Vestas

Targets ✅ Declarations ✅ Climate goals ✅ Wind farms ❌ Turning our ambitions into actual wind farms means rethinking offshore wind auctions. Current mechanisms add too much financial risk upfront, instead of focusing on promoting project realisation and value creation. 2024, particularly, is a pivotal year - with an unprecedented volume of offshore wind up for auction. If ever there was a time for action, it’s now. Later is too late. www.vestas.com/action

The sky is the limit, when a community comes together Backed by wide local support, the V236-15.0 MW commercial test turbine towers high above the port of Thyborøn. In our new video, we explore how the local community came together to develop wind energy on the windy west coast of Denmark.

Out now: our full financial report for the third quarter of 2024. See key highlights in the image below. Our revenue and profitability show solid improvement, both up in comparison to the same period last year. Higher activity and higher pricing on deliveries are driving significant progress in the underlying performance of our business, particularly in Power Solutions. The quarter was negatively impacted by slower than expected margin improvement in Service, and elevated warranty provisions. We maintain our guidance on revenue and EBIT for the year, but adjust Service EBIT and total investments. Our CEO, Henrik Andersen says: “The third quarter of 2024 has seen Vestas’ underlying business performance continue to improve. We see positive momentum in profitability, driven by our commercial discipline. The results are also a reminder of the importance of quality, and that we still have work to do to improve operational efficiency in Service. We have a strong strategy in place to address these areas, and to continue increasing our profitability. Going forward, our focus will be on executing this strategy.” Read more: https://lnkd.in/dxc-8pMX To join our investor audiocast: https://lnkd.in/djBKhkCk

Last week, we hosted our annual Vestas Partner Forum in Esbjerg, Denmark, home of the world’s largest base port for offshore wind activities. The event was a chance for Vestas' key decision makers to meet with our strategic partners, share different perspectives from across the value chain and drive alignment around what it takes to accelerate the energy transition. A key takeaway from this year’s forum is the importance of shortening the distance between Vestas and our strategic partners. Transparency, flexibility and close collaboration across the value chain will help us withstand the challenges of our business environment and keep pushing the energy transition forward. “Vestas is in a unique position. We are the market leader in wind and the continuous improvement and reliability of our wind energy solutions have been key to the industry’s success so far. Our suppliers represent a large pool of resources and networks, and we need to connect those resources into partnerships and an eco-system that makes our business and the industry stronger.” Dieter Dehoorne, Global Head of Procurement at Vestas. A huge thanks to all 86 attendees for your participation, and your ongoing collaboration!

Wrapping up a fantastic milestone this week with our 2024 LATAM Supplier Day in São Paulo. Hosted by Rodrigo Ugarte Ferreira, our Chief Procurement Officer in the Latin America region, we welcomed more than 300 attendees, including 100 representatives from across our regional supplier network. Together, we discussed how to accelerate the energy transition across the region. Some key highlights: • Eduardo Ricotta, President of LATAM, talked growth levers and resilience in a volatile business environment – from green hydrogen and AI-driven data centers, to strengthening collaboration across the supply chain • Leonardo Euler de Morais, Vice President of Public Affairs, LATAM, moderated a panel on local financing in Brazil with BNDES and ABIMAQ - Associação Brasileira da Indústria de Máquinas e Equipamentos covering the potential for wind energy to boost socioeconomic value, and how BNDES and financing policies can support this • Rafael De Vecchi, Chief Technology Officer, LATAM, showcased the V163 4.5 MW turbine, a game-changer for LATAM wind projects. • Aoki Miyasaki, Director of HSE, LATAM, hosted a crucial panel on safety with Lena Noelck, Vice President of Service, LATAM, and Fabiano Fortes, PMP, MsC, Director of Customer Project Execution, LATAM, stressing its importance in the energy transition. And, to top it off, we had 5 award-winning vendors. Congratulations Grupo Cordeiro BR, Liebherr Group, Winergy, Megalaser Indústria Metalúrgica LTDA and GRI CALVIÑO TOWERS ARGENTINA SA , for excellence in Safety, Quality, Operations, Business Development and Sustainability respectively.

Checking on our flagship offshore turbine...by helicopter! ✅ We've successfully executed a validation flight for the V236-15 MW™, turbine in Thyborøn confirming that the downdraft of the helicopter doesn't affect the hoist operation. Officially termed a "heli hoist validation flight", this exercise is part of our extensive test and verification program. Helicopter hoist operations are crucial to improve our reaction time for both predicted and unpredicted tasks out on open water. Thank you, KN Helicopters, for your support. The V236-15 MW, our offshore flagship wind turbine, is built on proven, world-class technology, and this solution applies to most of the orders and preferred supplier agreements secured so far.

Vestas and Fortum reach settlement on arbitration related to Russian wind energy projects. Vestas and Fortum are pleased to announce that the companies have settled the arbitration regarding wind energy projects in Russia. The settlement entails that both companies waive past, present and future claims related to their legacy business activities in Russia. The terms of the settlement are otherwise confidential. With this settlement, Fortum and Vestas have reached a compromise that allows the companies to work together again on new energy projects outside Russia as well as already operating wind parks.   Read more: https://lnkd.in/g-qDCrPb

3.7 GW. That's our total announced firm order intake in Q3 2024. With 24 orders in 14 countries across six continents, we've had multiple highlights including: ◾ Lotus Creek, our first development project in Australia to reach financial close and construction readiness ◾ A firm offshore wind order for the Netherlands' OranjeWind wind farm ◾ Our largest onshore order to date in the Japanese market ◾ Our first firm offshore wind order in the US and many more. Several of our orders feature notable Service agreements, highlighting how we strive to maximise value for our customers. "A big thank you to our customers for their trust, and to my dedicated colleagues for securing these wins. These projects will play a key role in decarbonisation, job creation, and economic growth", said Javier Rodríguez Diez, our Chief Sales Officer See our order announcements from this quarter here: https://brnw.ch/21wNn82

We've signed a conditional offshore wind agreement for Scotland's 1.1 GW Inch Cape project. The agreement is with Inch Cape Offshore Limited, an equal joint venture between ESB and Red Rock Renewables. If the project becomes firm: ◼ We will supply, install, and commission 72 of our V236-15.0 MW wind turbines ◼ The scope of the service contract includes a long-term comprehensive service agreement followed by a tailor-made operational support agreement. Read more: https://lnkd.in/e9U6WEzu

Meet our dedicated HSE technician, Angela! Every day, Angela contributes to ensuring the highest health, safety, and environmental standards at every step of our service operations. Watch the video below to follow a day of her life all the way from the office to the top of a wind turbine.