Wind.
It means the world to us.
TM
Company Announcement No. 20/ 2026
Interim Report
First Quarter 2026
Company Reg. No.: 10403782
Vestas Wind Systems A/S Page 2 of 25
Interim Report – First Quarter 2026
Contents
Summary ............................................................................................................................................................................ 3
Key figures ......................................................................................................................................................................... 4
Financial and operational performance .......................................................................................................................... 6
Sustainability performance ............................................................................................................................................ 11
Strategy, and financial and capital structure targets ................................................................................................... 12
Outlook 2026 .................................................................................................................................................................... 13
Consolidated financial statements 1 January - 31 March ............................................................................................ 14
Management’s statement ............................................................................................................................................... 24
Conference call (audiocast)
On Wednesday 6 May 2026 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 25
Interim Report – First Quarter 2026
Summary
Quarterly revenue of EUR 4bn with an EBIT margin
before special items of 3.2 percent. Order intake of EUR
5.2bn and combined order backlog of EUR 76.1bn. Full-
year guidance maintained.
In the first quarter of 2026, Vestas generated revenue of
EUR 3,966m – an increase of 14.4 percent compared to
the year-earlier period. EBIT before special items
amounted to EUR 127m, resulting in an EBIT margin
before special items of 3.2 percent, compared to 0.4
percent in the first quarter of 2025.
Adjusted free cash flow amounted to EUR (533)m
compared to EUR (325)m in the first quarter of 2025.
The quarterly intake of firm and unconditional wind turbine
orders amounted to 4,504 MW, a 44 percent increase
from first quarter 2025. The value of the wind turbine order
backlog was EUR 36.3bn as at 31 March 2026.
In addition to the wind turbine order backlog, at the end of
the quarter, Vestas had service agreements with
expected contractual future revenue of EUR 39.8bn.
Thus, the value of the combined backlog of wind turbine
orders and service agreements stood at EUR 76.1bn – an
increase of EUR 6.3bn compared to the year-earlier
period.
In line with Vestas’ general capital structure strategy and
with the purpose of adjusting Vestas’ capital structure and
cover issues of shares under our long-term incentive
programmes, the Board has decided to initiate a new
share buy-back of EUR 100m.
The full-year guidance is maintained: Revenue is
expected to range between EUR 20bn and 22bn including
Service revenue. Vestas expects to achieve an EBIT
margin before special items for the Group of 6-8 percent,
and total investments
1)
are expected to amount to approx.
EUR 1.2bn in 2026.
Group President & CEO Henrik Andersen said: “Vestas
delivered a solid first quarter of 2026 driven by improved
execution in our Onshore and Offshore businesses during
growing geopolitical uncertainty. Revenue was up 14
percent year-on-year and with an EBIT margin of 3.2
percent, we achieved the highest first quarter profitability
since 2018 and highlighted our positive operational
trajectory. The recovery plan continued in Service with
improved commercial and operational discipline in the
segment. Our turbine order backlog reached a new high
with EUR 36.3bn that was achieved through an order
intake of 4.5 GW driven by Onshore orders across
Regions and especially strong Offshore activity. The
current geopolitical uncertainty and energy crisis
underline the need for affordable, secure, and sustainable
energy, and we want to thank our customers, partners,
and colleagues for their continued support in ensuring
societies can get the energy they need.”
Key highlights
Revenue of EUR 4.0bn
Increase of 14 percent YoY driven by Offshore, as the manufacturing ramp-up is improving.
EBIT margin of 3.2 percent
Better profitability in both Onshore and Offshore, leading to the best first quarter EBIT margin since 2018.
Service EBIT margin of 16.3 percent
Continued cost-out in Service leads to lower revenue with profitability in line with Outlook.
Order intake of 4.5 GW
Strong Offshore order intake in the UK and good Onshore momentum leads to record-high backlog.
Returning cash to shareholders for the third quarter in a row
New share buyback of EUR 100m will be initiated.
Outlook for 2026
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.
Vestas Wind Systems A/S Page 4 of 25
Interim Report – First Quarter 2026
Key figures
Financial and operational key figures
mEUR
Q1
2026
Q1
)
2025
FY
)
2025
Financial key figures
Income statement
Revenue
3,966
3,468
18,822
Gross profit
471
359
2,497
EBITDA before special items
400
242
2,105
EBITDA
365
248
2,053
Operating profit/(loss) (EBIT) before special items
127
14
1,067
Operating profit/(loss) (EBIT)
92
20
1,015
Net financial items
(2)
(14)
17
Profit/(loss) for the period
70
5
780
Balance sheet
Balance sheet total
26,707
25,277
25,732
Equity
3,920
3,365
3,881
Investments in property, plant, and equipment
118
179
821
Net working capital
(2,375)
(2,178)
(3,127)
Capital employed
7,864
6,697
7,255
Interest-bearing position (net)
435
366
1,174
Interest-bearing debt
3,944
3,332
3,374
Cash flow statement
Cash flow from operating activities
(289)
28
2,286
Total investments
(198)
(307)
(382)
Free cash flow
(480)
(291)
1,122
Adjusted free cash flow
1)
(533)
(325)
830
Financial ratios
2)
Financial ratios
Gross margin (%)
11.9
10.4
13.3
EBITDA margin (%) before special items
10.1
7.0
11.2
EBITDA margin (%)
9.2
7.2
10.9
EBIT margin (%) before special items
3.2
0.4
5.7
EBIT margin (%)
2.3
0.6
5.4
Return on capital employed (ROCE)
3)
(%) before special items
12.6
8.9
11.8
Interest-bearing position (net)/ EBITDA
3)
before special items
(0.2)
(0.2)
(0.6)
Solvency ratio (%)
14.7
13.3
15.1
Return on equity
3)
(%)
24.1
18.2
22.5
Share ratios
Earnings per share,
4)
basic (EUR)
0.86
0.57
0.78
Earnings per share,
4)
diluted (EUR)
0.86
0.56
0.77
Dividend per share (EUR)
-
-
0.1
Dividend pay-out ratio (%)
-
-
12.9
Share price, end of period (DKK)
190.2
94.9
173.4
Number of shares, end of period (million)
1,010
1,010
1,010
Number of shares outstanding, end of period (million)
986
999
990
Operational key figures
Order intake (bnEUR)
5.2
3.9
17.4
Order intake (MW)
4,504
3,135
16,292
Order backlog – wind turbines (bnEUR)
36.3
32.9
33.2
Order backlog – wind turbines (MW)
32,717
30,029
31,026
Order backlog – service (bnEUR)
39.8
36.9
38.7
Produced and shipped wind turbines (MW)
3,705
3,621
13,374
Produced and shipped wind turbines (number)
669
755
2,737
Deliveries (MW)
2,815
2,365
14,537
1) Free cash flow adjusted for acquisitions and divestments of businesses and activities, lease liability repayment, special items, net investments in joint ventures and associates
that are deemed outside Vestas’ core business activities, net investments in marketable securities, and other financial assets.
2) The ratios have been calculated in accordance with the guidelines from The Danish Finance Society (Recommendations & Financial ratios).
3) Calculated on a Last Twelve Months (LTM) basis
4) Earnings per share has been calculated over a 12-month period and in accordance with IAS 33 on earnings per share.
Vestas Wind Systems A/S Page 5 of 25
Interim Report – First Quarter 2026
Sustainability key figures
For general definitions and specifications on these sustainability key figures, refer to the Sustainability statement of the Vestas Annual Report 2025.
1) From 2025 onwards, this KPI is reported in percentage terms. Prior-year figures have been calculated from thousand tonnes (1,000t) for consistency.
2) Data only reported on an annual basis.
3) ‘Own workforce’ includes Vestas employees, as well as contractors and sub-contractors working under Vestas’ supervision and control.
4) TRIR and LTIR for Q1 2025 have been restated to 2.8 (from 3.2) and 1.1 (from 1.3) following an improved methodology for calculating working hours, which form the denominator.
Refer to pages 82 and 102 in the Annual Report 2025.
5) For the definition of ‘Women in leadership positions’ and ’Women in top management’, refer to the accounting policies on page 104 in the Annual Report 2025.
Q1 2026
LTM
Q1 2025
LTM
FY
2025
Environmental
Utilisation of resources
Consumption of energy (GWh)
700
661
677
- of which renewable energy (GWh)
244
222
235
- of which renewable electricity (GWh)
194
174
187
Renewable energy (%)
35
34
35
Renewable electricity for own activities
(%)
100
100
100
Waste
Volume of waste from own operations (1,000 t)
60
47
54
- of which collected for recycling
1)
(%)
69
69
69
Recyclability rate of hub and blade
2)
(%)
//
//
94
Recyclability rate of total turbine
2)
(%)
//
//
97
Material efficiency (tonnes of waste excl. recycled per MW produced and shipped)
1.4
1.0
1.3
GHG emissions
Scope 1 GHG emissions (1,000 t CO
2
e)
111
107
108
Scope 2 GHG emissions, market-based (1,000 t CO
2
e)
1
1
1
Scope 3 GHG emissions
2)
(million t CO
2
e)
//
//
9.34
Scope 3 GHG emission intensity (target value)
2)
(kg CO
2
e per MWh generated)
//
//
6.39
Products
Expected GHG avoided over the lifetime of the capacity produced and shipped during the
period (million t CO
2
e)
468
490
463
Expected annual GHG
avoided by the total aggregated installed fleet at the end of the period
(million t CO
2
e)
256
241
245
Social
Safety (own workforce
3
)
Total Recordable Injuries per million working hours (TRIR)
4)
2.8
2.8
2.7
Lost Time injuries per million working hours (LTIR)
4)
1.2
1.1
1.1
Total Recordable Injuries (number)
281
256
270
- of which Lost Time Injuries (number)
119
102
110
- of which fatal injuries (number)
0
2
0
Employees
Employees, end of period (FTEs)
Diversity and inclusion
Women in the Board of Directors, end of period (%)
50
60
50
Women in top management,
5)
end of period (%)
27
31
31
Women in leadership positions,
5)
end of period (%)
25
24
25
Human rights
2)
Community grievances
(number)
//
//
14
Social Due Diligence on projects in scope
(%)
//
//
20
Governance
Whistle-blower system
2)
EthicsLine compliance cases
(number)
//
//
922
- of which substantiated
//
//
175
- of which unsubstantiated
//
//
575
Vestas Wind Systems A/S Page 6 of 25
Interim Report – First Quarter 2026
Financial and operational performance
Group performance
Income statement
Revenue
Revenue in the first quarter of 2026 amounted to EUR
3,966m (Q1 2025: EUR 3,468m), an increase of 14.4
percent, primarily driven by an increase in MW delivered
in Power Solutions and to a lesser degree driven by
higher average prices on MW delivered. Revenue for the
first quarter of 2026 reflected a negative impact of EUR
122m from foreign exchange rates compared to 2025.
Revenue and EBIT margin before special items
mEUR and percentage
Gross profit
Gross profit amounted to EUR 471m in the first quarter
of 2026, corresponding to a gross margin of 11.9 percent
(Q1 2025: EUR 359m; 10.4 percent), which is a 1.5
percentage point increase compared to the first quarter
of 2025. The increase was attributable to improved
profitability from both Onshore and Offshore projects in
the Power Solutions segment, partially offset by lower
profitability in the Service segment.
Warranty costs
Warranty costs amounted to EUR 119m in the first
quarter of 2026 (Q1 2025: EUR 118m). The warranty
cost is equivalent to a warranty ratio of 3.0 percent of
revenue, which is on a lower level than last year (Q1
2025: 3.4 percent) and lower than 3.2 percent for full year
2025.
Research and development costs, Distribution
costs and Administration costs
Total research and development, distribution and
administration costs amounted to EUR 344m in the first
quarter of 2026 (Q1 2025: EUR 345m), equivalent to 7.4
percent of revenue calculated over a 12-month period
(Q1 2025: 7.5 percent).
Research and development costs recognised in the
income statement amounted to EUR 102m in the first
quarter of 2026 (Q1 2025: EUR 110m). The decrease
reflects lower development costs related to primarily the
V236-15.0 MW
TM
platform.
Distribution costs amounted to EUR 119m in the first
quarter of 2026. The decrease was driven by lower
depreciations related to transport equipment (Q1 2025:
EUR 126m).
Administration costs amounted to EUR 123m in the first
quarter of 2026 (Q1 2025: EUR 109m). The increase
was driven by higher IT and employee related costs.
Depreciation, amortisation, and impairment
In the first quarter of 2026, overall depreciation,
amortisation, and impairment before special items
amounted to EUR 273m (Q1 2025: EUR 228m). The
increase is according to plan and primarily attributable to
investments in the V236-15.0 MW
TM
platform and tools.
Operating profit (EBIT) before special items
EBIT before special items amounted to EUR 127m in the
first quarter of 2026, equivalent to an EBIT margin of 3.2
percent (Q1 2025: EUR 14m; 0.4 percent). The EBIT
increased by 2.8 percentage points compared to the first
quarter of 2025. The development was primarily driven
by improved profitability in the Power Solutions segment.
Operating profit (EBIT)
In the first quarter of 2026, EBIT after special items
amounted to EUR 92m, equivalent to a margin of 2.3
percent (Q1 2025: EUR 20m; 0.6 percent). The quarter
was impacted by EUR 35m of special items, mainly
related to Operating Model Reset.
Net financial items
Financial items amounted to a net loss of EUR 2m in the
first quarter of 2026 (Q1 2025: loss of EUR 14m). The
lower net loss was primarily driven by positive net
interest related to tax, partially offset by higher impact
from foreign exchange rates.
Income tax
Income tax amounted to EUR 22m, equivalent to an
effective tax rate of 24 percent in the first quarter of 2026
(Q1 2025: effective tax rate of 25 percent).
Net result for the period
The net result amounted to an income of EUR 70m in the
first quarter of 2026 (Q1 2025: income of EUR 5m).
Financial ratios
Earnings per share calculated over a 12-month period
amounted to EUR 0.9 in the first quarter of 2026 (Q1
2025: EUR 0.6). The increase of EUR 0.3 was driven by
the higher result in the period.
Return on capital employed (ROCE) before special items
calculated over a 12-month period was 12.6 percent in
the first quarter of 2026 (Q1 2025: 8.9 percent), an
increase compared to 2025 driven by the higher
operating profit before special items in the period.
Vestas Wind Systems A/S Page 7 of 25
Interim Report – First Quarter 2026
Working capital and free cash flow
Net working capital
Net working capital amounted to a net liability of EUR
2,375m as at 31 March 2026 (31 March 2025: a net
liability of EUR 2,178m). The development is primarily
attributable to an increased focus on working capital
management, resulting in reduced inventory levels,
higher prepayments from customers to cover work in
progress and increasing trade payables following higher
activity.
Cash flow from operating activities
Cash flow from operating activities was negative EUR
289m in the first quarter of 2026 (Q1 2025: positive EUR
28m). The negative development in cash flow compared
to last year was primarily driven by the development in
net working capital since fourth quarter 2025.
Total investments
Total investments
1
amounted to a net outflow of EUR
198m in the first quarter of 2026 (Q1 2025: outflow of
EUR 307m). The investment level compared to last year
decreased due to less investments related to the
manufacturing ramp-up of the V236-15.0 MW
TM
platform
and tools.
Adjusted free cash flow
Adjusted free cash flow amounted to negative EUR
533m in the first quarter of 2026 (Q1 2025: negative EUR
325m). The deterioration relates to decreased cash flow
from operating activities.
Adjusted free cash flow
mEUR
*) Includes net investments in joint ventures and associates, outside core business.
Capital structure and financing items
Equity and solvency ratio
As at 31 March 2026, total equity amounted to EUR
3,920m (31 March 2025: EUR 3,365m) and the solvency
ratio increased 1.4 percentage points to 14.7 percent as
at 31 March 2026. The improved solvency was primarily
attributable to higher 12-months earnings, partially offset
by reduced equity from dividend paid out in the second
quarter of 2025 and share buybacks.
Net interest-bearing position
As at 31 March 2026, the net interest-bearing position
amounted to EUR 435m (31 March 2025: EUR 366m).
The positive development was a result of positive free
cash flow during the last 12 months.
Cash and cash equivalents amounted to EUR 4,214m as
at 31 March 2026, compared to EUR 3,407m at the end
of the first quarter of 2025.
The ratio net interest-bearing debt/EBITDA was negative
0.2 as at 31 March 2026, on par with negative 0.2 at the
end of the first quarter of 2025 and remains within our
targeted range of -1x to +1x.
In March 2026, Vestas successfully issued a EUR 500m
Eurobond maturing in 2033, as an early re-financing of
the existing bond, maturing in June 2026.
In line with Vestas’ general capital structure strategy and
with the purpose of adjusting Vestas’ capital structure
and cover issues of shares under our long-term incentive
programmes, the Board has decided to initiate a new
share buy-back of EUR 100m, in accordance with the
authorisation granted at the Annual General Meeting in
April 2026.
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.
Q1
2026
Q1
2025
Cash flow from operating activities
(289)
28
Cash flow from investing activities
(191)
(319)
Free cash flow
(480)
(291)
Net acquisitions in businesses/activities*
)
(12)
(18)
Payment of lease liabilities
(69)
(50)
Special items
23
6
Investments in financial assets
5
28
Adjusted free cash flow
(533)
(325)
Vestas Wind Systems A/S Page 8 of 25
Interim Report – First Quarter 2026
Power Solutions
Result for the period
In the first quarter of 2026, revenue from the Power
Solutions segment amounted to EUR 3,131m (Q1 2025:
EUR 2,548m), which corresponds to a 22.9 percent
increase compared to the first quarter of 2025. The
increase was primarily driven by higher volume of MW
delivered on Offshore projects and to a lesser degree
driven by higher average prices on MW delivered.
Revenue in the first quarter of 2026 reflected a negative
impact of EUR 86m from foreign exchange rates
compared to the same period in 2025.
EBIT before special items amounted to EUR 86m in the
first quarter of 2026, equal to an EBIT margin of 2.7
percent (Q1 2025: negative EUR 60m; negative 2.4
percent). The EBIT margin increased by 5.1 percentage
points, highlighting operating leverage and improved
Onshore and Offshore project profitability.
Power Solutions revenue and EBIT margin before special
items
mEUR and percentage
Wind turbine order intake
In the first quarter of 2026, wind turbine order intake
amounted to 4,504 MW, corresponding to a value of
EUR 5.2bn (Q1 2025: 3,135 MW; EUR 3.9bn). This
represents an increase of 44 percent in MW order intake
compared to the first quarter of 2025. The increase was
mainly driven by strong Offshore order intake in EMEA
in the quarter.
The average selling price (ASP) per MW was EUR 1.16
in the first quarter of 2026, compared to EUR 1.24m in
the first quarter of 2025.
Wind turbine order intake, first quarter 2026
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Onshore order
intake
777
873
94
1,744
Offshore order
intake
2,760
-
-
2,760
Total order
intake
3,537
873
94
4,504
Wind turbine deliveries
Deliveries to customers amounted to 2,815 MW in the
first quarter of 2026 (Q1 2025: 2,365 MW), which
corresponds to a 19 percent increase compared to first
quarter of 2025, primarily driven by higher deliveries in
EMEA. Offshore deliveries increased from 263 MW in
the first quarter of 2025 to 812 MW in the first quarter of
2026.
Deliveries
MW
By the end of March 2026, Vestas had installed a total
capacity of 204 GW
in 88 countries.
Vestas Wind Systems A/S Page 9 of 25
Interim Report – First Quarter 2026
Deliveries (onshore and offshore)
MW
Q1
2026
Q1
2025
FY
2025
Germany
567
190
2,067
Netherlands
367
11
171
Poland
159
155
992
South Africa
149
73
312
Spain
113
1
527
Portugal
98
3
41
Romania
40
17
269
France
34
49
474
Italy
32
46
452
United Kingdom
29
58
346
Denmark
27
1
2
Greece
27
5
140
Austria
25
-
221
Sweden
16
14
351
Ukraine
15
36
400
Belgium
2
14
78
Lithuania
2
8
290
Martinique
1
-
6
Turkey
-
37
156
Finland
-
2
28
Ireland
-
1
3
Czech Republic
-
-
7
Switzerland
-
-
7
Cyprus
-
5
5
EMEA
1,703
726
7,345
o/w Offshore
760
171
1,691
USA
622
619
3,773
Guatemala
63
-
-
Mexico
59
-
260
Brazil
26
589
1,282
Dominican Rep.
9
-
41
Canada
8
-
340
Argentina
4
11
106
Chile
-
(4)*
39
Costa Rica
-
-
34
Americas
791
1,215
5,875
o/w Offshore
47
1
22
Australia
178
174
725
Japan
133
82
234
China
7
27
32
Taiwan
2
53
157
South Korea
1
88
166
India
-
-
3
Asia Pacific
321
424
1,317
o/w Offshore
5
91
264
Total
2,815
2,365
14,537
o/w Offshore
812
263
1,977
* Negative values can result as a part of Vestas’ deliveries are based on a
percentage-of-completion method requiring estimates in relation to stage of
completion.
Wind turbine order backlog
At the end of the first quarter of 2026, the wind turbine
order backlog amounted to 32,717 MW, which
corresponds to a value of EUR 36.3bn (31 March 2025:
30,029 MW; EUR 32.9bn), of which EUR 13.0bn relates
to Offshore wind power projects. The order backlog was
positively impacted by significant Offshore order intake
in the UK, Germany, and South Korea.
Order backlog per region
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Total backlog as at 31
March 2025
17,021 9,684 3,324 30,029
Order intake 10,927 5,619 1,115 17,661
Deliveries (8,311) (5,453) (1,209) (14,973)
Total backlog as at 31
March 2026
19,637 9,850 3,230 32,717
o/w Offshore 8,183 728 1,185 10,096
Development business
In the first quarter of 2026, Vestas’ pipeline of
development projects amounted to 26.9 GW, allocated
with 16.3 GW in Asia Pacific, 7.6 GW in Americas and
3.0 GW in EMEA, with Australia and the USA being the
countries with the largest project pipelines.
Vestas Wind Systems A/S Page 10 of 25
Interim Report – First Quarter 2026
Service
Result for the period
The Service segment generated revenue of EUR 835m
in the first quarter of 2026 (Q1 2025: EUR 920m), which
corresponds to a 9.2 percent decrease compared to the
first quarter of 2025. The decreased revenue was driven
by lower contract activity in EMEA, offset partly by
slightly higher transactional sales. The Service recovery
plan is progressing, and we are seeing signs of
operational improvements. Foreign exchange rates had
a EUR 36m negative effect on revenue growth compared
to the same period in 2025.
Service revenue and EBIT margin before special items
mEUR and percentage
EBIT before special items amounted to EUR 136m in
the first quarter of 2026, corresponding to an EBIT
margin of 16.3 percent (Q1 2025: EUR 166m; 18.0
percent). The lower margin compared to last year was
primarily driven by lower profitability from contract
business in EMEA.
Wind turbines under service
At the end of March 2026, Vestas had more than 56,000
wind turbines under service, equivalent to 164 GW.
Lost Production Factor
*
Percent, LTM
*Data calculated across more than 40,000 Vestas wind turbines under full-scope
service. The lost production factor includes both onshore and offshore turbines.
The overall Lost Production Factor (LPF) improved in the
first quarter as the repairs at the sites mentioned in
recent quarters have been completed.
Service order backlog
At the end of March 2026, Vestas had service contracts
in the order backlog with expected contractual future
revenue of EUR 39.8bn, an increase of EUR 2.9bn
compared to end of the first quarter 2025 (31 March
2025: EUR 36.9bn). The service backlog increased
EUR 1.1bn from indexation mechanisms in contracts
and decreased EUR 0.6bn due to development in
foreign exchange rates.
Service order backlog
bnEUR
At the end of the quarter, the average duration of the
service order backlog was 11 years. (31 March 2025:
11 years).
Vestas Wind Systems A/S Page 11 of 25
Interim Report – First Quarter 2026
Sustainability performance
The Vestas Sustainability Strategy
Vestas stands at the forefront of the energy transition to
provide affordable, secure, and sustainable energy to the
energy systems of the future. Our global sustainability
strategy is based on sustainability in everything we do
with four strategic areas: Science-based decarbonisation
of our operations and supply chain; produce zero-waste
wind turbines; be the safest, most inclusive and socially
responsible company in the industry; and lead the
transition towards a world powered by sustainable
energy.
Carbon footprint
At the end of the first quarter of 2026, turbines produced
and shipped in the last 12 months are expected to avoid
468 million tonnes of CO
2
e over the course of their
lifetime. This represents a decrease of 22 million tonnes
compared with the equivalent twelve-month period in the
previous year. The decrease reflects a lower volume of
MW produced and shipped in the last 12 months
1
, as well
as updated assumptions, including lower average global
CO
2
e emissions from electricity.
In the last 12 months, our total Scope 1 and 2 GHG
emissions increased by 4 percent to 112 thousand
tonnes from 108 thousand tonnes. The rise in our total
Scope 1 and 2 emissions is driven by an increase in
offshore service activities, as well as an accounting
change in vessel emissions calculations.
Scope 3 GHG emissions are reported annually in the
Annual Report.
Circularity
Our recycling rate is 69 percent in the period, unchanged
from the comparable 12 months in the prior year, despite
an overall increase in total absolute waste generation.
In the last 12 months, our material efficiency rate –
defined as the volume of non-recycled waste per MW
produced and shipped – increased from 1.0 tonnes to 1.4
tonnes, driven by higher total waste and non-recycled
waste volumes, while MW produced and shipped
decreased.
.
Safety
Over the past 12 months, our TRIR remained unchanged
at 2.8 compared with the same period in the previous
year,
2
despite an increase in operational exposure.
There were no fatalities in our own workforce, which is
defined as Vestas employees, as well as contractors and
sub-contractors working under Vestas’ supervision and
control.
Development in Total Recordable Injury Rate (TRIR)*
On Last Twelve Months (LTM) basis
*The Total Recordable Injury Rate (TRIR) figures from before 2024 have not been
restated after the methodology change by end of 2025 and are therefore not
represented in the graph.
We have implemented Capacity Action Plans (CAP) to
address high-risk events and recurring incidents. These
interventions are delivering early positive outcomes and
are now advancing our safety improvement initiatives,
further strengthening our risk control measures. We are
seeing stabilisation in the Total Recordable Injury Rate
(TRIR) performance across Regions and functions,
together with a reduction in high-risk incidents.
We continue to strengthen our understanding and
application of health and safety controls through
proactive evaluation, assurance and continuous
improvement for their effectiveness. We remain strongly
focused on improving health and safety performance
across the entire value chain.
1)
The MW produced and shipped increased quarter on quarter but decreased on
Last Twelve Months basis.
2)
The comparative TRIR for first quarter 2025 has been restated to 2.8 from 3.2,
following an improved working hour methodology.
Vestas Wind Systems A/S Page 12 of 25
Interim Report – First Quarter 2026
Strategy, and financial and capital structure targets
For an extended introduction to Vestas’ strategy, refer to
the Annual Report 2025.
Energy affordability, security and sustainability
Renewables continue to be the most cost-effective
source of new-build electricity generation, with the
Levelised Cost of Electricity (LCoE) for onshore and
offshore wind declining by around 60–70 percent
1
over
the past decade. Vestas will continue to drive
affordability, while supporting the agenda of energy
security through readily deployable solutions that reduce
dependence on imported fuels and macroeconomic
instability. At the same time, wind energy contributes to
long-term sustainability through carbon-efficient power
generation. This trifecta of affordability, security, and
sustainability forms the foundation for achieving Vestas’
long-term ambitions.
Business area strategy
Onshore wind
Onshore wind’s position in the future energy system
continues to strengthen, with our addressable onshore
market expected to reach 65 GW by 2030.
2
In our
strategic priorities for Onshore we are sharpening our
focus on commercial momentum, competitiveness, cost
efficiency, and customer proximity. By getting closer to
our customers and reducing response times, we aim to
reinforce a deal-enabling mindset and continuously
deliver valuable growth.
Offshore wind
Despite macro challenges, the offshore wind market
outside of China is expected to reach 11 GW of annual
installations by 2030.
2
As we look towards the future, our
strategic priority in the short term remains ensuring a
stable and cost-effective ramp-up, with cost-out being
the most critical factor, while our long-term priority is to
maximise the V236-15.0 MW™ platform potential and
the value it can deliver for Vestas and our customers.
Service
Vestas is the global leader in wind energy service
solutions, with the largest service base across the
industry.
Our strategic priorities in Service build on the
transformative aspects of the Service recovery plan,
which runs until the end of 2026, to fundamentally
reshape how we operate. We maintain our long-term
ambition for Service to achieve an EBIT margin of 25
percent.
Development
The strategic priority for the Development business
remains to grow profitably, by achieving project quality,
maturing our pipeline in core markets and building on our
industry expertise, intelligence, and experience. With our
robust project pipeline, the outlook for this business area
remains positive.
Capital structure
Our financial management goal is to ensure that Vestas
remains resilient to economic and market fluctuations
throughout the business cycle.
We apply the following principles to capital allocation:
• Reinvest into our existing business, including R&D,
to deliver on our strategy and vision.
• Make value-creating acquisitions to accelerate or
increase profitable growth.
• We are committed to maintaining a solid investment
grade profile, targeting NIBD/EBITDA between -1x
and 1x through the cycle.
• Return at least 40 percent of the company’s annual
net result after tax to shareholders through a
combination of dividend and share buybacks.
Long-term sustainability ambitions
We remain committed to a science-based
decarbonisation of our own operations and supply chain.
Our targets include reducing Scope 1 and 2 emissions
by 50 percent and Scope 3 emissions by 45 percent per
MWh generated, both by 2030.
3
Through our Circularity
Roadmap we have outlined our work towards a fully
circular value chain where we avoid waste, reuse
materials, and fully integrate into a circular economy for
our turbine components and materials, with the ultimate
ambition of producing zero-waste wind turbines. Key
initiatives include using 100 percent renewable
electricity, transitioning our global fleet of vehicles and
vessels to electric or renewable-fuels, and sourcing low-
emission materials.
Long-term financial ambitions
Wind energy is our heritage and core competence. We
have a market-leading competitive position to provide
affordable, secure, and sustainable energy to a large
addressable market that is expected to grow
considerably in the years ahead. Strategically, we build
long-term partnerships with customers and suppliers
while we strive to be the best at what we do. We
emphasise quality and cost-out initiatives to ensure long-
term competitiveness. This will drive earnings growth
and value creation, so we can free up cash to return to
shareholders.
Vestas has the following long-term financial ambitions:
• Grow revenue faster than the market and be the
market leader in revenue.
• At least 10 percent EBIT margin before special items.
• Positive adjusted free cash flow.
• Achieve 20 percent ROCE over the cycle.
1)
Bloomberg NEF, H1 2025 LCOE Update. April 2025.
2)
Wood Mackenzie: Global wind power market outlook update: Q4 2025. November
2025
3)
Baseline year: 2022
Vestas Wind Systems A/S Page 13 of 25
Interim Report – First Quarter 2026
Outlook 2026
Although ongoing geopolitical and tariff risks are likely
to cause uncertainty, we expect revenue growth in
2026, driven by Power Solutions. Profitability is
expected to improve, driven by revenue growth,
progress in the manufacturing ramp-up, continued
good project execution, and cost-out initiatives across
the Vestas organisation.
Revenue is expected to range between EUR 20-22bn,
with an EBIT margin before special items of 6-8
percent. Total investments
1
are expected to amount to
approx. EUR 1.2bn in 2026.
The Service segment is expected to generate an EBIT
margin before special items of 15.5-17.5 percent in
2026.
The above expectations are based on the assumption
that the global geopolitical environment will not
significantly change business conditions for Vestas
during 2026, including energy or supply chain
disruptions, changes to the regulatory environment, or
other external conditions, such as bad weather,
exchange rates, lack of grid connections and similar. In
relation to forecasts on financials from Vestas in
general, it should be noted that Vestas’ accounting
policies only allow the recognition of revenue when the
control has passed to the customer, either at a point in
time or over time.
Outlook 2026
Revenue (bnEUR)
20-22
EBIT margin (%) b.s.i.
6-8
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.
Vestas Wind Systems A/S Page 14 of 25
Interim Report – First Quarter 2026
Consolidated financial statements 1 January - 31 March
Condensed income statement 1 January- 31 March
mEUR
Note
Q1
2026
Q1
2025
Revenue
1.1, 1.2
Production costs
(3,495 )
(3,109 )
Gross profit
Research and development costs
(102 )
(110 )
Distribution costs
(119 )
(126 )
Administration costs
(123 )
(109 )
Operating profit/(loss) (EBIT) before special items
1.1
Special items
1.3
(35 )
Operating profit/(loss) (EBIT) 92 20
Income from investments in joint ventures and associates
Net financial items
(2 )
(14 )
Profit/(loss) before tax
Income tax
(22 )
(2 )
Profit/(loss) for the period
Profit/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
Non-controlling interests
(12 )
Earnings per share (EPS)
Earnings per share (EUR), basic
Earnings per share (EUR), diluted
Condensed statement of comprehensive income 1 January - 31 March
mEUR
Q1
2026
Q1
2025
Profit/(loss) for the period
Items that may be subsequently reclassified to the income statement:
Exchange rate adjustments relating to foreign entities
(64 )
Fair value adjustments of derivative financial instruments for the period
(5 )
(48 )
Gain/(loss) on derivative financial instruments transferred to the income statement
(5 )
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
(1 )
Other comprehensive income after tax for the period
(99 )
Total comprehensive income for the period
(94 )
Total comprehensive income/ (loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
(94 )
Non-controlling interests
(11 )
The above condensed statement of comprehensive income should be read in conjunction with the accompanying notes.
Vestas Wind Systems A/S Page 15 of 25
Interim Report – F
irst Quarter 2026
Condensed balance sheet – Assets
mEUR
Note
31 March
2026
31 March
2025
31 December
2025
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
T
he above condensed balance sheet should be read in conjunction with the accompanying notes.
Vestas Wind Systems A/S Page 16 of 25
Interim Report – F
irst Quarter 2026
Condensed balance sheet – Equity and liabilities
mEUR
Note
31 March
2026
31 March
2025
31 December
)
2025
Share capital
3.1
Other reserves
(161 )
(165 )
(215 )
Retained earnings
Equity 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
T
he above condensed balance sheet should be read in conjunction with the accompanying notes.
Vestas Wind Systems A/S Page 17 of 25
Interim Report – First Quarter 2026
Condensed statement of changes in equity – three months 2026
Reserves
mEUR
Share
capital
Transla-
tion
reserve
Cash flow
hedging
reserve
Other
reserves
Total
reserves
Retained
earnings
Non-
control-
ling
interests
Total
Equity as at 1 January 2026
(248 )
(215 )
Profit/(loss) for the period
(12 )
Other comprehensive income for the period
(5 )
Total comprehensive income for the period
(5 )
(11 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
Transaction with shareholders:
Acquisition of treasury shares
(93 )
(93 )
Share-based payments
Tax on equity transactions
(0 )
(0 )
Total transactions with shareholders
(86 )
(86 )
Equity as at 31 March 2026
(204 )
(161 )
Condensed statement of changes in equity – three months 2025
Reserves
mEUR
Share
capital
Transla-
tion
reserve
Cash flow
hedging
reserve
Other
reserves
Total
reserves
Retained
earnings
Non-
control-
ling
interests
Total
Equity as at 1 January 2025
(48 )
(31 )
(78 )
Profit/(loss) for the period
Other comprehensive income for the period
(64 )
(35 )
(99 )
(99 )
Total comprehensive income for the period
(64 )
(35 )
(99 )
(94 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
Transaction with shareholders:
Acquisition of treasury shares
(100 )
(100 )
Share-based payments
Tax on equity transactions
(4 )
(4 )
Total transactions with shareholders
(95 )
(95 )
Equity as at 31 March 2025
(112 )
(54 )
(165 )
The above condensed statement of changes in equity should be read in conjunction with the accompanying notes.
Vestas Wind Systems A/S Page 18 of 25
Interim Report – First Quarter 2026
Condensed cash flow statement 1 January - 31 March
The above condensed cash flow statement should be read in conjunction with the accompanying notes.
mEUR
Note
Q1
2026
Q1
2025
Profit/(loss) for the period
Adjustment for non-cash transactions
Interest paid / received, net
(10 )
Income tax paid
(24 )
Cash flow from operating activities before change in net working capital
Change in net working capital
(543 )
(345 )
Cash flow from operating activities
(289 )
Purchase of intangible assets
(80 )
(128 )
Purchase of property, plant and equipment
(118 )
(179 )
Dividends from investments in joint ventures and associates
Purchase of other non-current financial assets
(5 )
(56 )
Proceeds from sale of other non-current financial assets
Proceeds from sale of investments in joint ventures and associates
(1 )
(2 )
Cash flow from investing activities
(191 )
(319 )
Free cash flow
(480 )
(291 )
Payment of lease liabilities
(69 )
(50 )
Proceeds from borrowings
Payment of financial debt
(38 )
(32 )
Acquisition of treasury shares
(93 )
(100 )
Cash flow from financing activities
(115 )
Net change in cash and cash equivalents
(173 )
(406 )
Cash and cash equivalents at the beginning of period
Exchange rate adjustments of cash and cash equivalents
(4 )
Cash and cash equivalents at the end of the period
3.2
Vestas Wind Systems A/S Page 19 of 25
Interim Report – First Quarter 2026
Notes
1 Result for the period
1.1 Segment information
mEUR
Power
Solutions
Service
Not
allocated
Total Group
Q1 2026
Revenue
3,131
835
-
3,966
Total revenue
3,131
835
-
3,966
Total costs
(3,045)
(699)
(95)
(3,839)
Operating profit/(loss) (EBIT) before special items
86
136
(95)
127
Special items
(27)
(4)
(4)
(35)
Operating profit/(loss) (EBIT)
59
132
(99)
92
Income from investments in joint ventures and associates
-
-
2
2
Net financial items
-
-
(2)
(2)
Profit/(loss) before tax
92
Amortisation and depreciation included in total costs
(208)
(51)
(14)
(273)
mEUR
Power
Solutions
Service
Not
allocated
Total Group
Q1 2025
Revenue
2,548
920
-
3,468
Total revenue
2,548
920
-
3,468
Total costs
(2,608)
(754)
(92)
(3,454)
Operating profit/(loss) (EBIT) before special items
(60)
166
(92)
14
Special items
6
-
-
6
Operating profit/(loss) (EBIT)
(54)
166
(92)
20
Income from investments in joint ventures and associates
-
-
1
1
Net financial items
-
-
(14)
(14)
Profit/(loss) before tax
7
Amortisation and depreciation included in total costs
(171)
(46)
(11)
(228)
Vestas Wind Systems A/S Page 20 of 25
Interim Report – First Quarter 2026
1.2 Revenue
Vestas generates revenue from the sale of wind turbine components (Supply-only), fully installed wind turbines (Supply-
and-installation) and wind power plants (EPC/Turnkey) as well as from service contracts and transactional sales (spare
parts, repairs, etc.). Revenue is recognised differently across revenue streams based on Vestas’ accounting policies, as
described in the Annual Report 2025.
Disaggregation of revenue
In the following section, revenue is disaggregated for the two reportable segments, by primary geographical market, major
contract types, and timing of revenue recognition.
mEUR Power Solutions Service Total
Q1
2026
Q1
2025
Q1
2026
Q1
2025
Q1
2026
Q1
2025
Timing of revenue recognition
Products and services transferred at a point in time
1,474
1,707
116
112
1,590
1,819
Products and services transferred over time
1,657
841
719
808
2,376
1,649
3,131
2,548
835
920
3,966
3,468
Revenue from contract types
Supply-only (at a point in time)
715
873
-
-
715
873
Supply-and-installation (at a point in time)
759
834
-
-
759
834
Supply-and-installation (over time)
1,310
545
-
-
1,310
545
EPC/Turnkey (over time)
347
296
-
-
347
296
Transactional sales (at a point in time)
-
-
116
112
116
112
Service contracts (over time)
-
-
719
808
719
808
3,131
2,548
835
920
3,966
3,468
Primary geographical markets
EMEA
1,926
761
443
517
2,369
1,278
Americas
771
1,284
300
318
1,071
1,602
Asia Pacific
434
503
92
85
526
588
3,131
2,548
835
920
3,966
3,468
1.3 Special items
mEUR
Q1
2026
Q1
2025
Write-down of inventory
(17)
6
Impairment loss on intangible and tangible assets
(1)
-
Staff costs
(16)
-
Other costs
(1)
-
Special items
(35)
6
During the first quarter of 2026, Vestas recognised costs of EUR 34m in special items regarding the ‘Operating Model
Reset’ programme. This includes a write-down of inventory of EUR 17m not expected to be recovered, related to a few
Development projects, impairment loss on intangible and tangible assets of EUR 1m, and additional severance
provisions of EUR 16m. Other costs were EUR 1m.
Vestas Wind Systems A/S Page 21 of 25
Interim Report – First Quarter 2026
2 Other operating assets and liabilities
2.1 Intangible assets and property, plant and equipment
Vestas completed development projects of EUR 80m in the first quarter of 2026, which mainly related to development
across existing platforms.
In the first quarter of 2026, Vestas acquired assets with a cost of EUR 118m mainly related to transport equipment and
construction tools, compared to EUR 179m in the first quarter of 2025.
Additions to lease contracts recognised as right-of-use assets during the first three months of 2026 amounted to EUR
197m mainly related to new vessel leases, compared to EUR 88m in the first three months of 2025.
2.2 Warranty provisions (included in provisions)
mEUR
31 March
2026
31 March
2025
31 December
2025
Warranty provisions, 1 January
1,929
2,060
2,060
Provisions for the period
124
145
651
Warranty provisions consumed during the period
(149)
(137)
(782)
Warranty provisions
1,904
2,068
1,929
The provisions are expected to be payable as follows:
Non-current
1,238
1,342
1,255
Current
666
726
674
1,904
2,068
1,929
During the first quarter of 2026, net warranty provisions charged to the income statement was EUR 119m (EUR 118m in
the first quarter of 2025), equivalent to 3.0 percent of revenue. The net amount consists of a gross warranty provision of
EUR 124m less supplier claims of EUR 5m.
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. The authorisation was renewed during the Annual General meeting held on
8
April 2026. Further, the proposal to reduce Vestas’ share capital from nominally DKK 201,973,452 to nominally DKK
199,112,292 by cancelling 2,861,160 shares from Vestas’ holding of treasury shares was approved at the general meeting.
Treasury shares
Nominal value (DKK)
31 March
2026
31 March
2025
31 December
2025
Treasury shares as at 1 January
3,889,989
820,929
820,929
Purchases for the period
872,000
1,442,600
3,295,694
Vested treasury shares for the period
-
-
(226,634)
Treasury shares
4,761,989
2,263,529
3,889,989
Each share has a nominal value of DKK 0.20.
Vestas Wind Systems A/S Page 22 of 25
Interim Report – First Quarter 2026
3.2 Cash and cash equivalents
mEUR
31 March
2026
31 March
2025
31 December
2025
Cash and cash equivalents without disposal restrictions
4,199
3,375
4,367
Cash and cash equivalents with disposal restrictions
15
32
17
Cash and cash equivalents
4,214
3,407
4,384
3.3 Financial risks
Management of financial risks, including liquidity, credit and market risks, is core to Vestas. This is governed by policies,
and these are addressed in the notes to the consolidated financial statements in the Annual Report 2025, note 4.1
(Financial risk management), pages 158–162. The risks in 2026 remain similar in nature.
As at 31 March 2026, Vestas had EUR 4,214m 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 31 March 2026, EUR
771m of the committed credit facility was converted into ancillary bank guarantee issuance facilities, leaving EUR 1,704m
available for cash drawing and/or issuance of guarantees. Vestas has issued a new EUR 500m bond in March 2026. The
proceeds will be used to repay the EUR 500m bond with maturity on 15 June 2026.
3.4 Financial instruments
Financial investments consist of interest-bearing investments that do not meet the definition for cash and cash equivalents.
As at 31 March 2026, financial investments comprised deposits with fair value of EUR 165m, equal to book value, while
no marketable securities were held.
Derivative financial instruments were positive with a market value of net EUR 60m, equal to book value, and were
recognised in other receivables and other liabilities with EUR 472m and EUR 412m, respectively.
As at 31 March 2026, the carrying amount of the sustainability-linked bonds issued by Vestas amounted to EUR 2,485m
and the fair value amounted to EUR 2,404m.
Financial instruments measured at fair value have been categorised into level 1, 2, and 3 as addressed in the Annual
Report 2025, note 4.3, page 166. Financial instrument assets categorised within level 3 comprise other investments and
contingent consideration. As at 31 March 2026, the fair value of other investments amounted to EUR 156m, and that of
contingent consideration amounted to EUR 68m. Valuation methods remain unchanged from the description in the Annual
Report 2025 and with no significant changes in fair values.
4 Other disclosures
4.1 Related party transactions
Vestas has had the following material transactions with joint ventures and associates:
mEUR
Q1
2026
Q1
2025
Joint ventures
Capital contributions
-
0
Other assets as at 31 March
2
2
Other liabilities as at 31 March
3
-
Associates
Revenue for the period
3
1
Dividends from investments in associates
13
18
Capital contributions
1
2
Trade receivables as at 31 March
3
1
Contract liabilities as at 31 March
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 2025, note 6.1, page 171.
Vestas Wind Systems A/S Page 23 of 25
Interim Report – First Quarter 2026
4.2 Subsequent events
Other than the events recognised or disclosed in the Interim Report, no events have occurred subsequent to 31 March
2026 which could have a significant impact on the report.
5 Basis for preparation
5.1 General accounting policies
The interim report of Vestas comprises a summary of the consolidated financial statements of Vestas Wind Systems A/S
and its subsidiaries.
The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting as adopted by the EU,
accounting policies set out in the Annual Report 2025 of Vestas and additional Danish disclosure requirements for interim
financial reporting of listed companies.
The accounting policies remain unchanged compared to the Annual Report for 2025, to which reference is made.
This interim report includes selected notes. Accordingly, this report should be read in conjunction with the Annual Report
2025 and any public announcements made during the interim reporting period.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to the expected annual
profit or loss.
5.2 Implementation of new and amended standards
The following new and amended accounting standards have been implemented as of 1 January 2026:
• Annual improvements volume 11
• Contracts referencing nature-dependent electricity amendments to IFRS 9 and IFRS 7
• Amendments to the classification of measurement of financial instruments (amendments to IFRS 9 and IFRS 7).
Vestas did not have to change its accounting policies or make retrospective adjustments as a result of adopting these
amended standards.
Vestas Wind Systems A/S Page 24 of 25
Interim Report – First Quarter 2026
Management’s statement
*) Employee representative
Executive Management
Board of Directors
)
)
)
Vestas Wind Systems A/S Page 25 of 25
Interim Report – First Quarter 2026
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 2025 (available at
vestas.com/en/investor) and these factors also should be
considered. Each forward-looking statement speaks only as of
the date of this document. Vestas does not undertake any
obligation to publicly update or revise any forward-looking
statement as a result of new information or future events other
than as required by Danish law. In light of these risks, results
could differ materially from those stated, implied or inferred from
the forward-looking statements contained in this document.