Vestas Wind Systems
Renewable energy·VWS · Nasdaq Copenhagen·Fiscal year to 31/12/2025
The world's largest manufacturer of wind turbines, with both onshore and offshore solutions and factories and projects across continents. Earnings are closely tied to political support for the green transition (subsidies, climate policy) and have historically swung with raw material prices and supply chain problems.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Artificial intelligence
Technology
DriverPositive impact: strengthens
“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 economies 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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Top 5 wind average 32% 42% 3% 3% Ireland 29% 47% 37% 7% Sweden 53% 18% 10% 4% Denmark 28% 37% 18% 6% Netherlands 4% 43% 23% 8% Latvia | Wind Solar Hydro Nuclear Gas Bio energy Hard coal Lignite 1% 33% 19% 15% 1% 45% 38% 8% Czechia 0% 41% 37% 22% | EUR/MWh Bottom 5 wind average 27% 15% 15% 14% Germany HungarySlovenia 0% 69% 18% 11% | Slovakia 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).”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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™.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Support partners in becoming increasingly resilient • Onboarding our customers in our Cyber Security Service Framework.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, Vestas continued to strengthen its cyber risk management programme to help customers protect their energy production assets from cyber threats. Our Cyber Security Services Framework provides a long- term quantitative foundation for understanding and managing cyber risks.”
Annual report 2025A · The company itself
Market
“We are developing cyber security services aimed at helping our customers navigate cyber risks effectively, fulfil industry requirements and standards, and uphold their responsibilities.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Renewables auctions and subsidies
Regulation
DriverPositive impact: strengthens
“As an example, the German market had 14.4 GW of onshore wind awarded through their auction systems in 2025.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Inadequate grid expansion, ineffective auction design and permit delays could increase costs, hinder investments, and reduce the viability of wind deployment.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Advocacy for improved auction designs, such as rewarding mature technology and moving away from uncapped negative bidding, is yielding positive results.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“• Accelerate the energy transition via policy engagement, industry partnerships, and active participation in global forums.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Electrification
Technology
DriverPositive impact: strengthens
“Top 5 wind average 32% 42% 3% 3% Ireland 29% 47% 37% 7% Sweden 53% 18% 10% 4% Denmark 28% 37% 18% 6% Netherlands 4% 43% 23% 8% Latvia | Wind Solar Hydro Nuclear Gas Bio energy Hard coal Lignite 1% 33% 19% 15% 1% 45% 38% 8% Czechia 0% 41% 37% 22% | EUR/MWh Bottom 5 wind average 27% 15% 15% 14% Germany HungarySlovenia 0% 69% 18% 11% | Slovakia 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).”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, we signed an agreement with Clever to install 160 chargers across our Danish facilities, supporting the continued electrification of our operations.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“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.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Key inputs to Vestas’ value chain include raw materials, capital employed, energy and employee working hours.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The interests, views, and rights of our workforce are fundamental to shaping our strategy and business model. We believe that a motivated and engaged workforce is pivotal to achieving our strategic objectives.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Finally, recognising that safety outcomes depend on everyone involved in our work, we are also extending these expectations across our value chain.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We work with human rights according to the United Nations Guiding Principles on Business and Human Rights and Organisation 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.”
Annual report 2025A · The company itself
Wind power
Technology
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Market
“We operate globally with a track record of 201 GW capacity installed in 88 countries. Our main customers are utility companies, developers, infrastructure funds, and independent power producers that develop and operate wind farms to integrate renewable energy into their portfolios.”
Annual report 2025A · The company itself
Market
“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 subscriptionbased contracts, making their assets operate more effectively.”
Annual report 2025A · The company itself
Market
“Onshore order intake of 13.7 GW In 2025, we maintained our market leadership with an Onshore order intake of 13.7 GW.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“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).”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“We also develop new wind power projects, expanding market opportunities and supporting the growth of our global partners.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Circular economy and recycling
Regulation
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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).”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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. 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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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).”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Produce zero-waste wind turbines by 2040 Design for circularity • Advance design principles for recyclability and circularity. • Scaling innovative blade recycling solution.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Consumer spending
Macro
DriverNegative impact: weakens
“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. 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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“With our robust project pipeline, plus the need for affordable, secure and sustainable energy, the outlook for our Development business remains positive.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, our underlying Lost Production Factor continued to improve, reflecting our heightened focus on quality within the organisation.”
Annual report 2025A · The company itself
Market
“Our annual Customer Loyalty Survey saw sustained high levels of customer satisfaction and a Customer Net Promoter Score for Service of 44.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Utilities
End markets
Market
“Our main customers are utility companies, developers, infrastructure funds, and independent power producers that develop and operate wind farms to integrate renewable energy into their portfolios.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“The main features in the downstream value chain are related to selling wind power plants and providing service to customers and asset managers.”
Annual report 2025A · The company itself
Automation and robotics
Technology
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“• Accelerate the energy transition via policy engagement, industry partnerships, and active participation in global forums.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Oil
Raw materials and inputs
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Public sector
End markets
Market
“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.”
Annual report 2025A · The company itself
Market
“The main features in the downstream value chain are related to selling wind power plants and providing service to customers and asset managers.”
Annual report 2025A · The company itself
Batteries and energy storage
Technology
Market
“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.”
Annual report 2025A · The company itself
Carbon tax and ETS prices
Regulation
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Digitalisation
Technology
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Electricity
Raw materials and inputs
Market
“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.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Industrial manufacturing
End markets
Market
“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.”
Annual report 2025A · The company itself
Labour regulation
Regulation
StrategyPositive impact: strengthens
“In 2025, we strengthened our supplier due diligence process through automation, ensuring a stronger level of control and data quality.”
Annual report 2025A · The company itself
Europe
Geography
DriverPositive impact: strengthens
“The offshore market segment, despite recent challenges, is expected to grow faster from a lower base. 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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“As an example, the German market had 14.4 GW of onshore wind awarded through their auction systems in 2025.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The increased revenue was primarily driven by Offshore projects in Power Solutions.”
Annual report 2025A · The company itself
Geography
“Onshore Performance in 2025 Changing market conditions In 2025, the environment for onshore wind solutions saw improvements 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.”
Annual report 2025A · The company itself
Geography
“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.”
Annual report 2025A · The company itself
Geography
“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.”
Annual report 2025A · The company itself
United States
Geography
DriverPositive impact: strengthens
“The offshore market segment, despite recent challenges, is expected to grow faster from a lower base. 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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Geography
“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.”
Annual report 2025A · The company itself
Geography
“In the USA, we saw a continued good level of order intake of 3.0 GW, compared to 3.2 GW in 2024.”
Annual report 2025A · The company itself
Geography
“The vast majority of our pipeline is located in our core markets of Australia, the USA, and Brazil.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Geopolitical tensions, trade disruptions and protectionist measures challenged supply chains and increased costs, ultimately impacting power prices.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the USA, regulatory changes made future clean energy investments less attractive compared to previously. Nonetheless, the enactment and subsequent guidelines provided much-needed clarification for the industry, although tariff uncertainty remains.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Although ongoing geopolitical and tariff risks are likely to cause uncertainty, we expect revenue growth in 2026, driven by Power Solutions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Data centres
Technology
DriverPositive impact: strengthens
“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 economies 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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Power grid expansion
Technology
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Inadequate grid expansion, ineffective auction design and permit delays could increase costs, hinder investments, and reduce the viability of wind deployment.”
Annual report 2025A · The company itself
Chains in: Electricity strengthens, Electrification strengthens, Energy security strengthens, Wind power strengthens, Reconstruction of Ukraine strengthens
Denmark
Geography
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Global trade volumes
Macro
DriverNegative impact: weakens
“Geopolitical tensions, trade disruptions and protectionist measures challenged supply chains and increased costs, ultimately impacting power prices.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Although ongoing geopolitical and tariff risks are likely to cause uncertainty, we expect revenue growth in 2026, driven by Power Solutions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Conflicts in Ukraine and the Middle East continued to disrupt regional stability, affecting global supply chains and business operations.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Asia and emerging markets
Geography
DriverPositive impact: strengthens
“The offshore market segment, despite recent challenges, is expected to grow faster from a lower base. 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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The increased revenue was primarily driven by Offshore projects in Power Solutions.”
Annual report 2025A · The company itself
Geography
“In Brazil, we recorded 0.8 GW of order intake compared to zero in 2024.”
Annual report 2025A · The company itself
Geography
“The vast majority of our pipeline is located in our core markets of Australia, the USA, and Brazil.”
Annual report 2025A · The company itself
Rare earths and critical raw materials
Raw materials and inputs
DriverNegative impact: weakens
“Biodiversity impact, social due diligence, anti-bribery and corruption and assessments of human rights impact on project level.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We mapped EU Critical Raw Materials in our components to improve transparency and identify risks earlier.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Mapping of EU Critical Raw materials finalised The mapping will support human-risk mitigation and responsible-sourcing strategies.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“With our robust project pipeline, plus the need for affordable, secure and sustainable energy, the outlook for our Development business remains positive.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Energy security
Regulation
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine strengthens
Chains out: this strengthens Wind power, strengthens Power grid expansion
Steel
Raw materials and inputs
DriverNegative impact: weakens
“Low-emission steel, recycling of blades and Vestas’ contribution towards mutual decarbonisation targets.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Key inputs to Vestas’ value chain include raw materials, capital employed, energy and employee working hours.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Aluminium
Raw materials and inputs
InputNegative impact: weakens
“Key inputs to Vestas’ value chain include raw materials, capital employed, energy and employee working hours.”
Annual report 2025A · The company itself
Currency exposure
Macro
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Export controls and China relations
Regulation
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“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. 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.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Interest rates
Macro
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Sea freight and freight rates
Raw materials and inputs
InputNegative impact: weakens
“Geopolitical tensions, trade disruptions and protectionist measures challenged supply chains and increased costs, ultimately impacting power prices.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“Key inputs to Vestas’ value chain include raw materials, capital employed, energy and employee working hours.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Subcontractors and haulage capacity
Raw materials and inputs
InputNegative impact: weakens
“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.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
InputNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Shipping and logistics
End markets
InputNegative impact: weakens
“The main upstream business actors include suppliers of raw materials and wind turbine components, project developers and transportation providers.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Urbanisation
Geography
DriverNegative impact: weakens
“Land-use change that can have impact on indigenous communities and their relationship with the land. covered in S3 section, page 111.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 18.82 bn EUR |
| Revenue growth vs. the year before, same method | 8.8 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | Net cash 1.01 bn EUR |
| Diluted EPS per share | 0.77 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.