Vestas Wind Systems — Annual Report (ESEF) 2025

Feb 5, 2026

VESTAS WIND SYSTEMS A/S Annual Report 2025 Vestas Wind Systems A/S, Hedeager 42, 8200 Aarhus N, Denmark Company reg. no.: 10403782 Management commentary Letter from the Chair & CEO ......................................................................................... 3 Our business .......................................................................................................................... 5 In brief .......................................................................................................................................... 6 Highlights for the year ............................................................................................... 7 Financial and operational key figures ............................................................ 8 Sustainability key figures ....................................................................................... 9 Our people ..................................................................................................................... 10 Outlook ............................................................................................................................ 11 Strategy and equity story ........................................................................................... 12 Vision and strategy .................................................................................................. 13 Market outlook and wind energy value drivers ...................................... 16 Equity story ................................................................................................................... 21 Capital structure strategy .................................................................................. 22 Performance for the year ............................................................................................ 23 Business model .......................................................................................................... 24 Group financial performance ............................................................................ 25 Power Solutions ......................................................................................................... 27 Service .............................................................................................................................. 34 Sustainability performance ............................................................................... 36 Customer partnerships ......................................................................................... 37 Our global footprint ................................................................................................. 38 Fourth quarter results ........................................................................................... 39 Corporate governance .................................................................................................. 41 Governance model and principles ................................................................. 42 Shareholders ................................................................................................................ 43 Management ................................................................................................................ 44 Risk management .................................................................................................... 50 Appendix to Our business ........................................................................................... 52 Quarterly financial and operational figures ............................................ 53 Definition of terms ................................................................................................... 55 Contents Sustainability statement ........................................................................................... 56 Sustainability at Vestas ............................................................................................... 57 Embedding sustainability ................................................................................... 58 Strategic sustainability highlights 2025 ................................................. 61 The value chain that supports our business model ........................... 68 Result of the double materiality assessment ........................................ 69 General information ....................................................................................................... 70 Material impacts, risks, and opportunities .............................................. 71 Double materiality assessment process ................................................... 75 Sustainability risk management ..................................................................... 78 Sustainability governance .................................................................................. 79 Policy overview ........................................................................................................... 80 Basis for preparation .............................................................................................. 82 Environmental information ....................................................................................... 84 Climate change ........................................................................................................... 85 Biodiversity and ecosystems ............................................................................ 93 Circular economy and resource use .............................................................. 95 EU taxonomy ................................................................................................................ 99 Social information ......................................................................................................... 100 Own workforce ......................................................................................................... 101 Workers in the value chain ............................................................................... 108 Affected communities ........................................................................................ 111 Governance information .......................................................................................... 113 Business conduct ................................................................................................... 114 Cyber security (entity-specific) .................................................................... 118 Appendix to the Sustainability statement .................................................. 120 Financial statements Financial statements and notes ....................................................................... 133 Consolidated financial statements .................................................................. 134 Statements ................................................................................................................ 135 Notes .............................................................................................................................. 139 Parent company financial statements ............................................................ 178 Statements ................................................................................................................ 179 Notes .............................................................................................................................. 182 Auditor and management statements ........................................................ 188 ↑ Vestas V236-15.0 MW™ turbines are installed at the He Dreiht offshore wind farm in the German North Sea. Vestas Annual Report 2025 2 Generating value amidst growing uncertainty Letter from the Chair & CEO Dear stakeholder, The year 2025 marked a defining moment for Vestas. Despite geo- political uncertainty and supply chain disruptions, we strengthened our strategic position and delivered against important milestones that underline our role as a global leader in sustainable energy. By year-end, Vestas reached 201 GW of installed wind capacity worldwide – testament to more than 45 years of innovation and execution, and to the growing prominence and competitiveness of wind energy in the global energy mix. This achievement was complemented by strong operational and financial progress that ensures we completed the turnaround from our 2022 low-point. We continued to benefit from our growing and healthy order backlog, while taking a major step forward in offshore wind. Our flagship V236-15.0 MW™ turbine produced first power at He Dreiht, five years after our return to the sector with the acquisition of MHI Vestas Offshore. These milestones demonstrate that our strategy is working and that Vestas was, yet again, strategically and financially stronger by the end of the year than it had been at the start. Delivering affordable, secure and sustainable energy The global environment became more complex in 2025. Geopolitical tensions, trade disruptions and protectionist measures challenged supply chains and increased costs, ultimately impacting power prices. At the same time, the energy debate continued to lack factual discourse, slowing progress and creating uncertainty. We must insist on facts, because only through informed decisions will we ensure that we can meet energy demand in the future, making investments with a 30-plus-year horizon. The failure of COP30 to deliver binding com- mitments, as well as the bureaucratic mess we face with permitting in many markets and CSRD regulation in the EU, are stark reminders that good intentions are insufficient without action. Ultimately, we risk leaving higher electricity bills for future generations despite having the right tools at our disposal now. The Draghi report high- lights what society could and should achieve if we dare to put our money where our mouth is; so let’s make sure we follow through. Vestas Annual Report 2025 3 Letter from the Chair & CEO These dynamics reinforce the urgency with which we need to build resilient, diversified energy systems and achieve energy inde pen- dence – not just as an environmental imperative, but as a cornerstone of economic and national security. For our customers, this means delivering solutions that combine affordability, reliability, and sustainability. In this context, Vestas continues to advance a clear narrative for our customers: wind energy is affordable, secure and sustainable. For nearly a decade, wind has been competitive with all other energy sources, and today, combined with solar and battery storage, wind is more cost-competitive than fossil fuels and nuclear power. As electri- fication accelerates and AI-driven demand surges, speed and scala- bility are becoming critical advantages. Wind power delivers inde- pendence and affordability while enabling rapid deployment, all of which is key to meeting growing energy needs and avoiding carbon lock-in. Another year of strategic progress Our strategy continued to deliver in 2025. Revenue was at an all-time high of EUR 18.8bn with an EBIT margin before special items of 5.7 percent, supported by disciplined execution and a strong order back- log. We reinforced our commitment to shareholder value, delivering the highest ROCE and EPS in 5 years, and repurchased EUR 250m worth of own shares, equal to 1.4 percent of our share capital. Returning value to our shareholders when possible is paramount to the Board and Executive Management. Indeed, successful execution of our strategy is fully aligned to shareholder value, as shown by the 77 percent share price return during 2025. In total, we delivered 14.5 GW of wind turbines, across our Onshore and Offshore platforms. We want to thank our customers around the world for their continued support and trust in Vestas and the solutions we deliver. Our custom- ers’ support is the foundation of Vestas’ progress and only together with them can we build affordable, secure and sustainable energy systems for the benefit of society. Offshore remained a strategic priority throughout 2025, as we over- came challenges ramping up our manufacturing capacity and began delivery of our first customer projects. Seeing our V236-15.0 MW™ turbine deliver electricity commercially was a proud moment for Vestas and our partners. The journey from acquiring MHI Vestas Offshore to serial production and installation across He Dreiht and Baltic Power has been long and challenging, but underscores Vestas’ technological strength and executional capability. While offshore wind was the subject of public debate in 2025, the facts remain clear: offshore wind provides competitive, independent and sustainable energy. It also creates thousands of long-term jobs, as seen in our expansion of four offshore factories in Europe. We continue to invest in markets that provide both volume and value, and our develop- ments in Europe illustrate what we can achieve with clear commit- ments and action, rather than soft intentions. The UK’s successful AR7 auction, awarding 8.4 GW of new offshore wind capacity, marks a significant step towards a more secure, affordable, and sustainable energy system. An ambition we are proud to support as these land- mark projects move into delivery. Our Service business remains highly profitable, despite 2025 bring- ing various challenges. Halfway through our Service Recovery Plan, we are seeing improvements in cost, operations, leadership discipline and customer relations, but we are not yet where we want to be. With a unique footprint, technology expansion and dedicated colleagues, we are confident of reaching our ambition of 25 percent EBIT margin. These will be achieved through continued focus on leadership and building the operational mindset needed to deliver service excellence for our customers and shareholders. Building a future-ready organisation In 2025, we launched an Operating Model Reset, a company-wide initiative to strengthen customer focus, drive efficiency and simplify processes. As we expanded to deliver our Onshore and Offshore commitments, our levels of operational complexity increased. We are therefore taking proactive steps to simplify the way we work. Our initiative, which began in August and will continue through 2026 to ensure lasting impact, aims to remove inefficiencies, shorten lead times, and ensure resources are aligned with customer needs. Efficiency gains will come from streamlined processes, organisational changes, shorter distances between our experts and customers, and increased leadership control, among other initiatives. During the year, we also strengthened our leadership team. Felix Henseler succeeded Anders Nielsen as CTOO, and Jakob Wegge- Larsen replaced Hans Martin Smith as CFO, bringing with them fresh perspectives and external competences, as well as deep industry and functional experience. Jakob and Felix have hit the ground running, and we want to thank both Hans Martin and Anders for their contribu- tion to Vestas, which spans more than 25 years of combined seniority. At Board level, we welcomed Bruno Bensasson and Claudio Facchin, both seasoned executives with strong industry backgrounds. These changes reflect our focus on succession planning, geopolitical insight and strong governance, ensuring Vestas remains future-ready. Sustained value creation Our strategy remains anchored in creating sustained value for share- holders, other stakeholders and society. For 2025, we are pleased to propose a dividend payout combined with a share buy-back for the second consecutive year. We will pay bonuses to our 37,000 col- leagues worldwide, reflecting our performance and recognising our people’s dedication, contribution and achievements. Wind energy enables customers and societies to meet an urgent need: affordable, secure and sustainable energy. In 2025, we crossed the 200 GW milestone, and we are confident the next 200 GW will come much faster. Thank you to our customers, shareholders, partners and colleagues for your continued trust and commitment. Anders Runevad Chair of the Board of Directors Henrik Andersen Group President & CEO Vestas Annual Report 2025 4 Letter from the Chair & CEO →  In brief → Strategy and equity story →  Performance for the year →  Corporate governance →  Appendix to Our business 5Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Our business → Highlights for the year → Financial and operational key figures → Sustainability key figures → Our people → Outlook 6Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements In brief 45.9 49.5 60.1 68.4 71.9 2021 2022 2023 2024 2025 18.1 19.1 26.0 31.6 27.8 30.4 34.1 36.8 38.7 33.2 15.6 14.5 15.4 17. 3 18.8 2021 2022 2023 2024 2025 2.3 10.8 0.9 10.4 1.1 10.7 1.8 11.8 2.5 3.2 3.6 3.7 3.8 12.6 2.4 2.8% 1.5% 4.3% 5.7% (8.0)% 2021 2022 2023 2024 2025 577 188 666 448 817 626 675 750 (1,512) (141) Highlights for the year Revenue bnEUR Vestas delivered operational, financial and sus- tainability progress in 2025. Driven by strong Onshore project execution, partly offset by ramp-up costs in Offshore, profitability in Power Solutions increased year-on-year, while the turbines we produced and shipped during 2025 are expected to avoid a record-high 463 million tonnes of GHG emissions over their lifetime. Service continued to progress on the recovery plan, delivering commercial and operational improvements. Group EBIT margin before special items was 5.7 percent, the highest since 2019, allowing us to return value to shareholders, proposing a combined payout of 51 percent through dividends and share buybacks. All-time high revenue of EUR 18.8bn driven by growth across Onshore, Offshore and Service. Record high combined order backlog of EUR 71.9bn, following solid EUR 17.4bn of Power Solutions order intake in 2025. Strong Onshore execution and improved Service EBIT margin led to the highest Group profitability since 2019.   Offshore   Onshore   Service   Power Solutions   Service   EBIT margin EBIT and EBIT margin before special items, mEUR and percent   Power Solutions   Service Order backlog value bnEUR Low-emission steel ordered for the offshore projects Nordlicht I & II in Germany and the Clashindarroch II onshore project in the UK, in amounts that help avoid around 37,000 tonnes CO 2 e compared to conventional steel. 22,000+ tonnes of low-emission steel Vestas Annual Report 2025 7 Our business Sustainability statement Financial statements Auditor and management statements In brief 1 Comparative figures for 2021 have been adjusted following the accounting policy change in 2021 for configuration and customisation cost in cloud computing arrangements. Financial ratios 2 2025 2024 2023 2022 2021 1 Gross margin (%) 13.3 11.9 8.3 0.8 10.0 EBITDA margin (%) before special items 11.2 9.3 6.7 (0.4) 8.6 EBIT margin (%) before special items 5.7 4.3 1.5 (8.0) 2.8 EBITDA margin (%) 10.9 9.6 7.1 (1.2) 8.0 EBIT margin (%) 5.4 4.6 1.9 (11.0) 1.9 Return on Capital Employed (ROCE) (%) before special items 11.8 8.0 2.9 (18.5) 4.5 Interest-bearing position (net)/EBITDA before special items (0.6) (0.5) 0.0 NA (0.9) Solvency ratio (%) 15.1 14.4 13.5 15.2 23.9 Return on equity (%) 22.5 16.2 2.6 (43.9) 3.6 Share ratios Earnings per share, basic (EUR) 0.78 0.50 0.08 (1.56) 0.13 Earnings per share, diluted (EUR) 0.77 0.49 0.08 ( 1.56) 0.13 P/E ratio 29.8 26.6 356.6 (17.4) 200.2 Dividend per share (EUR) 0.1 3 0.07 - - 0.05 Dividend pay-out ratio (%) 12.9 3 15.0 - - 36.0 Share price, end of period (DKK) 173.4 98.1 214.3 202.1 200.0 Number of shares, end of period 1,009,867,260 1,009,867,260 1,009,867,260 1,009,867,260 1,009,867,260 Number of shares, outstand. end of period 990,417,317 1,005,762,617 1,006,473,655 1,006,177,558 1,005,144,100 Operational key figures Order intake (bnEUR) 17.4 19.2 18.5 11.9 11.6 Order intake (MW) 16,292 16,844 18,386 11,189 13,896 Order backlog – wind turbines (bnEUR) 33.2 31.6 26.0 19.1 18.1 Order backlog – wind turbines (MW) 31,026 29,241 25,315 19,623 21,984 Order backlog – service (bnEUR) 38.7 36.8 34.1 30.4 27.8 4 Produced and shipped wind turbines (MW) 13,374 13,198 11,666 13,106 17,845 Produced and shipped wind turbines (number) 2,737 2,837 2,554 3,126 4,456 Deliveries (MW) 14,537 12,900 12,685 13,328 16,594 Financial key figures (mEUR) 2025 2024 2023 2022 2021 1 Income statement Revenue 18,822 17,295 15,382 14,486 15,587 Gross profit 2,497 2,057 1,283 118 1,556 EBITDA before special items 2,105 1,605 1,028 (63) 1,342 Operating profit/(loss) (EBIT) before special items 1,067 741 231 (1,152) 428 EBITDA 2,053 1,658 1,089 (437) 1,271 Operating profit/(loss) (EBIT) 1,015 794 292 (1,596) 289 Net operating profit after tax (NOPAT) 763 556 223 (1,071) 275 Net financial items 17 (86) (164) (110) (101) Profit/(loss) before tax 1,039 705 102 (1,696) 224 Profit/(loss) for the year 780 494 78 (1,572) 143 Balance sheet Balance sheet total 25,732 24,644 22,514 20,090 19,648 Equity 3,881 3,542 3,042 3,060 4,697 Investments in property, plant and equipment 821 670 457 371 476 Net working capital (3,127) (2,297) (1,507) (1,349) (1,049) Capital employed 7,255 6,813 6,429 5,487 6,133 Interest-bearing position (net) 1,174 809 32 46 1,200 Interest-bearing debt 3,374 3,271 3,387 2,427 1,436 Statement of cash flows Cash flow from operating activities 2,286 2,332 1,027 (195) 956 Cash flow from investing activities (1,164) (1,341) (782) (679) (899) Free cash flow 1,122 991 245 (874) 57 Adjusted free cash flow 830 1,095 (51) (1,134) 155 2 The ratios have been calculated in accordance with the guidelines from “Finansforeningen” (The Danish Finance Society) (Recommendations and Financial ratios). 3 Based on proposed dividend. 4 The Service order backlog value disclosed in the Annual Report 2021 has been corrected from EUR 29.2bn to EUR 27.8bn. Financial and operational key figures Vestas Annual Report 2025 8 Our business Sustainability statement Financial statements Auditor and management statements In brief Sustainability key figures Environmental 2025 2024 2023 2022 2021 Utilisation of resources Consumption of energy (GWh) 677 640 658 641 738 – of which renewable energy (GWh) 235 214 213 231 283 – of which renewable electricity (GWh) 187 166 166 187 233 Renewable energy (%) 35 33 32 36 38 Renewable electricity for own activities (%) 100 100 100 100 100 Waste Volume of waste from own operations (1,000 t) 54 44 44 47 70 – of which collected for recycling (%) 1, 2 69 68 68 55 50 Recyclability rate of hub and blade (%) 2 94 88 90 42 42 Recyclability rate of total turbine (%) 2 97 97 - - - Material efficiency (tonnes of waste excl. recycled per MW produced and shipped) 2 1.3 1.0 1.2 1.6 2.0 GHG emissions Scope 1 GHG emissions (1,000 t COe) 108 104 108 98 99 Scope 2 GHG emissions market-based (1,000 t COe) 1 1 1 2 3 Scope 3 GHG emissions (million t COe) 3 9.34 8.14 8.63 8.67 10.56 Scope 3 GHG emissions intensity (target scope) (kg COe per MWh generated) 3, 4 6.39 5.53 7.04 7.09 6.65 Products Expected GHG avoided over the lifetime of the capacity produced and shipped during the period (million t COe) 2 463 455 396 408 532 Expected annual GHG avoided by the total aggregated installed fleet at the end of the period (million t COe) 2 245 239 231 219 210 1 From 2025 onwards, this KPI is reported in percentage terms. Prior-year figures have been calculated from thousand tonnes (1,000 t) for consistency. 2 Vestas’ progress indicator, i.e. not an ESRS data point. 3 The Scope 3 calculation methodology has been updated from 2022 onwards and is reflected in the table. 2023 has not been audited. For further details, please refer to Basis for preparation page 82 and Accounting policies page 91. 4 Target intensity measures reported include biogenic emissions for all years. The 2025 number without biogenic emissions is 6.37. 5 TRIR and LTIR figures have been restated for 2024 to 2.7 (from 3.0) and 1.1 (from 1.2), respectively, following the implementation of an improved methodology for calculating working hours (used as the denominator). Refer to page 82, Basis for preparation, and page 102 for further details. 6 For the definition of ‘Women in Top Management’, refer to the Accounting policies, page 104. 7 The employees of LM Wind Power Blades (Poland) Sp.z.o.o. acquired on 1 September 2025, are not included in the reported figures due to ongoing system integration. 8 ‘EthicsLine cases’ here represents the total number of unsubstantiated cases, plus the number of substantiated cases and cases still under investigation at the time of reporting. At the end of 2025, 172 cases from 2025 were still under investigation, and hence the substantiation rate for the year may change. For definitions, accounting policies, and comments to development related to the Sustainability key figures, see the Sustainability statement. Note that the comparative numbers from 2021 to 2023 have been under limited assurance by our previous auditors but not subject to assurance of Sustainability statement prepared in compliance with ESRS. Social 2025 2024 2023 2022 2021 Safety (own workforce) 5 Total Recordable Injuries per million working hours (TRIR) 5 2.7 2.7 3.0 3.3 3.1 Lost Time Injuries per million working hours (LTIR) 2, 5 1.1 1.1 1.3 1.2 1.0 Total Recordable Injuries (number) 270 240 216 200 201 – of which Lost Time Injuries (number) 2 110 97 91 73 67 – of which fatal injuries (number) 0 2 1 0 0 Employees Employees, end of period (FTEs) 36,973 35,100 30,586 28,438 29,427 Diversity and inclusion Women in the Board of Directors, end of period (%) 50 60 43 38 25 Women in top management, 6 end of period (%) 7 31 26 - - - Women in leadership positions, end of period (%) 7 25 25 24 23 21 Human rights Community grievances (number) 2 14 2 3 13 17 Social Due Diligence on projects in scope (%) 2 20 83 59 65 0 Governance Whistle-blower system 8 EthicsLine cases (number) 2 922 757 667 539 465 – of which substantiated (number) 2 175 147 148 152 129 – of which unsubstantiated (number) 2 575 500 517 386 336 Vestas Annual Report 2025 9 Our business Sustainability statement Financial statements Auditor and management statements In brief Our people “ Safety comes first. Every day, we make sure our teams work under the best possible condi- tions, because protecting people is the foundation of everything we do.” ‒ Pauline Manesse, Service Technician, France. To enable the success of our people we are simplifying our ways of working, driving decision making closer to the front line, removing bureaucracy, and sharpening our customer focus, while supporting our people to grow the capabilities needed to deliver consistently and lead the energy transition. Safety, always In 2025, we advanced our safety culture through a refreshed Safety Roadmap towards 2030. Key actions in 2025 included launching High-Risk Forums to address critical operational risks and strength- ening frontline leadership training to support safer decision-making in the field. We also introduced Sphera, a new integrated incident management platform, and worked on working-hour data accuracy to increase transparency and reliability. These initiatives reinforce that care and accountability are central to our leadership, and we remain committed to continuously improving in this area, to ensure the highest standards of safety across our operations. Our workforce This year we initiated an ‘Operating Model Reset’ programme to drive our performance and enhance operating efficiency. The programme sets clear expectations for us as a company; think customer first, remove bureaucracy, right-size the organisation and strengthen our culture. We also expanded our workforce planning process to cover all employees – allowing us a full view of resourcing needs across Vestas and helping leaders anticipate skill gaps and workforce- dependency risks – particularly in frontline teams. This ensures that we have the workforce to support commercial performance and effective operations. Next steps include integrating workforce planning data into our financial systems so leaders can better understand how and where they deploy resources, including cost implications and forward planning. While introducing these changes, we continued to see a supportive and engaged workforce. This was reflected in our annual Employee Engagement Survey by eNPS remaining consistent at 31 in 2025. Our Work-Life Balance scores also improved from 72 in 2024 to a score of 74 in 2025. Growing leadership at every level In 2025, we launched a new leadership programme for frontline leaders, offering practical development for our leaders guiding the frontline globally. We also strengthened support for early-career talent through a new Entry Transition Programme and continued building our succession pipeline through the Rising Executives programme. We also conducted the Vestas Leadership Forum for our top 250 executives. Senior leaders worked on how to best strengthen commercial thinking and value-chain mindset and leveraged an AI-driven simulation game to accelerate learning and decision-making. Acting responsibly across our value chain We strengthened social responsibility through human rights due diligence. We mapped EU Critical Raw Materials in our components to improve transparency and identify risks earlier. Our Social Due Diligence process advanced toward full annual coverage, and global initiatives supported technical training, capacity building, and entrepreneurship in communities connected to our projects. Looking ahead To power the energy transition ahead, we need a capable, resilient, and future-thinking workforce. We will keep investing in develop- ment, skills building, and leadership – staying close to market needs and the evolving expectations of our customers and communities. Strengthening our people strengthens Vestas. Furthermore, the ‘Operating Model Reset’ will continue into 2026, and we will maintain our focus until the new model consistently delivers operational excellence throughout Vestas. At Vestas, our people power our success. They are key to delivering our strategic priorities. Vestas Annual Report 2025 10 Our business Sustainability statement Financial statements Auditor and management statements In brief Outlook Outlook 2026 Revenue (bnEUR) 20-22 EBIT margin (%) before special items 6-8 Total investments 1 (bnEUR) Approx. 1.2 Outlook for 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. 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. → The Blades Factory in Windsor, Colorado, in the USA, produces blades for the V163-4.5 MW turbine as well as the 2 MW platform. Vestas Annual Report 2025 11 Our business Sustainability statement Financial statements Auditor and management statements In brief → Vision and strategy → Market outlook and wind energy value drivers → Equity story → Capital structure strategy Strategy and equity story 12Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E n e r g y s u s t a i n a b i l i t y E n e r g y a f f o r d a b i l i t y E n e r g y s e c u r i t y Wind energy Wind energy value drivers Vision and strategy Our vision and purpose Wind is our heritage and core competence, and Vestas stands at the forefront of the energy transition to provide affordable, secure, and sustainable energy to the energy systems of the future. Our vision is to become the Global Leader in Sustainable Energy Solutions. A sustainable transition must be both affordable and secure Vestas’ business model (see page 24) supports the energy transition by offering a cost-competitive, fuel-free and decentralised electrici- ty generation source that is readily deployable. Our comprehensive range of onshore and offshore turbines are tailored to various wind conditions and relevant for any geography with a suitable wind resource. We operate globally with a track record of 201 GW capacity installed in 88 countries. Our main customers are utility companies, develop- ers, infrastructure funds, and independent power producers that develop and operate wind farms to integrate renewable energy into their portfolios. Energy security • National generation, promoting the use of the wind resource available on land or at sea • Energy independence by reducing the need for imported energy • Decentralised power generation is more resilient to cyber or military threats Energy affordability • Levelised cost of electricity (LCoE) for wind energy is lower than wholesale power prices in most markets • Onshore wind is, alongside Solar PV, the most cost-effective and readily deployable form of new generation • May provide price stability by insulating power markets from global fuel price volatility Energy sustainability • Wind is a non-depletable source of energy • Climate change mitigation, as wind energy is one of the most carbon-efficient ways to generate electricity • Stimulating long-term local investments and generational jobs 13 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Strategic priorities to drive performance and value creation Our strategic priorities emphasise the need to focus on performance improvements. In Power Solutions, we must continue improve quality and drive cost-out initiatives to ensure our long-term competitive- ness. We must also continue the manufacturing ramp-up, especially in Offshore, to deliver on our financial ambitions. In Service, we continue to deliver on our Service recovery plan, started in the end of 2024, and planned to finish by the end of 2026. By focusing on value creation, we can free up cash to return to shareholders. Read more about the segment-specific strategic priorities on pages 30, 32, 33 and 35. Value-adding partnerships Partnerships are integral to the Vestas strategy. By collaborating with customers, suppliers, governments, and communities, we foster innovation and supply chain optimisation, driving joint value creation. Our partnerships enable us to deliver reliable energy solutions and play a critical role in the global energy transition. Customer-centric and deal-enabling mindset In line with strengthening partnerships, our customer approach prioritises value creation over sheer volume. Bringing a deal-ena- bling mindset to our strong commercial culture, we can deliver high-quality solutions that contribute to long-term earnings growth. Priority customers have become partners, and have global account managers within Vestas and access to our siting capabilities and projects through Vestas Development. Transforming our industrial system from push to pull We are shifting our industrial system from push to pull to optimise resource use and supply chain lead time. By focusing on modular designs, flexible supply chains, and a strong digital backbone, such as our new digital-twin platform, we can meet a wide range of market needs while managing costs. This approach not only improves efficiency but ensures the solutions we deliver are competitive and resilient in the long term. Competent partners for a complex supply chain Our manufacturing model is complex, with both a product and a project side. The product side seeks repeatability, the project side flexibility. To help navigate complexity, we will enhance engagement and integration with our supply chain partners, such as Maersk, ZF, and Cadeler, ensuring transparency around how our business and the market evolve. In the long term, reduced costs and inventory across the supply chain will benefit both Vestas and our partners. Securing talent and capabilities To succeed with the energy transition, having the right talent is pivotal. The Operating Model Reset initiatied in 2025 aims to steer us to a simpler and more competitive Vestas. Customer first, remove bureaucracy, right-size the organisation and strengthen our culture. We strive to create an inclusive work environment that fosters diversity, collaboration, and cross-functional teamwork. By investing in leader- ship development and internal talent, we ensure we have the expertise necessary to drive innovation and meet future energy demands. At the end of 2025, Vestas employed more than 37,000 people around the world. 37,000+ Group strategy 14 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Science-based decarbonisation of our operations and supply chain by 2030 Scaling the positive environmental impact of our products by driving innovation and building partnerships. Reduce Scope 1 & 2 GHG emissions by 50% by 2030 without using carbon offsets, from a 2022 baseline. Reduce Scope 3 GHG emis- sions per MWh generated by 45% by 2030, from a 2022 baseline. Climate Be the safest, most inclusive and socially responsible company in the industry Reduce injury rate (TRIR) to < 1.0 by 2030. Increase the share of women in leadership positions to 30% by 2030. Conduct Social Due Diligence on 100% of all projects in scope. Social Lead the transition towards a world pow- ered by sustainable energy Uphold responsible business conduct while aligning our actions with evolving stake- holder expectations. Campaign for a sustainable scale-up of renewable energy by helping align public policy with climate commitments. Support Vestas’ partners on their journey to become more sustainable and resilient. Energy transition Produce zero-waste wind turbines by 2040 Increase recyclability of hub and blade to 100% by 2030. Increase rate of refurbished component utilisation to 55% by 2030. Improve recycling of waste from own operations by 94% by 2030. Circularity Sustainability ambitions and targets For an overview of the 2025 performance on these targets, see page 36. A list of key activities to drive the change towards 2030 can be found on page 61. * Vestas’ greenhouse gas (GHG) reduction targets were updated and re-validated by the Science Based Target initiative (SBTi) during 2025. For more information please see page 62. Environmental information Read more on page 61-62 and page 63-64 Social information Read more on page 65-66 Governance information Read more on page 67 Our global sustainability strategy is based on ‘Sustainability in everything we do’. We focus on four strategic areas, collaborating across the organisation and with external partners. Reducing carbon emissions In 2025, five years after launching the strategy, we advanced our climate transition plan with updated GHG reductions targets validated by the Science Based Targets initiative. We remain committed to a science-based decarbonisation of our own opera- tions 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 and from a 2022 baseline. Key initiatives include using 100 percent renewable electricity, transition- ing our global fleet of vehicles and vessels to electric or renewable- fuels, and sourcing low-emission materials (see page 86-87). Designing zero-waste wind turbines We are working to produce zero-waste wind turbines by reducing waste across our operations and supply chain. Our efforts include scaling blade and composite recycling technologies from pilot to industrial application, extending component life through repair and refurbishment, and ensuring residual waste is managed responsibly (see page 95-96 for details). Promoting safety and social responsibility We prioritise the safety and wellbeing of our employees, workers across our value chain, and local communities. While committed to reducing the injury rate in our operations, we work to elevate safety standards across the wind industry. Our focus also extends to strengthening diversity, equity, inclusion and belonging with different initiatives. We engage closely with customers, suppliers and local communities near our projects to ensure we act as a reliable partner and a responsible corporate citizen. Leading the energy transition We drive the energy transition through responsible practices, that evolve with shifting regulatory and stakeholder expectations. We advocate for scaling renewable energy via climate-aligned policies, and empower partners to strengthen their sustainability and resilience (see page 114-119 for details). Sustainability strategy 15 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements  Onshore  Offshore 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e 2030e 65 11 76 39 3 42 44 4 48 Wind energy accounts for less than two percent of energy supply Today, wind energy accounts for merely 1.4 percent of global energy supply, and 8 percent of global electricity generation. 1 As the demand for electricity continues to rise, outstripping growth in general energy demand, the need for generation sources that are readily deployable is evident. While wind energy has become an integral part of a modern energy system, there is still plenty of room to grow. Battery storage, data centres and AI use supporting demand Technological developments, such as AI services and cloud computing, are also driving demand for electricity. In large econo- mies like the EU, China, and the USA, data centres account for 2-4 percent of electricity demand today, according to the IEA. Further, a single hyperscale data centre has annual electricity consumption equivalent to 350,000-400,000 electric cars. 2 Wind power, perhaps coupled with battery storage solutions, may play a key role in supplying this growing demand for power. Substantial growth expected in key Vestas markets According to Wood Mackenzie, combined onshore and offshore annual wind energy installations are estimated to reach 48 GW in 2025 (global ex China). By 2030, annual installations are forecast to reach 76 GW, equivalent to 9 percent compound annual growth. The offshore market segment, despite recent challenges, is expected to grow faster from a lower base. 3 Installation growth is expected across all three regions EMEA, Americas and Asia Pacific, with key developed markets in Europe, North America and Australia accounting for approx. 60 percent of expected installations in the period from 2026 to 2030. 3 In 2024, Vestas had a market share of 30 percent in global onshore and offshore installations (ex China). 4 Auction designs in specific markets While market design and permitting remain bottlenecks in many markets, the industry experienced positive developments in this area in 2025. Germany, already the largest onshore wind market in Europe, set a new record in 2025 and awarded 14.4 GW in onshore wind capacity auctions while simultaneously granting a record number of building permits.5 The German government also reaffirmed its 80 percent renewable electricity target by 2030, which requires 10 GW annual onshore wind installations. 6 Allocation Round 7 in the UK, which included significant reforms to the auction design such as extended CfD contract length from 15 to 20 years, awarded 8.4 GW of wind capacity, compared to AR5 in 2023, which failed to secure any offshore wind. 7 In the USA, regulatory changes made future clean energy invest- ments less attractive compared to previously. Nonetheless, the enactment and subsequent guidelines provided much-needed clarification for the industry, although tariff uncertainty remains. 1 Source: World Energy Outlook 2025, International Energy Agency (IEA). November 2025. 2 Source: IEA: “Artificial Intelligence” article on iea.org/topics. 3 Source: Wood Mackenzie: Global wind power market outlook update: Q4 2025. November 2025. 4 Source: WoodMac Global wind turbine OEM 2024 market shares database. March 2025. 5 Source: BWE: ‘Ausschreibungsvolumen im jahr 2025 deutlich überzeichnet’. January 2026. 6 Source: Renewables Now, ‘Germany remains committed to 80% renewable energy target by 2030’. September 2025. 7 Source: Gov.UK: ‘Contracts for Difference (CfD) Allocation Round 7: results. January 2026. Vestas’ addressable market is expected to grow significantly in the years ahead. The trifecta of energy affordability, security, and sustainability are inherent value propositions of wind as a source of generation, as well as structural challenges to the modern energy system. Market outlook and wind energy value drivers Forecast on onshore and offshore wind power installations, global market ex. China (GW) * Source: Wood Mackenzie: Global wind power market outlook update: Q4 2025. November 2025. The data includes “new installations” and “repowering”. 16 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 38 87 36 85 73 231 Onshore wind Offshore wind Solar PV fixed axis Natural gas CCGT Coal Nuclear Energy affordability As inflation subsides, cost of living concerns are on the rise Following the COVID-19 pandemic and exacerbated by Russia’s full-scale invasion of Ukraine, the cost of living for consumers has risen in many developed economies. 1 Despite the rate of inflation has now subsided, concerns of overall price levels remain a top issue for consumers and policymakers. The energy transition must be affordable to society or risk losing public support and must be economically sustainable for industry and business to flourish. Wind energy is key to affordability Over the past ten years, the Levelised Cost of Electricity (LCoE) for onshore and offshore wind has decreased by around 60-70 percent. Today, renewables are the most cost-effective forms of new-build electricity generation, according to Bloomberg New Energy Finance. 2 The successful competitiveness journey has been achieved through decades of technological advancements and improved supply chains. An affordable energy transition needs wind power, and Vestas will continuously work towards lowering the overall LCoE of our solutions. Wind power can drive down electricity prices Increasing wind energy generation can lower electricity prices by reducing reliance on costly fossil fuels and imported energy. The cost of wind generation is almost entirely related to operations and maintenance leading to near-zero marginal costs, meaning wind can supply electricity at a predictable, low price. As more wind capacity is added to the grid, it has the possibility to drive down wholesale electricity prices while providing price stability by insulating power markets from global fuel price volatility. With supportive policies and grid integration, perhaps combined with battery storage solutions, wind can become a cornerstone of the affordable modern energy system. 1 Source: OECD Consumer Price Indices, Inflation and Cost of living, www.oecd.org. February 2026. 2 Source: Bloomberg NEF, H1 2025 LCOE Update. April 2025. 3 Source: “Excise Duties on Electricity in Europe, 2024” at taxfoundation.org/data/all/eu/excise-duties-electricity-europe-2024/. Wind energy is competitive and readily deploy- able. Renewables continue to outperform fossil fuel-based electricity on cost, to the point where renewables have become the most affordable source of new generation. Levelised Cost of Electricity (LCoE), renewables continue to outperform fossil fuels USD/MWh (real 2024), global weighted-average benchmark * Source: Bloomberg NEF, H1 2025 LCOE Update. April 2025. LCoE benchmarks do not include subsidies or tax credits ** Nuclear LCoE benchmark, based on latest available data from BNEF. ↑ According to Bloomberg New Energy Finance, onshore wind and solar PV are the cheapest forms of new-build electricity generation, at about half the cost of coal and natural gas. Electricity use subject to heavy taxes in some EU countries Despite harmonising regulation through the EU Energy Directive, there are considerable differences in how heavily EU Member States tax the use of electricity, according to the Tax Foundation Europe. 3 Some countries, such as France, Germany and Denmark apply heavy non-business excise duties of EUR 30 to 94 per MWh, which is counter-productive to electrification, a key lever to decarbonise the European economy. 17 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 1 Source: World Energy Outlook 2025, IEA. November 2025. * Source: Ember, ember-energy.org. Price data is the 2025 monthly average wholesale electricity price. Generation share is the 2024 monthly electricity source as percent of electricity demand in the country. Malta and Cyprus excluded. Country Wind share (%) Power price (EUR/MWh) Denmark 53 82 Ireland 32 114 Sweden 29 43 Netherlands 28 88 Germany 27 90 Lithuania 26 86 Portugal 25 68 Finland 24 40 Spain 23 67 Greece 22 104 Belgium 16 84 Poland 14 104 Austria 13 99 Estonia 13 81 Croatia 13 106 Romania 12 108 France 9 63 Italy 7 122 Luxembourg 7 90 Bulgaria 4 107 Latvia 4 86 Hungary 1 109 Czechia 1 97 Slovenia 0 105 Slovakia 0 103 EU-27 18 88 83 European power prices and wind share EU countries with more wind have lower power prices Europe is leading the way in terms of wind power adoption with an EU-27 wind share of electricity demand of 18 percent, well above the global average of 8 percent. 1 Power markets are complex with many stakeholders and economic and political factors affecting the price discovery mechanism. This illustration does not prove causation, but serves as basis for a fact-based conversation about the electricity system, and debunk the myth that wind power is expensive. EUR/MWh Top 5 wind average 32% 42% 3% 3% Ireland EUR 114 | 29% 47% 37% 7% Sweden EUR 43 | 53% 18% 10% 4% Denmark EUR 82 | 28% 37% 18% 6% Netherlands EUR 88 | 4% 43% 23% 8% Latvia EUR 86 | Wind Solar Hydro Nuclear Gas Bio energy Hard coal Lignite 1% 33% 19% 15% EUR 109 | 1% 45% 38% 8% EUR 97 | Czechia 0% 41% 37% 22% EUR 105 | 100 EUR/MWh Bottom 5 wind average 27% 15% 15% 14% EUR 90 | Germany HungarySlovenia 0% 69% 18% 11% EUR 103 | Slovakia 18 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Energy security Electricity is the bedrock of modern society Electricity already underpins many crucial aspects of modern economies and societies, and its role is only set to expand. Between now and 2035, electricity demand is set to grow six times as fast as overall energy demand driven by electric vehicles, air conditioning use, digitalisation and AI, according to the International Energy Agency (IEA). The share of electricity in final energy consumption is projected to double by 2050 1 . It is a matter of national security. Security through independence A reliable and secure power supply is more important than ever. Energy security can be improved through a more diverse mix of electricity sources and reduced reliance on imported fuels. Decentralised power generation is also more resilient to cyber or military threats (see page 37 on our partnership with DTEK in Ukraine as an example). Wind energy is an obvious domestic energy choice for many countries to improve their energy security. Energy security with partners in Europe Energy security has arguably never been higher on the political agenda in Europe. In 2025, Vestas received 1.1 GW of orders in Ukraine, Romania and Poland combined, from customers such as DTEK, Rezolv Energy, and OX2. This demand underlines the mutual benefit of long-term partnerships and highlights the opportunities for collaboration on energy security in Eastern Europe through the expansion of wind energy. But energy must be available when needed. Grid investments and adapted market design To ensure wind and other renewable sources are available to match demand, a wide range of solutions are being implemented in modern energy systems, such as building cross-border grid infrastructure and power trading systems. Adapting regulatory frameworks and market designs to allow battery storage in wind farms, for example, is important to exploit economic market forces to the benefit of society. Vestas CEO Henrik Andersen speaks at EU minister meeting on European competitiveness in Copenhagen, July 2025. ↓ 1 Source: IEA: “Energy Security” article on iea.org/topics. Battery and hybrid solutions can improve availability Battery storage solutions can absorb excess renewable energy during peak generation, through energy buffering. Conversely, batteries can be discharged during peak demand periods, known as “peak shaving”. Vestas Power Solutions can also provide hybrid solutions, such as the 50 MW Kennedy Energy Park in Australia, the world’s first utility-scale on-grid hybrid wind, solar, and battery storage power plant. 19 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 4.4 V117- 4.2 MW™ 5 Nuclear 5.6 V150- 4.5 MW™ 6.2 V162- 6.2 MW™ 7.0 V236- 15.0 MW™ 30 Solar 560 Gas 970 Oil 1,060 Coal 458 World average Life cycle emissions from different energy sources Grams of CO₂e per KWh Energy sustainability Wind energy is one of the most carbon-efficient ways to generate electricity Wind energy is among the most effective tools available for decarbonising the global energy system. Vestas turbines deliver electricity with 4-9 grams of CO₂ per kilowatt-hour over its life cycle, orders of magnitude lower than any fossil-based source, and far better than solar PV around 30 grams per kilowatt-hour. 1 Vestas driving down the carbon intensity of wind power Yet even from this best-in-class position, Vestas is actively redu cing emissions from our own operations by electrifying our service vehicles and factories and working to scale-up the availability of low-emission materials, such as steel. We continuously explore opportunities to transition vessels to sustainable fuels. The decarbonisation in the maritime sector is a challenge and will need to accelerate and scale. However, our efforts ensure that each new project displaces more fossil generation while continually lowering the carbon intensity of wind itself. Preserving biodiversity and ecosystems The expansion of wind energy is an important lever for preserving biodiversity. By replacing fossil fuels, wind power reduces pollution, habitat loss, and climate pressures that threaten ecosystems worldwide. While attention to biodiversity impacts in the supply chain is required, wind turbines still deliver electricity with one of the lowest biodiversity footprint per megawatt-hour of any major energy source. It operates with no water consumption, preserving scarce freshwater resources for agriculture, communities, and wildlife. Stimulating local investments and generational jobs A wind power plant represents a long-term investment in local prosperity. From manufacturing and transport to installation and maintenance, wind energy creates skilled jobs, many of which endure for decades. These jobs are often located in rural and coastal communities, revitalising areas that have faced depopulation or industrial decline. The construction of access roads, grid connections, and service hubs injects lasting infrastructure investment into local economies, while land lease payments and community partnerships generate direct income for residents. Our manufacturing expansions in Poland and Italy, now employing nearly 4,000 people, are good examples of our positive contribution to local investment and employment. Circular by design At Vestas, we design turbines for longevity and circularity, ensuring clean energy that delivers environmental benefits throughout its life cycle. Over 97 percent of a turbine’s mass is recyclable. 2 To keep components in service for longer, Vestas also operates a global network of repair centers that restore critical components, reducing both virgin material demand and embodied emissions. By combining circular innovation with durability, repairability, and resource-con- scious manufacturing, Vestas ensures that our turbines remain among the most circular and efficient energy systems available anywhere in the world. 1 Source: Sphera Solutions GmbH Germany: Sphera Managed LCA Content Databases (MLC) 2025. 2 Source: Vestas’ Life-cycle Assessments (available on our corporate website). * Source for Coal, Oil, Gas, Solar, and Nuclear: Sphera Solutions GmbH Germany: Sphera Managed LCA Content Databases (MLC), 2025. World average: Based on IEA data from IEA 2025 Emission factors database. Vestas turbines range from 4-9 g/KWh. Source: Vestas’ Life-cycle Assessments (available at our corporate website). 20 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 0.61 0.88 0.84 0.68 0.71 0.78 0.13 (1.56) 0.08 0.49 0.77 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20.3 30.8 25.1 20.4 19.7 13.5 4.5 (18.5) 2.9 8.0 11.8 Equity story This is Vestas 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 (read more on pages 12-20). Long-term financial ambitions Our long-term financial ambitions remain unchanged. Long-term financial ambitions Revenue Grow faster than the market and be market leader in revenue EBIT margin before special items At least 10 percent Adj. Free Cash Flow Positive ROCE 20 percent over the cycle Measuring our success The 2025 long-term incentive (LTI) grant was subject to the following performance metrics: Earnings Per Share (EPS) 60 percent, Return on Capital Employed (ROCE) 30 percent, and Greenhouse Gas (GHG) Emissions Avoided 10 percent. The 2025 short term incentive (STI) was subject to key financial KPIs including Group EBIT margin before special items (50 percent), adj. Free Cash Flow (30 percent), and Service EBIT margin (20 percent). As the graph to the right shows, we reward good performance, while sub-par performance is subject to negative performance adjustments, or zero vesting. Read more about our remuneration policy and outcomes in the Remuneration Report 2025, to be found on our corporate website. Capital allocation priorities When allocating Vestas’s capital, we apply the following principles while ensuring that Vestas remains resilient to economic fluctua- tions, respecting the volatile cycles of our industry : • 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. Read more about Vestas’ Capital structure strategy on page 22. Return on Capital Employed (ROCE) Percent Earnings per share, diluted (EPS) EUR Drivers to achieve 10 percent EBIT margin The main drivers to achieve our 10 percent EBIT margin ambition: • Offshore: Ramp-up, cost-out and extend competitiveness as we add volume to the platform. • Quality: Drive operational performance, lower warranty costs and reduce the cost of poor quality through closer collaboration throughout the full value chain. • Service: Deliver operational recovery and commercial reset with the long-term ambition to achieve an EBIT margin of 25 percent. • Onshore: Operational leverage, cost-out and retain strong commercial culture. Historical performance results Target performance = index 100  LTI performance index  STI performance index  Target 10 140 135 88 58 134 98 0 00 21 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 557 76 2,076 76 576 576 38 500 0 0 57 500 76 500 771 76 1,229 76 500 Capital structure strategy Debt maturity profile mEUR  Sustainability-linked bonds  EIB green loan  Carve-out from RCF for bonding lines  Undrawn RCF The Vestas Board of Directors and Executive Management regularly evaluate our capital structure. This process involves assessing how we fund our operations and growth to ensure these efforts align with shareholder interests and support our corporate strategy. Financial management Our financial management goal is to ensure that Vestas remains resilient to economic and market fluctuations throughout the business cycle. We aim to meet our long-term financial ambitions, which include a 10 percent EBIT and 20 percent Return on Capital Employed, while delivering value to customers and maximising returns for shareholders. At the end of 2025, our liquidity reserve remained strong at EUR 6,080m. This is the result of a solid cash position and an undrawn, committed revolving credit facility. In addition, Vestas has undrawn, uncommitted money market facilities. Moody’s Ratings currently rates our investment grade as Baa2 with a stable outlook. Capital structure targets As a key player in a market where projects, customers, and wind energy investors are increasing in size, we want to ensure we are a strong financial counterpart. We aim to maintain sufficient capital resources to provide financial flexibility and stability, enabling us to operate efficiently and achieve our strategic goals. We are commit- ted to maintaining a solid investment grade profile, targeting NIBD/ EBITDA between -1x and 1x through the cycle. Shareholder cash returns in 2025 During 2025, Vestas returned EUR 324m to shareholders through a dividend of EUR 74m, equivalent to EUR 0.07 (DKK 0.55) per share, and two share buyback programmes executed in the first and fourth quarter of 2025. A total of 14.3m shares were repurchased as part of these two programmes to adjust the capital structure. In May 2025, Vestas also conducted a share buyback to cover issues of shares under Vestas’ incentive programmes. An overview of treasury shares can be found in the Financial Statements, page 167. In 2025, the company’s share capital remained unchanged. The capital and share structure serve the interests of our shareholders and provide the strategic flexibility to pursue our business strategy. Total payout for 2025 and proposed dividend The revised intension of the Board is to return at least 40 percent of the company’s annual net result after tax to shareholders through a combination of dividend and share buybacks. For the financial year 2025, the Board recommends a total payout of EUR 400m, equivalent to 51 percent of the annual net result after tax (2024: 35 percent). Of this, EUR 100m is proposed as a dividend, equivalent to EUR 0.10 (DKK 0.74) per share, to be paid in April 2026, and a new EUR 150m share buyback to begin February 6, 2026 and be completed no later than May 5, 2026, in addition to the share buyback of EUR 150m already conducted in the fourth quarter of 2025. 22 Strategy and equity story Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements → Business model → Group financial performance → Power solutions → Service → Customer partnerships → Our global footprint → Fourth quarter results 23Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Performance for the year Business model Our vision is to become the Global Leader in Sustainable Energy Solutions. By leading across our four business areas, Onshore, Offshore, Service, and Development, we aim to lead the energy transition forward, and continuously strive to be the best at what we do. Onshore Vestas has been the market leader in onshore wind for more than 40 years. Based on our own onshore wind turbine product design and devel op ment, we offer customers wind power solutions, and we take care of everything from siting, manufacturing, construction, and installation to final commissioning in cooperation with our partners. Offshore Vestas is becoming a leading player in offshore wind with almost 30 years of experience. Based on our own offshore wind turbine product design and development, we offer customers wind power solutions, and we take care of all stages from siting through final commissioning. Service Vestas is the global market leader in Service within wind power with around 16,000 employees across 65 countries. Our people service 161 GW for our customers on long-term subscription- based contracts, making their assets operate more effectively. Development Development helps our customers grow their business, which in turn generates order intake for Vestas. 118 employees across 15 countries secure land rights and permits, design sites, ensure grid connection, and secure project offtake agreements to create quality projects for our partners’ investments. Power solutions Service 24 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 2021 2022 2023 2024 2025 18,822 5.7 15,587 2.8 14,486 (8.0) 15,382 1.5 17, 295 4.3 Group financial performance Result for the year Revenue Revenue in 2025 amounted to EUR 18,822m, an increase of 8.8 percent compared to 2024 (2024: EUR 17,295m). This increase was primarily driven by growth in Power Solutions from increased MW delivered. Service revenue increased by 2.0 percent, primarily as a result of adjustments to planned costs of a larger portfolio of contracts in the second quarter of 2024, partially offset by lower transactional sales and reduced contract activity following the ongoing Service recovery plan in 2025. Revenue in 2025 reflected a negative impact of EUR 554m from foreign exchange rates compared to 2024 and ended in the lower end of the guided range between EUR 18.5bn and 19.5bn. Gross profit Gross profit in 2025 amounted to EUR 2,497m, equivalent to a gross margin of 13.3 percent (2024: EUR 2,057m), a 1.4 percentage point increase compared to 2024. The increase was attributable to improved profitability in the Power Solutions segment from strong execution of Onshore projects, partly offset by Offshore manufac- turing ramp-up costs and the above-mentioned adjustments in the Service segment in 2024. Warranty costs Warranty costs in 2025 amounted to EUR 600m, equivalent to a net warranty ratio of 3.2 percent of revenue in the year (2024: EUR 737m). The ratio decreased by 1.1 percentage points compared to 2024, continuing the trend for the third consecutive year. Research and development, distribution, and administration costs In 2025, total research and development, distribution and administra- tion costs amounted to EUR 1,430m (2024: EUR 1,318m), equivalent to 7.6 percent of revenue (2024: 7.6 percent). Research and development costs recognised in the income statement amounted to EUR 424m (2024: EUR 380m). The increase reflected higher amortisation of development projects, primarily related to the V236 -15.0 MW ™ platform. Distribution costs amounted to EUR 545m and is on par with the previous year (2024: EUR 535m). Administration costs amounted to EUR 461m (2024: EUR 403m), driven by higher IT and employee related costs. Depreciation, amortisation, and impairment Depreciation, amortisation, and impairment amounted to EUR 1,038m in 2025 (2024: EUR 864m). This increase was primarily attributable to high investment levels in the V236-15.0 MW™ platform and production launch in 2025. Operating profit (EBIT) before and after special items EBIT before special items amounted to EUR 1,067m in 2025 (2024: EUR 741m), equivalent to an EBIT margin before special items of 5.7 percent. The operating profit is in the upper end of the narrowed guided range between 5 and 6 percent. EBIT margin increased 1.4 percentage points compared to 2024, primarily driven by improved profitability from the strong execution of Onshore projects in the Power Solutions segment, partly offset by Offshore manufacturing ramp-up costs, as well as improved EBIT margin in the Service segment as a result of the above-mentioned adjustments to Service contracts in 2024, partially offset by the lower Service activity. Special items amounted to loss of EUR 52m in 2025 (2024: income of EUR 53m). The costs are primarily related to the Operating Model Reset programme initiated in the autumn of 2025 with the overall objective to improve Vestas’ competitiveness through increased customer focus, simplification, right-sizing and strengthening the culture. The costs are mainly comprised of severance provisions of EUR 35m, and impairment of intangible and tangible assets amount- ing to EUR 24m. EBIT after special items amounted to EUR 1,015m Geographical distribution of revenue mEUR 2025 2024 EMEA 9,923 8,053 Americas 6,828 6,704 Asia Pacific 2,071 2,538 Total 18,822 17,295 Revenue and EBIT margin before special items mEUR and percent  Revenue    EBIT margin before special items * Comparative figures for 2021 have been adjusted following the accounting policy change for configuration and customisation cost in cloud computing arrangements. (2024: EUR 794m), equivalent to an EBIT margin after special items of 5.4 percent. Net financial items Financial items amounted to a net income of EUR 17m in 2025 (2024: loss of EUR 86m), primarily driven by strengthen net cash positions, interests on prepayments related to ongoing and closed tax cases as well as lower losses from developments in foreign exchange rates. 25 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 2021 2022 2023 2024 2025 830 155 (1,134) (51) 1,095 Income tax Income tax amounted to EUR 259m in 2025 (2024: EUR 211m), equivalent to an effective tax rate of 25 percent (2024: effective tax rate of 30 percent). The lower tax rate is primarily driven by a higher level of taxable income in Denmark. Net profit for the year Net profit for the year amounted to EUR 780m in 2025 (2024: profit of EUR 494m), corresponding to 4.1 percentage of revenue in 2025, which was a 1.2 percentage points increase compared to 2024. Net profit reflected improved operating profit and financial income. EPS and ROCE Earnings per share (EPS) amounted to positive EUR 0.8 in 2025 (2024: EUR 0.5) and return on capital employed (ROCE) was 11.8 percent in 2025 (2024: 8.0 percent). The higher ratios were primarily driven by improved earnings during the year. Working capital and free cash flow Net working capital Net working capital amounted to a net liability of EUR 3,127m in 2025 (2024: a net liability of EUR 2,297m). This development is primarily attributable to an increased focus on working capital management resulting in improvements to days payable outstand- ing, inventory turnover and increasing prepayment coverage from down payments and milestone payments. Cash flow from operating activities Cash flow from operating activities amounted to EUR 2,286m in 2025 and on par with 2024. While operating profit before deprecia- tions positively impacted the operating cash flow, it was offset by higher warranty consumption related to repairs at some legacy Offshore sites. Total net investments 1 Total net investments amounted to a net outflow of 1,251 in 2025 (2024: EUR 1,142m). The investment level increased due to ramp up activity related to the V236 -15.0 MW™ platform, including production equipment, tools and transport equipment. Adjusted free cash flow mEUR Adjusted free cash flow mEUR 2025 2024 Cash flow from operating activities 2,286 2,332 Cash flow from investing activities (1,164) (1,341) Free cash flow 1,122 991 Net acquisitions in businesses/activities 4 (2) Payment of lease liabilities (218) (177) Special items 13 73 Net investments in financial assets (91) 210 Adjusted free cash flow 830 1,095 * Includes net investments in joint ventures and associates, outside core business. Adjusted free cash flow Adjusted free cash flow amounted to positive EUR 830m in 2025 (2024: EUR 1,095m). The lower free cash flow was primarily driven by the above-mentioned higher investment level and increasing lease financing. Capital structure and financing items Equity and solvency ratio As at 31 December 2025, our total equity amounted to EUR 3,881m (31 December 2024: EUR 3,542m) and the solvency ratio increased 0.7 percentage points to 15.1 percent. The improved solvency was primarily attributable to higher earnings, partially offset by reduced equity from development in foreign exchange rates, share buybacks, and dividend paid out in the first half of 2025. Net interest-bearing position The ratio of net interest-bearing debt/EBITDA was negative 0.6 as at December 2025 compared to negative 0.5 at the end of 2024. The development was driven by both improved operating profit and positive cash flow. This ratio reflects EBITDA before special items of EUR 2,105m (2024: EUR 1,605m) and a net interest-bearing position of EUR 1,174m as at 31 December 2025, compared to EUR 809m as at 31 December 2024. Distribution to shareholders The results achieved in 2025 has led the Board to recommend a total payout of EUR 400m, equivalent to 51 percent of the annual net result after tax. Of this, EUR 100m is proposed as a dividend, equivalent to EUR 0.10 (DKK 0.74) per share, to be paid in April 2026, a new EUR 150m share buyback to begin February 6, 2026 and be completed no later than May 5, 2026 in addition to the share buyback of EUR 150m already conducted in the fourth quarter of 2025. 1 Net investments in intangible assets and property, plant and equipment less government grant 26Vestas Annual Report 2025 Performance for the year Our business Sustainability statement Financial statements Auditor and management statements 1,352 11,548 1,977 12,560 2,007 14,587 888 12,440 1,015 11,670 2021 2022 2023 2024 2025 Financial performance in 2025 Result for the year In 2025, revenue from the Power Solutions segment amounted to EUR 15,052m (2024: EUR 13,598m), which corresponds to a 10.7 percent increase compared to 2024. This increase was primarily driven by a higher volume of MW delivered. The development in 2025 revenue reflected a negative impact of EUR 454m from foreign exchange rates compared to 2024. EBIT before special items amounted to EUR 817m in 2025, equal to an EBIT margin of 5.4 percent (2024: EUR 666m; 4.9 percent). The improved EBIT margin was driven by strong Onshore project execution and lower warranty costs, while the Offshore profitability reflected significant ramp-up costs and higher amortisations/ depreciations. Wind turbine order intake During the year, wind turbine order intake amounted to 16,292 MW, with a corresponding value of EUR 17.4bn (2024: 16,844 MW; EUR 19.2bn). This represents a decrease of 3.3 percent in MW order intake compared to previous year. The decrease was driven by lower Offshore order intake in EMEA and Americas, partially offset by growth in Onshore order intake in EMEA and Americas, from especially Germany, Ukraine and Brazil. The average selling price (ASP) per MW was EUR 1.07m, compared to EUR 1.14m in 2024. The change in the average selling price was driven by change in geographic mix, project scope as well as fewer Offshore orders in 2025.  Onshore    Offshore Power solutions 1,761 11,837 4.9 2,426 12,626 5.4 2,337 10,766 1.4 933 10,398 (13.3) 1,134 10,680 1.2 2021 2022 2023 2024 2025  Onshore    Offshore    EBIT margin before special items Revenue and EBIT margin before special items mEUR and percent Deliveries MW Wind turbine deliveries Deliveries to customers amounted to 14,537 MW in 2025 (2024: 12,900 MW), which corresponds to a 12.7 percent increase compared to 2024, primarily driven by higher deliveries in EMEA and Americas. Offshore deliveries increased to 1,977 MW in 2025 from 1,352 MW in 2024, primarily driven by EMEA. In mid-December 2025, Vestas became the first Company to install 200 GW of wind turbines, globally, and by the end of 2025, Vestas had installed a total capacity of 201 GW in 88 countries. Wind turbine order backlog As at 31 December 2025, our wind turbine order backlog amounted to 31,026 MW, which corresponds to a value of EUR 33.2bn (31 December 2024: 29,241 MW/EUR 31.6bn), of which EUR 10.1bn relates to Offshore projects. * Comparative figures for 2021 have been adjusted following the accounting policy change for configuration and customisation cost in cloud computing arrangements. 201 GW At the end of 2025, we reached 201 GW in wind power installations globally. 27 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Overview of deliveries MW 2025 2024 Germany 2,067 1,735 Poland 992 245 Spain 527 288 France 474 738 Italy 452 573 Ukraine 400 - Sweden 351 162 United Kingdom 346 334 South Africa 312 349 Lithuania 290 22 Romania 269 17 Austria 221 123 Netherlands 171 30 Türkiye 156 56 Greece 140 117 Belgium 78 99 Portugal 41 16 Finland 28 698 Czech Republic 7 15 Switzerland 7 - Martinique 6 - Cyprus 5 9 Ireland 3 178 Denmark 2 70 Estonia - 27 Croatia - 21 Curaçao - 23 EMEA 7,345 5,945 – of which offshore 1,691 685 MW 2025 2024 USA 3,773 2,296 Brazil 1,282 1,880 Canada 340 480 Mexico 260 - Argentina 106 525 Dominican Rep. 41 - Chile 39 45 Costa Rica 34 - Americas 5,875 5,226 – of which offshore 22 13 Australia 725 806 Japan 234 287 South Korea 166 19 Taiwan 157 523 China 32 67 India 3 27 Asia Pacific 1,317 1,729 – of which offshore 264 654 Total 14,537 12,900 – of which offshore 1,977 1,352 28 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 1 Source: Bundesverband WindEnergie: 'Ausschreibungsvolumen im jahr 2025 deutlich überzeichnet'. January 2026. Onshore Performance in 2025 Changing market conditions In 2025, the environment for onshore wind solutions saw improve- ments in most of our core markets. In Europe, the need for independent power generation has arguably never been greater, as electricity prices linger above pre -Covid levels and energy security remains a key concern. Encouragingly, permit- ting processes are improving in several European countries. As an example, the German market had 14.4 GW of onshore wind awarded through their auction systems in 2025. 1 However, there is still work to be done, and some European auctions still fail or remain undersubscribed. In the USA, there is customer interest in building affordable, readily deployable, and sustainable power generation. With an onshore order backlog in the USA of 6.8 GW (2024: 7.5 GW), and our local manufacturing footprint centered in Colorado, Vestas is strongly positioned to benefit from the buildout in this market in the coming years. In 2025, the US market for onshore wind was characterised by changes to legislation and tariffs, with developers still awaiting clarity on certain policy issues. Nevertheless, there remain strong fundamental drivers of wind power deployment in the USA, in particular the fast-growing electricity demand linked to the rise of AI and the buildout of data centres, which should ultimately help shape consumer behaviour and influence decision-makers. Onshore order backlog at end 2025 23 GW Onshore order intake of 13.7 GW In 2025, we maintained our market leadership with an Onshore order intake of 13.7 GW. Our top three onshore markets during the year were Germany, the USA, and Brazil. Germany soared to 4.1 GW of firm and unconditional orders compared to 2.2 GW the previous year, driven by improved permitting and record high auction awards. In the USA, we saw a continued good level of order intake of 3.0 GW, compared to 3.2 GW in 2024. In Brazil, we recorded 0.8 GW of order intake compared to zero in 2024. Strong project execution During 2025, Vestas remained focused on restoring profitability by keeping a disciplined commercial culture and demonstrating some of the best project execution we have seen in the last decade. 2025 marked the first year with no ‘legacy projects’ in the backlog. We managed to increase deliveries in the USA substantially, as our facilities have been ramping up production to deliver on our customer promises, and are thus starting to see the benefits of the last years of investments in capacity. ← Tower installation at Serra do Tigre, a landmark project in Brazil with our partner Casa dos Ventos. 29 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Onshore strategy Accelerate our momentum from a leading position in Onshore Onshore wind energy forms the backbone of tomorrow’s sustainable energy system. Due to its highly competitive cost and independence, onshore wind offers energy affordability, security and sustainability, which are key to building sustainable and prosperous societies. With 189 GW of installed onshore capacity, Vestas continues to lead the industry with a focus on sustained, profitable growth. This growth is achieved through timely, customer-centric technology and a strong commercial culture, which enable us to capture the true value of our onshore wind energy solutions. Attractive market outlook towards 2030 Onshore wind’s position in the future energy system continues to strengthen in outlook with our adressable onshore market expected to reach 65 GW by 2030, according to Wood Mackenzie. 1 These projections are linked to new policy frameworks in the EU, the USA, and Australia, and increased electricity demand driven by economic growth, rising living standards, and advancement in AI technology and data centre buildout. The improved renewable auction designs in Germany, the UK, and other markets, are also designed to accelerate the energy transition and create sustainable jobs within the sector. Permitting, grid and storage critical for expansion In the short term, while progress is being made, the continued expansion of onshore wind requires grid infrastructure to be improved and permitting to be simpler, faster, and more predictable. Larger and more efficient storage and balancing solutions are also required. In recent years, the cost and technology development of battery storage has developed rapidly. Driving commercial momentum and improving competitiveness 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 continously deliver valueable growth. We continue to enhance the competitiveness of our EnVentus platform through targeted cost-out initiatives and performance improvements, leveraging all available commercial and technical levers to select and secure deals that create value for our customers and for Vestas. We strive to be the best at what we do and will constantly work towards improvements in LCoE to the benefit of our customers, the consumers, and, in the end, the societies in the energy transition. Our largest Onshore turbines, the EnVentus V172-7.2 MW, boasts a swept area of 23,000 square metres. 1 Source: Wood Mackenzie: Global wind power market outlook update: Q4 2025. November 2025 A V172-7.2 MW EnVentus turbine at the Meppen wind park in Germany, part of a 65 MW repowering order received from ENOVA Power GmbH. ↓ 30 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Performance in 2025 Focus on cost control and delivery The offshore wind value chain has faced rising supply chain and financing costs in past years, and recent turbulence has been shaped even more by political and geopolitical factors. Despite industry headwinds, we have focused on managing our cost and delivering on our commitments. We have taken considerable steps to unlock efficiencies in our production and delivery of the V236- 15.0 MW™ turbine, looking to meet our customers’ needs in a financially sustainable way. Our progress at the He Dreiht and Baltic Power sites is a testament to Vestas’ ability to learn and adapt to internal and external challenges. Positive signs from the first commercial V236 installations Following years of meticulous testing and verification, the V236- 15.0 MW™ platform proved its industrial readiness in 2025. As the first turbines at He Dreiht and Baltic Power started spinning, we started seeing commercial-scale signs of the V236 performance potential, despite the inherent challenges associated with new product introductions. Over the course of the year, 52 V236-15.0 MW™ turbines have been installed. While we start installing turbines at new projects in 2026, we aim to continue improving the opera- tional performance of our platform and the efficiency of our global supply chain. Climbing the learning curve In 2025, we started production of the first V236-15.0 MW™ nacelles in our Szczecin (Poland) factory. Nacelle assembly now operates in Lindø (Denmark) and Szczecin, with blades production in Nakskov (Denmark) and Taranto (Italy). Our learning curve across the factories has proven to be steeper than planned, and despite a dedicated focus on mitigation across the entire value chain, it has led to bottlenecks and delays. During the year, we have, however, reduced takt times significantly. We are thus on good track to deliver our offshore portfolio, after major efforts across the organisation and value chain. Offshore Select signals of market recalibration Political and commercial realities are now starting to align, showing early but clear signals of a necessary market recalibration. Advocacy for improved auction designs, such as rewarding mature technology and moving away from uncapped negative bidding, is yielding positive results. After a failed auction (AR5), the UK successfully reformed its tender by increasing the Administrative Strike Price by more than 60 percent for the next round (AR6), securing nearly 5 GW of new capacity. 1 AR7 then reinforced this trajectory, awarding 8.4 GW of offshore wind, a clear indication that calibrated policy shifts can restore momentum in the sector. 2 In Germany, a recent 2.5 GW offshore tender received no bids due to an auction design that was too risky for developers, leading the industry to call for a Contracts for Difference (CfD) model. Similarly, Denmark’s failed tender from late 2024, which used an ‘uncapped negative bidding’ model, prompted the government to introduce a new framework with a state subsidy scheme to make projects more financially attractive. 3 Although governments are increasingly recognising the need for reform, the industry remains far from achieving optimal conditions. Halted progress at projects such as Ørsted’s Hornsea 4, and Mitsubishi’s farms off the coast of Japan, underline the need for authorities to take action to ensure a financially sustainable energy transition. Across these developments, the industry is not only calling for reform but also speaking boldly about the strength of offshore wind technology, the critical role it must play in the energy transition, and the vast potential still waiting to be realised. Unlocking this potential will require policymakers to match industry ambition with stable, long-term frameworks that enable sustainable growth. Nevertheless, Vestas secured Offshore order intake of 2.6 GW in 2025, and with a total backlog of EUR 10.1bn, Vestas is well positioned to become a global leader in offshore wind. 1 Source: Gov.UK: Allocation Round 6: results. September 2024. 2 Source: Gov.UK: 'Contracts for Difference (CfD) Allocation Round 7: results. January 2026. 3 Source: Energistyrelsen. November 2025. ↑ Blade installation at the 960 MW He Dreiht project. In November 2025, the first V236-15.0 MW ™ was commissioned at sea. This milestone was reached at He Dreiht with our partner EnBW. When fully operational this offshore wind farm will power more than one million European households. 31 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Offshore strategy Holding steady in turbulent waters For years, offshore wind has been poised to become one of the key drivers of the energy transition with Vestas playing a significant role in reaching this global ambition. While the destination is clear, the pathway forward remains obstructed by political and commercial hurdles. The need for European-produced offshore turbines has never been more evident, in a world where the focus on energy independence and security has greatly escalated. 2025 was also a year of recalibration, with offshore tenders being cancelled or postponed in markets such as Germany, Norway, the Netherlands, and Denmark, sending clear signals to policy makers regarding the need for reform. Growth to come from Europe and APAC Despite macro challenges, the offshore wind market outside of China is expected to reach 11 GW of annual installations by 2030, according to Wood Mackenzie. 1 The UK, Germany, the Netherlands, and Poland will be pivotal in achieving this growth, with markets such as Taiwan, Korea, and Japan in Asia Pacific remaining strongly committed to offshore wind. In the USA, shifts in policy and government priorities have significantly slowed down the adoption of offshore wind in the US energy mix, and further progress will likely depend on future administrations. Mindset shift towards better, not bigger turbines In a market that has long been defined by a race for the largest turbine, Vestas is strategically pivoting to a focus on the most efficient and reliable solution. Our approach is to provide the highest quality and most cost-effective solution for our customers, through continuous improvement and R&D investment into the V236-15.0 MW™. Its proven technology and operational performance provide our customers with a predictable business case and stable energy output, which are increasingly valued over the unproven economics of ever-larger prototypes. This mindset shift is central to our mission of leading the industry toward a financially sustainable and predictable future. Building for long-term value Despite slower-than-planned ramp-up and learning curve matura- tion across our value chain, we are now in a good position to execute the coming pipeline projects. We have also gained invaluable learnings from recent project installations, commissioning, and operations. 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. Belgium PEZ 1 ~1 GW France AO10 ~4 GW Ireland ORESS 2.2 ~1.5 GW Denmark Hesselø & Nordsøen ~3 GW Germany N-10, N -12, N -13 ~6 GW UK AR 8 n.a. Netherlands Nederwiek IB ~1 GW Selected upcoming Offshore wind power auction results Offshore order backlog at end 2025 8 GW * Source: 4C Offshore Market Intelligence, October 2025; Aegir Insights, October 2025. Note that timeline and GW are indicative estimates and subject to change. 1 Source: Wood Mackenzie: Global wind power market outlook update: Q4 2025. November 2025. H1 2027H1 2026 32 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Performance Critical milestones reached In 2025, the development business contributed with an EBIT of EUR 11m (2024: EUR 50m). The operating profit reflects project exits in 2025 and earn-outs received after reaching critical milestones in projects exited in previous years. Development pipeline At the end of the year, our Development pipeline remained stable 28.2 GW compared to 28.2 GW at the end of 2024. We originated 3.7 GW of early-stage projects, mainly in Australia, Vietnam, Italy, and Spain. However, our continued focus on pipeline quality led to the closure of other early-stage projects, primarily in Spain (284 MW), and Greece (81 MW). The vast majority of our pipeline is located in our core markets of Australia, the USA, and Brazil. 102 MW of firm wind turbine orders generated During 2025, Vestas Development generated a total of 102 MW of wind turbine order intake from development projects. This includes an order for 102 MW in Argentina. Internal collaboration to ensure project quality We also continued to collaborate internally and utilise Vestas knowhow on in house projects. Leveraging our capabilities in this way not only ensures end-to-end quality, but also enables us to capture more of the value added from de risking projects during development. Exploring next generation project opportunities Opportunities to support our customers in the development space remain significant. In line with our strategic ambitions to maximise value, in 2025 we increasingly concentrated our efforts in core markets, adding value by de risking projects while deploying rigorous quality controls. 28 GW Development pipeline. Development Development strategy Quality projects to accelerate the energy transition The availability of high-quality renewable energy projects is vital to the global energy transition. By engaging in project development, we help facilitate this transition, and expand the addressable market for our wind energy solutions while helping our global partners to grow their businesses. Outlook remains positive despite challenges With our robust project pipeline, plus the need for affordable, secure and sustainable energy, the outlook for our Development business remains positive. Of course, there are potential challenges ahead, such as continued high interest rates and issues with permitting and grid availability; but in partnership with customers, we are well positioned to overcome these hurdles as we move forward. Continued focus on project quality During 2025 our strategic priorities remained unchanged. To grow our Development business profitably, we will focus on achieving project quality and maturing our pipeline in core markets, building on our industry expertise, intelligence, and experience. We will continue to originate new projects in promising markets to maintain and grow the long-term value of our pipeline. In addition to our own Development business, Vestas has a 25 percent ownership in Copenhagen Infrastructure Partners (CIP). This mutual collaboration provides access to potential partnerships on a project -by- project basis. 33 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 3,770 16.6 2,484 23.2 27. 8 3.6 24.2 30.4 3.8 26.6 34.1 4.8 29.3 36.8 5.7 31.1 38.7 5.7 33.0 3,155 21.4 3,568 21.0 3,697 12.1 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Performance in 2025 Result for the year In 2025, our Service segment generated revenue of EUR 3,770m (2024: EUR 3,697m), which corresponds to a 2.0 percent increase compared to 2024. The increased revenue compared to last year was primarily a result of adjustments to planned costs of a larger portfolio of service contract in the second quarter of 2024. Disregarding this impact, revenue decreased by approximately 6.0 percent from lower contract activity (negative EUR 95m) and lower transactional sales (negative EUR 144m). The Service recovery plan is progressing and is expected to run until the end of 2026. Exchange rates had a EUR 100m negative effect on revenue. EBIT before special items amounted to EUR 626m in 2025, corresponding to an EBIT margin of 16.6 percent (2024: EUR 448m; 12.1 percent). The higher margin compared to last year was primarily driven by the above-mentioned adjustments in 2024, partially offset by the lower activity level. Service order backlog As at 31 December 2025, Vestas had service contracts in the order backlog with expected contractual future revenue of EUR 38.7bn, an increase of EUR 1.9bn compared to previous year (31 December 2024: EUR 36.8bn). The service backlog increased by EUR 1.2bn from indexation mechanisms in contracts and decreased by EUR 1.9bn due to foreign exchange rate developments. At the end of the year, the average duration of the service order backlog was 11 years, unchanged from 2024. Service recovery plan At the end of 2024, Vestas launched a recovery plan for our Service business, entailing a revised operating model and a list of specific initiatives to deliver commercial and operational improvements, with  Revenue    EBIT margin before special items  Onshore    Offshore * Comparative figures for 2021 have been adjusted following the accounting policy change for configuration and customisation cost in cloud computing arrangements. Service Revenue and EBIT margin mEUR and percentage Service order backlog bnEUR and percentage the ultimate goal of anchoring the ownership of performance on site, and throughout the whole value chain to drive down costs and restore profitability. During the year, we have achieved commercial improvements in contract terms and conditions, and operational improvements in direct costs to service, as well as a lower Lost Production Factor in most markets, but we are not yet where we want to be, and the work continues in 2026. A part of the Service recovery plan entails exiting or renegotiating Multibrand Service contracts, as the portfolio is too diverse to scale efficiently and does not create value for shareholders. This allows us to focus fully on our own technology and strenghten the profitability in the core Service business. Driving value for our customers In line with our strategic priorities for Service, we remain focused on maximising value creation with our customers. During 2025, we continued to strengthen operational performance in our core business areas by identifying efficiency levers and enhancing our leadership mandate and accountability. This included the roll-out of a frontline leadership programme, piloted in 2024, to around 300 people in Service to strengthen the safety, quality, people, and cost leadership culture across the organisation. Around the world, customers continue to value Vestas’ service offerings, as evidenced by our growing Service order backlog. Our annual Customer Loyalty Survey saw sustained high levels of customer satisfaction and a Customer Net Promoter Score for Service of 44. Several customers commend Vestas' Service teams for their professionalism, strong technical competence and quick responsiveness, consistently noting their high standards in safety and quality as well as their clear and transparent communication. 34 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements * LPF measures potential energy production not captured by Vestas' wind turbines. Measured as Last Twelve Months (LTM). Service strategy Servicing the green energy transition Vestas is the global leader in wind energy service solutions, with the largest service base across the industry. Growing and developing our Service business will strengthen the stability of wind energy generation and accelerate the deployment of wind power across the global energy system. The Service business continues to contribute significantly to our success, supporting Vestas’ profitability and efforts to drive industry maturity. Service growth linked to installations The continued expansion and scalability of our Service business is paramount to realising our full potential in this area. Our Service business growth also remains closely linked to annual capacity additions, as well as the higher value of offshore service solutions. Transforming Service for the future 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. This includes driving operational excellence and cost-outs, renegotiating contracts with customers, reducing LPF and improving cash flow. The Service recovery plan introduces advanced digital tools and processes that improve efficiency, reduce costs and enhance reliability across our global network. This includes initiatives to support regional performance, such as intelligent work order scheduling, standardised cost control, advanced troubleshooting, predictive maintenance. Furthermore, the development of Virtual Technician – an AI-driven platform that combines augmented reality with a guided way of working – will support global scalability and improve operational excellence across all Service teams. Delivering on the recovery plan will allow us to reap the full benefit of our unparalelled backlog. Global scale leadership At the end of 2025, we reached 161 GW under service compared to 155 GW at the end of 2024, solidifying our position as the largest Service business in the industry. Our active Service contracts span more than 56,000 wind turbines across 72 countries. Service is a network business, which means scale matters for both operational efficiency and profitability. Our size continues to be a key differentiator, and following our efforts in the commercial reset with customers as well as contract trimming, it was encouraging to see further growth in GW under Service in 2025. Improvement in underlying Lost Production Factor Quality is fundamental to value creation, ensuring that our custom- ers' turbines operate as expected and that we consistently meet our availability guarantees. In 2025, our underlying Lost Production Factor continued to improve, reflecting our heightened focus on quality within the organisation. While a recent increase occurred due to planned downtime at a few specific sites, the overall trend demonstrates our commitment to maximising energy output and delivering on customer expectations. Lost production factor (LPF) Percent 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 1 3 4 ↑ Thezy Wind Farm, France. Vestas Service technicians ensure reliable electricity generation at more than 8 GW of wind power assets in France. 35 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Climate Social Energy transition Circularity Sustainability performance Progress on Sustainability ambitions and targets See the list of key activities that will drive the change towards 2030 on page 60. Expected GHG emissions avoided million t Co 2 e. Reduce Scope 1 & 2 GHG emissions by 50% by 2030 without using carbon offsets, from a 2022 baseline. Reduce Scope 3 GHG emis- sions per MWh generated by 45% by 2030, from a 2022 baseline. Reduce injury rate (TRIR) to < 1.0 by 2030. Increase the share of women in leadership positions to 30% by 2030. Conduct Social Due Diligence on 100% of all projects in scope. Uphold responsible business conduct. 2025: Strengthened anti-cor- ruption and bribery awareness through Compliance Week initiatives. Campaign for a sustainable scale-up of renewable energy. 2025: Engaged in policy dialogues on how wind energy contributes to energy security and competitiveness. Support Vestas’ partners on their journey to become more sustainable and resilient. 2025: Enhanced cyber risk management strategy and governance. Increase recyclability of hub and blade to 100% by 2030. Increase rate of refurbished component utilisation to 55% by 2030. Improve recycling of waste from own operations by 94% by 2030. 2025 2025 2025 2025 2025 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024 2024 2024 2024 455 88% 2.7 * ↑5% 34.5% 25% ↓22 % 68% 83% 463 94% 2.7 ↑9% 32.1% 25% ↓10 % 69% 20% * 2024 TRIR has been restated to align with the new method of calculating working hours. Over the past year, we have made progress on our sustainability goals, yet we recognise the need for continued improvement. Climate Turbines produced and shipped during 2025 are expected to avoid 463 million tonnes of CO 2 e over their lifetime. Scope 1 and 2 GHG emissions increased by 4 percent, driven primarily by higher activity in Offshore operations. Emissions from onshore construction and service decreased by 3 percent. Despite increased Scope 1 and 2 emissions, we continued to decouple emissions from growth, delivering 12.7 percent more GW to the market and adding 6 GW under service compared with 2024. Scope 3 emissions intensity was 6.39 kg CO 2 e/MWh generated, a 16 percent increase from 2024, largely driven by normalised blade-production levels following lower activity in 2024. Despite the increase, we are on track with our Scope 3 reduction trajectory, achieving a 10 percent reduction in emissions intensity since 2022. Circularity In 2025, we improved waste recycling through enhanced material handling and process optimisation, reaching a recycling rate of 69 percent. We also progressed our blade recycling project. A test bed for processing larger composite material samples was constructed over summer 2025 at Stena Recycling’s recycling centre in Sweden. Safety In 2025, our Total Recordable Injury Rate was 2.7, stable compared to the restated 2024 rate. We introduced a focused safety roadmap that incorporates targeted interventions to address high-risk activities, frontline leadership training, and improved digital tools. 36 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Customer partnerships CIP: Enduring partnership standing a test of complexities Vestas values its enduring partnership with Copenhagen Infrastructure Partners (CIP), which has been pivotal in navigating complex challenges across the APAC region. From the Lotus Creek EPC development to Taiwan’s offshore projects, our collaboration has been tested and strengthened. Over the past 24 months, Taiwan’s nascent offshore wind industry presented unique hurdles, first in achieving project completion and later during the early operational phases. By working together, we identified and implemented solutions that delivered tangible value for both parties. This strong foundation positions us to address future complexities with resilience and to pursue shared opportuni- ties in an increasingly dynamic global environment. ↑ DTEK CEO Maxim Timchenko and Vestas CEO Henrik Andersen at the Vestas Leadership Forum, Madrid 2025. ← From the official signing of the Fengmiao I order at the CIP office in Taiwan. The Fengmiao I offshore project, utilising Vestas’ flagship offshore turbine, the V236-15.0 MW™ , is expected to be completed by the end of 2027. Photo credit: Fengmiao Offshore Wind Farm. Vestas continues to focus on strategic customer partnerships. The nature and political uncertainty of our power solutions mean that long-term partnerships with trusted customers are essential. DTEK: Supporting energy resilience and security in Ukraine In January 2025, we extended our partnership with DTEK, Ukraine’s largest private energy company, with a 384 MW order for the second phase of the Tyligulska project in the south of the country. This order adds to the existing 114 MW in Tyligulska, which we successfully commissioned in the spring of 2023, making this the largest wind energy project in Ukraine. Reflecting on the development, DTEK CEO Maxim Timchenko said: “Today’s agreement is a big step towards a new energy future for Ukraine. From a system threatened daily by attacks, we are building a resilient and secure energy infrastructure that also helps Ukraine deliver on its climate commitments. Thank you to all our European partners for the role you are playing in strengthening Ukraine’s energy security.” The project is being realised with strong support from authorities in Denmark, Ukraine, and the EU. It is also backed by a financial guarantee from EIFO, Denmark’s state-owned Export and Investment Fund. 37 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements USA     Mexico   Brazil     Argentina China         Denmark     Canada Poland     Czech Republic India        UK   Belgium South Africa Spain   Italy   Turkey   Portugal Germany   Vietnam Korea Cumulative capacity installed per country:   1-999 MW   1,000-4,999 MW   5,000 MW and above   Vestas facility   Vestas partnership   Tower manufacturing   Blade manufacturing   Generator manufacturing   Nacelle and hub assembly   Research and development Our global footprint Asia Pacific Order intake 1,515 MW Wind turbine order backlog 3,462 MW Under service 16 GW Europe, Middle East, and Africa Order intake 9,841 MW Wind turbine order backlog 17,796 M W Under service 79 GW Americas Order intake 4,936 MW Wind turbine order backlog 9,768 MW Under service 65 GW 38 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Fourth quarter results Financial review fourth quarter 2025 Revenue in the fourth quarter of 2025 amounted to EUR 6,270m (Q4 2024: EUR 6,141m), an increase of 2.1 percent. The increased revenue was primarily driven by Offshore projects in Power Solutions. Service revenue decreased by 16.3 percent from both lower contract activity and transactional sales. EBIT before special items amounted to EUR 580m in the fourth quarter of 2025, equivalent to an EBIT margin before special items of 9.3 percent (Q4 2024: EUR 759m; 12.4 percent). EBIT decreased by 3.1 percentage points compared to 2024, primarily driven by Offshore manufacturing ramp-up costs and higher amortisations/ depreciations. This was partially offset by continued improved profitability and strong project execution in Onshore. Lower Service revenue also negatively impacted EBIT compared to the fourth quarter of 2024. Warranty costs amounted to EUR 207m in the quarter correspond- ing to 3.3 percent of revenue, an increase from 2.6 percent in fourth quarter last year. Warranty costs were in line with full year cost levels. Net financial items amounted to a net income of EUR 55m in the fourth quarter of 2025 (Q4 2024: net income of EUR 38m). The net income was primarily driven by interest income from strengthened cash positions and interests on prepayments related to ongoing and closed tax cases. Income tax decreased to EUR 144m in the fourth quarter of 2025 (Q4 2024: EUR 258m), equivalent to an effective tax rate of 25 percent in line with full year 2025 (Q4 2024: Effective tax rate of 30 percent). Net profit amounted to EUR 437m in the fourth quarter of 2025, compared to EUR 598m in the same quarter last year. Cash flow from operating activities of EUR 1,298m in the fourth quarter of 2025 has decreased compared to EUR 2,165m in the same quarter last year. The lower operating cash flow was primarily driven by net working capital as well as higher warranty consumption. Total net investments 1 amounted to a net outflow of EUR 382m, which was on par with the investment level in the fourth quarter of 2024. Adjusted free cash flow amounted to positive EUR 872m in the quarter (2024: EUR 1,792m). The lower free cash flow was primarily driven by the lower cash flow from operating activities. Adjusted free cash flow mEUR Q4 2025 Q4 2024 Cash flow from operating activities 1,298 2,167 Cash flow from investing activities (252) (421) Free cash flow 1,046 1,746 Net acquisitions in businesses/ activities (1) - Payment of lease liabilities (51) (49) Special items 7 71 Investments in financial assets (129) 26 Adjusted free cash flow 872 1,792 * Includes net investments in joint ventures and associates, outside core business. Vestas continued to deliver strong results in the fourth and seasonally largest quarter. Supported by strong Onshore project execution, offset by ramp-up costs in Offshore. Profitability in Power Solutions was down year-on-year, Service contin- ues to progress on the recovery plan with reve- nues and profitability impacted year-on-year. Revenue and EBIT margin mEUR and percentage 5,339 7.8 6,270 9.3 6,141 12.4 3,468 0.4 3,745 1.5  Revenue    EBIT margin before special items Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1 Net investments in intangible assets and property, plant and equipment less government grant 39 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Power Solutions Result for the period Revenue from the Power Solutions segment amounted to EUR 5,268m (2024: EUR 4,944m), which corresponds to a 6.6 percent increase compared to 2024. This increase was primarily driven by a higher volume of MW delivered on Offshore projects while average prices on MW delivered was unchanged. The development in 2025 revenue reflected a negative impact of EUR 157m from foreign exchange rates compared to 2024. EBIT before special items amounted to EUR 529m in the fourth quarter of 2025, equal to an EBIT margin of 10.0 percent (Q4 2024: EUR 639m; 12.9 percent). The EBIT margin was positively impacted by continued increasing profitability from the strong execution of Onshore projects, while Offshore profitability reflected significant ramp-up costs and higher amortisations and depreciations. Wind turbine order intake and deliveries Power Solutions had another strong end to the year with a fourth quarter order intake of 6,542 MW (Q4 2024: 6,516 MW), attributa- ble to a higher Onshore order intake offset by lower Offshore order intake compared to same period last year. The average selling price on new orders was EUR 1.01m/MW in the quarter, down from EUR 1.18m/MW in fourth quarter 2024. The decrease in average selling price is largely driven by order mix with fewer Offshore orders. Deliveries amounted to 4,923 MW in the fourth quarter, up from 4,601 MW in fourth quarter last year, mainly driven by higher Offshore activity. Service Result for the period The Service segment generated revenue of EUR 1,002m in the fourth quarter of 2025 (2024: EUR 1,197m), which corresponds to a 16.3 percent decrease compared to the fourth quarter last year. The decrease was driven by lower contract activity (EUR -112m) and lower transactional sales (EUR -83m). The Service recovery plan is progressing and we are seeing signs of operational improvements. The development in 2025 revenue reflected a negative impact of EUR 39m from foreign exchange rates compared to 2024. EBIT before special items amounted to EUR 144m in the fourth quarter of 2025, corresponding to an EBIT margin of 14.4 percent (Q4 2025: EUR 215m; 18.0 percent). The lower margin compared to last year was primarily driven by the above-mentioned lower activity level and higher costs at a few specific sites impacting the quarter. Wind turbine order intake, fourth quarter 2025 MW EMEA Americas Asia Pacific Total Onshore order intake 2,818 2,066 608 5,492 Offshore order intake 660 - 390 1,050 Total order intake 3,478 2,066 998 6,542 Power Solutions Revenue and EBIT margin mEUR and percentage 1,058 4,210 10.0 730 4,214 12.9 327 2,221 (2.4) 401 2,396 (0.4) 640 3,799 8.1 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Service revenue and EBIT margin mEUR and percentage 900 17.0 1,002 14.4 1,197 18.0 920 18.0 948 17.2  Revenue    EBIT margin before special items Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025  Onshore    Offshore    EBIT margin before special items 40 Performance for the year Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements → Governance model and principles → Shareholders → Management → Risk management Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 41 Corporate governance Shareholders Board of Directors Audit Committee Technology & Manufacturing Committee Nomination & Compensation Committee The Vestas Organisation Executive Management Executive Management Team Governance model and principles Corporate governance at Vestas The way we work – our values Since 2017, our vision has been to become the Global Leader in Sustainable Energy Solutions. This goal commits Vestas to taking a leading role in driving electrification and decarbonisation beyond the power sector. Furthermore, we are committed to achieving high standards of corporate governance to safeguard the interests of our employees, shareholders, and other stakeholders. To achieve these ambitions, it is essential for us to build strong foundations through our Group values: Accountability, Collaboration, Simplicity, and Passion. Governance structure and principles Vestas Wind Systems A/S (the company) is the parent company 1 of the Vestas Group. It is a public limited company with a two-tier management structure. This structure provides a clear, transparent, Vestas’ governance structure and effective separation between the responsibilities of the Board of Directors of the company (the Board) and Executive Management. It also helps to clearly distinguish their responsibilities and tasks in connection with the management of the company’s and the Group's affairs. Vestas recognises the importance of good corporate governance and as such is managed by a disciplined, motivated, and experienced team. To ensure our management’s day-to-day responsibilities are clearly defined and that management has the necessary framework to be able to conduct business in the spirit of Vestas’ values, the Board and the Executive Management Team have drawn up a number of policies and guidelines. Some of these documents are available on our corporate website. Compliance with various reporting requirements The additional reports referenced below can be found on our corporate website at vestas.com/en/investor/reporting/2025. Reporting on transactions with related parties Danish Financial Statements Act – Section 98c Any related party transaction with a value greater than the lowest 10 percent of Vestas’ total assets, and equalling more than 25 percent of Vestas’ operating profit/loss (in 2025, EUR 199m) is published on our corporate website. During the year, there were no such significant transactions. Reporting on data ethics Danish Financial Statements Act – Section 99d We report on data ethics in the Data Ethics Report 2025. Danish Recommendations on Corporate Governance Danish Financial Statements Act – Section 107b In the Corporate Governance Report 2025, we report on the recommen- dations issued by the Danish Committee on Corporate Governance. Reporting on diversity in the parent company Danish Financial Statements Act – Section 107d In compliance with regulation, we report on our diversity approach and policy in the Sustainability Statement of this report, pages 103-104. Reporting on the underrepresented gender in the parent company Danish Financial Statements Act – Section 107f For our statutory reporting regarding gender representation in the company, see the table “Management composition and diversity” on page 44 or go to our corporate website for the full report. Information about diversity and targets in our global organisation is available in the Sustainability Statement of this report, pages 103-104. Reporting on remuneration The Remuneration Policy and Remuneration Report 2025 are available on our corporate website. Danish Companies Act – Sections 139 and 139a The Remuneration Report 2025 provides a full overview of the remune- ration of the Board and the Executive Management of the company. Corporate Sustainability Reporting Directive – GOV-3 We refer to the Remuneration Report 2025 for disclosures on Board remuneration and the incentive programmes, which also applies to all Executive Vice Presidents, including the LTI programme, which incorporates climate-related incentives. 1 The parent company’s financial statements are available on pages 178-187. 42 Corporate governance Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 31/12/2024 31/12/2025 100 50 150 200 Shareholders Vestas share price development in 2025 DKK The Vestas share Stock exchange Nasdaq Copenhagen Stock exchange quotation 1998 ISIN code DK0061539921 Ticker symbol VWS Share capital DKK 201,973,452 Nominal denomination DKK 0.20 Number of shares 1,009,867,260 Share classes One share class Voting rights One share carries 20 votes Free float 100 percent free float Trading lot (minimum) None, one share is tradeable Share price, year-end DKK 173.40 Major shareholder BlackRock, Inc. (Wilmington, DE, USA) * BlackRock, Inc., has informed that its holding was 8.61 percent as at 1 July 2025. Shareholder engagement and governance In 2025, the Annual General Meeting was held on 8 April at our headquarters in Aarhus, Denmark, with approximately 63 percent representation of shareholder capital. The meeting was held as an in-person event, as the Board and Executive Management Team highly value meeting our shareholders face to face, and believe this caters in the best possible way for an open dialogue. Our 230,000+ shareholders exercise their rights at the Annual General Meeting, which is the supreme governing body of Vestas Wind Systems A/S. With a few formal requirements, our share- holders are entitled to submit proposals, vote, and speak at these meetings. Resolutions can generally be passed by a simple majority and no share has any special rights attached to it. However, reso lutions to amend the company’s Articles of Association require two-thirds of the votes cast and capital represented, unless the Danish Companies Act stipulates other adoption requirements. The minutes of the meeting and report of the voting cast from the Annual General Meeting are available on our corporate website. Apart from the Annual General Meeting, the Chair of the Board met with shareholders and other stakeholders on various occasions in 2025 to gain insight into their perspectives. Supported by Investor Relations, the company also engaged in dialogue with shareholders as well as proxy advisors regarding financials, sustainability, remuneration, and other topics. These dialogues are very important, helping to ensure we are aware of and aligned with our owners’ and other stakeholders' expectations and recommendations. Authorisations At the Annual General Meeting in 2025, the shareholders updated the Board’s authorisation to increase the company’s share capital in one or more issues of new shares, up to a nominal value of DKK 20,197,345, referencing Article 3 of the Articles of Association. The authorisation is valid until 1 April 2030. Furthermore, they approved a renewal of the authorisation to acquire treasury shares in the period to 31 December 2026, equal to 10 percent of the share capital at the time of authorisation. The main condition is that the nominal value of the company’s total holding of treasury shares does not exceed 10 percent of the company’s share capital at that time. Furthermore, the Board is authorised to pay extraordinary dividends in accordance with the Danish Companies Act. For information about our capital structure strategy, share buy-back programmes, and dividend payments in 2025, see page 22. Our Board Chair, Anders Runevad, speaking at the Annual General Meeting in April 2025. ↓ 43 Corporate governance Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Executive Management Team 6 2025 2024 Members (number) 7 7 Nationalities (number) Danish 4 4 Spanish 1 1 German 1 0 New Zealander / Australian / British 1 1 Swedish 0 1 Age distribution (number) < 50 years 2 1 50-60 years 5 5 > 60 years 0 1 Tenure (number) < 5 years 5 5 5-10 years 2 2 > 10 years 0 0 Gender distribution Women/men (number) 1/6 1/6 Women/men (%) 14/86 14/86 Management 1 In the context of the Corporate Sustainability Reporting Directive (CSRD), the Board comprises the ‘Non-executive’ part of the ‘Administrative, Management, and Supervisory Bodies’. 2 Shareholder-elected board members serve for a one-year term. Employee-elected board members serve for a four-year term. Ordinary election took place before the Annual General Meeting in 2024. 3 We report on the underrepresented gender in Vestas Wind Systems A/S in accordance with the Danish Gender Balance Act and Danish Financial Statements Act. There is equal gender distribution in the Board, both among the shareholder-elected and the employee-elected members. For Executive Management, the reporting requirement is not applicable, as it consists of only two individuals. We seek to increase the share of the underrepresented gender for the ‘Two management levels below the Board’ to 25.5 percent no later than 30 June 2026. Our ambition is to reach 30 percent by 31 December 2030. During 2025, the most important activities have been to establish individual development plans for women identified in the Executive Leadership succession pipeline and continuous focus on pay equity. 4 For the definition of independence, see 3.2.1 of the Danish Corporate Governance Recommendations. 5 The ‘Executive Management’ refers to the CEO and CFO of the Danish legal entity, Vestas Wind Systems A/S, who are registered as the ‘Direktion’ with the Danish Business Authority. 6 The Executive Management Team forms the ‘Executive’ part of the ‘Administrative, Management, and Supervisory bodies’ – and consists of the Executive Management (the CEO and CFO) and five additional Executive Vice Presidents. GOV-1 Composition and diversity It is crucial that we have the right Board and Executive Management Team members in place. By 'right', we mean those with the know- ledge and skills to lead us on the journey to become the Global Leader in Sustainable Energy Solutions. Those who can help us create long-term value and promote a good company culture. The Board of Directors At the end of 2025, the Board comprised 12 members; eight elected by the shareholders and four members elected by our employees. No member of the Board is a member of the Executive Management or Executive Management Team. In the context of the EU Corporate Sustainability Reporting Directive, the Board comprises the ‘Non-executive’ part of the ‘Administrative, Management, and Supervisory Bodies’. For information about the board members’ expertise relevant to our sector, products, geographic locations, etc. see pages 47-48. Furthermore, information about the Board’s work and the compo- sition of its committees is available in our Corporate Governance Report 2025, which can be found on our corporate website. By the end of the year, the Board comprised members of four different nationalities, with an age range of 44 to 69, tenures spanning eight months to 21 years, and an equal gender distribu- tion, both for the shareholder-elected and the employee-elected members. For 2025, the independence rate was 67 percent, as all eight shareholder-elected members are considered independent, while the four employee representatives are not. This composition ensures a robust governance structure and unbiased decision making within our Board. Board of Directors 1 2025 2024 Members (number) – Elected by the shareholders 8 6 – Elected by the employees 4 4 Total 12 10 Nationalities (number) Danish 7 7 Swedish 3 3 French 1 - Italian 1 - Age distribution (number) < 50 years 1 1 50-60 years 8 6 > 60 years 3 3 Tenure (number) 2 < 5 years 6 6 5-10 years 4 2 > 10 years 2 2 Gender distribution Members elected by the shareholders – Women/men (number) 4/4 4/2 – Underrepresented gender (%) 3 50 33 Members elected by the employees – Women/men (number) 2/2 2/2 – Underrepresented gender (%) 3 50 50 Independence 4 Members elected by the shareholders (%) 100 100 All members (%) 67 60 Executive Management 5 2025 2024 Members (number) 2 2 Gender distribution Women/men (number) 0/2 0/2 Underrepresented gender (%) 3 NA NA Management composition and diversity, end of year GOV-1 44 Corporate governance Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Executive Management Team The members of our day-to-day management – the Executive Management Team – are appointed by the Board, with no single individual representing a specific stakeholder group. Furthermore, the Board decides in collaboration with the CEO on the split of responsibilities between individual executives. The team observes the guidelines and recommendations issued by the Board and ensures timely reporting and provision of information to the Board, our shareholders, and other stakeholders. Members of the management team strive to be globally visible to all Vestas’ stakeholders, including all our employees, demonstrating the Group's values and conveying its vision and strategy. The team meets in person at least once a month and often more frequently, with at least two offsite gatherings annually. Changes in 2025 to the composition of the Executive Management Team: • On 1 June, Jakob Wegge-Larsen joined as Chief Financial Officer. • On 1 September, Felix Henseler joined as Chief Technology Operating Officer. He succeeded Anders Nielsen, who decided to retire after six years as member of the Executive Management Team. By the end of the year, the Executive Management Team comprised members with four different nationalities, an age range of 49 to 58, and tenures spanning four months to six years in their current position, aside from their prior careers in the company. This composition ensures a robust governance structure to drive business performance and value creation in the company. ↑ The Executive Management Team. From left, bottom row: Thomas Alsbjerg, Henrik Andersen, Javier Rodriguez Diez, In the middle: Jakob Wegge-Larsen. Top row, from left: Felix Henseler, Christian Venderby, Anne Pearce. 45Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Corporate governance – Management * The first figure represents attendance, the second the possible number of meetings. ** Joined the Board on 8 April 2025. Evaluation of the Board’s work and composition Once a year, the Board and its committees carry out an evaluation of, inter alia, their work, their composition, and competences. At least once every third year, external consultants are brought in to support these evaluations. This process is designed to further develop the Board’s efficiency and working procedures. The evaluation also serves as a tool for determining the Board’s existing and required expertise and skills. EvaIuation 2025 In 2025, the evaluation was conducted in October and November. All board members participated and the results were discussed in a plenary board session, and agreed actions for improvement will be implemented. The evaluation confirmed that it is well functioning and effective, with strong governance, leadership, organisation, and participation. The main conclusions and outcomes of the 2025 evaluation are set out in the Board Evaluation Report 2025 which is available on our corporate website. In connection with the board evaluation, the Nomination & Compensation Committee also reviewed and evaluated the expertise and skills of individual board members. The evaluation was based on each member's education, job experience, and management duties throughout their careers. The evaluation concluded that the members of the Board have a variety of skills and expertise and that the Board as a whole has the required competences, skills, and expertise, that also includes ESG related matters. The Audit Committee oversees our sustainability reporting and reviews our double materiality assessment. This is done in close collaboration with our external sustainability auditors and our Finance and Sustainability organisations. This collaboration increases the committee members’ expertise and access to appropriate skills across various sustainability topics such as climate change, human rights, and business conduct. The chair of the Audit Committee holds the financial accounting qualifications required by the Danish Auditors’ Act. The process of expanding the Board’s skills and expertise, both in terms of existing competences and new challenges, remains ongoing. Whenever needed, board members receive training on specific topics. Both internal specialists and external advisors participate in such events. Name Board Audit Nomination & Compensation Technology & Manufacturing Anders Runevad 10/10 5/5 6/6 Karl-Henrik Sundström 10/10 5/5 5/5 Bruno Bensasson ** 7/7 4/4 Eva M. S. Berneke 10/10 5/5 5/5 Claudio Facchin ** 7/7 4/4 Lena M. Olving 10/10 6/6 Helle Thorning-Schmidt 10/10 5/5 Henriette H. Thygesen 10/10 5/5 Claus S. Christensen 10/10 Louise B. Schmidt Nielsen 10/10 Michael A. Lisbjerg 10/10 Sussie Dvinge 10/10 Meeting attendance * ↑ The Board of Directors. Front row, from left: Helle Thorning-Schmidt, Lena M. Olving, Sussie Dvinge, Anders Runevad. Second row, from left: Bruno Bensasson, Henriette H. Thygesen, Eva M. S. Berneke. Third row, from left: Claudio Facchin, Karl-Henrik Sundström. Back row: Michael A. Lisbjerg, Claus S. Christensen, Louise B. Schmidt Nielsen. 46Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Corporate governance – Management Mr Anders Runevad Chair Positions with Vestas Wind Systems A/S 2020: Joined the Board 2020: Member of the Technology & Manufacturing Committee 2023: Chair of the Board and the Nomination & Compensation Committee Positions and management duties in listed companies – Peab AB (chair and chair of the Remuneration Committee and Finance Committee) – Schneider Electric SE (board member and member of the Governance, Nomination & Sustainability Committee and the Investment Committee) Positions and management duties in unlisted companies and other organisations – The National Golf & Resort AB (chair) – Copenhagen Infrastructure Partners GP Interests Holding K/S (board member) – Copenhagen Infrastructure Partners Holding P/S (board member) – Ekhaga Utveckling AB (board member) Education – MBA studies, University of Lund – Master of Science in Electrical Engineering, University of Lund Competencies CEO experience in the renewable energy sector, governance and change management, financial, business, communication, and environmental. Independent Shareholding, end of year 50,480 With the addition of Bruno Bensasson and Claudio Facchin in 2025, the Board now comprises eight members elected by the shareholders and four members elected by the employees, with equal gender distribution for both groups. Mr Karl-Henrik Sundström Deputy Chair Positions with Vestas Wind Systems A/S 2020: Joined the Board 2020: Chair of the Audit Committee 2023: Deputy Chair of the Board and member of the Nomination & Compensation Committee Positions and management duties in listed companies – Boliden AB (chair) – NXP Semiconductors N.V. (board member, chair of the Audit Committee, and member of the Human Resources and Compensation Committee) Positions and management duties in unlisted companies – Mölnlycke Health Care AB (chair) – Ahlstöm Oyj (board member) – Finnish Swedish Chamber of Commerce (chair) – The Marcus Wallenberg Foundation (board member) Education – Advanced Management Programme, Harvard Business School – Trainee Financial Management, LM Ericsson Group – Business Administration, specialising in Finance and Accounting, Uppsala University – Royal Coast Artillery, Rank Master Sergeant and Boat Chief, Military Service Competencies CEO and CFO experience in the renewables industrial, and telecommunications sectors, financial, business, environmental, and communication. Independent Shareholding, end of year 8,200 Management and directorships – Board of Directors Mr Bruno Bensasson Positions with Vestas Wind Systems A/S 2025: Joined the Board 2025: Member of the Technology & Manufacturing Committee Positions and management duties in unlisted companies – Akuo Energy SAS (CEO) Education – Engineering studies at Corps des Mines, Ecole Nationale Supérieure des Mines de Paris – Engineering studies at Ecole Polytechnique, Palaiseau Competencies CEO experience in the renewable energy sector, financial, business, environmental, governance and change management. Independent Shareholding, end of year 1,000 Ms Eva M. S. Berneke Positions with Vestas Wind Systems A/S 2019: Joined the Board 2019: Member of the Nomination & Compensation Committee 2021: Member of the Audit Committee Positions and management duties in unlisted companies – École Polytechnique (board member) – Copenhagen Infrastructure Partners Foundation (board member) Education – MBA programme, INSEAD – Master of Mechanical Engineering, Technical University of Denmark – Master studies, Economics, École Centrale Paris Competencies CEO experience in the technology sector, governance and change management, financial, business and environmental. Independent Shareholding, end of year 17,295 * Independent in accordance with the Danish Corporate Governance Recommendations as designated by Nasdaq Copenhagen. ** Shareholding includes the holding of closely related party. Year of birth 1960 Nationality SE Year of birth 1960 Nationality SE Year of birth 1972 Nationality FR Year of birth 1969 Nationality DK GOV-1 47Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Corporate governance – Management Ms Helle Thorning-Schmidt Positions with Vestas Wind Systems A/S 2019: Joined the Board 2019: Member of the Nomination & Compensation Committee Positions and management duties in listed companies – Palo Alto Networks, Inc. (board member and member of the Governance and Sustainability Committee and Security Committee) Positions and management duties in unlisted companies and other organisations – The Meta Oversight Board (co-chair) – Neurons Inc. ApS (board member) – Daniel J. Edelman Holding, Inc. (board member) – SafeLane Global Ltd. (advisory board member) – Green Therma (board member) – Schwab Foundation for Social Entrepreneurship (advisory board member) – Vista Equity Partners Management (advisory board member) – Member of a number of foreign policy think tanks, including the US Council of Foreign Relations, the European Council for Foreign Relations, and the Atlantic Council International Advisory Board Green Therma (board member) – The Berggruen 21st Century Council (member) – The Danish Football Union (DBU)’s Governance and Development Committee (chair) Education – Master’s Degree in European Studies, College of Europe in Bruges – Master’s Degree in Political Science, University of Copenhagen Competencies CEO experience in the non-profit sector, business, people, social, communication, society, politics, and geopolitical. Independent Shareholding, end of year 4,280 (purchased in 2025.: 1,510) Ms Henriette H. Thygesen Positions with Vestas Wind Systems A/S 2024: Joined the Board 2024: Member of the Audit Committee Positions and management duties in listed companies – ISS A/S (board member) Positions and management duties in unlisted companies and other organisations – Terma A/S (President & CEO) Education – Executive MBA “E-MBA Global”, Columbia University New York / London Business School – PhD in Applied Mathematics, Copenhagen Business School – Master of Science (Cand.Merc.Mat), Copenhagen Business School – MBA (International Management), ECCIP Paris / EU Munchen – Participated in various executive courses at Stanford, IMD, Harvard, and Columbia Business School Competencies CEO experience in the logistics and defence sectors, governance and change management, financial, business, people, social, environmental, and communication. Independent Shareholding, end of year 1,600 (purchased in 2025: 1,600) Mr Claudio Facchin Positions with Vestas Wind Systems A/S 2025: Joined the Board 2025: Member of the Technology & Manufacturing Committee Positions and management duties in unlisted companies – Milpas AG (Founder and Advisor) Education – Graduated in Mechanical and Industrial Engineering, Politecnico di Milano Competencies CEO experience in the renewable energy and industrial sector, financial, business, change and risk management, environmental, and people. Independent Shareholding, end of year 14,000 shares (purchased in 2025 after being appointed: 6,000) Ms Lena M. Olving Positions with Vestas Wind Systems A/S 2022: Joined the Board 2023: Chair of the Technology & Manufacturing Committee Positions and management duties in listed companies – Assa Abloy AB (board member and chair of the Audit Committee) – Investment AB Latour (board member) – NXP Semiconductor NV (board member and member of the Human Resources & Compensation Committee) Positions and management duties in unlisted companies – Nodica Group AB (chair) – Stena Metall AB (board member) Education – Master of Science, Mechanical Engineering, Chalmers University of Technology Competencies CEO experience in the industrial sector, governance and change management, financial, business, people, and social. Independent Shareholding, end of year 4,870 (purchased in 2025: 1,500 ) Year of birth 1956 Nationality SE Year of birth 1965 Nationality IT Year of birth 1966 Nationality DK Year of birth 1971 Nationality DK Mr Claus S. Christensen Employee representative Positions with Vestas Wind Systems A/S 2022: Joined the Board Positions and management duties in unlisted companies – DM Skjern-Ringkøbing P/S (board member) – Vestas Northern Europe A/S (Lead Technician, Shop Steward for Danish Service Technicians) Education – Industry technician trainee, Rubens Maskinfabrik A/S Not independent Shareholding, end of year 1,200 (purchased in 2025: 151) Year of birth 1968 Nationality DK Year of birth 1970 Nationality DK Mr Michael A. Lisbjerg Employee representative Positions with Vestas Wind Systems A/S 2008: Joined the Board Positions and management duties in unlisted companies – DM Skjern-Ringkøbing P/S (deputy chair) – DMSR af 24. oktober 2016 ApS (deputy chair) – Vestas Manufacturing A/S (Skilled worker, Production and Shop Steward) Education – Quality Optimisation with Six Sigma, Economy, Logistics, Project Management, Produktion optimisation, Erhvervsakadami MidtVest – Leadership in Practice, Erhvervsakademi Sjælland – Higher Preparatory Course – single subject – Military service, Royal Danish Life Guards and discharged as technical sergeant – Auto Mechanic Not independent Shareholding, end of year 4,170 Year of birth 1974 Nationality DK Year of birth 1981 Nationality DK Ms Sussie Dvinge Employee representative Positions with Vestas Wind Systems A/S – Management Assistant, Technology & Service Solutions 2005: Joined the Board Education – IT Administrator, Ringkøbing Business College/ Vestjysk Business College, Skjern – Language secretary (German and English); open education at HIH Herning – Commercial upper secondary examination and office assistant Not independent Shareholding, end of year 3,250 Ms Louise B. Schmidt Nielsen Employee representative Positions with Vestas Wind Systems A/S – Supply Chain & Transport HSE Specialist 2024: Joined the Board Education – Board Education Part I & 2, Business Academy Aarhus – Project Management, Vestas Wind Systems A/S – Forwarder, Shipping & Logistics, University of Aarhus – Sales & Marketing Management, Danish Academy of Business, Randers – Higher Commercial Examination, Randers Business College Not independent Shareholding, end of year 489* 48Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Corporate governance – Management During 2025, Jakob Wegge-Larsen and Felix Henseler joined Vestas, as CFO and EVP of Technology & Operations, respectively. Management and directorships – Executive Management Team Mr Henrik Andersen Group President & CEO Education – Master in Law, University of Aarhus – Graduate Diploma in International Business, Aarhus School of Business Other management duties, etc. – Saxo Bank A/S (board member and chair of the Audit Committee) – Copenhagen Infrastructure Partners GP Interests Topco ApS (board member) – Copenhagen Infrastructure Partners Holding P/S (board member) – MHI Vestas Japan Co., Ltd. (board member) – The investment committee of Maj Invest Equity 5 & 6 K/S (board member) Shareholding, end of year 352,819 (116,468 performance shares vested in 2025) Mr Jakob Wegge-Larsen EVP & CFO Education – Henley Business School – Master of Business Administration – West Zealand Business School, Graduate Diploma in Business Administration (Financial and Management Accounting) Shareholding, end of year 34,169 (purchased in 2025 after the appointment as CFO: 18,744) Mr Thomas Alsbjerg EVP, Development & Digital Solutions Education – M.Sc. Engineering, Technical University – B.Sc. finance, Copenhagen Business School Shareholding, end of year 29,627 (sold in 2025: 15,000; performance shares vested: 26,007) Mr Javier Rodriguez Diez EVP, Sales Education – Executive Development Program at IMD Lausanne – Leadership Development Course, Mercuri Urval – Executive MBA, IE Business School. Madrid – Industrial Engineer. Electromechanical Specialty. University E.T.S. Carlos III Madrid Shareholding, end of year 44,001 (sold in 2025: 27,500; performance shares vested: 49,394) Year of birth 1967 Nationality DK Tenure 6 years Year of birth 1976 Nationality DE Tenure < 1 year Year of birth 1976 Nationality DK Tenure < 1 year Year of birth 1974 Nationality NZ/AU/GB Tenure 2 years Year of birth 1973 Nationality DK Tenure 3 years Year of birth 1969 Nationality DK Tenure 6 years Year of birth 1974 Nationality ES Tenure 4 years Mr Felix Henseler EVP, Technology & Operations Education – Graduate Industrial Engineer (Economics and Engineering), Fachhochschule Lübeck University of Applied Sciences Shareholding, end of year 0 Ms Anne Pearce EVP, People & Culture Education – Degree BComm, University of Melbourne Shareholding, end of year 0 Mr Christian Venderby EVP, Service Education – Business Program at IMD – General Management Program at CEDEP – Graduate Diploma, Finance, Copenhagen Business School Other management duties, etc. – DNV Group AS (board member) – Stiftelsen Det Norske Veritas (board member) – Det Norske Veritas Holding AS (board member) Shareholding, end of year 136,371 (performance shares vested in 2025: 56,431) 49Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Corporate governance – Management Q4 Focus on persistent risks and mitigations. Audit Committee and Board review Q3 + Q4 topics Q1 Review of emerging risks. Q2 Focus on persistent risks and mitigations, incl. material sustainability topics. Audit Committee and Board review Q1 + Q2 topics Q3 Overall ERM review and outlook. Risk management Enterprise Risk Management Operating across diverse markets and a rapidly evolving industry landscape, Vestas is exposed to a wide array of risks that reflect the complexity and global nature of our business. These risks include operational, commercial, macroeconomic, and regulatory challenges. Our Enterprise Risk Management (ERM) framework ensures a structured approach to identifying, assessing, mitigating, and monitoring the risks we face. It promotes transparency and a shared understanding of risk, helping to safeguard our strategic and financial ambitions. Our ERM also aims to create and protect shareholder value, ensuring risk awareness and balancing risk against reward. Vestas’ most significant risks, including material sustainability topics such as climate change mitigation and responsible business conduct, are reviewed every six months by the Executive Management Team, the Board of Directors, and the Audit Committee. These reviews are informed by insights from management teams across the organisation and include all types of risk that could materially affect the achievement of our strategic objectives. A condensed overview of our key enterprise risks, is provided on the next page. At Vestas, risk management is an integral part of business operations and strategy. We are com- mitted to proactively identifying and mitigating risks that may affect our short- to medium-term objectives, while addressing long-term risks that could hinder the realisation of our strategic goals. These efforts help us protect Vestas’ future and ensure long-term resilience. Enterprise Risk Management annual wheel   Risk Committee    Executive management team    Board of Directors/Audit committee Our risk management governance EVP area and Regional leadership teams / Risk Committee/ Corporate ERM Responsible for designing and supervising risk management systems, and for monitoring risks to ensure they are managed within acceptable limits. Board of Directors/Audit Committee / Executive Management Team Responsible for providing assurance on the design and effectiveness of Vestas’ risk management. Risk Owners, Risk Officers and Action Owners The individuals responsible for managing risks on a day-to-day basis to achieve Vestas’ business objectives. Operational (1st line) Assurance (2nd line) Audit (3rd line) 50 Corporate governance Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Main risks Geopolitics and regulatory framework Project execution Cyber attacks Description In 2025, Vestas continued to navigate significant challenges arising from shifting geopolitical tensions across the world. Conflicts in Ukraine and the Middle East continued to disrupt regional stability, affecting global supply chains and business operations. Trade tensions between major economies have intensified, leading to tariffs, sanctions, export controls, and targeted restrictions on e.g. critical materials which complicate global operations. Governments in the EU, China, and the USA introduced assertive industrial policies aimed at securing domestic manufacturing and energy independence. These shifts are reshaping the regulatory landscape, altering market incentives, and intensifying competition in the clean-tech sector. For Vestas, this situation means navigating an increasingly fragmented and unpredictable global environment, while continuously adapting to external forces beyond our control. Project execution at Vestas involves delivering complex onshore and offshore projects within specified parameters relating to quality, cost, and timeline. As the scale and complexity of offshore projects grow, so does the need for precise internal coordination. Execution is affected by delays in production capacity ramp-up, quality control issues during scaling, and supply chain disruptions. The lack of industry-wide standardisation and insufficient logistical infrastructure further complicate timely delivery. Success also depends on external factors, such as supportive regulatory frameworks, the cross-border mobility of skilled workers, and the availability of a sustainable and scalable supply chain, all of which remain vulnerable to geopolitical and market shifts. Vestas’ digital and other critical assets are exposed to cyber attacks. A cyber attack may have dual implications for both Vestas as a company and for the societies that our energy solutions serve. Electricity producers rely on Vestas’ energy solutions for reliable and secure sustainable energy production, making these solutions critical infrastructure for societies around the world. Cyber-threat actors constantly evolve their methods and techniques to attack Vestas’ energy solutions, for the purpose of extorsion or to destabilise energy generation. Vestas’ technology, data, and operations are a potential target for geopolitical actors and the cyber-criminal industry. Potential impact Geopolitical tensions and regulatory shifts create uncertainty across global markets, which can disrupt and delay supply chains, and increase costs through tariffs and trade barriers. These dynamics may weaken project economics, reduce market volumes, and challenge Vestas’ ability to maintain cost efficiency and competitiveness. Challenges in project execution can lead to delays in delivery, cost overruns, and margin erosion, particularly as offshore projects grow in scale and complexity. Quality issues may result in formal disputes and reputational damage. These factors can undermine Vestas’ ability to secure new business, reduce investor confidence, and weaken long-term competitiveness in the global wind market. Politically motivated cyber actors may seek to disrupt energy production. A cyber attack on Vestas may be designed to impact our customers’ operations, causing electricity outage and physical damage to assets. A successful cyber attack on Vestas’ energy solutions and our infrastructures might result in significant economic loss and reputational damage. How we manage it We manage geopolitical risks by continuously monitoring global developments and implementing appropriate mitigations. By maintaining a global and regionalised manufacturing footprint, Vestas can effectively respond to geopolitical shifts and regulatory changes. Proactive advocacy ensures alignment and compliance with evolving policies and the regulatory climate. Additionally, we exercise commercial discipline and utilise indexation and financial hedging strategies to minimise exposure. We mitigate execution risks through project governance, enhanced planning functions, and continuous alignment between commercial and delivery teams. We invest in scalable manufacturing capacity and maintain close coordination with suppliers to secure timely component availability. As a global manufacturer and key contributor to critical infrastructure, Vestas is required to continuously address evolving cyber risks, both to our company and to the customers we serve. We are developing cyber security services aimed at helping our customers navigate cyber risks effectively, fulfil industry requirements and standards, and uphold their responsibilities. During 2025, our cyber security efforts were effective and no critical cyber security incidents took place. 51Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Corporate governance — Risk management → Quarterly financial and operational figures → Definition of terms 52Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to Our business Quarterly financial and operational key figures 2025 Financial highlights mEUR Q1 2025 Q2 2025 Q3 2025 Q4 2025 Income statement Revenue 3,468 3,745 5,339 6,270 – of which onshore wind turbines 2,221 2,396 3,799 4,210 – of which offshore wind turbines 327 401 640 1,058 – of which Service 920 948 900 1,002 Gross profit 359 417 772 949 EBITDA before special items 242 315 673 875 Operating profit/(loss) (EBIT) before special items 14 57 416 580 Operating profit/(loss) (EBIT) after special items 20 57 414 524 Profit/(loss) before tax 7 46 405 581 Profit/(loss) for the period 5 34 304 437 Balance sheet Net working capital (2,178) (2,288) (2,561) (3,127) Cash flow statement Cash flow from operating activities 28 120 840 1,298 Cash flow from investing activities (319) (291) (302) (252) Free cash flow (291) (171) 538 1,046 Adjusted free cash flow (325) (227) 510 872 Financial ratios 1 mEUR Q1 2025 Q2 2025 Q3 2025 Q4 2025 Gross margin (%) 10.4 11.1 14.5 15.1 EBITDA margin (%) before special items 7.0 8.4 12.6 13.9 EBIT margin (%) before special items 0.4 1.5 7.8 9.3 EBIT margin (%) 0.6 1.5 7.8 8.4 Net interest-bearing debt / EBITDA before special items (0.2) 0.0 (0.2) (0.6) Operational key figures Order intake (bnEUR) 3.9 2.2 4.6 6.7 Order intake (MW) 3,135 2,009 4,606 6,542 – of which onshore 1,620 2,009 4,606 5,492 – of which offshore 1,515 - - 1,050 Order backlog – wind turbines (bnEUR) 32.9 31.4 31.6 33.2 – of which onshore 21.9 20.8 21.7 23.1 – of which offshore 11.0 10.6 9.9 10.1 Order backlog – service (bnEUR) 36.9 35.9 36.6 38.7 – of which onshore 31.0 30.1 31.0 33.0 – of which offshore 5.9 5.8 5.6 5.7 Produced and shipped wind turbines (MW) 3,621 3,650 3,050 3,053 Deliveries (MW) 2,365 2,808 4,441 4,923 – of which onshore 2,103 2,488 3,897 4,073 – of which offshore 263 320 544 850 1 The ratios have been calculated in accordance with the guidelines from “Finansforeningen” (The Danish Finance Society) (Recommendations and Financial ratios). Vestas Annual Report 2025 53 Our business Sustainability statement Financial statements Auditor and management statements Appendix to Our business Quarterly financial and operational key figures 2024 Financial highlights mEUR Q1 2024 Q2 2024 Q3 2024 Q4 2024 Income statement Revenue 2,681 3,296 5,177 6,141 – of which onshore wind turbines 1,663 2,135 3,825 4,214 – of which offshore wind turbines 116 490 425 730 – of which Service 902 671 927 1,197 Gross profit 244 156 544 1,113 EBITDA before special items 131 40 444 990 Operating profit/(loss) (EBIT) before special items (68) (185) 235 759 Operating profit/(loss) (EBIT) after special items (67) (185) 231 815 Profit/(loss) before tax (105) (230) 184 856 Profit/(loss) for the period (75) (156) 127 598 Balance sheet Net working capital (622) (1,507) (1,118) (2,297) Cash flow statement Cash flow from operating activities (755) 831 89 2,167 Cash flow from investing activities (215) (332) (373) (421) Free cash flow (970) 499 (284) 1,746 Adjusted free cash flow (997) 524 (224) 1,792 Financial ratios 1 mEUR Q1 2024 Q2 2024 Q3 2024 Q4 2024 Gross margin (%) 9.1 4.7 10.5 18.1 EBITDA margin (%) before special items 4.9 1.2 8.6 16.1 EBIT margin (%) before special items (2.5) (5.6) 4.5 12.4 EBIT margin (%) (2.5) (5.6) 4.5 13.3 Net interest-bearing debt / EBITDA before special items 1.1 0.7 0.9 (0.5) Operational key figures Order intake (bnEUR) 2.2 4.4 4.9 7.7 Order intake (MW) 2,300 3,596 4,432 6,516 – of which onshore 2,300 2,936 2,827 4,191 – of which offshore - 660 1,605 2,325 Order backlog – wind turbines (bnEUR) 26.6 28.1 28.3 31.6 – of which onshore 21.4 22.6 21.3 22.3 – of which offshore 5.2 5.5 7.0 9.3 Order backlog – service (bnEUR) 34.4 34.9 35.1 36.8 – of which onshore 29.7 30.1 29.9 31.1 – of which offshore 4.7 4.8 5.2 5.7 Produced and shipped wind turbines (MW) 2,645 3,979 3,653 2.921 Deliveries (MW) 1,720 2,417 4,162 4,601 – of which onshore 1,639 2,023 3,784 4,102 – of which offshore 81 394 378 499 1 The ratios have been calculated in accordance with the guidelines from “Finansforeningen” (The Danish Finance Society) (Recommendations and Financial ratios). Vestas Annual Report 2025 54 Our business Sustainability statement Financial statements Auditor and management statements Appendix to Our business Definition of terms Adjusted free cash flow 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. Average Selling Price (ASP) The value of the order intake (order intake in mEUR) divided by the capacity (order intake in MW). Capital Employed Capital Employed is the carrying value of the sum of total equity and interest-bearing debt. Deliveries The capacity of wind turbines delivered during the reporting period. The capacity is considered delivered and is deducted from the wind turbine order backlog when the related revenue is recognised. Deliveries on EPC/turnkey and non-standard Supply-and-installation projects are included and deducted from the order backlog over time, based on the percentage of completion. Dividend per share Total dividend distribution divided by the average number of shares outstanding in the year. EBIT margin Operating profit/(loss) as a percentage of revenue. EBIT margin before special items Operating profit/(loss) before special items as a percentage of revenue. EBITDA margin Operating profit/(loss) before amortisation, depreciation and impairment as a percentage of revenue. EBITDA margin before special items Operating profit/(loss) before special items, amortisation, depreciation and impairment as a percentage of revenue. Earnings per share (EPS) Profit/loss for the year divided by the weighted average number of shares outstanding. Engineering, Procurement and Construction (EPC) projects Within Power Solutions, Vestas differentiates between three main types of projects: Supply-only, Supply-and-installation, and Engineering, Procurement and Construction (EPC). EPC, or turnkey, projects, are projects where Vestas supplies the wind turbines, takes care of the installation, civil and electical works (Balance of Plant), and finally also handles commissioning. Free cash flow Cash flow from operating activities less cash flow from investing activities. Gross margin Gross profit as a percentage of revenue. IAS International Accounting Standards. IASB International Accounting Standards Board. IFRS International Financial Reporting Standards. iXBRL iXBRL tags (or inline XBRL tags) are hidden meta-information embedded in the source code of an XHTML document in accor dance with the inline XBRL 1.1 specification, which enables the conversion of XHTML-formatted information into a machine-readable XBRL data record by appropriate software. Management commentary In this report, management commentary comprises: Our business Sustainability statement Net interest-bearing debt (NIBD) Net interest-bearing debt is the sum of cash and cash equivalents and financial investments less financial debts. Net interest-bearing debt/EBITDA before special items Net interest-bearing debt divided by operating profit/(loss) before amortization, depreciation, impairment and special items. Net working capital (NWC) Inventories, trade and other receivables, contract assets, contract cost, less trade and other payables and contract liabilities. Order backlog (EUR) The value of future turbine deliveries and services under firm and unconditional orders. The value of the order backlog is measured as the expected revenue to be recognised in the future, related to performance obligations that are unfulfilled or partially unfulfilled at the end of the period. Order backlog (MW) The capacity of future turbine deliveries measured as the total capacity of turbines to be delivered under firm and uncon- ditional orders less deliveries made at the end of the period. Order intake Orders that have become firm and unconditional during the period and adjustments to existing contracts measured as either value (EUR) or capacity (MW). Pay-out ratio Total dividend distribution divided by profit/(loss) for the year. Reporting segments In a reporting context, we distinguish between the Power Solutions and Service segments. In this context, Power Solutions covers revenue derived from the three business areas Onshore, Offshore, and Development. Return on Capital Employed (ROCE) before special items Operating profit/(loss) (EBIT) before special items adjusted for tax (effective tax rate) as a percentage of weighted average capital employed calculated as a 12-month average. Return on equity Profit/(loss) for the year (after tax) divided by weighted average equity. Solvency ratio Equity at year-end divided by total assets. Supply-and-installation project In Supply-and-installation projects, Vestas supplies the wind turbines and takes care of the installation of the turbines. Supply-only project When selling a Supply-only project, Vestas delivers the wind turbines at site. Total investments 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 Annual Report 2025 55 Our business Sustainability statement Financial statements Auditor and management statements Appendix to Our business →  Sustainability at Vestas →  General information →  Environmental information →  Social information →  Governance information → Appendix to the Sustainabilty statement Reader’s guide This sustainability statement follows the ESRS structure but begins with strategic highlight sections in alignment with our sustainability strategy, to support understanding. These sections summarise key sustainability priorities, performance and developments, and show how these relate to the ESRS topics disclosed later in the report. The ESRS topical sections then provide the required detailed information, including policies, actions, metrics and targets. Cross references are included to help readers move between the strategic highlights and the corresponding ESRS disclosures. 56Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Sustainability statement → Embedding sustainability → Strategic sustainability highlights 2025 → The value chain that supports our business model → Result of the double materiality assessment Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 57 Sustainability at Vestas Embedding sustainability SBM-1 Aligning strategy, business model and value chain with material impact Sustainability at Vestas means reducing or eliminating material negative impacts originating from our business model, as well as maximising the positive value that our business and solutions provide to our customers, employees, shareholders, suppliers, local communities, and the planet at large. With more than 37,000 employees and a total revenue of EUR 18,822m, we operate globally, with a track record of 201 GW capacity installed in 88 countries. Our mix of energy solutions ensures we can grow market presence and service a wide array of customers across EMEA, Americas, and Asia Pacific. Our primary customers are utility and infrastructure companies, which seek to integrate renewable energy into electric power grids. We also work with independent power producers that develop and operate wind farms relying on our technology to deliver consistent energy output. Vestas´business operates across four key areas to become the Global Leader in Sustainable Energy Solutions: Onshore, Offshore, Service and Development. Our business model is to lead the energy transition across these areas. Through the Onshore and Offshore business areas, we accelerate the energy transition by designing and manufacturing a full suite of onshore and offshore turbine models, tailored to various wind conditions and geographic needs. Through our Service business, we then offer long-term after-sales services, including operations and maintenance, performance optimisation and reporting to ensure the longevity and efficiency of wind installations. We also develop new wind power projects, expanding market opportunities and supporting the growth of our global partners. In 2025, there were no significant changes to the solutions or services offered. Our sustainability strategy is embedded across Onshore, Offshore, Service and Development – with each sustainability ambition driving specific priorities and actions within these segments. It is also aligned with the sustainability topics that are material to our business – the environmental, social, and governance issues most relevant to our operations and stakeholders. These topics guide decision-making across our products, services, geographies and customer categories, creating a direct link between our corporate strategy, business model and sustainability performance. “ This year marks another period of evolving sustainability report- ing legislation. While complying with current requirements, we believe that the current CSRD framework is a bureaucratic mess. We call for a future report- ing framework that is simpler, value-adding and drives real action.” Henrik Andersen, Group President & CEO Vestas Annual Report 2025 58 Our business Sustainability statement Financial statements Auditor and management statements Sustainability at Vestas SBM-1 Our Sustainability Strategy Vestas’ sustainability strategy, ‘Sustainability in everything we do’, embodies our key sustainability aspirations, and is embedded across our business model as part of our corporate strategy. To deliver industry-leading performance, we have identified four strategic focus areas (Climate, Circularity, Social and Energy transition) that align closely with our corporate strategy, business model, and value chain. The commitments and targets within these four areas address key sustainability issues including: Climate change mitigation (E1), Circular economy and resource use (E5), Own workforce (S1), Affected communities (S3), Political engage- ment (G1) and Cyber Security (entity-specific). Our sustainability-related targets are applicable to all products, services, geographies and customer categories, and achieving these ambitions requires activating our full value chain – mobilising em ployees, suppliers, and partners to rethink how we design, develop, manufacture, construct, service, and decommission our turbines. 1. Climate First, Vestas turbines are a powerful driver of global decarbonisation and additionally we are committed to science-based decarbonisation of our operations and supply chain by 2030. Updated GHG emissions targets The projections during the last reporting period indicated that we would not reach the original 2025 target to reduce Scope 1 & 2 GHG emissions by 55 percent. 1 Not reaching the target originally defined in 2019 is mainly related to the acquisition of the offshore business at the end of 2020, whereby our scope of activities increased significantly. However, we have continued to adapt our strategy and climate transition plans to achieve science-based decarbonisation in alignment with the Paris Climate Agreement. Consequently, our targets were updated and re-validated by the Science Based Target initiative (SBTi) during 2025, accounting for our rapidly 1 For more information on “Progress on our original targets”, see page 89. growing offshore business and the larger scope of emissions-gene- rating activities associated with it. See page 87 for more information on our updated GHG emissions reduction targets. Achieving our Scope 1, 2, and 3 reduction targets while growing our business requires operational transformation across all business areas including: • Onshore and Offshore: we are decarbonising manufacturing and construction logistics and sourcing low-emission materials, components, and services. • Development: we integrate sustainability considerations early in project planning, influencing site layout, transport and permitting strategies that minimise lifetime emissions. • Service: we focus on transitioning our global fleet of vehicles and vessels to electric or renewable fuels and optimising maintenance schedules to reduce emissions from travel and part replacement. 2. Circularity Second, we innovate to produce zero-waste wind turbines by 2040. This in cludes a strong focus on reducing waste from our own manufacturing and key suppliers, innovating new methods for blade and composite recycling, repairing and refurbishing our components to extend their useful life, and ensuring that the waste we do generate is managed responsibly (see page 96 for our circular economy targets). Circularity is embedded across our portfolio, catering to local infrastructure including: • Onshore and Offshore: we are enhancing components for greater recyclability, developing innovative recyclable blade solutions and ensuring that materials are recovered and recycled at end-of-life. • Development: we assess end-of-life planning during early-stage project design and work with our customers to ensure local recycling infrastructure is considered and accessible. • Service: we enable lifetime extension through refurbishment and reuse of components, reducing both waste and resource intensity. 3. Social Third, we aim to be the safest, most inclusive and socially responsible company in the industry. During 2025, our Total Recordable Injury Rate (TRIR) remained at 2.7, reflecting stabilisation in performance compared with 2024, see page 102 for more information. We continue to strive for improvement in the safety outcomes of the wind industry. Our strong focus on diversity and inclusion involve many different initiatives including working to increase the number of women in leadership positions. See page 103 for more information related to these initiatives. We engage with our customers and impacted communities near our projects to minimise and address potential grievances and support local community projects. During 2025, we achieved our previous target of 35,000 community beneficiaries and replaced this target with a target to conduct social due diligence on all projects in scope annually. Social performance is embedded across how we design, build and operate projects globally including: • Onshore and Offshore: we always prioritise health and safety on manufacturing and construction sites, working to reduce incidents through training, controls and monitoring. • Development: we engage communities from the outset to ensure respect for land rights, cultural heritage and local expectations – and to share benefits through community investment and inclusive hiring. • Service: we have a relentless focus on protecting our employees from physical and psychological harm and promoting a culture of inclusion and belonging so that all our employees can achieve their full potential. Vestas Annual Report 2025 59 Our business Sustainability statement Financial statements Auditor and management statements Sustainability at Vestas – Embedding sustainability 4.  Energy transition Finally, we lead the transition towards a world powered by sustainable energy by setting a strong example of a responsible and sustainable company, and taking a leading role in shaping global energy policy to accelerate the global energy transition, with renewable energy and energy security at its core. Cyber security has become a topic with double materiality during 2025, emphasising its importance seen in the light of energy security and its material impact on our stakeholders. Vestas’ path to a sustainable and affordable energy future is realised by promoting secure, sustainable and affordable energy. Our role is to enable a world powered by sustainable energy through every business area: • Onshore and Offshore: we deliver competitive wind turbines that provides reliable and predictable supply of energy, while forming the backbone to decarbonise energy systems and promoting circularity practices across the wind industry value chain. • Development: we help bring new markets online, shaping policies and partnerships that unlock projects and accelerate the build-out of renewables globally. • Service: we ensure that installed capacity remains operational, efficient and optimised for decades, contributing to stable and resilient renewable energy supply, in co-existence with agri cul tural and marine eco-systems. More information on main challenges, critical solutions and projects related to these four areas are described under “Impacts, risks and opportunities” and “Actions and resources” within each topical section. For information related to cost structure and revenue of the business segments, in line with IFRS 8, see 1.1 Segment information pages 139-140. An overview of the key highlights across the four pillars of our sustainability strategy is provided on page 61-67, followed by a description of our business model and the results of our Double Materiality Assessment 2025 on page 68 and 69 respectively. Climate Social Energy transition Circularity Key activities to deliver on our commitments Science-based decarbonisation of our operations and supply chain by 2030 Decarbonise our own operations • Transition to electric or renewably powered company cars, service vans and vessels. • Reduce consumption of fossil fuels used in construction, manufacturing and service activities. Decarbonise our supply chain • Source low-emission materials for wind turbine components. • Design for energy yield and longer lifetimes. • Optimise transport logistics. Be the safest, most inclusive and socially responsible company in the industry Safety • Increase leadership accountability. • Strengthen HSE manage- ment system. • Implement more control assurance and proactive risk management. Promoting diversity • Focus on talent pipeline development. • Increase pay equity reviews. • Drive diversity awareness initiatives. • Implement measurable engagement tracking. Social responsibility • Work preventively with adverse human rights impacts by conducting social due diligence on projects in scope. Lead the transition towards a world powered by sustainable energy Drive a responsible business • Continuously carry through and work to improve strong compliance programmes, trainings, and awareness. Climate transition advocacy • Accelerate the energy transition via policy engage- ment, industry partnerships, and active participation in global forums. Support partners in becoming increasingly resilient • Onboarding our customers in our Cyber Security Service Framework. Produce zero-waste wind turbines by 2040 Design for circularity • Advance design principles for recyclability and circularity. • Scaling innovative blade recycling solution. Operational circularity • Increase refurbishment and reuse of components to enable lifetime extension. • Regionalise repair infrastruc- ture. Material recovery • Enhance waste segregation. • Explore innovative recycling opportunities. • Optimise blade design and production. Vestas Annual Report 2025 60 Our business Sustainability statement Financial statements Auditor and management statements Sustainability at Vestas - Embedding sustainability E1 + E4 Climate highlights Science-based decarbonisation of our operations and supply chain by 2030 Every day, Vestas wind turbines harness wind energy to generate renewable electricity, providing an alternative to fossil fuels and serving as a key driver in the decarbonisation of global energy systems. At the end of 2025, the entire installed Vestas turbine fleet had the capacity to avoid 245 million tonnes of GHG emissions per year, while the capacity produced and shipped during 2025 is expected to avoid 463 million tonnes of GHG emissions over their lifetime. The substantial decarbonisation impact we deliver across the global energy system represents our most significant contribution to sustainability. At the same time, the production, installation, and servicing of our solutions do have some negative environmental and social impact, which we work to mitigate. Driving GHG emission reductions across our value chain Scope 1 and 2 emissions increased by 4 percent in 2025, primarily driven by a 13 percent increase in emissions from Offshore cons- truction and service activities. Emissions from Onshore construction and service decreased by 3 percent. Despite increased Scope 1 and 2 emissions, we continued to decouple emissions from growth, delivering significantly more GW to the market and servicing more turbines than previous year. Transitioning our service and benefit vehicle fleets supported reductions in high impact areas. At the end of 2025, 25 percent of the service vehicle fleet was renewably fuelled, while electric and plug-in hybrid vehicles accounted for 98 percent of the benefit fleet. In 2025, Scope 3 emissions intensity was 6.39 kg CO 2 e/MWh generated, reflecting a 16 percent increase from 2024. The increase is primarily driven by normalised blade-production levels in 2025, following lower activity in 2024. Despite a year-on-year increase, we remain on track with our Scope 3 emissions reductions trajectory, achieving a 10 percent reduction in emissions intensity since 2022. Scope 3 emissions remain our greatest decarbonisation challenge, as more than 99 percent of our emissions stem from our value chain, with steel and iron accounting for about 41 percent. We engage with steel suppliers to stimulate demand for low-emission tower steel. By reusing scrap steel in wind powered electric arc furnaces, we can reduce emissions from heavy steel plates used in turbine towers by up to 66 percent compared to traditional steelmaking. 2 For more information on E1 and E4, see pages 85 and 93. Highlights 2025 million tonnes GHG emissions expected to be avoided over the lifetime of turbines produced in 2025, equivalent to about 88 million US homes’ electricity consumption for one year. 1 compared to 2024, driven by an increase in emissions from Offshore construction and service activities. tonnes of low-emission steel ordered. Driving significant emissions reductions in the Nordlicht I and II and the Clashindarroch projects. 463 4% 22,000+ GHG avoidance Scope 1 and 2 GHG emissions increased by 1 Source: US Environmental Protection Agency: Greenhouse Gas Equivalencies Calculator. 2 According to the Environmental Product Declaration from ArcelorMittal Europe. Strategic sustainability highlights 2025 ↑ In 2025, we signed an agreement with Clever to install 160 chargers across our Danish facilities, supporting the continued electrification of our operations. 61Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Sustainability at Vestas 40 20 2 60 4 100 80 6 120 8 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 New target 50% reduction in Scope 1 & 2 GHG emissions, from a 2022 baseline Achieved 8% reduction in Scope 1 & 2 GHG emissions, from a 2019 baseline 109 thousand tonnes GHG emissions 6.39 GHG emissions intensity Achieved 17% reduction in Scope 3 GHG emissions intensity, from a 2019 baseline Target 45% reduction in Scope 3 GHG emissions intensity, from a 2022 baseline Sustainability at Vestas – Strategic sustainability highlights 2025 Our decarbonisation journey Stage 1: 2019 – 2024 100% renewable electricity in our operations 5 out of 14 factory heating systems transitioned to renewable fuel 26% service vehicles and 92% benefit cars in use or on order transitioned to renewable fuel Stage 2: 2025 – 2030 Transition service vehicles, vessels, and aviation to renewable fuels Transition to renewable fuels across onshore construction Continue the transition of factory energy consumption to renewable fuels Stage 1: 2019 – 2024 Improved wind turbine capacity factor and increased wind turbine lifetime. Less material required per MWh produced Developing a supply chain for low emission steel and delivering the first projects with significant GHG reductions Stage 2: 2025 – 2030 Integrate low emissions materials to drive down turbine emissions intensity Collaborate with suppliers to reduce emissions from transport Our supply chain Scope 3 Kilogrammes CO 2 e/MWh generated Our own operations Scope 1&2 Thousand tonnes CO 2 e Climate transition – stage 1 Since setting our original targets in 2020, we have made significant progress on decarbonising our value chain. Between 2019 and 2024, we reduced combined Scope 1 and 2 GHG emissions by 8 percent, despite undergoing significant structural change with the acquisition of MHI Vestas Offshore Wind in 2020. We achieved this by sourcing 100 percent renewable electricity across our premises, among several other initiatives. In fact, had we maintained our original target scope without including the offshore business, we would have achieved a reduction of approximately 44 percent in 2024 compared to 2019 in Scope 1 and 2 total. Over the same period, including offshore, we also achieved a 17 percent reduction in Scope 3 emissions intensity (kg CO 2 e/MWh), driven by, among other factors, improved product performance. Climate transition – stage 2 During 2025, in line with the SBTi five-year review cycle, we revised our targets and submitted them to SBTi for validation. Our new targets are to: • Reduce GHG emissions in our own operations by 50 percent by 2030, from a 2022 baseline, without using carbon offsets. • Reduce GHG emissions from our supply chain by 45 percent per MWh generated by 2030, from a 2022 baseline. 1 2025 marks the beginning of the second stage of Vestas’ climate transition journey. Reaching these targets will be challenging, as it requires broader industry uptake of emerging technologies such as renewable shipping fuels. To progress, we will collaborate closely with customers and suppliers, focusing especially on reducing Offshore service emissions and lowering the footprint of high- impact materials such as steel. 1 Vestas has a Scope 3 SBTI-validated target to reduce GHG emissions from our supply chain by 66.33 percent per MWh generated by 2035, from a 2022 baseline. * Emission targets towards 2030 are estimates. Targets are revisited regularly to consider actual performance and forecast business growth. ** Scope 3 emissions intensity data for 2019-2024 reflect our previous methodology. See numbers in our Annual Report 2024 and Sustainability Report 2023. Recalculated data for 2022-2024 following the methodology change in 2025 can be found on page 9. *** GHG emissions intensity increased during 2025, largely driven by the normalised levels of blade production, following lower levels in 2024. 62Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements M a t e r i a l r e c o v e r y O p e r a t i o n a l c i r c u l a r i t y D e s i g n f o r c i r c u l a r i t y Zero-waste wind turbines by 2040 Baseline 52% 2020 69% 2025 Target 94% 2030 Target 100% 2040 Baseline 14% 2020 32% 2025 Target 55% 2030 Target 75% 2040 Repair and refurbish components Refurbished components utilisation rate Increase waste recycling Recycled or reused (own operations) Baseline 41% 2020 88% 2024 94% 2025 Target 100% 2030 Improve rotor recyclability Recyclability rate of hub and blade E5 Circularity highlights Produce zero-waste wind turbines by 2040 The Circularity Roadmap guides 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. Our Circularity Roadmap is structured around three main pillars: Design for circularity, Operational circularity, and Material recovery. In 2025, we drove progress towards our targets across these areas. We advanced the development of our innovative recycling technology for epoxy-based blades, achieved a recyclability rate of hub and blade of 94 percent (see page 64 for more details), and recycled 109 blades from repowering projects in the USA. We also increased the number of refurbished components installed but saw a decrease in our refurbished component utilisation rate to 32.1 percent (2024: 34.5 percent), because our service activities grew faster than the number of refurbished components installed. In parallel, we improved waste recycling across our operations through enhanced material handling and process optimisation, reaching a recycling rate of 69 percent (2024: 68 percent) in our own operations. For more information related to E5, see pages 95-98. Highlights 2025 Scaling our Blade Circularity Solution Test bed built for processing large composite samples. Blade take-back programme initiated Enabling redeployment of refurbished blades within Service Operations. Improved waste recycling rate Through enhanced material handling and process optimisation. Circularity roadmap 69% Sustainability at Vestas – Strategic sustainability highlights 2025 63Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Resin Metal Foam Blade Circularity Technology enables recycling of all epoxy-infused blades, both for legacy and current models. ↑ In 2023, Vestas and its partners in the CETEC consortium announced a novel blade circularity solution based on the solvolysis of epoxy resin. This solution enables epoxy-infused blades to be recycled in a circular fashion, allowing the reclamation of composite materials in the blades. Because this blade circularity solution works for existing epoxy-infused blades, Vestas has entered a partnership with Stena Recycling and started the process of industrialising a circular recycling pathway for blades. Wind turbine approaching end-of-life Turbine decommissioning or repowering Material segregation Composite material separated into epoxy fragments and fibers Materials used for wind turbine manufacturing Blade production Production of turbine blades with recycled content Wind turbine with recycled content Turbines producing renewable energy for decades The Blade Circularity solution Through the Circular Economy for Thermoset Epoxy Composites (CETEC) initiative, we co-developed the innovation of a chemical process capable of breaking down epoxy infusion resin, enabling the recovery and reuse of blade materials. This solution allows for the recycling of existing blades without introducing the technical risks associated with new blade materials, and without requiring extreme heat or pressure. In 2025, we continued our work with scaling up the blade circularity solution in close collaboration with our partner, Stena Recycling. A testbed for processing large composite material samples was constructed at Stena Recycling’s lab facility in Sweden. While work remains before the solution can be deployed across the wider wind industry and beyond, we are making important progress in addressing one of the sector’s most persistent end-of-life challenges. Carbon fibers Glass fibers Other Materials for other use Sustainability at Vestas – Strategic sustainability highlights 2025 64Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S1+S2+S3 Social highlights Our ambition is to be the safest, most inclusive, and socially responsible company in our industry. We are committed to ensuring everyone can work and thrive in a safe and inclusive environment, where leadership fosters safety. By holding ourselves accountable for the social impact of our operations and supply chain, we aim to meet expectations in terms of what responsible business looks like. Strengthening the safety culture at Vestas We are committed to achieving a Total Recordable Injury Rate (TRIR) below 1.0 by 2030. By the end of 2025, we enhanced the accuracy of our working-hour calculations, which led to restated figures. Our 2025 TRIR remained at 2.7, reflecting a stabilisation in performance compared with 2024. We are behind on our performance related to our 2025 target of 2.4, but stronger focus on high-risk events led to a steady reduction in incident severity during the year. We have introduced a focused safety roadmap that incorporates targeted interventions to address high-risk activities, frontline leadership training, and improved digital tools. For further details, see the Safety Roadmap on page 66. Embedding inclusion in leadership and culture We are strengthening inclusion in leadership and culture to ensure fair opportunities and diverse voices in decision-making. Our focus is on strengthening female leadership representation 1 by growing our talent pipeline and providing Inclusive Leadership training. In 2025, we amplified this work externally through the ‘Vestas Looks Like Me’ campaign. Human Rights transparency strengthened through mapping of EU Critical Raw materials In 2025, we strengthened our human rights due diligence by completing a cross-functional initiative to map the presence of EU Critical Raw Materials in our components. This work supports us in enhancing transparency and helps identify potential human rights risks in our value chain. For more information related to S1, S2 and S3, see pages 101, 108 and 111 respectively. Highlights 2025 Safety roadmap outlined A stepwise plan for enhancing safety towards 2030 is in place. Women in leadership at target level By the end of 2025, women accounted for 25 percent of corporate leadership positions, meeting our target for the year. Mapping of EU Critical Raw materials finalised The mapping will support human-risk mitigation and responsible-sourcing strategies. Sustainability at Vestas – Strategic sustainability highlights 2025 1 See note 1 on page 104 regarding the diversity targets 65Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Our Safety Roadmap Safety is core to how Vestas designs, manufactures, builds, and services wind energy solutions. After a period of plateaued performance, in 2025 we initiated a significant refresh of our Health & Safety approach to better support a growing, high-risk, global operation. This evolution is clearly mapped into four phases towards 2030. Shifting from regionally variable practices to a standardised, resilient, and learning-driven global safety system In 2025, our transformation began with strengthening our foundations: clearer roles and accountability, a reinforced risk and critical-controls framework, and improved digital tools and data visibility. These actions create a stable foundation for leaders to make informed, risk-based decisions and ensure that essential controls are consistently applied. Building on this, we will be shifting in 2026 to maturing our organisational learning capability, enhancing the quality of incident learning, improving how we proactively tackle HSE risks, and strengthening frontline operational capability through clearer standards, structured training and coaching. A key focus of HSE evolution is building resilience and standardising our HSE Management System, improving assurance of critical controls, and reducing dependence on local practices or individual interpreta- tions, building a one Vestas way for tackling Safety. This strengthens a unified culture across geographies and the way we work together. Finally, recognising that safety outcomes depend on everyone involved in our work, we are also extending these expectations across our value chain. We are embedding stronger HSE requirements into procurement, supplier onboarding, and contractor management to ensure aligned behaviours and controls wherever Vestas operates. Our direction is well-defined. With a structured roadmap, we aim to strengthen our HSE foundation and build a strong safety culture to achieve our 2030 targets. 2025 2027 Strengthened HSE foundations with strong leadership commitment Embedded our risk framework and risk controls in the HSE management system, supported by visible leadership engagement and digitalisation to improve data quality and controls. Maturing our HSE system resilience Increase system resilience with focus on accountability, assurance, and critical controls. Capacity building across our value chain Extend safety excellence beyond our operations, embedding robust HSE practices and behaviors across the full value chain. 2028 Strengthening learning structures and operational capability Building stronger learning mechanisms, improving critical controls framework, and reinforcing leadership accountability. 2026 2030 Safety performance plateaued TRIR below 1.0. Strong safety culture and HSE management system. 66Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Sustainability at Vestas – Strategic sustainability highlights 2025 Trusted Partner In The Energy Transition Policy leadership Customers Business conduct Investors Society Cyber resilience Energy transition highlights Leading the energy transition by scaling wind responsibly and remaining a trusted partner A sustainable and resilient energy transition How we create a strong foundation to be a trusted partner for our customers, investors, and society with focus on policy leadership, business conduct and cyber resilience is demonstrated below and in G1 and Cyber security section. Political engagement Volatile fossil fuel prices and geopolitical risks have further underscored the need for energy solutions that are not only clean but also affordable and secure. In 2025, we increasingly engaged in policy dialogues on energy security, while advocating for improved market conditions overall, to drive the energy transition forward. Anti-corruption and bribery In 2025, we strengthened our supplier due diligence process through automation, ensuring a stronger level of control and data quality. We also increased anti-corruption and bribery awareness across Vestas through multiple Compliance Week initiatives. Cyber security We enhanced our cyber risk management strategy and risk management while shaping cyber legislation and standards across our markets, to safeguard operations, intellectual property, and critical infrastructure. For more information related to G1 and Cyber security see page 114 and 118. G1 + Cyber security (secure energy) Highlights 2025 Political engagement to execute on wind energy’s value propositions Amid rising geopolitical fragmentation, we exercised thought leadership for how wind energy contributes to global and European energy security. Strengthening governance via compliance Supplier due diligence strengthened through automation. Strengthening Vestas cyber resilience Progressed on implementing our Cyber risk management strategy by risk mitigating efforts. 67Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Sustainability at Vestas – Strategic sustainability highlights 2025 SBM-1 The value chain that supports our business model Components and assembly External developer Project development Manufacturing of wind turbines Operations & maintenance Decommissioning Waste and end of life Recycling of components TransportRaw materials Refiners and smelters Construction Customers/Asset managers At the core of our business model are Onshore, Offshore, Development, and Service. The following outlines the additional steps that are integral to Vestas’ value chain. The main features of the upstream value chain are related to suppliers of raw materials and wind turbine components, project developers and transportation companies. The main features in the downstream value chain are related to selling wind power plants and providing service to customers and asset managers. Inputs Key inputs to Vestas’ value chain include raw materials, capital employed, energy and employee working hours. Vestas utilises these raw materials and components for manufacturing of wind turbines and related service to our primary downstream stakeholders, customers and asset managers. Inputs are sourced through business relationships within the supply chain and own operations, encompassing both our in- ternal workforce and external contractors. Development and procurement are primarily managed through improvement initiatives, contractual agreements and risk mitigation frame- works. The main upstream business actors include suppliers of raw materials and wind turbine components, project devel- opers and transportation providers. These activities form the core of Vestas’ operations and products. Our position in the value chain is defined as “Own operations”. Key outputs and value creation The key outputs of our value chain are wind turbines installed and serviced. The benefits we generate for our employees, investors, customers, and other stakeholders comprises, are among other things, salaries, shareholder returns, safety and GHG emission avoidance and reduction. Critical contributors to this value creation include our employees, customers, and partners involved in transportation, decommissioning, recycling, and waste management.  Upstream  Own operations  Downstream Vestas Annual Report 2025 68 Sustainability at Vestas Our business Sustainability statement Financial statements Auditor and management statements I m p a c t m a t e ri a l i t y Double materiality Environment Social Governance F i n a n c i al m a t e r i a li t y In our 2025 double materiality assessment, we identified 16 sustainability matters as material to Vestas. SBM-3 Vestas’ Double Materiality Assessment (DMA) is reviewed annually by Group Sustainability in accordance with ESRS requirements to ensure that our reporting scope remains relevant. While the DMA process itself remains unchanged from the previous reporting period, the rating was supported with more relevant and useful data in 2025, which resulted in shifts in the identification of material impacts, risks and opportunities. The changes in material topics compared to previous reporting period included the removal of ‘Water consumption’, ‘Corporate culture’, ‘Protection of whistle-blowers’ and the entity-specific disclosure on ‘Transparent Tax’. The current material sub-topics are presented in the illustration to the right, with material impacts to the left, double- material impacts in the middle and material risks and opportunities on the right hand side. The more specific impacts, risks and opportunities (IROs) that were identified through the DMA are presented in tables on the following pages. Further elaboration on each material topic can be found in the topic-specific disclosures. All identified IROs are reported in accordance with the European Sustainability Reporting Standards (ESRS) disclosure requirements. Topics identified as having double materiality, as well as those deemed financially material, are being integrated into Vestas´ Enterprise Risk Management (ERM) programme. See page 78 for more information. Energy Biodiversity Resource inflows Waste Equal treatment and opportunities for all Communities’ economic, social and cultural rights Particular rights of indigenous peoples Working conditions – own workforce Working conditions – workers in the value chain Other work-related rights – workers in the value chain Political engagement Cyber security Climate change mitigation Resource outflows Climate change adaptation Corruption and bribery Result of the double materiality assessment Vestas Annual Report 2025 69 Sustainability at Vestas Our business Sustainability statement Financial statements Auditor and management statements → Material impacts, risks, and opportunities → Double materiality assessment process → Sustainability risk management → Sustainability governance → Policy overview → Basis for preparation Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 70 General information Material impacts, risks, and opportunities SBM-3 This section provides an overview of our material impacts, risk and opportunities; our methodology for identifying and addressing material topics, and our approach to risk management and governance structures that support oversight of these areas. A summary of the material impacts, risks, and opportunities (IROs) identified in Vestas’ DMA are presented in the tables below. The left-hand side describes how negative and positive impacts affect, or may affect, people and the environment, while the right-hand side outlines the risks and opportunities considered financially material. The overview offers brief descriptions of each IRO at sub-and sub-sub topic level and their positions in the value chain. More information on the nature of impact, whether Vestas is involved through its activities or through its business relationships, as well as relevant policies, actions, metrics and targets, can be found in this Sustianability statement under the respective topical sections to which these IROs are assigned. Sub-topic Impacts on people and environment Financial risks or opportunities Name and description Value chain Name and description Value chain Double materiality Climate change mitigation Scope 1, 2, & 3 GHG emissions (actual) The GHG emissions from Vestas’ own operations and value chain have a negative impact on the global climate and environment. Entire value chain Low-emission materials (entity-specific) Offering low emission materials improves our value proposition and presents a financial opportunity. Downstream Catalysing sustainable development (entity-specific, actual) Instigating sustainable development by providing more sustainable solutions, such as low-emission steel, has a positive impact on the climate transition. Entire value chain Enabling the green transition (entity-specific, actual) As a global partner partner on sustainable energy solutions, Vestas enables companies and society to reduce their emissions through access to renewable energy, which has a positive impact on the global climate and environment. Downstream Growth rate of the wind industry (entity-specific) The projected growth rate of the wind industry presents a financial opportunity that Vestas is well positioned to take advantage of. Downstream Impact materiality Energy consumption Energy consumption (actual) Fossil energy consumed during manufacturing, construction, and service of turbines has a negative impact on the global climate and environment. Own operations Energy consumption-related risks and opportunities scored as immaterial N/A Financial materiality Climate change adaptation Climate change adaptation impacts scored as immaterial. N/A   Carbon taxes and tariffs High carbon taxes and tariffs increase the price of GHG intense materials such as steel, increasing the overall cost to produce wind turbines. Own operations E1 Climate Change Impact materiality   Positive   Negative Financial materiality   Opportunity   Risk Vestas Annual Report 2025 71 Our business Sustainability statement Financial statements Auditor and management statements General information Sub-topic Impacts on people and environment Financial risks or opportunities Name and description Value chain Name and description Value chain Impact materiality Direct impact on biodiversity loss Climate change impact on biodiversity (actual) The GHG emissions originating in our supply chain from the extraction, production and transportation of raw materials and products have a negative impact on biodiversity and ecosystems Upstream Biodiversity-related risks and opportunities scored as immaterial N/A E4 Biodiversity and ecosystems Impact materiality   Positive   Negative Financial materiality   Opportunity   Risk Sub-topic Impacts on people and environment Financial risks or opportunities Name and description Value chain Name and description Value chain Double materiality Resource outflows related to production and services Non-recyclable materials (actual) Non-recyclable materials in turbines might be landfilled or incinerated and increase the need for virgin materials, which has a negative impact on the environment. Downstream Recyclable blades Offering blade circularity solutions improves our value proposition and presents a financial opportunity. Downstream Impact materiality Resource inflows including usage Raw materials required for turbines (actual) Extraction and production of metals and other raw materials has a negative impact on the climate and environment. Upstream Resource inflow-related risks and opportunities scored as immaterial N/A Waste Waste generation (actual) Waste generated in our own operations has a negative impact on the environment. Own operations Waste-related risks and opportunities scored as immaterial. N/A E5 Circular economy and resource use Vestas Annual Report 2025 72 Our business Sustainability statement Financial statements Auditor and management statements General information – Material impacts, risks, and opportunities Sub-topic Impacts on people and environment Financial risks or opportunities Name and description Value chain Name and description Value chain Double materiality Working conditions of own workforce Health and safety incidents of own workforce (actual) The negative impact related to health and safety incidents. Own operations   Cost implication of injuries in own workforce Potential injuries leading to delays, lost work hours and compensation costs pose a financial risk. Own operations Secure employment (actual) The high share of permanent contracts and stable market position provides a secure and predictable work environment for employees. Own operations Secure employment-related risks and opportunities scored as immaterial. N/A Impact materiality Equal treatment and opportunities for all Diversity (actual) A global workforce and inclusive culture enabling engagement, innovation, and performance has a positive impact on employees. Own operations Diversity-related risks and opportunities scored as immaterial. N/A Sub-topic Impacts on people and environment Financial risks or opportunities Name and description Value chain Name and description Value chain Double materiality Working conditions in the value chain Health and safety incidents of supply chain workers (actual) The negative impact related to health and safety incidents of workers in the upstream supply chain. Upstream Health and safety related risks related to incidents of supply chain workers scored as immaterial. N/A Health and safety incidents of contractors and sub-contractors (actual) The negative impact related to health and safety incidents of contractors, sub-contractors, and temporary workers working on Vestas sites in manufacturing, construction, and service. Own operations Cost implications of injuries to contractors and sub-contractors Potential injuries to value chain workers leading to delays, lost work hours and compensation costs pose a risk. Own operations Other work-related rights of workers in the value chain Child and forced labour (potential) Risk of forced and child labour in our supply chain. Upstream Fines related to forced or child labour Vestas’ global network of suppliers combined with the risk of fines related to child and forced labour constitute a potential risk. Upstream S1 Own Workforce S2 Workers in the value chain Impact materiality   Positive   Negative Financial materiality   Opportunity   Risk Vestas Annual Report 2025 73 Our business Sustainability statement Financial statements Auditor and management statements General information – Material impacts, risks, and opportunities Sub-topic Impacts on people and environment Financial risks or opportunities Name and description Value chain Name and description Value chain Impact materiality Communities’ economic, social and cultural rights Land-related impacts (potential) Land-use restrictions during wind farm construction leading to a temporary negative impact in the form of physical and economic displacement (e.g income losses) of local communities. Own operations Affected communities-related risks and opportunities scored as immaterial. N/A Particular rights of indigenous peoples Impacts on the right to free, prior, and informed consent (potential) Failure to respect indigenous peoples right to own, control and use their lands in development, construction and operation of wind farms is a negative impact. Own operations S3 Affected communities Sub-topic Impacts on people and environment Financial risks or opportunities Name and description Value chain Name and description Value chain Double materiality Political engagement Political engagement contributing to the green transition (actual) Positive impact on the energy transition through political advocacy and top line messaging supporting policies and regulations aligned with the Paris Agreement. Own operations Insufficient market conditions Inadequate grid expansion, ineffective auction design and permit delays could increase costs, hinder investments, and reduce the viability of wind deployment. Downstream Cyber security Cyber security incidents (entity-specific, potential) Cyber attacks on wind farm infrastructure might cause power outages and increase in electricity prices, negatively impacting society and people Downstream Cyber security risks Cyber attacks might disrupt business operations, expose intellectual property, or cause legal liability. Own operations Financial materiality Corruption and bribery Corruption and bribery related impacts scored as immaterial. N/A Risk of corruption and bribery Vestas’ global presence presents an increased risk of exposure to corruption and bribery. Own operations G1 Business Conduct Impact materiality   Positive   Negative Financial materiality   Opportunity   Risk Vestas Annual Report 2025 74 Our business Sustainability statement Financial statements Auditor and management statements General information – Material impacts, risks, and opportunities Double materiality assessment process SBM-2 Interests and views of stakeholders At Vestas, we value the concerns and ongoing dialogue with our stakeholders. The Vestas stakeholder engagement process is detailed below, with examples of input and how stakeholders’ interests relate to our strategy in the table on the right. Stakeholder engagement is central to Vestas’ Double Materiality Assessment (DMA) and due diligence. Stakeholder input is integrated early in the annual evaluation of ESRS topics to ensure meaningful and consistent engagement. Our stakeholder engagement focuses on obtaining information regarding interests, views, and rights of people in our own workforce (S1), value chain workers (S2) and affected commu- nities (S3), but it also contains insights from other key stake- holders such as investors, customers, and environmental experts, see outcome in table to the right. This table to the right represents the outcome of our stake- holder engagement. The interests raised largely correspond to topics in which Vestas proactively engages, including recycling solutions, community engagement, and the protection of human rights within the supply chain. No additional changes to our strategy or business model have been considered necessary or are currently planned in response to feedback from affected stakeholders. IRO-1 , IRO-2 This section outlines the process by which climate change, circularity, health and safety, child labour, political engagement and cyber security were identified as key topics representing overarching adverse impacts across Vestas’ value chain. Key stakeholders How we engage Key topics raised (positive) Key topics raised (Negative) Relation to strategy and business model Customers Via customer survey including sustainability areas, and interviews are conducted to inform our DMA process when relevant. Low-emission steel, recycling of blades and Vestas’ contribution towards mutual decarbonisation targets. Biodiversity impact, social due diligence, anti-bribery and corruption and assessments of human rights impact on project level. Positive key topics covered in E1 and E5 section, page 87 and 95 respectively. Negative key topics covered in E4, S2, S3, and G1 section. See page 93, 109 , 112, and 116, respectively. Suppliers Through our supplier engagement initiatives, and interviews are conducted to inform our DMA process when relevant. Design choices with positive impact; and contractual requirements driving improvements in working conditions. The design and domino effect of having to choose larger suppliers; infrastructure challenges due to larger components. Positive key topics covered in E5 and S2 section page 96 and 109 respectively. Negative key topics covered in "Mindset shift towards better, not bigger turbines", page 32. Civil society organisations In relevant networks, regular meetings and via our human rights impact assessment. Interviews are conducted to inform our DMA process when relevant. That we are engaged and participate in relevant networks; and organise regular meetings to discuss common interests. The responsibility and risk of negative impact on human rights in the supply chain, especially in mining. Positive key topics covered in S3 section, page 111. Negative key topics covered in S2 section, page 108. Affected communities During project execution, and interviews are conducted to inform our DMA process when relevant. Contribution to economic well- being and overall quality of life; providing job opportunity. Land-use change that can have impact on indigenous communities and their relationship with the land. Positive and negative key topics covered in S3 section, page 111. Environmental experts By collecting and assessing relevant research. Interviews are conducted to inform our DMA process when relevant. Land-use change, how offshore wind farms can have positive impacts on the state of fish species; acting as artificial reefs; reducing fishing activities. The impact on state of species and biodiversity loss connected to land-use change and the need for more data to keep up to speed with investors’ and shareholders’ expectations. Positive and negative key topics covered in E4 section, page 93. Investors, banks, and shareholders Via conference calls, roadshows, interim and annual reports. Interviews or questionnaires are conducted to inform our DMA process when relevant. A strong ESG profile with sustainability KPIs attached to financial mechanisms. Increasing interest in resource inflow, outflow and cyber security. Positive key topics covered in Vestas taxonomy disclosure, page 99. Negative key topics covered in E5 and G1 section, page 95 and 118 respectively. Employees Via an annual Employee Engagement Survey (EES). Workers representatives are part of the EES and engaged as per the Danish Companies Act section 118a. General sense of workplace acceptance and empowerment to speak up. More communication addressing various working conditions and diversity is needed. Positive and negative key topics covered in "Our people" and S1 section, page 10 and 103 respectively. Key stakeholder engagement and interests Vestas Annual Report 2025 75 General information Our business Sustainability statement Financial statements Auditor and management statements ESRS 2- SBM-2 Key groups of affected stakeholders According to ESRS, “own workforce”, “workers in the value chain” and “affected communities” are key groups of affected stakeholders. This section will therefore specify further how we capture the interests and views of these key stakeholders. S1-SBM-2, SBM-3 Own workforce The interests, views, and rights of our workforce are funda- mental to shaping our strategy and business model. We believe that a motivated and engaged workforce is pivotal to achieving our strategic objectives. Therefore, we actively engage with our employees through regular engagement surveys, town hall meetings, and focus groups to gather their insights on various aspects of our operations. This continuous feedback loop ensures that our strategic decisions are aligned with our workforce, fostering a culture of respect and collaboration. By integrating employee perspectives, we enhance job satis- faction, mitigate risks related to our own workforce, improve retention rates, and drive innovation. Respect for human rights is a foundational element of our strategic framework. We ensure that our business practices are based on fair wages, safe working conditions, and non- discriminatory policies. We regularly assess whether our busi- ness operations create, exacerbates, or mitigates significant material impacts on employees supported by our HSE man- agemnet system, incident database and other people related platforms. Based on these assessments, we adapt our strate- gies to address any identified risks or challenges. S2-SBM-2 Workers in the value chain As a wind turbine manufacturer working with suppliers globally, our responsibility towards people in the workforce extends beyond our own operations. We recognise the importance of understanding and addressing the interests of the value chain workers, ensuring respect for human rights throughout our supply chain. To this end, we have a supplier due diligence process to ensure our suppliers comply with Vestas’ Supplier Code of Conduct, which sets out our requirements for labour standards and human rights. Currently, insights into the general views and interests of workers within our value chain are gathered through our regular, Company-Wide Human Rights Assessment. We are assessing the possibility of implementing a process of engagement with workers specifically from our supply chain to extend the feed- back beyond the more general insights. When it comes to spe- cific concerns and complaints, the non-Vestas workforce can, just as Vestas’ own employees, utilise the EthicsLine platform. S3 SBM-2, S3-4 Affected communities Vestas is committed to building resilient relationships with communities affected by our operations, and we prioritise working with all stakeholders to achieve this. To ensure that the views, interests, and rights of potentially affected communities are discussed and taken into considera- tion in wind power projects we are involved in, we proactively engage with communities across our operations. This helps us understand, prevent, and mitigate any potential adverse impacts and to further drive positive impacts on affected communities. The ‘Social’ pillar of our sustainability strategy – aiming at making us the safest, most inclusive, and socially responsible company in the energy industry – reflects our commitment to integrating human rights into everything we do. IRO-1, IRO-2 Identifying and assessing material impacts, risks, and opportunities In 2025, the DMA process was conducted following the same methodology and sequence of steps as in the previous reporting year including: identification and assessment of impact, financial risk and opportunity assessment, controlling of sup- porting evidence, validation involving key stakeholders and the DMA assurance. Identification and assessment of impact Identification included a review of all AR 16 topics and sub-topics specified in ESRS 1, including insights from our key stakeholders, see page 75. Every impact was revisited, to determine whether any changes occurred in the nature of the impact, and reassessed to ensure the severity and likelihood scoring is up to date. Impacts are priotised based on severity, determined by scale, scope and irremediability (for negative impacts) and likelihood (for potential impacts). The threshold setting for material impacts and the time horizons are aligned with ESRS.Aligned with our value chain overview, the Double Materiality Assessment (DMA) process maps impacts associated with core activities across the entire value chain. In the upstream segment, this includes the extraction of raw materials, refining and smelting processes, and transportation. Within Vestas’ own operations, key activities encompass project development, construction, manufacturing, and service delivery. The downstream value chain primarily involves activi- ties within our customers’ scope, including social due diligence, decommissioning, and end-of-life solutions. This includes aspects related to business relationships, geographies or other factors that give rise to heightened risk of adverse impacts. For more information related to assumptions used for the assessment of climate change (E1-IRO-1), biodiversity (E4- IRO-1) and resource use and circular economy (E5-IRO-1) please see “Methodology and assumptions applied when identifying IROs” section. Financial risk and opportunity assessment During 2025 we have also revisited all the financial risk and opportunity assessments conducted during the previous reporting period. Each topic was reassessed based on estimates and assumptions, managed by ESG Reporting in Finance and backed by interviews with subject matter experts, online reports, benchmarking studies, and internal and external statistics. The financial materiality criteria are consistent with the DMA methodology applied in the previous reporting period, including short, medium and long-term time frames and ranges for likeli- hood and nature of financial impacts plotted on a scale from 1-5 (similar to impacts). Rating for likelihood and financial impact was assessed for each time frame and topic, resulting in an expected trendline for each risk and opportunity. The financial impact threshold for sustainability-related risks is consistent with the previous year to ensure that relevant topics are included and prioritised on par with other Vestas- specific topics, even though ERM increased its general thresh- old for financial materiality in 2025. Consequently, all relevant sustainability-related topics remain integrated into the over- arching ERM programme and associated decision-making process. For further detail on how sustainability-related op- portunities are embedded in our broader management approach, see the “Strategic resilience” section page 78. Most of the topics assessed for financial materiality are derived from the underlying material impacts enabling the identification of financially material sub-sub-topics and sup- porting an integrated view of the interlinked risks and oppor- tunities from a double materiality perspective. Vestas’ depend- encies on social and natural resources were assessed through key inputs such as workforce and raw materials in relation to current and future market conditions. These dependencies are further examined in our strategic resilience analysis (see “Strategy resilience”, page 78). Validation and approval The final result of the DMA was presented to relevant man- agement to capture insights and ensure full alignment before being audited by our assurance provider and presented to the Audit Committee for endorsement and the Board of Directors for final approval. Controlling of data points Following the identification of material topics, corresponding material data points at the sub-sub-topic level are selected using the EFRAG data point list. These are assessed in accord- ance with the ESRS decision tree to determine which disclosures to include. Each data point is evaluated for its materiality, legislative relevance and its role in ensuring a fair and balanced representation of Vestas’ sustainability performance. For a complete overview of the datapoints covered in this Sustaina- bility Statement, see “Additional information”, including the “Content index of ESRS disclosure requirements” (page 122) and the “List of data points that derive from other EU legislation” (page 124). Vestas Annual Report 2025 76 General information Our business Sustainability statement Financial statements Auditor and management statements General information – Double materiality assessment process IRO-1 Methodologies and assumptions applied when identifying IROs In the following, we describe our methodologies, assumptions and input parameters used to identify, assess, and manage material impacts, risks, and opportunities in alignment with the requirements of the European Sustainability Reporting Standards (ESRS). E1-IRO-1 Climate-related impacts, risks, and opportunities Impacts, risks, and opportunities (IROs) related to climate change mitigation and adaptation are identified based on the global environmental mapping and our climate scenario analysis and are assessed by internal subject matter experts. The climate scenario analysis is an annual recurring process, conducted in the first half of the year, covering both physical and transitional climate-related IROs. The scenario analysis follows best-practice international standards like the Task Force on Climate-related Financial Disclosures (TCFD), using third-party software and involving both internal and external subject matter experts. The analysis of physical climate risks covers a range of chronic and acute climate-related hazards in line with the EU Taxon- omy. Hazards deemed irrelevant to Vestas’ business operations are excluded. Relevant climate metrics are projected across future-looking scenarios and time horizons. Physical risks are assessed at the site level for our manufacturing facilities, warehouses, and critical suppliers using geospatial coordinates, and at the national level for construction and service sites. For new development projects, detailed desktop analysis, including assessment of site-specific climate metrics, is con- ducted in the initial planning phase. Changes in specific climate variables are assessed using three of IPCC’s Shared Socioeconomic Pathways (SSP); SSP126, SSP245, and SSP585. SSP126 is an aggressive mitigation scenario, where consumption is focused on minimising mate- rial resources and energy usages, and net-zero is reached after 2050. SSP245 is a ‘middle-of-the-road’ scenario, where emissions remain around current levels until mid-century from where they decline towards 2100. SSP585 is a high-emission, worst-case scenario, where fossil-fuel development and dependence continue throughout the 21st century. The key drivers of these scenarios are relevant to Vestas, as they give an indication of the political development and the growth of renewable versus fossil energy sources across different time horizons. The scenarios used to assess physical risks allow estimation of the potential for significant impair- ment damages to assets in our manufacturing facilities that significantly contribute to property, plant and equipment as presented in note 3.2 in the financial statements. The scenarios are assessed across three different time horizons: short-term 2030 (2021-2040), mid-term 2050 (2041-2060), and long-term 2070 (2061-2080). The time horizons are different from those in the ESRS. Although the risk of drastic environmental changes is most significant in the long-term, the average lifetime of our assets, our strategic planning horizon, and our capital allocation plans do not stretch beyond the medium term. Therefore, assessing physical risks in the short and medium term is most strategi- cally relevant. The materiality of both acute and chronic physical risks is determined using a consequence/likelihood scale, based on their potential impact on Vestas’ operations and assets. The analysis of transitional climate risks covers Vestas at entity level, our supply chain, and key stakeholders, such as customers and investors. No transition risks are excluded from the analysis. Transition climate risks and opportunities are identified through literature review and engagement of internal and ex- ternal subject matter experts. A list of sector-specific risks on policy, technology, market and reputation are identified along- side a list of sector-specific opportunities related to resource efficiency, energy sources, products and service, and markets. No assets or business activities are considered incompatible with the transition to a climate-neutral economy. Afterwards, these risks and opportunities are ranked based on their potential impact on Vestas using a consequence/like- lihood scale. The assessment of the potential impact of the most material transition risks and opportunities is based on two different scenarios and assessed across three different time horizons; short term (one-five years), medium term (five-10 years), and long term (10-30 years). The scenarios used are the International Energy Agency’s Net Zero Emissions by 2050, representing a climate scenario in line with limiting global warming to 1.5°C, and the Stated Pol- icy Scenario, representing a more conservative benchmark for the future, not taking for granted that governments will reach all stated goals and energy-related objectives. We recognise that assessing impacts, risks, and opportunities related to future climate patterns and political and market developments relies on assumptions such as levels of atmos- pheric GHG concentrations and technology advancement. We respect this degree of uncertainty in our evaluation of materiality. For results, actions, metrics, and targets related to climate change mitigation and adaptation, see pages 86-87. E2-IRO-1; IRO-2 Pollution-related impacts, risks, and opportunities Pollution-related IROs are identified based on the global environmental mapping and impact assessments developed in collaboration with third-party experts. The materiality of the IROs is evaluated by internal subject matter experts. We have not yet consulted affected communities in the assessment of pollution-related IROs. E2 Pollution is excluded from our scope of reporting, as we have not identified any material IROs related to pollution in our own operations, and we need to further refine our assess- ment of the impact in our upstream and downstream value chain with more robust data to corroborate our initial assess- ment of immateriality. We actively work to prevent pollution from materials and substances across Vestas’ business areas in line with the Vestas Prohibited and Restricted Substances Management document. E3-IRO-1 Water and marine resources related impacts, risks, and opportunities Water-related IROs are identified based on a global environ- mental mapping, impact assessments developed in collabora- tion with third-party experts, and through use of third-party software. The assessment covers our entire value chain. The materiality of the IROs is evaluated by internal subject matter experts. We have not yet consulted affected communities in the assessment of water-related IROs. E3 Water is excluded from our scope of reporting in 2025, as we have reevaluated the severity scoring of water consumption and consequently it no longer meets the materiality threshold. E4-IRO-1 Biodiversity and ecosystems related impacts, risks, and opportunities Our biodiversity and ecosystems-related IROs are identified based on a global environmental mapping, impact assess- ments developed in collaboration with third-party experts, and through use of third-party software. The assessment covers our entire value chain. The biodiversity impact assessment follows best practice in- ternational standards like the Task Force on Nature Related Financial Disclosures. It is aligned with our GHG boundaries and uses Life Cycle Impact Assessment (LCIA) results and transaction data to estimate potential midpoint environmental impact categories such as global warming and land use. The analysis of transition and physical biodiversity risks (in- cluding systemic risks) allows assessment of biodiversity risks across future scenarios and time horizons. See “Climate-related impacts, risks, and opportunities” for more information on the scenarios used in the analysis. No specific assessment criteria were applied in the analysis because of our material biodiver- sity impact. Through geospatial coordinates we map the proximity of our factories to biodiversity-sensitive areas such as Natura 2000. None of our facilities located near biodiversity-sensitive areas have been assessed to lead to material deterioration or distur- bance of natural habitats or the habitats of species. We analyse dependencies on biodiversity and ecosystems at the sector level (Electric Energy Production and Metals & Min- ing) using third-party software. The assessment includes eco- system services with risk of being disrupted and the analysis covers our entire value chain. To identify opportunities, we engage our Sales and Public Affairs organisations to understand how developing and offering bio- diversity solutions that support no net loss (NNL) or even a net positive impact (NPI) can provide a competitive advantage for Vestas in the future. Affected communities were not consulted or involved in the materiality assessment. We have not identified any material negative impacts on priority ecosystem services of relevance to affected communities. It has not been concluded that it is necessary to implement biodiversity mitigation measures. For more information about our approach to biodiversity, see pages 93-94. E5-IRO-1 Resource use and circular economy related impacts, risks, and opportunities Our circular economy and resource use related IROs are identi- fied by consulting internal subject matter experts, drawing on life cycle assessments (LCAs) of our products, and by analysing data from internal software platforms. We also consult external experts and stakeholders such as our customers but not affected communities. The assessment covers our entire value chain. Vestas conducts third-party ISO-reviewed LCAs of wind turbines Vestas Annual Report 2025 77 General information Our business Sustainability statement Financial statements Auditor and management statements General information – Double materiality assessment process to evaluate environmental performance from raw material ex- traction to end of life. Along with our new digital-twin platform that converts all financial transactions into quantified material inflows, this forms the foundation for our understanding of the environmental footprint with regards to resource inflows and outflows of our products. See pages 96-97 for more information. Data from Vestas’ manufacturing operations, reported via our waste management process, identifies all waste fractions and treatment methods relevant for own operations. G1-IRO-1 Business conduct related impacts, risks, and opportunities Vestas is committed to conducting business with integrity across all markets where we operate. Our strategy, built on a foundation of compliance, sets the tone and direction for fostering a strong culture of responsible business conduct. Business conduct related IROs are identified based on internal dialogues and interviews, data from internal software platforms and our global whistle-blower system, EthicsLine, our annual global compliance survey, assessments of lobbying activities and financial data from the Public Affairs department. S1, S2, S3- IRO-1 Own workforce, value- chain workers and community engagement related impacts, risks, and opportunities The main assessment of our impact on people is informed by our Employee survey, internal people data, our incident management system and the Corporate-Wide Human Rights Assessment (CW-HRA), a high-level due diligence process to identify and assess emerging human rights risks and impacts across our entire value chain. The CW-HRA enables us to identify salient risks, assess their severity and likelihood, and deter- mine appropriate mitigation actions. See “Statement on Due diligence” on page 121. Our CW-HRA involves consultations with external experts representing relevant rightsholders such as indigenous peoples, workers, and affected communities, Vestas’ senior manage- ment and internal subject matter experts, to ensure we under- stand how affected stakeholders are impacted and that we adhere to local as well as international expectations. SBM-3 Strategy resilience In 2025, we conducted an assessment of our strategic resilience, grounded in the methodologies and assumptions applied in our identification of IROs (see pages 77-78). This assessment also incorporated a structured dependency analysis on natural and social resources, with all evaluations considered from a short, medium, and long-term perspective as defined in ESRS 1. Our updated climate commitments, revised greenhouse gas reduction targets, and the next phase of our climate transition plan now demonstrate our capability to address material envi- ronmental IROs. On the social front, replacing our community beneficiary target with a social due diligence target reinforces our commitment to human rights and responsible business conduct. In addition, cyber security has been deemed to be of double materality and is recognised as a key enabler for advancing our ambition to lead the energy transition, complementing our focus on energy security as an essential component of resilient and sustainable energy systems. This integrated approach ensures that we address all material risks and opportunities across environmental and social dimen- sions in a cohesive manner. Looking ahead to 2026, we intend to enhance the strategic resilience assessment by refining our methodology. This will include integrating more advanced impact assessment tools, for example for biodiversity, strengthening the link to financial planning, and extending the analysis of medium- and long- term impacts, in full alignment with the requirements of the CSRD. Sustainability risk management GOV-2 , GOV-5 Integrating sustainability in the ERM Annual Reporting Wheel Our Enterprise Risk Management (ERM), Programme supports our sustainability reporting process. The aim of the ERM pro- gramme is to manage risks and support the fulfilment of our operational and strategic objectives, including sustainability. The features of the annual risk management and internal control system are aligned with the annual integrated reporting process. Material risks from the double materiality assessment (topics with with double or financial materiality) and other op- erational areas feed into periodic risk reviews and thereby also the annual information flow managed by the ERM, involving Vestas governance bodies. Corporate Strategy, Enterprise Risk Management and Group Sustainability work together to ensure that opportunities are identified, assessed and incorporated into the annual activity wheel. An annual evaluation of strategic response is carried in a timely manner to ensure that risks are managed and relevant opportunities pursued. Vestas’ governance bodies have in this way been informed about material risks and opportunities supported by the existing governance, information flow and structure of the Enterprise Risk Management (ERM) programme, catering for oversight and consideration to their potential impact on strategy, deci- sions or other trade-offs associated with sustainability matters. The structure of the ERM Annual Wheel is illustrated on page 50. The scope of risks stretches from all relevant areas in terms of strategic, financial, operational, and compliance risks, including material sustainability topics such as anti-corruption and bribery. In terms of risk prioritisation, we aim to enhance our metho- dologies for identifying, assessing, and managing risks. Our risk prioritisation methodology is based on an assessment of risk severity (based on likelihood and impact) and mitigation effi- ciency (evaluating the effectiveness of current mitigation actions). In 2025 the final discussion of prioritisation related to risks took place in a Risk Committee and the long-term emerging risks and opportunities were further aligned with Corporate Strategy. For a description of main risks identified and their mitigation strategies including related controls, see “Main risks” page 51. In 2025, the internal Vestas threshold for material financial impact within the ERM framework was significantly increased. However, to ensure a consistent approach, it was decided to maintain the existing lower financial threshold (as applied in 2024) for sustainability-related topics and, where feasible, align these topics with those already defined by the ERM framework. Internal controls In 2025, Vestas improved internal controls to support accuracy and completeness of data reported in the Sustainability state- ment, ensuring alignment with both qualitative and quantitative data point requirements under the ESRS. These controls are performed by functional teams and further supported by quar- terly controls in ESG reporting team at group level. We evolved our approach to consolidating, controlling, and reporting quantitative ESG data to ensure standardised accounting procedures. More resources were also allocated to improve the overall sustainability governance and reporting, including data collection processes, consolidation and internal controls. Respective functional area owners also develop, maintain, and ensure compliance with policies and procedures as well as local jurisdictional requirements, while central functional areas perform data aggregation and controls. From a third-party risk management perspective, Vestas maintains certifications in accordance with leading international standards, including ISO 9001 (Quality), ISO 14001 (Environ- ment), and ISO 45001 (Occupational Health and Safety). Vestas Annual Report 2025 78 General information Our business Sustainability statement Financial statements Auditor and management statements General information – Double materiality assessment process Audit Committee Technology & Manufacturing Committee Nomination & Compensation Committee Shareholders Board of Directors Executive Management team Group Sustainability Sustainability leads ESG Reporting Sustainability governance bodies 1 In the context of the ESRS, Vestas’ governance bodies (‘Administrative, Management, and Supervisory Bodies’) comprise the Board and the Executive Management Team. Our Rules and Procedure of the Board of Directors and Charter of the audit Committee provide further details on responsibilities in terms of reference and board mandates. GOV-1, GOV-2 Sustainability governance Key roles and responsibilities of Vestas’ governance bodies 1 The responsibilities of Vestas’ governance bodies in general are outlined in our steering documents. A high-level outline of responsibilities related to impacts, risks, and opportunities is pres ented below. The Board of Directors • Ensures that relevant sustainability and ESG matters are incorporated into purpose, governance, strategy, decisionmaking, risk management, and accountability reporting. • Ensures that the understanding of sustainability and ESG priorities are aligned throughout the organisation, and defined targets and metrics are identified and monitored. • Ensures that a sustainability governance structure is in place, with access to expertise and skills in sustainability matters. See "Evaluation of the Board’s work and composition", page 46, and "Management and Directorships", page 47 for more information. The Audit Committee • Oversees impacts, risks, and opportunities, including stakeholder issues, policies, targets, actions, resources, data collection, and controls. • Monitors the integrated reporting process, including quality control, risk management, key accounting policies, and assurance. • Monitors compliance with applicable regulation (including review of Corporate Governance and Remuneration Report) and due diligence processes. Technology and Manufacturing Committee • Monitors and evaluates sustainability topics in our own operations and supply chain, such as GHG emissions, waste, and safety. • Monitors and evaluates the short- and long-term manufacturing footprint and production setup enabling corporate and sustainability strategies. • Reviews regulatory reports such as the Corporate Governance report. Nomination & Compensation Committee • Monitors the implementation of our sustainability strategy in relation to human resources. • Reviews the statutory reporting on Diversity and the Underrepresented Gender, Corporate Governance, and Remuneration. • Reviews the qualifications of the members of the Board and our Remuneration Policy. A review of the Board’s work in 2025 is available in the Corpo- rate Governance Report 2025. Executive Management Team • The Executive Management Team: Reviews relevant material before being presented to the Board. • Chief Sales Officer (CSO): Defines the sustainability strategy and oversees its implementation, including performance and monitoring of impacts, risks, and opportunities (managed by Group Sustainability that resides within CSO). • Chief Financial Officer (CFO): Responsible for compliant reporting, internal controls, and assurance procedures around ESG quantitative data. Internal functions • Group Sustainability: Develops the sustainability strategy and drives execution on a practical level, in close collaboration with relevant functional areas. This includes target setting on functional and regional level as well as reporting on progress. Reports to the CEO monthly and the Executive Management Team several times a year. Reports frequently to the Audit Committee and Technology & Manufacturing Committee, including the Board at least once a year. Group Sustainablity is responsible for qualitative compliance in collabo ration with subject matter experts (SMEs) and assurance providers. The SMEs engaged in compliance possess and leverage sustainablity-related expertise within each material impact, including climate change mitigation, circularity, and human rights. • ESG Reporting: Responsible for quantitative compliance including accounting policies, data consolidation, controlling, and assurance. Also responsible for identification and assessment of financial risk and opportunities supporting double materiality assessment. • Functional area sustainability leads: Define action plans related to priority projects and allocate resources to support the achievement of sustainability goals and targets within their business area. How the governance bodies are informed about sustainability matters During the year, our governance bodies are informed about sustainability matters in the following reporting lines: • The CFO gives an update on sustainability matters to the Audit Committee and the Board every quarter. • The Vice President of Sustainability reports to the Audit Committee on performance on selected metrics relevant to key targets in the Sustainability strategy on a quarterly basis. • The status of the due diligence framework is embedded in the Enterprise Risk Management risk cards, consolidated for the Audit Committee and the Board of Directors twice a year. • Reviews of the effectiveness of our policies are distributed within Audit Committee meetings throughout the year. • Key sustainability related targets are evaluated annually by all governance bodies via dedicated KPI and Annual Report reviews . • The material impacts, risks, and opportunities are presented to all governance bodies annually by the Vice President of Sustainability. Sustainability topics raised in 2025 During 2025, the Board and Audit Committee were updated on CSRD in general, and more specifically the scope of reporting compared to previous reporting period, implications, and the governance structure supporting the oversight of material im- pacts, risks, and opportunities. Additionally, the Board and the Audit Committee received sev- eral updates during the year such as; status on sustainability performance indicators (CO 2 and waste), safety and the total recordable injury rate. These are regular updates aligned with our annual reporting wheel, including the Interim Report for each quarter (including key sustainability figures) and policy reviews. The annual review revealed that only the parent company’s Diversity, Equity, Inclusion and Belonging (DEIB) Policy needed an update. The update related to the new Danish Gender Balance Act, ref, the implementation of the EU Gender Balance Directive. Vestas Annual Report 2025 79 Our business Sustainability statement Financial statements Auditor and management statements General information Policy overview This section outlines the key policies that steer our management of material impacts, risks and opportunities (IROs) presented in the topic specific sections. For more information on how these policies relate to specific IROs, see the respective topic sections in the sustainability statement. In the following overview, ‘accountable’ is to be understood as the most senior level in the company accountable for the policy. MDR-P E1, E4, E5, S1, S2 , S1-1 SQHE Policy and HSE Framework Accountable: CEO Scope: All Vestas’ entities, employees, activities, products and services, including external parties delivering services under Vestas’ operational control. Availability: Corporate website, Vestas’ intranet. The Vestas Safety, Quality, Health, and Environmental (SQHE) Policy and Health, Safety, and Environmental (HSE) framework articulate Vestas’ commitments to safety, environmental stew- ardship, and quality, and are the foundation of a proactive and systematic approach to manage material impacts and risks identified. The approach is supported by our HSE management system, which is based on the principles of ISO 45001, ISO 14001, and ISO 9001. In line with these certifications, we have a well-defined process of capturing stakeholder interest as also outlined in our HSE framework. The IROs related to climate change mitigation and adaptation, energy efficiency and renewable energy deployment, circular economy, resource inflows and outflows, biodiversity and eco- systems, and health and safety are addressed through the objectives in these two steering documents. The documents are reviewed periodically as per Vestas management system process. The effectiveness of the policy and framework is monitored by our leaders that are accountable for implementing these steering documents, acting and demonstrating leadership by intent, thereby empowering our people to make safe and ap- propriate decisions. Reports related to progress on climate change mitigation, material efficiency, and injury rate performance are submitted to the Board of Directors on a quarterly basis and to the Executive Management team monthly. MDR-P S1, S1-1, G1-1 Employee Code of Conduct Accountable: CEO Scope: Own workforce Availability: Corporate website, Vestas’ intranet. The Employee Code of Conduct (The Code) outlines the be- havioural expectations for Vestas’ employees globally. It defines our standards and commitments to conduct business with integrity and to respect human rights wherever we operate. The Code defines our approach to manage material topics identified in S1 Own workforce, S3 Community engagement and G1 Business conduct. The Code was drafted and approved involving internal and ex- ternal stakeholders, representing different regions and functions across the organisation. It is reviewed annually and demon- strates Vestas’ commitment to the UN Guiding Principles on Business and Human Rights. In addition, it is in alignment with the Universal Declaration of Human Rights and the International Labour Organisation (ILO) Declaration of Fundamental Principles and Rights. Vestas employees must read and sign the Code when joining Vestas, and all employees are expected to act in accordance with the Code. Managers are expected to lead by example and promote a culture of integrity. Training sessions and awareness campaigns are carried out regularly on specific topics. If employees suspect a violation of the Code, they are expected to report this to whistle-blower system EthicsLine. This will allow Vestas to investigate and address the issue. Vestas has zero tolerance against retaliation towards whistle-blowers and witnesses. MDR-P S2, S3, S2-1 Supplier Code of Conduct Accountable: CEO Scope: All value chain workers 1 Availability: Corporate website, Vestas’ intranet and purchasing agreements The Supplier Code of Conduct is the starting point of our sup- plier due diligence framework and covers four main areas: Human Rights (including specific labour rights, modern slavery and child and juvenile labour), Working with Integrity, Respect- ing the Environment, and Fair Business Practices. The Supplier Code of Conduct is aligned with the UN Global Compact principles, the ILO Declaration on Fundamental Principles and Rights at Work, and the UN Guiding Principles on Business and Human Rights. Internal and external key stakeholders were involved in the drafting, review and ap- proval of the Code. It outlines the expectations we set for our suppliers in uphold- ing high standards of working conditions and other work- related rights within their operations and supports our man- agement of IROs related to value chain workers. We expect our suppliers avoid causing, or contributing to, adverse human rights impacts across their own operations and supply chains, and within the local communities where they operate. We encourage suppliers to uphold inclusive and respectful workplaces, proactively manage risks in their supply chain, and take into account the human rights of all stakehold- ers impacted, paying specific attention to women, migrants, indigenous people, and vulnerable groups. The Supplier Code of Conduct is reviewed annually and sup- ported by global HSE Terms and Conditions that shall apply to all contractors performing work on behalf of Vestas relating to Transport, Customer Project Execution and Servce Operations and Management, including precarious work. The HSE terms and conditions introduces a stepwise approach that fosters continuous improvement in safety practice and culture. It em- phasises partnership to meet and exceed safety expectations and a fair and transparent consequence management. The re- quirements of the HSE Terms and Conditions communicated through purchasing agreements. MDR-P S1, S2, S3. S1-1,S2-1 Human Rights Policy Accountable: Chair of the Board of Directors Scope: Own operations and suppliers in a contractual relationship with Vestas. Availability: Corporate website and Vestas’ intranet. Vestas is committed to respect human and labour rights across our operations. Our Human Rights Policy supports the management material IROs across our own workforce (e.g., health and safety), value chain workers (e.g., child labour) and affected communities (e.g., indigenous people). The policy is in alignment with the International Bill of Human Rights, the UN Declaration on the Rights of Indigenous Peoples, ILO Convention No. 169 and ILO core conventions on labour. Where local laws and regulations set lower standards, Vestas will seek ways to honour international human rights principles. Internal key stakeholders have been involved in the drafting, review and approval of the policy. Vestas does not tolerate threats, intimidation, or attacks – physical, legal, or otherwise – against individuals or groups lawfully exercising their rights to freedom of expression, association, peaceful protest, or assembly. We engage with affected rights holders, provide accessible grievance mecha- nisms, and commit to remedying adverse impacts we cause or contribute to Recognising community engagement, indige- nous and tribal people’s rights, land acquisition, and resettle- ment as salient human rights issues for our industry, the policy also outlines our approach to managing impacts on the right to Free, Prior and Informed Consent and other land-related community impacts. To monitor compliance with these commitments, Vestas internally tracks and monitors progress against several salient human rights issues, including community-related impacts identified in our latest Corporate-Wide Human Rights Assessment. We monitor the Business & Human Rights Resource Centre on a regular basis, and external human rights benchmarks that assess our commitments to the UN Guiding Principles on Busi- ness and Human Rights, and the ILO Declaration on Fundamen- tal Principles and Rights at Work. The policy is reviewed annually and implementation of the pol- icy in the supply chain is monitored through our due diligence framework and cases raised through grievances mechanisms. MDR-P 1 Suppliers, subcontractors, agents, consultants, and their respective affiliates who provide goods and/or services to Vestas.Vestas Annual Report 2025 80 Our business Sustainability statement Financial statements Auditor and management statements General information S1- MDR-P; S1-1 Diversity, Equity, Inclusion, and Belonging (DEIB) Policy Accountable: Board of Directors Scope: Own workforce, including groups at particular risk or vulnerability related to gender, ethnicity, age, and seniority. Availability: Corporate website, Vestas’ intranet, internal communication and training sessions The Diversity, Equity, Inclusion & Belonging (DEIB) Policy out- lines Vestas’ approach and commitments to DEIB. The policy includes our DEIB mission statement and commitment to en- suring all potential, future and current employees are guaran- teed equal opportunities and fair treatment, regardless of their background. The policy prioritises commitments to diversity, equitable opportunities, an inclusive culture, inclusive leader- ship, and a respectful, discrimination-free workplace that adapts to regional needs. The policy focuses on people from groups at particular risk of vulnerability and discrimination related to gender, ethnicity, age, seniority and other forms of discrimination as required by Union regulation and national law. By focusing on equitable opportunities, Vestas ensures that all employees, regardless of their background or individual circumstances, have access to resources and support needed to succeed and thrive. In case of discrimination, Vestas encourages employees to utilise our whistle-blower platform EthicsLine. Our DEIB policy is shaped by ongoing input from key stake- holders – including our regional DEIB networks, employees, customers, and community partners – ensuring it aligns with their priorities and promotes inclusivity across all regions. The policy is reviewed every third year and details DEIB initia- tives as well as key principles to ensure all initiatives are im- plemented successfully. Our EthicsLine procedures are closely connected to how discrimination is acted upon. The Nomina- tion and Compensation Committee reviews the DEIB status and strategy annually and the Board discusses overarching diversity principles. The Chief People & Culture Officer (CPCO) ensures execution with support of the Head of Global DEIB. MDR- P S1 Business Ethics Policy Accountable: CFO Scope: Own workforce Availability: Vestas’ intranet Vestas has several policies and instructions to support em- ployees in complying with applicable anti-bribery and corruption legislation such as the Foreign Corrupt Practices Act (FCPA) from the United States and the UK Bribery Act (UKBA) from the United Kingdom. These policies and instructions address the identification, assessment, management, and remediation of material IROs related to business ethics. The Business Ethics Policy covers business conduct matters related to anti-corruption but it also sets the framework for responsible political engagement at Vestas. It is reviewed an- nually and establishes key principles, such as the prohibition of corporate donations to politicians. To implement the policy, our Global and Regional Compliance Programmes outline training activities for office employees and service technicians, focusing on high-risk employees. Internal stakeholders are considered when setting the policy. G1, MDR-P S1, S2, S3 EthicsLine Policy Accountable: CFO Scope: Own workforce and third parties including suppliers and customers. Availability: Corporate website, Vestas’ intranet redirecting to the externally hosted EthicsLine platform Vestas is subject to legal requirements under national law transposing Directive (EU) 2019/1937 on the protection of whistle-blowers, and complies with equivalent standards ensuring safe reporting, protection against retaliation, and in- dependent investigation mechanisms. The EthicsLine Policy sets the framework for our whistleblower system, designed to investigate violations of the Vestas Em- ployee and Supplier Codes of Conduct, policies and violations of law. The policy emphasises a safe reporting environment and details how individuals reporting or supporting investiga- tions are protected from retaliation. The policy is reviewed annually and is implemented by the EthicsLine function and Group and Regional Ethics Committees. The Group Ethics Committee and Regional Ethics Committees are mandated by the CFO to review investigation findings and determine appropriate decisions and actions, including disci- plinary sanctions. The Audit Committee of the Board receives quarterly reports from EthicsLine with key trends and statistics as well as relevant and anonymised details from EthicsLine reports. MDR-P S2, S2-1 Conflict Minerals Policy Accountable: Senior Vice President & Head of Global Procurement Scope: Selected direct suppliers Availability: Corporate website and Vestas’ intranet The Conflict Minerals Policy is reviewed every second year and reflects our commitment to responsible sourcing practices in line with the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises on Responsible Business Conduct. Through our Conflict Minerals Programme, we engage with suppliers to ensure that minerals and metals – particularly tin, tantalum, tungsten, and gold (3TGs) – used in our products are not sourced from conflict-affected or high-risk areas. Such ar- eas are typically characterised by armed conflict, widespread violence, child labour, or other severe human rights concerns. Vestas monitors conditions affecting workers across our value chain and leverages our influence by requiring suppliers to carry out additional due diligence within their own supply chains whenever potential issues are identified. Vestas Annual Report 2025 81 Our business Sustainability statement Financial statements Auditor and management statements General information – Policy overview ↑ The pre-assembly site at the port of Esbjerg, Denmark, has specialised facilities for transportation and shipping out offshore wind turbines. Basis for preparation General basis for preparation of the Sustainability statement Scope of consolidation The Vestas Sustainability statement covers data and informa- tion aligned with our 2025 calendar year, from 1 January to 31 December. The Sustainability statement is prepared on a consolidated basis. The scope of consolidation is aligned with that of our Financial Statements and includes Vestas Wind Systems A/S (the parent company) and all subsidiaries over which Vestas Wind Systems A/S exercises control. An overview of Vestas’ legal entities is provided on pages 173–174. No subsidiaries are exempted from individual or consolidated sustainability reporting, however, for certain social and governance metrics (see details under estimates and judgements), consolidation of data for LM Wind Power Blades (Poland) Sp.z.o.o., acquired on 1 September 2025, was not available. The effect is consid- ered immaterial. In accordance with European Sustainability Reporting Standards (ESRS) guidance, the consolidation scope for disclosures related to E1-6 and SBM-3 under E4 also takes operational control into account. We follow the European Sustainability Reporting Standards (ESRS) in terms of metrics and value chain data boundaries. Any exceptions are detailed in the accounting policies placed after each topical standard. Following our Double Materiality Assessment (DMA) process 2025, the following sub-topics are no longer considered ma- terial compared to previous reporting year: Water Consumption, Corporate Culture, Transparent Tax and Protection of Whistle- blowers. As a result, we are reporting on sixteen sub-topics this year, down from twenty. One sub-topic – Cyber security – has been identified as entity-specific due to its relevance to our operations. Vestas has not omitted any information based on intellectual property, know-how, or the results of innovation. Value chain Vestas has conducted a double materiality assessment covering the upstream and downstream value chain. Vestas’ Sustaina- bility Statement covers both upstream and downstream value chain impacts, risks, and opportunities, including environmental, social, and governance (ESG) factors such as greenhouse gas (GHG) emissions, resource use, and labour conditions. In its materiality assessment, Vestas includes these factors across its value chain. This approach extends to Vestas’ poli- cies, actions, and targets, which focus on reducing emissions, improving resource efficiency, and promoting ethical labour practices. Additionally, Vestas incorporates both upstream and downstream value chain data into its sustainability metrics. The Sustainability Statement covers the value chain of Vestas with respect to impacts, risks, and opportunities in the main parts of our upstream and downstream value chain. Our poli- cies, actions, and metrics extend to the entire value chain when relevant. BP-2 Disclosures in relation to specific circumstances Time horizons Vestas applies time horizons consistent with the ESRS when assessing sustainability IROs. These are defined as short (< one year), medium (one to five years), and long-term (> five years). These time horizons guide our sustainability disclosures. For strategic planning and Enterprise Risk Management (ERM), Vestas may apply internal timeframes – typically under three years for persistent risks and longer for emerging or strategic risks. These are reviewed annually to stay aligned with business priorities and external expectations. Changes in preparation or presenta- tion of the Sustainability statement Scope 3 GHG emissions In 2025, Vestas transitioned to a spend-based boundary for calculation of Scope 3 GHG emissions. This change imple- ments a more comprehensive and accurate representation of Vestas’ upstream and downstream emissions boundary. Additionally, Vestas has implemented a new digital-twin platform that converts financial transactions into GHG emissions (and material and resource flows), further automating our global accounting method. In parallel, we are actively advancing the collection of primary data from suppliers, which will significantly enhance the accuracy and granularity of our emissions reporting over time. Although the impact of the restatement is below the materiality threshold required by our policy, we have chosen to restate the Scope 3 figures resulting from the methodology change to en- hance transparency and ensure comparability going forward. Biogenic Scope 3 GHG emissions have been restated in line with the updated methodology, resulting in an updated figure of 60 kt CO₂e, compared with the previously reported 1 kt CO₂e (514 tonnes CO₂e). The increase in absolute biogenic emissions is primarily driven by the greater coverage of emis- sion factors applied under the 2025 methodology, compared to 2024. Under the updated approach, 76 percent of the emissions are based on activity data while 24 percent are based on estimates due to unavailability of information. Previously reported (million t CO 2 e) Restated figure (million t CO 2 e) Change (%) Scope 3 GHG emissions 2024 7.99 8.14 1.88 Scope 3 GHG emissions intensity (target scope) (kg CO 2 e per MWh generated) 2024 5.66 5.53 (2.30) Vestas’ Scope 3 GHG emissions target was revalidated by the Science Based Targets initiative (SBTi) in 2025, using a new baseline year of 2022 and incorporating the updated spend- based calculation boundary. The target still refers to an intensity value (kg CO 2 e per MWh generated) Total Recordable Injuries per million working hours (TRIR) and Lost Time Injuries per million working hours (LTIR) In 2025, we enhanced our methodology for tracking working hours related to contractor activities in Service and Construction. Previously, the actual-hours method was used for third-party contractors on-site. This method was subject to low registration practices. The new method utilises planned hours contractually agreed and assigned by site managers and aligns with the approach used for salaried employees by applying planned working hours. The improvement was applied from 2024 and led to the identification of approximately 11 million additional work- ing hours for the affected contractors, significantly improving the accuracy of our safety-related metrics. Due to data limitations, it is not feasible to retrospectively apply this correction to years prior to 2024. Previously reported Restated figure Change (%) TRIR 2024 3 2.7 (10.0) LTIR 2024 1.2 1.1 (8.3) Estimates and judgements Estimations affecting TRIR The revised methodology introduces a degree of estimation for contractor working hours, as planned hours may differ from actual hours worked. While this approach significantly improves completeness and consistency compared to time registration, it relies on contractual assumptions rather than actual time records. These estimations are not expected to materially impact overall trend analysis or conclusions. Employees from acquisition LM Wind Power Blades (Poland) Sp.z.o.o. was acquired on 1 September 2025 and their data integration into Vestas’ P&C systems was underway at the end of reporting period. As a result, the characteristics of these employees such as age, gender, and contract type are not available and hence presented in a separate row in 'S1-6 Characteristics of employees' and 'S1-9 Diversity' tables on pages 107 and 104 respectively. For the metrics in the folowing table, data for these employees has been excluded. BP-1 Vestas Annual Report 2025 82 General information Our business Sustainability statement Financial statements Auditor and management statements Disclosure requirement Label Reference Workforce covered by health and safety management system S1-14 Page 102 Women in leadership positions S1-9 Page 104 Women in Top Management S1-9 Page 104 Remuneration metrics S1-16 Page 104 Employee turnover S1-6 Page 107 For more information on this acquisition, refer to note 3.5 ‘Acquisition of businesses’ on page 156 in the Consolidated Financial Statements. GHG emissions In reporting emissions from short-term vessel lease arrangements, Vestas applies accounting judgement to determine and report these emissions as Scope 3. Value chain estimation There are inherent sources of estimation and uncertainty in GHG emissions, resource inflows, outflows, and working conditions within the value chain. These uncertainties stem from the methodologies, assumptions, and industry factors employed in the calculations and models. To minimise these uncertainties and maintain transparency, Vestas follows established standards and protocols. While Vestas does not consider any of its metrics to be subject to high levels of measurement uncertainty, certain areas do introduce varying levels of uncertainty. Life Cycle Assessments Vestas uses Life Cycle Assessments (LCA) to conduct thorough ‘cradle-to-grave’ evaluations of environmental impacts across its products and operations. These assessments factor in the expected durability of products, measured through on-site longevity. Uncertainty source: The duration of the turbines’ life is one key area of uncertainty. While Vestas is an established leader in wind turbine manufac- turing with extensive historical data, there is still some degree of uncertainty in the longevity estimates of the turbines. Vestas has also collaborated with WindEurope and International Energy Agency to support harmonising LCA methodology across the wind industry. Resource inflows When direct data is not available, Vestas utilises sector averages and proxy data, particularly for upstream activities. These proxies are drawn from the life cycle assessments, industry benchmarks, and peer data. Through implementing a new digital-twin platform we have changed database in 2025 for the estimation of secondary reused materials. This new method includes some uncertainty due to reliance on sector- average emission factors in areas with limited supplier data. Uncertainty source: The reliance on proxy data for estimating resource inflows and outflows brings moderate uncertainty. Vestas mitigates this by further collaborating with suppliers to improve the accuracy of data collection in upstream activities. Disclosures from other legislation or sustainability reporting standards This report contains disclosures as per the Commission Delegated Regulation (EU) 2026/73 amending the Delegated Regulations (EU) 2023/2486 for our Taxonomy disclosures, see page 99 and pages 129-132. European standards Vestas uses Life Cycle Assessment (LCA) methodology to evaluate full life- cycle potential impacts of products and technologies, and seeks external third-party statement of conformity with ISO standards ISO 14040/44. Similarly, Vestas’ Health and Safety Management System is based on legal requirements and adheres to the recognised ISO 45001 standard. The processes used for sustainability reporting pur- poses have been verified by an external assurance provider and found to conform to the corresponding standard. Use of phase-in and voluntary provisions Vestas has opted to apply all applicable phase-in provisions introduced by the Delegated Regulation (EU) 2025/4812 (“Quick Fix”). Accordingly, Vestas’ 2025 phase-in approach therefore remains consistent with that of 2024, as the regula- tion extends previously available deferral options. Voluntary disclosures are provided only where necessary to ensure a fair and balanced understanding of the subject matter, including selected voluntary disclosures under E4, S2, and S3 as introduced by the “Quick Fix”. Disclosure requirement Label Reference The cost structure and revenue of its business segments, in line with IFRS 8 disclosure requirements in the financial statement, where applicable SBM-1 Note 1.1, Segment information, pages 139-140 Composition, diversity, and evaluation of expertise of the administrative, management, and supervisory bodies GOV-1 Management, pages 44-48 Percentage of independent board members GOV-1 Management, page 44 Policies adopted to manage material sustainability matters MDR-P Policy overview, pages 80-81 Incentive schemes and remuneration policies linked to sustainabliity matters for members of Vestas governance bodies, including climate related considerations GOV-3 E1-13 Vestas Remuneration Report, page 10, 14 The expertise of the administrative, management, and supervisory bodies on sustainability topics, including business conduct matters GOV-1; G1- GOV-1 Management, pages 47-48, and Risk management, page 50 Statement on due diligence GOV-4 Statement on due diligence, page 121 Disclosure requirements in ESRS covered by Vestas’ sustainability statement IRO-2 Content index of ESRS disclosure requirements, pages 122-123 List of data points that derive from other EU legislation IRO-2; ESRS 2 List of data points that derive from other EU legislation, pages 124-128 List of subsidiaries exempted from individual or consolidated sustainability reporting pursuant to Articles 19a(9) or 29a(8)of Directive 2013/34/EU BP-1 Note 6.5, Legal entities, pages 173-174 Current financial effects of Vestas’ material impacts, risks, and opportunities SBM-3 Note 7.2, Key accounting estimates and judgements, page 177 Incorporation by reference Vestas has utilised ESRS’ “Incorporation by reference” approach for improved narrative purposes. Below is the list of disclosure requirements incorporated by reference and their location. Vestas Annual Report 2025 83 Our business Sustainability statement Financial statements Auditor and management statements General information – Basis for preparation → Climate change → Biodiversity and ecosystems → Circular economy and resource use → EU Taxonomy Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements 84 Environmental information E1 Climate Change SBM-3 Impacts, risks, and opportunities Scope 1, 2, & 3 GHG emissions Type of impact: Actual, negative impact Location in the value chain: Entire value chain Time horizon: Short-, medium- and long-term Nature of activity: Direct impact of emissions from our own operations. Indirect impact of emissions from our supply chain through business relationships with suppliers. Description: The Greenhouse Gas (GHG) emissions from our own operations and supply chain have a material negative impact on the climate. In 2025, 109 kt of combined Scope 1 and 2 emissions were emitted. Scope 1 emissions are primarily driven by fossil fuels. Scope 2 emissions are driven by electric- ity and district heating. In 2025, our absolute Scope 3 emissions were 9.34 Mt CO 2 e (2024: 8.14 Mt CO 2 e), and our Scope 3 emission intensity was 6.39 kg CO 2 e/MWh (2024: 5.53 kg CO 2 e/MWh). Scope 3 emissions comprise more than 99 percent of our total green- house gas emissions (2024: 98.8 percent) and are primarily driven by purchased goods and transport. To mitigate the impact of Scope 1, 2, and 3 GHG emissions, we have set GHG emission reduction targets and established a transition plan for climate change mitigation, with actions implemented across the organisation. See pages 86-87 for more information about our decarbonisation levers and miti- gation actions. Catalysing sustainable development Type of impact: Actual, positive impact Location in the value chain: Entire value chain Time horizon: Short-, medium-, and long-term Nature of activity: Direct impact through industry-leading initiatives. Indirect impact though business relationships that enable these initiatives. Description: Vestas is a global leader in sustainable energy solutions. Through engagement in industry associations and coalitions and spearheading decarbonisation initiatives, such as engaging with steel suppliers to stimulate demand for low-emission steel and piloting renewably fuelled service vessels, we are driving the transition to a sustainable future. Enabling the green transition Type of impact: Actual, positive impact Location in the value chain: Downstream Time horizon: Short-, medium-, and long-term Nature of activity: Directly enabling companies and society to reduce GHG emissions through our solutions. Description: As a global partner on sustainable energy solutions, Vestas plays a pivotal role in expanding access to renewable energy worldwide and contributes to mitigating climate change by enabling businesses and society to reduce their greenhouse gas emissions. Vestas’ wind turbines produced and shipped in 2025 are expected to avoid 463 million tonnes of GHG emissions over their lifetime, equivalent to about 88 million US homes’ elec- tricity consumption for one year. 1 The expected annual GHG emissions avoided by Vestas’ total aggregated installed fleet is 245 million tonnes at the end of 2025. Energy consumption Type of impact: Actual, negative impact Location in the value chain: Own operations Time horizon: Short-, medium-, and long-term Nature of activity: Direct impact from energy consumed during manufacturing, construction, and service. Description: Energy is consumed during the manufacture of wind turbine components and the construction and servicing of wind parks. Energy consumption in our own operations relies on fossil fuels, leading to resource depletion and emissions that negatively impact the climate. Reducing reliance on fossil fuels is part of our strategy to cut the emissions from our own operations in half by 2030. Low-emission materials Type of impact: Financial opportunity Location in the value chain: Downstream Time horizon: Medium- and long-term Description: Decarbonising high-emission materials used in our wind turbines is critical to meet our Scope 3 emission reduction target. Steel and iron have the greatest impact, accounting for about 41 percent of our Scope 3 emissions (2024: 50 percent). By building a value chain for low-emission materials in collaboration with suppliers and customers, we enhance the sustainability of our value proposition and enable Vestas to win tenders with non-price criteria, presenting a sig- nificant financial opportunity. Growth rate of the wind industry Type of impact: Financial opportunity Location in the value chain: Downstream Time horizon: Medium- and long-term Description: Governments worldwide have set progressive targets for the expansion of wind energy to meet the tempera- ture threshold of the Paris Agreement. More than 980 GW of new onshore and offshore capacity is expected to be added from 2025 to 2030, reflecting a compound annual growth rate of 8.8 percent for that period. 2 As a global wind turbine solutions provider, we are well positioned to capitalise on this significant financial opportunity (see page 16 for more infor- mation on our market outlook). Carbon taxes and tariffs Type of impact: Financial transition risk Location in the value chain: Own operations Time horizon: Medium- and long-term Description: Our business outlook is influenced by political and legal developments. Political and market transition risks, such as carbon taxes, can financially impact Vestas. High carbon taxes and tariffs will increase the cost of GHG-intensive mate- rials like steel, raising the overall cost of wind turbines. If we cannot distribute these costs along our value chain or transi- tion to low-carbon alternatives fast enough, our cost base may be impacted. 1 Source: US Environmental Protection Agency: Greenhouse Gas Equivalencies Calculator. 2 Source: Global Wind Energy Council: Global Wind Report, April, 2025. 85Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E1-1, MDR-A Transition plan for climate change mitigation We are committed to powering the green transition, and we have set progressive strategic ambitions to mitigate climate change. Vestas is included in the EU Paris-aligned Benchmarks, and our GHG emission reduction target for our own operations is validated by the Science Based Targets initiative (SBTi), in line with limiting global warming to 1.5°C and the Paris Agreement. GHG emission reduction targets: • Reduce GHG emissions in our own operations by 50 percent by 2030 without using carbon offsets, from a 2022 baseline 1 . • Reduce GHG emissions from our supply chain by 45 percent per MWh generated by 2030, from a 2022 baseline 2 . To understand our impact, and to set clear targets and mile- stones to reduce our carbon footprint, we have worked with carbon accounting for many years. The capability to analyse our footprint enables us to adapt our strategy and business model, with management reviewing the progress towards our emission reduction targets on a quarterly basis. To progress against these targets, we have identified the following decarbonisation levers and implemented climate change mitigation actions within these areas, which are out- lined in more detail in section under “Actions and resources” . Decarbonisation levers: • Transition to renewable energy across our own operations to reduce Scope 1 and 2 emissions. • Work with suppliers to reduce supply chain Scope 3 GHG emissions from raw materials, component manufacturing, and global transport. In 2025, we continued to source 100 percent renewable elec- tricity across our own operations globally, and 98 percent of our benefit cars were electric or hybrid vehicles by the end of year. We also continued to focus on reducing GHG emissions from our service activities, as they make up 76 percent of GHG emissions in our own operations. To drive future reductions in our supply chain emissions, we secured additional orders for low-emission steel in 2025. We have allocated EUR 0.3m in CAPEX (2024: EUR 0.5m) and EUR 32.4m in OPEX (2024: EUR 23.2m) in 2025 to support the implementation of the decarbonisation levers. The OPEX and CAPEX are aligned with the EU Taxonomy. We expect our alignment to remain high in the foreseeable future. For more information on the key performance indicators of the EU Taxonomy, see pages 129-132. None of our assets are identified to have locked-in emissions. Our products do not generate significant emissions during their operating lifetime and the key assets in our own opera- tions such as vehicles and factory heating systems can be replaced by sustainably fuelled alternatives. The transition plan, including its targets and required invest- ment level, has been approved by the Executive Management Team and the Board. E1-SBM-3, E1-4 Resilience analysis Our climate scenario analysis supports the identification of material impacts, risks, and opportunities (IROs) and the as- sessment of the resilience of our business against climate change. It covers our entire value chain, prioritising areas we can directly impact, and does not exclude any relevant physical or transition risks. For more information related to the scenarios and time horizons applied in the analysis, see page 77. While physical risks like water stress and extreme rainfall may impact operations across our value chain, the impact is not ex- pected to materially delay or damage assets and therefore is not financially material. However, we recognise that analysis of the future is based on significant uncertainties and assumptions due to e.g., market developments and evolving climate patterns. As a global partner on sustainable energy solutions, we are well-positioned to exploit opportunities from the transition to a sustainable economy. Where our operations are exposed to acute and chronic climate risks that could disrupt our business activities, we have the organisational and strategic priorities in place to address them. However, aligning our own operations with ambitious climate targets and mitigating financial impacts from carbon taxes and tariffs requires significant investments, and some neces- sary solutions are still immature from a technical or commer- cial perspective. Our business outlook also depends on political action; without supportive policies, our industry may struggle to meet global climate targets. Despite these risks, we have the strategic pri- orities in place and are making the necessary investments and mitigating actions to address them. MDR-P; E1-2 Policies Our Safety, Quality, Health, and Environment (SQHE) Policy outlines our approach to manage environmental, health, and safety matters across our organisation. It addresses matters such as climate change mitigation, climate change adaptation, energy efficiency, and renewable energy deployment. Together with our Health, Safety, and Environment (HSE) framework it outlines how we manage environmental IROs under E1, E4, and E5. For more information on the SQHE policy and alignment with MDR-Ps see the Policy overview on page 80. MDR-A, E1-3, E1-4 Actions and resources Our transition plan is structured around the two overarching decarbonisation levers, for which we have established key actions and allocated resources to meet our emission reduction targets. We track progress on the key actions across all geographies where we operate, and we work on implementation with stake- holders across our manufacturing, construction, and service operations, as well as with our suppliers. Transition to renewable energy across our own operations to reduce Scope 1 and 2 emissions Power Vestas premises with renewable energy Since 2020, we have sourced 100 percent renewable electric- ity across our own operations globally through the purchase of renewable electricity credits. We are also transitioning to re- newable energy sources in our factories. In 2025, we replaced several fossil-fuelled factory forklifts with electric models and installed an additional biomass boiler at our Daimiel factory, ensuring renewable heating. At the end of 2025, five of our 14 factory heating systems were renewably fuelled. 3 Phase out vehicles powered by fossil fuels At the end of 2025, 25 percent (2024: 26 percent) of the 6,647 vehicles (2024: 6,676) in our service fleet were renewably fuelled 4 , a 1 percentage point decrease from 2024. We have established regional targets for EV adoption to acce- lerate the transition to renewably fuelled vehicles across our service fleet. In 2025, we increased the share of (PH)EVs in our benefit car fleet to 98 percent, from 92 percent in 2024. We continue to invest in charging infrastructure across our main locations, including signing an agreement in 2025 with Clever to install 160 chargers across our Danish facilities, providing nearly 300 charging points. Pilot sustainable fuels for offshore activities We are exploring renewable fuels to reduce GHG emissions from offshore service operations. In 2025, a 100 percent methanol-powered crew transfer vessel joined our offshore service fleet, as part of a 10-year charter agreement with Northern Offshore Service. The vessel was operational for a period but required some updates followed by a new class approval. During this phase, it operates on MGO, with the am- bition to return to 100 percent methanol operations in 2026. This pilot project involves transporting our service colleagues to and from the Arcadis Ost wind park in the German part of the Baltic Sea. In 2025, we expanded the use of Sustainable Aviation Fuel (SAF) to reduce GHG emissions from project-related flights in the North Sea, building on the successful SAF pilot project in 2024 at the Baltic Eagle wind farm in the Baltic Sea. 1 Progress is measured on the total combined Scope 1 and (market- based) Scope 2 emissions. 2 Vestas has a Scope 3 SBTI-validated target to reduce GHG emissions from our supply chain by 66.33 percent per MWh generated by 2035, from a 2022 baseline. 3 Heating systems running or supported by renewable electricity, renewable fuel, renewable energy, renewable district heating, renewable gas or biomass. 4 Vehicles fuelled by electricity, HVO100, Bio-(M)Ethanol, green-hydrogen, or green-ammonia. 86Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E1 Climate change Work with suppliers to reduce supply chain Scope 3 emissions from raw materials, component manufacturing, and global transport We are committed to decarbonising our supply chain, which accounts for more than 98 percent of our carbon footprint. Since 2020, we have worked to reduce emissions with our strategic suppliers. Today, we collaborate with strategic sup- pliers of steel, iron, blades, and transport, as these areas account for a large share of Vestas’ Scope 3 emissions. To reduce Scope 3 emissions, we prioritise gathering sustain- ability data from suppliers, focusing on high-emitting sources like steel and blade production. This provides the basis for evi- dence-based target setting with suppliers and supports our overall Scope 3 reduction target. We are committed to conti- nuous improvement and driving the development of supplier-specific sustainability data. Commercialise low-emission steel Decarbonising steel production is crucial to meet our reduc- tion targets. Furthermore, upcoming carbon taxes and tariffs will increase costs for imported conventional steel and thus increase the need for emissions-reduced steel. In 2023, Vestas partnered with ArcelorMittal to manufacture low-emission steel by melting scrap steel in an electric arc furnace powered entirely by wind energy, reducing GHG emis- sions by up to 66 percent compared to the conventional steel making route 1 . In 2025, Vestas received orders for more than 22,000 tonnes of low-emission steel on the projects Nordlicht phase 1 and 2 and Clashindarroch. This amount of low-emission steel avoids approximately 37 kt CO 2 e compared with conventional steel. Although low-emission steel is currently included in only a small share of our constructed projects, we are working closely with partners across our value chain to increase its adoption. Achieved and expected GHG emission reductions Our combined Scope 1 and (market-based) Scope 2 GHG emissions have increased by 9 percent from our 2022 base- line. For Scope 3, we have achieved a 10 percent decrease in emissions intensity (kg CO 2 e / MWh) since our 2022 baseline. The emission reduction expected by 2030, compared to our 2022 baseline, is a 50 percent reduction for Scope 1 and 2, and a 45 percent reduction in intensity for Scope 3. We intend to complete our actions by 2030, which is the target year of our near-term GHG reduction targets. Operating expenses (OPEX) and capital expenditures (CAPEX) related to emission reduction actions Our ability to implement GHG reduction actions depends on the allocation of resources. In 2025, we allocated EUR 0.3m in CAPEX (2024: EUR 0.5m) and EUR 32.4m in OPEX (2024: EUR 23.2m) to support the implementation of the actions. In 2026, we expect to allocate EUR 1.2m in CAPEX and EUR 32.2m in OPEX to support implementation of the transition plan. The type of financial resources allocated to achieve our actions are primarily employee costs, leasing costs of vehicles and capital expenditure related to software and property, plant, and equipment. The operating expenditure related to emission reduction ac- tions is included in notes 1.4 and 1.5 in the financial state- ments, while the capital expenditure is included in notes 3.1 and 3.2. Our OPEX and CAPEX related to the reduction of our GHG emissions are aligned in accordance with the Commission Delegated Regulation (EU) 2026/73. For more information on reporting on the key performance indicators in relation to the EU Taxonomy, see pages 129-132. MDR-T, E1-4 Metrics and targets Targets related to climate change mitigation We have set targets to mitigate our environmental impact in line with our commitment to manage our impact on climate change. The targets make up the first pillar in our sustainabil- ity strategy, which was developed by Group Sustainability in collaboration with experts across the organisation, reviewed by the Sustainability Committee at the time, and approved by the Executive Management and Board of Directors. 1 According to the Environmental Product Declaration from ArcelorMittal Europe. Through climate targets, we aim to meet the objectives of our SQHE Policy and HSE Framework (see page 80 for information about our policies). Approach to target setting and reviews Our GHG emission reduction targets were originally validated by the Science Based Targets Initiative (SBTi) in 2020. In line with the SBTi five-year review cycle, in 2025, we reviewed our targets and submitted revised targets to SBTi for validation. In updating the targets, we have followed SBTi’s latest standards for ambition level to ensure the targets are based on conclusive scientific evidence and consistent with our GHG inventory boundaries. We followed SBTi’s methodology and the Greenhouse Gas Protocol when defining the targets, including adhering to SBTi’s cross-sector absolute reduction requirement for Scope 1 and 2, to reduce emissions at a mini- mum of 4.2 percent annually, regardless of business growth; this ensures the target is aligned with the emission reductions needed to adhere to the Paris Agreement 1.5°C scenario. There have been significant changes to our baseline, the Scope 3 metrics, and target calculation methodology during 2025, which are described in the “Basis for Preparation” on page 82 and under “Progress on Scope 1, 2, and 3 GHG emis- sions” on page 88. The performance on our original baseline and targets is described on page 89. We evaluate our performance on our Scope 1 and 2 target quarterly through reviews by members of Executive Manage- ment, the Audit Committee, and the Board of Directors. Progress is communicated externally in our interim reports and internally in quarterly performance reviews and townhall meetings. We evaluate our performance on the Scope 3 target annually. The metric used is tonnes of CO 2 e for the combined Scope 1 and 2 absolute target, and kilogrammes of CO 2 e/MWh for the Scope 3 intensity target. The performance on these metrics is also broken down by segment and region to understand trends and set specific CO 2 e reduction action plans. We ensure that our baseline value is representative by reviewing that the scope of activities remains the same year-on-year. Where activities have changed, the baseline has been adjusted so the scope is consistent from baseline year to target report- ing years. By doing so, we consider external factors and their influence on our baseline. As described in section E1-3, we have implemented a series of actions to reduce our GHG emissions across Scope 1, 2, and 3. Target for Scope 1 and 2 GHG emissions Our Scope 1 and 2 decarbonisation lever is aligned with our target boundary, which covers 100 percent of our Scope 1 and 2 emissions across all geographies in our own operations. To reach our 2030 target, we need to reduce our Scope 1 and marketbased Scope 2 emissions by 50 percent from a 2022 baseline. We have set an absolute, combined Scope 1 and 2 target, meaning that we measure progress on the total combined Scope 1 and market-based Scope 2 emissions. The share of emission reductions needed from Scope 1 and 2 respectively to reach the target is not set, though we expect the remaining emission reductions will come primarily from Scope 1 (approx- imately 50 percent). When validating our targets, SBTi con- firmed that our Scope 1 and 2 combined target is in line with limiting global warming to 1.5°C above pre-industrial tempe- rature levels. E1-4 GHG emission reduction targets 2022 baseline 2030 mid-term target Number Percent Number Scope 1 + market-based Scope 2 (tonnes CO 2 e) 100,000 50 50,000 Scope 3 emissions intensity (kg CO 2 e / MWh generated) 7.09 45 3.9 87Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E1 Climate change Connectivity of energy intensity based on net revenue with financial information 2025 2024 Net revenue (mEUR) from activities in high climate-impact sectors 18,822 17,295 Energy intensity per net revenue GWh/mEUR % N / N-1 2025 2024 Total energy consumption from activities in high climate-impact sectors per net revenue from activities -3 0.036 0.037 Energy production MWh 2025 2024 Renewable energy production 135,747 101,498 Non-renewable energy production 0 0 E1-5 Energy consumption and mix 2025 2024 1. Fuel consumption from coal and coal products (GWh) 0 0 2. Fuel consumption from crude oil and petroleum products (GWh) 396 385 3. Fuel consumption from natural gas (GWh) 41 35 4. Fuel consumption from other fossil sources (GWh) 0 0 5. Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (GWh) 5 6 6. Total fossil energy consumption (GWh) (sum of 1 to 5) 442 426 Share of fossil sources in total energy consumption (%) 65 67 7. Consumption from nuclear sources (GWh) 0 0 Share of consumption from nuclear sources in total energy consumption (%) 0 0 8. Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen etc.) (GWh) 17 22 9. Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources (GWh) 218 192 10. Consumption of self-generated non-fuel renewable energy (GWh) 0 0 11. Total renewable energy consumption (GWh) (sum of 8 to 10) 235 214 Share of renewable sources in total energy consumption (%) 35 33 12. Total energy consumption (GWh) (sum of 6 and 11) 677 640 Target for Scope 3 GHG Emissions Our Scope 3 decarbonisation lever is aligned with our target boundary, which covers more than 70 percent of our Scope 3 emissions, from our upstream value chain and all geographies. SBTi has validated our 2035 Scope 3 target: Reduce GHG emissions from our supply chain by 66.3 percent per MWh generated by 2035. While SBTi has validated our 2035 target, we continue to focus our work towards our 2030 Scope 3 tar- get: Reduce GHG emissions from our supply chain by 45 per- cent per MWh generated by 2030. We have set an intensity-based Scope 3 target considering the expected growth of the renewable energy sector. Based on our pipeline and projected growth, our absolute Scope 3 emis- sions will increase in the coming decade compared to our baseline year. This increase is an anticipated consequence of the significant growth of the global renewable energy sector, a sector that is essential for global decarbonisation 1 . E1-5 Energy consumption and mix Energy consumption and mix across our factories, construc- tion, and service operations are shown in the table on the right. Total energy consumption increased by 6 percent, driven by increases in Offshore activities and the expansion of our man- ufacturing footprint in Poland, while the share of renewable sources in total energy consumption increased to 35 percent, from 33 percent in 2024. MDR-T, E1-4, E1-6 Progress on Scope 1, 2, and 3 GHG emissions Updated baseline and methodology to measure progress Progress reporting in 2025 required restating previous periods, due to the following methodology changes. In 2025, we implemented a significant change in our GHG accounting methodology which required a change in our base- line and therefore impacts year-on-year comparability of the reported GHG emissions. Besides this, there were no other significant events or changes in circumstances relevant to our GHG emissions which impacted our reporting. For our GHG emission targets, we recalibrated our baseline from 2019 to 2022, as part of the revalidation of our targets by the Science Based Targets initiative (SBTi) in 2025. The recalibrated baseline was required as we implemented a spend-based boundary for our Scope 3 calculation methodo- logy. This means that we set the Scope 3 reporting boundary according to spend data to calculate our GHG emissions. 2022 is the first year Vestas has spend data available across our entire company, due to the significant structural change in our Group when Vestas acquired 100 percent ownership in the joint venture MHI Vestas Offshore Wind in 2020. Due to this change in methodology, we are no longer able to compare our current Scope 3 performance to our original baseline (2019). Instead, we will measure progress compared to our restated 2022 baseline. We also changed our Scope 1 and 2 baseline to 2022, as SBTi recommended aligning base- lines across our targets. Our original Scope 1 and 2 baseline (2019) was 114 kt CO 2 e, while Scope 1 and 2 emissions were 97 kt CO 2 e in 2020. We have restated our Scope 3 GHG emissions and Scope 3 intensity target performance from 2022, 2023 and 2024 using the updated method to ensure comparability with the recalibrated baseline (2022). See the the accounting policies for details on our Scope 3 GHG emissions and target calcula- tion methodologies on pages 91-92. 1 Source: Global Wind Energy Council (GWEC): Global Wind Report 2024. GWEC forecasts global wind power capacity growth at 10 percent year-on-year 2024-2030. April 2024. * Our activities and energy consumption are linked to NACE codes C27, C28, F42, and F43, which are all considered high climate-impact sectors. * Refer to note 1.2 for the net revenue, pages 141-143 in the Financial statements. * Renewable energy production refers to the self-generation of electricity from our wind turbines, supplied to the local grid and not directly consumed by Vestas. 88Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E1 Climate change E1-6 Regional split on Scope 1 and 2 GHG emissions – 2024 1,000 t CO 2 e Americas Asia Pacific EMEA Total Scope 1 29 6 69 104 Scope 2 0 0 1 1 Total Scope 1 and 2 29 6 70 105 E1-6 Regional split on Scope 1 and 2 GHG emissions – 2025 1,000 t CO 2 e Americas Asia Pacific EMEA Total Scope 1 28 11 69 108 Scope 2 0 0 1 1 Total Scope 1 and 2 28 11 70 109 Progress on our original targets We achieved an eight percent reduction in GHG emissions for combined Scope 1 and market-based Scope 2 emissions from 2019 to 2024 (our original baseline and last reporting year on this target). For Scope 3, we achieved a 17 percent reduc- tion in emissions intensity (kg CO 2 e/MWh) in the same period and following our previous accounting method. Since 2020, we have seen significant growth in the wind power industry, as well as undergone a major structural change when we acquired MHI Vestas Offshore Wind in 2020. Had we kept our original target scope, we would have achieved a GHG reduction of approximately 44 percent at the end of 2024 compared to 2019 for Scope 1 and 2 emissions. In 2025, we began the next stage of our GHG emission reduc- tion journey, with new targets that have been validated by SBTi. The following sections and tables describe our Scope 1, 2, and 3 GHG emissions performance in 2025, compared to the restated 2024 performance that follows our updated accounting policies. Progress in 2025 Total GHG emissions In 2025, Vestas’ total GHG emissions were 9.45 Mt CO 2 e using the market-based method, and 9.50 Mt CO 2 e using the location-based method. Scope 1 and 2 GHG emissions In 2025, our combined Scope 1 and market-based Scope 2 GHG emissions amounted to 109 kt CO 2 e. The Scope 1 GHG emissions were 108 kt CO 2 e, while the Scope 2 market-based emissions were 1kt CO 2 e. This demonstrates a 4 percent increase from 2024, primarily driven by a 13 percent increase in emissions from offshore construction and service activities, which are more GHG-inten- sive than our other business areas. Emissions from onshore construction and service activities deceased by 3 percent. Although our Scope 1 and 2 emissions increased, we continued to decouple emissions from growth, delivering significantly more GW to the market (see page 8) and servicing more tur- bines in 2025 compared with 2024. Our combined Scope 1 and market-based Scope 2 emissions have increased by 9 percent since 2022. The increase is driven by growth in our Offshore construction and service activities and manufacturing ramp-up. We track our performance on market-based, rather than loca- tion based, Scope 2 emissions, because we purchase renewa- ble electricity credits to cover our energy consumption in the markets where we operate. The share of contractual instruments for Scope 2 is 84 percent, of which 96.3 percent is bundled, and 3.7 percent is unbundled. These contractual instruments include purchased electricity from renewable energy suppliers, green energy certificates, guarantees of origin, and renewable energy certificates. Currently, none of our Scope 1 emissions are regulated under emission trading schemes. The biogenic emissions from the combustion or biodegrada- tion of biomass not included in Scope 1 and 2 GHG emissions was 4.9 kt CO 2 e (2024: 6.9 kt CO 2 e) and 12.7 kt CO 2 e (2024: 11.2 kt CO 2 e). Scope 3 GHG emissions In 2025, our Scope 3 absolute GHG emissions were 9.34 million tonnes, reflecting a 15 percent increase compared with 2024. Our Scope 3 emissions intensity was 6.39 kg CO 2 e/ MWh generated in 2025, reflecting a 16 percent increase compared with 2024. The increase is primarily driven by normalised blade-production levels in 2025, following lower activity in 2024. Despite the year-on-year increase, we remain on track with our Scope 3 emissions reduction trajectory, achieving a 10 percent reduction in emissions intensity (kg CO 2 e/MWh) since our 2022 baseline. The significant Scope 3 categories for Vestas are: purchased goods and services, capital goods, fuel and energy related ac- tivities, upstream transport and distribution, waste generated in operations, business travel, employee commuting, and end- of-life of sold products. Excluded categories, and their reason for exclusion: process- ing of sold products (products need no further processing), use of sold products (turbines do not generate emissions during use 1 ), downstream leased assets (we do not lease any owned facilities or equipment to a third party), franchises (we do not have any franchises), downstream transport and distri- bution (we report all transport that we pay for as upstream transport), and investments. Biogenic emissions from the combustion or biodegradation of biomass reported separately from Scope 3 totalled 64 kt CO 2 e in 2025 (2024: 60 kt CO 2 e). 1 Service components and vehicle operations are included in Scope 3.1 and Scope 1, respectively. → View from a Vestas V162-6.2 MW turbine at the Pahkakoski wind farm in Finland. 89Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E1 Climate change Retrospective Milestones and target years E1-6 GHG emissions * Base year ** 2024 ** 2025 % N / N-1 2025 2030 2050 Annual % target / Base year Scope 1 GHG emissions Gross scope 1 GHG emissions (1,000 t CO 2 e) 98 104 108 +4 NA NA NA NA Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) NA NA NA NA NA NA NA NA Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (1,000 t CO 2 e) NA 48 54 +13 NA NA NA NA Gross market-based Scope 2 GHG emissions (1,000 t CO 2 e) 2 1 1 0 NA NA NA NA Significant Scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (million t CO 2 e) 8.67 8.14 9.34 +15 NA NA NA NA 1. Purchased goods and services 7.52 7.15 7.98 +12 NA NA NA NA 2. Capital goods 0.11 0.11 0.23 +109 NA NA NA NA 3. Fuel and energy-related activities (not included in scope 1 or 2) 0.03 0.03 0.03 0 NA NA NA NA 4. Upstream transportation and distribution 0.74 0.60 0.75 +25 NA NA NA NA 5. Waste generated in operations 0 0.01 0.01 0 NA NA NA NA 6. Business travelling 0.02 0.04 0.02 -50 NA NA NA NA 7. Employee commuting 0.07 0.05 0.16 +220 NA NA NA NA 8. Upstream leased assets NA NA NA NA NA NA NA NA 9. Downstream transportation NA NA NA NA NA NA NA NA 10. Processing of sold products NA NA NA NA NA NA NA NA 11. Use of sold products NA NA NA NA NA NA NA NA 12. End-of-life treatment of sold products 0.18 0.15 0.16 +7 NA NA NA NA 13. Downstream leased assets NA NA NA NA NA NA NA NA 14. Franchises NA NA NA NA NA NA NA NA 15. Investments 0 0 NA NA NA NA NA NA Total GHG emissions Total GHG emissions (location-based) (million t CO 2 e) NA 8.29 9.50 +15 NA NA NA NA Total GHG emissions (market-based) (million t CO 2 e) 8.77 8.25 9.45 +15 NA NA NA NA GHG intensity per net revenue Million t CO 2 e /mEUR % N / N-1 2025 2024 Total GHG emissions (location-based) per net revenue 0 0 0 Total GHG emissions (market-based) per net revenue 0 0 0 * NA refers to GHG emission targets and values not applicable to Vestas. Vestas’ Scope 3 targets are not absolute GHG- based, but intensity based (i.e. CO 2 e per MWh). Refer to page 87-88 for specific details on Vestas’ targets. ** The base year for all GHG targets has been updated to 2022, following revalidation of our targets in 2025 by the Science Based Targets initiative. Scope 3 GHG emissions for 2024 has been restated according to the spend-based boundary. *** Refer to note 1.2 for the net revenue, pages 141-143 in the Financial statements. → Vestas V126-3.45 MW wind turbines at the Lehtirova wind farm in Sweden. 90Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E1 Climate change   Accounting policies for E1 – Climate Change ‘Expected GHG avoided over the lifetime of the capacity produced and shipped during the period (million tonnes CO 2 e)’ Based on total turbines (MW) produced and shipped during the reporting period. A weighted average capacity factor was applied in 2025, based on actual hourly performance data from the turbine types produced and shipped in the reporting year. Vestas applies an expected lifetime based on site-specific agreed lifetimes where this differs from the standard design lifetime. The expected GHG avoided over the lifetime of the turbines is calculated using the latest updated standard factor of global average carbon emissions for electricity from the International Energy Agency (2025). ‘Expected annual GHG avoided by the total aggregated installed fleet at the end of the period (million tonnes CO 2 e)’ Calculated based on the total installed capacity and the global average GHG emissions. Vestas applied the fleet average capacity factor from 2025. The expected GHG avoided is based on the latest updated standard factor of global average carbon emissions for electricity from the International Energy Agency (2025). Financial resources allocated to action plan (CAPEX and OPEX) The CAPEX and OPEX allocated to climate-related action plans is focused on reducing GHG emissions across Scope 1, 2, and 3. The key actions are accounted for and monitored by the respective owners of each sustainability action. The Group Sustainability department maintains the budget overview and receives data from relevant regional and functional heads for: i) investments incurred in the current year, and ii) future investments. The reported data is supported by documentation such as invoices for investments incurred in the reporting period and approved budget for future investments. E1-5 Energy Total energy consumption related to own operations includes renewable sources, crude oil and petroleum products, natural gas, other fossil sources as well as consumption of purchased or acquired electricity, heat, steam, and cooling (from renewable sources or fossil sources) and district heating consumed at Vestas-owned or operationally controlled assets. Consumption data is derived from direct measurements such as meter readings or purchase bills, fuel cards, and vouchers. Wherever data is unavailable from our operations, we have made estimations based on the type of operations and employee headcount. More than 99 percent of the data is based on direct measurement, with less than one percent estimated. Consumption of electricity comprises electricity purchased externally. Oil for heating is based on external purchases and meter readings at the end of reporting period. All energy from non-renewable sources is considered fossil source. Electricity and heating from renewable energy sources is calculated based on renewable energy certificates (RECs) and supplier statements. Renewable share of fuel for transport is based on local renewable energy mix in line with fuel specific legal requirements and where legal requirements are exceeded, the added renewable energy is based on supplier statements. Renewable electricity is calculated based on supplier statements and Renewable Energy Certificates or equivalent. Only 100 percent renewable electricity is counted as renewable electricity. Percentage of renewable energy is based on total consumption of energy. Total energy consumption from activities in high climate impact sectors equals to Vestas’ energy consumption. ‘Energy intensity per net revenue’ Vestas measures its Energy intensity by providing information on its total energy consumption in high climate impact sectors, expressed in Gigawatt hour (GWh) per million EUR net revenue. For revenue, see the Financial Statements, pages 141-143. Reported energy consumption is primarily based on direct measurements from utility meters or supplier invoices. Where such data is unavailable, estimates are made using historical consumption data. Additionally, estimations are included for countries where employees are stationed at client sites for technical support and where Vestas does not have significant operational presence. E1-4, E1-6 GHG emissions Carbon emissions are measured using the carbon dioxide equivalent (CO 2 e) to include all relevant greenhouse gasses (seven Greenhouse gases (GHG), carbon dioxide (CO 2 ), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), per-fluorocarbons (PFCs), sulfur hexafluoride (SF6) and nitrogen trifluoride (NF3)s ) according to the ESRS and the Greenhouse Gas Protocol (GHG Protocol). A distinction is made between Scope 1, 2, and 3 emissions. Following the ESRS’ consolidation approach, Vestas has applied the operational control method and considered financial control to define the emissions' reporting scope. Vestas follows the ESRS and GHG Protocol, for disclosures pertaining to E1-6 (Gross Scopes 1, 2, 3 and total GHG emissions), and SBM-3 in E4 (Biodiversity and Ecosystems Emission factors are selected for the most recent year available, where possible, from published or licensed databases). In some cases, emission factors may not be updated on an annual basis or not be available for a material or location, in this case a suitable proxy will be used that is appropriate for material type/process, which may lead to uncertainty. We strive to utilise representative emission factors to provide transparent disclosure according to GHG Protocol. Vestas further discloses total Scope 1 and Scope 2 GHG emissions, disaggregated by Offshore and Onshore operations, using an internal site mapping of Service, Construction, and Manufacturing locations. Emissions disclosures for entities within the operational boundary Vestas has assessed that, in 2025, the company did not exercise operational control over any investees, including associates, unconsolidated subsidiaries or joint ventures. Hence, separate disclosures of GHG emissions from operationally controlled investees are not applicable. Vestas continues to review its contractual arrangements annually to ensure alignment with CSRD requirements. Uncertainties and estimates In reporting emissions from short-term vessel lease arrangements, Vestas applies accounting judgment to determine whether these emissions fall under Scope 1 (direct) or Scope 3 (value chain). For the year 2025, accounting judgment has been made that short-term lease agreements on vessels do not constitute financial nor operational control and are reported as part of Scope 3 which is considered common industry practice. ‘Scope 1 GHG emissions (1,000 t CO 2 e)’ These emissions are calculated based on reported consumption of non-renewable fuels used for company- owned transport, including emissions from assets under long-term lease arrangements accounted for in accordance with IFRS 16, as well as for process, heating purposes (e.g., oil, gas, gasoline, propane, diesel, refrigerants), N2O and CH4 emissions from bioenergy usage. Standard emission factors published by the UK Department for Environment; Food & Rural Affairs (DEFRA) are applied in the calculation. ‘Scope 2 GHG emissions (1,000 t CO 2 e)' These emissions result from the consumption of non- renewable electricity, district heating provided by external suppliers, N2O and CH4 emissions from bioenergy usage. Calculations are based on reported usage and utilise standard emission factors from the International Energy Agency (IEA) and UK DEFRA. ‘Scope 3 GHG emissions (million t CO 2 e)’ Indirect GHG emissions from the value chain are reported based on the ESRS requirements and the GHG Protocol. Emissions from short-term lease arrangements are classified under scope 3. Vestas reports on Scope 3 categories 1-7 and 12. Scope 3 categories 8, 10, 11, 13, and 15 are immaterial for Vestas and categories 9 and 14 are not applicable. The percentage of Scope 3 GHG emissions calculated using primary data (9 percent) is aligned with the definition from the GHG Protocol. In 2025, we implemented a significant change in our GHG accounting methodology, where we recalibrated our baseline from 2019 to 2022, as part of the revalidation of our targets by the Science Based Targets initiative (SBTi) and transitioned to a spend-based boundary, which reflects a more precise and accurate representation of Vestas activities and full alignment with GHG Protocol guidance. Additionally, Vestas has implemented a digital-twin platform that converts all financial transactions into material inflows and Scope 3 GHG emissions, further automating our global accounting method. Vestas conducts third-party expert reviewed Life Cycle Assessments to evaluate the environmental performance of specific wind turbine models that support Vestas’ global Scope 3 accounting calculations. The new accounting method accounts for components relating to the wind turbine and service-related components, as well as activities for construction, capital goods, and waste, etc. Essentially, all Vestas global spend transactions are extracted and grouped into two categories: 1) Material-based Spend and 2) Non-Material-based Spend. Material-based spend transactions are financial transactions that contain a Vestas material number and unit quantity per purchase order. As such, a physical weight and material composition can be assigned to these transactions. CO 2 e emission factors are assigned on material composition and production process attributes per Vestas material number. For indication purposes, we accounted for over 500,000 financial transaction lines. Non-Material-based Spend are financial transactions that do not contain a Vestas material number. These transactions may represent physical products (e.g., wind turbine foundations or electrical balance of plant) or services, such as transportation of goods or operational waste treatment, etc., which are relevant for Scope 3 GHG emissions. 91Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E1 Climate change Wherever possible, actual activity data (e.g., tangible product weight or supplier-reported freight emissions, for example) are used to determine Scope 3 GHG emissions. Where that is not possible, spend-based emission factors (e.g., CO 2 e per Euro spent) are applied. To avoid potential double-counting of Scope 3 GHG emissions, material-based and non-material-based spend transactions are reconciled to remove potential duplicated transactions. For example, Vestas global freight providers report detailed Scope 3 GHG emissions for Category 4 and the financial transactions related to global freight for these providers are removed as part of the accounting method. Capital goods and waste: Other purchased goods and services (category 1) and capital goods (category 2) are estimated based on spend data using DEFRA (2011) factors for indirect emissions from the supply chain. Fuel- and energy-related activities are calculated using DEFRA (2025) factors for emissions related to the production of fuel, NREL factors (2019) for renewable electricity and IEA factors (2025) for grid electricity. Transportation: Emissions from upstream transportation (category 4) are based on supplier information and estimated based on the LCA reports for weight and distance of components transported and DEFRA (2025) carbon emissions factors. Business travel (category 6) emissions for air flights, hotels, and rental cars are activity-based data provided by the travel agency used for all bookings. Employee commuting (category 7) is reported on daily commute by car, which is estimated based on the average number of FTEs and a selected sample of commuting distance. It applies standard factors published by the DEFRA (2025). End-of-life treatment: Emissions from end-of-life treatment of sold products (category 12) are estimated based on material composition of all produced and shipped wind turbines in the reporting year, including estimated end-of-life transport emissions. For materials that are not recyclable, an average (2025) emission factor for inert landfill is applied. ‘Biogenic GHG emissions’ Emissions of biogenic CO 2 GHG are accounted for separately from the gross Scope 1, 2, and 3 GHG baseline. Direct Scope 1 and 2 biogenic GHG emissions CO 2 gases are determined based on amounts of biogenic fuel for own transport and the direct consumption of biogenic-based fuels, with the usage of standard factors (DEFRA 2025 and IEA 2025). Scope 3 biogenic GHG emissions are determined according to other accounting principles described, and applying, where relevant, biogenic CO 2 factors derived from ecoinvent (2025). ‘Scope 3 GHG emissions intensity (target value) (kg CO 2 e per MWh generated)’ Vestas’ SBTi-validated Scope 3 target is measured as kg CO 2 e per MWh generated. The amount of MWh generated is based on the number and type of wind turbines produced and shipped in the financial year along with values for wind turbine capacity factor and site-specific lifetime. Vestas applies an expected lifetime based on site-specific agreed lifetimes where this differs from the standard design lifetime. In relation to the target to reduce GHG emissions in the value chain, indirect GHG emissions from the value chain per MWh generated include around 70 percent of the Scope 3 emissions. Each year, we disclose our absolute Scope 3 emissions and progress towards our Scope 3 intensity target. However, we will not disclose our absolute emissions in our target year (2030) for our Scope 3 intensity target, as this will allow a very precise calculation of forecasted growth and future sales. This commercial forecast is highly confidential and commercially sensitive. Disclosing our sales forecasts would potentially impact market share and competition by influencing market perceptions, affecting strategic planning and undermining negotiations or partnerships in a harmful way. 'Service vehicles' Vehicles weighing less than 4.8 tonnes that are used in our service operations. Renewably fuelled service vehicles are fuelled by electricity, HVO100, Bio-(M)Ethanol, green-hydrogen, or green-ammonia. A plug-in hybrid vehicle counts as 0.4 renewably fuelled vehicle. A hybrid vehicle counts as 0.2 renewably fuelled vehicle. Data is provided periodically and reported at the end of the reporting period. Estimations for the last two months of the year have been used. 'Benefit cars' Cars given to employees at certain corporate levels as part of their overall compensation package. Benefit cars are reported as share of Plug-in, Hybrid, Electric-vehicles ((PH)EVs). Data is provided periodically and reported at the end of the reporting period. Estimations for the last two months of the year have been used. 'Heating systems in Vestas' factories' Any heating system in factories under Vestas’ operational control. Renewable heating systems are running on or supported by renewable electricity, renewable fuel, renewable energy, renewable district heating (with a share of 80 percent renewable energy or above for the reporting period), renewable gas, or biomass. Data is collected and reported at the end of the reporting period. 'Steel and iron CO 2 e contribution to Scope 3' The percentage GHG contribution of steel and iron to Vestas’ overall Scope 3 emissions. Data is collected and reported at the end of the reporting period as part of overall Scope 3 calculation. 'Share of emissions from own operations related to service' The percentage of greenhouse gas (GHG) emissions from Vestas’ own operations that are attributable to service-related activities. The data is collected and reported at the end of the reporting period as part of the overall emissions from own operations. See page 91 for accounting policies for Scope 1. ↑ Vestas V163-4.5 MW wind turbine blades being transported from the Daimiel factory in Spain.. 92Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E1 Climate change 0 5 10 15 20 Weighted global average Hard coal Natural gas Hydro Solar Nuclear Wind 8.6 17 7.6 0.1 0.8 0.25 2.1 lower than the world average electricity production mix x34 The nature and biodiveristy impact of wind energy is estimated to be E4 Biodiversity and ecosystems SBM-3 Impacts, risks, and opportunities Climate change impact on biodiversity and ecosystems Type of impact: Actual, negative impact Location in the value chain: Upstream Time horizon: Short-, medium-, and long-term Nature of activity: Indirect impact on biodiversity and ecosys- tems from GHG emissions originating in our supply chain Description: The GHG emissions originating within our supply chain – from the extraction, production, and transportation of raw materials and components for wind turbine manufacturing – have a material negative impact on biodiversity and contribute to ecosystems degradation. The highest-emitting commodities are steel and iron, composites, electronics, concrete and alu- minium, with maritime and land transport also contributing significantly. Mitigating our impact on biodiversity and ecosystems through reducing the emissions from our supply chain is a core element of our sustainability strategy, and we have set a target to reduce Scope 3 GHG emissions intensity by 45 percent per MWh gen- erated by 2030. E4-1 How we understand our impact on biodiversity and ecosystems In line with the recommendations of the Taskforce on Nature- related Financial Disclosures, we have mapped biodiversity dependencies, impacts, risks, and opportunities using both internal assessments and third-party solutions. This assessment has enhanced our understanding of how resilient our strategy and business model are to biodiversity- and ecosystem-related risks- whether physical, transitional, or systemic. The time horizons, scenarios, scope, and assump- tions applied are detailed in the “Methodologies and assump- tions applied when identifying IROs” on page 77. The resilience analysis did not identify any material biodiver- sity dependencies, risks, or opportunities, but we are commit- ted to advancing the energy transition in harmony with local ecosystems and species. Our strategy targets the areas with the greatest influence on our biodiversity impact: reducing Scope 1, 2, and 3 GHG emis- sions and advancing zero-waste turbine development. These actions contribute to mitigating both climate change and the degradation of biodiversity and ecosystems. Looking ahead, we will continue to advance our use of impact assessment tools and data to strengthen how we analyse, report, and manage biodiversity impacts. This will allow us to refine our approach and ensure our business advances climate and nature goals while minimising negative local impacts. Wind energy deployment is an important lever for preserving global biodiversity and ecosystems While wind turbine production has a material impact on biodi- versity and ecosystems, we also recognise that wind farms can affect local biodiversity and ecosystems through aero- fauna collision risk, habitat loss, ecosystem alteration, and wildlife disturbance or displacement. At the same time, wind farms can also generate positive effects – for example, off- shore turbine foundations and scour protection zones can function as artificial reefs, creating new marine habitats and attract additional species. Nature and biodiversity impact of various energy sources Species year loss per MWh produced, normalised to global population impacts * Averages used for avoided species year loss calculations – based on average global electricity production mix in 2024. Source: UNECE, Life Cycle Assessment of Electricity Generation Options, 2021: LCA_final. Onshore and offshore wind energy Global average nuclear energy Natural gas without CCS Ground mounted solar technologies Hydro technologies (330 MW and 660 MW) Range of coal technologies without CCS Average global electricity production mix in 2024. At a global scale, wind power plays an important role in pre- serving biodiversity and ecosystems by displacing conven- tional energy sources and thereby avoiding GHG emissions (see page 61). Wind energy is also among the lowest-impact energy sources in terms of nature loss, with an estimated po- tential impact 34 times lower than the global average electricity production mix. Expanding renewable energy, such as wind, globally – while carefully considering local biodiversity and ecosystem conditions – to replace fossil energy generation is therefore important to address the global biodiversity crisis. 93Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements MDR-P, E4-2 Policies Our Safety, Quality, Health, and Environment (SQHE) policy and Health, Safety, and Environment (HSE) framework high- light our commitment to managing material impacts, risks, and opportunities related to climate change and biodiversity, and our commitment to protect and restore biodiversity and ecosystems across all our operations, including facilities located near biodiversity sensitive areas. For more information on the SQHE policy and HSE Framework and alignment with MDR-Ps, see page 80. MDR-A, E4-1, E4-3 Actions and resources In 2025, we enhanced our understanding of the biodiversity and ecosystem impacts associated with our value chain by refining our biodiversity impact assessment in collaboration with independent experts. The assessment confirmed that the most significant step we can take to mitigate our impact on biodiversity and ecosystems is to decarbonise our own opera- tions and supply chain. However, we acknowledge that further value chain impacts warrant attention and are evaluating which initiatives are both operationally feasible and likely to generate substantive outcomes. Our TNFD Commitment With improved foundational understanding of where our most significant impacts on nature occur, and how best to mitigate them, we are developing our company-wide approach to biodi- versity, aligned with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD). To initiate this journey, we formally adopted the TNFD in 2025, thereby com- mitting to disclose in accordance with its framework. Decarbonising our value chain A key initiative to reduce Scope 3 GHG emissions is forming partnerships with strategic suppliers to source low-emission materials, such as low-emission steel. Further details on our key initiatives, our broader decarbonisation programme, and the CAPEX and OPEX allocated to our action plan are provided on pages 86-88. While supply chain decarbonisation remains our most impact- ful measure for safeguarding global biodiversity, we also work to minimise impacts arising from our development, construction, and operational activities. Location-specific impact assess- ment and siting We can lower our impact on local biodiversity and ecosystems through spatial planning of wind energy development zones. By conducting wind resource and biodiversity impact assess- ments when developing new projects, we can optimise locations to minimise or abate negative impacts on habitats and species. Working with local agencies, experts, and regulation, we carry out environmental impact assessments (EIAs), develop envi- ronmental management plans (EMPs), and implement nature- based solutions when developing new projects, sometimes engaging indigenous knowledge. Careful siting of wind farms helps avoid migratory corridors and sensitive areas, reducing risks to aerofauna. Operational curtailment based on local bird and bat activity peaks, and ra- dar systems, can further reduce impacts on aerofauna. When establishing a wind power plant, the planning process should always include a location-specific impact assessment. Unless we develop the project ourselves, our customers have the pri- mary responsibility for undertaking EIAs and develop EMPs for the wind power plant. During construction, we collaborate with customers to imple- ment measures highlighted in the EMP. Whether during devel- opment, construction, or operation, we work closely with relevant stakeholders to ensure wind farms are built with careful con- sideration of the environment. When building new factories or acquiring or leasing existing ones, we always ensure that an environmental impact assess- ment is in place, which follows local legislation and lives up to the standards of Directive 2011/92/EU or equivalent. MDR-T, MDR-M, E4-4, E4-5, SBM-3 Metrics and targets Our target of reducing our scope 3 GHG emissions intensity by 45 percent per MWh generated by 2030 directly contributes to minimise our impact on biodiversity. For more information on the target, see page 88. Facilities near key biodiversity areas We have several facilities located near Natura 2000 or other biodiversity-sensitive areas, but none of them have been as- sessed to have a material negative impact on the local habitat in terms of land degradation, desertification, or soil sealing, or to have a negative effect on threatened species.   Accounting policies for E4 – Biodiversity and ecosystems Biodiversity We determine the proximity of our facilities to Natura 2000 and Key Biodiversity areas by mapping the location of our sites in the respective platforms’ map viewer. For all facilities located near sensitive areas, we assess the characteristics of the location and surrounding environment, as well as the characteristics of our activities, i.e., how they might harm or influence the immediate environment and the sensitive ecosystem. The assessment of the sites’ potential impact is conducted by internal experts with knowledge of ecosystem conditions and our manufacturing activities. ↑ A giraffe at the Dassiesridge Wind Farm near Kariega, South Africa. The wind farm consists of 14 V150-4.5 MW turbines. 94Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E4 Biodiversity and ecosystems E5 Circular economy and resource use SBM-3 Impacts, risks, and opportunities Raw materials required for turbines Type of impact: Actual, negative impact Location in the value chain: Upstream and own operations Time horizon: Short-, medium, and long-term Nature of activity: Direct through purchase and use of raw ma- terials, indirect through business relationships with suppliers who purchase and use raw materials. Description: Our turbines consist of 80-90 percent metals, 10-15 percent composites, and relatively small proportions of electronics, lubricants, and fluids (by mass). The extraction of ferrous metals (steel and iron) and rare-earth minerals used in turbine and electrical component production has significant environmental impacts, including pollution, landscape altera- tion, high water intensity, natural resource depletion, and GHG emissions. The subsequent manufacture of these raw materials into products can also emit GHG emissions. We are exploring solutions with suppliers to address this impact through increasing the share of recycled materials in our products, developing low-GHG emission materials, and improving product performance by using less material per delivered kWh. Non-recyclable materials Type of impact: Actual, negative impact Location in the value chain: Downstream Time horizon: Short, medium-, and long-term Nature of activity: Indirect through non-recycled turbine components at end-of-life Description: Approximately 85-97 percent of turbine materials are recyclable. Some components, especially composite blade materials, are challenging to recycle at end-of-life. Historically, composite blades are often either landfilled or incinerated, leading to a loss of valuable materials and continued depen- dence on virgin materials, causing a negative environmental impact. To reduce the negative impact from non-recyclable materials, we are developing innovative circularity solutions such as our blade circularity solution (see “Recyclable blades”). In the short-term, end-of-life legacy blades are diverted from landfill where Vestas is responsible for those activities, typically via mechanical grinding, cement co-processing, or incineration (sometimes with energy recovery) (see the table “Resource outflows” on page 97). Waste generation Type of impact: Actual, negative impact Location in the value chain: Own operations Time horizon: Short-, medium, and long-term Nature of activity: Direct through waste generated in our own operations Description: Waste is produced across our manufacturing, construction, and service operations. Waste directed to dis- posal through methods like landfill and incineration (with and without energy recovery) make up a small share of our overall waste but have a negative environmental impact. We conti- nuously work to improve our material efficiency and material recovery to limit the environmental impact and have the ambi- tious goal of producing zero-waste turbines by 2040 through our Circularity Roadmap. Recyclable blades Type of impact: Financial opportunity Location in the value chain: Downstream Time horizon: Short-, medium-, and long-term Description: Our Blade Circularity Solution, developed in col- laboration with partners of the Circular Economy for Thermo- set Epoxy Composites (CETEC) project, enables the recovery and reuse of epoxy-infused composites, used in the manufac- turing of blades. This solvolysis-based separation method enables a circular economy for the constituent composite materials including carbon fibres, glass fibres, epoxy resin, metal, PET foam, and wood. The solution can enhance our value proposition, by im- proving auction competitiveness in auctions where criteria reward circularity. Moving forward, we are further developing and industrialising the solution together with Stena Recycling. MDR-T Circularity Roadmap Our Circularity Roadmap outlines how we work with the key impacts, risks, and opportunities (IROs) connected to circular economy and resource use. It provides an aspirational vision for a fully circular value chain, where waste is prevented and materials are reused, and enabling our long-term ambition of producing zero-waste wind turbines by 2040. By “zero-waste” wind turbines, we mean preventing all waste and developing a circular economy for all materials in which we reuse, repair, remanufacture or recycle, without recourse to in- cineration or landfilling. This process encompasses all our own operations as well as our direct suppliers, covering design and procurement, production, construction, service, and end-of-life solutions. Internal and external stakeholders were involved in defining the concepts of circularity and the targets of the Circularity Roadmap. The targets are not mandated by legislation and were set in line with internal ambitions. MDR-P, E5-1 Policies The Safety, Quality, Health, and Environment (SQHE) policy and Health, Safety, and Environment (HSE) framework includes our commitment to improve material efficiency and recovery, as well as rotor and turbine recyclability to ultimately deliver zero-waste turbines. The HSE framework details how we manage IROs connected to resource in- and outflows, circular economy, and waste, and work to transition away from the use of virgin resources where possible by increasing the share of recycled and renewable content in purchasing of materials. For more information on the SQHE policy and HSE Framework and alignment with MDR-Ps, see page 80. MDR-A, E5-2, E5-5 Actions and resources Our Circularity Roadmap is structured around three main pil- lars: Design for circularity, Operational circularity, and Material recovery, for which we have established key actions and allo- cated resources to meet our goals. In 2025, we allocated EUR 20.2m in OPEX to support the im- plementation of the actions under these three pillars (2024: 20.5m), and in 2026, we expect to allocate EUR 20.3m in OPEX to continue the advancement of our key actions. Design for circularity Recyclability of wind turbine blades We invest in advancing blade recycling technical pathways and infrastructure. In 2025, we continued progressing on innovative recycling methods for both epoxy-infused and non- epoxy-infused blades, and recycling of blades linked to our re- powering projects in the USA. Breakthrough circularity solution for epoxy-infused blades Through the CETEC initiative, we have co-developed the innovation of a solvolysis-based method that can break down epoxy infusion resin, enabling the separation, recovery, and reuse of blade materials. This solution, designed with our part- ners from Aarhus University, Olin and the Danish Technological Institute, allows for the recycling of existing blades without 95Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E5 Circular economy and resource use introducing the technical risk of new blade materials, and with- out requiring extreme conditions of heat or pressure. In 2025, we continued our focus on scaling up the blade circu- larity solution through our partnership with Stena Recycling. A test bed for processing large composite material samples was constructed at Stena Recycling’s lab facility in Sweden. At the pilot project’s completion, we aim to have established an industrially relevant recycling facility for epoxy-infused blades, including the development of a market for recovered material fractions, as well as the chemical recycling of epoxy resin back into a virgin-quality commodity resin that can be used in new blades or other applications. This is the first step towards true circularity of composite materials, with the potential of an in- dustrially viable circularity pathway for many industries beyond wind, including aviation, defence, and recreational vessels. Recycling of non-epoxy infused blades Since January 2021, we have engaged with the DecomBlades project in close collaboration with other wind turbine manufac- turers, recyclers and industry experts to identify methods for the recycling of non-epoxy infused blades. Major advancements include the successful implementation of industrial-scale pyrolysis, reclamation of glass fibres and the development of a blade material passport to enhance transparency and facili- tate circularity of turbine blades. Blade recycling in the USA In 2025, we conducted a strategic review of our recycling activities in North America to ensure the most effective and future-ready approach. This review included assessing poten- tial partnerships to enable higher-value upcycling of materials, as well as the evaluation of relocating our blade recycling faci- lity to better align with anticipated future blade volumes. As a result of this process, certain parts of our existing operations were temporarily paused. Consequently, the number of blades recycled directly through Vestas in 2025 from our US repow- ering portfolio decreased to 109, compared with 165 in 2024. Recycling solutions implemented in the United States have included cement co-processing, gasification, material re- use and fibre reclamation. Recycled steel We have partnered with ArcelorMittal to produce low-emission steel. In addition to reducing GHG emissions from wind turbine towers by up to 66 percent per kg steel compared to conven- tional steel, the solution significantly enhances our circular economy performance. Produced in electric arc furnaces pow- ered entirely by renewable electricity, the steel incorporates high levels of scrap, substantially increasing the recycled content of towers and, in turn, the overall circularity of our turbines. Material efficiency Reducing material waste in manufacturing is a core focus, and blade manufacturing remains the largest contributor to our internal waste categories. Actions to reduce manufacturing waste include the development of advanced recycling infra- structure near our manufacturing facilities, optimising design to minimise material use, and implementing manufacturing kits that reduce scrap. We manage waste in line with the waste hierarchy, aiming to prevent, reuse, or recycle where possible, across our operations. Operational circularity Repair and refurbishment Repair and refurbishment allow us to extend the lifespan of turbine components, reduce waste and cut GHG emissions by up to 55 1 percent compared to manufacturing new parts. Major turbine components, such as blades, gearboxes and generators, are already largely refurbished and reused. In 2025, we initiated a blade take-back programme for re- powered or decommissioned turbines, enabling refurbished blades to be redeployed within Service Operations instead of procuring new blades. Regionalised repair infrastructure We work to regionalise repair and refurbishment networks to enable cost-effective repairs that reduce emissions associated with component transport and further support expanding our global repair operations whilst increasing local job creation. Expanding repair capabilities To increase the repairability of our components, we are invest- ing in specialised repair solutions and partnerships with local suppliers. By enhancing the durability and repairability of tur- bine components, we aim to further reduce material waste and support local businesses in the value chain. Material recovery Eliminating landfilling and incineration Increasing our recycling rate is a key ongoing action for us. We will improve our recycling rate by utilising our regionalised Health, Safety, and Environment structure to introduce year- on-year recycling targets for each of our factories. MDR-T, MDR-M, E5-3 Metrics and targets We have set targets across the three main areas of our Circu- larity Roadmap. In line with our targets, we aim to prevent, reuse or recycle waste wherever possible. Progress towards the Material efficiency and Waste recycling targets is evaluated quarterly, while progress towards the Rotor recyclability and Repair and refurbishment targets is evaluated annually. Progress is evaluated through reviews by members of Executive Management, the Audit Committee, and the Board of Directors. Targets related to Design for circularity Material efficiency target To design-out production waste in our own operations, we have set a target to increase our material efficiency by 90 per- cent by 2030, to 0.2 tonnes of waste per MW produced and shipped, compared to a baseline value of 2.0 tonnes of waste per MW produced and shipped in 2021. This target applies to manufacturing, construction, and operations and maintenance activities in our own operations. In 2025, our material efficiency increased to 1.3 tonnes of non-recycled waste per MW produced and shipped (2024: 1.0 tonne), reflecting a deterioration in performance. The increase is driven by a larger increase in total waste volume than in pro- duction volumes. Despite deteriorating material efficiency and increasing waste volumes, the share of waste collected for re- cycling increased by one percentage point to 69 percent. Rotor (hub and blade) recyclability target We are committed to create a 100 percent recyclable turbine rotor by 2030, from a baseline of 41 percent in 2020, while minimising downcycling of blade materials to preserve their value and potential use in the creation of new products. Recycling of the turbine rotor (i.e., hub and blades) primarily takes place at turbine end-of-life in our downstream value chain. In 2025, we achieved a 94 percent recyclability rate of the ro- tor, which represents a 6 percentage point increase compared with 2024 (2024: 88 percent). The increase is primarily driven by a higher proportion of epoxy-infused turbine blades among the turbines produced and shipped during 2025, which are classified as fully recyclable following the introduc- tion of our blade circularity solution. Targets related to Operational circularity Repair, reuse and refurbish targets We aim to refurbish 55 percent of turbine components by 2030 and 75 percent by 2040, mainly by creating new repair loops for components. We track this target through a refur- bished components utilisation rate (weight of components) with a baseline year of 2020, where we had a 14 percent refurbishment rate. By increasing the use of refurbished components, we reduce the use of new materials. This target applies to our operations and maintenance activities. In 2025, we achieved a refurbished component utilisation rate of 32.1 percent. This demonstrates a decrease of 2.4 percent- age point (2024: 34.5 percent). Although refurbished compo- nent installations increased in 2025, the utilisation rate de- clined because our service activities grew faster than the number of refurbished components we installed. We are ramp- ing up capacity, re-evaluating planning, and increasing focus on newer platforms to ensure we can deliver refurbished com- ponents for the increasing service demands. Targets related to Material recovery Recycling of waste target We aim for a recycling rate of at least 94 percent by 2030, and to produce zero-waste by 2040. We measure this target in percentage of recycled or reused waste in our own operations with 2020 as the baseline year, where we had a recycling rate of 52 percent. The target applies to our own operations, and we monitor waste at each site, preferring recycling over landfill. In 2025, we generated 54 kt of waste (2024: 44 kt), of which 69 percent was recycled (2024: 68 percent). The increase in total waste was primarily driven by higher manufacturing activity, in particular related to production ramp-up of the V236 and V163 turbines, which also contributed to an increase in the average blade weight. Improvements in waste recycling were driven by enhanced material handling and process opti- misation. See all performance metrics on page 98. 1 The methodology has changed in 2025. Calculation is based on 2023 component compositions and emission factors from GaBi LCAs. 96Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E5 Circular economy and resource use MDR-M, E5-4 Resource inflows Our material inflows consist of primary raw materials, compo- nents and consumables used in our manufacturing operations. Typically, wind-turbines are composed of 85-90 percent steel, iron, and metals, 10-15 percent composites and polymers, and smaller shares of electronics, lubricants, and fluids. The table on the right shows the performance metrics for 2025. MDR-M, E5-5 Resource outflows Our material and resource outflows can be divided into two categories: 1) waste and materials generated in production processes in our own operations, and 2) wind turbine products, which become valuable resources at end of their useful life. Our primary resource outflows are detailed in the impact descriptions on page 95. The table on the right shows the performance metrics for 2025. Waste The waste generated in our own operations is classified into hazardous or non-hazardous based on local regulatory requirements. The waste materials are a combination of all types, including electronic waste, glass, wood, chemicals and solvents, paper, plastic, and scrap metal (e.g. aluminium, brass, ion, copper, cables and paint). We do not have any sector- specific waste in our own operations. Refer to the accounting policies on page 98 for information on methodologies and assumptions connected to the waste metrics.   Accounting policies for E5 – Resource use and circular economy MDR-M, E5-4 Resource inflows The following four metrics define Resource inflows: • Total weight of products and technical and biological materials. • Percentage (based on total weight) of biological materials (and biofuels used for non-energy purposes). • Total weight (tonnes) of secondary reused or recycled components (and secondary intermediary products, and secondary materials) 1 . • Percentage (based on total weight) of secondary reused components (and secondary intermediary products, and secondary materials). The scope of Resource inflows includes materials in Vestas’ wind turbines produced and shipped and components for service operations for the reporting period. The metric excludes property, plant and equipment, which are deemed negligible. The data for resource inflows in 2025 transitioned to a spend- based boundary for the sustainability reporting scope which reflects a more precise and accurate representation of Vestas’ activities. Additionally, Vestas has implemented a digital-twin platform that converts financial transactions into material inflows, further automating our global accounting method. Vestas conducts third-party expert reviewed Life Cycle As- sessments (LCA) to evaluate the environmental performance of specific wind turbine models from raw material extraction to end-of-life. The assessments cover the entire plant until grid connection, including the turbine, foundation, site cabling, and transformer station. The LCA models support Vestas’ global Resource inflow mass balance. Resource outflows The following three metrics are included under Resource outflows: ‘Product Durability – Average lifetime of turbines (measured in years)’ Product durability is the average lifetime (measured in years) for Vestas’ wind turbines produced and shipped during the reporting period. It is calculated using data from Vestas’ project-specific sales documentation. E5-4 Resource inflows 1,000 t 2025 2024 Overall total weight of products and technical and biological materials used during the reporting period (1,000 t) 2,777 1,743 Biological materials and biofuels used for non-energy purposes (%) 0.0 0.3 Absolute weight of secondary reused or recycled components, secondary intermediary products and secondary materials (1,000 t) 435 430 Secondary reused or recycled components, secondary intermediary products and secondary materials (%) 15.7 24.6 * A Vestas progress indicator, i.e. not an ESRS data point. E5-5 Resource outflows 2025 2024 Recyclability rate of hub and blade at end-of-life (%) 94 88 Recyclability of complete turbine at end-of-life (%) 97 97 Durability of products (years) 25.0 24.6 Refurbished component utilisation rate (percent weight) 32.1 34.5 End-of-life legacy blades recycled (number)  109 165 1 Estimation based on data from Ecoinvent datasets. * Estimation based on data from Ecoinvent datasets 97Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E5 Circular economy and resource use ‘Recyclability rate of hub and blade at end-of-life (%)’ Calculated as the recyclable share of the total rotor (i.e. hub and blade) based on percentage weight (tonnes). Recyclability rates of different materials and component types are quantified and estimated based on information from life cycle assessment (LCA) reports, including blades, based on CETEC project which was updated in 2023. Additionally, the recyclability method has been updated in 2024 to reflect the wind turbine recyclability rate of the designed “As-built Turbine-only”, including non-metal materials. Actual recycling rates may vary, depending on project specific factors and regional waste management practices, and may lead to lower “real world” recyclability. ‘Recyclability of complete turbine at end-of-life (%)’ The total turbine consists of the blade, hub, nacelle, and tower. The recyclability method and calculation is the same as for hub and blade Defined terms: • Durability: the ability of a product, component or material to remain functional and relevant when used as intended. • Longevity: designed for maintenance and durability in such a way that encourages longer use than the industry standard in practice and at scale and in such a way that does not compromise circular treatment at the end of functional life. ‘End-of-life legacy blades recycled in the USA’ The number of end-of-life legacy blades (both Vestas and non- Vestas) recycled by Vestas in the USA. Data is collected at the end of the reporting period. ‘Refurbished component utilisation rate’ The percentage of new component mass versus repaired component mass installed in tonnes via Vestas’ service orders, excluding liquids. Data is collected and reported at the end of the reporting period. E5-5 Waste Waste is reported for: • All manufacturing and test facilities. • Other operations in service, construction and office entities where waste is Vestas’ responsibility. • Offices controlled by Vestas. The above is consistent with the consolidation scope presented in the Basis for preparation and thus includes Vestas’ Group including all its subsidiaries. In alignment with ESRS, all waste produced by Vestas is classified as hazardous and non-hazardous based on disposal methods. The quantity of waste reported is based on weight slips, invoices, or statements received from the waste recipients for deliveries included in the accounting period. ‘Percentage of non-recycled waste’ Calculated by comparing the total amount of waste generated with the amount of waste not recycled, based on receipts from all waste management operations. ‘Materials recycled (%)’ Calculated by comparing the total amount of waste generated with the amount of waste recycled, based on receipts from all waste management operations. ‘Total amount of hazardous and non-hazardous waste’ Vestas utilises countries’ local mandated legislation classifications for hazardous and non-hazardous waste diverted from disposal due to preparation of reuse, recycling, and other recovery operations as well as hazardous and non- hazardous waste directed to disposal by incineration, landfilling, and other disposal operations. ‘Material efficiency (tonnes of waste excluding recycled per MW produced and shipped)’ Material efficiency is defined as the total number of non- recycled waste materials from Vestas’ own manufacturing per MW capacity produced and shipped during the reporting period. ‘Financial resources allocated to action plan (CAPEX and OPEX)’ The CAPEX and OPEX allocated to circularity-related action plans are focused on design for circularity, operational circularity, and material recovery. The key actions are accounted for and monitored by the respective owners of each sustainability action. The Group Sustainability department maintains the budget overview and receives data from relevant regional and functional heads for: i) investments in the current year, and ii) future investments. The reported data is supported by documentation such as invoices for investments incurred in the reporting period and an approved budget for future investments. E5-5 Waste generated 1,000 t 2025 2024 1. Hazardous waste diverted from disposal due to preparation for reuse 0 0 2. Hazardous waste diverted from disposal due to recycling 3 3 3. Hazardous waste diverted from disposal due to other recovery operations 1 1 4. Sub-total: Hazardous waste diverted from disposal (sum of 1 to 3) 4 4 5. Non-hazardous waste diverted from disposal due to preparation for reuse 0 0 6. Non-hazardous waste diverted from disposal due to recycling 34 27 7. Non-hazardous waste diverted from disposal due to other recovery operations 7 7 8. Sub-total: Non-hazardous waste diverted from disposal (sum of 5 to 7) 41 34 9. Total diverted from disposal (sum of 4 and 8) 45 38 10. Hazardous waste directed to disposal by incineration 1 0 11. Hazardous waste directed to disposal by landfilling 0 1 12. Hazardous waste directed to disposal by other disposal operations 0 0 13. Sub-total: Hazardous waste directed to disposal (sum of 10 to 12) 1 1 14. Non-hazardous waste directed to disposal by incineration 1 1 15. Non-hazardous waste directed to disposal by landfilling 7 4 16. Non-hazardous waste directed to disposal by other disposal operations 0 0 17. Sub-total: Non-hazardous waste directed to disposal (sum of 14 to 16) 8 5 18. Total directed to disposal (sum of 13 and 17) 9 6 19. Non-recycled waste 17 14 20. Percentage of non-recycled waste (%) 31.5 31.4 21. Total amount of hazardous waste (sum of 4 and 13) 5 5 22. Total amount of radioactive waste (part of hazardous) 0 0 23. Waste, grand total (sum of 9 and 18) 54 44 Non-recycled waste 2025 2024 Material efficiency (tonnes of non-recycled waste per capacity in MW produced and shipped) 1.3 1.0 * Vestas’ progress indicator, i.e. not an ESRS data point. 98Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements E5 Circular economy and resource use 99% 94% 98% 1% 6% 2% EU Taxonomy The EU Taxonomy for sustainable activities (the “Taxonomy”) is the EU classification system for economic activities that make a substantial contribution to environmental sustainability. Our activities substantially contribute to climate change mitigation in the following ways: • Manufacturing: by producing renewable energy technologies. • Development, construction, and operations and maintenance: by supporting the generation of electricity from wind power. Our manufacturing and construction activities are eligible under Activity 3.1: ‘Manufacture of renewable energy techno- logies’, and our development, and operations and maintenance activities are eligible under Activity 4.3: ‘Electricity generation from wind power’. For details on our compliance with the do-no-significant-harm criteria, see pages 129-132. In 2025, 99 percent of revenue is aligned (2024: 99 percent), 94 percent of OPEX is aligned (2024: 92 percent), and 98 percent of CAPEX is aligned (2024: 99 percent). For more information on eligible, aligned, and not-aligned revenue, CAPEX, and OPEX, as well as the accounting policies, see pages 129-132. Breakdown by environmental objectives of EU Taxonomy-aligned activities KPI Total (mEUR) Proportion of Taxonomy eligible activities (%) Taxonomy aligned activities (mEUR) Proportion of Taxonomy aligned activities (%) Climate Change Mitigation (%) Climate Change Adaptation (%) Water (%) Circular economy (%) Pollution (%) Biodiversity (%) Proportion of enabling activities (%) Proportion of transitional activities (%) Not assessed activities considered non-material (%) Taxonomy aligned activities in previous financial year (2024) (mEUR) Proportion of Taxonomy aligned activities in previous financial year (2024) (%) Revenue 18,822 99 18,613 99 99 0 0 0 0 0 99 0 0 17,081 99 CAPEX 1,713 98 1,681 98 98 0 0 0 0 0 98 0 0 1,470 99 OPEX 441 94 413 94 94 0 0 0 0 0 94 0 0 354 92 EU Taxonomy eligibility and alignment 2025 Revenue OPEX CAPEX Mitigating climate change is at the core of our business model. In 2025, 99 percent of our revenue, 94 percent of our OPEX, and 98 percent of our CAPEX was aligned.  Eligible – aligned     Non – eligible Overview of eligible and aligned activities as per EU Taxonomy in 2025 mEUR 18,822 mEUR 441 mEUR 1,713 * Vestas considers all of our business activities to be enabling, as we enable our customers to generate electricity from wind power. 99Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements → Own workforce – Health and safety – Diversity – Secure employment → Workers in the value chain → Affected communities 100Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Social information S1 – Own workforce Health and safety SBM-3 Impacts, risks, and opportunities Health and safety incidents of own workforce Type of impact: Actual, negative impact Location in the value chain: Own operations Time horizon: Short, medium, and long-term Nature of activity: Direct involvement, mainly through manufacturing, installing, and service- related activities. Description: Vestas’ employees as well as contractors under Vestas’ operational control maybe exposed to hazards includ- ing working at heights, confined spaces, hazardous energy, mechanical lifting operations, driving, operating equipment, manual handling, and weather-related safety risks. Processes are in place to support risks being systematically and proactively identified and assessed through incident re- porting, investigation, and assurance processes. Processes are in place to review incidents to determine root causes, systemic factors, and corrective actions, with learnings shared across the organisation to help prevent recurrence. The negative impacts of such incidents are actual and localised, but they may also indicate underlying systemic issues if left unaddressed. Managing these risks is embedded into our business model and directly linked to our Health and Safety strategy, which includes clear commitments, measurable tar- gets, and transparent progress reporting as part of our annual reporting cycle. Cost implications of injuries in own workforce Type of impact: Financial risk Location in the value chain: Own operations Time horizon: Short, medium, and long- term Description: Workforce injuries can result in lost work hours, operational delays, and compensation costs. This cost implica- tion is directly linked to the negative impact of “Health and safety incidents” and arises from dependency on employees and contractors to deliver operational activities. Over half of Vestas’ workforce operates in high-risk environments such as construction, manufacturing, and service which heightens the likelihood and potential severity of incidents and associated costs. S1-4 Safety Roadmap towards 2030 Vestas has experienced elevated safety risks in recent years, with injury severity remaining unchanged. We acknowledge that every health and safety incident is unacceptable and are committed to mitigating material risks affecting our workforce. As part of our Health and Safety strategy established last year, in 2025 we developed a Safety roadmap (see page 66), which aims to foster a safer, healthier, and more sustainable environment across our operations while supporting resilient business performance. Grounded in a risk-based approach, the strategy focuses on reducing serious harm, strengthening our risk control framework, and integrating the the safety cul- ture into daily operations. Our key priorities include proactive risk management, critical control assurance, a strong safety culture that empowers both leaders and workers and, en- hanced operational controls supported by globally aligned systems and the Health, Safety, and Environment (HSE) man- agement system. This initiative will strengthen our HSE foundation, enhance operational capabilities, build capacity across the value chain, and create a resilient system to achieve our 2030 targets. MDR-P, S1-1 Policies The Vestas Safety, Quality, Health, and Environmental (SQHE) Policy and HSE Framework define procedures for identifying, reporting and mitigating health and safety risks, incidents and observations. These apply to actual and potential Health and Safety risks affecting Vestas employees, contractors, and sup- pliers across all roles in the value chain. For more information on the SQHE policy and alignment with MDR-Ps, see the Policy overview on page 80. MDR-A, S1-4 Actions and resources Our key actions within health and safety are currently dedicated to building a strong risk-based HSE system, improving capacity within our operating models, as well as focusing on critical risk control capabilities, creating safety awareness and training at both leadership and frontline levels. Our HSE management system Vestas’ risk-based Health, Safety, and Environment (HSE) management system applies to all sites and workers under our operational control. The system is built on a risk-driven approach designed to strengthen organisational capacity to manage, control, and adapt to safety risks effectively. The HSE management system is embedded in operations, project planning, and execution, supported by governance, standards, and assurance. Key elements include verification of effectiveness, and escalation of deviations through various systems and operational controls, and escalation of deviations through various governance mechanisms and processes. In 2025, updates were made to reflect our operational hierar- chies, reporting frameworks, and regulatory shifts enhancing prevention, mitigation, and response across activities. These activities are expected to strengthen our governance of risk and enhance the effectiveness of our response to emerging and existing risks. Performance is tracked through internal audits, field verification, and KPI monitoring. Progress is disclosed as part of Vestas’ quarterly and annual reporting cycle, catering for transparency and continuous improvement. Fostering a strong safety culture Safety training is a mandatory part of onboarding, and we regu- larly launch targeted campaigns to encourage open dialogue, proactive risk identification, and a culture where seeking advice is welcomed. Driving safe behaviours On April 28 2025, Vestas celebrated the World Day for Safety at Work with a global Safety Day themed “Spot your risks, take action.” This reflects our shift from compliance to a proactive, risk-based safety approach. Across our sites and offices, teams came together to reflect on the risks they face daily and the actions they can take to reduce or eliminate them. Engagement of frontline leaders Leadership also plays a vital role in this journey. Through our long-standing ‘Walk and Talk’ programme, leaders are expected to engage directly with teams monthly to reinforce safe be- haviours, understand site-specific risks, and build trust. These programmes were further supported with the roll-out of Frontline HSE leadership training. Strengthening risk controls To further enhance our proactive approach to identifying and mitigating risks, in 2025 we introduced HSE High-Risk Forums with participation of risk-specific subject matter experts from across our organisation and the industry to focus on the HSE risks that have the most significant impact on our operations. Five forums in all were established, focused on lifting operations, plant, tools, and equipment and control of hazardous energies, respectively. The purpose of the High-Risk Forums is to identify critical risks, develop mitigation strategies and enhance safety culture with a continuous improvement focus. Resources are allocated at Group, Regional and local levels, such as improved HSE and incident management system, to conti- nuously assess and define action plans to prevent incidents and support affected employees in line with local regulations. These initiatives collectively contribute to driving measurable progress toward achieving our Total Recordable Injury Rate (TRIR) target, reinforcing our commitment to workplace safety and continuous improvement. 101Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements MDR-T; S1-5 Metrics and targets In line with our SQHE policy, we are committed to set, measure, monitor, and review our health and safety performance and act upon deviations to established processes. We also enable remedies to materially impacted employees of our workforce in line with local regulations. The process for setting and monitoring health and safety targets at Vestas is guided by a comprehensive analysis of past performance, the company’s evolving risk profile, and alignment with strategic initiatives. This ensures that our targets remain both relevant and achievable. While the workforce is not directly involved in setting these targets, we maintain transparency by sharing monthly perfor- mance updates in site and functional meetings and in regional quarterly town halls to reach all employees. These updates help identify lessons learned and areas for improvement, keeping everyone informed and aligned with the health and safety goals established by the HSE team. Targets aligned with operational growth and risk At the end of 2024, we revised our Total Recordable Injury Rate (TRIR) 2025 target from 1.5 to 2.4 and the 2030 target from 0.6 to below 1. The change reflects a shift in Vestas’ risk profile, the inclusion of growing offshore activities, as well as an overall increase in work activities across various areas based on incident data reported, headcount and work hours. The aim is to implement achievable, yet ambitious short-term targets across Regions and functions, which can lead to more consistency and focus. 2024 is the base year of the new targets and 3.0 is the baseline value. The targets, which have been in effect from 1 January 2025, apply to all activities performed under Vestas’ control with no geographical boundaries. Performance against the targets is monitored monthly. The monthly reviews and dashboards for tracking injuries, along with quarterly performance reports in the interim finan- cial reports, provide a clear picture of progress and areas in need for attention. The reported data covers Vestas employees and contractors under Vestas’ operational control across all regions and business functions. This includes Service, Manufacturing, Construction, and Supply Chain. Performance is measured and reported through the Vestas HSE Management System. Performance overview The TRIR remains our primary metric for tracking progress against our health and safety targets. In 2025, our TRIR was 2.7 (2024: 2.7), reflecting stabilisation compared to 2024. While performance stabilised, stronger focus on high- risk events led to a steady reduction in incident severity in 2025. During 2025, our Lost Time Injury Rate (LTIR) per million working hours also stabilised at 1.1, unchanged from 2024. The result demonstrates our commitment to maintaining mo- mentum and driving continous improvement. In 2025, there were no fatal injuries (2024: five fatalities in total, of which two were in Vestas’ own workforce). Each incident is thoroughly investigated, and learnings are integrated into our systems to strengthen our safety culture. The top injury causes globally continue to be manual handling (strains, sprains, cuts), working with tools (cuts, crush injuries), and slips/trips/falls. In 2025, we enhanced our methodology for tracking working hours related to contractor activities in Service and Construc- tion. For more information, see Basis for preparation, page 82. Strategic priorities moving forward Our strategic focus for the coming year includes a broader risk-based assessment, incorporating serious incident track- ing, high-risk work assurance outcomes and critical control performance monitoring. This shift enables a more accurate reflection of our operational risk exposure and enhances our ability to prevent life-altering incidents supporting our ambi- tion to be a resilient and learning organisation. In parallel, we have launched a transformation of our HSE digital ecosystem. This initiative is designed to deliver greater agility in safety operations, enhanced transparency across the organisation and data-driven intelligence for proactive risk management. S1-14 Health and safety metrics 2025 2024 Workforce covered by health and safety management system (%) 1 100 100 Total Recordable Injuries per million working hours (TRIR) 2 2.7 2.7 Lost Time Injuries per million working hours (LTIR) 2, 3 1.1 1.1 Total Recordable Injuries (number) 270 240 – of which Lost Time Injuries (number) 3 110 97 – of which fatal injuries of own workforce (number) 0 2 Fatal injuries of workers outside Vestas’ supervision (number) 0 3   Accounting policies – S1 Health and safety S1-14 Health and safety Scope of disclosure and definition of ‘Own workforce’ Vestas’ Global HSE Framework and related metrics cover Vestas’ ‘Own workforce’. In the context of Health and Safety, Vestas’ own workforce is defined as own employees and other workers, i.e. contractors and sub-contractors, working under Vestas’ supervision and control. All members (100 percent) of our own workforce are covered by our Health and Safety Management System, which is based on legal requirements and recognised ISO 45001 standards and certified by third-party auditors. ‘Number of working hours’ The number of working hours is measured based on hours registered in working hours management systems for hourly- paid own workforce, and planned working hours for salaried employees excluding e.g. holidays, absence due to illness and parental leave. For third-party contractors in Construction and Service, planned working hours are used, in line with the approach for salaried employees. ‘Total Recordable Injuries per million working hours (TRIR)’ Represents all total recordable injuries reported in the Vestas’ reporting system per million working hours for Vestas’ own workforce. ‘Lost Time Injuries per million working hours (LTIR)’ Represents all Lost Time Injuries reported per million working hours for Vestas’ own workforce. ‘Total Recordable Injuries (number)’ The sum of recordable injuries includes all work-related incidents involving Vestas’ own workforce that are registered in Vestas’ internal Incident Management System (IMS). These incidents may be classified as restricted work cases, medical treatment cases, loss of consciousness, or fatalities. Non-work-related injuries or illnesses, such as heart attacks occurring at the workplace, are excluded. ‘Of which Lost time Injuries (number)’ The Lost Time Injuries are based on incidents reported in the IMS involving members of Vestas’ own workforce which result in more than one day of absence from work. The measure includes fatal injuries. ‘Of which fatal injuries of own workforce (number)’ Fatal injuries of own workforce refer to incidents, including work-related ill health reported in Vestas’ IMS that result in death, provided the death is a direct consequence of a reported work-related incident which occurred either on a Vestas-owned or Vestas-controlled site, or under other mandatory circumstances arising from activities carried out in the course of work. ‘Fatal injuries of workers outside Vestas’ supervision (number)’ Refers to incidents reported in Vestas’ IMS that resulted in the death of a contractor not under Vestas’ supervision and operating under the contractor’s own HSE management system. The measure covers fatal incidents occurring on Vestas-owned or Vestas-controlled sites, which are considered work-related. 1 The employees, of LM Wind Power Blades (Poland) Sp.z.o.o. acquired on 1 September 2025, are not included in the reported figures due to ongoing system integration. 2 TRIR and LTIR figures have been restated for 2024 to 2.7 (from 3.0) and 1.1 (from 1.2), respectively, following the implementation of an improved methodology for calculating working hours (used as the denominator). 3 A Vestas progress indicator, i.e. not an ESRS data point. 102Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S1 Own workforce — Health and safety S1 – Own workforce Diversity SBM-3 Impacts, risks, and opportunities Diversity Type of impact: Actual, positive impact Location in the value chain: Own operations Time horizon: Short- term Nature of activity: Direct involvement through recruitment, leadership, and overall corporate culture. Description: Vestas values the diversity of its global workforce, which in 2025 comprised more than 37,000 employees across over 67 countries. Diversity and inclusion are embedded in our business model through involvement in talent acquisition, leadership development, and corporate culture. These activities ensure our workforce reflects the markets and societies in which we operate, while supporting our ability to deliver on strategic priorities. Results from the Employee Engagement Survey highlight that employees at Vestas feel respected and accepted. These posi- tive impacts apply to employees with a standard employment contract across all regions where Vestas operates and with interlinked actions. We aim to foster well-being, psychological safety, and collaboration within our own workforce, which in turn enhance innovation, resilience, and competitiveness. By embedding diversity and inclusion into its business model, Vestas not only supports employees but also advances its mission to drive a just energy transition. All members of our workforce with a standard employment contract directly with Vestas who could be materially impacted are included in the scope of this disclosure. See Accounting policies, ‘Characteristics of employees’ on page 107 for further clarification. MDR-P; S1-1 Policies Our workforce is governed by a comprehensive set of policies designed to prevent risks, injuries and any harm at work, helping ensure fair and equitable treatment and protection of human rights. Our Human Rights Policy, Employee Code of Conduct (The Code) and Diversity, Equity, Inclusion and Belonging Policy (DEIB) have been developed to set a high level of commitment within these areas including ethical prin- ciples and standards related to diversity. For more information on these policies and alignment with S1- MDR-Ps, see Secure employment page 105. MDR-A; S1-4 Actions and resources Vestas drives diversity and inclusion through a structured process beginning with policy commitments in our Human Rights Policy and DEIB Policy. Based on these commitments, we identify actions through workforce data, Employee Engagement Survey results, and feedback on regional and business needs. This ensures that actions respond to both global priorities and local reality. These actions apply across Vestas’ own workforce globally, covering employees with a standard employment contract in all regions, and are carried out on an ongoing basis with defined milestones for certain initiatives. These activities are expected to continue progress toward a more balanced gender rep- resentation, strengthened inclusion, and sustained sense of belonging. Inclusive recruitment To strengthen equity in hiring, Vestas has integrated inclusive- focused actions into its global talent acquisition processes for several years, and these efforts are continuously expanded and updated. Job advertisements use gender- and identity- neutral language supported by the inclusive writing software “Develop Diverse”; psychometric assessments are mandatory for leadership roles; and DEIB statements are included in postings. In 2025, these efforts were further reinforced by the Inclusion & Interview Excellence project, which provides hiring managers and recruiters with tools to minimise bias in interviews. Leadership and culture Vestas is committed to improving female representation in corporate leadership, with an ambition of 30 percent women in leadership by 2030. To achieve this goal, we focus on build- ing an inclusive pipeline of talent, quarterly monitoring and compensation equity reviews. In 2025, we launched “Leading Across Cultures”, as the third module in the Inclusive Leadership Programme in addition to “Foundations” and “Inclusive Interactions”. The programme is designed to build awareness of bias, strengthen inclusive decision-making and a culture of commu- nication, as well as to equip leaders to collaborate effectively across cultures. In 2025, we launched the “Vestas Looks Like Me” campaign, amplifying diverse voices across regions and linking inclusion to our employer brand. In parallel, we expanded access to employee networks by establishing new Women in Wind networks in additional coun- tries and introduced a global mentoring approach. Feedback on local and business needs, through our established Employee Resource Groups in all regions, ensures that global priorities are adapted to local realities, enabling perspectives from dif- ferent geographies and individuals who may be more vulnerable to impacts to be considered. This approach strengthens rep- resentation, equity, and inclusion across the organisation. Embedding DEIB in the employee lifecycle In 2025, Vestas introduced a new Competency Framework in partnership with the consulting firm Korn Ferry. The framework integrates inclusion across attraction, recruitment, onboarding, performance management, succession planning, development, and exit. Its launch represents a milestone for the start of em- bedding DEIB systematically across the full employee lifecycle. Initial progress during the year included an integration of the Korn Ferry profiles and assessments into our recruitment process and mapping of competences to our Learning and Development catalogue. Actions are supported by a dedicated DEIB budget covering global training, awareness initiatives, and region-specific projects. Effectiveness is tracked through gender representation metrics, engagement survey results, turnover trends, and feedback from regional and business units. Regular reporting to the Executive Management Team ensures accountability at the highest level. 103Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements MDR-T; S1-5 Metrics and targets Diversity targets In line with our DEIB Policy commitments, Vestas has estab- lished a gender diversity target to achieve 25 percent women in leadership positions by 2025 and 30 percent by 2030. The target 1 applies to roles with the job titles of managers, specialists, project managers, and above. The base year for this target is 2020, when female leadership representation was 19 percent. The target was developed in 2020 in dialogue with employee representatives. Input from workforce engagement, including survey data and DEIB networks feedback, was incorporated into the assessment of feasibility and ambition. Progress is tracked quarterly by monitoring gender represen- tation in leadership, supported by the People & Culture function. Regular reviews are presented to the Executive Management Team as part of Vestas’ strategic KPI monitoring. Feedback from the Employee Engagement Survey (EES) and DEIB initia- tives informs adjustments to recruitment and development actions. At the end of 2025, women represented 25 percent of corpo- rate leadership (2024: 25). This means Vestas has reached its 2025 target and continues progress toward the 2030 ambition. If performance falls below the expected trajectory, additional measures will include enhanced focus on our talent develop- ment programmes, targeted recruitment, and expanded men- toring and sponsorship schemes.The target has not changed since it was introduced and reflect local talent conditions and align with relevant national, EU, and international diversity frameworks. The target is based on headcount of employees in leadership positions, see Accounting policies, page 104. Assumptions are based on external labour market benchmarks and peer company practices within the renewable energy sector. Members of Vestas’ workforce are involved in identifying areas for improvement relating to equal treatment and opportunities for all as part of the EES process (see S1-2, Workforce Engage- ment, page 105). For more information related to the scope and methodologies of these targets, see Accounting policies for S1– Secure employment, page 106.   Accounting policies for S1 – Own workforce S1-9 Diversity metrics Gender distribution ‘Women in leadership positions at the end of the period (%)’ This is calculated based on headcounts at the end of the reporting period. The parameter is calculated based on the number of women in leadership positions divided by the total number of leadership positions. Employee information is from the company’s Human Resource Information System (HRIS) with specification of gender and leadership level. Leadership positions comprise managers, specialists, project managers, and above. ‘Women in Top Management at the end of the period (%)’ The share of women in Top Management includes women in the Executive Management Team and female people leaders who report directly to a member of the Executive Management Team. ‘Top Management’ The top management comprises two management levels below the Board of Directors: the Executive Management team, and employees who report directly to a member of the Executive Management team and who hold managerial responsibilities. ‘Diversity of Vestas’ Graduate Programme‘ The diversity of the talent development programmes is calculated based on the share of women opposed to men who finalised the programme out of the total number of employees who participated in the programme. S1-16 Remuneration metrics ‘Gender pay gap (%)’ The gender pay gap is the difference of average pay levels between female and male employees, expressed as percentage of the average pay level of male employees. The number includes the salary, cash allowances (variable payments), benefits, insurances, bonus, and long-term incentives. The calculated figure depends on factors such as health insurance costs, employee benefits, the nature of work, and regional differences. As a global company, these variables vary significantly across countries, influencing the final value. ‘Annual total remuneration ratio’ The annual total remuneration ratio of the highest paid individual to the median annual total remuneration for all employees, excluding the highest paid individual. Pay data is collected quarterly from local payrolls in Vestas and compiled into one validated report. The pay data includes base salary, cash allowances (variable payments), pension, benefits, and other fixed recurring payments. S1-16 Remuneration metrics 2025 2024 Gender pay gap (%) 1 0.2 2.2 Annual total remuneration ratio 1 100.3 96.4 1 Vestas-American Wind Technology, Inc. (“VAWT”), Vestas-Canadian Wind Technology, Inc. (“VCWT”), and all other Vestas subsidiaries in North America (collectively, “VAME”) are committed to abiding by all state, federal, and provincial laws, including Title VII of the Civil Rights Act of 1964, and are dedicated to providing equal employment opportunities to all individuals, regardless of gender. In all circumstances, VAME will endeavor to hire the most qualified person for the job based on their skills, experience, and qualifications. The aspirational goal of increasing the number of women in our leadership positions will not be a factor considered in hiring decisions. S1-9 Diversity, end of year 2025 2024 Headcount Number Percent Number Percent Gender distribution Women in leadership positions 1 1,572 25 1,558 25 Women in Top Management 1 20 31 15 26 Women in Graduate Programme 2, 4 29 55 NA 4 56 Age group diversity, all employees < 30 years 8,113 21.9 7,985 22.7 30-50 years 22,911 61.8 22,088 62.7 > 50 years 5,501 14.8 5,133 14.6 Employees from acquisition 3 564 1.5 NA NA Total 37,089 100 35,206 100 1 The employees, of LM Wind Power Blades (Poland) Sp.z.o.o. acquired on 1 September 2025, are not included in the reported figures due to ongoing system integration. 2 Vestas’ progress indicator, i.e. not an ESRS data point. 3 The employee data for LM Wind Power Blades (Poland) Sp.z.o.o. is not yet fully integrated into Vestas’ information systems and presented separately. 4 The number of Women in Graduate Programme is published for the first time in 2025. 1 The employees, of LM Wind Power Blades (Poland) Sp.z.o.o. acquired on 1 September 2025, are not included in the reported figures due to ongoing system integration. 104Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S1 Own workforce – Diversity S1 – Own workforce Secure employment SBM-3 Impacts, risks, and opportunities Secure employment Type of impact: Actual, positive impact Location in the value chain: Own operations Time horizon: Short- term Nature of activity: Direct involvement through e.g. workforce planning, recruitment, and retention activities. Description: In 2025, 96 percent of our workforce held a standard employment contract (2024: 97 percent). Tempo- rary employees are mainly hired for project-based roles or to cover absence such as parental leave. The high share of per- manent contracts provides workforce stability and supports Vestas’ ability to deliver projects, retain talent, and sustain growth. Secure employment is directly linked to our business model and value chain. Stable contracts preserve knowledge and expertise essential for manufacturing, service, and project ex- ecution, while enabling innovation. This is particularly relevant for offshore expansion, where attracting and retaining special- ised talent is critical. All employees with a standard contract directly with Vestas are included in this disclosure. See Accounting policies, ‘Characteristics of employees’ on page 107 for further details. S1-2, S1-3 Workforce engagement At Vestas, we are committed to ensuring that our employees have accessible channels to raise concerns and provide feed- back. We continuously monitor and address potential risks through our reporting systems and align practices with inter- national standards. The Employee Engagement Survey The primary channel for engaging with Vestas’ workforce is the annual Employee Engagement Survey (EES), which is open to all employees. Participation is confidential, offered in 20 languages, and serves as our global channel for collecting structured workforce feedback on a wide range of employee en- gagement drivers. Results allow for external benchmarking of most questions and continuous tracking of progress over time. Results are centralised and analysed globally by the People & Culture (P&C) function, while local line leaders are responsible for follow-up action plans with their teams. Feedback is collected through the EES surveys communicated back to employees via team meetings, intranet updates, and leadership briefings. Resources for engagement include a dedicated P&C analytics team, survey technology, local P&C support, and financial re- sources for survey administration and analysis. Results The results from the annual Employee Engagement Survey (EES) in 2025 revealed an Employee Net Promoter Score (eNPS) of 31 (2024: 31), and Employee Satisfaction Score (eSAT) of 76, indicating that employees would recommend Vestas as a great place to work and higher levels of satisfaction. Survey insights are linked to other workforce indicators, such as turnover, to assess effectiveness. Employee turnover was 15.2 percent at year-end 2025 (2024: 13.1 percent). See Accounting policies for S1- Secure employment, page 106, for more information related to these indicators. Vestas also monitors gender response patterns in the EES and engaging with regional DEIB networks, which complement global results with locally grounded insights. Where applicable, results are also shared with worker repre- sentatives including works councils.Framework agreements with worker representatives, including work councils in rele- vant countries, provide additional structured input into workforce perspectives. These forums enable ongoing dialogue on local issues and company-wide initiatives. Where relevant, Vestas engages with workforce representatives on the impacts arising from the transition to a more sustainable business. This includes dialogue on restructuring, workforce reskilling and upskilling, and considerations for gender and social equity, as well as health and safety. Our grievance mechanisms Employees can use the following channels to raise concerns: EthicsLine: All stakeholders, including all members of Vestas workforce, are encouraged to raise allegations relating to mis- conduct through our whistle-blower platform called EthicsLine. The platform is managed through an independent third party. All employees can access it via our intranet, and Vestas helps ensure that employees are aware of the EthicsLine mechanisms as part of onboarding processes and through communication with their managers. P&C Service Desk: Requests raised through our People and Culture (P&C) service desk span minor requests to concerns from our employees that can require personnel intervention and are answered by a dedicated team. Works Councils: In applicable countries, employees can also raise concerns and grievance through works councils which meet on a regular basis to discuss employee issues and sug- gestions. The councils collaborate with management to find solutions and play a crucial role in resolving workplace problems. The latter two channels are established and run by Vestas, and all employees have access. Workers’ representatives are made aware of these channels via email. Remediating negative impacts The Employee Code of Conduct, EthicsLine Policy and Human Rights Policy (see the Policy overview on page 80) affirm that Vestas provides accessible grievance mechanisms and com- mits to investigating all concerns raised, seek resolution, and remedying adverse impacts we cause or contribute to. We pro- tect all individuals, including workers representatives, against any form of retaliation for raising concerns in good faith. Processes and metrics for assessing and responding to cases raised through EthicsLine are described in G1-1, “Our whistle- blower function”, see page 116 and 117. Vestas monitors the efficiency of the P&C service desk through targeted satisfaction surveys, and through EthicsLine by monitoring the number of cases raised and by running tar- geted awareness raising campaigns for EthicsLine. We ensure our workforce is aware of and trust these structures by run- ning targeted awareness raising campaigns for EthicsLine. MDR-P, S1-1 Policies Our workforce is governed by a comprehensive set of policies designed to prevent harm at work, ensuring fair and equitable treatment, protection of human rights, and prevention of dis- crimination. Our Human Rights Policy, Employee Code of Conduct (The Code) and Diversity, Equity, Inclusion and Be- longing Policy (DEIB) have been developed to set a high level of commitment within these areas, including ethical principles and standards related to secure employment. For more infor- mation related to these policies in line with S1- MDR-P; see “Policy overview” page 80 and 81. MDR-A, S1-4 ESRS 2 Actions and resources Vestas manages secure employment through a structured process that begins with our Human Rights Policy commit- ments and continues with systematic identification of impacts, risks, and opportunities. We regularly assess where action is required to strengthen workforce stability or address potential negative impacts. This assessment combines data from the Employee Engagement Survey, turnover and exit data, and input from line managers and workforce representatives. Workforce planning In 2024, Vestas implemented a workforce planning process covering blue-collar employees in Service and Manufacturing. By the end of 2025, this has been extended to white-collar employees, ensuring full workforce coverage. The process provides transparency on resourcing needs, enabling Vestas to anticipate gaps and respond to changing business needs. It is also used to identify areas where workforce dependency presents a risk, such as in offshore operations where 105Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S1 Own workforce –Secure employment * A Vestas progress indicator, i.e. not an ESRS data point. competition for specialised skills is increasing. Planned actions include targeted recruitment in growth markets, partnerships with education providers, and internal upskilling initiatives. These steps help mitigate potential negative impacts from skills shortages and support long-term workforce stability. Reward structures Reward structures have been a key action in 2025 as they underpin employees’ sense of stability and fairness in employ- ment, directly supporting secure employment. Progress during the year included ongoing training for People & Culture staff on fair pay practices, refreshed external benchmarks to ensure competitiveness, and continued coverage of our global bonus programme for all employees. All employees participate in our global bonus programme, which links individual rewards to annual company performance. In addition, depending on local market benchmarks we offer benefits, such as healthcare, pensions, paid leave, and income protection. Together, these measures support both employee well-being and Vestas’ ability to attract and retain talent. Managing exits and preventing negative impacts Vestas supports employees in building long and successful careers, offering ongoing opportunities for internal mobility through a resourcing tool open to all employees. When em- ployment ends, whether through retirement, resignation, or restructuring, our processes aim to ensure a smooth off- boarding experience. Ensuring smooth exits is managed through structured processes and assessed through exit surveys. Exit surveys are used to gather insights, which are then inte- grated into recruitment and retention strategies. Where appli- cable we engage with workforce representatives, including worker councils on workforce restructuring. These activities are expected to improve workforce stability, reduce turnover, and mitigate skills dependency through targeted recruitment and upskilling. The double materiality assessment did not identify any material negative impacts relating to working conditions, so no remedial action has been required or taken. MDR-T,S1-5 Metrics and targets Our commitment to secure employment is rooted in the Vestas Human Rights Policy, which underscores fair treatment, workforce stability, and the protection of fundamental labour rights and is supported by the Vestas Employee Code of Conduct. Vestas has not identified measurable targets for secure employment, and no base year has been established. However, our policies reinforce our obligation to treat all em- ployees with dignity and respect and to safeguard stability in employment relationships. S1-17 Social and human rights related complaints In 2025, 111 (2024: 78) out of 394 (2024: 353) complaints related to social and human rights were substantiated. No complaints were received via the National Contact Points for OECD Multi-national Enterprises (2024: 0). As a result of these incidents and complaints, Vestas paid EUR 0m in fines, penalties and compensation in 2025 (2024: EUR 0m). The number of severe human rights incidents reported in 2025 was 0 (2024: 0). Severe human rights incidents are defined as confirmed cases of forced labour, modern slavery, human trafficking or child labour. Based on information from EthicsLine, legal disputes, and media allegations in the Busi- ness & Human Rights Resource Centre, we have found no cases of the aforementioned issues in our own workforce in 2025. Therefore, no fines, penalties, or compensation were paid. As a result, no cases of non-respect to the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamen- tal Principles and Rights at Work or OECD Guidelines for Multi- national Enterprises were reported in 2025 (2024: 0). For more information on EthicsLine cases, including Accounting policies, see page 117. S1-17 Incidents, complaints and human rights impacts 2025 2024 Complaints filed through channels for people in own workforce to raise concerns (number) 394 353 – of which substantiated cases (number) * 111 78 Complaints filed to National Contact Points for OECD Multinational Enterprises (number) 0 0 Severe human rights issues and incidents connected to own workforce (number) 0 0 – of which violating UN Guiding Principles and OECD Guidelines for Multinational enterprises (number) 0 0 Fines, penalties, and compensation for severe human rights issues and incidents connected to own workforce (mEUR) 0 0   Accounting policies – S1 Secure employment All methodologies rely on internal reporting systems and survey data. Data controls ensure consistency and accuracy, but inherent limitations may arise from self-reported inputs and timing of local data consolidation. ‘Employee net promoter score (eNPS)’ Used to measure employee sentiment and loyalty within an organisation, the eNPS indicates how likely employees are to recommend their workplace to others. The score is retrieved from the annual Employee Engagement Survey. Employees who score 9-10 in the survey question are promoters; employees who score 7-8 are neutral; and employees who score 0-6 are detractors. eNPS is calculated as the percentage of promoters minus the percentage of detractors. ‘Employee Satisfaction Score (eSAT)’ The average score for an employee satisfaction question in the annual employee engagement survey, on a 100-point scale. S1-17 Incidents, complaints, and severe human rights ‘Number of complaints filed through channels for people in own workforce to raise concerns’ These are defined as total and substantiated number of EthicsLine cases in the categories of Labour Rights & Working Conditions, Discrimination, Harassment, Sexual Harassment, and Health & Safety. ‘Number of complaints filed to National Contact Points for OECD Multinational Enterprises’ These are defined as Number of complaints registered at the local OECD National contact point. ‘Amount of material fines, penalties, and compensation for damages as result of violations regarding social and human rights factors’ Vestas includes all monetary amounts proceeding from severe human rights issues and incidents connected to own workforce. ‘Number of severe human rights issues and incidents connected to own workforce’ Verified serious cases connected to own workforce such as non-disputed lawsuits, non-disputed public allegations in the Business and Human Rights Center database and substantiated EthicsLine cases. Categories of severe human rights are forced labour, child labour and human trafficking caused by Vestas employees. ‘Number of severe human rights issues and incidents connected to own workforce that are cases of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises’ A subset of severe human rights issues as defined above that violate the UN Guiding Principles or the OECD Guidelines for Multinational Enterprises. ‘Fines, penalties, and compensation for severe human rights issues and incidents connected to own workforce (mEUR)’ Aggregated monetary amounts of fines, penalties, and any other compensation in mEUR for severe human rights issues and incidents connected to own workforce as recorded in books of accounts during the reporting period. 106Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S1 Own workforce – Secure employment SBM-1, S1-6 Characteristics of employees, end of year 2025 2024 Contract type and gender Number (FTEs) Acquisition Female Male Total Female Male Total Standard employees 5,995 29,358 35,353 5,860 28,313 34,173 Temporary employees 309 747 1,056 295 632 927 Non-guaranteed employees 0 0 0 0 0 0 Employees from acquisition 1 564 564 NA NA NA Total 564 6,304 30,105 36,973 6,155 28,945 35,100 Full-time employees 6,246 30,054 36,300 6,087 28,879 34,966 Part-time employees 58 51 109 68 66 134 Employees from acquisition 1 564 564 NA NA NA Total 564 6,304 30,105 36,973 6,155 28,945 35,100 Contract type and regions Number (FTEs) EMEA Americas Asia Pacific Total EMEA Americas Asia Pacific Total Standard employees 21,215 7,617 6,521 35,353 20,028 7,587 6,558 34,173 Temporary employees 846 78 132 1,056 661 59 207 927 Non-guaranteed employees 0 0 0 0 0 0 0 0 Employees from acquisition 1 564 0 0 564 NA NA NA NA Total 22,625 7,695 6,653 36,973 20,689 7,646 6,765 35,100 Full-time employees 21,960 7,695 6,645 36,300 20,565 7,646 6,755 34,966 Part-time employees 101 0 8 109 124 0 10 134 Employees from acquisition 1 564 0 0 564 NA NA NA NA Total 22,625 7,695 6,653 36,973 20,689 7,646 6,765 35,100 Total number of employees (headcount) 22,726 7,698 6,665 37,089 20,791 7,647 6,768 35,206 Turnover 2 Headcount Number of leavers % Number of leavers % Female 976 16.0 756 13.9 Male 4,420 15.1 3,434 12.9 Total 5,396 15.2 4,190 13.1 Employee country representation Top three countries (headcount) Female Male Total Female Male Total Denmark 1,506 5,978 7,484 1,384 5,193 6,577 USA 725 4,391 5,116 603 3,748 4,351 India 507 2,500 3,007 474 2,522 2,996 Total 2,738 12,869 15,607 2,461 11,463 13,924 S1-6 Characteristics of employees ‘Own workforce’ Own workforce is defined as employees with a standard or temporary employment contract directly with Vestas, including employees working part time, full time, and with non- guaranteed working hours. Classifications follow the legal definitions applicable in each country of operation, and country-level data are aggregated to form global totals. ‘Headcounts’ Headcounts are defined as number of employees complying with the above characteristics. For the most representative number in financial statements see page 144. ‘Full-Time Equivalents (FTEs)’ Full-time equivalents are defined as employees at the end the period calculated based on a total hour equivalent. ‘Average number of employees (FTEs)’ Average number of employees is calculated as twelve-month average at the end of the reporting period. ‘Employee turnover (Headcount)’ The percentage of employee turnover is calculated as the number of employees who have left Vestas (due to voluntary leaving, dismissal, retirement, or death) during the reporting period, divided by the average number of employees with a standard contract for the reporting period. ‘Employee country representation (Headcount)’ In line with the ESRS requirement for country-level breakdown, Vestas has chosen to report on its top three jurisdictions. 1 The employee data for LM Wind Power Blades (Poland) Sp.z.o.o. is not yet fully integrated into Vestas’ information systems and hence presented separately. 2 The employees, of LM Wind Power Blades (Poland) Sp.z.o.o. acquired on 1 September 2025, are not included in the reported figures due to ongoing system integration. 107Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S1 Own workforce – Secure employment S2 Workers in the value chain SBM-3 Impacts, risks, and opportunities Health and safety incidents of supply chain workers Type of impact: Actual, negative impact Location in the value chain: Upstream Time horizon: Short- medium-, and long- term Nature of activity: Indirect through business relationships in our supply chain. Description: In Vestas’ value chain, potential adverse impacts on workers may occur across multiple supplier tiers – from raw material extraction to component manufacturing subcontractors. Mining, particularly small-scale mining, can pose serious health and safety risks, such as inadequate protective equipment and risk of mine collapse. While Vestas is not directly involved or has control related to these operations, we acknowledge that we may be linked to such impacts through our sourcing of materials. Similarly, manufacturing workers in the supply chain that are producing components like cables or electrical parts may face risks from hazardous chemicals, electricity, or heavy machinery. These risks reflect the nature of our business model and sup- plier activities. Health and safety incidents of contractors Type of impact: Actual, negative impact Location in the value chain: Own operations Time horizon: Short,- medium-, and long- term Nature of activity: Direct involvement when working on Vestas sites under Vestas’ supervision. Description: Contractors and sub-contractors working on our sites across construction, manufacturing, and service are exposed to occupational health and safety hazards, similar to our own workforce (see S1, page 101). These impacts are a direct result of our business model activities as a wind turbine manufacturer. Child or forced labour Type of impact: Actual, negative impact Location in the value chain: Upstream Time horizon: Short-, medium-, and long- term Nature of activity: Indirect through business relationships in our supply chain. Description: For commodities, the extraction of raw materials, including conflict and rare earth minerals, may involve signifi- cant human rights risks. An example of Vestas being linked to an adverse impact is that children may be involved in mineral extraction due to their physical build, especially in small-scale mining. These risks are inherent to our business model, as they stem from the raw materials used in our products. We address them by setting sustainability standards for suppliers, requiring cas- cading compliance throughout the value chain, and engaging in targeted initiatives to enhance transparency and responsible sourcing. Cost implications of injuries to contractors Type of impact: Financial risk Location in the value chain: Own operations Time horizon: Short-, medium-, and long- term Description: Injuries to value chain workers can result in opera- tional disruption and pose a financial risk to Vestas due to reg- ulation. In addition, it causes reputational damage. This includes administrative fines related to human and labour rights violations by our suppliers, related to the lack of adequate health and safety measures and procedures. This risk is associated with our business relationships and our dependency on value chain labour. Fines related to forced or child labour Type of impact: Financial risk Location in the value chain: Upstream Time horizon: Short- medium-, and long- term Description: Recent developments in global legislation have introduced new supply chain due diligence obligations, which may pose financial risks for Vestas. These risks are linked to our dependency on upstream value chain workers, particularly in raw material extraction, where violations such as forced and child labour may occur. This dependency increases the potential for regulatory fines and reputational harm. To address these risks, we have implemented a due diligence framework supported by targeted initiatives. This approach enables us to manage current risks, while strengthening our long-term resilience in response to evolving legal requirements and stakeholder expectations regarding labour practices. SBM-2, S2-2, S2-3, MDR-A Supplier engagement In line with the UN Guiding Principles on Business and Human Rights (UNGPs), Vestas recognises that we may cause, contribute to, or be linked to adverse impacts through our business activities and relationships. All materially affected workers are considered in this disclosure, and to address these risks, we require our suppliers to take diligent and reasonable steps to prevent human rights and labour rights violations within their own operations and supply chains. Vestas currently does not have a formalised approach for directly engaging with suppliers' workers, contractors, subcon- tractors, or their legitimate representatives. However, we are evaluating how to engage more effectively as value chain workers are a key group of affected stakeholders. At present, social and environmental criteria are integrated into our supplier selection and assessment processes, as out- lined in our Supplier Due Diligence Framework. Supplier Due Diligence Framework Our due diligence framework covers both direct and indirect suppliers in line with the OECD Due Diligence Guidance for Responsible Business Conduct. This framework embeds social and environmental considerations in several steps and sup- ports responsible business conduct across our supply chain, including performance tracking for selected suppliers to ensure continuous improvement. Onboarding and assessment The onboarding process begins with a screening for sanctions and ethical risks, followed by a Supplier Registration Question- naire in which suppliers acknowledge Vestas’ technical and quality requirements and our Supplier Code of Conduct. This is a prerequisite for Supplier Business Assessments (SBA), which is evaluated through onsite or desktop assess- ments. Only suppliers that meet these requirements and formally commit to our standards may enter into a business relationship with Vestas. All direct suppliers involved in component and material manu- facturing undergo onsite assessments as standard. For indirect suppliers providing services at wind farm sites or in transport, a risk-based matrix determines the need for ssessments. 1 The overview of the identified salient risks in the 2022 CW-HRA can be found at our corporate website under Sustainability > Human rights. 108Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements These evaluations assess human rights, labour rights, environ- mental management, and technical standards. Identified non- conformities result in corrective action plans, with the objective of ensuring continuous improvement across our supply chain. Ongoing monitoring We maintain continuous monitoring activities, including ad hoc assessments triggered by substantiated concerns. While we collaborate with suppliers to improve performance, relationships are terminated if minimum standards are not met. See Metrics and Targets page 110 for more details on how we assess effectiveness of our actions and initiatives. This approach supports our ambition to build a responsible and resilient supply chain that delivers high-quality products and services, upholds human rights, protects the environment, and advances a just energy transition. The Supplier Due Diligence Framework is currently undergoing revision. Remedy of negative impacts Vestas aims to provide or enable remedy in relation to any actual material impact. We maintain a robust process to manage, track, and monitor cases reported by supply chain workers. In addition to requesting that our suppliers implement their own grievance mechanisms, the Supplier Code of Conduct stipulates that EthicsLine, our in-house grievance channel, is available for our suppliers and supply chain workers to raise concerns anonymously. For more information related to EthicsLine, see page 117. In 2025, 11 concerns related to our suppliers and/or supply chain workers were reported to EthicsLine (2024: 11). The cases were handled in close collaboration with the suppliers, and three cases were found to be substantiated (2024: two). EthicsLine’s effectiveness is supported by accessibility to sup- ply chain workers, safeguarding of confidentiality and guaran- teeing objective investigation including timely feedback. MDR-P, S2-1 Policies The material impacts, risks, and opportunities related to work- ers in our value chain, including issues such as child and forced labour, are addressed through our governance policies: our Human Rights Policy, Supplier Code of Conduct, and Conflict Minerals Policy. Requirements from the Human Rights Policy are integrated into our supplier onboarding and assessment processes. These are complemented by the Supplier Code of Conduct, which outlines expectations for ethical labour prac- tices, and the Conflict Minerals Policy, which addresses risks specific to raw material sourcing. Contractor safety is also managed in line with our SQHE Policy and HSE Framework. Together, these documents form the foundation of our approach to managing human rights risks in the value chain. For further details on minimum disclosure requirements related to these policies, see the Policy Overview on page 80. MDR-A, S2-4 Actions and resources To take action and address material impacts and risks related to health and safety and child and forced labour impacts on value chain workers we have worked with the following key actions during 2025. Managing contractor risk and performance Contractor management is strengthened by our HSE Terms and Conditions, enabling proactive identification and mitigation of actual or potential negative impacts on value chain workers. This includes Vestas internal practices such as purchasing decisions, contractor evaluation, onboarding, and capacity- building initiatives to ensure alignment with industry standards and represents the starting point for managing contractor risks. Post-service evaluation of suppliers During 2025, we have focused on refining the contractor eval- uation process. Post-service evaluations conducted by project management teams assess contractors’ adherence to HSE ex- pectations. Contractors demonstrating strong performance are recognised, while those with lower-than-expected scores are subject to targeted action plans. Business Review Meetings are held with key suppliers to share feedback and agree on corrective actions. These initiatives apply across transportation, construction, operations, and service. We have also launched targeted safety campaigns with high-risk suppliers, focusing on specific risk areas and promoting safer work practices. Risk profiling of active suppliers In the Vestas contractor risk profiling system we are categoris- ing contractors from low to high risk based on operational data, including post-service evaluation of total recordable inci- dents, and consequence management events. This profiling supports informed decision-making and enables the deploy- ment of targeted mitigation actions for high-risk suppliers. These actions include third-party audits, strategic manage- ment changes, and regular performance reviews, while also al- lowing for the escalation to functional leaders when necessary. Ongoing monitoring Effectiveness is tracked through continuous monitoring of post-service evaluation scores, risk profile trends, and feed- back from business review meetings. Improvements in these indicators reflect successful mitigation of risks and better out- comes for value chain workers. Vestas remains committed to refining these processes to en- sure they deliver the intended impact and foster a culture of safety and accountability. Responsible sourcing of raw materi- als including conflict minerals and rare earth elements To address potential material adverse impacts associated with forced and child labour in raw material extraction, Vestas has es- tablished a Conflict Minerals Programme (CMP). This programme focuses on tier-one suppliers in component categories likely to contain conflict minerals. Each year, we survey these suppliers using a third-party supply chain data management platform. In 2025, we completed the fifth iteration of the CMP, engaging 104 suppliers (2024: 181). The reduction of participating suppliers reflects a targeted survey scope, excluding suppliers who’ve consistently confirmed no 3TG (tin, tantalum, tungsten, and gold) content in their products. This approach provides valuable insight into potential risks and enhances supply chain resilience. In 2025, the supplier response rate was 93 percent (2024: 99 percent). In 2025, we participated in an annual smelter outreach initiative facilitated by our third-party vendor, encouraging non-conformant smelters to engage with the Responsible Minerals Assurance Process (RMAP). In parallel, we advanced our human rights due diligence by finalising our cross-collabo- rative initiative to map the presence of EU Critical Raw Materials (CRMs) across our components. This effort supports our goal of increasing transparency and identifying potential human rights risks in our supply chain. The comprehensive work of mapping CRM-containing components will inform further risk mitigation and support responsible sourcing strategies. Implementation of third-party sustainability ratings in sourcing decisions In 2025, a new initiative was launched to further support Vestas’ supply chain due diligence. In alignment with Vestas’ due dili- gence framework, Supplier Code of Conduct and subject to confidentiality obligations, Vestas will request selected suppliers to disclose their most recent third-party sustainability rating. This complements Vestas’ internal assessments and supports transparency across the value chain. In addition, suppliers are asked to respond to targeted environ- mental and climate-related questions, contributing to our sus- tainability data initiatives. While these ratings are part of an informed sourcing decision, they are not used in isolation. Final decisions are based on multiple factors, such as risk exposure, compliance, and product quality. This approach strengthens Vestas’ sourcing processes and supports the development of a more resilient and respon- sible supply chain considering both the social and environmental aspects. Going forward, Vestas intends to align this initiative with the revision of our overall Supplier Due Diligence Framework. Wind Energy Initiative and EcoVadis implementation In 2024, Vestas joined the Wind Energy Initiative, a collaborative effort with WindEurope, other OEMs, customers and EcoVadis, to advance supply chain sustainability. As part of our revised due diligence framework, we have adopted a more structured approach to engage suppliers through EcoVadis assessments. 109Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S2 Workers in the value chain This process provides validated scorecards and improvement plans, enabling ESG performance improvements and a more resilient supply chain. Vestas will work closely with suppliers to implement corrective actions and address identified sustaina- bility gaps, including decarbonisation. In 2025, we hosted decabonisation webinars as part of the Wind Energy Initiative to help accelerate progress. These sessions engaged representatives from Vestas suppliers. MDR-T, MDR-M Metrics and targets Contractor Health and Safety In line with our SQHE Policy, we expect the same performance level in terms of health and safety from our contractors as we expect from ourselves. Vestas’ Global HSE Framework and related metrics and targets covers externally employed workers under Vestas’ supervision. See S1 – Own workforce, page 102, for health & safety metrics, targets, and accounting policies. Based on the learnings from the implementation of the con- tractors’ HSE terms and conditions, we will evaluate further if we should set a measurable target for contractors not working under Vestas’ supervision. Supplier Due Diligence In line with our Supplier Code of Conduct and Human Rights Policy, we expect our suppliers to uphold high standards of working conditions and other work-related rights, including respect for the environment. Vestas has not yet set targets for workers in our value chain related to the ongoing revision of our Supplier Due Diligence Framework. In 2025, we assessed our suppliers in the following ways: • We conducted 2,164 due diligence screenings of potential suppliers, prior to the supplier onboarding process (2024: 2,110). • 180 onsite supplier assessments were registered in our system as conducted by our teams for both direct and indirect suppliers. (2024: 141). • 148 of these suppliers scored above 70 percent, meeting our acceptable risk threshold based on our methodology (2024: 114). • For the 32 suppliers scoring below 70 percent (2024: 27), corrective action plans were developed and agreed upon by Vestas and the supplier. Of these, five suppliers were rejected (2024: six). Dialogue about continuous improvement When improvement areas are identified in a supplier's opera- tions, a corrective action plan is developed and agreed jointly between the supplier and Vestas’ Supplier Quality & Develop- ment teams.   Accounting policies – S2 Workers in the value chain Workers in the value chain are defined as workers in Vestas’ upstream and downstream supply chain and workers performing work on Vestas’ sites, who are not part of Vestas’ own workforce. ‘Number of completed screenings and due diligence assessments of potential suppliers’ The total number of completed screenings and due diligence assessments of potential suppliers within the reporting year. It includes all potential suppliers as they shall undergo screening and due diligence ahead of becoming a supplier to Vestas. The assessment process identifies and manages risks related to sanctions and business ethics including, but not limited to, corruption risks and human rights violations. See page 110. ‘Total number of onsite supplier assessments (of potential suppliers)’ The total number of onsite supplier assessments registered in the system within the reporting year. The scope includes all direct suppliers. Indirect suppliers are also included based on results of questionnaires and high-risk evaluation. Onsite assessments involve site visits and questions related to sustainability. ‘Total number of suppliers scoring above minimum requirements’ The total number of suppliers that scored above Vestas’ acceptable risk threshold (above 70 percent) in the supplier assessments conducted during onboarding within the reporting year. See page 110. ‘Total number of suppliers scoring below minimum requirements’ The total number of suppliers that scored below the acceptable risk threshold (below 70 percent) in the supplier assessments within the reporting year all received a corrective action plan. The suppliers failing to complete this plan defined during onboarding are the suppliers rejected. See page 110. ‘Total number of suppliers engaged in Vestas' Annual Conflict Mineral Survey’ The total number of suppliers (delivering components/parts that potentially contain conflict minerals) engaged in the annual Vestas' Conflict Mineral Survey within the reporting year. See page 109. ‘Suppliers who responded to Vestas' Annual Conflict Mineral Survey’ The supplier response rate to Vestas’ annual Conflict Mineral Survey within the reporting year. See page 109. ‘Number of concerns by value chain workers reported to EthicsLine’ Refer to accounting policies for the whistle-blower system EthicsLine, page 117. ↑ The construction of the Casa dos Ventos projects Babilônia Centro and Serro do Tigre in Brazil, involved transporting 291 turbines, along with nearly 3,000 components, over vast distances from the factory to the site, navigating difficult road conditions. 110Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S2 Workers in the value chain S3 Affected communities SBM-3 Impacts, risks, and opportunities Land-related impacts Type of impact: Negative impact Location in the value chain: Own operations Time horizon: Medium-term Nature of activity: Indirect involvement downstream through business relationships during construction. Description: Land-related impacts relate to when wind farm projects may cause physical or economic displacement, restrict land use, or disrupt farming activities, which can affect communities’ way of life and social networks. While wind turbine projects can benefit localcommunities by e.g enabling access to renewable energy and creating jobs, there is also a potential negative impact that needs to be considered. In projects that could potentially displace people, there is a risk that the population will not be properly consulted, or their needs understood, leading to unfair or insufficient compensation. If local communities are not consulted or adequately compen- sated, it can result in social unrest and Vestas might lose its social license to operate. These impacts are linked to systemic aspects of our business model but occur only in isolated cases within our downstream value chain. Impacts on the right to free, prior, and informed consent Type of impact: Negative impact Location in the value chain: Own operations Time horizon: Medium- term Nature of activity: Indirect involvement through our business relationships during construction and direct invovement if Vestas is the Developer. Description: Impacts on the right to Free, Prior, and Informed Consent (FPIC) relate to potential adverse impacts on Indige- nous and Tribal Peoples’ specific rights to, for example, self- determination, lands and culture. These impacts can occur when wind farms are built on or near territories without meaning- ful consultation or consent, often combined with weak legal frameworks. In projects where Vestas only supplies and installs turbines, sites are selected before our involvement, and securing FPIC lies with our customers. As a developer, we identify indigenous communities early and we are committed to conducting FPIC consultations to minimise adverse impacts. These cases are, however, limited and arise only in parts of our downstream value chain. S3-1, S3-2, S3-3, S3-4 Engagement with affected communities In line with the UN Guiding Principles on Business and Human Rights (UNGPs), Vestas is committed to engaging with af- fected communities depending on our role in the wind farm and on the specific characteristics of the community. Community engagement as a developer As a developer, we initiate community engagement as early as possible in the screening of feasible wind farm areas. Depending on the local context, engagement may occur through public consultations as part of the Environmental Impact Assessment (EIA) permitting process, meetings with local community lead- ers and local public events, one-to-one meetings with concerned stakeholders, and other interactions. Vestas Development execution teams in each region are in- volved in community engagement. They record stakeholder activities to track events, meetings, and actions, helping us assess engagement effectiveness. The results of our engage- ment efforts inform our project development and serve as a tool for continuous improvement. Community engagement as a supplier As a supplier, our engagement with affected communities be- gins at the construction phase. Our customers are responsible for initial consultations, and the results of the customer engage- ment help shape the project’s ongoing approach to community engagement. Vestas’ role is to apply our global knowledge and expertise with managing community engagement and thereby support the customer maintaining community acceptance. For projects involving Indigenous and Tribal Peoples’ land, we take additional measures within our Social Due Diligence (SDD) process to assess the effectiveness of our customers’ engagement and verify compliance with national law and in- ternational standards, including right to FPIC. We also consider other vulnerable groups in our SDD process, such as women and children. Respect for Indigenous and Tribal Peoples Rights Vestas is committed to respecting the right to FPIC, engaging Indigenous and Tribal Peoples early through culturally appro- priate processes. This includes recognising traditional land and user rights, protecting cultural heritage, addressing po- tential physical or economic displacement, and respecting the right to give or withhold consent (documented through explicit agreements). In some cases, Vestas formalises agreements with communities' post-consultation. For vulnerable communi- ties, including Indigenous and Tribal Peoples, we work with ex- pert consultants to assess impacts, recommend measures, and ensure community perspectives are fully considered. Grievance mechanism and remedy Vestas is committed to remedying adverse impacts on individ- uals, workers, and communities caused or contributed to by our operations. Our primary grievance mechanisms include: • Operational-Level Grievance Mechanisms (OGM) • EthicsLine (page 116) • Project-level channels, such as dedicated wind farm websites. All grievances are handled neutrally and without discrimination. Anonymity is ensured when requested by the person raising the issue, and all are managed, tracked, and monitored through Vestas’ Incident Management System (IMS) following our OGM Guideline. To ensure effectiveness, any proposed remedy is discussed directly with the affected stakeholders, who have the right to accept or reject the solution. All remedy agreements are for- mally documented, and if a remedy is required, all actions to mitigate risks and impacts are coordinated with relevant authorities as needed. Concerns raised during public consultations, as regulated by the EIA permitting process, are addressed in the EIA study and considered in project development. MDR-P; S3-1 Policies Our Human Rights Policy and Employee and Supplier Codes of Conduct form the basis of our commitment to respecting the human rights of affected communities, including Indigenous and Tribal Peoples. Our Social Management System (SMS) describes how we implement our commitments, and identify, prevent and manage adverse social risks, such as land-related impacts and potential FPIC violations. For more information on the Human Rights Policy and Employee and Supplier Code of Conduct including alignment with MDR-Ps see the Policy over- view on page 80. 111Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S3 Affected communities MDR-A; S3-4 Actions and resources The key activities Vestas undertakes to address material land-related impacts and impacts on the right to FPIC are described below. Construction – Social Due Diligence process To prevent negative impacts on affected communities, Vestas applies its Social Due Diligence (SDD) process to Engineering, Procurement, and Construction (EPC) and Supply-and-Installa- tion projects above a certain MW threshold in emerging markets. The process also applies in OECD countries where projects may affect Indigenous and Tribal Peoples’ lands, territories, and livelihoods. The SDD helps us identify and assess social risks by reviewing customers’ EIAs and related studies such as Stakeholder En- gagement Plans. Together with the customer, we define ac- tions to prevent or mitigate risks and seek to promote com- munity opportunities. Roles and responsibilities are clearly defined among project stakeholders. Resources, including budgets for community initiatives and Community Liaison Officers, are allocated to ensure effective community engagement, grievance handling and access to remedy and implementation of community initiatives. In 2025 we began developing a heightened human rights due diligence (hRDD) approach to prepare for potential operations in Conflict-Affected and High-risk Areas (CAHRAs). This will strengthen our ability to identify, assess and manage human rights in complex environments, in line with the UN Guiding Principles on Business and Human Rights (UNGPs). This process is developed in parallel with our due diligence (SDD) framework to ensure coherence and integration across our systems and practices. Vestas has engaged with external stakeholders, including investors, to ensure the approach reflects expectations and best practices. Wind farm development – feasibility studies and community profile mapping Best practice wind farm development combines technical, socioeconomic, and social risk assessments. Vestas conducts feasibility studies, including EIAs to identify and mitigate po- tential community impacts. Preventative measures are imple- mented where risks related to land acquisition are identified. Our environmental and social specialists, together with expert consultants, address community-related impacts and engage communities early through consultations to discuss concerns and explore remedies. Actions implemented during development As a developer, Vestas maps community profiles to under- stand the local context of planned wind farms. These insights guide site layout design, helping to prevent risks to communi- ties or, where avoidance is not possible, define appropriate mitigation measures. This approach strengthens relationships and demonstrates our social commitment. In 2025, we continued to engage with First Nations peoples in Australia to uphold and protect Aboriginal and Torres Strait Islander peoples’ cultural heritage. We also aim to enhance social economic outcomes and foster local ownership by promoting employability and reducing economic displacement. Initiatives include technical training, capacity-building programs, and entre- preneurship courses for farmers and other community members. Advancing our human rights journey In the 2025 Business & Human Rights Research Centre’s Renewable Energy and Human Rights Benchmark, Vestas was ranked #1 among wind turbine manufacturers. This reflects our continued progress in embedding human rights across our operations and supply chain, as well as improved transparency in how we communicate these efforts. The higher score com- pared to last year’s highlights our commitment to our human rights journey. MDR-T, MDR-M, S3-5, S3-3 Metrics and targets In line with our strategic commitment to be the most socially responsible company in the industry, we have several metrics and associated targets to monitor our performance and prevent or mitigate our material risks. The share of in-scope projects having undergone the Social Due Diligence Process Guided by our Human Rights Policy and commitment to respect human rights, Vestas has a target for conducting social due diligence. Each year, we aim to apply our SDD process to 100 percent of projects within scope. This ensures appropriate measures are taken to prevent and mitigate risks, while sup- porting the objectives of our Social Management System. This risk-based indicator applies to specific types of construc- tion projects with higher potential risk to affect communities. In 2025, 20 percent of in-scope projects underwent SDD (2024: 83 percent). The percentage decreased in 2025 compared to 2024 due to global restructuring. A plan has been established to ensure a stronger performance in 2026. The number of community grievances received Vestas does not set a target for the number of grievances received annually, as this depends on activity levels and the types of construction projects. The indicator we use covers grievances managed by Vestas in our Incident Management System in our construction and service operations. Since our first reporting in 2019, the number of grievances has varied each year, reflecting fluctuations in our levels of construction and service activities. In 2025, we received 14 community grievances (2024: 2). These grievances related to community health and safety concerns. We are pleased to see that our grievance mechanism is used and will continue to revise and improve to ensure local com- munities can alert us to issues as soon as they arise as outlined in our Human Rights Policy. For more information related to the scope and methodologies related to our targets and metrics, see Accounting policies for S3 – Affected communities.   Accounting policies for S3 – Affected communities ‘Community grievances (number)’ The number of community grievances is calculated based on incidents registered in the reporting system. The measure ‘Community grievances’ covers the total number of community complaints registered in the reporting system in the reporting period. Vestas registers and handles community incidents caused by Vestas or its contractors on communities that turn into a grievance, where a ‘community’ is a person or group that is either directly or indirectly affected by Vestas or Vestas’ activities. The cases may occur in connection with a wind farm project and its associated facilities (e.g. accommodation facilities), a Vestas factory or a Vestas Research and Development Centre. ‘Social Due Diligence on projects in scope (%)’ The share of wind power projects, materialised as firm orders, that have been subject to social due diligence (SDD) processes in the reporting period. Wind farm projects in scope for SDD are: 1) Engineering, Procurement and Construction (EPC) projects in emerging markets; 2) all Supply-and- installation (S&I) projects of 100 MW or above in emerging markets; and 3) EPC or S&I projects in OECD countries with a risk rating of ‘Extreme’ or ‘High’ according to the Verisk Maplecroft’s “Indigenous People” risk index on risks related to indigenous people’s lands, territories or livelihoods under threat. In this context, ‘Emerging markets’ are defined as non- OECD, high-income countries, as defined by the World Bank classifications. SDD procedures include: 1) a high-level country assessment; 2) ‘Know Your Customer’ assessment; and 3) an in-depth project assessment on social matters. 112Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements S3 Affected communities → Business conduct – Political engagement – Anti-corruption and bribery → Cyber security (entity-specific) 113Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Governance information G1 – Business conduct Political engagement SBM-3 Impacts, risks, and opportunities Political engagement contributing to the energy transition Type of impact: Actual, positive impact Location in the value chain: Own operations Time horizon: Short-, medium-, and long- term Nature of activity: Indirect involvement through business relationships Description: Vestas’ political engagement has a positive impact, as it contributes to the clean energy transition by supporting policies aligned with the Paris Agreement’s goal of limiting global warming to 1.5°C. Through our political engagement, we contribute to policies that accelerate wind energy buildout, which enables a clean energy system that mitigates climate change, protects ecosystems, and improves air quality, thus impacting the natural environment positively. This impact supports our business model, as advancing the energy transition drives demand for wind energy and is key to our commercial success. Insufficient market conditions Type of impact: Financial risk Location in the value chain: Downstream Time horizon: Short-, medium-, and long-term Description: Vestas’ financial performance depends partly on market conditions that support the profitable deployment of wind energy. These conditions are shaped by political and regu- latory developments. Insufficient progress on e.g. permitting, auction design, grid expansion, or the removal of barriers to electrification poses a financial risk to our business. Active poli- tical engagement promoting stable, predictable, and enabling market frameworks is therefore essential to mitigate this risk. G1-5 Political influence and lobbying activities At Vestas, our political advocacy is aimed at accelerating the clean energy transition in alignment with the Paris Agreement’s goal of limiting global warming to 1.5°C. Our lobbying and advo- cacy activities focus on supporting policies, driving for example: • The acceleration of wind energy build-out. • The removal of permitting bottlenecks that delay renewable energy deployment. • The scaling up of grid capacity to accommodate renewable energy. • The establishment of auction frameworks that ensure sustainable supply chains while delivering affordable, secure, and clean electricity. • The upholding of established trade rules supports a level playing field in the wind industry. Our Public Affairs department is responsible for the oversight of political influence and lobbying activities, and the Head of Public Affairs controls the activities and ensures Executive Management Team and Board oversight through quarterly reporting. This management system and monitoring process ensure that our policy engagement is aligned with the Paris Agreement, both for our direct lobbying activities and our trade associations. Where misalignments arise, we engage with the trade associa- tion to reach alignment within set timelines and ultimately leave the association if alignment cannot be achieved. The manage- ment system covers all jurisdictions where we have operations. The Head of Public Affairs is directly accountable to Senior Vice President of Marketing, Communications, Sustainability and Public Affairs, who in turn reports to the Chief Sales Of- ficer and ultimately to the CEO. No one in our administrative, management, or supervisory bodies held comparable positions within public administration within the last two years of the reporting period. Vestas is registered in the EU Transparency Register under REG number 769186224869-06. Vestas is committed to not using corporate funds for donations that support political parties or individual politicians and has made no direct financial or in-kind political contributions in 2025, in line with our Employee Code of Conduct. The Public Affairs department estimates in-kind political con- tributions by recording all spending aligned with the principle of “non-financial support provided directly or indirectly to poli- tical parties or individual politicians”. See Metrics and targets for more information. MDR-P, G1-1 Policies Vestas has policies to address the identification, assessment, management, and remediation of material impacts, risks, and opportunities (IROs) related to business conduct matters. Our Business Ethics Policy sets the framework for responsible business conduct, including political engagement. The Employee Code of Conduct outlines the direction of our political engagement, stating that we seek to engage with poli- ticians to promote Vestas’ interests in renewable energy in a legal, ethical, and transparent manner, and that direct donations to politicians and political parties are prohibited. For more in- formation on these policies and alignment with MDR-Ps, see page 80. MDR-A Actions and resources Vestas actively engages in policy dialogues to help address inadequate market conditions and to advance the energy transi- tion through responsible advocacy and knowledge sharing. Shaping policy for the energy transition In 2025, we actively contributed to key policy dialogues on cli- mate and energy security. We advanced our priorities through direct engagement with policymakers, collaboration with trade associations, and participation in global and regional policy fora. In addition, we exercised thought leadership and advanced our policy positioning to shape the broader debate on the energy transition. The expected outcomes are strengthened market conditions for wind energy, which can occur through e.g. improved auction design, reduced barriers to electrification, accelerated permitting, a level playing field, and the expansion of grid infrastructure. These actions are continuous but mate- rialise in the medium-to-long term, and the affected stake- holders primarily include policymakers. In terms of scope, the actions have a downstream impact on market conditions for wind energy deployment. MDR-T, MDR-M Metrics and targets In line with our policies, we seek to engage with governments and politicians to promote Vestas’ interests in renewables in a legal, ethical, and transparent manner. No targets or baseline are set related to political engagement, as the engagement is highly context dependent. We track the effectiveness of our policies and actions by moni- toring policy developments in areas where we have been active and by assessing the extent to which our positions are reflected in policy outcomes. We also track our political advocacy spend to ensure no direct contributions to politicians are made. 114 Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements While Vestas made no direct political contributions in 2025, we did make indirect financial contributions to intermediary organisations, primarily trade associations, that advocate for the acceleration of renewable energy and wind energy deploy- ment. This also included payments for external assistance from embassies and political consultancies. For further information about the scope and methods related to our political contribution metrics, see the Accounting policies below.   Accounting policies for G1– Political engagement Political contributions Vestas maintains records for both financial and in-kind political contributions. ‘Financial political contributions’ Financial political contributions can be direct or indirect. Direct financial political contributions refer to financial support provided directly to political parties or individual politicians. Indirect financial political contributions entail financial support provided indirectly through an intermediary political organisation such as trade associations, political consultancies and embassies, supporting particular political causes. ‘In-kind political contributions’ In-kind contributions are non-financial support provided directly or indirectly to political parties or individual politicians, such as consultancy services, advertising, use of facilities or donations of equipment. The classification of direct and indirect in-kind political contributions follows the same principles outlined for financial political contributions. G1-5 Political contributions 2025 2024 mEUR Financial In-kind Financial In-kind Direct 0 0 0 0 Indirect 4.9 0 4.6 0 ↑ Vestas participated in the European Industry Summit 2025 held in Antwerp, Belgium, which marked the official launch of the European Commission’s Clean Industrial Deal. 115Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements G1 Business conduct G1 – Business conduct Anti-corruption and bribery SBM-3 Impacts, risks, and opportunities Risk of corruption and bribery Type of impact: Financial risk Location in the value chain: Own operations Time horizon: Short-, medium-, and long-term Description: As a global company operating across different geographies, Vestas is inherently exposed to risks related to corruption and bribery. In 2025, these risks had no material impact on our financial position, performance, or cash flow. Nevertheless, we acknowledge that such risks could have a significant financial impact should they materialise. Accordingly, we consider them relevant, and they have already influenced several business decisions, and our value chain (e.g., our due diligence systems), and informed our strategic priorities – where compliance remains a core focus. However, the risk of corruption and bribery has not had any noticeable impact on our business model. G1-1, G1-3, G1-4, G1-GOV-1 Prevention and detection of corruption and bribery Compliance programmes and training Vestas mitigates corruption and bribery risks through Global and Regional Compliance Programmes aligned with the UK Bribery Act 2010. The Programmes cover all of Vestas’ workforce, are updated annually, governed by our Code of Conduct and global policies, and rest on five pillars: Programme Governance, Learning & Awareness, Culture & Behaviour, Monitoring & Auditing, and EthicsLine. The Programmes outline Executive & Regional Management’s role in promoting a culture of com- pliance, establishing the ‘Tone at the Top’, with the Audit Com- mittee overseeing programme effectiveness. Training and awareness The Global and Regional Compliance Programmes define Vestas’ Compliance training strategy, content, and delivery. Group Compliance supports the Regions in identifying target employee groups, selecting appropriate materials, and deter- mining delivery methods (online or in-person). Group Compliance and Regional Legal & Compliance functions provide training on compliance topics, including anti-corruption and bribery. Managers are encouraged to use material developed by Group Compliance to discuss dilemmas during their manage- ment or team meetings. In 2025, both in-person and online training sessions were provided. The training addressed key elements of the Code of Conduct and related policies, including donations, corporate credit card use, and EthicsLine. A risk-based approach defines the training audience amongst Vestas employees. Office employees and service technicians are considered most exposed to corruption and bribery risks due to frequent travel and interactions with external business partners. All office employees, service technicians and members of the Executive Management Team are required to complete mandatory e-learnings on business conduct. Members of the administrative, management, and supervisory bodies receive mandatory e-learnings as well, if they are Vestas employees. The percentage of employees in high-risk roles who completed assigned training was 100 percent in 2025. There is no com- parable figure for 2025 as the scope of the KPI changed from 2024 to 2025. We track the completion rates of our mandatory Code of Conduct and analyse the results of our annual Global Compliance Survey. For more information on metrics and targets related to pre- vention and detection of corruption and bribery, including our whistle-blower system, see Metrics and targets page 117. EthicsLine EthicsLine is our whistle-blower system and main mechanism for identifying, reporting, and investigating concerns and inci- dents of corruption and bribery. All reports are taken seriously and investigated promptly, independently, and objectively. The channel is open to both employees and external partners. EthicsLine allows anonymous reporting of suspected violations of our Code of Conduct, applicable laws, and Vestas policies. Hosted on a secure external platform, it ensures public access, confidentiality, and protection from retaliation. Employees handling EthicsLine cases have been trained in case management and work independently from management to ensure investigations are fair and unbiased. Managers are not directly involved in the process. All investigations are carried out in accordance with the applicable law transposing Directive (EU) 2019/1937. G1-5 Governance The most senior level accountable for the implementation of the Global Compliance Programme is our Head of Legal, Risk & Compliance. Regional Compliance Programmes are imple- mented by the Regional Heads of Legal & Compliance and signed by the Regional Presidents. Progress on compliance ini- tiatives is reviewed quarterly in meetings with regional teams, the Executive Management Team, as well as in the Audit Committee. The role of Vestas’ governance bodies related to business conduct is supported by the structure of the Enterprise Risk Management programme, see page 50. This represents the process to report outcomes of business conduct evaluation to Vestas’ governance bodies. For more information on the ex- pertise of Vestas’ governance bodies related to business con- duct, see the overview ‘Management and directorships’, page 47-49. For more information on how Vestas’ governance bodies are informed about anti-corruption and bribery risks and incidents, see Sustainability Risk Management on page 78. MDR-P Policies Vestas has several policies to address the identification, assessment, management, and remediation of material impacts, risks, and opportunities (IROs) related to business conduct. Our Business Ethics Policy aligns with the United Nations Convention against Corruption and sets the framework for responsible business conduct. The EthicsLine Policy sets the framework for our whistle-blower system and how we manage whistle-blowing cases, remedy, and anti-retaliation measures. Our Employee and Supplier Codes of Conduct outline ethical expectations for employees and suppliers. For more informa- tion on these policies and alignment with MDR-Ps see page 80 and 81. MDR-A, G1-4 Actions and resources Vestas is committed to take appropriate action in case of any convictions or fines violating anti-corruption and anti-bribery laws, including amending standards or processes and imple- menting disciplinary measures such as warning and dismissals. Strengthening compliance governance and awareness The annual Global Compliance Survey was launched in January 2025 to anonymously gather data on all employees’ percep- tions of corruption and bribery risks, forming the foundation of our yearly risk assessment. This data informed the develop- ment of targeted initiatives across Vestas globally to reduce the risk of corruption and bribery. Additionally, in 2025 we enhanced our supplier due diligence process through automa- tion, strengthening controls and data quality, reducing dupli- cation, and improving overall efficiency. Compliance Week was held in September 2025, which included webinars for employees on donations and corporate credit card usage, highlighting red flags to watch out for. Both the survey and Compliance Week targeted office employees and service technicians, the employee groups who are most at risk 116Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements of corruption and bribery. Vestas is planning to develop man- datory e-learning on corruption and bribery that will form part of our employee onboarding process. These initiatives are expected to positively impact ethical behaviour by raising awareness around corruption and bribery and prevent it from occurring. After Compliance Week, there was an increase in EthicsLine cases as a result of renewed awareness. MDR-T, MDR-M Metrics and targets In line with our policies, we are committed to conducting busi- ness with integrity. No overarching targets have been set for incidents of corruption and bribery, as the risk and appropriate measures vary depending on the specific context. Instead, actions and expectations must be adjusted to the local conditions. We therefore have not set a baseline year from which we measure our progress either. In 2025, 922 EthicsLine cases were reported (2024: 757), with 175 substantiated, and 575 unsubstantiated (2024: 147 and 500 respectively). The remainder were still under investigation at the end of the year. 111 of the substantiated cases were related to social or human rights areas (2024: 78). Over the years, we see a steady increase in the number of cases. This trend is partly driven by factors such as workforce growth and greater awareness of the EthicsLine system. Continuous follow up and investigations are carried out to ensure corrective actions are taking place. In 2025, Vestas had no convictions or fines for violating anti- corruption or anti-bribery laws (2024: 0 mEUR), similar to last reporting period, but several key actions were taken to continue raising awareness on anti-corruption and anti-bribery. Additionally, none of the cases were related to corruption or bribery in our value chain where Vestas or our employees were directly involved. We perceive the number of reports as an in- dication of high awareness and trust in the whistle-blower system.   Accounting policies for G1 – Anti-corruption and bribery ‘Percentage of functions-at-risk who completed assigned training’ Number of Vestas office employees and service technicians that have completed the mandatory Code of Conduct microlearnings on Conflicts of Interest and Gifts & Hospitality as a proportion of total Vestas office employees and service technicians. Vestas considers office employees and service technicians to be the employee groups that are at highest risk of corruption and bribery. For the functions-at-risk, assignment of the aforementioned courses are measured. ‘Fines for violation of anti-corruption and anti-bribery laws’ Regional Heads of Legal & Compliance are responsible for reporting both the number and monetary value of fines received and paid due to violations of local anti-corruption and anti- bribery legislation. ‘Whistle-blower system’ All whistle-blower cases reported to EthicsLine are investigated by the EthicsLine function supported by the relevant Ethics Committee. The purpose of the investigation is to identify whether a violation of the Code of Conduct took place. After investigation is complete, cases are classified as either substantiated or unsubstantiated. At the end of the reporting year, the difference between the total number of reported cases and the combined total of substantiated and unsubstantiated cases are calculated to identify the number of open cases under investigation. These are expected to be assessed during the following reporting year and are included in the number of substantiated or unsubstantiated cases in the reporting year when the case is closed. G1-3, G1-4 Prevention and detection of corruption or bribery 2025 2024 Functions-at-risk assigned to training programmes (%) 1 100 100 Percentage of functions-at-risk who completed assigned training (%) 100 NA 2 Convictions for violation of anti-corruption and anti-bribery laws (number) 0 0 Fines for violation of anti-corruption and anti-bribery laws (mEUR) 0 0 Whistle-blower system 2025 2024 EthicsLine cases (number) 1, 2 922 757 – of which substantiated (number) 1 175 147 – of which unsubstantiated (number) 1 575 500 1 Vestas’ progress indicator, i.e. not an ESRS data point. 2 ‘EthicsLine cases’ here represents the total number of unsubstantiated cases, plus the number of substantiated cases and cases still under investigation at the time of reporting. At the end of 2025, 172 cases from 2025 were still under investigation, and hence the substantiation rate for the year may change. 1 Vestas’ progress indicator, i.e. not an ESRS data point. 2 The percentage of functions-at-risk who completed assigned training is published for the first time in 2025. 117Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements G1 Business conduct G1 – Entity-specific Cyber security SBM-3 Impacts, risks, and opportunities Cyber security incidents (entity-specific) Type of impact: Potential, negative impact Location in the value chain: Downstream Time horizon: Short, medium-, and long- term Nature of activity: Indirect through business relationships with direct impact on society and customers Description: The potential impact of a cyber security incident was added to our reporting scope since the previous reporting period. The impact is to be understood as the disruption of Vestas’ ability to control power plants, which directly impacts customers, and, ultimately, society. The primary risk arises from politically or financially motivated threat actors seeking to trigger power outages. Since customers may face contractual obligations to supply power to the grid, this creates indirect consequences for electricity consumers through potential out- ages or higher electricity prices. Geopolitical tensions amplify the risk of cyber security incidents, as Vestas represents a potential target for actors seeking to impact our customers and power producers. Cyber security risks (entity-specific) Type of impact: Risk Location in the value chain: Upstream, Own operations, downstream Time horizon: Short, medium-, and long- term Description: Our digitally connected and geographically dis- persed wind turbines are essential to deliver sustainable energy but also represent potential targets for cyber-attacks. Such in- cidents could disrupt energy production and cause outages. For Vestas, a successful cyber-attack could interrupt operations, erode partner trust, and cause significant financial losses. Since this risk is closely tied to our business model, we conti- nuously work to strengthen industry resilience by contributing to open-source initiatives that standardise cyber risk quantifi- cation, ensuring consistent and customer-specific mitigation strategies. Over the past three years, we have increased in- vestment in cyber security across R&D, service, and digital infrastructure to ensure we contribute to energy security and empower customers to better manage their own cyber risks. IRO-1 Cyber Risk Management Strategy In response to rising digital threats and geopolitical instability, cyber resilience is a key pillar of Vestas’ commitment to energy security and financial robustness. To remain a trusted partner in the energy transition, Vestas engages in shaping cyber leg- islation by sharing expertise and knowledge in international organisations and integrates cyber risk management into its broader value creation strategy – protecting stakeholders while enhancing customer, investor, and societal confidence. The Vestas approach is inspired by ISO 31000 and quantifies the impact of potential threats by evaluating vulnerabilities across key stakeholder domains. Launched in 2024, the Cyber Risk Management Strategy ap- plies enterprise-wide, ensuring cyber risks are systematically identified, assessed, communicated, and mitigated at the ap- propriate organisational levels. It enables stakeholders to prio- ritise actions effectively, supporting customers in protecting their assets while avoiding both over- and under-investment in cyber security. Four pillars of risk management The strategy is structured around four distinct domains of responsibility: • Strategic cyber risk management – safeguarding Vestas’ strategic objectives. • Customer cyber risk management – protecting energy solutions delivered to customers. • Manufacturing cyber risk management – securing each manufacturing facility. • Operational cyber risk management – managing risks across digital systems and services. Each domain defines clear responsibilities and tasks, enabling continuous oversight and actionable insights into cyber risks across power production sites, manufacturing facilities, digital infrastructure, and strategic initiatives. Through this structured framework, Vestas strengthens cyber resilience, ensuring secure renewable energy production and reinforcing trust with customers, partners, and society. The strategic approach remains consistent with previous years and is supported by documented methodologies refe- rencing relevant scientific bodies. This includes topics such as threat intelligence, economics, and cyberattack path analysis methods. These scientific bodies support the assessment of valid factors that are applicable to the model for cyber risk quantification. The risk quantification model is documented, and reference the relevant scientific bodies at play, which in- cludes threat intelligence, economics, and cyber-attack path analysis methods. MDR-P Policies Cyber risks are addressed throughout the Vestas organisation in line with best practice frameworks and insights gained from key stakeholders such as customers and investors. The Chief Information Security Officer (CISO) defines strategic direction, supports various parts of the organisation, and issues guidance in adherence to frameworks and relevant standards. The CISO operates under the strategic oversight of Vestas’ executive leadership and established governance bodies. In this way, the most senior level accountable for the realisation of the Cyber Risk Management Strategy is a member of the Executive Management Team. MDR-A Actions and resources To manage the potential risks of cyber security incidents and the financial risk connected with our business model, our key actions and resources are mainly dedicated to developing our risk management capabilities and promoting cyber security to build trust and long-term value for our stakeholders. Cyber Security Services Framework In 2025, Vestas continued to strengthen its cyber risk manage- ment programme to help customers protect their energy pro- duction assets from cyber threats. Our Cyber Security Services Framework provides a long- term quantitative foundation for understanding and managing cyber risks. This allows customers to make informed decisions by assessing the potential impact of cyber incidents in terms of economic losses, and the impacts on the societies in which they operate. In 2025, we onboarded several new customers to this initiative, aiming to provide all Vestas customers with a clear overview of their cyber risk exposure. This empowers them to make informed and transparent decisions to address potential cyber threats. Promotion of cyber security At Vestas, cyber security is at the core of delivering secure and reliable energy solutions. We continuously invest in advanced ca- pabilities to protect our operations, our customers, and society: • Built-in security standards – All Vestas technologies are developed to meet the criteria of ISA/IEC 62443 Series of Cyber security Requirements 1 , ensuring robust security across our entire energy solutions portfolio. • Internal Security Operations Centre – Provides a real-time overview of Vestas’ global digital infrastructure, enabling rapid detection and response to cyber threats across Vestas’ operations. • Customer-focused Security Operations Centre – Dedicated to monitoring of serviced customer power plants, ensuring swift identification and response to cyber incidents in operational environments. • Cyber Academy – Equips every Vestas employee with tailored training to reduce attack surfaces, detect threats, and respond effectively – building a resilient, security- aware culture across the organisation. 1 The World’s Only Consensus-Based Automation and Control Systems Cyber security Standards, International Society Automation (ISA). 118Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Through these capabilities, Vestas continues to align the pro- motion of cyber security priorities with regulatory trends. Not only do we safeguard our own operations, but we also strengthen customer trust and support the global transition to secure and sustainable energy by enhancing cyber operational efficiency and risk-based decision-making. Enabling a secure and resilient energy transition Our ability to enable each customer to select mitigations to their risk appetite and resilience goals is key. In 2025, Vestas continued to ensure that security becomes a lever for perfor- mance, not just protection. Cyber risk management will remain a strategic focus area according to our Enterprise Risk Manage- ment System, (see page 51) and our cyber risk management strategy needs to continue advancing in order to empower customers to protect energy production assets against targeted cyber threats. The Cyber Security Service Framework extends beyond visibil- ity – it enables customers to mitigate risk through mitigations appropriate for operational profiles in the wind industry. By integrating cyber resilience into core business processes, customers can preserve business continuity, even in the face of disruptive events, while maintaining operational efficiency across digital and physical assets. The Vestas approach also supports compliance and regulatory alignment, helping customers meet evolving standards in criti- cal infrastructure protection, data governance, and energy sector regulations. This reduces exposure to legal and financial penalties while reinforcing the trust of stakeholders. Additionally, by embedding security into the lifecycle of energy solutions, we contribute to improved product quality, reducing downtime and enhancing system integrity. For investors, this demonstrates Vestas’ commitment to innovation, risk-informed decision-making, and long-term value creation. For society, it reinforces a stable and resilient energy supply, while safe- guarding the reputation and trust capital essential to the renewable energy transition. MDR-T, MDR-M Metrics and targets Vestas’ strategies and policies on cyber security are designed to address the dynamic nature of the challenge by means of consistent analysis and communication, allowing for align- ment across internal and external stakeholders. We understand cyber security risks as potential events where a threat actor exploits a weakness to cause an impact invol- ving digital means. We also acknowledge that cyber threats may come from individuals, criminals, and malicious nations. To ensure appropriate measures are in place we measure inci- dents and work with risk exposure. Significant cyber incidents No significant cyber incidents related to Vestas’ business or Vestas customers’ energy production occurred in 2025. For more information, see Accounting policies – Cyber security. Cyber security targets Vestas’ cyber security targets for 2025 were 1) to reduce the cyber risk exposure by 50 percent compared to a 2023 base- line and 2) make a cyber risk overview available to 100 percent of Vestas customers. Reducing cyber risk exposure We continuously measure the effectiveness of our overarching cyber security strategy towards the landscape of threat actors globally, guiding improvements. As a result of this landscape, a baseline for cyber risk exposure was created in 2023 with a target to reduce the risk exposure by 50 percent. During 2025, we reached this target with diligent focus on im- plementing mitigation actions into daily operations tracked by milestone progress reporting.The target was defined by the means of risk quantification that allows optimisation by select- ing efforts that reflect the edge of an efficient frontier. Given the nature of cyber security, a threat actor may exploit knowledge of our defensive methods and specific vulnerabilities. As a result, neither the metric, scope nor the baseline values are disclosed. Internal stakeholders were involved in setting the target and Vestas’ Executive Management Team and the management of Digital Solutions oversee progress on defined risk mitigations on a quarterly basis. The target base value is derived from the cyber risk exposure measured as an absolute exposure value, derived from a Monte Carlo based cyber risk quantification model. Closely aligned with the FAIR™-methodology 1 , the model extends factor analysis by applying an attacker-defender model to as- sess the susceptibility of Vestas’ digital solutions to threats. The modelling framework references the MITRE corporation’s ATT&CK framework 2 to ensure comprehensive coverage of potential attack vectors. Customer cyber risk overview During the previous reporting period, Vestas had a target to provide a cyber risk overview to 100 percent of Vestas cus- tomers by the end of 2025. However, the target is currently under review to clarify the methodology for integrating cyber risk overviews into the customer engagement model. Reporting on this target has therefore been deferred, pending the con- clusion of this review.   Accounting policies – Cyber security ‘Significant cyber incident’ A cyber incident is an incident affecting Vestas’ digital solutions which originates externally. The significance is assessed based on a combination of: 1. Impact – defined as any actual effect on the security (confidentiality, availability, or integrity) of Vestas’ business systems, Vestas’ intellectual property, or power production of the delivered technology and connected systems within our control. 2. Urgency – standardised response time based on attack techniques and activities. G1-ES Cyber security 2025 2024 Significant cyber incidents (number) * 0 0 1 FAIR™ methodology (2014) Freund, J., & Jones, J. (2014). Measuring and Managing Information Risk: A FAIR Approach. Butterworth-Heinemann. 2 MITRE ATT&CK®: Knowledge base of adversary tactics and techniques. The MITRE Corporation. * Entity-specific ESRS metric. 119Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements G1 Entity-specific → Statement on due diligence → Content index of ESRS disclosure requirements → List of data points that derive from other EU legislation → EU Taxonomy 120Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement Statement on due diligence Page references – Sustainability statement Disclosure relating to Due diligence element Disclosure requirement Page People Environment a) Embedding due diligence in governance, strategy and business model ESRS 2 GOV-2 78-79 ⚫ ⚫ ESRS 2 GOV-3 42 ⚫ ⚫ ESRS 2 SBM-3 48f 78 ⚫ ⚫ ESRS 2 SBM-3-E1 85 ⚫ ESRS 2 SBM-3-E4 93 ⚫ ESRS 2 SBM-3-E5 95 ⚫ ESRS 2 SBM-3-S1 101, 103, 105 ⚫ ESRS 2 SBM-3-S2 108 ⚫ ESRS 2 SBM-3-S3 111 ⚫ ESRS 2 SBM-3-G1 114 ⚫ ⚫ b) Engaging with affected stakeholders in all key steps of the due diligence ESRS 2 GOV-2 78-79 ⚫ ⚫ ESRS 2 SBM-2 75 ⚫ ⚫ ESRS 2 IRO-1 76 ⚫ ⚫ ESRS 2 MDR-P/E1-2 80 ⚫ E4-2 94 ⚫ E5-1 95 ⚫ ESRS 2 MDR-P/S1-1 80-81 ⚫ S1-2 101, 103, 105 ⚫ S2-1 109 ⚫ S2-2 108-109 ⚫ S3-1 111 ⚫ S3-2 111 ⚫ ESRS 2 MDR-P/G1-1 81 ⚫ ⚫ ESRS 2 MDR-P/Cyber security 118 ⚫ Page references – Sustainability statement Disclosure relating to Due diligence element Disclosure requirement Page People Environment c) Identifying and assessing adverse impacts ESRS 2 IRO-1 76 ⚫ ⚫ ESRS 2 SBM-3 48f 78 ⚫ ⚫ ESRS 2 SBM-3-E1 85 ⚫ ESRS 2 SBM-3-E4 93 ⚫ ESRS 2 SBM-3-E5 95 ⚫ ESRS 2 SBM-3-S1 101, 103, 105 ⚫ ESRS 2 SBM-3-S2 108 ⚫ ESRS 2 SBM-3-S3 111 ⚫ ESRS 2 SBM-3-G1 114 ⚫ ⚫ d) Taking actions to address those adverse impacts E1-1 86 ⚫ ESRS MDR-A/E1-3 86-87 ⚫ E4-1 93-94 ⚫ E4-3 94 ⚫ ESRS MDR-A/E5-2 95-96 ⚫ ESRS MDR-A/S1-4 101, 103, 105- 106 ⚫ ESRS 2 MDR-A/S2-4 108-110 ⚫ ESRS 2 MDR-A/S3-4 111-112 ⚫ G1-1 116-117 ⚫ ⚫ G1-3 116-117 ⚫ ESRS 2 MDR-A/Cyber security 118-119 ⚫ e) Tracking effectiveness of these efforts and communicating ESRS MDR-M/E1-5 87-88 ⚫ G1-4 116-117 ⚫ ⚫ G1-5 114 ⚫ ⚫ MDR-T/E1-4 87-89 ⚫ MDR-T/S1-5 102, 104, 106 ⚫ GOV-4 121Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement List of material disclosure requirements Page ESRS 2 General Disclosures BP-1 General basis for preparation of the sustainability statement 82 BP-2 Disclosures in relation to specific circumstances 82 GOV-1 The role of the administrative, management and supervisory bodies 44, 47, 79 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 78, 79 GOV-3 Integration of sustainability-related performance in incentive schemes 42, 83 GOV-4 Statement on due diligence 121 GOV-5 Risk management and internal controls over sustainability reporting 78 SBM-1 Strategy, business model and value chain 58, 61, 68 SBM-2 Interests and views of stakeholders 76 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 69, 71, 76, 78 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 75, 76, 77 IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement 75, 76 E1 Climate change ESRS 2 GOV-3-E1 Integration of E4, IRO-1 performance in incentive schemes 42, 83 E1-1 Transition plan for climate change mitigation 86 ESRS 2 SBM-3-E1 Material impacts, risks and opportunities and their interaction with strategy and business model 85 ESRS 2 IRO-1-E1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities 77 E1-2 Policies related to climate change mitigation and adaptation 86 E1-3 Actions and resources in relation to climate change policies 86 E1-4 Targets related to climate change mitigation and adaptation 86, 87, 88 E1-5 Energy consumption and mix 88 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 89, 90 List of material disclosure requirements Page ESRS 2 IRO-1-E2 Description of processes to identify and assess material pollution-related impacts, risk and opportunities 77 ESRS 2 IRO-1-E3 Description of the processes to identify and assess material water and marine resources- related impacts, risks and opportunities 77 E4 Biodiversity and ecosystems E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model 93, 94 ESRS 2 SBM-3-E4 Material impacts, risks and opportunities and their interaction with strategy and business model 93 ESRS 2 IRO-1-E4 Description of processes to identify and assess material biodiversity and ecosystem- related impacts, risks dependencies and opportunities 77 E4-2 Policies related to biodiversity and ecosystems 94 E4-3 Actions and resources related to biodiversity and ecosystems 94 E4-4 Targets related to biodiversity and ecosystems 94 E4-5 Impact metrics related to biodiversity and ecosystems change 94 E5 Resource use and circular economy ESRS 2 IRO-1-E5 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities 77 E5-1 Policies related to resource use and circular economy 95 E5-2 Actions and resources related to resource use and circular economy 95 E5-3 Targets related to resource use and circular economy 96 E5-4 Resource inflows 97 E5-5 Resource outflows 97 E5-6 Anticipated financial effects from resource use and circular economy-related impacts, risks, and opportunities 95 Content index of ESRS disclosure requirements IRO-2 122Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement List of material disclosure requirements Page S1 Own workforce ESRS 2 SBM-2-S1 Interests and views of stakeholders 75 ESRS 2 SBM-3-S1 Material impacts, risks and opportunities and their interaction with strategy and business model 75,101, 103,105 S1-1 Policies related to own workforce 80, 81, 101, 103, 105,109 S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 105 S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 105 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 101, 103,105 S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 102, 104, 106 S1-6 Characteristics of the undertaking’s employees 107 S1-9 Diversity metrics 104 S1-14 Health and safety metrics 102 S1-16 Remuneration metrics (pay gap and total remuneration) 104 S1-17 Incidents, complaints and severe human rights impacts 106 S2 Workers in the value chain ESRS 2 SBM-2-S2 Interests and views of stakeholders 76 ESRS 2 SBM-3-S2 Material impacts, risks and opportunities and their interaction with strategy and business model 108 List of material disclosure requirements Page S2-1 Policies related to value chain workers 80, 81, 109 S2-2 Processes for engaging with value chain workers about impacts 108 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 108 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions 109 S3 Affected communities ESRS 2 SBM-2-S3 Interests and views of stakeholders 76 ESRS 2 SBM-3-S3 Material impacts, risks and opportunities and their interaction with strategy and business model 111 S3-1 Policies related to affected communities 80, 111 S3-2 Processes for engaging with affected communities about impacts 111 S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns 111, 112 S3-4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions 111, 112 S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 112 G1 Business Conduct ESRS 2 GOV-1-G1 The role of the administrative, management and supervisory bodies 116 ESRS 2 IRO-1-G1 Description of the processes to identify and assess material impacts, risks and opportunities 78 G1-1 Business conduct policies and corporate culture 80, 116 G1-3 Prevention and detection of corruption and bribery 116, 117 G1-4 Incidents of corruption or bribery 116, 117 G1-5 Political influence and lobbying activities 114, 116 Content index of ESRS disclosure requirements – continued IRO-2 123Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) Indicator number 13 of Table #1 of Annex 1 NA Commission Delegated Regulation (EU) 2020/1816, Annex II NA Material 44 ESRS GOV-1 Percentage of board members who are independent paragraph 21 (e) NA NA Delegated Regulation (EU) 2020/1816, Annex II NA Material 44 ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3 of Annex 1 NA NA NA Material 121 ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i Indicators number 4 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013: Commission Implementing Regulation (EU) 2022/2453 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk Delegated Regulation (EU) 2020/1816, Annex II NA Not material ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii Indicator number 9 Table #2 of Annex 1 NA Delegated Regulation (EU) 2020/1816, Annex II NA Not material ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii Indicator number 14 Table #1 of Annex 1 NA Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II NA Not material ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv NA NA Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II NA Not material ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 NA NA NA Regulation (EU) 2021/1119, Article 2(1) Material 86 ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g) NA Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 12.1 (d) to (g), and Article 12.2 NA Not material ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 6 NA Material 87 ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 Indicator number 5 Table #1 and Indicator number. 5 Table #2 of Annex 1 NA NA NA Material 88 List of data points that derive from other EU legislation IRO-2 124Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of Annex 1 NA NA NA Material 88 ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 Indicator number 6 Table #1 of Annex 1 NA NA NA Material 88 ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 Indicators number 1 and 2 Table #1 of Annex 1 Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) NA Material 87 ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 8(1) NA Material 85 ESRS E1-7 GHG removals and carbon credits paragraph 56 NA NA NA Regulation (EU) 2021/1119, Article 2(1) Not material ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 NA NA Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II NA Not material ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c). NA Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book – Climate change physical risk: Exposures subject to physical risk. NA NA Not material ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c). NA Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2: Banking book – Climate change transition risk: Loans collateralised by immovable property – Energy efficiency of the collateral NA NA Not material ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69 NA NA Delegated Regulation (EU) 2020/1818, Annex II NA Not material ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 NA NA NA Not material List of data points that derive from other EU legislation – continued IRO-2 125Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 NA NA NA Not material ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 NA NA NA Not material ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 NA NA NA Not material ESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 Table #2 of Annex 1 NA NA NA Not material ESRS E3-4 Total water consumption in m 3 per net revenue on own operations paragraph 29 Indicator number 6.1 Table #2 of Annex 1 NA NA NA Not Material ESRS 2- SBM-3 – E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 NA NA NA Material 93 ESRS 2- SBM-3 – E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 NA NA Material 93 ESRS 2- SBM-3 – E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 NA NA NA Not material ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) Indicator number 11 Table #2 of Annex 1 NA NA NA Not material ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) Indicator number 12 Table #2 of Annex 1 NA NA NA Not material ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1 NA NA NA Not material ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2 of Annex 1 NA NA NA Material 96 ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 Indicator number 9 Table #1 of Annex 1 NA NA NA Material 98 ESRS 2- SBM3 – S1 Risk of incidents of forced labour paragraph 14 (f) Indicator number 13 Table #3 of Annex I NA NA NA Not material ESRS 2- SBM3 – S1 Risk of incidents of child labour paragraph 14 (g) Indicator number 12 Table #3 of Annex I NA NA NA Not material ESRS S1-1 Human rights policy commitments paragraph 20 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I NA NA NA Not material, but disclosed due to Norwegian Trans- parency Act requirements 80 List of data points that derive from other EU legislation – continued IRO-2 126Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 NA NA Delegated Regulation (EU) 2020/1816, Annex II NA Not material, but disclosed due to Norwegian Transparency Act requirements ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22 Indicator number 11 Table #3 of Annex I NA NA NA Not material ESRS S1-1 workplace accident prevention policy or management system paragraph 23 Indicator number 1 Table #3 of Annex I NA NA NA Material 80 ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c) Indicator number 5 Table #3 of Annex I NA NA NA Material 111 ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) Indicator number 2 Table #3 of Annex I NA Delegated Regulation (EU) 2020/1816, Annex II NA Material 102 ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) Indicator number 3 Table #3 of Annex I NA NA NA Not material ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 Table #1 of Annex I NA Delegated Regulation (EU) 2020/1816, Annex II NA Material 104 ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I NA NA NA Not material ESRS S1-17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3 of Annex I NA NA NA Not material ESRS S1-17 Nonrespect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a) Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I NA Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) NA Not material, but disclosed due to Norwegian Transparency Act requirements ESRS 2- SBM-3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) Indicators number 12 and n. 13 Table #3 of Annex I NA NA NA Material 108 ESRS S2-1 Human rights policy commitments paragraph 17 Indicator number 9 Table #3 and I ndicator n. 11 Table #1 of Annex 1 NA NA NA Material 80 ESRS S2-1 Policies related to value chain workers paragraph 18 Indicator number 11 and n. 4 Table #3 of Annex 1 NA NA NA Material 80 List of data points that derive from other EU legislation – continued IRO-2 127Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference EU Climate Law reference Material / Not material Page ESRS S2-1 Nonrespect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 Indicator number 10 Table #1 of Annex 1 NA Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) NA Material 106 ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19 NA NA Delegated Regulation (EU) 2020/1816, Annex II NA Material 80 ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 Indicator number 14 Table #3 of Annex 1 NA NA NA Material 106 ESRS S3-1 Human rights policy commitments paragraph 16 Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 NA NA NA Material 80 ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17 Indicator number 10 Table #1 Annex 1 NA Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) NA Material 106 ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 Table #3 of Annex 1 NA NA NA Material 106 ESRS S4-1 Policies related to consumers and end-users paragraph 16 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1 NA NA NA Not material ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 Indicator number 10 Table #1 of Annex 1 NA Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) NA Not material ESRS S4-4 Human rights issues and incidents paragraph 35 Indicator number 14 Table #3 of Annex 1 NA NA NA Not material ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) Indicator number 15 Table #3 of Annex 1 NA NA NA Material 116 ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) Indicator number 6 Table #3 of Annex 1 NA NA NA Not material ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) Indicator number 17 Table #3 of Annex 1 NA Delegated Regulation (EU) 2020/1816, Annex II) NA Material 117 ESRS G1-4 Standards of anti-corruption and anti-bribery paragraph 24 (b) Indicator number 16 Table #3 of Annex 1 NA NA NA Material 116 List of data points that derive from other EU legislation – continued IRO-2 128Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement EU Taxonomy Taxonomy Disclosures under Article 8 Under Article 8(1) of the Taxonomy regulation (EU) 2020/852, companies subject to the Non-Financial Reporting Directive (“NFRD”) shall disclose inforwmation to the public on how, and to what extent, their activities are associated with envi- ronmentally sustainable economic activities. Companies are required to report on 1) the eligibility of their economic activities across all six environmental objectives, 2) the environmental objective(s) their eligible activities substan- tially contribute to, and 3) the alignment of their eligible activi- ties with the applicable do no significant harm (“DNSH”) criteria and the Minimum Safeguards in line with Article 3 of EU/2020/852 and supplementing regulations. Vestas economic activities consist of: manufacturing, con- struction, development, and operations and maintenance. All activities are classified as enabling. Revenue relating to manufacturing and construction is grouped under the Power Solutions segment. Revenue relating to operations and main- tenance is grouped under the Service segment. Development is a stand-alone business area. Revenue from development is not a bundled performance obligation. It is reported under supply-only in the Power Solutions segment. All of Vestas’ subsidiaries are included in the technical screening exercise and the calculation of the KPIs. Substantial contribution and allocation of activities There are no changes to our reporting scope in 2025. Our manufacturing and construction activities are considered eligible under activity 3.1: ‘Manufacture of renewable energy technologies’, and our development, service, and sale of spare parts activities are considered eligible under activity 4.3: ‘Electricity generation from wind power’. Our manufacturing activities substantially contribute to climate change mitigation by manufacturing renewable energy technol- ogies, and our development, construction, and operations and maintenance activities substantially contribute to climate change mitigation by developing, constructing, or servicing wind farms and thereby supporting electricity generation from wind power. This allocation was implemented in 2023 following the two commission notices adopted on 20 October 2023. In line with FAQ 139 of the first commission notice, our opera- tions and maintenance and development activities are allo- cated to activity 4.3 and not activity 7.6, as neither activity is related to technical building systems, which activity 7.6 is limited to. However, in line with the description of activity 4.3, the technical screening criteria of activity 7.6 apply to our oper- ations and maintenance activities, as they are an integral ele- ment of the ‘maintenance and repair of renewable energy tech- nologies’. As such, the allocation only affects the presentation of the activity, not the alignment criteria. Vestas considers both our development and service activities to be enabling, as they enable our customers to generate electricity from wind power. In line with FAQ 22 of the second commission notice, revenue from Supply-only, Supply-and-installation, and EPC contracts is reported together under activity 3.1, as these are bundled performance obligations. Revenue from our operations and maintenance activities is reported together under activity 4.3, as these activities are not treated as distinct in our financial accounting. In line with FAQ 9 of the first commission notice, activities have only been screened against DNSH criteria that are relevant to the activity. Taxonomy alignment Economic activities are reported as taxonomy-aligned if they 1) contribute to one or more of the six environmental objectives, 2) DNSH to any of the other environmental objectives, and 3) comply with the Minimum Safeguards. Extensive work has been conducted to determine and document compliance with these three alignment criteria. Climate Change Adaptation The DNSH criteria related to climate change adaptation are applicable to all our eligible activities. Our approach to climate change adaptation is outlined on pages 77 and 86. Activity 3.1 (Manufacture of renewable energy technologies) All DNSH criteria of activity 3.1 are applicable to our manufac- turing activities. All DNSH criteria – except transition to circular economy as the criteria is related to the manufacture of products – are applicable to our construction activities. Our approach to sustainable use and protection of water and marine resources and protection and restoration of biodiversity and ecosystems is available on our corporate website and in the biodiversity section on pages 93-94 respectively. An EIA or screening in accordance with Directive 2011/92/EU or equiva- lent, including an assessment of the impact on water in accord- ance with Directive 2000/60/EC or equivalent, has been car- ried out for all our manufacturing facilities and the sites where we construct. Our approach to transition to circular economy, including our work with design and operational circularity and material recovery, is available in the circular economy section on pages 95-98. We regulate restricted and prohibited chemicals at all business levels and units in line with Vestas’ Prohibited and Restricted Substance Management (VPRS) document. The document aligns with the standards under the five sub-criteria of pollution prevention and control. Activity 4.3 (Electricity generation from wind power) All DNSH criteria of activity 4.3 are applicable to our develop- ment activities. Only climate change adaptation is applicable to operations and maintenance activities. Our approach to sustainable use and protection of water and marine resources and protection and restoration of biodiversity and ecosystems is available on our corporate website and in the biodiversity section on pages 93-94. An EIA or screening in accordance with Directive 2011/92/EU or equivalent is carried out for all development projects, and we do not hamper the achievement of good environmental status as set out in Directive 2008/56/EC or equivalent in offshore development projects. The few components used in development are highly durable, easy to dismantle and reuse, and to a great extent recyclable at end-of-life. Minimum Safeguards We work with human rights according to the United Nations Guiding Principles on Business and Human Rights and Organi- sation for Economic Co-operation and Developed Guidelines for Multinational Enterprises. Our commitment to respect human rights is embedded into several policies including our Human Rights Policy and Codes of Conduct. We continuously work to identify and assess salient human rights issues and risks in our operations. We refresh our corpo- rate-wide human rights assessment regularly, and on an ongo- ing basis conduct due diligence in both our up- and downstream value chain. We proactively take measures to prevent and miti- gate risks and make our Operational Grievance Mechanism and EthicsLine channels available for affected stakeholders to raise concerns and access remediation where necessary. We have global and regional Anti-Bribery and Corruption Com- pliance Programmes, and our annual Global Anti-Bribery and Corruption Survey is taken by Vestas employees globally, ensur- ing we spot corruption risks proactively. Our Codes of Conduct include a section on competition law, and we have also devel- oped a detailed Competition Law Guideline and mandatory e-learnings for office employees. Our Tax Policy covers all deci- sions that directly or indirectly affect reporting and payment of taxes under the liability of any Vestas Group Company. During 2025, we have not registered any final court convictions on violations of labour law and human rights, tax laws, corrup- tion laws, or fair competition laws against the Vestas Group or its senior management. Taxonomy-aligned revenue Of our 2025 revenue, 99 percent is aligned (2024: 99 per- cent). 80 percent of the aligned revenue is related to activity 3.1 (2024: 78 percent), and 19 percent of the aligned revenue is related to activity 4.3 (2024: 21 percent). For further infor- mation on key drivers of change in revenue, refer to note 1.2 in the Financial statements. Revenue not Taxonomy-aligned For 2025, 1 percent of our revenue is non-eligible (2024: 1 percent). Based on our assessment, we cannot conclude that revenue related to ‘over the counter’ sale of spare parts is eligible under any of the six environmental objectives. Taxonomy-aligned OPEX For 2025, 94 percent of our operating expenditure (OPEX) is aligned (2024: 92 percent). Of the aligned OPEX, 62 percent is related to activity 3.1 (2024: 53 percent), and 32 percent of the aligned OPEX is related to activity 4.3 (2024: 39 percent). The aligned OPEX has increased by EUR 59m in 2025 as a result of increase in research and development costs and repair and maintenance costs. For further information on key drivers of change in OPEX, see note 1.4 and 1.5 in the Financial statements. The aligned OPEX consists of expenditures relating to short term leases, research and development costs not capitalised during the year, building renovation measures and other direct expenditures linked to service and operation of assets related to manufacturing, construction, development, and service. 129Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement OPEX not Taxonomy-aligned For 2025, 6 percent of our OPEX is non-eligible (2024: 8 per- cent) as it is related to ‘over the counter’ sale of spare parts, and supporting administrative functions not directly linked to our eligible business activities. Taxonomy-aligned CAPEX For 2025, 98 percent of our capital expenditure (CAPEX) is aligned (2024: 99 percent). All CAPEX relating to assets in manufacturing, technology, sales, development, and service is aligned. CAPEX not Taxonomy-aligned For 2025, 2 percent of our CAPEX is non-eligible (2024: 1 per- cent) as it is related to ‘over the counter’ sale of spare parts, and supporting administrative functions not directly linked to our eligible business activities.   Accounting policies – EU Taxonomy Revenue Vestas recognises revenue in compliance with IFRS 15, split into two segments: Power Solutions and Service. Refer to note 1.1 and 1.2 in the Financial statements. The Power Solutions segment comprises revenue relating to Supply-only, Supply-and-installation, and EPC (Engineering, Procurement and Construction) contracts. Revenue from Development is reported under Supply-only in the Power Solutions segment. The Service segment comprises revenue relating to contracts for servicing wind turbines manufactured by Vestas as well as wind turbines manufactured by third parties. Vestas also sells spare parts through longstanding and one-off service contracts and as ‘over the counter’ sales. Revenue generated from the sale of spare parts is reported under ‘products and services transferred at a point in time’ in the Service segment. More details on key accounting estimates, judgements, and accounting policies for revenue are available on pages 141-143, note 1.2. We report all our eligible revenue as aligned. The non-eligible revenue relating to ‘over the counter’ sale of spare parts is presented separately. To avoid double counting, we excluded non-aligned revenue from the total revenue when calculating the percentage of aligned revenue. No Taxonomy-aligned activities have been consumed internally. We recognise the continuous development of the Taxonomy’s accounting principles and will update our approach accordingly. OPEX Our OPEX in the financial statements comprises 1) research and development costs not capitalised during the year, and 2) distribution costs and administration costs. The definition of OPEX in the Taxonomy is different from the one used at Vestas. Following the definition of OPEX in Article 8 (2) of the Delegated Act, we have included all expenditures relating to short term leases, repair and maintenance relating to the day-to-day servicing of assets of property, research and development not capitalized during the year, building renovation measures and other direct expenditures relating to servicing and operation of assets in our calculation of OPEX. The denominator includes OPEX relating to eligible as well as non-eligible activities. The numerator includes OPEX directly linked to aligned business activities and therefore excludes OPEX related to the non-eligible part of sale of spare parts, and support functions. Selected accounts that match the definition of OPEX have been classified based on specific business activities and summed up to calculate the numerator and the denominator. Each account is added to the sum only once to avoid double counting. CAPEX Vestas has fixed assets presented as Intangible assets and Property, Plant and Equipment in the Balance Sheet as specified on page 138. Any additions to these asset categories are considered as CAPEX. Refer to accounting policies in note 3.1 and 3.2 on page 150 and 153. For Taxonomy-reporting, the following assets are considered as additions: software, other intangible assets, development projects in progress, land and buildings, plant and machinery, other fixtures and fittings, tools and equipment in progress and right-of-use assets. Both cash and non-cash additions to these assets are considered as CAPEX including additions from acquisitions. The denominator includes all CAPEX for the assets mentioned above. The numerator includes CAPEX directly linked to aligned business activities and therefore excludes any CAPEX related to ‘over the counter’ sale of spare parts, and assets owned by support functions. The CAPEX related to ‘over the counter’ sale of spare parts has been calculated using an allocation key based on revenue. The capital expenditure relating to our service warehouses was proportionately allocated to ‘over the counter’ sale of spare parts, as a percentage of its revenue out of the total service revenue. To avoid double counting, we have calculated the percentage of eligible CAPEX by excluding non-eligible CAPEX from total CAPEX for all asset classes. 130Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement Revenue Environmental objective of Taxonomy aligned activities 2025 Economic Activities Code Taxonomy eligible Revenue (Proportion of Taxonomy eligible Revenue) (%) Taxonomy aligned Revenue (monetary value of Revenue) (mEUR) Taxonomy aligned Revenue (Proportion of Taxonomy aligned Revenue) (%) Climate Change Mitigation (%) Climate Change Adaptation (%) Water (%) Circular economy (%) Pollution (%) Biodiversity (%) Enabling activity (E where applicable) Transitional activity (T where applicable) Proportion of Taxonomy aligned Taxonomy eligible (%) Manufacture of renewable energy technologies CCM 3.1 80 15,027 80 80 0 0 0 0 0 E NA 100 Electricity generation from wind power CCM 4.3 19 3,586 19 19 0 0 0 0 0 E NA 100 Sum of alignment per objective 99 18,613 99 99 0 0 0 0 0 100 Total 100 18,822 100 100 0 0 0 0 0 100 Operating expenditure (OPEX) Environmental objective of Taxonomy aligned activities 2025 Economic Activities Code Taxonomy eligible OPEX (Proportion of Taxonomy eligible OPEX) (%) Taxonomy aligned OPEX (monetary value of OPEX) (mEUR) Taxonomy aligned OPEX (Proportion of Taxonomy aligned OPEX) (%) Climate Change Mitigation (%) Climate Change Adaptation (%) Water (%) Circular economy (%) Pollution (%) Biodiversity (%) Enabling activity (E where applicable) Transitional activity (T where applicable) Proportion of Taxonomy aligned Taxonomy eligible (%) Manufacture of renewable energy technologies CCM 3.1 62 273 62 62 0 0 0 0 0 E NA 100 Electricity generation from wind power CCM 4.3 32 140 32 32 0 0 0 0 0 E NA 100 Sum of alignment per objective 94 413 94 94 0 0 0 0 0 100 Total 100 441 100 100 0 0 0 0 0 100 131Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement Capital expenditure (CAPEX) Environmental objective of Taxonomy aligned activities 2025 Economic Activities Code Taxonomy eligible CAPEX (Proportion of Taxonomy eligible CAPEX) (%) Taxonomy aligned CAPEX (monetary value of CAPEX) (mEUR) Taxonomy aligned CAPEX (Proportion of Taxonomy aligned CAPEX) (%) Climate Change Mitigation (%) Climate Change Adaptation (%) Water (%) Circular economy (%) Pollution (%) Biodiversity (%) Enabling activity (E where applicable) Transitional activity (T where applicable) Proportion of Taxonomy aligned Taxonomy eligible (%) Manufacture of renewable energy technologies CCM 3.1 72 1,238 72 72 0 0 0 0 0 E NA 100 Electricity generation from wind power CCM 4.3 26 443 26 26 0 0 0 0 0 E NA 100 Sum of alignment per objective 98 1,681 98 98 0 0 0 0 0 100 Total 100 1,713 100 100 0 0 0 0 0 100 132Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Appendix to the Sustainability statement 133Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Financial statements and notes → Consolidated financial statements →  Parent company financial statements 134Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Consolidated financial statements Consolidated financial statements Income statement �������������������������������������������������������������������������������������������������������� 135 Statement of comprehensive income ������������������������������������������������������������� 135 Balance sheet ����������������������������������������������������������������������������������������������������������������� 136 Statement of changes in equity �������������������������������������������������������������������������� 137 Statement of cash flows ������������������������������������������������������������������������������������������ 138 Notes 1. Result for the year �������������������������������������������������������������������������������������������� 139 1�1 Segment information ������������������������������������������������������������������������������������� 139 1�2 Revenue ������������������������������������������������������������������������������������������������������������������� 141 1�3 Government grants ������������������������������������������������������������������������������������������ 144 1�4 Costs �������������������������������������������������������������������������������������������������������������������������� 144 1�5 Employee costs �������������������������������������������������������������������������������������������������� 144 1�6 Share based payment ������������������������������������������������������������������������������������ 145 1�7 Special items �������������������������������������������������������������������������������������������������������� 146 1�8 Financial items ���������������������������������������������������������������������������������������������������� 146 2. Working capital �������������������������������������������������������������������������������������������������� 147 2�1 Inventories ������������������������������������������������������������������������������������������������������������� 147 2�2 Change in net working capital ������������������������������������������������������������������� 148 2�3 Supplier financing ��������������������������������������������������������������������������������������������� 148 2�4 Contract balances ��������������������������������������������������������������������������������������������� 148 2�5 Contract costs ����������������������������������������������������������������������������������������������������� 149 2�6 Other receivables ���������������������������������������������������������������������������������������������� 149 2�7 Other liabilities ���������������������������������������������������������������������������������������������������� 149 3. Other operating assets and liabilities ���������������������������������������������� 150 3�1 Intangible assets ����������������������������������������������������������������������������������������������� 150 3�2 Property, plant and equipment ���������������������������������������������������������������� 153 3�3 Leases ���������������������������������������������������������������������������������������������������������������������� 154 3�4 Investments in joint ventures and associates ������������������������������� 155 3�5 Acquisition of businesses ���������������������������������������������������������������������������� 156 3�6 Provisions ��������������������������������������������������������������������������������������������������������������� 157 4. Risk management and capital structure ���������������������������������������� 158 4�1 Financial risk management ������������������������������������������������������������������������ 158 4�2 Hedge accounting ��������������������������������������������������������������������������������������������� 163 4�3 Financial assets and liabilities ������������������������������������������������������������������ 165 4�4 Share capital ��������������������������������������������������������������������������������������������������������� 167 4�5 Earnings per share �������������������������������������������������������������������������������������������� 167 5. Tax ������������������������������������������������������������������������������������������������������������������������������� 168 5�1 Income tax �������������������������������������������������������������������������������������������������������������� 168 5�2 Deferred tax ���������������������������������������������������������������������������������������������������������� 170 6. Other disclosures ��������������������������������������������������������������������������������������������� 171 6�1 Related parties �����������������������������������������������������������������������������������������������������171 6�2 Audit fees ��������������������������������������������������������������������������������������������������������������� 172 6�3 Non-cash transactions ����������������������������������������������������������������������������������� 172 6�4 Contingent assets, liabilities, and contractual obligations ��� 172 6�5 Legal entities �������������������������������������������������������������������������������������������������������� 173 7. Basis for preparation ������������������������������������������������������������������������������������� 175 7�1 Accounting policy information ����������������������������������������������������������������� 175 7�2 Key accounting estimates and judgements ����������������������������������� 177 135Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Income statement 1 January – 31 December mEUR Note 2025 2024 Revenue 1�1, 1�2 18,822 17,295 Production costs 1�3, 1�4, 1�5, 2�1 (16,325) (15,238) Gross profit 2,497 2,057 Research and development costs 1�3, 1�4, 1�5 (424) (380) Distribution costs 1�3, 1�4, 1�5 (545) (535) Administration costs 1�4, 1�5 (461) (403) Income/(loss) from investments in joint ventures and associates 3�4 0 2 Operating profit/(loss) (EBIT) before special items 1,067 741 Special items 1�7 (52) 53 Operating profit/(loss) (EBIT) 1,015 794 Income/(loss) from investments in joint ventures and associates 3�4 7 (3) Net financial items 1�8 17 (86) Profit/(loss) before tax 1,039 705 Income tax 5�1 (259) (211) Profit/(loss) for the year 780 494 Profit/(loss) is attributable to: Shareholders of Vestas Wind Systems A/S 778 499 Non-controlling interests 2 (5) Earnings per share (EPS) 4�5 Earnings per share (EUR), basic 0.78 0.50 Earnings per share (EUR), diluted 0.77 0.49 Statement of comprehensive income 1 January – 31 December mEUR Note 2025 2024 Profit/(loss) for the year 780 494 Other comprehensive income Items that may be subsequently reclassified to the income statement: Exchange rate adjustments relating to foreign entities (201) 35 Fair value adjustments of derivative financial instruments 4�2 (35) 153 Gain/(loss) on derivative financial instruments transferred to the income statement 4�2 56 (116) Share of fair value adjustments of derivative financial instruments of joint ventures and associates 3�4 1 (1) Tax on fair value adjustments that may be subsequently reclassified to the income statement 6 (27) Other comprehensive income after tax (173) 44 Total comprehensive income/(loss) 607 538 Total comprehensive income/(loss) is attributable to: Shareholders of Vestas Wind Systems A/S 606 540 Non-controlling interests 1 (2) 136Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Balance sheet 31 December Assets mEUR Note 2025 2024 Intangible assets 3�1 3,436 3,385 Property, plant and equipment 3�2, 3�3 2,792 2,353 Investments in joint ventures and associates 3�4 568 577 Other investments 4�3 171 161 Tax receivables 5�1 648 832 Deferred tax 5�2 883 722 Other receivables 2�6, 4�3 398 422 Financial investments 4�3 0 103 Total non-current assets 8,896 8,555 Inventories 2�1 5,721 6,008 Trade receivables 4�1, 4�3 1,476 1,719 Contract assets 2�4, 4�1, 4�3 2,747 2,127 Contract costs 2�5 566 526 Tax receivables 5�1 231 214 Other receivables 2�6, 4�3 1,547 1,518 Financial investments 4�3 164 160 Cash and cash equivalents 4�1, 4�3 4,384 3,817 Total current assets 16,836 16,089 Total assets 25,732 24,644 Equity and liabilities mEUR Note 2025 2024 Share capital 4�4 27 27 Other reserves (215) (78) Retained earnings 4,055 3,580 Equity attributable to Vestas Wind System A/S shareholders 3,867 3,529 Non-controlling interests 14 13 Total equity 3,881 3,542 Provisions 3�6 1,292 1,263 Deferred tax 5�2 225 179 Financial debts 4�1, 4�3 2,592 3,071 Tax payables 5�1 699 830 Other liabilities 2�7, 4�1, 4�3 196 279 Total non-current liabilities 5,004 5,622 Provisions 3�6 766 944 Contract liabilities 2�4 9,270 8,997 Financial debts 3�3, 4�1, 4�3 782 200 Trade payables 4�1, 4�3 4,766 4,129 Tax payables 5�1 115 141 Other liabilities 2�7, 4�1, 4�3 1,148 1,069 Total current liabilities 16,847 15,480 Total liabilities 21,851 21,102 Total equity and liabilities 25,732 24,644 137Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Statement of changes in equity 1 January – 31 December 2025 2024 Share capital Reserves Retained earnings Non- controlling interest Total Share capital Reserves Retained earnings Non- controlling interest TotalmEUR Translation reserve Cash flow hedging reserve Other reserves Total reserves Translation reserve Cash flow hedging reserve Other reserves Total reserves Equity as at 1 January 27 (48) (31) 1 (78) 3,580 13 3,542 27 (80) (24) 2 (102) 3,102 15 3,042 Profit/(loss) for the year - - - - - 778 2 780 - - - - - 499 (5) 494 Other comprehensive income for the year - (200) 27 1 (172) - (1) (173) - 32 10 (1) 41 - 3 44 Total comprehensive income for the year - (200) 27 1 (172) 778 1 607 - 32 10 (1) 41 499 (2) 538 Transfer of cash flow hedge reserve to the initial carrying amount of hedged items, net - - 35 - 35 - - 35 - - (17) - (17) - - (17) Transactions with owners: Dividends distributed - - - - - (75) - (75) - - - - - - - - Dividends distributed related to treasury shares - - - - - 1 - 1 - - - - - - - - Acquisition of treasury shares - - - - - (282) - (282) - - - - - (40) - (40) Share-based payment - - - - - 41 - 41 - - - - - 28 - 28 Tax on equity transactions - - - - - 12 - 12 - - - - - (9) - (9) Total transactions with owners - - - - - (303) - (303) - - - - - (21) - (21) Equity as at 31 December 27 (248) 31 2 (215) 4,055 14 3,881 27 (48) (31) 1 (78) 3,580 13 3,542 138Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Statement of cash flows 1 January – 31 December mEUR Note 2025 2024 Profit/(loss) for the year 780 494 Adjustments for non-cash transactions 6�3 1,153 1,382 Interest received 165 70 Interest paid (117) (124) Income tax paid 5�1 (275) (245) Cash flow from operating activities before change in net working capital 1,706 1,577 Change in net working capital 2�2 580 755 Cash flow from operating activities 2,286 2,332 Purchase of intangible assets 3�1 (457) (485) Purchase of property, plant and equipment 3�2 (821) (670) Proceeds from receipt of grants 1�3, 3�2 25 - Proceeds from sale of property, plant and equipment 2 13 Dividends from investments in joint ventures and associates 3�4 19 5 Purchase of shares in joint ventures and associates 3�4 (4) (3) Purchase of other financial assets - (108) Proceeds from sale of other financial assets - 53 Acquisition of businesses (19) - Proceeds from sale of investments in joint ventures and associates 3�4 - 10 Purchase/disposal of financial investments 91 (156) Cash flow from investing activities (1,164) (1,341) Free cash flow 1,122 991 mEUR Note 2025 2024 Acquisition of treasury shares (282) (40) Dividend paid 4�4 (74) - Payment of lease liabilities 4�1 (216) (177) Proceeds from borrowings 4�1 150 84 Payment of financial debt 4�1 (122) (345) Cash flow from financing activities (544) (478) Net increase in cash and cash equivalents 578 513 Cash and cash equivalents as at 1 January 3,817 3,318 Exchange rate adjustments on cash and cash equivalents (11) (14) Cash and cash equivalents as at 31 December 4.1 4,384 3,817 Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 139 1 Result for the year → 1.1 Segment information → 1.2 Revenue → 1.3 Government grants → 1.4 Costs → 1.5 Employee costs → 1.6 Share based payment → 1.7 Special items → 1.8 Financial items 1.1 Segment information Power Solutions The segment contains our activities within the Onshore, Offshore and Development business areas. The Onshore and Offshore activities comprise design, devel- opment, manufacturing and sale of onshore and offshore wind turbines as well as construction of wind power plants for cus- tomers. Vestas’ wind power solutions can include everything from siting, manufacturing, construction, and installation to final commissioning in cooperation with the customer. The development activities focus on maturing and converting Vestas’ quality project pipeline to firm order intake. The activities comprise greenfield project development and project maturation, including initial site identification, securing land rights and permits, design sites, ensure grid connection, and secure project offtake agreements. Service The segment contains our activities within the Service business area. The wind energy service solutions comprise operation and maintenance (O&M), and fleet optimisation of wind power plants as well as digital services. These services are usually executed through long-term service contracts with customers. Further, the activities include transactional sales such as spare parts and repairs. 140Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 1.1 Segment information – continued  Accounting policies The operational segments are determined based on Vestas’ management structure and the consequent reporting to the Chief Operating Decision Maker (CODM), which is defined as the Executive Management Team. The total external revenue is derived from the two segments, Power Solutions and Service. Certain income and costs relating to Vestas functions, investing activities, tax, etc. are managed on Vestas level. These items are not included in the reportable segments, and therefore, presented as ‘Not allocated’. No segment information is provided to CODM on a regular basis for assets and liabilities and profit/(loss) measures below EBIT. Income and costs included in profit for the year are allocated to the extent that they can be directly or indirectly attributed to the segments on a reliable basis. Costs allocated as either directly or indirectly attributable comprise production costs, R&D costs, distribution costs, and administration costs. The income and costs allocated, including depreciation and amortisation, as indirectly attributable to the segments, are allocated by means of allocation keys determined on the basis of the utilisation of key resources in the segment. 2025 2024mEURPower Solutions Service Not allocated Total Power Solutions Service Not allocated TotalRevenue 15,052 3,770 - 18,822 13,598 3,697 - 17,295Income/(loss) from investments in joint ventures and associates 0 - - 0 2 - - 2Total income 15,052 3,770 - 18,822 13,600 3,697 - 17,297Total costs (14,235) (3,144) (376) (17,755) (12,934) (3,249) (373) (16,556)Operating profit/(loss) (EBIT) before special items 817 626 (376) 1,067 666 448 (373) 741Special items (34) (9) (9) (52) 53 - - 53Operating profit/(loss) (EBIT) 783 617 (385) 1,015 719 448 (373) 794Income/(loss) from investments in joint ventures and associates - - 7 7 - - (3) (3)Financial items - - 17 17 - - (86) (86)Profit/(loss) before tax 1,039 705Amortisation, depreciation, and impairment included in total costs (781) (211) (46) (1,038) (639) (176) (49) (864) RevenuemEUR 2025 2024USA 4,439 3,456Germany 2,733 2,320Brazil 1,263 1,739Denmark 440 347Other countries 9,947 9,433Total 18,822 17,295 Revenue specified by country shows all countries with revenue of more than 10 percent of Vestas’ total revenue, as well as revenue in Denmark. The revenue split is based on geographical supply point. Intangible assets and property, plant and equipment mEUR 2025 2024Denmark 4,416 4,045Other countries 1,812 1,693Total 6,228 5,738 With the exception of Denmark, no country has intangible assets and property, plant and equipment exceeding 10 percent of the Group’s total intangible assets and property, plant and equipment as at 31 December 2025. The specification of intangible assets and property, plant and equipment by country is based on the location of the entity owning the assets. ↑ ↑ 141Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 1.2 Revenue Revenue streams and timing of revenue recognition Order intake/ backlog Manufacturing of wind turbine components Transport Delivery to site Pre-installation (Offshore) Installation Fully operational Service   Cost of wind turbine main components included in the percentage of completion at installation (onshore).   Cost of wind turbine main components included in the percentage of completion at the end of production (offshore). Power Solutions Supply-only Point in time Supply-and-installation Point in time Supply-and-installation Over time EPC/Turnkey Over time Service Service contract Over time Transactional sales Point in time Timing of revenue recognition Vestas generates revenue from the sale of wind turbine com- po nents (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 on the following page. The illustration above shows the timing of revenue re cognition for each revenue stream. Supply-only and stan dard solution Supply-and-installation projects are recog nised at a point in time. Non-standard Supply-and- installation and EPC/Turkey projects are recognised over time. Service con tract revenue is recognised over time. Transactional sales are recog nised at a point in time.  Revenue recognised at a point in time.   Revenue recognised over time, based on percentage of completion. 142Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 1.2 Revenue – continued   Key accounting estimates and judgements Estimate regarding cost to complete for service contracts Management makes significant accounting estimates when determining the expected cost to complete in ongoing service contracts accounted for using the percentage-of-completion method. The estimates are based on key assumptions in cluding the development in future cost levels, impact from future cost- out initiatives and operational efficiencies. The assumptions are by nature subject to significant uncertainty. Changes to these assumptions may lead to adjustments of previous estimates. If future cost levels were to increase 1 percent while holding all else equal, the impact to revenue in 2025 would be a decrease of approximately EUR 145m. Estimates related to revenue recognition from offshore construction contracts Management makes significant accounting estimates which impact revenue recognition for offshore construction projects. Estimates mainly relate to the impacts of delays. Specifically, estimates are made related to the length of the delay and the related cost increases, as well as expected settlement amount of any liquidated damages. Estimate regarding recoverability rates of US tariff costs in construction contracts Management makes estimates regarding the recovery of US tariff costs in construction contracts. Estimated recovery relies on legal interpretation of the contractual language and tariff documentation. Judgement regarding timing of components being part of a project for Supply-and-installation contracts overtime Management applies judgement to determine when a component becomes part of the project (i.e. when the component can be taken from inventory and included as a cost in the project) as a basis of applying the percentage of completion method. This is assessed to be either at the time of installation (onshore) or at the end of production (offshore). Judgement regarding whether to recognise revenue from Supply-and-installation contracts at a point in time or over time Management applies judgement to determine whether to recognise revenue from Supply-and-installation contracts at a point in time or over time. The judgement takes into consideration technology used, the degree of customisation and remoteness of the wind power plant.   Accounting policies Order intake/backlog An order is included in the order backlog when the order is firm and unconditional. The order backlog reflects the revenue, including highly probable variable elements, indexation adjustments and changes in exchange rates, expected to be recognised in the future on secured orders related to performance obligations that are unfulfilled or partially unfulfilled at the end of the year. Power Solutions The transaction price for sale of wind turbines and wind power plants (EPC/Turnkey) includes fixed consideration and may include variable consideration such as bonuses, penalties and liquidated damages. Variable consideration is included in the transaction price when a significant reversal in revenue recognised is highly unlikely to occur. All contracts for the sale of wind turbines and wind power plants include a product warranty usually covering two years for onshore and five years for offshore (refer to note 3.6). Supply-only Revenue is recognised at a point in time upon delivery of each main component (e.g. nacelles, blades, hubs, towers and gear- boxes). Each component is considered to be a performance obligation. Revenue is allocated to each component based on cost plus a flat margin. Supply-and-installation (point in time) For standard solutions with an alternative use of the turbine, revenue is recognised at a point in time when the turbine is fully operational. Each turbine is considered the performance obligation. In certain cases where Vestas is not able to prove the turbine being fully operational due to factors outside of Vestas control, revenue is recognised based on customer acceptance notifications. Supply-and-installation (over time) For non-standard solutions with no alternative use of the turbine, revenue is recognised over time based on the percentage of completion method. Each turbine is considered a performance obligation. The measure of progress is based on costs incurred for work performed to date in proportion to the estimated total contract costs (cost-to-cost input method). Based on an assessment of each contract, management determines when a component should become part of the project, i.e. when the component is taken from inventory and included as a cost in the project, impacting revenue recognition. This is assessed to be either at the end of production (primarily offshore) or at installation (primarily onshore). Wind power plants (EPC/Turnkey) Revenue is recognised over time as the wind power plant does not have an alternative use. The wind power plant is considered the performance obligation. The measure of progress is based on costs incurred for work performed to date in proportion to the estimated total contract costs (cost-to-cost input method). Based on an assessment of each individual contract, manage- ment determines when a component should become part of the project, i.e. when the component is taken from inventory and included as a cost in the project, impacting revenue recognition. This is assessed to be at the time of installation. Service Revenue comprises mainly sale of services through long-term contracts (including extended warranties) and transactional sales (spare parts, etc.). The performance obligations identi- fied are the series of goods and services and individual trans- actional sales. Service contracts The transaction price for sale of service includes a fixed consideration and often a variable consideration such as production/time based availability guarantees. Variable consideration is linked to performance periods, usually 12 months, and is recognised in the period in which it relates. Service revenue is recognised over time based on the percen- tage of completion method. The measure of progress is based on costs incurred for work performed to date in proportion to the estimated total contract costs (cost-to-cost input method). As such, a change in the estimated total contract costs will impact revenue (positive or negative) in the year the estimate is updated. Management assesses whether a service contract modification should be considered as a new separate contract or treated as part of the original contract. Separate new contracts are typically related to changes in scope or extensions of contracts close to term expiry. Modifications to be treated as part of the original contracts are typically related to extensions far from term expiry or agreed price changes. Contract modifications treated as separate contracts are accounted for on a prospective basis. Contract modifications treated as part of the original contract are accounted for on a cumulative catch-up basis. Transactional sales Revenue from transactional sales (spare parts, repairs, etc.) is recognised at a point in time when control has been transferred to the customer. 143Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 1.2 Revenue – continued For the financial year 2025, revenue recognised over time was 41 percent of the total revenue (2024: 42 percent), and revenue recognised at a point in time was 59 percent of total revenue (2024: 58 percent). Power Solutions Service TotalDisaggregation of revenuemEUR2025 2024 2025 2024 2025 2024Timing of revenue recognitionProducts and services transferred at a point in time 10,446 9,250 591 725 11,037 9,975Products and services transferred over time 4,606 4,348 3,179 2,972 7,785 7,320Total 15,052 13,598 3,770 3,697 18,822 17,295Revenue from contract typesSupply-only (at a point in time) 4,598 3,374 - - 4,598 3,374Supply-and-installation (at a point in time) 5,848 5,876 - - 5,848 5,876Supply-and-installation (over time) 3,151 3,109 - - 3,151 3,109EPC/Turnkey (over time) 1,455 1,239 - - 1,455 1,239Transactional sales (at a point in time) - -591 725 591 725Service contracts (over time) - - 3,179 2,972 3,179 2,972Total 15,052 13,598 3,770 3,697 18,822 17,295Primary geographical marketsEMEA 7,797 6,195 2,126 1,858 9,923 8,053Americas 5,554 5,208 1,274 1,496 6,828 6,704Asia Pacific 1,701 2,195 370 343 2,071 2,538Total 15,052 13,598 3,770 3,697 18,822 17,295 Transaction price allocated to unfulfilled sales contracts The following tables show revenue expected to be recognised in the future related to performance obligations that are unful- filled (or partially unfulfilled) at the end of the financial year. All considerations from contracts with customers are included in the amounts presented. Power solutions – Order backlog 2025 2024bnEUROnshore 23.1 22.3Offshore 10.1 9.3Total 33.2 31.6MWOnshore 22,873 21,694Offshore 8,153 7,547Total 31,026 29,241 For the Power Solutions segment, projects are normally to be delivered within 1 to 3 years (2024: 1 to 3 years). Service – Order backlog bnEUR 2025 2024Service, onshore 33.0 31.1Service, offshore 5.7 5.7Total 38.7 36.8 As at the end of 2025, the average remaining duration in the service order backlog is approx. 11 years (2024: 11 years), with a range up to 35 years (2024: 35 years). 144Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 1.3  Government grants Vestas receives Advanced Manufacturing Production Credits (AMPC) under the Inflation Reduction Act (IRA) as compensation for costs when manufacturing nacelles and blades in the USA. Vestas treats the subsidy as a government grant, as it is paid by the US Federal Government. Vestas has recognised AMPC grants of EUR 181m in the income statement for 2025 (2024: EUR 129m) where it is offset against production costs. In addition to AMPC, Vestas has recognised grants of EUR 11m in the income statement for 2025 (2024: EUR 1m) as a reduction of R&D and distribution costs. Further, Vestas received a grant of EUR 25m for two additional production lines in the Taranto factory in 2025.  Accounting policies Government grants are recognised when there is reasonable assurance that Vestas complies with the conditions attaching to them, and the grants will be received. Grants received as compensation for costs are offset against the cost for which they compensate. Grants for investments and capitalised development projects are offset against the cost of the asset to which the grants relate. AMPC grants are conditional on sale of manufactured nacelles and blades. Therefore, the grants are recognised at transfer of control of individual nacelles or blades, installed wind turbines or wind power plants that comprise parts eligible for AMPC, corresponding to the point in time of revenue recognition. The grants are recognised in the income statement where it is offset against production costs. 1.4 Costs Research and development costs recognised in the income statementmEUR 2025 2024R&D costs 483 531Capitalised development projects (384) (428)Amortisation and depreciation 325 277Total 424 380  Accounting policies Production costs Production costs, including warranty costs, comprise the costs incurred to achieve revenue for the year. Costs consist of raw materials, consumables, direct labour costs, transportation costs and indirect costs such as salaries, as well as depreciation of production facilities. Furthermore, provisions for loss-making construction contracts are included in production costs. Research and development costs Research and development costs primarily comprise employee costs, costs related to innovation and new technologies, as well as amortisation, depreciation and impairment losses on capitalised development costs. Distribution costs Distribution costs comprise costs incurred for the sale and distribution of products, etc. sold during the year. This includes employee costs and depreciation related to such activities. Administration costs Administration costs comprise costs incurred during the year for management and administration and includes costs for administrative staff, IT, management, office premises, office costs, and depreciation. 1.5 Employee costs Staff costsmEUR 2025 2024Staff costs are specified as follows:Wages and salaries, etc. 2,331 2,056Share-based payment, refer to note 1.6 41 28Pension schemes, defined contribution schemes 159 133Other social security costs 304 253Total 2,835 2,470 Average number of employees 36,435 32,729 Number of employees as at 31 December 36,973 35,100 Board of Directors and Executive Management teammEUR 2025 2024Staff costs attributable to:Board of DirectorsBoard remuneration 2 1Total 2 1Executive Management teamWages and bonus 10 10Share-based payment 11 10Total 21 20 Key management personnel is defined as Executive Manage- ment Team. For the definition of Executive Manage ment Team and Executive Manage ment, see page 44. Refer to Remuneration report 2025 for the over view of the remuneration of our Board and the registered members of the Executive Manage ment. The Board of Directors and Executive Management Team are not covered by any pension schemes. In the event of change in control, members of the Executive Management do not receive any additional compensation. In 2025, share-based payment and wages to the registered members of the Executive Management amounted to EUR 9m (2024: EUR 7m). Government grants mEUR 2025 2024Grants recognised in income statement 192 130Investment grants recognised in balance sheet 25 - Staff costs are recognised in the production, research and development, distribution, administration costs in the income statement. Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognised in the year in which the associated services are rendered by Vestas’ employees. 145Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 1.6 Share based payment Restricted performance share programme The purpose of the restricted performance shares is to ensure common goals for management, certain key employees, and shareholders. The number of shares available for vesting may be adjusted in the event of changes in Vestas’ capital structure. Further, in the event of a change of control, merger, winding-up or demerger, an accelerated vesting may extraordinarily take place. In the event of certain transfers of activities or changes in ownership interests within Vestas, adjustment, replacement of the programme and/or settlement in cash of the programme entirely may also take place. In April 2025, the Board of Directors of Vestas Wind Systems A/S (Board) approved the grants of share awards under the Performance Share Programme. These awards will vest three years after the grant date, subject to continued service and the achievement of performance conditions, which will be measured based on results through the end of the 2027 financial year. The performance conditions are based on financial key performance indicators as well as Vestas’ Greenhouse Gas (GHG) emissions avoided as defined by the Board. The terms and conditions governing the restricted performance share programmes are as follows: ż Only participants employed by Vestas at the time of announcement of the programme or later in the financial year are eligible for participation in the restricted performance share programme. ż The number of restricted performance shares available for distribution depends on Vestas’ performance as per table to the right. ż Depending on the performance, the total number of shares available for allocation and vesting will range between 0 percent and 150 percent of the target level and is determined by Vestas’ performance in the financial year 2027. ż A cap for value at vesting for CEO and CFO is a maximum of 300 percent of the annual base salary. In 2025, the total number of shares granted amounted to 2,429,364 shares with a fair value of EUR 28m (out of which 756,428 shares with a fair value of EUR 9m were granted to the Executive Management Team). The fair value calculated is based on share price at grant date, close of Nasdaq Copenhagen on 07 April 2025, EUR 12. Employee elected members of the Board, had 0 restricted shares outstanding as at 31 December 2025 (2024: 0). Refer to note 1.5 for the total expense recognised in the income statement for restricted performance shares (share- based payment) granted to Executive Management Team and other executives and to Remuneration report 2025 for the overview of the remuneration of our Board and Executive Management.  Accounting policies Vestas operates a number of share-based compensation schemes (restricted share programmes) under which it awards Vestas shares to members of the Executive Management and certain key employees in Vestas Wind Systems A/S or its subsidiaries. The value of the services received in exchange for the awarding/granting of shares is measured at the fair value of the shares. The fair value of restricted shares is determined based on Vestas quoted share price at grant date. Restricted shares granted to employees are recognised in staff expenses in the income statement over the vesting period. The opposite entry is recognised directly in equity. On initial recognition of the restricted shares, the number of shares expected to vest is estimated. Subsequently, the estimate is revised so that the total expense recognised is based on the actual number of shares vested. Management’s incentive programmes 2025 2024 2023 2022Year awarded: April 2025 April 2024 April 2023 April 20221Performance years2025-2027 2024-2026 2023-2025 2022-2024EPS, ROCE, GHG EPS, ROCE, EPS, ROCE, EPS, ROCE, Vesting conditions (KPIs):emissions avoidedMarket shareMarket shareMarket shareYear vesting: April 2028 April 2027 April 2026 April 2025 1 Performance years defined as Vestas’ financial year. Executive OtherNumber of restricted performance sharesManagement Teamexecutives TotalOutstanding as at 1 January 2025 1,297,011 2,649,436 3,946,447Adjusted (67,663) 369,968 302,305Granted 756,428 1,672,936 2,429,364Vested (306,732) (826,439) (1,133,171)Forfeited/cancelled - (37,684) (37,684)Outstanding as at 31 December 2025 1,679,044 3,828,217 5,507,261Outstanding as at 1 January 2024 1,293,751 2,520,551 3,814,302Adjusted (111,448) 11,433 (100,015)Granted 406,000 863,862 1,269,862Vested (195,959) (736,062) (932,021)Forfeited/cancelled (95,333) (10,348) (105,681)Outstanding as at 31 December 2024 1,297,011 2,649,436 3,946,447 ↑ Adjusted performance shares include adjustments due to final calculation of entitlement based on performance in prior year and transfers between categories due to changes in management. Allocation of performance shares for the 2023, 2024 and 2025 performance programmes will be adjusted based on the level of target achievement in the measurement period. 146Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 1.7 Special items Operating Model Reset In the autumn 2025, Vestas initiated the ‘Operating Model Reset’ programme with the overall goal to improve Vestas’ competitiveness through increased customer focus, simplification, right-sizing and strengthening culture. In 2025, a total expense of EUR 62m regarding the reset was recognised as special items. This includes a severance provision of EUR 35m, impairment losses of intangible and tangible assets of EUR 24m, and other costs of EUR 3m. Russian invasion of Ukraine In 2025, an income of EUR 8m was recognised in special items, of which EUR 6m is a reversal of a write-down of inventory and EUR 2m is netted in other costs. In 2024, a net income of EUR 56m was recognised in special items, primarily related to a net reversal of provisions of EUR 61m following the settlement of arbitration claims regarding contracts in Russia, which were entered into before the Russian invasion of Ukraine. The reversal of provision was partly offset by other expenses of EUR 5m. Adjusting manufacturing footprint In 2025, an impairment loss of EUR 3m on intangible assets was reversed and other costs of EUR 1m recognised in special items related to adjustments of the manufacturing footprint decided on in previous years. In 2024, a net expense of EUR 3m was recognised in special items relating to adjustments to manufacturing footprint. The Isle of Wight factory was repurposed to manufacture onshore blades, resulting in a net expense of EUR 5m. Further, a net income of EUR 2m relating to adjustments of previously recognised impairment losses and other costs.   Key accounting judgements Judgement regarding classification in the income statement The use of special items entails management judgement in the separation from other items in the income statement. In connection with the use of special items, it is crucial that these are of a significant unusual and/or infrequently occurring nature that are not attributable to Vestas’ normal operations, as such classification highlights to users of financial statements the items to which the least attention should be given when understanding current and future performance.  Accounting policies Special items comprise significant unusual and/or infrequently occurring items that are not attributable to Vestas’ normal operations. Special items consist of income and costs related to significant organisational restructuring and significant adjust ments to production capacity and the product programme.  Accounting policies Financial items comprise interest income and costs, realised and unrealised foreign exchange gains and losses, gains and losses related to derivatives used to hedge assets and liabilities and ineffective part of derivatives used to hedge future cash flows. Special items mEUR 2025 2024Write-down of inventory 6 (1)Provisions 0 61Impairment loss on intangible and tangible assets (21) (2)Staff costs (35) (6)Other income and costs, net (2) 1Special items (52) 53 1.8 Financial items Financial incomemEUR 2025 2024Interest income 195 157Hedge ineffectiveness - 4Foreign exchange income, net 15 -Other financial income 2 2Total 212 163 Financial costsmEUR 2025 2024Interest costs 115 168Hedge ineffectiveness 15 -Interest on lease liabilities 30 26Foreign exchange losses, net - 20Other financial costs 35 35Total 195 249 Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 147 2 Working capital → 2.1 Inventories → 2.2 Change in net working capital → 2.3 Supplier financing → 2.4 Contract balances → 2.5 Contract costs → 2.6 Other receivables → 2.7 Other liabilities 2.1 Inventories mEUR 2025 2024Raw materials 1,017 903Work in progress 609 529Finished goods 2,982 3,515Service stock 1,113 1,061Total Inventory 5,721 6,008Inventories consumed during year 9,273 8,857Movements in inventory write-downs1 January 118 79Write-downs 37 44Realised write-downs (1) -Reversal of write-downs (7) (5)Exchange rate adjustments (5) -31 December 142 118   Key accounting estimates Estimate of net realisable value Vestas estimates the net realisable value at the amount at which inventories are expected to be sold. Inventories are written down to net realisable value when the cost of inven tories is estimated to be non-recoverable due to obsolescence, damage or declining selling prices. Estimates are used when accounting for or measuring inventory pro- visions, and these estimates depend upon subjective and complex judgements about certain circumstances, taking into account fluctuations in prices, excess quantities, condition of the inventory, nature of the inventory, and the estimated variable costs necessary to make the sale.  Accounting policies Inventories are measured at the lower of cost, using the weighted average method, and net realisable value (NRV). The cost of raw materials and service stock comprise purchase price of materials, consumables, duties, and transportation costs. The cost of work in progress and finished goods comprises the cost of raw materials, consumables, direct labour, and indirect production costs. Indirect production costs comprise materials and labour costs as well as maintenance and depreciation of the machinery, factory buildings, and equipment used in the manufacturing process together with costs of factory administration and management. The NRV of inventories is measured at sales price less costs of completion and selling costs. NRV is determined taking into account marketability, obsolescence, and development in the expected selling price. 148Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 2.4 Contract balances 2025 2024Contract Contract Contract Contract mEURassetsliabilitiesassetsliabilitiesCarrying amount 1 January 2,127 8,997 1,777 7,995Revenue recognised that was included in the contract liability balance at the beginning of the period - (4,067) - (4,529)Impact from changes in the measure of progress 1,818 - 1,191 -Payments received, excluding amounts recognised as revenue during the period (prepayments) - 4,708 - 5,564Transfers from contract assets recognised at the beginning of the period to receivables (1,123) - (820) -Exchange rate adjustments (75) (368) (21) (33)Carrying amount 31 December 2,747 9,270 2,127 8,997Contract assets and liabilities comprise the following:Construction contracts in progress (turnkey) 78 351 36 573Service contracts 2,316 1,148 1,960 1,058Supply-only contracts - 1,445 - 1,796Supply-and-installation contracts point in time - 3,234 2 3,073Supply-and-installation contracts over time 353 3,092 129 2,497Carrying amount total 2,747 9,270 2,127 8,997 As at 31 December 2025, net contract assets relating to service contracts was EUR 1,168m (2024: EUR 902m), an increase of EUR 266m compared to 31 December 2024.  Accounting policies Contract assets/liabilities comprise agreements to deliver wind power plants based on non-standard solutions (Supply- and-installation projects over time) and wind power plants with a high degree of customisation (turnkey projects), as well as service agreements. Contract liabilities also comprise prepayments from customers for Supply-only and Supply- and-installation projects ordered but not yet delivered. Contract assets relate to Vestas’ conditional right to consideration for Vestas’ completed performance under the contract. Accounts receivable are recognised when the consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract. Vestas receives payments from customers based on billing schedules established in the contracts. The scheduled payments from customers typically precede the satisfaction of performance obligations. Contract liabilities are recognised as revenue as (or when) Vestas performs under the contract. Contract assets/liabilities are measured at the selling price of the work performed based on the stage of completion less progress billing and expected losses. 2.2 Change in net working capital 2.3 Supplier financing mEUR 2025 2024NWC as at 1 January (2,297) (1,507)Change in inventories and contract costs (247) (501)Change in trade receivables (243) 414Change in other receivables 30 244Change in contract assets/liabilities 347 (652)Change in trade payables (637) (391)Change in other liabilities (80) 96NWC as at 31 December (3,127) (2,297) The change in net working capital (NWC) includes non-cash adjustments and exchange rate adjustments with a total amount of EUR negative 250m (2024: EUR negative 35m). Consequently, the cash flow impact of change in NWC is EUR 580m (2024: EUR 755m). mEUR 2025 2024Supplier finance liabilities 618 600– Included in trade payables 618 600– Of which suppliers have received the payment 547 582 Range of payment due dates (in days) Region 2025 2024 North America 80 to 109 50 to 140 EMEA 60 to 140 80 to 140 Supplier finance arrangements provide selected suppliers with optional early payment terms, compared to the invoice payment date. Vestas has local and regional supplier financing programs. The three largest supplier finance programs are regional, covering North America, EMEA and Asia-Pacific regions. Other programs are locally focussed. Asia-Pacific 80 to 140 80 to 140Other local programs 80 to 140 80 to 140Non-supplier finance suppliers 7 to 140 7 to 140Each category consists of arrangements with similar terms and conditions. This only covers suppliers with annual spend in excess of EUR 1m. 149Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 2.5 Contract costs Contract costs, primarily installation and transportation costs incurred for Supply-only and Supply-and-installation projects, are recognised as an asset (contract costs). As at 31 December 2025, assets recognised from costs to fulfill a contract was EUR 566m (2024: EUR 526m). In 2025, EUR 399m (2024: EUR 701m) was recognised in production costs.  Accounting policies Capitalised costs as a result of fulfilling sales contracts are recognised as part of production costs in the income statement when related revenues are recognised. 2.6 Other receivables mEUR 2025 2024Prepayments 245 207Supplier claims 158 169Government grants 287 1831VAT 303 385Derivative financial instruments 461 537Other 491 459Total 1,945 1,940Specified as follows:Current 1,547 1,518Non-current 398 422Total 1,945 1,940 1 Includes allowance for doubtful VAT receivables of EUR 51m as at 31 December 2025 (2024: EUR 51m).  Accounting policies Other receivables are measured at amortised cost or net realisable value equivalent to nominal value less allowances for doubtful receivables, whichever is lower. Prepayments recognised as assets comprise prepaid expenses and are measured at cost. Derivative financial instruments are measured at fair value.  Accounting policies Other liabilities are measured at amortised cost, and derivative financial instruments are measured at fair value. Obligations relating to defined contribution plans, where Vestas continuously makes fixed pension contributions to independent pension funds, are recognised in the income statement in the period to which they relate. Any contributions outstanding are recognised in the balance sheet under other liabilities. 2.7 Other liabilities mEUR 2025 2024Staff costs 450 348Taxes and duties 240 184Derivative financial instruments 415 538Other 239 278Total 1,344 1,348Specified as follows:Current 1,148 1,069Non-current 196 279Total 1,344 1,348 Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 150 3 Other operating assets and liabilities → 3.1 Intangible assets → 3.2 Property, plant and equipment → 3.3 Leases → 3.4 Investments in joint ventures and associates → 3.5 Acquisition of businesses → 3.6 Provisions 3.1 Intangible assets Goodwill Vestas’ goodwill originates from historic business acquisitions of onshore and offshore OEMs as well as service businesses. The majority of the carrying value of goodwill relates to the acquisition of MHI Vestas Offshore Wind A/S in 2020. Development projects Vestas continually invests in the development of new tech- nol ogy, new products and platforms and, for this reason, development projects constitute a significant part of the total intangible assets. The investments include a wide portfolio of development projects. The carrying value of completed and in-progress development projects includes borrowing costs of development projects that meet certain criteria. The amount of borrowing costs capitalised in 2025 was EUR 5m (2024: EUR 8m). The rate used to determine the amount of borrowing costs eligible for capitalisation was 2.8 percent, which is the average interest rate of certain financial debt. The estimated useful life of development projects range from 2 to 8 years. For projects related to offshore wind turbines, the useful life is 8 years. Software and other tangible assets Software includes in-house developed software solutions as well as acquired software licenses, where Vestas is in control of the software solution. Other tangible assets comprise primarily customer relationships and order backlog that originates from historic business acquisitions. Amortisation of intangible assets was EUR 384m in 2025 (2024: 298m). The increase in amortisation of development projects in 2025 is primarily attributable to the completion of development projects related to the offshore V236-15 MW™ platform. Amortisation, intangible assetsmEUR 2025 2024Production costs38 29Research and development costs285 232Distribution costs 5 1Administration costs 56 36Total amortisation 384 298 151Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3.1 Intangible assets – continued 2025 2024Completed OtherDevelopment Completed OtherDevelopment development intangibleprojects in development intangibleprojects in mEUR Goodwillprojects Softwareassetsprogress Total Goodwillprojects Softwareassetsprogress TotalCost as at 1 January1,616 3,339 550 555 732 6,792 1,610 2,802 447 558 895 6,312Exchange rate adjustments (16) (6) (5) (3) (1) (31) 6 (2) 7 (3) (3) 5Additions - - 34 - 456 490 - - 1 - 484 485Disposals - (5) (265) (18) - (288) - - (10) - - (10)Transfers - 828 89 - (936) (19) - 539 105 - (644) -Cost as at 31 December 1,600 4,156 403 534 251 6,944 1,616 3,339 550 555 732 6,792Amortisation and impairment losses as at 1 January 103 2,703 360 241 - 3,407 103 2,478 310 218 - 3,109Exchange rate adjustments - (4) (4) (2) - (10) - (3) 6 (3) - -Amortisation - 308 61 15 - 384 - 218 54 26 - 298Impairment losses - 2 3 - - 5 - 10 - - - 10Disposals - - (260) (18) - (278) - - (10) - - (10)Amortisation and impairment losses as at 31 December 103 3,009 160 236 - 3,508 103 2,703 360 241 - 3,407Carrying amount as at 31 December 1,497 1,147 243 298 251 3,436 1,513 636 190 314 732 3,385Internally generated assets included above - 1,147 123 - 251 1,521 - 636 100 - 732 1,468Amortisation period 2-8 years 3-7 years 3-20 years 2-8 years 3-5 years 3-7 years   Key accounting estimates Estimates related to impairment test of development projects in progress When performing an impairment test of a development project in progress, the carrying amount of the development project is compared to the recoverable value, which is the discounted value of expected future cash flows from the new or enhanced product. Key assumptions in an impairment test of a new or enhanced wind turbine model under development are expected development costs to complete, manufacturing ramp-up costs, gross margin per unit and management’s expectations to market share and long-term market growth.  Accounting policies Development projects Projects for the development of new or enhanced wind turbine models are recognised as intangible assets when they are clearly defined, identifiable, and for which technical feasibility, suffi cient resources and a potential future market or application in Vestas can be demonstrated. This applies if cost can be measured reliably and sufficient certainty exists that future revenue can cover production costs, distribution costs, administration costs and research and development costs. At Vestas, this is underpinned by a gate process, where these judgements are made at specific gates. Devel opment costs comprise salaries, amortisation and other costs attributable to Vestas’ development activities. Capitalised development costs are measured at cost less accu mulated amortisation and impairment losses. Development costs not qualifying for capitalization are recognised in the income statement as research and development costs. Development projects in progress are tested for impairment at least annually. Following completion of the development work, development projects are amortised on a straight-line basis over their estimated useful lives. The basis of amortisation is calculated net of any impairment losses. Completed development projects are tested for impairment if there is indication of impairment. Patents and licences included in development projects are measured at cost less accumulated amortisation and impair ment losses. Patents and licences are amortised over the patent period or term of agreement, the life of the development project or the estimated useful life, whichever is shorter. Software Acquired software licences and internally developed software is measured at cost less accumulated amortisation and impair- ment losses. Cost includes both direct internal and external costs. Software is amortised on a straight-line basis. Other intangible assets Customer relationship, order backlog, and trademarks with a finite useful life acquired from third parties, either separately or as part of the business combination, are capitalised at cost and amortised over their remaining useful lives. 152Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3.1 Intangible assets – continued Goodwill impairment tests Vestas has performed the annual impairment tests of goodwill and it did not result in any impairment loss (2024: No impairment loss). In the impairment tests, the carrying amount of the assets allocated to the individual CGUs are compared to the discounted value of future expected cash flows, i.e., the recoverable amount is based on value in use. The annual tests of goodwill were performed for the three CGUs: Power Solutions Onshore, Power Solutions Offshore, and Service, these being the lowest level of cash-generating units as defined by Management. Assumptions underpinning impairment test of goodwill Budgets and business plans for the next three years are based on Vestas’ order backlog, manufacturing and project execution plans. In addition, budget and business plans are based on management’s view on the current global market conditions and outlook, including market share, market prices and expected cost reductions in Service. Risks relating to the key parameters have been assessed and incorporated in the expected future cash flows underpinning the impairment test of goodwill. The acquisition of MHI Vestas Offshore Wind A/S (MVOW) in 2020 was primarily based on a business case for introduction of the new offshore turbine V236-15.0MW™. The impairment test of Power Solutions Offshore include the updated business case based on firm orders, preferred supplier agreements and identified opportunities. An extended budget and forecast period for the years 2026 to 2032 is applied as the business case includes detailed modelling for this period. The terminal value in the projection period is determined taking into account general growth expectations for the CGUs in question. Long-term growth rate has been assumed at 2 percent in all CGUs.   Key accounting estimates Estimates related to impairment test of goodwill In performing the impairment test, the carrying amount of the CGU is compared to the recoverable value, which is the discounted value of expected future cash flows from the CGU (value-in-use). The expected future cash flows are management’s best estimate based on budgets and business plans as well as management’s expectations to long-term market growth. These estimates are by nature subject to uncertainty and changes to the assumptions may lead to adjustments of previous estimates.  Accounting policies Goodwill The carrying amount of goodwill has been allocated to Vestas’ operating segments. Identification of operating segments is based on management structure and internal financial reporting. The carrying amount of goodwill is tested at least annually for impairment, together with the other non-current assets of the operating segment to which goodwill has been allocated. The recoverable amount is calculated as the net present value of expected future net cash flows from the operating segments to which the goodwill has been allocated. Impairment losses on goodwill are recognised in the income statement, either in production costs, research and dveelopment costs, distribution costs or administration costs. Goodwill is not amortised. 2025 2024Growth rate Carrying Growth rate Carrying Discount rate in terminal amount of Discount rate in terminal amount of before tax period goodwill before tax period goodwill (%)(%)(mEUR)(%) (%)(mEUR)Power Solutions Onshore 12.5 2 178 11.0 2 178Power Solutions Offshore 12.5 2 883 10.5 2 884Service 12.5 2 436 11.0 2 451 153Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3.2 Property, plant and equipment 2025 2024Other fixtures Property, Other fixtures Property, and fittings, plant and and fittings, plant and Land and Plant and tools and equipment in Right-of-use Land and Plant and tools and equipment in Right-of-use mEURbuildingsmachineryequipmentprogressassets Totalbuildingsmachineryequipmentprogressassets TotalCost as at 1 January 1,094 1,033 2,362 445 1,342 6,276 1,059 992 2,065 247 1,078 5,441Exchange rate adjustments (67) (30) (94) 1 (39) (229) 33 (1) 23 (2) 9 62Additions 3 6 399 418 354 1,180 1 11 200 458 333 1,003Additions from acquisition of business 35 8 - - - 43 - - - - - -Adjustment for government grant received - (25) - - - (25) - - - - - -Disposals (3) (105) (125) (2) (182) (417) (8) (58) (82) (4) (78) (230)Transfers 92 73 393 (539) - 19 9 89 156 (254) - -Cost as at 31 December 1,154 960 2,935 323 1,475 6,847 1,094 1,033 2,362 445 1,342 6,276Depreciation and impairment losses as at 1 January676 798 1,767 -682 3,923632 799 1,545 -554 3,530Exchange rate adjustments (39) (25) (76) - (21) (161) 17 - 20 - 5 42Depreciation 34 59 319 - 235 647 32 60 279 - 187 558Impairment losses 1 - - - 21 22 6 - 1 - - 7Reversal of impairment (6) - - - - (6) (4) (3) - - - (7)Disposals (1) (101) (122) - (146) (370) (7) (58) (78) - (64) (207)Depreciation and impairment losses as at 31 December 665 731 1,888 - 771 4,055 676 798 1,767 - 682 3,923Carrying amount as at 31 December 489 229 1,047 323 704 2,792 418 235 595 445 660 2,353Depreciation period 10–40 years 3–10 years 3–5 years 2–20 years 10–40 years 3–10 years 3–5 years 2–20 years Depreciation, property, plant and equipment mEUR 2025 2024Production costs 442 342Research and development costs 36 36Distribution costs 148 159Administration costs 21 21Special items - -Total depreciation 647 558 The carrying value of property, plant and equipment in- progress includes borrowing costs that meet certain criteria. The amount of borrowing costs capitalised in 2025 was EUR 10m (2024: EUR 8m). The rate used to determine the amount of borrowing costs eligible for capitalisation was 2.9 percent, which is the average interest rate of certain financial debt.  Accounting policies Land and buildings, plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of construction of own assets, cost comprises direct and indirect costs for materials, components, sub-suppliers, and labour. Estimated costs for dismantling and disposing of the asset and for re-establishment are added to cost to the extent that they are recognised as a provision. Subsequent costs, e.g. in connection with the replacement of components of an item of property, plant and equipment, are recognised in the carrying amount of the asset when it is probable that the costs incurred will result in future economic benefits to Vestas. Installations capitalised as land and buildings which are related to leased assets are depreciated over the term of the related lease contract. Such lease contracts range with a lease term from 10 to 20 years. Depreciation is calculated on a straight-line basis over the expected useful lives of the assets. Land is not depreciated. The basis of depreciation is calculated taking into account the residual value of the asset less any impairment losses. The residual value is determined at the time of acquisition and is reassessed annually. Where the residual value exceeds the carrying amount of the asset, depreciation is discontinued. 154Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3.3 Leases 2025 2024Right-of-use assetsmEURProperty Vehicles Equipment Vessels Total Property Vehicles Equipment Vessels TotalCarrying amount as at 1 January 328 120 39 173 660 295 78 31 120 524Exchange rate adjustments - (19) - - (19) 4 - - - 4Depreciation (82) (65) (30) (58) (235) (79) (56) (15) (37) (187)Impairment (17) - (4) - (21) - - - - -Addition of right-of-use assets 94 114 36 110 354 122 98 23 90 333Disposal of right-of-use assets (3) (12) (7) (13) (35) (14) - - - (14)Carrying amount as at 31 December 320 138 34 212 704 328 120 39 173 660 Vestas leases several assets including properties, vehicles, vessels, and equipment. Rental contracts are typically made for fixed periods of 2 to 20 years but may have extension options. Lease terms are negotiated on an individual basis and contain different terms and conditions including payment terms, terminations rights, index-regulations, maintenance, deposits, and guarantees etc. Some property leases contain variable payment terms that are linked to an index, e.g., a consumer price index. Overall, the variable payments constitute less than 1 percent of Vestas’ entire lease payments. Total lease expenses recognised in the income statement Lease expenses recognised in the income statement, relating to short-term leases and leases of low-value assets, amounted to EUR 195m (2024: EUR 66m). Such contracts usually comprise the lease of vessels, office and IT equipment, etc. Total leases recognised in the statement of cash flowsmEUR 2025 2024Short-term leases and leases of low value 195 66Payment of lease liability including interest 245 202Total cash outflow for leases 440 268 Lease liabilities Lease liabilities are included in financial debts and amount to EUR 782m as at 31 December 2025 (2024: EUR 703m). Refer to note 4.1 for disclosure on contractual cash flows.  Accounting policies Lessee accounting At inception, a contract is assessed to determine if it is or contains a lease. Right-of-use assets and corresponding lease liabilities are recognised at the lease commencement date, except for short-term leases and leases of low value. For these leases, lease payments are normally recognised as an operating expense on a straight-line basis over the term of the lease. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated from the commencement date over the shorter period of lease term or useful life of the underlying asset. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use assets are periodically reduced by impairment losses, if any, and adjusted in accordance with lease liabilities. The lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. Generally, the incremental borrowing rate takes into account the specific countries. Lease payments included in the measurement of the lease liabilities are: � fixed payments; � variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date etc. The lease liabilities are subsequently measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the estimated amount expected to be payable under a residual value guarantee, or if there is a change in the assessment of exercising a purchase, extension or termination option. When the lease liabilities are remeasured in this way, a corre- sponding adjustment is made to the carrying amount of the right-of-use assets, or is recorded in profit or loss if the carrying amount of the right-of-use assets has been reduced to zero. 155Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3.4 Investments in joint ventures and associates Income/(loss) from investments in joint ventures and associates mEUR 2025 2024Joint ventures 0 2Associates - -Income/(loss) from investments in joint ventures and associates above EBIT 0 2Joint ventures - -Associates 7 (3)Income/(loss) from investments in joint ventures and associates below EBIT 7 (3) Joint ventures AssociatesInvestments in joint ventures and associatesmEUR2025 2024 2025 2024Cost as at 1 January 65 74 596 593Additions - - 4 3Disposals - (10) - -Exchange rate adjustment - 1 (1) -Cost as at 31 December 65 65 599 596Value adjustments as at 1 January (58) (58) (26) (16)Dividends received - - (19) (5)Share of profit/(loss) - - 7 (3)Share of other comprehensive income - - 1 (2)Disposals (1) - - -Value adjustments as at 31 December (59) (58) (37) (26)Carrying amount as at 31 December 6 7 562 570 Summarised financial information for joint ventures and associates Vestas owns 25% of Copenhagen Infrastructure Partners Holding P/S. Presented in this section is summarised financial information for Copenhagen Infrastructure Partners P/S as at 31 December 2025, which is accounted for using the equity method. The information reflects the amounts presented in the financial statements of the entities (and not Vestas’ share of those amounts) material to Vestas in 2025. The investment in Copenhagen Infrastructure Partners P/S includes investment in companies related to and managed by Copenhagen Infra structure Partners P/S and for this reason the financial amounts presented below include financial information from several consolidated and non-consolidated entities related to Copenhagen Infrastructure Partners P/S. Summarised statement of comprehensive incomemEUR 2025 2024Revenue 280 277Depreciation and amortisation (12) (10)Interest income/(cost) (5) (1)Profit before tax 12 85Post-tax profit from continuing operations 11 85Other comprehensive income - -Total comprehensive income 11 85 Reconciliation of summarised financial informationmEUR 2025 2024Net assets as at 1 January 572 439Contributions/(Distributions) (53) 48Profit before tax 12 85Other comprehensive income - -Net assets as at 31 December 531 572Interest in joint venture and associate (ownership of net assets) 91 84Goodwill and other intangible assets, and other adjustments 452 467Carrying value 543 551 Summarised balance sheetmEUR 2025 2024CurrentCash and cash equivalents 82 87Other current assets (excluding cash) 74 48Total current assets 156 135Total current liabilities (73) (33)Non-currentTotal non-current assets 612 576Total non-current liabilities (164) (106)Net assets 531 572 156Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3.5 Acquisition of businesses Vestas Blades (Poland) On 1 September 2025, Vestas acquired 100 percent of the equity interests in LM Wind Power Blades (Poland) Sp.z.o.o. (‘Vestas Blades Poland’), a blade supplier. This acquisition integrates Vestas’ supply chain related to blade manufacturing. Based on the preliminary purchase price allocation, the fair value of consideration transferred was EUR 49m including cash paid and settlement of a contractual relationship determined to be part of the business combination. The fair value of acquired assets and liabilities include property, plant and equipment of EUR 43m, inventory of EUR 8m and other net liabilities of EUR 2m. The fair values of the assets and liabilities are not considered final until 12 months after the acquisition date. Since the acquisition date, the contributed revenue and profit/loss from Vestas Blades Poland have been immaterial. If the acquisition had been made on 1 January 2025, the contributed revenue and profit/loss from Vestas Blades Poland would also have been immaterial.  Accounting policies Business acquisitions are accounted for using the acquisition method. Under this method, assets and liabilities of the acquired business are measured at fair value on the date of acquisition. The cost of the business acquisition is the fair value of the consideration agreed upon, including the fair value of any consideration contingent on future events. We identify any amounts that are not part of the business acquisition and account for those as a separate transaction in accordance with the relevant IFRS Accounting Standards. 3.4  Investments in joint ventures and associates – continued  Accounting policies Associates are entities over which Vestas has significant influence, but not control. A joint venture is an arrangement in which Vestas has joint control. Joint ventures and associates are accounted for using the equity method. Under the equity method, interests in joint ventures and associates are initially recognised at cost and adjusted thereafter to recognise Vestas’ share of the post-acquisition profits or losses and movements in other comprehensive income. When Vestas’ share of losses in a joint venture and associate equals or exceeds its interests in the joint ventures and associates (which includes any long-term interests that, in substance, form part of Vestas’ net investment in the joint ventures and associates), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures and associates. Timing in revenue recognition may be different between Vestas and joint ventures and associates where Vestas recognises revenue when control of the wind turbines have been transferred to joint ventures and associates, but joint ventures and associates do not recognise revenue until they have transferred the risk of the same wind turbines to the end customer. The timing difference results in part of Vestas’ profit from wind turbines delivered being eliminated in the net result from joint ventures and associates, until joint ventures and associates have recognised their revenue. This timing difference may vary between quarters and year end but will even out over time. Unrealised gains on transactions between Vestas and its joint ventures and associates are eliminated to the extent of Vestas’ interest in the joint ventures and associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures and associates have been changed where necessary to ensure consistency with the policies adopted by Vestas. Income/(loss) from investments in joint ventures and associates which are deemed to pertain to our core business activities is included in EBIT before special items. Income/(loss) from investments in joint ventures and associates will be presented below EBIT before special items when deemed outside Vestas’ core business activities. 2021 2022 2023 2024 2025 679 4.4 915 6.4 814 5.3 737 4.3 600 3.2 157Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3.6 Provisions 2025 2024ProvisionsWarranty Other Total Warranty Other Total mEURprovisionprovisionsprovisionsprovisionprovisionsprovisionsCarrying amount as at 1 January 2,060 147 2,207 1,747 261 2,008Exchange rate adjustments - (2) (2) - 2 2Addition 651 60 711 837 43 880Utilised (782) (72) (854) (524) (95) (619)Reversed - (4) (4) - (64) (64)Carrying amount as at 31 December 1,929 129 2,058 2,060 147 2,207Non-current 1,255 37 1,292 1,215 48 1,263Current 674 92 766 845 99 944Carrying amount as at 31 December 1,929 129 2,058 2,060 147 2,207 Provisions include warranty and other provisions. Other provisions mainly relate to provision for legal claims and loss making contracts. Non-current provisions are expected to be utilised within 2 to 5 years. During 2025, net warranty provisions charged to the income statement was EUR 600m (2024: EUR 737m), equivalent to 3.2 percent of revenue (2024: 4.3 percent). The net amount consists of a gross warranty provision of EUR 651m less supplier claims of EUR 51m, excluding write-down of supplier claim receivables relating to previous years.   Key accounting estimates Estimates for warranty provisions The product warranties are usually granted for a two-year period from legal transfer of the wind turbine. In certain cases, a warranty of up to five years is provided. Most warranty cases include component defects and functional errors. The warranty provision covers known cases as well as expected future cases in the population of turbines covered by warranty. The warranty provision is management’s best estimate of the costs required to settle the warranty obligation and is continually assessed. The estimate is based on key assumptions including failure rates and the cost of repairs, which are by nature subject to uncertainty. Changes to these assumptions may lead to significant changes to the warranty provision.  Accounting policies Provisions are recognised when Vestas has a legal or con- structive obligation from a past event, it is probable that there will be an outflow of resources to settle the obligation, and a reliable estimate of the obligation can be made. Provisions are measured at management’s best estimate of the costs required to settle the obligation. Warranty provisions are recognised for the estimated cost of the warranty upon recognition of the sale of the product. The provision is measured based on actual historical infor- mation and future expectations related to the population of turbines covered by warranty. Actual warranty costs are charged against the provision for warranty. Warranty provisions include only standard warranty, whereas services purchased in addition to the standard warranty are included in the service contracts. Compensation from sub-suppliers is recognised only when it is virtually certain that we will receive compensation from the sub-suppliers. A provision for loss-making contracts is made when the expected benefits to Vestas from the contract are lower than the unavoidable costs of meeting obligations under the contract. Provisions for legal disputes are estimated based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities, refer to note 6.4. Warranty provision development mEUR – percent  Net warranty charged to income statement  Percent of revenue Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 158 4 Risk management and capital structure → 4.1 Financial risk management → 4.2 Hedge accounting → 4.3 Financial assets and liabilities → 4.4 Share capital → 4.5 Earnings per share 4.1 Financial risk management Vestas’ policy for managing financial risks Financial risk management is an integrated part of Vestas’ operating activities. Vestas is exposed to a number of financial risks through its international operations. Financial risks are monitored and managed centrally. The Treasury Policy outlines the overall objectives and policies for Vestas’ financial risk management. The Treasury Policy is approved by the Board and revised on a continuous basis to adapt to the changing financial risks and market situation. The Treasury Policy sets the limits for the various financial risks as well as Vestas’ hedging policy. It is Vestas’ policy only to use derivatives to hedge commercial exposures and not to enter into any speculative transactions. Capital structure The Board and Executive Management regularly assess whether Vestas’ capital structure is in the shareholders’ best interest. The objective is to create the necessary flexibility and stability to implement strategic development work, while in the long-term achieving Vestas’ financial ambitions and maintain our capital structure target of a net interest-bearing debt to EBITDA between -1x and 1x through the cycle. Furthermore, Vestas has an Investment Grade Baa2 rating with Stable Outlook from Moody’s Ratings. Financial risk How Vestas manages the risk Liquidity risk Cash and cash equivalents, supplemented by availability of committed credit lines and borrowing facilities Credit risk Diversification of bank exposure, credit limits and guarantees Market risk, foreign exchange FX forward contracts and FX swaps Market risk, interest risk Fixed interest rate loans and interest rate derivatives Market risk, commodity price risk Fixed price agreements with suppliers and commodity contracts 159Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Liquidity risks Vestas manages its liquidity risk in line with the Treasury Policy to ensure having sufficient and diversified financial resources to service its financial obligations. Financial resources are managed through a combination of cash, money market deposits, money market funds and highly rated marketable securities as well as committed and uncommitted credit facilities with a diversified group of long-standing banking partners and access to the public bond markets through the Euro Medium Term Notes programme (EMTN). Vestas’ main credit facility, a EUR 2,000m committed revolving multi-currency credit facility with a group of leading banks is available for general corporate purposes, including guarantees issuance, with a final maturity in 2028. As at 31 December 2025, EUR 771m of this revolving credit facility was converted into ancillary bank guarantees issuance facilities leaving EUR 1,229m available for cash drawings. The revolving credit facility is subject to customary under- takings, a change of control clause resulting in repayment of the credit facility in the event of change in control and a financial covenant that is not subject to testing as long as Vestas has an investment grade rating. In 2025, the financial covenant has not been subject to testing and is not expected to be subject to testing in 2026. Vestas maintains its access to liquidity and long-term funding through the existing EUR 3,000m EMTN programme. The programme is a versatile platform available for quick access to the corporate bond market from short maturities (1-year) to very long maturities (15+ years). Vestas has four EUR 500m bonds maturing in 2026, 2029, 2031 and 2034, respectively. All four bonds are issued with a fixed interest rate. The EMTN programme’s remaining capacity is EUR 1,000m. Liquidity is managed and optimised centrally by using cash pools, in-house bank solutions, and ongoing diligent cash- and working capital management practices. As part of managing short term liquidity, Vestas also has access to a number of uncommitted money market facilities (EUR 475m in total) granted by core relationship banks. The committed revolving credit facilities combined with the uncommitted money market lines provide additional financial headroom for the Group. Further funding can be provided by the EMTN programme.  Accounting policies Cash and cash equivalents included in Vestas’ cash manage- ment comprise cash on hand, deposits held at call with financial institutions and bank overdrafts. Cash and cash equivalents with disposal restrictions are in- cluded in day-to-day cash management and fulfil the criteria as cash and cash equivalents. Cash with disposal restrictions includes cash pledged to guarantee providers as security for guarantee obligations to obtain lower commission rates. Available financial resources mEUR 2025 2024Liquidity positionFinancial investments 164 263Cash and cash equivalents without disposal restrictions 4,367 3,785Cash and cash equivalents with disposal restrictions 17 32Cash and cash equivalents as at 31 December 4,384 3,817Undrawn credit facilitiesMain credit facility 1,229 1,229Other credit facilities 52 73Total available financial resources 5,829 5,382 4.1 Financial risk management – continued 160Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4.1 Financial risk management – continued 0-1 year 1-2 years >2 years Total 2025 2024Contractual cash flowsCarrying amount Contractual cash flowsCarrying amount Maturity of financial assets and liabilitiesfinancial financial mEUR0-1 year 1-2 years >2 years Total instrumentsinstrumentsTotal financial assets, non-current and current 9,583 110 5 9,698 9,640 8,724 133 6 8,863 8,819Financial liabilities, non-current and currentLeasing liabilities 254 229 642 1,125 782 196 181 685 1,062 703Other financial debts 696 124 2,008 2,828 2,526 112 637 2,173 2,922 2,498Total financial debts 950 353 2,650 3,953 3,308 308 818 2,858 3,984 3,201Foreign currency derivatives 377 29 4 410 410 408 97 25 530 530Commodity derivatives 5 - - 5 5 8 - - 8 8Other liabilities 71 142 - 213 213 134 141 - 275 275Other liabilities and derivative financial instruments 453 171 4 628 628 550 238 25 813 813Trade payables 4,766 - - 4,766 4,766 4,129 - - 4,129 4,129Contingent consideration - 71 - 71 66 9 74 - 83 70Financial guarantee contracts 7 - - 7 - 4 - - 4 -Total financial liabilities, non-current and current 6,176 595 2,654 9,425 8,768 5,000 1,130 2,883 9,013 8,213 2025 2024Changes to financial liabilitiesLease Issued Credit Contingent Lease Issued Credit Contingent mEURliabilitiesbondsfacilitiesconsideration Totalliabilitiesbondsfacilitiesconsideration TotalBalances as at 1 January 703 1,983 515 70 3,271 556 1,982 531 318 3,387Proceeds from borrowings - - 150 - 150 - - 84 - 84Additional lease liabilities 354 - - - 354 333 - - - 333Payment of lease liabilities (216) - - - (216) (177) - - - (177)Disposal of right-of-use asset (38) - - - (38) (14) - - - (14)Payments of financial debt - - (116) (6) (122) - - (101) (244) (345)Unwinding of financial liabilities - 5 - 2 7 - 3 - (5) (2)Exchange rate adjustments (21) (1) (10) (0) (32) 5 (2) 1 1 5Balances as at 31 December 782 1,987 539 66 3,374 703 1,983 515 70 3,271 161Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4.1 Financial risk management – continued 2025 2024Expected credit losses on trade receivables and Gross Net Gross Net contract assetscarrying Expected Loss carryingcarrying Expected Loss carryingmEURamountloss rateallowanceamountamountloss rateallowanceamountNot overdue 3,913 0.1% (3) 3,910 3,439 0.2% (8) 3,431Overdue 0-60 days 135 1.6% (2) 133 200 0.5% (1) 199Overdue 61-120 days 35 4.1% (1) 34 42 2.9% (1) 41Overdue 121-180 days 31 6.9% (2) 29 32 5.5% (2) 30Overdue 181-365 days 29 9.3% (3) 26 48 8.0% (4) 44Overdue more than 365 days 116 21.4% (25) 91 129 21.7% (28) 101Total 4,259 (36) 4,223 3,890 (44) 3,846Loss allowance as at 1 January (44) (26)Reversals 18 9Loss allowance for the year (10) (27)Loss allowance as at 31 December (36) (44) 2025 2024Carrying Netting agree-Netting agree-Netting of financial assets amount ments not Carrying ments not and liabilitiesbalance offset in the amount offset in the mEURsheetbalance sheet Net amountbalance sheetbalance sheet Net amountDerivatives 461 (275) 186 537 (342) 195Financial assets 461 (275) 186 537 (342) 195Derivatives 415 (275) 140 538 (342) 196Financial liabilities 415 (275) 140 538 (342) 196 ↑ The table details financial assets and liabilities which are subject to netting in case of certain credit events. Credit risks Credit risks are managed according to the Treasury Policy. Vestas is exposed to credit risks arising from trade receivables, investments in marketable securities, cash and cash equivalents, including money market deposits, money market funds, derivative financial instruments, and other receivables. The Treasury Policy sets limits for the credit risk exposure. For financial institution counterparties, this is based on the counterparty’s credit rating, for other counterparties, this is based on mitigating actions, such as third-party guarantees. As at 31 December 2025, Vestas considers the maximum credit risk related to financial institution counterparties to be EUR 4,445m (2024: EUR 3,978m), and the total credit risk is considered to be EUR 8,992m (2024: EUR 8,037m). Trade receivables, contract assets and other receivables Trade receivables are mainly with counterparties within the energy sector. The credit risk depends, among other things, on the development within this sector and the country in which the individual customer operates. Upon signing a contract for the delivery of wind turbines or wind power plants with a customer, a prepayment is received. The remaining consideration is usually invoiced and paid in instalments at different stages of the project. For service contracts, customers are usually invoiced in instalments over the duration of the service contract. Payment terms are typically one month from the invoice date. Contract assets are by nature not overdue. Vestas does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Therefore, Vestas does not adjust any of the transaction prices for the time value of money. Trade receivables from customers are grouped based on loss patterns in assessing the expected credit losses. Contract assets are grouped with trade receivables as these relate to unbilled work in progress with same credit risk as trade receivables. The allowance for expected lifetime credit losses is determined using a provisional matrix based on past due dates, historical loss rates and current and forward-looking information, including geographical risk, the level of security obtained as well as individual assessment. The past due date analysis and expected credit loss allowance for trade receivables and contracts assets is set out in the table to the right. As at 31 December 2025, Vestas’ trade receivables and contract assets per geographical areas can be specified as follows: 58 percent in EMEA, 33 percent in Americas, and 9 percent in Asia Pacific (2024: 51 percent in EMEA, 39 percent in Americas, and 10 percent in Asia Pacific). As at 31 December 2025, no single customer accounted for more than 10 percent of Vestas’ total trade receivables (2024: 0). The commercial credit risk relating to the outstanding trade receivables balance as at 31 December 2025 was mitigated by EUR 417m (2024: EUR 354m) received as security, such as third-party guarantees. Historically, Vestas has not incurred significant losses on trade receivables. Vestas’ financial other receivables primarily consist of balances with counterparties that are subject to low or insignificant credit risk. Accordingly, no material expected credit loss has been recognized on these balances. Financial instruments and cash deposits Group Treasury manages balances with financial institutions and the associated credit risk in accordance with Vestas’ Treasury Policy assessing the individual counterparty’s credit rating. 96 percent of Vestas’ exposure towards financial institutions are with counterparties with a credit rating in the range of A to AAA. Vestas has entered into ISDA agreements with all financial institution counterparties used for trading derivative financial instruments under which Vestas has a right to set-off should certain credit events occur, which means that Vestas’ actual credit risk is limited to the net assets per counterparty. 162Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4.1 Financial risk management – continued 2025 2024Effect on Effect on Effect on Effect on Sensitivity analysisprofit/ (loss) equity profit/ (loss) equity mEURChangebefore tax before tax Changebefore tax before taxForeign currency riskGBP-EUR 1% (0) (17) 1% 0 (10)CNY-EUR 1% (1) 21 1% 1 11PLN-EUR 1% 1 (5) 1% 0 (12)TWD-EUR 2% (6) (18) 1% 0 (2)KRW-EUR 2% 0 5 - 0 -KRW-USD 2% 0 7 2% 0 (2)Commodity price risksMetals 4% - 6 4% - 5Fuels 5% - 1 4% - 1 ↑ The sensitivity analysis shows the impact on net profit/(loss) before tax and other comprehensive income of a reasonably possible change in our most significant currency pairs as well as our most significant commodities based on deviation in last 12 months. The analysis includes the impact from cash flow hedging instruments on equity before tax and ex cludes the impact from the hedged exposures such as future purchases or sales since these are not recognised in the balance sheet. If the hedged exposures were included the impact from hedge instruments would be offset in their entirety. The analysis is based on the assumption that all other variables remain constant. Market risks Vestas is exposed to various market risks with the main risks being foreign currency risks, commodity price risks and interest rate risk. All market risks are managed in accordance with the Treasury Policy. Foreign currency risks Vestas’ international business activities involves local Vestas entities making transactions in currencies other than the entity’s functional currency. Consequently, Vestas’s income statement, balance sheet and cash flows are exposed to fluctuations in foreign currencies. The foreign currency exposures arise primarily from purchases of materials and the sales of wind turbines and service agreements. Vestas' objective is to reduce the impact from short-term fluctuations in foreign currencies on the income statement and to increase the predictability of the financial results. Foreign currency risks are reduced by purchasing and producing in local markets and by hedging the foreign currency exposures in according to the Treasury Policy. Vestas hedges foreign currency exposures related to its firm wind turbine order backlog and forecasted purchases. For exposures related to the firm order backlog with durations of 18 months or more, hedging is performed with shorter maturity (up to 18 months). For exposures related to forecasted purchases with durations up to 18 months are hedged. Furthermore, Vestas hedges foreign currency exposure relating to monetary balances on the balance sheet, i.e. accounts receivables, accounts payables, cash at bank, cash in in-house bank accounts and loan/overdraft items. Foreign currency risks related to long-term investments and its service business are not hedged based on an overall risk, liquidity and cost perspective. Foreign currency exposures are primarily hedged through FX forward contracts and FX swaps. Vestas hedge strategy is to centralise foreign currency exposure in Vestas Wind Systems A/S through internal contracts and trade the net currency exposures in the market. In case of firm order backlog, for almost all hedging relationships the FX forward and FX swaps fully match the foreign currency exposure. For hedge of forecasted purchases, Vestas targets to hedge 20-80 percent of the forecasted cashflows up to 18 months. The target hedge ratio varies with the timing of the cashflows. The majority of Vestas’ sales are in USD and EUR. The EUR exchange rate risk is regarded as low in Danish entities due to Denmark’s fixed exchange rate policy towards EUR. Despite the significant sales in USD, Vestas’ currency exposure in USD has decreased as a result of increased sourcing of materials and components in USD. Due to Vestas being by nature a project business, the risk exposures towards specific foreign currencies changes from one year to another, depending on the geographical areas in which Vestas has its activities. Commodity price risks Commodity price risks in Vestas mainly relate to fluctuations in raw materials which are used directly or indirectly in the production and delivery of wind turbines. The commodity price risk can be divided into a direct exposure and an indirect exposure. The direct exposure is related to purchase of the raw material. The indirect exposure is related to the purchase of components as well as transportation costs, primarily by sea, where the price is linked to the prices of commodities such as metals and bunker fuel. The risk is managed by a combination of customer indexation, fixed price agreements with suppliers and by entering into commodity derivatives. Interest rate risks Interest rate risk mainly relates to interest-bearing debt with floating interest rates, interest rate derivatives and cash and cash equivalents. As at 31 December 2025, 79 percent (2024: 80 percent) of Vestas’ long-term debt financing in the form of bonds and loans was entered into with fixed interest rates. As at 31 December 2025, cash and cash equivalents amounted to EUR 4,384m (2024: EUR 3,817m) and interest- bearing debt with floating interest rates amounted to EUR 538m (2024: EUR 513m). An increase in relevant interest rates of 1 percentage point would have increased profit before tax in 2025 by EUR 38m (2024: increased by EUR 33m). 163Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4.2 Hedge accounting In 2025, Vestas used derivative financial instruments to hedge foreign currency risk and commodity price risk. Foreign currency risks The risks relating to purchases and sales in foreign currencies as well as monetary balances denominated in foreign curren- cies are hedged using foreign currency forward contracts and foreign currency swaps. Currency forward contracts and currency swaps relating to highly probable forecasted sales and purchases and firm commitments are designated as cash flow hedges. Currency forward contracts and currency swaps relating to recognised monetary balances are designated as fair value hedges. Some sales agreements contain foreign currency elements. In sales agreements where the sales currency is not closely related to the functional currency nor a commonly used currency in the country in which the sales takes place, the foreign currency element is treated as an embedded financial derivative. The embedded financial derivative is designated as a cash flow hedge of forecasted purchases. ↓ The table shows the contract notional amount and expected timing of recognition of hedging instruments. Positive amounts reflect that Vestas on a net basis have contracts to purchase the respective foreign currencies or commodities, and negative amounts reflect that Vestas on a net basis have contracts to sell the respective foreign currencies or commodities. 2025 2024Maturity of hedging instrumentsContract notional Contract notional mEURamount 2026 2027 After 2027amount 2025 2026 After 2026Cash flow hedges Foreign currency risk (3,874) (2,219) (1,466) (189) (5,113) (2,272) (1,463) (1,378)GBP (1,808) (992) (741) (75) (1,889) (484) (118) (1,287)CNY 1,749 1,375 369 5 1,612 1,234 378 -PLN (1,137) (1,124) (13) 0 (1,745) (1,503) (239) (3)KRW (627) (155) (290) (182) (120) (111) (9) -TWD (617) (62) (538) (17) (196) (126) (69) (1)JPY (539) (322) (192) (25) (722) (112) (452) (158)Other (895) (939) (61) 105 (2,053) (1,170) (954) 71Commodity 240 201 35 4 195 159 36 -Metals 220 191 29 - 172 140 32 -Fuels 20 10 6 4 23 19 4 -Fair value hedges 1,127 1,138 (11) - 1,446 1,448 (2) -USD (687) (687) - - 342 342 - -CNY 588 588 - - 567 567 - -GBP 550 550 - - 299 299 - -Other 676 687 (11) - 238 240 (2) -Total (2,507) (880) (1,442) (185) (3,472) (665) (1,429) (1,378) Commodity price risk The commodity price risks relating to fluctuations in the prices of raw materials used directly or indirectly in the production is hedged using commodity forward contracts. Commodity forward contracts related to highly probable forecasted purchases are designated as cash flow hedges. As at 31 December 2025, the average forward price in EUR per metric tonne for cash flow hedges were for copper: 11,672 (2024: 9,600), steel: 530 (2024: 473), aluminium: 3,153 (2024: 2,633), bunker fuel: 699 (2024: 555). In general, Vestas determines the proportion between the hedging instrument and the hegded item based on a direct match of critical terms such as nominal amount and timing of cash flows. The primary sources of ineffectiveness are changes to planned purchases in foreign currencies, resulting from changes in timing and volume of purchases, which lead to overhedging. Vestas uses a roll-over hedging strategy which could result in ineffectiveness due to timing differences between hedging instruments and the hedged items. In 2025, the hedge ineffectiveness was a loss of EUR 15m (2024: gain of EUR 4m). Average exchange rates in EUR contracts2025 2024Cash flow hedgeKRW 0.0 -TWD 0.0 0.0CNY 0.1 0.1GBP 1.2 1.2PLN 0.2 0.2Fair value hedgeUSD 0.9 1.0CNY 0.1 0.1GBP 1.1 1.2 164Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4.2 Hedge accounting – continued 2025 2024Carrying amount Contract Contract of hedging instrumentsnotional notional mEURamount Asset Liabilitiesamount Asset LiabilitiesForeign currency riskCash flow hedges (3,874) 411 392 (5,113) 487 520Fair value hedges 1,127 30 18 1,446 50 10Commodity price riskCash flow hedges 240 20 5 195 - 8Total (2,507) 461 415 (3,472) 537 538Recognised in income statement1,127 30 18 1,446 50 10Recognised in other comprehensive income (3,634) 431 397 (4,918) 487 528Total (2,507) 461 415 (3,472) 537 538 2025 2024Carrying amount of Change in fair Carrying amount of Change in fair Carrying amount of hedged itemsvalue used hedged itemsvalue used hedged itemsfor measuring for measuring mEURineffectivenessineffectivenessAsset Liabilities Asset LiabilitiesCurrency risk Forecast sales and purchases (66) - - 162Monetary balances 2,575 6,355 12 1,927 6,170 26Commodity risk Forecast sales and purchases 31 - - (9)Total 2,575 6,355 (23) 1,927 6,170 179 Cash flow hedge reservemEUR 2025 2024Hedge reserve as at 1 January (31) (24)Change in fair valueForeign currency hedges (66) 162Commodity price hedges 31 (9)Amount reclassified to profit and lossForeign currency hedges recognised in revenue (56) (147)Foreign currency hedges recognised in production costs 112 31Tax effect 6 (27)Amount transferred to non-financial itemsForeign currency hedges recognised as prepayment from customers (28) (3)Foreign currency hedges recognised as inventory 83 (21)Commodity hedges recognised as inventory (10) 2Tax effect (10) 5Hedge reserve as at 31 December 31 (31) ↑ The risk categories recognised in the cash flow hedge reserve is reconciled in the table below with items impacting other comprehensive income for the period.  Accounting policies Derivative financial instruments are initially measured at fair value at the trade date and subsequently remeasured at fair value at the reporting date. The fair value of derivative financial instruments are presented in other receivables or other liabilities. Changes in the effective portion of the fair value of cash flow hedges are recognised in the hedging reserve in equity through other comprehensive income. Upon realisation of the hedged item, gains or losses on the cash flow hedges are transferred from the equity hedging reserve into the initial carrying amount of the hedged item. Changes in any ineffective portion of the fair value of cash flow hedges are recognised in the income statement as financial items. Changes in the fair value of fair value hedges are recognised in the income statement as financial items. ↑ In the table the effect from hedging instruments on the balance sheet, profit and loss and other comprehensive income is shown. All fair value hedges are recognised in income statement. All cash flow hedges are recognised in other comprehensive income 165Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4.3 Financial assets and liabilities 2025 2024Total carrying Other investments 171 - 171 - 149 22 161 - 161 - 143 18Carrying Financial investments 4.1 164 - 164 - 0 164 263 - 263 - 103 160Carrying Foreign currency derivatives 2.6 441 - 441 411 30 - 537 - 537 487 50 -Financial Commodity derivatives 2.6 20 - 20 20 - - - - - - - -Financial Other receivables 2.6 1,484 1,247 237 - - 237 1,403 1,208 195 - - 195Financial Trade receivables 1,476 - 1,476 - - 1,476 1,719 - 1,719 - - 1,719Total carrying Contract assets 2.4 2,747 - 2,747 - - 2,747 2,127 - 2,127 - - 2,127Carrying Cash and cash equivalents 4,384 - 4,384 - - 4,384 3,817 - 3,817 - - 3,817Carrying Total financial assets, non-current and current Financial 10,887Financial Financial 1,247amount in amount 9,640amount instruments, 431instruments, instruments, 179amount in amount 9,030amount instruments, 10,027instruments, instruments, 1,208the balance non-financial 8,819financial fair value 487fair value through amortised 296the balance non-financial 8,036financial fair value fair value through amortised mEURNotesheetinstrumentsinstrumentsthrough OCIprofit or losscostsheetinstrumentsinstrumentsthrough OCIprofit or losscostFinancial assets, non-current and currentFinancial liabilities, non-current and currentFinancial debts 3,308 - 3,308 - - 3,308 3,201 - 3,201 - - 3,201Foreign currency derivatives 2.7 410 - 410 392 18 - 530 - 530 521 9 -Commodity derivatives 2.7 5 - 5 5 - - 8 - 8 8 - -Other liabilities 2.7 929 716 213 - - 213 810 535 275 - - 275Trade payables 4,766 - 4,766 - - 4,766 4,129 - 4,129 - - 4,129Contingent consideration 66 - 66 - 66 - 70 - 70 - 70 -Total financial liabilities, non-current and current 9,484 716 8,768 397 84 8,287 8,748 535 8,213 529 79 7,605 As at 31 December 2025, financial debts comprise green loan facility EUR 475m (2024: EUR 475m), sustainability- linked bonds EUR 1,987m (2024: EUR 1,983m), other credit facilities EUR 64m (2024: EUR 40m) and lease liability EUR 782m (2024: EUR 703m). As at 31 December 2025, the fair value of sustainability-linked bonds amounted to EUR 1,933m (2024: EUR 1,914m). The fair value of the long-term interest-bearing bonds is based on their listed market price (Level 1).  Accounting policies Other investments include investments in non-listed equity shares and rental deposits. Equity investments are irrevocably designated at fair value through profit and loss. Financial investments comprise short-term deposits and marketable securities managed on a fair value basis with a continuously observation of their performance. Financial investments do not meet the definition of cash and cash equivalents. On initial recognition financial investments are recognised in the balance sheet at fair value. Subsequently, assets held to maturity are measured at amortised cost and assets held to sell are measured at fair value through profit or loss. Any changes in the fair value of financial investments remeasured at fair value is recognised in the income statement as financial items. Bond debt and bank debt (financial debts) are recognised at inception at fair value (typically proceeds received) net of transaction costs incurred. In subsequent periods, the liabilities are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method. Contingent consideration relating to Vestas’ acquisition of a 25 percent stake in Copenhagen Infrastructure Partners P/S (CIP) is classified as financial debt and measured at fair value. 166Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4.3 Financial assets and liabilities – continued Fair value hierarchy Financial instruments measured at fair value are categorised into the following levels of the fair value hierarchy: Level 1: Observable market prices for identical instruments. Level 2: Valuation techniques primarily based on observable prices or traded prices for comparable instruments. Level 3: Valuation techniques primarily based on unobservable prices. Other investments Other investments comprise investment in funds managed by Copenhagen Infrastructure Partners P/S and non-listed equity shares. The investments are measured at fair value determined using adjusted net asset value methodology based on unob servable inputs or transaction price of the investment, where considered as best fair value estimate. In both cases, the in vest ments are categorised as Level 3. As at 31 December 2025, the fair value amounted to EUR 149m (2024: EUR 143m). The effect of fair value measure- ment in profit or loss is loss of EUR 1m (2024: EUR 4m loss) reported in Distribution costs; all of which (2024: EUR 1m) relates to the unrealized gains or losses on the investment. During 2025, new investment amounted to EUR 7m (2024: EUR 125m) with no disposals (2024: EUR 40m). Financial Investments Financial investments in marketable securities are measured at fair value based on market prices, and are categorised as Level 1. Derivatives Foreign currency forward contracts, embedded derivatives and commodity forward contracts are measured at fair value using generally accepted valuation techniques based on observable market prices and forward market rates, and are categorised as Level 2. 2025 2024Financial instruments measured at fair valueCarrying Carrying mEUR Valuation techniqueamount Total Level 1 Level 2 Level 3amount Total Level 1 Level 2 Level 3Other investments Adjusted Net Asset Valuation / Transaction Price 149 149 - - 149 143 143 - - 143Financial investments Market prices0 0 0 - - 103 103 103 - -Foreign currency Forward pricing and derivativesswap models 441 441 - 441 - 537 537 - 537 -Commodity derivatives Forward pricing20 20 - 20 - - - - - -Interest derivatives Swap model - - - - - - - - - -Financial assets 610 610 0 461 149 783 783 103 537 143Foreign currency Forward pricng and derivativesswap models 410 410 - 410 - 530 530 - 530 -Commodity derivatives Forward pricing 5 5 - 5 - 8 8 - 8 -Contingent consideration Discounted cash flow 66 66 - - 66 70 70 - - 70Financial liabilities 481 481 - 415 66 608 608 - 538 70 Contingent consideration Contingent consideration relating to Vestas’ acquisition of a 25 percent stake in CIP’s parent companies in February 2021 is measured at fair value based on expected total payments of EUR 71m in 2026 discounted using 3.7 percent (2024: 3.7 percent) normalised financing interest rate (Level 3 in fair value hierarchy). Expected payments depend on expected management fees earned from funds managed by CIP. As at 31 December 2025, the fair value amounted to EUR 66m (2024: EUR 70m). During 2025, instalments paid amounted to EUR 6m (2024: EUR 244m). The effect of fair value measurement in profit or loss is EUR 2m (2024: EUR 4m) reported in Net financial items in statement of profit or loss; all of which relates to the unrealised gains or losses. Sensitivity of unobservable inputs The significant unobservable input used in valuation of other investments and contingent consideration (instruments in Level 3 fair value hierarchy) is the discounting rate. For contingent consideration, an increase in discount rate by 1 percentage point would result in reduced profit before tax in 2025 by EUR 1m (2024: increase in profit by EUR 1m). 167Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4.5 Earnings per share 2025 2024Profit for the year (mEUR) – owners of Vestas Wind Systems A/S 778 499Weighted average number of ordinary shares 1,009,867,260 1,009,867,260Weighted average number of treasury shares (11,309,976) (3,892,309)Weighted average number of ordinary shares outstanding 998,557,284 1,005,974,951Dilutive effect of restricted performance shares 5,287,399 4,150,611Average number of shares outstanding including restricted performance shares 1,003,844,683 1,010,125,562Earnings per share, basic, EPS (EUR) 0.78 0.50Earnings per shares, diluted, EPS-D (EUR) 0.77 0.49 2025 2024 2025 2024Number Number % of share % of share Treasury sharesof sharesof sharescapitalcapitalTreasury shares as at 1 January 4,104,643 3,393,605 0.4 0.3Purchases 16,478,471 1,641,500 1.6 0.2Vested treasury shares (1,133,171) (930,462) (0.1) (0.1)Treasury shares as at 31 December 19,449,943 4,104,643 1.9 0.4 * Each share has a nominal value of DKK 0.20. Movements in share capital During 2021, a share split of Vestas’ shares with a ratio 1:5 was carried out with effect as of 28 April 2021. Consequently, each share of nominally DKK 1.00 was split into five new shares of nominally DKK 0.20. Except for above mentioned transactions, the share capital has not changed in the period 2022 to 2025. All shares rank equally. Treasury shares Pursuant to authorisation granted to the Board by the Annual General Meeting on 8 April 2025, Vestas has been authorised to acquire treasury shares at a nominal value not exceeding 10 percent of the share capital at the time of the authorisation on an ongoing basis until 01 April 2030. Vestas has acquired 16,478,471 treasury shares in 2025 for an average share price of EUR 17.1 per share, amounting to EUR 282m.  Accounting policies Treasury shares Treasury shares are deducted from the share capital upon cancellation at their nominal value of DKK 0.20 per share. Differences between this amount and the amount paid to acquire treasury shares are deducted directly in equity. Dividend A proposed dividend is recognised as a liability at the time of adoption at the Annual General Meeting (declaration date). The proposed dividend for the year is included in retained earnings. Treasury shares are acquired to cover issues of shares under Vestas’ incentive programmes or as part of its capital structure strategy. The share capital has been fully paid. Dividends The proposed dividend of DKK 0.74 per share (2024: DKK 0.55 per share), amounting to EUR 100m (2024: EUR 75m), has been included in retained earnings at 31 December 2025. Dividends paid out in 2025 for 2024, net of dividends on treasury shares, amounted to EUR 74m (paid out in 2024 for 2023: EUR 0m). Dividends paid out to shareholders in Vestas A/S do not impact taxable income in Vestas A/S. Number of shares 2025 2024Number of shares as at 1 January 1,009,867,260 1,009,867,260Number of shares as at 31 December 1,009,867,260 1,009,867,260Shares outstanding 990,417,317 1,005,762,617Treasury shares 19,449,943 4,104,643Number of shares as at 31 December 1,009,867,260 1,009,867,260 4.4 Share capital Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 168 5 Ta x → 5.1 Income tax → 5.2 Deferred tax 5.1 Income tax Income tax for the year mEUR 2025 2024Current tax on profit for the year 219 39Deferred tax on profit for the year (66) 106Taxes withheld at source 99 48Tax on profit for the year 252 193Change in income tax rate 2 -Adjustments relating to previous years (net) 5 18Income tax for the year recognised in the income statement, expense/(income) 259 211Deferred tax on other comprehensive income for the year (6) 27Tax recognised in other comprehensive income, expense/(income) (6) 27Deferred tax on equity transactions (12) 9Tax recognised in equity (12) 9Total income taxes for the year, expense/(income) 241 247   Key accounting estimates Estimates of income taxes and uncertain tax position The Group continuously wants to be a compliant corporate tax citizen in collaboration with our operations and stakeholders and to support shareholder interest and our reputation. To ensure compliance, national and international tax laws as well as the OECD Guidelines are acknowledged and followed throughout the world. The Group is subject to income taxes around the world and therefore recognise that significant judgement is required in determining the worldwide accrual for income taxes, deferred income tax assets and liabilities and provision for uncertain tax positions. The global business implies that the Group may be subject to disputes on allocation of profits between different jurisdictions. Management judgement is applied to assess the expected outcome of such tax disputes which is provided for in provision for uncertain tax positions. Management believes that provisions made for uncertain tax positions not yet settled with local tax authorities at year end is adequate. However, the actual obligation may deviate and is dependent on the result of litigations and settlements with the relevant tax authorities. The provision for uncertain tax positions has been derived by applying probability weighted outcomes for all uncertainties with multiple potential outcomes and in scenarios where the outcome is determined by a single point it is determined by the most probable outcome. 169Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Computation of effective tax rate2025 2024mEUR Percent mEUR PercentIncome tax rate in Denmark 229 22 155 22Deviation in foreign subsidiaries’ tax rates compared to the Danish tax rate (net) 21 2 52 7Non-taxable income and incentives (81) (8) (95) (13)Non-deductible expenses 54 5 99 14Change in tax provisions (62) (6) (62) (9)Change in write down of deferred tax assets (9) (1) (9) (1)Global minimum tax 13 1 3 1Adjustment relating to previous years (net) (5) 0 20 3Taxes withheld at source 99 10 48 6Effective tax rate 259 25 211 30 5.1 Income tax – continued OECD Pillar Two model rules Vestas is within the scope of the OECD Pillar Two model rules also known as the Global Anti-Base Erosion (GloBE) Rules. The GloBE Rules came into effect as per 1 January 2024. Under the Pillar Two legislation, Vestas is liable to pay a top-up tax for jurisdictions where its GloBE effective tax rate is below the 15 percent minimum rate. In addition to the GloBE rules transitional Safe-Harbour rules have been enacted. Based on the Safe Harbour assessment Vestas has identified that 8 jurisdictions did not meet any of the safe harbour tests. For these jurisdictions Vestas has calculated a total top-up tax of EUR 13m (2024: EUR 3m) which is recognized as a current tax expense for the year. This is included in the income tax in the income statement. Vestas applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Transfer pricing Vestas, as many other multinational businesses, recognises the increased focus on transfer pricing and the con- sequent allocation of profits to the relevant countries. Even though Vestas’ subsidiaries pay corporate tax in the countries in which they operate, Vestas is still part of a number of tax audits on different locations. Some of these audits concern significant amounts and uncertainties. Vestas believes that the provisions made for uncertain tax positions not yet settled with the local tax authorities are adequate. However, the actual obligation may differ and is subject to the result of the litigations and settlements with the relevant tax authorities.  Accounting policies Tax for the year consists of current tax and deferred tax including adjustments to previous years and changes in provision for uncertain tax positions. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The tax expense relating to items recognised in other comprehensive income is recognised in other comprehensive income. Following developments in ongoing tax disputes primarily related to transfer pricing cases, uncertain tax positions are assessed individually and are generally presented as part of non-current tax receivables or non-current tax payables. The uncertain tax positions that materialise and become certain or virtually certain are classified as current tax. Current tax liabilities and receivables are recognised in the balance sheet at the amounts calculated on the taxable income for the year adjusted for tax on taxable incomes for prior years and for taxes paid on account. Income tax assets and liabilitiesmEUR 2025 2024Income tax as at 1 January, net assets/(liabilities) 75 (80)Exchange rate adjustments - 1Income tax for the year (318) (87)Adjustments relating to previous years (54) (69)Settlements against VAT receivables 87 65Income tax paid in the year 275 245Income tax as at 31 December, net assets/(liabilities) 65 75Receivables specified as follows:Current 231 214Non-current 648 832Income tax receivables 879 1,046Liabilities specified as follows:Current (115) (141)Non-current (699) (830)Income tax liabilities (814) (971) 170Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 5.2 Deferred tax No provision is made for deferred tax regarding undistributed earnings in subsidiaries, as Vestas controls the release of the obligation. Deferred tax recognised on tax losses is mainly in jurisdictions where there are no expiry limits. As at 31 December 2025, the value of recognised deferred tax assets amounted to EUR 883m (2024: EUR 722m), of which EUR 590m (2024: EUR 632m) relates to tax loss carry-forwards. Out of recognised tax loss carry forwards of EUR 590m (2024: EUR 632m), EUR 11m (2024: EUR 16m) are subject to expiry if not used within 5-10 years whereas the remaining EUR 579m (2024: EUR 616m) are not subject to any limitations. Following Vestas’ transfer pricing policy, these losses are expected to be utilised within three-five years. Of the total deferred tax relating to tax loss carry-forwards write down, EUR 51m (2024: EUR 12m) relates to Denmark. The loss carried forward relating to Denmark amounts to EUR 2,579m (2024: EUR 2,852m). Of the total tax loss carry-forwards, EUR 126m (2024: EUR 152m) is expected to be realised within 12 months, and EUR 530m (2024: EUR 555m) is expected to be realised later than 12 months after the balance sheet date. The assessment in 2025 resulted in a reduction of the write- down of deferred tax assets of EUR 9m (2024: EUR 8m additional write-down) with the remaining write-down being primarily due to certain jurisdictions having more tax assets than what is expected to be utilised in the forecast period. The value of non-recognised tax assets totals EUR 66m (2024: EUR 75m), of which EUR 66m (2024: EUR 75m) relates to write-down of tax losses.   Key accounting estimates Estimate of deferred tax assets valuation The valuation of deferred tax assets is based on the budgets and business plans for future years, including planned busi- ness initiatives. Key parameters are expected revenue and EBIT development considering expected allocation of future taxable income based on the transfer pricing policy in place.  Accounting policies Deferred tax is measured using the balance sheet liability method in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is measured on the basis of management’s intended use of the asset and settlement of the liability. Deferred tax assets, including tax loss carry-forwards, are recognised at the value, at which the asset is expected to be realised, either by elimination of tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity and jurisdiction. Due to the uncertainties relating to allocation of profits, the forecast period used to determine the utilisation of tax losses is limited to three-five years. Current assets, Tax value Property, liabilities, for tax Deferred tax allocation 2025 Intangible plant and provisions loss carry-mEURassetsequipmentand otherforwards Write-down TotalDeferred tax as at 1 January, net assets(302) (54) 267 707 (75) 543Exchange rate adjustments - 6 (19) (7) - (20)Deferred tax on profit for the year 4 (2) 219 (164) 9 66Adjustment relating to previous years 9 (2) (76) 118 - 49Changes in income tax rate - - (1) - - (1)Acquisitions as part of business combinations - - 1 2 - 3Tax on other comprehensive income and equity - - 18 - - 18Deferred tax as at 31 December, net (289) (52) 409 656 (66) 658Recognised as followsDeferred tax assets883Deferred tax liabilities 225 Current assets, Tax value Property, liabilities, for tax Deferred tax allocation 2024Intangible plant and provisions loss carry-mEURassetsequipmentand other*forwards Write-down TotalDeferred tax as at 1 January, net assets(289) (29) 403 629 (83) 631Exchange rate adjustments 1 (2) 3 1 - 3Deferred tax on profit for the year (28) (18) (62) (6) 8 (106)Adjustment relating to previous years 14 (5) (41) 83 - 51Changes in income tax rate - - - - - -Acquisitions as part of business combinations - - - - - -Tax on other comprehensive income and equity - - (36) - - (36)Deferred tax as at 31 December, net (302) (54) 267 707 (75) 543Recognised as followsDeferred tax assets722Deferred tax liabilities 179 * Other mainly relates to deferred revenue, share-based payment and hedges. Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 171 6 Other disclosures → 6.1 Related parties → 6.2 Audit fees → 6.3 Non-cash transactions → 6.4 Contingent assets, liabilities, and contractual obligations → 6.5 Legal entities 6.1 Related parties mEUR 2025 2024Joint venturesProceeds from investments in joint ventures 0 0Receivables as at 31 December 3 2AssociatesRevenue for the period 3 4Expense for the period - 3Proceeds from investments in associates 19 5Capital contributions 4 3Other assets as at 31 December 3 3Other liabilities as at 31 December 0 51 During 2025, other liabilities to an associate of EUR 51m was settled by cash payment. In addition to joint ventures and associates, related parties are the Board of Directors (Board) and the Executive Management Team of Vestas Wind Systems A/S together with their immediate families. Related parties also include entities which are con trolled or jointly controlled by the aforementioned individuals. Transactions with the Board and Executive Management team Transactions with the Executive Management team only con sist of normal management remuneration, refer to note 1.5. With the exception of the Board members elected by the employees, no members of the Board have been employed by Vestas in 2025 and 2024. 172Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 6.2 Audit fees mEUR 2025 2024Audit5 4Assurance engagements 2 2Tax assistance 0 0Other services 3 2Total 10 8 In 2025, non-audit services provided by Deloitte Statsautoriseret Revisionspartnerselskab amounted to EUR 5m, relating to assurance engagements, advisory and tax compliance services. Assurance engagements include local statutory audit fees and CSRD limited assurance. The 70% cap on non-audit services from Deloitte Statsautoriseret Revisionspartnerselskab as per Article 4 of Regulation (EU) No 537/2014 will apply from the financial year of 2027. In 2024, non-audit services provided by Deloitte Statsautoriseret Revisionspartnerselskab amounted to EUR 4 million, relating to assurance engagements, advisory and tax compliance services. 6.3  Non-cash transactions mEUR 2025 2024Amortisation, impairment and depreciation for the year of intangible assets and property, plant and equipment 1,059 862Profit/(loss) from investments in joint ventures and associates, incl. other relating transactions (7) 1Write-down of inventory 30 39Change in expected credit loss allowance (8) 18Change in provisions in the year (149) 197Financial income (212) (163)Financial cost 195 249Financial cost paid, added back (35) (35)Income tax for the year 259 211Cost of share-based payments 41 28Other adjustments for non-cash transactions incl. foreign currency adjustments (20) (25)Total 1,153 1,382 6.4  Contingent assets, liabilities, and contractual obligations Guarantees and indemnities Vestas provides indemnities and guarantees to third parties on behalf of non-Vestas entities and joint ventures with a notional amount of EUR 7m (2024: EUR 4m). No guaran tees have been utilised during 2025 and no guarantees and none of the indemnities are expected to be utilised at the balance sheet date. Contractual obligations Vestas has entered into binding contracts concerning purchase of property, plant and equipment to be delivered in 2026 and future periods at a value of EUR 187m (2024: EUR 147m). Vestas has made commitments to invest in funds managed by Copenhagen Infrastructure Partners P/S. As at 31 December 2025, undrawn commitments amounted to EUR 88m (2024: EUR 94m). Contingent liabilities Beginning in March 2022, a number of lawsuits were filed against Vestas in relation to a framework agreement which Vestas contends has expired. Vestas believes the claims to be without merit and hence has made no provision in relation to the complaints. In the event that Vestas is not successful in its defence of these cases, there potentially could be a financial impact on Vestas. Vestas is involved in an ongoing dispute related to an offshore project in North America. The project is undergoing review for a potential arbitration on tariff liability and payment for delay mitigations. Vestas is also involved in a number of litigation proceedings and disputes. It is Management’s assessment that these proceedings and disputes will not have a material effect on the financial position of the Group beyond what is already recognised in assets and liabilities as at 31 December 2025. Refer to note 5.1 concerning contingent liabilities on transfer pricing. Contingent assets Vestas is pursuing certain claims against suppliers for faulty deliveries, as well as claims for supplier implementation and application of faulty manufacturing processes, in litigation proceedings. However, it is Management’s opinion that settlement of these and any settlement amounts are not virtually certain, and therefore not recognised in the financial position of Vestas, except for supplier claims accounted for as other receivables, refer to note 2.6. 173Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 6.5 Legal entities 1, 4 Name and country Ownership (%)Parent companyVestas Wind Systems A/S, Denmark 100Production unitsVestas Americas A/S, USA 100Vestas Blades America Inc., USA 100Vestas Nacelles America Inc., USA 100Vestas Wind Technology (China) Co. Ltd., China 100Vestas Manufacturing A/S, Denmark 100Vestas Blades Deutschland GmbH, Germany 100WPT Nord GmbH, Germany 100Vestas Nacelles Deutschland GmbH, Germany2 100Vestas Blades Italia S.r.l., Italy 100Vestas Control Systems Spain S.L.U., Spain 100Vestas Manufacturing Spain S.L.U., Spain 100Vestas Blades (Poland) Sp.z.o.o., Poland 100Vestas Manufacturing Poland 2 Sp. z o.o., Poland 100Vestas Assembly Poland Sp. z o.o., Poland 100Vestas Skolwin Real Estate Sp. z o.o., Poland 100Vestas Wind Technology (China) Co Ltd., China 100Vestas (Tianjin) Trading Co., Ltd., China 100 Name and country Ownership (%)Sales and service unitsVestas Argentina S.A., Argentina 100Vestas Mediterranean A/S Sucursal, Bolivia 100Vestas do Brasil Energia Eolica Ltda., Brazil 100UpWind Solutions Canada Ltd., Canada 100Vestas Chile Turbinas Eólica Limitada Santiago, Chile 100Vestas Colombia S.A.S, Colombia 100Vestas Costa Rica S.A., Costa Rica 100Vestas Wind Systems Dominican Republic S.R.L., Dominican Republic 100Vestas El Salvador S.A. De C.V., El Salvador 100Vestas Guatemala, Guatemala 100Vestas Honduras S.A. De C.V., Honduras 100Vestas Jamaica Wind Technology Ltd., Jamaica 100Vestas WTG Mexico S.A. de C.V., Mexico 100Vestas Mexicana del Viento S.A. de C.V., Mexico 100Vestas Nicaragua SA, Nicaragua 100Vestas Overseas Panamá S.A., Panama 100Vestas Peru S.A.C., Peru 100Vestas Turbinas Eólicas de Uruguay S.A., Uruguay 100Vestas – American Wind Technology Inc., USA 100 Name and country Ownership (%)Availon Inc., USA 100Vestas – Portland HQ LLC, USA 100Vestas Upwind Solutions Inc.. USA 100Vestas – Canadian Wind Technology Inc.. USA 100UpWind Holdings LLC, USA 100Vestas America Holding Inc., USA 100Utopus Insights Inc., USA 100Vestas – Australian Wind Technology Pty. Ltd., Australia 100NEG Micon Australia Pty. Ltd., Australia 100Vestas Wind Technology (Beijing) Co. Ltd., China 100Vestas Wind Technology India Pvt Limited, India 100Vestas Japan Co. Ltd., Japan 100Vestas Mongolia LLC, Mongolia 100Vestas New Zealand Wind Technology Ltd., New Zealand 100Vestas Wind Technology Pakistan (Private) Limited, Pakistan 100Vestas Asia Pacific Wind Technology Pte. Ltd., Singapore 100Vestas Korea Wind Technology Ltd., South Korea 100 Name and country Ownership (%)Vestas Wind Lanka (PVT) Ltd., Sri Lanka 100Vestas Taiwan Ltd., Taiwan 100Vestas Offshore Wind Taiwan Ltd., Taiwan 100Vestas Wind Technology (Thailand) Ltd., Thailand 100Vestas Wind Technology Vietnam LLC, Vietnam 100Vestas Österreich GmbH, Austria 100Vestas Belgium NV, Belgium 100Vestas Offshore Wind Belgium NV, Belgium 100Vestas Bulgaria EOOD, Bulgaria 100Vestas Central Europe – Zagreb d.o.o, Croatia 100Vestas MED (Cyprus) Ltd., Cyprus 100Vestas Czech Republic s.r.o., Czech Republic 100Vestas Asia Pacific A/S , Denmark 100Vestas Central Europe A/S, Denmark 100Vestas Mediterranean A/S, Denmark 100Vestas Northern Europe A/S, Denmark 100Vestas Estonia OÜ, Estonia 100Vestas Finland Oy, Finland 100Vestas France SAS, France 100 1 Companies of immaterial significance have been left out of the overview. 2 Vestas Deutschland GmbH, Vestas Nacelles Deutschland GmbH, Vestas Services GmbH and Availon GmbH, wholly owned subsidiaries of Vestas Wind Systems A/S, claiming not to prepare notes and management report to its financial statements pursuant to the relief provision of section 264 Abs. 3 HGB. 3 Vestas Benelux B.V., wholly owned subsidiary of Vestas Wind Systems A/S, claiming neither to prepare notes and management report to its financial statements nor conduct a statutory audit on its financial statements pursuant to the relief provision of section 2:403 DCC. 4. Vestas’ European subsidiaries included in this list are exempt from individual or consolidated sustainability reporting pursuant to Articles 19a(9) or 29a(8) of Directive 2013/34/EU and rely on Vestas’ group Sustainability Statement included in this Annual Report. 174Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 6.5 Legal entities 1, 4 – continued Name and country Ownership (%)Vestas Georgia LLC, Georgia 1002Vestas Deutschland GmbH, Germany1002Vestas Services GmbH, Germany100Availon Holding GmbH, Germany 1002Availon GmbH, Germany100Vestas Hellas Wind Technology S.A., Greece 100Vestas Hungary Kft., Hungary 100Vestas Ireland Ltd., Ireland 100Vestas Italia S.r.l., Italy 100Vestas Kazakhstan LLP, Kazakhstan 100Vestas Eastern Africa Ltd., Kenya 100Vestas Moroc SARLAV, Morocco 100Vestas Norway AS, Norway 100Vestas Poland Sp.z.o.o., Poland 100Vestas Portugal LDA, Portugal 100Portugal Unipessoal Lda. , Portugal 100Availon LDA Portugal, Portugal 100Vestas CEU Romania S.R.L, Romania 100Vestas Saudi Arabia Limited Co., Saudi Arabia 100Vestas Senegal S.A.R.L.U, Senegal 100Vestas Central Europe d.o.o. Beograd, Serbia 100 Name and country Ownership (%)Vestas Slovakia spol S.r.o., Slovakia 100Vestas Southern Africa Pty. Ltd., South Africa 74.8Vestas Eólica S.A., Spain 100Availon Iberia S.L., Spain 100Vestas Middle East S.L.U., Spain 100Vestas Northern Europe AB, Sweden 100Vestas Offshore Wind Sweden AB, Sweden 1003Vestas Benelux B.V., The Netherlands100Vestas CV Limitada, The Republic of Cape Verde 100Vestas Rüzgar Enerjisi Sistemleri Sanayi Ve Ticaret Ltd. Sirketi, Turkey 100Vestas Kompozit Kanat Sanayi Ve Ticaret Anonim Şirketi Şirketi, Turkey 100Vestas Ukraine LLC, Ukraine 100Vestas – Celtic Wind Technology Ltd., United Kingdom 100Vestas Offshore Wind UK Ltd., United Kingdom 100Vestas Offshore WInd Blades UK Ltd., United Kingdom 100NEG Micon UK Ltd., United Kingdom 100Vestas Italia Egypt Branch, Egypt 100Vestas-Poland Sp.z.o.o. filialas “Vestas Lithuania”, Lithuania 100WinterbourneWind Pty Ltd, Australia 100 Name and country Ownership (%)Vestas Jordan, Branch of Vestas Middle East, S.L., Jordan 100Other subsidiariesVestas Wind Systems (China) Co. Ltd., China 100Vestas Technology R&D (Beijing) Co. Ltd., China 100Vestas Technology R&D Chennai Pte. Ltd., India 100Vestas Services Philippines Inc., Philippines 100Vestas Development A/S, Denmark 100Vestas India Holding A/S, Denmark 100Wind Power Invest A/S, Denmark 100Vestas Shared Service A/S, Denmark 100Vestas Service Delivery Center – Szczecin sp Z.o.o., Poland 100Vestas Shared Service (Spain) S.L.U., Spain 100Vestas Cantabria Prototype SL, Spain 100Vestas Switzerland AG, Switzerland 100Vestas Technology (UK) Limited, United Kingdom 100Vestas Ventures A/S, Denmark 100Vestas Shared Service A/S Philippine ROHQ, Philippines 100 Name and country Ownership (%)Vestas Latvia SIA 100 Associates Copenhagen Infrastructure Partners Holding P/S, Denmark 25 1 Companies of immaterial significance have been left out of the overview. 2 Vestas Deutschland GmbH, Vestas Nacelles Deutschland GmbH, Vestas Services GmbH and Availon GmbH, wholly owned subsidiaries of Vestas Wind Systems A/S, claiming not to prepare notes and management report to its financial statements pursuant to the relief provision of section 264 Abs. 3 HGB. 3 Vestas Benelux B.V., wholly owned subsidiary of Vestas Wind Systems A/S, claiming neither to prepare notes and management report to its financial statements nor conduct a statutory audit on its financial statements pursuant to the relief provision of section 2:403 DCC. 4. Vestas’ European subsidiaries included in this list are exempt from individual or consolidated sustainability reporting pursuant to Articles 19a(9) or 29a(8) of Directive 2013/34/EU and rely on Vestas’ group Sustainability Statement included in this Annual Report. Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 175 7 Basis for preparation → 7.1 Accounting policy information → 7.2 Key accounting estimates and judgements 7.1 Accounting policy information This note provides an overall description of the accounting policies applied in the Consolidated financial statements as well as the European Single Electronic Format (ESEF) reporting requirements. The Consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act. A more detailed description of the accounting policies applied is provided in the separate notes. The Consolidated financial statements have been prepared under the historical cost method, except for certain financial instruments and marketable securities, which are measured at fair value. Consolidation The Consolidated financial statements comprise the financial statements of Vestas Wind Systems A/S (the parent company) and subsidiaries controlled by Vestas Wind Systems A/S. Vestas Wind Systems A/S and its subsidiaries together are referred to as the Group. Joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. Vestas has assessed the nature of its joint arrangements and determined them to be joint ventures. An overview of Vestas legal entities is provided on pages 173-174. Foreign currency translation Functional currency and presentation currency Assets, liabilities and transactions of each of the reporting entities of Vestas are measured in the currency of the primary economic environment in which the entity operates (the functional currency). Transactions in currencies other than the functional currency are transactions in foreign currencies. The functional currency of the parent company is Danish kroner (DKK). However, due to Vestas’ international relations, the Consolidated financial statements are presented in Euro (EUR). Translation of transactions and amounts Foreign currency transactions are translated into the functional currency at the exchange rates at the dates of transaction. Exchange adjustments arising due to differences between the transaction date rates and the rates at the dates of payment are recognised as financial income or financial costs in the income statement. Receivables, payables and other monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Exchange adjustments arising due to differences between the rates at the balance sheet date and the transaction date rates are recognised as financial income or financial costs in the income statement. Translation of Vestas entities Income statements of subsidiaries with a functional currency that is different from the presentation currency of Vestas are translated into EUR at monthly average rates to the extent that this does not materially distort the presentation of the underlying transaction. Balance sheet items, including equity, are translated at the exchange rates on the balance sheet date. Exchange adjustments arising on the translation of income statements and balance sheet items are recognised in other comprehensive income. Exchange adjustments of balances accounted for as part of the total net investment in the entity in question are recognised in other comprehensive income in the Consolidated financial statements. For investments accounted for using the equity method, and with an other functional currency than EUR, Vestas’ share of results for the year are translated at average exchange rates. Vestas’ share of equity, including goodwill, are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the share of the 176Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements opening equity and on the translation of the share of results for the year are recognised in other comprehensive income. On full or partial disposal of entities with a functional currency different from EUR, resulting in a loss of control or on repay- ment of balances treated as part of the net investment, the share of the accumulated exchange adjustments recognised in other comprehensive income, is recognised in the income statement together with any profit or loss on the disposal. iXBRL reporting Vestas is required to file the annual report in the European Single Electronic Format (ESEF) using the XHTML format and tag the Consolidated financial statements including notes using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. As part of the tagging process, financial statement line items and notes are marked up to elements in the ESEF taxonomy. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy is created. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a ZIP file named VWS-2025-12-31-1-en.zip. Change in accounting policies The following new and amended accounting standards have been implemented as of 1 January 2025: ż Lack of exchangeability – amended IAS 21 The effects of changes in foreign exchange rates. The adoption of the new and amended accounting standards has not had any material impact on the Consolidated financial statements. New standards and interpretations The IASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the Consolidated financial statements for 2025. Vestas intends to adopt these new and amended accounting standards and interpretations, if applicable, when they become mandatory. The new or amended standards and interpretations are not expected to have a significant impact on recognition and measurement in the Consolidated financial statements. The implementation of IFRS 18 entails a change in the pre sen tation of Vestas’ income statement where the required subtotal profit before financing and income taxes is introduced, a change in classification of certain items, primarily gains and losses from foreign currency translation and derivatives used to manage foreign exchange risks as well as income from investments in joint ventures and associates. The impact on operating profit/(loss) before special items is expected to be insignificant. The introduction of IFRS 18 resulted in changes to IAS 7 on cash flow statements. This impacts the starting point of Vestas’ cash flow statement which will change from profit/ (loss) for the year to operating profit/(loss). Further, in the cash flow statement interest received will be classified as investing activities where interests paid will be classified as financing activities. Interests received and paid are currently classified as operating activities. 7.1 Accounting policy information – continued 177Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 7.2  Key accounting estimates and judgements Impact of Estimate/ accounting estimates Note Key accounting estimates and judgementsjudgementand judgements1.2 Revenue Estimate regarding cost to complete for service Estimate HighcontractsEstimates related to revenue recognition from Estimate Mediumoffshore construction contractsEstimate regarding recoverability rates of US tariffs Estimate Mediumin construction contractsJudgement regarding whether to recognise revenue Judgement Mediumfrom Supply-and-installation contracts at point in time or over timeJudgement regarding timing of components being Judgement Mediumpart of a project1.7 Special items Judgement regarding classification in the income Judgement Lowstatement2.1 Inventories Estimate of net realisable value Estimate Low3.1 Intangible assets Estimates related to impairment test of Estimate Lowdevelopment projects in progress Estimates related to impairment test of goodwill Estimate Medium3.6 Provisions Estimates for warranty provisions Estimate High5.1 Income tax Estimates of income taxes and uncertain tax Estimate Mediumposition5.2 Deferred tax Estimate of deferred tax assets valuation Estimate Medium When preparing the Consolidated financial statements of Vestas, management makes several accounting estimates and assumptions which impact the recognition and measurement of Vestas’ financial statements. The key accounting estimates and judgements which may have a significant impact on the financial statements are listed below. The nature of accounting impact of key accounting estimates and judgements is described in the relevant notes. The impact of key accounting estimates and judgements is divided into three categories from low to high. The rating is based on a combined assessment of materiality, complexity, subjectivity and estimation uncertainty and indicates the impact on amounts recognised and carrying values of assets or liabilities. Sustainability-related risks Vestas continuously monitors sustainability related risks, including climate risks, and considers if it may affect reported amounts materially while preparing the Consolidated financial statements. During 2025, the Group performed a double materiality assessment (including financial impact assessments of material sustainability risks and opportunities) to identify any impacts related to these on Vestas’ reported financial position. No impact on Vestas’ financial position including carrying amount of its assets and liabilities were identified. Further reference is made to ‘The double materiality assessment process’ in Sustainability Statement on pages 75-76 for more details on this process.   Key accounting estimates The key accounting estimates made are based on assumptions, that are supported by experience, historical trends and other factors that management assesses to be reasonable, but that by nature are associated with inherent uncertainty and unpredictability. The estimates and underlying assumptions are reviewed on an ongoing basis. If necessary, changes are recognised in the period in which the estimate is revised. Management considers the key accounting estimates to be reasonable and appropriate based on currently available information.  Key accounting judgements Key accounting judgements are made when applying certain accounting policies. Management considers the accounting judgements made are consistent and reflect the most fair and true view of Vestas’ financial position and results of the Group’s operations. ← 178Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Parent company financial statements and notes Income statement �������������������������������������������������������������������������������������������������������� 179 Balance sheet ������������������������������������������������������������������������������������������������������������������ 180 Statement of changes in equity �������������������������������������������������������������������������� 181 1. Result for the year �������������������������������������������������������������������������������������������� 182 1�1 Revenue ������������������������������������������������������������������������������������������������������������������� 182 1�2 Costs �������������������������������������������������������������������������������������������������������������������������� 182 2. Working capital �������������������������������������������������������������������������������������������������� 182 2�1 Inventories ������������������������������������������������������������������������������������������������������������� 182 3. Other operating assets and liabilities ����������������������������������������������� 182 3�1 Intangible assets ����������������������������������������������������������������������������������������������� 182 3�2 Property, plant and equipment ���������������������������������������������������������������� 183 3�3 Leases ����������������������������������������������������������������������������������������������������������������������� 183 3�4 Investments in subsidiaries and associates ���������������������������������� 184 3�5 Prepayments �������������������������������������������������������������������������������������������������������� 185 3�6 Provisions ��������������������������������������������������������������������������������������������������������������� 185 3�7 Contingent assets, liabilities, and contractual obligations ���� 185 4. Capital structure and financing items ���������������������������������������������� 186 4�1 Financial risks ������������������������������������������������������������������������������������������������������� 186 4�2 Financial instruments ������������������������������������������������������������������������������������� 186 4�3 Financial debts ����������������������������������������������������������������������������������������������������� 186 4�4 Financial items ����������������������������������������������������������������������������������������������������� 186 5. Tax ������������������������������������������������������������������������������������������������������������������������������ 186 5�1 Income tax �������������������������������������������������������������������������������������������������������������� 186 5�2 Deferred tax ���������������������������������������������������������������������������������������������������������� 186 6. Other disclosures ��������������������������������������������������������������������������������������������� 187 6�1 Audit fees ��������������������������������������������������������������������������������������������������������������� 187 6�2 Related party transactions ������������������������������������������������������������������������� 187 6�3 Ownership �������������������������������������������������������������������������������������������������������������� 187 7. Basis for preparation ������������������������������������������������������������������������������������� 187 7�1 Material accounting policy information ��������������������������������������������� 187 179Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Income statement 1 January – 31 December mEUR Note 2025 2024 Revenue 1�1 3,109 2,436 Production costs 1�2 (2,157) (1,931) Gross profit/(loss) 952 505 Administration costs 1�2 (762) (642) Other operating income/(loss) - (14) Operating profit/(loss) (EBIT) 190 (151) Income/(loss) from investments in subsidiaries 3�4 703 630 Income/(loss) from investments in associates 3�4 4 4 Net financial items 4�4 (94) (63) Profit/(loss) before tax 803 420 Income tax 5�1 (91) (16) Profit/(loss) for the year 712 404 Proposed distribution of profit: Reserve for net revaluation under the equity method 707 634 Retained earnings (95) (305) Proposed dividends 100 75 Profit/(loss) for the year 712 404 180Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Balance sheet 31 December Assets mEUR Note 2025 2024 Intangible assets 3�1 2,774 2,759 Property, plant and equipment 3�2, 3�3 527 404 Investments in subsidiaries 3�4 2,950 3,299 Investments in associates 3�4 11 7 Marketable securities - 103 Other investments 124 118 Other receivables 271 294 Tax receivables 360 437 Deferred tax 5�2 296 380 Total financial fixed assets 4,012 4,638 Total non-current assets 7,313 7,801 Inventories 2�1 289 252 Receivables from subsidiaries 4,848 4,412 Other receivables 526 597 Prepayments 3�5 30 25 Financial investments 4�2 164 160 Joint tax contribution 10 - Tax receivables 114 114 Total receivables 5,692 5,308 Cash and cash equivalents 3,802 3,074 Total current assets 9,783 8,634 Total assets 17,096 16,435 Equity and liabilities mEUR Note 2025 2024 Share capital 27 27 Reserve for net revaluation under the equity method 883 1,322 Reserve for capitalised development costs 1,219 1,128 Translation reserve 5 9 Dividends 100 75 Retained earnings 976 387 Total equity 3,210 2,948 Provisions 3�6 1,251 1,215 Total non-current provisions 1,251 1,215 Other liabilities 47 48 Tax payables - 114 Financial debts 4�3 1,108 1,631 Total non-current debt 1,155 1,793 Total non-current liabilities 2,406 3,008 Financial debts 4�3 537 37 Provisions 3�6 674 844 Trade payables 424 394 Payables to subsidiaries 9,406 8,834 Other liabilities 409 370 Joint tax contribution 4 - Tax payables 26 - Total current liabilities 11,480 10,479 Total liabilities 13,886 13,487 Total equity and liabilities 17,096 16,435 181Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements Statement of changes in equity 1 January – 31 December 2025 Share capital Reserves Dividends Retained earnings TotalmEUR Reserve under the equity method Reserve for capitalised development costs Translation reserve Equity as at 1 January 27 1,322 1,128 9 75 387 2,948 Exchange rate adjustments - - - (4) - - (4) Exchange rate adjustments relating to foreign entities - (201) - - - - (201) Fair value adjustments of derivative financial instruments - 57 - - - - 57 Tax on fair value adjustments of derivative financial instruments - 2 - - - - 2 Capitalised development costs - - 116 - - (116) - Tax on capitalised development costs - - (25) - - 25 - Dividends received from subsidiaries - (1,004) - - - 1,004 - Dividends distributed - - - - (74) - (74) Dividends distributed related to treasury shares - - - - (1) 1 - Share-based payments - - - - - 43 43 Tax on share-based payments - - - - - 9 9 Acquisition of treasury shares - - - - - (282) (282) Profit for the year - 707 - - 100 (95) 712 Equity as at 31 December 27 883 1,219 5 100 976 3,210 182Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 1  Result for the year 1�1 Revenue mEUR 2025 2024 Revenue from contract types Royalty income 2,472 1�917 Spare parts 637 519 Total 3,109 2,436 Primary geographical markets EMEA 2,626 2�125 Americas 395 253 Asia Pacific 88 58 Total 3,109 2.436 1�2 Costs For information regarding remuneration to the Board of Directors and to the Executive Manage ment for the parent company, refer to note 1�5 to the Consolidated financial statements� Pension schemes in the parent company consist solely of defined contribution plans and the company does therefore not carry the actuarial risk or the investment risk� For management incentive programmes, refer to note 1�6 to the Consolidated financial statements� Staff costs mEUR 2025 2024 Staff costs are specified as follow: Wages and salaries, etc� 440 388 Pension schemes 28 25 Other social security costs 4 6 Total 472 419 Average number of employees in Vestas Wind Systems A/S 3,223 3,195 2  Working capital 2�1 Inventories Inventories relate to spare part activities� mEUR 2025 2024 Raw materials and consumables 283 244 Work in progress 6 8 Total 289 252 3  Other operating assets and liabilities 3�1 Intangible assets Included in software are internally completed IT projects amounting to EUR 123m as at 31 December 2025 (2024: EUR 95m)� For development projects in progress, refer to note 3�1 to the Consolidated financial statements� Goodwill Goodwill is included in the item “Goodwill” or in the item “Investments accounted for using the equity method” and is amortised over the estimated useful life determined on the basis of Management’s experience with the individual business areas� Goodwill is amortised on a straight-line basis over the expected useful life which is estimated to 20 years� The amortisation period is determined based on to what extent the acquisitions concern strategically acquired companies with a strong market position and a long-term profitability� In 2025, the parent company reclassified a portion of the carrying amount of Goodwill to Other intangible assets amounting to EUR 858m� The reclassified amount from Goodwill to Other intangible assets has been assessed as an acquired intellectual property rights which falls under the Other intangible assets category� mEUR Goodwill Completed development projects Software Other intangible assets Develop ment projects in progress Total Cost as at 1 January 75 3,339 500 1,574 733 6,221 Exchange rate adjustments - (6) (2) (2) (2) (12) Additions - - 34 - 456 490 Disposals - (5) (265) - - (270) Transfers - 828 89 - (936) (19) Cost as at 31 December 75 4,156 356 1,572 251 6,410 Amortisation and impairment losses as at 1 January 40 2,703 316 403 - 3,462 Exchange rate adjustments - (4) (2) (2) - (8) Amortisation 3 308 57 68 - 436 Impairment losses - 2 3 - - 5 Reversal of depreciation of disposals - - (259) - - (259) Amortisation and impairment losses as at 31 December 43 3,009 115 469 - 3,636 Carrying amount as at 31 December 32 1,147 241 1,103 251 2,774 Amortisation period 20 years 2-8 years 3-7 years 3-20 years 183Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3  Other operating assets and liabilities – continued 3�2 Property, plant and equipment mEUR Land and buildings Plant and machinery Other fixtures and fittings, tools, and equipment Right-of-use assets Property, plant and equipment in progress Total Cost as at 1 January 209 162 421 354 - 1,146 Exchange rate adjustments - - (1) (1) - (2) Additions 1 2 230 17 5 255 Disposals - - (21) (9) - (30) Transfers - - 20 - (1) 19 Cost as at 31 December 210 164 649 361 4 1,388 Depreciation as at 1 January 174 114 291 163 - 742 Exchange rate adjustments - - (1) (1) - (2) Depreciation 6 12 72 38 - 128 Reversal of depreciation of disposals - - (21) (7) - (28) Impairment losses - - - 21 - 21 Depreciation as at 31 December 180 126 341 214 - 861 Carrying amount as at 31 December 30 38 308 147 4 527 Depreciation period 10-40 years 3-10 years 3-5 years 2-20 years Right-of-use assets mEUR 2025 2024 Property Vehicles Equipment Total Property Vehicles Equipment Total Carrying amount as at 1 January 169 8 14 191 144 8 15 167 Exchange rate adjustments - - - - 1 - (1) - Depreciation (30) (3) (5) (38) (28) (4) (6) (38) Addition of right-of-use assets 12 3 2 17 52 4 6 62 Disposal of right-of-use assets - (1) (1) (2) - - - - Impairment (17) - (4) (21) - - - - Carrying amount as at 31 December 134 7 6 147 169 8 14 191 Maturity analysis – contractual undiscounted cash flow mEUR 2025 2024 Less than one year 43 41 One to five years 98 131 More than five years 52 49 Total undiscounted lease liabilities as at 31 December 193 221 Lease liabilities included in the statement of financial position as at 31 December 175 200 Current 38 37 Non-current 137 163 Total lease expenses recognised in the income statement mEUR 2025 2024 Expenses relating to short-term leases and leases of low-value 23 25 3�3 Leases Vestas leases several assets including properties, vehicles, and equipment� Rental contracts are typically made for fixed periods of one to 20 years but may have extension options� Lease terms are negotiated on an individual basis and contain different terms and conditions including payment terms, termination rights, index-regulations, maintenance, deposits, and guarantees, etc� Some property leases contain variable payment terms that are linked to an index e�g� a consumer price index� Overall, the variable payments constitute less than 1 percent of Vestas’ entire lease payments� Extension and termination options may be included in leases� These terms are used to maximise operational flexibility in terms of managing contracts� Lease liabilities Lease liabilities are included in financial debts which amount to EUR 175m as at 31 December 2025 (2024: EUR 200m)� The lease liabilities included in financial debts can be specified as described above� 184Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3  Other operating assets and liabilities – continued 3�4 Investments in subsidiaries and associates Refer to note 6�5 to the Consolidated financial statements for an overview of the legal entities within the Group� Investments in subsidiaries and associates mEUR 2025 2024 Subsidiaries 2,950 3,299 Associates 11 7 Carrying amount as at 31 December 2,961 3,306 Income/(loss) from investments in subsidiaries and associates mEUR 2025 2024 Subsidiaries 703 630 Associates 4 4 Total 707 634 Income from subsidiaries mEUR 2025 2024 Share of profit in subsidiaries after tax 730 658 Amortisation of goodwill (27) (28) Total 703 630 Investments in subsidiaries mEUR 2025 2024 Cost at at 1 January 1,981 1,965 Exchange rate adjustments (6) (2) Additions 100 18 Cost as at 31 December 2,075 1,981 Value adjustments as at 1 January 1,318 692 Exchange rate adjustments (201) 32 Share of profit/(loss) for the year after tax 730 658 Changes in equity, share-based payment - (1) Changes in equity, derivative financial instruments 59 (3) Amortisation of goodwill (27) (28) Dividends (1,004) - Negative net assets in subsidiaries set off against receivables from subsidiaries - (32) Value adjustments as at 31 December 875 1,318 Carrying amount as at 31 December 2,950 3,299 Remaining positive difference included in the above carrying amount as at 31 December 384 411  Accounting policies Investments in subsidiaries and associates are recognised and measured in the financial statements of the parent company under the equity method� On acquisition of subsidiaries and associates, the difference between cost of acquisition and net asset value of the entity acquired is determined at the date of acquisition after the individual assets and liabilities having been adjusted to fair value (the acquisition method) and allowing for the recognition of any restructuring provisions relating to the entity acquired� Any remaining positive differences in connection with the acquisition of subsidiaries and associates are included in the items “Investments in subsidiaries” and “Investments in associates”� The items “Income/(loss) from investments in subsidiaries” and “Income/(loss) from investments in associates” in the income statement include the proportionate share of the profit after tax less goodwill amortisation� The items “Investments in subsidiaries” and “Investments in associates” in the balance sheet include the proportionate ownership share of the net asset value of the entities calculated under the accounting policies of the parent company with deduction or addition of unrealised intercompany profits or losses and with addition of any remaining value of the positive differences (goodwill)� Subsidiaries and associates with a negative net assets value are measured at EUR 0, and any receivables from these are written down by the parent company’s share of the negative net asset value, if impaired� Any legal or constructive obligation of the parent company to cover the negative balance of the subsidiaries and associates including is recognised as provisions� The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method” under equity� Gains and losses on disposals or winding up of subsidiaries and associates are calculated as the difference between the sales value or cost of winding up and the carrying amount of the net assets at the date of acquisition including goodwill and expected loss of disposal or winding up� The gains or losses are included in the income statement� 185Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 3  Other operating assets and liabilities – continued 3�5 Prepayments Prepayments are comprised of prepayments to suppliers and prepaid software license, insurance, and rent� 3�6 Provisions In line with accounting policies, potential product warranties are recognised as warranty provisions when revenue from sale of wind turbines is recognised� Refer to note 3�6 to the Consolidated financial statements for an overview of the provisions within the Group� Product risks Provisions primarily relate to warranty provisions� Vestas invests significant resources in improving products and increasing their reliability to mitigate major warranty provisions� This work comprises design, production, installation, and continuous maintenance� The goal of these initiatives is to reduce Vestas’ warranty costs, to secure customer returns, to increase the competitiveness of the products, and to improve customer earnings� Provisions mEUR 2025 2024 Carrying amount as at 1 January 2,059 1,880 Additions 628 839 Utilised (762) (660) Carrying amount as at 31 December 1,925 2,059 Non-current 1,251 1,215 Current 674 844 Carrying amount as at 31 December 1,925 2,059 3�7 Contingent assets and liabilities, and contractual obligations Vestas provides indemnities and guarantees to third parties on behalf of non-Vestas entities and joint ventures with a notional amount of EUR 7m (2024: EUR 4m)� No guarantees have been utilised in 2025� No guarantees and none of the indemnities are expected at the balance sheet date to be utilised� Vestas provides indemnities and guarantees for bank and bonding facilities to third parties on behalf of subsidiaries� In addition, the company provides indemnities and guarantees to third parties in connection with project supplies in subsid- iaries, and their warranty obligations to customers� To secure guaran tees issued by banks, the company has given securities in cash and cash equivalents with disposal restrictions, refer to note 4�1 to the Consolidated financial statements� Vestas has entered into binding contracts concerning purchase of property, plant and equipment to be delivered in 2025 and future periods at a value of EUR 148m (2024: EUR 91m)� Vestas has made commitments to invest in funds managed by Copenhagen Infrastructure Partners P/S� As at 31 December 2025, undrawn commitments amounted to EUR 88m (2024: EUR 94m)� Vestas is involved in a number of litigation proceedings� It is Management’s assessment that these proceedings will not have a material effect on the financial position of the Group beyond what is already recognised in assets and liabilities as at 31 December 2025� The company is jointly taxed with its Danish subsidiaries� As the administrative company for the subsidiaries included in the joint taxation, the company is liable for the tax obligations of the included subsidiaries� Vestas has made supplier claims for faulty deliveries� However, it is Management’s opinion that settlement of these are not virtually certain, and therefore not recognised in the financial position of Vestas, except for supplier claims accounted for as other receivables� 186Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 4  Capital structure and financing items 4�1 Financial risks For the use of derivative financial instruments and risks and capital management refer to note 4�1 to the Consolidated financial statements� 4�2 Financial instruments Vestas has entered into derivatives with external banks and subsidiaries in the form of foreign currency forward contracts, foreign currency swaps and commodity forward contracts� Fair value of derivatives mEUR 2025 2024 Assets 375 482 Liabilities 361 444 Net amount recognised 14 38 The net amount is recognised as other receivables, other liabilities, receivables from subsidiaries and payables to subsidiaries� The foreign currency forward contracts, foreign currency swaps and commodity forward contracts are entered into hedge future purchases of goods and sales� Vestas’ net positions are specified below� The derivatives mature in the period 2026 to 2029� Positions in foreign currency and commodities measured mEUR: AUD (-202), CAD (196), CNY (585), GBP (550), JPY (161), MXN (56), PLN (98), RON (233), USD (-674), other currencies (6), Metals (177), Fuels (20)� For the use of financial investments refer to note 4�3 to the Consolidated financial statements� mEUR 2025 2024 Credit facilities 1,470 1,468 Lease liabilities 175 200 Total 1,645 1,668 Maturities: < 1 year 537 37 1–5 years 584 619 > 5 years 524 1,012 Total 1,645 1,668 4�4 Financial items mEUR 2025 2024 Financial income Interest income 101 122 Interest income from subsidiaries 148 282 Foreign exchange income, net 8 11 Other financial income 3 2 Total 260 417 Financial costs Interest costs 68 86 Interest costs to subsidiaries 266 374 Interest on lease liabilities 6 5 Other financial costs 14 15 Total 354 480 5 Tax 5�1 Income tax mEUR 2025 2024 Current tax on profit for the year 20 69 Deferred tax on profit for the year (24) (67) Foreign taxes 57 30 Write down of deferred tax (assets) 39 (8) Adjustment related to previous years (1) (8) Income tax for the year recognised in the income statement, expense/(income) 91 16 Deferred tax on equity (9) 9 Tax recognised in equity, expense/(income) (9) 9 Total income taxes for the year, expense/(income) 82 25 mEUR 2025 2024 Deferred tax as at 1 January, net assets/(liabilities) 380 309 Deferred tax on profit for the year 24 67 Tax on entries in equity 9 (9) Revaluation of tax assets 12 20 Utilized tax loss in year (38) - Adjustment relating to previous years (40) 5 Write down to assessed value (51) (12) Deferred tax as at 31 December, net assets 296 380 4�3 Financial debts 5�2 Deferred tax 187Vestas Annual Report 2025 Financial statementsOur business Sustainability statement Auditor and management statements 6 Other disclosures 6�1 Audit fees mEUR 2025 2024 Audit 4 3 Assurance engagements 1 0 Other services 2 2 Total 7 5 6�2 Related party transactions All transactions with related parties have been carried out at arm’s length principle� Definition of related parties and concerning other transactions with related parties, refer to note 6�1 to the Consolidated financial statements� 6�3 Ownership The Company has registered the following shareholder with 8�61 percent of the share capital or nominal value: BlackRock Inc, Wilmington, Delaware, United States� 7 Basis for preparation 7�1 Material accounting policy information The parent company financial statements have been prepared in accordance with the Danish Financial Statements Act (DK GAAP) applying to entities of reporting class D� With the exception of the items described below, the accounting policies of the parent company are identical to the accounting policies of the group, see the notes to the Consolidated financial statements� The denomination of the items in the parent company’s financial statements complies with the requirements under DK GAAP� Development costs An amount equivalent to the capitalised development costs in the balance sheet incurred after 1 January 2016 is recognised in the category “Reserve for capitalised development costs” in the equity� The value of the reserve is reduced by the value of the depreciations� Cash flow statement Vestas Wind Systems A/S applies an exemption under DK GAAP whereby the parent company is not required to prepare a separate cash flow statement as it is included in the Consolidated cash flow statement, refer to page 138 in the Consolidated financial statements� Royalty income Royalty income is recognised at a point in time when earned according to the terms of the relevant Group agreements� Receivables from subsidiaries and other receivables Receivables from subsidiaries and other receivables are measured at amortised cost� An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired� If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised� Foreign currency and commodity hedging Foreign currency and commodity derivatives are initially measured at fair value at the trade date and subquently remeasured at fair value at the reporting date� Changes in the fair value are recognised over the income statement disclosed in note 4�4 of the parent company under Financial instruments line item� 188Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Auditor and management statements → Management’s statement → Independent auditor’s report →  Independent auditor’s limited assurance report on Sustainability statement 189Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Management’s statement The Board of Directors and the Executive Management have today considered and approved the annual report of Vestas Wind Systems A/S for the financial year 1 January – 31 December 2025. The Consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU. The parent financial statements are prepared in accordance with the Danish Financial Statements Act. Furthermore, the annual report is prepared in accordance with disclosure requirements for listed companies in Denmark. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group’s and the Parent’s financial position at 31 December 2025 as well as of the results of their operations and the Group’s cash flows for the financial year 1 January – 31 December 2025. In our opinion, management commentary is prepared in accordance with relevant laws and regulations and includes a fair review of the development in the business and financial matters of the Group and the Parent, of the results for the year, and of the financial position of the Group and the Parent Company as well as a description of the main risks and elements of uncertainty, which the Group and the Parent Company are facing. Further, the sustainability statement, which is part of the management commentary, is prepared in accordance with the European Sustainability Reporting Standards (ESRS) as required by the Danish Financial Statements Act as well as article 8 in the EU Taxonomy regulation. In our opinion, the annual report of Vestas Wind Systems A/S for the financial year 1 January – 31 December 2025, with the file name VWS-2025-12-31-1-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the annual report is adopted at the Annual General Meeting. Aarhus, 5 February 2026 Executive Management Henrik Andersen Group President & CEO Jakob Wegge-Larsen Executive Vice President & CFO Board of Directors Anders Runevad Chair Eva M. S. Berneke Helle Thorning-Schmidt Bruno Bensasson Claus S. Christensen Louise B. Schmidt Nielsen Karl-Henrik Sundström Deputy Chair Lena M. Olving Henriette H. Thygesen Claudio Facchin Sussie Dvinge Michael A. Lisbjerg 190Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Independent auditor’s report To the shareholders of Vestas Wind Systems A/S Report on the consolidated financial statements and the parent financial statements Opinion We have audited the consolidated financial statements and the parent financial statements of Vestas Wind Systems A/S for the financial year 1 January – 31 December 2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including material accounting policy information, for the Group as well as the Parent, and the statement of comprehensive income and the cash flow statement of the Group. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark, and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements give a true and fair view of the Group’s financial position at 31 December 2025, and of the results of its operations and cash flows for the financial year 1 January – 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark. Furthermore, in our opinion, the parent financial statements give a true and fair view of the Parent’s financial position at 31 December 2025, and of the results of its operations for the financial year 1 January – 31 December 2025 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements” section of this auditor’s report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014. We were appointed auditors of Vestas Wind Systems A/S for the first time on 9 April 2024 for the financial year 2024. We have been appointed by decision of the general meeting for a total contiguous engagement period of two years up to and including the financial year 2025. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements and the parent financial statements for the financial year 1 January – 31 December 2025. These matters were addressed in the context of our audit of the con solidated financial statements and the parent financial state ments as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How the matter was addressed in our audit Revenue recognition, including accounting for construction and service contracts Refer to notes 1.2, 2.4 and 3.6 in the consolidated financial statements. The Group has multiple revenue streams which includes construction contract sales of wind turbines and power plants as Supply-only, Supply- and-installation, EPC/Turnkey (Power Solutions), service contracts and sales of spare parts and repairs (Service). In the Power Solutions segment, Management judgement is applied to assess whether to recog- nise Supply-and-installation contracts at a point in time or over time. For contracts recognised over time Management judgement is also applied to assess timing of when main components should become part of the cost in the individual project. In addition, Management estimates are involved in estimating cost to complete. Finally, Management estimates are involved to assess variable con sid- eration which may include bonuses, penalties, and liquidated damages for performance and delay and recoverability of US tariffs. In the Service segment, Management judgement is applied to assess whether contract modifi cations should be accounted for as a separate contract or as part of the original contract. In addition, significant Management estimates are involved in estimating cost to complete for ser vice contracts as these relate to expectations for scheduled and unsched- uled repairs and main tenance. Finally, Management esti mates are in volved to assess variable consid- eration which may include production/time-based availabi lity guarantees. Consequently, we considered this to be a key audit matter. As part of our procedures, we obtained an understanding of IT systems, business processes, policies and internal controls from initiation until completion related to revenue recognition for construction and service contracts. Further, we evaluated the design and tested the operating effectiveness of selected controls in this area. For Power Solutions, we tested the appropriateness of management’s judgements in determining whether construction contracts should be recognized at a point in time or over time. For construction contracts recognised at a point in time we performed substantive analytical procedures based on signed customer contracts, delivery documents and documentation proving the turbines becoming fully operational. For construction contracts recognised over time, we evaluated the judgements made by management for timing of when main components should become part of the individual project by inspecting contract terms related to transfer of control of main components. As for estimated costs to complete we evaluated the estimated contract cost and risk contingencies, and discussed these with construction accounting, project management and group management including attending selected project steering committee meetings. Finally, we evaluated Management’s estimates related to recoverability rates of US tariff costs by reviewing contractual language and legal assessments. For Service, we tested the appropriateness of management’s judgements in determining whether service contract modifications should be accounted for as a separate contract or as part of the original contract. In addition, we evaluated the assessments made by management regarding the estimated costs to complete and evaluated these by comparing to trends in cost levels, historical cost updates, operational performance etc. We also discussed these with service accounting, project management and group management. Finally, we audited the disclosures included in the notes including compliance with IFRS 15. 191Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Independent Auditor’s Reports Statement on the management commentary Management is responsible for the management commentary. Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent financial statements, our respon si- bility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by the Danish Financial Statements Act. This does not include the requirements in section 99a related to the sustainability statement covered by the separate auditor’s limited assurance report hereon. Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act except for the requirements in section 99a related to the sustain- ability statement cf. above. We did not identify any material misstatement in the management commentary. Management’s responsibilities for the consolidated financial state- ments and the parent financial statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark as well as the preparation of parent financial statements that give a true and fair view in accord- ance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group’s and the Parent’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assur- ance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and these parent financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ż Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, Key audit matter How the matter was addressed in our audit Warranty provisions Refer to note 3.6 in the consolidated financial statements. The Group’s product warranties cover the ex pected costs to repair or replace defective com ponents or those with functional errors. Typically, warranties are granted for a two-year period from the legal transfer of the wind turbine or power plant. However, in cer- tain cases, warranties can extend up to five years. The Group’s warranty provisions involve significant Management estimates including measurement un certainty as provisions are based on expected failure rates of components and the estimated costs to re pair or replace them. Subsequent changes to these assumptions may lead to significant changes to the recorded provision levels. Consequently, we considered this to be a key audit matter. Tax risk provisions Refer to notes 5.1 and 5.2 in the consolidated financial statements. The Group is subject to income tax in many countries globally. The global activities result in that the Group may be subject to disputes on allocation of profits between different tax jurisdictions. Management is assessing the expected outcome of such tax disputes which is accounted for in provision for uncertain tax positions. Further, the Group recognises deferred tax assets, including the tax value of tax loss carry-forwards, based on management’s assessment of the amount of tax assets that can be used in the foreseeable future. Therefore, significant Management judgements and estimates are required to determine the consolidated and parent company income tax, provisions for uncertain tax positions and recognition and measurement of deferred income tax. Consequently, we considered this to be a key audit matter. As part of our procedures, we obtained an understanding of the business processes, policies, and internal controls relevant to warranty provisions. Further, we evaluated the design and tested the operating effectiveness of selected controls in this area. On a sample basis, we interviewed project managers and management to understand and challenge the estimates for selected warranty cases. We cor roborated the information presented to us with underlying support and evaluated the appropriateness of the calculations made by manage- ment. As part of this, we evaluated management’s methodology, assump- tions, data, and models used for calculating the warranty provisions. Finally, we performed a retrospective review of historical provisions to assess management’s estimation accuracy and to assess whether the total war ranty provisions held at year-end were sufficient to cover expected costs in light of known and expected cases. Finally, we audited the disclosures included in the notes including compliance with IAS 37. As part of our procedures, we obtained an understanding of the business processes, policies, and internal controls relevant to corporate tax including uncertain tax positions and valuation of deferred tax assets. For a number of selected uncertain tax positions, we performed detailed testing, including understanding and testing of Management’s judgement and estimates. We involved tax specialists to evaluate and test the ade- quacy of assumptions, including Management’s use of specialists to deter- mine tax risk provisions. For the underlying tax risk provision calculations, we tested mathematical accuracy and consistency of data and the models applied. We evaluated the model for valuation of deferred tax assets, including data used to estimate expected future taxable income. We performed a retro spective review by considering historical outcome of accounting estimates made in prior year. Finally, we audited the disclosures included in the notes including compli- ance with IAS 12. 192Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Independent Auditor’s Reports forgery, intentional omissions, misrepresentations, or the override of internal control. ż Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro- priate in the circumstances, but not for the purpose of ex pressing an opinion on the effectiveness of the Group’s and the Parent’s internal control. ż Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ż Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern. ż Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent finan- cial statements, including the disclosures in the notes, and whether the consolidated financial statements and the par ent financial statements represent the underlying trans actions and events in a manner that gives a true and fair view. ż Plan and perform the group audit to obtain sufficient ap propriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial state ments and the parent financial statements. We are respon sible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regard- ing, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a state- ment that we have complied with relevant ethical require- ments regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, safeguards put in place and measures taken to eliminate threats. From the matters communicated with those charged with gover nance, we determine those matters that were of most signifi cance in the audit of the consolidated financial state- ments and the parent financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter. Report on compliance with the ESEF Regulation As part of our audit of the consolidated financial statements and the parent financial statements of Vestas Wind Systems A/S we performed procedures to express an opinion on whether the annual report for the financial year 1 January – 31 De cember 2025, with the file name VWS-2025-12-31-1-en. zip, is pre pared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: ż The preparing of the annual report in XHTML format; ż The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the an- choring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary; ż Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and ż For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: ż Testing whether the annual report is prepared in XHTML format; ż Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; ż Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes; ż Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ż Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and ż Reconciling the iXBRL tagged data with the audited consolidated financial statements. In our opinion, the annual report of Vestas Wind Systems A/S for the financial year 1 January – 31 December 2025, with the file name VWS-2025-12-31-1-en.zip, is prepared, in all material respects, in compliance with the ESEF Regulation. Copenhagen, 5 February 2026 Deloitte Statsautoriseret Revisionspartnerselskab CVR-nr. 33963556 Anders Vad Dons State Authorised Public Accountant mne25299 Lars Siggaard Hansen State Authorised Public Accountant mne32208 193Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Independent auditor’s limited assurance report on Sustainability statement To the stakeholders of Vestas Wind Systems A/S Limited assurance conclusion We have conducted a limited assurance engagement on the sustainability statement of Vestas Wind Systems A/S (the “Group”) included in the management’s commentary (the “sustainability statement”), for the financial year 1 January – 31 December 2025. Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the sustainability statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act section 99 a, including: ż compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the sustainability statement (the “Process”) is in accordance with the description set out in the subsection Double materiality assessment process; and ż compliance of the disclosures in the subsection EU Taxon- omy within the environmental section of the sustainability statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”). Basis for conclusion We conducted our limited assurance engagement in accor- dance with ISAE 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information, and additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a rea- sonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the “Auditor’s responsibilities for the assurance engagement” section of our report. Our independence and quality management We are independent of the Group in accordance with the Inter- national Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Deloitte Statsautoriseret Revisionspartnerselskab applies International Standard on Quality Management 1, ISQM1, which requires the firm to design, implement and operate a system of quality management including policies or proce- dures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Other matter The comparative information included in the sustainability statement of the Group for the financial year 2023 and previous years was not subject to an assurance engagement. Our conclusion is not modified in respect of this matter. Inherent limitations in preparing the sustainability statement In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. Management’s responsibilities for the sustainability statement Management is responsible for designing and implementing a process to identify the information reported in the sus tain- ability statement in accordance with the ESRS and for dis clos- ing this Process as included in the subsection Double ma te- riality assessment process of the sustainability statement. This re sponsibility includes: ż understanding the context in which the Group’s activities and business relationships take place and developing an understanding of its affected stakeholders; ż the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could rea son ably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term; ż the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and ż making assumptions that are reasonable in the circumstances. Management is further responsible for the preparation of the sustainability statement, in accordance with the Danish Financial Statements Act section 99a, including: ż compliance with the ESRS; ż preparing the disclosures as included in the subsection EU Taxonomy within the environmental section of the sustainability statement, in compliance with Article 8 of the Taxonomy Regulation; ż designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the sustainability statement that is free from material misstatement, whether due to fraud or error; and ż the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. Auditor’s responsibilities for the assurance engagement Our objectives are to plan and perform the assurance en gage- ment to obtain limited assurance about whether the sustain- ability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence de cisions of users taken on the basis of the sustainability state ment as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include: ż Obtaining an understanding of the Process but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; ż Considering whether the information identified addresses the applicable disclosure requirements of the ESRS, and ż Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in the subsection Double materiality assessment process. Our other responsibilities in respect of the sustainability statement include: ż Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and ż Designing and performing procedures responsive to dis- closures in the sustainability statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve col lusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Summary of the work performed A limited assurance engagement involves performing proce- dures to obtain evidence about the sustainability statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the sustainability statement. In conducting our limited assurance engagement, with respect to the Process, we: ż Obtained an understanding of the Process by performing inquiries to understand the sources of the information used 194Vestas Annual Report 2025 Our business Sustainability statement Financial statements Auditor and management statements Independent auditor’s limited assurance report on Sustainability statement by management; and reviewing the Group’s internal docu- mentation of its Process; and ż Evaluated whether the evidence obtained from our proce- dures about the Process implemented by the Group was consistent with the description of the Process set out in the subsection Double materiality assessment process. In conducting our limited assurance engagement, with respect to the sustainability statement, we: ż Obtained an understanding of the Group’s reporting processes relevant to the preparation of its sustainability statement including the consolidation processes by obtaining an understanding of the Group’s control environ- ment, processes and information systems relevant to the preparation of the sustainability statement but not eval- uating the design of particular control activities, obtaining evidence about their implementation or testing their oper ating effectiveness; ż Evaluated whether material information identified by the Process is included in the sustainability statement; ż Evaluated whether the structure and the presentation of the sustainability statement are in accordance with the ESRS; ż Performed inquiries of relevant personnel and analytical procedures on selected information in the sustainability statement; ż Performed substantive assurance procedures on selected information in the sustainability statement; ż Evaluated methods, assumptions and data for developing material estimates and forward-looking information and how these methods were applied; and ż Obtained an understanding of the process to identify tax- on omy-eligible and taxonomy-aligned economic acti vities and the corresponding disclosures in the sustain ability statement. Copenhagen, 5 February 2026 Deloitte Statsautoriseret Revisionspartnerselskab CVR-nr. 33963556 Anders Vad Dons State Authorised Public Accountant mne25299 Lars Siggaard Hansen State Authorised Public Accountant mne32208 Want to read more? Find the full reporting for 2025 at vestas.com Our Corporate Governance Report Prepared in accordance with section 107b of the Danish Financial State ments Act. Describes our compliance with the Danish Commit - tee on Corporate Governance recommendations. Our Remuneration Report Prepared in accordance with the EU Shareholder Rights Directive II and contains a transparent and comprehensive overview of the remuneration of our Board and Executive Management. Vestas Wind Systems A/S Hedeager 42 DK-8200 Aarhus N Tel: +45 9730 0000 vestas@vestas.com vestas.com © Vestas 2026 This document was created by Vestas Wind Systems A/S and contains copyrighted material, trademarks and other proprietary information. All rights reserved. No part of the document may be reproduced or copied in any form or by any means such as graphic, electronic or mechanical, including photocopying, taping or information storage and retrieval systems, without the prior written permission of Vestas Wind Systems A/S. All specifications are for information only and are subject to change without notice. Vestas does not make any representations or extend any warranties, expressed or implied, as to the adequacy or accuracy of this information. 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