Vestas Wind Systems (VWS) AGM 2025 summary

Opening remarks and agenda

• Chairman welcomed attendees, outlined focus on 2024 performance, future opportunities, and challenges in the wind industry.

• Formalities regarding AGM location, notice, and voting procedures were confirmed in compliance with Danish law.

• The meeting covered the board's report, annual report adoption, allocation of results, remuneration, board elections, auditor appointment, board proposals, and other business.

• High shareholder representation with 62% of share capital present; most votes cast in advance, ensuring majority for all proposals.

Financial performance review

• Achieved record order intake of EUR 19 billion and strong momentum in both Onshore and Offshore segments.

• Revenue reached EUR 36.8 billion in 2024, with a positive EBIT margin of 4.9% and free cash flow of EUR 1,142 million.

• Service segment faced challenges, with EBIT before special items dropping by EUR 302 million, but a recovery plan is in place.

• Warranty costs decreased to 4.3% of revenue, reflecting improved quality and lower provisions.

• Net debt to EBITDA improved to -0.5x, supporting shareholder distributions.

Board and executive committee updates

• Two new board members, Bruno Bensasson and Claudio Facchin, introduced, bringing deep industry and customer-side experience.

• Board remuneration increased by 3% for 2025; high participation and constructive board dynamics reported.

• Board meetings were well-structured, with high participation and constructive dialogue.