349 2,009 7,853 5,144 16,292 Order backlog – wind turbines (bnEUR) 36.0 31.4 36.0 31.4 33.2 Order backlog – wind turbines (MW) 32,557 29,244 32,557 29,244 31,026 Order backlog – service (bnEUR) 40.9 35.9 40.9 35.9 38.7 Produced and shipped wind turbines (MW) 5,475 3,650 9,180 7,271 13,374 Produced and shipped wind turbines (number) 846 784 1,515 1,539 2,737 Deliveries (MW) 3,504 2,808 6,319 5,173 14,537 1) Free cash flow adjusted for acquisitions and divestments of businesses and activities, lease liability repayment, special items, net investments in joint ventures and associates that are deemed outside Vestas’ core business activities, net investments in marketable securities, and other financial assets. 2) The ratios have been calculated in accordance with the guidelines from The Danish Finance Society (Recommendations & Financial ratios). 3) Calculated on a Last Twelve Months (LTM) basis. 4) Earnings per share has been calculated over a 12-month period and in accordance with IAS 33 on earnings per share.
Page 5
Vestas Wind Systems A/S Page 5 of 26 Interim Report – Second Quarter 2026 Sustainability key figures For general definitions and specifications on these sustainability key figures, refer to the Sustainability statement of the Vestas Annual Report 2025. 1) From 2025 onwards, this KPI is reported in percentage terms. Prior-year figures have been calculated from thousand tonnes (1,000t) for consistency. 2) Data only reported on an annual basis. 3) TRIR and LTIR for Q2 2025 have been restated to 2.6 (from 3.0) and 1.1 (from 1.2) following an improved methodology for calculating working hours, which form the denominator. Refer to pages 82 and 102 in the Annual Report 2025. 4) The increase in employees during Q2 2026 is largely driven by the acquisition of blade manufacturing activities in India and Mexico. 5) For the definition of ‘Women in leadership positions’ and ’Women in top management’, refer to the accounting policies on page 104 in the Annual Report 2025. Q2 2026 LTM Q2 2025 LTM FY 2025 Environmental Utilisation of resources Consumption of energy (GWh) 737 671 677 - of which renewable energy (GWh) 256 223 235 - of which renewable electricity (GWh) 204 174 187 Renewable energy (%) 35 33 35 Renewable electricity for own activities (%) 100 100 100 Waste Volume of waste from own operations (1,000 t) 62 51 54 - of which collected for recycling1) (%) 65 68 69 Recyclability rate of hub and blade2) (%) // // 94 Recyclability rate of total turbine2) (%) // // 97 Material efficiency (tonnes of waste excl. recycled per MW produced and shipped) 1.4 1.2 1.3 GHG emissions Scope 1 GHG emissions (1,000 t CO2e) 117 109 108 Scope 2 GHG emissions, market-based (1,000 t CO2e) 1 1 1 Scope 3 GHG emissions2) (million t CO2e) // // 9.34 Scope 3 GHG emission intensity (target value)2) (kg CO2e per MWh generated) // // 6.39 Products Expected GHG avoided over the lifetime of the capacity produced and shipped during the period (million t CO2e) 535 480 463 Expected annual GHG avoided by the total aggregated installed fleet at the end of the period (million t CO2e) 263 245 245 Social Safety (own workforce) Total Recordable Injuries per million working hours (TRIR)3) 2.9 2.6 2.7 Lost Time Injuries per million working hours (LTIR)3) 1.3 1.1 1.1 Total Recordable Injuries (number) 299 251 270 - of which Lost Time Injuries (number) 133 101 110 - of which fatal injuries (number) 0 1 0 Employees Employees, end of period (FTEs)4) 39,520 36,347 36,973 Diversity and inclusion Women in the Board of Directors, end of period (%) 46 50 50 Women in top management,5) end of period (%) 27 29 31 Women in leadership positions,4) end of period (%) 25 25 25 Human rights2) Community grievances (number) // // 14 Social Due Diligence on projects in scope (%) // // 20 Governance Whistle-blower system2) EthicsLine compliance cases (number) // // 922 - of which substantiated // // 175 - of which unsubstantiated // // 575
Page 6
Vestas Wind Systems A/S Page 6 of 26 Interim Report – Second Quarter 2026 Financial and operational performance Group performance Income statement Revenue Revenue in the second quarter of 2026 amounted to EUR 4,723m (Q2 2025: EUR 3,745m), an increase of 26.1 percent, primarily driven by an increase in MW delivered in Power Solutions and to a lesser degree driven by higher average prices on MW delivered. Revenue for the second quarter of 2026 reflected a negative impact of EUR 15 m from foreign exchange rates compared to same period in 2025. For the first half of the year, revenue amounted to EUR 8,689m (H1 2025: EUR 7,213m), an increase of 20.5 percent, primarily driven by the same factors as for the quarter. Revenue reflected a negative impact of EUR 136m from developments in foreign exchange rates compared to same period in 2025. Revenue and EBIT margin before special items mEUR and percentage Gross profit Gross profit amounted to EUR 801m in the second quarter of 2026, corresponding to a gross margin of 17.0 percent (Q2 2025: EUR 417m; 11.1 percent). The increase was attributable to continued improved profitability from both Onshore and Offshore project execution. Gross profit in the first half of 2026 amounted to EUR 1,272m, equal to a margin of 14.6 percent of revenue (H1: 2025: EUR 776m; 10.8 percent). The increase was primarily driven by the same factors as impacting the quarter. Warranty costs Warranty costs amounted to EUR 141m in the second quarter of 2026 (Q2 2025: EUR 115m). The warranty costs are equivalent to a warranty ratio of 3.0 percent of revenue, which is slightly lower than the same period last year (Q2 2025: 3.1 percent) and lower than 3.2 percent for full year 2025. For the first half of 2026, warranty costs amounted to EUR 260m (H1 2025: EUR 233m). The warranty cost s are equivalent to a warranty ratio of 3.0 percent of revenue (H1 2025: 3.2 percent). Research and development costs, Distribution costs and Administration costs Total research and development, distribution and administration costs amounted to EUR 356m in the second quarter of 2026 (Q2 2025: EUR 360m), equivalent to 7.0 percent of revenue calculated over a 12-month period (Q2 2025: 7.4 percent). Research and development costs recognised in the income statement amounted to EUR 115m in the second quarter of 2026 (Q2 2025: EUR 119m). Distribution costs amounted to EUR 110m in the second quarter of 2026 (Q2 2025: EUR 131m). The decrease was driven by lower depreciations related to transport equipment and IT costs. Administration costs amounted to EUR 131m in the second quarter of 2026 (Q 2 2025: EUR 110m). The increase was driven by higher IT and employee related costs including costs related to the acquisition of the blade factory in Poland announced in the second half of 2025. Depreciation, amortisation, and impairment In the second quarter of 2026, overall depreciation, amortisation, and impairment before special items amounted to EUR 298m (Q2 2025: EUR 258m). The increase is according to plan and primarily attributable to investments in the V236 -15.0 MWTM platform including related production equipment and tools. Operating profit (EBIT) before special items EBIT before special items amounted to EUR 446m in the second quarter of 2026, equivalent to an EBIT margin of 9.4 percent (Q2 2025: EUR 57m; 1.5 percent). The positive development was primarily driven by improved profitability in the Power Solutions segment. For the first half of 2026, EBIT before special items amounted to EUR 573m, equal to an EBIT margin of 6.6 percent (H1 2025: EUR 71m; 1.0 percent), driven by the same factors impacting the quarter. Operating profit (EBIT) In second quarter of 2026, EBIT after special items amounted to EUR 419m, equivalent to a margin of 8.9 percent (Q2 2025: EUR 57m; 1.5 percent). The quarter was impacted by EUR 27 m of special items, mainly related to the Operating Model Reset programme. EBIT after special items in the first half of 2026 amounted to EUR 511m, equivalent to an EBIT margin after special items of 5.9 percent (H1 2025: EUR 77m; 1.1 percent). Net financial items Financial items amounted to a net loss of EUR 48m in the second quarter of 2026 (Q2 2025: loss of EUR 9m).
Page 7
Vestas Wind Systems A/S Page 7 of 26 Interim Report – Second Quarter 2026 The higher net loss was primarily driven by development in foreign exchange rates and guarantee fees. Income tax Income tax amounted to EUR 90m, equivalent to an effective tax rate of 24 percent in the second quarter of 2026 (Q2 2025: effective tax rate of 25 percent). Net result for the period The net result amounted to an income of EUR 285m in the second quarter of 2026 (Q2 2025: income of EUR 34m). Financial ratios Earnings per share calculated over a 12-month period amounted to EUR 1.11 in the second quarter of 2026 (Q2 2025: EUR 0.76). The increase of EUR 0.35 was driven by the higher result in the period. Return on capital employed (ROCE) before special items calculated over a 12-month period was 16.5 percent in the second quarter of 2026 (Q2 2025: 11.5 percent), an increase compared to 2025, primarily driven by the higher operating profit before special items in the period. Working capital and free cash flow Net working capital Net working capital amounted to a net liability of EUR 2,253m as at 30 June 2026 (30 June 2025: a net liability of EUR 2,288m). Cash flow from operating activities Cash flow from operating activities was EUR 419m in the second quarter of 2026 ( Q2 2025: EUR 120m). The positive development in cash flow compared to last year reflects improved operating profit. Cash flow from operating activities was EUR 130m in the first half of 2026 (H1 2025: EUR 148m). The cash benefit from higher operating profit was offset by the increase in net working capital in the first half of 2026. Total investments Total investments 1 amounted to a net outflow of EUR 278m in the second quarter of 2026 (Q2 2025: outflow of EUR 288m) and a net outflow of EUR 476 in the first half year of 2026 (H1 2025: net outflow of EUR 595m). The investment level compared to last year decreased due to less investments related to the manufacturing ramp-up of the V236-15.0 MWTM platform. Adjusted free cash flow Adjusted free cash flow amounted to positive EUR 94 m in the second quarter of 2026 ( Q2 2025: negative EUR 227m). The improvement was primarily driven by increased cash flow from operating activities. Adjusted free cash flow amounted to negative EUR 439m in the first half of 2026 (H1 2025: negative EUR 552m). 1) Total cash flows from the purchase of intangible assets and property, plant, and equipment, net of proceeds from the sale of intangible assets and property, plant, and equipment. Adjusted free cash flow mEUR *) Includes net investments in joint ventures and associates, outside core business. Capital structure and financing items Equity and solvency ratio As at 30 June 2026, total equity amounted to EUR 3,965m (30 June 2025: EUR 3,120m) and the solvency ratio increased 2.6 percentage points to 14.8 percent as at 30 June 2026 compared to 30 June 2025. The improved solvency was primarily attributable to higher 12-months earnings, partially offset by dividend paid out in the second quarter of 2026 and share buybacks. Net interest-bearing position As at 30 June 2026, the net interest -bearing position amounted to EUR 92m (30 June 2025: negative EUR 7m). The positive development was a result of the positive free cash flow during the last 12 months. Cash and cash equivalents amounted to EUR 3,462m as at 30 June 2026, compared to EUR 3,056m at the end of the second quarter of 2025. The ratio net interest-bearing debt/EBITDA was 0.0 as at 30 June 2026, on par with 0.0 at the end of the second quarter of 2025 and remains within our targeted range of -1x to +1x. In March 2026, Vestas successfully issued a EUR 500m Eurobond maturing in 2033, Vestas successfully issued a EUR 500m Eurobond maturing in 2033; the proceeds were used to repay the existing EUR 500m Eurobond which matured in second quarter 2026. In line with Vestas’ capital structure strategy, the Board has decided to initiate a new share buy -back of EUR 400m, in accordance with the authorisation granted at the Annual General Meeting in April 2026. Q2 2026 Q2 2025 H1 2026 H1 2025 Cash flow from operating activities 419 120 130 148 Cash flow from investing activities (363) (291) (554) (610) Free cash flow 56 (171) (424) (462) Net acquisitions in businesses/activities* 83 - 71 (18) Payment of lease liabilities (74) (61) (143) (111) Special items 27 2 50 8 Investments in financial assets 2 3 7 31 Adjusted free cash flow 94 (227) (439) (552)
Page 8
Vestas Wind Systems A/S Page 8 of 26 Interim Report – Second Quarter 2026 Power Solutions Result for the period In the second quarter of 2026, revenue from the Power Solutions segment amounted to EUR 3,827m (Q2 2025: EUR 2, 797m), which corresponds to a 36.8 percent increase compared to the second quarter of 2025. The increase was primarily driven by a higher volume of MW delivered on both Onshore and Offshore projects, and to a lesser degree driven by higher average prices on MW delivered. Revenue in the second quarter of 2026 reflected a negative impact of EUR 9m from foreign exchange rates compared to the same period in 2025. In the first half of 2026 , revenue in the Power Solutions segment amounted to EUR 6,958m, an increase of 30.2 percent compared to the same period last year (H1 2025: EUR 5,345m). The increase was primarily driven by higher volume of MW delivered on Offshore projects . The first half of the year reflected a negative impact of EUR 93m from developments in foreign exchange rates compared to 2025. EBIT before special items amounted to EUR 397m in the second quarter of 2026, equal to an EBIT margin of 10.4 percent (Q 2 2025: negative EUR 11m; negative 0.4 percent). The EBIT margin increased by 10.8 percentage points, highlighting benefits from operating leverage, and continued improved profitability from both Onshore and Offshore project execution. In the first half of 202 6, EBIT before special items amounted to EUR 483m, equal to an EBIT margin before special items of 6.9 percent, 8.2 percentage point above the same period last year (H1 2025: negative EUR 71m, negative 1.3 percent), driven by the same factors mentioned above. Power Solutions revenue and EBIT margin before special items mEUR and percentage Wind turbine order intake In the second quarter of 2026, wind turbine order intake amounted to 3,349 MW, corresponding t o a value of EUR 3.4bn (Q 2 2025: 2,009 MW; EUR 2.2bn). This represents an increase of 67 percent in MW order intake compared to the second quarter of 2025. The increase was driven by a strong Onshore order intake in the Americas in the quarter. There was no offshore order intake in the quarter. The average selling price (ASP) per MW was EUR 1.00m in the second quarter of 2026, compared to EUR 1.11m in the second quarter of 2025. The lower ASP was driven by the higher level of order intake in the Americas with low-scope projects. Wind turbine order intake, second quarter 2026 MW EMEA Ameri- cas Asia Pacific Total Onshore order intake 1,522 1,759 68 3,349 Offshore order intake - - - - Total order intake 1,522 1,759 68 3,349 Wind turbine deliveries Deliveries to customers amounted to 3,504 MW in the second quarter of 2026 (Q2 2025: 2,808 MW), which corresponds to a 25 percent increase compared to second quarter of 2025, primarily driven by higher deliveries in EMEA. Offshore deliveries in creased from 320 MW in the second quarter of 2025 to 776 MW in the second quarter of 2026. Deliveries MW By the end of June 2026, Vestas had installed a total capacity of 207 GW in 88 countries.
Page 9
Vestas Wind Systems A/S Page 9 of 26 Interim Report – Second Quarter 2026 Deliveries (onshore and offshore) MW Q2 2026 Q2 2025 FY 2025 Germany 816 396 2,067 France 177 38 474 United Kingdom 158 61 346 South Africa 142 60 312 Portugal 140 1 41 Spain 124 154 527 Netherlands 107 21 171 Poland 52 153 992 Austria 40 29 221 Sweden 35 74 351 Greece 23 - 140 Belgium 17 11 78 Italy 13 72 452 Ukraine 13 62 400 Romania 8 26 269 Lithuania 2 18 290 Turkey - 24 156 Denmark - 1 2 Finland - 1 28 Ireland - 1 3 Czech Republic - - 7 Switzerland - - 7 Martinique - - 6 Cyprus - - 5 EMEA 1,867 1,203 7,345 o/w Offshore 567 267 1,691 USA 1,129 771 3,773 Brazil 72 378 1,282 Argentina 17 - 106 Canada - 51 340 Chile - 43 39 Mexico - - 260 Dominican Rep. - - 41 Costa Rica - - 34 Americas 1,218 1,243 5,875 o/w Offshore 199 2 22 Australia 177 217 725 New Zealand 155 - - Japan 68 47 234 China 13 - 32 Taiwan 6 24 157 South Korea - 71 166 India - 3 3 Asia Pacific 419 362 1,317 o/w Offshore 10 51 264 Total 3,504 2,808 14,537 o/w Offshore 776 320 1,977 Wind turbine order backlog At the end of the second quarter of 2026, the wind turbine order backlog amounted to 32,557 MW , corresponding to a value of EUR 36.0bn (30 June 2025: 29,244 MW; EUR 31.4bn), of which EUR 12.0bn relates to Offshore wind power projects. The order backlog was positively impacted by significant Onshore order intake in Germany and the US, as well as Offshore order intake in the UK and South Korea. Order backlog per region MW EMEA Ameri- cas Asia Pacific Total Total backlog as at 30 June 2025 17,530 8,664 3,050 29,244 Order intake 10,743 7,152 1,106 19,001 Deliveries (8,985) (5,425) (1,278) (15,688) Total backlog as at 30 June 2026 19,288 10,391 2,878 32,557 o/w Offshore 7,617 529 1,178 9,324 Development business In the second quarter of 2026, Vestas’ pipeline of development projects amounted to 24.4 GW, allocated with 14.9 GW in Asia Pacific, 6. 7 GW in the Americas and 2.8 GW in EMEA, with Australia and the USA being the countries with the largest project pipelines.
Page 10
Vestas Wind Systems A/S Page 10 of 26 Interim Report – Second Quarter 2026 Service Result for the period The Service segment generated revenue of EUR 896m in the second quarter of 2026 (Q2 2025: EUR 948m), which corresponds to a 5.5 percent decrease compared to the second quarter of 2025. The decreased revenue was driven by lower contract activity of EUR 34m in primarily EMEA and Americas as well as lower transactional sales of EUR 18m. The Service recovery plan is progressing, and we see operational improvements driving lower cost levels which contribute to the lower activity from contracts. Foreign exchange rates had a EUR 7m negative effect on revenue compared to the same period in 2025. In the first half of 2026, revenue from the Service segment amounted to EUR 1,731m (H1 2025: EUR 1,868m), a 7.3 percent decrease compared to first half of 2025. The decrease was primarily driven by lower contract activity in the same geographical areas impacting the quarter. Foreign exchange rates had a EUR 43m negative effect on revenue compared to the same period in 2025. Service revenue and EBIT margin before special items mEUR and percentage EBIT before special items amounted to EUR 149m in the second quarter of 2026, corresponding to an EBIT margin of 16.6 percent (Q2 2025: EUR 163m; 17.2 percent). The lower margin compared to last year was primarily driven by higher capacity costs related to depreciations on vessels. In the first half of 2026, EBIT before special items amounted to EUR 285m with an EBIT margin of 16.5 percent (H1 2025: EUR 329m; 17.6 percent). The lower margin compared to last year was attributable to lower profitability from contract business in addition to higher capacity costs from the same factor impacting the quarter. Wind turbines under service At the end of June 2026, Vestas had more than 56,000 wind turbines under service, equivalent to 166 GW. Lost Production Factor* Percent, LTM *Data calculated across more than 40,000 Vestas wind turbines under full -scope service. The lost production factor includes both onshore and offshore turbines. The Lost Production Factor (LPF) improved slightly during quarter. Service order backlog At the end of June 2026, Vestas had service contracts in the order backlog with expected contractual future revenue of EUR 40.9bn, an increase of EUR 5.0bn compared to end of the second quarter 2025 (30 June 2025: EUR 35.9bn). The service backlog increased EUR 1.3bn from indexation mechanisms in contracts and increased EUR 0.2bn due to development in foreign exchange rates. Service order backlog bnEUR At the end of the quarter, the average duration of the service order backlog was 11 years. (30 June 2025: 11 years).
Page 11
Vestas Wind Systems A/S Page 11 of 26 Interim Report – Second Quarter 2026 Sustainability performance The Vestas Sustainability Strategy Vestas stands at the forefront of the energy transition to provide affordable, secure, and sustainable energy to the energy systems of the future. Our global sustainability strategy, ‘Sustainability in everything we do’, is based on four strategic areas: Science-based decarbonisation of our operations and supply chain; produce zero-waste wind turbines; be the safest, most inclusive, and socially responsible company in the industry; and lead the transition towards a world powered by sustainable energy. Carbon footprint At the end of the second quarter of 2026, turbines produced and shipped in the last 12 months are expected to avoid 535 million tonnes of CO 2e over the course of their lifetime. This represents an increase of 55 million tonnes compared with the equivalent twelve- month period in the previous year, primarily driven by an increase in the volume of MW produced and shipped. In the last 12 months, our total Scope 1 and 2 GHG emissions increased by 7 percent to 118 thousand tonnes from 110 thousand tonnes. The increase in our total Scope 1 and 2 emissions is driven by a higher share of Offshore activities. Scope 3 GHG emissions are reported annually in the Annual Report. Circularity Our recycling rate is 65 percent in the period, down from 68 percent in the comparable 12 months in the prior year, primarily driven by changes in product mix and increased manufacturing activity. This development also impacted our material efficiency rate, defined as the volume of non -recycled waste per MW produced and shipped. In the last 12 months, the rate increased from 1.2 tonnes to 1.4 tonnes. . Safety Over the past 12 months, our Total Recordable Injury Rate (TRIR) increased to 2.9, compared to 2.6 1 in the comparable 12 months in the prior year. While Service operations continued a downward trend in injury rates, the overall increase was primarily driven by manufacturing and installation activities. There were no fatalities in our own workforce, which is defined as Vestas employees, as well as contractors and sub-contractors working under Vestas’ supervision and control. Development in Total Recordable Injury Rate (TRIR)* Last Twelve Months (LTM) basis *Total Recordable Injury Rate (TRIR) figures from before 2024 have not been restated after the methodology change by end of 2025 and are therefore not represented in the graph. We remain focused on improving health and safety performance across the entire value chain and are committed to addressing the identified hotspots. We maintain a strong focus on high-risk events and recurring incidents through our Capacity Action Plans and the ongoing strengthening of risk control measures. 1) The comparative TRIR for the second quarter of 2025 (LTM basis) has been restated to 2.6 from 3.0 following an improved working hour methodology.
Page 12
Vestas Wind Systems A/S Page 12 of 26 Interim Report – Second Quarter 2026 Strategy, and financial and capital structure targets For an extended introduction to Vestas’ strategy, refer to the Annual Report 2025. Energy affordability, security and sustainability Renewables continue to be the most cost -effective source of new -build electricity generation, with the Levelised Cost of Electricity (LCoE) for onshore and offshore wind declining by around 60 –70 percent 1 over the past decade. Vestas will continue to drive affordability, while supporting the agenda of energy security through readily deployable solutions that reduce dependence on imported fuels and macroeconomic instability. At the same time, wind energy contributes to long-term sustainability through carbon-efficient power generation. This trifecta of affordability, security, and sustainability forms the foundation for achieving Vestas’ long-term ambitions. Business area strategy Onshore wind Onshore wind’s position in the future energy system continues to strengthen, with our addressable onshore market expected to reach 65 GW by 203 0. 2 In our strategic priorities for Onshore we are sharpening our focus on commercial momentum, competitiveness, cost efficiency, and customer proximity. By getting closer to our customers and reducing response times, we aim to reinforce a deal -enabling minds et and continuously deliver valuable growth. Offshore wind Despite macro challenges, the offshore wind market outside of China is expected to reach 11 GW of annual installations by 2030. 2 As we look towards the future, our strategic priority in the short term remains ensuring a stable and cost -effective ramp -up, with cost -out being the most critical factor, while our long-term priority is to maximise the V236- 15.0 MW ™ platform potential and the value it can deliver for Vestas and our customers. Service Vestas is the global leader in wind energy service solutions, with the largest service base across the industry. Our strategic priorities in Service build on the transformative aspects of the Service recovery plan, which runs until the end of 2026, to fundamentally reshape how we operate. We maintain our long-term ambition for Service to achieve an EBIT margin of 25 percent. Development The strategic priority for the Development business remains to grow profitably, by achieving project quality, maturing our pipeline in core markets and building on our industry expertise, intelligence, and experience. With our robust project pipeline, the outlook for this business area remains positive. Capital structure Our financial management goal is to ensure that Vestas remains resilient to economic and market fluctuations throughout the business cycle. We apply the following principles to capital allocation: • Reinvest into our existing business, including R&D, to deliver on our strategy and vision. • Make value-creating acquisitions to accelerate or increase profitable growth. • We are committed to maintaining a solid investment grade profile, targeting NIBD/EBITDA between - 1x and 1x through the cycle. • Return at least 40 percent of the company’s annual net result after tax to shareholders through a combination of dividend and share buybacks. Long-term sustainability ambitions We remain committed to a science- based decarbonisation of our own operations and supply chain. Our targets include reducing Scope 1 and 2 emissions by 50 percent and Scope 3 emissions by 45 percent per MWh generated, both by 2030. 3 Through our Circularity Roadmap we have outlined our work towards a fully circular value chain where we avoid waste, reuse materials, and fully integrate into a circular economy for our turbine components and materials, with the ultimate ambition of producing zero- waste wind turbines. Key initiatives include using 100 percent renewable electricity, transitioning our global fleet of vehicles and vessels to electric or renewable-fuels, and sourcing low- emission materials. Long-term financial ambitions Wind energy is our heritage and core competence. We have a market -leading competitive position to provide affordable, secure, and sustainable energy to a large addressable market that is expected to grow considerably in the years ahead. Strategically, we build long-term partnerships with customers and suppliers while we strive to be the best at what we do. We emphasise quality and cost-out initiatives to ensure long- term competitiveness. This will drive earnings growth and value creation, so we can free up cash to return to shareholders. Vestas has the following long-term financial ambitions: • Grow revenue faster than the market and be the market leader in revenue. • At least 10 percent EBIT margin before special items. • Positive adjusted free cash flow. • Achieve 20 percent ROCE over the cycle. 1) Bloomberg NEF, H1 2025 LCOE Update. April 2025. 2) Wood Mackenzie: Global wind power market outlook update: Q4 2025. November 2025 3) Baseline year: 2022
Page 13
Vestas Wind Systems A/S Page 13 of 26 Interim Report – Second Quarter 2026 Outlook 2026 Although ongoing geopolitical and tariff risks are likely to cause uncertainty, we expect revenue growth in 2026, driven by Power Solutions. Profitability is expected to improve, driven by revenue growth, progress in the manufacturing ramp-up, continued good project execution, and cost -out initiatives across the Vestas organisation. Based on the performance in the second quarter of 2026, and improved visibility for the remainder of the year, Vestas raises its outlook for 2026 and now expects an EBIT margin before special items of 7-9 percent (previously 6-8 percent). The outlook for revenue and total investments is unchanged at EUR 20-22bn and approx. EUR 1.2bn, respectively. The Service segment is still expected to generate an EBIT margin before special items of 15.5-17.5 percent in 2026. The above expectations are based on the assumption that the global geopolitical environment will not significantly change business conditions for Vestas during 2026, including energy or supply chain disruptions, changes to the regulatory environment, or other external conditions, such as bad weather, exchange rates, lack of grid connections and similar. In relation to forecasts on financials from Vestas in general, it should be noted that Vestas’ accounting policies only allow the recognition of revenue when the control has passed to the customer, either at a point in time or over time. Outlook 2026 Outlook Previous outlook Revenue (bnEUR) 20-22 20-22 EBIT margin (%) b.s.i. 7-9 6-8 Total investments1 (bnEUR) approx.1.2 approx.1.2 1 Total cash flows from the purchase of intangible assets and property, plant, and equipment, net of proceeds from the sale of intangible assets and property, plant, and equipment.
Page 14
Vestas Wind Systems A/S Page 14 of 26 Interim Report – Second Quarter 2026 Consolidated financial statements 1 January – 30 June Condensed income statement 1 January – 30 June mEUR Note Q2 2026 Q2 2025 H1 2026 H1 2025 Revenue 1.1, 1.2 4,723 3,745 8,689 7,213 Production costs (3,922) (3,328) (7,417) (6,437) Gross profit 801 417 1,272 776 Research and development costs (115) (119) (217) (229) Distribution costs (110) (131) (229) (257) Administration costs (131) (110) (254) (219) Income from investments in joint ventures and associates 1 - 1 - Operating profit/(loss) (EBIT) before special items 1.1 446 57 573 71 Special items 1.3 (27) - (62) 6 Operating profit/(loss) (EBIT) 419 57 511 77 Income from investments in joint ventures and associates 4 (2) 6 (1) Net financial items (48) (9) (50) (23) Profit/(loss) before tax 375 46 467 53 Income tax (90) (12) (112) (14) Profit/(loss) for the period 285 34 355 39 Profit/(loss) is attributable to: Shareholders of Vestas Wind Systems A/S 280 32 362 37 Non-controlling interests 5 2 (7) 2 Earnings per share (EPS) Earnings per share, basic (EUR) 0.28 0.03 0.37 0.04 Earnings per share, diluted (EUR) 0.28 0.03 0.37 0.04 Condensed statement of comprehensive income 1 January – 30 June mEUR Q2 2026 Q2 2025 H1 2026 H1 2025 Profit/(loss) for the period 285 34 355 39 Items that may be subsequently reclassified to the income statement: Exchange rate adjustments relating to foreign entities 33 (169) 78 (233) Fair value adjustments of derivative financial instruments for the period 38 (61) 33 (109) Gain/(loss) on derivative financial instruments transferred to the income statement (52) 35 (51) 30 Share of fair value adjustments of derivative financial instruments of joint ventures and associates - 1 - 1 Tax on items that may be reclassified to the income statement subsequently (0) 13 (1) 31 Other comprehensive income after tax for the period 19 (181) 59 (280) Total comprehensive income for the period 304 (147) 414 (241) Total comprehensive income/(loss) is attributable to: Shareholders of Vestas Wind Systems A/S 299 (147) 420 (241) Non-controlling interests 5 0 (6) 0 The above condensed statement of comprehensive income should be read in conjunction with the accompanying notes.
Page 15
Vestas Wind Systems A/S Page 15 of 26 Interim Report – Second Quarter 2026 Condensed balance sheet – Assets mEUR Note 30 June 2026 30 June 2025 31 December 2025 Goodwill 2.3 1,613 1,499 1,497 Completed development projects 1,085 903 1,147 Software 210 159 243 Other intangible assets 290 306 298 Development projects in progress 321 544 251 Total intangible assets 2.1 3,519 3,411 3,436 Land and buildings 504 397 489 Plant and machinery 351 236 229 Other fixtures, fittings, tools and equipment 1,156 725 1,047 Right-of-use assets 900 732 704 Property, plant and equipment in progress 190 453 323 Total property, plant and equipment 2.1 3,101 2,543 2,792 Investments in joint ventures and associates 544 560 568 Other investments 179 158 171 Tax receivables 680 890 648 Deferred tax 904 970 883 Other receivables 3.4 349 412 398 Financial investments 3.4 - 105 0 Total other non-current assets 2,656 3,095 2,668 Total non-current assets 9,276 9,049 8,896 Inventories 6,229 6,944 5,721 Trade receivables 1,621 1,318 1,476 Contract assets 3,254 2,364 2,747 Contract costs 903 914 566 Tax receivables 155 169 231 Other receivables 3.4 1,650 1,545 1,547 Financial investments 3.4 165 190 164 Cash and cash equivalents 3.2 3,462 3,056 4,384 Total current assets 17,439 16,500 16,836 Total assets 26,715 25,549 25,732 The above condensed balance sheet should be read in conjunction with the accompanying notes.
Page 16
Vestas Wind Systems A/S Page 16 of 26 Interim Report – Second Quarter 2026 Condensed balance sheet – Equity and liabilities mEUR Note 30 June 2026 30 June 2025 31 December) 2025 Share capital 3.1 27 27 27 Other reserves (171) (342) (215) Retained earnings 4,101 3,422 4,055 Equity attributable to shareholders of Vestas 3,957 3,107 3,867 Non-controlling interests 8 13 14 Total equity 3,965 3,120 3,881 Provisions 2.2 1,223 1,346 1,292 Deferred tax 272 223 225 Financial debts 3.4 3,203 2,612 2,592 Tax payables 763 804 699 Other liabilities 3.4 294 238 196 Total non-current liabilities 5,755 5,223 5,004 Provisions 2.2 712 885 766 Contract liabilities 9,998 9,884 9,270 Financial debts 3.4 332 746 782 Trade payables 4,948 4,393 4,766 Tax payables 41 202 115 Other liabilities 3.4 964 1,096 1,148 Total current liabilities 16,995 17,206 16,847 Total liabilities 22,750 22,429 21,851 Total equity and liabilities 26,715 25,549 25,732 The above condensed balance sheet should be read in conjunction with the accompanying notes.
Page 17
Vestas Wind Systems A/S Page 17 of 26 Interim Report – Second Quarter 2026 Condensed statement of changes in equity – six months 2026 Reserves mEUR Share capital Transla- tion reserve Cash flow hedging reserve Other reserves Total reserves Retained earnings Non- control- ling interests Total Equity as at 1 January 2026 27 (248) 31 2 (215) 4,055 14 3,881 Profit/(loss) for the period - - - - - 362 (7) 355 Other comprehensive income for the period - 77 (19) - 58 - 1 59 Total comprehensive income for the period - 77 (19) - 58 362 (6) 414 Transfer of cash flow hedge reserve to the initial carrying amount of hedged items - - (14) - (14) - - (14) Transactions with shareholders: Acquisition of treasury shares - - - - - (222) - (222) Reduction of share capital (0) - - - - 0 - - Dividends distributed - - - - - (98) - (98) Dividends distributed related to treasury shares - - - - - 0 - 0 Share-based payments - - - - - 13 - 13 Tax on equity transactions - - - - - (9) - (9) Total transactions with shareholders (0) - - - - (316) - (316) Equity as at 30 June 2026 27 (171) (2) 2 (171) 4,101 8 3,965 Condensed statement of changes in equity – six months 2025 Reserves mEUR Share capital Transla- tion reserve Cash flow hedging reserve Other reserves Total reserves Retained earnings Non- control- ling interests Total Equity as at 1 January 2025 27 (48) (31) 1 (78) 3,580 13 3,542 Profit/(loss) for the period - - - - - 37 2 39 Other comprehensive income for the period - (231) (48) 1 (278) - (2) (280) Total comprehensive income for the period - (231) (48) 1 (278) 37 (0) (241) Transfer of cash flow hedge reserve to the initial carrying amount of hedged items - - 14 - 14 - - 14 Transactions with shareholders: Acquisition of treasury shares - - - - - (132) - (132) Dividends distributed - - - - - (75) - (75) Dividends distributed related to treasury shares - - - - - 1 - 1 Share-based payments - - - - - 18 - 18 Tax on equity transactions - - - - - (7) - (7) Total transactions with shareholders - - - - - (195) - (195) Equity as at 30 June 2025 27 (279) (65) 2 (342) 3,422 13 3,120 The above condensed statement of changes in equity should be read in conjunction with the accompanying notes.
Page 18
Vestas Wind Systems A/S Page 18 of 26 Interim Report – Second Quarter 2026 Condensed cash flow statement 1 January – 30 June The above condensed cash flow statement should be read in conjunction with the accompanying notes. mEUR Note Q2 2026 Q2 2025 H1 2026 H1 2025 Profit/(loss) for the period 285 34 355 39 Adjustment for non-cash transactions 341 149 504 551 Interest paid / received, net (52) (33) (44) (43) Income tax paid (43) (126) (30) (150) Cash flow from operating activities before change in net working capital 531 24 785 397 Change in net working capital (112) 96 (655) (249) Cash flow from operating activities 419 120 130 148 Purchase of intangible assets (80) (101) (160) (229) Purchase of property, plant and equipment (198) (187) (316) (366) Acquisition of subsidiaries 2.3 (97) - (97) - Dividends from investments in joint ventures and associates 12 - 25 18 Purchase of other non-current financial assets (2) 25 (7) (31) Proceeds from sale of other non-current financial assets - (28) - - Proceeds from sale of investments in joint ventures and associates 2 - 1 (2) Cash flow from investing activities (363) (291) (554) (610) Free cash flow 56 (171) (424) (462) Payment of lease liabilities (74) (61) (143) (111) Proceeds from borrowings 28 16 535 83 Payment of financial debt (535) (20) (573) (52) Dividend paid (98) (74) (98) (74) Acquisition of treasury shares (129) (32) (222) (132) Cash flow from financing activities (808) (171) (501) (286) Net change in cash and cash equivalents (752) (342) (925) (748) Cash and cash equivalents at the beginning of period 4,214 3,407 4,384 3,817 Exchange rate adjustments of cash and cash equivalents 0 (9) 3 (13) Cash and cash equivalents at the end of the period 3.2 3,462 3,056 3,462 3,056
Page 19
Vestas Wind Systems A/S Page 19 of 26 Interim Report – Second Quarter 2026 Notes 1 Result for the period 1.1 Segment information mEUR Power Solutions Service Not allocated Total Group Q2 2026 Revenue 3,827 896 - 4,723 Income from investments in joint ventures and associates 1 - - 1 Total revenue 3,828 896 - 4,724 Total costs (3,431) (747) (100) (4,278) Operating profit/(loss) (EBIT) before special items 397 149 (100) 446 Special items (17) (5) (5) (27) Operating profit/(loss) (EBIT) 380 144 (105) 419 Income from investments in joint ventures and associates - - 4 4 Net financial items - - (48) (48) Profit/(loss) before tax 375 Amortisation and depreciation included in total costs (229) (57) (12) (298) mEUR Power Solutions Service Not allocated Total Group Q2 2025 Revenue 2,797 948 - 3,745 Total revenue 2,797 948 - 3,745 Total costs (2,808) (785) (95) (3,688) Operating profit/(loss) (EBIT) before special items (11) 163 (95) 57 Special items - - - - Operating profit/(loss) (EBIT) (11) 163 (95) 57 Income from investments in joint ventures and associates - - (2) (2) Net financial items - - (9) (9) Profit/(loss) before tax 46 Amortisation and depreciation included in total costs (196) (52) (10) (258)
Page 20
Vestas Wind Systems A/S Page 20 of 26 Interim Report – Second Quarter 2026 1.1 Segment information (continued) mEUR Power Solutions Service Not allocated Total Group H1 2026 Revenue 6,958 1,731 - 8,689 Income from investments in joint ventures and associates 1 - - 1 Total revenue 6,959 1,731 - 8,690 Total costs (6,476) (1,446) (195) (8,117) Operating profit/(loss) (EBIT) before special items 483 285 (195) 573 Special items (44) (9) (9) (62) Operating profit/(loss) (EBIT) 439 276 (204) 511 Income from investments in joint ventures and associates - - 6 6 Net financial items - - (50) (50) Profit/(loss) before tax 467 Amortisation and depreciation included in total costs (437) (108) (26) (571) mEUR Power Solutions Service Not allocated Total Group H1 2025 Revenue 5,345 1,868 - 7,213 Total revenue 5,345 1,868 - 7,213 Total costs (5,416) (1,539) (187) (7,142) Operating profit/(loss) (EBIT) before special items (71) 329 (187) 71 Special items 6 - - 6 Operating profit/(loss) (EBIT) (65) 329 (187) 77 Income from investments in joint ventures and associates - - (1) (1) Net financial items - - (23) (23) Profit/(loss) before tax 53 Amortisation and depreciation included in total costs (367) (98) (21) (486)
Page 21
Vestas Wind Systems A/S Page 21 of 26 Interim Report – Second Quarter 2026 1.2 Revenue Vestas generates revenue from the sale of wind turbine components (Supply -only), fully installed wind turbines (Supply - and-installation) and wind power plants (EPC/Turnkey) as well as from service contracts and transactional sales (spare parts, repairs, etc.). Revenue is recognised differently across revenue streams based on Vestas’ accounting policies, as described in the Annual Report 2025. Disaggregation of revenue In the following section, revenue is disaggregated for the two reportable segments, by primary geographical market, major contract types, and timing of revenue recognition. mEUR Power Solutions Service Total Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Timing of revenue recognition Products and services transferred at a point in time 2,123 1,825 129 134 2,252 1,959 Products and services transferred over time 1,704 972 767 814 2,471 1,786 3,827 2,797 896 948 4,723 3,745 Revenue from contract types Supply-only (at a point in time) 996 867 - - 996 867 Supply-and-installation (at a point in time) 1,127 958 - - 1,127 958 Supply-and-installation (over time) 1,357 589 - - 1,357 589 EPC/Turnkey (over time) 347 383 - - 347 383 Transactional sales (at a point in time) - - 129 134 129 134 Service contracts (over time) - - 767 814 767 814 3,827 2,797 896 948 4,723 3,745 Primary geographical markets EMEA 2,030 1,242 507 537 2,537 1,779 Americas 1,271 1,115 278 316 1,549 1,431 Asia Pacific 526 440 111 95 637 535 3,827 2,797 896 948 4,723 3,745 mEUR Power Solutions Service Total H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Timing of revenue recognition Products and services transferred at a point in time 3,597 3,532 245 246 3,842 3,778 Products and services transferred over time 3,361 1,813 1,486 1,622 4,847 3,435 6,958 5,345 1,731 1,868 8,689 7,213 Revenue from contract types Supply-only 1,711 1,740 - - 1,711 1,740 Supply-and-installation (at a point in time) 1,886 1,792 - - 1,886 1,792 Supply-and-installation (over time) 2,667 1,134 - - 2,667 1,134 EPC/Turnkey (over time) 694 679 - - 694 679 Transactional sales (at a point in time) - - 245 246 245 246 Service contracts (over time) - - 1,486 1,622 1,486 1,622 6,958 5,345 1,731 1,868 8,689 7,213 Primary geographical markets EMEA 3,956 2,003 950 1,054 4,906 3,057 Americas 2,042 2,399 578 634 2,620 3,033 Asia Pacific 960 943 203 180 1,163 1,123 6,958 5,345 1,731 1,868 8,689 7,213
Page 22
Vestas Wind Systems A/S Page 22 of 26 Interim Report – Second Quarter 2026 1.3 Special items mEUR Q2 2026 Q2 2025 H1 2026 H1 2025 Write-down of inventory - - (17) 6 Impairment loss on intangible and tangible assets - - (1) - Staff costs (9) - (25) - Consultancy and other costs (18) - (19) - Special items (27) - (62) 6 During the first half of 2026, Vestas recognised costs of EUR 62m in special items , of which EUR 59m relate s to the ‘Operating Model Reset’ programme. This includes a write-down of inventory of EUR 17m not expected to be recovered, related to a few Development projects, impairment loss on intangible and tangible assets of EUR 1m, additional severance provisions of EUR 25m, and consultancy costs of EUR 16m (Other costs). During the first half of 2025, a net income of EUR 6m was recognised in special items related to the Russian invasion of Ukraine. 2 Other operating assets and liabilities 2.1 Intangible assets and property, plant and equipment Vestas completed development projects of EUR 90m in the first half of 2026, primarily related to development across existing platforms. In the first half of 2026 , Vestas acquired assets with a cost of EUR 316 m mainly related to transport equipment and construction tools, compared to EUR 366m in the first half of 2025. Additions to lease contracts recognised as right-of-use assets during the first half of 2026 amounted to EUR 317m mainly related to new vessel and property leases, compared to EUR 197m in the first half of 2025. In addition, Vestas acquired property, plant and equipment as part of the business acquisitions. See note 2.3. 2.2 Warranty provisions (included in provisions) mEUR 30 June 2026 30 June 2025 31 December 2025 Warranty provisions, 1 January 1,929 2,060 2,060 Provisions for the period 259 286 651 Warranty provisions consumed during the period (367) (325) (782) Warranty provisions 1,821 2,021 1,929 The provisions are expected to be payable as follows: Non-current 1,184 1,309 1,255 Current 637 712 674 Carrying amount as at 30 June 1,821 2,021 1,929 During the first half of 2026, net warranty provisions charged to the income statement was EUR 260m (EUR 233m in the first half of 2025), equivalent to 3 percent of revenue. The net amount consists of a gross warranty provision of EUR 259m, plus a net adjustment to supplier claims of EUR 1m. In general, provisions are made for all expected costs associated with wind turbine repairs or replacements, and any reimbursement from other involved parties is not offset unless a written agreement has been made to that effect. Provisions are made to cover possible costs of remedy and other costs in accordance with specific agreements. The provisions are based on estimates, and actual costs may deviate substantially from such estimates.
Page 23
Vestas Wind Systems A/S Page 23 of 26 Interim Report – Second Quarter 2026 2.3 Acquisition of businesses During the second quarter of 2026, Vestas acquired two blade manufacturing factories in India and Mexico, respectively. The main assets acquired were property, plant, and equipment , as well as goodwill related to the value of supply chain synergies and assembled workforce. The business acquisitions have been considered immaterial both individually and collectively. 3 Capital structure and financing items 3.1 Share capital Treasury shares Number of shares 30 June 2026 30 June 2025 31 December 2025 Treasury shares as at 1 January 19,449,943 4,104,643 4,104,643 Purchases for the period 9,553,700 9,385,671 16,478,471 Cancellation for the period (14,305,800) - - Vested treasury shares for the period (1,672,642) (1,133,171) (1,133,171) Treasury shares 13,025,201 12,357,143 19,449,943 Each share has a nominal value of DKK 0.20. 3.2 Cash and cash equivalents mEUR 30 June 2026 30 June 2025 31 December 2025 Cash and cash equivalents without disposal restrictions 3,451 3,029 4,367 Cash and cash equivalents with disposal restrictions 11 27 17 Cash and cash equivalents 3,462 3,056 4,384 3.3 Financial risks Management of financial risks, including liquidity, credit and market risks, is core to Vestas. This is governed by policies, and these are addressed in the notes to the consolidated financial statements in the Annual Report 2025, note 4.1 (Financial risk management), pages 158–162. The risks in 2026 remain similar in nature. As at 30 June 2026, Vestas had EUR 3,462m of cash and cash equivalents. Additionally, Vestas has a committed credit facility of EUR 2,000m maturing in April 2028, and uncommitted credit facilities of EUR 475m. As at 30 June 2026, EUR 771m of the committed credit facility was converted into ancillary bank guarantee issuance facilities, leaving EUR 1,704m available for cash drawing and/or issuance of guarantees. 3.4 Financial instruments Financial investments consist of interest-bearing investments that do not meet the definition for cash and cash equivalents. As at 30 June 2026, financial investments comprised deposits with fair value of EUR 165m, equal to book value. Derivative financial instruments were positive with a market value of net EUR 29m, equal to book value, and were recognised in other receivables and other liabilities with EUR 478m and EUR 449m, respectively. As at 30 June 2026, the carrying amount of the sustainability -linked bonds issued by Vestas amounted to EUR 1,986m and the fair value amounted to EUR 1,938m. Financial instruments measured at fair value have been categorised into level 1, 2, and 3 as addressed in the Annual Report 2025, note 4.3, page 166. Financial instrument assets categorised within level 3 comprise other investments and contingent consideration. As at 30 June 2026, the fair value of other investments amounted to EUR 149m, and that of contingent consideration amounted to EUR 69m. Valuation methods remain unchanged from the description in the Annual Report 2025 and with no significant changes in fair values.
Page 24
Vestas Wind Systems A/S Page 24 of 26 Interim Report – Second Quarter 2026 4 Other disclosures 4.1 Related party transactions Vestas has had the following material transactions with joint ventures and associates: mEUR Q2 2026 Q2 2025 H1 2026 H1 2025 Joint ventures Capital contributions - 0 - 0 Other assets as at 30 June 3 2 3 2 Other liabilities as at 30 June 1 - 1 - Associates Revenue for the period 17 1 20 2 Proceeds from investments in associates 12 0 25 18 Capital contributions 0 0 1 2 Trade receivables as at 30 June 11 2 11 2 No other significant changes have occurred with related parties or types and scale of transactions with these parties other than what is disclosed in the consolidated financial statements in the Annual Report 2025, note 6.1, page 171. 4.2 Subsequent events Other than the events recognised or disclosed in this interim report, no events have occurred subsequent to 30 June 2026 which could have a significant impact on the report. 5 Basis for preparation 5.1 General accounting policies The interim report of Vestas comprises a summary of the consolidated financial statements of Vestas Wind Systems A/S and its subsidiaries. The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting as adopted by the EU, accounting policies set out in the Annual Report 2025 of Vestas and additional Danish disclosure requirements for interim financial reporting of listed companies. The accounting policies remain unchanged compared to the Annual Report for 2025, to which reference is made. This interim report includes selected notes. Accordingly, this report should be read in conjunction with the A nnual Report 2025 and any public announcements made during the interim reporting period. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to the expected annual profit or loss. 5.2 Implementation of new and amended standards The following new and amended accounting standards have been implemented as of 1 January 2026: • Annual improvements volume 11 • Contracts referencing nature-dependent electricity amendments to IFRS 9 and IFRS 7 • Amendments to the classification of measurement of financial instruments (amendments to IFRS 9 and IFRS 7). Vestas did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards.
Page 25
Vestas Wind Systems A/S Page 25 of 26 Interim Report – Second Quarter 2026 Management’s statement The Board of Directors and the Executive Management have today considered and approved the interim report of Vestas Wind Systems A/S for the period 1 January to 30 June 2026. The interim report has been prepared in accordance with IAS 34 on interim financial reporting as adopted by the EU, accounting policies set out in the Vestas Annual Report 2025 and additional Danish disclosure requirements for interim reports of listed companies. The interim report has neither been audited nor reviewed. In our opinion the accounting policies used are appropriate and the interim report gives a true and fair view of Vestas' assets, liabilities, and financial position as at 30 June 2026 as well as of the results of Vestas' operations and cash flows for the period 1 January to 30 June 2026. In our opinion the management report gives a true and fair review of the development in Vestas' business and financial matters, the results for the period and Vestas' financial position as a whole and describes the principal risks and uncertainties that Vestas face. The sustainability reporting has been prepared in accordance with the accounting policies set out in the Annual Report 202 5 and gives a fair view of Vestas' sustainability performance. Besides what has been disclosed in the interim report , no changes in Vestas’ most significant risks and uncertainties have occurred relative to what was disclosed in the Annual Report 2025. *) Employee representative Aarhus, Denmark, 12 August 2026 Executive Management Henrik Andersen Group President & CEO Jakob Wegge-Larsen Executive Vice President & CFO Board of Directors Anders Runevad Chair Karl-Henrik Sundström Deputy Chair Bruno Bensasson Eva Berneke Anders Boyer-Søgaard Claudio Facchin Lena Olving Helle Thorning-Schmidt Henriette Thygesen Michael Abildgaard Lisbjerg*) Sussie Dvinge*) Louise B. Schmidt Nielsen*) Claus Skov Christensen*)
Page 26
Vestas Wind Systems A/S Page 26 of 26 Interim Report – Second Quarter 2026 Vestas Wind Systems A/S Hedeager 42, 8200 Aarhus N, Denmark Tel: +45 9730 0000 vestas@vestas.com, vestas.com 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 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.