Vestas Wind Systems Income Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	18,822	17,295	15,382	14,486	15,587
Revenue Growth (YoY)	8.83%	12.44%	6.19%	-7.06%	5.18%
Cost of Revenue	16,325	15,238	14,099	14,294	14,031
Gross Profit	2,497	2,057	1,283	192	1,556
Selling, General & Admin	1,006	938	876	791	739
Research & Development	424	380	371	363	389
Operating Expenses	1,430	1,318	1,247	1,154	1,128
Operating Income	1,067	739	36	-962	428
Interest Expense	-145	-194	-235	-63	-52
Interest & Investment Income	195	157	205	37	19
Earnings From Equity Investments	7	-1	22	10	36
Currency Exchange Gain (Loss)	15	-20	-99	-70	-45
Other Non Operating Income (Expenses)	-48	-29	-35	-14	-23
EBT Excluding Unusual Items	1,091	652	-106	-1,062	363
Merger & Restructuring Charges	-52	53	61	-444	-139
Gain (Loss) on Sale of Assets	-	-	147	-	-
Asset Writedown	-	-	-	-190	-
Pretax Income	1,039	705	102	-1,696	224
Income Tax Expense	259	211	24	-124	81
Earnings From Continuing Operations	780	494	78	-1,572	143
Minority Interest in Earnings	-2	5	-1	-	-9
Net Income	778	499	77	-1,572	134
Net Income to Common	778	499	77	-1,572	134
Net Income Growth	55.91%	548.05%	-	-	-82.48%
Shares Outstanding (Basic)	999	1,006	1,006	1,006	1,005
Shares Outstanding (Diluted)	1,004	1,010	1,010	1,006	1,008
Shares Change (YoY)	-0.62%	0.03%	0.36%	-0.18%	2.54%
EPS (Basic)	0.78	0.50	0.08	-1.56	0.13
EPS (Diluted)	0.77	0.49	0.08	-1.56	0.13
EPS Growth	57.14%	540.41%	-	-	-83.33%
Free Cash Flow	1,465	1,662	571	-566	480
Free Cash Flow Per Share	1.46	1.65	0.56	-0.56	0.48
Dividend Per Share	0.100	0.070	-	-	0.050
Dividend Growth	42.86%	-	-	-	-78.26%
Gross Margin	13.27%	11.89%	8.34%	1.32%	9.98%
Operating Margin	5.67%	4.27%	0.23%	-6.64%	2.75%
Profit Margin	4.13%	2.89%	0.50%	-10.85%	0.86%
Free Cash Flow Margin	7.78%	9.61%	3.71%	-3.91%	3.08%
EBITDA	1,501	1,132	428	-556	887
EBITDA Margin	7.98%	6.54%	2.78%	-3.84%	5.69%
D&A For EBITDA	434	393	392	406	459
EBIT	1,067	739	36	-962	428
EBIT Margin	5.67%	4.27%	0.23%	-6.64%	2.75%
Effective Tax Rate	24.93%	29.93%	23.53%	-	36.16%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.