Wind. It means the world to us.
TM
Company Announcement No. 20/ 2025
Interim Report
Second Quarter 2025
Company Reg. No.: 10403782
Vestas Wind Systems A/S Page 2 of 28
Interim Report – Second Quarter 2025
Contents
Summary ........................................................................................................................................ 3
Key figures ..................................................................................................................................... 4
Financial and operational performance ...................................................................................... 6
Sustainability performance ........................................................................................................ 12
Strategy, and financial and capital structure targets ............................................................... 13
Outlook 2025 ................................................................................................................................ 14
Consolidated financial statements 1 January - 30 June .......................................................... 15
Management’s statement ........................................................................................................... 26
Conference call (audiocast)
On Wednesday 13 August 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 28
Interim Report – Second Quarter 2025
Summary
Quarterly revenue of EUR 3.7bn with an EBIT margin
before special items of 1.5 percent. Order intake of EUR
2.2bn and combined order backlog of EUR 67.3bn. Full-
year guidance maintained.
In the second quarter of 2025, Vestas generated revenue
of EUR 3,745m – an increase of 13.6 percent compared
to the year-earlier period. EBIT before special items
amounted to EUR 57m, resulting in an EBIT margin
before special items of 1.5 percent, compared to (5.6)
percent in the second quarter of 2024.
Adjusted free cash flow amounted to EUR (227)m
compared to EUR 524m in the second quarter of 2024.
The quarterly intake of firm and unconditional wind turbine
orders amounted to 2,009 MW, a 44 percent decrease
from second quarter 2024. The value of the wind turbine
order backlog was EUR 31.4bn as at 30 June 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 35.9bn.
Thus, the value of the combined backlog of wind turbine
orders and service agreements stood at EUR 67.3bn – an
increase of EUR 4.3bn compared to the year-earlier
period.
The full-year guidance is maintained: Revenue is
expected to range between EUR 18bn and 20bn. 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: “Vestas
increased its revenue 14 percent year-on-year to EUR
3.7bn and achieved an EBIT margin of 1.5 percent in the
second quarter of 2025, ensuring we remain on track for
our 2025 outlook. The results were driven by improved
onshore project performance and lower warranty costs
but offset by investments in offshore ramp-up to deliver
the first V236-15.0 MW projects and build the foundation
for Vestas’ long-term success in Offshore. Our Service
business delivered solid results in the quarter, and we
made progress on the recovery plan. In the quarter, we
had good order momentum in EMEA, but political
uncertainty impacted key markets, and Vestas continues
to work with customers, partners and governments to
address market challenges and help build affordable,
secure and sustainable energy systems. We want to
thank our customers, partners and colleagues for their
continued engagement and support.”
Key highlights
Revenue of EUR 3.7bn
Increase of 14 percent YoY.
EBIT margin of 1.5 percent
Improved Onshore project performance and lower warranty costs offset by Offshore ramp-up costs.
Order intake of 2.0 GW
Lower order intake YoY as customers have been awaiting policy clarity, particularly in the USA.
Manufacturing ramp-up driving costs and investments
Onshore and Offshore ramp-up is progressing, and first V236 nacelle assembled at facility in Poland.
ROCE of 11.5 percent (LTM)
Improved profitability in the last twelve months results in highest return on capital employed (ROCE) since 2020.
2025 Outlook
Guidance maintained.
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 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
Key figures
Financial and operational key figures
mEUR
Q2
2025
Q2
2024
H1
)
2025
H1
2024
FY
)
2024
Financial key figures
Income statement
Revenue
3,745
3,296
7,213
5,977
17,295
Gross profit
417
156
776
400
2,057
EBITDA before special items
315
40
557
171
1,605
Operating profit/(loss) (EBIT) before special items
57
(185)
71
(253)
741
EBITDA
315
40
563
172
1,658
Operating profit/(loss) (EBIT)
57
(185)
77
(252)
794
Net operating profit after tax (NOPAT)
43
(125)
57
(174)
556
Net financial items
(9)
(53)
(23)
(88)
(86)
Profit/(loss) before tax
46
(230)
53
(335)
705
Profit/(loss) for the period
34
(156)
39
(231)
494
Balance sheet
Balance sheet total
25,549
23,617
25,549
23,617
24,644
Equity
3,120
2,926
3,120
2,926
3,542
Investments in property, plant, and equipment
187
147
366
251
670
Net working capital
(2,288)
(1,507)
(2,288)
(1,507)
(2,297)
Capital employed
6,478
6,335
6,478
6,335
6,813
Interest-bearing position (net), end of the period
(7)
(557)
(7)
(557)
809
Interest-bearing debt, end of the period
3,358
3,409
3,358
3,409
3,271
Cash flow statement
Cash flow from operating activities
120
831
148
76
2,332
Cash flow from investing activities
(291)
(332)
(610)
(547)
(1,341)
Free cash flow
(171)
499
(462)
(471)
991
Adjusted free cash flow
1)
(227)
524
(552)
(474)
1,095
Financial ratios
2)
Financial ratios
Gross margin (%)
11.1
4.7
10.8
6.7
11.9
EBITDA margin (%) before special items
8.4
1.2
7.7
2.9
9.3
EBIT margin (%) before special items
1.5
(5.6)
1.0
(4.2)
4.3
EBITDA margin (%)
8.4
1.2
7.8
2.9
9.6
EBIT margin (%)
1.5
(5.6)
1.1
(4.2)
4.6
Return on capital employed (ROCE)
3)
(%) before special items
11.5
0.4
11.5
0.4
8.0
Interest-bearing position (net)/ EBITDA
3)
before special items
0.0
0.7
0.0
0.7
(0.5)
Solvency ratio (%)
12.2
12.4
12.2
12.4
14.4
Return on equity
3)
(%)
24.1
(1.7)
24.1
(1.7)
16.2
Share ratios
Earnings per share
4)
(EUR)
0.8
(0.0)
0.8
(0.0)
0.5
Dividend per share (EUR)
0.1
-
0.1
-
0.1
Pay-out ratio (%)
-
-
-
-
15.0
Share price at the end of the period (DKK)
95.0
161.3
95.0
161.3
98.1
Number of shares at the end of the period (million)
1,010
1,010
1,010
1,010
1,010
Operational key figures
Order intake (bnEUR)
2.2
4.4
6.1
6.6
19.2
Order intake (MW)
2,009
3,596
5,144
5,896
16,844
Order backlog – wind turbines (bnEUR)
31.4
28.1
31.4
28.1
31.6
Order backlog – wind turbines (MW)
29,244
27,022
29,244
27,022
29,241
Order backlog – service (bnEUR)
35.9
34.9
35.9
34.9
36.8
Produced and shipped wind turbines (MW)
3,650
3,979
7,271
6,624
13,198
Produced and shipped wind turbines (number)
784
780
1,539
1,272
2,837
Deliveries (MW)
2,808
2,417
5,173
4,137
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 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
Sustainability key figures
Q2 2025
LTM
Q2 2024
LTM
FY
2024
Environmental
Utilisation of resources
Consumption of energy (GWh)
671
631
640
- of which renewable energy (GWh)
223
213
214
- of which renewable electricity (GWh)
174
165
166
Renewable energy (%)
33
34
33
Renewable electricity for own activities
(%)
100
100
100
Withdrawal of fresh water (1,000 m³)
302
295
323
Waste
Volume of waste from own operations (1,000 t)
50.6
40.6
43.7
- of which collected for recycling (1,000 t)
34.3
26.9
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)
1.2
1.2
1.0
GHG emissions
Scope 1 GHG emissions (1,000 t CO
2
e)
109
101
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)
480
415
455
Expected annual GHG
avoided by the total aggregated installed fleet at the end of the period
(million t CO
2
e)
245
238
239
Social
Safety (own workforce
2
)
Total Recordable Injuries per million working hours (TRIR)
3.0
2.8
3.0
Lost Time injuries per million working hours (LTIR)
1.2
1.1
1.2
Total Recordable Injuries (number)
251
217
240
- of which Lost Time Injuries (number)
101
87
97
- of which fatal injuries (number)
1
1
2
Employees
Average number of employees (FTEs)
Employees at the end of the period (FTEs)
36,347
32,298
35,100
Diversity and inclusion
Women in the Board of Directors at the end of the period (%)
50
55
60
Women in top management
3)
at the end of the period (%)
29
20
26
Women in leadership positions
3)
at the end of the period (%)
25
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) 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 28
Interim Report – Second Quarter 2025
Financial and operational performance
Group performance
Income statement
Revenue
Revenue in the second quarter of 2025 amounted to EUR
3,745m (Q2 2024: EUR 3,296m), an increase of 13.6
percent driven by both segments. The increased revenue
in Power Solutions was primarily driven by higher volume
of MW delivered while the increased revenue in Service
primarily was a result of adjustments to planned costs of
a larger portfolio of service contracts in EMEA and
Americas that impacted revenue negatively in the second
quarter of 2024. Revenue in the second quarter of 2025
reflected a negative impact of EUR 147m from
developments in foreign exchange rates compared to
2024.
For the first half of the year, revenue amounted to EUR
7,213m (H1 2024: EUR 5,977m), an increase of 20.7
percent, primarily driven by the same factors impacting
the quarter, including a negative impact of EUR 207m
from developments in foreign exchange rates compared
to 2024.
Revenue and EBIT margin before special items
mEUR and percentage
Gross profit
Gross profit amounted to EUR 417m in the second
quarter of 2025, corresponding to a gross margin of 11.1
percent (Q2 2024: EUR 156m; 4.7 percent), which is a 6.4
percentage point increase compared to the second
quarter of 2024. The increase was primarily attributable to
the above-mentioned adjustments to planned costs in the
Service segment recognised in the second quarter of
2024, continuedly improved profitability on onshore
projects and lower warranty costs in the Power Solutions
segment.
Gross profit in the first half of 2025 amounted to EUR
776m, equal to a margin of 10.8 percent of revenue (H1:
2024: EUR 400m; 6.7 percent), which is a 4.1 percentage
point increase compared to the first half of 2024, primarily
driven by the same factors impacting the quarter.
Warranty costs
Warranty costs amounted to EUR 115m in the second
quarter of 2025 (Q2 2024: EUR 141m). The warranty
costs are equivalent to a warranty ratio of 3.1 percent of
revenue, which is lower than last year (Q2 2024: 4.3
percent).
For the first half of 2025, warranty costs amounted to EUR
233m (H1 2024: EUR 262m). The warranty costs are
equivalent to a warranty ratio of 3.2 percent of revenue
(H1 2024: 4.4 percent).
Research and development costs, Distribution
costs and Administration costs
Total research and development, distribution and
administration costs amounted to EUR 360m in the
second quarter of 2025 (Q2 2024: EUR 341m), equivalent
to 7.4 percent of revenue calculated over a 12-month
period (Q2 2024: 8.5 percent). The improved ratio reflects
operating leverage from increasing revenue.
Research and development costs recognised in the
income statement amounted to EUR 119m in the second
quarter of 2025 (Q2 2024: EUR 89m). The increase
reflects higher development costs and amortisation of
development technology related to primarily the V236-
15.0 MW
TM
platform.
Distribution costs amounted to EUR 131m in the second
quarter of 2025; on par with last year (Q2 2024: EUR
127m).
Administration costs amounted to EUR 110m in the
second quarter of 2025 (Q2 2024: EUR 125m). The
decrease was driven by lower IT and employee-related
costs.
Depreciation, amortisation, and impairment
In the second quarter of 2025, overall depreciation,
amortisation, and impairment before special items
amounted to EUR 258m (Q2 2024: EUR 225m). As
communicated in the previous quarter, the increase is
according to plan, and primarily attributable to high
investment levels in the V236-15.0 MW
TM
platform, as
Offshore manufacturing continues to ramp up.
Operating profit (EBIT) before special items
EBIT before special items amounted to EUR 57m in the
second quarter of 2025, equivalent to an EBIT margin of
1.5 percent (Q2 2024: negative EUR 185m; negative 5.6
percent). The EBIT margin increased by 7.1 percentage
points compared to the second quarter of 2024. The
improved profitability reflects adjustments to planned
costs in the Service segment recognised in the second
quarter of 2024, improved profitability from Onshore
project performance, and lower warranty costs. These
Vestas Wind Systems A/S Page 7 of 28
Interim Report – Second Quarter 2025
improvements were partly offset by Offshore ramp-up
costs in Power Solutions and higher depreciation and
amortisation related primarily to the V236-15.0 MW
TM
platform.
For the first half of 2025, EBIT before special items
amounted to EUR 71m, equal to an EBIT margin of 1.0
percent (H1 2024: negative EUR 253m; negative 4.2
percent). The development was driven by the same
factors impacting the quarter.
Operating profit (EBIT)
In the second quarter of 2025, EBIT after special items
amounted to EUR 57m, equivalent to an EBIT margin
after special items of 1.5 percent (Q2 2024: negative EUR
185m; negative 5.6 percent).
EBIT after special items in the first half of 2025 amounted
to EUR 77m, equivalent to an EBIT margin after special
items of 1.1 percent (H1 2024: negative EUR 252m;
negative 4.2 percent).
Net financial items
Financial items amounted to a net loss of EUR 9m in the
second quarter of 2025 (Q2 2024: loss of EUR 53m). The
lower loss was driven by both development in foreign
exchange rates and lower finance expenses.
Income tax
Income tax amounted to rounded EUR 12m, equivalent to
an effective tax rate of 25 percent in the second quarter
of 2025 (Q2 2024: effective tax rate of 32 percent).
Net result for the period
The net result amounted to an income of EUR 34m in the
second quarter of 2025 (Q2 2024: loss of EUR 156m).
The net result for the first half of 2025 amounted to an
income of EUR 39m (H1 2024: loss of EUR 231m).
Financial ratios
Earnings per share calculated over a 12-month period
amounted to EUR 0.8 in the second quarter of 2025 (Q2
2024: EUR 0). The increase was driven by the higher
result in the period.
Return on capital employed (ROCE) before special items
calculated over a 12-month period was 11.5 percent in the
second quarter of 2025 (Q2 2024: 0.4 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 24.1 percent in the second quarter of 2025 (Q2 2024:
negative 1.7 percent), an increase of 25.8 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
2,288m as of 30 June 2025 (30 June 2024: a net liability
1
Net investments in intangible assets and property, plant and equipment.
of EUR 1,507m). The development is primarily
attributable to an increased focus on capital management
resulting in reduced inventory levels, higher prepayments
from customers to cover work in progress and increasing
trade payables following higher activity.
Cash flow from operating activities
Cash flow from operating activities was positive EUR
120m in the second quarter of 2025 (Q2 2024: positive
EUR 831m). The decline compared to last year was
primarily driven by a favourable development in net
working capital in the second quarter of 2024, partly offset
by improved operating profit in the second quarter
compared to last year.
Cash flow from operating activities was positive EUR
148m in the first half of 2025 (H1 2024: positive EUR
76m). The development in cash flow compared to last
year reflects improved operating profit.
Total net investments
Total net investments
1
amounted to a net outflow of EUR
288m in the second quarter of 2025 (Q2 2024: outflow
EUR 269m) and a net outflow of EUR 595m in the first
half year of 2025 (H1 2024: net outflow of EUR 467m).
The investment level increased due to ramp-up activity
related to the V236-15.0 MW
TM
platform, including
production equipment, tools and transport equipment.
Adjusted free cash flow
Adjusted free cash flow amounted to negative EUR 227m
in the second quarter of 2025 (Q2 2024: positive EUR
524m). The negative development was primarily driven
by the above-mentioned development in cash flow from
operating activities.
Adjusted free cash flow amounted to negative EUR 552m
in the first half of 2025 (H1 2024: negative EUR 474m).
Adjusted free cash flow
mEUR
*) Includes net investments in joint ventures and associates, outside core business.
Q2
2025
Q2
2024
H1
2025
H1
2024
Cash flow from
operating activities
120
831
148
76
Cash flow from
investing activities
(291)
(332)
(610)
(547)
Free cash flow
(171)
499
(462)
(471)
Net acquisitions in
businesses/activities*
)
-
-
(18)
(2)
Payment of lease
liabilities
(61)
(37)
(111)
(85)
Special items
2
-
8
2
Investments in financial
assets
3
62
31
82
Adjusted free cash
flow
(227)
524
(552)
(474)
Vestas Wind Systems A/S Page 8 of 28
Interim Report – Second Quarter 2025
Capital structure and financing items
Equity and solvency ratio
As at 30 June 2025, total equity amounted to EUR 3,120m
(30 June 2024: EUR 2,926m) and the solvency ratio
dropped 0.2 percentage points to 12.2 percent as at 30
June 2025, compared to last year. The lower solvency
was primarily attributable to higher investment levels,
development in net working capital, as well as a reduction
to the equity from development in foreign exchange rates,
the share buyback and dividend paid out in the first half
of 2025.
Net interest-bearing position
As at 30 June 2025, the net interest-bearing position
amounted to negative EUR 7m (30 June 2024: net
interest-bearing position was negative EUR 557m). The
positive development was a result of positive free cash
flow during the last 12 months.
Cash and cash equivalents amounted to EUR 3,056m as
at 30 June 2025, compared to EUR 2,636m at the end of
the second quarter of 2024.
The ratio net interest-bearing debt/EBITDA calculated
over a 12-month period was 0.0 as at 30 June 2025
compared to 0.7 at the end of the second quarter of 2024,
reflecting reduced financial leverage and improved
earnings.
Vestas Wind Systems A/S Page 9 of 28
Interim Report – Second Quarter 2025
Power Solutions
Result for the period
In the second quarter of 2025, revenue from the Power
Solutions segment amounted to EUR 2,797m (Q2 2024:
EUR 2,625m), which corresponds to a 6.6 percent
increase compared to the second quarter of 2024. The
increase was primarily driven by higher volumes of MW
delivered, partially offset by lower average prices per
MW due to a higher level of supply-only contracts being
delivered in the second quarter of 2025 compared to the
same period last year. Revenue in the second quarter of
2025 reflected a negative impact of EUR 120m from
developments in foreign exchange rates compared to the
same period in 2024.
In the first half of 2025, revenue in the Power Solutions
segment amounted to EUR 5,345m, an increase of 21.4
percent compared to the same period last year (H1 2024:
EUR 4,404m). The increase was driven by a higher
volume of MW delivered with stable average prices per
MW. The first half of the year reflected a negative impact
of EUR 175m from developments in foreign exchange
rates compared to 2024.
Power Solutions revenue and EBIT margin before special
items
mEUR and percentage
EBIT before special items amounted to negative EUR
11m in the second quarter of 2025, equal to an EBIT
margin of negative 0.4 percent (Q2 2024: EUR 19m; 0.7
percent), a decrease of 1.1 percentage points compared
to the second quarter 2024. While Onshore project
profitability continues to improve, profitability in the
second quarter of 2025 reflects Offshore ramp-up costs
including higher depreciations and amortisations.
In the first half of 2025, EBIT before special items
amounted to negative EUR 71m, equal to an EBIT
margin before special items of negative 1.3 percent, 2.1
percentage points above the same period last year (H1
2024: negative EUR 150m, negative 3.4 percent),
highlighting improved margins from onshore projects in
the Power Solutions segment and lower warranty costs.
Wind turbine order intake
In the second quarter of 2025, wind turbine order intake
amounted to 2,009 MW, corresponding to a value of
EUR 2.2bn (Q2 2024: 3,596 MW; EUR 4.4bn). This
represents a decrease of 44 percent in MW order intake
compared to the second quarter of 2024. The decrease
was mainly driven by a lack of orders in some of our core
markets, such as the USA, as customers have been
awaiting policy clarity.
The average selling price (ASP) per MW was EUR
1.11m in the second quarter of 2025, compared to EUR
1.21m in the second quarter of 2024. The lower average
selling price was driven by the mix of order intake, where
the second quarter of 2024 included a higher scope EPC
project in APAC and an Offshore project in EMEA.
Wind turbine order intake, second quarter 2025
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Onshore order
intake
1,706
227
76
2,009
Offshore order
intake
-
-
-
-
Total order
intake
1,706
227
76
2,009
Wind turbine deliveries
Deliveries to customers amounted to 2,808 MW in the
second quarter of 2025 (Q2 2024: 2,417 MW), which
corresponds to a 16 percent increase compared to
second quarter of 2024, primarily driven by higher
deliverables in the USA in Americas.
Deliveries
MW
Offshore deliveries decreased slightly from 394 MW in
the second quarter of 2024 to 320 MW in the second
quarter of 2025.
By the end of June 2025, Vestas had installed a total
capacity of 193 GW
in 88 countries.
Vestas Wind Systems A/S Page 10 of 28
Interim Report – Second Quarter 2025
Deliveries (onshore and offshore)
MW
Q2
2025
Q2
2024
FY
2024
Germany
396
419
1,735
Spain
154
-
288
Poland
153
99
245
Sweden
74
69
162
Italy
72
154
573
United Kingdom
61
71
334
Ukraine
62
-
-
South Africa
60
136
349
France
38
59
738
Austria
29
17
123
Romania
26
2
17
Turkey
24
-
56
Netherlands
21
1
30
Lithuania
18
2
22
Belgium
11
4
99
Denmark
1
16
70
Finland
1
141
698
Ireland
1
3
178
Portugal
1
11
16
Czech Republic
-
2
15
Greece
-
27
117
Estonia
-
-
27
Croatia
-
-
21
Curaçao
-
-
23
Cyprus
-
-
9
EMEA
1,203
1,233
5,945
o/w Offshore
267
265
685
USA
771
225
2,296
Brazil
378
379
1,880
Canada
51
77
480
Chile
43
13
45
Argentina
-
83
525
Americas
1,243
777
5,226
o/w Offshore
2
-
13
Australia
217
226
806
South Korea
71
1
19
Japan
47
51
287
Taiwan
24
129
523
India
3
-
27
China
-
-
67
Asia Pacific
362
407
1,729
o/w Offshore
51
129
654
Total
2,808
2,417
12,900
o/w Offshore
320
394
1,352
Wind turbine order backlog
At the end of the second quarter of 2025, the wind turbine
order backlog amounted to 29,244 MW, which
corresponds to a value of EUR 31.4bn (30 June 2024:
27,022 MW / EUR 28.1bn), of which EUR 10.6bn relates
to Offshore wind power projects. The order backlog was
positively impacted by significant Offshore order intake
in Germany, the UK, and the Netherlands, as well as
strong Onshore order intake in Germany and Australia in
the second half of 2024.
Order backlog per region
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Total backlog as at 30
June 2024
13,055
10,899
3,068
27,022
Order intake
10,379
3,983
1,730
16,092
Deliveries
5,904
6,218
1,748
13,870
Total backlog as at 30
June 2025
17,530
8,664
3,050
29,244
o/w Offshore
6,775
794
925
8,494
Development business
In the second quarter of 2025, Vestas’ pipeline of
development projects amounted to 26.6 GW, with 16.0
GW in Asia Pacific, 6.9 GW in Americas and 3.7 GW in
EMEA. Australia, the USA, and Spain were the countries
with the largest project pipelines. During the quarter,
Vestas secured 0.6 GW of new pipeline projects in
mainly Italy and Vietnam.
Vestas Wind Systems A/S Page 11 of 28
Interim Report – Second Quarter 2025
Service
Result for the period
The Service segment generated revenue of EUR 948m
in the second quarter of 2025 (Q2 2024: EUR 671m),
which corresponds to a 41.3 percent increase compared
to the second quarter of 2024. The increased revenue
was mainly a result of adjustments to planned costs of a
larger portfolio of service contracts in EMEA and
Americas recognised in the second quarter of 2024,
which negatively impacted revenue in the second quarter
of 2024 by EUR 312m. Disregarding this impact, revenue
decreased by approx. 4 percent. Developments in
foreign exchange rates had a EUR 33m negative effect
on revenue growth.
In the first half of 2025, revenue from the Service
segment amounted to EUR 1,868m (H1 2024: EUR
1,573m), an 18.8 percent increase compared to first half
of 2024, primarily driven by the same factors impacting
the quarter including developments in foreign exchange
rates with a negative impact of EUR 40m on revenue
growth.
Service revenue and EBIT margin before special items
mEUR and percentage
EBIT before special items amounted to EUR 163m in
the second quarter of 2025, corresponding to an EBIT
margin of 17.2 percent (Q2 2024: negative EUR 107m;
negative 15.9 percent). The higher margin compared to
last year was primarily driven by the above-mentioned
adjustments to planned costs recognised in the second
quarter of 2024.
In the first half of 2025, EBIT before special items
amounted to EUR 329m with an EBIT margin of 17.6
percent, a 12.2 percentage point increase compared to
the first half of 2024 (H1 2024: EUR 85m; 5.4 percent)
attributable to the same factor impacting the quarter.
Wind turbines under service
At the end of June 2025, Vestas had around 59,800 wind
turbines under service, equivalent to 159 GW (end of
June 2024: 151 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 June 2025, Vestas had service contracts
in the order backlog with expected contractual future
revenue of EUR 35.9bn, an increase of EUR 1.0bn
compared to end of the second quarter last year (30
June 2024: EUR 34.9bn). The service backlog
increased EUR 0.8bn from indexation mechanisms in
contracts and decreased EUR 1.5bn due to
development in foreign exchange rates, compared to
end of the second quarter last year.
Service order backlog
bnEUR
At the end of the quarter, the average duration of the
service order backlog was 11 years. (30 June 2024: 11
years).
Page 12 of 28
Vestas Wind Systems A/S
Interim Report – Second 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 the second quarter of 2025, turbines
produced and shipped in the last twelve months are
expected to avoid 480 million tonnes of CO
2
e over the
course of their lifetime. This is an increase of 65 million
tonnes, and a 16 percent improvement from the
comparable last twelve months the year prior. This
improvement reflects improved assumptions such as
average global CO
2
e emissions from electricity and
increased average turbine lifetime.
In the last 12 months, our total scope 1 and 2 GHG
emissions increased by 8 percent to 110 thousand
tonnes from 102 thousand tonnes. The increase in our
total scope 1 and 2 emissions is driven by increased
activities across offshore construction and service
operations.
Scope 3 GHG emissions are reported annually in the
Annual Report.
Circularity
Our recycling rate is 68 percent in the period, a 2-
percentage points improvement from the comparable 12
months the year prior, demonstrating continued progress
toward our 2025 target of 70 percent recycling.
In the last 12 months, our material efficiency rate,
meaning the volume of non-recycled waste per MW
produced and shipped, remained constant at 1.2 tonnes.
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 first and second quarter
of 2025. However, as a result of our LTM basis reporting,
we are reporting one fatality, which occurred in the third
quarter of 2024.
In the last 12 months, our TRIR increased to 3.0
compared to 2.8 in the comparable 12 months the year
prior. The increase is driven primarily by Service in
specific Regions, and targeted interventions have been
implemented to improve performance. We are seeing a
stabilisation of our TRIR performance across other
regions and functions, and a decrease in exposure of
people to high-risk events in general.
We continue to improve our understanding of Health and
Safety controls, operationally ensuring we proactively
assess and improve their effectiveness as well as rolling
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 13 of 28
Vestas Wind Systems A/S
Interim Report – Second 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 V236-15.0 MW
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 14 of 28
Vestas Wind Systems A/S
Interim Report – Second 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 ramp-up costs and 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.
There remains considerable tariff uncertainty, especially
in the USA, and raised tariffs are likely to increase costs
over time. 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.
Page 15 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
Consolidated financial statements 1 January - 30 June
Condensed income statement 1 January- 30 June
mEUR
Note
Q2
2025
Q2
2024
H1
2025
H1
2024
Revenue
1.1, 1.2
Production costs
(3,328 )
(3,140 )
(6,437 )
(5,577 )
Gross profit
Research and development costs
(119 )
(89 )
(229 )
(174 )
Distribution costs
(131 )
(127 )
(257 )
(255 )
Administration costs
(110 )
(125 )
(219 )
(224 )
Operating profit/(loss) (EBIT) before special items
1.1
(185 )
(253 )
Special items
1.3
Operating profit/(loss) (EBIT)
(185 )
(252 )
Income from investments in joint ventures and associates
(2 )
(1 )
Net financial items
(9 )
(53 )
(23 )
(88 )
Profit/(loss) before tax
(230 )
(335 )
Income tax
(12 )
(14 )
Profit/(loss) for the period
(156 )
(231 )
Profit/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
(158 )
(226 )
Non-controlling interests
(5 )
Earnings per share (EPS)
Earnings per share for the period (EUR), basic
(0.16 )
(0.23 )
Earnings per share for the period (EUR), diluted
(0.16 )
(0.23 )
Condensed statement of comprehensive income 1 January - 30 June
mEUR
Q2
2025
Q2
2024
H1
2025
H1
2024
Profit/(loss) for the period
(156 )
(231 )
Items that may be subsequently reclassified to the income statement:
Exchange rate adjustments relating to foreign entities
(169 )
(2 )
(233 )
Fair value adjustments of derivative financial instruments for the period
(61 )
(109 )
Gain/(loss) on derivative financial instruments transferred to the income statement
(47 )
Share of fair value adjustments of derivative financial instruments of joint ventures and
associates
Tax on items that may be reclassified to the income statement subsequently
(24 )
(50 )
Other comprehensive income after tax for the period
(181 )
(280 )
Total comprehensive income for the period
(147 )
(87 )
(241 )
(75 )
Total comprehensive income/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
(147 )
(90 )
(241 )
(72 )
Non-controlling interests
(3 )
The above condensed statement of comprehensive income should be read in conjunction with the accompanying notes.
Page 16 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
Condensed balance sheet – Assets
mEUR
Note
30 June
2025
30 June
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 17 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
Condensed balance sheet – Equity and liabilities
mEUR
Note
30 June
2025
30 June
2024
31 December
)
2024
Share capital
3.1
Other reserves
(342 )
(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 18 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
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
(48 )
(31 )
(78 )
Profit/(loss) for the period
Other comprehensive income for the period
(231 )
(48 )
(278 )
(2 )
(280 )
Total comprehensive income for the period
(231 )
(48 )
(278 )
(0 )
(241 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
Transaction with shareholders:
Acquisition of treasury shares
(132 )
(132 )
Dividends distributed
(75 )
-
(75 )
Dividends distributed related to treasury shares
-
Share-based payments
Tax on equity transactions
(7 )
(7 )
Total transactions with shareholders
(195 )
(195 )
Equity as at 30 June 2025
(279 )
(65 )
(342 )
Condensed statement of changes in equity – six 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
(226 )
(5 )
(231 )
Other comprehensive income for the period
Total comprehensive income for the period
(226 )
(3 )
(75 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
(14 )
(14 )
(14 )
Transaction with shareholders:
Acquisition of treasury shares
(40 )
-
(40 )
Share-based payments
Tax on equity transactions
(4 )
(4 )
Total transactions with shareholders
(27 )
(27 )
Equity as at 30 June 2024
(63 )
The above condensed statement of changes in equity should be read in conjunction with the accompanying notes.
Page 19 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
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
2025
Q2
2024
H1
2025
H1
2024
Profit/(loss) for the period
(156 )
(231 )
Adjustment for non-cash transactions
Interest paid / received, net
(33 )
(16 )
(43 )
(15 )
Income tax paid
(126 )
(39 )
(150 )
(79 )
Cash flow from operating activities before change in net working
capital
(3 )
Change in net working capital
(249 )
Cash flow from operating activities
Purchase of intangible assets
(101 )
(135 )
(229 )
(229 )
Purchase of property, plant and equipment
(187 )
(147 )
(366 )
(251 )
Proceeds from sale of property, plant and equipment
Dividends from investments in joint ventures and associates
Purchase of other non-current financial assets
(66 )
(31 )
(129 )
Proceeds from sale of other non-current financial assets
(28 )
Proceeds from sale of investments in joint ventures and associates
(2 )
(1 )
Cash flow from investing activities
(291 )
(332 )
(610 )
(547 )
Free cash flow
(171 )
(462 )
(471 )
Payment of lease liabilities
(61 )
(38 )
(111 )
(85 )
Proceeds from borrowings
Payment of financial debt
(20 )
(95 )
(52 )
(106 )
Dividend paid
(74 )
(74 )
Acquisition of treasury shares
(32 )
(40 )
(132 )
(40 )
Cash flow from financing activities
(171 )
(151 )
(286 )
(187 )
Net change in cash and cash equivalents
(342 )
(748 )
(658 )
Cash and cash equivalents at the beginning of period
Exchange rate adjustments of cash and cash equivalents
(9 )
(6 )
(13 )
(24 )
Cash and cash equivalents at the end of the period
3.2
Page 20 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
Notes
1 Result for the period
1.1 Segment information
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)
mEUR
Power
Solutions
Service
Not
allocated
Total Group
Q2 2024
Revenue
2,625
671
-
3,296
Total revenue
2,625
671
-
3,296
Total costs
(2,606)
(778)
(97)
(3,481)
Operating profit/(loss) (EBIT) before special items
19
(107)
(97)
(185)
Special items
0
-
-
0
Operating profit/(loss) (EBIT)
19
(107)
(97)
(185)
Income from investments in joint ventures and associates
-
-
8
8
Net financial items
-
-
(53)
(53)
Profit/(loss) before tax
(230)
Amortisation and depreciation included in total costs
(169)
(46)
(10)
(225)
Page 21 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
1.1 Segment information (continued)
In the first half of 2024, revenue in the Service segment was negatively impacted by EUR 312m from second quarter
adjustments to planned costs of ongoing service contracts. The adjustments related to an increase in the expected total
cost to complete for the service contracts, primarily driven by updated cost forecasts as well as the expected future
impact from cost-out initiatives.
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)
mEUR
Power
Solutions
Service
Not allocated
Total
Group
H1 2024
Revenue
4,404
1,573
-
5,977
Total revenue
4,404
1,573
-
5,977
Total costs
(4,554)
(1,488)
(188)
(6,230)
Operating profit/(loss) (EBIT) before special items
(150)
85
(188)
(253)
Special items
1
-
-
1
Operating profit/(loss) (EBIT)
(149)
85
(188)
(252)
Income from investments in joint ventures and associates
-
-
5
5
Net financial items
-
-
(88)
(88)
Profit/(loss) before tax
(335)
Amortisation and depreciation included in total costs
(320)
(82)
(22)
(424)
Page 22 of 28
Vestas Wind Systems A/S
Interim Report – Second 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
Q2
2025
Q2
2024
Q2
2025
Q2
2024
Q2
2025
Q2
2024
Timing of revenue recognition
Products and services transferred at a point in time
1,825
1,471
134
146
1,959
1,617
Products and services transferred over time
972
1,154
814
525
1,786
1,679
2,797
2,625
948
671
3,745
3,296
Revenue from contract types
Supply-only (at a point in time)
867
414
-
-
867
414
Supply-and-installation (at a point in time)
958
1,057
-
-
958
1,057
Supply-and-installation (over time)
589
855
-
-
589
855
EPC/Turnkey (over time)
383
299
-
-
383
299
Transactional sales (at a point in time)
-
-
134
146
134
146
Service contracts (over time)
-
-
814
525
814
525
2,797
2,625
948
671
3,745
3,296
Primary geographical markets
EMEA
1,242
1,340
537
316
1,779
1,656
Americas
1,115
782
316
278
1,431
1,060
Asia Pacific
440
503
95
77
535
580
2,797
2,625
948
671
3,745
3,296
mEUR Power Solutions Service Total
H1
2025
H1
2024
H1
2025
H1
2024
H1
2025
H1
2024
Timing of revenue recognition
Products and services transferred at a point in time
3,532
2,673
246
260
3,778
2,933
Products and services transferred over time
1,813
1,731
1,622
1,313
3,435
3,044
5,345
4,404
1,868
1,573
7,213
5,977
Revenue from contract types
Supply-only
1,740
427
-
-
1,740
427
Supply-and-installation (at a point in time)
1,792
2,246
-
-
1,792
2,246
Supply-and-installation (over time)
1,134
1,186
-
-
1,134
1,186
EPC/Turnkey (over time)
679
545
-
-
679
545
Transactional sales (at a point in time)
-
-
246
260
246
260
Service contracts (over time)
-
-
1,622
1,313
1,622
1,313
5,345
4,404
1,868
1,573
7,213
5,977
Primary geographical markets
EMEA
2,003
2,107
1,054
804
3,057
2,911
Americas
2,399
1,422
634
609
3,033
2,031
Asia Pacific
943
875
180
160
1,123
1,035
5,345
4,404
1,868
1,573
7,213
5,977
Page 23 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
1.3 Special items
mEUR
Q2
2025
Q2
2024
H1
2025
H1
2024
Reversal of write-down of inventory
-
-
6
-
Other costs
-
0
-
1
Special items
-
0
6
1
During the first half of 2025, a net income of EUR 6m was recognised in special items related to the Russian invasion of
Ukraine.
During the first half 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 412m in the first half of 2025, which mainly related to the offshore
business.
In the first half of 2025, Vestas acquired assets with a cost of EUR 366m mainly related to transport equipment and
construction tools, compared to EUR 251m in the first half of 2024.
Additions to lease contracts recognised as right-of-use assets in the first half of 2025 amounted to EUR 197m, mainly
related to new vessel leases, compared to EUR 183m in the first half of 2024.
2.2 Warranty provisions (included in provisions)
mEUR
30 June
2025
30 June
2024
31 December
2024
Warranty provisions, 1 January
2,060
1,747
1,747
Provisions for the period
286
265
837
Warranty provisions consumed during the period
(325)
(258)
(524)
Warranty provisions
2,021
1,754
2,060
The provisions are expected to be payable as follows:
Non-current
1,309
1,035
1,215
Current
712
719
845
2,021
1,754
2,060
During the first half of 2025, net warranty provisions charged to the income statement was EUR 233m (EUR 262m in the
first half of 2024), equivalent to 3.2 percent of revenue. The net amount consists of a gross warranty provision of EUR
286m less supplier claims of EUR 53m.
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 8 April 2025, 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.
Page 24 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
Treasury shares
Nominal value (DKK)
30 June
2025
30 June
2024
31 December
2024
Treasury shares as at 1 January
820,929
678,721
678,721
Purchases for the period
1,877,134
328,300
328,300
Vested treasury shares for the period
(226,634)
(186,092)
(186,092)
Treasury shares
2,471,429
820,929
820,929
Each share has a nominal value of DKK 0.20.
3.2 Cash and cash equivalents
mEUR
30 June
2025
30 June
2024
31 December
2024
Cash and cash equivalents without disposal restrictions
3,029
2,632
3,785
Cash and cash equivalents with disposal restrictions
27
4
32
Cash and cash equivalents
3,056
2,636
3,817
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 30 June 2025, Vestas had EUR 3,056m 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 30 June 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 an upcoming bond maturity in the next 12 months,
amounting to EUR 500m with maturity date on 15 June 2026.
3.4 Financial instruments
Financial investments consist of interest-bearing investments which do not meet the definition for cash and cash
equivalents. As at 30 June 2025, financial investments comprised marketable securities with a fair value of EUR 105m and
deposits with fair value of EUR 190m, equal to book value.
Derivative financial instruments were negative with a market value of net EUR 131m, equal to book value, and were
recognised in other receivables and other liabilities with EUR 456m and EUR 587m, respectively.
As at 30 June 2025, the carrying amount of the sustainability-linked bonds issued by Vestas amounted to EUR 1,986m
and the fair value amounted to EUR 1,931m.
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 30
June 2025, the fair value of other investments amounted to EUR 158m, and that of contingent consideration amounted to
EUR 67m. Valuation methods remain unchanged from the description in the Annual Report 2024 and with no significant
changes in fair values.
Page 25 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
4 Other disclosures
4.1 Related party transactions
Vestas has had the following material transactions with joint ventures and associates:
mEUR
Q2
2025
Q2
2024
H1
2025
H1
2024
Joint ventures
Capital increase
(0)
-
(0)
-
Trade receivables as at 30 June
-
-
-
-
Other assets as at 30 June
2
23
2
23
Associates
Revenue for the period
1
1
2
2
Dividends from investments in associates
0
-
18
3
Capital increase
(0)
0
(2)
0
Trade receivables as at 30 June
2
21
2
21
Other assets as at 30 June
-
6
-
6
Contract liabilities as at 30 June
0
0
0
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.
4.2 Subsequent events
Other than the events recognised or disclosed in the Interim Report, no events have occurred subsequent to 30 June 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 IASB has issued amended accounting standards that have not yet become effective and have consequently not been
implemented in the condensed consolidated interim financial statements. Vestas intends to adopt these amended
accounting standards, if applicable, when they become mandatory.
The amended standards are not expected to have a significant impact on recognition and measurement in the condensed
consolidated interim financial statements.
Page 26 of 28
Vestas Wind Systems A/S
Interim Report – Second Quarter 2025
Management’s statement
*) Employee representative
Executive Management
Board of Directors
)
)
)
Vestas Wind Systems A/S Page 27 of 28
Interim Report – Second Quarter 2025
Vestas Wind Systems A/S Page 28 of 28
Interim Report – Second Quarter 2025
Vestas Wind Systems A/S
Hedeager 42, 8200 Aarhus N
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.