Recent Insider Transactions • May 25
Insider recently sold €1.0m worth of stock On the 21st of May, Javier Diez sold around 39k shares on-market at roughly €26.40 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.5m. Insiders have been net sellers, collectively disposing of €2.5m more than they bought in the last 12 months. Recent Insider Transactions • May 11
Executive Vice President of Service recently sold €1.5m worth of stock On the 6th of May, Christian Venderby sold around 60k shares on-market at roughly €25.79 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.4m more than they bought in the last 12 months. Announcement • May 08
Vestas Wind Systems A/S Maintains Earnings Guidance for the Full Year 2026 Vestas Wind Systems A/S maintained earnings guidance for the full year 2026. For the full-year, the company revenue is expected to range between EUR 20 billion and EUR 22 billion, including Service revenue; and EBIT margin before special items for the Group of 6% - 8%. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: €0.08 (vs €0.005 in 1Q 2025) First quarter 2026 results: EPS: €0.08 (up from €0.005 in 1Q 2025). Revenue: €3.97b (up 14% from 1Q 2025). Net income: €82.0m (up €77.0m from 1Q 2025). Profit margin: 2.1% (up from 0.1% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 02
Upcoming dividend of kr.0.74 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 13 April 2026. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Austrian dividend payers (4.3%). Lower than average of industry peers (1.3%). Announcement • Apr 01
Vestas Wins 62 MW Onshore Order in Germany Vestas announced the following orders as part of the First Quarter order intake: In Germany, within the NCE region, JUWI GmbH is the customer for the Olsberg-Plackweg project, which has a total capacity of 62 MW. The project will utilize 10 units of the V162-6.2 MW turbine variant. A 20-year AOM 4000 Service Agreement has been signed for this project. Delivery is planned to begin in Fourth Quarter 2027, and commissioning is scheduled to begin in Second Quarter 2028. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €24.52, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Electrical industry in Europe. Total loss to shareholders of 9.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €29.72 per share. Announcement • Mar 07
Vestas Wind Systems A/S, Annual General Meeting, Apr 08, 2026 Vestas Wind Systems A/S, Annual General Meeting, Apr 08, 2026, at 15:00 Romance Standard Time. Location: companys headquarters, hedeager 42, 8200 aarhus n, Denmark Declared Dividend • Feb 09
Dividend of kr.0.74 announced Shareholders will receive a dividend of kr.0.74. Ex-date: 9th April 2026 Payment date: 13th April 2026 Dividend yield will be 3.3%, which is higher than the industry average of 1.8%. Payout Ratios Payout ratio: 13%. Cash payout ratio: 10%. Buy Or Sell Opportunity • Feb 06
Now 24% undervalued Over the last 90 days, the stock has risen 9.1% to €22.15. The fair value is estimated to be €28.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: €0.30 (vs €0.13 in 3Q 2024) Third quarter 2025 results: EPS: €0.30 (up from €0.13 in 3Q 2024). Revenue: €5.34b (up 3.1% from 3Q 2024). Net income: €302.0m (up 138% from 3Q 2024). Profit margin: 5.7% (up from 2.5% in 3Q 2024). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Nov 05
Vestas Wind Systems A/S Revises Earnings Guidance for Year 2025 Vestas Wind Systems A/S revised earnings guidance for year 2025. Based on the results for the first nine months, the company narrowing the outlook for the year. Expectations to revenue are now between EUR 18.5-19.5 billion (previously EUR 18-20 billion). Board Change • Sep 22
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Henriette Thygesen was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 06
Vestas Wind Systems A/S (CPSE:VWS) completed the acquisition of Blades factory of LM Wind Power in Poland from LM Wind Power A/S. Vestas Wind Systems A/S (CPSE:VWS) agreed to acquire Blades factory of LM Wind Power in Poland from LM Wind Power A/S on May 15, 2025. This transaction allows Vestas to take direct control of a site that was already partially dedicated to it.
The transaction is subject to approval by regulatory board / committee.
Vestas Wind Systems A/S (CPSE:VWS) completed the acquisition of Blades factory of LM Wind Power in Poland from LM Wind Power A/S on September 5, 2025. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €17.98, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Electrical industry in Europe. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €25.60 per share. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: €0.03 (vs €0.16 loss in 2Q 2024) Second quarter 2025 results: EPS: €0.03 (up from €0.16 loss in 2Q 2024). Revenue: €3.75b (up 14% from 2Q 2024). Net income: €32.0m (up €190.0m from 2Q 2024). Profit margin: 0.9% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 28
Now 21% undervalued Over the last 90 days, the stock has risen 43% to €16.48. The fair value is estimated to be €20.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €16.04, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 15x in the Electrical industry in Europe. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.85 per share. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €14.92, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Electrical industry in Europe. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.10 per share. New Risk • May 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • May 16
Vestas Wind Systems A/S (CPSE:VWS) agreed to acquire Blades factory of LM Wind Power in Poland from LM Wind Power A/S. Vestas Wind Systems A/S (CPSE:VWS) agreed to acquire Blades factory of LM Wind Power in Poland from LM Wind Power A/S on May 15, 2025. This transaction allows Vestas to take direct control of a site that was already partially dedicated to it.
The transaction is subject to approval by regulatory board / committee. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €15.21, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Electrical industry in Europe. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.90 per share. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Revenue: €3.47b (up 29% from 1Q 2024). Net income: €5.00m (up €73.0m from 1Q 2024). Profit margin: 0.1% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Apr 10
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Henriette Thygesen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Apr 09
Vestas Wind Systems A/S Approves Dividend for the Financial Year 2024 Vestas Wind Systems A/S at its Annual General Meeting held on 8 April 2025, approved for allocation of the result of the year, including a dividend of DKK 0.55 per share to be paid out for the financial year 2024. Announcement • Apr 08
Vestas Wind Systems A/S Appoints New Board Members Vestas Wind Systems A/S, at its AGM, held on 08 April 2025, approved the Bruno Stéphane Emmanuel Bensasson and Claudio Facchin were elected as new members of the Board of Directors. Upcoming Dividend • Apr 02
Upcoming dividend of kr.0.55 per share Eligible shareholders must have bought the stock before 09 April 2025. Payment date: 11 April 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Austrian dividend payers (5.4%). Lower than average of industry peers (2.0%). Announcement • Mar 08
Vestas Wind Systems A/S, Annual General Meeting, Apr 08, 2025 Vestas Wind Systems A/S, Annual General Meeting, Apr 08, 2025, at 15:00 Romance Standard Time. Location: companys headquarters, hedeager 42, 8200 aarhus n, Denmark Announcement • Feb 07
Vestas Wind Systems A/S Provides Revenue Guidance for the Year 2025 Vestas Wind Systems A/S provided revenue guidance for the year 2025. For the year 2025, The revenue is expected between EUR 18 billion to EUR 20 billion. Reported Earnings • Feb 06
Full year 2024 earnings released: EPS: €0.50 (vs €0.077 in FY 2023) Full year 2024 results: EPS: €0.50 (up from €0.077 in FY 2023). Revenue: €17.3b (up 12% from FY 2023). Net income: €499.0m (up €422.0m from FY 2023). Profit margin: 2.9% (up from 0.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Jan 15
Jakob Wegge-Larsen to Become Vestas Wind Systems A/S' New Chief Financial Officer Vestas Wind Systems A/S announced that Jakob Wegge-Larsen will become chief financial officer (CFO) at Vestas and member of Executive Management. He is expected to take up the position as CFO during the second quarter of 2025. Jakob Wegge-Larsen joins Vestas from DB Schenker where he currently serves as CFO and member of the Management Board. Prior to becoming CFO at DB Schenker in 2023, Jakob obtained extensive international experience through global and regional CFO roles within the Maersk Group, Hamburg Süd, and MSC Denmark. Rasmus Gram will continue as interim CFO until Jakob Wegge-Larsen starts and conduct a thorough handover as part of Jakob's induction. Jakob Wegge-Larsen is 48 years old, holds an MBA from Henley Business School in the UK, and lives in Denmark with his wife and two kids. Detailed biography is attached as an appendix. Jakob succeeds Hans Martin Smith who left Vestas in December 2024 to pursue new challenges after more than 20 years at Vestas, ref. Company Announcement no. 20/2024. Announcement • Dec 04
Vestas Wind Systems Announces Stepping Down of Hans Martin Smith as Chief Financial Officer by the End of 2024 Vestas Wind Systems A/S announced that after more than 20 years in the company, Hans Martin Smith has decided to step down as Chief Financial Officer (CFO) by end of 2024; a role he has held since 1 March 2022. Hans Martin Smith leaves the company having served as CFO during a challenging and volatile period where he helped Vestas turn a heavily loss-making 2022 into a profitable 2023 and oversee Vestas continuing its positive profitability trajectory in 2024. Vestas has started the process to find a successor to Hans Martin Smith and will announce his replacement in due time. Until a successor has been found, CFO responsibilities will be handled by Senior Vice President and Head of Group Financial Performance, Rasmus Gram. New Risk • Nov 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 6.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.5% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: €0.13 (vs €0.03 in 3Q 2023) Third quarter 2024 results: EPS: €0.13 (up from €0.03 in 3Q 2023). Revenue: €5.18b (up 19% from 3Q 2023). Net income: €127.0m (up 338% from 3Q 2023). Profit margin: 2.5% (up from 0.7% in 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €18.90. The fair value is estimated to be €24.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 16
Second quarter 2024 earnings released: €0.16 loss per share (vs €0.12 loss in 2Q 2023) Second quarter 2024 results: €0.16 loss per share (further deteriorated from €0.12 loss in 2Q 2023). Revenue: €3.30b (down 3.9% from 2Q 2023). Net loss: €158.0m (loss widened 37% from 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Aug 14
William Fehrman Steps Down from the Board of Directors of Vestas Wind Systems A/S William Fehrman, who was elected as member of the Board of Directors of Vestas Wind Systems A/S on the Annual General Meeting 2024, has decided to step down from his board position with effect as of 14 August 2024. William Fehrman has taken this decision to avoid any potential conflict of interest as he has been elected by the Board of Directors of American Electric Power Company Inc. to lead the company as Director, President and Chief Executive Officer. Announcement • Aug 13
Vestas Wind Systems A/S Narrows Earnings Guidance for the Year 2024 Vestas Wind Systems A/S narrowed earnings guidance for the year 2024. The company narrows the financial outlook for 2024 on revenue to EUR 16.5 billion-17.5 billion (from EUR 16 billion-18 billion). Reported Earnings • May 03
First quarter 2024 earnings released: €0.07 loss per share (vs €0.01 profit in 1Q 2023) First quarter 2024 results: €0.07 loss per share (down from €0.01 profit in 1Q 2023). Revenue: €2.68b (down 5.2% from 1Q 2023). Net loss: €68.0m (down €83.0m from profit in 1Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Apr 10
Vestas Wind Systems A/S Announces Board of Directors Changes Vestas Wind Systems A/S announced that at the AGM was held on 9 April 2024, the company announced that Bruce Harvey Grant and Kentaro Hosomi did not stand for re-election and were replaced by William (Bill) Fehrman and Henriette Hallberg Thygesen. Announcement • Mar 20
Vestas Wind Systems A/S Announces Board Changes The employees in Vestas Wind Systems A/S have completed the ordinary election for company representation on the Board of Directors according to the current Danish law on employee representation. The following were elected for the next four years: Louise B. Schmidt Nielsen, Supply Chain & Transport HSE Specialist (newly elected). The elected employee representatives will join the Board of Directors following the Annual General Meeting of Vestas Wind Systems A/S on 9 April 2024. At the same time the current board member Pia Kirk Jensen, who was not re-elected, will resign. On 22 March 2024, the ordinary election of two Group representatives among the employees in the Vestas Group's Danish companies will take place, according to the current law on employee representation. Announcement • Feb 19
Climate Finance Partnership Fund SCSp, a fund managed by Blackrock acquired 12.5% stake in Lake Turkana Wind Power Limited from Vestas Wind Systems A/S (CPSE:VWS). Climate Finance Partnership Fund SCSp, a fund managed by Blackrock acquired 12.5% stake in Lake Turkana Wind Power Limited from Vestas Wind Systems A/S (CPSE:VWS) on February 19, 2024. Vestas will continue to service the turbines, each with a capacity of 850 kilowatts. Climate Finance Partnership Fund SCSp, a fund managed by Blackrock completed the acquisition of 12.5% stake in Lake Turkana Wind Power Limited from Vestas Wind Systems A/S (CPSE:VWS) on February 19, 2024. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: €0.08 (vs €1.56 loss in FY 2022) Full year 2023 results: EPS: €0.08 (up from €1.56 loss in FY 2022). Revenue: €15.4b (up 6.2% from FY 2022). Net income: €77.0m (up €1.65b from FY 2022). Profit margin: 0.5% (up from net loss in FY 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Feb 07
Vestas Wind Systems A/S Provides Earnings Guidance for the Year 2024 Vestas Wind Systems A/S provided earnings guidance for the year 2024. For the period, Revenue is expected to range between EUR 16 billion and 18 billion, including Service revenue. Vestas expects to achieve an EBIT margin before special items of 4-6%. Announcement • Jan 16
Vestas Introduces Low-Emission Steel Offering for Wind Turbines Vestas has established a partnership with ArcelorMittal to launch a low-emission steel offering that significantly reduces lifetime carbon dioxide emissions from the production of wind turbine towers. This is yet another initiative where Vestas continues to execute on its sustainability strategy which also includes addressing the materials, the company uses to make wind turbines. The low-emission steel is produced using 100% steel scrab which is melted in an electric arc furnace powered by 100% wind energy at the ArcelorMittal steel mill, Industeel Charleroi, in Belgium. The steel slabs are then transformed into heavy plates used for the manufacture of wind turbine towers, at ArcelorMittal's heavy plate mill in Gijon, Spain. These heavy plates made with low-emission steel are initially suitable for the entire onshore wind turbine towers and the top section of offshore wind turbine towers. The low-emission heavy plate steel has an Environmental Product Declaration (EPD), certified by an independent party, detailing the complete environmental footprint of the product, and allowing easier comparison between products. By utilising low-emission steel in the top two sections of an offshore tower, this emission reduction would translate to approximately 25% reduction of emission compared to a tower made from steel made via conventional steelmaking route. For an entire onshore tower, the CO2 reduction is at least 52%. Steel and iron constitute 80-90% of a wind turbine's material mass, and approximately 50% of a turbine's total lifecycle emissions. With the partnership with ArcelorMittal, Vestas takes an important step forward to reduce CO2 emissions occurred in its supply chain and can achieve a 66% decrease in emission intensity per kg steel compared with steel produced via the conventional steelmaking route. Even though the low emission steel is not yet a standard offering from Vestas, the first project utilizing low-emission steel will be the Baltic Power Offshore Wind Project off the coast of Poland. During 2025, Vestas will start the onstruction of the offshore wind farm, expected to generate up to up to 1.2 GW and ultimately supply clean electricity to more than 1,5 million households in Poland. Vestas will supply, install, and commission 76 V236-15.0 MW wind turbines for the Baltic Power Offshore Wind Project. The top section of 52 towers out of the 76 will be made with low-emission steel. Announcement • Nov 10
Vestas Wind Systems A/S Revises Revenue Guidance for the Full Year 2023 Vestas Wind Systems A/S revised revenue guidance for the full year 2023. The company now expected revenue to range between EUR 14.5 billion to 15.5 billion (previously EUR 14.0 billion-15.5 billion), including Service, which is still expected to grow around 10%. New Risk • Oct 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 5.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (5.2% average weekly change). Announcement • Oct 05
Vestas Appoints Anne Pearce as New Chief People & Culture Officer Vestas announced that Anne Pearce will become new Executive Vice President of People & Culture and join Vestas' Executive Management Team. Anne Pearce will join Vestas as Chief People & Culture Officer (CPCO) on 2 January 2024 and comes from a position as Vice President of Human Resources at Shell plc, one of the world's energy majors. In the role, Anne Pearce will lead the continued development of P&C organisation and efforts to attract, develop, and retain employees, which is key for Vestas to become the global leader in sustainable energy solutions. Prior to joining Shell, Anne Pearce built her strong international profile through HR leadership roles within industrial companies in North America, EU and Asia Pacific. Anne Pearce was born in New Zealand before moving to Australia and currently lives in the United Kingdom. Prior to joining Vestas, Anne Pearce had leadership positions in AXA, Bluescope Steel, ArcelorMittal and Shell. As part of joining Vestas, Anne Pearce will relocate to Denmark. Born: 1974, Former positions 2021-2023 Shell, Vice President, Human Resources, Liquified Natural Gas (UK) 2016-2021 Shell, Vice President, Human Resources, Global (NL+UK) 2014-2016 Shell, Vice President, Human Resources, Deepwater (US) 2009-2013 ArcellorMittal, General Manager Human Resources, Mining (UK) 2008-2009 ArcellorMittal General Manager, Human Resources, Strategy, Organizational Design & Diversity & Inclusion (UK) 2004-2008 Bluescope Steel, various HR leadership roles (AU+CN). Education 1994 BComm, Economics, University of Melbourne, Australia. Announcement • Aug 30
Kerstin Knapp to Step Down as Vestas' Chief People & Culture Officer Vestas to scale and mature at unprecedented levels, and a key aspect is continued ability to attract, develop, and retain employees. For Vestas to succeed in this, will continue to evolve culture and People & Culture (P&C) services and operations across entire business. As a next step in this evolution, Vestas is announcing will change Chief People & Culture officer, following Kerstin Knapp's decision to pursue a career outside Vestas. Kerstin Knapp joined the company in 2020 and has led efforts to reinforce Vestas' culture, leadership and P&C Services during a challenging period that included a pandemic, a cyber-attack and an energy crisis. Kerstin Knapp will have her last day at Vestas on 31 August. The process for finding a new Chief People & Culture Officer has commenced and follows Vestas' Executive Management nomination process, which includes both internal and external candidates. Once finalised, will announce Kerstin Knapp's successor in due time. Announcement • Aug 10
Vestas Wind Systems A/S Provides Earnings Guidance for the Full Year 2023 Vestas Wind Systems A/S provided earnings guidance for the full year 2023. For the year, the company expects revenue of EUR 14.0 billion - 15.5 billion. Reported Earnings • Aug 10
Second quarter 2023 earnings released: €0.12 loss per share (vs €0.12 loss in 2Q 2022) Second quarter 2023 results: €0.12 loss per share (in line with 2Q 2022). Revenue: €3.43b (up 3.8% from 2Q 2022). Net loss: €115.0m (loss narrowed 3.4% from 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: €0.01 (vs €0.76 loss in 1Q 2022) First quarter 2023 results: EPS: €0.01 (up from €0.76 loss in 1Q 2022). Revenue: €2.83b (up 14% from 1Q 2022). Net income: €15.0m (up €780.0m from 1Q 2022). Profit margin: 0.5% (up from net loss in 1Q 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 116 percentage points per year, which is a significant difference in performance. Announcement • May 10
Vestas Wind Systems A/S Maintains Earnings Guidance for the Year 2023 Vestas Wind Systems A/S maintained earnings guidance for the year 2023. For the period, the company expects revenue of EUR 14.0 billion to EUR 15.5 billion including Service revenue, which is expected to grow min. 5%. The company expects to achieve an EBIT margin before special items of (2)-3% with a Service EBIT margin of approx. 22%. Reported Earnings • Feb 09
Full year 2022 earnings released: €1.56 loss per share (vs €0.17 profit in FY 2021) Full year 2022 results: €1.56 loss per share (down from €0.17 profit in FY 2021). Revenue: €14.5b (down 7.1% from FY 2021). Net loss: €1.57b (down €1.74b from profit in FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Announcement • Jan 28
Vestas Wind Systems A/S Provides Revenue Guidance for the Full Year 2023 Vestas Wind Systems A/S provides revenue guidance for the full year 2023. The company expects revenue of EUR 14.0 billion to EUR 15.5 billion. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Karl-Henrik Sundstrom was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 03
Third quarter 2022 earnings released: €0.15 loss per share (vs €0.11 profit in 3Q 2021) Third quarter 2022 results: €0.15 loss per share (down from €0.11 profit in 3Q 2021). Revenue: €3.91b (down 29% from 3Q 2021). Net loss: €147.0m (down 228% from profit in 3Q 2021). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Nov 02
Vestas Wind Systems A/S Revises Earnings Guidance for the Year 2022 Vestas Wind Systems A/S revised earnings guidance for the year 2022. Revenue is now expected to range between EUR 14.5 billion and EUR 15.5 billion (previously EUR 14.5 billion to EUR 16.0 billion). Reported Earnings • Aug 11
Second quarter 2022 earnings released: €0.12 loss per share (vs €0.09 profit in 2Q 2021) Second quarter 2022 results: €0.12 loss per share (down from €0.09 profit in 2Q 2021). Revenue: €3.31b (down 6.5% from 2Q 2021). Net loss: €119.0m (down 234% from profit in 2Q 2021). Over the next year, revenue is expected to shrink by 1.5% compared to a 12% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Jul 05
Vestas Wind Systems A/S Pioneers First Hydrogen-Powered Offshore Service Vessel As part of its journey towards becoming carbon neutral by 2030, without the use of offsets, Vestas is pioneering innovative solutions to reduce carbon emissions from its own operations. In collaboration with long-term supplier Windcat Workboats, Vestas is launching a pilot program to explore how the world's first hydrogen-powered crew transfer vessel can help reduce carbon emissions from its offshore service operations. The CTV is powered by a dual-fuel solution, capable of being powered by hydrogen in a combination with marine gas oil. Hydrogen fuel contains no carbon, signalling the potential to significantly reduce carbon emissions while maintaining the same power output. The solution will be tested as part of a pilot program at the Norther Wind Farm, and is planned to launch on 15 July. Running until the end of 2022, the program will offer the chance for Vestas to explore the most scalable approaches to incorporate hydrogen into its operational setup. The goal of the trial will be to collect insights into the opportunities and limitations of hydrogen-powered vessels in daily operations. Announcement • Jun 28
Vestas Announces Executive Management Changes Vestas Wind Systems A/S plays a leading role in providing the solutions and services needed to accelerate the energy transition. To sustain leading position and help governments and customers address the climate crisis and improve energy security, Vestas will strengthen organisational focus on Development Business and digital transformation. To accelerate digital transformation, the company will establish a new function, Digital Solutions, with the key objective to digitally transform business to enable stronger customer focus, scalability and profitability. At the same time and to reflect the great progress and growth Development business have achieved in the last 18 months, and the pivotal role Development plays in accelerating the deployment of renewable energy, the company is elevating Development function to be represented in Executive Management. The two functions will operate separately and be led by Thomas Alsbjerg, currently Group Senior Vice President of Development, who will be promoted to Executive Vice President of Digital Solutions and Development as of 1 July 2022, heading Digital Solutions and remaining CEO of Vestas Development. The intent with Digital Solutions is to accelerate efforts within IT/OT (operational technology) and digital transformation through a consolidated unit with a full mandate to run the end-to-end digitalisation of Vestas. The unit will be responsible for improving IT efficiency, integrate digital solutions further into customer offering, improve employees' digital experience and support core processes across the value chain. To continue scaling Development globally and evolving its organisation across all Vestas Regions, Nikolaj Tyge Gertz, currently Senior Vice President of Strategy and M&A, will become Chief Operating Officer of Vestas Development on 1 January 2023, reporting to Thomas Alsbjerg. A planning process to determine how Digital Solutions should be organisationally set up has been initiated. Buying Opportunity • May 25
Now 21% undervalued Over the last 90 days, the stock is up 7.7%. The fair value is estimated to be €28.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 3.4% in a year. Earnings is forecast to grow by 13% in the next year. Announcement • May 18
Vestas Wind Systems A/S Introduces the V163-4.5 Mw, Increasing Business Case Certainty by Improving Wind Park Performance and Stability in Wind Power Vestas Wind Systems A/S introduces the V163-4.5 MW. The expansion of renewable energy is expected to accelerate in the coming decade, and Vestas will support this growth through improving the scalability of new wind power solutions and increasing business case certainty for customers. To support the projected growth and increased penetration of renewables in the global energy mix, company are introducing the V163-4.5 MW, expanding the Vestas 4 MW platform and offering superior wind park performance in medium to low wind conditions. The V163-4.5 MW features an 18% increase in swept area and delivers up to ten percent higher Annual Energy Production (AEP) at park level compared to the V150-4.5 MW depending on site-specific conditions. With 80.1m blades, the V163-4.5 MW has a large rotor-size-to-rating ratio resulting in a higher capacity factor and an increased power output at medium and lower wind speeds when demand for renewables is high. Furthermore, temperature operation is increased by four degrees compared the V150-4.5 MW. This leads to improved production predictability and stability with the potential to increase the value of energy. Announcement • May 14
BP Reportedly Seeks to Buy into 26-GW Asian Renewable Energy Hub BP p.l.c. (LSE:BP.) is planning to buy "a major stake" in the 26-GW Asian Renewable Energy Hub (AREH) project in Pilbara, Western Australia, The Australian reported earlier this week. The UK oil and gas group has allegedly negotiated the deal with the project partners - green fuels company Intercontinental Energy, renewable energy projects developer CWP Global, wind turbine maker Vestas Wind Systems A/S (CPSE:VWS) and Macquarie Group Limited (ASX:MQG) . People familiar with the matter have told the daily that BP has also agreed to become the project's operator once the deal is finalised. According to The Australian, BP is likely to buy a 30% interest in the project. The acquisition was expected to be announced at the World Hydrogen Summit held this week in Rotterdam. Buying Opportunity • May 06
Now 21% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be €28.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 2.9% in a year. Earnings is forecast to grow by 20% in the next year. Reported Earnings • May 02
First quarter 2022 earnings released: €0.76 loss per share (vs €0.06 loss in 1Q 2021) First quarter 2022 results: €0.76 loss per share (down from €0.06 loss in 1Q 2021). Revenue: €2.49b (up 27% from 1Q 2021). Net loss: €765.0m (loss widened €704.0m from 1Q 2021). Over the next year, revenue is expected to shrink by 2.0% compared to a 17% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Board Change • Apr 28
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Karl-Henrik Sundstrom was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Apr 25
Vestas Completes its First Locally Produced V174-9.5 MW Blade in Taiwan Vestas has together with its partner Tien Li Offshore Wind Technology (Tien Li) produced the first V174-9.5MW™ blade at the company's facilities in Taiwan, reaching another milestone in the localizing of the V174-9.5MW™ offshore turbine in Taiwan. The blades will be installed in 2022 at Copenhagen Infrastructure Partners' Changfang offshore wind project and is the result of close collaboration with local suppliers and investments in local capabilities. The first blade, which weighs 35 tons and measures 85m long, consists of materials produced in Taiwan and was manufactured in the 210,000 square metre manufacturing facility located in Taichung, central Taiwan. The production facility, which currently employs over 400 people, is ramping up production to meet demand from announced offshore wind projects in Taiwan. 