Vestas Wind Systems (VWS) investor relations material

Opening remarks and agenda

• Chair welcomed attendees, noted macroeconomic volatility, and outlined the agenda, including three board proposals.

• Formalities confirmed: AGM was legally convened, with 63% of share capital represented and all proposals expected to be adopted.

• Agenda included standard items and three board proposals: share capital reduction, AGM location change, and board authorization to acquire treasury shares.

Financial performance review

• Achieved all-time high revenue in 2025, with profitability at the upper end of outlook and a record order backlog of EUR 33 billion.

• EBIT margin improved from -8% in 2022 to 5.7% in 2025, with positive cash flow over EUR 1 billion.

• Share price increased by 77-78% over the year, reflecting strong financial results and market confidence.

• Dividend of 0.74 DKK per share and a EUR 150 million share buyback program were announced.

• Service business underperformed but is in recovery, with 161 GW under service and a backlog of EUR 38.7 billion.

Board and executive committee updates

• High participation in board meetings, focus on geopolitical risks, technology, supply chain, and improvement projects.

• Board remuneration totaled EUR 1.55 million, with a 3% increase from 2024; 8% increase proposed for 2026.

• Anders Boyer-Søgaard elected as a new board member; all other members re-elected.