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	164	160	3	-	116
Cash & Short-Term Investments	4,548	3,977	3,321	2,378	2,536
Cash Growth	14.36%	19.75%	39.66%	-6.23%	-20.10%
Accounts Receivable	4,223	3,846	3,082	2,679	2,758
Other Receivables	1,778	1,732	1,483	1,272	1,207
Receivables	6,001	5,578	4,565	3,951	3,965
Inventory	5,721	6,008	6,530	6,373	5,673
Other Current Assets	566	526	505	926	690
Total Current Assets	16,836	16,089	14,921	13,628	12,864
Property, Plant & Equipment	2,792	2,353	1,911	1,752	2,091
Long-Term Investments	739	841	790	829	790
Goodwill	1,497	1,513	1,507	1,514	1,508
Other Intangible Assets	1,939	1,872	1,696	1,551	1,554
Long-Term Deferred Tax Assets	883	722	795	497	378
Other Long-Term Assets	1,046	1,254	894	319	463
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	528	4	9	106	560
Current Portion of Leases	254	196	154	142	144
Current Income Taxes Payable	115	141	176	58	75
Current Unearned Revenue	9,270	8,997	7,995	6,937	6,180
Other Current Liabilities	1,914	2,013	1,948	2,181	1,455
Total Current Liabilities	16,847	15,480	14,020	13,513	12,700
Long-Term Debt	1,721	2,205	2,649	1,828	331
Long-Term Leases	871	866	575	351	401
Long-Term Deferred Tax Liabilities	225	179	164	158	362
Other Long-Term Liabilities	2,187	2,372	2,064	1,180	1,157
Total Liabilities	21,851	21,102	19,472	17,030	14,951
Common Stock	27	27	27	27	27
Retained Earnings	4,055	3,580	3,102	3,002	4,635
Comprehensive Income & Other	-215	-78	-102	15	22
Total Common 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)	1,174	706	-66	-49	1,100
Net Cash Growth	66.29%	-	-	-	-39.56%
Net Cash Per Share	1.17	0.70	-0.07	-0.05	1.09
Filing Date Shares Outstanding	990.42	1,006	1,006	1,006	1,005
Total Common Shares Outstanding	990.42	1,006	1,006	1,006	1,005
Working Capital	-11	609	901	115	164
Book Value Per Share	3.90	3.51	3.01	3.03	4.66
Tangible Book Value	431	144	-176	-21	1,622
Tangible Book Value Per Share	0.44	0.14	-0.17	-0.02	1.61
Land	1,154	1,094	1,059	1,135	1,135
Machinery	3,895	3,395	3,057	2,882	2,882
Construction In Progress	323	445	247	136	136
Order Backlog	71,900	68,400	60,100	49,500	45,900

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