Vestas Wind Systems (VWS) Investor presentation summary

Market position and operational scale

• Holds a 26% installed base market share in Germany, with 18.9 GW of installed wind turbine capacity and 13.4 GW under service as of Q1 2025.

• Installed over 9,100 onshore wind turbines since 1983, contributing 7% to national energy production in 2024.

• Offshore installations total 1.4 GW with a 16% market share, accounting for 1% of national energy production.

• Firm orders from 2021 to Q2 2025 reached 7.2 GW onshore and 4.3 GW offshore.

• Employs over 2,600 people in Germany, including apprentices and dual study program participants.

Market outlook and government ambitions

• Annual onshore installation forecasts range from 6.6 GW in 2025 to 7.2 GW in 2027, with government ambitions targeting up to 11 GW per year by 2030.

• Auction volumes are set at 10,000 MW annually from 2024 to 2028, distributed across four auctions per year.

• Government policy supports continued growth, with no major reductions in targets or auction volumes expected.

Auction and permitting landscape

• Achieved a 39% share in permitting and a 40% share in auctions for 2024.

• In the third auction of 2025, 3.4 GW was awarded with a 1.66 subscription factor and an average winning bid of €66/MWh.

• Vestas secured 38% of awarded auction volume and 41% of permitted volume in H1 2025.

• Auction system operates under a sliding premium/one-sided CfD, with regulatory changes expected in autumn 2025.