Wind.
It means the world to us.
TM
Company Announcement No.
23/ 2025
Interim Report
Third Quarter 2025
Company Reg. No.: 10403782
Vestas Wind Systems A/S Page 2 of 28
Interim Report – Third 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 September ................................................ 15
Management’s statement ........................................................................................................... 27
Conference call (audiocast)
On Wednesday 5 November 2025 at 10 am CET (9 am
GMT), 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 – Third Quarter 2025
Summary
Quarterly revenue of EUR 5.3bn with an EBIT margin
before special items of 7.8 percent. Order intake of EUR
4.6bn and combined order backlog of EUR 68.2bn. Full-
year guidance narrowed.
In the third quarter of 2025, Vestas generated revenue of
EUR 5,339m – an increase of 3.1 percent compared to
the year-earlier period. EBIT before special items
amounted to EUR 416m, resulting in an EBIT margin
before special items of 7.8 percent, compared to 4.5
percent in the third quarter of 2024.
Adjusted free cash flow amounted to EUR 508m
compared to EUR (224)m in the third quarter of 2024.
The quarterly intake of firm and unconditional wind turbine
orders amounted to 4,606 MW, a 4 percent increase from
third quarter of 2024. The value of the wind turbine order
backlog was EUR 31.6bn as at 30 September 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 36.6bn.
Thus, the value of the combined backlog of wind turbine
orders and service agreements stood at EUR 68.2bn – an
increase of EUR 4.8bn compared to the year-earlier
period.
In line with Vestas’ general capital structure strategy and
as a result of the current solid liquidity position, the Board
has decided to initiate a share buy-back of EUR 150m.
Based on the results for the first nine months, we are
narrowing the outlook for the year. Expectations to
revenue are now between EUR 18.5-19.5bn (previously
EUR 18-20bn), with an EBIT margin before special items
of 5-6 percent (previously 4-7 percent). Expectations to
total investments
1)
are unchanged; with an outlook of
approx. EUR 1.2bn in 2025.
Group President & CEO Henrik Andersen said: “Vestas
had a strong third quarter of 2025 and achieved revenue
of EUR 5.3bn and an EBIT margin of 7.8 percent. The
results are driven by higher deliveries and continued
improvement in Onshore project execution, and underline
that the year is back-end loaded. Order intake landed at
4.6 GW, which is an increase year-on-year of 4 percent
overall and of more than 60 percent for Onshore. We
continue to execute our Service recovery plan and remain
on track to achieve our financial targets, narrowing our
outlook to reflect lower Service EBIT and stronger
Onshore execution. We are initiating a EUR 150m share
buy-back, underlining our ambition to return value to our
shareholders when possible. The world remains impacted
by geopolitical uncertainty, which is creating
unprecedented challenges, but also showcasing why
wind energy remains key to building affordable, secure
and sustainable energy systems. We want to thank our
partners, customers, and employees for their support and
hard work during the first nine months of 2025.”
Key highlights
Revenue of EUR 5.3bn
Increase of 3 percent YoY driven by higher deliveries despite negative foreign exchange developments.
EBIT margin of 7.8 percent
Earnings achieved through improved Onshore project execution and lower warranty cost; offset by costs of
manufacturing ramp-up.
Order intake of 4.6 GW
Up 4 percent YoY driven by the USA and Germany, Onshore up more than 60 percent.
Manufacturing ramp-up driving costs and investments
Onshore and Offshore ramp-up is progressing, as we stay focused on delivering a busy fourth quarter.
Returning value to our shareholders
In line with our capital structure strategy, and solid liquidity position, a share buyback of EUR 150m will be initiated.
2025 Outlook
Outlook narrowed, reflecting lower Service EBIT and stronger Onshore execution.
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 – Third Quarter 2025
Key figures
Financial and operational key figures
mEUR
Q3
2025
Q3
2024
9M
)
2025
9M
2024
FY
)
2024
Financial key figures
Income statement
Revenue
5,339
5,177
12,552
11,154
17,295
Gross profit
772
544
1,548
944
2,057
EBITDA before special items
673
444
1,230
615
1,605
Operating profit/(loss) (EBIT) before special items
416
235
487
(18)
741
EBITDA
671
440
1,234
612
1,658
Operating profit/(loss) (EBIT)
414
231
491
(21)
794
Net operating profit after tax (NOPAT)
310
159
368
(14)
556
Net financial items
(15)
(36)
(38)
(124)
(86)
Profit/(loss) before tax
405
184
458
(151)
705
Profit/(loss) for the period
304
127
343
(104)
494
Balance sheet
Balance sheet total
25,918
22,921
25,918
22,921
24,644
Equity
3,482
2,919
3,482
2,919
3,542
Investments in property, plant, and equipment
174
172
540
423
670
Net working capital
(2,561)
(1,118)
(2,561)
(1,118)
(2,297)
Capital employed
6,820
6,245
6,820
6,245
6,813
Interest-bearing position (net), end of the period
489
(868)
489
(868)
809
Interest-bearing debt, end of the period
3,338
3,326
3,338
3,326
3,271
Cash flow statement
Cash flow from operating activities
840
89
988
165
2,332
Cash flow from investing activities
(302)
(373)
(912)
(920)
(1,341)
Free cash flow
538
(284)
76
(755)
991
Adjusted free cash flow
1)
508
(224)
(42)
(699)
1,095
Financial ratios
2)
Financial ratios
Gross margin (%)
14.5
10.5
12.3
8.5
11.9
EBITDA margin (%) before special items
12.6
8.6
9.8
5.5
9.3
EBIT margin (%) before special items
7.8
4.5
3.9
(0.2)
4.3
EBITDA margin (%)
12.6
8.5
9.8
5.5
9.6
EBIT margin (%)
7.8
4.5
3.9
(0.2)
4.6
Return on capital employed (ROCE)
3)
(%) before special items
13.6
2.1
13.6
2.1
8.0
Interest-bearing position (net)/ EBITDA
3)
before special items
(0.2)
0.9
(0.2)
0.9
(0.5)
Solvency ratio (%)
13.4
12.7
13.4
12.7
14.4
Return on equity
3)
(%)
28.6
1.6
28.6
1.6
16.2
Share ratios
Earnings per share
4)
(EUR)
0.9
0.0
0.9
0.0
0.5
Dividend per share (EUR)
-
-
0.1
-
0.1
Pay-out ratio (%)
-
-
-
-
15.0
Share price at the end of the period (DKK)
119.8
147.9
119.8
147.9
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)
4.6
4.9
10.7
11.5
19.2
Order intake (MW)
4,606
4,432
9,750
10,328
16,844
Order backlog – wind turbines (bnEUR)
31.6
28.3
31.6
28.3
31.6
Order backlog – wind turbines (MW)
29,411
27,333
29,411
27,333
29,241
Order backlog – service (bnEUR)
36.6
35.1
36.6
35.1
36.8
Produced and shipped wind turbines (MW)
3,050
3,653
10,321
10,277
13,198
Produced and shipped wind turbines (number)
612
774
2,151
2,046
2,837
Deliveries (MW)
4,441
4,162
9,614
8,299
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 – Third Quarter 2025
Sustainability key figures
Q3 2025
LTM
Q3 2024
LTM
FY
2024
Environmental
Utilisation of resources
Consumption of energy (GWh)
685
652
640
- of which renewable energy (GWh)
238
207
214
- of which renewable electricity (GWh)
189
161
166
Renewable energy (%)
34
32
33
Renewable electricity for own activities
(%)
100
100
100
Withdrawal of fresh water (1,000 m³)
287
303
323
Waste
Volume of waste from own operations (1,000 t)
53.9
41.9
43.7
- of which collected for recycling (1,000 t)
37.8
28.0
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)
1.2
1.1
1.0
GHG emissions
Scope 1 GHG emissions (1,000 t CO
2
e)
109
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)
461
454
455
Expected annual GHG
avoided by the total aggregated installed fleet at the end of the period
(million t CO
2
e)
250
243
239
Social
Safety (own workforce
2
)
Total Recordable Injuries per million working hours (TRIR)
3.3
2.8
3.0
Lost Time injuries per million working hours (LTIR)
1.3
1.1
1.2
Total Recordable Injuries (number)
276
225
240
- of which Lost Time Injuries (number)
108
88
97
- of which fatal injuries (number)
0
2
2
Employees
Average number of employees (FTEs)
Employees at the end of the period (FTEs)
37,275
33,678
35,100
Diversity and inclusion
Women in the Board of Directors at the end of the period (%)
50
60
60
Women in top management
3)
at the end of the period (%)
30
24
26
Women in leadership positions
3)
at the end of the period (%)
24
25
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-contractors 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 – Third Quarter 2025
Financial and operational performance
Group performance
Income statement
Revenue
Revenue in the third quarter of 2025 amounted to EUR
5,339m (Q3 2024: EUR 5,177m), an increase of 3.1
percent driven by Power Solutions. The increased revenue
in Power Solutions was primarily driven by higher volume
of MW delivered while lower revenue in Service primarily
was a result of negative foreign exchange rate
developments and a lower level of transactional sales.
Revenue in the third quarter of 2025 reflected a negative
impact of EUR 163m from developments in foreign
exchange rates compared to 2024.
For the first nine months of the year, revenue amounted to
EUR 12,552m (9M 2024: EUR 11,154m), an increase of
12.5 percent, driven by both segments. The higher
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 for the first nine months of 2025
reflected a negative impact of EUR 359m 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 772m in the third quarter of
2025, corresponding to a gross margin of 14.5 percent (Q3
2024: EUR 544m; 10.5 percent), which is a 4.0 percentage
point increase compared to the third quarter of 2024. The
increase was primarily attributable to continued improved
profitability from Onshore projects and lower warranty
costs in the Power Solutions segment as well as higher
profitability from contract business in the Service segment.
Gross profit in the first nine months of 2025 amounted to
EUR 1,548m, equal to a margin of 12.3 percent of revenue
(9M 2024: EUR 944m; 8.5 percent), which is a 3.8
percentage point increase compared to the first nine
months of 2024, primarily driven by the same factors
impacting the quarter but negatively impacted by the
above-mentioned adjustments to planned costs in the
Service segment recognised in the second quarter of
2024.
Warranty costs
Warranty costs amounted to EUR 160m in the third quarter
of 2025 (Q3 2024: EUR 313m). The warranty costs are
equivalent to a warranty ratio of 3.0 percent of revenue;
significantly lower than last year (Q3 2024: 6.0 percent)
which was impacted by a specific provision for an offshore-
related component.
For the first nine months of 2025, warranty costs amounted
to EUR 393m (9M 2024: EUR 575m). The warranty costs
are equivalent to a warranty ratio of 3.1 percent of revenue
(9M 2024: 5.2 percent).
Research and development costs, Distribution
costs and Administration costs
Total research and development, distribution and
administration costs amounted to EUR 356m in the third
quarter of 2025 (Q3 2024: EUR 310m), equivalent to 7.6
percent of revenue calculated over a 12-month period (Q3
2024: 8.2 percent). The improved ratio reflects operating
leverage from increasing revenue.
Research and development costs recognised in the
income statement amounted to EUR 122m in the third
quarter of 2025 (Q3 2024: EUR 99m). 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 113m in the third
quarter of 2025 (Q3 2024: EUR 141m). The decrease was
driven by lower costs related to IT projects.
Administration costs amounted to EUR 121m in the third
quarter of 2025 (Q3 2024: EUR 70m). The increase was
driven by higher IT and employee-related costs.
Depreciation, amortisation, and impairment
In the third quarter of 2025, overall depreciation,
amortisation, and impairment amounted to EUR 257m (Q3
2024: EUR 209m). As communicated in previous quarters,
the increase is according to plan and primarily attributable
to high investment levels in the V236-15.0 MW
TM
platform.
Operating profit (EBIT) before special items
EBIT before special items amounted to EUR 416m in the
third quarter of 2025, equivalent to an EBIT margin of 7.8
percent (Q3 2024: EUR 235m; 4.5 percent). The EBIT
margin increase reflects improved profitability from
Onshore project performance and lower warranty costs.
The improved profitability was partially offset by Offshore
Vestas Wind Systems A/S Page 7 of 28
Interim Report – Third Quarter 2025
ramp-up costs and higher depreciations and amortisations
related to primarily the V236-15.0 MW
TM
platform.
For the first nine months of 2025, EBIT before special
items amounted to EUR 487m, equal to an EBIT margin of
3.9 percent (9M 2024: negative EUR 18m; negative 0.2
percent). The development was driven by the same factors
impacting the quarter as well as the above-mentioned
adjustments to planned costs in the Service segment
recognised in the second quarter of 2024.
Operating profit (EBIT)
In the third quarter of 2025, EBIT after special items
amounted to EUR 414m, equivalent to an EBIT margin
after special items of 7.8 percent (Q3 2024: EUR 231m;
4.5 percent).
EBIT after special items in the first nine months of 2025
amounted to EUR 491m, equivalent to an EBIT margin
after special items of 3.9 percent (9M 2024: negative EUR
21m; negative 0.2 percent).
Net financial items
Financial items amounted to a net loss of EUR 15m in the
third quarter of 2025 (Q3 2024: Net loss of EUR 36m). The
lower expense was mainly driven by lower net interests
related to improved net interest-bearing position.
Income tax
Income tax amounted to EUR 101m, equivalent to an
effective tax rate of 25 percent in the third quarter of 2025
(Q3 2024: effective tax rate of 31 percent).
Net result for the period
The net result amounted to an income of EUR 304m in the
third quarter of 2025 (Q3 2024: income of EUR 127m). The
net result for the first nine months of 2025 amounted to an
income of EUR 343m (9M 2024: loss of EUR 104m).
Financial ratios
Earnings per share calculated over a 12-month period
amounted to EUR 0.9 in the third quarter of 2025 (Q3
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 13.6 percent in the
third quarter of 2025 (Q3 2024: 2.1 percent), an increase
compared to 2024 driven by the higher operating profit in
the period.
Return on equity (RoE) calculated over a 12-month period
was 28.6 percent in the third quarter of 2025 (Q3 2024: 1.6
percent), an increase of 26.9 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
2,561m as at 30 September 2025 (30 September 2024: a
net liability of EUR 1,118m). The development was
1
Net investments in intangible assets and property, plant and equipment.
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 following higher
activity.
Cash flow from operating activities
Cash flow from operating activities was positive EUR
840m in the third quarter of 2025 (Q3 2024: positive EUR
89m). The increase compared to last year was primarily
driven by improved operating profit and development in net
working capital compared to the same period last year.
Cash flow from operating activities was positive EUR
988m in the first nine months of 2025 (9M 2024: positive
EUR 165m). The development in cash flow compared to
last year reflects improved operating profit and
development in net working capital.
Total net investments
Total net investments
1
amounted to a net outflow of EUR
274m in the third quarter of 2025 (Q3 2024: outflow EUR
272m) and a net outflow of EUR 869m in the first nine
months of 2025 (9M 2024: net outflow of EUR 739m). 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 positive EUR 508m
in the third quarter of 2025 (Q3 2024: negative EUR
224m). The positive development was primarily driven by
the above-mentioned development in cash flow from
operating activities.
Adjusted free cash flow
mEUR
*) Includes net investments in joint ventures and associates, outside core business.
Adjusted free cash flow amounted to negative EUR 42m in
the first nine months of 2025 (9M 2024: negative EUR
699m).
Q3 202
5
Q3 202
4
9M 2025
9M 2024
Cash flow from operating
activities
840
89
988
165
Cash flow from investing
activities
(302)
(373)
(912)
(920)
Free cash flow
538
(284)
76
(755)
Net
acquisitions in
businesses/activities*
)
21
2
5
(2)
Payment of lease liabilities
(56)
(43)
(167)
(128)
Special items
(2)
-
6
2
Investments in financial
assets
7
101
38
184
Adjusted free cash flow
508
(224)
(42)
(699)
Vestas Wind Systems A/S Page 8 of 28
Interim Report – Third Quarter 2025
Capital structure and financing items
Equity and solvency ratio
As at 30 September 2025, total equity amounted to EUR
3,482m (30 September 2024: EUR 2,919m) and the
solvency ratio increased 0.7 percentage points year-on-
year to 13.4 percent. The improved solvency was primarily
attributable to higher 12-months earnings, partially offset
by reduced equity from development in foreign exchange
rates as well as the share buyback and dividend paid out
in the first half of 2025.
Net interest-bearing position
As at 30 September 2025, the net interest-bearing position
amounted to EUR 489m (30 September 2024: net interest-
bearing position amounted to a negative EUR 868m). The
positive development was a result of the positive free cash
flow during the last 12 months.
Cash and cash equivalents amounted to EUR 3,532m as
at 30 September 2025, compared to EUR 2,197m at the
end of the third quarter of 2024.
The ratio net interest-bearing debt/EBITDA calculated over
a 12-month period was negative 0.2x as at 30 September
2025 compared to positive 0.9x at the end of the third
quarter of 2024.
In line with Vestas’ general capital structure strategy and
as a result of the current solid liquidity position, the Board
has decided to initiate a share buy-back of EUR 150m, in
accordance with the authorisation granted at the Annual
General Meeting in April 2025.
Vestas Wind Systems A/S Page 9 of 28
Interim Report – Third Quarter 2025
Power Solutions
Result for the period
In the third quarter of 2025, revenue from the Power
Solutions segment amounted to EUR 4,439m (Q3 2024:
EUR 4,250m), which corresponds to a 4.4 percent
increase compared to the third quarter of 2024. The
increase was primarily driven by higher volumes of MW
delivered with average prices per MW delivered on the
same level as in the third quarter of 2024. Revenue in
the third quarter of 2025 reflected a negative impact of
EUR 134m from developments in foreign exchange rates
compared to the same period in 2024.
In the first nine months of 2025, revenue in the Power
Solutions segment amounted to EUR 9,784m, an
increase of 13.1 percent compared to the same period
last year (9M 2024: EUR 8,654m). The increase was
primarily driven by higher volume of MW delivered. The
first nine months of the year reflected a negative impact
of EUR 298m 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 EUR 359m in the
third quarter of 2025, equal to an EBIT margin of 8.1
percent (Q3 2024: EUR 177m; 4.2 percent). The
improvement was driven by better Onshore project
profitability and execution, as well as lower warranty
costs, while the Offshore profitability reflects significant
ramp-up costs and higher depreciations and
amortisations.
In the first nine months of 2025, EBIT before special
items amounted to EUR 288m, equal to an EBIT margin
before special items of 2.9 percent, 2.6 percentage
points above the same period last year (9M 2024: EUR
27m, 0.3 percent), highlighting improved margins from
Onshore projects and lower warranty costs.
Wind turbine order intake
In the third quarter of 2025, wind turbine order intake
amounted to 4,606 MW, corresponding to a value of
EUR 4.6bn (Q3 2024: 4,432 MW; EUR 4.9bn). This
represents an increase of 3.9 percent in MW order intake
compared to the third quarter of 2024. The increased
order intake measured in MW was driven by higher order
intake in both EMEA and Americas.
The average selling price (ASP) per MW was EUR
1.01m in the third quarter of 2025 (Q3 2024: EUR
1.10m/MW). The lower average selling price was driven
by the mix of orders with a higher level of Supply-only
contracts in Americas and lack of Offshore orders in the
third quarter of 2025.
Wind turbine order intake, third quarter 2025
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Onshore order intake
2,205
2,454
(53)*
4,606
Offshore order intake
-
-
-
-
Total order intake
2,205
2,454
(53)*
4,606
* The negative order intake in Asia Pacific reflects an Onshore order of 43 MW, offset
by the removal from the backlog of a 5+ year old 96 MW project portfolio terminated
in China.
Wind turbine deliveries
Deliveries to customers amounted to 4,441 MW in the
third quarter of 2025 (Q3 2024: 4,162 MW), which
corresponds to a 6.7 percent increase compared to third
quarter of 2024. Higher Onshore deliveries were driven
mainly by the USA, Ukraine, and Sweden, while Offshore
deliveries increased from 378 MW in the third quarter of
2024 to 544 MW in the third quarter of 2025, driven by
Poland and Germany.
Deliveries
MW
By the end of September 2025, Vestas had installed a
total capacity of 197 GW in 88 countries.
Vestas Wind Systems A/S Page 10 of 28
Interim Report – Third Quarter 2025
Deliveries (onshore and offshore)
MW
Q3
2025
Q3
2024
FY
2024
Germany
706
600
1,735
Poland
276
34
245
Sweden
199
64
162
Spain
164
59
288
Ukraine
159
-
-
Italy
146
58
573
Lithuania
108
5
22
Romania
94
5
17
United Kingdom
90
127
334
South Africa
82
89
349
France
79
235
738
Turkey
68
-
56
Netherlands
64
-
30
Austria
42
35
123
Greece
36
9
117
Finland
25
387
698
Czech Republic
7
-
15
Portugal
7
-
16
Martinique
5
-
-
Ireland
-
85
178
Croatia
-
21
21
Curaçao
-
18
23
Belgium
-
13
99
Denmark
-
1
70
Estonia
-
-
27
Cyprus
-
-
9
EMEA
2,357
1,845
5,945
o/w Offshore
508
209
685
USA
1,417
852
2296
Brazil
216
453
1880
Canada
124
403
480
Argentina
95
194
525
Costa Rica
34
-
-
Chile
-
14
45
Americas
1,886
1,916
5,226
o/w Offshore
2
-
13
Australia
162
185
806
Japan
27
1
287
Taiwan
9
168
523
China
-
42
67
India
-
6
27
New Zealand
-
-
0
South Korea
-
(1)
19
Asia Pacific
198
401
1,729
o/w Offshore
34
169
654
Total
4,441
4,162
12,900
o/w Offshore
544
378
1,352
Wind turbine order backlog
At the end of the third quarter of 2025, the wind turbine
order backlog amounted to 29,411 MW, which
corresponds to a value of EUR 31.6bn (30 September
2024: 27,333 MW / EUR 28.3bn), of which EUR 9.9bn
relates to Offshore wind power projects. The order
backlog is positively impacted by a higher level of
Offshore contracts in EMEA.
Order backlog per region
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Total backlog as at 30
September 2024
13,367
10,832
3,134
27,333
Order intake
10,492
4,560
1,214
16,266
Deliveries
6,478
6,161
1,549
14,188
Total backlog as at 30
September 2025
17,381
9,231
2,799
29,411
o/w Offshore
6,271
791
893
7,955
Development business
In the third quarter of 2025, Vestas’ pipeline of
development projects amounted to 26.9 GW (30
September 2024: 27.7 GW), with 16.5 GW in Asia
Pacific, 6.9 GW in Americas and 3.5 GW in EMEA, with
Australia, the USA, and Brazil being the countries with
the largest project pipelines.
During the quarter, Vestas secured 0.7 GW of new
pipeline projects in Australia and Italy.
Vestas Wind Systems A/S Page 11 of 28
Interim Report – Third Quarter 2025
Service
Result for the period
The Service segment generated revenue of EUR 900m
in the third quarter of 2025 (Q3 2024: EUR 927m), which
corresponds to a 2.9 percent decrease compared to the
third quarter of 2024. The decreased revenue was
primarily driven by lower transactional sales and a
negative impact of EUR 29m from developments in
foreign exchange rates compared to the same period in
2024.
In the first nine months of 2025, revenue from the Service
segment amounted to EUR 2,768m (9M 2024: EUR
2,500m), a 10.7 percent increase compared to first nine
months 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.
1.6 percent, primarily driven by lower transactional sales
and a negative impact of EUR 61m from developments
in foreign exchange rates compared to the same period
in 2024.
Service revenue and EBIT margin before special items
mEUR and percentage
EBIT before special items amounted to EUR 153m in
the third quarter of 2025, corresponding to an EBIT
margin of 17.0 percent (Q3 2024: EUR 148m; 16.0
percent). The higher margin compared to last year was
primarily driven by higher profitability from contract
business in EMEA.
In the first nine months of 2025, EBIT before special
items amounted to EUR 482m with an EBIT margin of
17.4 percent (9M 2024: EUR 233m; 9.3 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.
Wind turbines under service
At the end of September 2025, Vestas had around
56,700 wind turbines under service, equivalent to 159
GW (end of September 2024: 154 GW).
Lost Production Factor
*)
Percent, LTM
*) Data calculated across more than 40,000 Vestas turbines under full-scope service.
The lost production factor includes both onshore and offshore turbines.
The Lost Production Factor (LPF) showed signs of
stabilisation in the third quarter of 2025 after the recent
increase due to expected downtime at a few specific
sites. Disregarding these sites, the underlying LPF has
trended down throughout 2025.
Service order backlog
At the end of September 2025, Vestas had service
contracts in the order backlog with expected
contractual future revenue of EUR 36.6bn, an increase
of EUR 1.4bn compared to end of the third quarter last
year (30 September 2024: EUR 35.1bn). The service
backlog increased EUR 0.8bn from indexation
mechanisms in contracts and decreased EUR 1.5bn
due to developments in foreign exchange rates
compared to the end of September 2024.
Service order backlog
bnEUR
At the end of the quarter, the average duration of the
service order backlog was 11 years. (30 September
2024: 11 years).
Page 12 of 28
Vestas Wind Systems A/S
Interim Report – Third 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 third quarter of 2025, turbines produced
and shipped in the last 12 months are expected to avoid
461 million tonnes of CO
2
e over the course of their
lifetime. This is an increase of 7 million tonnes, and a 2
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 1 percent to 110 thousand
tonnes from 109 thousand tonnes. The increase in our
total Scope 1 and 2 emissions is driven by increased
activities across Offshore service operations.
Scope 3 GHG emissions are reported annually in the
Annual Report.
Circularity
Our recycling rate is 70 percent in the period, a 3-
percentage-point improvement from the comparable 12
months the year prior, keeping us on track to meet our
2025 target of 70 percent recycled waste across our
operations.
In the last 12 months, our material efficiency rate –
defined as the volume of non-recycled waste per MW
produced and shipped – increased by 0.1 to 1.2 tonnes,
driven by higher waste volumes from a significant
manufacturing ramp-up. We remain on track to meet our
2025 material efficiency target of 1.2.
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 third quarter of 2025
and have been no fatalities for the past 12 months.
Over the past 12 months, our TRIR increased to 3.3,
compared to 2.8 in the same period the previous year.
This rise is primarily attributed to activities within our
Construction and Manufacturing operations in this
quarter. We recognise that we are not currently on track
to meet our 2025 TRIR target and are implementing
corrective measures to improve performance.
We have implemented targeted interventions aimed at
mitigating high-risk events, which have already begun to
show positive outcomes. Building on this progress, we
are now executing initiatives focused on strengthening
contractor management and enhancing field-level
supervision in specific Regions. We are observing a
stabilisation of TRIR performance across other Regions
and functions, alongside a reduction in workforce
exposure to high-risk events.
We continue to strengthen our understanding and
implementation of health and safety controls, ensuring
proactive assessment and improvement of their
effectiveness, alongside the rollout of broad-based
safety leadership programmes. We remain strongly
focused on enhancing safety performance 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 – Third 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 – Third Quarter 2025
Outlook 2025
Based on the results for the first nine months, we remain
on track to reach the expected full-year earnings. We are
narrowing the outlook for the year around the previous
mid-point, reflecting lower Service EBIT and stronger
Onshore execution.
Expectations to revenue are now between EUR 18.5-
19.5bn (previously EUR 18-20bn), with an EBIT margin
before special items of 5-6 percent (previously 4-7
percent). Expectations to total investments
1)
are
unchanged; with an outlook of approx. EUR 1.2bn in
2025.
The Service segment is expected to generate EBIT
before special items in 2025 of around EUR 625m
(previously around EUR 700m). The lower expectation is
caused by foreign exchange rate developments and
costs expected in the fourth quarter related to specific
Offshore sites.
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.
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
Outlook
Previous
outlook
Revenue (bnEUR)
18.5-19.5
18-20
EBIT margin (%) b.s.i.
5-6
4-7
Total investments
1)
(bnEUR)
approx.1.2
approx.1.2
1)
Total cash flows from the purchase of intangible assets and property,
plant, and equipment, net of proceeds from the sale of intangible assets
and property, plant, and equipment.
Financial calendar 2026
05.02.2026
Disclosure of the Annual Report 2025
24.02.2026
Deadline for the company’s shareholders to submit a
written request to the Board of Directors that a specific
matter be included in the agenda for the Annual
General Meeting
06.03.2026
Convening for Annual General Meeting
08.04.2026
Annual General Meeting in Aarhus, Denmark
06.05.2026
Disclosure of the Interim Report, Q1 2026
12.08.2026
Disclosure of the Interim Report, Q2 2026
11.11.2026
Disclosure of the Interim Report, Q3 2026
The financial calendar lists the expected dates of
disclosure of quarterly and annual results, and the
Annual General Meeting in the financial year 2026 for
Vestas Wind Systems A/S.
Page 15 of 28
Vestas Wind Systems A/S
Interim Report – Third Quarter 2025
Consolidated financial statements 1 January - 30 September
Condensed income statement 1 January- 30 September
mEUR
Note
Q3
2025
Q3
2024
9m
2025
9m
2024
Revenue
1.1, 1.2
Production costs
(4,567 )
(4,633 )
(11,004 )
(10,210 )
Gross profit
Research and development costs
(122 )
(99 )
(351 )
(273 )
Distribution costs
(113 )
(141 )
(370 )
(396 )
Administration costs
(121 )
(70 )
(340 )
(294 )
Income from investments in joint ventures and associates
Operating profit/(loss) (EBIT) before special items
1.1
(18 )
Special items
1.3
(2 )
(4 )
(3 )
Operating profit/(loss) (EBIT)
(21 )
Income from investments in joint ventures and associates
(11 )
(6 )
Net financial items
(15 )
(36 )
(38 )
(124 )
Profit/(loss) before tax
(151 )
Income tax
(101 )
(57 )
(115 )
Profit/(loss) for the period
(104 )
Profit/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
(99 )
Non-controlling interests
(5 )
Earnings per share (EPS)
Earnings per share for the period (EUR), basic
(0.10 )
Earnings per share for the period (EUR), diluted
(0.10 )
Condensed statement of comprehensive income 1 January - 30 September
mEUR
Q3
2025
Q3
2024
9M
2025
9M
2024
Profit/(loss) for the period
(104 )
Items that may be subsequently reclassified to the income statement:
Exchange rate adjustments relating to foreign entities
(40 )
(228 )
(21 )
Fair value adjustments of derivative financial instruments for the period
(116 )
(28 )
Gain/(loss) on derivative financial instruments transferred to the income statement
(8 )
(13 )
(60 )
Share of fair value adjustments of derivative financial instruments of joint ventures and
associates
(2 )
(1 )
Tax on items that may be reclassified to the income statement subsequently
(17 )
(19 )
Other comprehensive income after tax for the period
(140 )
(219 )
Total comprehensive income for the period
(13 )
(88 )
Total comprehensive income/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
(13 )
(85 )
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 – Third Quarter 2025
Condensed balance sheet – Assets
mEUR
Note
30 September
2025
30 September
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 – Third Quarter 2025
Condensed balance sheet – Equity and liabilities
mEUR
Note
30 September
2025
30 September
2024
31 December
)
2024
Share capital
3.1
Other reserves
(299 )
(98 )
(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 – Third Quarter 2025
Condensed statement of changes in equity – nine 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
(226 )
(217 )
(2 )
(219 )
Total comprehensive income for the period
(226 )
(217 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
(4 )
(4 )
(4 )
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
(3 )
(3 )
Total transactions with shareholders
(180 )
(180 )
Equity as at 30 September 2025
(274 )
(27 )
(299 )
Condensed statement of changes in equity – nine 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
(99 )
(5 )
(104 )
Other comprehensive income for the period
(23 )
(1 )
Total comprehensive income for the period
(23 )
(1 )
(99 )
(3 )
(88 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
(10 )
(10 )
(10 )
Transaction with shareholders:
Acquisition of treasury shares
(40 )
-
(40 )
Share-based payments
Tax on equity transactions
(5 )
(5 )
Total transactions with shareholders
(25 )
(25 )
Equity as at 30 September 2024
(103 )
(98 )
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 – Third Quarter 2025
Condensed cash flow statement 1 January – 30 September
The above condensed cash flow statement should be read in conjunction with the accompanying notes.
mEUR
Note
Q3
2025
Q3
2024
9M
2025
9M
2024
Profit/(loss) for the period
(104 )
Adjustment for non-cash transactions
Interest paid / received, net
(23 )
(25 )
(38 )
Income tax paid
(45 )
(78 )
(196 )
(157 )
Cash flow from operating activities before change in net working
capital
Change in net working capital
(482 )
(403 )
Cash flow from operating activities
Purchase of intangible assets
(100 )
(100 )
(329 )
(329 )
Purchase of property, plant and equipment
(174 )
(172 )
(540 )
(423 )
Proceeds from sale of property, plant, and equipment
Dividends from investments in joint ventures and associates
Acquisition of subsidiaries
(19 )
(19 )
Purchase of shares in joint ventures and associates
(1 )
Purchase of other non-current financial assets
(7 )
(102 )
(38 )
(231 )
Proceeds from sale of other non-current financial assets
Proceeds from sale of investments in joint ventures and associates
(2 )
(1 )
(4 )
(1 )
Cash flow from investing activities
(302 )
(373 )
(912 )
(920 )
Free cash flow
(284 )
(755 )
Payment of lease liabilities
(56 )
(43 )
(167 )
(128 )
Proceeds from borrowings
Payment of financial debt
(51 )
(121 )
(103 )
(227 )
Dividend paid
(74 )
Acquisition of treasury shares
(132 )
(40 )
Cash flow from financing activities
(63 )
(143 )
(349 )
(330 )
Net change in cash and cash equivalents
(427 )
(273 )
(1,085 )
Cash and cash equivalents at the beginning of period
Exchange rate adjustments of cash and cash equivalents
(12 )
(12 )
(36 )
Cash and cash equivalents at the end of the period
3.2
Page 20 of 28
Vestas Wind Systems A/S
Interim Report – Third Quarter 2025
Notes
1 Result for the period
1.1 Segment information
mEUR
Power
Solutions
Service
Not
allocated
Total Group
Q3 2025
Revenue
4,439
900
-
5,339
Total revenue
4,439
900
-
5,339
Total costs
(4,080)
(747)
(96)
(4,923)
Operating profit/(loss) (EBIT) before special items
359
153
(96)
416
Special items
(2)
-
-
(2)
Operating profit/(loss) (EBIT)
357
153
(96)
414
Income from investments in joint ventures and associates
-
-
6
6
Net financial items
-
-
(15)
(15)
Profit/(loss) before tax
405
Amortisation and depreciation included in total costs
(191)
(55)
(11)
(257)
mEUR
Power
Solutions
Service
Not
allocated
Total Group
Q3 2024
Revenue
4,250
927
-
5,177
Income from investments in joint ventures and associates
1
-
-
1
Total revenue
4,251
927
-
5,178
Total costs
(4,074)
(779)
(90)
(4,943)
Operating profit/(loss) (EBIT) before special items
177
148
(90)
235
Special items
(4)
-
-
(4)
Operating profit/(loss) (EBIT)
173
148
(90)
231
Income from investments in joint ventures and associates
-
-
(11)
(11)
Net financial items
-
-
(36)
(36)
Profit/(loss) before tax
184
Amortisation and depreciation included in total costs
(154)
(42)
(13)
(209)
Page 21 of 28
Vestas Wind Systems A/S
Interim Report – Third Quarter 2025
1.1 Segment information (continued)
During the first nine months of 2025, a net income of EUR 4m was recognised in special items primarily related to the
Russian invasion of Ukraine.
In the first nine months 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.
In the first nine months of 2024, a net loss of EUR 3m was recognised in special items primarily from other expenses
related to the Russian invasion of Ukraine which was partially offset by a net income of EUR 1m related to the adjustment
of the manufacturing footprint in India.
mEUR
Power
Solutions
Service
Not allocated
Total
Group
9M 2025
Revenue
9,784
2,768
-
12,552
Total revenue
9,784
2,768
-
12,552
Total costs
(9,496)
(2,286)
(283)
(12,065)
Operating profit/(loss) (EBIT) before special items
288
482
(283)
487
Special items
4
-
-
4
Operating profit/(loss) (EBIT)
292
482
(283)
491
Income from investments in joint ventures and associates
-
-
5
5
Net financial items
-
-
(38)
(38)
Profit/(loss) before tax
458
Amortisation and depreciation included in total costs
(558)
(153)
(32)
(743)
mEUR
Power
Solutions
Service
Not allocated
Total
Group
9M 2024
Revenue
8,654
2,500
-
11,154
Income from investments in joint ventures and associates
1
-
-
1
Total revenue
8,655
2,500
-
11,155
Total costs
(8,628)
(2,267)
(278)
(11,173)
Operating profit/(loss) (EBIT) before special items
27
233
(278)
(18)
Special items
(3)
-
-
(3)
Operating profit/(loss) (EBIT)
24
233
(278)
(21)
Income from investments in joint ventures and associates
-
-
(6)
(6)
Net financial items
-
-
(124)
(124)
Profit/(loss) before tax
(151)
Amortisation and depreciation included in total costs
(474)
(124)
(35)
(633)
Page 22 of 28
Vestas Wind Systems A/S
Interim Report – Third 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
Q3
2025
Q3
2024
Q3
2025
Q3
2024
Q3
2025
Q3
2024
Timing of revenue recognition
Products and services transferred at a point in time
3,231
2,906
132
166
3,363
3,072
Products and services transferred over time
1,208
1,344
768
761
1,976
2,105
4,439
4,250
900
927
5,339
5,177
Revenue from contract types
Supply-only (at a point in time)
1,496
1,407
-
-
1,496
1,407
Supply-and-installation (at a point in time)
1,735
1,499
-
-
1,735
1,499
Supply-and-installation (over time)
814
959
-
-
814
959
EPC/Turnkey (over time)
394
385
-
-
394
385
Transactional sales (at a point in time)
-
-
132
166
132
166
Service contracts (over time)
-
-
768
761
768
761
4,439
4,250
900
927
5,339
5,177
Primary geographical markets
EMEA
2,490
1,925
496
488
2,986
2,413
Americas
1,637
1,816
315
354
1,952
2,170
Asia Pacific
312
509
89
85
401
594
4,439
4,250
900
927
5,339
5,177
mEUR Power Solutions Service Total
9M
2025
9M
2024
9M
2025
9M
2024
9M
2025
9M
2024
Timing of revenue recognition
Products and services transferred at a point in time
6,763
5,579
378
426
7,141
6,005
Products and services transferred over time
3,021
3,075
2,390
2,074
5,411
5,149
9,784
8,654
2,768
2,500
12,552
11,154
Revenue from contract types
Supply-only
3,236
1,834
-
-
3,236
1,834
Supply-and-installation (at a point in time)
3,527
3,745
-
-
3,527
3,745
Supply-and-installation (over time)
1,948
2,145
-
-
1,948
2,145
EPC/Turnkey (over time)
1,073
930
-
-
1,073
930
Transactional sales (at a point in time)
-
-
378
426
378
426
Service contracts (over time)
-
-
2,390
2,074
2,390
2,074
9,784
8,654
2,768
2,500
12,552
11,154
Primary geographical markets
EMEA
4,493
4,032
1,550
1,292
6,043
5,324
Americas
4,036
3,238
949
963
4,985
4,201
Asia Pacific
1,255
1,384
269
245
1,524
1,629
9,784
8,654
2,768
2,500
12,552
11,154
Page 23 of 28
Vestas Wind Systems A/S
Interim Report – Third Quarter 2025
1.3 Special items
mEUR
Q3
2025
Q3
2024
9M
2025
9M
2024
Reversal of write-down of inventory
-
-
6
-
Provisions
(2)
-
(2)
-
Other costs
-
(4)
-
(3)
Special items
(2)
(4)
4
(3)
During the first nine months of 2025, a net income of EUR 4m was recognised in special items primarily related to the
Russian invasion of Ukraine.
During the first nine months of 2024, a net loss of EUR 3m was recognised in special items primarily from other
expenses related to the Russian invasion of Ukraine which was partly offset by a net income of EUR 1m relates 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 710m in the first nine months of 2025, which mainly related to the Offshore
business and the EnVentus platform.
In the first nine months of 2025, Vestas acquired assets with a cost of EUR 540m mainly related to transport equipment
and construction tools, compared to EUR 423m in the first nine months of 2024.
Additions to lease contracts recognised as right-of-use assets in the first nine months of 2025 amounted to EUR 250m,
mainly related to new vessel leases, compared to EUR 250m in the first nine months of 2024.
2.2 Warranty provisions (included in provisions)
mEUR
30 September
2025
30 September
2024
31 December
2024
Warranty provisions, 1 January
2,060
1,747
1,747
Provisions for the period
443
568
837
Warranty provisions consumed during the period
(531)
(375)
(524)
Warranty provisions
1,972
1,940
2,060
The provisions are expected to be payable as follows:
Non-current
1,300
1,136
1,215
Current
672
804
845
1,972
1,940
2,060
During the first nine months of 2025, net warranty provisions charged to the income statement was EUR 393m (EUR
575m in the first nine months of 2024), equivalent to 3.1 percent of revenue. The net amount consists of a gross warranty
provision of EUR 443m less supplier claims of EUR 50m.
In general, provisions are made for all expected costs associated with wind turbine repairs or replacements, and any
reimbursement from other involved parties is not offset unless a written agreement has been made to that effect.
Provisions are made to cover possible costs of remedy and other costs in accordance with specific agreements. The
provisions are based on estimates, and actual costs may deviate substantially from such estimates.
Page 24 of 28
Vestas Wind Systems A/S
Interim Report – Third Quarter 2025
2.3 Acquisition of businesses
On 1 September 2025, Vestas acquired 100 percent of the equity interests in LM Wind Power Blades (Poland) Sp.z.o.o.
(‘LM Poland’), a blade supplier. This acquisition integrates Vestas’ supply chain related to blade manufacturing.
Based on the preliminary purchase price allocation, the fair value of consideration transferred was EUR 49m including
cash paid and settlement of a pre-existing relationship determined to be part of the business combination.
The fair value of acquired assets and liabilities include property, plant and equipment of EUR 43m, inventory of EUR 8m
and other net liabilities of EUR 2m. The fair values of the assets and liabilities are not considered final until 12 months
after the acquisition date.
Since the acquisition date, the contributed revenue and profit/loss from LM Poland have been immaterial. If the
acquisition had been made on 1 January 2025, the contributed revenue and profit/loss from LM Poland would also have
been immaterial.
Accounting policies
The acquisition method is used to account for acquisitions of businesses. The purchase price of the business acquisition
is the fair value of the consideration agreed upon, including the fair value of any consideration contingent on future
events. Additionally, settlement of pre-existing relationships or other arrangements are analysed to determine if they form
part of the purchase price or should be accounted for as a separate transaction.
The acquired assets and liabilities are measured at fair value on the date of acquisition. The identifiable assets, liabilities
and contingent liabilities on initial recognition at the acquisition date can be subsequently adjusted until 12 months after
the acquisition.
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. Vestas holds 12,357,143 treasury shares as at 30 September 2025.
Treasury shares
Nominal value (DKK)
30 September
2025
30 September
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 September
2025
30 September
2024
31 December
2024
Cash and cash equivalents without disposal restrictions
3,523
2,165
3,785
Cash and cash equivalents with disposal restrictions
9
32
32
Cash and cash equivalents
3,532
2,197
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.
Page 25 of 28
Vestas Wind Systems A/S
Interim Report – Third Quarter 2025
As at 30 September 2025, Vestas had EUR 3,532m of cash and cash equivalents. Additionally, Vestas has a committed
credit facility of EUR 2,000m, maturing in April 2028, and uncommitted credit facilities of EUR 475m. As at 30 September
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 one bond maturing 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 September 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 34m, equal to book value, and were
recognised in other receivables and other liabilities with EUR 393m and EUR 427m, respectively.
As at 30 September 2025, the carrying amount of the sustainability-linked bonds issued by Vestas amounted to EUR
1,987m and the fair value amounted to EUR 1,934m.
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
September 2025, the fair value of other investments amounted to EUR 166m, 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.
4 Other disclosures
4.1 Related party transactions
Vestas has had the following material transactions with joint ventures and associates:
mEUR
Q3
2025
Q3
2024
9M
2025
9M
2024
Joint ventures
Proceeds from investments in joint ventures
-
1
-
1
Capital contributions
-
0
-
0
Other assets as at 30 September
3
11
3
11
Associates
Revenue for the period
3
1
5
3
Dividends from investments in associates
-
1
18
4
Capital contributions
2
0
4
1
Trade receivables as at 30 September
3
12
3
12
Other assets as at 30 September
-
2
-
2
Contract liabilities as at 30 September
0
1
0
1
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 September
2025 which could have a significant impact on the report.
Page 26 of 28
Vestas Wind Systems A/S
Interim Report – Third Quarter 2025
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.
The IASB has also 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 27 of 28
Vestas Wind Systems A/S
Interim Report – Third Quarter 2025
Management’s statement
*) Employee representative
Executive Management
Board of Directors
)
)
)
Vestas Wind Systems A/S Page 28 of 28
Interim Report – Third 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.