Wind. It means the world to us.
TM
Company Announcement No. 15/ 2025
Company Reg. No.: 10403782
Interim Report
First Quarter 2025
Vestas Wind Systems A/S Page 2 of 26
Interim Report – First Quarter 2025
Contents
Summary ........................................................................................................................................ 3
Key figures ..................................................................................................................................... 4
Financial and operational performance ...................................................................................... 6
Sustainability performance ........................................................................................................ 11
Strategy, and financial and capital structure targets ............................................................... 12
Outlook 2025 ................................................................................................................................ 13
Other information ........................................................................................................................ 13
Consolidated financial statements 1 January - 31 March ........................................................ 14
Management’s statement ........................................................................................................... 24
Conference call (audiocast)
On Tuesday 6 May 2025 at 10 am CEST (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
Vestas Wind Systems A/S Page 3 of 26
Interim Report – First Quarter 2025
Summary
Quarterly revenue of EUR 3.5bn with an EBIT margin
before special items of 0.4 percent. Order intake of EUR
3.9bn and combined order backlog of EUR 69.8bn. Full-
year guidance maintained.
In the first quarter of 2025, Vestas generated revenue of
EUR 3,468m – an increase of 29.4 percent compared to
the year-earlier period. EBIT before special items
amounted to EUR 14m, resulting in an EBIT margin
before special items of 0.4 percent, compared to (2.5)
percent in the first quarter of 2024.
Adjusted free cash flow amounted to EUR (325)m
compared to EUR (997)m in the first quarter of 2024.
The quarterly intake of firm and unconditional wind turbine
orders amounted to 3,135 MW, a 36 percent increase
from first quarter 2024. The value of the wind turbine order
backlog was EUR 32.9bn as at 31 March 2025.
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 36.9bn.
Thus, the value of the combined backlog of wind turbine
orders and service agreements stood at EUR 69.8bn – an
increase of EUR 8.8bn compared to the year-earlier
period.
The full-year guidance is maintained: Revenue is
expected to range between EUR 18bn and 20bn including
Service revenue. Vestas expects to achieve an EBIT
margin before special items for the Group of 4-7 percent,
and total investments
1)
are expected to amount to approx.
EUR 1.2bn in 2025.
Group President & CEO Henrik Andersen said: “In the first
quarter of 2025, Vestas’ performance continued to
improve, although new events contributed to further
geopolitical uncertainty and regionalisation. Compared to
the first quarter of 2024, our revenue increased 29
percent to EUR 3.5bn, while our EBIT margin landed at
0.4 percent, representing an increase of 2.9 percentage
points despite impact from seasonality and manufacturing
ramp-up in both Offshore and Onshore. Our order intake
increased more than 70 percent to EUR 3.9bn due to
strong momentum in Offshore and EMEA onshore, but
specific markets were impacted by external factors. In
Service, we continue to progress on our recovery plan,
which will run until end of 2026, and we remain on track
to achieve our 2025 outlook. We want to thank our
customers, partners and colleagues for their continued
engagement and support in building secure, affordable
and sustainable energy systems.”
Key highlights
Revenue of EUR 3.5bn
Increase of 29 percent YoY driven by higher activity and higher average pricing in Power Solutions.
EBIT margin b.s.i. of 0.4 percent
Positive operating profit in Q1 despite seasonal low activity, driven revenue growth and higher project profitability.
Order intake of 3.1 GW
Order intake increased by 36 percent YoY driven by strong momentum in Offshore and EMEA onshore.
Manufacturing ramp-up and Service recovery plan remain key
Onshore and Offshore ramp-up is progressing, and Service completes first quarter of recovery plan.
New CFO to start 1 June 2025
Onboarding of Jakob Wegge-Larsen in planning, ready to join investor roadshow post Q2 in August.
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 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Key figures
Financial and operational key figures
mEUR
Q1
2025
Q1
)
2024
FY
)
2024
Financial key figures
Income statement
Revenue
3,468
2,681
17,295
Gross profit
359
244
2,057
EBITDA before special items
242
131
1,605
Operating profit/(loss) (EBIT) before special items
14
(68)
741
EBITDA
248
132
1,658
Operating profit/(loss) (EBIT)
20
(67)
794
Net operating profit after tax (NOPAT)
15
(48)
556
Net financial items
(14)
(35)
(86)
Profit/(loss) before tax
7
(105)
705
Profit/(loss) for the period
5
(75)
494
Balance sheet
Balance sheet total
25,277
22,599
24,644
Equity
3,365
3,064
3,542
Investments in property, plant, and equipment
179
104
670
Net working capital
(2,178)
(622)
(2,297)
Capital employed
6,697
6,495
6,813
Interest-bearing position (net), end of the period
366
(979)
809
Interest-bearing debt, end of the period
3,332
3,431
3,271
Cash flow statement
Cash flow from operating activities
28
(755)
2,332
Cash flow from investing activities
(319)
(215)
(1,341)
Free cash flow
(291)
(970)
991
Adjusted free cash flow
1)
(325)
(997)
1,095
Financial ratios
2)
Financial ratios
Gross margin (%)
10.4
9.1
11.9
EBITDA margin (%) before special items
7.0
4.9
9.3
EBIT margin (%) before special items
0.4
(2.5)
4.3
EBITDA margin (%)
7.2
4.9
9.6
EBIT margin (%)
0.6
(2.5)
4.6
Return on capital employed (ROCE)
3)
(%) before special items
8.9
1.6
8.0
Interest-bearing position (net)/ EBITDA
3)
before special items
(0.2)
1.1
(0.5)
Solvency ratio (%)
13.3
13.6
14.4
Return on equity
3)
(%)
18.2
(0.2)
16.2
Share ratios
Earnings per share
4)
(EUR)
0.6
(0.0)
0.5
Dividend per share (EUR)
-
-
0.1
Pay-out ratio (%)
-
-
15.0
Share price at the end of the period (DKK)
94.9
193.0
98.1
Number of shares at the end of the period (million)
1,010
1,010
1,010
Operational key figures
Order intake (bnEUR)
3.9
2.2
19.2
Order intake (MW)
3,135
2,300
16,844
Order backlog – wind turbines (bnEUR)
32.9
26.6
31.6
Order backlog – wind turbines (MW)
30,029
25,852
29,241
Order backlog – service (bnEUR)
36.9
34.4
36.8
Produced and shipped wind turbines (MW)
3,621
2,645
13,198
Produced and shipped wind turbines (number)
755
492
2,837
Deliveries (MW)
2,365
1,720
12,900
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 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Sustainability key figures
Q1 2025
LTM
Q1 2024
LTM
FY
2024
Environmental
Utilisation of resources
Consumption of energy (GWh)
661
650
640
- of which renewable energy (GWh)
222
211
214
- of which renewable electricity (GWh)
174
160
166
Renewable energy (%)
34
32
33
Renewable electricity for own activities
(%)
100
100
100
Withdrawal of fresh water (1,000 m³)
324
285
323
Waste
Volume of waste from own operations (1,000 t)
46.7
39.0
43.7
- of which collected for recycling (1,000 t)
32.3
25.0
29.9
Recyclability rate of hub and blade
1)
(%)
//
//
88
Recyclability rate of total turbine
1)
(%)
//
//
97
Material efficiency (tonnes of waste excl. recycled per MW produced and shipped)
1.0
1.2
1.0
GHG emissions
Scope 1 GHG emissions (1,000 t CO
2
e)
107
108
104
Scope 2 GHG emissions, market-based (1,000 t CO
2
e)
1
1
1
Scope 3 GHG emissions
1)
(million t CO
2
e)
//
//
7.99
Scope 3 GHG emission intensity (target value)
1)
(kg CO
2
e per MWh generated)
//
//
5.66
Products
Expected GHG avoided over the lifetime of the capacity produced and shipped during the
period (million t CO
2
e)
490
393
455
Expected annual GHG
avoided by the total aggregated installed fleet at the end of the period
(million t CO
2
e)
241
235
239
Social
Safety (own workforce
2
)
Total Recordable Injuries per million working hours (TRIR)
3.2
2.9
3.0
Lost Time injuries per million working hours (LTIR)
1.3
1.2
1.2
Total Recordable Injuries (number)
256
222
240
- of which Lost Time Injuries (number)
102
92
97
- of which fatal injuries (number)
2
0
2
Employees
Average number of employees (FTEs)
3)
Employees at the end of the period (FTEs)
35,927
31,363
35,100
Diversity and inclusion
Women in the Board of Directors at the end of the period (%)
60
45
60
Women in top management
4)
at the end of the period (%)
3)
31
19
26
Women in leadership positions
4)
at the end of the period (%)
3)
24
24
25
Human rights
1)
Community grievances
(number)
//
//
2
Community beneficiaries (number)
//
//
7,919
Social Due Diligence on projects in scope
(%)
//
//
83
Governance
Whistle-blower system
1)
EthicsLine compliance cases
(number)
//
//
757
- of which substantiated
//
//
147
- of which unsubstantiated
//
//
500
For general definitions and specifications on these sustainability key figures, refer to the Sustainability statement of the Vestas Annual Report 2024.
1) Data only reported on an annual basis.
2) ‘Own workforce’ includes Vestas employees, as well as contractors and sub-contractor working under Vestas’ supervision and control.
3) Employees of our subsidiary Utopus Insight Inc. are not included for 2024.
4) For the definition of ‘leadership positions’ and ’top management’, refer to the accounting policies on page 110 in the Annual Report 2024.
Vestas Wind Systems A/S Page 6 of 26
Interim Report – First Quarter 2025
Financial and operational performance
Group performance
Income statement
Revenue
Revenue in the first quarter of 2025 amounted to EUR
3,468m (Q1 2024: EUR 2,681m), an increase of 29.4
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
first quarter of 2025 reflected a negative impact of EUR
59m from foreign exchange rate compared to 2024.
Revenue and EBIT margin before special items
mEUR and percentage
Gross profit
Gross profit amounted to EUR 359m in the first quarter of
2025, corresponding to a gross margin of 10.4 percent
(Q1 2024: EUR 244m; 9.1 percent), which is a 1.3
percentage point increase compared to the first quarter of
2024. The increase was attributable to improved
profitability in the Power Solutions segment from both
revenue growth and improved profitability, partially offset
by lower profitability in the Service segment.
Warranty costs
Warranty costs amounted to EUR 118m in the first quarter
of 2025 (Q1 2024: EUR 121m). The warranty cost is
equivalent to a warranty ratio of 3.4 percent of revenue,
on a lower level than last year (Q1 2024: 4.5 percent) and
lower than 4.3 percent for full year 2024.
Research and development costs, Distribution
costs and Administration costs
Total research and development, distribution and
administration costs amounted to EUR 345m in the first
quarter of 2025 (Q1 2024: EUR 312m), equivalent to 7.5
percent of revenue calculated over a 12-month period (Q1
2024: 8.2 percent).
Research and development costs recognised in the
income statement amounted to EUR 110m in the first
quarter of 2025 (Q1 2024: EUR 85m). The increase
reflects higher development costs and amortisation of
development projects related to primarily the V236-15.0
MW
TM
platform.
Distribution costs amounted to EUR 126m in the first
quarter of 2025, on par with last year (Q1 2024: EUR
128m).
Administration costs amounted to EUR 109m in the first
quarter of 2025 (Q1 2024: EUR 99m). The increase was
driven by higher IT and employee related costs.
Depreciation, amortisation, and impairment
In the first quarter of 2025, overall depreciation,
amortisation, and impairment before special items
amounted to EUR 228m (Q1 2024: EUR 199m). The
increase was primarily attributable to high investment
levels in the V236-15.0 MW
TM
platform and production
launched in 2024. A further increase in depreciation and
amortisation is expected from second quarter 2025, as
Offshore manufacturing continues to ramp up.
Operating profit (EBIT) before special items
EBIT before special items amounted to EUR 14m in the
first quarter of 2025, equivalent to an EBIT margin of 0.4
percent (Q1 2024: negative EUR 68m; negative 2.5
percent). The EBIT increased by 2.9 percentage points
compared to the first quarter of 2024. The development
was primarily driven by improved profitability in the Power
Solutions segment.
Operating profit (EBIT) after special items
In the first quarter of 2025, EBIT after special items
amounted to EUR 20m, equivalent to a margin of 0.6
percent (Q1 2024: negative EUR 67m; negative 2.5
percent).
Net financial items
Financial items amounted to a net loss of EUR 14m in the
first quarter of 2025 (Q1 2024: loss of EUR 35m). The
lower net loss was driven by lower impacts from foreign
exchange rates.
Income tax
Income tax amounted to EUR 2m, equivalent to an
effective tax rate of 25 percent in the first quarter of 2025
(Q1 2024: effective tax rate of 29 percent).
Net result for the period
The net result amounted to an income of EUR 5m in the
first quarter of 2025 (Q1 2024: loss of EUR 75m).
Financial ratios
Earnings per share calculated over a 12-month period
amounted to EUR 0.6 in the first quarter of 2025 (Q1
Vestas Wind Systems A/S Page 7 of 26
Interim Report – First Quarter 2025
2024: EUR 0). The increase of EUR 0.6 was driven by the
higher result in the period.
Return on capital employed (ROCE) before special items
calculated over a 12-month period was 8.9 percent in the
first quarter of 2025 (Q1 2024: 1.6 percent), an increase
compared to 2024 driven by the higher operating profit
before special items in the period.
Return on equity (RoE) calculated over a 12-month period
was 18.2 percent in the first quarter of 2025 (Q1 2024:
(0.2) percent), an increase of 18.4 percentage points
attributable to the higher net profit in the period.
Working capital and free cash flow
Net working capital
Net working capital amounted to a net liability of EUR
2,178m as at 31 March 2025 (31 March 2024: a net
liability of EUR 622m). The development is primarily
attributable to an increased focus on working capital
management, resulting in reduced inventory levels,
higher prepayments from customers to cover work in
progress, and increasing trade payables due to higher
activity.
Cash flow from operating activities
Cash flow from operating activities was EUR 28m in the
first quarter of 2025 (Q1 2024: negative 755m). The
positive development in cash flow compared to last year
was primarily driven by the development in net working
capital and the improved operating profit.
Total net investments
Total net investments
1
amounted to a net outflow of EUR
307m in the first quarter of 2025 (Q1 2024: outflow EUR
198m). The investment level increased due to ramp-up in
manufacturing of the V236-15.0 MW
TM
platform.
Adjusted free cash flow
Adjusted free cash flow amounted to negative EUR 325m
in the first quarter of 2025 (Q1 2024: Negative EUR
997m). The improvement relates to improved cash flow
from operating activities.
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 31 March 2025, total equity amounted to EUR
3,365m (31 March 2024: EUR 3,064m) and the solvency
ratio dropped 0.3 percentage points to 13.3 percent as at
31 March 2025. The lower solvency was mainly a result
of the share buyback executed in first quarter 2025 and
development in net working capital.
Net interest-bearing position
As at 31 March 2025, the net interest-bearing position
amounted to EUR 366m (31 March 2024: net interest-
bearing debt was EUR 979m). The positive development
was a result of positive free cash flow during the last 12
months.
Cash and cash equivalents amounted to EUR 3,407m as
at 31 March 2025, compared to EUR 2,294m at the end
of the first quarter of 2024.
The ratio net interest-bearing debt/EBITDA was negative
0.2 as at 31 March 2025 compared to 1.1 at the end of
the first quarter of 2024, reflecting reduced financial
leverage through improved earnings and positive free
cash flow in the last twelve months.
1
Net investments in intangible assets and property, plant and equipment.
Q1
2025
Q1
2024
Cash flow from operating activities
28
(755)
Cash flow from investing activities
(319)
(215)
Free cash flow
(291)
(970)
Net acquisitions in businesses/activities*
)
(18)
(2)
Payment of lease liabilities
(50)
(47)
Special items
6
2
Investments in financial assets
28
20
Adjusted free cash flow
(325)
(997)
Vestas Wind Systems A/S Page 8 of 26
Interim Report – First Quarter 2025
Power Solutions
Result for the period
In the first quarter of 2025, revenue from the Power
Solutions segment amounted to EUR 2,548m (Q1 2024:
EUR 1,779m), which corresponds to a 43.2 percent
increase compared to the first quarter of 2024. The
increase was primarily driven by higher volume of MW
delivered and to a lesser degree driven by higher
average prices on MW delivered. Revenue in the first
quarter of 2025 reflected a negative impact of EUR 55m
from foreign exchange rates compared to the same
period in 2024.
EBIT before special items amounted to negative EUR
60m in the first quarter of 2025, equal to an EBIT margin
of negative 2.4 percent (Q1 2024: negative EUR 169m;
negative 9.5 percent). The EBIT margin increased by 7.1
percentage points, highlighting operating leverage,
continued improved Onshore project profitability, and
lower warranty costs.
Power Solutions revenue and EBIT margin before special
items
mEUR and percentage
Wind turbine order intake
In the first quarter of 2025, wind turbine order intake
amounted to 3,135 MW, corresponding to a value of
EUR 3.9bn (Q1 2024: 2,300 MW; EUR 2.2bn). This
represents an increase of 36 percent in MW order intake
compared to the first quarter of 2024. The increase was
mainly driven by a strong Offshore order intake and good
commercial traction in Onshore in EMEA in the quarter.
The average selling price (ASP) per MW was EUR 1.24
in the first quarter of 2025, compared to EUR 0.97m in
the first quarter of 2024.
Wind turbine order intake, first quarter 2025
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Onshore order
intake
1,431
189
-
1,620
Offshore order
intake
1,020
-
495
1,515
Total order
intake
2,451
189
495
3,135
Wind turbine deliveries
Deliveries to customers amounted to 2,365 MW in the
first quarter of 2025 (Q1 2024: 1,720 MW), which
corresponds to a 38 percent increase compared to first
quarter of 2024, primarily driven by higher deliverables
in Americas. Offshore deliveries increased from 81 MW
in the first quarter of 2024 to 263 MW in the first quarter
of 2025.
Deliveries
MW
By the end of March 2025, Vestas had installed a total
capacity of 190 GW in 88 countries.
Vestas Wind Systems A/S Page 9 of 26
Interim Report – First Quarter 2025
Deliveries (onshore and offshore)
MW
Q1
2025
Q1
2024
FY
2024
Germany
190
172
1,735
Poland
155
32
245
South Africa
73
63
349
United Kingdom
58
29
334
France
49
84
738
Italy
46
156
573
Turkey
37
-
56
Ukraine
36
-
-
Romania
17
-
17
Belgium
14
40
99
Sweden
14
4
162
Netherlands
11
-
30
Lithuania
8
4
22
Greece
5
33
117
Cyprus
5
-
9
Portugal
3
5
16
Finland
2
48
698
Denmark
1
-
70
Spain
1
6
288
Ireland
1
1
178
Estonia
-
27
27
Czech Republic
-
9
15
Austria
-
6
123
Curaçao
-
-
23
Croatia
-
-
21
EMEA
726
719
5,945
o/w Offshore
171
11
685
USA
619
15
2,296
Brazil
589
549
1,880
Argentina
11
87
525
Chile
(4)*
15
45
Canada
-
-
480
Americas
1,215
666
5,226
o/w Offshore
1
-
13
Australia
174
249
806
South Korea
88
-
19
Japan
82
-
287
Taiwan
53
70
523
China
27
-
67
India
-
16
27
Asia Pacific
424
335
1,729
o/w Offshore
91
70
654
Total
2,365
1,720
12,900
o/w Offshore
263
81
1,352
* Negative values can result as a part of Vestas’ deliveries are based on a
percentage-of-completion method requiring estimates in relation to stage of
completion.
Wind turbine order backlog
At the end of the first quarter of 2025, the wind turbine
order backlog amounted to 30,029 MW, which
corresponds to a value of EUR 32.9bn (31 March 2024:
25,852 MW / EUR 26.6bn), of which EUR 11.0bn relates
to offshore wind power projects. The order backlog was
positively impacted by significant Offshore order intake
in Germany, the UK, the USA, and the Netherlands, as
well as strong Onshore order intake in Germany and the
USA.
Order backlog per region
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Total backlog as at 31
March 2024
11,704
11,495
2,653
25,852
Order intake
11,268
3,935
2,476
17,679
Deliveries
(5,951)
(5,746)
(1,805)
(13,502)
Total backlog as at 31
March 2025
17,021
9,684
3,324
30,029
o/w Offshore
7,039
796
970
8,805
Development business
In the first quarter of 2025, Vestas’ pipeline of
development projects amounted to 26.6 GW, allocated
with 15.8 GW in Asia Pacific, 7.3 GW in Americas and
3.5 GW in EMEA, with Australia and the US being the
countries with the largest project pipelines.
Vestas Wind Systems A/S Page 10 of 26
Interim Report – First Quarter 2025
Service
Result for the period
The Service segment generated revenue of EUR 920m
in the first quarter of 2025 (Q1 2024: EUR 902m), which
corresponds to a 2.0 percent increase compared to the
first quarter of 2024. The increased revenue was driven
by higher contract activity in EMEA, offset partly by
slightly lower transactional sales. Foreign exchange
rates had a EUR 4m negative effect on revenue growth.
Service revenue and EBIT margin before special items
mEUR and percentage
EBIT before special items amounted to EUR 166m in
the first quarter of 2025, corresponding to an EBIT
margin of 18.0 percent (Q1 2024: EUR 192m; 21.3
percent). The lower margin compared to last year was
primarily driven by the cost challenges mentioned in
previous quarters. The Service recovery plan is
ongoing.
Wind turbines under service
At the end of March 2025, Vestas had around 56,700
wind turbines under service, equivalent to 157 GW.
Lost Production Factor
*)
Percent
*) 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 underlying Lost Production Factor continues to
improve, despite the recent increase primarily caused by
expected downtime on a few specific sites.
Service order backlog
At the end of March 2025, Vestas had service contracts
in the order backlog with expected contractual future
revenue of EUR 36.9bn, an increase of EUR 2.5bn
compared to end of the first quarter last year (31 March
2024: EUR 34.4bn). The service backlog increased
EUR 0.7bn from indexation mechanisms in contracts
and decreased EUR 0.4bn 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. (31 March 2024:
11 years).
Page 11 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Sustainability performance
The Vestas Sustainability Strategy
Vestas has been leading the transition to a world
powered by sustainable energy for over four decades. In
2020, we launched our sustainability strategy to embed
sustainability in everything we do with four clear
ambitions: decarbonising our operations and supply
chain by 2030; creating zero-waste wind turbines by
2040; becoming the safest, most inclusive and socially
responsible workplace in the energy industry; and
leading the transition to a world powered by sustainable
energy.
Carbon footprint
At the end of first quarter 2025, turbines produced and
shipped in the last twelve months are expected to avoid
490 million tonnes of CO
2
e over the course of their
lifetime. This is an increase of 97 million tonnes, and a
25 percent improvement, from the comparable last
twelve months the year prior. This improvement is
primarily driven by an increase in volume produced and
shipped.
In the last 12 months, our total scope 1 and 2 emissions
decreased to 108 thousand tonnes from 109 thousand
tonnes. This reflects a 1 percent decrease compared to
the last 12 months the year prior. The decrease in our
total scope 1 and 2 emissions was driven by decreased
offshore construction activity and decreased onshore
service emissions due to transitioning to electric service
vehicles. Though we saw an increase in manufacturing
emissions during the period due to increased production,
we limited this increase through implementation of
transitioning to EVs and biomass boilers at factories.
Scope 3 emissions are reported annually in the Annual
Report.
Circularity
In the last 12 months, our material efficiency rate,
meaning the volume of non-recycled waste per MW
produced and shipped, decreased to 1.0 tonnes,
compared to 1.2 tonnes in the comparable period a year
ago. This demonstrates a 17 percent improvement,
which is driven by increased recycling rates at our
factories, and improvements in blade technology.
In total, our recycling rate is 69 percent in the period,
demonstrating that our performance continues to be on
track to meet our 2025 target of 70 percent recycling of
waste in our own operations.
Safety
Working towards becoming the safest workplace in the
energy industry, we aim to reduce the Total Recordable
Injury Rate (TRIR) to 2.4 by 2025 and below 1.0 by 2030.
There were no fatalities during the first quarter of 2025.
In the last 12 months we suffered two fatalities in our own
workforce, which occurred in the second and third
quarter of 2024.
In the last 12 months, our TRIR increased to 3.2
compared to 2.9 in the comparable 12 months the year
prior. The risk profile remains unchanged, but we are
observing an increase in injuries within the service
business, particularly among contract workers, and we
are implementing specific HSE recovery plans to
address this challenge. We continue to improve our
understanding of Health and Safety controls by ensuring
we proactively assess and improve their effectiveness as
well as roll out broad based Safety leadership
programmes. We will continue to seek to improve
performance by maintaining an operational safety focus
across our entire value chain.
Incidence of total recordable injuries (LTM)
Per million working hours
Page 12 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Strategy, and financial and capital structure targets
For an extended introduction to Vestas’ strategy, refer to
the Annual Report 2024.
Energy affordability, security and sustainability
Renewables continue to outperform fossil-fuel-based
electricity on cost, to the point where renewables have
become the most sustainable and cost-efficient
electricity source available while contributing to energy
independence. While climate goals may become a
peripheral driver for investments, replaced by security or
cost-of-living concerns, wind energy has never been
more competitive and is readily deployable. Through
strong partnerships with key suppliers and customers,
modularisation and the development of digital solutions,
and by investing in talent and capabilities, we are laying
the foundation to meet our long-term ambitions.
Business area strategy
Onshore wind
The demand for onshore wind power globally (ex China)
is expected to grow by 7-9 percent annually towards
2030
1)
driven by new increased ambitions for renewable
energy, increased electrification, and wind as an
independent cost-effective source of electricity. On this
background, Vestas maintains its long-term ambitions to
grow faster than the market and be a visible market
leader in Onshore wind.
Offshore wind
Offshore wind power is likely to form an important part of
the future energy system. Despite the recent years of
turmoil, prospects for both demand and financial return
remain attractive, with offshore wind expected to grow by
20-25 percent per year until 2030
1)
. As we ramp up serial
manufacturing of the V236-15.0MW
TM
platform and
deliver the first projects in 2025 and 2026, it is expected
that Offshore will be dilutive to the Power Solutions EBIT
margin. It remains our ambition in the long term to
achieve an EBIT margin on par with Onshore.
Service
The global market value for service solutions (ex China)
is expected to grow by 8-10 percent per year until 2030
1)
and Vestas aims to remain a global leader in wind power
service. We maintain our ambitions in the long term for
Service revenue to grow faster than the market, and to
achieve an EBIT margin in Service at a level of 25
percent. In the mid-term, however, revenue growth and
margin will likely be lower, as we execute the recovery
plan.
Development
To grow our Development business profitably, we focus
on achieving project quality and maturing our pipeline in
core markets, building on our industry expertise,
intelligence, and experience. We will continue to
originate new projects in promising markets to maintain
and grow the long-term value of our pipeline.
Capital structure
When it comes to financial management, our goal is to
ensure flexibility, financial headroom, and an optimal
cost of capital throughout the business cycle.
We apply the following principles to capital allocation:
• Allocate the investments and R&D required to
realise our corporate strategy.
• Make value-creating acquisitions to accelerate or
increase profitable growth, and explore divestments
of non-core assets to strategic owners who support
industry scaling.
• Ensure all investments in organic growth and
acquisitions support our long-term financial
ambitions of achieving 20 percent ROCE.
• Pay 25-30 percent of net result after tax in dividend.
• Initiate share buy-backs from time to time.
Long-term sustainability ambitions
We have set a target to become carbon neutral in our
own operations (Scope 1+2) by 2030 – without using
carbon offsets. At the same time, we are working to
decarbonise the entire wind energy supply chain by
working with strategic suppliers to lower the carbon
intensity of energy generated by our turbines (Scope 3)
by 45 percent
2)
by 2030. We are committed to creating
zero-waste wind turbines by 2040. Through our industry-
leading Circularity Roadmap, we have outlined our
pathway and interim targets towards this goal, one of
which is to improve our material efficiency rate to 0.2 by
2030. Further, we aim to reduce our injury rate (TRIR) to
below 1.0 by 2030, and to increase the share of women
in leadership positions to 30 percent by 2030.
Long-term financial ambitions
Our industry is going through structural change to
increase profitability. The structural changes primarily
entail keeping the commercial discipline in customer
dialogues, working closer across the industry supply
chain, and lowering the frequency of new technology
introductions as well as maturing the assessment of risk.
In 2024, Vestas managed to take a significant step to get
‘back on track’ as our commercial and operational
discipline is paying off. The year underlined that Vestas
is on the right strategic path to improve the industry
structurally and continue to build the commercial and
operational maturity to achieve our financial ambitions.
In that context, a 10 percent EBIT margin remains
achievable in the mid-term, and Vestas is committed to
deliver on this trajectory step by step.
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 free cash flow
• Achieve 20 percent ROCE over the cycle.
1
) Adapted from Wood Mackenzie: Global wind power market outlook update: Q4
2024. December 2024
2)
Baseline year: 2019
Page 13 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Outlook 2025
Wind energy remains key to an affordable, secure, and
sustainable energy system, and although ongoing
geopolitical and trade volatility is expected to cause
uncertainty, the execution of our record-high order
backlog is expected to drive increased revenue in 2025.
Despite a step-up in depreciations and amortisations
related to our V236-15.0 MW
TM
platform, we expect
profitability to increase in 2025 through stable raw
material and transport costs as well as the completion of
low margin legacy projects in 2024.
Current tariff levels create notable challenges to the
execution of the backlog, especially in the USA. It is
expected that mitigating actions will result in
compensation and ultimately lead to higher off-take
prices of electricity in the USA. We assess the financial
impact can be addressed within our current outlook.
Vestas maintains the expectations to revenue of
between EUR 18-20bn, with an EBIT margin before
special items of 4-7 percent. Total investments
1
are
expected to amount to approx. EUR 1.2bn in 2025.
The Service segment is expected to generate EBIT
before special items in 2025 of around EUR 700m.
The above expectations are based on the assumption
that the global geopolitical environment will not
significantly change business conditions for Vestas
during 2025, 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 2025
Revenue (bnEUR)
18-20
EBIT margin (%) b.s.i.
4-7
Total investments
1
(bnEUR)
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.
Other information
As announced on 15 January 2025, cf. Company
Announcement no. 01/2025, Jakob Wegge-Larsen will
become new Chief Financial Officer of Vestas. The
change will take place as per 1 June 2025, when Jakob
Wegge-Larsen will take over from interim CFO Rasmus
Gram.
Page 14 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Consolidated financial statements 1 January - 31 March
Condensed income statement 1 January- 31 March
mEUR
Note
Q1
2025
Q1
2024
Revenue
1.1, 1.2
Production costs
(3,109 )
(2,437 )
Gross profit
Research and development costs
(110 )
(85 )
Distribution costs
(126 )
(128 )
Administration costs
(109 )
(99 )
Operating profit/(loss) (EBIT) before special items 1.1
(68 )
Special items
1.3
Operating profit/(loss) (EBIT) 20 (67 )
Income from investments in joint ventures and associates
(3 )
Net financial items
(14 )
(35 )
Profit/(loss) before tax
(105 )
Income tax
(2 )
Profit/(loss) for the period
(75 )
Profit/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
(68 )
Non-controlling interests
(7 )
Earnings per share (EPS)
Earnings per share for the period (EUR), basic
(0.07 )
Earnings per share for the period (EUR), diluted
(0.07 )
C
ondensed statement of comprehensive income 1 January - 31 March
mEUR
Q1
2025
Q1
2024
Profit/(loss) for the period
(75 )
Items that may be subsequently reclassified to the income statement:
Exchange rate adjustments relating to foreign entities
(64 )
Fair value adjustments of derivative financial instruments for the period
(48 )
Gain/(loss) on derivative financial instruments transferred to the income statement
(5 )
(58 )
Share of fair value adjustments of derivative financial instruments of joint ventures and associates
(1 )
Tax on items that may be reclassified to the income statement subsequently
(26 )
Other comprehensive income after tax for the period
(99 )
Total comprehensive income for the period
(94 )
Total comprehensive income/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
(94 )
Non-controlling interests
(6 )
T
he above condensed statement of comprehensive income should be read in conjunction with the accompanying notes.
Page 15 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Condensed balance sheet – Assets
mEUR
Note
31 March
2025
31 March
2024
31 December
2024
Goodwill
Completed development projects
Software
Other intangible assets
Development projects in progress
Total intangible assets
2.1
Land and buildings
Plant and machinery
Other fixtures, fittings, tools and equipment
Right-of-use assets
Property, plant and equipment in progress
Total property, plant and equipment
2.1
Investments in joint ventures and associates
Other investments
Tax receivables
Deferred tax
Other receivables
3.4
Financial investments
3.4
Total other non-current assets
Total non-current assets
Inventories
Trade receivables
Contract assets
Contract costs
Tax receivables
Other receivables
3.4
Financial investments
3.4
Cash and cash equivalents
3.2
Total current assets
Total assets
The above condensed balance sheet should be read in conjunction with the accompanying notes.
Page 16 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Condensed balance sheet – Equity and liabilities
mEUR
Note
31 March
2025
31 March
2024
31 December
)
2024
Share capital
3.1
Other reserves
(165 )
(6 )
(78 )
Retained earnings
Attributable to shareholders of Vestas
Non-controlling interests
Total equity
Provisions
2.2
Deferred tax
Financial debts
3.4
Tax payables
Other liabilities
3.4
Total non-current liabilities
Provisions
2.2
Contract liabilities
Financial debts
3.4
Trade payables
Tax payables
Other liabilities
3.4
Total current liabilities
Total liabilities
Total equity and liabilities
The above condensed balance sheet should be read in conjunction with the accompanying notes.
Page 17 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Condensed statement of changes in equity – three 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
(48 )
(31 )
(78 )
Profit/(loss) for the period
Other comprehensive income for the period
(64 )
(35 )
(99 )
(99 )
Total comprehensive income for the period
(64 )
(35 )
(99 )
(94 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
Transaction with shareholders:
Acquisition of treasury shares
(100 )
(100 )
Share-based payments
Tax on equity transactions
(4 )
(4 )
Total transactions with shareholders
(95 )
(95 )
Equity as at 31 March 2025
(112 )
(54 )
(165 )
Condensed statement of changes in equity – three months 2024
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 2024
(80 )
(24 )
(102 )
Profit/(loss) for the period
(68 )
(7 )
(75 )
Other comprehensive income for the period
(1 )
Total comprehensive income for the period
(1 )
(68 )
(6 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
Transaction with shareholders:
Share-based payments
Tax on equity transactions
(4 )
(4 )
Total transactions with shareholders
Equity as at 31 March 2024
(60 )
(6 )
The above condensed statement of changes in equity should be read in conjunction with the accompanying notes.
Page 18 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Condensed cash flow statement 1 January - 31 March
The above condensed cash flow statement should be read in conjunction with the accompanying notes.
mEUR
Note
Q1
2025
Q1
2024
Profit/(loss) for the period
(75 )
Adjustment for non-cash transactions
Interest paid / received, net
(10 )
Income tax paid
(24 )
(40 )
Cash flow from operating activities before change in net working capital
(86 )
Change in net working capital
(345 )
(669 )
Cash flow from operating activities
(755 )
Purchase of intangible assets
(128 )
(94 )
Purchase of property, plant and equipment
(179 )
(104 )
Dividends from investments in joint ventures and associates
Purchase of other non-current financial assets
(56 )
(63 )
Proceeds from sale of other non-current financial assets
Proceeds from sale of investments in joint ventures and associates
(2 )
(1 )
Cash flow from investing activities
(319 )
(215 )
Free cash flow
(291 )
(970 )
Payment of lease liabilities
(50 )
(47 )
Proceeds from borrowings
Payment of financial debt
(32 )
(11 )
Acquisition of treasury shares
(100 )
Cash flow from financing activities
(115 )
(36 )
Net change in cash and cash equivalents
(406 )
(1,006 )
Cash and cash equivalents at the beginning of period
Exchange rate adjustments of cash and cash equivalents
(4 )
(18 )
Cash and cash equivalents at the end of the period
3.2
Page 19 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Notes
1 Result for the period
1.1 Segment information
mEUR
Power
Solutions
Service
Not
allocated
Total Group
Q1 2025
Revenue
2,548
920
-
3,468
Total revenue
2,548
920
-
3,468
Total costs
(2,608)
(754)
(92)
(3,454)
Operating profit/(loss) (EBIT) before special items
(60)
166
(92)
14
Special items
6
-
-
6
Operating profit/(loss) (EBIT)
(54)
166
(92)
20
Income from investments in joint ventures and associates
-
-
1
1
Net financial items
-
-
(14)
(14)
Profit/(loss) before tax
7
Amortisation and depreciation included in total costs
(171)
(46)
(11)
(228)
mEUR
Power
Solutions
Service
Not allocated
Total
Group
Q1 2024
Revenue
1,779
902
-
2,681
Total revenue
1,779
902
-
2,681
Total costs
(1,948)
(710)
(91)
(2,749)
Operating profit/(loss) (EBIT) before special items
(169)
192
(91)
(68)
Special items
1
-
-
1
Operating profit/(loss) (EBIT)
(168)
192
(91)
(67)
Income from investments in joint ventures and associates
-
-
(3)
(3)
Net financial items
-
-
(35)
(35)
Profit/(loss) before tax
(105)
Amortisation and depreciation included in total costs
(151)
(36)
(12)
(199)
Page 20 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
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 2024.
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
Q1
2025
Q1
2024
Q1
2025
Q1
2024
Q1
2025
Q1
2024
Timing of revenue recognition
Products and services transferred at a point in time
1,707
1,202
112
114
1,819
1,316
Products and services transferred over time
841
577
808
788
1,649
1,365
2,548
1,779
920
902
3,468
2,681
Revenue from contract types
Supply-only (at a point in time)
873
13
-
-
873
13
Supply-and-installation (at a point in time)
834
1,189
-
-
834
1,189
Supply-and-installation (over time)
545
331
-
-
545
331
EPC/Turnkey (over time)
296
246
-
-
296
246
Transactional sales (at a point in time)
-
-
112
114
112
114
Service contracts (over time)
-
-
808
788
808
788
2,548
1,779
920
902
3,468
2,681
Primary geographical markets
EMEA
761
767
517
488
1,278
1,255
Americas
1,284
640
318
331
1,602
971
Asia Pacific
503
372
85
83
588
455
2,548
1,779
920
902
3,468
2,681
1.3 Special items
mEUR
Q1
2025
Q1
2024
Reversal of write-down of inventory
6
-
Other costs
-
1
Special items
6
1
During the first quarter of 2025, a net income of EUR 6m was recognised in special items related to the Russian invasion
of Ukraine.
During the first quarter of 2024, a net income of EUR 1m was recognised in special items primarily related to the adjustment
of the manufacturing footprint in India.
2 Other operating assets and liabilities
2.1 Intangible assets and property, plant and equipment
Vestas completed development projects of EUR 360m in the first quarter of 2025, which mainly related to the offshore
business.
Page 21 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
In the first quarter of 2025, Vestas acquired assets with a cost of EUR 179m mainly related to transport equipment and
construction tools, compared to EUR 104m in the first quarter of 2024.
Additions to lease contracts recognised as right-of-use assets during the first three months of 2025 amounted to EUR 88m
mainly related to new vessel leases, compared to EUR 94m in the first three months of 2024.
2.2 Warranty provisions (included in provisions)
mEUR
31 March
2025
31 March
2024
31 December
2024
Warranty provisions, 1 January
2,060
1,747
1,747
Provisions for the period
145
118
837
Warranty provisions consumed during the period
(137)
(112)
(524)
Warranty provisions
2,068
1,753
2,060
The provisions are expected to be payable as follows:
Non-current
1,342
1,034
1,215
Current
726
719
845
2,068
1,753
2,060
During the first quarter of 2025, net warranty provisions charged to the income statement was EUR 118m (EUR 121m in
the first quarter of 2024), equivalent to 3.4 percent of revenue. The net amount consists of a gross warranty provision of
EUR 145m less supplier claims of EUR 27m.
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.
3 Capital structure and financing items
3.1 Share capital
Pursuant to authorisation granted to the Board of Directors at the Annual General Meeting 9 April 2024, the Board of
Directors was authorised to acquire treasury shares on behalf of Vestas at a nominal value not exceeding 10 percent of
the share capital at the time of authorisation. The authorisation was renewed during the Annual General meeting held on
8
April 2025.
Treasury shares
Nominal value (DKK)
31 March
2025
31 March
2024
31 December
2024
Treasury shares as at 1 January
820,929
678,721
678,721
Purchases for the period
1,442,600
-
328,300
Vested treasury shares for the period
-
-
(186,092)
Treasury shares
2,263,529
678,721
820,929
Each share has a nominal value of DKK 0.20.
3.2 Cash and cash equivalents
mEUR
31 March
2025
31 March
2024
31 December
2024
Cash and cash equivalents without disposal restrictions
3,375
2,290
3,784
Cash and cash equivalents with disposal restrictions
32
4
33
Cash and cash equivalents
3,407
2,294
3,817
Page 22 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
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 2024, note 4.1
(Financial risk management), pages 168 -171. The risks in 2025 remain similar in nature.
As at 31 March 2025, Vestas had EUR 3,407m of cash and cash equivalents. Additionally, Vestas has a committed credit
facility of EUR 2,000m maturing in 2028 and uncommitted credit facilities of EUR 475m. As at 31 March 2025, 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. Vestas has no upcoming bond maturities in the next 12 months.
3.4 Financial instruments
Financial investments consist of interest-bearing investments which do not meet the definition for cash and cash
equivalents. As at 31 March 2025, financial investments comprised marketable securities with a fair value of EUR 103m
and deposits with fair value of EUR 188m, equal to booked value.
Derivative financial instruments were positive with a market value of net EUR 87m, equal to book value, and were
recognised in other receivables and other liabilities with EUR 371m and EUR 458m, respectively.
As at 31 March 2025, the carrying amount of the sustainability-linked bonds issued by Vestas amounted to EUR 1,986m
and the fair value amounted to EUR 1,922m.
Financial instruments measured at fair value have been categorised into level 1, 2, and 3 as addressed in the Annual
Report 2024, note 4.3, page 175.
Financial instrument assets categorised within level 3 comprise other investments and contingent consideration. As at 31
March 2025, the fair value of other investments amounted to EUR 143m, and that of contingent consideration amounted
to EUR 66m. Valuation methods remain unchanged from the description in the Annual Report 2024 and with no significant
changes in fair values.
4 Other disclosures
4.1 Related party transactions
Vestas has had the following material transactions with joint ventures and associates:
mEUR
Q1
2025
Q1
2024
Joint ventures
Capital increase
(0)
-
Trade receivable as at 31 March
-
11
Other assets as at 31 March
2
-
Associates
Revenue for the period
1
1
Dividends from investments in associates
18
3
Capital increase
(2)
0
Trade receivable as at 31 March
1
11
Other assets as at 31 March
-
3
Contract liabilities as at 31 March
1
0
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 2024, note 6.2, page 182.
Page 23 of 26
Vestas Wind Systems A/S
Interim Report – First Quarter 2025
4.2 Subsequent events
Other than the events recognised or disclosed in the Interim Report, no events have occurred subsequent to 31 March
2025 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 2024 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 2024, to which reference is made.
This interim report includes selected notes. Accordingly, this report should be read in conjunction with the Annual Report
2024 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 2025:
• Lack of exchangeability – amended IAS 21 The effects of changes in foreign exchange rates
Vestas did not have to change its accounting policies or make retrospective adjustments as a result of adopting these new
and amended standards.
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Vestas Wind Systems A/S
Interim Report – First Quarter 2025
Management’s statement
*) Employee representative
Executive Management
Board of Directors
)
)
)
Vestas Wind Systems A/S Page 25 of 26
Interim Report – First Quarter 2025
Vestas Wind Systems A/S Page 26 of 26
Interim Report – First Quarter 2025
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 2024 (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.