Vestas Wind Systems A/S (Copenhagen: VWS) — research brief (BMC #069 on gallery, queue id 68)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by Vestas in its Annual Report 2025 (fiscal year ended 31 Dec 2025, published 5 Feb 2026) or its Interim Report for Q2 2026 (12 Aug 2026). SECONDARY = none used. INFERENCE = ratios or sums computed by this project from company numbers.

Sources (accessed 2026-10-11)

Annual Report 2025: https://www.vestas.com/content/dam/vestas-com/global/en/investor/reports-and-presentations/financial/2025/fy-2025/Vestas%20Annual%20Report%202025.pdf.coredownload.inline.pdf
Company announcement, FY2025: https://www.vestas.com/en/media/company-news/2026/vestas-annual-report-2025---generating-value-amidst-gro-c4302973
Interim Report Q2 2026 (Company Announcement 45/2026): https://www.vestas.com/content/dam/vestas-com/global/en/investor/reports-and-presentations/financial/2026/q2-2026/260812_45_Company_Announcement.pdf.coredownload.inline.pdf
Logo: project monogram ("V" on a blue tile), not Vestas' official mark. Trademark of Vestas; identification only.

Teaching arc

Design own wind turbines, build the big parts in own factories, sell and install them on staged-payment contracts to wind-farm owners — then keep earning from servicing the same turbines for a decade or more. Turbine projects are the bulk of revenue; Service is the steadier, higher-margin leg that is mid-recovery; offshore ramp-up and warranty are the pressure points.

Key numbers (FACT unless noted; EUR)

FY2025 (Annual Report)

Revenue €18,822M (2024 €17,295M, +8.8%; 2023 €15,382M). Currency effect −€554M. Power Solutions €15,052M (+10.7%); Service €3,770M (+2.0%).
Geography by supply point: EMEA €9,923M, Americas €6,828M, Asia Pacific €2,071M (2024 €2,538M). USA €4,439M, Germany €2,733M, Brazil €1,263M, Denmark €440M (Note 1.1).
Production costs €16,325M; gross profit €2,497M (13.3%; 2024 11.9%). R&D €424M, distribution €545M, administration €461M. EBIT before special items €1,067M (5.7%; 2024 €741M, 4.3%); special items −€52M; EBIT €1,015M; net financial items +€17M; tax €259M (25%); net profit €780M (2024 €494M; 2023 €78M; 2022 −€1,572M).
Warranty cost €600M net, 3.2% of revenue (2024 €737M, 4.3%). Warranty provision €1,929M. Standard warranty usually two years, sometimes up to five.
Power Solutions EBIT before special items €817M (5.4%); Service EBIT €626M (16.6%; 2024 12.1%); "not allocated" costs −€376M.
Orders: 16,292 MW / €17.4B (2024 16,844 MW / €19.2B); ASP €1.07M per MW (2024 €1.14M). Deliveries 14,537 MW (+12.7%), incl. 1,977 MW offshore. Order backlog turbines €33.2B (31,026 MW; €10.1B offshore); Service €38.7B (avg. duration 11 years); total €71.9B.
Service: 161 GW under service (more than 56,000 turbines, 72 countries); ~16,000 service employees in 65 countries; Customer NPS for Service 44; recovery plan runs through 2026; exiting/renegotiating multibrand contracts.
Development: 28.2 GW pipeline; EBIT €11M; 102 MW of orders from development projects; Vestas owns 25% of Copenhagen Infrastructure Partners.
Cash flow: operations €2,286M; total investments €1,251M; adjusted free cash flow €830M (2024 €1,095M). Cash €4,384M. Contract liabilities €9,270M (of which service €3,092M); net working capital −€3,127M. Supplier-finance liabilities €618M.
Costs: staff costs €2,835M; depreciation, amortization and impairment €1,038M (2024 €864M). IRA Advanced Manufacturing Production Credits recognized €181M (offset against production costs).
People: 36,973 FTEs at year-end. Installed 201 GW in 88 countries. Expected lifetime CO2e avoided by 2025 shipments: 463 Mt. Recyclability: hub and blade 94%, total turbine 97%.
Payout: Board proposed €400M total (€100M dividend, €150M buyback starting Feb 2026, plus €150M already bought back in Q4 2025).

H1 / Q2 2026 (Interim Report)

Q2 revenue €4,723M (+26.1%); H1 revenue €8,689M (+20.5%; H1 2025 €7,213M). Power Solutions H1 €6,958M (+30.2%); Service H1 €1,731M (−7.3%).
Q2 EBIT before special items €446M (9.4%; Q2 2025 1.5%); H1 €573M (6.6%); H1 profit for the period €355M (H1 2025 €39M). Q2 special items €27M, mostly Operating Model Reset.
H1 operating cash flow €130M; adjusted free cash flow −€439M (H1 2025 −€552M). Interest-bearing debt €3,535M.
Q2 order intake 3,349 MW / €3.4B (+67% MW), no offshore; ASP €1.00M per MW. Backlog Jun 30, 2026: turbines €36.0B (32,557 MW; €12.0B offshore), Service €40.9B (avg. duration 11 years), total €76.9B. 207 GW installed; 166 GW under service.
Outlook 2026 raised: revenue €20–22B (unchanged), EBIT margin before special items 7–9% (was 6–8%), investments ~€1.2B; new €400M buyback. Q2 acquisition of blade factories in India and Mexico (employees 39,520).

Caveats

Sums and percentages marked INFERENCE (intangibles + PP&E; USA share ≈ 24%; production costs ≈ 87% of revenue) are computed from company-stated figures.
No customer-concentration percentages were found in the sections reviewed, so none are claimed. The sales-force structure is not described in the reviewed sections.
Vestas reports in EUR; the atlas ranking converts at a fixed reference rate for ordering only.

# Vestas Wind Systems A/S (Copenhagen: VWS) — research brief (BMC #069 on gallery, queue id 68) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by Vestas in its Annual Report 2025 (fiscal year ended 31 Dec 2025, published 5 Feb 2026) or its Interim Report for Q2 2026 (12 Aug 2026). **SECONDARY** = none used. **INFERENCE** = ratios or sums computed by this project from company numbers. ## Sources (accessed 2026-10-11) - Annual Report 2025: https://www.vestas.com/content/dam/vestas-com/global/en/investor/reports-and-presentations/financial/2025/fy-2025/Vestas%20Annual%20Report%202025.pdf.coredownload.inline.pdf - Company announcement, FY2025: https://www.vestas.com/en/media/company-news/2026/vestas-annual-report-2025---generating-value-amidst-gro-c4302973 - Interim Report Q2 2026 (Company Announcement 45/2026): https://www.vestas.com/content/dam/vestas-com/global/en/investor/reports-and-presentations/financial/2026/q2-2026/260812_45_Company_Announcement.pdf.coredownload.inline.pdf - Logo: project monogram ("V" on a blue tile), **not** Vestas' official mark. Trademark of Vestas; identification only. ## Teaching arc **Design own wind turbines, build the big parts in own factories, sell and install them on staged-payment contracts to wind-farm owners — then keep earning from servicing the same turbines for a decade or more. Turbine projects are the bulk of revenue; Service is the steadier, higher-margin leg that is mid-recovery; offshore ramp-up and warranty are the pressure points.** ## Key numbers (FACT unless noted; EUR) **FY2025 (Annual Report)** - Revenue €18,822M (2024 €17,295M, +8.8%; 2023 €15,382M). Currency effect −€554M. Power Solutions €15,052M (+10.7%); Service €3,770M (+2.0%). - Geography by supply point: EMEA €9,923M, Americas €6,828M, Asia Pacific €2,071M (2024 €2,538M). USA €4,439M, Germany €2,733M, Brazil €1,263M, Denmark €440M (Note 1.1). - Production costs €16,325M; gross profit €2,497M (13.3%; 2024 11.9%). R&D €424M, distribution €545M, administration €461M. EBIT before special items €1,067M (5.7%; 2024 €741M, 4.3%); special items −€52M; EBIT €1,015M; net financial items +€17M; tax €259M (25%); net profit €780M (2024 €494M; 2023 €78M; 2022 −€1,572M). - Warranty cost €600M net, 3.2% of revenue (2024 €737M, 4.3%). Warranty provision €1,929M. Standard warranty usually two years, sometimes up to five. - Power Solutions EBIT before special items €817M (5.4%); Service EBIT €626M (16.6%; 2024 12.1%); "not allocated" costs −€376M. - Orders: 16,292 MW / €17.4B (2024 16,844 MW / €19.2B); ASP €1.07M per MW (2024 €1.14M). Deliveries 14,537 MW (+12.7%), incl. 1,977 MW offshore. Order backlog turbines €33.2B (31,026 MW; €10.1B offshore); Service €38.7B (avg. duration 11 years); total €71.9B. - Service: 161 GW under service (more than 56,000 turbines, 72 countries); ~16,000 service employees in 65 countries; Customer NPS for Service 44; recovery plan runs through 2026; exiting/renegotiating multibrand contracts. - Development: 28.2 GW pipeline; EBIT €11M; 102 MW of orders from development projects; Vestas owns 25% of Copenhagen Infrastructure Partners. - Cash flow: operations €2,286M; total investments €1,251M; adjusted free cash flow €830M (2024 €1,095M). Cash €4,384M. Contract liabilities €9,270M (of which service €3,092M); net working capital −€3,127M. Supplier-finance liabilities €618M. - Costs: staff costs €2,835M; depreciation, amortization and impairment €1,038M (2024 €864M). IRA Advanced Manufacturing Production Credits recognized €181M (offset against production costs). - People: 36,973 FTEs at year-end. Installed 201 GW in 88 countries. Expected lifetime CO2e avoided by 2025 shipments: 463 Mt. Recyclability: hub and blade 94%, total turbine 97%. - Payout: Board proposed €400M total (€100M dividend, €150M buyback starting Feb 2026, plus €150M already bought back in Q4 2025). **H1 / Q2 2026 (Interim Report)** - Q2 revenue €4,723M (+26.1%); H1 revenue €8,689M (+20.5%; H1 2025 €7,213M). Power Solutions H1 €6,958M (+30.2%); Service H1 €1,731M (−7.3%). - Q2 EBIT before special items €446M (9.4%; Q2 2025 1.5%); H1 €573M (6.6%); H1 profit for the period €355M (H1 2025 €39M). Q2 special items €27M, mostly Operating Model Reset. - H1 operating cash flow €130M; adjusted free cash flow −€439M (H1 2025 −€552M). Interest-bearing debt €3,535M. - Q2 order intake 3,349 MW / €3.4B (+67% MW), no offshore; ASP €1.00M per MW. Backlog Jun 30, 2026: turbines €36.0B (32,557 MW; €12.0B offshore), Service €40.9B (avg. duration 11 years), total €76.9B. 207 GW installed; 166 GW under service. - Outlook 2026 raised: revenue €20–22B (unchanged), EBIT margin before special items 7–9% (was 6–8%), investments ~€1.2B; new €400M buyback. Q2 acquisition of blade factories in India and Mexico (employees 39,520). ## Caveats - Sums and percentages marked INFERENCE (intangibles + PP&E; USA share ≈ 24%; production costs ≈ 87% of revenue) are computed from company-stated figures. - No customer-concentration percentages were found in the sections reviewed, so none are claimed. The sales-force structure is not described in the reviewed sections. - Vestas reports in EUR; the atlas ranking converts at a fixed reference rate for ordering only.