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.

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

Financial performance review

• Achieved 12% revenue growth to EUR 7.2 billion and 170% EBIT growth to 4.3% in 2024, meeting outlook.

• Record order intake of EUR 19 billion and a strong backlog of EUR 68 billion.

• Free cash flow reached nearly EUR 1 billion; investments of EUR 1 billion focused on factories and tools.

• Service business faced challenges due to inflation and contract issues, prompting a recovery plan.

• Share price declined significantly, mirroring broader clean energy sector trends.

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.