Vestas Wind Systems — Earnings Release 2022

Nov 2, 2022

Vestas.

Company announcement from Vestas Wind Systems A/S

Aarhus, 2 November 2022

Company announcement no. 20/2022

Page 1 of 2

Adjustment of financial outlook for 2022

In the third quarter of 2022, the business environment with supply chain instability and cost inflation did not wane. Additionally, delays on project deliveries lead to higher costs related to executing on customer commitments. Consequently, Vestas is adjusting the full-year guidance:

• Revenue is now expected to range between EUR 14.5bn and 15.5bn (previously EUR 14.5bn-16.0bn)
• EBIT margin before special items is adjusted to approx. (5) percent (previously (5)-0 percent)
• Total investments (excl. acquisitions of subsidiaries, joint ventures, associates, and financial investments) are now expected to amount to approx. EUR 850m (previously approx. EUR 1,000m)

Service revenue is now expected to grow min. 20 percent (previously min. 10 percent) due to strong performance and additional repowering activities. The Service EBIT margin before special items is now expected to be approx. 22 percent (previously approx. 23 percent).

It should be emphasised that there is greater uncertainty than usual around forecasts related to execution in 2022, and the outlook seeks to take into account the current situation and challenges.

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 with a project has passed to the customer, either at a point in time or over time. Disruptions in production and challenges in relation to shipment of wind turbines and installation hereof, for example bad weather, lack of grid connections, and similar matters, may thus cause delays that could affect Vestas' financial results for 2022. Further, the full-year results may also be impacted by movements in exchange rates from current levels.

Vestas publishes its Interim Financial Report, Third Quarter 2022 on 2 November 2022.

Contact details

Vestas Wind Systems A/S, Denmark

Mathias Dalsten, Vice President

Investor Relations

Tel: +45 2829 5383

Vestas Wind Systems A/S

Hedeager 42, 8200 Aarhus N, Denmark

Tel: +45 9730 0000, vestas@vestas.com, www.vestas.com

Company Reg. No.: 10 40 37 82

Company Reg. Name: Vestas Wind Systems A/S

Classification: Public

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Vestas

Disclaimer and cautionary statement

This document contains forward-looking statements concerning Vestas' financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.

Forward-looking statements include, among other things, statements concerning Vestas' potential exposure to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections, and assumptions. A number of factors that affect Vestas' future operations and could cause Vestas' results to differ materially from those expressed in the forward-looking statements included in this document, include (without limitation): (a) changes in demand for Vestas' products; (b) currency and interest rate fluctuations; (c) loss of market share and industry competition; (d) environmental and physical risks, including adverse weather conditions; (e) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (f) economic and financial market conditions in various countries and regions; (g) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, and delays or advancements in the approval of projects; (h) ability to enforce patents; (i) product development risks; (j) cost of commodities; (k) customer credit risks; (l) supply of components; and (m) customer created delays affecting product installation, grid connections and other revenue-recognition factors.

All forward-looking statements contained in this document are expressly qualified by the cautionary statements contained or referenced to in this statement. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in Vestas' Annual Report for the year ended 31 December 2021 (available at vestas.com/investor) and these factors also should be considered. Each forward-looking statement speaks only as of the date of this document. Vestas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events other than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.

Vestas Wind Systems A/S

Hedeager 42, 8200 Aarhus N, Denmark

Tel: +45 9730 0000, vestas@vestas.com, www.vestas.com

Company Reg. No.: 10 40 37 82

Company Reg. Name: Vestas Wind Systems A/S