Vestas Wind Systems (VWS) AGM 2025 summary

Opening remarks and agenda

• Chairman welcomed attendees, outlined focus on 2024 performance, future opportunities, and challenges in the wind industry.

• Formalities regarding AGM location, notice, and voting procedures were confirmed in compliance with Danish law.

• High shareholder representation noted, with most votes cast in advance, ensuring all proposals had majority support.

Financial performance review

• Achieved 12% revenue growth to EUR 7.2 billion and 170% EBIT growth to 4.3% in 2024, meeting outlook.

• Record order intake of EUR 19 billion and a strong backlog of EUR 68 billion.

• Free cash flow reached nearly EUR 1 billion, enabling record investments in factories and tools.

• Service business faced challenges due to inflation and cost fluctuations, with a recovery plan in place.

• EBIT margin improved from -8% in 2022 to 4.3% in 2024, with a target of 10% in sight.

Board and executive committee updates

• Board underwent external evaluation, confirming strong structure and open dialogue.

• High participation rate and positive interaction with executive management reported.

• Two new board members, Bruno Bensasson and Claudio Facchin, introduced, bringing deep industry experience.

• Board remuneration increased by 3% for 2025, following a 4% increase in 2024.