Vestas Wind Systems Balance Sheet

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
Cash & Equivalents	4,384	3,817	3,318	2,378	2,420
Short-Term Investments	-	-	-	-	116
Cash & Short-Term Investments	4,384	3,817	3,318	2,378	2,536
Cash Growth	14.85%	15.04%	39.53%	-6.23%	-17.21%
Accounts Receivable	1,476	1,719	1,305	1,280	1,531
Other Receivables	-	-	-	-	1,207
Total Trade Receivables	1,476	1,719	1,305	1,280	2,738
Inventory	5,721	6,008	6,530	6,373	5,673
Other Current Assets	3,313	2,653	2,282	2,325	1,917
Total Current Assets	16,836	16,089	14,921	13,628	12,864
Net Property, Plant & Equipment	2,792	2,353	1,911	1,752	2,091
Other Intangible Assets	3,436	3,385	3,203	3,065	3,108
Goodwill	-	-	-	-	1,508
Long-Term Investments	903	1,001	793	829	790
Other Long-Term Assets	3,707	3,708	3,172	2,088	841
Total Assets	25,732	24,644	22,514	20,090	19,648
Accounts Payable	4,766	4,129	3,738	4,089	4,286
Current Portion of Long-Term Debt	-	-	-	-	704
Unearned Revenue	9,270	8,997	7,995	6,937	6,180
Other Current Liabilities	-	-	-	3	1,530
Total Current Liabilities	16,847	15,480	14,020	13,513	12,700
Long-Term Debt	3,374	3,271	3,387	2,427	732
Other Long-Term Liabilities	4,441	4,705	4,352	3,574	1,519
Total Long-Term Liabilities	5,004	5,622	5,452	3,517	2,251
Total Liabilities	21,851	21,102	19,472	17,030	14,951
Common Stock	27	27	27	27	27
Accumulated Other Comprehensive Income	-215	-78	-102	15	22
Retained Earnings	4,055	3,580	3,102	3,002	4,635
Total Common Shareholders' Equity	3,867	3,529	3,027	3,044	4,684
Minority Interest	14	13	15	16	13
Shareholders' Equity	3,881	3,542	3,042	3,060	4,697
Total Liabilities & Equity	25,732	24,644	22,514	20,090	19,648
Total Debt	3,374	3,271	3,387	2,427	1,436
Net Cash (Debt)	1,010	546	-69	-49	1,100
Net Cash Growth	84.98%	-	-	-	-35.63%
Net Cash Per Share	1.01	0.54	-0.07	-0.05	1.09
Book Value	3,867	3,529	3,027	3,044	4,684
Book Value Per Share	3.85	3.49	3.00	3.03	4.65
Tangible Book Value	431	144	-176	-21	68
Tangible Book Value Per Share	0.43	0.14	-0.17	-0.02	0.07

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.