Key Partners
- Component and raw-material suppliers — steel, composites and parts; Vestas also sets supplier sustainability standards (FACT).
- Strategic customers — EnBW (He Dreiht, 960 MW offshore) and DTEK (Tyligulska, 384 MW order) (FACT).
- Copenhagen Infrastructure Partners — Vestas owns 25%, with project-by-project cooperation (FACT).
- U.S. credits — €181M of Advanced Manufacturing Production Credits recognized in 2025 against production costs (FACT).
- Recycling — Stena Recycling test bed in Sweden for blade recycling (FACT).
Key Activities
- Design — own onshore (EnVentus V172-7.2 MW) and offshore (V236-15.0 MW) turbine platforms (FACT).
- Make — offshore nacelles in Lindø and Szczecin; blades in Nakskov, Taranto and Windsor (FACT).
- Install and commission — Supply-and-installation and turnkey (EPC) projects (FACT).
- Service — about 16,000 employees in 65 countries on long subscription-type contracts (FACT).
- Develop — 28.2 GW pipeline; 102 MW of orders from development projects in 2025 (FACT).
Key Resources
- Installed base — 201 GW at end 2025; 207 GW at Jun 30, 2026 (FACT).
- People — 36,973 FTEs at Dec 2025; 39,520 at Jun 2026 (FACT).
- Assets — €3.44B intangibles and €2.79B property, plant and equipment, Dec 2025 (FACT).
- Cash — €4.38B at Dec 31, 2025 (FACT).
- Platforms — EnVentus onshore and V236-15.0 MW offshore (FACT).
Value Propositions
- Own turbine platforms — EnVentus onshore, V236-15.0 MW offshore (FACT).
- Whole-lifecycle responsibility — installation, commissioning and service from one supplier (FACT).
- Climate benefit — 463 Mt CO2e expected to be avoided over the life of 2025 shipments (FACT).
- Recyclability — 94% for hub and blade and 97% for the total turbine (FACT).
- Caveat — offshore ramp-up was slower than planned (FACT).
Customer Relationships
- Orders — firm and unconditional; customers pay in stages (FACT).
- Warranty — usually two years, sometimes up to five (FACT).
- Service — average backlog duration 11 years; Customer NPS for Service 44 (FACT).
- Recovery plan — renegotiating or exiting multibrand contracts (FACT).
- Customer partnerships — EnBW, DTEK and CIP are named examples (FACT).
Channels
- Regions — EMEA, Americas, Asia Pacific (FACT).
- Auctions — German onshore 14.4 GW awarded in 2025; UK AR7 awarded 8.4 GW offshore (FACT, as cited by Vestas).
- Service teams — around 16,000 people in 65 countries (FACT).
- Development — 28.2 GW pipeline mostly in Australia, the USA and Brazil (FACT).
- Order intake Q2 2026 — 3,349 MW: EMEA 1,522, Americas 1,759, Asia Pacific 68 (FACT).
Customer Segments
- USA — €4,439M of FY2025 revenue (about 24% INFERENCE) (FACT).
- Germany — €2,733M; Brazil €1,263M; Denmark €440M (FACT).
- EMEA €9,923M · Americas €6,828M · Asia Pacific €2,071M in FY2025 (FACT).
- Offshore customers — €10.1B of the Dec 2025 turbine backlog was offshore (FACT).
- Service customers — owners of Vestas turbines and, for now, some of other brands (FACT).
Cost Structure
- Production costs — €16,325M in FY2025, incl. warranty (FACT).
- R&D €424M · distribution €545M · administration €461M in FY2025 (FACT).
- Staff costs €2,835M; D&A and impairment €1,038M in FY2025 (FACT).
- Warranty — €600M net, 3.2% of revenue (FACT).
- Investments — €1,251M in FY2025; about €1.2B expected in 2026 (FACT).
Revenue Streams
- FY2025 revenue — €18,822M (+9%); Power Solutions €15,052M, Service €3,770M (FACT).
- FY2025 profit — gross profit €2,497M; EBIT before special items €1,067M; net profit €780M (FACT).
- Deliveries — 14,537 MW in 2025 (+12.7%), of which 1,977 MW offshore (FACT).
- H1 2026 — revenue €8,689M (+20.5%); net profit €355M (FACT).
- Recurring base — service backlog €38.7B at Dec 2025; €40.9B at Jun 2026 (FACT).